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EXHIBIT 4.1

THOMSON

A French société anonyme with capital of 1,012,087,605 euros

Registered Office: 46, quai Alphonse Le Gallo

92100 Boulogne-Billancourt

Register of Commerce and Companies of Nanterre No. 333 773 174

Bylaws

- Unofficial translation -

(as of October 17, 2007)

THOMSON

ARTICLE 1. FORM

Thomson is a société anonyme organized under French law and governed by present and future laws and regulations in force, as well as by the present bylaws.  It is formed from among the owners of the shares that comprise the capital stock, as well as those that may be created subsequently.

ARTICLE 2. PURPOSE

The company has the purpose of performing the following, whether directly or indirectly, in France and in any other country:

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The taking of equity holdings or interests in any business of any nature in any form whatsoever, whether in existence or to be created.

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The acquisition, management, and transfer of all manner of real property rights and assets and of all manner of financial instruments, as well as the execution of all manner of financing transactions.

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The acquisition, transfer, and exploitation of all manner of intellectual property rights, licenses, or processes.

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The manufacture, purchase, importation, sale, and exportation, anywhere, of all manner of materials and products, as well as the rendering of all manner of services.

It may act directly or indirectly, for its own account or for the account of third parties, whether alone or by equity holding, under agreement, in joint venture, or in partnership with any other legal entity or individual, and it may carry out, whether in France of abroad, in any manner whatsoever, all manner of financial, commercial, industrial, real property, and personal property transactions within the scope of its purpose or involving similar or related matters.

ARTICLE 3. NAME

The name of the company is:

THOMSON

The records and documents issued by the company and meant for third parties must indicate the company name, preceded or followed immediately and legibly by the words “Société Anonyme” or the initials “s.a.” and indication of the amount of the capital stock and of the recording number in the register of commerce and companies.

 

ARTICLE 4. REGISTERED OFFICE

The registered office is established at the following address:

46, quai Alphonse Le Gallo - 92100 Boulogne-Billancourt.

It may be moved to any other place in accordance with the provisions of the statutory law and regulations in force. 

ARTICLE 5. DURATION 

The company shall have a duration of 99 years starting on the day of its recording in the Register of Commerce and Companies, except in the case of an extension or early dissolution.

ARTICLE 6. CAPITAL STOCK

The capital stock of the company is established at 1,012,087,605 euros. It is divided into 269,890,028 shares, each with a par value of 3.75 euros and fully paid in.

It may be increased, reduced, retired, or split by decision of the appropriate meeting of shareholders under the conditions and by the methods provided for by the provisions of the statutory law and regulations in force. 

ARTICLE 7. FORM OF THE SHARES

The shares fully paid-in shall, at the choice of the shareholders, be in registered or bearer form, under reservation of the provisions of Article 8.2.2 of the present bylaws. 

The shares shall occasion an entry in account under the conditions and by the methods provided for by the provisions of the statutory law and regulations in force. The accounts for the entry of registered securities shall be kept by the company or by such agent as it may designate for such purpose. The accounts for the entry of bearer securities shall be kept by the authorized financial intermediaries. 

For the purpose of identifying the holders of securities, the company shall have the right to demand at any time, at its own expense and in accordance with the provisions of the statutory law and regulations in force, from the entity in charge of remunerating the securities, as the case may be, the name, the company name, the nationality, the year of birth or the year of setting-up and the address of the holders of such securities as may, whether immediately or in the future, confer the right to vote in its meetings of shareholders, as well as the quantity of the securities held by each of them and, as the case may be, the restrictions connected with the holding of such securities when restrictions pertain thereto. 

A failure by the holders of securities or by intermediaries to comply with the duty to inform as to the information referred to above may, under the conditions provided for by the provisions of the statutory law and the regulations in force, cause the suspension or even the forfeiting of the right to vote and of the right to the payment of the dividend pertaining to the shares.

ARTICLE 8. TRANSFERS OF SHARES AND EXCEEDING OF THE THRESHOLD

8.1  Transfers of shares

The shares are freely transferable and may be transferred by transfer order from account to account.

8.2  Exceeding the threshold

Without prejudice to the provisions of law, any legal entity or individual, whether acting alone or in concert, directly or indirectly possessing a number of shares or voting rights equal to or greater than:

8.2.1.

0.5 % of the total number of shares or voting rights of the company must so inform the latter. This obligation is governed by the same provisions as those governing the legal obligation; the declaration of exceeding the threshold is to be made within the same deadline as that for the legal obligation, by registered/certified letter with return receipt requested, by fax, or by telex indicating whether the shares or the voting rights are or are not held for the account of, under the control of, or in concert with other legal entities or individuals.  It is to be renewed per additional holding of 0.5 % of the capital or of the voting rights, without limitation. 

This duty to inform applies under the same conditions when the equity holding or the voting rights become lower than the thresholds mentioned in the preceding paragraph.

8.2.2.

2 % of the total number of shares comprising the capital stock or voting rights, within five days commencing from the time when this threshold is exceeded, must request registration of the shares thereof in registered form. This requirement of entry in registered form also applies to the shares acquired beyond this threshold. A copy of the request for entry in registered form, sent by registered/certified letter with return receipt requested, by fax, or by telex to the company within five days commencing from the time when this threshold is exceeded shall operate as a statutory declaration of exceeding the threshold.

In the event of a failure to comply with the duty to declare provided for in 8.2.1, above, the shareholder could, under the conditions and within the limits defined by the provisions of the statutory law and regulations in force, be deprived of the right to vote pertaining to the shares exceeding the threshold at issue. This penalty is independent of such penalty as may be decided by judicial decision upon application by the chairman, by one shareholder, or by the Securities Exchange Transactions Authority.

For the purpose of determining the thresholds referred to at 8.2.1 and 8.2.2, above, the shares or voting rights held indirectly and the shares or voting rights analogous to the shares or voting rights possessed, as defined by the provisions of Articles L.233-7, et seq., of the Commercial Code shall also be taken into account.

The declarant must certify that the declaration made does include all of the securities giving immediate or future access to the capital of the company that are held or possessed within the meaning of the preceding paragraph. The Declarant must also indicate the date or dates of acquisition.

Mutual fund management firms shall be required to perform such reporting for the entirety of the voting rights pertaining to the shares of the company held by the funds that they manage.

ARTICLE 9. RIGHTS PERTAINING TO EACH SHARE

Besides the right to vote that is assigned to the share by law, each share gives a right to the ownership of the company assets, to the distribution of the profits, and to the proceeds of liquidation, to an extent equal to the proportion of the capital stock that it represents.

Whenever it may be necessary to possess a certain number of shares in order to exercise a right it shall pertain to the owners who do not possess such number to see to it, as the case may be, that the required quantity of shares is grouped accordingly.

The ownership of a share shall automatically entail acceptance of the bylaws of the company, of the decisions of the general meeting of shareholders, and of the board of directors, acting by delegation of the general meeting of shareholders. 

ARTICLE 10. PAYMENT FOR THE SHARES

The part of the register amount for the shares issued in an increase in capital shall be payable within a legal period of five years under the conditions decided by the board of directors. 

Subscribers and shareholders shall be informed of assessments at least fifteen days prior to the date established for each payment by means of a notice published in a journal of legal notices of the place where the registered office is located or by individual registered/certified letter.

Any delay in the payment of the sums due on the amount not paid in for the shares shall, automatically and without the need of executing any formality whatsoever, give rise to the payment of interest calculated at the legal rate, day by day, commencing from the date payable, without prejudice to such individual action as the company may bring against the shareholder in default and the enforcement measures provided for by the provisions of the statutory law and regulations in force.

ARTICLE 11. THE BOARD OF DIRECTORS

11.1.  Composition

The company is to be managed by a board of directors composed of seven members, at the least, and eighteen members, at the most.

11.2.  The Directors

With reservation of the exception provided for by the law, the directors shall be appointed by the regular general meeting of shareholders.

During his term of office each director must be the owner of at least 2,000 shares. He shall acquire these shares in accordance with the provisions of Article L.225-35 of the Commercial Code.

The duration of the terms of office of the directors appointed by the regular general meeting of shareholders shall be four years for any appointment or re-appointment as of May 7, 2004. It shall expire at the end of the meeting of shareholders that rules on the accounts for the past fiscal year and is held during the year during the course of which the term of office expires.

Directors may be reelected.

The directors may be removed at any time by the regular general meeting of shareholders.

The directors may be individuals or legal entities. The latter, at the time of their appointment, must designate a permanent representative, who shall be subject to the same conditions and obligations and shall bear the same civil and criminal liabilities as if he were a director on his own behalf, without prejudice to the joint and several liability of the legal entity that he represents. If the legal entity removes its representative it shall be required to give notice of such decision to the company as soon as possible, as well as to provide for the replacement thereof at the same time. 

In the event of vacancies due to the decease or resignation of one or more directors, the board of directors may proceed to appoint them in a provisional manner between two general meetings of shareholders.

The appointments of directors by the board of directors shall be subject to ratification by the next regular general meeting of shareholders.

A director appointed to replace another shall hold office during the time remaining in the term of office of his predecessor.

11.3.  Directors appointed by the employees

11.3.1.

The board of directors may include two directors representing the employees, designated in accordance with the provisions of Articles L. 225-27, et seq., of the Commercial Code.

The directors representing the employees shall be designated either by the personnel of the company or by the personnel of the company and the personnel of its direct or indirect subsidiaries, the registered offices of which are located within the territory of France upon the decision of the board of directors.

The duration of their terms of office shall be four years for any appointment or re-appointment as of May 7, 2004. However, the term of office shall automatically terminate and a director representing employees shall be deemed to have resigned his office in the event that he loses the status of an employee of the company or of a company or of an economic interest group that is connected with it within the meaning of Article L. 225-180 of the Commercial Code or of a member of a mutual fund. 

In the event of the vacancy of one or more offices of director representing the employees, the board of directors may validly convene and deliberate up to the date of the appointment of a new director representing the employees. 

The timetable for elections and the methods of tallying not defined by law shall be decided by the general management.

11.3.2.  The board of directors also include, if legal conditions are gathered, two directors representing the shareholding employees, designated in accordance with the provisions of Article L. 225-23 of the Commercial Code.

The duration of their terms of office shall be four years for any appointment or re-appointment as of May 7, 2004. However, the term of office shall automatically terminate if he ceases to be the owner of a share or of a mutual fund share, despite maintaining his status as an employee.

In the event of the vacancy of one office of director representing the shareholding employees, the board of directors may validly convene and deliberate up to the date of the appointment of a new director representing the shareholding employees. 

The methods of designating candidates, when not defined by the law, by the regulations, or by the present bylaws, shall be decided by the general management.

11.3.3.  In all events, the number of directors bound to the company by an employment contract shall not exceed one third of the directors in office, except that the directors elected by the employees and representing the shareholding employees shall not be included in the calculation for determining the number of shareholders bound to the company by an employment contract.

11.4  “Censeur” (non voting board members)

Upon Chairman's proposal, the Board of Directors is entitled to appoint one or two "Censeurs".

"Censeurs" shall be called at the same time as Directors and shall participate to the Board of Directors Meetings in an advisory capacity.

"Censeurs" shall be appointed for 18 months and they shall be eligible for reelection they shall be chosen among shareholders or apart from them.

ARTICLE 12. REMUNERATION OF DIRECTORS

The general meeting may allocate to the directors as remuneration for their activities, as attendance fees, an annual fixed amount determined by this general meeting.  

The distribution of the attendance fees between the directors shall be determined by the board of directors itself.

The board of directors may also allot special remuneration to the directors for the duties or offices entrusted to them.

ARTICLE 13. DELIBERATIONS OF THE BOARD OF DIRECTORS

The board of directors shall meet upon convocation by its chairman as often as the interests of the company may require and, in any event, with such frequency as may be provided for by the provisions of the statutory law and regulations in force, at the registered office or at any other place indicated by the notice of meeting.

If it has not met for more than two months, one third at least of the members of the board of directors may asks the chairman to convoke this one regarding a specific agenda.

The chief executive officer may also asks the chairman to convoke the board of directors regarding a specific agenda.

The chairman is binded with the requests addressed to him in accordance with the two previous paragraphs.

In the event of the disability of the chairman, the board of directors may be called to meet either by at least one third of its members or, if he is a director, by the Chief Executive Officer or a deputy Chief Executive Officer.

The decisions of the Board of Directors may be taken by video conferences or any other means of communication under the conditions and within the limitations provided for by the regulations in force. For the purposes of calculating quorums and majorities, the members participating in a meeting by video conference or other telecommunication means compliant with technical requirements in force shall be deemed to be present.

The resolutions shall be adopted under the conditions of quorum and of majority provided for by the law. In the event of a tie vote the vote of the chairman for the session shall prevail. 

Any director may give a proxy, by means of any written or electronic media, to another director to represent him. However, during the course of a single session each director can only be availed of one proxy. 

The Chief Executive Officer shall participate in the sessions of the board of directors.

Upon the initiative of the chairman of the board of directors, the members of the management, the auditors of accounts, or other persons outside of the company who may have particular expertise with respect to the topics listed on the agenda of meeting may attend all or part of a session of the board of directors. 

The board of directors may designate a secretary, whether or not chosen from among its members. The minutes are to be made and the copies or excerpts of the resolutions are to be issued and certified in accordance with the law.

ARTICLE 14. POWERS OF THE BOARD OF DIRECTORS

The board of directors shall determine the orientations of the company’s business and shall see to it that they are implemented. Under reservation of the powers expressly assigned by law to the meetings of shareholders, and within the limitations of the company purpose, it shall decide with respect to any issue involving the progress of the company and matters of concern to it shall be governed by its resolutions. 

In its relations with third parties, the company shall be bound even by those acts of the board of directors that are beyond the company purpose, unless it is proven that such third party knew that the act exceeded such purpose or that it could not have been ignorant of such fact, considering the circumstances, being excluded that the publication alone of the by-laws is sufficient to constitute an evidence. 

The board of directors shall carry out such controls and verifications as it may deem appropriate. The Chairman or the Chief Executive Officer have to communicate to each Director all the necessary documents and information to carry out their respective mission.

ARTICLE 15. REPRESENTATION OF THE COMPANY

All of the records concerning the company shall be signed either by the chairman or by the Chief Executive Officer or by one of the deputy Chief Executive Officers, if several exist, or by such director as may have been delegated in the event of the disability of the chairman, or else by any agent who has received powers for such purpose from any one of these or from the board of directors.

ARTICLE 16. THE CHAIRMAN AND VICE CHAIRMAN

From among its members, the board of directors shall elect a chairman, who shall be a physical person. It shall determine his remuneration and establish the duration of his term of office, which shall not exceed that of his term of office as director. 

The chairman shall organize and direct the work of the board of directors and render account thereof to the general meeting of shareholders. He shall see to the proper functioning of the company’s agencies and, in particular, shall assure that the directors are able to fulfill their duties. 

The term of office of the chairman shall automatically terminate when the person reaches 70 years of age.

With respect to third parties, the powers of the chairman of the board of directors shall be those conferred on him by the law. With respect to the context of the internal organization of the company, such powers may be limited by the board of directors.

If it so deems useful, the board of directors may also appoint one or two vice chairmen.

ARTICLE 17. THE GENERAL MANAGEMENT

17.1  Management

The general management of the company shall be the responsibility of either the chairman of the board of directors, who shall in such case bear the title of chairman-Chief Executive Officer, or of another individual appointed by the board of directors, who shall bear the title of Chief Executive Officer.

Under the conditions of quorum and majority of common law, the board of directors shall decide whether the general management of the company is to be assumed by its chairman or by a Chief Executive Officer. Such decision shall remain valid until a new decision is made by the board of directors.

The shareholders and third parties are to be informed of this decision under the conditions defined by the provisions of the statutory law and regulations in force.

When the general management of the company is assumed by the chairman of the board of directors the following provisions relating to the Chief Executive Officer shall be applicable.

The Chief Executive Officer is invested with the most ample powers to act under any circumstances in the name of the company. He shall exercise these powers within the limitations of the company purpose and under reservation of those powers that the law expressly assigns to the meetings of shareholders and to the board of directors.

The Chief Executive Officer shall represent the company in relation to third parties.

The company shall be bound even by the acts of the Chief Executive Officer that are beyond the company purpose, unless it is proven that the third party knew that the act exceeded such purpose or that it could not have been ignorant of such fact, considering the circumstances, being excluded that the publication alone of the by-laws is sufficient to constitute this evidence. The provisions of the bylaws or the decisions of the board of directors limiting the powers of the Chief Executive Officer cannot be invoked against third parties.

The board of directors shall determine the remuneration and the term of office of the Chief Executive Officer.

17.2  Deputy management

Upon the proposal of the Chief Executive Officer, the board of directors may appoint one or more individuals to assist the Chief Executive Officer, with the title of deputy Chief Executive Officer. 

The maximum number of deputy Chief Executive Officers that can be appointed is established at five. 

In agreement with the Chief Executive Officer, the board of directors shall determine the scope and duration of the powers conferred upon the deputy Chief Executive Officers.  

The board of directors shall determine the remuneration of the deputy Chief Executive Officers. 

In relation to third parties, the deputy Chief Executive Officers are availed of the same powers as the Chief Executive Officer. 

In the event of a vacancy in the office of Chief Executive Officer, the functions and powers of the deputy Chief Executive Officers shall continue until the appointment of a new Chief Executive Officer, unless the board of directors decides otherwise. 

ARTICLE 18. THE AUDITORS OF ACCOUNTS

The auditing of the company shall be carried out by one or more statutory and deputy auditors of accounts, who shall be appointed and hold office in accordance with the law. 

At the time of their appointment or, as the case may be, at the time when their terms of office are renewed, the auditors of accounts must be less than 65 years of age. 

ARTICLE 19. MEETINGS OF SHAREHOLDERS

The meetings of shareholders shall be called and shall deliberate under the conditions provided for by the statutory law and regulations in force. 

The meetings shall be held at the registered office or in such other place as may be specified in the notice of meeting. At the time of the notice of meeting the board of directors may decide on the public rebroadcast of the entirety of such meetings by video conference and/or data transmission in the conditions fixed by the regulations in force. In that case, the shareholders who attend the general meeting by video conference or means of data transmission are deemed to be present for the quorum and majority calculation, in the conditions provided by the regulations in force. As the case may be, this decision is to be communicated in the announcement of the session and in the notice of the meeting.

Two members of the joint labor and management committee who are designated by the latter may also attend the general meetings of shareholders. At their request they may be heard during any deliberations requiring the unanimity of the shareholders. The Chief Executive Officer or any person delegated shall inform the joint labor and management committee by any means as to the date and place of the meeting of the general meetings of shareholders called.

Each shareholder being able to prove his/her ID has the right to participate in General Meetings, either by attending in person, by sending back a voting form, or by designating a proxy.

Participation is subject to the recording of the shares held within the time limits and under the conditions provided for by applicable law, either in the Company’s register, or in the bearer shares register held by the financial intermediary. In the case of bearer shares, the recording of the shares is proved by a certificate of participation delivered by the financial intermediary.

The meetings of shareholders shall be chaired by the chairman of the board of directors or, in his absence, by the vice chairman, or, in the absence of both of them, by a director especially delegated for such purpose by the chairman of the board of directors; in default thereof, the meeting of shareholders shall itself elect its chairman. The functions of tellers shall be fulfilled by the two members of the meeting of shareholders who so accept and represent the greatest number of votes.

The panel of the meeting shall designate the secretary, who may be chosen from among persons who are not shareholders. An attendance list shall be kept under the conditions provided for by the law.

Copies or excerpts of the minutes of the meeting of shareholders shall be validly certified by the chairman of the board of directors or by a deputy Chief Executive Officer or else by the secretary of the meeting of shareholders.

ARTICLE 20. RIGHT TO VOTE

Under the conditions established by law and the regulations, the shareholders may send their proxy forms and forms for voting by mail to any general meeting of shareholders, either in hard-copy form or, upon a decision of the board of directors published in the announcement of session and the notice of meeting, by data transmission.

Each shareholder shall have as many votes as the shares that he possesses or represents by proxy.

ARTICLE 21. FISCAL YEAR

Each fiscal year shall commence on January 1 and end on December 31.

ARTICLE 22. APPLICATION AND DISTRIBUTION OF PROFITS

The income statement, which summarizes the income and expenses of the fiscal year, shall show, as the difference between them, and after deduction of the depreciation and of the provisions, the profit or loss of the fiscal year. 

From the profits of each fiscal year, reduced, as the case may be, by the prior losses, the sums to be applied to reserves shall be deducted first of all, in application of the law. The distributable profits shall be constituted of the profits of the fiscal year reduced by the prior losses.

and by the sums allocated to reserves, in application of the law, and augmented by the surplus carried over.

From such profits the general meeting of shareholders may then, upon the proposal of the board of directors, deduct such sums as it may deem appropriate for application to the funding of any ordinary or extraordinary discretionary reserve funds, or for carrying over as surplus. 

The balance, if any exists, shall be distributed among all of the shares in the proportion of their paid-in amount not redeemed. 

The board of directors may decide on a distribution of prepayments on dividends in the cases and under the conditions provided for by the law.

ARTICLE 23. EXTENSIONS, DISSOLUTION, AND LIQUIDATION

At least one year prior to the expiration of the duration of the company, the board of directors shall call an extraordinary general meeting of shareholders for the purpose of deciding whether the company is to be extended.

Barring cases of judicial dissolution as provided for by the law, the company shall be dissolved upon the expiration of the term established by the bylaws or by decision of the general meeting of shareholders. 

In the event of the dissolution of the company, one or more receivers shall be appointed by the general meeting of shareholders, deliberating under the conditions of quorum and of majority provided for regular general meetings of shareholders.

The receiver shall represent the company. He shall be granted the most ample powers in order to realize the assets, including by amicable means. He shall be authorized to pay the creditors and to distribute the disposable balance.

The general meeting of shareholders may authorize the receiver to continue the matters in progress or to undertake new ones for the needs of the liquidation.

The distribution of the net assets shall only take place subsequent to the time when the reimbursement of the par value of the shares has taken place among the shareholders in the same proportions as those of their equity holdings.S&C Draft, November 1, 2000

EXHIBIT
  4.3

Regulation of the

Thomson December 14, 2007 Stock Subscription Option Plan

This regulation applies to the option plan providing for the grant by Thomson SA (“Thomson”) of stock subscription options (“options”) approved by the Board of Directors on December 14, 2007, under the authorization given by the Combined General Meeting of the shareholders held on May 10, 2005 (the “option plan”) .

The option plan is notably governed by articles L. 225-177 to L. 225-186 and L. 228-99 of the “Code de Commerce” and articles R.225-137 to R.225-145 and, as applicable, R.228-87 to R.228-92 of the “Code de Commerce” mentioned above, supplemented and modified by law No. 87-416 of June 17, 1987 on savings and by the provisions of law no. 2001-420 on new economic regulations (Loi sur les Nouvelles Régulations Economiques) of May 15, 2001, and is subject to the provisions of law no. 2001-152 on employee savings plans (Loi sur l’Epargne Salariale) of February 19, 2001, the regulation (ordonnance) of June 24, 2004 modifying the rules relating to securities (valeurs mobilières) issued by commercial companies, decree (décret) no. 2005-112 of February 10 2005 and also by the articles 80 Bis, 163 Bis C and 200 A of the “Code Général des Impôts”.

I – BENEFICIARIES

Are eligible for participation in the option plan certain employees (salariés) and officers (mandataires sociaux) of Thomson and its affiliates (within the meaning of Article L. 225-180 of the “Code de Commerce”), within the scope of the option plan, designated by the Board of Directors on December 14, 2007.

Each beneficiary will be personally informed of the number of options granted to him or her, the exercise price, and the period during which these options may be exercised.

Each beneficiary shall confirm having read and understood the Regulation of the Option Plan and the terms described in the guidelines intended for beneficiaries provided by the company, by way of an acceptance form that the beneficiary is to return to the company.

II – ORIGIN OF THE SHARES OFFERED

The shares to be delivered upon exercise of the stock subscription options granted on December 14, 2007 will be issued by way of a capital increase, which will occur automatically and without further conditions upon receipt of a notice of exercise and payment of the subscription price in cash.

III – EXERCISE PRICE

The exercise price of the options, fixed by the Board of Directors held on December 14, 2007, is 10.43 euros.  The exercise price satisfies the conditions set forth in article L. 225-177 of the “Code de Commerce”.

The exercise price of the options and the number of shares that may be obtained upon exercise of such options are subject to such adjustments as may be required by law, including without limitation: amortization or reduction of share capital, modification in the way profits are allocated, free distribution of shares, capitalization of reserves, profits or share premiums, distribution of reserves or any issuance of shares or other equity securities with preferential subscription rights for shareholders.

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The number of underlying shares that may be obtained upon exercise of options will be adjusted such that the total of the exercise prices of the options remains constant. The adjusted number will be rounded up to the nearest unit. Any of the adjustments contemplated above will be made in accordance with applicable law (i.e., on the date hereof, Articles R.225-137 to R.225-142 and R.228-91 of the “Code de Commerce”).

IV – TERMS AND CONDITIONS FOR THE EXERCISE OF THE OPTIONS

1 – Option exercise period

To exercise his/her options, the beneficiary will have an eight-year period, running from the date of the Board meeting at which his/her options were granted.

In the event one or more financial transactions, including those referred to in article VI paragraph 3 below, are completed, the Board of Directors may temporarily suspend the exercise of the options for a maximum period of 3 months.

2 – Option exercise

During the eight-year period referred to above, the options offered may be exercised, in part at any time after the end of a two-year period running from the date of the Board meeting at which the options were granted, or in whole at any time after the end of a three-year period running from such date, subject to the following maximum limits:

·

50 percent on or after the 2nd anniversary of the grant date; and

·

100 percent on or after the 3rd anniversary of the grant date.

The remaining options will cease to be exercisable at the end of this eight-year period (i.e., from the 8th anniversary of the date of the Board meeting at which the options were granted). The options remaining unexercised as of that date will be definitively lost.

The exercise of the options is conditional upon the beneficiary being an employee (salarié) or officer (mandataire social) of Thomson or any of its affiliates (within the meaning of Article L. 225-180 of the “Code de Commerce”) on the date of exercise, except to the extent decided otherwise by the Chairman & CEO acting pursuant to authority delegated by the Board of Directors.

The options remaining unexercised are definitively lost in the event of departure from Thomson or its applicable affiliate for any reason whatsoever, except with respect to the following:

·

retirement or early retirement; and

·

permanent and definitive disability (respectively, the second and third category contemplated in Article L. 341-4 of the Code de Sécurité Sociale).

In the event of the death of a beneficiary, his or her heirs may exercise the options within a six-month period from the date of death. They can exercise the options without being subject to the restrictions described above and sell the shares acquired thereby.  After this six-month period, the options will be definitively lost.

Rights derived from any option granted hereunder are non-transferable until the option has been exercised.

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V – PAYMENT AND RIGHTS ATTACHED TO SHARES

The exercise price of the options shall be paid in full in cash upon exercise thereof.

Shares delivered upon exercise of options carry for their holders, from the date of delivery of the shares, all the rights attached to ordinary Thomson shares and are subject to all provisions of the by-laws and the decisions of the General Meeting of Shareholders. 

VI – FORM AND TRANSFERABILITY OF THE SHARES DELIVERED

Shares will be held in registered form in the name of the beneficiary.

1 – “Share unavailability” clause

French residents: shares acquired upon exercise of options will be freely transferable upon the expiration of the term of the French “fiscal unavailability” legally in force under French tax law in effect on the date proposed for sale of the shares, which is currently a 4-year period counted from the date of grant of the option to the beneficiary or within the conditions laid out by law. Shares acquired upon exercise of options after the second and third anniversary of the grant date of such options are accordingly “contractually unavailable” until the expiration of the term of “fiscal unavailability” legally in force under French tax law on the date proposed for sale of the shares, which is currently until the fourth anniversary of the grant date (thereby preventing the sale of, conversion into bearer shares, or more generally, the transfer ownership of, the shares), subject to any other applicable mandatory periods.

In the event of death of a beneficiary, his/her heirs may immediately resell the shares acquired upon exercise of the options.  In the case where a deceased beneficiary exercised his/her options after the second and third anniversary of the grant date, the prohibition to resell is automatically lifted.

2 – Waiver of the share unavailability clause on account of the residence of the beneficiary

The shares acquired upon exercise of options are freely transferable at any time after their acquisition, so long as the beneficiary resided or resides, as the case may be, outside France on the date of grant, the date of exercise and the date of sale of the shares and is subject to a foreign social security system on each of such dates.

3 – Change of control

3.1. Under this option plan, the term “change of control” exclusively refers to the following situations:

-

The completion of a takeover bid (O.P.A.) or exchange offer (O.P.E.) aimed at Thomson, or of an exchange offer (O.P.E.) by Thomson aimed at a third company, if such transaction results in the taking of a direct or indirect interest resulting in a new shareholder holding at least 20 percent of the voting rights of Thomson or an existing shareholder increasing such shareholder’s pre-existing interest so as to hold at least 20 percent of the voting rights.

- 

The merger of another company into Thomson (fusion-absorption) resulting in new shareholders holding more than 20 percent of the voting rights of the merged company, and the merger of Thomson into another company (fusion-absorption).

- 

The split-up (scission) of Thomson.

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- 

A direct or indirect investment by a new shareholder resulting in such new shareholder holding at least 20 percent of the voting rights of Thomson, or by an existing shareholder resulting in such shareholder’s interest increasing to at least 20 percent of such voting rights.

- 

The publication by the French Autorité des Marchés Financiers (the “AMF”) of any shareholders’ agreement disclosing a concerted action as defined by article L. 233-10 I of the Commercial Code, the signatories to which hold shares representing at least 20 percent in aggregate of all the voting rights of Thomson.

3.2. In the case of a “change of control” as defined above, and notwithstanding the exercise schedule and the “contractual unavailability” of the shares, the options will become freely exercisable and the underlying shares available (and accordingly, among other things, transferable) unless otherwise decided by the Chairman of the Board of Directors of Thomson prior to the expiration of the period referred to in article 3.3. Any such decision will apply to all the beneficiaries of the option plan.

3.3. At any time when the options may be exercised and the shares may be sold on an accelerated basis pursuant to article 3.2, the beneficiary may issue a notice of exercise with respect to his options and dispose of his shares:

·

from the 6th working day following:

-

the date of publication by the AMF of the result of the offer, if the “change of control” results from a takeover bid (O.P.A.) or an exchange offer (O.P.E.);

- 

the extraordinary general meeting of Thomson approving the “change of control” if such “change of control” is occurs as a result of a merger (fusion-absorption) or split-up (scission);

- 

the date of notification to Thomson  that the 20 percent threshold, as defined above, has been exceeded.

·

from the 15th working day following the date of publication by the AMF of the shareholders agreement if the “change of control” results from a concerted action as described in the 5th sub-paragraph of paragraph 3.1.

3.4. In addition, in the case of a “change of control” resulting from a takeover bid (O.P.A.) or exchange offer (O.P.E.) aimed at Thomson or a merger (fusion-absorption) or split-up (scission) of Thomson, the initiating company or the surviving or resulting entity will be required to assume all commitments with respect to any assets held for the benefit of beneficiaries and, in connection therewith, to implement a solution offering the same fiscal and social effects as the initial option plan as follows:

·

In the case of the merger of Thomson (fusion-absorption) or of its split-up (scission), it shall undertake to deliver to the beneficiary of the option plan, upon the exercise of his option, shares of the company resulting from the merger or split-up in proportions that achieve the above objective;

·

In
  the case of a takeover bid (O.P.A.) or exchange offer (O.P.E.)
  aimed at Thomson, it shall undertake to repurchase from the beneficiaries the
  shares acquired upon the exercise of their options on the date on which they
  tender same; this date must imperatively fall within the exercise period determined
  for the initial option.  In the event of an exchange offer (O.P.E.),
  the repurchase price will be equal to the trading price of Thomson shares on
  the date of the “change of control” (such price being the exchange
  offer price), adjusted according to the evolution of the closing price of the
  share of the company initiating the “change of control”, between the
  date on which the result of the offer is published by the AMF and the date of
  the offer to repurchase.  In the event of a takeover bid (O.P.A.),
  the repurchase price will be equal to the takeover bid offer price on the date
  of the “change of control.” 

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In the event the obligations set forth above are not fulfilled, the damage which will be caused to the beneficiaries will be appraised by an expert appointed by both parties or, in the absence of an agreement, by the Presiding Judge of the Commercial Court of Nanterre ruling at the request of the more diligent party.

The amount fixed will be paid by Thomson, or by any company to which it may substitute itself or which may be substituted to it.

VII – PRE-EMPTIVE RIGHT

Thomson has a pre-emptive right with respect to any securities offered for sale, such right to be exercised, at the latest, 48 hours from the receipt of the transfer instrument. Therefore, the holders of options wishing to have their securities delivered to a financial institution other than Société Générale, the institution managing the option plan, must obtain the consent of Thomson.

VIII – MANAGEMENT OF THE PLAN

The management of the option plan is entrusted to Société Générale, which is responsible for compliance with all requirements to report information to option holders on behalf of Thomson, unless otherwise replaced by Thomson during the plan’s lifetime.

Société Générale may inform the beneficiaries of any adjustment or temporary suspension period.

IX – GOVERNING LAW

This plan is governed by French law. 

X – ADAPTATION OF THE REGULATION OF THE PLAN

Certain beneficiaries of the option plan are subject to foreign legislation and regulation. The Board of Directors may, based on the conditions required for taking advantage of a preferential fiscal or social system or necessary for complying with mandatory provisions of foreign law, to amend certain provisions of the option plan with respect to these beneficiaries.  The provisions so adapted cannot reduce the obligations of Thomson towards such beneficiaries. 

Issued in Boulogne, on December 14, 2007.

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