Document:

EX-10.1

 Exhibit 10.1 

MATERIALISE NV 
 2007
Stock Warrant Plan 

 
 2
 
  
 Article 1 – Definitions
and interpretation 
 The following provisions shall have the following meanings for the purposes of this Plan and the Stock Warrant Agreement. 

“Shares”: 
 Common shares
of the company consisting of Class B shares or, in case of a capital reorganization of the company, the shares of the class into which the common shares are to be converted; 

“Stock warrant”: 
 A
warrant issued by the company that grants the selected participant the right to acquire/subscribe to a share in accordance with the Plan and the Stock Warrant Agreement; 

“Stock Warrant Agreement”: 

The agreement between the selected participant and the company, which may set forth specific conditions and include the supplementary
provisions regarding the stock warrants in question, taking into account that these conditions and provisions cannot be incompatible with the provisions of the Plan; 

“Stock warrant price”: 

The price, if any, that the selected participant must pay to the company for acquisition of the stock warrant itself; 

“Stock Warrant Plan” or “Plan”: 

The current Plan; 

“Beneficiary”: 
 A person
validly designated by the selected participant, specifically his/her spouse or legal heirs, to exercise the rights of the selected participant under the Plan and the Stock Warrant Agreement after the death of the selected participant. The
designation, revocation and redesignation of a beneficiary must be performed in written form in compliance with applicable laws. In the absence of any valid designation, the heirs of the selected participant will be deemed to be the beneficiaries in
conformity with applicable inheritance laws. If there are multiple heirs, all heirs acting in concert or one person designated by the heirs acting jointly shall be deemed to be the beneficiary; 

  

					
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 Director”: 

A member of the Management Board of the company or of an affiliated company; 

“Consultant”: 
 A natural
person or legal entity, that is not a member of the staff, that supplies services to the company or to an affiliated company; 
 “Date of
termination of the employment agreement, consultancy agreement or director’s term of office”: 
 The date of the
notification of the termination of the employment agreement, consultancy agreement or director’s term of office, for whatever reason, with the exception of termination of the employment agreement that is immediately followed by the
signing of a new employment agreement or of a consultancy agreement by the company or with an affiliated company, and with the exception of the termination of a consultancy agreement immediately followed by the signing of a new consultancy agreement
with the company or an affiliated company; 
 “Date of Grant”: 

The date on which the stock warrant is offered to a selected participant in accordance with the Plan; 

“Definitively acquired stock warrants – Definitive acquisition”: 

Stock warrants that have been definitively acquired by the selected participant and are therefore exercisable in accordance with the conditions
provided in the Plan and the Stock Warrant Agreement, without prejudice to the possibility that the stock warrants may become null and void or may have to be returned in cases where they cannot be or can no longer be exercised under certain
conditions; 
 “Selected participant”: 

A director, staff member or consultant to whom stock warrants have been granted in accordance with the Plan; 

“Ratification date”: 

The date on which the stock warrants are issued by the general shareholders’ meeting of the company; 

  

					
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 “Notification”:

 A letter sent to the official residence or registered office of the addressee by means of (i) a courier with proof of receipt
or (ii) a registered letter or (iii) an e-mail with a “read receipt”. The date of the notification is (i) the fifth day after the date on which the courier service was sent or, failing that, (ii) the fifth day following
the date of the registered letter (iii) the fifth day following the sending of the e-mail; 
 “Transfer – transferred”:

 Any transaction between living persons contemplating a sale, purchase, grant or acceptance of warrants, exchange, relinquishment,
contribution to a company, transfer in any manner whether or not for compensation, the making of any payment or provision of any pledge, or the acceptance of any payment or pledge, or in general any agreement with the object of an immediate or
future transfer of ownership; 
 “Staff member”: 

A staff member of the company or of an affiliated company who is employed on the basis of an employment agreement for an indefinite term; 

“Management Board”: 
 The
Board of Directors of the company: 
 “Exercise period”: 

The period during which the selected participant may exercise the stock warrants granted to him/her, if and to the extent that the stock
warrants are exercisable in accordance with the conditions provided in the Plan and in the Stock Warrant Agreement and in any other agreement existing between the selected participant and the company; 

“Strike price”: 
 The
price at which each share subject to a stock warrant can be acquired/subscribed to when the stock warrant is exercised; 
 “Company”:

 MATERIALISE N.V., with a registered office at Technologielaan 15, 3001 Leuven; 

  

					
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 “Affiliated company”:

 Any company or entity that is directly or indirectly controlled by the company within the meaning of Article 5 of the Belgian
Company Code 
 Except insofar as the context otherwise requires (i) terms used in the plural encompass the singular and vice-versa, and
(ii) terms used in the masculine gender encompass the feminine gender and vice-versa. 
 Article 2 – Goal of the Plan 

This Stock Warrant Plan describes the general terms and conditions of the stock warrants that the company plans to grant to certain directors, certain staff
members and perhaps certain consultants. 
 The goal of the Plan is to realize the following corporate and human resources objectives: 

 

	 	(i)	To incentivize and motivate the selected participant; 

  

	 	(ii)	To allow the company and its affiliated companies to attract staff members, consultants and directors with the necessary experience and skills; 

 

	 	(iii)	To link the interests of the selected participant more closely to those of the shareholders of the company and the affiliated companies by giving them the opportunity to have a share in the growth of the company’s
value. 

 Article 3 – Type and number of shares 
  

	3.1	A total of 100,000 stock warrants will be issued. 

 The stock warrants will be identified as
“2007 Stock Warrants”. 
  

	3.2	Each stock warrant will permit the selected participant to acquire one (1) share of stock in the company, which will have the same rights and obligations as the other Class B shares of stock in the company.

 The shares that will be issued upon exercise of the stock warrant will be entitled to a prorated share of the profits of the
year in which they are issued, in the same proportion as the existing shares. 

  

					
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 A share represents
the same fraction of the capital of the company as the other shares of the company. 
  

	3.3	At the time of the exercise of the stock warrants and the issuing of the shares, the company will decide whether or not it will waive the “reduced withholding” (“VVPR”) statute of the new shares to
be issued. 

 Article 4 – Administration 

The Management Board is authorized, within the limits of the Plan provisions and insofar as its decisions are consistent with the goal of the Plan: 

 

	 	(i)	To determine which categories of selected participants are eligible to participate in the Plan; 

  

	 	(ii)	To choose the selected participants and to determine to whom the stock warrants will be granted; 

  

	 	(iii)	To determine the number of stock warrants that will be granted to a selected participant; 

  

	 	(iv)	To determine the conditions under which the stock warrants will be granted to a selected participant; 

  

	 	(v)	To determine the conditions under which the stock warrants shall become definitively acquired stock warrants; 

  

	 	(vi)	If necessary, to adopt and implement a sub-plan for each jurisdiction in which the selected participants work and/or reside that reflects the specific changes that have to be made to the Plan, or that are necessary in
accordance with the statutory regulations of that jurisdiction; 

  

	 	(vii)	To stipulate, define and/or interpret all rules, regulations and whatever other standards are necessary or advisable for the administration of the Plan or any applicable sub-plan. 

Article 5 – Grant of the stock warrants 

5.1 Qualifying persons 
 Within the limits set forth
in the Plan, stock warrants can be granted to selected participants at any time. 
 At least 85% of the stock warrants must be granted to staff members,
however. 

  

					
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 5.2 Stock Warrant Agreement

 The grant of stock warrants in accordance with Article 5.1 will be regulated in a Stock Warrant Agreement that must be signed by the selected
participant in order to confirm his/her acceptance of the conditions. The Stock Warrant Agreement will state the date of grant of the stock warrants, the number of stock warrants granted, the rules governing the definitive acquisition of the stock
warrants, the stock warrant price (if any), the term of the stock warrants, the strike price and any other relevant fact and/or condition. 
 A selected
participant can accept the stock warrants granted to him/her within thirty (30) days following the date of grant. This acceptance must be made in writing using the form provided by the company for this purpose. If a stock warrant is accepted in
this way, the stock warrant will be deemed to be granted to the person in question. If a selected participant does not accept the stock warrants granted to him/her in accordance with the above provisions, then he/she will be deemed to have declined
the offer of stock warrants for contractual purposes, but not for the purposes of Belgian taxation, and the declined stock warrants will again be at the company’s disposal for any other future grant to other selected participants. For
Belgian tax purposes, however, it is important for the selected participant who does not wish to accept the stock warrants to also explicitly refuse the offer using the form that is provided by the company for this purpose, in order to avoid a tax
charge on the offered stock warrants. 
 Article 6 – Conditions of the stock warrants 

6.1 Stock warrant price 
 The selected participants
will not owe any stock warrant price to the company when the stock warrants are granted, unless the Stock Warrant Agreement provides otherwise. 
 6.2
Strike price 
 The strike price per stock warrant will be determined at the time when the stock warrants are granted to a selected participant. 

If the shares of the company are not listed or traded on a stock exchange on the date of grant, then the strike price must be at least equal to the actual
value of the shares, as determined by the Management Board of the company based on the certified advice of the statutory auditor of the company or of a registered auditor hired for these purposes by the Management Board, if there is no statutory
auditor. Moreover, in this case, the strike price must be at least equal to the book value of the existing shares as shown by the most recent annual accounts of the company that have been completed and ratified by the authorized management body
prior to the date of grant. 

  

					
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 If the shares of the company are
listed or traded on a stock exchange as of the date of grant, then the strike price must, at the discretion of the Management Board, be at least equal to (a) the closing price on the last day prior to the date of grant or (b) the average
of the stock price as listed on the stock market for the last thirty (30) days or any other relevant period prior to the date of grant. 
 The strike
price must be posted as capital in an amount equal to the par value of the existing shares of the company. The amount in excess of the par value must be recorded as an issue premium that, as if capital, will comprise a third-party guarantee, and
that will be recorded in an non-disposable account that can be diminished or written off only by a resolution of the general shareholders’ meeting deliberating in accordance with the rules applicable for a capital decrease. 

6.3 Term of the stock warrants 
 The term of the
stock warrants shall be eight years from the date of ratification. 
 6.4 Registered type 

The stock warrants shall be registered and shall be entered in the register of selected participants that will be kept at the registered office of the company.
The stock warrants cannot be converted into bearer stock warrants. 
 6.5 Rights as a shareholder 

As long as no stock warrants are exercised, the selected participant is not a shareholder, nor will he/she enjoy any privileges normally reserved for a
shareholder. 
 6.6 Conformity with financial regulations 

The company is entitled to postpone the transfer of the shares of the company at its discretion, if this is necessary to comply with applicable regulations or
provisions of whatever type, including but not limited to the initial public offering, registration and other obligations with regard to the shares of the company, as the company may deem appropriate. 

  

					
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 Article 7 – Change to the
capital structure of the company – Exercise of the stock warrants in accordance with the law 
 7.1 Change to the capital structure of the
company 
 Contrary to Article 501 of the Belgian Company Code, the company expressly reserves the right to make all decisions and enter into all
transactions that might have an impact on its capital, the distribution of profits or the distribution of the net assets after liquidation, or that might influence the rights of the selected participants in another way, unless the sole goal of these
decisions and transactions is to reduce the benefits of such rights. 
 If the rights of the selected participants are affected by such a decision or
transaction, then the selected participant will not have a right to any change in the strike price, to any change in the exercise conditions or to any other form of (financial or other) compensation. However, the Management Board, at its discretion,
may make certain changes to (i) the number of shares that are related to one stock warrant or to (ii) the strike price. The respective selected participant will be notified in written form about this change as soon as reasonably possible.

 In case of a merger, split or stock split of the company, the rights of the outstanding stock warrants and/or the strike price of the stock warrants
shall be adjusted in accordance with the conversion ratio that is applicable to the other shareholders with reference to the merger, split or stock split. 

7.2 Exercise of the stock warrants in accordance with the law 

If a stock warrant that is not exercisable or that cannot be exercised in accordance with the issuing conditions (as stipulated in the Plan, the applicable
sub-plan or the Stock Warrant Agreement) becomes exercisable prematurely on the basis of Article 501 of the Belgian Company Code and on this basis is also exercised in accordance with this article, then the shares acquired on the basis of the
exercise of the stock warrant shall not be transferable, unless explicitly consented to by the company, until the time that the stock warrant would have become exercisable in accordance with the Plan and the Stock Warrant Agreement. 

  

					
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 Article 8 – Transfer of
the stock warrants 
 8.1 Death 
 In the
event of the death of a selected participant, the stock warrants definitively acquired – as of the time of death – (as defined in Article 9.1 below) shall be transferred to the beneficiary of the selected participant and the definitively
acquired stock warrants will remain exercisable at that time and under the conditions provided in the Plan and the Stock Warrant Agreement. 
 8.2
Transferability of the stock warrants 
 With the exception of the transfer stipulated in Article 8.1, the stock warrants cannot be transferred by a
selected participant once the stock warrants are granted to a selected participant. 
 Article 9 – Exercise of the stock warrants 

Stock warrants can only be exercised during an exercise period (as stipulated below in Article 9.2) on the condition that and to the extent that they have
become definitively acquired stock warrants and have also become exercisable (in accordance with Article 9.1 stipulated below) for a stipulated exercise period. 

9.1 Definitive acquisition and exercisability of the stock warrants 

9.1.1 General rules regarding the definitive acquisition of the stock warrants 

Unless otherwise provided in the Stock Warrant Agreement, the stock warrants granted to a selected participant shall become definitively acquired stock
warrants in the following tranches: 25% on October 1 of the fourth calendar year after the calendar year of the date of grant; 25% on October 1 of the fifth calendar year after the calendar year of the date of grant; 25% on October 1
of the sixth calendar year after the calendar year of the date of grant; and 25% on October 1 of the seventh calendar year after the calendar year of the date of grant; and in each case this is on condition that the beneficiary of the stock
warrants at the time of the exercisability has not given or received any notice of termination for reasons other than having reached the authorized retirement age. If the above tranches result in a number with digits following the decimal point,
then the number of stock warrants that will be definitively acquired will be the number obtained after rounding of the number by applying the above percentages to the lower round number. 

  

					
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 9.1.2 Exercisability of the stock
warrants 
 Unless otherwise provided in the Stock Warrant Agreement, the stock warrants can be exercised for the first time during the first exercise
period following the date on which they have become definitively acquired stock warrants in accordance with what is provided above under 9.1.1. 
 Unless
otherwise provided in the Stock Warrant Agreement, the selected participant is permitted to exercise between 0% and 100% of the definitively acquired stock warrants during any exercise period. 

9.1.3 Consequences of a termination of the employment agreement, consultancy agreement or director’s term of office 

In accordance with the provisions of the Plan and the Stock Warrant Agreement, and without prejudice to the provisions of the following paragraphs and unless
otherwise provided in the Stock Warrant Agreement, in case of termination the selected participant may exercise the definitively acquired stock warrants, if he/she wishes, only during the first exercise period following the date of termination of
his/her employment agreement, provided the employment agreement was terminated for reasons other than just cause, or following the date of termination of the consultancy agreement, provided the consultancy agreement was terminated for reasons other
than breach of contract, or following the termination of the director’s term of office, provided the director’s term of office was terminated for reasons other than just cause. 

Unless otherwise provided in the Stock Warrant Agreement, in case of termination of the selected participant’s employment agreement, consultancy
agreement or director’s term of office for just cause or breach of contract, all stock warrants will become automatically null and void and/or non-exercisable, regardless of whether or not they are definitively acquired stock warrants. 

The stock warrants that are granted to a selected participant will become no longer definitively acquired as from the date of written notification of the
termination of the employment agreement, consultancy agreement or director’s term of office. 
 9.1.4 Consequences of statutory retirement, death or
permanent work disability 
 In case of termination of the employment agreement, consultancy agreement or director’s term of office as a consequence
of statutory retirement, death or permanent work disability, all definitively acquired stock warrants shall remain exercisable during the remaining term of the stock warrants, in accordance with the provisions of the Plan and the Stock Warrant
Agreement. 
 All stock warrants that are not definitively acquired as of the date of notification of the termination of the employment agreement,
consultancy agreement or director’s term of office shall become null and void and non-exercisable. 

  

					
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 9.1.5 Change of control -
“put” option 
 If someone should make a tender to the company to acquire control (as defined in Article 38 of the Royal Decree of
November 8, 1989), the holders of Class A shares that accept the tender shall make their offer contingent upon the agreement by the potential buyer to purchase all or some of the Class B shares on the same terms and conditions. 

9.16 Call option 
 If someone should make a tender to the
company to acquire control (as defined in Article 38 of the Royal Decree of November 8, 1989), the holders of Class A shares (hereinafter referred to as the “Class A Shareholders”) shall possess a call option to the granted stock
warrants, with the result that the stock warrants will become definitively acquired ahead of time and that the selected participants shall be compelled to exercise them immediately. In order to exercise the call option validly, the Class A
shareholders must send a notification to the warrant holders. The early exercise period shall commence upon receipt of this notification and shall run for a period of 30 days after its receipt. 

If the stock warrants are not exercised during this special exercise period, they shall be no longer valid and shall expire. 

9.2 Exercise period 
 Definitively acquired stock
warrants that are exercisable can only be exercised during the 30 days following the definitive acquisition of the stock warrants. 
 Every exercise period
shall be closed on the last day of the respective exercise period. 
 The Management Board may decide to provide for an additional exercise period. 

9.3 Partial exercise 
 Exercisable stock warrants
can be exercised separately or together with other stock warrants. However, a stock warrant cannot and may not be exercised in relation to fractional shares. 

  

					
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 9.4 Exercise procedure

 An exercisable stock warrant will be deemed to have been exercised upon receipt by the legal department, no later than the last day of the
exercise period, of: 
  

	 	(i)	A notification given by the selected participant stating that the stock warrant or a certain number of stock warrants is being exercised. 

 

	 	(ii)	Receipt of full payment of the strike price, within the same ongoing Exercise Period for the number of shares as stated above in the notification under (i), by means of bank transfer to an account of the company, the
account number of which will be communicated by the company. 

  

	 	(iii)	Proper evidence of the right of the person or persons to exercise the stock warrant, if a stock warrant is exercised by a person or certain persons other than a selected participant. 

 

	 	(iv)	Declarations and documents that the Management Board may desire or may deem necessary in order to comply with all applicable statutory and regulatory provisions, which the Management Board consequently demands to have
submitted. 

 9.5 Conditions for the issuing of shares 
  

	9.5.1	The company shall only be compelled to issue the shares as the result of the exercise of the stock warrants after all conditions as stipulated under Article 9.4 above have been fulfilled. 

 

	9.5.2	The shares will be issued within thirty (30) days after the close of the exercise period in which the stock warrants were exercised. The Management Board or two members of the Management Board will have the capital
increase recorded by a notary in accordance with the Belgian Company Code. 

  

	9.5.3	If applicable and necessary, the company will apply for admission to the respective stock market so that the shares can be publicly traded on the stock market. 

  

					
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 Article 10 – Miscellaneous
provisions 
 10.1 Taxes and treatment under social security 

The company or an affiliated company shall be entitled, in accordance with applicable laws or customary practices, to perform withholding on the cash salary or
compensation of the month in which the taxable event occurs or on the cash salary or compensation of any other subsequent month, and/or the selected participant shall be obligated to pay to the company or to the affiliated company (if the company or
affiliated company requests this) the amount of any tax and/or social security contributions owed or payable on account of the grant, the definitive acquisition or the exercise of the stock warrants or owed or payable in connection with the delivery
of the shares. 
 The company or the affiliated company will be entitled, in compliance with applicable laws or customary practices, to perform the
necessary reporting required as a consequence of the grant of the stock warrants, their definitive acquisition, their exercisability or the delivery of the shares. 

10.2 Costs 
 Stamp taxes, stock transaction taxes
and similar levies and taxes incurred upon exercise of the stock warrants and/or delivery of the new shares shall be borne by the selected participants. 

Costs for the issuing of the stock warrants or the issuing of the shares shall be at the expense of the company. 

10.3 Applicable law and competent courts and tribunals 

The Plan is governed by the laws of Belgium. Disputes shall fall under the exclusive jurisdiction of the courts and tribunals of Leuven. 

Stock warrants granted under the Plan shall be governed and interpreted in conformity with the laws of Belgium. 

10.4 Notifications 
 Every notification to a
selected participant shall be made to the address and e-mail address, if available, reported in the register of selected participants. Every notification to the company, an affiliated company or the Management Board will be validly made to the
address of the registered office of the company as stated in the Stock Warrant Agreement. Changes of address or e-mail address must be communicated in accordance with this provision. If a change of address is not communicated in conformity with this
provision, a notification shall be deemed given in a proper manner if it was given at the address reported in the register of selected participants. 

  

					
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 10.5 In connection with
employment agreement, consultancy agreement or director’s term of office 
 Notwithstanding any provision of the Plan, the rights and
obligations of any individual or entity as stipulated under the provisions of his/her director’s term of office, employment agreement or consultancy agreement entered into with the company or an affiliated company shall not be affected by
his/her participation in the Plan or by any right that he/she may have to participate in it. An individual to whom, or an entity to which, stock warrants are granted in accordance with the Plan shall have no right to indemnification or compensation
as a result of the termination, for any reason whatsoever, of his term of office, employment agreement or consultancy agreement entered into with the company or an affiliated company, insofar as these rights might arise or be able to arise based on
the termination of the rights that he/she might have or the claims that he/she might be able to assert concerning the exercise of the stock warrant in accordance with the Plan due to the termination of such an agreement or on account of the loss or
impairment of the rights or benefits. 
 *        * 

* 

  

					
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 Exhibit 10.2 

Report Art. 583 Belgian Company Code 

2013 WARRANTS 
 RULES AND
REGULATIONS 
  

	1.	Definitions 

 The terms below shall have the following meanings: 

 

			
	Offer	  	The offer of the Warrants of which the Selected Participant has been notified in accordance with Article 4.2.2 of this report;
		
	General Meeting	  	The General Meeting of the Company
		
	Employment agreement	  	The agreement within the meaning of the Act on Employment Agreements of July 3, 1978 (or an agreement under a legal system other than the Belgian system that is substantively equivalent) on the basis of which a person in a
dependent relationship provides services to the Company or an Affiliated Company;
		
	Beneficiary	  	The person who in accordance with Article 4.3.6.2 has been designated by the Warrantholder to exercise the Warrantholder’s rights associated with the Warrants after his death;
		
	Director’s term of office	  	A term of office as a director of the Company or of an Affiliated Company
		
	Consultancy agreement	  	The agreement, other than an employment agreement or director’s term of office, on the basis of which services are provided to the Company or an Affiliated Company;
		
	Date of the Offer	  	The date on which the Person Authorized by the Management Board offers the Warrants to the Selected Participants in accordance with the second paragraph of Article 4.2.2;
		
	Securities	  	Stocks, bonds and other securities that may or may not represent capital and may or may not confer a voting right, as well as securities that give the right to registration for or acquisition of securities or to conversion into
securities;
		
	 End of the employment
 agreement,
consultancy
 agreement or director’s term of office
	  	The actual date on which the end, for whatever reason, of the employment agreement or consultancy agreement between the respective Selected Participant and the Company or Affiliated Company, or the end of the director’s term
of office of the Selected Participant at the Company or Affiliated Company,

  
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		  	becomes effective, with the exception of a termination coupled with a simultaneous hiring within the framework of a (perhaps new) employment agreement or consultancy agreement with the Company or an Affiliated Company or by a
(possibly new) appointment as a director of the Company or Affiliated Company;
		
	Selected Participant	  	 The person to whom Warrants will be offered by the Person Authorized by the Management Board.

 
 The Selected Participants under the SOP are the persons who at the time of the offer are
connected to the Company by means of an employment agreement, consultancy agreement or director’s term of office and to whom Warrants will be offered by the Person Authorized by the Management Board.

		
	Person Authorized by the Management Board	  	The person to whom the Management Board of the Company grants an authorization to take all actions necessary and useful with respect to the offer of the warrants and to implement the issuing of warrants. The Person Authorized by
the Management Board shall be a director who is not himself a Selected Participant.
		
	Registration Form	  	The form that the Selected Participant must fill out and sign to accept or decline warrants offered to him/her, and that (in case of acceptance) includes an authorization to undertake a registration before a notary for the
Warrants offered to him/her;
		
	Transfer	  	The sale, offer, forward sale or pledge of securities or the granting of usufruct or any other right to them or the granting of call or put options to securities or the disposal of them in any other way, or the entry into any
swap or other agreement that wholly or partially transfers the economic advantages of or ownership of securities, regardless of whether such transfer is made for payment or not, by means of a general legal succession or in another way and regardless
of whether such operation is settled by means of delivery of securities, in cash or in any other way;
		
	Management Board	  	The Board of Directors of the Company:

  
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	Exercise period	  	The period or periods within which the Warrantholders can exercise the Warrants granted to them in order to obtain common shares of the Company in accordance with Article 4.3.5;
		
	Strike price	  	The price for obtaining one common share upon exercise of one Warrant, as provided herein;
		
	Company	  	Materialise NV, with registered office at Technologielaan 15, 3001 Leuven, and with Company No. BTW BE 0441.131.254 (Leuven Register of Legal Entities);
		
	Affiliated Company	  	A company affiliated with the Company as defined in Article 11 of the Belgian Company Code;
		
	Warrant	  	As defined above;
		
	Warrantholder	  	The person who is registered in the Warrant Register of the Company as the holder of one or more Warrants.

  

	2.	Issue price and strike price of the Warrants 

 The Warrants will be offered at no charge. 

Each Warrant confers on its holder the right to register for one common share under the conditions described below. 

In light of the Law of March 26, 1999, and in light of Article 598 of the Belgian Company Code for persons whose identity is disclosed in accordance
therewith, the strike price of the Warrant shall be equal to the actual value of the common shares of the Company as established in the valuation report of the Management Board of the same date; this shall be based on the corresponding advice of the
statutory auditor (see the report of the statutory auditor on the value of the shares dated August 22, 2013 in accordance with Article 43, Section 4, second paragraph of the Law of March 26, 1999), with the understanding that the
strike price cannot be lower than the book value of the shares as shown in the most recent annual accounts that have been completed and ratified by the authorized management body prior to the date of the offer. 

The strike price of the Warrants will be EUR 8.54 per Warrant. 
  

	3.	Consequences for the existing shareholders, holders of non-equity founders’ shares, warrantholders and convertible bond holders 

If the maximum number of Warrants to be issued (120,000) are registered and if they are also exercised, the resulting dilution (in terms of relative share
possession and thus prorated participation 

  
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in the control over and profit-sharing in the Company) of the existing shareholders (currently 9,445,214 shares), of the existing holders of non-equity founders’ shares (currently 300,000
shares), of the warrantholders (currently warrants providing a right to a total of 68,292 shares) and of the convertible bond holders (currently convertible bonds providing a right to a total of 127,226) will be approximately 1.21%. 

Moreover, the issuing of the Warrants may cause a shift of equity from the shareholders to the Warrantholders in response to the exercise of the Warrants, if
the value of the Company’s common shares is higher than the strike price at the time of issuing of common shares in response to the exercise of Warrants. This is an inherent characteristic of the Warrants to be issued, and the Management Board
believes that the potential shift of equity is acceptable in light of the advantages for the Company that are associated with the issuing of the Warrants, and is even desired based on the aim of the issue of Warrants as set forth in Article 1 of
this report. 
  

	4.	Issue and exercise conditions of the Warrants 

 4.1. Number of common
shares 
 Each Warrant gives the Warrantholder the right to register for one (1) common share. 

4.2. Offer of, registration for and definitive acquisition (“vesting”) of the Warrants 

4.2.1. Eligible persons 
 The Warrants
will be offered to the Selected Participants. 
 The Company will apply the appropriate tax and quasi-tax (social contributions etc.) treatment resulting
from the no-cost registration for the Warrants by the Selected Participants who accept the Offer, to which the Law of March 26, 1999 is applicable. 

4.2.2. Offer of Warrants to the Selected Participants 

The Offer of the Warrants to the Selected Participants took place on October 15, 2013. 

The Selected Participants were previously notified of this Offer by the Person Authorized by the Management Board. For the sake of completeness, a form will
also be made available to the Selected Participants that states the number of Warrants that have been offered to the respective Selected Participants as well as the issue and exercise conditions of these Warrants. A registration form will be
attached to the notification. 

  
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 4.2.3. Registration period 

Every Selected Participant shall have an acceptance period of sixty (60) calendar days after the Date of the Offer for each beneficiary to give notice to
the Company using the Registration Form whether he/she accepts or declines the Warrants offered to him/her. The acceptance period will be defined in written form by the Person Authorized by the Management Board for each beneficiary in the
notification of the offer that is made to the beneficiary by the Person Authorized by the Management Board in accordance with Article 4.2.2. 
 The
acceptance can relate to all or a portion of the offered Warrants. For the sake of full clarity, it is specified that no fractional Warrants will be issued. 

In case of acceptance, it is mandatory that the registration form be returned. Any Selected Participant who has not given the Company notice of his acceptance
by means of the Registration Form prior to the expiration of the period of sixty (60) calendar days after the Date of the Offer shall be irrevocably deemed to have declined the Offer. The offer shall expire upon expiration of this period of
sixty (60) calendar days and no acceptance of Warrants will be possible after that. 
 The Registration form includes a (required) authorization to
have the registration for the Warrants by the respective Selected Participant confirmed before a notary. 
 4.2.4. Grant of the
Warrants 
 After expiration of the aforementioned period of sixty (60) days, the Person Authorized by the Management Board shall proceed
within a reasonable period to confirm implementation of the issue of the Warrants, in the amount of the number of Warrants for which registration is made by the Selected Participants. 

4.2.5. Definitive acquisition of the Warrants (“vesting”) 

Without prejudice to the other exercise conditions of the Warrants (including Article 4.3.6 and 4.3.7), the Warrants that are granted to a Selected Participant
are only definitively acquired (and consequently exercisable during the Exercise Period) for a period of four years; the first tranche of 25% of the Warrants will be definitively acquired on October 1 of the fourth calendar year after their
grant, the second tranche of 25% of the Warrants will be definitively acquired on October 1 of the fifth calendar year, the third tranche of 25% of the Warrants will be definitively acquired on October 1 of the sixth calendar year, and the
last tranche of 25% of the Warrants will be definitively acquired on October 1 of the seventh calendar year, in each case on the condition that this person is still an employee or consultant of the Company or an Affiliated Company at the
relevant date of the definitive acquisition. 
 Definitive acquisition always refers to whole Warrants. In the event that 25% of the total number of
Warrants that have been granted to the respective Selected Participant is not a whole number, then this number shall be rounded down and then one additional Warrant shall be definitively acquired for

  
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the year in which the sum of the orphaned fractions until that time adds up to one (in other words, this additional Warrant forms the sum of the fraction(s) of one Warrant that was or were
orphaned in the definitive acquisition for the prior tranche(s)). 
 Upon termination of the employment agreement, consultancy agreement or director’s
term of office of the respective Selected Participant, no additional Warrants will be definitively acquired anymore as from the date of notification of the termination of the employment agreement, consultancy agreement or director’s term of
office (unless otherwise provided by the Management Board). 
 4.3. Other conditions of the Warrants 

4.3.1. Issue price 
 Registration for
the Warrants can be undertaken at no charge. 
 4.3.2. Registered type 

The Warrants shall be of the registered type and shall be entered in the register of warrantholders that will be kept at the registered office of the Company.

 4.3.3. Strike price 
 The strike
price (as provided above in Article 3 of this report) will be recorded as capital in an amount equal to the par value that the common shares have at the time of the issue of common shares as a result of the exercise of the respective Warrant. The
amount in excess of the par value will be recorded as an issue premium that, as if capital, will comprise a third-party guarantee, and that will be recorded in a non-disposable reserve account that can be diminished or written off only by a
resolution of the Company’s general shareholders’ meeting deliberating in accordance with the rules applicable for amendments of the bylaws. 

4.3.4. Term of the Warrant 
 The term
of the Warrants under the SOP shall expire ten years after the resolution to issue them. 
 4.3.5. Exercise periods 

Without prejudice to Articles 4.2.5, 4.3.6 and 4.3.7, the definitively acquired Warrants can only be exercised, in conformity with Article 4.3.11, as from the
Definitive Acquisition in accordance with Article 5.2.5 and only during the month of October of each year (the “Exercise period(s)”). The Management Board shall be authorized to provide for additional exercise periods. 

  
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 The Warrantholder shall be at liberty not to exercise all or any of the definitively acquired Warrants in the
course of any exercise period and to postpone the exercise of the unexercised Warrants to a later exercise period, subject nonetheless to the exceptions and restrictions contained in Articles 4.3.6 and 4.3.7. 

The outstanding exercisable Warrants that have not been exercised at the time of completion of the final exercise period shall automatically expire and become
worthless. 
 The Management Board can decide to provide one or more additional exercise period(s) between the start of the fourth calendar year following
the calendar year in which the Date of the Offer occurred and the end of the final exercise period as described above. 
 4.3.6. Exercisability
of the Warrants: exceptions and restrictions 
 4.3.6.1. End of the employment agreement, consultancy agreement or
director’s term of office  
 (i) End of the employment agreement, consultancy agreement or director’s term of office due to just
cause 
 Upon termination of: (i) the employment agreement for just cause (within the meaning of Article 35 of the Law of July 3, 1978); or
(ii) the consultancy agreement due to breach of contract; or (iii) the director’s term of office on serious grounds, in relation to the Selected Participant who is also a Warrantholder, which occurs prior to the exercise of the
Warrants, the unexercised Warrants of the respective Selected Participant shall automatically expire at that time (regardless of whether the Warrants were definitively acquired in accordance with Article 5.2.5) and shall become worthless. 

(ii) End of the employment agreement, the consultancy agreement or the director’s term of office due to reasons other than those cited in Articles
4.3.6.1.(i), 4.3.6.2 and 4.3.6.3 
 Upon termination of the employment agreement, the consultancy agreement or the director’s term of office of a
Selected Participant who is also a Warrantholder, for reasons other than those cited in Articles 4.3.6.1.(i), 4.3.6.2 and 4.3.6.3, the Warrants definitively acquired at that time (according to Article 4.2.5) can be exercised during the
next-following exercise period. 
 The Warrants of the respective Selected Participant that are not exercised during this exercise period, in deviation from
Article 4.3.5, second paragraph, cannot be transferred to a later exercise period and shall expire immediately and automatically upon expiration of this exercise period and become worthless (regardless of whether they were definitively acquired in
accordance with Article 4.2.5). 
 In the event of exercise of the Warrants in the cases described in this Article 5.3.6.1.(ii), the applicability of the
call option as provided in Article 4.3.10 must also be taken into account. 

  
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 4.3.6.2. Death 

If a Warrantholder dies while a Warrant has still not been exercised and is or can become exercisable according to the issue and exercise conditions, all
definitively acquired and not yet exercised Warrants of the Warrantholder shall be transferred to the Beneficiary of the Warrantholder and these definitively acquired Warrants shall be exercised by the Beneficiary at the time and according to the
procedures provided in the issue and exercise conditions. The Warrants of the respective Warrantholder that at the time of his death are not yet definitively acquired in accordance with Article 4.2.5 shall automatically expire and become worthless.

 A Warrantholder can designate only his/her spouse and/or one or more other legal heirs as Beneficiary. 

The designation as well as the revocation and redesignation of a Beneficiary must be made in written form. 

In the absence of any valid designation in accordance with the two preceding paragraphs, the persons who are the statutory heirs of the Warrantholder
according to the applicable inheritance law shall be deemed to be the Beneficiary. If there are several heirs, all heirs acting in concert or, as the case may be, one person designated by the heirs acting in concert shall be deemed to be the
beneficiary. 
 In the event of exercise by the Beneficiary, however, the applicability of the call option provided under 4.3.10 must be taken into account,
which shall be transferred to the Beneficiary upon transfer of the Warrants to the Beneficiary. 
 4.3.6.3. Retirement 

Upon termination of the employment agreement, consultancy agreement or director’s term of office of the Selected Participant who is also a Warrantholder,
as a result of his statutory retirement or attainment of the authorized retirement age, the Selected Participant shall retain his definitively acquired Warrants and he can exercise them without impairment at the time and according to the procedures
provided in the issue and exercise conditions. The Warrants of the respective Warrantholder that at the time of his retirement are not yet definitively acquired in accordance with Article 4.2.5 shall automatically expire and become worthless. 

4.3.7. Accelerated exercise of the Warrants  

4.3.7.1. Cases of accelerated exercise of the Warrants 

In the cases cited below, the Warrantholder shall have the right to an accelerated exercise of his Warrants, regardless of whether they are already
definitively acquired in accordance with Article 4.2.5, according to the formal procedures cited below and in observance of and with assumption of the potential tax consequences associated with the accelerated exercise: 

 

	(i)	winding-up of the Company; 

  
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	(ii)	sale of all or nearly all of the assets of the Company; 

  

	(iii)	if the drag-along right as provided in the bylaws of the Company is exercised. 

 The tax consequences of an
accelerated exercise are exclusively at the expense of the respective Warrantholder. 
 The Company shall notify the Warrantholders in written form if one
of the above-cited events arises. 
 If the Warrantholder does not wish to perform an accelerated exercise of his Warrants whenever event (i) or
(ii) arises as cited above, these Warrants shall expire by law and become worthless, subject to a contrary resolution by the Management Board. 

4.3.8. Nontransferability of the Warrants 

The Warrants are not transferable, except in case of death of a Warrantholder, in which case Warrants held by the Warrantholder at the time of death shall be
transferred to the Beneficiary according to the procedures of Article 4.3.6.2. The Management Board may also grant exceptions to this nontransferability. 

The potential tax consequences of a transfer on the basis of an obligation under the bylaws shall be at the expense of the Warrantholder. 

4.3.9. Common shares to which a Warrant gives a right 

4.3.9.1. Each Warrant gives the right to register for one common share of the Company. This share will be a Class B share, unless otherwise decided by the
Management Board. 
 The transferability of the common shares, for which registration is undertaken as a result of exercise of a Warrant, is subject at any
time to the provisions of the Company’s bylaws, as effective at that time (as amended, as the case may be). 
 The common shares that are issued upon
the exercise of the Warrants shall confer the right to dividends as of the start of the accounting year in which the Warrants are exercised or, if the Warrants are exercised at a time when the annual meeting has not yet made a resolution on the
allocation of the net income of the preceding accounting year, from the start of the accounting year preceding the accounting year in which the Warrants are exercised. 

4.3.9.2. The Company will only be required to issue common shares in favor of the Warrantholder in response to the exercise of Warrants on condition that the
rules cited in Article 4.3.11 are fulfilled. No fractions of common shares will be issued upon exercise of a Warrant. 

  
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 In case of exercise of Warrants, the common shares will be issued as soon as reasonably possible after the end of
the respective exercise period, taking into account the required administrative and corporate law formalities, in accordance with Article 591 of the Belgian Company Code. 

After the issue of common shares in response to the exercise of Warrants, the Management Board will ensure that these new common shares are registered in the
share register of the Company under the name of the registrant. The Company shall do what is required, as soon as reasonably possible, to have these new common shares admitted for stock market trading. 

4.3.10. Call option to the common shares to which a Warrant gives a right 

Upon (and as a condition of) acceptance of the Warrants, the Selected Participant shall also grant a call option in favor of the Company to all common shares
that he has acquired in response to the exercise of the Warrants. 
 This call option shall become exercisable for six months after the end of the
employment agreement, consultancy agreement or director’s term of office or, if later, within six months after the exercise of the Warrants that takes place after the end of the employment agreement, consultancy agreement or director’s
term of office of the respective Selected Participants), and can be exercised for all or some of the common shares acquired by the Selected Participant (or the Beneficiary) in response to the exercise of the Warrants. The price per share for which
the call option can be exercised shall be determined as follows: 
 4.3.10.1. ‘Good Leaver’ 

If the call option is exercised with reference to the cases described in Art. 5.3.6.1. (ii), Art. 5.3.6.2. or Art. 5.3.6.3., the respective Selected
Participant (or the respective Beneficiary) will transfer to the Company all common shares that he acquired in response to the exercise of the Warrants, at the following price: whatever is higher between (i) the net asset value (items 10 to 15
of the general chart of accounts) on the basis of the most recently ratified annual accounts, or (ii) 5 times the average audited EBITDA of the past two accounting years, reduced thereafter by the net financial debt. 

If the Company is listed on the stock market at the time of exercise of the call option, the price will be equal to the price according to the market price at
such time. 
 4.3.10.2. ‘Bad Leaver’ 
 If the call
option is exercised with reference to the cases described in Art. 5.3.6.1. (i), the respective Selected Participant will transfer to the Company all common shares that he acquired in response to the exercise of the Warrants, at the following price:
whatever is lower between (i) the strike price, or (ii) the net asset value (items 10 to 15 of the general chart of accounts) on the basis of the most recently ratified annual accounts. 

  
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 If the Company is listed on the stock market at the time of exercise of the call option, the price will be equal
to the price according to the market price at such time. 
 This call option shall be without prejudice to the transferability of the common shares in the
event that their transfer becomes mandatory under the bylaws. 
 4.3.11. Exercise procedure 

An exercisable Warrant is only validly exercised if, by no later than the last day of the respective exercise period: 

 

	 	(i)	the Management Board receives a registered letter (with proof of receipt) addressed to the registered office of the Company and directed to the Management Board, stating that Warrants are being exercised. This letter
must explicitly state the number of Warrants to be exercised; and 

  

	 	(ii)	the Management Board receives the full payment for the common shares for which registration is undertaken as a result of the exercise of the Warrants, by bank transfer to an account of the Company, the account number of
which shall be communicated by the Company; and 

  

	 	(iii)	the Management Board receives proper evidence of the right of this person or these persons to exercise the Warrant, if the warrants are exercised by a person or persons other than the Selected Participant; and

  

	 	(iv)	the Management Board receives declarations and documents that the Management Board deems necessary or advisable in order to comply with applicable statutory or regulatory provisions, which the Management Board requests
to have submitted. 

 The Management Board shall have the authority to change the above procedure and/or allow deviations from it at its
discretion. 
 Regardless of the time within the exercise period at which the aforementioned actions are taken, the Warrants shall be deemed to be exercised
on the last day of this exercise period. 
 4.3.12. Costs and taxes 

Stamp fees, stock transaction taxes and other similar fees and taxes levied upon exercise of Warrants and/or the acquisition of common shares shall be at the
expense of the Warrantholders. 

  
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 4.4. Change to the capital structure of the Company - reservation of rights 

Contrary to Article 501 of the Belgian Company Code, and without prejudice to the statutory exceptions, the Company may make all decisions that it deems
necessary in relation to its capital, its bylaws or its management, including but not limited to a capital decrease with or without distribution to the shareholders, a capital increase through incorporation of reserves in which new shares may or may
not be created, a capital increase through in-kind contributions, a capital increase through cash contributions in which the preemptive rights of existing shareholders may or may not be limited or eliminated, an issuance of profit-sharing
certificates, convertible bonds, preferred shares, bonds cum warrants, ordinary bonds or naked warrants, an amendment to the bylaws in relation to the distribution of profits or the distribution of net assets after liquidation or other rights
associated with the common shares, a share split, a distribution of share dividends, a dissolution of the Company, a merger, a split or a contribution or transfer of a universality of goods or of a branch of activity whether or not connected with
the exchange of shares. The Company may make such decisions even if they (might) lead to a diminishment of the benefits granted to the Warrantholders by the issue conditions of the Warrants and the law, except if such a diminishment were clearly the
sole goal of these decisions. 
 In case of a merger or split, the Management Board shall make all reasonable efforts to ensure that the Warrants still
outstanding at the time of this operation are replaced by warrants in the merger company or the split companies in accordance with the conversion ratio that is applied to the common shares of the Company that exist at that time. 

4.5. Exercise of the Warrants in accordance with the law 

If the Warrantholder exercises Warrants on the basis of Article 501 of the Belgian Company Code, then the common shares acquired in this way shall not be
transferable, until the Warrants would be exercisable otherwise (i.e. without that kind of exercise) in accordance with the issue and exercise conditions. The potential tax consequences of that kind of exercise shall be at the expense of the
Warrantholder. 
 Article 501 of the Belgian Company Code establishes the following: “in case of an increase of the corporate capital through
contributions in cash, the warrantholders may exercise their warrant, notwithstanding any conflicting provision in the bylaws or in the issue conditions, and may participate as shareholders in the new issue, as the case may be, to the extent that
existing shareholders possess that right”. 
 4.6. Miscellaneous provisions 

4.6.1. Applicable law 
 The Warrants
and the issue and exercise conditions of the Warrants shall be governed by the laws of Belgium. 

  
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 4.6.2. Competent courts 

Disputes regarding the Warrants or their issue and exercise conditions shall be under the exclusive jurisdiction of the Courts and Tribunals of the registered
office of the Company. 
 4.6.3. Notifications 

All notifications to the Warrantholder shall occur by registered letter to the address given in the register of warrantholders or by written notification with
proof of receipt. 
 All notifications to the Company, the Management Board or the Person Authorized by them shall be validly made by means of registered
letter to the address of the registered office of the Company or by written notification with proof of receipt. 
 All notifications shall be deemed
received by three days after the postmark of the registered letter. Changes of address must be communicated in accordance with this provision. 

  
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