<SEC-DOCUMENT>0001104659-24-083027.txt : 20240726
<SEC-HEADER>0001104659-24-083027.hdr.sgml : 20240726
<ACCEPTANCE-DATETIME>20240726161807
ACCESSION NUMBER:		0001104659-24-083027
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20240726
DATE AS OF CHANGE:		20240726
EFFECTIVENESS DATE:		20240726

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Globant S.A.
		CENTRAL INDEX KEY:			0001557860
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-281049
		FILM NUMBER:		241147178

	BUSINESS ADDRESS:	
		STREET 1:		37A AVENUE J.F. KENNEDY
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1855
		BUSINESS PHONE:		35 220301596

	MAIL ADDRESS:	
		STREET 1:		37A AVENUE J.F. KENNEDY
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1855
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2419397d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As filed with the Securities and Exchange Commission
on July&#8239;26, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in">Registration No.&#8239;333-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FORM&#8239;S-8</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GLOBANT
    S.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
    name of registrant as specified in its charter)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center">&#8239;</TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Grand
    Duchy of Luxembourg</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not
    Applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    or other jurisdiction of<BR>
    incorporation or organization)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.
    Employer Identification No.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&#8239;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>37A, Avenue J.F. Kennedy</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>L-1855, Luxembourg</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address,
    including zip code, of Principal Executive Offices)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&#8239;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GLOBANT
                                            S.A. 2024 EQUITY INCENTIVE PLAN</B></FONT></P>
                                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#8239;</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Full
    title of the plan)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&#8239;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Globant, LLC</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>875 Howard Street, Suite&#8239;320</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>San Francisco, California 94103</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Attn: Nicol&aacute;s Avila</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(877) 215-5230</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Christopher C. Paci</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Stephen P. Alicanti</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Keith Ranta</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DLA Piper LLP (US)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1251 Avenue of the Americas</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10020-1104</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 335-4500</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
    address, telephone number,<BR>
    including area code, of agent for service)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Copies
    to)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule&#8239;12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer&#8239;</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center">&#8239;</TD>
    <TD STYLE="width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer&#8239;</FONT><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer&#8239;</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company&#8239;</FONT><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company&#8239;</FONT><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8239;7(a)(2)(B)&#8239;of the Securities Act. &#8239;</FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PART&#8239;I</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&#8239;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION&#8239;10(a)&#8239;PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The documents containing
the information specified in Item 1 and Item 2 of Part&#8239;I of Form&#8239;S-8 will be sent or given to participants as specified by
Rule&#8239;428(b)(1)&#8239;under the Securities Act of 1933 (the &ldquo;<B>Securities Act</B>&rdquo;). In accordance with the rules&#8239;and
regulations of the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) and the instructions to Form&#8239;S-8,
such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus
supplements pursuant to Rule&#8239;424 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PART&#8239;II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3.&#8239;&#8239;&#8239;&#8239;Incorporation of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following documents which
have been filed by the Registrant with the Commission are incorporated herein by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&#8239;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1557860/000162828024008037/glob-20231231.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual Report on Form&#8239;20-F (File No.&#8239;001-36535) for the year ended December&#8239;31, 2023, filed with the Commission on February&#8239;29, 2024; </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD>&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports on Form&#8239;6-K
    furnished to the Commission on <A HREF="https://www.sec.gov/Archives/edgar/data/1557860/000110465924041164/tm2410104d1_6k.htm" STYLE="-sec-extract: exhibit">March&#8239;29, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1557860/000110465924045241/tm2411340d1_6k.htm" STYLE="-sec-extract: exhibit">April&#8239;9, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1557860/000110465924059913/tm2414133-1_6k.htm" STYLE="-sec-extract: exhibit">May&#8239;10, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1557860/000110465924062537/tm2414732d1_6k.htm" STYLE="-sec-extract: exhibit">May&#8239;16, 2024</A> (only with respect to
    the unaudited condensed interim consolidated statements of comprehensive income, unaudited condensed interim consolidated statements
    of financial position, unaudited selected cash flow data, unaudited supplemental non-IFRS financial information and unaudited schedule
    of supplemental information contained in the press release attached as Exhibit&#8239;99.1) and <A HREF="https://www.sec.gov/Archives/edgar/data/1557860/000110465924070026/tm2416838d1_6k.htm" STYLE="-sec-extract: exhibit">June&#8239;10, 2024</A>; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD>&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The description of the Registrant&rsquo;s
common shares, par value $1.20 per share (the &ldquo;<B>Common Shares</B>&rdquo;) contained in the Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1557860/000114420414042554/v383529_8a12b.htm" STYLE="-sec-extract: exhibit">Form&#8239;8-A</A>
(File No.&#8239;001-36535), filed with the Commission on July&#8239;11, 2014, including all amendments and reports filed for the purpose
of updating such description.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All documents subsequently
filed by the Registrant with the Commission pursuant to Sections&#8239;13(a), 13(c), 14 and 15(d)&#8239;of the Securities Exchange Act
of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), and, to the extent designated therein, Reports of Foreign Private Issuer
on Form&#8239;6-K furnished by the Registrant to the Commission that are identified in such forms as being incorporated into this Registration
Statement, in each case, subsequent to the initial filing date of this Registration Statement and prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which deregisters all securities remaining unsold, shall be deemed
to be incorporated by reference into this Registration Statement and to be a part of this Registration Statement from the date of filing
of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement contained in
a document incorporated or deemed to be incorporated by reference in this Registration Statement shall be deemed modified, superseded
or replaced for purposes of this Registration Statement to the extent that a statement contained in this Registration Statement, or in
any subsequently filed document that also is deemed to be incorporated by reference in this Registration Statement, modifies, supersedes
or replaces such statement. Any statement so modified, superseded or replaced shall not be deemed, except as so modified, superseded
or replaced, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 4.&#8239;&#8239;&#8239;Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5.&#8239;&#8239;&#8239;Interests of Named
Experts and Counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 6.&#8239;&#8239;&#8239;&#8239;Indemnification of
Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant&rsquo;s directors
are not held personally liable for the indebtedness or other obligations of Globant S.A. As agents of Globant S.A., they are responsible
for the performance of their duties. Subject to the exceptions and limitations set forth below and mandatory provisions of law, every
person who is, or has been, a director or officer of Globant S.A. will be indemnified by Globant S.A. to the fullest extent permitted
by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit
or proceeding which he or she becomes involved as a party or otherwise by virtue of his or her being or having been such a director or
officer and against amounts paid or incurred by him or her in the settlement thereof. The words &ldquo;claim,&rdquo; &ldquo;action,&rdquo;
 &ldquo;suit&rdquo; or &ldquo;proceeding&rdquo; refer to all claims, actions, suits or proceedings (civil, criminal or otherwise, including
appeals) actual or threatened, and the words &ldquo;liability&rdquo; and &ldquo;expenses&rdquo; include without limitation attorneys&rsquo;
fees, costs, judgments, amounts paid in settlement and other liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No indemnification, however,
will be provided to any director or officer: (i)&#8239;against any liability to Globant S.A. or its shareholders by reason of willful
misconduct, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office; (ii)&#8239;with
respect to any matter as to which he or she shall have been finally adjudicated to have acted in bad faith and not in the interest of
Globant S.A.; or (iii)&#8239;in the event of a settlement, unless the settlement has been approved by a court of competent jurisdiction
or by the Registrant&rsquo;s board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rights of indemnification
described above are severable, do not affect any other rights to which any director or officer may otherwise be entitled, continue as
to a person who has ceased to be such director or officer and inures to the benefit of the heirs, executors and administrators of such
a person. Nothing contained in Globant S.A.&rsquo;s Articles of Association affect any rights to indemnification to which corporate personnel,
including directors and officers, may be entitled by contract or otherwise under law. With respect to the liabilities and expenses, and
subject to the limitations, in each case as described above, Globant S.A. is entitled to provide contractual indemnification to, and
may purchase and maintain insurance for, any corporate personnel, including directors and officers of Globant S.A., as Globant S.A. may
decide from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Expenses in connection with
the preparation and representation of a defense of any claim, action, suit or proceeding of the character described above will be advanced
by Globant S.A. prior to final disposition thereof upon receipt of any undertaking by or on behalf of the officer or director, who must
repay such amount if it is ultimately determined that he or she is not entitled to indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant maintains
an insurance policy that protects its directors and officers from liabilities incurred as a result of actions taken in their official
capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 7.&#8239;&#8239;&#8239;&#8239;Exemption from Registration
Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8239;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 8.&#8239;&#8239;&#8239;&#8239;Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EXHIBIT</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NUMBER</P></TD>
    <TD STYLE="width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm2419397d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2419397d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended Articles of Association,
    dated May&#8239;30, 2024.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm2419397d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2419397d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Arendt&#8239;&amp;
    Medernach S.A., Luxembourg counsel for the Registrant, regarding the legal validity of the Common Shares being registered on this
    Registration Statement. </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm2419397d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2419397d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Arendt&#8239;&amp;
    Medernach S.A. (contained in Exhibit&#8239;5.1).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm2419397d1_ex23-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2419397d1_ex23-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Price Waterhouse&#8239;&amp;
    Co. S.R.L.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></A></TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included
    on the signature page&#8239;to this Registration Statement).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm2419397d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2419397d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globant S.A. 2024 Equity
    Incentive Plan.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm2419397d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></A></TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD><A HREF="tm2419397d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.&#8239;&#8239;&#8239;Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(a)&#8239;The undersigned
Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(1)&#8239;To file, during
any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&#8239;To include any prospectus
required by Section&#8239;10(a)(3)&#8239;of the&#8239;Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&#8239;To reflect in the
prospectus any facts or events arising after the effective date of this 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 this 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&#8239;Rule&#8239;424(b)&#8239;under the Securities Act if, in
the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth
in the &ldquo;Calculation of Filing Fee Tables&rdquo; or &ldquo;Calculation of Registration Fee&rdquo; table, as applicable, in the effective
registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&#8239;To include any material
information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to
such information in this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>provided</U></FONT>,&#8239;<U>however</U>,
that paragraphs (a)(1)(i)&#8239;and (a)(1)(ii)&#8239;do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section&#8239;13 or
Section&#8239;15(d)&#8239;of the&#8239;Exchange Act&#8239;that are incorporated by reference in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(2)&#8239;That, for the purpose
of determining any liability under the&#8239;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&#8239;<I>bona
fide</I>&#8239;offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(3)&#8239;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b)&#8239;The undersigned
Registrant hereby undertakes that, for purposes of determining any liability under the&#8239;Securities Act, each filing of the Registrant&rsquo;s
annual report pursuant to Section&#8239;13(a)&#8239;or Section&#8239;15(d)&#8239;of the&#8239;Exchange Act&#8239;(and, where applicable, each
filing of an employee benefit plan&rsquo;s annual report pursuant to Section&#8239;15(d)&#8239;of the&#8239;Exchange Act) that is incorporated
by reference in this 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&#8239;<I>bona fide</I>&#8239;offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(c)&#8239;Insofar as indemnification
for liabilities arising under the&#8239;Securities Act&#8239;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 Commission such indemnification
is against public policy as expressed in the&#8239;Securities Act&#8239;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&#8239;Securities Act&#8239;and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="a_001"></A><FONT STYLE="text-transform: uppercase"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&#8239;S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Buenos Aires, Argentina, on July&#8239;26, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GLOBANT S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&#8239;</TD>
    <TD STYLE="width: 3%">&#8239;</TD>
    <TD STYLE="width: 47%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Juan Ignacio
    Urthiague</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juan Ignacio Urthiague</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>POWER
OF ATTORNEY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints each of Mart&iacute;n Migoya, Mart&iacute;n Gonzalo Umaran and Juan Ignacio Urthiague
as his or her true and lawful attorney-in-fact, with full power of substitution and resubstitution for him or her and in his or her name,
place and stead, in any and all capacities to sign any and all amendments including post-effective amendments to this Registration Statement
on Form&#8239;S-8 (including, without limitation, any additional registration statement filed pursuant to Rule&#8239;462 under the Securities
Act of 1933), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, hereby ratifying and confirming all that said attorney-in-fact or his substitute, each acting alone, may lawfully do or cause
to be done by virtue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 32%">Signature</TD>
    <TD STYLE="text-align: center; width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 34%">Title</TD>
    <TD STYLE="text-align: center; width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 30%">Date</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Mart&iacute;n Migoya</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Mart&iacute;n Migoya</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">Chairman of the Board and<BR>
Chief Executive Officer<BR>
(Principal Executive Officer)</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">July&#8239;26, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Juan Ignacio Urthiague</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Juan Ignacio Urthiague</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">Chief Financial Officer<BR>
(Principal Financial Officer)</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">July&#8239;26, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Yanina Maria Conti</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Yanina Maria Conti</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">Chief Accounting Officer<BR>
(Principal Accounting Officer)</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">July&#8239;26, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Martin Gonzalo Umaran</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Mart&iacute;n Gonzalo Umaran</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">Director and Chief Corporate Development Officer</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">and President for EMEA</P></TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">July&#8239;26, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Guibert Andr&eacute;s Englebienne</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Guibert Andr&eacute;s Englebienne</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">Director and President of Globant X and Globant Ventures &ndash; President for Latin America</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">July&#8239;26, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Francisco &Aacute;lvarez-Demalde</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Francisco &Aacute;lvarez-Demalde</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">July&#8239;26, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Andrea Mayumi Petroni Merhy</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Andrea Mayumi Petroni Merhy</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">July&#8239;26, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Andrew McLaughlin</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Andrew McLaughlin</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">July&#8239;26, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Maria Pinelli</P></TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Maria Pinelli</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;&#8239;&#8239;Director</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">July&#8239;26, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">/s/ Linda Rottenberg</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Linda Rottenberg</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;&#8239;Director and Lead Independent Director</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">July&#8239;26, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">/s/ Alejandro Nicol&aacute;s Aguzin</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; text-align: justify">Alejandro Nicol&aacute;s Aguzin</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;&#8239;Director </TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: center">July&#8239;26, 2024</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AUTHORIZED REPRESENTATIVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of the Registrant,
has signed this Registration Statement in the City of New York, State of New York, on July&#8239;26, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Nicol&aacute;s Avila</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Nicol&aacute;s Avila</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Authorized Representative in the United States</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>tm2419397d1_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>&laquo; GLOBANT S.A. &raquo;</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">soci&eacute;t&eacute; anonyme</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B><U>L-1855 Luxembourg, 37A, avenue J.F. Kennedy</U></B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">R.C.S. Luxembourg, section B num&eacute;ro
173.727</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">**********************************************************************************</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>STATUTS COORDONNES</B> &agrave; la date du <B>10 mai 2024</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">**********************************************************************************</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>A.</B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>NAME
- DURATION - PURPOSE - REGISTERED OFFICE</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article&nbsp;1</B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Name</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There exists a company in
the form of a joint stock company (<I>soci&eacute;t&eacute; anonyme</I>) under the name of &ldquo;<B>GLOBANT S.A.</B>&rdquo; (the &quot;<B>Company</B>&quot;)
which shall be governed by the law of 10 August&nbsp;1915 concerning commercial companies, as amended (the &ldquo;<B>Law</B>&rdquo;),
as well as by the present articles of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article&nbsp;2</B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Duration</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company is incorporated for an unlimited duration. It
may be</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">dissolved at any time and without cause by a resolution
of the general meeting of shareholders, adopted in the manner required for an amendment of these articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article&nbsp;3</B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Object</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company's primary purpose is the creation, holding, development and realization of a portfolio, consisting of interests and rights of
any kind and of any other form of investment in entities in the Grand Duchy of Luxembourg and in foreign entities, whether such entities
exist or are to be created, especially by way of subscription, acquisition by purchase, sale or exchange of securities or rights of any
kind whatsoever, such as equity instruments, debt instruments, patents and licenses, as well as the administration and control of such
portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company may further grant any form of security for the performance of any obligations of the Company or of any entity in which it holds
a direct or indirect interest or right of any kind or in which the Company has invested in any other manner or which forms part of the
same group of entities as the Company and lend funds or otherwise assist any entity in which it holds a direct or indirect interest or
right of any kind or in which the Company has invested in any other manner or which forms part of the same group of companies as the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company may borrow in any form and may issue any kind of notes, bonds and debentures and generally issue any debt, equity and/or hybrid
or other securities of any kind in accordance with Luxembourg law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company may carry out any commercial, industrial, financial, real estate, technical, intellectual property or other activities which it
may deem useful in accomplishment of these purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article&nbsp;4</B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Registered
office</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
Company's registered office is established in the city of Luxembourg, Grand Duchy of Luxembourg. The Company's registered office may be
transferred by a resolution of the board of directors within the same municipality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;It
may be transferred to any other municipality in the Grand Duchy of Luxembourg by means of a resolution of the general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Branches
or other offices may be established either in the Grand Duchy of Luxembourg or abroad by a resolution of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt"><B>B.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>SHARE
CAPITAL - COMMON SHARES - REGISTER OF COMMON SHARES - OWNERSHIP AND TRANSFER OF COMMON SHARES</U></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article&nbsp;5</B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Share
capital</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has a share capital of <B>fifty-two million forty-four thousand two hundred and thirty-six US dollars and forty cents (USD
52,044,236.40) </B>and is divided into <B>forty-three million three hundred </B></FONT><B>and seventy thousand one hundred and
ninety-seven (43,370,197) </B>common shares having a nominal value of one US dollar and twenty cents (USD 1.20) per common
share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company's issued share capital may be (i)&nbsp;increased by a resolution of the board of directors (or delegate thereof) in
accordance with articles 6.1 and 6.2 of these articles of association or (ii)&nbsp;increased or reduced by a resolution of the
general meeting of shareholders, adopted in the manner required for an amendment of these articles of association.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article&nbsp;6</B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Authorized
capital</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
Company&rsquo;s authorized capital, excluding the Company's share capital, is set at the amount of ten million two hundred and seventy-four
thousand eight hundred and sixty-nine US dollars and twenty cents (USD 10,274,869.20), represented by eight million five hundred and sixty-two
thousand three hundred and ninety-one (8,562,391) common shares having a nominal value of one US dollar and twenty cents (USD 1.20) per
common share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
board of directors is authorized to issue common shares, to grant options to subscribe for common shares and to issue any other instruments
convertible into, or giving rights to, common shares within the limit of the authorized share capital, to such persons and on such terms
as it shall see fit, and specifically to carry out such issue or issues without reserving a pre-emptive subscription right for the existing
shareholders during a period of time from the date of the extraordinary general meeting of shareholders held on 10 May&nbsp;2024 and ending
on the fifth (5th) anniversary of the date of the extraordinary general meeting of shareholders held on 10 May&nbsp;2024. Such common
shares may be issued above, at or below market value, above or at nominal value, or by way of incorporation of available reserves (including
premium). The general meeting has authorized the board of directors to waive, suppress or limit any pre-emptive subscription rights of
shareholders to the extent the board deems such waiver, suppression or limitation advisable for any issue or issues of common shares within
the scope of the Company&rsquo;s authorized (un-issued) share capital. This authorization may be renewed, amended or extended by resolution
of the general meeting of shareholders adopted in the manner required for an amendment of these articles of association. Upon an issue
of shares within the authorized share capital, the board shall have the present articles of association amended accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
authorized capital of the Company may be increased or reduced by a resolution of the general meeting of shareholders adopted in the manner
required for amendments of these articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article&nbsp;7</B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Common
shares</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
Company&rsquo;s share capital is divided into common shares, each of them having the same nominal value. The common shares of the Company
are shall remain in registered form only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> 7.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The Company may have one or several shareholders.</P>



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> 7.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;No fractional common shares shall be issued or exist.</P>



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Within
the limits and conditions laid down by the Law, the Company may repurchase its own common shares and may hold them in treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">A
register of common shares will be kept by the Company and will be available for inspection by any shareholder. Ownership of
registered common shares will be established by inscription in the said register or in the event separate registrars have been
appointed pursuant to article 7.6, in </FONT>such separate register(s). Without prejudice to the conditions for transfer by book
entries provided for in article 7.8 of these articles of association, a transfer of registered common shares shall be carried out by
means of a declaration of transfer entered in the relevant register, dated and signed by the transferor and the transferee or by
their duly authorized representatives or by the Company upon notification of the transfer or acceptance of the transfer by the
Company. The Company may accept and enter in the relevant register a transfer on the basis of correspondence or other documents
recording the agreement between the transferor and the transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
Company may appoint registrars in different jurisdictions who will each maintain a separate register for the registered common shares
entered therein and the holders of common shares may elect to be entered in one of the registers and to be transferred from time to time
from one register to another register. The board of directors may however impose transfer restrictions for common shares that are registered,
listed, quoted, dealt in or have been placed in certain jurisdictions in compliance with the requirements applicable therein. A transfer
to the register kept at the Company's registered office may always be requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to the provisions of article 7.8 and article 7.10, the Company may consider the person in whose name the registered common shares
are registered in the register of shareholders as the full owner of such registered common shares. In the event that a holder of
registered common shares does not provide an address in writing to which all notices or announcements from the Company may be sent,
the Company may permit </FONT>a notice to this effect to be entered into the register of shareholders and such holder&rsquo;s
address will be deemed to be at the registered office of the Company or such other address as may be so entered by the Company from
time to time, until a different address shall be provided to the Company by such holder in writing. The holder may, at any time,
change his address as entered in the register of shareholders by means of written notification to the Company.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.8</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">The
common shares may be held by a holder (the &ldquo;<B>Holder</B>&rdquo;) through a securities settlement system or a Depository (as this
term is defined below). The Holder of common shares held in such fungible securities accounts has the same rights and obligations as if
such Holder held the common shares directly. The common shares held through a securities settlement system or a Depository shall be recorded
in an account opened in the name of the Holder and may be transferred from one account to another in accordance with customary procedures
for the transfer of securities in book-entry form. However, the Company will make dividend payments, if any, and any other payments in
cash, common shares or other securities, if any, only to the securities settlement system or Depository recorded in the register of shareholders
or in accordance with the instructions of such securities settlement system or Depository. Such payment will grant full discharge of the
Company&rsquo;s obligations in this respect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;In
connection with a general meeting, the board of directors may decide that no entry shall be made in the register of shareholders and no
notice of a transfer shall be recognized by the Company and the registrar(s)&nbsp;during the period starting on the Record Date (as hereinafter
defined) and ending on the closing of such general meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.10</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">All
communications and notices to be given to a registered shareholder shall be deemed validly made if made to the latest address
communicated by the shareholder to the Company in accordance with article </FONT>7.7 or, if no address has been communicated by the
shareholder, the registered office of the Company or such other address as may be so entered by the Company in the register from
time to time according to article 7.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Where common shares are
recorded in the register of shareholders in the name of or on behalf of a securities settlement system or the operator of such system
and recorded as book-entry interests in the accounts of a professional depositary or any sub-depositary (any depositary and any sub-depositary
being referred to hereinafter as a &ldquo;<B>Depositary</B>&rdquo;), the Company - subject to having received from the Depositary a certificate
in proper form - will permit the Depository of such book-entry interests to exercise the rights attaching to the common shares corresponding
to the book-entry interests of the relevant Holder, including receiving notices of general meetings, admission to and voting at general
meetings, and shall consider the Depository to be the holder of the common shares corresponding to the book-entry interests for purposes
of this article 7 of the present articles of association. The board of directors may determine the formal requirements with which such
certificates must comply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article&nbsp;8</B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Ownership
of common shares</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will recognize only one (1)&nbsp;holder per common share. If a common share is owned by several persons, they must designate </FONT>a
single person to be considered as the sole owner of such common share in relation to the Company. The Company is entitled to suspend
the exercise of all rights attached to a common share held by several owners until one (1)&nbsp;owner has been designated.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
common shares are freely transferable, subject to the provisions of these articles of association. All rights and obligations attached
to any common share are passed to any transferee thereof, except as otherwise provided for herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As long as the common
shares of the Company are admitted to trading on a regulated market (within the meaning of Directive 2014/65/EU) within the territory
of the European Economic Area (the &ldquo;<B>Regulated Market</B>&rdquo;) the provisions of Directive 2004/25/EC on takeover bids shall
apply in the context of any takeover in respect of the Company&rsquo;s common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the common shares are no
longer admitted to trading on any Regulated Market the following rules&nbsp;shall apply in the context of any takeover in respect of the
Company&rsquo;s common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any person (such person
hereinafter called, the &ldquo;<B>Bidder</B>&rdquo;) wishing to acquire by any means (including, but not limited to, the conversion
of any financial instrument convertible into common shares), directly or indirectly, common shares (the &ldquo;<B>Intended
Acquisition</B>&rdquo;) which, when aggregated with his/her/its existing common share holdings, together with any shares held by a
person controlling the Bidder, controlled by the Bidder and/or under common control with the Bidder, represent at least thirty-three
point thirty-three percent (33.33%) of the share capital of the Company (the &ldquo;<B>Threshold</B>&rdquo;), shall have the
obligation to propose an unconditional takeover bid to acquire the entirety of the then-outstanding common shares together with any
financial instrument convertible into common shares (the &ldquo;<B>Takeover Bid</B>&rdquo;). Each Takeover Bid shall be conducted in
accordance with the procedure stipulated under clauses (i)&nbsp;through (vii)&nbsp;hereof (the &ldquo;<B>Takeover Bid
Procedure</B>&rdquo;) and shall also be conducted in conformity and compliance with the laws and regulations in the jurisdictions in
which the Company&acute;s common shares or other securities are listed and/or where the Takeover Bid takes place and the
rules&nbsp;of the stock exchanges where the Company&rsquo;s common shares are listed (for the avoidance of doubt excluding any
Regulated Market), in each case, applicable to public offers (collectively, the &ldquo;<B>Applicable Rules</B>&rdquo;), it being
understood that, to the extent any such requirements impose stricter rules&nbsp;or regulations upon the Bidder, such stricter
rules&nbsp;and regulations shall be complied with by Bidder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) The
Bidder shall notify the Company in writing about the Intended Acquisition and the Takeover Bid (the &ldquo;<B>Takeover
Notice</B>&rdquo;), at least fifteen (15) Luxembourg business days (or such shorter period as is required under Applicable Rules) in
advance of the commencement date thereof (such notification date, the &ldquo;<B>Takeover Notice Date</B>&rdquo;). A Takeover Notice
shall also be required regarding any agreement or memorandum of understanding that the Bidder intends to enter into with a holder of
common shares and/or financial instrument convertible into common shares whereby, under certain circumstances, due to such agreement
or memorandum of understanding, the Bidder would become the holder of common shares resulting the Threshold being attained or
exceeded (hereinafter called &ldquo;<B>Prior Agreement</B>&rdquo;). In addition to complying with the Applicable Rules, such
Takeover Notice shall include the following minimum information, subject to the inclusion of any additional information as may be
required under the Applicable Rules: (A)&nbsp;The Bidder&rsquo;s identification, nationality and domicile. If the Bidder is made up
of a group of individuals or entities, the identification and domicile of each member of the group and of the managing officer of
each entity forming part of the group; (B)&nbsp;The consideration offered for the common shares and the financial instruments
convertible into common shares and the source of funds to pay such consideration. (C)&nbsp;The scheduled expiration date of the
Takeover Bid period, whether it can be extended, and if so, how long the extension may be and according to which procedure the
extension shall be made; (D)&nbsp;A statement by the Bidder indicating the exact dates before and after which the holders of common
shares and financial instruments convertible into common shares, who have validly tendered their common shares and/or financial
instruments convertible into common shares subject to the Takeover Bid regime, shall be entitled to withdraw them, how the common
shares and the financial instruments convertible into common shares thus tendered shall be accepted, and how the withdrawal of the
common shares and the financial instruments convertible into common shares from sale under the Takeover Bid regime shall be carried
out; (E)&nbsp;Any additional information, including the Bidder&rsquo;s financial or accounting statements, as the Company may
reasonably request or which may be necessary so as to avoid the above Takeover Notice from leading to erroneous conclusions or when
the information submitted is incomplete or insufficient.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) On
the Takeover Notice Date, the Company shall mail to each holder of common shares and financial instruments convertible into common shares,
at the Bidder&rsquo;s cost and expense, a copy of the Takeover Notice. In the case of registered holders of common shares and/or financial
instrument convertible into common shares, the Takeover Notice will be sent by registered mail and in case of common shares and financial
instrument convertible into common shares held through a brokerage account, the Takeover Notice will be mailed to the relevant brokers
through the Depository agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)
On the Takeover Notice Date, the Bidder shall publish a notice containing the information stated in paragraph (i). Subject to
applicable legal </FONT>provisions, the Takeover Notice shall be published in two (2)&nbsp;major newspapers of the Grand Duchy of
Luxembourg and in the City of New York, U.S.A. or such longer period as required under Applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iv) The
consideration for each common share and financial instrument convertible into common shares payable to each holder thereof shall be
the same, shall be payable in cash only, and shall not be lower than the highest of the following prices:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(A) the
highest price per common shares and financial instrument convertible into common shares paid by the Bidder, or on behalf thereof, in relation
to any acquisition of common shares and the financial instruments convertible into common shares within the twelve months period immediately
preceding the Takeover Notice, adjusted as a consequence of any division of shares, stock dividend, subdivision or reclassification affecting
or related to common shares and/or the financial instruments convertible into common shares; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(B) the
highest closing sale price, during the sixty-day period immediately preceding the Takeover Notice, of a common share of the Company as
quoted by the New York Stock Exchange, in each case as adjusted as a consequence of any division of shares, stock dividend, subdivision
or reclassification affecting or related to common shares and financial instrument convertible into common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v) The
Takeover Bid shall be open for a minimum period of at least twenty (20) Luxembourg business days as from the date the Takeover Bid was
commenced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)
The Bidder shall acquire all common shares and financial instruments convertible into common shares that are validly tendered (and
not withdrawn) before the expiration date of the Takeover Bid in accordance with the provisions of these articles of association
governing Takeover Bids.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)
Once the Takeover Bid Procedure has been completed, the Bidder may execute the Prior Agreement, if any, regardless of the number of common
shares and financial instrument convertible into common shares purchased. The Prior Agreement, if any, shall be executed within thirty
(30) days following the closing of the Takeover Bid; otherwise, it shall be necessary to repeat the Takeover Bid Procedure provided for
in this article </FONT>in order to execute the Prior Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the terms of article 8.2.1 hereof are not complied with, the Bidder shall be forbidden to acquire common shares, whether directly or
indirectly, by any means (including, but not limited to, the conversion of any financial instrument convertible into common shares)
or instrument if, as a result of such acquisition, the Bidder (when aggregated with any shares held by a person controlling the
Bidder, controlled by the Bidder and/or under common control with the Bidder) becomes the holder of common shares which, in addition
to its prior holdings represent, in the aggregate, at least thirty-three point thirty-three percent (33.33%) of the share capital of
the Company. The Board of Directors shall suspend any right to vote or to receive dividends or any other kind of distributions
attached to common shares acquired in breach of the provisions of article 8.2.1 and none of these common shares shall be counted in
determining the presence of a quorum at any meeting of shareholders of the Company, until such common shares are sold. In addition,
if the terms of article 8.2.1 hereof are not complied with, the Company may consider any transfer of common shares acquired in
breach of the provisions of article 8.2.1 to be invalid in which case none of the Company, any registrar or Depository shall enter
such transfer into the relevant registers and books of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
a holder of any financial instrument convertible into common shares contemplating an Intended Acquisition fails to comply with the terms
of article 8.2.1 hereof, the Board of Directors may refuse the conversion into common shares of the portion of any such convertible instruments
which, if converted, would result in that person becoming the holder of common shares in the reach or in excess of the Threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
the purposes of this article 8.2, the term &ldquo;indirectly&rdquo; shall include the Bidder&rsquo;s parent companies, the companies controlled
by the Bidder or that would end up under its control as a consequence of any Takeover, Takeover Bid or Prior Agreement, as the case may
be, that would grant at the same time the control of the Company, the companies submitted to the common control of the Bidder and other
persons acting jointly with the Bidder; likewise, the holdings any person has through trusts or other similar mechanisms shall be included.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><B>C.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>GENERAL MEETING
OF SHAREHOLDERS</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article&nbsp;9</B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Powers
of the general meeting of shareholders</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shareholders exercise
their collective rights in the general meeting of shareholders. Any regularly constituted general meeting of shareholders of the Company
represents the entire body of shareholders of the Company. It shall have the broadest powers to authorize, order, carry out or ratify
acts relating to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;10&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Convening general meetings of shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
general meeting of shareholders of the Company may at any time be convened by the board of directors, to be held at such place and on
such date as specified in the convening notice of such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
general meeting of shareholders must be convened by the board of directors, upon request in written indicating the agenda, addressed to
the board of directors by one or several shareholders representing at least ten percent (10%) of the Company&acute;s issued share capital.
In such case, a general meeting of shareholders must be convened and shall be held within a period of one (1)&nbsp;month from receipt
of such request. Shareholder(s)&nbsp;holding at least five percent (5%) of the Company&acute;s issued share capital may request the addition
of one or several items to the agenda of any general meeting of shareholders and propose resolutions. Such requests must be received at
the Company&acute;s registered office by registered mails at least twenty-two (22) days before the date of such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
annual general meeting of shareholders shall be held within six (6)&nbsp;months of the end of each financial year in Luxembourg, at the
registered office of the Company or at such other place as may be specified in the convening notice of such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Other
general meetings of shareholders may be held at such place and time as may be specified in the respective notice of meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;General
meetings of shareholders shall be convened in accordance with the provisions of the Law and if the common shares of the Company are listed
on a foreign stock exchange, in accordance with the requirements of such foreign stock exchange applicable to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;If
the common shares of the Company are not listed on any foreign stock exchange, all shareholders recorded in the register of shareholders
on the date of the general meeting of the shareholders are entitled to be admitted to the general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">If
the common shares of the Company are listed on a stock exchange, all shareholders recorded in any register of shareholders of the Company
are entitled to be admitted and vote at the general meeting of shareholders based on the number of shares they hold on a date and time
preceding the general meeting of shareholders as the record date for admission to the general meeting of shareholders (the &ldquo;Record
Date&rdquo;), which the board of directors may determine as specified in the convening notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Any
shareholder, Holder or Depositary, as the case may be, who wishes to attend the general meeting must inform the Company thereof no later
than on the third business day preceding the date of such general meeting, or by any other date which the board of directors may determine
and as specified in the convening notice, in a manner to be determined by the board of directors in the convening notice. In case of common
shares held through the operator of a securities settlement system or with a Depositary designated by such Depositary, a holder of common
shares wishing to attend a general meeting of shareholders should receive from such operator or Depositary a certificate certifying the
number of common shares recorded in the relevant account on the Record Date. The certificate should be submitted to the Company no later
than three (3)&nbsp;business days prior to the date of such general meeting. If the shareholder votes by means of a proxy, the proxy shall
be deposited at the registered office of the Company or with any agent of the Company, duly authorized to receive such proxies, at the
same time. The board of directors may set a shorter period for the submission of the certificate or the proxy in which case this will
be specified in the convening notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;If
all shareholders are present or represented at a general meeting of shareholders and state that they have been informed of the agenda
of the meeting, the general meeting of shareholders may be held without prior notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;11&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Conduct of general meetings of shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;A
board of the meeting shall be formed at any general meeting of shareholders, composed of a chairman, a secretary and a scrutineer, each
of whom shall be appointed by the general meeting of shareholders and who do not need to be shareholders. The board of the meeting shall
ensure that the meeting is held in accordance with applicable rules&nbsp;and, in particular, in compliance with the rules&nbsp;in relation
to convening the meeting, quorum, if any, and majority requirements, vote tallying and representation of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;An
attendance list must be kept for any general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Each
common share entitles the holder thereof to one vote, subject to the provisions of the Law. Unless otherwise required by applicable law
or by these articles of association, resolutions at a general meeting of shareholders duly convened are adopted by a simple majority of
the votes validly cast, regardless of the proportion of the issued share capital of the Company present or represented at such meeting.
Abstention and nil votes will not be taken into account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">A
shareholder may act at any general meeting of shareholders by appointing another person, shareholder or not, as his proxy in writing
by </FONT>a signed document transmitted by mail or facsimile or by any other means of communication authorized by the board of
directors. One person may represent several or even all shareholders.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Shareholders who participate
in a general meeting of shareholders by conference call, video-conference or by any other means of communication authorized by the board
of directors, which allows such shareholder&rsquo;s identification and which allows that all the persons taking part in the meeting hear
one another on a continuous basis and may effectively participate in the meeting, are deemed to be present for the computation of quorum
and majority, subject to such means of communication being made available at the place of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Each shareholder may
vote at a general meeting of shareholders through a signed voting form sent by mail or facsimile or by any other means of communication
authorized by the board of directors and delivered to the Company&rsquo;s registered office or to the address specified in the convening
notice. The shareholders may only use voting forms provided by the Company which contain at least the place, date and time of the meeting,
the agenda of the meeting, the proposals submitted to the resolution of the meeting, as well as for each proposal three boxes allowing
the shareholder to vote in favor of or against the proposed resolution or to abstain from voting thereon by ticking the appropriate boxes.
The Company will only take into account voting forms received no later than three (3)&nbsp;business days prior to the date of the general
meeting of shareholders to which they relate. The board of directors may set a shorter period for the submission of the voting forms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The board of directors
may determine further conditions that must be fulfilled by the shareholders for them to take part in any general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;12&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Amendments of the articles of association</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the provisions
of the Law and of these articles of association, any amendment of the articles of association requires a majority of at least two-thirds
(2/3) of the votes validly cast at a general meeting at which at least half (1/2) of the issued share capital is represented. In case
the second condition is not satisfied, a second meeting may be convened in accordance with the Law, which may validly deliberate regardless
of the proportion of the issued share capital of the Company represented at such meeting and at which resolutions are taken at a majority
of at least two-thirds (2/3) of the votes validly cast. Abstention and nil votes will not be taken into account for the calculation of
the majority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;13&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Adjourning general meetings of shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The board of directors may
adjourn any general meeting of shareholders already commenced, including any general meeting convened in order to resolve on an amendment
of the articles of association, for a period of four (4)&nbsp;weeks. The board of directors must adjourn any general meeting of shareholders
already commenced if so required by one or several shareholders representing in the aggregate at least twenty per cent (20%) of the Company&rsquo;s
issued share capital. By such an adjournment of a general meeting of shareholders already commenced, any resolution already adopted in
such meeting will be cancelled. For the avoidance of doubt, once a meeting has been adjourned pursuant to the second sentence of this
article 13, the board of directors shall not be required to adjourn such meeting a second time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;14&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Minutes of general meetings of shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The board of any general
meeting of shareholders shall draw up minutes of the meeting which shall be signed by the members of the board of the meeting as
well as by any shareholder who requests to do so. Any copy and excerpt of such original minutes to be produced in judicial
proceedings or to be delivered to any third party shall be signed by the chairman or the co-chairman of the board of directors or by
any two of its members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><B>D.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>MANAGEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in"><B>Article&nbsp;15&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Board of directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
Company shall be managed by a board of directors, whose members may but do not need to be shareholders of the Company. The board of directors
is vested with the broadest powers to take any actions necessary or useful to fulfill the Company&rsquo;s corporate purpose, with the
exception of the actions reserved by law or these articles of association to the general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;In
accordance with article 60 of the Law, the Company&rsquo;s daily management and the Company&rsquo;s representation in connection with
such daily management may be delegated to one or several members of the board of directors or to any other person(s)&nbsp;appointed by
the board of directors, who may but are not required to be shareholders or not, acting alone or jointly. Their appointment, revocation
and powers shall be determined by a resolution of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
board of directors may also grant special powers by notarized proxy or private instrument to any person(s)&nbsp;acting alone or jointly
with others as agent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
board of directors is composed of a minimum of seven (7)&nbsp;directors and a maximum of fifteen (15) directors. The board of directors
must choose from among its members a chairman of the board of directors. It may also choose a co-chairman and it may choose a secretary,
who does not need to be a shareholder or a member of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;16&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Election and removal of directors
and term of the office</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Directors shall be elected
by the general meeting of shareholders, and shall be appointed for a period up to four (4)&nbsp;years; provided however that directors
shall be elected on a staggered basis, with one third (1/3) of the directors being elected each year and; provided, further that such
term may be exceeded by a period up to the annual general meeting held following the fourth anniversary of the appointment. Each elected
director shall hold office until his or her successor is elected. If a legal entity is elected director of the Company, such legal entity
must designate an individual as permanent representative who shall execute this role in the name and for the account of the legal entity.
The relevant legal entity may only remove its permanent representative if it appoints a successor at the same time. An individual may
only be a permanent representative of one director and may not be a director at the same time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Any
director may be removed at any time without cause or prior notice by the general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Directors
shall be eligible for re-election indefinitely.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;If
a vacancy in the office of a member of the board of directors because of death, legal incapacity, bankruptcy, retirement or otherwise
occurs, such vacancy may be filled on a temporary basis by a person designated by the remaining board members until the next general meeting
of shareholders, which shall resolve on a permanent appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0"><B>Article&nbsp;17&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Convening meetings of the board of directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
board of directors shall meet following notice validly given by the chairman or by any two (2)&nbsp;of its members at the place indicated
in the notice of the meeting as described in the next paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Written
notice of any meeting of the board of directors must be given to the directors at least five (5)&nbsp;days in advance of the date scheduled
for the meeting by mail, facsimile, electronic mail or any other means of communication, except in case of emergency, in which case the
nature and the reasons of such emergency must be indicated in the notice. Such convening notice is not necessary in case of assent to
waive such requirement of each director in writing by mail, facsimile, electronic mail or by any other means of communication, a copy
of such document being sufficient proof thereof. Also, a convening notice is not required for a board meeting to be held at a time and
location determined in a prior resolution adopted by the board of directors. No convening notice shall furthermore be required in case
all members of the board of directors are present or represented at a meeting of the board of directors or in the case of resolutions
in writing pursuant to these articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0"><B>Article&nbsp;18&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Conduct of meetings of the board of directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
chairman of the board of directors shall preside at all meetings of the board of directors. In the absence of the chairman, the board
of directors may appoint another director as chairman pro tempore.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
board of directors can act and deliberate validly only if at least the majority of its members are present or represented at a meeting
of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Resolutions
are adopted with the approval of a majority of the members present or represented at a meeting of the board of directors. In case of a
tie, the chairman of the board of directors shall have a casting (deciding) vote. In the absence of the chairman of the board of directors,
the director who has been appointed as chairman pro tempore of the meeting shall not have a casting (deciding) vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Any
director may act at any meeting of the board of directors by appointing any other director as proxy in writing by mail, facsimile, electronic
mail or by any other means of communication. Any director may represent one or several other directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Any
director who participates in a meeting of the board of directors by conference-call, videoconference or by any other means of communication
which allows such director&rsquo;s identification and which allows that all the persons taking part in the meeting hear one another on
a continuous basis and may effectively participate in the meeting, is deemed to be present for the computation of quorum and majority.
A meeting of the board of directors held through such means of communication is deemed to be held at the Company&rsquo;s registered office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
board of directors may unanimously pass resolutions in writing which shall have the same effect as resolutions passed at a meeting of
the board duly convened and held. Such resolutions in writing are passed when dated and signed by all directors on a single document or
on multiple counterparts, a copy of a signature sent by mail, facsimile or a similar means of communication being sufficient proof thereof.
The single document showing all signatures or the entirety of the signed counterparts, as the case may be, will form the instrument giving
evidence of the passing of the resolutions and the date of the resolutions shall be the date of the last signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The secretary or, if
no secretary has been appointed, the chairman which was present at a meeting, shall draw up minutes of the meeting of the board of directors,
which shall be signed by the chairman or by the secretary, as the case may be, or by any two directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;19&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Committees of the board of directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The board of directors may
establish one or more committees, including without limitation, an audit committee, a nominating and corporate governance committee and
a compensation committee, and for which it shall, if one or more of such committees are set up, appoint the members who may be but do
not need to be members of the board of directors (subject always, if the common shares of the Company are listed on a foreign stock exchange,
to the requirements of such foreign stock exchange applicable to the Company and/or of such regulatory authority competent in relation
to such listing), determine the purpose, powers and authorities as well as the procedures and such other rules&nbsp;as may be applicable
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;20&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Dealings with third parties</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will be bound
towards third parties in all circumstances by (i)&nbsp;the sole signature of the chairman of the board of directors, (ii)&nbsp;joint signatures
of any two directors or (iii)&nbsp;by the joint signatures or the sole signature of any person(s)&nbsp;to whom such signatory power has
been granted by the board of directors, within the limits of such authorization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to matters
that constitute daily management of the Company, the Company will be bound towards third parties by the sole signature of
(i)&nbsp;the <I>administrateur d&eacute;l&eacute;gu&eacute;</I> or <I>d&eacute;l&eacute;gu&eacute; &agrave; la gestion
journali&egrave;re </I>(&ldquo;<B>Chief Executive Officer</B>&rdquo; or &ldquo;<B>CEO</B>&rdquo;), (ii)&nbsp;the <I>directeur
financier</I> (&ldquo;<B>Chief Financial Officer</B>&rdquo; or &ldquo;<B>CFO</B>&rdquo;) or (iii)&nbsp;any other person(s)&nbsp;to
whom such power in relation to the daily management of the Company has been delegated in accordance with article 15 hereof, acting
alone or jointly in accordance with the rules&nbsp;of such delegation, if any has(ve) been appointed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;21&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Indemnification</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">21.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">The
members of the board of directors are not held personally liable for the indebtedness or other obligations of the Company. As agents of
the Company, they are responsible for the performance of their duties. Subject to the exceptions and limitations listed in article 21.2
and mandatory provisions of law, every person who is, or has been, a member of the board of directors or officer of the Company shall
be indemnified by the Company to the fullest extent permitted by law against liability and against all expenses reasonably incurred or
paid by him in connection with any claim, action, suit or proceeding which he becomes involved as a party or otherwise by virtue of his
being or having been such a director or officer and against amounts paid or incurred by him in the settlement thereof. The words &ldquo;claim&rdquo;,
&ldquo;action&rdquo;, &ldquo;suit&rdquo; or &ldquo;proceeding&rdquo; shall apply to all claims, actions, suits or proceedings (civil,
criminal or otherwise including appeals) actual or threatened and the words &ldquo;liability&rdquo; and &ldquo;expenses&rdquo; shall include
without limitation attorneys&rsquo; fees, costs, judgments, amounts paid in settlement and other liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">21.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;No
indemnification shall be provided to any director or officer (i) against any liability to the Company or its shareholders by reason
of willful misconduct, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office
(ii)&nbsp;with respect to any matter as to which he shall have been finally adjudicated to have acted in bad faith and not in the
interest of the Company or (iii)&nbsp;in the event of a settlement, unless the settlement has been approved by a court of competent
jurisdiction or by the board of directors.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The right of indemnification
herein provided shall be severable, shall not affect any other rights to which any director or officer may now or hereafter be entitled,
shall continue as to a person who has ceased to be such director or officer and shall inure to the benefit of the heirs, executors and
administrators of such a person. Nothing contained herein shall affect or limit any rights to indemnification to which corporate personnel,
including directors and officers, may be entitled by contract or otherwise under law. The Company shall specifically be entitled to provide
contractual indemnification to and may purchase and maintain insurance for any corporate personnel, including directors and officers of
the Company, as the Company may decide upon from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Expenses in connection
with the preparation and representation of a defense of any claim, action, suit or proceeding of the character described in this article
21 shall be advanced by the Company prior to final disposition thereof upon receipt of any undertaking by or on behalf of the officer
or director, to repay such amount if it is ultimately determined that he is not entitled to indemnification under this article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;22&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Conflicts of interest</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Any
director who has, directly or indirectly, a conflicting interest in a transaction submitted to the approval of the board of directors
which conflicts with the Company&rsquo;s interest, must inform the board of directors of such conflict of interest and must have his declaration
recorded in the minutes of the board meeting. The relevant director may not take part in the discussions on and may not vote on the relevant
transaction. A special report shall be made on any transactions in which any of the directors may have had an interest conflicting with
that of the Company, at the next general meeting, before any resolution is put in vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">22.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">No
contract or other transaction between the Company and any other company or firm shall be affected or invalidated by the fact that
any one or more of the directors or officers of the Company is interested in, or is a director, associate, officer, agent, adviser
or employee of such other company or firm. Any director or officer who serves as a director, officer or employee or otherwise of any
company or firm with which the Company shall contract or otherwise engage in business shall not, by reason of such affiliation with
such other company or firm only, be prevented from considering and voting or acting upon any matters with respect to such contract
or other business.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>E.</B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>AUDITORS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;23&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Auditor(s)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
Company&rsquo;s annual accounts shall be audited by one or more approved independent auditors (<I>r&eacute;viseurs d&rsquo;entreprises
agr&eacute;&eacute;s</I>), appointed by the general meeting of shareholders at the board of directors&rsquo; recommendation (acting on
the recommendation of the audit committee, if any). The general meeting of shareholders shall determine the number of auditor(s)&nbsp;and
the term of their office which shall not exceed one (1)&nbsp;year and may be renewed for successive one (1)&nbsp;year periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;An
auditor may be dismissed at any time with cause (or with his approval) by the general meeting of shareholders. An auditor may be reappointed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><B>F.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>FINANCIAL YEAR &ndash; PROFITS
&ndash; INTERIM DIVIDENDS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in"><B>Article&nbsp;24&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Financial year</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s financial
year shall begin on the first (1)&nbsp;January&nbsp;of each year and shall terminate on the thirty-first (31<FONT STYLE="font-size: 13.5pt"><SUP>st</SUP></FONT>)
December&nbsp;of the same year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;25&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Profits</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">25.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;At
the end of each financial year, the accounts are closed and the board of directors shall draw up or shall cause to be drawn up an inventory
of assets and liabilities, the balance sheet and the profit and loss accounts in accordance with the Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">25.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">From
the Company&rsquo;s annual net profits five per cent (5%) at least shall be allocated to the Company&rsquo;s legal reserve. This allocation
ceases to be mandatory as soon and as long as the aggregate amount of the Company&rsquo;s legal reserve amounts to ten per cent (10%)
of the Company&rsquo;s issued share capital. Sums contributed to the Company by shareholders may also be allocated to the legal reserve.
In the case of a share capital reduction, the Company&rsquo;s legal reserve may be reduced in proportion so that it does not exceed ten
per cent (10%) of the issued share capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">25.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
annual general meeting of shareholders determines upon proposal of the board of directors how the remainder of the annual net profits
will be allocated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">25.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Dividends
which have not been claimed within five (5)&nbsp;years after the date on which they became due and payable revert back to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Article&nbsp;26&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Interim dividends &ndash;
Share premium and additional premiums</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">26.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
board of directors may declare and pay interim dividends in accordance with the provisions of the Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">26.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Any
share premium, additional premiums or other distributable reserve may be freely distributed to the shareholders (including by interim
dividends) subject to the provisions of the Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>G.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>LIQUIDATION</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;27&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Liquidation</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">27.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;In
the event of the Company&rsquo;s dissolution, the liquidation shall be carried out by one or several liquidators, individuals or legal
entities, appointed by the general meeting of shareholders resolving on the Company&rsquo;s dissolution which shall determine the liquidator&rsquo;s/liquidators&rsquo;
powers and remuneration. Unless otherwise provided, the liquidator or liquidators shall have the most extensive powers for the realization
of the assets and payment of the liabilities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">27.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
surplus resulting from the realization of the assets and the payment of all liabilities shall be distributed among the shareholders in
proportion to the number of common shares of the Company held by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>H.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>GOVERNING LAW</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;28&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Governing law</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All matters not governed by these articles of association
shall be determined in accordance with the Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>SUIT LA TRADUCTION FRAN&Ccedil;AISE DE CE QUI PRECEDE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in"><B>A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>DENOMINATION - OBJET - DUR&Eacute;E
- SI&Egrave;GE SOCIAL</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><B>Article&nbsp;1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>D&eacute;nomination</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Il existe une soci&eacute;t&eacute;
anonyme sous la d&eacute;nomination &laquo; <B>GLOBANT S.A. &raquo; </B>(ci-apr&egrave;s la &laquo; <B>Soci&eacute;t&eacute; </B>&raquo;)
qui sera r&eacute;gie par la loi du 10 ao&ucirc;t 1915 sur les soci&eacute;t&eacute;s commerciales, telle que modifi&eacute;e (la &laquo;
<B>Loi</B> &raquo;), ainsi que par les pr&eacute;sents statuts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Dur&eacute;e</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">La Soci&eacute;t&eacute; est
constitu&eacute;e pour une dur&eacute;e illimit&eacute;e. Elle pourra &ecirc;tre dissoute &agrave; tout moment et sans cause par une d&eacute;cision
de l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des actionnaires, prise aux conditions requises pour une modification des pr&eacute;sents
statuts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Objet</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;La
Soci&eacute;t&eacute; a pour objet principal la cr&eacute;ation, la d&eacute;tention, le d&eacute;veloppement et la r&eacute;alisation
d'un portefeuille, constitu&eacute; de participations et de droits de toute nature et de toute autre forme d'investissement dans des entit&eacute;s
dans le Grand-Duch&eacute; de Luxembourg et dans des entit&eacute;s &eacute;trang&egrave;res, que ces entit&eacute;s soient pr&eacute;existantes
ou qui seront constitu&eacute;es, notamment par voie de souscription, d&rsquo;acquisition par achat, de cession ou d&rsquo;&eacute;change
de titres ou de droits de quelque nature que ce soit, tels que des titres de participation, des titres de cr&eacute;ance, des brevets
et des licences, ainsi que la gestion et le contr&ocirc;le de ce portefeuille.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;La
Soci&eacute;t&eacute; peut &eacute;galement accorder toute forme de garantie pour l'ex&eacute;cution de toute obligation de la Soci&eacute;t&eacute;
ou de toute entit&eacute; dans laquelle elle d&eacute;tient une participation ou droit direct ou indirect de toute nature, ou dans laquelle
la Soci&eacute;t&eacute; a investi sous quelque forme que ce soit, ou qui fait partie du m&ecirc;me groupe d'entit&eacute;s que la Soci&eacute;t&eacute;
et pr&ecirc;ter des fonds ou assister autrement toute entit&eacute; dans laquelle elle d&eacute;tient une participation ou droit direct
ou indirect de toute nature ou dans laquelle la Soci&eacute;t&eacute; a investi sous quelque forme que ce soit, ou qui fait partie du
m&ecirc;me groupe d'entit&eacute;s que la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;La
Soci&eacute;t&eacute; peut emprunter sous toute forme et &eacute;mettre toute sorte d&rsquo;obligations ainsi que, de mani&egrave;re g&eacute;n&eacute;rale
&eacute;mettre toute sorte de titres de cr&eacute;ance, de titres de participation et/ou de titres hybrides ou autres conform&eacute;ment
au droit luxembourgeois.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">La
Soci&eacute;t&eacute; pourra exercer toute activit&eacute; commerciale, industrielle, financi&egrave;re, immobili&egrave;re, technique,
de propri&eacute;t&eacute; intellectuelle ou d&rsquo;autres activit&eacute;s qu&rsquo;elle estimera utiles pour l&rsquo;accomplissement
de ces objets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Si&egrave;ge social</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0 0pt 0in">4.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le
si&egrave;ge social de la Soci&eacute;t&eacute; est &eacute;tabli dans la ville de Luxembourg, Grand-Duch&eacute; de Luxembourg. Le
si&egrave;ge social pourra &ecirc;tre transf&eacute;r&eacute; au sein de la m&ecirc;me commune par d&eacute;cision du conseil
d&rsquo;administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">4.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Il
pourra &ecirc;tre transf&eacute;r&eacute; dans toute autre commune du Grand-Duch&eacute; de Luxembourg par d&eacute;cision de l'assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">4.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Des
succursales ou bureaux peuvent &ecirc;tre cr&eacute;&eacute;s, tant au Grand-Duch&eacute; de Luxembourg qu'&agrave; l'&eacute;tranger,
par d&eacute;cision du conseil d&rsquo;administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>CAPITAL
SOCIAL &ndash; ACTIONS &ndash; REGISTRE DES ACTIONS &ndash; PROPRIETE ET TRANSFERT DES ACTIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><B>Article&nbsp;5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Capital
social</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Le capital social est fix&eacute;
&agrave; <B>cinquante-deux millions quarante-quatre mille deux cent trente-six dollars am&eacute;ricains et quarante cents (USD
52.044.236,40) </B>et est repr&eacute;sent&eacute; par <B>quarante-trois millions trois cent soixante-dix mille cent
quatre-vingt-dix-sept (43.370.197) </B>actions ordinaires d&rsquo;une valeur nominale d&rsquo;un dollar am&eacute;ricain et vingt
cents (USD 1,20) chacune.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le capital social &eacute;mis
de la Soci&eacute;t&eacute; peut &ecirc;tre (i)&nbsp;augment&eacute; par une d&eacute;cision du conseil d&rsquo;administration (ou d&rsquo;un
d&eacute;l&eacute;gu&eacute; de celui-ci) conform&eacute;ment aux articles 6.1 et 6.2 des pr&eacute;sents statuts ou (ii)&nbsp;augment&eacute;
ou r&eacute;duit par une d&eacute;cision de l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des actionnaires, adopt&eacute;e selon les
conditions requises pour une modification des pr&eacute;sents statuts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Capital autoris&eacute;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le
capital autoris&eacute; de la Soci&eacute;t&eacute;, excluant le capital social &eacute;mis, est fix&eacute; &agrave; un montant de dix
millions deux cent soixante-quatorze mille huit cent soixante-neuf US dollars et vingt cents (USD 10.274.869,20), repr&eacute;sent&eacute;
par huit millions cinq cent soixante-deux mille trois cent quatre-vingt-onze (8.562.391) actions ordinaires d'une valeur nominale d'un
US dollar et vingt cents (USD 1,20) chacune.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le
conseil d'administration est autoris&eacute; &agrave; &eacute;mettre des actions ordinaires, &agrave; accorder des options de
souscription d'actions ordinaires et &agrave; &eacute;mettre tous autres instruments convertibles en, ou donnant droit &agrave; des,
actions ordinaires dans la limite du capital social autoris&eacute; au profit de personnes et dans les conditions qu'il jugera
opportunes, et plus pr&eacute;cis&eacute;ment de proc&eacute;der &agrave; une telle &eacute;mission ou de telles &eacute;missions
sans qu'un droit pr&eacute;f&eacute;rentiel de souscription aux actions nouvelles ne soit r&eacute;serv&eacute; aux actionnaires
existants pour une p&eacute;riode commen&ccedil;ant &agrave; la date de l'assembl&eacute;e g&eacute;n&eacute;rale extraordinaire des
actionnaires du 10 mai 2024 et se terminant au cinqui&egrave;me (5<FONT STYLE="font-size: 13.5pt"><SUP>&egrave;me</SUP></FONT>)
anniversaire de la date de l'assembl&eacute;e g&eacute;n&eacute;rale extraordinaire des actionnaires du 10 mai 2024. Ces actions
peuvent &ecirc;tre &eacute;mises &agrave; une valeur exc&eacute;dant ou en-de&ccedil;&agrave; de la valeur du march&eacute;,
au-dessus de ou &agrave; la valeur nominale ou par incorporation de r&eacute;serves disponibles (y compris la prime
d'&eacute;mission). L'assembl&eacute;e g&eacute;n&eacute;rale a express&eacute;ment autoris&eacute; le conseil d'administration
&agrave; renoncer, supprimer ou limiter tous droits pr&eacute;f&eacute;rentiels de souscription d'actionnaires dans la mesure
o&ugrave; ce dernier jugera cette renonciation, suppression ou limitation opportune pour toute &eacute;mission ou &eacute;missions
d'actions ordinaires dans la limite du capital social autoris&eacute; (non-&eacute;mis) de la Soci&eacute;t&eacute;. Cette
autorisation peut &ecirc;tre renouvel&eacute;e, modifi&eacute;e ou prolong&eacute;e par une d&eacute;cision de l'assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires adopt&eacute;e aux conditions requises pour la modification des statuts. Apr&egrave;s une
&eacute;mission d'actions dans le cadre du capital social autoris&eacute;, le conseil d'administration veillera &agrave; ce que les
pr&eacute;sents statuts soient modifi&eacute;s en cons&eacute;quence .</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le
capital autoris&eacute; (non-&eacute;mis) de la Soci&eacute;t&eacute; peut &ecirc;tre augment&eacute; ou r&eacute;duit par une d&eacute;cision
de l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des actionnaires, adopt&eacute;e aux conditions requises pour la modification des statuts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Actions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le
capital social de la Soci&eacute;t&eacute; est divis&eacute; en actions ordinaires ayant chacune la m&ecirc;me valeur nominale. Les actions
ordinaires de la Soci&eacute;t&eacute; sont et devront &ecirc;tre uniquement sous forme nominative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"> 7.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;La Soci&eacute;t&eacute; peut avoir un ou plusieurs actionnaires.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"> 7.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Aucune fraction d&rsquo;actions ordinaires ne peut exister ou &ecirc;tre &eacute;mise.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Dans
les limites et dans les conditions d&eacute;finies par la Loi, la Soci&eacute;t&eacute; peut racheter ses propres actions et les conserver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">7.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Un
registre des actions ordinaires sera tenu par la Soci&eacute;t&eacute; et mis &agrave; disposition aux fins de v&eacute;rification
par tout actionnaire. La propri&eacute;t&eacute; des actions nominatives sera &eacute;tablie par l&rsquo;inscription sur ledit
registre ou dans le cas o&ugrave; des teneurs de registres s&eacute;par&eacute;s ont &eacute;t&eacute; nomm&eacute;s
conform&eacute;ment &agrave; l'article 7.6, dans ce(s)&nbsp;registre(s)&nbsp;s&eacute;par&eacute;(s). Sans pr&eacute;judice des
conditions de transfert par inscriptions pr&eacute;vues &agrave; l'article 7.8 de ces statuts, un transfert d'actions nominatives
devra &ecirc;tre effectu&eacute; au moyen d'une d&eacute;claration de transfert inscrite dans le registre concern&eacute;,
dat&eacute;e et sign&eacute;e par le c&eacute;dant et le cessionnaire ou par leurs repr&eacute;sentants d&ucirc;ment
autoris&eacute;s ou par la Soci&eacute;t&eacute; suite &agrave; la notification de la cession ou de l'acceptation de la cession par
la Soci&eacute;t&eacute;. La Soci&eacute;t&eacute; peut accepter et inscrire un transfert dans le registre appropri&eacute; sur la
base d&rsquo;une correspondance ou de tout autre document actant un accord entre le c&eacute;dant et le cessionnaire.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.6</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">La
Soci&eacute;t&eacute; peut nommer des teneurs de registre dans diff&eacute;rentes juridictions qui tiendront chacun un registre s&eacute;par&eacute;
pour les actions nominatives y inscrites et les d&eacute;tenteurs d'actions ordinaires pourront choisir d'&ecirc;tre inscrits dans l'un
des registres et d'&ecirc;tre transf&eacute;r&eacute;s au fil du temps d'un registre &agrave; un autre registre. Le conseil d'administration
peut toutefois imposer des restrictions au transfert pour les actions ordinaires inscrites, cot&eacute;es, trait&eacute;es ou plac&eacute;es
dans certaines juridictions conform&eacute;ment aux exigences applicables dans ces juridictions. Un transfert vers le registre tenu au
si&egrave;ge social de la Soci&eacute;t&eacute; peut toujours &ecirc;tre demand&eacute;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.7</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">Sous
r&eacute;serve des dispositions de l'article 7.8 et l'article 7.10, la Soci&eacute;t&eacute; peut consid&eacute;rer la personne au nom
de laquelle les actions nominatives sont inscrites dans le registre des actionnaires comme &eacute;tant le propri&eacute;taire unique
desdites actions nominatives. Dans le cas o&ugrave; un d&eacute;tenteur d'actions nominatives ne fournit pas d'adresse &agrave; laquelle
toutes les notifications et avis de la Soci&eacute;t&eacute; pourront &ecirc;tre envoy&eacute;s, la Soci&eacute;t&eacute; pourra inscrire
ce fait dans le registre des actionnaire et l'adresse de ce d&eacute;tenteur sera consid&eacute;r&eacute;e comme &eacute;tant au si&egrave;ge
social de la Soci&eacute;t&eacute; ou &agrave; tout autre adresse que la Soci&eacute;t&eacute; pourra inscrire au fil du temps jusqu'&agrave;
ce que ce d&eacute;tenteur ait fourni par &eacute;crit une adresse diff&eacute;rente &agrave; la Soci&eacute;t&eacute;. Le d&eacute;tenteur
peut, &agrave; tout moment, changer son adresse telle qu'elle figure dans le registre des actionnaires au moyen d'une notification &eacute;crite
&agrave; envoyer &agrave; la Soci&eacute;t&eacute;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Les
actions ordinaires peuvent &ecirc;tre tenues par un porteur (le &laquo;<B>Porteur</B>&raquo;) &agrave; travers un syst&egrave;me de compensation
ou d'un D&eacute;positaire (tel que ce terme est d&eacute;fini ci-dessous). Le Porteur d'actions ordinaires d&eacute;tenues dans ces comptes
de titres fongibles a les m&ecirc;mes droits et obligations que si ce Porteur d&eacute;tenait directement les actions ordinaires. Les
actions ordinaires d&eacute;tenues au travers d&rsquo;un syst&egrave;me de compensation ou d'un D&eacute;positaire doivent &ecirc;tre
consign&eacute;es dans un compte ouvert au nom du Porteur et peuvent &ecirc;tre transf&eacute;r&eacute;es d'un compte &agrave; un autre,
conform&eacute;ment aux proc&eacute;dures habituelles pour le transfert de titres sous forme d'inscription en compte. Toutefois, la Soci&eacute;t&eacute;
versera les dividendes, s&rsquo;il y en a, ainsi que tout autre paiement en esp&egrave;ces, actions ou autres titres, s&rsquo;il y en
a, uniquement au profit du syst&egrave;me de compensation ou du D&eacute;positaire inscrits dans le registre des actionnaires ou conform&eacute;ment
aux instructions de ce syst&egrave;me de compensation ou D&eacute;positaire. Ce paiement d&eacute;chargera compl&egrave;tement la Soci&eacute;t&eacute;
de ses obligations &agrave; cet &eacute;gard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Dans
le cadre d'une assembl&eacute;e g&eacute;n&eacute;rale, le conseil d'administration peut d&eacute;cider qu&rsquo;aucune entr&eacute;e
ne soit faite dans le registre des actionnaires et aucun avis de transfert ne soit reconnu par la Soci&eacute;t&eacute; et le(s)&nbsp;teneur(s)&nbsp;de
registre durant la p&eacute;riode commen&ccedil;ant &agrave; la Date d&rsquo;Inscription (telle que d&eacute;finie ci-apr&egrave;s) et
se terminant &agrave; la cl&ocirc;ture de cette assembl&eacute;e g&eacute;n&eacute;rale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Toutes
les communications et avis &agrave; donner &agrave; un actionnaire inscrit sont r&eacute;put&eacute;s valablement faits s&rsquo;ils sont
faits &agrave; la derni&egrave;re adresse communiqu&eacute;e par l'actionnaire &agrave; la Soci&eacute;t&eacute; conform&eacute;ment &agrave;
l'article 7.7 ou, si aucune adresse n'a &eacute;t&eacute; communiqu&eacute;e par l'actionnaire, le si&egrave;ge social de la Soci&eacute;t&eacute;
ou &agrave; une autre adresse qui pourra &ecirc;tre inscrite par la Soci&eacute;t&eacute; dans le registre au fil du temps conform&eacute;ment
&agrave; l'article 7.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Lorsque
les actions ordinaires sont enregistr&eacute;es dans le registre des actionnaires au nom et pour le compte d&rsquo;un syst&egrave;me de
compensation ou de l&rsquo;op&eacute;rateur d&rsquo;un tel syst&egrave;me et enregistr&eacute; comme entr&eacute;e dans les comptes d&rsquo;un
d&eacute;positaire professionnel ou d&rsquo;un sous-d&eacute;positaire (tout d&eacute;positaire et sous-d&eacute;positaire d&eacute;sign&eacute;
ci-apr&egrave;s comme un &laquo;<B>D&eacute;positaire</B>&raquo;), la Soci&eacute;t&eacute; &ndash; sous r&eacute;serve d'avoir re&ccedil;u
du D&eacute;positaire un certificat en bonne et due forme &ndash; permettra au D&eacute;positaire de telles entr&eacute;es en compte d'exercer
les droits attach&eacute;s aux actions ordinaires correspondant aux entr&eacute;es en compte du Porteur concern&eacute;, y compris de
recevoir les convocations aux assembl&eacute;es g&eacute;n&eacute;rales, l'admission et le vote aux assembl&eacute;es g&eacute;n&eacute;rales
et doit consid&eacute;rer le D&eacute;positaire comme &eacute;tant le Porteur des actions ordinaires correspondant aux entr&eacute;es
compte aux fins du pr&eacute;sent article 7 des pr&eacute;sents statuts. Le conseil d'administration peut d&eacute;terminer les conditions
de forme auxquelles devront r&eacute;pondre ces certificats.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article&nbsp;8</B></FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Propri&eacute;t&eacute;
des actions</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;La Soci&eacute;t&eacute;
ne reconna&icirc;t qu'un seul (1)&nbsp;titulaire par action ordinaire. Si une action ordinaire est d&eacute;tenue par plusieurs personnes,
elles devront d&eacute;signer une personne qui sera consid&eacute;r&eacute;e comme seule propri&eacute;taire de cette action ordinaire
vis-&agrave;-vis de la Soci&eacute;t&eacute;. La Soci&eacute;t&eacute; aura le droit de suspendre l'exercice de tous les droits attach&eacute;s
&agrave; une action ordinaire d&eacute;tenue par plusieurs personnes, jusqu'&agrave; ce qu'un (1)&nbsp;propri&eacute;taire ait &eacute;t&eacute;
d&eacute;sign&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Les actions ordinaires
sont librement cessibles, sauf disposition contraire des pr&eacute;sents statuts. Tous les droits et obligations attach&eacute;s &agrave;
une action ordinaire seront transf&eacute;r&eacute;s &agrave; tout cessionnaire sous r&eacute;serve d&rsquo;une disposition contraire
des pr&eacute;sents statuts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Tant que les actions
ordinaires de la Soci&eacute;t&eacute; sont admises &agrave; la n&eacute;gociation sur un march&eacute; r&eacute;glement&eacute; (au sens
de la directive 2014/65/UE) sur le territoire de l'Espace Economique Europ&eacute;en (le &quot;<B>March&eacute; R&eacute;glement&eacute;</B>&quot;),
les dispositions de la directive 2004/25/CE sur les offres publiques d'acquisition s'appliquent dans le cadre de toute prise de contr&ocirc;le
portant sur les actions ordinaires de la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Si les actions ordinaires
ne sont plus admises &agrave; la n&eacute;gociation sur un March&eacute; R&eacute;glement&eacute;, les r&egrave;gles suivantes s'appliqueront
dans le cadre de toute prise de contr&ocirc;le portant sur les actions ordinaires de la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Toute personne (cette
personne &eacute;tant ci-apr&egrave;s appel&eacute;e l&rsquo; &quot;<B>Offrant</B>&quot;) qui d&eacute;sire acqu&eacute;rir par
quelque moyen que ce soit (y compris, mais sans s'y limiter, la conversion de tout instrument financier convertible en actions
ordinaires), directement ou indirectement, des actions ordinaires (l'&quot;<B>Acquisition Envisag&eacute;e</B>&quot;) qui, une fois
ses actions ordinaires existantes regroup&eacute;es avec les actions d&eacute;tenues par une personne contr&ocirc;lant l'Offrant,
contr&ocirc;l&eacute;e par l&rsquo;Offrant et/ou sous contr&ocirc;le commun avec l&rsquo;Offrant, repr&eacute;sentent au moins
trente-trois virgule trente-trois pour cent (33,33%) du capital social de la Soci&eacute;t&eacute; (le &quot;<B>Seuil</B>&quot;),
aura l'obligation de proposer une offre inconditionnelle d'acquisition pour acqu&eacute;rir la totalit&eacute; des actions
ordinaires alors en circulation ainsi que tout instrument financier convertible en actions ordinaires (l'&quot;<B>Offre Publique
d&rsquo;Acquisition</B>&quot;). Chaque Offre Publique d&rsquo;Acquisition sera men&eacute;e conform&eacute;ment &agrave; la
proc&eacute;dure stipul&eacute;e aux points (i)&nbsp;&agrave; (vii)&nbsp;du pr&eacute;sent article (la &quot;<B>Proc&eacute;dure
d'Offre Publique d&rsquo;Acquisition</B>&quot;) et sera &eacute;galement men&eacute;e dans le respect de et en conformit&eacute;
avec les lois et r&egrave;glements des juridictions dans lesquelles les actions ordinaires ou autres titres de la
Soci&eacute;t&eacute; sont cot&eacute;s et/ou dans lesquelles l'Offre Publique d&rsquo;Acquisition a lieu et les r&egrave;gles des
bourses o&ugrave; sont cot&eacute;es les actions ordinaires de la Soci&eacute;t&eacute; (afin d&rsquo;&eacute;viter tout doute, hors
tout March&eacute; R&eacute;glement&eacute;), dans chaque cas, applicables aux offres publiques (collectivement, les
&quot;<B>R&egrave;gles Applicables</B>&quot;), &eacute;tant entendu que, dans la mesure o&ugrave; de telles exigences imposeraient
&agrave; l&rsquo;Offrant des r&egrave;gles ou r&eacute;glementations plus strictes, ces r&egrave;gles et r&eacute;glementations plus
strictes devront &ecirc;tre respect&eacute;es par l&rsquo;Offrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;L'Offrant notifiera
par &eacute;crit &agrave; la Soci&eacute;t&eacute; l'Acquisition Envisag&eacute;e et l'Offre Publique d&rsquo;Acquisition (la &quot;<B>Notification
d'Offre</B>&quot;), au moins quinze (15) jours ouvrables luxembourgeois (ou tout autre d&eacute;lai plus court requis par les R&egrave;gles
Applicables) avant la date de son commencement (cette date de notification, la &quot;<B>Date de la Notification d'Offre</B>&quot;). Une
Notification d&rsquo;Offre sera &eacute;galement requise pour tout accord ou tout protocole d'entente que l'Offrant a l'intention de conclure
avec un d&eacute;tenteur d'actions ordinaires et/ou d'instruments financiers convertibles en actions ordinaires aux termes duquel, dans
certaines circonstances, en raison de cet accord ou protocole d&rsquo;entente, l'Offrant deviendrait le d&eacute;tenteur d'actions ordinaires
r&eacute;sultant dans l&rsquo;atteinte du Seuil ou son d&eacute;passement (ci-apr&egrave;s appel&eacute; &quot;<B>Accord Pr&eacute;alable</B>&quot;).
En plus de se conformer aux R&egrave;gles Applicables, la Notification d&rsquo;Offre devra comprendre les renseignements minimaux suivants,
sous r&eacute;serve de l&rsquo;insertion de tout renseignement suppl&eacute;mentaire qui pourrait &ecirc;tre exig&eacute; en vertu des
R&egrave;gles Applicables : (A)&nbsp;L'identification, la nationalit&eacute; et le domicile de l&rsquo;Offrant. Si l&rsquo;Offrant est
compos&eacute; d'un groupe de personnes physiques ou morales, l'identification et le domicile de chaque membre du groupe et du directeur
g&eacute;n&eacute;ral de chaque entit&eacute; faisant partie du groupe ; (B)&nbsp;la contrepartie offerte pour les actions ordinaires
et les instruments financiers convertibles en actions ordinaires et la source des fonds pour payer cette contrepartie. (C)&nbsp;La date
d'expiration pr&eacute;vue de la p&eacute;riode de l'Offre Publique d&rsquo;Acquisition, si elle peut &ecirc;tre prolong&eacute;e et,
dans l'affirmative, quelle peut &ecirc;tre la dur&eacute;e de la prolongation et selon quelle proc&eacute;dure cette prolongation doit
&ecirc;tre effectu&eacute;e ; (D)&nbsp;Une d&eacute;claration de l'Offrant indiquant les dates exactes avant et apr&egrave;s lesquelles
les d&eacute;tenteurs d'actions ordinaires et d'instruments financiers convertibles en actions ordinaires, qui ont valablement offert
leurs actions ordinaires et/ou leurs instruments financiers convertibles en actions ordinaires dans le cadre du r&eacute;gime de l'Offre
d'Achat, auront le droit de les retirer, la mani&egrave;re selon laquelle les actions ordinaires et les instruments financiers convertis
en actions ordinaires ainsi offerts seront accept&eacute;s ainsi que la mani&egrave;re dont le retrait des actions ordinaires et des instruments
financiers convertis en actions ordinaires des ventes effectu&eacute;es dans le cadre de l'Offre doit &ecirc;tre effectu&eacute; ; (E)&nbsp;Toute
information suppl&eacute;mentaire, y compris les &eacute;tats financiers ou comptables de l'Offrant, que la Soci&eacute;t&eacute; pourrait
raisonnablement demander ou qui pourrait &ecirc;tre n&eacute;cessaire afin d'&eacute;viter que la Notification d&rsquo;Offre ci-dessus
ne m&egrave;ne &agrave; des conclusions erron&eacute;es ou lorsque l'information soumise est incompl&egrave;te ou insuffisante.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)
&Agrave; la Date de Notification d&rsquo;Offre, la Soci&eacute;t&eacute; enverra par courrier &agrave; chaque d&eacute;tenteur
d'actions ordinaires et d'instruments financiers convertibles en actions ordinaires, aux frais de l&rsquo;Offrant, un exemplaire de
la Notification d&rsquo;Offre. Dans le cas des d&eacute;tenteurs nominatifs d'actions ordinaires et/ou d'instruments financiers
convertibles en actions ordinaires, la Notification d&rsquo;Offre sera envoy&eacute;e par courrier recommand&eacute; et, dans le cas
des actions ordinaires et des instruments financiers convertibles en actions ordinaires d&eacute;tenus dans un compte de courtage,
la Notification d&rsquo;Offre sera envoy&eacute;e aux courtiers concern&eacute;s par l'entremise de l'agent
d&eacute;positaire.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)
&Agrave; la Date de la Notification d&rsquo;Offre, l'Offrant devra publier un avis contenant les informations mentionn&eacute;es au paragraphe
(i). Sous r&eacute;serve des dispositions l&eacute;gales applicables, la Notification d&rsquo;Offre sera publi&eacute;e dans deux (2)&nbsp;grands
journaux du Grand-Duch&eacute; de Luxembourg et dans la ville de New York, &Eacute;tats-Unis, ou dans un d&eacute;lai plus long si les
lois applicables le </FONT>requi&egrave;rent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">iv) La contrepartie pour chaque
action ordinaire et chaque instrument financier convertible en actions ordinaires payable &agrave; chaque d&eacute;tenteur devra &ecirc;tre
la m&ecirc;me, devra &ecirc;tre payable en esp&egrave;ces seulement et ne devra pas &ecirc;tre inf&eacute;rieure au plus &eacute;lev&eacute;
des prix suivants :</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(A) le
prix le plus &eacute;lev&eacute; par action ordinaire et instrument financier convertible en actions ordinaires pay&eacute; par l'Offrant,
ou pour son compte, relativement &agrave; toute acquisition d'actions ordinaires et aux instruments financiers convertibles en actions
ordinaires au cours de la p&eacute;riode de douze mois pr&eacute;c&eacute;dant imm&eacute;diatement la Notification d&rsquo;Offre, ajust&eacute;
par suite d'une division des actions, d'un dividende en actions, d&rsquo;un fractionnement ou d'un reclassement touchant les actions ordinaires
et/ou les instruments financiers convertibles en actions ordinaires ; ou</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(B) le
cours de cl&ocirc;ture le plus &eacute;lev&eacute;, au cours de la p&eacute;riode de soixante jours pr&eacute;c&eacute;dant imm&eacute;diatement
la Notification l&rsquo;Offre, d'une action ordinaire de la Soci&eacute;t&eacute; cot&eacute;e &agrave; la Bourse de New York, dans chaque
cas ajust&eacute; par suite d'une division d'actions, d'un dividende en actions, d'un fractionnement ou d'une reclassification touchant
ou li&eacute; aux actions ordinaires et &agrave; un instrument financier convertible en actions ordinaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v) L'Offre
Publique d&rsquo;Acquisition sera ouverte pendant une p&eacute;riode minimale d'au moins vingt (20) jours ouvrables luxembourgeois &agrave;
compter de la date &agrave; laquelle l'Offre Publique d&rsquo;Acquisition aura &eacute;t&eacute; introduite.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(vi) L'Offrant
devra acqu&eacute;rir toutes les actions ordinaires et tous les instruments financiers convertibles en actions ordinaires qui seront valablement
offerts (et non retir&eacute;s) avant la date d'expiration de l'Offre Publique d&rsquo;Acquisition conform&eacute;ment aux dispositions
des pr&eacute;sents statuts r&eacute;gissant les Offres Publiques d'Acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(vii) Une fois la
proc&eacute;dure d&rsquo;Offre Publique d&rsquo;Acquisition termin&eacute;e, l'Offrant pourra signer l&rsquo;Accord
Pr&eacute;alable, s&rsquo;il y en a un, quel que soit le nombre d'actions ordinaires et d'instruments financiers convertibles en
actions ordinaires acquises. L&rsquo;Accord Pr&eacute;alable, le cas &eacute;ch&eacute;ant, sera sign&eacute; dans les trente (30)
jours suivant la cl&ocirc;ture de l'Offre Publique d'Acquisition dans le cas contraire, il sera n&eacute;cessaire de
r&eacute;p&eacute;ter la proc&eacute;dure d'Offre Publique d'Acquisition pr&eacute;vue au pr&eacute;sent article afin de signer
l&rsquo;Accord Pr&eacute;alable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Si
les termes de l'article 8.2.1 ne sont pas respect&eacute;s, il sera interdit &agrave; l&rsquo;Offrant d'acqu&eacute;rir des actions
ordinaires, directement ou indirectement, par quelque moyen que ce soit (y compris, mais sans s'y limiter, la conversion de tout
instrument financier convertible en actions ordinaires) ou instrument si, en cons&eacute;quence de cette acquisition, l'Offrant
(lorsqu'il est regroup&eacute; avec les actions d&eacute;tenues par une personne qui contr&ocirc;le l&rsquo;Offrant,
contr&ocirc;l&eacute;e par l'Offrant et/ou sous le contr&ocirc;le commun de l'Offrant) deviendrait le d&eacute;tenteur d'actions
ordinaires qui, en plus de ses d&eacute;tentions pr&eacute;existantes, repr&eacute;senteraient au total au moins trente-trois
virgule trente-trois pour cent (33,33%) du capital social de la Soci&eacute;t&eacute;. Le conseil d'administration suspendra tout
droit de vote ou de recevoir des dividendes ou autres distributions de quelque nature que ce soit attach&eacute;s aux actions
ordinaires acquises en violation des dispositions de l'article 8.2.1 et aucune de ces actions ordinaires ne pourra &ecirc;tre prise
en compte pour d&eacute;terminer si le quorum est atteint &agrave; une assembl&eacute;e des actionnaires de la
Soci&eacute;t&eacute;, tant que ces actions ordinaires ne seront pas vendues. En outre, si les conditions de l'article 8.2.1 des
pr&eacute;sents statuts ne sont pas respect&eacute;es, la Soci&eacute;t&eacute; pourra consid&eacute;rer tout transfert d'actions
ordinaires acquises en violation des dispositions de l'article 8.2.1 comme non valide, auquel cas aucun administrateur ou
d&eacute;positaire de la Soci&eacute;t&eacute;, quel qu'il soit, ne pourra inscrire ce transfert dans les registres et livres
pertinents de la Soci&eacute;t&eacute;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Si
le d&eacute;tenteur d'un instrument financier convertible en actions ordinaires qui envisage une Acquisition Envisag&eacute;e ne se conforme
pas aux modalit&eacute;s de l'article 8.2.1 des pr&eacute;sents statuts, le conseil d'administration pourra refuser la conversion en actions
ordinaires de la partie de ces instruments convertibles qui, en cas de conversion, r&eacute;sulterait en ce que cette personne devienne
la d&eacute;tentrice d'actions ordinaires atteignant ou d&eacute;passant le Seuil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Aux
fins du pr&eacute;sent article 8.2, le terme &quot;indirectement&quot; comprendra les soci&eacute;t&eacute;s m&egrave;res de l'Offrant,
les soci&eacute;t&eacute;s contr&ocirc;l&eacute;es par l'Offrant ou qui se retrouveraient sous son contr&ocirc;le &agrave; la suite de
toute Acquisition, Offre Publique d&rsquo;Acquisition ou Accord Pr&eacute;alable, selon le cas, qui accorderait en m&ecirc;me temps le
contr&ocirc;le de la Soci&eacute;t&eacute;, les soci&eacute;t&eacute;s soumises au contr&ocirc;le commun de l'Offrant et les autres personnes
agissant conjointement avec l&rsquo;Offrant ; seront &eacute;galement incluses les d&eacute;tentions que pourrait avoir une personne par
l'entremise de trusts ou autres m&eacute;canismes similaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>C.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>ASSEMBLEES GENERALES
DES ACTIONNAIRES</U></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Pouvoirs
de l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des actionnaires</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Les actionnaires exercent
leurs droits collectifs en assembl&eacute;e g&eacute;n&eacute;rale d&rsquo;actionnaires. Toute assembl&eacute;e g&eacute;n&eacute;rale
d&rsquo;actionnaires de la Soci&eacute;t&eacute; r&eacute;guli&egrave;rement constitu&eacute;e repr&eacute;sente l&rsquo;ensemble des
actionnaires de la Soci&eacute;t&eacute;. L&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des actionnaires a les pouvoirs les plus &eacute;tendus
pour autoriser, ordonner, r&eacute;aliser ou ratifier des actes relatifs &agrave; la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;10.&#8239;&#8239;&#8239;&#8239;<U>Convocation
des assembl&eacute;es g&eacute;n&eacute;rales d&rsquo;actionnaires</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;L'assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires de la Soci&eacute;t&eacute; peut, &agrave; tout moment, &ecirc;tre convoqu&eacute;e par le conseil
d'administration, au lieu et date fix&eacute;s dans la convocation &agrave; une telle assembl&eacute;e.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">L'assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires doit obligatoirement &ecirc;tre convoqu&eacute;e par le conseil d'administration sur demande
&eacute;crite, comportant l'ordre du jour, d'un ou plusieurs actionnaires repr&eacute;sentant au moins dix pour cent (10%) du
capital social de la Soci&eacute;t&eacute;. Dans ce cas, l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires doit &ecirc;tre
convoqu&eacute;e et tenue dans un d&eacute;lai d'un (1)&nbsp;mois &agrave; compter de la r&eacute;ception de cette demande. L'(es)
actionnaire(s)&nbsp;repr&eacute;sentant </FONT>au moins cinq pour cent (5%) du capital social &eacute;mis de la
Soci&eacute;t&eacute; peuvent demander l'ajout d'un ou plusieurs points &agrave; l'ordre du jour de toute assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires. Une telle demande doit &ecirc;tre re&ccedil;ue au si&egrave;ge social de la
Soci&eacute;t&eacute; par lettre recommand&eacute;e au moins vingt-deux (22) jours avant la date de l'assembl&eacute;e.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;L'assembl&eacute;e
g&eacute;n&eacute;rale annuelle des actionnaires doit &ecirc;tre tenue dans les six (6)&nbsp;mois suivant la fin de chaque exercice social
au Luxembourg, au si&egrave;ge social de la Soci&eacute;t&eacute; ou &agrave; tout autre endroit tel qu'indiqu&eacute; dans la convocation
&agrave; cette assembl&eacute;e.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;D&rsquo;autres
assembl&eacute;es g&eacute;n&eacute;rales d&rsquo;actionnaires pourront se tenir au lieu et &agrave; l&rsquo;heure indiqu&eacute;e dans
les convocations correspondantes &agrave; l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Les
assembl&eacute;es g&eacute;n&eacute;rales des actionnaires sont convoqu&eacute;es conform&eacute;ment aux dispositions de la Loi et si
les actions ordinaires de la Soci&eacute;t&eacute; sont cot&eacute;es sur une bourse &eacute;trang&egrave;re, conform&eacute;ment aux
exigences de cette bourse &eacute;trang&egrave;re applicables &agrave; la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Si
les actions de la Soci&eacute;t&eacute; ne sont pas cot&eacute;es sur une bourse &eacute;trang&egrave;re, tous les actionnaires inscrits
dans le registre des actionnaires &agrave; la date de l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires ont le droit d'&ecirc;tre
admis &agrave; l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Si
les actions ordinaires de la Soci&eacute;t&eacute; sont cot&eacute;es sur une bourse, tous les actionnaires inscrits dans un registre
des actionnaires de la Soci&eacute;t&eacute; ont le droit d'&ecirc;tre admis et de voter &agrave; l'assembl&eacute;e g&eacute;n&eacute;rale
des actionnaires sur base du nombre d&rsquo;actions ordinaires qu&rsquo;ils d&eacute;tiennent &agrave; une date et une heure avant l'assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires que le conseil d'administration peut d&eacute;terminer comme la date d&rsquo;inscription (la &laquo;Date
d'Inscription&raquo;) et telle que pr&eacute;cis&eacute;e dans la convocation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Tout
actionnaire, Porteur ou D&eacute;positaire, selon le cas, qui souhaite assister &agrave; l'assembl&eacute;e g&eacute;n&eacute;rale doit
en informer la Soci&eacute;t&eacute; au plus tard le troisi&egrave;me jour ouvrable pr&eacute;c&eacute;dant la date de cette assembl&eacute;e
g&eacute;n&eacute;rale, ou jusqu&rsquo;&agrave; toute autre date que le conseil d'administration peut d&eacute;terminer et telle que pr&eacute;cis&eacute;e
dans la convocation, d&rsquo;une mani&egrave;re devant &ecirc;tre d&eacute;termin&eacute;e par le conseil d'administration dans l&rsquo;avis
de convocation. Dans le cas d'actions ordinaires d&eacute;tenues par l'op&eacute;rateur d'un syst&egrave;me de compensation ou par un
D&eacute;positaire d&eacute;sign&eacute; par un tel D&eacute;positaire, un Porteur d'actions ordinaires qui souhaite assister &agrave;
une assembl&eacute;e g&eacute;n&eacute;rale des actionnaires doit recevoir de ces op&eacute;rateurs ou D&eacute;positaires un certificat
attestant le nombre d'actions ordinaires inscrites dans le compte correspondant &agrave; la Date d&rsquo;Inscription. Le certificat doit
&ecirc;tre pr&eacute;sent&eacute; &agrave; la Soci&eacute;t&eacute; au plus tard trois (3)&nbsp;jours ouvrables avant la date de cette
assembl&eacute;e g&eacute;n&eacute;rale. Si l'actionnaire vote au moyen d&rsquo;une procuration, la procuration doit &ecirc;tre d&eacute;pos&eacute;e
au si&egrave;ge social de la Soci&eacute;t&eacute; ou chez tout autre agent de la Soci&eacute;t&eacute;, d&ucirc;ment autoris&eacute;
&agrave; recevoir ces procurations, dans le m&ecirc;me temps. Le conseil d'administration peut fixer un d&eacute;lai plus court pour le
la pr&eacute;sentation du certificat ou de la procuration auquel cas cela sera pr&eacute;cis&eacute; dans la convocation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Si
tous les actionnaires sont pr&eacute;sents ou repr&eacute;sent&eacute;s &agrave; une assembl&eacute;e g&eacute;n&eacute;rale des actionnaires
et d&eacute;clarent qu'ils ont &eacute;t&eacute; inform&eacute;s de l'ordre du jour de la r&eacute;union, l'assembl&eacute;e g&eacute;n&eacute;rale
des actionnaires peut &ecirc;tre tenue sans convocation pr&eacute;alable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Article&nbsp;11&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Conduite
des assembl&eacute;es g&eacute;n&eacute;rales d&rsquo;actionnaires</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">Un
bureau de l'assembl&eacute;e doit &ecirc;tre constitu&eacute; &agrave; chaque assembl&eacute;e g&eacute;n&eacute;rale
d&rsquo;actionnaires, compos&eacute; d'un pr&eacute;sident, d'un secr&eacute;taire et d'un scrutateur, chacun devant &ecirc;tre
nomm&eacute;s par l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des actionnaires, sans qu'ils soient n&eacute;cessairement des
actionnaires. Le bureau doit s&rsquo;assurer que l&rsquo;assembl&eacute;e est tenue en conformit&eacute; avec les r&egrave;gles
applicables et, en particulier, en conformit&eacute; avec les r&egrave;gles relatives </FONT>&agrave; la convocation, au quorum,
s&rsquo;il en existe, au partage des voix et &agrave; la repr&eacute;sentation des actionnaires.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Une
liste de pr&eacute;sence doit &ecirc;tre tenue &agrave; toute assembl&eacute;e g&eacute;n&eacute;rale d&rsquo;actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Chaque
action ordinaire donne droit &agrave; une voix en assembl&eacute;e g&eacute;n&eacute;rale d&rsquo;actionnaires, sous r&eacute;serve des
dispositions de la Loi. Sauf disposition contraire de la Loi ou des statuts, les d&eacute;cisions prises en assembl&eacute;e g&eacute;n&eacute;rale
d&rsquo;actionnaires d&ucirc;ment convoqu&eacute;es sont adopt&eacute;es &agrave; la majorit&eacute; simple des voix valablement exprim&eacute;es
quelle que soit la part du capital social &eacute;mis de la Soci&eacute;t&eacute; pr&eacute;sente ou repr&eacute;sent&eacute;e &agrave;
l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale. Les abstentions et les votes blancs ou nuls ne sont pas pris en compte.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Un
actionnaire peut participer &agrave; toute assembl&eacute;e g&eacute;n&eacute;rale des actionnaires en d&eacute;signant une autre personne,
actionnaire ou non, comme son mandataire par &eacute;crit au moyen d&rsquo;un document sign&eacute;, transmis par courrier, par t&eacute;l&eacute;copie,
ou par tout autre moyen de communication autoris&eacute; par le conseil d&rsquo;administration. Une personne peut repr&eacute;senter plusieurs
voire m&ecirc;me tous les actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Les
actionnaires qui prennent part &agrave; une assembl&eacute;e g&eacute;n&eacute;rale par conf&eacute;rence t&eacute;l&eacute;phonique,
vid&eacute;oconf&eacute;rence ou par tout autre moyen de communication autoris&eacute; par le conseil d&rsquo;administration, permettant
leur identification et permettant &agrave; toutes les personnes participant &agrave; l'assembl&eacute;e de s'entendre mutuellement sans
discontinuit&eacute;, garantissant une participation effective &agrave; l'assembl&eacute;e, sont r&eacute;put&eacute;s &ecirc;tre pr&eacute;sents
pour le calcul du quorum et de la majorit&eacute;, &agrave; condition que de tels moyens de communication soient disponibles sur les lieux
de tenue de l'assembl&eacute;e.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Chaque
actionnaire peut voter &agrave; une assembl&eacute;e g&eacute;n&eacute;rale des actionnaires au moyen d'un bulletin de vote sign&eacute;,
envoy&eacute; par courrier, t&eacute;l&eacute;copie ou tout autre moyen de communication autoris&eacute; par le conseil d&rsquo;administration
et d&eacute;livr&eacute; au si&egrave;ge social de la Soci&eacute;t&eacute; ou &agrave; l'adresse indiqu&eacute;e dans la convocation.
Les actionnaires ne peuvent utiliser que les bulletins de vote fournis par la Soci&eacute;t&eacute; qui indiquent au moins le lieu, la
date et l'heure de l'assembl&eacute;e, l'ordre du jour de l'assembl&eacute;e, les r&eacute;solutions soumises au vote de l'assembl&eacute;e,
ainsi que pour chaque r&eacute;solution, trois cases &agrave; cocher permettant &agrave; l'actionnaire de voter en faveur ou contre la
r&eacute;solution propos&eacute;e, ou d'exprimer une abstention par rapport &agrave; chacune des r&eacute;solutions propos&eacute;es,
en cochant la case appropri&eacute;e. La Soci&eacute;t&eacute; ne prendra en compte que des bulletins de vote re&ccedil;us au plus tard
trois (3)&nbsp;jours avant la tenue de l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires &agrave; laquelle ils se rapportent.
Le conseil d&rsquo;administration peut fixer une dur&eacute;e plus courte pour la pr&eacute;sentation des bulletins de vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le
conseil d&rsquo;administration peut d&eacute;finir des conditions suppl&eacute;mentaires qui devront &ecirc;tre remplies par les actionnaires
afin qu&rsquo;ils puissent participer &agrave; une assembl&eacute;e g&eacute;n&eacute;rale des actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;12.&#8239;&#8239;&#8239;&#8239;<U>Modification des statuts</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sous r&eacute;serve des dispositions
de la Loi et des pr&eacute;sents statuts, toute modification des statuts n&eacute;cessite une majorit&eacute; d&rsquo;au moins deux-tiers
(2/3) des voix valablement exprim&eacute;es lors d&rsquo;une assembl&eacute;e g&eacute;n&eacute;rale &agrave; laquelle au moins la moiti&eacute;
(1/2) du capital social &eacute;mis de la Soci&eacute;t&eacute; est repr&eacute;sent&eacute;e. Si le quorum n&rsquo;est pas atteint &agrave;
une assembl&eacute;e, une seconde assembl&eacute;e pourra &ecirc;tre convoqu&eacute;e dans les conditions pr&eacute;vues par la Loi, qui
pourra alors d&eacute;lib&eacute;rer quel que soit le capital social &eacute;mis de la Soci&eacute;t&eacute; repr&eacute;sent&eacute;e
&agrave; l&rsquo;assembl&eacute; et lors de laquelle les d&eacute;cisions seront adopt&eacute;es &agrave; la majorit&eacute; d&rsquo;au
moins deux-tiers (2/3) des voix valablement exprim&eacute;es. Les abstentions et les votes blancs ou nuls ne sont pas pris en compte pour
le calcul de la majorit&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Article&nbsp;13.&#8239;&#8239;&#8239;&#8239;<U>Prorogation
des assembl&eacute;es g&eacute;n&eacute;rales des actionnaires</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Le conseil d&rsquo;administration
peut proroger toute assembl&eacute;e g&eacute;n&eacute;rale d&rsquo;actionnaires d&eacute;j&agrave; commenc&eacute;e, y compris toute
assembl&eacute;e g&eacute;n&eacute;rale en vue de statuer sur une modification des statuts, pour une p&eacute;riode de quatre (4)&nbsp;semaines.
Le conseil d&rsquo;administration doit proroger toute assembl&eacute;e g&eacute;n&eacute;rale des actionnaires d&eacute;j&agrave; commenc&eacute;e
&agrave; la demande d&rsquo;un ou plusieurs actionnaires repr&eacute;sentant au moins vingt pour cent (20%) du capital social de la Soci&eacute;t&eacute;.
Lors d&rsquo;une telle prorogation d&rsquo;une assembl&eacute;e g&eacute;n&eacute;rale d&eacute;j&agrave; commenc&eacute;e, toute d&eacute;cision
d&eacute;j&agrave; adopt&eacute;e par l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des actionnaires sera annul&eacute;e. Pour &eacute;viter
toute confusion, une fois qu&rsquo;une assembl&eacute;e a &eacute;t&eacute; prorog&eacute;e conform&eacute;ment &agrave; la deuxi&egrave;me
phrase de cet article 13, le conseil d'administration ne sera pas tenu de proroger une telle assembl&eacute;e une deuxi&egrave;me fois.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Article&nbsp;14.&#8239;&#8239;&#8239;&#8239;<U>Proc&egrave;s-verbal
des assembl&eacute;es g&eacute;n&eacute;rales d&rsquo;actionnaires</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Le bureau de toute assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires doit dresser un proc&egrave;s-verbal de l&rsquo;assembl&eacute;e qui doit &ecirc;tre sign&eacute;
par les membres du bureau de l&rsquo;assembl&eacute;e ainsi que par tout actionnaire qui en fait la demande. Toute copie ou extrait de
ces proc&egrave;s-verbaux originaux devant &ecirc;tre produit(e)&nbsp;dans le cadre de proc&eacute;dures judiciaires ou devant &ecirc;tre
communiqu(&eacute;) &agrave; tout tiers devra &ecirc;tre sign&eacute;(e)&nbsp;par le pr&eacute;sident ou le co-pr&eacute;sident du conseil
d&rsquo;administration ou par deux membres du conseil d&rsquo;administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>D.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>ADMINISTRATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Article&nbsp;15.&#8239;&#8239;&#8239;&#8239;<U>Conseil d&rsquo;administration</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;La
Soci&eacute;t&eacute; est g&eacute;r&eacute;e par un conseil d&rsquo;administration dont les membres peuvent mais ne doivent pas &ecirc;tre
des actionnaires de la Soci&eacute;t&eacute;. Le conseil d&rsquo;administration est investi des pouvoirs les plus &eacute;tendus pour
prendre toute mesure n&eacute;cessaire ou utile afin de r&eacute;aliser l&rsquo;objet social de la Soci&eacute;t&eacute;, &agrave; l&rsquo;exception
des pouvoirs r&eacute;serv&eacute;s par la loi ou par les pr&eacute;sents statuts &agrave; l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale
des actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">La
gestion journali&egrave;re de la Soci&eacute;t&eacute; ainsi que la repr&eacute;sentation de la Soci&eacute;t&eacute; en rapport avec
cette gestion journali&egrave;re peut, en conformit&eacute; avec l&rsquo;article 60 de la Loi, &ecirc;tre d&eacute;l&eacute;gu&eacute;e
&agrave; un ou plusieurs membres du conseil d&rsquo;administration ou &agrave; toute(s)&nbsp;autre(s)&nbsp;personne(s)&nbsp;nomm&eacute;e(s)&nbsp;par
le conseil d&rsquo;administration, qui peuvent mais ne doivent pas &ecirc;tre actionnaire, agissant individuellement ou conjointement.
Leur nomination, r&eacute;vocation et pouvoirs seront d&eacute;termin&eacute;s par une d&eacute;cision du conseil d&rsquo;administration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le
conseil d&rsquo;administration peut &eacute;galement conf&eacute;rer des pouvoirs sp&eacute;ciaux au moyen d&rsquo;une procuration
authentique ou d&rsquo;un acte sous seing priv&eacute;, &agrave; toute personne agissant seule ou conjointement avec d&rsquo;autres
en qualit&eacute; de mandataires de la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le conseil d&rsquo;administration
est compos&eacute; au minimum de sept (7)&nbsp;administrateurs et au maximum quinze (15) administrateurs. Le conseil d&rsquo;administration
doit choisir parmi ces membres un pr&eacute;sident du conseil d&rsquo;administration. Il peut aussi choisir un co-pr&eacute;sident et
il peut choisir un secr&eacute;taire qui n&rsquo;a pas besoin d&rsquo;&ecirc;tre un actionnaire ou un membre du conseil d&rsquo;administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Article&nbsp;16.&#8239;&#8239;&#8239;&#8239;<U>Nomination,
r&eacute;vocation et dur&eacute;e des mandats des administrateurs</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">16.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">Les
administrateurs sont nomm&eacute;s par l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des actionnaires pour un mandat allant jusqu&rsquo;&agrave;
quatre (4)&nbsp;ans ; &eacute;tant entendu toutefois que les administrateurs doivent &ecirc;tre &eacute;lus sur une base &eacute;chelonn&eacute;e,
avec un tiers (1/3) des administrateurs &eacute;tant &eacute;lus chaque ann&eacute;e et; &eacute;tant encore entendu que cette p&eacute;riode
peut &ecirc;tre d&eacute;pass&eacute;e d&rsquo;une p&eacute;riode allant jusqu'&agrave; l'assembl&eacute;e g&eacute;n&eacute;rale annuelle
se tenant apr&egrave;s le quatri&egrave;me anniversaire de la nomination. Chaque administrateur &eacute;lu doit rester en fonction jusqu'&agrave;
ce que son successeur soit &eacute;lu. Si une personne morale est nomm&eacute;e en tant qu&rsquo;administrateur de la Soci&eacute;t&eacute;,
cette personne morale doit d&eacute;signer une personne physique en qualit&eacute; de repr&eacute;sentant permanent qui doit assurer cette
fonction au nom et pour le compte de la personne morale. La personne morale peut r&eacute;voquer son repr&eacute;sentant permanent uniquement
si elle nomme simultan&eacute;ment son successeur. Une personne physique peut uniquement &ecirc;tre le repr&eacute;sentant permanent d&rsquo;un
seul administrateur de la Soci&eacute;t&eacute; et ne peut &ecirc;tre simultan&eacute;ment administrateur de la Soci&eacute;t&eacute;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Chaque
administrateur peut &ecirc;tre r&eacute;voqu&eacute; de ses fonctions &agrave; tout moment et sans motif par l&rsquo;assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"> 16.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Les administrateurs sont r&eacute;&eacute;ligibles ind&eacute;finiment.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Dans
l&rsquo;hypoth&egrave;se o&ugrave; un poste d&rsquo;administrateur deviendrait vacant suite au d&eacute;c&egrave;s, &agrave; l&rsquo;incapacit&eacute;
juridique, &agrave; la faillite, &agrave; la retraite ou autre, cette vacance pourra &ecirc;tre combl&eacute;e &agrave; titre temporaire
par les administrateurs restants jusqu&rsquo;&agrave; la prochaine assembl&eacute;e g&eacute;n&eacute;rale d&rsquo;actionnaires, appel&eacute;e
&agrave; statuer sur la nomination permanente.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;17.&#8239;&#8239;&#8239;&#8239;<U>Convocation aux conseils d&rsquo;administration</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le conseil d&rsquo;administration
se r&eacute;unit sur convocation valablement donn&eacute;e par le pr&eacute;sident ou par deux (2)&nbsp;administrateurs au lieu d&eacute;fini
dans la convocation d&eacute;crite dans le paragraphe ci-dessous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Une
convocation &eacute;crite &agrave; toute r&eacute;union du conseil d&rsquo;administration doit &ecirc;tre adress&eacute;e aux
administrateurs cinq (5)&nbsp;jours au moins avant la date pr&eacute;vue pour la r&eacute;union par &eacute;crit, par
t&eacute;l&eacute;copie, courrier &eacute;lectronique ou tout autre moyen de communication, sauf en cas d&rsquo;urgence, auquel cas
la nature et les motifs de cette urgence devront &ecirc;tre expos&eacute;s dans la convocation. L'avis de convocation n'est pas
n&eacute;cessaire dans le cas d&rsquo;une renonciation &agrave; cette exigence de chaque administrateur par &eacute;crit par
courrier, t&eacute;l&eacute;copie, courrier &eacute;lectronique ou par tout autre moyen de communication, une copie de ce document
&eacute;tant une preuve suffisante. De la m&ecirc;me mani&egrave;re, aucune convocation pr&eacute;alable ne sera exig&eacute;e pour
toute r&eacute;union du conseil d&rsquo;administration dont l&rsquo;heure et l&rsquo;endroit auront &eacute;t&eacute;
d&eacute;termin&eacute;s dans une d&eacute;cision pr&eacute;c&eacute;dente adopt&eacute;e par le conseil d&rsquo;administration.
Aucune convocation pr&eacute;alable n&rsquo;est &eacute;galement requise dans l&rsquo;hypoth&egrave;se o&ugrave; tous les membres du
conseil d&rsquo;administration sont pr&eacute;sents ou repr&eacute;sent&eacute;s &agrave; une r&eacute;union du conseil
d&rsquo;administration o&ugrave; dans le cas o&ugrave; des d&eacute;cisions &eacute;crites auraient &eacute;t&eacute;
approuv&eacute;es et sign&eacute;es par tous les membres du conseil d&rsquo;administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;18.&#8239;&#8239;&#8239;&#8239;<U>Conduite des r&eacute;unions du conseil
d&rsquo;administration</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le
pr&eacute;sident du conseil d&rsquo;administration doit pr&eacute;sider toute r&eacute;union du conseil d&rsquo;administration. En cas
d&rsquo;absence du pr&eacute;sident, le conseil d&rsquo;administration peut nommer un autre administrateur en qualit&eacute; de pr&eacute;sident
temporaire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le
conseil d&rsquo;administration ne peut valablement d&eacute;lib&eacute;rer ou statuer que si la majorit&eacute; au moins des administrateurs
est pr&eacute;sente ou repr&eacute;sent&eacute;e &agrave; une r&eacute;union du conseil d&rsquo;administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Les
d&eacute;cisions sont prises &agrave; la majorit&eacute; des voix des administrateurs pr&eacute;sents ou repr&eacute;sent&eacute;s lors
de la r&eacute;union du conseil d&rsquo;administration. En cas d&rsquo;&eacute;galit&eacute; des voix, le pr&eacute;sident du conseil
d&rsquo;administration a une voix pr&eacute;pond&eacute;rante. En cas d&rsquo;absence du pr&eacute;sident du conseil d&rsquo;administration,
l&rsquo;administrateur qui aura &eacute;t&eacute; nomm&eacute; pr&eacute;sident temporaire de la r&eacute;union ne dispose pas de voix
pr&eacute;pond&eacute;rante.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Tout
administrateur peut participer &agrave; toute r&eacute;union du conseil d&rsquo;administration en d&eacute;signant comme mandataire un
autre membre du conseil d&rsquo;administration par &eacute;crit, t&eacute;l&eacute;copie, courrier &eacute;lectronique ou tout autre moyen
similaire de communication. Tout administrateur peut repr&eacute;senter un ou plusieurs autres administrateurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Un
administrateur qui participe &agrave; une r&eacute;union du conseil d&rsquo;administration, par conf&eacute;rence t&eacute;l&eacute;phonique,
vid&eacute;oconf&eacute;rence ou par tout autre moyen de communication autorisant les membres participant &agrave; de telles r&eacute;unions
de s&rsquo;entendre les uns les autres de mani&egrave;re continue et permettant une participation effective &agrave; ces r&eacute;unions,
est consid&eacute;r&eacute; &ecirc;tre pr&eacute;sent et est pris en compte en mati&egrave;re de quorum et de majorit&eacute;. La participation
&agrave; une r&eacute;union par ces moyens &eacute;quivaudra &agrave; une participation en personne et la r&eacute;union devra &ecirc;tre
consid&eacute;r&eacute;e comme ayant &eacute;t&eacute; tenue au si&egrave;ge social de la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le
conseil d&rsquo;administration peut &agrave; l&rsquo;unanimit&eacute; passer des d&eacute;cisions &eacute;crites qui auront la m&ecirc;me
valeur que les d&eacute;cisions prises lors d&rsquo;une r&eacute;union du conseil d&rsquo;administration d&ucirc;ment convoqu&eacute;e
et tenue. De telles d&eacute;cisions &eacute;crites sont prises quand dat&eacute;es et sign&eacute;es par les administrateurs sur un document
ou sur plusieurs copies, une copie d'une signature envoy&eacute;e par la poste, par t&eacute;l&eacute;copieur ou par un moyen de communication
similaire &eacute;tant une preuve suffisante. Le document unique montrant toutes les signatures ou la totalit&eacute; des documents sign&eacute;s,
le cas &eacute;ch&eacute;ant, formeront l&rsquo;instrument qui sera la preuve de l'adoption des r&eacute;solutions et la date des d&eacute;cisions
sera la date de la derni&egrave;re signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le
secr&eacute;taire ou, si aucun secr&eacute;taire n'a &eacute;t&eacute; nomm&eacute;, le pr&eacute;sident qui &eacute;tait pr&eacute;sent
lors d'une r&eacute;union, dresse un proc&egrave;s-verbal de la r&eacute;union du conseil d'administration, qui doit &ecirc;tre sign&eacute;
par le pr&eacute;sident ou par le secr&eacute;taire, selon le cas, ou par deux administrateurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;19&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Comit&eacute; du conseil d&rsquo;administration</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Le conseil
d&rsquo;administration peut cr&eacute;er un ou plusieurs comit&eacute;s, incluant sans limitation, un comit&eacute; d&rsquo;audit,
un comit&eacute; de nomination et de gouvernance d'entreprise et un comit&eacute; de r&eacute;mun&eacute;ration, et pour lesquels il
doit, si un ou plusieurs de ces comit&eacute;s sont mis en place, nommer les membres qui peuvent, mais ne doivent pas
n&eacute;cessairement, &ecirc;tre des membres du conseil d'administration (toujours sous r&eacute;serve, si les actions ordinaires
de la Soci&eacute;t&eacute; sont inscrites &agrave; une bourse &eacute;trang&egrave;re, des exigences de cette bourse
&eacute;trang&egrave;re applicables &agrave; la Soci&eacute;t&eacute; et / ou de l&rsquo;autorit&eacute; de r&eacute;gulation
comp&eacute;tente en relation avec cette cotation), d&eacute;terminer le but, les pouvoirs et autorit&eacute;s ainsi que les
proc&eacute;dures et les autres r&egrave;gles qui leur seront applicables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;20.&#8239;&#8239;&#8239;&#8239;<U>Relations avec les tiers</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">La Soci&eacute;t&eacute; est
engag&eacute;e &agrave; l&rsquo;&eacute;gard des tiers en toutes circonstances par (i)&nbsp;la signature du pr&eacute;sident du conseil
d&rsquo;administration, (ii)&nbsp;la signature conjointe de deux (2)&nbsp;administrateurs ou (iii)&nbsp;par la signature conjointe ou
la signature unique de toute(s)&nbsp;personne(s)&nbsp;&agrave; laquelle (auxquelles) un tel pouvoir aura &eacute;t&eacute; d&eacute;l&eacute;gu&eacute;
par le conseil d&rsquo;administration dans les limites d&rsquo;une telle d&eacute;l&eacute;gation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Concernant les
mati&egrave;res relevant de la gestion journali&egrave;re de la Soci&eacute;t&eacute;, la Soci&eacute;t&eacute; est engag&eacute;e
&agrave; l&rsquo;&eacute;gard des tiers par la seule signature de (i)&nbsp;l&rsquo;administrateur d&eacute;l&eacute;gu&eacute; ou du
d&eacute;l&eacute;gu&eacute; &agrave; la gestion journali&egrave;re (le &laquo; <B>D&eacute;l&eacute;gu&eacute; &agrave; la gestion
journali&egrave;re</B> &raquo; ou &laquo; <B>CEO</B> &raquo;), (ii)&nbsp;le directeur financier (le &laquo; <B>Directeur
Financier</B> &raquo; ou &laquo; <B>CFO</B> &raquo;) ou (iii)&nbsp;toute(s)&nbsp;personne(s)&nbsp;&agrave; quelle (auxquelles) un
tel pouvoir en relation avec la gestion journali&egrave;re de la Soci&eacute;t&eacute; aura &eacute;t&eacute;
d&eacute;l&eacute;gu&eacute; par le conseil d&rsquo;administration, en accord avec l&rsquo;article 15 ci-dessus, agissant
individuellement ou conjointement en accord avec les termes d&rsquo;une telle d&eacute;l&eacute;gation, si tant est qu&rsquo;une
telle personne ait &eacute;t&eacute; nomm&eacute;e.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;21.&#8239;&#8239;&#8239;&#8239;<U>Indemnisation</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">21.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">Les
membres du conseil d'administration ne sont pas tenus personnellement responsables des dettes ou d'autres obligations de la
Soci&eacute;t&eacute;. Comme mandataires de la Soci&eacute;t&eacute;, ils sont responsables de l&rsquo;exercice de leurs fonctions.
Sous r&eacute;serve des exceptions et limitations pr&eacute;vues &agrave; l'article 21.2 et des dispositions imp&eacute;ratives de
la loi, toute personne qui est, ou a &eacute;t&eacute;, membre du conseil d' administration ou dirigeant de la Soci&eacute;t&eacute;
sera indemnis&eacute; par la Soci&eacute;t&eacute;, dans toute la mesure permise par la loi, contre toute responsabilit&eacute; et
toutes les d&eacute;penses raisonnablement engag&eacute;es ou pay&eacute;es par lui en rapport avec toute r&eacute;clamation,
action, poursuite ou proc&eacute;dure dans lesquelles il est impliqu&eacute; en tant que partie ou autre, pour &ecirc;tre &ecirc;tre
ou avoir &eacute;t&eacute; administrateur ou dirigeant, et les sommes pay&eacute;es ou engag&eacute;es par lui dans le
r&egrave;glement de celles-ci . Les mots &laquo;demande&raquo; , &laquo;action &raquo;, &laquo;poursuite&raquo; ou
&laquo;proc&eacute;dure&raquo; s'appliqueront &agrave; toutes les demandes, actions, poursuites ou proc&eacute;dures (civiles,
p&eacute;nales ou autres, </FONT>y compris les appels) actuelles ou menac&eacute;es et les mots &laquo; responsabilit&eacute;
&raquo; et &laquo;d&eacute;penses&raquo; comprennent, sans limitation les frais d'avocat, les co&ucirc;ts, les jugements, les
montants pay&eacute;s en transaction et autres passifs.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Aucune
indemnisation ne sera due &agrave; tout administrateur ou dirigeant (i)&nbsp;contre toute responsabilit&eacute; envers la Soci&eacute;t&eacute;
ou ses actionnaires en raison de fautes intentionnelles, de mauvaise foi, de n&eacute;gligence grave ou t&eacute;m&eacute;raire dans l&rsquo;exercice
de sa fonction ( ii ) &agrave; l'&eacute;gard de toute affaire dans laquelle il aura &eacute;t&eacute; finalement condamn&eacute; pour
avoir agi de mauvaise foi et non dans l'int&eacute;r&ecirc;t de la Soci&eacute;t&eacute; ou ( iii ) dans le cas d' une transaction, &agrave;
moins que la transaction ait &eacute;t&eacute; approuv&eacute;e par un tribunal comp&eacute;tent, ou par le conseil d'administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le
droit &agrave; la pr&eacute;sente d'indemnisation ici pr&eacute;vue est s&eacute;parable, ne doit pas porter atteinte aux droits
dont tout administrateur ou dirigeant peut pr&eacute;sentement ou plus tard avoir droit et doit continuer pour une personne qui a
cess&eacute; d'&ecirc;tre administrateur ou dirigeant et b&eacute;n&eacute;ficiera aux h&eacute;ritiers, ex&eacute;cuteurs
testamentaires et administrateurs de cette personne. Aucune disposition des pr&eacute;sents statuts ne peut affecter ou limiter les
droits &agrave; indemnisation dont le personnel, y compris les administrateurs et dirigeants, peuvent avoir droit par contrat ou
autrement en vertu de la loi. La Soci&eacute;t&eacute; est express&eacute;ment habilit&eacute;e &agrave; fournir une indemnisation
contractuelle et peut souscrire et maintenir une assurance pour tout le personnel, y compris les administrateurs et dirigeants de la
Soci&eacute;t&eacute;, comme elle peut le d&eacute;cider au fil du temps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Les d&eacute;penses li&eacute;es
&agrave; la pr&eacute;paration et la repr&eacute;sentation d'une d&eacute;fense contre toute r&eacute;clamation, action, poursuite ou
proc&eacute;dure ayant le caract&egrave;re d&eacute;crit dans cet article 21 seront avanc&eacute;es par la Soci&eacute;t&eacute; avant
toute d&eacute;cision finale sur r&eacute;ception de l&rsquo;engagement par ou pour le compte d&rsquo;un/de dirigeant(s)&nbsp;ou d&rsquo;(un)administrateur(s),
de rembourser ce montant s'il est finalement d&eacute;termin&eacute; qu'il n'a pas droit &agrave; une indemnisation en vertu du pr&eacute;sent
article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;22.&#8239;&#8239;&#8239;&#8239;<U>Conflit d&rsquo;int&eacute;r&ecirc;ts</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Tout
administrateur qui a, directement ou indirectement, lors d&rsquo;une transaction soumise &agrave; l'approbation du conseil d'administration,
un int&eacute;r&ecirc;t qui est en conflit avec celui de la Soci&eacute;t&eacute;, doit informer le conseil d'administration de ce conflit
d'int&eacute;r&ecirc;ts et doit faire enregistrer sa d&eacute;claration dans le proc&egrave;s-verbal de la r&eacute;union du conseil d&rsquo;administration.
L&rsquo;administrateur en question ne peut pas prendre part aux discussions et ne peut pas voter sur la transaction concern&eacute;e.
Un rapport sp&eacute;cial sur les op&eacute;rations dans lesquelles un des administrateurs aurait eu un int&eacute;r&ecirc;t oppos&eacute;
&agrave; celui de la Soci&eacute;t&eacute;, doit &ecirc;tre pr&eacute;sent&eacute; lors de la prochaine assembl&eacute;e g&eacute;n&eacute;rale
avant que toute r&eacute;solution soit mise au vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Aucun
contrat ou autre transaction entre la Soci&eacute;t&eacute; et toute autre soci&eacute;t&eacute; ne sera affect&eacute; ou invalid&eacute;
par le fait qu'un ou plusieurs administrateurs ou dirigeants de la Soci&eacute;t&eacute; sont int&eacute;ress&eacute;s, ou sont administrateurs,
associ&eacute;s, dirigeants, agents, conseillers ou employ&eacute;s de cette autre soci&eacute;t&eacute;. Tout administrateur ou dirigeant
qui est administrateur, dirigeant ou employ&eacute; ou autre de toute soci&eacute;t&eacute; avec laquelle la Soci&eacute;t&eacute; contractera
ou s&rsquo;engage, ne doit pas, en raison de son appartenance &agrave; cette soci&eacute;t&eacute;, &ecirc;tre emp&ecirc;ch&eacute; de
voter ou d&rsquo;agir dans les mati&egrave;res &agrave; l'&eacute;gard de tel contrat ou autre affaire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>E.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>AUDIT
ET SURVEILLANCE DE LA SOCIETE </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>Article&nbsp;23.&#8239;&#8239;&#8239;&#8239;<U>Auditeurs</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">23.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Les
comptes annuels de la Soci&eacute;t&eacute; doivent &ecirc;tre audit&eacute;s par unou plusieurs r&eacute;viseurs d'entreprises
agr&eacute;&eacute;s, nomm&eacute;s par l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires apr&egrave;s recommandation du
conseil d'administration (agissant sur recommandation du comit&eacute; d&rsquo;audit, s&rsquo;il existe). L'assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires fixe le nombre de r&eacute;viseur(s)&nbsp;et la dur&eacute;e de leur mandat qui ne peut
exc&eacute;der un (1)&nbsp;an et peut &ecirc;tre renouvel&eacute; pour des p&eacute;riodes successives d'un (1)&nbsp;an.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le r&eacute;viseur peut
&ecirc;tre r&eacute;voqu&eacute; &agrave; tout moment avec motif (ou avec son approbation) par l'assembl&eacute;e g&eacute;n&eacute;rale
des actionnaires. Un auditeur peut &ecirc;tre reconduit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>F.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>EXERCICE
SOCIAL &ndash; AFFECTATION DES BENEFICES &ndash; ACOMPTES SUR DIVIDENDES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Article&nbsp;24.&#8239;&#8239;&#8239;&#8239;<U>Exercice social</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">L&rsquo;exercice social de
la Soci&eacute;t&eacute; commence le premier (1)&nbsp;janvier de chaque ann&eacute;e et se termine le trente-et-un (31) d&eacute;cembre
de la m&ecirc;me ann&eacute;e.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;25.&#8239;&#8239;&#8239;&#8239;<U>Comptes annuels - Affectation des
b&eacute;n&eacute;fices</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">25.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Au terme de chaque
exercice social, les comptes sont cl&ocirc;tur&eacute;s et le conseil d'administration dresse ou fait dresser un inventaire des
actifs et passifs de la Soci&eacute;t&eacute;, le bilan et le compte de profits et pertes conform&eacute;ment &agrave; la Loi.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">25.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">Sur
les b&eacute;n&eacute;fices annuels nets de la Soci&eacute;t&eacute;, cinq pour cent (5%) au moins seront affect&eacute;s &agrave;
la r&eacute;serve l&eacute;gale. Cette affectation cessera d'&ecirc;tre obligatoire d&egrave;s que le montant total de la
r&eacute;serve l&eacute;gale de la Soci&eacute;t&eacute; atteindra dix pour cent (10%) du capital social de la
Soci&eacute;t&eacute;. Les sommes apport&eacute;es &agrave; la Soci&eacute;t&eacute; par les actionnaires peuvent &eacute;galement
&ecirc;tre affect&eacute;es </FONT>&agrave; la r&eacute;serve l&eacute;gale. En cas de r&eacute;duction du capital social, la
r&eacute;serve l&eacute;gale de la Soci&eacute;t&eacute; pourra &ecirc;tre r&eacute;duite en proportion afin qu'elle n'exc&egrave;de
pas dix pour cent (10%) du capital social.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">25.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Sur
proposition du conseil d&rsquo;administration, l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires d&eacute;cidera de l&rsquo;affectation
du solde du b&eacute;n&eacute;fice net annuel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">25.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Les
dividendes qui n'ont pas &eacute;t&eacute; r&eacute;clam&eacute;s dans les cinq (5)&nbsp;ans apr&egrave;s la date &agrave; laquelle ils
sont devenus exigibles et payables reviennent &agrave; la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Article&nbsp;26.&#8239;&#8239;&#8239;&#8239;<U>Acomptes sur dividendes
- Prime d'&eacute;mission et primes assimil&eacute;es</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">26.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le
conseil d&rsquo;administration peut d&eacute;cider de distribuer des acomptes sur dividendes dans le respect des conditions pr&eacute;vues
par la Loi.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">26.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Toute
prime d'&eacute;mission, prime assimil&eacute;e ou autre r&eacute;serve distribuable peuvent &ecirc;tre librement distribu&eacute;es aux
actionnaires (y compris par acomptes surdividendes) sous r&eacute;serve des dispositions de la Loi et des pr&eacute;sents statuts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>G.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>LIQUIDATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Article&nbsp;27.&#8239;&#8239;&#8239;&#8239;<U>Liquidation</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">27.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;En
cas de dissolution de la Soci&eacute;t&eacute;, la liquidation sera effectu&eacute;e par un ou plusieurs liquidateurs, personnes physiques
ou morales, nomm&eacute;s par l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires ayant d&eacute;cid&eacute; la dissolution de
la Soci&eacute;t&eacute; et qui fixera les pouvoirs et &eacute;moluments de chacun des liquidateurs. Sauf dispositions contraires, le
liquidateur ou les liquidateurs disposeront des pouvoirs les plus &eacute;tendus pour la r&eacute;alisation de l&rsquo;actif et le paiement
du passif de la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">27.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Le
surplus r&eacute;sultant de la r&eacute;alisation de l&rsquo;actif et du paiement de l&rsquo;ensemble des dettes sera r&eacute;parti entre
les actionnaires en proportion du nombre des actions ordinaires qu'ils d&eacute;tiennent dans la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>H.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>LOI
APPLICABLE</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Article&nbsp;28.&#8239;&#8239;&#8239;&#8239;&nbsp;<U>Loi applicable</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tout ce qui n&rsquo;est pas r&eacute;gi par les
pr&eacute;sents statuts sera d&eacute;termin&eacute; en conformit&eacute; avec la Loi.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>STATUTS COORDONNES, </B>d&eacute;livr&eacute;s &agrave;
la soci&eacute;t&eacute; sur sa demande.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Belvaux, le 30 mai 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2419397d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; text-indent: 0in"><FONT STYLE="text-decoration: none"><B>Exhibit
5.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 70%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 30%">To the Board of Directors of Globant S.A.</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">37A, avenue J.F. Kennedy,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">L-1855 Luxembourg</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">Grand Duchy of Luxembourg</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">Luxembourg,  26 July 2024</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">Your ref.: /</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">Our ref.: 017966-70000/# 41613836</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><U>serge.zeien@arendt</U>.com</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">Tel.: +352 40 78 78 3108</TD></TR>
  </TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in"><B><U>GLOBANT S.A. &ndash; S-8 Registration
Statement &ndash; Validity of Shares</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Dear Madam, Dear Sir,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We are acting as Luxembourg counsel
for <B>Globant S.A.</B>, a <I>soci&eacute;t&eacute; anonyme</I>, having its registered office at 37A, avenue J.F. Kennedy, L-1855 Luxembourg,
Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies Register (<I>Registre de Commerce et des Soci&eacute;t&eacute;s
de Luxembourg</I>) under number B 173727 (the &ldquo;<B>Company</B>&rdquo;), in connection with the Company&rsquo;s filing of a registration
statement on Form S-8 with the U.S. Securities and Exchange Commission (the &ldquo;<B>Registration Statement</B>&rdquo;) relating to the
registration of two million (2,000,000) common shares of the Company, with a nominal value of $1.20 per share (the &ldquo;<B>2024 Plan
Shares</B>&rdquo;) to be issued or delivered under the Globant 2024 Equity Incentive Plan (the &ldquo;<B>Globant 2024 Equity Incentive
Plan</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD>Scope</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In arriving to the opinions expressed
below, we have examined and relied on the documents identified in <U>Appendix A</U> hereto as well as on such corporate records as have
been disclosed to us and such certifications made to us, which we deemed necessary and appropriate as a basis for the opinions hereinafter
expressed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in"><FONT STYLE="text-decoration: none"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD>Assumptions</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We have assumed for the purposes
hereof that the Company will at all times continue to have a sufficient authorized unissued share capital and sufficient authorized unissued
common shares with the relevant waivers in force, and that the Company will at all times have sufficient available reserves, to issue
the common shares to be issued under the Globant 2024 Equity Incentive Plan all or partially, as the case may be, by way of incorporation
of available reserves into the issued share capital. We further assume that the board of directors of the Company, or its duly authorized
delegates, will duly pass the relevant resolutions for the issue of the 2024 Plan Shares (including all or partially, as the case may
be, by way of incorporation of available reserves into the issued share capital), in accordance with the Restated Articles of Association
(as defined below), the terms of the Globant 2024 Equity Incentive Plan, the Resolutions (as defined below) and applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">For the purposes of the present
opinion we have further assumed (i) the genuineness of all signatures, seals and stamps and that all documents reviewed are duly signed
by the persons purported to have signed them; (ii) the completeness and conformity to originals of all documents supplied to us as certified,
photostatic, scanned, electronically transmitted copies or other copies of the documents reviewed and the authenticity of the originals
of such documents and the conformity to originals of the latest drafts reviewed by us; (iii) that each of the documents is true, complete,
up-to-date and has not been rescinded or supplemented and there have been no amendments to the documents in the form delivered to us for
the purposes of this opinion; (iv) that there is no other resolutions, decisions, agreement or undertaking and no other arrangement (whether
legally binding or not) which renders any of the documents or information reviewed or provided to us inaccurate, incomplete or misleading
or which affects the conclusions stated in this opinion and that the documents reviewed accurately record the whole of the terms agreed
between the parties thereto relevant to this opinion; (v) that no proceedings have been instituted or injunction granted against the Company
to restrain it from performing any of its obligations under the Globant 2024 Equity Incentive Plan and/or issue the 2024 Plan Shares;
(vi) that the terms used in the documents reviewed carry the meaning ascribed to them in vernacular English; (vii) that the terms governing
the Globant 2024 Equity Incentive Plan are legal, valid and binding under their respective applicable laws; (viii) that the corporate
bodies of the Company have approved the terms of the Globant 2024 Equity Incentive Plan, pursuant to which the 2024 Plan Shares will be
issued, in accordance with applicable laws and that each resolution of the board of directors of the Company was properly adopted as reflected
in the Resolutions; the Resolutions were properly passed and each director has properly performed its duties; (ix) that upon issue of
any 2024 Plan Shares the Company will receive payment in cash of an issue price at least equal to the nominal value thereof; (x) that
the 2024 Plan Shares will be issued within the limits of the authorized share capital of the Company; (xi) that there will be no amendments
to the authorized share capital of the Company which would adversely affect the issue of the 2024 Plan Shares and the conclusions stated
in this opinion; (xii) that the head office (administration centrale), the place of effective management (<I>si&egrave;ge de direction
effective</I>), and, for the purposes of the regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on
insolvency proceedings (recast), the center of main interests (<I>centre des int&eacute;r&ecirc;ts principaux</I>) of the Company are
located at the place of its registered office (<I>si&egrave;ge statutaire</I>) in Luxembourg; and (xiii) that during the search made on
the date hereof on the Luxembourg Trade and Companies Register (<I>Registre de Commerce et des Soci&eacute;t&eacute;s de Luxembourg</I>),
the information published with respect to the Company was complete, up-to-date and accurate at the time of such search and has not been
modified since such search.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We express no opinion as to any
laws other than the laws of the Grand Duchy of Luxembourg and this opinion is to be construed under Luxembourg law and is subject to the
exclusive jurisdiction of the courts of Luxembourg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
opinions expressed herein are subject to all limitations by reason of </FONT>: the commencement of any insolvency proceedings such as
administrative dissolution without liquidation (<I>dissolution administrative sans liquidation</I>), bankruptcy (<I>faillite</I>), insolvency,
winding-up, liquidation, moratorium, suspension of payment (<I>sursis de paiement)</I>, conciliation (<I>conciliation</I>), reorganisation
procedure in the form of a mutual agreement (<I>r&eacute;organisation par accord amiable</I>), judicial reorganisation proceedings in
the form of a mutual agreement (<I>r&eacute;organisation judiciaire par accord amiable</I>), a collective agreement (<I>r&eacute;organisation
judiciaire par accord collectif</I>) or a transfer by court order (<I>r&eacute;organisation judiciaire par transfert par d&eacute;cision
de justice</I>), fraudulent conveyance, general settlement with creditors, reorganisation or similar measures, orders or proceedings affecting
the rights of creditors generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD>Opinion</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Based on the foregoing, and having
regard for such legal considerations as we have deemed relevant, we are of the opinion that the 2024 Plan Shares, once duly subscribed,
fully paid and issued under the authorized share capital and in accordance with the Restated Articles of Association, the Resolutions,
and the Globant 2024 Equity Incentive Plan, will be validly issued, fully paid and non-assessable (within the meaning that the holder
of such shares shall not be liable, solely because of his or her or its shareholder status, for additional payments to the Company or
the Company&rsquo;s creditors).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD>Qualifications</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This opinion speaks as of the date
hereof and is subject to all limitations by reason of national or foreign bankruptcy, insolvency, winding-up, liquidation, moratorium,
controlled management, suspension of payment, voluntary arrangement with creditors, fraudulent conveyance, general settlement with creditors,
reorganization or similar laws affecting the rights of creditors generally. No obligation is assumed to update this opinion or to inform
any person of any changes of law or other matters coming to our knowledge and occurring after the date hereof which may affect the opinion
in any respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This opinion is issued solely for
the purposes of the filing of the Registration Statement and the issuance of the 2024 Plan Shares by the Company. It may not be used,
circulated, quoted, referred to or relied upon for any other purpose without our written consent in each instance. We hereby consent to
filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the
category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This opinion is issued by and signed
on behalf of Arendt &amp; Medernach SA, admitted to practice in the Grand-Duchy of Luxembourg and registered on the list V of lawyers
of the Luxembourg bar association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Yours faithfully,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">By and on behalf of Arendt &amp; Medernach
SA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">  <B>/s/ Serge Zeien</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Partner</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>APPENDIX
A &ndash; DOCUMENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.7pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify">A copy of the updated articles of association of the Company as at 10 May 2024 (the
&ldquo;<B>Restated Articles of Association</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.7pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify">A scanned copy of the signed written resolutions of the board of directors of the
Company dated 2 July 2024 approving, among others, the Globant 2024 Equity Incentive Plan (the &ldquo;<B>Resolutions</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 23.7pt"></TD><TD STYLE="width: 25.2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify">A scanned copy of the Globant 2024 Equity Incentive Plan
dated 2 July 2024, as attached as Exhibit A to the Resolutions.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.7pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify">A copy of the certificate of non-registration of a judicial decision or administrative dissolution
                                                                                                                                without liquidation (<I>certificat de non-inscription d&rsquo;une d&eacute;cision judiciaire ou de dissolution administrative sans
                                                                                                                                liquidation</I>) in relation to the Company dated 26 July 2024 and issued in electronic form by the <I>Registre de
                                                                                                                                l&rsquo;Insolvabilit&eacute; de Luxembourg</I> maintained by and available on the website of the Luxembourg Trade and Companies
                                                                                                                                Register.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 23.7pt"></TD><TD STYLE="width: 25.2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify">An excerpt dated 26 July 2024 in respect of the Company issued in electronic form by the Luxembourg
                                                                                                                                                  Trade and Companies Register.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>tm2419397d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">We hereby consent to the incorporation
by reference in this Registration Statement on Form&nbsp;S-8 of Globant S.A. of our report dated February&nbsp;29, 2024 relating to the
financial statements and the effectiveness of internal control over financial reporting, which appears in Globant S.A.&rsquo;s Annual
Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ PRICE WATERHOUSE&nbsp;&amp; CO. S.R.L.</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Reinaldo Sergio Cravero (Partner)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Autonomous City of Buenos Aires, Argentina</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">July 26, 2024</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>tm2419397d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GLOBANT S.A.<BR>
2024 EQUITY INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Establishment,
Purpose and Types of Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>GLOBANT
S.A.</B></FONT>, a soci&eacute;t&eacute; anonyme incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office
at 37A, Avenue J.F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg trade and companies register under number B 173 727 (the
&ldquo;<B><I>Company</I></B>&rdquo;), hereby establishes the GLOBANT S.A. 2024 EQUITY INCENTIVE PLAN (the &ldquo;<B><I>Plan</I></B>&rdquo;).
The purpose of the Plan is to promote the long-term growth and profitability of the Company by <B>(i)</B>&nbsp;providing key people with
incentives to improve stockholder value and to contribute to the growth and financial success of the Company through their future services,
and <B>(ii)</B>&nbsp;enabling the Company to attract, retain and reward the best-available personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan permits the granting
of stock options, stock appreciation rights, restricted or unrestricted stock awards, restricted or unrestricted stock units, performance
awards, other stock-based awards, or any combination of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Definitions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under this Plan, except where
the context otherwise indicates, the following definitions apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>&ldquo;<B>Administrator</B>&rdquo;</I>
means the Board or the committee(s)&nbsp;or officer(s)&nbsp;appointed by the Board from time-to-time that have authority to administer
the Plan as provided in Section&nbsp;3 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>&ldquo;<B>Affiliate</B>&rdquo;</I>
means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with, the Company (including,
but not limited to, joint ventures, limited liability companies, and partnerships). For this purpose, &ldquo;<I>control</I>&rdquo; shall
mean ownership of 50% or more of the total combined voting power or value of all classes of stock or interests of the entity, or the power
to direct the management and policies of the entity, by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>&ldquo;<B>Award</B>&rdquo;
</I>means any stock option, stock appreciation right, stock award, stock unit award, performance award, or other stock-based award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>&ldquo;<B>Board</B>&rdquo;</I>
means the board of directors of the Company as composed from time-to-time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>&ldquo;<B>Change
in Control</B>&rdquo; </I>means: (i)&nbsp;the acquisition (other than from the Company) in one or more transactions by any Person, as
defined in this Section&nbsp;2(e), of the beneficial ownership (within the meaning of Rule&nbsp;13d-3 promulgated under the Securities
Exchange Act of 1934, as amended) of more than 50% of (A)&nbsp;the then outstanding shares of the Company, or (B)&nbsp;the combined voting
power of the then outstanding securities of the Company entitled to vote generally in the election of directors (the &ldquo;<B><I>Company
Voting Stock</I></B>&rdquo;); (ii)&nbsp;the closing of a sale or other conveyance of all or substantially all of the assets of the Company;
or (iii)&nbsp;the effective time of any merger, share exchange, consolidation, or other business combination involving the Company if
immediately after such transaction persons who hold a majority of the outstanding voting securities entitled to vote generally in the
election of directors of the surviving entity (or the entity owning 100% of such surviving entity) are not persons who, immediately prior
to such transaction, held the Company Voting Stock; <U>provided</U>, <U>however</U>, that a Change in Control shall not include any consolidation
or merger effected exclusively to change the domicile of the Company or a public offering of capital stock of the Company, and provided
also that that </FONT>for purposes of any Award or subplan that constitutes a &ldquo;nonqualified deferred compensation plan,&rdquo; within
the meaning of Code section 409A, the Administrator, in its discretion, may specify a different definition of Change in Control in order
to comply with the provisions of Code section 409A. For purposes of this Section&nbsp;2(e), a &ldquo;<B><I>Person</I></B>&rdquo; means
any individual, entity or group within the meaning of Section&nbsp;13(d)(3)&nbsp;or 14(d)(2)&nbsp;of the Securities Exchange Act of 1934,
as amended, other than: employee benefit plans sponsored or maintained by the Company and by entities controlled by the Company or an
underwriter of the Common Shares in a registered public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>&ldquo;<B>Code</B>&rdquo;
</I>means the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>&ldquo;<B>Common
Shares</B>&rdquo; </I>means the common shares of the Company at Par Value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>&ldquo;<B>Fair
Market Value</B>&rdquo; </I></FONT>means, with respect to the Common Shares, as of any date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
the principal market for the Common Shares (as determined by the Administrator if the Common Shares is listed or admitted to trading on
more than one exchange or market) is </FONT>a national securities exchange or an established securities market, the official closing price
per Common Share for the regular market session on that date on the principal exchange or market on which the Common Shares are then listed
or admitted to trading or, if no sale is reported for that date, on the last preceding day on which a sale was reported;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
the principal market for the Common Shares is not a national securities exchange or an established securities market, the average of the
highest bid and lowest asked prices for the Common Shares on that date as reported on a national quotation system or, if no prices are
reported for that date, on the last preceding day on which prices were reported; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
the Common Shares are neither listed or admitted to trading on a national securities exchange or an established securities market, nor
quoted by a national quotation system, the value determined by the</FONT> Administrator in good faith by reasonable application of a reasonable
valuation method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>&ldquo;<B>Grant
Agreement</B>&rdquo;</I> means a written document, including an electronic writing acceptable to the Administrator, memorializing the
terms and conditions of an Award granted pursuant to the Plan and which shall incorporate the terms of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<B><I>Par
Value</I></B>&rdquo; means the par value of the Common Shares from time-to-time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Administration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Administration
of the Plan.</I> The Plan shall be administered by the Board or by such committee or committees as may be appointed by the Board from
time-to-time. To the extent allowed by applicable laws, the Board by resolution may authorize an officer or officers to grant Awards to
other officers and employees of the Company and its Affiliates, or to act on behalf of the Board with respect to the authority delegated
to the officer or officers with respect to the administration of the Plan, and, to the extent of such authorization, such officer or officers
shall be the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Powers
of the Administrator</I>. The Administrator shall have all the powers vested in it by the terms of the Plan and the resolution of the
Board, such powers to include authority, in its sole and absolute discretion, to grant Awards under the Plan, prescribe Grant Agreements
evidencing such Awards and establish programs for granting Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The Administrator
shall have full power and authority to take all other actions necessary to carry out the purpose and intent of the Plan, including, but
not limited to, the authority to: (i)&nbsp;determine the eligible persons to whom, and the time or times at which Awards shall be granted;
(ii)&nbsp;determine the types of Awards to be granted; (iii)&nbsp;determine the number of shares to be covered by or used for reference
purposes for each Award; (iv)&nbsp;impose such terms, limitations, restrictions and conditions upon any such Award as the Administrator
shall deem appropriate; (v)&nbsp;modify, amend, extend or renew outstanding Awards, or accept the surrender of outstanding Awards and
substitute new Awards, including any such modification, amendment or substitution that results in repricing the Award (<I>provided however,</I>
that, except as provided in Section&nbsp;7 of the Plan, any modification that would materially adversely affect any outstanding Award
shall not be made without the consent of the holder); (vi)&nbsp;accelerate or otherwise change the time in which an Award may be exercised
or becomes payable and to waive or accelerate the lapse, in whole or in part, of any restriction or condition with respect to such Award,
including, but not limited to, any restriction or condition with respect to the vesting or exercisability of an Award following termination
of any grantee&rsquo;s employment or other relationship with the Company; (viii)&nbsp;establish objectives and conditions, if any, for
earning Awards and determining whether Awards will be paid with respect to a performance period; and (viii)&nbsp;for any purpose, including
but not limited to, qualifying for preferred tax treatment under foreign tax laws or otherwise complying with the regulatory requirements
of local or foreign jurisdictions, to establish, amend, modify, administer or terminate sub-plans, and prescribe, amend and rescind rules&nbsp;and
regulations relating to such sub-plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The Administrator
shall have full power and authority, in its sole and absolute discretion, to administer, construe and interpret the Plan, Grant Agreements
and all other documents relevant to the Plan and Awards issued thereunder, to establish, amend, rescind and interpret such rules, regulations,
agreements, guidelines and instruments for the administration of the Plan and for the conduct of its business as the Administrator deems
necessary or advisable, and to correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the
manner and to the extent the Administrator shall deem it desirable to carry it into effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Non-Uniform
Determinations</I>. The Administrator&rsquo;s determinations under the Plan (including without limitation, determinations of the persons
to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Grant Agreements evidencing
such Awards, and the ramifications of a Change in Control upon outstanding Awards) need not be uniform and may be made by the Administrator
selectively among Awards or persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly
situated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Limited
Liability. </I>To the maximum extent permitted by law, no member of the Administrator shall be liable for any action taken or decision
made in good faith relating to the Plan or any Award thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Indemnification</I>.
To the maximum extent permitted by law and by the Company&rsquo;s articles of association, the members of the Administrator shall be indemnified
by the Company in respect of all their activities under the Plan except in the case of gross negligence or willful misconduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Effect
of Administrator&rsquo;s Decision</I>. All actions taken and decisions and determinations made by the Administrator on all matters relating
to the Plan pursuant to the powers vested in it hereunder shall be in the Administrator&rsquo;s sole and absolute discretion and shall
be conclusive and binding on all parties concerned, including the Company, its stockholders, any participants in the Plan and any other
employee, consultant, or director of the Company, and their respective successors in interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Shares
Available for the Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to adjustments as
provided in Sections 4(b)&nbsp;and&nbsp;7(d)&nbsp;of the Plan, the Common Shares that may be issued with respect to Awards granted under
the Plan shall not exceed an aggregate of 2,000,000 shares. Subject to the provisions of the law, the Company shall maintain an authorized
capital comprising such number of shares for Awards under the Plan, subject to adjustments as provided in Section&nbsp;7(d)&nbsp;of the
Plan. If any Award, or portion of an Award, under the Plan expires or terminates unexercised, becomes unexercisable, is settled in cash
without delivery of Common Shares, or is forfeited or otherwise terminated or canceled as to any shares, the shares subject to such Award
shall thereafter be available for further Awards under the Plan. Notwithstanding anything herein to the contrary, shares used to pay the
exercise price of an Award or tax obligations shall not be available again for other Awards under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Participation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Participation in the Plan
shall be open to all employees, officers, and directors of, and other individuals providing bona fide services to or for, the Company,
or of any Affiliate of the Company, as may be selected by the Administrator from time-to-time. The Administrator may also grant Awards
to individuals in connection with hiring, recruiting or otherwise, prior to the date the individual first performs services for the Company
or an Affiliate, provided that such Awards shall not become vested or exercisable, and no shares shall be issued to such individual, prior
to the date the individual first commences performance of such services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Administrator, in its
sole discretion, establishes the terms of all Awards granted under the Plan. Awards may be granted individually or in tandem with other
types of Awards, concurrently with or with respect to outstanding Awards. All Awards are subject to the terms and conditions provided
in the Grant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Stock
Options.</I> The Administrator may from time-to-time grant to eligible participants Awards of nostatutory stock options. Options must
have an exercise price at least equal to Fair Market Value as of the date of grant to the extent required to comply with Code section
409A (if applicable), provided that all options must have an exercise price that is not lower than Par Value. Options may not have a term
in excess of ten years&rsquo; duration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Stock
Appreciation Rights. </I>The Administrator may from time-to-time grant to eligible participants Awards of Stock Appreciation Rights (&ldquo;<B><I>SAR</I></B>&rdquo;).
An SAR entitles the grantee to receive, subject to the provisions of the Plan and the Grant Agreement, a payment having an aggregate value
equal to the product of (i)&nbsp;the excess of (A)&nbsp;the Fair Market Value on the exercise date of one Common Share over (B)&nbsp;the
base price per share specified in the Grant Agreement, times (ii)&nbsp;the number of shares specified by the SAR, or portion thereof,
which is exercised. The base price per share specified in the Grant Agreement shall not be less than the lower of the Fair Market Value
on the grant date (but in no case lower than Par Value) or the exercise price of any tandem stock option Award to which the SAR is related.
No SAR shall have a term longer than ten years&rsquo; duration. Payment by the Company of the amount receivable upon any exercise of an
SAR may be made by the delivery of Common Shares or cash, or any combination of Common Shares and cash, as determined in the sole discretion
of the Administrator. If upon settlement of the exercise of an SAR a grantee is to receive a portion of such payment in Common Shares,
the number of shares shall be determined by dividing such portion by the Fair Market Value of a Common Share on the exercise date, it
being understood that no Common Shares shall be issued below Par Value. No fractional shares shall be used for such payment and the Administrator
shall determine whether cash shall be given in lieu of such fractional shares or whether such fractional shares shall be eliminated. The
Administrator shall obtain a report from an independent auditor (<I>r&eacute;viseur d&rsquo;entreprises agr&eacute;&eacute;</I>) confirming
that the in-kind consideration upon exercise of a SAR has a value at least equivalent to the number and value of Shares issued in counterpart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Stock
and Stock Unit Awards. </I>The Administrator may from time-to-time grant stock awards or stock unit awards to eligible participants in
such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may
be required by law, as it shall determine. A stock award may be denominated in Common Shares or other securities, stock-equivalent units
or restricted stock units, securities or debentures convertible into Common Shares, or any combination of the foregoing and may be paid
in Common Shares or other securities, in cash, or in a combination of Common Shares or other securities and cash, all as determined in
the sole discretion of the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Performance
Awards</I>. The Administrator may, in its discretion, grant performance awards which become payable on account of attainment of one or
more performance goals or other conditions established by the Administrator. Performance awards may be paid by the delivery of Common
Shares or cash, or any combination of Common Shares and cash, as determined in the sole discretion of the Administrator. Performance goals
established by the Administrator may be based on the Company&rsquo;s or an Affiliate&rsquo;s one or more financial, business or other
criteria selected by the Administrator that apply to an individual or group of individuals, a business unit, or the Company or an Affiliate
as a whole, over such performance period as the Administrator may designate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Other
Stock-Based Awards</I>. The Administrator may from time-to-time grant other stock-based awards to eligible participants in such amounts,
on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required
by law, as it shall determine. Other stock-based awards may be denominated in cash, in Common Shares or other securities, in stock-equivalent
units, in options, in stock appreciation units, in securities or debentures convertible into Common Shares, or in any combination of the
foregoing and may be paid in Common Shares or other securities, in cash, or in a combination of Common Shares or other securities and
cash, all as determined in the sole discretion of the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Miscellaneous</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Withholding
of Taxes</I>. Grantees and holders of Awards shall pay to the Company or its Affiliate, or make provision satisfactory to the Administrator
for payment of, any taxes required to be withheld in respect of Awards under the Plan no later than the date of the event creating the
tax liability. The Company or its Affiliate may, to the extent permitted by law, deduct any such tax obligations from any payment of any
kind otherwise due to the grantee or holder of an Award. In the event that payment to the Company or its Affiliate of such tax obligations
is made in Common Shares, such shares shall be valued at Fair Market Value on the applicable date for such purposes and shall not exceed
in amount the minimum statutory tax withholding obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Loans</I>.
To the extent otherwise permitted by law, the Company or its Affiliate may make or guarantee loans to grantees to assist grantees in exercising
Awards and satisfying any withholding tax obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Transferability</I>.
Except as otherwise determined by the Administrator, , no Award granted under the Plan shall be transferable by a grantee otherwise than
by will or the laws of descent and distribution. Unless otherwise determined by the Administrator in accord with the provisions of the
immediately preceding sentence, an Award may be exercised during the lifetime of the grantee, only by the grantee or, during the period
the grantee is under a legal disability, by the grantee&rsquo;s guardian or legal representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Adjustments
for Corporate Transactions and Other Events</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><I>Stock Dividend, Stock Split and Reverse Stock Split. </I>In the event of a stock dividend of, or stock
split or reverse stock split affecting, the Common Shares, (A)&nbsp;the maximum number of shares of such Common Shares as to which Awards
may be granted under this Plan, as provided in Section&nbsp;4 of the Plan, and (B)&nbsp;the number of shares covered by and the exercise
price and other terms of outstanding Awards, shall, without further action of the Board, be adjusted to reflect such event. The Administrator
may make adjustments, in its discretion, to address the treatment of fractional shares and fractional cents that arise with respect to
outstanding Awards as a result of the stock dividend, stock split or reverse stock split.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><I>Non-Change in Control Transactions. </I>Except with respect to the transactions set forth in Section&nbsp;7(d)(i),
in the event of any change affecting the Common Shares, the Company or its capitalization, by reason of a spin-off, split-up, dividend,
recapitalization, merger, consolidation or share exchange, other than any such change that is part of a transaction resulting in a Change
in Control of the Company, the Administrator, in its discretion and without the consent of the holders of the Awards, may make (A)&nbsp;appropriate
adjustments to the maximum number and kind of shares reserved for issuance or with respect to which Awards may be granted under the Plan,
in the aggregate, as provided in Section&nbsp;4 of the Plan; and (B)&nbsp;any adjustments in outstanding Awards, including but not limited
to modifying the number, kind and price of securities subject to Awards as the Administrator determines to be appropriate and equitable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><I>Change in Control Transactions. </I>In the event of any transaction resulting in a Change in Control
of the Company, except otherwise determined by the Administrator at the time of grant or in the Grant Agreement evidencing such Award,
outstanding stock options and other Awards that are payable in or convertible into Common Shares under this Plan will terminate upon the
effective time of such Change in Control unless provision is made in connection with the transaction for the continuation or assumption
of such Awards by, or for the substitution of the equivalent awards, as determined in the sole discretion of the Administrator, of, the
surviving or successor entity or a parent thereof. In the event of such termination, the holders of stock options and other Awards under
the Plan will be permitted, immediately before the Change in Control, to exercise or convert all portions of such stock options or other
Awards under the Plan that are then exercisable or convertible or which become exercisable or convertible upon or prior to the effective
time of the Change in Control.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><I>Unusual or Nonrecurring Events. </I>The Administrator is authorized to make, in its discretion and
without the consent of holders of Awards, adjustments in the terms and conditions of, and the criteria included in, Awards in recognition
of unusual or nonrecurring events affecting the Company, or the financial statements of the Company or any Affiliate, or of changes in
applicable laws, regulations, or accounting principles, whenever the Administrator determines that such adjustments are appropriate in
order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Substitution
of Awards in Mergers and Acquisitions. </I>Awards may be granted under the Plan from time-to-time in substitution for awards held by employees,
officers, consultants or directors of entities who become or are about to become employees, officers, consultants or directors of the
Company or an Affiliate as the result of a merger or consolidation of the employing entity with the Company or an Affiliate, or the acquisition
by the Company or an Affiliate of the assets or stock of the employing entity. The terms and conditions of any substitute Awards so granted
may vary from the terms and conditions set forth herein to the extent that the Administrator deems appropriate at the time of grant to
conform the substitute Awards to the provisions of the awards for which they are substituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Other
Agreements.</I> As a condition precedent to the grant of any Award under the Plan, the exercise pursuant to such an Award, or to the delivery
of certificates for shares issued pursuant to any Award, the Administrator may require the grantee or the grantee&rsquo;s successor or
permitted transferee, as the case may be, to become a party to a stock restriction agreement, shareholders&rsquo; agreement, voting trust
agreement or other agreements regarding the Common Shares of the Company in such form(s)&nbsp;as the Administrator may determine from
time-to-time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Termination,
Amendment and Modification of the Plan</I>. The Board may terminate, amend or modify the Plan or any portion thereof at any time. Except
as otherwise determined by the Board, termination of the Plan shall not affect the Administrator&rsquo;s ability to exercise the powers
granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Non-Guarantee
of Employment or Service</I>. Nothing in the Plan or in any Grant Agreement thereunder shall confer any right on an individual to continue
in the service of the Company or shall interfere in any way with the right of the Company to terminate such service at any time with or
without cause or notice and whether or not such termination results in (i)&nbsp;the failure of any Award to vest; (ii)&nbsp;the forfeiture
of any unvested or vested portion of any Award; and/or (iii)&nbsp;any other adverse effect on the individual&rsquo;s interests under the
Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<I>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Compliance
with Securities Laws; Listing and Registration</I>. If at any time the Administrator determines that the delivery of Common Shares under
the Plan is or may be unlawful under the laws of any applicable jurisdiction, or Federal, state or foreign securities laws, the right
to exercise an Award or receive Common Shares pursuant to an Award shall be suspended until the Administrator determines that such delivery
is lawful. If at any time the Administrator determines that the delivery of Common Shares under the Plan is or may violate the rules&nbsp;of
the national exchange on which the shares are then listed for trade, the right to exercise an Award or receive Common Shares pursuant
to an Award shall be suspended until the Administrator determines that such delivery would not violate such rules. The Company shall have
no obligation to effect any registration or qualification of the Common Shares under Federal, state or foreign laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">The Company may require
that a grantee, as a condition to exercise of an Award, and as a condition to the delivery of any share certificate, make such written
representations (including representations to the effect that such person will not dispose of the Common Shares so acquired in violation
of Federal, state or foreign securities laws) and furnish such information as may, in the opinion of counsel for the Company, be appropriate
to permit the Company to issue the Common Shares in compliance with applicable Federal, state or foreign securities laws. The stock certificates
for any Common Shares issued pursuant to this Plan may bear a legend restricting transferability of the Common Shares unless such shares
are registered or an exemption from registration is available under the Securities Act of 1933, as amended, and applicable state or foreign
securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>No
Trust or Fund Created</I>. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between the Company and a grantee or any other person. To the extent that any grantee or other person acquires
a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general
creditor of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Clawback/Recovery</I>.
All Awards granted under the Plan will be subject to recoupment in accordance with the clawback policy adopted by the Board on November&nbsp;15,
2023, as amended and restated from time to time, while and to the extent it remains in effect, or with any other clawback or similar policy,
however denominated, that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association
on which the Company&rsquo;s securities are listed or as is otherwise required by any applicable law. In addition, the Board may impose
such other clawback, recovery or recoupment provisions in a Grant Agreement as the Board determines necessary or appropriate, including
but not limited to a reacquisition right in respect of previously acquired Common Shares or other cash or property upon the occurrence
of an event constituting cause, as such term may be defined in the Grant Agreement or any other written agreement between the Company
and the grantee. No recovery of compensation under such a clawback policy will be an event giving rise to a right to voluntary terminate
employment upon a &ldquo;resignation for good reason,&rdquo; or for a &ldquo;constructive termination&rdquo; or any similar term under
any plan of or agreement with the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Governing
Law</I>. The validity, construction and effect of the Plan, of Grant Agreements entered into pursuant to the Plan, and of any rules, regulations,
determinations or decisions made by the Administrator relating to the Plan or such Grant Agreements, and the rights of any and all persons
having or claiming to have any interest therein or thereunder, shall be determined exclusively in accordance with applicable United States
federal laws and the laws of the State of Delaware, without regard to its conflict of laws principles. Any dispute arising from the interpretation,
validity or performance of this Plan or any Grant Agreement or any of their terms and provisions shall be submitted to the courts of the
State of Delaware in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Section&#8239;<I>409A</I>.
The Plan and all Awards granted hereunder are intended to comply with, or otherwise be exempt from, Code section 409A. The Plan and all
Awards granted under the Plan shall be administered, interpreted, and construed in a manner consistent with Code section 409A to the extent
necessary to avoid the imposition of additional taxes under Code section 409A(a)(1)(B). Should any provision of the Plan, any Award Agreement,
or any other agreement or arrangement contemplated by the Plan be found not to comply with, or otherwise be exempt from, the provisions
of Code section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Administrator,
and without the consent of the holder of the Award, in such manner as the Administrator determines to be necessary or appropriate to comply
with, or to effectuate an exemption from, Code section 409A. Notwithstanding anything in the Plan to the contrary, in no event shall the
Administrator exercise its discretion to accelerate the payment or settlement of an Award where such payment or settlement constitutes
deferred compensation within the meaning of Code section 409A unless, and solely to the extent that, such accelerated payment or settlement
is permissible under Treasury Regulation section 1.409A-3(j)(4)&nbsp;or any successor provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Effective
Date; Termination Date</I>. The Plan is effective as of the date on which the Plan is adopted by the Board. No Award shall be granted
under the Plan after the close of business on the day immediately preceding the tenth anniversary of the effective date of the Plan. Subject
to other applicable provisions of the Plan, all Awards made under the Plan prior to such termination of the Plan shall remain in effect
until such Awards have been satisfied or terminated in accordance with the Plan and the terms of such Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLAN APPROVAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date Approved by the Board: <U>July&nbsp;2, 2024&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>tm2419397d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in; border-right-width: 0in; border-right-color: Black; border-left-width: 0in; border-left-color: Black"><B>Calculation
of Filing Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GLOBANT S.A. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table 1: Newly Registered Securities </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; padding: 2pt 5pt; width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security <BR>
    Type</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; width: 18%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security
    Class Title (1)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee
    Calculation <BR>
    Rule</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; width: 11%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount
    <BR>
    Registered(1)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt"><B>Proposed
    <BR>
    Maximum <BR>
    Offering Price <BR>
    Per Unit(2)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt"><B>Maximum
    <BR>
    Aggregate <BR>
    Offering <BR>
    Price(2)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt"><B>Fee
    Rate</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt"><B>Amount
    of <BR>
    Registration <BR>
    Fee</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Common
    shares, nominal value $1.20 per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center; vertical-align: bottom">Rule
    457(c)<BR>
    and<BR>
    Rule 457(h)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; vertical-align: bottom; text-align: center">2,000,000</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; vertical-align: bottom; text-align: center">$191.57</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; vertical-align: bottom; text-align: center">$383,145,000</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; vertical-align: bottom; text-align: center">0.00014760</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; vertical-align: bottom; text-align: center">$56,552.20</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total
    Offering Amounts</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center">$383,145,000</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center">$56,552.20</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total
    Fee Offsets</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center">--</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Net
    Fee Due</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center">$56,552.20</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">This registration statement on Form
                                            S-8 covers 2,000,000 common shares, $1.20 par value per share (the &ldquo;<B>Common Shares</B>&rdquo;)
                                            of Globant S.A. (the &ldquo;<B>Registrant</B>&rdquo;) which may be offered or sold under
                                            the Globant S.A. 2024 Equity Incentive Plan (the &ldquo;<B>2024 Plan</B>&rdquo;). Pursuant
                                            to Rule 416 under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;),
                                            this registration statement shall also cover any additional Common Shares, which become issuable
                                            under the 2024 Plan by reason of any stock dividend, stock split, recapitalization or any
                                            other similar transaction effected without the receipt of consideration which results in
                                            an increase in the number of the Registrant&rsquo;s outstanding Common Shares. Any Common
                                            Shares covered by an award granted under the 2024 Plan (or portion of an award) that terminates,
                                            expires or lapses for any reason will be deemed not to have been issued for purposes of determining
                                            the maximum aggregate number of Common Shares that may be issued under the 2024 Plan.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Estimated solely for purposes of calculating
                                            the registration fee pursuant to Rule 457(c) and (h) under the Securities Act. For shares
                                            registered with respect to future awards to be granted under the 2024 Plan, the proposed
                                            maximum offering price per share, proposed maximum aggregate offering price and the amount
                                            of the registration fee are based on the average of the high and low prices of the Common
                                            Shares reported on the New York Stock Exchange on July 24, 2024.</TD></TR></TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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