Document:

EX-4.17

 Exhibit 4.17 

CELLECTIS 

2015 STOCK OPTION PLAN 

 SUMMARY 
  

					
	 	  	Page	 
		
	1. Purposes of the Plan	  	 	1	  
		
	2. Definitions	  	 	1	  
		
	3. Shares subject to the Plan	  	 	4	  
		
	4. Administration of the Plan	  	 	4	  
		
	 (a) procedure
	  			
	 (b) powers of the Administrator
	  			
	 (c) effects of Administrator’s decisions
	  			
		
	5. Limitations	  	 	5	  
		
	6. Term of the Plan	  	 	5	  
		
	7. Term of the Options	  	 	6	  
		
	8. Options exercise price and consideration	  	 	6	  
		
	 (a) subscription or purchase price
	  			
	 (b) exercise dates
	  			
	 (c) form of consideration
	  			
		
	9. Exercise of Options	  	 	7	  
		
	 (a) procedure for exercise; Shareholders’ rights
	  			
	 (b) termination of the Optionee’s Continuous Status as Beneficiary
	  			
	 (c) disability of Optionee
	  			
	 (d) death of Optionee
	  			

					
	 	  	Page	 
		
	10. Non-transferability of Options	  	 	8	  
		
	11. Adjustments upon changes	  	 	8	  
		
	 (a) changes in capitalization of the Company
	  			
	 (b) dissolution or liquidation of the Company
	  			
	 (c) merger or assets sale
	  			
		
	12. Date of grant	  	 	9	  
		
	13. Amendment and termination of the Plan	  	 	9	  
		
	 (a) amendment and termination
	  			
	 (b) shareholders’ approval
	  			
	 (c) effects of amendment or termination
	  			
		
	14. Conditions upon issuance of shares	  	 	10	  
		
	 (a) legal compliance
	  			
	 (b) investment representations
	  			
		
	15. Liability of the Company	  	 	10	  
		
	16. Shareholders’ approval	  	 	11	  
		
	17. Law, jurisdiction	  	 	11	  
		
	 Exhibit - Stock Option Grant Agreement
	  			
		
	 Part I - Notice of stock option grant
	  			
	 Part II - Terms and conditions
	  			
	 Exercise notice
	  			

 CELLECTIS 

2015 STOCK OPTION PLAN 
  

	1.	PURPOSES OF THE PLAN 

According to the authorization granted by the extraordinary shareholders’ general meeting dated February 16, 2015, the board of directors decided on
March 24, 2015, in compliance with the provisions of articles L. 225-177 et seq. of the French Commercial Code, to adopt the 2015 stock option plan of CELLECTIS, the terms and conditions of which are set out below. 

The purposes of the Plan are: 
  

	 	•	 	to attract and retain the best available personnel for positions of substantial responsibility; 

  

	 	•	 	to provide additional incentive to Beneficiaries; and 

  

	 	•	 	to promote the success of the Company’s business. 

 Options granted under the Plan to U.S. Beneficiaries
are intended to be Incentive Stock Options or Non-Statutory Stock Options, as determined by the Administrator at the time of grant of an Option, and shall comply in all respects with Applicable Laws in order that U.S. Beneficiaries may benefit from
available tax advantages. 
  

	2.	DEFINITIONS. 

  

	(a)	“Administrator” means the board of directors of the Company which shall administer the Plan in accordance with Section 4 of the Plan. 

 

	(b)	“Affiliated Company” means a company which conforms with the criteria set forth in article L. 225-180 of the French Commercial Code as follows: 

 

	 	•	 	companies of which at least ten per cent (10%) of the share capital or voting rights is held directly or indirectly by the Company; 

 

	 	•	 	companies which own directly or indirectly at least ten per cent (10%) of the share capital or voting rights of the Company; and 

 

	 	•	 	companies of which at least fifty per cent (50%) of the share capital or voting rights is held directly or indirectly by a company which owns directly or indirectly at least fifty percent (50%) of the share
capital or voting rights of the Company, 

  

	(c)	“Applicable Laws” means for the US the legal requirements relating to the administration of stock option plans under state corporate and securities laws and the Code in force in the United States of
America. 

  

	(d)	“Beneficiary” means the president of the board of directors (président du conseil d’administration), the general manager (directeur général) and the deputy
general managers (directeurs généraux délégués) or, as the case may be, the president and the members of the management board (président et membres du directoire) of the Company as well as any
individual employed by the Company or by any Affiliated Company under the terms and conditions of an employment contract, it being specified that a term of office of director of the Company or director of an Affiliated Company (remunerated or not)
shall not be deemed to constitute an employment relationship. 

  

	(e)	“Board” means the board of directors of the Company. 

  

	(f)	“Code” means the United States Internal Revenue Code of 1986, as amended. 

	(g)	“Commercial Code” means the French Commercial Code. 

  

	(h)	“Company” means CELLECTIS, a corporation organized under the laws of the Republic of France. 

  

	(i)	“Continuous Status as a Beneficiary” means as regards the president of the board of directors, the general manager, the deputy general manager(s) or, as the case may be, the president and the members of
the management board that the term of their office has not been terminated and, as regards an employee that the employment relationship between the Beneficiary and the Company or any Affiliated Company is not terminated. Continuous Status as a
Beneficiary shall not be considered terminated in the case of (i) any leave of absence having received a prior approval from the Company or requiring no prior approval under U.S. laws, or (ii) transfers between locations of the Company or
between the Company or any Affiliated Company or the contrary or also from an Affiliated Company to another Affiliated Company. Leaves of absence which must receive a prior approval from the Company for the non-termination of the Continuous Status
as a Beneficiary shall include leaves of more than three (3) months for illnesses or conditions about which the employee has advance knowledge, military leave, or any other personal leave. For purposes of U.S. Beneficiaries and Incentive Stock
Options, no such leave may exceed ninety (90) days, unless reemployment upon expiration of such leave is guaranteed by statute contract or Company policies. If reemployment upon expiration of a leave of absence approved by the Company is not so
guaranteed, on the 91st day of such leave any Incentive Stock Option held by a U.S. Beneficiary shall cease to be treated as an Incentive Stock Option and shall be treated for U.S. tax purposes as a Non-Statutory Stock Option. 

 

	(j)	“Date of Grant” means the date of the decision of the Board to grant the Options. 

  

	(k)	“Disability” means a disability declared further to a medical examination provided for in article L. 4624-21 of the French Labour Code or pursuant to any similar provision applicable to a foreign
Affiliated Company. 

  

	(l)	“Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 

  

	(m)	“Fair Market Value” means the value for one Share as determined in good faith by the Administrator, according to the following provisions, as provided in the Shareholders’ Authorization:

 (i) the Board may determine the subscription or purchase price of a share by reference to the closing sales price of one
share on such regulated market for the day prior to the day of the decision of the Board to grant the Options. However, the purchase or subscription price shall in no case be less than ninety five per cent (95%) of the average of the closing
sales price for a share as quoted on said stock exchange market during the twenty market trading days prior to the day of the Board’s decision to grant the Options, 

(ii) for US Beneficaries, the subscription or purchase price shall not be less than the fair market value of the Shares on the Date of Grant,
determined as follows (a) if the Shares are listed or quoted for trading on an exchange, the value will be deemed to be the closing or last offer price, as applicable, of the Shares on the principal exchange upon which such securities are
traded or quoted on such date, provided, if such date is not a trading day, on the last market trading day prior to such date; and (b) if the Shares are not listed or quoted for trading on an exchange, the fair market value of the Shares as
determined by the Board, consistent with the requirements of Sections 422 with respect to Incentive Stock Options, and 409A of the Code with respect to Options not intended to be Incentive Stock Options, 

  
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 it being specified that, when an Option entitles the holder to purchase shares previously
repurchased by the Company, the exercise price, notwithstanding the above provisions and in accordance with applicable law, may not be less than 80% of the average purchase price paid by the Company for all shares so previously repurchased. 

This price settled for the subscription or purchase of Shares shall not be modified during the period in which the Option may be exercised.
However, if the Company makes one of the operations mentioned in article L. 225-181 of the French Commercial Code, it must take all necessary measures to protect Optionee’s interests in the conditions provided for by article L 228-99 of the
French Commercial Code. In case of issuance of securities or of securities granting the Share Capital access, as well as in case of Company’s merger or demerger, the Board may decide, for a limited period of time, to suspend the exercisability
of the Options. 
  

	(n)	“Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

  

	(o)	“Non-Statutory Stock Option” means an Option which does not qualify as an Incentive Stock Option. 

  

	(p)	“Notice of Grant” means a written notice evidencing the main terms and conditions of an individual Option grant. The Notice of Grant is part of the Option Agreement. 

 

	(q)	“Option” means an option to purchase or subscribe Shares granted pursuant to the Plan. 

  

	(r)	“Optionee” means a Beneficiary who holds at least one outstanding Option. 

  

	(s)	“Option Agreement” means a written agreement entered into between the Company and an Optionee evidencing the terms and conditions of an individual Option grant. The Option Agreement is subject to the
terms and conditions of the Plan. 

  

	(t)	“Option Exchange Program” means a program whereby outstanding Options are surrendered in exchange for Options with different exercise conditions. 

 

	(u)	“Parent” means a “parent corporation”, whether now or hereafter existing, as defined in Section 424(e) of the Code. 

 

	(v)	“Plan” means the 2015 Stock Option Plan as approved by the Board on March 24, 2015. 

  

	(w)	“Share” means a share of common stock (action ordinaire) of the Company 

  

	(x)	“Shareholders’ Authorization” means the authorization given by the shareholders of the Company in the extraordinary general meeting held on February 16, 2015 as increased or amended from time
to time by a further general meeting of the shareholders permitting the Board to grant Stock Options. 

  

	(y)	“Share Capital” means the issued and paid up capital of the Company. 

  

	(z)	“Subsidiary” means a “subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f) of the Code. 

 

	(aa)	“U.S. Beneficiary” means a Beneficiary of the Company or an Affiliated Company residing in the United States or otherwise subject to United States’ laws, regulations or taxation. 

 

	(bb)	“U.S. Optionee” means an Optionee residing in the United States or otherwise subject to United States’ laws, regulations or taxation. 

  
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	3.	SHARES SUBJECT TO THE PLAN 

Subject to the provisions of Section 11 of the Plan and pursuant to the Shareholders’ Authorization, the maximum aggregate number of Shares which may
be optioned and issued under the Plan is equal to 7,354,930 with a par value of EUR 0.50 each, as adjusted in order to take into account any reverse stock split or stock split transaction. For “Incentive Stock Options”, the maximum number
of Shares which may be optioned and issued is equal to 7,354,930. The Shares optioned and issued under the Plan may be newly issued Shares, treasury Shares or Shares purchased on the open market. 

Should the Option expire or become unexercisable for any reason without having been exercised in full, the unsubscribed Shares which were subject thereto
shall, unless the Plan shall have been terminated, become available again for future grant under the Plan. 
  

	4.	ADMINISTRATION OF THE PLAN 

  

	 	(a)	Procedure 

 The Plan shall be administered by the Administrator. 

 

	 	(b)	Powers of the Administrator. 

 Subject to the provisions of the Commercial Code, the Shareholders’
Authorization, the Plan, and the Applicable Laws, the Administrator shall have the authority, in its discretion: 
  

	 	(i)	to determine the Fair Market Value of the Shares, in accordance with Section 2(m) of the Plan; 

  

	 	(ii)	to determine the Beneficiaries to whom Options may be granted hereunder; 

  

	 	(iii)	determine whether and to what extent Options are granted hereunder; 

  

	 	(iv)	to approve or amend forms of agreement for use under the Plan; 

  

	 	(v)	to determine the terms and conditions of any Options granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the date or dates when Options may be exercised (which may be
based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Option or the Shares relating thereto, based in each case on such factors as the Administrator, in its
sole discretion, shall determine with the exception of the exercise price; it being specified that the Administrator’s discretion remains subject to the rules and limitations set forth in this Plan and in the Commercial Code; 

 

	 	(vi)	to construe and interpret the terms of the Plan and Options granted pursuant to the Plan; 

  

	 	(vii)	to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of qualifying for preferred tax treatment under
foreign tax laws; 

  

	 	(viii)	to modify or amend each Option (subject to the provisions of Section 13(c) of the Plan), including the discretionary authority to extend the post-termination exercise period of Options after the termination
of the Beneficiarie’s employment agreement or the end of the Beneficiarie’s term of office, longer than is otherwise provided for in the Plan; 

  
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	 	(ix)	to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Option previously granted by the Administrator; 

 

	 	(x)	to implement an Option Exchange Program; 

  

	 	(xi)	to determine the rights and restrictions applicable to Options; and 

  

	 	(xii)	to make all other determinations deemed necessary or appropriate for administering the Plan. 

  

	 	(c)	Effects of Administrator’s Decisions. 

 The Administrator’s decisions, determinations and
interpretations shall be final and binding on all Optionees. 
  

	5.	LIMITATIONS 

 (a) In the case of U.S.
Beneficiaries, each Option shall be designated in the Notice of Grant either as an “Incentive Stock Option” or as a “Non-Statutory Stock Option”. Incentive Stock Options may only be granted to Beneficiaries of the
Company or a Subsidiary who meet the definition of “employees” under Section 3401(c) of the Code. 
 Nevertheless, the aggregate Fair Market
Value of the Shares covered by Incentive Stock Options granted under the Plan or any other stock option program of the Company (or any Parent or subsidiary of the Company) that become exercisable for the first time in any calendar year shall not
exceed U.S. $100,000: to the extent the aggregate Fair Market Value of such Shares exceeds U.S. $100,000, the Options covering those Shares the Fair Market Values of which causes the aggregate Fair Market Value of all such Shares to be in excess of
U.S. $100,000 shall be treated as Non-Statutory Options. Incentive Stock Options shall be taken into account in the order in which they were granted, and the aggregate Fair Market Value of the Shares shall be determined as of the Date of the Grant.

 (b) The Options are governed by articles L. 225-177 et seq. of the French Commercial Code. They are not part of the employment agreement or
of the term of office which has allowed the Optionee to be granted the Options. Neither do they constitute an element of the Optionee’s remuneration. 

Neither the Plan nor any Option shall confer upon an Optionee any right with respect to continuing the Optionee’s employment or his term of office with
the Company or any Affiliated Company, nor shall they interfere in any way with the Optionee’s right or the Company’s or Affiliated Company’s right, as the case may be, to terminate such employment or such term of office at any time,
with or without cause. 
 (c) Other than as expressly provided hereunder, no member of the Board or of the supervisory board of the Company (in the
event of change of management formula of the Company) or of an equivalent management body of an Affiliated Company shall be as such eligible to receive Options under the Plan. 

 

	6.	TERM OF PLAN 

 Subject to the approval
of the shareholders of the Company in accordance with Section 16 of the Plan, the Plan shall be effective and Options may be granted as of March 24, 2015. The Plan has been adopted by the Board on March 24, 2015. Options may be
granted hereunder until April 16, 2018. It shall continue in effect until the date of termination of the last Option in force, unless terminated earlier under Section 13 of the Plan. 

  
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	7.	TERM OF OPTIONS 

 The
term of each Option shall be stated in the Notice of Grant as ten (10) years from the Date of Grant, in accordance with the Shareholders’ Authorization or, in case of death or Disability of the Optionee during such 10-year period, six
(6) months from the death or Disability of the Optionee in accordance with French law. 
  

	8.	OPTIONS EXERCISE PRICE AND CONSIDERATION 

 

	 	(a)	Subscription or purchase Price 

 The per Share subscription or purchase price for the Shares to be issued
or sold pursuant to exercise of an Option shall be determined by the Administrator on the basis of the Fair Market Value, provided that: 

(i) In the case of an “Incentive Stock Option” granted to a U.S. Beneficiary who, at the time the Incentive Stock Option is granted,
owns stock representing more than ten percent (10%) of the voting rights of all classes of stock of the Company or any Parent or Subsidiary of the Company and, to the extent such Beneficiary is permitted by the Commercial Code to receive Option
grants, the per Share subscription or purchase price shall be no less than 110% of the Fair Market Value per Share on the Date of Grant as defined in Section 2(m)(ii); 

(ii) In the case of a “Non-Statutory Stock Option” or “Incentive Stock Option”, not covered by Section 8(a) above,
granted to any U.S. Beneficiary, the per Share subscription or purchase price shall be no less than 100% of the Fair Market Value per Share on the Date of Grant as defined in Section 2(m)(ii). 

 

	 	(b)	Exercise Dates 

 At the time an Option is granted, the Administrator shall fix the period within which
the Option may be exercised and shall determine any conditions which must be satisfied before the Option may be exercised. In so doing, the Administrator may specify that an Option may not be exercised until the completion of a service period in the
Company or an Affiliated Company. 
  

	 	(c)	Form of Consideration 

 The consideration to be paid for the Shares to be issued or purchased upon
exercise of Options, including the method of payment, shall be determined by the Administrator. Such consideration shall consist entirely of an amount in Euro corresponding to the exercise price which shall be paid by wire transfer. 

In case the exercise of an Option would lead the Company to be liable for any payment, whether due to fees, taxes or to charges of any nature whatsoever, in
place of the Optionee, such Option shall be deemed duly exercised when the full payment for the Shares with respect to which the Option is exercised is executed by the Optionee and the Optionee provides the Company with either the receipt stating
the payment by the Optionee of any such fee, tax or charge, as above described that would otherwise be paid by the Company upon exercise of the Option, in place of the Optionee or, the full payment, under the same conditions, of any amount due upon
the exercise of the Option to be borne by the Company. 

  
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	9.	EXERCISE OF OPTIONS 

  

	 	(a)	Procedure for Exercise; Shareholders’ Rights 

 Any Option granted hereunder shall be exercisable
according to the terms of the Plan and at such dates and under such conditions as determined by the Administrator and set forth in the Option Agreement. 

An Option may not be exercised for a fraction of a Share. 
 An
Option shall be deemed exercised when the Company receives: (i) written notice of exercise (in accordance with the provisions of the Option Agreement) together with a share subscription or purchase form (bulletin de souscription ou
d’achat) duly executed by the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised. Full payment may consist of any consideration and method of payment authorized by
the Administrator and permitted by the Option Agreement and the Plan. 
 In case the exercise of an Option would lead the Company to be liable for any
payment, whether due to fees, taxes or to charges of any nature whatsoever, in place of the Optionee, such Option shall be deemed duly exercised when the full payment for the Shares with respect to which the Option is exercised is executed by the
Optionee and the Optionee provides the Company with either the receipt stating the payment by the Optionee of any such fee, tax or charge, as above described that would otherwise be paid by the Company upon exercise of the Option, in place of the
Optionee or, the full payment, under the same conditions, of any amount due upon the exercise of the Option to be borne by the Company. 
 Upon exercise of
Options, the Shares issued or sold to the Optionee shall be assimilated with all other Shares of the Company of the same class and shall be entitled to dividends once the Shares are issued for the fiscal year during which the Option is exercised.

 In the event that a Beneficiary infringes one of the above mentioned commitments, such Beneficiary shall be liable for any consequences resulting
from such infringement for the Company and undertakes to indemnify the Company in respect of all amounts payable by the Company in connection with such infringement. 

Any granting of Options in any manner shall result in a decrease in the number of Shares which thereafter may be available for purposes of the Plan, by the
number of Shares as to which the Option may be exercised. 
  

	 	(b)	Termination of the Optionee’s Continuous Status as Beneficiary 

 Upon termination of an
Optionee’s Continuous Status as a Beneficiary, other than upon the Optionee’s death or Disability, the Optionee may exercise his or her Options, but only within such period of time as is specified in the Notice of Grant, and only for the
part of the Options that the Optionee was entitled to exercise at the date of termination (but in no event later than the expiration of the term of such Options as set forth in the Notice of Grant). Unless a longer period is specified in the Notice
of Grant or otherwise resolved by the Board, an Option shall remain exercisable for three (3) months following the Optionee’s termination of Continuous Status as a Beneficiary. In the case of an “Incentive Stock Option”, such a
period cannot exceed three (3) months following the Optionee’s termination of Continuous Status as a Beneficiary. If, at the date of termination, the Optionee is not entitled to exercise all his or her Options, the Shares covered by the
unexercisable portion of Options shall revert to the Plan. If, after termination, the Optionee does not exercise all of his or her Options within the period of time specified herein, the Options shall terminate, and the Shares covered by such
Options shall revert to the Plan. 

  
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	 	(c)	Disability of Optionee 

 In the event that an Optionee’s Continuous Status as a Beneficiary
terminates as a result of the Optionee’s Disability, unless otherwise resolved by the Board, the Optionee may exercise his or her Options at any time within six (6) months from the date of such termination, but only to the extent these
Options are exercisable at the time of termination (but in no event later than the expiration of the term of such Options as set forth in the Notice of Grant). If, at the date of termination, the Optionee is not entitled to exercise all of his or
her Options, the Shares covered by the unexercised portion of Options shall revert to the Plan. If, after termination, the Optionee does not exercise all of his or her Options within the period of time specified herein, the Options shall terminate,
and the Shares covered by such Options shall revert to the Plan. 
  

	 	(d)	Death of Optionee 

 In the event of the death of an Optionee during the term of the Options, unless
otherwise resolved by the Board, the Options may be exercised at any time within six (6) months following the date of death, by the Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance,
but only to the extent these Options are exercisable at the time of death. If, at the time of death, the Optionee was not entitled to exercise all of his or her Options, the Shares covered by the unexercised portion of Options shall immediately
revert to the Plan. If, after death, the Optionee’s estate or a person who acquired the right to exercise the Options by bequest or inheritance does not exercise the Options within the period of time specified herein, the Options shall
terminate, and the Shares covered by such Options shall revert to the Plan. 
  

	10.	NON-TRANSFERABILITY OF OPTIONS 

An Option may not be sold, pledged, assigned, mortgaged, transferred or disposed of in any manner other than by will or by laws of descent or distribution and
may be exercised, during the lifetime of the Optionee, only by the Optionee. 
  

	11.	ADJUSTMENTS UPON CHANGES IN CAPITALIZATION, DISSOLUTION 

 

	 	(a)	Changes in capitalization 

 In the event of the carrying out by the Company of any of the financial
operations pursuant to article L. 225-181 of the French Commercial Code as follows: 
  

	 	•	 	amortization or reduction of the share capital, 

  

	 	•	 	amendment of the allocation of profits, 

  

	 	•	 	distribution of free shares, 

  

	 	•	 	capitalization of reserves, profits or issuance premiums, 

  

	 	•	 	the issuance of shares or securities giving right to shares to be subscribed for in cash or by set-off of existing indebtedness offered exclusively to the shareholders; 

the Company shall take the required measures to protect the interests of the Optionees in the conditions set forth in article L. 228-99 of the French
Commercial Code. 

  
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	 	(b)	Dissolution or Liquidation 

 In the event of the proposed dissolution or liquidation of the Company, to
the extent that an Option has not been previously exercised, it will terminate immediately prior to the consummation of such proposed action. The Administrator may, in the exercise of its sole discretion in such instances, declare that any Option
shall terminate as of a date determined by the Administrator and give each Optionee the right to exercise his or her Options as to Shares for which the Options would not otherwise be exercisable. 

 

	 	(c)	Merger or asset sale 

 Unless otherwise decided by the Board no later than immediately prior to the
completion of the relevant Liquidity Event (as defined below): 
 - in the event of a merger of the Company into another corporation or of the sale by one
or several shareholders, acting alone or in concert, of the Company to one or several third parties of a number of Shares resulting in a transfer of more than fifty per cent (50%) of the Shares of the Company to said third parties (a
“Liquidity Event”), the Optionee’s right to exercise the Options will be accelerated so that the Optionee may exercise all of them with effect immediately prior to the completion of the relevant Liquidity Event; 

- the Options that may be exercised shall have to be exercised no later than immediately prior to the completion of the relevant Liquidity Event, it
being specified that the Board shall inform the Optionee of any proposed Liquidity Event at least 15 days prior to the completion thereof; and 
 - any
Options not exercised for any reason on or prior to the date of completion of a Liquidity Event will automatically lapse. 
 For Incentive Stock Options,
all assumptions and substitutions shall be determined in accordance with Sections 422 and 424 of the Code and the regulations promogated thereunder. 
  

	12.	Date of GRANT 

 12.1. The Date of Grant of an Option
shall be, for all purposes, the date on which the Administrator decides to grant such Option. A notice of the grant shall be provided to each Optionee within a reasonable time after the Date of Grant. 

12.2. In the event of any tax liability arising on account of the grant of the Options, the liability to pay such taxes shall be that of the Beneficiary
alone. 
 The Beneficiary shall enter into such agreements of indemnity and execute any and all documents as the Company may specify for
this purpose, if so required at the Date of Grant and at any other time at the discretion of the Company, on such terms and conditions as the Company may think fit, for recovery of the tax due, from the Beneficiary. 

 

	13.	AMENDMENT AND TERMINATION OF THE PLAN 

 

	 	(a)	Amendment and Termination 

 The Administrator may at any time amend, alter, suspend or terminate the
Plan. 

  
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	 	(b)	Shareholders’ approval 

 The Company shall obtain shareholders’ approval of any Plan amendment
to the extent necessary and desirable to comply with Applicable Laws (including the requirements of any exchange or quotation system on which Shares may then be listed or quoted). Such shareholders’ approval, if required, shall be obtained in
such a manner and to such a degree as is required by the applicable law, rule or regulation. 
  

	 	(c)	Effects of amendment or termination 

 No amendment, alteration, suspension or termination of the Plan
shall impair the rights of any Optionee, unless mutually agreed otherwise between the Optionee and the Administrator, which agreement must be in writing and executed by the Optionee and the Company. 

 

	14.	CONDITIONS UPON ISSUANCE OF SHARES 

 

	 	(a)	Legal Compliance 

 Shares held by a US Beneficiary shall not be sold or issued pursuant to the exercise
of Options unless the exercise of such Options, and the issuance or sale and delivery of such Shares shall comply with all relevant provisions of law including, without limitation, the Commercial Code, the “Securities Act” of 1933,
as amended, the “Exchange Act”, the rules and regulations promulgated thereunder, Applicable Laws and the requirements of any stock exchange or quotation system upon which the Shares may then be listed or quoted. 

 

	 	(b)	Investment Representations 

 As a condition to the exercise of an Option by a US Beneficiary, the Company
may require the person exercising such Option to represent and warrant at the time of any such exercise that the Shares are being subscribed or purchased only for investment and without any present intention to sell or distribute such Shares if, in
the opinion of counsel for the Company, such a representation is required. 
  

	15.	LIABILITY OF THE COMPANY 

15.1. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by any counsel to the Company to
be necessary to the lawful issuance or sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 

15.2. The Company and its Affiliated Companies may not be held responsible in any way if the Beneficiary for any reason not attributable to the Company or its
Affiliated Companies was not able to exercise the Options or acquire the Shares. 

  
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	16.	SHAREHOLDERS’ APPROVAL 

 The Plan
shall be subject to approval by the shareholders of the Company within twelve (12) months from the date the Plan is adopted by the Board. Such shareholders’ approval shall be obtained in the manner and to the degree required under the
French Commercial Code and Applicable Laws. 
  

	17.	LAW, JURISDICTION  

 This Plan shall be governed by and construed in
accordance with the laws of France. 
 The relevant court of the registered office of the Company shall be exclusively competent to determine any claim or
dispute arising in connection herewith. 
 The grant of Options under this Plan shall entitle the Company to require the Beneficiary to comply with such
requirements of law and regulation as may be necessary in the Options of the Company from time to time. 
 * 

*     *     * 

  
 - 11 - 

 Exhibit 

CELLECTIS 
 STOCK OPTION
GRANT AGREEMENT 
 Part I 

NOTICE OF STOCK OPTION GRANT 

[Optionee’s Name and Address] 
 You have been granted
Options, each giving the right to subscribe for one ordinary Share of the Company, subject to the terms and conditions of the 2015 Stock Option Plan (the “Plan”) and this Option Agreement. Options are governed by articles L. 225-177 and
following of the French Commercial Code. They are not part of the Optionee’s employment agreement or of the Optionee’s term of office which has allowed the Optionee to be granted the Options. Neither do they constitute an element of the
Optionee’s remuneration. Unless otherwise defined herein, the definitions defined in the Plan shall have the same defined meanings in this Option Agreement. 
  

											
		 	Reference number of Grant(1):	 		  	  
	  	
		 	Date of Grant(2) :	 		  	  
	  	
		 	Vesting Commencement Date(3) :	 		  	  
	  	
		 	Exercise Price per Share:	 		  	EUR	 	  
	  	
		 	Total Number of Shares Granted:	 		  	  
	  	
		 	Total Exercise Price:	 		  	EUR	 	  
	  	
		 	Type of Options(4) :	 		  	[Incentive Stock Option]	  	
		 		 		  	[Non-Statutory Stock Option]	  	
		 	Term/Expiration Date(5) :	 		  	  
	  	

 In case the exercise of an Option, as described under Article 9.(a) of the Plan, would lead the Company to be liable for any
payment, whether due to fees, taxes or to charges of any nature whatsoever, in place of the Optionee, such Option shall be deemed duly exercised when the full payment for the Shares with respect to which the Option is exercised is executed by the
Optionee and the Optionee provides the Company with either the receipt stating the payment by the Optionee of any such fee, tax or charge, as above described that would otherwise be paid by the Company upon exercise of the Option, in place of the
Optionee or, the full payment, under the same conditions, of any amount due upon the exercise of the Option to be borne by the Company. 
 In the
event that you infringe the above mentioned commitment, you shall be liable for any consequences resulting from such infringement for the Company and undertake to indemnify the Company in respect of all amounts payable by the Company in connection
with such infringement. 
 Validity of the Options : 

The Options will be valid as from the Date of Grant. 

 

	(1)	reference number of Grant assigned by the Company, if it so wishes. 

	(2)	date of the Board meeting having allocated the Option. 

	(3)	date chosen by the Board as the Vesting Commencement Date; failing that, Date of Grant. 

	(4)	for U.S. Beneficiaries only. 

	(5)	date of termination of the Option (article 7 of the Plan), which shall not exceed 5 years for an ISO granted to a 10% owner and 10 year for a US Optionee.

 Vesting Schedule: 

Unless otherwise determined or adapted by the Board, the Options may be exercised by the Optionee on the basis of the following initial vesting schedule
subject to the condition precedent that the Optionee shall have previously returned to the Company the documents referred to under section 2. of Part II of the Stock Option Grant Agreement duly initialed and signed: 

 

	 	•	 	25% of the Options, i.e. [    ●    ] Options, as from the first anniversary of the Date of Grant, i.e; as from [    ●    ],

  

	 	•	 	then, 6.25% of the Options at the expiration of each quarter (i.e., successive 3-month period) following the first anniversary of the Vesting Commencement Date, and 

 

	 	•	 	at the latest within ten (10) years as from the Date of Grant or in case of death or Disability of the Optionee during such then (10) year period, six (6) months as from the death or Disability of the
Optionee. 

 The number of Options that could be exercised pursuant to the above vesting schedule will always be rounded down to the nearest
full number. 
 If the Optionee fails to exercise the Options in whole or in part within the said period of ten (10) years (as may be extended to six
(6) months from the death or Disability of the Optionee, the Options will lapse automatically. 
 Termination Period: 

Unless otherwise decided by the Board, in case of termination of the Optionee’s Continuous Status as a Beneficiary, the Options exercisable at the time of
termination may be exercised for three (3) months after such termination, being specified that all other Options shall automatically expire at the time of termination. 

Unless otherwise decided by the Board, upon the death or Disability of the Optionee, the Options may be exercised during a period of six (6) months as
provided in the Plan. 
 Save as provided in the Plan, in no event shall the Options be exercised later than the Term/Expiration Date as provided above.
Should the Options expire or become unexercisable for any reason without having been exercised in full, the unsubscribed Shares which were subject thereto shall, unless the Plan shall have been terminated, become available for future grant under the
Plan. 
 By his signature and the signature of the Company’s representative below, the Optionee and the Company agree that the Options are granted
under and governed by the terms and conditions of the Plan and this Option Agreement. The Optionee has reviewed the Plan and this Option Agreement in their entirely, has had the opportunity to obtain the advice of counsel prior to executing this
Option Agreement and fully understands all provisions of the Plan and Option Agreement. The Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the
Plan and Option Agreement. The Optionee further agrees to notify the Company upon any change in the residence address indicated below. 

  
 - 13 - 

 CELLECTIS 

STOCK OPTION GRANT AGREEMENT 

Part II 
 TERMS AND
CONDITIONS 
 1. Grant of Options. 

1.1. The Administrator of the Company hereby grants to the Optionee named in the Notice of Grant attached as Part I of this Agreement (the
“Optionee”), [    ●    ] options (the “Options”) to subscribe the number of ordinary Shares, as set forth in the Notice of Grant, at the exercise price per Share set forth in the
Notice of Grant (the “Exercise Price”), subject to the terms and conditions of the Plan, which is incorporated herein by reference. 
 In the
event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option Agreement, the terms and conditions of the Plan shall prevail. 

If designated in the Notice of Grant as an Incentive Stock Option, this Option is intended to qualify as an Incentive Stock Option under
Section 422 of the Code although the Company makes no representation as to the tax status of the Option. However, if this Option is intended to be an Incentive Stock Option, to the extent that it exceeds the U.S.$ 100,000 rule of Code
Section 422(d) the excess shall be treated as a Non-Statutory Stock Option 
 1.2. An Option will be valid as from the Date of Grant.

 1.3. In the event of any tax liability arising on account of the Grant of the Options, the liability to pay such taxes shall be that of
the Beneficiary alone. The Beneficiary shall enter into such agreements of indemnity and execute any and all documents as the Company may specify for this purpose, if so required at the time of the Grant and at any other time at the discretion of
the Company, on such terms and conditions as the Company may think fit, for recovery of the tax due, from the Beneficiary. 
 2. Exercise
of Options 
 (a) Right to Exercise. An Option is exercisable during its term in accordance with the Vesting Schedule set out in the Notice of
Grant and the applicable provisions of the Plan and this Option Agreement, subject to the condition precedent that the Optionee shall have previously returned to the Company, by electronic delivery under the conditions set forth in Article 10 below:

 - Part I and Part II of the Stock Option Grant Agreement (Exhibit), duly initialed (all pages but for the signature page) and signed (signature page).

 In the event of Optionee’s death, Disability or other termination of Optionee’s Continuous Status as a Beneficiary, the exercisability of an
Option is governed by the applicable provisions of the Plan and this Option Agreement. 
 (b) Method of Exercise. An Option is exercisable by
delivery of an exercise notice, in the form attached hereto (the “Exercise Notice”) stating the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the “Exercised Shares”), and
such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice shall be signed by the Optionee and shall be delivered in person or by certified mail to the Company or its
designated representative or by facsimile message to be immediately confirmed by certified mail to the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares. An Option shall be deemed
to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the proof of payment of such aggregate Exercise Price. 

  
 - 14 - 

 No Share shall be issued pursuant to the exercise of an Option unless such issuance and exercise complies with
all relevant provisions of law as set out under Section 14(a) of the Plan. 
 Upon exercise of an Option, the Shares issued to the Optionee shall be
assimilated with all other Shares of the Company and shall be entitled to dividends for the fiscal year in course during which the Option is exercised. 

3. Method of Payment. Payment of the aggregate Exercise Price shall be made by wire transfer with the execution of
the corresponding exchange contract. 
 Where the exercise of an Option would lead the Company to be liable for any payment, whether due to fees, taxes or
to charges of any nature whatsoever, in place of the Optionee, such Option shall be deemed duly exercised when (a) the full payment for the Shares with respect to which the Option is exercised is executed by the Optionee and (b) the
Optionee provides the Company with either (i) the receipt stating the payment by the Optionee of any such fee, tax or charge, as above described that would otherwise be paid by the Company upon exercise of the Option, in place of the Optionee
or, (ii) the full payment, under the same conditions, of any amount due upon the exercise of the Option to be borne by the Company. 
 The
Company and its Affiliated Companies may not be held responsible in any way if the Beneficiary for any reason not attributable to the Company or its Affiliated Companies was not able to exercise the Option or purchase the Shares. The payment
for the purchase of the shares shall be made by the Optionee under his/her own responsibility according to these Terms and Conditions. 

4. Non-Transferability of Option. An Option may not be transferred in any manner otherwise than by will or by the laws of descent or
distribution and may be exercised during the lifetime of the Optionee only by the Optionee. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 

5. Term of Options. Subject as provided in the Plan, an Option may be exercised only within the term set out in the Notice of Grant,
and may be exercised during such term only in accordance with the Plan and the terms of this Option Agreement. 
 6. Entire Agreement -
Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and
agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee. This agreement is governed by the
laws of the Republic of France. 
 Any claim or dispute arising under the Plan or this Agreement shall be subject to the exclusive
jurisdiction of the court competent for the place of the registered office of the Company. 
 7. Tax Obligations. Regardless of any
action the Company or Optionee’s employer (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), Optionee acknowledges that the
ultimate liability for all Tax-Related Items legally due by Optionee is and remains Optionee’s responsibility and that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related
Items in connection with any aspect of the Option grant, including the grant, vesting or exercise of the Option, the subsequent sale of shares of Share Capital acquired pursuant to such exercise and the receipt of any dividends; and (2) do not
commit to structure the terms of the grant or any aspect of the Option to reduce or eliminate Optionee’s liability for Tax-Related Items. 

  
 - 15 - 

 Prior to exercise of the Option, Optionee will pay or make adequate arrangements satisfactory to
the Company and/or the Employer to satisfy all withholding obligations of the Company and/or the Employer, if any. In this regard, Optionee authorizes the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable by
Optionee from Optionee’s compensation paid to Optionee by the Company and/or Employer or from proceeds of the sale of Shares. Alternatively, or in addition, if permissible under local law, the Company may sell or arrange for the sale of Shares
that Optionee acquires to meet the withholding obligation for Tax-Related Items. Finally, Optionee will pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of
Optionee’s participation in the Plan or Optionee’s purchase of Shares that cannot be satisfied by the means previously described. The Company may refuse to honor the exercise and refuse to deliver the Shares issuable upon exercise of the
Options if Optionee fails to comply with Optionee’s obligations in connection with the Tax-Related Items as described in this section. 

8. Nature of Grant. In accepting the grant, Optionee acknowledges that: 

(a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated
by the Company at any time, unless otherwise provided in the Plan and this Agreement; 
 (b) the grant of the Option is voluntary and
occasional and does not create any contractual or other right to receive future grants of options, or benefits in lieu of options, even if options have been granted repeatedly in the past; 

(c) all decisions with respect to future option grants, if any, will be at the sole discretion of the Company; 

(d) Optionee’s participation in the Plan shall not create a right to further employment with the employer and shall not interfere with
the ability of the Employer to terminate Optionee’s employment relationship at any time with or without cause; 
 (e) Optionee is
voluntarily participating in the Plan; 
 (f) the Option is an extraordinary item that does not constitute compensation of any kind for
services of any kind rendered to the Company or the Employer, and which is outside the scope of Optionee’s employment contract, if any; 

(g) the Option is not part of normal or expected compensation or salary for any purpose, 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 and in no event should be considered as compensation for, or relating in any way to, past
services for the Company or the Employer; 
 (h) the Option grant will not be interpreted to form an employment contract with the Company,
the Employer or any Subsidiary or affiliate of the Company; 
 (i) the future value of the underlying Shares is unknown and cannot be
predicted with certainty; 
 (j) if the underlying Shares do not increase in value, the Option will have no value; 

(k) if Optionee exercises Optionee’s Option and obtains Shares, the value of those Shares acquired upon exercise may increase or decrease
in value, even below the exercise price; 
 (l) in consideration of the grant of the Option, no claim or entitlement to compensation or
damages shall arise from termination of the Option or diminution in value of the Option or Shares purchased through exercise of the Option resulting from termination of Optionee’s employment the Company or the Employer (for any reason
whatsoever) and Optionee irrevocably releases the Company and the Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing this
Agreement, Optionee shall be deemed irrevocably to have waived Optionee’s entitlement to pursue such claim; and 

  
 - 16 - 

 (m) in the event of termination of Optionee’s employment, Optionee’s right to receive
the Option and vest in the Option under the Plan, if any, will terminate effective as of the date that Optionee receives notice of termination regardless of when such termination is effective; furthermore, in the event of termination of employment,
Optionee’s right to exercise the Option after termination of employment, if any, will be measured by the date on which the Optionee receives notice of termination; the Company shall have the exclusive discretion to determine when Optionee is no
longer actively employed for purposes of Optionee’s Option grant. In addition, any period of notice or compensation in lieu of such notice, that is given or ought to have been given under any contract, statute, common law or civil law shall be
excluded. 
 9. Data Privacy. Optionee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or
other form, of Optionee’s personal data as described in this document by and among, as applicable, the Employer, the Company and its subsidiaries and affiliates for the exclusive purpose of implementing, administering and managing
Optionee’s participation in the Plan. 
 Optionee understands that the Company and the Employer may hold certain personal
information about Optionee, including, but not limited to, Optionee’s name, home address and telephone number, date of birth, social 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, exercised, vested, unvested or outstanding in Optionee’s favor, for the exclusive purpose of implementing, administering
and managing the Plan (“Data”). 
 Optionee understands that the recipients of the Data may be located in the United States
or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than Optionee’s country. Optionee understands that Optionee may request a list with the names and addresses of
any potential recipients of the Data by contacting Optionee’s local human resources representative. Optionee authorizes the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing,
administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Optionee’s participation in the Plan. Optionee understands
that Data will be held only as long as is necessary to implement, administer and manage Optionee’s participation in the Plan. Optionee understands that Optionee may, at any time, view the Data, request additional information about the storage
processing of the Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing Optionee’s local human resources representative. Optionee understands, however, that
refusing or withdrawing Optionee’s consent may affect Optionee’s ability to participate in the Plan. For more information on the consequences of Optionee’s refusal to consent or withdrawal of consent, Optionee understands that
Optionee may contact Optionee’s local human resources representative. 
 10. Electronic Delivery. The Company may, in its
sole discretion, decide to deliver any documents related to the Option and participation in the Plan or future options that may be granted under the Plan by electronic means or to request Optionee’s consent to participate in the Plan by
electronic means. Optionee hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third
party designated by the Company. 

  
 - 17 - 

 11. Severability. 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. 
  

							
	OPTIONEE:	  		  	CELLECTIS
				
	  
	  		  	By:	  	  

	Signature	  		  		  	
	  
	  		  	Title:	  	  

	Print Name	  		  		  	
	  
	  		  		  	
	Residence Address	  		  		  	
	  
	  		  		  	

  
 - 18 - 

 CELLECTIS 

Société Anonyme having a share capital of EUR.[            ]

 Registered office : [            ] 

[        ●        ] R.C.S.
[            ] 
 2015 STOCK OPTION PLAN 

EXERCISE NOTICE 
 (Share
subscription form) 
  

			
	CELLECTIS	  	
	[                ]	  	
	[                ]	  	
	France	  	[                                ],
[    ]
		
	Attention: [                                ]	  	

 1. Exercise of Options. Effective as of today,
                    ,     , the undersigned (“Optionee”) hereby elects to subscribe
                    (            ) ordinary shares (the “Shares”) of the Share
Capital of CELLECTIS (the “Company”) under and pursuant to the Company’s 2015 Stock Option Plan (the “Plan”) adopted by the board on March 24, 2015 and the Stock Option Agreement dated
                    ,     (the “Option Agreement”). The subscription price for the Shares shall be
EUR.             , as required by the Option Agreement. 
 2. Delivery of Payment.
Optionee herewith delivers to the Company the full subscription price for the Shares. 
 3. Representations of Optionee. The Optionee acknowledges
that Optionee has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions. 

4. Rights as Shareholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company) of the Shares, the Optionee shall
have, as an Optionee, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Optioned Stock, except those the Optionee may have as a shareholder of the Company. No adjustment will be made for
rights in respect of which the record date is prior to the issuance date for the Shares, except as provided in Section 11 of the Plan. 
 5. Tax
consultation. The Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s subscription or disposition of the Shares. Optionee represents that Optionee has consulted with any tax consultants Optionee
deems advisable in connection with the subscription or disposition of the Shares. The Optionee is not relying on the Company for any tax advice. 
 6.
Entire Agreement - Governing Law. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter
hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed
by the Company and Optionee. This agreement is governed by the laws of the Republic of France. 
 * 

*    * 

  
 - 19 - 

 This Exercise notice is delivered in two originals copies, one of which shall be returned

 to the Optionee. 
  

									
	Submitted by:	  		  		  	 Accepted by:

	OPTIONEE (*)	  		  		  	 CELLECTIS

	  
	  		  		  	  

	Signature	  		  		  	 Signature

					
	  
	  		  		  	Its:	  	  

	Print Name	  		  		  		  	
					
	Address:	  		  		  		  	
					
	  
	  		  		  		  	

  

	(*)	The signature of the Optionee must be preceded by the following manuscript mention “accepted for formal and irrevocable subscription of
[                ] ordinary Shares”. 

  
 - 20 -Exhibit 10.31

 

 

UAMS
BIOVENTURES

LEASE
AGREEMENT

 

 

This
agreement of Lease made and entered into by and between the Board of Trustees of the University of Arkansas acting for and on
behalf of the University of Arkansas for Medical Sciences (hereinafter referred to as “UNIVERSITY”) and Signal Genetics,
Inc., a corporation organized and existing under the laws of the State of Delaware ( hereinafter referred to as “CLIENT”).

 

WITNESSETH:

 

WHEREAS,
the UNIVERSITY has lease authority over certain property in Little Rock, Arkansas known as UAMS Arkansas BioVentures Building
(hereinafter referred to as the “BioVentures Building”); and

 

WHEREAS,
the UNIVERSITY has a program called UAMS BIOVENTURES which supports the development and growth of entrepreneurial, science and
technology-based firms, by providing limited space, technical assistance, access to UNIVERSITY laboratories and equipment, and
certain administrative and maintenance services; and

 

WHEREAS,
CLIENT is engaged in genetic testing services; and

 

WHEREAS,
the CLIENT will acquire limited access to laboratory, library, meeting rooms, and research facilities and resources
located at the UNIVERSITY; and

 

WHEREAS,
the business and proposed operation of CLIENT would be enhanced by the facilities at the UNIVERSITY and the projects to be conducted
by CLIENT offer the prospect of potential economic development for the State of Arkansas;

 

NOW,
THEREFORE, for and in consideration of the covenants and agreements hereinafter set forth, the parties do hereby agree as
follows:

 

1.
PREMISES

 

The
UNIVERSITY hereby leases unto CLIENT the following described premises, identified as the Entergy Life Sciences Laboratory Rooms
G09, G11, G13, G15, G17, G19, G21, G23, G25, G27, and G29 located on the ground floor and the Office Rooms 140, 142, and 144 and
Labs 143 and 145 located on the first floor of the BioVentures Building. The premises shall be furnished with equipment (Appendix
A) to be used by the CLIENT during the course of this lease. Use of the premises, equipment, and equipment maintenance shall be
with the approval of and in compliance with the requirements set by the UNIVERSITY’s Research Support Center, Quality Assurance
Unit. The CLIENT also has use of Room G12 (data closet) located on the ground floor for storage of CLIENT’s IT equipment.

 

2.
TERM

 

The
Term of this lease shall be for a period of twelve months beginning on April 1, 2016 and ending on March 31, 2017. Upon expiration
of this term, this lease may be renewed for a successive renewal term of one year pending annual reassessment. During this term
and any renewal term, CLIENT, upon ninety (90) days written notice, may terminate this LEASE. UNIVERSITY may terminate this Lease
during this term and any renewal term pursuant to the provisions of Sections 11, 12, 13, and 19.

 

     

     

    

3.
RENTAL

 

As
rental for the said premises, CLIENT shall pay to UNIVERSITY an annual rental of eighty-one thousand dollars ($81,000.00) at a
rate of six thousand seven hundred fifty dollars ($6,750.00) per calendar month. Rental payment is due on the first day of each
month. There will be a late charge of 10% of the total amount due each month if rent is not paid by the fifth (5th)
business day of the month.

 

4.
UTILITIES

 

UNIVERSITY
shall be responsible for the payment of all charges for water, electricity and gas consumed on the premises. In the event of a
substantial increase in the cost of utilities with respect to the premises occasioned by the nature of CLIENT's use of the premises,
CLIENT will reimburse UNIVERSITY for the cost of such utilities reasonably attributed to the premises over and above the cost
based on current existing rates. A substantial increase in utilities would be an amount in excess of Two Dollars ($2.00) per square
foot per year. UNIVERSITY is responsible for documentation and metering that the actual rate is above the Two Dollar ($2.00) figure.

 

5.
TAXES

 

The
premises are part of a facility used for educational purposes by the UNIVERSITY of Arkansas for Medical Sciences and are exempt
from ad valorem taxes and assessments. In the event ad valorem taxes are assessed against the UNIVERSITY by virtue of or arising
out of CLIENT's use of the premises, CLIENT shall reimburse UNIVERSITY for any taxes thus paid by UNIVERSITY. UNIVERSITY will
make reasonable efforts to contest any taxes which might be so assessed. CLIENT shall be responsible for all taxes attributable
to the property of CLIENT on the premises and for all license, privilege and occupation taxes levied, assessed or charged against
CLIENT on account of the operation of the business from these premises. If UNIVERSITY or CLIENT determines that a probability
exists that ad valorem taxes will be assessed against the UNIVERSITY then CLIENT may terminate tenancy at any time provided termination
will prevent the assessment of taxes.

 

6.
HAZARDOUS MATERIAL USE AND DISPOSAL

 

The
CLIENT shall request from the UNIVERSITY, in writing, approval to use or store any form of hazardous material on the premises.
The request shall be submitted no later than thirty (30) days prior to the hazardous material being placed on the premises and
will be approved subject to review by the UNIVERSITY’s Department of Occupational Health and Safety. The CLIENT shall abide
by all federal, state, and local laws and regulations, including UNIVERSITY policies and procedures, in the handling, use and
storage of hazardous materials. The CLIENT will pay for all costs related to the storage and disposal of CLIENT’s hazardous
materials. The disposal of CLIENT’s hazardous wastes shall be handled in accordance with directions from the UNIVERSITY’s
Department of Occupational Health and Safety. 

 

    	 	2	 

     

    

7.
REPAIRS

 

UNIVERSITY
agrees that it will keep and maintain the exterior of the building of the premises, including the roof, walls and exterior plumbing
in good condition and repair, and agrees that if the roof or any part of the exterior walls or exterior plumbing of said building
shall become defective or damaged at any time during the term thereof, upon notice from the CLIENT, UNIVERSITY will cause repairs
to be made and restore the defective portions to good position. UNIVERSITY will be responsible for the maintenance and
normal operating conditions of all heating, electrical and air conditioning equipment and interior plumbing on the premises. CLIENT
shall at his own cost and expense maintain and keep the interior of the premises in as good repair as when the premises were received,
ordinary wear and tear and casualties beyond CLIENT's control alone excepted, and CLIENT shall return the premises and the equipment
on the premises at the expiration or termination of this lease in good order and condition, excepting only ordinary wear and tear
and casualties beyond CLIENT's control.

 

8.
ALTERATIONS

 

CLIENT
shall have the right and privilege to make, at CLIENT's expense, ordinary repairs and alterations to the interior of the premises;
provided, however, no alterations or changes of a structural nature shall be made without prior written consent of UNIVERSITY.

 

9.
JANITORIAL SERVICES

 

Housekeeping
and all other normal janitorial services shall be provided by UNIVERSITY. UNIVERSITY shall have the right during the course of
the initial lease term and any renewal period to impose a nominal fee for janitorial services. CLIENT shall be given thirty (30)
days written notice by the UNIVERSITY prior to imposition of the fee.

 

10.
FIXTURES

 

All
trade fixtures not integral to the building installed by CLIENT or acquired by CLIENT independently of this agreement shall remain
CLIENT's property and may be removed by CLIENT at the expiration of this agreement, including any equipment purchased by CLIENT;
provided, however, CLIENT shall restore the premises and repair any damage thereto caused by such removal. Fixtures not integral
to the building installed by UNIVERSITY for which UNIVERSITY receives reimbursement from CLIENT shall remain the property of CLIENT.
Fixtures integral to the building are not removable unless UNIVERSITY agrees.

 

11.
UNTENANTABILITY

 

Should
the premises, or any part thereof, be rendered unfit for occupancy for the purposes for which they are hereby let, by reason of
fire, windstorm, or other act of nature or unavoidable casualty, the rental hereinabove stipulated to be paid by the CLIENT, or
such proportion thereof as is related to that portion of the improvements on the premises rendered untenantable by reason of such
damage, shall be remitted and abated by UNIVERSITY while the same remains unfit for occupancy and until the premises involved
shall have been repaired or returned to tenantable condition. Upon the occurrence of any such casualty which results in
major physical damage to the premises and seriously impairs the operations of CLIENT then the tenancy may be terminated by CLIENT.
If casualty damage is so extensive that UNIVERSITY determines it is not in its best interest to repair or rebuild the premises
then the UNIVERSITY may terminate the tenancy. UNIVERSITY shall in no way be liable or responsible for any damage to any property
of the CLIENT in or about the premises by reason of flood, water, fire, windstorm or other casualty or act of nature or by reason
of theft or vandalism.

 

    	 	3	 

     

    

12.
CONDUCT OF BUSINESS AND USES

 

The
premises are leased to CLIENT for the purpose of conducting projects related to business development and research, and CLIENT
covenants and agrees with and unto UNIVERSITY that the premises will be used for such purposes and those related to them and no
other except with the prior written consent of UNIVERSITY.

 

CLIENT's
continued tenancy is contingent upon reasonable progress toward business goals and growth projections consistent with the intent
of UAMS BIOVENTURES program. Upon reasonable notice and at reasonable times convenient to CLIENT, CLIENT shall make the premises
available to UNIVERSITY faculty and students and others approved by CLIENT or UNIVERSITY to tour the facilities and observe activities
conducted therein. Such access to the premises may be subject to limited restriction upon a showing by CLIENT of the need for
confidentiality of certain proprietary information and visitors to the premises may be required to sign nondisclosure statements
before access to premises is permitted. CLIENT agrees to permit UNIVERSITY officials or faculty designated by the Vice Chancellor
for Research to review the operations and procedures of the business, not to exceed two reviews per year. Said review will
include number of persons employed, progress towards goals, disclosure of inventions, patents, or other intellectual property,
financial success, and employment opportunities. Such review will not include personal and confidential information regarding
any owner, employee, contractor, or subcontractor of the CLIENT such as salary or other form of compensation, benefits provided,
personnel file, and such related information. If reasonable progress is not made towards meeting goals, then UNIVERSITY may terminate
tenancy upon ninety (90) days written notice. In making this decision, UNIVERSITY shall take into account the normal course of
such activities conducted by similarly situated businesses developing similar products and services and shall take into account
the efforts of CLIENT as described in any reports provided to UNIVERSITY by CLIENT. UNIVERSITY agrees that an extension of time
may be given for up to an additional ninety (90) days if UNIVERSITY determines that immediate economic harm will occur to the
CLIENT if this lease is terminated at the end of the initial ninety (90) day notice period.

 

13.NONDISCLOSURE
OF INFORMATION

 

CLIENT
may designate certain information as proprietary and not subject to review. In the event the proprietary information is so restrictive
as to inhibit the UNIVERSITY's ability to assess the CLIENT’s progress, UNIVERSITY may terminate this lease upon ninety
(90) days written notice. UNIVERSITY agrees that information obtained by the review is to be used for internal purposes, or for
reporting purposes to any sponsoring agencies, and will not be disclosed without written consent of the CLIENT except pursuant
to court order or determination by the Attorney General of the State of Arkansas that the information is subject to the State
Freedom of Information Act. UNIVERSITY shall not disclose any proprietary information or any part thereof to any other person,
firm, or corporation, and shall, further, restrict circulation of the information within its own organization except to the extent
necessary to fulfill the purposes of this lease. Upon request, however, CLIENT shall release UNIVERSITY from the confidentiality
obligations of this section to the extent that any of the proprietary information (a) is or becomes part of the public domain,
(b) was known to UNIVERSITY prior to the disclosure by CLIENT, (c) is subsequently rightfully received by UNIVERSITY from a third
party, (d) is independently developed by the UNIVERSITY other than through knowledge or use of the CLIENT’s proprietary
information, or (e) disclosed pursuant to court order or determination by the Attorney General of the State of Arkansas that the
information is subject to the State Freedom of Information Act.

 

    	 	4	 

     

    

14.
PATENT RIGHTS

 

UNIVERSITY
does not have and shall not claim any rights of any nature whatsoever to inventions, patents, or other intellectual property developed
by CLIENT under this lease; provided that, UNIVERSITY may reserve rights or, as its sole option, negotiate in good faith with
CLIENT for rights to such inventions, patents or other intellectual property if such developments are created, conceived, and/or
reduced to practice through the significant or substantial assistance of UNIVERSITY funds, faculty or staff, or UNIVERSITY laboratories
or equipment. If the UNIVERSITY does not furnish notice of intent to reserve rights to inventions, patents or other intellectual
property developed by CLIENT under this lease or fails to initiate negotiations for such rights within ninety (90) days after
disclosure to the UNIVERSITY, the rights to the inventions, patents or other intellectual property remain solely with the CLIENT.

 

15.FIRE
AND INSURANCE

 

CLIENT
covenants and agrees that CLIENT will not do or permit to be done anything in, upon or about the leased premises that increases
the hazard of fire beyond that which exists by reason of the uses and occupancy of the premises for the purposes mentioned. CLIENT
agrees to pay to UNIVERSITY, on demand, any increases in fire insurance premiums on the improvements and buildings which the UNIVERSITY
may be required to pay by reason of any other use by the CLIENT of the premises in excess of a normal increase. CLIENT will not
do or permit to be done anything within CLIENT’s control which would make the premises, or the improvements thereon, uninsurable
in whole or in part. CLIENT agrees that CLIENT will not commit waste nor permit waste to be committed or done upon the premises.

 

16.
SIGNS

 

UNIVERSITY
may install any sign or directions to be displayed on any part of the outside of the demised premises or on or about the premises.
No sign, picture, advertisement or notice shall be posted or otherwise displayed on any part of exterior of the demised premises
or on or about the premises, without express written consent of UNIVERSITY.

 

17.INDEMNITY
AGAINST DAMAGE OR INJURY

 

CLIENT
agrees to defend, indemnify and hold harmless the UNIVERSITY against any claim, expense, loss or liability as a result of any
breach by CLIENT, CLIENT's agents, servants, employees, customers, visitors or licensees of any covenant or condition of this
agreement, or as a result of CLIENT's use or occupancy of the premises, or as a result of the carelessness, negligence, or improper
conduct of CLIENT, CLIENT's agents, servants, employees, customers, visitors or licensees. CLIENT agrees to keep and maintain
at all times during the term hereof, in full force and effect, with a company or companies acceptable to the UNIVERSITY, insurance
against third party liability thereon of not less than $500,000 per person, $1,000,000 per accident and $50,000 coverage for property
damage, and UNIVERSITY shall be named insured in such policies. CLIENT shall name the UNIVERSITY as an additional insured in such
policies and a Certificate of Insurance shall be provided to the UNIVERSITY as evidence of coverage. Each policy shall contain
a provision that the policy will not be cancelled or allowed to expire until at least 30 days prior written notice has been given
to the UNIVERSITY.

 

    	 	5	 

     

    

18.DEFAULT

 

CLIENT
shall be in default under the provisions of this lease agreement upon the happening of the following events or conditions and,
in the case of the events and conditions set forth in subparagraph (a) and (b), the failure to cure same within thirty (30) days
after notification by UNIVERSITY to CLIENT of such default:

(a)
Failure to pay the rental provided herein at the time, in the amount and in the manner set forth or within ten (10) days after
the date the same became due;

(b)
Failure to keep or perform any of the covenants on the part of the CLIENT herein to be kept or performed;

(c)
Should the CLIENT become insolvent, or become bankrupt, either voluntary or involuntary, or make any assignment for the benefit
of creditors, or if a receiver be appointed for the benefit of CLIENT's creditors or if a receiver be appointed for CLIENT to
take charge of and manage CLIENT's affairs.

 

19.REMEDIES
IN THE EVENT OF DEFAULT

 

In
the event of a default by CLIENT during the term hereof, UNIVERSITY may, at UNIVERSITY's option, declare this lease thereupon
terminated, and UNIVERSITY shall have the right to enter upon and take possession of the premises, within ten (10) days notice,
and to evict and expel CLIENT and any or all of CLIENT's property, belongings and effects therefrom, without legal process and
thereby being guilty of any manner of trespass either at law or in equity which remedy is in addition to any other remedies of
UNIVERSITY either at law or in equity, including, without limitation, the collection of delinquent rents, possession of the premises,
damages for breach of this agreement by CLIENT, or otherwise. No delay in or failure to exercise any of the options herein granted
to UNIVERSITY by reason of default in or failure shall be a waiver of UNIVERSITY's right to exercise its remedies by reason of
the same or similar default at any later occasion.

 

20.ASSIGNMENT
AND SUBLETTING

 

CLIENT
shall not assign this lease, nor sublet the premises or any part thereof, without the prior consent in writing of UNIVERSITY.

 

21.
SURRENDER OF POSSESSION

 

At
the end of the term of this agreement, including the term extended by the exercise of any option of CLIENT, or upon earlier termination
by UNIVERSITY in accordance with the options herein reserved, CLIENT agrees to surrender possession of the premises without demand.
Should CLIENT fail to do so, CLIENT shall be responsible in addition to the damages generally recoverable by UNIVERSITY by reason
of any breach by CLIENT, for all damages UNIVERSITY may sustain, including claims made by any succeeding CLIENT against UNIVERSITY
which are founded upon delay of failure in delivering possession of the premises to such succeeding CLIENT. CLIENT hereby waives
any and all notice to which CLIENT may otherwise be entitled under the laws of the State of Arkansas as a prerequisite to a suit
against CLIENT for the unlawful detention of the premises.

 

    	 	6	 

     

    

22.
BINDING EFFECT

 

This
agreement shall inure to benefit of and be binding upon the parties hereto, their respective successors and assigns, except as
expressly limited otherwise herein.

 

23.
TIME OF THE ESSENCE

 

The
time of making of the payments and of the keeping of the covenants and furnishings of notices herein are of the essence of this
agreement, and the parties hereto so agree.

 

24.
PAYMENTS, NOTICES AND OTHER COMMUNICATIONS

 

Any
payment, notice or other communication called for or permitted under the terms hereof shall be sufficiently made or given on the
date of mailing if sent to such Party by certified first class mail, postage prepaid, addressed to it at its address below or
as it shall designate by written notice given to the other Party:

 

	CLIENT:	Signal Genetics, Inc.
	 	5740 Fleet Street.
	 	Carlsbad, CA  92008
	 	 
	UNIVERSITY:	Notices or other communications:
	 	UAMS BioVentures
	 	University of Arkansas for Medical Sciences
	 	4301 West Markham Street, #831
	 	Little Rock, Arkansas  72205
	 	 
	UNIVERSITY:	Payments:
	 	University of Arkansas for Medical Sciences
	 	Treasurer’s Office
	 	4301 West Markham Street, #560
	 	Little Rock, AR  72205
	 	 
	 	(Checks to be made out to UAMS and referenced as BioVentures rent)

 

    	 	7	 

     

    

25.
MISCELLANEOUS

 

The
following miscellaneous provisions shall apply to this lease:

(a)
This agreement is entered into in the State of Arkansas and is governed by the laws of the State of Arkansas.

(b)
CLIENT shall have a separate entrance to the premises and will be given keys for access to such entrance. CLIENT will exercise
reasonable care in controlling the persons to whom keys are given for access to the premises, and will return all keys at the
expiration or termination of this agreement. For security purposes of the UNIVERSITY, access to its several facilities
from the premises shall be limited according to the door and lock schedule maintained by the UNIVERSITY after normal business
hours.

(c)
UNIVERSITY shall provide Internet access to CLIENT upon the condition that CLIENT agrees to abide by the UNIVERSITY’s Confidentiality
Policy and computer use-policies and that CLIENT employees sign a Confidentiality Agreement with the UNIVERSITY pursuant to such
policies.

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly authorized representatives, and
is effective on the date of the last required signature.

 

 

	Signal Genetics, Inc.	 	Board of Trustees of the University of Arkansas acting for and on behalf of the University of Arkansas for Medical Sciences	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/
    Samuel D. Riccitelli	 	By:	/s/
    Teresa Shaddock	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	Date:	 February 25, 2016	 	Date:	 February 26, 2016	 

 

 

 

 

 

 

 

    	 	8	 

     

    

APPENDIX
A

 

	TAG #	 	DESCRIPTION	 	SERIAL #	 	BLDG/ROOM
	275058	 	Upright Refrigerator	 	W16N202237WN	 	BioV/G13
	275061	 	Centrifuge, Sorvall Legend	 	40315709	 	BioV/G19
	758308	 	Fisher Microscrope	 	F0303-0521-0013	 	BioV/G19
	275062	 	Hood ClassII	 	78861	 	BioV/G19
	275066	 	Hood ClassII	 	78863	 	BioV/G17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

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