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Exhibit 4.32

ERYTECH PHARMA
Public limited company (société anonyme) with share capital of € 2.641.238,90
Headquarters: 60, avenue Rockefeller, 69008 Lyon
Lyon Trade Register 479 560 013

			
	TERMS AND CONDITIONS OF THE FREE SHARE ALLOCATION PLAN (AGA2021 PLAN)

Adopted by the Board of Directors on July 27th, 2021

SUMMARY

									
	1	GENERAL PROVISIONS	3
	2	PURPOSE OF THE TERMS & CONDITIONS
	3
	3	DEFINITIONS 
	3
	4	SHARES GOVERNED BY THESE TERMS & CONDITIONS
	4
	5	ADMINISTRATION OF THE TERMS & CONDITIONS 
	4
	6	LIMITATIONS 
	4
	7	DURATION OF THE TERMS & CONDITIONS
	5
	8	FREE SHARE ALLOCATION
	5
	9	SCHEDULE OF FREE SHARE ALLOCATION
	5
	10	ALLOCATION CRITERIA & CONDITIONS	8
	11	MERGER, DE-MERGER, PARTIAL CONTRIBUTION OF ASSETS, DISSOLUTION, LIQUIDATION, SALE & OTHER EVENTS	9
	12	CHANGES TO THE TERMS & CONDITIONS - MANAGEMENT	9
	13	TAX & SOCIAL SECURITY TREATMENT	10
	14	LIABILITY OF THE COMPANY	10
	15	PREVENTION OF INSIDER TRADING	10
	16	INTERPRETATION	11
	17	APPLICABLE LAW - JURISDICTION	11

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1.GENERAL PROVISION

A free share allocation plan is a mechanism by which a company allots at no cost a certain number of its existing or future shares to employees and corporate officers who meet the conditions defined in Article L. 225-197-1, II of the French Commercial Code, and to employees and corporate officers of the companies or groups related to the Company as this term is used in Article L. 225-197-2, 1 of the French Commercial Code.

Based on the authorization granted under the twenty third resolution of the Combined Shareholders’ Meeting of ERYTECH Pharma, a joint stock company with share capital of €2.641.238,90 and headquarters at 60, avenue Rockefeller, 69008 Lyon, registered with the Trade Register of Lyon under number 479 560 013 (the “Company”) on June 25, 2021, the Board of Directors decided during its meeting on July 27th, 2021 to adopt the “Terms and Conditions” governing the allotment of free shares of the Company to the Beneficiaries (as this term is defined below), under the stipulations of Articles L. 225-197-1 et seq. of the French Commercial Code, which shall regulate said allotment of free shares according to the terms and conditions set forth below.

Except where otherwise decided by the Board of Directors, the Terms and Conditions of this Regulation shall be applicable to all free share allocations that may be approved by the Board of Directors on the basis of the twenty third resolution adopted by the Combined Shareholders’ Meeting of June 25, 2021.

2.PURPOSE OF THE TERMS AND CONDITIONS

Through the allocations of free shares, the Company wishes to attract and retain high quality employees to work in positions of responsibility, to provide additional motivation to the Beneficiaries and thus to make them partners in the development of the Group.

3.DEFINITIONS

						
	"Share"
	means one or more shares of the Company.
	"Initial Allocation"
	means any decision made by the Board of Directors to allot Free Shares to a given Beneficiary which grants to this Beneficiary the right to receive all or some of said Free Shares at the end of each Vesting Period, provided that all requirements of the Terms and Conditions have been met.
	“Definitive Allocation”
	means the allocation that occurs at the end of a Vesting Period, after which a Beneficiary becomes the effective and definitive owner of all or some of the Shares comprising the relevant Tranche.
	“Authorization of Shareholders”
	means the authorization to grant Free Shares given to the Board of Directors by the Erytech Pharma shareholders at the Combined Shareholders’ Meeting on June 25, 2021 as amended by a subsequent shareholders’ meeting, if appropriate.
	“Beneficiary”
	means an Eligible Person to whom at least one Share has been granted pursuant to the Terms and Conditions.
	“Initial Allocation Date”
	means the date on which the Board of Directors grants Free Share allocations and is the starting date of the Vesting Period.
	“Final Allocation Date”	means the date on which each Beneficiary shall effectively acquire all or some of the Shares granted at the end of a Vesting Period.
	“Eligible Person”
	means a corporate officer (Chairman, Chief Executive Officer, Chief Deputy Officers or Chief Operating Officer of the Company), or an Employee of the Company or of an Affiliated Company who meets the conditions stipulated in Articles L. 225-197-1 to L. 225-197-5 of the French Commercial Code and satisfies the terms and criteria of allocation defined by the Board of Directors in its decision dated July 27th, 2021.

	“Manager”
	means the Board of Directors of the Company, which administers the Terms and Conditions in accordance with Article 5 of these Terms and Conditions.
	“Disability”
	means a disability of the Beneficiary which corresponds to the second or third category stipulated in Article L.341-4 of the Social Security Code.
	“Group”
	designates the Group composed of the Company and the Affiliated Companies.
	“Vesting Periods”
	means the periods defined in Article 9.a.i, which each begin to run from the Initial Allocation Date, during which Beneficiaries do not yet own the Shares granted to them but are owners of a conditional, future claim against the Company.
	“Retention Periods”
	means the periods during which Beneficiaries may not Assign Shares that have been definitively awarded pursuant to Article 9.c of the Terms and Conditions.
	“Terms and Conditions”
	means this 2021 AGA Plan as adopted by the Manager on July 27th, 2021.

	“Employee”
	means an individual person who is employed by the Company or any Affiliated Company and subject to the direction and control of the employing entity in the performance and conduct of the work to be accomplished.

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	“Affiliated Company”
	means a company that meets the criteria stipulated in Article L.225-197-2, I of the French Commercial Code:
–companies or economic interest groups in which the Company holds at least 10% of the capital or voting rights, either directly or indirectly;
–companies or economic interest groups that directly or indirectly hold at least 10% of the capital or voting rights in the Company;
–companies or economic interest groups in which at least 50% of the capital or voting rights is held, either directly or indirectly, by a company that itself holds, directly or indirectly, at least 50% of the capital of the Company.

	“Assign”
	means the act of transferring, even temporarily, the ownership, co-ownership, bare ownership or beneficial interest in any manner whatsoever, including through a pledge or lease of shares.

4.SHARES GOVERNED BY THESE TERMS AND CONDITIONS

Subject to the application of Article 14 of the Terms and Conditions and in accordance with the Authorization of the Shareholders, the maximum number of Shares in an Initial Allocation under the Terms and Conditions is 400,000 Shares with a par value of €0.10, adjusted if applicable to take into account any split or reverse split of the Shares, divided into the five tranches (the “Tranches“) described below:

i.Tranche 1: 32% of the 400,000 Shares; 
ii.Tranche 2: 32% of the 400,000 Shares; plus the total number of Shares not vested to the Beneficiaries for Tranche 1; and
iii.Tranche 3: 32% of the 400,000 Shares; plus the total number of Shares not vested to the Beneficiaries for Tranche 2; 
iv.Tranche 4: 2% of the 400,000 Shares; plus the total number of Shares not vested to the Beneficiaries for Tranche 3; 
v.Tranche 5: 2% of the 400,000 Shares; plus the total number of Shares not vested to the Beneficiaries for Tranche 4.

given that the stipulation that the total number of capital increases that may be performed pursuant to plans to award free shares, equity warrants and stock options adopted by the Board of Directors may not exceed the threshold of 900,000 shares of common stock.

5.ADMINISTRATION OF THE TERMS AND CONDITIONS

a.Administration

The Terms and Conditions are administered by the Manager.

b.Powers of the Manager

Within the limits of the provisions of the French Commercial Code, the Shareholder Authorization and the Terms and Conditions, the Manager has discretionary power to:

i.determine the Eligible Persons to whom Free Shares shall be granted and to decide on the number of Free Shares to be granted to each of them in each Tranche;
ii.determine the terms and conditions of any Initial Allocation;
iii.analyze and interpret the terms of the Terms and Conditions;
iv.determine, amend or cancel any provision of the Terms and Conditions; and
v.make any necessary or timely decision in the administration of the Terms and Conditions.

c.    Impact of the Manager’s Decisions

The decisions and interpretations made by the Manager are final and are binding on all Beneficiaries.

6.LIMITATIONS

a.The Free Shares allocated are governed by Articles L. 225-197-1 to L. 225-197-5 of the French Commercial Code. They do not in any manner whatsoever constitute an element of the employment contract or corporate office or compensation of the Beneficiary in question.

Neither the Terms and Conditions, nor any Free Share granted shall grant a Beneficiary the right to continued employment in the Company or Affiliated Company, or the continuation of a corporate office in the Company, and do not in any way limit the right that the Beneficiary, the Company or an Affiliated Company may have to terminate under any circumstance this employment or corporate office, with or without cause.
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b.In accordance with Article L. 225-197-1 II of the French Commercial Code, no Free Share may be granted to an Eligible Person who directly owns, at the time of the Free Share allocation, over 10% of the capital of the Company, or for whom the allocation would raise his stake to more than 10% of the share capital of the Company.

c.In addition, in application of Article L. 225-197-1 I of the French Commercial Code, the total number of Free Shares to be granted may not exceed 10% of the share capital. 

7.DURATION OF THE TERMS AND CONDITIONS

Using the Shareholders’ Authorization and the powers granted to it by said Authorization, the Board of Directors, in its July 27th, 2021 decision, approved the Terms and Conditions that took effect on July 27th, 2021, and the Free Shares may be granted from that date. The Free Shares may be granted until the expiry of a period of thirty-eight (38) months from the Shareholders’ Authorization. Unless the Terms and Conditions are canceled early pursuant to Article 12, they shall remain in effect until the expiry of the Retention Period of the last Free Share granted.

8.FREE SHARE ALLOCATION

a.Allocation Decision

The Manager may decide to allot Free Shares to Eligible Persons at any time up to the limits of the Shareholders’ Authorization and the duration of the Terms and Conditions stipulated in Article 7 above.

b.    Allocation of Shares and Acceptance by Beneficiaries

Each Eligible Person is informed of an Initial Allocation by letter indicating (i) the number of Free Shares granted to him/her for each Tranche; (ii) the duration of each Vesting Period, (iii) the duration of the Retention Periods, (iv) the conditions and criteria to be met for the allocation to become final at the end of each Vesting Period; and (v) all responsibilities of the Eligible Person. A copy of the Terms and Conditions shall be attached to this notification letter. A model of the notification letter appears in Appendix 2 of the Terms and Conditions.

This notification letter is sent to the Beneficiary by registered mail with return receipt requested, by email or hand delivered to the Beneficiary by the Manager or any other duly authorized person, and the Beneficiary acknowledges receipt.

If a Beneficiary wishes to take advantage of the Initial Allocation, he/she must indicate approval to the Company (i) by sending, via registered mail with return receipt requested,(ii) hand delivery to the Manager, the second copy of the notification of the Initial Allocation to the Company, with his or her signature under the heading “Bon pour acceptation” (“Approved”) or (iii) or by any other electronic means as might be agreed upon between the Company and the bank appointed to manage the Plan within thirty (30) days from receipt of the notification of the Initial Allocation.

If this is not done, the Initial Allocation shall expire. The acceptance of the Terms and Conditions by Beneficiaries is deemed acceptance of all provisions therein.

9.SCHEDULE OF FREE SHARE ALLOCATION

a.Vesting Periods

i.Duration of Vesting Periods

The Initial Allocation to Beneficiaries will not become final:

i.for Shares granted in Tranche 1: until the end of a Vesting Period of one (1) year from the Initial Allocation decision made by the Manager; 

ii.for Shares granted in Tranche 2: until the end of a Vesting Period of two (2) years from the Initial Allocation decision made by the Manager;

iii.for Shares granted in Tranche 3: until the end of a Vesting Period of three (3) years from the Initial Allocation decision made by the Manager;

iv.for Shares granted in Tranche 4: until the end of a Vesting Period of four (4) years from the Initial Allocation decision made by the Manager;

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v.for Shares granted in Tranche 5: until the end of a Vesting Period of five (5) years from the Initial Allocation decision made by the Manager;

provided that, during the entire Vesting Period in question, the Beneficiary has retained the status of Eligible Person and has complied with the Allocation criteria set out in Article 10 below.

Pursuant to Article L. 225-197-3 of the French Commercial Code, the rights arising from the Initial Allocation may not be assigned or transferred by any means until the end of the Vesting Period in question.

Therefore, except where otherwise decided by the Manager, in the event of resignation, departure or retirement, termination of an employment contact of a Beneficiary by mutual agreement with the company concerned, or dismissal, withdrawal or non-renewal of the corporate position of a Beneficiary during a Vesting Period, for any reason, the Beneficiary shall lose any right to the Final Allocation Date and may not claim any compensation in this respect. 

ii. Termination of a Beneficiary and/or dismissal and/or non-renewal of the Beneficiary’s corporate positions during the Vesting Period

a.If a Beneficiary holds an employment contract only, the loss of the right to the Final Allocation shall occur on the date of receipt (or of the first presentation) of the notification of dismissal, notwithstanding (i) the possible existence of an advance notice period, whether given or not, (ii) any dispute by the Beneficiary of his dismissal and/or the causes of the dismissal, and (iii) any legal decision that may call into question the legitimacy of the dismissal.

b.If a Beneficiary holds a corporate office only, the loss of the right to the Final Allocation shall occur on the date of the meeting of the competent corporate entity that decided to dismiss or replace the Beneficiary in his corporate position if the Beneficiary was present at the meeting, or as of the date the Beneficiary received notification of this decision if the Beneficiary did not attend the meeting, notwithstanding (i) the possible existence of an advance notice period, whether given or not, (ii) any dispute by the Beneficiary of his dismissal and/or the causes of the dismissal, and (iii) any legal decision that may call into question the legitimacy of the dismissal.

c.If a Beneficiary holds both an employment contract and a corporate office and loses these two positions simultaneously or successively, the loss of the right to the Final Allocation shall begin on the date of receipt of the last of the two notifications described in the previous paragraphs.

iii. Resignation during the Vesting Period

If the Beneficiary resigns as an employee, if he is only an employee, or as a corporate officer, if only a corporate officer, or resigns from his/her position as employee and corporate officer simultaneously or successively if the Beneficiary holds both positions concurrently, the loss of the right to the Final Allocation shall occur:

–if the Beneficiary is an employee or corporate officer only, on the date the Company receives the Beneficiary’s letter of resignation or the date it is hand delivered to a duly authorized representative of the company that employs him/her; or

–if the Beneficiary is both an employee and a corporate officer, on the date the first letter of resignation is received by the Company or is hand delivered to a duly authorized representative of the company that employs him/her;

notwithstanding the possible existence of advance notice, whether given or not.

iv. Termination by mutual agreement of the Beneficiary and the company that employs the  Beneficiary during the Vesting Period

If an employment contract is terminated by mutual agreement of the Beneficiary and the company that employs him/her (including conventional termination) if the Beneficiary is an employee only, or if an employment contract is terminated by mutual agreement of the Beneficiary and the company that employs him/her, and there is a simultaneous or successive resignation or dismissal from his/her corporate office if the Beneficiary held both positions, the Beneficiary shall lose his/her right to the Final Allocation as of the first date an agreement is signed terminating the Beneficiary’s position as an employee (or the date on which the administration approved the conventional termination), or the date of receipt of the notification of termination of the corporate office or the date such office was resigned.

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v. Retirement of a Beneficiary during the Vesting Period, death, disability

In the event of the retirement of a Beneficiary during a Vesting Period, the Beneficiary shall lose the right to the Final Allocation as of the date of departure.However, as an exception to the preceding:

i.if the company that employs the Beneficiary forces the Beneficiary to retire during a Vesting Period in compliance with legal and regulatory provisions, the Beneficiary shall retain his/her right to the Final Allocation at the end of the Vesting Period, provided they comply with the rules for each Vesting Period;

ii.in the event of the death of a Beneficiary during the Vesting Period, heirs may request the Final Allocation within a period of six (6) months after the death; 

iii.In the event of Disability before the end of the Vesting Period, the Free Shares shall be definitively acquired by the Beneficiary on the date of Disability;

iv.It is specified that, during Vesting Periods, Beneficiaries are not owners of the Shares and have no related rights. In particular, they cannot collect or have a right to dividends, have no voting rights, and have no right to the information communicated to shareholders attached to the Shares.

b. Delivery of the Securities

At the end of each Vesting Period, provided the Beneficiaries have met the vesting conditions and criteria defined in Article 10 below, the Company shall transfer and inform the Beneficiaries of the number of shares definitively granted as determined by the Board of Directors. A sample notification letter is provided in Appendix 2 of the Terms and Conditions.

c. Retention periods of the Shares

i.If the Beneficiary is a corporate officer

As of the Final Allocation of the Shares, the Beneficiary must hold:

–all Shares vested in Tranche 1 for a Retention Period of one (1) year; and

–at least ten per cent (10%) of the aggregate number of vested Shares in each of the Tranches until the termination of his or her position.

It is specified that no Retention Period is required for the vested Shares granted in Tranche 2, Tranche 3, Tranche 4 and Tranche 5, subject to the stipulations of paragraph (ii) above.

ii. If the Beneficiary is not a corporate officer

As of the Final Allocation of the Shares, the Beneficiary must hold all vested Shares in Tranche 1 for a Retention Period of one (1) year.

No Retention Period is required for the vested Shares in Tranche 2, Tranche 3, Tranche 4 or Tranche 5.

iii. Vested shares must be recorded in registered form in an account noting this holding restriction, as appropriate.

However, the Shareholders’ Meeting stipulated, provided that the transfer of the Shares vested before the end date stated in the preceding paragraph does not compromise the Preferential Treatment as defined in Article 13 of this document, that Shares vested shall be freely transferable, in compliance with the bylaws of the Company and regulations governing companies, the shares of which are listed on a regulated market, in the event of:

–the Disability of the Beneficiary as provided for under Article L. 225-197-1, I para. 6 of the French Commercial Code, or

–the death of the Beneficiary, via his/her heirs pursuant to Article L. 225-197-3, para. 2 of the same Code.

iv. A Beneficiary holds the status of shareholder as soon as the Shares are vested and throughout the Retention Period. Therefore, a Beneficiary may exercise the rights attached to the Free Shares during the Retention Period.

At the end of the Retention Period, the vested Shares may be freely transferred by the Beneficiary, subject to the Company’s bylaws and the regulations governing companies, the shares of which are listed on a regulated market.
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10. ALLOCATION CRITERIA AND CONDITIONS

a.Performance criteria and conditions

The Vesting of the Shares depends on compliance with the following two conditions set by the Manager, which must be confirmed at the end of each Vesting Period:

i.Beneficiaries must maintain the status of Eligible Persons throughout the entire Vesting Period in question; and

ii.The achievement of a performance target based on the increase in the price of the Company’s share between the Initial Allocation Date and the Final Allocation Date of the Shares, determined for each Tranche i using the following formula:

Ti = MAX[MIN[ (ERYPi - ERYP2021)/(ERYP2021*(PM – 1)) ; 100%] ; 0%]

in which:

Ti: is the rate at which the performance target of tranche i is achieved, expressed as a percentage. Ti cannot be less than 0% nor more than 100%.

PM: is the predetermined target (Performance Multiple) determined by the Manager, at which 100% of shares in a Tranche become finally allocated. PM should always be higher than 1. 

ERYP2021: is determined by the Manager on the Initial Allocation Date based on the value of the Company’s shares by reference to the closing sales price of the shares on the regulated market on which the Company is listed for the day preceding the Initial Allocation Date This value shall, however, in no case be less than nighty-five per cent (95%) of the average of the closing sales price for a share as quoted on said stock exchange market during the twenty market trading days preceding the Initial Allocation Date.

ERYPi: is determined by the Manager on the Final Allocation Date based on the value of the Company’s shares by reference to the closing sales price of the shares on the regulated market on which the Company is listed for the day preceding the Final Allocation Date . This value shall, however, in no case be less than nighty-five per cent (95%) of the average of the closing sales price for a share as quoted on said stock exchange market during the twenty market trading days prior to the day of the Manager decision to grant the shares, preceding the Final Allocation Date.

Application examples of the above formula are detailed in Appendix 1.

b. Calculation of share grants for each Tranche

At the end of each Vesting Period, the manager will calculate the number of Shares to be definitively granted to Beneficiaries in a Tranche using the following formula:

Gi = (Gtot x ∑i1pi - ∑i-11Gi ) x Ti

In which:

Gi: is the number of Shares to be definitely granted to a Beneficiary in Tranche i.

Gtot: is the total number of Free Shares allocated to a Beneficiary at the Initial Allocation.

pi: is the percentage of Shares in the Initial Allocation allocated to Tranche i.

Ti: is the rate at which the performance target of Tranche i is achieved.

If Ti is equal to 0%, no Share shall be definitively granted to a given Beneficiary for that Tranche. If Ti is between 0% and 100%, then only the Ti portion of the maximum number of Shares initially granted for Tranche i is definitely allocated to the Beneficiaries and the portion (1-Ti) of the maximum number of Shares that has not been allocated at the end of the Vesting Period of Tranche i is added to the maximum number of Shares to be allocated to the subsequent Tranche.

When the number of Free Shares obtained is not a whole number, the number of Shares definitively granted shall be rounded down to the closest whole number.

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c. Measurement of performance in the event of an anticipated transfer of control

As an exception to the above, in the event of a merger by absorption of the Company by another company or in the event of an Offer, after the Tranche 1 Vesting period, that is likely to result in a Change of Control or that is filed following a Change of Control (designated hereinafter in each case as an “Operation”), all the Shares initially granted and not yet vested on that date shall be automatically and definitively granted early by the Board of Directors of the Company.

“Change of Control” designates the event by which one or more persons acting in concert come to hold more than 50% of the capital or voting rights of the Company.

“Offer” designates any public offer (tender offer, exchange, combined, etc.) for all of the Company’s shares (i) which has been filed with the French Autorité des marchés financiers, (ii) has been declared compliant by the French Autorité des marchés financiers, (iii) has been recommended or approved by the Board of Directors of the Company and, (iv) if it has been subject to the normal rules of procedure, has been positive.
                                  ;
11. MERGER, DE-MERGER, PARTIAL CONTRIBUTION OF ASSETS, DISSOLUTION, LIQUIDATION, SALE AND OTHER EVENTS

In the case of transactions affecting the Company that could directly or indirectly impact the Terms and Conditions, such as merger, de-merger, partial contribution of assets, dissolution followed by liquidation or otherwise, the sale of shares making up the capital of the Company, or in the event of an Offer during the Vesting Period of Tranche 1 and, in general, in the event of a restructuring that affects the Company (such operations are hereinafter designated as “Restructuring of the Company”), the Manager may, at its sole discretion:

i.simply keep the Terms and Conditions in effect, provided that the Company retains its legal personality; or

ii.cancel the Terms and Conditions and, if the shares have already been awarded, pay the Beneficiaries an indemnity in an amount equal to the market value of the Shares on the date of cancellation of the Terms and Conditions; it is emphasized as required that no indemnity or compensation shall be due to the Beneficiaries if the cancellation of the Terms and Conditions decided on by the Company is the result of any legal or regulatory amendment applicable to free share allocations, including changes that would make such allocations more costly for the Company than on the date of implementation of the Terms and Conditions; or 

iii.carry out an exchange of the Free Shares granted under the Terms and Conditions for new similar shares (or for any other equivalent right) that have identical features, provided that this exchange is performed in the context of a transaction approved or authorized by the collectivity of shareholders or any competent entity of the Company, in accordance with the law and the bylaws of the Company; or

iv.generally, make any change to the Terms and Conditions which the Manager deems appropriate in order to take into consideration the Restructuring of the Company, as long as the rights of the Beneficiaries are not negatively impacted by such a change.

12. CHANGES TO THE TERMS AND CONDITIONS - MANAGEMENT

a.Change

The Manager may amend the provisions of these Terms and Conditions, suspend them or terminate them at any time.

b.Consequences of a Change or Cancellation

No change, alteration, suspension or cancellation of the Terms and Conditions may reduce the rights of a Beneficiary without the agreement of the Beneficiary, unless said change results from a legislative or regulatory provision that has recently taken effect or from any other enforceable provision imposed on the Company or an Affiliated Company.

Beneficiaries shall be informed of any change in the Terms and Conditions that impacts the rights they enjoy under these Terms and Conditions. This notification to Beneficiaries may be given individually or by any other means the Board of Directors deems sufficient and appropriate.

c.Management
The management of the Terms and Conditions is assigned to the Manager. However, the Manager reserves the option of transferring management of the Terms and Conditions to any financial institution, in which case said institution shall inform the Beneficiaries.
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13. TAX AND SOCIAL SECURITY TREATMENT

The Beneficiary shall pay all taxes and withholdings for which he/she is responsible under the tax rules in effect on the due date of said taxes and withholdings.

The tax and social security rules applicable to free share allocations differ depending on the nationality and country of residence of the Beneficiaries. Both the Beneficiary and his/her employer may be subject to reporting and/or contribution requirements because of the Initial Allocation and/or Final Allocation, and/or the sale of the Shares. The Beneficiary assumes sole responsibility for compliance with income tax and social security reporting and contributions incumbent on them because of the aforementioned events.

However, if the Company or an Affiliated Company must pay taxes, social security contributions, or any other similar charge, in the name and on behalf of the Beneficiary because of the Initial and/or Final Allocation, the Beneficiary expressly authorizes his or her employer, the Company or any agent designated for this purpose to deduct these amounts from the Beneficiary’s compensation, or, if applicable, from the proceeds from the sale of the Shares. The Company reserves the right to suspend delivery of the Shares vested by a Beneficiary until he/she has paid all amounts for which he/she is responsible or until the method of payment of these sums has been agreed with the Company or Affiliated Company concerned.

Likewise, on an exceptional basis, the Company may suspend delivery of vested Shares to one or more Beneficiaries at the end of a Vesting Period if local formalities in the country or countries concerned have still not been completed.

All information on the tax treatment applicable to the Beneficiary under the Terms and Conditions, which is transmitted by the Company to the Beneficiary, is provided for information purposes only and may not be construed as comprehensive by the Beneficiary. In particular, this type of information cannot cover the diversity of tax and personal situations of the Beneficiaries. Each Beneficiary should consult with advisors of his or her choice to analyze their personal situation. In particular, Beneficiaries are informed that, in the case of an international transfer within the Group that results in a change of tax residence and/or liability for a social security plan, occurring between the Initial Allocation Date and the sale of the Shares, the Beneficiary may be responsible for reporting and/or contribution obligations in different countries. As appropriate, the Beneficiary’s tax obligations may be proportional to the period during which the Beneficiary has been a tax resident in a specific country.

14. LIABILITY OF THE COMPANY

Neither the Company nor its Affiliated Companies may be held liable under any circumstance if, for any reason not chargeable to the Company or its Affiliated Companies, a Beneficiary is unable to vest the Shares granted to him/her.

15. PREVENTION OF INSIDER TRADING

All Beneficiaries must, under their sole, full and entire responsibility, comply with the regulations on insider trading and insider dealing and comply with the prevention mechanisms implemented by the Group.

All persons are required to refrain from buying and selling the shares of a listed company, or from transmitting information with the same intent, when they are party to “privileged” information, meaning information that has not yet been published and that may have an influence on the market price of a given share. Persons who break this rule are liable for legal and financial sanctions. This rule applies to Beneficiaries who receive Shares under these Terms and Conditions, particularly with regard to a decision to sell these Shares.

The Board of Directors of the Company wishes to point out to each Beneficiary expressly the regulations in force concerning persons in possession of “privileged” information.

Furthermore, in accordance with Article L. 225-197-1 of the French Commercial Code, the Shares may not be sold:

1.Within thirty calendar days prior to the announcement of an interim financial report or a year-end report that the issuer is required to make public;

2.By the members of the Board of Directors or serving as Chief Executive Officer or Chief Deputy Officers and by those employees in possession of “privileged” information under article 7 of the regulation (eu) no 596/2014 of the european parliament and of the council of 16 april 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC which has not been made public

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16. INTERPRETATION

If a term or condition of these Terms and Conditions is considered null and void under the laws of a Beneficiary’s place of residence, the Terms and Conditions shall be interpreted with regard to such a Beneficiary as if they did not contain the term or condition in question. Any other term or condition of these Terms and Conditions that is valid shall remain in effect and must be interpreted and applied in such a way as to comply with the Terms and Conditions to the greatest extent possible.

17. APPLICABLE LAW – JURISDICTION

The Terms and Conditions are governed by French law, in particular by the provisions of Articles L. 225-197-1 et seq. of the French Commercial Code. 

Any dispute arising from these Terms and Conditions shall fall within the exclusive jurisdiction of the competent court within the jurisdiction of the Court of Appeal for the location of the Company’s headquarters.

The Free Share Allocation pursuant to these Terms and Conditions authorizes the Company to request at any time that Beneficiaries comply with all legislative and regulatory provisions governing these Free Shares.

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Appendix 1 - Application examples of the formula for the calculation of Ti

Example 1
																								
	Total allocation	100	ERYP2021	ERYPi	PM	Ti	Gi	cumulated Gi
	Tranche 1	32%	5,00 €	6,00 €	3	10,0%	3,2	3,2
	Tranche 2	32%	5,00 €	14,00 €	3	90,0%	54,72	57,92
	Tranche 3	32%	5,00 €	18,00 €	3	100,0%	38,08	96
	Tranche 4	2%	5,00 €	4,00 €	3	0,0%	0	96
	Tranche 5	2%	5,00 €	3,00 €	3	0,0%	0	96

Example 2
																								
	Total allocation	100	ERYP2021	ERYPi	PM	Ti	Gi	cumulated Gi
	Tranche 1	32%	5,00 €	5,00 €	3	0,0%	0	0
	Tranche 2	32%	5,00 €	5,00 €	3	0,0%	0	0
	Tranche 3	32%	5,00 €	5,00 €	3	0,0%	0	0
	Tranche 4	2%	5,00 €	5,00 €	3	0,0%	0	0
	Tranche 5	2%	5,00 €	11,00 €	3	60,0%	60	60
							NB: Gi not rounded here

Example 3
																								
	Total allocation	100	ERYP2021	ERYPi	PM	Ti	Gi	cumulated Gi
	Tranche 1	32%	5,00 €	5,00 €	3	0,0%	0	0
	Tranche 2	32%	5,00 €	8,00 €	3	30,0%	19,2	19,2
	Tranche 3	32%	5,00 €	12,00 €	3	70,0%	53,76	72,96
	Tranche 4	2%	5,00 €	16,00 €	3	100,0%	25,04	98
	Tranche 5	2%	5,00 €	20,00 €	3	100,0%	2	100
							NB: Gi not rounded here

12Document

Exhibit 4.33

ERYTECH PHARMA
Public limited company (société anonyme) with share capital of €2.641.238,90
Headquarters: 60, avenue Rockefeller, 69008 Lyon
Lyon Trade Register 479 560 013

			
	TERMS AND CONDITIONS DETACHABLE ORDINARY STOCK SUBSCRIPTION WARRANTS REFERRED TO AS BSA2021

Adopted by the Board of Directors on July, 27th 2021

1

SUMMARY

									
	1	GENERAL PROVISIONS	3
	2	DEFINITIONS	3
	3	NUMBER OF BSA2021
	3
	4	FEATURES OF THE BSA2021
	3
	5	BSA2021 EXERCISE METHODS 
	4
	6	RIGHTS AND OBLIGATIONS ATTACHED TO SHARES ISSUED UPON THE EXERCISE OF THE BSA2021 
	5
	7	PROTECTION OF BSA2021 WARRANT HOLDERS
	5
	8	ASSIMILATION	6
	9	APPLICABLE LAW – JURISDICTION	6

2

1.GENERAL PROVISIONS

Based on the authorization granted under the thirty-second resolution of the Combined Shareholders’ Meeting of Erytech Pharma, a limited liability company (société anonyme) with share capital of € 2.641.238,90and headquarters at 60, avenue Rockefeller, 69008 Lyon, registered with the Lyon Trade and Companies under number 479 560 013 (the "Company") on June 25, 2021, the Board of Directors decided at its July 27th 2021 meeting to adopt the terms and conditions (the "Terms and Conditions") of the issuance of detachable ordinary stock subscription warrants (the "BSA2021") under the stipulations of Articles L. 228-91 et seq. of the Commercial Code.

Except where otherwise decided by the Board of Directors, the Terms and Conditions shall be applicable to all BSA2021 issuances that may be approved by the Board of Directors on the basis of the twenty-fifth resolution adopted by the Company's Combined Shareholders' Meeting of June 25, 2021, within eighteen (18) months following that Shareholders' Meeting.

2.DEFINITIONS

						
	"BSA2021"
	means the detachable stock subscription warrants issued by the Company's Board of Directors or as the case may be by the Chief Executive Officer upon delegation granted by the Board of Directors within eighteen (18) following the twenty fifth resolution adopted by the Company's Combined Shareholders' Meeting of June 25, 2021.

	"Disability"
	means a disability of the BSA2021 warrant holder corresponding to the second or third category stipulated in Article L.341-4 of the Social Security Code.

	"Terms and Conditions"
	means these Terms and Conditions of the BSA2021 as adopted by the Company's Board of Directors on July 27th 2021.

3.NUMBER OF BSA2021 

Pursuant to the twenty fifth resolution of the Company's Combined Shareholders' Meeting of June 25, 2021, the Board of Directors was authorized to issue and grant detachable stock subscription warrants entitling their holders to subscribe maximum 100,000 ordinary shares of the Company, adjusted to account, as applicable, of any stock split or reverse split; note that the total amount of capital increases that could be carried out in application of the BSA2021 and of the bonus shares plans and stock subscription options adopted by the Board of Directors on July 27th 2021, may not exceed the 900,000 ordinary shares ceiling.

4.FEATURES OF THE BSA2021

4.1 BSA2021 subscription price

BSA2021 will be subscribed upon payment of a subscription price as determined by the issuance decision, on the basis of their fair market value price, of the board of directors or, as the case may be, of the Chief Executive Officer acting upon delegation granted by the Board. The subscription price shall be paid in full in cash at the time of the subscription via a cash payment.

4.2 Subscription

The BSA2021 subscription will be recorded by means of a subscription form to which are annexed these Terms and Conditions, duly issued by the Company and signed by the relevant warrant holder, together with the amount of the subscription within 90 days from the date of the issuance decision. Thereafter, the BSA2021 will automatically lapse except if expressly decided otherwise by the Company's Board of Directors. 

4.3 Trading securities

The BSA2021 will be issued in the registered form and recorded in an account. The BSA2021 will be traded and transferred in accordance with the provisions of the Company's Articles of Incorporation and with the rules and regulations applicable to companies whose shares are listed for trading on a regulated market.

4.4 BSA2021 exercise price

For as long as the Company's shares are listed for trading on a regulated market, each BSA2021 will entitle its holder to subscribe under the conditions defined herein below one ordinary share with a par value of €0.10 at a per share exercise price approved by the Company's Board of Directors or as the case may be by the Chief Executive Officer upon delegation granted by the Board of Directors and equal to the greater of (i) the closing price of the Company's stock on the day preceding the date of allocation of the BSA2021 and the (ii) the volume-weighted average closing price of the stock recorded over a period of at least five consecutive trading days as chosen by the Board of Directors or Chief Executive Officer to at most thirty consecutive trading days out of the thirty trading days prior to the setting of the exercise price with a 5% discount. 
3

4.5 Types of shares subscribed through the exercise of the BSA2021

The shares subscribed by beneficiaries of the BSA2021 will be ordinary shares.

4.6 Number of shares subscribed through the exercise of the BSA2021

Each BSA2021 will entitle its holder to subscribe one (1) ordinary Company share, subject to any adjustments required by law should the Company carry out certain transactions involving its share capital.

5.BSA2021 EXERCISE METHODS 

5.1 Exercise methods

The BSA2021 will be exercised by means of:

A.delivery to the Company of a subscription form duly signed by the warrant holder mailed by registered mail with return receipt requested or by letter delivered in person and received by the Company no later than midnight on the expiration date of said BSA2021, and

B.payment in full by the relevant warrant holder of the subscription price for the shares whose issue will result in the exercise of the BSA2021, in cash, including, as applicable, by means of offsetting with liquid liabilities due from the Company, with the understanding that:
1.1.1 where the share subscription price is paid by check, the check must be included with the request (if the check is not a bank check, it will be considered payment in full at the date it is received only if it is fully funded),
1.1.2 where the share subscription price is paid by bank transfer, the subscription price must be received in the Company's account no later than five (5) calendar days following the receipt of said subscription application.

Each BSA2021 can only be exercised once. 

5.2 Exercise periods 

Subject to the exercise conditions under Article 5.4 below, the BSA2021 may be exercised by each warrant holder at the expiration of a twenty-four (24) months period following the date of the Board of Directors' meeting or, as the case may be, of the decision of the Chief Executive Officer acting upon delegation of the Board, having granted the BSA2021 to said holder.

Subject to the conditions under Article 5.4 below, the BSA2021 must be exercised on one or more occasions no later than within three (3) years of their issuance; note that any BSA2021 that have not yet been exercised at the end of such three (3) years will lapse automatically.

5.3 Accelerated exercise period

As an exception to the foregoing, in the event that a merger by absorption agreement is signed in which the Company is merged with and into another company, or split into two or more companies, or in the event of an Offer likely to lead to a Change in Control (hereinafter referred to, in each cases, as a "Transaction"), the BSA2021 exercise rights will be accelerated by the Company's Board of Directors so that all warrant holders are able to exercise 100% of their not yet exercisable BSA2021 and take part as Company shareholders in said Transaction if they so desire.

In such event, the Company will inform each warrant holder (or the warrant holder's beneficiaries) that the warrant holder has (15) days to exercise all the BSA2021 held; this exercise period is set freely by the Company in relation to the Transaction completion calendar. Failure to exercise all the BSA2021 held by the warrant holders within said period will result in the BSA2021 lapsing with no compensation due from the Company.

Should the Board so decide, in accordance with Article L.228-101 of the French Commercial Code, if the Company is absorbed by another company or merges with one or several other companies resulting in the creation of a new entity, or in a case of a split (scission), the warrant holder will be entitled to exercise each outstanding BSA2021 in the company or companies receiving the capital contributions.

"Change in Control" means the event by which one or more persons acting in concert come to hold more than 50% of the Company's capital or voting rights. 

"Offer" means any public offer (tender offer, exchange offering, combined offer, etc.) on all of the Company's shares which (i) has been filed with the French Autorité des marchés financiers after the BSA2021 subscription date (ii) has been declared compliant by the French Autorité des marchés financiers, (iii) has been recommended or approved by the Company's Board of Directors, and (iv) if subject to the normal procedure rules, has had a positive outcome.
4

5.4 Exercise conditions

The exercise of the BSA2021 by a given warrant holder is contingent on said warrant holder (i) being a corporate officer not subject to the tax and social security rules applicable to employees of the Company or its subsidiaries or (ii) being a member of the Board of Directors or of any special committee created by the Board of Directors of the Company or of one of its subsidiaries and not otherwise being an employee of the Company or of one of its subsidiaries. 

Should a warrant holder no longer qualify under these conditions, except for reasons of non-renewal of their mandate as a member of the Board of Directors by the shareholders or non-renewal as a member of a special committee to the extent this member has not refused a mandate renewal offer or if this member’s renewal has not been approved by the shareholders/Board of directors as applicable, the following rules shall apply except if decided otherwise by the Board of Directors:
–the BSA2021 that cannot be exercised at the Date as such term is defined below will lapse, 
–the exercisable BSA2021 will remain exercisable until the term of the Plan as set out in section 5.2.

The number of BSA2021 that may be exercised will be determined on the following date (the "Date"):
–in the event of removal: on the day of deliberation by the Company members or the relevant subsidiary or by the Board of Directors deciding on the removal, 
–in the event of resignation: on the date of receipt by the Company or by the relevant subsidiary of the resignation letter, 
–in the event of consultant contract termination: on the date of the effective consultant contract termination,
–in the event a member of the Board of Directors or of any special committee refuses the renewal of his mandate: on the date of the term date of his current mandate. 
–
In the event of non-renewal as a member of the Board of Directors or as member of any special committee, the warrant holder continues to keep his rights related to the BSA2021 whether exercisable or not within the terms of articles 5 & 6 only if this member does not refuse a mandate renewal offer or if his or her renewal has not been approved by the shareholders (for the members of the Board of Directors) or by the Board of Directors (for the members of any special committee). 

Furthermore, the exercisable BSA2021 must be exercised by the warrant holders or their beneficiaries, within six (6) months following the occurrence of the Disability or death of the BSA2021 warrant holder, failing which the warrants will lapse.

6.RIGHTS AND OBLIGATIONS ATTACHED TO SHARES ISSUED UPON THE EXERCISE OF THE BSA2021 

The newly issued ordinary shares subscribed upon the exercise of the BSA2021 must be subscribed in cash and paid in full upon subscription. 

The new shares issued upon the exercise of the BSA2021 will be, upon their issuance, fully assimilated into the existing ordinary shares and subject to all the statutory provisions applicable to existing shares of the same class.

They will carry rights as from the first day of the fiscal year in which they were subscribed. 

7.PROTECTION OF BSA2021 WARRANT HOLDERS

7.1 Keeping the rights

Pursuant to Article L. 228-98 of the Commercial Code:

–in the event of a decrease in share capital due to losses by means of a reduction of the number of shares, the rights of BSA2021 warrant holders in terms of the number of shares to be received upon exercise of the BSA2021 will be reduced accordingly as if said warrant holders were company members as from the date of issuance of the BSA,

–in the event of a decrease in share capital due to losses by means of a reduction in the par value of the shares, the subscription price for the shares to which the BSA2021 warrant holders are entitled will not change; the issue premium will be increased by the amount of the decrease in par value.

Furthermore:

–in the event of a decrease in share capital not due to losses by means of a reduction in the par value of the shares, the subscription price for the shares to which the BSA2021 warrant holders are entitled will be decreased by the corresponding amount,

5

–in the event of a decrease in share capital not due to losses by means of a decrease in the number of shares, the BSA2021 warrant holders, if they exercise their BSA2021, may request to buy the shares under the same conditions as if they were company members at the time of the Company's share buyback. 

The Company is authorized to changed its legal form, corporate purpose and profit distribution rules, as well as to amortize its capital and issue preferred shares as stipulated in Article L. 228-98 of the Commercial Code.

The Company is authorized to require that the BSA2021 warrant holders buy or redeem their rights as stipulated in Article L. 228-102 of the Commercial Code.

Subject to the powers expressly reserved by law to Company Members' Meetings and to Groups of Holders' Meetings, the Company Board of the Directors will have authority to take any measure relative to the protection of the rights of such holders as provided by law and by rules and regulations, specifically as set forth in Articles L. 228-98 et L. 228-99 of the Commercial Code. The protection of the rights of the BSA2021 warrant holders stipulated in Article L. 228-99 of the Commercial Code is ensured, at the Board of Directors choice, through one of the three options stipulated in said Article. 

7.2 BSA2021 warrant holders as a group

In the event that there are many BSA2021 warrant holders, they will be automatically grouped together and such group will be subject to the provisions of Articles L. 228-103 et seq. of the Commercial Code for the purpose of defending their common interests, in accordance with the provisions of said articles. For the purposes herein, the representative of the BSA2021 warrant holders group will act in the capacity of agent of the BSA2021 warrant holders. The representative of the BSA2021 warrant holders group will be appointed pursuant to the rules and regulations in effect at the time of the Company's first grant of BSA2021. 

8.ASSIMILATION

Should the Company simultaneously or subsequently issue new share subscription warrants whose holders have identical nominal amount rights equal to those of the BSA2021 warrant holders, such issuances will be assimilated upon issuance of the BSA2021, so that all of these securities holders form a single group. 
 
9.APPLICABLE LAW – JURISDICTION

The BSA2021 and the Terms and Conditions are governed by French law. 

A dispute arising from the 'interpretation or performance of the Terms and Conditions shall be under the exclusive jurisdiction of the Court of Appeals for the location of the Company's headquarters.
6

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