<SEC-DOCUMENT>0001171843-16-009147.txt : 20160414
<SEC-HEADER>0001171843-16-009147.hdr.sgml : 20160414
<ACCEPTANCE-DATETIME>20160414060024
ACCESSION NUMBER:		0001171843-16-009147
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20160414
FILED AS OF DATE:		20160414
DATE AS OF CHANGE:		20160414

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EDAP TMS SA
		CENTRAL INDEX KEY:			0001041934
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29374
		FILM NUMBER:		161570343

	BUSINESS ADDRESS:	
		STREET 1:		PARC D'ACTIVITES LA POUDRETTE LAMARTINE
		STREET 2:		4 RUE DU DAUPHINE
		CITY:			69120 VAULX EN VELIN
		STATE:			I0

	MAIL ADDRESS:	
		STREET 1:		PARC D'ACTIVITES LA POUDRETTE LAMARTINE
		STREET 2:		4 RUE DU DAUPHINE
		CITY:			69120 VAULX EN VELIN
		STATE:			I0
		ZIP:			69120
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_041416.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>UNITED STATES</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Washington, D.C. 20549</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>FORM 6-K</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">April 14, 2016</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Commission File Number: 000-29374</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">EDAP TMS S.A.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Parc Activit&eacute; La Poudrette Lamartine</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">4/6 Rue du Dauphine</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">69120 Vaulx-en-Velin - France</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Form 20-F [ x] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F [ &nbsp;]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ____</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): ____</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION
STATEMENT ON FORM F-3 (NO. 333-195435) OF EDAP TMS S.A. AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED.</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>EXHIBIT LIST</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 1.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Letter Agreement between H.C. Wainwright &amp; Co., LLC and EDAP TMS S.A., dated November 29, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Warrant for Ordinary Shares of EDAP TMS S.A. expiring October 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Jones Day, French counsel to EDAP TMS S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 5.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Jones Day, U.S. counsel to EDAP TMS S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Securities Purchase Agreement</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SIGNATURES</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Date: April 14, 2016</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">EDAP TMS S.A.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><U>/s/ FRAN&Ccedil;OIS DIETSCH</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">FRAN&Ccedil;OIS DIETSCH</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">CHIEF FINANCIAL OFFICER</P>



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

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>exh_11.htm
<DESCRIPTION>EXHIBIT 1.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><img src="wainwright.jpg"></P>

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

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

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

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 4.5in; text-align: right">November 29, 2015</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><U>STRICTLY CONFIDENTIAL</U></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Mr. Marc Oczachowski</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Chief Executive Officer</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">EDAP TMS SA</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">4-6, rue du Dauphine</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">69120 Vaulx-en-Velin</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">France</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Dear Mr. Oczachowski:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">EDAP TMS SA (the &ldquo;<U>Company</U>&rdquo;)
and H.C. Wainwright &amp; Co., LLC (&ldquo;<U>HC Wainwright</U>&rdquo;) hereby agree that HC Wainwright shall serve as the exclusive
placement agent for the Company on a reasonable best efforts basis, in connection with the proposed transaction, or series of transactions,
to occur during the term of this Agreement (each, an &ldquo;<U>Offering</U>&rdquo;). An Offering shall consist of registered securities
(the &ldquo;<U>Securities</U>&rdquo;) of the Company, which Securities may include one or any combination of the following: the
ordinary shares of the Company (the &ldquo;<U>Ordinary Shares</U>&rdquo;), warrants to purchase Ordinary Shares (&ldquo;<U>Warrants</U>&rdquo;)
or securities of the Company convertible into Ordinary Shares (&ldquo;<U>Convertible Securities</U>&rdquo;). The terms of such
Offering and the Securities issued in connection therewith shall be mutually agreed upon by the Company, HC Wainwright and the
purchasers (each, a &ldquo;<U>Purchaser</U>&rdquo; and collectively, the &ldquo;<U>Purchasers</U>&rdquo;) and nothing herein implies
that HC Wainwright has the power or authority to bind the Company or any Purchaser, and the Company shall not, and nothing herein
implies that the Company shall, have an obligation to issue any Securities or complete a an Offering. This Agreement and the documents
executed and delivered by the Company and, as to any Offering, the Purchasers, in connection with an Offering shall be collectively
referred to herein as the &ldquo;<U>Transaction Documents</U>.&rdquo; The date of a closing (&ldquo;<U>Closing</U>&rdquo;) of an
Offering (including any subsequent closings that occur pursuant to an Offering, whether at the discretion of the Company, the Purchasers
(through additional investment rights or otherwise), milestones or otherwise) shall be referred to herein as a &ldquo;<U>Closing
Date</U>.&rdquo; The Company expressly acknowledges and agrees that the execution of this Agreement does not constitute a commitment
by HC Wainwright or any Purchaser to purchase the Securities and does not ensure the successful placement of the Securities or
any portion thereof or the success of HC Wainwright with respect to securing any other financing on behalf of the Company. Notwithstanding
anything herein to the contrary, at the request of HC Wainwright, the Company shall agree to amend this Agreement in writing to
reduce the compensation payable hereunder to the extent and as necessary, in HC Wainwright&rsquo;s sole discretion, in order to
comply with the rules and regulations of the Financial Industry Regulatory Authority (&ldquo;<U>FINRA</U>&rdquo;); <U>provided</U>,
<U>however</U>, that the Company shall not be required to enter into any agreement that results in terms or conditions less favorable
to the Company. HC Wainwright may retain other registered broker-dealers as sub-agents to any Offering hereunder, subject to the
prior approval of the Company, subject to the prior approval of the Company. Notwithstanding anything to the contrary contained
herein, during HC Wainwright&rsquo;s engagement hereunder the Company will not pursue any financing transaction which would be
in lieu of an Offering, including but not limited to, an underwritten offering.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The sale of Securities to any Purchaser will
be evidenced by a purchase agreement (&ldquo;<U>Purchase Agreement</U>&rdquo;) between the Company and such Purchaser in a form
reasonably satisfactory to the Company and HC Wainwright. Prior to the signing of any Purchase Agreement or Underwriting Agreement,
officers of the Company with responsibility for financial affairs will be available to answer inquiries from prospective Purchasers.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; color: #474746"><FONT STYLE="font-size: 8pt; color: Black">430 Park
Avenue&nbsp;&nbsp; | &nbsp;&nbsp;New York, New York 10022&nbsp;&nbsp; | &nbsp;&nbsp;212.356.0500&nbsp;&nbsp; |&nbsp;&nbsp; www.hcwco.com</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; color: #474746"><FONT STYLE="font-size: 8pt; color: Black">Member:
FINRA/SIPC</FONT></P>



<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">A.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fees and Expenses</U>. In connection with the Services described above, the Company shall pay to HC Wainwright the following
compensation:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Offering Agent&rsquo;s Fee</U>. The Company shall pay to HC Wainwright a cash placement fee (or underwriter discount)
(the &ldquo;<U>Offering Agent&rsquo;s Closing Fee</U>&rdquo;) on each Closing Date equal to 6% of the aggregate purchase price
paid for the Securities in such Offering on each such Closing Date during the Term (including any purchase price received in an
over-allotment or additional investment right, to the extent possible under applicable law), other than those purchasers listed
on <U>Annex A</U> attached hereto, which annex lists those investors that have been referred by the Company and approved by HC
Wainwright (which list may be amended from time to time to include additions by the Company after prior written approval of HC
Wainwright, which approval shall not be unreasonably withheld, conditioned or delayed); <U>provided</U>, <U>however</U>, that the
aggregate purchase price by each purchaser of Securities listed on <U>Annex A</U> shall in no event be in excess of 10% of the
total aggregate purchase price paid by all Purchasers of Securities in such Offering.<FONT STYLE="text-underline-style: double; color: blue"><U>
</U></FONT>The Offering Agent&rsquo;s Closing Fee shall be paid at the Closing of an Offering by international wire transfer following
receipt by the Company of the gross proceeds of the Offering. In the event that an Offering is settled in whole or in part via
delivery versus payment (&ldquo;<U>DVP</U>&rdquo;), HC Wainwright shall arrange for its clearing agent to provide the funds to
facilitate such settlement. The Company shall bear the cost of the escrow agent and shall reimburse HC Wainwright for the actual
out of pocket cost of such clearing agent settlement and financing, if any, up to $6,000.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[RESERVED]</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Expenses</U>. In addition to any fees payable to HC Wainwright hereunder, the Company hereby agrees to reimburse HC Wainwright
for all reasonable travel and other out-of pocket accountable expenses actually incurred in connection with HC Wainwright&rsquo;s
engagement, including the reasonable fees and expenses of HC Wainwright&rsquo;s counsel. Such reimbursement shall be limited to
a maximum of the lesser of (a) $50,000 per Offering and (b) 0.8% of the aggregate gross proceeds of the Securities sold for Direct
Offerings, without prior written approval by the Company and shall be paid at each Closing from the gross proceeds of the Securities
sold (<U>provided</U>, <U>however</U>, that such expense cap in no way limits or impairs the indemnification and contribution provisions
of this Agreement).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">B.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term and Termination of Engagement</U>.
The term (the &ldquo;<U>Term</U>&rdquo;) of HC Wainwright&rsquo;s engagement will begin on the date hereof and end two business
days after the receipt by either party hereto of written notice of termination; provided that no such notice may be given by the
Company for a period of 12 months after the date hereof,
other than in the case of a material breach of this Agreement by HC Wainwright. Notwithstanding anything to the contrary contained
herein, the provisions concerning confidentiality, indemnification and contribution contained herein and the Company&rsquo;s obligations
to pay fees and reimburse expenses actually incurred prior to such termination and reimbursable pursuant to Section A hereof will
survive any expiration or termination of this Agreement, and the Company&rsquo;s obligation to pay fees actually earned and payable
and to reimburse expenses actually incurred prior to such termination and reimbursable pursuant to Section A hereof, if any, will
survive any expiration or termination of this Agreement, as permitted by FINRA Rule 5110(f)(2)(d).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-size: 10pt">C.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<FONT STYLE="font-size: 10pt"><U>Registration
Statement</U>. As of the date of each Offering and as of each Closing Date, the Company represents and warrants to, and agrees
with, HC Wainwright that:</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; font-size: 8pt"><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">H.C. Wainwright &amp; Co., LLC &ndash; 430 Park Avenue, New York, New York 10022</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">212-356-0500 &ndash; www.hcwco.com</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">Member: FINRA, SIPC</P></TD></TR></TABLE></DIV>
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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company has
filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) a registration statement on Form F-3 (Registration
File No. 333-195435) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), which became effective
on May 7, 2014, for the registration under the Securities Act of the Securities. At the time of such filing, the Company met the
requirements of Form F-3 under the Securities Act. Such registration statement meets the requirements set forth in Rule 415(a)(1)(x)
under the Securities Act and complies with said Rule. The Company will file with the Commission pursuant to Rule 424(b) under the
Securities Act, and the rules and regulations (the &ldquo;<U>Rules and Regulations</U>&rdquo;) of the Commission promulgated thereunder,
a supplement to the form of prospectus included in such registration statement relating to the placement of the Securities and
the plan of distribution thereof and has advised HC Wainwright of all further information (financial and other) with respect to
the Company required to be set forth therein. Such registration statement, including the exhibits thereto, as amended at the date
of this Agreement, is hereinafter called the &ldquo;<U>Registration Statement</U>&rdquo;; such prospectus in the form in which
it appears in the Registration Statement is hereinafter called the &ldquo;<U>Base Prospectus</U>&rdquo;; and the supplemented form
of prospectus, in the form in which it will be filed with the Commission pursuant to Rule 424(b) (including the Base Prospectus
as so supplemented) is hereinafter called the &ldquo;<U>Prospectus Supplement</U>.&rdquo; Any reference in this Agreement to the
Registration Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the documents
incorporated by reference therein (the &ldquo;<U>Incorporated Documents</U>&rdquo;) pursuant to Item 6 of Form F-3 which were filed
under the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), on or before the date of this Agreement,
or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be; and any reference in this Agreement
to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration Statement,
the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the filing of any document under the Exchange
Act after the date of this Agreement, or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be,
deemed to be incorporated therein by reference. All references in this Agreement to financial statements and schedules and other
information which is &ldquo;contained,&rdquo; &ldquo;included,&rdquo; &ldquo;described,&rdquo; &ldquo;referenced,&rdquo; &ldquo;set
forth&rdquo; or &ldquo;stated&rdquo; in the Registration Statement, the Base Prospectus or the Prospectus Supplement (and all other
references of like import) shall be deemed to mean and include all such financial statements and schedules and other information
which is or is deemed to be incorporated by reference in the Registration Statement, the Base Prospectus or the Prospectus Supplement,
as the case may be. For purposes of this Agreement, &ldquo;free writing prospectus&rdquo; has the meaning set forth in Rule 405
under the Securities Act and the &ldquo;<U>Time of Sale Prospectus</U>&rdquo; means the preliminary prospectus, if any, together
with the free writing prospectuses, if any, used in connection with an Offering, including any documents incorporated by reference
therein. The Securities are being issued pursuant to the Registration Statement and the issuance of the Securities has been registered
by the Company under the Securities Act. The Registration Statement is effective and available for the issuance of the Securities
thereunder and the Company has not received any notice that the Commission has issued or intends to issue a stop-order with respect
to the Registration Statement or that the Commission otherwise has suspended or withdrawn the effectiveness of the Registration
Statement, either temporarily or permanently, or intends or has threatened in writing to do so. The &quot;Plan of Distribution&quot;
section under the Registration Statement permits the issuance and sale of the Securities hereunder.<B> </B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registration
Statement (and any further documents incorporated therein to be filed with the Commission) contains all exhibits and schedules
as required by the Securities Act. The Registration Statement and any post-effective amendment thereto, at the time it became effective,
complied in all material respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations and did
not and, as amended or supplemented, if applicable, will not, contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading. The Base Prospectus,
the Time of Sale Prospectus, if any, and the Prospectus Supplement, each as of its respective date, comply in all material respects
with the Securities Act and the Exchange Act and the applicable Rules and Regulations. Each of the Base Prospectus, the Time of
Sale Prospectus, if any, and the Prospectus Supplement, as amended or supplemented, did not and will not contain as of the date
thereof any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. The Incorporated Documents, when they were filed with
the Commission, conformed in all material respects to the requirements of the Exchange Act and the applicable Rules and Regulations,
and none of such documents, when they were filed with the Commission, contained any untrue statement of a material fact or omitted
to state a material fact necessary to make the statements therein (with respect to Incorporated Documents incorporated by reference
in the Base Prospectus or Prospectus Supplement), in light of the circumstances under which they were made not misleading; and
any further documents so filed and incorporated by reference in the Base Prospectus, the Time of Sale Prospectus, if any, or Prospectus
Supplement, when such documents are filed with the Commission, will conform in all material respects to the requirements of the
Exchange Act and the applicable Rules and Regulations, as applicable, and will not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the
date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is required
to be filed with the Commission. There are no documents required to be filed with the Commission in connection with the transaction
contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be filed within the
requisite time period. There are no contracts or other documents required to be described in the Base Prospectus, the Time of Sale
Prospectus, if any, or Prospectus Supplement, or to be filed as exhibits or schedules to the Registration Statement, which have
not been described or filed as required.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; font-size: 8pt"><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">H.C. Wainwright &amp; Co., LLC &ndash; 430 Park Avenue, New York, New York 10022</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">212-356-0500 &ndash; www.hcwco.com</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">Member: FINRA, SIPC</P></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company is
eligible to use free writing prospectuses in connection with an Offering pursuant to Rules 164 and 433 under the Securities Act.
Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or
will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations
of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required to file, pursuant to Rule
433(d) under the Securities Act or that was prepared by or behalf of or used by the Company complies or will comply in all material
respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. The
Company will not, without the prior consent of HC Wainwright, which consent shall not be unreasonably withheld, prepare, use or
refer to, any free writing prospectus.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company has
delivered, or will as promptly as practicable deliver, to HC Wainwright complete conformed copies of the Registration Statement
and of each consent and certificate of experts, as applicable, filed as a part thereof, and conformed copies of the Registration
Statement (without exhibits), the Base Prospectus, the Time of Sale Prospectus, if any, and the Prospectus Supplement, as amended
or supplemented, in such quantities and at such places as HC Wainwright reasonably requests. Neither the Company nor any of its
directors and officers has distributed and none of them will distribute, prior to the Closing Date, any offering material in connection
with the offering and sale of the Securities other than the Base Prospectus, the Time of Sale Prospectus, if any, the Prospectus
Supplement, the Registration Statement, copies of the documents incorporated by reference therein and any other materials permitted
by the Securities Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">In the event that an Offering occurs off a registration
statement other than the Registration Statement, prior to the commencement of any such Offering, the Company shall make written
representations, warranties and covenants to HC Wainwright as to such subsequent registration statement (and other offering documents)
that are substantially the same as the representations, warranties and covenants made under Section C, paragraphs 1-4, which representations,
warranties and covenants shall be reasonably satisfactory to HC Wainwright.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; font-size: 8pt"><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">H.C. Wainwright &amp; Co., LLC &ndash; 430 Park Avenue, New York, New York 10022</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">212-356-0500 &ndash; www.hcwco.com</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">Member: FINRA, SIPC</P></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no affiliations with any FINRA member firm among the Company&rsquo;s officers, directors or, to the knowledge
of the Company, any five percent (5%) or greater stockholder of the Company, except as set forth in the Disclosure Documents.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">D.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing</U>. The obligations
of HC Wainwright and the Purchasers, and the closing of the sale of the Securities under the Transaction Documents are subject
to the accuracy, when made and on the Closing Date, of the representations and warranties on the part of the Company and its Subsidiaries
contained herein, to the accuracy of the statements of the Company and its Subsidiaries made in any certificates pursuant to the
provisions hereof, to the performance by the Company and its Subsidiaries of their obligations hereunder, and to each of the following
additional terms and conditions:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that
purpose shall have been initiated or threatened by the Commission, and any request for additional information on the part of the
Commission (to be included in the Registration Statement, the Base Prospectus or the Prospectus Supplement or otherwise) shall
have been complied with to the reasonable satisfaction of HC Wainwright.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On the Closing
Date none of the Registration Statement, the Base Prospectus or the Prospectus Supplement or any amendment or supplement thereto
contains an untrue statement of a fact which, in the opinion of counsel for HC Wainwright or the Company, is material or omits
to state any fact which, in the opinion of such counsel, is material and is required to be stated therein or is necessary to make
the statements therein not misleading.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All corporate
proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each Transaction Document,
and the Securities, and, if the Securities are registered, the Registration Statement, the Base Prospectus and the Prospectus Supplement,
and all other legal matters relating to the Transaction Documents and the transactions contemplated thereby shall be reasonably
satisfactory in all material respects to counsel for HC Wainwright, and the Company shall have furnished to such counsel all documents
and information that they may reasonably request to enable them to pass upon such matters.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Purchasers
shall have received from outside counsel to the Company such counsel&rsquo;s written opinion, dated as of the Closing Date, to
the effect set forth in Annex B.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as disclosed
in the Base Prospectus or the Prospectus Supplement (i) neither the Company nor any of its Subsidiaries shall have sustained since
the date of the latest audited financial statements, any loss or interference with its business from fire, explosion, flood, terrorist
act or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or
decree, otherwise than as set forth in or contemplated by the Base Prospectus or Prospectus Supplement and (ii) since such date
there shall not have been any change in the capital stock or long-term debt of the Company or any of its Subsidiaries or any change,
or any development involving a prospective change, in or affecting the business, general affairs, management, financial position,
stockholders&rsquo; equity, results of operations or prospects of the Company and its Subsidiaries, the effect of which, in any
such case described in clause (i) or (ii), is, in the judgment of HC Wainwright, so material and adverse as to make it impracticable
or inadvisable to proceed with the sale or delivery of the Securities on the terms and in the manner contemplated under the Transaction
Documents.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; font-size: 8pt"><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">H.C. Wainwright &amp; Co., LLC &ndash; 430 Park Avenue, New York, New York 10022</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">212-356-0500 &ndash; www.hcwco.com</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">Member: FINRA, SIPC</P></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securities
are registered under the Exchange Act and, as of the Closing Date, the Securities
shall have been conditionally accepted for listing and authorized for trading on the NASDAQ
Global Market, and satisfactory evidence of such actions shall have been provided to the Offering Agent. The Company
shall have taken no action designed to, or likely to have the effect of terminating the registration of the Securities
under the Exchange Act or delisting or suspending from trading the Ordinary Shares from the NASDAQ
Global Market, nor has the Company received any information suggesting that the Commission or the NASDAQ
Global Market is contemplating terminating such registration or listing.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subsequent to
the execution and delivery of this Agreement, there shall not have occurred any of the following: (i) trading in securities generally
on the NASDAQ Global Market shall have been suspended or
minimum or maximum prices or maximum ranges for prices shall have been established on any such exchange or such market by the Commission,
by such exchange or by any other regulatory body or governmental authority having jurisdiction, (ii) a banking moratorium shall
have been declared by federal or state authorities or a material disruption has occurred in commercial banking or securities settlement
or clearance services in the United States, (iii) the United States shall have become engaged in hostilities in which it is not
currently engaged, the subject of an act of terrorism, there shall have been an escalation in hostilities involving the United
States, or there shall have been a declaration of a national emergency or war by the United States, or (iv) there shall have occurred
any other calamity or crisis or any change in general economic, political or financial conditions in the United States or elsewhere,
if the effect of any such event in clause (iii) or (iv) makes it, in the sole judgment of the Offering Agent, impracticable or
inadvisable to proceed with the sale or delivery of the Securities on the terms and in the manner contemplated by the Base Prospectus
and the Prospectus Supplements.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No action shall
have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental agency
or body which would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect
or potentially and adversely affect the business or operations of the Company; and no injunction, restraining order or order of
any other nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing Date which would
prevent the issuance or sale of the Securities or materially and adversely affect or potentially and adversely affect the business
or operations of the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall
have prepared and filed with the Commission a Current Report on Form 6-K with respect to an Offering, including as an exhibit thereto
this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">10.&nbsp; The Company shall have entered into
subscription agreements with each of the Purchasers and such agreements shall be in full force and effect and shall contain representations
and warranties of the Company as agreed between the Company and the Purchasers.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">11.&nbsp; Prior to the Closing Date, the Company
shall have furnished to HC Wainwright such further information, certificates and documents as HC Wainwright may reasonably request.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">All opinions, letters, evidence and certificates
mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are
in form and substance reasonably satisfactory to counsel for HC Wainwright.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Use of Information</U>. The Company
will furnish HC Wainwright such written information as HC Wainwright reasonably requests in connection with the performance of
its services hereunder. The Company understands, acknowledges and agrees that, in performing its services hereunder, HC Wainwright
will use and rely entirely upon such information as well as publicly available information regarding the Company and other potential
parties to an Offering and that HC Wainwright does not assume responsibility for independent verification of the accuracy or completeness
of any information, whether publicly available or otherwise furnished to it, concerning the Company or otherwise relevant to an
Offering, including, without limitation, any financial information, forecasts or projections considered by HC Wainwright in connection
with the provision of its services.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; font-size: 8pt"><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">H.C. Wainwright &amp; Co., LLC &ndash; 430 Park Avenue, New York, New York 10022</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">212-356-0500 &ndash; www.hcwco.com</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">Member: FINRA, SIPC</P></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Publicity</U>. In the event of the
consummation or public announcement of any Offering, HC Wainwright shall have the right to disclose its participation in such Offering,
including, without limitation, the placement at its cost of &ldquo;tombstone&rdquo; advertisements in financial and other newspapers
and journals, in accordance with the Securities Act. Prior to the consummation of any Offering, HC Wainwright will not release
any information or make any public disclosure regarding any Offering without the prior written consent of the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Securities Matters</U>. The Company
shall be responsible for any and all compliance with the securities laws applicable to it, including Regulation D and the Securities
Act and Rule 506 promulgated thereunder, and unless otherwise agreed in writing, all state securities (&ldquo;blue sky&rdquo;)
laws. HC Wainwright agrees to cooperate with counsel to the Company in that regard.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;[<U>RESERVED]</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Indemnity</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">1.&#9;In connection with the Company&rsquo;s engagement
of HC Wainwright as placement agent, the Company hereby agrees to indemnify and hold harmless HC Wainwright and its affiliates,
and the respective controlling persons, directors, officers, members, shareholders, agents and employees of any of the foregoing
(collectively the &ldquo;<U>Indemnified Persons</U>&rdquo;), from and against any and all claims, actions, suits, proceedings (including
those of shareholders), damages, liabilities and expenses incurred by any of them (including the reasonable fees and expenses of
counsel), as incurred, (collectively a &ldquo;<U>Claim</U>&rdquo;), that are (A) related to or arise out of (i) any actions taken
or omitted to be taken (including any untrue statements made or any statements omitted to be made) by the Company, or (ii) any
actions taken or omitted to be taken by any Indemnified Person in connection with the Company&rsquo;s engagement of HC Wainwright,
or (B) otherwise relate to or arise out of HC Wainwright&rsquo;s activities on the Company&rsquo;s behalf under HC Wainwright&rsquo;s
engagement, and the Company shall reimburse any Indemnified Person for all expenses (including the reasonable fees and expenses
of counsel) as incurred by such Indemnified Person in connection with investigating, preparing or defending any such claim, action,
suit or proceeding, whether or not in connection with pending or threatened litigation in which any Indemnified Person is a party.
The Company will not, however, be responsible for any Claim that is finally judicially determined to have resulted from the gross
negligence or willful misconduct of any person seeking indemnification for such Claim.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">2.&#9;The Company further agrees that it will
not, without the prior written consent of HC Wainwright, settle, compromise or consent to the entry of any judgment in any pending
or threatened Claim in respect of which indemnification may be sought hereunder (whether or not any Indemnified Person is an actual
or potential party to such Claim), unless such settlement, compromise or consent includes an unconditional, irrevocable release
of each Indemnified Person from any and all liability arising out of such Claim.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; font-size: 8pt"><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">H.C. Wainwright &amp; Co., LLC &ndash; 430 Park Avenue, New York, New York 10022</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">212-356-0500 &ndash; www.hcwco.com</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">Member: FINRA, SIPC</P></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">3.&#9;Promptly upon receipt by an Indemnified
Person of notice of any complaint or the assertion or institution of any Claim with respect to which indemnification is being sought
hereunder, such Indemnified Person shall notify the Company in writing of such complaint or of such assertion or institution but
failure to so notify the Company shall not relieve the Company from any obligation it may have hereunder, except and only to the
extent such failure results in the forfeiture by the Company of substantial rights and defenses. If the Company so elects or is
requested by such Indemnified Person, the Company will assume the defense of such Claim, including the employment of counsel reasonably
satisfactory to such Indemnified Person and the payment of the fees and expenses of such counsel. In the event, however, that legal
counsel to such Indemnified Person reasonably determines that having common counsel would present such counsel with a conflict
of interest or if the defendant in, or target of, any such Claim, includes an Indemnified Person and the Company, and legal counsel
to such Indemnified Person reasonably concludes that there may be legal defenses available to it or other Indemnified Persons different
from or in addition to those available to the Company, then such Indemnified Person may employ its own separate counsel to represent
or defend him, her or it in any such Claim and the Company shall pay the reasonable fees and expenses of such counsel. Notwithstanding
anything herein to the contrary, if the Company fails timely or diligently to defend, contest, or otherwise protect against any
Claim, the relevant Indemnified Party shall have the right, but not the obligation, to defend, contest, compromise, settle, assert
crossclaims, or counterclaims or otherwise protect against the same, and shall be fully indemnified by the Company therefor, including
without limitation, for the reasonable fees and expenses of its counsel and all amounts paid as a result of such Claim or the compromise
or settlement thereof. In addition, with respect to any Claim in which the Company assumes the defense, the Indemnified Person
shall have the right to participate in such Claim and to retain his, her or its own counsel therefor at his, her or its own expense.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">4.&#9;The Company agrees that if any indemnity
sought by an Indemnified Person hereunder is held by a court to be unavailable for any reason then (whether or not HC Wainwright
is the Indemnified Person), the Company and HC Wainwright shall contribute to the Claim for which such indemnity is held unavailable
in such proportion as is appropriate to reflect the relative benefits to the Company, on the one hand, and HC Wainwright on the
other, in connection with HC Wainwright&rsquo;s engagement referred to above, subject to the limitation that in no event shall
the amount of HC Wainwright&rsquo;s contribution to such Claim exceed the amount of fees actually received by HC Wainwright from
the Company pursuant to HC Wainwright&rsquo;s engagement. The Company hereby agrees that the relative benefits to the Company,
on the one hand, and HC Wainwright on the other, with respect to HC Wainwright&rsquo;s engagement shall be deemed to be in the
same proportion as (a) the total gross proceeds paid or proposed to be paid or received by the Company or its shareholders, as
the case may be, pursuant to an Offering (whether or not consummated) for which HC Wainwright is engaged to render services bears
to (b) the fee paid or proposed to be paid to HC Wainwright in connection with such engagement.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">5.&#9;The Company&rsquo;s indemnity, reimbursement
and contribution obligations under this Agreement (a) shall be in addition to, and shall in no way limit or otherwise adversely
affect any rights that any Indemnified Party may have at law or at equity and (b) shall be effective whether or not the Company
is at fault in any way.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; font-size: 8pt"><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">H.C. Wainwright &amp; Co., LLC &ndash; 430 Park Avenue, New York, New York 10022</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">212-356-0500 &ndash; www.hcwco.com</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">Member: FINRA, SIPC</P></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">J.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation of Engagement to the Company</U>.
The Company acknowledges that HC Wainwright has been retained only by the Company, that HC Wainwright is providing services hereunder
as an independent contractor (and not in any fiduciary or agency capacity) and that the Company&rsquo;s engagement of HC Wainwright
is not deemed to be on behalf of, and is not intended to confer rights upon, any shareholder, owner or partner of the Company or
any other person not a party hereto as against HC Wainwright or any of its affiliates, or any of its or their respective officers,
directors, controlling persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange
Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;)), employees or agents. Unless otherwise expressly agreed in writing
by HC Wainwright, no one other than the Company is authorized to rely upon this Agreement or any other statements or conduct of
HC Wainwright, and no one other than the Company is intended to be a beneficiary of this Agreement. The Company acknowledges that
any recommendation or advice, written or oral, given by HC Wainwright to the Company in connection with HC Wainwright&rsquo;s engagement
is intended solely for the benefit and use of the Company&rsquo;s management and directors in considering a possible Offering,
and any such recommendation or advice is not on behalf of, and shall not confer any rights or remedies upon, any other person or
be used or relied upon for any other purpose. HC Wainwright shall not have the authority to make any commitment binding on the
Company. The Company, in its sole discretion, shall have the right to reject any investor introduced to it by HC Wainwright. The
Company agrees that it will perform and comply with the covenants and other obligations set forth in the Transaction Documents
and that HC Wainwright will be entitled to rely on the representations, warranties, agreements and covenants of the Company contained
in such Transaction Documents as if such representations, warranties, agreements and covenants were made directly to HC Wainwright
by the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">K.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Limitation of HC Wainwright&rsquo;s
Liability to the Company</U>. HC Wainwright and the Company further agree that neither HC Wainwright nor any of its affiliates
or any of its their respective officers, directors, controlling persons (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act), employees or agents shall have any liability to the Company, its security holders or creditors,
or any person asserting claims on behalf of or in the right of the Company (whether direct or indirect, in contract, tort, for
an act of negligence or otherwise) for any losses, fees, damages, liabilities, costs, expenses or equitable relief arising out
of or relating to this Agreement or the Services rendered hereunder, except for losses, fees, damages, liabilities, costs or expenses
that arise out of or are based on any action of or failure to act by HC Wainwright and that are finally judicially determined to
have resulted solely from the gross negligence or willful misconduct of HC Wainwright.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">L.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Governing Law</U>. This Agreement shall
be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be fully
performed therein. Any disputes that arise under this Agreement, even after the termination of this Agreement, will be heard only
in the state or federal courts located in the City of New York, State of New York. The parties hereto expressly agree to submit
themselves to the jurisdiction of the foregoing courts in the City of New York, State of New York. The parties hereto expressly
waive any rights they may have to contest the jurisdiction, venue or authority of any court sitting in the City and State of New
York. In the event of the bringing of any action, or suit by a party hereto against the other party hereto, arising out of or relating
to this Agreement, the party in whose favor the final judgment or award shall be entered shall be entitled to have and recover
from the other party the costs and expenses incurred in connection therewith, including its reasonable attorneys&rsquo; fees. Any
rights to trial by jury with respect to any such action, proceeding or suit are hereby waived by HC Wainwright and the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">M.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Notices</U>. All notices hereunder
will be in writing and sent by certified mail, hand delivery, overnight delivery or fax, if sent to HC Wainwright, to H.C. Wainwright
&amp; Co., LLC, 570 Lexington Avenue, New York, NY 10022, or by email to notices@hcwco.com, Attention: Head of Investment Banking,
and if sent to the Company, to the address set forth on the first page hereof, by email to marcocza@edap-tms.com or fax number
(33) 4 72 15 31 44, Attention: Mr. Marc Oczachowski, Chief Executive Officer. Notices sent by certified mail shall be deemed received
five days thereafter, notices sent by hand delivery or overnight delivery shall be deemed received on the date of the relevant
written record of receipt, and notices delivered by fax shall be deemed received as of the date and time printed thereon by the
fax machine.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; font-size: 8pt"><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">H.C. Wainwright &amp; Co., LLC &ndash; 430 Park Avenue, New York, New York 10022</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">212-356-0500 &ndash; www.hcwco.com</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">Member: FINRA, SIPC</P></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">N.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Miscellaneous</U>. The Company represents
that it is free to enter this Agreement and the transactions contemplated hereby, and that it will act in good faith. This Agreement
shall not be modified or amended except in writing signed by HC Wainwright and the Company. This Agreement shall be binding upon
and inure to the benefit of both HC Wainwright and the Company and their respective assigns, successors, and legal representatives.
This Agreement constitutes the entire agreement of HC Wainwright and the Company with respect to the Offering and supersedes any
prior agreements with respect to the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable
in any respect, such determination will not affect such provision in any other respect, and the remainder of the Agreement shall
remain in full force and effect. This Agreement may be executed in counterparts (including facsimile or .pdf counterparts), each
of which shall be deemed an original but all of which together shall constitute one and the same instrument.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">*********************<BR CLEAR="ALL">
</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In acknowledgment that the foregoing correctly
sets forth the understanding reached by HC Wainwright and the Company, please sign in the space provided below, whereupon this
letter shall constitute a binding Agreement as of the date indicated above.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>H.C. WAINWRIGHT &amp; CO., LLC</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By</TD>
    <TD><U>/s/ James Cappuccio</u></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: James Cappuccio</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Head of Investment Banking</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Accepted and Agreed:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>EDAP TMS SA</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">By</TD>
    <TD STYLE="width: 50%"><U>/s/ Marc Oczachowski</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name: Mr. Marc Oczachowski</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title: Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 10 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>Annex A</U></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Stefan Schwab</FONT><BR>
<FONT STYLE="font-size: 10pt">Linoa Holding AG</FONT><BR>
<FONT STYLE="font-size: 10pt">Trappeten 9</FONT><BR>
<FONT STYLE="font-size: 10pt">Postfach 148</FONT><BR>
<FONT STYLE="font-size: 10pt">CH-3294 B&uuml;ren an der Aare, Switzerland</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 8pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; font-size: 8pt"><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">H.C. Wainwright &amp; Co., LLC &ndash; 430 Park Avenue, New York, New York 10022</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">212-356-0500 &ndash; www.hcwco.com</P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD><P STYLE="font-size: 8pt; text-align: center; margin: 0pt 0">Member: FINRA, SIPC</P></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>Annex B</U></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Form of Jones Day Opinion</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt">H.C. Wainwright &amp; Co., LLC &ndash;
430 Park Avenue, New York, New York 10022</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt">212-356-0500 &ndash; www.hcwco.com</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Member: FINRA, SIPC</FONT></P>



<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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

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</HTML>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>exh_41.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 4.1</B></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>WARRANTS FOR ORDINARY SHARES</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>edap tms s.a.</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">Warrants: _______</TD>
    <TD STYLE="width: 50%">Issue Date: April 14, 2016</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Warrant Shares: _______</TD>
    <TD>Initial Exercise Date: October 14, 2016</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&#9; <FONT STYLE="text-transform: uppercase"><B>&#9;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">THESE WARRANTS FOR ORDINARY SHARES (the &ldquo;<U>Warrant</U>&rdquo;)
certify that, for value received, _____________ or its registered assigns (as the same may be registered from time to time in the
books of the Custodian, the &ldquo;<U>Holder</U>&rdquo;) is entitled, upon the terms and subject to the limitations on exercise
and the conditions hereinafter set forth, at any time on or after October 14, 2016 (the &ldquo;<U>Initial Exercise Date</U>&rdquo;)
and on or prior to the close of business on the two (2) year anniversary of the Initial Exercise Date (the &ldquo;<U>Termination
Date</U>&rdquo;) but not thereafter, to subscribe for up to ______ ordinary shares of EDAP TMS S.A., a French <I>soci&eacute;t&eacute;
anonyme</I> (the &ldquo;<U>Company</U>&rdquo;), par value &euro;0.13 per share (the &ldquo;<U>Ordinary Shares</U>&rdquo;). The
Ordinary Shares issuable upon exercise of these Warrants are referred to as the &ldquo;Warrant Shares&rdquo;. The Ordinary Shares
issuable upon the exercise of the Warrants will be represented by American Depositary Receipts (&ldquo;<U>ADRs</U>&rdquo;), each
ADR evidencing one (1) American Depositary Share (&ldquo;<U>ADS</U>&rdquo;) and each ADS representing one (1) Ordinary Share. The
subscription price of one Warrant Share under these Warrants shall be equal to the Exercise Price, as defined in Section 2(b).
For the avoidance of doubt, exercise may only be made for a whole number of Ordinary Share and references herein to Ordinary Shares
in Section 2 shall also include ADRs evidencing ADSs, representing corresponding Ordinary Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Attached hereto as <U>Annex A</U> is a certificate
(<I>certificat d'inscription en compte</I>) evidencing ownership of the Warrants duly executed by the Custodian and the Company
and registered in the name of the initial Holder, together with a certified copy of the Warrant Register (as defined in Section
4(c) below). Attached hereto as <U>Annex A-1</U>, is an officer&rsquo;s certificate confirming that the terms and conditions of
the Holder&rsquo;s Warrant set forth in the Warrant Register are the same as the terms and conditions set forth herein. For the
avoidance of doubt, the present document shall in no event be deemed as the certificate referred to in article R. 211-7 of the
French <I>Code mon&eacute;taire et financier</I> and shall only be deemed, for purposes of French law, to set forth the terms and
conditions of this Warrant.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>Section 1</U>.&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Definitions</U>. Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the
&ldquo;<U>Purchase Agreement</U>&rdquo;), dated April 7, 2016, among the Company and the purchasers signatory thereto.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in"><U>Section 2</U>.&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Exercise</U>.</P>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise of Warrant</U>. Exercise of the purchase rights provided by the Warrants may be made, in whole or in part, at
any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company and the
Custodian (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the
address of such Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise in the
form attached hereto as Annex B (the &ldquo;<U>Notice of Exercise</U>&rdquo;) for a whole number of Ordinary Shares only. Within
three (3) Trading Days of the date of exercise, the Holder shall deliver to the Company the aggregate Exercise Price for the shares
specified in the applicable Notice of Exercise by wire transfer. No ink original Notice of Exercise shall be required, nor shall
any medallion guarantee (other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has
purchased all of the Warrant Shares available hereunder and the Warrants have been exercised in full. Partial exercises of this
Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of
lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares purchased. The Holder, the Company and the Custodian shall maintain records showing the number of Warrant Shares purchased
and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within one (1) Business
Day of receipt of such notice. <B>The Holder and any assignee, by acceptance of the Warrant, acknowledge and agree that, by reason
of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant
Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise Price</U>. The exercise price per share of the Ordinary Shares under this Warrant shall be <B>$4.50</B>, subject
to adjustment hereunder to the extent that such Exercise Price remains higher than the nominal value of the Ordinary Shares at
the time of exercise, or, if lower than the nominal value of the Ordinary Shares, the nominal value of the Ordinary Shares (the
&ldquo;<U>Exercise Price</U>&rdquo;).</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exercise Limitations</U>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to this Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise the Holder and its Affiliates and any other Person
or entity whose beneficial ownership of Ordinary Shares would be aggregated with the Holder&rsquo;s for the purposes of Section
13(d) of the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &ldquo;<U>Exchange
Act</U>&rdquo; and such Persons, &ldquo;<U>Attribution Parties</U>&rdquo;), would beneficially own in excess of 4.999% of the total
number of then issued and outstanding Ordinary Shares (the &ldquo;<U>Beneficial Ownership Limitation</U>&rdquo;). For purposes
of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties
shall include the number of Ordinary Shares issuable upon exercise of this Warrant with respect to which such determination is
being made, but shall exclude the number of Ordinary Shares which are issuable upon (A) exercise of the remaining, nonexercised
portion of this Warrant beneficially owned by the Holder, its Affiliates and Attribution Parties and (B) exercise or conversion
of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Ordinary
Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder, its Affiliates and Attribution Parties. Except as set forth in the preceding sentence, for purposes of this
Section 2(c), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act, it being acknowledged
by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the
Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(c) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder, its Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder&rsquo;s
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates
and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership
Limitation. To ensure compliance with this restriction, the Holder will be deemed to represent to the Company each time it delivers
a Notice of Exercise that such Notice of Exercise has not violated the restrictions set forth in this paragraph and the Company
shall have no obligation to verify or confirm the accuracy of such determination. For purposes of this Section 2(c), in determining
the number of outstanding Ordinary Shares, a Holder may rely on the number of outstanding Ordinary Shares as stated in the most
recent of the following: (A) the Company&rsquo;s most recent filing with the U.S. Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;);
(B) a more recent public announcement by the Company; or (C) a more recent notice by the Company or the Transfer Agent setting
forth the number of Ordinary Shares. Upon the written request of a Holder, the Company shall within two (2) Trading Days confirm
in writing to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares
shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by
the Holder since the date as of which such number of outstanding Ordinary Shares was reported. Notwithstanding the foregoing, the
Beneficial Ownership Limitation provisions of this Section 2(c) may be waived by the Holder, at the election of the Holder, upon
not less than 61 days&rsquo; prior notice to the Company to change the Beneficial Ownership Limitation to 9.999% of the number
of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares upon exercise of this Warrant
held by the Holder, its Affiliates or Attribution Parties and the provisions of this Section 2(c) shall continue to apply.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">Upon such a change by a Holder of
the Beneficial Ownership Limitation from such 4.999% limitation to such 9.999% limitation, the Beneficial Ownership Limitation
may not be further waived by the Holder. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(c) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary
or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor
holder of this Warrant.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mechanics of Exercise</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp; </FONT>i.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Delivery
of ADSs Upon Exercise</U>. ADSs shall be transmitted by the Custodian to the Holder by crediting the account of the
Holder&rsquo;s prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian system if the
Company is then a participant in such system and either (A) there is an effective registration statement permitting the
issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the shares are eligible for resale by the
Holder without volume or manner-of-sale limitations pursuant to Rule 144 and otherwise by physical delivery to the address
specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after the delivery to the
Company of the Notice of Exercise (the &ldquo;<U>Warrant Share Delivery Date</U>&rdquo;), provided that the Company shall not
be obligated to deliver the Warrant Shares hereunder unless the Company has received the aggregate Exercise Price (and, if
required by the terms hereunder, the surrender of the Warrant) from the Holder on or before the Warrant Share Delivery Date;
provided further, however, that if the Company has not received the aggregate Exercise Price by the Warrant Share Delivery
Date, the Warrant Share Delivery Date shall be one (1) Trading Day after the Company has received the aggregate Exercise
Price from the Holder. The Warrant Shares shall be deemed to have been issued, and the Holder or any other person so
designated to be named therein shall be deemed to have become a holder of record of such shares for all corporate purposes,
as of the date on which the Warrant Shares have been inscribed to the Holders&rsquo; account in the Company&rsquo;s register
corresponding to the date on which the Warrant has been exercised, with payment to the Company of the Exercise Price and all
taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares,
having been paid. Notwithstanding anything herein to the contrary, upon delivery of the Notice of Exercise the Holder shall
be deemed for purposes of Regulation SHO under the Exchange Act to have become the holder of the Warrant Shares irrespective
of the date of delivery of the Warrant Shares. While any Warrants remain outstanding, the Company shall maintain a Custodian
that participates in the DTC Fast Automated Securities Transfer Program.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>ii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Delivery of
New Warrants Upon Exercise</U>. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of ADSs, deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all
other respects be identical with this Warrant (as may be amended or supplemented from time to time).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>iii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Rescission
Rights Upon Failure to Deliver ADSs</U>. If in the case of any Notice of Exercise such ADSs are not delivered to or as directed
by the applicable Holder by the Warrant Share Delivery Date, the Holder shall be entitled to elect by written notice to the Company
at any time on or before its receipt of such ADSs, to rescind such exercise, in which event the Company shall promptly return to
the Holder any original Warrant delivered to the Company and the Holder shall promptly return to the Company or the Custodian the
ADSs representing the Warrant Shares underlying this Warrant unsuccessfully tendered for exercise to the Company or the Custodian,
as the case may be (if surrendered).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>iv.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Compensation
for Buy-In on Failure to Timely Deliver ADSs Upon Exercise</U>. In addition to any other rights available to the Holder, if the
Company fails to cause the Custodian to deliver to the Holder such ADS by the Warrant Share Delivery Date, and if after such date
the Holder is required by its brokerage firm to purchase (in an open market transaction or otherwise) or the Holder&rsquo;s brokerage
firm otherwise purchases, ADSs to deliver in satisfaction of a sale by the Holder of the ADSs which the Holder anticipated receiving
upon such exercise relating to such Warrant Share Delivery Date (a &ldquo;<U>Buy-In</U>&rdquo;), then the Company shall (A) pay
in cash to the Holder the amount, if any, by which (x) the Holder&rsquo;s total purchase price (including brokerage commissions,
if any) for the ADSs so purchased exceeds (y) the amount obtained by multiplying (1) the aggregate number of ADSs that the Holder
was entitled to receive from the exercise at issue multiplied by (2) the actual sale price at which the sell order giving rise
to such purchase obligation was executed (including any brokerage commissions), and (B) at the option of the Holder, either reinstate
the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such
exercise shall be deemed rescinded) or deliver to the Holder the number of ADSs that would have been issued had the Company timely
complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases ADSs having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant with respect to which the actual sale
price of the Warrant Shares (including any brokerage commissions) giving rise to such purchase obligation was a total of $10,000,
under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall
provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the
Company, evidence of the amount of such loss. Nothing herein shall limit a Holder&rsquo;s right to pursue any other remedies available
to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with
respect to the Company&rsquo;s failure to timely deliver ADSs upon exercise of this Warrant as required pursuant to the terms hereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>No Fractional Shares or Scrip</U>. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round down to the previous whole share.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>vi.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Charges, Taxes
and Expenses</U>. The issuance of ADSs on exercise of this Warrant shall be made without charge to the Holder for any documentary
stamp or similar taxes that may be payable in respect of the issue or delivery of such ADSs, provided that the Company shall not
be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such ADS
upon exercise in a name other than that of the Holder of this Warrant and the Company shall not be required to issue or deliver
such ADSs unless or until the Person or Persons requesting the issuance thereof shall have paid to the Company the amount of such
tax or shall have established to the satisfaction of the Company that such tax has been paid.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>vii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Closing of
Books</U>. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in">(e)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there is no effective registration statement registering
the issuance of all of the Warrant Shares underlying this Warrant at any time after the Initial Exercise Date and on or prior to
the Termination Date, notwithstanding anything to the contrary contained herein, the Holder shall be permitted to exercise this
Warrant by delivery of a Notice of Exercise, and, within two (2) Trading Days following the delivery of such Notice of Exercise,
deliver to the Company the aggregate Exercise Price with respect to such exercise.&nbsp; Upon delivery of a Notice of Exercise
during a Registration Failure Period (as defined below), the Company shall (1) be required to pay in cash to the Holder on each
Trading Day during the Registration Failure Period an amount equal to 1.0% of the product of (A) the number of Warrant Shares exercised
by the Holder pursuant to the immediately preceding sentence, and (B) the VWAP of the ADSs on the Exercise Date, and (2) on the
Trading Day immediately following the end of the Registration Failure Period, deliver all Warrant Shares required to be delivered
pursuant to the Notice of Exercise by crediting the account of the Holder&rsquo;s prime broker with The Depository Trust Company
through its Deposit or Withdrawal at Custodian system.&nbsp; The Company shall pay any cash amounts owed pursuant to clause (A)
of the immediately preceding sentence no later than two (2) Business Days after a written request by the Holder (which may be made
by facsimile or electronic mail). As used herein, &ldquo;<U>Registration Failure Period</U>&rdquo; means the period (x) beginning
on the date of delivery of a Notice of Exercise at a time when there is no registration statement registering the issuance of all
of the Warrant Shares underlying this Warrant at any time after the Initial Exercise Date and on or prior to the Termination Date,
and (y) ending on the later to occur of (A) the date of delivery of all Warrant Shares required to be delivered pursuant to the
Notice of Exercise by crediting the account of the Holder&rsquo;s prime broker with The Depository Trust Company through its Deposit
or Withdrawal at Custodian system and (B) the date that there is a registration statement registering the issuance of all Warrant
Shares underlying this Warrant.</P>

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<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in"><U>Section 3</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Certain Adjustments</U>.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Share Dividends and Share Splits</U>. If the Company, at any time while this Warrant is outstanding: (A) pays a share
dividend or otherwise makes a distribution or distributions payable in Ordinary Shares or any Ordinary Share Equivalents (which,
for the avoidance of doubt, shall not include any Ordinary Shares issued by the Company upon exercise of this Warrant), (B) subdivides
outstanding Ordinary Shares into a larger number of shares, (C) combines (including by way of reverse stock split) outstanding
Ordinary Shares into a smaller number of shares, or (D) issues by reclassification of the Ordinary Shares any shares of capital
stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the
number of Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of Ordinary Shares outstanding immediately after such event, and the number of shares issuable upon exercise
of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged;
provided that in no event shall the Exercise Price be adjusted to a price less than the lowest exercise price allowed by applicable
law. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or reclassification.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsequent Rights Offerings</U>. In addition to any adjustment pursuant to Section 3(a) herein, if at any time the Company
grants, issues or sells any Ordinary Share Equivalents or rights to purchase stock, warrants, securities or other property pro
rata to the record holders of any class of shares of Ordinary Shares (the &ldquo;<U>Purchase Rights</U>&rdquo;), then the Holder
will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder&rsquo;s right to participate in any such Purchase Right would result in the Holder
exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such
extent (or beneficial ownership of such shares of Ordinary Shares as a result of such Purchase Right to such extent) and such Purchase
Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation).</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pro Rata Distributions</U>. If the Company, at any time while this Warrant is outstanding, (A) distributes, in compliance
with French corporate law, part of its reserves to all holders of Ordinary Shares (and not to the Holders), or (B) modifies, by
means of issuance of preferred shares, the rights of holders of Ordinary Shares to dividend distributions, then in each such case
the Exercise Price shall be adjusted and in the case of clause (A) above will be adjusted by multiplying such Exercise Price in
effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a
fraction of which the denominator shall be the VWAP (as defined below) determined as of the record date mentioned above, and of
which the numerator shall be such VWAP on such record date less the then market value at such record date of the portion of such
reserves so distributed applicable to one outstanding Ordinary Share as determined by the Board of Directors of the Company in
good faith; provided that in no event shall the Exercise Price be adjusted to a price less than the lowest exercise price allowed
by applicable law. Any adjustment required pursuant to this paragraph (c) shall be described in a notice delivered to the Holder
as provided under French corporate law. Such adjustment shall be made whenever any such distribution is made and shall become effective
immediately after the record date mentioned above. &ldquo;<U>VWAP</U>&rdquo; means, for any date, the price determined by the first
of the following clauses that applies: (a) if the ADSs are then listed or quoted on a Trading Market, the daily volume weighted
average price of the ADSs for such date (or the nearest preceding date) on the Trading Market on which the ADSs are then listed
or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. New York City time to 4:02 p.m. New York City time);
(b) if the ADSs are not then listed or quoted on a Trading Market and if prices for the ADSs are then reported in the &ldquo;Pink
Sheets&rdquo; published by Pink Sheets, LLC (or a similar organization or agency succeeding to its functions of reporting prices),
the most recent bid price per share of the ADSs so reported; or (c) in all other cases, the fair market value of an ADS as determined
by an independent appraiser selected in good faith by the Holders and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fundamental Transaction</U>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the
outstanding Ordinary Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are
effectively converted into or exchanged for other securities, cash or property, (v) the Company, directly or indirectly, in one
or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding Ordinary Shares (not including any Ordinary Shares held by
the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such
stock or share purchase agreement or other business combination) (each a &ldquo;<U>Fundamental Transaction</U>&rdquo;), then, upon
any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been
issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without
regard to any limitation in Section 2(c) on the exercise of this Warrant), the number of Ordinary Shares of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the &ldquo;<U>Alternate Consideration</U>&rdquo;)
receivable as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(c) on the exercise of this Warrant).
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one (1) Ordinary Share in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting
the relative value of any different components of the Alternate Consideration. If holders of Ordinary Shares are given any choice
as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice
as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company
shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the &ldquo;<U>Successor
Entity</U>&rdquo;) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents
in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory
to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option
of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares acquirable and receivable upon exercise
of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and
with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the
relative value of the Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the &ldquo;Company&rdquo; shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents
with the same effect as if such Successor Entity had been named as the Company herein.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Calculations</U>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as
of a given date shall be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice to Holder</U>.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>i.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Adjustment
to Exercise Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to each Holder by facsimile or e-mail a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -1.5in; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>ii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Notice
to Allow Exercise by Holder</U>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on
the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary
Shares, (C) the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe
for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the
Company shall be required in connection with any reclassification of the Ordinary Shares, any consolidation or merger to
which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, of any
compulsory share exchange whereby the Ordinary Shares are converted into other securities, cash or property, (E) the Company
shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in
each case, the Company shall cause to be delivered by facsimile or e-mail to the Holder at its last facsimile or e-mail
address as it shall appear upon the Warrant Register of the Company, at least twenty (20) calendar days prior to the
applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for
the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of
which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or
warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share
exchange is expected to become effective or close, and the date as of which it is expected that holders of the Ordinary
Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivering thereof shall not affect the validity of the corporate action required to
be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public
information regarding the Company or any of its subsidiaries, the Company shall simultaneously file such notice with the SEC
pursuant to a Current Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the 20-day period
commencing on the date of such notice through the effective date of the event triggering such notice.</P>

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<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in"><U>Section 4</U>.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer of Warrant</U>.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transferability</U>. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder
are transferable, in whole or in part, upon written notice substantially in the form attached hereto in <U>Annex C</U> (the &ldquo;Transfer
Notice&rdquo;) duly executed by the Holder or its agent or attorney and sent to the principal office of the Company and the Custodian,
together with surrender of this Warrant and wire of funds sufficient to pay any transfer taxes payable upon the making of such
transfer on the Company&rsquo;s bank account specified in <U>Annex D</U> or such other account following due notification to the
Holder. Upon such notice and surrender and, if required, such payment, the Company shall transcribe the transfer and inscribe the
assignee or assignees as shareholder(s) in its registers and execute and deliver a new Warrant or Warrants in the name of the assignee
or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without
having a new Warrant issued. Notwithstanding the foregoing, the Company shall have the right to decline to make a transfer of the
Warrant or Warrants if such transfer would be made to a competitor of the Company.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>New Warrants</U>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the original Issue Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable
pursuant thereto.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Warrant Register</U>. The Company or the Custodian, as applicable, shall register this Warrant, upon records to be maintained
by the Company or the Custodian as applicable, for that purpose (the &ldquo;<U>Warrant Register</U>&rdquo;), in the name of the
record Holder hereof from time to time. Prior to due presentment for transfer to the Company, the Company and any agent of the
Company may treat the Person in whose name this Warrant is duly registered on the Warrant as the owner hereof for the purpose of
any exercise hereof or any distribution, and for all other purposes, and neither the Company nor any such agent shall be affected
by notice to the contrary. The Warrant may be assigned or sold in whole or in part only by registration of such assignment or sale
on the Warrant Register. Upon its receipt of a Transfer Notice to assign or sell all or part of a Warrant by the Holder, the Company
or the Custodian, as applicable, shall record the information contained therein in the Warrant Register and the Company shall issue
or cause to be issued one or more new Warrants in compliance with Section 4(a) above.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in"><U>Section 5</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Miscellaneous</U>.</P>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Rights as Shareholder Until Exercise</U>. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Loss, Theft, Destruction or Mutilation of Warrant</U>. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction,
of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any
bond), and upon surrender and cancellation of such Warrant, if mutilated, the Company will make and deliver a new Warrant of like
tenor and dated as of such cancellation, in lieu of such Warrant.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Saturdays, Sundays, Holidays, etc</U>. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised
on the next succeeding Business Day.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorized Shares</U>. The Company covenants that, during the period the Warrant is outstanding, it will reserve from
its authorized and unissued Ordinary Shares a sufficient number of shares to provide for the issuance of the Ordinary Shares upon
the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute
full authority to its officers who are charged with the duty of executing share certificates to execute and issue the necessary
certificates, if any, for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take
all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation
of any applicable law or regulation, or of any requirements of the Trading Market upon which the Ordinary Shares may be listed.
The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this
Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and free from all taxes, liens and charges created by the Company in respect
of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Except and to the extent as waived or consented to by
the Holder, the Company shall not by any action, including, without limitation, amending its by-laws (<I>statuts</I>) or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to
protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing,
the Company will (A) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (B) take all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid Warrant Shares upon the exercise of this Warrant, and (C) use commercially reasonable efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be,
necessary to enable the Company to perform its obligations under this Warrant.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Before taking any action which would result in an adjustment
in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such
authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law; Jurisdiction</U>. Other than Sections 5(n), 5(o) and (p), which shall be governed by French law, and subject
to the mandatory provisions of French law applicable to the Warrant and the Warrant Shares, all questions concerning the construction,
validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the
internal laws of the State of New York, without regard to the principles of conflicts of law thereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against
a Holder, the Company or any of their respective affiliates, directors, officers, shareholders, partners, members, employees or
agents, to the exclusion of any actions or legal proceedings involving the representative of the <I>Masse</I> of Holders referred
to in Section 5 o)) shall be commenced exclusively in the state and federal courts sitting in the City of New York. The Company
and the Holders hereby irrevocably submit to the exclusive jurisdiction of the state and federal courts sitting in the City of
New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein (including with respect to the enforcement of the Warrant), and hereby irrevocably waives,
and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. The Company and
the Holders to the fullest extent permitted by law hereby irrevocably waive personal service of process and consent to process
being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agree that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in
any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding
to enforce any provisions of the Transaction Documents, then the prevailing party in such action, suit or proceeding shall be reimbursed
by the other party for its reasonable attorneys&rsquo; fees and other costs and expenses incurred with the investigation, preparation
and prosecution of such action or proceeding.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Nonwaiver and Expenses</U>. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice Holder&rsquo;s rights, powers or remedies. Without limiting
any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys&rsquo; fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. Any and all notices provided hereunder shall be delivered in accordance with the notice provisions of the
Purchase Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation of Liability</U>. No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the purchase price of any Ordinary Shares or as a stockholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies</U>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. Subject to applicable securities laws, this Warrant and the rights and obligations provided
herein shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time
of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">k)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment</U>. Subject to Section 5(o), this Warrant may be modified or amended or the provisions hereof waived with
the written consent of the Company and the Holder. No consideration shall be offered or paid to any Person to amend or consent
to waiver or modification of any provision of this Warrant unless the same consideration is also offered to all of the holders
of Warrants.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">l)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">m)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">n)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of the Rights of a Holder of a Warrant Under French Anti-Dilution Statutes</U>. To the extent not already
covered by Section 3, the French antidilution provisions of paragraph 1&deg; (but excluding paragraphs 2&deg; and 3&deg;) of the
second alinea of Article L.228-99 of the French Commercial Code shall apply.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"> o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Representation of Holders of the Warrants</U></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>i.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In accordance with Article L.228-103 of the French Commercial Code, Holders of the Warrants will be aggregated together
in a collective group (the &ldquo;<U>Masse</U>&rdquo;). The <I>Masse</I> will be an independent legal entity.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>ii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>A general meeting of the Holders of the Warrants shall be called to authorize all modifications of the terms and conditions
of the Warrants, and to vote on all decisions and actions of the representative of the <I>Masse</I> in accordance with Section
5(o)(iv) that, by law, must be submitted for its approval.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>iii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT>In
accordance with Article L.228-47 of the French Commercial Code, the representative of the <I>Masse</I> will be:
Aether Financial Services, a company incorporated under French law with registered offices at 2, Square La Bruy&egrave;re
&ndash; 75009 Paris, France, France, , an E.U. citizen with his or her domicile in France.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>iv.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The representative of the <I>Masse</I> will have the power to carry-out, on behalf of the <I>Masse</I>, all actions of
administrative nature (<I>actes de gestion</I>) necessary to protect the interests of the Holders, it being expressly provided
that it shall not be entitled to take any decision, commence any action, exercise or waive any right on behalf of the <I>Masse</I>,
alter, waive, amend or terminate any provision of any of the Warrants without in each case, being expressly authorized by a general
meeting of the Holders voting with a two-thirds majority.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>v.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
representative of the <I>Masse</I> will exercise its duties until dissolution, resignation or termination of its duties by a general
meeting of the Holders of the Warrants or until it becomes unable to act. Its appointment shall automatically cease on the date
of final or total redemption, prior to maturity or otherwise, of the Warrants. This appointment will be automatically extended,
where applicable, until the final conclusion of any legal proceedings in which the representative is involved and the enforcement
of any judgments rendered or settlements made.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>vi.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The representative of the <I>Masse</I> shall be entitled to remuneration of &euro;700 (seven hundred euros) per year, payable
by the Company on each anniversary of the Initial Exercise Date (or the immediately following Business Day) from 2016 to 2018 inclusive
so long as the Warrants remain outstanding on such date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>vii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will also bear the costs of (i) calling and holding general meetings of the Holders, (ii) publishing their decisions,
(iii) the designation of the representative(s) of the <I>Masse</I>, (iv) the administrative and management costs of the <I>Masse</I>,
and (v) the general meetings of the <I>Masse</I>.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>viii.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>General meetings of the Holders shall be held at the registered office of the Company or such other place as is specified
in the call notice of the meeting. Each Holder shall have the right, during the period of 15 days prior to any general meeting
of the <I>Masse</I>, to examine and take copies of, or to cause an agent to do so on its behalf, at the registered office or administrative
headquarters of the Company or, as the case may be, at such other place as is specified in the call notice for such meeting, the
text of the resolutions to be proposed and any reports to be presented to the meeting.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>ix.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This provisions of this section are intended solely for compliance with the French Commercial Code. Nothing contained herein
or in any other Transaction Document, and no action taken by any Holder pursuant thereto, shall be deemed to constitute the Holders
as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holders are in
any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">p)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Preferential Subscription Rights and Priority Subscription Period</U>. The Company&rsquo;s shareholders have waived their
preferential subscription rights with respect to the issuance of this Warrant and the Warrant Shares issuable upon exercise hereof
and no priority subscription period is applicable.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">q)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Currency.</U> All amounts owing under the Warrants or any Transaction Document that, in accordance with their terms,
are paid in cash shall be paid in U.S. dollars. All amounts denominated in other currencies shall be converted in the U.S. dollar
equivalent amount in accordance with the Exchange Rate on the date of payment. &ldquo;<U>Exchange Rate</U><B>&rdquo;</B> means,
in relation to any amount of currency to be converted into United States dollars pursuant to the Warrants, the United States dollar
exchange rate as published in The Wall Street Journal on the relevant date of calculation (it being understood and agreed that
where an amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date of
such period of time).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">r)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U>. As of the date
hereof, the subscription of Ordinary Shares upon the exercise in whole or in part of the Warrants would not be subject to withholding
tax in France.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Judgment Currency</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&#9;If, for the purpose of obtaining
or enforcing judgment against the Company in any court in any jurisdiction, it becomes necessary to convert into any other currency
(such other currency being hereinafter in this Section 5(s) referred to as the &ldquo;<U>Judgment Currency</U>&rdquo;) an amount
due in United States dollars under the Warrants, the parties agree, to the fullest extent that they may effectively do so, that
the conversion shall be made at the Exchange Rate prevailing on the business day immediately preceding:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0.5in">(A)&#9; the date of actual payment
of the amount due; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 36.05pt">(B) in the event that the court
determines that such date should be another date, such court-determined date (the date as of which such conversion is made pursuant
to this Section 5(s)(i)(B) being hereinafter referred to as the &ldquo;<U>Judgment Conversion Date</U>&rdquo;).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&#9;&nbsp;&nbsp;&nbsp;&nbsp;If there is a change in the
Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable
party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted
at the Exchange Rate prevailing on the date of payment, will produce the amount of United States dollars which could have been
purchased with the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on
the Judgment Exercise Date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 45pt; margin: 0pt 0 0pt 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&#9;Any amount due from the Company
under this provision shall be due as a separate debt and shall not be affected by judgment being obtained for any other amounts
due under or in respect of the Warrants.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 45pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">********************</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>(Signature Page Follows)</I></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I></I></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><I>&nbsp;</I><BR CLEAR="ALL">
</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 10.5pt; margin: 0pt 0 0pt 0.25in">IN WITNESS WHEREOF, the Company
has caused this Warrant to be duly executed by its officer thereunto duly authorized as of the date first above indicated.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 10.5pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>&nbsp;EDAP TMS S.A.</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Marc Oczachowski</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#9;<B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>ANNEX A</U></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>CERTIFICAT D&rsquo;INSCRIPTION EN COMPTE</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>ANNEX A-1</U></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>OFFICER&rsquo;S CERTIFICATE</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">To:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">On [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], 2016</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Dear Sir:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">You will find attached a &ldquo;certificat d&rsquo;inscription en
compte&rdquo; issued by CACEIS, and a copy of CACEIS Warrant Register (&ldquo;comptes d&rsquo;actionnaires&rdquo;).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">We hereby confirm that the securities being the subject of such certificate
and being recorded in the Warrant Register are the <I>bons de souscription d&rsquo;actions</I>, the terms and conditions of which
are attached hereto.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Yours sincerely,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">On the name and for the account of EDAP-TMS</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Name:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Title:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&emsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>ANNEX B</U></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>NOTICE OF EXERCISE</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>WARRANTS EXPIRING IN 2018</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">To:&#9;EDAP TMS S.A.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Attn: Blandine Confort</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Corporate Secretary</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Address Parc d&rsquo;Activit&eacute;s La Poudrette Lamartine,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">4/6 rue du Dauphin&eacute;,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">69120 Vaulx en Velin, France</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Tel: +33(4) 72 15 31 50</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Fax: +33(4) 72 15 31 44</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">With a copy to:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">CACEIS CORPORATE TRUST</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Laetitia Delauney</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Address14 rue Rouget de Lisle</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">92862 Issy Les Moulineaux, France</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Tel: +33(1) 57 78 31 56</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Fax: +33(1) 57 78 32 19</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">Reference is made to the certificate evidencing the terms and conditions
of the <I>bons de souscription d&rsquo;actions</I> issued on April 14, 2016 and expiring on October 14, 2018 (the &ldquo;Warrants&rdquo;)
issued to the undersigned by EDAP-TMS S.A. (the &ldquo;Company&rdquo;). Capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the terms and conditions of the Warrant.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(1)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;
</FONT>The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any amounting to $[&nbsp;&nbsp;&nbsp;&nbsp; ].</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">(2)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;
</FONT>Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other
name as is specified below.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">_______________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The Warrant Shares shall be delivered by physical delivery of a certificate to:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Address:&#9;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&#9;&#9;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">or to the following account as set out below.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Name of Holder's Broker:&#9;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Address of Broker:&#9;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Contact Person at Broker:&#9;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Broker's DTC Participant Number:&#9;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Account Number to receive ADRs:&#9;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[SIGNATURE OF HOLDER]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Name of Holder: _____________________________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Signature of Authorized Signatory of Holder: ______________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Address of Holder: _____________________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Facsimile number of Holder: ________________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Name of Authorized Signatory: ___________________________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Title of Authorized Signatory: _________________________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Date:________________________________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>IMPORTANT: Please provide a copy of the documents below with this notice of exercise.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>(i) passport or national id card of the Authorized Signatory, and </B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>(ii) power of attorney, mandate, proof of authority to sign on behalf of the Holder,
or any equivalent document entitling the Authorized Signatory to sign on behalf of the holder</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">CACEIS IS HEREBY INSTRUCTED BY THE HOLDER IDENTIFIED ABOVE TO DEPOSIT THE ORDINARY SHARES
INTO WHICH THE WARRANT IS BEING EXERCISED PURSUANT TO THIS NOTICE WITH THE DEPOSITARY FOR ISSUE BY THE DEPOSITARY OF THE APPLICABLE
NUMBER OF CORRESPONDING ADRs TO THE BENEFICIARY.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">PLEASE CHECK IF APPLICABLE:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[ &nbsp;&nbsp;] CACEIS IS HEREBY INSTRUCTED TO DELIVER OR CAUSE TO BE DELIVERED ADRs TO THE HOLDER;
PROVIDED THAT BY CHECKING THIS BOX THE HOLDER HEREBY REPRESENTS AND WARRANTS TO THE COMPANY AND CACEIS THAT AT THE TIME OF DELIVERY
THE RELEVANT ORDINARY SHARES (AND CORRESPONDING ADRS) MAY BE TRANSFERRED PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>ANNEX C</U></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>TRANSFER NOTICE</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(To assign the foregoing warrant, execute<BR>
this form and supply required information.<BR>
Do not use this form to exercise the warrant.)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%">
        <P STYLE="font-size: 10pt; margin: 0pt 0">To: EDAP-TMS S.A.</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Attn: Blandine Confort</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Corporate Secretary</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">AddressParc d&rsquo;Activit&eacute;s La Poudrette Lamartine,</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">4/6 rue du Dauphin&eacute;,</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">69120 Vaulx en Velin, France</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Tel: +33(4) 72 15 31 50</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Fax: +33(4) 72 15 31 44</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></td>
    <td style="width: 50%">
        <P STYLE="font-size: 10pt; margin: 0pt 0">With a copy to:</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">CACEIS CORPORATE TRUST</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Laetitia Delauney</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Address14 rue Rouget de Lisle</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">92862 Issy Les Moulineaux, France</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Tel: +33(1) 57 78 31 56</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Fax: +33(1) 57 78 32 19</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></td></tr>
</table>
<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><img src="caceis.jpg"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">ASSIGNMENT ORDER</P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">FROM SECURITIES NOT CONSIDERED AS EUROCLEAR FRANCE</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: middle">
    <TD COLSPAN="2" STYLE="text-align: left; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 70pt">(a)<font style="font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt"><i>&nbsp;</i></font></td>
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: middle">
    <TD COLSPAN="2" STYLE="text-align: left; border-left: Black 1pt solid; padding-left: 70pt">(b)<font style="font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt"><i>D&eacute;signation&nbsp;</i></font></td>
    <TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-right: Black 1pt solid">(i)<font style="font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></td></tr>
<tr style="vertical-align: middle">
    <TD STYLE="text-align: left; width: 30%; border-left: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; width: 30%">&nbsp;</td>
    <TD STYLE="text-align: left; width: 5%; border-right: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 35%; border-right: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="2" STYLE="font-style: italic; vertical-align: middle; border-left: Black 1pt solid; border-bottom: Black 1pt solid">Of the Company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;EDAP TMS SA</font></td>
    <TD STYLE="font-style: italic; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: middle">
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-left: Black 1pt solid">(ii)<font style="font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt"><i>&nbsp;</i></font></td>
    <TD STYLE="text-align: right; border-right: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: center; border-right: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: middle">
    <TD STYLE="border-left: Black 1pt solid">Securities <font style="font-size: 10pt; font-weight: normal"><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WARRANT</i></font></td>
    <TD STYLE="border-left: Black 1pt solid">ISIN CODE&nbsp;&nbsp;___________________________</td>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid">(iii)<font style="font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____________</font></td></tr>
<TR STYLE="vertical-align: middle">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<tr style="vertical-align: middle">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid">Quantity (in letters)&nbsp;&nbsp;&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</td>
    <TD STYLE="font-style: italic; border-right: Black 1pt solid">Quantity&nbsp;&nbsp;&nbsp;&nbsp;</td></tr>
<tr style="vertical-align: middle">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</td>
    <TD STYLE="font-style: italic; border-right: Black 1pt solid">(en figures)&nbsp;&nbsp;<font style="font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;&nbsp;___________</font></td></tr>
<tr>
    <TD COLSPAN="2" STYLE="vertical-align: middle; border-left: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-right: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="2" STYLE="vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: middle">
    <TD COLSPAN="4" STYLE="text-align: center; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: middle">
    <TD COLSPAN="4" STYLE="text-align: center; border-right: Black 1pt solid; border-left: Black 1pt solid">WARRANTS &ndash; EDAP Term _______________ &ndash; CODE _______________</td></tr>
<TR STYLE="vertical-align: middle">
    <TD COLSPAN="4" STYLE="text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
</table>


<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center; text-indent: 0in"><B>ARTICLE II.</B>NAME OF THE DESIGNATING PARTY</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Mr. _______________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">___________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">___________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">___________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>ASK FOR THE EXECUTION OF THE FOLLOWING ACTION: ASSIGNMENT</I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>To the benefit of </I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">___________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">___________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">___________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">___________________</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><I>(Physical Address)</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE BORDER="0" CELLPADDING="4" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 5%; border-top: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 35%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</td>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 4%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 35%; border-top: Black 1pt solid">&nbsp;</td>
    <TD STYLE="width: 5%; border-right: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</td></tr>
<tr>
    <TD COLSPAN="2" STYLE="vertical-align: middle; border-left: Black 1pt solid; text-indent: 20pt">1.1<font style="font-size: 10pt; font-weight: normal; font-style: normal">&nbsp; </font><font style="font-size: 10pt; font-weight: normal; font-style: normal"><u>SIGNATURE OF ADMINISTRATOR OF WARRANTS (CACEIS CT)</u></font></td>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD COLSPAN="3" STYLE="color: #4F81BD; vertical-align: middle; border-left: Black 1pt solid">SIGNATURE OF&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(153,204,255) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</td></tr>
<tr>
    <TD COLSPAN="2" STYLE="vertical-align: middle; border-left: Black 1pt solid">REGISTERED DATE</td>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD COLSPAN="2" STYLE="color: #4F81BD; vertical-align: bottom; border-left: Black 1pt solid">Date</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(153,204,255) 1pt dashed">&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">Date</td>
    <TD STYLE="border-bottom: Black 1pt dashed">&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</table>


<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">NB: Warrants will be registered by CACEIS in pure nominative form</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #BF2128"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #BF2128"><FONT STYLE="font-size: 12pt"><B>CACEIS Corporate Trust</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Soci&eacute;t&eacute; anonyme au capital de 12 000 000
&euro;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 7pt">439 430 976 R.C.S. Paris - TVA : FR 84439430976</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Si&egrave;ge social : 1-3 Place Valhubert - 75013 PARIS</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Adresse de l&rsquo;&eacute;tablissement principal : 14
rue Rouget de Lisle - 92130 Issy-les-Moulineaux</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 7pt">Adresse postale : 14, rue Rouget de Lisle 92862 Issy-les-Moulineaux
Cedex 9 - France</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #BF2128"><FONT STYLE="font-size: 7pt">www.caceis.com</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: #BF2128"><FONT STYLE="font-size: 7pt"></FONT></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>ANNEX D</U></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>COMPANY&rsquo;S BANK ACCOUNT DETAILS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>FOR THE PAYMENT OF THE EXERCISE PRICE</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Account Owner at Natixis, Lyon branch:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">EDAP-TMS</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">C/O Technomed Medical Systems</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">4, rue du Dauphin&eacute;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">69120 Vaulx-en-Velin</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">France</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">International Bank Account Number:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">FR76 3000 7530 2904 2931 1600 091</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Bank Identifier Code :</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">NATXFRPPXXX</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">25</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>exh_51.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><img src="jones.jpg"></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">April 14, 2016</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">EDAP TMS<BR>
Parc d&rsquo;activit&eacute; de la Poudrette Lamartine<BR>
4, rue du Dauphin&eacute;<BR>
69120 Vaulx-en-Velin, France</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Re: <U>3,283,284 Ordinary Shares with Warrants
issued by EDAP TMS</U></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">We have acted as special French counsel for
EDAP TMS, a French <I>soci&eacute;t&eacute; anonyme</I> (the &ldquo;Company&rdquo;) in connection with the issuance by the Company
of 3,283,284 Ordinary Shares, par value &euro;0.13 per share (the &ldquo;Ordinary Shares&rdquo;) each represented by American Depositary
Shares (&ldquo;ADSs&rdquo;) with a Warrant attached to each new Ordinary Share (the &ldquo;Warrant&rdquo;) attached to each Ordinary
Share, exercisable for Ordinary Shares. The Ordinary Shares with Warrants attached are being issued and sold as a unit (&ldquo;<I>action
&agrave; bon de souscription d&rsquo;actions</I>&rdquo;, referred to herein as the &ldquo;ABSA&rdquo; and collectively with the
Warrants and Ordinary Shares, the &ldquo;Securities&rdquo;). The 3,283,284 Ordinary Shares issuable upon exercise of the Warrants
are referred to herein as the &ldquo;Warrant Shares&rdquo;. The Securities and the Warrant Shares are included in a Registration
Statement on Form F-3 (Registration No. 333-195435), filed by the Company with the Securities and Exchange Commission on April
22, 2014 and declared effective on May 7, 2014 (the &ldquo;Registration Statement&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In connection with the opinions expressed herein,
we have examined such documents, records and matters of law as we have deemed relevant or necessary for purposes of such opinions.
Based on the foregoing, and subject to the further limitations, qualifications and assumptions set forth herein, we are of the
opinion that, as of the date hereof:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The issuance of the ABSA, the Ordinary Shares and Warrants comprising the ABSA has been duly authorized;
the ABSA, the Ordinary Shares and the Warrants comprising the ABSA, have been validly issued and, subject to the full payment of
their subscription price as shall be acknowledged by the certificate of the depository (<I>certificat du d&eacute;positaire</I>)
to be delivered by Natixis, fully paid and non-assessable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The Warrant Shares, when issued by the Company upon exercise of the Warrants, and upon full payment
of the applicable exercise price, pursuant to the terms and conditions of the Warrants, will be validly issued, fully paid and
non-assessable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><img src="jones_footer.jpg"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<!-- Field: Page; Sequence: 1 -->
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right"><img src="jones_sm.jpg"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">EDAP TMS SA</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">April 14, 2016</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">Page 2</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In rendering the foregoing opinion, we have
assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity to
originals of all documents submitted to us as certified or reproduced copies and we have also assumed that (i) the Registration
Statement, and any amendments thereto, was effective at the time of issuance of the Securities and will remain effective under
the Securities Act of 1933 at all times at which the Warrants may be exercised; (ii) the resolutions authorizing the Company to
issue, offer and sell the Securities as adopted by the extraordinary shareholders&rsquo; meeting and/or the Board, as applicable,
are accurately reflected in the minutes of such meetings provided to us and will be in full force and effect when the Warrant Shares
will be issued by the Company; (iii) the Company will issue and deliver the Warrant Shares in the manner contemplated in the Registration
Statement and the amount of Warrant Shares issued will remain within the limits of the then authorized but unissued amounts of
such Warrant Shares; (iv) all Securities have been, and all Warrant Shares will be, issued in compliance with applicable securities
and corporate law; and (v) any deposit agreement, warrant agreement, purchase contract or similar agreement will constitute a valid
and binding obligation of each party thereto other than the Company at the time of issuance of the Warrant Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The opinion expressed herein is limited by bankruptcy,
insolvency, reorganization, fraudulent transfer and fraudulent conveyance, voidable preference, moratorium or other similar laws
and related regulations and judicial doctrines from time to time in effect relating to or affecting creditor&rsquo;s rights generally,
and by public policy and public order considerations.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">As to facts material to the opinions and assumptions
expressed herein, we have relied upon written statements and representations of officers and other representatives of the Company.
We are members of the Paris bar and this opinion is limited to the laws of the Republic of France. This opinion is subject to the
sovereign power of the French courts to interpret agreements and assess the facts and circumstances of any adjudication. This opinion
is given on the basis that it is to be governed by, and construed in accordance with, the laws of the Republic of France.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">We hereby consent to the filing of this opinion
as Exhibit 5.1 to the Registration Statement and to the reference to Jones Day under the caption &ldquo;Legal Matters&rdquo; in
the prospectus constituting a part of such Registration Statement. In giving such consent, we do not hereby admit that we are included
in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the
Commission promulgated thereunder.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>/s/ Jones Day</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>5
<FILENAME>exh_52.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.2</B></P>

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><img src="jones.jpg"></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">April 14, 2016</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">EDAP TMS<BR>
Parc d&rsquo;activit&eacute; de la Poudrette Lamartine<BR>
4, rue du Dauphin&eacute;<BR>
69120 Vaulx-en-Velin, France</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 40pt; text-align: left"><FONT STYLE="font-weight: normal">&#9;Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>3,283,284 Ordinary
Shares and 3,283,284 Warrants of EDAP TMS</U></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">Ladies and Gentlemen:</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">We have acted as special United States counsel
for EDAP TMS, a French <I>soci&eacute;t&eacute; anonyme</I> (the &ldquo;Company&rdquo;), in connection with the issuance and sale
by the Company of 3,283,284 Ordinary Shares, par value &euro;0.13 per share (the &ldquo;Ordinary Shares&rdquo;) each represented
by American Depositary Shares (&ldquo;ADSs&rdquo;) with a Warrant (the &ldquo;Warrants&rdquo;) attached to each Ordinary Share,
exercisable for an aggregate of 3,283,284 Ordinary Shares (the &ldquo;Warrant Shares&rdquo;). The Ordinary Shares with Warrants
attached are being issued and sold as a unit pursuant to the terms of the securities purchase agreement dated April 7, 2016 (the
&ldquo;Securities Purchase Agreement&rdquo;) by and among the Company and the several purchasers named therein, including Exhibit
A setting forth the terms and conditions of the Warrants as signed by the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In connection with the opinion expressed herein,
we have examined such documents,<FONT STYLE="font-size: 10pt"> records and matters of law as we have deemed relevant or necessary
for purposes of such opinions. Based upon the foregoing, a</FONT>nd subject to the further limitations, qualifications and assumptions
set forth herein, we are of the opinion that the Warrants, when they are executed and delivered by the parties thereto and issued
and delivered to the Purchasers against payment therefor in accordance with the terms of the Securities Purchase Agreement, will
constitute valid and binding obligations of the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-align: justify">In rendering the opinion set forth above, we have assumed that: (a) the Registration Statement on Form
F-3 (No. 333-195435) (the &ldquo;Registration Statement&rdquo;) filed by the Company to effect the registration of the Warrants,
the Ordinary Shares and the Warrant Shares under the Securities Act of 1933 (the &ldquo;Act&rdquo;), as it may be amended from
time to time, will remain effective under the Act at all times at which the Warrants may be exercised; (b) each of the Warrants
will have been executed and delivered by the Co<FONT STYLE="font-size: 10pt">mpany; (c) the Company is a validly existing <I>soci&eacute;t&eacute;
anonyme </I>under the laws of the Republic of France; (d) the Warrants have been, as applicable, (i) authorized by all necessary
corporate action of the Company and (ii) the execution, delivery, performance and compliance with the terms and provisions of such
documents or securities by the Company do not violate or conflict with the laws of the Republic of France or the terms and provisions
of the organizational documents of the Company; and (e) the Warrant Shares</FONT></P>



<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><img src="jones_footer.jpg"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<!-- Field: Page; Sequence: 1 -->
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right"><img src="jones_sm.jpg"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">EDAP TMS SA</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">April 14, 2016</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">Page 2</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">will have been authorized and reserved for issuance,
in each case within the limits of the then-remaining authorized but unissued and unreserved amounts of Ordinary Shares. We also
express no opinion as to the enforceability of Section 5(s) of the Warrants relating to the judgment currency.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The opinion expressed
herein is limited by bankruptcy, insolvency, reorganization, fraudulent transfer and fraudulent conveyance, voidable preference,
moratorium or other similar laws and related regulations and judicial d</FONT>octrines from time to time in effect relating to
or affecting creditor&rsquo;s rights generally, and by general equitable principles and public policy considerations, whether such
principles and considerations are considered in a proceeding at law or at equity.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The opinion expressed herein is limited to the
laws of the State of New York as currently in effect, and we express n<FONT STYLE="font-size: 10pt">o opinion as to the effect
of the laws of any other jurisdiction. We hereby consent to the filing of this opinion as Exhibit 5.2 to the Registration Statement
and to the reference to us under the caption &ldquo;Legal Matters&rdquo; in the prospectus constituting a part of such Registration
Statement. In giving such consent, we do not hereby admit that we are included in the category of persons whose consent is required
under Section 7 of the Act or the rules and regulations of the Securities and Exchange Commission promulgated thereunder. </FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>/s/ Jones Day</TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

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

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

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

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: right; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: right; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>SECURITIES
PURCHASE AGREEMENT</B></P>

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">This Securities Purchase Agreement (this &ldquo;<U>Agreement</U>&rdquo;)
is dated as of April 7, 2016, between EDAP TMS S.A., a French <I>soci&eacute;t&eacute; anonyme</I>, with headquarters located at
Parc d'activit&eacute;s la Poudrette-Lamartine, 4/6, rue du Dauphin&eacute;, 69120 Vaulx-en-Velin, France (the &ldquo;<U>Company</U>&rdquo;),
and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a &ldquo;<U>Purchaser</U>&rdquo;
and collectively the &ldquo;<U>Purchasers</U>&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">WHEREAS:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">A. Subject to the terms and conditions set forth
in this Agreement, the Company desires to issue to each Purchaser, and each Purchaser, severally and not jointly, desires to subscribe
for, Shares (as defined below) and Warrants (as defined below) pursuant to the Registration Statement (as defined below) as more
fully described in this Agreement. This Agreement, together with the form of Warrant provided as Exhibit A hereto, shall constitute,
for purposes of French law, the issuance agreement (&ldquo;<I>contrat d&rsquo;&eacute;mission</I>&rdquo;) relating to the Warrants.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">B. The Ordinary Shares (as defined below), including
those issuable upon exercise of the Warrants (as defined below), will be represented by American Depositary Receipts (&ldquo;<U>ADRs</U>&rdquo;)
issued pursuant to the Deposit Agreement (as defined below), each evidencing one (1) American Depositary Share (&ldquo;<U>ADS</U>&rdquo;),
each ADS representing one (1) Ordinary Share.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">C. For the avoidance of doubt, Ordinary Shares,
Warrants and Warrant Shares (each as defined below) are &ldquo;<I>instruments financiers</I>&rdquo; under French law.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">D. Each Purchaser has duly executed all relevant
corporate documentation, including the subscription form attached hereto as <U>Exhibit B</U> relating to the subscription of the
Shares (as defined below) and the Warrants (as defined below) as required under French corporate law, except that the subscription
forms can be duly signed and delivered within 48 hours of the signing of this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">NOW, THEREFORE, IN CONSIDERATION of the mutual
covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby
acknowledged, the Company and each Purchaser agree as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE I.</B><BR>
DEFINITIONS</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 28.4pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">1.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions</U>. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the
following terms have the meanings set forth in this Section 1.1:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Acquiring Person</U>&rdquo; shall
have the meaning ascribed to such term in Section 4.5.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Action</U>&rdquo; shall
have the meaning ascribed to such term in Section 3.1(j).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>ADRs</U>&rdquo; shall have
the meaning ascribed to such term in the Recitals to this Agreement.</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>ADS</U>&rdquo; shall have
the meaning ascribed to such term in the Recitals to this Agreement.</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Affiliate</U>&rdquo; means
any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person as such terms are used in and construed under Rule 405 under the Securities Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Board of Directors</U>&rdquo;
means the board of directors of the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Business Day</U>&rdquo;
means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or a legal holiday
in France or any day on which banking institutions in the State of New York or Lyon, France are authorized or required by law or
other governmental action to close.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Closing</U>&rdquo; means
the closing of the purchase and sale of the Securities pursuant to Section 2.1.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Closing Date</U>&rdquo;
means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto,
and all conditions precedent to (i) the Purchasers&rsquo; obligations to pay the Subscription Amount and (ii) the Company&rsquo;s
obligations to deliver the Securities, in each case, have been satisfied or waived, which shall not be later than April 14, 2016.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Commission</U>&rdquo; means
the United States Securities and Exchange Commission.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Company French Counsel</U>&rdquo;
means Jones Day, with offices located in Paris, France.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Company U.S. Counsel</U>&rdquo;
means Jones Day, with offices located in Paris, France.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Custodian</U>&rdquo; means
CACEIS CORPORATE TRUST, 14 Rue Rouget de Lisle - 92862 Issy les Moulineaux C&eacute;dex 09, France, T&eacute;l : +33 1 57 78 34
24, Fax: +33 1 57 78 32 19.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Deposit Agreement</U>&rdquo;
means the Deposit Agreement dated as of July 31, 1997 and Amended and Restated as of April 7, 2008, among the Company, The Bank
of New York Mellon as Depositary and the owners and beneficial owners of ADRs from time to time, as such agreement may be amended
or supplemented.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>EGS</U>&rdquo; means Ellenoff
Grossman &amp; Schole LLP with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Escrow Agent</U>&rdquo;
means Signature Bank, a New York State chartered bank, with offices at 261 Madison Avenue, New York, New York 10016.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Escrow Agreement</U>&rdquo;
means the escrow agreement by and among the Company, the Escrow Agent and H.C. Wainwright &amp; Co., LLC, pursuant to which the
Purchasers shall deposit Subscription Amounts with the Escrow Agent to be applied to the transactions contemplated hereunder.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Evaluation Date</U>&rdquo;
shall have the meaning ascribed to such term in Section 3.1(r).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Exchange Act</U>&rdquo;
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Exempt Issuance</U>&rdquo;
means the issuance of (a) Ordinary Shares or options to employees, officers or directors of the Company pursuant to any stock or
option plan duly adopted for such purpose by a majority of the non-employee members of the Board of Directors, (b) securities upon
the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable
for or convertible into Ordinary Shares issued and outstanding on the date of this Agreement, provided that such securities have
not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price,
exchange price or conversion price of such securities, and (c) securities issued pursuant to acquisitions or strategic transactions
approved by a majority of the directors of the Company not having a direct financial interest in such transaction, provided that
any such issuance shall only be to a Person which is, itself or through its subsidiaries, engaged in a business synergistic with
the business of the Company and in which the Company receives benefits in addition to the investment of funds, but shall not include
a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary
business is investing in securities.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>FCPA</U>&rdquo; means the
Foreign Corrupt Practices Act of 1977, as amended.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>GAAP</U>&rdquo; shall have
the meaning ascribed to such term in Section 3.1(h).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Indebtedness</U>&rdquo;
shall have the meaning ascribed to such term in Section 3.1(y).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Intellectual Property Rights</U>&rdquo;
shall have the meaning ascribed to such term in Section 3.1(o).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Liens</U>&rdquo; means a
lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Material Adverse Effect</U>&rdquo;
shall have the meaning ascribed to such term in Section 3.1(b).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Material Permits</U>&rdquo;
shall have the meaning ascribed to such term in Section 3.1(m).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Ordinary Shares</U>&rdquo;
means the ordinary shares of the Company, nominal value &euro;0.13 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Ordinary Share Equivalents</U>&rdquo;
means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Ordinary
Shares, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any
time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Per Share Purchase Price</U>&rdquo;
equals $3.50, subject to adjustment for reverse and forward stock splits, stock dividends, share consolidations and other similar
transactions of the ADRs, ADSs or Ordinary Shares that occur after the date of this Agreement but on or prior to the Closing Date.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Person</U>&rdquo; means
an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind, including without limitation,
any Trading Market.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Placement Agent</U>&rdquo;
means H.C. Wainwright &amp; Co., LLC.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Principal Trading Market</U>&rdquo;
means the Trading Market on which the ADRs are primarily listed or quoted for trading, which, as of the date of this Agreement
and as of the Closing Date, shall be The NASDAQ Global Market.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Proceeding</U>&rdquo; means
an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such
as a deposition), whether commenced or threatened.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Prospectus</U>&rdquo; means
the final prospectus filed for the Registration Statement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Prospectus Supplement</U>&rdquo;
means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission and delivered
by the Company to each Purchaser at the Closing.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Purchase</U>&rdquo; means,
when used in connection with any Warrant, Warrant Share or Ordinary Share, for the avoidance of doubt and for purposes of interpretation
of this Agreement and the exhibits thereto under French law, subscription for any such newly issued Warrant, Warrant Share or Ordinary
Share.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Registration Statement</U>&rdquo;
means the effective registration statement with Commission file No. 333-195435 which registers the sale of the Securities to the
Purchasers.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Required Approvals</U>&rdquo;
shall have the meaning ascribed to such term in Section 3.1(e).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Rule 144</U>&rdquo; means
Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to
time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as
such Rule.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Rule 424</U>&rdquo; means
Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to
time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as
such Rule.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Sale</U>&rdquo; means, when
used in connection with any Warrant, Warrant Share or Ordinary Share, for the avoidance of doubt and for purposes of interpretation
of this Agreement and the exhibits thereto under French law, issuance of any such newly issued Warrant, Warrant Share or Ordinary
Share.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>SEC Reports</U>&rdquo; shall
have the meaning ascribed to such term in Section 3.1(h).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Securities</U>&rdquo; means
the Shares, the Warrants and the Warrant Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Securities Act</U>&rdquo;
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Shares</U>&rdquo; means
the Ordinary Shares as represented by ADSs as evidenced by ADRs issued pursuant to the Deposit Agreement (as defined above); each
ADR evidences one (1) ADS, each ADS represents one (1) Ordinary Share, issued or issuable to each Purchaser pursuant to this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Short Sales</U>&rdquo; means
all &ldquo;short sales&rdquo; as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include
the location and/or reservation of borrowable ADRs, ADSs or Ordinary Shares).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Subscription Amount</U>&rdquo;
means, as to each Purchaser, the aggregate amount to be paid for Shares and Warrants purchased hereunder as specified below such
Purchaser&rsquo;s name on the signature page of this Agreement and next to the heading &ldquo;Subscription Amount,&rdquo; in United
States dollars and in immediately available funds. The Subscription Amount is the U.S. dollar equivalent of the aggregate subscription
price in euros for the simultaneous issuance of the Shares and the Warrants under the form of an <I>action &agrave; bons de souscription
d&rsquo;actions</I> (ABSA) pursuant to Section 2.1 of this Agreement, it being specified that the Warrants will be detached from
the Ordinary Shares immediately after issuance and therefore the Subscription Amount shall be fully attributable to both the Warrants
and the Ordinary Shares.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Subsidiary</U>&rdquo; means
any direct or indirect subsidiary of the Company as set forth in the SEC Reports and shall, where applicable, also include any
direct or indirect subsidiary of the Company formed or acquired after the date hereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Trading Day</U>&rdquo; means
a day on which the Principal Trading Market is open for trading.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Trading Market</U>&rdquo;
means whichever of the New York Stock Exchange, the NYSE Amex, The NASDAQ Global Select Market, The NASDAQ Global Market, The NASDAQ
Capital Market or the OTC Bulletin Board on which the ADRs are listed or quoted for trading on the date in question.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Transaction Documents</U>&rdquo;
means this Agreement, the Warrants and any other documents or agreements executed in connection with the transactions contemplated
hereunder.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Transfer Agent</U>&rdquo;
means The Bank of New York Mellon Trust Company N.A., the current transfer agent of the Company, with a mailing address of 101
Barclays Street, New York, New York 10286 and a facsimile number of +1 212-571-3050, and any successor transfer agent of the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Variable Rate Transaction</U>&rdquo;
shall have the meaning ascribed to such term in Section 4.11(b).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Warrants</U>&rdquo; means,
collectively, the warrants for Ordinary Shares delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof,
which Warrants shall be exercisable 6 months from the date of issuance and have a term of exercise equal to two (2) years from
the initial exercise date, in the form of <U>Exhibit A</U> attached hereto.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Warrant Shares</U>&rdquo;
means the Ordinary Shares issuable upon exercise of the Warrants. The Ordinary Shares issuable upon exercise of the Warrants will
be represented by ADRs issued pursuant to the Deposit Agreement, each evidencing one (1) ADS, each ADS representing one (1) Ordinary
Share.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE II.</B><BR>
PURCHASE AND SALE</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 28.4pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">2.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing</U>. On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent
with the execution and delivery of this Agreement by the parties hereto, the Company agrees to issue, and the Purchasers, severally
and not jointly, agree to subscribe for, up to an aggregate of $11,491,494 of Shares and Warrants set forth on the Signature Page hereto
executed by such Purchaser (such amount to represent a minimum individual subscription amount of &euro;250,000 (or its counter-value
in foreign currencies as at the date hereof)). Each Purchaser shall deliver to the Escrow Agent, via wire transfer immediately
available funds equal to such Purchaser&rsquo;s Subscription Amount as set forth on the signature page hereto executed by such
Purchaser, and the Company shall deliver, or cause to be delivered, to each Purchaser its respective Shares and Warrants as determined
pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable
at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at
the offices of EGS or such other location as the parties shall mutually agree.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">2.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deliveries</U>.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>this Agreement duly executed by the Company;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a legal opinion of Company U.S. Counsel, in form and substance consistent with past practice and transactions similar to
this offering of Securities, substantially to the effect set forth in <U>Exhibit C-1</U> hereto;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a legal opinion of Company French Counsel, in form and substance consistent with past practice and transactions similar
to this offering of Securities, substantially to the effect set forth in <U>Exhibit C-2</U> hereto;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a copy of the irrevocable instructions to the Custodian instructing the Custodian to deliver on an expedited basis via The
Depository Trust Company Deposit or Withdrawal at Custodian system (&ldquo;<U>DWAC</U>&rdquo;) Shares equal to such Purchaser&rsquo;s
Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Warrants registered in the name of such Purchaser to purchase up to a number of Ordinary Shares equal to 100% of such Purchaser&rsquo;s
Shares, with an exercise price equal to $4.50, subject to adjustment therein (such Warrant certificate may be delivered within
three Trading Days of the Closing Date), together with a certificate evidencing ownership of the Warrant (<I>certificat d&rsquo;inscription
en compte</I>)<I>,</I> and a certified copy of the Warrant Register (as defined in Section 4(c) of the Warrant certificate); and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to the Closing Date, each Purchaser shall deliver or cause to be delivered the following:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to the Company, this Agreement duly executed by such Purchaser;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to the Company, the subscription form, the form of which is attached hereto as <U>Exhibit B</U>, duly completed and executed
by such Purchaser as required under French corporate law; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to the Escrow Agent, such Purchaser&rsquo;s Subscription Amount by wire transfer to the account specified in the Escrow
Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">2.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing Conditions</U>.<U> </U></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in">(a)&#9;The obligations of the Company
hereunder in connection with the Closing are subject to the following conditions being met:</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the accuracy in all material respects (or, to the extent that representations and warranties are qualified by materiality
or Material Adverse Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained
herein (unless as of a specific date therein, in which case they shall be accurate as of such date);</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall
have been performed;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company having received confirmation of receipt of funds by the Escrow Agent; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the funds received by the Company in US dollars shall correspond, after exchange at the relevant exchange rate as determined
by the Board of Directors of the Company, to a euro amount at least equal to the nominal value of the Ordinary Shares, multiplied
by the number of Ordinary Shares to be issued.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions
being met:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the accuracy in all material respects (or, to the extent that representations and warranties are qualified by materiality
or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company
contained herein (unless as of a specific date therein, in which case they shall be accurate as of such date);</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall
have been performed;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the delivery by the Company to each Purchaser of the items set forth in Section 2.2(a) of this Agreement;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>there having been no Material Adverse Effect with respect to the Company since the date hereof to the Closing Date; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>from the date hereof to the Closing Date, trading in the ADRs shall not have been suspended by the Commission or the Principal
Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall
not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by
such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York
State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international
calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the
reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE III.</B><BR>
REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 28.4pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">3.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties of the Company</U>. The Company hereby makes the following representations and warranties
to each Purchaser as of the date hereof:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsidiaries</U>. All of the direct and indirect subsidiaries of the Company are described in the SEC Reports (as defined
below). Except as described in the SEC Reports, the Company owns, directly or indirectly, all of the capital stock or other equity
interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each
Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or
purchase securities.</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Organization and Qualification</U>. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable),
with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.
Neither the Company nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles
of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified
to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of
the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, could not have or reasonably be expected to result in (i) a material adverse effect on
the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations,
assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii)
a material adverse effect on the Company&rsquo;s ability to perform in any material respect on a timely basis its obligations under
any Transaction Document (any of clauses (i), (ii) or (iii), a &ldquo;<U>Material Adverse Effect</U>&rdquo;), and no Proceeding
has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power
and authority or qualification.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization; Enforcement</U>. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action
on the part of the Company and no further action is required by the Company, the Board of Directors or the Company&rsquo;s shareholders
in connection herewith or therewith other than in connection with the Required Approvals (as defined below). This Agreement and
each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company
and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors&rsquo;
rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Conflicts</U>. The execution, delivery and performance by the Company of this Agreement and the other Transaction
Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated
hereby and thereby do not and will not (i) conflict with or violate any provision of the Company&rsquo;s or any Subsidiary&rsquo;s
certificate or articles of association, bylaws or other organizational or charter documents or (ii) conflict with, or constitute
a default (or an event that, with notice or lapse of time or both, would become a default) under, result in the creation of any
Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other
instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary
is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required
Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities
laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case
of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Filings, Consents and Approvals</U>. The Company is not required to obtain any consent, waiver, authorization or order
of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other Person, in connection with the execution, delivery and performance by the Company of the Transaction Documents,
other than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus
Supplement, (iii) application(s) to each applicable Trading Market for the listing of the Shares and the Warrant Shares for trading
thereon in the time and manner required thereby and (iv) such filings as are required to be made under applicable U.S. Federal
and state and French securities laws including acceptance of listing by and notification to The NASDAQ Global Market (collectively,
the &ldquo;<U>Required Approvals</U>&rdquo;).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance of the Securities; Registration</U>. The Securities are duly authorized and, when issued and paid for in accordance
with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all
Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The Warrant Shares,
when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable, free and clear
of all Liens imposed by the Company. The Company has reserved from its duly authorized capital stock the maximum number of Ordinary
Shares issuable pursuant to this Agreement and the Warrants. The Company has prepared and filed the Registration Statement in conformity
with the requirements of the Securities Act, which became effective on&nbsp;May 7, 2014 (the &ldquo;<U>Effective Date</U>&rdquo;),
including the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement.
The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of
the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings
for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required
by the rules and regulations of the Commission, proposes to file the Prospectus Supplement with the Commission pursuant to Rule
424(b). At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at
the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects to
the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus
and any amendments or supplements thereto, at the time the Prospectus or any amendment or supplement thereto was issued and at
the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and
will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capitalization</U>. The share capital of the Company is described
in the Prospectus Supplement. Except as described in the SEC Reports, the Company has not issued any Ordinary Shares
since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options
under the Company&rsquo;s stock option plans, the issuance of Ordinary Shares to employees pursuant to the Company&rsquo;s employee
stock purchase plans, and pursuant to the conversion and/or exercise of Ordinary Share Equivalents or
outstanding warrants to purchase Ordinary Shares outstanding as of the date of the most recently filed periodic report
under the Exchange Act. No Person has any right of first refusal, preemptive right, right of participation or any similar right
to participate in the transactions contemplated by the Transaction Documents,except
for such rights that have been exercised or waived. Except as a result of the purchase and sale of the Securitiesand for options outstanding under the Company&rsquo;s Stock
Option Plan and for the outstanding and warrants as described in the SEC Reports, there are no other outstanding options,
warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or
obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any
Ordinary Shares, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become
bound to issue additional Ordinary Shares or Ordinary Share Equivalents. Except
as described in the SEC Reports or as have been waived, the issuance and sale of the Securities will not obligate the
Company to issue Ordinary Shares or other securities to any Person (other than the Purchasers) and will not result in a right of
any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. All
of the outstanding shares of capital stock of the Company are duly authorized, validly issued and fully paid, have been issued
in compliance with all applicable U.S. Federal and state and French securities laws, and none of such outstanding shares was issued
in violation of any preemptive rights or similar rights to subscribe for or purchase securities. Other
than Required Approvals, nofurther approval or authorization of any stockholder, the Board of Directors or others
is required for the issuance and sale of the Securities.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>SEC Reports; Financial Statements</U>. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d)
thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to
file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together
with the Prospectus and the Prospectus Supplement, being collectively referred to herein as the &ldquo;<U>SEC Reports</U>&rdquo;)
on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of
the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject
to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all material
respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect
at the time of filing. Such financial statements have been prepared in accordance with U.S. generally accepted accounting principles
applied on a consistent basis during the periods involved (&ldquo;<U>GAAP</U>&rdquo;), except as may be otherwise specified in
such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required
by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as
of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited
statements, to normal, immaterial, year-end audit adjustments.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Material Changes; Undisclosed Events, Liabilities or Developments</U>. Since the date of the latest audited financial
statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date
hereof, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a
Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables
and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required
to be reflected in the Company&rsquo;s financial statements pursuant to GAAP or disclosed in filings made with the Commission,
(iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution
of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of
its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant
to existing Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment
of information. Except for the issuance of the Securities contemplated by this Agreement, no event, liability, fact, circumstance,
occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its
Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition that would be required
to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has
not been publicly disclosed at least one Trading Day prior to the date that this representation is made.</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Litigation</U>. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the
knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before
or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an &ldquo;<U>Action</U>&rdquo;) which (i) adversely affects or challenges the legality, validity or enforceability
of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably
be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof,
is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws
or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated,
any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission
has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or
any Subsidiary under the Exchange Act or the Securities Act.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Labor Relations</U>. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of
the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. Except as described in
the SEC Reports, the Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge
of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material
term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement,
or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each
such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing
matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations
relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure
to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance</U>. Neither the Company nor any Subsidiary (i) is in default under or in violation of (and no event has occurred
that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary
under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation
of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of
its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree
or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance
or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to
taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except
in each case as could not have or reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(m)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Regulatory Permits</U>. The Company and the Subsidiaries possess all certificates, authorizations and permits issued
by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as
they currently do as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected
to result in a Material Adverse Effect (&ldquo;<U>Material Permits</U>&rdquo;), and neither the Company nor any Subsidiary has
received any notice of proceedings relating to the revocation or modification of any Material Permits.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(n)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to Assets</U>. The Company and the Subsidiaries do not own any real property. Any real property and facilities
held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which
the Company and the Subsidiaries are in compliance.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(o)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Intellectual Property</U>. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications,
trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual
property rights and similar rights necessary or required for use in connection with their respective businesses as described in
the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the &ldquo;<U>Intellectual
Property Rights</U>&rdquo;). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that
any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be
abandoned, within two years from the date of this Agreement. Neither the Company nor any Subsidiary has received, since the date
of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge
that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not have or reasonably
be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable
and there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries
have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties,
except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(p)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U>. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries
are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has
any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to
obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(q)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transactions With Affiliates and Employees</U>. Except as set forth in the SEC Reports, none of the officers or directors
of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is
presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors),
including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental
of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring
payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer,
director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner,
in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement
for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock
option plan of the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(r)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sarbanes-Oxley; Internal Accounting Controls</U>. The Company and the Subsidiaries are in compliance with any and all
applicable requirements of the Sarbanes-Oxley Act of 2002 (the &ldquo;<U>Sarbanes Oxley Act</U>&rdquo;) that are effective as of
the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as
of the date hereof and as of the Closing Date. The Company and the Subsidiaries maintain a system of internal accounting controls
sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management&rsquo;s general or
specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management&rsquo;s
general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed
such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files
or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission&rsquo;s
rules and forms. The Company&rsquo;s certifying officers have evaluated the effectiveness of the disclosure controls and procedures
of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange
Act (such date, the &ldquo;<U>Evaluation Date</U>&rdquo;). The Company presented in its most recently filed Annual Report on Form
20-F under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures
based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control
over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially
affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(s)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Fees</U>. Except as set forth in the Prospectus Supplement, no brokerage or finder&rsquo;s fees or commissions
are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent,
investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers
shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees
of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(t)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Company</U>. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for
the Securities, will not be or be an Affiliate of, an &ldquo;investment company&rdquo; within the meaning of the Investment Company
Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an &ldquo;investment company&rdquo;
subject to registration under the Investment Company Act of 1940, as amended.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(u)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration Rights</U>. Except as described in the SEC Reports, no Person has any right to cause the Company or any
Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Listing and Maintenance Requirements</U>. The ADRs are registered pursuant to Section 12(b) of the Exchange Act, and
the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the ADRs under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating
such registration. The Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on
which the ADRs are or have been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance
requirements of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue
to be, in compliance with all such listing and maintenance requirements.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(w)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disclosure</U>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or
their agents or counsel with any information that it believes constitutes or might constitute material, non-public information
which is not otherwise disclosed in the SEC Reports or the Prospectus Supplement. The Company understands and confirms that the
Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure
furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses
and the transactions contemplated hereby is true and correct and does not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they
were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement
taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made and when
made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties
with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(x)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Integrated Offering</U>. Assuming the accuracy of the Purchasers&rsquo; representations and warranties set forth in
Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this
offering of the Securities to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval
provisions of any Trading Market on which any of the securities of the Company are listed or designated.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(y)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Solvency</U>. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect
to the receipt by the Company of the proceeds from the sale of the Securities hereunder, the Company&rsquo;s assets do not constitute
unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs
taking into account the particular capital requirements of the business conducted by the Company, consolidated and projected capital
requirements and capital availability thereof. The Company has no knowledge of any facts or circumstances which lead it to believe
that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one
year from the Closing Date. The SEC Reports set forth as of the date thereof all outstanding secured and unsecured Indebtedness
of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement,
&ldquo;<U>Indebtedness</U>&rdquo; means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than
trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations
in respect of indebtedness of others, except guaranties by endorsement of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under
leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to
any Indebtedness.</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(z)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tax Status</U>. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to
result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed, or has requested valid extensions
thereof, all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations
required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that
are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its
books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns,
reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any
jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(aa)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Foreign Corrupt Practices</U>. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary,
any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for
unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii)
made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties
or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made
by any person acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material
respect any provision of the FCPA.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(bb)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accountants</U>. The Company&rsquo;s accounting firm is PricewaterhouseCoopers Audit. To the knowledge and belief of
the Company, such accounting firm is a registered public accounting firm as required by the Sarbanes Oxley Act.&#9;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(cc)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Acknowledgment Regarding Purchasers&rsquo; Purchase of Securities</U>. The Company acknowledges and agrees that each
of the Purchasers is acting solely in the capacity of an arm&rsquo;s length purchaser with respect to the Transaction Documents
and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor
or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated
thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction
Documents and the transactions contemplated thereby is merely incidental to the Purchasers&rsquo; purchase of the Securities. The
Company further represents to each Purchaser that the Company&rsquo;s decision to enter into this Agreement and the other Transaction
Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(dd)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acknowledgement Regarding Purchaser&rsquo;s Trading Activity</U>. Anything in this Agreement or elsewhere herein to
the contrary notwithstanding (except for Sections 3.2(f) and 4.13 hereof), it is understood and acknowledged by the Company that
(i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or
selling, long and/or short, securities of the Company, or &ldquo;derivative&rdquo; securities based on securities issued by the
Company or to hold the Securities for any specified term, (ii) past or future open market or other transactions by any Purchaser,
specifically including, without limitation, Short Sales or &ldquo;derivative&rdquo; transactions, before or after the closing
of this or future private placement transactions, may negatively impact the market price of the Company&rsquo;s publicly-traded
securities, (iii) any Purchaser, and counter-parties in &ldquo;derivative&rdquo; transactions to which any such Purchaser is a
party, directly or indirectly, presently may have a &ldquo;short&rdquo; position in the Ordinary Shares and (iv) each Purchaser
shall not be deemed to have any affiliation with or control over any arm&rsquo;s length counter-party in any &ldquo;derivative&rdquo;
transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities
at various times during the period that the Securities are outstanding, including, without limitation, during the periods that
the value of the Warrant Shares deliverable with respect to Securities are being determined, and (z) such hedging activities (if
any) could reduce the value of the existing stockholders' equity interests in the Company at and after the time that the hedging
activities are being conducted.&nbsp; The Company acknowledges that such aforementioned hedging activities do not constitute a
breach of any of the Transaction Documents.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(ee)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Regulation M Compliance</U>.&nbsp; The Company has not, and no one acting on its behalf and at its direction has, (i)
taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any
security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any
compensation for soliciting purchases of, the Securities or (iii) paid or agreed to pay to any Person any compensation for soliciting
another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to
the Company&rsquo;s placement agent in connection with the placement of the Securities.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(ff)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Office of Foreign Assets Control</U>. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director,
officer or employee of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign
Assets Control of the U.S. Treasury Department.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(gg)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[INTENTIONALLY DELETED]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(hh)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[INTENTIONALLY DELETED]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Money Laundering</U>. The operations of the Company and its Subsidiaries are and have been conducted at all times in
compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the
&ldquo;<U>Money Laundering Laws</U>&rdquo;), and no action, suit or proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the
knowledge of the Company or any Subsidiary, threatened.</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(jj)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[INTENTIONALLY DELETED]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">(kk)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Application of Takeover Protections</U>. The Company and the Board of Directors have taken all necessary action, if any,
in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under
a rights agreement) or other similar anti-takeover provision under the Company&rsquo;s Articles of Association or the laws of France,
to the extent such provision exists or is applicable, that is or could become applicable to the Purchasers as a result of the Purchasers
and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation
as a result of the Company&rsquo;s issuance of the Securities and the Purchasers&rsquo; ownership of the Securities.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">3.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties of the Purchasers</U>. Each Purchaser, for itself and for no other Purchaser, hereby represents
and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein):</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 21pt; font-size: 10pt; text-align: justify; text-indent: 51pt">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Organization; Authority</U>. Such Purchaser is an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability
company or similar power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise
to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and performance by such Purchaser
of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate, partnership, limited liability
company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been
duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the
valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors&rsquo; rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law.</P>

<P STYLE="margin: 0pt 0 0pt 21pt; font-size: 10pt; text-align: justify; text-indent: 51pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 21pt; font-size: 10pt; text-align: justify; text-indent: 51pt">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Understandings or Arrangements</U>. Such Purchaser is acquiring the Securities as principal for its own account and has
no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such
Securities (this representation and warranty not limiting such Purchaser&rsquo;s right to sell the Securities pursuant to the Registration
Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities
hereunder in the ordinary course of its business.</P>

<P STYLE="margin: 0pt 0 0pt 21pt; font-size: 10pt; text-align: justify; text-indent: 51pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 21pt; font-size: 10pt; text-align: justify; text-indent: 51pt">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Purchaser Status</U>. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is,
and on each date on which it exercises any Warrants, it will be:</P>

<P STYLE="margin: 0pt 0 0pt 21pt; font-size: 10pt; text-align: justify; text-indent: 51pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: justify; text-indent: 0.25in">&#9;(i) &nbsp;&nbsp;&#9;an institutional &ldquo;accredited
investor&rdquo; (as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act) or &ldquo;qualified institutional
buyer&rdquo; as defined in Rule 144A(a) under the Securities Act and, as the case may be, a qualified investor (<I>investisseur
qualifi&eacute;</I>) under French law as defined under article L. 411-2 and D. 411-1 of the French <I>Code mon&eacute;taire et
financier, </I>an<I> </I>unofficial translation of which is attached as <U>Exhibit D</U> hereto; and</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: justify; text-indent: 0.25in">&#9;(ii)&nbsp;&nbsp; &#9;specialized in the healthcare
or biotechnologies sectors or specialized in investing in companies with high growth potential; and</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: justify; text-indent: 0.25in">(iii) &#9;&nbsp;&nbsp;prepared to make an investment
decision in respect of the Company solely on the basis of publicly available information, provided, however, that at the time each
Purchaser was offered the Securities, the Purchaser undertook to enter into a confidentiality agreement regarding the proposed
investment prior to any disclosure of the Company&rsquo;s name.</P>

<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 21pt; font-size: 10pt; text-align: justify; text-indent: 51pt">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Experience of Such Purchaser</U>. Such Purchaser, either alone or together with its representatives, has such knowledge,
sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective
investment in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the
economic risk of an investment in the Securities and, at the date hereof and as of the Closing Date, is able to afford a complete
loss of such investment.</P>

<P STYLE="margin: 0pt 0 0pt 21pt; font-size: 10pt; text-align: justify; text-indent: 51pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 21pt; font-size: 10pt; text-align: justify; text-indent: 51pt">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[INTENTIONALLY DELETED]</P>

<P STYLE="margin: 0pt 0 0pt 21pt; font-size: 10pt; text-align: justify; text-indent: 51pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 21pt; font-size: 10pt; text-align: justify; text-indent: 51pt">(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Transactions and Confidentiality</U>. Other than consummating the transactions contemplated hereunder, such Purchaser
has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed
any purchases or sales, including Short Sales,&nbsp;of the securities of the Company during the period commencing as of the time
that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company
setting forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof.
Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of such Purchaser&rsquo;s assets and the portfolio managers have no direct knowledge of the investment
decisions made by the portfolio managers managing other portions of such Purchaser&rsquo;s assets, the representation set forth
above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision
to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement, such Purchaser has maintained
the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this
transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation
or warranty, or preclude any actions, with respect to the identification of the availability of, or securing of, available shares
to borrow in order to effect Short Sales or similar transactions in the future.</P>

<P STYLE="margin: 0pt 0 0pt 21pt; font-size: 10pt; text-align: justify; text-indent: 51pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 21pt; font-size: 10pt; text-align: justify; text-indent: 51pt">(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Government Review</U>. Such Purchaser understands that no U.S. federal or state agency or any other U.S. or foreign
government or governmental agency has passed upon or made any recommendation or endorsement of the Securities purchased hereunder.</P>

<P STYLE="margin: 0pt 0 0pt 21pt; font-size: 10pt; text-align: justify; text-indent: 51pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company acknowledges and agrees that the representations
contained in Section 3.2 shall not modify, amend or affect such Purchaser&rsquo;s right to rely on the Company&rsquo;s representations
and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or
any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transaction
contemplated hereby.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE IV.</B><BR>
OTHER AGREEMENTS OF THE PARTIES</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 28.4pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[INTENTIONALLY DELETED]</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[INTENTIONALLY DELETED]</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Integration</U>. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect
of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities
for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing
of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Securities Laws Disclosure; Publicity.</U> The Company shall (a) by 9:00 a.m. (New York City time) on the Trading Day
immediately following the date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby
and (b) file a Current Report on Form 6-K, including the Transaction Documents as exhibits thereto, with the Commission within
the time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchasers
that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or
any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions
contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges
and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company,
any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand and any
of the Purchasers or any of their Affiliates on the other hand, shall terminate. Each Purchaser shall consult with the Company
in issuing any other press releases with respect to the transactions contemplated hereby, and no Purchaser shall issue any such
press release nor otherwise make any such public statement without the prior consent of the Company, which consent shall not unreasonably
be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide
the other party with prior notice of such public statement or communication. The Company shall not publicly disclose the name of
any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market,
without the prior written consent of such Purchaser, except (i) as required by U.S. federal securities law in connection with the
filing of final Transaction Documents with the Commission or French law and (ii) to the extent such disclosure is required by law
or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted
under this clause (ii).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.5<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Shareholder Rights Plan</U>. No claim will be made or enforced by the Company or, with the consent of the Company, any
other Person, that any Purchaser is an &ldquo;<U>Acquiring Person</U>&rdquo; under any control share acquisition, business combination,
poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue
of receiving Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.6<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Public Information</U>. Except with respect to the material terms and conditions of the transactions contemplated
by the Transaction Documents, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will
provide any Purchaser or its agents or counsel with any information that the Company believes constitutes material non-public information,
unless prior thereto such Purchaser shall have entered into a written agreement with the Company regarding the confidentiality
and use of such information. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant
in effecting transactions in securities of the Company. To the extent that the Company delivers any material, non-public information
to a Purchaser without such Purchaser&rsquo;s consent, the Company hereby covenants and agrees that such Purchaser shall not have
any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees
or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees
or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject
to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material,
non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission
pursuant to a Current Report on Form 6-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing
covenant in effecting transactions in securities of the Company.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.7<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Use of Proceeds</U>. The Company shall use the net proceeds from the sale of the Securities hereunder as described in
the Section entitled &ldquo;Use of Proceeds&rdquo; in the Prospectus Supplement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.8<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reservation of Ordinary Shares</U>. As of the date hereof, the Company has reserved and the Company shall continue to
reserve and keep available at all times, free of preemptive rights, a sufficient number of Ordinary Shares for the purpose of enabling
the Company to issue Shares pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrants.<U> </U></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.9<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT>&#9;<U>Listing
of ADRs</U>. The Company hereby agrees to use commercially reasonable efforts to maintain the listing or quotation of the ADRs
on the Trading Market on which they are currently listed, until the expiration of the Warrants and prior to or concurrently with
the Closing, the Company shall apply to list or quote all of the Shares and Warrant Shares on such Trading Market and promptly
secure the listing of all of the Shares and Warrant Shares on such Trading Market. The Company further agrees, if the Company applies
to have the ADRs traded on any other Trading Market, it will then include in such application all of the Shares and Warrant Shares,
and will take such other action as is necessary to cause all of the Shares and Warrant Shares to be listed or quoted on such other
Trading Market as promptly as possible. The Company will then take all action reasonably necessary to continue the listing and
trading of its ADRs on a Trading Market and will comply in all respects with the Company&rsquo;s reporting, filing and other obligations
under the bylaws or rules of the Trading Market.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.10<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[INTENTIONALLY DELETED]</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.11<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsequent Equity Sales</U>.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>From the date hereof until 90 days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into
any agreement to issue or announce the issuance or proposed issuance of any ADRs, ADSs, Ordinary Shares or Ordinary Share Equivalents.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>From the date hereof until such time as no Purchaser holds any of the Warrants, the Company shall be prohibited from effecting
or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of ADRs, ADSs, Ordinary Shares or
Ordinary Share Equivalents for cash consideration (or a combination of units hereof) involving a Variable Rate Transaction. &ldquo;<U>Variable
Rate Transaction</U>&rdquo; means a transaction in which the Company (i) issues or sells any debt or equity securities that are
convertible into, exchangeable or exercisable for, or include the right to receive additional ADRs, ADSs or Ordinary Shares either
(A) at a conversion price, exercise price or exchange rate or other price that is based upon and/or varies with the trading prices
of or quotations for the ADRs at any time after the initial issuance of such debt or equity securities or (B) with a conversion,
exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity
security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company
or the market for the ADRs or (ii) enters into any agreement, including, but not limited to, an equity line of credit, whereby
the Company may sell securities at a future determined price. Any Purchaser shall be entitled to obtain injunctive relief against
the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.<FONT STYLE="background-color: yellow">
</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the foregoing, this Section 4.11 shall not apply in respect of an Exempt Issuance, except that no Variable
Rate Transaction shall be an Exempt Issuance.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.12<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Equal Treatment of Purchasers</U>. No consideration (including any modification of this Agreement) shall be offered or
paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration
is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate
right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to
treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect
to the purchase, disposition or voting of Securities or otherwise.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.13<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Transactions and Confidentiality</U>. Each Purchaser, severally and not jointly with the other Purchasers, covenants
that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales,
including Short Sales of any of the Company&rsquo;s securities during the period commencing with the execution of this Agreement
and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial
press release as described in Section 4.4.<FONT STYLE="color: windowtext">&nbsp; </FONT>Each Purchaser, severally and not jointly
with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed
by the Company pursuant to the initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality
of the existence and terms of this transaction.&nbsp; N<FONT STYLE="color: windowtext">otwithstanding the foregoing and notwithstanding
anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes
any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company
after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press
release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any
securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated
by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser
shall have any duty of confidentiality to the Company or its Subsidiaries after the issuance of the initial press release as described
in Section 4.4.&nbsp; </FONT>Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle
whereby separate portfolio managers manage separate portions of such Purchaser&rsquo;s assets and the portfolio managers have no
direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser&rsquo;s assets,
the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made
the investment decision to purchase the Securities covered by this Agreement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">4.14<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capital Changes</U>. Until the one year anniversary of the Closing Date, the Company shall not undertake a reverse or
forward stock split or reclassification of the Ordinary Shares without the prior written consent of the Purchasers holding a majority
in interest of the Shares sold pursuant to this Agreement.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE V.</B><BR>
MISCELLANEOUS</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 28.4pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination</U>.&nbsp; This Agreement may be terminated by any Purchaser, as to such Purchaser&rsquo;s obligations hereunder
only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the
other parties, if t<FONT STYLE="color: windowtext">he</FONT> Closing has not been consummated on or before April 14, 2016; <U>provided</U>,
<U>however</U>, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fees and Expenses</U>. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay
the fees and expenses of its advisers, <FONT STYLE="color: windowtext">counsel, accountants and other experts, if any, and all
other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.
The Company shall pay all Depositary and Transfer Agent fees, stamp taxes and other taxes and duties levied in connection with
the initial delivery of any </FONT>Securities <FONT STYLE="color: windowtext">to the Purchasers.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="color: windowtext"><U>Entire Agreement</U>. The Transaction Documents, together with the exhibits and schedules
thereto, the Prospectus and the Prospectus Supplement, contain the entire understanding of the parties with respect to the subject
matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters,
which the parties acknowledge have been merged into such documents, exhibits and schedules.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U><FONT STYLE="color: windowtext">. Any and all notices or other communications or deliveries required or permitted
to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest</FONT> of: (a) the date of
transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages
attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto
on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second Trading Day
following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the
party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the
signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains,
material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with
the Commission pursuant to a Current Report on Form 6-K.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.5<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendments; Waivers</U>. No provision of this Agreement may be waived, modified, supplemented or amended except in a
written instrument signed, in the case of an amendment, by the Company and the Purchasers holding a majority in interest of the
Shares purchased pursuant to this Agreement based on the initial Subscription Amounts hereunder or, in the case of a waiver, by
the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver
disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted
Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or
requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or
a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any
right hereunder in any manner impair the exercise of any such right.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.6<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not
be deemed to limit or affect any of the provisions hereof.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.7<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any
Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound,
with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the &ldquo;Purchasers.&rdquo;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.8<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Third-Party Beneficiaries</U>. This Agreement is intended for the benefit of the parties hereto and their respective
successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person,
except as set forth in this Section 5.8.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.9<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law; Jurisdiction</U>. Subject to the mandatory provisions of French law applicable to the Securities, all
questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction
Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members,
employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party
hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough
of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives,
and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party to
the fullest extent permitted by law hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce
any provisions of the Transaction Documents, then the prevailing party in such action, suit or proceeding shall be reimbursed by
the other party for its reasonable attorneys&rsquo; fees and other costs and expenses incurred with the investigation, preparation
and prosecution of such action or proceeding.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.10<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Survival</U>. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.11<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Execution</U>. This Agreement may be executed in two or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or by e-mail delivery of a &ldquo;.pdf&rdquo; format data file, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile or &ldquo;.pdf&rdquo; signature page were an original thereof.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.12<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.13<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rescission and Withdrawal Right</U>. Notwithstanding anything to the contrary contained in (and without limiting any
similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option
under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided,
then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant
notice, demand or election in whole or in part without prejudice to its future actions and rights, provided, however, that in the
case of a rescission of an exercise of a Warrant, the applicable Purchaser shall be required to return any Warrant Shares subject
to any such rescinded exercise notice concurrently with the return to such Purchaser of the aggregate exercise price paid to the
Company for such shares and the restoration of such Purchaser&rsquo;s right to acquire such shares pursuant to such Purchaser&rsquo;s
Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.14<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Replacement </U>of Securities. If any certificate or instrument pertaining to any Securities is mutilated, lost, stolen
or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in
the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence
reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under
such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance
of such replacement Securities.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.15<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies</U>. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery
of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The
parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any
such obligation the defense that a remedy at law would be adequate.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.16<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment Set Aside</U>. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction
Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.17<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Independent Nature of Purchasers&rsquo; Obligations and Rights</U>. The obligations of each Purchaser under any Transaction
Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way
for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained
herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to
constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without
limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for
any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented
by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience
only, each Purchaser and its respective counsel have chosen to communicate with the Company through EGS. EGS does not represent
any of the Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same
terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any
of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction
Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between
and among the Purchasers.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.18<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liquidated Damages</U>. The Company&rsquo;s obligations to pay any partial liquidated damages or other amounts owing
under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated
damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial
liquidated damages or other amounts are due and payable shall have been canceled.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.19<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Saturdays, Sundays, Holidays, etc.</U>&#9;If the last or appointed day for the taking of any action or the expiration
of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised
on the next succeeding Business Day.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.20<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Construction</U>. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity
to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
thereto. In addition, each and every reference to share prices and ADRs, ADSs or Ordinary Shares in any Transaction Document shall
be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions
of the ADRs, ADSs or Ordinary Shares that occur after the date of this Agreement.</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">5.21<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>WAIVER OF JURY TRIAL</U>. <U>IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY
OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY,
UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. </U></B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><I>(Signature Pages Follow)</I></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&#9;IN WITNESS WHEREOF, the parties hereto have
caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.</P>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: middle">
    <td colspan="2" style="font-weight: bold; text-align: left"><font style="text-transform: uppercase">EDAP TMS S.A.</font></td>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</td>
    <TD STYLE="text-decoration: underline">Address for Notice:</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: middle; width: 35%">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: middle; width: 10%">&nbsp;</td>
    <TD STYLE="vertical-align: middle; width: 52%">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</td>
    <TD STYLE="vertical-align: middle">&nbsp;</td></tr>
<tr>
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    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</td>
    <TD STYLE="vertical-align: middle">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom">By:</td>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="vertical-align: middle">EDAP TMS S.A.</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: middle">Name:</td>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="vertical-align: middle">Parc d'activit&eacute;s la Poudrette-Lamartine</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: middle">Title:</td>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="vertical-align: middle">4/6, rue du Dauphin&eacute;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="vertical-align: middle">69120 Vaulx-en-Velin, France</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="vertical-align: middle">Telephone No.: +33(0) 47215 3172</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: middle">Facsimile No.:&nbsp;&nbsp;+33(0) 47215 3144</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: middle">Attention: Marc Oczachowski</td></tr>
</table>


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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">SIGNATURE PAGE FOR PURCHASER FOLLOWS]</P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">[PURCHASER SIGNATURE PAGES TO <FONT STYLE="text-transform: uppercase">EDAP</FONT>
SECURITIES PURCHASE AGREEMENT]</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">IN WITNESS WHEREOF, the undersigned have caused
this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Name of Purchaser: ________________________________________________________</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><I>Signature of Authorized Signatory of Purchaser</I>: _________________________________</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Name of Authorized Signatory: _______________________________________________</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Title of Authorized Signatory: ________________________________________________</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Email Address of Authorized Signatory: _________________________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Facsimile Number of Authorized Signatory: __________________________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Address for Notice to Purchaser:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Address for Delivery of Securities to Purchaser (if not same as address for notice):</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[If Securities are to be delivered electronically, please complete]:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Name of Holder&rsquo;s</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Broker:&#9;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Address of</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Broker:&#9;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Contact Person at</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Broker:&#9;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Broker&rsquo;s DTC Participant Number:&#9;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Account Beneficiary:&#9;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Account Number to receive ADRs:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Subscription Amount: $_________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Shares: _________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Warrant Shares: _________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">EIN Number: ________________</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">[SIGNATURE PAGES CONTINUE]</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>Exhibit A</U></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Form of Warrant</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>Exhibit B</U></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>EDAP TMS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(</B>the &laquo;&nbsp;<B>Company</B>&nbsp;&raquo;)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 9pt">French <I>Soci&eacute;t&eacute; anonyme</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 9pt">with a share capital of EUR 3,355,493.05</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Registered office&nbsp;: 4, rue du
Dauphin&eacute; - Parc d&rsquo;activit&eacute; la Poudrette Lamartine</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 9pt">69120 Vaulx-en-Velin</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 9pt">316 488 204 R.C.S. Lyon</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 50%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border-right: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-left: Black 1pt solid"><B><U>Subscription Form</U></B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: left; text-indent: 0in"><B><U>AMOUNT AND TERMS AND CONDITIONS OF THE INCREASE
OF THE SHARE CAPITAL </U></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Pursuant to the delegation of authority granted to the board of directors (the &ldquo;<B>Board</B>&rdquo;)
pursuant to the eighth resolution of the shareholders meeting of June 30, 2015 and pursuant to the decision of the Board of April
7, 2016, it has been decided to increase the share capital of the Company in the nominal amount of [TOTAL NOMINAL AMOUNT] Euros
(issuance premium included) by the issuance of [NUMBER OF SHARES] new ordinary shares, each of a nominal value of 0.13 Euro (the
&ldquo;<B>New Shares</B>&rdquo;), to which are attached [ ] warrants (the &ldquo;<B>Warrants</B>&rdquo;), allowing an additional
share capital increase of [TOTAL NOMINAL AMOUNT] Euros (issuance premium included) (the Warrants, together with the New Shares,
shall be referred to hereinafter as the &ldquo;<B>New Shares with Attached Warrants</B>&rdquo;).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The characteristics of the Warrants are described in the Securities Purchase Agreement
attached hereto, one warrant giving right to the subscription of one New Share of the Company from October 14, 2016 until and including
October 14, 2018 upon payment of an exercise price in the amount of 4.50 US Dollars.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The subscription price per New Share with Attached Warrant, to be fully paid up upon
issuance, is set at US Dollars 3.50 (the &ldquo;<B>Subscription Price</B>&rdquo;), corresponding to the US Dollar amount equivalent
to the 0.13 Euro par value of such New Share, the remainder corresponding to an issuance premium.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The counter value in Euros of the Subscription Price received in US Dollars will be determined
on the date of completion of this share capital increase, based on the spot exchange rate published on Reuters&rsquo; ECB37 page
as from 11:00 am (Paris time) on April 14, 2016.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The shareholders have waived their preferential subscription rights with respect to the
New Shares with Attached Warrants to the benefit of the subscribers of the New Shares, who shall receive American Depositary Shares
(&ldquo;<B>ADSs</B>&rdquo;), each representing one New Share, from the Bank of New York Mellon acting in its capacity as depositary
pursuant to a deposit agreement entered into on July 31, 1997 and amended and restated on April 7, 2008.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Subscriptions for the New Shares with Attached Warrants will be received at the Company&rsquo;s
registered office from April 7, 2016 to April 14, 2016 included.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 16.2pt 0pt 0"><B>- - ooOoo- -</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 16.2pt 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[INVESTOR], having its registered office at [ADDRESS INVESTOR], represented by [INVESTOR
REPRESENTATIVE], duly empowered for the purposes hereof,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -28.35pt; margin: 0pt 0 0pt 28.35pt">Declares to,</P>

<P STYLE="font-size: 10pt; text-indent: -28.35pt; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>hereby subscribe for [NUMBER IN LETTERS] ([NUMBERS]) New Shares with [NUMBER IN LETTERS] ([NUMBERS]) Attached Warrants, each
New Share having a nominal value of 0.13 Euro, the subscription of which has been reserved to such investor, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>fully pay the amount of such subscription in cash by means of a wire transfer of a total amount of [SUBSCRIPTION PRICE] US
Dollars, as payment of the nominal value and of the issuance premium of the New Shares with Attached Warrants, the amount being
wired to the account opened in the Company&rsquo;s name at Signature Bank (the &ldquo;<B>Escrow Agent</B>&rdquo;) who shall then
subsequently wire the total amount of the Subscription Price to the Company&rsquo;s account at Natixis Banque, located 30 avenue
Pierre-Mend&egrave;s France 75013 Paris, France, account in US Dollars code 10293116000.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The Subscription Price will then be converted into Euros, based on the European Central
Bank&rsquo;s spot exchange rate published on Reuters&rsquo; ECB37 page as of 11:00 am (Paris time) on April 14, 2016, and wired
to the Company&rsquo;s &laquo;&nbsp;Capital Increase&nbsp;&raquo; Account at Natixis Banque, Euro account code 10293116000.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On April 7, 2016</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">In two (2) original copies one of which has been delivered to the above mentioned undersigned,
who acknowledges receipt of the same, it being however noted that the Company shall only be bound by the French version of this
&ldquo;Subscription Form&rdquo;.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">________________________</P>

<P STYLE="font-size: 10pt; text-indent: -28.35pt; margin: 0pt 0 0pt 28.35pt">[INVESTOR]</P>

<P STYLE="font-size: 10pt; text-indent: -28.35pt; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -28.35pt; margin: 0pt 0 0pt 28.35pt">By : [INVESTOR REPRESENTATIVE]</P>

<P STYLE="font-size: 10pt; text-indent: -28.35pt; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -28.35pt; margin: 0pt 0 0pt 28.35pt">Title : [TITLE]</P>

<P STYLE="font-size: 10pt; text-indent: -28.35pt; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -28.35pt; margin: 0pt 0 0pt 28.35pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-indent: -28.35pt; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Please handwrite the following sentence before your signature: <I>&quot;Valid for
irrevocable subscription of [LETTERS] (</I></B>[<B><I>NUMBER</I></B>]) <B><I>New Shares with [LETTERS] (</I></B>[<B><I>NUMBER</I></B>])
<B><I>Attached Warrants&rdquo;</I>.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>IMPORTANT: PLEASE PROVIDE A COPY OF THE DOCUMENTS BELOW WITH YOUR SUBSCRIPTION FORM.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>(I) PASSPORT OR NATIONAL ID CARD OF THE AUTHORIZED SIGNATORY, AND </B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>(II) POWER OF ATTORNEY, MANDATE OR ANY EQUIVALENT DOCUMENT ENTITLING THE AUTHORIZED
SIGNATORY TO SIGN ON BEHALF OF THE INVESTOR.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"><B></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>Exhibit C-1</U></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Form of Jones Day opinion as to U.S. law</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>Exhibit C-2</U></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Form of Jones Day opinion as to French law</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B></B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>Exhibit D</U></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Translation of Articles L. 411-2, D. 411-1, L. 533-16 and D. 533-11
of the French <I>Code mon&eacute;taire et financier</I></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><U>Article L. 411-2</U></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">I. Does not constitute an offer to the public within the meaning of article L. 411-1
of the French <I>Code mon&eacute;taire et financier</I> , an offer relating to financial instruments mentioned in 1 or 2 of II
of article L. 211-1 of the French <I>Code mon&eacute;taire et financier</I> when the offer relates to instruments that the issuer
is authorized to offer to the public and:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; 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>the total amount of the offering is below a threshold set by the General Regulation of the <I>Autorit&eacute; des March&eacute;s
Financiers </I>or an amount and portion of the issuer's capital determined by the General Regulations. The total amount of the
offering is calculated over a twelve-month period as provided for in the General Regulation of the <I>Autorit&eacute; des March&eacute;s
Financiers</I>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Or the beneficiaries of the offering purchase them for a total amount per investor and per individual offering greater than
an amount determined by the General Regulations of the <I>Autorit&eacute; des March&eacute;s Financiers</I>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Or the nominal value of each of those financial instruments is greater than an amount determined by the General Regulation
of the <I>Autorit&eacute; des March&eacute;s Financiers</I>;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">I bis. Does not constitute an offer to the public within the meaning of article L. 411-1
of the French <I>Code mon&eacute;taire et financier</I>, an offer:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; 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>Relating to financial instruments mentioned in 1 or 2 of II of article L. 211-1 of the French <I>Code mon&eacute;taire et financier</I>
which are not admitted to trading on a regulated market or a multilateral trading facility;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>And that is offered through an investment service provider or an advisor in equity investments through a website fulfilling
the criteria set out by the General Regulation of the <I>Autorit&eacute; des March&eacute;s Financiers</I>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>And whose total amount is less than an amount set by decree. The total amount of the offer is calculated over a twelve-month
period under the conditions set out by the General Regulation of the <I>Autorit&eacute; des March&eacute;s Financiers</I>.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The Company conducting the offer may not rely on the provisions of the Article L. 232-25
of the French <I>Code de commerce</I>. When the purpose of the Company conducting the offer is to hold and <FONT STYLE="color: #212121">manage
equity participations in another company , the company in which it holds the equity participations cannot rely on that provision.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">II. Does not constitute an offer to the public within the meaning of article L. 411-1
of the French <I>Code mon&eacute;taire et financier</I>, an offer addressed exclusively at:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; 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>Persons providing a portfolio management investment service for third parties;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Qualified investors or a restricted circle of investors, provided that those investors are acting for their own account.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 56.25pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">A qualified investor is a person or entity possessing the expertise and facilities required
to apprehend the risks inherent in transactions relating to financial instruments. The list of investor categories recognized as
qualified is determined by decree.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 56.25pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">A restricted circle of investors has a number of members below a threshold set by decree
who are not qualified investors.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><U>Article D. 411-1</U></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Are considered qualified investors under paragraph II of article L. 411-2 when they act
for their own account:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">1&deg; The professional clients within the meaning of article
L. 533-16;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">2&deg; The eligible counterparts within the meaning of article
L. 533-20.</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><U>Article L. 533-16</U></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -9pt; margin: 0pt 0 0pt 27pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The General Regulation of the <I>Autorit&eacute; des March&eacute;s
Financiers</I> sets forth the implementing provisions of articles L. 533-11 to L. 533-15, taking into account the type of service
offered or provided, the nature of the financial instrument involved and the client's, or potential client's, professional status
or otherwise.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A professional client is a client who has the experience, knowledge
and competence required to make his own investment decisions and correctly assess the risks incurred.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A decree sets forth the criteria according to which clients shall
be deemed to be professional. Clients who meet said criteria may ask to be treated as non-professional clients and the investment
service providers may agree to grant them a higher level of protection, according to terms set forth in the General Regulation
of the <I>Autorit&eacute; des March&eacute;s Financiers</I>.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The General Regulation of the <I>Autorit&eacute; des March&eacute;s
Financiers</I> also stipulates the terms and conditions under which clients who do not meet said criteria may, at their request,
be treated as professional clients</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><U>Article D. 533-11</U></B></P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Are considered as professional clients within the meaning of article L. 533-16, for all
the investment services and all the financial instruments:</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 9pt">1.</TD><TD>a) The credit institutions mentioned in article L. 511-9 ;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">b) The investment firms mentioned in article L. 531-4;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">c) Other regulated or authorized financial institutions;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">d) Insurance and reinsurance companies mentioned respectively
in the first paragraph of articles L. 310-1 and L.&nbsp;310-1-1 of the French <I>Code des assurances</I>, group insurance companies
mentioned in article L. 322-1-2 of the same code, mutual companies and mutual unions under Book II of the French <I>Code de la
mutualit&eacute;</I> other than those mentioned in article L. 510-2 of such code, as well as disability/incapacity coverage companies
by Book IX of the French C<I>ode de la s&eacute;curit&eacute; sociale</I> ;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">e) The undertakings for collective investment mentioned in
article L. 214-1 and the management companies of undertakings for collective investments mentioned in article L. 543-1;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">f) The reserve fund for retirement mentioned in article L.
135-6 of the French <I>Code de la s&eacute;curit&eacute; sociale</I>, the professional retirement institutions mentioned in article
L. 370-1 of the French C<I>ode des assurances</I> for their transactions mentioned in article L. 370-2 of the same code, as well
as corporate entities administering an profession retirement institution mentioned in article 5 of the order n&deg; 2006-344 of
March 23, 2006 relating to supplemental professional retirement;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">g) The persons whose main activity consist in negotiating
on their behalf commodities or future financial instruments on commodities, mentioned at m) of 2&deg; of article L. 531-2;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">h) The companies mentioned at n) of 2&deg; of article L.
531-2;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">i) The <I>Caisse des d&eacute;p&ocirc;ts et consignations</I>
or other regulated or authorized institutional investors;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 39; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">2. The entities meeting at least two of the following three
criteria on the basis of individual financial statements:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD>a total balance sheet equal to or higher than &euro;20 million;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD>an annual net turnover equal to or higher than &euro;40 million;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD>equity capital equal to or higher than &euro;2 million;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">3. The French State, the <I>Caisse de la dette publique</I>,
the <I>Caisse d'amortissement de la dette sociale</I>, the <I>Banque de France</I>, the<I> Institut d'&eacute;mission des d&eacute;partements
d'outre-mer,</I> the <I>Institut d'&eacute;mission d'outre-mer</I>;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">4. The other institutional investors whose main activities
consist in investing in financial instruments, and in particular, the investment companies mentioned in article 6 of the order
dated November 2, 1945, venture-capital companies mentioned in article 1 of the Law n&deg; 85-695 of July 11, 1985 and financial
innovation companies mentioned in part III of article 4 of the Law n&deg; 72-650 of July 11, 1972;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">5. The foreign entities which are similar to the entities
mentioned in 1 to 4 above or who have a status of professional client in another member state of the European Union or another
state which is a member of the European Economic Area;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">6. The international public financial organizations in which
France or any other member state of the Organization for Economic Co-operation and Development is a member.</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 0 0pt 27pt">&nbsp;</P>



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

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

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

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

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

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

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">40</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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