Document:

Exhibit 10.8

    

     

    

    
      
        Summary of Stock Options Plans

      

      
         

      

      
        Stock-options (options de souscription et/ou d’achat
            d’actions or OSA) are granted for free and entitle each holder to subscribe for new ordinary shares of our Company at an exercise
          price set at the time of grant.

        

        

        We currently have two stock option plans: the 2019 Stock Option Plan (‘‘2019 Plan’’), which was adopted by our executive board on March 11, 2020 and was approved by our shareholders on April 28, 2020, and the LLY 2019 Stock Option Plan (the ‘‘LLY 2019 Plan’’), which was adopted by our executive board on October 24, 2019 and was approved by our shareholders on April 28, 2020. All of the stock options that could have been
          granted under the LLY 2019 Plan have already been granted. Our executive board has also previously adopted the 2018 Stock Plan, the 2017 Stock Option Plan and the 2016 Stock Option Plan (collectively, the ‘‘Former Plans’’ and together with the 2019 Plan and the LLY 2019 Plan, the ‘‘Stock Option Plans’’).

         

        Administration. Our executive board has the authority to administer and interpret the Stock Option Plans. Subject to the terms and conditions of the Stock Option Plans and pursuant to
            delegations granted at our general meeting of the shareholders, our executive board, upon recommendation of the compensation committee and with the approval of
            the supervisory board, determines the recipients, grant dates, exercise prices, number of ordinary shares underlying the stock options and the terms and conditions of the stock options, including their periods of exercisability and their
            vesting schedules. Our executive board is not required to grant stock options with vesting and exercise terms that are the same for every participant.

        

        

        Our executive board has the authority to amend and modify stock options outstanding under our Stock Option Plans, including the authority to extend the
          post-termination exercise period of the options, subject to the written consent of the optionees holding such options, if such amendments or modifications impair the rights of the optionees.

        

        

        Grants. Stock options may be
          granted to any individual employed by us or our subsidiaries. Stock options may also be granted to the members of our executive board. Stock options may not be granted to holders of 10% or more of our share capital. Under French law, the maximum
          number of shares issuable upon the exercise of outstanding stock options may not exceed one-third of the outstanding share capital on a non-diluted basis as of the grant date. A total of 1,037,722 stock options have been granted and accepted by
          the beneficiaries under five plans in 2016, 2017, 2018 and 2019, with different terms and conditions as set out below.

        

        

        In accordance with French Law, our supervisory board decided that the members of our executive board will have to keep 10% of the shares subscribed
          upon exercise of the stock options until the termination of their term of office.

        

        

        Stock options are not transferable (except by succession) and may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any
          manner, other than by will or by laws of descent or distribution and may be exercised, during the lifetime of the optionee, only by the optionee.

        

        

        Underlying shares. The
          securities to which our stock options give rights are new ordinary shares of our Company. Each stock option gives right to one new ordinary share. The number of ordinary shares to which each stock option gives right can be adjusted, upwards or
          downwards, as a result of certain corporate transactions, such as rights issues.

        
          
            

        

        Standard terms. The term of
          each employee stock option is 10 years from the date of grant or, in the event of death or disability of the optionee during such 10-year period, six months from the date of such death or disability.

        

        

        Employee stock options. The
          Stock Option Plans provide for the grant of incentive stock options within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), and non-statutory stock options. These employee stock options are granted pursuant to employee
          stock option agreements adopted by the executive board. The executive board determines the exercise price for an employee stock option, within the terms and conditions of the applicable stock option plan, provided that the exercise price of an
          employee stock option generally cannot be less than the per share fair market value of our ordinary shares on the grant date.

        

        

        Unless a longer period is specified in the notice of grant or otherwise resolved by our executive board, an employee stock option shall remain
          exercisable, to the extent vested, for six months following an optionee’s termination from continuous employment with us. In the case of an “Incentive Stock Option” (as such term is defined in the relevant Stock Option Plan), such period cannot
          exceed three months following an optionee’s termination from continuous employment.

        

        

        By way of exception, the stock options granted under the LLY 2019 Plan are not subject to any continuous employment condition nor will they lapse in
          the event of death or disability of the optionee during the exercise period and six months after the death or disability of the optionee.

        

        

        Change in control. Pursuant
          to the Stock Option Plans, in the event of a merger into another corporation or the sale by one or several shareholders, acting alone or in concert, of our Company to one or several third parties of a number of shares resulting in a change of
          control (a “Liquidity Event”), an optionee’s right to exercise his or her employee stock options governed by any such plans will be
          accelerated so that the optionee may exercise all vested and unvested employee stock options immediately prior to the completion of the change of control. Any employee stock option that is not exercised for any reason on or prior to the
          completion of the change of control will automatically lapse.

        

        

        The terms and conditions of our stock options in respect of each of our plans are as follows:

      

      
        

        

      

      	 	
              Starting date for 

              the exercise of the 

              stock-options

            	
              Stock-options 

              expiry date

            	
              Exercise price per 

              stock-options

            
	
              OSA 2016-1(1)

            	
              February 2, 2016

            	
              February 2, 2026

            	
              €13.05

            
	
              OSA 2016-2(2)

            	
              November 3, 2016

            	
              November 3, 2026

            	
              €14.26

            
	
              OSA 2017 Ordinary(3)

            	
              January 7, 2017

            	
              January 7, 2027

            	
              €14.97

            
	
              OSA 2018(4)

            	
              March 6, 2018

            	
              March 6, 2028

            	
              €12.87

            
	
              OSA 2019-1(5)

            	
              March 29, 2019

            	
              March 29, 2029

            	
              €11.08

            
	
              OSA LLY 2020(6)

            	
              October 24, 2019

            	
              October 24, 2029

            	
              €6.41

            
	
              OSA2020(7)

            	
              March 11, 2021

            	
              March 11, 2030

            	
              €6.25

            

      

      

      	(1)	
              The OSA2016-1 are divided into 12,000 OSA2016-1 Ordinary and 6,400 OSA2016-1 Performance.

            

      
        
          

      

      All of the OSA2016-1 Ordinary may be exercised.

      The OSA2016-1 Performance may be exercised as from their date of grant, subject to the achievement of
        the following targets:

      
        	
                o

              	
                up to 15% of the OSA may be exercised if the number of patients under treatment is at least equal to 200,

              

      

      
        	
                o

              	
                an additional 15% of the OSA may be exercised if the number of patients under treatment is at least equal to 300,

              

      

      
        	
                o

              	
                an additional 30% of the OSA may be exercised if the number of patients under treatment is at least equal to 400, and

              

      

      
        	
                o

              	
                the balance, i.e. 40% of the OSA, may be exercised if the number of patients under treatment is at least equal to 500. As of May 1, 2020, 30%
                  of the OSA2016-1 Performance, i.e. 120, may be exercised

              

      

      (2)          All of the OSA2016-2 may be exercised.

      (3)          All of the OSA2017 Ordinary may be exercised.

      	(4)	
              The OSA2018 are divided into are divided into 12,000 ordinary shares granted to employees and 50,000 granted to the Chief Operating Officer (“COO”).

            

      The OSA2018 may be exercised by the Company’s employees (other than the COO) as follows, provided that
        the options subscriber is still an employee of the Company during the corresponding period:

      
        	
                o

              	
                up to one third of the OSA as from March 7, 2019;

              

      

      
        	
                o

              	
                an additional third of the OSA as from March 7, 2020 and

              

      

      
        	
                o

              	
                the balance, i.e. one third of the OSA, as from March 8, 2021.

              

      

      The OSA2018 may be exercised by the COO as follows, provided that the options subscriber is still an
        employee of the Company during the corresponding period:

      
        	
                o

              	
                up to two third of the OSA as from March 7, 2019; and

              

      

      
        	
                o

              	
                the balance, i.e. one third of the OSA, as from March 7, 2020.

              

      

      	(5)	
              The OSA2019-1 may be exercised as follows, provided that each holder remains in the Company during the corresponding reference period:

            

      
        	
                o

              	
                up to two third of the OSA as from March 30, 2021; and

              

      

      
        	
                o

              	
                the balance, i.e. one third of the OSA, as from March 30, 2022.

              

      

      (6)          The OSA2019 LLY may be exercised as follows:

      
        	
                o

              	
                10% of the options can be exercised as soon as the market share price of the Company on the regulated market of Euronext in Paris reaches €24;

              

      

      
        	
                o

              	
                an additional 10% of the options can be exercised as soon as the market share price of the Company on Euronext in Paris reaches €30;

              

      

      
        	
                o

              	
                an additional 40% of the options can be exercised as soon as the market share price of the Company on Euronext in Paris reaches €40; and

              

      

      
        	
                o

              	
                an additional 40% of the options can be exercised as soon as the market share price of the Company on Euronext in Paris reaches €60.

              

      

      (7)          The OSA2020 may be exercised as follows:

      
        	
                o

              	
                up to one-third of the OSA2020 as from March 11, 2021;

              

      

      
        	
                o

              	
                an additional one-third of the OSA2020 as from March 11, 2022, and

              

      

      
        	
                o

              	
                the balance, i.e., one-third of the OSA2020, as from March 11, 2023, subject to, for each increment, a continued service condition.

              

      

      The exercise of the OSA2020 granted to members of the executive board and one of our employees is also
        subject to the achievement of positive results in the 1100 study in 2020Exhibit 10.9

    

    

    

    
      Summary of Free Shares (AGA) Plans

      

      

      We have granted free shares or AGA (actions gratuites) to our employees, employees of our subsidiaries and members of our executive board pursuant to our free share plans. Our
        current plan, the 2019 Free Share Plan, was adopted by our executive board on March 11, 2020. Our executive board has also previously adopted the 2018 Free Share Plan and the 2017 Free Share Plan.

      

      

      Grant. Free shares are shares of our Company that are granted for free to any individual employed by us or by
          any affiliated company under the terms and conditions of an employment contract. Free shares may also be granted to members of our executive board. However, no free shares may be granted to a beneficiary holding more than 10% of our share capital
          or to a beneficiary who would hold more than 10% of our share capital as a result of such grant. As of May 1, 2020, a total of 890,500 AGA has been granted and a total of 316,083 AGA has been definitely acquired under three (3) plans in 2017,
          2018 and 2019, resulting in the issuance of 316,083 ordinary shares.

      

      

      Vesting Period. The free shares granted under our free share plans will be definitively vested (i.e. the grant
          becomes definitive) after a vesting period (period starting on the date of grant during which the beneficiary holds a right to acquire shares for free, but does not currently hold any shares) as set by our executive board. At the end of the
          vesting period, the beneficiary will be the owner of the shares. However, during the lock-up period (period starting at the end of the vesting period when the shares are definitively acquired and issued), as set by our executive board, if any,
          the shares may not be sold, transferred or pledged. The sum of the duration of the vesting and lock-up periods must be at least two years, in accordance with the provisions of Article L. 225-197-1 of the French Commercial Code.

      

      

      Free shares we grant to French tax residents vest after a vesting period of a minimum of two (2) years and are subject to a lock-up period of at least one (1) further year. Free shares we grant to foreign tax
        residents vest after a vesting period of a minimum of three (3) years and are not subject to any lock-up period.

      

      

      Administration. Pursuant to delegations granted at our general meeting of the shareholders, our executive board
          (directoire), upon recommendation of the compensation committee and with the approval of the supervisory board, determines recipients, dates of grant, the number of free shares to be granted and the terms
          and conditions of the free shares, including the length of their vesting period and, as the case may be, lock-up period within the limit determined by the shareholders.

      

      

      
         Our executive board has the authority to modify awards outstanding under our free share plans, subject to the consent of the beneficiary if
            such modification is detrimental to him/her, including the authority to release a beneficiary from the continued service condition during the acquisition period after the termination of employment. 

      

       

         

      
         On July 23, 2019, the executive board decided to lift, for four of our employees and Mr. Bernd Muelhenweg (a member of our executive board
            until June 20, 2019), the continued service condition to which the definitive acquisition of their AGA2018-1 and AGA2019-1 is subject, notwithstanding the termination of their employment agreement or corporate office within the Company. The executive board also decided to amend the conditions for the acquisition
            of Mr. Bernd Muelhenweg's AGA2018-1. 

      

      

      

      Underlying shares. Our AGA are new ordinary shares of our Company that are issued upon vesting of the AGA.
          Until they are vested, the number of AGA to which each beneficiary has right can be adjusted, upwards or downwards, as a result of certain corporate transactions, such as rights issues.

      

      

      Standard terms. Unless otherwise decided by our supervisory and executive boards, our AGA will be definitively
          granted following a vesting period at the end of which the beneficiary must be effectively present in our Company or its consolidated subsidiaries (subject to exceptions) and, as the case may be, subject to the completion of performance
          conditions that are assessed by our executive board. Failing such continued service, the beneficiary definitively and irrevocably loses his or her right to acquire the relevant AGA.

      

      

      
        
          

      

      Unless otherwise decided by our supervisory and executive boards, in the event of disability or death of a beneficiary before the end of the acquisition period, the relevant AGA shall be definitely acquired at,
        respectively, the date of disability or the date of the request of allocation made by his or her beneficiary in the framework of the inheritance, provided that such request is made within six months from the date of death.

      

      

      Change in control. In the event of a merger into another corporation or of the sale by one or several
          shareholders, acting alone or in concert, of our Company to one or several third parties of a number of shares resulting in a change of control (a ‘‘Liquidity Event’’), unless otherwise decided by the executive and supervisory board, all of the
          free shares shall be completely and definitely acquired as follows:

      

      

      	◾	
              For French tax residents, (i) if the Liquidity Event occurs before or on the first anniversary date of the grant and (ii) if the change of control occurs after the first anniversary of grant, on the date of completion of the Liquidity
                Event, it being specified that, in both cases, the relevant free shares will then be subject to a holding period until the second anniversary of the grant.

            

      

      

      	◾	
              For foreign tax residents, if the Liquidity Event occurs before the second anniversary of the grant, on the first anniversary of the grant, it being specified that, the relevant free shares will then be subject to a year-long holding
                period as from their date of acquisition

            

      

      

      The terms and conditions of our AGA in respect of each of our plans are as follows:

       

      	 	 	
              Performance condition(s)

            	
               

            	
              Assessment date(s) of

              performance conditions, 

              if any

            	 	
              Assessment date(s) of

              presence conditions

              and end of vesting

              period

            	
               

            	
              Lock-

              up period end

              date

            
	
              AGA 2018-1

            	 	
              Internal performance(1) applicable to executive board members only

            	 	
              March 6, 2019

            	 	
              (2)

            	 	
              (2)

            
	
              AGA 2018-2

            	 	
              No performance condition

            	 	
              -

            	 	
              July 27, 2020 (3)

            	 	
              July 27, 2021

            
	
              AGA 2019-1

            	 	
              Internal performance(1) applicable to executive board members only

            	 	
              March 29, 2020

            	 	
              (4)

            	 	
              (4)

            
	
              AGA 2020-1

            	 	
              Internal performance(1)

            	 	
              March 11, 2021

            	 	
              March 11, 2022

            	 	
              March 11, 2023

            

      
         

      

      
        
          	
                  (1)

                	
                  Unless otherwise decided by the executive and supervisory board, based on the achievement of milestones in the development of our Company.

                

        

        
          	
                  (2)

                	
                  The AGA 2018-1 granted to French tax residents were definitely vested on March 6, 2020 and are now subject to a one-year lock-up period ending on March 6, 2021. The AGA 2018-1 granted to
                    foreign tax residents will be definitely vested on March 6, 2021 and will not be subject to any lock-up period.

                

        

        
          	
                  (3)

                	
                  As an exception to the 2018 free shares plan, the presence condition is not applicable.

                

        

        
          	
                  (4)

                	
                  The AGA 2019-1granted to French tax residents will be definitely vested on March 29, 2021 and will then be subject to a one-year lock-up period ending on March 29, 2022. The AGA 2018-1
                    granted to foreign tax residents will be definitely vested on March 29, 2022 and will not be subject to any lock-up period.

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