EX-4.15



 Exhibit 4.15 

2017 FREE SHARE PLAN 

REGULATION 







 TABLE OF CONTENTS 

 

							
	 1.
	 	Definitions	  	 	3	 
	 2.
	 	Shares Covered by Regulation 2017	  	 	5	 
	 3.
	 	Administration of Regulation 2017	  	 	5	 
	 4.
	 	Limitations	  	 	6	 
	 5.
	 	Term of Regulation 2017	  	 	6	 
	 6.
	 	Free Shares Award	  	 	6	 
	 7.
	 	Criteria and Conditions of Award	  	 	7	 
	 8.
	 	Calendar for the Free Shares Award	  	 	8	 
	 9.
	 	Adjustments	  	 	11	 
	 10.
	 	Intervening Transactions	  	 	11	 
	 11.
	 	Amendment of Regulation 2017 – Management	  	 	12	 
	 12.
	 	Tax and Social Security Rules	  	 	12	 
	 13.
	 	Specific Restrictions and Information	  	 	12	 
	 14.
	 	Responsibility of the Company	  	 	13	 
	 15.
	 	Applicable Law, Jurisdiction	  	 	13	 

  
  

  
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 2017 FREE SHARE PLAN 

REGULATION 2017 
 Based on the
authorization granted by the combined general meeting on September 21,2015 the Board of Directors of DBV Technologies (the “Company”) decided, at its meeting on March 14, 2017 in accordance with Articles L.225-197-1 to L.225-197-5 of the Commercial Code, to adopt a regulation (“2017 FREE
SHARE Regulation”) for the purpose of awarding free shares in the Company to Eligible Persons (as defined below), which bylaw will govern the awarding of free shares, and the terms and conditions of which are set out below. 

1. DEFINITIONS 
  

	(a)	“Share” means a share of the Company; 

  

	(b)	“Free Share Allocation” means the free share allocation on the terms and conditions set out in Regulation 2017; 

  

	(c)	“Shareholders’ Authorization” means the authorization to allocate shares free of charge granted to the Board of Directors by the shareholders of the Company at the extraordinary combined
general meeting on September 21, 2015; 

  

	(d)	“Beneficiary” means an Eligible Person to whom at least one Share has been allocated free of charge in accordance with Regulation 2017; 


 

	(e)	“Change of Control” means the completion of any transaction that has the effect of bringing about a change in the Control of the Company. The term “Control” has the meaning given
to it in Article L.233-3 of the Commercial Code; 

  

	(f)	“Award Date” means the date on which the Board of Directors grants the Free Share Allocation and constitutes the date on which the Acquisition Period commences; 


 

	(g)	“Eligible Person” means an officer (President, director general, or deputy director general of the Company) or employee of the Company or an Affiliate Company who meets the conditions set
out in Articles L.225-197-1 and L.225-197-2 of the Commercial Code and satisfies the
conditions and criteria for the award established by the Board of Directors in its decision of March 14, 2017 and set out in Article 7 of Regulation 2017; 


  
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	(h)	“Manager” means the Board of Directors of the Company that administers Regulation 2017 in accordance with Article 3 of Regulation 2017; 


 

	(i)	“Disability” means a disability on the part of the Beneficiary that corresponds to classification in the second or third category provided in Article L.341-4 of
the Social Security Code; 

  

	(J)	“Regulation 2017” means this 2017 Free Share Plan as adopted by the Manager on March 14, 2017. 

  

	(k)	“Employee” means a natural person who is employed by the Company (or any Affiliated Company) and is subject to the power of control and direction of the employer entity in the performance and
conduct of the work to be carried out; 

  

	(l)	“Company” means DBV Technologies, a limited company incorporated under French law; 

  

	(m)	“Affiliated Company” means a company that meets the criteria set out in Article L.225-197-2 of the Commercial Code:


  

	 	•	 	companies of which at least ten percent (10%) of the capital or voting rights are held, directly or indirectly, by the Company; 


 

	 	•	 	companies that hold, directly or indirectly, at least ten percent (10%) of the capital or voting rights of the Company; and 


 

	 	•	 	companies of which at least fifty percent (50%) of the capital or voting rights are held, directly or indirectly, by a company that itself holds, directly or indirectly, at least fifty percent (50%) of the
capital or voting rights of the Company. 


  
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 2. SHARES COVERED BY REGULATION 2017 

According with the Shareholders’ Authorization, the board of directors will decide to allocate Free Shares during its meeting to the beneficiaries listed
in the minutes of the Board meeting. The number of Free Shares allocated by the Company, will consider all the previous Free Shares Plans, remains below 10% of the share capital. 

3. ADMINISTRATION OF REGULATION 2017 
  

	 	(a)	Administration 

 Regulation 2017 will be administered by the Manager. 

 

	 	(b)	Powers of the Manager 

 Within the limits of the Commercial Code, the Shareholders’ Authorization
and Regulation 2017, the Manager will have discretion to: 
  

	 	i.	determine the Eligible Persons to whom Shares will be allocated free of charge and decide the number of bonus Shares to be awarded to each of them; 


 

	 	ii.	determine the terms and conditions of any Free Share Allocation; 

  

	 	iii.	analyze and interpret the terms of Regulation 2017; 

  

	 	iv.	decide to change or cancel any rule in Regulation 2017, within the limits prescribed by law; 

  

	 	v.	make any necessary or advisable decision in the course of executing Regulation 2017. 


  
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	 	(c)	Effects of Decisions of the Manager 

 The decisions and interpretations of the Manager are final and
binding on all Beneficiaries. 
 4. LIMITATIONS 
  

	(a)	The Shares allocated free of charge are governed by Articles L.225-197-1 to
L.225-197-5 of the Commercial Code. They do not in any way constitute a component of the contract of employment or office or compensation of the Beneficiary.


 Neither Regulation 2017 nor any Share allocated free of charge confers a right on the Beneficiary to remain in employment in the
Company or an Affiliated Company, or in office in the Company. Moreover, they do not in any event limit the right that the Beneficiary, the Company, or an Affiliated Company, as the case may be, may have to terminate such
employment or office in any circumstance, with or without cause. 
  

	(b)	In accordance with Article L.225-197-1 of the Commercial Code, no Share may be allocated free of charge to an Eligible Person who, at the
time of allocation the Share, directly holds more than 10% of the capital of the Company, or for whom the effect of the award would be to increase his/her participation to more than 10% of the capital of the Company. 


5. TERM OF REGULATION 2017 
 Relying on the
authorization and powers granted to it by the General Shareholders’ Meeting on September 21, 2015, the Board of Directors, in its decision dated March 14, 2017 decided to adopt Regulation 2017, which came into effect on
March 14, 2017. Unless it is cancelled early in accordance with the provisions of Article 11, Regulation 2017 will remain in effect until the expiration of the Retention Period for the last Share allocated free of charge. 

6. BONUS SHARE AWARD 
 (a)
Decision to award 
 The Manager will decide during Board of Directors meetings to allocate free shares to the new DBV Technologies S.A.’s employees
according a fixed ratio. 

  
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 (b) Award of Shares and Acceptance by Beneficiaries 

Each Eligible Person will be informed of the Free Share Allocation by a notification letter setting out, in particular, (i) the number of Shares allocated
free of charge to him/her, (ii) the term of the Acquisition Period, (iii) the term of the Retention Period, (iv) the conditions and criteria to be met in order for the award to become definitive at the end of the Acquisition Period,
and (v) any obligation imposed on him/her. A copy of Regulation 2017 will be attached to the notification letter. A sample notification letter is set out in an Appendix to Regulation 2017. 

The notification letter will be sent to the Beneficiary by registered mail with acknowledgement of receipt or delivered by hand to the Beneficiary by the
Manager or by any duly authorized person, and the Beneficiary will acknowledge receipt. 
 In the event that the Beneficiary would like to take up the Free
Share Allocation, he/she must make his/her acceptance known to the Company by sending the second copy of the notification of the Free Share Allocation to the Company, addressed to the Manager, by registered mail with acknowledgement of
receipt or by hand, signed by him/her under the notation “Good for acceptance,” within thirty (30) days of receipt of the notification of the Free Share Allocation. 

Otherwise, the Free Share Allocation will be null and void. 

Acceptance of Regulation 2017 by a Beneficiary constitutes acceptance of all of its terms. 

7. CRITERIA AND CONDITIONS OF AWARD 
  

The Share award presumes that each Beneficiary meets the following conditions and criteria, which were decided by the Board of Directors in its decision dated
March 14, 2017, and which have been brought to the attention of the Beneficiaries by individual letter: 
  

	 	•	 	the Beneficiary must continue to be an Eligible Person throughout the entire Acquisition Period. 

  

	 	•	 	Share awards will be definitive only on the condition that the following performance criteria are met: 

  

	 	•	 	Half of the Shares allocated will not be acquired until the later of the following two dates: (i) the end of the two (2)-year acquisition period which runs from Grant date and (ii) submission of the
application for market authorization from the FDA for Viaskin Peanut. 


  
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	 	•	 	Half of the Shares allocated will not be acquired until the later of the following two dates: (i) the end of the two (2)-year acquisition period which runs from Grant date and (ii) the first date of sale of
Viaskin Peanut in the United States. 

 8. CALENDAR FOR THE BONUS SHARE AWARD 

(a) Acquisition Period 
 The Free Share
Allocation to Beneficiaries will become definitive only at the end of an Acquisition Period of a minimum of two (2) years from the allocation date, or, on the terms set out in Article 7, on the condition that, throughout the entire Acquisition
Period, the Beneficiary has continued to be an Eligible Person. 
 In accordance with Article L.225-197-3 of the Commercial Code, the rights resulting from the Free Share Allocation may not be assigned or transferred by any method whatsoever until the end of the Acquisition Period. However, in the
event of the death of the beneficiary, his/her heirs may request that the shares be awarded within six months from the date of death. 
 The definitive
award is subject to an attendance requirement that is determined in accordance with the precise terms and conditions below. In order to be Eligible, beneficiaries must therefore have a relationship with the Company or an Affiliated Company,
throughout the entire Acquisition Period, by virtue of an office and/or a contract of employment. 
 Accordingly, in the event of resignation,
voluntary or involuntary retirement, termination of the Beneficiary’s contract of employment by mutual agreement with the company concerned, dismissal, removal, or non-renewal of the
Beneficiary’s office, during the Acquisition Period, for any cause whatsoever, the Beneficiary would, unless otherwise first decided by the Manager, lose all rights to the Free Share Allocation and could make no claim for compensation in that
regard. 
  

	 	•	 	Dismissal of the Beneficiary and/or removal and/or non-renewal of the Beneficiary’s offices during the Acquisition Period: 


 

	 	•	 	If the Beneficiary has only a contract of employment, the loss of the right to the Free Share Allocation will take place on the date of receipt (or first presentation) of the letter of
notification of dismissal, notwithstanding (i) any notice requirement, whether or not it has been given; (ii) any dispute by the beneficiary of his/her dismissal and/or the reasons for the dismissal, and (iii) any judicial decision
setting aside the dismissal. 


  
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	 	•	 	If the Beneficiary has only an office, the loss of the right to the Free Share Allocation will take place on the date of the meeting of the corporate body at which the removal was decided or the Beneficiary was
replaced as the office holder, if the beneficiary is a member of it, and if the Beneficiary is not a member of it, as of the date on which notice of the decision is received by the Beneficiary, notwithstanding (i) any notice requirement,
whether or not it has been given; (ii) any dispute by the beneficiary of his/her removal and/or the reasons for the removal, and (iii) any judicial decision setting aside the removal. 


 

	 	•	 	If the Beneficiary has both a contract of employment and an office and, in the event of the simultaneous or successive loss of both positions, the loss of the right to the Free Share
Allocation will take place on the date of receipt of the latter of the two notices referred to in the two preceding paragraphs. 

  

	 	•	 	Resignation during the Acquisition Period: 

 In the event of the resignation of the Beneficiary from
his/her position as an employee, if the Beneficiary is an employee only, or as an officer, if the Beneficiary is an officer only, or in the event of simultaneous or successive resignation from his/her position as an employee and as an officer, in
the event that the Beneficiary holds both positions at the same time, the loss of the right to the Free Share Allocation will take place: 
  

	 	•	 	if the Beneficiary is only an employee or an officer, on the date of receipt by the Company of the Beneficiary’s letter of resignation or on the date on which it is delivered by hand to an authorized
representative of the Company that employs him/her; and 

  

	 	•	 	if the Beneficiary holds positions as both an employee and an officer, the date of receipt by the Company of the first of the letters of resignation, or the date on which it is delivered by hand to an
authorized representative of the Company that employs him/her. 

 notwithstanding any notice requirement, whether or not it has been
given. 
  

	 	•	 	Mutual agreement between the Beneficiary and the company that employs him/her during the Acquisition Period: 


  
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 In the event of termination of the contract of employment by mutual agreement between the Beneficiary and
the company that employs him/her (including in the case of contractual termination) if the Beneficiary is only an employee, or in the case of termination of the contract of employment by mutual agreement between the Beneficiary and
the company that employs him/her and the simultaneous or successive resignation or removal from his/her office, in the event that the Beneficiary holds both positions at the same time, the Beneficiary would lose his/her right to the Free
Share Allocation on the first date on which the agreement terminating the Beneficiary’s position as an employee is signed (or on which the agreement relating to the contractual termination is made), or the date of receipt of the notification of
removal from office or the date of resignation from office. 
  

	 	•	 	Retirement of the Beneficiary during the Acquisition Period; 

 In the event that the Beneficiary retires
during the Acquisition Period, the Beneficiary will lose his/her right to the Free Share Allocation on the date of retirement. 
 However, by exception to
the foregoing: 
  

	(i)	in the event of the involuntary retirement of the Beneficiary at the initiative of the company that employs him/her during the Acquisition Period, in accordance with the applicable statutory and regulatory
requirements, the Beneficiary will retain his/her right to the Free Share Allocation, on the condition that he/she adheres to the Acquisition Period; 

  

	(ii)	in the event of the death of the Beneficiary during the Acquisition Period, his/her heirs may request the Free Share Allocation within six (6) months of the death; 


 

	(iii)	in the event of disability, the Beneficiary may request that the Shares be awarded within six (6) months of the event that resulted in the disability. 


It is specified that during the Acquisition Period, the Beneficiaries are not the owners of the Shares and have no shareholder’s rights. In particular,
they do not have the right to dividends, the right to vote, or the right to the information communicated to shareholders attached to the Shares. 

(b) Delivery of the Shares 
 At the end of
the Acquisition Period, the Company will, on the condition that the Beneficiary has adhered to the conditions and criteria of acquisition set out in Article 7 above, transfer to the Beneficiary the number of Shares decided by the Board of
Directors. 

  
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 The shares awarded will immediately be treated in the same manner as the existing shares and will carry immediate
dividend rights. 
 (c) No Share Retention Period 

As soon as free shares vest to the beneficiaries they may be sold, subject to the regulations governing companies whose shares are traded on a regulated
market. Free shares allocated to the beneficiaries are new ordinary shares and will immediately have the same rights as existing shares. 
 9.
ADJUSTMENTS 
 The Manager will be the only person with authority to decide, where applicable, the conditions on which the number of bonus Shares
awarded will be adjusted in the event of transactions involving the capital of the Company in order to preserve the rights of the Beneficiaries of the said Free Share Allocations. 

10. INTERVENING TRANSACTIONS 
 (a) Take over of
control 
 In the event of a takeover of control and by derogation from the provisions of Articles 7 and 8 of this regulation, the beneficiaries will
remain eligible for the allocation at the end of the vesting period, even if their employment contract and/or corporate mandate is terminated, for any reason, between the date of the takeover and the last day of the vesting period. In this specific
case, the shares will vest with no requirement to wait for the plan’s performance criteria to be met. 
 (b) Exchange of Shares 

In the event of an exchange of shares resulting from a merger or split carried out in accordance with the regulations in force during the acquisition period,
the provisions of this Article and, in particular, the above-mentioned periods, for the times remaining to run on the date of the exchange, will continue to be applicable to the rights to the award and the shares received in exchange. 

  
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 11. AMENDMENT OF REGULATION 2017—MANAGEMENT 

(a) Amendment 
 The Manager may, at any
time, amend the provisions of, suspend, or terminate Regulation 2017, on the condition that it is done in compliance with the law. 
 (b)
Consequences of Amendment or Cancellation 
 No amendment, alteration, suspension, or cancellation of Regulation 2017 may reduce the rights of a
Beneficiary without his/her agreement, unless such amendment results from a legislative or regulatory provision that has newly come into force or from any other provision that has executory effect and is mandatory for the Company or an
Affiliated Company. 
 (c) Management 

The management of Regulation 2017 is assigned to the Manager. However, the Manager reserves the ability to assign the management of Regulation 2017 to any
financial institution. The Manager will inform the Beneficiaries by registered letter with acknowledgement of receipt or delivery by hand specifying the name and contact information of the financial institution chosen by the Manager to handle the
management of Regulation 2017. 
 12. TAX AND SOCIAL SECURITY RULES 

The Beneficiary will bear the cost of all taxes and mandatory deductions for which he/she is responsible under the tax regulations in force on the date on
which the taxes or deductions become payable. 
 The Beneficiary is invited to obtain advice about his/her own personal tax situation, in particular in
order to be aware of the tax and social security treatment that will apply to him/her, and the Beneficiary declares that he/she is not in any way relying on any tax or social security advice given by the Company. 

13. SPECIFIC RESTRICTIONS AND INFORMATION 
 Any
person who holds shares of a company must, in general, abstain from transferring them, acquiring new shares, or giving advice concerning those shares if he/she is in possession of information that could have a significant influence on the market
price of the company that has not been made public. Persons who violate those rules may be subject to penal and financial sanctions. Those rules apply to Eligible Persons who receive Shares. 

We invite you to refer to the Code of Ethics adopted by the Company that is online on the Intranet. 

  
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 Moreover, in accordance with Article
L.225-197-1 I of the Commercial Code, the Shares may not be assigned or transferred after the expiration of the Retention Period: 

 

	 	•	 	within ten (10) trading sessions preceding and three (3) trading sessions following the date on which the consolidated accounts or, if none, the annual accounts are made public; 


 

	 	•	 	within the time between the date on which the corporate bodies of the Company have knowledge of information that, if it were made public, could have a significant impact on the market price of the
Company’s shares, and the date ten (10) trading sessions before the date on which the information is made public. 

 A calendar
of publications is distributed annually and is accessible online on the Intranet. 
 In accordance with the provisions of Article L.621-18-2 of the Monetary and Financial Code, the transfer of shares by an officer or any person who has, within the Company, (i) the power to make management
decisions concerning the Company’s activities and strategy, and (ii) regular access to privileged information concerning the Company directly or indirectly requires that information be provided to the Autorité des
Marchés Financiers [financial markets authority], with a copy to the Company, within the time allowed by the regulations in force. 
 15.
LIABILITY OF THE COMPANY 
 The Company and its Affiliated Companies may not, in any way, be held liable if, for any reason whatsoever not
attributable to the Company or its Affiliated Companies, a Beneficiary was not able to acquire the Shares awarded to him/her. 
 16. APPLICABLE LAW,
JURISDICTION 
 Regulation 2017 is governed by French law and in particular by the provisions of Articles L.225-197-1 et seq. of the Commercial Code. 
 Any dispute relating to Regulation 2017 will be within the
exclusive jurisdiction of the court of competent jurisdiction subject to the jurisdiction of the court of appeal in the place in which the head office of the Company is located. 

The Free Share Allocation under Regulation 2017 authorizes the Society, at any time, to ask the Beneficiary to comply with any legislative and regulatory
provision governing the Shares. 
 * * * 

  
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 APPENDIX 

SAMPLE NOTIFICATION LETTER CONCERNING DBV TECHNOLOGIES FREE 

SHARE ALLOCATION 
 Limited
company with share capital of 2,464,882.80 Euros 
 Head office: 177/181 avenue Pierre Brossolette 92 120 Montrouge 

441 772 522 RCS Nanterre 

Montrouge, [date] 

[Name of Beneficiary] 
 Dear
Sir/Madam: 
 We are pleased to inform you that the Board of Directors of the Company has decided to allocate free shares of the Company to
you in accordance with the provisions of the regulation governing the free share plan, a copy of which is attached in an Appendix (“Regulation 2017”). 

The terms that are not defined in this letter and that are capitalized have the meaning assigned to them in Regulation 2017. 

These free Shares have been awarded under the provisions of Articles
L.225-197-1 to L.225-197-5 of the Commercial Code. 

Under the decision of the Board of Directors, you were awarded [    ] ([    ]) free shares of the Company, on
[                ], on the terms set out below. 
 1. Acquisition
Period and conditions 
 The definitive share award will be subject to the following performance conditions: 

 

	 	•	 	Half of the Shares allocated will not be acquired until the later of the following two dates: (i) the end of the two (2)-year acquisition period which runs from today and (ii) submission of the application for
market authorization from the FDA for Viaskin Peanut. 

  

	 	•	 	Half of the Shares allocated will not be acquired until the later of the following two dates: (i) the end of the two (2)-year acquisition period which runs from today and (ii) the first date of sale of Viaskin
Peanut in the United States. 


  
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 2. Conditions and criteria of allocation 

The Free Share Allocation assumes that during the Acquisition Period referred to above, you will meet the following conditions and criteria: 

You must, throughout the Acquisition Period, have a relationship with the Company or an Affiliated Company under an office and/or a contract of
employment. 
 In the event of resignation, voluntary or involuntary retirement, termination of the contract of employment by mutual agreement,
dismissal, removal, or termination of the office, during the Acquisition Period, for any reason whatsoever, you will lose all right to the Free Share Allocation and may claim no compensation in that regard. 

In the event of resignation, the loss of the right to the Free Share Allocation will occur on the date of receipt by the Company or the Affiliated
Company concerned of your letter of resignation or on the date of delivery by hand of the letter to an authorized representative of the company that employs you, notwithstanding any notice requirement, whether or not it has been given. 

In the event of dismissal or removal, the loss of the right to the Free Share Allocation will occur on the date of receipt (or first presentation) of the
letter of notification of dismissal or removal, notwithstanding (i) any notice requirement, whether or not it has been given; (ii) any dispute by you of your dismissal and/or the reasons for the dismissal, and (iii) any judicial
decision setting aside the dismissal. 
 However, by exception to the foregoing, 
  

	(i)	in the event of retirement or dismissal for economic reasons during the Acquisition Period, you will retain your right to the Free Share Allocation; 


 

	(ii)	in the event of death during the Acquisition Period, your heirs may request the Free Share Allocation within six (6) months of the date of your death. 


 

	(iii)	in the event disability during the Acquisition Period, you may request the Free Share Allocation within six (6) months of the date of your disability. 


 

	(iv)	In the event of a takeover of control within the meaning of Article L. 233-3 of the French Commercial Code of DBV Technologies by any person acting alone or in concert with other
persons, the beneficiaries will remain eligible for the allocation at the end of the vesting period, even if their employment contract and/or corporate mandate is terminated, for any reason, between the date of the takeover and the last day of the
vesting period. In this specific case, the shares will vest with no requirement to wait for the plan’s performance criteria to be met. 


At the end of the Acquisition Period, and on the condition that the criteria set out above have been met, the Company will transfer to you the
[    ] ([    ]) Shares referred to above in a specific securities account you have mentioned. 
 You should contact
a Bank (including “Banque Transatlantique”) in order to open such securities account. 

  
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 Accordingly, you will become a shareholder of the Company on that date, Shares will become available and
may, in particular, be freely transferred as the 2017 Free Shares Plan has no retention period. 
 Your acceptance of the Free Share Allocation on the terms
set out above constitutes acceptance of the terms of Bylaw 2017. 
 In the event that you accept the Free Share Allocation, we would appreciate it if
you would sign two copies of this notification of Free Share Allocation and keep one copy and return the other to the Company by registered letter or delivered by hand in a period of 30 days from the receipt of this letter. Otherwise, the
award will be void. 
  

	
	Sincerely yours,
	
	Pierre-Henri Behnamou


  

	
	Good for acceptance
	
	[Name of Beneficiary]
	
	Encl.: Regulation 2017


  
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