Document:

Exhibit 10.5

 

21. SUB-PLAN FOR FRENCH RESIDENTS

 

21.1. General purpose of Sub-Plan - Definitions

 

This MILLENDO THERAPEUTICS Inc. Sub Plan for France (the “Sub Plan”) is established for the purpose of granting options which are intended to qualify for the favorable income tax and social tax treatment in France applicable to Options granted under Sections L. 225-177 to L. 225-186 of the French Commercial Code (“French Qualified Stock Options”). The additional terms and conditions detailed below are to be read as being only applicable to French Qualified Options granted under this Section 21. To the extent that the terms and conditions of this Sub-Plan conflict with the terms and conditions set forth in the present Plan or any Option Agreement, the terms and conditions of this Sub-Plan shall prevail.

 

The other terms and conditions of the present Plan remain applicable to the French Qualified Options.

 

ALL CAPITALIZED TERMS USED HEREIN AND NOT OTHERWISE DEFINED SHALL HAVE THE RESPECTIVE MEANINGS SET FORTH IN THE PLAN AND IN THE OPTION AGREEMENT.

 

21.2. Administration

 

Notwithstanding any other provision of the Plan, unless otherwise agreed by the Administrator, French Qualified Options will be exercisable under the vesting schedule set out in the Plan and in the Option Agreement for employees subject to taxation under the laws of France.

 

Notwithstanding any other provision of the Plan and in addition to the powers of the Administrator set forth in Section 4 of the Plan, the Administrator is authorized to unilaterally accelerate, reduce, lift or cancel vesting of any option granted under this Sub-Plan, as may be necessary or desirable to comply with the French applicable social or tax laws. Furthermore, the Administrator has the absolute discretion to impose a restriction of up to three years on the sale of Shares issued as a result of an Option exercise. Notwithstanding any other provision of the Plan, the exercise price shall remain unchanged. Subject to Section 13 of the Plan, where there is an increase or change in the Company’s share capital, and more generally where one of the events provided for under Article L.225-181 of the French Commercial Code occurs, an adjustment shall be made to the number and/or purchase price of Shares, in accordance with the provisions of Article R.225-137 of the French Commercial Code. Notification of said adjustment shall be made to the Optionee. In addition the total number of Shares subject to Options granted and remaining unexercised (i.e., outstanding options) will never cover a number of shares exceeding one-third of the share capital of the Company at any time.

 

 

21.3. Eligibility

 

French Qualified Options may be granted only to an Employee who is a French resident taxpayer and/or subject to the French social security scheme in France.

 

For purposes of this Sub-Plan, the Company is the granting Company or a Parent or Subsidiary of the Company whose at least ten percent (10%) of the capital is held, directly or indirectly, by the granting Company.

 

Options may not be granted under this Sub-Plan to Optionee owning, upon the Date of Grant, more than ten percent (10%) of the Company’s capital shares, except as permitted under Article L. 225-185 of the French Commercial Code.

 

Notwithstanding any other provision of the Plan, French Qualified Options may only be granted to individuals:

 

(a)                                 being considered as a French tax resident subject to taxation in France and having an employment contract either with the granting Company or one of its Parents or Subsidiaries upon the Date of Grant; and/or

 

(b)                                 to non-employee Directors having a management function (the “président-directeur général,” the “directeur-général,” the “directeur général délégué,” the “members of the “directoire”) of a Parent or Subsidiary of the Company, upon the date of grant.

 

Options granting the right to subscribe securities which are not admitted to trading on a regulated market may be granted only to the Employees of the Company granting these options or to those of the companies mentioned Article L. 225-180, 1° of the French Commercial Code.

 

21.4. Limitations upon granting of options for listed companies

 

If the Shares of the Company are admitted to trading on a regulated market:

 

·                  the exercise price may not be less than 80% of the average market price over the last twenty trading days preceding that day,

 

·                  no option may be granted less than twenty trading sessions after the detachment of the Shares of a coupon giving right to a dividend or a capital increase.

 

The Company shall not grant Options during the closed periods required under Section L.225-177 of the French Commercial Code.

 

As a result, notwithstanding any other provision of the Plan, Options cannot be granted:

 

(a)                                 during the ten (10) trading days preceding and following the date on which the consolidated accounts, or, if unavailable, the annual accounts, are made public;

 

(b)                                 during the period between the date on which the Company’s governing bodies (i.e., the Board of Directors) become aware of information which, if made public, could have a

 

 

material impact on the price of the Shares, and the date ten (10) trading days after such information is made public.

 

21.5. Transfer restrictions

 

THIS FRENCH QUALIFIED OPTIONS SHALL BE PERSONAL TO THE OPTIONEE AND SHALL NOT BE TRANSFERABLE BY THE OPTIONEE IN ANY MANNER OTHER THAN BY INHERITANCE. THE FRENCH QUALIFIED OPTIONS MAY BE EXERCISED DURING THE OPTIONEE’S LIFETIME ONLY BY THE OPTIONEE.

 

IN THE EVENT OF DEATH OF THE OPTIONEE DURING THE EXERCISE PERIOD OF THE FRENCH QUALIFIED OPTIONS, THE OPTIONEE’S HEIRS WILL HAVE A PERIOD OF SIX (6) MONTHS FOLLOWING THE DATE OF DEATH, TO EXERCISE THE FRENCH QUALIFIED OPTION. UPON EXPIRY OF THIS PERIOD THE OPTION WILL BE NULL AND VOID.

 

MOREOVER, AT THE TIME OF THE GRANT OF FRENCH QUALIFIED OPTIONS, THE ADMINISTRATOR SHALL, IF ANY OF THE OPTIONEE IS AN OFFICER OR DIRECTOR OF THE COMPANY, EITHER DECIDE THAT SUCH OFFICER OR DIRECTOR CANNOT SELL THE SHARES RECEIVED UPON EXERCISE OF THE FRENCH QUALIFIED OPTIONS BEFORE THE END OF HIS OR HER FUNCTIONS, OR DETERMINE THE NUMBER OF SHARES RECEIVED UPON EXERCISE OF SUCH FRENCH QUALIFIED OPTIONS THAT SUCH OFFICER OR DIRECTOR SHALL KEEP UP TO THE END OF HIS OR HER FUNCTIONS.

 

THE SHARES ACQUIRED UPON EXERCISE OF THE FRENCH QUALIFIED OPTIONS SHALL ALSO BE SUBJECT TO CERTAIN TRANSFER RESTRICTIONS AND OTHER LIMITATIONS INCLUDING, WITHOUT LIMITATION, THE PROVISIONS CONTAINED IN THE PRESENT PLAN.

 

21.6. Miscellaneous

 

French Qualified Options granted under this Sub Plan must also comply with any other requirements set forth by the French tax and social security law as interpreted and supplemented by the French tax and social security guidelines in effect at the date of grant of French Qualified Options. Except as the Company and Optionee agree in writing, the Company shall not modify the terms of this Sub-plan or of the Option Agreement in such a manner as to cause the Optionee to no longer benefit from the favorable tax and social contribution regimes provided by articles 80 quaterdecies, 80 bis and 150-0 D of the French Tax Code (Code Général des Impôts) and article L.242-1 of the French Social Security Code (Code de la Sécurité Sociale) in connection with the disposition of the shares received upon this French Sub-plan.

 

Every year, during an ordinary general meeting, the Company will provide its shareholders with an annual report with respect to Options granted and/or exercised by its employees in the financial year in accordance with the provisions of Article L. 225-184 of the French Commercial Code.

 

 

21.7. Data Protection

 

The Company will satisfy any notification, application or prior authorization required under applicable laws in order to comply with French data protection legislation.EXHIBIT 4.1

 

	
Number *0*
    	
 
    	
Shares *0*
    
	
 
    	
 
    
	
 
    	
 
    	
SEE   REVERSE FOR IMPORTANT
    
	
 
    	
 
    	
NOTICE   ON TRANSFER RESTRICTIONS
    
	
 
    	
 
    	
AND   OTHER INFORMATION
    
				

 

	
THIS CERTIFICATE IS TRANSFERABLE
    	
CUSIP          
    
	
IN THE CITIES   OF                            
    

 

READY CAPITAL CORPORATION

a Corporation Formed Under the Laws of the State of Maryland

 

THIS CERTIFIES THAT **Specimen** is the owner of **Zero (0)**  fully paid and nonassessable shares of Common Stock, 0.0001 par value per share, of

 

Ready Capital Corporation

 

(the “Corporation”) transferable on the books of the Corporation by the holder hereof in person or by its duly authorized attorney, upon surrender of this Certificate properly endorsed.  This Certificate and the shares represented hereby are issued and shall be held subject to all of the provisions of the charter of the Corporation and the Bylaws of the Corporation and any amendments thereto.  This Certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar.

 

IN WITNESS WHEREOF, the Corporation has caused this Certificate to be executed on its behalf by its duly authorized officers.

 

	
DATED
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Countersigned   and Registered:
    	
 
    	
 
    	
 
    
	
Transfer Agent
    	
 
    	
 
    	
(SEAL)
    
	
and Registrar
    	
 
    	
President
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Authorized   Signature
    	
 
    	
Secretary
    	
 
    
						

 

1

 

IMPORTANT NOTICE

 

The Corporation will furnish to any stockholder, on request and without charge, a full statement of the information required by Section 2-211(b) of the Corporations and Associations Article of the Annotated Code of Maryland with respect to the designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any preferred or special class in series, (i) the differences in the relative rights and preferences between the shares of each series to the extent set, and (ii) the authority  of the Board of Directors to set such rights and preferences of subsequent series.  The foregoing summary does not purport to be complete and is subject to and qualified in its entirety by reference to the charter of the Corporation (the “Charter”), a copy of which will be sent without charge to each stockholder who so requests.  Such request must be made to the Secretary of the Corporation at its principal office.

 

The shares represented by this certificate are subject to restrictions on Beneficial Ownership and Constructive Ownership and Transfer for the purpose, among others, of the Corporation’s maintenance of its qualification as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to certain further restrictions and except as expressly provided in the Charter, (i) no Person may Beneficially Own or Constructively Own shares of Common Stock in excess of 9.8 percent (in value or number of shares, whichever is more restrictive) of the outstanding shares of Common Stock unless such Person is exempt from such limitation or is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (ii) no Person may Beneficially Own or Constructively Own shares of any class or series of Preferred Stock in excess of 9.8 percent (in value or number of shares, whichever is more restrictive) of the outstanding shares of such class or series of Preferred Stock unless such Person is exempt from such limitation or is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (iii) no Person may Beneficially Own or Constructively Own shares of Capital Stock in excess of 9.8 percent (in value or number of shares, whichever is more restrictive) of the total outstanding shares of Capital Stock, unless such Person is exempt from such limitation or is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (iv) no Person may Beneficially Own or Constructively Own Capital Stock that would result in the Corporation being “closely held” under Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise cause the Corporation to fail to qualify as a REIT; and (v) any Transfer of shares of Capital Stock that, if effective would result in the Capital Stock being beneficially owned by less than 100 persons (as determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio, and the intended transferee shall acquire no rights in such shares of the Capital Stock. Any Person who Beneficially Owns or Constructively Owns or attempts to Beneficially Own or Constructively Own shares of Capital Stock which causes or will cause a Person to Beneficially Own or Constructively Own shares of Capital Stock in excess or in violation of the above limitations must immediately notify the Corporation or, in the case of such a proposed or attempted transaction, give at least 15 days prior written notice. If any of the restrictions on transfer or ownership as set forth in (i) through (iv) above are violated, the shares of Capital Stock in excess or in violation of the above limitations will be automatically transferred to a Trustee of a Trust for the benefit of one or more Charitable Beneficiaries. In addition, the Corporation may redeem shares upon the terms and conditions specified by the Board of Directors in its sole discretion if the Board of Directors determines that ownership or a Transfer or other event may violate the restrictions described above. Furthermore, upon the occurrence of certain events, attempted Transfers in violation of the restrictions described in (i) through (iv) above may be void ab initio. All capitalized terms in this legend have the meanings defined in the Charter, as the same may be amended from time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each holder of Capital Stock on request and without charge. Requests for such a copy may be directed to the Secretary of the Corporation at its principal office.

 

 

KEEP THIS CERTIFICATE IN A SAFE PLACE.  IF IT IS LOST, STOLEN

OR DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A

CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

 

 

The following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	
TEN   COM
    	
-
    	
as tenants in   common
    	
UNIF GIFT MIN   ACT                       
    	
Custodian
    
	
TEN   ENT
    	
-
    	
as tenants by   the entireties
    	
 
    	
(Custodian)
    	
(Minor)
    
	
JT   TEN
    	
-
    	
as joint tenants   with right of
    	
 
    	
under Uniform   Gifts to Minors Act of
    	
 
    
	
 
    	
 
    	
survivorship and   not as tenants
    	
 
    	
                                         
    	
 
    
	
 
    	
 
    	
in common
    	
 
    	
(State)
    	
 
    
	
 
    	
 
    	
 
    	
Additional   abbreviations may also be used though not in the above list.
    
								

 

FOR VALUE RECEIVED,                          HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO  PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE                         

 

	
 
    	
 
    
	
(Please Print or Typewrite Name and Address, Including Zip Code,   of Assignee)
    

 

                                   (              ) shares of Common Stock of the Corporation represented by this Certificate and do hereby irrevocably constitute and appoint                                  attorney to transfer the said shares of Common Stock on the books of the Corporation, with full power of substitution in the premises.

 

	
Dated
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
NOTICE: The   Signature To This Assignment Must Correspond With The Name As Written Upon   The Face Of The Certificate In Every Particular, Without Alteration Or   Enlargement Or Any Change Whatever.
    

 

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