Commitment Letter, dated as of February 28, 2020, by and between Alphatec Holdings, Inc. and Perceptive Credit Holdings III, LP

Exhibit 2.3

Execution Version

PERCEPTIVE CREDIT HOLDINGS III, LP

51 Astor Place, 10^th Floor

New York, NY 10003

Commitment Letter

February 28, 2020

Alphatec Holdings, Inc.

5818 El Camino Real

Carlsbad, CA 92008

Attn: Pat Miles, Chairman and Chief Executive Officer

Ladies and Gentlemen:

Alphatec Holdings, Inc. (the “Borrower” or “you”) has advised Perceptive Credit Holdings III, LP (“Perceptive”) that the Borrower is seeking, among other things, to (i) refinance certain existing outstanding debt of the Borrower and certain of its subsidiaries (the “Refinancing”), (ii) acquire, directly or indirectly, through a tender offer on the French stock exchange with a presenting bank (banque présentatrice) acting on behalf of the Borrower (the “Presenting Bank”), at least 66 ²⁄₃% and up to all issued and outstanding equity interests and an equivalent percentage of related voting rights (including securities convertible or exchangeable into shares) (the “Tender Offer”) of EOS Imaging S.A. (the “Target”) and (iii) obtain a commitment for financing to enable the Borrower to consummate the Refinancing and the Tender Offer (the Refinancing, the Tender Offer, the financing and the other transactions related thereto, including the payment of the Tender Officer consideration and all fees, costs and the expenses related to the Refinancing, the Tender Offer, such financing and such other transactions related thereto being, collectively, the “Transactions”). Capitalized terms used but not otherwise defined in this letter have the meanings ascribed thereto in the Outline of Proposed Terms and Conditions attached hereto as Exhibit A (the “Term Sheet”; this letter, the Term Sheet and all annexes and exhibits attached hereto and thereto, collectively, this “Commitment Letter”).

In connection with the Transactions, you have requested that Perceptive and/or one or more of its managed funds (collectively, the “Lender” or “we”) agree to structure and commit to provide a senior secured credit facility in a minimum aggregate principal amount of $130,000,000, as such amount may be adjusted pursuant to any Facility Decrease or any Facility Upsizing (each as defined below) (the “Facility”). Subject to the provisions below, including, with respect to the Supplemental Borrowing, up to $70,000,000 of the Facility (as such amount may be adjusted pursuant to any Facility Decrease or any Facility Upsizing) may be used to finance all or a portion of the Tender Offer and fees, costs and expenses related to the Tender Offer, and up to $60,000,000 of the Facility will be available for purposes of the Refinancing and to pay fees, costs and expenses related to the Transactions and for other general corporate and working capital purposes of the Borrower and its subsidiaries.

Notwithstanding the foregoing, for all purposes of this Commitment Letter (unless otherwise expressly provided), (i) in the event that the Borrower obtains any Permitted Tender Offer Alternate Financing (as defined below), each of the Tender Offer Facility Amount and the Facility Amount will automatically be reduced by an amount equal to the proceeds of such Permitted Tender Offer Alternate Financing net of (x) any fees or reasonable and documented costs and expenses of incurred in connection therewith and (y) any portion of such proceeds used to finance any Permitted Tender Offer Price Increase (as defined in the Term Sheet), and (ii) in the event that any Permitted Tender Offer Price Decrease occurs, the Tender Offer Facility Amount will automatically be reduced by an amount equal to such Permitted Tender Offer Price Decrease (any such decrease described in the foregoing clauses (i) or (ii), a “Facility Decrease”).

In addition, at the request of the Borrower after the date hereof, we may (in our sole discretion) agree to increase the size of the Facility by $30,000,000 to an aggregate principal amount of $160,000,000 (such increase, the “Facility Upsizing”), it being acknowledged and agreed by you that (i) we are not committing hereunder to provide or otherwise arrange the Facility Upsizing, and the decision to provide the Facility Upsizing will be made in our sole discretion, (ii) unless we agree, at your request, in writing to provide the Facility Upsizing, the aggregate principal amount of the Facility will be $130,000,000 and the aggregate principal amount of the Tender Offer Facility Amount will be $70,000,000, (iii) if we agree, at your request, to provide the Facility Upsizing, for all purposes of this Commitment Letter (unless otherwise expressly provided), the aggregate principal amount of the Facility will be $160,000,000 and the aggregate principal amount of the Tender Offer Facility Amount will be $100,000,000, and (iv) the entire principal amount of the Facility Upsizing, if provided, will be available solely for purposes of financing all or a portion of the Tender Offer and to pay fees, costs and expenses related thereto, unless otherwise mutually agreed.

1.    Commitments

In connection with the Transactions, the Lender is pleased to advise you of its commitment to provide the entire principal amount of the Facility (i) upon the terms and at the times set forth in this Commitment Letter and (ii) with respect to the Tender Offer Borrowing (and, if made simultaneously with the Tender Offer Borrowing on the Tender Offer Borrowing Date, the Refinancing Borrowing), the funding of which is subject only to the Certain Funds Provision (as defined below).

2.    Information

In connection with our commitment and agreements hereunder in respect of the Facility and the other Transactions, you will provide us with customary information concerning you, your subsidiaries, the Target, its subsidiaries and each of your and their respective assets, liabilities, businesses, operations and conditions (financial or otherwise) as we may reasonably request, subject to the limitations on your rights to request information concerning the Target and its subsidiaries, and their assets, liabilities, businesses, operations and conditions (financial or otherwise) set forth in the Tender Offer

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Agreement (as defined in Annex 1 of the Term Sheet). For the avoidance of doubt, you will not be required to provide any information to the extent that the provision thereof would violate or waive any attorney-client or other privilege, constitute attorney work product, or violate or contravene any law, rule or regulation, or any obligation of confidentiality (not created in contemplation hereof) binding on you, the Target or your or its respective affiliates; provided that in the event you do not provide information in reliance on this sentence, you shall provide notice to us that such information is being withheld (but solely to the extent both feasible and permitted under applicable law, rule, regulation or confidentiality obligation, or without waiving such privilege) and you shall use commercially reasonable efforts to describe such information in a manner that is both feasible and permitted under applicable law, rule, regulation or confidentiality obligation, or without waiving such privilege.

You hereby represent and warrant (such representation and warranty with respect to Information (as defined below) regarding the Target and its subsidiaries being made to your knowledge) that (i) all written information concerning the Borrower and its subsidiaries, the Target and its subsidiaries and their respective assets, liabilities and businesses that has been or will be made available to the Lender by the Borrower or any of its representatives on the Borrower’s behalf in connection with the Transactions (other than Projections (as defined below) and/or information of a general economic or industry-specific nature, collectively, the “Information”), when taken as a whole, does not and will not, as and when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made (after giving effect to all supplements and updates thereto) and (ii) the financial projections and other forward-looking information (collectively, the “Projections”) that have been or are hereafter made available to us by you or any of your representatives on your behalf in connection with the Facility or any of the other Transactions, as and when furnished, have been or will be prepared in good faith based upon assumptions believed by you to be reasonable (it being recognized by the Lender that such Projections are not to be viewed as facts and are subject to significant uncertainties and contingencies many of which are beyond your control, that no assurance can be given that any particular financial projections will be realized, that actual results may differ from projected results and that such differences may be material). You further agree that, at any time prior to the date on which our commitment to provide the Facility hereunder terminates in full, you become aware that any of the representations and warranties in the preceding sentence would be incorrect in any material respect if the Information or the Projections were being furnished and such representations and warranties were being made at such time, you will (or, prior to the date on which the Tender Offer Borrowing occurs (the “Tender Offer Borrowing Date”; the Tender Offer Borrowing Date, the date of the borrowing of the Refinancing Facility (if different) and the date of the borrowing of the Supplemental Facility (if made) are herein referred to, collectively, as the “Borrowing Dates” and individually as a “Borrowing Date”) with respect to Information and Projections concerning the Target and its subsidiaries, you will, subject to any applicable limitations on your rights set forth in the Tender Offer Agreement, use commercially reasonable efforts to) promptly supplement the Information or the Projections, as

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applicable, so that (to your knowledge, as it relates to the Target and its subsidiaries prior to the Tender Offer Borrowing Date) the representations and warranties in the preceding sentence remain true in all material respects. You understand we are and will be using and relying on the Information and Projections delivered on or prior to the date of your acceptance of this letter in issuing our commitment hereunder, and will be using and relying on all Information and Projections in providing the Facility, in each case, without independent verification thereof.

3.    Commitment Fee

In consideration for the commitment and agreements of the Lender hereunder, and in addition to any other fees described in the Term Sheet or the Definitive Documentation (as defined below) and on the terms and conditions set forth in the Term Sheet or the Definitive Documentation, as applicable, upon the date of your execution and delivery to us of this Commitment Letter, you agree to pay or cause to be paid to us (or our designee) a non-refundable fee in the amount of $1,300,000; provided that in the event the Facility Upsizing occurs, the Borrower shall be required, as a condition precedent to the effectiveness thereof, to pay the Lender (or its designee) an additional non-refundable amount equal to $300,000 (such fee, as it may be increased as a result of the Facility Upsizing, being the “Upfront Commitment Fee”).

4.    Conditions

The commitments of the Lender hereunder are subject to the conditions set forth in this Section 4 and in the Term Sheet under the section titled “Conditions Precedent to Funding of Refinancing Borrowing (occurring other than on Tender Offer Borrowing Date) and Supplemental Borrowing”, subject, however, in all respects, to the proviso set forth in such section.

Notwithstanding anything in this Commitment Letter, the definitive loan, guaranty, security or other agreements and documentation relating to the Facility (the “Definitive Documentation”) or any other undertaking concerning the financing of the Transactions to the contrary, (i) the only representations relating to the Borrower, the Target and their respective subsidiaries and businesses, the accuracy of which shall be a condition to the availability of the Tender Offer Borrowing (and, if made simultaneously with the Tender Offer Borrowing on the Tender Offer Borrowing Date, the Refinancing Borrowing) on the Tender Offer Borrowing Date shall be (x) the representations and warranties made by you with respect to Information and Projections in Section 2 above, (y) such of the representations made by or on behalf of the Target, its subsidiaries or their respective businesses in the Tender Offer Agreement as are material to the interests of the Lender in its capacity as such, but only to the extent that you or your applicable affiliate have the right to terminate, at your sole option and without incurring a break-up fee your (or its) obligations under the Tender Offer Agreement or to decline to instruct the Presenting Bank to file the Tender Offer with the AMF as a result of a breach of such representations in the Tender Offer Agreement (the “Tender Offer Agreement Representations”) and (z) the Specified Representations (as defined below), (ii) the terms of the Definitive Documentation shall not impair the availability of the Tender

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Offer Borrowing (or, if made simultaneously with the Tender Offer Borrowing on the Tender Offer Borrowing Date, the Refinancing Borrowing) on the Tender Offer Borrowing Date if the conditions set forth in this Section 4 and in Annex 1 of the Term Sheet are satisfied or waived by the Lender (it being understood that to the extent any Collateral under the Definitive Documentation (including the creation or perfection of any security interest therein) is not, or cannot be, provided and/or perfected on the Tender Offer Borrowing Date (other than, to the extent required under the Definitive Documentation, the creation and perfection of a lien on Collateral that is of the type where a lien on such Collateral may be perfected (w) by means of filing a Uniform Commercial Code financing statement, (x) by means of filing an intellectual property security agreement with the United States Patent and Trademark Office or the United States Copyright Office, (y) by delivery of certificated securities of the Borrower and domestic subsidiaries of the Borrower that is part of the Collateral (together with a stock power or similar instrument endorsed in blank for the relevant certificate)) or (z) by delivery of (A) a French law securities account pledge agreement providing a first priority, perfected lien on the securities account (“nantissement de compte titres financiers”) in which the Borrower shall register and hold all securities it acquires in the Target further to the Tender Offer (the “Target Securities Pledge Agreement”) (and which securities account shall, on the Tender Offer Borrowing Date (which shall be the date of the granting of such lien), hold at least one (1) share of a French company whose shares are listed on the regulated market of Euronext Paris) and (B) the French law Escrow Account Repayment Rights Pledge (as defined below), in each case, after your use of commercially reasonable efforts to do so, then the provision and/or perfection of such Collateral shall not constitute a condition precedent to the availability of the Tender Offer Borrowing (and, if applicable, the Refinancing Borrowing) on the Tender Offer Borrowing Date but may instead be provided within sixty (60) days after such Borrowing Date (or such longer period as the Lender may agree) pursuant to arrangements to be mutually agreed upon by you and us), and (iii) the only conditions (express or implied) to the availability of the Tender Offer Borrowing (and, if made simultaneously with the Tender Offer Borrowing on the Tender Offer Borrowing Date, the Refinancing Borrowing) on the Tender Offer Borrowing Date are those expressly set forth in Annex 1 of the Term Sheet.

For purposes hereof, “Specified Representations” means the representations and warranties of the Borrower and its subsidiaries set forth in the Definitive Documentation relating to: organizational existence of the Obligors (as defined in the Term Sheet); organizational power and authority (as they relate to due authorization, execution, delivery and performance of the Definitive Documentation) of the Obligors to enter into the Definitive Documentation; due authorization, execution and delivery of such Definitive Documentation, and enforceability of the relevant Definitive Documentation against the Obligors; Federal Reserve margin regulations; no conflicts of the Definitive Documentation with organizational documents, material applicable law, material agreements to the extent any violation thereof would result in a material adverse effect, applicable to the Obligors; the Investment Company Act of 1940; use of proceeds not in violation of Office of Foreign Asset Control (OFAC), the Foreign Corrupt Practices Act (FCPA), the USA PATRIOT Act and other applicable anti-money laundering laws;

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solvency of the Borrower and its subsidiaries on a consolidated basis after giving effect to the Tender Offer and related transactions (including all related Borrowings under the Facility); the creation, validity and perfection of security interests in the Collateral securing the Facility (subject to the limitations set forth in clause (ii) above); and status under the Facility as senior debt.

This Section 4 and the provisions contained herein shall be referred to as the “Certain Funds Provision”.

5.    Indemnification; Expenses

You agree to (i) indemnify and hold harmless the Lender, each of its affiliates and each of the Lender’s and each such affiliate’s respective partners, members, directors, agents, employees, officers, advisors, trustees, other representatives or controlling persons (collectively, “Indemnified Persons”) from and against, any and all losses, claims, damages, liabilities and other reasonable costs and expenses of any kind (including reasonable legal fees, charges, disbursements, costs and expenses) to which such Indemnified Person may become subject or that may be incurred or asserted or awarded against such Indemnified Person, in each case arising out of or in connection with or by reason of (including, without limitation, in connection with any investigation, litigation, claim or proceeding) the Transactions (including in respect of the Facility, the Refinancing or the Tender Offer), the Definitive Documentation and the use of proceeds of the Facility (whether or not such investigation, litigation, claim or proceeding is brought by you, the Target or any of your or the Target’s equity holders, subsidiaries, affiliates or creditors, and whether or not any Indemnified Person is otherwise a party thereto and whether or not any of the Transactions are consummated) and (ii) reimburse each Indemnified Person for all reasonable and documented out-of-pocket expenses (including all reasonable fees, time charges, disbursement, costs and expenses of legal counsel), in each case, within three (3) business days following written demand of such Indemnified Person; provided that you will not have to indemnify any Indemnified Person to the extent that any such loss, claim, damage, liability or related cost or expense arise from (x) the gross negligence, bad faith or willful misconduct of such Indemnified Person or any person acting on its behalf, in each case, as determined by a final non-appealable judgment of a court of competent jurisdiction, (y) such Indemnified Person’s or any person’s acting on its behalf material breach of this Commitment Letter and/or the Definitive Documentation, in each case, as determined by a final non-appealable judgment of a court of competent jurisdiction, or (z) any dispute arising out of or in connection with any claim, litigation, loss, investigation or proceeding that is brought by an Indemnified Person against another Indemnified Person not arising from any action or omission by you, the Target or any of your or their respective subsidiaries or affiliates. You shall not be liable for any settlement of any investigation, litigation, claim or proceeding effected by any Indemnified Person without your consent (which consent shall not be unreasonably withheld, conditioned or delayed) or any other loss, claim, damage, liability, cost and/or expense incurred in connection with such settlement, but if any such investigation, litigation, claim or proceeding is settled with your written consent, or if there is a final non-appealable judgment of a court of competent jurisdiction

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in any such investigation, litigation, claim or proceeding, you agree to indemnify and hold harmless such Indemnified Person in the manner set forth in this Section 5. You shall not, without the prior written consent of an Indemnified Party (which consent shall not be unreasonably withheld, delayed or conditioned), effect any settlement of any pending or threatened proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Party unless such settlement (a) includes an unconditional release of such Indemnified Party in form and substance reasonably satisfactory to such Indemnified Party from all liability on claims that are the subject matter of such proceedings and (b) does not include any statement as to, or any admission of, fault, culpability or a failure to act by or on behalf of any Indemnified Party or any injunctive relief or other non-monetary remedy binding on any Indemnified Party.

You also agree that no Indemnified Person will have any liability to you (whether direct or indirect, in contract, equity, tort or otherwise) or any other person or entity asserting claims on behalf of or in right of you in connection with or as a result of the Commitment Letter or any of the Transactions except, in the case of any such liability to you, to the extent that (and only for so long as) any losses, claims, damages, liabilities or expenses incurred by you have been found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnified Person or any person acting on its behalf (or any of its controlling persons or subsidiaries of controlling persons) in performing its obligations hereunder or a material breach in bad faith of its material agreements set forth in this Commitment Letter; provided that in no event will any Indemnified Person, you or any of your or their respective subsidiaries or affiliates or the respective directors, officers, employees, agents, advisors or other representatives of any of the foregoing have any liability for any indirect, special, consequential or punitive damages (as opposed to direct or actual damages), including, without limitation, any loss of profits, business or anticipated savings in connection with or as a result of this Commitment Letter or any of the Transactions.

6.    Sharing of Information, Absence of Fiduciary Relationship, Affiliate Activities

You acknowledge that the Lender and its affiliates are engaged in securities trading and investment activities and may from time to time hold positions in loans or securities, options on loans or securities, or other financial instruments of you, the Target, your or the Target’s respective subsidiaries and affiliates, and of other persons or entities with which you or the Target or their respective subsidiaries or affiliates may have commercial or other relationships. With respect to any such loans, securities, options and/or financial instruments so held by the Lender (or an affiliate), all rights in respect thereof, including any voting rights, will be exercised by the holder of the rights in its sole discretion. However, neither the Lender nor any of its affiliates will use any confidential information obtained from you or your affiliates or from the Target and its affiliates or on your or their behalf by virtue of the Transactions in connection with any commercial activities of the Lender (or any such affiliate) with respect to other persons or entities and neither the Lender nor any of its affiliates will furnish any such information to any other person or entity with which it is engaged in commercial activities. You also acknowledge that

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neither the Lender nor any of its affiliates have any obligation to use in connection with the Transactions, or to furnish to you, confidential information obtained from other persons or entities.

You further acknowledge and agree that (i) no fiduciary, advisory or agency relationship between you and the Lender is intended to be or has been created in respect of any of the Transactions (or any other transactions contemplated in connection herewith or therewith), irrespective of whether the Lender has advised or is advising you on other matters, (ii) the Lender, on the one hand, and you, on the other hand, have an arm’s length business relationship that does not directly or indirectly give rise to, nor do you rely on, any fiduciary duty to you or any of your affiliates on the part of the Lender, (iii) you are capable of evaluating and understanding, and you understand and accept, the terms, risks and conditions associated with this Commitment Letter and the Transactions, (iv) you have been advised that the Lender is engaged in a broad range of commercial activities that may involve interests that differ from your interests and that the Lender has no obligation to disclose such interests or commercial activities to you, (v) you have consulted your own legal, accounting, regulatory and tax advisors to the extent you have deemed appropriate, (vi) the Lender has been, is, and will be acting solely as a principal and, except as otherwise expressly agreed in writing by it and the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for you or any of your affiliates, (vii) the Lender has no obligation to you or any of your affiliates with respect to the Transactions (or any other transactions contemplated in connection herewith or therewith), except those obligations expressly set forth herein or in any other express writing executed and delivered by the Lender to you or any such affiliate and (viii) you waive, to the fullest extent permitted by law, any claims you may have against the Lender and its affiliates for breach of fiduciary or alleged breach of fiduciary duty arising solely by virtue of its obligations under this Commitment Letter with respect to the Transactions and agree that neither the Lender nor any of its affiliates, in such capacity, have any liability (whether direct or indirect) to you in respect of such a fiduciary duty claim or to any person or entity asserting any such fiduciary duty claim on your behalf, including any of your equity holders, officers, directors, employees or creditors. Additionally, you acknowledge that the Lender may employ the services of its affiliates in providing certain services hereunder and may exchange with such affiliates the Information and Projections (provided that such persons agree to hold the same in confidence, to the extent we are required to hold the same in confidence hereunder) and such affiliates will be entitled to the benefits afforded to, and subject to the obligations, of the Lender hereunder; provided that (x) the Lender shall not be relieved of any of its obligations hereunder, including in the event any affiliate through which it performs its obligations fails to perform the same in accordance with the terms hereof and (y) the Lender shall be responsible for any breach by any of its affiliates of the obligations hereunder.

7.    Confidentiality

This Commitment Letter is delivered to you on the understanding that neither it, nor any of its terms, content or substance, or any written communications provided by, or oral discussions in connection with the Transactions, shall be disclosed

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by you, directly or indirectly, or circulated or referred to publicly to any other person or entity except: (i) to your subsidiaries, and to your and their officers, directors, employees, affiliates, members, partners, equity holders, attorneys, accountants, agents and advisors and, on a confidential basis, those of the Target and its subsidiaries; provided that you may not make any disclosure regarding or with respect to any fees set forth herein or in the Term Sheet (including the Upfront Commitment Fee), other than inclusion of the aggregate fee amounts in the Projections, pro forma information or a generic disclosure of aggregate sources and uses related to the Transactions to the extent required in any public or regulatory filing relating to the Transactions, and, except as provided above, all information with respect to any such fees shall be redacted in a manner reasonably satisfactory to the Lender unless the Lender otherwise consents in writing (which consent shall not be unreasonably withheld, conditioned or delayed), (ii) in any legal, judicial or administrative proceeding or other compulsory process or as otherwise required by law, rule or regulation or as requested by a government authority (in which case you agree, to the extent permitted by law, to inform us promptly in advance thereof), (iii) in connection with the exercise of remedies relating to this Commitment Letter or the enforcement of rights hereunder, (iv) the existence of the commitments under this Commitment Letter and the existence and contents of the Term Sheet (but not the fees, other than the existence thereof and the aggregate amount of the fees payable thereunder in the Projections, pro forma information and a generic disclosure of aggregate sources and uses in disclosures) may be disclosed in any proxy or similar public filing requirement, (v) to the extent this Commitment Letter or the contents hereof become publicly available other than by reason of disclosure by you in breach of this Commitment Letter, (vi) the Term Sheet may be disclosed to potential transferees or assignees, from time to time, to the extent permitted pursuant to the Definitive Documentation, and (vii) if the Lender consents to such proposed disclosure. The confidentiality provisions set forth in this paragraph (other than as they relate to the fees set forth herein or in the Term Sheet, subject to the terms of this Commitment Letter with respect to disclosure of such fees) shall cease to apply on the first anniversary of the date hereof.

The Lender shall use all confidential information received by it in connection with the Transactions and any related transactions (including any information obtained by the Lender based on a review of any books and records relating to the Borrower, the Target or any of their respective subsidiaries or affiliates) solely for purposes of fulfilling its commitment and agreements contemplated pursuant to this Commitment Letter and shall treat as confidential all such information and the terms and contents of this Commitment Letter and the Definitive Documentation and shall not publish, disclose or otherwise divulge such information; provided that nothing herein shall prevent the Lender from disclosing any such information (i) to any prospective transferees or assigns as may be permitted pursuant to the Definitive Documentation, (ii) in connection with any legal, judicial, administrative proceeding or other compulsory process or as required by applicable law or regulations (in which case we shall promptly notify you, in advance, to the extent permitted by law), (iii) upon the request or demand of any regulatory authority having jurisdiction over us or any of our affiliates (in which case we shall promptly notify you, in advance, to the extent permitted by law), (iv) to our employees, legal counsel, auditors, professionals and other experts, advisors or agents (collectively

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“Representatives”) who are informed of the confidential nature of such information and are or have been advised of their obligation to keep information of this kind confidential, (v) to any of our affiliates (provided that any such affiliate is advised of its obligation to retain such information as confidential) solely in connection with the Transactions, (vi) to the extent any such information becomes publicly available other than by reason of disclosure by us or any of our affiliates or Representatives in breach of this Commitment Letter, (vii) in connection with the exercise of remedies relating to this Commitment Letter or the enforcement of rights hereunder, (viii) to any other party hereto, (ix) with your consent, and (x) to the extent that such information is or was received by us from a third party that is not, to our knowledge, subject to confidentiality obligations from you and did not acquire such information as a result of a breach of this paragraph. Without limitation of the foregoing, the Lender acknowledges that the Target is listed on the regulated market of Euronext Paris and that the proposed Tender Offer as well as the information referred to above which may be disclosed by it, orally or in writing, in connection with the Transactions may constitute material non-public information which may be regulated or prohibited by applicable legislation and securities laws relating to insider dealing and market abuse, including the EU Market Abuse Regulation (2014/596/EU) (known as MAR), and the Lender undertakes not to use any such information for any unlawful purpose.

8.     Exclusivity.

From the date of this Commitment Letter until August 26, 2020 (such period, the “Exclusivity Period”), you will not (and you will not permit any of your subsidiaries or controlled affiliates or any of your or their officers, directors, employees, counsel, accountants or auditors or other professionals, experts, advisors or agents), directly or indirectly: (i) to solicit, initiate, encourage or participate in the submission of any proposal or offer from any person or entity relating to, or enter into or consummate any transaction relating to, any debt or other financing for the purpose of effecting or consummating any of the Transactions (in each case, other than (a) the Facility, (b) working capital and other similar indebtedness incurred in the ordinary course of business, (c) indebtedness of the Target and its subsidiaries in the nature of working capital financing permitted to be issued under the Tender Offer Agreement, (d) any publicly traded equity or convertible notes (including for the avoidance of doubt any “private investment in public company” transaction or Rule 144A compliant transaction), including without limitation any convertible notes financing, which is intended to replace the Tender Offer Borrowing (any financing described in this clause (d), a “Permitted Tender Offer Alternate Financing”), and (e) any other indebtedness approved by the Lender in writing (such approval not to be unreasonably withheld, delayed or conditioned)) (an “Alternate Financing”), or (ii) participate in any discussions or negotiations regarding, furnish any information with respect to, encourage, assist or participate in, or facilitate in any other manner, any effort or attempt by any person or entity to provide or arrange, or seek to provide or arrange, any Alternate Financing.

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9.    Miscellaneous.

This Commitment Letter may be executed in any number of counterparts, each of which shall be an original, and all of which, when taken together, shall constitute one agreement. Delivery of an executed signature page of this Commitment Letter by facsimile or electric transmission (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart thereof.

This Commitment Letter (including the Term Sheet and any other attachments hereto or thereto) embodies the entire agreement and understanding among us and you and your controlled affiliates with respect to the Facility and supersedes all prior agreements and understandings relating to the specific matters contemplated herein. This Commitment Letter may not be amended or waived except by an instrument in writing signed by you and us. You may not assign your rights or obligations under this Commitment Letter or the Facility without the prior written consent of the Lender (and any purported assignment without such consent shall be null and void); provided that you may assign your rights and obligations hereunder to any of your affiliates that is “shell” company, wholly owned by you (except for directors’ qualifying shares or equivalent if so required), directly or indirectly (a “Transferee”) (i) in order to effect the consummation of the Tender Offer prior to or substantially concurrently with the closing of the Tender Offer or (ii) in connection with any other assignment that occurs as a matter of law pursuant to, or otherwise substantially concurrently with the closing of the Tender Offer in accordance with the Tender Offer Agreement; provided further that, in each case, (a) the Borrower will remain obligated hereunder, and the Borrower and each of its subsidiaries that are organized under the laws of the United States will remain obligated in their capacities as guarantors and grantors of liens and security interests in their assets, in each case, to the same extent they would have been had there been no such transfer to the Transferee, (b) after giving effect to any such transfer, the terms of the guaranty and collateral package and related remedies will be at least as favorable to the Lender as the guaranty and collateral package contemplated by this Commitment Letter as of the date hereof, (c) any additional costs, expenses or tax consequences incurred by or affecting the Lender as a result of such transfer will be covered and indemnified by the Borrower, (d) such transfer will not trigger any additional material regulatory or legal risk or burden under any applicable law on the Lender, and (e) if the Transferee is organized under the laws of France, the Facility will be adapted to take the form of one or more issuances of notes, and the terms of this Commitment Letter as of the date hereof will be adapted to give effect to any consequential changes, in order to comply with French banking monopoly rules.

This Commitment Letter (including the Term Sheet and any other attachments hereto or thereto) and any claim, controversy or dispute (whether arising in contract, equity, tort or otherwise) arising under or related to this Commitment Letter shall be governed by, and construed and interpreted in accordance with the laws of the State of New York, without regard to conflict of law principles that would result in the application of any law other than the law of the state of New York; provided that (i) the interpretation of the definition of “Material Adverse Effect” and whether or not a Material Adverse Effect has occurred, (ii) the determination of the accuracy of any Tender Offer Agreement Representation and whether as a result of any inaccuracy thereof either the Borrower or its applicable affiliate

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has the right to terminate its or its applicable affiliate’s obligations under the Tender Offer Agreement or to decline to consummate the transactions contemplated thereby, and (iii) the determination of whether the “Offer” (as such term is defined in the Tender Offer Agreement) has been consummated in accordance with the terms of the Tender Offer Agreement and, in any case, claims or disputes arising out of any such interpretation or determination of any aspect thereof shall, in each case, be governed by and construed in accordance with the laws governing the Tender Offer Agreement as applied to the Tender Offer Agreement, without giving effect to any choice of law or conflict of law provision or rule of any jurisdiction that would cause the application of the law of any other jurisdiction.

You and we hereby irrevocably and unconditionally (a) submit to the exclusive jurisdiction of any state or federal court sitting in the Borough of Manhattan in the City of New York (or any appellate court therefrom) over any suit, action or proceeding arising out of or relating to this Commitment Letter, (b) agree that all claims in respect of any action or proceeding shall be heard and determined in New York state or, to the extent permitted by law, federal court, and (c) agree that a final, non-appealable judgment in any such action may be enforced in other jurisdictions in any manner provided by law. You and we agree that services of any process, summons, notice or document by registered mail addressed to you or us shall be effective service of process for any suit, action or proceeding brought in any such court. You and we hereby irrevocably and unconditionally waive any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that such suit, action or proceeding has been brought in any inconvenient forum or otherwise based on lack of personal jurisdiction or improper venue. YOU AND WE HEREBY IRREVOCABLY AGREE TO WAIVE TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THE TRANSACTIONS, THIS COMMITMENT LETTER (INCLUDING THE TERM SHEET OR ANY OTHER ATTACHMENTS HERETO OR THERETO) OR THE PERFORMANCE OUR OBLIGATIONS HEREUNDER.

The Lender hereby notifies you that, pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law on October 26, 2001) (the “USA PATRIOT Act”), it is required to obtain, verify and record information that identifies each Obligor, which information includes names, addresses, tax identification numbers and other information that will allow the Lender to identify each Obligor in accordance with the USA PATRIOT Act and other applicable “know your customer” and anti-money laundering rules and regulations. This notice is given in accordance with the requirements of the USA PATRIOT Act.

The compensation, reimbursement, indemnification, jurisdiction, governing law, waiver of jury trial, sharing of information, no fiduciary duties, affiliate activities, confidentiality and exclusivity provisions contained herein shall remain in full force and effect regardless of whether Definitive Documentation shall be executed and delivered and notwithstanding termination of this Commitment Letter or our commitment hereunder; provided that in the event we terminate this Commitment Letter and our commitment

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hereunder pursuant to Section 2 above, the exclusivity provisions contained herein shall also terminate. Subject to the preceding sentence, you may terminate this Commitment Letter upon written notice to the Lender at any time.

If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms of this Commitment Letter by returning to us executed counterparts of this Commitment Letter no later than 11:59 p.m., New York City time, on February 28, 2020, together with payment in full by wire transfer of immediately available funds of the Upfront Commitment Fee to Perceptive at the bank account designated by it in writing to you. This offer will automatically expire at such time if we have not received such executed counterparts and payment of such fee in accordance with the preceding sentence. In the event that the initial Borrowing Date does not occur on or before 11:59 p.m., New York City time, on September 25, 2020, then this Commitment Letter shall automatically expire or terminate at such time.

We are pleased to have been given the opportunity to work with you in connection with this important financing.

[SIGNATURE PAGES FOLLOW]

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Very truly yours,

PERCEPTIVE CREDIT HOLDINGS III, LP

By: Perceptive Credit Opportunities GP, LLC, its general partner

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Accepted and agreed to as of the date first written above:

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EXHIBIT A

OUTLINE OF PROPOSED TERMS AND CONDITIONS

This Outline of Proposed Terms and Conditions (this “Term Sheet”) outlines certain (but not all) principal terms of the Facility referred to in the commitment letter, dated February 28, 2020 to which this Term Sheet is attached (together with Exhibit A and each other annex, exhibit or other attachment hereto or thereto, the “Commitment Letter”). Capitalized terms used herein and not otherwise defined have the meanings set forth in the Commitment Letter.

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Conditions

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Annex 1

Conditions Precedent

Conditions Precedent for Borrowings on the Tender Offer Borrowing Date

Any Borrowings made on the Tender Offer Borrowing Date shall be subject solely to the satisfaction (or waiver by the Lender) of the conditions precedent set forth in Section 4 of the Commitment Letter and the following conditions precedent (subject to the Certain Funds Provision in all respects):

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Annex 2

Form of Solvency Certificate

SOLVENCY CERTIFICATE

[DATE]

This Solvency Certificate (this “Certificate”) is delivered pursuant to Section [    ] of that certain Credit Agreement and Guaranty, dated as of [                    ], 2020 (as amended or otherwise modified from time to time, the “Credit Agreement”), among [                    ]. Capitalized terms used herein and not otherwise defined herein are used herein as defined in the Credit Agreement.

The undersigned hereby certifies on behalf of the Borrower as of the date hereof as follows:

1. I am the chief financial officer of the Borrower and am duly authorized to execute and deliver this Certificate on behalf of the Borrower. I have been employed in positions involving responsibility for the management of the financial affairs of the Borrower. I have, together with other officers of the Borrower, acted on behalf of the Borrower in connection with the transactions contemplated by the Credit Agreement and the other Loan Documents.

2. I have carefully reviewed the contents of this Certificate and have conferred with legal counsel for the Borrower for the purpose of discussing the meaning of its contents.

The undersigned has concluded, in good faith and to the best of his or her knowledge and belief, that as of the date hereof and after giving effect to all the transactions contemplated by the Credit Agreement and the other Loan Documents, including any Borrowings thereunder, and the incurrence of any other Indebtedness contemplated thereunder, and after giving effect to all rights of indemnity, obligation and contribution, as follows:

(i) The fair value of the assets of the Borrower and its Subsidiaries, on a consolidated basis, at a fair valuation, will exceed their debts and liabilities, subordinated, contingent or otherwise.

(ii) The present fair saleable value of the property of the Borrower and its Subsidiaries, on a consolidated basis, will be greater than the amount that will be required to pay the probable liabilities on their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured.

(iii) The Borrower and its Subsidiaries, on a consolidated basis, will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured.

(iv) The Borrower and its Subsidiaries have not, and do not intend to, and do not believe that they will, incur debts or liabilities beyond their ability to pay such debts and liabilities as they mature.

(v) The Borrower and its Subsidiaries, on a consolidated basis, will not have an unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and expected to be conducted following the date hereof.

(vi) No transfer of property is being made by the Borrower or any of its Subsidiaries and no obligation is being incurred by the Borrower or any of its Subsidiaries in connection with the transactions contemplated by the Credit Agreement or the other Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of the Borrower or any of its Subsidiaries.

The undersigned understands that the Administrative Agent and the Lenders are relying on the truth and accuracy of this Certificate and that the delivery of this Certificate is a material inducement for the Administrative Agent and the Lenders to enter into the Credit Agreement and consummate the transactions contemplated thereby, and the undersigned hereby consents to such reliance.

[Signature Page Follows]

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IN WITNESS WHEREOF, the undersigned has executed this certificate on the date first written above.

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Annex 3

Agreed Security Principles

with Respect to Subsidiaries of the Borrower Organized in France

The parties hereto recognize that there may be legal and practical difficulties in obtaining guarantees and/or security from subsidiaries organized under the laws of France and accordingly:

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