Browse EX-10 agreements

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Exhibit 10.11

FORM OF [DIRECTOR][EXECUTIVE OFFICER] DEED OF INDEMNITY

THIS DEED OF INDEMNITY is made on the ______________, 2026

BETWEEN:

(1)	NEWCLEO PLC, a public limited company registered in England and Wales with company number 13274878 whose registered office is at 55 South Audley Street, London, England, W1K 2QH (the “Company”); and

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pasqal Holding

Société par actions simplifiée au capital de 867.887,40 euros

Siège social : 24, rue Emile Baudot, 91120 Palaiseau

101 390 649 R.C.S. Evry

(la « Société »)

(the “Company”)

**Wasiq Bokhari **

[Address]

Paris, le [_]

*Paris, on *[_]

** **

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***Objet *: Attribution de bons de souscription de parts de créateur d’entreprise de la Société **

Subject: Letter of grant of founders’ warrants (bons de souscription de parts de créateur d’entreprise) of the Company

Cher Monsieur,

Dear Sir

Nous avons le plaisir de vous informer par la présente que, par décisions en date du [_], le Président de la Société a, en application de la délégation donnée par les associés de la Société lors de la consultation écrite close le 28 juillet 2026, décidé de vous attribuer gratuitement et conditionnellement 665.507 bons de souscription de parts de créateur d’entreprise de la Société (les « ***BSPCE-Management ***»).

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pasqal Holding

Société par actions simplifiée au capital de 867.887,40 euros

Siège social : 24, rue Emile Baudot, 91120 Palaiseau

101 390 649 R.C.S. Evry

(la « Société »)

(the “Company”)

Loïc Henriet

[Address]

Paris, le [_]

*Paris, on *[_]

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***Objet *: Attribution de bons de souscription de parts de créateur d’entreprise de la Société **

Subject: Letter of grant of founders’ warrants (bons de souscription de parts de créateur d’entreprise) of the Company

Cher Monsieur,

Dear Sir

Nous avons le plaisir de vous informer par la présente que, par décisions en date du [_], le Président de la Société a, en application de la délégation donnée par les associés de la Société lors de la consultation écrite close le 28 juillet 2026, décidé de vous attribuer gratuitement et conditionnellement 332.753 bons de souscription de parts de créateur d’entreprise de la Société (les « ***BSPCE-Management ***»).

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Privileged & Confidential

***From: ***

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Pasqal Holding SA

23 rue de Choiseul

75002 Paris

(hereinafter the “Company”)

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To:

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MC Advisory L.L.C-FZ

For the attention of Mr. Michel Combes

Meydan Grandstand, 6th floor, Meydan Road

Nad Al Sheba, Dubai, U.A.E.

(hereinafter “MC Advisory”)

August [●], 2026

Re: Undertaking Letter Relating to Board Observer Right

** **

Dear Sirs and Madams,

We refer to:

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Exhibit 10.15.b

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PASQAL

Stock Appreciation Rights Agreement1

PARTIES:

1.	[●], a [●] incorporated under the laws of [●], having its registered office located at [●], and whose registration number is [●] (the “Company”);

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FORM OF OFFER
TO DIRECTORS, OFFICERS OR SPECIFICALLY DESIGNATED PERSONS
TO SUBSCRIBE TO LIABILITY INSURANCE AND PROVIDE INDEMNIFICATION

WHEREAS

The public offering in the United States by Pasqal Holding SA (the “Company”) of ordinary shares of the Company (“Ordinary Shares”), the filing of forms with the Securities and Exchange Commission (“SEC”) in connection with such public offering and the quotation of the Ordinary Shares on the Nasdaq Global Market (“Market”) expose the directors and the officers of the Company to major and specific risks with respect to their service to the Company.

The Company, taking into account the scope of the obligations and possible personal liability of the directors and officers induced by the U.S. securities laws and the fact that they are significantly more burdensome than under French law, has resolved that the said directors and officers should not be exposed to such personal liability to the extent permitted by applicable laws and regulations.

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Exhibit 10.16.c

PASQAL

Stock Appreciation Rights Agreement1

PARTIES:

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**Exhibit 10.23 **

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PASQAL GROUP

BUSINESS ALLOCATION AGREEMENT

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BY AND BETWEEN:

pasqal Holding, a simplified joint-stock company (société par actions simplifiée) organised and existing under the laws of France, having its registered office at 24 rue Emile Baudot, 91120 Palaiseau, registered with the Trade and Companies Register of Evry under number 101 390 649, duly represented by Mr Wasiq Bokhari, acting in its capacity as President,

(hereinafter referred to as “Pasqal Holding”)

AND:

pasqal, a simplified joint-stock company (société par actions simplifiée) organised and existing under the laws of France, having its registered office at 24 rue Emile Baudot, 91120 Palaiseau, registered with the Trade and Companies Register of Evry under number 849 441 522, duly represented by Mr Loic Henriet, acting in its capacity as President,

(hereinafter referred to as “Pasqal”)

Pasqal Holding and Pasqal are hereinafter collectively referred to as the “Parties” and individually as a “Party”.

RECITALS

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Exhibit 10.16.b

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PASQAL

Stock Appreciation Rights Agreement1

PARTIES:

1.	[●], a [●] incorporated under the laws of [●], having its registered office located at [●], and whose registration number is [●] (the “Company”);

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Privileged & Confidential

[LETTERHEAD PASQAL HOLDING SA]

[Date]

To:

** **

**Bpifrance Investissement **

[Address]

Re: Undertaking Letter Relating to Board Representation Rights

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Dear Sirs and Madams,

We refer to the holding of ordinary shares (the “Ordinary Shares”) of Pasqal Holding SA (the “Company”) by certain investors, including Bpifrance Investissement, Bpifrance Participations, Bpifrance S.A., certain entities affiliated with them or managed or advised by Bpifrance Investissement, Caisse des Dépôts et Consignations, the French state and their respective affiliated entities.

By this letter, the Company and Bpifrance Investissement (“BPI”) hereby irrevocably undertake to comply with the commitments and agreements set out below.

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Bpifrance Investissement Board and Nominating and Corporate Governance Committee Representation Rights

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INDEFINITE-TERM EMPLOYMENT CONTRACT

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BETWEEN THE UNDERSIGNED:

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The company PASQAL HOLDING, a simplified joint-stock company with a share capital of €1.00, registered with the Evry Trade and Companies Register (Registre du commerce et des sociétés) under number 101 390 649, with its registered office located at 24 rue Emile Baudot, 91120 Palaiseau, represented by **Mr. Wasiq BOKHARI **in his capacity as Chief Executive Officer;

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Hereinafter referred to as the “Company”,

On the one hand,

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AND,

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**Mr. Stéphane ROUGEOT, **born on November 28, 1968, in Levallois-Perret,

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Hereinafter referred to as “the Employee”,

On the other hand,

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IT HAS BEEN AGREED AND SET FORTH AS FOLLOWS:

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Article 1. Nature and effective date of the contract

This employment contract is entered into for an indefinite term and shall take effect as of June 22, 2026.

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