Document:

Valneva SE 20-F

Exhibit
10.5

 

[***]
= CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL.

 

From:
Valneva Scotland Limited (“Purchaser”)

Oakbank
Park Road,

Livingston,
Scotland

EH53
0TG, United Kingdom

 

And:
Valneva Austria GmbH (“Valneva Austria”)

Campus
Vienna Biocenter 3

1030
Vienna

Austria

 

To:
Dynavax Technologies Corporation (“Dynavax”)

2100
Powell Street, Suite 900

Emeryville,
CA 94308

USA

28
October 2021 (the “Amendment Date”)

Dear
Sirs

 

Supply
Agreement between Dynavax, Purchaser and Valneva Austria dated 12 September 2020 (the “Agreement”)

 

To
the extent not otherwise defined in this letter (including Appendix One hereto, which is incorporated herein by this reference) (“Amendment”),
capitalized terms used but not otherwise defined in this Amendment will have the same meanings as given to them in the Agreement.

 

The
Parties agree that, with effect from the Amendment Date (subject to execution and delivery of this Amendment by all Parties as provided
below), the Agreement shall be amended as set forth in this Amendment.

 

The
Agreement, as varied by this Amendment, shall remain in full force and effect in accordance with its terms.

 

This
Amendment may be executed in two or more counterparts, each of which shall constitute an original, but all of which together shall constitute
one and the same instrument, but will not be effective until each Party has executed and delivered at least one counterpart to the other
Parties. This Amendment may be executed and delivered electronically, including by DocuSign, or by facsimile, and upon such delivery
such electronic or facsimile signature will be deemed to have the same effect as if the original signature had been delivered.

 

This
Amendment, and all questions regarding the existence, validity, interpretation, breach, or performance of this Amendment, shall be governed
by, and construed and enforced in accordance with, the laws of the State of New York, United States, without reference to its conflicts
of laws principles. The application of the U.N. Convention on Contracts for the International Sale of Goods (1980) is excluded. Section 11.3
of the Agreement shall apply to this Amendment, mutatis mutandis.

 

 

[Signature
page follows]

 

 

    	 	 	 

    	 

    

 

Please
confirm your acceptance of the terms of this Amendment by signing and returning to us a copy of this Amendment.

 

Yours
faithfully

Valneva
Scotland Limited

	Signed:	[***]
	 	 
	Name:	[***]
	 	 
	Date:
	29 October 2021

 

Valneva
Austria GmbH

	Signed:	[***]
	 	 
	Name:	[***]
	 	 
	Date:
	29 October 2021

 

We
agree to the above proposal.

For
and on behalf of Dynavax Technologies Corporation

	Signed:	[***]
	 	 
	Name:	[***]
	 	 
	Date:
	10/28/2021

	Attachment:	Appendix One
	 	 

 

    	 	 	 

    	 

    

 

Appendix
One

		1.	The
                                            Parties agree and confirm that, in accordance with Section 2.5 of the Agreement, each
                                            of the Purchase Orders identified below, which collectively constitute all Purchase Orders
                                            which have been placed by Purchaser prior to the Amendment Date in respect of CpG Adjuvant
                                            which has not, as at the Amendment Date, been delivered to Purchaser, are hereby cancelled:

	Purchase
    Order No.	Date
	[***]

    [***]
	[***]

    [***]

 

The
Parties hereby confirm that Dynavax is entitled to retain all Advance Payments paid by Purchaser to Dynavax under the Agreement prior
to the Amendment Date, and Purchaser shall not be entitled to any refund thereof.

		2.	The
                                            Parties wish to further vary the Agreement and agree that, with effect from the Amendment
                                            Date:

		(a)	Sections 2.2
                                            is deleted in its entirety and replaced as follows:

“2.2Commitments
and Orders.

(a)       Binding
Purchase Order. On the Amendment Date, Purchaser has submitted a binding Purchase Order for 11kg of CpG Material, which has been
accepted by Dynavax, as set out in the table below:

	KG
    of CpG Material	Order
    Deadline	Delivery
    Date	Final
    Payment paid on Delivery Date
	[***]	1
    December 2021	[***]	[***]

 

(b)       Optional
Purchase Order. As soon as reasonably practicable, Dynavax shall deliver written notice to Purchaser as to whether or not Dynavax
can reasonably extend the shelf life of such CpG Material [***]. If Dynavax determines not to extend such shelf life, Purchaser shall
have the right to submit to Dynavax, [***], one (1) (and only one) additional Purchase Order under this Agreement [***] which Dynavax
will be obliged to accept:

	[***]	[***]	[***]
	[***]	[***]	[***]

 

(c)       No
Additional Quantities. For clarity, the sum of the number of kilograms of CpG Material set forth in the table in Section 2.2(a),
and, if applicable, the number of kilograms of CpG Material set forth in the table in Section 2.2(b) (collectively, the “Commitment”),
represents the maximum amount of CpG Material that Purchaser has the right to order and purchase, and Dynavax is obligated to sell and
supply to Purchaser, under this Agreement from and after the Amendment Date. From the Amendment Date, Purchaser shall have no right to
submit, and Dynavax shall have no obligation to accept, any Purchase Order from Purchaser for CpG Material under this Agreement, other
than the Purchase Orders specified in Sections 2.2(a) and 2.2(b). Should Purchaser wish to purchase from Dynavax, and Dynavax be
willing to sell and supply to Purchaser, any quantity of CpG Adjuvant in excess of the Commitment, the terms and conditions of any such
purchase, sale and supply,
including the price of any such CpG Adjuvant, would be subject to negotiation and mutual written agreement of the Parties.”

 

    	 	 	 

    	 

    

		(b)	Section 2.3
                                            of the Agreement is deleted in its entirety.

		(c)	The
                                            first sentence of Section 2.4(a) of the Agreement is deleted in its entirety.

		(d)	Notwithstanding
                                            the provisions of Section 2.4(b) of the Agreement, except for the obligation set forth
                                            in Section 2.2(b) of this Amendment to deliver written notice to Purchaser regarding whether
                                            Dynavax can reasonably extend the shelf life of the CpG Material already received by Purchaser
                                            under the Agreement (as amended by this Amendment), Dynavax shall have no additional obligation
                                            to extend the shelf life of CpG Material (including CpG Material previously delivered).

		(e)	Section 2.5(b)
                                            of the Agreement is deleted in its entirety and replaced as follows:

“(b)The
Parties agree that Purchaser, in its sole discretion, may cancel the Purchase Order placed under Section 2.2(a) of this Agreement
by written notice to Dynavax on or before the Order Deadline (1 December 2021). If such Purchase Order is cancelled on or before the
Order Deadline, Dynavax will not be required to deliver the CpG Material which is the subject of that Purchase Order, Purchaser shall
not be required to pay the Final Payment for such CpG Material, and, for clarity, Purchaser shall not be entitled to any refund of the
Advance Payment received by Dynavax in connection with such Purchase Order.”

		(f)	Notwithstanding
                                            the first two sentences of Section 3.1 of the Agreement, the purchase price (and aggregate
                                            Cost per Dose) of all CpG Material supplied by Dynavax to Purchaser after the Amendment Date
                                            under Section 2.2 of the Agreement (as amended by this Amendment) is as specified in
                                            such Section 2.2.

		(g)	Section 3.2
                                            of the Agreement is deleted in its entirety and replaced as follows:

“3.2Invoice
and Payment. In respect of the CpG Material ordered in any Purchase Order submitted by Purchaser pursuant to Section 2.2(a)
or 2.2(b) of this Agreement, Purchaser is deemed to have paid, and Dynavax is deemed to have received, prior to the Amendment Date, [***]
(the “Advance Payment”), and Dynavax will invoice Purchaser for [***] (the “Final Payment”), upon
delivery of such CpG Material in accordance with Section 2.4(a). Purchaser shall pay each invoice, [***] by wire transfer of immediately
available funds into an account designated by Dynavax. If Purchaser disputes any invoiced amount hereunder (or a portion thereof), Purchaser
shall timely pay any undisputed portion of the invoiced amount in accordance with the preceding sentence and shall notify Dynavax in
writing of the disputed amount, including the basis on which Purchaser disputes such amount, within [***].”

		(h)	Section 10.1
                                            of the Agreement is deleted in its entirety and replaced as follows:

“10.1Term.
This Agreement commenced on 13 September 2020 (the “Effective Date”) and, unless earlier terminated by the Parties
pursuant to Section 10.2, will continue until the delivery by Dynavax to Purchaser in accordance with this Agreement of the quantity
of CpG Material specified in Section 2.2(a), unless Purchaser timely submits a Purchase Order for the additional quantity of CpG
Material specified in Section 2.2(b), in which case it will continue until the delivery by Dynavax to Purchaser in accordance with
this Agreement of the quantity of CpG Material specified in Section 2.2(b).”

 

    	 	 	 

    	 

    

 

		(i)	The
                                            final sentence of Section 10.5 of the Agreement is deleted in its entirety and replaced
                                            as follows:

"Notwithstanding
anything to the contrary, the following provisions shall survive any expiration or termination of this Agreement: Article 1 (Definitions),
Section 2.7 (Inspection and Acceptance), Article 5 (Use of CpG Material), Article 6 (Intellectual Property), Article 7 (Confidentiality),
Article 9 (Indemnification), Section 10.5 (Effects of Termination; Survival), and Article 11 (General Provisions)."

 

[End
of Appendix One]Valneva SE 20-F

Exhibit
10.6

 

Master
Supply and Commercial Manufacturing Services Agreement

 

[***]
= CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, IS OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL
AND (II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL.

 

Master
Supply and Commercial Manufacturing Services Agreement

 

between

 

Valneva
Austria GmbH

 

Campus
Vienna Biocenter 3

 

1030
Vienna, Austria

 

and

 

IDT
BIOLOGIKA GMBH

 

Am
Pharmapark

 

06861
Dessau-Rosslau, Germany

 

    

     

    

 

TABLE
OF CONTENTS

 

	PART
    A: GENERAL TERMS
	1.	Agreement,
    Product Schedules and Joint Steering Committee	Page
    3
	2.	Forecasting	Page
    6
	3.	Purchase
    Orders	Page
    7
	4.
    	IDT
    Obligations	Page
    7
	5.	Valneva
    Obligations	Page
    8
	6.	Intellectual
    Property	Page
    9
	7.	Shipment	Page
    11
	8.	Valneva
    Materials	Page
    11
	9.	Valneva
    Equipment	Page
    13
	10.	Non-Conformance
    and Shortfall	Page
    14
	11.	Product
    Recall	Page
    17
	12.	Representations
    and Warranties	Page
    17
	13.	Payment	Page
    18
	14.	Taxes	Page
    19
	15.	Confidentiality,
    Trade Secrets and Use of Name	Page
    21
	16.	Liability	Page
    24
	17.	Indemnity	Page
    25
	18.
    	Insurance	Page
    27
	19.	Term
    and Termination	Page
    28
	20.	Assignment,
    Transfer and Subcontracting	Page
    30
	21.	Notices	Page
    31
	22.	General	Page
    31

 

    Page | i

     

    

 

	PART
    B: WAYS OF WORKING
	23.	General
    Principles	Page
    36
	24.	Compliance	Page
    36
	25.	Regulatory
    Matters and Audits	Page
    37
	26.	Corrective
    and Preventative Action	Page
    39
	27.	Person-in-Plant	Page
    40
	28.	Continuous
    Improvement and Change Procedure	Page
    40
	PART
    C: DEFINITIONS

    Page | ii

     

    

 

MASTER
SUPPLY AND COMMERCIAL MANUFACTURING SERVICES AGREEMENT 

 

This
Master Supply and Commercial Manufacturing Services Agreement (this “Agreement”) is entered into as of November
26, 2021 (the “Effective Date”) by and between:

 

		(1)	Valneva
                                         Austria GmbH, a company incorporated in Austria under Company Registration Number
                                         [***]x (HG Wien), whose registered office is at Campus Vienna Biocenter 3, 1030 Vienna,
                                         Austria (“Valneva”); and

 

		(2)	IDT
                                         Biologika GmbH, a company incorporated
                                         in Germany under Commercial Register Number [***], whose principal place of business
                                         is at Am Pharmapark, 06861 Dessau-Rosslau, Germany (“IDT”).

 

WHEREAS

 

		(A)	Valneva
                                         is engaged in the research, development, manufacture and commercialization of certain
                                         vaccines;

 

		(B)	IDT
                                         has extensive facilities for, and experience
                                         in, developing and manufacturing vaccines and biological bulk drug products including
                                         bulk manufacturing, quality control testing, formulation, filling and freeze-drying,
                                         packaging, labelling, storage and release services
                                         to the pharmaceutical industry;

 

		(C)	Valneva
                                         may from time to time require to purchase Products (as defined herein) from IDT and IDT
                                         has the ability and desire to manufacture and supply such Product to Valneva; and

 

		(D)	Valneva
                                         and IDT now wish to enter into this Agreement to set forth the general terms and conditions
                                         on which the supply and additional service of any particular Product under a Product
                                         Schedule (as defined herein) will be carried out.

 

     Page | 1

     

    

 

Integral
Agreement

 

This
Agreement is comprised of (i) Part A (General Terms), (ii) Part B (Ways of Working), (iii) Part C (Definitions)
and (vi) Part D (Additional Services), each of which is an integral part of this Agreement and which, taken together, and
subject to the provisions of Clause 22.4, form the entirety of this Agreement.

 

     Page | 2

     

    

 

PART
A: GENERAL TERMS

 

		1.	Agreement,
Product Schedules and Joint Steering Committee

 

		1.1.	Agreement:
                                         This Agreement sets out the terms and conditions under which 1) IDT agrees to Manufacture
                                         and Ship the Product(s) to Valneva and provide related services, and 2) Valneva agrees
                                         to purchase a Product(s) and related services agreed upon pursuant to a Product Schedule(s).
                                         Valneva and IDT shall enter into Product Schedules for the Manufacture and Shipment of
                                         products agreed upon. Each Product Schedule, once signed, shall be incorporated into,
                                         and form a part of this Agreement. Notwithstanding any other provision, in case of any
                                         conflict between a Product Schedule and this Agreement, the Product Schedule shall prevail,
                                         provided that any QAA applicable to one or several Product Schedules, as the case may
                                         be, shall prevail for all matters concerning quality related matters.

 

		1.2.	Capacity
                                         Reservation:
                                         IDT hereby agrees to establish (to the extent
                                         required) and reserve Manufacturing capacity as set forth in any Product Schedule
                                         (“Capacity”) necessary to perform the Services set forth therein (the
                                         “Capacity Reservation”) and Valneva agrees to pay IDT a fee for the
                                         Capacity Reservation as set forth in any Product Schedule (“Reservation
                                         Fee”). 

 

		1.3.	Technology
                                         Transfer:

 

1.3.1.         
[***]

 

1.3.2.         
During the Term of this Agreement, Valneva shall undertake such additional technical transfer services as are necessary and agreed
with respect to a Product Schedule to enable IDT to provide the Services contemplated by such Product Schedule.

 

1.3.3.         
In the event that IDT uses its own Background IP and technologies to develop processes
relating to the Product, it shall inform Valneva thereof in due time prior to implementing such Background IP into the Services,
and the Parties shall discuss and agree in writing by amending this Agreement or any Product Schedule (where applicable) (i) whether
such processes shall be used in relation to the Services and the Product, and (ii) any technical transfer services relating
to such processes as are necessary to enable a Third Party service provider to
Manufacture the Product.

 

		1.4.	QAA:
                                         Prior to the Release of any Product by IDT pursuant to this Agreement or any Product
                                         Schedule, the Parties will enter into a QAA, setting forth, as appropriate, quality assurance
                                         provisions, the respective roles and allocation of responsibilities of the Parties with
                                         respect to the applicable processes and standards and procedures for handling deviations
                                         and related matters.

 

		1.5.	Non-Exclusive:
                                         The engagement of IDT by Valneva under this Agreement and a Product Schedule shall be
                                         on a non-exclusive basis and Valneva shall at all times have the right, at its sole discretion,
                                         manufacture itself, or to engage other contract manufacturers and other suppliers in
                                         relation to the Product(s).

 

     Page | 3

     

    

 

		1.6.	Duration:
                                         Valneva and IDT may enter into additional Product Schedules at any time during the Term.

 

		1.7.	Joint
                                         Steering Committee. The Parties shall establish a joint steering committee that shall
                                         be responsible for monitoring the activities under this Agreement and for making those
                                         decisions delegated to it pursuant to this Clause 1.7.

 

1.7.1.         
JSC Responsibilities. The JSC shall have non-executive oversight of and responsibility for:

 

		(a)	encouraging
                                         and facilitating ongoing communication and cooperation between the Parties with respect
                                         to each Party’s obligations under this Agreement;

 

		(b)	determining
                                         mechanisms to resolve any issues, monitoring, raising, discussing and resolving any material
                                         issues, other difficulties, problems or obstacles concerning the Manufacturing, any Product
                                         Schedule or Shipment of the Products and monitoring the resolution of those issues or
                                         delay of Product;

 

		(c)	reviewing
                                         and, where appropriate, agreeing any changes to the manufacturing plan and Shipment dates

 

		(d)	reviewing
                                         and discussing Yields per Batch Manufactured and monitoring, tracking and discussing
                                         the same, and the impact and consequences of any Yield in accordance with provisions
                                         set forth in the applicable Product Schedule;

 

		(e)	provided,
                                         in each case, that any change of this Agreement, the Product Schedule, the QAA or an
                                         Exhibit needs to be formalized through an Amendment to be effective.

 

1.7.2.         
Membership of the JSC. The JSC shall comprise an equal number of representatives from each of the Parties or their Affiliates
(collectively, the “Members”). The number of Members representing each Party at the JSC shall be three (3),
or such other number as the Parties may mutually agree. Each Party may replace any or all of its Members on the JSC at any time
upon written notice to the other Party provided that any replacement Members are employees or officers of that Party or that Party’s
Affiliates, have the appropriate skill and experience to perform the duties of a Member and sufficient seniority and authorisation
on behalf of the applicable Party to make decisions arising within the scope of the JSC.

 

Any
Member of the JSC may designate a suitable substitute who is an employee or officer of the relevant Party or that Party’s
Affiliates to attend and perform the functions of that Member at any meeting of the JSC. Each Party may, in its reasonable discretion,
invite non-Member representatives of such Party to attend meetings of the JSC as a non-voting contributor, provided that such
persons are bound by confidentiality obligations no less stringent than those of Clause 15 below.

 

     Page | 4

     

    

 

1.7.3.         
Meetings of the JSC. The JSC shall meet [***], or more or less frequently as the Parties or the Members may mutually deem
appropriate provided that where a dispute has been referred to the JSC for resolution the JSC shall meet within [***] of such
referral in order to resolve such dispute (or sooner if required).

 

The
JSC may meet virtually via a secured digital platform, or where necessary it may meet physically subject to observing then current
social distancing guidelines and travelling restrictions. Either Party may also call a special meeting of the JSC (via a secure
digital platform) upon at least [***] prior written notice to the other Party, or such shorter period as may be agreed on a meeting-by-meeting
basis, if such Party reasonably believes that a significant matter must be addressed prior to the next regularly scheduled meeting,
and such Party shall provide the JSC (as applicable) no later than [***] prior to the special meeting with materials reasonably
adequate to enable an informed understanding to be made by its Members. Each Party shall be responsible for its own expenses relating
to such meetings. The chairperson of the JSC shall be responsible for preparing reasonably detailed written minutes of all JSC
meetings.

 

1.7.4.         
Decision Making. Except as otherwise expressly provided in this Agreement, where a matter requires the consent, approval
or agreement of the JSC in accordance with this Agreement, such decision shall be made by unanimous vote of a quorum of the Members
[***]. The presence of at least [***] shall constitute a quorum of the JSC. The Members shall endeavour in good faith to reach
agreement on any and all matters to be determined or resolved by the JSC.

 

Each
Party shall ensure that where, in accordance with this Agreement, a matter is referred to the JSC for consent, approval or agreement,
that Party’s Members of the JSC appointed by it shall act reasonably and should not unreasonably withhold or delay such consent,
approval or agreement.

 

If
at any time, the JSC is unable to reach a unanimous decision within [***] (or sooner if required) after it has met and attempted
to reach such decision, then either Party may, by written notice to the other, have such matter referred for resolution by an
appropriate senior executive officer of each Party. Within [***] (or sooner if required) of such notice, the relevant senior executives
and member shall meet and attempt to resolve the dispute by good faith negotiations.

 

		2.	Forecasting

 

		2.1.	Unless
                                         otherwise agreed in a Product Schedule, on or before the [***] of each calendar month
                                         during the Term Valneva shall provide to IDT a [***],
                                         monthly rolling Forecast of its requirements of Product. The first [***] months
                                         of each Forecast shall constitute binding commitments pursuant to each such Forecast
                                         and shall be covered by Purchase Orders pursuant to Clause 3. The remaining [***] months
                                         of the [***] Forecast shall be non-binding (except as otherwise set forth in this Agreement
                                         or a Product Schedule) and serve for planning purposes only.

 

     Page | 5

     

    

 

		2.2.	Upon
                                         request by Valneva, IDT shall use Commercially Reasonable Efforts to Manufacture a quantity
                                         in excess of the binding Forecast quantities, provided that such quantity does not exceed
                                         [***].

 

		3.	Purchase
Orders

 

		3.1.	Valneva
                                         shall send purchase orders for each Product to IDT, in each case consistent with the
                                         binding portion of the Forecast. Such purchase orders shall be sent no less than the
                                         calendar months before the expected delivery date as set forth in the Product Schedule.
                                         IDT shall confirm the receipt of a Firm Order as well the delivery date within [***]
                                         after receipt. IDT shall not be entitled to reject any purchase orders if the volumes
                                         therein are consistent with Valneva’s binding forecast or with the applicable Minimum
                                         Purchase Commitment, whichever is higher. If, within [***], IDT has not confirmed that
                                         the delivery date set forth in the purchase order is accepted Valneva shall send a reminder.
                                         If IDT still has not confirmed that the Shipment date set forth in the purchase order
                                         is accepted within [***] after receipt of the reminder, IDT shall be deemed to have accepted
                                         such Shipment date.

 

		3.2.	Placed
                                         and confirmed purchase orders becomes “Firm Orders” and may not be altered
                                         by either Party. Any assumed or actual deviation from the confirmed Delivery date is
                                         to be communicated to Valneva as soon as possible in order to enable Valneva to take
                                         necessary action to minimize any negative effects.

 

		4.	IDT
Obligations

 

		4.1.	IDT’s
                                         Performance: IDT shall Manufacture, Ship and perform related services and activities
                                         set forth in each Product Schedule (“Services”), in accordance with
                                         the terms of this Agreement, including but not limited to the applicable:

 

4.1.1.         
Product Specification;

 

4.1.2.         
Manufacturing Specifications;

 

4.1.3.         
Purchase Order;

 

4.1.4.         
QAA; and

 

4.1.5.         
Product Schedule.

 

     Page | 6

     

    

 

		4.2.	Compliance:
                                         IDT shall perform the Services in accordance with Applicable Laws and Regulations, including
                                         but not limited to GMP.

 

		4.3.	IDT
                                         Supply Commitment: IDT shall supply and Ship Product(s) to Valneva in the amount
                                         and in accordance with the timelines set forth in the relevant Product Schedule (“Supply
                                         Commitment”). In case IDT fails to Ship the Product on the dates agreed between
                                         the Parties due to IDT’s fault and such delay remains for a period longer than
                                         [***] from Shipment Date, IDT shall pay Valneva, a late delivery fee of [***].

 

		5.	Valneva
Obligations

 

		5.1.	Valneva
                                         Obligations: Valneva shall order the Product(s), provide the Valneva Materials and
                                         pay the Price set forth in the Product Schedule in accordance with the terms of this
                                         Agreement, including but not limited to the applicable:

 

5.1.1.         
Purchase Order;

 

5.1.2.         
QAA; and

 

5.1.3.         
Product Schedule.

 

		5.2.	Take-or-Pay
                                         Commitment: Valneva shall order Product in accordance with the forecast mechanism
                                         and the binding portion of the Forecast set forth in this Agreement and otherwise in
                                         accordance with the relevant Product Schedule.

 

5.2.1.         
Valneva shall ‘take or pay’ for its commitment under any Firm Order which are to be placed by Valneva in accordance
with quantities of Product in the binding part of the Forecast (“Commitments”) otherwise [***]; provided, however
that, in addition to other remedies available to Valneva under this Agreement or in the relevant Product Schedule, if IDT fails
to Ship all or part of the Product ordered under such Commitment, Valneva shall only be obligated to pay’ [***].

 

5.2.2.         
Subject to Clause 5.2.1, upon failure of Valneva to take the Product which was subject of a Commitment, and unless IDT fails to
Ship all or part of the Product ordered under such Commitment or as otherwise stated in the Product Schedule (e.g. in case of
rescheduling), the amount to be paid by Valneva shall equal [***], subject always that IDT shall use Commercially Reasonable Efforts
to use, return or cancel materials or Third Party services already ordered pertaining to such Firm Order.

 

		6.	Intellectual
Property

 

		6.1.	Intellectual
                                         Property of Valneva: All Intellectual Property of Valneva (including all Background
                                         IP) provided to IDT by Valneva pursuant to this Agreement shall remain vested in and
                                         remain the exclusive property of Valneva or its licensors, as applicable. [***]

 

     Page | 7

     

    

 

		6.2.	Licence
                                         of Valneva Intellectual Property Rights: Valneva grants to IDT a royalty-free, non-exclusive
                                         right for the Term (with no right to sub-licence, except to IDT’s Affiliates) to
                                         use Valneva’s Intellectual Property to the extent necessary and for the sole purpose
                                         of performing its obligations under this Agreement.

 

		6.3.	Intellectual
                                         Property of IDT: Subject to the rights
                                         and licences granted by IDT hereunder, all Intellectual Property of IDT (including
                                         all Background IP) used in the performance
                                         of this Agreement shall remain vested
                                         in and remain the sole and exclusive property of IDT or
                                         its licensors, as applicable.

 

		6.4.	Inventions:

 

6.4.1.         
Subject to Clause 6.4.2, Valneva shall own all right, title and interest in
any Intellectual Property conceived, reduced to practice or otherwise made by IDT or Valneva or any other of
their respective Affiliates, employees, sub-contractors, consultants or agents (either solely or jointly) in connection
with the Product (“Valneva New IP”). IDT hereby assigns to Valneva all of IDT’s right, title and interest
in and to such Valneva New IP.

 

6.4.2.         
IDT shall own all right, title and interest in any Intellectual Property conceived, reduced to practice or otherwise made by IDT
or any of its Affiliates employees, sub-contractors, consultants or agents, either solely or jointly, during and in the course
of the Agreement, that is (a) capable of being applied to products or processes other than to, or in addition to the Product,
or (b) is an Improvement of, or derivative of, any Intellectual Property of IDT (“IDT
New IP”) subject always that any IDT New IP specifically excludes the Product and/or any Valneva New IP. Valneva hereby
assigns to IDT all of Valneva’s right, title and interest in and to such IDT New IP (if any).

 

		6.5.	Know-How
                                         and Improvements: If Valneva provides Valneva’s Know-How or other Valneva Information
                                         to IDT to enable it to Ship the Product(s) as well as to provide the Services:

 

6.5.1.         
IDT shall use such Valneva Know-How or other Valneva Information solely for the purpose of performing its obligations under this
Agreement;

 

6.5.2.         
IDT shall promptly disclose to Valneva all Improvements that IDT develops or discovers during the term of this Agreement relating
to the Products;

 

6.5.3.         
for the avoidance of doubt, for all Improvements in
relation to Valneva’s Know-How or other Valneva Information, in respect
of IDT or Valneva or any of their respective Affiliates, employees sub-contractors, consultants or agents (either solely or jointly),
Clause 6.4 shall apply; and

 

6.5.4.         
in relation to Improvements which are intended to be the exclusive property of IDT under
Clause 6.4.2 IDT shall, and hereby does, grant to Valneva a non-exclusive, world-wide, perpetual, irrevocable, royalty-free
licence, with the right to sublicense, to use such Improvements to
the extent that such Improvements are necessary for the Manufacture and commercialisation
of the Products.

 

     Page | 8

     

    

 

		6.6.	Licence
                                         of Background IP: IDT shall, and hereby does, grant to Valneva a non-exclusive, world-wide,
                                         perpetual, irrevocable, royalty-free licence, with the right to sublicense, to use any
                                         Background IP and any Improvements of IDT that are necessary for the Manufacture and
                                         commercialization of the Products. 

 

		6.7.	No
                                         Warranty: If Valneva provides Valneva Information or Know-How that represents only
                                         part of the Manufacturing processes, Product Specification, analytical methods or other
                                         data used by Valneva to manufacture the Product at any scale in Valneva’s or its
                                         Affiliates’ facilities or the facilities of a Third Party, no warranty is given
                                         as to the appropriateness or sufficiency of any such Valneva Information or Know-How,
                                         in relation to either the Shipment of the Product by IDT, or the performance of IDT when
                                         utilizing such Valneva Information or Know-How. However, Valneva shall be responsible
                                         for any defect of Products or delay of Shipment
                                         of Products if and to the extent this is due to the lack of appropriateness or
                                         sufficiency of any Valneva Information or Know-How provided by Valneva to IDT.

 

In
case of a dispute with regard to the appropriateness or sufficiency of any such Valneva Information or Know-How, the Parties will
discuss in good faith the root cause, remedies and costs.

 

		6.8.	Infringement:
                                         Neither Party shall do, nor authorize a Third Party to do anything that will or may infringe
                                         the other Party’s Intellectual Property used in the performance of the Services
                                         under this Agreement.

 

		6.9.	Trademark.
                                         Neither Party shall acquire any rights or licence on the other Party’s trademarks,
                                         unless such other Party provides prior written consent.

 

		7.	Shipment

 

		7.1.	Time
                                         of Shipment: IDT shall Ship the quantity of Product ordered under any Firm Order
                                         on the delivery date stipulated therein, and otherwise in accordance with the provisions
                                         set forth in the respective Product Schedule.

 

		7.2.	Shipment:
                                         Unless otherwise set forth in a Product Schedule, each Shipment of Product shall
                                         be [***] for collection by a carrier
                                         specified by Valneva in each respective Product Schedule and risk shall transfer to Valneva
                                         accordingly.

 

		7.3.	Transfer
                                         of Ownership of Products: Ownership, title and control to Product(s) shall pass at
                                         the same time as risk.

 

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		8.	Valneva
Materials

 

		8.1.	IDT
                                         Forecast: Unless otherwise agreed in a Product Schedule, on or before the [***] day
                                         of each calendar month during the Term IDT shall provide to Valneva a [***] months, monthly
                                         rolling IDT Forecast of its requirements of Valneva Materials for planning purposes.

 

		8.2.	Provision
                                         of Valneva Materials: Unless otherwise
                                         set forth in a Product Schedule, Valneva shall provide to
                                         IDT material agreed between the Parties and defined
                                         in the respective Product Schedule required for
                                         use by IDT to Manufacture the Product and
                                         perform the Services. Delivery shall be [***]. Unless otherwise set forth in the
                                         applicable Product Schedule,
                                         Valneva shall deliver or arrange for supply, at Valneva’s cost, to IDT such
                                         quantities of Valneva Materials as
                                         are reasonably required for IDT to Manufacture the amount of Product pursuant to a relevant
                                         Purchase Order in accordance with the dates set forth in the IDT Forecast. IDT shall
                                         use such Valneva Materials exclusively
                                         for the Manufacturing of Product, and not for any other purpose, and shall not transfer
                                         the Valneva Materials to any Third
                                         Party. Valneva shall at all times have and retain legal title to Valneva Materials
                                         shipped by Valneva to IDT pursuant to the provisions of this Clause. Valneva shall
                                         provide to IDT supplier qualification documentation and material qualification documentation,
                                         reasonably satisfactory to the IDT QP.

 

		8.3.	Certificates:
                                         Valneva shall include with each such delivery of Valneva Material
                                         applicable GMP quality certificates.

 

		8.4.	Inspection:
                                         Upon receipt by IDT of each Shipment of Valneva Materials,
                                         IDT shall perform a [***] inspection of such Shipment and give Valneva electronic notice
                                         within [***] after receipt of any missing or damaged Valneva Materials.
                                         Thereafter, IDT shall conduct such quantitative and quality controls on the Valneva Materials
                                         as are set forth in the specifications
                                         set out in the applicable Product Schedule.
                                         Within [***] of the determination by IDT of any qualitative shortcomings in any Valneva
                                         Materials, IDT shall give Valneva electronic
                                         notice thereof.

 

		8.5.	Shortfall:
                                         In the event of failure by Valneva to provide any Valneva Materials
                                         or if there is any shortcoming or other justified claim with respect to any Valneva
                                         Materials, Valneva shall use Commercially
                                         Reasonable Efforts to replace or arrange to be replaced such quantities of Valneva Materials
                                         to which such shortcoming relates within the lead-times as set forth in the Product
                                         Schedule, unless the Parties consent
                                         to another time-period.

 

If
Valneva Materials
have not been provided or replaced within the dates set forth in the IDT Forecast or as otherwise set forth in the Product
Schedule necessary for IDT to Ship the Products ordered under a Firm Order, then the Parties
shall discuss in good faith any alternative solutions [***], and, absent agreement
thereon, the related Firm Order shall be deemed cancelled, and IDT shall not be obligated to Ship the Product in accordance
with such Firm Order. In the event of cancellation of such a Firm Order, except
in the event that such shortcoming of Valneva Materials is IDT’s fault, Valneva
shall [***].

 

     Page | 10

     

    

 

		8.6.	If
                                         Valneva continues to require Product set forth by any Firm Order cancelled pursuant to
                                         Clause 8.5, it shall notify
                                         IDT and IDT shall use Commercially Reasonable Efforts to reschedule the Manufacturing
                                         of the Product, [***] In the event
                                         that IDT is so required to reschedule a Firm Order, Valneva shall re-order such Product(s)
                                         not yet Manufactured through a new or amended Firm Order.

 

		8.7.	Provided
                                         IDT has provided Valneva with the IDT Forecast IDT shall have no liability for the failure
                                         or any delay in the Shipment of Product
                                         under a Firm Order to the extent such failure or delay is due to the failure on the part
                                         of Valneva to deliver or have delivered any Valneva Materials
                                         to IDT in accordance with this Clause 8.

 

		8.8.	IDT
                                         will have liability for Losses or damages to any and all Valneva Material in its control
                                         to the extent that such Losses or damages are the result of IDT’s negligence or
                                         misconduct.

 

		8.9.	Information
                                         Provided: Prior to supplying any
                                         Valneva Materials and to the extent
                                         set forth in the applicable Product
                                         Schedule, Valneva shall send to IDT [***].

 

		9.	Valneva
Equipment

 

		9.1.	[***]
                                         If new capital equipment is required during the Term of this Agreement, the Parties shall
                                         discuss in good faith the procurement of such equipment and formalize the agreement in
                                         a Work Package. [***]

 

		9.2.	Equipment
                                         Use. During the Term, IDT will hold the Valneva Equipment as a bailee only and will
                                         not permit any lien or other encumbrance to be placed against such Valneva Equipment
                                         when in IDT’s care, custody, and control. IDT shall include a note in its ERP and
                                         to physically mark the Valneva Equipment as Valneva property in a manner sufficient to
                                         ensure easy identification of Valneva Equipment. Under no circumstances will IDT move
                                         Valneva Equipment from the location designated by Valneva, without Valneva’s Consent,
                                         or deny Valneva, its agents or contractors access to the Valneva Equipment upon reasonable
                                         advance notice. IDT shall not be entitled to use the Valneva Equipment for purposes other
                                         than the performance of Services without prior Consent by Valneva.

 

		9.3.	Maintenance.
                                         IDT shall calibrate, clean and maintain the Valneva Equipment in accordance with
                                         IDT’s standard equipment maintenance, and other operating procedures to a service
                                         fee agreed between the Parties.

 

		9.4.	Liability.
                                         Notwithstanding the foregoing provisions, IDT shall have no liability for failure
                                         to perform or for any delay in such performance to the extent such failure or delay is
                                         due to Valneva Equipment which is not fit for purpose, defective or irreparable, provided
                                         that IDT without undue delay after becoming aware of such defect or irreparable condition
                                         gives Valneva Notice thereof and provided further that such defective or irreparable
                                         condition of said Valneva Equipment is not caused by IDT’s gross negligence or
                                         intentional or willful misconduct.

 

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		9.5.	Ownership
                                         after Expiration. At the expiration or termination of this Agreement, IDT shall return
                                         the Valneva Equipment to Valneva or its designee [***]. In the event IDT wishes to retain
                                         the Valneva Equipment and gain ownership thereof IDT shall notify Valneva not later than
                                         [***] prior to the termination or expiration date, of its wish. Upon such notification
                                         the Parties shall negotiate in good faith the potential retention whereby IDT would pay
                                         to Valneva [***] said Valneva Equipment, which, upon the payment of the above, shall
                                         be retained by IDT and become the property of IDT. If the Parties fail to reach an agreement
                                         within [***] following termination or expiration of this Agreement, the Valneva Equipment
                                         shall be dismantled and prepared and packed suitable for shipment [***] to Valneva [***].

 

		9.6.	IDT
                                         will have liability for Losses or damages to any and all Valneva Equipment in its control
                                         to the extent that such Losses or damages are the result of IDT’s negligence or
                                         misconduct.

 

10.        
Non-Conformance and Shortfall

 

		10.1.	Non-Conformance:

 

10.1.1.       
Obvious Defects: Valneva shall check Product Shipped by IDT for any Obvious Defects upon receipt of such Product, and Valneva
shall inform IDT of such Obvious Defects no later than within [***] following the date of receipt of the Product at Valneva’s
site.

 

10.1.2.       
Latent Defects: Valneva shall inform IDT in writing in case of Latent Defects promptly upon discovery of such Latent Defects
of Product but no later than within [***] following such discovery. For the sake of clarity, the receipt of information [***],
provided post Shipment showing defects in the Product shall be included in the definition “Latent Defects”.

 

10.1.3.       
If Valneva does not inform IDT of any Obvious Defects within the time period set forth in Clause 10.1.1
or of any Latent Defects within the time period set forth in Clause 10.1.2,
the Shipped Product received by Valneva will be deemed accepted.

 

10.1.4.       
If Valneva notifies IDT that it will reject Product due to any Non-Conformance for which IDT is responsible, within the time periods
set forth in Clauses 10.1.1 and 10.1.2,
IDT shall use Commercially Reasonable Efforts, taking potential capacity restraints
into consideration, to replace Product, at IDT’s expense and at no cost
to Valneva. Depending on available manufacturing capacity, IDT shall propose possible time slots for the manufacturing of replacement
Product which timelines the Parties shall discuss in good faith. If Valneva concludes that the new plan for the Shipment of replacement
Product is not sufficient, provided that [***], it shall cancel the relevant
Firm Order immediately but no later than [***] after the presentation of the
plan by IDT. In the event of the cancellation of the Firm Order, IDT shall refund [***] for
the cancelled Firm Order. In the event of a cancellation by Valneva in accordance with this provision Valneva shall have no obligation
to pay [***]. For clarity, subject to Clauses 10.1.6 and 10.4,
any Valneva Material necessary for the Manufacture and Shipment of replacement Product shall be at IDT’s expense.

 

     Page | 12

     

    

 

10.1.5.       
If IDT believes that Product has been incorrectly rejected by Valneva, Valneva shall provide samples of the Product in
Non-Conformance for prompt testing and analysis by an independent laboratory. Such independent laboratory shall be mutually
agreed upon by the Parties. The results of such independent laboratory shall be in writing and shall be final and binding [***].
If the independent laboratory determines that the Product includes a Non-Conformance that
is IDT’s responsibility, IDT shall bear the costs associated with such testing and review. If the independent laboratory
determines that the Product does not include a Non-Conformance that is IDT’s
responsibility, Valneva shall bear the costs associated with such testing and review, and any costs associated with the replacements
required by Clause 10.1.6.

 

10.1.6.       
Valneva agrees that IDT shall have no liability if the Product in Non-Conformance is
due to any act or omission of Valneva, any Affiliate of Valneva or any Third Party under contract with or subject to the control
or direction of Valneva or any Affiliate of Valneva. If a Non-Conformance is
determined to be the responsibility of Valneva, including any Product being
in Non-Conformance due to Valneva’s provision of incomplete or inaccurate
Product and/or Manufacturing Specifications, due to improper handling of Product
by Valneva, due to any defect in Valneva proprietary production processes being
used by IDT in the performance of the Manufacturing, except if it is the result of IDT’s improper handling of the production
processes of Valneva, or due to defective Valneva Material, IDT shall Ship to
Valneva, as soon as commercially reasonable, replacement Product in accordance with an amended manufacturing plan reasonably agreed
to by the Parties. Valneva shall be required to pay [***].

 

		10.2.	Shortfall:
                                         If Valneva notifies IDT no later than [***] following the date of receipt of the Product
                                         at Valneva’s site or the agreed Shipment date of any shortfall in quantity of the
                                         Product, which shortfall is the responsibility
                                         of IDT, IDT shall as promptly as practicable, Ship to Valneva Product in an amount
                                         corresponding to that shortfall, at no cost to Valneva. In addition, Clause 10.4 shall
                                         apply to such shortfall.

 

		10.3.	Remedies:
                                         Valneva’s remedies under Clauses 10.1
                                         or 10.2, which are subject to
                                         the liabilities and limitations set forth in Clause 10.4, shall be Valneva’s sole
                                         remedy as a consequence of the Shipment of a Product in Non-Conformance or shortfall.
                                         For clarity, (i) IDT’s liability to compensate Valneva for costs for Valneva Material
                                         pursuant to Clause 10.4 shall be in addition to IDT’s obligation to replace or
                                         Ship Product pursuant to Clauses 10.1 or 10.2, and (ii) this Clause 10.3 shall not limit
                                         Valneva’s right to terminate this Agreement or a Product Schedule for a material
                                         breach of IDT, if any Non-Conformance or shortfall shall constitute a material breach
                                         by IDT.

 

     Page | 13

     

    

 

		10.4.	Losses
                                         due to a Non-Conformance: If and to the extent IDT is responsible for the Product
                                         in Non-Conformance, IDT shall be responsible for any Losses, including the costs for
                                         Valneva Materials used in respect of the Product
                                         in Non-Conformance or shortfall. For
                                         the sake of clarity, the limitation of liability set forth Clause 16 shall be applicable.

 

11.        
Product Recall

 

Recall
of Product shall be conducted in accordance with the QAA. To the extent that a recall of Product is due to IDT’s breach
of this Agreement or the Shipment of Product in Non-Conformance due to IDT’s fault, IDT shall be liable for all direct Losses
incurred by Valneva as a result of that recall. Clause 16 shall be applicable.

 

12.        
Representations and Warranties

 

		12.1.	  IDT
                                         represents, as of the Effective Date, warrants and undertakes that:

 

12.1.1.       
IDT is duly formed and validly existing under the laws of its jurisdiction of formation and has all requisite power and authority
to execute and deliver this Agreement and to perform its obligations hereunder.

 

12.1.2.       
The Services will conform to the specifications and instructions set forth in the Product
Schedule and the QAA.

 

12.1.3.       
IDT, its employees and agents, have, and will continue to have the knowledge, experience and skill to provide, and will provide,
the Services in a professional and timely manner.

 

12.1.4.       
The performance of IDT’s obligations to Valneva under this Agreement will not
breach or be in conflict with any obligation to any Third Party, and, to the best of IDT’s knowledge, does not infringe
any Intellectual Property rights of any Third Party. 

 

12.1.5.       
All Shipped Product, will have been Manufactured, handled, stored and transported in accordance with, as applicable (a) the QAA,
(b) Applicable Laws and Regulations, (c) the Product Specification, (d) the Manufacturing Specifications; (e) all Manufactured
Product will conform to the Certificate of Analysis; (f) such Product Shipped will not be adultered or misbranded; and title to
such Product will pass to Valneva as provided herein free and clear of any security interest, lien, or other encumbrance.

 

12.1.6.       
All Valneva Materials and Valneva Equipment supplied by Valneva or purchased by IDT and paid by Valneva shall be handled in accordance
with the Safety and Data Sheet and safety regulations as supplied by Valneva or the supplier (as the case may be), and in accordance
with Applicable Laws and Regulations, including but not limited to GMP, where applicable.

 

     Page | 14

     

    

 

Except
with respect to the representations and warranties pursuant to Clauses 12.1.1 and 12.1.4, the aforementioned representations and
warranties are subject to the limitation of liability set forth in Clause 16 in the event of a breach.

 

		12.2.	Valneva
                                         represents, as of the Effective Date, warrants and undertakes that:

 

12.2.1.       
Valneva is duly formed and validly existing under the laws of its jurisdiction of formation and has all requisite power and authority
to execute and deliver this Agreement and to perform its obligations hereunder.

 

12.2.2.       
The execution, delivery or performance of this Agreement will not contravene Applicable Laws and Regulations and Valneva shall
perform its obligations and responsibilities hereunder in accordance with all Applicable Laws and Regulations.

 

12.2.3.       
To the best of Valneva’s knowledge, Valneva has all the rights necessary to permit IDT to perform the Services without infringing
the Intellectual Property rights of any Third Party.

 

		12.3.	Promptly
                                         Inform Valneva: IDT shall inform Valneva promptly in writing of any event that to
                                         the best of IDT’s knowledge may adversely affect IDT’s ability to perform
                                         its obligations under this Agreement or may adversely affect the suitability of the Product
                                         for Valneva’s use.

 

		12.4.	DISCLAIMER:
                                         THE WARRANTIES EXPRESSLY SET FORTH IN THIS AGREEMENT ARE IN LIEU OF ALL OTHER WARRANTIES,
                                         BOTH EXPRESS AND IMPLIED, ARE EXPRESSLY DISCLAIMED, INCLUDING WITHOUT LIMITATION ANY
                                         WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

13.        
Payment

 

		13.1.	The
                                         Price payable by Valneva in respect of a Product:

 

13.1.1.       
is set forth in each respective Product Schedule;

 

13.1.2.       
is based on the assumptions and information set out in the Product Schedule;

 

13.1.3.       
is payable in Euro.

 

		13.2.	Invoices:
                                         Subject to deviating provisions in the relevant Product Schedule, IDT shall issue an
                                         invoice to Valneva, or to an Affiliate of Valneva, issuing the relevant Firm Order on
                                         or after the date of the transfer of risk, title and ownership. Any invoiced amount shall
                                         take into account any fees and expenses and any prepayments made by Valneva which are
                                         creditable against the agreed Price as further set forth in the applicable Product Schedule.
                                         Each invoice shall contain a reference to Valneva’s applicable VAT registration
                                         number to be provided to IDT, the relevant Firm Order number, and shall comply with Applicable
                                         Laws and Regulations regarding information required on a valid invoice and shall state
                                         IDT’s registered Tax number. As regards Equipment the invoice shall include Valneva’s
                                         registered German VAT number [***]. The Parties agree that amounts due under a Product
                                         Schedule shall, save for any creditable fees or other prepayment, not set off against
                                         another or applied to sums due as a result of the performance of other Product Schedules
                                         without the prior written consent of the other Party. Invoices shall be sent to e-mail
                                         address: [***].

 

     Page | 15

     

    

 

		13.3.	Payment
                                         Period: Valneva shall pay all invoices within [***]. The payment period begins on
                                         the date of receipt of the invoice, except where Valneva
                                         has a bona fide dispute in respect of the whole or any part of the Product Delivered,
                                         in which case the terms for payment, including the payment period, will be as agreed
                                         by the Parties in resolving the dispute (or as otherwise determined under Clause 22.12).

 

		13.4.	Interest:
                                         If Valneva fails to pay any amount due to IDT under this Agreement within [***] after
                                         that payment is due, IDT shall send Valneva a written reminder to make the respective
                                         payment. If a Party fails to pay any amount due under this Agreement the other Party
                                         is entitled to charge interest until actual payment at [***] until payment is made. Such
                                         interest shall accrue on a [***] basis from the due date until the date of actual payment
                                         of the overdue amount and shall be payable on demand.

 

		13.5.	Right
                                         to Suspend: Except as set out and agreed in a Product Schedule, neither Party shall
                                         be entitled at any time to suspend the provision of the whole or any part of the Manufacture
                                         and Shipment of Product.

 

		14.	Taxes

 

		14.1.	Taxes:
                                         The Parties agree that all charges under this Agreement are inclusive of all taxes, levies,
                                         duties, contribution, withholding or impost of whatever nature (including related fines,
                                         penalties, surcharges of interest) (“Taxes”, each “Tax”)
                                         imposed or payable to any government, state or municipality or any local, state, federal
                                         or other fiscal, revenue, customs or excise authority, body or official anywhere in the
                                         world (“Tax Authority”) except transaction taxes (e.g. value added
                                         tax, goods and service taxes, or other similar taxes) computed by reference to turnover
                                         that are required by law to be disclosed as a separate item on the relevant invoice (“GST”)
                                         that are the responsibility of Valneva under this Agreement.

 

		14.2.	GST
                                         Invoice: Where either Party is required under this Agreement to make a supply (“GST
                                         Supplying Party”) to the other Party (“GST Receiving Party”)
                                         for Tax purposes, and Tax is chargeable on such supply, the GST Supplying Party shall
                                         provide the GST Receiving Party with an invoice (“Tax Invoice”) including
                                         such particulars as are required by any law imposing Tax and such other information as
                                         required to claim any credit allowed under a law imposing Tax in respect of such supply.
                                         All Prices are exclusive of GST, which, if payable, shall be borne and paid against provision
                                         by the IDT of a valid Tax Invoice.

 

     Page | 16

     

    

 

		14.3.	Excess:
                                         To the extent, in any circumstances, the GST Receiving Party has paid GST to the GST
                                         Supplying Party which it subsequently transpired was in excess of the GST actually due,
                                         the GST Supplying Party shall issue a credit note for the incorrectly invoiced items
                                         and issue a new invoice which reflects the correct GST, the net effect thereof being
                                         that the GST Supplying Party repays the excess GST amount to the GST Receiving Party.

 

		14.4.	Tax
                                         Deductions: If a deduction or withholding for or on account of Tax (“Tax
                                         Deduction”) is required by law to be made by Valneva, the amount of payment
                                         due from Valneva to IDT shall be equal to the payment which would have been due if no
                                         Tax Deduction had been required less the Tax Deduction. Valneva shall not be required
                                         to make an increased payment to IDT for a Tax Deduction. Valneva shall co-operate reasonably
                                         with IDT to notify IDT when Valneva believes a Tax Deduction is required and in connection
                                         with any proposed actions of IDT to reduce or recover the Tax Deduction (e.g., by completing
                                         prescribed forms) provided that Valneva shall not dispense or apply a reduced rate of
                                         Tax Deduction unless IDT has provided evidence, in a form satisfactory to Valneva of
                                         authorization to do so.

 

		14.5.	Reports,
                                         Audits; Disputes; Requests for Information: [***] per calendar year, upon request
                                         by Valneva, IDT shall provide Valneva with a report confirming that IDT has an internal
                                         control framework. The Parties shall reasonably work together with respect to audits,
                                         disputes or requests for information with respect to Taxes (e.g., provision of relevant
                                         information and documents) in connection with this Agreement.

 

15.        
Confidentiality, Trade Secrets and Use of Name

 

		15.1.	Confidential
                                         Information: Neither Party shall, at any time, without the other Party’s prior
                                         written consent, disclose to any Third Party any of the other Party’s Confidential
                                         Information or the fact that the Shipment of Products and related Services are being
                                         conducted hereunder. Each Party shall use such Confidential Information solely for the
                                         purposes for which it was provided, i.e. for the Shipment and purchase of Products and
                                         related Services. Each Party shall take all reasonable precautions to prevent any unauthorized
                                         use or disclosure of the Confidential Information. All IDT Information is the Confidential
                                         Information of IDT. All Valneva Information is the Confidential Information of Valneva.
                                         The financial terms of this Agreement are the Confidential Information of the Parties.

 

		15.2.	Exceptions:
                                         The provisions of Clause 15.1 will not apply to any Confidential Information to the extent
                                         (i) the receiving Party can prove such information was known to it prior to the disclosure
                                         of the Confidential Information by the disclosing Party (ii) the receiving Party can
                                         prove was lawfully obtained from a Third Party without any obligation of confidentiality
                                         to the disclosing Party; (iii) is or becomes part of the public domain other than through
                                         any act or omission of the receiving Party; or (iv) is independently developed by the
                                         receiving Party without use of or reference to the disclosing Party’s Confidential
                                         Information, as evidenced by the receiving Party’s business records. Notwithstanding
                                         anything to the contrary, the Parties agree that nothing in this Agreement shall release
                                         the other Party from any obligations of confidentiality and non-use under any Manufacturing
                                         Services Agreement or other agreement entered into between the Parties.

 

     Page | 17

     

    

 

		15.3.	Required
                                         Disclosure: Notwithstanding other provisions of this Agreement, a Party may disclose
                                         Confidential Information of the other Party to the extent and to the Persons required
                                         under Applicable Laws and Regulations, provided that, and to the extent permitted by
                                         Applicable Laws and Regulations (including, if applicable to Valneva, the securities
                                         laws and regulations in the United States and/or France), such Party (a) first gives
                                         prompt notice of such disclosure requirement to the other Party so as to enable the other
                                         Party to seek any limitations on or exemptions from such disclosure requirement, (b)
                                         reasonably cooperates at the other Party’s request and expense in any such efforts
                                         by the other Party, and (c) only discloses that portion of such Confidential Information
                                         as is legally required.

 

		15.4.	Authorized
                                         Disclosure: Notwithstanding other provisions of this Agreement, a Party may also
                                         disclose Confidential Information of the other Party to the extent such disclosure is
                                         reasonably necessary to its and its Affiliates’ officers, directors, employees,
                                         agents, consultants, contractors, licencees, sublicencees, legal and financial advisors,
                                         accountants, lenders, insurers or licensors on a need-to-know basis for the sole purpose
                                         of performing its obligations or exercising its rights under this Agreement or the Product
                                         Schedule; provided that in each case, the disclosees are bound by obligations of confidentiality
                                         and non-use no less stringent than those contained in this Agreement. For clarity, and
                                         in furtherance of the foregoing, a Party may disclose Confidential Information of the
                                         other Party to any Person that intends to execute, or has executed a written definitive
                                         agreement with Valneva that pertains to the research, development, Manufacture or commercialization
                                         of the Product(s).

 

		15.5.	Return
                                         of Confidential Information: Upon the earlier of the termination of this Agreement
                                         or at a Party’s request for any reason at any time, the other Party shall (a) immediately
                                         cease all use of all Confidential Information disclosed thereunder and (b) promptly,
                                         at the requestor’s instruction, either return to the requestor or destroy all Confidential
                                         Information disclosed thereunder, including any copies, extracts, summaries, or derivative
                                         works thereof, and certify in writing to the requestor the completion of such return
                                         and/or destruction, provided, however, that such Party may retain one copy solely for
                                         archival purposes.

 

		15.6.	Publicity:
                                         Neither of the Parties shall use the name of any other Party for promotional purposes
                                         without the prior written consent of the Party whose name is proposed to be used, nor
                                         shall either Party disclose the existence or substance of this Agreement
                                         except as required by Applicable Laws and Regulations. In particular, the Parties shall
                                         not make any publications, presentations, or public disclosures related to this Agreement
                                         and the subject matter thereof without the other Party’s prior review and written
                                         approval.

 

		15.7.	Trade
Secrets: Prior to the Effective Date and during the term of this Agreement or any Product Schedule, Valneva has, or may transfer
to IDT Valneva trade secrets. In addition to the statutory rights under the German Trade
Secret Act (Gesetz zum Schutz von Geschäftsgeheimnissen) the following shall apply:       

 

     Page | 18

     

    

 

15.7.1        
[Intentionally
omitted]

 

15.7.2.       
IDT hereby covenants that it (a) shall not disclose, transfer or provide access to any Trade Secrets to any person or entity except
to its designated personnel that have a need to know (“Designated Personnel”) for the purpose of Supplying the Products
and performing relating Services under this Agreement and any Product Schedule without Valneva’s prior written consent; (b) shall
hold all Trade Secrets in strict confidence; (c) shall not reproduce any Trade Secrets beyond the extent reasonably necessary
to perform its obligations under this Agreement or any Product Schedule; and (d) shall use at least the same degree of care (and
in any event reasonable care) to maintain the secrecy and security of disclosed Trade Secrets as it uses to protect its own trade
secrets. IDT hereby covenants that it shall not use any Trade Secrets transferred by Valneva hereunder for any purpose other than
as expressly permitted by this Agreement and any Product Schedule.

 

15.7.3.       
Without limiting the generality of Clause 15.7 above, to safeguard the Trade Secrets, IDT agrees and covenants to take the following
additional protective measures:

 

		(a)	IDT
                                         shall not permit or authorize any person or entity other than the Designated Personnel
                                         to access any embodiments of any Trade Secrets.

 

		(b)	The
                                         documents containing Trade Secrets (“Trade Secret Documents”) shall
                                         be identified by Valneva and marked appropriately by IDT as “Trade Secret of Valneva”
                                         or as “Valneva Property” or as otherwise agreed between the Parties. The
                                         Trade Secret Documents shall be identified in an Appendix to the Product Schedule. Trade
                                         Secret Documents shall be saved at Valneva’s SharePoint only and Valneva shall
                                         be responsible for the access authorization, logs etc. to such documents.

 

		(c)	The
                                         Trade Secret Documents shall not be sent by email or other non-secure electronic transmission,
                                         but rather via a secure file server provided by Valneva.

 

		(d)	Designated
                                         Personnel of IDT shall use the Valneva Trade Secrets for the Manufacturing of Valneva
                                         Product(s) and shall specifically not use any Valneva Trade Secrets to develop or perform
                                         any activities relating to another vaccine that is sold for the same indication and is
                                         the same type of vaccine as the relevant Valneva Product. Relevant Valneva Product shall
                                         mean the Product for which the Trade Secret has been transferred.

 

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		(e)	IDT
                                         shall record and investigate, and promptly report to Valneva, all unauthorized attempts
                                         to gain access to the Trade Secrets. IDT shall promptly share with Valneva the results
                                         of all such investigations. Valneva shall conduct periodical security reviews to ensure
                                         compliance with the security requirements set forth in this Agreement.

 

		(f)	In
                                         the course of an Audit according to Clause 25.7 Valneva shall have the right to audit
                                         any facility at which IDT practices or that contains any Trade Secrets to determine IDT’s
                                         compliance with the provisions of this Agreement. During each such audit, IDT shall permit
                                         Valneva or its representative (i) to access all Valneva records reasonably required to
                                         verify such compliance, and (ii) to conduct any inspection reasonably required to verify
                                         such compliance.

 

		(g)	This
                                         Section 15.7.2 shall supersede any prior agreement between the Parties.

 

		16.	Liability

 

		16.1.	No
                                         Exclusion or Limitation: Nothing in this Agreement limits or excludes the liability
                                         of either Party towards the other Party (and each
                                         Party shall retain unlimited liability) for any
                                         claims to the extent arising out of, relating to, or covered by any of the following:
                                         (i) personal injury or death of the other Party’s personnel caused by negligence,
                                         (ii) fraud or fraudulent misrepresentation, (iii) willful misconduct, or (iv) any other
                                         liability that by law cannot be excluded or limited.

 

		16.2.	Excluded
                                         Types of Loss: Except for liability to which Clause
                                         16.1 applies, neither Party nor any of its Affiliates or (sub)licencees shall
                                         be liable to the other in contract, tort, negligence, breach of statutory duty or otherwise
                                         for any indirect, incidental, consequential, special, punitive, remote, exemplary or
                                         speculative damages, including loss of profits, or other damages that are speculative
                                         or not reasonably foreseeable as a proximate result of the breach by a Party of any of
                                         its representations, warranties or covenants under this Agreement. This Clause 16.2
                                         shall not apply (a) to Valneva’s obligation to take-or-pay the Firm Order
                                         as set forth in Clause 5.2, (b) in the event of a Party’s breach of its obligations
                                         under Clause  15, (c) to the extent
                                         any such damages are required to be paid to a Third Party as part of a claim for which
                                         a Party provides indemnification under this Clause 16, or (d) fraud.

 

		16.3.	Limits
                                         of Liability: Subject to Clause 16.1, IDT’s liability to Valneva under or in
                                         connection with this Agreement or the Product Schedules shall, [***],
                                         in no event exceed [***]. This Clause
                                         16.3 shall not apply (a) in the event of a IDT’s breach of its obligations under
                                         Clauses 4 or 15 or (b) for the avoidance of doubt, in the event the relevant claim or
                                         damage is caused by IDT’s willful misconduct or fraud.

 

		16.4.	If
                                         any limitation of liability shall be deemed invalid by the governing law, then such liability
                                         shall be limited to the extent permitted by that law.

 

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17.        
Indemnity

 

		17.1.	Indemnification
                                         by Valneva: In addition to the strict liability provisions set forth in Clause 16.1,
                                         Valneva shall indemnify, defend and hold harmless IDT, its Affiliates, and their respective
                                         directors, officers, employees and agents (the “IDT Indemnitees”)
                                         for any Third Party claims, including reasonable attorneys’ fees for defending
                                         those claims, arising out of:

 

17.1.1.       
the negligence or willful misconduct of Valneva or an Valneva Indemnitee;

 

17.1.2.       
Valneva’s breach of this Agreement, including without limitation, any representations, warranties and covenants herein;
and

 

17.1.3.       
personal injury, illness or death, or loss or damage to Third Party property resulting from the use of the Product, except where
such personal injury, illness or death, or loss or damage results from IDT’s failure to perform as set forth in Clause 17.2.3,
and

 

17.1.4.       
actual or alleged infringement of any Third Party’s Intellectual Property rights related to IDT’s use of Valneva’s
Intellectual Property, Valneva Information or Valneva Confidential Information provided by Valneva and used by IDT in performing
the Services in accordance with this Agreement,

 

17.1.5.       
For the sake of clarity, except in each case subject to Clause 16.1 Valneva expressly agrees that it will also be liable for and
indemnify IDT against all claims of an Affiliate of Valneva and of any Third Party not satisfied by IDT’s insurance and/or
by IDT’s limited liability set forth in Clause 16.3.

 

		17.2.	Indemnification
                                         by IDT: In addition to the strict liability provisions set forth in Clause 16.1,
                                         and subject to the limitation of liability provisions set forth in Clause 16.3 IDT shall
                                         indemnify, defend and hold harmless Valneva, its Affiliates, and their respective directors,
                                         officers, employees and agents (the “Valneva Indemnitees”) for any
                                         Third Party claims, including reasonable attorneys’ fees for defending those claims,
                                         arising out of:

 

17.2.1.        the negligence or willful misconduct of IDT, or an IDT Indemnitee,

 

17.2.2.        IDT’s breach of this Agreement, including without limitation, any representations, warranties and covenants herein,

 

17.2.3.        personal injury, illness or death, or loss or damage to Third Party property resulting from IDT’s failure to perform the
Services in accordance with the requirements of this Agreement, and

 

17.2.4.        actual or alleged infringement of any Third Party’s Intellectual Property rights arising from IDT utilizing any process,
method, specifications or information in the performance of the Shipment of Product and performance of related Services or otherwise
from the Services supplied under this Agreement (other than to the extent arising as a result of the lawful and correct use of
any Valneva Technology in accordance with this Agreement).

 

     Page | 21

     

    

 

		17.3.	All
                                         indemnification obligations in this Agreement are conditioned upon the Party seeking
                                         indemnification:

 

17.3.1.       
promptly notifying the indemnifying Party in writing of any claim or liability of which the Party seeking indemnification becomes
aware (including a copy of any related complaint, summons, notice or other instrument); provided, however, that failure to provide
such written notice within a reasonable period shall not relieve the indemnifying Party of its obligations under this Clause 17
except to the extent, if any, the indemnifying Party is prejudiced by such failure,

 

17.3.2.       
allowing the indemnifying Party, if the indemnifying Party so requests, to conduct and control the defence of any such claim or
liability and any related settlement negotiations (at the indemnifying Party’s expense); provided, that the indemnifying
Party shall promptly provide and continuously maintain such defence,

 

17.3.3.       
cooperating with the indemnifying Party in the defence of any such claim or liability and any related settlement negotiations
(at the indemnifying Party’s expense) and

 

17.3.4.       
not compromising or settling any claim or liability without prior written consent of the indemnifying Party.

 

18.        
Insurance

 

		18.1.	Valneva:
                                         [***]. In case Valneva lacks such an insurance, Valneva will use best efforts to
                                         obtain such insurance policy, with a per claim limit and an aggregate limit which is
                                         customary in the marketing of vaccines. Without limiting the preceding sentence, Valneva
                                         shall provide IDT with at least [***] Notice prior to termination of or reduction in
                                         said coverage.

 

		18.2.	IDT:
                                         IDT will maintain, at all times during the Term of this Agreement and for a period
                                         of [***] thereafter, a general third party liability insurance including Products liability
                                         insurance policy, with a per claim limit of at least [***], and an aggregate limit of
                                         at least [***]. In addition, IDT shall maintain an environmental liability insurance
                                         policy in accordance with the EU Directive 2004/35/EC, as amended. Without limiting the
                                         preceding sentence, IDT shall provide Valneva with at least [***] Notice prior to termination
                                         of or reduction in said coverage.

 

		18.3.	Property
                                         Insurance. Either Party will ensure to have adequate insurance coverage for physical
                                         damage on “All Risks” basis of its own property used for the provision of
                                         Services and the Manufacture of Product hereunder.

 

     Page | 22

     

    

 

		18.4.	Responsibility
                                         for Premiums. Each Party shall be solely responsible for paying the premiums under
                                         its respective insurance policies.

 

		19.	Term
                                         and Termination

 

		19.1.	Term
                                         of the Agreement: This Agreement shall commence on the Effective Date and shall end
                                         on the fifth (5th) anniversary of the Effective Date unless sooner terminated
                                         in accordance with the terms hereof (the “Term”). The Term may be
                                         extended upon written agreement by Valneva and IDT. Any uncompleted Product Schedules
                                         shall continue notwithstanding the expiry of this Agreement provided that for such Product
                                         Schedules the terms and conditions of this Agreement shall apply.

 

		19.2.	Term
                                         of Product Schedule: Each Product Schedule shall remain in force for the period set
                                         forth in the Product Schedule, unless terminated earlier under Clause 19.

 

		19.3.	Termination
                                         for Convenience: Subject to the payment of any Capacity Reservation Fee (if and to
                                         the extent applicable) and the fees in accordance with Clause 5.2.2, this Agreement or
                                         a Product Schedule may be terminated by Valneva at any time upon [***]
                                         prior written notice to IDT, either in whole,
                                         or in part with respect to any Product Schedule.

 

		19.4.	Force
                                         Majeure: Each Party acknowledges and agrees that time is of the essence in respect
                                         of the Manufacture and Shipment of Product(s) and the performance of related Services.
                                         If either Party anticipates any delay in the timelines specified in any Product Schedule,
                                         due to a Force Majeure, it shall promptly notify the other Party in
                                         writing. Unless the relevant Party is able to eliminate an anticipated Force Majeure
                                         or is able to cure an actual Force Majeure event within [***] from the point in time
                                         when such Force Majeure was discovered, the Parties shall promptly meet and discuss in
                                         good faith the actions necessary to mitigate or eliminate the consequences of such Force
                                         Majeure. Should the Force Majeure not be capable
                                         of cure or remedy, the other Party shall be entitled to (at its discretion) immediately
                                         terminate this Agreement upon written notice, either in whole, or in part with respect
                                         to all or a portion of any Product Schedule.

 

		19.5.	Material
                                         Breach: This Agreement or a Product Schedule may be terminated by either Party, either
                                         in whole, or in part with respect to all or a portion of any Product Schedule, upon the
                                         material breach of this Agreement by the other Party, which material breach continues
                                         un-remedied for [***] after delivery to the non-breaching Party of notice of the material
                                         breach.

 

		19.6.	Insolvency
                                         Events: This Agreement and all Product Schedule may be terminated by either Party
                                         immediately upon written notice to the other Party in the event the other Party suffers
                                         an Insolvency Event.

 

		19.7.	All
                                         Product Schedules: If either Party has the right to terminate under Clauses 19.5
                                         or 19.6, that Party may at its
                                         sole discretion elect to also terminate all other Product Schedules, and each relevant
                                         Valneva Affiliate may at its sole discretion elect to terminate all of its Affiliate
                                         Product Schedules (where applicable).

 

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		19.8.	Change
                                         of Corporate Control: Each Party shall notify the other Party at the earliest opportunity
                                         of a possible Change of Corporate Control of those legal entities which handle this Agreement
                                         and/or a Product Schedule.

 

		19.9.	Accrued
                                         Liabilities upon Termination: Valneva shall pay for all Products and Services ordered
                                         by Valneva in any Firm Order up to the date of Termination. In addition, Valneva shall
                                         be responsible for payment to IDT of [***]. In addition, Valneva shall pay for [***].

 

		19.10.	Valneva
                                         Property. In the event of termination of this Agreement for whatever cause, in addition
                                         to the other obligations of the Parties hereunder, IDT shall return to Valneva or to
                                         the Valneva’s designee, at Valneva’s cost and expense and upon Valneva’s
                                         request, no later than [***] after receipt of Valneva’s request all of such Valneva
                                         property, including, but not limited to any Valneva Materials and Product ordered by
                                         Valneva under a Firm Order and all Valneva proprietary information, in IDT’s possession,
                                         except to the extent required to be retained by Applicable Laws and Regulations or to
                                         comply with Valneva’s continuing obligations hereunder.

 

		19.11.	Survival
                                         of Rights and Obligations: The expiration or termination of this Agreement or a Product
                                         Schedule shall be without prejudice to any rights or obligations that may have accrued
                                         prior to such expiration or termination. Notwithstanding expiration or termination of
                                         this Agreement for any reason, the rights and obligations under Clauses 6, 9.5, 9.6,
                                         10, 11, 14 to 18, 19.7, 19.9, 19.10, 21, 0 and Part C will survive.

 

		20.	Assignment,
                                         Transfer and Subcontracting

 

		20.1.	Assignment:
                                         Neither Party may assign its rights and/or delegate or subcontract its obligations under
                                         this Agreement, except as expressly provided in this Agreement, whether by operation
                                         of law or otherwise, in whole or in part, without the prior written consent of the other
                                         Party, which consent shall not be unreasonably withheld, conditioned or delayed, except
                                         that Valneva shall have the right, without such consent, to assign this Agreement or
                                         any or all of its rights, and/or delegate or subcontract any or all of its obligations,
                                         hereunder to any of its Affiliates or any
                                         successor in interest (whether by merger, acquisition, asset purchase or otherwise) to
                                         all or substantially all of its business to which this Agreement relates. Subject
                                         to the preceding sentence, this Agreement will be binding upon, inure to the benefit
                                         of, and be enforceable by, the Parties and their respective successors and permitted
                                         assigns. Any attempted assignment, delegation or subcontracting in violation of this
                                         Clause 20.1 shall be void and of no
                                         effect.

 

		20.2.	Subcontracting:
                                         IDT shall not subcontract its obligations under this Agreement to any Person (including
                                         any Affiliate) without the prior written consent of Valneva it being understood that
                                         the consent shall be deemed given for the sub-contractors which are set forth in the
                                         QAA. Such consent shall not relieve IDT from any liability or obligation under this Agreement
                                         and IDT shall be responsible for the acts or omissions of its subcontractors as fully
                                         as if they were its own. IDT’s subcontractors shall comply with all the applicable
                                         terms and conditions of this Agreement. IDT shall be liable for any breach of its obligations
                                         under this Agreement resulting from actions and/or omissions of its Third Party subcontractors,
                                         unless otherwise agreed in the Product Schedule.

 

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21.        
Notices

 

		21.1.	Form
                                         of Notice: Any notices given hereunder shall be sent by email (with a confirmation
                                         copy sent via courier) or via courier to the following addresses (or such other address
                                         as a Party may designate as a notice address in a prior written notice to the other Party)
                                         and shall be deemed delivered when received (or if received on a weekend or holiday,
                                         [***]) as follows. This Clause 21.1
                                         is not intended to govern the day-to-day business communications necessary between the
                                         Parties in performing their obligations under the terms of this Agreement.

 

		21.2.	Address
                                         for
                                         Notice:

 

	IDT	[***]	[***]
	 	[***]	[***] 

	Valneva	[***]	[***]
	 	[***]	[***]

 

		22.	General

 

		22.1.	Relationship
                                         of
                                         Parties: All employees
                                         and agents of IDT that perform Services under this Agreement are employees and agents,
                                         respectively, of IDT and not Valneva during the Term and shall at all times be directed
                                         solely by IDT. IDT is acting in the capacity of independent contractor hereunder and
                                         not as employee of Valneva.

 

		22.2.	Waivers:
                                         No failure or delay by any Party in enforcing any provision of this Agreement shall be
                                         deemed a waiver of that Party’s rights to later enforce that provision or any other
                                         provision of this Agreement. To be effective any waiver must be in writing and signed
                                         by the waiving Party. No single or partial exercise of any right or remedy provided under
                                         this Agreement shall prevent or restrict the further exercise of that or any other right
                                         or remedy.

 

		22.3.	Severability:
                                         If any provision or part-provision of this Agreement is or becomes invalid, illegal or
                                         unenforceable, it shall be deemed modified to the minimum extent necessary to make it
                                         valid, llegal and enforceable. If such modification is not possible, the relevant provision
                                         or part-provision shall be deleted. Any modification to or deletion of a provision or
                                         part-provision shall not affect the validity and enforceability of the rest of this Agreement.

 

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		22.4.	Entire
                                         Agreement: This Agreement, the Product Schedule(s) and the QAA constitute the entire
                                         agreement between the Parties, and supersedes all prior agreements, arrangements and
                                         understandings between them, whether written or oral, with respect to the subject matter
                                         hereof.

 

		22.5.	Supremacy.
                                         To the extent there are any inconsistencies or conflicts between this Agreement and
                                         a given Product Schedule, the Product Schedule shall control unless otherwise expressly
                                         agreed to in writing by the Parties. References herein to this “Agreement”
                                         shall be deemed to include any Product Schedule entered into pursuant hereto, subject
                                         to the preceding sentence. As to quality control and quality assurance matters, the Quality
                                         Agreement shall control.

 

		22.6.	No
                                         Reliance: Each Party confirms that it is not relying on any statement, assurance,
                                         warranty or representation (whether made innocently or negligently) of the other Party
                                         except as specifically set out in this Agreement. This Clause 22.6
                                         is not intended to limit or exclude liability for fraud or fraudulent misrepresentation.

 

		22.7.	Amendments
                                         and
                                         Modifications: Any
                                         amendment or modification of this Agreement must be in writing and signed by authorised
                                         representatives of both Parties it being understood that signatures through the DocuSign
                                         or an equivalent system shall be valid. Each Agreement formed by the entry into a Product
                                         Schedule or an Affiliate Product Schedule may only be amended or modified by way of the
                                         authorised representative of the relevant entities signing an amendment or modification
                                         to the relevant Product Schedule or Affiliate Product Schedule.

 

		22.8.	Third
                                         Parties:
                                         The provisions of this Agreement are for the sole benefit of the Parties and their successors
                                         and permitted assigns, and they shall not be construed as conferring any rights in any
                                         other Persons except as otherwise provided in this Agreement. No one other than a Party
                                         to this Agreement, their successors and permitted assigns, has any right to enforce any
                                         of its terms.

 

		22.9.	Performance
                                         Through
                                         Affiliates: Each Party
                                         may discharge any obligations and exercise any right hereunder through any of its Affiliates.
                                         Each Party hereby guarantees the performance by its Affiliates of such Party’s
                                         obligations under this Agreement, and shall cause its Affiliates to comply with the provisions
                                         of this Agreement in connection with such performance. Any breach by a Party’s
                                         Affiliate of any of such Party’s obligations under this Agreement shall be deemed
                                         a breach by such Party, and the other Party may proceed directly against such Party without
                                         any obligation to first proceed against such Party’s Affiliate.

 

		22.10.	Counterparts:
                                         This Agreement may be executed in two counterparts, each of which will be deemed an original
                                         and all of which will together be deemed to constitute one agreement. The Parties agree
                                         that the execution of this Agreement by industry standard electronic signature software
                                         and/or by exchanging PDF signatures shall have the same legal force and effect as the
                                         exchange of original signatures, and that in any proceeding arising under or relating
                                         to this Agreement, each Party hereby waives any right to raise any defence or waiver
                                         based upon execution of this Agreement by means of such electronic signatures or maintenance
                                         of the executed agreement electronically.

 

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		22.11.	Governing
                                         Law:
                                         The interpretation and construction of this Agreement shall be governed by and construed
                                         in accordance with the law of the Federal Republic of Germany, with exclusion of the
                                         [***] without giving effect to its conflicts of law provisions.

 

		22.12.	Dispute
                                         Resolution.

 

22.12.1.    
If a Party has a dispute with the other Party, then the Party raising the dispute may send a Notice of the dispute (the “Notice
of Dispute”) to the other Party. The Notice of Dispute must thoroughly describe the basis for the dispute.

 

22.12.2.    
With respect to a Notice of Dispute, the Parties, through appropriately senior executives who are authorized to resolve the dispute
on behalf of their respective companies shall first meet and attempt to resolve the dispute in face-to-face or telephonic negotiations.
This first attempt at resolution shall occur within [***] upon receipt of Notice of Dispute by a Party of such dispute.

 

22.12.3.    
If no resolution is reached through the Representatives within [***] of the first attempt to resolve the dispute, each Party is
entitled to have the dispute be resolved by binding arbitration before [***]. All disputes arising in connection with
this Agreement or its validity shall be finally settled in accordance with the Arbitration Rules of the International Chamber
of Commerce, without recourse to the ordinary courts of law. Notwithstanding the forgoing any dispute relating to the scope, validity,
enforceability or infringement of any patents or trademarks shall be submitted to a court of competent jurisdiction in the country
in which such patent or trademark rights were granted or arose.

 

22.12.4.    
The venue for any arbitration under this Article shall be [***] and the language of the proceedings (including all documentation)
shall be [***].

 

22.12.5.    
No information concerning an arbitration, beyond the names of the Parties and the relief requested, may be unilaterally disclosed
to a Third Party by any Party unless required by law. Any documentary or other evidence given by a Party or witness in the arbitration
shall be treated as confidential by any party whose access to such evidence arises exclusively as a result of its participation
in the arbitration, and shall not be disclosed to any Third Party (other than a witness or expert), except as may be required
by law.

 

22.12.6.    
In any arbitration hereunder, subject to contrary direction by the arbitrators if, in their judgment particular circumstances
require broader pre-hearing disclosures and investigation, discovery prior to hearing shall presumptively be limited to [***]
and to [***].

 

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22.12.7.    
The Parties irrevocably agree that a final judgment in any arbitration proceeding relating to this Agreement shall be conclusive
(except for manifest error) and shall be enforceable in any court having jurisdiction thereof, provided, however, that the arbitrators
shall not have authority to alter any explicit provision of this Agreement.

 

		22.13.	Equitable
                                         Relief: A breach by either Party of the confidentiality obligations in Clause 15
                                         may cause irreparable damage and the non-breaching Party may not be adequately compensated
                                         by monetary damages. In the event of a breach, or threatened breach, of those obligations,
                                         the non-breaching Party shall be entitled to seek from any court of competent jurisdiction
                                         equitable relief, whether preliminary or permanent, without the need to show irreparable
                                         harm or the inadequacy of monetary damages as a remedy and without the requirement of
                                         having to post a bond or other security. Nothing in Clause 22.12 is intended, or shall
                                         be construed, to limit the Parties’ rights to equitable relief or any other remedy
                                         for a breach of any provision of this Agreement.

 

		22.14.	Interpretation:
                                         Except where the context expressly requires otherwise, (a) the use of any gender herein
                                         shall be deemed to encompass references to either or both genders, and the use of the
                                         singular shall be deemed to include the plural (and vice versa), (b) the words “include”,
                                         “includes” and “including” shall be deemed to be followed by
                                         the phrase “without limitation”, (c) the word “will” shall be
                                         construed to have the same meaning and effect as the word “shall”, (d) any
                                         definition of or reference to any agreement, instrument or other document herein shall
                                         be construed as referring to such agreement, instrument or other document as from time
                                         to time amended, supplemented or otherwise modified (subject to any restrictions on such
                                         amendments, supplements or modifications set forth herein), (e) any reference herein
                                         to any Person shall be construed to include the Person’s successors and assigns,
                                         (f) the words “herein”, “hereof” and “hereunder”,
                                         and words of similar import, shall be construed to refer to this Agreement in its entirety
                                         and not to any particular provision hereof, (g) all references herein to Clauses and
                                         Parts shall be construed to refer to Clauses and Parts of this Agreement, and
                                         references to this Agreement include all Exhibits and Schedules hereto, (h) all references
                                         to a number of days, unless otherwise specified, such number refers to calendar days,
                                         (i) provisions that require that a Party or the Parties “agree,” “consent”
                                         or “approve” or the like shall require that such agreement, consent or approval
                                         be specific and in writing, whether by email, written agreement, letter, approved minutes
                                         or otherwise (but excluding instant messaging), (j) references to any specific law, rule
                                         or regulation, or article, section or other division thereof, shall be deemed to include
                                         the then-current amendments thereto or any replacement or successor law, rule or regulation
                                         thereof, and (k) the term “or” shall be interpreted in the inclusive sense
                                         commonly associated with the term “and/or.”

 

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PART
B: WAYS OF WORKING

 

23.        
General Principles

 

		23.1.	General
                                         Principles: The Parties represent that they: (a) will perform this Agreement and
                                         operate its business in compliance with all Applicable Laws and Regulations, (b) commit
                                         to ethical standards consistent with basic principles of corporate responsibility and
                                         integrity, human rights and work standards, environmental standards and anticorruption
                                         requirements, particularly as they are set forth in the 10 principles of the UN Global
                                         Compact (https://www.unglobalcompact.org/what-is-gc/mission/principles) (c) will
                                         not take any action that will cause the other Party to be in breach of any Applicable
                                         Laws and Regulations for the prevention of fraud, bribery and corruption, racketeering,
                                         money laundering or terrorism, and product safety.

 

		23.2.	Data
                                         Privacy. Each Party is responsible for complying with applicable data protection
                                         legislation. Within this Agreement each Party determines the purposes and the means of
                                         its processing of personal data and each Party is therefore an independent data controller
                                         for such processing.

 

Valneva’s
processing of personal data is described in its Privacy Policy published on its website https://www.valneva.com/en/legal/privacy-policy.

 

24.        
Compliance.

 

		24.1.	Compliance:
Each Party recognizes the other Party’s commitment to working only with partners who embrace standards of ethical behavior
that are consistent with those set forth in in Clause 23 and operate its business in compliance with all laws and regulations
applicable thereto. Each Party will use reasonable efforts to cause its personnel, Affiliates, suppliers and subcontractors performing
Services under this Agreement to comply with those expectations.

 

		24.2.	Debarment:
                                         Both Parties represent, warrant and undertake that they are not on any applicable official
                                         national or international sanctioned party lists and that performance of this Agreement
                                         will not violate applicable embargo regulations. The relevant Party has the right to
                                         conduct screening checks of the other Party, including verification of its identity,
                                         full name, country location and address, against official national and international
                                         sanctioned party lists and embargo regulations.

 

		24.3.	Termination:
                                         A breach by a Party of this Clause 24 shall give the other Party the right to terminate
                                         this Agreement with immediate effect. Further claims of the terminating Party shall remain
                                         unaffected. In addition, the Party in breach of this Clause 24 shall indemnify, defend
                                         and hold the other Party, its Affiliates, and their employees, directors and officers
                                         harmless from any and all liabilities, costs, and damages resulting from such breach.

 

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		25.	Regulatory
                                         Matters and Audits

 

		25.1.	Filings
                                         with Regulatory Authorities: Unless otherwise consented by the Parties, as between
                                         the Parties, Valneva is entitled to file, and shall have the sole responsibility for
                                         filing, all documents with the applicable Regulatory Authorities and taking any other
                                         actions that may be required or necessary in order to obtain Regulatory Approval of the
                                         Products. IDT shall, upon Valneva’s Request,, provide Valneva with reasonable assistance
                                         and cooperation in connection with making such filings with Regulatory Authorities. Unless
                                         otherwise agreed in any Product Schedule, such services and fees thereof, are described
                                         in Part D “Additional Services” of this Agreement. For the sake of clarity,
                                         Valneva shall be solely responsible for the compliance of the Manufacturing with the
                                         marketing authorization and the dossier, especially but not limited to the agreed upon
                                         Manufacturing Specifications, Product Specification, raw materials and manufacturing
                                         instructions (e.g. master batch records).

 

		25.2.	Licences
                                         and Certificates: IDT will ensure that any and all permits, licences, registrations,
                                         and approvals required by Applicable Laws and Regulations in connection with the Manufacture
                                         of the Product hereunder have been obtained and that such permits, licences, registrations,
                                         and approvals will be maintained during the Term of this Agreement. IDT will maintain
                                         the IDT Facility in a state of repair and operating efficiency consistent with industry
                                         standard practices and all Applicable Laws and Regulations.

 

		25.3.	Communications
                                         with Regulatory Authorities: Without undue delay but in any event within [***] of
                                         any contact with, or after receipt of any communication from, a Regulatory Authority
                                         that may be reasonably expected to affect the Manufacture of the Product or the performance
                                         of Services hereunder, including in connection with an audit by said Regulatory Authority
                                         of the IDT Facilities, each Party shall forward to the other Party a copy or description
                                         of the same and shall confer with the other Party with respect to the best means to comply
                                         with any new or modified requirements of such Regulatory Authority. IDT shall provide
                                         Valneva with a copy of all draft responses for comment as soon as possible and shall
                                         consider Valneva’s comments in good faith. Valneva shall submit any comments on
                                         said draft responses within [***] or within such longer period as agreed by the Parties.
                                         In case Valneva receives questions and queries from a Regulatory Authority concerning
                                         IDT, Valneva shall forward to IDT such questions and queries and IDT shall respond as
                                         soon as possible at Valneva’s costs which fees are set forth in the Part D “Additional
                                         Services”.

 

		25.4.	Documentation:
                                         IDT will maintain complete and accurate documentation of all quality control procedures
                                         and any other data required under applicable GMP and other requirements of any Regulatory
                                         Authority in connection with the Manufacturing, storage, and Shipment of Product. IDT
                                         will provide Valneva with copies of such documentation in English language and in accordance
                                         with the terms of the QAA or otherwise upon Valneva’s Request.

 

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		25.5.	Regulatory
                                         Authority Inspection: IDT will permit Regulatory Authorities to conduct inspections
                                         relating to the Product and will cooperate fully in connection with such inspections
                                         pursuant to applicable provisions of the QAA.

 

With
respect to any such Regulatory Authority inspection that relates solely to the Product, IDT will invoice to Valneva a fee equal
to [***] and [***]. IDT shall Notify Valneva of the results of the inspection within a reasonable period after receipt of such
results.

 

		25.6.	Regulatory
                                         Authority Change: In the event that any Regulatory Authority requires Valneva to
                                         change the Product Specification, IDT shall use Commercially Reasonable Efforts to accommodate
                                         any Request from Valneva relating thereto which change will be set forth in a formal
                                         amendment to the relevant Product Schedule. In the event that any Regulatory Authority
                                         requires IDT to change the Facilities or any process or activity that affects the Manufacture
                                         of the Product, Valneva shall use Commercially Reasonable Efforts to accommodate any
                                         Notice from IDT relating thereto. Unless otherwise provided in the Product Schedule,
                                         the costs incurred and fees charged of any such change shall be borne by the Party requesting
                                         the change, provided, however, that the costs of any change of IDT’s Facilities
                                         required by any Regulatory Authority in connection with any submission for Regulatory
                                         Approval by Valneva or otherwise relating to activities of Valneva or affecting matters
                                         other than general, not Product related GMP shall be the responsibility of Valneva.

 

		25.7.	Right
                                         of Audit: Valneva or its representatives shall have the right, upon reasonable advance
                                         Notice and during IDT’s normal business hours, to perform due diligence on the
                                         IDT Facilities including on-site audit of the IDT Facilities, which audit will cover
                                         Valneva Materials, Other Materials, Equipment and other Valneva Product (including intermediates
                                         relating thereto), operations, quality systems, EHS systems and Manufacturing Process
                                         and any and all records and documentation relating to the Products and Manufacturing
                                         Process solely to ascertain compliance with the terms of this Agreement, QAA and the
                                         respective Product Schedule. Valneva, solely at its own cost and expense, will also have
                                         the right, subject to IDT’s Consent and at a mutually agreeable time, to conduct
                                         general inspections for “mock” pre-approval audits upon reasonable Notice
                                         to IDT, and the Parties agree to cooperate in such “mock audits” prior to
                                         Regulatory Approval of the Product(s).

 

Each
Party will disclose to the other Party all relevant findings resulting from any audit it performs hereunder.

 

		25.8.	Audit
                                         Fee: The Parties agree that Valneva shall pay IDT a fee for the pre-qualification
                                         audit, any Valneva audit which occur more frequently than [***], and any Third Party
                                         audits. Such fee shall be at a rate of [***].

 

26.        
Corrective and Preventative Action

 

		26.1.	Corrective
                                         and Preventative Action: If any findings arising out of an audit performed by Valneva
                                         or its authorized agents related to the Product require Corrective and Preventative Action
                                         (“CAPA”), IDT will develop a plan and determine the appropriate CAPA
                                         for implementation. IDT will share such plan and CAPA with Valneva and the Parties will
                                         discuss corrective measures and fees, if applicable, in good faith.

 

     Page | 31

     

    

 

		26.2.	Disagreements:
                                                                                                                                                                                                                                  If there is any disagreement regarding audit findings, proposed CAPA and/or implemented CAPA, or whether a CAPA is
                                                                                                                                                                                                                                  required or whether a proposed CAPA adequately addresses an audit finding, the quality assurance representatives of Valneva
                                                                                                                                                                                                                                  and IDT will attempt in good faith to resolve any such disagreement. If the foregoing discussions do not resolve the
                                                                                                                                                                                                                                  disagreement in a reasonable time (which will not [***]) the matter shall be decided by the IDT QP.

 

27.        
Person-in-Plant

 

		27.1.	Person
                                         in Plant: Upon the Request of Valneva, and with the related costs, expenses and IDT
                                         fees to be borne by Valneva as set forth in the Part D “Additional Services”,
                                         IDT shall permit one (1) named employee of Valneva, its Affiliates or its designee (the
                                         “Valneva Representative”) to be present at such areas of the IDT Facilities
                                         where the Product is Manufactured, during normal working hours, it being understood that
                                         the PIP does not have access to the clean rooms. IDT shall provide the Valneva Representative
                                         with reasonable office space (including necessary furniture and Internet access) within
                                         the IDT Facilities during the Term. For clarity, any named employee of Valneva, its Affiliates
                                         or its designee that is supporting IDT, upon request by IDT, in the Manufacture of Product(s)
                                         shall not be included in the definition of a “Valneva Representative” and
                                         IDT shall consequently not charge any fees to such supporting representative of Valneva.

 

		27.2.	Scope:
                                                                                                                                                                                                                                  Notwithstanding the foregoing, the scope of the activities of the Representative shall be limited to:

 

27.2.1.       
observing and monitoring the Services;

 

27.2.2.       
reviewing the Raw Materials, Valneva Materials, Equipment and work-in-progress relating to the Manufacture of Product;

 

27.2.3.       
inspecting records (excluding any financial records) that IDT is required to keep and to make available to Valneva in accordance
with the QAA and this Agreement; and

 

27.2.4.       
participating in discussions between the Parties relating to Valneva’s requirement of Product, scheduling of the Manufacture
and Delivery of Product.

 

28.        
Continuous Improvement and Change Procedure

 

		28.1.	Regulatory
                                         Changes, Improvements, Efficiencies and Savings: Both Parties shall in the course
                                         of the Manufacturing of Products and performance of related Services inform the other
                                         Party of any efficiencies, savings and environmental improvements, including but not
                                         limited to improvements to the Manufacture of the Product (“Improvement”).
                                         In case one Party suggests an Improvement, the other Party shall take such Improvement
                                         into consideration and, if applicable, subject to an amendment to this Agreement, the
                                         QAA or the Product Schedule, use Commercially Reasonable Efforts to implement such an
                                         Improvement. In case any Regulatory Authority requests a change, such change shall be
                                         implemented by IDT upon Valneva’s request.

 

     Page | 32

     

    

 

		28.2.	Change
                                         Procedure: Any Improvement or change (e.g. changes to the Product or the Manufacturing
                                         process, Manufacturing facilities or sub-contractors or materials used by IDT to Manufacture
                                         the Product) shall be subject to the change control procedure set out in
                                         the QAA prior to implementation. 

 

		28.3.	Costs
                                         of Change: All costs for any change of, especially but not limited to, the Manufacturing
                                         process, Manufacturing facilities, sub-contractors or materials shall be discussed in
                                         good faith between the Parties, it being understood that, as a general rule, the costs
                                         of such change shall be distributed as follows:

 

28.3.1.                       
[***];

 

28.3.2.                       
[***];

 

28.3.3.                       
[***]; or

 

		28.4.	Benefits
                                         of Change: [***].

 

     Page | 33

     

    

 

PART
C: DEFINITIONS

 

Definitions:
In this Agreement:

 

	Affiliate	means,
    with respect to a Party, any Person that Controls, is Controlled by or is under common Control with such Party from time to
    time.
	Agreement	has
    the meaning set out in the preamble of this Agreement.
	Applicable
    Laws and Regulations	means
    all national, supra-national, federal, state, local, foreign or provincial laws, rules, directives, regulations, including
    but not limited to GMP as well as any guidance, guidelines and requirements of any Regulatory Authorities, including but not
    limited to export controls and economic sanctions, and any established industry
    codes of practice, in effect from time to time applicable to the activities performed by IDT under this Agreement.
	Arbitration
    Notice	has
    the meaning set out in Clause 22.12.3.
	Arbitrators	has
    the meaning set out in Clause 22.12.3.
	Batch	has
    the meaning set forth in each respective Product Schedule.
	Commercially
    Reasonable Efforts	means
    with respect to the obligations of a Party under this Agreement, that level of efforts which would typically be required to
    carry out such obligations in a diligent, expeditious and sustained manner using efforts and resources, including reasonably
    necessary personnel and financial resources, companies of comparable size and resources typically devote to similar obligations.
	Background
    IP	means
    all Intellectual Property, results, data, inventions and information necessary to perform the activities under the Agreement
    (i) owned by a Party (or owned by a Third Party licensor but licensed to a Party with the right to disclose or sub-license)
    prior to the date that the Product Schedule comes into effect or (ii) developed by a Party during the Term independently of
    the Services performed under a Product Schedule and without the use of or reliance upon the other Party’s Intellectual
    Property or Confidential Information. Background IP may be specified in the Product Schedule.
	Business
    Day	means
    any Monday, Tuesday, Wednesday, Thursday or Friday that is not a public holiday in Austria or Saxony-Anhalt, Germany.
	Capacity	has
    the meaning set out in Clause 1.2.
	Capacity
    Reservation	has
    the meaning set out in Clause 1.2.
	Capacity
    Reservation Fee	has
    the meaning set out in Clause 1.2.
	Certificate
    of Analysis	means
    the certificate of analysis to accompany all cGMP-manufactured Product delivered to Valneva as set out in the QAA.
	GMP	Shall
    have the same meaning as defined in the QAA.
	Change
    in Law 	means
    any change in any Applicable Laws and Regulations that: (i) impacts on the Product, (ii) comes into force after the date that
    the Product Schedule came into effect, and (iii) was not known about, and could not reasonably have been known about, before
    that date.

 

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	Change
    of Corporate Control	means
    with respect to a Party an event in which: (i) any other Person or group of Persons acquires Control of such Party, or (ii)
    the Party enters into a merger, consolidation or similar transaction with any other Person or group of Persons in which such
    Party is not the surviving entity.
	Confidential
    Information	means
    any and all data and information, whether or not marked as “confidential” and/or “proprietary” including
    results relating to the Product(s), any Manufacturing process, and/or to processes or cell lines, of a confidential nature
    not generally known to the public before its disclosure that is learned, created by, disclosed to or becomes known by a Party
    under this Agreement, whether disclosed in written, oral, electronic or any other form, including Know-How, operational methods,
    processes, formulae, samples, cell banks, Product Specification(s), analytical methods as well as any details of commercial,
    business, technical, pharmaceutical, scientific and industrial nature, and also business plans and strategy, research and
    development including but not limited to pre-clinical studies and current and future clinical trials, relationships with Third
    Parties, technology, Trade Secrets, Intellectual Property rights, know-how, proprietary information, inventions (whether or
    not patentable), patent applications, licenses, software, programs, prototypes, designs, analysis codes, discoveries, techniques,
    methods, ideas, concepts, data, engineering and manufacturing information, diagrams, drawings, schematics, blue prints, parts
    lists, and samples, and financial information, and also the confidential information of any Third Party which is lawfully
    disclosed by or on behalf of a Party to the other Party. The cell lines are proprietary to Valneva and used in the Shipment
    of Products and the performance of related Services and constitute Confidential Information of Valneva. 
	Control	means:
    (i) to possess, directly or indirectly, the power to direct the management or policies of a Person, whether through ownership
    of voting securities or by contract relating to voting rights or corporate governance, or (ii) to own, directly or indirectly,
    fifty percent (50%) or more of the outstanding voting securities or other ownership interest of such Person, or (iii) in the
    case of a partnership, control of the general partner, and “Controls” and “Controlled”
    shall be construed accordingly.
	Dispute	has
    the meaning set out in Clause 22.12.2.
	Documents	means
    reports, research notes, charts, graphs, comments, computations, analyses, recordings, photographs, paper, notebooks, books,
    files, ledgers, records, tapes, discs, diskettes, CD-ROM, computer programs and documents, computer information storage means,
    samples of material, other graphic or written data and any other media on which Know-How can be stored.

 

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	Effective
    Date	has
    the meaning set out in the preamble of this Agreement.
	EMA	means
    the European Medicines Agency.
	FDA	means
    the USA Food and Drug Administration.
	FMD	has
    the meaning set out in Clause 28.
	Firm
    Order	has
    the meaning set forth in Clause 3.
	Force
    Majeure 	means
    any unforeseeable, exceptional situation or event beyond the control of the Parties that prevents either of them from fulfilling
    any of their obligations under this Agreement and/or any Product Schedule. The situation or event must not be attributable
    to a breach of this Agreement or any Product Schedule on the part of the Parties or on the part of its subcontractors. Such
    events include fires, floods, earthquakes, hurricanes, embargoes, shortages, epidemics, quarantines, war, acts of war (whether
    war be declared or not), terrorist acts, insurrections, riots, civil commotion, strikes, lockouts, or other employment disturbances
    (whether involving the workforce of the non-performing party or of any other person) or acts, omissions or delays in acting
    by any governmental authority.
	Forecast	has
    the meaning set forth in Clause 2.1.
	IDT	has
    the meaning set out in the preamble of this Agreement.
	IDT
    Forecast	has
    the meaning set forth in Clause 8.1.
	IDT
    Indemnitees	has
    the meaning set out in Clause 17.1.
	IDT
    Information	means
    all data and information related to or comprised in Intellectual Property, as well as other proprietary or confidential information
    in relation to IDT’s general business operations and Manufacturing processes and trade secrets, which is owned or controlled
    by IDT or its Affiliates and which IDT or its Affiliates are entitled to disclose.
	IDT
                                         QP Release Statement

         
	means
    a statement or certificate signed by the IDT QP, confirming that the Manufacturing of Product described therein has been performed
    in accordance with the Manufacturing Specifications.
	Improvement	means
    any invention, improvement, discovery, extension of Know-How, upgrading or modification and all other Intellectual Property
    rights (whether patentable or not) arising during this Agreement made, generated, developed or arising from, or related directly
    or indirectly to, the Confidential Information. Improvements include any manufacturing processes, any new indication, dosage
    forms, formulations or delivery systems, but exclude Inventions;
	Ineligible
    Person	has
    the meaning set out in Clause 24.
	Insolvency
    Event	means
    that a Party: (i) suspends, or threatens to suspend, payment of its debts or is unable to pay its debts as they fall due,
    (ii) is the subject of a petition, notice, resolution or order for its winding up, (iii) has an administrator, administrative
    receiver or receiver appointed over it or its assets or is the subject of any formal step taken as part of the process of
    making such an appointment, (iv) has assets that a creditor or encumbrancer has attached or taken possession of, or in respect
    of which a distress, execution, sequestration or other such process is levied or enforced on or sued against, or (v) is subject
    to any similar event or proceeding in any jurisdiction.

 

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	Intellectual
    Property 	means
    Know-How, Patent Rights, trademarks, service marks, trade names, design rights, copyright (including rights in computer software)
    and any similar or equivalent rights or property or forms of protection in any part of the world, whether registered or not,
    together with the right to apply for the registration of any such rights.
	Invention	means
    any invention, improvement, discovery, extension of Know-How, upgrading or modification and all other Intellectual Property
    (whether patentable or not) arising during this Agreement made, generated, developed or arising from, or related directly
    or indirectly to each Product Schedule. 
	JSC	means
    the joint steering committee established by the Parties in accordance with Clause 1.7.
	Know-How	means
    technical information, data and other information which is not in the public domain including: (i) information comprising
    or relating to concepts, discoveries, data, designs, formulae, ideas, inventions, methods, models, assays, research plans,
    procedures, designs for experiments and tests and results of experimentation and testing (including results of research or
    development), processes (including manufacturing processes, specifications and techniques), laboratory records, chemical,
    pharmacological, toxicological, clinical, analytical and quality control data, trial data, case report forms, data analyses,
    reports, manufacturing data or summaries, (ii) practices and instructions of, and scientific, analytical and technical data
    and studies for, synthesis, manufacturing, pharmaceutical processing, formulation, packaging, labelling, storage and transportation,
    and (iii) non-clinical and clinical data and studies. Know-How includes Documents containing Know-How. The fact that an item
    is known to the public shall not be taken to exclude the possibility that a compilation including the item, and/or a development
    relating to the item, is not known to the public. Know-How includes any rights including trade secrets, copyright, database
    or design rights protecting such Know-How.
	Latent
    Defect	defects
    which could not have been ascertained by Valneva by the exercise of reasonable diligence.
	Losses	means
    any and all liabilities, claims, demands, causes of action, damages (included but not limited to damages caused by the handling
    and storage), loss, costs and expenses, including interest, penalties, reasonable professional fees and reasonable lawyers’
    fees on a solicitor client basis together with disbursements.

 

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	Manufacture
    or Manufacturing or Manufactured 	shall
    mean all operations in the manufacture  of the Product to Valneva hereunder in accordance with the Specifications, the
    relevant Product Schedule,  this Agreement and the QAA.
	Non-Conformance	means
    any non-compliance of the Products with the Product Specifications, or Product not Manufactured in accordance with GMP, as
    specified in this Agreement, the Product Schedule, and/or the QAA.
	Obvious
    Defect	Defects,
    including but not limited to damages to, and shortages of Product Shipped, which may be ascertained by visual inspection by
    Valneva on receipt of the Product by the exercise of reasonable diligence.
	Other
    Materials	means
    materials that IDT shall procure which are required in order to perform its obligations in accordance with the terms of this
    Agreement and any Product Schedule. 
	Parties	means
    Valneva and IDT, and “Party” means either of Valneva or IDT.
	Patent
    Rights	mean
    patent applications and patents (including but not limited to inventions, utility models and industrial designs), inventors’
    and authors’ certificates, improvement patents, and patents of addition and administrative protection (such as pipeline
    protection) and all foreign counterparts of them in any and all countries, and including any divisional applications and patents,
    re-filings, renewals, continuations, continuations-in-part, extensions (including patent term extensions), reissues, re-examinations,
    substitutions, confirmations, registrations, revalidation, importation and additions, and any equivalents in any and all countries,
    as well as any supplementary protection certificates and equivalent protection rights in respect of any of them in any and
    all countries.
	Person	means
    an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited
    liability company, business trust, joint stock company, trust, incorporated association, joint venture or similar entity or
    organization, including a Regulatory Authority.
	Price	means
    the amount payable from time to time for a Product, as determined in accordance with the terms of this Agreement and the relevant
    Product Schedule.
	Product	means
    the product to be Manufactured by IDT under this Agreement and as described in greater detail in the relevant Product Schedule.
	Product
    Schedule	means
    a schedule completed and entered into between the Parties for the Manufacture, Release and Shipment of a validated Product,
    
	Purchase
    Order	means
    a purchase order with a unique number issued by Valneva (or an Affiliate of Valneva) stating quantities of the Product that
    Valneva commits to purchase from IDT and IDT commits to Manufacture and Deliver to Valneva and the required Delivery date.
	QAA	means
    the Quality Assurance Agreement entered into by the Parties and/or their Affiliates from time to time, or where a quality
    assurance agreement has not been entered into, the agreed specification and quality requirements relating to a Product.

 

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	Regulatory
    Authority	means
    FDA, MHRA and EMA or any court or government body, whether national, supra-national, federal, state, local, foreign or provincial,
    including any political subdivision, including any department, commission, board, bureau, agency, or other regulatory or administrative
    governmental authority or instrumentality, and further including any quasi-governmental person or entity exercising the functions
    of any of these in each case having jurisdiction in any country or other jurisdiction in which the applicable Product is Manufactured,
    distributed, marketed, or sold as are expressly set forth in the Product Schedule.
	Release	means
    the time when the IDT QP signs the IDT QP Release Statement.
	Services	has
    the meaning set out in Clause 4.1.
	Shipment
    or Ship or Shipped	means
    Product shipped, or the shipment of Product fulfilling the requirements of the agreed upon Incoterm. 
	Specifications	means
    the procedures, requirements, standards, quality control testing and other data and
    the scope of Services set forth in (i) the master batch record and/or master packaging batch record applicable to the
    Product, (ii)  the QAA, (iii) the Products Schedule, and (iv) any additional
    specifications.
	Taxes
    or Tax	has
    the meaning set out in Clause 14.1.
	Term	has
    the meaning set out in Clause 19.1.
	Third
    Party 	means
    any Party other than Valneva, IDT or their respective Affiliates.
	Trade
    Secrets	means
    the trade secrets listed in a Product Schedule, as amended from time to time.
	Valneva
    Equipment	means
    capital equipment 1) supplied by Valneva to IDT, or 2) purchased by IDT and paid by Valneva, necessary for the Manufacture
    of the Product or the performance of the Services.
	Valneva
    Indemnitee	has
    the meaning set out in Clause 17.2.
	Valneva
    Information	means
    all data and information related to or comprised in Intellectual Property as well as other proprietary or confidential information
    in relation to Valneva’s and its Affiliates’ general business operations, technology and products, the Product
    or their Manufacture or packaging, or trade secrets which is owned or controlled by Valneva or its Affiliates and which Valneva
    or its Affiliates are entitled to disclose.
	Valneva
    Materials	means
    any materials supplied by Valneva and/or its Affiliates and/or its agents to IDT for use exclusively in performing the Manufacturing
    of Product(s) and performing the Services, as listed in each respective Product Schedule. 

 

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PART
D: ADDITIONAL SERVICES

 

	Item
    	Description	Service
    Fee per Order Unit in €	Order
    Unit	Remarks
	1	[***]	 	 	 
	 	[***]	[***]	[***]	 
	 	[***]	[***]	[***]
	 	[***]	[***]	[***]	 
	 	[***]	[***]	[***]	 
	2	[***]	[***]	 
	3	[***]	[***]	 	 
	4	[***]	[***]	 
	5	[***]	[***]	 
	6	[***]	[***]	 
	7	[***]	[***]	[***]
	9	[***]	[***]	 
	9	[***]	[***]	 

 

     Page | 40

     

    

 

The
services and related costs set forth herein are in addition to the Manufacturing and related Services under this Agreement and
the Product Schedule.

 

     Page | 41

     

    

Execution

 

This
Agreement is executed as of the Effective Date by the authorized representatives of the Parties.

 

	SIGNED
                                         for and on behalf of 

         

        Valneva
        Austria GmbH

        
	SIGNED
                                         for and on behalf of

         

        IDT
        Biologika GmbH

	Date:	 	29
    November 2021	Date:	 	26
    November 2021
	By:	 	 	By:	 	 
	Name:	 	[***]	Name:	 	[***]
	Title:	 	[***]	Title:	 	[***]

 

	Date:	 	29
    November 2021	 	 	 
	By:	 	 	 	 	 
	Name:	 	[***]	 	 	 
	Title:	 	[***]	 	 	 

 

     Page | 42

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