Document:

Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT
 THIS EMPLOYMENT
AGREEMENT (“Agreement”), is made and entered into as of the 10th day of March, 2011 (the “Effective Date”) by and between Kensey Nash Corporation, a Delaware corporation (the “Company”), and Michael Celano
(“Executive”). Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in Exhibit A. 
 WHEREAS, the Company wishes to retain Executive as an executive employee, and Executive wishes to be employed by the Company in such capacity, all upon the terms and conditions hereinafter set
forth; 
 NOW, THEREFORE, in consideration of the mutual covenants of the parties hereinafter set forth, and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1.
EMPLOYMENT OF EXECUTIVE. The Company engages and employs Executive in an executive capacity and Executive accepts such employment and agrees to act as an employee of the Company in accordance with the terms of employment hereinafter
specified. Executive shall hold the office of Chief Financial Officer and shall, subject to the direction and supervision of the Chief Executive Officer (“CEO”), (a) have the responsibilities and authority customarily
associated with such office, and (b) perform such other duties and responsibilities as the CEO shall from time to time assign to him. Executive agrees to diligently and faithfully serve the Company and to devote his best efforts, his full
business time and his highest talents and skills to the furtherance and success of the Company’s business. 
 2.
COMPENSATION. As full and complete compensation to Executive for all services to be rendered by Executive hereunder, the Company shall pay Executive as follows: 
 (a) The Company shall, during the Employment Term (as defined in Paragraph 3(a)), pay or cause to be paid to Executive a base salary at the rate of $260,000 per annum, or Executive’s most recent per
annum base salary from the Company, whichever is greater (the “Base Salary”). Such Base Salary shall be paid in periodic installments at the discretion of the Company (but not less frequently than monthly) in accordance with the
Company’s normal mode of executive salary payment. 
 (b) The Company may, during the Employment Term (as defined in
Paragraph 3(a)), pay or cause to be paid to Executive an annual cash bonus not to exceed 75%, with a target established at 50%, of Executive’s Base Salary for the applicable Performance Period. Such annual cash bonus, if any, shall be paid
following the end of the applicable Performance Period, but in no event shall such annual cash bonus be paid later than March 15 following the calendar year in which the applicable Performance Period ends (e.g., the annual cash bonus for
the Performance Period ending June 30, 2011 must be paid no later than March 15, 2012). The amount of Executive’s cash bonus will be determined on an annual basis, in connection with the applicable Company bonus compensation plan (a
“Bonus Plan”) and based upon specified goals and objectives, at the discretion of the Board/Company’s Compensation Committee. In addition, Restricted Stock, Stock Options and other equity-based awards may be awarded to
Executive in accordance with the applicable Company incentive compensation plan (an “Incentive Plan”). 

  
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 3. TERM OF EMPLOYMENT; SEVERANCE. 

(a) The term of Executive’s employment under this Agreement (the “Employment Term”) shall commence on the Effective
Date and shall expire on the earliest to occur of the following dates: (i) two (2) years after such date; (ii) the effective date of Executive’s termination of employment by the Company, including any termination by the Company
for Cause; (iii) the effective date of Executive’s termination of employment due to his Retirement or resignation, including, but not limited to, a termination by Executive for Good Reason following a Change in Control; and (iv) the
date of Executive’s death; provided, however, that the Employment Term may be extended in additional one (1) year increments prior to its expiration by mutual written agreement of the parties hereto. Any such extension shall
also be referred to in this Agreement as the Employment Term. In the event that the Employment Term expires due to non-renewal of this Agreement and Executive’s employment with the Company continues, such employment shall be at-will;
provided, however, that Executive’s obligations under Paragraphs 6 through 10 hereof shall continue in full force and effect. 
 (b) Termination of Executive’s employment pursuant to this Agreement, voluntary termination of employment or non-renewal of this Agreement shall not constitute a waiver of any of Executive’s
obligations hereunder that survive termination hereof, including without limitation those arising under Paragraphs 6 through 10 inclusive hereof. 
 (c) In the event Executive’s employment is terminated by the Company without Cause prior to a Change in Control during the Employment Term, the Company shall pay to Executive on the terms described
below a severance fee equal to the greater of (x) any amount of Base Salary remaining until the second anniversary of the Effective Date and a payment equal to one Estimated Bonus for each year of the original two-year Employment Term for which
Executive has not yet received such a bonus payment and to which Executive would otherwise be entitled but for such termination, or (y) twelve (12) months worth of Executive’s Base Salary and a payment equal to one Estimated Bonus.
Such severance fee shall be paid (subject to the proviso below) in a lump sum cash payment within sixty (60) days following the Termination Date, subject to Executive executing, returning to the Company and not revoking a General Release
Agreement, in the form attached hereto as Exhibit B, (the “Release Agreement”), and such Release Agreement becoming effective and irrevocable no later than fifty-five (55) days following Executive’s Termination Date.
Additionally, Executive shall continue to be eligible to receive those severance fringe benefits enumerated in Exhibit C hereof (the “Continuation Benefits”) (subject to Paragraph 3(h)) for a period of time up to the second
anniversary of the Effective Date (i.e., the remainder of the original two-year Employment Term) or twelve (12) months, whichever is longer following Executive’s Termination Date; provided, however, that such
Continuation Benefits must constitute COBRA Continuation Coverage in order for Executive to be eligible to receive such Continuation Benefits. 
 In addition, subject to the terms of the applicable Incentive Plan, upon the termination of Executive’s employment by the Company without Cause during the Employment Term, all of Executive’s
Stock Options and Restricted Stock shall immediately vest and such Stock Options shall remain exercisable for a period of one (1) year from Executive’s Termination Date (the “Extended 

  
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Exercise Period”); provided, however, the Extended Exercise Period shall not be extended beyond the original term of the Stock Option provided for in the applicable
Grant Agreement or Incentive Plan. Upon the expiration of the Extended Exercise Period, all of Executive’s outstanding and unexercised Stock Options shall be immediately cancelled. 

(d) In the event Executive’s employment is terminated either by the Company with Cause or by Executive other than for reasons
provided in Paragraph 3(e) below during the Employment Term, the Company shall have no further obligations hereunder or otherwise with respect to Executive’s employment following the Termination Date, except for (i) the payment of
Executive’s Base Salary accrued through the Termination Date, and (ii) in the case of Executive’s termination due to Retirement, the provisions of Paragraph 3(g), if applicable. 

(e) In the event, upon or following a Change in Control, the Company terminates Executive’s employment for a
reason other than Cause or Executive quits his employment with the Company for Good Reason during the Employment Term, the Company shall pay to Executive on the terms described below a severance fee equal to the greater of (x) the amount
Executive would be entitled to receive under Paragraph 3(c) of this Agreement for a termination without Cause, or (y) the sum of (A) one and one half
(1 1/2) times his regular Base Salary or one
and one half (1 1/2) times his most recent per
annum Base Salary at the Company, whichever is greater, and (B) a payment in an amount equal to one and one half (1 1/2) times an Estimated Bonus. Such severance fee shall be paid (subject to the proviso below) in a lump sum cash payment within sixty (60) days following the Termination
Date, subject to Executive executing, returning to the Company and not revoking the Release Agreement, and such Release Agreement becoming effective and irrevocable, no later than fifty-five (55) days following Executive’s Termination
Date. 
 Additionally, Executive shall continue to be eligible to receive the Continuation Benefits
(subject to Paragraph 3(h)) for a period of up to twenty-four (24) months following Executive’s Termination Date; provided, however, that such Continuation Benefits must constitute COBRA Continuation Coverage in order for
Executive to be eligible to receive such Continuation Benefits. 
 In addition, subject to the terms of the applicable Incentive
Plan, upon a Change in Control that occurs during the Employment Term, vesting of all unvested Stock Options granted and Restricted Stock awarded to Executive shall accelerate such that Executive shall be immediately one hundred percent
(100%) vested in all equity awarded. Upon or following a Change in Control, subject to the terms of the applicable Incentive Plan, in the event of Executive’s termination without Cause or Executive’s resignation for Good Reason
during the Employment Term, Executive’s Stock Options shall remain exercisable for a period of one (1) year from Executive’s Termination Date (the “Extended Exercise Period”); provided, however, the
Extended Exercise Period shall not be extended beyond the original term of the Stock Option provided for in the applicable Grant Agreement or Incentive Plan. Upon the expiration of the Extended Exercise Period, all of Executive’s outstanding
and unexercised Stock Options shall be immediately cancelled. 
 (f) In the event the Employment Term ends pursuant to Paragraph
3(a)(i), the Company shall have no further obligations hereunder and Executive’s employment shall be at-will in accordance with Paragraph 3(a). 

  
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 (g) In the event Executive’s employment is terminated by Executive due to
Executive’s Retirement during the Employment Term, subject to the terms of the applicable Incentive Plan, Executive’s Stock Options that are vested as of the Termination Date shall remain exercisable for a period of one (1) year from
the Termination Date (the “Extended Exercise Period”); provided, however, the Extended Exercise Period shall not be extended beyond the original term of the Stock Option provided for in the applicable Grant Agreement
or Incentive Plan. Upon the expiration of the Extended Exercise Period, all of Executive’s remaining outstanding and unexercised Stock Options shall be immediately cancelled. 

(h) The Continuation Benefits Executive is eligible to receive, if any, under Paragraph 3(c) or 3(e), will cease immediately upon
Executive becoming gainfully employed and being eligible for benefits at his new place of employment. Executive shall notify the Company in writing promptly after Executive’s commencement of such other employment. 

(i) Executive agrees that he shall not be entitled to receive any severance fee or other benefits under this Agreement if Executive
breaches any of his obligations arising under Paragraphs 8 through 10 hereof. Executive acknowledges that until a Release Agreement is timely executed, delivered to the Company and the applicable revocation period (if any) expires, the Company will
not be obligated to make any severance payments or provide any other benefits due under this Agreement following Executive’s Termination Date or Separation from Service. Executive further acknowledges that if either or both of the following
occur: (x) the Release Agreement is not timely executed and delivered to the Company, and/or (y) the applicable revocation period (if any) does not expire without revocation of the Release Agreement by Executive as provided in this
Agreement, the severance payments and other benefits described in Paragraph 3(c) or 3(e) (as applicable) shall be forfeited. Any severance paid pursuant to this Agreement shall be in addition to any other compensation or benefits to which Executive
may be entitled under any other plan, program or payroll practice of the Company, other than any applicable severance plan of the Company. 
 (j) The Company shall not be required to provide additional accruals or contributions under any retirement plan qualified under Section 401(a) of the Internal Revenue Code following Executive’s
Termination Date. 
 (k) The provision of any severance fringe benefit as described in this Agreement shall terminate upon the
death of Executive if such death occurs prior to the completion of such payments or benefits, provided that any family member of Executive receiving such severance fringe benefits as of the date of Executive’s death shall continue to receive
such severance fringe benefits until such severance fringe benefits expire in accordance with the terms of this Agreement. 

(l) Notwithstanding anything to the contrary herein provided, if Executive is considered a “specified employee” (as defined in
Treasury Regulation Section 1.409A-1(i)) as of the Termination Date, no payment or benefits under this Agreement, if and to the extent such payment or benefits constitute deferred compensation, shall be paid or provided before the date that is
six (6) months after Executive’s Separation from Service (or upon Executive’s death, if earlier) (the “Delay Period”). Any deferred compensation owed to Executive during the Delay Period, and for which payment is not
otherwise provided, shall be accumulated by the Company and paid to Executive on the first business day after the end of the Delay Period. The foregoing restriction on the payment of amounts to Executive during the Delay Period shall not apply to
the payment of employment taxes. 

  
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 4. FRINGE BENEFITS. 

(a) During the Employment Term, Executive shall be entitled to participate in all health insurance and retirement benefit programs
normally available to other executives of the Company holding positions similar to that of Executive (subject to all applicable eligibility rules thereof), as from time to time in effect, and Executive shall also be eligible to receive the benefits
listed on Exhibit D hereto. 
 (b) During the Employment Term, Executive shall be entitled to paid vacation as listed in
Exhibit D. Executive shall make good faith efforts to schedule such vacations so as to least conflict with the conduct of the Company’s business and shall give the Company adequate advance notice of his planned absences. Unless otherwise
required by applicable law, accumulated, unused vacation time for executives of the Company is not vested and will not be paid to Executive either while employed or upon Executive’s termination of employment. 

5. REIMBURSEMENTS. During the Employment Term, the Company shall reimburse Executive for all business-related expenses incurred by
Executive at the Company’s direction. Executive shall submit to the Company expense reports in compliance with established Company guidelines. 
 6. INVENTIONS. Executive agrees, on behalf of himself, his heirs and personal representatives, that he will promptly communicate, disclose and transfer to the Company free of all
encumbrances and restrictions (and will execute and deliver any papers and take any action at any time deemed necessary by the Company to further establish such transfer) all inventions and improvements relating to Company’s business originated
or developed by Executive solely or jointly with others during the term of his employment with the Company. Such inventions and improvements shall belong to the Company whether or not they are patentable and whether or not patent applications are
filed thereon. Such transfer shall include all patent rights (if any) to such inventions or improvements in the United States and in all foreign countries. Executive further agrees, at the request of Company, to execute and deliver, at any time
during the term of his employment with the Company or after his Termination Date, all assignments and other lawful papers (which will be prepared at the Company’s expense) relating to any aspect of the prosecution of such patent applications
and rights in the United States and foreign countries. 
 7. EXPOSURE TO PROPRIETARY INFORMATION. 

(a) Executive acknowledges and agrees that during the course of his employment by Company, he will be in continuous contact with
customers, suppliers and others doing business with the Company throughout the world. Executive further acknowledges that the performance of his duties in connection with his employment with the Company will expose him to data and information
concerning the business and affairs of the Company, including but not limited to information relative to the Company’s proprietary rights and technology, patents, financial statements, sales programs, pricing programs, profitability analyses
and profit margin information, customer buying patterns, needs and inventory levels, supplier identities and other related matters, and that all of such data and information (collectively “the Proprietary Information”) is vital,
sensitive, confidential and proprietary to Company. 

  
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 (b) In recognition of the special nature of his employment with the Company, including but
not limited to his special access to the Proprietary Information, and in consideration of his employment, Executive agrees to the covenants and restrictions set forth in Paragraphs 8 through 10 inclusive hereof. As used in Paragraphs 6 though 10,
the term “Company” shall include, where applicable, any parent, subsidiary, sub-subsidiary, or affiliate of Company. 
 8.
USE OF PROPRIETARY INFORMATION. Executive acknowledges that the Proprietary Information constitutes a protectable business interest of Company, and covenants and agrees that during his employment with the Company and after his
Termination Date, he shall not, directly or indirectly, whether individually, as a director, stockholder, owner, partner, employee or agent of any business, or in any other capacity, make known, disclose, furnish, make available or utilize any of
the Proprietary Information, other than in the proper performance of his duties during his employment with the Company. Executive’s obligations under this Paragraph 8 with respect to particular Proprietary Information shall terminate only at
such time (if any) as the Proprietary Information in question becomes generally known to the public other than through a breach of Executive’s obligations hereunder. 
 9. RESTRICTION AGAINST COMPETITION AND EMPLOYING OR SOLICITING COMPANY EMPLOYEES, CUSTOMERS OR SUPPLIERS. Executive covenants and agrees that during Executive’s employment (both
during the Employment Term and thereafter, if applicable) and for the twelve month period immediately following Executive’s Termination Date (the “Restricted Period”), he shall not, directly or indirectly, whether individually,
as a director, stockholder, partner, owner, employee or agent of any business, or in any other capacity, (i) engage in a business substantially similar to that which is conducted by the Company in any market area in which such business is
operated; (ii) solicit any party who is or was a customer or supplier of the Company on the Termination Date or at any time during the six month period immediately prior thereto for the sale or purchase of any type or quantity of products sold
by or used in the business of the Company on the Termination Date or at any time within such six month period; or (iii) solicit for employment any person who was or is an employee of the Company on the Termination Date or at any time during the
twelve month period immediately prior thereto. 
 If at any time prior to the end of the Restricted Period, the Company determines that
Executive is engaging in Competition, the Company shall have the right to immediately terminate further payments and benefits hereunder, and Executive shall reimburse the Company for the gross amount of any severance benefits previously paid
pursuant to Paragraph 3 of this Agreement. In addition, upon any such breach, Executive shall pay to the Company an amount equal to the aggregate “spread” on all Stock Options exercised on or after the Termination Date (for this purpose
“spread” in respect of any Stock Option shall mean the product of the number of shares as to which such Stock Option has been exercised on or after the Termination Date multiplied by the difference between the closing price of the
Company’s common stock on the exercise date (or if such common stock did not trade on the NASDAQ Global Select Market on the exercise date, the most recent date on which such common stock did so trade) and the option price of the Stock Option).

  
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 If Executive engages in Competition at any time during the Restricted Period, Executive shall return all
payments paid under Paragraph 3, and the Company shall be entitled to enforce the return of any payments previously paid to Executive under Paragraph 3 of this Agreement. 
 10. RETURN OF COMPANY MATERIALS UPON TERMINATION. Executive acknowledges that all price lists, sales manuals, catalogs, binders, customer lists and other customer information,
supplier lists, financial information, and other records or documents containing Proprietary Information prepared by Executive or coming into his possession by virtue of his employment by the Company is and shall remain the property of the Company
and that upon his Termination Date, Executive shall return immediately to the Company all such items in his possession, together with all copies thereof. 
 11. EQUITABLE REMEDIES. 
  

	 	(a)	Executive acknowledges and agrees that the covenants set forth in Paragraphs 6 through 10 inclusive hereof survive the expiration of the Employment Term; are reasonable
and necessary for the protection of the Company’s business interests; will cause irreparable injury to the Company if breached by Executive; and that in the event of Executive’s actual or threatened breach of any such covenants, the
Company will have no adequate remedy at law. Executive accordingly agrees that in the event of any actual or threatened breach by him of any of said covenants, the Company shall be entitled to immediate injunctive and other equitable relief, without
bond and without the necessity of showing actual monetary damages. Nothing contained herein shall be construed as prohibiting the Company from pursuing any other remedies available to it for such breach or threatened breach, including the recovery
of any damages which it is able to prove. 

  

	 	(b)	Each of the covenants in Paragraphs 6 through 10 inclusive hereof shall be construed as independent of any other covenants or other provisions of this Agreement.

  

	 	(c)	In the event of any judicial determination that any of the covenants set forth in Paragraphs 6 through 10 inclusive hereof is not fully enforceable, it is the intention
and desire of the parties that the court treat said covenants as having been modified to the extent deemed necessary by the court to render them reasonable and enforceable, and that the court enforce them to such extent. 

12. LIFE INSURANCE. The Company may at its discretion and at any time apply for and procure as owner and for its own benefit and at
its own expense, insurance on the life of Executive in such amounts and in such form or forms as the Company may choose. Executive shall cooperate with the Company in procuring such insurance and shall, at the request of Company, submit to such
medical examinations, supply such information and execute such documents as may be required by the insurance company or companies to whom the Company has applied for such insurance. Executive shall have no interest whatsoever in any such policy or
policies. 

  
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 13. NOTICES. Any notice required or permitted pursuant to the provisions of this Agreement
shall be deemed to have been properly given if in writing and when sent by United States mail, certified or registered, postage prepaid, when sent by facsimile or when personally delivered, addressed as follows: 

If to Company: 

Kensey Nash Corporation 
 735 Pennsylvania Drive 
 Exton, PA 19341 

Attention: Joseph W. Kaufmann 
 With a copy to: 
 Katten Muchin Rosenman LLP 

525 West Monroe Street 
 Chicago, IL 60661-3693 
 Attention: David R. Shevitz, Esq. 

If to Executive, to the address most recently on file with the Company 

Each party shall be entitled to specify a different address for the receipt of subsequent notices by giving written notice thereof to the
other party in accordance with this Paragraph 13. 
 14. WAIVER OF BREACHES. No waiver of any breach of any of the terms,
provisions or conditions of this Agreement shall be construed or held to be a waiver of any other breach, or a waiver of, acquiescence in or consent to any further or succeeding breach thereof. 

15. ASSIGNMENT. This Agreement shall not be assignable by either party without the written consent of the other; provided,
however, that this Agreement shall be assignable by the Company to any corporation or entity that purchases substantially all of the assets of or succeeds to the business of the Company (a “Successor Employer”), and the
Company agrees to cause this Agreement to be assumed by any Successor Employer as a condition to such purchase or succession. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective heirs, personal representatives, successors and assigns. 
 16. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws and judicial decisions of the Commonwealth of Pennsylvania. 
 17. SEVERABILITY. If any term
or provision of this Agreement shall be held to be invalid or unenforceable, the remaining terms and provisions hereof shall not be affected thereby. 
 18. SOURCE OF PAYMENTS. The Benefits under this Agreement shall be unfunded, and the Company’s obligation under this Agreement shall constitute an unsecured promise of severance pay.

 19. MISCELLANEOUS. Paragraph headings herein are for convenience only and shall not affect the meaning or interpretation of the
contents hereof. This Agreement contains the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings between the parties and all prior obligations of the Company
with respect to the 

  
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employment of Executive by the Company or the payment to Executive of compensation of any kind whatsoever. No supplement or modification of this Agreement shall be binding unless in writing
and signed by both parties hereto. This Agreement may be executed in counterparts, each of which shall be deemed an original and when taken together shall constitute one agreement. 

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

 

			
	 /s/ Michael Celano

	Michael Celano
	
	KENSEY NASH CORPORATION
		
	By:	 	 /s/ Joseph W.
Kaufmann

			
		
	Title:	 	 President and CEO

  
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 Exhibit A 
 For purposes of this Agreement, the following terms are defined as set forth below: 

“Board” shall mean the Board of Directors of Kensey Nash Corporation. 

“Cause” for termination shall be deemed to exist upon (i) a determination by the CEO that Executive has committed an act of
fraud, embezzlement or other act of dishonesty which would reflect adversely on the integrity of the Company or if Executive is convicted of any criminal statute involving breach of fiduciary duty or moral turpitude; (ii) a reasonable
determination by the CEO that Executive has failed to discharge his duties in a reasonably satisfactory manner which failure is not cured by Executive within thirty (30) days after delivery of written notice to Executive specifying the nature
of such failure; (iii) the death of Executive; (iv) a mental or physical disability of Executive which renders Executive, in the reasonable opinion of the CEO, unable to effectively perform his duties hereunder for a substantially
continuous period of one hundred eighty (180) days; or (v) Executive’s voluntary termination of his employment hereunder other than as a result of a breach of the Company’s obligations hereunder. 

“Change in Control.” For the purpose of this Agreement, a “Change in Control” shall occur if: 

 

	 	(a)	any individual, partnership, firm, corporation, association, trust, unincorporated organization or other entity, or any syndicate or group deemed to be a person under
Section 14(d)(2) of the Exchange Act (other than shareholders holding more than 20% of the Company’s voting securities as of the effective date of the Company’s Incentive Plan), is or becomes the “beneficial owner” (as
defined in Rule 13d-3 of the General Rules and Regulations under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities entitled
to vote in the election of directors of the Company; or 

  

	 	(b)	during any period of two consecutive years (not including any period prior to the effective date of the Company’s Incentive Plan), individuals who at the beginning
of such period constituted the Board and any new directors, whose election by the Board or nomination for election by the stockholders of the Company was approved by a vote of at least three quarters of the directors then still in office who either
were directors at the beginning of the period or whose election or nomination was previously so approved, cease for any reason to constitute at least a majority thereof; or 

 

	 	(c)	all or substantially all of the assets of the Company are liquidated or distributed. 

“COBRA Continuation Coverage” means the medical, dental and vision care benefits that Executive and his “qualifying family
members” (defined below) elect and are eligible to receive upon Executive’s Termination Date pursuant to Code Section 4980B and Section 

  
 A-1

 
601 et seq. of the Employee Retirement Income Security Act of 1974, as amended. For this purpose, Executive’s “qualifying family members” are his spouse and dependent
children to the extent they are eligible for, and elect to receive, continuation coverage under such Section 4980B and Section 601 et seq. Notwithstanding any other provision of this Agreement to the contrary (except for Paragraph
3(i)), COBRA Continuation Coverage under this Agreement shall terminate for any individual when it terminates under the terms of the applicable benefit plan of the Company in accordance with such Section 4980B and Section 601 et
seq. 
 “Competition” means, for the Payment Period, (i) employment by, being a consultant to, being an
officer or director of, or being connected in any manner with, any entity or person in the business of the Company or any affiliate which competes in any market in which the Company does business, either directly or indirectly, (ii) disclosing,
using, transferring or selling to any such entity any confidential or proprietary information of the Company or any affiliate, (iii) soliciting or attempting to solicit an employee or former employee of the Company for employment,
(iv) diverting or attempting to divert any business or customer of the Company or any affiliate of the Company, or (v) refusing to cooperate with the Company or any affiliate of the Company by making himself available to assist the Company
or any affiliate, or testify on behalf of the Company or any affiliate of the Company, in any action, suit, or proceeding, whether civil, criminal or administrative. 
 “Estimated Bonus” means an amount equal to the average of the value of the cash and Restricted Stock bonuses received by Executive for the last two full fiscal years for which Executive has
received such cash and Restricted Stock bonuses, if any, prior to Executive’s Termination Date. The value of the Restricted Stock shall equal the product of (i) the fair market value of one share of common stock of the Company on
the date of the grant of Restricted Stock multiplied by (ii) the number of shares of Restricted Stock granted. 

“Good Reason” means (i) a material diminution in Executive’s base compensation as in effect as of the date of the
Change in Control, (ii) a material diminution in Executive’s responsibilities as in effect as of the date of the Change in Control; or (iii) a relocation of Executive’s location of employment as of the date of the Change in
Control that is more than 50 miles from such location. 
 “Grant Agreement” means an agreement between Executive and
the Company which grants Executive a Stock Option, Restricted Stock or other equity award under an Incentive Plan. 

“Performance Period” shall mean the Company’s fiscal year beginning on July 1 and ending on June 30 the following
year. 
 “Stock Option” means a stock option granted under an Incentive Plan to Executive. 

“Release Agreement” means a release agreement, in the form substantially attached as Exhibit B, releasing any and all
claims arising out of Executive’s employment and termination of such employment. 
 “Restricted Stock” means a
restricted stock award granted under an Incentive Plan to Executive. 
 “Retirement” shall have the meaning as set
forth in the applicable Incentive Plan or, if not defined in the applicable Incentive Plan, it shall mean Executive’s termination of employment upon or after his attaining (i) age 65 or (ii) age 55 with the accrual of 10 years of
service. 

  
 A-2

 “Termination Date” means the date that Executive incurs a termination of
employment with the Company, regardless of whether the Employment Term has expired or is still in effect. 
 “Separation
from Service” means the date, on or following Executive’s Termination Date, that Executive incurs a “separation from service” as such term is defined under Section 409A of the Code and any applicable IRS or Treasury guidance
released thereunder. 

  
 A-3

 Exhibit B 

GENERAL RELEASE AGREEMENT 
 This General Release Agreement (the “Release Agreement”) is made by and between Kensey Nash Corporation, a Delaware corporation (the “Company”), and Michael Celano
(“Executive”) to ensure the protection of the Company and its business, and the protection of the Executive, and to fully settle and resolve any and all issues and disputes arising out of Executive’s employment with and
separation from the Company. 
 WHEREAS, Executive and the Company desire to avoid litigation and controversy and fully
settle and compromise any and all claims, charges, actions, causes of action and disputed issues of law and fact that Executive has, had or may have against the Company, as of the date of this Release Agreement. 

NOW, THEREFORE, in consideration of the promises and the mutual covenants and agreements set forth below and in the employment
agreement previously entered into by and between Executive and the Company (the “Employment Agreement”), the receipt and sufficiency of which are hereby acknowledged, Executive and the Company agree as follows: 

1. Separation Date. Executive’s employment with the Company is terminated effective
            , 20     (the “Separation Date”). Executive agrees to return all Company property to the Company no later than the Separation
Date. Except as specifically provided below, Executive shall not be entitled to receive any compensation or other benefits of employment following the Separation Date. 
 2. Consideration of Company. In consideration for the releases and covenants by Executive in this Release Agreement, the Company agrees that following the expiration of the revocation period
described in Paragraph 11 below, if Executive has not exercised his right of revocation, the Company will provide Executive with the following: 

[Amount to be determined in accordance with Paragraph 3 of the Employment Agreement at the time of Separation.] 

3. Executive Release of Rights and Agreement Not to Sue. Executive (defined for purposes of this Paragraph 3 and Paragraphs 6-10
of the Employment Agreement as Executive and Executive’s agents, representatives, attorneys, assigns, heirs, executors, and administrators) fully and unconditionally releases the Company, its subsidiaries and affiliates, and any of their past
or present employees, agents, insurers, attorneys, administrators, officers, directors, shareholders, divisions, predecessors, successors, employee benefit plans, and the sponsors, fiduciaries, or administrators of the such employee benefit plans
(collectively, the “Released Parties”) from, and agrees not to bring any action, proceeding or suit against any of the Released Parties regarding, any and all liability, claims, demands, actions, causes of action, suits, grievances,
debts, sums of money, agreements, promises, damages, back and front pay, costs, expenses, attorneys’ fees, and remedies of any type, including without limitation those arising or that may have arisen out of or in connection with
Executive’s employment with or termination of employment from the Company, including but not limited to claims, actions or liability under: (1) Title VII of the Civil Rights Act of 1964, the Civil Rights Act of

  
 B-1

 
1991, the Civil Rights Act of 1866, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Fair Labor Standards Act, the Family and Medical Leave Act, the Workers
Adjustment and Retraining Notification Act, the Employee Retirement Income Security Act of 1974, the Pennsylvania Human Relations Act, and the Pennsylvania Wage Payment and Collection Law, in each case as such act may be amended; (2) any other
federal, state or local statute, ordinance, or regulation regarding employment, termination of employment, or discrimination in employment; and (3) the common law of any state relating to employment contracts, wrongful discharge, defamation,
wages or any other matter; provided, however, that said release and agreement not to sue shall not prohibit Executive from bringing an action, proceeding or suit arising out of the Company’s breach of any representation, warranty,
or obligation set forth in this Release Agreement. 
 4. Preservation of Employment Agreement. Notwithstanding any
other provision of this Release Agreement, Executive acknowledges and agrees that the provisions of the Employment Agreement, to which this Release Agreement is attached as Exhibit B, shall remain in full force and effect, and Executive
agrees to continue to be bound by the terms therein, including, but not limited to, Paragraphs 6-10. 
 5. No
Reinstatement or Reemployment. Executive waives reinstatement and reemployment and agrees never to apply for employment or otherwise seek to be hired, rehired, employed, reemployed, or reinstated by the Company, its subsidiaries, or any of their
affiliates. 
 6. No Disparagement or Encouragement of Claims. Except as required by lawful subpoena or other
legal obligation, Executive agrees not to make any oral or written statement that disparages or places the Company and its affiliates (including any of their past or present officers, employees, products or services) in a false or negative light, or
to encourage or assist any person or entity who may or who has filed a lawsuit, claim or complaint against the Released Parties (as defined in Paragraph 3 above). If Executive receives any subpoena or becomes subject to any legal obligation that
implicates this Paragraph 6, Executive will provide prompt written notice of that fact to the Company with a copy to Katten Muchin Rosenman LLP at the addresses provided in Paragraph 13 of the Employment Agreement, and will enclose a copy of the
subpoena and any other documents describing the legal obligation.  
 7. Non-Admission/Inadmissibility. This
Release Agreement does not constitute an admission by the Company that any action it took with respect to Executive was wrongful, unlawful or in violation of any local, state, or federal act, statute, or constitution, or susceptible of inflicting
any damages or injury on Executive, and the Company specifically denies any such wrongdoing or violation. This Release Agreement is entered into solely to resolve fully all matters related to or arising out of Executive’s employment with and
termination from the Company, and its execution and implementation may not be used as evidence and shall not be admissible in a subsequent proceeding of any kind, except one alleging a breach of this Release Agreement. 

8. Violation of Release Agreement. If Executive or the Company prevails in a legal or equitable action claiming that the other
party has breached this Release Agreement, the prevailing party shall be entitled to recover from the other party the reasonable attorneys’ fees and costs incurred by the prevailing party in connection with such action. 

  
 B-2

 9. Severability. The provisions of this Release Agreement shall be severable and the
invalidity of any provision shall not affect the validity of the other provisions; provided, however, that upon a finding by a court of competent jurisdiction that any release or agreement in Paragraph 3 is illegal, void or
unenforceable, Executive agrees to execute promptly a release, waiver and/or covenant that is legal and enforceable to the extent permitted by law. 
 10. Governing Law and Jurisdiction. This Release Agreement shall be governed by and construed in accordance with the laws and judicial decisions of the State of Pennsylvania, without regard to its
principles of conflicts of laws. 
 11. Revocation Period. Executive has the right to revoke his release of claims under
the Age Discrimination in Employment Act described in Paragraph 3 (the “ADEA Release”) for up to seven days after Executive signs it. In order to do so, Executive must sign and send a written notice of his revocation decision to the
Company with a copy to Katten Muchin Rosenman LLP at the addresses provided in Paragraph 13 of the Employment Agreement, and that written notice must be received by the Company no later than the eighth day after Executive signed this Release
Agreement. If Executive revokes the ADEA Release, Executive will not be entitled to any of the consideration from the Company described in Paragraph 2 above. 
 12. Voluntary Execution of Release Agreement. Executive acknowledges that: 
  

	 	a.	Executive has carefully read this Release Agreement and fully understands its meaning; 

 

	 	b.	Executive had the opportunity to take up to twenty-one (21) days after receiving this Release Agreement to decide whether to sign it; 

 

	 	c.	Executive understands that the Company is herein advising him, in writing, to consult with an attorney before signing it; 

 

	 	d.	Executive is signing this Release Agreement, knowingly, voluntarily, and without any coercion or duress; and 

 

	 	e.	everything Executive is receiving for signing this Release Agreement is described in the Release Agreement itself, and no other promises or representations have been
made to cause Executive to sign it. 

 13. Entire Agreement. This Release Agreement contains the entire
agreement and understanding between Executive and the Company concerning the matters described herein, and supersedes all prior agreements, discussions, negotiations, and understandings between the Company and Executive; provided, however, that
the Employment Agreement to which this Release Agreement is attached as Exhibit B is specifically preserved in accordance with Paragraph 4 above. The terms of this Release Agreement cannot be changed except in a subsequent document signed
by Executive and an authorized representative of the Company. 

  
 B-3

 
					
	Kensey Nash Corporation	 	
		
	By:	 	
 

					
			
	Dated:	 	  
	 	, 20    
	
	  

	Michael Celano	 	
			
	Dated:	 	  
	 	, 20    

  
 B-4

 Exhibit C 
 Severance Fringe Benefits 
 Health/prescription, dental, and vision insurance equal to that
provided for all other full-time exempt Kensey Nash Corporation employees. 

  
 C-1

 Exhibit D 
 Benefits 
 Health/prescription, dental, and vision insurance equal to that provided for all
other full-time exempt Kensey Nash Corporation employees. 
 Life insurance providing coverage equal to one year’s Base Salary or $200,000,
whichever is less. 
 Short-term disability insurance equal to that provided for all other full-time exempt Kensey Nash Corporation employees.

 Long-term disability benefits at 60% of Base Salary. 
 Supplemental long-term disability insurance. 
 Three weeks annual vacation accrued at 10 hours per
month. Unless otherwise required by law, accumulated, unused vacation time for executives of the Company is not vested and will not be paid to Executive either while employed or upon Executive’s Termination Date. 

Six days annual personal leave. 
 Eleven
holidays each year. 
 401(k) Plan. 

  
 D-1Exhibit 4.1

 EXHIBIT 4.1 
 TOTAL S.A. 
 A SOCIETE ANONYME WITH A CAPITAL OF 5,874,102,327.50
EUROS 
 REPRESENTED BY 2,349,640,931 SHARES OF 2.50 EUROS EACH 

NANTERRE TRADE AND COMPANIES REGISTER 542 051 180 
 Registered Office 
 2, place Jean Millier 

La Défense 6 
 92400 Courbevoie 
 FRANCE 

CHARTER AND BYLAWS 
 Last update on December 31, 2010 
 To be filed in the office of K.L.
ASSOCIES 
 Notaries in partnership in PARIS 

 CONTENTS  

 

									
	 	  	 	 	  	 	  	Pages
	 TITLE I
	  	 	–	  	  	Form - Name – Purpose – Registered Office – Duration	  	3
				
	 TITLE II
	  	 	–	  	  	Share capital – Shares	  	4 to 5
				
	 TITLE III
	  	 	–	  	  	Administration – General Management – Auditing	  	5 to 8
				
	 TITLE IV
	  	 	–	  	  	Shareholders’ Meetings	  	8 to 10
				
	 TITLE V
	  	 	–	  	  	Company Financial Statements	  	10
				
	 TITLE VI
	  	 	–	  	  	Dissolution – Disputes	  	11

  
 2 

 TITLE I 
 Form – Name – Purpose – Registered Office – Duration 

ARTICLE 1—FORM  
 The Company is a société anonyme; its share capital is publicly traded. The Company is governed by the legislative and regulatory provisions in force and by the present charter and
bylaws. 
 ARTICLE 2—NAME  
 The Company has the following name: 
 TOTAL S.A. 

ARTICLE 3—PURPOSE  
 The Company’s purpose is, directly or indirectly, in all countries: 
  

					
			
	    1° 	  	–	  	To search for and extract mining deposits, and particularly hydrocarbons in all forms, and to perform industrial refining, processing and trading in the said materials, as
well as their derivatives and by-products;
			
	    2° 	  	 –	  	To conduct all activities relating to production and distribution of all forms of energy;
			
	    3° 	  	 –	  	To conduct all activities relating to the chemical sector in all of its forms, as well as all activities relating to the rubber and health sectors;
			
	    4° 	  	 –	  	To conduct all forms and all means of transportation and shipping of hydrocarbons or other products or materials relating to the Company’s business
purpose;

 and more generally, to conduct all financial, commercial and industrial operations and operations relating to any fixed
or unfixed assets and real estate, acquisitions of interests or holdings, in any form whatsoever, in any business or company existing or to be created that may relate, directly or indirectly, to any of the above-mentioned purposes or to any similar
or related purposes, of such nature as to promote the Company’s extension or its development. 
 ARTICLE
4—REGISTERED OFFICE  
 The Company’s registered office is: 

2, place Jean Millier 
 La Défense 6 
 92400 Courbevoie 

France 
 If the registered office
is moved by the Board of Directors, the new location shall automatically be substituted for the former one in the present Article. 
 ARTICLE 5—DURATION  
 The Company’s duration, initially set at 99 years
starting with the date of its definitive constitution, namely 28 March 1924, is extended by 99 years starting on 22 March 2000. Hence the Company’s existence shall continue until 22 March 2099, in the absence of early
dissolution or of further extension. 

  
 3 

 TITLE II 
 Share Capital – Shares 
 ARTICLE 6—SHARE CAPITAL 

 The share capital is set at an amount of 5,874,102,327.50 euros, represented by 2,349,640,931 shares of 2.50 euros each 

ARTICLE 7—PAYING UP SHARES  
 Subscriptions to shares are made in accordance with applicable law. 
 The Board of Directors
determines the amount and the payment due dates of any cash sums remaining to be paid on the shares. 
 Any calls for funds are published at
least two weeks in advance in a newspaper for legal notices in the department of the registered office. 
 Any payment not made by the
applicable due date shall automatically bear interest, without further notice, in favor of the Company at the legal rate increased by one percent from the due date until the settlement date. 

ARTICLE 8—FORM AND TRANSFER OF SHARES  
 Fully paid up shares may be held as registered shares or bearer shares, at the shareholder’s option. 
 The shares are entered in a stock ledger. 
 Bearer shares and registered shares are freely
transferable. 
 ARTICLE 9—IDENTIFICATION OF SHAREHOLDERS 

—DECLARATION OF CROSSING OWNERSHIP THRESHOLDS  
 The Company is authorized, to the extent permitted under applicable law, to identify the holders of securities that grant immediate or future voting rights at the Company’s Shareholders’
Meetings. 
 In addition to obligations that shareholders may have under applicable law to notify the Company upon crossing certain percentages
of share ownership or voting rights, any person, whether a natural person or a legal entity, who comes to hold, directly or indirectly, 1% or more, or any multiple of 1%, of the share capital or the voting rights or of securities that may include
future voting rights or future access to share capital or voting rights, is required to inform the Company by registered mail with return receipt requested, indicating the number of securities or voting rights held, within a period of 15 days from
the date of crossing each of the said thresholds. 
 In determining the ownership or voting rights percentages provided for in the previous
paragraph, shares or voting rights held by controlled companies, as defined in Article L.233-3 of the French Commercial Code, must be included if applicable. 
 In the event of a failure to declare ownership of shares or voting rights as described above, any shares or voting rights exceeding the fraction that should have been declared may be deprived of voting
rights at a Shareholders’ Meeting if, at the meeting, the failure to declare ownership of such shares or voting rights has been noted and if one or several shareholders holding, collectively, at least 3% of the Company’s capital or voting
rights so request at such meeting. 
 Any natural person or legal entity is also required to inform the Company in the manner and within the
time periods set forth above in the fourth paragraph of this Article 9 when his direct or indirect holdings fall below each of the applicable thresholds in said paragraph. 

  
 4 

 ARTICLE 10—RIGHTS AND OBLIGATIONS ATTRIBUTABLE TO SHARES  

In addition to a voting right, each share entitles the holder to an ownership interest in the business assets, in the sharing of profits and of
liquidation surpluses, in proportion to the number of shares outstanding from time to time. 
 Whenever it is necessary to possess several
shares in order to exercise a right, shares held in a number below the requisite number of shares do not entitle their holder to any right against the Company, it being up to the shareholder in such a case to personally seek to collect or group
together the requisite number of shares. 
 TITLE III 

Administration – General Management – Auditing 
 ARTICLE 11—COMPOSITION OF THE BOARD OF DIRECTORS  
  

	 	1.	The Company is administered by a Board of Directors, the minimum and maximum number of members of which are defined by applicable law in effect from time to
time. 

  

	 	2.	The permanent representative of a legal person appointed as a Director must be approved in advance by the Board of Directors. Such representatives must be less
than 70 years old. 

  

	 	3.	Each Director must own at least 1,000 shares during his term of office. 

 

	 	4.	The term of office for Directors is set by the shareholders acting in an Ordinary Shareholders’ Meeting for a term of office not to exceed three years,
subject to applicable law that may allow extension of the duration of a given term until the next Ordinary Shareholders’ Meeting held to approve the financial statements. 

 

	 	5.	The number of Directors acting in their own capacity or as permanent representatives of a legal entity more than 70 years old may not exceed one-third of
the sitting Directors as determined on the last day of each fiscal year. If this proportion is exceeded, the oldest Board member is automatically considered to have resigned. 

 

	 	6.	When at the close of a financial year, the portion of capital owned – within the framework provided by the provisions of Article L.225-102 of the French
Commercial Code – by the Company’s personnel and that of the companies affiliated to it as per Article L.225-180 of said code, represents over 3%, a Director representing employee shareholders shall be appointed at the Annual General
Meeting of Shareholders in accordance with the procedures laid down in regulations in force, and these Articles of Incorporation, insofar as the Board of Directors does not include among its members a Director who is an employee shareholder or an
elected employee. 

  

	 	7.	Candidates for appointment to the office of employee shareholder Director are selected on the following basis: 

 

	 	a)	When voting rights linked to shares held by employees or by investment trusts of which they are beneficiaries are exercised by members of the Board of Trustees of such
investment trusts, candidates are selected by such Board among its members. 

  

	 	b)	When voting rights linked to shares held by employees (or by investment trusts of which they are beneficiaries) are exercised directly by such employees, candidates
shall be appointed further to a vote as per Article L.225-106 of the French Commercial Code, either by employee shareholders in a meeting convened specifically for such purpose, or by a vote in writing. Only candidates put forward by a group of
shareholders representing at least 5% of the shares held by employees exercising their individual voting rights shall be admissible. 

  

	 	8.	Procedures for appointing candidates when such provisions are not laid down in law and regulations in force, or by these Articles of Incorporation, shall be
determined by the Chairman of the Board of Directors, in particular with respect to the timing of the appointment of such candidates. 

  

	 	9.	A list of all validly appointed candidates shall be prepared. This list shall comprise at least two names. The list of candidates shall be appended to the notice
convening the Shareholders’ Meeting called to appoint the Director representing employee shareholders. 

  
 5 

	 	10.	The Director representing employee shareholders shall be appointed at the Annual General Meeting of Shareholders on the same terms as those applicable to all
appointments of Directors. The Board of Directors shall table the list of candidates at the Shareholders’ Meeting by order of preference, and may give its approval to the first candidate appearing on such list. The candidate referred to above
who shall have received the greatest number of votes from shareholders present or represented at the Annual General Meeting of Shareholders shall be appointed as the Director representing employee shareholders. 

 

	 	11.	Such Director shall be disregarded for the purposes of determining the maximum number of Directors stipulated under Article L.225-17 of the French Commercial
Code. 

  

	 	12.	The term in office of any Director representing employee shareholders shall be three years. However, his term in office shall end forthwith, and the Director
representing employee shareholders shall be considered to have resigned automatically upon his ceasing to be an employee of the Company (or of a company or economic interest group affiliated to it as per Article L.225-180 of the French Commercial
Code) or a shareholder (or a member of an investment fund, at least 90% of whose assets comprise the Company’s shares). Until the date of appointment or replacement of any Director representing employee shareholders, the Board of Directors may
hold meetings and vote validly. 

  

	 	13.	In the event the seat of the Director representing employee shareholders shall become vacant, for any reason whatsoever, such Director shall be replaced in the
manner specified above, such Director to be appointed at the Annual General Meeting of Shareholders for a new three-year term. 

  

	 	14.	The provisions governing the sixth paragraph of this Article 11 shall cease to apply when, at the close of any given financial year, the percentage of equity
held by the Company’s employees and those of the companies affiliated to it as per aforementioned Article L.225-180, within the framework stipulated by the provisions of aforementioned Article L.225-102, is equal to less than 3% of all issued
share capital of the Company; notwithstanding the foregoing, the term of any Director appointed pursuant to the sixth paragraph of this Article 11 shall only expire at its term. 

 

	 	15.	The provisions governing the third paragraph of this Article 11 shall not apply to such Director. Nonetheless, any Director representing employee
shareholders shall hold, either individually, or through an investment trust governed by Article L.214-40 of the Monetary & Financial Code, at least one share or a number of stocks in such investment trust amounting to at least one share.

 ARTICLE 12—ORGANIZATION OF THE BOARD OF DIRECTORS  

The Board appoints a Chairman (Président du Conseil d’Administration) from among its members who must be a natural person. 

The Chairman of the Board of Directors represents the Board of Directors. He organizes and directs the Board’s work, and reports thereon to the
shareholders at Shareholders’ Meetings. He ensures the proper functioning of the Company’s bodies and ensures, in particular, that the Directors are able to carry out their duties. 
 The Board may also appoint one or two Vice Chairmen (Vice Président du Conseil d’Administration). The rights and duties of the Chairman and of the Vice Chairman or Chairmen may be
withdrawn from them at any time by the Board. The Chairman’s rights and duties cease automatically no later than on the date of his 65th birthday. Notwithstanding the preceding provision, the Board may appoint, for a term of office not to
exceed two years, an individual, from among its members, who is older than 65 years old but younger than 70 years old as the Chairman of the Board of Directors. 
 The Board also designates a natural person to act as secretary, who is not required to be a Board member. 
 The Board may establish one or more committees responsible for considering questions submitted by the Board or by its Chairman for their consideration and opinion. The Board determines the composition and
the powers of the committees, which carry on their activity under the supervision of the Board. 
 The Directors receive attendance fees, the
amount of which, determined by the shareholders acting at a Shareholders’ Meeting, remains in effect until a new decision is taken. 

  
 6 

 The Board apportions attendance fees among its members in whatever way it considers appropriate. In
particular, it may allocate a larger share to Directors who are members of the above-mentioned committees than the amount apportioned to other Directors. 
 ARTICLE 13—BOARD OF DIRECTORS’ DECISIONS  
 The Board of Directors meets
as often as required to serve the Company’s interests. A Board meeting may be called by any means, even orally, and even on short notice depending on the urgency, at the initiative of either the Chairman or a Vice Chairman, or by one-third of
its members. Such meeting may be called to be held either at the registered office, or at any other place indicated in the notice. 
 The
presence in person, or when the law so authorizes, via videoconference or telecommunication means determined by decree, of at least one-half of the Board members, is required for valid deliberations. 

Decisions are made by a majority of the votes of the members present or represented. In the case of a tie vote, the Chairman of the meeting holds a
casting vote. 
 ARTICLE 14—BOARD OF DIRECTORS’ POWERS  

The Board of Directors determines the guidelines governing the Company’s activity and oversees their application. Subject to the powers explicitly
attributed to shareholders and within the limits of the business purpose, the Board considers any question affecting the proper operation of the Company, and its decisions settle the matters concerning it. 

The Board of Directors performs such auditing and verification as it considers appropriate. Each Director is entitled to receive all information required
for the performance of his duties and may obtain any documents he considers useful. His requests must be addressed to the Chairman of the Board of Directors. 
 ARTICLE 15—GENERAL MANAGEMENT OF THE COMPANY  
  

	1)	General management of the Company is performed under the responsibility of either the Chairman of the Board of Directors (Président du Conseil
d’Administration), or by another natural person appointed by the Board of Directors and bearing the title of President (Directeur Général). 

 

	    	The Board of Directors selects one of the aforementioned methods of exercising general management under the quorum and majority provisions set forth in Article 13 of
the present charter and bylaws. The Company shall inform its shareholders and third parties of its determination in accordance with applicable regulations. 

 

	    	Once the Board makes such a determination, it remains in effect until a contrary decision is made pursuant to the same procedure. 

 

	    	Any change in the method of exercise of general management will not in and of itself effect any change in the present charter and bylaws. 

 

	    	The Board is required to meet to consider a possible change of methods for exercising general management either at the request of the Chairman or of the President, or
at the request of one-third of the Board members. 

  

	2)	When general management of the Company is assumed by the Chairman, the legal, regulatory or statutory provisions relative to the President are applicable to him, and he
takes the title of Chairman of the Board, President and Chief Executive Officer (Président – Directeur Général). 

  

	    	When the Board of Directors determines to separate the functions of Chairman of the Board of Directors (Président du Conseil d’Administration) and
President of the Company (Directeur Général), the Board appoints a President, sets the term for his appointment, and the degree of his powers. Decisions by the Board of Directors limiting the degree of the powers of the
President of the Company are not enforceable against third parties. 

  

	    	The President of the Company must be less than 65 years old during the exercise of his duties. Upon reaching this age limit during the exercise of his duties, his
appointment terminates automatically (subject to the following sentence), and the Board of Directors appoints a new President of the Company. Notwithstanding the foregoing, the President of the Company remains in office and continues exercising his
duties beyond the termination date until the date on which the Board appoints his successor. Subject to the age limit described above, a President remains eligible for reappointment. 

  
 7 

	    	The President of the Company may be terminated at any time by the Board of Directors. 

 

	    	In the event that the President of the Company is temporarily unable to exercise his duties, the Board of Directors may delegate his functions to a Director.

  

	3)	The President is invested with the most extensive powers to act in the Company’s name under all circumstances. He exercises the said powers within the limits of
the business purpose and subject to the ones explicitly assigned by law to the shareholders and to the Board of Directors. He represents the Company in its relationship with third parties. 

 

	    	The President of the Board of Directors may request the Chairman of the Board to call a meeting of the Board of Directors regarding a specified agenda.

  

	    	If the President of the Company is not also a member of the Board of Directors, he may attend meetings of the Board of Directors to provide advice, but without a vote.

  

	4)	On the basis of a proposal by its President, the Board may appoint one to five natural persons at most responsible for assisting the President and bearing the title of
Executive Vice President (Directeur Général Délégué). The Board determines the extent of their powers and their term of office, it being understood that Executive Vice Presidents hold the same powers as the
President in representing the Company in its relationships with third parties. 

  

	    	The Executive Vice President or Executive Vice Presidents may be terminated at any time by the Board of Directors, upon motion by the President of the Company.

  

	    	In the event that the President is temporarily unable to perform his duties or ceases his duties, the Executive Vice President or the Executive Vice Presidents retain
their duties and powers until the nomination of a new President, unless the Board of Directors decides otherwise. 

  

	5)	The President of the Company and, if applicable, one or more Executive Vice Presidents, may be authorized to grant substitutions or delegations of their authority
within the limit of applicable law or regulations. 

 Fixed or variable remuneration, or fixed and variable remuneration, may be
granted by the Board of Directors to the Chairman of the Board, the President of the Company, and to any Executive Vice President, and, more generally, to any other natural persons to whom duties are delegated. Such compensation shall be charged to
business expense. 
 ARTICLE 16—AUDITORS  
 The shareholders acting in a Shareholders’ Meeting designate the statutory and deputy auditors in accordance with applicable law. 

TITLE IV 

Shareholders’ Meetings 
 ARTICLE 17—NOTICE—PARTICIPATION IN  

SHAREHOLDERS’ MEETINGS  
  

	1)	Shareholders’ Meetings may be called in accordance with applicable law. 

 

	    	The meetings take place at the registered office or at any other place indicated in the notice of meeting. 

 

	    	All shareholders may attend Shareholders’ Meetings, irrespective of the number of shares held. 

 

	    	Any shareholder may vote by mail, by using a form conforming to applicable regulations. 

 

	    	No shareholder may delegate voting authority to another person except his spouse or to another shareholder or, if he is not a resident of France, by a registered
intermediary in conformity with applicable regulations. 

  

	    	Legal entities that are shareholders take part in the meetings through their legal representatives or through any agent designated for that purpose.

  
 8 

	2)	Participation in general meetings, in any form whatsoever, shall be subject to registering or recording shares under the conditions and within the time periods provided
for by regulations in effect. 

  

	    	The Board of Directors shall have the option to accept ballots and powers of attorney that should reach the company after the deadline provided for by regulations in
effect. 

  

	    	It also has the option to decide that shareholders may participate and vote in any meeting by videoconference or other means of telecommunication under the conditions
established by regulations in effect; the electronic signature that may result from any reliable identification process shall guarantee its connection with the instrument related thereto. 

ARTICLE 18—HOLDING SHAREHOLDERS’ MEETINGS—DECISIONS  

The Shareholders’ Meeting is chaired by the Chairman of the Board of Directors, and failing this, by a Vice Chairman, and in his absence by a
Director designated by the Board. 
 The Shareholders’ Meetings, whether ordinary, extraordinary or combined, make their decisions pursuant
to the quorum and majority conditions applicable to the provisions governing the type of meeting, and they may exercise the powers attributed to them by law. 
 There is secret voting when such voting is demanded by several shareholders representing at least one quarter of the share capital. 
 Subject to the following provisions, each meeting member is entitled to as many votes as he possesses or as many shares as he holds proxies for. 
 However, a double voting right is granted, in the light of the share of the share capital they represent, to all registered shares paid up in full that have been entered in the name of the same
shareholder for at least two years, as well as, in case of a capital increase by incorporation of reserves, profits or premiums on shares, to the registered shares that are allocated without charge to a shareholder in connection with previously
existing shares for which he benefits from the said right. Any merger of the company would have no effect on the double voting right, which may be exercised within the absorbing company, if the latter’s articles of association have created a
similar right. 
 The double voting right shall terminate automatically in respect of shares that are converted to bearer form or are
transferred. Nevertheless any transfer from registered share to registered share, due to inheritance ab intestat or testamentary inheritance, division of community property between spouses, or donation inter vivos to the benefit of the
spouse or of relatives eligible to inherit shall not interrupt the period set above or shall retain the acquired right. 
 At Shareholders’
Meetings, no shareholder may cast, by himself and through a proxy, in connection with the simple voting rights attached to the shares he holds directly or indirectly and in connection with the powers of attorney granted to him, more than 10% of the
total number of voting rights attributable to the company shares. However, if he also holds, on an individual basis and/or as agent, double voting rights, the limit set in this way may be exceeded taking account solely of the additional voting
rights resulting therefrom, without all of the voting rights that he exercises being able to exceed 20% of the total number of voting rights attributable to the company shares. 
 For the application of the above provisions: 
  

	 	•	 	 the total number of voting rights attributable to the company shares taken into account is calculated on the date of the Shareholders’ Meeting and
is brought to the shareholders’ attention at the opening of said meeting, 

  

	 	•	 	 the number of voting rights held directly and indirectly is to be understood as including the ones that are attributable to the shares held by a
natural person in his own behalf, either on a personal basis or in connection with joint ownership, or are held by a company, grouping, association or foundation, and as including the ones that are attached to the shares held by a controlled company
in the meaning of Article L.233-3 of the French Commercial Code, by another company or by a natural person, association, grouping or foundation, 

  

	 	•	 	 for the voting rights cast by the Chairman of the Shareholders’ Meeting, one disregards, in connection with the limitations set forth above, the
voting rights that are attached to shares for which a power of attorney has been returned to the company without any indication of an agent and which, individually, do not violate the prescribed limitations. 

  
 9 

 The limitations provided for in the above sections have no effect on the calculation of the total number of
voting rights, including the double voting rights, attributed to the Company shares and which shall be taken into account for application of the legislative, regulatory or statutory provisions laying down special obligations with reference to the
number of voting rights existing in the Company or referring to the number of shares having voting rights. 
 In addition, the limitations
provided for above shall lapse, without any need for a new decision by an Extraordinary Shareholders’ Meeting, when a natural or legal person, acting alone or in concert with one or several natural or legal persons, comes to hold at least
two-thirds of the total number of Company shares following a public offer for all of the Company’s shares. In such a case, the Board of Directors would take note of the said lapse and carry out the related formalities concerning modification of
the charter and bylaws. 
 TITLE V 
 Company Financial Statements 
 ARTICLE 19—FINANCIAL
YEAR—FINANCIAL STATEMENTS  
 The financial year begins on January 1 and ends on December 31. 

At the end of each financial year, the Board of Directors draws up an inventory, an income statement and a balance sheet, as well as the notes
supplementing them, and establishes a management report. It also establishes the Group’s consolidated financial statements. 

ARTICLE 20—ALLOCATION OF RESULTS  
 The net income for the financial year, after deduction of the overhead and other social charges, as well as of any amortization of the business assets and of any provisions for commercial and industrial
contingencies, constitutes the net profit. 
 From the said profit, reduced by the prior losses, if any, the following items are deducted in the
indicated order: 
  

	1°/	5% to constitute the legal reserve fund until the said fund reaches one-tenth of the share capital; 

 

	2°/	The amount set by the shareholders at a Shareholders’ Meeting with a view to constitution of reserves of which it determines the allocation or the use;

  

	3°/	The amounts that the shareholders decide at a Shareholders’ Meeting to carry forward. 

 The remainder is paid to the shareholders as dividends. 
 The Board of Directors may pay out
interim dividends. 
 The Shareholders’ Meeting held to approve the financial statements for the financial year may decide to grant an
option to each shareholder, with respect to all or part of the dividend or of the interim dividends, between payment of the dividend in cash and payment in shares. 
 The Shareholders’ Meeting may decide at any time, but only on the basis of a proposal by the Board of Directors, to effect a complete or partial distribution of the amounts appearing in the reserve
accounts, either in cash or in Company shares. 

  
 10 

 TITLE VI 
 Dissolution – Disputes 
 ARTICLE
21—DISSOLUTION—LIQUIDATION  
 At the time of the Company’s expiration or early dissolution, the shareholders acting at a
Shareholders’ Meeting determine the liquidation procedure and appoint one or several liquidators whose powers and compensation it determines. 
 ARTICLE 22—DISPUTES  
 Any disputes that may arise during the Company’s
existence or at the time of its liquidation, either between the shareholders and the Company or among the shareholders themselves, on the subject of business matters, shall be subject to the jurisdiction of the competent courts of the registered
office. 

  
 11

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