Document:

EX-4.4

 Exhibit 4.4 
 

 
 EMPLOYMENT CONTRACT 

The undersigned 
 Celyad SA, with registered offices located at
Rue Edouard Belin 12, B-1435 Mont-Saint-Guibert and represented by Christian Homsy, Chief Executive Officer, hereinafter referred to as the “Employer”, and 

Mr David Gilham, residing at Tara Cottage, Brookbottom, New Mills, Derbyshire, SK22 3AY, United Kingdom, hereinafter referred to as the “Employee”,

 have agreed as follows: 
 Article 1: Date and
position 
 This contract is entered into for an indefinite period and comes into force on [8 September 2016 - To be confirmed]. 12th September 2016 

The Employee is hired as Senior Vice President R & D, reporting on an interim basis to Christian Homsy, CEO. Celyad is currently looking to hire a
Global Head of Development that will lead all R&D and Clinical operations of the Group. Once the Global Head of Development will be on board, the Employee will report to him. 

The Employer reserves the right to change the Employee’s position if this is in accord with the Employee’s capacities and knowledge. This article
will be enforced with due consideration for the Employer’s economic interests and the Employee’s personal interests. Any change in the position will not constitute a unilateral change in the Employee’s working conditions. 

Article 2: Basic remuneration 
 The remuneration comprises
a fixed part and a variable part. The fixed part comprises a gross monthly salary of €12,000. 
 The variable part is related to the Incentive Plan put
in place by the Company, and may correspond to up to 20% of the gross annual salary. The variable part will be determined at the end of each calendar year on the basis of the Employee’s 

 
 

 

 performance (determined based on objectives established at the beginning of each year with the Employee’s
manager), on the one hand, and the Company’s operational and financial performance, on the other hand. 
 The number of monthly salaries as well as the
“supplementary” salaries, such as the thirteenth month and holiday pay, Is established In accordance with the conditions of Joint Committee 207. 

Article 3: Review 
 The Employee’s performances will
be reviewed annually, for the first time no later than 1 January following the entry into force of the employment contract. 
 Article 4: Other
advantages 
 Meal vouchers will be granted to the Employee within the limits and in accordance with the relevant legal stipulations. The
“gross” value of the meal vouchers, before deduction of the legal amounts imposed by law, is €8 per voucher per day worked. 
 The Employee
will have the use of a company vehicle as defined in the Company’s car policy. The vehicle is provided to the Employee, Inclusive of fuel card, servicing, Insurance and related taxes. The vehicle must have a diesel engine. The Employer will
deduct the taxes as stipulated by law relating to this type of fringe benefit from the salary. Furthermore, the Employer reserves the right to withdraw the grant of a company vehicle should the Employee Is unable to show that the vehicle is used for
essentially work-related matters and that it Is looked after with due care. 
 As the Employee is residing outside of Belgium, and commits to be in the
offices of the Company a minimum of 4 days per week (when not travelling abroad for professional duties), the Company will lease an apartment or a house for a monthly budget of up to €1,500 per month (all charges included). Also, the Company
will pay all personal travels expenses of the Employee from and to Manchester. 
 Article 5: Insurance plan 

From the first day of employment the Employee benefits from insurance covering hospital, ambulant and dental care taken out with DKV. Furthermore, from the
first day of employment the Employee will be signed up to the Company’s supplementary Group Insurance plan (life insurance, sickness and invalidity insurance, pension saving). 

Article 6: Stock option plan 
 When warrants are issued by
the Company, the Employee will be able to benefit from warrants as defined by the distribution plan approved by the Company’s 
  

 

 
Compensation Committee. However, the award of warrants to the Employee is not guaranteed and any decision to do so is at the exclusive discretion of the Compensation Committee. 

Within 30 days following the first working day of the Employee (expected to be [1st of September 2016]),
the Company will grant 10,000 warrants to the Employee. 
 Article 7: Place of work 

The regular place of work is: Rue Edouard Belin 12, Axisparc, B-1435 Mont-Saint-Guibert. 

The Employer reserves the right to change the place of work for valid operational reasons. 

The Employee agrees to travel to several regions and countries if this proves necessary for the Company’s business and to fulfil his duties. 

Article 8: Annual holidays 
 The Employee will benefit
from the number of days holiday as set down in the relevant Belgian laws and as established by Joint Committee 207, with due consideration for the number of working hours as set down In Article 8bis, which is 32 days in total at the end of the first
fully worked year (40 hours per week split over 5 days worked). 
 As far as possible, and insofar as the number of days is sufficient, the Employee is
requested to take at least 10 days between 1 July and 31 August. The dates of the annual holidays will be decided by mutual agreement between the Employer and the Employee. The Employee will also be entitled to the legal public holidays in Belgium.
The days off will be set at least 2 weeks in advance with the agreement of the managing director or any other authorised person in this person’s absence. 

Article 8 bis: Working hours 
 The Employee works 40 hours
per week. The Employee is expected to begin the working day between 8.30 am and 9.00 am and to end the working day between 5.30 pm and 6.00 pm, depending on the schedule established with his manager. 

Article 9: Exclusivity 
 The Employee acknowledges and
accepts that the nature of the Company’s activities, his duties and responsibilities as well as the remuneration granted to him presuppose that he devotes all of his working time and all his capacities to the Company’s business. 

 
 

 

 The Employee must obtain the Company’s approval in advance before undertaking any other working activity
outside of the Company. The Company may refuse to give this approval without justification or grant it subject to certain conditions. 
 The Company’s
authorisation is required for any working activity, remunerated or otherwise: 
  

	 	1.	performed directly by the Employee as a self-employed person or as an employee, authorised representative or agent of another company; or 

 

	 	2.	performed by another company under the control of the Employee. 

 Article 10: Confidential information

 During the performance of this contract, the Employee must: 
  

	 	•	 	not disclose any Confidential Information to any person; 

  

	 	•	 	not use any Confidential Information to his advantage (with or without the prospect of financial gain) or the advantage of any other person (with or without the prospect of financial gain). 

After the end of this contract, the Employee must: 
  

	 	•	 	not disclose any Confidential information to any person; 

  

	 	•	 	not use any Confidential Information to his advantage (with or without the prospect of financial gain) or the advantage of any other person (with or without the prospect of financial gain). 

 

	 	•	 	spontaneously or on the Company’s first request, return to the Company any Confidential Information, whichever way this Confidential Information is kept or stored; 

 

	 	•	 	notify his new Employer or new clients of his obligations under this article. 

 If this stipulation is breached
by the Employee the Company or the Group may claim damages and interest from the Employee, set at the fixed sum of EUR 25,000 per breach, without affecting the Company’s right to compensation based on its actual losses. 

The Employee’s attention is also drawn to the fact that the criminal penalty for disclosing industrial secrets is imprisonment of between three months
and three years under Article 309 of the Penal Code. 
 Bearing in mind the nature of its activities and the critical character of the Confidential
Information circulating there, the Company will do its utmost to assert its rights and prosecute the Employee if he breaches this Article 10. 
 Article 11:
Intellectual property 
 §1. All intellectual property rights and other rights, such as the rights to knowhow (hereinafter referred to jointly as
“Intellectual Property Rights”), to all research 
  
 

 

 
and development results, documentation, databases, reports, analyses, technologies, industrial secrets, methods, procedures, discoveries, improvements and any other work created, designed,
developed or produced in whole or in part by the Employee, alone or working with others, using or not using the Company’s systems, equipment or machinery, during or in performance of the employment contract or on the Company’s
instructions, or that relate or can in any way be connected to any of the matters that constitute or can become a Company activity or that are the subject or can be the subject of any Company research (hereinafter generally referred to as
“Works”), remain the Company’s exclusive property from their creation and from the date on which this contract is signed insofar as it concerns rights that are created before the signing of this contract and are subject to this
article. 
 §2. The media that contain the Work as well as all documents that have been shared between the Company and the Employee are also the
Company’s exclusive property. 
 §3. The Employee undertakes to fully inform the Company on its first request of any Work that he has created,
produced or developed alone or working with others. The Employee undertakes to immediately share all information and knowhow in relation to the Works after their creation. The Employee also undertakes to share and provide any documentation in
relation to the Works. 
 §4. The Employee undertakes to refrain from any act that breaches the Company’s rights. The Employee undertakes not to
apply for or claim, directly or through a third party, a patent or any other intellectual property right in relation to the Works without the Company’s written permission. 

§5. The Employee agrees, from the signing of this contract, to the Company acting as his exclusive representative with regard to the exercise of moral
rights to the Works, such as the right of disclosure or authorship with regard to the Works. The Employee acknowledges that the Company (and/or its partners and clients) has the exclusive right to determine whether, when and how the Works are used,
with due consideration for the fact that the Works not used also remain the Company’s exclusive property. The Employee renounces its moral right to demand that the Company (and/or its partners and clients) respect the integrity of the Works and
does not object to any change or modification to the Works insofar as this does not undermine his honour or reputation. The Employee authorises the Company (and/or its partners and clients) to use the Works without stating the name of the Employee
and to affix it with any distinctive sign of its choosing. 
 Article 12: Non-competition clause 

When leaving the Company, the Employee will refrain from performing similar activities, either in an undertaking of his own or at a competitor of the Company,
by which he could harm the Company that he has left by using the specific knowledge of the company that he has acquired there for his own ends or for the benefit of a competitor. 

 
 

 

 This ban is imposed for 12 months following the day in which employment relations are ended. This ban applies in
all countries in which Celyad’s brands, being C-Cure and C-Cath or any other propriety brand of the Company on the date of departure of the Employee, are registered. This ban applies whenever the contract
is ended, except when gross misconduct is cited by the Employer. 
 The Company may renounce the application of this clause within fifteen days of the
breaking of the Employee’s employment contract. If the Company does not renounce the application of this clause, it will pay the Employee compensation equal to fifty per cent (50%) of the Employee’s gross remuneration for the effective
period during which the ban applies. 
 If the Employee fails to comply with this clause, he will reimburse the Company this sum and he will also be liable
to pay fixed compensation in the same amount, without affecting the Company’s right to claim higher damages and interest if it can prove the extent of these damages. 

Article 13: Commission and gifts 
 The Employee is not
authorised to accept, directly or indirectly, any commission, gift, in cash or in kind, from any person that has or could have a business relationship with the Company or any other company of the Group without the Company’s prior permission.

 Article 14: Gross misconduct 
 The Company is
authorised to end this contract with immediate effect, without prior notice or compensation, if the Employee is found guilty of gross misconduct, that is to say any conduct that immediately and definitively makes the continued working relationship
between the parties impossible. 
 The following are examples of gross misconduct that could lead to the immediate breaking of the employment contract at
the Company’s discretion: 
  

	 	1.	Any non-fulfilment by the Employee of its general obligations, as set down in this contract; 

  

	 	2.	Any breach of the confidentiality obligation, as set down in Article 10 of this contract; 

  

	 	3.	Any breach of the obligation not to accept gifts or tips, as set down in this contract; 

  

	 	4.	Any fraud or falsification of documents; 

  

	 	5.	Any abuse of the Company’s credit card or the Company’s funds; 

  

	 	6.	Any infraction subject to a criminal penalty liable to definitively break the band of trust between the parties or harm the Company’s reputation or public image; 

 

	 	7.	Any unjustified absence of three consecutive days; 

  

	 	8.	Any public announcement liable to harm the reputation or public image of the Company or any Group company; 

  

 

	 	9.	Any breach by the Employee of the intellectual property rights of third parties; 

  

	 	10.	Any violent conduct, psychological abuse or sexual harassment. 

 This list is not exhaustive. 

Article 15: Employee’s obligations when the contract is broken off 

When this contract ends, for whatever reason, the Employee must immediately: 
  

	 	•	 	Return to the Company all unused business cards he has received from the Company or any other group company; 

  

	 	•	 	Return to the Company, without keeping copies, all documents in his possession regarding the Company or any other Group company, the keys to the Company’s premises, the Company’s vehicle and all property,
material or equipment in his possession that belong to the Company or any other Group company. 

 Any arrangement or agreement between the
parties relating to the breaking off of this contract must be deemed to contain Confidential Information to which the stipulations of this contract regarding the confidentiality obligation apply. 

Article 16: Unfair competition 
 Without affecting its
obligations set down in Article 10 of this contract, the Employee acknowledges that he cannot undertake to participate in an act of unfair competition against the Company. The following are examples of unfair competition (without this list being
exhaustive): 
  

	 	(1)	The use of Confidential Information in his own interest or in the interest of any other business; 

  

	 	(2)	The use of the Company’s name or logo or the name or logo of any other Group company in his own interest or in the interest of any other business; 

 

	 	(3)	Any act that creates confusion among the Company’s clients or partners regarding the Company or the business the Employee works on; 

 

	 	(4)	Any attempt to encourage an employee of the Company or of another Group company to leave the Company or leave a Group company. 

If the Employee is guilty of acts of unfair competition the Company may claim damages and interests to compensate all losses or damages that it suffers or
could suffer. 
 Article 17: Employee handbook 
 The
Employee undertakes to read and comply with the employee handbook from his first day of employment at the Company. 
  
 

 

 Article 18: Applicable law 

This employment contract will be governed and will enter into force in compliance with Belgian law. Any dispute arising from this document that cannot be
settled amicably will be exclusively submitted to the Courts of Belgium. 
 Article 19: Other stipulations 

This contract constitutes the entire agreement between the Employee and the Company and replaces any earlier contract and any previous correspondence on the
same subject. 
 Done in duplicate at Mont-Saint-Guibert on 6 June 2016. 

Each of the parties acknowledges receipt of one original. 
  

							
	

	 		 		 	

	The Employer	 	Celyad SA	 		 	The Employee
	Celyad SA	 	Patrick Jeanmart*	 		 	DAVID GILHAM
	Christian Homsy	 	Chief Financial Officer	 		 	6/6/2016
	Chief Executive Officer	 	*Representative or PAJE sprlEX-4.5

 Exhibit 4.5 

OPEN-ENDED EMPLOYMENT CONTRACT 
 Between
the undersigned 
 Cardio3 BioSciences SA 
 Whose head office
is located at Axisparc Business Center, 12 Rue Edouard Belin, 1435 Mont-Saint-Guibert, represented by Patrick JEANMART, Chief Financial Officer, hereinafter “the Employer” and 

Dieter Hauwaerts, residing at Beigemsesteenweg 277, 1850 Grimbergen, hereinafter “the Employee”, 

The following has been agreed: 
 Article 1: Date of
Employment and Responsibilities 
 This contract has been concluded for an open-ended period and shall enter into force on December 1, 2014 [DATE TO
BE CONFIRMED]. 
 The Employee has been recruited as Manufacturing Director, and shall report to the Chief Operating Officer, Gaetane Metz. 

The Employer reserves the right to modify the Employee’s responsibilities, providing this is in line with his skills and expertise. Application of this
article shall take into account the economic interests of the Employer and the personal interests of the Employee. Any change to the Employee’s responsibilities shall not constitute a unilateral modification of his working conditions. 

Article 2: Basic Salary 
 The Employee’s salary
shall comprise a fixed component and a variable component. The fixed component shall comprise a monthly gross salary of 7,700€. 

 The variable component relates to the Incentive Plan established by the company, which accounts for up to 20% of
the annual gross salary. The variable component shall be determined at the end of each calendar year and based on the Employee’s achievement of the targets defined jointly in advance with his manager, as well as the operational and economic
performance of the company. 
 The number of monthly salaries disbursed and the “supplementary” salaries, such as the thirteenth month salary and
the holiday bonus, shall be determined in accordance with the conditions laid down by Joint Commission 207. 
 Article 3: Review 

The Employee’s performance shall be reviewed each year, with the first review taking place at the earliest on January 1 of the year following the
year in which the Employee was recruited. 
 Article 4: Meal Vouchers and Other Perks 

The Employee shall receive meal vouchers within the limits of and in accordance with the relevant statutory provisions. The “gross” value of the meal
vouchers, prior to deduction of the statutory amounts, is 7€ per voucher per day worked. 
 The Employee shall also be entitled to monthly
hospitality expenses amounting to 200€. 
 The Employee shall receive a company car in accordance with the Company’s Car Policy. The vehicle shall
be supplied by the Employer, along with a fuel card, maintenance, insurance and any related taxes. The car must have a diesel engine. The Employer shall deduct from the Employee’s salary the statutory taxes and levies applicable to this type of
perk. The Employer also reserves the right to withdraw entitlement to a company car in the event that the Employee is unable to demonstrate that the vehicle is mainly used for work purposes and that he has shown conscientiousness in keeping the
vehicle in a good state of repair. 
 Article 5: Insurance Plan 

As of the date on which the Employee commences his duties, he shall be covered for hospital and outpatient care with the company DKV. The Employee shall also
be covered, as of the date on which he commences his duties, by a non-statutory “Group Insurance Policy” (life insurance, sickness/invalidity insurance, pension fund) held by the company. 

  
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 Article 6: Stock Option Plan 

When the Company issues stock options, the Employee may receive stock options in accordance with the distribution plan adopted by the Company’s
Compensation Committee. The Employee shall not, however, be guaranteed any stock options, which shall be distributed at the sole discretion of the Compensation Committee. 

Article 7: Place of Work 
 The usual place of work
shall be: Axisparc Business Center, 12 Rue Edouard Belin, Mont-Saint-Guibert (1435). 
 The Employer reserves the right to change its usual place of work
for legitimate operational reasons. 
 The Employee agrees to travel to various regions and countries if this proves necessary for the purpose of the
Company’s business or performance of his duties. 
 Article 8: Annual Vacation 

The Employee shall be entitled to the number of statutory days of vacation established under the relevant Belgian law and as laid down by Joint Committee 207,
based on the number of working hours, as defined in article 8a, i.e., 32 days in total at the end of the first full year of work. 
 Insofar as possible and
providing the remaining vacation entitlement so allows, the Employee shall be required to take at least 10 days’ vacation between July 1 and August 31. The dates of the Employee’s annual vacation shall be decided by mutual
agreement with the Employer. The Employee shall also be entitled to the statutory public holidays in Belgium. The vacation time shall be decided at least two weeks in advance and shall be subject to the agreement of the Managing Director or any
other authorized representative in the event of the latter’s absence. 
 Article 8a: Working Time 

The Employee’s working time shall be 40 hours per week. It is expected that the Employee shall start work between 8:30 and 9:00 a.m. and finish between
5:30 and 6:00 p.m., depending on the company’s work schedule. 

  
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 Article 9: Exclusivity 

The Employee acknowledges and agrees that the nature of the Company’s activities, his duties and responsibilities, as well as his salary, imply that he
shall devote all of his working time and abilities to the Company’s business. 
 The Employee shall require the prior consent of the Company before
undertaking any other professional activity. The Company may refuse to give its consent without any justification. It may also attach certain conditions to its consent. 

The Company’s consent shall be required for any professional activity, remunerated or otherwise: 

 

	 	1.	which the Employee performs directly as a self-employed worker or as an employee, agent or representative of another company; or 

  

	 	2.	which is performed by another company under the direction of the Employee. 

 Article 10: Confidential
Information 
 During the performance of this contract, the Employee must refrain from: 

 

	 	•	 	disclosing any Confidential Information to any person; 

  

	 	•	 	using any Confidential Information for his own benefit (with or without the prospect of financial gain) or for the benefit of any other person (with or without the prospect of financial gain). 

Subsequent to the end of this contract, the Employee shall: 
  

	 	•	 	refrain from disclosing Confidential Information to any person; 

  

	 	•	 	refrain from using Confidential Information for his own benefit (with or without the prospect of financial gain) or for the benefit of any other person (with or without the prospect of financial gain);

  

	 	•	 	of his own volition, or at the latest when first requested by the Company, return to the Company all Confidential Information, whatever the medium used to retain or store this Confidential Information;

  

	 	•	 	notify his new employer or his new clients of his obligations under this article. 

 Should the Employee
infringe any of these provisions, the Company or the Group may claim damages from the Employee. These damages shall be set at a fixed sum of 25,000 EUR per infringement, without prejudice to the Company obtaining compensation for the damage actually
incurred. 

  
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 The Employee’s attention is also drawn to the fact that the infringement of trade secrets is punishable by a
prison sentence of between three months and three years pursuant to article 309 of the Penal Code. 
 In the light of the nature of its activities and the
crucial nature of the Confidential Information disseminated within the Company, the latter shall make every effort to ensure enforcement of its rights and ensure that the Employee is penalized if he were found to be in breach of this article
10. 
 Article 11: Intellectual Property 

§1. All intellectual property rights and other rights, such as rights over know-how (hereinafter referred to
collectively as “Intellectual Property Rights”), all the results of research and development, documentation, databases, reports, analyses, technologies, trade secrets, methods, processes, discoveries, improvements and any other work,
created, designed, developed or produced in whole or in part by the Employee, either alone or in conjunction with others, whether or not the Company’s installations, equipment or appliances were used, during the term, or during execution of the
employment contract, or upon instructions from the Company, or which relate to or may, in any way, relate to areas of activity that constitute or could become an activity of the Company, or which are or could be the focus of any research conducted
by the Company (hereinafter referred to collectively as “Work”), shall remain the exclusive property of the Company as soon they come into being or upon signature of this contract in the case of rights accruing prior to signature of this
contract and which are covered by this article. 
 §2. The medium or media on which Work is contained, as well as all the documents that have been
exchanged by the Company and the Employee, shall also be the exclusive property of the Company. 
 §3. The Employee agrees to disclose in full to the
Company, at its earliest request, the existence of any Work that he has, either alone or in conjunction with others, created, produced or developed. The Employee agrees to disclose immediately and in full, subsequent to its creation, performance or
production, all information and know-how relating to the Work. The Employee also agrees to communicate and provide all documentation relating to the Work. 

§4. The Employee agrees to refrain from any act that would constitute an infringement of the Company’s rights. The Employee agrees not to request or
claim (himself or through a third party) the granting of a patent or any other intellectual property right relating to the Work, unless he has first received the express written consent of the Company. 

  
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 §5. The Employee agrees that, upon signature of the employment contract, the Company shall act as the sole
representative of the Employee with regard to the exercise of his moral rights over the Work, such as the right of disclosure or authorship rights in relation to the Work. The Employee acknowledges that the Company (and/or its partners and clients)
shall alone determine whether, when and how the Work will be exploited, it being understood that the non-exploited Work shall also remain the exclusive property of the Company. The Employee waives the right,
with regard to the Company (and/or its partners and clients), to exercise his moral rights with regard to the integrity of the Works and shall thus not oppose any adaptation or modification of the Work providing this does not undermine his honor or
reputation. The Employee shall authorize the Company (and/or its partners and clients) to exploit the Work without mentioning the name of the Employee and to affix to it a distinctive label of its choosing. 

Article 12: Non-competition Clause 

After leaving the company, the Employee shall refrain from performing similar activities, either through his own company, or by working for a competitor, as
this could damage his former company if he uses, for his own benefit or for the benefit of a competitor, the knowledge specific to the company and which he acquired while working there. 

This non-competition clause shall apply for 12 months as of the day on which the employment relationship was
terminated. This clause shall apply in all countries where the trademarks of Cardio3 BioSciences, i.e., C-Cure and C-Cath or any other trademark owned by the Company on the date on which the Employee left the
company, have been registered. This clause shall apply upon termination of all contracts, except in cases where the contract was terminated due to serious misconduct on the part of the Employer. 

The Company may waive its right to apply this clause within fourteen days of termination of the Employee’s employment contract. If the Company does not
waive this right, it shall pay the Employee compensation equal to fifty per cent (50%) of the worker’s gross salary for the duration of effective application of this clause. 

If the Employee fails to comply with this clause, he shall repay the Company the aforementioned fixed rate of compensation and shall also pay the same amount
again in compensation, without prejudice to the Company claiming greater damages, subject to its proving the extent of those damages. 

  
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 Article 13: Commissions and Gifts 

The Employee shall not accept, directly or indirectly, any commission, gifts, reduction or gratuity, in cash or in kind, from any person that is or could be in
a business relationship with the Company or any of the Group’s other companies, without the prior express consent of the Company. 
 Article
14: Serious Misconduct 
 The Company may terminate this contract with immediate effect, without notice and without severance pay if the Employee
is found guilty of serious misconduct, i.e. of any behavior that makes it immediately and permanently impossible for the parties to pursue their professional relationship. 

The following shall constitute examples of serious misconduct, which could give rise to the immediate termination of the employment contract should the
Company so choose: 
  

	 	1.	any breach by the Employee of his general obligations, as established in this contract; 

  

	 	2.	any breach of the confidentiality obligation established in article 13 of this contract; 

  

	 	3.	any breach of the obligation not to accept gifts or gratuities, as established in this contract; 

  

	 	4.	any act of fraud or falsification of documents; 

  

	 	5.	any misuse of the Company’s credit card or the Company’s funds; 

  

	 	6.	any criminal infractions that could permanently undermine the trust between the parties or that could damage the Company’s reputation or public image; 

 

	 	7.	any unjustified absence of three consecutive days; 

  

	 	8.	any public announcement that could damage the reputation or public image of the Company or any of the Group’s companies; 

  

	 	9.	any infringement of third party intellectual property rights by the Employee; 

  

	 	10.	any violent behaviour, psychological or sexual harassment at the workplace. 

 This list is not exhaustive. 

Article 15: Contract Termination Clause 
 When this
contract ends, for whatever reason, the Employee shall immediately: 
  

	 	•	 	return to the Company all the business cards given to him by the Company or by any of the Group’s other companies; 

  

	 	•	 	return to the Company, without retaining a copy thereof, all the documents in his possession relating to the Company or any other of the Group’s companies, the keys to the Company’s premises, the company car
and any property, materials and equipment in his possession which belong to the Company or to any of the Group’s other companies. 

  
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 Any arrangement or agreement between the parties relating to the termination of this contract shall be regarded
as Confidential Information and shall be subject to the confidentiality provisions of this contract. 
 Article 16: Unfair Competition 

Without prejudice to his obligations under article 10 of this contract, the Employee acknowledges that he may not partake in, or be a party to, any act of
unfair competition against the Company. The following are instances of unfair competition (non-exhaustive list): 
  

	 	(1)	using Confidential Information for his own interests or the interests of any other business; 

  

	 	(2)	using the Company’s name or logo or the name or logo of any other of the Group’s companies for his own interests or the interests of any other business; 

 

	 	(3)	any act that would create confusion in the minds of clients or partners of the Company with regard to the Company or the business activities in which the Employee is involved; 

 

	 	(4)	any attempt to encourage an employee of the Company or of another of the Group’s companies to leave the Company or to leave another of the Group’s companies. 

Should the Employee engage in unfair competition, the Company may claim damages as compensation for the loss or damage that it has incurred or could incur.

 Article 17: Work Regulations 
 The Employee
agrees to read and comply with the work regulations as soon as he commences his duties within the company. 

  
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 Article 18: Applicable Legislation 

This employment contract shall be governed by, and shall enter into force in accordance with Belgian legislation. Any dispute arising from this contract that
cannot be settled out of court shall be subject to the exclusive jurisdiction of the Courts of Belgium. 
 Article 19: Miscellaneous 

This contract shall constitute the full agreement between the Employee and the Company and shall supersede any previous contract or earlier correspondence
having the same purpose. 
 Done in duplicate in Mont-Saint-Guibert on 23 September 2014. 

Each of the parties acknowledges that it has received an original copy of the contract. 

 

			
	 The Employer
	 	 The Employee

	 Cardio3 BioSciences SA

Patrick Jeanmart
	 	
	 Chief Financial Officer
	 	

  
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