Document:

EX-10.3

 Exhibit 10.3 

English translation for information purposes only 

Dynacure 
 French public
limited company (société anonyme) with a share capital of EUR [-] 
 Registered office: Bioparc III, 850 boulevard
Sébastien Brant – 67400 Illkirch Graffenstaden 
 817 666 217 R.C.S. Strasbourg 

(the « Company ») 
  

	
	Ms. / Mr. [-]
	[address]
	[-], 20[-]

 RE : ALLOCATION OF STOCK OPTIONS OF DYNACURE 

Dear Sir, 
 We hereby inform you that the board of directors of
the Company (the “Board of Directors”) has decided today to grant you [-] ([-]) stock options (options de souscription ou d’achat d’actions) issued by the Company (the “Stock Options”)
(i) pursuant to the decisions of the general meeting of the shareholders dated [-], 20[-] which authorized the Company’s Board of Directors (the “Board of Directors”) to grant Stock Options and (ii) the
decisions of the Board of Directors dated [-], 20[-], free of charge, under the terms and conditions set out in the document entitled “Stock option plan of Dynacure” adopted by the Board of Directors on [-],
20[-] and which is attached hereto as Appendix 1 (the “Plan”). 
 By countersigning this letter and returning a copy of the
Plan duly initialed and signed by you further to the present letter, you accept to subscribe all of the Stock Options as they have been granted to you in accordance with the terms and conditions of the Plan, of which you confirm to be fully aware
and which you accept without any reservation or condition. 
 Failing a response from you within ninety (90) calendar days of the present letter, you
will be deemed to have refused the granting of the Options in your favor hereunder.     
 Yours faithfully. 

 

The present letter is signed electronically via the encrypted and secured DocuSign platform (www.docusign.com),

 on the signature date indicated in the electronic signature certificate, and in accordance with the provisions of 

Articles 1366 and 1367 of the French Civil Code. 

 

	
	  

	Dynacure
	[-]
	
	  

	Ms. / Mr. [-]1

  

	1 	 Signature to be preceded by the mention « Bon pour acceptation de l’attribution de [-] ([-])
Stock Options » (For acceptance of the allocation of [-] ([-]) Stock Options) 

 English translation for information purposes only 

 

 Appendix 1 

 
  

STOCK OPTIONS PLAN OF DYNACURE 
  

 
 Adopted by the Board of Directors
on [-] 20[-] 

 English translation for information purposes only 

 

	 	1.	 PURPOSE OF THE PLAN 

By decisions of the shareholders (the “Shareholders”) of Dynacure (a public limited company (société anonyme), whose
registered office is located at Bioparc III, 850 boulevard Sébastien Brant—67400 Illkirch Graffenstaden, registered in the Trade and Companies Register under number 817 666 217 R.C.S. Strasbourg (hereinafter the
“Company”) on [-], 20[-], the Board of Directors was authorized, in accordance with the articles L.225-177 to L.225-186 of the French
Commercial Code, to grant, in one or more times, within a maximum period of 38 months stock options to subscribe Ordinary Shares of the Company (the “Stock Options”) to employees and/or executive directors or corporate officers of
the Company or other companies within the Group (the term “Group” refers to the Company and any company within the meaning of article L.225-180 I of the French Commercial Code). 

Using the authorization and powers granted to it by the said decisions of the Shareholders dated [-], 20[-], the Board of Directors decided on
[-], 20[-] to proceed with the issuance of [-] Stock Options, and to adopt this plan (the “Plan”), the provisions of which will govern the said Stock Options. 

 

	 	2.	 DEFINITIONS 

For the purposes of this Plan, the following terms and expressions are defined as follows and may be used in the singular or plural, masculine or feminine,
depending on the context. 
  

			
		
	“Beneficiary ”	  	refers to [-].
		
	“Board of Directors”	  	means the board of directors (conseil d’administration) of the Company.
		
	“Conditions”	  	refers to the (cumulative) conditions referred to in Article 5.1 below.
		
	“Contractual Undertaking”	  	refers to the Contractual Undertaking to be concluded between the Beneficiary and the Company.
		
	“Date of Sale of the Company”	  	refers to the date on which the Company is sold.
		
	“Exercise Price”	  	refers to EUR [-], subject to any future price adjustments provided in Article 5.3.
		
	“Exercise Period”	  	has the meaning set forth in Article 4.
		
	“Initial Public Offering” or “IPO”	  	refers to the admission of all or part of the Company’s shares to a regulated financial market in the European Union Area (such as Euronext) or the Nasdaq National Market or the New York Stock Exchange in the
United States.
		
	“Issuance”	  	refers to the decision taken by the Board of Directors to issue the Stock Options to the Beneficiary, i.e. [-], 20[-].
		
	“Ordinary Shares”	  	refers to ordinary share(s) of the Company with a nominal value of ten cents (€0.10).
		
	“Plan”	  	refers to this Stock Option plan.
		
	“Presence Condition”	  	refers to the condition relating to the actual presence of the Beneficiary as an employee or a corporate officer or executive director of the Group.
		
	“Stock Options”	  	refers to the [-] Stock Options that are the subject of the Issuance.
	“Sale of the Company”	  	means the sale of all the shares comprising the share capital of the Company.

 English translation for information purposes only 

 

	3.	 TERMS AND CONDITIONS OF THE ISSUANCE 

The Beneficiary of the Stock Options is appointed from among the employees and/or executive directors or corporate officers of the Group set forth in articles
L. 225-177 to L.225-186 of the French Commercial Code. 
 The Board of
Directors, within the framework of the above-mentioned authorization granted to it for this purpose by decisions of the Shareholders on [-], 20[-], has selected the Beneficiary. 

The Stock Options shall be subscribed by the Beneficiary as from the Issuance and until the expiry of a period of ninety (90) calendar days following the
Issuance (included), subject to the adherence by the Beneficiary to the amended and restated shareholders’ agreement in relation to the Company dated March 31, 2020 as amended on November 10, 2020 by way of the execution of a
Contractual Undertaking (if such Beneficiary has not executed such contractual undertaking yet). 
 Subscription to the Stock Options is subject to the
delivery by the Beneficiary of the Grant Notice duly countersigned. The subscription to the Stock Options shall be closed by anticipation upon all Stock Options to be issued being subscribed through the Grant Notice. 

 

	4.	 MAIN CHARACTERISTICS OF THE STOCK OPTIONS 

Each Stock Option entitles the Beneficiary to subscribe to one (1) Ordinary Share under the conditions defined in the present terms and conditions for an
exercise price of EUR [-] (the “Exercise Price”), subject to any future price adjustments provided for in Article 5.3. 
 The Stock
Options are issued in accordance with French regulations, as registered securities, and may not be transferred or assigned. 
 The Stock Options may not be
transferred nor assigned by the Beneficiary, except with the prior approval of the Board of Directors. 
 This Plan has a duration of 10 years as from the
Issuance, and will expire on [-], 20[-], midnight Paris time (the “Exercise Period”). 
 Neither the issuance nor the
allocation or the exercise of the Stock Options and the subscription to the Ordinary Shares shall guarantee the Beneficiary to maintain its mandate, or its work contract as the case may be, with the Company. 

 

	5.	 EXERCISE CONDITIONS 

The Stock Options to subscribe to Ordinary Shares may be exercised according to the conditions set forth below. 

 

	5.1	 Vesting conditions 

 

	5.1.1	 General Terms 

The Stock Options granted to the Beneficiary are exercisable as follows: 
  

	 	•	 	 [To be specified in individual award agreements] 

provided, that, upon the expiration of each of the above-mentioned vesting periods, the following conditions are satisfied on a cumulative basis (the
“Conditions”): 
  

	 	•	 	 the Presence Condition is satisfied; and 

 

	 	•	 	 the Beneficiary has signed a Contractual Undertaking with the Company. 

 English translation for information purposes only 

 

 If the Presence Condition ceases to be fulfilled at the end of each of the above-mentioned vesting periods,
the Beneficiary shall lose his rights to exercise the Stock Options which have not definitively vested subject to the provisions of the Plan below. The Stock Options that have not been definitively vested will then lapse, without consideration or
compensation. 
 As an exception to the foregoing, and subject to compliance with the Conditions, in the event of a Sale of the Company, all the Stock
Options shall become fully exercisable in advance, immediately, before the completion of the Sale of the Company, subject to the respect by the Beneficiary of the Conditions on such date, in such a way that the Beneficiary would be able to transfer
the Ordinary Shares resulting from the exercise of the Stock Options in the Sale of the Company. 
 As an exception to the foregoing, and subject to
compliance with the Conditions, in the event of an Initial Public Offering of the Company, the Board of Directors, in its sole discretion and at any time, may decide, by a Board Majority (as defined in the shareholders’ agreement entered into
between the Company’s shareholders dated 31 March 2020, as amended on November 10, 2020) that the vesting of the Stock Options shall be accelerated and they shall become fully exercisable on the date of the Initial Public Offering.

  

	5.1.2	 Early exercise of the Stock Options during the Exercise Period 

The vested Stock Options that have become exercisable and that are not exercised before the earlier of (i) the end of a three (3) months period
after the Condition of Presence ceases to be met, (ii) the occurrence of the Sale of the Company and (iii) the end of the Exercise Period, shall automatically lapse and become null and void, and the Beneficiary shall no longer be entitled
to any rights attached to the Stock Options. 
  

	5.2	 Form of exercise 

Without prejudice to the foregoing, the Stock Options may be exercised in one or several times during the Exercise Period. 

To exercise all or part of the Stock Options, the Beneficiary shall send to the registered office of the Company a notice of exercise, along with the related
subscription form to the Ordinary Shares in accordance with the form contained in Schedule A. 
 When exercising Stock Options, the Beneficiary shall fully
pay the Exercise Price pertaining to the exercised Stock Options, in cash (by check or bank transfer to the Company) or by offset with certain, liquid and immediately payable receivables of the Beneficiary on the Company. As from the reception of
the documents and provided that the Exercise Price is paid, the Company will decide the corresponding share capital increase and will update the Company’s books. 
  

	5.3	 Adjustment of the Rights to the Beneficiary 

As provided by article L.225-181 of the French Commercial Code, in the event of a redemption or reduction of share
capital, a change in the allocation of profits, a grant of free shares, an increase in share capital by incorporation of reserves, profits or share premium, a distribution of reserves, or any issuance of equity instruments that includes subscription
rights reserved for the shareholders, the exercise price and the number of shares to which a Stock Option gives right will be adjusted in order to take into account such issuance or other capital transaction in accordance with the provision of
article L.228-99 of the French Commercial Code. 
 If such a situation is covered by existing law or regulation,
such law or regulation shall be applied. If such a situation is not covered by existing law or regulation, the general shareholders’ meeting or the Board of Directors , when deciding to proceed with such securities issuance or other
modification of the share capital, may adopt any adjustment measures necessary to protect the rights of the holders of the Stock Options, using by analogy the rules and regulations which would govern similar cases. 

The Beneficiary will be informed of the practical terms of such an adjustment and of its consequences on his award of Stock Options. 

 English translation for information purposes only 

 

	6.	 TRANSFER OF SHARES 

The transfer of Ordinary Shares resulting from the exercise of the Stock Options is possible as of their subscription, subject to the terms of the Contractual
Undertaking. 
  

	7.	 SUBSTITUTION IN THE EVENT OF A MERGER 

In accordance with L. 228-101 of the French Commercial Code, if the Company is absorbed by another company or merges
with one or several other companies resulting in the creation of a new entity, or in a case of a demerger (scission), the Beneficiary will be entitled to exercise his Stock Options in the company or companies receiving the capital contributions.

  

	8.	 CHARACTERISTICS OF THE SHARES AND SHARES RIGHTS 

The Ordinary Shares subscribed by the Beneficiary upon exercise of the Stock Options shall have, as from their issuance, the same rights as those attached to
the existing Ordinary Shares and with respect to the right to dividends, as from the first day of the fiscal year of the exercise of such Stock Options. 

The property of the new Ordinary Shares to be issued shall result from their registration in the Company’s books under the Beneficiary’s name. 

 

	9.	 CHANGES TO THE PLAN 

No amendment may be made to this Plan that would be detrimental to the Beneficiary without the agreement of the Beneficiary, unless such amendment results from
a newly enacted legislative or regulatory provision or any other provision that is enforceable or binding on the Company, including those that would entail additional tax and/or social costs for the Beneficiary and/or the Company or such amendment
is approved by the Beneficiary. 
  

	10.	 TAX AND SOCIAL REGIME 

The Beneficiary is responsible for making declarations and payments to be made or owed by him under applicable law and particularly his tax liabilities.
Applicable social security law and tax vary depending on the country of residence of the Beneficiary. Prior to the delivery of any Ordinary Share pursuant to the exercise of a Stock Option, the Company will have the power and the right to deduct or
withhold, or require a U.S. Participant to remit to the Company, an amount sufficient to satisfy U.S. federal, state, local, foreign or other taxes (including the U.S. Participant’s Federal Insurance Contributions Act obligations) required to
be withheld with respect to such Stock Option. 
 The Beneficiary is responsible for inquiring about the social and tax treatment applicable to him in his
country of residence due to the grant or exercise of the Stock Options allocated or the issuance or transfer of the resulting Ordinary Shares. 
 In the
event that, as a result of the grant or exercise of the Stock Options or the issuance or transfer of the resulting Ordinary Shares and, as the case may be, as provided by applicable law, the Company (or any Group company, as the case may be) would
have to pay taxes, social security contributions or any other tax or governmental contribution on behalf of the Beneficiary, the Company (or the relevant Group company, as the case may be) reserves the right to deduct such taxes, social security
contributions or any other tax or governmental contribution from the compensation due to the Beneficiary. 
 No Obligation to Notify or Minimize Taxes. The
Company will have no duty or obligation to the U.S. Participant to advise such holder as to the time or manner of exercising the Stock Option. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a
pending termination or expiration of a Stock Option or a possible period in which the Stock Option may not be exercised. The Company has no duty or obligation to minimize the tax consequences of Stock Options to the U.S. Participant. 

 English translation for information purposes only 

 

 Section 409A of the U.S. Internal Revenue Code (the “Code”). Unless otherwise expressly
provided for in a Grant Notice and the Plan, the terms applicable to Stock Options granted under the Plan will be interpreted to the greatest extent possible in a manner that makes the Stock Options exempt from Section 409A of the Code, and, to
the extent not so exempt, that brings the Stock Options into compliance with Section 409A of the Code. Notwithstanding anything to the contrary in the Plan (and unless the Grant Notice and Plan or other written contract with the U.S.
Participant specifically provides otherwise), if the Ordinary Shares are publicly traded, and if a U.S. Participant holding a Stock Option that constitutes “deferred compensation” under Section 409A of the Code is a “specified
employee” under Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions
thereunder) will be issued or paid before the date that is six (6) months following the date of such U.S. Participant’s “separation from service” or, if earlier, the date of the U.S. Participant’s death, unless such
distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six (6) month period elapses, with the balance paid thereafter on the
original schedule. The Company shall have no liability to a U.S. Participant or any other party if a Stock Option that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt or compliant or for any action
taken by the Company’s the Board of Directors . 
  

	11.	 APPLICABLE LAW—JURISDICTION 

This Plan is subject to French law. In the event of a dispute or litigation relating to its interpretation, validity or execution, the parties shall endeavor
to find an amicable solution; failing this, the dispute shall be brought before the competent French courts. 

 English translation for information purposes only 

 

 Schedule A 

Share subscription form 

 

Bulletin de souscription / Subscription form 

Je soussigné, ________________, de nationalité _______________ et résidant à _______________, 

I the undersigned ________________, a _______________ citizen residing at _________________, 

Titulaire de      options de souscription ou d’achat d’actions (les « Stock
Options », tel que ce terme est défini dans le plan de Stock Options) de Dynacure, société anonyme, dont le siège social est situé Bioparc III, 850 boulvard Sébastien
Brant – 67400 Illkirch Graffenstaden, France, et immatriculée au Registre du Commerce et des Sociétés de Strasbourg sous le numéro 817 666 217 (la « Société »), 

Holding      stock options (the “Stock Options”, as this term is defined in
the Stock Option Plan) of Dynacure, a public limited company (French société anonyme), whose registered office is located at Bioparc III, 850 boulevard Sébastien Brant—67400 Illkirch Graffenstaden, registered in the Trade
and Companies Register under number 817 666 217 R.C.S. Strasbourg (the “Company”), 
 Après avoir pris
connaissance des statuts de la Société et des conditions et modalités d’émission et d’exercice applicables aux Stock Options, 

Considering the by-laws of the Company and the terms and conditions of issuance and exercise applicable to the Stock
Options, 
 Déclare par le présent bulletin exercer ______ Stock Options et souscrire ainsi à ______actions ordinaires nouvelles de
la Société, 
 Hereby declare to exercise      Stock Options and subscribe to new ordinary shares of the Company,

 Déclare libérer la totalité du montant de ma souscription, soit la somme de ____________ euros, en numéraire sur le
compte bancaire de la Société auprès de la banque ____________________ dont l’adresse est _________________________ / par voie de compensation avec une créance de ______________ euros que je détiens sur la
Société, 
 Hereby pay the full amount of my subscription, amounting to     Euros, in cash on the Company’s
account with the bank _______________________ whose address is _____________________________ / by offset with certain, liquid and immediately payable receivable that I own against the Company, 

Reconnais qu’un exemplaire sur papier libre du présent bulletin de souscription m’a été remis. 

Declare to keep one original copy of the subscription form. 

Fait à ___________________, le
                           , en deux (2) exemplaires 

Executed ________________, on
                          , in two (2) original copies 

 
  

 

	2	 Signature précédée de la mention manuscrite (signature to be preceded by the
handwritten mention): « Bon pour souscription à actions ordinaires nouvelles de la Société ».EX-10.4

 Exhibit 10.4 

English translation for information purposes only 

Dynacure 
 French public
limited company with a share capital of EUR [-] 
 Registered office: Bioparc III, 850 boulevard Sébastien Brant – 67400
Illkirch Graffenstaden 
 817 666 217 R.C.S. Strasbourg 

(the « Company ») 
  

			
		 	Ms. / Mr. [-]
		 	[address]
		
		 	[-], 20[-]

 RE : ALLOCATION OF FREE SHARES OF DYNACURE 

Dear Sir, 
 We hereby inform you that the board of directors of
the Company (the “Board of Directors”) has decided today to grant you [-] ([-]) new free shares (actions gratuites) of the Company (the “ Common Shares Allocated “) under the
regulation of the plan for the allocation of free Dynacure common shares adopted by the President on the date hereof and which is attached hereto as Appendix 1 (the “Plan”). 

We remind you that the definitive allocation of the said shares is subject to the satisfaction of the conditions provided for in the Plan. 

By countersigning this letter and returning to us a copy of the Plan duly initialed by you within ninety (90) calendar days hereunder, you accept all of
the Common Shares Allocated in accordance with the terms and conditions of the Plan, which you have read in full and which you accept without reservation or condition. 

In the absence of a response within the aforementioned time limit, you will be deemed to have refused the free allocation of [-] ([-]) Common
Shares Allocated which are the subject hereof. 
 Yours faithfully. 

 

The present letter is signed electronically via the encrypted and secured DocuSign platform (www.docusign.com), on the
signature date indicated in the electronic signature certificate, and in accordance with the provisions of Articles 1366 and 1367 of the French Civil Code. 

  

			
	  
	  	
	Dynacure	  	
	[-]	  	
		
	  
	  	
	[-]1	  	

  
  

	1	 Signature to be preceded by the mention « Bon pour acceptation de l’attribution gratuite de
[-] ([-]) actions ordinaires » ((For acceptance of the allocation of [-] ([-]) common shares). 

 English translation for information purposes only 

 

 Appendix 1 

 
  
  

 
 REGULATION OF THE PLAN FOR THE
ALLOCATION OF FREE DYNACURE 
 COMMON SHARES 

 
 Adopted by the Board of Directors
on [-] 
  

  
 2 

 English translation for information purposes only 

 

	 	1.	 PURPOSE OF THE REGULATION 

By decisions of the shareholders (the “Shareholders”) of Dynacure (a French public limited company (société anonyme),
whose registered office is located at Bioparc III, 850 boulevard Sébastien Brant—67400 Illkirch Graffenstaden,, registered in the Trade and Companies Register under number 817 666 217 R.C.S. Strasbourg (hereinafter the
“Company”) on [-], the Board of Directors was authorized to grant, on one or more occasions, within a maximum period of thirty-eight (38) months, free common shares (the “Common Shares”) of the Company
to employees and legal representatives (mandataires sociaux) of the Company or related companies or groups that met the conditions set forth in Article
L. 225-197-1, II of the French Commercial Code. 
 In this respect, the
Shareholders have decided in particular: 
  

	 	•	 	 to delegate their authority to the Board of Directors, with the possibility of
sub-delegation to the extent permitted by law, to make, after authorization by the Company’s Supervisory Committee, on one or more occasions, allocations of free Common Shares to be issued to the
beneficiaries or categories of beneficiaries that it shall determine among the employees and legal representatives (mandataires sociaux) of the Company or companies or groups related to it and that meet the conditions set forth in Article L. 225-197-1 and L. 225-197-2 of said Code; 

 

	 	•	 	 to set at [-] the maximum number of Common Shares that may be issued by the Board of Directors pursuant to
the delegation and that, in any event, the maximum number of Common Shares that may be issued pursuant to the delegation may not exceed the limits set by the provisions of Article L.
225-197-1, I of the French Commercial Code; 

  

	 	•	 	 to note that the authorization to allocate the free Common Shares entails the automatic waiver by the
shareholders of their preferential subscription rights in favor of the beneficiaries of the Common Shares allocated free of charge, the corresponding increase being definitively carried out solely as a result of the final allocation of the Common
Shares to their beneficiaries. This capital increase will be carried out by incorporation and deduction from the Company’s available reserves; 

  

	 	•	 	 that the allocation of the free Common Shares to their beneficiaries will become final at the end of a vesting
period whose duration may not be less than that required by the legal provisions applicable on the date of the allocation decision (i.e., to date, one year). During this vesting period, the beneficiaries will not hold the Common Shares allocated to
them and the rights resulting from this allocation shall be non-transferable; 

  

	 	•	 	 that the Common Shares finally vested will be subject, at the end of the above-mentioned vesting period, to a
retention obligation whose duration may not be less than that required by the legal provisions applicable on the date of the allocation decision (i.e., to date, one year); however, this retention obligation may be waived by the Board of Directors
for free shares allocated for which the vesting period has been set at a period of at least two years; 

  

	 	•	 	 that the final vesting of the Common Shares allocated free of charge and the option to sell them freely will
nevertheless occur before the expiration of the retention period or, where applicable, the obligation to retain them, in the event of the death or disability of the beneficiary corresponding to a classification in the second or third category as
provided for in Article L. 341-4 of the French Social Security Code, or equivalent case abroad; 

  
 3 

 English translation for information purposes only 

 

	 	•	 	 to grant full powers to the Board of Directors for the purpose of implementing the delegation and, in particular,
for the purpose to: 

  

	 	•	 	 determine (a) the identity of the beneficiaries, or the category or categories of beneficiaries, of the
allocations of Common Shares among the employees or legal representatives (mandataires sociaux) of the Company or of the aforementioned companies or groups in accordance with articles L. 225-197-1 and L. 225-197-2 and (b) the number of Common Shares allocated to each of them; 

 

	 	•	 	 set the conditions and, where applicable, the criteria for the allocation of the Common Shares allocated under
the delegation, in particular, the minimum vesting period and the required holding period for each beneficiary, under the conditions provided for above, it being specified that in the case of Common Shares allocated free of charge to legal
representatives (mandataires sociaux), the Board of Directors must either (a) decide that the Common Shares granted free of charge may not be sold by the persons concerned before they leave office, or (b) set the number of Common
Shares granted free of charge that they are required to keep in registered form until they leave office; 

  

	 	•	 	 provide for the possibility of temporarily suspending allocation rights; 

 

	 	•	 	 record the final allocation dates and the dates from which the Common Shares may be freely transferred, subject
to legal restrictions; and 

  

	 	•	 	 to register the Common Shares Allocated free of charge in a registered account in the name of their holder,
mentioning the unavailability and duration thereof, and to waive the unavailability of the Common Shares for any circumstance for which the applicable regulation would allow the unavailability to be waived. 

Using the authorization and powers granted to him by the said decisions of the Shareholders dated [-] 2020, the Board of Directors decided on [-]
2020 to proceed with the free allocation of [-] Common Shares, and to adopt this regulation (the “Regulation”), the provisions of which will govern the free allocation of said Common Shares. 

 

	 	2.	 DEFINITIONS 

For the purposes of this Plan, the following terms and expressions are defined as follows and may be used in the singular or plural, masculine or feminine,
depending on the context. 
  

			
	“Allocation”	  	refers to the decision taken by the Board of Directors to allocate the Common Shares to the Beneficiary. This Allocation constitutes a right to receive the free Common Shares at the end of each Vesting Period under the conditions
and in the proportions detailed in Article 6.
		
	“Allocation Date”	  	designates for the Beneficiary the date of the decision of the Board of Directors who granted the Common Shares, i.e., [-].
		
	“Articles of Association”	  	refers to the bylaws of the Company.
		
	“Beneficiary”	  	refers to [-].
		
	“Board of Directors”	  	means the Board of Directors of the Company.

  
 4 

 English translation for information purposes only 

 

			
	“Common Shares”	  	refers to common shares with a nominal value of ten cents (€0.10), as defined in the Articles of Association, to be issued by the Company.
		
	“Common Shares Allocated”	  	refers to the [-] Common Shares that are the subject of the Allocation.
		
	“Conditions”	  	refers to the (cumulative) conditions referred to in Article 6.1 below.
		
	“Contractual Undertaking”	  	refers to the Contractual Undertaking to be concluded by the Beneficiary.
		
	“Date of Sale of the Company”	  	refers to the date on which the Company is sold.
		
	“Final Allocation” or “Vesting”	  	refers to the definitive vesting by the Beneficiary of all or part of the Common Shares Allocated in accordance with Article 6.1 of this Regulation
		
	“Initial Public Offering” or “IPO”	  	refers to the admission of all or part of the Company’s shares to a regulated financial market in the European Union Area (such as Euronext) or the Nasdaq National Market or the New York Stock Exchange in the
United States.
		
	“Plan”	  	refers to this Common Share Allocation Plan.
		
	“Presence Condition”	  	refers to the condition relating to the presence of the Beneficiary as a legal representative (mandataire social) or an employee of the Company or its affiliated companies or groups that meet the conditions set forth in
articles L. 225-197-1 and L. 225-197-2 of the French Commercial Code as defined in
Article 6.1 of this Regulation, which must be met by the Beneficiary so that ownership of the Common Shares Allocated may be transferred to them at the end of each Vesting Period, under the conditions and proportions detailed in Article
6.1.
		
	“Retention Period(s)”	  	means, for the Beneficiary, each of the periods referred to in Article 6.2, during which the Vested Common Shares at the end of each Vesting Period must be retained by the Beneficiary, and may not, therefore, be assigned,
transferred to a third party or converted to bearer form, under the conditions detailed in Article 6.2.
		
	“Sale of the Company”	  	means the sale of all the shares comprising the share capital of the Company.
		
	“Vested Common Shares”	  	has the meaning attributed to it in Article 8.
		
	“Vesting Dates”	  	means, for the Beneficiary, the successive dates on which the Common Shares Allocated are definitively acquired by the Beneficiary (subject to compliance with the Conditions), at the end of each of the Vesting Periods, under the
conditions and proportions detailed in Article 6.1.
		
	“Vesting Periods”	  	means, for the Beneficiary, each of the periods, following the Allocation Date, during which the Common Shares Allocated are finally acquired by the Beneficiary (subject to compliance with the Conditions), under the conditions and
proportions detailed in Article 6.1.

  
 5 

 English translation for information purposes only 

 

	3.	 NATURE OF THE SHARES 

The Regulation allows the Allocation to the Beneficiary of Common Shares to be issued by the Company, whose rights are governed, in particular, by the Articles
of Association. 
 In accordance with Article L. 225-197-3 of the French
Commercial Code, the rights resulting from the Allocation of Common Shares are non-transferable by any means whatsoever, except for succession vesting, until the end of each Vesting Period. The same applies to
Common Shares subject to a Retention Period. 
  

	4.	 BENEFICIARY OF THE PLAN 

The Beneficiary of the Common Shares is appointed from among the employees and legal representatives (mandataires sociaux) of the Company or its
affiliated companies or groups that meet the conditions set forth in articles L. 225-197-1 and L.
225-197-2 of the French Commercial Code. 
 The Board of Directors, within
the framework of the above-mentioned authorization granted to him for this purpose by decisions of the Shareholders on [-], has selected the Beneficiary and the number of the Common Shares Allocated to the Beneficiary. 

 

	5.	 TERMS AND CONDITIONS FOR THE ALLOCATION OF COMMON SHARES 

Notice of the Allocation of the Common Shares to the Beneficiary shall be given in the form of a letter from the Board of Directors or any other person
designated by it, sent by mail or delivered by hand, accompanied by a copy of this Regulation, and specifying the number of Common Shares that are Allocated to the Beneficiary, the Vesting Periods and, where applicable, the Retention Period for the
Common Shares. 
 The Beneficiary shall acknowledge receipt of the allocation letter and of the Regulation by returning a signed copy of the allocation
letter and an initialed copy of the Regulation to the Board of Directors (or one countersigned copy in the event of personal delivery of said allocation letter). 

If the Beneficiary does not countersign (in the event of hand-delivery) or return a signed copy of the allocation letter or of the initialed Regulation within
a maximum period of ninety (90) calendar days following the Allocation Date, his or her right to the Allocation of the Common Shares that have been Allocated to him or will be definitively lost. 

Eligibility for the Plan may in no way be interpreted as an element of an employment contract. The rights and obligations arising from the employment
relationship between the Beneficiary respectively and the Company or its affiliated companies may in no way be affected by the Regulation from which they are totally separate. Participation in this Plan shall not confer any right relating to the
continuation or creation of an employment relationship or corporate office and shall in no way limit the right, if any, of the Beneficiary and the Company or its affiliated companies to terminate such employment or corporate office under any
circumstances, with or without cause 
 The Allocation is an irrevocable commitment of the Company for the benefit of the Beneficiary subject to
(i) the latter’s compliance with the provisions of the Plan and (ii) the satisfaction of the Presence Condition. 

  
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 English translation for information purposes only 

 

	6.	 CONDITIONS RELATING TO THE AVAILABILITY OF SHARES 

 

	6.1	 Vesting Periods 

 

	6.1.1	 In General 

The Final Allocation of all or part of the Common Shares Allocated to the Beneficiary will take place, at the end of the Vesting Periods referred to below
under the following conditions and proportions: 
  

	 	•	 	 [To be specified in individual award agreements] 

provided that, upon the expiration of each of the above-mentioned Vesting Periods, the following conditions are satisfied on a cumulative basis (the
“Conditions”): 
  

	 	•	 	 the Presence Condition is satisfied; and 

 

	 	•	 	 the Beneficiary has signed a Contractual Undertaking with the Company. 

As an exception to the foregoing, and subject to compliance with the Conditions, in the event of a Sale of the Company, all the Common Shares Allocated shall
be deemed to have definitively vested on the Date of Sale of the Company or, if the Date of Sale of the Company occurs prior to the expiration of a period of one year following the Allocation Date, it shall occur on the first anniversary date of the
Allocation Date. 
 As an exception to the foregoing, and subject to compliance with the Conditions, in the event of an IPO of the Company, the Board of
Directors, in its sole discretion and at any time, may decide at the majority (“Board Majority”, as such term is defined in the shareholders’ agreement entered into between the Company’s shareholders dated 31 March
2020 and as amended on 10 November 2020), that the Common Shares Allocated are definitively vested in advance on the date of the Initial Public Offering, or, if the date of the Initial Public Offering occurs before the expiration of a period of
one year following the Allocation Date, it will occur on the first anniversary date of the Allocation Date. 
 Before the expiration of each of the
above-mentioned Vesting Periods, the Beneficiary shall not, solely because of his or her status as Beneficiary, have any voting rights, any right to receive dividends or any other right in its capacity as shareholder. 

If the Presence Condition ceases to be fulfilled at the end of each of the above-mentioned Vesting Periods, the Beneficiary shall lose his or her rights to
the Final Allocation of the Common Shares which have not definitively vested subject to the provisions of the Plan below. The Common Shares Allocated that have not been definitively Vested will then lapse, without consideration or compensation. 

  
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	6.1.2	 Exceptions to the Presence Condition 

Notwithstanding the foregoing, if, at any time prior to the expiration of each of the Vesting Periods detailed above, the Beneficiary ceases to satisfy the
Presence Condition, he or she shall retain such status as Beneficiary and may receive the Common Shares Allocated if he or she does not comply with the Presence Condition due to any of the following causes (the “Exceptions to the Presence
Condition”): 
  

	 	(i)	 his or her death; 

In the event of the death of the Beneficiary before the Vesting Dates, his or her heir(s) or assignee(s) will have a period of six
(6) months from the date of death to request early delivery of the Common Shares Allocated. The Common Shares Allocated will then be delivered without delay to the heirs or beneficiaries of the deceased who will be free to dispose of them
immediately (subject to the provisions of the Contractual Undertaking); 
  

	 	(ii)	 his or her disability falling into the second or third category defined by Article L. 341-4 of the French Social Security Code, having forced him or her to cease his or her corporate office or employment agreement. 

In the event of disability of the Beneficiary falling into the second or third category defined in Article L.
341-4 of the French Social Security Code occurring before the Vesting Dates, the Beneficiary may request early delivery of the Common Shares Allocated and may dispose of them immediately (subject to the
provisions of the Contractual Undertaking). 
  

	6.2	 Retention Period(s) 

 

	6.2.1	 General principle 

At the end of each of the Vesting Periods referred to in Article 6.1, the Beneficiary shall then become the owner of the Common Shares Allocated, in the
proportions referred to in Article 6.1 and, therefore, a shareholder of the Company. 
 Nevertheless, for Vested Common Shares for which the relevant
Vesting Period is less than 2 years, the Beneficiary shall be required to hold the Vested Common Shares for a period equal to the difference between a period of 2 years (calculated from the expiration of the relevant Vesting Period) and the duration
of the relevant Vesting Period (the “Retention Period(s)”), so that for these Common Shares Allocated concerned, the cumulative duration of the Vesting Period and the Retention Period is equal to 2 years. Thus, Vested Common Shares
at the end of a Vesting Period greater than or equal to 2 years will not be subject to a Retention Period. 
 The delivery of the Common Shares Allocated
will not entitle the Beneficiary to any rights retroactive from the date on which they were transferred to them in full ownership. 
 During this Retention
Period, the Beneficiary shall benefit from the prerogatives of any shareholder and, in particular, from the right to participate in meetings, the right to communicate, the right to vote, the right to dividends distributed by the Company and the
preferential subscription right. 
 The Common Shares Allocated transferred after the decision to distribute dividends taken by the Company’s general
meeting called to approve the financial statements for year N will only be eligible for dividends as from the decision to distribute dividends taken by the Company’s general meeting called to approve the financial statements for year N+1. 

The Common Shares will be issued in registered form in the name of the Beneficiary and will be recorded in accounts in the Company’s books. The Common
Shares will be subject to all legal and statutory and non-statutory provisions. 

  
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 English translation for information purposes only 

 

	6.2.2	 Exceptions 

In the event of the death of the Beneficiary during the Retention Period and without prejudice to the provisions of the Contractual Undertaking, the Common
Shares Allocated shall be transferred to his or her heirs or beneficiaries. In this case, the Board of Directors must, therefore, have the Common Shares Allocated in the name of these heirs or beneficiaries recorded in the shareholder’s
accounts. As soon as the shares are registered in an account for their benefit, the heirs or beneficiaries are subrogated to all the rights and obligations attached to the Common Shares Allocated (as they result from the Plan and the provisions of
Articles L. 225-197-1 et seq. of the French Commercial Code) but will not be bound by the provisions of Article 6.2.1 above. 

Without prejudice to the provisions of the Contractual Undertaking, the Vested Common Shares are also freely transferable in the event of the disability of
the Beneficiary during the Retention Period corresponding to his or her classification in the second or third of the categories provided for in Article L. 341-4 of the French Social Security Code. In this
case, the Beneficiary concerned shall not be bound by the provisions of Article 6.2.1 above. 
  

	6.3	 Maintaining the Beneficiary’s Rights  

 

	6.3.1	 When the Company carries out (i) a transaction on its share capital as referred to in Article L. 225-181, Paragraph 2 of the French Commercial Code (but other than those mentioned in Articles 6.3.2 and 6.3.3), or (ii) a share consolidation transaction, which may result in a change in the value or number of
Common Shares Allocated, occurring during the Vesting Periods, the Board of Directors, if he or she deems it appropriate, may take any measures to protect the interests and rights of the Beneficiary while ensuring that the Beneficiary’s rights
under this Plan remain subject to conditions equivalent to those existing prior to the completion of the above-mentioned transactions. 

The foregoing provisions shall have the sole purpose and effect of preserving the rights of the Beneficiary in the same way and shall in no
case be interpreted as conferring on the Beneficiary any guarantee on the value of the Common Shares Allocated. 
  

	6.3.2	 If during the Vesting Periods or Retention Periods the Company carries out a transaction as referred to
in Article L. 225-197-1 III of the French Commercial Code, the Beneficiary may exercise their rights in the Company resulting from the merger or in the Company (or
companies) resulting from the demerger, and in accordance with the provisions of Article L. 225-197-1 III of the French Commercial Code, the remaining term of each
Vesting Period or, as the case may be, the Retention Period shall remain applicable to the rights to be granted or, as the case may be, to the shares received in exchange and the provisions of the Regulation shall remain applicable mutatis
mutandis. The new number of Common Shares Allocated will be determined by correcting the number of Common Shares Allocated by the exchange ratio of the Company’s shares for shares of the acquiring company or for shares of the Company (or
companies) resulting from the demerger. This (these) last company (or companies) shall be automatically substituted for the Company in its obligations towards the Beneficiary under the Plan. 

 

	6.3.3	 If during the Retention Period the Company’s shares are the subject of a public exchange offer
without a cash balance, the Beneficiary may freely tender the Common Shares Allocated to said offer, notwithstanding the provisions of Article 6.2.1 and in accordance with the provisions of Article L.225-197-1 III of the French Commercial Code, the obligation to retain Article 6.2.1 remaining applicable to the shares received in exchange and for the remaining term of the Retention Period as from the
exchange date. 

  
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 English translation for information purposes only 

 

	7.	 SUBSTITUTION IN THE EVENT OF A MERGER 

In the event of a merger by absorption of the Company, the acquiring company shall replace the Company in the obligations arising from this Regulation. 

The new number of Common Shares that may be allocated to the Beneficiary at the end of each Vesting Period shall be determined by correcting the number of
Common Shares that are expected to be issued before the beginning of the relevant transaction by the ratio of the exchange of the Shares for the shares of the acquiring company. 

 

	8.	 TERMS AND CONDITIONS FOR THE DELIVERY OF SHARES 

The Common Shares will be acquired at the end of each Vesting Period, under the conditions and in the proportions detailed in Article 6.1 (the “Vested
Common Shares”). 
 The Vested Common Shares will automatically be registered in the name of each of the Beneficiary (or, where applicable, their
heirs) in the registers and shareholders’ accounts kept by the Company and mentioning their unavailability. They must remain in pure registered form until at least the expiration of the Retention Period. 

To the extent that the Vested Common Shares are new shares, they will carry dividend rights from each of the Vesting Dates. They will be subject to all the
provisions of the Company’s Articles of Association. 
  

	9.	 ISSUANCE, ENJOYMENT AND DISPOSAL OF VESTED COMMON SHARES 

To ensure their retention, the Vested Common Shares must be held in pure registered form. They must remain so until the end of the Conservation Period, if
applicable. 
 Consequently, the Beneficiary undertakes not to make any transfer of any kind whatsoever relating to the said Vested Common Shares during the
said Retention Period. 
 The Vested Common Shares will be subject to all legal and statutory provisions and will carry dividend rights from the day on
which they are actually vested in each of the Beneficiary. 
  

	10.	 MODIFICATIONS TO THE REGULATION 

 

	10.1	 Principle 

No amendment may be made to this Regulation that would be detrimental to the Beneficiary without the agreement of the Beneficiary, unless such amendment
results from a newly enacted legislative or regulatory provision or any other provision that is enforceable or binding on the Company, including those that would entail additional tax and/or social costs for the Beneficiary and/or the Company or
such amendment is approved by the Beneficiary. 
  

	10.2	 Notification of modifications 

Notice of such amendment to the Regulation may be given to the Beneficiary by any means, including internal mail, ordinary mail or mail with acknowledgement of
receipt, fax or e-mail to the address or number indicated by such person. The notice shall be deemed to have been received at the time of transmission, except in the case of ordinary mail, for which the
notification shall be deemed to have been received at the end of 72 hours after dispatch, or in the case of letters with acknowledgement of receipt, at the first date of presentation. 

 

	11.	 TAX AND SOCIAL REGIME 

The Beneficiary shall bear all taxes and compulsory levies imposed by the law in force on the due date of such taxes or charges. 

  
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	12.	 MISCELLANEOUS PROVISIONS 

 

	12.1	 Reporting Obligations of the Beneficiary 

It will be up to the Beneficiary to verify the reporting obligations (and, in particular, the tax obligations) that may be imposed upon them. 

 

	12.2	 Applicable Law - Jurisdiction 

This Regulation is subject to French law. In the event of a dispute or litigation relating to its interpretation, validity or execution, the parties shall
endeavor to find an amicable solution; failing this, the dispute shall be brought before the competent French courts. 

  
 11

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