Document:

EXHIBIT 10.1

 

SOUTHERN MISSOURI BANCORP, INC.

 2008 EQUITY INCENTIVE PLAN

PERFORMANCE-BASED RESTRICTED STOCK AWARD AGREEMENT

RS No. _______________ Grant Date: _______________

This Performance-Based Restricted Stock Award of Shares (the "Award") is granted by Southern Missouri Bancorp, Inc. (the "Company") to [Name] (the "Grantee") in accordance with the terms of this Performance-Based Restricted Stock Award Agreement (the "Award Agreement") and subject to the provisions of the Southern Missouri Bancorp, Inc. 2008 Equity Incentive Plan, as amended from time to time (the "Plan").  Capitalized terms, unless otherwise defined herein, shall have the same meaning as set forth in the Plan, as amended from time to time.  The Plan is incorporated herein by reference.

	1.	
Performance-Based Restricted Stock Award.  The Company makes this Performance-Based Restricted Stock Award of up to a maximum of [Number] Shares to Grantee.  These Shares are subject to forfeiture and to limits on transferability until they vest, as provided in Sections 2 through 6 of this Award Agreement and in Article V of the Plan.

	2.	
Vesting Dates:  Subject to Sections 4 and 5 of this Award Agreement, the Shares shall vest as follows:

	 	
Vesting Date

	 	
Maximum Number

of Shares Vesting (a)

	 	
__, 2018

	 	
Up to _______ Shares

	 	
__, 2019

	 	
Up to _______ Shares

	 	
__, 2020

	 	
Up to _______ Shares

	 	
__, 2021

	 	
Up to _______ Shares

	 	
__, 2022

	 	
Up to _______ Shares

	 	
__________________

(a) The actual number of Shares that will vest as of each Vesting Date will be determined as set forth in Section 3 below.

	3.	
Vesting of Shares as of Each Vesting Date.  The actual number of shares that will vest as of each Vesting Date shown in Section 2 above will be dependent upon the Company's annualized return on average assets ("ROAA") over the 12 calendar quarters ending immediately prior to the Vesting Date (the "Performance Period").  If the Company's annualized ROAA for the Performance Period with respect to any Vesting Date is below ___%, then no Shares shall vest as of that Vesting Date, and that 20% portion of the Award shall be forfeited.  If the Company's annualized ROAA for the Performance Period with respect to any Vesting Date is ___% or higher, then the number of Shares that will vest as of that Vesting Date will be determined by multiplying the maximum number of Shares that could vest as of such Vesting Date (as set forth in Section 2 above) by the Vesting Percentage set forth below:

 

 

 

	
Annualized ROAA

	 	
Vesting Percentage

	 	 	 
	
___% (Threshold)

	 	
 50%

	
___%  (Midpoint)

	 	
 75%

	
___% (Maximum)

	 	
100%

If the Company's annualized ROAA for the Performance Period is ___% or higher but less than ___%, then the Vesting Percentage shall be 50%. If the Company's annualized ROAA for the Performance Period is ___% or higher but less than ___%, then the Vesting Percentage shall be ___%. If the Company's annualized ROAA for the Performance Period is ___% or higher, then the Vesting Percentage shall be 100%.

If the Vesting Percentage with respect to any Vesting Date is less than 100%, then all Shares which could have vested as of such Vesting Date but which did not vest shall be forfeited.

	4.	
Transferability.  The Grantee may not sell, assign, transfer, pledge or otherwise encumber any Shares that have not vested, except in the event of the Grantee's death by will or by the laws of descent and distribution.

	5.	
Termination of Service.  If the Grantee terminates Service for any reason other than in connection with a Change in Control or the death or Disability of the Grantee, any Shares that have not vested as of the date of that termination shall be forfeited to the Company.  If the Grantee's Service terminates on account of the Grantee's death or Disability, the Vesting Date for all Shares that have not vested or been forfeited shall be accelerated to the date of that termination of Service, with the Vesting Percentage for each accelerated Vesting Date to be 75%.

	6.	
Effect of Change in Control.  Upon a Change in Control, the Vesting Date for all Shares that have not vested or been forfeited shall be accelerated to the date of the earliest event constituting a Change in Control, with the Vesting Percentage for each accelerated Vesting Date to be 75%.  [May be modified at Committee's election for 280G planning purposes.]

	7.	
Delivery of Shares to the Grantee.  Stock certificates for the Shares will not be issued until the Vesting Date occurs and the number of Shares that will actually vest of the Vesting Date is determined. The Company shall issue a stock certificate reflecting the actual number of Shares vesting on the Vesting Date, and the Company will deliver the stock certificate for the vested Shares to the Grantee (or, if applicable, the Grantee's Beneficiary or estate).   The Company's obligation to deliver a stock certificate for vested Shares can be conditioned upon the receipt of a representation of investment intent from the Grantee (or the Grantee's Beneficiary) in such form as the Committee requires.  The Company shall not be required to deliver stock certificates for vested Shares prior to: (a) the listing of those Shares on the Nasdaq; or (b) the completion of any registration or qualification of those Shares required under applicable law.

	8.	
Grantee's Rights.  The Grantee shall not have any voting or dividend rights to the Shares until a stock certificate for the actual number of Shares that vests as of each Vesting Date is issued in accordance with Section 7 above.

 

RS-2

 

 

	9.	
Adjustments in Shares.  In the event of any recapitalization, stock split, reorganization, merger, consolidation, spin-off, combination, exchange of securities, stock dividend, special or other non-recurring dividend or distribution, liquidation, dissolution or other similar corporate transaction or event, the Committee shall, in such manner as it may deem equitable, adjust the number of Shares or class of securities of the Company covered by this Award Agreement.  Any additional Shares or other securities received by the Grantee as a result of any such adjustment shall be subject to all restrictions and requirements applicable to Shares that have not vested.  The Grantee agrees to execute any documents required by the Committee in connection with an adjustment under this Section 11.

	10.	
Tax Election.  The Grantee understands that an election may be made under Section 83(b) of the Code to accelerate the Grantee's tax obligation with respect to receipt of the Shares from the Vesting Dates to the Grant Date by submitting an election to the Internal Revenue Service substantially in the form attached hereto.

	11.	
Tax Withholding.  The Company shall have the right to require the Grantee to pay to the Company the amount of any tax that the Company is required to withhold with respect to such Shares, or in lieu thereof, to retain or sell without notice, a sufficient number of Shares to cover the minimum amount required to be withheld.

	12.	
Plan and Committee Decisions are Controlling.  This Award Agreement and the award of Shares to the Grantee are subject in all respects to the provisions of the Plan, which are controlling.  All decisions, determinations and interpretations by the Committee with respect to the Plan, this Award Agreement or the award of Shares shall be binding and conclusive upon the Grantee, any Beneficiary of the Grantee or the legal representative thereof.

	13.	
Grantee's Employment.  Nothing in this Award Agreement shall limit the right of the Company or any of its Affiliates to terminate the Grantee's service or employment as a director, advisory director, officer or employee, or otherwise impose upon the Company or any of its Affiliates any obligation to employ or accept the services or employment of the Grantee.

	14.	
Amendment.  The Committee may waive any conditions of or rights of the Company or modify or amend the terms of this Award Agreement; provided, however, that the Committee may not amend, alter, suspend, discontinue or terminate any provision of this Award Agreement if such action may adversely affect the Grantee without the Grantee's written consent.  To the extent permitted by applicable laws and regulations, the Committee shall have the authority, in its sole discretion, to accelerate the vesting of the Shares or remove any other restrictions imposed on the Grantee with respect to the Shares, whenever the Committee may determine that such action is appropriate.

	15.	
Grantee Acceptance.  The Grantee shall signify acceptance of the terms and conditions of this Award Agreement and acknowledge receipt of a copy of the Plan by signing in the space provided below and returning the signed copy to the Company.

(Signature page follows)

 

RS-3

  

IN WITNESS WHEREOF, the parties hereto have caused this Award Agreement to be executed as of the date first written above.

	 	 	
SOUTHERN MISSOURI BANCORP, INC.

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	
By

	
________________________________

	 	 	
Its

	
________________________________

	 	 	
ACCEPTED BY GRANTEE

	 	 	
___________________________________

	 	 	
(Signature)

	 	 	 
	 	 	
___________________________________

	 	 	
(Print Name)

	 	 	 
	 	 	
___________________________________

	 	 	
(Street Address)

	 	 	
___________________________________

	 	 	
(City, State & Zip Code)

Beneficiary Designation:

The Grantee designates the following Beneficiary to receive the Shares upon the Grantee's death:

 

 

 

 

  

RS-4

 

  

STOCK POWER

(One stock power for each stock certificate issued)

For value received, I hereby sell, assign, and transfer to Southern Missouri Bancorp, Inc. (the "Company") ____________ shares of the capital stock of the Company, standing in my name on the books and records of the aforesaid Company, represented by Certificate No. ____________________ and do hereby irrevocably constitute and appoint the Secretary of the Company attorney, with full power of substitution, to transfer this stock on the books and records of the aforesaid Company.

	 	 	 	
 

Dated:

________________________

In the presence of:

________________________

 

 

 

 

 

 

 

 

 

  

RS-5

 

  

 83(b) ELECTION FORM

TO: Internal Revenue Service Center

[Address where the employee files his or her personal income tax return]

ELECTION UNDER SECTION 83(b)

OF THE INTERNAL REVENUE CODE OF 1986

	
Name:

	 	 
	
Address:

	 	 
	 	 	 
	 	 	 

Social Security Number ____ - __ - ____

Property with respect to which this Election is made: _____ shares of the common stock of Southern Missouri Bancorp, Inc.

Date of Grant or Transfer: ____________, _____.

Taxable Year for which Election is made:  Calendar Year _____.

Nature of the Restrictions to which the Property is Subject:  (i) a vesting schedule pursuant to which the taxpayer will not be fully vested in the property until ___________, subject to the satisfaction of specific performance criteria.

Fair Market Value of the Property upon receipt by taxpayer ______.

Amount Paid for the Property: ____________.

Copies of this Election have been furnished to ___________________________.

A copy of this Election also shall be attached to my IRS Form 1040 for calendar year _____.

	 	 	 
	
Date

	 	
Signature

 

  

RS-6EX-4.1

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 

SANOFI 
 Limited liability
company 
 (Société Anonyme à conseil d’administration) 

Registered capital : €2,519,175,062 

Registered office : 54, rue La Boétie – 75008 Paris 

Registration number : PARIS 395 030 844 

ARTICLES OF ASSOCIATION 

  
 Sanofi Updated April 27, 2017 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 PART I 

GENERAL PROVISIONS 
 Article 1 -
Form of company 
 The company, in the form of a limited liability company (société anonyme), is governed by applicable laws and
regulations as well as by these articles of association (statuts). 
 Article 2 - Corporate name 

The corporate name shall be: Sanofi. 
 Article 3 –
Corporate Purpose 
 The company’s corporate purpose, in France and abroad, is: 

 

	 	•	 	Acquiring interests and holdings, in any form whatsoever, in any company or enterprise, in existence or to be created, connected directly or indirectly with the health and fine chemistry sectors, human and animal
therapeutics, nutrition and bio-industry; 

 in the following areas: 
  

	 	•	 	Purchase and sale of all raw materials and products necessary for these activities; 

  

	 	•	 	Research, study, and development of new products, techniques and processes; 

  

	 	•	 	Manufacture and sale of all chemical, biological, dietary and hygienic products; 

  

	 	•	 	Obtaining or acquiring all intellectual property rights related to results obtained and, in particular, filing all patents, trademarks and models, processes or inventions; 

 

	 	•	 	Operating directly or indirectly, purchasing, and transferring—for free or for consideration—pledging or securing all intellectual property rights, particularly all patents, trademarks and models, processes or
inventions; 

  

	 	•	 	Obtaining, operating, holding and granting all licences; 

  

	 	•	 	Within the framework of a group-wide policy and subject to compliance with the relevant legislation, participating in treasury management transactions, whether as lead company or otherwise, in the form of centralized
currency risk management or intragroup netting, or any other form permitted under the relevant laws and regulations; 

 And, more generally:

  

	 	•	 	All commercial, industrial, real or personal, property financial or other transactions, connected directly or indirectly, totally or partially, with the activities described above and with all similar or related
activities and even with any other purposes likely to encourage or develop the company’s activities. 

  
 Sanofi Updated April 27, 2017 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 Article 4 - Registered office 

The registered office is located at: 54, rue La Boétie, PARIS 75008. 

Should a transfer of the registered office be decided upon by the Board of Directors (conseil d’administration), the Board is authorised to modify
the statutes accordingly. 
 Article 5 - Term of company 

The term of the company will expire on May 18, 2093 unless dissolved prior to that date or extended by a decision of the Shareholders’ Extraordinary
General Meeting. 
 PART II 

SHARE CAPITAL 
 Article 6 –
Registered Capital 
 The registered capital is €2,519,175,062 (two billion five hundred and nineteen million one hundred and sevetenty-five
thousand sixty-two euros). 
 It is divided into 1,259,587,531 shares with a par value of €2 each, all of the same class and fully paid. 

Article 7 - Form of shares 
 The shares are
registered or bearer shares, according to the shareholder’s choice, under the conditions established by applicable legal provisions. 
 The company may
apply legislative and regulatory provisions concerning the identification of holders of securities giving them the immediate or future right to vote. 
 Any
individual or entity, acting individually or jointly, who acquires a number of shares representing a proportion of the capital or of voting rights equal to or exceeding 1% of the share capital, or any multiple of this percentage, even beyond the
minimum declaration limits laid down by the legal and regulatory provisions, must inform the company of the total number of shares and voting rights held by the individual or entity and also of any securities giving future access to the capital or
voting rights which may potentially be attached. Notification is to be made by registered mail, return receipt requested, within five stock exchange days of the date on which the threshold was reached. 

The obligation to notify the company also applies when the shareholder’s holding of the capital or voting rights falls to a level below each of those
thresholds described in the third paragraph of this article. 
 The legal penalties applicable to failure to declare the crossing of a statutory threshold
apply equally to a failure to declare the crossing of any threshold stipulated in the articles of association and recorded in the minutes of the shareholders’ meeting at the request of one or more shareholders holding at least 5% of the
company’s share capital or voting rights. 

  
 Sanofi Updated April 27, 2017 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 Article 8 - Conveyance and transfer of shares 

The shares are freely negotiable. 
 The transfer of shares occurs
by transfer from one account to another in accordance with the conditions laid down by law and regulations. 
 Article 9 - Rights and obligations
attached to each share 
  

	1)	With regard to ownership of the corporate assets, sharing of profits and the liquidation surplus, each share entitles its owner to an amount in proportion to the number of existing shares. 

 

	2)	Whenever it is necessary to possess a certain number of shares to exercise a right, the owners who do not possess that number of shares are responsible for taking any steps to combine the number required.

  

	3)	Each shareholder has as many votes as the number of shares he owns or represents subject to the provisions below. 

A double voting right is assigned to each registered share that is paid for in full and that has been registered in the name of the same
shareholder for at least two years. 
 The double vote ceases automatically for any share converted into a bearer share or transferred from
one owner to another, subject to exceptions laid down by law. Bonus shares arising from an increase of share capital by incorporation of reserves, profits or share premiums receive the benefit of the double vote as from the time of their issue in so
far as they have been assigned on the basis of shares already benefiting from this right. 
 Article 10 - Paying-up
(libération) of shares 
 Sums that are due on shares to be paid for in cash are requested by the Board of
Directors which determines the dates and extent of the calls for funds. 
 Shareholders who do not make the payments due on the shares they hold
automatically owe the company default interest calculated on a daily basis starting from the due date, at the legal rate in business matters increased by three points, without prejudice to the compulsory enforcement measures provided by law. 

PART III 
 MANAGEMENT OF
THE COMPANY 
 Article 11 - Board of Directors 

The company shall be administered by a Board of Directors of which the minimum and maximum number of members is set by current legislation. 

As soon as the number of directors aged over 70 represents more than one-third of the directors in office, the oldest director shall be deemed to have
resigned; his term of office shall end at the date of the next Shareholders’ Ordinary General Meeting. 

  
 Sanofi Updated April 27, 2017 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 Each director must own at least five hundred shares throughout his term of office. 

The term of office of directors shall be four years. Directors shall be required to seek reappointment by rotation, such that members of the Board are
required to seek reappointment on a regular basis in the most equals proportions possible. Exceptionally, the Shareholders’ Ordinary General Meeting may appoint a director to serve for a term of one, two or three years, in order to ensure
adequate rotation of Board members. 
 Each director standing down shall be eligible for reappointment. 

Article 12 - Chairman and Vice-Chairman of the Board of Directors 

The Board of Directors shall appoint from among its members a Chairman, who must be a natural person. Except in the circumstances specified in article 16 when
he also assumes the function of Chief Executive Officer, the Chairman may hold office until the Shareholders’ Ordinary General Meeting called to approve the financial statements of the immediately preceding financial year and held in the
calendar year in which he reaches the age of 70. 
 The Board may appoint from among its members a Vice-Chairman, who must be a natural person less than 70
years of age. 
 They may be appointed for their entire term of office as directors. 

In the event of the temporary incapacity, resignation, death or non-reappointment of the Chairman, the Board of Directors may delegate another director to act
as chairman. In the event of temporary incapacity, such delegation shall be given for a limited period and shall be renewable. In other cases, it shall be valid until a new Chairman is appointed. 

The Chairman shall organise and direct the work of the Board, and be accountable for this to the Shareholders’ General Meeting. 

He shall ensure that the company’s organs of management operate properly and in particular that the directors are capable of fulfilling their duties.

 Article 13 - Deliberations of the Board 
 The
Board of Directors shall meet as often as required by the interests of the company, either at the registered office or at any other place indicated in the notice of the meeting. The Chairman may notify the directors of meetings of the Board of
Directors by any means, even orally. 
 Meetings of the Board of Directors shall be chaired by the Chairman of the Board of Directors or in his absence by
the Vice-Chairman. If the Chairman and Vice-Chairman are both absent, the Board of Directors shall appoint, for each meeting, a member who will chair the meeting. 

Decisions shall be taken on the quorum and majority conditions stipulated by law. 

The secretary of the Board of Directors shall be authorised to certify copies of and extracts from minutes of Board meetings as a true record. 

  
 Sanofi Updated April 27, 2017 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 Article 14 - Board powers 

The Board of Directors shall determine the strategic orientations of the company’s business and ensure they are implemented. 

Subject to powers expressly granted to shareholders’ meetings and within the limits of the corporate objects, the Board shall address any issue of
relevance to the proper functioning of the company, and shall by its deliberations settle all matters that concern it. 
 The Board shall perform controls
and tests as it sees fit. Each director shall receive all the information necessary for the fulfilment of his duties, and may have disclosed to him all documents that he judges to be useful. 

Article 15 - Committees 
 The Board shall appoint a
Committee, accountable to the Board, to oversee issues relating to the preparation and audit of financial and accounting information, in accordance with the law. 

The Board may appoint one or more other Committees to examine issues referred to them by the Board or the Chairman. 

Article 16 - Management 
 In accordance with the
law, the executive management of the company shall be conducted under the responsibility of the Chairman of the Board of Directors, either by himself or by another natural person appointed by the Board of Directors and bearing the title of Chief
Executive Officer. 
 The Board of Directors shall decide which of these two methods of executive management to adopt on a majority of directors present or
represented. 
 The Board of Directors shall appoint from among its members, or from outside the Board, the Chief Executive Officer, who shall be a physical
person aged less than 65. The Chief Executive Officer shall have the broadest powers to act in all circumstances in the name of the company, within the limits of the corporate objects and subject to powers expressly reserved by law for
shareholders’ meetings and the Board of Directors. He shall represent the company in its dealings with third parties. 
 If the executive management of
the company is conducted by the Chairman, the provisions contained in the law and regulations and in the articles of association relating to the Chief Executive Officer shall apply to him except those relating to the age limit. He shall take the
title of Chairman and Chief Executive Officer and shall hold office until the Ordinary General Meeting called to approve the financial statements of the immediately preceding financial year and held in the calendar year in which he reaches the age
of 68. 
 On a proposal by the Chief Executive Officer, whether this function be assumed by the Chairman of the Board or by another person, the Board of
Directors may appoint from one to five persons in charge of assisting the Chief Executive Officer, with the title of Deputy Chief Executive Officer. 
 In
agreement with the Chief Executive Officer, the Board of Directors shall determine the scope and duration of the powers granted to the Deputy Chief Executive Officers. 

In dealings with third parties, the Deputy Chief Executive Officers shall have the same powers as the Chief Executive Officer. 

  
 Sanofi Updated April 27, 2017 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 Article 17 – Observers (censeurs) 

On the Chairman’s proposal, the Board may appoint up to two observers (censeurs). Observers are chosen from amongst the shareholders and are
appointed for a period of five years. The observers may be re-appointed. They may be dismissed at any time by decision of the Board of Directors. 
 They
are responsible for ensuring that the articles of association are strictly observed. They are invited to attend Board meetings in a consultative capacity; however, their absence from such meetings is not detrimental to the validity of the
proceedings. 
 They examine the annual accounts and address comments to the members of the Shareholders’ Ordinary General Meeting as they deem
necessary. 
 The Board may remunerate the observers by allocating sums from the amount of the attendance fees allotted by the general shareholders’
meeting to Board members. 
 PART IV 

STATUTORY AUDITORS 
 Article 18
– Statutory Auditors 
 One or several principal auditors are appointed and carry out their audit assignment in compliance with the law. 

PART V 
 GENERAL
SHAREHOLDERS’ MEETINGS 
 Article 19 - Right of access - Representation 

 

	1)	All shareholders shall be entitled to attend personally or by proxy, in the form and at the places indicated in the notice of the meeting, on presentation of proof of identity and of ownership of the shares held in an
account before the legal limit of accounting registration. 

  

	2)	Any shareholder may be represented or vote by mail on the conditions stipulated by law. 

  

	3)	Any shareholder may also, if the Board of Directors so decides on convening the meeting, participate and vote at meetings by video-conference or by any other means of telecommunication including the Internet that
enables him or her to be identified on the conditions and accordance to the methods laid down by applicable legislation. Such decision will be notified in accordance with the law. 

Those shareholders who use for this purpose, and within the time limits, the electronic form provided on the website of the General Meeting
centralizer shall be deemed to be among the shareholders present or represented. The electronic form may be completed and signed directly on this site through a user code and a password 

The proxy or the vote provided by electronic means prior to the General Meeting, as well as the evidence of receipt which is provided, shall be
deemed irrevocable and may be asserted against all persons, it being specified that in the event of a transfer of share ownership occurring before the legal limit of accounting registration of the shares, the Company will invalidate or revise,
depending on the situation, the proxy or the vote provided before this date and this hour. 

  
 Sanofi Updated April 27, 2017 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 Article 20 - Notice of general shareholders’ meetings 

The meetings are convened by the Board of Directors under the conditions and within the time limits prescribed by law. They are held at the registered office
or at in any other place indicated in the convening letter or notice. 
 Article 21 - Meeting committee 

Shareholders’ General Meetings are presided over by the Chairman of the Board of Directors or, in his absence, by a director appointed by the Board. 

The duties of examiner (scrutateur) are fulfilled by the two shareholders, present and willing, who hold the greatest number of votes both in their own
name and in their capacity as authorised agents. 
 The committee appoints a secretary who need not be a member of the general meeting. 

Article 22 - General shareholders’ meetings 

Ordinary and Extraordinary General Shareholders’ Meetings, acting under the conditions of quorum and majority laid down by law, exercise the powers
assigned to them in compliance with the law. 
 PART VI 

ALLOCATION OF PROFITS 
 Article 23 -
Financial year 
 Each financial year starts on January 1st and ends on December 31st. 
 Article 24 - Allocation of profits 

 

	1)	The profit or loss of the financial year is the difference between the income and expenses of the financial year, after deduction of depreciation, amortization and provisions, as shown in the income statement.

  

	2)	From the profit of the financial year, less any prior losses, a deduction of at least five per cent is made, this deduction being allocated for the creation of a reserve fund known as the “legal reserve”. This
deduction is no longer compulsory when the amount of the legal reserve reaches one-tenth of the registered capital. The deduction begins again if, for any reason whatsoever, the legal reserve falls to a level below the said fraction.

 The remaining balance, plus any profit carried forward, constitutes the distributable profit. 

On the Board’s proposal, the Shareholders’ General Meeting may decide that the distributable profit may, totally or partially, be
carried forward or assigned to one or several general or special reserve funds. 
 Article 25 - Dividends 

The Shareholders’ General Meeting , voting on the accounts of the financial year, may grant each shareholder for all or part of the dividend to be
distributed, the option to choose between receiving payment of the dividends in cash or shares. 

  
 Sanofi Updated April 27, 2017 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 Subject to prevailing legal or regulatory provisions, the Board of Directors may pay interim dividends in
cash or shares, even during the course of the financial year. 
 PART VII 

DISSOLUTION - LIQUIDATION 
 Article
26 
 On the expiry of the term of the company or in case of dissolution prior to that date, the Shareholders’ General Meeting rules on the mode
of liquidation and appoints one or several liquidators whose powers it determines and who carry out their duties, in compliance with the law. 
 The
liquidation proceeds are first used to pay liabilities. Subsequent to this payment and after payment of liquidation costs, the surplus is used to reimburse the nominal value of the shares; the balance is distributed amongst the shareholders in the
same proportions as their participation in the share capital. 
 PART VIII 

DISPUTES 
 Article 27 

Any disputes that may arise during the life of the company or its liquidation, either between the shareholders and the company or between the shareholders
themselves, concerning the interpretation or enforcement of these statutes or generally regarding corporate business, are subject to the jurisdiction of the competent courts. 

  
 Sanofi Updated April 27, 2017

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