As filed with the Securities and Exchange Commission on August 7, 2017
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
TALEND S.A.
(Exact name of Registrant as specified in its charter)
France |
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Not applicable |
(State or other jurisdiction of
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(I.R.S. Employer
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8, rue Pages, 92150 Suresnes, France |
(Address of principal executive offices, including zip code) |
2016 and 2017 Free Share Plans
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(Full title of the plans) |
Talend, Inc.
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(Name, address and telephone number, including area code, of agent for service) |
Copies to:
Mark B. Baudler
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Aaron Ross
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Renaud Bonnet
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act (Check one).
Large accelerated filer |
o |
Accelerated filer |
o |
Non-accelerated filer |
x (Do not check if a smaller reporting company) |
Smaller reporting company |
o |
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Emerging growth company |
x |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act x
CALCULATION OF REGISTRATION FEE
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Title of Securities to be Registered (1) |
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Amount to be Registered (2) |
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Proposed
Price Per Share (3) |
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Proposed
Offering Price (3) |
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Amount of
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Ordinary shares, 0.08 nominal value per share, reserved for issuance upon vesting of outstanding free shares ( actions gratuites ) granted under the 2016 Free Share Plan |
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548,831 |
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$ |
37.70 |
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$ |
20,690,928.70 |
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$ |
2,398.08 |
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Ordinary shares, 0.08 nominal value per share, reserved for future issuance and exercise or vesting, as applicable, of (i) future share options ( options de souscription dactions or OSA) to be granted under the 2017 Stock Option Plan, (ii) future employee warrants ( bons de souscription de parts de créateur dentreprise or BSPCE) subject to their terms and conditions (BSPCE Terms and Conditions), (iii) future warrants ( bons de souscription dactions or BSA) subject to their terms and conditions (BSA Terms and Conditions) and/or (iv) future free shares ( actions gratuites ) to be granted under the 2017 Free Share Plan. |
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2,000,000 |
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$ |
37.70 |
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$ |
75,400,000.00 |
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$ |
8,738.86 |
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Aggregate Registration Fee |
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$ |
11,136.94 |
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(1) These shares may be represented by the Registrants American Depositary Shares (ADSs). Each ADS represents one Ordinary Share. ADSs issuable upon deposit of the Ordinary Shares registered hereby were registered pursuant to a separate Registration Statement on Form F-6 (File No. 333-212465).
(2) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the Securities Act), this Registration Statement shall also cover any additional shares of Registrants ordinary shares that may become issuable under the Registrants 2017 Stock Option Plan , 2016 and 2017 Free Share Plans, BSA Terms and Conditions or BSPCE Terms and Conditions by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without receipt of consideration that increases the number of the Registrants outstanding ordinary shares.
(3) Estimated in accordance with Rule 457(h) of the Securities Act solely for the purpose of calculating the amount of the registration fee. The offering price per share and aggregate offering price are based upon the average of the high and low prices of the registrants ordinary shares on August 2, 2017, as reported on the NASDAQ Global Market.
PART I
INFORMATION REQUIRED IN THE PROSPECTUS
The information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement on Form S-8 (the Registration Statement) in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the Securities Act), and the introductory note to Part I of Form S-8. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the equity benefit plans covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act.
PART II
INFORMATION REQUIRED IN REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Talend S.A. (the Registrant) hereby incorporates by reference into this Registration Statement the following documents previously filed with the Securities and Exchange Commission (the Commission):
(1) The Registrants Annual Report on Form 20-F for the fiscal year ended December 31, 2016 filed with the Commission on March 7, 2017;
(2) All other reports filed by the Registrant with the Securities and Exchange Commission pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934 since the end of the fiscal year covered by the Registrants Annual Report referred to in (1) above; and
(3) The description of the Registrants Ordinary Shares and American Depositary Shares contained in the Companys Registration Statement on Form 8-A (File No. 001-37825) filed with the Commission on July 11, 2016, pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the Exchange Act), including any amendment or report filed for the purpose of updating such description.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents; provided , however , that documents or information deemed to have been furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference into this Registration Statement.
Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Under French law, provisions of the Registrants By-laws that limit the liability of directors are prohibited. However, French law allows sociétés anonymes to contract for and maintain liability insurance against civil liabilities incurred by any of their directors and officers involved in a third-party action, provided that they acted in good faith and within their capacities as directors or officers of the company. Criminal liability cannot be indemnified under French law, whether directly by the company or through liability insurance.
The Registrant maintains liability insurance for its directors and officers, including insurance against liability under the Securities Act, and the Registrant intends to enter into agreements with its directors and executive officers to provide contractual indemnification. With certain exceptions and subject to limitations on indemnification under French law, these agreements will provide for indemnification for damages and expenses including, among other things, attorneys fees, judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding arising out of his or her actions in that capacity.
These agreements may discourage shareholders from bringing a lawsuit against the Registrants directors and executive officers for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and executive officers, even though such an action, if successful, might otherwise benefit the Registrant and its shareholders. Furthermore, a shareholders investment may be adversely affected to the extent the Registrant pays the costs of settlement and damage awards against directors and officers pursuant to these insurance agreements.
Certain of the Registrants non-employee directors may, through their relationships with their employers or partnerships, be insured against certain liabilities in their capacity as members of the Registrants board of directors .
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
See Exhibit Index immediately following the Signature Page.
Item 9. Undertakings.
A. The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the Calculation of Registration Fee table in the effective Registration Statement; and
(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement.
Provided, however , that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrants annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plans annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
C. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Redwood City, California, on the 7 th day of August, 2017.
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TALEND S.A. |
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By: |
/s/ Michael Tuchen |
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Michael Tuchen |
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Chief Executive Officer |
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS , that each person whose signature appears below hereby constitutes and appoints Michael Tuchen and Thomas Tuchscherer, and each of them, as his true and lawful attorney-in-fact and agent with full power of substitution, for him in any and all capacities, to sign any and all amendments to this registration statement on Form S-8 (including post-effective amendments), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact, proxy and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact, proxy and agent, or his substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement on Form S-8 has been signed by the following persons in the capacities and on the dates indicated.
Signature |
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Title |
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Date |
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/s/ Michael Tuchen |
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Chief Executive Officer and Director |
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August 7, 2017 |
Michael Tuchen |
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/s/ Thomas Tuchscherer |
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Chief Financial Officer |
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August 7, 2017 |
Thomas Tuchscherer |
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/s/ Bernard Liautaud |
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Director |
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August 7, 2017 |
Bernard Liautaud |
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/s/ John D. Brennan |
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Director |
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August 7, 2017 |
John D. Brennan |
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/s/ Nanci Caldwell |
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Director |
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August 7, 2017 |
Nanci Caldwell |
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/s/ Nora Denzel |
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Director |
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August 7, 2017 |
Nora Denzel |
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/s/ Patrick S. Jones |
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Director |
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August 7, 2017 |
Patrick S. Jones |
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/s/ S. Steven Singh |
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Director |
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August 7, 2017 |
S. Steven Singh |
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/s/ Thierry Sommelet |
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Director |
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August 7, 2017 |
Thierry Sommelet |
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AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-8 has been signed by the undersigned as the duly authorized representative in the United States of Talend S.A. in Redwood City, California on August 7, 2017.
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Talend, Inc. |
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By: |
/s/ Michael Tuchen |
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Name: |
Michael Tuchen |
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Title: |
Chief Executive Officer |
INDEX TO EXHIBITS
Exhibit
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Description |
4.1 |
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2016 Free Share Plan |
4.2 |
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Form of 2016 Time-Based Free Share Grant Letter |
4.3 |
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Form of 2016 Performance-Based Free Share Grant Letter |
4.4 |
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2017 Free Share Plan |
4.5 |
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Form of 2017 Time-Based Free Share Grant Letter |
4.6 |
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Form of 2017 Performance-Based Free Share Grant Letter |
4.7 |
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2017 Stock Option Plan |
5.1 |
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Opinion of Jones Day |
23.1 |
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Consent of KPMG S.A., Independent Registered Public Accounting Firm |
23.2 |
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Consent of Jones Day LLP (included in Exhibit 5.1) |
24.1 |
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Powers of Attorney (contained on signature page hereto) |
Exhibit 4.1
Translation for information purposes only
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TALEND
2016 FREE SHARE PLAN
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Approved by the Board of Directors on May 3, 2017
TABLE OF CONTENTS
1. |
IMPLEMENTATION OF THE FREE SHARE PLAN |
3 |
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2. |
DEFINITIONS |
3 |
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3. |
PURPOSE |
5 |
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4. |
BENEFICIARIES |
5 |
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5. |
NOTICE OF THE GRANT OF THE SHARES |
5 |
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6. |
VESTING PERIOD |
6 |
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6.1. |
Principle |
6 |
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6.2 |
Internal mobility |
6 |
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6.3 |
Disability |
7 |
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6.4 |
Death |
7 |
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6.5 |
Retirement |
7 |
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6.6 |
Change in Control |
7 |
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7. |
HOLDING PERIOD |
9 |
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7.1 |
Principle |
9 |
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7.2 |
Specific situations |
9 |
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8. |
CHARACTERISTICS OF THE SHARES |
10 |
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9. |
DELIVERY AND HOLDING OF THE SHARES |
10 |
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10. |
INTERMEDIARY OPERATIONS |
10 |
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11. |
ADJUSTMENT |
11 |
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12. |
AMENDMENT OF THE 2016 PLAN |
11 |
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12.1 |
Principle |
11 |
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12.2 |
Notice of the amendments |
11 |
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13. |
TAX AND SOCIAL RULES |
11 |
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14. |
MISCELLANEOUS |
12 |
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14.1 |
Rights of Beneficiary in his or her capacity of employee or officer |
12 |
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14.2 |
Applicable law - Jurisdiction |
12 |
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14.3 |
Provisions Applicable to Beneficiaries Located Outside of France |
12 |
1. IMPLEMENTATION OF THE FREE SHARE PLAN
Pursuant to a decision dated June 1 st , 2016, the combined ordinary and extraordinary general shareholders meeting of Talend, a French société anonyme whose registered office is located at 9, rue Pages, 92150 Suresnes, registered with the French Registry of commerce and companies under number 484 175 252 R.C.S. Nanterre (hereafter referred to as the Company ) authorized the board of directors of the Company (hereafter referred to as the Board of Directors ) to grant RSUs (referred to under French law as free shares) of the Company to the benefit of employees of the Company or to certain categories of such employees, and/or to the benefit of its corporate officers who meet the conditions set forth by Article L. 225-197-1 II of the French commercial code, as well as to the benefit of employees of companies or economic interest groups whose share capital or voting rights are held, directly or indirectly, by more than ten percent (10%) by the Company at the date of grant of such shares.
The Board of Directors decided on May 3, 2017, pursuant to the abovementioned authorization of the shareholders general meeting and after review and approval by the Compensation Committee of the Board of Directors (the Compensation Committee ), to adopt this free share plan of the Company setting forth the conditions and criteria for the grant of such shares (hereafter referred to as the 2016 Plan ).
2. DEFINITIONS
Under the 2016 Plan, the following capitalized terms and expressions used in the 2016 Plan shall have the meaning ascribe to them below:
Beneficiaries |
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means the person(s) to whom the Board of Directors decided to Grant free shares as well as, as the case may be, his or her estate. |
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Bylaws |
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means the bylaws of the Company as in force from time to time. |
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Cause |
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means the occurrence of any of the following: (i) an act of dishonesty made by the Beneficiary in connection with the Beneficiarys responsibilities as an employee, (ii) the Beneficiarys conviction of, or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other act of moral turpitude, (iii) the Beneficiarys violation of any federal, state, or securities law or regulation in a manner detrimental to the business of any member of the Group or of any federal, state, or securities law or regulation applicable to the business of any member of the Group, (iv) the Beneficiarys unauthorized use or disclosure of any proprietary information or trade secrets of the Group or any other party to whom the Beneficiary owes an obligation of nondisclosure as a result of the Beneficiarys relationship with the Group, (v) the Beneficiarys willful and gross misconduct that is or could be materially injurious to any member of the Group, (vi) a material breach of any confidentiality agreement or invention assignment agreement between Beneficiary and any member of the Group, or (vii) the Beneficiarys continued failure to perform the Beneficiarys employment duties (other than a failure resulting from the Beneficiarys Disability) after the Beneficiary has received a written demand of performance from the Company which specifically sets forth the factual basis for the Companys belief that the Beneficiary has not substantially performed the Beneficiarys duties and has failed to cure such non-performance to the Companys satisfaction within 10 business days after receiving such notice. |
Change in Control |
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means any of the following events: (i) a merger of the Company into another corporation which is not controlled by the shareholders controlling the Company immediately before the completion of the relevant merger, (ii) the sale by one or several shareholders of the Company, acting alone or in concert, to any acquirer of a number of Shares resulting in a transfer of more than fifty percent (50%) of the Shares and voting rights of the Company to said acquirer, or (iii) the sale of all or almost all assets of the Company to any acquirer which are not controlled by the Company or its shareholders. |
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Change in Control Period |
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means the period beginning three months prior to and ending 12 months following the Change in Control. |
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Disability |
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means the disability of a Beneficiary corresponding to the second or third categories set forth in article L. 341-4 of the French social security code 1 . A Beneficiary shall not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to comply with the above definition and satisfy the Company in its discretion. |
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Grant |
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means the decision of the Board of Directors to grant free Shares ( actions gratuites ) to Beneficiary(ies) under the 2016 Plan; provided that such Grant shall constitute a right to acquire Shares for free upon expiration of their Vesting Period subject to compliance with the terms and conditions of the 2016 Plan and the Grant Notice. |
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Grant Date |
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means the date when the Board of Directors decided to grant free Shares ( actions gratuites ) under the 2016 Plan. |
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Grant Notice |
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means, in case of a Grant, the information notice sent by the Company to the relevant Beneficiaries in order to inform them of the Grant to them of free Shares by the Company under the 2016 Plan, as set forth in Article 5 of the 2016 Plan (including any applicable exhibits and appendices attached hereto). |
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Group |
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means the Company together with all its affiliated entities within the meaning of article L. 225-197-2 of the French commercial code. |
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Holding Period |
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means, with respect to a free Share granted to a Beneficiary under the 2016 Plan, the period (if any) starting from its Vesting Date as set forth in such Beneficiarys Grant Notice. |
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Involuntary Termination |
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means the termination of the Beneficiarys Presence by the Company or any of the companies of the Group without Cause (and not by reason of the Beneficiarys death or Disability) |
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Presence |
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means the presence of the Beneficiary in his or her capacity of employee and/or corporate officer of the Company or of any of the companies of the Group. |
1 Note : As at the date of adoption of this 2016 Plan by the Board of Directors, the second or third categories of disable persons set forth in article L. 341-4 of the French social security code are as follows: (i) a disable person unable to carry out any responsibilities and functions or (ii), in addition to being disable under (i) above, a disable person forced to call upon a third party in order to carry out the tasks necessary for everyday life.
Shareholders Authorization |
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means the authorization granted by the shareholders of the Company, at its meeting held on June 1, 2016, pursuant to its thirty-fifth resolution, to the Board of Directors to grant free Shares. |
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Shares |
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means the ordinary shares issued or to be issued by the Company representing its share capital, whether any such shares is represented by American Depository Receipts ( ADRs ) or not. |
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Trading Day |
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means, if applicable, in case and when the Company becomes listed on the French regulated market of Euronext in Paris during the Vesting Period (or, if any, the Holding Period) 2 , the working days when shares are traded on such market, other than days when the listings end prior to the usual closing hour. |
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Vesting Date |
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means, with respect to a free Share granted to a Beneficiary under the 2016 Plan, the date when such free Share is definitively acquired by the relevant Beneficiary as set forth in his or her Grant Notice. |
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Vesting Period |
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means, with respect to a free Share granted to a Beneficiary under the 2016 Plan, the period from the Grant Date to the Vesting Date as set forth in the Grant Notice of the relevant Beneficiary. |
3. PURPOSE
The purpose of the 2016 Plan is to set forth the terms and conditions for the Grant of free Shares in compliance with articles L. 225-197-1 et seq. of the French commercial code and the Shareholders Authorization.
4. BENEFICIARIES
Pursuant to the Shareholders Authorization, the Board of Directors shall (i) select the list of Beneficiaries among the Companys eligible officers and employees as well as the eligible officers and employees of companies in which it holds, directly or indirectly, at least ten percent (10%) of the share capital and voting rights and (ii) determine the number of free Shares granted to each of them.
5. NOTICE OF THE GRANT OF THE SHARES
In case of a Grant, a Grant Notice must be sent to each relevant Beneficiary by the Board of Directors (or by any delegate thereof) by registered mail (postage prepaid, return receipt requested), by electronic delivery managed by a qualified e-certification provider ( prestataire de services de certification électronique ) or by hand delivery with acknowledgement of receipt, together with a copy of the 2016 Plan, which notice shall specify, in particular, the number of Shares granted for free to the Beneficiary, their Vesting Period and, as the case may be, their Holding Period, as well as any country-specific provisions applicable to the Grant pursuant to Article 14.2 below.
The Beneficiary shall acknowledge receipt of the Grant Notice and of the 2016 Plan by returning signed copies of these documents within two (2) months from the date of receipt, the documents
2 Note: As at the date of execution of the 2016 Plan, the Company is not listed on the French regulated market of Euronext in Paris.
being deemed to have been received by Beneficiary on the date of first delivery. Failing which, the Grant to the relevant Beneficiary shall be null and void.
The fact that a person may benefit from the 2016 Plan does not imply that he or she shall benefit from any other plan that may be implemented thereafter.
6. VESTING PERIOD
6.1. Principle
Any free Share granted under the 2016 Plan shall be definitively acquired by the relevant Beneficiary upon expiration of its Vesting Period, subject to the following conditions being met:
· continued Presence of the relevant Beneficiary during the whole Vesting Period (the Continuous Presence Condition ); provided that, should the Continuous Presence Condition no longer be met during the relevant Vesting Period, the relevant Beneficiary shall definitely and irrevocably lose his or her right to acquire the relevant Shares granted to him or her on the date when such condition is no longer met; and
· as the case may be, satisfaction of performance conditions (the Performance Conditions ) to be determined by the Board of Directors, in its sole discretion, and set forth in the Grant Notice of the relevant Beneficiary;
provided that, at any time during an Vesting Period, the Board of Directors may, in its sole discretion, decide to waive and release the relevant Beneficiary of the Continuous Presence Condition and/or, as the case may be, the Performance Conditions with respect to all or part of his or her free Shares; and
provided further that, pursuant to article L. 225-197-1 of the French commercial code, with respect to any free Share granted under the 2016 Plan: (a) the Vesting Period should be equal to at least one year and (b) the total duration of its Vesting Period and the Holding Period (if any) shall be equal to at least two years from the Grant Date (e.g., in case there is no Holding Period, the Vesting Period shall be equal to at least two years from the Grant Date).
For purposes of the Continuous Presence Condition, should the relevant Beneficiary be at the same time an employee and a corporate officer of the same company or of two companies of the Group, the loss of one of these functions during a Vesting Period shall not result in the loss of the right to acquire the relevant free Shares at the end of the relevant Vesting Period.
Pursuant to Article L. 225-197-3 of the French commercial code, during a Vesting Period, the Beneficiaries hold against the Company a right to acquire the relevant free Shares granted to him or her, which right is personal and may not be transferred until the end of the relevant Vesting Period.
Prior to the completion of a Vesting Period of free Shares, the Beneficiaries do not own the relevant free Shares granted to them and, thus, are not shareholders of the Company with respect to such Shares, nor hold any rights attached to the existing Shares issued by the Company.
6.2 Internal mobility
In the event of transfer or temporary assignment of the Beneficiary within a company of the Group during an Vesting Period, resulting in (i) the termination of the initial employment agreement or arrangement and the entering into of a new employment agreement or arrangement or of a position as corporate officer, and/or (ii) a resignation of the Beneficiary from his or her position as
corporate officer and the acceptance of a new position of corporate officer or the entering into of a new employment agreement or arrangement in one of such companies, the Continuous Presence Condition of the relevant Beneficiary shall be deemed satisfied for purposes of Article 5 above so that the relevant Beneficiary shall retain his or her right to acquire free Shares at the end of the relevant Vesting Period.
6.3 Disability
In the event of Disability before the end of a Vesting Period, the relevant free Shares shall be definitively acquired by the relevant Beneficiary on the date of his or her Disability.
6.4 Death
In the event of death of a Beneficiary during a Vesting Period, the relevant free Shares shall be definitively acquired on the date of a request for acquisition ( demande dattribution des actions ) notified to the Company by his or her estate; provided that such request shall be notified to the Company within six (6) months from the date of death of the relevant Beneficiary in compliance with Article L. 225-197-3 of the French commercial code.
6.5 Retirement
In the event of retirement of a Beneficiary during a Vesting Period, the Board of Directors of the Company may decide, effective on the date of such retirement, that all or part of the conditions set forth in Article 6.1 above applicable to the relevant Beneficiary pursuant to his or her Grant Notice shall be waived or deemed met for all or part of the relevant Shares granted to him or her; provided , however, that the Continuous Presence Condition of the relevant Beneficiary shall have been satisfied between the Grant Date of the relevant free Shares and the date of his or her retirement.
6.6 Change in Control
Unless otherwise provided by the Board of Directors, an agreement between a Group company and the Beneficiary or in the applicable Grant Notice, in the event of a Change in Control:
(i) Where the successor corporation or parent or subsidiary of the successor corporation does not agree to assume or substitute for any outstanding Grant, for each Grant that is not assumed or substituted for and for which the consummation of the Change in Control occurs, should the Change in Control occur before the first anniversary of the Grant Date : all the Shares shall become fully and definitely acquired by the relevant Beneficiary on the first anniversary of the Grant Date; provided that (a) the Continuous Presence Condition shall be satisfied on the first anniversary of the Grant Date, (b) if not satisfied earlier, the Performance Conditions (if any) shall be satisfied automatically as if the Performance Conditions were achieved at target levels of performance on the first anniversary of the Grant Date, and (c) the relevant Shares shall be automatically subject to a mandatory additional 1-year Holding Period starting on the first anniversary of the Grant Date.
(ii) Where the successor corporation or parent or subsidiary of the successor corporation does not agree to assume or substitute for any outstanding Grant, for each Grant that is not assumed or substituted for and for which the consummation of the Change in Control occurs, should the Change in Control occur on or after the first anniversary of the Grant Date : all the Shares shall become fully and definitely acquired by the relevant Beneficiary on the date of completion of the Change in Control (such date being the Vesting Date for purposes of this paragraph (ii)); provided that , should the date of completion date of the
relevant Change in Control occur between the first and the second anniversary of the Grant Date, (a) the Continuous Presence Condition shall be satisfied on the completion date of the Change in Control, (b) if not satisfied earlier, the Performance Conditions (if any) shall be satisfied automatically as if the Performance Conditions were achieved at target levels of performance on the completion date of the Change in Control and (c) the relevant Shares shall be automatically subject to a mandatory additional Holding Period starting on the completion date of the Change in Control until the second anniversary of the Grant Date.
(iii) Notwithstanding anything in Article 6.6(i) or (ii) to the contrary, and except as would otherwise result in adverse tax consequences under Section 409A of the U.S. Internal Revenue Code ( Section 409A ), at any time prior to the completion date of the Change in Control, the Board of Directors may, in its sole discretion, provide for different treatment of free Shares in connection with a Change in Control, including, without limitation, cancelling all or part of the free Shares not yet acquired and paying instead to the relevant Beneficiaries a gross indemnity equal to the number of relevant free Shares (and Performance Conditions (if any) shall be satisfied automatically as if the Performance Conditions were achieved at target levels of performance) times the price per Share paid by the acquirer in the Change in Control, subject to such conditions as the Board of Directors determines in its discretion. The Board of Directors shall not be required to treat all Grants similarly for purposes of this Article 6.6.
(iv) For the purposes of this Article 6.6, a Grant will be considered assumed or substituted if, (a) following the Change in Control, the Grant confers the right to receive, for each Free Share subject to the Grant immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) or the fair market value, as determined by the Board of Directors in good faith, of the consideration received in the Change in Control by holders of ordinary shares of the Company for each such share held on the effective date of the transaction; provided, however, that if such consideration received in the Change in Control is not solely common stock or ordinary shares of the successor corporation or its parent, the Board of Directors may, with the consent of the successor corporation, provide that the consideration to be received for each Free Share shall be solely common stock or ordinary shares of the successor corporation or its parent equal in fair market value, as determined by the Board of Directors in good faith, to the per share consideration received by holders of ordinary shares of the Company in the Change in Control; (b) any securities of the successor corporation or its parent forming part of the Grant following the Change in Control are freely tradable on a major stock exchange; and (c) the Grant otherwise remains subject to the same terms and conditions that were applicable to the Grant immediately prior to the Change in Control.
Unless a Beneficiary is a party to a contract with the Company or any member of the Group providing for more favorable benefits, where the successor corporation or parent or subsidiary of the successor corporation does agree to assume or substitute for any outstanding Grant, in the event that an Involuntary Termination of a Beneficiary occurs within the Change in Control Period, and subject to the terms of the following paragraph (a) the Continuous Presence Condition shall be satisfied on the 55 th day following such Involuntary Termination (or, if later and if necessary to satisfy any applicable Laws, the first anniversary of the Grant Date), (b) if not satisfied earlier, the Performance Conditions (if any) shall be satisfied automatically as if the Performance Conditions were achieved at target levels of performance on the 55 th following such Involuntary Termination (or, if later and if necessary to satisfy any applicable Laws, the first anniversary of the Grant Date), and (c) to the extent necessary to satisfy any applicable laws, the relevant Shares (or any securities substituted therefor) shall be automatically subject to a mandatory additional 1-year Holding Period starting on the first anniversary of the Grant Date.
The receipt of the benefits set forth in the immediately preceding paragraph is subject to the Beneficiary signing and not revoking the Companys then-standard separation agreement and release of claims (which may include an agreement not to disparage any member of the Group, non-solicit provisions, and other standard terms and conditions) (the Release and such requirement, the Release Requirement ), which must become effective and irrevocable no later than the 60th day following the Beneficiarys Involuntary Termination (the Release Deadline ). In addition, with respect to any Beneficiary that is a U.S. taxpayer, to the extent the benefits under the preceding paragraph qualify as deferred compensation under Section 409A, they will not be provided until the Beneficiary has a separation from service (within the meaning of Section 409A) and if the Beneficiary is a specified employee within the meaning of Section 409A, then the benefits will be delayed to the extent necessary to avoid the imposition of the additional tax imposed under Section 409A, which means that the Beneficiary will receive payment on the date that is six months and one day following the Executives separation from service, or, if earlier, the Beneficiarys death. Each benefit is intended to constitute a separate payment for purposes of U.S. Treasury Regulation Section 1.409A-2(b)(2).
7. HOLDING PERIOD
7.1 Principle
During a Holding Period of free Shares, if any, the relevant Beneficiaries will be the owner of the free Shares granted under the 2016 Plan and will be shareholders of the Company. As a consequence, they will benefit from all the rights granted to shareholders of the Company.
However, the free Shares shall not be available during a Holding Period and the Beneficiaries may not transfer or pledge the Shares, by any means, or convert them into bearer form.
At the end of a Holding Period, the relevant Shares will be fully available, subject to the provisions of the following paragraph.
If and when the Companys shares become listed on a French regulated market of Euronext in Paris (if applicable), at the end of a Holding Period, the free Shares granted under the 2016 Plan may not be transferred during the black-out periods set forth in Article L. 225-197-1 of the French commercial code, i.e., as currently provided:
· within ten (10) Trading Days before and three (3) Trading Days after the date on which the consolidated accounts are published or, in case the Company is not required to prepare consolidated accounts, its annual statutory accounts are published;
· during the period between (i) the date when the Companys management has knowledge of information which, if publicly known, could have a significant impact on the price of the Shares, and (ii) the date following a ten (10) Trading Day period after the date on which the relevant information is released publicly.
7.2 Specific situations
As an exception to the second paragraph of Article 7.1 above, the free Shares granted to the Beneficiaries referred to in Article 6.3 above or to the beneficiaries of a deceased Beneficiary referred to in Article 6.4 above may be freely transferred as from the date when the relevant Shares become acquired pursuant to Article 6.3 or 6.4, as applicable.
8. CHARACTERISTICS OF THE SHARES
The Shares definitively acquired shall be, at the Companys option, new ordinary shares to be issued by the Company or existing ordinary Shares acquired by the Company.
As from its Vesting Date, an acquired Share shall be subject to all the provisions of the Bylaws.
An acquired Share shall be assimilated to existing ordinary shares of the Company and shall benefit from the same rights as from its Vesting Date.
In compliance with article L. L225-197-1, I of the French commercial code, the Board of Directors has determined that, should a Beneficiary be an officer of the Company (i.e., managing director ( directeur général ) or deputy managing director ( directeur général délégué ), the relevant Beneficiary shall keep in registered form ( nominatif pur ) at least 10% of his or her free Shares until the termination of his or her functions as officer of the Company.
9. DELIVERY AND HOLDING OF THE SHARES
At the end of a Vesting Period, the Company shall deliver to the Beneficiary the relevant free Shares granted under the 2016 Plan provided that the conditions provided by Articles 5 and 6 above are met.
If a Vesting Date is not a working day, the delivery of the Shares shall be completed the first working day following the end of the relevant Vesting Period.
The Shares that may be acquired under the 2016 Plan will be held, during the Holding Period (if any), under the registered form ( nominatif pur ) in an individual account opened in the name of the relevant Beneficiary at BNP Paribas Securities Services with a mention that they cannot be transferred prior to the expiration of the Holding Period (if any).
If and when the Company becomes listed on the French regulated market of Euronext in Paris (if applicable), at the end of a Holding Period (or the end of a Vesting Period if there is no Holding Period), the relevant Shares will have to remain under the nominative form ( nominatif pur ) at BNP Paribas Securities Services until the time they are transferred to make sure that the restrictions set forth in the last paragraph of Article 7.1 above are complied with. The conversion of the Shares in another form (bearer form or nominatif administré ) is not allowed under the rules of the 2016 Plan.
In the event that, as a consequence of the Grant of free Shares under the 2016 Plan, the Company or any of the companies of the Group shall be compelled to pay taxes, social costs or any other social security taxes or contributions in the name and on behalf of a Beneficiary, the Company retains the right to postpone or to forbid the delivery of the Shares on the Vesting Date until the relevant Beneficiary has paid to the Company or to the relevant company of the Group the amount corresponding to these taxes, social costs, or social security taxes or contributions.
10. INTERMEDIARY OPERATIONS
In the event of an exchange of shares of the Company without payment in cash ( soulte ) resulting from a merger or spin-off of the Company completed in compliance with the applicable laws during a Vesting Period or a Holding Period, the parties receiving the shares of the Company in the relevant transaction shall substitute to the Company for purposes of the free Shares granted under the 2016 Plan and the terms and conditions of the 2016 Plan, including in particular the durations of the Vesting Period and of the Holding Period (if any) shall survive and apply to the rights and shares received by the Beneficiaries from the relevant receiving parties in compliance with article L. 225-197-1 III of the French commercial code.
Further, provisions of the previous paragraph shall apply mutatis mudandis in case of an exchange of shares of the Company resulting from a tender offer, a division or a grouping of shares completed during the Holding Period (if any) in compliance with applicable laws.
11. ADJUSTMENT
Should the Company proceed, during a Vesting Period, to an amortization, to a decrease of its share capital, to an amendment of the allocation of its profits among its shareholders, to a Grant of free Shares to all its then existing shareholders, to a capitalization of reserves, profits or issue premiums, to an allocation of reserves or to an issuance of equity securities or giving right to the allocation of equity securities including a preferential subscription right reserved to the shareholders, the maximum number of Shares granted under the 2016 Plan may be adjusted in order to take into account the impact of such operation by application, mutatis mutandis , of the adjustment provisions set forth under applicable French law to the holders of stock options ( options de souscription ou dachat dactions ).
Each Beneficiary shall be informed of the terms of the relevant adjustment and of the consequences on the free Shares granted to him or her under the 2016 Plan; provided that the additional new free Shares which would be granted to him or her as a result of such adjustment shall be governed by the 2016 Plan.
12. AMENDMENT OF THE 2016 PLAN
12.1 Principle
The 2016 Plan may be amended by the Board of Directors at any time; provided that no amendment, alteration, suspension or termination of the 2016 Plan shall impair the rights of any Beneficiary without the prior written consent of the relevant Beneficiary.
In case of any amendment during a Vesting Period, the amended provisions shall apply to the Beneficiaries of the Shares effective on the date of the decision to amend the 2016 Plan taken by the Board of Directors or, if applicable, the written consent of the Beneficiary.
12.2 Notice of the amendments
Any amendment to the 2016 Plan shall be notified to the Beneficiaries by any written means, including by regular mail, fax or e-mail.
13. TAX AND SOCIAL RULES
The Beneficiary shall bear all taxes and costs imposed on him or her under applicable laws in connection with the Grant of free Shares to him or her under the 2016 Plan and shall pay such taxes and costs when due.
Each Beneficiary shall be sole liable with respect to any filing imposed on him or her in connection with the Grant of the free Shares to him or her under the 2016 Plan.
14. MISCELLANEOUS
14.1 Rights of Beneficiary in his or her capacity of employee or officer
Neither the 2016 Plan nor any right granted to a Beneficiary in connection with the Grant of free Shares shall confer upon such Beneficiary any right with respect to continuing the Beneficiarys employment or his term of office with the Company or any company of the Group, nor shall they interfere in any way with the Beneficiarys right or the Companys or company of the Groups right, as the case may be, to terminate or amend such employment or such term of office at any time, with or without cause.
14.2 Applicable law - Jurisdiction
The 2016 Plan shall be governed by and construed in accordance with the laws of France. The relevant court of the registered office of the Company shall be exclusively competent to determine any claim or dispute arising in connection herewith
14.3 Provisions Applicable to Beneficiaries Located Outside of France
To facilitate compliance with laws and the administration of the 2016 Plan in countries outside of France, the Board of Directors may (i) establish subplans and modify the terms and conditions of, as well as the procedures and rules applicable to, Grants of free Shares to Beneficiaries residing and/or providing services outside of France and in particular locations, and (ii) take any action, before or after Grant is made, that it deems advisable to obtain approval or comply with any necessary local governmental regulatory exemptions or approvals. Without limiting the generality of the foregoing, the Board of Directors may adopt rules, procedures and subplans with provisions that (A) limit or modify rights on eligibility to receive a Grant under the 2016 Plan or rights applicable upon death, disability, retirement, termination of employment and Change in Control, and (B) address the payment of income tax, social insurance contributions and payroll taxes, withholding procedures and handling of any indicia of ownership of the Shares which may vary with local requirements.
Acknowledgement of 2016 Plan
By accepting a Grant under the 2016 Plan through the Companys electronic acceptance procedure, the Beneficiary represents that he or she has been provided with a copy of the 2016 Plan which he or she has perused and acknowledges and agrees that the provisions of the 2016 Plan apply to and are enforceable against him or her.
Exhibit 4.2
[Talends letterhead]
[Beneficiarys name]
[Personal address] |
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On [ · ] 2017 |
By electronic delivery
Re:
[Madam/Sir],
We are pleased to inform you (the Beneficiary ) that, pursuant to the authorization granted by the shareholders of Talend, a French société anonyme (the Company ) at their meeting held on June 1 st , 2016, the Companys board of directors (the Board ), during its meeting held on May 3, 2017, has granted you a total number ( Total Grant ) of [ · ] free shares ( actions gratuites ) of the Company (the RSUs ), par value EUR 0.08 each, subject to the terms and conditions of this Grant Notice (including any applicable exhibits and appendices attached hereto) (the Grant Notice ) and the plan approved by the Board on May 3, 2017 (the 2016 Plan ), a copy of which is attached hereto. Unless otherwise defined herein, capitalized terms used in this Grant Notice have the same meanings given to such terms in the 2016 Plan.
The RSUs are governed by articles L. 225-197-1 et seq. of the French commercial code. They are not part of the employment agreement or of the office which has allowed you to be granted the RSUs, nor do they constitute an element of your remuneration.
In compliance with the 2016 Plan and applicable French law, the acquisition of your RSUs will be effective and final (i.e., the underlying Shares will be issued to you and be your property) as they vest during the Vesting Period (as described below), unless you cease to be an [employee/officer] of the Group for any reason whatsoever during the Vesting Period and thus the Continuous Presence Condition set forth in the 2016 Plan is not met; provided, however, that the acquisition date of your RSUs may be accelerated under certain terms and conditions as set forth in the 2016 Plan; and provided further, however, that the acquisition date of your RSUs may be accelerated in accordance with the terms of certain Company policies affecting Beneficiary and/or agreements between any member of the Group and Beneficiary, including, without limitation, any change of control and severance agreement between any member of the Group and Beneficiary.
Unless otherwise elected on the election form on Appendix 1 (the Election Form ), the Vesting Period of your RSUs is as follows:
Vesting Period |
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Vested RSUs |
[February/May/August/November] 15, 20[ year of Grant + 2 years ] ( First Vesting Date ) |
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50% of Total Grant |
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Quarterly thereafter until the end of the second anniversary of the First Vesting Date |
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6.25% of Total Grant |
Upon effective acquisition of your RSUs and except otherwise set forth in the 2016 Plan or the Election Form, your RSUs will not be subject to an additional Holding Period.
The other terms and conditions of your RSUs are further detailed in the 2016 Plan. In addition, depending on your jurisdiction of residency and/or work, other terms and conditions may apply to your RSUs, as set out in the attached Exhibits A and B.
Moreover, if you timely complete and return the Election Form in the attached Appendix 1, certain additional terms may apply to your RSUs that will supersede the provisions set forth in this Grant Notice.
In order to effect the Grant of RSUs to you, please sign and return to us via our electronic acceptance procedure no later than on [ notice date + 30 days ] 2017 one copy of (i) this Grant Notice (together with duly executed copy of the Election Form , if applicable) and (ii) the 2016 Plan, failing which the above Grant shall be null and void as from such date.
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Yours sincerely, |
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[ · ] |
Acknowledgement of Grant Notice
By accepting the Grant through the Companys electronic acceptance procedure, the Beneficiary represents that he or she has perused this Grant Notice (including Exhibits A and B, as well as Appendix 1, if applicable) which he or she accepts, and acknowledges that he or she is bound by this Grant Notice as from the date of such acceptance.
Exhibit A
to
Grant Notice
Talend 2016 Free Share Plan
Provisions for All Beneficiaries
This Exhibit A includes additional (or if so indicated, different) terms and conditions that govern the RSUs.
1. Non-Transferability of RSUs . The RSUs may not be transferred in any manner otherwise than by will or by the laws of descent or distribution. The terms of the 2016 Plan and this Grant Notice shall be binding upon the executors, administrators, heirs, successors and assignees of the Beneficiary.
2. Tax Obligations .
(a) Responsibility for Taxes. The Beneficiary acknowledges that, regardless of any action taken by the Company or, if different, the Beneficiarys employer (the Employer ), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Beneficiarys participation in the 2016 Plan and legally applicable to the Beneficiary ( Tax-Related Items ) is and remains the Beneficiarys responsibility and may exceed the amount actually withheld by the Company or the Employer, if any. The Beneficiary further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant of the RSUs, the acquisition of the Shares, the lifting of any restrictions on the Shares, the subsequent sale of the Shares acquired under the 2016 Plan and the receipt of any dividends or other distributions on the Shares, and (ii) do not commit to and are under no obligation to structure the terms of the Grant or any aspect of the RSUs to reduce or eliminate the Beneficiarys liability for Tax-Related Items or achieve any particular tax result. The Beneficiary acknowledges and agrees that the Company may refuse to deliver the Shares or the proceeds of the sale of Shares if the Beneficiary fails to comply with the Beneficiarys obligations in connection with the Tax-Related Items.
(b) Tax Withholding . Prior to any relevant taxable or tax withholding event, as applicable, the Beneficiary agrees to make appropriate arrangements with the Company and/or the Employer for the satisfaction of all Tax-Related Items. In this regard, to the extent permissible under local law, the Beneficiary authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the withholding obligation for Tax-Related Items by one or a combination of the following:
(i) requiring the Beneficiary to tender a cash payment to the Company or the Employer in the amount of the Tax-Related Items;
(ii) withholding from the Beneficiarys wages or other cash compensation paid to the Beneficiary by the Company or the Employer;
(iii) withholding from proceeds of the sale of Shares acquired under the 2016 Plan, either through a voluntary sale or through a mandatory sale arranged by the Company (on the Beneficiarys behalf pursuant to this authorization without further consent); and/or
(iv) any other method permitted under the 2016 Plan and applicable law.
The withholding obligation for Tax-Related Items with respect to RSUs acquired prior to the second anniversary of the Date of Grant (if any) shall be satisfied by Beneficiary tendering a cash payment to the Company or the Employer in the amount of the Tax-Related Items.
Unless the Cash Default Withholding box is checked on the Election Form, the withholding obligation for Tax-Related Items with respect to RSUs acquired on or after the first anniversary of the First Vesting Date (as defined in the Election Form) shall be satisfied through a mandatory sale arranged by the Company (on Beneficiarys behalf pursuant to this authorization without further consent) until otherwise determined by the Board in its sole discretion.
Depending on the withholding method and to the extent permitted under the 2016 Plan and applicable law, the Company and/or the Employer may withhold or account for Tax-Related Items by considering minimum statutory withholding amounts or other applicable withholding rates, including maximum rates applicable in a jurisdiction (in which case the Beneficiary will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent amount in Shares).
If the Beneficiary is subject to Tax-Related Items in more than one jurisdiction, the Beneficiary acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
3. Nature of Grant . In accepting the Grant, the Beneficiary acknowledges, understands and agrees that:
(a) the 2016 Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the 2016 Plan and this Grant Notice;
(b) the Grant of the RSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past;
(c) all decisions with respect to future RSU grants, if any, will be at the sole discretion of the Company;
(d) the Beneficiarys participation in the 2016 Plan shall not create a right to further employment with the Employer and shall not interfere with the ability of the Employer to terminate the Beneficiarys employment relationship at any time with or without cause;
(e) the Beneficiary is voluntarily participating in the 2016 Plan;
(f) the RSUs and the Shares subject to the RSUs, and the income and value of the same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of the Beneficiarys employment contract, if any;
(g) the RSUs and the Shares subject to the RSUs, and the income and value of the same, are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long service awards, pension or retirement benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or the Employer;
(h) the RSUs and the Shares subject to the RSUs are not intended to replace any pension rights or compensation;
(i) the RSU grant will not be interpreted to form an employment contract with the Company, the Employer or any affiliated entity of the Company;
(j) the future value of the underlying Shares is unknown and cannot be predicted with certainty;
(k) no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from termination of the Beneficiarys Presence (regardless of the reason for the termination and whether or not the termination is later found to be invalid or in breach of employment laws in the jurisdiction where the Beneficiary is employed or the terms of the Beneficiarys employment agreement, if any);
(l) in the event of termination of the Beneficiarys Presence, the Beneficiarys right to receive the RSUs and to acquire the relevant Shares, if any, will terminate effective as of the date the Beneficiary receives notice of termination regardless of when such termination is effective; the Company shall have the exclusive discretion to determine when the Beneficiarys Presence has terminated for purposes of the RSUs; any period of notice, or compensation in lieu of such notice, that is given or ought to have been given under any contract, statute, common law or civil law shall be excluded from the period of the Beneficiarys Presence; and
(m) neither the Company nor any of its affiliated entities shall be liable for any foreign exchange fluctuation between the Beneficiarys local currency and the United States dollar or any other currency that may affect the value of the RSUs, or the value of any amount due to the Beneficiary pursuant to the RSUs or the subsequent sale of any Shares acquired under the 2016 Plan.
4. No Advice Regarding Grant. The Company is not providing any tax, legal, or financial advice nor is the Company making any recommendations regarding the Beneficiarys participation in the 2016 Plan or the Beneficiarys acquisition or sale of the underlying Shares. The Beneficiary should consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the 2016 Plan.
5. Data Privacy . The Beneficiary hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Beneficiarys personal data as described in this document by and among, as applicable, the Employer, the Company and its affiliated entities for the exclusive purpose of implementing, administering and managing the Beneficiarys participation in the 2016 Plan.
The Beneficiary understands that the Company and the Employer may hold certain personal information about the Beneficiary, including, but not limited to, the Beneficiarys name, home address and telephone number, e-mail address, date of birth, social insurance number or other identification number (e.g., resident registration number), salary, nationality, passport number, job title, any shares or directorships held in the Company, details of all RSUs or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Beneficiarys favor (Data), for the exclusive purpose of implementing, administering and managing the 2016 Plan.
The Beneficiary understands that Personal Data may be transferred to Solium Shareworks or any other third parties assisting in the implementation, administration and management of the 2016 Plan. The Beneficiary understands that the recipients of Data may be located in the United States or elsewhere, and that the recipients country may have different data privacy laws and protections than the Beneficiarys country. When required for transfers of the Data to a recipient located in a country outside of the EU, the Company implements adequate legal safeguards such as appropriate contractual clauses. The Beneficiary understands that he or she may request a list with the names and addresses of any potential recipients of Data, as well as confirmation of the legal safeguards implemented and a copy of the contractual clauses securing the transfer, if any by
contacting the Beneficiarys local human resources representative. The Beneficiary authorizes the Company, Solium Shareworks and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the 2016 Plan to receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Beneficiarys participation in the 2016 Plan, including any requisite transfer of such Data to Solium Shareworks or another third party with whom the Beneficiary may elect to deposit any Shares received under the 2016 Plan.
The Beneficiary understands that Data will be held only as long as is necessary to implement, administer and manage the Beneficiarys participation in the 2016 Plan. The Beneficiary understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data, exercise its rights to erasure and restriction, right to object, right to Data portability or refuse or withdraw the consents herein, in any case without cost, by contacting the Beneficiarys local human resources representative.
Further, the Beneficiary understands that he or she is providing the consents herein on a purely voluntary basis. If the Beneficiary does not consent, or if the Beneficiary later seeks to withdraw his or her consent, his or her employment status would not be affected; the only consequence of refusing or withdrawing consent is that the Company would not be able to grant the RSUs to the Beneficiary or administer or maintain the RSUs. Therefore, the Beneficiary understands that refusing or withdrawing the Beneficiarys consent may affect the Beneficiarys ability to participate in the 2016 Plan. For more information on the consequences of refusal to consent or withdrawal of consent, the Beneficiary may contact the Beneficiarys local human resources representative. Beneficiary also has the right to lodge a complaint with a supervisory authority in relation to the processing of his Data.
6. Country-Specific Provisions . The RSUs and any Shares subject to or acquired pursuant to the RSUs shall be subject to any special terms and conditions set forth for the Beneficiarys country in Exhibit B . Moreover, if the Beneficiary relocates to one of the countries included in Exhibit A, the special terms and conditions for such country will apply to the Beneficiary to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.
7. Imposition of Other Requirements . The Company reserves the right to impose other requirements on the RSUs and any Shares subject to or acquired upon vesting of the RSUs, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Beneficiary to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
8. Exchange Control, Tax and/or Foreign Asset/Account Reporting . The Beneficiary acknowledges that there may be exchange control, tax, foreign asset and/or account reporting requirements which may affect the Beneficiarys ability to acquire or hold Shares acquired under the 2016 Plan or cash received from participating in the 2016 Plan (including from any dividends or other distributions paid on Shares acquired under the Plan) in a brokerage/bank account or legal entity outside the Beneficiarys country. The Beneficiary may be required to report such accounts, assets, the balances therein, the value thereof and/or the transactions related thereto to the tax or other authorities in Beneficiarys country. The Beneficiary also may be required to repatriate sale proceeds or other funds received as a result of participation in the 2016 Plan to the Beneficiarys country through a designated bank or broker or within a certain time after receipt. The Beneficiary acknowledges that it is his or her responsibility to be compliant with such regulations.
9. Insider Trading Restrictions / Market Abuse Laws . The Beneficiary acknowledges that he or she may be subject to insider trading restrictions and/or market abuse laws which may affect the Beneficiarys ability to acquire or sell Shares or rights to Shares (e.g., the RSUs) during such
times as the Beneficiary is considered to have insider information regarding the Company (as defined by any applicable law). Any restriction under these laws or regulations is separate from and in addition to any restriction that may be imposed under any applicable Company insider trading policy.
10. Electronic Delivery and Participation . The Company may, in its sole discretion, decide to deliver any documents related to the RSUs and participation in the 2016 Plan by electronic means or to request the Beneficiarys consent to participate in the 2016 Plan by electronic means. The Beneficiary hereby consents to receive such documents by electronic delivery and agrees to participate in the 2016 Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company.
11. Waiver . The Beneficiary acknowledges that a waiver by the Company of breach of any provision of this Grant Notice shall not operate or be construed as a waiver of any other provision of this Grant Notice or of any subsequent breach by the Beneficiary or any other Beneficiary.
12. Entire Agreement . The 2016 Plan is incorporated herein by reference. The 2016 Plan and this Grant Notice constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Beneficiary with respect to the subject matter hereof, and may not be modified adversely to the Beneficiarys interest except by means of a writing signed by the Company and the Beneficiary.
13. Governing Law; Venue . This Grant Notice is governed by the laws of the Republic of France. Any claim or dispute arising under the 2016 Plan or this Grant Notice shall be subject to the exclusive jurisdiction of the court competent for the place of the registered office of the Company.
14. U.S. Taxpayers . The following provisions apply if the Beneficiary is subject to taxation in the United States without regard to the country of residence of the Beneficiary.
(a) The Shares that become definitively acquired (vest) pursuant to Article 6 of the 2016 Plan shall be issued to the Beneficiary upon the date they become definitely acquired (vest) and in any event no later than 45 days thereafter. Nothing in the foregoing shall prevent the Holding Period from applying to the Shares that are issued to the Beneficiary or shall otherwise contravene any provisions contained in Article 7.
(b) It is intended that the RSUs are exempt from or compliant with Section 409A of the U.S. Internal Revenue Code (together with any U.S. Department of Treasury Regulations promulgated and other interpretive guidance issued thereunder, including, without limitation, any such regulations or other guidance that may be issued after the date hereof and any proposed regulations on which taxpayers may rely) ( Section 409A ), and the 2016 Plan and this Grant Notice shall be interpreted, construed and operated to reflect such intent. However, notwithstanding any other provision of the 2016 Plan or this Grant Notice, the Board shall have the right in its sole discretion (without any obligation to do so) to adopt such amendments to the 2016 Plan and/or this Grant Notice, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as it determines are necessary or appropriate for the RSUs to comply with the requirements of Section 409A. The Company does not make any representation to the Beneficiary or any other party that the RSUs satisfy the requirements of Section 409A and will have no liability or other obligation to indemnify or hold harmless the Beneficiary or any other party for any tax, additional tax, interest or penalties that the Beneficiary or any other party may incur in the event that any provision of the 2016 Plan and/or this Grant Notice, or any amendment or modification thereof or any other action taken with respect thereto, is deemed to violate any of the requirements of Section 409A.
Exhibit B
to
Grant Notice
Talend 2016 Free Share Plan
Country-Specific Provisions for Beneficiaries Outside of France
This Exhibit B includes additional (or if so indicated, different) terms and conditions that govern the RSUs if the Beneficiary is in one of the countries listed herein. If the Beneficiary is a citizen or resident of a country (or if the Beneficiary is considered as such for local law purposes) other than the one in which the Beneficiary is currently residing and/or working, or if the Beneficiary transfers to another country after being granted the RSUs, the Company will, in its discretion, determine the extent to which the terms and conditions contained herein will be applicable to the Beneficiary.
CANADA
Securities Law Notification . The Beneficiary is permitted to sell the Shares acquired under the 2016 Plan through the designated broker appointed under the 2016 Plan, if any, provided the re-sale of the Shares acquired under the 2016 Plan takes place outside of Canada through the facilities of a securities exchange on which the Shares are listed. The Shares are currently listed on the NASDAQ.
The following provisions will also apply to Beneficiaries who are resident in Quebec :
Data Privacy . The following provision supplements Section 5 (Data Privacy) of Exhibit A to the Grant Notice:
The Beneficiary hereby authorizes the Company and the Companys representatives to discuss with and obtain all relevant information from all personnel, professional or non-professional, involved in the administration and operation of the 2016 Plan. The Beneficiary further authorizes the Company, any of its affiliated entities, as well as a third party service provider, to disclose and discuss the 2016 Plan with their advisors and to record all relevant information and keep such information in Beneficiarys employee file.
Language Consent . The parties acknowledge that it is their express wish that the Grant Notice, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.
Consentement Relatif à la Langue Utilisée. Les parties reconnaissent avoir expressement souhaité que la convention Grant Notice, ainsi que tous les documents, avis et procédures judiciaries, éxecutés, donnés ou intentés en vertu de, ou liés, directement ou indirectement à la présente convention, soient rédigés en langue anglaise.
DENMARK
Stock Option Act . The Beneficiary acknowledges that he or she has received an Employer Statement in Danish which sets forth additional terms applicable to the RSUs, to the extent that the Danish Stock Option Act applies to the RSUs.
GERMANY
No country-specific provisions.
INDIA
No country-specific provisions.
IRELAND
No country-specific provisions.
ITALY
Data Privacy. The following provision replaces in its entirety Section 5 (Data Privacy) of Exhibit A to the Grant Notice:
The Beneficiary understands that the Employer, the Company, and its affiliated entities may hold certain personal information about the Beneficiary, including the Beneficiarys name, home address and telephone number, e-mail address, date of birth, social insurance number or other identification number (e.g., resident registration number), salary, nationality, passport number, job title, any shares or directorships held in the Company, details of all RSUs or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Beneficiarys favor ( Data ), for the exclusive purpose of implementing, administering and managing the 2016 Plan.
The Beneficiary also understands that providing the Company with Data is necessary for the performance of the 2016 Plan and that the Beneficiarys refusal to provide Data would make it impossible for the Company to perform its contractual obligations and may affect the Beneficiarys ability to participate in the 2016 Plan. The Controller of personal data processing is Talend, with its principal operating offices at 800 Bridge Parkway, Suite 200, Redwood City, California 94065, and its representative in Italy is Talend Italy S.r.l., with its office at Milano (MI) Foro, Buonaparte 70 Cap 20121 .
The Beneficiary understands that Data will not be publicized, but it may be transferred to banks, other financial institutions or brokers involved in the management and administration of the 2016 Plan. The Beneficiary further understands that the Company and its affiliated entities will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Beneficiarys participation in the 2016 Plan, and that the Company and/or its affiliated entities may each further transfer Data to third parties assisting the Company in the implementation, administration and management of the 2016 Plan, including any requisite transfer to a broker or another third party with whom the Beneficiary may elect to deposit any Shares acquired under the 2016 Plan. Such recipients may receive, possess, use, retain and transfer Data in electronic or other form, for the purposes of implementing, administering and managing the Beneficiarys participation in the 2016 Plan. The Beneficiary understands that these recipients may be located in the European Economic Area, or elsewhere, such as the United States. Should the Company exercise its discretion in suspending all necessary legal obligations connected with the management and administration of the 2016 Plan, the Beneficiary understands that the Company will delete Data as soon as it has accomplished all the necessary legal obligations connected with the management and administration of the 2016 Plan.
The Beneficiary understands that Data processing related to the purposes specified above shall take place under automated or non-automated conditions, anonymously when possible, that comply with the purposes for which Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations, with specific reference to Legislative Decree no. 196/2003.
The processing activity, including communication, the transfer of Data abroad, including outside of the European Economic Area, as herein specified and pursuant to applicable laws and regulations, does not require the Beneficiarys consent thereto as the processing is necessary to performance of contractual obligations related to implementation, administration and management
of the 2016 Plan. The Beneficiary understands that, pursuant to Section 7 of the Legislative Decree no. 196/2003, the Beneficiary has the right to, including but not limited to, access, delete, update, ask for rectification of Data and cease, for legitimate reason, any processing of Data. Furthermore, the Beneficiary is aware that Data will not be used for direct marketing purposes. In addition, Data may be reviewed and questions or complaints can be addressed by contacting the Beneficiarys local human resources department.
Plan Document Acknowledgement. The Beneficiary acknowledges that the Beneficiary has been given access to the 2016 Plan, has reviewed the 2016 Plan and the Grant Notice in their entirety and fully understands and accepts all provisions of the 2016 Plan and the Grant Notice. Further the Beneficiary specifically and expressly approves the following clauses of Exhibit A to the Grant Notice: Section 2 - Tax Obligations; Section 7 - Imposition of Other Requirements; Section 10 - Electronic Delivery and Participation; Section 14 - Governing Law; Venue.
JAPAN
No country-specific provisions.
NETHERLANDS
No country-specific provisions.
SINGAPORE
Securities Law Notification . The grant of the RSUs under the 2016 Plan is being made pursuant to the Qualifying Person exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ( SFA ) and is not made with a view to the Shares being subsequently offered for sale to any other party. The 2016 Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore. The Beneficiary should note that the RSUs are subject to section 257 of the SFA and the Beneficiary will not be able to make (i) any subsequent sale of the Shares in Singapore or (ii) any offer of such subsequent sale of the Shares subject to the RSUs in Singapore, unless such sale or offer is made (a) more than six months after the date of Grant or (b) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA (Chapter 289, 2006 Ed.).
CEO and Director Notification Information. If the Beneficiary is the Chief Executive Officer ( CEO ) or a director, associate director or shadow director of an affiliated entity of the Company in Singapore (a Singapore Entity ), the Beneficiary is subject to certain notification requirements under the Singapore Companies Act. Among these requirements is an obligation to notify the Singapore Entity in writing when the Beneficiary receives an interest ( e.g. , RSUs, Shares) or disposes of an interest in the Company or any related companies. These notifications must be made within two business days of (i) acquiring or disposing of any interest in the Company or any of its affiliated entities or (ii) becoming the CEO or a director, associate director or shadow director if such an interest exists at that time.
SPAIN
Nature of Grant. The following provision supplements Section 3 (Nature of Grant) of Exhibit A to the Grant Notice:
By accepting the RSUs, the Beneficiary acknowledges that her or she has received a copy of the 2016 Plan.
The Beneficiary further acknowledges, understands and agrees that the Company has unilaterally, gratuitously and discretionally decided to grant RSUs under the 2016 Plan to employees of the
Company and its affiliated entities throughout the world. The decision to grant the RSUs is a limited decision that is entered into upon the express assumption and condition that any Grant will not economically or otherwise bind the Company or any of its affiliated entities on an ongoing basis other than as set forth in this Grant Notice. Consequently, the Beneficiary understands that any Grant is given on the assumption and condition that it shall not become a part of any employment contract (either with the Company or any of its affiliated entities) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Further, the Beneficiary understands and freely accepts that there is no guarantee that any benefit shall arise from any gratuitous and discretionary grant since the future value of the RSUs and the Shares is unknown and unpredictable.
Additionally, the Beneficiary understands that the right to acquire the Shares subject to the RSUs is expressly conditioned on his or her continued and active rendering of service to the Employer (or the Company or an affiliated entity) such that if the Beneficiarys employment terminates for any reason whatsoever (except as expressly provided in Articles 6.3 and 6.4 of the 2016 Plan), the Beneficiary will definitely and irrevocably lose his or her right to acquire the relevant Shares as described in the 2016 Plan. This will be the case, for example, even if (a) the Beneficiary is considered to be unfairly dismissed without good cause (i.e., subject to a despido improcedente ); (b) the Beneficiary is dismissed for disciplinary or objective reasons or due to a collective dismissal; (c) the Beneficiary terminates service due to a change of work location, duties or any other employment or contractual condition; (d) the Beneficiary terminates service due to the Companys or any of its affiliated entitys unilateral breach of contract; or (e) the Beneficiarys employment terminates for any other reason whatsoever. Consequently, upon termination of the Beneficiarys employment for any of the above reasons, the Beneficiary will automatically lose the right to any Shares that have not been definitively acquired by the Beneficiary prior to the date of termination of employment.
Finally, the Beneficiary understands that this Grant would not be made to the Beneficiary but for the assumptions and conditions referred to herein; thus, the Beneficiary acknowledges and freely accepts that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any Grant of RSUs shall be null and void.
Securities Law Notification. No offer of securities to the public, as defined under Spanish law, has taken place or will take place in the Spanish territory in connection with the RSUs. This Grant Notice has not been nor will it be registered with the Comisión Nacional del Mercado de Valores , and does not constitute a public offering prospectus.
SWITZERLAND
Securities Law Notification. The Grant of the RSUs and the issuance of any Shares is not intended to be a public offering in Switzerland. Neither this document nor any other materials relating to the RSUs constitute a prospectus as such term is understood pursuant to article 652a of the Swiss Code of Obligations, and neither this document nor any other materials relating to the RSUs may be publicly distributed nor otherwise made publicly available in Switzerland. Neither this document nor any other offering or marketing material relating to the RSUs have been or will be filed with, or approved or supervised by, any Swiss regulatory authority (in particular, the Swiss Financial Market Supervisory Authority (FINMA)).
UNITED KINGDOM
Tax Obligations . The following provision supplements Section 2 (Tax Obligations) of Exhibit A to the Grant Notice:
Without limitation to Section 2 of Exhibit A, the Beneficiary agrees that the Beneficiary is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items as and when requested by the Company or any affiliated entity or by Her Majestys Revenue and Customs ( HMRC ) (or
any other tax authority or any other relevant authority). The Beneficiary also agrees to indemnify and keep indemnified the Company and any affiliated entity against any Tax-Related Items that they are required to pay or withhold on the Beneficiarys behalf or have paid or will pay to HMRC (or any other tax authority or any other relevant authority).
Section 431 Election . The Beneficiary acknowledges and agrees that if requested by the Company or the Employer, the Beneficiary will enter into, jointly with the Employer, the joint election within Section 431 of the U.K. Income Tax (Earnings and Pensions) Act 2003 ( ITEPA 2003 ) in respect of computing any tax charge on the acquisitions of restricted securities (as defined in Sections 423 and 424 of ITEPA 2003), and the Beneficiary will not revoke such election at any time. If applicable, this election will be to treat the Shares as if they were not restricted securities (for U.K. tax purposes only).
UNITED STATES
No country-specific provisions.
Appendix 1
to
Grant Notice
Talend 2016 Free Share Plan
Election Form
I am completing this election form (the Election Form ) in connection with the receipt of the RSUs that are the subject of the Grant Notice (the RSUs ) and electing to designate one or both of the following (each, an Election Term ):
· The Vesting Period that applies to my RSUs; and/or
· The default method for satisfying the Tax-Related Items for the Shares I acquire under the RSUs
Vesting Period
o By checking this box, I hereby elect for the following Vesting Period to apply to the RSUs in lieu of the Vesting Period set forth in the Grant Notice.
Vesting Period |
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Vested RSUs |
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Holding Period |
[February/May/August/November] 15, 20[ year of Grant + 1 year ] (the First Vesting Date ) |
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25% of Total Grant |
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Holding Period from the First Vesting Date to [February/May/August/November] 15, 20[ year of Grant + 2 years ] (the Mandatory Date ). |
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Quarterly thereafter until the end of the third anniversary of the First Vesting Date |
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6.25% of Total Grant |
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For any RSUs that vest before the Mandatory Date, then a Holding Period shall apply to the relevant RSUs from their Vesting Date to the Mandatory Date. |
Acknowledgements
By checking the box immediately above, I acknowledge and agree to the following:
1. For any RSUs that I acquire before the Mandatory Date, I agree to satisfy any applicable withholding obligation of any related Tax-Related Items by tendering a cash payment to the Company or the Employer in the amount of the Tax-Related Items in advance of such vesting date. If I fail to make the appropriate arrangements for the payment of any Tax-Related Items when any of these RSUs otherwise are supposed to vest or Tax-Related Items related to RSUs otherwise are due, to the extent permissible under applicable law, the Company may refuse to deliver the Shares or the proceeds of the sale of Shares.
2. The acquisition date of my RSUs may be accelerated under certain terms and conditions as set forth in the 2016 Plan, or in accordance with the terms of certain Company policies affecting me and/or agreements between any member of the Group and me, including, without limitation, any change of control and severance agreement between any member of the Group and me.
3. Any Shares that vest before the Mandatory Date pursuant to the Vesting Period above shall be subject to an additional mandatory Holding Period starting on the relevant Vesting Date and
expiring on the Mandatory Date. During the Holding Period, I agree and acknowledge that I will not have the ability to dispose of the Shares prior to expiration of the Holding Period to cover the cost of such Tax-Related Items or any other tax obligations associated with the RSUs I acquire prior to the expiration of the Holding Period.
4. My election on this Election Form with respect to the Vesting Period is irrevocable with respect to the RSUs. A new separate Election Form must be submitted with respect to any future grant of restricted stock units.
5. I understand that I may, if I choose, check the box under the Vesting Period and not the box under the Default Tax Withholding Mechanism.
Default Tax Withholding Mechanism
o By checking this box, I hereby elect that, to the extent permitted by applicable law, I shall satisfy any withholding obligation of any Tax-Related Items for any Shares I acquire under my RSUs on or after the Mandatory Date by tendering a cash payment to the Company or the Employer in the amount of the Tax-Related Items in advance of such date (the Cash Default Withholding ).
Acknowledgements
By checking the box immediately above, I acknowledge and agree to the following:
1. Except as otherwise restricted by applicable law, my election of the Cash Default Withholding is irrevocable with respect to the RSUs unless and until otherwise approved by the Board. A new separate Election Form must be submitted with respect to any future grant of restricted stock units.
2. If I fail to make the appropriate arrangements for the payment of any Tax-Related Items via the Cash Default Withholding when the RSUs otherwise are supposed to vest or Tax-Related Items related to RSUs otherwise are due, to the extent permissible under applicable law, the Company may refuse to deliver the Shares or the proceeds of the sale of Shares.
3. I understand that I may, if I choose, check the box under the Default Tax Withholding Mechanism but not the box under the Vesting Period.
I have received the Grant Notice and 2016 Plan. I have carefully read, understand and agree to be bound by all of the terms and conditions of the Grant Notice and 2016 Plan. The Company has advised me to consult my legal, accountant and/or financial advisor before making any decision about the Election Form .
Nothing herein will be construed as a right to my continued employment or service with the Company or any affiliated entity of the Company for any period and my employment or service may be terminated at any time by me or the Company or my Employer, with or without cause or notice, subject to the provisions of applicable law.
Unless this form is timely completed properly and returned to the Company by [ notice date + 30 days ], 2017, the RSUs will be granted and issued subject to the terms of the Grant Notice and the 2016 Plan, and this Election Form will have no impact.
Capitalized terms used herein will have the meaning ascribed to them in the Grant Notice or the 2016 Plan, unless otherwise defined herein.
Exhibit 4.3
[Talends letterhead]
[Beneficiarys name] |
|
[Personal address] |
On [ · ] 2017 |
By electronic delivery
Re:
[Madam/Sir],
We are pleased to inform you (the Beneficiary ) that, pursuant to the authorization granted by the shareholders of Talend, a French société anonyme (the Company ) at their meeting held on June 1 st , 2016, the Companys board of directors (the Board ), during its meeting held on May 3, 2017, has granted you a total number of [ · ] free shares ( actions gratuites ) of the Company (the RSUs ), par value EUR 0.08 each, subject to the terms and conditions of this Grant Notice (including any applicable exhibits and appendices attached hereto) (the Grant Notice ) and the plan approved by the Board on May 3, 2017 (the 2016 Plan ), a copy of which is attached hereto. Unless otherwise defined herein, capitalized terms used in this Grant Notice have the same meanings given to such terms in the 2016 Plan.
The RSUs are governed by articles L. 225-197-1 et seq. of the French commercial code. They are not part of the employment agreement or of the office which has allowed you to be granted the RSUs, nor do they constitute an element of your remuneration.
In compliance with the 2016 Plan and applicable French law, you will be entitled to acquire effectively and finally all or part of your RSUs (i.e., the underlying shares will be issued to you and be your property) upon the relevant Vesting Date below subject to the following calendar and performance conditions, and further subject to any election you make on the election form attached as Appendix 1 (the Election Form ):
(i) 40% [for initial grant, use 50%] of the Number of Vested Shares (as defined below) (which number shall be rounded down to the nearest full number) on [February/May/August/November] 15, 20[ year of Grant + 2 years ] (the First Vesting Date ); and
(ii) then, 7.5% [for initial grant, use 6.25%] of the Number of Vested Shares (which number shall be rounded down to the nearest full number) upon the expiration date of each quarter (i.e., each 3-month period) elapsed between the First Vesting Date and the second anniversary of the First Vesting Date (any such expiration date being defined as a Quarterly Vesting Date and together with the First Vesting Date, a Vesting Date );
provided that the Number of Vested Shares means the number of RSUs which you effectively will be entitled to acquire on the applicable Vesting Date, calculated as follows:
Number of Vested Shares = X% x NFS
where:
(i) NFS is equal to the total number of RSUs granted to you, i.e., [ · ] RSUs;
(ii) X% shall be equal to:
· 0% in case the Company Net New ACV (as defined below) is inferior to [80% of target], so that the Number of Vested Shares shall be equal to zero (0) and you will not be entitled to acquire any Shares;
· 33% in case the Company Net New ACV is equal to [80% of target];
· 100% in case the Company Net New ACV is equal to [120% of target]; and
provided that , should the Company Net New ACV be between [80% of target] and [120% of target], X% shall be scaled linearly from 33% to 100%;
provided further that:
· Should the Number of Vested Shares have decimals, such number shall be rounded down to the nearest whole number;
· for purposes of calculation of the Number of Vested Shares, the Board, in its sole discretion, shall determine the final amount of the Company Net New ACV and the Company shall notify (the Company Notice ) such amount to you no later than five (5) business days prior to the First Vesting Date, which notice shall also specify the Number of Vested Shares, which amount shall be final and binding and not subject to contest or appeal; and
· Should the Number of Vested Shares be less than the total number of RSUs granted to you, you shall lose your right to acquire the balance of your RSUs that is less than the Number of Vested Shares effective on the earlier of (a) the date of the Company Notice or (b) the First Vesting Date.
For purposes hereof, Company Net New ACV means, with respect to the fiscal year ending December 31 in the year of the Grant Date: (i) New ACV Bookings , defined as the annualized value of new software subscription bookings realized in the period with both new and existing customers, from which is subtracted (ii) the Transacted ACV Churn Bookings, defined as the net annualized value of subscription bookings that are either (a) not renewed or (b) renewed for a lesser subscription value during the period as compared the prior software subscription value for such customer. Both New ACV Bookings and Transacted ACV Churn bookings are aggregated at the current year budget FX rate.
The acquisition of the relevant Number of Vested Shares on the applicable Vesting Date is further subject to your Continuous Presence Condition set forth in the 2016 Plan being met upon such Vesting Date (i.e., you shall have not ceased to be an officer of the group for any reason whatsoever upon such Vesting Date); provided , however, that the Vesting Date of your RSUs may be accelerated under certain terms and conditions as set forth in the 2016 Plan; and provided further , however, that the Vesting Date of your RSUs may be accelerated in accordance with the terms of certain Company policies affecting Beneficiary and/or agreements between any member of the Group and Beneficiary, including, without limitation, any change of control and severance agreement between any member of the Group and Beneficiary.
Upon effective acquisition of your RSUs and except otherwise set forth in the 2016 Plan or the Election Form, your RSUs will not be subject to an additional Holding Period.
The other terms and conditions of your RSUs are further detailed in the 2016 Plan. In addition, depending on your jurisdiction of residency and/or work, other terms and conditions may apply to your RSUs, as set out in the attached Exhibits A and B.
Moreover, if you timely complete and return the Election Form in the attached Appendix 1, certain additional terms may apply to your RSUs that will supersede the provisions set forth in this Grant Notice.
In order to effect the Grant of RSUs to you, please sign and return to us via our electronic acceptance procedure no later than on [ notice date + 30 days ] 2017 one copy of (i) this Grant Notice (together with duly executed copy of the Election Form , if applicable) and (ii) the 2016 Plan, failing which the above Grant shall be null and void as from such date.
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Yours sincerely, |
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[ · ] |
Acknowledgement of Grant Notice
By accepting the Grant through the Companys electronic acceptance procedure, the Beneficiary represents that he or she has perused this Grant Notice (including Exhibits A and B, as well as Appendix 1, if applicable) which he or she accepts, and acknowledges that he or she is bound by this Grant Notice as from the date of such acceptance.
Exhibit A
to
Grant Notice
Talend 2016 Free Share Plan
Provisions for All Beneficiaries
This Exhibit A includes additional (or if so indicated, different) terms and conditions that govern the RSUs.
1. Non-Transferability of RSUs . The RSUs may not be transferred in any manner otherwise than by will or by the laws of descent or distribution. The terms of the 2016 Plan and this Grant Notice shall be binding upon the executors, administrators, heirs, successors and assignees of the Beneficiary.
2. Tax Obligations .
(a) Responsibility for Taxes. The Beneficiary acknowledges that, regardless of any action taken by the Company or, if different, the Beneficiarys employer (the Employer ), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Beneficiarys participation in the 2016 Plan and legally applicable to the Beneficiary ( Tax-Related Items ) is and remains the Beneficiarys responsibility and may exceed the amount actually withheld by the Company or the Employer, if any. The Beneficiary further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant of the RSUs, the acquisition of the Shares, the lifting of any restrictions on the Shares, the subsequent sale of the Shares acquired under the 2016 Plan and the receipt of any dividends or other distributions on the Shares, and (ii) do not commit to and are under no obligation to structure the terms of the Grant or any aspect of the RSUs to reduce or eliminate the Beneficiarys liability for Tax-Related Items or achieve any particular tax result. The Beneficiary acknowledges and agrees that the Company may refuse to deliver the Shares or the proceeds of the sale of Shares if the Beneficiary fails to comply with the Beneficiarys obligations in connection with the Tax-Related Items.
(b) Tax Withholding . Prior to any relevant taxable or tax withholding event, as applicable, the Beneficiary agrees to make appropriate arrangements with the Company and/or the Employer for the satisfaction of all Tax-Related Items. In this regard, to the extent permissible under local law, the Beneficiary authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the withholding obligation for Tax-Related Items by one or a combination of the following:
(i) requiring the Beneficiary to tender a cash payment to the Company or the Employer in the amount of the Tax-Related Items;
(ii) withholding from the Beneficiarys wages or other cash compensation paid to the Beneficiary by the Company or the Employer;
(iii) withholding from proceeds of the sale of Shares acquired under the 2016 Plan, either through a voluntary sale or through a mandatory sale arranged by the Company (on the Beneficiarys behalf pursuant to this authorization without further consent); and/or
(iv) any other method permitted under the 2016 Plan and applicable law.
The withholding obligation for Tax-Related Items with respect to RSUs acquired prior to the second anniversary of the Date of Grant (if any) shall be satisfied by Beneficiary tendering a cash payment to the Company or the Employer in the amount of the Tax-Related Items.
Unless the Cash Default Withholding box is checked on the Election Form, the withholding obligation for Tax-Related Items with respect to RSUs acquired on or after the first anniversary of the First Vesting Date (as defined in the Election Form) shall be satisfied through a mandatory sale arranged by the Company (on Beneficiarys behalf pursuant to this authorization without further consent) until otherwise determined by the Board in its sole discretion.
Depending on the withholding method and to the extent permitted under the 2016 Plan and applicable law, the Company and/or the Employer may withhold or account for Tax-Related Items by considering minimum statutory withholding amounts or other applicable withholding rates, including maximum rates applicable in a jurisdiction (in which case the Beneficiary will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent amount in Shares).
If the Beneficiary is subject to Tax-Related Items in more than one jurisdiction, the Beneficiary acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
3. Nature of Grant . In accepting the Grant, the Beneficiary acknowledges, understands and agrees that:
(a) the 2016 Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the 2016 Plan and this Grant Notice;
(b) the Grant of the RSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past;
(c) all decisions with respect to future RSU grants, if any, will be at the sole discretion of the Company;
(d) the Beneficiarys participation in the 2016 Plan shall not create a right to further employment with the Employer and shall not interfere with the ability of the Employer to terminate the Beneficiarys employment relationship at any time with or without cause;
(e) the Beneficiary is voluntarily participating in the 2016 Plan;
(f) the RSUs and the Shares subject to the RSUs, and the income and value of the same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of the Beneficiarys employment contract, if any;
(g) the RSUs and the Shares subject to the RSUs, and the income and value of the same, are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long service awards, pension or retirement benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or the Employer;
(h) the RSUs and the Shares subject to the RSUs are not intended to replace any pension rights or compensation;
(i) the RSU grant will not be interpreted to form an employment contract with the Company, the Employer or any affiliated entity of the Company;
(j) the future value of the underlying Shares is unknown and cannot be predicted with certainty;
(k) no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from termination of the Beneficiarys Presence (regardless of the reason for the termination and whether or not the termination is later found to be invalid or in breach of employment laws in the jurisdiction where the Beneficiary is employed or the terms of the Beneficiarys employment agreement, if any);
(l) in the event of termination of the Beneficiarys Presence, the Beneficiarys right to receive the RSUs and to acquire the relevant Shares, if any, will terminate effective as of the date the Beneficiary receives notice of termination regardless of when such termination is effective; the Company shall have the exclusive discretion to determine when the Beneficiarys Presence has terminated for purposes of the RSUs; any period of notice, or compensation in lieu of such notice, that is given or ought to have been given under any contract, statute, common law or civil law shall be excluded from the period of the Beneficiarys Presence; and
(m) neither the Company nor any of its affiliated entities shall be liable for any foreign exchange fluctuation between the Beneficiarys local currency and the United States dollar or any other currency that may affect the value of the RSUs, or the value of any amount due to the Beneficiary pursuant to the RSUs or the subsequent sale of any Shares acquired under the 2016 Plan.
4. No Advice Regarding Grant. The Company is not providing any tax, legal, or financial advice nor is the Company making any recommendations regarding the Beneficiarys participation in the 2016 Plan or the Beneficiarys acquisition or sale of the underlying Shares. The Beneficiary should consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the 2016 Plan.
5. Data Privacy . The Beneficiary hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Beneficiarys personal data as described in this document by and among, as applicable, the Employer, the Company and its affiliated entities for the exclusive purpose of implementing, administering and managing the Beneficiarys participation in the 2016 Plan.
The Beneficiary understands that the Company and the Employer may hold certain personal information about the Beneficiary, including, but not limited to, the Beneficiarys name, home address and telephone number, e-mail address, date of birth, social insurance number or other identification number (e.g., resident registration number), salary, nationality, passport number, job title, any shares or directorships held in the Company, details of all RSUs or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Beneficiarys favor (Data), for the exclusive purpose of implementing, administering and managing the 2016 Plan.
The Beneficiary understands that Personal Data may be transferred to Solium Shareworks or any other third parties assisting in the implementation, administration and management of the 2016 Plan. The Beneficiary understands that the recipients of Data may be located in the United States or elsewhere, and that the recipients country may have different data privacy laws and protections than the Beneficiarys country. When required for transfers of the Data to a recipient located in a country outside of the EU, the Company implements adequate legal safeguards such as appropriate contractual clauses. The Beneficiary understands that he or she may request a list with the names and addresses of any potential recipients of Data, as well as confirmation of the legal safeguards implemented and a copy of the contractual clauses securing the transfer, if any by
contacting the Beneficiarys local human resources representative. The Beneficiary authorizes the Company, Solium Shareworks and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the 2016 Plan to receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Beneficiarys participation in the 2016 Plan, including any requisite transfer of such Data to Solium Shareworks or another third party with whom the Beneficiary may elect to deposit any Shares received under the 2016 Plan.
The Beneficiary understands that Data will be held only as long as is necessary to implement, administer and manage the Beneficiarys participation in the 2016 Plan. The Beneficiary understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data, exercise its rights to erasure and restriction, right to object, right to Data portability or refuse or withdraw the consents herein, in any case without cost, by contacting the Beneficiarys local human resources representative.
Further, the Beneficiary understands that he or she is providing the consents herein on a purely voluntary basis. If the Beneficiary does not consent, or if the Beneficiary later seeks to withdraw his or her consent, his or her employment status would not be affected; the only consequence of refusing or withdrawing consent is that the Company would not be able to grant the RSUs to the Beneficiary or administer or maintain the RSUs. Therefore, the Beneficiary understands that refusing or withdrawing the Beneficiarys consent may affect the Beneficiarys ability to participate in the 2016 Plan. For more information on the consequences of refusal to consent or withdrawal of consent, the Beneficiary may contact the Beneficiarys local human resources representative. Beneficiary also has the right to lodge a complaint with a supervisory authority in relation to the processing of his Data .
6. Country-Specific Provisions . The RSUs and any Shares subject to or acquired pursuant to the RSUs shall be subject to any special terms and conditions set forth for the Beneficiarys country in Exhibit B . Moreover, if the Beneficiary relocates to one of the countries included in Exhibit A, the special terms and conditions for such country will apply to the Beneficiary to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.
7. Imposition of Other Requirements . The Company reserves the right to impose other requirements on the RSUs and any Shares subject to or acquired upon vesting of the RSUs, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Beneficiary to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
8. Exchange Control, Tax and/or Foreign Asset/Account Reporting . The Beneficiary acknowledges that there may be exchange control, tax, foreign asset and/or account reporting requirements which may affect the Beneficiarys ability to acquire or hold Shares acquired under the 2016 Plan or cash received from participating in the 2016 Plan (including from any dividends or other distributions paid on Shares acquired under the Plan) in a brokerage/bank account or legal entity outside the Beneficiarys country. The Beneficiary may be required to report such accounts, assets, the balances therein, the value thereof and/or the transactions related thereto to the tax or other authorities in Beneficiarys country. The Beneficiary also may be required to repatriate sale proceeds or other funds received as a result of participation in the 2016 Plan to the Beneficiarys country through a designated bank or broker or within a certain time after receipt. The Beneficiary acknowledges that it is his or her responsibility to be compliant with such regulations.
9. Insider Trading Restrictions / Market Abuse Laws . The Beneficiary acknowledges that he or she may be subject to insider trading restrictions and/or market abuse laws which may affect the Beneficiarys ability to acquire or sell Shares or rights to Shares (e.g., the RSUs) during such
times as the Beneficiary is considered to have insider information regarding the Company (as defined by any applicable law). Any restriction under these laws or regulations is separate from and in addition to any restriction that may be imposed under any applicable Company insider trading policy.
10. Electronic Delivery and Participation . The Company may, in its sole discretion, decide to deliver any documents related to the RSUs and participation in the 2016 Plan by electronic means or to request the Beneficiarys consent to participate in the 2016 Plan by electronic means. The Beneficiary hereby consents to receive such documents by electronic delivery and agrees to participate in the 2016 Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company.
11. Waiver . The Beneficiary acknowledges that a waiver by the Company of breach of any provision of this Grant Notice shall not operate or be construed as a waiver of any other provision of this Grant Notice or of any subsequent breach by the Beneficiary or any other Beneficiary.
12. Entire Agreement . The 2016 Plan is incorporated herein by reference. The 2016 Plan and this Grant Notice constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Beneficiary with respect to the subject matter hereof, and may not be modified adversely to the Beneficiarys interest except by means of a writing signed by the Company and the Beneficiary.
13. Governing Law; Venue . This Grant Notice is governed by the laws of the Republic of France. Any claim or dispute arising under the 2016 Plan or this Grant Notice shall be subject to the exclusive jurisdiction of the court competent for the place of the registered office of the Company.
14. U.S. Taxpayers . The following provisions apply if the Beneficiary is subject to taxation in the United States without regard to the country of residence of the Beneficiary.
(n) The Shares that become definitively acquired (vest) pursuant to Article 6 of the 2016 Plan shall be issued to the Beneficiary upon the date they become definitely acquired (vest) and in any event no later than 45 days thereafter. Nothing in the foregoing shall prevent the Holding Period from applying to the Shares that are issued to the Beneficiary or shall otherwise contravene any provisions contained in Article 7.
(o) It is intended that the RSUs are exempt from or compliant with Section 409A of the U.S. Internal Revenue Code (together with any U.S. Department of Treasury Regulations promulgated and other interpretive guidance issued thereunder, including, without limitation, any such regulations or other guidance that may be issued after the date hereof and any proposed regulations on which taxpayers may rely) ( Section 409A ), and the 2016 Plan and this Grant Notice shall be interpreted, construed and operated to reflect such intent. However, notwithstanding any other provision of the 2016 Plan or this Grant Notice, the Board shall have the right in its sole discretion (without any obligation to do so) to adopt such amendments to the 2016 Plan and/or this Grant Notice, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as it determines are necessary or appropriate for the RSUs to comply with the requirements of Section 409A. The Company does not make any representation to the Beneficiary or any other party that the RSUs satisfy the requirements of Section 409A and will have no liability or other obligation to indemnify or hold harmless the Beneficiary or any other party for any tax, additional tax, interest or penalties that the Beneficiary or any other party may incur in the event that any provision of the 2016 Plan and/or this Grant Notice, or any amendment or modification thereof or any other action taken with respect thereto, is deemed to violate any of the requirements of Section 409A.
Exhibit B
to
Grant Notice
Talend 2016 Free Share Plan
Country-Specific Provisions for Beneficiaries Outside of France
This Exhibit B includes additional (or if so indicated, different) terms and conditions that govern the RSUs if the Beneficiary is in one of the countries listed herein. If the Beneficiary is a citizen or resident of a country (or if the Beneficiary is considered as such for local law purposes) other than the one in which the Beneficiary is currently residing and/or working, or if the Beneficiary transfers to another country after being granted the RSUs, the Company will, in its discretion, determine the extent to which the terms and conditions contained herein will be applicable to the Beneficiary.
CANADA
Securities Law Notification . The Beneficiary is permitted to sell the Shares acquired under the 2016 Plan through the designated broker appointed under the 2016 Plan, if any, provided the re-sale of the Shares acquired under the 2016 Plan takes place outside of Canada through the facilities of a securities exchange on which the Shares are listed. The Shares are currently listed on the NASDAQ.
The following provisions will also apply to Beneficiaries who are resident in Quebec :
Data Privacy . The following provision supplements Section 5 (Data Privacy) of Exhibit A to the Grant Notice:
The Beneficiary hereby authorizes the Company and the Companys representatives to discuss with and obtain all relevant information from all personnel, professional or non-professional, involved in the administration and operation of the 2016 Plan. The Beneficiary further authorizes the Company, any of its affiliated entities, as well as a third party service provider, to disclose and discuss the 2016 Plan with their advisors and to record all relevant information and keep such information in Beneficiarys employee file.
Language Consent . The parties acknowledge that it is their express wish that the Grant Notice, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.
Consentement Relatif à la Langue Utilisée. Les parties reconnaissent avoir expressement souhaité que la convention Grant Notice, ainsi que tous les documents, avis et procédures judiciaries, éxecutés, donnés ou intentés en vertu de, ou liés, directement ou indirectement à la présente convention, soient rédigés en langue anglaise.
DENMARK
Stock Option Act . The Beneficiary acknowledges that he or she has received an Employer Statement in Danish which sets forth additional terms applicable to the RSUs, to the extent that the Danish Stock Option Act applies to the RSUs.
GERMANY
No country-specific provisions.
INDIA
No country-specific provisions.
IRELAND
No country-specific provisions.
ITALY
Data Privacy. The following provision replaces in its entirety Section 5 (Data Privacy) of Exhibit A to the Grant Notice:
The Beneficiary understands that the Employer, the Company, and its affiliated entities may hold certain personal information about the Beneficiary, including the Beneficiarys name, home address and telephone number, e-mail address, date of birth, social insurance number or other identification number (e.g., resident registration number), salary, nationality, passport number, job title, any shares or directorships held in the Company, details of all RSUs or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Beneficiarys favor ( Data ), for the exclusive purpose of implementing, administering and managing the 2016 Plan.
The Beneficiary also understands that providing the Company with Data is necessary for the performance of the 2016 Plan and that the Beneficiarys refusal to provide Data would make it impossible for the Company to perform its contractual obligations and may affect the Beneficiarys ability to participate in the 2016 Plan. The Controller of personal data processing is Talend, with its principal operating offices at 800 Bridge Parkway, Suite 200, Redwood City, California 94065, and its representative in Italy is Talend Italy S.r.l., with its office at Milano (MI) Foro, Buonaparte 70 Cap 20121 .
The Beneficiary understands that Data will not be publicized, but it may be transferred to banks, other financial institutions or brokers involved in the management and administration of the 2016 Plan. The Beneficiary further understands that the Company and its affiliated entities will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Beneficiarys participation in the 2016 Plan, and that the Company and/or its affiliated entities may each further transfer Data to third parties assisting the Company in the implementation, administration and management of the 2016 Plan, including any requisite transfer to a broker or another third party with whom the Beneficiary may elect to deposit any Shares acquired under the 2016 Plan. Such recipients may receive, possess, use, retain and transfer Data in electronic or other form, for the purposes of implementing, administering and managing the Beneficiarys participation in the 2016 Plan. The Beneficiary understands that these recipients may be located in the European Economic Area, or elsewhere, such as the United States. Should the Company exercise its discretion in suspending all necessary legal obligations connected with the management and administration of the 2016 Plan, the Beneficiary understands that the Company will delete Data as soon as it has accomplished all the necessary legal obligations connected with the management and administration of the 2016 Plan.
The Beneficiary understands that Data processing related to the purposes specified above shall take place under automated or non-automated conditions, anonymously when possible, that comply with the purposes for which Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations, with specific reference to Legislative Decree no. 196/2003.
The processing activity, including communication, the transfer of Data abroad, including outside of the European Economic Area, as herein specified and pursuant to applicable laws and regulations, does not require the Beneficiarys consent thereto as the processing is necessary to performance of contractual obligations related to implementation, administration and management
of the 2016 Plan. The Beneficiary understands that, pursuant to Section 7 of the Legislative Decree no. 196/2003, the Beneficiary has the right to, including but not limited to, access, delete, update, ask for rectification of Data and cease, for legitimate reason, any processing of Data. Furthermore, the Beneficiary is aware that Data will not be used for direct marketing purposes. In addition, Data may be reviewed and questions or complaints can be addressed by contacting the Beneficiarys local human resources department.
Plan Document Acknowledgement. The Beneficiary acknowledges that the Beneficiary has been given access to the 2016 Plan, has reviewed the 2016 Plan and the Grant Notice in their entirety and fully understands and accepts all provisions of the 2016 Plan and the Grant Notice. Further the Beneficiary specifically and expressly approves the following clauses of Exhibit A to the Grant Notice: Section 2 - Tax Obligations; Section 7 - Imposition of Other Requirements; Section 10 - Electronic Delivery and Participation; Section 14 - Governing Law; Venue.
JAPAN
No country-specific provisions.
NETHERLANDS
No country-specific provisions.
SINGAPORE
Securities Law Notification . The grant of the RSUs under the 2016 Plan is being made pursuant to the Qualifying Person exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ( SFA ) and is not made with a view to the Shares being subsequently offered for sale to any other party. The 2016 Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore. The Beneficiary should note that the RSUs are subject to section 257 of the SFA and the Beneficiary will not be able to make (i) any subsequent sale of the Shares in Singapore or (ii) any offer of such subsequent sale of the Shares subject to the RSUs in Singapore, unless such sale or offer is made (a) more than six months after the date of Grant or (b) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA (Chapter 289, 2006 Ed.).
CEO and Director Notification Information. If the Beneficiary is the Chief Executive Officer ( CEO ) or a director, associate director or shadow director of an affiliated entity of the Company in Singapore (a Singapore Entity ), the Beneficiary is subject to certain notification requirements under the Singapore Companies Act. Among these requirements is an obligation to notify the Singapore Entity in writing when the Beneficiary receives an interest ( e.g. , RSUs, Shares) or disposes of an interest in the Company or any related companies. These notifications must be made within two business days of (i) acquiring or disposing of any interest in the Company or any of its affiliated entities or (ii) becoming the CEO or a director, associate director or shadow director if such an interest exists at that time.
SPAIN
Nature of Grant. The following provision supplements Section 3 (Nature of Grant) of Exhibit A to the Grant Notice:
By accepting the RSUs, the Beneficiary acknowledges that her or she has received a copy of the 2016 Plan.
The Beneficiary further acknowledges, understands and agrees that the Company has unilaterally, gratuitously and discretionally decided to grant RSUs under the 2016 Plan to employees of the
Company and its affiliated entities throughout the world. The decision to grant the RSUs is a limited decision that is entered into upon the express assumption and condition that any Grant will not economically or otherwise bind the Company or any of its affiliated entities on an ongoing basis other than as set forth in this Grant Notice. Consequently, the Beneficiary understands that any Grant is given on the assumption and condition that it shall not become a part of any employment contract (either with the Company or any of its affiliated entities) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Further, the Beneficiary understands and freely accepts that there is no guarantee that any benefit shall arise from any gratuitous and discretionary grant since the future value of the RSUs and the Shares is unknown and unpredictable.
Additionally, the Beneficiary understands that the right to acquire the Shares subject to the RSUs is expressly conditioned on his or her continued and active rendering of service to the Employer (or the Company or an affiliated entity) such that if the Beneficiarys employment terminates for any reason whatsoever (except as expressly provided in Articles 6.3 and 6.4 of the 2016 Plan), the Beneficiary will definitely and irrevocably lose his or her right to acquire the relevant Shares as described in the 2016 Plan. This will be the case, for example, even if (a) the Beneficiary is considered to be unfairly dismissed without good cause (i.e., subject to a despido improcedente ); (b) the Beneficiary is dismissed for disciplinary or objective reasons or due to a collective dismissal; (c) the Beneficiary terminates service due to a change of work location, duties or any other employment or contractual condition; (d) the Beneficiary terminates service due to the Companys or any of its affiliated entitys unilateral breach of contract; or (e) the Beneficiarys employment terminates for any other reason whatsoever. Consequently, upon termination of the Beneficiarys employment for any of the above reasons, the Beneficiary will automatically lose the right to any Shares that have not been definitively acquired by the Beneficiary prior to the date of termination of employment.
Finally, the Beneficiary understands that this Grant would not be made to the Beneficiary but for the assumptions and conditions referred to herein; thus, the Beneficiary acknowledges and freely accepts that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any Grant of RSUs shall be null and void.
Securities Law Notification. No offer of securities to the public, as defined under Spanish law, has taken place or will take place in the Spanish territory in connection with the RSUs. This Grant Notice has not been nor will it be registered with the Comisión Nacional del Mercado de Valores , and does not constitute a public offering prospectus.
SWITZERLAND
Securities Law Notification. The Grant of the RSUs and the issuance of any Shares is not intended to be a public offering in Switzerland. Neither this document nor any other materials relating to the RSUs constitute a prospectus as such term is understood pursuant to article 652a of the Swiss Code of Obligations, and neither this document nor any other materials relating to the RSUs may be publicly distributed nor otherwise made publicly available in Switzerland. Neither this document nor any other offering or marketing material relating to the RSUs have been or will be filed with, or approved or supervised by, any Swiss regulatory authority (in particular, the Swiss Financial Market Supervisory Authority (FINMA)).
UNITED KINGDOM
Tax Obligations . The following provision supplements Section 2 (Tax Obligations) of Exhibit A to the Grant Notice:
Without limitation to Section 2 of Exhibit A, the Beneficiary agrees that the Beneficiary is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items as and when requested by the Company or any affiliated entity or by Her Majestys Revenue and Customs ( HMRC ) (or
any other tax authority or any other relevant authority). The Beneficiary also agrees to indemnify and keep indemnified the Company and any affiliated entity against any Tax-Related Items that they are required to pay or withhold on the Beneficiarys behalf or have paid or will pay to HMRC (or any other tax authority or any other relevant authority).
Section 431 Election . The Beneficiary acknowledges and agrees that if requested by the Company or the Employer, the Beneficiary will enter into, jointly with the Employer, the joint election within Section 431 of the U.K. Income Tax (Earnings and Pensions) Act 2003 ( ITEPA 2003 ) in respect of computing any tax charge on the acquisitions of restricted securities (as defined in Sections 423 and 424 of ITEPA 2003), and the Beneficiary will not revoke such election at any time. If applicable, this election will be to treat the Shares as if they were not restricted securities (for U.K. tax purposes only).
UNITED STATES
No country-specific provisions.
Appendix 1
to
Grant Notice
Talend 2016 Free Share Plan
Election Form
I am completing this election form (the Election Form ) in connection with the receipt of the RSUs that are the subject of the Grant Notice (the RSUs ) and electing to designate one or both of the following (each, an Election Term ):
· The Vesting Period that applies to my RSUs; and/or
· The default method for satisfying the Tax-Related Items for the Shares I acquire under the RSUs
Vesting Period
o By checking this box, I hereby elect for the following Vesting Period to apply to the RSUs in lieu of the Vesting Period set forth in the Grant Notice.
(a) 20% [for initial grant, use 25%] of the Number of Vested Shares (as defined below) (which number shall be rounded down to the nearest full number) on [February/May/August/November] 15, 20[ year of Grant + 1 year ] (the First Vesting Date ); provided that the Shares acquired on the First Vesting Date pursuant to this paragraph shall be subject to an additional mandatory Vesting Period starting on the First Vesting Date and expiring on [February/May/August/November] 15, 20[ year of Grant + 2 years ] (the Mandatory Date );
(b) 5% [for initial grant, use 6.25%] of the Number of Vested Shares (as defined below) (which number shall be rounded down to the nearest full number) upon the expiration date of each quarter (i.e., each 3-month period) (any such expiration date being defined as a Quarterly Vesting Date ) elapsed between the First Vesting Date and its first anniversary; provided that the Shares acquired before the Mandatory Date pursuant to this paragraph shall be subject to an additional mandatory Vesting Period starting on the relevant Quarterly Vesting Date and expiring on the Mandatory Date; and
(c) then, 7.5% [for initial grant, use 6.25%] of the Number of Vested Shares (as defined below) (which number shall be rounded down to the nearest full number) upon each Quarterly Vesting Date elapsed between the first and third anniversaries of the First Vesting Date (any Quarterly Vesting Date under (b) and (c), together with the First Vesting Date, being defined as a Vesting Date );.
Acknowledgements
By checking the box immediately above, I acknowledge and agree to the following:
1. For any RSUs that I acquire before the Mandatory Date, I agree to satisfy any applicable withholding obligation of any related Tax-Related Items by tendering a cash payment to the Company or the Employer in the amount of the Tax-Related Items in advance of such vesting date. If I fail to make the appropriate arrangements for the payment of any Tax-Related Items when any of these RSUs otherwise are supposed to vest or Tax-Related Items related to RSUs otherwise are due, to the extent permissible under applicable law, the Company may refuse to deliver the Shares or the proceeds of the sale of Shares.
2. The acquisition date of my RSUs may be accelerated under certain terms and conditions as set forth in the 2016 Plan, or in accordance with the terms of certain Company policies affecting me and/or agreements between any member of the Group and me, including, without limitation, any change of control and severance agreement between any member of the Group and me.
3. Any Shares that vest before the Mandatory Date pursuant to the Vesting Period above shall be subject to an additional mandatory Holding Period starting on the relevant Vesting Date and expiring on the Mandatory Date. During the Holding Period, I agree and acknowledge that I will not have the ability to dispose of the Shares prior to expiration of the Holding Period to cover the cost of such Tax-Related Items or any other tax obligations associated with the RSUs I acquire prior to the expiration of the Holding Period.
4. My election on this Election Form with respect to the vesting schedule is irrevocable with respect to the RSUs. A new separate Election Form must be submitted with respect to any future grant of RSUs.
5. I understand that I may, if I choose, check the box under the Vesting Period and not the box under the Default Tax Withholding Mechanism.
Default Tax Withholding Mechanism
o By checking this box, I hereby elect that, to the extent permitted by applicable law, I shall satisfy any withholding obligation of any Tax-Related Items for any Shares I acquire under my RSUs on or after the Mandatory Date by tendering a cash payment to the Company or the Employer in the amount of the Tax-Related Items in advance of such date (the Cash Default Withholding ).
Acknowledgements
By checking the box immediately above, I acknowledge and agree to the following:
1. Except as otherwise restricted by applicable law, my election of the Cash Default Withholding is irrevocable with respect to the RSUs unless and until otherwise approved by the Board. A new separate Election Form must be submitted with respect to any future grant of RSUs.
2. If I fail to make the appropriate arrangements for the payment of any Tax-Related Items via the Cash Default Withholding when the RSUs otherwise are supposed to vest or Tax-Related Items related to RSUs otherwise are due, to the extent permissible under applicable law, the Company may refuse to deliver the Shares or the proceeds of the sale of Shares.
3. I understand that I may, if I choose, check the box under the Default Tax Withholding Mechanism but not the box under the Vesting Period.
I have received the Grant Notice and 2016 Plan. I have carefully read, understand and agree to be bound by all of the terms and conditions of the Grant Notice and 2016 Plan. The Company has advised me to consult my legal, accountant and/or financial advisor before making any decision about the Election Form .
Nothing herein will be construed as a right to my continued employment or service with the Company or any affiliated entity of the Company for any period and my employment or service may be terminated at any time by me or the Company or my Employer, with or without cause or notice, subject to the provisions of applicable law.
Unless this form is timely completed properly and returned to the Company by [ notice date + 30 days ], 2017, the RSUs will be granted and issued subject to the terms of the Grant Notice and the 2016 Plan, and this Election Form will have no impact.
Capitalized terms used herein will have the meaning ascribed to them in the Grant Notice or the 2016 Plan, unless otherwise defined herein.
If you have any questions regarding this Election Form, please contact Aaron Ross, General Counsel by email at aross@talend.com.
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Exhibit 4.4
Translation for information purposes only
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TALEND
2017 FREE SHARE PLAN
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Approved by the Board of Directors on July 28, 2017
TABLE OF CONTENTS
1. |
IMPLEMENTATION OF THE FREE SHARE PLAN |
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2. |
DEFINITIONS |
3 |
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3. |
PURPOSE |
5 |
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4. |
BENEFICIARIES |
5 |
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5. |
NOTICE OF THE GRANT OF THE SHARES |
5 |
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6. |
VESTING PERIOD |
6 |
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6.1. |
Principle |
6 |
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6.2 |
Internal mobility |
6 |
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6.3 |
Disability |
7 |
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6.4 |
Death |
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6.5 |
Retirement |
7 |
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6.6 |
Change in Control |
7 |
7. |
HOLDING PERIOD |
9 |
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7.1 |
Principle |
9 |
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7.2 |
Specific situations |
9 |
8. |
CHARACTERISTICS OF THE SHARES |
10 |
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9. |
DELIVERY AND HOLDING OF THE SHARES |
10 |
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10. |
INTERMEDIARY OPERATIONS |
10 |
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11. |
ADJUSTMENT |
11 |
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12. |
AMENDMENT OF THE 2017 PLAN |
11 |
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12.1 |
Principle |
11 |
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12.2 |
Notice of the amendments |
11 |
13. |
TAX AND SOCIAL RULES |
11 |
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14. |
MISCELLANEOUS |
12 |
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14.1 |
Rights of Beneficiary in his or her capacity of employee or officer |
12 |
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14.2 |
Applicable law - Jurisdiction |
12 |
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14.3 |
Provisions Applicable to Beneficiaries Located Outside of France |
12 |
1. IMPLEMENTATION OF THE FREE SHARE PLAN
Pursuant to a decision dated June 6 th , 2017, the combined ordinary and extraordinary general shareholders meeting of Talend, a French société anonyme whose registered office is located at 9, rue Pages, 92150 Suresnes, registered with the French Registry of commerce and companies under number 484 175 252 R.C.S. Nanterre (hereafter referred to as the Company ) authorized the board of directors of the Company (hereafter referred to as the Board of Directors ) to grant RSUs (referred to under French law as free shares) of the Company to the benefit of employees of the Company or to certain categories of such employees, and/or to the benefit of its corporate officers who meet the conditions set forth by Article L. 225-197-1 II of the French commercial code, as well as to the benefit of employees of companies or economic interest groups whose share capital or voting rights are held, directly or indirectly, by more than ten percent (10%) by the Company at the date of grant of such shares.
The Board of Directors decided on July 28, 2017, pursuant to the abovementioned authorization of the shareholders general meeting and after review and approval by the Compensation Committee of the Board of Directors (the Compensation Committee ), to adopt this free share plan of the Company setting forth the conditions and criteria for the grant of such shares (hereafter referred to as the 2017 Plan ).
2. DEFINITIONS
Under the 2017 Plan, the following capitalized terms and expressions used in the 2017 Plan shall have the meaning ascribe to them below:
Beneficiaries |
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means the person(s) to whom the Board of Directors decided to Grant free shares as well as, as the case may be, his or her estate. |
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Bylaws |
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means the bylaws of the Company as in force from time to time. |
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Cause |
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means the occurrence of any of the following: (i) an act of dishonesty made by the Beneficiary in connection with the Beneficiarys responsibilities as an employee, (ii) the Beneficiarys conviction of, or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other act of moral turpitude, (iii) the Beneficiarys violation of any federal, state, or securities law or regulation in a manner detrimental to the business of any member of the Group or of any federal, state, or securities law or regulation applicable to the business of any member of the Group, (iv) the Beneficiarys unauthorized use or disclosure of any proprietary information or trade secrets of the Group or any other party to whom the Beneficiary owes an obligation of nondisclosure as a result of the Beneficiarys relationship with the Group, (v) the Beneficiarys willful and gross misconduct that is or could be materially injurious to any member of the Group, (vi) a material breach of any confidentiality agreement or invention assignment agreement between Beneficiary and any member of the Group, or (vii) the Beneficiarys continued failure to perform the Beneficiarys employment duties (other than a failure resulting from the Beneficiarys Disability) after the Beneficiary has received a written demand of performance from the Company which specifically sets forth the factual basis for the Companys belief that the Beneficiary has not substantially performed the Beneficiarys duties and has failed to cure such non-performance to the Companys satisfaction within 10 business days after receiving such notice. |
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Change in Control |
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means any of the following events: (i) a merger of the Company into another corporation which is not controlled by the shareholders controlling the Company immediately before the completion of the relevant merger, (ii) the sale by one or several shareholders of the Company, acting alone or in concert, to any acquirer of a number of Shares resulting in a transfer of more than fifty percent (50%) of the Shares and voting rights of the Company to said acquirer, or (iii) the sale of all or almost all assets of the Company to any acquirer which are not controlled by the Company or its shareholders. |
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Change in Control Period |
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means the period beginning three months prior to and ending 12 months following the Change in Control. |
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Disability |
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means the disability of a Beneficiary corresponding to the second or third categories set forth in article L. 341-4 of the French social security code 1 . A Beneficiary shall not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to comply with the above definition and satisfy the Company in its discretion. |
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Grant |
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means the decision of the Board of Directors to grant free Shares ( actions gratuites ) to Beneficiary(ies) under the 2017 Plan; provided that such Grant shall constitute a right to acquire Shares for free upon expiration of their Vesting Period subject to compliance with the terms and conditions of the 2017 Plan and the Grant Notice. |
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Grant Date |
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means the date when the Board of Directors decided to grant free Shares ( actions gratuites ) under the 2017 Plan. |
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Grant Notice |
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means, in case of a Grant, the information notice sent by the Company to the relevant Beneficiaries in order to inform them of the Grant to them of free Shares by the Company under the 2017 Plan, as set forth in Article 5 of the 2017 Plan (including any applicable exhibits and appendices attached hereto). |
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Group |
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means the Company together with all its affiliated entities within the meaning of article L. 225-197-2 of the French commercial code. |
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Holding Period |
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means, with respect to a free Share granted to a Beneficiary under the 2017 Plan, the period (if any) starting from its Vesting Date as set forth in such Beneficiarys Grant Notice. |
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Involuntary Termination |
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means the termination of the Beneficiarys Presence by the Company or any of the companies of the Group without Cause (and not by reason of the Beneficiarys death or Disability) |
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Presence |
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means the presence of the Beneficiary in his or her capacity of employee and/or corporate officer of the Company or of any of the companies of the Group. |
1 Note : As at the date of adoption of this 2017 Plan by the Board of Directors, the second or third categories of disable persons set forth in article L. 341-4 of the French social security code are as follows: (i) a disable person unable to carry out any responsibilities and functions or (ii), in addition to being disable under (i) above, a disable person forced to call upon a third party in order to carry out the tasks necessary for everyday life.
Shareholders Authorization |
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means the authorization granted by the shareholders of the Company, at its meeting held on June 6, 2017, pursuant to its thirteenth resolution, to the Board of Directors to grant free Shares. |
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Shares |
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means the ordinary shares issued or to be issued by the Company representing its share capital, whether any such shares is represented by American Depository Receipts ( ADRs ) or not. |
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Trading Day |
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means, if applicable, in case and when the Company becomes listed on the French regulated market of Euronext in Paris during the Vesting Period (or, if any, the Holding Period) 2 , the working days when shares are traded on such market, other than days when the listings end prior to the usual closing hour. |
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Vesting Date |
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means, with respect to a free Share granted to a Beneficiary under the 2017 Plan, the date when such free Share is definitively acquired by the relevant Beneficiary as set forth in his or her Grant Notice. |
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Vesting Period |
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means, with respect to a free Share granted to a Beneficiary under the 2017 Plan, the period from the Grant Date to the Vesting Date as set forth in the Grant Notice of the relevant Beneficiary. |
3. PURPOSE
The purpose of the 2017 Plan is to set forth the terms and conditions for the Grant of free Shares in compliance with articles L. 225-197-1 et seq. of the French commercial code and the Shareholders Authorization.
4. BENEFICIARIES
Pursuant to the Shareholders Authorization, the Board of Directors shall (i) select the list of Beneficiaries among the Companys eligible officers and employees as well as the eligible officers and employees of companies in which it holds, directly or indirectly, at least ten percent (10%) of the share capital and voting rights and (ii) determine the number of free Shares granted to each of them.
5. NOTICE OF THE GRANT OF THE SHARES
In case of a Grant, a Grant Notice must be sent to each relevant Beneficiary by the Board of Directors (or by any delegate thereof) by registered mail (postage prepaid, return receipt requested), by electronic delivery managed by a qualified e-certification provider ( prestataire de services de certification électronique ) or by hand delivery with acknowledgement of receipt, together with a copy of the 2017 Plan, which notice shall specify, in particular, the number of Shares granted for free to the Beneficiary, their Vesting Period and, as the case may be, their Holding Period, as well as any country-specific provisions applicable to the Grant pursuant to Article 14.2 below.
The Beneficiary shall acknowledge receipt of the Grant Notice and of the 2017 Plan by returning signed copies of these documents within two (2) months from the date of receipt, the documents
2 Note: As at the date of execution of the 2017 Plan, the Company is not listed on the French regulated market of Euronext in Paris.
being deemed to have been received by Beneficiary on the date of first delivery. Failing which, the Grant to the relevant Beneficiary shall be null and void.
The fact that a person may benefit from the 2017 Plan does not imply that he or she shall benefit from any other plan that may be implemented thereafter.
6. VESTING PERIOD
6.1. Principle
Any free Share granted under the 2017 Plan shall be definitively acquired by the relevant Beneficiary upon expiration of its Vesting Period, subject to the following conditions being met:
· continued Presence of the relevant Beneficiary during the whole Vesting Period (the Continuous Presence Condition ); provided that, should the Continuous Presence Condition no longer be met during the relevant Vesting Period, the relevant Beneficiary shall definitely and irrevocably lose his or her right to acquire the relevant Shares granted to him or her on the date when such condition is no longer met; and
· as the case may be, satisfaction of performance conditions (the Performance Conditions ) to be determined by the Board of Directors, in its sole discretion, and set forth in the Grant Notice of the relevant Beneficiary;
provided that, at any time during an Vesting Period, the Board of Directors may, in its sole discretion, decide to waive and release the relevant Beneficiary of the Continuous Presence Condition and/or, as the case may be, the Performance Conditions with respect to all or part of his or her free Shares; and
provided further that, pursuant to article L. 225-197-1 of the French commercial code, with respect to any free Share granted under the 2017 Plan: (a) the Vesting Period should be equal to at least one year and (b) the total duration of its Vesting Period and the Holding Period (if any) shall be equal to at least two years from the Grant Date (e.g., in case there is no Holding Period, the Vesting Period shall be equal to at least two years from the Grant Date).
For purposes of the Continuous Presence Condition, should the relevant Beneficiary be at the same time an employee and a corporate officer of the same company or of two companies of the Group, the loss of one of these functions during a Vesting Period shall not result in the loss of the right to acquire the relevant free Shares at the end of the relevant Vesting Period.
Pursuant to Article L. 225-197-3 of the French commercial code, during a Vesting Period, the Beneficiaries hold against the Company a right to acquire the relevant free Shares granted to him or her, which right is personal and may not be transferred until the end of the relevant Vesting Period.
Prior to the completion of a Vesting Period of free Shares, the Beneficiaries do not own the relevant free Shares granted to them and, thus, are not shareholders of the Company with respect to such Shares, nor hold any rights attached to the existing Shares issued by the Company.
6.2 Internal mobility
In the event of transfer or temporary assignment of the Beneficiary within a company of the Group during an Vesting Period, resulting in (i) the termination of the initial employment agreement or arrangement and the entering into of a new employment agreement or arrangement or of a position as corporate officer, and/or (ii) a resignation of the Beneficiary from his or her position as
corporate officer and the acceptance of a new position of corporate officer or the entering into of a new employment agreement or arrangement in one of such companies, the Continuous Presence Condition of the relevant Beneficiary shall be deemed satisfied for purposes of Article 5 above so that the relevant Beneficiary shall retain his or her right to acquire free Shares at the end of the relevant Vesting Period.
6.3 Disability
In the event of Disability before the end of a Vesting Period, the relevant free Shares shall be definitively acquired by the relevant Beneficiary on the date of his or her Disability.
6.4 Death
In the event of death of a Beneficiary during a Vesting Period, the relevant free Shares shall be definitively acquired on the date of a request for acquisition ( demande dattribution des actions ) notified to the Company by his or her estate; provided that such request shall be notified to the Company within six (6) months from the date of death of the relevant Beneficiary in compliance with Article L. 225-197-3 of the French commercial code.
6.5 Retirement
In the event of retirement of a Beneficiary during a Vesting Period, the Board of Directors of the Company may decide, effective on the date of such retirement, that all or part of the conditions set forth in Article 6.1 above applicable to the relevant Beneficiary pursuant to his or her Grant Notice shall be waived or deemed met for all or part of the relevant Shares granted to him or her; provided , however, that the Continuous Presence Condition of the relevant Beneficiary shall have been satisfied between the Grant Date of the relevant free Shares and the date of his or her retirement.
6.6 Change in Control
Unless otherwise provided by the Board of Directors, an agreement between a Group company and the Beneficiary or in the applicable Grant Notice, in the event of a Change in Control:
(i) Where the successor corporation or parent or subsidiary of the successor corporation does not agree to assume or substitute for any outstanding Grant, for each Grant that is not assumed or substituted for and for which the consummation of the Change in Control occurs, should the Change in Control occur before the first anniversary of the Grant Date : all the Shares shall become fully and definitely acquired by the relevant Beneficiary on the first anniversary of the Grant Date; provided that (a) the Continuous Presence Condition shall be satisfied on the first anniversary of the Grant Date, (b) if not satisfied earlier, the Performance Conditions (if any) shall be satisfied automatically as if the Performance Conditions were achieved at target levels of performance on the first anniversary of the Grant Date, and (c) the relevant Shares shall be automatically subject to a mandatory additional 1-year Holding Period starting on the first anniversary of the Grant Date.
(ii) Where the successor corporation or parent or subsidiary of the successor corporation does not agree to assume or substitute for any outstanding Grant, for each Grant that is not assumed or substituted for and for which the consummation of the Change in Control occurs, should the Change in Control occur on or after the first anniversary of the Grant Date : all the Shares shall become fully and definitely acquired by the relevant Beneficiary on the date of completion of the Change in Control (such date being the Vesting Date for purposes of this paragraph (ii)); provided that , should the date of completion date of the
relevant Change in Control occur between the first and the second anniversary of the Grant Date, (a) the Continuous Presence Condition shall be satisfied on the completion date of the Change in Control, (b) if not satisfied earlier, the Performance Conditions (if any) shall be satisfied automatically as if the Performance Conditions were achieved at target levels of performance on the completion date of the Change in Control and (c) the relevant Shares shall be automatically subject to a mandatory additional Holding Period starting on the completion date of the Change in Control until the second anniversary of the Grant Date.
(iii) Notwithstanding anything in Article 6.6(i) or (ii) to the contrary, and except as would otherwise result in adverse tax consequences under Section 409A of the U.S. Internal Revenue Code ( Section 409A ), at any time prior to the completion date of the Change in Control, the Board of Directors may, in its sole discretion, provide for different treatment of free Shares in connection with a Change in Control, including, without limitation, cancelling all or part of the free Shares not yet acquired and paying instead to the relevant Beneficiaries a gross indemnity equal to the number of relevant free Shares (and Performance Conditions (if any) shall be satisfied automatically as if the Performance Conditions were achieved at target levels of performance) times the price per Share paid by the acquirer in the Change in Control, subject to such conditions as the Board of Directors determines in its discretion. The Board of Directors shall not be required to treat all Grants similarly for purposes of this Article 6.6.
(iv) For the purposes of this Article 6.6, a Grant will be considered assumed or substituted if, (a) following the Change in Control, the Grant confers the right to receive, for each Free Share subject to the Grant immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) or the fair market value, as determined by the Board of Directors in good faith, of the consideration received in the Change in Control by holders of ordinary shares of the Company for each such share held on the effective date of the transaction; provided, however, that if such consideration received in the Change in Control is not solely common stock or ordinary shares of the successor corporation or its parent, the Board of Directors may, with the consent of the successor corporation, provide that the consideration to be received for each Free Share shall be solely common stock or ordinary shares of the successor corporation or its parent equal in fair market value, as determined by the Board of Directors in good faith, to the per share consideration received by holders of ordinary shares of the Company in the Change in Control; (b) any securities of the successor corporation or its parent forming part of the Grant following the Change in Control are freely tradable on a major stock exchange; and (c) the Grant otherwise remains subject to the same terms and conditions that were applicable to the Grant immediately prior to the Change in Control.
Unless a Beneficiary is a party to a contract with the Company or any member of the Group providing for more favorable benefits, where the successor corporation or parent or subsidiary of the successor corporation does agree to assume or substitute for any outstanding Grant, in the event that an Involuntary Termination of a Beneficiary occurs within the Change in Control Period, and subject to the terms of the following paragraph (a) the Continuous Presence Condition shall be satisfied on the 55 th day following such Involuntary Termination (or, if later and if necessary to satisfy any applicable Laws, the first anniversary of the Grant Date), (b) if not satisfied earlier, the Performance Conditions (if any) shall be satisfied automatically as if the Performance Conditions were achieved at target levels of performance on the 55 th following such Involuntary Termination (or, if later and if necessary to satisfy any applicable Laws, the first anniversary of the Grant Date), and (c) to the extent necessary to satisfy any applicable laws, the relevant Shares (or any securities substituted therefor) shall be automatically subject to a mandatory additional 1-year Holding Period starting on the first anniversary of the Grant Date.
The receipt of the benefits set forth in the immediately preceding paragraph is subject to the Beneficiary signing and not revoking the Companys then-standard separation agreement and release of claims (which may include an agreement not to disparage any member of the Group, non-solicit provisions, and other standard terms and conditions) (the Release and such requirement, the Release Requirement ), which must become effective and irrevocable no later than the 60th day following the Beneficiarys Involuntary Termination (the Release Deadline ). In addition, with respect to any Beneficiary that is a U.S. taxpayer, to the extent the benefits under the preceding paragraph qualify as deferred compensation under Section 409A, they will not be provided until the Beneficiary has a separation from service (within the meaning of Section 409A) and if the Beneficiary is a specified employee within the meaning of Section 409A, then the benefits will be delayed to the extent necessary to avoid the imposition of the additional tax imposed under Section 409A, which means that the Beneficiary will receive payment on the date that is six months and one day following the Executives separation from service, or, if earlier, the Beneficiarys death. Each benefit is intended to constitute a separate payment for purposes of U.S. Treasury Regulation Section 1.409A-2(b)(2).
7. HOLDING PERIOD
7.1 Principle
During a Holding Period of free Shares, if any, the relevant Beneficiaries will be the owner of the free Shares granted under the 2017 Plan and will be shareholders of the Company. As a consequence, they will benefit from all the rights granted to shareholders of the Company.
However, the free Shares shall not be available during a Holding Period and the Beneficiaries may not transfer or pledge the Shares, by any means, or convert them into bearer form.
At the end of a Holding Period, the relevant Shares will be fully available, subject to the provisions of the following paragraph.
If and when the Companys shares become listed on a French regulated market of Euronext in Paris (if applicable), at the end of a Holding Period, the free Shares granted under the 2017 Plan may not be transferred during the black-out periods set forth in Article L. 225-197-1 of the French commercial code, i.e., as currently provided:
· within ten (10) Trading Days before and three (3) Trading Days after the date on which the consolidated accounts are published or, in case the Company is not required to prepare consolidated accounts, its annual statutory accounts are published;
· during the period between (i) the date when the Companys management has knowledge of information which, if publicly known, could have a significant impact on the price of the Shares, and (ii) the date following a ten (10) Trading Day period after the date on which the relevant information is released publicly.
7.2 Specific situations
As an exception to the second paragraph of Article 7.1 above, the free Shares granted to the Beneficiaries referred to in Article 6.3 above or to the beneficiaries of a deceased Beneficiary referred to in Article 6.4 above may be freely transferred as from the date when the relevant Shares become acquired pursuant to Article 6.3 or 6.4, as applicable.
8. CHARACTERISTICS OF THE SHARES
The Shares definitively acquired shall be, at the Companys option, new ordinary shares to be issued by the Company or existing ordinary Shares acquired by the Company.
As from its Vesting Date, an acquired Share shall be subject to all the provisions of the Bylaws.
An acquired Share shall be assimilated to existing ordinary shares of the Company and shall benefit from the same rights as from its Vesting Date.
In compliance with article L. L225-197-1, I of the French commercial code, the Board of Directors has determined that, should a Beneficiary be an officer of the Company (i.e., managing director ( directeur général ) or deputy managing director ( directeur général délégué ), the relevant Beneficiary shall keep in registered form ( nominatif pur ) at least 10% of his or her free Shares until the termination of his or her functions as officer of the Company.
9. DELIVERY AND HOLDING OF THE SHARES
At the end of a Vesting Period, the Company shall deliver to the Beneficiary the relevant free Shares granted under the 2017 Plan provided that the conditions provided by Articles 5 and 6 above are met.
If a Vesting Date is not a working day, the delivery of the Shares shall be completed the first working day following the end of the relevant Vesting Period.
The Shares that may be acquired under the 2017 Plan will be held, during the Holding Period (if any), under the registered form ( nominatif pur ) in an individual account opened in the name of the relevant Beneficiary at BNP Paribas Securities Services with a mention that they cannot be transferred prior to the expiration of the Holding Period (if any).
If and when the Company becomes listed on the French regulated market of Euronext in Paris (if applicable), at the end of a Holding Period (or the end of a Vesting Period if there is no Holding Period), the relevant Shares will have to remain under the nominative form ( nominatif pur ) at BNP Paribas Securities Services until the time they are transferred to make sure that the restrictions set forth in the last paragraph of Article 7.1 above are complied with. The conversion of the Shares in another form (bearer form or nominatif administré ) is not allowed under the rules of the 2017 Plan.
In the event that, as a consequence of the Grant of free Shares under the 2017 Plan, the Company or any of the companies of the Group shall be compelled to pay taxes, social costs or any other social security taxes or contributions in the name and on behalf of a Beneficiary, the Company retains the right to postpone or to forbid the delivery of the Shares on the Vesting Date until the relevant Beneficiary has paid to the Company or to the relevant company of the Group the amount corresponding to these taxes, social costs, or social security taxes or contributions.
10. INTERMEDIARY OPERATIONS
In the event of an exchange of shares of the Company without payment in cash ( soulte ) resulting from a merger or spin-off of the Company completed in compliance with the applicable laws during a Vesting Period or a Holding Period, the parties receiving the shares of the Company in the relevant transaction shall substitute to the Company for purposes of the free Shares granted under the 2017 Plan and the terms and conditions of the 2017 Plan, including in particular the durations of the Vesting Period and of the Holding Period (if any) shall survive and apply to the rights and shares received by the Beneficiaries from the relevant receiving parties in compliance with article L. 225-197-1 III of the French commercial code.
Further, provisions of the previous paragraph shall apply mutatis mudandis in case of an exchange of shares of the Company resulting from a tender offer, a division or a grouping of shares completed during the Holding Period (if any) in compliance with applicable laws.
11. ADJUSTMENT
Should the Company proceed, during a Vesting Period, to an amortization, to a decrease of its share capital, to an amendment of the allocation of its profits among its shareholders, to a Grant of free Shares to all its then existing shareholders, to a capitalization of reserves, profits or issue premiums, to an allocation of reserves or to an issuance of equity securities or giving right to the allocation of equity securities including a preferential subscription right reserved to the shareholders, the maximum number of Shares granted under the 2017 Plan may be adjusted in order to take into account the impact of such operation by application, mutatis mutandis , of the adjustment provisions set forth under applicable French law to the holders of stock options ( options de souscription ou dachat dactions ).
Each Beneficiary shall be informed of the terms of the relevant adjustment and of the consequences on the free Shares granted to him or her under the 2017 Plan; provided that the additional new free Shares which would be granted to him or her as a result of such adjustment shall be governed by the 2017 Plan.
12. AMENDMENT OF THE 2017 PLAN
12.1 Principle
The 2017 Plan may be amended by the Board of Directors at any time; provided that no amendment, alteration, suspension or termination of the 2017 Plan shall impair the rights of any Beneficiary without the prior written consent of the relevant Beneficiary.
In case of any amendment during a Vesting Period, the amended provisions shall apply to the Beneficiaries of the Shares effective on the date of the decision to amend the 2017 Plan taken by the Board of Directors or, if applicable, the written consent of the Beneficiary.
12.2 Notice of the amendments
Any amendment to the 2017 Plan shall be notified to the Beneficiaries by any written means, including by regular mail, fax or e-mail.
13. TAX AND SOCIAL RULES
The Beneficiary shall bear all taxes and costs imposed on him or her under applicable laws in connection with the Grant of free Shares to him or her under the 2017 Plan and shall pay such taxes and costs when due.
Each Beneficiary shall be sole liable with respect to any filing imposed on him or her in connection with the Grant of the free Shares to him or her under the 2017 Plan.
14. MISCELLANEOUS
14.1 Rights of Beneficiary in his or her capacity of employee or officer
Neither the 2017 Plan nor any right granted to a Beneficiary in connection with the Grant of free Shares shall confer upon such Beneficiary any right with respect to continuing the Beneficiarys employment or his term of office with the Company or any company of the Group, nor shall they interfere in any way with the Beneficiarys right or the Companys or company of the Groups right, as the case may be, to terminate or amend such employment or such term of office at any time, with or without cause.
14.2 Applicable law - Jurisdiction
The 2017 Plan shall be governed by and construed in accordance with the laws of France. The relevant court of the registered office of the Company shall be exclusively competent to determine any claim or dispute arising in connection herewith
14.3 Provisions Applicable to Beneficiaries Located Outside of France
To facilitate compliance with laws and the administration of the 2017 Plan in countries outside of France, the Board of Directors may (i) establish subplans and modify the terms and conditions of, as well as the procedures and rules applicable to, Grants of free Shares to Beneficiaries residing and/or providing services outside of France and in particular locations, and (ii) take any action, before or after Grant is made, that it deems advisable to obtain approval or comply with any necessary local governmental regulatory exemptions or approvals. Without limiting the generality of the foregoing, the Board of Directors may adopt rules, procedures and subplans with provisions that (A) limit or modify rights on eligibility to receive a Grant under the 2017 Plan or rights applicable upon death, disability, retirement, termination of employment and Change in Control, and (B) address the payment of income tax, social insurance contributions and payroll taxes, withholding procedures and handling of any indicia of ownership of the Shares which may vary with local requirements.
Acknowledgement of 2017 Plan
By accepting a Grant under the 2017 Plan through the Companys electronic acceptance procedure, the Beneficiary represents that he or she has been provided with a copy of the 2017 Plan which he or she has perused and acknowledges and agrees that the provisions of the 2017 Plan apply to and are enforceable against him or her.
Exhibit 4.5
[Talends letterhead]
[Beneficiarys name] |
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[Personal address] |
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On [ · ] 2017 |
By electronic delivery
Re:
[Madam/Sir],
We are pleased to inform you (the Beneficiary ) that, pursuant to the authorization granted by the shareholders of Talend, a French société anonyme (the Company ) at their meeting held on June 6 th , 2017, the Companys board of directors (the Board ), during its meeting held on [ · ], 2017, has granted you a total number ( Total Grant ) of [ · ] free shares ( actions gratuites ) of the Company (the RSUs ), par value EUR 0.08 each, subject to the terms and conditions of this Grant Notice (including any applicable exhibits and appendices attached hereto) (the Grant Notice ) and the plan approved by the Board on July 28, 2017 (the 2017 Plan ), a copy of which is attached hereto. Unless otherwise defined herein, capitalized terms used in this Grant Notice have the same meanings given to such terms in the 2017 Plan.
The RSUs are governed by articles L. 225-197-1 et seq. of the French commercial code. They are not part of the employment agreement or of the office which has allowed you to be granted the RSUs, nor do they constitute an element of your remuneration.
In compliance with the 2017 Plan and applicable French law, the acquisition of your RSUs will be effective and final (i.e., the underlying Shares will be issued to you and be your property) as they vest during the Vesting Period (as described below), unless you cease to be an [employee/officer] of the Group for any reason whatsoever during the Vesting Period and thus the Continuous Presence Condition set forth in the 2017 Plan is not met; provided, however, that the acquisition date of your RSUs may be accelerated under certain terms and conditions as set forth in the 2017 Plan; and provided further, however, that the acquisition date of your RSUs may be accelerated in accordance with the terms of certain Company policies affecting Beneficiary and/or agreements between any member of the Group and Beneficiary, including, without limitation, any change of control and severance agreement between any member of the Group and Beneficiary.
Unless otherwise elected on the election form on Appendix 1 (the Election Form ), the Vesting Period of your RSUs is as follows:
Vesting Period |
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Vested RSUs |
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[February/May/August/November] 15, 20[ year of Grant + 2 years ] ( First Vesting Date ) |
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50% of Total Grant |
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Quarterly thereafter until the end of the second anniversary of the First Vesting Date |
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6.25% of Total Grant |
Upon effective acquisition of your RSUs and except otherwise set forth in the 2017 Plan or the Election Form, your RSUs will not be subject to an additional Holding Period.
The other terms and conditions of your RSUs are further detailed in the 2017 Plan. In addition, depending on your jurisdiction of residency and/or work, other terms and conditions may apply to your RSUs, as set out in the attached Exhibits A and B.
Moreover, if you timely complete and return the Election Form in the attached Appendix 1, certain additional terms may apply to your RSUs that will supersede the provisions set forth in this Grant Notice.
In order to effect the Grant of RSUs to you, please sign and return to us via our electronic acceptance procedure no later than on [ notice date + 30 days ] 2017 one copy of (i) this Grant Notice (together with duly executed copy of the Election Form , if applicable) and (ii) the 2017 Plan, failing which the above Grant shall be null and void as from such date.
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Yours sincerely, |
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[ · ] |
Acknowledgement of Grant Notice
By accepting the Grant through the Companys electronic acceptance procedure, the Beneficiary represents that he or she has perused this Grant Notice (including Exhibits A and B, as well as Appendix 1, if applicable) which he or she accepts, and acknowledges that he or she is bound by this Grant Notice as from the date of such acceptance.
Exhibit A
to
Grant Notice
Talend 2017 Free Share Plan
Provisions for All Beneficiaries
This Exhibit A includes additional (or if so indicated, different) terms and conditions that govern the RSUs.
1. Non-Transferability of RSUs . The RSUs may not be transferred in any manner otherwise than by will or by the laws of descent or distribution. The terms of the 2017 Plan and this Grant Notice shall be binding upon the executors, administrators, heirs, successors and assignees of the Beneficiary.
2. Tax Obligations .
(a) Responsibility for Taxes. The Beneficiary acknowledges that, regardless of any action taken by the Company or, if different, the Beneficiarys employer (the Employer ), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Beneficiarys participation in the 2017 Plan and legally applicable to the Beneficiary ( Tax-Related Items ) is and remains the Beneficiarys responsibility and may exceed the amount actually withheld by the Company or the Employer, if any. The Beneficiary further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant of the RSUs, the acquisition of the Shares, the lifting of any restrictions on the Shares, the subsequent sale of the Shares acquired under the 2017 Plan and the receipt of any dividends or other distributions on the Shares, and (ii) do not commit to and are under no obligation to structure the terms of the Grant or any aspect of the RSUs to reduce or eliminate the Beneficiarys liability for Tax-Related Items or achieve any particular tax result. The Beneficiary acknowledges and agrees that the Company may refuse to deliver the Shares or the proceeds of the sale of Shares if the Beneficiary fails to comply with the Beneficiarys obligations in connection with the Tax-Related Items.
(b) Tax Withholding . Prior to any relevant taxable or tax withholding event, as applicable, the Beneficiary agrees to make appropriate arrangements with the Company and/or the Employer for the satisfaction of all Tax-Related Items. In this regard, to the extent permissible under local law, the Beneficiary authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the withholding obligation for Tax-Related Items by one or a combination of the following:
(i) requiring the Beneficiary to tender a cash payment to the Company or the Employer in the amount of the Tax-Related Items;
(ii) withholding from the Beneficiarys wages or other cash compensation paid to the Beneficiary by the Company or the Employer;
(iii) withholding from proceeds of the sale of Shares acquired under the 2017 Plan, either through a voluntary sale or through a mandatory sale arranged by the Company (on the Beneficiarys behalf pursuant to this authorization without further consent); and/or
(iv) any other method permitted under the 2017 Plan and applicable law.
The withholding obligation for Tax-Related Items with respect to RSUs acquired prior to the second anniversary of the Date of Grant (if any) shall be satisfied by Beneficiary tendering a cash payment to the Company or the Employer in the amount of the Tax-Related Items.
Unless the Cash Default Withholding box is checked on the Election Form, the withholding obligation for Tax-Related Items with respect to RSUs acquired on or after the first anniversary of the First Vesting Date (as defined in the Election Form) shall be satisfied through a mandatory sale arranged by the Company (on Beneficiarys behalf pursuant to this authorization without further consent) until otherwise determined by the Board in its sole discretion.
Depending on the withholding method and to the extent permitted under the 2017 Plan and applicable law, the Company and/or the Employer may withhold or account for Tax-Related Items by considering minimum statutory withholding amounts or other applicable withholding rates, including maximum rates applicable in a jurisdiction (in which case the Beneficiary will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent amount in Shares).
If the Beneficiary is subject to Tax-Related Items in more than one jurisdiction, the Beneficiary acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
3. Nature of Grant . In accepting the Grant, the Beneficiary acknowledges, understands and agrees that:
(a) the 2017 Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the 2017 Plan and this Grant Notice;
(b) the Grant of the RSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past;
(c) all decisions with respect to future RSU grants, if any, will be at the sole discretion of the Company;
(d) the Beneficiarys participation in the 2017 Plan shall not create a right to further employment with the Employer and shall not interfere with the ability of the Employer to terminate the Beneficiarys employment relationship at any time with or without cause;
(e) the Beneficiary is voluntarily participating in the 2017 Plan;
(f) the RSUs and the Shares subject to the RSUs, and the income and value of the same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of the Beneficiarys employment contract, if any;
(g) the RSUs and the Shares subject to the RSUs, and the income and value of the same, are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long service awards, pension or retirement benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or the Employer;
(h) the RSUs and the Shares subject to the RSUs are not intended to replace any pension rights or compensation;
(i) the RSU grant will not be interpreted to form an employment contract with the Company, the Employer or any affiliated entity of the Company;
(j) the future value of the underlying Shares is unknown and cannot be predicted with certainty;
(k) no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from termination of the Beneficiarys Presence (regardless of the reason for the termination and whether or not the termination is later found to be invalid or in breach of employment laws in the jurisdiction where the Beneficiary is employed or the terms of the Beneficiarys employment agreement, if any);
(l) in the event of termination of the Beneficiarys Presence, the Beneficiarys right to receive the RSUs and to acquire the relevant Shares, if any, will terminate effective as of the date the Beneficiary receives notice of termination regardless of when such termination is effective; the Company shall have the exclusive discretion to determine when the Beneficiarys Presence has terminated for purposes of the RSUs; any period of notice, or compensation in lieu of such notice, that is given or ought to have been given under any contract, statute, common law or civil law shall be excluded from the period of the Beneficiarys Presence; and
(m) neither the Company nor any of its affiliated entities shall be liable for any foreign exchange fluctuation between the Beneficiarys local currency and the United States dollar or any other currency that may affect the value of the RSUs, or the value of any amount due to the Beneficiary pursuant to the RSUs or the subsequent sale of any Shares acquired under the 2017 Plan.
4. No Advice Regarding Grant. The Company is not providing any tax, legal, or financial advice nor is the Company making any recommendations regarding the Beneficiarys participation in the 2017 Plan or the Beneficiarys acquisition or sale of the underlying Shares. The Beneficiary should consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the 2017 Plan.
5. Data Privacy . The Beneficiary hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Beneficiarys personal data as described in this document by and among, as applicable, the Employer, the Company and its affiliated entities for the exclusive purpose of implementing, administering and managing the Beneficiarys participation in the 2017 Plan.
The Beneficiary understands that the Company and the Employer may hold certain personal information about the Beneficiary, including, but not limited to, the Beneficiarys name, home address and telephone number, e-mail address, date of birth, social insurance number or other identification number (e.g., resident registration number), salary, nationality, passport number, job title, any shares or directorships held in the Company, details of all RSUs or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Beneficiarys favor (Data), for the exclusive purpose of implementing, administering and managing the 2017 Plan.
The Beneficiary understands that Personal Data may be transferred to Solium Shareworks or any other third parties assisting in the implementation, administration and management of the 2017 Plan. The Beneficiary understands that the recipients of Data may be located in the United States or elsewhere, and that the recipients country may have different data privacy laws and protections than the Beneficiarys country. When required for transfers of the Data to a recipient located in a country outside of the EU, the Company implements adequate legal safeguards such as appropriate contractual clauses. The Beneficiary understands that he or she may request a list with the names and addresses of any potential recipients of Data, as well as confirmation of the legal safeguards implemented and a copy of the contractual clauses securing the transfer, if any by
contacting the Beneficiarys local human resources representative. The Beneficiary authorizes the Company, Solium Shareworks and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the 2017 Plan to receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Beneficiarys participation in the 2017 Plan, including any requisite transfer of such Data to Solium Shareworks or another third party with whom the Beneficiary may elect to deposit any Shares received under the 2017 Plan.
The Beneficiary understands that Data will be held only as long as is necessary to implement, administer and manage the Beneficiarys participation in the 2017 Plan. The Beneficiary understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data, exercise its rights to erasure and restriction, right to object, right to Data portability or refuse or withdraw the consents herein, in any case without cost, by contacting the Beneficiarys local human resources representative.
Further, the Beneficiary understands that he or she is providing the consents herein on a purely voluntary basis. If the Beneficiary does not consent, or if the Beneficiary later seeks to withdraw his or her consent, his or her employment status would not be affected; the only consequence of refusing or withdrawing consent is that the Company would not be able to grant the RSUs to the Beneficiary or administer or maintain the RSUs. Therefore, the Beneficiary understands that refusing or withdrawing the Beneficiarys consent may affect the Beneficiarys ability to participate in the 2017 Plan. For more information on the consequences of refusal to consent or withdrawal of consent, the Beneficiary may contact the Beneficiarys local human resources representative. Beneficiary also has the right to lodge a complaint with a supervisory authority in relation to the processing of his Data.
6. Country-Specific Provisions . The RSUs and any Shares subject to or acquired pursuant to the RSUs shall be subject to any special terms and conditions set forth for the Beneficiarys country in Exhibit B . Moreover, if the Beneficiary relocates to one of the countries included in Exhibit A, the special terms and conditions for such country will apply to the Beneficiary to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.
7. Imposition of Other Requirements . The Company reserves the right to impose other requirements on the RSUs and any Shares subject to or acquired upon vesting of the RSUs, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Beneficiary to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
8. Exchange Control, Tax and/or Foreign Asset/Account Reporting . The Beneficiary acknowledges that there may be exchange control, tax, foreign asset and/or account reporting requirements which may affect the Beneficiarys ability to acquire or hold Shares acquired under the 2017 Plan or cash received from participating in the 2017 Plan (including from any dividends or other distributions paid on Shares acquired under the Plan) in a brokerage/bank account or legal entity outside the Beneficiarys country. The Beneficiary may be required to report such accounts, assets, the balances therein, the value thereof and/or the transactions related thereto to the tax or other authorities in Beneficiarys country. The Beneficiary also may be required to repatriate sale proceeds or other funds received as a result of participation in the 2017 Plan to the Beneficiarys country through a designated bank or broker or within a certain time after receipt. The Beneficiary acknowledges that it is his or her responsibility to be compliant with such regulations.
9. Insider Trading Restrictions / Market Abuse Laws . The Beneficiary acknowledges that he or she may be subject to insider trading restrictions and/or market abuse laws which may affect the Beneficiarys ability to acquire or sell Shares or rights to Shares (e.g., the RSUs) during such
times as the Beneficiary is considered to have insider information regarding the Company (as defined by any applicable law). Any restriction under these laws or regulations is separate from and in addition to any restriction that may be imposed under any applicable Company insider trading policy.
10. Electronic Delivery and Participation . The Company may, in its sole discretion, decide to deliver any documents related to the RSUs and participation in the 2017 Plan by electronic means or to request the Beneficiarys consent to participate in the 2017 Plan by electronic means. The Beneficiary hereby consents to receive such documents by electronic delivery and agrees to participate in the 2017 Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company.
11. Waiver . The Beneficiary acknowledges that a waiver by the Company of breach of any provision of this Grant Notice shall not operate or be construed as a waiver of any other provision of this Grant Notice or of any subsequent breach by the Beneficiary or any other Beneficiary.
12. Entire Agreement . The 2017 Plan is incorporated herein by reference. The 2017 Plan and this Grant Notice constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Beneficiary with respect to the subject matter hereof, and may not be modified adversely to the Beneficiarys interest except by means of a writing signed by the Company and the Beneficiary.
13. Governing Law; Venue . This Grant Notice is governed by the laws of the Republic of France. Any claim or dispute arising under the 2017 Plan or this Grant Notice shall be subject to the exclusive jurisdiction of the court competent for the place of the registered office of the Company.
14. U.S. Taxpayers . The following provisions apply if the Beneficiary is subject to taxation in the United States without regard to the country of residence of the Beneficiary.
(a) The Shares that become definitively acquired (vest) pursuant to Article 6 of the 2017 Plan shall be issued to the Beneficiary upon the date they become definitely acquired (vest) and in any event no later than 45 days thereafter. Nothing in the foregoing shall prevent the Holding Period from applying to the Shares that are issued to the Beneficiary or shall otherwise contravene any provisions contained in Article 7.
(b) It is intended that the RSUs are exempt from or compliant with Section 409A of the U.S. Internal Revenue Code (together with any U.S. Department of Treasury Regulations promulgated and other interpretive guidance issued thereunder, including, without limitation, any such regulations or other guidance that may be issued after the date hereof and any proposed regulations on which taxpayers may rely) ( Section 409A ), and the 2017 Plan and this Grant Notice shall be interpreted, construed and operated to reflect such intent. However, notwithstanding any other provision of the 2017 Plan or this Grant Notice, the Board shall have the right in its sole discretion (without any obligation to do so) to adopt such amendments to the 2017 Plan and/or this Grant Notice, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as it determines are necessary or appropriate for the RSUs to comply with the requirements of Section 409A. The Company does not make any representation to the Beneficiary or any other party that the RSUs satisfy the requirements of Section 409A and will have no liability or other obligation to indemnify or hold harmless the Beneficiary or any other party for any tax, additional tax, interest or penalties that the Beneficiary or any other party may incur in the event that any provision of the 2017 Plan and/or this Grant Notice, or any amendment or modification thereof or any other action taken with respect thereto, is deemed to violate any of the requirements of Section 409A.
Exhibit B
to
Grant Notice
Talend 2017 Free Share Plan
Country-Specific Provisions for Beneficiaries Outside of France
This Exhibit B includes additional (or if so indicated, different) terms and conditions that govern the RSUs if the Beneficiary is in one of the countries listed herein. If the Beneficiary is a citizen or resident of a country (or if the Beneficiary is considered as such for local law purposes) other than the one in which the Beneficiary is currently residing and/or working, or if the Beneficiary transfers to another country after being granted the RSUs, the Company will, in its discretion, determine the extent to which the terms and conditions contained herein will be applicable to the Beneficiary.
CANADA
Securities Law Notification . The Beneficiary is permitted to sell the Shares acquired under the 2017 Plan through the designated broker appointed under the 2017 Plan, if any, provided the re-sale of the Shares acquired under the 2017 Plan takes place outside of Canada through the facilities of a securities exchange on which the Shares are listed. The Shares are currently listed on the NASDAQ.
The following provisions will also apply to Beneficiaries who are resident in Quebec :
Data Privacy . The following provision supplements Section 5 (Data Privacy) of Exhibit A to the Grant Notice:
The Beneficiary hereby authorizes the Company and the Companys representatives to discuss with and obtain all relevant information from all personnel, professional or non-professional, involved in the administration and operation of the 2017 Plan. The Beneficiary further authorizes the Company, any of its affiliated entities, as well as a third party service provider, to disclose and discuss the 2017 Plan with their advisors and to record all relevant information and keep such information in Beneficiarys employee file.
Language Consent . The parties acknowledge that it is their express wish that the Grant Notice, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.
Consentement Relatif à la Langue Utilisée. Les parties reconnaissent avoir expressement souhaité que la convention Grant Notice, ainsi que tous les documents, avis et procédures judiciaries, éxecutés, donnés ou intentés en vertu de, ou liés, directement ou indirectement à la présente convention, soient rédigés en langue anglaise.
DENMARK
Stock Option Act . The Beneficiary acknowledges that he or she has received an Employer Statement in Danish which sets forth additional terms applicable to the RSUs, to the extent that the Danish Stock Option Act applies to the RSUs.
GERMANY
No country-specific provisions.
INDIA
No country-specific provisions.
IRELAND
No country-specific provisions.
ITALY
Data Privacy. The following provision replaces in its entirety Section 5 (Data Privacy) of Exhibit A to the Grant Notice:
The Beneficiary understands that the Employer, the Company, and its affiliated entities may hold certain personal information about the Beneficiary, including the Beneficiarys name, home address and telephone number, e-mail address, date of birth, social insurance number or other identification number (e.g., resident registration number), salary, nationality, passport number, job title, any shares or directorships held in the Company, details of all RSUs or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Beneficiarys favor ( Data ), for the exclusive purpose of implementing, administering and managing the 2017 Plan.
The Beneficiary also understands that providing the Company with Data is necessary for the performance of the 2017 Plan and that the Beneficiarys refusal to provide Data would make it impossible for the Company to perform its contractual obligations and may affect the Beneficiarys ability to participate in the 2017 Plan. The Controller of personal data processing is Talend, with its principal operating offices at 800 Bridge Parkway, Suite 200, Redwood City, California 94065, and its representative in Italy is Talend Italy S.r.l., with its office at Milano (MI) Foro, Buonaparte 70 Cap 20121 .
The Beneficiary understands that Data will not be publicized, but it may be transferred to banks, other financial institutions or brokers involved in the management and administration of the 2017 Plan. The Beneficiary further understands that the Company and its affiliated entities will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Beneficiarys participation in the 2017 Plan, and that the Company and/or its affiliated entities may each further transfer Data to third parties assisting the Company in the implementation, administration and management of the 2017 Plan, including any requisite transfer to a broker or another third party with whom the Beneficiary may elect to deposit any Shares acquired under the 2017 Plan. Such recipients may receive, possess, use, retain and transfer Data in electronic or other form, for the purposes of implementing, administering and managing the Beneficiarys participation in the 2017 Plan. The Beneficiary understands that these recipients may be located in the European Economic Area, or elsewhere, such as the United States. Should the Company exercise its discretion in suspending all necessary legal obligations connected with the management and administration of the 2017 Plan, the Beneficiary understands that the Company will delete Data as soon as it has accomplished all the necessary legal obligations connected with the management and administration of the 2017 Plan.
The Beneficiary understands that Data processing related to the purposes specified above shall take place under automated or non-automated conditions, anonymously when possible, that comply with the purposes for which Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations, with specific reference to Legislative Decree no. 196/2003.
The processing activity, including communication, the transfer of Data abroad, including outside of the European Economic Area, as herein specified and pursuant to applicable laws and regulations, does not require the Beneficiarys consent thereto as the processing is necessary to performance of contractual obligations related to implementation, administration and management
of the 2017 Plan. The Beneficiary understands that, pursuant to Section 7 of the Legislative Decree no. 196/2003, the Beneficiary has the right to, including but not limited to, access, delete, update, ask for rectification of Data and cease, for legitimate reason, any processing of Data. Furthermore, the Beneficiary is aware that Data will not be used for direct marketing purposes. In addition, Data may be reviewed and questions or complaints can be addressed by contacting the Beneficiarys local human resources department.
Plan Document Acknowledgement. The Beneficiary acknowledges that the Beneficiary has been given access to the 2017 Plan, has reviewed the 2017 Plan and the Grant Notice in their entirety and fully understands and accepts all provisions of the 2017 Plan and the Grant Notice. Further the Beneficiary specifically and expressly approves the following clauses of Exhibit A to the Grant Notice: Section 2 - Tax Obligations; Section 7 - Imposition of Other Requirements; Section 10 - Electronic Delivery and Participation; Section 14 - Governing Law; Venue.
JAPAN
No country-specific provisions.
NETHERLANDS
No country-specific provisions.
SINGAPORE
Securities Law Notification . The grant of the RSUs under the 2017 Plan is being made pursuant to the Qualifying Person exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ( SFA ) and is not made with a view to the Shares being subsequently offered for sale to any other party. The 2017 Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore. The Beneficiary should note that the RSUs are subject to section 257 of the SFA and the Beneficiary will not be able to make (i) any subsequent sale of the Shares in Singapore or (ii) any offer of such subsequent sale of the Shares subject to the RSUs in Singapore, unless such sale or offer is made (a) more than six months after the date of Grant or (b) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA (Chapter 289, 2006 Ed.).
CEO and Director Notification Information. If the Beneficiary is the Chief Executive Officer ( CEO ) or a director, associate director or shadow director of an affiliated entity of the Company in Singapore (a Singapore Entity ), the Beneficiary is subject to certain notification requirements under the Singapore Companies Act. Among these requirements is an obligation to notify the Singapore Entity in writing when the Beneficiary receives an interest ( e.g. , RSUs, Shares) or disposes of an interest in the Company or any related companies. These notifications must be made within two business days of (i) acquiring or disposing of any interest in the Company or any of its affiliated entities or (ii) becoming the CEO or a director, associate director or shadow director if such an interest exists at that time.
SPAIN
Nature of Grant. The following provision supplements Section 3 (Nature of Grant) of Exhibit A to the Grant Notice:
By accepting the RSUs, the Beneficiary acknowledges that her or she has received a copy of the 2017 Plan.
The Beneficiary further acknowledges, understands and agrees that the Company has unilaterally, gratuitously and discretionally decided to grant RSUs under the 2017 Plan to employees of the
Company and its affiliated entities throughout the world. The decision to grant the RSUs is a limited decision that is entered into upon the express assumption and condition that any Grant will not economically or otherwise bind the Company or any of its affiliated entities on an ongoing basis other than as set forth in this Grant Notice. Consequently, the Beneficiary understands that any Grant is given on the assumption and condition that it shall not become a part of any employment contract (either with the Company or any of its affiliated entities) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Further, the Beneficiary understands and freely accepts that there is no guarantee that any benefit shall arise from any gratuitous and discretionary grant since the future value of the RSUs and the Shares is unknown and unpredictable.
Additionally, the Beneficiary understands that the right to acquire the Shares subject to the RSUs is expressly conditioned on his or her continued and active rendering of service to the Employer (or the Company or an affiliated entity) such that if the Beneficiarys employment terminates for any reason whatsoever (except as expressly provided in Articles 6.3 and 6.4 of the 2017 Plan), the Beneficiary will definitely and irrevocably lose his or her right to acquire the relevant Shares as described in the 2017 Plan. This will be the case, for example, even if (a) the Beneficiary is considered to be unfairly dismissed without good cause (i.e., subject to a despido improcedente ); (b) the Beneficiary is dismissed for disciplinary or objective reasons or due to a collective dismissal; (c) the Beneficiary terminates service due to a change of work location, duties or any other employment or contractual condition; (d) the Beneficiary terminates service due to the Companys or any of its affiliated entitys unilateral breach of contract; or (e) the Beneficiarys employment terminates for any other reason whatsoever. Consequently, upon termination of the Beneficiarys employment for any of the above reasons, the Beneficiary will automatically lose the right to any Shares that have not been definitively acquired by the Beneficiary prior to the date of termination of employment.
Finally, the Beneficiary understands that this Grant would not be made to the Beneficiary but for the assumptions and conditions referred to herein; thus, the Beneficiary acknowledges and freely accepts that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any Grant of RSUs shall be null and void.
Securities Law Notification. No offer of securities to the public, as defined under Spanish law, has taken place or will take place in the Spanish territory in connection with the RSUs. This Grant Notice has not been nor will it be registered with the Comisión Nacional del Mercado de Valores , and does not constitute a public offering prospectus.
SWITZERLAND
Securities Law Notification. The Grant of the RSUs and the issuance of any Shares is not intended to be a public offering in Switzerland. Neither this document nor any other materials relating to the RSUs constitute a prospectus as such term is understood pursuant to article 652a of the Swiss Code of Obligations, and neither this document nor any other materials relating to the RSUs may be publicly distributed nor otherwise made publicly available in Switzerland. Neither this document nor any other offering or marketing material relating to the RSUs have been or will be filed with, or approved or supervised by, any Swiss regulatory authority (in particular, the Swiss Financial Market Supervisory Authority (FINMA)).
UNITED KINGDOM
Tax Obligations . The following provision supplements Section 2 (Tax Obligations) of Exhibit A to the Grant Notice:
Without limitation to Section 2 of Exhibit A, the Beneficiary agrees that the Beneficiary is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items as and when requested by the Company or any affiliated entity or by Her Majestys Revenue and Customs ( HMRC ) (or
any other tax authority or any other relevant authority). The Beneficiary also agrees to indemnify and keep indemnified the Company and any affiliated entity against any Tax-Related Items that they are required to pay or withhold on the Beneficiarys behalf or have paid or will pay to HMRC (or any other tax authority or any other relevant authority).
Section 431 Election . The Beneficiary acknowledges and agrees that if requested by the Company or the Employer, the Beneficiary will enter into, jointly with the Employer, the joint election within Section 431 of the U.K. Income Tax (Earnings and Pensions) Act 2003 ( ITEPA 2003 ) in respect of computing any tax charge on the acquisitions of restricted securities (as defined in Sections 423 and 424 of ITEPA 2003), and the Beneficiary will not revoke such election at any time. If applicable, this election will be to treat the Shares as if they were not restricted securities (for U.K. tax purposes only).
UNITED STATES
No country-specific provisions.
Appendix 1
to
Grant Notice
Talend 2017 Free Share Plan
Election Form
I am completing this election form (the Election Form ) in connection with the receipt of the RSUs that are the subject of the Grant Notice (the RSUs ) and electing to designate one or both of the following (each, an Election Term ):
· The Vesting Period that applies to my RSUs; and/or
· The default method for satisfying the Tax-Related Items for the Shares I acquire under the RSUs
Vesting Period
o By checking this box, I hereby elect for the following Vesting Period to apply to the RSUs in lieu of the Vesting Period set forth in the Grant Notice.
Vesting Period |
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Vested RSUs |
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Holding Period |
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[February/May/August/November] 15, 20[ year of Grant + 1 year ] (the First Vesting Date ) |
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25% of Total Grant |
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Holding Period from the First Vesting Date to [February/May/August/November] 15, 20[ year of Grant + 2 years ] (the Mandatory Date ). |
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Quarterly thereafter until the end of the third anniversary of the First Vesting Date |
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6.25% of Total Grant |
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For any RSUs that vest before the Mandatory Date, then a Holding Period shall apply to the relevant RSUs from their Vesting Date to the Mandatory Date. |
Acknowledgements
By checking the box immediately above, I acknowledge and agree to the following:
1. For any RSUs that I acquire before the Mandatory Date, I agree to satisfy any applicable withholding obligation of any related Tax-Related Items by tendering a cash payment to the Company or the Employer in the amount of the Tax-Related Items in advance of such vesting date. If I fail to make the appropriate arrangements for the payment of any Tax-Related Items when any of these RSUs otherwise are supposed to vest or Tax-Related Items related to RSUs otherwise are due, to the extent permissible under applicable law, the Company may refuse to deliver the Shares or the proceeds of the sale of Shares.
2. The acquisition date of my RSUs may be accelerated under certain terms and conditions as set forth in the 2017 Plan, or in accordance with the terms of certain Company policies affecting me and/or agreements between any member of the Group and me, including, without limitation, any change of control and severance agreement between any member of the Group and me.
3. Any Shares that vest before the Mandatory Date pursuant to the Vesting Period above shall be subject to an additional mandatory Holding Period starting on the relevant Vesting Date and
expiring on the Mandatory Date. During the Holding Period, I agree and acknowledge that I will not have the ability to dispose of the Shares prior to expiration of the Holding Period to cover the cost of such Tax-Related Items or any other tax obligations associated with the RSUs I acquire prior to the expiration of the Holding Period.
4. My election on this Election Form with respect to the Vesting Period is irrevocable with respect to the RSUs. A new separate Election Form must be submitted with respect to any future grant of restricted stock units.
5. I understand that I may, if I choose, check the box under the Vesting Period and not the box under the Default Tax Withholding Mechanism.
Default Tax Withholding Mechanism
o By checking this box, I hereby elect that, to the extent permitted by applicable law, I shall satisfy any withholding obligation of any Tax-Related Items for any Shares I acquire under my RSUs on or after the Mandatory Date by tendering a cash payment to the Company or the Employer in the amount of the Tax-Related Items in advance of such date (the Cash Default Withholding ).
Acknowledgements
By checking the box immediately above, I acknowledge and agree to the following:
1. Except as otherwise restricted by applicable law, my election of the Cash Default Withholding is irrevocable with respect to the RSUs unless and until otherwise approved by the Board. A new separate Election Form must be submitted with respect to any future grant of restricted stock units.
2. If I fail to make the appropriate arrangements for the payment of any Tax-Related Items via the Cash Default Withholding when the RSUs otherwise are supposed to vest or Tax-Related Items related to RSUs otherwise are due, to the extent permissible under applicable law, the Company may refuse to deliver the Shares or the proceeds of the sale of Shares.
3. I understand that I may, if I choose, check the box under the Default Tax Withholding Mechanism but not the box under the Vesting Period.
I have received the Grant Notice and 2017 Plan. I have carefully read, understand and agree to be bound by all of the terms and conditions of the Grant Notice and 2017 Plan. The Company has advised me to consult my legal, accountant and/or financial advisor before making any decision about the Election Form .
Nothing herein will be construed as a right to my continued employment or service with the Company or any affiliated entity of the Company for any period and my employment or service may be terminated at any time by me or the Company or my Employer, with or without cause or notice, subject to the provisions of applicable law.
Unless this form is timely completed properly and returned to the Company by [ notice date + 30 days ], 2017, the RSUs will be granted and issued subject to the terms of the Grant Notice and the 2017 Plan, and this Election Form will have no impact.
Capitalized terms used herein will have the meaning ascribed to them in the Grant Notice or the 2017 Plan, unless otherwise defined herein.
Exhibit 4.6
[Talends letterhead]
[Beneficiarys name] |
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[Personal address] |
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On [ · ] 2017 |
By electronic delivery
Re:
[Madam/Sir],
We are pleased to inform you (the Beneficiary ) that, pursuant to the authorization granted by the shareholders of Talend, a French société anonyme (the Company ) at their meeting held on June 6 th , 2017, the Companys board of directors (the Board ), during its meeting held on [ · ], 2017, has granted you a total number of [ · ] free shares ( actions gratuites ) of the Company (the RSUs ), par value EUR 0.08 each, subject to the terms and conditions of this Grant Notice (including any applicable exhibits and appendices attached hereto) (the Grant Notice ) and the plan approved by the Board on July 28, 2017 (the 2017 Plan ), a copy of which is attached hereto. Unless otherwise defined herein, capitalized terms used in this Grant Notice have the same meanings given to such terms in the 2017 Plan.
The RSUs are governed by articles L. 225-197-1 et seq. of the French commercial code. They are not part of the employment agreement or of the office which has allowed you to be granted the RSUs, nor do they constitute an element of your remuneration.
In compliance with the 2017 Plan and applicable French law, you will be entitled to acquire effectively and finally all or part of your RSUs (i.e., the underlying shares will be issued to you and be your property) upon the relevant Vesting Date below subject to the following calendar and performance conditions, and further subject to any election you make on the election form attached as Appendix 1 (the Election Form ):
(i) 40% [for initial grant, use 50%] of the Number of Vested Shares (as defined below) (which number shall be rounded down to the nearest full number) on [February/May/August/November] 15, 20[ year of Grant + 2 years ] (the First Vesting Date ); and
(ii) then, 7.5% [for initial grant, use 6.25%] of the Number of Vested Shares (which number shall be rounded down to the nearest full number) upon the expiration date of each quarter (i.e., each 3-month period) elapsed between the First Vesting Date and the second anniversary of the First Vesting Date (any such expiration date being defined as a Quarterly Vesting Date and together with the First Vesting Date, a Vesting Date );
provided that the Number of Vested Shares means the number of RSUs which you effectively will be entitled to acquire on the applicable Vesting Date, calculated as follows:
Number of Vested Shares = X% x NFS
where:
(i) NFS is equal to the total number of RSUs granted to you, i.e., [ · ] RSUs;
(ii) X% shall be equal to:
· 0% in case the Company Net New ACV (as defined below) is inferior to [80% of target], so that the Number of Vested Shares shall be equal to zero (0) and you will not be entitled to acquire any Shares;
· 33% in case the Company Net New ACV is equal to [80% of target];
· 100% in case the Company Net New ACV is equal to [120% of target]; and
provided that , should the Company Net New ACV be between [80% of target] and [120% of target], X% shall be scaled linearly from 33% to 100%;
provided further that:
· Should the Number of Vested Shares have decimals, such number shall be rounded down to the nearest whole number;
· for purposes of calculation of the Number of Vested Shares, the Board, in its sole discretion, shall determine the final amount of the Company Net New ACV and the Company shall notify (the Company Notice ) such amount to you no later than five (5) business days prior to the First Vesting Date, which notice shall also specify the Number of Vested Shares, which amount shall be final and binding and not subject to contest or appeal; and
· Should the Number of Vested Shares be less than the total number of RSUs granted to you, you shall lose your right to acquire the balance of your RSUs that is less than the Number of Vested Shares effective on the earlier of (a) the date of the Company Notice or (b) the First Vesting Date.
For purposes hereof, Company Net New ACV means, with respect to the fiscal year ending December 31 in the year of the Grant Date: (i) New ACV Bookings , defined as the annualized value of new software subscription bookings realized in the period with both new and existing customers, from which is subtracted (ii) the Transacted ACV Churn Bookings, defined as the net annualized value of subscription bookings that are either (a) not renewed or (b) renewed for a lesser subscription value during the period as compared the prior software subscription value for such customer. Both New ACV Bookings and Transacted ACV Churn bookings are aggregated at the current year budget FX rate.
The acquisition of the relevant Number of Vested Shares on the applicable Vesting Date is further subject to your Continuous Presence Condition set forth in the 2017 Plan being met upon such Vesting Date (i.e., you shall have not ceased to be an officer of the group for any reason whatsoever upon such Vesting Date); provided , however, that the Vesting Date of your RSUs may be accelerated under certain terms and conditions as set forth in the 2017 Plan; and provided further , however, that the Vesting Date of your RSUs may be accelerated in accordance with the terms of certain Company policies affecting Beneficiary and/or agreements between any member of the Group and Beneficiary, including, without limitation, any change of control and severance agreement between any member of the Group and Beneficiary.
Upon effective acquisition of your RSUs and except otherwise set forth in the 2017 Plan or the Election Form, your RSUs will not be subject to an additional Holding Period.
The other terms and conditions of your RSUs are further detailed in the 2017 Plan. In addition, depending on your jurisdiction of residency and/or work, other terms and conditions may apply to your RSUs, as set out in the attached Exhibits A and B.
Moreover, if you timely complete and return the Election Form in the attached Appendix 1, certain additional terms may apply to your RSUs that will supersede the provisions set forth in this Grant Notice.
In order to effect the Grant of RSUs to you, please sign and return to us via our electronic acceptance procedure no later than on [ notice date + 30 days ] 2017 one copy of (i) this Grant Notice (together with duly executed copy of the Election Form , if applicable) and (ii) the 2017 Plan, failing which the above Grant shall be null and void as from such date.
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Yours sincerely, |
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[ · ] |
Acknowledgement of Grant Notice
By accepting the Grant through the Companys electronic acceptance procedure, the Beneficiary represents that he or she has perused this Grant Notice (including Exhibits A and B, as well as Appendix 1, if applicable) which he or she accepts, and acknowledges that he or she is bound by this Grant Notice as from the date of such acceptance.
Exhibit A
to
Grant Notice
Talend 2017 Free Share Plan
Provisions for All Beneficiaries
This Exhibit A includes additional (or if so indicated, different) terms and conditions that govern the RSUs.
1. Non-Transferability of RSUs . The RSUs may not be transferred in any manner otherwise than by will or by the laws of descent or distribution. The terms of the 2017 Plan and this Grant Notice shall be binding upon the executors, administrators, heirs, successors and assignees of the Beneficiary.
2. Tax Obligations .
(a) Responsibility for Taxes. The Beneficiary acknowledges that, regardless of any action taken by the Company or, if different, the Beneficiarys employer (the Employer ), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Beneficiarys participation in the 2017 Plan and legally applicable to the Beneficiary ( Tax-Related Items ) is and remains the Beneficiarys responsibility and may exceed the amount actually withheld by the Company or the Employer, if any. The Beneficiary further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant of the RSUs, the acquisition of the Shares, the lifting of any restrictions on the Shares, the subsequent sale of the Shares acquired under the 2017 Plan and the receipt of any dividends or other distributions on the Shares, and (ii) do not commit to and are under no obligation to structure the terms of the Grant or any aspect of the RSUs to reduce or eliminate the Beneficiarys liability for Tax-Related Items or achieve any particular tax result. The Beneficiary acknowledges and agrees that the Company may refuse to deliver the Shares or the proceeds of the sale of Shares if the Beneficiary fails to comply with the Beneficiarys obligations in connection with the Tax-Related Items.
(b) Tax Withholding . Prior to any relevant taxable or tax withholding event, as applicable, the Beneficiary agrees to make appropriate arrangements with the Company and/or the Employer for the satisfaction of all Tax-Related Items. In this regard, to the extent permissible under local law, the Beneficiary authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the withholding obligation for Tax-Related Items by one or a combination of the following:
(i) requiring the Beneficiary to tender a cash payment to the Company or the Employer in the amount of the Tax-Related Items;
(ii) withholding from the Beneficiarys wages or other cash compensation paid to the Beneficiary by the Company or the Employer;
(iii) withholding from proceeds of the sale of Shares acquired under the 2017 Plan, either through a voluntary sale or through a mandatory sale arranged by the Company (on the Beneficiarys behalf pursuant to this authorization without further consent); and/or
(iv) any other method permitted under the 2017 Plan and applicable law.
The withholding obligation for Tax-Related Items with respect to RSUs acquired prior to the second anniversary of the Date of Grant (if any) shall be satisfied by Beneficiary tendering a cash payment to the Company or the Employer in the amount of the Tax-Related Items.
Unless the Cash Default Withholding box is checked on the Election Form, the withholding obligation for Tax-Related Items with respect to RSUs acquired on or after the first anniversary of the First Vesting Date (as defined in the Election Form) shall be satisfied through a mandatory sale arranged by the Company (on Beneficiarys behalf pursuant to this authorization without further consent) until otherwise determined by the Board in its sole discretion.
Depending on the withholding method and to the extent permitted under the 2017 Plan and applicable law, the Company and/or the Employer may withhold or account for Tax-Related Items by considering minimum statutory withholding amounts or other applicable withholding rates, including maximum rates applicable in a jurisdiction (in which case the Beneficiary will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent amount in Shares).
If the Beneficiary is subject to Tax-Related Items in more than one jurisdiction, the Beneficiary acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
3. Nature of Grant . In accepting the Grant, the Beneficiary acknowledges, understands and agrees that:
(a) the 2017 Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the 2017 Plan and this Grant Notice;
(b) the Grant of the RSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past;
(c) all decisions with respect to future RSU grants, if any, will be at the sole discretion of the Company;
(d) the Beneficiarys participation in the 2017 Plan shall not create a right to further employment with the Employer and shall not interfere with the ability of the Employer to terminate the Beneficiarys employment relationship at any time with or without cause;
(e) the Beneficiary is voluntarily participating in the 2017 Plan;
(f) the RSUs and the Shares subject to the RSUs, and the income and value of the same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which are outside the scope of the Beneficiarys employment contract, if any;
(g) the RSUs and the Shares subject to the RSUs, and the income and value of the same, are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long service awards, pension or retirement benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or the Employer;
(h) the RSUs and the Shares subject to the RSUs are not intended to replace any pension rights or compensation;
(i) the RSU grant will not be interpreted to form an employment contract with the Company, the Employer or any affiliated entity of the Company;
(j) the future value of the underlying Shares is unknown and cannot be predicted with certainty;
(k) no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from termination of the Beneficiarys Presence (regardless of the reason for the termination and whether or not the termination is later found to be invalid or in breach of employment laws in the jurisdiction where the Beneficiary is employed or the terms of the Beneficiarys employment agreement, if any);
(l) in the event of termination of the Beneficiarys Presence, the Beneficiarys right to receive the RSUs and to acquire the relevant Shares, if any, will terminate effective as of the date the Beneficiary receives notice of termination regardless of when such termination is effective; the Company shall have the exclusive discretion to determine when the Beneficiarys Presence has terminated for purposes of the RSUs; any period of notice, or compensation in lieu of such notice, that is given or ought to have been given under any contract, statute, common law or civil law shall be excluded from the period of the Beneficiarys Presence; and
(m) neither the Company nor any of its affiliated entities shall be liable for any foreign exchange fluctuation between the Beneficiarys local currency and the United States dollar or any other currency that may affect the value of the RSUs, or the value of any amount due to the Beneficiary pursuant to the RSUs or the subsequent sale of any Shares acquired under the 2017 Plan.
4. No Advice Regarding Grant. The Company is not providing any tax, legal, or financial advice nor is the Company making any recommendations regarding the Beneficiarys participation in the 2017 Plan or the Beneficiarys acquisition or sale of the underlying Shares. The Beneficiary should consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the 2017 Plan.
5. Data Privacy . The Beneficiary hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Beneficiarys personal data as described in this document by and among, as applicable, the Employer, the Company and its affiliated entities for the exclusive purpose of implementing, administering and managing the Beneficiarys participation in the 2017 Plan.
The Beneficiary understands that the Company and the Employer may hold certain personal information about the Beneficiary, including, but not limited to, the Beneficiarys name, home address and telephone number, e-mail address, date of birth, social insurance number or other identification number (e.g., resident registration number), salary, nationality, passport number, job title, any shares or directorships held in the Company, details of all RSUs or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Beneficiarys favor (Data), for the exclusive purpose of implementing, administering and managing the 2017 Plan.
The Beneficiary understands that Personal Data may be transferred to Solium Shareworks or any other third parties assisting in the implementation, administration and management of the 2017 Plan. The Beneficiary understands that the recipients of Data may be located in the United States or elsewhere, and that the recipients country may have different data privacy laws and protections than the Beneficiarys country. When required for transfers of the Data to a recipient located in a country outside of the EU, the Company implements adequate legal safeguards such as appropriate contractual clauses. The Beneficiary understands that he or she may request a list with the names and addresses of any potential recipients of Data, as well as confirmation of the legal safeguards implemented and a copy of the contractual clauses securing the transfer, if any by
contacting the Beneficiarys local human resources representative. The Beneficiary authorizes the Company, Solium Shareworks and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the 2017 Plan to receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Beneficiarys participation in the 2017 Plan, including any requisite transfer of such Data to Solium Shareworks or another third party with whom the Beneficiary may elect to deposit any Shares received under the 2017 Plan.
The Beneficiary understands that Data will be held only as long as is necessary to implement, administer and manage the Beneficiarys participation in the 2017 Plan. The Beneficiary understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data, exercise its rights to erasure and restriction, right to object, right to Data portability or refuse or withdraw the consents herein, in any case without cost, by contacting the Beneficiarys local human resources representative.
Further, the Beneficiary understands that he or she is providing the consents herein on a purely voluntary basis. If the Beneficiary does not consent, or if the Beneficiary later seeks to withdraw his or her consent, his or her employment status would not be affected; the only consequence of refusing or withdrawing consent is that the Company would not be able to grant the RSUs to the Beneficiary or administer or maintain the RSUs. Therefore, the Beneficiary understands that refusing or withdrawing the Beneficiarys consent may affect the Beneficiarys ability to participate in the 2017 Plan. For more information on the consequences of refusal to consent or withdrawal of consent, the Beneficiary may contact the Beneficiarys local human resources representative. Beneficiary also has the right to lodge a complaint with a supervisory authority in relation to the processing of his Data .
6. Country-Specific Provisions . The RSUs and any Shares subject to or acquired pursuant to the RSUs shall be subject to any special terms and conditions set forth for the Beneficiarys country in Exhibit B . Moreover, if the Beneficiary relocates to one of the countries included in Exhibit A, the special terms and conditions for such country will apply to the Beneficiary to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.
7. Imposition of Other Requirements . The Company reserves the right to impose other requirements on the RSUs and any Shares subject to or acquired upon vesting of the RSUs, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Beneficiary to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
8. Exchange Control, Tax and/or Foreign Asset/Account Reporting . The Beneficiary acknowledges that there may be exchange control, tax, foreign asset and/or account reporting requirements which may affect the Beneficiarys ability to acquire or hold Shares acquired under the 2017 Plan or cash received from participating in the 2017 Plan (including from any dividends or other distributions paid on Shares acquired under the Plan) in a brokerage/bank account or legal entity outside the Beneficiarys country. The Beneficiary may be required to report such accounts, assets, the balances therein, the value thereof and/or the transactions related thereto to the tax or other authorities in Beneficiarys country. The Beneficiary also may be required to repatriate sale proceeds or other funds received as a result of participation in the 2017 Plan to the Beneficiarys country through a designated bank or broker or within a certain time after receipt. The Beneficiary acknowledges that it is his or her responsibility to be compliant with such regulations.
9. Insider Trading Restrictions / Market Abuse Laws . The Beneficiary acknowledges that he or she may be subject to insider trading restrictions and/or market abuse laws which may affect the Beneficiarys ability to acquire or sell Shares or rights to Shares (e.g., the RSUs) during such
times as the Beneficiary is considered to have insider information regarding the Company (as defined by any applicable law). Any restriction under these laws or regulations is separate from and in addition to any restriction that may be imposed under any applicable Company insider trading policy.
10. Electronic Delivery and Participation . The Company may, in its sole discretion, decide to deliver any documents related to the RSUs and participation in the 2017 Plan by electronic means or to request the Beneficiarys consent to participate in the 2017 Plan by electronic means. The Beneficiary hereby consents to receive such documents by electronic delivery and agrees to participate in the 2017 Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company.
11. Waiver . The Beneficiary acknowledges that a waiver by the Company of breach of any provision of this Grant Notice shall not operate or be construed as a waiver of any other provision of this Grant Notice or of any subsequent breach by the Beneficiary or any other Beneficiary.
12. Entire Agreement . The 2017 Plan is incorporated herein by reference. The 2017 Plan and this Grant Notice constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Beneficiary with respect to the subject matter hereof, and may not be modified adversely to the Beneficiarys interest except by means of a writing signed by the Company and the Beneficiary.
13. Governing Law; Venue . This Grant Notice is governed by the laws of the Republic of France. Any claim or dispute arising under the 2017 Plan or this Grant Notice shall be subject to the exclusive jurisdiction of the court competent for the place of the registered office of the Company.
14. U.S. Taxpayers . The following provisions apply if the Beneficiary is subject to taxation in the United States without regard to the country of residence of the Beneficiary.
(n) The Shares that become definitively acquired (vest) pursuant to Article 6 of the 2017 Plan shall be issued to the Beneficiary upon the date they become definitely acquired (vest) and in any event no later than 45 days thereafter. Nothing in the foregoing shall prevent the Holding Period from applying to the Shares that are issued to the Beneficiary or shall otherwise contravene any provisions contained in Article 7.
(o) It is intended that the RSUs are exempt from or compliant with Section 409A of the U.S. Internal Revenue Code (together with any U.S. Department of Treasury Regulations promulgated and other interpretive guidance issued thereunder, including, without limitation, any such regulations or other guidance that may be issued after the date hereof and any proposed regulations on which taxpayers may rely) ( Section 409A ), and the 2017 Plan and this Grant Notice shall be interpreted, construed and operated to reflect such intent. However, notwithstanding any other provision of the 2017 Plan or this Grant Notice, the Board shall have the right in its sole discretion (without any obligation to do so) to adopt such amendments to the 2017 Plan and/or this Grant Notice, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as it determines are necessary or appropriate for the RSUs to comply with the requirements of Section 409A. The Company does not make any representation to the Beneficiary or any other party that the RSUs satisfy the requirements of Section 409A and will have no liability or other obligation to indemnify or hold harmless the Beneficiary or any other party for any tax, additional tax, interest or penalties that the Beneficiary or any other party may incur in the event that any provision of the 2017 Plan and/or this Grant Notice, or any amendment or modification thereof or any other action taken with respect thereto, is deemed to violate any of the requirements of Section 409A.
Exhibit B
to
Grant Notice
Talend 2017 Free Share Plan
Country-Specific Provisions for Beneficiaries Outside of France
This Exhibit B includes additional (or if so indicated, different) terms and conditions that govern the RSUs if the Beneficiary is in one of the countries listed herein. If the Beneficiary is a citizen or resident of a country (or if the Beneficiary is considered as such for local law purposes) other than the one in which the Beneficiary is currently residing and/or working, or if the Beneficiary transfers to another country after being granted the RSUs, the Company will, in its discretion, determine the extent to which the terms and conditions contained herein will be applicable to the Beneficiary.
CANADA
Securities Law Notification . The Beneficiary is permitted to sell the Shares acquired under the 2017 Plan through the designated broker appointed under the 2017 Plan, if any, provided the re-sale of the Shares acquired under the 2017 Plan takes place outside of Canada through the facilities of a securities exchange on which the Shares are listed. The Shares are currently listed on the NASDAQ.
The following provisions will also apply to Beneficiaries who are resident in Quebec :
Data Privacy . The following provision supplements Section 5 (Data Privacy) of Exhibit A to the Grant Notice:
The Beneficiary hereby authorizes the Company and the Companys representatives to discuss with and obtain all relevant information from all personnel, professional or non-professional, involved in the administration and operation of the 2017 Plan. The Beneficiary further authorizes the Company, any of its affiliated entities, as well as a third party service provider, to disclose and discuss the 2017 Plan with their advisors and to record all relevant information and keep such information in Beneficiarys employee file.
Language Consent . The parties acknowledge that it is their express wish that the Grant Notice, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.
Consentement Relatif à la Langue Utilisée. Les parties reconnaissent avoir expressement souhaité que la convention Grant Notice, ainsi que tous les documents, avis et procédures judiciaries, éxecutés, donnés ou intentés en vertu de, ou liés, directement ou indirectement à la présente convention, soient rédigés en langue anglaise.
DENMARK
Stock Option Act . The Beneficiary acknowledges that he or she has received an Employer Statement in Danish which sets forth additional terms applicable to the RSUs, to the extent that the Danish Stock Option Act applies to the RSUs.
GERMANY
No country-specific provisions.
INDIA
No country-specific provisions.
IRELAND
No country-specific provisions.
ITALY
Data Privacy. The following provision replaces in its entirety Section 5 (Data Privacy) of Exhibit A to the Grant Notice:
The Beneficiary understands that the Employer, the Company, and its affiliated entities may hold certain personal information about the Beneficiary, including the Beneficiarys name, home address and telephone number, e-mail address, date of birth, social insurance number or other identification number (e.g., resident registration number), salary, nationality, passport number, job title, any shares or directorships held in the Company, details of all RSUs or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Beneficiarys favor ( Data ), for the exclusive purpose of implementing, administering and managing the 2017 Plan.
The Beneficiary also understands that providing the Company with Data is necessary for the performance of the 2017 Plan and that the Beneficiarys refusal to provide Data would make it impossible for the Company to perform its contractual obligations and may affect the Beneficiarys ability to participate in the 2017 Plan. The Controller of personal data processing is Talend, with its principal operating offices at 800 Bridge Parkway, Suite 200, Redwood City, California 94065, and its representative in Italy is Talend Italy S.r.l., with its office at Milano (MI) Foro, Buonaparte 70 Cap 20121 .
The Beneficiary understands that Data will not be publicized, but it may be transferred to banks, other financial institutions or brokers involved in the management and administration of the 2017 Plan. The Beneficiary further understands that the Company and its affiliated entities will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Beneficiarys participation in the 2017 Plan, and that the Company and/or its affiliated entities may each further transfer Data to third parties assisting the Company in the implementation, administration and management of the 2017 Plan, including any requisite transfer to a broker or another third party with whom the Beneficiary may elect to deposit any Shares acquired under the 2017 Plan. Such recipients may receive, possess, use, retain and transfer Data in electronic or other form, for the purposes of implementing, administering and managing the Beneficiarys participation in the 2017 Plan. The Beneficiary understands that these recipients may be located in the European Economic Area, or elsewhere, such as the United States. Should the Company exercise its discretion in suspending all necessary legal obligations connected with the management and administration of the 2017 Plan, the Beneficiary understands that the Company will delete Data as soon as it has accomplished all the necessary legal obligations connected with the management and administration of the 2017 Plan.
The Beneficiary understands that Data processing related to the purposes specified above shall take place under automated or non-automated conditions, anonymously when possible, that comply with the purposes for which Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations, with specific reference to Legislative Decree no. 196/2003.
The processing activity, including communication, the transfer of Data abroad, including outside of the European Economic Area, as herein specified and pursuant to applicable laws and regulations, does not require the Beneficiarys consent thereto as the processing is necessary to performance of contractual obligations related to implementation, administration and management
of the 2017 Plan. The Beneficiary understands that, pursuant to Section 7 of the Legislative Decree no. 196/2003, the Beneficiary has the right to, including but not limited to, access, delete, update, ask for rectification of Data and cease, for legitimate reason, any processing of Data. Furthermore, the Beneficiary is aware that Data will not be used for direct marketing purposes. In addition, Data may be reviewed and questions or complaints can be addressed by contacting the Beneficiarys local human resources department.
Plan Document Acknowledgement. The Beneficiary acknowledges that the Beneficiary has been given access to the 2017 Plan, has reviewed the 2017 Plan and the Grant Notice in their entirety and fully understands and accepts all provisions of the 2017 Plan and the Grant Notice. Further the Beneficiary specifically and expressly approves the following clauses of Exhibit A to the Grant Notice: Section 2 - Tax Obligations; Section 7 - Imposition of Other Requirements; Section 10 - Electronic Delivery and Participation; Section 14 - Governing Law; Venue.
JAPAN
No country-specific provisions.
NETHERLANDS
No country-specific provisions.
SINGAPORE
Securities Law Notification . The grant of the RSUs under the 2017 Plan is being made pursuant to the Qualifying Person exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ( SFA ) and is not made with a view to the Shares being subsequently offered for sale to any other party. The 2017 Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore. The Beneficiary should note that the RSUs are subject to section 257 of the SFA and the Beneficiary will not be able to make (i) any subsequent sale of the Shares in Singapore or (ii) any offer of such subsequent sale of the Shares subject to the RSUs in Singapore, unless such sale or offer is made (a) more than six months after the date of Grant or (b) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA (Chapter 289, 2006 Ed.).
CEO and Director Notification Information. If the Beneficiary is the Chief Executive Officer ( CEO ) or a director, associate director or shadow director of an affiliated entity of the Company in Singapore (a Singapore Entity ), the Beneficiary is subject to certain notification requirements under the Singapore Companies Act. Among these requirements is an obligation to notify the Singapore Entity in writing when the Beneficiary receives an interest ( e.g. , RSUs, Shares) or disposes of an interest in the Company or any related companies. These notifications must be made within two business days of (i) acquiring or disposing of any interest in the Company or any of its affiliated entities or (ii) becoming the CEO or a director, associate director or shadow director if such an interest exists at that time.
SPAIN
Nature of Grant. The following provision supplements Section 3 (Nature of Grant) of Exhibit A to the Grant Notice:
By accepting the RSUs, the Beneficiary acknowledges that her or she has received a copy of the 2017 Plan.
The Beneficiary further acknowledges, understands and agrees that the Company has unilaterally, gratuitously and discretionally decided to grant RSUs under the 2017 Plan to employees of the
Company and its affiliated entities throughout the world. The decision to grant the RSUs is a limited decision that is entered into upon the express assumption and condition that any Grant will not economically or otherwise bind the Company or any of its affiliated entities on an ongoing basis other than as set forth in this Grant Notice. Consequently, the Beneficiary understands that any Grant is given on the assumption and condition that it shall not become a part of any employment contract (either with the Company or any of its affiliated entities) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Further, the Beneficiary understands and freely accepts that there is no guarantee that any benefit shall arise from any gratuitous and discretionary grant since the future value of the RSUs and the Shares is unknown and unpredictable.
Additionally, the Beneficiary understands that the right to acquire the Shares subject to the RSUs is expressly conditioned on his or her continued and active rendering of service to the Employer (or the Company or an affiliated entity) such that if the Beneficiarys employment terminates for any reason whatsoever (except as expressly provided in Articles 6.3 and 6.4 of the 2017 Plan), the Beneficiary will definitely and irrevocably lose his or her right to acquire the relevant Shares as described in the 2017 Plan. This will be the case, for example, even if (a) the Beneficiary is considered to be unfairly dismissed without good cause (i.e., subject to a despido improcedente ); (b) the Beneficiary is dismissed for disciplinary or objective reasons or due to a collective dismissal; (c) the Beneficiary terminates service due to a change of work location, duties or any other employment or contractual condition; (d) the Beneficiary terminates service due to the Companys or any of its affiliated entitys unilateral breach of contract; or (e) the Beneficiarys employment terminates for any other reason whatsoever. Consequently, upon termination of the Beneficiarys employment for any of the above reasons, the Beneficiary will automatically lose the right to any Shares that have not been definitively acquired by the Beneficiary prior to the date of termination of employment.
Finally, the Beneficiary understands that this Grant would not be made to the Beneficiary but for the assumptions and conditions referred to herein; thus, the Beneficiary acknowledges and freely accepts that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any Grant of RSUs shall be null and void.
Securities Law Notification. No offer of securities to the public, as defined under Spanish law, has taken place or will take place in the Spanish territory in connection with the RSUs. This Grant Notice has not been nor will it be registered with the Comisión Nacional del Mercado de Valores , and does not constitute a public offering prospectus.
SWITZERLAND
Securities Law Notification. The Grant of the RSUs and the issuance of any Shares is not intended to be a public offering in Switzerland. Neither this document nor any other materials relating to the RSUs constitute a prospectus as such term is understood pursuant to article 652a of the Swiss Code of Obligations, and neither this document nor any other materials relating to the RSUs may be publicly distributed nor otherwise made publicly available in Switzerland. Neither this document nor any other offering or marketing material relating to the RSUs have been or will be filed with, or approved or supervised by, any Swiss regulatory authority (in particular, the Swiss Financial Market Supervisory Authority (FINMA)).
UNITED KINGDOM
Tax Obligations . The following provision supplements Section 2 (Tax Obligations) of Exhibit A to the Grant Notice:
Without limitation to Section 2 of Exhibit A, the Beneficiary agrees that the Beneficiary is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items as and when requested by the Company or any affiliated entity or by Her Majestys Revenue and Customs ( HMRC ) (or
any other tax authority or any other relevant authority). The Beneficiary also agrees to indemnify and keep indemnified the Company and any affiliated entity against any Tax-Related Items that they are required to pay or withhold on the Beneficiarys behalf or have paid or will pay to HMRC (or any other tax authority or any other relevant authority).
Section 431 Election . The Beneficiary acknowledges and agrees that if requested by the Company or the Employer, the Beneficiary will enter into, jointly with the Employer, the joint election within Section 431 of the U.K. Income Tax (Earnings and Pensions) Act 2003 ( ITEPA 2003 ) in respect of computing any tax charge on the acquisitions of restricted securities (as defined in Sections 423 and 424 of ITEPA 2003), and the Beneficiary will not revoke such election at any time. If applicable, this election will be to treat the Shares as if they were not restricted securities (for U.K. tax purposes only).
UNITED STATES
No country-specific provisions.
Appendix 1
to
Grant Notice
Talend 2017 Free Share Plan
Election Form
I am completing this election form (the Election Form ) in connection with the receipt of the RSUs that are the subject of the Grant Notice (the RSUs ) and electing to designate one or both of the following (each, an Election Term ):
· The Vesting Period that applies to my RSUs; and/or
· The default method for satisfying the Tax-Related Items for the Shares I acquire under the RSUs
Vesting Period
o By checking this box, I hereby elect for the following Vesting Period to apply to the RSUs in lieu of the Vesting Period set forth in the Grant Notice.
(a) 20% [for initial grant, use 25%] of the Number of Vested Shares (as defined below) (which number shall be rounded down to the nearest full number) on [February/May/August/November] 15, 20[ year of Grant + 1 year ] (the First Vesting Date ); provided that the Shares acquired on the First Vesting Date pursuant to this paragraph shall be subject to an additional mandatory Vesting Period starting on the First Vesting Date and expiring on [February/May/August/November] 15, 20[ year of Grant + 2 years ] (the Mandatory Date );
(b) 5% [for initial grant, use 6.25%] of the Number of Vested Shares (as defined below) (which number shall be rounded down to the nearest full number) upon the expiration date of each quarter (i.e., each 3-month period) (any such expiration date being defined as a Quarterly Vesting Date ) elapsed between the First Vesting Date and its first anniversary; provided that the Shares acquired before the Mandatory Date pursuant to this paragraph shall be subject to an additional mandatory Vesting Period starting on the relevant Quarterly Vesting Date and expiring on the Mandatory Date; and
(c) then, 7.5% [for initial grant, use 6.25%] of the Number of Vested Shares (as defined below) (which number shall be rounded down to the nearest full number) upon each Quarterly Vesting Date elapsed between the first and third anniversaries of the First Vesting Date (any Quarterly Vesting Date under (b) and (c), together with the First Vesting Date, being defined as a Vesting Date );.
Acknowledgements
By checking the box immediately above, I acknowledge and agree to the following:
1. For any RSUs that I acquire before the Mandatory Date, I agree to satisfy any applicable withholding obligation of any related Tax-Related Items by tendering a cash payment to the Company or the Employer in the amount of the Tax-Related Items in advance of such vesting date. If I fail to make the appropriate arrangements for the payment of any Tax-Related Items when any of these RSUs otherwise are supposed to vest or Tax-Related Items related to RSUs otherwise are due, to the extent permissible under applicable law, the Company may refuse to deliver the Shares or the proceeds of the sale of Shares.
2. The acquisition date of my RSUs may be accelerated under certain terms and conditions as set forth in the 2017 Plan, or in accordance with the terms of certain Company policies affecting me and/or agreements between any member of the Group and me, including, without limitation, any change of control and severance agreement between any member of the Group and me.
3. Any Shares that vest before the Mandatory Date pursuant to the Vesting Period above shall be subject to an additional mandatory Holding Period starting on the relevant Vesting Date and expiring on the Mandatory Date. During the Holding Period, I agree and acknowledge that I will not have the ability to dispose of the Shares prior to expiration of the Holding Period to cover the cost of such Tax-Related Items or any other tax obligations associated with the RSUs I acquire prior to the expiration of the Holding Period.
4. My election on this Election Form with respect to the vesting schedule is irrevocable with respect to the RSUs. A new separate Election Form must be submitted with respect to any future grant of RSUs.
5. I understand that I may, if I choose, check the box under the Vesting Period and not the box under the Default Tax Withholding Mechanism.
Default Tax Withholding Mechanism
o By checking this box, I hereby elect that, to the extent permitted by applicable law, I shall satisfy any withholding obligation of any Tax-Related Items for any Shares I acquire under my RSUs on or after the Mandatory Date by tendering a cash payment to the Company or the Employer in the amount of the Tax-Related Items in advance of such date (the Cash Default Withholding ).
Acknowledgements
By checking the box immediately above, I acknowledge and agree to the following:
1. Except as otherwise restricted by applicable law, my election of the Cash Default Withholding is irrevocable with respect to the RSUs unless and until otherwise approved by the Board. A new separate Election Form must be submitted with respect to any future grant of RSUs.
2. If I fail to make the appropriate arrangements for the payment of any Tax-Related Items via the Cash Default Withholding when the RSUs otherwise are supposed to vest or Tax-Related Items related to RSUs otherwise are due, to the extent permissible under applicable law, the Company may refuse to deliver the Shares or the proceeds of the sale of Shares.
3. I understand that I may, if I choose, check the box under the Default Tax Withholding Mechanism but not the box under the Vesting Period.
I have received the Grant Notice and 2017 Plan. I have carefully read, understand and agree to be bound by all of the terms and conditions of the Grant Notice and 2017 Plan. The Company has advised me to consult my legal, accountant and/or financial advisor before making any decision about the Election Form .
Nothing herein will be construed as a right to my continued employment or service with the Company or any affiliated entity of the Company for any period and my employment or service may be terminated at any time by me or the Company or my Employer, with or without cause or notice, subject to the provisions of applicable law.
Unless this form is timely completed properly and returned to the Company by [ notice date + 30 days ], 2017, the RSUs will be granted and issued subject to the terms of the Grant Notice and the 2017 Plan, and this Election Form will have no impact.
Capitalized terms used herein will have the meaning ascribed to them in the Grant Notice or the 2017 Plan, unless otherwise defined herein.
If you have any questions regarding this Election Form, please contact Aaron Ross, General Counsel by email at aross@talend.com.
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Exhibit 4.7
TALEND
2017 STOCK OPTION PLAN
Subject to the authorization to be granted by the combined ordinary and extraordinary general shareholders meeting of June 6 th , 2017, the board of directors decided on April 20 th , 2017, in compliance with the provisions of articles L. 225-177 et. seq. of the French Commercial Code, to adopt the 2017 stock option plan of TALEND, the terms and conditions of which are set out below.
1. PURPOSES OF THE PLAN
The purposes of the Plan are:
· to attract and retain the best available personnel for positions of substantial responsibility;
· to provide additional incentive to Beneficiaries; and
· to promote the success of the Companys business.
Options granted under the Plan to U.S. Beneficiaries are intended to be Incentive Stock Options or Non-Statutory Stock Options, as determined by the Administrator at the time of grant of an Option, and shall comply in all respects with Applicable Laws in order that they may benefit from available tax advantages.
2. DEFINITIONS .
(a) Administrator means the board of the Company which shall administer the Plan in accordance with Section 4 of the Plan.
(b) Affiliated Company means a company which conforms with the criteria set forth in article L. 225-180 of the Law as follows:
· companies of which at least ten per cent (10%) of the share capital or voting rights is held directly or indirectly by the Company;
· companies which own directly or indirectly at least ten per cent (10%) of the share capital or voting rights of the Company; and
· companies of which at least fifty per cent (50%) of the share capital or voting rights is held directly or indirectly by a company which owns directly or indirectly at least fifty percent (50%) of the share capital or voting rights of the Company,
(c) Applicable Laws means, for any relevant country, the legal requirements relating to the administration of stock option plans under state corporate and securities laws applicable in such country, and, for the U.S., the Code in force in the United States of America.
(d) Beneficiary means the president of the board of directors ( président du conseil dadministration) , the general manager ( directeur général) and the deputy general managers ( directeurs généraux délégués) or, as the case may be, the president and the members of the management board ( président et membres du directoire) of the Company as well as any individual employed by the Company or by any Affiliated
Company under the terms and conditions of an employment contract, it being specified that a term of office of director of the Company or director of an Affiliated Company (remunerated or not) shall not be deemed to constitute an employment relationship.
(e) Board means the board of directors of the Company.
(f) Code means the United States Internal Revenue Code of 1986, as amended.
(g) Company means TALEND, a corporation organized under the laws of the Republic of France.
(h) Continuous Status as a Beneficiary means as regards the president of the board of directors, the general manager, the deputy general manager(s) or, as the case may be, the president and the members of the management board that the term of their office has not been terminated and, as regards an employee that the employment relationship between the Beneficiary and the Company or any Affiliated Company is not terminated. Continuous Status as a Beneficiary shall not be considered terminated in the case of (i) any leave of absence having received a prior approval from the Company or requiring no prior approval under U.S. laws, or (ii) transfers between locations of the Company or between the Company or any Affiliated Company or the contrary or also from an Affiliated Company to another Affiliated Company. Leaves of absence which must receive a prior approval from the Company for the non-termination of the Continuous Status as a Beneficiary shall include leaves of more than three (3) months for illnesses or conditions about which the employee has advance knowledge, military leave, or any other personal leave. For purposes of U.S. Beneficiaries and Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute contract or Company policies. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, on the 91st day of such leave any Incentive Stock Option held by a U.S. Beneficiary shall cease to be treated as an Incentive Stock Option and shall be treated for U.S. tax purposes as a Non-Statutory Stock Option.
(i) Date of Dismissal means the date the employee received its dismissal letter.
(j) Date of Grant means the date of the decision of the Board to grant the Options.
(k) Disability means a disability declared further to a medical examination provided for in article L. 4624-21 of the French Labour Code or pursuant to any similar provision applicable to a foreign Affiliated Company.
(l) Exchange Act means the United States Securities Exchange Act of 1934, as amended.
(m) Fair Market Value means the value for one Share as determined in good faith by the Administrator, according to the following provision, as provided in the Shareholder Authorization:
· as long as the Company is listed on the Nasdaq Global Market, the Board may determine the subscription or purchase price of a share by reference to the Euro equivalent of the US dollars amount of the closing sale price of one share of the Company represented by an American Depositary Share ( ADS ) on the Nasdaq Global Market on the last market trading day prior to the decision of the Board to grant the Options,
it being specified that, when an Option entitles the holder to purchase shares previously repurchased by the Company, the exercise price, notwithstanding the above provisions and in accordance with applicable law, may not be less than 80% of the average purchase price paid by the Company for all shares so previously repurchased.
This price settled for the subscription or purchase of Shares shall not be modified during the period in which the Option may be exercised. However, if the Company makes one of the operations mentioned in article L. 225-181 of the French Commercial Code, it must take all necessary measures to protect Optionees interests in the conditions provided for by article L 228-99 of the French Commercial Code. In case of issuance of securities granting access to the share capital of the Company, as well as in case of the Companys merger or spin off ( scission ), the Board may decide, for a limited period of time, to suspend the right to exercise the Options.
(n) Incentive Stock Option means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.
(o) Law means the French Commercial Code.
(p) Non-Statutory Stock Option means an Option which does not qualify as an Incentive Stock Option.
(q) Notice of Grant means a written notice evidencing the main terms and conditions of an individual Option grant. The Notice of Grant is part of the Option Agreement.
(r) Officer means either a U.S. Beneficiary designed by the Company or an Affiliated Company, as the case may be, as an officer (as defined in section 16 of the Exchange Act and its regulations),
(s) Option means an option to purchase or subscribe Shares granted pursuant to the Plan.
(t) Optionee means a Beneficiary who holds at least one outstanding Option.
(u) Option Agreement means a written agreement entered into between the Company and an Optionee evidencing the terms and conditions of an individual Option grant. The Option Agreement is subject to the terms and conditions of the Plan.
(v) Option Exchange Program means a program whereby outstanding Options are surrendered in exchange for Options with different exercise conditions.
(w) Parent means a parent corporation, whether now or hereafter existing, as defined in Section 424(e) of the Code.
(x) Plan means the 2017 Stock Option Plan as approved by the Board on April 20 th , 2017 and the shareholders on June 6 th , 2017.
(y) Retirement means, pursuant to article L. 1237-5 of the French labor code, the retirement, upon the employers decision, at full rate of an employee who has reached the age giving right to retirement, or any similar provision applicable to a foreign Affiliated Company.
(z) Share means a share of the Company
(aa) Shareholders Authorization means the authorization given by the shareholders of the Company in the combined ordinary and extraordinary general meeting dated June 6 th , 2017 as increased or amended from time to time by a further general meeting of the shareholders permitting the Board to grant Stock Options.
(bb) Share Capital means the issued and paid up capital of the Company.
(cc) Subsidiary means a subsidiary corporation, whether now or hereafter existing, as defined in Section 424(f) of the Code.
(dd) U.S. Beneficiary means a Beneficiary of the Company or an Affiliated Company residing in the United States or otherwise subject to United States laws, regulations or taxation.
3. SHARES SUBJECT TO THE PLAN
Subject to the provisions of Section 11 of the Plan and pursuant to the Shareholder Authorization, the maximum aggregate number of Shares which may be optioned and issued under the Plan is equal to 2,000,000 with a nominal value of 0.08 Euro each, as may be adjusted to take into account any operation of split or grouping of Shares. For Incentive Stock Options, the maximum number of Shares which may be optioned and issued is equal to 2,000,000. The Shares optioned and issued under the Plan may be newly issued Shares, treasury Shares or Shares purchased on the open market.
Should the Option expire or become unexercisable for any reason without having been exercised in full, the unsubscribed Shares which were subject thereto shall, unless the Plan shall have been terminated, become available again for future grant under the Plan.
4. ADMINISTRATION OF THE PLAN
(a) Procedure
The Plan shall be administered by the Administrator.
(b) Powers of the Administrator .
Subject to the provisions of the Law, the Shareholders Authorization, the Plan, and the Applicable Laws, the Administrator shall have the authority, in its discretion:
(i) to determine the Fair Market Value of the Shares, in accordance with Section 2(m) of the Plan;
(ii) to determine the Beneficiaries to whom Options may be granted hereunder;
(iii) to select the Beneficiaries and determine whether and to what extent Options are granted hereunder;
(iv) to approve or amend forms of agreement for use under the Plan;
(v) to determine the terms and conditions of any Options granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Options may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Option or the Shares of Common Stock relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine with the exception of the exercise price; it being specified that the Administrators discretion remains subject to the rules and limitations set forth in this Plan and in the Law;
(vi) to construe and interpret the terms of the Plan and Options granted pursuant to the Plan;
(vii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of qualifying for preferred tax treatment under foreign tax laws;
(viii) to modify or amend each Option (subject to the provisions of Section 13(c) of the Plan), including the discretionary authority to extend the post-termination exercise period of Options after the termination of the employment agreement or the end of the term of office, longer than is otherwise provided for in the Plan;
(ix) to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Option previously granted by the Administrator;
(x) to implement an Option Exchange Program;
(xi) to determine the terms and restrictions applicable to Options; and
(xii) to make all other determinations deemed necessary or appropriate for administering the Plan.
(c) Effect of Administrators Decision .
The Administrators decisions, determinations and interpretations shall be final and binding on all Optionees.
5. LIMITATIONS
(a) In the case of U.S. Beneficiaries, each Option shall be designated in the Notice of Grant either as an Incentive Stock Option or as a Non-Statutory Stock Option. Incentive Stock Options may only be granted to Beneficiaries of the Company or a Subsidiary who meet the definition of employees under Section 3401(c) of the Code.
Nevertheless, the aggregate Fair Market Value of the Shares covered by Incentive Stock Options granted under the Plan or any other stock option program of the Company (or any Parent or subsidiary of the Company) that become exercisable for the first time in any calendar year shall not exceed U.S. $100,000: to the extent the aggregate Fair Market Value of such Shares exceeds U.S. $100,000, the Options covering those Shares the Fair Market Values of which causes the aggregate Fair Market Value of all such Shares to be in excess of U.S. $100,000 shall be treated as Non-Statutory Options. Incentive Stock Options shall be taken into account in the order in which they were granted, and the aggregate Fair Market Value of the Shares shall be determined as of the Date of the Grant.
(b) The Options are governed by articles L. 225-177 and following of the Law. They are not part of the employment agreement or of the office which has allowed the Optionee to be granted the Option. Neither do they constitute an element of the Optionees remuneration.
Neither the Plan nor any Option shall confer upon an Optionee any right with respect to continuing the Optionees employment or his term of office with the Company or any Affiliated Company, nor shall they interfere in any way with the Optionees right or the Companys or Affiliated Companys right, as the case may be, to terminate such employment or such term of office at any time, with or without cause.
(c) Other than as expressly provided hereunder, no member of the board of directors of the Company or of the supervisory board (in the event of change of management formula of the Company) or of an equivalent management body of an Affiliated Company shall be as such eligible to receive Options under the Plan.
6. TERM OF PLAN
Subject to the approval of the shareholders of the Company in accordance with Section 16 of the Plan, the Plan shall be effective and Options may be granted as of June 6 th , 2017. Options may be granted hereunder until August 6 th , 2020. It shall continue in effect until the date of termination of the last Option in force, unless terminated earlier under Section 13 of the Plan.
7. TERM OF OPTIONS
The term of each Option shall be stated in the Notice of Grant as ten (10) years from the Date of Grant, in accordance with the Shareholders Authorization or, in case of death or Disability of the Optionee during such 10-year period, six (6) months from the death or Disability of the Optionee in accordance with French law.
For all grants to U.S. Beneficiaries, in no event may his/her Options be exercised after ten (10) years from the Date of Grant (or 5 years for an Incentive Stock Option granted to a 10% owner).
8. OPTIONS EXERCISE PRICE AND CONSIDERATION
(a) Subscription or purchase Price
The per Share subscription or purchase price for the Shares to be issued or sold pursuant to exercise of an Option shall be determined by the Administrator on the basis of the Fair Market Value.
(i) In the case of an Incentive Stock Option granted to a U.S. Beneficiary who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the voting rights of all classes of stock of the Company or any Parent or Subsidiary of the Company and, to the extent such Beneficiary is permitted by the Law to receive Option grants, the per Share subscription or purchase price shall be no less than 110% of the fair market value per Share on the Date of Grant as defined in Section 2(m)(ii);
(ii) In the case of a Non-Statutory Stock Option or Incentive Stock Option, not covered by Section 8(a)(i) above, granted to any U.S. Beneficiary, the per Share subscription or purchase price shall be no less than 100% of the fair market value per Share on the Date of Grant as defined in Section 2(m)(ii).
(b) Waiting Period and Exercise Dates
At the time an Option is granted, the Administrator shall fix the period within which the Option may be exercised and shall determine any conditions which must be satisfied before the Option may be exercised. In so doing, the Administrator may specify that an Option may not be exercised until the completion of a service period in the Company or an Affiliated Company.
(c) Form of Consideration
The consideration to be paid for the Shares to be issued or purchased upon exercise of Options, including the method of payment, shall be determined by the Administrator. Such consideration shall consist entirely of an amount in Euro corresponding to the exercise price which shall be paid either by:
(1) wire transfer;
(2) check; or
(3) any combination of the foregoing methods of payment.
Where the exercise of an Option would lead the Company to be liable for any payment, whether due to fees, taxes or to charges of any nature whatsoever, in place of the Optionee, such Option shall be deemed duly exercised when the full payment for the Shares with respect to which the Option is exercised is executed by the Optionee and the Optionee provides the Company with either the receipt stating the payment by the Optionee of any such fee, tax or charge, as above described that would otherwise be paid by the Company upon exercise of the Option, in place of the Optionee or, the full payment, under the same conditions, of any amount due upon the exercise of the Option to be borne by the Company.
9. EXERCISE OF OPTIONS
(a) Procedure for Exercise; Rights as a Shareholder
Any Option granted hereunder shall be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Option Agreement.
An Option may not be exercised for a fraction of a Share.
An Option shall be deemed exercised when the Company receives: (i) written notice of exercise (in accordance with the provisions of the Option Agreement) together with a share subscription or purchase form ( bulletin de souscription ou dachat ) duly executed by the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised. Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Option Agreement and the Plan.
1. Where the exercise of an Option would lead the Company to be liable for any payment, whether due to fees, taxes or to charges of any nature whatsoever, in place of the Optionee, such Option shall be deemed duly exercised when the full payment for the Shares with respect to which the Option is exercised is executed by the Optionee and the Optionee provides the Company with either the receipt stating the payment by the Optionee of any such fee, tax or charge, as above described that would otherwise be paid by the Company upon exercise of the Option, in place of the Optionee or, the full payment, under the same conditions, of any amount due upon the exercise of the Option to be borne by the Company.
2. Upon exercise of an Option, the Shares issued or sold to the Optionee shall be assimilated with all other Shares of the Company of the same class and shall be entitled to dividends once the Shares are issued for the fiscal year during which the Option is exercised.
In the event that a Beneficiary infringes the above mentioned commitment, such Beneficiary shall be liable for any consequences resulting from such infringement for the Company and undertakes to indemnify the Company in respect of all amounts payable by the Company in connection with such infringement.
Granting of an Option in any manner shall result in a decrease in the number of Shares which thereafter may be available for purposes of the Plan, by the number of Shares as to which the Option may be exercised.
(b) Termination of the Optionees Continuous Status as Beneficiary
Upon termination of an Optionees Continuous Status as a Beneficiary, other than upon the Optionees death or Disability, the Optionee may exercise his or her Options, but only within such period of time as is specified in the Notice of Grant, and only for the part of the Options that the Optionee was entitled to exercise at the date of termination (but in no event later than the expiration of the term of such Options as set forth in the Notice of Grant and, in the case of an Incentive Stock Option, three (3) months following the Optionees termination of Continuous Status as a Beneficiary). Unless otherwise decided by the Board and specified in the Notice of Grant, an Option shall remain exercisable for three (3) months following the Optionees termination of Continuous Status as a Beneficiary whether such termination is due to the Optionee or to the Companys decision.
If, at the date of termination, the Optionee is not entitled to exercise all his or her Options, the Shares covered by the unexercisable portion of Options shall revert to the Plan. If, after termination, the Optionee does not exercise all of his or her Options within the period specified by the Administrator, the Options shall terminate, and the Shares covered by such Options shall revert to the Plan.
(c) Disability of Optionee
In the event that an Optionees Continuous Status as a Beneficiary terminates as a result of the Optionees Disability, unless otherwise resolved by the Board, the Optionee may exercise his or her Options at any time within nine (9) months from the date of such termination, but only to the extent these Options are exercisable at the time of termination (and in no event later than the expiration of the term of such Options as set forth in the Notice of Grant). If, at the date of termination, the Optionee is not entitled to exercise all of his or her Options, the Shares covered by the unexercised portion of Options shall revert to the Plan. If, after termination, the Optionee does not exercise all of his or her Options within the time specified herein, the Options shall terminate, and the Shares covered by such Options shall revert to the Plan.
(d) Death of Optionee
In the event of the death of an Optionee during the term of the Options, unless otherwise resolved by the Board, the Options may be exercised at any time within six (6) months following the date of death, by the Optionees estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent these Options are exercisable at the time of death. If, at the time of death, the Optionee was not entitled to exercise all of his or her Options, the Shares covered by the unexercised portion of Options shall immediately revert to the Plan. If, after death, the Optionees estate or a person who acquired the right to exercise the Options by bequest or inheritance does not exercise the Options within the time specified herein, the Options shall terminate, and the Shares covered by such Options shall revert to the Plan.
10. NON-TRANSFERABILITY OF OPTIONS
An Option may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee.
11. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION OR DISSOLUTION
(a) Changes in capitalization
In the event of the carrying out by the Company of any of the financial operations pursuant to article L. 225-181 of the Law as follows:
· amortization or reduction of the share capital,
· amendment of the allocation of profits,
· distribution of free shares,
· capitalization of reserves, profits, issuance premiums,
· the issuance of shares or securities giving right to shares to be subscribed for in cash or by set-off of existing indebtedness offered exclusively to the shareholders;
the Company shall take the required measures to protect the interest of the Optionees in the conditions set forth in article L. 228-99 of the Law.
(b) Dissolution or Liquidation
In the event of the proposed dissolution or liquidation of the Company, to the extent that an Option has not been previously exercised, it will terminate immediately prior to the consummation of such proposed action. The Administrator may, in the exercise of its sole discretion in such instances, declare that any Option shall terminate as of a date determined by the Administrator and give each Optionee the right to exercise his or her Options as to Shares for which the Options would not otherwise be exercisable.
For Incentive Stock Options, all assumptions and substitutions shall be determined in accordance with Sections 422 and 424 of the Code and the regulations promogated thereunder.
12. GRANT
12.1. The Date of Grant of an Option shall be, for all purposes, the date on which the Administrator decides to grant such Option. Notice of Grant shall be provided to each Optionee within a reasonable time after the Date of Grant.
12.2. In the event of any tax liability arising on account of the Grant of the Options, the liability to pay such taxes shall be that of the Beneficiary alone.
The Beneficiary shall enter into such agreements of indemnity and execute any and all documents as the Company may specify for this purpose, if so required at the time of the Grant and at any other time at the discretion of the Company, on such terms and conditions as the Company may think fit, for recovery of the tax due, from the Beneficiary.
13. AMENDMENT AND TERMINATION OF THE PLAN
(a) Amendment and Termination
The Administrator may at any time amend, alter, suspend or terminate the Plan.
(b) Shareholders approval
The Company shall obtain shareholders approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws (including the requirements of any exchange or quotation system on which Shares may then be listed or quoted). Such shareholders approval, if required, shall be obtained in such a manner and to such a degree as is required by the applicable law, rule or regulation.
(c) Effect of amendment or termination
No amendment, alteration, suspension or termination of the Plan shall impair the rights of any Optionee, unless mutually agreed otherwise between the Optionee and the Administrator, which agreement must be in writing and signed by the Optionee and the Company.
14. CONDITIONS UPON ISSUANCE OF SHARES
(a) Legal Compliance
Shares held by a U.S. Beneficiary shall not be sold or issued pursuant to the exercise of an Option unless the exercise of such Option, and the issuance or sale and delivery of such Shares shall comply with all relevant provisions of law including, without limitation, the Law, the Securities Act of 1933, as amended, the Exchange Act , the rules and regulations promulgated thereunder, Applicable Laws and the requirements of any stock exchange or quotation system upon which the Shares may then be listed or quoted.
(b) Investment Representations
As a condition to the exercise of an Option by a U.S. Beneficiary, the Company may require the person exercising such Option to represent and warrant at the time of any such exercise that the Shares are being subscribed or purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.
15. LIABILITY OF COMPANY
15.1. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by any counsel to the Company to be necessary to the lawful issuance or sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.
15.2. The Company and its Affiliated Companies may not be held responsible in any way if the Beneficiary for any reason not attributable to the Company or its Affiliated Companies was not able to exercise the Options or acquire the Shares.
16. SHAREHOLDERS APPROVAL
The Plan shall be subject to approval by the shareholders of the Company within twelve (12) months of the date the Plan is adopted by the Board. Such shareholder approval shall be obtained in the manner and to the degree required under the Law and Applicable Laws.
17. LAW, JURISDICTION
This Plan shall be governed by and construed in accordance with the laws of France.
The relevant court of the registered office of the Company shall be exclusively competent to determine any claim or dispute arising in connection herewith.
The Grant of Options under this Plan shall entitle the Company to require the Beneficiary to comply with such requirements of law as may be necessary in the Options of the Company from time to time.
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TALEND
STOCK OPTION GRANT AGREEMENT
Part I
NOTICE OF STOCK OPTION GRANT
[Optionees Name and Address]
You have been granted a total number of [ · ] [Options (the Options )][, corresponding to] [[ · ] Options called Base Options ] [and] [[ · ] Options called Performance Options ][,] to subscribe ordinary Shares of the Company, subject to the terms and conditions of the 2017 Stock Option Plan (the Plan ) and this Stock Option Grant Agreement (the Option Agreement ). Options are governed by articles L. 225-177 and following of the French Commercial Code. They are not part of the employment agreement or of the office which has allowed the Optionee to be granted the Options. Neither do they constitute an element of the Optionees remuneration. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Option Agreement.
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(1) reference number to be allocated by the Company, if it wishes so
(2) date of the board meeting having allocated the Option
(3) date chosen by the board as the date of beginning of the vesting schedule or, if not, date of granting of the Option by the board
(4) for U.S. Beneficiaries only
(5) date of termination of the Option (article 7 of the Plan), which shall not exceed 5 years for an ISO granted to a 10% owner and 10 years for a US grantee (NQSO or ISO).
Where the exercise of an Option, as described under Article 9.(a) of the Plan, would lead the Company to be liable for any payment, whether due to fees, taxes or to charges of any nature whatsoever, in place of the Optionee, such Option shall be deemed duly exercised when the full payment for the Shares with respect to which the Option is exercised is executed by the Optionee and the Optionee provides the Company with either the receipt stating the payment by the Optionnee of any such fee, tax or charge, as above described that would otherwise be paid by the Company upon exercise of the Option, in place of the Optionee or, the full payment, under the same conditions, of any amount due upon the exercise of the Option to be borne by the Company.
In the event that you infringe the above mentioned commitment, you shall be liable for any consequences resulting from such infringement for the Company and undertake to indemnify the Company in respect of all amounts payable by the Company in connection with such infringement.
Validity of the Options:
The Options will be valid as from the Date of Grant.
Vesting Schedule:
The Options[, depending on whether they are Base or Performance Options,] may be exercised by the Beneficiary on the basis of the following initial vesting schedule subject to the condition precedent that the Optionee shall have previously returned to the Company a copy of Part I and Part II of this Option Agreement as duly signed by him or her:
[ To be adapted by the Board upon the type of Options granted ]
[(i) For Base Options: ]
· [up to 25% of the Options, i.e. [ · ] Options, as from the expiration of a twelve (12)-month period following the Date of Grant, i.e. as from [ o ],
· then, up to an additional 6,25% of the Options, i.e. [ · ] Options, as from the expiration of each quarter, i.e. each period of three subsequent months, following [ o ] and until the expiration of the 36 th month from such date, and
· at the latest within ten (10) years as from the Date of Grant or in case of death or Disability of the Optionee during such ten (10) year period, six (6) months as from the death or nine (9) months as from the Disability of the Optionee.]
[(ii) For Performance Options: ]
· [up to 25% of the Options, i.e. [ · ] Options, as from the Date of Grant, i.e. as from [ o ],
· then, up to an additional 6,25% of the Options, i.e. [ · ] Options, as from the expiration of each quarter, i.e. each period of three subsequent months, following [ o ] and until the expiration of the 36 th month from such date, and
· at the latest within ten (10) years as from the Date of Grant or in case of death or Disability of the Optionee during such ten (10) year period, six (6) months as from the death or nine (9) months as from the Disability of the Optionee.]
The number of Options that could be exercised pursuant to the above vesting schedule will always be rounded down to the nearest full number.
If the Beneficiary fails to exercise the Options in whole or in part within the above period of ten (10) years (as may be extended to six (6) months from the death or nine (9) months from the Disability of the Optionee (except with respect to Options granted to U.S. Beneficiaries for whom the ten (10)-year period cannot be extended)), the Options will lapse automatically.
Termination Period:
Unless otherwise decided by the Board prior to their expiration, the Options may be exercised for three (3) months after termination of the Optionees Continuous Status as a Beneficiary, to the extent the Options are exercisable at the time of termination and whether such termination is due to the Optionee or the Companys decision.
Upon the death of the Optionee, the Options may be exercised during a period of six (6) months as provided in the Plan.
Unless otherwise decided by the Board, upon the Disability of the Optionee, the Options may be exercised during a period of nine (9) months as provided in the Plan.
Save as provided in the Plan, in no event shall the Options be exercised later than the Term/Expiration Date as provided above. Should the Options expire or become unexercisable for any reason without having been exercised in full, the unsubscribed Shares which were subject thereto shall, unless the Plan shall have been terminated, become available for future grant under the Plan.
By his signature and the signature of the Companys representative below, the Optionee and the Company agree that the Options are granted under and governed by the terms and conditions of the Plan and this Option Agreement. The Optionee has reviewed the Plan and this Option Agreement in their entirely, has had the opportunity to obtain the advice of counsel prior to executing this Option Agreement and fully understands all provisions of the Plan and Option Agreement. The Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and Option Agreement. The Optionee further agrees to notify the Company upon any change in the residence address indicated below.
TALEND
STOCK OPTION GRANT AGREEMENT
Part II
TERMS AND CONDITIONS
1. Grant of Options .
1.1. The Administrator of the Company hereby grants to the Optionee named in the Notice of Grant attached as Part I of this Option Agreement (the Optionee), a total number of [ · ] [Options (the Options )][, corresponding to] [[ · ] Options called Base Options ] [and] [[ · ] Options called Performance Options ][,] to subscribe the number of ordinary Shares, as set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the Exercise Price), subject to the terms and conditions of the Plan, which is incorporated herein by reference.
In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option Agreement, the terms and conditions of the Plan shall prevail.
If designated in the Notice of Grant as an Incentive Stock Option , this Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code although the Company makes no representation as to the tax status of the Option. However, if this Option is intended to be an Incentive Stock Option , to the extent that it exceeds the U.S.$ 100,000 rule of Code Section 422(d) the excess shall be treated as a Non-Statutory Stock Option.
1.2. An Option will be valid as from the Date of Grant.
1.3. In the event of any tax liability arising on account of the Grant of the Options, the liability to pay such taxes shall be that of the Beneficiary alone. The Beneficiary shall enter into such agreements of indemnity and execute any and all documents as the Company may specify for this purpose, if so required at the time of the Grant and at any other time at the discretion of the Company, on such terms and conditions as the Company may think fit, for recovery of the tax due, from the Beneficiary.
2. Exercise of Options
(a) Right to Exercise . An Option[, whether a Base or Performance Option,] is exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Grant and the applicable provisions of the Plan and this Option Agreement, subject to the condition precedent that the Optionee shall have previously returned to the Company a copy of Part I and Part II of this Option Agreement provided to you by the Company and as duly signed by you on signature page. In the event of Optionees death, Disability or other termination of Optionees Continuous Status as a Beneficiary, the exercisability of an Option is governed by the applicable provisions of the Plan and this Option Agreement.
(b) Method of Exercise . An Option is exercisable by delivery of an exercise notice, in the form attached as Exhibit A hereto (the Exercise Notice ), comprising a share subscription form ( bulletin de souscription ) which shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the Exercised Shares), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice shall be signed by the Optionee and shall be delivered in person or by certified mail to the Company or its designated representative or by facsimile message to be immediately confirmed by certified mail to the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercice Price as to all Exercised Shares. An Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the proof of payment of such aggregate Exercise Price.
No Share shall be issued pursuant to the exercise of an Option unless such issuance and exercise complies with all relevant provisions of law as set out under Section 14(a) of the Plan.
Upon exercise of an Option, the Shares issued to the Optionee shall be assimilated with all other Shares of the Company and shall be entitled to dividends for the fiscal year in course during which the Option is exercised.
3 . Method of Payment . Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee:
(1) wire transfer with the execution of the corresponding exchange contract;
(2) check; or
(3) any combination of the foregoing methods of payment.
Where the exercise of an Option would lead the Company to be liable for any payment, whether due to fees, taxes or to charges of any nature whatsoever, in place of the Optionee, such Option shall be deemed duly exercised when (a) the full payment for the Shares with respect to which the Option is exercised is executed by the Optionee and (b) the Optionee provides the Company with either (i) the receipt stating the payment by the Optionee of any such fee, tax or charge, as above described that would otherwise be paid by the Company upon exercise of the Option, in place of the Optionee or, (ii) the full payment, under the same conditions, of any amount due upon the exercise of the Option to be borne by the Company.
The Company and its Affiliated Companies may not be held responsible in any way if the Beneficiary for any reason not attributable to the Company or its Affiliated Companies was not able to exercise the Option or purchase the Shares. The payment for the purchase of the shares shall be made by the Optionee under his/her own responsibility according to these Terms and Conditions.
4. Non-Transferability of Option. An Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of the Optionee only by the Optionee. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.
5. Term of Options. Subject as provided in the Plan, an Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option Agreement.
6. Entire Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionees interest except by means of a writing signed by the Company and Optionee. This agreement is governed by the laws of the Republic of France.
Any claim or dispute arising under the Plan or this Option Agreement shall be subject to the exclusive jurisdiction of the court competent for the place of the registered office of the Company.
7. Tax Obligations. Regardless of any action the Company or Optionees employer (the Employer ) takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (Tax-Related Items), Optionee acknowledges that the ultimate liability for all Tax-Related Items legally due by Optionee is and remains Optionees responsibility and that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Option grant, including the grant, vesting or exercise of the Option, the subsequent sale of shares of Common Stock acquired pursuant to such exercise and the receipt of any dividends; and (2) do not commit to structure the terms of the grant or any aspect of the Option to reduce or eliminate Optionees liability for Tax-Related Items.
Prior to exercise of the Option, Optionee will pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all withholding obligations of the Company and/or the Employer, if any. In this regard, Optionee authorizes the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable by Optionee from Optionees compensation paid to Optionee by the Company and/or Employer or from proceeds of the sale of Shares. Alternatively, or in addition, if permissible under local law, the Company may sell or arrange for the sale of Shares that Optionee acquires to meet the withholding obligation for Tax-Related Items. Finally, Optionee will pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of Optionees participation in the Plan or Optionees purchase of Shares that cannot be satisfied by the means previously described. The Company may refuse to honor the exercise and refuse to deliver the Shares issuable upon exercise of the Options if Optionee fails to comply with Optionees obligations in connection with the Tax-Related Items as described in this section.
For Optionees residing and/or working outside of France, please also refer to Applicable Laws sections of your country set forth in the attached Exhibit B .
8. Nature of Grant. In accepting the grant, Optionee acknowledges that:
(a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Option Agreement;
(b) the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of options, or benefits in lieu of options, even if options have been granted repeatedly in the past;
(c) all decisions with respect to future option grants, if any, will be at the sole discretion of the Company;
(d) Optionees participation in the Plan shall not create a right to further employment with the employer and shall not interfere with the ability of the Employer to terminate Optionees employment relationship at any time with or without cause;
(e) Optionee is voluntarily participating in the Plan;
(f) the Option is an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which is outside the scope of Optionees employment contract, if any;
(g) the Option is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long service awards, pension or retirement benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or the Employer;
(h) the Option grant will not be interpreted to form an employment contract with the Company, the Employer or any subsidiary or affiliate of the Company;
(i) the future value of the underlying Shares is unknown and cannot be predicted with certainty;
(j) if the underlying Shares do not increase in value, the Option will have no value;
(k) if Optionee exercises Optionees Option and obtains Shares, the value of those Shares acquired upon exercise may increase or decrease in value, even below the exercise price;
(l) in consideration of the grant of the Option, no claim or entitlement to compensation or damages shall arise from termination of the Option or diminution in value of the Option or Shares purchased through exercise of the Option resulting from termination of Optionees employment the Company or the Employer (for any reason whatsoever) and Optionee irrevocably releases the Company and the Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing this Option Agreement, Optionee shall be deemed irrevocably to have waived Optionees entitlement to pursue such claim; and
(m) in the event of termination of Optionees employment, Optionees right to receive the Option and vest in the Option under the Plan, if any, will terminate effective as of the date that Optionee receives notice of termination regardless of when such termination is effective; furthermore, in the event of termination of employment, Optionees right to exercise the Option after termination of employment, if any, will be measured by the date on which the Optionee receives notice of termination; the Company shall have the exclusive discretion to determine when Optionee is no longer actively employed for purposes of Optionees Option grant. In addition, any period of notice or compensation in lieu of such notice, that is given or ought to have been given under any contract, statute, common law or civil law shall be excluded.
9. Data Privacy. Optionee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Optionees personal data as described in this document by and among, as applicable, the Employer, the Company and its subsidiaries and affiliates for the exclusive purpose of implementing, administering and managing Optionees participation in the Plan.
Optionee understands that the Company and the Employer may hold certain personal information about Optionee, including, but not limited to, Optionees name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all options or any other entitlement to shares of stock awarded,
canceled, exercised, vested, unvested or outstanding in Optionees favor, for the exclusive purpose of implementing, administering and managing the Plan (Data).
Optionee understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients country (e.g., the United States) may have different data privacy laws and protections than Optionees country. Optionee understands that Optionee may request a list with the names and addresses of any potential recipients of the Data by contacting Optionees local human resources representative. Optionee authorizes the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Optionees participation in the Plan. Optionee understands that Data will be held only as long as is necessary to implement, administer and manage Optionees participation in the Plan. Optionee understands that Optionee may, at any time, view the Data, request additional information about the storage processing of the Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing Optionees local human resources representative. Optionee understands, however, that refusing or withdrawing Optionees consent may affect Optionees ability to participate in the Plan. For more information on the consequences of Optionees refusal to consent or withdrawal of consent, Optionee understands that Optionee may contact Optionees local human resources representative.
10. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the Option and participation in the Plan or future options that may be granted under the Plan by electronic means or to request Optionees consent to participate in the Plan by electronic means. Optionee hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.
11. Severability. The provisions of this Option Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
12. Applicable Laws for Beneficiaries Located outside of France. The attached Exhibit B applies to Optionees residing and/or working outside of France.
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EXHIBIT A
TALEND
Société Anonyme having a share capital of EUR.[ ]
Registered office: [ ]
484 175 252 R.C.S. [ ]
2017 STOCK OPTION PLAN
EXERCISE NOTICE
(Share subscription form)
TALEND |
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France |
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Attention: [ ] |
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1. Exercise of Options . Effective as of today, , , the undersigned (Optionee) hereby elects to subscribe ( ) ordinary shares (the Shares) of the Common Stock of TALEND (the Company) under and pursuant to the Companys 2017 Stock Option Plan (the Plan) adopted by the board on April 20 th , 2017 and the Stock Option Agreement dated , (the Option Agreement ). The subscription price for the Shares shall be EUR. , as required by the Option Agreement.
2. Delivery of Payment . Optionee herewith delivers to the Company the full subscription price for the Shares.
3. Representations of Optionee . The Optionee acknowledges that Optionee has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions , in particular the Optionee agrees to abide and be bound by the obligation to hold and the prohibition to sell the Shares provided for in articles 9.(a) of the Plan and 6 of the Option Agreement as well as by the obligation to indemnify which stems from it (to the extent applicable) .
4. Rights as Shareholder . Until the issuance (as evidenced by the appropriate entry on the books of the Company) of the Shares, the Optionee shall have, as an Optionee, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Optioned Stock, except those the Optionee may have as a shareholder of the Company. No adjustment will be made for rights in respect of which the record date is prior to the issuance date for the Shares, except as provided in Section 11 of the Plan.
5. Tax consultation . The Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionees subscription or disposition of the Shares. Optionee represents that Optionee has consulted with any tax consultants Optionee deems advisable in connection with the subscription or disposition of the Shares. The Optionee is not relying on the Company for any tax advice.
6. Entire Agreement; Governing Law . The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionees interest except by means of a writing signed by the Company and Optionee. This agreement is governed by the laws of the Republic of France.
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This Exercise notice is delivered in two originals one of which shall be returned to the Optionee.
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(*) The signature of the Optionee must be preceded by the following manuscript mention accepted for formal and irrevocable subscription of [ ] ordinary Shares .
EXHIBIT B
TALEND
GLOBAL STOCK OPTION GRANT AGREEMENT
COUNTRY-SPECIFIC PROVISIONS
This Appenix includes additional (or if so indicated, different) terms and conditions that govern the Option if the Optionee is in one of the countries listed herein. If the Optionee is a citizen or resident of a country (or if Optionee is considered as such for local law purposes) other than the one in which the Optionee is currently residing and/or working, or if the Optionee transfers to another country after being granted the Option, the Company will, in its discretion, determine the extent to which the terms and conditions contained herein will be applicable to the Optionee.
AUSTRALIA
Nature of Plan. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act of 1997 (Cth) (the Act ) applies (subject to the conditions of the Act).
Securities Law Information. If the Optionee acquires Shares under the Plan and offers the Shares for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under Australian law. The Optionee should obtain legal advice regarding any applicable disclosure obligations before making any such offer in Australia.
CHINA
Exercise of Option and Method of Payment. The following provision supplements Section 2 (Exercise of Option) and Section 3 (Method of Payment) of the Option Agreement.
To facilitate compliance with exchange control restrictions in China, the Company reserves the right to (a) restrict the exercise of the Option until such time as the Plan has been registered with the State Administration of Foreign Exchange of the Peoples Republic of China (SAFE) or its local counterpart, (b) require the Optionee to pay the Exercise Price under a cashless exercise program adopted by the Company in connection with the Plan whereby no funds are remitted out of China, and/or (c) require that the Optionee sell the Shares acquired upon exercise either immediately upon exercise, upon termination of the Optionees Continuous Status as a Beneficiary or at such other time the Company determines.
Exchange Control Restrictions. Exchange control restrictions apply to the remittance of funds into and out of China. Such restrictions may limit the Optionees ability to remit funds out of China to pay the Exercise Price and/or the Optionees ability to hold funds received in relation to the Option ( e.g. , proceeds from the sale of Shares) outside of China or remit such funds to China. The Company may implement special procedures related to the remittance of funds in connection with the Plan, but the Company does not make any representations or undertaking with respect to such funds.
The Optionee understands and agrees that funds related to the Option may be paid to the Optionee in U.S. dollars or local currency at the Companys discretion and, therefore, the Optionee may be required to set up a U.S. dollar bank account or may be subject to currency fluctuation risks between the time the funds are realized ( e.g. , Shares are sold) and the time the funds are converted to local currency and distributed to the Optionee.
The Optionee agrees to comply with any requirements that may be imposed by the Company in the future to facilitate compliance with exchange control requirements.
GERMANY
No country-specific provisions.
IRELAND
No country-specific provisions.
ITALY
Data Privacy Notice. The following provision replaces in its entirety Section 9 (Data Privacy) of the Option Agreement:
The Optionee understands that the Employer, the Company, and its Affiliated Companies may hold certain personal information about the Optionee, including the Optionees name, home address and telephone number, e-mail address, date of birth, social insurance number or other identification number (e.g., resident registration number), salary, nationality, passport number, job title, any shares of stock or directorships that Participant holds in the Company, details of all shares or directorships held in the Company, details of all options or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Optionees favor ( Data ), for the exclusive purpose of implementing, administering and managing the Plan.
The Optionee also understands that providing the Company with Data is necessary for the performance of the Plan and that the Optionees refusal to provide Data would make it impossible for the Company to perform its contractual obligations and may affect the Optionees ability to participate in the Plan. The Controller of personal data processing is TALEND, with its principal operating offices at 800 Bridge Parkway, Suite 200, Redwood City, California 94065, and its representative in Italy is Talend Italy S.r.l.
The Optionee understands that Data will not be publicized, but it may be transferred to banks, other financial institutions or brokers involved in the management and administration of the Plan. The Optionee further understands that the Company and its Affiliated Companies will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Optionees participation in the Plan, and that the Company and/or its Affiliated Companies may each further transfer Data to third parties assisting the Company in the implementation, administration and management of the Plan, including any requisite transfer to a broker or another third party with whom the Optionee may elect to deposit any Shares acquired under the Plan. Such recipients may receive, possess, use, retain and transfer the Data in electronic or other form, for the purposes of implementing, administering and managing the Optionees participation in the Plan. The Optionee understands that these recipients may be located in the European Economic Area, or elsewhere, such as the United States. Should the Company exercise its discretion in suspending all necessary legal obligations connected with the management and administration of the Plan, the Optionee understands that the Company will delete Data as soon as it has accomplished all the necessary legal obligations connected with the management and administration of the Plan.
The Optionee understands that Data processing related to the purposes specified above shall take place under automated or non-automated conditions, anonymously when possible, that comply with the purposes for which Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations, with specific reference to Legislative Decree no. 196/2003.
The processing activity, including communication, the transfer of Data abroad, including outside of the European Economic Area, as herein specified and pursuant to applicable laws
and regulations, does not require the Optionees consent thereto as the processing is necessary to performance of contractual obligations related to implementation, administration and management of the Plan. The Optionee understands that, pursuant to Section 7 of the Legislative Decree no. 196/2003, the Optionee has the right to, including but not limited to, access, delete, update, ask for rectification of the Data and cease, for legitimate reason, any processing of the Data. Furthermore, the Optionee is aware that the Data will not be used for direct marketing purposes. In addition, Data may be reviewed and questions or complaints can be addressed by contacting the Optionees local human resources department.
Plan Document Acknowledgement. The Optionee acknowledges that the Optionee has been given access to the Plan, has reviewed the Plan and this Option Agreement in their entirety and fully understands and accepts all provisions of the Plan and this Option Agreement. Further the Optionee specifically and expressly approves the following clauses of the Option Agreement: (i) Section 2 Exercise of Options; (ii) Section 3 - Method of Payment; (iii) Section 6 - Entire Agreement; Governing Law; and (iv) Section 7 Tax Obligations.
JAPAN
No country-specific provisions.
NETHERLANDS
No country-specific provisions.
SINGAPORE
Securities Law Information. The grant of the Option under the Plan is being made pursuant to the Qualifying Person exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ( SFA ) and is not made with a view to the Shares being subsequently offered for sale to any other party. The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore. The Optionee should note that the Option is subject to section 257 of the SFA and the Optionee will not be able to make (i) any subsequent sale of the Shares in Singapore or (ii) any offer of such subsequent sale of the Shares subject to the Option in Singapore, unless such sale or offer is made (a) more than six months after the Date of Grant or (b) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA (Chapter 289, 2006 Ed.).
CEO and Director Notification Information. If the Optionee is the Chief Executive Officer ( CEO ) or a director, associate director or shadow director of an Affiliated Company in Singapore (a Singapore Entity ), the Optionee is subject to certain notification requirements under the Singapore Companies Act. Among these requirements is an obligation to notify the Singapore Entity in writing when the Optionee receives an interest ( e.g. , Options, Shares) or disposes of an interest in the Company or any related companies. These notifications must be made within two business days of (i) acquiring or disposing of any interest in the Company or any Affiliated Company or (ii) becoming the CEO or a director, associate director or shadow director if such an interest exists at that time.
SPAIN
Nature of Grant. The following provision supplements Section 8 (Nature of the Grant) of the Option Agreement:
By accepting the Option, the Optionee acknowledges that her or she has received a copy of the Plan.
The Optionee further acknowledges, understands and agrees that the Company has unilaterally,
gratuitously and discretionally decided to grant Options under the Plan to employees of the Company and its Affiliated Companies throughout the world. The decision to grant the Options is a limited decision that is entered into upon the express assumption and condition that any Option grant will not economically or otherwise bind the Company or any Affiliated Company on an ongoing basis other than as set forth in this Option Agreement. Consequently, the Optionee understands that any grant is given on the assumption and condition that it shall not become a part of any employment contract (either with the Company or any Affiliated Company) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Further, the Optionee understands and freely accepts that there is no guarantee that any benefit shall arise from any gratuitous and discretionary grant since the future value of the Options and the Shares is unknown and unpredictable.
Additionally, the Optionee understands that the vesting of the Options is expressly conditioned on his or her continued and active rendering of service to the Employer (or the Company or an Affiliated Company) such that if Optionees employment terminates for any reason whatsoever, his or her Options will cease vesting as described in Section 9 of the Plan. This will be the case, for example, even if (a) the Optionee is considered to be unfairly dismissed without good cause (i.e., subject to a despido improcedente ); (b) the Optionee is dismissed for disciplinary or objective reasons or due to a collective dismissal; (c) the Optionee terminates service due to a change of work location, duties or any other employment or contractual condition; (d) the Optionee terminates service due to the Companys or any Affiliated Companys unilateral breach of contract; or (e) the Optionees employment terminates for any other reason whatsoever. Consequently, upon termination of the Optionees employment for any of the above reasons, the Optionee will automatically lose any rights to the Options granted to the Optionee that were unvested on the date of termination of employment and the Optionee must exercise any vested portion of the Option (if at all) within the applicable post termination exercise period, as described in Part I of the Option Agreement.
Finally, the Optionee understands that this grant would not be made to the Optionee but for the assumptions and conditions referred to herein; thus, the Optionee acknowledges and freely accepts that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any grant of the Options shall be null and void.
Securities Law Information. No offer of securities to the public, as defined under Spanish law, has taken place or will take place in the Spanish territory in connection with the Option. This Option Agreement has not been nor will it be registered with the Comisión Nacional del Mercado de Valores , and does not constitute a public offering prospectus.
SWEDEN
No country-specific provisions.
SWITZERLAND
Securities Law Information. The grant of the Option and the issuance of any Shares is not intended to be a public offering in Switzerland. Neither this document nor any other materials relating to the Option constitute a prospectus as such term is understood pursuant to article 652a of the Swiss Code of Obligations, and neither this document nor any other materials relating to the Option may be publicly distributed nor otherwise made publicly available in Switzerland. Neither this document nor any other offering or marketing material relating to the Option have been or will be filed with, or approved or supervised by, any Swiss regulatory authority (in particular, the Swiss Financial Market Supervisory Authority (FINMA))
UNITED KINGDOM
Tax Obligations. The following provision supplements Section 6 (Tax Obligations) of the Option Agreement:
If payment or withholding of the income tax due in connection with the Option is not made within ninety (90) days of the end of the U.K. tax year in which the income tax liability arises or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003 (the Due Date ), the amount of any uncollected income tax shall constitute a loan owed by the Optionee to the Employer, effective as of the Due Date. The Optionee agrees that the loan will bear interest at the then-current official rate of Her Majestys Revenue & Customs ( HMRC ), it shall be immediately due and repayable, and the Company or the Employer may recover it at any time thereafter by any of the means referred to in Section 6 of the Option Agreement. Notwithstanding the foregoing, if the Optionee is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), he or she shall not be eligible for a loan from the Company to cover the income tax liability. In the event that the Optionee is a director or executive officer and the income tax is not collected from or paid by him or her by the Due Date, the amount of any uncollected income tax may constitute a benefit to the Optionee on which additional income tax and national insurance contributions ( NICs ) may be payable. The Optionee will be responsible for reporting any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying the Company or the Employer (as appropriate) for the value of any employee NICs due on this additional benefit which may be collected from the Optionee by the Company or the Employer by any of the means referred to in Section 6 of the Option Agreement.
UNITED STATES
Tax Obligations. The following provisions supplement Section 7 (Tax Obligations) of the Option Agreement:
Notice of Disqualifying Disposition of Incentive Stock Option. If the Optionee is a U.S. taxpayer and the Option is an Incentive Stock Option , and the Optionee makes a disposition (as defined in Section 424 of the Code) of all or any portion of the Shares acquired upon exercise of the Options within two (2) years from Date of Grant set out in Part I of this Option Agreement or within one (1) year after issuance of the Shares acquired upon exercise of the Options, then the Optionee shall immediately notify the Company in writing as to the occurrence of, and the price realized upon, such disposition. The Optionee understands that he or she may be subject to income tax withholding by the Company on the compensation income recognized by the Optionee.
Section 409A of the Code. To the extent the Optionee is or becomes subject to U.S. federal income taxation, this section shall apply. Under Section 409A of the Code, an Option that was granted with a per Share exercise price that is determined by the U.S. Internal Revenue Service (the IRS ) to be less than the Fair Market Value of a Share on the Date of Grant (a discount option) may be considered deferred compensation. An Option that is a discount option may result in (a) income recognition by the Optionee prior to the exercise of the Option, (b) an additional 20% federal income tax, (c) potential penalty and interest charges, and (d) additional state income, penalty and interest tax to the Optionee (collectively, 409A Penalties ). The Optionee acknowledges that the Company cannot guarantee, and has not guaranteed, that the IRS will agree, in a later examination, that the per Share Exercise Price of this Option equals or exceeds the Fair Market Value of a Share on the Date of Grant. The Optionee agrees that, if the IRS determines that the Option is a discount option, the Optionee shall be solely responsible for the Optionees costs related to such a determination, including any 409A Penalties.
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Exhibit 5.1
August 7, 2017
Talend S.A.
9, rue Pages
92150 Suresnes
France
Re: Registration Statement on Form S-8 of Talend S.A.
Ladies and Gentlemen:
We have acted as French counsel to Talend S.A. a French société anonyme (the Company ), in connection with the registration of up to 2,548,831 ordinary shares of the Company, par value 0.08 per share, (the Shares ) pursuant to the Companys 2017 Stock Option Plan, 2016 and 2017 Free Share Plans, the BSPCE Terms and Conditions and the BSA Terms and Conditions (collectively, the Plans ).
In connection with the opinion expressed herein, we have examined such documents, records and matters of law as we have deemed relevant or necessary for purposes of this opinion. Based on the foregoing, and subject to the further limitations, qualifications and assumptions set forth herein, we are of the opinion that the Shares that may be issued pursuant to the Plans have been duly authorized and, when issued in accordance with the respective Plans, will be validly issued, fully paid and non-assessable.
The opinion expressed herein is limited to the laws of France as currently in effect, and we express no opinion as to the effect of the laws of any other jurisdiction. We have assumed that the Company will take no action inconsistent with the resolutions authorizing the Company to issue the Shares. We have also assumed, for any future awards under the Plans, that (1) the resolutions authorizing the Company to issue the Shares pursuant to the respective Plans and the applicable award agreements will be in full force and effect on the date of such awards and (2) such future awards will be approved by the Board of Directors of the Company in accordance with applicable laws and regulations and with the terms of the relevant Plan.
We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement on Form S-8 filed by the Company to effect registration of the Shares to be issued and sold pursuant to each Plan under the Securities Act of 1933 (the Act ). In giving such consent, we do not thereby admit that we are included in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.
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Very truly yours, |
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/s/ Jones Day |
Exhibit 23.1
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KPMG Audit
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Téléphone : +33 (0)1 55 68 68 68
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CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors
Talend S.A.
We consent to the incorporation by reference in this registration statement on Form S-8 of Talend S.A. of our report dated March 6, 2017, with respect to the consolidated statements of financial position of Talend S.A. as of December 31, 2015 and 2016, and the related consolidated statements of operations, comprehensive loss, changes in equity and cash flows for each of the three years in the period ended December 31, 2016, which report appears in the December 31, 2016 Annual Report on Form 20-F of Talend S.A..
Paris La Défense, France |
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August 7, 2017 |
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KPMG S.A. |
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/s/ Grégoire Menou |
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/s/ Jacques Pierre |
Grégoire Menou |
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Jacques Pierre |
Partner |
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Partner |
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Siège social : |
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Société anonyme dexpertise |
KPMG S.A. |
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comptable et de commissariat |
Tour Eqho |
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aux comptes à directoire et |
2 avenue Gambetta |
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conseil de surveillance. |
92066 Paris La Défense Cedex |
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Inscrite au Tableau de lOrdre à |
Capital : 5 497 100 . |
KPMG S.A. |
Paris sous le n° 14-30080101 |
Code APE 6920Z |
Société française membre du réseau KPMG |
et à la Compagnie Régionale des |
775 726 417 R.C.S. Nanterre |
Constitué de cabinets indépendants adhérents de |
Commissaires aux comptes de |
TVA Union Européenne |
KPMG International Cooperative, une entité de droit suisse |
Versailles |
FR 77 775 726 417 |