<SEC-DOCUMENT>0001171843-21-004376.txt : 20210616
<SEC-HEADER>0001171843-21-004376.hdr.sgml : 20210616
<ACCEPTANCE-DATETIME>20210616163046
ACCESSION NUMBER:		0001171843-21-004376
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20210616
DATE AS OF CHANGE:		20210616
EFFECTIVENESS DATE:		20210616

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-257142
		FILM NUMBER:		211021870

	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>S-8
<SEQUENCE>1
<FILENAME>fs8_061521.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on June 16, 2021</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-_________</P>



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

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

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

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

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



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

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

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

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

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

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>EDAP TMS
S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>France</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of incorporation or organization)</P></TD>
    <TD STYLE="width: 51%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Parc d&rsquo;Activit&eacute;s la Poudrette-Lamartine</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4/6, rue du Dauphin&eacute;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>69120 Vaulx-en-Velin, France</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)
(Zip Code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EDAP TMS S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2019 Stock-Option Subscription Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2019 Stock-Option Purchase Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5321 Industrial Oaks Blvd, Suite 110
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Austin, TX 78735, USA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel: +1 (512) 832 7956</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and
telephone number, including area code, of agent for service)</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Blandine Confort</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EDAP TMS S.A.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4/6, rue du Dauphin&eacute;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>69120 Vaulx-en-Velin, France</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+33 (0) 4 72 15 31 50</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 40%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Linda Hesse </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JONES DAY</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2 rue Saint-Florentin</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>75001 Paris, France</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+33 (0) 1 56 59 38 72</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the Registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo; and &ldquo;emerging
growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 19%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Large accelerated filer </FONT></TD>
    <TD STYLE="width: 44%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 23%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Accelerated filer </FONT></TD>
    <TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer </FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">Smaller reporting company </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

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



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1.5pt double; width: 37%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1.5pt double; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of<BR>
securities to<BR>
be registered</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt double; width: 8%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount to be<BR>
registered <SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt double; width: 14%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed maximum offering<BR>
price per share</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt double; width: 21%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed maximum aggregate<BR>
offering price</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt double; width: 20%; border-right: black 1.5pt double; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of<BR>
registration<BR>
fee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-left: black 1.5pt double; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Ordinary Shares, &euro;0.13 nominal value per share<SUP>(1)</SUP> &nbsp;reserved for issuance upon exercise of outstanding share options granted under the Stock Option Plans identified on the cover of this Registration Statement: </FONT></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>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-left: black 1.5pt double; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;- 2019 Stock-Option Subscription Plan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,000,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">$6.81<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">$6,810,000.00</FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">$742.97</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-left: black 1.5pt double; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;- 2019 Stock-Option Purchase Plan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">292,428</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">$6.81<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">$1,991,434.68</FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">$217.27</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-left: black 1.5pt double; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-left: black 1.5pt double; border-bottom: black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,292,428</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>$8,801,434.68</B></FONT></TD>
    <TD STYLE="border-right: black 1.5pt double; border-bottom: black 1.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>$960.24</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(1) </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The Ordinary Shares being registered under this registration statement may be represented by the Registrant&rsquo;s American Depositary Shares. Each American Depositary Share represents one Ordinary Share. American Depositary Shares issuable upon deposit of the Ordinary Shares registered hereby were registered pursuant to a separate Registration Statement on Form F-6EF (File No. 333-176843).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pursuant to Rule 416 of the Securities Act of 1933 (the &ldquo;<B><I>Securities Act</I></B>&rdquo;), this Registration Statement also covers such additional Ordinary Shares, &euro;0.13 nominal value per share, of the Registrant, as may become issuable pursuant to the anti-dilution provisions of the Registrant&rsquo;s equity plan described herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Calculated in accordance with Rule 457(h) based on the exercise price of the options, i.e., &euro;5.59 the exercise price was converted from Euros into U.S. dollars based upon the exchange rate of one Euro expressed in U.S. dollars as $1.2174, as set forth in the release of the European Central Bank on June 10, 2021.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The documents containing the employee benefit
plan information and other information required by Part I of Form S-8 will be included in documents sent or given to participants
in the Plan as specified by Rule 428 under the Securities Act. In accordance with Rule 428 under the Securities Act and the requirements
of Part I of Form S-8, such documents are not being filed with the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;)
either as a part of this registration statement on Form S-8 (this &ldquo;<B><I>Registration Statement</I></B>&rdquo;) or as a prospectus
or prospectus supplement pursuant to Rule 424 under the Securities Act. The Registrant will maintain a file of such documents in
accordance with the provisions of Rule 428 under the Securities Act. Upon request, the Registrant will furnish to the Commission
or its staff a copy or copies of all of the documents included in such file.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">The following documents, which are on
file with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;), are incorporated in this Registration Statement
by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The Registrant&rsquo;s Annual Report on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1041934/000110465921047574/edap-20201231x20f.htm">Form 20-F</A> for the fiscal year ended December 31, 2020, filed April 7, 2021 (Commission File No. 000-29374), (the &ldquo;<B><I>2020 Form 20-F</I></B>&rdquo;); </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The Registrant&rsquo;s Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1041934/000117184321003393/f6k_051121.htm">Form 6-K</A> furnished to the Commission on May 11, 2021; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The description of the Registrant&rsquo;s ordinary shares, nominal value &euro;0.13 per share, set forth under &ldquo;Memorandum and Articles of Association&rdquo; in <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1041934/000110465921047574/edap-20201231x20f.htm">Item 10</A>, the description of the Registrant&rsquo;s American Depositary Shares set forth under &ldquo;American Depositary Shares&rdquo; in <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1041934/000110465921047574/edap-20201231x20f.htm">Item 12</A> of the Registrant&rsquo;s 2020 Form 20-F and the description of securities registered under Section 12 of the Exchange Act in <A HREF="https://www.sec.gov/Archives/edgar/data/1041934/000110465921047574/edap-20201231xex2d3.htm">Exhibit 2.3</A> of the 2020 Form 20-F.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent designated therein, certain
current reports of the Registrant on Form 6-K and all documents filed by the Registrant with the Commission pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this Registration Statement and prior to the filing of
a post-effective amendment that indicates that all securities offered have been sold or that deregisters all securities then remaining
unsold, will be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing
of such documents. Any statement contained in any document incorporated or deemed to be incorporated by reference herein will be
deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein
or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes
such statement. Any such statement so modified or superseded will not be deemed, except as modified or superseded, to constitute
a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Description of Securities.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under French law, provisions in the By-laws
that limit the liability of directors and officers are ineffective. However, French law allows <I>soci&eacute;t&eacute;s anonymes</I>
to contract for and maintain liability insurance against civil liabilities incurred by any of their directors and officers involved
in a third-party action, provided that they acted in good faith and within their capacities as directors or officers of the company.
Criminal liability cannot be indemnified under French law, whether directly by the company or through liability insurance. Such
rules apply to executive and supervisory board members.</P>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the date hereof, we have purchased
liability insurance for our directors and officers, including insurance against liabilities under the Securities Act of 1933, as
amended, and this coverage is subject to annual renegotiation. Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to the Registrant&rsquo;s directors, officers and controlling persons, the Registrant has been advised that,
in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7. Exemption from Registration Claimed.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. Exhibits.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><U>Exhibit Number</U></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 144px"><A HREF="https://www.sec.gov/Archives/edgar/data/1041934/000110465921047574/edap-20201231xex1d1.htm"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1041934/000110465921047574/edap-20201231xex1d1.htm"><FONT STYLE="font-size: 10pt">Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 1.1 to the Registrant&rsquo;s Annual Report on Form 20-F (Commission No. 000-29374) filed with the Commission on April 7, 2021)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="exh_42.htm"><FONT STYLE="font-size: 10pt">4.2</FONT></A></TD>
    <TD><A HREF="exh_42.htm"><FONT STYLE="font-size: 10pt">EDAP TMS S.A. 2019 Form of Stock-Option Subscription Plan</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="exh_43.htm"><FONT STYLE="font-size: 10pt">4.3</FONT></A></TD>
    <TD><A HREF="exh_43.htm"><FONT STYLE="font-size: 10pt">EDAP TMS S.A. 2019 Form of Stock-Option Purchase Plan</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">Opinion of Blandine Confort, Legal Affairs Officer of the Registrant</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="exh_231.htm"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD><A HREF="exh_231.htm"><FONT STYLE="font-size: 10pt">Consent of KPMG S.A.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">23.2</FONT></A></TD>
    <TD><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">Consent of Blandine Confort (included in Exhibit 5.1)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#POA"><FONT STYLE="font-size: 10pt">24.1</FONT></A></TD>
    <TD><A HREF="#POA"><FONT STYLE="font-size: 10pt">Power of Attorney (included in the signature pages herein)</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The undersigned Registrant hereby undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">(1) To file, during any period in which
offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 28.35pt">(i) To include any prospectus
required by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 28.35pt">(ii) To reflect in the prospectus
any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of a prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the
&ldquo;Calculation of Registration Fee&rdquo; table in the effective Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 28.35pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 28.35pt">(iii) To include any material
information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change
to such information in the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>provided, however</I>, that paragraphs
(a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of
the Exchange Act that are incorporated by reference in the Registration Statement.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2) That, for the purpose of determining any
liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
<I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3) To remove from registration by means of
a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to
the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

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

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

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

<!-- Field: Page; Sequence: 5 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Pursuant to the requirements of the Securities
Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Vaulx-en-Velin, France, on June 16, 2021. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>EDAP TMS S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ MARC OCZACHOWKSI</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Marc Oczachowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ FRANCOIS DIETSCH</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Fran&ccedil;ois Dietsch</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.8in">KNOW ALL PERSONS BY THESE PRESENTS that
each person whose signature appears below severally constitutes and appoints Marc Oczachowksi and Fran&ccedil;ois Dietsch, and
each of them singly, as his/her true and lawful attorneys, with full power to any of them, and to each of them singly, to sign
for him/her and in his/her names in the capacities indicated below any and all pre-effective and post-effective amendments to this
Registration Statement on Form S-8, under the Securities Act of 1933, as amended, in connection with the registration under the
Securities Act of 1933, as amended, of equity securities of EDAP TMS S.A., and to file or cause to be filed the same, with all
exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys,
and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in
connection therewith, as fully to all intents and purposes as each of them might or could do in person, and hereby ratifying and
confirming all that said attorneys, and each of them, or their substitute or substitutes, shall do or cause to be done by virtue
of this Power of Attorney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.8in">Pursuant to the requirements of the Securities
Act, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.8in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date: June 16, 2021</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ MARC OCZACHOWSKI</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Marc Oczachowski</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer (Principal Executive<BR>
        Officer) and Chairman of the Board of Directors</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date: June 16, 2021</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ FRANCOIS DIETSCH</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Fran&ccedil;ois Dietsch</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer (Principal Financial and Accounting
        Officer)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date: June 16, 2021</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ PIERRE BEYSSON</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Pierre Beysson</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date: June 16, 2021</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ MARIE MEYNAUDIER</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Marie Meynadier</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%; font-size: 10pt; text-indent: 0.8in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 40%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date: June 16, 2021</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ ROB MICHIELS</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Rob Michiels</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date: June 16, 2021</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ ARGIL WHEELOCK</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Argil Wheelock</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933,
as amended, this Registration Statement on Form S-8 has been signed by the undersigned as the duly authorized representative in
the United States of EDAP TMS S.A. in Austin, Texas, on June 16, 2021.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.8in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.8in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.8in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.8in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.35pt 0pt 5.8pt; text-indent: -0.7pt">/s/ TIMOTHY
        HEYER</P></TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.8pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Timothy Heyer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.8pt">Vice President &ndash; Services &amp; Application</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.8pt">EDAP Technomed Inc.</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 144px"><A HREF="exh_42.htm"><FONT STYLE="font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><A HREF="exh_42.htm"><FONT STYLE="font-size: 10pt">EDAP TMS S.A. 2019 Stock-Option Subscription Plan</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="exh_43.htm"><FONT STYLE="font-size: 10pt">4.3</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><A HREF="exh_43.htm"><FONT STYLE="font-size: 10pt">EDAP TMS S.A. 2019 Stock-Option Purchase Plan</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">Opinion of Blandine Confort, Legal Affairs Officer of the Registrant</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="exh_231.htm"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><A HREF="exh_231.htm"><FONT STYLE="font-size: 10pt">Consent of KPMG SA</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">Consent of Blandine Confort (included in Exhibit 5.1)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#POA"><FONT STYLE="font-size: 10pt">24.1</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><A HREF="#POA"><FONT STYLE="font-size: 10pt">Power of Attorney (included in the signature pages herein).</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>This is a free translation from the French
language and is supplied solely for information purposes. Only the original version in French language has legal force.</I></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(the
&ldquo;</FONT>Company&rdquo;<FONT STYLE="font-weight: normal">)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Capital of 4,373,013.32 Euros</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Headquarters&nbsp;: Parc d&rsquo;Activit&eacute;
de La Poudrette Lamartine,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4, rue du Dauphin&eacute;, 69120 VAULX-EN-VELIN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">316488204 RCS LYON</P>

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

<DIV STYLE="padding: 1pt 4pt; border: Black 1pt solid">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration: none">SHARE
SUBSCRIPTION OPTION PLAN</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ordinary and Extraordinary Assembly Meeting&nbsp;June
28, 2019</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Board of Directors: June 11, 2021</B></P>

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

</DIV>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><U>GENERAL</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the authorization granted
by the ordinary and extraordinary general shareholders&rsquo; meeting of June 28, 2019 (the &ldquo;<B>Shareholders Authorization</B>&rdquo;),
the Board of Directors decided on <B>June 11, 2021</B>, in compliance with the provisions of Articles L. 225-177 et seq. of the
French Commercial Code:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">- to determine the terms and conditions
of the share subscription option plan as set out below, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">- to grant, on one or several occasions,
one million (1,000,000) options to subscribe to a maximum of one million (1,000,000) shares of the Company, with a nominal value
of &euro;0.13 each, to some employees and/or employee officers of the Company as well as those of the affiliates of the Company
within the meaning of Article L. 225-180 of the French Commercial Code and as defined in Section 424(f) and Section 3401(c) of
the United States Internal Revenue Code of 1986, as amended (hereafter, the &ldquo;<B>Affiliates</B>&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The authorization granted by the shareholders
on June 28, 2019 is valid until August 28, 2022 unless terminated earlier.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><U>PURPOSES OF THE PLAN</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We wish to motivate and reward EDAP&rsquo;s
teams who will be entirely dedicated to successfully perform our U.S. as well as our worldwide business goals. To this end, the
Board of Directors wishes to implement an incentive stock option program in favor of EDAP&rsquo;s U.S. and French employees contributing
to this project (the &ldquo;<B>Plan</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purposes of the Plan are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to attract and retain the best available personnel for positions of substantial responsibility;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to provide additional incentive to Beneficiaries as such term is defined herein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to promote the success of the Company's business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Options (as such term is defined below)
granted under the Plan to U.S. Beneficiaries (as such term is defined below) are intended to be Incentive Stock Options (&ldquo;<B>ISO</B>s&rdquo;
or &ldquo;<B>Incentive Stock Options</B>&rdquo;) and shall comply in all respects with the United States Internal Revenue Code
of 1986, as amended (the &ldquo;<B>U.S. Code</B>&rdquo;), for those eligible beneficiaries&rsquo; subject to tax in the U.S., in
order that they may benefit from available tax advantages. The Options may also be &ldquo;<B>Non-Statutory Stock Options</B>&rdquo;,
meaning an Option that does not qualify as an ISO, in the discretion of the Board of Directors at the time of grant of an Option
or when ISO limits are exceeded.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="text-decoration: none"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><U>SHARES SUBJECT TO THE PLAN AND NUMBER OF OPTIONS TO SUBSCRIBE FOR SHARES</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the provisions of Article L.
225-181 of the French Commercial Code and Sections 409A, 422 and 424 of the U.S. Code, as applicable, and pursuant to the Shareholders
Authorization, the maximum aggregate number of shares which may be optioned and issued is equal to <B>1,000,000</B> (the &ldquo;<B>Shares</B>&rdquo;)
and the maximum number of ISOs which may be optioned and issued is 1,000,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 11, 2021, the Board of Directors
decided to grant one million (1,000,000) share subscription options (the &ldquo;<B>Options</B>&rdquo;) to Beneficiaries intended
to qualify as ISOs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should the Options expire or become unexercisable
for any reason without having been exercised in full, the unsubscribed Shares which were subject thereto shall, unless the Plan
shall have been terminated prior to August 28, 2022, become available again for any future grant under the Plan to be made in accordance
with the Shareholders Authorization.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any provisions in the Plan
to the contrary, the total number of Options granted but not yet exercised may not give right to subscribe a number of shares exceeding
one third of the share capital of the Company.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><U>BENEFICIARIES</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Chairman of the Board of Directors
(<I>Pr&eacute;sident du Conseil d&rsquo;administration</I>), the Chief Executive Officer (<I>Directeur G&eacute;n&eacute;ral</I>)
and other deputy executive officers (<I>directeurs g&eacute;n&eacute;raux d&eacute;l&eacute;gu&eacute;s</I>) as well as any individual
employed by the Company or by any of its Affiliates, under the terms and conditions of an employment contract, are eligible to
receive Options to the extent otherwise legally eligible to receive Options under the Plan and in the Shareholders Authorization.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Incentive Stock Options may only be granted
to Beneficiaries of the Company or any of its subsidiaries who meet the definition of &ldquo;employees&rdquo; under Section 3401(c)
of the U.S. Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the provisions of the French
Commercial Code, the Shareholders Authorization, the Plan and the U.S. Code, the Board of Directors shall have the authority, in
its discretion, to determine the Beneficiaries to whom Options may be granted hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The list of Beneficiaries, with the exact
number of Options allocated to each of them has been set by the Board of Directors at its meeting on June 11, 2021 (the &ldquo;<B>Beneficiaries</B>&rdquo;).
Beneficiaries who are U.S. tax residents are referred to herein as the &ldquo;<B>U.S. Beneficiaries</B>&rdquo; and Beneficiaries
who are French tax residents are referred to herein as the &ldquo;<B>French Beneficiaries</B>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any provisions in the Plan
to the contrary, Options may not be granted to Beneficiaries owning more than ten percent (10%) of the Company&rsquo;s share capital
except as permitted under Article L. 225-185 of the French commercial code.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify"><U>DATE OF GRANT AND TERM OF THE PLAN</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The date of grant of an Option shall be,
for all purposes, the date on which the Board of Directors decides to grant such Option (the &ldquo;<B>Date of Grant</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No Option may be granted less than twenty
(20) trading sessions after the detachment of a coupon entitling the holder to a dividend or a capital increase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Plan shall be effective as of June
11, 2021, and Options may be granted as of such date (which is the Date of Grant for the Options that the Board of Directors decided
to grant to Beneficiaries on June 11, 2021) until August 28, 2022, unless terminated earlier. The Plan shall continue in effect
until the date of termination of the last Options in force, unless terminated earlier pursuant to Article 13 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and each Beneficiary shall
enter into an Option agreement evidencing the terms and conditions of an individual Options grant (the &ldquo;<B>Option Agreement</B>&rdquo;).
Such Option Agreements shall be subject to the terms and conditions of the Plan. A written notice evidencing the main terms and
conditions of an individual Options grant is part of the Option Agreement (the &ldquo;<B>Notice of Grant</B>&rdquo;). The form
of such Option Agreement is attached as Appendix 1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The grant will be definitive upon the Date
of Grant provided that the Notice of Grant and the Option Agreement have been duly initialed (all pages except the signature page)
and executed (signature page) by the Beneficiary and returned to the Company within one month following receipt of such documents
by the Beneficiary.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify"><U>OPTIONS EXERCISE PRICE</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The per Share subscription price for the
Shares to be issued pursuant to exercise of an Option (the &ldquo;<B>Subscription Price</B>&rdquo;) shall be determined by the
Board of Directors on the Date of Grant on the basis of the fair market value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair market value of one Share as provided
in the Shareholders Authorization is deemed to be the closing sales price of one EDAP American Depositary Share listed on the NASDAQ
stock market on the day prior to the Date of Grant. Under French law, the Subscription Price shall in no case be less than ninety-five
per cent (95%) of the average closing sales price of the EDAP American Depositary Shares listed on the NASDAQ stock market calculated
on the basis of the last twenty (20) market trading sessions preceding the Date of Grant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) In the case of a Non-Statutory Stock
Option or Incentive Stock Option granted to any U.S. Beneficiary, the Subscription Price shall not be less than one hundred per
cent (100%) of the fair market value per share on the Date of Grant determined as follows (a) if the shares are listed or quoted
for trading on an exchange, the value will be deemed to be the closing or last offer price, as applicable, of the shares on the
principal exchange upon which such securities are traded or quoted on the date prior to the Date of Grant, provided, if such date
is not a trading day, on the last market trading day prior to such date; and (b) if the shares are not listed or quoted for trading
on an exchange, the fair market value of the shares as determined by the Board of Directors, consistent with the requirements of
Sections 422 with respect to Incentive Stock Options, and 409A of the U.S. Code with respect to Options not intended to be Incentive
Stock Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) In the case of an Incentive Stock
Option granted to a U.S. Beneficiary who, at the Date of Grant of the Incentive Stock Option, owns stock representing more than
ten percent (10%) of the voting rights of all classes of stock of the Company or any parent or subsidiary of the Company and, to
the extent such Beneficiary is permitted by French law to receive Option grants, the per Share subscription price shall be no less
than one hundred and ten percent (110%) of the fair market value per share on the Date of Grant, as determined for Incentive Stock
Options above.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with applicable French and
U.S. law, each Option granted to each Beneficiary, whether a U.S. Beneficiary, excluding options covered by paragraph (ii) above,
or a French Beneficiary, gives the right to subscribe to one Share at a Subscription Price corresponding to the greater of: (a)
100% of the fair market value per share on the Date of Grant determined in accordance with (i) above and (b) ninety five per cent
(95%) of the average closing sales price of the EDAP American Depositary Shares listed on the NASDAQ stock market calculated on
the basis of the last twenty (20) market trading sessions preceding the Date of Grant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a Date of Grant on June 11, 2021, the
Subscription Price per Share is equal to 5.59 Euros.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New shares issued upon exercise must be
fully paid-up at subscription.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Price may not be modified
for the duration of the Plan. However, the number of Shares under option as well as their Subscription Price may be adjusted, in
the event that the Company implements one of the transactions set out in Article L. 225-181 paragraph 2 of the French Commercial
Code, and, for U.S. Beneficiaries, in accordance with Sections 409A, 422 and 424 of the U.S. Code, as applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify"><U>CONDITIONS PRECEDENT FOR EXERCISE OF THE OPTIONS/CONDITIONS UPON ISSUANCE OF SHARES</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>7.1 PRESENCE IN THE COMPANY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1.1 Principle</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Options shall be null and void and
may not be exercised by the Beneficiary, without the Company having to proceed with any formalities, in the case the Beneficiary
is no longer employed with the Company or its Affiliates, as an employee or a company officer, for more than three (3) months following
Termination, as defined below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of the Plan, &ldquo;<B>Termination</B>&rdquo;
shall mean, depending upon the case, the date the Beneficiary&rsquo;s resignation letter is sent or delivered, the date the Beneficiary&rsquo;s
dismissal letter is sent or the date of his removal as a company officer. Termination does not include leaves of absence which
receive a prior approval from the Company. Such leaves of absence shall include leaves of more than three (3) months for illnesses
or conditions about which the employee has advance knowledge, military leave, or any other personal leave. For purposes of U.S.
Beneficiaries and Non-Statutory Stock Options, no such leave may exceed ninety (90) days and for Incentive Stock Options, no such
leave may exceed three (3) months, unless, in each case, reemployment upon expiration of such leave is guaranteed by statute, contract
or Company policies. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, on the
first day after such period, any Incentive Stock Option held by a U.S. Beneficiary shall cease to be treated as an Incentive Stock
Option and shall be treated for U.S. tax purposes as a Non-Statutory Stock Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon Termination, the Beneficiary may exercise
his Options within a three (3) month period, as specified in the Notice of Grant, and only for the part of the Options that the
Beneficiary was entitled to exercise at the date of Termination (but in no event later than the expiration of the term of such
Options as set forth in the Notice of Grant). For ISO purposes, such a period cannot exceed three months following the Termination.
If, at Termination, the Beneficiary is not entitled to exercise his Options, the Shares covered by the unexercisable portion of
Options shall become available again for any future grant in accordance with Article 3. If, after Termination, the Beneficiary
does not exercise all of his Options within the time specified in the Notice of Grant, the Options shall terminate, and the Shares
covered by such Options shall become available again for any future grant in accordance with Article 3.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1.2 Exceptions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an exception to the provisions of Article
7.1.1, in case of death of the Beneficiary, his heirs may exercise the Options within six (6) months as from such death (but in
no event later than the expiration of the term of the Option), provided the Beneficiary was authorized to exercise his Options
at the time of his death and within the limits of shares allocated and exercisable. If after the death of the Beneficiary, his
heirs do not exercise the Options within the six (6) month period or the Options expiration date, then the Options shall be null
and void and the Shares covered by such Options shall become available again for any future grant in accordance with Article 3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an exception to the provisions of Article
7.1.1, in the event that the Beneficiary&rsquo;s office term or employment relationship is terminated owing to Disability, as such
term is defined below, the Beneficiary may exercise his Options at any time within six (6) months from the date of such Termination,
but only to the extent that these options are exercisable at the time of Termination (but in no event later than the expiration
of the term of such Options). If, at the date of Termination, the Beneficiary is not entitled to exercise all of his Options, the
Shares covered by the unexercised portion of Options shall become available again for any future grant in accordance with Article
3. If after Termination, the Beneficiary does not exercise all of his or her Options within the time specified herein, the Options
shall terminate, and the Shares covered by such Options shall become available again for any future grant in accordance with Article
3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Similarly,
the provisions of Article 7.1.1 are not applicable in the event that the Beneficiary decides to retire or his employer decides
to pension him as defined in Article L. 1237-5 of the French Labor Code. However, three months following such Retirement any Incentive
Stock Option held by a U.S. Beneficiary shall cease to be treated as an Incentive Stock Option and shall be treated for U.S. tax
purposes as a Non-Statutory Stock Option</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this Article 7.1.2
of the Plan:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Disability</B>&rdquo; means disability
as determined in categories 2 and 3 under Article L. 341-4 of the French Social Security Code and subject to the fulfillment of
related conditions, and for ISOs, as defined under Section 22(e)(3) of the U.S. Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Retirement</B>&rdquo; means that
the employee has reached the age provided in Article L. 1237-5 of the French Labor Code and qualifies for a full pension subject
to the fulfillment of related conditions, or any similar provision applicable to a foreign Affiliated Company.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify"><U>TERMS AND CONDITIONS OF EXERCISE OF THE OPTIONS</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8.1 EXERCISE RIGHT SUSPENSION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors may suspend the
right to exercise the Options for a maximum duration of three (3) months in case transactions mentioned in Article L. 225-149-1,
al. 1 of the French Commercial Code are carried out.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beneficiaries will be informed of such
suspension period in accordance with Article R. 225-133 of the French Commercial Code.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that the term of the Options
expires or terminates during the suspension period, the term of the Options may be postponed until one (1) more month following
the suspension period. For U.S. Beneficiaries, the term of the option cannot exceed 10 years, regardless of suspension.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8.2 SCHEDULE FOR EXERCISING OF THE OPTIONS
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2.1 Principle</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Options become exercisable as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">one-sixth of the Options, at the expiration of a period of six (6) months as from the Date of Grant
of the Options by the Board of Directors (the &ldquo;<B>6 Month Anniversary</B>&rdquo;); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">with respect to the remaining five-sixths of the Options, one-thirty-sixth of the Options, each
at the expiration of successive one (1) month periods as from the 6 Month Anniversary; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">at the latest within ten (10) years as from the Date of Grant.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of Options that may be exercised
pursuant to the above vesting schedule will always be rounded down to the nearest full number.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Beneficiary fails to exercise the
Options in whole or in part within the said period of ten (10) years, the Options will lapse automatically.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2.2. Exceptions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By way of exception, the provisions of
Article 8.2.1 shall not be applicable in the case any of the following operations is implemented:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">tender offer, within the meaning of Article L. 433-1 of the French Monetary and Financial Code,
relating to the shares of the Company or, as long as the shares of the Company are listed on the National Association of Securities
Dealers Automated Quotation (NASDAQ), any similar operation carried out according to the NASDAQ regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">exchange offer, within the meaning of Article L. 433-1 of the French Monetary and Financial Code,
relating to the shares of the Company or, as long as the shares of the Company are listed on the NASDAQ, any similar operation
carried out according to the NASDAQ regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">cash tender and exchange offer relating in part to a cash tender offer and in part to an exchange
offer or, as long as the shares of the Company are listed on the NASDAQ, any similar operation carried out according to the NASDAQ
regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">buyout offer within the meaning of Article L. 433-4 of the French Monetary and Financial Code,
relating to the shares of the Company or, as long as the shares of the Company are listed on the National Association of Securities
Dealers Automated Quotation (NASDAQ), any similar operation carried out according to the NASDAQ regulations; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">in the event of a merger of the Company into another corporation or of the sale by one or several
shareholders, acting alone or in concert, of the Company to one or several third parties of a number of shares resulting in a transfer
of more than fifty per cent (50%) of the shares of the Company to said third parties (a &ldquo;<B>Change in Control</B>&rdquo;).
Notwithstanding the foregoing, a Change in Control must also constitute a &ldquo;change in control event,&rdquo; as defined in
Treasury Regulation &sect;1.409A-3(i)(5) with respect to any compensation or benefit that is subject to Section 409A of the U.S.
Code.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the cases mentioned in clauses a) through
d) above, the Beneficiaries shall be entitled to exercise all of their unexercised Options in one or several times as from the
date of delivery of the initial offer (tender offer, exchange offer, cash tender and exchange offer and similar operations on the
NASDAQ) to the relevant authority until the end of the expiration of the term of the Options.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of a Change in Control as mentioned
in clause e) above, unless otherwise decided by the Board of Directors, all of the Options that remain unexercisable as of immediately
prior to the completion of the Change in Control shall become exercisable immediately prior to the completion of the Change in
Control. Such fully exercisable Options shall then be subject to the terms set forth in Article 10.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, as exceptions to the exercise
schedule provided in Article 8.2.1 above, (a) if an employment agreement entered into between the Company or a subsidiary and the
Beneficiary provides for special vesting treatment upon a Covered Termination (as such term is defined in such employment agreement),
the Options shall become exercisable as to the number of Options that would otherwise have become exercisable within the twelve
month period immediately following the Covered Termination in accordance with Article 8.2.1 above as if the Beneficiary had remained
in continuous service with the Company or a subsidiary during such period and (b) in case of death of the Beneficiary, his heirs
may exercise the Options within a period of six (6) months as from the death of the Beneficiary, pursuant to Article 7.1.2.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.3. TIME LIMIT FOR THE EXERCISE OF
THE OPTIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Options shall be exercised by the Beneficiary
before the end of a period of ten (10) years as from the Date of Grant, e.g., before June 11, 2031 for a Date of Grant on June
11, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When a US Beneficiary, at the Date of Grant,
holds greater than 10% of the share capital of the Company, and to the extent that it is eligible for grants under the Plan pursuant
to US applicable regulations, the Options are exercisable for up to five (5) years from the Date of Grant. The terms of ten (10)
and five (5) years, respectively, may not be exceeded, including in the case of early exercise in the event of death or disability
of the Beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt"><B>8.4.
TERMS OF EXERCISE OF THE OPTIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) The Options may only be exercised if
all the conditions provided under Articles 7 and 8 of the Plan are satisfied on the date of exercise of the Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) In order to exercise his or her Options,
the Beneficiary shall send to the legal representative of the Company, a notification indicating the number of Options that he
or she wishes to exercise. The consideration for the Shares to be issued upon exercise of Options shall be paid either by wire
transfer or bank check payable to the Company in an amount equal to the aggregate Subscription Price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii) Furthermore, in the event that the
sale of Shares under this Plan is not registered under the U.S. Securities Act but an exemption is available which requires an
investment representation or other representation, the Beneficiary shall represent and agree at the time of exercise that the Shares
being acquired upon exercising this Option are being acquired for investment, and not with a view to the sale or distribution thereof,
and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iv) Nevertheless, the aggregate fair market
value of the Shares covered by Incentive Stock Options granted under the Plan or any other stock option program of the Company
(or any parent or subsidiary of the Company) that become exercisable for the first time in any calendar year shall not exceed USD
100,000 to remain Incentive Stock Options. To the extent the aggregate fair market value of such shares exceeds USD 100,000, the
Options covering those Shares the fair market value of which causes the aggregate fair market value of all such Shares to be in
excess of USD 100,000 shall be treated as Non-Statutory Stock Options. Incentive Stock Options shall be taken into account in the
order in which they were granted, and the aggregate fair market value of the Shares shall be determined as of the Date of Grant.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(v) The Beneficiary will have the ownership
and the enjoyment of the Shares on the date of exercise of the Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(vi) As the Company is listed on the NASDAQ
market, the Beneficiary will be responsible for converting the newly issued ordinary shares of the Company into American Depositary
Receipt (ADRs) upon exercise of his Options.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify"><U>CONDITIONS OF HOLDING AND SALE OF THE SHARES</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>9.1. U.S. SECURITIES LAW RESTRICTIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Shares to be issued from exercised
Options have been registered under the U.S. Securities Act and may be offered or sold in the United States or to U.S. persons as
defined under Rule 902 of the U.S. Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any other provision of
the Plan or any agreement entered into by the Company pursuant to the Plan, the Company shall not be obligated, and shall have
no liability for failure, to register, issue or deliver any Shares under the Plan unless such issuance or delivery would comply
with applicable U.S. state and Federal laws, including securities laws, and the U.S. Code, with such compliance determined by the
Company in consultation with its legal counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regardless of whether the offering and
sale of shares under this Plan have been registered under the U.S. Securities Act or have been registered or qualified under the
securities laws of any U.S. state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer
of such shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions)
if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the U.S. Securities
Act, the securities laws of any state or any other law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>9.2 EXECUTIVE OFFICERS OF THE COMPANY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without prejudice to the above, 10% of
the Shares subscribed following the exercise of Options by the Chairman&nbsp; of the Board (<I>Pr&eacute;sident du Conseil d&rsquo;administration</I>),
the Chief Executive Officer (<I>Directeur G&eacute;n&eacute;ral</I>), and other deputy executive officers (<I>Directeurs G&eacute;n&eacute;raux
D&eacute;l&eacute;gu&eacute;s</I>) of the Company or of an Affiliated Company having its registered office in France, must be held
in registered form and must not be sold, leased or converted to bearer shares until the mandate as executive officer is over.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount of Shares to be held shall be
determined by taking into account all the shares already held pursuant to the requirements of the previous plans.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD STYLE="text-align: justify"><U>PROTECTION OF THE INTERESTS OF THE BENEFICIARY</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.1 GENERAL PROVISIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of the carrying out by the
Company of any of the financial operations pursuant to Article L. 225-181 of the French Commercial Code as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">amortization or decrease of the share
capital,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">modification to the allocation of profits,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">distribution of free shares,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">capitalization of reserves, profits, issuance
premiums,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the issuance of shares or securities giving
right to shares to be subscribed for in cash or by set-off of existing indebtedness offered exclusively to the shareholders,</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Company shall take the required measures
to protect the interest of the Beneficiaries in the conditions set forth in Article L. 228-99 of the French Commercial Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The adjustment will be made in accordance
with the provisions of Article R. 228.91 of the French Commercial Code. In addition, all assumptions and substitutions of Incentive
Stock Options shall be determined in accordance with Sections 422 and 424 of the U.S. Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.2 ABSORPTION OF THE COMPANY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2.1 Transfer of the commitments to the
Beneficiary(ies) of the contributions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of a Change in Control or the
Company is otherwise absorbed by another company, merges with one or several other companies to form a new company or split off,
the company(ies) that benefit(s) from the contributions could substitute itself for the Company with respect to its duties toward
the Beneficiary. In this case, the number and the price of the shares under option shall be determined either by applying the exchange
ratio used for the operation, or by applying other terms and conditions defined by the parties to the operation. For U.S. Beneficiaries,
this will be determined, as applicable, in accordance with Sections 422, 424 and 409A of the U.S. Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2.2 Absence of transfer of the commitments
to the Beneficiary(ies) of the contributions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case the company(ies) that benefit(s)
from the contributions decide(s) not to substitute itself for the Company with respect to its duties toward the Beneficiary, the
Options may be exercised by the Beneficiary within the period notified to him by the Board of Directors by registered letter with
acknowledgement of receipt or letter with discharge. Failing that, the Options will terminate. For U.S. Beneficiaries, this will
be determined in accordance with Sections 422, 424 and 409A of the U.S. Code.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD STYLE="text-align: justify"><U>REMOVAL FROM LISTING</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares of the Company no longer being
listed on the NASDAQ market or listed on another exchange shall not challenge the rights and obligations of the Beneficiaries as
they are provided herein.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">12.</TD><TD STYLE="text-align: justify"><U>UNAVAILABILITY AND NON-TRANSFERABILITY OF THE OPTIONS</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Article L. 225-183, paragraph
2 of the French Commercial Code, until the Option has been exercised by the Beneficiary, the corresponding rights are unavailable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An Option may not be sold, pledged, assigned,
hypothecated, transferred or disposed of in any manner other than by will or by laws of descent or distribution and may be exercised,
during the lifetime of the Beneficiary, only by the Beneficiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, as it is provided in Article 7.1.2
hereof, in case of death of the Beneficiary, his heirs may exercise the Options within a period of six (6) months as from the death
of the Beneficiary.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">13.</TD><TD STYLE="text-align: justify"><U>AMENDMENT AND TERMINATION OF THE PLAN</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) Amendment and Termination</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to Article 13(b) hereof, the Board
of Directors may at any time amend, alter, suspend or terminate the Plan to the extent permitted by applicable French or U.S. laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Effect of amendment and termination</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No amendment, alteration, suspension or
termination of the Plan shall impair the rights of any Beneficiary, unless mutually agreed otherwise between the Beneficiary and
the Board of Directors, which agreement must be in writing and signed by the Beneficiary and the Company. Furthermore, to the extent
any amendment or alteration of the Plan would prevent any Options that were intended to qualify as ISOs from so qualifying under
the U.S. Code, such amendment or alteration shall be null and void with respect to such Options.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">14.</TD><TD STYLE="text-align: justify"><U>LIABILITY OF THE COMPANY</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by any counsel
to the Company to be necessary to the lawful issuance or sale of any shares hereunder, shall relieve the Company of any liability
in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and its Affiliates may not be held responsible in any way if the Beneficiary for any reason not attributable to the Company
or its Affiliates was not able to exercise the Options or subscribe the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Beneficiary understands that the Beneficiary may suffer adverse tax consequences as a result of the subscription or disposition
of the Beneficiary&rsquo;s Shares, for which the Company and its Affiliates shall not be held responsible. In this respect, each
Beneficiary undertakes that it is not relying on the Company for any tax advice.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">15.</TD><TD STYLE="text-align: justify"><U>INDEPENDENCE OF THE CLAUSES</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any provision hereof is held prohibited
or void, at any time, by a competent authority or judicial body, this shall not challenge the remaining provisions that shall be
considered as independent and as having been written or rewritten, depending upon the case, without this prohibited or void provision.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">16.</TD><TD STYLE="text-align: justify"><U>INTERPRETATION</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is intended that Options granted under
the Plan shall qualify for the favorable tax and social security charges treatment applicable to Options granted under Sections
L. 225-177 to L. 225-186-1 of the French Commercial Code, the French Tax Code and the French Social Security Code as amended and,
for U.S. Beneficiaries, it is intended that the Options shall qualify as Incentive Stock Options under the U.S. Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms of the Plan shall be interpreted
accordingly and in accordance with the relevant provisions set forth by French tax and social security laws (in particular, Sections
80 quaterdecies of the French Tax Code), as well as the French tax and social security administrations and the relevant guidelines
released by the French tax and social insurance authorities and subject to the fulfilment of legal, tax and reporting obligations.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">17.</TD><TD STYLE="text-align: justify"><U>APPLICABLE LAW AND COMPETENT TRIBUNALS</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Plan shall be governed by and construed
in accordance with the laws of France.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tribunals located within the jurisdiction
of the Court of Appeal of LYON shall be exclusively competent to determine any claim or dispute arising in connection herewith.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPENDIX 1</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B></B>11</P>

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

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<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>This is a free translation from the French
language and is supplied solely for information purposes. Only the original version in French language has legal force.</I></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(the
&ldquo;</FONT>Company&rdquo;<FONT STYLE="font-weight: normal">)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Capital of 4,373,013.32 Euros</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Headquarters&nbsp;: Parc d&rsquo;Activit&eacute;
de La Poudrette Lamartine,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4, rue du Dauphin&eacute;, 69120 VAULX-EN-VELIN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">316488204 RCS LYON</P>

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

<DIV STYLE="padding: 1pt 4pt; border: Black 1pt solid">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration: none">SHARE
PURCHASE OPTION PLAN</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ordinary and Extraordinary Assembly Meeting&nbsp;June
28, 2019</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Board of Directors: June 11, 2021</B></P>

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

</DIV>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><U>GENERAL</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the authorization granted
by the ordinary and extraordinary general shareholders&rsquo; meeting of June 28, 2019 (the &ldquo;<B>Shareholders Authorization</B>&rdquo;),
the Board of Directors decided on <B>June 11, 2021</B>, in compliance with the provisions of Articles L. 225-177 et seq. of the
French Commercial Code:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">- to determine the terms and conditions
of the share purchase option plan as set out below, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">- to grant, on one or several occasions,
two hundred ninety-two thousand four hundred and twenty-eight (292,428) options giving the right to purchase a maximum of two hundred
ninety-two thousand four hundred and twenty-eight (292,428) shares of the Company, with a nominal value of &euro;0.13 each, to
some employees and/or employee officers of the Company as well as those of the affiliates of the Company within the meaning of
Article L. 225-180 of the French Commercial Code and as defined in Section 424(f) and Section 3401(c) of the United States Internal
Revenue Code of 1986, as amended (hereafter, the &ldquo;<B>Affiliates</B>&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The authorization granted by the shareholders
on June 28, 2019 is valid until August 28, 2022 unless terminated earlier.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><U>PURPOSES OF THE PLAN</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We wish to motivate and reward EDAP&rsquo;s
teams who will be entirely dedicated to successfully perform our U.S. as well as our worldwide business goals. To this end, the
Board of Directors wishes to implement an incentive stock option program in favor of EDAP&rsquo;s employees contributing to this
project (the &ldquo;<B>Plan</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purposes of the Plan are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to attract and retain the best available personnel for positions of substantial responsibility;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to provide additional incentive to Beneficiaries as such term is defined herein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to promote the success of the Company's business.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="text-decoration: none"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><U>SHARES SUBJECT TO THE PLAN AND NUMBER OF OPTIONS TO PURCHASE SHARES</U></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors is authorized to
use shares (i) that the Company already holds for having duly acquired them for allocation to employees and corporate officers
pursuant to Article L.225-177 of the French Commercial Code, and (ii) for which the options, duly granted within one year of the
acquisition of the shares, may no longer be exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the provisions of Article L.
225-181 of the French Commercial Code, as applicable, and pursuant to the Shareholders Authorization, the maximum aggregate number
of shares which may be optioned and issued is equal to <B>358,528</B> (the &ldquo;<B>Shares</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 11, 2021, the Board of Directors
decided to grant two hundred ninety-two thousand four hundred and twenty-eight (292,428) share purchase options (the &ldquo;<B>Options</B>&rdquo;)
to Beneficiaries, this amount being the available balance of this authorization.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should the Options expire or become unexercisable
for any reason without having been exercised in full, the unpurchased Shares which were subject thereto shall, unless the Plan
shall have been terminated prior to August 28, 2022, become available again for any future grant under the Plan to be made in accordance
with the Shareholders Authorization.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><U>BENEFICIARIES</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Chairman of the Board of Directors
(<I>pr&eacute;sident du conseil d&rsquo;administration</I>), the Chief Executive Officer (<I>directeur g&eacute;n&eacute;ral</I>)
and other deputy executive officers (<I>directeurs g&eacute;n&eacute;raux d&eacute;l&eacute;gu&eacute;s</I>) as well as any individual
employed by the Company or by any of its Affiliates, under the terms and conditions of an employment contract, are eligible to
receive Options to the extent otherwise legally eligible to receive Options under the Plan and in the Shareholders Authorization.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the provisions of the French
Commercial Code, the Shareholders Authorization and the Plan, the Board of Directors shall have the authority, in its discretion,
to determine the Beneficiaries to whom Options may be granted hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The list of Beneficiaries, who are French
tax residents, with the exact number of Options allocated to each of them has been set by the Board of Directors at its meeting
on June 11, 2021 (the &ldquo;<B>Beneficiaries</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any provisions in the Plan
to the contrary, Options may not be granted to Beneficiaries owning more than ten percent (10%) of the Company&rsquo;s share capital
except as permitted under Article L. 225-185 of the French commercial code.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify"><U>DATE OF GRANT AND TERM OF THE PLAN</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The date of grant of an Option shall be,
for all purposes, the date on which the Board of Directors decides to grant such Option (the &ldquo;<B>Date of Grant</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No Option may be granted less than twenty
(20) trading sessions after the detachment of a coupon entitling the holder to a dividend or a capital increase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Plan shall be effective as of June
11, 2021, and Options may be granted as of such date (which is the Date of Grant for the Options that the Board of Directors decided
to grant to Beneficiaries on June 11, 2021) until August 28, 2022. The Plan shall continue in effect until the date of termination
of the last Option in force, unless terminated earlier pursuant to Article 13 hereof.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and each Beneficiary shall
enter into an Option agreement evidencing the terms and conditions of an individual Options grant (the &ldquo;<B>Option Agreement</B>&rdquo;).
Such Option Agreements shall be subject to the terms and conditions of the Plan. A written notice evidencing the main terms and
conditions of an individual Options grant is part of the Option Agreement (the &ldquo;<B>Notice of Grant</B>&rdquo;). The form
of such Option Agreement is attached as Appendix 1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The grant will be definitive upon the Date
of Grant provided that the Notice of Grant and the Option Agreement have been duly initialed (all pages except the signature page)
and executed (signature page) by the Beneficiary and returned to the Company within one month following receipt of such documents
by the Beneficiary.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify"><U>OPTIONS EXERCISE PRICE</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exercise price of each option to purchase
shares (the &ldquo;<B>Purchase Price</B>&rdquo;) shall be set by the Board of Directors on the Date of Grant, by reference to the
closing share price on the NASDAQ on the day preceding the Date of Grant, which may not be less than:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>95% of the average price of the ADS of the Company listed on the NASDAQ stock market over the twenty (20) trading days preceding
the Date of Grant, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>95% of the average purchase price of shares purchased by the Company for allocation to employees or corporate officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a Date of Grant on June 11, 2021, the
Purchase Price per Share is equal to 5.59 Euros.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New shares issued upon exercise must be
fully paid-up at purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Purchase Price may not be modified
for the duration of the Plan. However, the number of Shares under option as well as their Purchase Price may be adjusted, in the
event that the Company implements one of the transactions set out in Article L. 225-181 paragraph 2 of the French Commercial Code.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify"><U>CONDITIONS PRECEDENT FOR EXERCISE OF THE OPTIONS/CONDITIONS UPON ISSUANCE OF SHARES</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>7.1 PRESENCE IN THE COMPANY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1.1 Principle</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Options shall be null and void and
may not be exercised by the Beneficiary, without the Company having to proceed with any formalities, in the case the Beneficiary
is no longer employed with the Company or its Affiliates, as an employee or a company officer, for more than three (3) months following
Termination, as defined below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of the Plan, &ldquo;<B>Termination</B>&rdquo;
shall mean, depending upon the case, the date the Beneficiary&rsquo;s resignation letter is sent or delivered, the date the Beneficiary&rsquo;s
dismissal letter is sent or the date of his removal as a company officer. Termination does not include leaves of absence which
receive a prior approval from the Company. Such leaves of absence shall include leaves of more than three (3) months for illnesses
or conditions about which the employee has advance knowledge, military leave, or any other personal leave.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon Termination, the Beneficiary may exercise
his Options within a three (3) month period, as specified in the Notice of Grant, and only for the part of the Options that the
Beneficiary was entitled to exercise at the date of Termination (but in no event later than the expiration of the term of such
Options as set forth in the Notice of Grant). If, at Termination, the Beneficiary is not entitled to exercise his Options, the
Shares covered by the unexercisable portion of Options shall become available again for any future grant in accordance with Article
3. If, after Termination, the Beneficiary does not exercise all of his Options within the time specified in the Notice of Grant,
the Options shall terminate, and the Shares covered by such Options shall become available again for any future grant in accordance
with Article 3.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1.2 Exceptions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an exception to the provisions of Article
7.1.1, in case of death of the Beneficiary, his heirs may exercise the Options within six (6) months as from such death (but in
no event later than the expiration of the term of the Option), provided the Beneficiary was authorized to exercise his Options
at the time of his death and within the limits of shares allocated and exercisable. If after the death of the Beneficiary, his
heirs do not exercise the Options within the six (6) month period or the Options expiration date, then the Options shall be null
and void and the Shares covered by such Options shall become available again for any future grant in accordance with Article 3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an exception to the provisions of Article
7.1.1, in the event that the Beneficiary&rsquo;s office term or employment relationship is terminated owing to Disability, as such
term is defined below, the Beneficiary may exercise his Options at any time within six (6) months from the date of such Termination,
but only to the extent that these options are exercisable at the time of Termination (but in no event later than the expiration
of the term of such Options). If, at the date of Termination, the Beneficiary is not entitled to exercise all of his Options, the
Shares covered by the unexercised portion of Options shall become available again for any future grant in accordance with Article
3. If after Termination, the Beneficiary does not exercise all of his or her Options within the time specified herein, the Options
shall terminate, and the Shares covered by such Options shall become available again for any future grant in accordance with Article
3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Similarly, the provisions of Article 7.1.1
are not applicable in the event that the Beneficiary decides to retire or his employer decides to pension him as defined in Article
L. 1237-5 of the French Labor Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this Article 7.1.2
of the Plan:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Disability</B>&rdquo; means disability
as determined in categories 2 and 3 under Article L. 341-4 of the French Social Security Code and subject to the fulfillment of
related conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Retirement</B>&rdquo; means that
the employee has reached the age provided in Article L. 1237-5 of the French Labor Code and qualifies for a full pension subject
to the fulfillment of related conditions, or any similar provision applicable to a foreign Affiliated Company.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify"><U>TERMS AND CONDITIONS OF EXERCISE OF THE OPTIONS</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8.1 EXERCISE RIGHT SUSPENSION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors may suspend the
right to exercise the Options for a maximum duration of three (3) months in case transactions mentioned in Article L. 225-149-1,
al. 1 of the French Commercial Code are carried out.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beneficiaries will be informed of such
suspension period in accordance with Article R. 225-133 of the French Commercial Code.</P>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that the term of the Options
expires or terminates during the suspension period, the term of the Options may be postponed until one (1) more month following
the suspension period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8.2 SCHEDULE FOR EXERCISING OF THE OPTIONS
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2.1 Principle</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Options become exercisable as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">one-sixth of the Options, at the expiration of a period of six (6) months as from the Date of Grant
of the Options by the Board of Directors (the &ldquo;6 Month Anniversary&rdquo;); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">with respect to the remaining five-sixths of the Options, one-thirty-sixth of the Options, each
at the expiration of successive one (1) month periods as from the 6 Month Anniversary; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">at the latest within ten (10) years as from the Date of Grant.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of Options that may be exercised
pursuant to the above vesting schedule will always be rounded down to the nearest full number.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Beneficiary fails to exercise the
Options in whole or in part within the said period of ten (10) years, the Options will lapse automatically.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2.2. Exceptions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By way of exception, the provisions of
Article 8.2.1 shall not be applicable in the case any of the following operations is implemented:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">tender offer, within the meaning of Article L. 433-1 of the French Monetary and Financial Code,
relating to the shares of the Company or, as long as the shares of the Company are listed on the National Association of Securities
Dealers Automated Quotation (NASDAQ), any similar operation carried out according to the NASDAQ regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">exchange offer, within the meaning of Article L. 433-1 of the French Monetary and Financial Code,
relating to the shares of the Company or, as long as the shares of the Company are listed on the NASDAQ, any similar operation
carried out according to the NASDAQ regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">cash tender and exchange offer relating in part to a cash tender offer and in part to an exchange
offer or, as long as the shares of the Company are listed on the NASDAQ, any similar operation carried out according to the NASDAQ
regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">buyout offer within the meaning of Article L. 433-4 of the French Monetary and Financial Code,
relating to the shares of the Company or, as long as the shares of the Company are listed on the National Association of Securities
Dealers Automated Quotation (NASDAQ), any similar operation carried out according to the NASDAQ regulations.; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">in the event of a merger of the Company into another corporation or of the sale by one or several
shareholders, acting alone or in concert, of the Company to one or several third parties of a number of shares resulting in a transfer
of more than fifty per cent (50%) of the shares of the Company to said third parties (a &ldquo;<B>Change in Control</B>&rdquo;).
Notwithstanding the foregoing, a Change in Control must also constitute a &ldquo;change in control event,&rdquo; as defined in
Treasury Regulation &sect;1.409A-3(i)(5) with respect to any compensation or benefit that is subject to Section 409A of the U.S.
Code.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the cases mentioned in clauses a) through
d) above, the Beneficiaries shall be entitled to exercise all of their unexercised Options in one or several times as from the
date of delivery of the initial offer (tender offer, exchange offer, cash tender and exchange offer and similar operations on the
NASDAQ) to the relevant authority until the end of the expiration of the term of the Options.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of a Change in Control as mentioned
in clause e) above, unless otherwise decided by the Board of Directors, all of the Options that remain unexercisable as of immediately
prior to the completion of the Change in Control shall become exercisable immediately prior to the completion of the Change in
Control. Such fully exercisable Options shall then be subject to the terms set forth in Article 10.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, as an exception to the exercise
schedule provided in Article 8.2.1 above, in case of death of the Beneficiary, his heirs may exercise the Options within a period
of six (6) months as from the death of the Beneficiary, pursuant to Article 7.1.2.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.3. TIME LIMIT FOR THE EXERCISE OF
THE OPTIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Options shall be exercised by the Beneficiary
before the end of a period of ten (10) years as from the Date of Grant, e.g., before June 11, 2031 for a Date of Grant on June
11, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt"><B>8.4.
TERMS OF EXERCISE OF THE OPTIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) The Options may only be exercised if
all the conditions provided under Articles 7 and 8 of the Plan are satisfied on the date of exercise of the Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) In order to exercise his or her Options,
the Beneficiary shall send to the legal representative of the Company, a notification indicating the number of Options that he
or she wishes to exercise. The consideration for the Shares to be issued upon exercise of Options shall be paid either by wire
transfer or bank check payable to the Company in an amount equal to the aggregate Purchase Price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii) Furthermore, in the event that the
sale of Shares under this Plan is not registered under the U.S. Securities Act of 1933 (the &ldquo;<B>U.S. Securities Act</B>&rdquo;)
but an exemption is available which requires an investment representation or other representation, the Beneficiary shall represent
and agree at the time of exercise that the Shares being acquired upon exercising this Option are being acquired for investment,
and not with a view to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate
by the Company and its counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iv) The Beneficiary will have the ownership
and the enjoyment of the Shares on the date of exercise of the Options.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify"><U>CONDITIONS OF HOLDING AND SALE OF THE SHARES</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>9.1. U.S. SECURITIES LAW RESTRICTIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Shares to be issued from exercised
Options have been registered under the U.S. Securities Act and may be offered or sold in the United States or to U.S. persons as
defined under Rule 902 of the U.S. Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any other provision of
the Plan or any agreement entered into by the Company pursuant to the Plan, the Company shall not be obligated, and shall have
no liability for failure, to register, issue or deliver any Shares under the Plan unless such issuance or delivery would comply
with applicable U.S. state and Federal laws, including securities laws, with such compliance determined by the Company in consultation
with its legal counsel.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regardless of whether the offering and
sale of shares under this Plan have been registered under the U.S. Securities Act or have been registered or qualified under the
securities laws of any U.S. state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer
of such shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions)
if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the U.S. Securities
Act, the securities laws of any state or any other law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>9.2 EXECUTIVE OFFICERS OF THE COMPANY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without prejudice to the above, 10% of
the Shares subscribed following the exercise of Options by the Chairman&nbsp; of the Board (<I>pr&eacute;sident du conseil d&rsquo;administration</I>),
the Chief Executive Officer (<I>directeur g&eacute;n&eacute;ral</I>), and other deputy executive officers (<I>directeurs g&eacute;n&eacute;raux
d&eacute;l&eacute;gu&eacute;s</I>) of the Company or of an Affiliated Company having its registered office in France, must be held
in registered form and must not be sold, leased or converted to bearer shares until the mandate as executive officer is over.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount of Shares to be held shall be
determined by taking into account all the shares already held pursuant to the requirements of the previous plans.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD STYLE="text-align: justify"><U>PROTECTION OF THE INTERESTS OF THE BENEFICIARY</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.1 GENERAL PROVISIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of the carrying out by the
Company of any of the financial operations pursuant to Article L. 225-181 of the French Commercial Code as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">amortization or decrease of the share
capital,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">modification to the allocation of profits,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">distribution of free shares,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">capitalization of reserves, profits, issuance
premiums,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the issuance of shares or securities giving
right to shares to be subscribed for in cash or by set-off of existing indebtedness offered exclusively to the shareholders,</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Company shall take the required measures
to protect the interest of the Beneficiaries in the conditions set forth in Article L. 228-99 of the French Commercial Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The adjustment will be made in accordance
with the provisions of Article R. 228.91 of the French Commercial Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.2 ABSORPTION OF THE COMPANY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2.1 Transfer of the commitments to the
Beneficiary(ies) of the contributions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of a Change in Control or the
Company is otherwise absorbed by another company, merges with one or several other companies to form a new company or split off,
the company(ies) that benefit(s) from the contributions could substitute itself for the Company with respect to its duties toward
the Beneficiary. In this case, the number and the price of the shares under option shall be determined either by applying the exchange
ratio used for the operation, or by applying other terms and conditions defined by the parties to the operation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2.2 Absence of transfer of the commitments
to the Beneficiary(ies) of the contributions</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case the company(ies) that benefit(s)
from the contributions decide(s) not to substitute itself for the Company with respect to its duties toward the Beneficiary, the
Options may be exercised by the Beneficiary within the period notified to him by the Board of Directors by registered letter with
acknowledgement of receipt or letter with discharge. Failing that, the Options will terminate.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD STYLE="text-align: justify"><U>REMOVAL FROM LISTING</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares of the Company no longer being
listed on the NASDAQ market or listed on another exchange shall not challenge the rights and obligations of the Beneficiaries as
they are provided herein.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">12.</TD><TD STYLE="text-align: justify"><U>UNAVAILABILITY AND NON-TRANSFERABILITY OF THE OPTIONS</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Article L. 225-183, paragraph
2 of the French Commercial Code, until the Option has been exercised by the Beneficiary, the corresponding rights are unavailable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An Option may not be sold, pledged, assigned,
hypothecated, transferred or disposed of in any manner other than by will or by laws of descent or distribution and may be exercised,
during the lifetime of the Beneficiary, only by the Beneficiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, as it is provided in Article 7.1.2
hereof, in case of death of the Beneficiary, his heirs may exercise the Options within a period of six (6) months as from the death
of the Beneficiary.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">13.</TD><TD STYLE="text-align: justify"><U>AMENDMENT AND TERMINATION OF THE PLAN</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) Amendment and Termination</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to Article 13(b) hereof, the Board
of Directors may at any time amend, alter, suspend or terminate the Plan to the extent permitted by applicable French or U.S. laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Effect of amendment and termination</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No amendment, alteration, suspension or
termination of the Plan shall impair the rights of any Beneficiary, unless mutually agreed otherwise between the Beneficiary and
the Board of Directors, which agreement must be in writing and signed by the Beneficiary and the Company.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">14.</TD><TD STYLE="text-align: justify"><U>LIABILITY OF THE COMPANY</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by any counsel
to the Company to be necessary to the lawful issuance or sale of any shares hereunder, shall relieve the Company of any liability
in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and its Affiliates may not be held responsible in any way if the Beneficiary for any reason not attributable to the Company
or its Affiliates was not able to exercise the Options or purchase the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Beneficiary understands that the Beneficiary may suffer adverse tax consequences as a result of the purchase or disposition of
the Beneficiary&rsquo;s Shares, for which the Company and its Affiliates shall not be held responsible. In this respect, each Beneficiary
undertakes that it is not relying on the Company for any tax advice.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">15.</TD><TD STYLE="text-align: justify"><U>INDEPENDENCE OF THE CLAUSES</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any provision hereof is held prohibited
or void, at any time, by a competent authority or judicial body, this shall not challenge the remaining provisions that shall be
considered as independent and as having been written or rewritten, depending upon the case, without this prohibited or void provision.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">16.</TD><TD STYLE="text-align: justify"><U>INTERPRETATION</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is intended that Options granted under
the Plan shall qualify for the favorable tax and social security charges treatment applicable to Options granted under Sections
L. 225-177 to L. 225-186-1 of the French Commercial Code, the French Tax Code and the French Social Security Code as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms of the Plan shall be interpreted
accordingly and in accordance with the relevant provisions set forth by French tax and social security laws (in particular, Sections
80 quaterdecies of the French Tax Code), as well as the French tax and social security administrations and the relevant guidelines
released by the French tax and social insurance authorities and subject to the fulfilment of legal, tax and reporting obligations.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">17.</TD><TD STYLE="text-align: justify"><U>APPLICABLE LAW AND COMPETENT TRIBUNALS</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Plan shall be governed by and construed
in accordance with the laws of France.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tribunals located within the jurisdiction
of the Court of Appeal of LYON shall be exclusively competent to determine any claim or dispute arising in connection herewith.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPENDIX 1</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4 rue du Dauphin&eacute;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">69120 Vaulx-en-Velin,</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">Vaulx-en-Velin,
June 16, 2021</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">450 Fifth Street, N.W.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>2019 Share Purchase Option Plan, 2019 Share Subscription Option Plan</U></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I am the Legal Affairs Officer<B>&nbsp;</B>of EDAP TMS SA (the
&ldquo;Company&rdquo;), a company incorporated in the Republic of France. In that capacity, I have acted as counsel for the Company
in connection with the 2019 Share Subscription Option Plan and the 2019 Share Purchase Option Plan (the &ldquo;2019 Option Plans&rdquo;).
In that regard, the Company is filing a registration statement on Form S-8 to register the following number of ordinary shares
of the Company, par value &euro;0.13 per share issuable to employees of the Company and direct and indirect subsidiaries of the
Company: 1,292,428 shares (the &ldquo;Shares&rdquo;) under the 2019 Option Plans, including 1,000,000 Shares pursuant to the 2019
Share Subscription Option Plan, and 292,428 Shares pursuant to the 2019 Share Purchase Option Plan. This opinion is limited to
the laws of France and is provided to you solely for your benefit as a supporting document for the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In furnishing this opinion, I or lawyers under my supervision
have examined such documents, corporate records and other agreements, instruments or opinions as I have deemed necessary for purposes
of this opinion. In this examination, I have assumed the genuineness of all signatures, the authenticity of all documents submitted
to me as original documents and the conformity to original documents of all documents submitted to me as copies. On the basis of
the foregoing, I am of the opinion that the Shares have been duly authorized and, when issued or delivered and sold in accordance
with the 2019 Option Plans, will be validly issued, fully-paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I do not purport to be an expert on the laws of any jurisdiction
other than the laws of the Republic of France, and I express no opinion herein as to the effect of any other laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I hereby consent to the filing of this opinion as Exhibit 5.1
to the Registration Statement on Form S-8 that the Company is filing with the United States Securities and Exchange Commission
with respect to the Shares. By giving my consent, I do not thereby admit that I am within the category of persons whose consent
is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations promulgated thereunder.</P>

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

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

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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>/s/ Blandine Confort</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name: Blandine Confort</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title: Legal Affairs Officer</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
&nbsp;</P>

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<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>exh_231.htm
<DESCRIPTION>EXHIBIT 23.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference
in this registration statement on Form S-8 of EDAP TMS S.A. of our reports dated April 7, 2021, with respect to the consolidated
balance sheets of EDAP TMS S.A. and&nbsp;subsidiaries as of December&nbsp;31, 2020 and 2019, the related consolidated statements
of income (loss), comprehensive income (loss), shareholders&rsquo; equity, and cash flows for each of the years in the three-year
period ended December 31, 2020, and the related notes, and the effectiveness of internal control over financial reporting as of
December&nbsp;31, 2020, which reports appear in the December&nbsp;31, 2020 annual report on Form 20-F of EDAP TMS S.A..</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our report dated April 7, 2021, on the
consolidated financial statements, refers to the change in EDAP TMS S.A.&rsquo;s method of accounting for leases in 2019, due to
the adoption of ASU No. 2016-02 Leases (Topic 842).</P>

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

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    <TD STYLE="width: 52%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lyon, June 16, 2021</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="width: 48%; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">KPMG Audit</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>A division of KPMG S.A.</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sara Righenzi de Villers</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Partner </I></P></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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


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

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

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

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

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

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

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