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                                                                     EXHIBIT 4.3

                              BUSINESS OBJECTS S.A.
                1995 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN,
                               AS OF JUNE 12, 2001

        The following constitute the provisions of the 1995 International
Employee Stock Purchase Plan of Business Objects S.A, as amended pursuant to the
extraordinary general meetings of shareholders of June 13, 1996, June 19, 1997,
June 18, 1998, May 4, 1999, June 5, 2000 and June 12, 2001.

1. PURPOSE.

        The purpose of the Plan is to provide employees of the Company and its
Designated Subsidiaries with an opportunity to purchase Shares of the Company
through accumulated payroll deductions. It is the intention of the Company to
have the Plan qualify as an "Employee Stock Purchase Plan" under Section 423 of
the Internal Revenue Code of 1986, as amended. The provisions of the Plan,
accordingly, shall be construed so as to extend and limit participation in a
manner consistent with the requirements of that section of the Code.

2. DEFINITIONS.

(A) "ADR" shall mean an American Depositary Receipt evidencing American
Depositary Shares corresponding to Shares.

(B) "ADS" shall mean an American Depositary Share corresponding to Shares

(C) "Board" shall mean the Board of Directors of Business Objects S.A.

(D) "Code" shall mean the Internal Revenue Code of 1986, as amended.

(E) "Company" shall mean Business Objects S.A., a corporation organized under
the laws of the Republic of France.

(F) "Compensation" shall mean all base straight time gross earnings and sales
commissions, exclusive of payments for overtime, shift premium, incentive
compensation, incentive payments, bonuses and other compensation.

(G) "Custodian" shall mean Banque Paribas, or any successor or successors
thereto.

(H) "Depositary" shall mean the Bank of New York, or any successor or successors
thereto.

(I) "Designated Subsidiaries" shall mean the Subsidiaries which have been
designated by the Board from time to time in its sole discretion as eligible to
participate in the Plan.

(J) "Employee" shall mean any individual who is an Employee of the Company or a
Designated Subsidiary for tax purposes. For purposes of the Plan, the employment
relationship shall be treated as continuing intact while the individual is on
sick leave or other leave of absence approved by the Company or a Designated
Subsidiary. Where the period of leave exceeds 90 days and the individual's right
to reemployment is not guaranteed either by statute or by contract, the
employment relationship will be deemed to have terminated on the 91st day of
such leave.

(K) "Enrollment Date" shall mean the first day of each Offering Period.

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(L) "Exercise Date" shall mean the last day of each Offering Period.

(M) "Fair Market Value" means, as of any date, the closing sale price in euros
for one Share (or the closing bid, if no sales were registered) as quoted on the
Premier Marche of Euronext Paris S.A., as reported in La Tribune, or such other
source as the Board deems reliable, on the last Trading Day prior to the first
day of the Offering Period, or on the last Trading Day of the Offering Period.

(N) "Offering Period" shall mean a period of approximately six (6) months,
commencing on the first Trading Day on or after April 1 and terminating on the
last Trading Day in the period ending the following September 30, or commencing
on the first Trading Day on or after October 1 and terminating on the last
Trading Day in the period ending the following March 31, at the beginning of
which an option may be granted and at the end of which an option may be
exercised pursuant to the Plan. The duration of Offering Periods may be changed
pursuant to Section 4 of this Plan.

(O) "Plan" shall mean this 1995 International Employee Stock Purchase Plan.

(P) "Purchase Price" shall mean an amount no less than 85% of the Fair Market
Value of a Share on the last Trading Day prior to the Enrollment Date or to 85%
of the Fair Market Value of a Share on the Exercise Date, whichever is lower.
For countries with currencies denominated in other than the Euro (or tied to the
Euro), the local currency equivalent of the Purchase price will be determined
using the actual conversion rate from local currency into Euro on the date the
funds are transferred to the Business Objects S.A. Employee Benefits Trust. This
date may or may not be the exercise date.

(Q) "Shares" shall mean ordinary shares with a nominal value of _0.10, of the
Company.

(E) "Reserves" shall mean the maximum number of Shares, which have been
authorized for issuance under the Plan pursuant to Section 12 hereof.

(F) "Subsidiary" shall mean a corporation, domestic or foreign, of which not
less than 50% of the voting rights are held by the Company or a Subsidiary,
whether or not such corporation now exists or is hereafter organized or acquired
by the Company or a Subsidiary.

(G) "Trading Day" shall mean a day on which national stock exchanges and the
National Association of Securities Dealers Automated Quotation (NASDAQ) System
are open for trading.

(H) "Trust" shall mean the trust created by the Business Objects S.A. Employee
Benefits Trust Agreement, attached hereto as Exhibit C.

(I) "Trustee" shall mean the trustee or trustees of the Trust.

3. ELIGIBILITY.

        (A) Any Employee (as defined in Section 2(J), who shall be employed by
the Company or a Designated Subsidiary on a given Enrollment Date shall be
eligible to participate in the Plan.

        (B) Any provisions of the Plan to the contrary notwithstanding, no
Employee shall be granted an option under the Plan (i) to the extent,
immediately after the grant, such Employee (or any other person whose stock
would be attributed to such Employee pursuant to Section 424(d) of the Code)
would own capital stock of the Company and/or hold outstanding options to
purchase such stock possessing five percent (5%) or more of the total combined
voting power or value of all classes of the capital stock of the Company or of
any Subsidiary, or (ii) to the extent his or her rights to purchase stock under
all employee stock purchase plans of the Company and its Subsidiaries would
accrue at a rate which exceeds Twenty-Five Thousand Dollars

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($25,000) worth of stock (determined with reference to the fair market value of
the Shares at the time such option is granted) for each calendar year in which
such option is outstanding at any time.

4. OFFERING PERIODS.

        The Plan shall be implemented by consecutive Offering Periods with a new
Offering Period commencing on the first Trading Day on or after April 1 and
October 1 each year, or on such other date as the Board shall determine, and
continuing thereafter until terminated in accordance with Section 19 hereof. The
Board shall have the power to change the duration of Offering Periods (including
the commencement dates thereof) with respect to future offerings without
shareholder approval if such change is announced at least fifteen (15) days
prior to the scheduled beginning of the first Offering Period to be affected
thereafter.

5. PARTICIPATION.

        (A) An eligible Employee may become a participant in the Plan by
completing a subscription agreement authorizing payroll deductions in the form
of Exhibit A to this Plan and filing it with the Company's or a Designated
Subsidiary's payroll office prior to the applicable Enrollment Date.

        (B) Payroll deductions for a participant shall commence on the first
payroll following the Enrollment Date and shall end on the last payroll in the
Offering Period to which such authorization is applicable, unless sooner
terminated by the participant as provided in Section 10 hereof.

6. PAYROLL DEDUCTIONS.

        (A) At the time a participant files his or her subscription agreement,
he or she shall elect to have payroll deductions made on each pay day during the
Offering Period in an amount, together with amounts contributed under the
Company's Plan d'Epargne d'Entreprise (the "Employee Savings Plan"), not to
exceed ten percent (10%) of the Compensation which he or she receives on each
pay day during the Offering Period.

        (B) All payroll deductions made for a participant shall be credited to
his or her account under the Plan and will be withheld in whole percentages
only. After the last payday in an Offering Period such payroll deductions shall
be transferred to the Trust as soon as practicable. Funds may be advanced by a
Designated Subsidiary to the Trust, or by the Trust to the Company, as necessary
or convenient under any applicable law or regulation. A participant may not make
any additional payments into his or her account, either with the Company, a
Designated Subsidiary, or the Trust.

        (C) A participant may discontinue his or her participation in the Plan
as provided in Section 10 hereof, or may increase or decrease the rate of his or
her payroll deductions during the Offering Period by filing with the Company or
a Designated Subsidiary a new subscription agreement authorizing a change in
payroll deduction rate. The Board or board of directors of a Subsidiary, as the
case may be, may, in its discretion, limit the number of participation rate
changes during any Offering Period. The change in rate shall be effective with
the first full payroll period following five (5) business days after the
Company's or Designated Subsidiary's receipt of the new subscription agreement
unless the Company or Designated Subsidiary elects to process a given change in
participation more quickly. A participant's subscription agreement shall remain
in effect for successive Offering Periods unless terminated as provided in
Section 10 hereof.

        (D) Notwithstanding the foregoing, to the extent necessary to comply
with Section 423(b)(8) of the Code and Section 3(b) hereof, a participant's
payroll deductions may be decreased to 0%. Payroll deductions shall recommence
at the rate provided in such participant's subscription agreement at the
beginning of the first Offering Period which is scheduled to end in the
following calendar year, unless terminated by the participant as provided in
Section 10 hereof.

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        (E) At the time the option is exercised, in whole or in part, or at the
time some or all of the Company's Shares issued under the Plan is disposed of,
the participant must make adequate provision for the Company's or Designated
Subsidiary's federal, state, or other tax withholding obligations, if any, which
arise upon the exercise of the option or the disposition of the Shares. At any
time, the Company or Designated Subsidiary may, if required by the laws of the
country of residence of the participant, withhold from the participant's
compensation the amount necessary for the Company or Designated Subsidiary to
meet applicable withholding obligations, including any withholding required to
make available to the Company or Designated Subsidiary any tax deductions or
benefits attributable to sale or early disposition of Shares by the Employee.

7. GRANT OF OPTION.

        On the Enrollment Date of each Offering Period, each eligible Employee
participating in such Offering Period shall be granted an option to purchase on
the Exercise Date of such Offering Period (at the applicable Purchase Price) up
to a number of Shares (in the form of ADSs) determined by dividing such
Employee's payroll deductions accumulated and transferred to the Trust on or
prior to such Exercise Date by the applicable Purchase Price; provided that in
no event shall an Employee be permitted to purchase during each Offering Period
more than 500 Shares, subject to adjustment as provided in Section 18 hereof;
and provided further, that such purchase shall be subject to the limitations set
forth in Sections 3(b) and 12 hereof. Exercise of the option shall occur as
provided in Section 8 hereof, unless the participant has withdrawn pursuant to
Section 10 hereof, and shall expire on the last day of the Offering Period.

8. EXERCISE OF OPTION

        With respect to each Exercise Date, the Company shall issue Shares to
the Trust in accordance with Section 1.3 of the Trust, sufficient to meet its
obligations to participating Employees under the Plan. Unless a participant
withdraws from the Plan as provided in Section 10 hereof, notice of exercise of
his or her option shall be deemed to have been given by the participant and his
or her option for the purchase of Shares (in the form of ADSs) shall be
exercised automatically by the Trustee on the Exercise Date, and the maximum
number of full shares subject to such option shall be purchased for such
participant by the Trustee at the applicable Purchase Price with the accumulated
payroll deductions in his or her account with the Trust, and transferred to the
Custodian to be deposited by the Custodian with the Depositary as ADSs;
provided, however, no Shares shall be purchased which would result in the
Employee receiving a fractional ADS; any payroll deductions accumulated in a
participant's account which are not sufficient to purchase a full ADS shall be
retained in the participant's account for use in the subsequent Offering Period,
subject to earlier withdrawal by the participant as provided in Section 10
hereof. Any other monies left over in a participant's account (whether due to
withdrawal by the participant from the Plan pursuant to Section 10, termination
of the Plan in accordance with Section 19, or otherwise) after the Exercise Date
shall be returned to the participant. During a participant's lifetime, a
participant's option to purchase ADSs hereunder is exercisable only by him or
her.

9. DELIVERY

        As promptly as practicable after each Exercise Date on which a purchase
of Shares occurs, the Trustee shall arrange the delivery of ADSs to the
Depositary by the Custodian representing the Shares purchased upon exercise of
options by the Trustee for the participating Employees.

10. WITHDRAWAL; TERMINATION OF EMPLOYMENT

        (A) A participant may withdraw all but not less than all the payroll
deductions credited to his or her account with the Company or Designated
Subsidiary at any time prior to the transfer of funds made pursuant to Section
6(b) by giving written notice to the Company or Designated Subsidiary in the
form of Exhibit B to this Plan. All of the participant's payroll deductions
credited to his or her account will be paid to such participant promptly after
receipt of notice of withdrawal and such participant's option for the Offering
Period will be automatically terminated, and no further payroll deductions for
the purchase of ADSs will be made during the

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Offering Period. If a participant withdraws from an Offering Period, payroll
deductions will not resume at the beginning of the succeeding Offering Period
unless the participant delivers to the Company or Designated Subsidiary a new
subscription agreement.

        (B) Upon a participant's ceasing to be an Employee (as defined in
Section 2(J) hereof) for any reason, he or she will be deemed to have elected to
withdraw from the Plan and the payroll deductions credited to such participant's
account during the Offering Period but not yet used to exercise the option will
be returned to such participant or, in the case of his or her death, to the
person or persons entitled thereto under Section 14 hereof, and such
participant's option will be automatically terminated; provided, however, that
any payroll deductions held by the Trust in an individual account for an
Employee shall be subject to the terms of such Trust. The preceding sentence
notwithstanding, a participant who receives payment in lieu of notice of
termination of employment shall be treated as continuing to be an Employee for
the participant's customary number of hours per week of employment during the
period in which the participant is subject to such payment in lieu of notice.

        (C) A participant's withdrawal from an Offering Period will not have any
effect upon his or her eligibility to participate in any similar plan which may
hereafter be adopted by the Company or a Designated Subsidiary or in succeeding
Offering Periods which commence after the termination of the Offering Period
from which the participant withdraws.

11. INTEREST

        No interest shall accrue on the payroll deductions of a participant in
the Plan.

12. SHARES

        (A) The maximum number of Shares authorized for issuance under the Plan
shall be 400,000 Shares, subject to adjustment upon changes in capitalization of
the Company as provided in Section 18 hereof. Capital increases to meet the
Company's obligations under the Plan shall be determined and approved at
extraordinary shareholders' meeting to be held at the same time as the annual
shareholders' meetings of the Company, as necessary.

        (B) The Board shall, subject to shareholders authorization, from time to
time reserve and issue to the Trust a number of Shares sufficient to meet its
obligations under the current Offering Period of the Plan. If on a given
Exercise Date the number of shares with respect to which options are to be
exercised exceeds the number of Shares then available under the Plan, the
Company shall distribute all of the Shares remaining available for purchase
under the Plan to the Trust, which shall make a pro rata allocation to the
participating Employees.

        (C) The participant will have no interest or voting rights in shares
covered by his or her option until such option has been exercised.

        (D) ADSs to be delivered to a participant under the Plan will be
registered in the name of the participant or in the name of the participant and
his or her spouse, or in street name to be deposited with a broker.

13. ADMINISTRATION

        The Plan shall be administered by the Board (or a committee thereof) or
the board of directors of a participating Subsidiary (or a committee thereof),
as the case may be. Such board or committee shall have full and exclusive
discretionary authority to construe, interpret and apply the terms of the Plan,
to determine eligibility and to adjudicate all disputed claims filed under the
Plan with respect to any Employee of such Company or Subsidiary; provided,
however, that any such construction, interpretation, application, determination
and/or adjudication shall be subject to any terms, constructions, conditions,
provisions, interpretations, determinations, adjudications, or decisions as may
be adopted or made by the Board from time

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to time. Every finding, decision and determination made by the Board or its
committee shall, to the full extent permitted by law, be final and binding upon
all parties.

14. DESIGNATION OF BENEFICIARY

        (A) A participant, except for a participant who is an Employee of
Business Objects (U.K.) Ltd., may file a written designation of a beneficiary
who is to receive any ADSs and cash, if any, from the participant's account
under the Plan in the event of such participant's death subsequent to an
Exercise Date on which the option is exercised but prior to delivery to such
participant of such ADSs and cash. In addition, a participant may file a written
designation of a beneficiary who is to receive any cash from the participant's
account under the Plan in the event of such participant's death prior to
exercise of the option. If a participant is married and the designated
beneficiary is not the spouse, spousal consent shall be required for such
designation to be effective.

        (B) Such designation of beneficiary may be changed by the participant at
any time by written notice. In the event of the death of a participant and in
the absence of a beneficiary validly designated under the Plan who is living at
the time of such participant's death, the Company shall cause such ADSs and/or
cash to be delivered to the executor or administrator of the estate of the
participant, or if no such executor or administrator has been appointed (to the
knowledge of the Company), the Company, in its discretion, may cause such ADSs
and/or cash to be delivered to the spouse or to any one or more dependents or
relatives of the participant, or if no spouse, dependent or relative is known to
the Company, then to such other person as the Company may designate.

15. TRANSFERABILITY

        Neither payroll deductions credited to a participant's account nor any
rights with regard to the exercise of an option or to receive ADSs under the
Plan may be assigned, transferred, pledged or otherwise disposed of in any way
(other than by will, the laws of descent and distribution or as provided in
Section 14 hereof) by the participant. Any such attempt at assignment, transfer,
pledge or other disposition shall be without effect, except that the Company may
treat such act as an election to withdraw funds from an Offering Period in
accordance with Section 10 hereof.

16. USE OF FUNDS

        All payroll deductions received or held by the Company or Subsidiary
under the Plan for its Employees may be used by the Company or such Subsidiary,
as the case may be, for any corporate purpose, and the Company or Subsidiary
shall not be obligated to segregate such payroll deductions. Notwithstanding the
preceding sentence, all payroll deductions transferred to and held by the Trust
shall be used solely by the Trust as specified in the Trust agreement attached
hereto as Exhibit C.

17. REPORTS

        Individual accounts will be maintained for each participating Employee
by the Company or the Designated Subsidiary as well as the Trust. Statements of
account will be given to participating Employees at least annually, which
statements will set forth the amounts of payroll deductions, the Purchase Price,
the number of ADSs purchased and the remaining cash balance, if any, for the
period covered by such statement.

18. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION

        (A) Changes in Capitalization. Subject to any required action by the
shareholders of the Company, the Reserves shall be proportionately adjusted for
any increase or decrease in the number of issued Shares resulting from a stock
split, reverse stock split, combination or reclassification of the Shares, or
any other increase or decrease in the number of Shares effected without receipt
of consideration by the Company; provided, however, that conversion of any
convertible securities of the Company shall not be deemed to have been "effected

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without receipt of consideration". Such adjustment shall be made by the Board,
whose determination in that respect shall be final, binding and conclusive.
Except as expressly provided herein, no issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be made with respect to,
the number or price of shares subject to an option.

        (B) Dissolution or Liquidation. In the event of the proposed dissolution
or liquidation of the Company, the Offering Period and the Plan will terminate
immediately prior to the consummation of such proposed action and any and all
accumulated payroll deductions will be returned to the participating Employees
in accordance with Section 19(a), unless otherwise provided by the Board.

        (C) Merger or Asset Sale. In the event of a proposed sale of all or
substantially all of the assets of the Company, or the merger of the Company
with or into another corporation, each option under the Plan shall be assumed or
an equivalent option shall be substituted by such successor corporation or a
parent or subsidiary of such successor corporation, unless the Board determines,
in the exercise of its sole discretion and in lieu of such assumption or
substitution, to shorten the Offering Period then in progress by setting a new
Exercise Date (the "New Exercise Date") or to cancel each outstanding right to
purchase and refund all sums collected from participants during the Offering
Period then in progress. If the Board shortens the Offering Period then in
progress in lieu of assumption or substitution in the event of a merger or sale
of assets, the Board shall notify each participant in writing, at least ten (10)
business days prior to the New Exercise Date, that the Exercise Date for his
option has been changed to the New Exercise Date and that his option will be
exercised automatically on the New Exercise Date, unless prior to such date he
has withdrawn from the Offering Period as provided in Section 10 hereof. For
purposes of this paragraph, an option granted under the Plan shall be deemed to
be assumed if, following the sale of assets or merger, the option confers the
right to purchase, for each share of option stock subject to the option
immediately prior to the sale of assets or merger, the consideration (whether
stock, cash or other securities or property) received in the sale of assets or
merger by holders of common stock for each Share held on the effective date of
the transaction (and if such holders were offered a choice of consideration, the
type of consideration chosen by the holders of a majority of the outstanding
Shares); provided, however, that if such consideration received in the sale of
assets or merger was not solely common stock of the successor corporation or its
parent (as defined in Section 424(e) of the Code), the Board may, with the
consent of the successor corporation, provide for the consideration to be
received upon exercise of the option to be solely common stock of the successor
corporation or its parent equal in fair market value to the per share
consideration received by holders of Shares and the sale of assets or merger.
The Board may, if it so determines in the exercise of its sole discretion, also
make provision for adjusting the Reserves in the event the Company effects one
or more reorganizations, recapitalization, rights offerings or other increases
or reductions of shares of its outstanding common stock, and in the event of the
Company being consolidated with or merged into any other corporation.

19. AMENDMENT OR TERMINATION

        (A) The Board, but not the board of directors of a Subsidiary, may at
any time and for any reason terminate or amend the Plan. Except as provided in
Section 18 hereof, no such termination can affect options previously granted,
provided that an Offering Period may be terminated by the Board on any Exercise
Date if the Board determines that the termination of the Plan is in the best
interests of the Company and its shareholders. In the event that an Offering
Period is terminated (or the Plan is terminated during an Offering Period), any
and all accumulated payroll deductions shall be returned to the participating
Employees. Except as provided in Section 18 hereof, no amendment may make any
change in any option theretofore granted which adversely affects the rights of
any participant. To the extent necessary to comply with Rule 16b-3 or under
Section 423 of the Code (or any successor rule or provision or any other
applicable law or regulation), the Company shall obtain shareholder approval in
such a manner and to such a degree as required.

        (B) Without shareholder consent and without regard to whether any
participant rights may be considered to have been "adversely affected," the
Board (or its committee) shall be entitled to change the Offering Periods, limit
the frequency and/or number of changes in the amount withheld during an Offering
Period, establish the exchange ratio applicable to amounts withheld in a
currency other than U.S. dollars, permit

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payroll withholding in excess of the amount designated by a participant in order
to adjust for delays or mistakes in the Company's or Designated Subsidiary's
processing of properly completed withholding elections, establish reasonable
waiting and adjustment periods and/or accounting and crediting procedures to
ensure that amounts applied toward the purchase of Shares for each participant
properly correspond with amounts withheld from the participant's Compensation,
and establish such other limitations or procedures as the Board (or its
committee) determines in its sole discretion advisable which are consistent with
the Plan.

20. NOTICES.

        All notices or other communications by a participant to the Company or
Designated Subsidiary under or in connection with the Plan shall be deemed to
have been duly given when received in the form specified by the Company or
Designated Subsidiary at the location, or by the person, designated by the
Company or Designated Subsidiary for the receipt thereof.

21. CONDITIONS UPON ISSUANCE.

        Neither Shares nor ADSs or ADRs shall be issued with respect to an
option unless the exercise of such option and the issuance and delivery of such
ADSs or ADRs pursuant thereto, as well as the issuance of shares from the
Company to the Trust and the transfer of shares from the Trust to the Custodian,
shall comply with all applicable provisions of law, domestic or foreign,
including, without limitation, the Securities Act of 1933, as amended, the
Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder, French Law No. 66-537 of July 24, 1966 relating to
commercial companies, and the requirements of any stock exchange upon which the
Shares or ADSs may then be listed, and shall be further subject to the approval
of counsel for the Company with respect to such compliance.

        As a condition to the exercise of an option, the Company or Trustee may
require the person exercising such option to represent and warrant at the time
of any such exercise that the ADSs are being purchased only for investment and
without any present intention to sell or distribute such ADSs if, in the opinion
of counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law.

22. TERM OF PLAN

        The Plan shall become effective upon the earlier to occur of its
adoption by the Board of Directors or its approval by the shareholders of the
Company. It shall continue in effect for a term of ten (10) years unless sooner
terminated under Section 19 hereof.

23. GOVERNING LAW AND JURISDICTION

        This Plan shall be governed by and construed in accordance with the laws
of the State of California, except for that body of law pertaining to conflicts
of laws.

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                                   EXHIBIT A-1
                              BUSINESS OBJECTS S.A.
                 1995 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN
                             PARTICIPATION AGREEMENT

___ Original Application                Original Enrollment Date:____________
___ Change in Payroll Deduction Rate        Change Notice Date:_________________

1. _____________________________________ hereby elects to participate in the
Business Objects S.A. 1995 International Employee Stock Purchase Plan (the
"International Employee Stock Purchase Plan").

2. I hereby authorize the Company or any Designated Subsidiary of which I am an
Employee to make payroll deductions from each paycheck in the amount of ______%
of my Compensation on each payday (together with amounts contributed under the
Company's Employee Savings Plan, not to exceed 10%) during the Offering Period
in accordance with the International Employee Stock Purchase Plan. (Please note
that only whole percentages are permitted.)

3. I understand that said payroll deductions shall be accumulated in order to
exercise the option(s) granted to me pursuant to the International Employee
Stock Purchase Plan and to purchase ADSs representing Shares at the applicable
Purchase Price determined in accordance with the International Employee Stock
Purchase Plan. I understand that if I do not elect to withdraw from an Offering
Period, any accumulated payroll deductions will be used by the Trustee to
automatically exercise my option.

4. I have received a copy of the complete International Employee Stock Purchase
Plan. I understand that my participation in the International Employee Stock
Purchase Plan is in all respects subject to the terms of the Plan. I understand
that the grant of the option by the Company under this Participation Agreement
may be subject to obtaining shareholder approval of the International Employee
Stock Purchase Plan, any Exhibit thereto and/or any amendment thereto.

5. ADSs purchased for me under the Employee Stock Purchase Plan should be issued
in the name of (Employee Only):__________________________________________

6. I understand that, notwithstanding any other provision of this Participation
Agreement or the International Employee Stock Purchase Plan:

        (A) neither the International Employee Stock Purchase Plan nor this
Participation Agreement shall form any part of any contract of employment
between the Company or any Designated Subsidiary and any Employees of any such
company, and it shall not confer on any participant any legal or equitable
rights (other than those constituting the Options themselves) against the
Company or any Designated Subsidiary, directly or indirectly, or give rise to
any cause of action in law or in equity against the Company or any subsidiary;

        (B) the benefits to participants under the Plan shall not form any part
of their wages, pay or remuneration or count as wages, pay or remuneration for
pension fund or other purposes except if applicable for tax purposes

        (C) in no circumstances shall any Employee on ceasing to hold his or her
office or employment by virtue of which he or she is or may be eligible to
participate in the International Employee Stock Purchase Plan be entitled to any
compensation for any loss of any right or benefit or prospective right or
benefit under the Plan, which he might otherwise have enjoyed, whether such
compensation is claimed by way of damages for wrongful dismissal or other breach
of contract or by way of compensation for loss of office or otherwise."

        (D) the Company expressly retains the right to terminate the
International Employee Stock Purchase Plan at any time and that I will have no
right to continue to receive option grants under the International Employee
Stock Purchase Plan in such event.

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7. I understand that I may be subject to taxation as a result of my
participation under the International Employee Stock Purchase Plan. I understand
that although the basis for taxation may be calculated based upon the fair
market value of the Shares at the exercise date, the Shares may/will not be
deposited into my broker account on that day for at least 5 business days
subsequent to the exercise date. I therefore understand that there may be a loss
of value between the exercise date and the date Shares are deposited into my
broker account. I have consulted any tax advisors in connection with my
participation under the International Employee Stock Purchase Plan that I deem
advisable, and have not relied on the Company for tax advice.

8.      I understand that investment purchasing in Shares purchased under the
        International Stock Purchase Plan is not a risk free investment and is
        subject to a risk of loss in whole or part.

9. I hereby agree to be bound by the terms of the International Employee Stock
Purchase Plan. The effectiveness of this Participation Agreement is dependent
upon my eligibility to participate in the International Employee Stock Purchase
Plan.

10. I hereby agree to permit (i) the Company or a Company agent to transfer my
tax identification, address and other necessary personal information to a broker
selected by the Company for the purpose of opening an International Employee
Stock Purchase Plan related brokerage account in my name and ii) a broker
selected by company to open said account. I consent to the transfer of the
aforementioned personal information to any country as required by Company to
administer the International Employee Stock Purchase Plan including, without
limitation, the United States.

I UNDERSTAND THAT THIS PARTICIPATION AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT
SUCCESSIVE OFFERING PERIODS UNLESS I TERMINATE MY PARTICIPATION AS EVIDENCED BY
ME. SUBMITTING A NEW PARTICIPATION AGREEMENT WITH THIS SO INDICATED.

Employee's Taxpayer
Identification Number (SS#):
                                    ----------------------------------
Employer:
                                    ----------------------------------
Employee's Address:
                                    ----------------------------------

                                    ----------------------------------

---------------------------------
Signature of Employee

Date:
      -----------------

                                       10
<PAGE>   11

                                    EXHIBIT B

                              BUSINESS OBJECTS S.A.

                 1995 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN

                              NOTICE OF WITHDRAWAL

The undersigned participant in the Offering Period of the Business Objects S.A.
1995 International Employee Stock Purchase Plan which began on ______________
(the "Enrollment Date") hereby notifies the Company or Designated Subsidiary
that he or she hereby withdraws from the Offering Period. He or she hereby
directs the Company or Designated Subsidiary to pay to the undersigned as
promptly as practicable all the payroll deductions credited to his or her
account with the Company or Designated Subsidiary with respect to such Offering
Period. The undersigned understands and agrees that his or her Option for such
Offering Period will be automatically terminated. The undersigned understands
further that no further payroll deductions will be made for the purchase of ADSs
in the current Offering Period and the undersigned shall be eligible to
participate in succeeding Offering Periods only by delivering to the Company or
Designated Subsidiary a new Participation Agreement.

                        Name and Address of Participant:

                        ----------------------------------

                        ----------------------------------

                        ----------------------------------

                        ----------------------------------

                        Signature:

                        ----------------------------------

                        Date:
                              ----------------------------

                                       11<PAGE>   1

                                                                     EXHIBIT 4.4

                             [BUSINESS OBJECTS LOGO]

                              BUSINESS OBJECTS S.A.
                             2001 STOCK OPTION PLAN

        In conformity with the provisions of Articles L.225-177 et. seq. of the
Law as defined herein, Business Objects S.A. adopted a plan for the grant to
Beneficiaries (defined below) of options giving rights to subscribe or purchase
shares of the Company. In furtherance of such decision the board of directors
has adopted the Business Objects S.A. 2001 Stock Option Plan which was approved
by the shareholders of the Company on February 6, 2001.

        The terms and conditions of the Business Objects S.A. 2001 Stock Option
Plan are set out below.

1.      PURPOSES OF THE PLAN

        The purposes of this Stock Option Plan are to attract and retain the
        best available personnel for positions of substantial responsibility, to
        provide additional incentive to Beneficiaries and to promote the success
        of the Company's business.

        Options granted under the Plan to U.S. Beneficiaries are intended to be
        Incentive Stock Options or Non-Statutory Stock Options, as determined by
        the Administrator at the time of grant of an Option, and shall comply in
        all respects with Applicable U.S. Laws in order that they may benefit
        from available fiscal advantages.

2.      DEFINITIONS

        As used herein, the following definitions shall apply:

        (a)     "SHARE" means an ordinary share of the Company, as adjusted from
                time to time in accordance with Section 11 of the Plan.

        (b)     "DIRECTOR" means a member of the Board.

        (c)     "ADR" means an American Depositary Receipt evidencing an
                American Depositary Share corresponding to one Share.

        (d)     "SHAREHOLDER AUTHORIZATION" means the authorization given by the
                shareholders of the Company in an extraordinary general meeting
                held on February 6, 2001 permitting the Board to grant Stock
                Options.

        (e)     "OPTIONEE" means a Beneficiary who holds at least one
                outstanding Option.

        (f)     "CHANGE IN CONTROL" shall mean, and shall be deemed to have
                occurred if:

                (i)     any person or entity, other than a trustee or other
                        fiduciary holding securities under an employee benefit
                        plan of the Company acting in such capacity or a
                        corporation owned directly or indirectly by the
                        shareholders of the Company in substantially the same
                        proportions as their ownership of stock of the Company,
                        becomes the "beneficial owner"

<PAGE>   2

                        (as defined in Rule 13d-3 under the Exchange Act),
                        directly or indirectly, of securities of the Company
                        representing 50% or more of the total voting power
                        represented by the Company's then outstanding voting
                        securities, or

                (ii)    the shareholders of the Company approve a merger or
                        consolidation of the Company with any other corporation
                        other than a merger or consolidation which would result
                        in the voting securities of the Company outstanding
                        immediately prior thereto continuing to represent
                        (either by remaining outstanding or by being converted
                        into voting securities of the surviving entity) more
                        than 50% of the total voting power represented by the
                        voting securities of the Company or such surviving
                        entity outstanding immediately after such merger or
                        consolidation, or

                (iii)   the shareholders of the Company approve a plan of
                        complete liquidation of the Company or an agreement for
                        the sale or disposition by the Company of (in one
                        transaction or a series of related transactions) all or
                        substantially all of the Company's assets to an entity
                        other than an Affiliated Company.

        (g)     "CODE" means the United States Internal Revenue Code of 1986, as
                amended.

        (h)     "BOARD" means the board of directors of the Company.

        (i)     "OPTION AGREEMENT" means a written agreement between the Company
                and an Optionee evidencing the terms and conditions of an
                individual Option grant. The Option Agreement is subject to the
                terms and conditions of the Plan.

        (j)     "NOTICE OF GRANT" means a written notice evidencing certain
                terms and conditions of an individual Option grant. The Notice
                of Grant is part of the Option Agreement.

        (k)     "BENEFICIARY" means the Chief Executive Officer
                (President-Directeur General) and Managing directors (Directeurs
                generaux) and any Officers or other person employed by the
                Company or any Affiliated Company. Neither service as a Director
                nor payment of a director's fee by the Company or an Affiliated
                Company shall be sufficient to constitute "employment" by the
                Company or an Affiliated Company.

        (l)     "U.S. BENEFICIARY" means a Beneficiary of the Company or an
                Affiliated Company residing in the United States or otherwise
                subject to United States' laws and regulations.

        (m)     "EXCHANGE ACT" means the United States Securities Exchange Act
                of 1934, as amended.

        (n)     "SUBSIDIARY" means a "subsidiary corporation", whether now or
                hereafter existing, as defined in Section 424(f) of the Code.

        (o)     "ADMINISTRATOR" means the Board, as shall administer the Plan in
                accordance with Section 4 of the Plan, it being specified that
                pursuant to article 11.3 of the by-laws of the Company, any
                board member who is eligible to receive Options is prohibited
                from voting on decisions to grant Options if such board member
                is the Beneficiary of such Options;

        (p)     "DISABILITY" means total and permanent disability.

        (q)     "INCENTIVE STOCK OPTION" means an Option granted only to U.S.
                Beneficiaries and intended to qualify as an incentive stock
                option within the meaning of Section 422 of the Code and the
                regulations promulgated thereunder.

        (r)     "LAW" means the French Commercial Code as amended by the
                Ordonnance no. 2000-912 dated September 18, 2000.

                                       2
<PAGE>   3

        (s)     "APPLICABLE U.S. LAWS" means the legal requirements relating to
                the administration of stock option plans under state corporate
                and securities laws and the Code in force in the United States
                of America.

        (t)     "NON-STATUTORY STOCK OPTION" means an Option which does not
                qualify as an Incentive Stock Option.

        (u)     "OFFICER" means a Beneficiary who is an officer of the Company
                or an Affiliated Company within the meaning of Section 16 of the
                Exchange Act and the rules and regulations promulgated
                thereunder.

        (v)     "OPTION" means a stock option granted pursuant to the Plan as
                adjusted from time to time in accordance with Section 11 of the
                Plan.

        (w)     "PLAN" means this 2001 Stock Option Plan, as amended from time
                to time.

        (x)     "OPTION EXCHANGE PROGRAM" means a program whereby outstanding
                Options are surrendered in exchange for options with a lower
                exercise price.

        (y)     "CONTINUOUS STATUS AS A BENEFICIARY" means that the employment
                relationship with the Company or any Affiliated Company is not
                interrupted or terminated. Continuous Status as a Beneficiary
                shall not be considered interrupted in the case of (i) any leave
                of absence approved by the Company or (ii) transfers between
                locations of the Company or between the Company or any
                Affiliated Company, or any successor. A leave of absence
                approved by the Company shall include sick leave, military
                leave, or any other personal leave. For purposes of U.S.
                Beneficiaries and Incentive Stock Options, no such leave may
                exceed ninety (90) days, unless reemployment upon expiration of
                such leave is guaranteed by statute or contract, including
                Company policies. If reemployment upon expiration of a leave of
                absence approved by the Company is not so guaranteed, on the
                91st day of such leave any Incentive Stock Option held by a U.S.
                Beneficiary shall cease to be treated as an Incentive Stock
                Option and shall be treated for U.S. tax purposes as a
                Non-statutory Stock Option.

        (z)     "COMPANY" means Business Objects S.A., a corporation organized
                under the laws of the Republic of France.

        (aa)    "AFFILIATED COMPANY" means a company which conforms with the
                criteria set forth in L 225-180 of the Law as follows:

                -       companies of which at least one tenth (1/10) of the
                        share capital or voting rights is held directly or
                        indirectly by the Company;

                -       companies which own directly or indirectly at least one
                        tenth (1/10) of the share capital or voting rights of
                        the Company; and

                -       companies of which at least fifty percent (50%) of the
                        share capital or voting rights is held directly or
                        indirectly by a company which owns directly or
                        indirectly at least fifty percent (50%) of the share
                        capital or voting rights of the Company.

        (bb)    "PARENT" means a "parent corporation", whether now or hereafter
                existing, as defined in Section 424(e) of the Code.

        (cc)    "FAIR MARKET VALUE" The Fair Market Value shall be the closing
                sale price in euros for such Share (or the closing bid, if no
                sales were reported) as quoted on the Premier Marche of Euronext
                Paris on or such other Regulated Market on which the Shares are
                traded, on the last market trading day prior to the day of
                grant, as reported in La Tribune, or such other source as the
                Administrator deems reliable;

                                       3
<PAGE>   4

        (dd)    "REGULATED MARKET" shall mean, as of any date, a stock exchange
                or system on which the Shares are traded which is a regulated
                market ("marche reglemente") under the law no. 98-546 of
                July 3, 1998, as amended.

3.      STOCK SUBJECT TO THE PLAN

        Subject to the provisions of Section 11 of the Plan, the maximum
        aggregate number of Shares which may be optioned and issued under the
        Plan is 3,450,000 Shares of _ 0.10 nominal value each, plus an annual
        increase to be added on June 30 of each year beginning in 2002 equal to
        the lesser of (i) 4,500,000 Shares of _ 0.10 nominal value each, (ii) 5%
        of the total Shares of the Company on such date, or (iii) a lesser
        amount determined by the Board.

        Notwithstanding the above, and pursuant to the Law, options issued and
        outstanding under all option plans of the Company may not exceed
        one-third of the Company's share capital.

        If an Option should expire or become unexercisable for any reason
        without having been exercised in full, the unsubscribed or unpurchased
        Shares which were subject thereto shall, unless the Plan shall have been
        terminated, become available for future grant under the Plan.

4.      ADMINISTRATION OF THE PLAN

4.1     PROCEDURE. The Plan shall be administered by the Administrator.

4.2     POWERS OF THE ADMINISTRATOR. Subject to the provisions of the Law, the
        Shareholder Authorization, the Plan and U.S. Applicable Laws, the
        Administrator shall have the authority, in its discretion:

        -       to determine the Fair Market Value of the Shares, in accordance
                with Section 2(cc) of the Plan;

        -       to select the Beneficiaries to whom Options may be granted
                hereunder;

        -       to determine whether and to what extent Options are granted
                hereunder;

        -       to determine the number of Shares to be covered by each Option
                granted hereunder;

        -       to approve forms of agreement for use under the Plan;

        -       to determine the terms and conditions, not inconsistent with the
                terms and conditions of the Plan, of any Options granted
                hereunder. Such terms and conditions include, but are not
                limited to, the exercise price, the time or times when Options
                may be exercised (which may be based on performance criteria),
                any vesting acceleration or waiver of forfeiture restrictions,
                and any restriction or limitation regarding any Option or the
                Shares relating thereto, based in each case on such factors as
                the Administrator, in its sole discretion, shall determine;

        -       to construe and interpret the terms of the Plan and Options
                granted pursuant to the Plan;

        -       to prescribe, amend and rescind rules and regulations relating
                to the Plan, including rules and regulations relating to
                sub-plans established for the purpose of qualifying for
                preferred tax treatment under foreign tax laws;

        -       to modify or amend each Option (subject to Section 13.3 of the
                Plan), including the discretionary authority to extend the
                post-termination exercisability period of Options longer than is
                otherwise provided for in the Plan;

        -       to authorize any person to execute on behalf of the Company any
                instrument required to effect the grant of an Option previously
                granted by the Administrator;

        -       to decide and institute an Option Exchange Program;

        -       to determine the terms and restrictions applicable to Options,
                including without limitation to limit or prohibit the exercise
                of an Option as well as the sale of Shares acquired pursuant to
                the exercise of an Option, during certain periods or upon
                certain events which the Administrator shall determine in its
                sole discretion; and

        -       to make all other determinations deemed necessary or advisable
                for administering the Plan.

                                       4
<PAGE>   5

4.3     EFFECT OF ADMINISTRATOR'S DECISION. The Administrator's decisions,
        determinations and interpretations shall be final and binding on all
        Optionees, subject to the provisions of Article 13.3 of the Plan.

5.      LIMITATIONS

5.1     In the case of U.S. Beneficiaries, each Option shall be designated in
        the Notice of Grant either as an Incentive Stock Option or as a
        Non-Statutory Stock Option. However, notwithstanding such designation,
        to the extent that the aggregate Fair Market Value:

        (i)     of Shares subject to an Optionee's Incentive Stock Options
                granted by the Company or any Affiliated Company, which

        (ii)    become exercisable for the first time during any calendar year
                (under all plans of the Company or any Affiliated Company)
                exceeds $100,000, such excess Options shall be treated as
                Non-statutory Stock Options. For purposes of this Section 5.1,
                Incentive Stock Options shall be taken into account in the order
                in which they were granted, and the Fair Market Value of the
                Shares shall be determined as of the time of the grant.

5.2     Neither the Plan nor any Option shall confer upon an Optionee any right
        with respect to continuing the Optionee's employment with the Company or
        any Affiliated Company, nor shall they interfere in any way with the
        Optionee's right or the Company's or Affiliated Company's right, as the
        case may be, to terminate such employment at any time, with or without
        cause.

5.3     The following limitations shall apply to grants of Options to
        Beneficiaries:

        (i)     No Beneficiary shall be granted, in any fiscal year of the
                Company, Options to subscribe or purchase more than 225,000
                Shares.

        (ii)    Notwithstanding the foregoing, the Company may also make
                additional grants of up to 450,000 Shares to newly-hired
                Beneficiaries.

        (iii)   The foregoing limitations shall be adjusted proportionately in
                connection with any change in the Company's capitalization as
                described in Section 11.

        (iv)    No Options may be granted to a shareholder who holds more than
                10% of the Company's share capital at the time of grant.

5.4     EACH OPTION GRANTED UNDER THE PLAN IN RESPECT OF UK BENEFICIARIES, WHO
        ARE SUBJECT TO UK INCOME TAX AND SOCIAL SECURITY WITHHOLDING , SHALL
        ONLY BE GRANTED PROVIDED THAT THE BENEFICIARY ENTERS INTO AN ELECTION
        WITH THE COMPANY OR ANY AFFILIATED COMPANY. THE ELECTION SHALL BE IN
        SUCH FORM AND CONTAIN SUCH PROVISION AS THE BOARD SHALL FROM TIME TO
        TIME APPROVED AND AS SHALL HAVE BEEN AGREED WITH THE BOARD OF THE INLAND
        REVENUE.

5.5     Other than as expressly provided hereunder, including Section 2 (k)
        above, no member of the Board of Directors shall be eligible to receive
        an Option under the Plan.

6.      TERM OF PLAN

        The Plan is effective and Options may be granted as of February 6, 2001
        the date of the Plan's adoption by the shareholders. It shall continue
        in effect for a term of five (5) years unless terminated earlier under
        Section 13 of the Plan, so that Options may be granted hereunder until
        February 6, 2006.

                                       5
<PAGE>   6

7.      TERM OF OPTION

        The term of each Option shall be stated in the Notice of Grant, as ten
        (10) years from the date of grant in accordance with the Shareholder
        Authorization. NOTWITHSTANDING THE FOREGOING, OPTIONS GRANTED TO
        BENEFICIARIES OF THE UNITED KINGDOM SUBSIDIARY OF THE COMPANY OR
        BENEFICIARIES WHO ARE OTHERWISE RESIDENTS OF THE UNITED KINGDOM OR WHO
        ARE SUBJECT TO THE LAWS OF THE UNITED KINGDOM SHALL HAVE A TERM OF SEVEN
        (7) YEARS LESS ONE DAY FROM THE DAY OF GRANT.

8.      OPTION EXERCISE PRICE AND CONSIDERATION

8.1     EXERCISE PRICE

8.1.1   In the case of an Option to subscribe to new shares, the per Share
        exercise price shall be determined in accordance with the following:

        (i)     In the case of an Incentive Stock Option granted to a U.S.
                Beneficiary who, at the time the Incentive Stock Option is
                granted, owns stock representing more than ten percent (10%) of
                the voting rights of all classes of stock of the Company or any
                Parent or Subsidiary, to the extent such U.S. Beneficiary is
                permitted by the Law to receive Incentive Stock Option grants,
                the per Share exercise price shall be no less than the higher of
                (a) 110% of the Fair Market Value per Share or (b) 80% of the
                average Fair Market Values on the twenty trading days preceding
                the grant date.

        (ii)    In the case of an Option granted to any Beneficiary other than a
                U.S. Beneficiary described in paragraph (i) immediately above,
                the per Share exercise price shall be no less than the higher of
                (a) 100% of the Fair Market Value per Share, or (b) 80% of the
                average Fair Market Values on the twenty trading days preceding
                the grant date.

8.1.2   When an Option entitles the holder to purchase shares previously
        repurchased by the Company, the exercise price may not be less than
        eighty (80%) of the average purchase price paid for all Shares or ADRs
        previously repurchased by the Company.

8.2     Waiting Period and Exercise Dates. At the time an Option is granted, the
        Administrator shall fix the period within which the Option may be
        exercised and shall determine any conditions which must be satisfied
        before the Option may be exercised. In so doing, the Administrator may
        specify that an Option may not be exercised until the completion of a
        service period.

8.3     Form of Consideration. The consideration to be paid for the Shares upon
        exercise of Options, including the method of payment, shall be
        determined by the Administrator (and, in the case of an Incentive Stock
        Option, shall be determined at the time of grant) and shall consist
        entirely of an amount in French francs corresponding to the exercise
        price which may be paid either by:

        -       wire transfer;

        -       check;

        -       delivery of a properly executed notice together with such other
                documentation as the Administrator and the broker, if
                applicable, shall require to effect exercise of the Option and
                delivery to the Company of the sale or loan proceeds required to
                pay the exercise price; or

        -       any combination of the foregoing methods of payment.

9.      EXERCISE OF OPTION

9.1     PROCEDURE FOR EXERCISE; RIGHTS AS A SHAREHOLDER

                                       6
<PAGE>   7

        Any Option granted hereunder shall be exercisable according to the terms
        of the Plan and at such times and under such conditions as determined by
        the Administrator and set forth in the Option Agreement. An Option may
        not be exercised for a fraction of a Share.

        An Option shall be deemed exercised when the Company receives: (i)
        written notice of exercise (in accordance with the Option Agreement)
        together with a share subscription or purchase form (bulletin d'achat ou
        de souscription) from the person entitled to exercise the Option, and
        (ii) full payment for the Shares with respect to which the Option is
        exercised. Full payment may consist of any consideration and method of
        payment authorized by the Administrator and permitted by the Option
        Agreement and the Plan. Shares issued upon exercise of an Option shall
        be issued in the name of the Optionee or, if requested by the Optionee,
        in the name of the Optionee and his or her spouse.

        Upon exercise of any Option in accordance herewith, the Shares issued to
        the Optionee shall be assimilated with all other Shares of the Company
        and shall be entitled to dividends for the fiscal year in course during
        which the Option is exercised.

        Granting of an Option in any manner shall result in a decrease in the
        number of Shares which thereafter may be available for purposes of the
        Plan, by the number of Shares as to which the Option is outstanding.

9.2     TERMINATION OF EMPLOYMENT. Upon termination of an Optionee's Continuous
        Status as a Beneficiary during the term of the Option, other than upon
        the Optionee's death or Disability, the Optionee may exercise his or her
        Option, but only within such period of time as is specified in the
        Notice of Grant, and only to the extent that the Optionee was entitled
        to exercise it at the date of termination (but in no event later than
        the expiration of the term of such Option as set forth in the Notice of
        Grant). In the absence of a specified time in the Notice of Grant, the
        Option shall remain exercisable for ninety (90) days following the
        Optionee's termination of Continuous Status as a Beneficiary. In the
        case of an Incentive Stock Option, such period of time shall not exceed
        ninety (90) days from the date of termination. If, at the date of
        termination, the Optionee is not entitled to exercise his or her entire
        Option, the Shares covered by the unexercisable portion of the Option
        shall revert to the Plan. If, after termination, the Optionee does not
        exercise his or her Option within the time specified by the
        Administrator, the Option shall terminate, and the Shares covered by
        such Option shall revert to the Plan.

9.3     DISABILITY OF OPTIONEE. In the event that an Optionee's Continuous
        Status as a Beneficiary terminates, during the term of the Option, as a
        result of the Optionee's Disability, the Optionee may exercise his or
        her Option at any time within six (6) months from the date of such
        termination, and only to the extent that the Optionee was entitled to
        exercise it at the date of such termination (but in no event later than
        the expiration of the term of such Option as set forth in the Notice of
        Grant). If, at the date of termination, the Optionee is not entitled to
        exercise his or her entire Option, the Shares covered by the unexercised
        portion of the Option shall revert to the Plan. If, after termination,
        the Optionee does not exercise his or her Option within the time
        specified herein, the Option shall terminate, and the Shares covered by
        such Option shall revert to the Plan.

9.4     DEATH OF OPTIONEE. In the event of the death of an Optionee during the
        term of the Option, the Option may be exercised at any time within six
        (6)months following the date of death, by the Optionee's estate or by a
        person who acquired the right to exercise the Option by bequest or
        inheritance, but only to the extent that the Optionee was entitled to
        exercise the Option at the date of death (and in no event later than the
        expiration of the term of such Option as set forth in the Notice of
        Grant). If, at the time of death, the Optionee was not entitled to
        exercise his or her entire Option, the Shares covered by the unexercised
        portion of the Option shall immediately revert to the Plan. If, after
        death, the Optionee's estate or a person who acquired the right to
        exercise the Option by bequest or inheritance does not exercise the
        Option within the time specified herein, the Option shall terminate, and
        the Shares covered by such Option shall revert to the Plan.

                                       7
<PAGE>   8

10.     NON-TRANSFERABILITY OF OPTIONS AND SHARES

        An Option 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.

        The Administrator may restrict the right of an Optionee to sell or
        otherwise dispose of the Shares acquired upon exercise of the Option. In
        accordance with the Law, such restriction may not exceed three (3) years
        from the exercise date.

11.     ADJUSTMENTS UPON CHANGES IN CAPITALIZATION, DISSOLUTION, MERGER OR ASSET
        SALE

11.1    CHANGES IN CAPITALIZATION. In the event of the carrying out by the
        Company of any of the financial operations pursuant to Article L 225-181
        of the Law as follows:

        -       issuance of shares to be subscribed for in cash or by set-off of
                existing indebtedness offered exclusively to the shareholders,

        -       capitalization of reserves, profits, issuance premiums or the
                distribution of free shares,

        -       issuance of bonds convertible or exchangeable into shares
                offered exclusively to shareholders,

        -       distribution of reserves in cash or portfolio securities,

        -       capital reduction motivated by losses, and

        -       repurchase of its own Shares at a price higher than market
                value, pursuant to Article 174-9A of the decree no. 67-236 of
                March 23, 1967,

        the Administrator shall, in accordance with the conditions provided for
        in Articles 174-8 et seq. of the decree no. 67-236 of March 23, 1967
        concerning commercial companies, effect an adjustment of the number and
        the price of the Shares subject to Option grants.

        The number of Shares which have been authorized for issuance under the
        Plan as to which no Options have yet been granted or which have been
        returned to the Plan upon cancellation or expiration of an Option shall
        be proportionately adjusted in the event the Company effects a share
        capital increase by way of incorporation of reserves, premiums or
        profits, resulting either in an increase of the nominal value of the
        shares or in a free allocation of shares, or effects a reverse or
        forward stock split or a combination of shares.

11.2    DISSOLUTION OR LIQUIDATION. In the event of the proposed dissolution or
        liquidation of the Company, to the extent that an Option has not been
        previously exercised, it will terminate immediately prior to the
        consummation of such proposed action. The Administrator may, in the
        exercise of its sole discretion in such instances, declare that any
        Option shall terminate as of a date fixed by the Administrator and give
        each Optionee the right to exercise his or her Option as to which the
        Option would not otherwise be exercisable.

11.3    CHANGE IN CONTROL. In the event of a Change in Control of the Company,
        each outstanding Option shall be assumed or an equivalent option or
        right shall be substituted by the successor corporation or an affiliated
        company of the successor corporation. The Administrator may, in lieu of
        such assumption or substitution, provide for the Optionee the right to
        exercise the Option as to the corresponding Shares as to which it would
        not otherwise be exercisable. If the Administrator makes an Option
        exercisable in lieu of assumption or substitution in the event of a
        Change in Control, the Administrator shall notify the Optionee that the
        Option shall be fully exercisable for a period of fifteen (15) days from
        the date of such notice, and the Option will terminate upon the
        expiration of such period. For the purposes of this paragraph, the
        Option shall be considered assumed if, following the Change in Control,
        the Option or right confers the right to purchase, for each Share of
        Optioned

                                       8
<PAGE>   9

        Stock subject to the Option immediately prior to the Change in Control,
        the consideration (whether stock, cash, or other securities or property)
        received in the Change in Control by holders of Shares or ADRs for each
        Share or ADR held on the effective date of the transaction (and if
        holders were offered a choice of consideration, the type of
        consideration chosen by the holders of a majority of the outstanding
        Shares); provided, however, that if such consideration received was not
        solely common stock of the successor corporation, or its Parent, the
        Administrator may, with the consent of the successor corporation,
        provide for the consideration to be received upon the exercise of the
        Option for each Share of Option Stock subject to the Option, to be
        solely common stock of the successor corporation or its Parent equal in
        fair market value to the per share consideration received by holders of
        Shares or ADRs in the merger or sale of assets.

12.     DATE OF GRANT

        The date of grant of an Option shall be, for all purposes, the date on
        which the Administrator makes the determination granting such Option.
        Notice of the determination shall be provided to each Optionee within a
        reasonable time after the date of such grant.

13.     AMENDMENT AND TERMINATION OF THE PLAN

13.1    AMENDMENT AND TERMINATION. The Administrator may at any time amend,
        alter, suspend or terminate the Plan.

13.2    SHAREHOLDER APPROVAL. The Company shall obtain shareholder approval of
        any Plan amendment to the extent necessary and desirable to comply with
        Section 422 of the Code (or any successor rule or statute or other
        applicable law, rule or regulation, including the requirements of any
        exchange or quotation system on which the Shares or ADRs is listed or
        quoted). Such shareholder approval, if required, shall be obtained in
        such a manner and to such a degree as is required by the applicable law,
        rule or regulation.

13.3    EFFECT OF AMENDMENT OR TERMINATION. No amendment, alteration, suspension
        or termination of the Plan shall impair the rights of any Optionee,
        unless mutually agreed otherwise between the Optionee and the
        Administrator, which agreement must be in writing and signed by the
        Optionee and the Company.

14.     CONDITIONS UPON ISSUANCE OF SHARES

14.1    LEGAL COMPLIANCE. Shares shall not be issued pursuant to the exercise of
        an Option unless the exercise of such Option and the issuance and
        delivery of such Shares shall comply with all relevant provisions of law
        including, without limitation, the Law, the Securities Act of 1933, as
        amended, the Exchange Act, the rules and regulations promulgated
        thereunder, Applicable U.S. Laws and the requirements of any stock
        exchange or quotation system upon which the Shares may then be listed or
        quoted.

14.2    INVESTMENT REPRESENTATIONS. As a condition to the exercise of an Option,
        the Company may require the person exercising such Option to represent
        and warrant at the time of any such exercise that the Shares are being
        subscribed only for investment and without any present intention to sell
        or distribute such Shares if, in the opinion of counsel for the Company,
        such a representation is required.

15.     LIABILITY OF COMPANY

        The inability of the Company to obtain authority from any regulatory
        body having jurisdiction, which authority is deemed by the Company's
        counsel to be necessary to the lawful issuance of any Shares hereunder,
        shall relieve the Company of any liability in respect of the failure to
        issue such Shares as to which such requisite authority shall not have
        been obtained.

                                       9
<PAGE>   10

16.     LAW AND JURISDICTION AND LANGUAGE

        This Plan shall be governed by and construed in accordance with the laws
        of the Republic of France. The Tribunal de Grande Instance of Nanterre
        shall be exclusively competent to determine any claim or dispute arising
        in connection herewith.

The Company, the Board and the Optionees recognize that the Plan has been
prepared both in the French and the English language. The French version is the
version that binds the parties; notwithstanding this, the English version
represents an acceptable translation and, consequently, no official translation
will be required for the interpretation of the Plan.

                                       10
<PAGE>   11

                              BUSINESS OBJECTS S.A.
                        2001 STOCK OPTION GRANT AGREEMENT
                                     Part I
                          NOTICE OF STOCK OPTION GRANT

        Name:
        Address:

You have been granted an option to subscribe Shares of the Company, subject to
the terms and conditions of the 2001 Stock Option Plan (the Plan) and this
Option Agreement, as follows. Unless otherwise defined herein, the terms defined
in the Plan shall have the same defined meanings in this Option Agreement.

Grant Number:
Date of Grant:
Vesting Commencement Date:
Exercise Price per Share:
Total Number of Shares Granted:
Total Exercise Price:
Term/Expiration Date:

Type of Option (for US Beneficiaries only): This Option is intended to be an
Incentive Stock Option ("ISO"). However, in accordance with Section 422(d) of
the Internal Revenue Code of 1986 as amended, to the extent that the aggregate
fair market value of Shares subject to Incentive Stock Options which become
exercisable for the first time during any calendar year (under all plans of the
Company or any Affiliated Company) exceeds $100,000, such excess Options is
treated as Non-statutory Stock Options ("NSO").

Vesting Schedule: This Option may be exercised, in whole or in part, in
accordance with the following schedule:
__________________________________________________ provided that the Beneficiary
remains in Continuous Status as a Beneficiary, as defined in section 2(y) of
the Plan, on such dates.

Termination Period: This Option may be exercised for ninety (90) days after
termination of the Optionee's employment with the Company or the Affiliated
Company as the case may be. Upon the death or Disability of the Optionee, this
Option may be exercised for such longer period as provided in the Plan. Save as
provided in the Plan, in no event shall this Option be exercised later than the
Term/Expiration Date as provided above.

        By your signature and the signature of the Company's representative
below, you and the Company agree that this Option is granted under and governed
by the terms and conditions of the Plan and this Option Agreement. You have
reviewed the Plan and this Option Agreement in their entirety, had the
opportunity to obtain the advice of counsel prior to executing this Option
Agreement and fully understand all provisions of the Plan and Option Agreement.
You hereby agree to accept as binding, conclusive and final all decisions or
interpretations of the Administrator upon any questions relating to the Plan and
Option Agreement. You further agree to notify the Company upon any change in the
residence address indicated above. You acknowledge and agree that this Option
and its vesting schedule does not constitute an express or implied promise of
continued employment and shall not interfere in any way with your right or the
Company's right to terminate your employment at any time. Further, the benefits,
if any, arising from your Option, shall not form any part of their wages, pay or
remuneration or count as wages, pay or remuneration for pension fund or other
purposes. In no circumstances shall you on ceasing to hold your office or
employment be entitled to any compensation for any loss of any right or benefit
or prospective right or benefit under the Plan, which you might otherwise have
enjoyed, whether such compensation is claimed by way of damages for wrongful
dismissal or other breach of contract or by way of compensation for loss of
office or otherwise.

        The Company and the Optionee recognize that the Plan and this Agreement
have been prepared both in the French and the English language. The French
version is the version that binds the parties, which is to be signed by the
Optionee and returned to the Company; notwithstanding this, the English version
represents an acceptable translation and, consequently, no official translation
will be required for the interpretation of this agreement.

OPTIONEE:                              FOR BUSINESS OBJECTS S.A.

           ------------------------                 ---------------------------

                              BUSINESS OBJECTS S.A.

                                       11
<PAGE>   12

                        2001 STOCK OPTION GRANT AGREEMENT
                                     Part II
                               TERMS AND CONDITION

1. Grant of Option. The Plan Administrator of the Company hereby grants to the
Optionee named in the Notice of Grant attached as Part I of this Agreement (the
"Optionee"), an option (the "Option") to subscribe the number of Shares, as set
forth in the Notice of Grant, at the exercise price per Share set forth in the
Notice of Grant (the "Exercise Price"), subject to the terms and conditions of
the 2001 Stock Option Plan, which is incorporated herein by reference. Subject
to Section 13(c) of the Plan, in the event of a conflict between the terms and
conditions of the Plan and the terms and conditions of this Option Agreement,
the terms and conditions of the Plan shall prevail.

If designated in the Notice of Grant as an Incentive Stock Option, this Option
is intended to qualify as an Incentive Stock Option under Section 422 of the
Code. However, if this Option is intended to be an Incentive Stock Option, to
the extent that it exceeds the $100,000 rule of Code Section 422(d) it shall be
treated as a Non-statutory Stock Option.

2. Exercise of Option

(a) Right to Exercise. This Option is exercisable during its term in accordance
with the Vesting Schedule set out in the Notice of Grant and the applicable
provisions of the Plan and this Option Agreement. In the event of Optionee's
death, Disability or other termination of Optionee's employment, the
exercisability of the Option is governed by the applicable provisions of the
Plan and this Option Agreement.

(b) Method of Exercise. This Option is exercisable by delivery of an exercise
notice, in the form attached hereto (the "Exercise Notice"), comprising a share
subscription form (bulletin de souscription) which shall state the election to
exercise the Option, the number of Shares in respect of which the Option is
being exercised (the "Exercised Shares"), and such other representations and
agreements as may be required by the Company pursuant to the provisions of the
Plan. The Exercise Notice shall be signed by the Optionee and shall be delivered
in person or by certified mail to the Company or its designated representative
or by facsimile message to be immediately confirmed by certified mail to the
Company. The Exercise Notice shall be accompanied by payment of the aggregate
Exercise Price as to all Exercised Shares. This Option shall be deemed to be
exercised upon receipt by the Company of such fully executed Exercise Notice
accompanied by such aggregate Exercise Price.

No Shares shall be issued pursuant to the exercise of this Option unless such
issuance and exercise complies with all relevant provisions of law and the
requirements of any stock exchange or quotation service upon which the Shares
are then listed. Assuming such compliance, for income tax purposes the Exercised
Shares shall be considered transferred to the Optionee on the date the Option is
exercised with respect to such Exercised Shares.

3. Method of Payment. Payment of the aggregate Exercise Price shall be by any of
the following, or a combination thereof, at the election of the Optionee : (i)
wire transfer; (ii) check; (iii) delivery of a properly executed notice together
with such other documentation as the Administrator and the broker, if
applicable, shall require to effect exercise of the Option and delivery to the
Company of the sale or loan proceeds required to pay the exercise price; or (iv)
any combination of the foregoing methods of payment.

4. Non-Transferability of Option. This Option may not be transferred in any
manner otherwise than by will or by the laws of descent or distribution and may
be exercised during the lifetime of the Optionee only by the Optionee. The terms
of the Plan and this Option Agreement shall be binding upon the executors,
administrators, heirs, successors and assigns of the Optionee.

5. Terms of Option. Subject as provided in the Plan, this Option may be
exercised only within the term set out in the Notice of Grant, and may be
exercised during such term only in accordance with the Plan and the terms of
this Option Agreement.

6. UK NATIONAL INSURANCE LIABILITY: BY VIRTUE OF YOUR ACCEPTANCE OF THE RULES OF
THE PLAN YOU ARE REQUIRED TO ENTER INTO AN ELECTION WITH THE COMPANY OR
AFFILIATED COMPANY IN THE FORM ATTACHED TO THIS AGREEMENT MARKED ATTACHMENT C.
IN THE EVENT THAT THE OPTIONEE FAILS TO ENTER INTO THE ELECTION AS REQUIRED BY
THE TERMS OF THIS AGREEMENT, BY SIGNING AND RETURNING ATTACHMENT C TO THE
COMPANY WITHIN A PERIOD OF 28 DAYS OF THE DATE OF RECEIPT OF THIS AGREEMENT,
THEN THIS OPTION SHALL TERMINATE AND SHALL THERE UPON BECOME NULL AND VOID.

6. Entire Agreement; Governing Law. The Plan incorporated herein by reference.
The Plan and this Option Agreement constitute the entire agreement of the
parties with respect to the subject matter hereof and supersede in their
entirety all prior undertakings and agreements of the Company and Optionee with
respect to the subject matter hereof, and may not be modified adversely to the
Optionee's interest except by means of a writing signed by the Company and
Optionee. This agreement is governed by the laws of the Republic of France.

        Any claim or dispute arising under the Plan or this Agreement shall be
subject to the exclusive jurisdiction of the Tribunal de Grande Instance of
Nanterre.

                                       2
<PAGE>   13

                                CONSENT OF SPOUSE

                          (to be signed by residents of
                 California and other community property states)

                The undersigned spouse of Optionee has read and hereby approves
the terms and conditions of the Plan and this Option Agreement. In consideration
of the Company's granting his or her spouse the right to subscribe Shares as set
forth in the Plan and this Option Agreement, the undersigned hereby agrees to be
irrevocably bound by the terms and conditions of the Plan and this Option
Agreement and further agrees that any community property interest shall be
similarly bound. The undersigned hereby appoints the undersigned's spouse as
attorney-in-fact for the undersigned with respect to any amendment or exercise
of rights under the Plan or this Option Agreement.

                                       -----------------------------------
                                       Consent of spouse

<PAGE>   14

                                  ATTACHMENT B

BUSINESS OBJECTS S.A.

        A Societe Anonyme with a registered capital of 6,096,114.00 Euros
  Registered office: 157-159 rue Anatole France 92309 Levallois -- Perret Cedex
                         R.C.S.: Nanterre B 379 821 994

                  OPTION EXERCISE NOTICE AND SUBSCRIPTION FORM

         COMPLETE AND FAX TO GREAT LAKES STRATEGIES PRIOR TO CONTACTING
                           DEUTSCHE BANK ALEX. BROWN
            TELEPHONE: +01-248-637-8136       FAX: +01-248-614-4664

IMPORTANT: IF YOUR OPTION EXERCISE NOTICE IS ILLEGIBLE, INCOMPLETE, INCORRECT OR
                         UNSIGNED, IT WILL BE REJECTED.

--------------------------------------------------------------------------------
PLEASE PRINT

FULL NAME:
          ----------------------------------------------------------------------

MAILING ADDRESS:
                ----------------------------------------------------------------
                 Number, Street, Apartment Number

                ----------------------------------------------------------------

                ----------------------------------------------------------------
                City, State or Province, Postal Code, Country

HOME PHONE:                              WORK PHONE:
           ----------------------------             ----------------------------

---------------------------------------
  Include Country Code (Non-U.S.)            Include Country Code (Non-U.S.)

E-MAIL ADDRESS:                          WORK FAX:
               ------------------------           ------------------------------
                                                 Include Country Code (Non-U.S.)

UPON COMPLETION OF MY EXERCISE, PLEASE SEND MY EXERCISE CONFIRMATION STATEMENT
VIA:    [ ] POSTAL SERVICE     [ ] EMAIL
--------------------------------------------------------------------------------

I, the undersigned, hereby give notice, effective the date set forth below, that
I exercise the following stock options previously granted to me by Business
Objects S.A. under the 1993, the 1994, and/or the 1999 Stock Options Plan(s):

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
OPTION   EXERCISE   INFORMATION
------------ ------------------- ------------------ ------------------ ------------------ ------------------ ------------------
<S>          <C>                 <C>                <C>                <C>                <C>                <C>
                                  # OPTIONS TO BE   EXERCISE PRICE      TOTAL EXERCISE      SHARES TO BE
                                   EXERCISED (A)    PER SHARE (B)       PRICE (A) X (B)       SOLD (C)
Grant ID     Grant Date                                  (EUROS)            (EUROS)                          Shares to be
              (MONTH/DAY/YEAR)                                                                               Retained
                                                                                                                (A) -- (C)
------------ ------------------- ------------------ ------------------ ------------------ ------------------ ------------------

------------ ------------------- ------------------ ------------------ ------------------ ------------------ ------------------

------------ ------------------- ------------------ ------------------ ------------------ ------------------ ------------------

------------ ------------------- ------------------ ------------------ ------------------ ------------------ ------------------

------------ ------------------- ------------------ ------------------ ------------------ ------------------ ------------------

------------ ------------------- ------------------ ------------------ ------------------ ------------------ ------------------

                                 ------------------ ------------------ ------------------ ------------------ ------------------
                       TOTALS
                                 ------------------                    ------------------ ------------------ ------------------
</TABLE>

I represent that the above shares are not subject to any encumbrance or other
claims and that Business Objects S.A., Deutsche Bank Alex. Brown, Great Lakes
Strategies, and the transfer agent may rely upon this notice as authorization
for this purpose.

I acknowledge that I have received and understand the terms and conditions of
the 1993, 1994 and/or 1999 Business Objects Stock Option Plan(s) and the Option
Agreement, and agree to abide by and be bound by their terms and conditions.

                            SECURITIES LAW COMPLIANCE

I do NOT currently have access to, nor am I aware of, any material, non-public
inside information regarding Business Objects which could or has influenced my
decision to purchase and/or sell this stock. (If you are uncertain as to whether
you are a corporate insider or possess material inside information, please
contact the Chief Financial Officer of Business Objects prior to exercising any
options.) Trading stock based upon your material, non-public inside information
could subject you to personal liability. I acknowledge that if I am subject to
Rule 16(b) of the Securities Exchange Act of 1934, I may be liable to Business
Objects S.A. for "short-swing profits".

                                       3
<PAGE>   15

PAGE 2 OPTION EXERCISE NOTICE AND SUBSCRIPTION FORM
                                   YOUR FULL NAME:__________________________

METHOD OF EXERCISE, PAYMENT OF OPTION PRICE, AND USE OF PROCEEDS

[ ]  1.  EXERCISE AND HOLD - (CASH EXERCISE ONLY -- NO SALE)
         SHARE DELIVERY:

         [ ]  Deliver ADSs to my Deutsche Bank Alex. Brown account
              number __________________________.

         [ ]  Register shares in a shareholder account opened in my name with
              BNP Paribas. I understand I must pay upon exercise the option
              price and additionally, I agree to pay national, state/provincial,
              local & FICA/national insurance taxes due upon this exercise

         METHOD OF PAYMENT:
         (Payment must be made within 10 days or the exercise will be cancelled)

         [ ]  Deduct cost and, if applicable, taxes from existing funds in my
              Deutsche Bank Alex Brown Account.

         [ ]  I will send funds for cost and, if applicable, taxes directly to
              Business Objects S.A. Human Resources Department, 157-159 rue
              Anatole France 92309 Levallois-Perret Cedex

[ ]  2.  EXERCISE AND SELL ALL SHARES - (SAME DAY SALE EXERCISE ONLY)

         I must provide a verbal sale order to Deutsche Bank Alex. Brown at
         +01-800-776-7564 or +01-410-229-2559 (Insiders call +01-415-544-2863).
         Proceeds after payment of the aggregate option exercise price and all
         applicable taxes and fees should be:

         [ ]  credited to my Deutsche Bank Alex. Brown account
              number __________________________.
         [ ]  wired to my personal bank account. (Please complete wiring
              instructions below.)

[ ]  3.  EXERCISE AND SELL SOME SHARES - (CASH AND SAME DAY SALE EXERCISE)

         Sell the number of ADSs as follows: I must also provide a verbal sale
         order to Deutsche Bank Alex. Brown at +01-800-776-7564 or
         +01-410-229-2559 (Insiders call +01-415-544-2863). I understand that I
         must exercise and sell enough ADSs at the market price to provide
         proceeds at least equal to the sum of the aggregate option exercise
         price and all applicable taxes and fees. Hold the balance of my ADSs in
         my Deutsche Bank Alex. Brown account number. Any remaining cash
         proceeds should be:

         [ ] credited to my Deutsche Bank Alex. Brown account
             number __________________________.
         [ ] wired to my personal bank account. (Please complete wiring
              instructions below.)

WIRE INSTRUCTIONS FOR EXERCISE AND SELL ALL OR EXERCISE AND SELL SOME -- PLEASE
PRINT CLEARLY.

Bank Name ___________________________________, address ________________________,

name on account ___________________, bank routing number (US) _________________,

sort or swift number (non-US) ___________________, account number _____________.

I authorize Deutsche Bank Alex. Brown to pay the aggregate amount of the option
price to Business Objects S.A., representing the purchase price of the shares
acquired upon exercise, and any taxes due. In the event sales proceeds are not
sufficient to cover my tax liability, I will reimburse Business Objects S.A. for
any and all amounts paid by Business Objects S.A. on my behalf.

--------------------------------------------------------------------------------
     OPTIONAL/ADDITIONAL TAX WITHHOLDING PERCENTAGE FOR FEDERAL/NATIONAL TAX
    REQUIREMENTS: ____________% AND/OR STATE TAX REQUIREMENTS: _____________%
           CONSULT A TAX PROFESSIONAL FOR SPECIFIC WITHHOLDING RATES.

 RATES MAY VARY DEPENDING ON TYPE OF GRANT EXERCISED, GRANT RESTRICTIONS AND/OR
                              COUNTRY OF RESIDENCE.
--------------------------------------------------------------------------------

NOTE: ABOVE SIGNATURE BELOW, PLEASE PRINT: "VALID FOR THE SUBSCRIPTION OF
_____________ SHARES."

                                                      Number of Shares Exercised

OPTIONEE SIGNATURE: ____________________________________ DATE: _________________

STATUS: [ ] Current Employee [ ] Former Employee    Date of Termination ________

  THIS FORM WILL EXPIRE AT THE CLOSE OF BUSINESS ONE MONTH FROM THE DATE IT IS
RECEIVED BY GREAT LAKES STRATEGIES. FOR FORMER EMPLOYEES, THIS FORM WILL EXPIRE
  IN THE LESSER OF ONE MONTH OR THE ACTUAL EXPIRATION DATE OF YOUR OPTIONS. FOR
       INSIDERS, THIS FORM WILL EXPIRE AT THE CLOSE OF THE TRADING WINDOW.

--------------------------------------------------------------------------------
                         GREAT LAKES STRATEGIES APPROVAL

I confirm that the optionee is entitled to exercise the options indicated above
                  as of the subscription date indicated above.

By: ___________________________ Date: __________ Form Expiration Date: _________

                       As Agent for Business Objects, S.A.
--------------------------------------------------------------------------------

                                       4

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