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SECURITIES AND EXCHANGE COMMISSION |
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Washington, DC 20549 |
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SCHEDULE 13D |
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Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Sequans Communications S.A.
(Name of Issuer)
Ordinary shares, nominal value 0.02
(Title of Class of Securities)
817323108 (American Depositary Shares, each representing one ordinary share)
(CUSIP Number)
Sophie Paquin
Bpifrance Participations S.A.
27-31, avenue du Général Leclerc
94710 Maisons-Alfort Cedex
France
+33 1 53 89 87 89
With copy to:
Linda A. Hesse
Jones Day
2, rue Saint Florentin
75001 Paris
France
+33 1 56 59 39 39
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 17, 2018
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act.
CUSIP No. 817323108 | |||||
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CUSIP No. 817323108 | |||||
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This Amendment No. 3 relates to the ordinary shares, nominal value 0.02 per share, (Ordinary Shares) of Sequans Communications S.A., a société anonyme incorporated in France (the Issuer) and amends the Schedule 13D filed on November 21, 2013, as amended by Amendment No. 1 filed on December 24, 2015 and Amendment No. 2 filed on September 20, 2016 (as amended, the Schedule 13D). Unless otherwise indicated, all capitalized terms used but not defined herein have the meaning ascribed to such terms in the Schedule 13D.
Item 1. Security and Issuer.
Item 1 is hereby amended and restated as follows:
This Statement on Schedule 13D relates to the ordinary shares, nominal value 0.02 per share, (Ordinary Shares) of Sequans Communications S.A., a société anonyme incorporated in France (the Issuer). The Ordinary Shares are represented by American Depositary Shares, each American Depositary Share representing one Ordinary Share (the ADSs). The Issuers principal executive offices are located at 15-55 boulevard Charles de Gaulle, 92700 Colombes, France.
Item 2. Identity and Background.
Item 2 is hereby amended and restated as follows:
This Statement on Schedule 13D is filed jointly by (i) the Caisse des Dépôts, a French special public entity (établissement special) (CDC), (ii) Bpifrance Participations S.A., a société anonyme incorporated under the laws of the Republic of France (Bpifrance Participations), (iii) Bpifrance S.A., a société anonyme incorporated under the laws of the Republic of France and (iv) EPIC Bpifrance, a French public institution of industrial and commercial nature (EPIC). CDC, Bpifrance Participations, Bpifrance S.A. and EPIC are referred to herein collectively as the Reporting Persons. The principal address for CDC is 56, rue de Lille, 75007 Paris, France. The principal address for Bpifrance Participations, Bpifrance S.A. and EPIC is 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France.
Bpifrance Participations is a French public investment fund specializing in the business of equity financing via direct investments or fund of funds. Bpifrance Participations is a wholly-owned subsidiary of Bpifrance S.A., a French financial institution especially created for this purpose. CDC and EPIC each hold 50% of the share capital of Bpifrance S.A. and jointly control Bpifrance S.A. CDC is principally engaged in the business of long-term investments. EPIC, a French public institution of industrial and commercial nature, is principally engaged in the business of banking finance.
As of the date hereof, pursuant to the transaction that took place on January 17, 2018 described under Item 3, Bpifrance Participations holds directly 12,085,561 ADSs, each representing one Ordinary Share. As of the date hereof, none of Bpifrance S.A., CDC and EPIC holds any ADSs or Ordinary Shares directly. Bpifrance S.A. may be deemed to be the beneficial owner of 12,085,561 ADS, indirectly through its sole ownership of Bpifrance Participations. CDC and EPIC may be deemed to be the beneficial owner of 12,085,561 ADSs, indirectly through their joint ownership and control of Bpifrance S.A.
Attached as Appendices A, B, C and D to Item 2 is information concerning the executive officers and directors of Bpifrance Participations, Bpifrance S.A., CDC and EPIC, respectively, required to be disclosed in response to Item 2 and General Instruction C to Schedule 13D.
None of the Reporting Persons, nor, to the best of their knowledge, any of the persons referred to in Appendices A, B, C and D to Item 2 has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended and restated as follows:
On January 17, 2018, Bpifrance Participations purchased 3,125,000 ADSs from the underwriters for an aggregate purchase price of $5,000,000, at the closing of the capital increase transaction described in the Issuers prospectus supplement filed pursuant to Rule 424(b)(2) with the Securities and Exchange Commission on January 17, 2018. Bpifrance Participations obtained the funds to purchase the ADSs from working capital.
Item 4. Purpose of Transaction.
Paragraphs 2 and 3 of Item 4 are hereby amended and restated as follows and other paragraphs remain the same:
In connection with its purchase of the ADSs on September 20, 2016, Dr. Georges Karam, chairman of the board of directors and chief executive officer of the Issuer, made certain undertakings to Bpifrance Participations in a letter dated September 14, 2016, (the Undertaking). Pursuant to the Undertaking, Dr. Karam has agreed to support the designation of Bpifrance Participations as a director to serve on the Issuers board of directors, and, so long as Bpifrance Participations or its affiliates owns at least 5% of the outstanding shares or voting rights of the Issuer, to support the renewal of the mandate of Bpifrance Participations when such mandate will expire. Pursuant to the Undertaking, Ms. Maïlys Ferrère was elected to the Issuers board of directors at the combined ordinary and extraordinary meeting of shareholders held on June 30, 2017. The description of the Undertaking is qualified in its entirety by the terms of the Undertaking, which is filed as Exhibit 99.1 to the Schedule 13D filed on September 20, 2016, and is incorporated herein by reference.
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended and restated as follows:
Bpifrance Participations directly holds 12,085,561 ADSs, each representing one Ordinary Share. Bpifrance S.A. may be deemed to be the beneficial owner of 12,085,561 ADSs, indirectly through its sole ownership of Bpifrance Participations. CDC and EPIC may be deemed to be the beneficial owner of 12,085,561 ADSs, indirectly through their joint ownership and control of Bpifrance S.A.
As set out in Item 4 above, in connection with its earlier purchase of the ADSs, Bpifrance Participations also received certain undertakings from Dr. Georges Karam, chairman of the board of directors and chief executive officer of the Issuer.
(a) See also the information contained on the cover pages of this Statement on Schedule 13D which is incorporated herein by reference. The percentage of Ordinary Shares beneficially owned by each Reporting Person is based on 92,342,318 outstanding Ordinary Shares of the Issuer, as set out in the Issuers prospectus supplement filed pursuant to Rule 424(b)(2) with the Securities and Exchange Commission on January 17, 2018.
(b) See the information contained on the cover pages of this Statement on Schedule 13D, which is incorporated herein by reference.
(c) There have been no reportable transactions with respect to the Ordinary Shares or ADSs of the Issuer within the last 60 days by the Reporting Persons other than as described in this Statement on Schedule 13D.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
Item 6 is hereby amended and restated as follows:
The responses to Items 3, 4 and 5 of this Schedule 13D are incorporated herein and the exhibits to this Schedule 13D are incorporated herein by reference.
Lock-Up Agreement
In connection with the purchase of the ADSs on January 17, 2018, Bpifrance Participations and Ms. Maïlys Ferrère have entered into lock-up agreements (the Lock-Up Agreements), pursuant to which they each have agreed not to, except in limited circumstances, sell or transfer, or engage in swap or similar transactions with respect to, ADSs (except those acquired in the offering on January 17, 2018), for a period of 90 days from the date of the final prospectus supplement related to this offering. The foregoing description of the Lock-Up Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the Form of Lock-Up Agreement, filed as Exhibit 99.1 hereto and incorporated herein by reference.
Item 7. Material to be Filed as Exhibits
Exhibit 99.1: Form of Lock-Up Agreement by and between Needham & Company, LLC and each of Bpifrance Participations and Ms. Maïlys Ferrère.
Exhibit 1: Power of Attorney Caisse des Dépôts (incorporated by reference to Exhibit 1 to Amendment No. 2 to the Schedule 13D filed by Bpifrance Participations on September 7, 2017).
Exhibit 2: Power of Attorney Bpifrance S.A (incorporated by reference to Exhibit 2 to Amendment No. 2 to the Schedule 13D filed by Bpifrance Participations on September 7, 2017).
Exhibit 3: Power of Attorney EPIC Bpifrance and Bpifrance Participations (incorporated by reference to Exhibit 3 to Amendment No. 1 to the Schedule 13G filed by Bpifrance Participations on February 14, 2017 relating to Orange S.A.).
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: January 18, 2018
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CAISSE DES DÉPÔTS | |
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By: |
/s/ Joel Prohin |
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Name : |
Joel Prohin |
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Title : |
Head of Portfolio Management |
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BPIFRANCE PARTICIPATIONS S.A. | |
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By: |
/s/ Sophie Paquin |
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Name: |
Sophie Paquin |
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Title: |
Director of Legal Affairs |
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BPIFRANCE S.A. | |
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By: |
/s/ Boubakar Dione |
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Name: |
Boubakar Dione |
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Title: |
Group Director of Legal Affairs |
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EPIC BPIFRANCE | |
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By: |
/s/ Sophie Paquin |
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Name: |
Sophie Paquin |
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Title: |
Director of Legal Affairs |
APPENDIX A
Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of
BPIFRANCE PARTICIPATIONS S.A.
The name, business address and present principal occupation or employment of each of the directors and executive officers of Bpifrance Participations S.A. are set forth below. The business address of each director and executive officer is Bpifrance Participations S.A., 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France. Unless otherwise indicated, each director and executive officer is a citizen of France.
BOARD OF DIRECTORS
Name |
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Present Principal Occupation or Employment |
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NICOLAS DUFOURCQ |
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Director, Chairman, Chief Executive Officer of Bpifrance Participations, and Chief Executive Officer of Bpifrance |
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VIRGINIE FERNANDES |
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Director, Head of the Steering Department at Caisse des Dépôts |
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CATHERINE MAYENOBE |
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Director, Secretary General of the Caisse des Dépôts |
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PASCAL FAURE |
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Director, General Director of the General Directorate for Companies of the Ministry of Economy and Finance |
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FREDERIC SAINT-GEOURS |
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Director, President of the supervisory board of SNCF |
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MARTINE GEROW |
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Director, Group Chief Financial Officer, American Express Global Business Travel |
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FRENCH STATE, represented by CHARLES SARRAZIN |
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Director, in charge of shareholding interests in the Service & Finance sectors, Agence des Participations de lEtat (French State Shareholding Agency) |
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ANNE-HELENE CHANTAL ROIGNAN |
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Director, Director of the Institute of public management and economic development |
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BARBARA LAVERNOS |
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Director, Executive Vice-President Operations at LOreal |
EXECUTIVE OFFICERS
Name |
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Present Principal Occupation or Employment |
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NICOLAS DUFOURCQ |
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Chief Executive Officer |
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JOSÉ GONZALO |
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Executive Director |
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PIERRE BENEDETTI |
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Chief Financial Officer |
APPENDIX B
Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of
BPIFRANCE S.A.
The name, business address and present principal occupation or employment of each of the directors and executive officers of Bpifrance S.A. are set forth below. The business address of each director and executive officer is Bpifrance S.A., 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France. Unless otherwise indicated, each director and executive officer is a citizen of France.
DIRECTORS
Name |
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Present Principal Occupation or Employment |
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ERIC LOMBARD |
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Chairman, Chief Executive Officer of the Caisse des Dépôts |
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NICOLAS DUFOURCQ |
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Director, Chief Executive Officer of Bpifrance and Director, Chairman and Chief Executive Officer of Bpifrance Participations |
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LOUIS SCHWEITZER |
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Director, Public Investment General Commissioner |
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MAUD BAILLY-TURCHI |
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Director, Senior Financial Controller with the State Financial Audit Department of the Ministry of Economy and Finance |
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MARIE, MARGUERITE DUFAY |
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Director, Chairman of the Regional Council of Bourgogne Franche-Comté |
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MARTIN VIAL |
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Director, Chairman of the Agence des Participations de lEtat (French State Shareholding Agency) |
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FLORENCE MAS |
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Director, Regional Director for Normandie at Caisse des Dépôts |
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ELISABETH HENRY-PEREZ |
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Director representing the employees |
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ERIC VERKANT |
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Director representing the employees |
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VIRGINIE CHAPRON-DU JEU |
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Director, Group Finance Director of the Caisse des Dépôts |
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CLAIRE DUMAS |
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Director, Finance Director of Retail Banking France at Société Générale |
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CLAIRE CHEREMETINSKI |
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Director, Head of Department of Bilateral and International Matters at the French Treasury (Ministry of Economy and Finance) |
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HERVE MORIN |
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Director, Chairman of the Regional Council of Normandie |
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VIRGINIE FERNANDES |
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Director, Head of the Steering Department at Caisse des Dépôts |
APPENDIX C
Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of
CAISSE DES DÉPÔTS
The name, business address and present principal occupation or employment of each of the members of the Management Committee of Caisse des Dépôts are set forth below. The business address of each director and executive officer is Caisse des Dépôts, c/o 56, rue de Lille, 75007 Paris, France. Unless otherwise indicated, each such person is a citizen of France.
MANAGEMENT COMMITTEE
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Present Principal Occupation or Employment |
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ERIC LOMBARD |
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Chief Executive Officer |
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OLIVIER MAREUSE |
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Savings Fund Director |
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ANDRE LAURENT MICHELSON |
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General Financial Officer, Head of Financial Transaction Processing, director coordinating the Caisse des Dépôts Group for Greater Paris |
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SOPHIE QUATREHOMME |
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Group Corporate Communications Director |
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ELIZABETH VIOLA |
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Banking Services Director |
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PAUL PENY |
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Group Human Resources Director |
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ALAIN BEUZELIN |
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Pensions and Solidarity Director |
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GABRIELLE GAUTHEY |
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Local Development and Investment Director |
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VIRGINIE CHAPRON-DU JEU |
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Group Finance Director |
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JEAN MARC MORIN |
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Head of Legal and Tax Department |
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MARC ABADIE |
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Local Development and Network Director |
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CATHERINE MAYENOBE |
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Secretary General |
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LAURENT ZYLBERBERG |
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Director of International and European Relationships |
APPENDIX D
Name, business address, present principal occupation or employment and place of citizenship of the directors and executive officers of
EPIC BPIFRANCE
The name, business address and present principal occupation or employment of each of the directors and executive officers of EPIC Bpifrance are set forth below. The business address of each director and executive officer is EPIC Bpifrance, 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France. Unless otherwise indicated, each director and executive officer is a citizen of France.
DIRECTORS
Name |
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Present Principal Occupation or Employment |
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PIERRE LEPETIT |
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Chairman, Chief Executive Officer of EPIC Bpifrance |
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FRANCOIS JAMET |
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Director, Head of department SITTAR at the Higher Education, Research and Innovation Ministry |
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ARNAUD JULLIAN |
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Director, Deputy Director at the General Directorate for Budget of the Ministry of Economy and Finance |
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SEBASTIEN RASPILLER |
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Director, Deputy Director at the Directorate of Financing, Industry and Market of the Ministry of Economy and Finance |
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VERONIQUE BARRY |
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Director, Deputy Director at the innovation and entrepreneurship department of the French Ministry of Economy and Finance |
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JULIEN CABES |
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Director, Investment Manager at the Agence des Participations de lEtat (French State Shareholding Agency) |
Exhibit 99.1
LOCK-UP AGREEMENT
DIRECTORS, OFFICERS AND STOCKHOLDERS
NEEDHAM & COMPANY, LLC
As Representative of the several Underwriters
c/o Needham & Company, LLC
445 Park Avenue
New York, New York 10022
Ladies and Gentlemen:
The undersigned is a holder of securities of Sequans Communications S.A., a société anonyme incorporated in the French Republic (the Company), and wishes to facilitate the public offering of American Depositary Shares (ADSs), each representing one ordinary share, nominal value 0.02 per share (the Ordinary Shares), of the Company (the Offering). The undersigned recognizes that such Offering will be of benefit to the undersigned.
In consideration of the foregoing and in order to induce you and the other underwriters for whom you are acting as representative to act as underwriters in connection with the Offering, the undersigned hereby agrees that, during the period commencing as of the date hereof and ending on the date that is ninety (90) days after the date of the final Prospectus relating to the Offering (the Lock-Up Period), the undersigned will not, without the prior written approval of Needham & Company, LLC, directly or indirectly, (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of any ADS or Ordinary Share or any securities convertible into or exercisable or exchangeable for ADSs or Ordinary Shares or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the ADSs or Ordinary Shares, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of ADSs or Ordinary Shares or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (a) issuances of securities solely made in connection with exercises of outstanding equity awards of the Company, provided that any ADSs or Ordinary Shares received upon such exercise will be subject to the trading restrictions discussed above, (b) forfeitures of ADSs or Ordinary Shares to cover taxes due upon the vesting of restricted stock pursuant to the terms of restricted stock agreements, (c) a transfer of ADSs or Ordinary Shares or securities convertible into, or exercisable or exchangeable for, ADSs or Ordinary Shares to immediate family members, family partnerships, or trusts, the only partners or beneficiaries of which are the undersigned and/or a member of his or her immediate family, (d) transfers upon the death of the undersigned to his or her executors, legatees or beneficiaries or a bona fide gift, (e) transfers to an affiliate of the undersigned, or (f) ADSs acquired in the Offering; provided that, in the case of any transfers pursuant to clauses (c) to (e) above, each transferee or donee agrees to be bound in writing by the terms of this Agreement prior to such transfer. For purposes of clause (e) above, the term affiliate shall mean any entity with a financial activity (i) of which the control (as defined pursuant to Article L.233-3 of the French code de commerce) is held, directly or indirectly, by the undersigned or the relevant management company which manages, directly or by delegation, or advises the undersigned, or (ii) which holds, directly or indirectly, the control of the undersigned or of the relevant management company which manages, directly or by delegation, or advises the undersigned, or
(iii) the control of which is held, directly or indirectly, by the relevant entity which holds itself, directly or indirectly, the control of the undersigned or of the relevant management company which manages, directly or by delegation, or advises the undersigned, or (iv) which is managed or advised by the undersigned, or (v) which has the same management company as the undersigned,
In addition, the undersigned agrees that, without the prior written consent of Needham & Company, LLC, the undersigned will not, during the Lock-Up Period, make any demand for or exercise any right with respect to, the registration of any ADS or Ordinary Share or any security convertible into or exercisable or exchangeable for ADSs or Ordinary Shares. The undersigned confirms that he, she or it understands that the underwriters and the Company will rely upon the representations set forth in this Agreement in proceeding with the Offering. The undersigned further confirms that the agreements of the undersigned are irrevocable and shall be binding upon the undersigneds heirs, legal representatives, successors and assigns. The undersigned agrees and consents to the entry of stop transfer instructions with the Companys transfer agent against the transfer of securities held by the undersigned except in compliance with this Agreement.
It is expressly agreed that Needham & Company, LLC shall not grant any waiver from the same or similar undertakings contained herein taken by any other directors, officers, or stockholders of the Company in connection with the Offering without first informing the undersigned and granting the same waiver to the undersigned. If (i) the Company or the undersigned notifies you in writing that it does not intend to proceed with the Offering or (ii) the Offering shall not have occurred on or before April 20, 2018, this Agreement shall be terminated and the undersigned shall be released from his, her or its obligations hereunder.
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Very truly yours, |
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(Signature) |
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(Printed Name) |
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