Document:

Exhibit 4.1

 

EXECUTION VERSION

 

 

TALEND S.A.

 

AND

 

U.S. BANK NATIONAL ASSOCIATION, as Trustee

 

AND

ELAVON FINANCIAL SERVICES DAC, as Paying Agent, Note Registrar, Transfer Agent and Conversion Agent

 

INDENTURE

 

Dated as of September 13, 2019

 

1.75% Convertible Senior Notes due 2024

 

 

     

     

    

 

TABLE OF
CONTENTS

 

Page

 

	Article 1

    DEFINITIONS
	 	 
	Section 1.01.
    Definitions	1
	Section 1.02. References to
    Interest	14
	 
	Article 2

    ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
	 	 
	Section 2.01. Designation
    and Amount	14
	Section 2.02. Form of Notes	15
	Section 2.03. Date and Denomination
    of Notes; Payments of Interest and Defaulted Amounts	15
	Section 2.04. Execution, Authentication
    and Delivery of Notes	16
	Section 2.05. Exchange and
    Registration of Transfer of Notes; Restrictions on Transfer; Depositary	17
	Section 2.06. Mutilated, Destroyed,
    Lost or Stolen Notes	21
	Section 2.07. Temporary Notes	22
	Section 2.08. Cancellation
    of Notes Paid, Converted, Etc.	22
	Section 2.09. ISIN and Common
    Code Numbers	22
	Section 2.10. Additional Notes;
    Repurchases	23
	 
	Article 3

    SATISFACTION AND DISCHARGE
	 	 
	Section 3.01. Satisfaction
    and Discharge	23
	 
	Article 4 

    PARTICULAR COVENANTS OF THE COMPANY
	 	 
	Section 4.01. Payment of Principal
    and Interest	23
	Section 4.02. Maintenance
    of Office or Agency	24
	Section 4.03. Appointments
    to Fill Vacancies in Trustee’s Office	24
	Section 4.04. Provisions as
    to Paying Agent	24
	Section 4.05. Existence	25
	Section 4.06. Rule 144A Information
    Requirement and Annual Reports	26
	Section 4.07. Additional Amounts	27
	Section 4.08. Stay, Extension
    and Usury Laws	29
	Section 4.09. Compliance Certificate;
    Statements as to Defaults	29
	Section 4.10. Further Instruments
    and Acts	29
	 
	Article 5 

    LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	 	 
	Section 5.01. Lists of Holders	30
	Section 5.02. Preservation
    and Disclosure of Lists	30
	 
	Article 6 

    DEFAULTS AND REMEDIES
	 	 
	Section 6.01. Events of Default	30
	Section 6.02. Acceleration;
    Rescission and Annulment	31
	Section 6.03. Additional Interest	32
	Section 6.04. Payments of
    Notes on Default; Suit Therefor	32
	Section 6.05. Application
    of Monies Collected by Trustee	33
	Section 6.06. Proceedings
    by Holders	34
	Section 6.07. Proceedings
    by Trustee	35
	Section 6.08. Remedies Cumulative
    and Continuing	35
	Section 6.09. Direction of
    Proceedings and Waiver of Defaults by Majority of Holders	35
	Section 6.10. Notice of Defaults	35
	Section 6.11. Undertaking
    to Pay Costs	36

 

    i

     

    

 

		
	Article 7

    CONCERNING THE TRUSTEE
	 	 
	Section 7.01. Duties and Responsibilities
    of Trustee	36
	Section 7.02. Reliance on
    Documents, Opinions, Etc.	37
	Section 7.03. No Responsibility
    for Recitals, Etc.	38
	Section 7.04. Trustee, Paying
    Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	38
	Section 7.05. Reserved	38
	Section 7.06. Compensation
    and Expenses of Trustee	38
	Section 7.07. Officer’s
    Certificate as Evidence	39
	Section 7.08. Eligibility
    of Trustee	39
	Section 7.09. Resignation
    or Removal of Trustee	39
	Section 7.10. Acceptance by
    Successor Trustee	40
	Section 7.11. Succession by
    Merger, Etc.	40
	Section 7.12. Trustee’s
    Application for Instructions from the Company	41
	Section 7.13. Agents	41
	 
	Article 8 

    CONCERNING THE HOLDERS
	 	 
	Section 8.01. Action by Holders	42
	Section 8.02. Proof of Execution
    by Holders	42
	Section 8.03. Who Are Deemed
    Absolute Owners	42
	Section 8.04. Company-Owned
    Notes Disregarded	42
	Section 8.05. Revocation of
    Consents; Future Holders Bound	42
	 
	Article 9 

    HOLDERS’ MEETINGS
	 	 
	Section 9.01. Purpose of Meetings	43
	Section 9.02. Call of Meetings
    by Trustee	43
	Section 9.03. Call of Meetings
    by Company or Holders	43
	Section 9.04. Qualifications
    for Voting	43
	Section 9.05. Regulations	44
	Section 9.06. Voting	44
	Section 9.07. No Delay of
    Rights by Meeting	44
	 
	Article 10

    SUPPLEMENTAL INDENTURES
	 	 
	Section 10.01. Supplemental
    Indentures Without Consent of Holders	44
	Section 10.02. Supplemental
    Indentures with Consent of Holders	46
	Section 10.03. Effect of Supplemental
    Indentures	46
	Section 10.04. Notation on
    Notes	47
	Section 10.05. Evidence of
    Compliance of Supplemental Indenture to Be Furnished Trustee	47
	 
	Article 11 

    CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	 	 
	Section 11.01. Company May
    Consolidate, Etc. on Certain Terms	47
	Section 11.02. Successor Corporation
    to Be Substituted	47
	Section 11.03. Opinion of
    Counsel to Be Given to Trustee	48
	 
	Article 12 

    IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	 	 
	Section 12.01. Indenture and
    Notes Solely Corporate Obligations	48
	 
	Article 13

    INTENTIONALLY OMITTED

 

    ii

     

    

 

	Article 14 

    CONVERSION OF NOTES
	 	 
	Section 14.01.
    Conversion Privilege	48
	Section 14.02. Conversion
    Procedure; Settlement Upon Conversion	50
	Section 14.03. Increased Conversion
    Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or During a Redemption Period	54
	Section 14.04. Adjustment
    of Conversion Rate	56
	Section 14.05. Adjustments
    of Prices	67
	Section 14.06. Ordinary Shares
    to Be Fully Paid	67
	Section 14.07. Effect of Recapitalizations,
    Reclassifications and Changes of the	67
	Section 14.08. Certain Covenants	69
	Section 14.09. Responsibility
    of Trustee	69
	Section 14.10. Notice to Holders
    Prior to Certain Actions	70
	Section 14.11. Suspension
    Period	70
	Section 14.12. Exchange In
    Lieu Of Conversion	71
	 
	Article 15 

    REPURCHASE OF NOTES AT OPTION OF HOLDERS
	 	 
	Section 15.01. Intentionally
    Omitted	71
	Section 15.02. Repurchase
    at Option of Holders Upon a Fundamental Change	71
	Section 15.03. Withdrawal
    of Fundamental Change Repurchase Notice	73
	Section 15.04. Deposit of
    Fundamental Change Repurchase Price	73
	Section 15.05. Covenant to
    Comply with Applicable Laws Upon Repurchase of Notes	74
	 
	Article 16

    OPTIONAL REDEMPTION
	 	 
	Section 16.01. Optional Redemption
    for Changes in the Tax Law of the Relevant Taxing Jurisdiction	74
	Section 16.02. Provisional
    Optional Redemption	76
	Section 16.03. Notice of Provisional
    Optional Redemption; Selection of Notes	77
	Section 16.04. Payment of
    Notes Called for Redemption	78
	Section 16.05. Restrictions
    on Redemption	78
	 
	Article 17 

    MISCELLANEOUS PROVISIONS
	 	 
	Section 17.01. Provisions
    Binding on Company’s Successors	78
	Section 17.02. Official Acts
    by Successor Corporation	78
	Section 17.03. Addresses for
    Notices, Etc.	78
	Section 17.04. Governing Law;
    Jurisdiction	79
	Section 17.05. Evidence of
    Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	80
	Section 17.06. Legal Holidays	80
	Section 17.07. No Security
    Interest Created	81
	Section 17.08. Benefits of
    Indenture	81
	Section 17.09. Table of Contents,
    Headings, Etc.	81
	Section 17.10. Authenticating
    Agent	81
	Section 17.11. Execution in
    Counterparts	82
	Section 17.12. Severability	82
	Section 17.13. Waiver of Jury
    Trial	82
	Section 17.14. Force Majeure	82
	Section 17.15. Calculations	82
	Section 17.16. Issuance in
    Euros	82
	Section 17.17. Currency Indemnity	83
	Section 17.18. U.S.A. PATRIOT
    Act	83
	 	 
	EXHIBIT
	 	 
	Exhibit A Form of Note	A-1

 

    iii

     

    

 

INDENTURE, dated as of September 13, 2019, among TALEND S.A.,
a société anonyme organized under the laws of France, as issuer (the “Company”, as more fully
set forth in Section 1.01), U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”,
as more fully set forth in Section 1.01) and ELAVON FINANCIAL SERVICES DAC (“Elavon”), as the initial Conversion
Agent, Paying Agent, Transfer Agent and Note Registrar.

 

W I T N E S S E T H:

 

WHEREAS, for its lawful corporate purposes, the Company has
duly authorized the issuance of its 1.75% Convertible Senior Notes due 2024 (the “Notes”), initially in an aggregate
principal amount not to exceed €125,000,000 (as increased by an amount equal to the aggregate principal amount of any additional
Notes purchased by the Initial Purchasers pursuant to the exercise of their option to purchase additional Notes as set forth in
the Purchase Agreement), and in order to provide the terms and conditions upon which the Notes are to be authenticated, issued
and delivered, the Company has duly authorized the execution and delivery of this Indenture; and

 

WHEREAS, the Form of Note, the certificate of authentication
to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice and the Form of Assignment
and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and

 

WHEREAS, all acts and things necessary to make the Notes, when
executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating agent, as in this Indenture
provided, the valid, binding and legal obligations of the Company, and this Indenture a valid agreement according to its terms,
have been done and performed, and the execution of this Indenture and the issuance hereunder of the Notes have in all respects
been duly authorized.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

That in order to declare the terms and conditions upon which
the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase and
acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate
benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows:

 

Article
1

DEFINITIONS

 

Section
1.01. Definitions. The terms defined in this Section 1.01 (except as herein otherwise
expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental
hereto shall have the respective meanings specified in this Section 1.01. The words “herein,” “hereof,”
“hereunder,” and words of similar import refer to this Indenture as a whole and not to any particular Article, Section
or other subdivision. The terms defined in this Article include the plural as well as the singular.

 

“Additional ADSs” shall have the meaning
specified in Section 14.03(a).

 

“Additional Amounts” shall
have the meaning specified in Section 4.07(a).

 

“Additional Interest” means all amounts,
if any, payable pursuant to Section 4.06(d), Section 4.06(e) and Section 6.03, as applicable.

 

“ADS” means an American
Depositary Share, issued pursuant to the Deposit Agreement or Restricted Issuance Agreement, representing as of the date of this
Indenture one Ordinary Share of the Company, which Ordinary Share is deposited with the ADS Custodian.

 

     

     

    

 

“ADS Custodian” means BNP
PARIBAS Securities Services as custodian of the Ordinary Shares underlying the ADSs delivered pursuant to the Deposit Agreement
or the Restricted Issuance Agreement, or any successor entity thereto.

 

“ADS Depositary” means
JPMorgan Chase Bank, N.A., as depositary for the ADSs.

 

“ADS Price” shall have the meaning specified
in Section 14.03(c).

 

“Affiliate” of any specified Person means
any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified
Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power
to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing. Notwithstanding anything to the contrary herein, the determination of whether one Person is an “Affiliate”
of another Person for purposes of this Indenture shall be made based on the facts at the time such determination is made or required
to be made, as the case may be, hereunder.

 

“Agents” means the Conversion Agent, the
Bid Solicitation Agent, the Paying Agent, the Note Registrar, the Transfer Agent, any authenticating agent and “Agent”
means any one of them, in each case, except to the extent the Company or any of its Affiliates is acting in such role under this
Indenture.

 

“Applicable Taxes” shall
have the meaning ascribed in Section 4.07(a).

 

“Bid Solicitation Agent” means the Company
or the Person appointed by the Company to solicit bids for the Trading Price of the Notes in accordance with Section 14.01(b)(i).
The Company shall initially act as the Bid Solicitation Agent.

 

“Board of Directors” means the board of directors
of the Company or a committee of such board duly authorized to act for it hereunder.

 

“Board Resolution” means a copy of a resolution
certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors, and to
be in full force and effect on the date of such certification and delivered to the Trustee.

 

“Business Day” means any day that is (1)
a New York Business Day, (2) a Paris Business Day, (3) a Euroclear Business Day, (4) a Clearstream Business Day, (5) a Paying Agent
Business Day and a (6) Conversion Agent Business Day.

 

“Capital Stock” means, for any entity, any
and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however
designated) corporate stock (or shares, including ordinary shares) issued by that entity.

 

“cash” means, in respect of payments made
or to be made in respect of the Notes, including principal, interest and cash due upon conversion, refer to euros, the legal currency
of the Eurozone in the European Monetary Union; subject to the second paragraph of Section 17.16.

 

“Cash Settlement” shall have the meaning
specified in Section 14.02(a).

 

“Change in Tax Law” shall
have the meaning specified in Section 16.01(b).

 

“Change in Tax Law Redemption”
shall have the meaning specified in Section 16.01(b).

 

“Change in Tax Law Redemption Notice”
shall have the meaning specified in Section 16.01(b).

 

“Change in Tax Law Redemption Notice
Date” shall have the meaning specified in Section 16.01(b).

 

    2

     

    

 

“Change in Tax Law Redemption Date”
shall have the meaning specified in Section 16.01(b).

 

“Change in Tax Law Redemption Price”
shall have the meaning specified in Section 16.01(b).

 

“Clearstream”
means Clearstream Banking, S.A., as currently in effect or any successor securities clearing agency.

 

“Clearstream Business Day” means any day
(other than a Saturday or a Sunday) that is not a day on which banking institutions in Luxembourg City, Luxembourg are authorized
or required by law or executive order to close or be closed.

 

“close of business” means 5:00 p.m. (New
York City time).

 

“Combination Settlement” shall have the meaning
specified in Section 14.02(a).

 

“Commission” means the U.S. Securities and
Exchange Commission.

 

“Common Depositary” means the common depositary
for Euroclear and Clearstream that is designated to act as the depositary for the Global Notes. The initial Common Depositary shall
be Elavon until a successor shall have been appointed by the Company, and thereafter, “Common Depositary” shall
mean or include such successor.

 

“Common Equity” of any Person means Capital
Stock of such Person that is generally entitled (a) to vote in the election of directors of such Person or (b) if such
Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others
that will control the management or policies of such Person.

 

“Company” shall have the meaning specified
in the first paragraph of this Indenture, and subject to the provisions of Article 11, shall include its successors and assigns.

 

“Company Order” means a written order of
the Company, signed by the Company’s Chief Executive Officer, Chief Financial Officer, any President or Vice President (whether
or not designated by a number or numbers or word or words added before or after the title “President” or “Vice
President”), Treasurer, Secretary or Assistant Treasurer or Assistant Secretary and delivered to the Trustee.

 

“Conversion Agent” shall have the meaning
specified in Section 4.02.

 

“Conversion Agent Business Day” refers to
any day (other than a Saturday or a Sunday) that is not a day on which banking institutions in the city in the European Monetary
Union where the Conversion Agent’s Office is located are authorized or required by law or executive order to close or be
closed.

 

“Conversion Agent Notice Date” is a day that
is both (1) a New York Business Day and (2) a Conversion Agent Business Day.

 

“Conversion Agent Office” means the designated
office of the Conversion Agent, which office at the date hereof is located at Building 8, Cherrywood Business Park, Loughlinstown,
Dublin 18, D18 W319, Ireland or such other address as the Conversion Agent may designate from time to time by notice to the Holders
and the Company, or the designated conversion agent office of any successor conversion agent (or such other address as such successor
conversion agent may designate from time to time by notice to the Holders and the Company).

 

“Conversion Consideration” shall have the
meaning specified in Section 14.12(a).

 

“Conversion Consideration Delivery Business Day”
means a day that is (1) a Business Day and (2) on which the Trans-European Automated Real-Time Gross Settlement Express Transfer
system (the TARGET2 system), or any successor thereto, is open.

 

“Conversion Date” shall have the meaning
specified in Section 14.02(c).

 

    3

     

    

 

“Conversion Obligation” shall have the meaning
specified in Section 14.01(a).

 

“Conversion Price” means as of any time,
€1,000, divided by the Conversion Rate as of such time.

 

“Conversion Rate” shall have the meaning
specified in Section 14.01(a).

 

“Corporate Event” shall have the meaning
specified in Section 14.01(b)(iii).

 

“Corporate Trust Office” means the designated
office of the Trustee at which at any time this Indenture shall be administered, which office at the date hereof is located at
633 West Fifth Street, 24th Floor, Los Angeles, CA 90071; Attn: P. Oswald (Talend Notes Administrator) or such other address as
the Trustee may designate from time to time by notice to the Holders and the Company, or the designated corporate trust office
of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders
and the Company).

 

“Daily Conversion Value” means, for each
of the 40 consecutive Trading Days during the relevant Observation Period, 2.5% of the product of (a) the Conversion Rate
on such Trading Day and (b) the Daily VWAP for such Trading Day.

 

“Daily Measurement Value” means the Specified
Euro Amount (if any), divided by 40.

 

“Daily Settlement Amount,” for each of the
40 consecutive Trading Days during the relevant Observation Period, shall consist of:

 

(a) cash in an amount equal to the lesser of (i) the Daily
Measurement Value and (ii) the Daily Conversion Value on such Trading Day; and

 

(b) if the Daily Conversion Value on such Trading Day exceeds
the Daily Measurement Value, a number of ADS equal to (i) the difference between the Daily Conversion Value and the Daily
Measurement Value, divided by (ii) the Daily VWAP for such Trading Day.

 

“Daily VWAP” means the per share volume-weighted
average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “TLND <equity> AQR”
(or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the
scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable,
the market value of one ADS on such Trading Day reasonably determined, using a volume-weighted average method, by a nationally
recognized independent investment banking firm retained for this purpose by the Company), in each case, converted into euros at
the Bloomberg screen EURUSD Curncy rate (or its equivalent successor if such page is not available) at 4:00 p.m., New York City
time on such Trading Day. The “Daily VWAP” shall be determined without regard to after-hours trading or any
other trading outside of the regular trading session trading hours.

 

“Default” means any event that is, or after
notice or passage of time, or both, would be, an Event of Default.

 

“Defaulted Amounts” means any amounts on
any Note (including, without limitation, the Redemption Price, the Fundamental Change Repurchase Price, principal and interest)
that are payable but are not punctually paid or duly provided for.

 

“delivered” with respect to any notice to
be delivered, given or mailed to a Holder pursuant to this Indenture, shall mean notice (x) given to the Depositary (or its
designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance
with accepted practices or procedures at the Depositary (in the case of a Global Note) or (y) mailed to such Holder by first
class mail, postage prepaid, at its address as it appears on the Note Register, in each case in accordance with Section 17.03.
Notice so “delivered” shall be deemed to include any notice to be “mailed” or “given,” as applicable,
under this Indenture.

 

    4

     

    

 

“Deposit Agreement” means
the deposit agreement dated as of July 26, 2016, by and among the Company, the ADS Depositary, and the owners and beneficial owners
of the ADSs delivered thereunder or, if amended or supplemented as provided therein, as so amended or supplemented.

 

“Depositary” means, with respect to each
Global Note, Euroclear and Clearstream, including any and all successors thereto appointed as Depositary hereunder pursuant to
the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor.

 

“Designated Institution” shall have the meaning
specified in Section 14.12(a).

 

“Distributed Property” shall have the meaning
specified in Section 14.04(h)(2).

 

“Distributed Securities Daily VWAP” means
the per security volume-weighted average price as displayed under the heading “Bloomberg VWAP” on the Bloomberg page
applicable to the security in respect of the period from the scheduled open of trading until the scheduled close of trading of
the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable for such security, the
market value of such security on a per security basis on such Trading Day reasonably determined, using a volume-weighted average
method, by a nationally recognized independent investment banking firm retained for this purpose by Company), in each case to the
extent such volume-weighted average price is not already reflected in euros, converted into euros in a at the Bloomberg screen
EURUSD Curncy rate (or its equivalent successor if such page is not available) at 4:00 p.m., New York City time on such Trading
Day. The “Distributed Securities Daily VWAP” will be determined without regard to after-hours trading or any
other trading outside of the regular trading session trading hours

 

“Effective Date” shall have the meaning specified
in Section 14.03(c), except that, as used in Section 14.04 and Section 14.05, “Effective Date”
means the date upon which the applicable transaction or event is effective or consummated.

 

“Elavon” shall have the
meaning specified in the first paragraph of this Indenture.

 

“Euroclear”
means Euroclear S.A./N.V., as operator of the Euroclear system or any successor clearing agency.

 

“Euroclear Business Day” means any day (other
than a Saturday or a Sunday) that is not a day on which banking institutions in Brussels, Belgium are authorized or required by
law or executive order to close or be closed.

 

“Euronext Paris” means
the Regulated Market of Euronext Paris.

 

“Event of Default” shall have the meaning
specified in Section 6.01.

 

“Ex-Dividend Date” means the first date on
which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance,
dividend or distribution in question, from the Company or, if applicable, from the seller of the ADSs on such exchange or market
(in the form of due bills or otherwise) as determined by such exchange or market

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange Election” shall have the meaning
specified in Section 14.12(a).

 

“Expiring Rights” means any rights, options
or warrants to purchase Ordinary Shares or ADSs that expire on or prior to the Maturity Date.

 

“Ex-Redemption Date means (a)
the first date on which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to
the redemption in question from the Company or, if applicable, from the seller of the ADSs on such exchange or market (in the form
of due bills or otherwise) as determined by such exchange or market or (b) if the ADSs do not trade on any
exchange or market, the Paris business day on which the redemption in question occurs.

 

    5

     

    

 

“FATCA” shall have the
meaning specified in Section 4.07(a)(i)(D).

 

“Form of Assignment and Transfer” shall mean
the “Form of Assignment and Transfer” attached as Attachment 3 to the Form of Note attached hereto as Exhibit A.

 

“Form of Fundamental Change Repurchase Notice”
shall mean the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached
hereto as Exhibit A.

 

“Form of Note” shall mean the “Form
of Note” attached hereto as Exhibit A.

 

“Form of Notice of Conversion for Global Notes”
shall mean the “Form of Notice of Conversion” attached as Attachment 1A to the Form of Note attached hereto as Exhibit
A.

 

“Form of Notice of Conversion for Physical Notes”
shall mean the “Form of Notice of Conversion” attached as Attachment 1B to the Form of Note attached hereto as Exhibit
A.

 

“French Commercial Code” means the French
Code de commerce.

 

“Fundamental Change” shall be deemed to have
occurred at the time after the Notes are originally issued if any of the following occurs prior to the Maturity Date:

 

(a) a “person” or “group” within the
meaning of Section 13(d) of the Exchange Act, other than the Company, its direct or indirect Wholly Owned Subsidiaries and
the employee benefit plans of the Company and its direct or indirect Wholly Owned Subsidiaries, files a Schedule TO (or any successor
schedule, form or report) or any schedule, form or report under the Exchange Act disclosing that such person or group has become
the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Ordinary Shares
(including Ordinary Shares held in the form of ADS) representing more than 50% of the voting power of the Ordinary Shares; provided,
that no Person or group shall be deemed to be the beneficial owner of any securities tendered pursuant to a tender or exchange
offer made by or on behalf of such “person” or “group” until such tendered securities are accepted for
purchase or exchange under such offer;

 

(b) the consummation of (A) any recapitalization, reclassification
or change of the Ordinary Shares or the ADS (other than changes resulting from a subdivision or a combination) as a result of which
the Ordinary Shares or ADS would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any
share exchange, consolidation or merger of the Company pursuant to which the Ordinary Shares or ADS will be converted into cash,
securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions
of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other
than one or more of the Company’s Wholly Owned Subsidiaries; provided, however, that a transaction described in clause (A)
or (B) in which the holders of all classes of the Company’s Common Equity immediately prior to such transaction own,
directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving company or transferee or the
parent thereof immediately after such transaction in substantially the same proportions relative to each other as such ownership
immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (b);

 

(c) the shareholders of the Company approve any plan or proposal
for dissolution of the Company that, if completed, would result in the liquidation of the Company; or

 

(d) the ADSs (or other Common Equity or ADS in respect of Common
Equity underlying the Notes) cease to be listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market
or The Nasdaq Global Market (or any of their respective successors);

 

    6

     

    

 

provided, however, that a transaction or transactions
described in clauses (a) or (b) above shall not constitute a Fundamental Change if at least 90% of the consideration received
or to be received by holders of the ADSs, excluding cash payments for fractional ADSs, in connection with such transaction or transactions
consists of Common Equity or ADS or depositary receipts in respect of Common Equity that, in any case, are listed or quoted on
any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors)
or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of
such transaction or transactions the Notes become convertible into such consideration, excluding cash payments for fractional ADS
(subject to the provisions of Section 14.07). If any transaction in which the Ordinary Shares are replaced by the equity securities
of another entity occurs, following completion of any related Make-Whole Fundamental Change Period (or, in the case of a transaction
that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso immediately following clause (d) of
the definition thereof, following the effective date of such transaction) references to the Company in this definition shall instead
be references to such other entity.

 

For purposes of this definition of “Fundamental Change”
above, any transaction that constitutes a Fundamental Change pursuant to both clause (a) and clause (b) of such definition
(without giving effect to the proviso in clause (b)) shall be deemed a Fundamental Change solely under clause (b) of such
definition (subject to the proviso in clause (b)).

 

“Fundamental Change Company Notice” shall
have the meaning specified in Section 15.02(c).

 

“Fundamental Change Repurchase Date” shall
have the meaning specified in Section 15.02(a).

 

“Fundamental Change Repurchase Notice” shall
have the meaning specified in Section 15.02(b)(i).

 

“Fundamental Change Repurchase Price” shall
have the meaning specified in Section 15.02(a).

 

“Global Note” shall have the meaning specified
in Section 2.05(b).

 

“Holder,” as applied to any Note, or other
similar terms (but excluding the term “beneficial holder”), shall mean any Person in whose name at the time a particular
Note is registered on the Note Register.

 

“Indenture” means this instrument as originally
executed or, if amended or supplemented as herein provided, as so amended or supplemented.

 

“Independent Expert” means
an independent financial institution of international repute or independent financial adviser with appropriate expertise, chosen
by the Company at its sole discretion.

 

“Initial Purchasers” means Goldman Sachs
& Co. LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.

 

“Interest Payment Date” means each March
1 and September 1 of each year, beginning on March 1, 2020.

 

“Last Reported Sale Price” of the ADSs
on any date means the closing sale price per ADS (or if no closing sale price is reported, the average of the bid and ask
prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as
reported in composite transactions for the principal U.S. national or regional securities exchange on which the ADSs are
traded, converted into euros at the Bloomberg screen EURUSD Curncy rate (or its equivalent successor if such page is not
available) at 4:00 p.m., New York City time on such date. If the ADSs are not listed for trading on a U.S. national or
regional securities exchange on the relevant date, the “Last Reported Sale Price” will be the last quoted
bid price for the ADSs in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar
organization, converted into euros at the Bloomberg screen EURUSD Curncy rate (or its equivalent successor if such page is
not available on such date) at 4:00 p.m., New York City time on such date. If the ADSs are not so quoted, the “Last
Reported Sale Price” will be the average of the mid-point of the last bid and ask prices for the ADSs (or such
other security) on the relevant date from each of at least three nationally recognized independent investment banking firms
selected by the Company for this purpose, converted into euros at the Bloomberg screen EURUSD Curncy rate (or its equivalent
successor if such page is not available on such date) at 4:00 p.m., New York City time on such date. In the event of any need
to determine the “Last Reported Sale Price” of any security other than ADSs, the Company shall determine
the “Last Reported Sale Price” of such security in a commercially reasonable manner using a substantially
similar methodology.

 

    7

     

    

 

“Make-Whole Fundamental Change” means any
transaction or event that constitutes a Fundamental Change (as defined above and determined after giving effect to any exceptions
to or exclusions from such definition, but without regard to the proviso in clause (b) of the definition thereof).

 

“Make-Whole Fundamental Change Period” shall
have the meaning specified in Section 14.03(a).

 

“Market Disruption Event” means, for the
purposes of determining amounts due upon conversion (a) a failure by the primary U.S. national or regional securities exchange
or market on which the ADSs are listed or admitted for trading to open for trading during its regular trading session or (b) the
occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the ADSs for more than one half-hour
period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements
in price exceeding limits permitted by the relevant stock exchange or otherwise) in the ADSs or in any options contracts or futures
contracts traded on any U.S. exchange relating to the ADSs.

 

“Maturity Date” means September 1, 2024.

 

“Measurement Period” shall have the meaning
specified in Section 14.01(b)(i).

 

“New York Business Day”
means any day (other than a Saturday or a Sunday) that is not a day on which banking institutions in the State of New York are
authorized or required by law or executive order to close or be closed.

 

“Non-Tax Redemption Election”
shall have the meaning specified in Section 16.01(d).

 

“Note” or “Notes” shall
have the meaning specified in the first paragraph of the recitals of this Indenture.

 

“Note Register” shall have the meaning specified
in Section 2.05(a).

 

“Note Registrar” shall have the meaning specified
in Section 2.05(a).

 

“Notice of Conversion” shall have the meaning
specified in Section 14.02(b).

 

“Note Registrar Office” means the designated
office of the Note Registrar, which office at the date hereof is located at Building 8, Cherrywood Business Park, Loughlinstown,
Dublin 18, D18 W319, Ireland or such other address as the Note Registrar may designate from time to time by notice to the Holders
and the Company, or the designated note registrar office of any successor note registrar (or such other address as such successor
note registrar may designate from time to time by notice to the Holders and the Company).

 

“Observation Period” with respect to any
Note surrendered for conversion means: (i) subject to clause (ii), if the relevant Conversion Date occurs prior to 9:00 a.m.
(New York City time) on the Business Day immediately preceding June 1, 2024, the 40 consecutive Trading Day period beginning on,
and including, the later of (x) the third Trading Day immediately succeeding such Conversion Date and (y) the first Trading Day
after the second Business Day immediately succeeding such Conversion Date; (ii) if the relevant Conversion Date occurs during
a Redemption Period, the 40 consecutive Trading Days beginning on, and including, the 44th Scheduled Trading Day immediately preceding
such Redemption Date; and (iii) subject to clause (ii), if the relevant Conversion Date occurs on or after 9:00 a.m. (New
York City time) on the Business Day immediately preceding June 1, 2024, the 40 consecutive Trading Days beginning on, and including,
the 44th Scheduled Trading Day immediately preceding the Maturity Date.

 

    8

     

    

 

“Offering Circular” means the preliminary
offering circular dated September 4, 2019, as supplemented by the related pricing term sheet dated September 5, 2019, relating
to the offering and sale of the Notes.

 

“Officer” means, with respect to the Company,
the Chief Executive Officer, the Chief Financial Officer, the Chief Accounting Officer, the Treasurer, the Assistant Treasurer,
the Secretary, the Assistant Secretary, or any President or Vice President (whether or not designated by a number or numbers or
word or words added before or after the title “President” or “Vice President”).

 

“Officer’s Certificate,” when used
with respect to the Company, means a certificate that is delivered to the Trustee and that is signed by an Officer of the Company.
Each such certificate shall include the statements provided for in Section 17.05 if and to the extent required by the provisions
of such Section. The Officer giving an Officer’s Certificate pursuant to Section 4.09 shall be the principal executive,
financial or accounting officer of the Company.

 

“open of business” means 9:00 a.m. (New York
City time).

 

“Opinion of Counsel” means an opinion in
writing signed by legal counsel, who may be an employee of or counsel to the Company, or other counsel reasonably acceptable to
the Trustee, that is delivered to the Trustee, which opinion may contain customary exceptions and qualifications as to the matters
set forth therein. Each such opinion shall include the statements provided for in Section 17.05 if and to the extent required
by the provisions of such Section 17.05.

 

“Optional Redemption” means either a Change
in Tax Law Redemption or a Provisional Optional Redemption.

 

“Ordinary Share Market Price” means the Last
Reported Sale Price of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) on the date a binding
agreement is made for the Company or any of its Subsidiaries to purchase Ordinary Shares (directly or in the form of ADSs) (or
the immediately preceding Trading Day if such agreement (i) is not made on a Trading Day or (ii) if made on a Trading Day, is made
prior to the availability of the Last Reported Sale Price of the ADSs in respect of such Trading Day).

 

“Ordinary Share Repurchase Date” shall have
the meaning specified in Section 14.04(e).

 

“Ordinary Shares” means
ordinary shares of the Company, nominal value (valeur nomimale) €0.08 per ordinary share, at the date of this Indenture,
subject to Section 14.07.

 

“outstanding,” when used with reference to
Notes, shall, subject to the provisions of Section 8.04, mean, as of any particular time, all Notes authenticated and delivered
by the Trustee under this Indenture, except:

 

(a) Notes theretofore canceled by the Trustee or accepted by
the Trustee for cancellation;

 

(b) Notes, or portions thereof, that have become due and payable
and in respect of which monies in the necessary amount shall have been deposited with the Trustee or with any Paying Agent (other
than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying
Agent);

 

(c) Notes that have been paid pursuant to Section 2.06
or Notes in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the
terms of Section 2.06 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers
in due course;

 

(d) Notes converted pursuant to Article 14 and required to be
cancelled pursuant to Section 2.08; provided that all conversion consideration due in respect of such converted Notes has
been delivered in accordance with the terms of this Indenture;

 

(e) Notes redeemed pursuant to Article 16; and

 

(f) Notes repurchased by the Company pursuant to the penultimate
sentence of Section 2.10.

 

    9

     

    

 

“Paris Business Day” means
any day (other than a Saturday or a Sunday) that is not a day on which banking institutions in Paris, France are authorized or
required by law or executive order to close or be closed.

 

“Paris close of business”
means 5:00 p.m., Paris, France time.

 

“Paris open of business”
means 9:00 a.m., Paris, France time.

 

“Paying Agent” shall have the meaning specified
in Section 4.02.

 

“Paying Agent Business Day” refers to any
day (other than a Saturday or a Sunday) that is not a day on which banking institutions in the city in the European Monetary Union
(or the United States, if the euro is no longer available to the Company due to the imposition of exchange controls or other circumstances
beyond the Company’s control or the euro is no longer used by the then member states of the European Monetary Union that
have adopted the euro as their currency or for the settlement of transactions by public institutions within the international banking
community, as contemplated in Section 17.16) where the Paying Agent’s Office is located are authorized or required by law
or executive order to close or be closed.

 

“Paying Agent Office” means the designated
office of the Paying Agent, which office at the date hereof is located at Building 8, Cherrywood Business Park, Loughlinstown,
Dublin 18, D18 W319, Ireland or such other address as the Paying Agent may designate from time to time by notice to the Holders
and the Company, or the designated paying agent office of any successor paying agent (or such other address as such successor paying
agent may designate from time to time by notice to the Holders and the Company).

 

“Payment Business Day” means a day (1) that
is a New York Business Day, (2) a Paris Business Day, (3) a Paying Agent Business Day and (4) on which the Trans-European Automated
Real-Time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, is open.

 

“Person” means an individual, a corporation,
a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an unincorporated
organization or a government or an agency or a political subdivision thereof.

 

“Physical Notes” means permanent certificated
Notes in registered form issued in denominations of €100,000 principal amount and integral multiples of €1,000 in excess
of such amount.

 

“Physical Settlement” shall have the meaning
specified in Section 14.02(a).

 

“Predecessor Note” of any particular Note
means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the
purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange for a mutilated,
lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note that
it replaces.

 

“Provisional Optional Redemption”
has the meaning specified in Section 16.02.

 

“Provisional Optional Redemption
Date” has the meaning specified in Section 16.03(a).

 

“Provisional Optional Redemption
Notice” has the meaning specified in Section 16.03(a).

 

“Provisional Optional Redemption
Notice Date” has the meaning specified in Section 16.03(a).

 

“Provisional Optional
Redemption Price” means, for any Notes to be redeemed pursuant to  16.02 and 16.03, 100% of the principal amount of
the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Provisional Optional Redemption
Date (unless the Provisional Optional Redemption Date falls after a Regular Record Date but on or prior to the Interest
Payment Date to which such Regular Record Date relates, in which case interest accrued and unpaid to the Interest Payment
Date will be paid on such Interest Payment Date to Holders of record of such Notes on such Regular Record Date, and the
Provisional Optional Redemption Price will be equal to 100% of the principal amount of the Notes to be redeemed), including,
for the avoidance of doubt, any Additional Amounts with respect to such Provisional Optional Redemption Price.

 

    10

     

    

 

“Purchase Agreement” means that certain Purchase
Agreement, dated as of September 5, 2019, among the Company and the Initial Purchasers.

 

“Record Date” means, with respect to any
dividend, distribution or other transaction or event in which the holders of the Ordinary Shares (directly or in the form of ADSs)
(or other applicable security) have the right to receive any cash, securities or other property or in which the Ordinary Shares
(directly or in the form of ADSs) (or such other security) are exchanged for or converted into any combination of cash, securities
or other property, the date fixed for determination of security holders entitled to receive such cash, securities or other property
(whether such date is fixed by the Board of Directors, statute, contract or otherwise).

 

“Redemption Date” means
a Provisional Optional Redemption Date or the Change in Tax Law Redemption Date, as the case may be.

 

“Redemption Notice” means
a Provisional Optional Redemption Notice or a Change in Tax Law Redemption Notice, as the case may be.

 

“Redemption Notice Date” means the Provisional
Optional Redemption Notice Date or Change in Tax Law Redemption Notice Date, as the case may be.

 

“Redemption Period” means the period from,
and including, the relevant Redemption Notice Date until 9:00 a.m. (New York City time) on the second Business Day immediately
preceding the related Redemption Date.

 

“Redemption Price” means the Provisional
Optional Redemption Price or the Change in Tax Law Redemption Price, as the case may be.

 

“Reference Property” shall have the meaning
specified in Section 14.07(a).

 

“Regular Record Date,” with respect to any
Interest Payment Date, shall mean the February 15 or August 15 (whether or not such day is a Business Day) immediately preceding
the applicable March 1 and September 1 Interest Payment Date, respectively.

 

“Regulated Market” means any regulated market
pursuant to the terms of the directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial
instruments.

 

“Relevant Jurisdiction”
shall have the meaning specified in Section 4.07(a).

 

“Relevant Taxing Jurisdiction”
shall have the meaning specified in Section 4.07(a).

 

“Resale Restriction Termination Date” shall
have the meaning specified in Section 2.05(c).

 

“Responsible Officer” means, when used with
respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant
vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs
functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter relating to this Indenture is referred because of such person’s knowledge of and familiarity with the particular
subject and who, in each case, shall have direct responsibility for the administration of this Indenture.

 

“Restricted Issuance Agreement”
means the restricted issuance agreement dated as of September 13, 2019, by and among the Company, the ADS Depositary, and the owners
and beneficial owners of the ADSs delivered thereunder or, if amended or supplemented as provided therein, as so amended or supplemented.

 

“Restricted Securities” shall have the meaning
specified in Section 2.05(c).

 

    11

     

    

 

“Rule 144” means Rule 144 as promulgated
under the Securities Act.

 

“Rule 144A” means Rule 144A as promulgated
under the Securities Act.

 

“Scheduled Trading Day” means a day that
is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange or market on which the ADSs are
listed or admitted for trading. If the ADS are not so listed or admitted for trading, “Scheduled Trading Day”
means a New York Business Day.

 

“Securities Act” means the Securities Act
of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Settlement Amount” has the meaning specified
in Section 14.02(a)(iv).

 

“Settlement Date” has the meaning specified
in Section 14.02(c).

 

“Settlement Extension” has the meaning specified
in Section 17.06.

 

“Settlement Method” means, with respect to
any conversion of Notes, Physical Settlement, Cash Settlement or Combination Settlement, as elected (or deemed to have been elected)
by the Company.

 

“Settlement Notice” has the meaning specified
in Section 14.02(a)(iii).

 

“Share Exchange Event” shall have the meaning
specified in Section 14.07(a).

 

“Share Reduction” shall have the meaning
specified in Section 14.04(a).

 

“Significant Subsidiary” means a Subsidiary
of the Company that meets the definition of “significant subsidiary” in Article 1, Rule 1-02 of Regulation S-X promulgated
by the Commission as in effect on the date of this Indenture; provided that, in the case of a Subsidiary of the Company that meets
the criteria of clause (3) of the definition thereof but not clause (1) or (2) thereof, such Subsidiary shall not be
deemed to be a Significant Subsidiary unless the Subsidiary’s income (loss) from continuing operations before income taxes
exclusive of amounts attributable to any non-controlling interests for the last completed fiscal year prior to the date of such
determination exceeds €10,000,000.

 

“Specified Euro Amount” means the maximum
cash amount per €1,000 principal amount of Notes to be received upon conversion as specified in the Settlement Notice related
to any converted Notes (or deemed specified pursuant to Section 14.02(a)).

 

“Spin-Off” shall have the meaning specified
in Section 14.04(h)(2).

 

“Subscription Period” shall have the meaning
specified in Section 14.04(b).

 

“Subsidiary” means, with respect to any Person,
any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of
Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly
or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or
more Subsidiaries of such Person.

 

“Successor Company” shall have the meaning
specified in Section 11.01(a).

 

“Suspension Notice” shall
have the meaning specified in Section 14.11.

 

“Suspension Period” shall
have the meaning specified in Section 14.11.

 

    12

     

    

 

“Suspension Right” shall
have the meaning specified in Section 14.11.

 

“Trading Day” means, except
for purposes determining amounts due upon conversion as set forth below, a day on which (i) trading in the ADSs (or other security
for which a closing sale price must be determined) generally occurs on The NASDAQ Global Market or, if the ADSs (or such other
security) are not then listed on The NASDAQ Global Market, on the principal other U.S. national or regional securities exchange
on which the ADSs (or such other security) are then listed or, if the ADSs (or such other security) are not then listed on a U.S.
national or regional securities exchange, on the principal other market on which the ADSs (or such other security) are then traded,
and (ii) a Last Reported Sale Price of the ADS (or closing sale price for such other security) is available on such securities
exchange or market (exclusive of the currency conversion contemplated by the definition of “Last Reported Sale Price”
of the ADS). If the ADSs (or such other security) are not so listed or traded, “Trading Day” means a New York
Business Day; and provided that for purposes of determining amounts due upon conversion only, “Trading Day”
means a day on which (x) there is no Market Disruption Event and (y) trading in the ADS generally occurs on The Nasdaq
Global Market or, if the ADSs are not then listed on The Nasdaq Global Market, on the principal other U.S. national or regional
securities exchange on which the ADSs are then listed or, if the ADS are not then listed on a U.S. national or regional securities
exchange, on the principal other market on which the ADSs are then listed or admitted for trading, except that if the ADSs are
not so listed or admitted for trading, “Trading Day” means a New York Business Day.

 

“Trading Price” of the Notes on any date
of determination means the average of the secondary market bid quotations obtained by the Bid Solicitation Agent for €5,000,000
principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally
recognized securities dealers the Company selects for this purpose; provided that if three such bids cannot reasonably be
obtained by the Bid Solicitation Agent but two such bids are obtained, then the average of the two bids shall be used, and if only
one such bid can reasonably be obtained by the Bid Solicitation Agent, that one bid shall be used. If, on any date, the Bid Solicitation
Agent cannot reasonably obtain at least one bid for €5,000,000 principal amount of Notes on such date from a nationally recognized
securities dealer on any determination date, then the Trading Price per €1,000 principal amount of Notes on such determination
date shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the ADS and the Conversion Rate.

 

“Trading Price Condition” shall have the
meaning specified in Section 14.01(b)(i).

 

“Trading Price Conversion Window” shall have
the meaning specified in 14.01(b)(i).

 

“transfer” shall have the meaning specified
in Section 2.05(c).

 

“Transfer Agent” shall have the meaning specified
in Section 4.02.

 

“Transfer Agent Office” means the designated
office of the Transfer Agent, which office at the date hereof is located at Building 8, Cherrywood Business Park, Loughlinstown,
Dublin 18, D18 W319, Ireland or such other address as the Transfer Agent may designate from time to time by notice to the Holders
and the Company, or the designated transfer agent office of any successor transfer agent (or such other address as such successor
transfer agent may designate from time to time by notice to the Holders and the Company).

 

“Trigger Event” shall have the meaning specified
in Section 14.04(h)(2).

 

“Trust Indenture Act” means the Trust Indenture
Act of 1939, as amended, as it was in force at the date of execution of this Indenture; provided, however, that in
the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean,
to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended.

 

“Trustee” means the Person named as the “Trustee”
in the first paragraph of this Indenture until a successor trustee shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder.

 

    13

     

    

 

“unit of Reference Property” shall have the
meaning specified in Section 14.07(a).

 

“Valuation Period” shall have the meaning
specified in Section 14.04(h)(2).

 

“Value of the Ordinary Share Immediately prior to the
Close of Business on the Date of such Distribution” means the arithmetic average of the Daily VWAP (divided by
the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ex-Dividend
Date for such distribution.

 

“Value of the Ordinary Shares Ex-Right” means
the arithmetic average of the daily VWAP (divided by the number of Ordinary Shares then represented by one ADS) on each Trading
Day included in the applicable Subscription Period.

 

“Value of the Preferential Subscription Right”
means (i) the arithmetic average of the opening trading prices on any Regulated Market for such preferential subscription rights
on a per right basis, or on a similar market on which the preferential subscription rights have their principal listing on each
Trading Day included in the applicable Subscription Period, or (ii) if the preferential subscription rights are not listed on a
Regulated Market or similar market, the value of such preferential subscription rights will be calculated as reasonably determined
by the Company or, at the Company’s option, an Independent Expert taking into account the fair market value or trading price
of any corresponding ADS rights.

 

“Value of the Securities or Assets Distributed per
Ordinary Share” means:

 

(a) in the event of a distribution of securities that are already
listed on The NASDAQ Global Market, other U.S. national or regional securities exchange, Euronext Paris, any other Regulated Market
or a similar market, the arithmetic average of the Distributed Securities Daily VWAP of such securities during the three Trading
Days immediately preceding the Ex-Dividend Date for such distribution;

 

(b) in the event of a distribution of securities that are not
already listed on The NASDAQ Global Market, other U.S. national or regional securities exchange, Euronext Paris, any other Regulated
Market or a similar market, but that are expected to be listed on any such market for at least three Trading Days within 10 Trading
Days starting on the Ex-Dividend Date For such distribution, the arithmetic average of the Distributed Securities Daily VWAP of
such securities during the first three Trading Days included within this 10 trading day period during which such securities are
listed on The NASDAQ Global Market, other U.S. national or regional securities exchange, Euronext Paris, any other Regulated Market
or a similar market; and

 

(c) in all other cases not addressed in clause (a) or (b) of
this definition, such value that is determined reasonably by the Company or, at the Company’s option, an Independent Expert,
no later than the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

 

“Wholly Owned Subsidiary” means, with respect
to any Person, any direct or indirect Subsidiary of such Person, except that, solely for purposes of this definition, the reference
to “more than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”.

 

Section
1.02. References to Interest. Unless the context otherwise requires, any reference to
interest on, or in respect of, any Note in this Indenture shall be deemed to include Additional Interest if, in such context,
Additional Interest is, was or would be payable pursuant to any of Section 4.06(d), Section 4.06(e) and Section 6.03. Unless the
context otherwise requires, any express mention of Additional Interest in any provision hereof shall not be construed as excluding
Additional Interest in those provisions hereof where such express mention is not made.

 

Article
2

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES

 

Section
2.01. Designation and Amount. The Notes shall be designated as the “1.75%
Convertible Senior Notes due 2024.” The aggregate principal amount of Notes that may be authenticated and delivered under
this Indenture is initially limited to €125,000,000 (as increased by an amount equal to the aggregate principal amount of
any additional Notes purchased by the Initial Purchasers pursuant to the exercise of their option to purchase additional Notes
as set forth in the Purchase Agreement), subject to Section 2.10 and except for Notes authenticated and delivered upon registration
or transfer of, or in exchange for, or in lieu of other Notes to the extent permitted hereunder.

 

    14

     

    

 

Section
2.02. Form of Notes. The Notes and the Trustee’s certificate of authentication
to be borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, the terms and provisions
of which shall constitute, and are hereby expressly incorporated in and made a part of this Indenture. To the extent applicable,
the Company, the Trustee and the Agents, by their execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. In the case of any conflict between this Indenture and a Note, the provisions of this Indenture
shall control and govern to the extent of such conflict.

 

Any Global Note may be endorsed with or have incorporated in
the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be required
by the Common Depositary or the Depositary, or as may be required to comply with any applicable law or any regulation thereunder
or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may be listed or
traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or
restrictions to which any particular Notes are subject.

 

Any of the Notes may have such letters, numbers or other marks
of identification and such notations, legends or endorsements as the Officer executing the same may approve (execution thereof
to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required
to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange
or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate
any special limitations or restrictions to which any particular Notes are subject.

 

Each Global Note shall represent such principal amount of the
outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount of outstanding
Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from
time to time be increased or reduced to reflect redemptions, repurchases, cancellations, conversions, transfers or exchanges permitted
hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented
thereby shall be made by the Note Registrar or the Common Depositary, at the direction of the Note Registrar, in such manner and
upon instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, a Global Note shall be
made to the Holder of such Note on the date of payment, unless a record date or other means of determining Holders eligible to
receive payment is provided for herein.

 

Section
2.03. Date and Denomination of Notes; Payments of Interest and Defaulted Amounts. (a)
The Notes shall be issuable in registered form without coupons in denominations of €100,000 principal amount and integral
multiples of €1,000 in excess thereof of such amount. Each Note shall be dated the date of its authentication and shall
bear interest from the date specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of
a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of days actually elapsed in
a 30-day month.

 

(b) The
Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any
Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such
Interest Payment Date. The principal amount of any Note (x) in the case of any Physical Note, shall be payable at the
office or agency of the Company designated by the Company for such purposes, which shall initially be the Paying Agent Office
and (y) in the case of any Global Note, shall be payable by wire transfer of immediately available funds to the account
of the Depositary or its nominee. The Company shall pay (or cause the Paying Agent to pay) interest (i) on any Physical
Notes (A) to Holders holding Physical Notes having an aggregate principal amount of €5,000,000 or less, by check
mailed (at the Company’s expense) to the Holders of these Notes at their address as it appears in the Note Register and
(B) to Holders holding Physical Notes having an aggregate principal amount of more than €5,000,000, either by
check mailed to each such Holder or, upon written application by such a Holder to the Note Registrar (containing the
requisite information for the Paying Agent to make such wire transfer) not later than the relevant Regular Record Date, by
wire transfer in immediately available funds to that Holder’s account within the United States of America or the
European Monetary Union, which application shall remain in effect until the Holder notifies, in writing, the Note Registrar
to the contrary or (ii) on any Global Note by wire transfer of immediately available funds to the account of the
Depositary or its nominee.

 

    15

     

    

 

(c) Any
Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest per
annum at the rate borne by the Notes from, and including, such relevant payment date, and such Defaulted Amounts together with
such interest thereon shall be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below:

 

(i) The
Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective Predecessor
Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall
be fixed in the following manner. The Company shall notify the Trustee and Paying Agent in writing of the amount of the Defaulted
Amounts proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt
by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit
with the Paying Agent an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall
make arrangements satisfactory to the Trustee and the Paying Agent for such deposit on or prior to the date of the proposed payment,
such money when deposited to be held for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided.
Thereupon the Company shall fix a special record date for the payment of such Defaulted Amounts which shall be not more than 15
days and not less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee
of the notice of the proposed payment. The Company shall promptly notify the Trustee in writing of such special record date and
the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Amounts
and the special record date therefor to be delivered to each Holder at its address as it appears in the Note Register, or by electronic
means to the Depositary in the case of Global Notes, not less than 10 days prior to such special record date. Notice of the proposed
payment of such Defaulted Amounts and the special record date therefor having been so delivered, such Defaulted Amounts shall be
paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on
such special record date and shall no longer be payable pursuant to the following clause (ii) of this Section 2.03(c).
The Trustee and the Paying Agent shall have no responsibility whatsoever for the calculation of the Defaulted Amounts.

 

(ii) The
Company may make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements of any securities
exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may
be required by such exchange or automated quotation system, if, after written notice given by the Company to the Trustee and the
Paying Agent of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee
and the Paying Agent.

 

Section
2.04. Execution, Authentication and Delivery of Notes. The Notes shall be signed in
the name and on behalf of the Company by the manual or facsimile signature of any of its Officers.

 

At any time and from time to time after the execution and delivery
of this Indenture, the Company may deliver Notes executed by the Company to the Trustee or an authenticating agent for authentication,
together with a Company Order for the authentication and delivery of such Notes, and the Trustee or an authenticating agent in
accordance with such Company Order shall authenticate and deliver such Notes, without any further action by the Company hereunder;
provided that the Trustee and the authenticating agent shall be entitled to receive an Officer’s Certificate and an Opinion
of Counsel of the Company with respect to the issuance, authentication and delivery of such Notes.

 

Only such Notes as shall bear thereon a certificate of authentication
substantially in the form set forth on the Form of Note attached as Exhibit A hereto, executed manually by an authorized
signatory of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.10), shall be entitled
to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such an authenticating
agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated
and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

 

    16

     

    

 

In case any Officer of the Company who shall have signed any
of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee
or an authenticating agent, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed
of as though the Person who signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf
of the Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of the Company, although
at the date of the execution of this Indenture any such Person was not such an Officer.

 

Section
2.05. Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary.
(a) The Company shall cause to be kept at the Note Registrar Office a register (the register maintained in such office or
in any other office or agency of the Company designated pursuant to Section 4.02, the “Note Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes. Such register
shall be in written form or in any form capable of being converted into written form within a reasonable period of time.

 

Upon surrender for registration of transfer of any Note to the
Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.05,
the Company shall execute, and the Trustee or an authenticating agent shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing
such restrictive legends as may be required by this Indenture.

 

Notes may be exchanged for other Notes of any authorized denominations
and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such office or agency maintained by
the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the
Trustee or an authenticating agent shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to
receive, bearing registration numbers not contemporaneously outstanding.

 

All Notes presented or surrendered for registration of transfer
or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Transfer Agent, the Note Registrar
or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory
to the Company and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing.

 

No service charge shall be imposed by the Company, the Trustee,
the Transfer Agent, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer
of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer
tax required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration
of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of transfer.

 

None of the Company, the Trustee, the Transfer Agent, the Note
Registrar or any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion
or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion, (ii) any Notes,
or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 15 or (iii) any Notes
selected for redemption in accordance with Article 16, except the unredeemed portion of any Note being redeemed in part.

 

All Notes issued upon any registration of transfer or exchange
of Notes in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled
to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange.

 

(b) So
long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject to the
fourth paragraph from the end of Section 2.05(c) all Notes shall be represented by one or more Notes in global form (each,
a “Global Note”) registered in the name of the Common Depositary or the nominee of the Common Depositary. The
transfer and exchange of beneficial interests in a Global Note that does not involve the issuance of a Physical Note shall be effected
through the Depositary (but not the Trustee or the Common Depositary) in accordance with this Indenture (including the restrictions
on transfer set forth herein) and the procedures of the Depositary therefor.

 

    17

     

    

 

(c) Every
Note that bears or is required under this Section 2.05(c) to bear the legend set forth in this Section 2.05(c) (together
with any ADSs issued upon conversion of the Notes that is required to bear the legend set forth in Section 2.05(d), collectively,
the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.05(c)
(including those contained in the legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise
waived by written consent of the Company, and the Holder of each such Restricted Security, by such Holder’s acceptance thereof,
agrees to be bound by all such restrictions on transfer. As used in this Section 2.05(c) and Section 2.05(d), the term
“transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security.

 

Until the date (the “Resale Restriction Termination
Date”) that is the later of (1) the date that is one year after the last date of original issuance of the Notes,
or such shorter period of time as permitted by Rule 144 or any successor provision thereto, and (2) such later date, if any,
as may be required by applicable law, any certificate evidencing such Note (and all securities issued in exchange therefor or substitution
thereof, other than ADSs, if any, issued upon conversion thereof, which shall bear the legend set forth in Section 2.05(d),
if applicable) shall bear a legend in substantially the following form (unless such Notes have been transferred pursuant to a registration
statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of
such transfer, or sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force
under the Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee):

 

THIS SECURITY AND THE ADS, IF ANY, DELIVERABLE UPON CONVERSION
OF THIS SECURITY AND THE ORDINARY SHARES REPRESENTED THEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE
WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

(1) REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

 

(2) AGREES
FOR THE BENEFIT OF TALEND S.A. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS
SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE
DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO
AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:

 

(A) TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

(B) PURSUANT
TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT AND IS EFFECTIVE AT THE TIME OF SUCH TRANSFER, OR

 

(C) TO
A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,

 

(D) PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT, OR

 

(E) PURSUANT
TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

    18

     

    

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE
WITH CLAUSE (2)(D) OR (E) ABOVE, THE COMPANY, THE TRUSTEE AND THE DEPOSITARY RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF
SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER DOCUMENTATION OR EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER FOR THE COMPANY
TO DETERMINE THAT THE PROPOSED SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE
SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT.

 

No transfer of any Note prior to the Resale Restriction Termination
Date will be registered by the Note Registrar unless the applicable box on the Form of Assignment and Transfer has been checked.

 

Any Note (or security issued in exchange or substitution therefor)
as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Note for
exchange to the Note Registrar in accordance with the provisions of this Section 2.05, be exchanged for a new Note or Notes,
of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this Section 2.05(c)
and shall not be designated by an ISIN number or Common Code number that designates the Notes to be restricted. The Company shall
be entitled to instruct the Common Depositary in writing to so surrender any Global Note as to which such restrictions on transfer
shall have expired in accordance with their terms for exchange, and, upon such instruction, the Common Depositary shall so surrender
such Global Note for exchange; and any new Global Note so exchanged therefor shall not bear the restrictive legend specified in
this Section 2.05(c) and shall not be designated by an ISIN number or Common Code number that designates the Notes to be restricted.
The Company shall promptly notify the Trustee, the Note Registrar and the Common Depositary in writing upon the occurrence of the
Resale Restriction Termination Date and promptly after a registration statement, if any, with respect to the Notes or any ADSs
issued upon conversion of the Notes has been declared effective under the Securities Act. Any exchange pursuant to the foregoing
paragraph shall be in accordance with the applicable procedures of the Depositary.

 

Notwithstanding any other provisions of this Indenture (other
than the provisions set forth in this Section 2.05(c)), a Global Note may not be transferred as a whole or in part except
(i) by the Common Depositary to a nominee of the Common Depositary or by a nominee of the Common Depositary to the Common
Depositary or another nominee of the Common Depositary or by the Common Depositary or any such nominee to a successor Common Depositary
or a nominee of such successor Common Depositary and (ii) for transfers of portions of a Global Note in certificated form
made upon request of a member of, or a participant in, the Depositary (for itself or on behalf of a beneficial owner) by written
notice given to the Trustee and the Note Registrar by or on behalf of the Depositary in accordance with customary procedures of
the Depositary and in compliance with this Section 2.05(c).

 

Initially, each Global Note shall be (i) registered in the name
of the Common Depositary or the nominee of such Common Depositary and (ii) delivered to the Common Depositary

 

If (i) Euroclear or Clearstream notifies the Company at
any time that it is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed
within 120 days, (ii) Euroclear or Clearstream so requests following an Event of Default or (iii) an Event of Default
with respect to the Notes has occurred and is continuing and a beneficial owner of any Global Note requests that its beneficial
interest therein be issued as a Physical Note, the Company shall execute, and the Trustee or an authenticating agent, upon receipt
of an Officer’s Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver
(x) in the case of clause (iii), a Physical Note to such beneficial owner in a principal amount equal to the principal amount
of such Note corresponding to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or
(ii), Physical Notes to each beneficial owner of the related Global Notes (or a portion thereof) in an aggregate principal amount
equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and upon delivery of the Global
Notes to the Trustee such Global Notes shall be canceled; provided that the denomination of any Physical Note may not, at any time,
be less than €100,000.

 

Physical Notes issued in exchange for all or a part of the Global
Note pursuant to this Section 2.05(c) shall be registered in such names and in such authorized denominations as the Depositary,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Common Depositary, the Note
Registrar and the Trustee. Upon execution and authentication, the Trustee or the Note Registrar shall deliver such Physical Notes
to the Persons in whose names such Physical Notes are so registered.

 

    19

     

    

 

At such time as all interests in a Global Note have been converted,
canceled, redeemed, repurchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee or the
Note Registrar in accordance with standing procedures and existing instructions between the Depositary and the Trustee or the Note
Registrar. At any time prior to such cancellation, if any interest in a Global Note is exchanged for Physical Notes, converted,
canceled, redeemed, repurchased or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged
or transferred for part of such Global Note, the principal amount of such Global Note shall, in accordance with the standing procedures
and instructions existing between the Depositary and the Common Depositary, be appropriately reduced or increased, as the case
may be, and an endorsement shall be made on such Global Note, by the Note Registrar or the Common Depositary, at the direction
of the Note Registrar, to reflect such reduction or increase.

 

None of the Company, the Trustee, an authenticating agent, the
Paying Agent, the Transfer Agent, the Note Registrar or any agent of the Company, the Trustee, an authenticating agent, the Paying
Agent, the Transfer Agent or the Note Registrar shall have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any
records relating to such beneficial ownership interests. None of the Company or the Trustee or any agent of the Company or the
Trustee shall have any responsibility or liability for any act or omission of the Depositary or the Common Depositary.

 

(d) Until
the Resale Restriction Termination Date, any certificate representing ADS issued upon conversion of such Note (and the Ordinary
Shares represented by such ADSs) shall bear a legend in substantially the following form (unless the Note or such ADS (or the Ordinary
Shares represented by such ADSs) has been transferred pursuant to a registration statement that has become or been declared effective
under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration
provided by Rule 144 or any similar provision then in force under the Securities Act, or such ADSs (or the Ordinary Shares represented
by such ADSs) has been issued upon conversion of Notes that have been transferred pursuant to a registration statement that has
become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or
pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act,
or unless otherwise agreed by the Company with written notice thereof to the Trustee and any transfer agent for the ADSs):

 

THIS SECURITY (AND THE ORDINARY SHARES REPRESENTED THEREBY)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR
OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

(1) REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

 

(2) AGREES
FOR THE BENEFIT OF TALEND S.A. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS
SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE
DATE OF THE SERIES OF NOTES UPON THE CONVERSION OF WHICH THIS SECURITY WAS ISSUED OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY
RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY
APPLICABLE LAW, EXCEPT:

 

(A) TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

(B) PURSUANT
TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT AND IS EFFECTIVE AT THE TIME OF SUCH TRANSFER, OR

 

    20

     

    

 

(C) TO
A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

 

(D) PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT,

 

(E) PURSUANT
TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH
CLAUSE (2)(D) OR (E) ABOVE, THE COMPANY AND THE TRANSFER AGENT FOR THE COMPANY’S AMERICAN DEPOSITARY SHARES RESERVE THE RIGHT
TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER DOCUMENTATION OR EVIDENCE AS MAY REASONABLY BE REQUIRED
IN ORDER FOR THE COMPANY TO DETERMINE THAT THE PROPOSED SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT.

 

Any such ADSs as to which such restrictions on transfer shall
have expired in accordance with their terms may, upon surrender of the certificates representing such ADSs for exchange in accordance
with the procedures of the transfer agent for the ADSs, be exchanged for a new certificate or certificates for a like aggregate
number of ADSs, which shall not bear the restrictive legend required by this Section 2.05(d).

 

(e) Any
Note or ADSs issued upon the conversion or exchange of a Note that is repurchased or owned by any Affiliate of the Company (or
any Person who was an Affiliate of the Company at any time during the three months preceding) may not be resold by such Affiliate
(or such Person, as the case may be) unless registered under the Securities Act or resold pursuant to an exemption from the registration
requirements of the Securities Act in a transaction that results in such Note or ADSs, as the case may be, no longer being a “restricted
security” (as defined under Rule 144). The Company shall cause any Note that is repurchased or owned by it to be surrendered
to the Note Registrar or the Trustee for cancellation in accordance with Section 2.08.

 

(f) Neither
the Trustee nor any Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including
any transfers between or among Depositary participants or beneficial owners of interests in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof.

 

(g) None
of the Trustee, the Agents or any of their agents shall have any responsibility or liability for any actions taken or not taken
by the Depositary.

 

Section
2.06. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated
or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating
agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing a registration number not contemporaneously
outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed,
lost or stolen. In every case the applicant for a substituted Note shall furnish to the Company, to the Trustee and, if applicable,
to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss,
liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, the
applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their
satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

 

    21

     

    

 

The Trustee or such authenticating agent may authenticate
any such substituted Note and deliver the same upon the receipt of such security or indemnity as the Trustee, the Company
and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee,
the Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may
require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in
connection therewith as a result of the name of the Holder of the new substitute Note being different from the name of the
Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about
to mature or has been surrendered for required repurchase or is about to be converted in accordance with Article 14 shall
become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute
Note, pay or authorize the payment of or convert or authorize the conversion of the same (without surrender thereof except in
the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the
Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by
them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution,
and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any
Paying Agent or Conversion Agent of the destruction, loss or theft of such Note and of the ownership thereof.

 

Every substitute Note issued pursuant to the provisions of this
Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the
benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately with any and
all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express condition
that the foregoing provisions are exclusive with respect to the replacement, payment, conversion, redemption or repurchase of mutilated,
destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute existing
or hereafter enacted to the contrary with respect to the replacement, payment, conversion, redemption or repurchase of negotiable
instruments or other securities without their surrender.

 

Section
2.07. Temporary Notes. Pending the preparation of Physical Notes, the Company may execute
and the Trustee or an authenticating agent appointed by the Trustee shall, upon written request of the Company, authenticate and
deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially
in the form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes,
all as may be determined by the Company. Every such temporary Note shall be executed by the Company and authenticated by the Trustee
or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical
Notes. Without unreasonable delay, the Company shall execute and deliver to the Trustee or such authenticating agent Physical
Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in
exchange therefor, at each office or agency maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating
agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Physical Notes.

 

Such exchange shall be made by the Company at its own expense
and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits
and subject to the same limitations under this Indenture as Physical Notes authenticated and delivered hereunder.

 

Section
2.08. Cancellation of Notes Paid, Converted, Etc. The Company shall cause the Registrar,
the Paying Agent and the Conversion Agent to forward to the Trustee, or, at the direction of the Trustee, the Note Registrar,
Paying Agent or Transfer Agent, for cancellation all Notes surrendered for the purpose of payment, repurchase, redemption, registration
of transfer or exchange or conversion. All Notes delivered to the Trustee for cancellation shall be canceled promptly by it, and
no Notes shall be authenticated in exchange therefor except as expressly permitted by any of the provisions of this Indenture.
The Trustee shall cause the disposal of canceled Notes in accordance with its customary procedures and, after such disposition,
shall deliver a certificate of such disposition to the Company upon the Company’s written request.

 

Section
2.09. ISIN and Common Code Numbers. The Company in issuing the Notes may use “ISIN”
numbers and “Common Code” numbers (in each case, if then generally in use), and, if so, the Trustee shall use “ISIN”
numbers and “Common Code” numbers in all notices issued to Holders as a convenience to such Holders; provided
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes
or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the Trustee in writing
of any change in the “ISIN” numbers and “Common Code” numbers.

 

    22

     

    

 

Section
2.10. Additional Notes; Repurchases. The Company may, without the consent of, or notice
to, the Holders and notwithstanding Section 2.01, reopen this Indenture and issue additional Notes hereunder with the same terms
as the Notes initially issued hereunder (except for any differences in the issue price, issue date and interest accrued, if any,
and, if applicable, any restrictions upon transfer or conversion of such additional notes other than differences in the issue
date, the issue price, interest accrued prior to the issue date of such additional Notes and, if applicable, restrictions on transfer
in respect of such additional Notes (including pursuant to Section 2.05 hereunder)) in an unlimited aggregate principal amount;
provided that if any such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal
income tax or securities purposes, such additional Notes shall have one or more separate ISIN and Common Code numbers from the
Notes issued on the date of this Indenture. The Notes offered on the date of this Indenture and any additional Notes would rank
equally and ratably and would be treated as a single series for all purposes of this Indenture (except to the extent set forth
in the immediately preceding sentence). Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee
a Company Order, an Officer’s Certificate and an Opinion of Counsel, such Officer’s Certificate and Opinion of Counsel
to cover such matters required by Section 17.05. In addition, the Company may, to the extent permitted by law, and without the
consent of Holders, directly or indirectly (regardless of whether such Notes are surrendered to the Company), repurchase Notes
in the open market or otherwise, whether by the Company or through its Subsidiaries or through a private or public tender or exchange
offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives. The Company may,
at its option and to the extent permitted by applicable law, either resell or surrender to the Trustee for cancellation any Notes
that it may repurchase, and in the case of any resale, so long as such Notes do not constitute restricted securities upon such
resale. Any notes that the Company may repurchase will be considered “outstanding” under this Indenture (except for
voting purposes to the extent described in Section 8.04) unless and until such time the Company surrenders them to the Trustee
for cancellation and, upon receipt of a written order from the Company, the Trustee will cancel all Notes surrendered.

 

Article
3

SATISFACTION AND DISCHARGE

 

Section
3.01. Satisfaction and Discharge. This Indenture shall upon request of the Company contained
in an Officer’s Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute
such instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture, when (a) (i)
all Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which have
been replaced, paid or converted as provided in Section 2.06 and (y) Notes for whose payment money has theretofore been deposited
with the Trustee (or with a custodian or account bank appointed on behalf of the Trustee) or Paying Agent or segregated and held
in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 4.04(d)) have
been delivered to the Trustee or authenticating agent for cancellation; or (ii) the Company has irrevocably deposited with the
Trustee (or with a custodian or account bank appointed on behalf of the Trustee) or delivered to Holders, as applicable, after
the Notes have become due and payable, whether on the Maturity Date, any Redemption Date, any Fundamental Change Repurchase Date,
upon conversion or otherwise, cash and/or (in the case of conversion) cash, ADSs or a combination thereof sufficient to pay all
of the outstanding Notes and all other sums due and payable under this Indenture by the Company; (b) the Company has delivered
all conversion consideration due in respect of all Conversion Obligations arising under this Indenture; and (c) the Company has
delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee and the Agents under Section 7.06
shall survive.

 

Article
4

PARTICULAR COVENANTS OF THE COMPANY

 

Section
4.01. Payment of Principal and Interest. The Company covenants and agrees that it will
cause to be paid the principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable) of, and
accrued and unpaid interest on, each of the Notes at the places, at the respective times and in the manner provided herein and
in the Notes.

 

    23

     

    

 

Notwithstanding anything to the contrary contained in this Indenture,
the Company may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by the
United States of America from principal, premium or interest (including any Additional Interest) payments hereunder

 

Section
4.02. Maintenance of Office or Agency. The Company will maintain an office or agency
where the Notes may be surrendered for presentation for payment or repurchase (“Paying Agent”), for conversion
(“Conversion Agent”), for transfer or exchange (the “Transfer Agent”), for purposes of registering
the Notes (the “Note Registrar”) and where notices and demands to or upon the Company in respect of the Notes
and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in
the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office in the United States of America as a place where Notes may be presented for payment or for
registration of transfer.

 

The Company may also from time to time designate as co-Note
Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and
may from time to time rescind such designations; provided that the Company will at all times maintain at least one Note
Registrar in the European Monetary Union. The Company will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other office or agency. The terms “Paying Agent,” “Conversion
Agent,” “Transfer Agent” and “Note Registrar” include any such additional or other
offices or agencies, as applicable.

 

The Company hereby initially appoints Elavon, and Elavon hereby
accepts such appointments, as the Paying Agent, Common Depositary, Conversion Agent, the Transfer Agent and the Note Registrar
and the Paying Agent Office as the office or agency where Notes may be presented for payment or repurchase, the Conversion Agent
Office as the office or agency where Notes may be surrendered for conversion, the Transfer Agent Office as the office of agency
where Notes may be surrendered for transfer or exchange and the Note Registrar Office as the office or agency where Notes may be
for registered; provided that none of the Paying Agent Office, the Conversion Agent Office or the Transfer Agent Office shall be
a place for and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served.

 

None of the Company, the Trustee, any Agent or any of their
respective agents has or will have any responsibility or liability for: (i) any aspect of the records of Euroclear, Clearstream
or any participant or indirect participant relating to, or payments made on account of, a book-entry interest or for maintaining,
supervising or reviewing the records of Euroclear, Clearstream or any participant or indirect participant relating to, or payments
made on account of, a book-entry interest; or (ii) Euroclear, Clearstream or any participant or indirect participant.

 

Payments by participants to owners of book-entry interests held
through participants are the responsibility of such participants.

 

Section
4.03. Appointments to Fill Vacancies in Trustee’s Office. The Company, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee,
so that there shall at all times be a Trustee hereunder.

 

Section
4.04. Provisions as to Paying Agent. (a) If the Company shall appoint a Paying Agent
other than Elavon or the Trustee, the Company will cause such Paying Agent to execute and deliver to the Trustee an instrument
in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04:

 

(i) that
it will hold all sums held by it as such agent for the payment of the principal (including the Redemption Price, the Fundamental
Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes for the benefit of the Holders of the
Notes;

 

    24

     

    

 

(ii) that
it will give the Trustee prompt written notice of any failure by the Company to make any payment of the principal (including the
Redemption Price, the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes when
the same shall be due and payable; and

 

(iii) that
at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all
sums so held.

 

The Company shall, on or before 10:00 a.m. (London, England
time) on each due date of the principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable)
of, or accrued and unpaid interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including
the Redemption Price, the Fundamental Change Repurchase Price, if applicable) or accrued and unpaid interest, and (unless such
Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of any failure to take such action. For the
avoidance of doubt, the Paying Agent and the Trustee shall be held harmless and have no liability with respect to payments or disbursements
to be made by the Paying Agent or the Trustee (i) for which payment instructions are not made or that are not otherwise deposited
by the respective times set forth in this Section 4.04; and (ii) until the Paying Agent or the Trustee, as applicable, has confirmed
receipt of funds sufficient to make the relevant payment.

 

(b) If
the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Redemption Price,
the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside, segregate
and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal (including the Redemption
Price, the Fundamental Change Repurchase Price, if applicable) and accrued and unpaid interest so becoming due and will promptly
notify the Trustee in writing of any failure to take such action and of any failure by the Company to make any payment of the principal
(including the Redemption Price, the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on,
the Notes when the same shall become due and payable.

 

(c) Anything
in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction
and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held
in trust by the Company or held by any Paying Agent hereunder as required by this Section 4.04, such sums or amounts to be
held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the
Trustee, the Company or such Paying Agent shall be released from all further liability but only with respect to such sums or amounts.
Upon the occurrence of any event specified in Section 6.01(h) or Section 6.01(i), the Trustee (or any entity designated
by it) may automatically become the Paying Agent.

 

(d) Subject
to applicable escheatment laws, any money or property deposited with the Trustee or any Paying Agent, or then held in trust by
the Company, for the payment of the principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable)
of, accrued and unpaid interest on and the consideration due upon conversion of any Note and remaining unclaimed for two years
after such principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable), interest or consideration
due upon conversion has become due and payable shall be paid to the Company on request of the Company contained in an Officer’s
Certificate, or (if then held by the Company) shall be discharged from such trust and the Trustee shall have no further liability
with respect to such funds; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company
for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money and ADSs, and all liability
of the Company as trustee thereof, shall thereupon cease.

 

Section
4.05. Existence. (a) Subject to Article 11, the Company shall do or cause to be done
all things necessary to preserve and keep in full force and effect its corporate existence; and

 

(b) In accordance with the provisions of Article L. 228-98 of
the French Commercial Code, the Company may change its corporate form or corporate purpose without requesting the approval of the
Holders; provided that unless the Company receives the approval of the Holders, the Company’s corporate form must
be: (1) a société anonyme or société en commandite par actions, in either case, registered under the
laws of France or (2) a corporation or entity treated as a corporation for U.S. federal income tax purposes.

 

    25

     

    

 

Section
4.06. Rule 144A Information Requirement and Annual Reports. (a)
At any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes
or the ADS (or Ordinary Shares represented by such ADS) deliverable upon conversion of the Notes will, at such time, constitute
“restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee
and will, upon written request, provide to any Holder, beneficial owner or prospective purchaser of such Notes or the ADSs (or
Ordinary Shares represented by such ADSs) deliverable upon conversion of the Notes the information required to be delivered pursuant
to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or ADSs (or Ordinary Shares represented by
such ADSs) pursuant to Rule 144A.

 

(b) The
Company shall file with the Trustee, within 15 days after the same are required to be filed with the Commission (giving effect
to any grace period provided by Rule 12b-25 (or any successor rule) under the Exchange Act), copies of any documents or reports
that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (excluding any
such information, documents or reports, or portions thereof, subject to confidential treatment and any correspondence with the
Commission). Any such document or report that the Company files with the Commission via the Commission’s EDGAR system (or
any successor thereto) shall be deemed to be filed with the Trustee for purposes of this Section 4.06(b) at the time such
documents are filed via the EDGAR system (or any successor thereto), it being understood that the Trustee shall not be responsible
for determining whether such filings have been made or for their timeliness or content.

 

(c) Delivery
of the reports, information and documents described in subsection (b) above to the Trustee is for informational purposes only,
and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to conclusively rely on an Officer’s Certificate). The Trustee will have no obligation whatsoever to
monitor or confirm, on a continuing basis or otherwise, the Company’s compliance with its covenants (except to receive documents
as expressly provided in Section 4.09 hereof) or with respect to any reports or other documents filed with the Commission via the
EDGAR (or any successor thereto) or any other website, or to participate in any conference calls.

 

(d) If,
at any time during the six-month period beginning on, and including, the date that is six months after the last date of original
issuance of the Notes, the Company fails to timely file any document or report that it is required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder
and other than reports on Form 8-K), or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than
the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three months preceding
(without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes), the Company shall pay Additional
Interest on the Notes. Such Additional Interest shall accrue on the Notes at the rate of 0.50% per annum of the aggregate principal
amount of the Notes outstanding for each day during such period for which the Company’s failure to file has occurred and
is continuing or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates
(or Holders that have been the Company’s Affiliates at any time during the three months preceding) without restrictions pursuant
to U.S. securities laws or the terms of this Indenture or the Notes. As used in this Section 4.06(d), documents or reports
that the Company is required to “file” with the Commission pursuant to Section 13 or 15(d) of the Exchange Act
does not include documents or reports that the Company furnishes to the Commission pursuant to Section 13 or 15(d) of the
Exchange Act.

 

(e) If,
and for so long as, the restrictive legend on the Notes specified in Section 2.05(c) has not been removed from the
Notes offered by the Offering Circular, such Notes are assigned restricted ISIN and Common Code numbers or such Notes are not
otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates or Holders that were the
Company’s Affiliates at any time during the three months immediately preceding (without restrictions pursuant to U.S.
securities laws or the terms of this Indenture or the Notes) as of the 380th day after the last date of original issuance of
the Notes offered by the Offering Circular (including any Notes issued pursuant to the Initial Purchaser’s option to
purchase additional Notes pursuant to the Purchase Agreement), the Company shall pay Additional Interest on the Notes at a
rate equal to 0.50% per annum of the principal amount of such Notes outstanding until the restrictive legend on such Notes
has been removed in accordance with Section 2.05(c), such Notes are assigned unrestricted ISIN and Common Code numbers
and such Notes are freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates (or Holders that
were the Company’s Affiliates at any time during the three months immediately preceding) (without restrictions pursuant
to U.S. securities laws or the terms of this Indenture or the Notes). For the avoidance of doubt, the Company may effect the
legend removal from, and cause an unrestricted ISIN and Common Code number to be assigned to, the Notes held in global form
in accordance with the applicable procedures of Euroclear and Clearstream, including by way of the Company’s issuance
of a new Global Note representing the Notes without a restrictive legend and with an unrestricted ISIN and Common Code and a
transfer of the beneficial interests in the Global Note(s) representing the Notes into such new Global Note(s) in accordance
with such applicable procedures.

 

    26

     

    

 

(f) Additional
Interest will be payable in arrears on each Interest Payment Date following accrual in the same manner as regular interest on the
Notes.

 

(g) The
Additional Interest that is payable in accordance with Section 4.06(d) or Section 4.06(e) shall be in addition to, and
not in lieu of, any Additional Interest that may be payable as a result of the Company’s election pursuant to Section 6.03.
However, in no event shall the Additional Interest payable for the Company’s failure to timely file any document or report
that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after
giving effect to all applicable grace periods thereunder and other than reports on Form 8-K), as set forth in Section 4.06(d),
together with any Additional Interest that may accrue at the Company’s election as a result of the Company’s failure
to comply with its reporting obligations in accordance with Section 4.06(b) as set forth under Section 6.03, accrue at a rate in
excess of 0.50% per annum pursuant to this Indenture, regardless of the number of events or circumstances giving rise to the requirement
to pay such Additional Interest.

 

(h) If
Additional Interest is payable by the Company pursuant to Section 4.06(d) or Section 4.06(e), the Company shall deliver
to the Trustee an Officer’s Certificate to that effect stating (i) the amount of such Additional Interest that is payable
and (ii) the date on which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives
at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Additional Interest is payable.
If the Company has paid Additional Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee and
the Paying Agent an Officer’s Certificate setting forth the particulars of such payment.

 

Section
4.07. Additional Amounts. (a) All payments and deliveries made by, or on behalf of,
the Company or any successor to the Company under or with respect to this Indenture and the Notes, including, but not limited
to, payments of principal (including, if applicable, the Redemption Price and the Fundamental Change Repurchase Price), payments
of interest and payments of cash and/or deliveries of ADSs (together with payments of cash for any Fractional ADS) upon conversion
of the Notes, shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments
or governmental charges of whatever nature imposed or levied (“Applicable Taxes”) by or within France or any
jurisdiction in which the Company or any successor to the Company is, for tax purposes, organized or resident or doing business
(each, as applicable, a “Relevant Taxing Jurisdiction”) or through which payment is made or deemed made (together
with each Relevant Taxing Jurisdiction, a “Relevant Jurisdiction,” and in each case, any political subdivision
or taxing authority thereof or therein), unless such withholding or deduction is required by law or by regulation or governmental
policy having the force of law. In the event that any such withholding or deduction is so required in a Relevant Jurisdiction,
the Company or any successor to the Company shall pay such additional amounts (“Additional Amounts”) as may
be necessary to ensure that the net amount received by the beneficial owner after such withholding or deduction (and after deducting
any Applicable Taxes on the Additional Amounts) under a Relevant Jurisdiction shall equal the amounts that would have been received
by such beneficial owner had no such withholding or deduction been required; provided that no Additional Amounts shall
be payable:

 

(i)
for or on account of:

 

(A)
any tax, duty, assessment or other governmental charge that would not have been imposed but for:

 

1.                   the
existence of any present or former connection between the Holder or beneficial owner of such Note and the
Relevant Jurisdiction, other than merely holding such Note or the receipt of payments thereunder, including, without
limitation, such Holder or beneficial owner being or having been a national, domiciliary or resident of such Relevant
Jurisdiction or treated as a resident thereof or being or having been physically present or engaged in a trade or business
therein or having had a permanent establishment therein;

 

    27

     

    

 

2.                  
the presentation of such Note (in cases in which presentation is required) more than 30 days after the later of the
date on which the payment of the principal of (including the Redemption Price and Fundamental Change Repurchase Price, if applicable)
and interest on, such Note or the payment of cash and/or delivery of ADSs (together with payment of cash for any fractional ADS)
upon conversion of such Note became due and payable pursuant to the terms thereof or was made or duly provided for;

 

3.                  
the failure of the Holder or beneficial owner to comply with a timely request from the Company or any successor of
the Company, addressed to the Holder or beneficial owner, as the case may be, to provide certification, information, documents
or other evidence concerning such Holder’s or beneficial owner’s nationality, residence, identity or connection with
the Relevant Jurisdiction, or to make any declaration or satisfy any other reporting requirement relating to such matters, if and
to the extent that due and timely compliance with such request is required by statute, regulation or administrative practice of
the Relevant Jurisdiction in order to reduce or eliminate any withholding or deduction as to which Additional Amounts would have
otherwise been payable to such Holder or beneficial owner;

 

4.                  
the presentation of such Note (in cases in which presentation is required) for payment in the Relevant Jurisdiction,
unless such Note could not have been presented for payment elsewhere; or

 

5.                  
(A) the existence of any present or former connection between the Holder or beneficial owner of such Note and any
non-cooperative jurisdiction (Etat ou territoire non coopératif) within the meaning of Section 238-0 A of the French tax
code (other than those mentioned in 2° of 2 bis of Article 238-0 A of the French Tax Code), including, without limitation,
such Holder or beneficial owner being or having been a national, domiciliary or resident of such non-cooperative jurisdiction or
treated as a resident thereof or being or having been physically present or engaged in a trade or business therein or having or
having had a permanent establishment therein, or (B) the presentation of such Note for payment or payment on such Note otherwise
made to a bank account open in a non-cooperative jurisdiction;

 

(B)
any estate, inheritance, gift, sale, transfer, excise, personal property or similar tax, assessment or other governmental
charge;

 

(C)
any tax, duty, assessment or other governmental charge that is payable otherwise than by withholding or deduction from payments
under or with respect to the Notes;

 

(D)
any tax required to be withheld or deducted under Sections 1471 to 1474 of the Code (or any amended or successor versions
of such Sections) (“FATCA”), any agreement described in Section 1471(b) of the Code, or any current or future
regulations or other official guidance thereunder, any intergovernmental agreement entered into in connection with FATCA, or any
law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement; or

 

(E)
any combination of taxes, duties, assessments or other governmental charges referred to in the preceding clauses (A), (B),
(C) or (D); or

 

(ii) with
respect to any payment of the principal of (including the Redemption Price and Fundamental Change Repurchase Price, if
applicable) and interest on such Note or the payment of cash and/or deliveries of ADSs (together with payment of cash for
any fractional ADS) upon conversion of such Note to a Holder, if the Holder is a fiduciary, partnership or person other than
the sole beneficial owner of that payment to the extent that such payment would be required to be included in the income
under the laws of the Relevant Jurisdiction, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a
partner or member of that partnership or a beneficial owner who would not have been entitled to such Additional Amounts had
that beneficiary, settlor, partner, member or beneficial owner been the Holder thereof.

 

    28

     

    

 

(b) Any
reference in this Indenture or the Notes in any context to the delivery of ADSs (together with payments of cash for any fractional
ADS) upon conversion of the Notes or the payment of principal of (including the Redemption Price and Fundamental Change Repurchase
Price, if applicable) and interest on, any Note or any other amount payable with respect to such Note, shall be deemed to include
payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable with respect
to that amount pursuant to this Section 4.07.

 

(c) If
the Company or its successor is required to make any deduction or withholding from any payments with respect to the Notes, it will
deliver to the Trustee official tax receipts evidencing the remittance to the relevant tax authorities of the amounts so withheld
or deducted.

 

(d) The
Trustee and the Paying Agent shall be entitled to make any withholding or deduction pursuant to an agreement described in Section 1471(b) of
the Code or otherwise imposed pursuant to FATCA and any regulations or agreements thereunder or official interpretation thereof.
The Company will provide the Trustee and the Paying Agent with sufficient information so as to enable the Trustee and the Paying
Agent to determine whether or not it is obliged to make such a withholding or deduction.

 

(e) The
foregoing obligations shall survive termination or discharge of this Indenture.

 

(f) Neither
the Trustee nor any Agent shall have any obligation to determine whether any Additional Amounts are payable or the amount of such
Additional Amounts.

 

Section
4.08. Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall
not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension
or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest
on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants
or the performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit
or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law
had been enacted.

 

Section
4.09. Compliance Certificate; Statements as to Defaults. The Company shall deliver to the Trustee within 120 days
after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2019) an Officer’s
Certificate stating whether the signer thereto knows of any Default or Event of Default that occurred during the previous year
and, if so, specifying its status and what action the Company is taking or proposing to take in respect thereof; provided, that
no notice is required if the event that would constitute a Default has been cured or waived before the date the Company is required
to deliver such notice.

 

In addition, the Company shall deliver to the Trustee, as soon
as possible, and in any event within 30 days after the occurrence of any event that would constitute a Default or an Event of Default,
an Officer’s Certificate setting forth the details of such Default or Event of Default, its status and the action that the
Company is taking or proposing to take in respect thereof; provided, that no notice is required if the event that would constitute
a Default has been cured or waived before the date the Company is required to deliver such notice.

 

Section
4.10. Further Instruments and Acts. Upon request of the Trustee, the Company will execute
and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively
the purposes of this Indenture.

 

    29

     

    

 

Article
5

LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section
5.01. Lists of Holders. The Company covenants and agrees that it will furnish or
cause to be furnished to the Trustee, semi-annually, not more than 15 days after each February 15 and August 15 in each year beginning
with February 15, 2020, and at such other times as the Trustee may request in writing, within 30 days after receipt by the Company
of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice
to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders
as of a date not more than 15 days (or such other date as the Trustee may reasonably request in order to so provide any such notices)
prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee is acting as
Note Registrar.

 

Section
5.02. Preservation and Disclosure of Lists. The Trustee shall preserve, in as current a form as is reasonably practicable,
all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in
Section 5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished
to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

Article
6

DEFAULTS AND REMEDIES

 

Section
6.01. Events of Default. Each of the following events shall be an “Event of
Default” with respect to the Notes:

 

(a) default
in any payment of interest or Additional Amounts, if any, on any Note when due and payable, and the default continues for a period
of 30 days;

 

(b) default
in the payment of principal of any Note when due and payable on the Maturity Date, upon Optional Redemption, upon any required
repurchase, upon declaration of acceleration or otherwise;

 

(c) failure
by the Company to comply with its obligation to convert the Notes in accordance with this Indenture upon exercise of a Holder’s
conversion right, and such failure continues for three (3) Business Days;

 

(d) failure
by the Company to deliver (i) a Fundamental Change Company Notice in accordance with Section 15.02(c) when due, (ii) a notice
of a specified issuance or distribution or Corporate Event in accordance with Section 14.01(b)(ii) or (iii), in each case
when due or (iii) a notice of a Make-Whole Fundamental Change in accordance with Section 14.03(b) when due;

 

(e) failure
by the Company to comply with its obligations under Article 11;

 

(f) failure
by the Company for 60 days after written notice from the Trustee or by the Trustee at the request of the Holders of at least 25%
in aggregate principal amount of the Notes then outstanding has been received by the Company to comply with any of its other agreements
contained in the Notes or this Indenture;

 

(g) default
by the Company or any Significant Subsidiary with respect to any mortgage, agreement or other instrument under which there may
be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of the lesser of (x)
US$20.0 million (or the foreign currency equivalent thereof) and (y) €20.0 million (or the foreign currency equivalent thereof),
in the aggregate of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter
be created (i) resulting in such indebtedness becoming or being declared due and payable prior to its stated maturity date
or (ii) constituting a failure to pay the principal of any such indebtedness when due and payable at its stated maturity,
upon required repurchase, upon declaration of acceleration or otherwise, and in either case of clauses (i) and (ii), such
acceleration shall not have been rescinded or annulled or such failure to pay or default shall not, after the expiration of any
applicable grace period, have been cured or waived, or such indebtedness is not paid or discharged, as the case may be, within
30 days after written notice to the Company from the Trustee or the Holders of at least 25% in aggregate principal amount of Notes
then outstanding in accordance with this Indenture;

 

(h) the
Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to the Company or any such Significant Subsidiary or its debts under any
bankruptcy, insolvency or other similar state, federal or foreign law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidator, custodian or other similar official of the Company or any such Significant Subsidiary or
any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by
any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the
benefit of creditors, or shall fail generally to pay its debts as they become due; or

 

    30

     

    

 

(i) an
involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary seeking liquidation,
reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency
or other similar state, federal or foreign law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of the Company or such Significant Subsidiary or any substantial part of its property, and
such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 30 consecutive days,

 

including for the avoidance of doubt, with respect to Section
6.01(h) and (i), as applicable, certain French law proceedings affecting creditors, including conciliation proceedings (procédure
de conciliation), safeguard proceedings (procédure de sauvegarde), accelerated safeguard (sauvegarde accélérée),
accelerated financial safeguard (procédure de sauvegarde financière accélérée) and judicial
reorganization or liquidation proceedings (redressement or liquidation judiciaire)).

 

Section
6.02. Acceleration; Rescission and Annulment. If one or more Events of Default shall
have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in
Section 6.01(h) or Section 6.01(i) with respect to the Company), unless the principal of all of the Notes shall have already become
due and payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding
determined in accordance with Section 8.04, by notice in writing to the Company (and to the Trustee if given by Holders), may
declare 100% of the principal of, and accrued and unpaid interest on, all the Notes to be due and payable immediately, and upon
any such declaration the same shall become and shall automatically be immediately due and payable, anything in this Indenture
or in the Notes contained to the contrary notwithstanding. If an Event of Default specified in Section 6.01(h) or Section 6.01(i)
with respect to the Company occurs and is continuing, subject to applicable French law, 100% of the principal of, and accrued
and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holder.

 

The immediately preceding paragraph, however, is subject to
the conditions that if, at any time after the principal of the Notes shall have been so declared due and payable, and before any
judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall
pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued and unpaid interest upon all Notes and the
principal of any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments
of accrued and unpaid interest, and on such principal at the rate borne by the Notes at such time) and amounts due to the Trustee
pursuant to Section 7.06, and if (1) rescission would not conflict with any judgment or decree of a court of competent
jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the nonpayment of the principal
of and accrued and unpaid interest, if any, on Notes that shall have become due solely by such acceleration, shall have been cured
or waived pursuant to Section 6.09, then and in every such case (except as provided in the immediately succeeding sentence)
the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Company and to
the Trustee, may waive all Defaults or Events of Default with respect to the Notes and rescind and annul such declaration and its
consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured
for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent
Default or Event of Default, or shall impair any right consequent thereon. Notwithstanding anything to the contrary herein, no
such waiver or rescission and annulment shall extend to or shall affect any Default or Event of Default resulting from (i) the
nonpayment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or
accrued and unpaid interest on, any Notes, (ii) a failure to repurchase any Notes when required or (iii) a failure to
pay or deliver, as the case may be, the consideration due upon conversion of the Notes.

 

    31

     

    

 

Section
6.03. Additional Interest. Notwithstanding anything in this Indenture or in the
Notes to the contrary, to the extent the Company elects, the sole remedy for an Event of Default relating to the Company’s
failure to comply with its obligations as set forth in Section 4.06(b) shall, for the first 360 days after the occurrence of such
an Event of Default, consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to (i) 0.25%
per annum of the aggregate principal amount of the Notes outstanding for each day during the period beginning on, and including
the date on which such Event of Default first occurs and ending on the earlier of (x) the date on which such Event of Default
is cured or validly waived in accordance with this Indenture and (y) the 180th day immediately following, and including, the date
on which such Event of Default first occurs and (ii) if such Event of Default has not been cured or validly waived prior to the
181st day immediately following, and including, the date on which such Event of Default first occurs, 0.50% per annum of the aggregate
principal amount of Notes outstanding for each day during the period beginning on, and including, the 181st day immediately following,
and including, the date on which such Event of Default first occurs and ending on the earlier of (x) the date on which the Event
of Default is cured or validly waived in accordance with this Indenture and (y) the 360th day immediately following, and including
the date on which such Event of Default first occurs.

 

Additional Interest payable pursuant to this Section 6.03 shall
be in addition to, not in lieu of, any Additional Interest payable pursuant to Section 4.06(d) or Section 4.06(e). If the Company
so elects, such Additional Interest shall be payable in the same manner and on the same dates as the stated interest payable on
the Notes. On the 361st day after such Event of Default (if the Event of Default relating to the Company’s failure to comply
with its obligations as set forth in Section 4.06(b) is not cured or waived prior to such 361st day), the Notes shall be immediately
subject to acceleration as provided in Section 6.02. The provisions of this paragraph will not affect the rights of Holders of
Notes in the event of the occurrence of any Event of Default other than the Company’s failure to comply with its obligations
as set forth in Section 4.06(b). In the event the Company does not elect to pay Additional Interest following an Event of Default
in accordance with this Section 6.03 or the Company has elected to make such payment but does not pay the Additional Interest when
due, the Notes shall be immediately subject to acceleration as provided in Section 6.02.

 

In order to elect to pay Additional Interest as the sole remedy
during the first 360 days after the occurrence of any Event of Default described in the immediately preceding paragraphs, the Company
must notify all Holders of the Notes, the Trustee and the Paying Agent of such election prior to the beginning of such 360-day
period. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided in Section
6.02.

 

In no event shall Additional Interest payable
at the Company’s election for failure to comply with its obligations as set forth in Section 4.06(b) as set forth in this
Section 6.03, together with any Additional Interest that may accrue as a result of the Company’s failure to timely file any
document or report that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act,
as applicable (after giving effect to all applicable grace periods provided by Rule 12b-25 or any successor rule under the Exchange
Act thereunder and other than reports on Form 8-K), pursuant to Section 4.06(d), accrue at a rate in excess of 0.50% per annum
pursuant to this Indenture, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional
Interest. The Trustee shall have no duty to calculate or verify the calculation of Additional Interest.

 

Section
6.04. Payments of Notes on Default; Suit Therefor. If an Event of Default described in clause (a) or (b) of Section
6.01 shall have occurred and be continuing, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit
of the Holders of the Notes, the whole amount then due and payable on the Notes for principal and interest, if any, with interest
on any overdue principal and interest, if any, at the rate borne by the Notes at such time, and, in addition thereto, such further
amount as shall be sufficient to cover any amounts due to the Trustee under Section 7.06. If the Company shall fail to pay such
amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable
in the manner provided by law out of the property of the Company or any other obligor upon the Notes, wherever situated.

 

    32

     

    

 

In the event there shall be pending proceedings for the
bankruptcy or for the reorganization of the Company or any other obligor on the Notes under Title 11 of the United States
Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
sequestrator or similar official shall have been appointed for or taken possession of the Company or such other obligor, the
property of the Company or such other obligor, or in the event of any other judicial proceedings relative to the Company or
such other obligor upon the Notes, or to the creditors or property of the Company or such other obligor, the Trustee,
irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this
Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a
claim or claims for the whole amount of principal and accrued and unpaid interest, if any, in respect of the Notes, and, in
case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions
as it may deem necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such
judicial proceedings relative to the Company or any other obligor on the Notes, its or their creditors, or its or their
property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to
distribute the same after the deduction of any amounts due to the Trustee under Section 7.06; and any receiver,
assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each
of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for compensation and
reasonable expenses, advances and disbursements, including agents and counsel fees, and including any other amounts due to
the Trustee under Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment of
compensation and reasonable expenses, advances and disbursements out of the estate in any such proceedings shall be denied
for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions,
dividends, monies, securities and other property that the Holders of the Notes may be entitled to receive in such
proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise.

 

Nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder
in any such proceeding.

 

All rights of action and of asserting claims under this Indenture,
or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or the production thereof
at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in
its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders
of the Notes.

 

In any proceedings brought by the Trustee (and in any proceedings
involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held
to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any such proceedings.

 

In case the Trustee shall have proceeded to enforce any right
under this Indenture and such proceedings shall have been discontinued or abandoned because of any waiver pursuant to Section 6.09
or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined adversely to
the Trustee, then and in every such case the Company, the Holders and the Trustee shall, subject to any determination in such proceeding,
be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the
Holders and the Trustee shall continue as though no such proceeding had been instituted.

 

Section
6.05. Application of Monies Collected by Trustee. Any monies or property collected by
the Trustee pursuant to this Article 6 with respect to the Notes shall be applied in the following order, at the date or dates
fixed by the Trustee for the distribution of such monies, upon presentation of the several Notes, and stamping thereon the payment,
if only partially paid, and upon surrender thereof, if fully paid:

 

First, to the payment of all amounts due to the Trustee
and the Agents under Section 7.06;

 

Second, in case the principal of the outstanding
Notes shall not have become due and be unpaid, to the payment of interest on, and any cash due upon conversion of, the Notes
in default in the order of the date due of the payments of such interest and cash due upon conversion, as the case may be,
with interest (to the extent that such interest has been collected by the Trustee) upon such overdue payments at the rate
borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto;

 

    33

     

    

 

Third, in case the principal of the outstanding Notes
shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount (including, if applicable,
the payment of the Redemption Price, the Fundamental Change Repurchase Price and any cash due upon conversion) then owing and unpaid
upon the Notes for principal and interest, if any, with interest on the overdue principal and, to the extent that such interest
has been collected by the Trustee, upon overdue installments of interest at the rate borne by the Notes at such time, and in case
such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of such
principal (including, if applicable, the Redemption Price, the Fundamental Change Repurchase Price and any cash due upon conversion)
and interest without preference or priority of principal over interest, or of interest over principal or of any installment of
interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal
(including, if applicable, the Redemption Price, the Fundamental Change Repurchase Price and any cash due upon conversion) and
accrued and unpaid interest; and

 

Fourth, to the payment of the remainder, if any, to the
Company.

 

Section
6.06. Proceedings by Holders. Except to enforce the right to receive payment of principal
(including, if applicable, the Redemption Price and the Fundamental Change Repurchase Price) or interest when due, or the right
to receive payment or delivery of the consideration due upon conversion, no Holder of any Note shall have any right by virtue
of or by availing of any provision of this Indenture or the Notes to institute any suit, action or proceeding in equity or at
law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other
similar official, or for any other remedy hereunder, unless:

 

(a) such
Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as herein
provided;

 

(b) Holders
of at least 25% in aggregate principal amount of the Notes then outstanding shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as Trustee hereunder;

 

(c) such
Holders shall have offered to the Trustee such security or indemnity satisfactory to it against any loss, liability or expense
to be incurred therein or thereby;

 

(d) the
Trustee for 60 days after its receipt of such notice, request and offer of such security or indemnity, shall have neglected or
refused to institute any such action, suit or proceeding; and

 

(e) no
direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by
the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to
Section 6.09,

 

it being understood and intended, and being expressly covenanted
by the taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more Holders shall have
any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice
the rights of any other Holder (it being understood that the Trustee shall not have an affirmative duty to ascertain whether or
not any such direction is unduly prejudicial to any other Holder), or to obtain or seek to obtain priority over or preference to
any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable
and common benefit of all Holders (except as otherwise provided herein). For the protection and enforcement of this Section 6.06,
each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Notwithstanding any other provision of this Indenture and
any provision of any Note, the right of any Holder to receive payment or delivery, as the case may be, of (x) the
principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and
unpaid interest, if any, on, and (z) the consideration due upon conversion of, such Note, on or after the respective due
dates expressed or provided for in such Note or in this Indenture, or to institute suit for the enforcement of any such
payment or delivery, as the case may be, on or after such respective dates against the Company shall not be impaired or
affected without the consent of such Holder.

 

    34

     

    

 

Section
6.07. Proceedings by Trustee. In case of an Event of Default, the Trustee may in its
discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as
are necessary to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy
or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise
of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture
or by law.

 

Section
6.08. Remedies Cumulative and Continuing. Except as provided in the last paragraph of
Section 2.06, all powers and remedies given by this Article 6 to the Trustee or to the Holders shall, to the extent permitted
by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or
the Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and
agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder of any of the Notes to exercise
any right or power accruing upon any Default or Event of Default shall impair any such right or power, or shall be construed to
be a waiver of any such Default or Event of Default or any acquiescence therein; and, subject to the provisions of Section 6.06,
every power and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time,
and as often as shall be deemed expedient, by the Trustee or by the Holders.

 

Section
6.09. Direction of Proceedings and Waiver of Defaults by Majority of Holders. The Holders of a majority of the aggregate
principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power
conferred on the Trustee with respect to the Notes; provided, however, that (a) such direction shall not be in conflict
with any rule of law or with this Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is
not inconsistent with such direction. The Trustee may refuse to follow any direction that it determines is unduly prejudicial
to the rights of any other Holder or that would involve the Trustee in personal liability (it being understood that the Trustee
shall not have an affirmative duty to ascertain whether or not any such direction is unduly prejudicial to any other Holder).
The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section
8.04 may on behalf of the Holders of all of the Notes waive any past Default or Event of Default hereunder and its consequences
except (i) a default in the payment of accrued and unpaid interest, if any, on, or the principal (including any Redemption Price,
any Fundamental Change Repurchase Price) of, the Notes when due that has not been cured pursuant to the provisions of Section
6.01, (ii) a failure by the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes
or (iii) a default in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without the
consent of each Holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the Holders of the Notes
shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default
or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been
waived as permitted by this Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture
be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event
of Default or impair any right consequent thereon.

 

Section
6.10. Notice of Defaults. The Trustee shall, within 90 days after the occurrence and
continuance of a Default of which the Trustee has actual knowledge, deliver to all Holders notice of all such Defaults, unless
such Defaults shall have been cured or waived before the giving of such notice; provided that, except in the case of a
Default in the payment of the principal of (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable),
or accrued and unpaid interest on, any of the Notes or a Default in the payment or delivery of the consideration due upon conversion,
the Trustee shall be protected in withholding such notice if and so long as it in good faith determines that the withholding of
such notice is in the interests of the Holders.

 

    35

     

    

 

Section
6.11. Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder
of any Note by its acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted
by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such
court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided
that the provisions of this Section 6.11 (to the extent permitted by law) shall not apply to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Notes
at the time outstanding determined in accordance with Section 8.04, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of or accrued and unpaid interest, if any, on any Note (including, but not limited to, the Redemption
Price, the Fundamental Change Repurchase Price with respect to the Notes being repurchased as provided in this Indenture) on or
after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note
in accordance with the provisions of Article 14.

 

Article
7

CONCERNING THE TRUSTEE

 

Section
7.01. Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of
an Event of Default and after the curing or waiver of all Events of Default that may have occurred, undertakes to perform such
duties and only such duties as are specifically set forth in this Indenture. In the event an Event of Default has occurred and
is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree
of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to
exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders
have offered (and, if requested, provided) to the Trustee indemnity or security satisfactory to it against any loss, liability
or expense that might be incurred by it in compliance with such request or direction.

 

No provision of this Indenture shall be construed to relieve
the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct,
except that:

 

(a) prior
to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred:

 

(i) the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall
not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(ii) in
the absence of bad faith or willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee
and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that by any provisions
hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical
calculations or other facts stated therein);

 

(b) the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless
it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts;

 

(c) the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined
as provided in Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;

 

    36

     

    

 

(d) whether
or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording
protection to, the Trustee shall be subject to the provisions of this Section;

 

(e) the
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters
relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note Registrar with
respect to the Notes;

 

(f) if
any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent
to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred,
unless a Responsible Officer of the Trustee had actual knowledge of such event;

 

(g) in
the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest
bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred
thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure
of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide
timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder
in the absence of such written investment direction from the Company;

 

(h) the
rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to the Common Depositary and the
Agents; and

 

(i) under
no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Notes.

 

None of the provisions contained in this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties
or in the exercise of any of its rights or powers.

 

Section
7.02. Reliance on Documents, Opinions, Etc. Except as otherwise provided in Section
7.01:

 

(a) the
Trustee may conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, bond, note, coupon or other paper or document (whether in its original or facsimile form)
believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties;

 

(b) any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer’s Certificate
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the
Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

 

(c) the
Trustee may consult with counsel of its selection and require an Opinion of Counsel and any written or verbal advice of such counsel
or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder
in good faith and in accordance with such advice or Opinion of Counsel;

 

(d) the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason
of such inquiry or investigation;

 

(e) the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents,
custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any
agent, custodian, nominee or attorney appointed by it with due care hereunder;

 

    37

     

    

 

(f) the
permissive rights of the Trustee enumerated herein shall not be construed as duties;

 

(g) the
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder; and

 

(h) the
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture.

 

In no event shall the Trustee be liable for any consequential,
punitive, special or indirect loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee
has been advised of the likelihood of such loss or damage and regardless of the form of action. The Trustee shall not be charged
with knowledge of any Default or Event of Default with respect to the Notes, unless either (1) a Responsible Officer shall
have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall
have been given to a Responsible Officer of the Trustee by the Company or by any Holder of the Notes at the Corporate Trust Office
and such notice references the Notes and/or this Indenture.

 

Section
7.03. No Responsibility for Recitals, Etc. The recitals contained herein and in the
Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee
assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency
of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes
or the proceeds of any Notes authenticated and delivered by the Trustee in conformity with the provisions of this Indenture or
any money paid to the Company or upon the Company’s direction under any provision of this Indenture.

 

Section
7.04. Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar
May Own Notes. The Trustee, any Paying Agent, any Conversion Agent, Bid Solicitation Agent (if other than the Company or any
Affiliate thereof) or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the
same rights it would have if it were not the Trustee, Paying Agent, Conversion Agent, Bid Solicitation Agent or Note Registrar.

 

Section
7.05. Reserved.

 

Section
7.06. Compensation and Expenses of Trustee. The Company covenants and agrees to pay
to the Trustee and the Agents, in any capacity under this Indenture, from time to time, and the Trustee and the Agents shall be
entitled to, compensation for all services rendered by them hereunder in any capacity (which shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee, the
Agents and the Company, and the Company will pay or reimburse the Trustee and the Agents upon request for all reasonable expenses,
disbursements and advances reasonably incurred or made by the Trustee and the Agents in accordance with any of the provisions
of this Indenture in any capacity thereunder (including the reasonable compensation and the expenses and disbursements of its
agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have
been caused by its gross negligence or willful misconduct as determined by a final, non-appealable decision of a court of competent
jurisdiction. The Company also covenants to indemnify the Trustee and the Agents in any capacity under this Indenture and any
other document or transaction entered into in connection herewith and its officers, directors, employees and agents and any authenticating
agent for, and to hold them harmless against, any loss, claim (whether asserted by the Company, a Holder or any Person), damage,
liability or expense incurred without gross negligence or willful misconduct on the part of the Trustee or the Agents, its officers,
directors, agents or employees, or such agent or authenticating agent, as the case may be, as determined by a final, non-appealable
decision of a court of competent jurisdiction, and arising out of or in connection with the acceptance or administration of this
Indenture or in any other capacity hereunder, including the costs and expenses of defending themselves against any claim of liability
in the premises. The obligations of the Company under this Section 7.06 to compensate or indemnify the Trustee the Agents and
to pay or reimburse the Trustee and Agents for expenses, disbursements and advances shall be secured by a senior lien to which
the Notes are hereby made subordinate on all money or property held or collected by the Trustee and the Agents, except, subject
to the effect of Section 6.05, funds held in trust herewith for the benefit of the Holders of particular Notes. The Trustee’s
and the Agents’ right to receive payment of any amounts due under this Section 7.06 shall not be subordinate to any other
liability or indebtedness of the Company.

 

    38

     

    

 

The obligation of the Company under this Section 7.06 shall
survive the satisfaction and discharge of this Indenture and the earlier resignation or removal of the Trustee or any Agent. The
Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification
provided in this Section 7.06 shall extend to the officers, directors, agents and employees of the Trustee and the Agents.

 

Without prejudice to any other rights available to the Trustee
under applicable law, when the Trustee and the Agents and their respective agents incur expenses or render services after an Event
of Default specified in Section 6.01(h) or Section 6.01(i) occurs, the expenses and the compensation for the services are intended
to constitute expenses of administration under any bankruptcy, insolvency or similar laws.

 

Section
7.07. Officer’s Certificate as Evidence. Except as otherwise provided in Section
7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that
a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other evidence in respect
thereof be herein specifically prescribed) may, in the absence of gross negligence and willful misconduct on the part of the Trustee,
be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee, and such Officer’s
Certificate, in the absence of gross negligence or willful misconduct on the part of the Trustee, shall be full warrant to the
Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof.

 

Section
7.08. Eligibility of Trustee. There shall at all times be a Trustee hereunder which
shall be a Person that is eligible pursuant to the Trust Indenture Act (as if, for this purpose, the Trust Indenture Act were
applicable hereto) to act as such and has a combined capital and surplus of at least $50,000,000. If such Person publishes reports
of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this
Article.

 

Section
7.09. Resignation or Removal of Trustee. (a) The Trustee may at any time resign by giving
written notice of such resignation to the Company and by delivering notice thereof to the Holders. Upon receiving such notice
of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order
of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor
trustee. If no successor trustee shall have been so appointed and have accepted appointment within 60 days after the giving of
such notice of resignation to the Holders, the resigning Trustee may, upon ten Business Days’ notice to the Company and
the Holders and at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor
trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture)
may, subject to the provisions of Section 6.11, on behalf of himself or herself and all others similarly situated, petition any
such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper
and prescribe, appoint a successor trustee.

 

(b) In
case at any time any of the following shall occur:

 

(i) the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign after written request
therefor by the Company or by any such Holder, or

 

(ii) the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its
property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, then, in either case, the Company may by a Board Resolution remove
the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one
copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the
provisions of Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since
the date of this Indenture) may, on behalf of himself or herself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice,
if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

    39

     

    

 

(c) The
Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance with Section 8.04,
may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless
within ten days after notice to the Company of such nomination the Company objects thereto, in which case the Trustee so removed
or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent
jurisdiction for an appointment of a successor trustee.

 

(d) Any
resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 7.09
shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10.

 

Section
7.10. Acceptance by Successor Trustee. Any successor trustee appointed as provided in
Section 7.09 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such
appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor
trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations
of its predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written request
of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant
to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights and
powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Company shall execute any and all instruments
in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee
ceasing to act shall, nevertheless, retain a senior lien to which the Notes are hereby made subordinate on all money or property
held or collected by such trustee as such, except for funds held in trust for the benefit of Holders of particular Notes, to secure
any amounts then due it pursuant to the provisions of Section 7.06.

 

No successor trustee shall accept appointment as provided in
this Section 7.10 unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section
7.08.

 

Upon acceptance of appointment by a successor trustee as provided
in this Section 7.10, each of the Company and the successor trustee, at the written direction and at the expense of the Company
shall deliver or cause to be delivered notice of the succession of such trustee hereunder to the Holders. If the Company fails
to deliver such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause
such notice to be delivered at the expense of the Company.

 

Section
7.11. Succession by Merger, Etc. Any corporation or other entity into which the Trustee
may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially
all of the corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to
the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto;
provided that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust
business of the Trustee such corporation or other entity shall be eligible under the provisions of Section 7.08.

 

In case at the time such successor to the Trustee shall succeed
to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to
the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor
trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated,
any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either
in the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall
have; provided, however, that the right to adopt the certificate of authentication of any predecessor trustee or
to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors by merger, conversion
or consolidation.

 

    40

     

    

 

Section 7.12.
Trustee’s Application for Instructions from the Company. Any application by the Trustee for written instructions
from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects
the rights of the Holders of the Notes under this Indenture) may, at the option of the Trustee, set forth in writing any action
proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken
or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance
with a proposal included in such application on or after the date specified in such application (which date shall not be less
than three Business Days after notice to the Company is deemed to be received pursuant to Section 17.03 unless the Company shall
have consented in writing to any earlier date), unless, prior to taking any such action (or the effective date in the case of
any omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application
specifying the action to be taken or omitted.

 

Section 7.13.
Agents. (a) The rights, powers, duties, obligations and actions of each Agent under this Indenture are several and
note joint or joint and several.

 

(b) The Issuers and the Agents acknowledge and agree that in
the event of a Default or Event of Default, the Trustee may, by notice in writing to the Issuers and the Agents, require that the
Agents act as agents of, and take instructions exclusively from, the Trustee. Prior to receiving such written notice from the Trustee,
the Agents shall be the agents of the Company and need not have any concern for the interests of the Holders except as explicitly
stated in this Indenture or the Notes.

 

(c) The Paying Agent will hold all funds as banker, not as trustee,
subject to the terms of this Indenture and as a result, such funds, for so long as he Paying Agent Office is located in the European
Monetary Union, will not be held in accordance with the Central Bank of Ireland Client Asset Regulations or the Client Money Rules
of the Financial Conduct Authority in the Financial Conduct Authority’s Handbook of rules and guidance from time to time
in relation to client money.

 

(d) Any Agent may resign and be discharged from its duties under
this Indenture at any time by giving thirty (30) days’ prior written notice of such resignation to the Trustee and Company.
The Trustee or Company may remove any Agent at any time by giving thirty (30) days’ prior written notice to any Agent. Upon
such notice, a successor Agent shall be appointed by the Company, who shall provide written notice of such to the Trustee. Such
successor Agent shall become the Agent hereunder upon the resignation or removal date specified in such notice. If the Company
have failed to appoint a successor Agent within thirty (30) days of receiving the written notice of resignation from the Agent,
the Agent may select a leading bank approved by the Trustee to act as Agent hereunder and the Company shall appoint that bank as
the successor Agent. If the Company are unable to replace the resigning Agent within thirty (30) days after such notice, the Agent
shall deliver any funds then held hereunder in its possession to the Trustee or may apply to a court of competent jurisdiction
for the appointment of a successor Agent or for other appropriate relief. The costs and expenses (including its counsels’
fees and expenses) incurred by the Agent in connection with such proceeding shall be paid by the Company. Upon receipt of the identity
of the successor Agent, the Agent shall deliver any funds then held hereunder to the successor Agent, less the Agent’s fees,
costs and expenses or other obligations owed to the Agent. Upon its resignation and delivery of any funds, the Agent shall be discharged
of and from any and all further obligations arising in connection with this Indenture, but shall continue to enjoy the benefit
of Section 7.06. The Agents shall act solely as agents of the Company.

 

(e) Each Agent shall be entitled to all of the rights, privileges,
immunities and indemnities granted to the Trustee under this Indenture.

 

(f) The duties of each Agent will be determined solely by the
express provisions of this Indenture and such Agent need perform only those duties that are specifically set forth in this Indenture
and no others, and no implied covenants or obligations shall be read into this Indenture against any Agent. In the absence of bad
faith on its part, each Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to such Agent and conforming to the requirements of this Indenture.

 

    41

     

    

 

Article
8

CONCERNING THE HOLDERS

 

Section
8.01. Action by Holders. Whenever in this Indenture it is provided that the Holders
of a specified percentage of the aggregate principal amount of the Notes may take any action (including the making of any demand
or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking
any such action, the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any
number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, or (b) by
the record of the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions
of Article 9, or (c) by a combination of such instrument or instruments and any such record of such a meeting of Holders.
Whenever the Company or the Trustee solicits the taking of any action by the Holders of the Notes, the Company or the Trustee
may fix, but shall not be required to, in advance of such solicitation, a date as the record date for determining Holders entitled
to take such action. The record date if one is selected shall be not more than fifteen days prior to the date of commencement
of solicitation of such action.

 

Section 8.02.
Proof of Execution by Holders. Subject to the provisions of Section 7.01, Section 7.02 and Section 9.05, proof of
the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable
rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding
of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any Holders’ meeting
shall be proved in the manner provided in Section 9.06.

 

Section 8.03.
Who Are Deemed Absolute Owners. The Company, the Trustee, and the Agents may deem the Person in whose name a Note
shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note
shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company
or any Note Registrar) for the purpose of receiving payment of or on account of the principal (including any Redemption Price
and any Fundamental Change Repurchase Price) of and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion
of such Note and for all other purposes under this Indenture; and neither the Company nor the Trustee nor any Paying Agent nor
any Conversion Agent nor any Note Registrar shall be affected by any notice to the contrary. The sole registered holder of a Global
Note shall be the Common Depositary or its nominee. All such payments or deliveries so made to any Holder for the time being,
or upon its order, shall be valid, and, to the extent of the sums or ADSs so paid or delivered, effectual to satisfy and discharge
the liability for monies payable or shares deliverable upon any such Note. Notwithstanding anything to the contrary in this Indenture
or the Notes following an Event of Default, any owner of a beneficial interest in a Global Note may directly enforce against the
Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary or any other Person, such
holder’s right to exchange such beneficial interest for a Note in certificated form in accordance with the provisions of
this Indenture.

 

Section 8.04.
Company-Owned Notes Disregarded. In determining whether the Holders of the requisite aggregate principal amount
of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company,
by any Subsidiary thereof or by any Person directly or indirectly controlling or controlled by or under direct or indirect common
control with the Company or any Subsidiary thereof shall be disregarded and deemed not to be outstanding for the purpose of any
such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying on
any such direction, consent, waiver or other action only Notes that a Responsible Officer actually knows are so owned shall be
so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this Section
8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such
Notes and that the pledgee is not the Company, a Subsidiary thereof or a Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or a Subsidiary thereof. In the case of a dispute as to such right,
any decision or indecision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request
of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes,
if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to
Section 7.01, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein
set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination.

 

Section 8.05.
Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee,
as provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of
the Notes specified in this Indenture in connection with such action, any Holder of a Note that is shown by the evidence to be included in the Notes
the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office
and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid, any
such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners
of such Note and of any Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective
of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon
registration of transfer thereof.

 

    42

     

    

 

Article
9

HOLDERS’ MEETINGS

 

Section 9.01.
Purpose of Meetings. A meeting of Holders may be called at any time and from time to time pursuant to the provisions
of this Article 9 for any of the following purposes:

 

(a) to
give any notice to the Company or to the Trustee or to give any directions to the Trustee permitted under this Indenture, or to
consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences,
or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article 6;

 

(b) to
remove the Trustee and nominate a successor trustee pursuant to the provisions of Article 7;

 

(c) to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or

 

(d) to
take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the
Notes under any other provision of this Indenture or under applicable law.

 

Section 9.02.
Call of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take any action specified
in Section 9.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders,
setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and
the establishment of any record date pursuant to Section 8.01, shall be delivered to Holders of such Notes. Such notice shall
also be delivered to the Company. Such notices shall be delivered not less than 20 nor more than 90 days prior to the date fixed
for the meeting.

 

Any meeting of Holders shall be valid without notice if the
Holders of all Notes then outstanding are present in person or by proxy or if notice is waived before or after the meeting by the
Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives
or have, before or after the meeting, waived notice.

 

Section 9.03.
Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a Board Resolution, or the
Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call
a meeting of Holders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and
the Trustee shall not have delivered the notice of such meeting within 20 days after receipt of such request, then the Company
or such Holders may determine the time and the place for such meeting and may call such meeting to take any action authorized
in Section 9.01, by delivering notice thereof as provided in Section 9.02.

 

Section 9.04.
Qualifications for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder
of one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing
as proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who shall be entitled
to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and
any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.

 

    43

     

    

 

Section
9.05. Regulations. Notwithstanding any other provisions of this Indenture, the
Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders, in regard to proof of the holding
of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission
and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct
of the meeting as it shall think fit.

 

The Trustee shall, by an instrument in writing, appoint a temporary
chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided in Section 9.03, in
which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman.
A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Holders of a majority in aggregate
principal amount of the Notes represented at the meeting and entitled to vote at the meeting.

 

Subject to the provisions of Section 8.04, at any meeting of
Holders each Holder or proxyholder shall be entitled to one vote for each €1,000 principal amount of Notes held or represented
by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged
as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right
to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote
on behalf of other Holders. Any meeting of Holders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be
adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting,
whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice.

 

Section 9.06.
Voting. The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall
be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal amount
of the Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall
count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting
their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each
meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports
of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts
setting forth a copy of the notice of the meeting and showing that said notice was delivered as provided in Section 9.02. The
record shall show the aggregate principal amount of the Notes voting in favor of or against any resolution. The record shall be
signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be
delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the
ballots voted at the meeting.

 

Any record so signed and verified shall be conclusive evidence
of the matters therein stated.

 

Section 9.07.
No Delay of Rights by Meeting. Nothing contained in this Article 9 shall be deemed or construed to authorize or
permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call,
any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders under
any of the provisions of this Indenture or of the Notes. Nothing contained in this Article 9 shall be deemed or construed to limit
any Holder’s actions pursuant to the applicable procedures of the Depositary so long as the Notes are Global Notes.

 

Article
10

SUPPLEMENTAL INDENTURES

 

Section 10.01.
Supplemental Indentures Without Consent of Holders. Without the consent of any Holder, the Company, when authorized
by the resolutions of the Board of Directors, the Trustee and the Agents (if applicable), at the Company’s expense, may
from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes:

 

    44

     

    

 

(a) to
cure any ambiguity, omission, defect or inconsistency;

 

(b) to
provide for the assumption by a Successor Company of the obligations of the Company under this Indenture pursuant to Article 11;

 

(c) to
add guarantees with respect to the Notes;

 

(d) to
secure the Notes;

 

(e) to
add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power conferred
upon the Company under this Indenture;

 

(f) to
increase the Conversion Rate as provided in this Indenture;

 

(g) in
connection with any Share Exchange Event, to provide that the Notes are convertible into Reference Property, subject to the provisions
of Section 14.02, and make such related changes to the terms of the Notes to the extent required by Section 14.07;

 

(h) to
make any change that does not adversely affect the rights of any Holder under this Indenture;

 

(i) to
comply with any requirement of the Commission in connection with the qualification of this Indenture under the Trust Indenture
Act;

 

(j) to
comply with the provisions of Euroclear or Clearstream or the Trustee, Paying Agent, Conversion Agent or Note Registrar with respect
to provisions of this Indenture or the Notes relating to transfers or exchanges of the Notes or beneficial interest in the Notes;

 

(k) to
make provisions with respect to conversion rights of the Holders of the Notes as required under this Indenture;

 

(l) to
conform the provisions of this Indenture or the Notes to the “Description of Notes” section in the Offering Circular;

 

(m)  to
provide for the acceptance of appointment by a successor Trustee pursuant to Section 7.09 or to facilitate the administration of
the trusts by more than one Trustee;

 

(n) to
appoint a successor Paying Agent, Conversion Agent or Note Registrar with respect to the Notes;

 

(o) to
irrevocably elect a settlement method or a Specified Euro Amount, or eliminate the Company’s right to elect a settlement
method; provided, however, that no such election or elimination will affect any settlement method theretofore elected (or
deemed to be elected) with respect to any note pursuant to Section 14.02; or

 

(p)  to
amend or modify the Conversion Rate adjustments set forth in Section 14.04(a), (b), (c), (d), (e), (f) or (g) or add additional
Conversion Rate adjustments, in each case, to the extent such adjustments must be so amended, modified or added to this Indenture
to comply with applicable French law and regulations.

 

Upon the written request of the Company, the
Trustee is hereby authorized to, and shall join with the Company in the execution of any such supplemental indenture, to make any
further appropriate agreements and stipulations that may be therein contained, except that the Trustee shall not be obligated to,
but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties, liabilities
or immunities under this Indenture or otherwise.

 

Any supplemental indenture authorized by the provisions of this
Section 10.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the Notes at the time
outstanding, notwithstanding any of the provisions of Section 10.02.

 

    45

     

    

 

Section 10.02.
Supplemental Indentures with Consent of Holders. With the consent (evidenced as provided in Article 8) of the Holders
of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article
8 and including, without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, the
Notes), the Company, when authorized by the resolutions of the Board of Directors, and the Trustee and the Agents (if applicable),
at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture,
the Notes or any supplemental indenture or of modifying in any manner the rights of the Holders; provided, however,
that, without the consent of each Holder of an outstanding Note affected, no such supplemental indenture shall:

 

(a) reduce
the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;

 

(b) reduce
the rate of or extend the stated time for payment of interest on any Note;

 

(c) reduce
the principal of any Note or extend the Maturity Date of any Note;

 

(d) except
as required or permitted under this Indenture, make any change that adversely affects the conversion rights of any Note;

 

(e) reduce
the Redemption Price or the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders
the Company’s obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions
or otherwise;

 

(f) make
any Note payable in a currency other than euros other than as provided in Section 17.16;

 

(g) change
the ranking of the Notes;

 

(h) change
or remove the contractual right of any Holder to institute suit for the enforcement of its right to receive payment or delivery,
as the case may be, of the principal (including the Fundamental Change Repurchase Price and Redemption Price, if applicable) of,
accrued and unpaid interest, if any, on, and the consideration due upon conversion of, its Notes, on or after the respective due
dates expressed or provided for in the Notes or this Indenture;

 

(i) change
the Company’s obligation to pay Additional Amounts on any Note; or

 

(j) make
any change in this Article 10 that requires each Holder’s consent or in the waiver provisions in Section 6.02 or Section
6.09.

 

Upon the written request of the Company, and upon the filing
with the Trustee of evidence of the requisite consent of Holders as aforesaid and subject to Section 10.05, the Trustee shall join
with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s
own rights, duties, liabilities or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion,
but shall not be obligated to, enter into such supplemental indenture.

 

Holders do not need under this Section 10.02 to approve the
particular form of any proposed supplemental indenture. It shall be sufficient if such Holders approve the substance thereof. After
any such supplemental indenture becomes effective, the Company shall deliver to the Holders (with a copy to the Trustee) a notice
briefly describing such supplemental indenture. However, the failure to give such notice to all the Holders, or any defect in the
notice, will not impair or affect the validity of the supplemental indenture.

 

Section 10.03.
Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of
this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights,
limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the Holders shall
thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all
the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.

 

    46

     

    

 

Section
10.04. Notation on Notes. Notes authenticated and delivered after the execution
of any supplemental indenture pursuant to the provisions of this Article 10 may, at the Company’s request and expense, bear
a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company or the
Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Company, to any modification
of this Indenture contained in any such supplemental indenture may, at the Company’s expense, be prepared and executed by
the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 17.10)
and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding.

 

Section 10.05.
Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee. In addition to the documents required
by Section 17.05, the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that
any supplemental indenture executed pursuant hereto complies with the requirements of this Article 10 and is permitted or authorized
by this Indenture and that the supplemental indenture constitutes the legal, valid and binding obligation of the Company enforceable
in accordance with its terms.

 

Article
11

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

 

Section 11.01.
Company May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 11.02, the Company shall not
consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of the consolidated properties
and assets of the Company and its direct and indirect Subsidiaries, taken as a whole, to another Person (other than any such sale,
conveyance, transfer or lease to one or more of the Company’s direct or indirect Wholly Owned Subsidiaries), unless:

 

(a) the
resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall be (1) a corporation
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor
Company (if not the Company) shall expressly assume, by supplemental indenture all of the obligations of the Company under the
Notes and this Indenture or (2) a corporation or entity treated as a corporation for U.S. federal income tax purposes organized
and existing under the laws of France, the Cayman Islands, the Islands of Bermuda, the Netherlands, Belgium, Switzerland, Luxembourg,
the Republic of Ireland, Canada or the United Kingdom;

 

(b) the
Successor Company, if not the Company, expressly assumes by supplemental indenture all of the Company’s obligations under
the Notes and this Indenture (including, for the avoidance of doubt, the obligation to pay Additional Amounts, if required by this
Indenture); and

 

(c) immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this Indenture.

 

Section 11.02.
Successor Corporation to Be Substituted. In case of any such consolidation, merger, sale, conveyance, transfer or
lease and upon the assumption by the Successor Company (if not the Company), by supplemental indenture, executed and delivered
to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of and accrued and unpaid
interest on all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion
of the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by
the Company, such Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or substantially
all of the Company’s properties and assets, shall be substituted for the Company, with the same effect as if it had been
named herein as the party of the first part. Such Successor Company thereupon may cause to be signed, and may issue either in
its own name or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not have been signed
by the Company and delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and subject
to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or
cause to be authenticated and delivered, any Notes that previously shall have been signed and delivered by the Officers of the
Company to the Trustee for authentication, and any Notes that such Successor Company thereafter shall cause to be signed and delivered
to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes
had been issued at the date of the execution hereof. In the event of any such consolidation, merger, sale, conveyance or transfer
(but not in the case of a lease), upon compliance with this Article 11 the Person named as the “Company” in the first
paragraph of this Indenture (or any successor that shall thereafter have become such in the manner prescribed in this Article
11) may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be
released from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture and the Notes.

 

    47

     

    

 

In case of any such consolidation, merger, sale, conveyance,
transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued
as may be appropriate.

 

Section 11.03.
Opinion of Counsel to Be Given to Trustee. No such consolidation, merger, sale, conveyance, transfer or lease (other
than any consolidation or merger where the Company is the Successor Company) shall be effective unless the Trustee shall receive
an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance,
transfer or lease and any such assumption and, if a supplemental indenture is required in connection with such transaction, such
supplemental indenture, complies with the provisions of this Article 11.

 

Article
12

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section 12.01.
Indenture and Notes Solely Corporate Obligations. No recourse for the payment of the principal of or accrued and
unpaid interest on any Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any
obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture or in any Note, nor because
of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent,
Officer or director or Subsidiary, as such, past, present or future, of the Company or of any successor corporation, either directly
or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly
waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Notes.

 

Article
13

INTENTIONALLY OMITTED

 

Article
14

CONVERSION OF NOTES

 

Section 14.01.
Conversion Privilege. (a) Subject to and upon compliance with the provisions of this Article 14, each Holder
of a Note shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is
€1,000 principal amount or an integral multiple thereof) of such Note (i) subject to satisfaction of the conditions
described in Section 14.01(b), at any time prior to 9:00 a.m. (New York City time) on the Business Day immediately preceding June
1, 2024 under the circumstances and during the periods set forth in Section 14.01(b), and (ii) regardless of the conditions
described in Section 14.01(b), on or after 9:00 a.m. (New York City time) on the Business Day immediately preceding June 1, 2024
and prior to 9:00 a.m. (New York City time) on the second Business Day immediately preceding the Maturity Date, in each case,
at an initial conversion rate of 19.3234 ADSs (subject to adjustment as provided in this Article 14, the “Conversion
Rate”) per €1,000 principal amount of Notes (corresponding to 19.3234 Ordinary Shares per €1,000 principal
amount of Notes as of the date of this Indenture) (subject to, and in accordance with, the settlement provisions of Section 14.02,
the “Conversion Obligation”).

 

    48

     

    

 

(b) 
(i) Prior to the earlier of (x) 9:00 a.m. (New York City time) on the Business Day immediately preceding June 1, 2024 and
(y) 9:00 a.m. (New York City time) on the last Business Day of the Trading Price Conversion Window, a Holder may surrender
all or any portion of its Notes for conversion at any time during the six Business Day period (the “Trading Price
Conversion Window”) immediately after any five consecutive Trading Day period (the “Measurement
Period”) in which the Trading Price per €1,000 principal amount of Notes, as determined following a request
by a Holder of Notes in accordance with this Section 14.01(b)(i), for each Trading Day of the Measurement Period was less
than 98% of the product of the Last Reported Sale Price of the ADSs and the Conversion Rate on each such Trading Day (the
“Trading Price Condition”). The Trading Prices shall be determined by the Bid Solicitation Agent pursuant
to this Section 14.01(b)(i) and the definition of Trading Price set forth in this Indenture. The Company shall provide
written notice to the Bid Solicitation Agent (if other than the Company) of the three independent nationally recognized
securities dealers selected by the Company pursuant to the definition of Trading Price, along with appropriate contact
information for each. The Bid Solicitation Agent (if other than the Company) shall have no obligation to determine the
Trading Price per €1,000 principal amount of Notes unless the Company has requested such determination in writing, and
the Company shall have no obligation to make such request (or, if the Company is acting as Bid Solicitation Agent, the
Company shall have no obligation to determine the Trading Price per €1,000 principal amount of Notes) unless a Holder
of at least €1,000,000 aggregate principal amount of Notes provides the Company with reasonable evidence that the
Trading Price per €1,000 principal amount of Notes would be less than 98% of the product of the Last Reported Sale
Price of the ADSs and the Conversion Rate, at which time the Company shall (i) instruct three independent nationally
recognized securities dealers to deliver bids to the Bid Solicitation Agent and (ii) instruct the Bid Solicitation Agent (if
other than the Company) to determine, or if the Company is acting as Bid Solicitation Agent, the Company shall determine the
Trading Price per €1,000 principal amount of Notes, in each case, beginning on the next Trading Day and on each
successive Trading Day until the Trading Price per €1,000 principal amount of Notes is greater than or equal to 98% of
the product of the Last Reported Sale Price of the ADSs and the Conversion Rate. The Company shall determine the Trading
Price in accordance with the bids solicited by the Bid Solicitation Agent. If (x) the Company is not acting as Bid
Solicitation Agent, and the Company does not instruct the Bid Solicitation Agent in writing to determine the Trading Price
per €1,000 principal amount of Notes when obligated as provided in the preceding sentence, or if the Company so
instructs the Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent fails to obtain such bids such
determination, or (y) the Company is acting as Bid Solicitation Agent and the Company fails to obtain bids when
obligated as provided in the preceding sentence then, in either case, the Trading Price per €1,000 principal amount of
Notes shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the ADSs and the Conversion Rate
on each Trading Day of such failure. If the Trading Price condition set forth above has been met, the Company shall so notify
the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing. Any such determination will be
conclusive absent manifest error. If, at any time after the Trading Price condition set forth above has been met, the Trading
Price per €1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported
Sale Price of the ADSs and the Conversion Rate for such Trading Day, the Company shall so notify the Holders of the Notes,
the Trustee and the Conversion Agent (if other than the Trustee) in writing that the Trading Price Condition is no longer met
and thereafter neither the Company nor the Bid Solicitation Agent (if other than the Company) shall be required to solicit
bids until another qualifying request is made as provided in this Section 14.01(b)(i).

 

(ii) If,
prior to 9:00 a.m. (New York City time) on the Business Day immediately preceding June 1, 2024, the Company elects to:

 

(A) issue
to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs) any rights, options or warrants entitling
them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase
Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is less than the average of the Last Reported
Sale Prices of the ADSs (divided by the number of Ordinary Shares represented by one ADS on each Trading Day) for the 10
consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such
issuance; or

 

(B) distribute
to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs), the Company’s assets, securities
or rights to purchase securities of the Company, which distribution has a per Ordinary Share value, as reasonably determined by
the Company, exceeding 10% of (i) the Last Reported Sale Price of the ADSs on the Trading Day preceding the date of announcement
for such distribution divided by (ii) the number of Ordinary Shares then represented by one ADS on such Trading Day,

 

then, in either case, the Company shall notify
in writing all Holders of the Notes, the Trustee and the Conversion Agent at least 55 Scheduled Trading Days prior to the Ex-Dividend
Date for such issuance or distribution. Once the Company has given such notice, a Holder may surrender all or any portion of its
Notes for conversion at any time until the earlier of (1) 9:00 a.m. (New York City time) on the Business Day immediately preceding
the Ex-Dividend Date for such issuance or distribution and (2) the Company’s announcement that such issuance or distribution
will not take place, in each case, even if the Notes are not otherwise convertible at such time.

 

    49

     

    

 

Holders of the Notes may not exercise their Notes pursuant to
this Section 14.01(b)(ii) if they participate (other than in the case of a share split or share combination), at the same time
and upon the same terms as holders of the ADS and solely as a result of holding the Notes, in any of the transactions described
above without having to convert their Notes as if they held a number of ADS equal to the applicable Conversion Rate, multiplied
by the number of Ordinary Shares represented by one ADS, multiplied by the principal amount (expressed in thousands) of Notes held
by such Holder.

 

(iii) If
(i) a transaction or event that constitutes (x) a Fundamental Change or (y) a Make-Whole Fundamental Change occurs
prior to 9:00 a.m. (New York City time) on the Business Day immediately preceding June 1, 2024, regardless of whether a Holder
has the right to require the Company to repurchase the Notes pursuant to Section 15.02, or (ii) if the Company is a party
to a Share Exchange Event that occurs prior to 9:00 a.m. (New York City time) on the Business Day immediately preceding June 1,
2024 (each such Fundamental Change, Make-Whole Fundamental Change or Share Exchange Event, a “Corporate Event”),
all or any portion of a Holder’s Notes may be surrendered for conversion at any time on or after the effective date for such
Corporate Event until the earlier of (x) 9:00 a.m. (New York City time) on the 35th Business Day after the actual effective date
of such Corporate Event (or if such Corporate Event also constitutes a Fundamental Change, until 9:00 a.m. (New York City time)
on the second Business Day immediately preceding the related Fundamental Change Repurchase Date) and (y) 9:00 a.m. (New York City
time) on the second Business Day immediately preceding the Maturity Date. The Company shall notify Holders, the Trustee and the
Conversion Agent in writing no later than the actual effective date of such Corporate Event.

 

(iv) Prior
to 9:00 a.m. (New York City time) on the Business Day immediately preceding June 1, 2024, a Holder may surrender all or any portion
of its Notes for conversion at any time during, but prior to 9:00 a.m. (New York City time) on the last Business Day of, any calendar
quarter commencing after the calendar quarter ending on December 31, 2019 (and only during such calendar quarter), if the Last
Reported Sale Price of the ADSs for at least 20 Trading Days (whether or not consecutive) during the period of 30 consecutive Trading
Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter is greater than or equal to 130%
of the Conversion Price on each applicable Trading Day.

 

(v) If
the Company calls any or all of the Notes for Optional Redemption pursuant to Article 16 prior to 9:00 a.m. (New York City time)
on the Business Day immediately preceding June 1, 2024, then a Holder may surrender all or any portion of its Notes for conversion
at any time prior to 9:00 a.m. (New York City time) on the second Business Day immediately preceding the Redemption Date, even
if the Notes are not otherwise convertible at such time. After that time, the right to convert such Notes on account of the Company’s
delivery of a Redemption Notice shall expire, unless the Company defaults in the payment of the Redemption Price, in which case
a Holder of Notes may convert all or any portion of its Notes until 9:00 a.m. (New York City time) on the Business Day immediately
preceding the date on which the Redemption Price has been paid or duly provided for.

 

Section 14.02.
Conversion Procedure; Settlement Upon Conversion.

 

(a) Subject
to this Section 14.02, Section 14.03(b) and Section 14.07(a), upon conversion of any Note, the Company shall pay or deliver, as
the case may be, to the converting Holder, in respect of each €1,000 principal amount of Notes being converted, cash (“Cash
Settlement”), ADS, together with cash, if applicable, in lieu of delivering any fractional ADS in accordance with subsection
(j) of this Section 14.02 (“Physical Settlement”) or a combination of cash and ADS, together with cash, if applicable,
in lieu of delivering any fractional ADS in accordance with subsection (j) of this Section 14.02 (“Combination Settlement”),
at its election, as set forth in this Section 14.02.

 

(i) All
conversions occurring (x) on or after June 1, 2024 or (y) during a Redemption Period shall be settled using the same
Settlement Method.

 

(ii) Except
for any conversions for which the relevant Conversion Date occurs during a Redemption Period and any conversions for which the
relevant Conversion Date occurs on or after June 1, 2024, the Company shall use the same Settlement Method for all conversions
with the same Conversion Date, but the Company shall not have any obligation to use the same Settlement Method with respect to
conversions with different Conversion Dates.

 

    50

     

    

 

(iii) If,
in respect of any Conversion Date (or one of the periods described in the fourth immediately succeeding set of parentheses, as
the case may be), the Company elects to deliver a written notice (the “Settlement Notice”) of the relevant Settlement
Method in respect of such Conversion Date (or such period, as the case may be), the Company shall deliver such Settlement Notice
to converting Holders, the Trustee and the Conversion Agent no later than 9:00 a.m. (New York City time) on the second Business
Day immediately following the relevant Conversion Date (or, in the case of any conversions occurring (x) during a Redemption
Period, in the related Redemption Notice, or (y) on or after 9:00 a.m. (New York City time) on the Business Day immediately
preceding June 1, 2024, no later than 9:00 a.m. (New York City time) on the Business Day immediately preceding June 1, 2024). If
the Company does not timely elect a Settlement Method prior to the deadline set forth in the immediately preceding sentence, the
Company shall no longer have the right to elect Cash Settlement or Physical Settlement for such conversion or during such period
and the Company shall be deemed to have elected Combination Settlement in respect of its Conversion Obligation, and the Specified
Euro Amount per €1,000 principal amount of Notes shall be equal to €1,000. Such Settlement Notice shall specify the
relevant Settlement Method and in the case of an election of Combination Settlement, the relevant Settlement Notice shall indicate
the Specified Euro Amount per €1,000 principal amount of Notes. If the Company delivers a Settlement Notice electing Combination
Settlement in respect of its Conversion Obligation but does not indicate a Specified Euro Amount per €1,000 principal amount
of Notes in such Settlement Notice, the Specified Euro Amount per €1,000 principal amount of Notes shall be deemed to be
€1,000.

By notice to Holders of the Notes (with a copy to the Trustee and the Conversion Agent), the Company may, prior to 9:00 a.m. (New
York City time) on the Business Day immediately preceding June 1, 2024, at its option, irrevocably elect to satisfy its Conversion
Obligation with respect to the Notes through Combination Settlement with a Specified Euro Amount per €1,000 principal amount
of notes of €1,000 for all Conversion Dates occurring subsequent to the date of delivery of such notice; provided
that any such election that is made during a Redemption Period will not be applicable to conversions with Conversion Dates that
occur during such Redemption Period.

 

(iv) The
cash, ADSs or combination of cash and ADSs in respect of any conversion of Notes (the “Settlement Amount”) shall
be computed as follows:

 

(A) if
the Company elects to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement, the Company shall
deliver to the converting Holder in respect of each €1,000 principal amount of Notes being converted a number of ADSs equal
to the Conversion Rate in effect on the Conversion Date;

 

(B) if
the Company elects to satisfy its Conversion Obligation in respect of such conversion by Cash Settlement, the Company shall pay
to the converting Holder in respect of each €1,000 principal amount of Notes being converted cash in an amount equal to the
sum of the Daily Conversion Values for each of the 40 consecutive Trading Days during the related Observation Period; and

 

(C) if
the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion by Combination
Settlement, the Company shall pay or deliver, as the case may be, in respect of each €1,000 principal amount of Notes being
converted, a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 40 consecutive Trading Days during
the related Observation Period.

 

(v) The
Daily Settlement Amounts (if applicable) and the Daily Conversion Values (if applicable) shall be determined by the Company promptly
following the last day of the Observation Period. Promptly after such determination of the Daily Settlement Amounts or the Daily
Conversion Values, as the case may be, and the amount of cash payable in lieu of delivering any fractional ADS, the Company shall
notify the Trustee and the Conversion Agent (if other than the Trustee) of the Daily Settlement Amounts or the Daily Conversion
Values, as the case may be, and the amount of cash payable in lieu of delivering fractional ADS. The Trustee and the Conversion
Agent (if other than the Trustee) shall have no responsibility for any such determination.

 

    51

     

    

 

(b) Subject
to Section 14.02(e), before any Holder of a Note shall be entitled to convert a Note as set forth above, such Holder shall
(i) in the case of a Global Note, (1) complete, manually sign and deliver an irrevocable duly completed notice to the
Conversion Agent as set forth in the Form of Notice of Conversion for Global Notes (or a facsimile, PDF or other electronic
transmission thereof), (2) comply with the procedures of the Depositary in effect at that time and (3), if required, pay
funds equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in
Section 14.02(h) and (ii) in the case of a Physical Note (1) complete, manually sign and deliver an irrevocable
duly completed notice to the Conversion Agent as set forth in the Form of Notice of Conversion for Physical Notes (or a
facsimile, PDF or other electronic transmission thereof) (a “Notice of Conversion”) at the office of the
Conversion Agent and state in writing therein the principal amount of Notes to be converted and the name or names (with
addresses) in which such Holder wishes the certificate or certificates for any ADSs to be delivered upon settlement of the
Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and
accompanied by appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if required,
furnish appropriate endorsements and transfer documents and (4) if required, pay funds equal to interest payable on the
next Interest Payment Date to which such Holder is not entitled as set forth in Section 14.02(h). The Trustee and the
Conversion Agent shall notify the Company of any conversion pursuant to this Article 14 on the Conversion Date for such
conversion or by 9:00 a.m. (New York City time) on the Conversion Agent Notice Date following the Conversion Date if the
Conversion Date is established after 9:00 a.m. (New York City time). No Notes may be surrendered for conversion by a
Holder thereof if such Holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect of such
Notes and has not validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 15.03.

 

If more than one Note shall be surrendered for conversion at
one time by the same Holder, the Conversion Obligation with respect to such Notes shall be computed on the basis of the aggregate
principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered.

 

(c) A
Note shall be deemed to have been converted immediately prior to 9:00 a.m. (New York City time) on the date (the “Conversion
Date”) that the Holder has complied with the requirements set forth in subsection (b) above; unless such date is not
a Conversion Agent Notice Date, in which case the “Conversion Date” will be the first day after such date that
is a Conversion Agent Notice Date. Except as set forth in Section 14.03(b) and Section 14.07(a), the Company shall pay or deliver,
as the case may be, the consideration due in respect of the Conversion Obligation on the fifth New York Business Day immediately
following the relevant Conversion Date, if the Company elects to satisfy its Conversion Obligation through Physical Settlement,
or on the fifth New York Business Day immediately following the last Trading Day of the relevant Observation Period, in the case
of any other Settlement Method (any such date that the Company is required to deliver consideration due in respect of a conversion
of Notes, a “Settlement Date”) (subject in each case to any Settlement Extension in the event such New York
Business Day is not a Conversion Consideration Delivery Business Day); provided that if a Settlement Date falls within a
Suspension Period, the Company will deliver the consideration due in respect of the related conversion on the later of the (1)
fifth New York Business Day following the Conversion Date in the case of Physical Settlement or the fifth New York Business Day
following the last Trading Day in the related Observation Period, in the case of any other Settlement Method, as the case may be
and (2) the New York Business Day immediately following the day on which such Suspension Period ends (subject in each case to any
Settlement Extension in the event such New York Business Day is not a Conversion Consideration Delivery Business Day). For the
avoidance of doubt, such delivery may occur after a Redemption Date or the Maturity Date. If any ADS are due to converting Holders,
the Company shall issue or cause to be issued, and deliver to the Conversion Agent or to such Holder, or such Holder’s nominee
or nominees, certificates or a book-entry transfer through the Depositary for the full number of ADSs to which such Holder shall
be entitled in satisfaction of the Company’s Conversion Obligation.

 

(d) A
Holder may convert fewer than all of such Holder’s Notes so long as after conversion, such Holder (1) holds Notes in a minimum
denomination of €100,000 or an integral multiple of €1,000 in excess thereof and (2) holds any ADSs issuable upon conversion
of the Notes in a different legal entity than the legal entity that holds the Notes. In case any Note shall be surrendered for
partial conversion, the Company shall execute and the Trustee or authenticating agent shall authenticate and deliver to or upon
the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate principal
amount equal to the unconverted portion of the surrendered Note, without payment of any service charge by the converting Holder
but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary, stamp or similar issue or
transfer tax or similar governmental charge required by law or that may be imposed in connection therewith as a result of the name
of the Holder of the new Notes issued upon such conversion being different from the name of the Holder of the old Notes surrendered
for such conversion.

 

    52

     

    

 

(e) If
a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax due on
the delivery of the ADSs upon conversion of the Notes (or the issuance of the Ordinary Shares underlying the ADSs), unless
the tax is due because the Holder requests such ADSs (or the Ordinary Shares) to be issued in a name other than the
Holder’s name, in which case the Holder shall pay that tax. The Conversion Agent may refuse to deliver the certificates
representing the ADS being issued in a name other than the Holder’s name until the Trustee receives a sum sufficient to
pay any tax that is due by such Holder in accordance with the immediately preceding sentence. The Company will also pay
and/or indemnify each Holder and beneficial owners of Notes and/or ADSs issuable upon conversion of the Notes for applicable
fees and expenses payable to, or withheld by, the ADS Depositary (including, for the avoidance of doubt, by means of a
reduction in any amounts or property payable or deliverable in respect of any ADSs or in the value of deposited amounts or
property represented by any ADSs) for the issuance of all ADSs deliverable upon conversion (including, with respect to any
ADSs subject to restricted CUSIP and/or restrictive legends upon issuance, any of the foregoing with respect to the removal
of any such restrictions from such ADSs.

 

(f) Except
as provided in Section 14.04, no adjustment shall be made for dividends on any ADS issued upon the conversion of any Note as provided
in this Article 14.

 

(g) Upon
the conversion of an interest in a Global Note, the Note Registrar, or the Common Depositary at the direction of the Note Registrar,
shall make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify
the Trustee in writing of any conversion of Notes effected through any Conversion Agent other than the Trustee.

 

(h) Upon
conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth below
and the Company will not adjust the Conversion Rate (or the Conversion Price) for any accrued and unpaid interest on the Notes.
The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal
amount of the Note and accrued and unpaid interest, if any, to, but excluding, the relevant Conversion Date. As a result, accrued
and unpaid interest, if any, to, but excluding, the relevant Conversion Date shall be deemed to be paid in full rather than cancelled,
extinguished or forfeited. Upon a conversion of Notes into a combination of cash and ADSs, accrued and unpaid interest will be
deemed to be paid first out of the cash paid upon such conversion. Notwithstanding the foregoing, if Notes are converted after
the close of business on a Regular Record Date and prior to the time of payment of interest payable on the corresponding Interest
Payment Date, Holders of such Notes as of the close of business on such Regular Record Date will receive the full amount of interest
payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion. Notes surrendered for conversion
during the period from the close of business on any Regular Record Date to 9:00 a.m. (Brussels, Belgium time) on the immediately
following Interest Payment Date must be accompanied by an amount in euros equal to the amount of interest payable on the Notes
so converted; provided that no such payment shall be required (1) for conversions of Notes following the close of business
the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Redemption Date that is
after a Regular Record Date and on or prior to the second Business Day immediately succeeding the corresponding Interest Payment
Date; (3) if the Company has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or
prior to the second Business Day immediately succeeding the corresponding Interest Payment Date; or (4) to the extent of any
Defaulted Amounts, if any Defaulted Amounts exists at the time of conversion with respect to such Note. Therefore, for the avoidance
of doubt, all Holders of record on the Regular Record Date immediately preceding the Maturity Date, any Redemption Date described
in clause (2) and any Fundamental Change Repurchase Date described in clause (3) in the immediately preceding sentence shall receive
the full interest payment due on the Maturity Date or other applicable Interest Payment Date regardless of whether their Notes
have been converted following such Regular Record Date.

 

(i) The
Person in whose name the ADSs shall be issuable upon conversion of a Note shall be treated as the holder of record of the
ADSs (and the Ordinary Shares represents thereby) on the date such ADSs are delivered to such Person. Therefore such Person
shall not be entitled to participate in any distribution or other transaction relating to the ADSs or the Ordinary Shares, as
the case may be, until the date of delivery of such ADSs. Subsequent to any transaction or event that results, or, if this
Indenture is no longer effective but the conversion consideration to be delivered to any Holder upon conversion of Notes has
been delayed beyond the Maturity Date of the Notes (or other date after which there are no Notes outstanding under this
Indenture), would have resulted, in an Conversion Rate adjustment becoming effective pursuant to an adjustment described in
Sections 14.03 or 14.04 or the Notes becoming convertible into Reference Property in accordance with Section 14.07 for which
the Record Date, Ex-Dividend Date, Ex-Redemption Date or Effective Date, as applicable, occurs before the date on which the
Company delivers the consideration required to be delivered by the Company upon conversion of Notes, the rights of the
Holders of any such Notes shall be maintained up to, but excluding, the date of such delivery, by means of an adjustment to
the Conversion Rate and by providing that the Notes become convertible into Reference Property, as applicable, in accordance
with the terms set forth in Section 14.03, 14.04 and 14.07. Specifically, if the Record Date, Ex-Dividend Date, Ex-Redemption
Date or Effective Date of any such transaction or event or a Share Exchange Event occurs:

 

    53

     

    

 

(1)
on a Conversion Date (or prior thereto) but is not taken into account in the Conversion Rate applicable to the related conversion
or the Notes do not become convertible into Reference Property as contemplated by this Indenture; or

 

(2)
on or after the Conversion Date and prior to the date the Company delivers the consideration required by this Indenture
in respect of the applicable conversion,

 

the Company shall, in either case, on the
basis of the new Conversion Rate resulting from the transaction or event, deliver the relevant additional consideration to the
converting Holder within five New York Business Days of the determination of such new Conversion Rate (or if such period falls
within a Suspension Period, on the New York Business Day following the termination of such Suspension Period) (subject in each
case to any Settlement Extension in the event such New York Business Day is not a Conversion Consideration Delivery Business Day)
such that the total consideration delivered shall be equal to the consideration that would have been delivered if the applicable
Conversion Rate initially applied had taken into account the adjustment resulting from the transaction or event and the Share Exchange
Event, if any; provided that the Company shall pay cash in lieu of any fractional ADSs based on the Daily VWAP for the relevant
Conversion Date (in the case of Physical Settlement) or based on the Daily VWAP for the last Trading Day of the relevant Observation
Period (in the case of Combination Settlement). For the avoidance of doubt, analogous protection for the rights of Holders will
be maintained up to, but excluding, the date of such delivery, in respect of the occurrence of any Share Exchange Event that becomes
effective on or after the Conversion Date and prior to the date the Company delivers the applicable Reference Property.

 

(j) The
Company shall not issue any fractional ADS upon conversion of the Notes and shall instead pay cash in lieu of delivering any fractional
ADS issuable upon conversion based on the Daily VWAP on the relevant Conversion Date (in the case of Physical Settlement) or based
on the Daily VWAP on the last Trading Day of the relevant Observation Period (in the case of Combination Settlement). For each
Note surrendered for conversion, if the Company has elected (or is deemed to have elected) Combination Settlement, the full number
of ADSs that shall be issued upon conversion thereof shall be computed on the basis of the aggregate Daily Settlement Amounts for
the relevant Observation Period and any fractional ADSs remaining after such computation shall be paid in cash.

 

Section 14.03.
Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes
or During a Redemption Period. (a) If (x) the Effective Date
of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder elects to convert its Notes in connection with
such Make-Whole Fundamental Change or the Company issues a Redemption Notice pursuant to Section 16.02 or 16.03 and a Holder elects
to convert its Notes during the related Redemption Period, the Company shall, under the circumstances described below, increase
the Conversion Rate for the Notes so surrendered for conversion by a number of additional ADS (the “Additional ADSs”),
as described below. A conversion of Notes shall be deemed for these purposes to be “in connection with” such Make-Whole
Fundamental Change if the relevant Conversion Date occurs during the period from, and including, the Effective Date of such Make-Whole
Fundamental Change up to, and including, 9:00 a.m. on the second Business Day immediately prior to the related Fundamental Change
Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso
in clause (b) of the definition thereof, the 35th Business Day immediately following the Effective Date of such Make-Whole
Fundamental Change) (such period, the “Make-Whole Fundamental Change Period”).

 

    54

     

    

 

(b) Upon
surrender of Notes for conversion in connection with a Make-Whole Fundamental Change pursuant to Section 14.01(b)(iii) or
during a Redemption Period, the Company shall, at its option, satisfy the related Conversion Obligation by Physical
Settlement, Cash Settlement or Combination Settlement in accordance with Section 14.02 based on the Conversion Rate as
increased to reflect the Additional ADSs pursuant to the table below; provided, however, that if, at the
effective time of a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the
Reference Property following such Make-Whole Fundamental Change is composed entirely of cash, for any conversion of Notes
following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based
solely on the ADS Price for the transaction and shall be deemed to be an amount of cash per €1,000 principal amount of
converted Notes equal to the Conversion Rate (including any adjustment for Additional ADSs), multiplied by such ADS
Price. In such event, the Conversion Obligation shall be determined and paid to Holders in cash on the second New York
Business Day following the Conversion Date (subject to any Settlement Extension in the event such New York Business Day is
not a Conversion Consideration Delivery Business Day). The Company shall notify the Holders of Notes, the Trustee and the
Conversion Agent (if other than the Trustee) in writing of the Effective Date of any Make-Whole Fundamental Change no later
than five Business Days after such Effective Date.

 

(c) The
number of Additional ADSs, if any, by which the Conversion Rate shall be increased for conversions during the Make-Whole Fundamental
Change Period or during the Redemption Period shall be determined by reference to the table below, based on the date on which the
Make-Whole Fundamental Change occurs or becomes effective (the “Effective Date”) or the Redemption Notice Date,
as the case may be, and the price (the “ADS Price”) paid (or deemed to be paid) per ADS in the Make-Whole Fundamental
Change or on the Redemption Notice Date, as applicable, as set forth in this Section 14.03. If the holders of the ADSs receive
in exchange for their ADSs only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental
Change, the ADS Price shall be the cash amount paid per ADS (in U.S. dollars), converted into euros at the Bloomberg screen EURUSD
Curncy rate (or its equivalent successor if such page is not available) at 4:00 p.m., New York City time, on the applicable Effective
Date. In the case of any other Make-Whole Fundamental Change or in the case of any Optional Redemption, the ADS Price shall be
the average of the Last Reported Sale Prices of the ADSs over the five consecutive Trading Day period ending on, and including,
the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change or the Redemption Notice Date, as
the case may be. The Company shall make appropriate adjustments to the ADS Price, in its good faith determination, to account for
any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where
the Ex-Dividend Date, Effective Date (as such term is defined for purposes of Section 14.04) or expiration date of the event occurs,
during such five consecutive Trading Day period. In the event that a Conversion Date occurs during both a Redemption Period and
a Make-Whole Fundamental Change Period, a Holder of any such Notes to be converted will be entitled to a single increase to the
Conversion Rate with respect to the first to occur of the applicable Redemption Notice Date or Effective Date, and the later event
shall be deemed not to have occurred for purposes of this Section 14.03.

 

(d) The
ADS Prices set forth in the column headings of the table below shall be adjusted as of any date on which the Conversion Rate of
the Notes is otherwise adjusted. The adjusted ADS Prices shall equal the ADS Prices applicable immediately prior to such adjustment,
multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment giving rise
to the ADS Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional ADSs set
forth in the table below shall be adjusted in the same manner and at the same time as the Conversion Rate as set forth in Section
14.04.

 

(e) The
following table sets forth the number of Additional ADSs by which the Conversion Rate shall be increased per €1,000 principal
amount of Notes pursuant to this Section 14.03 for each Stock Price and Effective Date set forth below:

 

    55

     

    

 

	ADS Price
	Effective Date / Redemption
			 
	Notice Date	 	 	€35.0852	 	 	 	€40.0000	 	 	 	€51.7507	 	 	 	€60.0000	 	 	 	€67.2759	 	 	 	€70.0000	 	 	 	€80.0000	 	 	 	€90.0000	 	 	 	€100.0000	 	 	 	€125.0000	 	 	 	€150.0000	 	 	 	€175.0000	 	 	 	€200.0000	 
	September 13, 2019	 	 	9.1786	 	 	 	7.6720	 	 	 	4.5547	 	 	 	3.2513	 	 	 	2.4452	 	 	 	2.2023	 	 	 	1.5083	 	 	 	1.0350	 	 	 	0.7055	 	 	 	0.2446	 	 	 	0.0547	 	 	 	0.0002	 	 	 	0.0000	 
	September 1, 2020	 	 	9.1786	 	 	 	7.5818	 	 	 	4.3333	 	 	 	3.0102	 	 	 	2.2091	 	 	 	1.9711	 	 	 	1.3030	 	 	 	0.8604	 	 	 	0.5614	 	 	 	0.1651	 	 	 	0.0222	 	 	 	0.0000	 	 	 	0.0000	 
	September 1, 2021	 	 	9.1786	 	 	 	7.3345	 	 	 	3.9617	 	 	 	2.6392	 	 	 	1.8638	 	 	 	1.6387	 	 	 	1.0230	 	 	 	0.6337	 	 	 	0.3830	 	 	 	0.0799	 	 	 	0.0007	 	 	 	0.0000	 	 	 	0.0000	 
	September 1, 2022 	 	 	9.1786	 	 	 	6.9430	 	 	 	3.4164	 	 	 	2.1163	 	 	 	1.3965	 	 	 	1.1957	 	 	 	0.6733	 	 	 	0.3698	 	 	 	0.1915	 	 	 	0.0137	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	September 1, 2023	 	 	9.1786	 	 	 	6.3265	 	 	 	2.5441	 	 	 	1.3263	 	 	 	0.7432	 	 	 	0.5970	 	 	 	0.2599	 	 	 	0.1017	 	 	 	0.0291	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	September 1, 2024	 	 	9.1786	 	 	 	5.6765	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

The exact ADS Prices and Effective Dates or Redemption Notice
Dates, may not be set forth in the table above, in which case:

 

(i) if
the ADS Price is between two ADS Prices in the table above or the Effective Date or the Redemption Notice Date, as the case may
be, is between two Effective Dates or Redemption Notice Dates, as applicable, in the table above, the number of Additional ADSs
by which the Conversion Rate shall be increased shall be determined by a straight-line interpolation between the number of Additional
ADSs set forth for the higher and lower ADS Prices and the earlier and later Effective Dates or Redemption Notice Dates, as applicable,
based on a 365-day year;

 

(ii) if
the ADS Price is greater than €200.0000 per ADS (subject to adjustment in the same manner as the ADS Prices set forth in
the column headings of the table above pursuant to subsection (d) above), no ADS Shares shall be added to the ADS Rate; and

 

(iii) if
the Stock Price is less than €35.0852 per ADS (subject to adjustment in the same manner as the ADS Prices set forth in the
column headings of the table above pursuant to subsection (d) above), no Additional ADSs shall be added to the Conversion
Rate.

 

Notwithstanding the foregoing, in no event shall the Conversion
Rate per €1,000 principal amount of Notes exceed 28.5020 ADSs (corresponding on the date of the Offering Circular to 28.5020
Ordinary Shares), subject to adjustment in the same manner as the Conversion Rate pursuant to Section 14.04.

 

(f) Nothing
in this Section 14.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 14.04 in respect of a Make-Whole
Fundamental Change.

 

Section 14.04.
Adjustment of Conversion Rate. As of the date of this Indenture, each ADS represents one Ordinary Share of the Company.
If the number of Ordinary Shares represented by the ADSs is changed for any reason other than one or more of the events described
in this Section 14.04, the Company will make an appropriate adjustment to the Conversion Rate such that the number of Ordinary
Shares represented by the ADSs upon which conversion of the Notes is based remains the same.

 

Notwithstanding the adjustment provisions described below, if
the Company distributes to holders of the Ordinary Shares any cash, rights, options, warrants, shares of Capital Stock or similar
equity interest, evidences of indebtedness or other assets or property of the Company (but excluding Expiring Rights) and a corresponding
distribution is not made to holders of the ADSs, but, instead, the ADSs will represent, in addition to the Ordinary Shares, such
cash, rights, options, warrants, shares of Capital Stock or similar equity interest, evidences of indebtedness or other assets
or property of the Company, then a Conversion Rate adjustment described below shall not be made until and unless a corresponding
distribution (if any) is made to holders of the ADSs, and such Conversion Rate adjustment shall be based on the distribution made
to the holders of the ADSs and not on the distribution made to the holders of the Ordinary Shares; provided that in the
case of one or more partial distributions (with the ADSs continuing to represent, in addition to Ordinary Shares, any such cash,
rights, options, warrants, shares of Capital Stock or similar equity interest, evidences of indebtedness or other assets or property
of the Company that have not been distributed), the Company will make appropriate interim adjustments to account for such distributions
consistent with the Conversion Rate adjustments described below based on the distributions made to the holders of the ADSs. For
the avoidance of doubt, in the event that the Company issues or distributes to all or substantially all holders of the Ordinary
Shares any Expiring Rights, notwithstanding the immediately preceding sentence, the Company will adjust the Conversion Rate as
required pursuant to Section 14.04(a), (b), (c), (d), (e), (f) or (g) or otherwise in accordance with Section 14.04(h)(1) in the
case of Expiring Rights described in 14.04(h)(1) entitling holders of the Ordinary Shares for a period of not more than 45 calendar
days after the announcement date of such issuance to subscribe for or purchase Ordinary Shares (directly or in the form of ADSs)
or Section 14.04(h)(2) (in the case of all other Expiring Rights).

 

For the avoidance of doubt, if any event described
in this Section 14.04 results in a change to the number of Ordinary Shares represented by the ADSs, then such a change shall
be deemed to satisfy the Company’s obligation to effect the relevant Conversion Rate adjustment on account of such an event
to the extent to which such change reflects what a corresponding change to the Conversion Rate would have been on account of such
an event.

 

    56

     

    

 

Subject to the foregoing, the Conversion Rate shall be adjusted
from time to time by the Company if any of the following events occurs, except that the Company shall not make any adjustments
to the Conversion Rate if Holders of the Notes participate (other than in the case of (x) a share split or share combination
under Section 14.04(c), (y) a Share Reduction under Section 14.04(a) or (z) a share repurchase, including pursuant to a tender
or exchange offer under Section 14.04(e)), at the same time and upon the same terms as holders of the ADS and solely as a result
of holding the Notes, in any of the transactions described in this Section 14.04, without having to convert their Notes, as if
they held a number of ADS equal to the Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes
held by such Holder, unless required by French law.

 

For any particular event or transaction that would result in
a Conversion Rate adjustment under Sections 14.04(a) through 14.04(g) and Section 14.04(h), the Company will first adjust the Conversion
Rate based on the Conversion Rate adjustment under Sections 14.04(a) through 14.04(g) (the “Mandatory French Law Conversion
Rate Adjustment”). After making the Mandatory French Law Conversion Rate Adjustment to the Conversion Rate, the Company
will also calculate the Conversion Rate adjustment for the same transaction or event under Section 14.04(h) (assuming for such
purpose that the Mandatory French Law Conversion Rate Adjustment has not yet been made) (the “U.S. Conversion Rate Adjustment”).
The Company will then increase the Conversion Rate as adjusted by the Mandatory French Law Conversion Rate Adjustment by an amount
equal to the U.S. Conversion Rate Adjustment minus the Mandatory French Law Conversion Rate Adjustment, but only if such amount
is a positive number. The Company will make these calculations in good faith and, absent manifest error, the Company’s determinations
as to which Conversion Rate adjustment shall apply and any Conversion Rate adjustment calculations associated therewith will be
final and binding on the Holders of Notes.

 

In the event that the Company becomes organized under the laws
of a jurisdiction other than the French Republic, the Company will provide for anti-dilution and other adjustments that it in good
faith determines are as nearly equivalent as possible to the adjustments described in this Section 14.04 (except to the extent
otherwise provided in Section 14.07).

 

The Company will not, and is not permitted by current applicable
law to, distribute to holders of the ADSs any cash, rights, options, warrants, shares of capital stock or similar equity interest,
evidences of indebtedness or other assets or property of the Company unless a corresponding distribution is made to holders of
the Ordinary Shares.

 

For purposes of the adjustment provisions described below in
this Section 14.04, the number of outstanding Ordinary Shares (for purposes of determining the outstanding ordinary share capital
and whether dividends or distributions are made to all of the holders of the Ordinary Shares) shall not include Ordinary Shares
held in the treasury of the Company (directly or in the form of ADSs) so long as the Company does not pay any dividend or make
any distribution on Ordinary Shares held in the treasury of the Company (directly or in the form of ADSs).

 

In the event of any adjustments described below under Section
14.04, the new Conversion Rate will be calculated to four decimal places by rounding to the nearest ten-thousandth (with 0.00005
being rounded upwards to the nearest ten-thousandth, i.e., 0.0001). Any subsequent adjustments will be carried out on the basis
of such newly calculated and rounded Conversion Rate.

 

(a) In
accordance with the provisions of Article L. 228-98 of the French Commercial Code, in the event of a reduction of the Company’s
Ordinary Share capital resulting from losses and realized through a shareholder approved decrease of the number of the Company’s
outstanding Ordinary Shares (a “Share Reduction”), the Conversion Rate will be adjusted based on the following
formula:

 

    57

     

    

 

 

 

where,

 

		CR0	=	the Conversion Rate in effect immediately prior to the Paris open of business on the Effective Date of the Share Reduction;

 

		CR	=	the Conversion Rate in effect immediately after the Paris open of business on such Effective Date of the Share Reduction;

 

		OS	=	 the number of Ordinary Shares comprising the Company’s Ordinary Share capital immediately after the Effective Date of the
Share Reduction; and

 

		OS0	=	the number of Ordinary Shares comprising the Company’s Ordinary Share capital immediately before the Effective Date of the
Share Reduction.

 

The terms and concepts described
above are as understood under Article L. 228-98 of the French Commercial Code.

 

Reduction in share capital. Pursuant
to French law, any reduction in the Company’s Ordinary Share capital requires shareholder approval at an extraordinary general
shareholders’ meeting following the recommendation of the Company’ board of directors. The Ordinary Share capital may
be reduced either by decreasing the nominal value of the outstanding Ordinary Shares or by reducing the number of outstanding Ordinary
Shares. Pursuant to French law, holders of each class of shares of the Company’s Ordinary Share capital must be treated equally.

 

For the avoidance of doubt, in
accordance with the provisions of Article L. 228-98 of the French Commercial Code, in the event of a reduction of the Company’s
Ordinary Share capital resulting from losses and realized through a decrease in the nominal value (instead of a Share Reduction),
converting Holders will receive ADSs reflecting such decrease in nominal value rather than the Conversion Rate adjustment described
above.

 

(b) In
the event the Company issues to all of the holders of Ordinary Shares preferential subscription rights (as described below), the
Conversion Rate will be adjusted based on the following formula:

 

where,

 

		CR0	=	the Conversion Rate in effect immediately prior to the close of business on the last Trading Day of the subscription period for
the preferential subscription rights (the “Subscription Period”);

 

		CR	=	the Conversion Rate in effect immediately after the close of business on the last Trading Day of such Subscription Period;

 

		OS	=	the Value of the Ordinary Shares Ex-Right; and

 

		FMV	=	 the Value of the Preferential Subscription Right.

 

Preferential subscription
right. According to French law, if the Company issues additional Ordinary Shares or securities giving access to its ordinary
share capital for cash or a set-off of cash debts, then-current holders of the Ordinary Shares will have preferential subscription
rights to these securities on a pro rata basis. Preferential subscription rights entitle the individual or entity that holds them
to subscribe pro rata based on the number of Ordinary Shares held by them to the issuance of any securities increasing, or that
may result in an increase of, the Company’s Ordinary Share capital by means of a cash payment or a set-off of cash debts.
The preferential subscription rights are transferable during the Subscription Period relating to a particular offering.

 

The preferential subscription
rights with respect to any particular offering may be waived at an extraordinary general meeting by a two-thirds vote of the Company’s
shareholders or individually by each shareholder.

 

    58

     

    

 

To the extent required pursuant
to Article R. 228-92 of the French Commercial Code, if the Company decides to issue, in any form whatsoever, new shares or securities
giving access to the Company’s Ordinary Share capital with preferential subscription rights reserved for the Company’s
shareholders, the Company will provide at least 14 calendar days’ prior written notice to the Holders of the Notes, the Trustee
and the Conversion Agent of the end of the applicable Subscription Period.

 

(c) In
the event that the Company makes a “distribution for no consideration of ordinary shares” to all of the holders of
Ordinary Shares (as such terms are understood under Article R. 228-91(2°) of the French Commercial Code), or if the Company
effects a share split or reverse share split, the Conversion Rate will be adjusted based on the following formula:

 

 

where,

 

		CR0	=	the Conversion Rate in effect immediately prior to the Paris close of business on the Record Date of such dividend or distribution,
or immediately prior to the Paris open of business on the Effective Date of such share split or reverse share split, as applicable;

 

		CR	=	the Conversion Rate in effect immediately after the Paris close of business on the Record Date of such distribution, or immediately
after the Paris open of business on the Effective Date of such share split or reverse share split, as applicable;

 

		OS	=	the number of Ordinary Shares comprising the Ordinary Share capital immediately after the Paris close of business on the Record
Date of such dividend or distribution or after the Paris open of business on the Effective Date of such share split or reverse
share split, as applicable; and

 

		OS0	=	 the number of Ordinary Shares comprising the Ordinary Share capital immediately prior to the Paris close of business on the Record
Date of such dividend or distribution or immediately prior to the Paris open of business on the Effective Date of such share split
or reverse share split, as applicable.

 

(d) In
the event of a distribution of reserves or premiums (as such terms are understood under Article R. 228-91(3°) of the French
Commercial Code) in cash or other assets (other than Ordinary Shares) to all of the holders of the Ordinary Shares, the Conversion
Rate will be adjusted based on the following formula:

 

 

where,

 

		CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;

 

		CR	=	 the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such distribution;

 

		OS	=	the Value of the Ordinary Share Immediately prior to the close of business on the Date of such Distribution; and

 

		C 	=	the cash amount distributed per Ordinary Share or, if the distribution consists of assets other than cash, the Value of the Securities
or Assets Distributed per Ordinary Share.

 

For the avoidance of
doubt, in the event of a capital increase by incorporation of reserves or premiums (as such terms are understood under
Article R. 228-91(3°) of the French Commercial Code) achieved by increasing the nominal value of the Ordinary Shares
instead of a distribution of such reserves or premiums, the nominal value of the Ordinary Shares underlying ADS delivered to
the Holders of the Notes upon conversion thereof will be increased accordingly and no adjustment to the Conversion Rate will
be made in respect thereof.

 

    59

     

    

 

(e) Other
than pursuant to a Share Reduction that results in an adjustment described in Section 14.04(a), in the event that the Company purchases,
or any of the Company’s Subsidiaries purchase, any of the Ordinary Shares (directly or in the form of ADS) at a price per
Ordinary Share in cash and/or other consideration (the fair market value of which other consideration is reasonably determined
by the Company or, at the Company’s option, an Independent Expert) that is higher than the Ordinary Share Market Price, the
Conversion Rate will be adjusted by the Company based on the following formula:

 

 

where,

 

		CR0	=	 the Conversion Rate in effect immediately prior to the close of business on the date such Ordinary Shares (directly or in the
form of ADS) are repurchased (the “Ordinary Share Repurchase Date”);

 

		CR	=	the Conversion Rate in effect immediately after the close of business on the Ordinary Share Repurchase Date;

 

		OS	=	the arithmetic average of the daily VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each
of the three Trading Days immediately preceding the Ordinary Share Repurchase Date;

 

		PC%	=	means the percentage of the Company’s outstanding Ordinary Share capital (directly or in the form of ADS) repurchased, expressed
as a decimal rounded to the nearest hundredth (with 0.005 being rounded upwards to the nearest hundredth, i.e., 0.01); and

 

		RP 	=	the actual price (consisting of cash and/or other consideration (the fair market value of which other consideration is reasonably
determined by the Company or, at the Company’s option, an Independent Expert)) at which the Ordinary Shares are repurchased
on a per share basis.

 

(f) In
the event of a redemption (amortissement) (as such term is understood under Article R. 228-91(5°) of the French Commercial
Code) of the Company’s Ordinary Share capital, the Conversion Rate will be adjusted based on the following formula:

 

 

where,

 

		CR0	=	 the Conversion Rate in effect immediately prior to the close of business on the Trading Day immediately preceding the Ex-Redemption
Date;

 

		CR	=	the Conversion Rate in effect immediately after the close of business on the Trading Day immediately preceding the Ex-Redemption
Date;

 

		OS	=	 the arithmetic average of the Daily VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the
three Trading Days immediately preceding the Ex-Redemption Date; and

 

		RP 	=	the amount of redemption (amortissement) per Ordinary Share.

 

A “redemption (amortissement)”
is a reimbursement to the shareholders of all or part of the nominal value of the Ordinary Shares but without triggering any Ordinary
Share capital decrease.

 

    60

     

    

 

 

 

(g) (1)
In the event of a “modification” by the Company of the “distribution of profits” of the Company (as such
terms are understood under Article R. 228-91(4°) of the French Commercial Code), the Conversion Rate will be adjusted based
on the following formula:

 

 

 

where,

 

	 	CR0	 =	 the Conversion Rate in effect immediately prior to the close of business on the Effective Date of such modification by the Company of the distribution of its profits;

 

	 	CR	=	the Conversion Rate in effect immediately after the close of business on the Effective Date of such modification by the Company of the distribution of its profits;

 

	 	OS  	=	the
    arithmetic average of the Daily VWAP (divided by the number of
    Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Effective Date of
    such modification by the Company of the distribution of its profits; and

 

	 	C	=	the reduction per Ordinary Share of the rights to profits, as reasonably determined by the Company or, at the Company’s option, an Independent Expert.

 

Notwithstanding the above, if
any modification by the Company of the distribution of its profits results from the issuance of preferential subscription rights
for preferred shares that results in an adjustment to the Conversion Rate pursuant to Section 14.04(b), no adjustment to the Conversion
Rate will be made pursuant to this 14.04(g)(1).

 

(2) In the event of the creation
of preferred shares that does not result in a “modification” by the Company of the “distribution of profits”
(as such terms are understood under Article R. 228-91(4°) of the French Commercial Code), the adjustment of the Conversion
Rate, if necessary, will be determined by an Independent Expert.

 

(h) Additional
Conversion Rate Adjustments.

 

(1) If the Company issues to all or substantially
all holders of the Ordinary Shares (directly or in the form of ADSs) any rights, options or warrants (other than to the extent
such issuance constitutes (x) an issuance of preferential subscription rights that results in an adjustment to the Conversion Rate
pursuant to Section 14.04(b) or (y) a distribution of reserves or premiums that results in an adjustment to the Conversion Rate
pursuant to Section 14.04(d)) entitling them, for a period of not more than 45 calendar days after the announcement date of such
issuance, to subscribe for or purchase Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is
less than the average of the Last Reported Sale Prices of the ordinary shares or the ADSs, as the case may be (divided by, in
the case of the ADSs, the number of Ordinary Shares then represented by one ADS), for the 10 consecutive Trading Day period ending
on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Conversion Rate will be
increased based on the following formula:

 

 

 

 where,

 

	 	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for the ADSs for such issuance;

 

    61

     

    

 

	 	CR	=	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for the ADSs for such issuance;

 

	 	OS0	=	the number of Ordinary Shares outstanding immediately prior to the open of business on such Ex-Dividend Date;

 

	 	X	=	the total number of Ordinary Shares (directly or in the form of ADSs) deliverable pursuant to such rights, options or warrants; and

 

	 	Y	=	the
    number of Ordinary Shares equal to (i) the aggregate price payable to exercise such rights, options or warrants (converted
    into euros using an exchange rate in effect on the date of determination to the extent not already reflected in euros),
    divided by (ii) the quotient of (a) the average of the Last Reported
    Sale Prices of the ADSs over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding
    the date of announcement of the issuance of such rights, options or warrants divided by (b)
    the number of Ordinary Shares then represented by one ADS.

 

Any increase made under this Section 14.04(h)(1)
shall be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after
the open of business on the Ex-Dividend Date for the ADSs for such issuance. To the extent that the Ordinary Shares or the ADSs
are not delivered after the expiration of such rights, options or warrants, the Conversion Rate shall be decreased to the Conversion
Rate that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on
the basis of delivery of only the number of Ordinary Shares (directly or in the form of ADSs) actually delivered. If such rights,
options or warrants are not so issued, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect
if such Ex-Dividend Date for such issuance had not occurred.

 

For purposes of this Section 14.04(h)(1) and
Section 14.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders of ADSs to subscribe for
or purchase Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is less than such average of the
Last Reported Sale Prices of the Ordinary Shares or the ADSs, as the case may be (divided by, in the case of the ADSs, the number
of Ordinary Shares represented by one ADS), for the 10 consecutive Trading Day period ending on, and including, the Trading Day
immediately preceding the date of announcement of such issuance, and in determining the aggregate offering price of such Ordinary
Share or ADSs, there shall be taken into account any consideration received by the Company for such rights, options or warrants
and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined
by the Company in good faith.

 

(2) If the Company distributes shares of its Capital
Stock, evidences of its indebtedness, other assets or property of the Company or rights, options or warrants to acquire its Capital
Stock or other securities of the Company, to all or substantially all holders of the Ordinary Shares (directly or in the form of
ADSs), excluding: (i) any dividend, distribution, issuances, redemption, repurchase or other event for which an adjustment
to the Conversion Rate is specifically provided for in any of clauses (a), (b), (c), (d), (e), (f) and (g) of Section 14.04, (ii)
dividends or distributions paid exclusively in cash as to which the adjustment provision set forth in Section 14.04(h)(3) or Section
14.04(d) shall apply; (iii) dividends or distributions of Reference Property in a transaction described in Section 14.07;
and (iv) Spin-Offs as to which the provisions set forth below in this Section 14.04(h)(2) shall apply to the extent not
specifically provided for pursuant to the adjustment provision set forth in Section 14.04(d) (any of such shares of Capital Stock,
evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or other securities,
the “Distributed Property”), then the Conversion Rate shall be increased based on the following formula:

 

 

 

    62

     

    

 

 where,

 

	 	CR0	=	the Conversion Rate in effect immediately
    prior to the open of business on the Ex-Dividend Date for the ADSs for such distribution;

 

	 	CR	=	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;

 

	 	SP0	=	the average of the Last Reported Sale Prices of the ADSs (divided by the number of Ordinary
    Shares then represented by one ADS) over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately
    preceding the Ex-Dividend Date for such distribution; and

 

	 	FMV	=	the fair market value (as determined in good faith by
    the Company) of the Distributed Property with respect to each outstanding Ordinary Share (directly or in the form of
    ADSs) on the Ex-Dividend Date for such distribution (converted into euros using an exchange rate in effect on the date of determination to the extent not already reflected in euros).

 

Any increase made under the portion of this Section 14.04(h)(2)
above shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. If such distribution
is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such distribution
had not been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0”
(as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each €1,000 principal
amount thereof, at the same time and upon the same terms as holders of the ADSs receive the Distributed Property, the amount and
kind of Distributed Property such Holder would have received if such Holder owned a number of ADSs equal to the Conversion Rate
in effect on the Ex-Dividend Date for the distribution. If the Company determines the “FMV” (as defined above) of any
distribution for purposes of this Section 14.04(h)(2) by reference to the actual or when-issued trading market for any securities,
it shall in doing so consider the prices in such market over the same period used in computing the Last Reported Sale Prices of
the ADSs over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend
Date for such distribution.

 

With respect to an adjustment pursuant to this Section 14.04(h)(2)
where there has been a payment of a dividend or other distribution on the Ordinary Shares (directly or in the form of ADSs) of
Capital Stock of any class or series, or similar equity interest, of or relating to any Subsidiary or other business unit of the
Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”),
the Conversion Rate shall be increased based on the following formula:

 

 

 

 where,

 

	 	CR0	=	the Conversion Rate in effect immediately prior to the end of the Valuation Period;

 

	 	CR	=	the Conversion Rate in effect immediately after the end of the Valuation Period;

 

	 	FMV0	=	the
    average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Ordinary
    Shares (directly or in the form of ADSs) applicable to one Ordinary Share (determined by reference to the definition of Last
    Reported Sale Price as set forth in Section 1.01 as if references therein to ADSs were to such Capital Stock or similar
    equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off
    (the “Valuation Period”); provided that,
    if there is no Last Reported Sale Price of the Capital Stock or similar equity interest distributed to holders of the Ordinary
    Shares (directly or in the form of ADSs) on such Ex-Dividend Date, the “Valuation Period”
    shall be the 10 consecutive Trading Day period after, and including the first Trading Day such Last Reported Sale Price is
    available; and

 

    63

     

    

 

	 	MP0	=	the average of the Last Reported Sale Prices of the ADSs over the Valuation Period.

 

The increase to the Conversion Rate under the preceding
paragraph shall occur at the close of business on the last Trading Day of the Valuation Period; provided that (x) in
respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the
Valuation Period, references to “10” in the portion of this Section 14.04(c) related to Spin-Offs shall be deemed
to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the Conversion
Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination
Settlement is applicable, for any Trading Day that falls within the relevant Observation Period for such conversion and within
the Valuation Period, references to “10” in the portion of this Section 14.04(c) related to Spin-Offs shall be
deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and
such Trading Day in determining the Conversion Rate as of such Trading Day of such Observation Period. If the dividend or distribution
that constitutes the Spin-Off is declared but not so paid or made, the Conversion Rate shall be immediately decreased, effective
as of the date the Board of Directors determines not to pay or make such dividend or distribution, to the Conversion Rate that
would then be in effect if such dividend or distribution constituting the Spin-Off had not been declared or announced.

 

For purposes of this Section 14.04(h)(2), rights,
options or warrants distributed by the Company to all holders of the Ordinary Shares (directly or in the form of ADSs) entitling
them to subscribe for or purchase the Company’s Capital Stock, including Ordinary Shares (directly or in the form of ADSs)
(either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event
or events (“Trigger Event”): (i) are deemed to be transferred with such Ordinary Shares (directly or in the
form of ADSs); (ii) are not exercisable; and (iii) are also issued in respect of future issuances of Ordinary Shares
(directly or in the form of ADSs), shall be deemed not to have been distributed for purposes of this Section 14.04(h)(2) (and
no adjustment to the Conversion Rate under this Section 14.04(h)(2) will be required) until the occurrence of the earliest
Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment
(if any is required) to the Conversion Rate shall be made under this Section 14.04(h)(2). If any such right, option or warrant,
including any such existing rights, options or warrants distributed prior to the date of this Indenture, are subject to events,
upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of
indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution
and Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options
or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition,
in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of
the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution
amount for which an adjustment to the Conversion Rate under this Section 14.04(h)(2) was made, (1) in the case of any
such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such
final redemption or purchase (x) the Conversion Rate shall be readjusted as if such rights, options or warrants had not been
issued and (y) the Conversion Rate shall then again be readjusted to give effect to such distribution, deemed distribution
or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price
received by a holder or holders of ADSs with respect to such rights, options or warrants (assuming such holder had retained such
rights, options or warrants), made to all holders of ADS as of the date of such redemption or purchase, and (2) in the case
of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion
Rate shall be readjusted as if such rights, options and warrants had not been issued.

 

    64

     

    

 

(3) If any dividend or distribution
is made to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs) (other than to the extent
such dividend or distribution constitutes a distribution of reserves or premiums for which an adjustment is specifically provided
for in Section 14.04(d)) solely in cash, the Conversion Rate shall be adjusted based on the following formula:

 

 

 

 where,

 

	 	CR0	=	the Conversion Rate in effect immediately prior to the open of business
    on the Ex-Dividend Date for the ADSs for such dividend or distribution;
	 	 	 	 
	 	CR	=  	the Conversion Rate in effect immediately after the open of business on
    the Ex-Dividend Date for such dividend or distribution;
	 	 	 	 
	 	SP0	=	the Last Reported Sale Price of the ADSs (divided by the number of
    Ordinary Shares then represented by one ADS) on the Trading Day immediately preceding the Ex-Dividend Date for such
    dividend or distribution; and
	 	 	 	 
	 	C	=	the amount in cash per Ordinary Share the Company distributes to all or
    substantially all holders of the Ordinary Shares (directly or in the form of ADSs).

 

Any increase pursuant to this Section 14.04(h)(3)
shall become effective immediately after the open of business on the Ex-Dividend Date for the ADSs for such dividend or distribution.
If such dividend or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of
Directors determines not to make or pay such dividend or distribution, to be the Conversion Rate that would then be in effect if
such dividend or distribution had not been declared.

 

Notwithstanding the foregoing, if “C”
(as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase,
each Holder of a Note shall receive, for each €1,000 principal amount of Notes it holds, at the same time and upon the same
terms as holders of ADS, the amount of cash that such Holder would have received if such Holder owned a number ADS equal to the
Conversion Rate in effect on the Ex-Dividend Date for such cash dividend or distribution.

 

(4) Notwithstanding anything to
the contrary in Section 14.01(h), the Conversion Rate shall not be adjusted:

 

(i) upon the issuance of any shares
of Ordinary Shares or ADSs pursuant to any present or future plan providing for the reinvestment of dividends or interest payable
on the Company’s securities and the investment of additional optional amounts in Ordinary Shares or ADSs under any plan;

 

(ii) upon the issuance of any
Ordinary Shares or ADSs or options, warrants or rights to purchase those Ordinary Shares or ADSs pursuant to any present or future
employee, director or consultant benefit plan or program of or assumed by the Company or any of the Company’s Subsidiaries;

 

(iii) upon the issuance of any
Ordinary Shares or ADSs pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described
in clause (ii) of this subsection and outstanding as of the date the Notes were first issued;

 

(iv) solely for a change in the
nominal value of the Ordinary Shares; or

 

(vi) for accrued and unpaid interest,
if any.

 

    65

     

    

 

(5) The Company shall not be required
to make an adjustment pursuant to clauses (1), (2) or (3) of this Section 14.04(h) unless such adjustment would result
in a change of at least 1% of the then effective Conversion Rate. However, if the Company does not adjust the Conversion Rate in
accordance with the immediately preceding sentence, the Company shall carry forward any adjustment that the Company would otherwise
have to make and take that adjustment into account in any subsequent adjustment. Notwithstanding the foregoing, all such carried-forward
adjustments shall be made: (i) when all such deferred adjustments would result in an aggregate change of at least 1% to the
Conversion Rate; (ii) the Conversion Date of (if Physical Settlement applies to such conversion), or each Trading Day of the
applicable Observation Period for (if Cash Settlement or Combination Settlement applies to such conversion), any Note; and (iii)
the date a Fundamental Change or Make-Whole Fundamental Change occurs.

 

(i) Notwithstanding
this Section 14.04 or any other provision of this Indenture or the Notes, if a Conversion Rate adjustment becomes effective
on any Ex-Dividend Date or Ex-Redemption Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date or Ex-Redemption
Date, as the case may be, and on or prior to the related Record Date would be treated as the record holder of the ADS (delivered
or to be delivered in respect of such conversion) as of the related Conversion Date as described under Section 14.02(i) based
on an adjusted Conversion Rate for such Ex-Dividend Date or Ex-Redemption Date, as applicable, then, notwithstanding the Conversion
Rate adjustment provisions in this Section 14.04, the Conversion Rate adjustment relating to such Ex-Dividend Date or Ex-Redemption
Date, as applicable, shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were
the record owner of the ADS on an unadjusted basis and participate in the related dividend, distribution or other event giving
rise to such adjustment.

 

(j) Except
as otherwise stated in this Indenture or as required by French law, the Company shall not adjust the Conversion Rate for the issuance
of Ordinary Shares or ADSs or any securities convertible into or exchangeable for Ordinary Shares or ADSs or the right to purchase
Ordinary Shares or ADSs or such convertible or exchangeable securities.

 

(k) In
addition to those adjustments required by clauses (a), (b), (c), (d), (e), (f), (g) and (h) of this Section 14.04, and
to the extent permitted by applicable law and subject to the applicable rules of The Nasdaq Global Market any exchange on which
any of the Company’s securities are then listed, the Company from time to time may increase the Conversion Rate by any amount
for a period of at least 20 Business Days if the Company determines that such increase would be in the Company’s best interest,
and the Company may (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to holders of the
Ordinary Shares or ADSs or rights to purchase Ordinary Shares or ADSs in connection with a dividend or distribution of shares of
Ordinary Shares or ADSs (or rights to acquire Ordinary Shares or ADSs) or similar event. Whenever the Conversion Rate is increased
pursuant to either of the preceding two sentences, the Company shall deliver to the Holder of each Note, the Trustee and the Conversion
Agent a notice of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall
state the increased Conversion Rate and the period during which it will be in effect.

 

(l) Whenever
the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee, the Paying Agent and the
Conversion Agent if not the Trustee an Officer’s Certificate setting forth the Conversion Rate after such adjustment and
setting forth a brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee and
the Conversion Agent shall have received such Officer’s Certificate, the Trustee and the Conversion Agent shall not be deemed
to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which
it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment
of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall
deliver such notice of such adjustment of the Conversion Rate to each Holder, which adjustment shall be conclusive and binding
on the Holders, absent manifest error. Failure to deliver such notice shall not affect the legality or validity of any such adjustment.

 

(m) For
purposes of this Section 14.04, the number of Ordinary Shares at any time outstanding (for purposes of determining the
outstanding Ordinary Share capital and whether dividends or distributions are made to all holders of the Ordinary Shares)
shall not include Ordinary Shares held in the treasury of the Company (directly or in the form of ADSs) so long as the
Company does not pay any dividend or make any distribution on Ordinary Shares held in the treasury of the Company (directly
or in the form of ADSs).

 

    66

     

    

 

(n) If
the Ordinary Shares cease to be represented by American Depositary Shares issued under a depositary receipt program sponsored by
the Company: (i) each reference in this Indenture to the ADSs related to the terms of the Notes will be deemed to have been replaced
by a reference to the number of Ordinary Shares and other property, if any, represented by the ADSs on the last day on which the
ADSs represented the Ordinary Shares as if such Ordinary Shares and other property had been distributed to holders of the ADSs
on that day and (ii) all references to the Last Reported Sale Price of the ADSs will be deemed to refer to the Last Reported Sale
Price of an Ordinary Share, and other appropriate adjustments, including adjustments to the Conversion Rate, will be made to reflect
such change.

 

(o)  Except
as otherwise provided for in this Indenture, in making any Conversion Rate adjustments described in this Indenture or as otherwise
required by French law, where currency translations between U.S. dollars or Euros, as the case may be, and any other currency are
required, the exchange rate in effect on the date of determination (as determined by the Company in good faith) will apply.

 

Section 14.05.
Adjustments of Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported
Sale Prices, the Daily VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, the Conversion Rate, the Distributed
Securities Daily VWAP or the ADS Price over a span of multiple days (including, without limitation, an Observation Period and
the period, if any, for determining the ADS Price for purposes of a Make-Whole Fundamental Change or a Redemption Period), the
Company shall make appropriate adjustments, without duplication, in respect of any adjustment made pursuant to Section 14.04 to
each to account for any adjustment to the Conversion Rate where the Ex-Dividend Date or the Effective Date of the event occurs,
at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values, the Daily Settlement
Amounts, the Conversion Rate, the Distributed Securities Daily VWAP or ADS Prices are to be calculated.

 

Section 14.06.
Ordinary Shares to Be Fully Paid. The Company shall use its commercially reasonable efforts to provide, free from
preferential subscription rights, sufficient newly issued Ordinary Shares (directly or in the form of ADS) to provide for conversion
of the Notes from time to time as such Notes are presented for conversion (assuming delivery of the maximum number of Additional
ADSs pursuant to Section 14.03 and that at the time of computation of such number of Ordinary Shares (directly or in the form
of ADSs), all such Notes would be converted by a single Holder and that Physical Settlement is applicable).

 

Section 14.07.
Effect of Recapitalizations, Reclassifications and Changes of the Ordinary Shares.

 

(a) In
the case of:

 

(i) any
recapitalization, reclassification or change of the Ordinary Shares (other than changes resulting from a subdivision or combination),

 

(ii) any
consolidation, merger, combination or similar transaction involving the Company,

 

(iii) any
sale, lease or other transfer to a third party of the consolidated assets of the Company and the Company’s Subsidiaries substantially
as an entirety or

 

(iv) any
statutory share exchange,

 

in each case, as a result of which the ADSs or the Ordinary
Shares would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination
thereof) (any such event, a “Share Exchange Event”), then, the Company or the successor or the acquiring company,
as the case may be, will execute with the Trustee without consent of Holders a supplemental indenture providing that, at and after
the effective time of such Share Exchange Event, the right to convert each €1,000 principal amount of Notes shall be changed
into a right to convert such principal amount of Notes into the kind and amount of shares of stock, other securities or other
property or assets (including cash or any combination thereof) that a holder of a number of ADS equal to the Conversion Rate immediately
prior to such Share Exchange Event would have owned or been entitled to receive (the “Reference Property”,
with each “unit of Reference Property” meaning the kind and amount of Reference Property that a holder of one
ADSs is entitled to receive) upon such Share Exchange Event; provided, however, that at and after the effective
time of the Share Exchange Event (A) the Company or the successor or acquiring company, as the case may be, shall continue to
have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion of Notes in
accordance with Section 14.02 and (B) (I) any amount payable in cash upon conversion of the Notes in accordance with Section 14.02
shall continue to be payable in cash, (II) any ADSs that the Company would have been required to deliver upon conversion of the
Notes in accordance with Section 14.02 shall instead be deliverable in the amount and type of Reference Property that a holder
of that number of ADSs would have received in such Share Exchange Event and (III) the Daily VWAP shall be calculated based on
the value of a unit of Reference Property (and, to the extent that such Daily VWAP for such unit of Reference Property is not
already reflected in euros, converted into euros at the Bloomberg screen EURUSD Curncy rate (or its equivalent successor page
if such page is not available) at 4:00 p.m. New York City time for such Trading Day).

 

    67

     

    

 

If the Share Exchange Event causes the ADSs or Ordinary Shares
to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part
upon any form of election of the holders of the Ordinary Shares), then (i) the Reference Property into which the Notes will
be convertible shall be deemed to be the weighted average of the types and amounts of consideration received by the holders of
the ADSs and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration
referred to in clause (i) attributable to one ADS. The Company shall notify Holders, the Trustee and the Conversion Agent
(if other than the Trustee) of such weighted average as soon as practicable after such determination is made.

 

If the holders of ADSs receive only cash in such Share Exchange
Event, then for all conversions that occur after the effective date of such Share Exchange Event (A) the consideration due
upon conversion of each €1,000 principal amount of Notes shall be solely cash in an amount equal to the Conversion Rate in
effect on the Conversion Date (as may be increased by any Additional ADSs pursuant to Section 14.03), multiplied by
the price paid per ADS (in U.S. dollars) in such Share Exchange Event (converted into euros at the Bloomberg screen EURUSD Curncy
rate (or its equivalent successor page if such page is not available) at 4:00 p.m., New York City time, on the effective date of
such Share Exchange Event) and (B) the Company shall satisfy the Conversion Obligation by paying cash to converting Holders
on the second New York Business Day immediately following the relevant Conversion Date (subject to any Settlement Extension in
the event such New York business day is not a Conversion Consideration Delivery Business Day).

 

If the Reference Property in respect of any Share Exchange Event
includes, in whole or in part, Common Equity, the supplemental indenture described in the second immediately preceding paragraph
shall provide for anti-dilution and other adjustments that the Company in good faith determines are as nearly equivalent as is
possible to the adjustments provided for in this Article 14 with respect to the portion of Reference Property constituting Common
Equity. If, in the case of any Share Exchange Event, the Reference Property includes shares of stock, securities or other property
or assets (including cash or any combination thereof) of a Person other than the Company or the successor or purchasing company,
as the case may be, in such Share Exchange Event, then such supplemental indenture shall also be executed by such other Person
and shall contain such additional provisions to protect the interests of the Holders of the Notes as the Board of Directors shall
reasonably consider necessary by reason of the foregoing, including the provisions providing for the purchase rights set forth
in Article 15.

 

(b) When
the Company executes a supplemental indenture pursuant to subsection (a) of this Section 14.07, the Company shall promptly
file with the Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of cash, securities
or property or asset that will comprise a unit of Reference Property after any such Share Exchange Event, any adjustment to be
made with respect thereto and that all conditions precedent have been complied with, and shall promptly deliver or cause to be
delivered notice thereof to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be delivered
to each Holder within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity
of such supplemental indenture.

 

    68

     

    

 

(c) None
of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes into cash, ADSs or a combination of
cash and ADSs, as applicable, as set forth in Section 14.01 and Section 14.02 prior to the effective date of such Share
Exchange Event.

 

(d) The
above provisions of this Section shall similarly apply to successive Share Exchange Event.

 

Section 14.08.
Certain Covenants. (a) The Company covenants that all Ordinary Shares delivered upon conversion of Notes, and all
Ordinary Shares will be fully paid and (to the extent applicable) non-assessable by the Company and free from all taxes, liens
and charges with respect to the issue thereof.

 

(b) The
Company covenants that, if any ADSs (or the Ordinary Shares represented by such ADSs) to be provided for the purpose of conversion
of Notes hereunder require registration with or approval of any governmental authority under any federal or state law before such
ADSs (or the Ordinary Shares represented by such ADSs) may be validly issued upon conversion, the Company will, to the extent then
permitted by the rules and interpretations of the Commission, secure such registration or approval, as the case may be.

 

(c) The
Company covenants that if at any time the ADSs shall be listed on any national securities exchange or automated quotation system
the Company will list and keep listed, so long as the ADSs shall be so listed on such exchange or automated quotation system, any
ADSs issuable upon conversion of the Notes.

 

(d) The
Company shall use its commercially reasonable efforts to take all such actions and obtain all such approvals and registrations
with respect to the conversion of the Notes into ADSs and the issuance, and deposit into the ADS facility, of the Ordinary Shares
represented by such ADSs.

 

(e) The
Company shall undertake to maintain, as long as the Notes are outstanding and remain convertible into ADSs, the effectiveness of
a registration statement on Form F-6 relating to the ADSs and an adequate number of ADSs available for issuance thereunder such
that ADSs can be delivered in accordance with the terms of this Indenture, the Notes, and the Deposit Agreement or the Restricted
Issuance Agreement, as applicable, upon Conversion of the Notes.

 

(f) In
accordance with the provisions of Article L. 228-98 of the French Commercial Code, the Company may, without requesting authorization
from the Holders of the Notes, redeem Ordinary Shares, change the Company’s distribution of profit or issue preferred shares
or other preferred equity instruments; provided, so long as any Notes are outstanding (or the Company has not yet settled
all conversions of Notes for which a Conversion Date under this Indenture has been established), the Company take the measures
necessary under the French Commercial Code to preserve the rights of the Holders of the Notes and, to the extent applicable, adjust
the Conversion Rate as provided in Article 14.

 

Section 14.09.
Responsibility of Trustee. The Trustee and any other Conversion Agent shall not at any time be under any duty or
responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may
require any adjustment (including any increase) of the Conversion Rate, or with respect to the nature or extent or calculation
of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided
to be employed, in making the same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity
or value (or the kind or amount) of any ADSs (or the Ordinary Shares represented by such ADSs), or of any securities, property
or cash that may at any time be issued or delivered upon the conversion of any Note; and the Trustee and any other Conversion
Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any
failure of the Company to issue, transfer or deliver any ADSs (or the Ordinary Shares represented by such ADSs) or stock certificates
or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of
the duties, responsibilities or covenants of the Company contained in this Article. Without limiting the generality of the foregoing,
neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions
contained in any supplemental indenture entered into pursuant to Section 14.07 relating either to the kind or amount of shares
of stock or securities or property (including cash) receivable by Holders upon the conversion of their Notes after any event referred
to in such Section 14.07 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01,
may accept (without any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall
be protected in conclusively relying upon, the Officer’s Certificate (which the Company shall be obligated to file with
the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor the Conversion
Agent shall be responsible for determining whether any event contemplated by Section 14.01(b) has occurred that makes the Notes
eligible for conversion or no longer eligible therefor until the Company has delivered to the Trustee and the Conversion Agent
the notices referred to in Section 14.01(b) with respect to the commencement or termination of such conversion rights, on which
notices the Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the Trustee
and the Conversion Agent immediately after the occurrence of any such event or at such other times as shall be provided for in
Section 14.01(b). Except as otherwise expressly provided herein, neither the Trustee nor any other agent acting under this Indenture
(other than the Company, if acting in such capacity) shall have any obligation to make any calculation or to determine whether
the Notes may be surrendered for conversion pursuant to this Indenture, or to notify the Company or the Depositary or any of the
Holders if the Notes have become convertible pursuant to the terms of this Indenture.

 

    69

     

    

 

Section 14.10.
Notice to Holders Prior to Certain Actions. In case of any:

 

(a) action
by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to Section 14.04;

 

(b) Share
Exchange Event; or

 

(c) voluntary
or involuntary dissolution, liquidation or winding-up of the Company or any of its Subsidiaries;

 

then, in each case (unless notice of such event is otherwise
required pursuant to another provision of this Indenture, including, without limitation, any notice required by Section 14.01(b)(iii)),
the Company shall cause to be filed with the Trustee and the Conversion Agent and to be delivered to each Holder, as promptly as
possible but in any event at least 20 days prior to the applicable date hereinafter specified, a notice stating (i) the date
on which a record is to be taken for the purpose of such action by the Company or one of its Subsidiaries or, if a record is not
to be taken, the date as of which the holders of Ordinary Shares or ADSs of record are to be determined for the purposes of such
action by the Company or one of its Subsidiaries, or (ii) the date on which such Share Exchange Event, dissolution, liquidation
or winding-up is expected to become effective or occur, and the date as of which it is expected that holders of Ordinary Shares
or ADSs of record shall be entitled to exchange their Ordinary Shares or ADSs for securities or other property deliverable upon
such Share Exchange Event, dissolution, liquidation or winding-up. Failure to give such notice, or any defect therein, shall not
affect the legality or validity of such action by the Company or one of its Subsidiaries, Share Exchange Event, dissolution, liquidation
or winding-up.

 

Section 14.11.
Suspension Period. In the event of an increase in the Company’s share capital, a consolidation, spin-off or
merger of the Company, or issuance of new shares or securities conferring rights to receive the Ordinary Shares (as such terms
and concepts are understood under Articles L. 225-149-1 and R 225-133 of the French Commercial Code, the Company will be entitled
to suspend (the “Suspension Right”) its obligation to settle conversions for a period of not more than three
months or such other period as may be established by applicable regulations (a “Suspension Period”). To the
extent permitted under applicable French law, (i) the Company will not exercise its Suspension Right more than once per calendar
year and (ii) the Company will limit any Suspension Period to two months or less.

 

If a Holder converts during the Suspension Period the Company
will not be able to effect the settlement of such conversion until after the termination of the Suspension Period. In the event
of a conversion settled in whole or in part with ADSs any such converting Holder will not benefit from any right as holder of ADSs
before the conversion is settled.

 

Any decision by the Company to suspend its obligation to
settle conversions will be published in the Bulletin des Annonces légales obligatoires, or any successor, as the case
may be, so long as required by French law. This notice will be published not less than seven calendar days prior to the date
on which such suspension comes into effect and will indicate both the date on which the suspension comes into effect and the
date on which it ends. In addition, the Company shall provide written notice to each of the Holders, the Trustee, the Paying
Agent and the Conversion Agent of such suspension not less than seven calendar days prior to the date on which such
Suspension Period comes into effect and will indicate both the date on which the Suspension Period comes into effect and the
date on which it ends (the “Suspension Notice”).

 

    70

     

    

 

If any Settlement Date falls within a Suspension Period, any
consideration to be delivered or paid upon conversion of the Notes will be delayed as described in Section 14.02(c).

 

Section
14.12. Exchange In Lieu Of Conversion. (a) When a Holder surrenders its Notes for conversion, the Company
may, at its election, direct the Conversion Agent in writing to deliver, on or prior to 9:00 a.m. (New York City time) on the
second Business Day immediately following the relevant Conversion Date, such Notes to one or more financial institutions
designated by the Company (the “Designated Institution”) for exchange in lieu of conversion (an
“Exchange Election”). In order to accept any Notes surrendered for conversion for exchange in lieu of
conversion, the Designated Institution must agree to timely pay or deliver, as the case may be, in exchange for such Notes,
the cash, ADSs or combination of cash and ADSs, at the Company’s election, that would otherwise be due upon conversion
as described in Section 14.02 above, or such other amount agreed to by the converting Holder and the Designated Institution
(the “Conversion Consideration”). If the Company makes the election described above, the Company shall, by
9:00 a.m. (New York City time) on the second Business Day following the relevant Conversion Date, notify in writing the
Trustee, the Conversion Agent and the Holder surrendering Notes for conversion that it has made such Exchange Election, and
the Company shall concurrently notify the Designated Institution of the relevant deadline for delivery of the Conversion
Consideration and the type of Conversion Consideration that would otherwise be due upon conversion as described in Section
14.02 above. Any Notes exchanged by the Designated Institution will remain outstanding, subject to applicable procedures of
the Depositary.

 

(b) If
the Designated Institution agrees to accept any Notes for exchange but does not timely deliver the related Conversion Consideration,
or if the Designated Institution does not accept such Notes for exchange, the Company shall, within the time period specified in
Section 14.02(c), deliver the Conversion Consideration in accordance with the provisions of Section 14.02.

 

(c) The
Company’s designation of a Designated Institution pursuant to this Section 14.12 require the Designated Institution to accept
any Notes for exchange.

 

Article
15

REPURCHASE OF NOTES AT
OPTION OF HOLDERS

 

Section 15.01.
Intentionally Omitted.

 

Section 15.02.
Repurchase at Option of Holders Upon a Fundamental Change. (a)
If a Fundamental Change occurs at any time prior to the Maturity Date, each Holder shall have the right, at such Holder’s
option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion thereof properly surrendered
and not validly withdrawn pursuant to Section 15.03 that is equal to €1,000 or an integral multiple of €1,000 in excess
of such amount (provided that a Holder may require the Company to purchase less than all of its Notes only if after the purchase
thereof such Holder holds Notes in a minimum denomination of €100,000 or an integral multiple of €1,000 in excess
thereof), on the day (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than
20 or more than 35 New York Business Days following the date of the Fundamental Change Company Notice at a repurchase price equal
to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change
Repurchase Date (the “Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date
falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date relates, in which
case the Company shall instead pay on such Interest Payment Date to the Holder of record on such Regular Record Date the full
amount of accrued and unpaid interest, and the Fundamental Change Repurchase Price shall be equal to 100% of the principal amount
of Notes to be repurchased pursuant to this Article 15. The Fundamental Change Repurchase Date, as of the date of the related
Fundamental Change Repurchase Notice, must be a day that satisfies the first three clauses of the definition of Payment Business
Day.

 

(b) Repurchases
of Notes under this Section 15.02 shall be made, at the option of the Holder thereof, upon:

 

    71

     

    

 

(i) delivery
to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the
form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in
compliance with the Depositary’s applicable procedures for surrendering interests in Global Notes, if the Notes are Global
Notes, in each case on or before 9:00 a.m. (New York City time) on the second Business Day immediately preceding the Fundamental
Change Repurchase Date; and

 

(ii) delivery
of the Notes, if the Notes are Physical Notes, to the Paying Agent at any time after delivery of the Fundamental Change Repurchase
Notice (together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry
transfer of the Notes, if the Notes are Global Notes, in compliance with the applicable procedures of the Depositary, in each case
such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor.

 

The Fundamental Change Repurchase Notice in respect of any Notes
to be repurchased shall state:

 

(i) in
the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase;

 

(ii) the
portion of the principal amount of Notes to be repurchased, which must be €1,000 or an integral multiple of €1,000
in excess of such amount; and

 

(iii) that
the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;

 

provided, however, that if the Notes are Global
Notes, the Fundamental Change Repurchase Notice must comply with applicable Depositary procedures.

 

Notwithstanding anything herein to the contrary, any Holder
delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this Section 15.02 shall have the
right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to 9:00 a.m. (New York City
time) on the second Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of
withdrawal to the Paying Agent in accordance with Section 15.03.

 

The Paying Agent shall promptly notify the Company of the receipt
by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof.

 

(c) On
or before the 20th calendar day after the occurrence of the effective date of a Fundamental Change, the Company shall provide to
all Holders of Notes and the Trustee and the Paying Agent a notice (the “Fundamental Change Company Notice”)
of the occurrence of the effective date of the Fundamental Change and of the repurchase right at the option of the Holders arising
as a result thereof. In the case of Physical Notes, such notice shall be by first class mail or, in the case of Global Notes, such
notice shall be delivered in accordance with the applicable procedures of the Depositary. Each Fundamental Change Company Notice
shall specify:

 

(i) the
events causing the Fundamental Change;

 

(ii) the
effective date of the Fundamental Change;

 

(iii) the
last date on which a Holder may exercise the repurchase right pursuant to this Article 15;

 

(iv) the
Fundamental Change Repurchase Price;

 

(v) the
Fundamental Change Repurchase Date;

 

(vi) the
name and address of the Trustee, Paying Agent and the Conversion Agent;

 

(vii) the
Conversion Rate and any adjustments to the Conversion Rate;

 

    72

     

    

 

(viii) that
the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be converted only if
the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and

 

(ix) the
procedures that Holders must follow to require the Company to repurchase their Notes.

 

No failure of the Company to give the foregoing notices and
no defect therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for the repurchase
of the Notes pursuant to this Section 15.02.

 

At the Company’s request, given at least five days prior
to the date the Fundamental Change Company Notice is to be sent (or such shorter period as may be acceptable to the Trustee), the
Trustee shall give such notice in the Company’s name and at the Company’s expense; provided, however,
that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company.

 

(d) Notwithstanding
the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon a Fundamental Change if
the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date
(except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase
Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held
by it during the acceleration of the Notes (except in the case of an acceleration resulting from a Default by the Company in the
payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry transfer of
the Notes in compliance with the applicable procedures of the Depositary shall be deemed to have been cancelled, and, upon such
return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have
been withdrawn.

 

(e) The
Company shall not be required to make an offer to repurchase Notes upon the occurrence of a Fundamental Change otherwise required
under this Section 15.02 if a third party makes an offer to purchase Notes in a manner, at the times and otherwise in compliance
with the requirements set forth in this Indenture applicable to such an offer by the Company and such third party purchases all
Notes properly tendered and not validly withdrawn under such offer to purchase.

 

Section 15.03.
Withdrawal of Fundamental Change Repurchase Notice. (a) A Fundamental Change Repurchase Notice may be withdrawn
(in whole or in part) by means of a written notice of withdrawal received by the Paying Agent in accordance with this Section
15.03 at any time prior to 9:00 a.m. (New York City time) on the second Business Day immediately preceding the Fundamental Change
Repurchase Date, specifying:

 

(i) the
principal amount of the Notes with respect to which such notice of withdrawal is being submitted, which must be €1,000 or
a multiple thereof,

 

(ii) if
Physical Notes have been issued, the certificate number of the Note in respect of which such notice of withdrawal is being submitted,
and

 

(iii) the
principal amount, if any, of such Note that remains subject to the original Fundamental Change Repurchase Notice, which portion
must be in principal amounts of €1,000 or an integral multiple of €1,000 in excess thereof;

 

provided, however, that if the Notes are Global
Notes, the notice must comply with appropriate procedures of the Depositary.

 

Section 15.04.
Deposit of Fundamental Change Repurchase Price. (a) The Company will deposit with the Paying Agent, or if the
Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04, on or prior to
6:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase all of the
Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the
Paying Agent, payment for Notes surrendered for repurchase (and not withdrawn prior to 9:00 a.m. (New York City time) on the second
Business Day immediately preceding the Fundamental Change Repurchase Date) will be made on the later of (i) the Fundamental
Change Repurchase Date (provided the Holder has satisfied the conditions in Section 15.02) and (ii) the time of book-entry
transfer or the delivery of such Note to the Paying Agent by the Holder thereof in the manner required by Section 15.02 by mailing
checks for the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Note Register; provided,
however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of
the Depositary or its nominee. The Paying Agent shall, promptly after such payment and upon written demand by the Company, return
to the Company any funds in excess of the Fundamental Change Repurchase Price.

 

    73

     

    

 

(b) If
by 10:00 a.m. (London, England time), on the Fundamental Change Repurchase Date, the Paying Agent holds money sufficient to make
payment on all the Notes or portions thereof that are to be repurchased on such Fundamental Change Repurchase Date, then, with
respect to the Notes that have been properly surrendered for repurchase and have not been validly withdrawn in accordance with
the provisions of this Indenture, (i) such Notes will cease to be outstanding, (ii) interest will cease to accrue on
such Notes (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying
Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental
Change Repurchase Price).

 

(c) Upon
surrender of a Note that is to be repurchased in part pursuant to Section 15.02, the Company shall execute and the Trustee shall
authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unrepurchased
portion of the Note surrendered.

 

Section 15.05.
Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer, the Company
will, if required:

 

(a) comply
with the applicable provisions of the tender offer rules under the Exchange Act;

 

(b) file
a Schedule TO or any other required schedule under the Exchange Act; and

 

(c) otherwise
comply with all federal and state securities laws in connection with any offer by the Company to repurchase the Notes;

 

in each case, so as to permit the rights and obligations under
this Article 15 to be exercised in the time and in the manner specified in this Article 15.

 

To the extent that the provisions of any U.S. securities laws
or regulations enacted after the date of this Indenture conflict with the provisions of this Indenture relating to the Company’s
obligations to purchase the Notes upon a Fundamental Change, the Company will comply with the applicable U.S. securities laws and
regulations and will not be deemed to have breached its obligations under such provisions of this Indenture by virtue of such conflict.

 

Article
16

OPTIONAL REDEMPTION

 

Section 16.01.
Optional Redemption for Changes in the Tax Law of the Relevant Taxing Jurisdiction. Other than as described in this
Article 16 in the case of a Change in Tax Law Redemption or a Provisional Optional Redemption, the Notes may not be redeemed
by the Company at its option prior to maturity and no sinking fund is provided for the Notes. If the Company has, or on the next
Interest Payment Date would, become obligated to pay to the Holder of any Note Additional Amounts, as a result of:

 

(a) on
or after September 5, 2019 (or, in the case of a jurisdiction that becomes a Relevant Taxing Jurisdiction after such date, after
the date on which such jurisdiction becomes a Relevant Taxing Jurisdiction), any changes in, or amendments to, the laws of any
rules or regulations of a relevant taxing jurisdiction, which change or amendment has not been publicly announced before and becomes
effective in a form substantially similar to the prior public announcement on or after September 5, 2019 (or, in the case of a
jurisdiction that becomes a relevant taxing jurisdiction after such date, after the date on which such jurisdiction becomes a relevant
taxing jurisdiction); or

 

    74

     

    

 

(b) on
or after September 5, 2019 (or, in the case of a jurisdiction that becomes a relevant taxing jurisdiction after such date, after
the date on which such jurisdiction becomes a relevant taxing jurisdiction), any change in, or amendment to, an interpretation,
administration or application of such laws, rules or regulations by any legislative body, court, governmental agency, taxing authority
or regulatory or administrative authority of such relevant taxing jurisdiction (including the enactment of any legislation and
the announcement or publication of any judicial decision or regulatory or administrative interpretation or determination), which
change, amendment, interpretation, administration, application, enactment, announcement or publication has not been publicly announced
before and becomes effective in a form substantially similar to the prior public announcement on or after September 5, 2019 (or,
in the case of a jurisdiction that becomes a relevant taxing jurisdiction after such date, after the date on which such jurisdiction
becomes a relevant taxing jurisdiction);

 

(each, a “Change in Tax Law”), subject to
Section 16.05, the Company may, at its option, redeem (a “Change in Tax Law Redemption”) for cash all but not
part of the Notes (except in respect of certain Holders that elect otherwise as described below) at a “Change in Tax Law
Redemption Price” equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest,
if any, to, but excluding the date on which the Notes are redeemed (the “Change in Tax Law Redemption Date”),
including, for the avoidance of doubt, any Additional Amounts with respect to such Change in Tax Law Redemption Price; provided
that the Company may only redeem the Notes in connection with a Change in Tax Law Redemption if: (i) the Company cannot avoid
such obligations by taking commercially reasonable measures available to the Company (provided that changing the jurisdiction
of incorporation of the Company shall be deemed not to be a commercially reasonable measure); and (ii) the Company delivers
to the Trustee an opinion of outside legal counsel of recognized standing in the Relevant Taxing Jurisdiction and an Officer’s
Certificate attesting to such Change in Tax Law and obligation to pay Additional Amounts (which opinion, for the avoidance of doubt,
shall not be required to include an opinion as to whether “commercially reasonable efforts” could be undertaken to
avoid the otherwise applicable obligations).

 

If the Change in Tax Law Redemption Date
occurs after a Regular Record Date and on or prior to the corresponding Interest Payment Date, the Company shall pay, on such Interest
Payment Date, the full amount of accrued and unpaid interest, if any, due on such Interest Payment Date to the record holder of
the Notes on the Regular Record Date corresponding to such Interest Payment Date, and the Change in Tax Law Redemption Price payable
to the Holder who presents a Note for redemption shall be equal to 100% of the principal amount of such Note, including, for the
avoidance of doubt, any Additional Amounts with respect to such Change in Tax Law Redemption Price.

 

The Company shall give Holders of Notes,
the Trustee and the Paying Agent not less than 50 nor more than 65 Scheduled Trading Days’ notice prior to the Change in
Tax Law Redemption Date (the “Change in Tax Law Redemption Notice” and the date on which such Change in Tax
Law Redemption Notice is delivered, the “Change in Tax Law Redemption Notice Date”). The Change in Tax Law Redemption
Date must be, as of the date of the Tax Law Redemption Notice Date, a day that satisfies the first three clauses of the definition
of Payment Business Day. The Company may not specify a Change in Tax Law Redemption Date that falls on or after the 44th Scheduled
Trading Day immediately preceding the Maturity Date. The Change in Tax Law Redemption Notice must be irrevocable and not be conditional.

 

(c) The Change in Tax Law Redemption Notice
shall specify:

 

(i) The Change in Tax Law Redemption Date
(which must be a Payment Business Day);

 

(ii) the Change in Tax Law Redemption Price;

 

(iii) that, unless a Holder makes a Non-Tax
Redemption Election, on the Change in Tax Law Redemption Date, the Change in Tax Law Redemption Price will become due and payable
upon each such Note, and that interest thereon, if any, shall cease to accrue on and after said date;

 

(iv) the name and address of the Trustee,
the Paying Agent and Conversion Agent;

 

    75

     

    

 

(v) the place or places where such Notes are
to be surrendered for payment of the Change in Tax Law Redemption Price;

 

(vi) that Holders may surrender their Notes
for conversion at any time prior to 9:00 a.m. (New York City time) on the second Business Day preceding the Change in Tax Law Redemption
Date;

 

(vii) the procedures a converting Holder must
follow to convert its Notes;

 

(viii) the procedures a Holder must follow
to make a Non-Tax Redemption Election; and

 

(ix) the ISIN, Common Code or other similar
numbers, if any, assigned to such Notes.

 

At the Company’s request, the Trustee
shall give the Change in Tax Law Redemption Notice in the name of and at the Company’s expense; provided, however,
that the Company has delivered to the Trustee, at least five Business Days prior to the date that the Change in Tax Law Redemption
Notice is required to be given to the Holders (unless a shorter notice period shall be agreed to by the Trustee), an Officer’s
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided
in the preceding paragraph.

 

(d) Upon receiving such Change in Tax Law
Redemption Notice, a Holder shall have the right to elect to not have its Notes redeemed (a “Non-Tax Redemption Election”),
in which case the Company shall not be obligated to pay any Additional Amounts on any payment with respect to such Notes solely
as a result of such Change in Tax Law that resulted in the obligation to pay such Additional Amounts (whether upon conversion,
a repurchase in connection with a Fundamental Change, maturity on the Maturity Date or otherwise, and whether in ADSs, Reference
Property or otherwise) after the Change in Tax Law Redemption Date (or, if the Company fails to pay the Change in Tax Law Redemption
Price on the Change in Tax Law Redemption Date, such later date on which the Company pays the Change in Tax Law Redemption Price),
and all future payments with respect to such Notes shall be subject to the deduction or withholding of such Relevant Taxing Jurisdiction
and taxes required by law to be deducted or withheld as a result of such Change in Tax Law; provided that, notwithstanding
the foregoing, if a Holder electing not to have its Notes redeemed converts its Notes prior to 9:00 a.m. (New York City time) on
the second Business Day immediately preceding the Change in Tax Law Redemption Date, the Company shall be obligated to pay Additional
Amounts, if any, with respect to such conversion.

 

Subject to the applicable procedures or the
Depositary in the case of Global Notes, in order to make a Non-Tax Redemption Election, a Holder must deliver to the Company, with
a copy to the Paying Agent, a written notice of such Non-Tax Redemption Election no later than 9:00 a.m. (New York City time) on
the second business day immediately preceding the Change in Tax Law Redemption Date or by otherwise complying with the requirements
for conversion in Section 14.02(b) during the related Redemption Period; provided that, for the avoidance of doubt, the Company
will be obligated to pay Additional Amounts, if any, with respect to such conversion. Subject to the applicable procedures or the
Depositary in the case of Global Notes, a Holder may withdraw its Non-Tax Redemption Election by delivering to the Company and
the Paying Agent a written notice of withdrawal no later than 9:00 a.m. (New York City time) on the second Business Day immediately
preceding the Change in Tax Law Redemption Date (or, if the Company fail to pay the Change in Tax Law Redemption Price on the Change
in Tax Law Redemption Date, 9:00 a.m. (New York City time) on the Business Day immediately preceding the date on which the Change
in Tax Law Redemption Price has been duly provided for).

 

Section 16.02.
Provisional Optional Redemption. Other than as described in in Section 16.01, the Notes shall not be redeemable
by the Company prior to September 6, 2022. Subject to Section 16.05, on or after September 6, 2022, the Company may redeem (a
“Provisional Optional Redemption”) for cash all or part of the Notes on any Payment Business Day prior to the
Maturity Date, at its option (x) if the Last Reported Sale Price of the ADS (converted into euros in accordance with the definition
of “Last Reported Sale Price”) has been at least 130% of the Conversion Price then in effect for at least 20 Trading
Days (whether or not consecutive) during any 30 consecutive Trading Day period (including the last Trading Day of such period)
ending on, and including, the Trading Day immediately preceding the Provisional Optional Redemption Notice Date, upon notice as
set forth in 16.03, at the Provisional Optional Redemption Price.

 

    76

     

    

 

Section
16.03. Notice of Provisional Optional Redemption; Selection of Notes. (a) In
case the Company exercises its Provisional Optional Redemption right to redeem all or, as the case may be, any part of the Notes
pursuant to ‎Section 16.02, it shall fix a date for redemption (the “Provisional Optional Redemption Date”)
and it shall deliver a notice of such Provisional Optional Redemption (a “Provisional Optional Redemption Notice”,
and the date on which such Provisional Optional Redemption Notice is delivered, the “Provisional Optional Redemption
Notice Date”) not less than 50 nor more than 65 Scheduled Trading Days prior to the Provisional Optional Redemption
Date to the Trustee, the Conversion Agent, the Paying Agent and each Holder of Notes. The Provisional Optional Redemption Date
must be, as of the date of the applicable Provisional Optional Redemption Notice Date, a day that satisfies the first three clauses
of the definition of Payment Business Day and the Company may not specify a Provisional Optional Redemption Date that falls on
or after the 44th Scheduled Trading Day immediately preceding the Maturity Date.

 

(b) The
Provisional Optional Redemption Notice, if delivered in the manner herein provided, shall be conclusively presumed to have been
duly given, whether or not the Holder receives such notice. In any case, the failure to deliver such Provisional Optional Redemption
Notice or any defect in the Provisional Optional Redemption Notice to the Holder of any Note designated for redemption as a whole
or in part shall not affect the validity of the proceedings for the redemption of any other Note. Each Provisional Optional Redemption
Notice must be irrevocable and may not be conditional.

 

(c) Each
Provisional Optional Redemption Notice shall specify:

 

(i) The Provisional Optional Redemption Date
(which must be a Business Day);

 

(ii) the Provisional Optional Redemption Price;

 

(iii) that on the Provisional Optional Redemption
Date, the Provisional Optional Redemption Price will become due and payable upon each such Note, and that interest thereon, if
any, shall cease to accrue on and after said date;

 

(iv) the name and address of the Paying Agent
and Conversion Agent;

 

(v) the place or places where such Notes are
to be surrendered for payment of the Provisional Optional Redemption Price;

 

(vi) that Holders may surrender their Notes
for conversion at any time prior to 9:00 a.m. (New York City time) on the second Business Day preceding the Provisional Optional
Redemption Date;

 

(vii) the procedures a converting Holder must
follow to convert its Notes;

 

(viii) the ISIN, Common Code or other similar
numbers, if any, assigned to such Notes; and

 

(ix) in case any Note is to be redeemed in
part only, the portion of the principal amount thereof to be redeemed and on and after the Provisional Optional Redemption Date,
upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof shall be issued.

 

At the Company’s request, the Trustee
shall give the Provisional Optional Redemption Notice in the name of and at the Company’s expense; provided, however, that
the Company has delivered to the Trustee, at least five Business Days prior to the date that the notice is required to be given
to the Holders (unless a shorter notice period shall be agreed to by the Trustee), an Officer’s Certificate requesting that
the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph.
If fewer than all of the outstanding Notes are to be redeemed, the Notes to be redeemed will be selected according to the Depositary’s
applicable procedures, in the case of Notes represented by a Global Note, or, in the case of Notes represented by Physical Notes,
by lot, on a pro rata basis or by another method the Trustee deems to be appropriate and fair. If any Note selected for partial
redemption is submitted for conversion in part after such selection, the portion of the Note submitted for conversion shall be
deemed (so far as may be possible) to be the portion selected for redemption.

 

    77

     

    

 

(b) If fewer than all of the outstanding Notes are to be redeemed
pursuant to Section 16.02 and this Section 16.03, the Notes or portions thereof of Notes to be redeemed shall be selected (in principal
amounts of €1,000 or integral multiples of €1,000 in excess thereof) (1) if the Notes are in global form, then by lot
or otherwise in accordance with the applicable procedures of the Depositary or (2) if the Notes are not in global form, then on
a pro rata basis, by lot or by such other method as the Trustee in its sole discretion shall deem fair and appropriate. If any
Note selected for partial redemption is submitted for conversion in part after such selection, the portion of the Note submitted
for conversion shall be deemed (so far as may be possible) to be the portion selected for redemption.

 

Section 16.04.
Payment of Notes Called for Redemption. (a) If any Redemption
Notice has been given in respect of the Notes in accordance with Section 16.01 or ‎Section 16.03, the Notes shall become
due and payable on the applicable Redemption Date at the place or places stated in the applicable Redemption Notice and at the
applicable Redemption Price. On presentation and surrender of the Notes at the place or places stated in the applicable Redemption
Notice, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price.

 

(b) No
later than 10:00 a.m. (London, England time) on the applicable Redemption Date, the Company shall deposit with the Paying Agent
or, if the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in ‎Section 4.03(b), an amount
of cash (in immediately available funds if deposited on the Redemption Date) sufficient to pay the applicable Redemption Price
of all of the Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes
to be redeemed shall be made promptly after the later of:

 

(i)        the
Redemption Date for such Notes; and

 

(ii)       the
time of presentation of such Note to the Trustee by the Holder thereof in the manner required by this ‎Section 16.04.

 

(c) Upon redemption of a Physical Note in part pursuant to Sections
16.02 and 16.03, the Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Note in an authorized
denomination equal in principal amount to the unredeemed portion of the Note.

 

Section
16.05. Restrictions on Redemption. No Notes may be redeemed pursuant to this Article
16 if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such
date (except in the case of an acceleration resulting from a default by the Company in the payment of the applicable Redemption
Price).

 

Article
17

MISCELLANEOUS PROVISIONS

 

Section 17.01.
Provisions Binding on Company’s Successors. All the covenants, stipulations, promises and agreements of the
Company contained in this Indenture shall bind its successors and assigns whether so expressed or not.

 

Section 17.02.
Official Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture authorized or required
to be done or performed by any of the Board of Directors, any authorized committee thereof or Officer of the Company shall and
may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity
that shall at the time be the lawful sole successor of the Company.

 

Section 17.03.
Addresses for Notices, Etc. Any notice or demand that by any provision of this Indenture is required or permitted
to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made,
for all purposes if given or served by being deposited postage prepaid by registered or certified mail in a post office letter
box addressed (until another address is filed by the Company with the Trustee) to Talend S.A., 800 Bridge Parkway, Redwood City,
California 94065, Attention: Secretary.

 

    78

     

    

 

Any notice, direction, request or demand hereunder to or upon
the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage
prepaid by registered or certified mail in a post office letter box addressed to the Corporate Trust Office or sent electronically
in PDF format. The Trustee, by notice to the Company and the Holders, may designate additional or different addresses for subsequent
notices or communications.

 

Any notice, direction, request or demand hereunder to or upon
the Conversion Agent shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited
postage prepaid by registered or certified mail in a post office letter box addressed to the Conversion Agent Office or sent electronically
in PDF format. The Conversion Agent, by notice to the Company and the Holders, may designate additional or different addresses
for subsequent notices or communications.

 

Any notice, direction, request or demand hereunder to or upon
the Paying Agent shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited
postage prepaid by registered or certified mail in a post office letter box addressed to the Paying Agent Office or sent electronically
in PDF format. The Paying Agent, by notice to the Company and the Holders, may designate additional or different addresses for
subsequent notices or communications.

 

Any notice, direction, request or demand hereunder to or upon
the Note Registrar shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited
postage prepaid by registered or certified mail in a post office letter box addressed to the Note Registrar or sent electronically
in PDF format. The Note Registrar, by notice to the Company and the Holders, may designate additional or different addresses for
subsequent notices or communications.

 

Any notice or communication delivered or to be delivered to
a Holder of Physical Notes shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the Note
Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or communication delivered or
to be delivered to a Holder of Global Notes shall be delivered in accordance with the applicable procedures of the Depositary and
shall be sufficiently given to it if so delivered within the time prescribed.

 

Failure to mail or deliver a notice or communication to a Holder
or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed or delivered,
as the case may be, in the manner provided above, it is duly given, whether or not the addressee receives it.

 

In case by reason of the suspension of regular mail service
or by reason of any other cause it shall be impracticable to give such notice to Holders by mail, then such notification as shall
be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

Section 17.04.
Governing Law; Jurisdiction. THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR
RELATED TO THIS INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

 

The Company has irrevocably appointed Talend Inc. as its authorized
agent in the city of New York upon which process may be served in any such suit or proceeding arising under this Indenture or any
Note, and the Company agrees that service of process upon such agent, and written notice of said service to the Company by the
person serving the same to the address provided in Section 17.03, shall be deemed in every respect effective service of process
upon the Company in any such suit or proceeding arising under this Indenture or any Note. The Company further agrees to take any
and all action as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period
of seven years from the date of this Indenture.

 

The Company irrevocably consents and agrees, for the benefit
of the Holders from time to time of the Notes and the Trustee, that any legal action, suit or proceeding against it with respect
to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes may be brought
in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City,
New York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits
to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any action,
suit or proceeding for itself in respect of its properties, assets and revenues.

 

    79

     

    

 

The Company irrevocably and unconditionally waives, to the fullest
extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions,
suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New York or the
courts of the United States located in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has
been brought in an inconvenient forum.

 

To the extent that the Company or any of its properties, assets
or revenues is or may hereafter become entitled to, or have attributed to them, any right of immunity, on the grounds of sovereignty,
from any legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process,
from attachment upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution of judgment, or
other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which
proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out
of or in connection with this Indenture, any Note, the Deposit Agreement or the Restricted Issuance Agreement, the Company hereby
irrevocably and unconditionally, to the extent permitted by applicable law, waives and agrees not to plead or claim any such immunity
and consents to such relief and enforcement.

 

Section 17.05.
Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application
or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish
to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that such action is permitted by the terms of
this Indenture; provided that no Opinion of Counsel shall be required to be delivered in connection with the removal of
the restricted ISIN and Common Code numbers of the Restricted Securities to unrestricted ISIN and Common Code numbers pursuant
to the applicable procedures of the Depositary upon the Notes becoming freely tradable by non-Affiliates of the Company under
Rule 144, unless a new Note is to be issued; provided further that no Opinion of Counsel shall be required to be delivered
in connection with a request by the Company that the Trustee deliver a notice to Holders under this Indenture where the Trustee
receives an Officer’s Certificate with respect to such notice. With respect to matters of fact, an Opinion of Counsel may
rely on an Officer’s Certificate or certificates of public officials.

 

Each Officer’s Certificate and Opinion of Counsel provided
for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to compliance with this Indenture
(other than the Officer’s Certificates provided for in Section 4.08) shall include (a) a statement that the person signing
such certificate is familiar with the requested action and this Indenture; (b) a brief statement as to the nature and scope
of the examination or investigation upon which the statement contained in such certificate is based; (c) a statement that,
in the judgment of such person, he or she has made such examination or investigation as is necessary to enable him or her to express
an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement as to whether or
not, in the judgment of such person, such action is permitted by this Indenture and that all conditions precedent thereto have
been complied with.

 

Notwithstanding anything to the contrary in this Section 17.05,
if any provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel in connection
with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to such Opinion of Counsel.

 

Section
17.06. Legal Holidays. In any case where any Interest Payment Date, Fundamental Change Repurchase Date,
Redemption Date or Maturity Date is not a Payment Business Day, then any action to be taken on such date need not be taken on
such date, but may be taken on the next succeeding Payment Business Day with the same force and effect as if taken on such
date, and no interest shall accrue and no Default will arise under this Indenture in respect of the delay. If any Settlement
Date in respect of a conversion falls on a day that is not a Conversion Consideration Delivery Business Day, the required
payment and / or delivery of conversion consideration due on such Settlement Date will be made, subject to postponement in
connection with a Suspension Period, on the next succeeding Conversion Consideration Delivery Business Day and no interest on
such conversion consideration will accrue and no Default will arise under this Indenture in respect of the delay (a
“Settlement Extension”).

 

    80

     

    

 

 

Section
17.07. No Security Interest Created. Nothing in this Indenture or in the Notes, expressed
or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as
now or hereafter enacted and in effect, in any jurisdiction.

 

Section
17.08. Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or
implied, shall give to any Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating
agent, any Note Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this
Indenture.

 

Section
17.09. Table of Contents, Headings, Etc. The table of contents and the titles and headings
of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered
a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

Section
17.10. Authenticating Agent. The Trustee may appoint an authenticating agent that shall
be authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection with
the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section 2.04, Section 2.05, Section
2.06, Section 2.07, Section 10.04 and Section 15.04 as fully to all intents and purposes as though the authenticating agent had
been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all purposes of this Indenture,
the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such
Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating
agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication.
Such authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.08.

 

Any corporation or other entity into which any authenticating
agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger,
consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to
the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such
successor corporation or other entity is otherwise eligible under this Section 17.10, without the execution or filing of any paper
or any further act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity.

 

Any authenticating agent may at any time resign by giving written
notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating
agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section,
the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment
to the Company and shall deliver notice of such appointment to all Holders.

 

The Company agrees to pay to the authenticating agent from time
to time reasonable compensation for its services although the Company may terminate the authenticating agent, if it determines
such agent’s fees to be unreasonable.

 

The provisions of Section 7.02, Section 7.03, Section 7.04,
Section 8.03 and this Section 17.10 shall be applicable to any authenticating agent.

 

If an authenticating agent is appointed pursuant to this Section
17.10, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate
of authentication in the following form:

 

                                                   ,

as Authenticating Agent, certifies that this is one of the Notes described in the within-named Indenture.

 

    81

     

    

 

	By:	 	
 

Authorized Signatory  

 

Section
17.11. Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall
be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this
Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture
as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto
transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section
17.12. Severability. In the event any provision of this Indenture or in the Notes shall
be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining
provisions shall not in any way be affected or impaired.

 

Section
17.13. Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
17.14. Force Majeure. In no event shall the Trustee be responsible or liable for any
failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond
its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section
17.15. Calculations. Except as otherwise provided herein, the Company shall be responsible
for making all calculations called for under the Notes. These calculations include, but are not limited to, determinations of
the price of the ADSs, the Last Reported Sale Price of the ADSs, the Trading Prices of the Notes (for purposes of Section 14.01(b)(i)),
the Daily VWAPs, the Distributed Securities Daily VWAP, the Daily Conversion Values, the Daily Settlement Amounts, accrued interest
payable on the Notes, the Conversion Rate of the Notes any Conversion Rate adjustments due to changes in French law, any calculations
with respect to any transaction or event that would give rise to a Conversion Rate adjustment under Section 14.04(a), (b), (c),
(d), (e), (f) or (g), any calculation as a result of the unavailability of euros and any currency conversion calculation in connection
with determining any Conversion Rate adjustment or otherwise with respect to the Notes. The Company shall make all these calculations
in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders of Notes. The
Company shall provide a schedule of its calculations to each of the Trustee, the Paying Agent and the Conversion Agent, and each
of the Trustee, the Paying Agent and the Conversion Agent has no duty to verify such calculations and is entitled to rely conclusively
upon the accuracy of the Company’s calculations without independent verification. Neither the Trustee nor any of the Agents
shall have any duty to monitor the accuracy of any of the calculations made by the Company. The Trustee will forward the Company’s
calculations to any Holder of Notes upon the request of that Holder at the sole cost and expense of the Company.

 

Section
17.16. Issuance in Euros. The principal (including the Redemption Price and Fundamental
Change Repurchase Price, if any), interest payments, cash consideration due upon conversion, if any, and additional amounts, if
any, in respect of the Notes will be payable in euros, except as described in the immediately succeeding paragraph.

 

If, on or after the date of this Indenture, the euro is unavailable
to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or the euro
is no longer used by the then member states of the European Monetary Union that have adopted the euro as their currency or for
the settlement of transactions by public institutions within the international banking community, then all payments in respect
of the Notes will be made by a paying agent that the Company appoints (which may be the Trustee or the initial Paying Agent) in
U.S. dollars until the euro is again available to the Company or so used. In such circumstances, the amount payable on any date
in euros will be converted to U.S. dollars on the basis of the most recently available market exchange rate for euros, as determined
by the Company in its sole discretion. Any payment in respect of the Notes so made in U.S. dollars will not constitute an Event
of Default under this Indenture or the Notes. None of the Trustee, the Paying Agent, Common Depositary, the Note Registrar, the
Depositary or the Conversion Agent will be responsible for obtaining exchange rates, determining currency conversions or otherwise
handling redenominations.

 

    82

     

    

 

Section
17.17. Currency Indemnity. (a) The sole currency of account and payment for all sums payable in cash under the Notes
and this Indenture is the euro. Any amount received or recovered in respect of the Notes in a currency other than the euro (whether
as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution
of the Company) by the Trustee, the Paying Agent or any Holder of the Notes in respect of any sum expressed to be due to such
Holder from the Company will constitute a discharge of its obligation only to the extent of the euro amount, which the recipient
is able to purchase with the amount so received or recovered in such other currency on the date of that receipt or recovery (or,
if it is not possible to make that purchase on that date, on the first date on which it is possible to do so). If the euro amount
to be recovered is less than the euro amount expressed to be due to the recipient under any Note, the Company shall indemnify
the recipient against the cost of making any further purchase of the euro in an amount equal to such difference.

 

(b)       These indemnities,
to the extent permitted by law, constitute a separate and independent obligation from the Company’s other obligations, give
rise to a separate and independent cause of action, apply irrespective of any waiver granted by any Holder or the Trustee from
time to time, and will continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount
in respect of any sum due under any Note or any other judgment or order.

 

(c)       Notwithstanding
anything to the contrary in the foregoing, no payment in respect of a Note made in U.S. dollars permitted to be made by the provisions
described in Section 17.16 will be subject to the provisions described in Section 17.17 (a) or (b).

 

Section
17.18. U.S.A. PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326
of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and
money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes
a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with
such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

[Remainder of page intentionally left
blank]

 

    83

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Indenture
to be duly executed as of the date first written above.

 

	 	TALEND S.A.
	 	 
	 	By: /s/ Michael Tuchen
	 	Name: Michael Tuchen
	 	Title: Chief Executive Officer
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By: /s/ Paula Oswald
	 	Name: Paula Oswald
	 	Title: Vice President
	 	 
	 	ELAVON FINANCIAL SERVICES DAC, as Paying Agent, Note Registrar, Transfer Agent and Conversion Agent
	 	 
	 	By: /s/ Michael Leong
	 	Name: Michael Leong
	 	Title: Authorised Signatory
	 	 
	 	By: /s/ David Harnett
	 	Name: David Harnett
	 	Title: Authorised Signatory

 

    

     

    

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[INCLUDE FOLLOWING LEGEND IF A GLOBAL NOTE]

 

[“UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE COMMON DEPOSITARY (AS DEFINED IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK)
LIMITED OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY PAYMENT IS MADE TO
USB NOMINEES (UK) LIMITED, OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
USB NOMINEES (UK) LIMITED, HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, TO THE COMMON DEPOSITARY, TO NOMINEES OF THE COMMON DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.”]

 

[INCLUDE FOLLOWING LEGEND IF A RESTRICTED
SECURITY]

 

[THIS SECURITY AND THE ADS, IF ANY, DELIVERABLE UPON CONVERSION
OF THIS SECURITY AND THE ORDINARY SHARES REPRESENTED THEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE
WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

(1) REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

 

(2) AGREES
FOR THE BENEFIT OF TALEND S.A. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS
SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE
DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO
AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:

 

(A) TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

(B) PURSUANT
TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT AND IS EFFECTIVE AT THE TIME OF SUCH TRANSFER, OR

 

(C) TO
A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,

 

(D) PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT, OR

 

    A-1

     

    

 

(E) PURSUANT
TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH
CLAUSE (2)(D) OR (E) ABOVE, THE COMPANY, THE TRUSTEE AND THE DEPOSITARY RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL
OPINIONS, CERTIFICATIONS OR OTHER DOCUMENTATION OR EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER FOR THE COMPANY TO DETERMINE
THAT THE PROPOSED SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO
REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]

 

[INCLUDE FOLLOWING LEGEND IF A PHYSICAL
NOTE]

 

[IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO
THE NOTE REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH NOTE REGISTRAR MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER
COMPLIES WITH THE FOREGOING RESTRICTIONS.]

 

    A-2

     

    

 

Talend S.A.

 

1.75% Convertible Senior Note due 2024

 

	No. RA-[•]	 	[Initially]1 €[•]

 

ISIN: [_____________]2

 

Common Code: [____________]3

 

Talend S.A., a société anonyme organized under
the laws of France (the “Company,” which term includes any successor corporation or other entity under the Indenture
referred to on the reverse hereof), for value received hereby promises to pay to [USB NOMINEES (UK) LIMITED]4
[____]5, or registered assigns, the
principal sum [as set forth in the “Schedule of Exchanges of Notes” attached hereto as Schedule A]6
[of €[_____]]7, which amount,
taken together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed
€125,000,000 (as increased by an amount equal to the aggregate principal amount of any additional Notes purchased by the
Initial Purchasers pursuant to the exercise of their option to purchase additional Notes as set forth in the Purchase Agreement)
in aggregate at any time, in accordance with the rules and procedures of the Depositary, on September 1, 2024, and interest thereon
as set forth below.

 

This Note shall bear interest at the rate of 1.75% per
year from September 13, 2019, or from the most recent date to which interest has been paid or provided for to, but excluding, the
next scheduled Interest Payment Date until September 1, 2024. Accrued interest on this Note shall be computed on the basis of a
360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of days actually elapsed in a
30-day month. Interest is payable semi-annually in arrears on each March 1 and September 1, commencing on March 1, 2020, to Holders
of record at the close of business on the preceding February 15 and August 15 (whether or not such day is a Business Day), respectively.
Additional Interest will be payable as set forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of the within-mentioned Indenture,
and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such
context, Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d), Section 4.06(e) or Section 6.03,
and any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional
Interest in those provisions thereof where such express mention is not made.

 

Any Defaulted Amounts shall accrue interest per annum at the
rate borne by the Notes, from, and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts
shall have been paid by the Company, at its election, in accordance with Section 2.03(c) of the Indenture.

 

The Company shall pay, or shall cause the Paying Agent to pay,
the principal of and interest on this Note, if and so long as such Note is a Global Note, in immediately available funds in euros
at the time to the Common Depositary or its nominee, as the case may be, as the registered Holder of such Note. As provided in
and subject to the provisions of the Indenture, the Company shall pay the principal of any Notes (other than Notes that are Global
Notes) at the office or agency designated by the Company for that purpose. The Company has initially designated Elavon as its Paying
Agent and Note Registrar in respect of the Notes and its agency at the Paying Agent Office, as a place where Notes may be presented
for payment or for registration of transfer and exchange.

 

 

 

1
Include if a Global Note

2
Include if a Global Note

3
Include if a Global Note

4
Include if a Global Note

5
Include if a Physical Note

6
Include if a Global Note

7
Include if a Physical Note

 

    A-3

     

    

 

Reference is made to the further provisions of this Note set
forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right to convert this
Note into cash, ADSs or a combination of cash and ADSs, as applicable, on the terms and subject to the limitations set forth in
the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at this place.

 

This Note, and any claim, controversy or dispute arising
under or related to this Note, shall be construed in accordance with and governed by the laws of the State of New York.

 

All cash payments to Holders of interest, principal (including
the Redemption Price and the Fundamental Change Repurchase Price, if any), upon conversion or otherwise under the Indenture and
this Note shall be made in euros, subject to Section 17.16 of the Indenture.

 

In the case of any conflict between this Note and the Indenture,
the provisions of the Indenture shall control and govern.

 

This Note shall not be valid or become obligatory for any purpose
until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating
agent under the Indenture.

 

[Remainder of page intentionally left
blank]

 

    A-4

     

    

 

IN WITNESS WHEREOF, the Company has caused this Note to be duly
executed.

 

	 	TALEND S.A.
	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

	 	 
	Dated: [___________]	 
	 	 
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	 
	 	 
	U.S. BANK NATIONAL ASSOCIATION
 as Trustee, certifies that this is one of the Notes described
 in the within-named Indenture.	 

 

	By:  	 	 
	 	 	 

	 	Authorized Signatory	 

 

    A-5

     

    

 

[FORM OF REVERSE OF NOTE]

 

Talend S.A.

1.75% Convertible Senior Note due 2024

 

This Note is one of a duly authorized issue of Notes of the
Company, designated as its 1.75% Convertible Senior Notes due 2024 (the “Notes”), initially limited to the aggregate
principal amount of €125,00,000 (as increased by an amount equal to the aggregate principal amount of any additional Notes
purchased by the Initial Purchasers pursuant to the exercise of their option to purchase additional Notes as set forth in the Purchase
Agreement) all issued or to be issued under and pursuant to an Indenture dated as of September 13, 2019 (the “Indenture”),
between the Company, U.S. Bank National Association (the “Trustee”) and Elavon Financial Services DAC (“Elavon”,
as Paying Agent, Note Registrar, Transfer Agent and Conversion Agent), to which Indenture and all indentures supplemental thereto
reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder
of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount,
subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this Note shall
have the respective meanings set forth in the Indenture.

 

In case certain Events of Default, as defined in the Indenture,
shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders
of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable,
in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture.

 

Subject to the terms and conditions of the Indenture, the Company
will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase
Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to
collect such payments in respect of the Note. The Company will pay cash amounts in euro subject to Section 17.16.

 

Subject to the terms and conditions of the
Indenture, Additional Amounts will be paid in connection with any payments made and deliveries caused to be made by the Company
or any successor to the Company under or with respect to the Indenture and the Notes, including, but not limited to, payments of
principal (including, if applicable the Redemption Price and the Fundamental Change Repurchase Price), payments of interest and
deliveries of ADSs (together with payments for any fractional ADS) upon conversion of the Notes to ensure that the net amount received
by the beneficial owner after any applicable withholding or deduction (and after deducting any taxes on the Additional Amounts)
will equal the amount that would have been received by such beneficial owner had no such withholding or deduction been required.

 

The Indenture contains provisions permitting the Company, the
Trustee and Agents (if applicable) in certain circumstances, without the consent of the Holders of the Notes, and in certain other
circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time
outstanding, evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and
the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority
in aggregate principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past
Default or Event of Default under the Indenture and its consequences.

 

No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay or deliver,
as the case may be, the principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable) of,
accrued and unpaid interest on, and the consideration due upon conversion of, this Note at the place, at the respective times,
at the rate and in the lawful money herein prescribed.

 

The Notes are issuable in registered form without coupons in
minimum denominations of €100,000 principal amount and integral multiples of €1,000 in excess of such amount. At the
office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the
Indenture, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations, without payment
of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar
tax that may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange
of Notes being different from the name of the Holder of the old Notes surrendered for such exchange.

 

    A-6

     

    

 

The Notes shall be redeemable at the Company’s option
on or after September 6, 2022, in accordance with the terms and subject to the conditions specified in the Indenture. The Company
may also redeem the Notes in the event of a Change in Tax Law as described in Section 16.01 of the Indenture. No sinking fund is
provided for the Notes

 

Upon the occurrence of a Fundamental Change, the Holder has
the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes or any
portion thereof (in principal amounts of €1,000 or multiples thereof) on the Fundamental Change Repurchase Date at a price
equal to the Fundamental Change Repurchase Price.

 

Subject to the provisions of the Indenture, the Holder hereof
has the right, at its option, during certain periods and upon the occurrence of certain conditions specified in the Indenture,
prior to 9:00 a.m. (New York City time) on the second Business Day immediately preceding the Maturity Date, to convert any Notes
or portion thereof that is €1,000 or a multiple thereof, into cash, ADSs or a combination of cash and ADSs, as applicable,
at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture.

 

Terms used in this Note and defined in the Indenture are used
herein as therein defined.

 

ABBREVIATIONS

 

The following abbreviations, when used in the inscription of
the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations:

 

TEN COM = as tenants in common

 

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act

 

CUST = Common Depositary

 

TEN ENT = as tenants by the entireties

 

JT TEN = joint tenants with right of survivorship and not as
tenants in common

 

Additional abbreviations may also be used though not in the
above list.

 

    A-7

     

    

 

 

SCHEDULE A8

 

SCHEDULE OF EXCHANGES OF NOTES

 

Talend S.A.

1.75% Convertible Senior Notes due 2024

 

The initial principal amount of this Global Note is [•]
EUROS (€[•]). The following increases or decreases in this Global Note have been made:

 

	 	Date of exchange	 	 	 	Amount of
 decrease in
 principal amount
 of this Global Note	 	 	 	Amount of
 increase in
 principal amount
 of this Global Note	 	 	 	Principal amount
 of this Global Note
 following such
 decrease or
 increase	 	 	 	Signature of
 authorized
 signatory of
 Trustee or
 Common Depositary	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

8 Include
if a Global Note

 

    A-8

     

    

 

ATTACHMENT 1A9

 

[FORM OF NOTICE OF CONVERSION]

 

TALEND S.A.

1.75% CONVERTIBLE SENIOR NOTE DUE 2024

ISIN: [                                  ],
COMMON CODE: [                                   ]

 

(Please read the Notes overleaf before completing this Notice)

 

 

	Name: 	                                                     
                                                  Date:                                 

 

 

Address:                                                                                                                                                 

 

 

Euroclear/Clearstream Luxembourg Account No:                                                                               

 

 

Telephone No:                                                                               

 

 

Fax No:                                                                               

 

 

Signature*:                                                                               

 

*Where the Notes in respect of which this Conversion Notice
is given are evidenced by a Global Note, the Conversion Notice need not be signed. In such a case, delivery of the Conversion Notice
will constitute confirmation by the beneficial owner of interests in the Notes to be converted that the information and the representations
in the Conversion Notice are true and accurate on the date of delivery.

 

		To:	Elavon Financial Services DAC (the “Paying Agent”, “Transfer Agent”, “Note Registrar”
and “Conversion Agent”)

 

		CC:	Talend S.A. (the “Company”)

 

		1.	I/We, being the holder(s) of the Notes(s)/interest
in the Global Note (please delete as applicable) specified below, hereby irrevocably:

 

		(a)	elects and exercises the option to convert this Note, or the portion hereof (that is €1,000 principal amount or a multiple
thereof; provided that after such conversion, the undersigned will hold no Notes or Notes in minimum denominations of €100,000
or an integral multiple of €1,000 in excess of such amount) below designated, into cash, ADSs or a combination of cash and
ADSs, as applicable, in accordance with the terms of the Indenture referred to in this Note, and directs that any cash payable
and any ADSs issuable and deliverable upon such conversion, together with any cash for any fractional ADS, and any Notes representing
any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been
indicated below.

 

		(b)	if the Notes are to be converted to ADSs, such ADSs to be issued on conversion of the Notes mentioned above be delivered as
set out below:

 

 

 

9 Include if a Global Note

 

     

     

    

 

		(i)	total principal amount and, where applicable, the serial numbers of Notes to which this notice applies:

 

Notes:                                                        

 

Global Note:                                                        

 

Total principal amount to be converted
(must be a multiple of €1,000):                                                   

 

Euroclear/Clearstream Luxembourg Account
No. ADS are to be delivered:                                            

 

 

		(c)	name(s) and address(es) of person(s) in whose name(s) the ADSs to be issued on conversion of the Notes are to be registered:

 

Name:                                                                                                       

 

Address:                                                        
                                         

 

                                                       
                                         

 

                                                       
                                         

 

		(d)	if the Notes are to be either fully or partially converted to cash, direct that payment in respect of the Notes be made as follows:

 

by transfer to the following EUR account:

 

	Name of Beneficiary:	 
	Beneficiary Bank:	 
	Beneficiary Bank SWIFT Code:	 
	IBAN:	 
	Intermediary Bank 
(if applicable):	 
	Intermediary Bank SWIFT Code 
(if applicable):	 
	Reference:	 

 

		(e)	If any ADSs or any portion of the Notes not converted are to be issued in the name of a Person other than the undersigned,
the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance with Section 14.02(d)
and Section 14.02(e) of the Indenture. Any amount required to be paid to the undersigned on account of interest accompanies
this Note. The undersigned confirms that to the extent it holds Notes after conversion of Notes contemplated hereby, it will hold
such Notes and any ADSs received as conversion consideration in different legal entities.

 

Capitalized terms used herein but not defined shall
have the meanings ascribed to such terms in the Indenture.

 

Dated:                                      
          Signature:                                                                     

 

     

     

    

 

Signature(s) must be guaranteed by an eligible Guarantor
Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature
guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 if ADSs are to be issued, or
Notes are to be delivered, other than to and in the name of the registered holder.

 

	 	 
	Signature Guarantee	 

 

    

     

    

 

ATTACHMENT 1B10

 

[FORM OF NOTICE OF CONVERSION]

 

To: Elavon Financial Services
DAC (the “Paying Agent”, “Transfer Agent”, “Note Registrar” and “Conversion
Agent”)

 

CC: Talend S.A.

 

The undersigned registered owner of this Note hereby exercises
the option to convert this Note, or the portion hereof (that is €1,000 principal amount or a multiple thereof; provided that
after such conversion, the undersigned will hold no Notes or Notes in minimum denominations of €100,000 or an integral multiple
of €1,000 in excess of such amount) below designated, into cash, ADSs or a combination of cash and ADSs, as applicable, in
accordance with the terms of the Indenture referred to in this Note, and directs that any cash payable and any ADSs issuable and
deliverable upon such conversion, together with any cash for any fractional ADS, and any Notes representing any unconverted principal
amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been indicated below. If any
ADSs or any portion of this Note not converted are to be issued in the name of a Person other than the undersigned, the undersigned
will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance with Section 14.02(d) and Section 14.02(e)
of the Indenture. Any amount required to be paid to the undersigned on account of interest accompanies this Note. The undersigned
confirms that to the extent it holds Notes after conversion of Notes contemplated hereby, it will hold such Notes and any ADSs
received as conversion consideration in different legal entities. Capitalized terms used herein but not defined shall have the
meanings ascribed to such terms in the Indenture.

 

	Dated:	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	Signature(s)	 
	 	 	 	 	 	 

 

	 	 
	Signature Guarantee 	 
	 	 
	Signature(s) must be guaranteed by an eligible Guarantor     Institution
    (banks, stock brokers, savings and loan associations and credit unions) with membership in an     approved signature
    guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 if     ADSs are to be issued, or
    Notes are to be delivered, other than to and in the name of the registered holder.	 
	 	 
	Fill in for registration of shares if to be issued, and Notes if to
    be delivered, other than to and in the name of the registered holder:	 

 

 

10
Include if a Physical Note

 

 

    

     

    

 

	 	 
	(Name)	 
	 	 
	 	 
	 	 
	(Street Address)	 
	 	 
	 	 
	 	 
	(City, State and Zip Code)
 Please print
    name and address	 
	 	 
		Principal amount to be converted (if less than all):
 €______,000
	 	 
		NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as
    written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
	 	 
	 	 
		Social Security or Other Taxpayer
 Identification Number

 

    

     

    

 

ATTACHMENT 211

 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]

 

To: Elavon Financial Services
DAC (the “Paying Agent”, “Transfer Agent”, “Note Registrar” and “Conversion
Agent”)

 

CC: Talend S.A.

 

The undersigned registered owner of this Note hereby acknowledges
receipt of a notice from Talend S.A. (the “Company”) as to the occurrence of a Fundamental Change with respect
to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay to the registered
holder hereof in accordance with Section 15.02 of the Indenture referred to in this Note (1) the entire principal amount
of this Note, or the portion thereof (that is €1,000 principal amount or a multiple thereof; provided that after such repurchase,
the registered owner of this Note will hold no Notes or Notes in minimum denominations of €100,000 or an integral multiple
of €1,000 in excess of such amount) below designated, and (2) if such Fundamental Change Repurchase Date does not fall
during the period after a Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest,
if any, thereon to, but excluding, such Fundamental Change Repurchase Date. Capitalized terms used herein but not defined shall
have the meanings ascribed to such terms in the Indenture.

 

In the case of Physical Notes, the certificate numbers of the
Notes to be repurchased are as set forth below:

 

	Dated:	 	 	 
	 	 	 
	 	 	 
		 	

    

    Signature(s)

	 	 	 
		 	 
	 	 	
Social Security or Other Taxpayer Identification Number
	 	 	 
		 	Principal amount to be repurchased (if less than all):

    €_______,000

	 	 	 
		 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 

 

11
Include if a Physical Note

 

    

     

    

 

ATTACHMENT 3

 

[FORM OF ASSIGNMENT AND TRANSFER]

 

To: Elavon Financial Services
DAC (the “Paying Agent”, “Transfer Agent”, “Note Registrar” and “Conversion
Agent”)

 

For value received                 hereby sell(s), assign(s) and transfer(s)
unto                 (Please insert social security or Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably constitutes
and appoints                 attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises.

 

In connection with any transfer of the within Note occurring
prior to the Resale Restriction Termination Date, as defined in the Indenture governing such Note, the undersigned confirms that
such Note is being transferred:

 

	☐	To Talend S.A. or a subsidiary thereof; or

 

	☐	Pursuant to a registration statement that has become or been declared effective under the Securities Act of 1933, as amended,
and is effective at the time of such transfer; or

 

	☐	Pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended; or

 

	☐	Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended, or any other available exemption
from the registration requirements of the Securities Act of 1933, as amended.

 

	Dated:	 	 
	 	 	 	 

 

	 	 
	 	 
	 	 
	Signature(s)	 
	 	 
	Signature Guarantee	 
	 	 
	Signature(s) must be guaranteed by an eligible
    Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an
    approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 if
    Notes are to be delivered, other than to and in the name of the registered holder.	 
	 	 
	NOTICE: The signature on the assignment must
    correspond with the name as written upon the face of the Note in every particular without alteration or enlargement
    or any change whatever.Exhibit 4.3

 

 

 

 

 

    

     

    

 

RESTRICTED ISSUANCE AGREEMENT

 

RESTRICTED ISSUANCE AGREEMENT,
dated as of September 13, 2019 (the “Restricted Issuance Agreement”), among Talend S.A., a Société
Anonyme organized under the laws of France, and its successors (the “Company”), JPMorgan Chase Bank, N.A., as
depositary hereunder (the “Depositary”), and all Holders from time to time of restricted American Depositary
Shares (“Restricted ADSs”) represented by restricted American Depositary Receipts, in book entry form (“Restricted
ADRs”), issued hereunder.

 

W I T N E S S E T H:

 

WHEREAS, the Company and
the Depositary executed the Deposit Agreement dated as of July 28, 2016 (the “Unrestricted Deposit Agreement”),
for the purposes set forth therein, the form of which was filed as an exhibit to a Form F-6 Registration Statement (File No. 333-12465),
filed with the Securities and Exchange Commission (the “Commission”);

 

WHEREAS,
on the date hereof, the Company issued and sold €125,000,000 aggregate principal amount of 1.75% Convertible Senior Notes
Due 2024 (the “Convertible Notes”) pursuant to the Purchase Agreement, dated September 5, 2019 among the Company
and Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co.
LLC (collectively, the “Purchasers”);

 

WHEREAS, the Convertible
Notes are convertible into Restricted ADSs issued pursuant to this Restricted Issuance Agreement and/or American Depositary Shares
(“ADSs”) issued pursuant to the Unrestricted Deposit Agreement;

 

WHEREAS, the Convertible
Notes were issued and sold in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended
(the “Securities Act”), pursuant to Rule 144A promulgated under the Securities Act;

 

WHEREAS, notwithstanding
the provisions of the Unrestricted Deposit Agreement, in connection with the foregoing, the Company has requested that the Depositary
accept one or more deposits of ordinary shares of the Company (“Shares”), which may be issued upon conversion
of the Convertible Notes and which may not be freely transferred at the time of deposit in accordance with the Securities Act because
such Shares constitute Restricted Securities (as such term is defined below) (such securities, “Limited Transfer Securities”),
into a newly established restricted American Depositary Receipt program (the “Restricted Program”);

 

WHEREAS, the Company acknowledges
that upon the conversion of any Convertible Notes, it will deliver the resulting Limited Transfer Securities to the Depositary
on behalf of the holder of such Convertible Notes, and upon such delivery the Limited Transfer Securities will be deemed to have
been deposited by such holder (the “Depositor”);

 

    1

     

    

 

WHEREAS, the Company desires
that, upon a deposit of such Limited Transfer Securities, Restricted ADSs evidenced by Restricted ADRs be issued to or upon the
order of the Depositor upon compliance with the provisions of, and pursuant to, this Restricted Issuance Agreement; and

 

WHEREAS, the Company and
the Depositary desire to enter into this Restricted Issuance Agreement in order to permit the issuance of such Restricted ADSs
under the Restricted Program and the delivery thereof to or upon the order of the Depositor (each such issuance of Restricted ADSs
being a “Transaction”).

 

NOW, THEREFORE, in consideration
of the premises and mutual agreements herein set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Depositary hereby agree as follows:

 

Section 1.        Definitions.
Unless otherwise defined in this Restricted Issuance Agreement, terms which are defined in the Unrestricted Deposit Agreement
are used herein as therein defined. As used herein, the term “Affiliate” means an affiliate (as such term is
defined in Rule 144 under the Securities Act) of the Company; the term “Restricted Securities” means “restricted
securities” as such term is defined in Rule 144 under the Securities Act; and the term “Holder” means
the person or persons in whose name a Restricted ADR is registered on the Restricted ADR Register (as defined in paragraph (3)
of the form of Restricted ADR attached as Exhibit A hereto).

 

Section 2.        Incorporation by Reference.
Except to the extent modified hereby, all terms and conditions set forth in Sections 1 through 18 of the Unrestricted Deposit Agreement
are incorporated herein by reference and deemed to be a part hereof. For the avoidance of doubt, Exhibit A of the Unrestricted
Deposit Agreement shall not be incorporated herein by reference nor deemed to be a part hereof. All references in such incorporated
Sections of the Unrestricted Deposit Agreement to ADSs shall refer to Restricted ADSs, all references to ADRs shall refer to Restricted
ADRs evidencing Restricted ADSs, and all references to the ADR Register shall refer to the Restricted ADR Register (as such term
is defined in paragraph (3) of the form Restricted ADR attached hereto as Exhibit A). References in the Unrestricted Deposit Agreement
to specified paragraphs of the form of ADR shall be deemed to be references to the corresponding paragraph in the form of Restricted
ADR attached as Exhibit A hereto. References in the Unrestricted Deposit Agreement to the Direct Registration System and Direct
Registration ADRs are not incorporated herein by reference. References herein to Restricted ADRs shall refer to any written confirmation
of book-entry notation provided to the registered holder of such Restricted ADRs.

 

    2

     

    

 

 

Section 3.        Issuance
of Restricted ADSs. The Depositary shall issue Restricted ADSs hereunder upon (a) the deposit by the Company of Limited Transfer
Securities with the Custodian in accordance with the provisions hereof; (b) receipt by the Depositary of (i) issuance instructions
in compliance with the provisions of this Restricted Issuance Agreement, (ii) the Certificate and Agreement of the Company set
forth in Exhibit B hereof (or such other form as the Depositary may reasonably request) with respect to such Restricted ADSs and
the underlying Shares represented thereby (“Underlying Shares”), and (iii) such other certifications, agreements
and documents as the Depositary may reasonably request, each in form and substance satisfactory to the Depositary; and (c) compliance
with any other applicable provisions of this Restricted Issuance Agreement (including compliance with the provisions of the Unrestricted
Deposit Agreement as incorporated by reference herein and revised hereby) and the form of Restricted ADR (attached as Exhibit A
hereto).

 

Section 4.        Legends,
etc. Until such time as the Depositary has received a legal opinion with respect to any Restricted ADSs as contemplated by
Section 6 hereof, any account on the books of the Depositary reflecting such Restricted ADSs issued in connection with a Transaction,
or on the transfer, split-up or combination of such Restricted ADSs, shall contain a restrictive legend/notation substantially
to the following effect:

 

THE RESTRICTED ADSs EVIDENCED
HEREBY AND THE ORDINARY SHARES REPRESENTED THEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT OF 1933”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

(1)       REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE
144A UNDER THE SECURITIES ACT OF 1933) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

 

(2)       AGREES
FOR THE BENEFIT OF TALEND S.A. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS
SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE
OF THE SERIES OF NOTES UPON THE CONVERSION OF WHICH THIS SECURITY WAS ISSUED OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE
144 UNDER THE SECURITIES ACT OF 1933 OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY
APPLICABLE LAW, EXCEPT:

 

    3

     

    

 

		(a)	TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

		(b)	PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT OF 1933
AND IS EFFECTIVE AT THE TIME OF SUCH TRANSFER, OR

 

		(c)	TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT OF 1933,
OR

 

		(d)	PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OF 1933,
OR

 

		(e)	PURSUANT TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT OF 1933.

 

PRIOR TO THE REGISTRATION OF ANY
TRANSFER IN ACCORDANCE WITH (2)(c), (d) OR (e) ABOVE, THE COMPANY AND JPMORGAN CHASE BANK, N.A. (THE “DEPOSITARY”)
RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER DOCUMENTATION OR EVIDENCE AS MAY REASONABLY
BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT OF 1933
AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT OF 1933.

 

NO AFFILIATE (AS DEFINED IN RULE
144 UNDER THE SECURITIES ACT OF 1933) OF THE COMPANY OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES
ACT OF 1933) OF THE COMPANY DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY PURCHASE, OTHERWISE ACQUIRE OR OWN THE RESTRICTED
ADSs EVIDENCED HEREBY AND THE ORDINARY SHARES REPRESENTED THEREBY, OR A BENEFICIAL INTEREST HEREIN OR THEREIN.

 

In addition to the legends set
forth above, Restricted ADSs may bear such additional legends (collectively with the legend set forth above, the “Legends”)
as the Company and the Depositary may reasonably agree from time to time.

 

    4

     

    

 

Section 5.        Transfers.
As a condition to any offer, sale, pledge or other distribution, disposition or transfer of any Restricted ADSs, the transferor
of such Restricted ADSs shall (a) only transfer such Restricted ADSs (i) to the Company or its subsidiaries, (ii) pursuant to
a registration statement that has been declared effective under the Securities Act, (iii) in compliance with Rule 144A under the
Securities Act, (iv) to a non-U.S. person located outside of the United States in accordance with Regulation S under the Securities
Act, or (v) pursuant to the exemption provided by Rule 144 under the Securities Act; and (b) provide at the Depositary’s
request a legal opinion of U.S. counsel, in form and substance, and from counsel, reasonably satisfactory to the Depositary: (i)
to the effect that (A) the Restricted ADSs and the Underlying Shares have been registered under the Securities Act or (B) the
Restricted ADSs and Underlying Shares may be offered and sold, pledged, distributed, disposed of, or transferred, as applicable,
without registration under the Securities Act pursuant to an applicable exemption from the registration requirements thereof;
and/(ii) with respect to such other matters as the Depositary may reasonably request; and (d) provide such other certifications,
agreements and documents as the Depositary may reasonably request in form and substance satisfactory to the Depositary. In the
case of a transfer under clause (a)(iii), any transferee of the Restricted ADSs will automatically become a party to and be bound
by the provisions of this Restricted Issuance Agreement.

 

Section 6.        Cancellation
of Restricted ADSs. In connection with any surrender of Restricted ADSs for the purpose of the withdrawal of Deposited Securities
and the re-deposit of such Deposited Securities under the Unrestricted Deposit Agreement, in addition to complying with, and subject
to, the provisions of this Restricted Issuance Agreement (including the terms of the Restricted ADR), the Holder surrendering
such Restricted ADSs shall provide the Depositary with (i) a legal opinion of U.S. counsel to the Company (or at the option of
the Company and the Depositary, counsel to the Holder), in form and substance, and from counsel, reasonably satisfactory to the
Depositary (the “Opinion”) (A) stating, in substance, that (x) the resale of the Restricted ADSs (as well as
those Restricted ADSs issued on the transfer, split-up or combination thereof) and the Underlying Shares have been registered
under the Securities Act, or all such Restricted ADSs and the Underlying Shares may be freely offered and sold in a single transaction
without registration under the Securities Act pursuant to an applicable exemption from the registration requirements thereof,
(y) any purchaser of the Restricted ADSs and/or the Underlying Shares would receive securities that are not “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act, and (z) in accordance with the Securities Act
and Rule 144 thereunder, the Depositary may, upon the cancellation of the Restricted ADSs and the re-deposit of the Underlying
Shares pursuant to the terms of the Unrestricted Deposit Agreement, issue new ADSs representing the Underlying Shares, subject
to and in accordance with the provisions of the Unrestricted Deposit Agreement, without a restrictive legend thereon and without
any stop-transfer instruction being applicable to such new ADSs on the Depositary’s records, and/or (B) with respect to
such other matters as the Depositary may request; (ii) a certification and agreement in the form of Exhibit C hereto (or such
other form as the Depositary may reasonably request), signed by or on behalf of such Holder; and/or (iii) such other certifications,
agreements and documents as the Depositary may reasonably request in form and substance satisfactory to the Depositary. Thereupon,
to the extent not prohibited by applicable law, including, without limitation, the U.S. securities laws, and subject to such Holder’s
compliance with the applicable provisions, terms and conditions of this Restricted Issuance Agreement, the form of Restricted
ADR, the Unrestricted Deposit Agreement and the form of ADR attached thereto, the Depositary shall (a) cancel such Holder’s
Restricted ADSs and (b) deliver the Deposited Securities represented by the cancelled Restricted ADSs for deposit under the Unrestricted
Deposit Agreement on the written direction of such Holder.

 

    5

     

    

 

In addition, at any time
after one year following the closing of the offering, issue and sale of all Convertible Notes, the Company will, subject to compliance
with applicable securities laws, provide the Depositary with (a) a written notice in form and substance reasonably satisfactory
to the Depositary (i) to the effect that all of the Restricted ADSs (as well as those Restricted ADSs issued on the transfer, split-up
or combination thereof), and the Underlying Shares, no longer constitute Restricted Securities and/or that the requirements of
paragraphs (c), (e), (f) and (h) of Rule 144 shall not apply with respect to any of the Restricted ADSs, and that all such Restricted
ADSs (as well as those Restricted ADSs issued on the transfer, split-up or combination thereof), and the Underlying Shares, may
be freely transferred and may otherwise be offered and sold freely in the United States (such Restricted ADSs, the “Freely
Tradable Restricted ADSs”), and/or (ii) with respect to such other matters as the Depositary may reasonably request;
and (b) a legal opinion with respect to such Freely Tradable Restricted ADSs and the Underlying Shares of U.S. counsel reasonably
acceptable to the Depositary substantially in the form of the Opinion. Thereafter, the Depositary shall to the extent not prohibited
by applicable law, including, without limitation, the U.S. securities laws, (a) cancel the Freely Tradable Restricted ADSs covered
by the above notice and legal opinion and (b) deliver the Deposited Securities represented by the cancelled Freely Tradable Restricted
ADSs for deposit under the Unrestricted Deposit Agreement on the written direction of each Holder of Freely Tradable Restricted
ADSs upon (i) receipt of a certification and agreement in the form of Exhibit C hereto and/or such other certifications, agreements
and documents as the Depositary may reasonably request in form and substance satisfactory to the Depositary, and (ii) compliance
by such Holder of Freely Tradable Restricted ADSs with the applicable provisions, terms and conditions of this Restricted Issuance
Agreement, the form of Restricted ADR, the Unrestricted Deposit Agreement and the form of ADR attached thereto. Notwithstanding
anything to the contrary herein or in the form of Restricted ADR attached hereto as Exhibit A, the Company shall pay the Depositary
any and all agreed upon fees and charges of the Depositary arising from the cancellation of Restricted ADSs (including, without
limitation, the Freely Tradable Restricted ADSs), withdrawal of the Deposited Securities represented thereby, redeposit of such
Deposited Securities pursuant to the Unrestricted Deposit Agreement and issuance of the ADSs thereunder, as contemplated by this
paragraph.

 

    6

     

    

 

Notwithstanding the foregoing,
if a Holder surrenders Restricted ADSs for cancellation and withdrawal of Deposited Securities and, in lieu of having such Underlying
Shares deposited under the Unrestricted Deposit Agreement against the issuance of ADSs, wishes to receive the Deposited Securities
represented by the Restricted ADSs, the Depositary shall cancel the surrendered Restricted ADSs and deliver Deposited Securities
on the written direction of such Holder only upon (a) receipt of (i) a certification and agreement in the form of Exhibit D hereto
(or such other form as the Depositary may reasonably request), signed by or on behalf of the person or entity that will be the
beneficial owner of the Deposited Securities upon withdrawal; or (ii) at the Depositary’s election, an opinion of U.S. counsel
reasonably acceptable to the Depositary substantially in the form of clauses (A)(x), (A)(y) and (B) of the Opinion described above
and also stating, in substance, that the Deposited Securities may be delivered upon surrender of the Restricted ADSs without registration
of the Deposited Securities under the Securities Act; and (b) compliance with the provisions of this Restricted Issuance Agreement
and the form of Restricted ADR.

 

Section 7.        Form
of Restricted ADSs. Any Restricted ADSs to be issued in accordance herewith shall be issued through the book entry registration
system maintained by the Depositary. The Restricted ADSs shall not be eligible for inclusion in any book-entry settlement system
(except for the book-entry system maintained by the Depositary specifically for such Restricted ADSs pursuant to this Section
7), including, without limitation, the facilities of the Depository Trust Company, and shall not in any way be fungible with the
ADSs issued under the terms of the Unrestricted Deposit Agreement or any other agreement. The terms “deliver,”
“execute,” “issue,” “register,” “surrender,” “transfer”
or “cancel,” when used with respect to book-entry Restricted ADRs, shall refer to an entry or entries or an
electronic transfer or transfers on the books of the Depositary.

 

Section 8.        Terms
and Conditions Applicable to Restricted ADSs.
Except to the limited extent modified hereby, the provisions of this Restricted Issuance Agreement
shall not in any way amend, modify, impact or impair any of the provisions of the Unrestricted Deposit Agreement. Restricted ADRs
shall be in the form attached hereto as Exhibit A, the terms of which are incorporated herein by reference and deemed to be a
part hereof.

 

Section 9.        Inconsistent
Provisions. To the extent that any term or provision of this Restricted Issuance Agreement shall be inconsistent with a term
or provision of the Unrestricted Deposit Agreement (as incorporated herein and revised hereby), the terms and conditions of this
Restricted Issuance Agreement shall take precedence only to the extent of such inconsistency.

 

    7

     

    

 

Section 10.        Additional
Requirements. Notwithstanding anything herein or in the Unrestricted Deposit Agreement to the contrary, prior to taking any
actions hereunder, the Depositary shall be entitled to require delivery of such other certifications, agreements and/or documents
as the Depositary may reasonably request in form and substance reasonably satisfactory to the Depositary, and the Depositary may
waive, and/or accept any modification or amendment to, any certifications, agreements and/or documents contemplated hereby, or
any provisions contained herein, in the Depositary’s sole discretion, including, without limitation, to confirm that such
action is permissible and legal, or to comply with any applicable law, industry standards and market practice or with the rules
and regulations of any securities exchange, market or automated quotation system upon which the ADSs or Restricted ADSs may be
listed or admitted to trading or to conform with any usage with respect thereto or any book-entry system by which ADRs or Restricted
ADRs may be transferred, or to indicate any special limitations or restrictions to which any particular ADRs or Restricted ADRs
are subject. For the avoidance of doubt, in no event shall the Depositary be required to take any action hereunder or otherwise
to the extent prohibited by, or in contravention of, any applicable law, rule or regulation, including, without limitation, the
U.S. securities laws, notwithstanding anything herein to the contrary.

 

In addition, notwithstanding anything to
the contrary herein or in the Unrestricted Deposit Agreement, prior to taking any actions hereunder, including, without limitation,
in connection with any transfer of Restricted ADRs, any cancellation of Restricted ADRs, any withdrawal of Deposited Securities
and/or the re-deposit of any Deposited Securities under the Unrestricted Deposit Agreement upon the cancellation of Restricted
ADRs hereunder, the Depositary may require (i) the production of proof or other evidence or information satisfactory to it as to
the identity and genuineness of any signature and that the person or entity, including, without limitation, any Holder, requesting
the Depositary to take any such action has the authority and is entitled to do so, and that such action is permissible and lawful
and not in violation of any contractual or other restriction and (ii) sufficient indemnity or bond in the Depositary’s sole
discretion.

 

Section 11.        Resolution
of Disputes. Notwithstanding any provision herein to the contrary, in the event (i) of any disagreement or controversy arising
hereunder or in connection with any transaction contemplated hereby or pursuant hereto, (ii) conflicting demands or notices are
made upon the Depositary arising out of or relating to this Restricted Issuance Agreement or any transaction contemplated hereby
or pursuant hereto, or (iii) the Depositary in good faith is in doubt as to what action it should take, the Depositary shall have
the right, at its election, to withhold and stop all further proceedings in, and performance of, this Restricted Issuance Agreement
and all instructions received hereunder or pursuant hereto and file a suit in interpleader and obtain an order from a court of
competent jurisdiction requiring all parties involved to interplead and litigate in such court their claims and rights among themselves
and with the Depositary. Should any suit or legal proceeding be instituted arising out of or related to this Restricted Issuance
Agreement or any transaction contemplated hereby or pursuant hereto, whether such suit be initiated by the Depositary or others,
the Depositary shall have the right, at its option, to stop all further proceedings under and performance of this Restricted Issuance
Agreement and of all instructions received hereunder or pursuant hereto until all differences shall have been rectified and all
doubts resolved by agreement or until the rights of all parties shall have been fully adjudicated.

 

    8

     

    

 

Section 12.        Fees
and Expenses; Compensation. Subject in all regards to the Company’s payment obligations set forth in Sections 3 and
6 of this Restricted Issuance Agreement, the Company or Holders of Restricted ADRs, as applicable, shall be subject to the fees
and expenses set forth in paragraph (7) of the form of Restricted ADR set forth in Exhibit A, the terms of which are incorporated
herein by reference and deemed to be a part hereof. In connection with the establishment and maintenance of the Restricted Program
covered by this Restricted Issuance Agreement, on invoicing the Company agrees to pay the Depositary a one-time fee of US$50,000
and reimburse the Depositary for any and all out of pocket expenses (including, without limitation, legal fees and expenses) incurred
in connection with this Restricted Issuance Agreement and the Restricted Program and the transactions contemplated hereby and
thereby, including, without limitation, the offering of the Convertible Notes. To the extent the Restricted Issuance Agreement
and the Restricted Program continue beyond fourteen months from the date hereof, the Company agrees to negotiate in good faith
to reach agreement with the Depositary no later than thirty (30) days prior to such fourteenth month with respect to providing
such services hereunder and with respect to the Restricted Program beyond such date and associated fees, costs and expenses.

 

Section 13.
        Representations of the Company. The Company represents and warrants that
(a) the Shares deposited on behalf of the respective Depositors pursuant to the Restricted Program have been duly authorized and
upon issuance will be validly issued and outstanding, fully paid, and non-assessable, (b) the Convertible Notes were initially
issued by the Company on September 13, 2019, and the purchase price for the Convertible Notes was fully paid on such date of initial
issuance; (c) all pre-emptive and comparable rights, if any, with respect to the Shares presented for deposit have been validly
waived or exercised, (d) the Company is duly authorized to make such deposit on behalf of the respective Depositors, (e) the Shares
presented for deposit will be free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim created
by the Company, (f) the Shares will be acquired in a transaction complying with, and exempt from, the registration requirements
of the Securities Act, (g) all requirements of applicable law or regulation with respect to the Shares or the deposit thereof
against the issuance of Restricted ADSs will have been fulfilled; (h) the Shares presented for deposit will not have been stripped
of any rights or entitlements; (i) such Shares will not be subject to any unfulfilled requirements of applicable law or regulation;
and (j) the deposit of Shares for the issuance and/or sale of Restricted ADSs will not be subject to any limitation or restriction
thereon imposed by the Company.

 

    9

     

    

 

Section 14.        Representations,
Warranties and Agreements of the Depositors. By depositing Shares and holding a Restricted ADS or an interest therein, each
Depositor represents, warrants and certifies to the Depositary that (a) the Shares being deposited were legally obtained by such
Depositor, (b) such Depositor is duly authorized to deposit the Shares and has fulfilled all requirements of applicable law or
regulation with respect to the Shares or the deposit thereof against the issuance of Restricted ADSs, (c) such Depositor is, or
at the time Shares are deposited hereunder and at the time Restricted ADSs representing such Shares are issued will be, the beneficial
owner of such deposited Shares and of the Restricted ADSs representing such Shares, (d) the Shares being deposited are free and
clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and (e) such Depositor is not an Affiliate
of the Company.

 

By depositing Shares and
holding a Restricted ADS or an interest therein, each Depositor acknowledges to and agrees with the Depositary and the Company
that (a) such Depositor will become a party to and be bound by the provisions of this Restricted Issuance Agreement, (b) the Restricted
ADSs and the Underlying Shares have not been and will not be registered under the Securities Act or with any securities regulatory
authority in any state or other jurisdiction of the United States, (c) the Restricted ADSs and Underlying Shares are “restricted
securities” as defined in Rule 144 promulgated under the Securities Act and are subject to restrictions on transfer under
the Securities Act and this Restricted Issuance Agreement, and (d) the Restricted ADSs and Underlying Shares may not be sold, offered
for sale, pledged or otherwise distributed, transferred or disposed of except in accordance with, and subject to, the limitations
set forth in this Restricted Issuance Agreement, including the Legends to which such Restricted ADSs and Underlying Shares are
subject.

 

    10

     

    

 

IN WITNESS WHEREOF, TALEND
S.A. and JPMORGAN CHASE BANK, N.A. have duly executed this Restricted Issuance Agreement as of the day and year first above set
forth and all holders of Restricted ADRs shall become parties hereto upon acceptance by them of Restricted ADRs issued in accordance
with the terms hereof.

 

	 	TALEND S.A.
	 	 
	 	By: /s/ Michael Tuchen
	 	Name: Michael Tuchen
	 	Title: Chief Executive Officer
	 	 
	 	JPMORGAN CHASE BANK, N.A.
	 	 
	 	By: /s/ Timothy E. Green
	 	Name: Timothy E. Green
	 	Title: Vice President

 

    11

     

    

 

 

Exhibit A

 

Form of Restricted ADR

 

THE RESTRICTED ADSs EVIDENCED
HEREBY AND THE ORDINARY SHARES REPRESENTED THEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT OF 1933”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

(1)       REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE
144A UNDER THE SECURITIES ACT OF 1933) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

 

(2)       AGREES
FOR THE BENEFIT OF TALEND S.A. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS
SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE
OF THE SERIES OF NOTES UPON THE CONVERSION OF WHICH THIS SECURITY WAS ISSUED OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE
144 UNDER THE SECURITIES ACT OF 1933 OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY
APPLICABLE LAW, EXCEPT:

 

		(a)	TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

		(b)	PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT OF 1933
AND IS EFFECTIVE AT THE TIME OF SUCH TRANSFER, OR

 

		(c)	TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT OF 1933,
OR

 

		(d)	PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OF 1933,
OR

 

		(e)	PURSUANT TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT OF 1933.

 

    A-1

     

    

 

PRIOR TO THE REGISTRATION OF ANY
TRANSFER IN ACCORDANCE WITH (2)(c), (d) OR (e) ABOVE, THE COMPANY AND JPMORGAN CHASE BANK, N.A. (THE “DEPOSITARY”)
RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER DOCUMENTATION OR EVIDENCE AS MAY REASONABLY
BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT OF 1933
AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT OF 1933.

 

NO AFFILIATE (AS DEFINED IN RULE
144 UNDER THE SECURITIES ACT OF 1933) OF THE COMPANY OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES
ACT OF 1933) OF THE COMPANY DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY PURCHASE, OTHERWISE ACQUIRE OR OWN THE RESTRICTED
ADSs EVIDENCED HEREBY AND THE ORDINARY SHARES REPRESENTED THEREBY, OR A BENEFICIAL INTEREST HEREIN OR THEREIN.

 

    A-2

     

    

 

	 	No. of Restricted ADSs:
	Number	 
	 	 
	 	Each Restricted ADS
	 	represents
	 	One Share

 

RESTRICTED AMERICAN DEPOSITARY RECEIPT

 

evidencing

 

RESTRICTED AMERICAN DEPOSITARY SHARES

 

representing

 

ORDINARY SHARES

 

of

 

TALEND S.A.

 

(A Société Anonyme organized
under the laws of France)

 

JPMORGAN CHASE BANK, N.A., a national banking
association organized under the laws of the United States of America, as depositary hereunder (the “Depositary”),
hereby certifies that is the registered owner (a “Holder”) of restricted American depositary shares (“Restricted
ADSs”), each (subject to paragraph (13) (Changes Affecting Deposited Securities)) representing one ordinary share
(including the rights to receive Shares described in paragraph (1) (Issuance of Restricted ADSs)), “Shares”
and, together with any other securities, cash or property from time to time held by the Depositary in respect or in lieu of deposited
Shares, the “Deposited Securities”), of Talend S.A., a Société Anonyme organized under the laws
of France (the “Company”), deposited under the Restricted Issuance Agreement dated as of September 13, 2019
(as amended from time to time, the “Restricted Issuance Agreement”) among the Company, the Depositary and all
Holders from time to time of restricted American depositary receipts issued thereunder (“Restricted ADRs”),
each of whom by accepting a Restricted ADR becomes a party thereto. The Restricted Issuance Agreement and this Restricted ADR
(which includes the provisions set forth on the reverse hereof) shall be governed by and construed in accordance with the internal
laws of the State of New York without giving effect to the application of the conflict of law principles thereof. All capitalized
terms used herein, and not defined herein, shall have the meanings ascribed to such terms in the Restricted Issuance Agreement.
The Restricted Issuance Agreement incorporates by reference certain provisions of the Deposit Agreement, dated as of July 28,
2016 (the “Unrestricted Deposit Agreement”), among the Company, the Depositary, and all holders from time to
time of unrestricted American depositary shares (“Unrestricted ADSs”) issued thereunder.

 

    A-3

     

    

 

(1) Issuance of Restricted ADSs.

 

(a) Issuance. This Restricted ADR is
one of the Restricted ADRs issued under the Restricted Issuance Agreement. Subject to the other provisions hereof, the Depositary
may so issue Restricted ADRs for delivery at the Transfer Office (as hereinafter defined) only against deposit of: (i) Shares in
a form satisfactory to the Custodian; or (ii) rights to receive Shares from the Company or any registrar, transfer agent, clearing
agent or other entity recording Share ownership or transactions.

 

(b) Lending. In its capacity as Depositary,
the Depositary shall not lend Shares or Restricted ADSs.

 

(c) Representations and Warranties of Depositors.
Every person depositing Shares under the Restricted Issuance Agreement represents, warrants and certifies to, and agrees with,
the Depositary that:

 

		(i)	such Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid, nonassessable and
legally obtained by such person,

 

		(ii)	all pre-emptive and comparable rights, if any, with respect to such Shares have been validly waived or exercised,

 

		(iii)	the person making such deposit is duly authorized so to do,

 

		(iv)	the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse
claim,

 

		(v)	the Shares being deposited were legally obtained by such Depositor,

 

		(vi)	such Depositor is duly authorized to deposit the Shares and has fulfilled all requirements of applicable law or regulation
with respect to the Shares or the deposit thereof against the issuance of Restricted ADSs,

 

		(vii)	such Depositor is, or at the time Shares are deposited hereunder and at the time Restricted ADSs representing such Shares are
issued will be, the beneficial owner of such deposited Shares and of the Restricted ADSs representing such Shares,

 

		(viii)	such Depositor is not an Affiliate of the Company;

 

    A-4

     

    

 

		(ix)	by depositing Shares and holding a Restricted ADS or an interest therein, such Depositor will become a party to and be bound
by the provisions of the Restricted Issuance Agreement,

 

		(x)	the Restricted ADSs and the Underlying Shares have not been and will not be registered under the Securities Act or with any
securities regulatory authority in any state or other jurisdiction of the United States,

 

		(xi)	the Restricted ADSs and Underlying Shares are “restricted securities” as defined in Rule 144 promulgated under
the Securities Act and are subject to restrictions on transfer under the Securities Act and this Restricted Issuance Agreement,
and

 

		(xii)	the Restricted ADSs and Underlying Shares may not be sold, offered for sale, pledged or otherwise distributed, transferred
or disposed of except in accordance with, and subject to, the limitations set forth in the Restricted Issuance Agreement, including
the Legends to which such Restricted ADSs and Underlying Shares are subject.

 

Such representations, warranties, certifications
and agreements shall survive the deposit and withdrawal of Shares and the issuance and cancellation of Restricted ADSs in respect
thereof and the transfer of such Restricted ADSs and the Shares.

 

(d) The Depositary may refuse to accept
for such deposit any Shares identified by the Company in order to facilitate compliance with the requirements of the Securities
Act of 1933 or the Rules made thereunder.

 

(2) Withdrawal of Deposited Securities.
Subject to paragraphs (4) and (5), upon surrender of the Restricted ADSs accompanied by proper instructions and documentation,
the Holder hereof is entitled to delivery at, or to the extent in dematerialized form from, the Custodian’s office of the
Deposited Securities at the time represented by the Restricted ADSs evidenced by this Restricted ADR. At the request, risk and
expense of the Holder hereof, the Depositary may deliver such Deposited Securities at such other place as may have been requested
by the Holder. Shares delivered on cancellation of Restricted ADSs may not be deposited under the Unrestricted Deposit Agreement
unless the requirements under the provisions of the Restricted Issuance Agreement have been met. In connection with any and all
movements from the Restricted Issuance Agreement to the Unrestricted Deposit Agreement, including upon the cancellation of Restricted
ADSs and the withdrawal of the Deposited Securities represented thereby pursuant to the Restricted Issuance Agreement and the redeposit
of such Deposited Securities pursuant to the Unrestricted Deposit Agreement, issuance fees shall be charged in accordance with
the Unrestricted Deposit Agreement in addition to the cancellation and withdrawal
fees charged and payable hereunder.

 

    A-5

     

    

 

(3) Transfers of Restricted ADRs.
The Depositary or its agent will keep, at a designated transfer office (the “Transfer Office”), (i) a register
(the “Restricted ADR Register”) for the registration, registration of transfer, combination and split-up of
Restricted ADRs, which at all reasonable times will be open for inspection by Holders and the Company for the purpose of communicating
with Holders in the interest of the business of the Company or a matter relating to the Restricted Issuance Agreement and (ii)
facilities for the delivery and receipt of Restricted ADRs. Subject to the provisions of the Restricted Issuance Agreement and
the terms hereof (including, without limitation, the restrictions on transfer included hereon), title to this Restricted ADR (and
to the Deposited Securities represented by the Restricted ADSs evidenced hereby), when properly endorsed (in the case of Restricted
ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer, is transferable by delivery with
the same effect as in the case of negotiable instruments under the laws of the State of New York; provided that the Depositary,
notwithstanding any notice to the contrary, may treat the person in whose name this Restricted ADR is registered on the Restricted
ADR Register as the absolute owner hereof for all purposes and neither the Depositary nor the Company will have any obligation
or be subject to any liability under the Restricted Issuance Agreement or any Restricted ADR to any holder of a Restricted ADR,
unless such holder is the Holder thereof. Subject to the provisions of the Restricted Issuance Agreement and the terms hereof (including,
without limitation, the restrictions on transfer included hereon and paragraphs (4) and (5) hereof), this Restricted ADR is transferable
on the Restricted ADR Register and may be split into other Restricted ADRs or combined with other Restricted ADRs into one Restricted
ADR, evidencing the aggregate number of Restricted ADSs surrendered for split-up or combination, by the Holder hereof or by duly
authorized attorney upon surrender of this Restricted ADR and delivery to the Depositary of proper instruments of transfer and
duly stamped as may be required by applicable law; provided that the Depositary may close the Restricted ADR Register at
any time or from time to time when deemed expedient by it.

 

(4) Certain Limitations. Prior to
the issue, registration, registration of transfer, split-up or combination of any Restricted ADR, the delivery of any distribution
in respect thereof, or the withdrawal of any Deposited Securities, and from time to time in the case of clause (b)(ii) of this
paragraph (4), the Company, the Depositary or the Custodian may require:

 

(a) payment with respect thereto of (i) any
stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration
of transfers of Shares or other Deposited Securities upon any applicable register and (iii) any applicable charges as provided
in paragraph (7) of this Restricted ADR;

 

    A-6

     

    

 

(b) the production of proof satisfactory
to it of (i) the identity of any signatory and genuineness of any signature and (ii) such other information, including without
limitation, information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance
with applicable law, regulations, provisions of or governing Deposited Securities and terms of the Restricted Issuance Agreement
and this Restricted ADR, as it may deem necessary or proper; and

 

(c) compliance with such regulations as the
Depositary may establish consistent with the Restricted Issuance Agreement.

 

The issuance of Restricted ADRs, the acceptance
of deposits of Shares, the registration, registration of transfer, split-up or combination of Restricted ADRs or the withdrawal
of Deposited Securities may be suspended, generally or in particular instances, when the Restricted ADR Register or any register
for Deposited Securities is closed or when any such action is deemed advisable by the Depositary.

 

(5) Taxes. If any tax or other governmental
charges (including any penalties and/or interest) shall become payable by or on behalf of the Custodian or the Depositary with
respect to this Restricted ADR, any Deposited Securities represented by the Restricted ADSs evidenced hereby or any distribution
thereon, such tax or other governmental charge shall be paid by the Holder hereof to the Depositary and by holding or having held
a Restricted ADR the Holder and all prior Holders hereof, jointly and severally, agree to indemnify, defend and save harmless each
of the Depositary and its agents in respect thereof.  The Depositary may refuse to effect any registration, registration
of transfer, split-up or combination hereof or any withdrawal of such Deposited Securities until such payment is made.  The
Depositary may also deduct from any distributions on or in respect of Deposited Securities, or may sell by public or private sale
for the account of the Holder hereof any part or all of such Deposited Securities (after attempting by reasonable means to notify
the Holder hereof prior to such sale), and may apply such deduction or the proceeds of any such sale in payment of such tax or
other governmental charge, the Holder hereof remaining liable for any deficiency, and shall reduce the number of Restricted ADSs
evidenced hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the Company will remit to
the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency
by the Company; and the Depositary and the Custodian will remit to the appropriate governmental authority or agency all amounts
(if any) required to be withheld and owing to such authority or agency by the Depositary or the Custodian. The Depositary will
forward to the Company such information from its transfer records maintained by it in its capacity as Depositary under the Restricted
Issuance Agreement as the Company may reasonably request to enable the Company to file any necessary reports with governmental
authorities or agencies.  If the Depositary determines that any distribution in property other than cash (including Shares
or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is obligated to withhold, the Depositary
may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable
to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance
of any such property after deduction of such taxes to the Holders entitled thereto. Each Holder of a Restricted ADR or an interest
therein agrees to indemnify the Depositary, the Company, the Custodian and any of their respective officers, directors, employees,
agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes,
additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax
benefit obtained.

 

    A-7

     

    

 

(6) Disclosure of Interests. To the
extent that the provisions of or governing any Deposited Securities may require disclosure of or impose limits on beneficial or
other ownership of Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other
rights to enforce such disclosure or limits, Holders and all persons holding Restricted ADRs agree to comply with all such disclosure
requirements and ownership limitations and to comply with any reasonable Company instructions in respect thereof. The Company reserves
the right to instruct Holders to deliver their Restricted ADSs for cancellation and withdrawal of the Deposited Securities so as
to permit the Company to deal directly with the Holder thereof as a holder of Shares and Holders agree to comply with such instructions.
The Depositary agrees to cooperate with the Company in its efforts to inform Holders of the Company’s exercise of its rights
under this paragraph and agrees to consult with, and provide reasonable assistance without risk, liability or expense on the part
of the Depositary, to the Company on the manner or manners in which it may enforce such rights with respect to any Holder.

 

(7) Charges of Depositary.The Depositary
may charge, and collect from, (i) each person to whom Restricted ADSs are issued, including, without limitation, issuances against
deposits of Shares, issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined
in paragraph (10)), issuances pursuant to a stock dividend or stock split declared by the Company, or issuances pursuant to
a merger, exchange of securities or any other transaction or event affecting the Restricted ADSs or the Deposited Securities,
and (ii) each person surrendering Restricted ADSs for withdrawal of Deposited Securities or whose Restricted ADSs are cancelled
or reduced for any other reason U.S.$5.00 or less for each 100 Restricted ADSs (or portion thereof) issued, delivered, reduced,
cancelled or surrendered (as the case may be). The Depositary may sell (by public or private sale) sufficient securities and
property received in respect of Share Distributions, Rights and Other Distributions prior to such deposit to pay such charge.

 

    A-8

     

    

 

The following additional charges shall be
incurred by the Holders, by any party depositing or withdrawing Shares or by any party surrendering Restricted ADSs and/or to whom
Restricted ADSs are issued (including, without limitation, issuances pursuant to a stock dividend or stock split declared by the
Company or an exchange of stock regarding the Restricted ADSs or the Deposited Securities or a distribution of Restricted ADSs
pursuant to paragraph (10), whichever is applicable: (i) a fee of U.S.$0.05 or less per Restricted ADS upon which any Cash distribution
is made pursuant to the Restricted Issuance Agreement, (ii) a fee of U.S.$1.50 per Restricted ADR or ADRs for transfers made pursuant
to paragraph (3) hereof, (iii) a fee for the distribution or sale of securities pursuant to paragraph (10) hereof, such fee being
in an amount equal to the fee for the execution and delivery of Restricted ADSs referred to above which would have been charged
as a result of the deposit of such securities (for purposes of this paragraph (7) treating all such securities as if they were
Shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the Depositary to Holders
entitled thereto, (iv) an aggregate fee of U.S.$0.02 per Restricted ADS per calendar year (or portion thereof) for services performed
by the Depositary in administering the Restricted ADRs (which fee may be charged on a periodic basis during each calendar year
and shall be assessed against Holders as of the record date or record dates set by the Depositary during each calendar year and
shall be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more
cash dividends or other cash distributions), and (v) a fee for the reimbursement of such fees, charges and expenses as are incurred
by the Depositary and/or any of its agents (including, without limitation, the Custodian and expenses incurred on behalf of Holders
in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment)
in connection with the servicing of the Shares or other Deposited Securities, the sale of securities (including, without limitation,
Deposited Securities), the delivery of Deposited Securities or otherwise in connection with the Depositary’s or its Custodian’s
compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against Holders
as of the record date or dates set by the Depositary and shall be payable at the sole discretion of the Depositary by billing such
Holders or by deducting such charge from one or more cash dividends or other cash distributions).

 

The Company will pay all other charges and
expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant to agreements from time to time between
the Company and the Depositary, except: (i) stock transfer or other taxes and other governmental charges (which are payable by
Holders or persons depositing Shares; (ii) cable, telex and facsimile transmission and delivery charges incurred at the request
of persons depositing, or Holders delivering Shares, Restricted ADRs or Deposited Securities (which are payable by such persons
or Holders; (iii) transfer or registration fees for the registration or transfer of Deposited Securities on any applicable register
in connection with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders
withdrawing Deposited Securities; there are no such fees in respect of the Shares as of the date of the Restricted Issuance Agreement);
and (iv) in connection with the conversion of foreign currency into U.S. dollars, JPMorgan Chase Bank, N.A. (“JPMorgan”)
shall deduct out of such foreign currency the fees, expenses and other charges charged by it and/or its agent (which may be a division,
branch or affiliate) so appointed in connection with such conversion. JPMorgan and/or its agent may act as principal for such conversion
of foreign currency. Such charges may at any time and from time to time be changed by agreement between the Company and the Depositary.
For further details see https://www.adr.com.

 

    A-9

     

    

 

The right of the Depositary to receive payment
of fees, charges and expenses as provided above shall survive the termination of the Restricted Issuance Agreement. As to any Depositary,
upon the resignation or removal of such Depositary, such right shall extend for those fees, charges and expenses incurred prior
to the effectiveness of such resignation or removal.

 

(8) Available Information. The Restricted
Issuance Agreement, the provisions of or governing Deposited Securities and any written communications from the Company, which
are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders
of Deposited Securities, are available for inspection by Holders at the offices of the Depositary and the Custodian and at the
Transfer Office. The Depositary will distribute copies of such communications (or English translations or summaries thereof) to
Holders when furnished by the Company. The Company is subject to the periodic reporting requirements of the Securities Exchange
Act of 1934 and accordingly files certain reports with the United States Securities and Exchange Commission (the “Commission”).
Such reports and other information may be inspected and copied through the Commission’s website at http://www.sec.gov or
at public reference facilities maintained by the Commission located at the date hereof at 100 F Street, NE, Washington, DC 20549.

 

(9) Execution. This Restricted ADR
shall not be valid for any purpose unless executed by the Depositary by the manual or facsimile signature of a duly authorized
officer of the Depositary.

 

	Dated:	 	 
	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as Depositary
	 	 
	 	By	 
	 	Authorized Officer

 

The Depositary’s office is located at 383 Madison Avenue, Floor 11, New York, New York 10179.

 

    A-10

     

    

 

 

[FORM OF REVERSE OF RESTRICTED ADR]

 

(10) Distributions on Deposited Securities.
Subject to paragraphs (4) and (5), to the extent practicable, the Depositary, within a reasonable time, will distribute to each
Holder entitled thereto on the record date set by the Depositary therefor at such Holder’s address shown on the Restricted
ADR Register, in proportion to the number of Deposited Securities (on which the following distributions on Deposited Securities
are received by the Custodian) represented by Restricted ADSs evidenced by such Holder’s Restricted ADRs:

 

(a) Cash. Any U.S. dollars available
to the Depositary resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution
or portion thereof authorized in this paragraph (10) (“Cash”), on an averaged or other practicable basis, subject
to (i) appropriate adjustments for taxes withheld, (ii) such distribution being impermissible or impracticable with respect to
certain Holders, and (iii) deduction of the Depositary’s and/or its agents’ fees and expenses in (1) converting any
foreign currency to U.S. dollars by sale or in such other manner as the Depositary may determine to the extent that it determines
that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States
by such means as the Depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis,
(3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable
at a reasonable cost and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable
manner.

 

(b) Shares. (i) Additional Restricted
ADRs evidencing whole Restricted ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution
on Deposited Securities consisting of Shares (a “Share Distribution”) and (ii) U.S. dollars available to it
resulting from the net proceeds of sales of Shares received in a Share Distribution, which Shares would give rise to fractional
Restricted ADSs if additional Restricted ADRs were issued therefor, as in the case of Cash.

 

(c) Rights. (i) Warrants or other instruments
in the discretion of the Depositary representing rights to acquire additional Restricted ADRs in respect of any rights to subscribe
for additional Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities
(“Rights”), to the extent that the Company timely furnishes to the Depositary evidence satisfactory to the Depositary
that the Depositary may lawfully distribute the same (the Company has no obligation to so furnish such evidence), or (ii) to the
extent the Company does not so furnish such evidence and sales of Rights are practicable, any U.S. dollars available to the Depositary
from the net proceeds of sales of Rights as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence
and such sales cannot practicably be accomplished by reason of the nontransferability of the Rights, limited markets therefor,
their short duration or otherwise, nothing (and any Rights may lapse).

 

    A-11

     

    

 

(d) Other Distributions. (i) Securities
or property available to the Depositary resulting from any distribution on Deposited Securities other than Cash, Share Distributions
and Rights (“Other Distributions”), by any means that the Depositary may deem equitable and practicable, or
(ii) to the extent the Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S.
dollars available to the Depositary from the net proceeds of sales of Other Distributions as in the case of Cash.

 

The Depositary reserves the right to utilize
a division, branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or private sale of
securities hereunder. Such division, branch and/or affiliate may charge the Depositary a fee in connection with such sales, which
fee is considered an expense of the Depositary contemplated above and/or under paragraph (7) hereof. Any U.S. dollars available
will be distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld
without liability and dealt with by the Depositary in accordance with its then current practices. All purchases and sales of securities
will be handled by the Depositary in accordance with its then current policies, which are currently set forth in the “Depositary
Receipt Sale and Purchase of Security” section of https://www.adr.com/Investors/FindOutAboutDRs, the location and contents
of which the Depositary shall be solely responsible for.

 

(11) Record Dates. The Depositary
may, after consultation with the Company if practicable, fix a record date (which, to the extent applicable, shall be as near as
practicable to any corresponding record date set by the Company) for the determination of the Holders who shall be responsible
for the fee assessed by the Depositary for administration of the Restricted ADR program and for any expenses provided for in paragraph
(7) hereof as well as for the determination of the Holders who shall be entitled to receive any distribution on or in respect of
Deposited Securities, to give instructions for the exercise of any voting rights, to receive any notice or to act in respect of
other matters and only such Holders shall be so entitled or obligated.

 

(12) Voting of Deposited Securities.
Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which the holders of Shares are
entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary
shall fix the Restricted ADS record date in accordance with paragraph (11) above in respect of such meeting or solicitation of
consent or proxy. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation
to take any further action if the request shall not have been received by the Depositary at least 30 days prior to the date of
such vote or meeting) and at the Company’s expense and provided no legal prohibitions exist, distribute to Holders a notice
stating (a) such information as is contained in such notice and any solicitation materials, (b) that each Holder on the record
date set by the Depositary therefor will, subject to any applicable provisions of French law and of the Company’s By-Laws,
be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities
represented by the Restricted ADSs evidenced by such Holder’s Restricted ADRs and (c) the manner in which such instructions
may be given, or deemed given in accordance with the next paragraph, including instructions to give a discretionary proxy to the
chairman of the Company’s board of directors to vote in favor of all resolutions endorsed by the Company’s board of
directors and against any resolutions not so endorsed. Upon actual receipt by the ADR department of the Depositary of instructions
of a Holder on such record date in the manner and on or before the time established by the Depositary for such purpose, the Depositary
shall endeavor insofar as practicable and permitted under the provisions of or governing Deposited Securities to vote or cause
to be voted the Deposited Securities represented by the Restricted ADSs evidenced by such Holder’s Restricted ADRs in accordance
with such instructions. The Depositary will not itself exercise any voting discretion in respect of any Deposited Securities.

 

    A-12

     

    

 

To the extent the Depositary has been provided
with at least 40 days’ notice of the proposed meeting, if the Depositary receives from any Holder voting instructions which
fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holders’ Restricted
ADSs, as well as if instructions are not timely received by the Depositary from any Holder, subject to applicable provisions of
French Law and of the Company’s By-Laws, such Holder shall be deemed, and the Depositary is instructed to deem such Holder,
to have instructed the Depositary to give a discretionary proxy to the chairman of the Company’s board of directors to vote
or cause to be voted the Deposited Securities represented by the Restricted ADSs evidenced by such Holder’s Restricted ADRs
as to which such instructions are so deemed given in favor of all resolutions endorsed by the Company’s board of directors
and against any resolutions not so endorsed, provided that no such instruction shall be deemed given and no discretionary proxy
shall be given (a) if the Company informs the Depositary in writing (and the Company agrees to provide the Depositary with such
information promptly in writing) that (i) it does not wish such proxy to be given, (ii) substantial opposition exists with respect
to any agenda item for which the proxy would be given or (iii) the agenda item in question, if approved, would materially or adversely
affect the rights of holders of Shares and (b) unless, with respect to such meeting, the Depositary has been provided with an opinion
of French counsel to the Company, in form and substance satisfactory to the Depositary, with respect to the deemed discretion provided
for herein and other voting related matters.

 

Notwithstanding anything in the Restricted
Issuance Agreement to the contrary, the Depositary and the Company may modify or amend the above voting procedures or adopt additional
voting procedures from time to time as they determine may be necessary or appropriate to comply with French or United States law
or the Company’s By-Laws.

 

    A-13

     

    

 

There is no guarantee that Holders generally
or any Holder in particular will receive the notice described above with sufficient time to enable such Holder to return any voting
instructions to the Depositary in a timely manner. Notwithstanding anything contained in the Restricted Issuance Agreement or any
Restricted ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange
on which the Restricted ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with
any meeting of or solicitation of consents or proxies from holders of Deposited Securities, distribute to the Holders a notice
that provides Holders with or otherwise publicizes to Holders instructions on how to retrieve such materials or receive such materials
upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting copies
of the materials). Voting instructions will not be deemed received until such time as the Restricted ADR department responsible
for proxies and voting has received such instructions notwithstanding that such instructions may have been physically received
by JPMorgan Chase Bank, N.A., as Depositary, prior to such time.

 

(13) Changes Affecting Deposited Securities.
Subject to paragraphs (4) and (5), the Depositary may, in its discretion, and shall if reasonably requested by the Company, amend
this Restricted ADR or distribute additional or amended Restricted ADRs (with or without calling this Restricted ADR for exchange)
or cash, securities or property on the record date set by the Depositary therefor to reflect any change in par value, split-up,
consolidation, cancellation or other reclassification of Deposited Securities, any Share Distribution or Other Distribution not
distributed to Holders or any cash, securities or property available to the Depositary in respect of Deposited Securities from
(and the Depositary is hereby authorized to surrender any Deposited Securities to any person and, irrespective of whether such
Deposited Securities are surrendered or otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public
or private sale any property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation,
receivership, bankruptcy or sale of all or substantially all the assets of the Company, and to the extent the Depositary does not
so amend this Restricted ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever
cash, securities or property results from any of the foregoing shall constitute Deposited Securities and each Restricted ADS evidenced
by this Restricted ADR shall automatically represent its pro rata interest in the Deposited Securities as then constituted. Promptly
upon the occurrence of any of the aforementioned changes affecting Deposited Securities, the Company shall notify the Depositary
in writing of such occurrence and as soon as practicable after receipt of such notice from the Company, may instruct the Depositary
to give notice thereof, at the Company’s expense, to Holders in accordance with the provisions hereof. Upon receipt of such
instruction, the Depositary shall give notice to the Holders in accordance with the terms thereof, as soon as reasonably practicable.

 

    A-14

     

    

 

(14) Exoneration. The Depositary,
the Company, their agents and each of them shall: (a) incur no liability (i) if any present or future law, rule, regulation, fiat,
order or decree of the United States, France or any other country or jurisdiction, or of any governmental or regulatory authority
or any securities exchange or market or automated quotation system, the provisions of or governing any Deposited Securities, any
present or future provision of the Company’s charter, any act of God, war, terrorism, nationalization, expropriation, currency
restrictions, work stoppage, strike, civil unrest, revolutions, rebellions, explosions, computer failure or circumstance beyond
its direct and immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty
in connection with, any act which the Restricted Issuance Agreement or this Restricted ADR provides shall be done or performed
by it or them (including, without limitation, voting pursuant to paragraph (12) hereof), or (ii) by reason of any exercise or failure
to exercise any discretion given it in the Restricted Issuance Agreement or this Restricted ADR (including, without limitation,
any failure to determine that any distribution or action may be lawful or reasonably practicable); (b) assume no liability except
to perform its obligations to the extent they are specifically set forth in this Restricted ADR and the Restricted Issuance Agreement
without gross negligence or willful misconduct; (c) in the case of the Depositary and its agents, be under no obligation to appear
in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this Restricted ADR; (d)
in the case of the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or
other proceeding in respect of any Deposited Securities or this Restricted ADR, which in its opinion may involve it in expense
or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability
be furnished as often as may be required; or (e) not be liable for any action or inaction by it in reliance upon the advice of
or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other person believed
by it to be competent to give such advice or information. The Depositary shall not be liable for the acts or omissions made by,
or the insolvency of, any securities depository, clearing agency or settlement system.  The Depositary shall not be responsible
for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian that is not a branch or affiliate
of JPMorgan Chase Bank, N.A.  The Depositary shall not have any liability for the price received in connection with any
sale of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay
in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed
sale.  Notwithstanding anything to the contrary contained in the Restricted Issuance Agreement (including the Restricted
ADRs), subject to the penultimate sentence of this paragraph (14), the Depositary shall not be responsible for, and shall incur
no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that
the Custodian has (i) committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed
to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards
prevailing in the jurisdiction in which the Custodian is located. The Depositary, its agents and the Company may rely and shall
be protected in acting upon any written notice, request, direction, instruction or document believed by them to be genuine and
to have been signed, presented or given by the proper party or parties. The Depositary shall be under no obligation to inform Holders
or any other holders of an interest in any Restricted ADSs about the requirements of French law, rules or regulations or any changes
therein or thereto. The Depositary and its agents will not be responsible for any failure to carry out any instructions to vote
any of the Deposited Securities, for the manner in which any such vote is cast or for the effect of any such vote. The Depositary
may rely upon instructions from the Company or its counsel in respect of any approval or license required for any currency conversion,
transfer or distribution. The Depositary and its agents may own and deal in any class of securities of the Company and its affiliates
and in Restricted ADRs. Notwithstanding anything to the contrary set forth in the Restricted Issuance Agreement or a Restricted
ADR, the Depositary and its agents may fully respond to any and all demands or requests for information maintained by or on its
behalf in connection with the Restricted Issuance Agreement, any Holder or Holders, any Restricted ADR or ADRs or otherwise related
hereto or thereto to the extent such information is requested or required by or pursuant to any lawful authority, including without
limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators.  None
of the Depositary, the Custodian or the Company shall be liable for the failure by any Holder or beneficial owner to obtain the
benefits of credits on the basis of non-U.S. tax paid against such Holder’s or beneficial owner’s income tax liability.
The Depositary and the Company shall not incur any liability for any tax consequences that may be incurred by Holders and beneficial
owners on account of their ownership of the Restricted ADRs or Restricted ADSs. The Depositary shall not incur any liability for
the content of any information submitted to it by or on behalf of the Company for distribution to the Holders or for any inaccuracy
of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the
validity or worth of the Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon
the terms of the Restricted Issuance Agreement or for the failure or timeliness of any notice from the Company.  The
Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act
or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary.
By holding a Restricted ADS or an interest therein, Holders and owners of Restricted ADSs each irrevocably agree that any legal
suit, action or proceeding against or involving the Company or the Depositary, arising out of or based upon the Restricted Issuance
Agreement, the Restricted ADSs or the transactions contemplated herein, therein or hereby, may only be instituted in a state or
federal court in New York, New York, and by holding a Restricted ADS or an interest therein each irrevocably waives any objection
which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction
of such courts in any such suit, action or proceeding. The Company has agreed to indemnify the Depositary and its agents under
certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances.  Neither the
Depositary, the Company nor any of their respective agents shall be liable to Holders or beneficial owners of interests in Restricted
ADSs for any indirect, special, punitive or consequential damages (including, without limitation, legal fees and expenses) or lost
profits, in each case of any form incurred by any person or entity, whether or not foreseeable and regardless of the type of action
in which such a claim may be brought.  With respect to Holders and owners of Restricted ADRs, any summary of French laws
and regulations and of the terms of the Company’s By-Laws set forth in the Restricted Issuance Agreement is provided by the
Company solely for the convenience and while the Company believes that such summaries are accurate as of the date of the Restricted
Issuance Agreement, (i) they are summaries and as such may not include all aspects of the materials summarized applicable to a
Holder or owner of Restricted ADRs, and (ii) these laws and regulations and the Company’s By-Laws may change after the date
of the Restricted Issuance Agreement.  Neither the Depositary nor the Company has any obligation under the terms of the
Restricted Issuance Agreement or the Restricted ADRs to update any such summaries.  No disclaimer of liability under
the Securities Act of 1933 is intended by any provision hereof.

 

    A-15

     

    

 

(15) Resignation and Removal of Depositary;
the Custodian. The Depositary may resign as Depositary by written notice of its election so to do delivered to the Company,
such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as provided
in the Restricted Issuance Agreement. The Depositary may at any time be removed by the Company by no less than 120 days prior written
notice of such removal, to become effective upon the later of (i) the 120th day after delivery of the notice to the Depositary
and (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Restricted Issuance
Agreement. The Depositary may appoint substitute or additional Custodians and the term “Custodian” refers to
each Custodian or all Custodians as the context requires.

 

(16) Amendment. The Restricted ADRs
and the Restricted Issuance Agreement may be amended by the Company and the Depositary, provided that any amendment that
imposes or increases any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or
registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise
prejudice any substantial existing right of Holders, shall become effective 30 days after notice of such amendment shall have been
given to the Holders. Every Holder of a Restricted ADR at the time any amendment to the Restricted Issuance Agreement so becomes
effective shall be deemed, by continuing to hold such Restricted ADR, to consent and agree to such amendment and to be bound by
the Restricted Issuance Agreement as amended thereby. In no event shall any amendment impair the right of the Holder of any Restricted
ADR to surrender such Restricted ADR and receive the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. Any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the
Depositary) in order for the Restricted ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either
such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights
of Holders. Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations
which would require amendment or supplement of the Restricted Issuance Agreement or the form of Restricted ADR to ensure compliance
therewith, the Company and the Depositary may amend or supplement the Restricted Issuance Agreement and the Restricted ADR at any
time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Restricted Issuance Agreement
in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other
period of time as required for compliance. Notice of any amendment to the Restricted Issuance Agreement or form of Restricted ADRs
shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments
in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders
identifies a means for Holders to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission’s,
the Depositary’s or the Company’s website or upon request from the Depositary).

 

    A-16

     

    

 

(17) Termination. The Depositary
may, and shall at the written direction of the Company, terminate the Restricted Issuance Agreement and this Restricted ADR by
mailing notice of such termination to the Holders at least 30 days prior to the date fixed in such notice for such termination;
provided, however, (a) if the Depositary shall have (i) resigned as Depositary hereunder, notice of such termination by the Depositary
shall not be provided to Holders unless a successor depositary shall not be operating hereunder within 60 days of the date of such
resignation, or (ii) been removed as Depositary hereunder, notice of such termination by the Depositary shall not be provided to
Holders unless a successor depositary shall not be operating hereunder on the 120th day after the Company’s notice of removal
was first provided to the Depositary and (b) if the Depositary receives a written notice that Deposited Securities have been purchased
for cash, or that a court has approved a scheme of arrangement or comparable type of transaction pursuant to which such Deposited
Securities will be purchased for cash, in either case in a transaction that is mandatory and binding on the Depositary as a holder
of those Deposited Securities the Depositary may immediately terminate the Restricted Issuance Agreement effective as of the date
notice is first provided to Holders or such later date established by the Depositary and stated in such notice in order to coincide
or be close with the date on which the Deposited Securities have been exchanged for cash (a termination under this (b) being a
“Termination Event”).  Except in the case of a Termination Event, if at the date so fixed for termination
the Depositary believes the Shares are not publicly and actively listed or quoted for trading on at least one stock exchange in
the European Union, after the date so fixed for termination, the Depositary shall (a) charge its cancellation fee on all existing
Restricted ADSs, (b) instruct the Custodian to deliver all Deposited Securities to the Company along with a general stock power
that refers to the names set forth on the Restricted ADR Register and (c) provide the Company with a copy of the Restricted ADR
Register (which copy may be sent by email or by any means permitted under the notice provisions of the Restricted Issuance Agreement).
Upon receipt of such Deposited Securities and the Restricted ADR Register, the Company shall use its best efforts to issue to each
Holder a Share certificate representing the Shares represented by the Restricted ADSs reflected on the Restricted ADR Register
in such Holder’s name and to deliver such Share certificate to the Holder at the address set forth on the Restricted ADR
Register.  Except in the case of a Termination Event, if at the date so fixed for termination, the Depositary believes
the Shares are publicly and actively listed or quoted for trading on at least one stock exchange in the European Union, after
the date so fixed for termination, (x) the Depositary and its agents will perform no further acts under the Restricted Issuance
Agreement and this Restricted ADR, except to receive and hold (or sell) distributions on Deposited Securities and deliver Deposited
Securities being withdrawn and (y) as soon as practicable after the expiration of six months from the date so fixed for termination,
the Depositary shall endeavor to sell the Deposited Securities and shall thereafter (as long as it may lawfully do so) hold in
a segregated account the net proceeds of such sales, together with any other cash then held by it under the Restricted Issuance
Agreement, without liability for interest, in trust for the pro rata benefit of the Holders of Restricted ADRs not theretofore
surrendered.  After providing the instruction to the Custodian under the third preceding sentence and delivering a copy
of the Restricted ADR Register to the Company, the Depositary and its agents will perform no further acts under the Restricted
Issuance Agreement and this Restricted ADR and shall cease to have any obligations under the Restricted Issuance Agreement and/or
the Restricted ADRs. After making any such sale under clause (y) of the second preceding sentence or receipt of the cash on a Termination
Event, the Depositary shall be discharged from all obligations in respect of the Restricted Issuance Agreement and this Restricted
ADR, except to account for such net proceeds and other cash.  After the Company receives the copy of the Restricted ADR
Register and the Deposited Securities and has complied with the provisions of the fourth preceding sentence above or, in the case
of a Termination Event or circumstances under the third preceding sentence, the Company shall be discharged from all obligations
under the Restricted Issuance Agreement except (i) to distribute the Shares to the Holders entitled thereto, if applicable, and
(ii) for its obligations to the Depositary and its agents.

 

    A-17

     

    

 

(18) Appointment. Each Holder and
each person holding an interest in Restricted ADSs, upon acceptance of any Restricted ADSs or Restricted ADRs (or any interest
in any of them) issued in accordance with the terms and conditions of the Restricted Issuance Agreement shall be deemed for all
purposes to (a) be a party to and bound by the terms of the Restricted Issuance Agreement and the applicable Restricted ADR(s),
and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all
actions contemplated in the Restricted Issuance Agreement and the applicable Restricted ADR(s), to adopt any and all procedures
necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or
appropriate to carry out the purposes of the Restricted Issuance Agreement and the applicable Restricted ADR(s), the taking of
such actions to be the conclusive determinant of the necessity and appropriateness thereof.

 

(19) Waiver. EACH PARTY TO THE RESTRICTED
ISSUANCE AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, RESTRICTED
ADSs OR RESTRICTED ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE RESTRICTED ADSs OR THE RESTRICTED ADRs, THE RESTRICTED ISSUANCE
AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT,
COMMON LAW OR ANY OTHER THEORY).

 

    A-18

     

    

 

(20) Elective Distributions in Cash or
Shares.  Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in
cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution
stating whether or not it wishes such elective distribution to be made available to Holders.  Upon receipt of notice
indicating that the Company wishes such elective distribution to be made available to Holders, the Depositary shall consult with
the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably
practicable to make such elective distribution available to the Holders.  The Depositary shall make such elective distribution
available to Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders,
(ii) the Depositary shall have determined that such distribution is reasonably practicable and (iii) the Depositary shall have
received satisfactory documentation within the terms of Section 14 of the Unrestricted Deposit Agreement (as such Section is incorporated
by reference into the Restricted Issuance Agreement) including, without limitation, any legal opinions of counsel in any applicable
jurisdiction that the Depositary in its reasonable discretion may request, at the expense of the Company.  If the above
conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the basis of
the same determination as is made in the local market in respect of the Shares for which no election is made, either (x) cash or
(y) additional Restricted ADSs representing such additional Shares.  If the above conditions are satisfied, the Depositary
shall establish a record date and establish procedures to enable Holders to elect the receipt of the proposed dividend in cash
or in additional Restricted ADSs.  The Company shall assist the Depositary in establishing such procedures to the extent
necessary.  Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective
dividend in Shares (rather than Restricted ADSs).  There can be no assurance that Holders generally, or any Holder in
particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of
Shares.

 

    A-19

     

    

 

 

Exhibit B

 

Certification and Agreement
of the Company

Upon the Deposit of Shares

 

[DATE]

 

JPMorgan Chase Bank, N.A., as Depositary

ADR Department

383 Madison Avenue, Floor 11

New
York, New York 10179

 

Re:     Talend S.A.

 

Dear Sirs:

 

Reference is hereby made to
the Restricted Issuance Agreement, dated as of September 13, 2019 (the “Restricted Issuance Agreement”), among
Talend S.A. (the “Company”), JPMorgan Chase Bank, N.A., as Depositary, and all Holders from time to time of
restricted American depositary shares (“Restricted ADSs”) represented by restricted American depositary receipts,
in book entry form (“Restricted ADRs”), issued thereunder.

 

Capitalized terms used but
not otherwise defined herein shall have the meanings given them in the Restricted Issuance Agreement. References to the Restricted
Issuance Agreement include the certification and other procedures established from time to time by the Depositary pursuant to such
agreement.

 

This certification and agreement
is furnished in connection with the conversion by                           
(the “Depositor”) of Convertible Notes into
Restricted ADSs and, in connection therewith, the delivery by the Company, on behalf of the Depositor, of                           
Shares to the Depositary which                           
Shares shall be deemed to have been deposited by the Depositor against the issuance of  Restricted ADSs to the Depositor under
the Restricted Issuance Agreement.

 

The Company
represents, warrants, certifies and agrees that (i) the Depositor was the beneficial owner of the Convertible Notes, the
conversion of which resulted in the issuance of the Shares being deposited under the Restricted Issuance Agreement; (ii) the
Shares are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim created by the
Company, (iii) the Shares were legally acquired by the Depositor from the Company upon conversion of the Convertible Notes in
a transaction complying with, and exempt from, the registration requirements of the Securities Act pursuant to Section
3(a)(9) of the Securities Act and the rules and regulations of the Securities and Exchange Commission promulgated thereunder;
(iv) the Depositor is not an affiliate of the Company; (v) the Company is providing this Certification and Agreement to
provide comfort to the Depositary that the deposit of the Shares, the issuance of the Restricted ADSs and any sale of the
Restricted ADSs and the Shares represented thereby may occur without the need for registration under the Securities Act; and
(vi) each of the statements made herein are true and complete.

 

    B-20

     

    

 

 

We acknowledge that our representations,
warranties, certifications and agreements contained herein shall survive the deposit of Shares, the issuance of the Restricted
ADSs in connection therewith, any sale or transfer of the Restricted ADSs or the Underlying Shares, the surrender and cancellation
of any such Restricted ADSs, the withdrawal of the Underlying Shares, the re-deposit of any such Underlying Shares in the Unrestricted
Deposit Agreement, the issuance of any ADRs under the Unrestricted Deposit Agreement in connection therewith and/or any sale, resale
or other transfer of any such ADRs or Underlying Shares thereafter. This Certificate and Agreement shall be governed by and construed
in accordance with the internal laws of the State of New York.

 

	 	Very truly yours,
	 	 
	 	TALEND S.A.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    B-21

     

    

 

Exhibit C

 

Certification and Agreement
of Persons Surrendering

Restricted ADSs for Cancellation

and

Depositing Deposited Securities
under the

Unrestricted American Deposit
Agreement

 

[DATE]

 

JPMorgan Chase Bank, N.A., as Depositary

ADR Department

383 Madison
Avenue, Floor 11

New York, NY, 10179

 

Re:     Talend S.A.

 

Dear Sirs:

 

Reference is hereby made to
the Restricted Issuance Agreement, dated as of September 13, 2019 (the “Restricted Issuance Agreement”), among
Talend S.A. (the “Company”), JPMorgan Chase Bank, N.A., as Depositary, and all Holders from time to time of
restricted American depositary shares (“Restricted ADSs”) represented by restricted American depositary receipts,
in book entry form (“Restricted ADRs”), issued thereunder.

 

Capitalized terms used
but not otherwise defined herein shall have the meanings given them in the Restricted Issuance Agreement. References to the Restricted
Issuance Agreement include the certification and other procedures established from time to time by the Depositary pursuant to such
agreement.

 

This certification and
agreement is furnished in connection with the surrender by the undersigned of                          
Restricted ADSs for the purpose of withdrawal of the Shares represented thereby under the Restricted Issuance Agreement and
the deposit of Shares and issuance of ADSs under the Unrestricted Deposit Agreement.

 

We represent, warrant, certify
and agree that:

 

(i)       we
are the beneficial owner of the Restricted ADSs being surrendered and, at the time the Shares represented by the Restricted ADSs
are withdrawn will be the beneficial owner of such Shares;

 

(ii)       the
Restricted ADSs and the Shares represented by the Restricted ADSs were acquired by us from the Company upon conversion of the Convertible
Notes (or from a holder that we reasonably believed not be an “affiliate” of the Company within the meaning of Rule
144 and to have acquired the Restricted ADSs from the Company or from another such non-affiliate), in a transaction complying with,
and exempt from, the registration requirements of the Securities Act.

 

    C-1

     

    

 

(iii)       in
connection with the deposit of the Shares and the issuance to us of the ADSs under the Unrestricted Deposit Agreement, we hereby
confirm, represent, warrant, certify and agree that the representations, warranties agreements contained in paragraph (1) of the
form of ADR of the Unrestricted Deposit Agreement are true and correct, and we will comply therewith, including, without limitation,
that (a)(1) the Shares and the certificates therefor are legally obtained by such person, (2) we are duly authorized so to do,
(3) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse
claim, and (4) such Shares (A) are not “restricted securities” as such term is defined in Rule 144 under the Securities
Act of 1933 (“Restricted Securities”) unless at the time of deposit the requirements of paragraphs (c), (e),
(f) and (h) of Rule 144 shall not apply and all such Shares may be freely transferred and may otherwise be offered and sold freely
in the United States or (B) have been registered under the Securities Act of 1933, and (b) we and/or I am not an “affiliate”
of the Company as such term is defined in Rule 144, or, if we and/or I am an “affiliate” of the Company as such term
is defined in Rule 144, upon the sale of the ADSs, all of the provisions of Rule 144 which enable the Shares to be freely sold
(in the form of ADSs) will be fully complied with and, as a result thereof, all of the ADSs issued in respect of such Shares will
not be on the sale thereof, Restricted Securities. Such representations and warranties shall survive the deposit and withdrawal
of Shares and the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs; and

 

(iv)       each
of the statements made herein are true and complete.

 

We agree to indemnify the
Depositary, the Company and each of their respective officers, directors, agents, employees, and affiliates for any and all losses,
liabilities and expenses (including reasonable fees and expenses of counsel) which may arise by reason hereof as well for any losses,
liabilities claims, actions, costs, damages, penalties, fines, obligations, transfer or other taxes, duties, stamps and/or other
governmental charges, and expenses of any kind whatsoever (including, without limitation, reasonable attorneys’ fees and
expenses) that may be imposed on, incurred by or asserted against any of them in connection with or arising out of or by reason
of their reliance on our representations, warranties, certifications and agreements contained herein or in connection with the
surrender and cancellation of any such Restricted ADSs, the withdrawal of the Underlying Shares, the re-deposit of any such Underlying
Shares in the Unrestricted Deposit Agreement, and/or the issuance of any ADRs under the Unrestricted Deposit Agreement in connection
therewith, and to the extent any representation, warranty, certification or agreement contained herein is incorrect or has been
breached, in connection with any sale, resale or other transfer of any such ADRs or Underlying Shares thereafter.

 

    C-2

     

    

 

We acknowledge
that our representations, warranties, certifications and agreements contained herein shall survive the surrender and cancellation
of any such Restricted ADSs, the withdrawal of the Underlying Shares, the re-deposit of any
such Underlying Shares in the Unrestricted Deposit Agreement, the issuance of any ADRs under the Unrestricted Deposit Agreement
in connection therewith and/or any sale, resale or other transfer of any such ADRs or Underlying Shares thereafter. This Certificate
and Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.

 

	  	Very truly yours,
	 	 
	 	[NAME OF CERTIFYING ENTITY]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-3

     

    

 

Exhibit D

 

Certification and Agreement
of Persons Surrendering

Restricted ADSs for the
Purpose of

Withdrawing Deposited Securities

 

[DATE]

 

JPMorgan Chase Bank, N.A., as Depositary

ADR Department

383 Madison
Avenue, Floor 11

New York, NY, 10179

 

Re:     Talend S.A.

 

Dear Sirs:

 

Reference is hereby made to
the Restricted Issuance Agreement, dated as of September 13, 2019 (the “Restricted Issuance Agreement”), among
Talend S.A. (the “Company”), JPMorgan Chase Bank, N.A., as Depositary, and all Holders from time to time of
restricted American depositary shares (“Restricted ADSs”) represented by restricted American depositary receipts,
in book entry form (“Restricted ADRs”), issued thereunder.

 

Capitalized terms used
but not otherwise defined herein shall have the meanings given them in the Restricted Issuance Agreement. References to the Restricted
Issuance Agreement include the certification and other procedures established from time to time by the Depositary pursuant to such
agreement.

 

This certification and
agreement is furnished in connection with the surrender by the undersigned of                       
Restricted ADSs for the purpose of withdrawal of the Shares represented thereby under the Restricted Issuance Agreement.

 

In connection
with our request to cancel said Restricted ADSs and deliver the Shares to our order, we hereby acknowledge, certify and agree that
the Restricted ADSs and the underlying Shares represented thereby (the “Underlying
Shares”) have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities
Act”), or with any securities regulatory authority in any state or other jurisdiction of the United States. The Restricted
ADSs and Underlying Shares are “restricted securities” as defined in Rule 144 promulgated under the Securities Act
and are subject to restrictions on transfer under the Securities Act. The Restricted ADSs and Underlying Shares may not be sold
or offered for sale or otherwise distributed, transferred or disposed of except (i) in conjunction with an effective registration
statement for the Restricted ADSs and Underlying Shares under the Securities Act or (ii) pursuant
to an opinion of counsel satisfactory to the Company and Depositary, that such registration is not required as to said sale, offer,
distribution, transfer or disposal.

 

    D-1

     

    

 

Additionally, we represent,
warrant, certify and agree that:

 

(i)       we
are the beneficial owner of the Restricted ADSs being surrendered and, at the time the Shares represented by the Restricted ADSs
are withdrawn will be the beneficial owner of such Shares;

 

(ii)       the
Shares were acquired by us from the Company upon conversion of the Convertible Notes;

 

(iii)       we
acquired the Convertible Notes either (x) upon the initial issuance thereof by the Company on September 13, 2019, on which date
the purchase price for the Convertible Notes was fully paid, or (y) pursuant to the purchase of the Convertible Notes on [date],
from a prior holder thereof in a transaction exempt from the registration requirements of the Securities Act;

 

(iv)       we
will not offer, sell, pledge or otherwise transfer the Restricted ADSs or Underlying Shares except (a) pursuant to an exemption
from registration under the Securities Act, or (b) pursuant to an effective registration statement under the Securities Act, in
each case in accordance with any applicable securities Laws of any state of the United States;

 

(iii)       if
we are an affiliate of the Company, we understand that the sale of the Underlying Shares is subject to limitations under the Securities
Act, and will comply with all such provisions thereof; and

 

(iv)       neither
we nor any of our affiliates will deposit said Shares under the Unrestricted Deposit Agreement except to the extent the representations,
warranties, certifications and agreements deemed to be made thereunder can be, and are, made
to the Depositary and the other provisions of the Unrestricted Deposit Agreement have been fully complied with.

 

We agree to indemnify the Depositary,
the Company and each of their respective officers, directors, agents, employees, and affiliates for any and all losses, liabilities
and expenses (including reasonable fees and expenses of counsel) which may arise by reason hereof as well for any losses, liabilities
claims, actions, costs, damages, penalties, fines, obligations, transfer or other taxes, duties, stamps and/or other governmental
charges, and expenses of any kind whatsoever (including, without limitation, reasonable attorneys’ fees and expenses) that
may be imposed on, incurred by or asserted against any of them in connection with or arising out of or by reason of their reliance
on our representations, warranties, certifications and agreements contained herein or in connection
with the surrender and cancellation of any such Restricted ADSs, the withdrawal of the Underlying Shares and/or any sale, resale
or other transfer of any Underlying Shares thereafter.

 

    D-2

     

    

 

We acknowledge that our representations,
warranties, certifications and agreements contained herein shall survive the surrender and cancellation of any such Restricted
ADSs, the withdrawal of the Underlying Shares and/or any sale, resale or other transfer of any Underlying Shares thereafter. This
Certificate and Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.

 

	 	Very truly yours,
	 	 
	 	[NAME OF CERTIFYING ENTITY]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]