Document:

EX-4.1

 

Exhibit 4.1

 

ALCATEL

AND

THE BANK OF NEW YORK,

As Depositary

AND

HOLDERS OF AMERICAN DEPOSITARY RECEIPTS

Amended and Restated

Deposit Agreement

Dated as of March 1, 1991 and Amended and Restated as of May 15, 1992

As Amended by Amendment No. 1, dated as of January 3, 1997

And As Further Amended and Restated as of March 10, 1997

And As Further Amended and Restated as of May 10, 2000

And As Further Amended and Restated as of May 22, 2000

And As Further Amended and Restated as of March 19, 2003

 

1

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	ARTICLE I.
	 	DEFINITIONS	 	 	2	 
	 
	 	 	 	 	 	 
	Section 1.01.
	 	American Depositary Shares.	 	 	2	 
	Section 1.02.
	 	Beneficial Owner.	 	 	3	 
	Section 1.03.
	 	Commission.	 	 	3	 
	Section 1.04.
	 	Company.	 	 	3	 
	Section 1.05.
	 	Custodian; Custodians.	 	 	3	 
	Section 1.06.
	 	Deposit Agreement.	 	 	4	 
	Section 1.07.
	 	Depositary.	 	 	4	 
	Section 1.08.
	 	Deposited Securities.	 	 	4	 
	Section 1.09.
	 	Deposit, Surrender, Delivery.	 	 	4	 
	Section 1.10.
	 	Dollars; Euros.	 	 	4	 
	Section 1.11.
	 	French Law.	 	 	5	 
	Section 1.12.
	 	Holder.	 	 	5	 
	Section 1.13.
	 	Principal Office.	 	 	5	 
	Section 1.14.
	 	Receipts.	 	 	5	 
	Section 1.15.
	 	Registrar.	 	 	5	 
	Section 1.16.
	 	Securities Act of 1933.	 	 	6	 
	Section 1.17.
	 	Securities Exchange Act of 1934.	 	 	6	 
	Section 1.18.
	 	Shares.	 	 	6	 
	Section 1.19.
	 	United States.	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE II.
	 	FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY.	 	 	 	 
	 
	 	TRANSFER AND SURRENDER OF RECEIPTS	 	 	6	 
	 
	 	 	 	 	 	 
	Section 2.01.
	 	Form and Transferability of Receipts.	 	 	6	 
	Section 2.02.
	 	Deposit of Shares.	 	 	8	 
	Section 2.03.
	 	Execution and Delivery of Receipts.	 	 	10	 
	Section 2.04.
	 	Transfer of Receipts; Combination and Split-up of Receipts.	 	 	10	 
	Section 2.05.
	 	Surrender of Receipts and Withdrawal of Deposited Securities.	 	 	11	 
	Section 2.06.
	 	Limitations on Execution and Delivery, Transfer, etc. of	 	 	 	 
	 
	 	Receipts; Suspension of Delivery, Transfer, etc.	 	 	13	 
	Section 2.07.
	 	Lost Receipts, etc.	 	 	14	 
	Section 2.08.
	 	Cancellation and Destruction of Surrendered Receipts.	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE III.
	 	CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS	 	 	15	 
	 
	 	 	 	 	 	 
	Section 3.01.
	 	Filing Proofs, Certificates and Other Information.	 	 	15	 
	Section 3.02.
	 	Liability of Holder for Taxes.	 	 	16	 
	Section 3.03.
	 	Warranties on Deposit of Shares.	 	 	16	 
	Section 3.04.
	 	Disclosure of Interests.	 	 	16	 
	 
	 	 	 	 	 	 
	ARTICLE IV.
	 	THE DEPOSITED SECURITIES	 	 	20	 
	 
	 	 	 	 	 	 
	Section 4.01.
	 	Cash Distributions; Withholding.	 	 	20	 
	Section 4.02.
	 	Distributions Other than Cash or Shares.	 	 	21	 
	Section 4.03.
	 	Distributions in Shares.	 	 	22	 
	Section 4.04.
	 	Rights.	 	 	23	 
	Section 4.05.
	 	Conversion of Foreign Currency.	 	 	24	 
	Section 4.06.
	 	Fixing of Record Date.	 	 	26	 
	Section 4.07.
	 	Voting of Deposited Securities.	 	 	26	 
	Section 4.08.
	 	Changes Affecting Deposited Securities.	 	 	28	 
	Section 4.09.
	 	Available Information.	 	 	29	 
	Section 4.10.
	 	Reports.	 	 	29	 
	Section 4.11.
	 	Lists of Receipt Holders.	 	 	30	 
	Section 4.12.
	 	Withholding.	 	 	30	 
	 
	 	 	 	 	 	 
	ARTICLE V.
	 	THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY	 	 	31	 
	 
	 	 	 	 	 	 
	Section 5.01.
	 	Maintenance of Office and Transfer Books by the Depositary.	 	 	31	 
	Section 5.02.
	 	Prevention or Delay in Performance by the Depositary or the Company.	 	 	32	 
	Section 5.03.
	 	Obligations of the Depositary, the Custodian and the Company.	 	 	33	 
	Section 5.04.
	 	Pre-Release of Receipts.	 	 	35	 
	Section 5.05.
	 	Resignation and Removal of the Depositary; Appointment of	 	 	 	 
	 
	 	Successor Depositary.	 	 	36	 
	Section 5.06.
	 	The Custodian.	 	 	37	 
	Section 5.07.
	 	Notices and Reports.	 	 	38	 
	Section 5.08.
	 	Issuance or Deposit of Additional Shares, etc.	 	 	39	 
	Section 5.09.
	 	Indemnification.	 	 	39	 
	Section 5.10.
	 	Charges of Depositary.	 	 	40	 
	Section 5.11.
	 	Retention of Depositary Documents.	 	 	42	 
	 
	 	 	 	 	 	 
	ARTICLE VI.
	 	AMENDMENT AND TERMINATION	 	 	42	 
	 
	 	 	 	 	 	 
	Section 6.01.
	 	Amendment.	 	 	42	 
	Section 6.02.
	 	Termination.	 	 	43	 
	 
	 	 	 	 	 	 
	ARTICLE VII.
	 	MISCELLANEOUS	 	 	44	 
	 
	 	 	 	 	 	 
	Section 7.01.
	 	Counterparts.	 	 	44	 
	Section 7.02.
	 	No Third-Party Beneficiaries.	 	 	44	 
	Section 7.03.
	 	Severability.	 	 	44	 
	Section 7.04.
	 	Holders as Parties: Binding Effect.	 	 	45	 
	Section 7.05.
	 	Notices.	 	 	45	 
	Section 7.06.
	 	Governing Law.	 	 	46	 
	Section 7.07.
	 	Compliance with U.S. Securities Laws.	 	 	46	 

i

 

AMENDED AND RESTATED DEPOSIT AGREEMENT

     DEPOSIT AGREEMENT dated as of March 1, 1991 and Amended and Restated as of May 15, 1992, as
amended by Amendment No. 1, dated as of January 3, 1997, as further amended and restated as of
March 10, 1997, as further amended and restated as of May 10, 2000, and as further amended and
restated as of May 22, 2000, and as further amended and restated as of March 19, 2003, among
ALCATEL, a société anonyme organized under the laws of The Republic of France (the “Company”), THE
BANK OF NEW YORK, a New York banking corporation (the “Depositary”), and all Holders from time to
time of American Depositary Receipts issued hereunder.

W I T N E S S E T H :

     WHEREAS, the Company and the Depositary wish to amend and restate the Deposit Agreement dated
as of March 1, 1991 and Amended and Restated as of May 15, 1992, as amended by Amendment No. 1
dated January 3, 1997 as further amended and restated as of March 10, 1997, as further amended and
restated as of May 10, 2000, and as further amended and restated as of May 22, 2000 to update the
Deposit Agreement in various respects.

     NOW, THEREFORE, in consideration of the premises, the parties hereto amend and restate their
agreement as follows:

ARTICLE I. DEFINITIONS

     The following definitions shall for all purposes, unless otherwise clearly indicated, apply to
the respective terms used in this Deposit Agreement:

     Section 1.01. American Depositary Shares.

          The term “American Depositary Shares” shall mean the rights represented by the Receipts issued
hereunder and the interests in the Deposited Securities represented thereby. Each American
Depositary Share shall represent the number of Shares specified in Exhibit A annexed hereto, until
there shall occur a distribution upon Deposited

2

 

Securities covered by Section 4.03 or a change in Deposited Securities covered by Section 4.08
with respect to which additional Receipts are not executed and delivered, and thereafter American
Depositary Shares shall represent the Shares or Deposited Securities specified in such Sections.

     Section 1.02. Beneficial Owner.

          The term “Beneficial Owner” shall mean any person owning from time to time any beneficial
interest in the American Depositary Shares evidenced by any Receipt and who may or may not be the
Holder of such Receipt.

     Section 1.03. Commission.

          The term “Commission” shall mean the Securities and Exchange Commission of the United States
or any successor governmental agency in the United States.

     Section 1.04. Company.

          The term “Company” shall mean ALCATEL, a société anonyme organized and existing under the laws
of The Republic of France, having its registered office at 54, rue La Boetie, 75008 Paris, France,
and its successors.

     Section 1.05. Custodian; Custodians.

          The term “Custodian” shall mean, as of the date hereof, Société Générale as custodian and
agent of the Depositary for the purposes of this Deposit Agreement, and any other firm or
corporation which may be appointed by the Depositary pursuant to the terms of Section 5.06, as a
substitute or an additional custodian or custodians hereunder, as the context shall require and the
term “Custodian” shall mean all of them, collectively.

3

 

     Section 1.06. Deposit Agreement.

          The term “Deposit Agreement” shall mean this instrument as it may from time to time be amended
in accordance with the terms hereof and all instruments supplemental hereto.

     Section 1.07. Depositary.

          The term “Depositary” shall mean The Bank of New York, a New York banking corporation, and any
successor as depositary hereunder.

     Section 1.08. Deposited Securities.

          The term “Deposited Securities” as of any time shall mean Shares at such time deposited
(whether by delivery of physical certificates, electronic transfer, or otherwise) or deemed to be
deposited under this Deposit Agreement and any and all other securities, property and cash received
by the Depositary or the Custodian in respect thereof and at such time held hereunder, subject in
the case of cash to the provisions of Section 4.05.

     Section 1.09. Deposit, Surrender, Delivery.

          The
terms “deposit,” “surrender,” or “delivery,” when used with respect to Shares, shall refer,
where the context requires, to an entry or entries in an account or accounts maintained by
institutions authorized under French Law to effect transfers of securities, and not to the physical
transfer of certificates representing the Shares.

     Section 1.10. Dollars; Euros.

          The term “Dollars” shall mean United States dollars. The term “Euros” shall mean the common
currency of the participating member countries in the European Monetary Union.

4

 

     Section 1.11. French Law.

          The term “French Law” shall mean the French Commercial Code and other laws in France
applicable to societe anonyms.

     Section 1.12. Holder.

          The term “Holder” shall mean the person or persons in whose name a Receipt is registered on
the books of the Depositary maintained for such purpose.

     Section 1.13. Principal Office.

          The term “Principal Office,” when used with respect to the Depositary, shall be the principal
office of the Depositary at which at any particular time its corporate trust business shall be
administered, which, at the date of this Deposit Agreement, is located at 101 Barclay Street, New
York, New York 10286.

     Section 1.14. Receipts.

          The term “Receipts” shall mean the American Depositary Receipts issued hereunder evidencing
American Depositary Shares, as such American Depositary Receipts may be amended from time to time
in accordance with the provisions of this Deposit Agreement. A Receipt may evidence any number of
American Depositary Shares.

     Section 1.15. Registrar.

          The term “Registrar” shall mean any bank or trust company having an office in the Borough of
Manhattan, The City of New York, which shall be appointed by the Depositary to register Receipts
and transfers of Receipts as herein provided, and shall include any co-registrar appointed by the
Depositary, upon the request or with the approval of the Company, for such purposes.

5

 

     Section 1.16. Securities Act of 1933.

          The term “Securities Act of 1933” shall mean the United States Securities Act of 1933, as from
time to time amended.

     Section 1.17. Securities Exchange Act of 1934.

          The term “Securities Exchange Act of 1934” shall mean the United States Securities Exchange
Act of 1934, as from time to time amended.

     Section 1.18. Shares.

          The term “Shares” shall mean ordinary shares of the Company, in bearer form (i.e., registered
as titres au porteur with the Société Interprofessionelle pour la Compensation des Valeurs
Mobiliéres, an organization that, inter alia, maintains shares and other securities accounts of
French listed companies) or in registered form as managed by an accredited intermediary (titres
nominatifs administrés), and shall include evidence of rights to receive Shares; provided,
however, that, if there shall occur any change in nominal value, a split-up or
consolidation or any other reclassification or, upon the occurrence of an event described in
Section 4.08, an exchange or conversion in respect of the Shares of the Company, the term “Shares”
shall thereafter also mean the successor securities resulting from such change in nominal value,
split-up or consolidation or such other reclassification or such exchange or conversion.

     Section 1.19. United States.

          The term “United States” shall mean the United States of America, its territories and
possessions, any State of the United States, and the District of Columbia.

ARTICLE II. FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY. TRANSFER AND SURRENDER OF
RECEIPTS

     Section 2.01. Form and Transferability of Receipts.

          Definitive Receipts shall be engraved, printed or lithographed on steel-engraved borders or in
such other form as may be agreed upon by the Company and the

6

 

Depositary, and shall be substantially in the form set forth in Exhibit A annexed to this
Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter
provided. Such Receipts shall be executed and dated by the Depositary by the manual signature of a
duly authorized officer of the Depositary; provided, however, that such signature
may be a facsimile if a Registrar for the Receipts shall have been appointed and such Receipts are
countersigned by the manual signature of a duly authorized officer of the Registrar and dated by
such officer. No Receipt shall be entitled to any benefits under this Deposit Agreement or be
valid or obligatory for any purpose, unless such Receipt shall have been executed by the Depositary
by the manual signature of a duly authorized officer or, if a Registrar shall have been appointed,
by the manual signature of a duly authorized officer of the Registrar, and such execution of any
Receipt by manual signature shall be conclusive evidence, and the only evidence, that such Receipt
has been duly executed and delivered hereunder. The Depositary shall maintain books in which each
Receipt so executed and delivered as hereinafter provided and the transfer of each such Receipt
shall be registered. Receipts bearing the facsimile signature of a duly authorized officer of the
Depositary, who was at any time a proper officer of the Depositary, shall bind the Depositary,
notwithstanding the fact that such officer has ceased to hold such office prior to the execution of
such Receipts by the Registrar and their delivery or such officer did not hold such office at the
date of such Receipts.

          The Receipts may be endorsed with or have incorporated in the text thereof such legends of
recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be
necessary to enable the Depositary to perform its obligations hereunder or as may be required to
comply with any applicable law or regulations thereunder or with the rules and regulations of any
securities exchange or market upon which American Depositary Shares may be traded or to conform
with any usage with respect thereto, or to indicate any special limitations or restrictions to
which any particular Receipts are subject by reason of the date of issuance of the underlying
Deposited Securities or otherwise.

7

 

          Title to a Receipt (and to each American Depositary Share evidenced thereby), when such
Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be
transferable by delivery with the same effect as in the case of a negotiable instrument;
provided, however, that the Company and the Depositary, notwithstanding any notice
to the contrary, may treat the Holder thereof as the absolute owner thereof for the purpose of
determining the person entitled to distribution of dividends or other distributions or to any
notice provided for in this Deposit Agreement and for all other purposes.

     Section 2.02. Deposit of Shares.

          American Depositary Shares will represent Shares in bearer form unless the Holder notifies the
Depositary in writing that it requests that Shares be held in registered form. Subject to the
terms and conditions of this Deposit Agreement, Shares may be deposited by any person (including by
electronic transfer thereof) in the case of Shares in registered form in favor of the Depositary by
inscription of ownership of such Shares in the name of the Custodian in a share account maintained
by the Custodian or in the case of Shares in bearer form in a share account maintained by the
Custodian pursuant to appropriate instructions for transfer in a form satisfactory to the Company
or its agent or the Custodian, as the case may be, together with all such certifications as may be
required by the Depositary or such Custodian in accordance with the provisions of this Deposit
Agreement, and together with a written order directing the Depositary to execute and deliver to,
or upon the written order of, the person or persons stated in such order a Receipt or Receipts for
the number of American Depositary Shares representing the Shares so deposited. The Custodian will,
upon request by the Depositary, issue or cause to be issued written confirmation as to holdings of
Shares, it being agreed and understood that such confirmations do not constitute documents of
title. No Shares shall be accepted for deposit unless accompanied by evidence satisfactory to the
Depositary (which may be an opinion of counsel) that any necessary approval has been granted by (i)
the governmental agency in The Republic of France, if any, that is then performing the function of
the regulation of currency exchange, and (ii) the governmental authority or

8

 

body in The Republic of France, if any, that is then performing the function of the regulation
of foreign ownership of French companies, and the Company agrees that it will not, and will not
permit any of its affiliates to, deposit any Shares in respect of which any such necessary approval
has not been granted.

          If required by the Depositary, Shares presented for deposit (including deposits by electronic
transfer) at any time, shall also be accompanied by an agreement or assignment, or other instrument
satisfactory to the Depositary, which will provide for the prompt transfer to the Depositary of any
dividend or right to subscribe for additional Shares or to receive other property which any person
in whose name the Shares are or have been registered may thereafter receive upon or in respect of
any such deposited Shares, or in lieu thereof, such agreement of indemnity or other agreement as
shall be satisfactory to the Depositary.

          At the request and risk and expense of any holder of Shares, and for the account of such
holder, the Depositary may receive Shares to be deposited, together with the other instruments
herein specified, for the purpose of forwarding such Shares to the Custodian for deposit hereunder.

          Upon each delivery (including deposits by electronic transfer) to a Custodian of Shares to be
deposited hereunder, together with the other documents above specified, such Custodian shall, as
soon as transfer and recordation can be accomplished, transfer and record the Shares being
deposited in the name of the Depositary or its nominee or such Custodian or its nominee.

          Deposited Securities shall be held by the Depositary or by a Custodian for the account and to
the order of the Depositary or at such other place or places as the Depositary shall determine.

9

 

     Section 2.03. Execution and Delivery of Receipts.

          Upon receipt by a Custodian of a deposit pursuant to Section 2.02 hereunder (and in addition,
if the transfer books of the Company are open, a proper acknowledgment or other evidence from the
Company or the appointed agent of the Company for transfer and registration of the Shares,
satisfactory to the Depositary that the deposited Shares are properly held by the Depositary or
such Custodian), together with the other documents required as above specified, such Custodian
shall notify the Depositary of such deposit and the person or persons to whom or upon whose written
order a Receipt or Receipts are deliverable in respect thereof and the number of American
Depositary Shares to be evidenced thereby. Such notification shall be made by letter or, at the
request and risk and expense of the person making the deposit, by cable, telex or facsimile
transmission. Upon receiving such notice from such Custodian, the Depositary or its agent, subject
to the terms and conditions of this Deposit Agreement, shall execute and deliver as promptly as
practicable at its Principal Office to or upon the order of the person or persons named in the
notice delivered to the Depositary, a Receipt or Receipts, registered in the name or names
requested by such person or persons and evidencing in the aggregate the number of American
Depositary Shares to which such person is entitled, but only upon payment to the Depositary of the
fee, if any, of the Depositary for the issuance, execution and delivery of such Receipt or Receipts
and of all taxes and governmental charges and fees payable in connection with such deposit and the
transfer of the deposited Shares as described in Section 5.10 hereof.

     Section 2.04. Transfer of Receipts; Combination and Split-up of Receipts.

          The Depositary, subject to the terms and conditions of this Deposit Agreement and any Receipt,
shall register transfers of Receipts on its transfer books, upon any surrender of a Receipt by the
Holder thereof in person or by duly authorized attorney, properly endorsed or accompanied by proper
instruments of transfer and duly stamped as may be required by the laws of the State of New York,
the United States of America and The Republic of France. Thereupon the Depositary shall as
promptly as

10

 

practicable execute a new Receipt or Receipts and deliver the same to or upon the order of
the person entitled thereto. In the case of surrender of a Receipt by a Holder that has previously
requested that a number of Shares represented by the American Depositary Shares evidenced by such
Receipt be denominated in registered form, the Depositary shall notify the Custodian of such
surrender.

          The Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon
surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such
Receipt or Receipts, execute and deliver a new Receipt or Receipts as promptly as practicable for
any authorized number of American Depositary Shares requested, representing the same aggregate
number of American Depositary Shares as the Receipt or Receipts surrendered.

          The Depositary shall ensure that it has on hand at all times a sufficient supply of Receipts
to meet the demands for transfer.

     Section 2.05. Surrender of Receipts and Withdrawal of Deposited Securities.

          Upon surrender at the Principal Office of the Depositary of a Receipt for the purpose of
withdrawal of the Deposited Securities represented by the American Depositary Shares evidenced by a
Receipt, and upon payment of the fee, if any, of the Depositary for the surrender and cancellation
of Receipts and subject to the terms and conditions of this Deposit Agreement, the Holder of such
Receipt shall be entitled to the transfer of the Deposited Securities represented by the American
Depositary Shares evidenced by such Receipt to an account in the name of such Holder or such person
as shall be designated by such Holder maintained by the Custodian in the case of Deposited
Securities in registered form or maintained by an accredited financial institution in the case of
Deposited Securities in bearer form. Such transfer shall be made, as hereinafter provided, without
unreasonable delay.

          A Receipt surrendered for such purposes may be required by the Depositary to be properly
endorsed or accompanied by proper instruments of transfer,

11

 

and the Holder thereof shall execute and deliver to the Depositary a written order directing
the Depositary to cause the Deposited Securities being withdrawn to be transferred to an account in
the name of the Holder or such name as shall be designated by such Holder maintained by the
Custodian in the case of Deposited Securities in registered form or maintained by an accredited
financial institution in the case of Deposited Securities in bearer form. Whereupon, subject to
Sections 2.06, 3.01 and 3.02 and to the other terms and conditions of this Deposit Agreement, the
Depositary shall direct the Custodian to effect the transfer of the amount of Deposited Securities
represented by the American Depositary Shares evidenced by such Receipt, except that the Depositary
may make delivery to such person or persons at the Principal Office of the Depositary of any
dividends or distributions with respect to the Deposited Securities represented by the American
Depositary Shares evidenced by such Receipt, or of any proceeds of sale of any dividends,
distributions or rights, which may at the time be held by the Depositary. In the case of surrender
of a Receipt by a Holder that has previously requested that a number of Shares represented by the
American Depositary Shares evidenced by such Receipt be denominated in registered form, the
Depositary shall notify the Custodian of such surrender.

          If physical delivery of Deposited Securities is available in lieu of the transfer described
above, then at the request, risk and expense of any Holder so surrendering a Receipt, and for the
account of such Holder, the Depositary shall direct the Custodian to forward a certificate or
certificates and other proper documents of title, if any, for the Deposited Securities represented
by such Receipt to the Depositary for delivery at the Principal Office of the Depositary. Such
direction shall be given by letter or, at the request, risk and expense of such Holder, by cable,
telex or facsimile transmission.

12

 

     Section 2.06. Limitations on Execution and Delivery, Transfer, etc. of Receipts;
Suspension of Delivery, Transfer, etc.

          As a condition precedent to the execution and delivery, registration, registration of
transfer, split-up, combination or surrender of any Receipt or withdrawal of any Deposited
Securities, the Depositary, the Company or the Custodian may require payment from the presenter of
the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any
stock transfer or registration fee with respect thereto (including any such tax or charge and fee
with respect to Shares being deposited or Deposited Securities withdrawn) and payment of any
applicable fees as herein provided, and may require the production of proof satisfactory to it as
to the identity and genuineness of any signature and may also require compliance with any laws or
governmental regulations relating to American Depositary Receipts or to the withdrawal of Deposited
Securities.

          The delivery of Receipts against deposits of Shares generally or against deposits of
particular Shares may be suspended, or the delivery of Receipts against the deposit of particular
Shares may be withheld, or the registration of transfer of Receipts in particular instances may be
refused, or the registration of transfer generally may be suspended, during any period when the
transfer books of the Depositary or the appointed agent for the Company for the transfer and
registration of Shares are closed, or if any such action is deemed necessary or advisable by the
Depositary or the Company, in good faith, at any time or from time to time because of any
requirement of law or of any government or governmental body or commission, or under any provision
of this Deposit Agreement or the Company’s Articles of
Association (“Statuts”) or for any other
reason. Notwithstanding any other provision of this Deposit Agreement, the surrender of
outstanding Receipts and withdrawal of Deposited Securities may not be suspended, except as
required in connection with (i) temporary delays caused by closing the transfer books of the
Depositary or the Company (or the appointed agent for the Company for the transfer and registration
of Shares) or the deposit of Shares in connection with voting at a shareholders’ meeting, or the
payment of dividends, (ii) the payment of fees, taxes and

13

 

similar charges, and (iii) compliance with any U.S. or foreign laws or governmental
regulations relating to the Receipts or to the withdrawal of the Deposited Securities.

          Without limitation of the foregoing, the Depositary shall not accept for deposit under the
Deposit Agreement any Shares (1) which, if sold by the holder thereof in the United States (as
defined in Regulation S under the Securities Act of 1933) would be, to the actual knowledge of the
Depositary, subject to the registration provisions of the Securities Act of 1933, unless a
registration statement is in effect relating to such Shares or the sale of such Shares would be
exempt from such provisions or (ii) the deposit of which would, to the actual knowledge of the
Depositary, infringe any provisions of the Company’s Statuts. The Depositary may accept Shares
which the Depositary believes have been withdrawn from a restricted American Depositary Receipt
facility established or maintained by a depositary bank for deposit only if such Shares have been
acquired in a transaction (i) registered under the Securities Act of 1933, (ii) in compliance with
Regulation S under the Securities Act of 1933, or (iii) in accordance with Rule 144 under the
Securities Act of 1933, and the Depositary shall, as a condition of accepting the deposit of such
Shares, require the person depositing such Shares to provide the Depositary with a certificate in
writing to the foregoing effect. The Depositary shall be entitled to rely for purposes of this
paragraph, unless the Depositary has actual knowledge to the contrary, on any such certificate as
to the effectiveness of a registration statement or the availability of any exemption from the
registration requirements of the Securities Act of 1933. The Depositary shall comply with written
instructions of the Company not to accept for deposit under the Deposit Agreement any Shares
identified in such instructions at such times and under such circumstances as may be reasonably
specified in such instructions in order to facilitate the Company’s compliance with the securities
laws of the United States.

     Section 2.07. Lost Receipts, etc.

          In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary shall
execute and deliver a new Receipt of like tenor, in exchange and

14

 

substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in
substitution for such destroyed, lost or stolen Receipt, upon the Holder thereof filing with the
Depositary (a) a request for such execution and delivery before the Depositary has notice that the
Receipt has been acquired by a bona fide purchaser and (b) a sufficient indemnity bond and
satisfying any other reasonable requirements imposed by the Depositary.

     Section 2.08. Cancellation and Destruction of Surrendered Receipts.

          All Receipts physically surrendered to the Depositary shall be cancelled by the Depositary.
Cancelled Receipts shall not be entitled to any benefits under this Agreement or be valid or
obligatory for any purpose. The Depositary is authorized to destroy physically surrendered
Receipts so cancelled. The Depositary agrees to maintain records of all Receipts cancelled or
issued under this Section in accordance with procedures customarily followed by stock transfer
agents located in New York City.

ARTICLE
III. CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS

     Section 3.01. Filing Proofs, Certificates and Other Information.

          Any person presenting Shares for deposit or any Holder of a Receipt may be required from time
to time to file such proof of citizenship, residence or exchange control approval, payment of
applicable French or other taxes or governmental charges, or legal or beneficial ownership, to
provide information relating to the registration on the books of the Company or the appointed agent
of the Company for the transfer and registration of Shares presented for deposit or other
information, to execute such certificates and to make such representations and warranties as the
Depositary may deem necessary or proper to comply with applicable laws or regulations or to enable
the Depositary or the Company to perform its obligations hereunder. The Depositary may withhold
the execution or delivery or registration of transfer of all or part of any Receipt or the
distribution or sale of any dividend or other distribution of rights or of the proceeds thereof or
the delivery of any Deposited Securities until such proof or other information is filed or such
certificates are executed. The Depositary shall provide the Company, in a

15

 

timely manner, with copies of any such proofs and certificates and such written
representations and warranties as aforesaid which it receives.

     Section 3.02. Liability of Holder for Taxes.

          If any French or other tax or other governmental charge shall become payable with respect to
any Deposited Securities represented by the American Depositary Shares evidenced by any Receipt,
such tax or other governmental charge shall be payable by the Holder of such Receipt to the
Depositary. The Depositary may refuse and the Company shall be under no obligation, to effect any
registration of transfer of all or part of such Receipt or any withdrawal of Deposited Securities
represented thereby until such payment is made, and may withhold any dividends or other
distributions, or may sell for the account of the Holder thereof any part or all of the Deposited
Securities represented by the American Depositary Shares evidenced by such Receipt, and may apply
such dividends or other distributions or the proceeds of any such sale to the payment of such tax
or other governmental charge, the Holder of such Receipt remaining liable for any deficiency.

     Section 3.03. Warranties on Deposit of Shares.

          Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent
and warrant that such Shares are validly issued, fully paid and non-assessable and any preemptive
rights have been validly waived and that the person making such deposit is duly authorized so to
do. Every such person (other than the Company) shall also be deemed to represent that such Shares
are not restricted under the securities laws of the United States. Such representations and
warranties shall survive the deposit of Shares and the issuance of Receipts in respect thereof.

     Section 3.04. Disclosure of Interests.

          Notwithstanding any other provisions of this Deposit Agreement, each Holder agrees to comply
with the Company’s Statuts, as they may be amended from time to time, and the laws of The Republic
of France with respect to the disclosure

16

 

requirements regarding ownership of Shares, all as if such Receipts were to the extent
practicable the Shares represented thereby. As of the date of this Agreement, such disclosure
requirements are as follows:

          Pursuant to the Company’s Statuts, any person or entity that becomes the owner of Shares or
shares assimilated to Shares (which includes American Depositary Shares), as discussed below in
this Section 3.04, equal to or greater than 0.5% of the total number of Shares must notify the
Company of the number of Shares held by it no later than 15 days after acquiring such amount.
Notification is also required each time a holder of Shares acquires an additional 0.5% of the
Shares, within 15 days of such acquisition, up to and including the time when such holder’s
ownership equals 2.5% of the outstanding Shares. Any holder of Shares whose ownership falls below
the threshold shall also notify the Company within 15 days of such decrease on the same terms. In
order to facilitate compliance with these notification requirements, a Holder of Receipts may
deliver any such notification to the Depositary, with respect to Shares represented by American
Depositary Shares, and the Depositary shall, as soon as practicable thereafter, forward such
notification to the Company.

          Any person or entity that becomes the owner of Shares or shares assimilated to Shares (which
includes American Depositary Shares), as discussed below in this Section 3.04, equal to 3% or more
of the total number of Shares must request, within five trading days of reaching such ownership
level, that all such Shares, as well as any Shares subsequently acquired in excess of that amount,
be in registered form. Moreover, any holder of Shares making such request must forward to the
Company a copy thereof within 15 days after reaching the 3% threshold. Each time a person acquires
an additional 0.5% of the Shares, such person must send the Company, within 15 days, a copy of the
request that such Shares be in registered form. Notification to the Company of each additional
0.5% acquisition is no longer required once a person holds 50% or more of the Shares. Any holder of
Shares whose ownership falls below the threshold shall also notify the Company within 15 days of
such decrease on the same terms. In

17

 

order to facilitate compliance with these requirements, a Holder of Receipts may deliver to
the Depositary its request that a number of Shares represented by the American Depositary Shares
evidenced by such Holder’s Receipts be denominated in registered form. Upon receiving such
request, as soon as practicable thereafter, the Depositary shall request the Custodian to
denominate such Shares in registered form and to thereafter promptly notify the Depositary and the
Company that such change has been effectuated at such Holder’s request.

          In the event that a holder fails to comply with the requirements of the Company’s Statuts set
forth above, such holder, upon request of a holder or holders of 3% or more of the share capital of
the Company, shall not be permitted, in accordance with, and subject to the limitations provided
under French Law, to exercise voting rights with respect to any Shares or shares assimilated to
Shares as to which any required disclosure (as set forth in the two preceding paragraphs) has not
been made. Such disqualification shall only apply to Shares in excess of the applicable threshold.

          Pursuant to the French Law, any person or entity that becomes the owner, directly or
indirectly, alone or in concert with other persons, of more than one-twentieth, one-tenth,
one-fifth, one-third, one-half or two-thirds of the total number of Shares or voting rights (or
Shares or voting rights assimilated thereto (which includes American Depositary Shares), as
discussed below in this Section 3.04), must so notify the Company by registered letter within 15
calendar days and the Conseil des Marchés Financiers, the self-regulatory organization that has
general regulatory authority over the French stock exchanges and whose members include
representatives of French stockbrokers (the “CMF”) within five trading days of the date such
threshold has been crossed, of the number of Shares it holds, and the voting rights attached
thereto. A holder of Shares is also required to notify the Company and the CMF if the percentage
of Shares or voting rights owned by such holder falls below the levels described in the previous
sentence. In order to permit holders of Shares to give the notice required by law, the Company is
obligated to file with the Bulletin des Annonces Légales Obligatoires (“BALO”) and with

18

 

the CMF not later than 15 calendar days after the Company’s annual ordinary general meeting,
information with respect to the total number of votes available as of the date of such meeting. In
addition, if the number of available votes changes by more than 5%, the Company is required to
publish in the BALO, and to file with the CMF within 15 calendar days after such change, a
notification of the number of votes then available. In order to facilitate compliance with these
notification requirements, a Holder of Receipts may deliver any such notification to the
Depositary, with respect to Shares represented by American Depositary Shares, and the Depositary
shall, as soon as practicable, forward such notification to the Company, the CMF and the BALO.

          In the event that a Holder or Beneficial Owner fails to comply with the requirements set forth
in the preceding paragraph, such Holder or Beneficial Owner shall not be permitted, in accordance
with and subject to limitations provided under French law, to exercise voting rights with respect
to any Shares or securities representing Shares exceeding the above-referenced thresholds as to
which any required disclosure (as set forth in the preceding paragraph) has not been made until the
end of a two-year period following the date on which such Holder or Beneficial Owner has complied
with such disclosure requirement. In addition, a French court may, under certain circumstances,
eliminate all or part of the voting rights of such Holder or Beneficial Owner for a period not to
exceed five years, and such Holder or Beneficial Owner may be subject to criminal penalties
including fines of up to 18,000 Euros.

          The provisions of this Section 3.04 relating to Shares or voting rights held by a person or an
entity also apply to Shares or voting rights assimilated to such Shares or such voting rights as
set forth under French Law, i.e., (i) Shares or voting rights held by another person or entity on
behalf of such person or entity, (ii) Shares or voting rights held by any company which is directly
or indirectly controlled by such person or entity, (iii) Shares or voting rights held by a third
party acting in concert with such person or entity or (iv) Shares or voting rights that such person
or entity, or any person or entity

19

 

referred to in (i), (ii) or (iii) above, is entitled to acquire at its sole option by virtue
of an agreement.

          Under the Commission des Opérations de Bourse (the “COB”) regulations, any person or persons
acting alone or in concert with others, who acquires 20% or more of the voting rights of the
Company, must file with the CMF, the COB and the Company a report (déclaration), disclosing its
future intentions with respect to the Company for the next twelve months. Such report must be
filed with CMF and the COB within five calendar days of the date such threshold has been crossed
and with the Company within 15 calendar days of the date such threshold has been crossed. This
report states whether or not such person or persons intend, within the twelve month period
following the acquisition, to increase their shareholdings and request a seat on the Company’s
Board of Directors and whether such person or persons are acting in concert with others. The CMF
makes the notices public and the person or persons who have acquired such voting rights are
required to publish a press release in a financial newspaper having national circulation in France.

          Under stock market regulations and subject to limited exemptions granted by the CMF, any
person or persons acting in concert acquiring one-third or more (or the majority) of the share
capital or voting rights of a French listed company must initiate a public tender offer for the
balance of the share capital (including, for these purposes, all securities convertible into or
exchangeable for equity securities) of such company.

ARTICLE IV. THE DEPOSITED SECURITIES

     Section 4.01. Cash Distributions; Withholding.

          Whenever the Depositary or the Custodian receives any cash dividend or other cash distribution
by the Company on any Deposited Securities, the Depositary shall, subject to the provisions of
Section 4.05, convert or cause to be converted as promptly as practicable such dividend or
distribution into Dollars and the amount thus received to be remitted to the Depositary which shall
distribute promptly such amount (net of the

20

 

expenses of the Depositary as provided in Section 5.10 hereof, if applicable) to the Holders
of Receipts entitled thereto in proportion to the number of American Depositary Shares representing
such Deposited Securities held by them respectively; provided, however, that in the
event that the Company, the Custodian or the Depositary shall be required to withhold and does
withhold from any cash dividend or other cash distribution in respect of any Deposited Securities
an amount on account of taxes or other governmental charges, the amount distributed to the Holder
of Receipts in respect of American Depositary Shares representing such Deposited Securities shall
be reduced accordingly. The Depositary shall distribute only such amount, however, as can be
distributed without attributing to any Holder of a Receipt a fraction of one cent, and any balance
not so distributable shall be held by the Depositary (without liability for interest thereon) and
shall be added to and become part of the next sum received by the Depositary for distribution to
Holders of Receipts then outstanding. The Company or its agent or the Depositary or its agent, as
appropriate, will remit to the appropriate governmental authority or agency in The Republic of
France or any other relevant jurisdiction all amounts withheld and owing to such authority or
agency. The Depositary will forward to the Company or its agent such information from its records
as the Company may reasonably request to enable the Company or its agent to file necessary reports
with governmental authorities or agencies. The Company shall provide the Depositary with
sufficient copies of any French tax forms and either the Depositary, the Custodian, the Company or
its agent, as appropriate, may file any such reports necessary to obtain benefits under the
applicable tax treaties for the Holders of Receipts.

     Section 4.02. Distributions Other than Cash or Shares.

          Whenever the Custodian shall receive any distribution other than cash or Shares upon any
Deposited Securities, the Depositary shall as promptly as practicable cause the securities or
property received by the Custodian to be distributed to the Holders of Receipts entitled thereto,
in proportion to the number of American Depositary Shares representing such Deposited Securities
held by them respectively, in any manner that the Depositary may deem equitable and practicable for
accomplishing such distribution;

21

 

provided, however, that if in the opinion of the Depositary it cannot cause
such securities or property to be distributed or such distribution cannot be made proportionately
among the Holders of Receipts entitled thereto, or if for any other reason (including any
requirement that the Company or the Depositary withhold an amount on account of taxes or other
governmental charges) the Depositary deems such distribution not to be feasible, the Depositary,
after consultation with the Company may adopt such method as it may deem equitable and practicable
for the purpose of effecting such distribution, including the sale (at public or private sale) of
the securities or property thus received, or any part thereof, and the net proceeds of any such
sale shall be distributed by the Depositary to the Holders of Receipts entitled thereto as in the
case of a distribution received in cash in accordance with Section 4.02, provided that any unsold
balance of such securities or property shall be distributed by the Depositary to the Holders of
Receipts entitled thereto in accordance with such equitable and practicable method as the
Depositary shall have adopted. No such distribution to Holders pursuant to this Section 4.02 shall
be unreasonably delayed by any action of the Depositary or any of its agents.

     Section 4.03. Distributions in Shares.

          In the event that holders of Shares are granted the option to receive dividends on such Shares
in the form of cash or additional Shares, Holders of Receipts shall be entitled to receive such
option only with the Company’s prior written approval, subject to the terms of Section 5.08 of this
Agreement. If any distribution upon any Deposited Securities consists of a dividend in, or free
distribution of, Shares, the Depositary may, with the Company’s approval, and shall, if the Company
shall so request, distribute to the Holders of outstanding Receipts entitled thereto, in proportion
to the number of American Depositary Shares representing such Deposited Securities held by them
respectively, additional Receipts for an aggregate number of American Depositary Shares
representing the number of Shares received as such dividend or free distribution. In lieu of
delivering Receipts for fractional American Depositary Shares in any such case, the Depositary
shall sell the number of Shares represented by the aggregate of such fractions and distribute the
net proceeds, all in the manner and subject

22

 

to the conditions described in Section 4.01. If additional Receipts are not so distributed
(except as pursuant to the preceding sentence), each American Depositary Share shall thenceforth
also represent the additional Shares distributed upon the Deposited Securities represented thereby.

     Section 4.04. Rights.

          In the event that the Company shall offer or cause to be offered to the holders of any
Deposited Securities any rights to subscribe for additional Shares or any rights of any other
nature, the Depositary shall, after consultation with the Company, have discretion as to the
procedure to be followed in making such rights available to the Holders of Receipts entitled hereto
or in disposing of such rights on behalf of such Holders and, after deduction or upon payment of
the fees of the Depositary, making the net proceeds available in Dollars to such Holders or, if by
the terms of such rights offering, or by reason of applicable law, the Depositary may neither make
such rights available to Holders nor dispose of such rights and make the net proceeds available to
Holders, then the Depositary shall allow the rights to lapse; provided, however,
that the Depositary will, if requested by the Company, take action as follows:

               (i) if at the time of the offering of any rights the Depositary determines that it is lawful
and feasible to make such rights available to Holders of Receipts by means of warrants or
otherwise, the Depositary shall distribute warrants or other instruments therefor in such form as
it may determine to the Holders entitled thereto, in proportion to the number of American
Depositary Shares representing such Deposited Securities held by them respectively, or employ such
other method as it may deem feasible in order to facilitate the exercise, sale or transfer of
rights by such Holders; or

               (ii) if at the time of the offering of any rights the Depositary determines that it is not
lawful or feasible to make such rights available to Holders of Receipts by means of warrants or
otherwise, or if the rights represented by such warrants

23

 

or such other instruments are not exercised and appear to be about to lapse, the Depositary
shall use its best efforts to sell such rights or such warrants or other instruments at public or
private sales, at such place or places and upon such terms as it may deem proper, and, after
deduction or upon payment of the fees of the Depositary, allocate the net proceeds of such sales
for the accounts of the Holders of Receipts otherwise entitled to such rights, warrants or other
instruments upon an averaged or other practicable basis without regard to any distinctions among
such Holders because of exchange restrictions or the date of delivery of any Receipt or Receipts,
or otherwise.

          If registration under the Securities Act of 1933 of the securities to which any rights relate
is required in order for the Company to offer such rights to Holders of Receipts and to sell the
securities represented by such rights, the Depositary will not offer such rights to the Holders of
Receipts unless and until a registration statement is in effect, or unless the offering and sale of
such securities to the Holders of such Receipts are exempt from registration under the provisions
of such Act. The Company shall have no obligation to register such rights or such securities under
the Securities Act of 1933.

     Section 4.05. Conversion of Foreign Currency.

          Whenever the Depositary receives foreign currency, by way of dividends or other distributions
or the net proceeds from the sale of securities, property or rights, and if at the time of the
receipt thereof the foreign currency so received can, in the judgment of the Depositary, be
converted on a reasonable basis into Dollars distributable to the Holders of the Receipts entitled
thereto and the resulting Dollars transferred to the United States within one day of the receipt of
such foreign currency, the Depositary shall promptly convert or cause to be converted, as promptly
as practicable by sale or in any other manner that it may determine, such foreign currency into
Dollars, and such Dollars (less any reasonable and customary expenses incurred by the Depositary in
the conversion of the foreign currency) shall promptly be distributed to the Holders of Receipts
entitled thereto or, if the Depositary shall have distributed any warrants or other instruments
which entitle the holders thereof to such Dollars, then to the holders of such

24

 

warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be
made upon an averaged or other practicable basis without regard to any distinctions among Holders
on account of any application of exchange restrictions or otherwise.

          If such conversion with regard to a particular Holder or distribution can be effected only
with the approval or license of any government or agency thereof, the Depositary shall file such
application for approval or license, if any, as promptly as practicable; provided,
however, the Company shall not be obligated to make any such filings.

          If at any time the Depositary shall determine that in its judgment any foreign currency
received by the Depositary is not convertible on a reasonable basis into Dollars distributable to
the Holders of Receipts entitled thereto, or if any approval or license of any government or
authority or agency thereof which is required for such conversion is denied or in the opinion of
the Depositary is not obtainable, or if any such approval or license is not obtained within a
reasonable period as determined by the Depositary, the Depositary may distribute the foreign
currency (or an appropriate document evidencing the right to receive such foreign currency)
received by the Depositary to, or in its discretion may hold such foreign currency uninvested and
without liability for interest thereon for the respective accounts of, the Holders of Receipts
entitled to receive the same; provided, however, that if requested in writing by a Holder
entitled thereto, the Depositary shall distribute the foreign currency to such Holder as promptly
as practicable.

          If any such conversion of foreign currency, in whole or in part, cannot be effected for
distribution to some Holders of Receipts entitled thereto, the Depositary may in its discretion
make such conversion and distribution in Dollars to the extent permissible to the Holders of
Receipts entitled thereto for whom such conversion and distribution is practicable and may
distribute the balance of the foreign currency received by the Depositary and not so convertible
to, or hold such balance uninvested and without

25

 

liability for interest thereon for the account of, the Holders of Receipts entitled thereto
for whom such conversion and distribution is not practicable, provided, however, that if
requested in writing by a Holder entitled thereto, the Depositary shall distribute such balance of
foreign currency to such Holder as promptly as practicable.

     Section 4.06. Fixing of Record Date.

          Whenever any cash dividend or other cash distribution shall become payable or any distribution
other than cash shall be made, or whenever rights shall be issued, with respect to the Deposited
Securities, or whenever the Depositary shall receive notice of any meeting of holders of Shares or
other Deposited Securities, the Depositary shall fix a record date (which shall be the same as the
record date for Shares set by the Company, provided that the Company gives the Depositary at least
10 days advance notice of such record date) for the determination of the Holders of Receipts who
shall be entitled to receive such dividend, distribution or rights, or the net proceeds of the
sale thereof, or to give instructions for the exercise of voting rights at any such meeting.
Subject to the provisions of Sections 4.01 through 4.04 and to the other terms and conditions of
this Deposit Agreement, the Holders of Receipts on such record date shall be entitled to receive
the amount distributable by the Depositary with respect to such dividend or other distribution or
such rights or the net proceeds of sale thereof in proportion to the number of American Depositary
Shares held by them respectively.

     Section 4.07. Voting of Deposited Securities.

          Upon receipt of notice of any meeting of holders of Shares or other Deposited Securities, the
Depositary shall, as soon as practicable thereafter, mail to the Holders (a) a summary in English
of the notice of such meeting sent by the Company to the Depositary pursuant to Section 5.07, (b) a
statement that the Holders of Receipts as of the close of business on a record date established by
the Depositary pursuant to Section 4.06 herein will be entitled, subject to any applicable
provisions of French Law, the Statuts of the Company and the Deposited Securities (which
provisions, if any, including any applicable provisions relating to double voting rights, shall be
summarized in

26

 

pertinent part in such statement), to exercise the voting rights, if any, pertaining to the
Shares or other Deposited Securities represented by such Holder’s American Depositary Shares, (c)
summaries in English of any materials or other documents provided by the Company for the purpose of
enabling such Holder to exercise such voting rights, and (d) a statement as to the manner in which
such instructions may be given to the Depositary, including a statement as to the manner in which
Shares with respect to which the Depositary does not receive properly completed voting instructions
or receives a blank proxy will be voted, and setting forth the date established by the Depositary
for the receipt of such instructions (the “Receipt Date”).

          According to French Law and the Company’s Statuts, only holders of Shares who hold their
Shares in registered form for at least three years will be entitled to double voting rights. Thus,
Holders of Receipts evidencing American Depositary Shares representing Shares in bearer form will
not be entitled to double voting rights. A shareholder may not exercise, in respect of single
votes that it may cast in its own name or by proxy, more than 8% of the votes to which the Shares
present or represented at a general shareholders’ meeting are entitled; provided that, if the
shareholder also has the right to exercise double voting rights in its own name or by proxy, the 8%
limitation may be exceeded solely to take into account such double voting rights. In no case,
however, may a shareholder exercise voting rights exceeding 16% of the total number of votes to
which Shares present or represented at a general shareholders’ meeting are entitled. These double
voting rights expire when registered Shares are converted to bearer Shares or when ownership of
Shares is transferred. Indirectly held Shares and Shares treated in the same way as owned Shares
shall be taken into account when applying the above-mentioned limit. The limit does not apply to
the chairperson of the shareholders’ meeting casting a vote pursuant to proxies received in
accordance with French Law.

          Upon receipt by the Depositary of properly completed voting instructions, on or before the
Receipt Date, the Depositary shall either, in its discretion, vote such Deposited Securities in
accordance with such instructions or forward such instructions to

27

 

the Custodian, and the Custodian shall endeavor, insofar as practicable and permitted under
any applicable provisions of French Law, the Company’s Statuts and the Deposited Securities, to
vote or cause to be voted the Deposited Securities in accordance with any nondiscretionary
instructions set forth in such request. The Depositary shall not vote or attempt to exercise the
right to vote that attaches to the Shares or other Deposited Securities other than in accordance
with such instructions or in accordance with the statement under (d) above as to the manner in
which Shares with respect to which the Depositary does not receive properly completed voting
instructions or receives a blank proxy will be voted.

          The Depositary will take no action to impair the ability of the Custodian to vote the number
of Shares (including the Shares held by the Depositary in registered form which may be entitled to
double voting rights) necessary to carry out the instructions of all Holders under this Section
4.07.

     Section 4.08. Changes Affecting Deposited Securities.

          Upon any change in nominal value, split-up, consolidation, cancellation or any other
reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or
consolidation or sale of assets affecting the Company or to which it is a party, any securities
which shall be received by the Depositary or the Custodian in exchange for or in conversion of or
in respect of Deposited Securities shall be treated as new Deposited Securities, and the American
Depositary Shares shall thenceforth represent the new Deposited Securities so received in exchange
or conversion, unless additional or new Receipts are delivered pursuant to the following sentence.
In any such case the Depositary may, with the Company’s approval, and shall, if the Company shall
so request, execute and deliver additional Receipts as in the case of a stock dividend on the
Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts
specifically describing such new Deposited Securities.

28

 

          Immediately upon the occurrence of any such change, conversion or exchange covered by this
Section in respect of the 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, the
Depositary shall give notice thereof, at the Depositary’s expense, in writing to all Holders of
Receipts.

     Section 4.09. Available Information.

          The Company is subject to the periodic reporting requirements of the Securities Exchange Act
of 1934 and accordingly files certain reports with the Commission. Such reports and other
information may be inspected and copied at public reference facilities maintained by the Commission
located at Judiciary Plaza, 450 Fifth Street, N.W., Washington, D.C. 20549 and at the Commission’s
Regional Offices. In addition, Company filings under the Securities Act of 1934 made after
February 4, 2002 will be available to the public at the Commission’s web site at
http://www.sec.gov.

     Section 4.10. Reports.

          The Depositary shall make available for inspection by Holders of Receipts at its Principal
Office and at the office of each Custodian any reports and communications, including any proxy
solicitation material, received from the Company which are both (a) received by the Depositary or a
Custodian or the nominee of either as the holder of the Deposited Securities and (b) made generally
available to the holders of such Deposited Securities by the Company. The Depositary shall also
send to Holders of Receipts English language versions (as summaries thereof) of all such reports
and communications when furnished by the Company to the Custodian pursuant to Section 5.07.

          In addition, upon the express written request of the Company, the Depositary agrees to
furnish, without, however, thereby relieving the Company of its obligation under the Securities
Exchange Act of 1934 to do so, and without incurring any liability for failure to do so, to the
Commission copies of any specified annual or other

29

 

periodic reports and other notices or communications which the Depositary receives from the
Company.

     Section 4.11. Lists of Receipt Holders.

          Promptly upon request by the Company, the Depositary shall furnish to it a list, as of a
recent date, of the names, addresses and holdings of American Depositary Shares by all persons in
whose names Receipts are registered on the transfer books of the Depositary.

     Section 4.12. Withholding.

          In connection with any distribution to U.S. residents, the Company or its agent will remit to
the appropriate governmental authority or agency all amounts (if any) required under applicable law
to be withheld and remitted by the Company or such agent and owing to such governmental authority
or agency by the Company or such agent; and the Depositary and the Custodian will remit to the
appropriate governmental authority or agency all amounts (if any) required under applicable law to
be withheld and remitted by the Depositary or the Custodian and owing to such authority or agency
by the Depositary or the Custodian. The Depositary shall forward to the Company or its agent such
information from its records as the Company may reasonably request to enable the Company or its
agent to file necessary reports with governmental authorities or agencies.

          The Depositary intends to follow the procedures established by the French Treasury for U.S.
residents to recover the excess tax initially withheld or deducted with respect to dividends paid
to them, and to receive any payment in respect of the avoir fiscal for which such U.S. resident may
be eligible. Upon request of any U.S. resident who certifies to the Depositary that it has not
already applied for or received a tax refund from the French Treasury or that such U.S. resident’s
application for such refund has been rejected, the Depositary will provide a copy of French
Treasury Form RF 1A EU-N 5052, or such other form or document as may be promulgated or required, as
the case may be, from time to time by the French tax authorities for such purpose, together with

30

 

instructions to such U.S. residents and will arrange for the filing with the French tax
authorities of all such forms completed by U.S. residents and returned in sufficient time so they
may be filed with the French tax authorities by December 31 of the year following the calendar year
in which the related dividend is paid. Upon receipt of any resulting remittance, the Depositary
shall distribute to the U.S. residents entitled thereto, as soon as practicable, the proceeds in
Dollars.

          In addition, the Depositary will use reasonable efforts to follow any procedures that may be
established by the French Treasury for eligible U.S. residents to be subject to a reduced
withholding tax rate of 15%, if available, at the time dividends are paid. In connection
therewith, the Depositary shall take reasonable steps to provide eligible U.S. residents with such
forms as may be prescribed by the French Treasury and to take such other reasonable steps as may be
required to file such forms with the appropriate French tax authorities.

          The Depositary understands that any residents of other countries which have entered into
treaties with France for reduced withholdings must file separate claims for refund. The Depositary
shall furnish the necessary confirmations on the appropriate forms upon specific request.

ARTICLE V. THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY

     Section 5.01. Maintenance of Office and Transfer Books by the Depositary.

          Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall
maintain in the Borough of Manhattan, The City of New York, facilities for the execution and
delivery, registration, registration of transfers and surrender of Receipts in accordance with the
provisions of this Deposit Agreement.

          The Depositary shall keep books for the registration of Receipts and transfers of Receipts
which at all reasonable times shall be open for inspection by the Holders of Receipts, provided
that such inspection shall not to the Depositary’s knowledge be for the purpose of communicating
with Holders of Receipts in the interest

31

 

of a business or object other than the business of the Company or a matter related to this
Deposit Agreement or the Receipts.

          The Depositary may close the transfer books, at any time or from time to time, when deemed
expedient by it in connection with the performance of its duties hereunder or at the reasonable
request of the Company, provided that any such closing of the transfer books shall be subject to
the provisions of Section 7.08 which limit the suspensions of withdrawals of Shares.

          If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more
stock exchanges in the United States, the Depositary shall act as Registrar or, upon the written
request or with the written approval of the Company, appoint a Registrar or one or more
co-registrars for registry of such Receipts in accordance with any requirements of such exchange or
exchanges. Such Registrar or co-registrars may be removed and a substitute or substitutes
appointed by the Depositary upon the request or with the approval of the Company.

          The Company shall have the right to inspect transfer and registration records of the
Depositary, take copies thereof and require the Depositary, the Receipt Registrar and any
co-transfer agents or co-registrars to supply copies of such portions of such records as the
Company may reasonably request.

     Section 5.02. Prevention or Delay in Performance by the Depositary or the Company.

          Neither the Depositary nor the Company nor any of their respective directors, employees,
agents or controlling persons (as defined under the Securities Act of 1933) shall incur any
liability to any Holder or Beneficial Owner of any Receipt, or any other person if by reason of any
provision of any present or future law of the United States or of The Republic of France or any
other country or jurisdiction, or of any other governmental or regulatory authority, or stock
exchange or by reason of any provision, present or future, of the Statuts of the Company, or by
reason of any provision of any

32

 

securities issued or distributed by the Company, or any offering or distribution thereof, or
by reason of any act of God or war or other circumstances beyond its control, the Depositary or the
Company or any of their respective directors, employees, agents or controlling persons (as defined
under the Securities Act of 1933) shall be prevented, delayed or forbidden from, or be subject to
any civil or criminal liability on account of, doing or performing any act or thing which by the
terms of this Deposit Agreement or the Deposited Securities it is provided shall be done or
performed; nor shall the Depositary or the Company or any of their respective directors, employees,
agents or controlling persons (as defined under the Securities Act of 1933) incur any liability to
any Holder of a Receipt, Beneficial Owner or any other person by reason of any nonperformance or
delay, caused as aforesaid, in performance of any act or thing which by the terms of this Deposit
Agreement it is provided shall or may be done or performed, or by reason of any exercise of, or
failure to exercise, any discretion provided for in this Deposit Agreement.

     Section 5.03. Obligations of the Depositary, the Custodian and the Company.

          The Company, its directors, employees, agents and controlling persons (as defined under the
Securities Act of 1933) assume no obligation nor shall any of them be subject to any liability
under this Deposit Agreement to Holders of Receipts, Beneficial Owners or other persons except that
the Company agrees to use its best judgment and to act in good faith in the performance of its
obligations set forth in this Deposit Agreement.

          The Depositary, its directors, employees, agents and controlling persons (as defined under the
Securities Act of 1933) assume no obligation nor shall any of them be subject to any liability
under this Deposit Agreement to Holders of Receipts, Beneficial Owners or other persons (including
without limitation, liability with respect to the validity or worth of the Deposited Securities),
except that the Depositary agrees to use its best judgment and to act in good faith in the
performance of its duties set forth in this Deposit Agreement.

33

 

          Neither the Depositary nor the Company nor any of their respective directors, employees,
agents or controlling persons (as defined under the Securities Act of 1933) shall be under any
obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any
Deposited Securities or in respect of the Receipts, which in their respective opinions may involve
them in expense or liability, unless indemnity satisfactory to them against all expense and
liability be furnished as often as may be required, and no Custodian shall be under any obligation
whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to
the Depositary.

          Neither the Depositary nor the Company nor any of their respective directors, employees,
agents or controlling persons (as defined under the Securities Act of 1933) shall 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 of a Receipt, or any other person
believed by it in good faith to be competent to give such advice or information.

          Each of the Depositary, the Company and their respective directors, employees, agents and
controlling persons (as defined under the Securities Act of 1933) may rely and shall be protected
in acting upon any written notice, request, direction or other document believed by such person to
be genuine and to have been signed or presented by the proper party or parties.

          The Depositary shall not be responsible for any failure to carry out any instructions (i) to
vote any of the Deposited Securities, or for the manner in which any such vote is cast or the
effect of any such vote, (ii) to have Shares denominated in registered form or (iii) to give any
notification, provided that any such action or omission is in good faith and in accordance with
the terms of this Deposit Agreement.

          No disclaimer of liability under the Securities Act of 1933 is intended by any provision of
this Deposit Agreement.

34

 

     Section 5.04. Pre-Release of Receipts.

          Unless requested in writing by the Company to cease doing so, the Depositary may execute and
deliver Receipts prior to the receipt of Shares pursuant to Section 2.2 (“Pre-Release”). The
Depositary may, pursuant to Section 2.5 deliver Shares upon the receipt and cancellation of
Receipts which have been Pre-Released, whether or not such cancellation is prior to the termination
of such Pre-Release or the Depositary knows that such Receipt has been Pre-Released. The
Depositary may receive Receipts in lieu of Shares in satisfaction of a Pre-Release. Each
Pre-Release will be (a) preceded or accompanied by a written representation and agreement from the
person to whom Receipts or Shares are to be delivered (the “Pre-Releasee”) that the Pre-Releasee,
or its customer, (i) beneficially owns the Shares or Receipts to be remitted, as the case may be,
(ii) assigns all beneficial right, title and interest in such Shares or Receipts, as the case may
be, to the Depositary in trust for the benefit of the Holders or Beneficial Owners, and (iii) will
not take any action with respect to such Shares or Receipts, as the case may be, that is
inconsistent with the transfer of beneficial ownership (including, without the consent of the
Depositary, disposing of such Shares or Receipts, as the case may be, other than in satisfaction of
such Pre-Release), (b) at all times fully collateralized (such collateral marked to market daily)
with cash, U.S. government securities or such other collateral as the Depositary determines, in
good faith, will provide substantially similar liquidity and security, (c) terminable by the
Depositary on not more than five (5) business days’ notice, and (d) subject to such further
indemnities and credit regulations as the Depositary deems appropriate. The number of American
Depositary Shares and Shares which are outstanding at any time as a result of Pre-Releases will not
normally exceed thirty percent (30%) of the Shares deposited hereunder then outstanding; provided,
however, that the Depositary reserves the right to disregard such limit from time to time as it
deems reasonably appropriate, and may, with the prior written consent of the Company, change such
limit for purposes of general application. The Depositary will also set dollar limits with respect
to Pre-Release transactions to be entered into hereunder with any particular Pre-Releasee on a
case-by-case basis as the Depositary

35

 

deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to the
Holders and Beneficial Owners under the Deposit Agreement, the collateral referred to in clause (b)
above shall be held by the Depositary as security for the performance of the Pre-Releasee’s
obligations to the Depositary in connection with a Pre-Release transaction, including the
Pre-Releasee’s obligation to deliver Shares or Receipts upon termination of a Pre-Release
transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder).

     The Depositary may retain for its own account any compensation received by it in connection
with the foregoing.

     Section 5.05. Resignation and Removal of the Depositary; Appointment of Successor
Depositary.

          The Depositary may at any time resign as Depositary hereunder 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 hereinafter provided.

          The Depositary may at any time be removed by the Company by written notice of such removal
effective upon the appointment of a successor depositary and its acceptance of such appointment as
hereinafter provided.

          In case at any time the Depositary acting hereunder shall resign or be removed, the Company
shall use its best efforts to appoint a successor depositary, which shall be a bank or trust
company having an office in the Borough of Manhattan, The City of New York. Every successor
depositary shall execute and deliver to its predecessor and to the Company an instrument in writing
accepting its appointment hereunder, and thereupon such successor depositary, without any further
act or deed, shall become fully vested with all the rights, powers, duties and obligations of its
predecessor; but such predecessor, nevertheless, upon payment of all sums due it and on the written
request of the Company shall execute and deliver an instrument transferring to such successor all

36

 

rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all
right, title and interest in the Deposited Securities to such successor, and shall deliver to such
successor a list of the Holders of all outstanding Receipts. Any such successor depositary shall
promptly mail notice of its appointment to the Holders of Receipts.

          Any corporation into or with which the Depositary may be merged or consolidated shall, with
the written consent of the Company, be the successor of the Depositary without the execution or
filing of any document or any further act.

     Section 5.06. The Custodian.

          The Depositary has initially appointed Societe Generale as custodian and agent of the
Depositary for the purpose of this Deposit Agreement. The Custodian in acting hereunder shall be
subject at all times and in all respects to the direction of the Depositary and shall be
responsible solely to it. The Custodian may resign and be discharged from its duties hereunder by
notice of such resignation delivered to the Depositary at least 30 days prior to the date on which
such resignation is to become effective. The Depositary shall, promptly after receiving such
notice, appoint a substitute custodian, after consultation with the Company, which shall thereafter
be the Custodian hereunder. Whenever the Depositary determines, in its discretion, that it is in
the best interest of the Holders of Receipts to do so, it may appoint a substitute or an additional
custodian, after consultation with the Company, which shall thereafter be Custodian hereunder.
Upon demand of the Depositary, the Custodian shall deliver such of the Deposited Securities held by
it as are requested of it to any other Custodian or such substitute or additional custodian or
custodians. Each such substitute or additional custodian shall deliver to the Depositary forthwith
upon its appointment, an acceptance of such appointment satisfactory in form and substance to the
Depositary. Immediately upon any such change, the Depositary shall give notice thereof in writing
to all Holders of Receipts.

37

 

          Upon the appointment of any successor depositary hereunder, any Custodian then acting
hereunder shall forthwith become, without any further act or writing, the agent hereunder of such
successor depositary and the appointment of such successor depositary shall in no way impair the
authority of each Custodian hereunder; but the successor depositary so appointed shall,
nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all
such instruments as may be proper to give to such Custodian full and complete power and authority
as agent hereunder of such successor depositary.

     Section 5.07. Notices and Reports.

          On or before the first date on which the Company gives notice, by publication or otherwise, of
any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such
holders, or of the taking of any action in respect of any cash or other distributions or the
offering of any rights in respect of the Deposited Securities, the Company agrees to transmit to
the Custodian a copy of the notice thereof in the form given or to be given to holders of Shares or
other Deposited Securities.

          The Company shall furnish to the Depositary in English annual reports (including audited
consolidated financial statements), semiannual reports (including unaudited interim consolidated
financial statements), and summaries in English of notices of shareholders’ meetings and other
reports and communications that are made generally available by the Company to holders of Deposited
Securities. The Depositary shall arrange for the mailing of copies of such reports and summaries to
all Holders. The Company shall provide the Depositary, as soon as practicable, with such quantity
of such reports and summaries as requested by the Depositary from time to time in order for the
Depositary to effect such mailings.

38

 

     Section 5.08. Issuance or Deposit of Additional Shares, etc.

          In the event of any issuance of additional Shares or of other securities (including rights and
convertible or exchangeable securities) as a dividend or distribution with respect to the Shares or
other Deposited Securities evidenced by Receipts, the Company agrees that with respect to such
issuance to Holders, the Company will (i) forward to the Depositary written instructions as to the
manner in which the Depositary is to effect actual delivery and (ii) in the event that the dividend
or distribution to Holders is in a form other than payment of cash, upon the Depositary’s
reasonable request, the Company will promptly furnish to the Depositary a written opinion from
counsel for the Company in the United States stating that such dividend or distribution will not
violate the Securities Act of 1933.

          The Company agrees with the Depositary that neither the Company nor any company controlled by
the Company will at any time deposit any Shares, either upon original issuance or upon a sale of
Shares previously issued and reacquired by the Company or by any company under its control unless a
Registration Statement is in effect as to such Shares under the Securities Act of 1933 or unless
the offering and sale of such Shares is exempt from registration under the provisions of such Act
or the transaction is exempt under such Act. In the event that the Company relies upon an
exemption, the Company agrees that it will provide the Depositary with a written statement as to
the exemption upon which the Company so relies and, if the Depositary reasonably requests, the
Company will furnish to the Depositary a written opinion of counsel stating that the offering and
sale of such Shares is exempt from registration under the provisions of the Securities Act of 1933.

     Section 5.09. Indemnification.

          The Company agrees to indemnify the Depositary and each Custodian against, and hold each of
them harmless from, any liability or expense which may arise (a) out of acts performed or omitted,
in accordance with the provisions of this Deposit Agreement and of the Receipts, as the same may be
amended, modified or supplemented

39

 

from time to time, (1) by either the Depositary or any Custodian, except for any liability or
expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any
of its agents, or (b) out of or in connection with any offer or sale of Receipts, American
Depositary Shares, Shares or other Deposited Securities or any registration statement under the
Securities Act of 1933 in respect thereof, except to the extent such loss, liability or expense is
due to information (or omissions from such information) relating to such indemnified person,
furnished in writing to the Company by such indemnified person expressly for use in a registration
statement under the Securities Act of 1933.

          The Depositary agrees to indemnify the Company and its directors and officers and hold them
harmless from any liability or expense incurred by them which may arise out of acts performed or
omitted by the Depositary or its Custodian due to the negligence or bad faith of either the
Depositary or the Custodian.

          Any person seeking indemnification hereunder (an “indemnified person”) shall notify the person
from whom it is seeking indemnification (the “indemnifying person”) of a commencement of any
indemnifiable action or claim promptly after such indemnified person becomes aware of such
commencement (provided that the failure to make such notification shall not affect such indemnified
person’s rights under this Section 5.09) and shall consult in good faith with the indemnifying
person as to the conduct of the defense of such action or claim, which shall be reasonable in the
circumstances. No indemnified person shall compromise or settle any action or claim without the
consent of the indemnifying person, which consent shall not be unreasonably withheld.

     Section 5.10. Charges of Depositary.

          The Company agrees to pay the expenses or charges of the Depositary and the Registrar, if any,
only in accordance with written agreements to be entered into between the Company and the
Depositary; provided, however, the Company shall not be liable for (1) the fees of the Depositary
for the execution and delivery of Receipts

40

 

pursuant to Section 2.03, the transfer, splitting up or combination of receipts pursuant to
Section 2.04, the surrender of Receipts pursuant to Section 2.05 and the making of distributions
pursuant to Sections 4.01 through 4.04, (2) taxes and other governmental charges, (3) such
registration fees as may from time to time be in effect for the registration of transfers of Shares
generally on the share register of the Company (or an appointed agent of the Company for transfer
and registration of Shares) and accordingly applicable to transfers of Shares to the name of the
Depositary or its nominee or a Custodian or its nominee on the making of deposits or withdrawals
hereunder, (4) such cable, telex and facsimile transmission and delivery expenses as are expressly
provided in this Deposit Agreement to be at the expense of persons depositing Shares or Holders of
Receipts, and (5) such reasonable expenses as are incurred by the Depositary in the conversion of
foreign currency pursuant to Section 4.05. Any other charges and expenses of the Depositary
hereunder will be paid by the Company after consultation and execution of a written agreement
between the Depositary and the Company as to the amount and nature of such charges and expenses.
Such charges may at any time and from time to time be changed by agreement between the Company and
the Depositary. Unless otherwise agreed, the Depositary shall present its statement for such
expenses and fees or charges to the Company once every three months. The charges and expenses of
the Custodian are for the sole account of the Depositary.

          The following charges shall be incurred by any party to whom Receipts are issued in respect of
a deposit of Shares (including, without limitation, issuance pursuant to a stock dividend or stock
split declared by the Company pursuant to Section 4.03 hereof or pursuant to the exercise of rights
pursuant to Section 4.04 hereof) or by any party surrendering Receipts for the purpose of
withdrawal of Deposited Securities, whichever applicable: (1) taxes and other governmental charges,
(2) such registration fees as may from time to time be in effect for the registration of transfers
of Shares generally on the share register of the Company or Registrar and applicable to transfers
of Shares to the name of the Depositary or the Custodian on the making of deposits or withdrawals
hereunder, (3) such cable, telex and facsimile transmission expenses as are expressly

41

 

provided for in this Deposit Agreement, (4) such reasonable expenses as are incurred by the
Depositary or the Custodian in the conversion of foreign currency pursuant to Section 4.05, (5) a
fee not in excess of $5.00 per 100 American Depositary Shares (or portion thereof) for the
execution and delivery of Receipts in respect of deposits of Shares pursuant to Sections 2.03, 4.03
or 4.04, and the surrender of Receipts for the purpose of withdrawal pursuant to Section 2.05 and
(6) a fee for the distribution of proceeds pursuant to Section 4.04, such fee, which may be
deducted from such proceeds, being in an amount equal to the fee for the issuance of American
Depositary Shares referred to above which would have been charged as a result of the deposit by
holders of Shares received in exercise of rights distributed to them pursuant to Section 4.04, but
which rights are instead sold by the Depositary, and the net proceeds distributed.

     Section 5.11. Retention of Depositary Documents.

          The Depositary is authorized to destroy those documents, records, bills and other data
compiled during the term of this Deposit Agreement at the time permitted by the governing statutes
but not before two years, unless such papers are required to be retained in connection with the
performance of written agreements entered into between the Company and the Depositary from time to
time or unless the Company requests that such papers be retained for a longer period or turned
over to the Company or to a successor depositary.

ARTICLE VI. AMENDMENT AND TERMINATION

     Section 6.01. Amendment.

          The form of the Receipts and any provisions of this Deposit Agreement may at any time and from
time to time be amended by agreement between the Company and the Depositary in any respect which
they may deem necessary or desirable, without the consent of the Holders. Any amendment which
shall impose or increase any fees or charges (other than taxes and other governmental charges), or
which shall otherwise prejudice any substantial existing right of Holders of Receipts, shall not,
however, become effective as to outstanding Receipts until the expiration of three months after

42

 

notice of such amendment shall have been given to the Holders of outstanding Receipts except
in order to comply with mandatory provisions of applicable law. Every Holder of a Receipt at the
time any amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to
consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby.
In no event shall any amendment impair the right of the Holder of any Receipt to surrender such
Receipt and receive therefor the Deposited Securities represented by the American Depositary Shares
evidenced thereby.

     Section 6.02. Termination.

          The Depositary shall at any time at the direction of the Company terminate this Deposit
Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at
least 30 days prior to the date fixed in such notice for such termination. The Depositary may
likewise terminate this Deposit Agreement if at any time 90 days shall have expired after the
Depositary shall have delivered to the Company a written notice of its election to resign and a
successor depositary shall not have been appointed and accepted its appointment as provided in
Section 5.04. If any Receipts shall remain outstanding after the date of termination, the
Depositary thereafter shall discontinue the registration of transfers of Receipts, shall suspend
the distribution of dividends to the Holders thereof, and shall not give any further notices or
perform any further acts under this Deposit Agreement, except that the Depositary shall continue to
collect dividends and other distributions pertaining to Deposited Securities, shall sell rights as
provided in this Deposit Agreement, and shall continue to deliver Deposited Securities, together
with any dividends or other distributions received with respect thereto and the net proceeds of the
sale of any rights or other property, in exchange for Receipts surrendered to the Depositary. At
any time after the expiration of one year from the date of termination, the Depositary may sell the
Deposited Securities then held hereunder and may thereafter hold the net proceeds of any such sale,
together with any other cash then held by it hereunder, without liability for interest, for the pro
rata benefit of the Holders of Receipts which have not theretofore been surrendered. After making
such sale, the

43

 

Depositary shall be discharged from all obligations under this Deposit Agreement, except to
account for the claims of the Holders, as creditors of the Depositary, for such net proceeds and
other cash. Upon the termination of this Deposit Agreement, the Company shall be discharged from
all obligations under this Deposit Agreement except for its obligations to the Depositary under
Sections 5.09 and 5.10 hereof. The obligations of the Depositary under Section 5.09 hereof shall
survive the termination of this Deposit Agreement.

ARTICLE VII. MISCELLANEOUS

     Section 7.01. Counterparts.

          This Deposit Agreement may be executed in any number of counterparts, each of which shall be
deemed an original and all of such counterparts shall constitute one and the same instrument.
Copies of this Deposit Agreement shall be filed with the Depositary and each Custodian and shall be
open to inspection by any Holder of a Receipt at the Principal Office of the Depositary and the
principal Paris office of any Custodian during business hours.

     Section 7.02. No Third-Party Beneficiaries.

          This Deposit Agreement is for the exclusive benefit of the parties hereto and shall not be
deemed to give any legal or equitable right, remedy or claim whatsoever to any other person.

     Section 7.03. Severability.

          In case any one or more of the provisions contained in this Deposit Agreement or in the
Receipts should be or become invalid, illegal or unenforceable in any respect, the validity
legality and enforceability of the remaining provisions contained herein or therein shall in no way
be affected, prejudiced or disturbed thereby.

44

 

     Section 7.04. Holders as Parties: Binding Effect.

          The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall
be bound by all of the terms and conditions hereof and of the Receipts by acceptance thereof.

     Section 7.05. Notices.

          Any and all notices to be given to the Company shall be deemed to have been duly given if
personally delivered or sent by mail, air courier or cable, telex or facsimile transmission,
confirmed by letter, addressed to ALCATEL, 54, rue La Boetie, 75008 Paris, France. Attention:
General Counsel, or to any other address which the Company may specify in writing.

          Any and all notices to be given to the Depositary shall be deemed to have been duly given if
personally delivered or sent by mail, air courier or cable, telex or facsimile transmission,
confirmed by letter, addressed to The Bank of New York, 101 Barclay Street, New York, New York
10286, Attention: American Depositary Receipt Administration, or to any other address which the
Depositary may specify in writing.

          Any and all notices to be given to any Holder of a Receipt shall be deemed to have been duly
given if personally delivered or sent by mail or cable, telex or facsimile transmission, confirmed
by letter, addressed to such Holder at the address of such Holder as it appears on the transfer
books for Receipts of the Depositary, or, if such Holder shall have filed with the Depositary a
written request that notices intended for such Holder be mailed to some other address, at the
address specified in such request.

          Delivery of a notice sent by mail, air courier or cable, telex or facsimile transmission shall
be deemed to be effective at the time when a duly addressed letter containing the same (or a
confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage
prepaid, in a post-office letter box or delivered to an air courier service. The Depositary or the
Company may, however, act upon any cable, telex or facsimile transmission received by it from the
other or from any Holder of a

45

 

Receipt, notwithstanding that such cable, telex or facsimile transmission shall not
subsequently be confirmed by letter as aforesaid.

     Section 7.06. Governing Law.

          This Deposit Agreement and the Receipts shall be interpreted and all rights hereunder and
thereunder and provisions hereof and thereof shall be governed by the laws of the State of New
York. It is understood that, notwithstanding any present or future provision of the laws of the
State of New York, the rights of holders of Shares and other Deposited Securities and the
obligations and duties of the Company in respect of such holders, as such, shall be governed by the
laws of The Republic of France (or, if applicable, such other law as may govern Deposited
Securities).

     Section 7.07. Compliance with U.S. Securities Laws.

          Notwithstanding anything in this Deposit Agreement to the contrary, the Company and the
Depositary each agrees that it will not exercise any rights it has under this Deposit Agreement to
prevent the withdrawal or delivery of Deposited Securities in a manner which would violate the
United States securities laws, including, but not limited to, Section I.A.(1) of the General
Instructions to the Form F-6 Registration Statement, as amended from time to time, under the
Securities Act of 1933.

46

 

     IN WITNESS WHEREOF, ALCATEL and THE BANK OF NEW YORK have duly executed this agreement as of
the day and year first above set forth and all Holders of Receipts shall become parties hereto upon
acceptance by them of Receipts issued in accordance with the terms hereof.

	 	 	 	 	 
	 	ALCATEL

 	 
	 	By:  	/s/ Jean-Pascal Beaufret	 
	 	 	Name:  	Jean-Pascal Beaufret	 
	 	 	Title:  	Chief Financial Officer	 
	 
	 	
THE BANK OF NEW YORK

 	 
	 	By:  	/s/ David S. Stueber	 
	 	 	Name:  	David S. Stueber	 
	 	 	Title:  	Vice President	 
	 

47

 

EXHIBIT A

     UNDER FRENCH LAW AND THE COMPANY’S STATUTS, HOLDERS OF THESE AMERICAN DEPOSITARY RECEIPTS MAY
HAVE CERTAIN DISCLOSURE OBLIGATIONS, AS SET FORTH IN ARTICLE (7) HEREOF, WITH WHICH FAILURE TO
COMPLY COULD AFFECT SUCH HOLDER’S VOTING RIGHTS.

Number

AMERICAN DEPOSITARY SHARES

(EACH REPRESENTING ONE ORDINARY SHARE)

(FORM OF FACE OF RECEIPT)

AMERICAN DEPOSITARY RECEIPT

FOR

AMERICAN DEPOSITARY SHARES

representing

DEPOSITED ORDINARY SHARES OF

ALCATEL

(Incorporated under the laws of The Republic

of France)

     THE BANK OF NEW YORK, a New York banking corporation, as Depositary (the “Depositary”), such
Depositary’s Corporate Trust Office being located at 101 Barclay Street, New York, New York 10286,
and its principal executive office being located at One Wall Street, New York, New York 10286,
hereby certifies that                      is the owner of                      American Depositary
Shares, representing deposited ordinary shares, 2 Euros nominal value per share (“Shares”), of
ALCATEL, a société anonyme organized under the laws of The Republic of France (the “Company”) or
rights to receive such Shares. Such Shares may be in bearer form (i.e., registered as titres au
porteur with the Société Interprofessionnelle pour la Compensation des Valeurs Mobiliéres, an
organization that, inter alia, maintains

1

 

shares and other securities accounts of French listed companies) or in registered form as
managed by an accredited intermediary (titres nominatifs administrés). At the date of the Deposit
Agreement, each American Depositary Share represents one Share deposited under the Deposit
Agreement (as hereafter defined) with the Custodian, which at the date of execution of the Deposit
Agreement is Société Générale.

     (1) The Deposit Agreement. This American Depositary Receipt is one of an issue (herein called
the “Receipts”), all issued and to be issued upon the terms and conditions set forth in the Deposit
Agreement, dated as of March 1, 1991 and Amended and Restated as of May 15, 1992, amended by
Amendment No.1, dated as of January 3, 1997, and as further amended and restated as of March 10,
1997, and as further amended and restated as of May 10, 2000, and as further amended and restated
as of May 22, 2000, and as further amended and restated as of March 19, 2003 (the “Deposit
Agreement”), by and among the Company, the Depositary and all Holders and Beneficial Owners from
time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a
party thereto and becomes bound by all the terms and provisions thereof. The Deposit Agreement
sets forth the rights of Holders and Beneficial Owners of the Receipts and the rights and duties of
the Depositary in respect of the Shares deposited thereunder and any and all other securities,
property and cash from time to time received in respect of such Shares and held thereunder (such
Shares, securities, property and cash are herein called “Deposited Securities”). Copies of the
Deposit Agreement are on file at the principal office of the Depositary and the Custodian. The
statements made on the face and the reverse of this Receipt are summaries of certain provisions of
the Deposit Agreement and are qualified by and subject to the detailed provisions of the Deposit
Agreement, to which reference is hereby made and terms not otherwise defined herein have the
meaning ascribed to them in the Deposit Agreement.

     (2) Surrender of Receipts and Withdrawal of Deposited Securities. Upon surrender at the
principal office of the Depositary of this Receipt, and upon payment of the fee, if any, of the
Depositary provided in Article (6) of this Receipt, and subject to the

2

 

terms and conditions of the Deposit Agreement and Article (3) hereof, the Holder hereof is
entitled to the transfer of the Deposited Securities represented by the American Depositary Shares
evidenced by this Receipt to an account in the name of such Holder or such person as shall be
designated by such Holder maintained by the Custodian in the case of Deposited Securities in
registered form or maintained by an accredited financial institution in the case of Deposited
Securities in bearer form. Such transfer will be made without unreasonable delay.

     (3) Transfers, Split-ups and Combinations. Subject to the limitations stated herein, this
Receipt is transferable on the books of the Depositary by the Holder hereof in person or by duly
authorized attorney, upon surrender of this Receipt properly endorsed or accompanied by proper
instruments of transfer and duly stamped as may be required by law; provided, however, that the
Depositary may close the transfer books, at any time or from time to time, when deemed necessary or
advisable by it in connection with the performance of its duties under the Deposit Agreement,
provided that any such closing of the transfer books shall be subject to the provisions of Section
2.6 of the Deposit Agreement which limit the suspensions of withdrawals of Shares. This Receipt
may be split into other Receipts or may be combined with other Receipts into one Receipt,
representing the same aggregate number of American Depositary Shares as the Receipt or Receipts
surrendered. As a condition precedent to the execution and delivery, registration, registration of
transfer, split-up, combination or surrender of any Receipt or withdrawal of any Deposited
Securities, the Depositary, the Company or the Custodian may require payment of a sum sufficient to
reimburse it for any tax or other governmental charge and any stock transfer or registration fee
with respect thereto and payment of any applicable fees as provided in Article (6) of this Receipt,
may require the production of proof satisfactory to it as to the identity and genuineness of any
signature and may also require compliance with any laws or governmental regulations relating to
American depositary receipts or to the withdrawal of Deposited Securities.

3

 

     The Depositary may refuse to execute and to deliver Receipts, register the transfer of any
Receipt, or make any distribution of, or related to, Deposited Securities until it has received
such proof of citizenship, residence or exchange control approval, payment of applicable French or
other taxes or governmental charges, legal or beneficial ownership or other information as it may
deem necessary or proper in accordance with applicable laws and regulations. The delivery of
Receipts against deposits of particular Shares may be suspended, or the delivery of Receipts
against the deposit of particular Shares may be withheld or the registration of transfer of
Receipts in particular instances may be refused, or the registration of transfer generally may be
suspended, during any period when the transfer books of the Depositary or the appointed agent for
the Company for the transfer and registration of Shares are closed, if any such action is deemed
necessary or advisable by the Depositary or the Company at any time or from time to time in
accordance with the Deposit Agreement. Notwithstanding any provision of the Deposit Agreement or
this Receipt, the surrender of outstanding Receipts and withdrawal of Deposited Securities may not
be suspended, except as required in connection with (i) temporary delay caused by closing the
transfer books of the Depositary or the Company (or the appointed agent for the Company for the
transfer and registration of Shares) or the deposit of Shares in connection with voting at a
shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar
charges and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to
the Receipts or to the withdrawal of the Deposited Securities. Without limitation of the
foregoing, the Depositary will not accept for deposit under the Deposit Agreement any Shares (i)
which, if sold by the holder thereof in the United States (as defined in Regulation S under the
Securities Act of 1933) would be, to the actual knowledge of the Depositary, subject to the
registration provisions of the Securities Act of 1933, unless a registration statement is in
effect relating to such Shares or the sale of such Shares would be exempt from such provisions or
(ii) the deposit of which would, to the actual knowledge of the Depositary, infringe any provisions
of the Company’s Articles of Association, as they may be amended from time to time (“Statuts”).
The Depositary may accept Shares which the Depositary believes

4

 

have been withdrawn from a restricted American Depositary Receipt facility established or
maintained by a depositary bank for deposit only if such Shares have been acquired in a transaction
(i) registered under the Securities Act of 1933, (ii) in compliance with Regulation S under the
Securities Act of 1933, or (iii) in accordance with Rule 144 under the Securities Act of 1933 and
the Depositary shall, as a condition of accepting the deposit of such Shares, require the person
depositing such Shares to provide the Depositary with a certificate in writing to the foregoing
effect. The Depositary will be entitled to rely for purposes of this Article, unless the
Depositary has actual knowledge to the contrary, on any such certificate as to the effectiveness of
a registration statement or the availability of any exemption from the registration requirements of
the Securities Act of 1933. The Depositary will comply with written instructions of the Company
not to accept for deposit under the Deposit Agreement any Shares identified in such instructions at
such times and under such circumstances as may be reasonably specified in such instructions in
order to facilitate the Company’s compliance with the securities laws of the United States.

     (4) Liability of Holder for Taxes. If any French or other tax or other governmental charge
shall become payable with respect to any Receipt or any Deposited Securities represented by the
American Depositary Shares evidenced hereby, such tax or other governmental charge shall be payable
by the Holder hereof to the Depositary. The Depositary may refuse, and the Company shall be under
no obligation, to effect any registration of transfer of all or part of this Receipt or any
withdrawal of Deposited Securities represented hereby until such payment is made, and may withhold
any dividends or other distributions, or may sell for the account of the Holder hereof any part or
all of the Deposited Securities represented by the American Depositary Shares evidenced hereby, and
may apply such dividends or other distributions or the proceeds of any such sale to the payment of
such tax or other governmental charge, the Holder hereof remaining liable for any deficiency.

5

 

     (5) Warranties by Depositor. Every person depositing Shares under the Deposit Agreement shall
be deemed thereby to represent and warrant that such Shares are validly issued, fully paid and
non-assessable and any preemptive rights have been validly waived, and that the person making such
deposit is duly authorized so to do. Every such person (other than the Company) will also be
deemed to represent that such Shares are not restricted under the securities laws of the United
States. Such representations and warranties shall survive the deposit of Shares and issuance of
Receipts.

     (6) Charges of Depositary. The following charges will be incurred by any party to whom
Receipts are issued in respect of a deposit of Shares (including, without limitation, issuance
pursuant to a stock dividend or stock split declared by the Company or pursuant to the exercise of
rights) or by any party surrendering Receipts for the purpose of withdrawal of Deposited
Securities, whichever applicable: (1) taxes and other governmental charges, (2) such registration
fees as may from time to time be in effect for the registration of transfers of Shares generally
on the share register of the Company or Registrar and applicable to transfers of Shares to the name
of the Depositary or the Custodian on the making of deposits or withdrawals hereunder, (3) such
cable, telex and facsimile transmission expenses as are expressly provided for in the Deposit
Agreement, (4) such reasonable expenses as are incurred by the Depositary or the Custodian in the
conversion of foreign currency pursuant to Section 4.05 of the Deposit Agreement, (5) a fee not in
excess of $5.00 per 100 American Depositary Shares (or portion thereof) for the execution and
delivery of Receipts in respect of deposits of Shares pursuant to Sections 2.03, 4.03 or 4.04 of
the Deposit Agreement and the surrender of Receipts for the purpose of withdrawal pursuant to
Section 2.05 of the Deposit Agreement and (6) a fee for the distribution of proceeds pursuant to
Section 4.04 of the Deposit Agreement, such fee, which may be deducted from such proceeds, being in
an amount equal to the fee for the issuance of American Depositary Shares referred to above which
would have been charged as a result of the deposit by holders of Shares received in exercise of
rights distributed to them pursuant to Section 4.04 of the Deposit Agreement, but which rights

6

 

are instead sold by the Depositary, and the net proceeds distributed. Any other fees or
charges payable to the Depositary, if any, will be paid by the Company.

     All such charges may be changed by agreement between the Depositary and the Company at any
time and from time to time, effective only after 90 days’ notice thereof is given to Holders.

	 	 	 	 	 	 	 
	Dated: 	 	 	 	 
	 
	 	 	 	 	 	 
	Countersigned	 	THE BANK OF NEW YORK,
	 

	 	 	 	 	 	as Depositary
	 
	 	 	 	 	 	 
	By:

	 	 
	 	By:
	 	 
	 

	 	 
	 	 	 	 
	 

	 	Authorized Officer
	 	 	 	Vice President

7

 

(FORM OF REVERSE OF RECEIPT)

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS OF THE DEPOSIT

AGREEMENT

     (7) Disclosure of Interests. The Holder hereof agrees to comply with the Company’s Statuts
and the laws of The Republic of France with respect to the disclosure requirements regarding
ownership of Shares, all as if this Receipt were to the extent practicable the Shares represented
hereby. As of the date of the Deposit Agreement, such disclosure requirements are as follows:

     Pursuant to the Company’s Statuts, any person or entity that becomes the owner of Shares or
shares assimilated to Shares (which includes American Depositary Shares), as discussed below in
this Article (7), equal to or greater than 0.5% of the total number of outstanding Shares must
notify the Company of the number of Shares held by it no later than 15 days after acquiring such
amount. Notification is also required each time a holder of Shares acquires an additional 0.5% of
the Shares, within 15 days of such acquisition, up to and including the time when such holder’s
ownership equals 2.5% of the outstanding Shares. Any holder of Shares whose ownership falls below
the threshold shall also notify the Company within 15 days of such decrease on the same terms. In
order to facilitate compliance with these notification requirements, a Holder of Receipts may
deliver any such notification to the Depositary, with respect to Shares represented by American
Depositary Shares, and the Depositary will, as soon as practicable thereafter, forward such
notification to the Company.

     Any person or entity that becomes the owner of Shares or shares assimilated to Shares (which
includes American Depositary Shares), as discussed below in this Article (7), equal to 3% or more
of the total number of Shares must request, within five trading days of reaching such ownership
level, that all such Shares, as well as any Shares subsequently acquired in excess of that amount,
be in registered form. Moreover, any holder of Shares making such request must forward to the
Company a copy thereof within 15 days after reaching the 3% threshold. Each time a person
acquires an

8

 

additional 0.5% of the Shares, such person must send the Company, within 15 days, a copy of
the request that such Shares be in registered form. Notification to the Company of each additional
0.5% acquisition is no longer required once a person holds 50% or more of the Shares. Any holder of
Shares whose ownership falls below the threshold shall also notify the Company within 15 days of
such decrease on the same terms. In order to facilitate compliance with these requirements, a
Holder of Receipts may deliver to the Depositary its request that a number of Shares represented by
the American Depositary Shares evidenced by such Holder’s Receipts be denominated in registered
form. Upon receiving such request, as soon as practicable thereafter, the Depositary will request
the Custodian to denominate such Shares in registered form and to thereafter promptly notify the
Depositary and the Company that such change has been effectuated at such Holder’s request.

     In the event that a holder fails to comply with the requirements of the Company’s Statuts set
forth above, such holder, upon request of a holder or holders of 3% or more of the share capital of
the Company, will not be permitted, in accordance with, and subject to the limitations provided
under French Law, to exercise voting rights with respect to any Shares or shares assimilated to
Shares as to which any required disclosure (as set forth in the two preceding paragraphs) has not
been made. Such disqualification shall only apply to Shares in excess of the applicable threshold.

     Pursuant to the French Law, any person or entity that becomes the owner, directly or
indirectly, alone or in concert with other persons, of more than one-twentieth, one-tenth,
one-fifth, one-third, one-half or two-thirds of the total number of Shares or voting rights (or
Shares or voting rights assimilated thereto (which includes American Depositary Shares), as
discussed below in this Article (7), must so notify the Company by registered letter within 15
calendar days and the Conseil des Marchés Financiers, the self-regulatory organization that has
general regulatory authority over the French stock exchanges and whose members include
representatives of French stockbrokers (the “CMF”) within five trading days of the date such
threshold has been crossed, of the

9

 

number of Shares it holds, and the voting rights attached thereto. A holder of Shares is also
required to notify the Company and the CMF if the percentage of Shares or voting rights owned by
such holder falls below the levels described in the previous sentence. In order to permit holders
of Shares to give the notice required by law, the Company is obligated to file with the Bulletin
des Annonces Légales Obligatoires (“BALO”) and with the CMF not later than 15 calendar days after
the Company’s annual ordinary general meeting, information with respect to the total number of
votes available as of the date of such meeting. In addition, if the number of available votes
changes by more than 5%, the Company is required to publish in the BALO, and to file with the CMF
within 15 calendar days after such change, a notification of the number of votes then available.
In order to facilitate compliance with these notification requirements, a Holder of Receipts may
deliver any such notification to the Depositary, with respect to Shares represented by American
Depositary Shares, and the Depositary shall, as soon as practicable, forward such notification to
the Company, the CMF and the BALO.

     In the event that a Holder or Beneficial Owner fails to comply with the requirements set forth
in the preceding paragraph, such Holder or Beneficial Owner shall not be permitted, in accordance
with and subject to limitations provided under French Law, to exercise voting rights with respect
to any Shares or securities representing Shares exceeding the above-referenced thresholds as to
which any required disclosure (as set forth in the preceding paragraph) has not been made until the
end of a two-year period following the date on which such Holder or Beneficial Owner has complied
with such disclosure requirement. In addition, a French court may, under certain circumstances,
eliminate all or part of the voting rights of such Holder or Beneficial Owner for a period not to
exceed five years, and such Holder or Beneficial Owner may be subject to criminal penalties
including fines of up to 18,000 Euros.

     The provisions of this Article (7) relating to Shares or voting rights held by a person or an
entity also apply to Shares or voting rights assimilated to such Shares or such voting rights as
set forth under French Law, i.e., (i) Shares or voting rights held by

10

 

another person or entity on behalf of such person or entity, (ii) Shares or voting rights held
by any company which is directly or indirectly controlled by such person or entity, (iii) Shares or
voting rights held by a third party acting in concert with such person or entity or (iv) Shares or
voting rights that such person or entity, or any person or entity referred to in (i), (ii) or (iii)
above, is entitled to acquire at its sole option by virtue of an agreement.

     Under the Commission des Opérations de Bourse (the “COB”) regulations, any person or persons
acting alone or in concert with others, who acquires 20% or more of the voting rights of the
Company, must file with the CMF, the COB and the Company a report (déclaration), disclosing its
future intentions with respect to the Company for the next twelve months. Such report must be
filed with CMF and the COB within five calendar days of the date such threshold has been crossed
and with the Company within 15 calendar days of the date such threshold has been crossed. This
report states whether or not such person or persons intend, within the twelve month period
following the acquisition, to increase their shareholdings and request a seat on the Company’s
Board of Directors and whether such person or persons are acting in concert with others. The CMF
makes the notices public and the person or persons who have acquired such voting rights are
required to publish a press release in a financial newspaper having national circulation in France.

     Under stock market regulations and subject to limited exemptions granted by the CMF, any
person or persons acting in concert acquiring one-third or more (or the majority) of the share
capital or voting rights of a French listed company must initiate a public tender offer for the
balance of the share capital (including, for these purposes, all securities convertible into or
exchangeable for equity securities) of such company.

     (8) Title to Receipts. Subject to the limitations set forth herein, it is a condition of this
Receipt, and every successive Holder hereof by accepting or holding the same consents and agrees,
that title to this Receipt (and to the American Depositary Shares evidenced hereby), when properly
endorsed or accompanied by proper

11

 

instruments of transfer, is transferable by delivery with the same effect as in the case of a
negotiable instrument; provided, however, that the Company and the Depositary, notwithstanding any
notice to the contrary, may deem and treat the person in whose name this Receipt is registered on
the books of the Depositary as the absolute owner hereof for the purpose of determining the person
entitled to distribution of dividends or other distributions or to any notice provided for in the
Deposit Agreement and for all other purposes.

     (9) Validity of Receipt. This Receipt shall not be entitled to any benefits under the Deposit
Agreement or be valid or obligatory for any purpose, unless this Receipt shall have been executed
by the Depositary by the manual signature of a duly authorized officer or, if a Registrar for the
Receipts shall have been appointed, such signature may be a facsimile if this Receipt is
countersigned by the manual signature of a duly authorized officer of such Registrar.

     (10) Available Information. As of the date of the Deposit Agreement, the Company is subject
to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files
certain reports with the Commission. Such reports and other information may be inspected and
copied at the public reference facility maintained by the Commission located at Judiciary Plaza,
450 Fifth Street, N.W., Washington, D.C. 20549 and at the Commission’s Regional Offices. In
addition, Company filings under the Securities Act of 1934 made after February 4, 2002 will be
available to the public at the Commission’s web site at http://www.sec.gov.

12

 

(FORM OF REVERSE OF RECEIPT)

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

OF THE DEPOSIT AGREEMENT

     (11) Dividends and Distributions; Rights. Whenever the Depositary or the Custodian receives
any cash dividend or other cash distribution on the Deposited Securities, the Depositary will, if
at the time of receipt thereof any amounts received in a foreign currency can, in the judgment of
the Depositary, be converted on a reasonable basis into Dollars distributable to the Holders of
Receipts entitled thereto and, subject to the provisions of the Deposit Agreement, convert or cause
to be converted as promptly as practicable such dividend or distribution into Dollars and will
distribute the amount (net of the expenses of the Depositary as provided in Section 5.10 of the
Deposit Agreement) thus received (less any reasonable expenses incurred by the Depositary or the
Custodian in converting such foreign currency) to the Holders of Receipts entitled thereto, in
proportion to the number of American Depositary Shares representing such Deposited Securities held
by them respectively; provided, however, that the amount distributed will be reduced by any amounts
required to be withheld by the Company or the Depositary in respect of taxes or other governmental
charges. If in the judgment of the Depositary amounts received in foreign currency may not be
converted on a reasonable basis into Dollars distributable to the Holders of Receipts entitled
thereto, or may not be so convertible for all of the Holders of Receipts entitled thereto, the
Depositary may in its discretion make such conversion, if any, and distribution in Dollars to the
extent permissible to the Holders of Receipts entitled thereto and may distribute the balance of
the foreign currency received and not so convertible by the Depositary to, or hold such balance
uninvested and without liability for interest thereon for the account of, the Holders of Receipts
entitled thereto; provided, however, that if requested in writing by a Holder entitled thereto, the
Depositary shall distribute the foreign currency to such Holder as promptly as practicable.
Whenever the Custodian receives any distribution other than cash or Shares upon any Deposited
Securities, the Depositary will as promptly

13

 

as practicable cause such securities or property to be distributed to the Holders of Receipts
entitled thereto in proportion to the number of American Depositary Shares representing such
Deposited Securities held by them respectively, in any manner that the Depositary may deem
equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary
any distribution other than cash or Shares upon any Deposited Securities cannot be made
proportionately among the Holders of Receipts entitled thereto, or if for any other reason the
Depositary deems such distribution not to be feasible, the Depositary, after consultation with the
Company, may adopt such method as it may deem equitable and practicable for the purpose of
effecting such distribution, including the sale (at public or private sale) of the securities or
property thus received, or any part thereof, and the net proceeds of any such sale will be
distributed by the Depositary to the Holders of Receipts entitled thereto as in the case of a
distribution received in cash. No such distribution to Holders pursuant to Section 4.02 of the
Deposit Agreement shall be unreasonably delayed by any action of the Depositary or any of its
agents. In the event that holders of Shares are granted the option to receive dividends on such
Shares in the form of cash or additional Shares, Holders of Receipts shall be entitled to receive
such option only with the Company’s prior written approval, subject to the terms of the Deposit
Agreement. If any distribution upon any Deposited Securities consists of a dividend in, or free
distribution of, Shares, the Depositary may with the Company’s approval, and shall if the Company
shall so request, distribute to the Holders of outstanding Receipts entitled thereto, in proportion
to the number of American Depositary Shares representing such Deposited Securities held by them,
respectively, additional Receipts for an aggregate number of American Depositary Shares
representing the number of Shares received as such dividend or free distribution. In lieu of
delivering Receipts for fractional American Depositary Shares in any such case, the Depositary will
sell the number of Shares represented by the aggregate of such fractions and distribute the net
proceeds, converted into Dollars if not in such dollars (if such conversion may in the judgment of
the Depositary be achieved on a reasonable basis), to the Holders of Receipts entitled thereto. If
additional Receipts are not so distributed (except as pursuant to the

14

 

preceding sentence), each American Depositary Share shall thenceforth also represent the
additional Shares distributed upon the Deposited Securities represented thereby. In the event that
the Company shall offer or cause to be offered to the holders of any Deposited Securities any
rights to subscribe for additional Shares or any rights of any other nature, the Depositary, after
consultation with the Company, will have discretion as to whether such rights are to be made
available to the Holders of Receipts; provided, however, that the Depositary will, if requested by
the Company, either (a) make such rights available to Holders of Receipts by means of warrants or
otherwise, if lawful and feasible, or (b) if making such rights available is not lawful or not
feasible, or if the rights represented by such warrants or other instruments are not exercised and
appear to be about to lapse, use its best efforts (subject to the limitations set forth in the
Deposit Agreement) to sell such rights or warrants or other instruments at public or private sales,
at such place or places and upon such terms as the Depositary may deem proper, and after deduction
or upon payment of the fees of the Depositary as provided in the Deposit Agreement, allocate the
net proceeds of such sales, as in the case of a cash distribution, for the accounts of the Holders
of Receipts otherwise entitled thereto upon an averaged or other practicable basis without regard
to any distinctions among such Holders because of exchange restrictions or the date of delivery of
any Receipt or Receipts, or otherwise.

     (12) Record Dates. Whenever any cash dividend or other cash distribution shall become payable
or any distribution other than cash shall be made, or whenever rights shall be issued, with respect
to the Deposited Securities, or whenever the Depositary shall receive notice of any meeting of
holders of Shares or other Deposited Securities, the Depositary will fix a record date (which shall
be the same as the record date for Shares set by the Company, provided the Company gives the
Depositary at least 10 days’ advance notice of such record date) for the determination of the
Holders of Receipts who will be entitled to receive such dividend, distribution or rights, or the
net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any
such meeting, subject to the provisions of the Deposit Agreement.

15

 

     (13) Voting of Deposited Securities. Upon receipt of notice of any meeting of holders of
Shares or other Deposited Securities, the Depositary will, as soon as practicable thereafter, mail
to the Holders (a) a summary in English of the notice of such meeting sent by the Company to the
Depositary pursuant to Section 5.07 of the Deposit Agreement, (b) a statement that the Holders of
Receipts as of the close of business on a record date established by the Depositary pursuant to
Section 4.06 of the Deposit Agreement will be entitled, subject to any applicable provisions of
French Law, the Statuts of the Company and the Deposited Securities (which provisions, if any,
including any applicable provisions relating to double voting rights, shall be summarized in
pertinent part in such statement), to exercise the voting rights, if any, pertaining to the Shares
or other Deposited Securities represented by such Holder’s American Depositary Shares, (c)
summaries in English of any materials or other documents provided by the Company for the purpose of
enabling such Holder to exercise such voting rights, and (d) a statement as to the manner in which
such instructions may be given to the Depositary, including a statement as to manner in which
Shares with respect to which the Depositary does not receive properly completed voting instructions
or receives a blank proxy will be voted, and setting forth the date established by the Depositary
for the receipt of such instructions (the “Receipt Date”).

     According to French Law and the Company’s Statuts, only holders of Shares who hold their
Shares in registered form for at least three years will be entitled to double voting rights. Thus,
Holders of Receipts evidencing American Depositary Shares representing Shares in bearer form will
not be entitled to double voting rights. A shareholder may not exercise, in respect of single
votes that it may cast in its own name or by proxy, more than 8% of the votes to which the Shares
present or represented at a general shareholders’ meeting are entitled; provided that, if the
shareholder also has the right to exercise double voting rights in its own name or by proxy, the 8%
limitation may be exceeded solely to take into account such double voting rights. In no case,
however, may a shareholder exercise voting rights exceeding 16% of the total number of votes to
which Shares present or represented at a general shareholders’ meeting are entitled.

16

 

These double voting rights expire when registered Shares are converted to bearer Shares or
when ownership of Shares is transferred. Indirectly held Shares and Shares treated in the same way
as owned Shares shall be taken into account when applying the above-mentioned limit. The limit
does not apply to the chairperson of the shareholders’ meeting casting a vote pursuant to proxies
received in accordance with French Law.

     Upon receipt by the Depositary of properly completed voting instructions, on or before the
Receipt Date, the Depositary shall either, in its discretion, vote such Deposited Securities in
accordance with such instructions or forward such instructions to the Custodian, and the Custodian
shall endeavor, insofar as practicable and permitted under any applicable provisions of French Law,
the Statuts of the Company and the Deposited Securities, to vote or cause to be voted the Deposited
Securities in accordance with any nondiscretionary instructions set forth in such request. The
Depositary shall not vote or attempt to exercise the right to vote that attaches to the Shares or
other Deposited Securities other than in accordance with such instructions or in accordance with
the statement under (d) above as to the manner in which Shares with respect to which the Depositary
does not receive properly completed voting instructions or receives a blank proxy will be voted.

     The Depositary will take no action to impair the ability of the Custodian to vote the number
of Shares (including the Shares held by the Depositary in registered form which may be entitled to
double voting rights) necessary to carry out the instructions of all Holders under this Article 13.

     (14) Changes Affecting Deposited Securities. Upon any change in nominal value, split-up,
consolidation or any other reclassification of Deposited Securities, or upon any recapitalization,
reorganization, merger or consolidation or sale of assets affecting the Company or to which it is a
party, any securities which shall be received by the Depositary or the Custodian in exchange for or
in conversion of or in respect of Deposited Securities shall be treated as new Deposited Securities
under the Deposit Agreement, and American Depositary Shares shall thenceforth represent the new

17

 

Deposited Securities so received in exchange or conversion, unless additional or new Receipts
are delivered pursuant to the following sentence. In any such case the Depositary may, with the
Company’s approval, and shall, if the Company shall so request, execute and deliver additional
Receipts as in the case of a stock dividend on the Shares, or call for the surrender of outstanding
Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities.

     Immediately upon the occurrence of any such change, conversion or exchange covered by Section
4.08 of the Deposit Agreement in respect of the 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, the Depositary shall give notice thereof, at the Depositary’s expense, in writing
to all Holders of Receipts.

     (15) Reports; Inspection of Transfer Books. The Depositary will make available for inspection
by Holders of Receipts at its Principal Office and at the office of each Custodian any reports and
communications, including any proxy soliciting material, received from the Company which are both
(a) received by the Depositary or a Custodian or the nominee of either as the holder of the
Deposited Securities and (b) made generally available to the holders of such Deposited Securities
by the Company. The Depositary will also send to Holders of Receipts summaries in English of all
such reports and communications when furnished by the Company as provided in the Deposit Agreement.
The Depositary will keep books for the registration of Receipts and their transfer which will be
open at all reasonable times for inspection by the Company and Holders of Receipts, provided that
such inspection shall not be to the Depositary’s knowledge for the purpose of communicating with
Holders of Receipts in the interest of a business or object other than the business of the Company
or a matter related to the Deposit Agreement or the Receipts.

     (16) Withholding. In connection with any distribution to U.S. residents, the Company or its
agent will remit to the appropriate governmental authority or agency all amounts (if any) required
under applicable law to be withheld and remitted by the

18

 

Company or such agent and owing to such governmental authority or agency by the Company or
such agent; and the Depositary and the Custodian will remit to the appropriate governmental
authority or agency all amounts (if any) required under applicable law to be withheld and remitted
by the Depositary or the Custodian and owing to such authority or agency by the Depositary or the
Custodian. The Depositary shall forward to the Company or its agent such information from its
records as the Company may reasonably request to enable the Company or its agent to file necessary
reports with governmental authorities or agencies.

     The Depositary intends to follow the procedures established by the French Treasury for U.S.
residents to recover the excess tax initially withheld or deducted with respect to dividends paid
to them, and to receive any payment in respect of the avoir fiscal for which such U.S. resident may
be eligible. Upon request of any U.S. resident who certifies to the Depositary that it has not
already applied for or received a tax refund from the French Treasury or that such U.S. resident’s
application for such refund has been rejected, the Depositary will provide a copy of French
Treasury Form RF 1A EU-N 5052, or such other form or document as may be promulgated or required, as
the case may be, from time to time by the French tax authorities for such purpose, together with
instructions to such U.S. residents and will arrange for the filing with the French tax authorities
of all such forms completed by U.S. residents and returned in sufficient time so they may be filed
with the French tax authorities by December 31 of the year following the calendar year in which the
related dividend is paid. Upon receipt of any resulting remittance, the Depositary shall
distribute to the U.S. residents entitled thereto, as soon as practicable, the proceeds in Dollars.

     In addition, the Depositary will use reasonable efforts to follow any procedures that may be
established by the French Treasury for eligible U.S. residents to be subject to a reduced
withholding tax rate of 15%, if available, at the time dividends are paid. In connection
therewith, the Depositary shall take reasonable steps to provide eligible U.S. residents with such
forms as may be prescribed by the French Treasury and to take such

19

 

other reasonable steps as may be required to file such forms with the appropriate French tax
authorities.

     The Depositary understands that any residents of other countries which have entered into
treaties with France for reduced withholdings must file separate claims for refund. The Depositary
shall furnish the necessary confirmations on the appropriate forms upon specific request.

     (17) Liability of the Company and Depositary. Neither the Depositary nor the Company will
incur any liability to any Holder or Beneficial Owner of this Receipt, or any other person if by
reason of any provision of any present or future law of any country or jurisdiction or of any other
governmental or regulatory authority, or stock exchange or by reason of any provision, present or
future, of the Statuts of the Company, or by reason of any provision of any securities issued or
distributed by the Company, or any offering or distribution thereof, or by reason of any act of God
or war or other circumstances beyond its control, the Depositary or the Company shall be prevented,
delayed or forbidden from, or be subject to any civil or criminal liability on account of, doing or
performing any act or thing which by the terms of the Deposit Agreement or the Deposited Securities
it is provided shall be done or performed. Neither the Company nor the Depositary assumes any
obligation or shall be subject to any liability under the Deposit Agreement to Holders of
Receipts, Beneficial Owners or other persons except that each of them agrees to use its best
judgment and to act in good faith in the performance of such duties as are specifically set forth
in the Deposit Agreement. Neither the Depositary nor the Company will be under any obligation to
appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited
Securities or in respect of the Receipts, which in its opinion may involve it in expense or
liability, unless indemnity satisfactory to it against all expense and liability be furnished as
often as may be required, and no Custodian will be under any obligation whatsoever with respect to
such proceedings, the responsibility of the Custodian being solely to the Depositary. Neither the
Depositary nor the Company will be liable for any action or

20

 

inaction by it in reliance upon the advice of or information from legal counsel, accountants,
any person presenting Shares for deposit, any Holder of a Receipt, or any other person believed by
it in good faith to be competent to give such advice or information.

     The Company agrees to indemnify the Depositary and each Custodian against, and hold each of
them harmless from, any liability or expense which may arise in connection with the offer,
issuance, sale, resale, withdrawal or transfer of Receipts or Shares or which may arise out of acts
performed or omitted, in accordance with the provisions of the Deposit Agreement and of the
Receipts, as the same may be amended, modified or supplemented from time to time, (i) by either the
Depositary or any Custodian, except for any liability or expense arising out of the negligence or
bad faith of either of them, or (ii) by the Company or any of its agents.

     (18) Pre-Release of Receipts. Unless requested in writing by the Company to cease doing so,
the Depositary may execute and deliver Receipts prior to the receipt of Shares pursuant to Section
2.2 of the Deposit Agreement (“Pre-Release”). The Depositary may, pursuant to Section 2.5 of the
Deposit Agreement, deliver Shares upon the receipt and cancellation of Receipts which have been
Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release or
the Depositary knows that such Receipt has been Pre-Released. The Depositary may receive Receipts
in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or
accompanied by a written representation and agreement from the person to whom Receipts or Shares
are to be delivered (the “Pre-Releasee”) that the Pre-Releasee, or its customer, (i) beneficially
owns the Shares or Receipts to be remitted, as the case may be, (ii) assigns all beneficial right,
title and interest in such Shares or Receipts, as the case may be, to the Depositary in trust for
the benefit of the Holders or Beneficial Owners, and (iii) will not take any action with respect to
such Shares or Receipts, as the case may be, that is inconsistent with the transfer of beneficial
ownership (including, without the consent of the Depositary, disposing of such Shares or Receipts,
as the case may be, other

21

 

than in satisfaction of such Pre-Release), (b) at all times fully collateralized (such
collateral marked to market daily) with cash, U.S. government securities or such other collateral
as the Depositary determines, in good faith, will provide substantially similar liquidity and
security, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d)
subject to such further indemnities and credit regulations as the Depositary deems appropriate.
The number of American Depositary Shares and Shares which are outstanding at any time as a result
of Pre-Releases will not normally exceed thirty percent (30%) of the Shares deposited under the
Deposit Agreement then outstanding; provided, however, that the Depositary reserves the right to
disregard such limit from time to time as it deems reasonably appropriate, and may, with the prior
written consent of the Company, change such limit for purposes of general application. The
Depositary will also set dollar limits with respect to Pre-Release transactions to be entered into
under the Deposit Agreement with any particular Pre-Releasee on a case-by-case basis as the
Depositary deems appropriate. For purposes of enabling the Depositary to fulfill its obligations
to the Holders and Beneficial Owners under the Deposit Agreement, the collateral referred to in
clause (b) above shall be held by the Depositary as security for the performance of the
Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release transaction,
including the Pre-Releasee’s obligation to deliver Shares or Receipts upon termination of a
Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities
hereunder).

     The Depositary may retain for its own account any compensation received by it in connection
with the foregoing.

     (19) Resignation and Removal of Depositary; Substitution of Custodian. The Depositary may at
any time resign as Depositary under the Deposit Agreement 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 Deposit Agreement. The
Depositary may at any time be removed by the Company by written notice of such removal, effective
upon the appointment of a

22

 

successor depositary and its acceptance of such appointment as provided in the Deposit
Agreement. The Depositary may at any time appoint a substitute or an additional custodian after
consultation with the Company and the term “Custodian” shall also refer to such substitute or
additional custodian.

     (20) Amendment of Deposit Agreement and Receipts. The form of the Receipts and the Deposit
Agreement may at any time and from time to time be amended by agreement between the Company and the
Depositary, without the consent of the Holders. Any amendment which shall impose or increase any
fees or charges (other than taxes or other governmental charges) or which shall otherwise prejudice
any substantial existing right of Holders of Receipts, will not, however, become effective as to
outstanding Receipts until the expiration of three months after notice of such amendment shall have
been given to the Holders of outstanding Receipts except in order to comply with mandatory
provisions of applicable law. Every Holder of a Receipt at the time any amendment so becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such
amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any
amendment impair the right of the Holder hereof to surrender this Receipt and receive therefor the
Deposited Securities represented by the American Depositary Shares evidenced hereby.

     (21) Termination of Deposit Agreement. The Depositary will at any time at the direction of the
Company terminate the Deposit Agreement by mailing notice of such termination to the Holders of all
Receipts then outstanding at least 30 days prior to the date fixed in such notice for such
termination. The Depositary may likewise terminate the Deposit Agreement if at any time 90 days
after the Depositary shall have resigned, a successor depositary shall not have been appointed and
accepted its appointment. If any Receipts shall remain outstanding after the date of termination,
the Depositary thereafter will discontinue the registration of transfers of Receipts, will suspend
the distribution of dividends to the holders thereof, and will not give any further notices or
perform any further act under the Deposit Agreement, except the collection of dividends and other

23

 

distributions pertaining to Deposited Securities, the sale of rights and the delivery of
Deposited Securities, together with any dividends or other distributions received with respect
thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts
surrendered to the Depositary. At any time after the expiration of one year from the date of
termination, the Depositary may sell the Deposited Securities then held under the Deposit Agreement
and may thereafter hold the net proceeds of any such sale, together with any other cash then held
by it under the Deposit Agreement, without liability for interest, in an unsegregated account for
the pro rata benefit of the Holders of Receipts not theretofore surrendered. Thereafter the
Depositary will be discharged from all obligations under the Deposit Agreement, except to account
for the claims of the Holders, as creditors of the Depositary, for such net proceeds and other
cash.

     (22) Retention of Depositary Documents. The Depositary is authorized to destroy those
documents, records, bills and other data compiled during the term of the Deposit Agreement at the
time permitted by the governing statutes but not before two years, unless such papers are required
to be retained in connection with the performance of written agreements entered into between the
Company and the Depositary from time to time or unless the Company requests that such papers be
retained for a longer period or turned over to the Company or to a successor depositary.

     (23) Compliance with U.S. Securities Laws. Notwithstanding anything in the Deposit Agreement
to the contrary, the Company and the Depositary have each agreed that it will not exercise any
rights it has under the Deposit Agreement to prevent the withdrawal or delivery of Deposited
Securities in a manner which would violate the United States securities laws, including, but not
limited to, Section I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as
amended from time to time, under the Securities Act of 1933.

24<PAGE>

                                                                   EXHIBIT 10.66

                                 OSTEOTECH, INC.
                                 2000 STOCK PLAN
                         RESTRICTED STOCK UNIT AGREEMENT
                                 (FOR EMPLOYEES)

     THIS RESTRICTED STOCK UNIT AGREEMENT (the "Agreement"), is dated as of
[____________, _____] (the "Grant Date") by and between Osteotech, Inc., a
Delaware corporation (the "Company"), and [_________________], an employee of
the Company or an employee of a subsidiary of the Company (the "Employee")
located at _______________________________, pursuant to the Company's Amended
and Restated 2000 Stock Plan (the "Plan").

     For good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the Company and Employee hereby agree as follows:

1.   Grant of Stock Units.

     Subject to the terms and conditions of this Agreement and of the Plan, the
Company hereby grants to the Employee restricted stock units ("Stock Units")
covering [__________] shares (the "Shares") of the Company's common stock (the
"Common Stock"). Each Stock Unit represents one share of Common Stock.

2.   Vesting Schedule.

     (a) Subject to the Employee's not experiencing a termination of employment
from the Company or its subsidiaries for any reason during the following vesting
period, the interest of the Employee in the Stock Units shall vest, and Shares
shall be issued in accordance with Section 3 below, as follows: 25% of the
Shares shall vest on each anniversary of the Grant Date for four years.
Therefore, provided the Employee has not ceased being an employee of the Company
or its subsidiaries prior to the close of business on the fourth anniversary of
the Grant Date, the interest of the Employee in the Stock Units shall become
fully vested on that date, and all Shares will have been issued in accordance
with Section 3 below on or prior to that date.

     (b) Except as otherwise provided for in this Agreement, if the Employee
ceases to be employed by the Company or its subsidiaries for any reason
including as a result of the Employee's death or disability (within the meaning
of Section 22(e)(3) of the Code) prior to the end of the Restriction Period (as
defined below), all Stock Units granted hereunder that have not vested by the
Employee's termination date and that are held by the Employee as of such date
shall be forfeited by, and no further rights shall accrue to, the Employee.

3.   Benefit Upon Vesting.

     Upon the vesting of the Stock Units, the Employee shall be entitled to
receive, and the Company shall issue to the Employee, a number of Shares equal
to the number of Stock Units that have vested on the applicable vesting date
subject to Section 7 below.

                                        1

<PAGE>

4.   Adjustment of Shares.

     (a) The number of shares issuable upon vesting of the Stock Units shall be
adjusted proportionately in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be provided under the Stock Units
upon the occurrence of a stock split or reverse stock split of the Common Stock
or a dividend payable to all holders of the Common Stock in shares of Common
Stock. The provisions of this Section 4(a) reflect the determination of the
Compensation Committee as authorized in Section 4(c) of the Plan.

     (b) In the event of a dissolution or liquidation of the Company all
unvested Stock Units shall terminate.

     (c) In the event that the Company is a party to a merger or consolidation,
the Stock Units shall be subject to the agreement of merger or consolidation.
Such agreement, without the Employee's consent, may provide for:

          (i) The continuation of the Stock Units by the Company (if the Company
is the surviving corporation);

          (ii) The assumption of the Plan and the Stock Units by the surviving
corporation or its parent;

          (iii) The substitution by the surviving corporation or its parent of
stock units with substantially the same terms as the Stock Units; or

          (iv) The cancellation of the Stock Units, provided that the Company
shall have the right prior to such merger or consolidation to issue the Shares
subject to the Stock Units in whole or in part, whether or not the Employee's
right to issuance of the Shares subject to the Stock Units has otherwise accrued
pursuant to Section 2 of this Agreement.

5.   Restrictions.

     Except as otherwise provided for in this Agreement or applicable law, the
Stock Units or rights granted hereunder may not be sold, pledged or otherwise
transferred until the Stock Units become vested in accordance with Section 2 and
the Shares are issued under Section 3. The period of time between the Grant Date
and the final date all of the Stock Units become fully vested is referred to
herein as the "Restriction Period."

6.   No Stockholder Rights.

     Stock Units represent hypothetical shares of Common Stock. During the
Restriction Period, the Employee shall not be entitled to any of the rights or
benefits generally accorded to stockholders with respect to the Stock Units.

7.   Taxes.

     (a) The Employee shall be liable for any and all taxes of any nature and
whether

                                        2

<PAGE>

arising under U.S., state, local or foreign laws, including withholding taxes,
interest or penalties arising out of this grant, the vesting of Stock Units
hereunder, the transfer of Shares or other property in settlement of the Stock
Units, or any subsequent transfer or disposition of the Shares or such property.
In the event that the Company or the Employee's employer, including any
affiliate or subsidiary qualified to deduct tax at source (the "Employer"), is
required to withhold any amount (including in connection with income tax,
employment or payroll taxes, social security contributions or other similar
amounts, with such obligation in aggregate referred to herein as the
"Withholding Obligation") as a result of any event occurring in connection with
the Stock Unit, the Employee shall make a cash payment to the Company as
necessary to cover all applicable Withholding Obligations at or prior to the
time the event giving rise to the Withholding Obligation occurs; provided that
(i) the Company has the right to withhold a portion of the Shares otherwise to
be delivered upon vesting of the Stock Units having a Fair Market Value equal to
the amount of Withholding Obligation in accordance with such rules as the
Company may from time to time establish, (ii) the Company or the Employer has
the right, and the Employee in accepting this grant explicitly authorizes the
Company, to deduct an amount equal to the Withholding Obligation from the
Employee's compensation or (iii) the Company may establish alternative
procedures to ensure satisfaction of all applicable Withholding Obligations
arising in connection with the Stock Units, including any means described in
Section 8 of the Plan. The Employee will receive a cash refund for any payment
of cash or fraction of a surrendered share not necessary to satisfy the
Withholding Obligations.

     (b) The Employee acknowledges and agrees that the ultimate liability for
any tax-related item legally due by Employee is and remains the Employee's
responsibility and that the Company and or the Employer (i) make no
representations nor undertakings regarding the treatment of any such tax items
in connection with any aspect of this grant of Stock Units, including the
vesting of Stock Units, subsequent payment of Common Stock and/or cash related
to such Stock Units or the subsequent sale or other disposition of any Common
Stock acquired pursuant to such Stock Units; and (ii) do not commit to structure
the terms or any aspect of this grant of Stock Units to reduce or eliminate the
Employee's liability for such tax items. The Company may refuse to deliver the
benefit described in Section 3 if the Employee fails to comply with the
Employee's obligations as set forth in this Section 7 (including if the
Employee's cash compensation is not sufficient to satisfy such obligations).

8.   Data Privacy Consent.

     The Employee hereby explicitly and unambiguously consents to the
collection, use and transfer, in electronic or other form, of the Employee's
personal data as described in this document by and among, as applicable, the
Employer, and the Company and its subsidiaries and affiliates for the exclusive
purpose of implementing, administering and managing the Employee's participation
in the Plan. The Employee understands that the Company, its affiliates, its
subsidiaries and the Employer hold certain personal information about the
Employee, including, but not limited to, name, home address and telephone
number, date of birth, social security or insurance number or other
identification number, salary, nationality, job title, any shares of stock or
directorships held in the Company, details of all options or any other
entitlement to shares of stock awarded, canceled, purchased, exercised, vested,
unvested or outstanding in the Employee's favor for the purpose of implementing,
managing and

                                        3

<PAGE>

administering the Plan ("Data"). The Employee understands that the Data may be
transferred to any third parties assisting in the implementation, administration
and management of the Plan, that these recipients may be located in the
Employee's country or elsewhere and that the recipient country may have
different data privacy laws and protections than the Employee's country. The
Employee understands that the Employee may request a list with the names and
addresses of any potential recipients of the Data by contacting the
administrator of the Plan as may be designated from time to time by the Company
(the "Plan Administrator"). The Employee authorizes the recipients to receive,
possess, use, retain and transfer the Data, in electronic or other form, for the
purposes of implementing, administering and managing the Employee's
participation in the Plan, including any requisite transfer of such Data, as may
be required to a broker or other third party with whom the Employee may elect to
deposit any Common Stock acquired under the Plan. If the Employee is a citizen
or resident of a country which is a member of the European Union, the Data will
only be shared with third parties that are subject to the EU Privacy directive
as locally implemented, the Safe Harbor framework or other adequate
certification. The Employee understands that Data will be held only as long as
is necessary to implement, administer and manage participation in the Plan. The
Employee understands that he or she may, at any time, review Data in order to
correct, change or delete inaccurate information, request additional information
about the storage and processing of the Data, require any necessary amendments
to the Data or refuse or withdraw the consents herein, in any case without cost,
by contacting the Plan Administrator in writing. The Employee understands that
refusing or withdrawing consent may affect the Employee's ability to participate
in the Plan. For more information on the consequences of refusing to consent or
withdrawing consent, the Employee understands that he or she may contact the
Plan Administrator at the Company.

9.   Plan Information.

     The Employee acknowledges that the Employee has access to and is deemed to
have received a copy of the Plan from the Company and agrees to receive
stockholder information, including copies of any annual report, proxy statement
and periodic report, from the Company's website at
http://www.osteotech.com/finreq.htm. The Employee acknowledges that copies of
the Plan, Plan prospectus, Plan information and stockholder information are also
available upon written or telephonic request to the Plan Administrator.

10.  Employee Acknowledgments.

     By accepting this grant of Stock Units, the Employee acknowledges and
agrees that the Plan is established voluntarily by the Company, it is
discretionary in nature and may be modified, amended, suspended or terminated by
the Company at any time unless otherwise provided in the Plan or this Agreement.
The Employee acknowledges that all decisions with respect to future grants, if
any, will be at the sole discretion of the Company. The Employee's participation
in the Plan shall not create a right to further employment with Employer and
shall not interfere with the ability of Employer to terminate the Employee's
employment relationship at any time with or without cause and it is expressly
agreed and understood that employment is terminable at the will of either party,
insofar as permitted by law. The Employee agrees that Stock Units, stock unit
grants and resulting benefits are an extraordinary item that do not

                                        4

<PAGE>

constitute compensation of any kind for services of any kind rendered to the
Company or the Employer and are outside the scope of the Employee's employment
contract, if any, unless otherwise specifically provided in such employment
contract. Stock Units, stock unit grants and resulting benefits are not part of
normal or expected compensation or salary for any purposes, including, but not
limited to calculating any severance, resignation, termination, redundancy, end
of service payments, bonuses, long-service awards, pension or retirement
benefits or similar payments insofar as permitted by law. This grant of Stock
Units will not be interpreted to form an employment contract or relationship
with the Company, the Employer or any subsidiary or affiliate of the Company.
The Employee acknowledges that the future value of the Shares is unknown, may
increase or decrease from the date of grant or vesting of the Stock Units and
cannot be predicted with certainty. In consideration of this grant of Stock
Units, no claim or entitlement to compensation or damages shall arise from
termination of this grant of Stock Units or diminution in value of this grant of
Stock Units resulting from the Employee's termination of employment by the
Company or the Employer for any reason whatsoever and whether or not in breach
of any applicable laws. Upon the Employee's termination of employment (whether
or not such termination constitutes a breach of local labor laws), the
Employee's right to receive benefits shall be only as set forth in this
Agreement and his or her termination of employment shall be effective as of the
date that the Employee is no longer actively employed and will not be extended
by any notice period mandated under local law (e.g., active employment would not
include a period of "garden leave" or similar period pursuant to local law); and
the Board or Compensation Committee shall have the exclusive discretion to
determine when the Employee is no longer actively employed for purposes of this
grant of Stock Units. This entire Section 10 is subject to any provision to the
contrary set forth in an employment contract, if any, between the Employee and
the Company.

11.  Notices.

     All notices or other communications which are required or permitted
hereunder shall be deemed to be sufficient if contained in a written instrument
given by personal delivery, air courier or registered or certified mail, postage
prepaid, return receipt requested, addressed to such party at the address set
forth below or such other address as may thereafter be designated in a written
notice from such party to the other party:

     If to the Company, to:

          Attention: Chief Financial Officer
          Osteotech, Inc.
          51 James Way
          Eatontown, New Jersey 07724

     If to the Employee, to:

          Address provided above

     All such notices, advances and communications shall be deemed to have been
delivered and received (a) in the case of personal delivery, on the date of such
delivery, (b) in the case of

                                        5

<PAGE>

air courier, on the business day after the date when sent and (c) in the case of
mailing, on the third business day following such mailing.

12.  Miscellaneous.

     (a) The Company shall not be required to treat as the owner of Stock Units,
and associated benefits hereunder, any transferee to whom such Stock Units or
benefits shall have been so transferred in violation of this Agreement.

     (b) The Employee shall take whatever additional actions and execute
whatever additional documents the Company may deem necessary or advisable in
order to carry out or effect one or more of the obligations or restrictions
imposed on the Employee pursuant to the express provisions of this Agreement.

     (c) The Plan is incorporated herein by reference. The Stock Units are
issued pursuant to the Plan and are subject to its terms. No waiver or breach of
any condition of this Agreement shall be deemed to be a waiver of any other or
subsequent breach of condition, whether of like or different nature. This
Agreement is governed by the laws of the state of Delaware. In the event of any
conflict between the terms and provisions of the Plan and this Agreement, the
Plan terms and provisions shall govern. Capitalized terms used but not defined
in this Agreement have the meanings assigned to them in the Plan. Certain other
important terms governing this Agreement are contained in the Plan. This
Agreement may be executed in counterparts, each of which shall be deemed to be
an original, but all of which together shall constitute one and the same
instrument.

     (d) The provisions of this Agreement are severable and if any one or more
provisions are determined to be illegal or otherwise unenforceable, in whole or
in part, the remaining provisions shall nevertheless be binding and enforceable.

     (e) This Agreement constitutes the entire agreement between the parties
with respect to the subject matter hereof and thereof, merging any and all prior
agreements.

                                        6

<PAGE>

     (f) To the extent the Company determines that this Agreement is subject to
Code Section 409A, but does not conform with the requirements thereof, the
Company may at its sole discretion amend or replace the Agreement to cause the
Agreement to comply with Code Section 409A.

     (g) To the extent that the Company in good faith determines that any
payment provided for hereunder (meaning, the vesting and obligation to issue any
Shares hereunder) constitutes a "deferral of compensation" and that the Employee
is a "key employee" (in each case as such terms are defined under Code Section
409A), no amounts shall be payable to the Employee pursuant hereto prior to the
earliest of (a) the Employee's death following the date of Employee's
termination of employment, or (b) the date that is six months following the date
of the Employee's "separation from service" with the Company (within the meaning
of Code Section 409A).

                            [SIGNATURE PAGE FOLLOWS]

                                        7

<PAGE>

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of
the date set forth above.

                                        OSTEOTECH, INC.

                                        By:
                                            ------------------------------------
                                        Name: Sam Owusu-Akyaw
                                        Title: President and Chief
                                               Executive Officer

                                        By:
                                            ------------------------------------
                                            [Name of Employee]

EMPLOYEE SHOULD RETAIN THIS AGREEMENT FOR HIS OR HER RECORDS

NY 646351 v1

                                        8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}]]