Chapter VIII: Transferable securities issued by joint stock companies.

The basis for the variable part of the remuneration for redeemable shares may not exceed 40% of the nominal amount of the share. The elements used to calculate the variable part of the remuneration are taken from the approved annual accounts or, where applicable, the consolidated accounts.

The general meeting of holders of redeemable shares shall meet at least once a year, on the day of the general meeting of shareholders or, in public companies which do not have one, of the board of directors which rules on the accounts for the previous financial year, or within the preceding fifteen days.

The company issuing participating securities shall make public, before the opening of their subscription by the public, the terms and conditions of the issue, in accordance with the procedures set out in Regulation (EU) No 2017/1129 of 14 June 2017.

Participating securities issued to subscribers contain the following information: 1° The company name, followed, where applicable, by its acronym; 2° The form of the issuing company; 3° The amount of share capital ; 4° The address of the registered office; 5° The date of registration of the company in the Trade and Companies Register and the information provided for in 1° and 2° of Article R. 123-237 ; 6° The…

Articles R. 228-60 to R. 228-78 and R. 228-80 to R. 228-86 are applicable in the event of the issue of profit participation certificates. To this end, the rules provided for by these articles and concerning the company owing the bond, the issue of the bonds and the bondholders are applicable respectively to the company issuing the participating securities, to the issue of such securities and to their holders.

The right of holders of redeemable shares to obtain disclosure of company documents is exercised in accordance with articles R. 225-92 to R. 225-94.

A company may repurchase on a regulated market the redeemable shares it has issued in accordance with the terms and conditions set out in articles R. 225-159 and R. 225-160. These shares are sold within one year. On expiry of this period, they are cancelled. .

When the body of holders provided for in article L. 228-37 is made up of holders of securities issued by a State-owned industrial and commercial public establishment subject to public accounting rules, the report on the accounts for the financial year and on the elements used to determine the remuneration of redeemable shares is drawn up by the establishment’s accounting officer.