Document:

EX-10.13

 Exhibit 10.13 

 
 

 
 Regional Innovation Partnership 

recoverable advance aid contract 

No DOS0043900/00 
 Between 

1°) BPIFRANCE FINANCEMENT 
 A French public limited
company (société anonyme), with a share capital of EUR 839,907,320.00, registered with the Trade and Companies Register of Creteil under number 320 252 489, and whose registered office is located at: 

27-31 AVENUE DU GENERAL LECLERC 

94710 MAISON-ALFORT CEDEX 
 Represented by
Mr. Clement BACK, acting as Responsable SII, duly authorized for the purposes hereof, 
 Hereinafter referred to as “Bpifrance
Financement”, 
 On the one hand, 

2°) DYNACURE 
 A French simplified joint stock company
with a sole shareholder (société par actions simplifiée à associé unique or société par actions simplifiée unipersonnelle), with a share capital of EUR 10,000.00, registered with
the Trade and Companies Register of Strasbourg under number 817 666 217, and whose registered office is located at: 
 PARC
D’INNOVATION 
 650, BD GONTHIER D’ANDERNACH 

67400 ILLKIRCH GRAFFENSTADEN 
 Represented by the
company TOULON, whose registered office is located at: 
 Rue Paul Emule Lessire 13 

1160 AUDERGUEM (BELGIUM) 
 Represented by
Mr. Stephane VAN ROOIJEN, acting as PRESIDENT, 
 Hereinafter referred to as the “BENEFICIARY” 

On the other hand, 

  
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Agreement no DOS0043900/00 

 Having considered decree no 97-682 dated 31 May 1997 related to
support for innovation, 
 Having considered articles 60 to 64 of law No. 2010-1249 dated 22 October 2010 related to banking and financial
regulation, 
 Having considered ordinance No. 2005-722 dated 29 June 2005 as amended relating to the
Public Investment Bank (Banque Publique d’Investissement) including the creation of the public company Bpifrance and the public company Bpifrance Financement, 

Having considered the decision of the General Shareholders’ Meeting of OSEO dated 12 July 2013, amending the corporate name of OSEO to Bpifrance
Financement, 
 Having considered decree No. 2013-637 dated 12 July 2013 approving the bylaws of the
public company Bpifrance Financement, 
 Having considered the State financial aid regulation for research, development and innovation No. 2014/C 198/01
published in the Official Journal of the European Union (OJEU) on 27 June 2014, 
 Having considered the exempted regulation scheme for financial aid
for research, development and innovation no SA.40391 for the period 2014-2020 taken on the basis of the general block exemption regulation (GBER) No. 651/2014 adopted by the European Commission on 17 June 2014 and published in the OJEU on
26 June 2014, 
 Having considered the program described in the application for financial aid for innovation filed on 06/09/2016 by the BENEFICIARY
under No. DC/03719636, 
 Having considered article 8 of the amended financial law for 2010 No. 2010-237 dated
9 March 2010, relating to the investment program for the future modified by article 59 of the amended financial law for 2014 No. 2013-1278 dated 29 December 2013, 

Having considered the Agreement dated 17 December 2014 signed between the State and Bpifrance relating to the investment program for the future (action:
“National Innovation Fund”, “Regional Innovation Partnerships”), 
 Having considered the partnership agreement signed on
11 September 2015 between Bpifrance Financement and the Region GRAND EST relating to the implementation of the investment program for the future at the regional level (action: “National Innovation Fund”, “Regional Innovation
Partnerships”), 
 Having considered the decision of the Regional Selection Committee dated 30 June 2016, 

Having considered the complementary financial aid No. DOS0043899/00 granted to the BENEFICIARY by REGION GRAND EST based on its own resources, 

Bpifrance Financement grants the BENEFICIARY an innovation financial aid subject to the SPECIAL TERMS AND CONDITIONS, the SPECIAL PROVISIONS and the GENERAL
TERMS AND CONDITIONS of this contract. 

  
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Agreement no DOS0043900/00 

 SPECIAL TERMS AND CONDITIONS 

 

			
	Beneficiary reference:	  	DYNACURE
		
	Contract reference:	  	DOS0043900/00
		
	Purpose of the innovation program:	  	Development of a method aiming at accelerating and reducing the costs of the clinical phases of the drug candidate
		
	Total amount of the financial aid:	  	EUR 250,000.00
		
	Origin of the resource:	  	MINISTRY OF ECONOMY AND FINANCES from its own resources
		
	Execution of the program by:	  	The BENEFICIARY
		
	Commitment to implement the program:	  	36 months from the date of acknowledgement of expenses, that is, 09/01/2016
		
	End date of deferred repayment:	  	 09/01/2019
  

This date takes into account a potential additional period in addition to the deadline undertaken by the BENEFICIARY.

		
	Total estimated amount of the program:	  	EUR 1,244,378.00 without taxes
		
	Deducted expenses from the financial aid base:	  	 EUR 1,244,378.00 without taxes
  

pursuant to financial innovation annex set out in annex

		
	Rate of the financial aid / Deducted expenses:	  	20.09%
		
	Form of the financial aid:	  	 Lump-sum recoverable advance according to the repayment schedule set out in the annex and an
additional annuity, if applicable, no later than 31 March of each year, as from 01/01/2019 and until 06/30/2023, equivalent to:
  

•  20.09% of the proceeds, excluding taxes, from the sale or licensing of patents or know-how received during the previous calendar year, when such sales or licenses relate to all or part of the results of the financial aid program.

 
 •  20.09 % of the product,
excluding taxes, generated by the marketing and in particular the sale to a third party or the use by the BENEFICIARY for its own needs of the prototypes, pre-series, models, produced as part of the financial
aid program.
  
 The sums due to Bpifrance Financement in application of the additional
annuity, will be charged in priority up to the final amount due to Bpifrance Financement in application of the repayment schedule in the annex and, if applicable, to the penultimate year.

		
	Minimum flat-rate repayment	  	EUR 100,000.00

  
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Agreement no DOS0043900/00 

 SPECIAL PROVISIONS 

1. This financial aid is granted on the basis of the framework exempted financial aid scheme for research, development and innovation financial aid No
SA.40391 for the period 2014-2020 taken on the basis of the General Block Exemption Regulation (GBER) no 651/2014 adopted by the European Commission on 17 June 2014 and published in the OJEU on 26 June 2014; 

2. The amount of the financial aid will be paid to the BENEFICIARY in 2 installments in accordance with the article “PAYMENT OF THE FINANCIAL
AID”: 
  

	 	•	 	 a sum of 175,000.00 € upon signature of this contract, 

 

	 	•	 	 the balance, on completion of the work, at the request of the BENEFICIARY. 

3. At the latest on the date chosen for the end of the differed repayment terms stated in the SPECIAL TERMS AND CONDITIONS, the BENEFICIARY will to
provide Bpifrance Financement with: 
  

	 	•	 	 an end-of-program report on the
execution of the program and its results in relation to the agreed upon objectives, 

  

	 	•	 	 a Recapitulative Statement of Paid Off Expenses (RSPOE) in accordance with the article “RECAPITULATIVE
STATEMENT OF PAID OFF EXPENSES”, 

  

	 	•	 	 and, if Bpifrance Financement judges it appropriate to request them, supporting and explanatory elements on the
content of the requested documents. 

 4. The summary statement of expenses paid at the end of the deferral of repayment must be
certified by a statutory auditor or attested by a certified accountant or the assigning accounting officer. 
 5. If applicable, the BENEFICIARY must
attach the following documents to his request for a technical-economic failure or partial technical-economic success report: 
  

	 	•	 	 a technical-economic report on the execution of the program, deviations from the technical-economic objectives,
difficulties encountered in the development and exploitation of the results, 

  

	 	•	 	 its last balance sheets, income statements and annexes since the date of submission of the application for
financial aid, 

  

	 	•	 	 and, if Bpifrance Financement deems it appropriate to request them, the supporting and explanatory elements of
the Recapitulative Statement of Paid Off Expenses (RSPOE) provided at the time of the end of the repayment deferral indicated in SPECIAL TERMS AND CONDITIONS. 

6. The additional annuity provided for in the SPECIAL TERMS AND CONDITIONS shall be charged in priority and to the full extent of the final installment
due to Bpifrance Financement and, if applicable, to the penultimate installment of the schedule appearing in the annex. 
 The application of the
complementary annuity cannot cause the BENEFICIARY to reimburse to Bpifrance Financement a sum greater in principal than the amount of the financial aid it has received. 

  
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Agreement no DOS0043900/00 

 GENERAL TERMS AND CONDITIONS 

ALLOCATION OF THE FINANCIAL AID—PROGRAM COMPLETION 

The financial aid is allocated to the program referred to in the statement mentioned in the preamble. 

In return for this financial aid, the BENEFICIARY undertakes to carry out the program presented within the time limits indicated in the SPECIAL TERMS AND
CONDITIONS and to use all the human, technical, financial and commercial resources necessary for its successful performance and the commercial exploitation of its results. 

The BENEFICIARY undertakes to allocate the financial aid granted herewith exclusively to the expenses provided for in the innovation program referred to in
the preamble and incurred after the date on which the expenses are taken into account; to this end, the BENEFICIARY undertakes to allocate the totality of the financial aid to the expenses which it actually needs to incur as part of the innovation
program, in accordance with the financial innovation annex enclosed to this contract. 
 Furthermore, the BENEFICIARY acknowledges that it is subject to the
European regulations on State financial aid referred to in this contract. 
 PAYMENT OF THE FINANCIAL AID 

1. The amount of each payment shall be credited to a bank account opened in the name of the BENEFICIARY, according to the bank account details
(relevé d’indentité bancaire) provided by the BENEFICIARY. 
 2. The payment of the funds will be recorded in the
accounting books of Bpifrance Financement. 
 3. The funds will be available according to the terms and conditions provided for in the SPECIAL TERMS
AND CONDITIONS, SPECIAL PROVISIONS and GENERAL TERMS AND CONDITIONS of this contract. 
 4. Bpifrance Financement will not be required to pay all or
part of the amount of the financial aid if one or the other of the cases referred to in the article entitled “REFUND OF THE FINANCIAL AID AND RECOVERY OF UNDUE PAYMENTS (répétition de l’indu)” occurs or if
Bpifrance Financement considers that the evolution of the technical and/or financial capacity of the BENEFICIARY does not allow it to carry out the performance of the program. 

In addition, Bpifrance Financement will not be under any obligation to pay out any payment in the event of
non-execution of the commitments undertaken by the BENEFICIARY under other contracts concluded by it with Bpifrance Financement. 

Moreover, if external events of force majeure compromise the economic interest of the program receiving financial aid, or if fundamental changes occur in the
status or control of the BENEFICIARY as referred to in the article entitled “SHARE CAPITAL CONTROL AND STATUS OF THE BENEFICIARY”, the situation thus created will be examined by Bpifrance Financement, which may amend the initial decisions,
which the BENEFICIARY expressly accepts. 
 5. Apart from any direct recruitment of resources by Bpifrance Financement, Bpifrance Financement will
only be required to pay the amounts of the financial aid within the limit of available budgetary payment credits made available to it either by the State, or by local authorities, or by ERDF, or by any other sponsor directly or indirectly involved
in the financing of this financial aid to manage the innovation financial aid procedure. If applicable, Bpifrance Financement will inform the BENEFICIARY in due time. 

REPAYMENT OF THE FINANCIAL AID 
 1. The
BENEFICIARY undertakes to reimburse Bpifrance Financement by an amount of the financial aid in accordance with the terms and conditions set out in the SPECIAL TERMS AND CONDITIONS and the schedule set out in the annex, which take into account the
turnover forecasts declared by the BENEFICIARY in the financial aid program. 
 2. Any reduction in the amount of the financial aid will reduce the
installments in proportion to the sums paid out. 
 3. Due to the nature of the work provided for in the financial aid program, the Beneficiary will
take advantage of the partial or indirect results of the program to improve its products or, more generally, the technologies used in their manufacture and/or development. 

  
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Agreement no DOS0043900/00 

 Consequently, notwithstanding the failure or partial success of the program, the BENEFICIARY will reimburse
Bpifrance Financement with the minimum sum set out in the SPECIAL TERMS AND CONDITIONS under the heading MINIMUM FLAT-RATE REPAYMENT, which will be deducted from the least remote installments. 

In the event of technical and economic failure of the program, as defined in the article “TECHNICAL-ECONOMIC FAILURE, PARTIAL TECHNICAL-ECONOMIC
SUCCESS”, pronounced by Bpifrance Financement, the BENEFICIARY will only be released from all its commitments and obligations under this contract provided that it has fulfilled all its commitments and obligations up to the date of the failure
report and that it has satisfied the MINIMUM FLAT-RATE REPAYMENT referred to in the SPECIAL TERMS AND CONDITIONS. 
 4. The BENEFICIARY may reimburse
in advance the amount of the financial aid paid. 
 END OF REPAYMENT DEFERRAL 

1. The date of the deferred repayment is the date set out in the SPECIAL TERMS AND CONDITIONS. 

2. On this date at the latest, the BENEFICIARY shall send the documents mentioned in the SPECIAL TERMS AND CONDITIONS. 

In the event that the documents and supporting documents provided by the BENEFICIARY reveal expenses that are lower than the expenses set out in the financial
aid budget, the amount of the financing aid will be automatically reduced to the percentage fixed in the SPECIAL TERMS AND CONDITIONS of the total expenses actually incurred and retained by Bpifrance Financement, the BENEFICIARY thus undertakes to
repay any undue payments (indu) without delay and no later than 15 (fifteen) working days from the date of notification. 
 SUMMARY STATEMENT
OF THE INCURRED EXPENSES 
 The summary statement of expenses must be dated and signed by the BENEFICIARY. 

This summary statement of the incurred expenses as part of the innovation program conducted by the BENEFICIARY must be established on a computer tool listing
the different categories of costs, according to the financial innovation annex attached to this contract. 
 This IT tool allows to monitor the expenses
incurred as part of this innovation program and to issue a summary of the expenses. It is available on request from the management department of Bpifrance Financement. 

The summary of the incurred expenses will be sent to Bpifrance Financement in paper form with dates and signatures, as well as in electronic form, without any
modification of the structure of the download file. 
 TECHNICAL-ECONOMIC FAILURE, PARTIAL TECHNICAL-ECONOMIC SUCCESS 

1. The technical-economic failure is defined as follows: the company has not overcome technical difficulties in the R&D phase, or has overcome them
in such a way that the cost price of the product has become prohibitive, or has not been able to solve problems related to the transition from prototype or pre-production to series production. The
technical-economical failure can occur either in the feasibility phase or in the development phase. 
 2. The BENEFICIARY may request a report of
technical-economic failure or partial technical-economic success of the program to Bpifrance Financement. Any financial difficulties of the BENEFICIARY shall not constitute a ground for requesting a report of technical-economic failure or partial
technical-economic success of the program. 
 The request of the BENEFICIARY, which shall be addressed to Bpifrance Financement at the latest on the end
date of deferral repayment as set out in the SPECIAL TERMS AND CONDITIONS, shall be accompanied by the documents listed in the SPECIAL PROVISIONS. 

3. In case of request for a technical-economic failure report or a partial technical-economic success report issued by the BENEFICIARY, and in
accordance with the elements provided by the BENEFICIARY, completed by all the explanatory elements that Bpifrance Financement shall deem useful, Bpifrance Financement shall determine either the technical-economic success, or the partial
technical-economic success, or the failure of the program. 

  
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Agreement no DOS0043900/00 

 4. As part of a technical and economic failure decided by Bpifrance Financement, the BENEFICIARY will
not be released from its commitments and obligations under this contract, except for the provisions provided for in the articles PATENT, COMMITMENT ON THE MEANS NECESSARY FOR THE PROJECT’S REALIZATION and REFUND OF THE FINANCIAL AID AND
RECOVERY OF UNDUE PAYMENTS (répétition de l’indu), provided that it has fulfilled all the applicable commitments and obligations up to the date of the report of failure and that it meets the obligations set out in the
article on REPAYMENT OF THE FINANCIAL AID. 
 5. In the event of partial technical-economic success of the program decided by Bpifrance Financement,
the conditions for repayment of the financial aid referred to in the article REPAYMENT OF THE FINANCIAL AID may be revised, if necessary, by Bpifrance Financement by means of an amendment. 

6. The cost of the controls of expenses and expertise, whether internal or external, which may be carried out by Bpifrance Financement to examine the
request of the BENEFICIARY for a report of failure will be borne by the BENEFICIARY, who undertakes to pay such costs. 
 7. In the absence of a
request for a technical-economic failure report or a partial technical-economic success report accompanied by the supporting documents listed in the SPECIAL PROVISIONS before the end date of the repayment deferral as set out in the SPECIAL
PROVISIONS, Bpifrance Financement and the BENEFICIARY agree on the total technical success of the program. Repayment of the financial aid will then be carried out in accordance with the provisions of the article REPAYMENT OF THE FINANCIAL AID. 

TAKEOVER OF THE PROGRAM 
 In the event of failure
or partial success, abandonment or non-use of the results of the program aid within 4 (four) years from the execution date of this contract, and as long as it has not repaid the totality of the financial aid,
the BENEFICIARY shall not oppose the takeover by Bpifrance Financement, or by a third-party designated by Bpifrance Financement, of all or part of the industrial property, results of any kind, models or prototypes produced under the aid program and,
in general, the BENEFICIARY shall not oppose the takeover of the program by other companies. The application of this provision will be made in a spirit of dialogue in order to preserve the best interests of the BENEFICIARY and the general interest.

 REFUNDING OF THE FINANCIAL AID AND RECOVERY OF UNDUE PAYMENTS 

1. This financial aid shall automatically give rise to the refunding of the aid in the event of assignment – either total or partial—as well
as in the event of cessation of activity, winding up or voluntary liquidation of the BENEFICIARY. 
 In the event of solidarity between several
BENEFICIARIES, the opening judgment of a safeguard procedure, receivership or bankruptcy pronounced towards one of the BENEFICIARIES shall automatically entail the right to a refund of the aid from the other BENEFICIARY(S). The same shall apply in
the event of cessation of activity, winding up or voluntary liquidation of one of the BENEFICIARIES. 
 2. The BENEFICIARY shall be bound to
reimburse the totality of the aid in the event of the occurrence of one of the following events: 
  

	 	•	 	 failure by the BENEFICIARY to comply with any of its obligations resulting from this agreement,

  

	 	•	 	 irregular situation of the BENEFICIARY with respect to its social and tax obligations, 

 

	 	•	 	 inaccurate or misleading statements by the BENEFICIARY, 

 

	 	•	 	 non-completion or abandonment of the program observed by Bpifrance
Financement, 

  

	 	•	 	 early termination, for any cause whatsoever, of any contract granting to the BENEFICIARY the exploitation rights
on techniques, products or processes implemented for the realization of the financial aid program, and/or necessary for the commercialization of the results resulting therefrom. 

3. The immediate refunding will then be due, if Bpifrance Financement requires it and without the need for any judicial or extrajudicial formalities,
the sum to be paid being then equal to the outstanding amount of the financial aid increased, if applicable, by the late payment penalties at the rate set out in the article LATE PAYMENT PENALTIES. 

  
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Agreement no DOS0043900/00 

 4. In the event the documents and supporting documentation provided by the BENEFICIARY reveal
expenses that are lower than the expenses retained in the financial aid budget, the amount of the financial aid will be automatically reduced in proportion to the total expenses actually justified and retained by Bpifrance Financement, and the
BENEFICIARY undertakes to refund without delay any undue payment that may have been observed. 
 The immediate refund will be due, if Bpifrance Financement
requires it and without the need for any judicial or extrajudicial formalities, the sum to be paid shall then be equal to the undue payment and increased, if applicable, by the late payment penalties at the rate set out in the article LATE PAYMENT
PENALTIES. 
 In the event that, during the performance of this contract, it appears that the amount of aid granted exceeds the amount of aid authorized by
the provisions set forth in the context of the European framework, the BENEFICIARY undertakes to refund to Bpifrance Financement, upon request, the undue sums thus received. 

PATENT 
 The BENEFICIARY undertakes to inform
Bpifrance Financement of any patent taken over in France and abroad relating to the aid innovation program and not to abandon the aforementioned patents without having put Bpifrance Financement in a position to take such patents over free of charge
in its name at least two months before the expiry date. In the event that Bpifrance Financement takes over the said patents, the latter will not be enforceable against the BENEFICIARY. 

OTHER OBLIGATIONS OF THE BENEFICIARY 
 The
BENEFICIARY hereby guarantees that it complies with its tax and social obligations pursuant to article 4 of the decree no 97-682 dated 31 May 1997, and furthermore undertakes: 

 

	 	•	 	 not to suspend or abandon the achievement of the program without first informing Bpifrance Financement,

  

	 	•	 	 to keep Bpifrance Financement immediately informed of any serious and unexpected difficulties or events that
could delay or even interrupt the implementation of the program, 

  

	 	•	 	 to provide, at the request of Bpifrance Financement, any additional information on the exploitation of the
results of the program, 

  

	 	•	 	 to keep a financial account which shall record any elements necessary for a precise evaluation of the expenses
made in accordance with the budget of the financial aid (external invoices and analytical documents). The accounting, as well as any general accounting elements relating to it, will be kept at the disposal of Bpifrance Financement or one of its
authorized representatives within fifteen days of the request from Bpifrance Financement and for a period of ten years from the date of the termination of the program report referred to in the SPECIAL TERMS AND CONDITIONS, 

 

	 	•	 	 to undergo the control which shall be operated on the technical and financial aspects by Bpifrance Financement or
any authorized representative of the latter and to facilitate the exercise of such control, in particular with regard to the inspection of documents and on site. In the event of a partnership, the BENEFICIARY will guarantee (se porte fort)
the respect of the present clause on behalf of its partners, whatever the nature of this partnership, 

  

	 	•	 	 not to dispose, transfer, concede, contribute or transmit in any way whatsoever, directly or indirectly, free of
charge, against payment or even on a reciprocal basis, the means necessary either to carry out the aid program, especially patents, various manufacturing processes or technical results, without obtaining the prior agreement of Bpifrance Financement,
or to exploit the results of this program, without first informing Bpifrance Financement, 

  

	 	•	 	 not to apply for any other European aid for the financing of the same project. 

SHARE CAPITAL CONTROL AND STATUS OF THE BENEFICIARY 

The BENEFICIARY undertakes to communicate to Bpifrance Financement, as soon as they occur: 

 

	 	•	 	 any changes in the allocation of the share capital of the BENEFICIARY, as soon as they cause a change in the
control of the BENEFICIARY, as well as any project of merger or split, 

  

	 	•	 	 any changes in the status of the BENEFICIARY (in particular the legal form, the corporate purpose, the amount of
the share capital), as well as to inform Bpifrance Financement of any safeguard procedure, receivership or bankruptcy pronounced towards the BENEFICIARY. 

  
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Agreement no DOS0043900/00 

 ADVERTISING – COMMUNICATION 

The BENEFICIARY undertakes to communicate on the aid granted each time the BENEFICIARY will conduct a press campaign on the program and its results. After a
period of 5 (five) years from the date of signature of the aid contract, Bpifrance Financement will be authorized to publish information on the aid program, unless the BENEFICIARY objects in writing. 

SEPA DEBITS 
 The BENEFICIARY undertakes to
maintain in favor of Bpifrance Financement, until full repayment of all sums due under this contract, the option of proceed to the payment by SEPA debit of all sums due on the bank or postal account designated on the mandate signed by the
BENEFICIARY and provided prior to the signature of this innovation aid contract. The BENEFICIARY acknowledges and accepts that the first debit may be presented by Bpifrance Financement, subject to the respect of a minimum period of 5 (five) calendar
days from the date of signature of this contract. In the event of a change of bank or postal address, Bpifrance Financement must be notified of such change one month prior to the next due date and a new bank account details (relevé
d’indentité bancaire) must be attached to this application. 
 LATE PAYMENT PENALTIES 

Any amount not paid within the contractual deadlines will be immediately and automatically subject to late payment penalties at the rate of 3 % (three
percent) per year. The present clause shall not impede the enforceability of the receivable resulting from this contract. 
 INFORMATION OF THE WORKS
COUNCIL 
 Should the aid granted in the form of a loan or recoverable advance be of an amount greater than EUR1,500,000 or in the form of a subsidy
of an amount greater than EUR 200,000, the BENEFICIARY undertakes to inform and consult his Works Council in accordance with the provisions of article R 2323-7-1 of the
French Labor Code. 
 The information and consultation must address the nature, purpose, amount and conditions of payment of the aid granted. 

The BENEFICIARY will make available to Bpifrance Financement, on first request, the following documents: convocation notice to the Works Council (CE),
information provided to the Works Council (CE) and the report of such Works Council (CE) meeting. 
 The BENEFICIARY is informed that the
recurrent or persistent failure to comply with the obligations defined above is likely to cause Bpifrance Financement to require the partial or total refund of the financial aid.  

CONFIDENTIALITY AND INFORMATION DISCLOSURE 
 The
BENEFICIARY expressly acknowledges, consents and authorizes Bpifrance Financement to disclose information of a confidential nature, including personal data relating to the BENEFICIARY and to the present aid to: 

 

	 	•	 	 the French State, pursuant to the terms of the agreement by which the French State has entrusted Bpifrance Group
with the implementation of this aid in order to enable its monitoring, management and evaluation, including various performance indicators, 

  

	 	•	 	 local authorities, the French General Investment Committee (Commissariat Général à
l’investissement, as well as its steering committee “COPIL”), any French administrative, judicial or controlling authority and the European Commission, 

 

	 	•	 	 all sponsors participating directly or indirectly to this aid, 

 

	 	•	 	 other entities of Bpifrance group considering the mission of the Bpifrance group, as well as the French State,
and considering that such disclosure is not contrary to the provisions of article L.511-33 of the French Monetary and Financial Code. 

This intra-group disclosure of information does not in any way exempt the entities of Bpifrance group from confidentiality obligations of legal, regulatory or
contractual origin that apply to them with respect to third parties. 

  
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Agreement no DOS0043900/00 

 PERSONAL DATA PROTECTION 

The personal data collected within the framework of this contract are compulsory for the processing and management of the operation in question and in
particular for its computer processing carried out under the responsibility of Bpifrance Financement or any other entity of the Group. 
 They may also, by
express agreement, be used or disclosed to other entities if the Group, its partners, or third parties involved in the performance of the services concerned, for the same purpose. 

Pursuant to the provisions of the law dated 6 August 2004 on the protection of individuals with regard to personal data and modifying the law no 76-17 dated 6 January 1978 on data processing, data files and freedoms, the persons whose personal data are collected are entitled to a right of access to, rectification of, deletion of and opposition to, for
legitimate reasons, information concerning them. They may also object, free of charge, to the use of their personal data for prospecting purposes, in particular for commercial purposes. 

These rights may be exercised by sending a letter to the following address: 

Bpifrance Financement 
 Direction
des Systèmes d’lnformation, service SIAQ 
 27-31 Avenue du General Leclerc 

9471 0 Maisons-Alfort Cedex 
 PREVALENCE OF
SPECIFIC PROVISIONS AND TERMS AND CONDITIONS 
 In case of conflict between the GENERAL TERMS AND CONDITIONS and SPECIAL PROVISIONS and SPECIAL TERMS
AND CONDITIONS, the SPECIAL PROVISIONS and the SPECIAL TERMS AND CONDITIONS shall prevail. 
 HARDSHIP 

The BENEFICIARY and Bpifrance Financement have mutually agreed to expressly waive the provisions of article 1195 of the French Civil Code. 

CONTRACTUAL DOCUMENTS 
 The contractual documents
which the BENEFICIARY acknowledges to have considered and to which he adheres are the following: SPECIAL TERMS AND CONDITIONS, SPECIAL PROVISIONS and GENERAL TERMS AND CONDITIONS, as well as all the documents and annexes attached in the contract.

 APPLICABLE LAW AND JURISDICTION 
 The law
applicable to this contract is French law. 
 In the absence of an amicable settlement, any dispute arising from the interpretation or performance of the
contract will be submitted to the competent courts of the Paris Court of Appeal. 
 ELECTION OF DOMICILE 

For the performance of this contract, domicile is elected: 
  

	 	•	 	 for the BENEFICIARY, at its domicile or registered office, 

 

	 	•	 	 for Bpifrance FINANCEMENT, at its registered office : 

27-31 Avenue du General Leclerc 

9471 0 Maisons-Alfort Cedex 
 Any change in the
registered office of the BENEFICIARY must be notified to Bpifrance Financement. 

  
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Agreement no DOS0043900/00 

 Executed in NANCY, on 02/27/2017 
  

					
	 /s/ Stephan van Rooijen
	 		 	 /s/ Clement Back

	 THE BENEFICIARY
 DYNACURE

Stephan VAN ROOIJEN
 Acting as PRESIDENT
	 	                 

 

	 	 BPIFRANCE FINANCEMENT
 Clement BACK

Acting as Responsable SII

 ANNEX(ES):  
  

	 	•	 	 Financial innovation annex (without taxes amounts) 

 

	 	•	 	 SEPA debit mandate 

  

	 	•	 	 Repayment schedule 

  
 Page 11 of 15 

Agreement no DOS0043900/00 

			
	

	  	

		  	 DYNACURE
 PARC D’INNOVATION

650, BD GONTHIER D’ANDERNACH
 67400 ILLKIRCH
GRAFFENSTADEN
  
 On 01/27/2017

 REPAYMENT SCHEDULE 

(This table replaces any previous table, if applicable) 
  

			
	References to be included in all communications:	  	Client no: [XXX] File no: [XXX]
		
		  	Client name: DYNACURE (ILLKIRCH GRAFFENSTADEN)
		
	Mode of payment: Direct debit	  	Account details (RIB): [XXX]

  

							
	 Section no:
	  	2	  	 Capital to be repaid:
	  	 EUR 250,000.00

				
	 Number of instalments:
	  	12	  	 Frequency:
	  	 Quarterly

  

															
	 No
	 	Date	 	Capital	 	 	Total	 	 	Due capital after payment	 
	1	 	09/30/2020	 	 	12,500.00	 	 	 	12,500.00	 	 	 	237,500.00	 
	2	 	12/31/2020	 	 	12,500.00	 	 	 	12,500.00	 	 	 	225,000.00	 
	3	 	03/31/2021	 	 	12,500.00	 	 	 	12,500.00	 	 	 	212,500.00	 
	4	 	06/30/2021	 	 	12,500.00	 	 	 	12,500.00	 	 	 	200,000.00	 
	5	 	09/30/2021	 	 	18,750.00	 	 	 	18,750.00	 	 	 	181,250.00	 
	6	 	12/31/2021	 	 	18,750.00	 	 	 	18,750.00	 	 	 	162,500.00	 
	7	 	03/31/2022	 	 	18,750.00	 	 	 	18,750.00	 	 	 	143,750.00	 
	8	 	06/30/2022	 	 	18,750.00	 	 	 	18,750.00	 	 	 	125,000.00	 
	9	 	09/30/2022	 	 	31,250.00	 	 	 	31,250.00	 	 	 	93,750.00	 
	10	 	12/31/2022	 	 	31,250.00	 	 	 	31,250.00	 	 	 	62,500.00	 
	11	 	03/31/2023	 	 	31,250.00	 	 	 	31,250.00	 	 	 	31,250.00	 
	12	 	06/30/2023	 	 	31,250.00	 	 	 	31,250.00	 	 	 	0.00	 

  
 Page 12 of 15 

Agreement no DOS0043900/00 

							
	Bpifrance Financement	  	Beneficiary: Dynacure	  	Contract no:	  	
				
	Company innovation aid	  	Innovation program quotation – amount in euros without taxes	  	Duration of the program estimated by the beneficiary (in months):	  	24

  

																																																																	
	 Nature of the expenses
	 	Hourly
price
(1)	 	 	Step 1	 	 	Step 2	 	 	Step 3	 	 	Total	 	 	Total	 
	 	From sept-1-16 to aug-31-18	 	 	From to	 	 	From to	 	 	RI	 	 	DE	 
	 	RI	 	 	DE	 	 	RI	 	 	DE	 	 	RI	 	 	DE	 
	 	H nb	 	 	Amount	 	 	H nb	 	 	Amount	 	 	H nb	 	 	Amount	 	 	H nb	 	 	Amount	 	 	H nb	 	 	Amount	 	 	H nb	 	 	Amount	 
	 Existing staff costs

Doctor
	 	 	35.00	 	 				 	 	—  	 	 	 	2009	 	 	 	70,315.00	 	 				 	 	—  	 	 				 	 	—  	 	 				 	 	—  	 	 				 	 	—  	 	 	 	—  	 	 	 	70,315.00	 	 	 	70,315.00	 
	 S/T PERSONNEL COSTS
	 				 				 	 	—  	 	 				 	 	70,315.00	 	 				 	 	—  	 	 				 	 	—  	 	 				 	 	—  	 	 				 	 	—  	 	 	 	—  	 	 	 	70,315.00	 	 	 	70,315.00	 
	 Flat-rate General Expenses

(20% of personnel costs)
	 				 				 	 	—  	 	 				 	 	14,063.00	 	 				 	 	—  	 	 				 	 	—  	 	 				 	 	—  	 	 				 	 	—  	 	 	 	—  	 	 	 	14,063.00	 	 	 	14,063.00	 
	 S/T GENERAL EXPENSES AND PURCHASES
	 				 				 	 	—  	 	 				 	 	14,063.00	 	 				 	 	—  	 	 				 	 	—  	 	 				 	 	—  	 	 				 	 	—  	 	 	 	—  	 	 	 	14,063.00	 	 	 	14,063.00	 
	 Search for partners (France, Europe, etc.)

Public laboratories

Other services and subcontracting
	 				 				 	 	—  	 	 				 	 
 
 
	60,000.00
 100,000.00

1,000,000.00
	 
  
  
	 				 	 	—  	 	 				 	 	—  	 	 				 	 	—  	 	 				 	 	—  	 	 	 	—  	 	 	 
 
 
	60,000.00
 100,000.00

1,000,000.00
	 
  
  
	 	 
 
 
	60,000.00
 100,000.00

1,000,000.00
	 
  
  

	 S/T SERVICES AND SUBCONTRACTING
	 				 				 	 	—  	 	 				 	 	1,160,000.00	 	 				 	 	—  	 	 				 	 	—  	 	 				 	 	—  	 	 				 	 	—  	 	 	 	—  	 	 	 	1,160,000.00	 	 	 	1,160,000.00	 
	 TOTAL per step: RI then DE
	 				 				 	 	—  	 	 				 	 	1,244,378.00	 	 				 	 	—  	 	 				 	 	—  	 	 				 	 	—  	 	 				 	 	—  	 	 	 	—  	 	 	 	1,244,378.00	 	 	 	1,244,378.00	 
	 Cumulative by step 

	 				 				 	 	Step 1:	 	 	 	1,244,378.00	 	 				 	 	Step 2:	 	 	 	—  	 	 				 	 	Step 3:	 	 	 	—  	 	 				 				 			

  

	(1):	 Direct Hourly Rate = (gross annual salary (according to DAS) + social security charges) / 1607 hours

  
 Page 13 of 15 

Agreement no DOS0043900/00 

 Amendment to the contract DOS0043900/00 

Postponement of the end of the program 

Between 
 1°) BPIFRANCE FINANCEMENT 

A French public limited company (société anonyme), with a share capital of EUR 839,907,320.00, registered with the Trade and Companies
Register of Creteil under number 320 252 489, and whose registered office is located at: 

27-31 AVENUE DU GENERAL LECLERC 

94710 MAISON-ALFORT CEDEX 
 Represented by
Mr. Clement BACK, acting as Responsible SII, duly authorized for the purposes hereof, 
 Hereinafter referred to as “Bpifrance
Financement”, 
 On the one hand, 

2°) DYNACURE 
 A French simplified joint stock company
with a sole shareholder (société par actions simplifiée à associé unique or société par actions simplifiée unipersonnelle), with a share capital of EUR 143,322.00, registered with
the Trade and Companies Register of Strasbourg under number 817 666 217, and whose registered office is located at: 
 PARC
D’INNOVATION 
 650, BD GONTHIER D’ANDERNACH 

67400 ILLKIRCH GRAFFENSTADEN 
 Represented by the
company TOULON, whose registered office is located at: 
 Rue Paul Emule Lessire 13 

1160 AUDERGUEM (BELGIUM) 
 Represented by
Mr. Stephane VAN ROOIJEN, acting as PRESIDENT, 
 Hereinafter referred to as the “BENEFICIARY” 

On the other hand, 
 By contract referenced above,
Bpifrance Financement has granted you an aid to innovation of an initial amount of 250,000.00 € for the realization of the program whose purpose is summarized: 

Development of a method aiming at accelerating and reducing the costs of the clinical phases of the drug candidate 

To date, and before your request is taken into account, the situation is as follows: 
  

	 	•	 	 Amount of the financial aid: EUR 250,000.00 

 

	 	•	 	 Amounts of the of payments done: EUR 175,000.00 

 

	 	•	 	 End date of deferred repayment: 

 

	 	•	 	 Amount to be repaid: EUR 250,000.00, of which EUR 100,000.00 is due in any case. 

 

	 	•	 	 of which remains to be repaid: EUR 250,000.00 

By e-mail dated 01/29/2019, you have informed us of the difficulties encountered in the completion of your innovation
program and you have consequently requested a modification of the financial conditions of the initial contract and its possible amendments. 

  
 Page 14 of 15 

Agreement no DOS0043900/00 

 After analysis of the elements transmitted, I have the honor to inform you that I have decided to amend the
current contract as follows: 
  

	 	•	 	 The amount of the aid will be delivered in 2 installments in accordance with the article PAYMENT OF THE FINANCIAL
AID : 

  

			
	EUR 175,000.00 on 12/31/2016	  	EUR 75,000.00 on 09/30/2020

  

	 	•	 	 The BENEFICIARY undertakes to repay to Bpifrance Financement the sum of €250,000.00 according to the
following schedule: 

  

			
	EUR 12,500.00 on 09/30/2021	  	EUR 18,750.00 on 03/31/2023
	EUR 12,500.00 on 12/31/2021	  	EUR 18,750.00 on 06/30/2023
	EUR 12,500.00 on 03/31/2022	  	EUR 31,250.00 on 09/30/2023
	EUR 12,500.00 on 06/30/2022	  	EUR 31,250.00 on 12/31/2023
	EUR 18,750.00 on 09/30/2022	  	EUR 31,250.00 on 03/31/2024
	EUR 18,750.00 on 12/31/2022	  	EUR 31,250.00 on 06/30/2024

 All provisions of contract no DOS0043900/00 and any amendments thereto, which have not been modified hereby and which are not
contrary to it, shall remain in force. 
 Done at NANCY CEDEX, in two original copies 

 

					
	 /s/ Stephane van Rooijen
	 	                            	  	 /s/ Didier Pichot

	 THE BENEFICIARY
  

Signature
 Commercial stamp of the company or indication “For
the company”
	 		  	 BPIFRANCE FINANCEMENT
  

Date and signature

  
 Page 15 of 15 

Agreement no DOS0043900/00EX-10.14

 Exhibit 10.14 
 

 
 LOAN AGREEMENT 

SEED CAPITAL INVESTMENT EIF 

N° DOS0137037/00 
 Between 

1°) BPIFRANCE FINANCEMENT 
 A French public limited
company (société anonyme), with a share capital of EUR 839,907,320, registered with the Trade and Companies Register of Creteil under number 320 252 489, and whose registered office is located at: 

27-31 AVENUE DU GENERAL LECLERC 

94710 MAISON-ALFORT CEDEX 
 Represented by
Mrs. Raphaëlle MASSEY, acting as Service Manager, 
 Hereinafter referred to as “Bpifrance Financement” or “the Lender”, 

On the one hand, 
 And 

2°) DYNACURE 
 A French simplified joint stock company
(société par actions simplifiée), with a share capital of EUR 389,373.00, registered with the Trade and Companies Register of Strasbourg under number 817 666 217, and whose registered office is located at:

 850, BOULEVARD SEBASTIEN BRANT 

67400 ILLKIRCH GRAFFENSTADEN 
 Represented
TOULON, a Belgium private limited liability company (société privée à responsabilité limitée), registered under number 0630.759.920, 

itself represented by Mr. Stephane VAN ROOIJEN, acting as legal representative 

Hereinafter referred to as “the Borrower”, 

On the other hand, 
 IT HAS BEEN AGREED AS
FOLLOWS: 
 The Lender makes a professional loan to the Borrower on the terms and conditions set out below under the following headings “SPECIAL
TERMS AND CONDITIONS” and “GENERAL TERMS AND CONDITIONS”. 
 This loan is supported by the “lnnovFin SME Guarantee” (lnnovFin SME
Guarantee), with the financial support of the European Union as part of the Horizon 2020 Financial Instruments program and the European Fund for Strategic Investments (EFSI) set up in the framework of the investment program for Europe. The aim of
the EFSI is to support the financing and implementation of profitable investments within the European Union and to ensure an easy access to financing. 

  
 Page 1 of 13 

Contract n° DOS0137037/00 

 SPECIAL TERMS AND CONDITIONS 

Borrower Reference: DYNACURE 
 File Reference:
DOS0137037/00 
 Purpose: Strengthening the financial structure 

Total amount of the loan: EUR 1,500,000 

Duration: 8 years (EIGHT YEARS) 
 Rate:
3.57 % per year (THREE POINT FIFTY-SEVEN percent per year) 
 The above-mentioned rate is guaranteed until 01/03/2021. 

For all sums disbursed after the expiration date of the interest rate guarantee, any variation in the TME (taux moyen mensuel des emprunts de l’Etat
à long-terme, or average monthly rate of return on long-term government bonds), between that of the month preceding the date of the offer and that of the month preceding the date of each disbursement, will lead to a correlative variation
of the rate. 
 In any case, the interest rate of the loan may not be less than 0% (zero percent) per year. 

Repayment: 12 Quarter(s) of deferred capital amortization followed by 20 quarterly installments in arrears comprising capital repayment and interest
payments, the first installment being set on 03/31/2024 and the last on 12/31/2028. In addition, during the period of deferred capital amortization, the interests will be paid in arrears on a quarterly basis. 

Percentage rate of charge (PRC): 4.48% (FOUR POINT FOURTY-EIGHT percent) per year, i.e. a period rate of 1.12% (ONE POINT TWELVE percent). 

Type of amortization: Fixed amortization (linear amortization). 

  
 Page 2 of 13 

Contract n° DOS0137037/00 

 SPECIFIC GUARANTEES AND CLAUSES 

 

	1-	 The sum of EUR 75,000.00 will be deducted from the loaned funds. This sum will be retained by the Lender
as a cash pledge. In accordance with the provisions of article 2341 paragraph 2 of the French Civil Code, the Lender is exempt from keeping the pledged sums separate from those belonging to it. The claim of the Borrower in repayment of the cash
pledge will be paid at the value of CNO TEC 5 (Comité de Normalisation Obligataire, Taux de l’Echéance Constante) of the day before the last business day of the month preceding the date of the first disbursement
(rounded to two decimals). As an indication, the CNO TEC 5 of October 2020 is -0.67%. In case the reference rate would be negative, it would be set at 0% (zero percent). This claim and the interest generated
will be reimbursed to the Borrower at the end of the agreement, in the absence of any outstanding debts. The Lender may withdraw from the cash pledge all sums that have become due under this agreement, without prior notice to the Borrower.

  

	2-	 This financing benefits from a 30.00% (THIRTY percent) guarantee from the National Seed Loan Guarantee
Fund (Fonds national de garantie “Prêt d’Amorçage Investissement”). 

  

	3-	 This financing benefits from a guarantee from the European Investment Fund (EIF) up to 50.00% (FIFTY
percent). 

  

	4-	 Prior to the disbursement of the loan, the delivery of the minutes of the General Shareholders’
Meeting mentioning the new allocation of share capital. 

  

	5-	 [XXX] shall adhere to the death and disability insurance contract—Total Irreversible Loss of
Autonomy subscribed by the Lender with the C.N.P., subject to acceptance by the insurance company. The insured amount will be equal to EUR 1,500,000. 

  

	6-	 The funds of the loan will be disbursed in a single installment and in total before 03/21/2021. A new
agreement will be required after this date. 

  

	7-	 A sum of EUR 6,000 shall be deducted for administrative expenses; it shall be fully deducted from the
amount of the first disbursement and shall remain the property of the Lender. 

  

	8-	 Prior to the disbursement of the loan, delivery of a bank certificate of funds for a minimum amount of
EUR 3,000,000. 

  
 Page 3 of 13 

Contract n° DOS0137037/00 

 GENERAL TERMS AND CONDITIONS 

GENERAL TERMS AND CONDITIONS REGARDING RATES 

PERCENTAGE RATE OF CHARGE 
 The Borrower certifies
that it has provided the Lender with the information necessary for the determination of the PRC relating to the remuneration of intermediaries. The Borrower acknowledges having obtained from the Lender the information necessary to assess the cost of
the loan. 
 In order to meet the Borrower’s need for information, the PRC is specified in the SPECIFIC TERMS AND CONDITIONS of the loan for a total
disbursement made in one installment on that date. 
 The overall percentage rate has been calculated based on the value of the rate on the date of
signature of the present master agreement. 
 GENERAL TERMS AND CONDITIONS – FIXED RATE 

INTERESTS 
 The applicable interest rate is defined
in the SPECIAL TERMS AND CONDITIONS of the Loan or of the tranche of the loan. Interest shall accrue from the first payment made on behalf of the Borrower. They shall be calculated based on the amount of the successive amounts debited to the
Borrower’s account by the Lender and not repaid and on the expenses incurred, on the basis of a 360-day year and 30-day month. In the case of non-annual maturities, the interest rate applied to the agreed period shall be proportionate to the annual rate stipulated. 

In any case, the interest rate of the loan may not be less than 0% (zero percent) per year. 

EARLY REPAYMENTS 
 Repayment terms are stipulated
in the interest of both the Lender and the Borrower. Subject to a one month’s notice, the Borrower may reimburse the total amount of this loan in advance. 

Any early repayment, whether voluntary or involuntary, and in particular in the cases of mandatory early repayment as set out in this agreement, shall be
subject to a lump-sum indemnity equal to 5% (five percent) of the capital repaid in advance, if the early repayment takes place during the period of deferred amortization of the capital and reduced to 3%
(three percent) after this period. The acceptance by the Lender of the early repayment is subject to the actual payment of the indemnity due. 
 LATE
PAYMENT PENALTIES 
 Any amount that becomes due shall immediately and automatically, without need for formal notice, produce interest at the rate of
the loan plus three points. The same shall apply to any advances made by the Lender on behalf of the Borrower. The present clause shall not prevent the Borrower from demanding repayment of the debt resulting from the present agreement. 

  
 Page 4 of 13 

Contract n° DOS0137037/00 

 GENERAL TERMS AND CONDITIONS REGARDING GUARANTEES 

INSURANCE FOR DEATH AND TOTAL AND IRREVERSIBLE LOSS OF AUTONOMY 

The subscription to the group insurance policy or the assignment of a death and total and irreversible loss of autonomy insurance policy to be subscribed to is
subject to acceptance by the Insurance Company. Unless the Borrower or any co-obligor notifies the Lender in advance and in writing to the contrary, the loan may be used prior to receipt of this acceptance. In
this case and in the event that the affiliation is refused or postponed by the Insurance Company, the Lender undertakes to maintain the loan. 

Correlatively, the Borrower and the co-obligated parties waive in advance their right to hold the Lender liable for
the consequences of such refusal or postponement and therefore shall refrain from taking advantage of such refusal or postponement to avoid the due performance of their commitments. However, if the notification of the refusal or postponement of the
Insurance Company is prior to the use of all or part of the loan, the Lender reserves the right to postpone the availability of funds in order to study the conditions for maintaining the loan agreement. In the event of a disagreement between the
Lender and the Borrower or any co-obligor, this loan may be voided without further notice. 
 OTHER GENERAL TERMS
AND CONDITIONS 
 DELIVERY OF FUNDS 
 The
funds will be available after regularization, on the one hand, of the SEPA Direct Debit Mandate in favor of the Lender and of the present deed which is equivalent to prior notification to the SEPA Direct Debit, which the Borrower acknowledges and
accepts, and on the other hand, of all acts and formalities in accordance with the SPECIFIC and GENERAL TERMS AND CONDITIONS of the loan. The funds will be disbursed in one lump sum. The Lender shall no longer be required to pay out the funds of the
credit if all the conditions, terms and special provisions have not been fulfilled by the date specified in the SPECIFIC TERMS AND CONDITIONS of the Loan or if, all such conditions having been fulfilled, the funds have not been used in full within
the same period of time. The same shall apply if one of the causes of mandatory early repayment has occurred and in the event of non-performance of the Borrower’s previous commitments to the Lender. 

ALLOCATION OF FUNDS 
 In the event of a preliminary
commitment to allocate funds, the Borrower acknowledges and agrees to allocate at least 80% of the loan amount to research and innovation expenses. 
 The
Borrower undertakes to carry out the entire program described in the PURPOSE section of the SPECIAL TERMS and CONDITIONS of the loan and to provide the Lender with justification upon first request. 

PERFORMANCE OF THE PROGRAM 
 The Borrower undertakes to
carry out the entire program listed in the PURPOSE section of the SPECIFIC TERMS AND CONDITIONS of the loan and to provide the Lender with justification upon first request. 

SEPA DEBIT 
 The Borrower undertakes to maintain in favor
of the Lender, throughout the duration of the credit, the option to proceed to the payment by SEPA debit of all sums due on the bank or postal account designated on the mandate signed by the Borrower and submitted prior to the disbursement of the
credit. The Borrower acknowledges and accepts that the first debit may be presented by the Lender, subject to compliance with a minimum period of 5 (five) business days from the date of signature of this deed. In the event of a change of bank or
postal address, the Lender must be notified of such change at least one month prior to the next due date and a new bank statement must be attached to the application. 

  
 Page 5 of 13 

Contract n° DOS0137037/00 

 PLACE OF PAYMENT 

Repayment of the principal amount of this credit and payment of interest and other accessories shall be made at the head office of the Lender. There shall be
no dispute as to the due dates. 
 INDEMNITIES 

In the event of non-payment on the due date of any amount that has become due, the Lender shall be entitled,
irrespective of any interest due for late payment, to compensation for collection costs equal to two percent of the unpaid amount. 
 In the event that the
Lender is obliged to produce an order or distribution by contribution, to issue a summons, to exercise or participate in any proceedings, whether a bankruptcy proceeding or not, the Lender shall be entitled, in order to cover the costs of managing
the case through its legal department, to an indemnity calculated, based on the amount of the claim due and equal to two thirds of the amount of the fee, determined according to the scale in force at the date of calculation, to the court-appointed
administrators in the event of the approval of a transfer plan in the course of receivership or liquidation proceedings, with a legal minimum of EUR 765 (seven hundred and sixty-five euros). 

MANDATORY EARLY REPAYMENT 
 The Lender may request
that the loan become due and payable by way of an eight-days’ notice by registered letter or extra-judicial deed in one of the following cases: 

1. in the event that the loan funds are diverted from the stipulated purpose, 

2. in the absence of full, accurate and timely payment of a due date, 

3. in the event of assignment or repledge, without the prior agreement of the Lender, of all or part of the shares, interests or voting rights
of the borrowing company or one of its subsidiaries, 
 4. merger, split, partial transfer of activity or liquidation, 

5. cessation or change of activity, 

6. in the event of the death of any insured person and in all cases of termination of any death insurance contract—Total Irreversible Loss
of Autonomy whose subscription or assignment would have been stipulated in the SPECIAL TERMS and CONDITIONS of the Loan or in the event of a payment default of any insurance premium, 

7. if the Borrower has made a false declaration, or if the Borrower’s declarations referred to in the “Declarations” section
were no longer accurate at any date during the term of the agreement, 
 8. failure to perform or breach of any of the provisions of this
Agreement. 
 The loan amounts will be due in the event of a capital reduction not justified by losses, distribution of reserves existing on the date of
signature of this agreement, withdrawal, during the term of the loan, of blocked current shareholder accounts (comptes courant d’associés), except with the prior agreement of the Lender, or in the event of non-implementation of the investment program that justified the loan. 

  
 Page 6 of 13 

Contract n° DOS0137037/00 

 The payment of the loan will be enforceable against any
co-obligated. 
 The loaned sums will also become due without the Lender having to fulfill any amicable or legal
formalities, in the event of seizure of the property of any co-obligated, relocation of goodwill and in all cases prescribed by law. 

The loaned sums will also become due and payable in the event of the occurrence of a significant event of a legal or financial nature having major
consequences on the Borrower’s business or profitability. 
 In the events of repayment set out in this article, the Lender will be entitled to an
indemnity of an amount to be determined in accordance with the calculation described in the EARLY REPAYMENT paragraph. These indemnities shall be increased by 40% (forty percent) in the event of misappropriation of loan funds from the stipulated
purpose and/or misrepresentation by the Borrower. 
 INSPECTION - AUDIT 

The Borrower acknowledges and agrees that the European Investment Fund (“EIF”), the agents of the EIF, the European Investment Bank
(“EIB”), the European Court of Auditors (“Court of Auditors”), the European Commission, the agents of the European Commission (including the European Anti-Fraud Office (“OLAF”), the European Public Prosecutor’s
Office (the “EEPO”) and any other institution or body of the European Union is entitled to verify the use of the Guarantee in the context of the InnovFin SME Guarantee and any other body duly authorized by law to carry out audits and
control activities (collectively, the “Concerned Parties”) shall have the right to carry out audits and inspections and to request information from Bpifrance or the Borrower on this Agreement and its performance, including in the event of
opposition to the publication of information by the Borrower. The Borrower undertakes to allow control visits and inspections by the Concerned Parties with respect to its business activities, books and records. Provided that such controls and
inspections may be conducted on site, the Borrower authorizes the Concerned Parties to access its buildings during normal business hours. 
 TRANSFER
OF CLAIMS 
 Claims arising or to arise under this agreement may be assigned without prior information or agreement of the Borrower: 

 

	 	•	 	 to the Banque de France, within the framework of the TRICP procedure for the mobilization of
private receivables eligible for Eurosystem credit operations, in accordance with the provisions of article L. 211-36-1 of the French Monetary and Financial Code,

  

	 	•	 	 to a securitization body, in accordance with the legal and regulatory provisions in force. The transfer of the
securities guaranteeing each claim, including, where applicable, the beneficiary of the insurance, will be carried out automatically to the benefit of the said institution, in accordance with the provisions of the law and regulations in force.

 INFORMATION DISCLOSURE AUTHORIZATION AND CONFIDENTIALITY 

Borrower acknowledges, consents and authorizes the Lender to disclose to the other entities of the Bpifrance group, as well as to the State, more particularly
to the Secrétariat Général pour l’Investissement, to the Collectivites Territoriales, to the EIF and to the EIB, if applicable to the European Commission, and generally to all Lenders, directly or indirectly
involved in the present financing, the identification data concerning it and all information necessary for the monitoring, management and assessment of the operation. With regard to publications relating to loans above EUR 1,000,000 (one
million euros), made by the EIF, any refusal of publication is expressly notified in the offer letter by the Borrower. The Borrower acknowledges that the European Commission may request explanations directly from Bpifrance or from the Borrower in
the event that the Borrower refuses to authorize the EIF to publish on its website or in the press information concerning the Borrower and the characteristics of the loan granted. 

  
 Page 7 of 13 

Contract n° DOS0137037/00 

 PERSONAL DATA PROTECTION 

The personal data collected as part of the present agreement and its performance are compulsory for the processing and management of the operation in question
and in particular for its computer processing carried out under the responsibility of Bpifrance Financement. 
 Bpifrance Financement, or any other entity
of the Bpifrance Group, may use the data for commercial prospecting purposes, in particular to inform about new products or changes to existing products. 

They may also, by express agreement, be used or communicated to partners, or third parties involved in the performance of the services concerned. 

Bpifrance Financement, or any other entity of the Bpifrance Group, shall retain personal data in accordance with French and European legal and regulatory
requirements. 
 In accordance with the applicable regulations, in particular the European Regulation 2016/679, known as the General Data Protection
Regulation (GDPR) and the national provisions on data processing, data files and freedoms, the persons whose personal data are collected are entitled to a right of access to, rectification of, deletion of and opposition to, for legitimate reasons,
information concerning them. These rights can be exercised by sending a letter to Bpifrance Financement and to the EIF: 
  

	 	•	 	 Bpifrance Financement, Directorate of Computer Systems, SIAQ department, at
27-31 AVENUE DU GENERAL LECLERC - 94710 - MAISONS-ALFORT CEDEX 

  

	 	•	 	 The European Investment Fund, Data Protection Officer, 15 avenue J.F. Kennedy,
L-2968 Luxembourg, Grand-Duche de Luxembourg 

 Finally, these persons have the right to file a
claim with the National Commission for Information Technology and Freedom (Commission Nationale de l’Informatique et des Libertes or “CNIL”). 

SUBCONTRACTING 
 Bpifrance Financement shall not
intervene in any way in the relationship between the Borrower and its subcontractor(s); its liability cannot be engaged in this respect. 
 FEES

 The Borrower is responsible for the costs of this agreement and is obliged to pay them. 

In addition, the costs that will result from or as a consequence of this agreement, and in particular the remunerations due as a result of the modifications
made to the agreement or as a consequence of the contractual or non-contractual services, shall also be borne by the Borrower, who shall be obliged to pay them in accordance with the scale in force on the date
of notification of the decision by the Lender of the operation giving rise to its costs. The rates are published on the site Bpifrance.fr. 

DECLARATION 
 On the date of signature of this loan
agreement, the Borrower makes the declarations stipulated in this article (Declarations) in favor of the Lender: 

  
 Page 8 of 13 

Contract n° DOS0137037/00 

	1.	 The Borrower does not engage in research activities that are linked to illegal activities under French
legislation (including national legislation, European Union and international legislation, encompassing the European Union Charter of Fundamental Rights and Convention on Human Rights and its successive Protocols). 

 

	2.	 The Borrower does not engage in research activities related to one or more of the following research
areas: 

  

	 	a.	 Research activity aimed at human cloning for reproductive purposes, 

 

	 	b.	 Research activity aimed at permanently modifying the human genetic heritage, in order to make these
changes hereditary (excluding research related to gonadal cancer treatment), 

  

	 	c.	 Research activity aimed at creating human embryos solely for the purpose of stem cell procurement,
including by somatic cell nuclear transfer, 

  

	 	d.	 Research activity that is prohibited in all Member States, and, 

 

	 	e.	 Research activity that is prohibited in a Member State, in which the Borrower or the Lender, as
applicable, is established or operating. 

  

	3.	 The Borrower is not in a state of suspension of payments or has not started a bankruptcy proceedings,
and in this context, has not entered into any agreement during the 5 (five) years prior to the date of signature of the present loan agreement with its creditors, has not ceased its activity, and is not in any similar situation resulting from a
procedure of the same nature existing in national laws and regulations. 

  

	4.	 The Borrower has not been subject, during the last 5 (five) years prior to the date of signature of the
present loan agreement, to a sentence pronounced by a court of a Member State of the European Union and having the force of res judicata (i.e. against which there is no longer any possible appeal) for any offence affecting its professional
ethics which would affect its ability to fulfil its obligations under the agreement. This provision also applies to persons having power of representation, decision, or control over the Borrower. 

 

	5.	 The Borrower has not been subject to a judgment having the force of res judicata for fraud, corruption,
participation in a criminal organization, money laundering or any other illegal activity detrimental to the financial interests of the European Union during the last five (5) years preceding the date of signature of the present loan agreement;
this provision also applies to persons having power of representation, decision or control over the Borrower. 

  

	6.	 The Borrower does not have an establishment in a jurisdiction classified as “non-compliant” by the Organisation for Economic Co-operation and Development (OECD) and its Global Forum on Transparency and Exchange of Information for Tax
Purposes. 

  

	7.	 The Borrower is not a listed company, it being understood that the Borrower may be listed on a
“multilateral trading facility (MTF)” within the meaning of article 4, paragraph 1, point 15 of Directive 2004/39/EC. 

  

	8.	 The Borrower is up to date in its payments to the Tax Authorities and the Social Security and Family
Allowance Funds. 

  

	9.	 No important event of a legal, financial or commercial nature having major consequences on the business,
assets or profitability of the Borrower or its subsidiaries, which has not been brought to the Lender’s attention prior to the conclusion of this agreement, is in progress or, to the Borrower’s knowledge, imminent or foreseeable.

  
 Page 9 of 13 

Contract n° DOS0137037/00 

	10.	 To the Borrower’s knowledge, no proceeding, actions, lawsuit or administrative procedure is pending
which could have material adverse effects on its business, assets or financial position. 

  

	11.	 The Borrower certifies that it is not, to its knowledge, in a situation of exclusion from the European
Investment Fund (“the EIF”). 

 The foregoing declarations, with the exception of declarations 4., 5., 6. and 7. shall be deemed
to be repeated at all times during the term of this loan agreement. 
 If any of the foregoing statements are no longer accurate at any time during the life
of this loan agreement, the Borrower agrees to notify the Lender by mail without delay. 
 CONSERVATION COMMITMENTS 

As of the date of signature of this loan agreement and for a 20 years period, the Borrower makes the following covenants to the Lender: 

 

	 	•	 	 The Borrower undertakes to draft, update and make available at all times to the Parties Concerned, the following
documents: 

  

	 	•	 	 the information necessary to control the compliance of the use of the InnovFin guarantee with the obligations set
forth in this loan agreement; 

  

	 	•	 	 the information necessary to control the proper implementation of the provisions of this loan agreement,

  

	 	•	 	 proof of the financial benefit provided by the lnnovFin guarantee for SMEs (indicated in the loan offer letter),
and 

  

	 	•	 	 any other information reasonably requested by a Concerned Party. 

 

	 	•	 	 The Borrower undertakes to keep and be able to produce all documents necessary for the implementation of this
loan agreement, including inspections by the Concerned Parties. 

 OTHER COMMITMENTS 

As of the date of signature of this loan agreement and until all amounts (principal, interest, commissions, fees and ancillary expenses) owed by the Borrower
to the Lender under this loan agreement have been paid in full and repaid, the Borrower covenants to the Lender as set forth below: 
  

	 	•	 	 The Borrower undertakes to comply in all aspects with all laws and regulations (whether national or European
Union laws and regulations) applicable, provided that non-compliance with such laws and regulations would (i) affect its ability to perform its obligations under this loan agreement; or
(ii) adversely affect the interests of the European Investment Fund, the European Commission or the European Investment Bank under the InnovFin Guarantee for SMEs. 

 

	 	•	 	 The Borrower undertakes not to commit any infringement of a provision of European Union law resulting from an act
or omission by the Borrower which has the effect of prejudicing the general budget of the European Union or budgets managed by it, either by the reduction or elimination of revenue from resources earned directly on behalf of the European Union
through unjustified expenditure, and no fraud (including fraud affecting the financial interests of the European Union). 

  
 Page 10 of 13 

Contract n° DOS0137037/00 

	 	•	 	 The Borrower undertakes to comply at all times with the relevant standards and legislation in force on the
prevention of money laundering, the fight against terrorism and tax evasion and (ii) not (otherwise than as a result of events or circumstances beyond the Borrower’s control) to establish itself in a jurisdiction classified as “non-compliant” by the Organisation for Economic Co-operation and Development (OECD) and its Global Forum on Transparency and Exchange of Information for Tax
Purposes. 

 SHARE CAPITAL CONTROL AND STATUS OF THE BORROWER 

The Borrower undertakes to communicate to Bpifrance Financement, in particular in the situations referred to below as soon as they occur or upon first request,
the documents necessary for the identification of the beneficial owners as defined in the French Monetary and Financial Code: 
  

	 	•	 	 any changes in the allocation of the share capital of the Borrower, or the voting rights of its shareholders or
partners, as well as any project of merger or split, 

  

	 	•	 	 any changes in the status of the Borrower (in particular the legal form, the corporate purpose, the amount of the
share capital), as well as to inform Bpifrance Financement of any safeguard procedure, receivership or bankruptcy pronounced towards the Borrower. 

  

	 	•	 	 any change of shareholders, holders of shares or voting rights or persons exercising, by any means, a direct or
indirect power of control over the Borrower, as well as any change of legal representative, 

  

	 	•	 	 any other change resulting in a modification of the beneficial owners within the meaning of the French Monetary
and Financial Code. 

 Failing this, the provisions of the MANDATORY EARLY REPAYMENT article may apply, in particular in the event of non-performance or breach of one of the provisions of this agreement. 
 COMPLIANCE WITH ECONOMIC SANCTIONS
REGULATIONS 
 The Borrower undertakes to comply with all Sanctions Regulations and not to use, lend, invest, or otherwise make available,
directly or indirectly, the Loan Proceeds (i) in a Sanctioned Country or (ii) in a manner that would result in a violation by the Borrower of the Sanctions Regulations. 

The Borrower, its subsidiaries, and to its knowledge, their respective representatives, corporate officers, directors and employees (i) are not currently
targeted by, or subject to the Sanctions Regulations, (ii) do not engage in activities that would be prohibited by the Sanctions Regulations. 

Sanctions Regulations means the restrictive measures adopted, administered, imposed or implemented by the Security Council of the United Nations and/or
the European Union and/or the French Republic through the Ministry of Finance (Direction Générale du Trésor, DGT) and/or the United States (U.S.) Government through the Office of Foreign Assets Control (OFAC) of the U.S.
Treasury and/or the Bureau of Industry and Security of the U.S. Department of Commerce and/or the United Kingdom through Her Majesty’s Treasury (HMT) and/or any other equivalent authority imposing restrictive measures, to the extent that those
are applicable. 
 Sanctioned Country means any country whose territory is subject, under the Sanctions Regulations, to general restrictions on
exports, imports, investments, or financing. As of the date of this agreement, the Sanctioned Countries are North Korea, Cuba, Iran, Sudan, Syria and the territory of Crimea, it being understood that this list may be subject to change. 

Failure to comply with the above obligations may result in termination of the agreement. 

  
 Page 11 of 13 

Contract n° DOS0137037/00 

 FIGHT AGAINST CORRUPTION 

The Borrower undertakes to comply with all Anti-Corruption Regulations and not to use, loan, invest or otherwise provide the Loan proceed in
transactions that constitute or contribute to an act of bribery or influence peddling. 
 To the extent that the Borrower is subject to the provisions of
Article 17 of Law No. 2016-1691 related to Transparency, Fight against Corruption and Modernization of Economic Life, the Borrower declares that it has taken all necessary measures, including the adoption and implementation of adequate
procedures and codes of conduct to prevent any violation of such laws and regulations relating to the fight against corruption and influence peddling. 

The Borrower undertakes to immediately inform Bpifrance Financement: 

(i) of any indictment or equivalent measure carried out on the basis of one of the Anti-Corruption Regulations; 

(ii) of any conviction - on first and, if applicable, last resort - pronounced against it or against a person acting on its behalf on the basis
of one of the Anti-Corruption Regulations; 
 (iii) if its company appears on one of the exclusion lists of the following publicly available
international institutions: World Bank Group, African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, and Inter-American Development Bank; 

(iv) the signing of any settlement agreement relating to a violation of any of the Anti-Corruption Regulations by itself or any person acting
on its behalf. 
 Anti-Corruption Regulations means (i) all French legal and regulatory provisions relating to the fight against corruption and
influence peddling, in particular those contained in Book IV, Title III “Offences against the authority of the State” and Title IV “Offences against public trust” of the Criminal Code and (ii) foreign regulations relating to
the fight against extraterritorial corruption, in particular American regulations (Foreign Corrupt Practices Act) and the UK Bribery Act to the extent applicable. 

Failure to comply with the above obligations may result in termination of the agreement. 

FIGHT AGAINST MONEY LAUNDERING AND TERRORIST FINANCING 

The Borrower undertakes to comply with all Anti-Money Laundering and Anti-Terrorist Financing Regulations and not to use, lend, invest, or otherwise make
available the proceeds of the loan in transactions that would violate such regulations. Anti-Money Laundering and Anti-Terrorist Financing Regulations means (i) all French legal and regulatory provisions relating to the fight against money
laundering, in particular those contained in Book III, Title II “Other attacks on property” of the French Criminal Code, and relating to the fight against the financing of terrorism, in particular those contained in Book IV, Title II
“Terrorism” of the French Criminal Code, as well as those contained in Book V, Title VI “Obligations relating to the fight against money laundering, the financing of terrorist activities, lotteries, games and prohibited betting and
tax evasion and fraud” of the French Monetary and Financial Code and (ii) foreign regulations relating to the fight against money laundering and terrorist financing to the extent applicable. 

Failure to comply with the above obligations may result in termination of the agreement. 

  
 Page 12 of 13 

Contract n° DOS0137037/00 

 HARDSHIP 

The parties have agreed by mutual agreement to expressly waive the provisions of article 1195 of the French Civil Code. 

APPLICABLE LAW 
 The applicable law to this agreement is
French law. 
 JURISDICTION 
 In the absence of amicable
settlement, any dispute arising in connection with the interpretation or application of the agreement will be submitted to the jurisdiction of the Paris Court of Appeal. 

NOTICE 
 For performance of this agreement,
notifications shall be sent to: 
  

	 	•	 	 for the Borrower (and the intervening parties), at its domicile or registered office, 

 

	 	•	 	 for the Lender, at its registered office : 

27-31 AVENUE DU GENERAL LECLERC 

94710 MAISONS-ALFORT CEDEX 
 This agreement is
signed electronically in accordance with the provisions of articles 1366 and 1367 paragraph 2 of the French Civil Code. 
 Printed in as many copies as
there are parties. 
  

					
	 DYNACURE
	 		  	 BPIFRANCE FINANCEMENT

			
	 /s/ Stéphane van Rooijen
	 	             
	  	 /s/ Raphaëlle Massey

			
	 On 12/24/2020
	 		  	 On 12/21/2020

	 Stéphane VAN ROOIJEN
	 		  	 Raphaëlle Massey

	 Signed and certified by yousign
	 		  	 Signed and certified by yousign

  
 Page 13 of 13 

Contract n° DOS0137037/00 

 

 
 DYNACURE 

850 BOULEVARD SEBASTIEN BRANT 

67400 ILLKIRCH GRAFFENSTADEN 

On 01/05/2021 
 REPAYMENT
SCHEDULE 
 (This table replaces any previous table, if applicable) 

 

			
	References to be included in all communications:	  	Client no: [XXX] File no: [XXX]
		
		  	Client name: DYNACURE (ILLKIRCH GRAFFENSTADEN)
		
	Mode of payment: Direct debit	  	Account details (RIB): [XXX]

  

									
	 Section no:
	  	 	6	 	  	 Capital to be repaid:
	  	
EUR 1,500,000.00                

	 Due dates no:
	  	 	1	 	  		  	
	 Fixed rate:
	  	 	3.57	% 	  		  	

  

																					
	 No
	  	Date	 	  	Capital	 	  	Interests	 	  	Total	 	  	Due capital after payment	 
	 1
	  	 	12/31/2020	 	  	 	0,00	 	  	 	446.25	 	  	 	446.25	 	  	 	1,500,000.00	 

  

									
	 Section no:
	  	 	8	 	  	 Capital to be repaid:
	  	 EUR 1,500,000.00

	 Due dates no:
	  	 	12	 	  	 Frequency:
	  	 Quarterly

	 Fixed rate:
	  	 	3.57	% 	  		  	

  

																							
	 No
	 	 	Date	 	 	Capital	 	 	Interests	 	 	Total	 	  	Due capital after payment	 
	 	2	 	 	 	03/31/2021	 	 	 	0,00	 	 	 	13,387.50	 	 	 	13,387.50	 	  	 	1,500,000.00	 
	 	3	 	 	 	06/30/2021	 	 	 	0,00	 	 	 	13,387.50	 	 	 	13,387.50	 	  	 	1,500,000.00	 
	 	4	 	 	 	09/30/2021	 	 	 	0,00	 	 	 	13,387.50	 	 	 	13,387.50	 	  	 	1,500,000.00	 
	 	5	 	 	 	12/31/2021	 	 	 	0,00	 	 	 	13,387.50	 	 	 	13,387.50	 	  	 	1,500,000.00	 
	 	6	 	 	 	03/31/2022	 	 	 	0,00	 	 	 	13,387.50	 	 	 	13,387.50	 	  	 	1,500,000.00	 
	 	7	 	 	 	06/30/2022	 	 	 	0,00	 	 	 	13,387.50	 	 	 	13,387.50	 	  	 	1,500,000.00	 
	 	8	 	 	 	09/30/2022	 	 	 	0,00	 	 	 	13,387.50	 	 	 	13,387.50	 	  	 	1,500,000.00	 
	 	9	 	 	 	12/31/2022	 	 	 	0,00	 	 	 	13,387.50	 	 	 	13,387.50	 	  	 	1,500,000.00	 
	 	10	 	 	 	03/31/2023	 	 	 	0,00	 	 	 	13,387.50	 	 	 	13,387.50	 	  	 	1,500,000.00	 
	 	11	 	 	 	06/30/2023	 	 	 	0,00	 	 	 	13,387.50	 	 	 	13,387.50	 	  	 	1,500,000.00	 
	 	12	 	 	 	09/30/2023	 	 	 	0,00	 	 	 	13,387.50	 	 	 	13,387.50	 	  	 	1,500,000.00	 

  
 Page 1 of 2 

Bpi Financement 
 Public company (société
anonyme) with a share capital of 839,907,320 euros – 320 252 489 RCS CRETEIL – N° VAT FR 27 320 252 489 

Registered office : 27-31 Avenue du Général Leclerc – 94710 Maisons-Alfort Cedex – Tel.
01.41.79.80.01 – bpifrance.fr 

			
	References to be included in all communications:	  	Client no: [XXX] File no: [XXX]
		
		  	Client name: DYNACURE (ILLKIRCH GRAFFENSTADEN)
		
	Mode of payment: Direct debit	  	Account details (RIB): [XXX]

  

																					
	 No
	  	Date	 	  	Capital	 	  	Interests	 	  	Total	 	  	Due capital after payment	 
	 13
	  	 	12/31/2023	 	  	 	0,00	 	  	 	13,387.50	 	  	 	13,387.50	 	  	 	1,500,000.00	 

  

									
	 Section no:
	  	 	9	 	  	 Capital to be repaid:
	  	 EUR 1,500,000.00

	 Deadline no:
	  	 	20	 	  	 Frequency:
	  	 Quarterly

	 Fixed rate:
	  	 	3.57	% 	  		  	

  

																							
	 No
	 	 	Date	 	 	Capital	 	 	Interests	 	 	Total	 	  	Due capital after payment	 
	 	14	 	 	 	03/31/2024	 	 	 	75,000.00	 	 	 	13,387.50	 	 	 	88,387.50	 	  	 	1,425,000.00	 
	 	15	 	 	 	06/30/2024	 	 	 	75,000.00	 	 	 	12,718.13	 	 	 	87,718.13	 	  	 	1,350,000.00	 
	 	16	 	 	 	09/30/2024	 	 	 	75,000.00	 	 	 	12,048.75	 	 	 	87,048.75	 	  	 	1,275,000.00	 
	 	17	 	 	 	12/31/2024	 	 	 	75,000.00	 	 	 	11,379.38	 	 	 	86,379.38	 	  	 	1,200,000.00	 
	 	18	 	 	 	03/31/2025	 	 	 	75,000.00	 	 	 	10,710.00	 	 	 	85,710.00	 	  	 	1,125,000.00	 
	 	19	 	 	 	06/30/2025	 	 	 	75,000.00	 	 	 	10,040.63	 	 	 	85,040.63	 	  	 	1,050,000.00	 
	 	20	 	 	 	09/30/2025	 	 	 	75,000.00	 	 	 	9,371.25	 	 	 	84,371.25	 	  	 	975,000.00	 
	 	21	 	 	 	12/31/2025	 	 	 	75,000.00	 	 	 	8,701.88	 	 	 	83,701.88	 	  	 	900,000.00	 
	 	22	 	 	 	03/31/2026	 	 	 	75,000.00	 	 	 	8,032.50	 	 	 	83,032.50	 	  	 	825,000.00	 
	 	23	 	 	 	06/30/2026	 	 	 	75,000.00	 	 	 	7,363.13	 	 	 	82,363.15	 	  	 	750,000.00	 
	 	24	 	 	 	09/30/2026	 	 	 	75,000.00	 	 	 	6,693.75	 	 	 	81,693.75	 	  	 	675,000.00	 
	 	25	 	 	 	12/31/2026	 	 	 	75,000.00	 	 	 	6,024.38	 	 	 	81,024.38	 	  	 	600,000.00	 
	 	26	 	 	 	03/31/2027	 	 	 	75,000.00	 	 	 	5,355.00	 	 	 	80,355.00	 	  	 	525,000.00	 
	 	27	 	 	 	06/30/2027	 	 	 	75,000.00	 	 	 	4,685.63	 	 	 	79,685.63	 	  	 	450,000.00	 
	 	28	 	 	 	09/30/2027	 	 	 	75,000.00	 	 	 	4,016.25	 	 	 	79,016.25	 	  	 	375,000.00	 
	 	29	 	 	 	12/31/2027	 	 	 	75,000.00	 	 	 	3,346.88	 	 	 	78,346.88	 	  	 	300,000.00	 
	 	30	 	 	 	03/31/2028	 	 	 	75,000.00	 	 	 	2,677.50	 	 	 	77,677.50	 	  	 	225,000.00	 
	 	31	 	 	 	06/30/2028	 	 	 	75,000.00	 	 	 	2,008.13	 	 	 	77,008.13	 	  	 	150,000.00	 
	 	32	 	 	 	09/30/2028	 	 	 	75,000.00	 	 	 	1,338.75	 	 	 	76,338.75	 	  	 	75,000.00	 
	 	33	 	 	 	12/31/2028	 	 	 	75,000.00	 	 	 	669.38	 	 	 	75,669.38	 	  	 	0.00	 

  
 Page 2 of 2 

Bpi Financement 
 Public company (société
anonyme) with a share capital of 839,907,320 euros – 320 252 489 RCS CRETEIL – N° VAT FR 27 320 252 489 

Registered office : 27-31 Avenue du Général Leclerc – 94710 Maisons-Alfort Cedex – Tel.
01.41.79.80.01 – bpifrance.fr

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