1.
|
Approval of the statutory financial statements for the year ended December 31, 2016
|
2.
|
Approval of the consolidated accounts for the year ended December 31, 2016
|
3.
|
Appropriation of net loss for the year ended December 31, 2016
|
4.
|
Agreements within the scope of Article L. 225-38 of the French Commercial Code
|
5.
|
Acknowledgment of capital restitution in conformity with Article L. 225-248, al.2 of the French Commercial Code
|
6.
|
Approval of the compensation plan for non-executive directors
|
7.
|
Renewal of Mr. Yves Maitre as director
|
8.
|
Renewal of Mr. Hubert de Pesquidoux as director
|
9.
|
Appointment of Mrs. Mailys Ferrere as director
|
10.
|
Subject to the condition precedent that the renewals of Messrs. Yves Maitre and Hubert de Pesquidoux are approved, issuance of 180,000
stock subscription warrants; establishing the conditions for exercising the stock warrants and adoption of an issuance agreement; revocation of preemptive subscription rights in favor of Mr. Alok Sharma, Mr. Richard Nottenburg, Mr. Zvi Slonimsky, Mr. Hubert de Pesquidoux, Mr. Dominique Pitteloud, and Mr. Yves Maître; powers to be granted to the Board of Directors
|
11.
|
Authorization given to the Board of Directors to grant stock subscription options, and renunciation of shareholders’ preemptive subscription rights in favor of the beneficiaries of such options; conditions attached to such authorization; powers to be granted to the Board of Directors
|
12.
|
Authorization granted to the Board of Directors to issue stock subscription warrants, and revocation of shareholders’ preemptive subscription rights in favor of the holders of such warrants; conditions attached to such authorization; powers to be granted to the Board of Directors
|
13.
|
Authorization granted to the Board of Directors to issue restricted free shares, and revocation of shareholders’ preemptive subscription rights in favor of the holders of such restricted free shares; conditions attached to such authorization; powers to be granted to the Board of Directors
|
14.
|
Setting an overall ceiling of 1,500,000 for issues of stock subscription options, stock warrants and restricted free shares
|
15.
|
Authority delegated to the Board of Directors to carry out a capital increase up to a maximum nominal amount of €800,000 by issuing shares and/or securities that confer rights to the Company’s equity and/or to securities that confer the right to an allotment of debt securities, reserved to a specific class of persons and revocation of preemptive subscription rights in favor of such class
|
16.
|
Authority to be delegated to the Board of Directors to decide to increase stated capital by issuing shares reserved for employees and revocation of preemptive subscription rights in favor of such employees
|
17.
|
Powers and formalities required for the meeting to be official
|
•
|
in favor of the resolutions corresponding to proposals 1-15 and 17, whether or not you specifically indicate a “FOR” vote, unless you abstain or vote against a specific resolution; and
|
•
|
against the resolution corresponding to proposal 16, whether or not you specifically indicate an “AGAINST” vote, unless you abstain or vote for such resolutions.
|
PROPOSALS 1-3:
|
APPROVAL OF THE STATUTORY AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2016; APPROPRIATION OF NET LOSS FOR THE YEAR ENDED DECEMBER 31, 2016
|
PROPOSAL 4:
|
APPROVAL OF THE REPORT ON RELATED PARTY AGREEMENTS
|
PROPOSAL 5:
|
ACKNOWLEDGEMENT OF CAPITAL RESTITUTION
|
PROPOSAL 6:
|
APPROVAL OF THE COMPENSATION PLAN FOR NON-EXECUTIVE DIRECTORS
|
–
|
Basic directors’ fees
US$ 20,000 per year, per director
|
–
|
Special directors’ fees
paid in consideration
|
–
|
Lead independent director fee
US$ 20,000 per year
|
PROPOSALS 7-9:
|
PROPOSALS TO REAPPOINT AS DIRECTORS MESSRs. YVES MAITRE AND HUBERT DE PESQUIDOUX, AND TO APPOINT AS DIRECTOR MRS. MAILYS FERRERE
|
PROPOSAL 10:
|
SUBJECT TO THE CONDITION PRECEDENT THAT THE REAPPOINTMENTS OF MESSRS YVES MAITE AND HUBERT DE PESQUIDOUX, AS DIRECTOR ARE APPROVED, ISSUANCE OF A TOTAL NUMBER OF 180,000 STOCK SUBSCRIPTION WARRANTS; ESTABLISHING THE CONDITIONS FOR EXERCISING THE STOCK WARRANTS AND ADOPTION OF AN ISSUANCE AGREEMENT; REVOCATION OF THE PREEMPTIVE RIGHT TO SUBSCRIBE FOR THESE WARRANTS IN FAVOR OF NON-EXECUTIVE DIRECTORS
|
Beneficiaries
|
Stock Warrants
|
Total Subscription Price
|
Mr. Alok Sharma
|
30,000 stock warrants
|
€300
|
Mr. Zvi Slonimsky
|
30,000 stock warrants
|
€300
|
Mr. Dominique Pitteloud
|
30,000 stock warrants
|
€300
|
Mr. Hubert de Pesquidoux
|
30,000 stock warrants
|
€300
|
Mr. Yves Maître
|
30,000 stock warrants
|
€300
|
Mr. Richard Nottenburg
|
30,000 stock warrants
|
€300
|
Total
|
180,000 stock warrants
|
€1800
|
PROPOSALS 11-14:
|
AUTHORIZATIONS TO BE GRANTED TO THE BOARD OF DIRECTORS TO ISSUE STOCK OPTIONS, STOCK SUBSCRIPTION WARRANTS AND RESTRICTED FREE SHARES
|
PROPOSAL 15:
|
DELEGATION OF AUTHORITY GRANTED TO THE BOARD OF DIRECTORS TO CARRY OUT ONE OR MORE CAPITAL INCREASES FOR A MAXIMUM NOMINAL AMOUNT OF €800,000 BY ISSUING ORDINARY SHARES AND/OR SECURITIES THAT CONFER EQUITY RIGHTS AND/OR SECURITIES THAT CONFER THE RIGHT TO AN ALLOTMENT OF CONVERTIBLE DEBT SECURITIES
|
PROPOSAL 16:
|
AUTHORITY TO BE DELEGATED TO THE BOARD OF DIRECTORS TO DECIDE TO INCREASE STATED CAPITAL BY ISSUING SHARES RESERVED FOR EMPLOYEES, AND REVOCATION OF PREEMPTIVE SUBSCRIPTION RIGHTS IN FAVOR OF SUCH EMPLOYEES
|
PROPOSAL 17:
|
POWERS AND FORMALITIES
|
Exhibit
|
Description
|
|
|
99.1
|
Resolutions submitted to the Ordinary General Meeting and Extraordinary Meeting of Shareholders on June 30, 2017
|
|
|
99.2
|
Sample proxy card for use in connection with the Ordinary General Meeting and Extraordinary Meeting of Shareholders on June 30, 2017
|
|
|
|
|
|
|
SEQUANS COMMUNICATIONS S.A.
(Registrant)
|
|
||
Date: May 30, 2017
|
By:
|
/s/ Deborah Choate
|
|
|
|
|
Deborah Choate
|
|
|
|
|
Chief Financial Officer
|
|
|
|
Exhibit
|
Description
|
|
|
99.1
|
Resolutions submitted to the Ordinary General Meeting and Extraordinary Meeting of Shareholders on June 30, 2017
|
|
|
99.2
|
Sample proxy card for use in connection with the Ordinary General Meeting and Extraordinary Meeting of Shareholders on June 30, 2017
|
1.
|
Approval of the statutory financial statements for the year ended December 31, 2016
|
2.
|
Approval of the consolidated accounts for the year ended December 31, 2016
|
3.
|
Appropriation of net loss for the year ended December 31, 2016
|
4.
|
Agreements within the scope of Article L. 225-38 of the French Commercial Code
|
5.
|
Acknowledgment of capital restitution in conformity with Article L. 225-248, al.2 of the French Commercial Code
|
6.
|
Approval of the compensation plan for non-executive directors
|
7.
|
Renewal of Mr. Yves Maitre as director
|
8.
|
Renewal of Mr. Hubert de Pesquidoux as director
|
9.
|
Appointment of Mrs. Mailys Ferrere as director
|
10.
|
Subject to the condition precedent that the renewals of Messrs. Yves Maitre and Hubert de Pesquidoux as director are approved, issuance of 180,000
stock subscription warrants; establishing the conditions for exercising the stock warrants and adoption of an issuance agreement; revocation of preemptive subscription rights in favor of Mr. Alok Sharma, Mr. Richard Nottenburg, Mr. Zvi Slonimsky, Mr. Hubert de Pesquidoux, Mr. Dominique Pitteloud, and Mr. Yves Maitre; powers to be granted to the Board of Directors
|
11.
|
Authorization granted to the Board of Directors to grant stock subscription options, and renunciation of shareholders’ preemptive subscription rights in favor of the beneficiaries of such options; conditions attached to such authorization; powers to be granted to the Board of Directors
|
12.
|
Authorization granted to the Board of Directors to issue stock subscription warrants (“warrants”), and revocation of shareholders’ preemptive subscription rights in favor of the holders of such warrants; conditions attached to such authorization; powers to be granted to the Board of Directors
|
13.
|
Authorization granted to the Board of Directors to issue restricted free shares, and revocation of shareholders’ preemptive subscription rights in favor of the holders of such restricted free shares; conditions attached to such authorization; powers to be granted to the Board of Directors
|
14.
|
Setting an overall ceiling of 1,500,000 for issues of stock subscription options and stock warrants.
|
15.
|
Authority delegated to the Board of Directors to carry out a capital increase up to a maximum nominal amount of €800,000 by issuing shares and/or securities that confer rights to Sequans Communications S.A.’s (the “
Company
”) equity and/or to securities that confer the right to an allotment of debt securities, reserved to a specific class of persons and revocation of preemptive subscription rights in favor of such class
|
16.
|
Authority to be delegated to the Board of Directors to decide to increase stated capital by issuing shares reserved for employees and revocation of preemptive subscription rights in favor of such employees
|
17.
|
Powers and formalities
|
–
|
entirely to the “Retained Earnings/Loss” account, which as a result thereof will have a negative balance of: € 141,946,424
|
(i)
|
Each non-executive director will receive directors’ fees as follows:
|
–
|
Basic directors’ fees
US$ 20,000 per year
|
–
|
Special directors’ fees
paid in consideration
|
(ii)
|
Each non-executive director may be reimbursed for reasonable travel expenses, upon presentation of receipts.
|
(iii)
|
The lead independent director will receive an additional fee of US$ 20,000 per year.
|
•
|
Mrs. Mailys Ripert Ferrere
|
1.)
|
Resolves
to issue 180,000 stock subscription warrants (hereinafter,
“stock warrants”
) for a price of €0.01 each, i.e., a total amount of €1,800.
|
2.)
|
Resolves
that at the time of exercise, the par value and issue premium of the stock warrants must be paid in full by a cash payment, a transfer to any of the bank accounts opened in the Company’s name with a bank or a setoff against a claim held against the Company for directors’ fees.
|
3.)
|
Resolves
that subscriptions will be accepted from the conclusion of this shareholders’ meeting until July 15, 2017, inclusive, at the Company’s principal office. Payments must be made within a period of ten days following the subscription.
|
4.)
|
Resolves
that each stock warrant shall entitle the holder thereof to acquire one new ordinary share of the Company with a par value of €0.02 (hereinafter,
“New Share”
).
|
5.)
|
Resolves
to delegate to the Board of Directors the authority to certify the exercise price of the stock warrants, with the right to subdelegate its authority in accordance with applicable statutory and regulatory requirements. Such exercise price shall be equal to the closing price of the Sequans Communications share on the New York Stock Exchange (“
NYSE
”) on this 30
h
day of June 2017.
|
6.)
|
Resolves
that the New Shares subscribed by exercising the stock warrants shall be subscribed for cash and paid in full at the time of the subscription, in cash or by a setoff against a claim held against the Company. These New Shares shall be subject to all provisions of the Articles of Incorporation and Bylaws and, if applicable, shall enjoy all rights pertaining to shares in that class, as of the date the capital increase is completed.
|
7.)
|
Authorizes
the Board of Directors to increase stated capital by a maximum nominal amount of €3,600, which, on the basis of the issuance of 180,000 New ordinary Shares with a par value of €0.02 each, corresponds to the exercise of 180,000 stock warrants.
|
8.)
|
Resolves
to approve the terms and conditions governing the stock warrants, as set forth in the stock warrant issuance agreement (hereinafter,
“Stock Warrants Issuance Agreement”
) appended to these resolutions as
Attachment A
, and
adopts
all provisions of said Stock Warrant Issuance Agreement, which provide
inter alia
that the period during which the stock warrants may be exercised shall expire ten years from the date of issuance, i.e., June 30, 2027.
|
9.)
|
Resolves
to set as follows the vesting conditions for the stock warrants, the subscription of 30,000 stock warrants each being reserved for Mssrs. Alok Sharma, Zvi Slonimsky, Hubert de Pesquidoux, Dominique Pitteloud, Yves Maître and Richard Nottenburg :
|
•
|
Provided that he still holds the office of director on each exercise date, one-third of the stock warrants for which he subscribes may be exercised each year as follows: (i) one-third on the date of the first anniversary of the date they are granted; (ii) two-thirds on the date of the second anniversary; and (iii) without restriction on the date of the third anniversary.
|
10.)
|
Acknowledges
and
confirms
, to the extent necessary, that in accordance with Article L. 225-132 of the French Commercial Code, the decision of this shareholders’ meeting to issue the stock warrants constitutes an automatic waiver by the shareholders, in favor of the holder of the stock warrants, of their preemptive subscription right to the shares that may be subscribed by exercising and presenting such stock warrants. Said waiver shall accrue in favor of the holder of the stock warrants on the date they are exercised.
|
11.)
|
Resolves
that the holder of the stock warrants shall benefit from the protections afforded by the statutes and regulations to holders of stock warrants, in accordance with the requirements prescribed for this class of securities that confer equity rights, and as set forth in the Stock Warrant Issuance Agreement.
|
12.)
|
In consequence of the foregoing,
the shareholders’ meeting
delegates
to the Board of Directors full powers to carry out the increase of stated capital resulting from the exercise of the stock warrants, and in particular to:
|
(i)
|
Inform the beneficiaries of the stock warrants, collect the subscription price for said stock warrants and perform all necessary formalities;
|
(ii)
|
Carry out the increase of stated capital resulting from the exercise of the stock warrants and, in particular, to:
|
-
|
Collect the subscriptions and the payments of the price of the shares issued pursuant to the exercise of these stock warrants;
|
–
|
If applicable, certify, at any time or at the first Board of Directors’ meeting following the end of each year, the number and par value of the shares subscribed by the holders of stock warrants and the corresponding capital increases;
|
–
|
Make the necessary amendments to the Company’s Articles of Incorporation and Bylaws and perform all necessary formalities;
|
–
|
Take in due course all measures that may be necessary to preserve the rights of the holders of stock warrants in the cases prescribed by law and in accordance with the requirements of the issuance agreements. However, during the entire period of validity of the stock warrants, the Company shall be entitled (i) to change its legal form or corporate purposes without obtaining the prior authorization of the stock warrant holders and (ii) to amend the rules for distributing profits, redeem its capital and create preferred shares that result in such amendment or redemption, provided it is authorized to do so in accordance with the requirements of Article L.228-103 of the French Commercial Code and that, in consequence thereof, the Company takes the measures necessary to preserve the holders’ rights, in compliance with applicable statutory and/or regulatory provisions.
|
–
|
In general, to enter into all agreements, take all measures, perform all formalities with respect to the issuance, listing, successful issue and financial servicing of the shares issued pursuant to this authorization and make all corresponding amendments to the Articles of Incorporation and Bylaws.
|
13.)
|
Resolves
to revoke the shareholders’ preemptive subscription rights provided by Article L.125-32 of the French Commercial Code and to reserve to Mr. Alok Sharma the subscription for 30,000 stock warrants.
|
14.)
|
Resolves
to revoke the shareholders’ preemptive 30,000 stock warrants.
|
15.)
|
Resolves
to revoke the shareholders’ preemptive subscription rights provided by Article L.125-32 of the French Commercial Code and to reserve to Mr. Dominique Pitteloud the subscription for 30,000 stock warrants.
|
16.)
|
Resolves
to revoke the shareholders’ preemptive subscription rights provided by Article L.125-32 of the French Commercial Code and to reserve to Mr. Hubert de Pesquidoux the subscription for 30,000 stock warrants.
|
17.)
|
Resolves
to revoke the shareholders’ preemptive subscription rights provided by Article L.125-32 of the French Commercial Code and to reserve to Mr. Yves Maître the subscription for 30,000 stock warrants.
|
18.)
|
Resolves
to revoke the shareholders’ preemptive subscription rights provided by Article L.125-32 of the French Commercial Code and to reserve to Mr. Richard Nottenburg the subscription for 30,000 stock warrants.
|
19.)
|
Lastly,
resolves
that, within 15 days from this general shareholders’ meeting, the Board of Directors shall prepare an additional report on the exact impact of the issuance of the stock warrants on the position of holders of equity shares or securities, on the basis of the exercise price set by the Board of Directors, or pursuant to a subdelegation in accordance with applicable statutory and regulatory requirements. Such price shall be reported to the next general shareholders’ meeting.
|
1.)
|
Authorizes
the Board of Directors to issue, when it deems appropriate, stock subscription options (
“Options”
), on one or more occasions, to the employees of the Company’s subsidiaries, as well as to the Company’s employees and corporate officers.
|
2.)
|
Resolves
that the Options granted pursuant to this authorization shall not confer the right to acquire a total number of shares greater than one million five hundred thousand (1,500,000) shares with a par value of €0.02, and further subject to the overall limit set forth in the FOURTEENTH RESOLUTION.
|
3.)
|
Resolves
that each Option shall entitle the beneficiary thereof to acquire one share in the Company with a par value of €0.02 (hereinafter,
“New Share”
) at the market value of the Company’s shares, as determined on the date the Board of Directors actually grants said Option, and delegates to the Board of Directors the authority to certify the exercise price, with the right to subdelegate its authority in accordance with applicable statutory and regulatory requirements. Such exercise price shall be equal to the closing price of the Sequans share on the NYSE on the date said Option is actually granted.
|
4.)
|
Resolves
that the Options must be exercised within a period of ten years from the date said Options are granted, and that they shall cease to be valid after such date.
|
5.)
|
Resolves
that the New Shares subscribed by exercising the Options shall be subscribed for cash and paid in full, in cash, at the time of the subscription. Such New Shares shall be subject to all provisions of the Articles of Incorporation and Bylaws applicable to shares of the same class and shall enjoy all rights pertaining thereto as of the date the capital increase is completed.
|
6.)
|
Notes
that this decision automatically constitutes an express waiver in favor of the beneficiaries of the Options, by the shareholders, of their preemptive subscription rights to the New Shares that will be issued as said Options are exercised. The increase in stated capital resulting from the exercise of the Options shall be definitively completed merely as the result of a statement that the Options are being exercised, accompanied by the subscription forms and payment of the subscription price.
|
7.)
|
Confers
full powers on the Board of Directors to implement this authorization and, in particular, to:
|
–
|
Determine the beneficiaries of the Options, in compliance with statutory provisions, as well as the number [of Options] to be granted to each one, free of charge;
|
–
|
Determine the exercise price for these Options in accordance with the procedures established by said general shareholders’ meeting, in accordance with applicable statutes and regulations;
|
–
|
Determine the conditions for exercising these Options, in particular the dates for exercising the Options;
|
–
|
Determine the procedure by which the rights of the beneficiaries of the Options will be preserved, in particular by an adjustment, in the event the Company carries out any transaction while the Options are still valid that can be carried out only by preserving the rights of said beneficiaries;
|
–
|
Inform the beneficiaries of the Options, collect the subscriptions and payments of the price of the shares issued pursuant to the exercise of such Options and certify completion of the corresponding capital increases;
|
–
|
In general, to enter into all agreements, take all measures, perform all formalities with respect to the issuance, listing, successful issue and financial servicing of the shares issued pursuant to this authorization and make all corresponding amendments to the Articles of Incorporation and Bylaws.
|
8.)
|
Sets
at eighteen (18) months, as of the date of this general shareholders’ meeting, the period of validity of this authorization.
|
9.)
|
Acknowledges
that, as of this date, this delegation of authority abrogates the unused portion, if any, of any prior delegation of authority for the same purpose, i.e., any authority delegated to the Board of Directors to grant stock subscription options and revoke shareholders’ preemptive subscription rights in favor of the beneficiaries of such options.
|
1.)
|
Authorizes
the Board of Directors to issue, when it deems appropriate, stock subscription warrants (
“warrants”
), on one or more occasions, for a price of €0.01 each.
|
2.)
|
Resolves
that the warrants issued pursuant to this authorization shall not confer the right to acquire a total number of shares greater than one million five hundred thousand (1,500,000) shares with a par value of €0.02, and further subject to the overall limit set forth in the FOURTEENTH RESOLUTION.
|
3.)
|
Resolves
that each stock warrant shall entitle the beneficiary thereof to acquire one new ordinary share with a par value of €0.02 (hereinafter,
“New Share”
) at the market value of the Company’s shares, as determined on the date the Board of Directors actually grants the warrants, and delegates to the Board of Directors the authority to certify the exercise price, with the right to subdelegate its authority in accordance with applicable statutory and regulatory requirements. Such exercise price shall be equal to the closing price of the Sequans share on the NYSE on the date said warrants are actually granted.
|
4.)
|
Resolves
that the warrants must be exercised within a period of ten years from the date they are issued, and that they shall cease to be valid after such date.
|
5.)
|
Resolves
that the New Shares subscribed by exercising the warrants shall be subscribed for cash and paid in full, in cash, at the time of the subscription. Such New Shares shall be subject to all provisions of the Articles of Incorporation and Bylaws applicable to shares of the same class and shall enjoy all rights pertaining thereto as of the date the capital increase is completed.
|
6.)
|
Notes
that this decision automatically constitutes an express waiver in favor of the beneficiaries of these warrants, by the shareholders, of their preemptive subscription rights to the shares that will be issued as said warrants are exercised. The increase in stated capital resulting from the exercise of the warrants shall be definitively completed merely as the result of a statement that the warrants are being exercised, accompanied by the subscription forms and payment of the subscription price.
|
7.)
|
Resolves,
pursuant to Article L.225-138 of the French Commercial Code, to revoke the preemptive subscription rights afforded by Article L.225-132 of the aforementioned Code in favor of persons who meet the characteristics specified below, and who are selected by the Board of Directors:
|
•
|
The Company’s external partners (independent consultants, etc.) who contribute to the Company’s expansion and success.
|
8.)
|
Confers
full powers on the Board of Directors to implement this authorization and, in particular, to:
|
–
|
Determine the beneficiaries of the warrants, in compliance with statutory provisions;
|
–
|
Determine the exercise price for these warrants in accordance with the procedures established by this general shareholders’ meeting;
|
–
|
Determine the conditions for exercising these warrants, in particular the dates for exercising the warrants;
|
–
|
Determine the procedure by which the rights of the holders of the warrants will be preserved, in particular by an adjustment, in the event the Company carries out any transaction while the warrants are still valid that can be carried out only by preserving the rights of said holders;
|
–
|
Inform the holders of the warrants, collect the subscriptions and payments of the price of the New Shares issued pursuant to the exercise of these warrants and certify completion of the corresponding capital increases;
|
–
|
In general, enter into all agreements, take all measures, perform all formalities with respect to the issue, listing, successful issue and financial servicing of the shares issued pursuant to this authorization and make all corresponding amendments to the Articles of Incorporation and Bylaws.
|
9.)
|
Lastly,
points out
that, in accordance with Article R.225-116 of the French Commercial Code, within a period of 15 days following each use of this delegation of authority, the Board of Directors shall prepare an additional report describing the definitive terms of the transaction. Such additional report shall be provided to the next general shareholders’ meeting.
|
10.)
|
Sets
at eighteen (18) months, as of the date of this general shareholders’ meeting, the period of validity of this authorization.
|
11.)
|
Acknowledges
that, as of this date, this delegation of authority abrogates the unused portion, if any, of any prior delegation of authority for the same purpose, i.e., any authority delegated to the Board of Directors to issue detachable stock warrants and revoke shareholders’ preemptive subscription rights in favor of the holders of such warrants.
|
1.)
|
Authorizes
the Board of Directors to issue, when it deems appropriate, restricted free shares, on one or more occasions, to the employees of the Company’s subsidiaries, as well as to the Company’s employees and corporate officers.
|
2.)
|
Resolves
that the Options granted pursuant to this authorization shall not confer the right to acquire a total number of shares greater than one million five hundred thousand (1,500,000) shares with a par value of €0.02, and further subject to the overall limit set forth in the FOURTEENTH RESOLUTION.
|
3.)
|
Authorizes
the Board of Directors to issue such shares by an incorporation of reserves, additional paid-in capital or retained earnings in an amount equal to the nominal value of the restricted free shares granted.
|
4.)
|
Notes
that this decision automatically constitutes an express waiver in favor of the beneficiaries of the restricted free shares, by the shareholders, of their preemptive subscription rights.
|
5.)
|
Confers
full powers on the Board of Directors to implement this authorization and, in particular, to:
|
8.)
|
Sets
at eighteen (18) months, as of the date of this general shareholders’ meeting, the period of validity of this authorization.
|
9.)
|
Acknowledges
that, as of this date, this delegation of authority abrogates the unused portion, if any, of any prior delegation of authority for the same purpose, i.e., any authority delegated to the Board of Directors to grant restricted free shares to employees or executive management.
|
1.)
|
Delegates
to the Board of Directors its authority for the purpose of carrying out one or more capital increases, on one or more occasions, of the size and at the times in its discretion, in euros, any other currency or a monetary unit established with reference to several currencies, by issuing ordinary shares (to the exclusion of preferred shares) or securities that confer rights to the Company’s equity or securities that confer the right to an allotment of debt securities, issued for consideration or free of charge, as governed by Articles L. 225-149 et seq. and L. 228-91 et seq. of the French Commercial Code. Subscriptions for shares and other securities may be made for cash or by a setoff against claims, and shall be paid in full at the time of the subscription.
|
2.)
|
Resolves
that this delegation of authority may be used to finance the growth of the Company including, for example, acquisitions of companies or business activities, and in general any financing for the development of the Company.
|
3.)
|
Resolves
that the maximum nominal amount of capital increases that may be carried out, immediately or in the future, pursuant to this delegation of authority shall be eight hundred thousand euros (€800,000) (or the equivalent of this amount in any other currency that is legal tender or in any unit of account established with reference to a set of currencies). Any transactions involving the Company’s capital carried out after the date of this general shareholders’ meeting shall have no impact on the amount of this ceiling, which shall continue to apply up to the prescribed amount. Furthermore, if necessary, the nominal amount of the additional shares to be issued shall be added to this total amount in order to preserve the rights of the holders of securities that confer rights to the Company’s equity, in accordance with the law and applicable contractual provisions.
|
4.)
|
Resolves
that the maximum nominal amount of securities that represent claims against the Company that may be issued, directly or indirectly, immediately or in the future, pursuant to this delegation of authority shall be thirty-five million euros (€35,000,000) (or the equivalent of this amount in any other currency that is legal tender or in any unit of account established with reference to a set of currencies).
|
5.)
|
Resolves
to revoke the shareholders’ preemptive right to subscribe for the securities that are the subject of this authorization in favor of:
|
A-
|
any industrial partner that has a similar, complementary or related business to that of the Company;
|
B-
|
or institutional or strategic investors
|
(i)
|
that have, if necessary, the status of Qualified Institutional Buyers or Institutional Accredited Investors within the meaning of U.S. law or the status of qualified investors within the meaning of Article L. 411-2 of the French Monetary and Financial Code (
Code Monétaire et Financier
) (such as, for example, French or foreign investment funds, pension funds, banks, insurance companies and mutual funds) whose principal place of business, management or management company is located in the United States of America, Canada, the European Union, the European Economic Area, Russia, Japan, Korea, Taiwan, Hong Kong, Singapore or Israel;
|
(ii)
|
and
that invest in companies with high growth potential and have a certain number of significant references making investments in small/mid cap equities;
|
C-
|
or any institution that acts as a depository in connection with a public offering by the Company of American Depositary Shares (“
ADS
”) on the NYSE.
|
6.)
|
Acknowledges
the fact that this delegation of authority automatically constitutes an express waiver in favor of the holders of securities that confer rights to the Company’s equity that may be issued pursuant to this resolution, by the shareholders, of their preemptive right to subscribe for the shares to which the securities will confer rights.
|
7.)
|
Resolves
that the issue price (or the amount of the consideration that the Company is to receive subsequently for each share to be issued in the event securities that confer rights to the Company’s equity are issued) will be set either (i) in accordance with market practices such as, for example, in the case of an underwritten deal or private placement by reference to the price obtained by comparing the number of securities offered for subscription with subscription requests made by investors, using “book-building” techniques as developed by professional practice in the market, or (ii) in accordance with objective share valuation methods that may be selected (including, if applicable, by reference to the price of the Company’s shares) and, if the Board of Directors deems necessary, with the assistance of independent valuation services.
|
8.)
|
Sets
at eighteen (18) months, as of the date of this general shareholders’ meeting, the period of validity of this delegation of authority.
|
9.)
|
Resolves
that the Board of Directors shall have full powers to implement this delegation of authority, within the restrictions and subject to the conditions specified above and, in particular, to:
|
-
|
Draw up a list of beneficiaries within the class described above that may subscribe for the securities issued and the number of securities to allot to each one, subject to the restrictions specified above;
|
-
|
Set the amount of the issue(s) that will be carried out pursuant to this delegation of authority and decide
inter alia
the issue price (in accordance with the price-setting conditions specified above) and the dates, deadlines, procedures and conditions applicable to the subscription, delivery and dated date of the securities, subject to statutory and regulatory restrictions in force;
|
-
|
If applicable, establish the procedures for exercising the rights pertaining to shares or securities that confer equity rights that are to be issued and, if applicable, establish the procedures for exercising
inter alia
conversion, exchange and redemption rights, including by delivering assets to the Company, such as securities already issued by the Company;
|
-
|
Collect the subscriptions and corresponding payments and certify completion of the capital increases up to the amount of shares subscribed, and make the corresponding amendment to the Articles of Incorporation and Bylaws;
|
-
|
Pursuant to its sole initiative, set off the expenses of the capital increase(s) against the amount of the issue premium(s) generated thereby, and withdraw from such amount the sums necessary to increase the amount of the statutory reserve to one-tenth of the new amount of stated capital after each capital increase;
|
-
|
Decide and make all adjustments intended to take account of the impact of transactions on the Company’s capital, in particular, changes to the par value of shares, capital increases by capitalizing reserves, free allotments of shares, stock splits or reverse stock splits, distributions of reserves or any other assets, capital redemptions or any other transaction involving shareholders’ equity, and determine the procedures by which the rights of the holders of securities that confer equity rights will be preserved, if necessary;
|
-
|
In general, take all measures and perform all formalities of use with respect to the issuance, listing and financial servicing of the securities issued pursuant to this delegation of authority and for exercising the rights pertaining thereto.
|
10.)
|
Acknowledges
that, as of this date, this delegation of authority abrogates the unused portion, if any, of any prior delegation of authority for the same purpose, i.e., any authority delegated to the Board of Directors to carry out one or more capital increases by issuing shares and/or securities that confer rights to the Company’s equity and/or securities that confer the right to an allotment of debt securities reserved to a specific class of persons and revocation of preemptive subscription rights in favor of such class specific class of persons and revocation of preemptive subscription rights in favor of such class.
|
11.)
|
Notes
that in accordance with Article R.225-116 of the French Commercial Code, the Board of Directors will prepare, within 15 days of the use this authorization, a complementary report describing the final conditions of the transaction. Such report will be made available at the next shareholders meeting.
|
1.)
|
Delegates
to the Board of Directors its authority to decide to increase stated capital, on one or more occasions, up to a maximum total number of shares equal to 3% of stated capital on the date of the Board of Directors’ decision, by issuing shares or securities that confer equity rights, reserved to members of one or more corporate savings plans (or any other membership plan for which applicable statutory and regulatory provisions permit reserving a capital increase under equivalent conditions) that may be set up within the group comprised of the Company and the French or foreign companies within the Company’s consolidation scope or combination of accounts.
|
2.)
|
Sets
at eighteen (18) months, as of the date of this shareholders’ meeting, the period of validity of this delegation of authority.
|
3.)
|
Resolves
that the issue price of the new shares or securities that confer equity rights shall be determined in accordance with applicable statutory and regulatory requirements.
|
4.)
|
Authorizes
the Board of Directors to grant, free of charge, to the beneficiaries specified above, in addition to shares or securities that confer equity rights to be subscribed for cash, shares or securities that confer equity rights to be issued or already issued in order to offset all or part of a drop in value vis-à-vis the share subscription price, provided the benefit obtained from such allotment does not exceed applicable statutory or regulatory limits.
|
5.)
|
Resolves
to revoke, in favor of the beneficiaries specified above, the preemptive right of shareholders to subscribe for the securities that are the subject of this authorization. Furthermore, said shareholders shall waive all rights to the restricted free shares or securities that confer equity rights that may be issued pursuant to this resolution.
|
6.)
|
Resolves
that the Board of Directors shall have full powers to implement this delegation of authority, with the right to subdelegate its authority in accordance with legal requirements, within the limits and subject to the conditions specified above, for the purpose of setting the issuance and subscription conditions, certify completion of the resulting capital increases and make the corresponding amendments to the Articles of Incorporation and Bylaws and, in particular, to:
|
–
|
Establish, in accordance with legal requirements, a list of companies whose employees, employees on early retirement and retired employees may subscribe for the shares or securities that confer equity rights thus issued and, if applicable, may be entitled to restricted free shares or securities that confer equity rights;
|
–
|
Decide that the subscriptions may be made directly or through corporate mutual funds or other structures or entities permitted by applicable statutory and regulatory provisions;
|
–
|
Determine the conditions, in particular, seniority conditions, that the beneficiaries of the capital increases must meet;
|
–
|
If applicable, set off the expenses of the capital increases against the amount of the issue premiums generated thereby, and withdraw from such amount the sums necessary to increase the amount of the statutory reserve to one-tenth of the new amount of stated capital as a result of such capital increases;
|
–
|
In general, enter into all agreements, take all measures, perform all formalities with respect to the issuance, listing, successful issue and financial servicing of the shares issued pursuant to this authorization and make all corresponding amendments to the Articles of Incorporation and Bylaws.
|
7.)
|
Acknowledges
that, as of this date, this delegation of authority abrogates the unused portion, if any, of any prior delegation of authority to the Board of Directors for the purpose of carrying out a capital increase reserved for employees.
|
Article 1.
|
Holder of BSA
|
Article 2.
|
Allotment and subscription of BSA
|
Article 3.
|
Features and period of validity of BSA - Conditions of exercise
|
Article 4.
|
Termination of the mandate of non-executive Board Member of Sequans Communications
|
Article 5.
|
Setting of the subscription price for shares covered by the BSA
|
Article 6.
|
Suspension of the rights to exercise the BSA
|
Article 7.
|
Conditions of exercise of BSA
|
Article 8.
|
Delivery and form of shares
|
Article 9.
|
Rights and availability of shares
|
Title 3.
|
REPRESENTATION OF HOLDERS - Protection - AMENDMENT OF THE ISSUANCE AGREEMENT
|
Article 10.
|
Representation of Holders
|
Article 11.
|
Protection of Holders - Rights of the Company
|
Article 12.
|
Binding effect - Amendment of the issuance agreement - Term - Jurisdiction
|
Article 1.
|
Holder of BSA
|
Article 2.
|
Allotment and subscription of BSA.
|
-
|
the BSA subscription form duly signed,
|
-
|
as well as a copy of this Issuance Agreement attached to said letter, after the Holder has duly executed said copies.
|
Article 3.
|
Features and period of validity of BSA - Vesting - Conditions of exercise
|
Article 4.
|
Termination of the mandate of non-executive Board member of Sequans Communications
|
Article 5.
|
Setting of the subscription price for shares covered by the BSA
|
Article 7.
|
Conditions of exercise of BSA
|
Article 10
.
|
Representation of Holders of BSA
|
Article 11.
|
Protection of Holders - Rights of the Company
|
11.1
|
Holders will enjoy the protection reserved by law and regulations for holders of securities giving access to the capital. The Company will provide the Holders, or their representative, with the information set out by the law and regulations.
|
11.2
|
During the entire period of validity of the BSA, the Company will have the option of changing its form or object, without obtaining prior authorisation from the Holders of BSA. In addition, the Company shall be entitled to change the rules for distributing profits, write down its capital, or create preferred shares entailing such modification or writing down, subject to the prior authorisation to be delivered pursuant the terms of Article L. 228-103 of the French Commercial code and provided that the Company accordingly take the measures necessary to maintain the rights of the Holders, in compliance with applicable legal and/or regulatory provisions.
|
11.3
|
Subject to the powers expressly reserved by law for the general meeting of shareholders and, as the case may be, for the general meeting and for the representative of the body of Holders, the Board of directors will be empowered to take any measure relating to the protection and adjustment of the rights of Holders as provided for by the law and regulations, in particular by Article L. 228-99 of the French Commercial Code.
|
11.4
|
The Issuance Agreement and the conditions for the subscription or allotment of equity securities determined at the time of the issuance may only be amended by the extraordinary general meeting of shareholders of the Company, with the authorisation of the Holders obtained under the conditions provided for by law, in particular by Article L. 228-103 of the French Commercial Code.
|
12.1
|
The Holders are automatically subject to this Issuance Agreement, through this subscription or acquisition of BSA.
|
12.2
|
This Issuance Agreement becomes effective on the date of effective subscription of the BSA and ends on the first of the following dates: (a) the expiry date of the BSA, (b) the date on which all the BSA have been exercised or waived. In addition, it will cease to be binding on each BSA Holder on the date on which such holder ceases to hold any BSA.
|
12.3
|
This Issuance Agreement is subject to French law. Any dispute relating to this Issuance Agreement or relating to the application of the terms and conditions of the BSA will be referred to the relevant court of the district of the
Cour d’appel
of the registered office of the Company.
|