Document:

EX-10.1

 Exhibit 10.1 

Execution Copy 
 [***] = 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. 

RESEARCH COLLABORATION AND LICENSE AGREEMENT 

by and between 
 PFIZER INC.

 and 
 VALNEVA
AUSTRIA GMBH 
 April 29, 2020 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1. DEFINITIONS
	  	 	1	 
	 2. LICENSE GRANTS AND TECHNOLOGY TRANSFER
	  	 	13	 
	 2.1
	 	Exclusive License from Valneva to Pfizer	  	 	13	 
	 2.2
	 	Non-Exclusive License from Valneva to Pfizer	  	 	14	 
	 2.3
	 	Pfizer Sublicensees	  	 	14	 
	 2.4
	 	Direct Licenses to Affiliates	  	 	14	 
	 2.5
	 	Non-Exclusive License from Pfizer to Valneva	  	 	14	 
	 2.6
	 	Reciprocal Non-Exclusive Research License for Disclosed Know-How and Confidential Information	  	 	14	 
	 2.7
	 	Right of Reference	  	 	15	 
	 2.8
	 	Exclusivity	  	 	15	 
	 2.9
	 	No Implied Rights	  	 	15	 
	 2.10
	 	Safe Harbor	  	 	15	 
	 2.11
	 	Initial Data Transfer	  	 	15	 
	 2.12
	 	Samples of Tangible Materials	  	 	15	 
	 2.13
	 	Continuing Disclosure and Knowledge Transfer	  	 	15	 
	 2.14
	 	Clinical Data Transfer	  	 	16	 
	 2.15
	 	Technology Transfer Plan	  	 	16	 
	 3. PAYMENTS AND COST SHARING
	  	 	16	 
	 3.1
	 	Up-Front Payment	  	 	16	 
	 3.2
	 	Development Program Expenses	  	 	16	 
	 3.3
	 	Development Payments	  	 	17	 
	 3.4
	 	Royalty Payments	  	 	17	 
	 3.5
	 	Reports and Payments	  	 	19	 
	 3.6
	 	No Guarantee of Success	  	 	21	 
	 4. DEVELOPMENT PLAN
	  	 	22	 
	 4.1
	 	Scope of Development Plan	  	 	22	 
	 4.2
	 	Allocation of Responsibilities	  	 	22	 
	 4.3
	 	Governance	  	 	23	 
	 4.4
	 	Development Plan Expenses	  	 	25	 
	 5. PRODUCT DEVELOPMENT AND COMMERCIALIZATION
	  	 	26	 
	 5.1
	 	General	  	 	26	 
	 5.2
	 	Valneva Phase 2 Clinical Trials	  	 	26	 
	 5.3
	 	Diligence	  	 	26	 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 5.4
	 	Regulatory Matters	  	 	28	 
	 5.5
	 	Commercialization Activities	  	 	28	 
	 5.6
	 	Manufacturing	  	 	28	 
	 5.7
	 	Progress Reporting	  	 	29	 
	 5.8
	 	Other Pfizer Programs	  	 	29	 
	 6. INTELLECTUAL PROPERTY
	  	 	29	 
	 6.1
	 	Ownership of Development Program Technology	  	 	29	 
	 6.2
	 	Patent Rights	  	 	29	 
	 6.3
	 	Enforcement and Defense of Know-How	  	 	35	 
	 7. CONFIDENTIALITY
	  	 	35	 
	 7.1
	 	Confidentiality	  	 	35	 
	 7.2
	 	Authorized Disclosure	  	 	35	 
	 7.3
	 	SEC and AMF Filings and Other Disclosures	  	 	36	 
	 7.4
	 	Public Announcements; Publications	  	 	37	 
	 7.5
	 	Obligations in Connection with Change of Control	  	 	37	 
	 8. REPRESENTATIONS AND WARRANTIES
	  	 	37	 
	 8.1
	 	Mutual Representations and Warranties	  	 	37	 
	 8.2
	 	Mutual Covenants	  	 	38	 
	 8.3
	 	Representations and Warranties of Valneva	  	 	38	 
	 8.4
	 	Accuracy of Representations and Warranties	  	 	41	 
	 8.5
	 	Valneva Covenants	  	 	41	 
	 8.6
	 	Representation by Legal Counsel	  	 	42	 
	 8.7
	 	Disclaimer	  	 	42	 
	 9. GOVERNMENT APPROVALS; TERM AND TERMINATION
	  	 	43	 
	 9.1
	 	Antitrust Filing	  	 	43	 
	 9.2
	 	Termination Upon Antitrust Filing Denial	  	 	43	 
	 9.3
	 	Other Government Approvals	  	 	43	 
	 9.4
	 	Term	  	 	43	 
	 9.5
	 	Termination by Valneva	  	 	43	 
	 9.6
	 	Termination by Pfizer	  	 	44	 
	 9.7
	 	Effects of Termination	  	 	44	 
	 9.8
	 	Provision for Insolvency	  	 	46	 

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 10. LIMITATION ON LIABILITY, INDEMNIFICATION AND INSURANCE
	  	 	47	 
	 10.1
	 	No Consequential Damages	  	 	47	 
	 10.2
	 	Indemnification by Pfizer	  	 	47	 
	 10.3
	 	Indemnification by Valneva	  	 	48	 
	 10.4
	 	Procedure	  	 	48	 
	 10.5
	 	Insurance	  	 	49	 
	 11. MISCELLANEOUS
	  	 	49	 
	 11.1
	 	Assignment	  	 	49	 
	 11.2
	 	Change of Control of Valneva	  	 	50	 
	 11.3
	 	Further Actions	  	 	50	 
	 11.4
	 	Force Majeure	  	 	50	 
	 11.5
	 	Interpretation	  	 	50	 
	 11.6
	 	Notices	  	 	50	 
	 11.7
	 	Amendment	  	 	51	 
	 11.8
	 	Waiver	  	 	51	 
	 11.9
	 	Severability	  	 	51	 
	 11.10
	 	Descriptive Headings	  	 	51	 
	 11.11
	 	Global Trade Control Laws	  	 	52	 
	 11.12
	 	Dispute Resolution	  	 	52	 
	 11.13
	 	Governing Law	  	 	53	 
	 11.14
	 	Consent to Jurisdiction and Venue	  	 	53	 
	 11.15
	 	Entire Agreement	  	 	53	 
	 11.16
	 	Independent Contractors	  	 	53	 
	 11.17
	 	Counterparts	  	 	53	 
	 11.18
	 	No Third Party Rights or Obligations	  	 	53	 

 EXHIBITS 
  

			
	Exhibit A        	  	 Development Budget

	Exhibit B	  	 Development Plan

	Exhibit C	  	 Pfizer’s Anti-Bribery and Anti-Corruption Practices

	Exhibit D	  	 Technology Transfer Plan

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 TABLE OF CONTENTS 

(continued) 
  

 SCHEDULES 
  

					
	 	  	 	  	Page
	Schedule 3.4.1    	  	Marginal Royalty Rate Calculation Example	  	
	Schedule 8.3.1	  	Exceptions to Valneva’s Exclusive Ownership of Valneva Technology	  	
	Schedule 8.3.3	  	Vaccines Existing as of the Execution Date	  	    
	Schedule 8.3.4	  	Valneva Patent Rights Existing as of the Execution Date	  	

  

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 RESEARCH COLLABORATION AND LICENSE AGREEMENT 

This Research Collaboration and License Agreement (the “Agreement”) is entered into as of April 29, 2020 (the
“Execution Date”), by and between Pfizer Inc., a corporation organized and existing under the laws of Delaware and having a principal place of business at 235 East 42nd Street, New York, New York 10017 (“Pfizer”)
and Valneva Austria GmbH, a company organized and existing under the laws of Austria and having a principal place of business at Campus Vienna Biocenter 3, 1030 Vienna, Austria (“Valneva”). Pfizer and Valneva may each be referred to
herein individually as a “Party” and collectively as the “Parties.” 
 WHEREAS, Valneva Controls (as
defined below) certain patents, patent applications, technology, know-how, scientific and technical information and other proprietary rights and information relating to the identification, research and
development of Vaccines (as defined below); 
 WHEREAS, Pfizer has extensive experience and expertise in the development and
commercialization of pharmaceutical and biopharmaceutical products; 
 WHEREAS, subject to the terms of this Agreement, Valneva wishes to
grant to Pfizer, and Pfizer wishes to receive from Valneva, an exclusive license in the Field (as defined below) in the Territory (as defined below) under Valneva’s patents, patent applications, technology,
know-how, scientific and technical information and other proprietary rights and information relating to Vaccines and Products to use, research, develop, manufacture and commercialize Vaccines and Products;

 WHEREAS, Pfizer and Valneva wish to engage in collaborative clinical development pursuant to the Development Plan (as defined below) to
Products (as defined below) to be advanced through clinical trials and commercialized by Pfizer; and 
 WHEREAS, subject to the terms of
this Agreement, Valneva wishes to grant to Pfizer, and Pfizer wishes to receive from Valneva, an exclusive license in the Field under Valneva’s patents, patent applications, technology, know-how,
scientific and technical information and other proprietary rights and information relating to Vaccines and Products to use, research, develop, manufacture, commercialize and otherwise exploit Vaccines and Products; 

NOW THEREFORE, in consideration of the mutual promises and covenants set forth below and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows: 
 1. DEFINITIONS 

As used in this Agreement, the following terms will have the meanings set forth below: 

1.1 “ACIP” means the Advisory Committee on Immunization Practices established under Section 222 of the Public Health
Service Act (42 U.S.C. §217a), as amended. 
 1.2 “Affiliate” means any entity directly or indirectly controlled by,
controlling, or under common control with, a Person, but only for so long as such control will continue. For purposes of this definition, “control” (including, with correlative meanings, “controlled by”, “controlling”
and “under common control with”) means (a) possession, direct or indirect, of the power to direct or cause direction of the management or policies of an entity (whether through ownership of securities or other ownership interests, by
contract or otherwise), or (b) beneficial ownership of more than 50% (or the maximum ownership interest permitted by applicable Law) of the voting securities or other ownership or general partnership interest (whether directly or pursuant to
any option, warrant or other similar arrangement) or other comparable equity interests of an entity; provided, however, that where an entity owns a majority of the voting power necessary to elect a majority of the board of directors or
other governing board of another entity, but is restricted from electing such majority by contract or otherwise, such entity will not be considered to be in control of such other entity until such time as such restrictions are no longer in effect.

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 1.3 “Antitrust Clearance Date” means the earliest date on which the Parties
have actual knowledge that all applicable waiting periods under the HSR Act and any Foreign Antitrust Laws with respect to consummation of the transactions contemplated hereunder have expired or have been terminated. 

1.4 “Bankruptcy Code” means Section 101(35A) of Title 11 of the United States Code, as amended. 

1.5 “Binding Obligation” means, with respect to a Party (a) any oral or written agreement or arrangement that binds or
affects such Party’s operations or property, including any assignment, license agreement, loan agreement, guaranty, or financing agreement, (b) the provisions of such Party’s charter, bylaws or other organizational documents or
(c) any order, writ, injunction, decree or judgment of any court or Governmental Authority entered against such Party or by which any of such Party’s operations or property are bound. 

1.6 “Biologics License Application” or “BLA” means an application requesting permission from the FDA to
introduce, or deliver for introduction, a biological product into interstate commerce, or any similar application or submission for marketing authorization of a product filed with a Regulatory Authority to obtain Regulatory Approval for such product
in a country or group of countries. 
 1.7 “Biosimilar Notice” means a copy of any application submitted by a Third Party to
the FDA under 42 U.S.C. § 262 (K) of the Public Health Service Act (or, in the case of a country of the Territory outside the United States, any similar law) for Regulatory Approval of a biopharmaceutical product, which application identifies a
Licensed Product as the Reference Product with respect to such product, and other information that describes the process or processes used to manufacture the biopharmaceutical product. 

1.8 “Biosimilar Version” means, with respect to a Product that is being sold in a country or regulatory jurisdiction in the
Territory (the “Reference Product”), a biopharmaceutical product sold by a Third Party (other than a Third Party acting on behalf of or in concert with Pfizer or any Pfizer Affiliate or Sublicensee or assignee) in such country or
regulatory jurisdiction in the Territory that through reference to the Regulatory Approval of the Reference Product, is eligible for and has achieved Regulatory Approval in such country or regulatory jurisdiction pursuant to an abbreviated follow-on biological approval pathway established by the Regulatory Authority in such country or regulatory jurisdiction pursuant to the applicable Law, or otherwise is approved for marketing and sale in such
country or regulatory jurisdiction by an abridged procedure in reliance, in whole or in part, on the prior Regulatory Approval of the Reference Product or on the safety and efficacy data generated for the prior Regulatory Approval (in such country
or regulatory jurisdiction) of the Reference Product, including any such biopharmaceutical product that (i) with respect to such biopharmaceutical product in the United States, has been approved as a biosimilar or interchangeable product by the
FDA pursuant to 42 U.S.C. § 262 of the Public Health Service Act, (ii) with respect to such biopharmaceutical product subject to the regulatory jurisdiction of the EMA, has been approved as a similar biological medicine product by EMA as
described in CHMP/437/04, issued 30 October 2005, as may be amended, or any subsequent or superseding law, statute or regulation or (iii) with respect to such biopharmaceutical product outside the United States and in a country which is
not subject to the regulatory jurisdiction of the EMA, has otherwise obtained Regulatory Approval from a Regulatory Authority pursuant to similar statutory or regulatory requirement as that described in the foregoing subsections (i) and (ii) in
such other country or regulatory jurisdiction in the Territory. 
 1.9 “Business Day” means a day other than a Saturday,
Sunday or bank or other public holiday in New York, New York. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 1.10 “Calendar Quarter” means the respective periods of three consecutive
calendar months ending on March 31, June 30, September 30 and December 31. 
 1.11 “Calendar Year” means any
twelve (12) month period beginning on January 1 and ending on the next subsequent December 31. 
 1.12 “Change of
Control” means, with respect to a Party (a) the acquisition of beneficial ownership, directly or indirectly, by any Person (other than such Party or an Affiliate of such Party, and other than by virtue of obtaining irrevocable or other
proxies) of securities or other voting interest of such Party representing a majority or more of the combined voting power of such Party’s then outstanding securities or other voting interests, (b) any merger, reorganization, consolidation
or business combination involving such Party with a Third Party that results in the holders of beneficial ownership (other than by virtue of obtaining irrevocable proxies) of the voting securities or other voting interests of such Party (or, if
applicable, the ultimate parent of such Party) immediately prior to such merger, reorganization, consolidation or business combination ceasing to hold beneficial ownership of at least fifty percent (50%) of the combined voting power of the surviving
entity immediately after such merger, reorganization, consolidation or business combination, (c) any sale, lease, exchange, contribution or other transfer (in one transaction or a series of related transactions) of all or substantially all of
the assets of such Party to which this Agreement relates, other than a sale or disposition of such assets to an Affiliate of such party or (d) the approval of any plan or proposal for the liquidation or dissolution of such Party (other than in
circumstances where such Party is deemed a Debtor pursuant to section 9.8). 
 1.13 “Clinical Trial” mean a human clinical
study conducted on sufficient numbers of humans subjects that is designed to (a) established that a pharmaceutical product is reasonably safe for continued testing, (b) investigate the safety and efficacy of the pharmaceutical product for
its intended use, and to define warnings, precautions and adverse reactions that may be associated with the pharmaceutical product in the dosage range to be prescribed or (c) support Regulatory Approval of such pharmaceutical product or label
expansion of such pharmaceutical product. Without limiting the foregoing, Clinical Trial includes any Phase 2 Clinical Trial, Phase 3 Clinical Trial or Phase 4 Clinical Trial conducted by or on behalf of one or both Parties in connection with this
Agreement. 
 1.14 “Combination Product” means a Product containing a Vaccine and one or more other therapeutically or
prophylactically active ingredients and is sold either as a fixed dose/unit or as separate doses/units in a single package. 
 1.15
“Commercialize” or “Commercializing” means to (a) market, promote, distribute, offer for sale, sell, have sold, import, have imported, export, have exported or otherwise commercialize a Vaccine, Product or
diagnostic assay for a Product and (b) conduct discovery, pre-clinical, research or other Development activities with respect to a Vaccine, Product or diagnostic assay for a Product after such Vaccine,
Product or diagnostic assay for such Product has received Regulatory Approval. When used as a noun, “Commercialization” means any and all activities involved in Commercializing. 

1.16 “Commercially Reasonable Efforts” means, with respect to the efforts to be expended by a Party with respect to any
objective, those reasonable, good faith efforts to accomplish such objective as such Party would normally use to accomplish a similar objective under similar circumstances. With respect to any efforts relating to the Development, Regulatory Approval
or Commercialization of a Vaccine or Product by a Party, generally or with respect to any particular country in the Territory, a Party will be deemed to have exercised Commercially Reasonable Efforts if such Party has exercised those efforts
normally used by such Party, in the relevant country, with respect to a Vaccine or protein, product or product candidate, as applicable (a) of similar modality Controlled by such Party, or (b) (i) to which such Party has similar rights,
(ii) which is of similar market potential in such country, and (iii) which is at a similar stage in its development or product life cycle, as any Vaccine or Product, in each case, taking into account all Relevant Factors in effect at the
time such efforts are to be expended. Further, to the extent that the performance of a Party’s obligations hereunder is adversely affected by the other Party’s failure to perform 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 
its obligations hereunder, the impact of such performance failure will be taken into account in determining whether such Party has used its Commercially Reasonable Efforts to perform any such
affected obligations. Notwithstanding anything to the contrary contained herein, it is understood and agreed that, with respect to Pfizer, “Commercially Reasonable Efforts” will not take into account any amounts paid or payable to Valneva
under this Agreement. 
 1.17 “Compliance” means the adherence by the Parties in all material respects to all applicable
Laws and Party Specific Regulations, in each case with respect to the activities to be conducted under this Agreement. 
 1.18
“Confidential Information” means, with respect to each Party, all Know-How or other information, including proprietary information and materials (whether or not patentable) regarding or
embodying such Party’s or its Representatives’ technology, products, business information or objectives, that is communicated by or on behalf of the Disclosing Party to the Receiving Party or its permitted recipients, on or after the
Execution Date, but only to the extent that such Know-How or other information does not include any Know-How or other information that (a) was already known by the
Receiving Party (other than under an obligation of confidentiality to the Disclosing Party) at the time of disclosure by or on behalf of the Disclosing Party, (b) was generally available to the public or otherwise part of the public domain at
the time of its disclosure to the Receiving Party, (c) became generally available to the public or otherwise part of the public domain after its disclosure to the Receiving Party, other than through any act or omission of the receiving party in
breach of its obligations under this agreement, (d) was disclosed to the receiving party, other than under an obligation of confidentiality, by a Third Party who had no obligation to the disclosing party not to disclose such information to the
Receiving Party or (e) was independently discovered or developed by or on behalf of the receiving party without the use of any Disclosing Party. The terms and conditions of this Agreement will be considered Confidential Information of both
Parties. 
 1.19 “Control” or “Controlled” means with respect to any Intellectual Property Right or
material (including any Patent Right, Know-How or other data, information or material), the ability (whether by sole, joint or other ownership interest, license or otherwise, other than pursuant to this
Agreement) to, without violating the terms of any agreement with a Third Party, grant a license or sublicense or provide or provide access or other right in, to or under such Intellectual Property Right or material. 

1.20 “Copyright” means any copyright Controlled by Pfizer, which copyright pertains to the promotional materials and
literature utilized by Pfizer in connection with the Commercialization of Products in the Territory. 
 1.21 “Costs” means
both internal and external costs and expenses (including the cost of allocated FTEs at the FTE Rate), all calculated in accordance with GAAP or IFRS, as applicable. 

1.22 “Cover” means, with respect to a given Vaccine or Product and Patent Right, that a Valid Claim of such Patent Right
would, absent a license hereunder or thereunder or ownership thereof, be infringed by the sale, offer for sale, use, manufacture, having manufactured or importation of such Vaccine or Product. 

1.23 “Develop” or “Developing” means to discover, research or otherwise develop a process, Vaccine or
Product, including conducting non-clinical and clinical research and development activities prior to Regulatory Approval. When used as a noun, “Development” means any and all activities involved in
Developing. 
 1.24 “Development Budget” means the Development Budget attached hereto as Exhibit A, as it may be amended
from time to time pursuant to Section 4.3. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 1.25 “Development Costs” means, with respect to each Vaccine and associated
Product, the Costs listed below to the extent the same are incurred by a Party, on a country-by-country basis prior to Regulatory Approval in each such country (provided
that any Costs associated with closing out and completing activities set forth in the Development Plan and Development Budget that commenced prior to such applicable Regulatory Approval will be included in Development Costs), during the Agreement
Term and in connection with such Party’s performance under this Agreement, and, in each case, subject to the applicable Development Plan and Development Budget: 

1.25.1 all Costs associated with preparing, submitting and obtaining Regulatory Filings and Regulatory Approvals pertaining to such Product;

 1.25.2 all Internal Qualified Expenses or out-of-pocket
costs incurred by the Parties or their respective Affiliates in performing activities designated to the Parties under the Development Plan, as applicable (including, to the extent included in the applicable Development Plan, the Costs of any
development activities for clinical trials and related support to obtain Regulatory Approval for a Product and other lifestyle management activities, development of related devices, global medical affairs activities including observational research
and any economic value evidenced generation in support of reimbursement activities such as health technology assessment submissions); 

1.25.3 Costs of primary, secondary or tertiary packaging and labeling of Product with respect to Development of Vaccines and Products; 

1.25.4 Costs associated with Development, including stability testing and other chemistry, manufacturing and controls support costs; 

1.25.5 all Costs for other materials (such as placebo) obtained for use in Clinical Trials of or related to such Product; 

1.25.6 all Costs incurred in connection with prosecution and maintenance of Valneva Lyme Genus Patent Rights, Valneva VLA-15 Species Patent Rights and Pfizer Patent Rights in accordance with Section 6.2 (but not including (a) any in-house legal costs incurred by either Party, or
(b) Costs incurred by a Party in fulfilling its indemnification obligations hereunder; and 
 1.25.7 all Costs for Development
activities conducted by Third Parties to the extent permitted by and conducted in accordance with the Development Plan. 
 1.25.8 Development
Costs are exclusive of and do not include any Costs for which a Party is solely responsible under this Agreement. Except to the extent already included in Internal Qualified Expenses, Development Costs shall not include either Party’s Costs to
the extent they solely relate to activities associated with overseeing execution of and compliance with this Agreement. 
 1.26
“Development Event” means each Development event listed in the table that appears in Section 3.3. 
 1.27
“Development Plan” means the Development Plan attached hereto as Exhibit B, as it may be amended from time to time pursuant to Section 4.3. 

1.28 “Development Program Know-How” means any and all
Know-How, Vaccines and Products, whether or not patentable, made solely by or on behalf of either Party or its Representatives on and after the Effective Date during the Term in the conduct of activities under
the Development Plan or made jointly by or on behalf of (i) Valneva or its Representatives and (ii) Pfizer or its Representatives in the conduct of activities under the Development Plan. 

1.29 “Development Program Patent Rights” means any and all Patent Rights claiming or disclosing any invention included in
Development Program Know-How. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 1.30 “Development Program Technology” means the Development Program Patent
Rights and Development Program Know-How. 
 1.31 “Development Term” means the period
of time beginning on the Effective Date and expiring on completion of the Development Plan. 
 1.32 “Effective Date” means
the later of (a) the Execution Date, (b) if a determination is made pursuant to Section 9.2 that a notification of this Agreement is not required to be made under the HSR Act or under any antitrust, competition or other similar laws,
rules, regulations and judicial doctrines of jurisdictions other than the United States (“Foreign Antitrust Laws”), the date of such determination, or (c) if notification of this Agreement is required to be made under the HSR
Act or any Foreign Antitrust Laws, the Antitrust Clearance Date. 
 1.33 “EMA” means the European Medicines Agency or any
successor agency thereto. 
 1.34 “Exploit” means to Develop, Manufacture, Commercialize, use or otherwise exploit. Cognates
of the word “Exploit” will have correlative meanings. 
 1.35 “FD&C Act” means the United States Federal Food,
Drug, and Cosmetic Act, as amended, and the rules and regulations promulgated thereunder. 
 1.36 “FDA” means the United
States Food and Drug Administration or any successor agency thereto. 
 1.37 “Field” means all therapeutic, diagnostic and
prophylactic human and veterinary use. 
 1.38 “First Commercial Sale” means, with respect to any Product and with respect
to any country of the Territory, the first sale of such Product by Pfizer or an Affiliate or Sublicensee of Pfizer to a Third Party in an indication in the Field in such country after such Product has been granted Regulatory Approval by the
appropriate Regulatory Authority for such indication in such country. 
 1.39 “FTE” means, with respect to a person, the
equivalent of the work of one (1) employee full time for one (1) year (consisting of at least a total of [***] hours per year, or such other number as may be agreed to by the JDC). [***]. 

1.40 “FTE Rate” means, for the period commencing on the Effective Date until such time as the JDC agrees otherwise, [***] per
FTE. The FTE Rate shall be increased or decreased on each anniversary of the Effective Date by a percentage equivalent to [***]. The FTE Rate shall include costs of salaries, benefits, supplies, travel, other employee costs, and supporting general
and administration allocations. 
 1.41 “GAAP” means United States generally accepted accounting principles, consistently
applied. 
 1.42 “GCP” means the Good Clinical Practices officially published by EMA, FDA and the International Conference
on Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use (ICH) that may be in effect from time to time and are applicable to the testing of the Compounds. 

1.43 “Governmental Authority” means any court, agency, department, authority or other instrumentality of any national, state,
county, city or other political subdivision. 

  
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[***] = 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. 

 1.44 “Government Official”, to be broadly interpreted, means (a) any
elected or appointed government official (e.g.. a member of a ministry of health), (b) any employee or person acting for or on behalf of a government official. Governmental Authority, or other enterprise performing a governmental function,
(c) any political party, candidate for public office, officer, employee, or person acting for or on behalf of a political party or candidate for public office, and (d) any employee or person acting for or on behalf of a public
international organization (e.g., the United Nations). For clarity, healthcare providers employed by government-owned hospitals will be considered Government Officials. 

1.45 “Human Material” means cells, cell cultures, blood, fluids, tissues, genetic material and genetic information (including
data or results derived from DNA or RNA) of one or more Subjects provided or utilized by Valneva to conduct the Development Plan pursuant to this Agreement. 

1.46 “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations
promulgated thereunder. 
 1.47 “HSR Filing” means filings by Pfizer and Valneva with the United States Federal Trade
Commission and the Antitrust Division of the United States Department of Justice of a Notification and Report Form for Certain Mergers and Acquisitions (as that term is defined in the HSR Act) with respect to the matters set forth in this Agreement,
together with all required documentary attachments thereto. 
 1.48 “ICF” means an informed consent form that was approved
by a qualified Institutional Review Board or Independent Ethics Committee in accordance with all applicable Laws and recognized international standards for the protection of human research subjects. 

1.49 “IND” means an Investigational New Drug Application submitted under the FD&C Act, or an analogous application or
submission with any analogous agency or Regulatory Authority outside of the United States for the purposes of obtaining permission to conduct Clinical Trials. 

1.50 “IFRS” means International Financial Reporting Standards. 

1.51 “Intellectual Property Rights” means any and all (a) Patent Rights, (b) proprietary rights in Know How,
including trade secret rights, (c) proprietary rights associated with works of authorship and software, including copyrights, moral rights, and copyrightable works, and all applications, registrations, and renewals relating thereto, and
derivative works thereof, (d) other forms of proprietary or intellectual property rights however denominated throughout the world, other than trademarks, service marks, trade names, domain names and other indicators of origin. 

1.52 “Internal Qualified Expenses” means any expenses incurred by either Party in the performance of activities directly
related to the Development (including activities related to such Party’s efforts to obtain Regulatory Approval) of Vaccines or Products, as the case may be, in each case subject to the Development Plan and Development Budget, and, to the extent
not already included in Development Costs, Manufacturing Costs. Internal Qualified Expenses shall be charged by each Party [***] unless otherwise mutually agreed by the JDC; provided that such expenses exclude managerial, secretarial, clerical and
administrative activities. For purposes of this Section 1.52, the term “managerial” shall mean activities performed by individuals who are not (i) directly performing Development or Manufacturing-related activities, or
(ii) directly overseeing individuals directly performing Development or Manufacturing-related activities (e.g., “managerial” activities include activities performed by individuals overseeing those that directly oversee individuals
directly performing Development or Manufacturing- related activities). 
 1.53 “Joint Committee” means JSC and JDC. 

1.54 “Joint Development Committee” or “JDC’ means the committee described in Section 4.3.2. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 1.55 “Joint Steering Committee” or “JSC” means the
steering committee described in Section 4.3.1. 
 1.56 “Know-How” means any
proprietary invention, discovery, development, data, information, process, method, technique, material (including any chemical or biological material), technology, result, cell line, cell, antibody or other protein, Vaccine, probe, nucleic acid,
(including RNAi) or other sequences or other know-how, whether or not patentable, and any physical embodiments of any of the foregoing. 

1.57 “Law” means any law, statute, rule, regulation, order, judgment or ordinance of any Governmental Authority. 

1.58 “Major EU Market Country” means any of [***]. 

1.59 “Major Market Country” means any [***]. 

1.60 “Manufacture” or “Manufacturing” means to make, produce, manufacture, process, fill, finish, package,
label, perform quality assurance testing, release, ship or store, and for the purposes of further Manufacturing, distribute, import or export, a Vaccine or product or any component thereof. When used as a noun, “Manufacture” or
“Manufacturing” means any and all activities involved in Manufacturing a Vaccine or protein, device or product or any component thereof. 

1.61 “Net Sales” means: (a) with respect to a Product that is not a Combination Product, gross receipts from sales by
Pfizer and its Affiliates and Sublicensees of such Product to Third Parties in the Territory or (b) with respect to any diagnostic assay Developed using the Valneva Technology for a Product, gross receipts from sales by Pfizer and its
Affiliates from the Exploitation of such diagnostic assay for a Product, less in each case of (a) and (b), (i) [***] and (ii) [***]; and (c) with respect to a Product that is a Combination Product, that percentage of the Net Sales of such
Combination Product (as determined in accordance with clause (a)) in a country that relates to the Product as Pfizer may reasonably determine (on a prorated basis) based on the then-prevailing mean average wholesale acquisition costs of the Product
in such country and the other active ingredient(s) in such Combination Product when sold separately. Net Sales will be determined from books and records maintained in accordance with GAAP, as consistently applied by Pfizer with respect to sales of
the Product. No individual deductions described in this definition of “Net Sales” may be taken more than once for any one sale of an individual Product. [***]. 

1.62 “New Phase 2 Clinical Trial” means a Phase 2 Clinical Trial to be initiated by Valneva following the Effective Date to
evaluate a modified dosing volume, dose and dosing schedule of the Product. 
 1.63 “On-going
Phase 2 Clinical Trials” means the VLA-201 and VLA-202 Clinical Trials being conducted by Valneva as of the Effective Date. 

1.64 “Packaging and Labeling” means primary, secondary or tertiary packaging and labeling of Product (whether in clinical or
commercial packaging presentation) for use in the Field in the Territory, including insertion of materials such as patient inserts, patient medication guides, and professional inserts and any other written, printed or graphic materials accompanying
the Product and any brand security or anti-counterfeiting measures included in the packaging elements for the Product considered to be part of the finished packaged Product, and all testing and release thereof. 

1.65 “Party Specific Regulations” means all non-monetary judgments, decrees, orders or
similar decisions issued by any Governmental Authority specific to a Party, and all consent decrees, corporate integrity agreements, or other agreements or undertakings of any kind by a Party with any Governmental Authority, in each case as the same
may be in effect from time to time and applicable to a Party’s activities contemplated by this Agreement. 

  
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[***] = 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. 

 1.66 “Patent Rights” means any and all (a) issued patents,
(b) pending patent applications, including all provisional applications, substitutions, continuations, continuations-in-part, divisions and renewals, and all
patents granted thereon, (c) patents-of-addition, reissues, reexaminations and extensions or restorations by existing or future extension or restoration mechanisms,
including patent term adjustments, patent term extensions, supplementary protection certificates or the equivalent thereof, (d) inventor’s certificates, (e) other forms of government-issued rights substantially similar to any of the
foregoing and (f) United States and foreign counterparts of any of the foregoing. 
 1.67 “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 government or political subdivision or department or agency of a government. 
 1.68 “Pfizer Diligence
Obligations” means Pfizer’s Development and Regulatory Approval diligence obligations under Section 5.3.1 and Pfizer’s Commercialization diligence obligations under Section 5.3.2. 

1.69 “Pfizer Know-How” means (a) all Development Program Know-How and (b) any other Know-How that (i) is Controlled by Pfizer on the Effective Date or that comes into the Control of Pfizer during the Term (other than
through the grant of a license by Valneva) and (ii) relates to one or more Vaccines or Products or the Development, Manufacture, Commercialization or use of any of the foregoing. 

1.70 “Pfizer Patent Right” means any Patent Right that (i) is Controlled by Pfizer on the Effective Date or that comes
into the Control of Pfizer during the Term (other than through the grant of a license by Valneva) or (ii) is conceived, discovered, developed or otherwise made, by or on behalf of Pfizer (other than by or on behalf of Valneva) under this
Agreement and, in each of (i) and (ii), claims any (w) Vaccine or Product (including the composition of matter thereof), (x) method of making any Vaccine or Product, (y) methods of using any Vaccine or Product or (z) Pfizer Know-How. 
 1.71 “Pfizer Quarter” means each of the four (4) thirteen (13) week
periods (a) with respect to the United States, commencing on January 1 of any Pfizer Year and (b) with respect to any country in the Territory other than the United States, commencing on December 1 of any Pfizer Year. 

1.72 “Pfizer Technology” means the Pfizer Patent Rights and Pfizer Know-How. 

1.73 “Pfizer Year” means the twelve month fiscal periods observed by Pfizer (a) commencing on January 1 with respect
to the United States and (b) commencing on December 1 with respect to any country in the Territory other than the United States. 

1.74 “Phase 2 Clinical Trial” means a Clinical Trial, the principal purpose of which is to make a preliminary determination as
to whether a pharmaceutical product is safe for its intended use and to obtain sufficient information about such product’s efficacy or immunogenicity, in a manner that is generally consistent with 21 CFR § 312.21(b), as amended (or its
successor regulation), to permit the design of further Clinical Trials. 
 1.75 “Phase 3 Clinical Trial” means a pivotal
Clinical Trial with a defined dose or a set of defined doses of a pharmaceutical product designed to ascertain efficacy or immunogenicity and safety of such product, in a manner that is generally consistent with 21 CFR § 312.2l (c), as amended
(or its successor regulation), for the purpose of enabling the preparation and submission of a BLA. 
 1.76 “Phase 4 Trial”
means any study initiated in the Territory for a Product following the first Regulatory Approval for the sale of such Product for the Indication being studied whether or not required by a Governmental Authority. Phase 4 Trials may include
epidemiological studies, modeling and pharmacoeconomic studies, and post-marketing surveillance studies, as well as any clinical study or research study sponsored and conducted by a Person not employed by or on behalf of either Party. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 1.77 “Price Approval” means, in any country where a Governmental Authority
authorizes reimbursement for, or approves or determines pricing for, pharmaceutical products, receipt (or, if required to make such authorization, approval or determination effective, publication) of such reimbursement authorization or pricing
approval or determination (as the case may be). 
 1.78 “Product” means any pharmaceutical or biopharmaceutical product in a
formulation suitable for administration to patients which contains one or more Vaccines as an active ingredient. 
 1.79 “Public
Health Service Act” means the United States Public Health Service Act (42 U.S.C. 201 et seq), as amended from time to time (including any rules and regulations promulgated thereunder) or any subsequent or superseding law, statute or
regulation. 
 1.80 “Regulatory Approval” means all technical, medical and scientific licenses, registrations,
authorizations and approvals (including approvals of BLAs, supplements and amendments, pre- and post-approvals and labeling approvals) of any Regulatory Authority, necessary or useful for the use. Development,
Manufacture, and Commercialization of a pharmaceutical or biopharmaceutical product in a regulatory jurisdiction, including commercially reasonable Price Approvals and commercially reasonable Third Party reimbursement approvals. 

1.81 “Regulatory Authority” means, with respect to a country in the Territory, any national (e.g., the FDA), supra-national
(e.g., the European Commission, the Council of the European Union, or the European Medicines Agency), regional, state or local regulatory agency, department, bureau, commission, council or other Governmental Authority involved in the granting of a
Regulatory Approval or, to the extent required in such country. Price Approval, for pharmaceutical products in such country. 
 1.82
“Relevant Factors” means all relevant factors that may affect the Development, Regulatory Approval or Commercialization of a Vaccine or Product, including (as applicable): [***]. 

1.83 “Representatives” means (a) with respect to Pfizer, Pfizer, its Affiliates, its Sublicensees and each of their
respective officers, directors, employees, consultants, contractors and agents and (b) with respect to Valneva, Valneva, its Affiliates and each of their respective officers, directors, employees, consultants, contractors and agents. 

1.84 “Reversion Technology” means, as of the effective date of termination of this Agreement and with respect to a
Continuation Product, (a) any Pfizer Know-How that was invented, discovered or developed during the Term and in connection with Pfizer’s or its Affiliates’ activities under the Agreement and
(b) any Pfizer Patent Right if and solely to the extent such Pfizer Patent Right claims any Pfizer Know-How described in clause (a) above, in each case of clause (a) and (b) to the extent actually used by Pfizer to Develop,
Commercialize or Manufacture such Continuation Product as of the time of termination 
 1.85 “Royalty Term” means, with
respect to any particular Product in any particular country in the Territory (on a country-by-country basis), the period commencing on the First Commercial sale of such
Product in such country and ending on the last to occur of (a) the date on which the sale, offer for sale or importation of such Product in such country would infringe, but for the license granted hereunder, a Valid Claim Covering such Product
in such country and (b) [***] years after First Commercial Sale of such Product in such country. 
 1.86 “Subject” means the
individual donor of the Human Material or of the original tissues from which the Human Material was derived. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 1.87 “Sublicensee” means any Person to whom Pfizer grants or has granted,
directly or indirectly, a sublicense of rights licensed by Valneva to Pfizer under this Agreement. 
 1.88 “Territory’”
means worldwide. 
 1.89 “Third Party” means any Person other than Pfizer, Valneva or their respective Affiliates. 

1.90 “Trademark” means any trademark, trade name, service mark, service name, brand, domain name, trade dress, logo, slogan or
other indicia of origin or ownership, including the goodwill and activities associated with each of the foregoing. 
 1.91
“Vaccine” means Valneva’s multivalent vaccine known as VLA-15 as described in the Valneva Patent Rights. 

1.92 “Valid Claim” means, with respect to a particular country and Vaccine or Product, a claim of an issued and unexpired
Valneva Patent Right licensed to Pfizer that Covers the Product and that has not been held invalid or unenforceable by a final decision of a court or governmental agency of competent jurisdiction, which decision can no longer be appealed or was not
appealed within the time allowed; provided, that if a claim of a pending patent application shall not have issued within [***] years after the earliest filing date from which such claim takes priority, such claim shall not constitute a Valid Claim
unless and until a patent right issues with such claim (from and after which time the same would be deemed a Valid Claim). 
 1.93
“Valneva Know-How” means any Know-How, other than Valneva Materials, or Development Program Know-How, that
(a) is Controlled by Valneva or any of its Affiliates as of the Effective Date or that comes into the Control of Valneva or any of its Affiliates during the Term (other than through the grant of a license by Pfizer) and (b) relates to any
Vaccine or Product and is useful, desirable or necessary for the Development, Manufacture, Commercialization or use of any Vaccine or Product. Know-How of any Person that becomes an Affiliate of Valneva after
the Effective Date as a result of a Change of Control of Valneva will not be included within Valneva Know-How; provided that, and only so long as, no Valneva Know-How or
Valneva Confidential Information used in the Development or Manufacture of a Vaccine or Product is disclosed to such Person and used by such Person or its Affiliates, other than Valneva, in the Development or Manufacture of any vaccine, product or
antibody, alone or in combination with any vaccine, antibody, compound or other product, for the intended prevention of Lyme disease. If such Person uses, in any manner Valneva Know-How or Valneva Confidential
Information for the Development or Manufacture of a vaccine, product or antibody, alone or in combination with any vaccine, antibody, compound or other product, for the intended or approved prevention of Lyme disease then any Intellectual Property
Rights conceived, discovered, developed or otherwise made, by or on behalf of such Person in the course of such use will be included in Valneva Know-How. 

1.94 “Valneva Lyme Genus Patent Rights” means (a) those Valneva Patent Rights listed in Schedule 8.3.4 attached hereto
under the heading “Valneva Lyme Genus Patents” and any Valneva Patent Rights that claim priority to at least one of those Valneva Patent Rights attached hereto under the heading “Valneva Lyme Genus Patents” as well as
(b) any Valneva Patent Right which (i) is Controlled by Valneva or its Affiliates that arises after the Effective Date during the Term, (ii) explicitly claims a method for the prevention of Lyme disease specifically, and (iii) is
not a Valneva VLA-15 Species Patent Rights. 
 1.95 “Valneva Materials” means any
tangible materials (but not information about or contained in such materials) owned or Controlled by Valneva that relate to or embody the Valneva Technology. 

1.96 “Valneva Patent Right” means any Patent Right, other than a Development Program Patent Right, that (a) is Controlled
by Valneva or any of its Affiliates as of the Effective Date or is Controlled by Valneva or any of its Affiliates during the Term (other than through the grant of a license by Pfizer) and (b) claims any (i) Vaccine or Product (including
the composition of matter thereof), (ii) method of making 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 
any Vaccine or Product, (iii) methods of using any Vaccine or Product or (iv) Valneva Know-How. Patent Rights of any Person that becomes an
Affiliate of Valneva after the Effective Date as a result of a Change of Control of Valneva will not be included within Valneva Patent Rights; provided that, and only so long as no Valneva Know-How or Valneva
Confidential Information used in the Development or Manufacture of a Vaccine or Product is disclosed to such Person and used by such Person or its Affiliates, other than Valneva, in the Development or Manufacture of any vaccine, product or antibody
alone or in combination with any vaccine, antibody, compound or other product, for the intended or approved prevention of Lyme disease. If such Person uses Valneva Know-How or Valneva Confidential Information,
in any manner for the Development or Manufacture of a vaccine, product or antibody, alone or in combination with any vaccine, antibody, compound or product, for the intended or approved prevention of Lyme disease then any Intellectual Property
Rights conceived, discovered, developed or otherwise made, by or on behalf of such Person in the course of such use will be included in Valneva Patent Rights. Valneva Patent Rights include the existing Patent Rights listed in Schedule 8.3.4 and, for
clarity, includes all Valneva Lyme Genus Patent Rights, Valneva VLA-15 Species Patent Rights and Valneva Platform Patent Rights. 

1.97 “Valneva Phase 2 Clinical Trials” means the On-Going Phase 2 Clinical Trials and
the New Phase 2 Clinical Trial. 
 1.98 “Valneva Platform Patent Rights” means (a) those Valneva Patent Rights listed
in Schedule 8.3.4 attached hereto under the heading “Valneva Platform Patents” and any Valneva Patent Rights that claim priority to at least one of those Patent Rights attached hereto under the heading “Valneva Platform Patents”
as well as (b) any Valneva Patent Right which is Controlled by Valneva or its Affiliates that arises after the Effective Date during the Term that is not either a Valneva Lyme Genus Patent Rights or Valneva
VLA-15 Species Patent Rights. 
 1.99 “Valneva Technology” means the Valneva Patent
Rights and Valneva Know-How. 
 1.100 “Valneva Third Party Agreement” means any
agreement between Valneva (or any of its Affiliates) and any Third Party (such Third Party, a “Third Party Licensor”) that (a) relates to any of the Valneva Technology, Valneva Materials or Development Program Technology or
(b) otherwise grants a license or otherwise transfers any right to practice under any Patent Rights or Know-How, in each case that relate to the Vaccines, Products or activities under this Agreement. 

1.101 “Valneva VLA-15 Species Patent Rights” means (a) those Valneva Patent
Rights listed in Schedule 8.3.4 attached hereto under the heading “Valneva VLA-15 Species Patents” and any Valneva Patent Rights that claim priority to at least one of those Valneva Patent Rights
attached hereto under the heading “Valneva VLA-15 Species Patents” as well as (b) any Valneva Patent Right which (i) is Controlled by Valneva or its Affiliates that arises after the
Effective Date during the Term, (ii) explicitly claims the protein sequences that comprise VLA-15 specifically, and (iii) is not either a Valneva Lyme Genus Patent Rights or a Valneva Platform Patent
Rights. 
 1.102 The following terms are defined in the section of this Agreement listed opposite each term: 

 

			
	Defined Term	  	 Section in

Agreement

	Additional Third Party License	  	3.4.4(a)
	Agreement	  	Preamble
	Alliance Managers	  	4.3.4(b)
	Antitrust Filings	  	9.1
	Clinical Data	  	2.14
	Continuation Product	  	9.7.1(a)(ii)(A)
	Continuing Party	  	6.2.1(d)
	Courts	  	11.14

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

			
	Debtor	  	9.8.1
	Declining Party	  	6.2.1(d)
	Development Payment	  	3.3
	Diligence Issue	  	5.3.5
	Disclosing Party	  	7.1
	Excess Costs	  	3.2
	Execution Date	  	Preamble
	Foreign Antitrust Laws	  	1.32
	Global Trade Control Laws	  	11.11
	HCPs	  	8.3.10
	Indemnified Party	  	10.4.1
	Indemnifying Party	  	10.4.1
	Infringement Claim	  	6.2.7
	IRS Form	  	3.5.3(b)
	JDC Chair	  	4.3.2(a)
	Liabilities	  	10.2
	Licensed Activities	  	6.2.6(a)
	Litigation Conditions	  	10.4.2
	Manufacturing Process	  	4.2.5
	Marginal Royalty Rates	  	3.4.1
	Notice of Dispute	  	11.12.1
	Party or Parties	  	Preamble
	Per Product Annual Net Sales	  	3.4.1
	Pfizer	  	Preamble
	Pfizer Enforcement Valneva Patent Rights	  	6.2.2(a)
	Pfizer Indemnified Party	  	10.3
	Pfizer Prosecuted Valneva Patent Rights	  	6.2.1(b)
	Policies	  	8.3.11
	Program Director and Program Directors	  	4.3.4(a)
	Receiving Party	  	7.1
	Reconciliation Report	  	3.2.1(b)
	Restricted Market	  	11.11.1
	Restricted Parties	  	11.11.2
	Review Period	  	7.4.2
	Shared Costs	  	3.2
	Technology Transfer Plan	  	2.15
	Term	  	9.4
	Third Party Claim	  	10.4.1
	Third Party IP Rights	  	6.2.6(b)
	Up-Front Payment	  	3.1
	US-Austria DTAA	  	3.5.3(b)
	Valneva	  	Preamble
	Valneva Indemnified Party	  	10.2
	Valneva Prosecuted Valneva Patent Rights	  	6.2.1(a)
	VAT	  	3.5.3(a)
	VPPR Infringement	  	6.2.2(b)

 2. LICENSE GRANTS AND TECHNOLOGY TRANSFER. 

2.1 Exclusive License from Valneva to Pfizer. Subject to the terms and conditions of this Agreement, effective as of the Effective Date,
Valneva hereby grants, and will cause its Affiliates to hereby grant, to Pfizer an exclusive (exclusive even as to Valneva except to the extent necessary to perform Valneva’s activities under the Development Plan during the Development Term)
sublicensable license and, 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 
to the extent any Valneva Technology or Valneva Materials are Controlled by Valneva pursuant to a Valneva Third Party Agreement, a sublicense, as applicable, under the Valneva Technology and
Valneva Materials, to use, have used. Develop, have Developed, Manufacture, have Manufactured, Commercialize, have Commercialized and otherwise Exploit Vaccines and Products in the Field in the Territory. 

2.2 Non-Exclusive License from Valneva to Pfizer. Without limiting any other license or
sublicense granted under this Agreement and subject to the terms and conditions of this Agreement, Valneva, effective as of the Effective Date, hereby grants, and shall cause its Affiliates to hereby grant, to Pfizer a
non-exclusive, sublicensable license under all Patent Rights, Know-How and other Intellectual Property Rights Controlled (as of the Effective Date or at any time during
the Term) by Valneva or its Affiliates (to the extent such Patent Rights, Know-How and other Intellectual Property Rights are not exclusively licensed or sublicensed to Pfizer pursuant to Section 2.1), to
use, have used, Develop, have Developed, Manufacture, have Manufactured, Commercialize, have Commercialized and otherwise Exploit Vaccines and Products in the Field in the Territory during the Term. 

2.3 Pfizer Sublicensees. Pfizer will have the right to grant sublicenses to its Affiliates and Third Parties of any and all rights
granted to Pfizer under this Agreement by Valneva, including any and all rights licensed to Pfizer pursuant to Section 2.1 or Section 2.2. Pfizer will provide Valneva with a copy of each agreement containing any such sublicense within
[***] of execution, with reasonable redactions that will enable Valneva to reasonably monitor compliance with the terms and conditions of this Agreement. No sublicense will diminish, reduce or eliminate any obligation of Pfizer, as the sublicensing
Party, under this Agreement, and Pfizer will remain responsible for its obligations under this Agreement and will be responsible for the performance of the relevant sublicensee as if such sublicensee were the sublicensing Party hereunder (including,
without limitation, reporting obligations imposed upon Pfizer in accordance with this Agreement). Each sublicense granted by Pfizer, as the sublicensing Party, to any rights licensed to it hereunder will terminate immediately upon the termination of
the original license with respect to such rights. 
 2.4 Direct Licenses to Affiliates. Pfizer may, from time to time, request that
Valneva grant licenses or sublicenses directly to Affiliates of Pfizer by giving written notice, upon receipt of which Valneva agrees to enter into and sign a separate direct license or sublicense agreement with such designated Affiliate of Pfizer.
All such direct license or sublicense agreements will be consistent with the terms and conditions of this Agreement, except for such modifications as may be required by applicable Laws in the country in which the direct license or sublicense will be
exercised. The Parties further agree to make any amendments to this Agreement that are necessary to conform the combined terms of such direct licenses or sublicenses and this Agreement to the terms of this Agreement as set forth on the Execution
Date. All reasonable costs of making such direct license or sublicense agreement(s), including Valneva’s reasonable attorneys’ fees, under this Section 2.4 will be borne by Pfizer. 

2.5 Non-Exclusive License from Pfizer to Valneva. During the Development Term and subject to the
terms and conditions of this Agreement, Pfizer hereby grants to Valneva a non-exclusive, royalty-free, fully paid-up license in the Territory, with no right to grant
sublicenses other than to permitted subcontractors under Section 4.2.2, under the Pfizer Technology and Development Technology solely to the extent necessary to perform Valneva’s activities under the Development Plan. 

2.6 Reciprocal Non-Exclusive Research License for Disclosed
Know-How and Confidential Information. Subject to any pre-existing exclusive license grants to Third Parties as of the Effective Date, and without limiting any other
license granted to either Party under this Agreement: 
 2.6.1 Pfizer hereby grants to Valneva a
non-exclusive, irrevocable, perpetual, royalty-free, fully paid-up, worldwide license, with the right to sublicense to Valneva Affiliates, to use for research purposes
all Pfizer Know-How or Pfizer Confidential Information that is disclosed to Valneva during the Term; provided that nothing in this Section 2.6.1 shall give Valneva any right to practice under any
Patent Right owned or Controlled by Pfizer or its Affiliates. 
 2.6.2 Valneva hereby grants, and shall cause its Affiliates to hereby grant,
to Pfizer a non-exclusive, irrevocable, perpetual, royalty-free, fully paid-up, worldwide license, with the right to sublicense to Pfizer Affiliates, to use for research
purposes all Valneva Know-How, Valneva Materials or Valneva Confidential Information that is disclosed to Pfizer during the Term; provided that nothing in this Section 2.6.2 shall give Pfizer any
right to practice under any Patent Right owned or Controlled by Valneva or its Affiliates. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 2.7 Right of Reference. Valneva hereby grants to Pfizer, its Affiliates and its
Sublicensees a “Right of Reference,” as that term is defined in 21 C.F.R. § 314.3(b) (or any analogous Law recognized outside of the United States), to all data (including any regulatory filings or Regulatory Approvals) Controlled by
Valneva or its Affiliates that relates to any Vaccine or Product, in all cases solely for the Development, Manufacture, Commercialization and Exploitation of the Product pursuant to the terms and conditions of this Agreement, and Valneva will
provide a signed statement to this effect, if requested by Pfizer, in accordance with 21 C.F.R. § 314.50(g)(3) (or any analogous Law outside of the United States). 

2.8 Exclusivity. During the Term, except to the extent necessary for Valneva to perform its activities under the Development Plan,
Valneva shall not, and shall cause its Affiliates not to (a) directly or indirectly, Develop, have Developed, Manufacture, have Manufactured, Commercialize, have Commercialized or otherwise Exploit or have Exploited any Vaccine, antibody, or
product, alone or in combination, for Lyme disease for itself, an Affiliate or with or on behalf of a Third Party, or (b) license, authorize, appoint, or otherwise enable any Third Party to perform any of the activities under clause (a);
provided, however, that in the event of a Change of Control of Valneva the foregoing limitations shall not apply to the acquiring company with respect to any research, development or commercialization efforts that such acquiring company had on-going as of the date of such Change of Control. Except as provided in this Agreement, such acquiring company will not use, in any manner, any Valneva Technology for the Exploitation, alone or with any Third
Party, of any vaccine, antibody, biosimilar, compound or product, alone or in combination, for the intended or approved prevention of Lyme disease. 

2.9 No Implied Rights. Except as expressly provided in this Agreement, neither Party will be deemed to have granted the other Party (by
implication, estoppel or otherwise) any right, title, license or other interest in or with respect to any Patent Rights, Know-How or other Intellectual Property Rights or information Controlled by such Party.

 2.10 Safe Harbor. This Agreement is not intended to restrict or waive any rights that the Parties may otherwise have under
applicable law, including without limitation 35 U.S.C. § 271(e)(1). 
 2.11 Initial Data Transfer. Within a reasonable time not
to exceed [***] following the Effective Date, Valneva will disclose to Pfizer true, accurate and complete copies of all Valneva Know-How, including all preclinical and Phase 1 data, in each case to the extent
developed by Valneva on or prior to the Effective Date and in its current (electronic or other) format as Pfizer may reasonably request (including by download of digital files to a secure website or e-room
designated and controlled by Pfizer). 
 2.12 Samples of Tangible Materials. Within a reasonable time not to exceed [***] from the
Effective Date, Valneva will furnish to Pfizer any Valneva Materials, including research grade samples of all Vaccines discovered or developed by Valneva prior to the Effective Date. Nothing in this Section 2.12 shall limit or in any way change
Valneva’s obligations under this Agreement with respect to any Human Material it provides or uses under this Agreement. 
 2.13
Continuing Disclosure and Knowledge Transfer. On a [***] basis, or more frequently at the reasonable request of Pfizer during the Development Term, Valneva, to the extent not previously provided to Pfizer, will provide to Pfizer a written
summary of all Valneva Technology that is licensed or developed by Valneva or that otherwise comes into the Control of Valneva that relates to the Development of any Vaccine, antibody, or Product, alone or in combination, for Lyme disease. Further,
Valneva will make appropriate personnel (directly, or through an Affiliate) available to Pfizer at reasonable times and places in a way that does not require Valneva to form a permanent establishment in the United States of America for US tax
purposes and upon reasonable prior notice for the purpose of assisting Pfizer to understand and use the Valneva Technology in connection with Pfizer’s Development, Manufacture, Commercialization and use of Vaccines and Products for Lyme
Disease. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 2.14 Clinical Data Transfer. Valneva shall provide to Pfizer copies of all clinical
data and results from any and all completed Clinical Trials for the Vaccine or Product as well as the Valneva Phase 2 Clinical Trials (“Clinical Data”), in electronic form or other mutually agreeable alternate form on timelines
agreed to by the JDC, and a complete copy of the Clinical Data shall be provided to Pfizer no later than [***] following interim readouts and completion of each Valneva Phase 2 Clinical Trial. Valneva shall ensure that all patient authorizations and
consents required under Applicable Law in connection with the Valneva Phase 2 Clinical Trials permit such sharing of Clinical Data with Pfizer. 

2.15 Technology Transfer Plan. Notwithstanding Sections 2.11, 2.12, 2.13 and 2.14, Valneva will provide Pfizer with all reasonable
assistance necessary or desirable (a) to effect the timely and orderly transfer of Valneva Technology in accordance with the Technology Transfer Plan, (b) to enable Pfizer to perform its obligations under Section 5.1 and (c) for
Pfizer to exercise its rights under the licenses and sublicenses granted in Section 2.1 and Section 2.2. Without limiting Valneva’s obligations set forth elsewhere under this Agreement, Valneva will perform all technology transfer
activities as set forth under the technology transfer plan agreed to by the Parties prior to the Effective Date (the “Technology Transfer Plan”), which Technology Transfer Plan shall become part of this Agreement. Valneva will cause
all technology transfer activities to be performed under the Technology Transfer Plan to be carried out by the specific individuals identified to perform such activities in the Technology Transfer Plan. 

3. PAYMENTS AND COST SHARING. 

3.1 Up-Front Payment. Pfizer will make a one-time non-refundable, non-creditable payment of one hundred thirty million US dollars ($130,000,000) to Valneva (the “Up-Front
Payment”) within [***] of receipt of Valneva’s invoice (such invoice to be delivered on or following the Effective Date of this Agreement). 

3.2 Development Program Expenses. Subject to the terms and conditions of this Agreement, the Development Costs incurred by the
Parties pursuant to the Development Plan in accordance with the Development Budget (“Shared Costs”) will be borne seventy percent (70%) by Pfizer and thirty percent (30%) by Valneva. Unless otherwise agreed by the Parties in
advance, in writing, any Development Costs by the Parties with respect to the Development Plan in excess of the aggregate amounts set forth in the Development Budget (“Excess Costs”), shall not be included in the calculation of the
Shared Costs as set forth above; provided, that a given Excess Cost shall be included in the calculation of the Shared Costs to the extent such Excess Cost is or was attributable to: (i) a change in Applicable Law; (ii) a Force Majeure
event; (iii) variation in sites and countries or actual patient enrollment from projected patient enrollment as well as treatment duration; or (iv) a change required by any Regulatory Authority to support Regulatory Approval for the
proposed target Product profile. [***]. 
 3.2.1 Reconciliation and Reimbursement. 

(a) Within (i) [***] after the end of each of the first three (3) Calendar Quarters during each Calendar Year and (ii) within [***]
after the fourth (4th) Calendar Quarter of each Calendar Year, each Party will provide the other Party with a detailed, activity-based statement of the Development Costs incurred after the
Effective Date pursuant to this Section 3.2 in a format to be agreed upon by the Parties. The Parties will work together to establish an optimal inter-Party financial operating structure (including, if necessary, procedures and agreements
between the Parties) which is consistent with the economic result contemplated herein and consistent to the extent feasible with each Party’s internal structures and procedures. 

(b) Within (i) [***] after the end of each of the first three (3) Calendar Quarters during each Calendar Year and (ii) within [***]
after the fourth (4th) Calendar Quarter of each Calendar Year, Pfizer will provide Valneva with a written report (the “Reconciliation Report”) setting forth, in a format to be
agreed-upon by the Parties, the calculations of each Party’s share of such Development Costs for the previous Calendar Quarter. Such Reconciliation Report will include for such Calendar Quarter (i) the total Development Costs incurred by
each Party in accordance with this Section 3.2, and each Party’s respective share thereof, and (ii) the net payment due from one Party to the other Party in accordance with this Section 3.2. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 (c) Any net payment owed from one Party to the other Party will be paid within [***]
following delivery of the Reconciliation Report; provided that if a Party disputes an amount provided in such Reconciliation Report then such disputed amount will be reviewed by the JDC, and any net payment owed with respect to the undisputed
amounts will be paid within the above set forth timeline. If requested by a Party, any invoices or other supporting documentation for any payments to a Third Party will be promptly provided. 

(d) Within [***] after the other Party’s request, a Party will provide copies of invoices or other appropriate supporting documentation
with respect to its Development Costs, The receiving Party will treat all information subject to review under this Section 3.2 in accordance with the confidentiality provisions of Article 7. 

3.3 Development Payments. Pfizer will pay Valneva the non-refundable, non-creditable amounts set forth below within [***] following the first occurrence of each event described below for the first Product Covered by a Valid Claim in the applicable country of Development or
Commercialization in the Territory to achieve such event (each, a “Development Payment”). 
  

					
	 	  	 Development Event
	  	 Development Payment

	 (i)
	  	[***]	  	[***]
	 (ii)
	  	[***]	  	[***]
	 (iii)
	  	[***]	  	[***]
	 (iv)
	  	[***]	  	[***]
	 (v)
	  	[***]	  	[***]

 Each of the Development Payments set forth above will be payable one time only (regardless of the number of Products with
respect to which, or the number of times with respect to any Product, the specified Development Event occurs). No Development Payments will be payable by Pfizer for any subsequent Product regardless of the number of Products Developed. For
clarification, if one Product replaces another Product in Development, then such replacement Product will only be subject to Development Payments that have not previously been triggered by one or more prior Products. The maximum amount payable by
Pfizer under this Agreement with respect to all Development Payments if all Development Events occur will be one hundred seventy-eight million dollars ($178,000,000). 

3.4 Royalty Payments. 

3.4.1 Royalties. Subject to the provisions of Section 3.4.4, Pfizer will pay Valneva royalties on a tiered marginal royalty rate
basis as set forth below (the “Marginal Royalty Rates”) based on the annual aggregate Territory-wide Net Sales resulting from the sale of each Product, on a
Product-by-Product basis, during each Pfizer Year of the applicable Royally Term for each Product (each, the “Per Product Annual Net Sales”): 

 

			
	 Per Product Annual Territory-

Wide Net Sales
	  	 Marginal Royalty Rate
(% of Per Product Annual Net

Sales)

	 [***]
	  	 19%

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

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 Each Marginal Royalty Rate set forth in the table above will apply only to that portion of the Net Sales of
a given Product in the applicable country or countries in the Territory during a given Pfizer Year that falls within the indicated range. An example calculation of royalties under this Section 3.4.1 is set forth in Schedule 3.4.1. 

3.4.2 Royalty Offset. The Parties acknowledge and agree that Pfizer is entitled to immediately offset [***] against any royalties that
may become due and owing to Valneva pursuant to Section 3.4.1. Such offset, pursuant to this Section 3.4.2, will be applied to any royalty amounts owed to Valneva prior to any payment being made to Valneva until such offset is fully
realized by Pfizer. 
 3.4.3 Fully Paid-Up, Royalty Free License. Following expiration of the
Royalty Term for any Product in a given country, no further royalties will be payable in respect of sales of such Product in such country and, thereafter the license granted to Pfizer under Sections 2.1 and 2.2 with respect to such Product in such
country will automatically become fully paid-up, perpetual, irrevocable and royalty-free. 
 3.4.4
Royalty Adjustments. The following adjustments will be made, on a Product-by -Product and country-by-country basis, to
the royalties payable pursuant to Section 3.4.1: 
 (a) Third Party Patents. If it is necessary or desirable for Pfizer to
license one or more Patent Rights from one or more Third Parties in order to Develop, Manufacture, Commercialize or use any Product, whether directly or through any Pfizer Affiliate or Sublicensee in any country in the Territory, then Pfizer may, in
its sole discretion, negotiate and obtain a license under such Patent Right(s) (each such Third Party license referred to herein as an “Additional Third Party License”). On a country-by-country basis, any royalty otherwise payable to Valneva under this Agreement with respect to Net Sales of any Product in the applicable country by Pfizer, its Affiliates or Sublicensees will be
reduced by [***] of the amounts payable to Third Parties pursuant to any Additional Third Party Licenses, such reduction to continue until all such amounts have been expended, provided that in no event (other than in the case of
Valneva’s breach of any representation, warranty or covenant hereunder) will the total royalty payable to Valneva for any Product (with respect to Net Sales of any Product in the applicable country) be less than [***] of the royalty amounts
otherwise payable for such Product. 
 (b) No Adjustment for Valneva Third Party Agreements. Valneva will be solely responsible for
(i) all obligations (including any royalty or other obligations that relate to the Valneva Technology, Valneva Materials or Valneva’s interest in the Joint Technology) under its agreements with Third Parties that are in effect as of the
Effective Date and (ii) all payments to inventors (other than inventors that are Representatives of Pfizer) of Valneva Technology, Valneva Materials, Development Program Technology or Joint Technology, including payments under inventorship
compensation Laws. 
 (c) Existing Pfizer Third Party Agreements. Pfizer will be solely responsible for all obligations (including
royalty obligations) that relate to Products under its agreements with Third Parties that are in effect on or prior to the Effective Date. 

(d) Biosimilar Entry. Notwithstanding the foregoing, for Net Sales based on sales of a Product in a country in the Territory, on a country-by-country basis, any payments owed with respect to such Product pursuant to this Section 3.4 will be reduced by [***] for the remainder of the applicable Royalty
Term, such reduction to be prorated for the then-current Pfizer Quarter, if at any time (X) one or more Biosimilar Versions of such Product is available in such country and (Y) such one or more Biosimilar Versions in the aggregate have
achieved in excess of [***] market penetration ([***]) for the period of [***] as applicable from time to time. 
 (e) No Valid
Claim. Notwithstanding the foregoing, In the event that, with respect to any particular Product in any particular country in the Territory, the Royalty Term for such Product in such country extends beyond the date on which such Product is not
Covered by any Valid Claim in such country, Net Sales in any such country shall be reduced by [***] for the remainder of the applicable Royalty Term. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 (f) Royalty Floor. Notwithstanding anything to the contrary contained in this
Agreement, in the case where the Exploitation of a Product in a specific country: (i) is Covered by a Valid Claim in such country, the maximum reduction of royalties under this Section 3.4 with respect to royalties owed in such country
shall be [***] of the royalty amounts required to be paid pursuant to Section 3.4.1 (as if no other adjustments pursuant to this Section 3.4 had been given effect for the purposes of calculating the maximum [***] reduction amounts); and
(i) is not Covered by a Valid Claim in such country, the maximum reduction of royalties under this Section 3.4 with respect to royalties owed in such country shall be [***] of the royalty amounts required to be paid pursuant to
Section 3.4.1 (as if no other adjustments pursuant to this Section 3.4 had been given effect for the purposes of calculating the maximum [***] reduction amounts). 

3.5 Reports and Payments. 

3.5.1 Cumulative Royalties. The obligation to pay royalties under this Agreement will be imposed only once with respect to any sale of
any Product. 
 3.5.2 Royalty Statements and Payments. Within [***] of the end of each Calendar Quarter, Pfizer will deliver to
Valneva a report setting forth, for the most recent Pfizer Quarter ending during such Calendar Quarter, the following information, on a Product-by-Product, country-by-country and Territory-wide basis: (a) Net Sales of each Product, (b) the basis for any adjustments to the royalty payable for the sale of any such Product
and (c) the royalty due hereunder for the sale of each such Product. No such reports will be due for any such Product (i) before the First Commercial Sale of such Product or (ii) after the Royalty Term for such Product has expired in
all countries in the Territory. The total royalty due for the sale of all such Products during such Pfizer Quarter will be remitted at die time such report is made. 

3.5.3 Taxes and Withholding. 

(a) It is understood and agreed between the Parties that any payments made by Pfizer to Valneva under this Agreement are exclusive of any
value added or similar tax (“VAT”) imposed upon such payments. Where VAT is properly added to a payment made under this Agreement, the Party making the payment will pay the amount of VAT only on receipt of a valid tax invoice issued
in accordance with the laws and regulations of the country in which the VAT is chargeable without reduction in the amount otherwise payable to Valneva. In addition, the Parties shall co-operate in accordance
with applicable Laws to minimize VAT in connection with this Agreement, as applicable. 
 (b) The Parties agree that, subject to the
delivery by Valneva to Pfizer of a duly completed applicable Internal Revenue Service Form W-8 (or a successor form) (“IRS Form”), payments by Pfizer to Valneva under this Agreement are not
subject to US withholding tax under the current form of the US-Austria double taxation avoidance agreement (the “US-Austria DTAA”) and accordingly
(subject to the next sentence) Pfizer and its assignees will make all payments under this Agreement without deduction or withholding for taxes. If any taxes are withheld or deducted as a result of: 

(i) the failure by Valneva to provide the IRS Form, no additional payment shall be required to be made by Pfizer, 

(ii) a change in the applicable Laws or regulations of any jurisdiction or Governmental Authority (other than the Laws of or Governmental
Authority of Austria), Pfizer shall make such additional payments to Valneva in an amount necessary to cause Pfizer to bear [***] of such taxes (including taxes imposed on payments made pursuant to this sentence) reduced by the amount of any foreign
tax credit resulting from such withheld or deducted taxes to the extent such credit reduces the income tax liability otherwise payable by Valneva in the year that such tax is credited, or 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 (iii) a change in, revocation or termination of the
US-Austria DTAA or any other reason not described in the foregoing clauses (i) or (ii), Pfizer shall make such additional payments to Valneva in an amount necessary to cause Valneva to bear [***] of such
taxes (including taxes imposed on payments made pursuant to this sentence) reduced by [***] of the amount of any foreign tax credit resulting from such withheld or deducted taxes to the extent such credit reduces the income tax liability otherwise
payable by Valneva in the year that such tax is credited. 
 In each of (ii) and (iii) the additional payment by Pfizer shall be due
and payable upon Valneva issuing a related invoice for the additional payment. In case of subsequent change of the creditable amount (e.g. in the course of a tax inspection) Valneva shall credit or invoice an additional amount, as the case may be,
to Pfizer. The Parties agree that before making any such deduction or withholding, Pfizer shall give Valneva notice of the intention to make such deduction or withholding (and such notice, which shall set forth the amount and basis of calculation
for the proposed deduction or withholding, shall be given at least a reasonable period of time before such deduction or withholding is required, in order for Valneva to obtain reduction of or relief from such deduction or withholding). Pfizer will
provide Valneva with reasonable assistance to enable Valneva to recover such taxes as permitted by applicable Laws or regulations. The Parties shall reasonably cooperate with each other in claiming refunds or reductions or exemptions from such
deductions and withholdings under any Law, agreement or treaty in effect at the relevant time to ensure that any amounts required to be withheld pursuant to this Section 3.5.3(b) are reduced in amount to the fullest extent permitted by Law.

 (c) Notwithstanding anything in this Agreement to the contrary, if an action (including but not limited to a re-domiciliation or similar action, any assignment or sublicense of its rights or obligations under this Agreement, or any failure to comply with applicable Laws or filing or record retention requirements) by a
Party leads to the imposition of withholding tax liability or VAT on the other Party that would not have been imposed in the absence of such action or in an increase in such liability above the liability that would have been imposed in the absence
of such action, then (i) the sum payable by that Party (in respect of which such deduction or withholding is required to be made) shall be increased to the extent necessary to ensure that the other Party receives a sum equal to the sum which it
would have received had no such action occurred, (ii) otherwise, the sum payable by that Party (in respect of which such deduction or withholding is required to be made) shall be made to the other Party after deduction of the amount required to
be so deducted or withheld, which deducted or withheld amount shall be remitted in accordance with applicable Law. 
 (d) Tax
Cooperation. Upon request, each Party shall use Commercially Reasonable Efforts to cooperate with the other Party to mitigate, reduce or eliminate adverse tax consequences to such other Party from changes in applicable Law, US-Austria DTAA, the use of present or future Affiliates of either Party to engage in transactions described in or contemplated by this Agreement, or from other activities or transactions described in or
contemplated by this Agreement. 
 3.5.4 Currency. All amounts payable and calculations under this Agreement will be in United States
dollars. As applicable, Net Sales and any royalty deductions will be translated into United States dollars at the exchange rate used by Pfizer for public financial accounting purposes. If, due to restrictions or prohibitions imposed by national or
international authority, a given payment cannot be made as provided in this Article 3, the Parties will consult with a view to finding a prompt and acceptable solution. If the Parties are unable to identify a mutually acceptable solution regarding
such payment, then Pfizer may elect, in its sole discretion, to deliver such payment in the relevant jurisdiction and in the local currency of the relevant jurisdiction. 

3.5.5 Method of Payment. Except as permitted pursuant to Section 3.5.4, each payment hereunder will be made by electronic transfer
in immediately available funds via either a bank wire transfer, an ACH (automated clearing house) mechanism, or any other means of electronic funds transfer, at Pfizer’s election, to such bank account as the Valneva will designate in writing to
Pfizer at least [***] before the payment is due. All invoice or billing related questions should be referred to Pfizer’s Accounting Department at [***] or go to the Accounts Payable Invoice Portal at [***]. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 3.5.6 Record Keeping. Pfizer will keep and will cause its Affiliates to keep books
and accounts of record in connection with the sale of Products in sufficient detail to permit accurate determination of all figures necessary for verification of royalties and Sales Milestone Payments to be paid hereunder. Pfizer and its Affiliates
will maintain such records for a period of at least three years after the end of the Pfizer Quarter in which they were generated. 
 3.5.7
Audits. Upon [***] prior notice from Valneva, Pfizer will permit an independent certified public accounting firm of nationally recognized standing selected by Valneva and reasonably acceptable to Pfizer, to examine, at Valneva’ s sole
expense, the relevant books and records of Pfizer and its Affiliates as may be reasonably necessary to verify the amounts reported by Pfizer in accordance with Section 3.5.2 and the payment of royalties and Sales Milestone Payments hereunder.
An examination by Valneva under this Section 3.5.7 will occur not more than [***] in any Calendar Year and will be limited to the pertinent books and records for any Calendar Year ending not more than [***] before the date of the request. The
accounting firm will be provided access to such books and records at Pfizer’s or its Affiliates’ facility(ies) where such books and records are normally kept and such examination will be conducted during Pfizer’s normal business
hours. Pfizer may require the accounting firm to sign a reasonably acceptable non-disclosure agreement before providing the accounting firm with access to Pfizer’s or its Affiliates’ facilities or records. Valneva shall submit to Pfizer,
along with any notice of an audit under this Section 3.5.7, a written list identifying all Patent Rights that Valneva believes in good faith are relevant to the audit request. Upon completion of the audit, the accounting firm will provide both
Pfizer and Valneva a written report disclosing any discrepancies in the reports submitted by Pfizer or the royalties or Sales Milestone Payments paid by Pfizer, and, in each case, the specific details concerning any discrepancies. No other
information will be provided to Valneva. 
 3.5.8 Underpayments/Overpayments. If such accounting firm concludes that additional
royalties or Sales Milestone Payments were due to Valneva, then Pfizer will pay to Valneva the additional royalties or Sales Milestone Payments within [***] of the date Pfizer receives such accountant’s written report. Further, if the amount of
such underpayments exceeds more than [***] of the amount that was properly payable to Valneva, then Pfizer will reimburse Valneva for Valneva’s out-of-pocket costs
in connection with the audit. If such accounting firm concludes that Pfizer overpaid royalties or Sales Milestone Payments to Valneva, then Valneva will refund such overpayments to Pfizer, within [***] of the date Valneva receives such
accountant’s report. 
 3.5.9 Confidentiality. Notwithstanding any provision of this Agreement to the contrary, all reports and
financial information of Pfizer, its Affiliates or its Sublicensees which are provided to or subject to review by Valneva under this Article 3 will be deemed to be Pfizer’s Confidential Information and subject to the provisions of Article 7.

 3.6 No Guarantee of Success. Pfizer and Valneva acknowledge and agree that payments to Valneva pursuant to Section 3.3 and
Section 3.4: (a) have been included in this Agreement on the basis that they are only payable or otherwise relevant if a certain Product is successfully Developed or Commercialized in such country, as applicable; (b) are solely intended to
allocate amounts that may be achieved upon successful Development or Commercialization of such Product as applicable, between Pfizer (who will receive all Product sales revenues) and Valneva; (c) are not intended to be used and will not be used
as a measure of damages if this Agreement is terminated for any reason, including pursuant to Pfizer’s right to terminate for convenience, before any such success is achieved and such amounts become due; and (d) will only be triggered, and
will only be relevant as provided, in accordance with the terms and conditions of such provisions. Pfizer and Valneva further acknowledge and agree that nothing in this Agreement, or in any document or presentation provided by Pfizer to Valneva
prior to the Effective Date will be construed as representing any estimate or projection of (i) the successful Development or Commercialization of any Product under this Agreement, (ii) the number of Products that will or may be

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 
successfully Developed or Commercialized under this Agreement, (iii) anticipated sales or the actual value of any Products that may be successfully Developed or Commercialized under this
Agreement or (iv) the damages, if any, that may be payable if this Agreement is terminated for any reason. Pfizer makes no representation, warranty or covenant, either express or implied, that (A) it will successfully Develop, Manufacture,
Commercialize or continue to Develop, Manufacture or Commercialize any Product in any country, (B) if Commercialized, that any Product will achieve any particular sales level, whether in any individual country or cumulatively throughout the
Territory or (C) Pfizer will devote, or cause to be devoted, any level of diligence or resources to Developing or Commercializing any Product in any country, or in the Territory in general, other than is expressly required under
Section 5.1. 
 4. DEVELOPMENT PLAN 

4.1 Scope of Development Plan. Pfizer and Valneva will collaborate during the Development Term to conduct assay and diagnostic
development, toxicology studies, manufacturing development and technology transfer as well as Clinical Trials in accordance with the Development Plan and the terms and conditions set forth in this Article 4. The Development Plan and Development
Budget may be amended during the Development Term in accordance with Section 4.3. 
 4.2 Allocation of Responsibilities. 

4.2.1 General. Each Party will use Commercially Reasonable Efforts to perform its obligations under the Development Plan in a
professional and timely manner. Further, each Party will perform its obligations under the Development Plan in compliance with all Laws applicable to its activities under the Development Plan. 

4.2.2 Valneva Obligations; Subcontractors. During the Development Term, Valneva will devote sufficient internal personnel to conduct
activities under the Development Plan. Valneva will not subcontract any of its responsibilities under the Development Plan without Pfizer’s prior written consent; provided that any subcontractors expressly identified in the Development
Plan to conduct specific activities thereunder shall be deemed to have received such consent from Pfizer. Valneva shall be responsible for the management of all permitted subcontractors. The engagement by Valneva or its Affiliate of any
subcontractor in compliance with this Section 4.2.2 shall not relieve Valneva of its obligations under this Agreement or the Development Plan. Any agreement between Valneva or its Affiliate and a permitted subcontractor pertaining to the
Development Plan activities shall be consistent with the provisions of this Agreement including (i) an obligation to assign all Intellectual Property rights generated during its performance of such Development Plan to Pfizer and (ii) terms
and conditions under which such Third Party is obligated to preserve the confidentiality of any Confidential Information of Pfizer received by such Third Party from the Valneva that are at least as restrictive as those described in Article 7.
Furthermore, unless otherwise agreed by Pfizer in writing, prior to or at the time of engagement of any subcontractor to perform any obligations hereunder, Valneva or its Affiliate shall cause such Subcontractor to agree in writing to be bound by
terms providing for Pfizer rights no less favorable to Pfizer than the rights granted to Pfizer in this Agreement. 
 4.2.3 Valneva
Personnel Matters. Valneva acknowledges and agrees that it is solely responsible for the compensation of the personnel assigned to implement Valneva’s obligations under the Development Plan, and shall be responsible for withholding all
national, state, local or other applicable taxes and similar items for such personnel. Valneva also shall be responsible for all other employer related obligations, including providing appropriate insurance coverage and employee benefits, and making
all other deductions required by law affecting the gross wages of each Valneva employee. Valneva personnel assigned to the Development Plan activities are not nor shall they be deemed to be employees of Pfizer. 

4.2.4 Pfizer Oversight of Development Activities. Pfizer will oversee and retain final decision-making authority with respect to all
Development activities performed under this Agreement, in accordance with the terms of this Agreement. 

  
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 4.2.5 Manufacturing Technology Transfer. Valneva shall cooperate with Pfizer, and use
Commercially Reasonable Efforts to facilitate, a transfer to Pfizer or, at Pfizer’s election, to an Affiliate or a Third Party manufacturer of its choice, all Valneva Know-How in Valneva’ s Control
as reasonably necessary for Pfizer to implement the then-current process for the Manufacture of the Vaccine and Product (the “Manufacturing Process”) at Pfizer’s facilities or those of an Affiliate or Third Party manufacturing
provider designated by Pfizer (such transfer and implementation, as more fully described in the Technology Transfer Plan). All Costs incurred by Pfizer and Valneva in performing activities pursuant to this Section 4.2.5 shall be included as
Shared Costs. 
 4.2.6 Valneva Disclosure and Knowledge Transfer Obligations. Without limiting Valneva’s obligations pursuant to
Section 2.10, Section 2.11, Section 2.12, Section 2.13, Section 2.14, Section 2.15 or Section 4.2.5, during the Development Term, Valneva will: 

(a) no less frequently than [***], furnish to Pfizer true, accurate and complete copies of all newly developed Clinical Trial Data and all
other newly generated data developed in connection with the Development Plan, in each case in such format as Pfizer may reasonably request (including by download of digital files to a secure website or e-room
designated and controlled by Pfizer); 
 (b) provide to Pfizer a written summary of all activities, discoveries, developments and results
attained by Valneva under the Development Plan no less frequently than every [***]; 
 (c) participate in [***] teleconferences to be
scheduled by Pfizer; 
 (d) promptly notify Pfizer of any suspected or actual misconduct, issues pertaining to data integrity or any other
information that could reasonably signify or result in a lack of confidence in the accuracy or collection methods of data, each as such may relate to the activities being conducted under the Development Plan; 

(e) transfer the IND for the Vaccine to Pfizer immediately following [***]; and 

(f) provide Pfizer with all reasonable assistance necessary or desirable (i) to effect the timely and orderly transfer of Valneva
Technology and Valneva Materials to Pfizer for Pfizer’s use under the Development Plan, (ii) to effect the timely and orderly transfer of Valneva Technology and Valneva Materials to Pfizer in order to enable Pfizer to perform its
obligations under Section 5.1 and (iii) for Pfizer to exercise its rights under the licenses and sublicenses set forth in Article 2 that are effective at any given time during the Term. 

4.3 Governance. 
 4.3.1
Joint Steering Committee. 
 (a) Formation. As soon as practical, but no later than [***] after the Effective Date, the Parties
shall establish a joint steering committee (the “Joint Steering Committee” or “JSC”), comprised of individuals with appropriate decision-making authority, to provide high-level oversight and decision-making
regarding the activities of the Parties under this Agreement. The Parties anticipate that the JSC will not be involved in day-to-day implementation of activities under
this Agreement. [***]. 
 (b) JSC Term. The JSC will be dissolved immediately upon expiration of the Development Term unless the
Parties otherwise agree in writing. 

  
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 4.3.2 Joint Development Committee. 

(a) Composition. The Parties will establish a Joint Development Committee, comprised of three (3) representatives of Valneva
(including the Program Director for Valneva) and three (3) representatives of Pfizer (including the Program Director for Pfizer). Each Party may replace its representatives to the JDC at any time upon notice to the other Party, provided
that at all times an equal number of representatives from each Party are appointed to the JDC. Each Party may invite non-voting employees and consultants to attend meetings of the JDC. All members of the
JDC and any invitees of either Party described above will agree in writing to be bound to obligations of confidentiality and assignment of inventions no less restrictive than those that bind the Parties under this Agreement. Pfizer shall select from
its representatives the chairperson for the JDC (the “JDC Chair”). Pfizer may replace the JDC Chair at any time upon notice to Valneva. The JDC shall meet at least [***], or as otherwise agreed to by the Parties, and such meetings
may be conducted by telephone, video-conference or in person as determined by the JDC members, provided that with respect to in person meetings, unless otherwise agreed the location of such meetings shall alternate between locations designated by
Pfizer and locations designated by Valneva and at least one meeting per year shall be in-person, unless otherwise agreed to by the Parties 

(b) [***]. 
 (c) [***]. 

4.3.3 General Provisions Applicable to Joint Committees. 

(a) Meetings and Minutes. Meetings of any Joint Committee may be called by either Party on no less than [***] notice. Each Party shall
make all proposals for agenda items and shall provide all appropriate information with respect to such proposed items at least [***] in advance of the applicable meeting; provided, that under exigent circumstances requiring input by the
applicable Joint Committee, a Party may provide its agenda items to the other Party within a shorter period of time in advance of the meeting, or may propose that there not be a specific agenda for a particular meeting, so long as the other Party
consents to such later addition of such agenda items or the absence of a specific agenda for such meeting, such consent not to be unreasonably withheld or delayed. The chairperson of the applicable Joint Committee (or designee of their choosing)
shall prepare and circulate for review and approval of the Parties minutes of each meeting within [***] after the meeting. The Parties shall agree on the minutes of each meeting promptly, but in no event later than the next meeting of the Joint
Committee, and such approved minutes shall be signed by each Alliance Manager. 
 (b) Procedural Rules. Each Joint Committee shall
have the right to adopt such standing rules as shall be necessary for its work, to the extent that such rules are not inconsistent with this Agreement; provided that such rules shall not be subject to a deciding vote of either Party under
Section 4.3.3(c) below. A quorum of the Joint Committee shall exist whenever there is present at a meeting at least one (1) representative appointed by each Party. Representatives of the Parties on a Joint Committee may attend a meeting
either in person or by telephone, video conference or similar means in which each participant can hear what is said by, and be heard by, the other participants. Representation by proxy shall be allowed. Each Joint Committee shall take action by
consensus of the representatives present at a meeting at which a quorum exists, with each Party having a single vote irrespective of the number of representatives of such Party in attendance, or by a written resolution signed by at least one
(1) representative appointed by each Party. Employees or consultants of either Party that are not representatives of the Parties on a Joint Committee may attend meetings of such Joint Committee; provided, that such attendees (i) shall not
vote or otherwise participate in the decision-making process of the Joint Committee, and (ii) are bound by obligations of confidentiality and non-disclosure equivalent to those set forth in Article 7.

 (c) Joint Committee Dispute Resolution. 

  
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 (i) If the JDC, with the assistance of the Alliance Managers cannot, or docs not, reach
consensus on an issue at a meeting or within a period of [***] thereafter, then the dispute shall be referred to the JSC to reach mutually acceptable resolutions on all such disputed matters. If the JSC cannot resolve such dispute within a period of
[***] thereafter or if the JSC cannot, or docs not, reach consensus on an issue at a meeting of the JSC or within a period often [***] thereafter, then, Pfizer shall have the light to resolve the matter and shall not be subject to resolution
pursuant to Section 11.12; provided, however, that Pfizer shall not have the right to resolve disputes with respect to (I) amending the Development Plan to transfer from Valneva the responsibility for the conduct of the Valneva Phase 2
Clinical Trials unless such trials are deemed to be more than [***] behind their planned timelines as outlined in the Development Plan, (II) amending the Development Plan and Development Budget to increase the aggregate amount of Shared Costs
pursuant to the Development Plan and Development Budget or (III) assign any additional material obligations to Valneva that arc not otherwise contemplated by the Development Plan or Development Budget (which is reasonable under the
circumstances and constitutes a Shared Cost); 
 (ii) Disputes arising between the Parties in connection with or relating to this Agreement
or any document or instrument delivered in connection herewith, and that are outside of the jurisdiction of the JSC and not within a Party’s sole decision-making authority, shall be resolved pursuant to Section 11.12. 

(d) Limitations on Authority. Notwithstanding any provision of this Section 4.3 to the contrary, (i) each Party will retain
the rights, powers and discretion granted to it under this Agreement and no such rights, powers, or discretion will be delegated to or vested in the JSC or JDC unless such delegation or vesting of rights is expressly provided for in this Agreement
or the Parties expressly so agree in writing, (ii) neither the JSC nor JDC will not have the power to amend this Agreement or otherwise modify or waive compliance with this Agreement in any manner and (iii) neither Party will require the
other Party to (A) breach any obligation or agreement that such other Party may have with or to a Third Party or (B) perform any activities that are materially different or greater in scope or more costly than those provided for in the
Development Plan then in effect. 
 4.3.4 Collaboration Management. 

(a) Program Directors. Each Party will appoint a program director to oversee all activities conducted under the Development Plan (each,
a “Program Director” and together the “Program Directors”). Each Party may change its designated Program Director at any time upon written notice to the other Party. The Program Directors will coordinate the efforts
of their respective Party in conducting activities under the Development Plan. 
 (b) Alliance Managers. Each Party will appoint a
single individual to act as the primary point of contact between the Parties to support the activities under the Development Plan (the “Alliance Managers”). Each Party may change its designated Alliance Manager at any time upon
written notice to the other Party. The Alliance Managers will: 
 (i) use good faith efforts to attend (either in person or by
telecommunications) all meetings of the JDC and JSC, but will be non-voting members at such meetings; 

(ii) be responsible for setting dates and agendas for JDC and JSC meetings, and for capturing and distributing the associated minutes; and

 (iii) be the first point of referral for all matters of conflict resolution and bring disputes to the attention of the JDC in a timely
manner. 
 4.4 Development Plan Expenses. Except as expressly set forth in Section 3.2, each Party will bear all costs and
expenses it incurs in connection with its activities under the Development Plan. 

  
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 5. PRODUCT DEVELOPMENT AND COMMERCIALIZATION 

5.1 General. Subject to the provisions of Article 4 and Section 5.3, Pfizer will have sole authority over and control of the
Development, Manufacture, Regulatory Approval and Commercialization of Vaccines and Products and will retain final decision-making authority with respect thereto. 

5.2 Valneva Phase 2 Clinical Trials 

5.2.1 Valneva shall continue to act as the sponsor of the On-Going Phase 2 Clinical Trials, will act as
the sponsor for initiation of the New Phase 2 Clinical Trial and shall hold the IND relating to the Phase 2 Clinical Trials, subject to Section 4.2.6(e). Valneva will be solely responsible for all Costs associated with the On-Going Phase 2 Clinical Trials. 
 5.2.2 Valneva shall ensure that the Valneva Phase 2 Clinical Trials
are performed in accordance with this Agreement, the applicable protocols and all Applicable Law, including GCP. In the event that any Regulatory Authority, ethics committee or institutional review board has questions related to a protocol or the
conduct of the Valneva Phase 2 Clinical Trials Valneva will immediately notify Pfizer of such questions and will work with Pfizer to respond to such questions. 

5.2.3 Valneva shall ensure that all directions from any Regulatory Authority and/or ethics committee with jurisdiction over the Valneva Phase 2
Clinical Trials are followed. Further, Valneva shall ensure that all Regulatory Approvals from any Regulatory Authority and/or ethics committee with jurisdiction over the New Phase 2 Clinical Trial are obtained prior to initiating performance of the
New Phase 2 Clinical Trial. Pfizer shall have the right (but no obligation) to participate in any discussions with a Regulatory Authority regarding the Valneva Phase 2 Clinical Trials. 

5.2.4 Valneva shall ensure that all reports and related documentation required for the Valneva Phase 2 Clinical Trials are maintained in good
scientific manner and in compliance with Applicable Law. 
 5.3 Diligence. 

5.3.1 Development Diligence. Pfizer will use its Commercially Reasonable Efforts to Develop and seek Regulatory Approval for one Product
in one indication in the Field in the United States and [***]. Pfizer will have no other diligence obligations with respect to the Development or Regulatory Approval of Products under this Agreement. Valneva will use its Commercially Reasonable
Efforts to complete the Valneva Phase 2 Clinical Trials. 
 5.3.2 Commercial Diligence. Pfizer will use its Commercially Reasonable
Efforts to Commercialize a given Product in an indication in the Field in each Major Market Country in the Territory where Pfizer has received Regulatory Approval for such Product in such indication. Pfizer will have no other diligence obligations
with respect to the Commercialization of Products under this Agreement. 
 5.3.3 Exceptions to Diligence Obligations. Notwithstanding
any provision of this Agreement to the contrary, Pfizer will be relieved of all Pfizer Diligence Obligations to the extent that: 
 (a)
Pfizer or Valneva receives, generates, or otherwise becomes aware of, any safety, tolerability or other data indicating or signaling that a Product has or would have an unacceptable risk-benefit profile or is otherwise not suitable for initiation or
continuation of Clinical Trials; 
 (b) Pfizer or Valneva receive any notice, information or correspondence from any applicable Regulator)
Authority, or any applicable Regulatory Authority takes any action, that indicates that a Product is unlikely to receive Regulatory Approval; 

  
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 (c) Valneva fails to fulfill its Development or other obligations under the Development
Plan or this Agreement and such failure prevents Pfizer from fulfilling the Pfizer Diligence Obligations; or 
 (d) the transfer of the
Manufacturing Process by Valneva to Pfizer’s facilities or those of an Affiliate or Third Party manufacturing provider designated by Pfizer is not completed within the timelines set forth in the Development Plan or Technology Transfer Plan.

 5.3.4 Deemed Satisfaction of Pfizer Diligence Obligations. Without in any way expanding Pfizer’s obligations under this
Agreement: 
 (a) Pfizer’s achievement of any Development Event entitling Valneva to receive a specific Development Payment described
in Section 3.3 will be conclusive evidence that Pfizer has satisfied all Pfizer Diligence Obligations under this Agreement up to the date that such Development Event is achieved; 

(b) Pfizer’s payment, and Valneva’s acceptance, of any royalties to Valneva pursuant to Section 3.4 will be conclusive evidence
that Pfizer has satisfied all Pfizer Diligence Obligations under this Agreement to the date of such payment; provided that if Valneva does not return in full a payment of royalties by Pfizer with a written rejection of such payment within
[***] of receipt, Valneva shall be deemed to have accepted such royalty payment. 
 For the avoidance of doubt, the provisions of Sections 5.3.4(a) and
5.3.4(b) are intended only as examples of diligence constituting satisfaction of the Pfizer Diligence Obligations. Pfizer may fully satisfy the Pfizer Diligence Obligations without achieving any of the specific diligence examples set forth in
Sections 5.3.4(a) and 5.3.4(b), above, provided that Pfizer otherwise complies with the provisions of Section 5.3.1 or Section 5.3.2, as applicable. 

5.3.5 Assertion of Pfizer Diligence Obligation Claims. If Valneva is, becomes or reasonably should be aware of facts that might form a
reasonable basis to allege that Pfizer has failed to meet any Pfizer Diligence Obligation, then Valneva will promptly notify Pfizer in writing of such potential alleged performance failure (each such potential alleged performance failure, a
“Diligence Issue”). Promptly upon Pfizer’s receipt of any notice of a Diligence Issue pursuant to this Section 5.3.5, the Pfizer Alliance Manager will contact the Valneva Alliance Manager to discuss the specific nature of
such Diligence Issue and seek to identify an appropriate corrective course of action. If, no later than [***] after Pfizer’s receipt of such a notice, (a) the Parties have not reached consensus regarding whether Pfizer has failed to
satisfy its obligations pursuant to Section 5.3.1 or Section 5.3.2 and (b) the Parties’ respective Alliance Managers have not agreed upon an appropriate corrective course of action for such Diligence Issue, then such Diligence
Issue will be escalated and resolved pursuant to the dispute resolution provisions set forth in Section 11.12. If Valneva fails to notify Pfizer of a Diligence Issue pursuant to this Section 5.3.5 within [***] after the date that Valneva
first discovers or reasonably should have discovered such Diligence Issue, then Pfizer will be deemed to have satisfied its obligations under Section 5.3.1 and Section 5.3.2 with respect to such Diligence Issue. 

5.3.6 Remedies for Breach of Pfizer Diligence Obligations. If Pfizer materially breaches any Pfizer Diligence Obligation and fails to
remedy such breach within [***] of Pfizer’s receipt of notice of such breach from Valneva, then Valneva may, in its sole discretion, elect to either (a) terminate this Agreement pursuant to the provisions of Section 9.5 on a Product-by-Product and country-by-country basis, but only to the extent that a Product in a
given country in the Territory is directly and adversely impacted by such uncured material breach or (b) convert any exclusive license or sublicense granted to Pfizer under this Agreement with respect to a Product in a given country in the
Territory into non-exclusive license or sublicense, as applicable, but only to the extent that such Product in such country is directly and adversely impacted by such uncured material breach. Valneva
acknowledges and agrees that the elections set forth in this Section 5.3.6: (i) have been negotiated by the Parties to fully address any harm that Valneva may incur as a result of Pfizer’s material breach of the Pfizer Diligence
Obligations and (ii) constitute Valneva’s sole and exclusive remedies with respect to any breach by Pfizer of any Pfizer Diligence Obligation. 

  
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 5.3.7 Performance by Pfizer’s Affiliates or Sublicensees. For avoidance of
doubt, any actions taken by Pfizer’s Affiliates or Sublicensees (or their respective subcontractors) under this Agreement shall be treated as actions taken by Pfizer in regard to satisfaction of the requirements of this Section 5.1. 

5.4 Regulatory Matters. 

5.4.1 Regulatory Reporting. Except as necessary for Valneva to complete the Valneva Phase 2 Clinical Trials, Pfizer or its designated
Affiliate(s) will have the sole authority to make or file all filings, reports and communications with all Regulatory Authorities with respect to any Vaccine or Product in the Field in the Territory, including all reports required to be filed in
order to obtain or maintain any Regulatory Approvals granted for Products in the Field in the Territory and adverse drug experience reports. Upon Pfizer’s request, Valneva will provide to Pfizer any data or other information in Valneva’s
possession and otherwise provide reasonable assistance to Pfizer in connection with any such filings, reports and communications. 
 5.4.2
Regulatory Approvals. Pfizer or its designated Affiliate(s) will have the sole authority to prepare and file applications, in its own name, for Regulatory Approval for Products in the Field in the Territory, including communicating with any
Regulatory Authority both prior to and following Regulatory Approval. Subject to Section 4.2.6(e), Valneva hereby assigns any and all INDs, Regulatory Approvals or any other rights or permissions granted by any Regulatory Authority to Pfizer,
together with all other regulatory filings and development data, to the extent such assignment is permissible under applicable Law. Further, Valneva will take all actions and provide all assistance reasonably requested by Pfizer to effect the
assignments in this Section 5.4.2 immediately following full enrollment of the New Phase 2 Clinical Trial, not including the expansion stage, or at such time as directed by Pfizer. 

5.4.3 Cooperation. If reasonably requested by Pfizer, Valneva shall assist and cooperate with Pfizer in connection with the preparation
of filings, reports and communications to Regulatory Authorities with respect to any Vaccine or Product in the Field in the Territory, at Pfizer’s sole expense. Valneva will and will cause its Affiliates to cooperate with Pfizer and all Pfizer
Representatives in the event of any inspection by a Regulatory Authority related to any Vaccine or Product or any activities to be performed under this Agreement. 

5.5 Commercialization Activities. 

5.5.1 General. Subject to Section 5.1, Pfizer will have sole and exclusive control over all matters relating to the
Commercialization of Products in the Field in the Territory, including sole and exclusive control over (a) pricing of Products and (b) the negotiation of Product pricing with Regulatory Authorities and other Third Parties, in each case in
the Field in the Territory. 
 5.5.2 Branding. Pfizer or its designated Affiliates or Sublicensees will select and own all Trademarks
and Copyrights used in connection with the Commercialization of any and all Products in the Field in the Territory (other than Valneva’s corporate names and logos). Neither Valneva nor its Affiliates will use or seek to register, anywhere in
the world, any Trademark which is confusingly similar to any Trademark used by or on behalf of Pfizer, its Affiliates or Sublicensees in connection with any Product. 

5.6 Manufacturing. Except to the extent Valneva has Manufacturing obligations under the Development Plan, Pfizer will have the exclusive
right and responsibility to Manufacture such Products itself or through one or more Affiliates or Third Parties selected by Pfizer in its sole discretion. For clarity, Pfizer will have no diligence obligations with respect to the Manufacture of
Products except to the extent necessary to fulfill its obligations under Section 5.3.1 or Section 5.3.2. 

  
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 5.7 Progress Reporting. Pfizer will provide Valneva with [***] written reports
summarizing Pfizer’ s activities to Develop and Commercialize Products. Any information or written report provided by Pfizer to Valneva pursuant to this Section 5.7 will be deemed to be Pfizer’s Confidential Information and subject to
the provisions of Article 7. 
 5.8 Other Pfizer Programs. Valneva understands and acknowledges that Pfizer may have present or future
initiatives or opportunities, including initiatives or opportunities with its Affiliates or Third Parties, involving products, programs, technologies or processes that are similar to, and in some instances may compete with, a Vaccine, Product,
program, technology or process covered by this Agreement. Valneva acknowledges and agrees that nothing in this Agreement will be construed as a representation, warranty, covenant or inference that Pfizer will not itself Develop, Manufacture or
Commercialize or enter into business relationships with one or more of its Affiliates or Third Parties to Develop, Manufacture or Commercialize products, programs, technologies or processes that are similar to or that may compete with any Vaccine,
Product, program, technology or process covered by this Agreement, provided that, for clarity, Pfizer will not use Valneva’s Confidential Information in breach of this Agreement. 

6. INTELLECTUAL PROPERTY. 
 6.1
Ownership of Development Program Technology. Notwithstanding any provision of this Agreement to the contrary, Pfizer will own all right, title and interest in and to Development Program Know-How and
Development Program Patent Rights. Valneva agrees to assign and hereby perpetually and irrevocably assigns and agrees to assign, and will cause its Representatives to assign, to Pfizer all right, title and interest throughout the world in and to any
and all Development Program Technology. Further, Valneva will, and will cause its Representatives to, execute any and all assignments, applications for domestic and foreign patents and other documents and to do such other acts (including the
execution and delivery of instruments of further assurance or confirmation) reasonably requested by Pfizer to assign the Development Program Technology to Pfizer and to permit Pfizer to practice and enforce the Development Program Technology. 

6.2 Patent Rights. 

6.2.1 Filing, Prosecution and Maintenance of Patent Rights. 

(a) Valneva Prosecuted Valneva Patent Rights. Valneva will have the first right to file, prosecute and maintain the Valneva Lyme Genus
Patent Rights and the Valneva Platform Patent Rights (the “Valneva Prosecuted Valneva Patent Rights”) in the Territory using (x) in the case of the Valneva Platform Patent Rights, counsel of its own choice at Valneva’s
sole expense, and (Y) in the case of the Valneva Lyme Genus Patent Rights, legal counsel reasonably acceptable to Pfizer, which counsel shall be [***] unless the Parties otherwise mutually consent, which consent shall not be unreasonably
withheld or delayed (for clarity, it is agreed that Valneva may use internal patent counsel and agents, filing clerks, and paralegals employed by Valneva for directly instructing US and ex-US outside counsel
and patent agents, including by providing draft applications and responses). At Valneva’s request, Pfizer will cooperate and assist Valneva and outside counsel and agents in the preparation and prosecution of such Patent Rights. Valneva will
keep Pfizer advised on the status of the preparation, filing, prosecution, and maintenance of all patent applications and issued patents included within the Valneva Prosecuted Valneva Patent Rights that Valneva is prosecuting and maintaining.
Further, Valneva will (i) allow Pfizer a reasonable opportunity and reasonable time to review and provide comment to Valneva’s counsel regarding relevant substantive communications to Valneva and drafts of any responses or other proposed
substantive filings by Valneva before any applicable filings are submitted to any relevant patent office (or Governmental Authority) in a Major Market Country and (ii) reflect any reasonable and timely comments offered by Pfizer in any final
filings submitted by Valneva to any relevant patent office (or Governmental Authority) in a Major 

  
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Market Country unless Valneva believes doing so may delay issuance or otherwise compromise patent coverage for the Products. If Valneva elects not to file a patent application included in the
Valneva Prosecuted Valneva Patent Rights in any country or elects to cease the prosecution or maintenance of all patent applications and patents of a particular Valneva Prosecuted Valneva Patent Right in any country, Valneva will provide Pfizer with
written notice of its decision not less than [***] before any action is required to avoid abandonment or lapse. If Pfizer elects to file or continue such prosecution or maintenance, (v) Pfizer will promptly identify and engage the attorneys and
agents who will conduct further activities on Pfizer’s behalf and Valneva will reasonably cooperate to promptly transfer the necessary files and execute the necessary forms regarding such transfer, (w) except as set forth in (v), Valneva
will have no responsibility with respect to the filing, prosecution or maintenance of, or any expenses incurred in connection with, any such Valneva Prosecuted Valneva Patent Right following Valneva’s notice, (x) Pfizer will not disclose
any Valneva Confidential Information in connection with such filing, prosecution or maintenance without Valneva’ s prior written approval (y) Pfizer will keep Valneva advised on the status of the preparation, filing, prosecution, and
maintenance of all such Valneva Prosecuted Valneva Patent Rights and will reasonably consider any comments made by Valneva in connection therewith. Valneva will be solely responsible for all costs incurred in connection with prosecution and
maintenance of the Valneva Prosecuted Valneva Patent Rights following the end of the Development Term. 
 (b) Pfizer Prosecuted Valneva
Patent Rights. Pfizer will have the first right to file, prosecute and maintain the Valneva VLA-15 Species Patent Rights (the “Pfizer Prosecuted Valneva Patent Rights”) in the Territory
using counsel of its own choice reasonably acceptable to Valneva, which counsel shall be [***] unless the Parties otherwise mutually consent, which consent shall not be unreasonably withheld or delayed (for clarity, it is agreed that Pfizer may use
internal patent counsel and agents, filing clerks, and paralegals employed by Pfizer for directly instructing US and ex- US outside counsel and patent agents, including by providing draft applications and
responses). At Pfizer’s request, Valneva will cooperate and assist Pfizer and outside counsel and agents in the preparation and prosecution of such Patent Rights. Pfizer will keep Valneva advised on the status of the preparation, filing,
prosecution, and maintenance of all patent applications and issued patents included within the Pfizer Prosecuted Valneva Patent Rights that Pfizer is prosecuting and maintaining. Further, Pfizer will (i) allow Valneva a reasonable opportunity
and reasonable time to review and provide comment to Pfizer’s counsel regarding relevant substantive communications to Pfizer and drafts of any responses or other proposed substantive filings by Pfizer before any applicable filings are
submitted to any relevant patent office (or Governmental Authority) in a Major Market Country and (ii) reflect any reasonable and timely comments offered by Valneva in any final filings submitted by Pfizer to any relevant patent office (or
Governmental Authority) in a Major Market Country unless Pfizer believes doing so may delay issuance or otherwise compromise patent coverage for the Products. It Pfizer elects not to file a patent application included in the Pfizer Prosecuted
Valneva Patent Rights in any country or elects to cease the prosecution or maintenance of all patent applications and patents of a particular Pfizer Prosecuted Valneva Patent Right in any country, Pfizer will provide Valneva with written notice of
its decision not less than [***] before any action is required to avoid abandonment or lapse. If Valneva elects to file or continue such prosecution or maintenance, (v) Valneva will promptly identify and engage the attorneys and agents who will
conduct further activities on Valneva’s behalf and Pfizer will reasonably cooperate to promptly transfer the necessary files and execute the necessary forms regarding such transfer, (w) except as set forth in (v), Pfizer will have no
responsibility with respect to the filing, prosecution or maintenance of, or any expenses incurred in connection with, any such Pfizer Prosecuted Valneva Patent Right following Pfizer’s notice, (x) Valneva will not disclose any Pfizer
Confidential Information in connection with such filing, prosecution or maintenance without Pfizer’s prior written approval (y) Valneva will keep Pfizer advised on the status of the preparation, filing, prosecution, and maintenance of all
such Pfizer Prosecuted Valneva Patent Rights and will reasonably consider any comments made by Pfizer in connection therewith, and (z) Valneva will promptly, and no later than [***] after written request by Pfizer, by written notice to Pfizer
update Schedule 8.3.4 to identify all such Valneva Patent Rights to be added thereto, provided that in the absence of such prompt notification, any such Patent Rights will be excluded from the Valid Claim definition. Pfizer will be solely
responsible for all costs incurred in connection with prosecution and maintenance of the Pfizer Prosecuted Patent Rights following the end of the Development Term. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 (c) Pfizer Patent Rights and Development Patent Rights. Pfizer will have the sole
right, but no obligation, to file, prosecute and maintain the Patent Rights that it owns or to which it otherwise has control of prosecution rights, including the Pfizer Patent Rights and Development Patent Rights, in its sole discretion. Upon
Valneva’s reasonable request not more than [***] per twelve (12) month period, Pfizer will provide a status report listing the status of all patent applications and issued patents included within the Development Patent Rights that Pfizer
is prosecuting and maintaining. Pfizer will be solely responsible for all costs incurred in connection with prosecution and maintenance of the Pfizer Patent Rights and Development Patent Rights following the end of the Development Term. 

(d) Patent Term Restoration and Extension. Pfizer will have the exclusive right, but not the obligation, to seek, at its sole expense,
in Valneva’s name if so required, patent term extensions, and supplemental protection certificates and the like available under Law, including 35 U.S.C. § 156 and applicable foreign counterparts, in any country in the Territory in relation
to the Valneva Patent Rights. Valneva and Pfizer will cooperate in connection with all such activities. Pfizer, its agents and attorneys will give due consideration to all suggestions and comments of Valneva regarding any such activities, but in the
event of a disagreement between the Parties, Pfizer will have the final decision-making authority; provided, however, that Pfizer will seek (or allow Valneva to seek) to extend any Valneva Patent Right at Valneva’s request, including through
the use of supplemental protection certificates and the like, unless in Pfizer’s reasonable legal determination such Valneva Patent Right may not be extended under Law without limiting Pfizer’s right to extend any other Patent Right. 

(e) Clarifications. For clarity, (i) prosecution under this Section 6.2.1 includes opposition, revocation, post-grant review
or other patent office proceedings, unless such proceedings are concurrent with Third Party litigation under Section 6.2.2, in which case the provisions of Section 6.2.2 shall govern the Parties’ rights and obligations with respect to
such proceedings, and (ii) Third Party declaratory judgment actions or other court actions relating to Patent Rights shall be governed by Section 6.2.2, and by Section 6.2.3 if applicable. 

(f) Liability. To the extent that a Party is obtaining, prosecuting or maintaining a Patent Right or otherwise exercising its rights
under this Section 6.2.1, such Party, and its Affiliates, employees, agents or representatives, will not be liable to the other Party in respect of any act, omission, default or neglect on the part of any such Party, or its Affiliates,
employees, agents or representatives, m connection with such activities undertaken in good faith. 
 (g) Recording. If Pfizer deems it
necessary or desirable to register or record this Agreement or evidence of this Agreement with any patent office or other appropriate Governmental Authority(ies) in one or more jurisdictions in the Territory, Valneva will reasonably cooperate to
execute and deliver to Pfizer any documents accurately reflecting or evidencing this Agreement that are necessary or desirable, in Pfizer’s reasonable judgment, to complete such registration or recordation. 

(h) Joint Research Agreement. This Agreement shall be understood to be a joint research agreement under 35 U.S.C. § 103(c)(3)
entered into for the purpose of researching, identifying and Developing Pfizer Licensed Products. 
 6.2.2 Enforcement and Defense of
Patent Rights. 
 (a) Enforcement of Valneva Patent Rights. Each Party will promptly notify the other in the event of any actual,
potential or suspected infringement of a patent under the Valneva VLA-15 Species Patent Rights and Valneva Lyme Genus Patent Rights (the “Pfizer Enforcement Valneva Patent Rights”) by any
Third Party. As between Pfizer and Valneva, Pfizer will have the sole right, but not the obligation, to institute litigation or take other steps to remedy infringement in connection with the Pfizer Enforcement Valneva Patent Rights in the Territory,
and any such litigation or steps will be at Pfizer’s expense, subject to Valneva’s obligation to indemnify Pfizer for such expenses pursuant to Article 10; provided that any infringement recoveries resulting from such litigation or
steps relating to a claim of Third 

  
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Party infringement, after deducting Pfizer’s out of pocket expenses (including counsel fees and expenses) in pursuing such claim, will be deemed Net Sales. Pfizer will not, without the prior
written consent of Valneva, enter into any compromise or settlement relating to such litigation that (i) admits the invalidity or unenforceability of any Pfizer Enforcement Valneva Patent Right or (ii) requires Pfizer to abandon any Pfizer
Enforcement Valneva Patent Right Valneva, upon request of Pfizer, agrees to timely commence or to join in any such litigation, at Pfizer’s expense, and in any event to cooperate with Pfizer in such litigation or steps at Pfizer’s expense.
Valneva will have the right to consult with Pfizer about such litigation and to participate in and be represented by independent counsel in such litigation at Valneva’s own expense. Neither Party will incur any liability to the other Party
(other than that related to a Party’s indemnification obligation pursuant to Article 10) as a consequent of any litigation initiated or pursued pursuant to this Section 6.2.2(a) or any unfavorable decision resulting therefrom, including
any decision holding any Pfizer Enforcement of Valneva Patent Right or Joint Patent Right invalid or unenforceable. 
 (b) Enforcement of
Valneva Platform Patent Rights. Each Party will promptly notify the other in the event of any actual, potential or suspected infringement of a patent under the Valneva Platform Patent Rights by any Third Party. As between Pfizer and Valneva,
Valneva will have the first right, but not the obligation, to institute litigation or take other steps to remedy infringement in connection with the Valneva Platform Patent Rights with respect to activities competitive or relevant to those of Pfizer
under this Agreement as and to the extent involving the prevention of Lyme Disease (a “VPPR Infringement”) or with respect to any other matter, and any such litigation or steps will be at Valneva’s expense. Pfizer, upon the
request of Valneva, agrees to timely join in any such litigation regarding VPPR Infringement, at Valneva’s expense, and in any event to cooperate with Valneva in such litigation or steps at Valneva’s expense. Pfizer will have the right to
consult with Valneva about such litigation regarding VPPR Infringement and to be represented by independent counsel in such litigation at Pfizer’s own expense. If Valneva fails to institute and prosecute an action or proceeding to abate any
VPPR Infringement within [***] after the first notice of such VPPR Infringement under this section 6.2.2(b), or as soon as possible and in any event no later than [***] if preliminary injunction proceedings are a potential or likely recourse to
remedy the infringement, or [***] before the time limit, if any, set forth in the applicable Laws for the filing of such actions, then upon Valneva’s written consent (not to be unreasonably withheld), Pfizer shall have the second right, but not
the obligation, to commence a suit or take other action to enforce the applicable Valneva Platform Patent Right pursuant to (i) patents described in Section 1 of Schedule 8.3.4 under the heading entitled “Valneva Patent Platform
Rights; provided there is no applicable Valid Claim under which Pfizer or Valneva may institute litigation or take other steps to remedy infringement in connection with the Pfizer Enforcement Valneva Patent Rights pursuant to Section 6.2.2(a)
and (ii) patents described in Section 2 of Schedule 8.3.4 under the heading entitled “Valneva Patent Platform Rights” in each case of (i) and (ii) against such VPPR Infringement at its own cost and expense, subject to
Valneva’s obligation to indemnify Pfizer for such expenses pursuant to Article 10; provided that any infringement recoveries resulting from such litigation or steps relating to a claim of VPPR Infringement, after deducting Pfizer’s
out of pocket expenses (including counsel fees and expenses) in pursuing such claim, will be deemed Net Sales. Pfizer will not, without the prior written consent of Valneva, enter into any compromise or settlement relating to such litigation that
(i) admits the invalidity or unenforceability of any Valneva Platform Patent Rights or (ii) requires Pfizer to abandon any Valneva Platform Patent Rights. Valneva, upon Pfizer’s request, agrees to timely join in any such litigation
regarding VPPR Infringement, at Pfizer’s expense, and in any event to cooperate with Pfizer in such litigation or steps at Pfizer’s expense. Valneva will have the right to consult with Pfizer about such litigation and to be represented by
independent counsel in such litigation at Valneva’s own expense. Pfizer may request Valneva to institute and prosecute an action or proceeding to abate any VPPR Infringement pursuant to any Valneva Platform Patent Right described in
Section 1 of Schedule 8.3.4 under the heading entitled “Valneva Patent Platform Rights.” In the event Pfizer makes such a request and Valneva fails to institute and prosecute an action or proceeding to abate such VPPR Infringement
within [***] after such request, then, on a country-by country basis, any payments owed with respect to a Product pursuant to Section 3.4 will be reduced by [***] for the remainder of the applicable
Royalty Term or until such VPPR Infringement ceases, whichever occurs first. 

  
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 (c) Enforcement of Pfizer Patent Rights and Development Patent Rights. Pfizer will
have the sole right, but no obligation, to take action to obtain a discontinuance of infringement or bring suit against a Third Party infringing or challenging the validity or enforceability of any Pfizer Patent Right or Development Patent Right.

 (d) Biosimilar Notices. 

(i) Valneva Cooperation. Upon Pfizer’ s request, Valneva will use Commercially Reasonable Efforts to assist and cooperate with
Pfizer in (A) establishing a strategy for responding to requests for information from Regulatory Authorities and Third Party requestors and (B) preparing submissions responsive to any Biosimilar Notices received by Pfizer; provided that
Pfizer will make the final decisions with respect to such strategy and any such responses. 
 (ii) Compliance with Biosimilar
Notices. Pfizer will have the sole right in its discretion to comply with the applicable provisions of 42 U.S.C. § 262(1) (or any amendment or successor statute thereto), any similar statutory or regulatory requirement enacted in the future
regarding biologic products in the United States, or any similar statutory or regulatory requirement in any non-U.S. country or other regulatory jurisdiction, in each case, with respect to any Biosimilar
Notice received by Pfizer from any Third Party regarding any Product that is being Commercialized in the applicable jurisdiction, and the exchange of information between any Third Party and Pfizer pursuant to such requirements; provided that, prior
to any submission of information by Pfizer to a Third Party, Valneva will have the right to review the patent information included in such proposed submission, solely with respect to Valneva Patent Rights, and to make suggestions as to any changes
to such patent information that Valneva reasonably believes to be necessary; provided further that Pfizer will determine the final content of any such submission. In the case of a Product approved in the United States under the PHS Act (or,
in the case of a country in the Territory other than the United States, any similar Law), to the extent permitted by applicable Law, Pfizer, as the sponsor of the application for the Product, will be the “reference product sponsor” under
the PHS Act. Pfizer will give written notice to Valneva of receipt of a Biosimilar Notice received by Pfizer with respect to a Product, and Pfizer will consult with Valneva with respect to the selection of any Valneva Patent Rights to be submitted
pursuant to 42 U.S.C. § 262(1) (or any similar law in any country of the Territory outside the United States); provided that Pfizer will have final say on such selection of Valneva Patent Rights. Valneva agrees to be bound and will cause
its Affiliates and all Third Party Licensors to be bound by the confidentiality provisions of 42 U.S.C. § 262(1)(1)(B)(iii). In connection with any action brought by Pfizer under this Section 6.2.2(d). Valneva, upon Pfizer’s request,
will reasonably cooperate and will cause its Affiliates and all Third Party Licensors to reasonably cooperate with Pfizer in any such action, including timely commencing or joining in any action brought by Pfizer under this Section 6.2.2(d).
Solely to the extent any Valneva Patent Rights are involved in any such action, the Parties’ rights and responsibilities regarding any action will be determined in accordance with this Section 6.2.2(d). 

6.2.3 Other Actions by Third Parties. Each Party will promptly notify the other Party in the event of any legal or administrative action
by any Third Party involving any Valneva Patent Right or Joint Patent Right of which it becomes aware, including any nullity, revocation, interference, reexamination or compulsory license proceeding. Pfizer will have the first right, but no
obligation, to defend against any such action involving any Pfizer Enforcement of Valneva Patent Right or Joint Patent Right, in its own name (to the extent permitted by applicable Law), and any such defense will be at Pfizer’ s expense,
subject to Valneva’ s indemnification obligations under Article 10. Valneva, upon Pfizer’ s request, agrees to join in any such action at Pfizer’s expense and in any event to cooperate with Pfizer at Pfizer’ s expense. If Pfizer
fails to defend against any such action involving a Valneva Patent Right or Joint Patent Right, then Valneva will have the right to defend such action, in its own name, and any such defense will be at Valneva’s expense. Valneva will have the
sole right, but no obligation, to defend against any such action involving any Valneva Platform Patent Right, in its own name, and any such defense will be at Valneva’s expense. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 6.2.4 Purple Book Listings. To the extent of any Valneva Patent Rights Covering a
Product, the Parties shall cooperate with each other to enable Pfizer to make filings with Regulatory Authorities, as required or allowed in connection with (i) in the United States, the FDA’s Purple Book and the Biologics Price
Competition and Innovation Act and (ii) outside the United States, under the national implementations of Article 10.l(a)(iii) of Directive 2001/EC/83 or other international equivalents thereof. Pfizer shall consider Valneva’s reasonable
requests in connection therewith, including meeting any submission deadlines, in each case, to the extent required or permitted by Applicable Law. 

6.2.5 Paragraph IV Type Notices. Notwithstanding any provision of this Agreement to the contrary, each Party will immediately (but in no
event later than [***] following receipt or discovery, whichever occurs first) give written notice to the other of any certification of which it becomes aware filed pursuant to any statutory or regulatory requirement in any country in the Territory
similar to 21 U.S.C. § 355(b)(2)(A)(iv) or§ 355(j)(2)(A)(vii)(IV) (or any amendment or successor statute thereto) claiming that any Valneva Patent Right covering any Vaccine or Product is invalid or that infringement will not arise from
the Development, Manufacture, use or Commercialization in the Territory of such Vaccine or Product by a Third Party. Upon the giving or receipt of such notice, Pfizer will have the sole right, but not the obligation, to bring an infringement action
against such Third Party. In connection with any action brought by Pfizer under this Section 6.2.5, Valneva, upon Pfizer’s request, will reasonably cooperate with Pfizer in any such action at Pfizer’s expense and will timely commence
or join in any such action at Pfizer’s request and expense. In the event of any conflict between the terms of this Section 6.2.5 and the terms of Section 6.2.2(a), the terms of this Section 6.2.5 will control and govern. 

6.2.6 Allegations of Infringement and Right to Seek Third Party Licenses. 

(a) Notice. If the Development, Manufacture, Commercialization or use of any Vaccine or Product, the practice of any Valneva
Technology, or the exercise of any other right granted by Valneva to Pfizer hereunder (collectively, the “Licensed Activities”) by Pfizer or any of its Affiliates or Sublicensees is alleged by a Third Party to infringe,
misappropriate or otherwise violate such Third Party’s Patent Rights or other Intellectual Property Rights or the Valneva otherwise identifies any Third Party Patent Rights or other Intellectual Property Rights that may be relevant to such
activities, Valneva will, promptly upon becoming aware of such allegation or identification, notify Pfizer in writing. 
 (b) Pfizer
Option to Negotiate. If Pfizer determines, in its sole discretion, that, in order for Pfizer, its Affiliates or Sublicensees to engage in the Licensed Activities, it is necessary or desirable to obtain a license under one or more Patent Rights
or other Intellectual Property Rights Controlled by a Third Party (collectively, “Third Party IP Rights”), then Pfizer will have the sole right, but not the obligation, to negotiate and enter into a license or other agreement with
such Third Party. All amounts payable under any such license or agreement with a Third Party will reduce Pfizer’s royalty obligations under this Agreement as and to the extent provided in Section 3.4.4(a). 

6.2.7 Third Party Infringement Suits. Each of the Parties will promptly notify the other in the event that any Third Party files any
suit or brings any other action alleging patent infringement by Pfizer or Valneva or any of their respective Affiliates or Sublicensees with respect to the Development, Manufacture, Commercialization or use of any Vaccine or Product or the practice
of any Valneva Technology or Joint Technology (any such suit or other action referred to herein as an “Infringement Claim”). In the case of any Infringement Claim against Pfizer (including its Affiliates or Sublicensees) alone or
against both Pfizer and Valneva (including its Affiliates), Pfizer will have the right, but not the obligation, to control the defense of such Infringement Claim, including control over any related litigation, settlement, appeal or other disposition
arising in connection therewith. Valneva, upon request of Pfizer, agrees to cooperate with Pfizer at Pfizer’s expense. Valneva will have the right to consult with Pfizer concerning any Infringement Claim and to participate in and be represented
by independent counsel in any associated litigation in which Valneva is a party at Valneva’s own expense. If Pfizer elects to control the defense of any Infringement Claim and Valneva is obligated under Section 10.3 to indemnify Pfizer
(including any Pfizer Indemnified Party) with respect to such Infringement Claim, then (a) Pfizer will bear [***] of its own attorneys’ fees incurred in investigating, preparing or defending such Infringement Claim notwithstanding the
provisions of Section 10.3 and (b) Valneva will otherwise indemnify Pfizer and any applicable Pfizer Indemnified Parties to the full extent provided for under Section 10.3. In the case of any Infringement Claim against Valneva alone,
Pfizer will have the right to consult with Valneva concerning such Infringement Claim and Pfizer, upon request of Valneva, will reasonably cooperate with Valneva at Valneva’s expense. 

  
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 6.3 Enforcement and Defense of Know-How. 

6.3.1 Misappropriation Actions Relating to Valneva Know-How and Joint
Know-How. Each Party will promptly notify the other in the event of any actual, potential or suspected misappropriation of any Valneva Know-How or Joint Know-How by any Third Party. As between Pfizer and Valneva, Pfizer will have the first right, except as otherwise provided in this Section 6.3.1, but not the obligation, to institute litigation or take other
steps to remedy misappropriation in connection therewith, and any such litigation or steps will be at Pfizer’s expense, subject to Valneva’s obligation to indemnify Pfizer for such expenses pursuant to Article 10. Pfizer will not, without
the prior written consent of Valneva, enter into any compromise or settlement relating to such litigation that (a) admits that all or any portion of the Valneva Know-How or Joint Know- How is not
protectable under relevant trade secret Laws or (b) requires Pfizer to abandon trade secret protection for any Valneva Know-How or Joint Know-How. In order to
establish standing, Valneva, upon request of Pfizer, agrees to timely commence or to join in any such litigation, at Pfizer’s expense, and in any event to cooperate with Pfizer in such litigation or steps at Pfizer’s expense. Valneva will
have the right to consult with Pfizer about such litigation and to participate in and be represented by independent counsel in such litigation at Valneva’s own expense. If Pfizer fails to institute such litigation or otherwise take steps to
remedy the misappropriation of any Valneva Know-How or Joint Know-How (i) within [***] of its receipt of notice thereof in the case of any Valneva Know-How, or (ii) within [***] of its receipt or notice thereof in the case of any Joint Know-How, then Valneva will have the right, but not the obligation, upon [***]
prior notice to Pfizer, at Valneva’s expense, to institute any such litigation; provided, however, that Valneva will only have the foregoing right if Pfizer would not be required (by Law or otherwise) to join such litigation as a party
and such litigation would not involve any Pfizer Technology that covers or relates to a then-existing Product. Pfizer will have no obligation to cooperate with Valneva in any such litigation. 

6.3.2 Misappropriation Actions Relating to Pfizer Know-How. Pfizer will have the sole right, but
no obligation, to take action to obtain a discontinuance of misappropriation or bring suit against a Third Party that is misappropriating, or that is suspected of misappropriating, any Pfizer Know-How. 

7. CONFIDENTIALITY. 
 7.1
Confidentiality. Except to the extent expressly authorized by this Agreement, the Parties agree that, during the Term and for [***] years thereafter, each Party (the “Receiving Party”) receiving any Confidential Information of
the other Party (the “Disclosing Party”) hereunder will: (a) keep the Disclosing Party’s Confidential Information confidential; (b) not disclose, or permit the disclosure of, the Disclosing Party’s Confidential
Information; and (c) not use, or permit to be used, the Disclosing Party’s Confidential Information for any purpose other than as expressly permitted under the terms of this Agreement. 

7.2 Authorized Disclosure. 

7.2.1 Disclosure to Party Representatives. Notwithstanding the foregoing provisions of Section 7.1, the Receiving Party may
disclose Confidential Information belonging to the Disclosing Party to the Receiving Party’s Representatives who (a) have a need to know such Confidential Information in connection with the performance of the Receiving Party’s
obligations or the exercise of the Receiving Party’s rights under this Agreement and (b) have agreed in writing to non-disclosure and non-use provisions with
respect to such Confidential Information that are at least as restrictive as those set forth in this Article 7. 

  
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 7.2.2 Disclosure to Third Parties. Notwithstanding the foregoing prov1s1ons of
Section 7.1, each Party may disclose Confidential Information belonging to the other Party to the extent such disclosure is reasonably necessary: 

(a) to Governmental Authorities (i) to the extent desirable to obtain or maintain INDs or Regulatory Approvals for any Vaccine or Product
within the Territory, and (ii) in order to respond to inquiries, requests or investigations relating to Vaccines, Products or this Agreement; 

(b) to outside consultants (including any professional advisor), potential acquisition partners (including any potential successors in
interest), private investors or financing sources, contractors, advisory boards, managed care organizations, and non-clinical and clinical investigators, in each case to the extent desirable to develop,
register or market any Vaccine or Product; provided that the Receiving Party will obtain the same confidentiality obligations from such Third Parties as it obtains with respect to its own similar types of confidential information; 

(c) in connection with filing or prosecuting Development Program Patent Rights or Joint Patent Rights or Trademark rights as permitted by this
Agreement; 
 (d) in connection with prosecuting or defending litigation pursuant to Sections 6.2 or 6.3 or any other litigation directly
related to a Vaccine or Product in the Field; 
 (e) subject to the provisions of Section 7.4.2, in connection with or included in
scientific presentations and publications relating to Vaccines or Products, including abstracts, posters, journal articles and the like, and posting results of and other information about clinical trials to clinicaltrials.gov or PhRMA websites; 

(f) Pfizer may disclose Confidential Information belonging to Valneva (including the terms of the Agreement) to any bona fide or potential
sublicensee or co-development or co-promotion partner who has agreed in writing to non-disclosure and non-use provisions with respect to such Confidential Information
that are at least as restrictive as those set forth in this Article 7; and 
 (g) to the extent necessary or desirable in order to enforce
its rights under this Agreement. 
 If a Party deems it reasonably necessary to disclose Confidential Information belonging to the other
Party pursuant to clause (a) or any of clauses (c) through (e) of this Section 7.2.2, then the disclosing Party will to the extent possible give reasonable advance written notice of such disclosure to the other Party and take such
measures to ensure confidential treatment of such information as is reasonably required by the other Party, at the other Party’s expense. 

7.3 SEC and AMF Filings and Other Disclosures. Either Party may disclose the terms of this Agreement and make any other public written
disclosure regarding the existence of, or performance under, this Agreement, to the extent required, in the reasonable opinion of such Party’s legal counsel, to comply with (a) applicable Law, including the rules and regulations
promulgated by the United States Securities and Exchange Commission or the French Reglement general de l’Autorite des marches financiers or (b) any equivalent Governmental Authority, securities exchange or securities
regulator in any country in the Territory. Before disclosing this Agreement or any of the terms hereof pursuant to this Section 7.3, the Parties will consult with one another on the terms of this Agreement to be redacted in making any such
disclosure, with the Party disclosing pursuant to this Section 7.3 providing as much advance notice as is feasible under the circumstances, and giving consideration to the comments of the other Party. Further, if a Party discloses this
Agreement or any of the terms hereof in accordance with this Section 7.3, such Party will, at its own expense, seek such confidential treatment of confidential portions of this Agreement and such other terms, as may be reasonably requested by
the other Party and limit its disclosure of such Confidential Information to only that required to comply with applicable Law. 

  
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 7.4 Public Announcements; Publications. 

7.4.1 Announcements. Except as may be expressly permitted under Section 7.3, neither Party will make any public announcement
regarding this Agreement without the prior written approval of the other Party. For the sake of clarity, nothing in this Agreement will prevent Pfizer from making any scientific publication or public announcement with respect to any Product under
this Agreement; provided however, that, except as permitted under Section 7.2, Pfizer will not disclose any of Valneva’s Confidential Information in any such publication or announcement without obtaining Valneva’s prior written
consent to do so. 
 7.4.2 Publications. During the Term, Valneva will submit to Pfizer for review and approval any proposed academic,
scientific and medical publication or public presentation which contains Pfizer’s Confidential Information. In addition, Valneva will submit to Pfizer for review and approval any proposed publication or public presentation proposed by Valneva
or its Affiliates or any of their respective Representatives that relates to the activities conducted under this Agreement, including the Development Plan, or otherwise relating to the Valneva Technology, the Valneva Materials, the Pfizer Technology
or any Vaccine or Product. In both instances, such review and approval will be conducted for the purposes of preserving the value of the Valneva Technology, Valneva Materials, the Pfizer Technology, the Joint Technology and the rights granted or to
be granted to Pfizer hereunder and determining whether any portion of the proposed publication or presentation containing Pfizer’s Confidential Information should be modified or deleted. Written copies of such proposed publication or
presentation required to be submitted hereunder will be submitted to Pfizer no later than [***] before submission for publication or presentation (the “Review Period”). Pfizer will provide its comments with respect to such
publications and presentations within [***] of its receipt of such written copy. The Review Period may be extended for an additional [***], or such longer time as agreed to by the Parties, in the event Pfizer can, within [***] of receipt of the
written copy, demonstrate reasonable need for such extension including for the preparation and filing of patent applications. Valneva will comply with standard academic practice regarding authorship of scientific publications and recognition of
contribution of other parties in any publication governed by this Section 7.4.2, including International Committee of Medical Journal Editors standards regarding authorship and contributions. 

7.5 Obligations in Connection with Change of Control. If Valneva is subject to a Change of Control, Valneva will, and it will cause its
Representatives to, ensure that no Confidential Information of Pfizer is released to (a) any Affiliate of Valneva that becomes an Affiliate as a result of the Change of Control or (b) any other Representatives of Valneva (or of the
relevant surviving entity of such Change of Control) who become Valneva Representatives as a result of the Change of Control, unless such Affiliate or other Representatives, as applicable, have signed individual confidentiality agreements which
include equivalent obligations to those set out in this Article 7. If any Change of Control of Valneva occurs, Valneva will promptly notify Pfizer, share with Pfizer the policies and procedures it plans to implement in order to protect the
confidentiality of Pfizer’s Confidential Information prior to such implementation and make any adjustments to such policies and procedures that are reasonably requested by Pfizer. 

8. REPRESENTATIONS AND WARRANTIES. 

8.1 Mutual Representations and Warranties. Each of Valneva and Pfizer hereby represents and warrants to the other Party that: 

8.1.1 it is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization; 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 8.1.2 the execution, delivery and performance of this Agreement by such Party has been duly
authorized by all requisite action under the provisions of its charter, bylaws and other organizational documents, and does not require any action or approval by any of its shareholders or other holders of its voting securities or voting interests;

 8.1.3 it has the power and authority to execute and deliver this Agreement and to perform its obligations hereunder; 

8.1.4 this Agreement has been duly executed and is a legal, valid and binding obligation on each Party, enforceable against such Party in
accordance with its terms; and 
 8.1.5 the execution, delivery and performance by such Party of this Agreement and its compliance with the
terms and provisions hereof does not and will not conflict with or result in a breach of or default under any Binding Obligation existing as of the Execution Date. 

8.2 Mutual Covenants. Each of Valneva and Pfizer hereby covenants to the other Party that, from the Execution Date until expiration or
termination of this Agreement, it will perform its obligations under this Agreement in compliance with applicable Laws. 
 8.3
Representations and Warranties of Valneva. Valneva hereby represents and warrants to Pfizer that: 
 8.3.1 except as expressly disclosed
in Schedule 8.3.1, Valneva is the sole and exclusive owner of the Valneva Technology and Valneva Materials, all of which is free and clear of any claims, liens, charges or encumbrances; 

8.3.2 Valneva has and will have the full right, power and authority to (i) grant all of the right, title and interest in the licenses and
other rights granted or to be granted to Pfizer, Pfizer’s Affiliates or Pfizer’s Sublicensees under this Agreement and (ii) perform its obligations under this Agreement; 

8.3.3 Schedule 8.3.3 sets forth a true and complete list of all Vaccines discovered or developed by Valneva or its Affiliates on or prior to
the Execution Date; 
 8.3.4 as of the Execution Date (a) Schedule 8.3.4 sets forth a true and complete list of all Patent Rights
(i) owned or otherwise Controlled by Valneva or its Affiliates or (ii) to which Valneva or its Affiliates have been granted or otherwise transferred any right to practice under, in each case that relate to the Vaccines or Products or the
Parties’ activities in the Development Program, (b) each such Patent Right remains in full force and effect and (c) Valneva or its Affiliates have timely paid, or caused the appropriate Third Parties to pay, all filing and renewal
fees payable with respect to such Patent Rights; 
 8.3.5 as of the Execution Date, Valneva has disclosed to Pfizer all material scientific
and technical information and all information relating to safety and efficacy known to it or its Affiliates with respect to the Vaccines and Products; 

8.3.6 to Valneva’s knowledge, the Valneva Patent Rights, are valid and enforceable patents and, as of the Execution Date, no Third Party
(a) is infringing any Valneva Patent Right or (b) has challenged or threatened to challenge the ownership, scope, validity or enforceability of, or Valneva’s or any Current Licensor’s rights in or to, any Valneva Patent Right
(including, by way of example, through the institution or written threat of institution of interference, nullity or similar invalidity proceedings before the United States Patent and Trademark Office or any analogous foreign Governmental Authority);

 8.3.7 Valneva, its Affiliates and third parties and Representatives acting on Valneva’s behalf in connection with this Agreement have
complied in all material respects with all applicable Laws, including any disclosure requirements, in connection with the filing, prosecution and maintenance of the Valneva Patent Rights; 

  
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 8.3.8 Valneva, its Affiliates, and to its knowledge all third parties and Representatives
acting on Valneva’s behalf, have and will comply in all material respects with all applicable Law and accepted pharmaceutical industry business practices, including, to the extent applicable, the FD&C Act (21 U.S.C. § 301, et seq.),
the Anti-Kickback Statute (42 U.S.C. § 1320a-7b), Civil Monetary Penalty Statute (42 U.S.C. § 1320a-7a), the False Claims Act (31 U.S.C. § 3729 et seq.),
comparable state statutes, the regulations promulgated under all such statutes, and the regulations issued by the FDA, consistent with the ‘Compliance Program Guidance for Pharmaceutical Manufacturers’ published by the Office of Inspector
General, U.S. Department of Health and Human Services; 
 8.3.9 with respect to any Vaccines, Products, payments or services provided under
this Agreement, Valneva, its Affiliates, and to its knowledge all third parties and Representatives acting on Valneva’s behalf, have not taken and will not during the Term take any action directly or indirectly to offer, promise or pay, or
authorize the offer or payment of, any money or anything of value in order to improperly or corruptly seek to influence any Government Official or any other person in order to gain an improper advantage, and has not accepted, and will not accept in
the future such payment; 
 8.3.10 Valneva, its Affiliates, and to its knowledge all third parties and Representatives acting on
Valneva’s behalf, have and will continue to comply with the laws and regulations of the countries where it operates, including anti-bribery and anti-corruption laws, including, to the extent applicable, the U.S. Foreign Corrupt Practices Act of
1977 and the U.K. Bribery Act 2010, accounting and record keeping laws, and laws relating to interactions with healthcare professionals or healthcare providers (collectively, “HCPs”) and Government Officials; 

8.3.11 Valneva has implemented policies and procedures commensurate with its current risk profile and shall review said policies from time to
time setting out rules governing interactions with HCPs and Government Officials, engagement of Third Parties, including, where appropriate, due diligence (“Policies”), and its Policies mandate a robust set of internal controls,
including accounting controls, designed to ensure the making and keeping of fair and accurate books, records and accounts, on its operations around the world and apply worldwide to all its employees, subsidiaries, and Third Parties acting on its
behalf; 
 8.3.12 Valneva provides training to its officers, directors, employees and where appropriate, its other Representatives on its
Policies; 
 8.3.13 Valneva has an assurance program involving regular monitoring and auditing of activities to ensure compliance with its
Policies and the adequacy of internal controls, and remediation of identified issues; 
 8.3.14 Valneva regularly reviews its Policies as
part of its internal processes of improvement, and, from time to time, benchmarks it against the standards of the industry; and 
 8.3.15
Valneva is, as between the Parties, solely responsible to ensure Compliance by it and its Affiliates. 
 8.3.16 except as expressly disclosed
in Schedule 8.3.16, Valneva has independently developed all Valneva Know-How and Valneva Materials or otherwise has a valid right to use, and to permit Pfizer, Pfizer’s Affiliates and Pfizer’s
Sublicensees to use, the Valneva Know-How and Valneva Materials for all permitted purposes under this Agreement; 

  
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 8.3.17 Valneva has obtained from all inventors of Valneva Technology existing as of the
Execution Date, valid and enforceable agreements assigning to Valneva each such inventor’s entire right, title and interest in and to all such Valneva Technology; 

8.3.18 no Valneva Technology existing as of the Effective Date is subject to any funding agreement with any government or Governmental
Authority; 
 8.3.19 neither Valneva nor any of its Affiliates are party to or otherwise subject to any agreement or arrangement which limits
the ownership or licensed or sublicensed rights of Pfizer or its Affiliates with respect to, or limits the ability of Pfizer or its Affiliates to grant a license, sublicense or access, or provide or provide access or other rights in, to or under,
any Intellectual Property Right or material (including any Patent Right, Know-How or other data or information), in each case, that would, but for such agreement or arrangement, be included in the rights
licensed or assigned to Pfizer or its Affiliates pursuant to this Agreement; 
 8.3.20 there are no Valneva Third Party Agreements and no
Third Party has any right, title or interest in or to, or any license under, any Valneva Technology or Valneva Materials for the use, Development, Manufacture, Commercialization or Exploitation by Valneva or Pfizer (or their respective Affiliates or
Sublicensees) of any Vaccine or any Product; 
 8.3.21 to Valneva’s knowledge, as of the Execution Date, the use, Development,
Manufacture or Commercialization by Valneva or Pfizer (or their respective Affiliates or Sublicensees) of any Vaccine or any Product (a) does not and will not infringe any issued patent of any Third Party or (b) will not infringe the
claims of any published Third Party patent application when and if such claims issue; 
 8.3.22 as of the Execution Date, there is no
(a) claim, demand, suit, proceeding, arbitration, inquiry, investigation or other legal action of any nature, civil, criminal, regulatory or otherwise, pending or, to the knowledge of Valneva, threatened against Valneva or any of its Affiliates
or (b) judgment or settlement against or owed by Valneva or any of its Affiliates, in each case in connection with the Valneva Technology, the Valneva Materials, any Vaccine or any Product or relating to the transactions contemplated by this
Agreement for the use, Development, Manufacture or Commercialization by Valneva or Pfizer (or their respective Affiliates or Sublicensees) of any Vaccine or any Product; 

8.3.23 Valneva has valid and enforceable agreements with all Persons acting by or on behalf of Valneva or its Affiliates under this Agreement
which require such persons to assign to Valneva their entire right, title and interest in and to all Valneva Technology and Development Program Technology; 

8.3.24 as of the Execution Date, Valneva is not, and to Valneva’s knowledge, no Current Licensor, Representative of Valneva or Third Party
acting on behalf of Valneva (in each case, as applicable) is, debarred by any Regulatory Authority or the subject of debarment proceedings by any Regulatory Authority and, in the course of the discovery or
pre-clinical development of any Vaccine or Product. Valneva has not and, to the knowledge of Valneva, no Current Licensor, Representative of Valneva or any Third Party’ acting on behalf of Valneva (in
each ease, as applicable) have used any employee or consultant that is debarred by any Regulatory Authority or, to the knowledge of Valneva, is the subject of debarment proceedings by any Regulatory Authority; and 

8.3.25 as of the Execution Date, Valneva has no knowledge of (a) any prior art or other facts that Valneva believes would result in the
invalidity or unenforceability of any issued or pending claims included in the Valneva Patent Rights, (b) any inequitable conduct or fraud on any patent office with respect to any of the Valneva Patent Rights or (c) any Person (other than
Persons identified in the applicable patent applications or patents, as inventors of inventions disclosed in the Valneva Patent Rights) who claims to be an inventor of an invention disclosed in the Valneva Patent Rights. 

  
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 8.4 Accuracy of Representations and Warranties. 

8.4.1 Valneva will take no action which would render any representation or warranty contained in Section 8.1 or Section 8.3
inaccurate or untrue in any material respect. 
 8.4.2 Valneva will promptly notify Pfizer of any lawsuits, claims, administrative actions,
regulatory inquiries or investigations, or other proceedings asserted or commenced against Valneva or its Representatives involving in any material way the ability of Valneva to deliver the rights, licenses and sublicenses granted herein. 

8.4.3 Valneva will promptly notify Pfizer in writing of any facts or circumstances which come to Valneva’ s attention and which cause, or
through the passage of time may cause, any of the representations and warranties contained in Section 8.1, Section 8.3, Section 11.11 or otherwise in this Agreement to be untrue or misleading in any material respect at any time during
the Term; and in addition to the foregoing, with regard to any of the representations under Section 11.11, Valneva will suspend all affected activities (including making any related payments) under this Agreement, unless and until Pfizer
determines that Valneva may resume such activities. 
 8.5 Valneva Covenants. In addition to the covenants made by Valneva elsewhere
in this Agreement, Valneva hereby covenants to Pfizer that, from the Execution Date until expiration or termination of this Agreement: 

8.5.1 Valneva will not, and will cause its Affiliates not to (a) license, sell, assign (other than in a connection with a permitted
assignment of this Agreement by Valneva pursuant to Section 11.1) or otherwise transfer to any Person (other than Pfizer or its Affiliates or Sublicensees pursuant to the terms of this Agreement) any Valneva Technology, Valneva Materials or
Development Program Technology (or agree to do any of the foregoing) or (b) incur or permit to exist, with respect to any Valneva Technology or Development Program Technology, any lien, encumbrance, charge, security interest, mortgage,
liability, assignment, grant of license or other Binding Obligation that is or would be inconsistent with the licenses and other rights granted (or that may be granted) to Pfizer or its Affiliates under this Agreement; 

8.5.2 Valneva will not (a) take any action that diminishes the rights under the Valneva Technology, Valneva Materials or Development
Program Technology granted (or that may be granted) to Pfizer or Pfizer’s Affiliates under this Agreement or (b) fail to take any action that is reasonably necessary to avoid diminishing the rights under the Valneva Technology, Valneva
Materials or Development Program Technology granted (or that may be granted) to Pfizer or Pfizer’s Affiliates under this Agreement; 

8.5.3 With respect to Human Material used, including collection or transfer, by Valneva, its Affiliates or permitted subcontractors in
conducting activities under this Agreement, (a) such use shall be solely as described in the Development Plan and shall be within the scope of and consistent with Valneva’s ethical approval policies, (b) Valneva will, and will cause
its Affiliates or permitted subcontractors to, handle and use the Human Material in accordance with all applicable Laws and the ICF, (c) Valneva will provide the ICF to Pfizer upon request by Pfizer, (d) Valneva will only allow its
employees, contractors or agents trained in handling similar materials or data in their assigned job functions to handle the Human Material, (e) the Human Material will be used for research purposes only and not be used for treatment of or
administration to humans and (f) if Valneva procures any Human Material from a third party such as a sample bank, Valneva shall ensure that the collection and transfer of the Human Material and the use of the Human Material for purposes of the
Development Plan is in accordance with all applicable Laws and recognized international standards for the protection of human research subjects; 

8.5.4 Valneva will (a) not enter into any Valneva Third Party Agreement that adversely affects (i) the rights granted (or that may be
granted) to Pfizer, Pfizer’s Affiliates or Sublicensees hereunder or (ii) Valneva’s ability to fully perform its obligations hereunder; (b) not amend or otherwise modify any Valneva Third Party Agreement or consent or waive
rights with respect thereto in any manner that (A) adversely affects the rights granted (or that may be granted) to Pfizer or Pfizer’s Affiliates or Sublicensees hereunder or (B) Valneva’s ability to fully perform its obligations
hereunder; (c) promptly 

  
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furnish Pfizer with true and complete copies of all Valneva Third Party Agreements and related amendments executed following the Execution Date; (d) remain, and cause its Affiliates to
remain, in compliance in all material respects with all Valneva Third Party Agreements; and (e) furnish Pfizer with copies of all notices received by Valneva or its Representatives relating to any alleged breach or default by Valneva or its
Representatives under any Valneva Third Party Agreement within [***] after receipt thereof; 
 8.5.5 Valneva will not enter into or otherwise
allow itself or its Representatives to be subject to any agreement or arrangement which limits the ownership or licensed rights of Pfizer or its Affiliates with respect to, or limits the ability of Pfizer or its Affiliates to grant a license,
sublicense or access, or provide or provide access or other rights in, to or under, any Intellectual Property Right or material (including any Patent Right, Know-How or other data or information), in each
case, that would, but for such agreement or arrangement, be included in the rights licensed or assigned (or that may be licensed or assigned) to Pfizer or its Affiliates pursuant to this Agreement; 

8.5.6 Valneva will maintain valid and enforceable agreements with all Persons acting by or on behalf of Valneva or its Affiliates under this
Agreement which require such Persons to assign to Valneva their entire right, title and interest in and to all Valneva Technology, Valneva Materials and Development Program Technology; 

8.5.7 Valneva has made or will make any payments owing to any inventor of any Valneva Technology, Development Program Technology or Joint
Technology or any other Person that is required in connection with the creation or exploitation of or transfer of rights to such Valneva Technology, Valneva Materials or Development Program Technology; and 

8.5.8 during the Term, Valneva will promptly notify Pfizer in the event that it learns of: 

(a) any prior art or other facts that Valneva believes would result in the invalidity or unenforceability of any of the claims including in
any of the Valneva Patent Rights or Development Program Patent Rights; or 
 (b) any inequitable conduct or fraud on the patent office with
respect to any of the Valneva Patent Rights or Development Program Patent Rights; or 
 (c) any Person (other than Persons identified as
inventors of inventions disclosed in the Valneva Patent Rights) who claims to be an inventor of an invention disclosed in the Valneva Patent Rights; or 

(d) any lawsuits, claims, administrative actions, government inquiries or investigations, or other proceedings related to the activities
contemplated under this Agreement. 
 8.5.9 Valneva has received a copy of and will comply with Pfizer’s Anti-Bribery and
Anti-Corruption Principles attached hereto as Exhibit C. 
 8.6 Representation by Legal Counsel. Each Party hereto represents that it
has been represented by legal counsel in connection with this Agreement and acknowledges that it has participated in the drafting hereof. In interpreting and applying the terms and provisions of this Agreement, the Parties agree that no presumption
will exist or be implied against the Party which drafted such terms and provisions. 
 8.7 Disclaimer. THE FOREGOING REPRESENTATIONS
AND WARRANTIES OF EACH PARTY ARE IN LIEU OF ANY OTHER REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR ANY IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE, ALL OF WHICH ARE HEREBY
SPECIFICALLY EXCLUDED AND DISCLAIMED. 

  
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 9. GOVERNMENT APPROVALS; TERM AND TERMINATION. 

9.1 Antitrust Filing. Each of Valneva and Pfizer will, within [***] after the Execution Date (or such later time as may be agreed to in
writing by the Parties) make an appropriate filing under the HSR Act or any Foreign Antitrust Laws (the “Antitrust Filings”) if applicable in the reasonable opinion of either Party with respect to the transactions contemplated under
this Agreement. The Parties will cooperate with one another to the extent necessary in the preparation of any such Antitrust Filings. Valneva will not agree to any voluntary extension or delay of any statutory waiting period or withdraw any of its
Antitrust Filings pursuant to the HSR Act or any Foreign Antitrust Laws unless Pfizer has given its prior written consent to such extension or delay. Each Party will be responsible for its own costs, expenses, and filing fees associated with any
Antitrust Filing; provided, however, that Pfizer will be solely responsible for any fees (other than penalties that may be incurred as a result of actions or omissions on the part of Valneva) required to be paid to any Governmental
Authority in connection with submitting any such HSR Filing. 
 9.2 Termination Upon Antitrust Filing Denial. In the event that
the Parties make an Antitrust Filing under Section 9.1, this Agreement will terminate (a) at Pfizer’s option, immediately upon notice to Valneva, in the event that any Governmental Authority seeks a temporary restraining order,
preliminary or permanent injunction or other legal restraint under the HSR Act or any Foreign Antitrust Laws against Valneva and Pfizer to enjoin the transactions contemplated by this Agreement, (b) at the election of either Party, immediately
upon notice to the other Party, in the event that any Governmental Authority obtains a temporary restraining order, preliminary or permanent injunction or other legal restraint under the HSR Act or any Foreign Antitrust Laws against Valneva or
Pfizer to enjoin the transactions contemplated by this Agreement or (c) at the election of either Party, immediately upon notice to the other Party, in the event that the Antitrust Clearance Date will not have occurred on or prior to [***]
after the effective date of any applicable Antitrust Filings. Notwithstanding the foregoing, this Section 9.2 will not apply in the event that Pfizer reasonably determines that no Antitrust Filing is required. Termination of this Agreement
pursuant to this Section 9.2 will be subject to the terms of Section 9.8.1. 
 9.3 Other Government Approvals. Each of
Valneva and Pfizer will cooperate with the other Party and use Commercially Reasonable Efforts to make all registrations, filings and applications, to give all notices and to obtain as soon as practicable all governmental or other consents,
transfers, approvals, orders, qualifications authorizations, permits and waivers, if any, and to do all other things necessary or desirable for the consummation of the transactions as contemplated hereby including the collection of Human Material.

 9.4 Term. The term of this Agreement (the “Term”) will commence on the Effective Date and extend on a country-by-country basis (in the Territory), unless this Agreement is terminated earlier in accordance with this Article 9, until the last to expire of any Royalty Term for
any Product in such country in the Territory. Notwithstanding any provision of this Agreement to the contrary, upon expiration of this Agreement, Pfizer will retain the fully paid-up, perpetual, irrevocable
royalty-free license to each Product as set forth in Section 3.4.3. 
 9.5 Termination by Valneva. Valneva may terminate this
Agreement for cause, at any time during the Term, by giving written notice to Pfizer in the event that Pfizer commits a material breach of its obligations under this Agreement and such material breach remains uncured (a) [***] for a material breach
that is a failure of Pfizer to make an undisputed payment owed to Valneva under this Agreement and (b) [***] for all other material breaches, in each case measured from the date written notice of such material breach is given to Pfizer; provided,
however, that if any breach is not reasonably curable within [***] and if Pfizer is using Commercially Reasonable Efforts to cure such breach, such termination will be delayed for a time period to be agreed by both Parties in order to permit
Pfizer a reasonable period of time to cure such breach. If the alleged material breach relates to non-payment of any amount due under this Agreement, the cure period will be tolled pending resolution of any
bona fide dispute between the Parties as to whether such payment is due. 

  
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 9.6 Termination by Pfizer. 

9.6.1 Termination for Convenience. Upon at least [***] prior written notice to Valneva, Pfizer may terminate this Agreement on a Product-by-Product and country-by-country basis, or in its entirety, without cause, for any or
no reason. 
 9.6.2 Termination for Cause. 

(a) General. Pfizer may terminate this Agreement for cause with respect to one or more Products in one or more countries in the
Territory or may terminate this Agreement in its entirety, at any time during the Term, by giving written notice to Valneva in the event that Valneva commits a material breach of its obligations under this Agreement and such material breach remains
uncured for [***], measured from the date written notice of such material breach is given to Valneva; provided, however, that if any breach is not reasonably curable within [***] and if Valneva is using its Commercially Reasonable Efforts to cure
such breach, such termination will be delayed for a time period to be agreed by both Parties in order to permit Valneva a reasonable period of time to cure such breach. 

(b) Notwithstanding anything to the contrary in this Agreement, Pfizer may terminate this Agreement in whole or relevant part, immediately and
without regard to any cure period, if, in Pfizer’s reasonable opinion, a violation of Global Trade Control Laws has occurred prior to the first Regulatory Approval of a Product anywhere in the Territory which will materially and adversely
affect Pfizer’s ability to Commercialize the Product. Any such termination will be deemed for cause under Section 9.7.1(b), under which Pfizer will not be responsible for any related payments due, even if activities have already occurred.
Valneva will be responsible for reimbursing Pfizer for any payments due to Pfizer under this Agreement that are blocked due to violation of Global Trade Control Laws. 

9.6.3 Termination for Compliance with the Law-related Breach. Pfizer may terminate this
Agreement if Valneva breaches any of the representations and warranties set forth in Sections 8.3.8 through 8.3.10 in any material respect or if Pfizer learns that improper payments are being or have been made to Government Officials by Valneva with
respect to services performed in connection with this Agreement which will materially and adversely affect Pfizer’s ability to Develop and Commercial the Product. Further, in the event of such termination, Valneva shall not be entitled to any
further payment, regardless of any activities undertaken or agreements with additional third parties entered into prior to termination, and Valneva shall be liable for damages or remedies as provided by law. 

9.7 Effects of Termination. 

9.7.1 Effect of Termination. 

(a) Termination for Cause by Valneva; Termination for Convenience by Pfizer. In the event that Valneva terminates this Agreement for
cause pursuant to Section 9.5 or Pfizer terminates this Agreement for convenience pursuant to Section 9.6.1, the following will apply: 

(i) Except as otherwise expressly provided herein, all rights and obligations of each Party hereunder will cease (including all rights and
licenses and sublicenses granted by either Party to the other Party hereunder). 
 (ii) On Valneva’s written notice to Pfizer, which
notice may only be delivered within [***] following the effective date of termination, the Parties will negotiate in good faith for a period not to exceed [***] regarding: 

  
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 (A) an agreement, containing customary terms and conditions, under which Pfizer would grant
to Valneva a royalty-bearing, license under the Reversion Technology, with a royalty on net sales as mutually agreed by Pfizer and Valneva (applying the Net Sales and other payment and reporting obligations of Pfizer to Valneva on a mutatis
mutandis basis), permitting Valneva to continue to Develop, Commercialize and Manufacture any Product under Development or Commercialization by Pfizer under this Agreement at the time of termination, in the form in which such Product then exists
(a “Continuation Product”), provided, however, that any such Agreement will include a release by Valneva in favor of Pfizer with respect to any and all claims that Valneva may have against Pfizer arising on or before
the later of such agreement or the effective date of any such termination under this Agreement. If Pfizer and Valneva are unable to agree on the applicable royalty rate within [***] of the effective date of termination, the Parties will select [***]
not affiliated with either Party or any of its Affiliates who possesses appropriate expertise to resolve such disputed rate and will simultaneously submit to such [***] their proposed royalty rate. Such [***] will select the rate proposed by one
party that is [***]; 
 (B) the related transfer to Valneva of development data and regulatory filings specifically relating to such
Continuation Product or the granting to Valneva of rights of reference with respect to such data and filings; and 
 (C) the provision by
Pfizer to Valneva of transitional supplies of such Continuation Product at a commercially reasonable supply price for a commercially reasonable period of time. 

(iii) Each Party will be obligated to reasonably negotiate, but be under no obligation, to enter into any transaction described in
Section 9.7.l(a)(ii). 
 (b) Termination for Cause by Pfizer. 

(i) Partial Termination. In the event that Pfizer terminates this Agreement pursuant to Section 9.6.2 with respect to any Product
in any country in the Territory as permitted by this Agreement: (A) all licenses and sublicenses granted under this Agreement by Valneva to Pfizer with respect to such Product in such country will remain in effect in accordance with their
terms, provided that the amounts payable by Pfizer to Valneva pursuant to Article 3 of this Agreement will be reduced to [***] of the amounts which would otherwise be payable with respect to such Product in such county pursuant to Article 3 of this
Agreement if such termination occurs following the Effective Date and prior to the [***] of the first Regulatory Approval of a Product and [***] of the amounts which would otherwise be payable with respect to such Product in such county pursuant to
Article 3 of this Agreement if such termination occurs following the [***] of the first Regulatory Approval of a Product; (B) Valneva will, within [***] following the effective date of termination, deliver to Pfizer all information and samples
described in Sections 2.12, 4.2.6(a) and 4.2.6(b) and with respect to such Product in such country; (C) Valneva will, for a period of [***] following the effective date of termination, provide Pfizer with the knowledge transfer assistance set
forth in Sections 2.13, 2.14, 2.15, 2.6(a), 4.2.6(b) and 4.2.6(e) with respect to such Product in such country; and (D) except as otherwise expressly provided herein, all other rights and obligations of each Party with respect to such Product
in such country will cease. 
 (ii) Complete Termination. In the event that Pfizer terminates this Agreement in its entirety pursuant
to Section 9.6.2: (A) all licenses and sublicenses granted under this Agreement by Valneva to Pfizer will remain in effect in accordance with their terms, provided that the amounts payable by Pfizer to Valneva pursuant to Article 3 of this
Agreement will be reduced to [***] of the amounts which would otherwise be payable with respect to any Product pursuant to Article 3 of this Agreement if such termination occurs prior to the [***] of the first Regulatory Approval of a Product
and will be reduced to [***] of the amounts which would otherwise be payable with respect to such Product in such county pursuant to Article 3 of this Agreement if such termination occurs following the [***] of the first Regulatory Approval of a
Product; (B) Valneva will, within [***] following the effective date of termination, deliver to Pfizer all information and samples described in Sections 2.12, 4.2.6(a) and 4.2.6(b); (C) Valneva will, for a period of [***] following the
effective date of termination, provide Pfizer with the knowledge transfer assistance set forth in Sections 2.13, 2.14, 2.15, 4.2.6(a), 4.2.6(b) and 4.2.6(e); and (E) except as otherwise expressly provided herein, all other rights and
obligations of each Party with respect to all Products throughout the Territory will cease. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 9.7.2 Accrued Rights. Subject to any release granted pursuant to
Section 9.7.1(a)(ii), expiration or termination of this Agreement for any reason will be without prejudice to any right which will have accrued to the benefit of either Party prior to such termination, including damages arising from any breach
under this Agreement. Expiration or termination of this Agreement will not relieve either Party from any obligation which is expressly indicated to survive such expiration or termination. 

9.7.3 Survival Period. The following sections, together with any sections that expressly survive (including any perpetual licenses and
sublicenses granted hereunder), will survive expiration or termination of this Agreement for any reason: Sections 1 (Definitions), 2.6 (Reciprocal Non-Exclusive Research License for Disclosed Know-How and Confidential Information), 3.5.3 (Taxes and Withholding), 3.5.6 (Record Keeping), 3.5.7 (Audits), 3.5.8 (Underpayments/Overpayments), 3.5.9 (Confidentiality), 7 (Confidentiality), 9.7 (Effects of
Termination), 9.8 (Provision for Insolvency), 10.1 (No Consequential Damages), 10.2 (Indemnification by Pfizer), 10.3 (Indemnification by Valneva), 11 (Miscellaneous) and, to the extent this Agreement expires or is terminated, either in whole or in
part, for any reason except by Valneva for cause pursuant to Section 9.5 or by Pfizer without cause pursuant to Section 9.6.1, Sections 6.2 (Patent Rights) and 6.3 (Enforcement and Defense of
Know-How). 
 9.8 Provision for Insolvency. 

9.8.1 Termination Right. Valneva will be deemed a “Debtor” under this Agreement if, at any time during the Term
(a) a case is commenced by or against Valneva under the Bankruptcy Code, (b) Valneva files for or is subject to the institution of bankruptcy, reorganization, liquidation or receivership proceedings (other than a case under the Bankruptcy
Code), (c) Valneva assigns all or a substantial portion of its assets for the benefit of creditors, (d) a receiver or custodian is appointed for Valneva’s business or (e) a substantial portion of Valneva’s business is subject to
attachment or similar process; provided, however, that in the case of any involuntary case under the Bankruptcy Code, Valneva will not be deemed a Debtor if the case is dismissed within [***] after the commencement thereof. If Valneva is
deemed a Debtor, then Pfizer may terminate this Agreement by providing written notice to Valneva. If Pfizer terminates this Agreement pursuant this Section 9.8.1, then: (i) all licenses granted to Pfizer under this Agreement will become
irrevocable and perpetual, and Pfizer will have no further obligations to Valneva under this Agreement other than (A) those obligations that expressly survive termination in accordance with Section 9.7.3 and (B) an obligation to pay
royalties with respect to Net Sales of Products in an amount equal to [***] of the amount that would otherwise have been payable under this Agreement, such amount to be paid in accordance with and subject to the other terms of this Agreement
governing the payment of royalties; (ii) such termination will not be construed to limit Valneva’s right to receive payments that accrued before the effective date of such termination; (iii) Pfizer will have the right to offset,
against any payment owing to Valneva as provided for under clause (i), above, any damages found or agreed by the Parties to be owed by Valneva to Pfizer; and (iv) Nothing in this Section 9.8.1 will limit any other remedy Pfizer may have
for any breach by Valneva of this Agreement. 
 9.8.2 Rights to Intellectual Property. All rights and licenses now or hereafter
granted by Valneva to Pfizer under or pursuant to any Section of this Agreement, including Sections 2.1, 2.2, 2.3, 2.6.2, 2.7, 2.10, 2.12 and 2.13 hereof, are rights to “intellectual property” (as defined in the Bankruptcy Code). The
Parties hereto acknowledge and agree that the payments provided for under Sections 3.1 and 3.3 and all other payments by Pfizer to Valneva hereunder, other than royalty payments pursuant to Section 3.4, do not constitute royalties within the
meaning of Section 365(n) of the Bankruptcy Code or relate to licenses of intellectual property hereunder. If (a) a case under the Bankruptcy Code is commenced by or against Valneva, (b) this Agreement is rejected as provided in the
Bankruptcy Code and (c) Pfizer elects to retain its rights hereunder as provided in Section 365(n) of the Bankruptcy Code, then Valneva (in any capacity, including
debtor-in-possession) and its successors and assigns (including any trustee) will provide to Pfizer all intellectual property licensed hereunder, and agrees to grant and
hereby grants to Pfizer and 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 
its Affiliates a right to access and to obtain possession of and to benefit from and, in the case of any chemical or biological material or other tangible item of which there is a fixed or
limited quantity, to obtain a pro rata portion of, each of the following to the extent related to any Vaccine or Product, or otherwise related to any right or license granted under or pursuant to this Agreement: (i) copies of pre-clinical and clinical research data and results; (ii) all of the following (to the extent that any of the following are so related): Valneva Materials; (iii) Product samples; (iv) Valneva
Technology, (v) laboratory notes and notebooks; (vi) Product data or filings, and (vii) Rights of Reference in respect of regulatory filings and approvals, all of which constitute “embodiments” of intellectual property
pursuant to Section 365(n) of the Bankruptcy Code, and (viii) all other embodiments of such intellectual property, whether any of the foregoing are in Valneva’ s possession or control or in the possession and control of any Third
Party but which Valneva has the right to access or benefit from and to make available to Pfizer. Valneva will not interfere with the exercise by Pfizer or its Affiliates of rights and licenses to intellectual property licensed hereunder and
embodiments thereof in accordance with this Agreement and agrees to use Commercially Reasonable Efforts to assist Pfizer and its Affiliates to obtain such intellectual property and embodiments thereof in the possession or control of Third Parties as
reasonably necessary or desirable for Pfizer or its Affiliates or Sublicensees to exercise such rights and licenses in accordance with this Agreement. 

9.8.3 No Limitation of Rights. All rights, powers and remedies of Pfizer provided in this Section 9.8 are in addition to and not in
substitution for any and all other rights, powers and remedies now or hereafter existing at Law or in equity (including the Bankruptcy Code) in the event of the commencement of a case under the Bankruptcy Code involving Valneva. 

10. LIMITATION ON LIABILITY, INDEMNIFICATION AND INSURANCE 

10.1 No Consequential Damages. Except with respect to liability arising from a breach of Section 6 or 7, from any willful
misconduct or intentionally wrongful act, or to the extent such Party may be required to indemnify the other Party under this Article 10, in no event will either Party or its Representatives be liable under this Agreement for any special (only as
related to indirect, incidental or consequential damages), indirect, incidental, consequential or punitive damages, whether in contract, warranty, tort, negligence, strict liability or otherwise, including loss of profits or revenue suffered by the
other Party or any of its Representatives. Without limiting the generality of the foregoing, “consequential damages” will be deemed to include, and neither Party will be liable to the other Party or any of such other Party’s
Representatives or stockholders for any damages based on or measured by loss of projected or speculative future sales of the Products, any Development Payment due upon any unachieved Development Event under Section 3.3, any unearned royalties
under Section 3.4 or any other unearned, speculative or otherwise contingent payments provided for in this Agreement. 
 10.2
Indemnification by Pfizer. Pfizer will indemnify, defend and hold harmless Valneva, each of its Affiliates, and each of its and its Affiliates’ employees, officers, directors and agents (each, a “Valneva Indemnified Party”)
from and against any and all claims, causes, or allegations (whether threatened or pending), judgments, expenses, damages, liabilities, obligations, fees (including the reasonable fees of attorneys and other consulting or testifying professionals),
costs and losses (collectively, “Liabilities”) that the Valneva Indemnified Party may be required to pay to one or more Third Parties resulting from or arising out of: 

(a) Development, Manufacture, Commercialization or use of any Product by, on behalf of, or under the authority of, Pfizer (other than by any
Valneva Indemnified Party); or 
 (b) the material breach by Pfizer of any of its representations, warranties or covenants set forth in
Section 8.1 or 8.2; 
 except, in each case, to the extent caused by the negligence, recklessness or intentional acts of Valneva or any Valneva
Indemnified Party. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 10.3 Indemnification by Valneva. Valneva will indemnify, defend and hold harmless
Pfizer, its Affiliates, Sublicensees, contractors, distributors and each of its and their respective employees, officers, directors and agents (each, a “Pfizer Indemnified Party”) from and against any and all Liabilities that the
Pfizer Indemnified Party may be required to pay to one or more Third Parties resulting from or arising out of: 
 (a) Development,
Manufacture, Commercialization or use of any Product by, on behalf of, or under the authority of, Valneva (other than by any Pfizer Indemnified Party); 

(b) the material breach by Valneva or any of its Representatives of any of its representations, warranties or covenants set forth in
Section 8.1, Section 8.2, Section 8.3, Section 8.4 or Section 8.5; 
 except, in each case, to the extent caused by the negligence,
recklessness or intentional acts of Pfizer or any Pfizer Indemnified Party 
 10.4 Procedure. 

10.4.1 Notice. Each Party will notify the other Party in writing in the event it becomes aware of a claim for which indemnification may
be sought hereunder. In the event that any Third Party asserts a claim or other proceeding (including any governmental investigation) with respect to any matter for which a Party (the “Indemnified Party”) is entitled to
indemnification hereunder (a “Third Party Claim”), then the Indemnified Party will promptly notify the Party obligated to indemnify the Indemnified Party (the “Indemnifying Party”) thereof; provided,
however, that no delay on the part of the Indemnified Party in notifying the Indemnifying Party will relieve the Indemnifying Party from any obligation hereunder unless (and then only to the extent that) the Indemnifying Party is prejudiced
thereby. 
 10.4.2 Control. Subject to Pfizer’s right to control any actions described in Sections 6.2.3, 6.2.5, 6.2.7 or 6.3
(even where Valneva is the Indemnifying Party), the Indemnifying Party will have the right, exercisable by notice to the indemnified Party within [***] after receipt of notice from the Indemnified Party of the commencement of or assertion of any
Third Party Claim, to assume direction and control of the defense, litigation, settlement, appeal or other disposition of the Third Party Claim (including the right to settle the claim solely for monetary consideration) with counsel selected by the
Indemnifying Party and reasonably acceptable to the Indemnified Party; provided that (a) the Indemnifying Party has sufficient financial resources, in the reasonable judgment of the Indemnified Party, to satisfy the amount of any adverse
monetary judgment that is sought, (b) the Third Party Claim seeks solely monetary damages and (c) the Indemnifying Party expressly agrees in writing that as between the Indemnifying Party and the Indemnified Party, the Indemnifying Party
will be solely obligated to satisfy and discharge the Third Party Claim in full (the conditions set forth in clauses (a), (b) and (c) above arc collectively referred to as the “Litigation Conditions”). Within [***] after the
Indemnifying Party has given notice to the Indemnified Party of its exercise of its right to defend a Third Party Claim, the Indemnified Party will give notice to the Indemnifying Party of any objection thereto based upon the Litigation Conditions.
If the Indemnified Party reasonably so objects, the Indemnified Party will continue to defend the Third Party Claim, at the expense of the Indemnifying Party, until such time as such objection is withdrawn. If no such notice is given, or if any such
objection is withdrawn, the Indemnifying Party will be entitled, at its sole cost and expense, to assume direction and control of such defense, with counsel selected by the Indemnifying Party and reasonably acceptable to the Indemnified Party.
During such time as the Indemnifying Party is controlling the defense of such Third Party Claim, the Indemnified Party will cooperate, and will cause its Affiliates and agents to cooperate upon request of the Indemnifying Party, in the defense or
prosecution of the Third Party Claim, including by furnishing such records, information and testimony and attending such conferences, discovery proceedings, hearings, trials or appeals as may reasonably be requested by the Indemnifying Party. In the
event that the Indemnifying Party docs not satisfy the Litigation Conditions or does not notify the Indemnified Party of the Indemnifying Party’s intent to defend any Third Party Claim within [***] after notice thereof, the Indemnified Party
may (without further notice to the Indemnifying Party) undertake the defense thereof with 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 
counsel of its choice and at the Indemnifying Party’s expense (including reasonable, out-of-pocket
attorneys’ fees and costs and expenses of enforcement or defense). The Indemnifying Party or the Indemnified Party, as the case may be, will have the right to join in (including the right to conduct discovery, interview and examine witnesses
and participate in all settlement conferences), but not control, at its own expense, the defense of any Third Party Claim that the other party is defending as provided in this Agreement. 

10.4.3 Settlement. The Indemnifying Party will not, without the prior written consent of the Indemnified Party, enter into any
compromise or settlement that commits the Indemnified Party to take, or to forbear to take, any action. The Indemnified Party will have the sole and exclusive right to settle any Third Party Claim, on such terms and conditions as it deems reasonably
appropriate, to the extent such Third Party Claim involves equitable or other non-monetary relief, but will not have the right to settle such Third Party Claim to the extent such Third Party Claim involves
monetary damages without the prior written consent of the Indemnifying Party. Each of the Indemnifying Party and the Indemnified Party will not make any admission of liability in respect of any Third Party Claim without the prior-written consent of
the other party, and the Indemnified Party will use reasonable efforts to mitigate Liabilities arising from such Third Party Claim. 

10.5 Insurance. Each Party further agrees to obtain and maintain, during the Term, commercial general liability insurance, including
products liability insurance (or clinical trials insurance, if applicable), with minimum [***] rated insurance carriers to cover its indemnification obligations under Section 10.2 or Section 10.3, as applicable, in each case with limits of
not less than [***] per occurrence and in the aggregate. All deductibles and retentions will be the responsibility of the named insured. Pfizer and its Affiliates will be an additional insured on Valneva’ s commercial general liability and
products liability policies (or clinical trials insurance, if applicable), and be provided with a waiver of subrogation. For U.S. exposures, additional insured status on Valneva’s commercial general liability and products liability policies
shall be via form [***] or its equivalent. Products liability coverage shall be maintained for [***] following termination of this Agreement. To the extent of its culpability or negligence, all coverages of Valneva will be primary and non-contributing with any similar insurance, carried by Pfizer. Notwithstanding any provision of this Section 10.5 to the contrary, Pfizer may meet its obligations under this Section 10.5 through
self-insurance. Neither Party’s insurance will be construed to create a limit of liability with respect to its indemnification obligations under this Article 10. 

11. MISCELLANEOUS. 
 11.1
Assignment. Neither this Agreement nor any interest hereunder will be assignable by a Party without the prior written consent of the other Party; provided however, that (a) either Party may assign its rights and obligations under this
Agreement to any of its Affiliates and (b) Pfizer may assign its rights and obligations under this Agreement to a Third Party without Valneva’s consent where Pfizer or its Affiliate is required, or makes a good faith determination based on
advice of counsel, to divest a Product in order to comply with Law or the order of any Governmental Authority as a result of a merger or acquisition, provided that in both cases the assignee will expressly agree to be bound by such
Party’s obligations under this Agreement. Each Party will promptly notify the other Party of any assignment or transfer under the provisions of this Section 11.1. This Agreement will be binding upon the successors and permitted assigns of
the Parties and the name of a Party appearing herein will be deemed to include the names of such Party’s successors and permitted assigns to the extent necessary to carry out the intent of this Agreement. Any assignment not in accordance with
this Section 11.1 will be void. For the avoidance of doubt, neither Pfizer nor its Affiliates will assign to a Third Party any rights to any diagnostic assay Developed using the Valneva Technology for a Product, except as set forth in
(a) and (b) above in this Section 11.1, without the prior written consent of Valneva; provided that Pfizer and its Affiliates will be able to grant a sublicense to such rights in accordance with Section 2.3. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 11.2 Change of Control of Valneva. Valneva will notify Pfizer in writing promptly
(and in any event within [***]) following the entering into of a definitive agreement with respect to a Change of Control of Valneva. 

11.3 Further Actions. Each Party agrees to execute, acknowledge and deliver such further instruments, and to do all such other acts, as
may be necessary or appropriate in order to carry out the purposes and intent of the Agreement. 
 11.4 Force Majeure. Each Party will
be excused from the performance of its obligations under this Agreement to the extent that such performance is prevented by force majeure (defined below) and the nonperforming Party promptly provides notice of the prevention to the other Party. Such
excuse will be continued so long as the condition constituting force majeure continues and the nonperforming Party takes Commercially Reasonable Efforts to remove the condition. For purposes of this Agreement, “force majeure” will include
conditions beyond the control of the Parties, including an act of God, voluntary or involuntary compliance with any regulation. Law or order of any government, war, act of terror, civil commotion, labor strike or
lock-out, epidemic, pandemic, quarantine, failure or default of public utilities or common carriers, destruction of production facilities or materials by fire, earthquake, storm or like catastrophe. 

11.5 Interpretation. Except where the context expressly requires otherwise, (a) the use of any gender herein will be deemed to
encompass references to either or both genders, and the use of the singular will be deemed to include the plural (and vice versa), (b) the words “include”, “includes” and “including” will be deemed to be followed by the
phrase “without limitation”, (c) the word “will” will 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 will
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 will be construed to include the Person’s successors and assigns, (f) the words “herein”, “hereof’ and “hereunder”, and words of similar import, will be construed to refer to
this Agreement in its entirety and not to any particular provision hereof, (g) all references herein to Sections, Exhibits or Schedules will be construed to refer to Sections, Exhibits or Schedules of this Agreement, and references to this
Agreement include all Exhibits and Schedules hereto, (h) the word “notice” means notice in writing (whether or not specifically stated) and will include notices, consents, approvals and other written communications contemplated under
this Agreement, (i) provisions that require that a Party, the Parties or any committee hereunder “agree,” “consent” or “approve” or the like will require that such agreement, consent or approval be specific and in
writing, whether by written agreement, letter, approved minutes or otherwise (but excluding e-mail and instant messaging), (j) references to any specific law, rule or regulation, or article, section or other
division thereof, will be deemed to include the then-current amendments thereto or any replacement or successor law, rule or regulation thereof, and (k) the term “or” will be interpreted in the inclusive sense commonly associated with
the term “and/or.” 
 11.6 Notices. Any notice or notification required or permitted to be provided pursuant to the terms
and conditions of this Agreement (including any notice of force majeure, breach, termination, change of address, etc.) will be in writing and will be deemed given upon receipt if delivered personally or by facsimile transmission (receipt verified),
[***] after deposited in the mail if mailed by registered or certified mail (return receipt requested) postage prepaid, or on the next Business Day if sent by overnight delivery using a nationally recognized express courier service and specifying
next Business Day delivery (receipt verified), to the Parties at the following addresses or facsimile numbers (or at such other address or facsimile number for a Party as will be specified by like notice, provided, however, that notices of a
change of address will be effective only upon receipt thereof): 
 All correspondence to Pfizer will be addressed as follows: 

Pfizer Inc. 
 Notices: Vaccines
Business Development 
 235 East 42nd Street 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 New York, NY 10017 

Attn.: Vaccines BD Contract Notice 

with a copy to: 
 Pfizer Inc. 

Notices: Pfizer Legal Division 

235 East 42nd Street 
 New York,
NY 10017 
 Attn.: Chief Counsel, Vaccines 
 To
help expedite Pfizer’s awareness and response, copies of notices may be provided to Pfizer by email but must be supplemented by one of the following methods: (a) personal delivery, (b) first class certified mail with return receipt
requested, or (c) next-day delivery by major international courier, with confirmation of delivery. Electronic copies may be sent via email to [***]. 

All correspondence to Valneva will be addressed as follows: 

Valneva Austria GmbH 
 Campus
Vienna Biocenter 3 
 1030 Vienna 

Vienna, Austria 
 FB-Nr: FN 389960 x / HG Wien 
 Attention: Chief Executive Officer 

with a copy to: 
 With a copy to:

 [***] 
 11.7
Amendment. No amendment, modification or supplement of any provision of this Agreement will be valid or effective unless made in writing and signed by a duly authorized officer of each Party. 

11.8 Waiver. No provision of this Agreement will be waived by any act, omission or knowledge of a Party or its agents or employees
except by an instrument in writing expressly waiving such provision and signed by a duly authorized officer of the waiving Party. The waiver by either of the Parties of any breach of any provision hereof by the other Party will not be construed to
be a waiver of any succeeding breach of such provision or a waiver of the provision itself. 
 11.9 Severability. If any clause or
portion thereof in this Agreement is for any reason held to be invalid, illegal or unenforceable, the same will not affect any other portion of this Agreement, as it is the intent of the Parties that this Agreement will be construed in such fashion
as to maintain its existence, validity and enforceability to the greatest extent possible. In any such event, this Agreement will be construed as if such clause of portion thereof had never been contained in this Agreement, and there will be deemed
substituted therefor such provision as will most nearly carry out the intent of the Parties as expressed in this Agreement to the fullest extent permitted by applicable Law. 

11.10 Descriptive Headings. The descriptive headings of this Agreement are for convenience only and will be of no force or effect in
construing or interpreting any of the provisions of this Agreement. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 11.11 Global Trade Control Laws. The Parties acknowledge that certain activities
covered by or performed under this Agreement may be subject to law, regulations or orders regarding economic sanctions, import controls or export controls (“Global Trade Control Laws”). Each of the Parties will perform all
activities under this Agreement in compliance with all applicable Global Trade Control Laws. Furthermore, with respect to the activities performed under this Agreement, each of the Parties represents, warrants and covenants that: 

11.11.1 Each Party will not, for activities under this Agreement, (i) engage in any such activities in a Restricted Market;
(ii) involve individuals ordinarily resident in a Restricted Market; or (iii) include companies, organizations, or Governmental Entities from or located in a Restricted Market. “Restricted Market” for purposes of this
Agreement means the Crimean Peninsula, Cuba, the Donbass Region, Iran, North Korea, Sudan, and Syria, or any other country or region sanctioned by the United States or European Union. 

11.11.2 Each Party represents and warrants that it is not a Restricted Party and is not owned or controlled by a Restricted Party. With respect
to activities performed under this Agreement, neither Party will engage or delegate to any Restricted Parties for any activities under this Agreement. Each Party will screen all relevant third parties involved by such Party in the activities under
this Agreement under the relevant Restricted Party Lists. “Restricted Parties” for purposes of this Agreement means any individual or entity on any of the following “Restricted Party Lists”: the list of sanctioned entities
maintained by the United Nations; the Specially Designated Nationals List and the Sectoral Sanctions Identifications List of the U.S. Treasury Department’s Office of Foreign Assets Control; the U.S. Denied Persons List, the U.S. Entity List,
and the U.S. Unverified List of the U.S. Department of Commerce; entities subject to restrictive measures and the Consolidated List of Persons, Groups and Entities Subject to E.U. Financial Sanctions, as implemented by the E.U. Common
Foreign & Security Policy; the List of Excluded Individuals / Entities published by the U.S. Health and Human Services’ Office of Inspector General; any lists of prohibited or debarred parties established under the U.S. Federal Food
Drug and Cosmetic Act; the list of parties suspended or debarred from contracting with the U.S. government; and similar lists of restricted parties maintained by the Governmental Authorities of the countries that have jurisdiction over the
activities conducted under this Agreement. 
 11.11.3 Neither Party will knowingly transfer to the other Party any goods, software,
technology or services that are (i) controlled under the U.S. International Traffic in Arms Regulations or at a level other than EAR99 under the U.S. Export Administration Regulations; or (ii) specifically identified as an E.U. Dual Use
Item or on an applicable export control list of another country. 
 11.12 Dispute Resolution. If any dispute or disagreement arises
between Pfizer and Valneva in respect of this Agreement, they will follow the following procedures in an attempt to resolve the dispute or disagreement: 

11.12.1 The Party claiming that such a dispute exists will give notice in writing (“Notice of Dispute”) to the other Party of
the nature of the dispute. 
 11.12.2 Within [***] of receipt of a Notice of Dispute and in advance of any meeting pursuant to
Section 11.12.3, the receiving Party will provide a written response to the other Party’s claims regarding the dispute. 
 11.12.3
Within [***] of receipt of Notice of Dispute, the Vice President, Vaccines of Pfizer and the Chief Executive Officer of Valneva will me ta mutually agreed-upon time and location for the purpose of resolving such dispute. 

Notwithstanding any provision of this Agreement to the contrary, either Party may immediately initiate litigation in any court of competent jurisdiction
seeking any remedy at law or in equity, including the issuance of a preliminary, temporary or permanent injunction, to preserve or enforce its rights under this Agreement. The provisions of this Section 11.12 will survive for five years from
the date of termination or expiration of this Agreement. 

  
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(II) CUSTOMARILY AND ACTUALLY TREATED BY THE REGISTRANT AS PRIVATE OR CONFIDENTIAL. 

 11.13 Governing Law. This Agreement is governed by, and all disputes arising under or
in connection with this Agreement shall be resolved in accordance with, laws of the State of New York, without regard to conflict of law principles thereof. 

11.14 Consent to Jurisdiction and Venue. Each Party to this Agreement hereby (a) irrevocably submits to the exclusive jurisdiction
and venue of the state courts of the State of New York or the United States District Court for the Southern District of New York (collectively, the “Courts”), for the purpose of any and all actions, suits or proceedings arising in
whole or in part out of, related to, based upon or in connection with this Agreement or the subject matter hereof or such award (other than appeals therefrom), (b) agrees not to raise any objection at any time to the laying or maintaining of the
venue of any such action, suit or proceeding in any of such Courts, irrevocably waives any claim that such action, suit or other proceeding has been brought in an inconvenient forum and further irrevocably waives the right to object, with respect to
such action, suit or other proceeding, that such Courts do not have any jurisdiction over such Party. Section 11 of this Agreement does not intend to deprive any New York court of competent jurisdiction with respect to its power to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration proceedings or the enforcement of any judgment or award. In any such action, the courts
of New York shall have exclusive jurisdiction over any action brought to enforce this Agreement, and each of the Parties hereto irrevocably: (a) submits to such exclusive jurisdiction for such purpose; (b) waives any objection which it may
have at any time to the laying of venue of any proceedings brought in such courts; (c) waives any claim that such proceedings have been brought in an inconvenient forum; and (d) further waives the right to object with respect to such
proceedings that any such court does not have jurisdiction over such Party. 
 11.15 Entire Agreement. This Agreement constitutes and
contains the complete, final and exclusive understanding and agreement of the Parties and cancels and supersedes any and all prior negotiations, correspondence, understandings and agreements, whether oral or written, between the Parties respecting
the subject matter hereof and thereof, including that certain Confidential-Disclosure Agreement between the Parties dated [***] which is hereby terminated effective as of the Execution Date, provided that such Confidential Disclosure
Agreement will continue to govern the treatment of Confidential Information disclosed by the Parties prior to the Execution Date in accordance with its terms. 

11.16 Independent Contractors. Both Parties are independent contractors under this Agreement. Nothing herein contained will be deemed to
create an employment, agency, joint venture or partnership relationship between the Parties hereto or any of their agents or employees, or any other legal arrangement that would impose liability upon one Party for the act or failure to act of the
other Party. Neither Party intends to form a partnership for tax purposes and each Party will report all transactions in connection with this Agreement consistently with such intent and will cooperate with any reasonable request to assist the other
Party with such reporting (including to respond to any tax inquiries or proceedings. Neither Party will have any express or implied power to enter into any contracts or commitments or to incur any liabilities in the name of, or on behalf of, the
other Party, or to bind the other Party in any respect whatsoever. 
 11.17 Counterparts. This Agreement may be executed two
(2) counterparts, each of which will be an original and both of which will constitute together the same document. Counterparts may be signed and delivered by facsimile or digital (e.g., PDF file, each of which will be binding when received by
the applicable Party. 
 11.18 No Third Party Rights or Obligations. No provision of this Agreement will be deemed or construed in any
way to result in the creation of any rights or obligation in any Person not a Party to this Agreement. However, Pfizer may decide, in its sole discretion, to use one or more of its Affiliates to perform its obligations and duties hereunder,
provided that Pfizer will remain liable hereunder for the performance by any such Affiliates of any such obligations. 
 (Signature
page follows.) 
  

  
 53 

[***] = 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. 

 IN WITNESS WHEREOF, authorized representatives of the Parties have duly executed this
Agreement as of the Execution Date to be effective as of the Effective Date. 
  

					
	PFIZER INC	 	VALNEVA GmbH
			
	By                                      
                                         
 	 	By	 	 /s/ [***]

	Name:	 	Name:	 	[***]
	Title:	 	Title:	 	[***]
			
		 	[***]	 	
			
		 	By	 	 /s/ [***]

		 	Name:	 	[***]
		 	Title:	 	[***]

 [Signature Page to Research Collaboration and License Agreement] 

 

 Exhibit A 

[***] 

  
 [***] = 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. 

 Exhibit B 

[***] 

  
 [***] = 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. 

 Exhibit C 

[***] 

  
 [***] = 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. 

 Exhibit D 

[***] 

  
 [***] = 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. 

 Schedule 3.4.1 

[***] 

  
 [***] = 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. 

 Schedule 8.3.1 

[***] 

  
 [***] = 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. 

 Schedule 8.3.3 

[***] 

  
 [***] = 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. 

 Schedule 8.3.4 

[***] 

  
 [***] = 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. 

 Schedule 8.3.16 

[***] 

  
 [***] = 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.EX-10.2

 Exhibit 10.2 

[***] = 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. 

Execution Version 
 DATED 13th
SEPTEMBER 2020 
 VALNEVA SE 

VALNEVA AUSTRIA GMBH 
 AND 

THE SECRETARY OF STATE FOR BUSINESS, ENERGY AND INDUSTRIAL STRATEGY 

 
  

SARS-COV2 VACCINE SUPPLY 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. 

Execution Version 
 CONTENTS

  

							
	1.	 	 Definitions
	  	 	2	 
	2.	 	 Governance
	  	 	18	 
	3.	 	 Manufacturing Facility Establishment
	  	 	23	 
	4.	 	 Development, Regulatory Obligations and Information Requirements
	  	 	26	 
	5.	 	 Manufacture and Supply of Product
	  	 	31	 
	6.	 	 Raw Materials Stock, Production Schedules and Business Continuity
	  	 	35	 
	7.	 	 Government [***] Payments
	  	 	37	 
	8.	 	 Ordering
	  	 	40	 
	9.	 	 Delivery
	  	 	43	 
	10.	 	 Risk And Title
	  	 	47	 
	11.	 	 Inspection and Rejection of Product
	  	 	48	 
	12.	 	 Remedies and Mitigation of Losses
	  	 	49	 
	13.	 	 Price, Charges and Discounts
	  	 	49	 
	14.	 	 Invoicing and Payment
	  	 	54	 
	15.	 	 Warranty and Undertakings
	  	 	55	 
	16.	 	 [***] Future Preparedness and Access to Facilities
	  	 	57	 
	17.	 	 Anti-Bribery
	  	 	57	 
	18.	 	 Product Security
	  	 	58	 
	19.	 	 Intellectual Property
	  	 	58	 
	20.	 	 Confidentiality
	  	 	60	 
	21.	 	 Product Liabilities
	  	 	64	 
	22.	 	 Liability
	  	 	66	 
	23.	 	 Insurance
	  	 	67	 
	24.	 	 Force Majeure
	  	 	67	 
	25.	 	 Duration and Termination
	  	 	68	 
	26.	 	 Consequences of Termination
	  	 	71	 
	27.	 	 Data Protection
	  	 	71	 
	28.	 	 International Access
	  	 	72	 
	29.	 	 Guarantee
	  	 	72	 
	30.	 	 Independent Contractors
	  	 	72	 
	31.	 	 Right of Audit, Conflicts of Interest and Prevention of Fraud
	  	 	72	 
	32.	 	 Tax Non-Compliance
	  	 	73	 

  
 i 

							
	33.	 	 Environmental Considerations
	  	 	74	 
	34.	 	 Equality, Non-Discrimination, Human Rights and
Conduct
	  	 	74	 
	35.	 	 Miscellaneous
	  	 	75	 
	Schedule 1 Candidate, Product and Specifications	  	 	82	 
	Schedule 2 Facilities	  	 	83	 
	Schedule 3 Key Performance Indicators and Meeting Schedule	  	 	84	 
	Schedule 4 Development Plan	  	 	85	 
	Schedule 5 Facility Plan	  	 	86	 
	Schedule 6 Manufacturing Plan	  	 	87	 
	Schedule 7 Delivery Schedule	  	 	88	 
	Schedule 8 Documentation & Information to Accompany Deliveries	  	 	89	 
	[***]	  			
	[***]	  			
	[***]	  			
	[***]	  			
	Schedule 13 Sanctions Guidelines	  	 	120	 
	[***]	  			
	[***]	  			

  
 ii 

 Exhibit 10.2 

THIS AGREEMENT (“Agreement”) is dated 13th September 2020 and made between: 

 

	(1)	 VALNEVA S.E., a company registered in France (company number 422,497,560) whose registered address is at
6 rue Alain Bombard 44800 Saint Herblain, France (“Parent”); and 

  

	(2)	 VALNEVA AUSTRIA GMBH, a company registered in Austria (company number FN 389960 x /HG Wien) whose
registered address is at Campus Vienna Biocenter 3, 1030 Vienna, Austria (“Valneva”); and 

  

	(3)	 THE SECRETARY OF STATE FOR BUSINESS, ENERGY AND INDUSTRIAL STRATEGY, acting on behalf of the Crown,
whose principal office is at 1 Victoria Street, London, SW1H 0ET (the “Authority”), 

 (each a
“Party”, and collectively the “Parties”). 
 INTRODUCTION 

 

	(A)	 Valneva has discovered and is actively pursuing the clinical development of the Product within the Field in
order to file for and secure a Marketing Authorisation for the Product with an indication in the Field that is valid in the Territory, and for its Affiliates to secure equivalent Regulatory Approvals from other Regulatory Authorities for the Product
around the world. 

  

	(B)	 In order to Manufacture sufficient quantities of the Product, Valneva will update, upgrade and validate its
existing OB1 manufacturing facilities in Scotland and commits to purchase, update, upgrade and validate additional manufacturing facilities (defined below as OB2) located in close proximity to OB1. 

 

	(C)	 The Authority, on behalf of the Crown, wishes to [***] order and secure [***] supplies of the Product, and
Valneva wishes to accept such order and supply Product to the Authority in each case in accordance with the terms of this Agreement. The Authority will also be purchasing other Third Party vaccines and other therapeutic products, as part of its
national and international strategy towards vaccination against, treatments for, and mitigation of the global impact arising from the spread of SARS-CoV-2.

  

	(D)	 Valneva and [***] have [***] which Valneva will conduct [***] in the Territory for the Product, which trials
are designed to elicit clinical data to support Valneva’s application for a Marketing Authorisation in the Territory in respect of the Product for an indication in the Field. 

 

	(E)	 The Authority and the Department for Health and Social Care are willing to provide [***] under this Agreement
and the [***] which Valneva will use to undertake work contemplated by Recital (B) above and in accordance with the [***] and in consideration of which, Valneva shall undertake the Development and Manufacturing of the Product for supply in
accordance with the terms of this Agreement and [***]. 

  
 -1- 

 IT IS AGREED that: 
  

	1.	 DEFINITIONS 

  

	1.1	 In this Agreement, the following words and expressions shall have the following meanings:

 “Additional Order Price per Dose” has the meaning given in clause 13.6; 

“Adjuvant” means the adjuvant selected to be incorporated into the Product to be Developed, Manufactured and supplied to the
Authority pursuant to the terms of this Agreement; 
 “Adjuvant Commitment” means, at any time during the Term, any and all
amounts which Valneva is required and fully committed to pay but has not paid pursuant to any contract with a Third Party for the purchase of Adjuvant in those quantities required for incorporation into the Product to be supplied in accordance with
this Agreement; 
 “Adjuvant Cost” means the per Dose cost of any Adjuvant incorporated into the Product to be supplied in
accordance with this Agreement; 
 “Administering Entity” means any Health Service Body administering the Product; 

“Affiliate” means, with respect to (a) Valneva, any Person that Controls, is Controlled by or is under common Control
with Valneva from time to time; (b) any Third Party, any Person that Controls, is Controlled by or is under common Control with that Third Party from time to time; and (c) Authority, means any Central Government Body; 

“Applicable Laws” means applicable laws, rules, orders, bye-laws, instruments,
regulations, legislation or similar statutes, ordinances, treaties, directives, administrative interpretations, including Applicable Standards, the Sanctions Guidelines, rules of national stock exchanges and any other rules or regulations
promulgated by or otherwise having the force of law of any Governmental Authority or Regulatory Authority in each case in the Territory or any country where activities for or pursuant to this Agreement are undertaken (or, but solely where the
context requires, any other relevant geographical area) and/or over a relevant class of persons; 
 “Applicable Standards”
shall mean all applicable cGxP requirements and guidelines; 
 “Authorised Agent” means any authorised agent appointed by
the Authority as notified to Valneva in writing from time to time; 
 “Authority Specific Commitments” means those land,
equipment, goods, services, and other commitments if and to the extent specifically indicated in Schedule 9 as “Authority Specific”; 

“Breaching Party” has the meaning given in clause 25.4; 

“Business Continuity Event” means any event or issue that does or could adversely impact the Development, Manufacture or
supply of the Product to the Authority in accordance with this Agreement, including, without limitation, the pandemic declared in respect of SARs-CoV-2, any Force
Majeure event and the withdrawal of the United Kingdom (or any part of it) from the European Union; 

  
 -2- 

 “Business Continuity Plan” means Valneva’s business continuity plan,
prepared with reasonable skill and care, which includes its plans for continuity of the Development, Manufacture and supply of the Product to the Authority during any Business Continuity Event; 

“Business Day” means any day that is not a Saturday or Sunday or a public holiday in London, England; 

“Candidate” means the inactivated whole virus human vaccine candidate known as VAL2001 and described more fully in Schedule 1
and intended for prophylaxis and vaccination against SARS-CoV-2 in humans utilising Valneva’s IXIARO platform technology to be combined with an Adjuvant that may
(i) include Dynavax’s CpG 1018 adjuvant; and/or (ii) aluminium hydroxide, with such Adjuvant decision being made in accordance with the Development Plan; 

“Central Government Body” means a body listed in one of the following sub- categories
of the United Kingdom’s Central Government classification of the Public Sector Classification Guide, as published and amended from time to time by the Office for National Statistics: (a) Government Department; (b) Non-Departmental Public Body Assembly Sponsored Public Body (advisory, executive, or tribunal); (c) Non-Ministerial Department; or (d) Executive Agency; 

“cGCP” or “GCP” means current good clinical practice standards for the design, conduct, performance,
monitoring, auditing, recording, analyses and reporting of human clinical trials, including those practices described in Directive 2001/20/EC and the Medicines for Human Use (Clinical Trials) Regulations 2004 and the standards required under
Directive 2005/28/EC; 
 “cGLP” or “cGLP” means current good laboratory practices generally accepted within
the pharmaceutical industry to promote the quality and integrity of data generated in laboratory testing and to prevent misleading or fraudulent practices, including those practices described in Directive 2004/10/EC and the Good Laboratory Practice
Regulations 1999; 
 “cGMP”, “GMP” or “Good Manufacturing Practice” means the then-current
principles and guidelines of good manufacturing practice and general biologics products standards contained in Applicable Laws and guidance including: (a) Directive 2003/94/EC laying down the principles and guidelines of good manufacturing
practice in respect of medicinal products for human use and investigational medicinal products for human use; (b) Directive 2001/83/EC laying down the principles and guidelines of good manufacturing practice for medicinal products;
(c) further guidance as published by the European Commission in Volume 4 (Good Manufacturing Practice) of “The Rules Governing Medicinal Products in the European Union”; and (d) ICH Q7 Guideline “Good Manufacturing Practice
Guide for Active Pharmaceutical Ingredients”, in each case as may be amended from time to time; 
 “cGVP” or
“GVP” means current principles and guidelines of good pharmacovigilance practice for medicinal products for human use, as set forth in EU Directive 2001/83/EC, Commission Implementing Regulation No 520/2012 and the EMA’s
Guideline on Good Pharmacovigilance Practice; 

  
 -3- 

 “cGxP” or “GxP” means cGMP, cGCP, cGLP and cGVP; 

[***] or [***] means the [***] governing Valneva’s [***] to be undertaken in the Territory for the Product in respect of an indication in
the Field, [***]; 
 “Commercially Reasonable Efforts” means with respect to the efforts, expertise and resources to be
expended by a Party with respect to the achievement of an applicable obligation or objective under this Agreement, those diligent, professional and good faith efforts, expertise and resources that are the same as or greater than those normally and
customarily used, engaged or otherwise expended or deployed by: 
  

	 	(a)	 in the case of Valneva, a professional pharmaceutical company which are objectively and reasonably deployed
towards Development, Manufacture and commercialisation of a product for the achievement of the same or a similar objective on a timely basis [***] or 

  

	 	(b)	 in the case of the Authority, a professionally organised and functioning public authority pursuing the
objectives referred to in Recitals [***], 

 in each case having regard to the urgent need for a vaccine to end a global
pandemic which is resulting in serious public health issues, restrictions on personal freedoms and economic impact, across the world but taking into account efficacy and safety; 

“Commitment Letter” means the Commitment Letter entered into between Valneva and the Authority dated [***]; 

“Confidentiality Agreement” means the confidentiality agreement entered into between Valneva and the Authority dated [***];

 “Confidential Information” means any business, commercial or technical information (in whatever form or media) of either
Party that is confidential or of a confidential nature and which is provided by or on behalf of one Party to the other Party or to which access is obtained (i) prior to the Effective Date, under the Confidentiality Agreement, (ii) on or
after the Effective Date, pursuant to this Agreement [***], or (iii) as a consequence of entering into or performing this Agreement or [***] (in each case whether before, on or after the Effective Date). 

Confidential Information includes any information or materials possessed or developed by either Party or their respective Affiliates, whether
possessed or developed before, on or after the Effective Date, in relation to the Product and/or services provided hereunder (including know how, processes, techniques, specifications, reports, analyses, sources of supply, marketing plans, sales
strategies and pricing information), except for such information that is demonstrably non-confidential in nature. The terms of this Agreement (but not its existence) will be regarded as the Confidential
Information of both Parties; 
 “Conforming Product” means Product that has been Manufactured in accordance with and meets
the requirements of clauses 5.11 and 5.12; 

  
 -4- 

 “Control” means: (a) 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 (b) to own, directly or indirectly, fifty percent (50%) or more of the
outstanding voting securities or other ownership interest of such Person, or (c) in the case of a partnership, control of the general partner, and “Controls” and “Controlled” shall be construed accordingly;

 “Cost of Follow On Order” means the aggregate of costs specified in the categories listed at part (c) of the Cost of
Product definition below (but excluding (c) (vii), (c) (viii) and (c) (ix) and any other individual items of costs in any other category, which have been taken into account in calculating the Initial Order Price); 

“Cost of Product” means, to the extent not already reimbursed or committed to be reimbursed by a Third Party, the aggregate
reasonable direct costs and expenses incurred by Valneva or any of its [***] directly for those Development and Manufacturing activities undertaken pursuant to the Development Plan and Manufacturing Plan and that are necessary for the Development
and Manufacture of the Product for the Territory in order to supply units of Product pursuant to this Agreement, which shall comprise the aggregate of: 
  

	 	(a)	 Required Commitments; 

 

	 	(b)	 [***]; 

  

	 	(c)	 other costs incurred for the Development and Manufacture of the Product (in accordance with the Development and
Manufacturing Plans) comprising: 

  

	 	(i)	 direct labour costs (salaries, wages, employee benefits, overtime costs and shift premiums);

  

	 	(ii)	 direct materials costs (including raw materials and intermediates and interim packaging) but excluding costs
for Adjuvant (as referred to in (x) below); 

  

	 	(iii)	 a fair and reasonable allocation of operating costs of the Facilities during Manufacture of the Product,
calculated by Valneva in a manner consistent with its treatment of such costs with respect to other products, and without disadvantaging the Product on account of the terms of this Agreement or otherwise; 

 

	 	(iv)	 amounts (without mark-up) that are paid to a Third Party, in connection
with their activities for the Manufacture of the Product or any component thereof; 

  

	 	(v)	 research and development costs including the costs for filing and obtaining the Minimum Viable Marketing
Authorisation in the Territory and all other costs incurred which are directly attributable to the costs of compiling and filing of the application for the Minimum Viable Marketing Authorisation in the Territory for the Product with an indication in
the Field, or any other costs associated with filing and obtaining, or fulfilling the conditions or requirements of, a Marketing Authorisation agreed between the Parties or pursuant to the CTA; 

  
 -5- 

	 	(vi)	 to the extent not included in the foregoing categories, a Facility overhead and a reasonable allocation to such
supply operation of other overheads without which the Product could not be Developed or Manufactured and the Marketing Authorisation would not have been obtained, calculated by Valneva in a manner consistent with its treatment of such costs with
respect to other products, and without disadvantaging the Product on account of the terms of this Agreement or otherwise; 

  

	 	(vii)	 capital expenditure and other costs incurred in connection with the acquisition, development or enhancement of
OB1 and OB2, to the extent not otherwise included in the above; 

  

	 	(viii)	 capital expenditure and other costs incurred in connection with the acquisition, development or enhancement of
investments made by Valneva in the Solna Facility for the purposes of the fill-finish of the Product; 

  

	 	(ix)	 any UK fees and expenses incurred in connection with the project for the development and manufacturing of the
Product, other than in connection with the negotiation and execution or any variation of this Agreement [***]; 

  

	 	(x)	 the Adjuvant Cost; and 

 

	 	(xi)	 any non-refundable or
non-creditable Indirect Taxes, customs and excise duties, or similar taxes in connection with any of the above, 

in all cases to the extent specifically attributable to the Development and Manufacture of those Product units supplied in accordance with the
requirements of this Agreement, as applicable, and in each case, calculated by Valneva in a manner consistent with its treatment of such costs with respect to other products, and without disadvantaging the Product on account of the terms of this
Agreement or otherwise. For the avoidance of doubt, “Cost of Product” excludes each of the following: 
  

	 	(a)	 costs related to the operation of any Facility incurred while such Facility is not Manufacturing the Products;

  

	 	(b)	 industrial operations-related and corporate costs which are not directly related to the Product (such as, but
not limited to, other corporate projects, strategic analysis); 

  

	 	(c)	 any costs in relation to human clinical trials in the UK other than the [***]; and Required Commitments

  

	 	(d)	 any refundable or creditable Indirect Taxes, customs and excise duties, or similar taxes,

  
 -6- 

 Cost of Product shall be calculated on the basis of the volume of units of Product that are
the subject of Orders hereunder, and to the extent Cost of Product would be calculated as higher if Valneva Manufacture more units of Product than the volume that is the subject of Orders, then the lower Cost of Product shall be applied as if only
the volume of Products the subject of Orders were Manufactured. 
 “Crown” means the government of the United Kingdom
(including the Northern Ireland Assembly and Executive Committee, the Scottish Government and the Welsh Assembly Government), including, but not limited to, government ministers, government departments, government and particular bodies, and
government agencies; 
 [***] means [***] payments made by or on behalf of the Crown to Valneva pursuant to the [***]; 

[***] means the [***] and [***] (it being acknowledged that these will relate to [***] undertaken pursuant to the [***] but that, for the
avoidance of doubt, this may include expenditure on resources outside [***] provided the trials themselves take place in [***]); 

“Cure Period” has the meaning given in clause 25.4.1; 

“Data Protection Laws” means the Data Protection Act 2018 and all other applicable data protection and privacy legislation in
force from time to time in the UK; 
 “Delivery Location” means the cold chain storage facilities within Great Britain
notified by the Authority to Valneva from time to time; 
 “Delivery Schedule” has the meaning given in clause 9.1; 

“Development” means all research, discovery, characterisation, preclinical, clinical and regulatory activity with respect to
the Product (including the submission of filings with applicable Regulatory Authorities to support such preclinical and clinical activities and seek a Marketing Authorisation for the Product in the Territory with an indication in the Field),
including undertaking all clinical studies necessary to support the grant of such a Marketing Authorisation and including post-approval trials and studies conducted after the Product receives such a Marketing Authorisation in order to
(a) maintain that existing Marketing Authorisation; or (b) convert a conditional Marketing Authorisation granted for the Product in the Territory into an unconditional Marketing Authorisation where necessary. The term
“Developed” and “Develop” shall have a corresponding meaning; 
 “Development Activities”
means the Development activities to be undertaken by or on behalf of Valneva in respect of the Product as set out in the Development Plan; 

“Development Plan” means the plan and timeline setting out in reasonable detail (a) the activities to be undertaken by or
on behalf of Valneva in relation to the Development of Product for the Territory and including a high-level clinical and regulatory plan in respect of the Product for the Territory; and (b) the steps to be taken for the necessary clinical
manufacturing required for the Product in the Territory; and (c) the regulatory plan and pathway proposed to secure the Marketing Authorisation for the Product in the Territory with an indication in the Field; and (d) the timeline to
achieve Marketing Authorisation for the Product in the Territory with an indication in the Field; and (e) any Milestones in 

  
 -7- 

 
relation to the foregoing; as such plan is initially set out in Schedule 4 and as may be periodically updated from time to time by the Parties in accordance with clause 4 in each case to meet the
objectives of this Agreement to deliver a vaccine with a Marketing Authorisation in the Field for the UK population; 
 “Devolved
Administrations” means the devolved administrations of Scotland, Wales and Northern Ireland (the Scottish Parliament, the Welsh Assembly and the Northern Ireland Assembly); 

“Documentation” has the meaning given in clause 9.11; 

“Dose” means a single individual dose of Product; 

“DOTAS” means the Disclosure of Tax Avoidance Schemes rules which require a promoter of tax schemes to tell HM Revenue and
Customers of any specified notifiable arrangements or proposals and to provide prescribed information on those arrangements or proposals within set time limits as contained in Part 7 of the Finance Act 2004 and in secondary legislation made under
vires contained in Part 7 of the Finance Act 2004 and as extended to National Insurance Contributions by the National Insurance Contributions (Application of Part 7 of the Finance Act 2004) Regulations 2012, SI 2012/1868 made under s.132A Social
Security Administration Act 1992; 
 [***] has the meaning given in clause [***]; 

“Effective Date” means the date on which this Agreement is signed by both Parties; 

“Emergency Use Authorisation” means any emergency use approval issued pursuant to Regulation 174 of the Human Medicines
Regulations 2012 (or any replacement or superseding legislation); 
 “Facilities” means each and all of the facilities used
by or on behalf of Valneva in respect of the Manufacturing of the Product, including those identified in Schedule 2; 
 “Facility
Plan” means the plan setting out in reasonable detail the activities and steps to be taken in relation to (a) acquisition of OB2; (b) securing all planning consents, permits and licences which may be required to undertake the
construction, update, upgrade and validation of each of OB1 and OB2; (c) the construction, update, upgrade, fitout and validation of the Facilities including all equipment, fittings and facilities at OB1 and OB2 such that they are suitable for the
Manufacture of the Product in accordance with the Applicable Standards; (d) ensuring sufficient capacity at OB1 and OB2 for the Manufacture of the Product in accordance with the Orders placed hereunder (in accordance with [***]); (e) ensuring
that each of OB1 and OB2 are fully validated, certified and approved by the Licensing Authority for the Manufacture of the Product; (f) the timeline to secure readiness of OB1 and OB2 to Manufacture Product in sufficient quantities to meet the
Delivery Schedule; and (g) any Milestones in relation to the foregoing; as such plan is initially set out in Schedule 5 and as may be periodically updated from time to time by the Parties in accordance with clause 3 in each case to meet the
objectives of this Agreement to deliver a vaccine with a Marketing Authorisation in the Field for the UK population; 

“Field” means the vaccination against
SARS-CoV-2; 

  
 -8- 

 “Final Payment Date” means the date specified in 13.3.5; 

“Follow On Order” has the meaning given in clause 8.2; 

“Force Majeure” means any unforeseen events beyond a Party’s reasonable control, subject to that Party having taken all
reasonable steps (both anticipatory and reactionary) to avoid or mitigate such risks, such as labour disturbances or labour disputes of any kind, accidents, civil disorders or commotions, war, acts of terrorism, acts of God, energy or other
conservation measures, explosions, failure of utilities, mechanical breakdowns, material shortages, default of suppliers or sub-contractors, theft, or other occurrences. For the avoidance of doubt,
(i) the withdrawal of the United Kingdom from the European Union; and (ii) the pandemic declared in respect of SARs-CoV-2 (but not, for the avoidance of doubt,
any action which is not reasonably foreseeable and is required to be taken pursuant to any requirement or recommendation of any Governmental Authority in connection with such pandemic); are each foreseeable risks and shall not be deemed an event of
Force Majeure; 
 “Fraud” any offence under Applicable Laws creating offences in respect of fraudulent acts, including any
fraudulent acts in relation to this Agreement, or defrauding or attempting to defraud or conspiring to defraud the Crown; 

“Funds” means monies [***] to Valneva by the Authority by way of the Government [***] Payments; 

“General Anti-Abuse Rule” means (a) the legislation in Part 5 of the Finance Act 2013; and (b) any future
legislation introduced into parliament to counteract tax advantages arising from abusive arrangements to avoid national insurance contributions; 

“Good Industry Practice” means the exercise of that degree of skill, diligence, prudence, risk management, quality management
and foresight which would reasonably and ordinarily be expected from a skilled, experienced, professional and diligent supplier engaged in the development, manufacture and/or supply of goods similar to the Product under the same or similar
circumstances as those applicable to this Agreement, including in accordance with any codes of practice published by relevant trade associations and/or industry bodies; 

“Government [***] Payments” means those amounts paid or to be paid by or on behalf of the Crown to Valneva [***] in accordance
with the Commitment Letter and clause 7 of this Agreement. 
 “Governmental Authority” means any government, supra-national,
regional, regulatory or administrative body, authority, board, commission or agency, including any corresponding foreign agency or any instrumentality or officer acting in an official capacity of any of the foregoing, including any court, tribunal
or judicial or arbitral body, or any committee exercising any executive, legislative, regulatory or administrative functions of government, whether local or national, including the Regulatory Authorities; 

“Guidance” means any applicable guidance, direction or determination and any policies, advice or industry alerts which apply
to the Product or medicinal products, to the extent that the same are published and publicly available by any of the Authority, NHS Improvement, NHS England, the MHRA, the European Medicines Agency or the

  
 -9- 

 
European Commission (in each case to the extent applicable to the UK), the Care Quality Commission and/or any other regulator or competent body, or the existence or contents of them where not
published have been notified to Valneva by or on behalf of the Authority; 
 “Halifax Abuse Principle” means the principle
explained in the CJEU Case C-255/02 Halifax and others; 
 “Heads of Terms” means
the Heads of Terms entered into between Valneva and the Authority dated [***]; 
 “Health Service Body” means, in so far as
they are involved in the administration, distribution or handling of the Product: 
  

	 	(a)	 the Department of Health and all divisions and agencies thereof and any independent NHS board or similar body
that may be established including regional agencies of such board; 

  

	 	(b)	 a GP (being a medical practitioner providing general medical services or personal medical services under the
National Health Service Act 2006 (c.41) (whether operating in partnership with others or not)); 

  

	 	(c)	 health service bodies referred to in section 9 of the National Health Service Act 2006 (c.41);

  

	 	(d)	 the Secretary of State for Health; 

 

	 	(e)	 any care trust as defined in section 77 of the National Health Service Act 2006 (c.41); 

 

	 	(f)	 any NHS foundation trust listed in the register of NHS foundation trusts maintained pursuant to section 39 of
the National Health Service act 2006 (c.41); 

  

	 	(g)	 any body replacing or providing similar or equivalent services to any of the above in any area of the United
Kingdom including any bodies established pursuant to the Health and Social Care Act 2012 including but not limited to NHS England; and 

  

	 	(h)	 any statutory successor to any of the above; 

“Indemnifying Party” has the meaning given in clause 21.6; 

“Indemnitee” has the meaning given in clause 21.6; 

“Indirect Tax” means value added, sales, consumption, goods and services taxes or other similar taxes required by Applicable
Law to be disclosed as a separate item on the relevant invoice including, for the avoidance of doubt, any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (Directive 2006/112);

 “Initial Order” has the meaning given in clause 8.1; 

  
 -10- 

 “Initial Term” has the meaning given in clause 25.1; 

“Intellectual Property Rights” means all patent rights, supplemental protection certificates and patent term extensions,
trademarks, copyrights, design rights, database rights, domain names, rights in inventions, confidential information, know-how, trade names, business names, get-up,
logos and trade dress, and all other rights in the nature of intellectual property rights (whether registered or unregistered) and all applications and rights to apply for the above, anywhere in the world in each case for their full term and any
extension thereto; 
 “Irrevocably Committed” means costs which are committed or spent by Valneva which: 

 

	 	(a)	 with respect to items which are Required Commitments or [***], are irrevocably committed or spent; and

  

	 	(b)	 with respect to items other than Required Commitments or [***]: 

 

	 	(i)	 costs which have, at the relevant date, been paid with respect to those items and would not have been
undertaken if Valneva had not undertaken the obligations under this Agreement or the [***], and Valneva, using Commercially Reasonable Efforts, is unable to reduce or eliminate such actual expenditure; and 

 

	 	(ii)	 costs in respect of which, at the relevant date, Valneva has undertaken any commitment with respect to those
costs which it would not have undertaken if Valneva had not undertaken the obligations under this Agreement or the [***] and Valneva, using Commercially Reasonable Efforts, is unable to reduce or eliminate such commitment, 

in either case it being acknowledged, for the avoidance of doubt, that if Valneva enters into an agreement to purchase, or to undertake or to
complete, something and is required to pay an amount to a counterparty if it fails to do so and that amount cannot be refunded, Valneva shall be considered to be irrevocably committed to purchase, undertake or complete that thing; 

“IT Media” has the meaning given in clause 20.16; 

“JSC” means the joint steering committee established by the Parties in accordance with clause 2; 

“KPI” or “Key Performance Indicators” means those key performance indicators against which the Authority will
monitor certain performance activities as set out in Schedule 3; 
 “Labelling” means all labels, package inserts (including
patient information leaflets), carton imprints and all other markings on packaging for the Product that are defined as labels or labelling under the Specifications or otherwise required under Applicable Laws to market or commercialise the Product
for use in the Territory; 
 “Licensing Authority” means (i) the MHRA; or (ii) if it has authority under the
Applicable Laws of the Territory to grant a Marketing Authorisation that has full legal 

  
 -11- 

 
force in the Territory to authorise commercial use of the Product in the Territory after its Delivery hereunder, the European Commission following assessment of the relevant Marketing
Authorisation application by the European Medicines Agency (“EMA”) or any successor agency thereto with the same authority in the UK; 

“Losses” means any and all liabilities, claims, demands, causes of action, damages, losses, costs and expenses, including
interest, penalties and reasonable legal and professional fees and disbursements; 
 “Loss of Supply” has the meaning given
in clause 9.7; 
 “Manufacture”, “Manufactured” or “Manufacturing” means all activities
involved in or relating to the manufacturing, quality control testing (including in-process, release and stability testing), processing, Labelling, releasing, packaging, storage and transport of the Product
immediately prior to supply to the Authority hereunder; 
 “Manufacturing Plan” means the plan setting out in reasonable
detail the activities and steps to be taken (excluding those in the Facility Plan) for the Manufacture and Delivery of Product in accordance with the Delivery Schedule together with the timeline applicable to such activities and any Milestones in
relation to the foregoing; as such plan is initially set out in Schedule 6 and as may be periodically updated from time to time by the Parties in accordance with clause 2 in each case to meet the objectives of this Agreement to manufacture a vaccine
with a Marketing Authorisation in the Field for the UK population; 
 “Margin” means such amount that is equal to the [***]
of the [***] Follow On Order [***], in each case such [***] excluding the [***] and the Required Commitments; 
 “Marketing
Authorisation” means the Regulatory Approval required under Applicable Laws to place a medicinal product on the market in the Territory for human use outside of clinical trials, including any conditional use approval or any approval issued
pursuant to Directive 2001/83/EC or Part 5 of the Human Medicines Regulations 2012 (or any replacement or superseding legislation), but excluding any pricing or reimbursement approvals; 

“MHRA” means the Medicines and Healthcare products Regulatory Agency or any successor agency thereto; 

“Milestone” means as applicable to the context and obligations (a) the Milestones listed in the Development Plan;
(b) the Milestones listed in the Facility Plan; and (c) the Milestones listed in the Manufacturing Plan; 
 “Minimum Shelf
Life” means the minimum period for which the Product is useable calculated from completion of fill finish of the Product, [***] provided that the Product is stored under the specified storage conditions according to the SmPC, and which
period may be extended from time to time in accordance with clause 5.20; 
 “Minimum Viable Marketing Authorisation” means a
Marketing Authorisation fulfilling the requirements of clause 4.7; 

  
 -12- 

 “Net Funding” means, at any time, any amount by which the aggregate of any
Funds, [***] and payments of instalments under clause 13 [***] to Valneva exceeds the [***] of: 
  

	 	(a)	 the amount of benefit received by the Authority [***] through Delivery of Conforming Product; and

  

	 	(b)	 any other amounts recovered by the Authority in respect of Funds previously [***] to Valneva;

 “Non-Compliance” or
“Non-Compliant” means, in respect of a Product, that at the time of Delivery is not compliant with the Specification, the Marketing Authorisation for the Product with an indication in the
Field, batch records, Applicable Standards or Minimum Shelf Life or Applicable Laws; 
 “OB1” means the existing
manufacturing facility site at [***], Livingston [***], United Kingdom; 
 “OB2” means the additional manufacturing facility
site adjacent to or nearby to OB1 located at [***], Livingston [***], United Kingdom; 
 “Occasion of Tax Non-Compliance” means: 
  

	 	(a)	 any tax return of Valneva submitted to a Relevant Tax Authority on or after 1 October 2012 is found, on or
after 1 April 2013, to be incorrect as a result of: 

  

	 	(i)	 a Relevant Tax Authority successfully challenging Valneva under the General Anti-Abuse Rule or the Halifax
Abuse Principle or under any tax rules or legislation that have an effect equivalent or similar to the General Anti-Abuse Rule or the Halifax Abuse Principle; or 

 

	 	(ii)	 the failure of an avoidance scheme which Valneva was involved in, and which was, or should have been, notified
to a Relevant Tax Authority under the DOTAS or any equivalent or similar regime; or 

  

	 	(b)	 any tax return of Valneva submitted to a Relevant Tax Authority on or after 1 October 2012 gives rise, on
or after 1 April 2013, to a criminal conviction in any jurisdiction for tax related offences which is not spent at the Effective Date or to a civil penalty for fraud or evasion; 

“Off Label Use” means any use of any Product supplied pursuant to this Agreement that is (i) use outside of the Field;
and (ii) use which does not comply with the terms of use for that Product as set out in the Summary of Product Characteristics document approved as part of the Marketing Authorisation for the Product; 

“Orders” means each of the Initial Order and (if applicable) the Follow On Order and any Additional Order; 

“Paid Amounts” means at any time any amount then paid by the Authority to Valneva pursuant to this Agreement [***]; 

  
 -13- 

 “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, Governmental Authority, or similar entity, institution, body or organisation,
including a Regulatory Authority; 
 “Personal Data” shall have the same meaning as defined in the Data Protection Laws;

 “Personnel” means the employees, officers, agents and contractors of a Party or (where, the context requires, those of a
Party’s Affiliates); 
 [***] means [***] as defined in the [***] conducted on [***] with the principal purpose of [***] towards seeking
a Minimum Viable Marketing Authorisation in the Territory; 
 [***] means costs incurred pursuant to the [***] in connection with the [***];

 [***] means [***] conducted on [***] subjects following the [***] but prior to conducting [***], with the principal purpose of [***]
towards seeking a Minimum Viable Marketing Authorisation in the Territory; 
 [***] means costs (other than the [***]) incurred pursuant to
the [***] to secure a Minimum Viable Marketing Authorisation; 
 [***] means [***] conducted on [***] following [***] to [***] towards
seeking a Minimum Viable Marketing Authorisation in the Territory; 
 “Plans” means the Facility Plan, Manufacturing Plan
and Development Plan; 
 “Price” means, the total price payable by the Authority in respect of the Product (either in the
context of a Dose, Regimen or Order, as applicable) calculated pursuant to the provisions of clause 13, as such amounts may be varied in accordance with the reconciliation provisions of clause 13; 

“Product” means the Candidate as developed in accordance with the Development Plan, presented in final formulated, labelled
and finished form indicated for the prophylaxis and vaccination against SARS-CoV-2 in humans and (unless the context requires otherwise) in accordance with the Marketing
Authorisation issued in the Territory; 
 “Project Manager” has the meaning given in clause 2.1; 

“Regimen” means the dosing regimen approved for the Product for the primary vaccination of a single person, which is
anticipated as of the Effective Date to comprise two Doses per patient; 
 “Regulatory Approval” means all technical,
medical and scientific licences, registrations, authorisations and approvals (including approvals of CTAs, MAAs, supplements and amendments, pre- and post- approvals and labelling approvals) issued by any
Regulatory Authority, which are necessary or useful for the use, Development, Manufacture, and commercialisation of a pharmaceutical or biopharmaceutical product in a country or regulatory jurisdiction; 

  
 -14- 

 “Regulatory Authority” means any Governmental Authority that is concerned
with the safety, efficacy, reliability, Manufacture, investigation, sale or marketing of the Product, including the MHRA and its successors in the Territory; 

“Relevant Tax Authority” means HM Revenue & Customs; 

“Representation” has the meaning given in clause 35.9; 

“Representatives” has the meaning given in clause 20.2; 

“Required Commitments” means subject to the aggregate amount set forth in Schedule 9 under the column “Total”, those
costs associated with the definitive list of categories in Schedule 9 [***]; 
 “Sanctions Guidelines” means the UK
Government’s sanctions guidelines as amended from time to time, the current versions as at the date of this Agreement being set out in Schedule 13; 

“Solna Facility” means Valneva’s existing manufacturing facility site in Solna, Sweden; 

“Specification” means the written specifications for the manufacture, processing, packaging, labelling, testing and testing
procedures, shipping, storage and supply of the Product, including characteristics, quality and processing of the Candidate and Product a current outline of which is set out in Schedule 1, and as will be set forth with respect to such Product in the
applicable Marketing Authorisation, for the Territory, as such specifications may be amended or replaced from time to time as permitted under the Development Plan or otherwise under this Agreement; 

“Sponsor” has the meaning ascribed to it in European Commission Directive 2001/20/EC; 

“Subcontractor” has the meaning given in clause 35.6.1; 

“Supplier Code of Conduct” means the Authority’s supplier code of conduct, as amended by the Authority from time to time,
the current version as of the date of this Agreement being set out in Schedule D of the [***]; 
 “Term” has the meaning
given in clause 25.1; 
 “Terminating Party” has the meaning given in clause 25.4; 

“Territory” means the United Kingdom of Great Britain and Northern Ireland; 

“Third Party” means any Person other than Valneva, the Authority and their respective Affiliates and permitted successors and
assigns; 
 “UK Vaccine Taskforce” means the vaccine taskforce set up by the Government’s Chief Scientific Adviser,
Deputy Chief Medical Officer, Business Secretary and Health Secretary to lead, expedite and co-ordinate efforts in the UK to research and manufacture a vaccine for the treatment of SARS-CoV-2; 
 “Valneva Representatives” has the
meaning given in clause 17.1; 

  
 -15- 

 “VAT” means: (i) any Indirect Tax chargeable under or pursuant to
Council Directive 2006/112/EC of the European Union; or (ii) any value added, turnover, sales, use or distribution Indirect Tax, or Indirect Tax of a like nature in any jurisdiction outside the European Union; 

“Wilful Misconduct” shall mean an act or omission taken (a) intentionally to achieve a wrongful purpose;
(b) recklessly, or knowingly without legal or factual justification; or (c) in disregard of a known or obvious risk that makes it reasonably probable that harm associated with the risk will arise. 

 

	1.2	 In this Agreement the following rules of interpretation shall apply: 

 

	 	1.2.1	 the words “hereof”, “herein”, “hereto” and
“hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; 

 

	 	1.2.2	 when a reference is made in this Agreement to a clause or schedule, such reference is to a clause of or a
schedule to this Agreement respectively, and all schedules to this Agreement form a part hereof for all purposes; 

  

	 	1.2.3	 the table of contents and headings of this Agreement are for convenience only and shall not affect the
construction of this Agreement; 

  

	 	1.2.4	 any reference to an English statutory provision or English legal term for any action, remedy, method of
judicial proceeding, document, legal status, court, official or any other legal concept or thing or Applicable Law shall in respect of any jurisdiction other than England be deemed to include what most nearly approximates in that jurisdiction to the
English statutory provision or English legal term; 

  

	 	1.2.5	 any reference to European Union law or a European Union legal term for any action, remedy, method of judicial
proceeding, document, legal status, court, official or any other legal concept or thing or Applicable Law shall in respect of the Territory be deemed to include what most nearly approximates in the Territory to the European Union statutory provision
or European Union legal term; 

  

	 	1.2.6	 any undertaking by, or obligation on, a Party to (i) do any act or thing includes an undertaking to
procure the doing of that act or thing by a Party’s Affiliate; and, (ii) not do any act or thing includes an undertaking not to encourage, solicit, cause, or assist the doing of that act or thing by any Affiliate or other person;

  

	 	1.2.7	 the words and expressions “holding company”, “parent undertaking”,
“subsidiary” and “subsidiary undertaking” have the meanings given to them in the Companies Act 2006; 

  

	 	1.2.8	 any reference to a Party or the Parties is to a party or the parties (as the case may be) to this
Agreement and shall include legal successors and/or any permitted assignees of a party; 

  
 -16- 

	 	1.2.9	 any use of the masculine, feminine or neuter gender respectively includes the other genders and any reference
to the singular includes the plural (and vice versa); 

  

	 	1.2.10	 the words “other”, “include”, “including”, “such
as” and “in particular” (and similar expressions) do not connote limitation in any way and will be deemed to be followed by the phrase “without limitation”; 

 

	 	1.2.11	 any reference to a “month” means a calendar month, any reference to a “day”
means a calendar day; 

  

	 	1.2.12	 any reference to GBP, Pounds Sterling or £ is to the lawful currency from time to time of the United
Kingdom of Great Britain and Northern Ireland and to the European Union; 

  

	 	1.2.13	 any reference to a statute or statutory provision includes any successor legislation thereto,
regulations promulgated thereunder, any consolidation or re- enactment, modification or replacement thereof, any statute or statutory provision of which it is a consolidation,
re-enactment, modification or replacement and any subordinate legislation in force under any of the same from time to time except in each case to the extent that any consolidation, re- enactment, modification or replacement enacted after the date of this Agreement would extend or increase the obligations, in any manner (and whether financial obligations or otherwise), of either Party
hereunder; 

  

	 	1.2.14	 any reference to “open book” shall, in relation to the determination or estimate in question,
require the provision of reasonable information to evidence and substantiate such determination or estimate and, to the extent reasonably necessary, the individual items comprised in such determination or estimate, including, where relevant and to
the extent reasonably necessary, access to accounting books and records, copies of working and supporting papers and bank account statements and access for discussions with the relevant companies’ auditors and advisers; 

 

	 	1.2.15	 provisions that require that a Party, the Parties or any committee hereunder to “agree”,
“consent” or “approve” or the like will require that such agreement, consent or approval be specific and in writing (including via email), whether by written agreement, letter, approved minutes or otherwise;

  

	 	1.2.16	 the term “or” and “and/or” will be interpreted in the inclusive sense
commonly associated with the term “and/or”; 

  

	 	1.2.17	 the words “notify” and “notification” in this Agreement shall, when referring
to notifications as between the Parties to this Agreement (or their representatives), mean notify or notification in writing in accordance with clause 35.1 of this Agreement; 

 

	 	1.2.18	 any reference to “writing” or “written” shall include any modes of
reproducing words in a legible and non-transitory form (including email, but excluding SMS or temporary messages); and 

  
 -17- 

	 	1.2.19	 where this Agreement refers to any commitment, cost, expenditure or other transaction (including, without
limitation, Required Commitments) being incurred or undertaken by Valneva pursuant to and in accordance with the performance of this Agreement and for which the Authority is to be liable hereunder, that reference shall include, and the provisions of
this Agreement shall operate in respect of, such commitments, cost, expenditure or transaction to the extent properly incurred and undertaken by any Affiliate of Valneva in discharging the obligations of Valneva pursuant to and in accordance with
the performance of this Agreement. 

  

	1.3	 In case of a conflict between the provisions of any schedule and the provisions of the main body of this
Agreement, the provisions of the main body of this Agreement shall prevail. 

 In this Agreement the Authority is acting as
part of the Crown. 
  

	2.	 GOVERNANCE 

Project Managers 
  

	2.1	 From the Effective Date each Party shall appoint, and provide details to the other Party, of its project
manager (“Project Manager”) who shall be responsible for and represent the applicable Party in liaison between the Parties concerning performance and progress under this Agreement against the Plans together with monitoring delivery
against the Milestones and each of the KPIs. The Project Managers shall facilitate the relationship between the Parties under this Agreement, by providing regular reports on that progress against the Plans, discussing performance of each Party under
this Agreement and collate matters and issues that may be necessary for referral to the JSC. Each Party shall procure that its respective Project Manager shall: 

 

	 	2.1.1	 make themselves reasonably available to the other Project Manager for meetings in accordance with the
provisions of this clause 2; 

  

	 	2.1.2	 co-operate candidly and transparently with the other Project Manager to
ensure that any actual or potential issues, difficulties or problems encountered in connection with the Product, its Development, Manufacture and supply, in each case under this Agreement and to the extent the same is reasonably likely to impact any
Milestone, performance of any obligation hereunder or the Authority, are raised and discussed between Project Managers at the earliest opportunity; 

  

	 	2.1.3	 be a person of reasonable management seniority who is part of the relevant Party’s team working on and has
good first-hand knowledge of the arrangements and matters relating to this Agreement; and 

  

	 	2.1.4	 ensure that they appraise themselves and keep themselves appraised of all material matters and issues
concerning this Agreement and its performance. 

  

	2.2	 The Project Managers shall monitor and discuss (a) progress in relation to each of the Plans, Milestones
and KPIs; (b) any issues or delays in performance against the Plans, Milestones or KPIs; (c) and, where appropriate, agree any changes to the Delivery Schedule; (d) review and make recommendations to the JSC for any material updates
of 

  
 -18- 

	 	
the Development Plan, Facility Plan and/or Manufacturing Plan; and (e) review and propose mitigations to the JSC on risks and issues that may have a material impact on fulfilment and/or
achievement of the Milestones, KPIs and Plans. Each Party shall use reasonable efforts to minimise a change of its Project Manager, but any change of a Project Manager shall be notified as soon as reasonably possible in writing and each Party shall
use reasonable endeavours to ensure notice of any change on no less than one (1) month’s prior written notice. 

  

	2.3	 Valneva shall ensure that Valneva’s Project Manager promptly notifies and keeps the Authority’s
Project Manager promptly informed of all material activities under and progress to satisfactorily complete and fulfil the Plans, Milestones and KPIs. 

Project Manager Meetings 
  

	2.4	 The Project Managers will meet at such times as they reasonably elect to do so provided that they shall meet in
accordance with the frequency and schedule set forth in Schedule 3; unless in any of the foregoing cases they both agree to any alternative meeting schedule. The Project Managers shall meet virtually via a secured digital platform (or physically
subject to observing then current social distancing guidelines and travelling restrictions). Additionally, either Project Manager may call a special meeting at any time; provided that the requesting Party provides at least [***] prior notice to the
other Project Manager and such notice includes a proposed agenda for such meeting. If a Project Manager cannot attend a meeting, they may nominate a person of appropriate seniority and experience within their organisation to attend that meeting in
their place. Each Party will be solely responsible for its own Project Manager’s expenses relating to attending and participating in the meetings. As appropriate, other representatives and consultants of the Parties may attend such meetings.

 Joint Steering Committee 
  

	2.5	 In addition to the appointment of Project Managers, the Parties shall establish a joint steering committee that
shall be responsible for monitoring the progress of the project contemplated by this Agreement and for making those decisions delegated to it pursuant to this clause 2. 

JSC Responsibilities 
  

	2.6	 The JSC shall have non-executive oversight of and responsibility for:

  

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

  

	 	2.6.2	 monitoring and discussing any material issues concerning the Development of the Product including the
establishment and conduct of the clinical trials (including where such trials would best be located), funding and cash forecasts to complete the Development and the filing, prosecution and issuance of any Regulatory Approval for the Product;

  

	 	2.6.3	 discussing and resolving any material issues concerning: (i) the acquisition, construction, fitout,
establishment and validation of each of OB1 and OB2, (ii) the progress towards the Milestones set out in the Facility Plan (including funding and cash forecasts to fulfil the same), and (iii) establishing the Manufacturing supply chain;

  
 -19- 

	 	2.6.4	 discussing and resolving any material issues or delays in the Manufacturing progress or Delivery of Product,
and monitoring the resolution of those issues or delays; 

  

	 	2.6.5	 reviewing and agreeing any Milestones or updates of a material nature to the Development Plan, Facility Plan
and/or Manufacturing Plan proposed by Valneva and provided to the JSC in accordance with this Agreement; 

  

	 	2.6.6	 monitoring and resolving any issues concerning Valneva’s performance under this Agreement;

  

	 	2.6.7	 reviewing and, where appropriate, agreeing any changes to the Delivery Schedule; 

 

	 	2.6.8	 raising and determining mechanisms to resolve any issues, difficulties, problems or obstacles in the
Development or Manufacture of the Product to the extent that such issues, difficulties, problems or obstacles will have a material impact on the supply of the Product to the Authority in accordance with this Agreement; 

 

	 	2.6.9	 resolving disputes referred to it by a Party or Project Manager; 

 

	 	2.6.10	 monitoring capacity and scale up activities for clinical and commercial supplies including reporting on funding
and cash forecasts to fulfil the same; 

  

	 	2.6.11	 matters relating to the calculation of Cost of Product; 

 

	 	2.6.12	 monitoring the progress of the Manufacturing and Development of the Product by reference to the Milestones
(where appropriate) in each of the Development Plan, Facilities Plan and Manufacturing Plan; and 

  

	 	2.6.13	 discussing and agreeing arrangements for [***] arrangements and concluding agreements on [***] from Valneva and
its Affiliates, each in accordance with clause 16, 

 in each case to the extent that such matters relate to, or may impact
on, the Development, Manufacture and/or supply of Product to the Authority in accordance with this Agreement. 
 Membership of the JSC

  

	2.7	 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 [***] 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. 

  
 -20- 

	2.8	 Any Member of the JSC may designate a suitable substitute who is an employee or 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 20. 

  

	2.9	 The Authority shall appoint a chairperson of the JSC to oversee the operation of the JSC.

 Meetings of the JSC 
  

	2.10	 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). 

 

	2.11	 The first JSC meeting shall be no later than [***] after the Effective Date. 

 

	2.12	 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. 

Decision Making 
  

	2.13	 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 [***] of a quorum of the Members, with each Party having [***] vote. The presence of at least [***] representing each Party (i.e. a total 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. 

  

	2.14	 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. 

 

	2.15	 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. 

  
 -21- 

 Notifications: Milestone Requirements 

 

	2.16	 Subject to clause 2.17, Valneva shall ensure (through its Project Manager or the JSC) that:

  

	 	2.16.1	 it will alert and discuss with the Authority within [***] if any issues which it cannot promptly resolve are
encountered in relation to sourcing, securing, purchasing or leasing any Required Commitment; 

  

	 	2.16.2	 it will alert and discuss with the Authority within [***] if there are material price changes to any of the
Required Commitment; 

  

	 	2.16.3	 it will alert and discuss with the Authority within [***] if negotiations with [***] produce any issues of
concern that may negatively impact Milestones, deadlines, the Facility Plan, the Development Plan, the Manufacturing Plan and / or the overall objectives of this Agreement; 

 

	 	2.16.4	 it will alert and discuss with the Authority within [***] if there are any adverse developments relevant to
securing a timely agreement with [***] for adjuvant such as notification or knowledge of activation of the [***] (or any other policy) which may prevent or limit supply of adjuvant by [***] to the extent that such limited supply will impact upon the
supply of the Product to the Authority in accordance with this Agreement. 

  

	 	2.16.5	 it will alert and discuss with the Authority within [***] if any issues arise in relation to securing any
necessary planning consents, approvals, qualifications, or similar authorisations from any relevant Third Party which are required to permit Valneva, or Valneva’s sub-contractors, to adapt any existing
facilities and/or construct any new facilities as anticipated in the Facility Plan. 

  

	 	2.16.6	 it will alert and discuss with the Authority within [***] if any issues arise in relation to securing any
necessary planning consents, approvals, qualifications or similar authorisations from any relevant Third Party which are required to permit Valneva, or Valneva’s sub-contractors, to handle, install,
operate, (or similar) any equipment or material, as part of the adaption of any existing facilities and/or the construction of any new facilities as anticipated in the Facility Plan, the Development Plan or the Manufacturing Plan;

  

	 	2.16.7	 it will alert and discuss with the Authority within [***] if any issues arise that may negatively impact
project timelines, Milestones or result in a price change relating to the upgrade of the existing OB1 facility and/or construction of the OB2 facility or that otherwise adversely impacts achievement of any part of the Development Plan, Facilities
Plan, the Manufacturing Plan or the Delivery Schedule, 

  

	2.17	 Valneva may fulfil its obligations under clause 2.16 by providing a [***] report (or at such other frequency
jointly agreed between the Project Managers of both Parties) to the Authority provided that the foregoing shall not excuse Valneva from meeting the deadlines for notification on the matters set out in clause 2.16. 

  
 -22- 

	3.	 MANUFACTURING FACILITY ESTABLISHMENT 

Execution of Facility Plan 
  

	3.1	 Valneva confirms that the Facility Plan represents its plan for the matters dealt with therein and that it will
perform and execute that plan in all material respects and use Commercially Reasonable Efforts to do so in accordance with the Milestones and timelines set out therein, including procuring that its Affiliates provide, the human and other resources,
materials, facilities and equipment required for the Facility Plan. 

  

	3.2	 The Facility Plan at Schedule 5 and any update thereto shall: 

 

	 	3.2.1	 set out details and estimated timelines for the acquisition, construction, fitout, commissioning and licensing
of the OB1 and OB2 facilities together with the acquisition, installation and commissioning of the equipment therein, in each case to deliver facilities suitable for the Manufacture of the Product to enable its supply to the Authority in accordance
with the provisions of this Agreement to enable its supply to the Authority hereunder, provided that the Facility Plan shall be adjusted and updated by Valneva (subject to requiring the JSC’s consent insofar as any change or update affects a
Milestone or is a material change or update) as such activities progress whereupon the plans for such activities will become more focused, specific and detailed, with details of any updates to the Facility Plan being provided to the JSC on a [***]
basis in accordance with clause 3.4; 

  

	 	3.2.2	 be consistent with the provisions and objectives of this Agreement to achieve a Manufacturing facility within
the Territory that is suitable for and has sufficient capacity for the Manufacture and Delivery of the Product in the Territory in accordance with the Delivery Schedule; and 

 

	 	3.2.3	 not impose obligations on the Authority and/or Authority’s Affiliates with respect to such activities.

  

	3.3	 In undertaking, or having undertaken on its behalf, all acts necessary in order to perform and execute the
Facility Plan, Valneva shall: 

  

	 	3.3.1	 act in accordance with and shall perform and have performed all such activities in the Facility Plan and in
accordance with Good Industry Practice; 

  

	 	3.3.2	 have regard to and implement any reasonable recommendations made by the JSC in executing and delivering the
Facility Plan; 

  

	 	3.3.3	 ensure that OB1 and OB2 are satisfactorily constructed, fitted out, equipped, commissioned, licensed and
validated: 

  

	 	(a)	 to meet the Applicable Standards, including securing all necessary Regulatory Approvals and licences required
for the manufacture of human vaccine products; 

  

	 	(b)	 for the Manufacture of the Products and in sufficient scale and volume to meet the Orders and the Delivery
Schedule; and 

  

	 	3.3.4	 as soon as reasonably practicable, remedy and rectify any problems, deficiencies or defects concerning any
construction, fit out, equipment or commissioning of OB1 and OB2 to the extent that the same may have an adverse impact on the supply of the Product to the Authority in accordance with this Agreement; 

  
 -23- 

	 	3.3.5	 comply with all material obligations relating to any real estate obligations in connection with OB1 and OB2
including all covenants, charges, and terms of leases; and 

  

	 	3.3.6	 comply with all Applicable Laws in such activities including all laws relating to planning, construction,
environmental and health and safety matters. 

 Updates to the Facility Plan 

 

	3.4	 Valneva shall maintain the Facility Plan and keep this up to date, providing a copy of the then most recent
Facility Plan to the JSC on a [***] basis unless otherwise agreed by the Parties. Any material change to the Facility Plan or change that affects a Milestone must be agreed by the JSC before becoming effective. The Parties agree that the sections of
the Facility Plan detailing the activities to be undertaken in the then coming [***] of the Facility Plan will necessarily include more detail and specificity than later portions of the Facility Plan which may be subject to further revision as the
plan is updated. Valneva may make recommendations for amendments to be made to the Facility Plan (subject to requiring the JSC’s consent insofar as any change or update affects a Milestone or is a material change or update), and Valneva must
have due regard to such amendments when complying with its obligations in this clause 3.4 to keep the Facility Plan up to date. 

  

	3.5	 Notwithstanding the process pursuant to clause 3.4, if the Parties agree that the Facility Plan is incomplete
or deficient for the purposes of ensuring that OB1 and OB2 are suitable for the supply of Product to the Authority pursuant to this Agreement, then the Parties shall in good faith negotiate and agree via the JSC any revision to the Facility Plan
that will remedy and correct such incompleteness or deficiency. 

 Responsibility for fulfilling the Facility Plan

  

	3.6	 Without prejudice to the Authority’s obligations to pay the specified amounts under this Agreement:
(i) Valneva shall be responsible at its own cost and expense for the implementation and execution of the Facility Plan and establishing the Facilities to be suitable for Manufacture of Conforming Product in accordance with Applicable Laws, the
Orders and Delivery Schedule; and (ii) for the avoidance of doubt, the Authority shall have no obligation to perform any acts or fund (other than any payments due under clause 7) any activities under the Facility Plan. 

Facilities for Manufacture of the Product 
  

	3.7	 Valneva represents to the Authority as at the date of this Agreement that Schedule 2 contains the complete list
of all Facilities that are currently anticipated to be involved or required in any aspect of the Manufacturing of the Product. 

  

	3.8	 Valneva shall not, and shall procure that its Subcontractors shall not, use any other facilities, beyond those
listed in Schedule 2, for the Manufacture of the Product, provided that, should any change to or new facilities need to be added to Schedule 2, (i) the consent of the JSC shall be required (such consent not to be unreasonably withheld or
delayed); and (ii) Valneva will provide reasonable information to the Authority regarding such change and the reasons therefor and shall discuss such changes in good faith at the JSC. 

  
 -24- 

	3.9	 Valneva either owns or operates the Facilities, or has or will have a legally binding agreement in place, in
each case in order to use, or have used, the Facilities for the purposes of Manufacturing Product pursuant to this Agreement and to ensure the supply and Delivery of Product in accordance with this Agreement. 

Maintenance of Facilities 
  

	3.10	 At all times during the Term (following the fit out of OB1 and OB2) and when the Facilities are required to
Manufacture Product to be supplied pursuant to this Agreement), Valneva shall: 

  

	 	3.10.1	 keep, or procure the keeping of the Facilities in a state and condition that meets GMP, Good Industry Practice
and is suitable and necessary for the successful Manufacture of the Product to enable Valneva to comply with its obligations to supply Conforming Product to the Authority in accordance with this Agreement; 

 

	 	3.10.2	 hold all necessary Regulatory Approvals to operate the Facilities for the Manufacture of Product, and
Manufacture Conforming Product for supply and Delivery, under and in accordance with this Agreement; and 

  

	 	3.10.3	 permit or procure permission for the Authority or the Authority’s nominees during normal business hours
having given reasonable advance notice access to the Facilities to enable the Authority (or its nominees) to inspect and review the Manufacturing activities, and the quality assurance processes in relation to the Product (such access to be subject
to all such individuals being required to undertake reasonable obligations of confidentiality and comply with all reasonable rules for access to those Facilities). 

Information Disclosures 
  

	3.11	 Upon request by the Authority, Valneva shall respond to all reasonable enquiries and requests for information
made by the Authority regarding the establishment of OB1 and OB2 for the Manufacture of the Product for supply to the Authority in accordance with this Agreement (including the status and progress of regulatory licensing and approval process for the
facilities). Without prejudice to the foregoing, through the Project Managers and JSC, Valneva shall include in its [***] report, provided in accordance with clause 2.17, details of its progress towards achieving the Milestones in the Facility Plan.

 Validation Commitment 
  

	3.12	 Valneva shall ensure that pursuant to its applications for the Marketing Authorisation in respect of the
Product in the Territory it shall (i) ensure that the Facilities conform with all Applicable Standards; and (ii) use Commercially Reasonable Efforts to qualify and validate the Facilities for the Manufacture of Products.

  
 -25- 

	4.	 DEVELOPMENT, REGULATORY OBLIGATIONS AND INFORMATION REQUIREMENTS 

Obligation to Develop the Product 
  

	4.1	 Valneva shall use Commercially Reasonable Efforts to Develop the Candidate in order for it (or its Affiliate)
to secure a Marketing Authorisation in the Territory for the Product with an indication in the Field, and in doing so shall follow and implement the Development Plan in all material respects and shall use Commercially Reasonable Efforts to do so in
accordance with the Milestones and timelines set out therein, including procuring that its Affiliates provide, the human and other resources, materials, facilities and equipment required for the Development Plan. 

Execution of the Development Plan 
  

	4.2	 The Development Plan at Schedule 4 and any update thereto shall: 

 

	 	4.2.1	 set out details and estimated timelines for the Development of the Candidate and Product, provided that the
Development Plan shall be adjusted and updated by Valneva (subject to requiring the JSC’s consent insofar as any change or update affects a Milestone or is a material change or update) as Development progresses and the plans for such
Development will become more focused, specific and detailed, with details of any updates to the Development Plan being provided to the JSC on a [***] basis in accordance with clause 4.4; 

 

	 	4.2.2	 be consistent with the provisions and objectives of this Agreement to achieve a Marketing Authorisation for the
Product in the Territory for an indication within the Field by [***]; and 

  

	 	4.2.3	 not impose obligations on the Authority and/or Authority’s Affiliates unless the Authority has agreed in
writing to assume responsibility for such obligations. 

  

	4.3	 In undertaking, or having undertaken on its behalf, all acts necessary in order to perform and execute the
Development of the Product, including performing and executing the Development Plan, Valneva (or its Affiliate) shall: 

  

	 	4.3.1	 perform, and have performed, all such activities required to fulfil and meet the Development Plan in accordance
with the Applicable Standards and Good Industry Practice; 

  

	 	4.3.2	 have regard to and implement any directions or any recommendations made by the JSC in executing and delivering
the Development Plan; 

  

	 	4.3.3	 obtain and maintain all Regulatory Approvals and ethical and other approvals necessary to allow it or its
Affiliates (or others on their behalf) to carry out the Development of the Product including the tasks in the Development Plan; 

  

	 	4.3.4	 ensure that any clinical trials undertaken are performed in accordance with Good Industry Practice and in
accordance with: 

  

	 	(a)	 the Applicable Standards relevant to such trials, including securing all necessary Regulatory Approvals
required for undertaking the trials, including those of any ethics committee; 

  
 -26- 

	 	(b)	 any designated protocol approved by the Regulatory Authority in the Territory and the applicable ethics
committee and principal investigators so retained; and 

  

	 	(c)	 the terms of the [***]; 

 

	 	4.3.5	 as soon as reasonably practicable, remedy and rectify any problems, deficiencies or defects concerning the
Development of the Product to the extent that the same may have any adverse impact on the supply of the Product in accordance with this Agreement; and 

  

	 	4.3.6	 comply with all Applicable Laws and Applicable Standards in such activities including all Data Protection Laws.

 Updates to the Development Plan 
  

	4.4	 Valneva shall maintain the Development Plan and keep this up to date, providing a copy of the then most recent
Development Plan to the JSC on a [***] basis unless otherwise agreed by the Parties. Any material change to the Development Plan or change that affects a Milestone must be agreed by the JSC before becoming effective. The Parties agree that the
sections of the Development Plan detailing the Development Activities to be undertaken in the then coming [***] of the Development Plan will necessarily include more detail and specificity than later portions of the Development Plan which may be
subject to further revision as the plan is updated. Valneva may make recommendations for amendments to be made to the Development Plan (subject to requiring the JSC’s consent insofar as any change or update affects a Milestone or is a material
change or update), and Valneva must have due regard to such amendments when complying with its obligations in this clause 4.4 to keep the Development Plan up to date. 

 

	4.5	 Notwithstanding the process pursuant to clause 4.4, if the Parties agree that the Development Plan is
incomplete or deficient for the purposes of Development of the Product for supply in accordance with this Agreement, then the Parties shall in good faith negotiate and agree via the JSC any revision to the Development Plan that will remedy and
correct such incompleteness or deficiency. 

 Responsibility for fulfilling the Development Plan 

 

	4.6	 Valneva shall be responsible at its own cost and expense for the Development of the Product, the implementation
and execution of the Development Plan and for undertaking, and having undertaken, all activities required thereunder to Develop the Product and to file for and prosecute through to grant a Marketing Authorisation in the Territory for the Product for
an indication within the Field. In particular: 

  

	 	4.6.1	 Valneva or its Affiliate shall be, and shall take responsibility for all obligations imposed on, the Sponsor of
the clinical trials required or undertaken for approval of the Product but, for the avoidance of doubt, will not be the Sponsor of any human challenge trial undertaken by a Third Party in connection with the Product; 

  
 -27- 

	 	4.6.2	 if additional [***] is required in excess of the funds [***] pursuant to the [***] Valneva shall be solely
responsible at its sole cost for all additional funding of any further Development Activities (including any additional clinical trials) in order to obtain all necessary Regulatory Approvals for use and distribution of the Product in the Territory
for an indication within the Field; and 

  

	 	4.6.3	 for the avoidance of doubt, the Authority shall have no obligation to perform any acts or fund [***] any
activities under the Development Plan. 

 Marketing Authorisation Commitments 

 

	4.7	 The Parties have agreed to seek such form of Marketing Authorisation as can: 

 

	 	4.7.1	 most quickly be obtained from the relevant Regulatory Authority; 

 

	 	4.7.2	 permits the placing on the market of the Product within the Territory for use within the Field; and

  

	 	4.7.3	 being the minimum approval required for the Orders, 

whether such Marketing Authorisation is subject to conditions or otherwise. 

 

	4.8	 Valneva shall ensure that it (or its Affiliate) files an application for a Minimum Viable Marketing
Authorisation for the Product with the Licensing Authority for the Territory for an indication within the Field at least as early as it files any other application for a Minimum Viable Marketing Authorisation for the Product with an indication
within the Field anywhere else in the world, save that if the Licensing Authority for the Territory for the Product is the MHRA, [***]. 

  

	4.9	 In respect of prosecuting the application for a Minimum Viable Marketing Authorisation for the Product in the
Territory, Valneva shall use Commercially Reasonable Efforts to do so, which shall be no less than the same efforts it and its Affiliates use to prosecute to grant or issuance of a Marketing Authorisation for the Product anywhere else in the world.
[***] Should the Minimum Viable Marketing Authorisation issued be subject to conditions or other requirements specified by the Regulatory Authority or not be a full Marketing Authorisation, [***]. 

 

	4.10	 [***]: 

  

	 	4.10.1	 [***] 

  

	 	4.10.2	 [***]. 

  

	4.11	 Without prejudice to clauses 4.2 or 4.8, Valneva will adopt and implement a plan for obtaining the appropriate
Minimum Viable Marketing Authorisation for the Product in the Territory. Such plan shall be in accordance with the Development Plan and shall be provided to the JSC (including any updates to it from time to time), and discussed by and will be
updated to implement any reasonable changes to it proposed by the JSC. Valneva 

  
 -28- 

	 	
shall file in its own name an application for such a Minimum Viable Marketing Authorisation for the Product in the Territory with the Licensing Authority for an indication in the Field.

  

	4.12	 Valneva shall: 

  

	 	4.12.1	 use Commercially Reasonable Efforts to prosecute, secure and maintain any Minimum Viable Marketing
Authorisation filed for the Product in the Territory for an indication in the Field; and 

  

	 	4.12.2	 not withdraw any application for a Minimum Viable Marketing Authorisation) in respect of the Product in the
Territory without the JSC’s approval, unless required by Applicable Laws or the Licensing Authority; 

  

	 	4.12.3	 not assign, transfer, lease or otherwise dispose of any application for or any granted or issued Regulatory
Approval for the Product, which has been granted for or covers the Territory without the prior written consent of the Authority (not to be unreasonably withheld or delayed); and 

 

	 	4.12.4	 secure and maintain all other Regulatory Approvals required in the Territory for the Development, Manufacture
and supply to the Authority or its Authorised Agent of the Product in the Territory; 

 in each case in accordance with the
Development Plan and the regulatory strategy plan required by clause 4.11. The foregoing obligations shall apply to an Affiliate holding the same, and shall continue to apply after the expiry or termination of this Agreement until expiry of the
shelf life of all the Products Delivered to the Authority pursuant to this Agreement. 
  

	4.13	 Valneva shall, and shall procure that its Affiliates and Subcontractors shall, comply with all requests and
recommendations of the Licensing Authorities and any other Regulatory Authority in connection with the Product to be supplied in accordance with this Agreement and the Manufacture of such Product. 

 

	4.14	 Valneva shall use either the [***] or the [***] or both in order to obtain the Marketing Authorisation in the
Territory at the earliest possible date. [***] Valneva shall ensure that the Minimum Viable Marketing Authorisation granted for the Territory will include the Facilities as facilities qualified and validated for Manufacture of the Product to be
supplied to the Authority under this Agreement. 

 Variations to Marketing Authorisations 

 

	4.15	 If Valneva (or its Affiliate) wishes to vary or amend any Marketing Authorisation (or any application for a
Marketing Authorisation) for the Product in the Territory, or change the indications for the Product, or the Specification of the Product Valneva must notify the JSC in advance of such variation or amendment of the Marketing Authorisation or change
to the indications or Specification and discuss and implement any changes reasonably required by the JSC in such process or activity, unless the same are contrary to any variation or amendment required by Applicable Laws or by a requirement of the
Licensing Authority. 

  
 -29- 

	4.16	 The obligations in clause 4.15 shall continue to apply after the expiry or termination of this Agreement until
such time as, in accordance with clause 5.18, the Authority notifies Valneva in writing that it has used or disposed of all units of the Product supplied under this Agreement. 

Loss of Regulatory Approvals 
  

	4.17	 Valneva shall without undue delay inform the Authority in writing if it knows or believes there to be any delay
to, rejection of, or other issue jeopardising the grant or renewal of the Minimum Viable Marketing Authorisation in the Territory. If the Minimum Viable Marketing Authorisation in the Territory is: 

 

	 	4.17.1	 rejected, withdrawn or suspended by the Licensing Authority; 

 

	 	4.17.2	 withdrawn or amended by Valneva (or its Affiliate) such that it no longer supports an indication within the
Field; or 

  

	 	4.17.3	 is not renewed by the Licensing Authority following its expiry; 

and such decision or action (in the case of a Licensing Authority decision) is final and not capable of appeal or equivalent process, then
(i) the Authority shall be entitled to terminate this Agreement with immediate effect upon written notice to Valneva; (ii) the Authority shall upon termination reimburse Valneva any amounts with respect to any Required Commitments or [***]
which have not previously been paid by the Authority and are Irrevocably Committed by Valneva; and (iii) clause 7.11 shall apply and the Net Funding shall be the relevant specified amount in such clause. Notwithstanding the foregoing, in the
period following any Licensing Authority decision and prior to it becoming final, Valneva and the Authority shall agree a standstill pending that final decision such that Valneva shall not incur further costs or commitments for which the Authority
would otherwise become liable for under this Agreement other than those for which the Authority gives its express consent. 
 Information
Disclosures 
  

	4.18	 Upon request by the Authority, Valneva shall respond to all reasonable enquiries and requests for information
made by the Authority regarding the Development of the Product [***]. Without prejudice to the foregoing, through the Project Managers and JSC, Valneva shall keep the Authority promptly informed of all material events and issues that impact the
Development and/or Manufacture of the Product hereunder and its Delivery in accordance with the Delivery Schedule, including: 

  

	 	4.18.1	 progress and performance of the Development Activities, the overall Development of the Product, and the
progress towards achieving the Milestones in the Development Plan and meeting the timelines set out therein; 

  

	 	4.18.2	 all data read outs, including interim data read outs, clinical trial protocol adjustments, adverse events,
delays and other matters that may reasonably affect the safety, efficacy, approval, or timing of the studies or approval of the Product; 

  

	 	4.18.3	 any clinical trial results of findings that impact the efficacy or safety of the Product;

  
 -30- 

	 	4.18.4	 establishment and operation of the Manufacturing infrastructure, including securing or losing capacity at
Facilities, securing or delays in supply of raw materials and equipment supply, and the Production Schedule and any updates thereto; 

  

	 	4.18.5	 any actual or anticipated delays in Delivery against, or updates to, the Delivery Schedule.

 For the avoidance of doubt, any information disclosed subject to this clause 4.18 is subject to the confidentiality
obligations set out in clause 20, it being acknowledged that (i) information to be provided in accordance with this clause may be price sensitive, and (ii) nothing herein shall limit a party’s rights under the [***]. 

 

	4.19	 Where reasonably requested by the Authority, Valneva shall provide the Authority with product information
(including product photographs and descriptions) in such manner and upon such media as requested. Valneva grants the Authority a [***]. 

Emergency Use Authorisation 
  

	4.20	 The Parties acknowledge and agree that Valneva or the Authority may (but shall be under no obligation to),
subject to JSC approval, apply for an Emergency Use Authorisation for the Product with the Licensing Authority for the Territory for use within the Field. 

  

	5.	 MANUFACTURE AND SUPPLY OF PRODUCT 

Manufacturing and Supply Commitment 
  

	5.1	 Valneva shall Manufacture and supply the Product to the Authority, and the Authority shall purchase the
Product, subject to and in accordance with the terms and conditions of this Agreement. 

 Manufacturing Plan 

 

	5.2	 Valneva shall follow and implement the Manufacturing Plan in all material respects, including procuring that
its Affiliates provide, the human and other resources, materials, facilities and equipment required for the Manufacturing Plan, and shall use Commercially Reasonable Efforts to do so in accordance with the Milestones and timelines set out therein.

  

	5.3	 The Manufacturing Plan at Schedule 6 and any update thereto shall: 

 

	 	5.3.1	 set out details and estimated timelines for technology transfer, engineering and PPQ batches and the commercial
Manufacture of the Product, provided that the Manufacturing Plan shall be adjusted and updated by Valneva (subject to requiring the JSC’s consent insofar as any change or update affects a Milestone or is a material change or update) as
Development progresses and the plans for Manufacture of Product will become more focused, specific and detailed; 

  

	 	5.3.2	 be consistent with the provisions and objectives of this Agreement to deliver commercial supplies of Product in
the Territory for an indication within the Field and in accordance with [***] and the Delivery Schedule; and 

  
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	 	5.3.3	 not impose obligations on the Authority and/or Authority’s Affiliates unless the Authority has agreed in
writing to assume responsibility for such obligations. 

  

	5.4	 Valneva shall be responsible at its own cost and expense for the Manufacture of the Product, the implementation
and execution of the Manufacturing Plan and for undertaking, and having undertaken, all activities required thereunder to Manufacture the Product. For the avoidance of doubt, the Authority shall have no obligation to perform any acts or fund (other
than any payments due under this Agreement and the [***]) any activities under the Manufacturing Plan. 

 Supply of
Product 
  

	5.5	 The Product shall be supplied by Valneva as finished and labelled drug product. The Parties agree that
fill/finish shall be undertaken using the Solna Facility, unless otherwise agreed between them. Arrangements for the fill/finish shall be agreed between the Parties within the JSC and set forth in the Manufacturing Plan. 

 

	5.6	 Where the capacity referred to in clause 5.5 is limited, Valneva shall use Commercially Reasonable Efforts to
work with other CMOs within the Territory and Europe approved by the JSC. In the event the preceding options are not commercially viable, Valneva may build its own fill/finish facilities in the Territory, subject to Valneva securing funding (which
may include funding from [***] although there is no commitment or guarantee [***] in that regard and [***] would need to be subject to further agreement). In selecting CMOs, Valneva shall give regard as to the Product being fully inactive such that
standard CMO procedures can be deployed. 

  

	5.7	 Valneva shall: 

  

	 	5.7.1	 maintain a properly documented system of quality controls and processes (including a quality management system)
covering all aspects of its obligations under this Agreement (including those it may subcontract to others) and shall at all times comply with such quality controls and processes and not materially amend them without notifying the Authority of any
change which can reasonably be seen to have an effect on the Authority or the approval or use of Product under this Agreement, in writing at least [***] in advance of such material change (such notice to include the details of the consequences which
follow such change being implemented); and 

  

	 	5.7.2	 not make any changes to the Products which would require approval by a Regulatory Authority in the Territory
without giving prior notice to the Authority of such changes and in good faith considering and implementing all reasonable requests made by the Authority in respect of such changes. 

[***] 
  

	5.8	 Subject to clause 5.9, Valneva shall ensure that the volume of Product that is the subject of the Orders shall
be supplied to the Authority in accordance with the obligations under clause 9. Furthermore, Valneva shall ensure that Product shall be supplied to the Authority on a [***] basis, meaning that: 

  
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	 	5.8.1	 Valneva (a) will supply the Authority with Conforming Product in full to meet the total quantity required
under the Initial Order [***] and (b) [***]; and 

  

	 	5.8.2	 in respect of the [***]; 

(collectively [***]). A worked example of the [***] under this clause 5.8 is set out in Schedule 10. 

 

	5.9	 If Valneva proposes to supply Product to a Third Party outside of the Territory before the grant or issuance of
a Minimum Viable Marketing Authorisation for the Product in the Territory, then Valneva shall first notify the Authority of such decision and, notwithstanding clause 5.8, Valneva shall, at Authority’s election, either (i) supply Product to
the Authority pending grant of the Minimum Viable Marketing Authorisation in the Territory and in quantities in compliance with clause 5.8; or (ii) reserve and allocate for the Authority physical volumes of Product in quantities in compliance
with clause 5.8 and hold the same for Delivery to the Authority immediately upon grant of the Minimum Viable Marketing Authorisation or earlier upon the Authority’s written request. For the avoidance of doubt, the foregoing shall not apply to
the Initial Order, which shall be supplied on a [***] basis in accordance with clause 5.8. 

  

	5.10	 Valneva shall, and shall procure that its Affiliates and Subcontractors shall, use Commercially Reasonable
Efforts to expedite Manufacture and Delivery of the Initial Order and the Follow On Order to the Authority for the Territory, such efforts being no less than the efforts expended for Manufacture of the Product for any other territory or Third Party.

 Product Conformance 
  

	5.11	 Valneva shall procure that the Product to be supplied under this Agreement has been Manufactured (including
being QP certified and released) in compliance with Applicable Laws, Applicable Standards, Good Industry Practice, Guidance, all batch records and the Marketing Authorisation in the Territory. Without limiting the foregoing, Valneva shall, and shall
procure that its Affiliates and Subcontractors shall, exercise the same level of effort, diligence and care in the Manufacture and supply of the Product to the Authority hereunder as it would exercise in carrying out the same or substantially
similar services on behalf of itself or for its Affiliates. 

  

	5.12	 Valneva shall ensure that all Product supplied to the Authority (or its agent or designee) under this Agreement
shall: 

  

	 	5.12.1	 at the time of Delivery and until expiry of the Product’s Minimum Shelf Life comply fully with the version
of the Specification and the Marketing Authorisation in the Territory in effect as at the date of Delivery of the Product if stored under the specified conditions set out in the SmPC; 

 

	 	5.12.2	 be free of any identifiable Non-Compliance and shall be unadulterated;

  

	 	5.12.3	 be labelled in accordance with the Marketing Authorisation and Applicable Laws and the Documentation
accompanying such Product shall comply with the Product, in each case prior to or at the time of its Delivery; 

  
 -33- 

	 	5.12.4	 have a minimum shelf life at the later of the time of Delivery to Authority and release for use in the
Territory that is no less than the Minimum Shelf Life; and 

  

	 	5.12.5	 be new and have not (i) previously left the control of Valneva or a Subcontractor of Valneva; or
(ii) been rejected or returned by any other entity, or (iii) been reprocessed or reworked, in each case of (i), (ii) and (iii) prior to their supply to the Authority under this Agreement. 

 

	5.13	 Valneva shall be solely responsible for the Manufacturing of the Product and its supply of Product to the
Authority hereunder. 

  

	5.14	 Valneva shall fully and promptly respond to all requests for information and/or requests for answers to
questions regarding this Agreement, the Products, any complaints and any disputes at the frequency, in the timeframes and in the format as requested by the Authority from time to time (acting reasonably). 

No Exclusive Purchasing Arrangement 
  

	5.15	 Nothing in this Agreement shall amount to an exclusive purchasing obligation on the Authority or preclude or
restrict the Authority from purchasing any products whatsoever from Third Parties, including any products that are complementary to, competitive to, equivalent to, or substitutable for the Product or that are indicated for or expected to be
beneficial for use in the prophylaxis, treatment or vaccination against SARS-CoV-2. 

Manufacturing At Risk 
  

	5.16	 Without prejudice to the required payments to be made pursuant to this Agreement and the [***], the Parties
acknowledge that Valneva may be manufacturing the Product at risk ahead of securing the necessary Marketing Authorisation in order to maximise the earliest availability of the Product to the Authority. 

Authority’s Obligations 
  

	5.17	 The Authority shall only supply the Product to Authorised Agents and Administering Entities that hold the
necessary Regulatory Approval to, or are otherwise permitted under Applicable Laws to, receive the Product. Notwithstanding the foregoing, if the Authority has excess doses of Product, it shall, subject to the agreement (not to be unreasonably
withheld or delayed) of Valneva, be entitled to donate or transfer such excess Product to any Third Party (including COVAX) that hold the necessary Regulatory Approval to, or are otherwise permitted under Applicable Laws to, receive the Product.

  

	5.18	 The Authority shall use Commercially Reasonable Efforts to notify Valneva in writing confirming that it has
used or disposed of all units of the Product supplied under this Agreement. 

  

	5.19	 The obligations in clause 5.17 shall continue to apply after the expiry or termination of this Agreement.

  
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 Minimum Shelf Life 

 

	5.20	 Valneva currently anticipates, [***], that the Minimum Shelf Life to be achieved from stability studies [***]
from fill finish, and agrees to use Commercially Reasonable Efforts to [***], as soon as reasonably practical, and shall use Commercially Reasonable Efforts to confirm the Minimum Shelf Life and report the same to the Authority by no later than
[***]. Notwithstanding the foregoing, Valneva shall ensure that at a minimum a remaining shelf life as set forth in clause 9.16 (and calculated from the date of Delivery) shall apply to all Products Delivered under this Agreement.

  

	6.	 RAW MATERIALS STOCK, PRODUCTION SCHEDULES AND BUSINESS CONTINUITY 

Securing Materials Stock 
  

	6.1	 Valneva shall, with effect from the Effective Date and throughout the Term, use Commercially Reasonable Efforts
to build up, maintain and replenish an effective safety stock of Manufacturing materials (including raw materials) required for the Manufacture of the Product (“Materials Stock”), in order to ensure that Valneva, its Affiliates and
their Subcontractors have sufficient materials and raw materials in order to meet the Delivery Schedule. 

  

	6.2	 Valneva shall be responsible for and ensure that the Materials Stock shall be held in accordance with its
storage conditions and GMP and shall operate an effective [***] process to ensure Materials Stock is used within its shelf life. Following any reduction to or cancellation of the Order (in whole or part), or termination of this Agreement, on written
notice from the Authority no later than [***] from such reduction or cancellation and at the Authority’s cost, Valneva shall make available for collection by the Authority or its nominee of the Materials Stock held by or on behalf of Valneva
where that Materials Stock has been purchased using Funds and will not be used for supply of the Product hereunder. 

Production Schedules 
  

	6.3	 On a [***] basis Valneva shall provide the Authority with the then most current and accurate production
schedule for the Manufacture of Product that is the subject of this Agreement. Such production schedule should identify, for the Manufacture of Product: 

  

	 	6.3.1	 key Materials Stock levels including shelf life; 

 

	 	6.3.2	 if and where applicable, Facility reservation schedules for Manufacturing activities, including pre-Manufacturing activities, commencement dates for Manufacturing, duration of reservation, cancellation rights including financial costs and penalties based on the date of cancellation; 

 

	 	6.3.3	 reservation facilities with Third Party providers and CMOs to the extent used in respect of Manufacture of the
Product; 

  

	 	6.3.4	 testing, fill/finish, packaging, Labelling and release activities, including any facility reservations and
details of any cancellation rights including financial costs and penalties based on the date of cancellation; and, 

  

	 	6.3.5	 anticipated Delivery dates; 

(collectively, clauses 6.3.2 to 6.3.5 being a “Production Schedule”). 

  
 -35- 

	6.4	 Valneva shall structure and work to its Production Schedule such that it is able to meet the Delivery Schedule.
Subject to clause 9.1, any variation to the Delivery Schedule must be via agreement with the JSC. 

 Business
Continuity Plan 
  

	6.5	 Valneva has and shall continue to develop, implement and keep current a reasonable risk management program for
the Facilities, including a Business Continuity Plan, it being acknowledged that if there is a Business Continuity Event, it is unlikely that a Business Continuity Plan may not enable the Delivery Schedule to be met but it is designed and intended
to minimise any delays to the Delivery Schedule. At the Authority’s request, Valneva shall make a copy of the Business Continuity Plan available to the Authority, or its representatives, for review. The Business Continuity Plan shall detail
reasonable strategies for responses to, mitigation of, and recovery from a range of reasonably foreseeable disruptive events applicable to the Facilities. 

  

	6.6	 Valneva shall: 

  

	 	6.6.1	 use Commercially Reasonable Efforts to ensure its Business Continuity Plan operates effectively with respect to
the supply of the Products to the Authority in accordance with this Agreement; 

  

	 	6.6.2	 ensure its Business Continuity Plan provides for continuity during a Business Continuity Event and shall test
its Business Continuity Plan at reasonable intervals or within such specific periods as may be agreed between the Parties taking into account the criticality of this Agreement to the Authority; and 

 

	 	6.6.3	 ensure that its Business Continuity Plan complies, on an ongoing basis, with any specific business continuity
requirements, as may be discussed pursuant to the JSC. 

  

	6.7	 For the avoidance of doubt, having a Business Continuity Plan and its implementation does not relieve Valneva
from its Manufacturing and supply obligations under this Agreement. 

  

	6.8	 Without limiting the obligations under clause 9.12, if for any reason related to the Facilities Valneva is
unable to supply Conforming Product to Authority in accordance with the Delivery Schedule, then Valneva shall instead use Commercially Reasonable Efforts to source and supply Product from its other supply chain arrangements involved in the
Manufacture of Product for countries outside the Territory and shall ensure that such Product sourced from those other facilities may be supplied hereunder as Conforming Product, it being acknowledged that any Product so supplied from any other
facility will not comply with any requirement that the Product be manufactured at the Facilities, but that notwithstanding this such a Product will be regarded as a Conforming Product. 

  
 -36- 

	7.	 GOVERNMENT [***] PAYMENTS 

Provision of Government [***] Payments 
  

	7.1	 Subject to clause 7.3, the Government [***] Payments shall be those amounts specified in Schedule 9.

  

	7.2	 The Authority shall, in accordance with the terms set out in this Agreement, [***] the Government [***]
Payments to Valneva and upon written notice from Valneva specifying the amount, associated relevant Required Commitments and associated date for payment of such amount in accordance with Schedule 9. 

 

	7.3	 If Valneva requires any [***] amount by way of Government [***] Payment in order to enter into any agreement or
undertake any investment of a substantially similar nature to any Required Commitment: 

  

	 	7.3.1	 Valneva shall notify the Authority via the JSC; 

 

	 	7.3.2	 to the extent that: 

  

	 	(a)	 [***]; and 

  

	 	(b)	 [***], 

the Authority shall [***] and shall, [***]. 
  

	7.4	 Valneva: 

  

	 	7.4.1	 has used Funds paid to it [***] of this Agreement in compliance with Schedule 11; 

 

	 	7.4.2	 shall comply with the terms and conditions set out in Schedule 11 with respect to any Funds paid to it;

  

	 	7.4.3	 shall ensure the Funds are used by Valneva solely for those specific and specified activities listed in
Schedule 9; 

  

	 	7.4.4	 shall only spend and/or commit the Funds according to the items and activities for such [***] set out in
Schedule 9, and shall use its Commercially Reasonable Efforts to ensure that any cancellation and refund policies applicable to such spend or commitment shall conform with the applicable descriptions in Schedule 9 or such other conditions agreed
with the Authority in writing from time to time, according to customary practice in the pharmaceutical industry; 

  

	 	7.4.5	 acknowledges that no Funds shall be deemed to have been paid to Valneva until immediately before Valneva is
required to pay the relevant amount as contemplated in Schedule 9 and, in accordance with the drawdown process above at clause 7.1, the Authority transfers such amount to Valneva for the purposes of enabling Valneva to make such payment (the balance
of any such Funds which will be held in a Valneva account pending payment being made by Valneva “Consigned Amounts”), those Consigned Amounts shall remain the property of, and be held on trust on behalf of, the Authority unless and
until Valneva makes such payment in accordance with the terms of this Agreement. Valneva will establish an account outside its security arrangements, in which these monies and the [***] shall be held, using Commercially Reasonable Efforts to do so
as soon as reasonably practical and in any event within [***]; 

  
 -37- 

	 	7.4.6	 shall keep the Authority promptly informed of all delays or issues concerning any of Required Commitments (or
any associated land, goods, services or capacity reservations) for which the Funds are or will be used or allocated; 

  

	 	7.4.7	 shall co-operate with the Authority and constructively respond to all
questions and enquiries regarding the use of Funds including Consigned Amounts, the timing of commitments and payments and to the extent cancellation and refund terms have been secured by Valneva for any orders, arrangements or agreements entered
into in respect of spend or commitments using the Funds, it shall keep the Authority appraised of deadlines for the same; 

  

	 	7.4.8	 shall promptly provide receipts for, and evidence of, all spend, payments and commitments made using the Funds,
and permit the Authority to audit, or have audited, its accounts and records concerning the use of the Funds; 

  

	 	7.4.9	 shall ensure, with respect to Authority Specific Commitments only, that all goods and services purchased,
acquired or reserved using any of the Funds (directly, indirectly, in whole or in part) shall be held on trust for the Authority, but Valneva shall acquire such goods and services in its own name; 

 

	 	7.4.10	 shall, upon termination of this Agreement, immediately return to the Authority any Consigned Amounts (save to
the extent the same may be necessary to discharge any Irrevocably Committed payment for which the Authority is liable upon such termination) and, to the extent not provided under clause 7.4.8 above, it shall provide receipts and/or reasonable
evidence of, payments made to third parties for all other amounts of the Funds paid to Valneva and not returned to the Authority; and 

  

	 	7.4.11	 shall ensure that any Funds used, lost or otherwise spent other than in accordance with this Agreement shall be
recoverable and payable to the Authority in full on demand by Valneva. 

  

	7.5	 Valneva shall take Commercially Reasonable Efforts to mitigate any losses, costs or wastage in respect of the
use of all payments of the Price made pursuant to clause 13, Government [***] Payments and [***]. 

 Authority Specific
Commitments 
  

	7.6	 If Valneva: 

  

	 	7.6.1	 undertakes or makes an Authority Specific Commitment; and 

 

	 	7.6.2	 in that regard enters into an agreement with any Third Party, for the purposes of making that Authority
Specific Commitment (a “Authority Related Agreement” and the relevant goods will be “Authority Related Goods”); 

  
 -38- 

 should that Authority Related Agreement or any Authority Related Goods become redundant, or
are otherwise not used for the purposes of this Agreement (in whole or part) for whatever reason, then on the Authority’s request Valneva shall either: 
  

	 	(a)	 transfer the Authority Related Goods or the benefit of any Authority Related Agreement to the Authority or its
designee; or; 

  

	 	(b)	 if Valneva is able to reuse, resell or repurpose any relevant Authority Related Goods or reuse, resell or
repurpose any services under an Authority Related Agreement, Valneva shall promptly pay to the Authority an amount equal to the value of such Authority Related Goods or under the Authority Related Agreement where it is able to reuse, resell or
repurpose the goods or services. 

 Return of value from the Funds 

 

	7.7	 From the Effective Date until the later of [***] or the final delivery of Products to the Authority pursuant to
the Follow On Order (if applicable) (the “Final Date”), any land, equipment, materials or services acquired or reserved using (in whole or part) the Funds or any funds or payments made pursuant to the arrangements listed under
Schedule 9 (“Relevant Assets”) shall: 

  

	 	7.7.1	 only be used for the purposes of Valneva’s project to manufacture the Product (initially pursuant to this
Agreement) and not for any other purpose; and 

  

	 	7.7.2	 not, save by way of charge pursuant to Valneva’s financing arrangements, be disposed of, sold, gifted,
loaned, leased, destroyed or cancelled without the prior written consent or direction of the Authority. 

  

	7.8	 Subject to clause 7.9, if, before the Final Date, any Relevant Asset becomes redundant, or is otherwise not
used for the purposes of Valneva’s project to manufacture the Product (including for the purposes of supply under this Agreement) for whatever reason, then to the extent it is reasonably possible without causing significant financial loss to
Valneva, Valneva shall (including, where required, subject to and using Commercially Reasonable Efforts to secure the consent of any lender to Valneva who has any charge over such assets or any preferential right to receive the proceeds of any sale
of any asset as a mandatory prepayment of debt), at the direction of the Authority, use Commercially Reasonable Efforts to: 

  

	 	7.8.1	 deliver or make available the same to any Third Party, or 

 

	 	7.8.2	 repurpose or reuse the equipment, materials or services for alternative activities or projects, or

  

	 	7.8.3	 seek refundable returns and cancellations of the same and/or re-sell
the land, equipment, materials or services at prevailing market rates, 

 and in the case of clause 7.8.2 or 7.8.3 Valneva
shall pay (or deliver in another form of equivalent financial value) to the Authority the value of any refund or any proceeds from the sale received up to a maximum amount equivalent to all Funds or sums pursuant to the arrangements listed under
Schedule 9 provided by the Authority to the extent that value is not otherwise recovered by the Authority pursuant to this Agreement (any value recovered by the Authority pursuant to this clause 7.8 being “Authority Recoveries”).

  
 -39- 

	7.9	 If and to the extent that there are any Authority Recoveries such amount shall not be recovered through or
discounted from payments for the price of Products under this Agreement. To the extent the Authority receives the benefit of such recovery or discount through payments for the Product supplied pursuant to this Agreement, the amount of any Authority
Recovery will be reduced accordingly PROVIDED THAT if, notwithstanding this, Valneva transfers an amount of value pursuant to clause 7.8 and also provides such value to the Authority through a reduction in the price, the Authority must promptly pay
to Valneva the amount of such value to prevent double recovery or shall apply such payment to any future Product delivered hereunder. 

  

	7.10	 To the extent that, for any reason, the amounts recovered by the Authority pursuant to clauses 7.8 and 7.9 are
less than the aggregate of the Government [***] Payments, clause 7.11 shall apply and the shortfall shall be the relevant specified amount. 

  

	7.11	 Where this clause 7.11 applies, the Authority shall be entitled to recover the relevant specified amount by way
of [***]. Valneva shall procure that such [***] shall be binding on its Affiliates, and its licensees and successors in interest of such vaccines and [***] facilities and activities. 

 

	7.12	 Valneva will pay a royalty to the Authority on all sales [***] of Product manufactured using the Facilities at
a rate of [***] of net sales of such Product, with a maximum royalty payable hereunder being EUR[***]. Commencing with the first sale to a [***]. Valneva shall issue royalty reports on a [***] basis within [***] of the end of the relevant [***].
Such obligation shall continue until all royalties payable pursuant to this clause are paid. The Authority shall issue an invoice for the royalty due for such preceding [***] which shall be paid by Valneva within [***] (and the provisions of clause
14 shall apply mutatis mutandis to such payments). The Authority shall have the right on an [***] basis to have a Third Party accountant audit all records applicable to net sales of the Product. Should the royalty be underreported by Valneva by more
than [***] in the applicable period then Valneva shall [***]. Valneva shall procure that royalties shall be paid in respect of net sales by each of Valneva, its Affiliates, licensees and successors in interest of the Product. 

 

	8.	 ORDERING 

Initial Order 
  

	8.1	 The form of written order for thirty (30m) million Regimens of the Product (the “Initial
Order”) for Delivery in accordance with the Delivery Schedule is attached to this Agreement as Appendix 1. Immediately upon execution of this Agreement by the Parties, the Initial Order shall take effect on the terms of this Agreement.

 Follow On Order 
  

	8.2	 During the Term, Authority shall have the right to submit to Valneva no later than [***] a written order for up
to a further twenty (20m) million Regimens of the Product for Delivery in accordance with the Delivery Schedule (the “Follow On Order”), together with the Authority’s order number, VAT number, and invoice address.

  
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 Additional Orders 

 

	8.3	 During the Term, the Authority shall have the right to submit to Valneva: 

 

	 	8.3.1	 no later than [***] a written order for [***] and [***] Regimens of the Product for Delivery during [***];

  

	 	8.3.2	 no later than [***] a written order for [***] and [***] Regimens of the Product for Delivery during [***];
and/or 

  

	 	8.3.3	 no later than [***] a written order for [***] and [***] Regimens of the Product for Delivery during [***],

 (each an “Additional Order”) together with the Authority’s order number, VAT number, and invoice
address. A Delivery Schedule for each Additional Order shall be agreed between the Parties. 
 Acceptance and Adjustment of Orders

  

	8.4	 Valneva shall accept the Follow On Order and each Additional Order in writing, and each of the Follow On Order
and each Additional Order shall be binding upon the Parties and subject to the terms and conditions set out in this Agreement. All other terms and conditions (including any terms and conditions which the Authority purports to apply under any order,
specification or other document attached to any order form) are hereby excluded. 

  

	8.5	 During the Term, Authority may from time to time and by written notice increase or decrease the volume of
Regimens of Product originally ordered pursuant to clauses 8.1 and 8.2 as follows: 

  

	 	8.5.1	 in the case of an increase to either or both of the Initial Order or the Follow On Order:

  

	 	(a)	 the increase shall be binding on the Parties subject to the agreement of Valneva, such agreement not to be
unreasonably withheld and not to be withheld in any event if there is available capacity (being capacity at the Facilities which has not already been irrevocably reserved, prior to that date, by other customers of Valneva or is otherwise required in
order to fulfil legally binding commitments to other customers of Valneva), and the Parties shall agree in good faith a revised Delivery Schedule for the additional Regimens of Product provided that Products Delivered to the Authority pursuant to
such increased Order must, unless the Parties agree otherwise, be in quantities which are capable of being Delivered prior to [***] in the case of an increase to the Initial Order, and prior to [***] in the case of an increase to the Follow On
Order; 

  

	 	(b)	 where the change increases the volume of Regimens of either the Initial Order or the Follow On Order, the total
Price payable under this Agreement shall increase to reflect the increase in volume of Regimens and the Authority shall promptly pay any such increase in the Price to Valneva in accordance with clause 13; 

  
 -41- 

	 	8.5.2	 subject to clause 8.5.3, in the case of a decrease to either of or both of the Initial Order or the Follow On
Order: 

  

	 	(a)	 such a decrease may be made: 

 

	 	(i)	 following any [***] Loss of Supply (which will include for the avoidance of doubt [***] which has not been
promptly remedied by Valneva within [***]; or 

  

	 	(ii)	 within [***] of receipt of a [***] pursuant to clause 13.7.5, if such notification indicates that the actual
Follow On Order Price will [***] of the Target Follow On Order Price; or 

  

	 	(iii)	 within [***] of disclosure of read outs from the clinical studies following last dosing in each [***] and [***]
of the studies, provided that (x) the foregoing shall not require Valneva to refund any Paid Amounts to the extent that they are Irrevocably Committed but otherwise shall reimburse any surplus of the Paid Amounts attributable to the decreased
or cancelled quantities, and (y) the Authority shall reimburse Valneva in respect of any Irrevocably Committed but unrecovered costs associated with wastage or scrapped work in progress arising out of such decrease which shall include any
Adjuvant Commitment for such decreased volumes (provided that such Adjuvant was only ordered after the JSC had been informed that the Adjuvant was to be used to formulate the Product), and (z) Valneva shall use Commercially Reasonable Efforts
to mitigate any of the foregoing payments or any costs payable by the Authority as a consequence of such decrease; 

  

	 	(b)	 the Parties shall agree in good faith a revised Delivery Schedule for the remaining volumes of Regimens of
Product to be Delivered and any revised payments to be made under this Agreement; 

  

	 	8.5.3	 a decrease in the Initial Order or the Follow On Order, pursuant to clause 8.5.2, shall take effect only
subject to the following: 

  

	 	(a)	 Valneva will use Commercially Reasonable Efforts to mitigate the Cost of Product and Price of Product;

  

	 	(b)	 the Parties shall, each acting reasonably and in good faith, first agree (i) any reduction in the Initial
Order Price or the Follow On Order Price, as the case may be (taking account of the results of any mitigation taken pursuant to sub-clause (a) above), and (ii) the appropriate increase in the price
per Regimen for the remaining order, provided that if any reduction in the Initial Order Price or the Follow On Order Price (as applicable) is not agreed or acceptable to the Authority, the Authority may withdraw its notice to decrease the Initial
Order or the Follow On Order (as applicable) and such Order shall be unaffected; 

  
 -42- 

	 	(c)	 where the decrease is due to a Loss of Supply: 

 

	 	(i)	 due to an Other Government Intervention, the price per Dose shall be adjusted pursuant to sub-clause (b) above on the basis that Valneva is not required to forgo its entitlement to any Cost of Product amount, or repay any amount, in respect of the Product save to the extent provided for under clause
9.8 provided that (1) should any sums be paid or become payable to Valneva or its Affiliates in respect of those Products that are not delivered due to the Other Government Intervention, such sums shall be deducted from the price adjusted
pursuant to sub-clause (b); and (2) should the Authority reorder the quantity of Product that was decreased as a consequence of the Loss of Supply, the price paid following the original adjustment under sub-clause (b) shall be re-adjusted having regard to the total volume of Product supplied and subsequently reordered; 

 

	 	(ii)	 in circumstances other than sub-clause (c)(i) above, then there shall
be no adjustment to the Price per Dose (pursuant to sub- clauses (b) or (c)(i) above) for any Product that remains subject to Orders despite the reduction in volume and such Price shall be determined as
if the full volume of Product continued to be the subject of a binding Order; and 

  

	 	(iii)	 in all circumstances, Valneva shall use Commercially Reasonable Efforts to mitigate the Price payable for the
portion of the Products that are supplied notwithstanding the Loss of Supply; 

  

	 	8.5.4	 following any change in accordance with the foregoing, each of the Orders shall thereafter reflect the new
volume of Product adjusted according to this clause. 

  

	9.	 DELIVERY 

Delivery Schedule 
  

	9.1	 The delivery schedule, setting forth the quantities and timing of Delivery of the Regimens of Product pursuant
to the Initial Order, is set out in Schedule 7 (as updated pursuant to this Agreement, the “Delivery Schedule”). The Delivery Schedule at Schedule 7 at the Effective Date is an interim outline schedule and Valneva shall, in good
faith, finalise a more granular initial Delivery Schedule for the Initial Order to be agreed by the JSC within [***] of yields, clinical and regulatory intelligence becoming available, and share elements of a more detailed Delivery Schedule (which
shall reflect the principles in Schedule 7) with the JSC on a regular basis. Valneva shall use Commercially Reasonable Efforts to Deliver Products in accordance with the Delivery Schedule but it is acknowledged by the Parties that product
development and launch is subject to inevitable uncertainties and so if, having used Commercially Reasonable Efforts, Valneva is unable to achieve the Delivery Schedule, the Delivery Schedule shall be adjusted following consultation and agreement
(which agreement shall not be unreasonably withheld or delayed) with the JSC as may be reasonably appropriate provided that (i) the Delivery Schedule; and (ii) Valneva’s actual delivery of Product must at all times conform with [***];
and any revised Delivery Schedule shall be set as close in time to the original Delivery Schedule as reasonably possible. If the Delivery Schedule needs to be updated 

  
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in accordance with this clause 9.1, Valneva shall notify the JSC of the necessary changes to the Delivery Schedule and the reasons therefor, and the JSC by agreement (which agreement shall not be
unreasonably withheld or delayed) shall update the Delivery Schedule accordingly provided that it shall be reasonable for the Authority to withhold consent if the Delivery Schedule is extended for the Initial Order beyond [***]. 

 

	9.2	 The Delivery Schedule may only be updated and refined during the Term in accordance with clause 9.1 or with the
agreement of the JSC. 

 Authority’s Authorised Agents 

 

	9.3	 If the Authority wishes to appoint any Authorised Agents to act on the Authority’s behalf in relation to
part or all of this Agreement, including to receive one or more Deliveries of any Product (or part thereof): 

  

	 	9.3.1	 the Authority shall notify Valneva in writing in advance; 

 

	 	9.3.2	 the Authority shall ensure that any such Authorised Agent is a Health Service Body holding all necessary
Regulatory Approvals to undertake the functions assigned to it and the appointment of such Authorised Agent and making of any Deliveries of any delivery of any Product (or part thereof) does not result in any increase in any liability of Valneva in
respect of the production, sale, distribution and use of such Product; and 

  

	 	9.3.3	 Valneva shall work and co-operate reasonably with each Authorised Agent
appointed by the Authority upon such notification, and the Authority shall procure that such Authorised Agent works and co-operates reasonably with Valneva in relation to the same. 

Delivery 
  

	9.4	 Valneva shall: 

  

	 	9.4.1	 deliver the Product [***] at the Delivery Location (“Delivery” or
“Delivered”) with Delivery being complete upon the Product being unloaded and delivered into the cold chain storage facilities at the Delivery Location; 

 

	 	9.4.2	 ensure that the total volume of Regimens set forth in the Order (as may be amended) shall be Delivered;

  

	 	9.4.3	 ensure that Delivery of Product (other than any replacement Product following a rejection of non-Conforming Product) shall not be made earlier than: 

  

	 	(a)	 the date of grant or issuance of a Marketing Authorisation for the Product in the Territory, unless
(i) Delivery is requested earlier by the Authority, and the Authority and Valneva agree on terms for the supply of Product under quarantine or (ii) an Emergency Use Authorisation is issued for the Product in which case Delivery may, upon
the Authority’s request, be made prior to the grant or issuance of the Marketing Authorisation; and 

  
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	 	(b)	 the applicable dates set forth in the Delivery Schedule without the prior written consent of the Authority.

 Any Delivery (or attempted Delivery) of Product earlier than the applicable date set forth in the Delivery Schedule or
before grant/issuance of a Marketing Authorisation (unless requested earlier by Authority) may be accepted or rejected (in whole or part) by the Authority at its sole discretion and any rejection shall be at Valneva’s sole risk, cost and
liability and Valneva shall remain responsible for effecting the subsequent Delivery of Conforming Product in accordance with the Delivery Schedule and provisions of this clause 9.4. 

 

	9.5	 Valneva may deliver the Product by separate instalments, provided however, that Valneva shall supply and
Deliver Conforming Product (i) pursuant to [***]; and (ii) in the quantities specified and (subject to clause 9.1) in accordance with timings set forth in the Delivery Schedule. Notwithstanding the foregoing, Valneva shall not be in breach
of the foregoing obligation to comply with the Delivery Schedule if: 

  

	 	9.5.1	 there is a material delay in Valneva securing the Marketing Authorisation for the Product in the Territory
provided that (i) Valneva has complied with its obligations under clauses 4.7, 4.8, 4.9, 4.11 and 4.12; and (ii) delay was not caused by the breach of this Agreement; 

 

	 	9.5.2	 there is any minor variance of dates of Delivery compared to the Delivery Schedule of up to [***] due to the
unpredictable nature of the Manufacturing of the Products, so long as such variance is agreed with the Authority in writing at least [***] prior to the scheduled Delivery date for such Products as set out in the Delivery Schedule (a “Grace
Period”); or 

  

	 	9.5.3	 the Parties agree, from time to time and by mutual consent, to vary the Delivery Schedule;

 provided however that Valneva has and shall continue to use Commercially Reasonable Efforts to procure supply and
Delivery of Conforming Product in accordance with (i) [***], and (ii) the Delivery Schedule and failing that as soon as possible outside of the timelines set forth in the Delivery Schedule. If Delivery of Product is delayed by more than [***]
from the date scheduled in the Delivery Schedule allowing for any applicable Grace Period, then the Authority may on written notice cancel (for a full and prompt refund) that quantity of Product which is late in accordance with clause 9.9. 

Delays and Loss of Supply 
  

	9.6	 Valneva shall promptly notify the JSC in writing of any actual or anticipated delay or change to the Delivery
Schedule or any actual or anticipated delay in Delivery of Product against the Delivery Schedule, and shall use Commercially Reasonable Efforts to provide at least [***] prior written notice to the JSC of any actual or anticipated delay or change.

  

	9.7	 If the Authority’s supply is interrupted, delayed or deferred due to (i) any intervention by a
government other than the Crown (an “Other Government Intervention”); (ii) demands or obligations from funders or other parties or entities; or (iii) commitments accepted by Valneva; (collectively a “Loss of
Supply”) and such Loss of Supply is not promptly remedied by Valneva within [***], then in either case, the Authority may: 

  

	 	9.7.1	 terminate or decrease all or part of its Orders to the extent not then delivered, but with the right to re-order the terminated or decreased amount at the same Product pricing terms (reflecting clause 8.5.3(c)), and with such re-order being (at the Authority’s election) for
Delivery during the period specified in the original Order or such other Delivery schedule as reasonably agreed between the Parties; and/or 

  
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	 	9.7.2	 elect, by written notice served on Valneva within [***] from the end of the [***] period referenced above, not
to provide any further funding (whether under this Agreement or the [***]) other than paying the Price for any ongoing Orders. 

  

	9.8	 In the event of a Loss of Supply: 

 

	 	9.8.1	 where the Loss of Supply is caused by an Other Government Intervention under clause 9.7(i) above, the Authority
shall be entitled (on behalf of the Crown including under the [***]) to stop payment of, and recoup the [***], Government [***] Payments and any other amounts paid to Valneva pursuant to this Agreement to the extent: 

 

	 	(a)	 they are not Irrevocably Committed; and/or 

 

	 	(b)	 [***]; 

and in each case to the extent the Authority has not previously received value in respect of the same through supply of Conforming Product
hereunder. Notwithstanding the foregoing, the Authority will continue, on the terms of this Agreement, to pay the Price for any quantity of the Product which remains the subject of a continuing Order (as adjusted), notwithstanding the Loss of
Supply, pursuant to clause 13; and 
  

	 	9.8.2	 where the Loss of Supply is caused by an unremedied breach by Valneva of its obligations under this Agreement,
the Authority shall be entitled to recover damages from Valneva and (to the extent not covered by damages but taking account of the benefits received by the Authority under this Agreement) funding provided by the Authority to Valneva under this
Agreement or the [***] and the Authority shall be entitled (on behalf of the Crown including under the [***]) to stop payment of any further Government [***] Payments or [***], but will continue, on the terms of this Agreement, to pay the Price for
any quantity of the Product which remains the subject of a continuing Order (as adjusted) pursuant to clause 13. 

  

	9.9	 Where an Order for the Delivery of Product is late and outstanding such that Product has not been Delivered
(other than due to Loss of Supply or as a consequence of Force Majeure) by more than [***] from the date of Delivery in the applicable Delivery Schedule (allowing for any applicable Grace Period) then the Authority shall be entitled to terminate or
reduce such outstanding volume of Product prior to its Delivery upon written notice to Valneva. Upon such notice, Valneva shall reduce or refund (as applicable) the Price payable or paid for such Order by a
pro-rated amount equivalent to the Price for the applicable Order attributable to such terminated or reduced volume. 

  
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 Handling following Delivery 

 

	9.10	 The Authority or its Authorised Agent shall arrange for it or its nominated agent to be at the Delivery
Location (ready for the Product to be unloaded) on the day of Delivery. Delivery shall be deemed complete upon the Product being unloaded and delivered into the cold chain storage facilities at the Delivery Location. 

 

	9.11	 All Deliveries of the Product supplied hereunder shall, at the time of Delivery or reasonably in advance of the
Delivery of the Product, be accompanied by the documentation specified in Schedule 8 (the “Documentation”). 

Mitigations for Capacity Limitations 
  

	9.12	 Notwithstanding Valneva’s obligations to procure and manage Materials Stock, if Valneva, its Affiliates or
any Subcontractor experience material capacity limitations or shortages of the Product or a material shortfall in bulk drug substance and/or other raw materials, ingredients, components, consumables and other materials (including Labelling and
packaging materials) which are to be used for the Manufacture of the Product, where, in each case, such capacity limitation or shortfall will have an adverse impact on the Delivery Schedule or the supply of the Product in accordance with this
Agreement more generally, Valneva shall promptly inform the JSC and the JSC shall discuss in good faith the reasons for such limitations and how to resolve such issues. 

 

	9.13	 Notwithstanding clause 9.12, Valneva shall ensure that the Authority continues to receive [***] of the Product,
and shall use Commercially Reasonable Efforts to procure Product supplies necessary to meet the Orders and the needs of the UK population. 

  

	9.14	 Valneva shall use Commercially Reasonable Efforts to ensure that Delivery of the Product in each case is made
in accordance with the Delivery Schedule. If it transpires that Valneva are able to deliver the Product earlier than prescribed in the Delivery Schedule, Valneva shall promptly inform the JSC and the Authority of its revised Delivery date. The
Authority (acting reasonably and in good faith) shall, within [***] of receipt of such notification, confirm to Valneva and the JSC if it is willing to accept Delivery in accordance with Valneva’s revised Delivery date. Subject to such
confirmation, the JSC shall discuss in good faith how the Delivery Schedule can be updated to allow Valneva to Deliver the Product in accordance with its revised Delivery date. In any event, Delivery of the Initial Order and the Follow On Order
shall to the extent necessary to meet the requirements for [***] be no slower or later than deliveries made to other territories from the Facilities or other production facilities. 

 

	9.15	 For the avoidance of doubt, without prejudice to any other provisions of this clause 9, Valneva shall be
considered, as of [***], to be in material breach of its obligation to Deliver Product in accordance with the Delivery Schedule where it Delivers less than [***] prior to [***] unless [***] is Delivered [***]. 

 

	9.16	 Valneva shall ensure that Product is Delivered with a shelf life of [***], provided that the Product is stored
under the specified storage conditions according to the SmPC. 

  

	10.	 RISK AND TITLE 

 

	10.1	 Risk of loss or damage and title to Products supplied under this Agreement shall pass to the Authority [***]
pursuant to clause 9.4.1, free and clear of any security interest, lien, charge or other encumbrance. Risk of loss or damage to Materials Stock shall remain with Valneva. 

  
 -47- 

	11.	 INSPECTION AND REJECTION OF PRODUCT 

Inspection & Rejection 
  

	11.1	 Upon the later of Delivery of the Product and receipt of the Documentation, the Authority will inspect the
external packaging of the Product and review the Documentation, and notify Valneva in writing (within [***] of the Delivery of the Product and receipt of the Documentation) if it has identified a
Non-Compliance and therefore rejects the Product (“Rejected Product”). Valneva agrees that the whole of any Delivery batch of Product may be rejected if a reasonable sample of the Products
taken indiscriminately from that Delivery batch is found to have a Non-Compliance whereupon all Products from that Delivery batch shall be deemed Rejected Product. In such cases, the Parties shall enter into
discussions in good faith to resolve any issues arising in connection with such Rejected Product. 

  

	11.2	 Notwithstanding the above: 

 

	 	11.2.1	 if a Non-Compliance in the Product was not reasonably ascertainable
from a visual inspection of the Product and review of the accompanying Documentation; or 

  

	 	11.2.2	 any Non-Compliance was latent or hidden; 

then such [***] period shall not apply, provided that the Authority notifies Valneva in writing of its subsequent detection of the Non-Compliance within [***] of the time the Authority first becomes aware of a Non-Compliance in the applicable Product (which may be prior to conducting root cause analysis)
whereupon such Product shall be deemed a Rejected Product. Should the Authority notify Valneva pursuant to this clause 11.2, the Authority shall make available for collection by Valneva samples of the Rejected Product to Valneva (or its nominated
agent) for collection and testing. 
 Independent Laboratory 

 

	11.3	 In the event of a disagreement concerning whether Product has any
Non-Compliance or is Conforming Product, Valneva shall notify the Authority of such disagreement within [***] of its receipt of the Authority’s notice of such Rejected Products. Valneva and the Authority
shall use their respective reasonable endeavours to resolve such disagreement as promptly as possible. Either Party may submit a sample of the Product alleged to have a Non-Compliance for testing to an
independent testing laboratory of recognised standing in the industry (to be mutually agreed and approved by the Parties acting in good faith) (“Laboratory”), to determine whether or not such Product was Non-Compliant or Conforming Product at the time of Delivery. The findings of the Laboratory shall be final and binding on the Parties other than in the event of manifest error. The cost of the testing and evaluation
by the Laboratory shall be borne by the Party whose position is found by the Laboratory to have been erroneous. 

  
 -48- 

	12.	 REMEDIES AND MITIGATION OF LOSSES 

 

	12.1	 Valneva acknowledges the critical importance that the Authority places on ensuring that Products are delivered
free of Non-Compliance, in conformance with clauses 5.11 and 5.12, and in accordance with [***] and the Delivery Schedule. 

Rejected Product 
  

	12.2	 In respect of any Rejected Product, provided that the Authority notifies Valneva of such Non-Compliance in accordance with clause 11.1, upon such Rejected Product being made available for collection by Valneva or resolution of any disagreement as to whether or not the Rejected Product is Non-Compliant in accordance with clause 11.3, Valneva shall [***]: 

  

	 	12.2.1	 [***] 

  

	 	12.2.2	 [***]. 

Where it has been agreed or determined in accordance with clause 11 that the Rejected Product is
Non-Compliant, the Rejected Product shall be made available for collection and disposal by Valneva, which Valneva shall collect in accordance with Applicable Law and at Valneva’s sole expense and risk.
Valneva shall be responsible for [***] in respect of such Rejected Product. 
 Failure to Deliver Conforming Product 

 

	12.3	 Save as specifically provided for in clause 22 of this Agreement, nothing in this Agreement shall limit or
exclude Authority’s remedies or rights in the event that Valneva fails to supply Conforming Product pursuant to this Agreement. 

Obligation to Mitigate 
  

	12.4	 In relation to any cancellation or termination of the Order (or this Agreement) or any other loss or liability
that may arise: 

  

	 	12.4.1	 Valneva shall use Commercially Reasonable Efforts to mitigate any losses that it may suffer or for which the
Authority may have to pay for; and 

  

	 	12.4.2	 the Authority shall use Commercially Reasonable Efforts to mitigate any losses that it may suffer or for which
Valneva is or may be required to refund the Authority in accordance with this Agreement. 

  

	13.	 PRICE, CHARGES AND DISCOUNTS 

Initial Order Price 
  

	13.1	 Valneva shall supply the quantity of Product to Authority pursuant to the Initial Order at a Price, subject to
clause 13.7, [***] (the “Initial Order Price”). 

  
 -49- 

	13.2	 For the purposes of clause 13.1, the Parties have agreed that, subject to clause 13.11: 

 

	 	13.2.1	 the Initial Order Price will be GBP [***], representing a price per Dose of [***] (as calculated in the
estimate scheduled to this Agreement at Schedule 14) (“Target Initial Order Price”); 

  

	 	13.2.2	 the Cost of Product in relation to the Initial Order will be GBP [***]; 

 

	 	13.2.3	 the Adjuvant Cost in relation to the Initial Order will be GBP [***]; 

 

	 	13.2.4	 the aggregate of the Government [***] Payments will be GBP [***] (“Target Government [***]
Payments”); and 

  

	 	13.2.5	 the Target [***] will be GBP [***]; 

 

	 	13.2.6	 the Target [***] will be GBP [***]; 

 

	 	13.2.7	 the [***] in relation to the Initial Order will be GBP [***]. 

Instalment Payments for Initial Order 
  

	13.3	 The Authority will pay to Valneva an amount equal to [***] against receipt of an invoice for the same issued by
Valneva after the following dates: 

  

	 	13.3.1	 the date [***]; 

  

	 	13.3.2	 the date [***]; 

  

	 	13.3.3	 the date [***]; 

  

	 	13.3.4	 the date [***]; and 

  

	 	13.3.5	 the date [***]. 

  

	13.4	 There shall be deducted from the payments referred to in clause 13.3: 

 

	 	13.4.1	 from the [***] of the Target Government [***] Payments 

 

	 	13.4.2	 from the [***]: 

  

	 	(a)	 [***] of the Target Government [***] Payments; and 

 

	 	(b)	 [***] of the Target [***]; 

 

	 	13.4.3	 from the [***]: 

  

	 	(a)	 [***] of the Target Government [***] Payments; and 

 

	 	(b)	 [***] of the Target [***]; 

 

	 	13.4.4	 from the [***]: 

  

	 	(a)	 [***] of the Target Government [***] Payments; and 

  
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	 	(b)	 [***] of the Target [***]. 

Follow On Order Price 
  

	13.5	 For the Follow On Order (if applicable): 

 

	 	13.5.1	 The Follow On Order Price shall be the aggregate of the Cost of Follow On Order [***] relating to the Follow On
Order. 

  

	 	13.5.2	 Valneva has estimated that the Follow On Order Price will be approximately GBP [***] per Dose (as calculated in
the estimate scheduled to this Agreement at Schedule 15). 

  

	 	13.5.3	 Valneva shall [***] refresh its estimate of the Follow On Order Price and notify the Authority on or before the
[***] of the Follow On Order Price for the Follow On Order (the “Target Follow On Order Price”). 

  

	 	13.5.4	 The Authority shall pay to Valneva against an invoiced issued for: 

 

	 	(a)	 [***] Target Follow On Order Price [***]; 

 

	 	(b)	 [***] Target Follow On Order Price [***]; and 

 

	 	(c)	 [***] Target Follow On Order Price [***]. 

Additional Order Price 
  

	13.6	 For each Additional Order (if applicable) Valneva shall supply the quantity of Product to Authority pursuant to
the Additional Order at a price per Dose equivalent [***] (the “Additional Order Price per Dose”). 

Target Price and [***] Pricing 
  

	13.7	 Notwithstanding the provisions of clauses 13.1, 13.2, 13.5, 13.6, 13.11 or 13.12: 

 

	 	13.7.1	 Valneva shall use Commercially Reasonable Efforts to achieve an Initial Order Price payable under this
Agreement per Dose at a level not to exceed the per Dose price [***] Target Initial Order Price and calculated as [***]; 

  

	 	13.7.2	 Valneva shall use Commercially Reasonable Efforts to mitigate and reduce the Cost of Product and the Cost of
Follow On Order and in particular the Adjuvant Cost and Valneva shall make Commercially Reasonable Efforts to perform its obligations under and shall not amend in a manner which adversely impacts the Product, the Price or the Authority’s rights
under this Agreement, or terminate the [***] without the Authority’s consent (such consent not to be unreasonably withheld or delayed); and 

  

	 	13.7.3	 Valneva shall regularly monitor and promptly notify the Authority if it calculates or reasonably anticipates
that the Initial Order Price [***]. If, following such notification, the Initial Order Price [***], Valneva shall each time notify the Authority [***] such notification [***] shall provide Valneva’s [***], calculated in good faith [***] on an
open book basis, of the revised Initial Order Price providing the details for such increase. 

  
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	 	13.7.4	 If: 

  

	 	(a)	 [***] indicates that the Initial Order Price will [***] of the [***]; and 

 

	 	(b)	 the Authority [***], then the Authority shall notify Valneva, within [***] of receiving the relevant [***] and
this Agreement will terminate and sub-paragraphs (ii) and (iii) of clause 4.17 shall apply provided that in no circumstances shall the Authority be obliged to reimburse costs paid, incurred or committed
by Valneva to the extent in aggregate such costs exceed [***] Initial Order Price or a [***] of the Initial Order Price [***] by the Authority in accordance with this clause; or 

 

	 	(c)	 the Authority [***], then the Authority may notify Valneva within [***] of receiving the relevant [***] and
clause 35.5.4 shall apply. 

  

	 	13.7.5	 Valneva shall regularly monitor and promptly notify the Authority if it calculates or reasonably anticipates
that the Follow On Order Price [***]. If, following such notification, the Follow On Order Price [***], Valneva shall notify the Authority [***] such notification [***] shall provide Valneva’s [***], calculated in good faith [***] on an open
book basis, of the revised Follow On Order Price providing the details for such increase. 

 `Additional Order Payment
Terms 
  

	13.8	 For each Additional Order (if applicable) the Authority will pay to Valneva an amount of the aggregate Price
(calculated pursuant to clause 13.5 or 13.6, as applicable) of the Products to be delivered pursuant to such Order invoiced on each of the following dates: 

  

	 	13.8.1	 [***]; 

  

	 	13.8.2	 [***]; and 

  

	 	13.8.3	 [***]. 

Price Calculation 
  

	13.9	 All costs associated with the Manufacture, supply and Delivery of Product, and Valneva’s obligations
hereunder, are included in the Price of each Product and, accordingly, Valneva shall perform its obligations under this Agreement at its cost and expense, without further reimbursement from the Authority beyond the Price. 

 

	13.10	 Valneva shall calculate and charge the Price (including the Cost of Product) in good faith [***] on an open
book basis and provide transparency to the Authority as to the calculation of the same. 

  
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 Deviations and Reconciliations in respect of the Initial Order, Follow On Order and
Additional Orders 
  

	13.11	 Within [***] of the Final Payment Date the Parties shall calculate the Initial Order Price.

  

	13.12	 If: 

  

	 	13.12.1	 the Initial Order Price exceeds the Target Initial Order Price Amount, the Authority shall pay such excess to
Valneva; or 

  

	 	13.12.2	 the Initial Order Price is less than the Target Initial Order Price, Valneva shall pay such shortfall to the
Authority; 

 in either case, within [***] of the later of the Final Payment Date or completion of the calculation pursuant
to clause 13.11. 
  

	13.13	 Within [***] of the date of payment of the final instalment made in accordance with clause 13.5.4(b) the
Parties shall calculate the Follow On Order Price. 

  

	13.14	 If: 

  

	 	13.14.1	 the Follow On Order Price exceeds the Target Follow On Order Price Amount, the Authority shall pay such excess
to Valneva; or 

  

	 	13.14.2	 the Follow On Order Price is less than the Target Follow On Order Price, Valneva shall pay such shortfall to
the Authority; 

 in either case, within [***] of the later of the date of payment of the final instalment made in
accordance with clause 13.5.4(b) or completion of the calculation pursuant to clause 13.13. 
  

	13.15	 Any adjustments in accordance with clauses 13.12 to 13.13 shall be exclusive of VAT such that any payment to or
repayment by Valneva shall in each case be exclusive of VAT which shall be paid in addition thereto. 

 Currency

  

	13.16	 The Price payable by the Authority under this Agreement shall be payable in GBP. For the purposes of
calculating the Initial Order Price and the Follow On Order Price where items are paid by Valneva in a currency other than GBP, for the purposes of this clause 13 such items shall be converted into GBP on a [***] basis in conjunction with
Valneva’s internal [***] reports at a rate from a reputable source or an average of rates from a reputable source taken at an appropriate time or times and having regard to the agreed principle that neither the Authority or Valneva should in
real terms suffer a loss or receive a benefit as a result of currency conversions, except that in the case of each payment for Adjuvant the amount of such payment shall be converted at the rate actually obtained by Valneva to fund such payment and
otherwise at a rate from a reputable source as at the date of such payment. 

 Audit Rights 

 

	13.17	 Upon written notice on one occasion in respect of [***], after completion of the relevant reconciliation, the
Authority may appoint an independent accountancy firm to audit Valneva’s and its Affiliates books and accounts with respect to the calculation of the Price 

  
 -53- 

	 	
and the Cost of Product charged and incurred by Valneva in connection with the Manufacture, supply and Delivery of Conforming Product hereunder. Upon such notice, Valneva shall and shall procure
that its Affiliates shall permit such accountancy firm to undertake such audit and shall co-operate and provide such information and access to its records as may be reasonably requested by the accountancy
firm. 

  

	13.18	 If following any audit the accountancy firm determines that the Price charged has been incorrectly calculated:

  

	 	13.18.1	 resulting in the Authority paying a higher sum than the Price for which Valneva is actually entitled under this
Agreement then Valneva shall promptly within [***] refund such overpayment to the Authority together with interest calculated in accordance with the rate set forth in clause 14.5 from the date the overpayment was made by the Authority until the date
the overpayment is refunded to the Authority; or 

  

	 	13.18.2	 resulting in Valneva being paid a sum less than the Price for which Valneva is actually entitled under this
Agreement then the Authority shall promptly within [***] pay to Valneva such shortfall. 

 No adverse pricing 

 

	13.19	 Prior to completion of the Delivery of the Initial Order or any Follow On Order, Valneva shall not charge any
Third Party or other government a price per Dose (including after any discounts, rebates or other direct or indirect pricing adjustment mechanisms) that is in aggregate more favourable to the Third Party or government than the Price charged
(including any reconciled Price) or offered to the Authority, unless otherwise agreed with the Authority. [***] 

  

	14.	 INVOICING AND PAYMENT 

Invoicing 
  

	14.1	 Valneva shall invoice the Authority on each of the dates specified in clauses 13.3 and 

for each of the amounts payable thereon. 

Payment Terms 
  

	14.2	 The Authority shall pay each invoice properly submitted in accordance with this Agreement within [***] after
the date of the applicable invoice. 

  

	14.3	 All payments due to Valneva under this Agreement: 

 

	 	14.3.1	 are exclusive of any VAT which may be chargeable, which if properly chargeable the Authority shall pay in
addition at the rate and in the manner for the time being prescribed by Applicable Law and subject to Valneva providing a valid and accurate VAT invoice; 

  

	 	14.3.2	 shall be made by the Authority by transfer to such UK bank account as Valneva may from time to time notify in
writing to the Authority; and 

  
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	 	14.3.3	 shall be made in full and cleared funds, subject to any deduction or withholding which must be made under
Applicable Laws. 

 Disputes and Late Payments 

 

	14.4	 Where Authority raises a query with respect to an invoice, the Parties shall liaise with each other and agree a
resolution to such query within [***], of the query being raised. If the Parties are unable to agree a resolution within [***] the query shall be referred to dispute resolution in accordance with the dispute resolution procedure prescribed in this
Agreement. For the avoidance of doubt, the Authority shall not be in breach of any of any of its payment obligations under this Agreement in relation to any queried or disputed invoice sums unless the process referred to in this clause 14.4 has been
followed and it has been determined that the queried or disputed invoice amount is properly due to Valneva and the Authority has then failed to pay such sum within a reasonable period following such determination. 

 

	14.5	 If the Authority fails to pay any amount payable under this Agreement by the due date for payment, then without
prejudice to any other rights or remedies that Valneva may have interest shall accrue on that amount in accordance with the Late Payment of Commercial Debts (Interest) Act 1998. 

 

	14.6	 Without prejudice to clause 30, Valneva shall answer queries raised by the Authority regarding the calculation
of Valneva’s Cost of Product within a reasonable period of time and shall provide such information as the Authority may reasonably request in connection with such queries. 

 

	15.	 WARRANTY AND UNDERTAKINGS 

 

	15.1	 As at the Effective Date, Valneva warrants to the Authority that: 

 

	 	15.1.1	 it has the right and authority to enter into this Agreement and that it has the capability and capacity to
fulfil its obligations under this Agreement; 

  

	 	15.1.2	 it is a properly constituted limited liability company and that it is fully empowered by the terms of its
constitutional documents to enter into and to carry out its obligations under this Agreement and the documents referred to therein; 

  

	 	15.1.3	 there are no pending or threatened actions or proceedings before any court or administrative agency which would
materially adversely affect the financial condition, business or operations of Valneva; 

  

	 	15.1.4	 there are no material agreements existing to which Valneva is a party which prevent Valneva from entering into
this Agreement; 

  

	 	15.1.5	 all necessary actions to authorise the execution of and performance of its obligations under this Agreement
have been taken before such execution; 

  

	 	15.1.6	 the Target Initial Order Price in clause 13.2 is reasonable and a genuine estimate that has been prepared in
good faith and with reasonable skill and care and is not expected to be materially different from the actual Price charged for the Initial Order Price; 

  
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	 	15.1.7	 Valneva Scotland Ltd and Valneva have entered into a legally binding agreement with [***] (a copy of which has
been provided to the Authority) for the supply of the Adjuvant for the Product to be supplied hereunder (the “[***]”); and 

  

	 	15.1.8	 the purchase of OB2 has completed and Valneva is the owner of the land at OB2 and is in the process of
obtaining all necessary consents and licences to construct and fit out the facility at such site. 

  

	15.2	 As at the Effective Date, the Authority warrants to Valneva that: 

 

	 	15.2.1	 it has the right and authority to enter into this Agreement; 

 

	 	15.2.2	 it is fully empowered to enter into and to carry out its obligations under this Agreement and the documents
referred to therein; 

  

	 	15.2.3	 there are no material agreements existing to which the Authority is a party which prevent it from entering into
this Agreement; and 

  

	 	15.2.4	 all necessary actions to authorise the execution of and performance of its obligations under this Agreement
have been taken before such execution. 

 Benefits of Warranties 

 

	15.3	 Valneva agrees to use reasonable endeavours upon request to assign to the Authority the benefit of any
warranty, guarantee or similar right which it has against any Third Party involved in the Manufacture of the Products in full or part, to the extent it is able to do so under the terms of its agreement with such Third Party. 

Record Keeping 
  

	15.4	 Valneva shall (and shall procure that its Affiliates shall) maintain all records and reports with respect to
the Manufacture and supply of the Product (and in relation to the provision of any other services) under this Agreement as required by Applicable Laws and in any event for a minimum period of [***] following the termination or expiry of this
Agreement. 

 Product Recall 
  

	15.5	 All reasonable costs of any recall or market withdrawal of the Product in the Territory, including reasonable
costs and expenses incurred by or on behalf of Valneva and by the Authority and its Affiliates, shall be borne as follows: 

  

	 	15.5.1	 where and to the extent that recall or market withdrawal results directly or indirectly from any Non-Compliance, those costs shall be borne by Valneva; 

  

	 	15.5.2	 otherwise (including where recall or market withdrawal results from a breach of this Agreement by, or
negligence on the part of, the Authority and/or any of its Affiliates or any of their respective Personnel) those costs shall be borne by the Authority. 

  
 -56- 

	15.6	 Should any recall require to be undertaken, where it is reasonably practicable to do so and in circumstances
where the recall has not been required by a Regulatory Authority, Valneva shall consult with the Authority in advance of such recall as to the reasons for it, and as to the most efficient method of executing the recall and Valneva shall use
Commercially Reasonable Efforts to minimise the impact on the Authority of the recall. 

  

	16.	 [***], FUTURE PREPAREDNESS AND ACCESS TO FACILITIES 

 

	16.1	 If the Product is not Delivered in accordance with the Delivery Schedule and the terms of this Agreement or
this Agreement is terminated before expiry in accordance with its terms, the Parties acknowledge and agree that the Authority shall, where and to the extent and in the manner specifically provided for under this Agreement, be entitled to
compensation for the payments of the Price made pursuant to clause 13, Government [***] Payments and [***] by way of [***] for [***] and [***] and pursuant to the remaining provisions of this clause 16. The Parties shall discuss in good faith the
manner in which such compensation will be delivered. 

  

	16.2	 Through the JSC, the Parties shall discuss in [***] and [***] (to the extent [***] pursuant to [***] of the
[***] made pursuant to clause 13 and the Government [***] Payments) and the [***] and [***] in the [***] of (i) [***] for the [***] of the Authority in respect of [***] of the Product, [***] and [***] which in each case [***] using [***] and/or
[***] including in a circumstance in which the [***] to [***], and (ii) [***] to the [***] if there [***] (whether or not [***] to [***]) and such [***] shall be [***] and [***] the [***] to such [***]. 

 

	16.3	 [***]. 

  

	17.	 ANTI-BRIBERY 

  

	17.1	 Valneva represents and warrants, on behalf of itself and its Affiliates, and, to the best of its knowledge, its
and their respective Personnel, if any, directly and effectively involved, in the performance of this Agreement (together with Valneva, the “Valneva Representatives”) that: 

 

	 	17.1.1	 it and the Valneva Representatives have not committed (directly or indirectly) any offence under the Bribery
Act 2010 or done any of the following (“Prohibited Acts”): 

  

	 	(a)	 offered, given or agreed to give any officer or employee of the Authority any gift or consideration of any kind
as an inducement or reward for doing or not doing or for having done or not having done any act in relation to the obtaining or performance of this or any other agreement with the Authority or for showing or not showing favour or disfavour to any
person in relation to this or any other agreement with the Authority; or 

  

	 	(b)	 in connection with this Agreement paid or agreed to pay any commission other than a payment, particulars of
which (including the terms and conditions of the agreement for its payment) have been disclosed in writing to the Authority; and 

  
 -57- 

	 	17.1.2	 it has in place adequate procedures to prevent bribery and corruption, as contemplated by section 7 of the
Bribery Act 2010; and 

  

	 	17.1.3	 the Valneva Representatives have not knowingly taken any action that will, or would reasonably be expected to,
cause the Authority or its Affiliates to be in violation of any such laws. 

  

	17.2	 If Valneva or Valneva Representatives (or anyone acting on its or their behalf) has done or does any of the
Prohibited Acts or has committed or commits any offence under the Bribery Act 2010 with or without the knowledge of Valneva in relation to this Agreement: 

  

	 	17.2.1	 Valneva shall be deemed to have committed a material breach of this Agreement and the Authority shall be
entitled to terminate this Agreement in accordance with clause 25.4; and 

  

	 	17.2.2	 any termination under clause 17.2 shall be without prejudice to any right or remedy that has already accrued,
or subsequently accrues, to the Authority. 

  

	18.	 PRODUCT SECURITY 

 

	18.1	 The Authority shall be responsible for destruction of all Conforming Product in its possession for which the
shelf life has expired or, at Valneva’s request and at Valneva’s cost, shall return the same to Valneva. Valneva shall be responsible for destruction of all Products that are Non-Compliant. In
complying with its respective destruction obligations, the applicable Party shall undertake such destruction within mutually acceptable timelines, and prior to the destruction the applicable Party possessing the applicable Product shall hold the
same securely pending destruction. Each Party shall keep a record of any destruction it undertakes and shall promptly issue certificates of destruction to the other Party upon request. Such records shall be kept for a period of at least [***].

  

	18.2	 The Authority shall comply with all Applicable Laws relating to the traceability of pharmaceutical products
applicable to the Products Delivered pursuant to this Agreement. 

  

	18.3	 The Authority warrants and undertakes that it will not alter or modify any Product in any way (including
Labelling and packaging but excluding any transportation packaging) after Delivery to the Delivery Locations. 

  

	18.4	 After Delivery, all Products shall be: (i) stored securely by the Authority (or its Authorised Agents);
and (ii) delivered, shipped and distributed by the Authority (or its Authorised Agents) in a secure manner appropriate to the transportation route and destination, in each case (i) and (ii) to guard against and deter theft, diversion,
tampering or substitution (with, for example, counterfeits). 

  

	19.	 INTELLECTUAL PROPERTY 

 

	19.1	 Neither Party will gain any rights of ownership to or use of any property or Intellectual Property Rights owned
by the other (whether by virtue of this Agreement, by implication or otherwise). 

  
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	19.2	 Valneva represents and warrants as at the date of this Agreement that it owns all Intellectual Property Rights
in the Product or it is licensed by the relevant owners to, and has the right to use the cell line used for, the Manufacture of the Product. 

  

	19.3	 Valneva shall procure the necessary commercialisation licences required in respect of the virus strain and the
Adjuvant used with the cell line for Manufacture of the Product which it anticipates it will secure by [***]. 

  

	19.4	 Where the Development of the Product includes use of [***], Valneva shall procure all necessary licences and
supply agreements from the Adjuvant provider. 

  

	19.5	 Valneva shall use Commercially Reasonable Efforts to procure licences to any other Third Party rights in order
to Manufacture supply and distribute the Product in the Territory if and as necessary. 

  

	19.6	 Valneva warrants to the Authority that any receipt, keeping, sale and use of the Product by the Authority,
Authorised Agent or any Administering Entity or any Devolved Administration in accordance with this Agreement shall not infringe any Intellectual Property Rights of any Third Party. 

 

	19.7	 Valneva shall indemnify and hold harmless the Authority any Authorised Agent, and Administering Entity against
all claims, liabilities, losses, damages, costs (including reasonable legal costs) and expenses incurred in connection with any claim by any Third Party that its Intellectual Property Rights in the Product have been infringed as a result of the
Manufacture or supply of the Product under this Agreement or the keeping, sale, or use of the Product where such keeping, sale and use of the Product has been undertaken in accordance with the terms of this Agreement. 

 

	19.8	 Promptly following the Authority, any Authorised Agent or Administering Entity (the “[***]
Indemnitee”) receiving written notice of any matter which may result in it making a claim under the indemnity against Valneva (the “[***] Indemnifying Party”) in clause 19.7, the [***] Indemnitee shall:

  

	 	19.8.1	 give the [***] Indemnifying Party notice of such matter [***] on becoming aware of it; 

 

	 	19.8.2	 not at any time admit liability or otherwise settle or compromise, or attempt to settle or compromise, the
matter (or any aspect of it) except on the IP Indemnifying Party’s [***]; 

  

	 	19.8.3	 give the [***] Indemnifying Party sole conduct of the defence, negotiation or settlement of any such matter
[***]; 

  

	 	19.8.4	 act in accordance with the [***] Indemnifying Party’s [***] instructions, and give the IP Indemnifying
Party such assistance as it may [***] require in the conduct of any such defence, negotiation or settlement; and 

  

	 	19.8.5	 take all [***] steps to [***] as a result of such matter. 

  
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	20.	 CONFIDENTIALITY 

 

	20.1	 Each Party shall treat the Confidential Information of the other Party as strictly confidential and not
disclose it to any Third Party for any purpose whatsoever without obtaining the prior written consent of the other Party and not make use of the Confidential Information of the other Party or any part thereof other than as permitted under this
Agreement, in each case other than to conduct its activities under this Agreement and as expressly permitted under this clause 20. Each Party agrees to treat such Confidential Information with at least the same care and in the same manner as its own
secret and valuable information. 

  

	20.2	 Valneva may disclose all or any part of the Confidential Information to its Affiliates, and to its and its
Affiliates’ respective Personnel and suppliers (“Representatives”) as necessary to enable Valneva’s performance under this Agreement, provided, however, that it ensures that such Representatives comply with the provisions
of this clause 20. The Authority may disclose all or any part of the Confidential Information to Authorised Agents, Central Government Bodies and the Devolved Administrations (“Representatives”) as necessary to enable the
Authority’s performance under this Agreement, provided, however, that it ensures that such Representatives comply with the provisions of this clause 20. 

  

	20.3	 The confidentiality obligations and use restrictions set forth in clause 20.1 shall not apply to:

  

	 	20.3.1	 information that is or becomes generally available to the public (other than as a result of its disclosure by
the receiving Party in breach of this clause 20); 

  

	 	20.3.2	 information that was available to the receiving Party or its Representatives on a non-confidential basis before disclosure by the disclosing Party; 

  

	 	20.3.3	 information that was, is or becomes available to the receiving Party or its Representatives on a non-confidential basis from a Third Party who, to the receiving Party’s or the relevant Representative’s knowledge, is not bound by a confidentiality agreement with the disclosing Party or otherwise
prohibited from disclosing the information to the receiving Party or the Representative; 

  

	 	20.3.4	 information that is developed by or for the receiving Party or its Representatives independently of the
information disclosed by the disclosing Party; or 

  

	 	20.3.5	 the disclosure of which is required to ensure the compliance of the Authority with any law including, but not
limited to, the Freedom of Information Act 2000 (c.36) (“FOIA”), Codes of Practice on Access to Government Information, on the Discharge of Public Authorities’ Functions or on the Management of Records (“Codes of
Practice”) or the Environmental Information Regulations 2004 (SI 2004/3391) (“Environmental Regulations”), provided, however, that the Authority has provided reasonable advance notice of the impending disclosure to Valneva
and provided further that it shall only disclose the Confidential Information to the extent strictly necessary. 

  

	20.4	 Valneva agrees that: 

 

	 	20.4.1	 without prejudice to the generality of clause 20.3.5, the provisions of this clause 20 are subject to the
respective obligations and commitments of the Authority 

  
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and any Authorised Agent, Central Government Body, Administering Entity and Devolved Administration (as the case may be) under the FOIA, the Codes of Practice and the Environmental Regulations;

  

	 	20.4.2	 the decision on whether any exemption applies to a request for disclosure of recorded information is a decision
solely for the Authority or an Authorised Agent, Central Government Body, Administering Entity or Devolved Administration (as the case may be); and 

  

	 	20.4.3	 where the Authority or an Administering Entity or Devolved Administration is managing a request as referred to
in clause 20.4.2, Valneva shall co-operate with the Authority and any Authorised Agent, Central Government Body, Administering Entity or Devolved Administration making the request and shall respond within
[***] of any request by it for assistance in determining how to respond to a request for disclosure. 

  

	20.5	 Valneva shall: 

  

	 	20.5.1	 transfer any request for information, as defined under section 8 of the FOIA and/or the Environmental
Regulations, to the Authority or an Authorised Agent, Central Government Body, Administering Entity or Devolved Administration as soon as practicable after receipt and in any event within [***] of receiving a request for information;

  

	 	20.5.2	 provide the Authority or an Authorised Agent, Central Government Body, Administering Entity or Devolved
Administration with a copy of all relevant information in its possession that the Authority or an Authorised Agent, Central Government Body, Administering Entity or Devolved Administration requires within [***] (or such other period as the Authority
or an Authorised Agent, Central Government Body, Administering Entity or Devolved Administration may specify) of the Authority or an Authorised Agent, Central Government Body, Administering Entity or Devolved Administration requesting that
information; and 

  

	 	20.5.3	 provide all reasonable assistance as reasonably requested by the Authority or an Authorised Agent, Central
Government Body, Administering Entity or Devolved Administration to enable the Authority or an Authorised Agent, Central Government Body, Administering Entity or Devolved Administration to respond to a request for information within the time for
compliance set out in section 10 of the FOIA. 

  

	20.6	 Subject to clause 20.5 above, Valneva hereby gives consent for the Authority to publish this Agreement in its
entirety (but with any information which is exempt from disclosure in accordance with the provisions of the FOIA and or the Environmental Information Regulations redacted), including from time to time agreed changes to this Agreement, to the general
public. 

  

	20.7	 The Authority may, at its sole discretion, redact information from this Agreement prior to publishing for one
or more of the following reasons: 

  

	 	20.7.1	 national security; 

  
 -61- 

	 	20.7.2	 Personal Data; 

  

	 	20.7.3	 confidential information protected by Intellectual Property Rights; 

 

	 	20.7.4	 Third Party confidential information; 

 

	 	20.7.5	 IT security; or 

  

	 	20.7.6	 prevention of fraud. 

 

	20.8	 The Authority must consult with Valneva to inform its decision regarding any exemptions and/or redactions prior
to disclosing information but the Authority shall have the final decision. Any submissions made by Valneva regarding exemptions and/or redactions shall be made promptly by Valneva and considered in good faith by the Authority and if, notwithstanding
those submissions, the Authority makes a decision to disclose the relevant information, the Authority will notify Valneva in writing of such decision as soon as is reasonably practicable prior to the date of intended disclosure.

  

	20.9	 Valneva shall assist and cooperate with the Authority to enable the Authority to publish this Agreement. The
Authority will follow its own internal policies together with any applicable guidelines, including any published by the Treasury, the Cabinet Office or the Information Commissioner. 

 

	20.10	 The Authority or an Authorised Agent, Central Government Body, Administering Entity or Devolved Administration
will (to the extent legally permissible) consult Valneva in relation to any request for disclosure of Valneva’s Confidential Information in accordance with all applicable guidance. 

 

	20.11	 Each Party may disclose Confidential Information of the other Party if and to the extent that such disclosure
is: 

  

	 	20.11.1	 required by Applicable Laws, such as filing with securities regulators, or by an order of a Governmental
Authority; provided that the receiving Party (where it is legally permitted to do so) shall first have given notice to the disclosing Party and given the disclosing Party a reasonable opportunity to seek a protective order or other form of
confidential treatment for the information, or obtain assurances that the information be used only for the purposes for which the order was issued, and the receiving Party shall thereafter disclose only that portion of the information required to be
disclosed in order to comply; 

  

	 	20.11.2	 made by Valneva to a Regulatory Authority as reasonably necessary for the purposes of any filing, application
or request for any marketing authorisation, licence or other Regulatory Approval made by or on behalf of Valneva or its Affiliates in respect of the Product; 

  

	 	20.11.3	 made by or on behalf of the receiving Party to (i) a potential acquirer, in each case as may be necessary
in connection with their evaluation of a potential transaction but provided that (x) VLA shall procure that such potential acquirer first enters into a non-disclosure agreement with the Authority (acting
reasonably and without undue delay), and (y) Valneva shall not provide the Authority’s Confidential Information to such potential acquirer if the Authority has a 

  
 -62- 

	 	
reasonably held concern, that on objective grounds, it would be inappropriate for such person to receive the Authority’s Confidential Information; or (ii) legal, financial or other
professional advisors, in each case for the purposes of advising on this Agreement and/or on the transactions contemplated hereby and thereby; provided however that, in each case, such Persons shall be subject to obligations of confidentiality and non-use with respect to such Confidential Information and may only use such information for the purpose of assessing such transaction or providing such advice (as the case may be); or 

 

	 	20.11.4	 for the purposes of any legal proceedings brought pursuant to clause 35.10.2; 

provided that the Party making disclosures to a Third Party pursuant to clause 20.11.3 or clause 20.11.4 shall ensure that each Third Party
recipient is bound by obligations of confidentiality no less restrictive than those contained in this Agreement and shall be liable to the other Party for any breach of such confidentiality obligations by the relevant recipient. 

 

	20.12	 Nothing in this clause 20 shall prevent the Authority from disclosing Confidential Information where it is
required to do so by judicial, administrative, governmental or regulatory process in connection with any action, suit, proceedings or claim or otherwise by Applicable Law. Nothing in this Agreement shall prevent the Authority from disclosing
Confidential Information: 

  

	 	20.12.1	 to any contracting authority as defined in Regulation 2 of the Public Contracts Regulations 2015
(“Contracting Authority”). All Contracting Authorities receiving such Confidential Information shall be entitled to further disclose the Confidential Information to other Contracting Authorities on the basis that the information is
confidential and is not to be disclosed to a Third Party which is not part of any Contracting Authority; 

  

	 	20.12.2	 to any consultant, contractor or other person engaged by the Authority or any person conducting an Office of
Government Commerce gateway review; 

  

	 	20.12.3	 for the purpose of the examination and certification of the Authority’s accounts; or

  

	 	20.12.4	 for any examination pursuant to Section 6(1) of the National Audit Act 1983 of the economy, efficiency and
effectiveness with which the Authority has used its resources. 

  

	20.13	 The Authority may disclose the Confidential Information of Valneva: 

 

	 	20.13.1	 on a confidential basis to any Central Government Body for any proper purpose of the Authority or of the
relevant Central Government Body; 

  

	 	20.13.2	 if required, to Parliament and Parliamentary Committees or if required by any Parliamentary reporting
requirement; 

  

	 	20.13.3	 to the extent the Authority (acting reasonably) deems disclosure necessary in the course of carrying out its
public functions provided that the Authority shall take into account the reasonable concerns of Valneva in connection with any proposed disclosure and shall not disclose any trade secrets of Valneva; 

  
 -63- 

	 	20.13.4	 on a confidential basis for the purpose of the exercise of its rights under this Supply Agreement, including
the audit rights pursuant to clause 31; or 

  

	 	20.13.5	 on a confidential basis to a proposed successor body in connection with any assignment, novation or disposal of
any of its rights, obligations or liabilities under this Agreement, 

 and for the purposes of the foregoing, references to
disclosure on a confidential basis shall mean disclosure subject to a confidentiality agreement or arrangement containing terms no less stringent than those placed on the Authority under this clause 20. 

 

	20.14	 The Authority and Valneva agree not to issue any press releases or public announcements concerning this
Agreement or its terms without the prior written consent of the other Party to the form, timing and content of any such release or announcement, except as required by Applicable Laws, including disclosure required by any securities exchange.

  

	20.15	 Subject to clause 20.16, on expiry or termination of this Agreement or at any time at the disclosing
Party’s request, the receiving Party shall return to the disclosing Party all copies containing Confidential Information of the disclosing Party or, at the disclosing Party’s option, destroy all copies of such Confidential Information. The
return or destruction of the Confidential Information of the disclosing Party will not affect the receiving Party’s obligation to observe the confidentiality and non-use restrictions in respect of that
Confidential Information set out in this Agreement. 

  

	20.16	 Each Party may keep one (1) copy of Confidential Information for evidence purposes at a secure place
subject to the confidentiality and non-use obligations provided in this clause 20. The aforementioned return and destruction obligation shall not apply to electronic copies of Confidential Information which
are rightfully contained in computers, word processors, communication systems and system-backup media (collectively “IT Media”) which do not need to be destroyed or returned, provided that such IT Media are: (i) overwritten in
the ordinary course of their reuse; or (ii) at all times maintained in confidence and not readily accessible and the receiving Party shall treat such copies as confidential in accordance with this clause 20. 

 

	20.17	 This clause 20 shall remain in force without limit in time in respect of Confidential Information which
comprises Personal Data or which relates to a patient, his or her treatment and/or medical records. Save as aforesaid, the obligations in this clause 20 shall last for the Term and for a period of [***] thereafter. 

 

	21.	 PRODUCT LIABILITIES 

 

	21.1	 For the purposes of this clause: 

 

	 	21.1.1	 “Product Liabilities” means Losses paid to Third Parties [***], in each case, pursuant to any
Third Party claim involving actual or alleged [***] caused by use of any [***] pursuant to this Agreement. 

  
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	 	21.1.2	 “[***] Product Liabilities” means Product Liabilities arising where there has been [***] which
has been [***] or to the extent that [***] have not taken reasonable steps to [***]. 

  

	 	21.1.3	 “[***] Product Liabilities” means Product Liabilities to the extent they arise from or caused
by [***] but excludes any such liability which is an [***] Product Liability. 

  

	 	21.1.4	 “[***] Product Liabilities” means all Product Liabilities other than [***] Product Liabilities
and includes any and all [***] Product Liabilities. 

  

	21.2	 Valneva shall be responsible for, and shall indemnify and keep indemnified the Authority and its Affiliates and
Health Service Bodies against, all [***] Product Liabilities. 

  

	21.3	 The Authority shall be responsible for, and shall indemnify and keep indemnified Valneva and its Affiliates
against, all [***] Product Liabilities other than: 

  

	 	21.3.1	 any [***] Product Liabilities arising from or caused by a [***], or the [***] of, Valneva or its Affiliates;

  

	 	21.3.2	 if, and to the extent that, Valneva secures insurance as agreed with the Authority in accordance with clause
21.4 in respect of [***] Product Liabilities and Valneva shall be responsible for and shall indemnify, and keep indemnified, the Authority, its Affiliates and Health Service Bodies in respect of Losses paid [***] for [***] Product Liabilities to the
extent such Losses are covered by such insurance; and 

  

	 	21.3.3	 [***] of any [***] Product Liability (other than [***] Product Liabilities [***]) which Valneva shall be
responsible for and shall indemnify, and keep indemnified, the Authority, its Affiliates and Health Service Bodies in respect of provided that Valneva shall not be required to pay the Authority more than [***] per annum and Valneva’s liability
under this clause 21.3.3 shall be reduced by [***]. 

  

	21.4	 Valneva shall use its Commercially Reasonable Efforts to identify the availability of insurance on commercially
viable terms with respect to some or all [***] Product Liabilities. If Valneva: 

  

	 	21.4.1	 identifies any insurance with respect to [***] Product Liabilities; and 

 

	 	21.4.2	 having regard to terms and cost of such insurance, Valneva considers it would be in the [***] of Valneva and
the Authority for Valneva to enter into such insurance, 

 the parties will discuss in good faith [***] to this Agreement
(including [***] and [***]) and if the outcome of such discussions agrees such changes Valneva will enter into such insurance. 

  
 -65- 

 Exclusions 
  

	21.5	 Valneva will not be liable under the indemnity in clause 21.2 where the liability arises as a result of:

  

	 	21.5.1	 the [***] which (i) is [***] and which the [***] are made aware of prior to [***]; or (ii) the [***]
of the Product; or 

  

	 	21.5.2	 any [***] which is caused by any act or omission of [***], or by any damage or event occurring whilst [***].

 Conduct of Claims 
  

	21.6	 Promptly following a Party or its Affiliate (or in the case of the Authority a Health Service Body) (the
“Indemnitee”) becoming aware of any matter which may result in making a claim under the indemnity against the other Party (the “Indemnifying Party”) in clause 21.2 or 21.3, the Indemnitee shall:

  

	 	21.6.1	 give the Indemnifying Party notice of such matter [***] on becoming aware of it; 

 

	 	21.6.2	 not at any time admit liability or otherwise settle or compromise, or attempt to settle or compromise, the
matter (or any aspect of it) except on the Indemnifying Party’s [***]; 

  

	 	21.6.3	 give the Indemnifying Party sole conduct of the defence, negotiation or settlement of any such matter [***];

  

	 	21.6.4	 act in accordance with the Indemnifying Party’s reasonable instructions, and give the Indemnifying Party
such assistance as it may reasonably require in the conduct of any such defence, negotiation or settlement; and 

  

	 	21.6.5	 take all reasonable steps to [***] as a result of such matter. 

 

	22.	 LIABILITY 

  

	22.1	 Except to the extent set out expressly in this Agreement, all conditions, warranties or other terms which might
have effect between the Parties or be implied or incorporated into this Agreement (whether by statute, common law or otherwise) are hereby excluded to the fullest extent permitted by Applicable Laws. Without prejudice to the general nature of the
previous sentence, unless this Agreement specifically states otherwise, neither Party makes any representations or warranties with respect to the Product, including any warranties as to non-infringement or
fitness for a particular purpose. 

  

	22.2	 In no circumstances shall either Party be liable to the other Party, whether arising in [***] or otherwise,
for: 

  

	 	22.2.1	 any [***]; or 

  

	 	22.2.2	 any [***] (in each case whether [***]). 

 

	22.3	 Nothing in this Agreement excludes or limits the liability of either Party for: 

 

	 	22.3.1	 [***] caused by [***]; 

  
 -66- 

	 	22.3.2	 [***] or [***]; 

  

	 	22.3.3	 [***]; 

  

	 	22.3.4	 in the case of [***], failure to [***] or any other [***] under this Agreement; or 

 

	 	22.3.5	 any other matter to the extent that [***]. 

 

	22.4	 Save in respect of liabilities pursuant to the indemnities in [***], Valneva’s [***] arising from or in
connection with this Agreement and the supply of Products pursuant to this Agreement will not [***]: 

  

	 	22.4.1	 in the case of a failure to [***] in accordance with this Agreement or a [***] this Agreement which otherwise
is [***], the [***]; and 

  

	 	22.4.2	 otherwise, a [***] as at the date of [***] of such [***] to the [***] of [***] in respect of liabilities
arising up to [***] the [***] of [***] in respect of liabilities arising in [***] the [***] subject to this [***] discharged prior to the [***] of such liability provided that the [***] shall in no event [***]. 

 

	22.5	 Neither Party shall be entitled under any provision of this Agreement to recover damages, or obtain payment,
reimbursement, restitution or indemnity [***] in respect of the [***]. 

  

	22.6	 Neither Party shall be liable to the other Party for any claim under this Agreement to the extent that the
Party bringing such claim (or any of its Affiliates) [***]. 

  

	22.7	 [***] 

  

	23.	 INSURANCE 

Valneva shall take out and maintain with a reputable commercial insurer such types and amounts of liability insurance to cover liabilities
related to its activities under this Agreement for product liability claims, and for such other losses as are normal and customary in the pharmaceutical industry generally for Persons similarly situated, and shall upon request provide to the
Authority evidence of its insurance coverage. Such policies shall include product liability insurance, clinical trial insurance, manufacturing insurance and general liability insurance, and shall remain in effect throughout the Territory and the
Term and for a period of [***] thereafter, each with a minimum limit of indemnity of [***] per claim and per annum or such other sum as may be agreed between the Authority and Valneva in writing and subject to other standard exclusions, limitations
and terms. 
  

	24.	 FORCE MAJEURE 

 

	24.1	 If a Party is prevented from or delayed in performing any of its obligations under the Agreement by a Force
Majeure then: 

  

	 	24.1.1	 the relevant obligations under this Agreement shall be suspended for as long as the Force Majeure continues and
the affected Party shall not be in breach of this Agreement or otherwise liable for any such failure or delay in the performance of such obligations; 

  
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	 	24.1.2	 as soon as reasonably practicable after the start of the Force Majeure, the affected Party shall notify the
other Party of the nature of the Force Majeure and the likely effects of the Force Majeure on its ability to perform its obligations under this Agreement; and 

 

	 	24.1.3	 as soon as reasonably practicable after the end of the Force Majeure, the affected shall notify the other Party
that the Force Majeure has ended, and shall resume performance of its obligations under this Agreement. 

  

	25.	 DURATION AND TERMINATION 

 

	25.1	 This Agreement commences and takes effect on the Effective Date and shall continue until the date on which
quantities of Conforming Product equal to the volumes in the Orders have been Delivered in full to Authority (the “Initial Term”), unless and to the extent this Agreement is (i) terminated earlier by a Party or the Parties in
accordance with the provisions of this clause 25; or (ii) extended by agreement between the Parties (the “Term”). 

  

	25.2	 The Authority shall be entitled to terminate this Agreement upon [***] written notice to Valneva if the Product
presents material safety issues, or significantly lacks efficacy [***] which on a reasonable and objective basis does not readily support the continuation of the Development of the Product for use within the Field, or the Product or is otherwise
discontinued or withdrawn from the market in any country for safety, quality or regulatory reasons provided that the Authority shall have entered into good faith discussions with Valneva during the notice period regarding such issues and shall have
taken reasonable account of any relevant information provided by Valneva to it before the end of the notice period. 

  

	25.3	 A Party who has been served notice of a Force Majeure event pursuant to clause 24 by the other Party may
service written notice to terminate this Agreement if the Force Majeure event has led to the suspension of the affected Party’s obligations for [***] or more. 

 

	25.4	 Either Party (the “Terminating Party”) shall be entitled to terminate this Agreement before
the expiry of the Term in its sole discretion and upon written notice to that effect to the other Party, for material breach of this Agreement, by the other Party (the “Breaching Party”), if: 

 

	 	25.4.1	 subject to clause 25.4.2, the Breaching Party fails to comply with any of the material obligations under this
Agreement, the consequences of which are material in the context of this Agreement taken as a whole, and fails to remedy the violation or breach within [***] (in each case, the “Cure Period”) of being notified of such breach in
writing by the Terminating Party. In such event, the right of the Terminating Party to claim damages for breach of contract shall remain unaffected; 

  

	 	25.4.2	 the Breaching Party may during the Cure Period commence legal proceedings to challenge the validity of the
notice served by the Terminating Party alleging that the Breaching Party has committed a material breach of this Agreement, in which case, termination shall not occur until the court makes a decision (which decision is not capable of appeal or which
is not appealed within the time limited allowed for appeal) that the event(s) specified in the Terminating Party’s written notice does entitle the Terminating Party to terminate this Agreement. 

  
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	25.5	 It is expressly acknowledged that neither Party shall be in breach of this Agreement to the extent its failure
to perform, or its delay in performing, any obligation under this Agreement is as a result of the other Party’s failure to perform, or delay in performing the obligations set out in this Agreement upon which the first Party’s performance
is dependent. 

  

	25.6	 The Authority shall be entitled to terminate this Agreement before the expiry of the Term, [***] written notice
to that effect to Valneva, provided however, that: 

  

	 	25.6.1	 the Authority shall upon termination, pay the balance of the following amounts: 

 

	 	(a)	 any Adjuvant Commitment existing prior to the date of notice of termination; and/or 

 

	 	(b)	 any amounts in respect of Required Commitments and which, at the time of notice, are Irrevocably Committed and
the provisions of clause 7.8 shall continue to apply; and/or 

  

	 	(c)	 any amounts in respect of [***] which, at the time of notice, are Irrevocably Committed, it being acknowledged
that upon commencement of the [***] or the [***], the [***] associated with [***] of that particular [***] will be Irrevocably Committed, but it being further acknowledged that Valneva will use Commercially Reasonable Efforts to mitigate and
minimise any such costs upon early termination of this Agreement including by way of early termination of that [***]; and/or 

  

	 	25.6.2	 Valneva shall not be obliged to refund or repay any Paid Amount; 

 

	 	25.6.3	 clause 7.11 shall apply and the Net Funding shall be the relevant specified amount; and 

 

	 	25.6.4	 Valneva shall use Commercially Reasonable Efforts to mitigate and minimise any such costs payable pursuant to
clause 25.6.1. 

  

	25.7	 The Authority shall be entitled to terminate this Agreement before the expiry of the Term upon written notice
to that effect to Valneva if there is any Loss of Supply. Upon termination under this clause, the provisions of clause 9.8 shall apply and clause 26.1.2 shall not apply. 

 

	25.8	 The Authority shall be entitled to terminate this Agreement in accordance with its rights under:

  

	 	25.8.1	 clause 4.17; or 

  

	 	25.8.2	 clause 13.7.4 whereupon the provisions of clause 13.7.4(b) shall continue to apply. 

  
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	25.9	 The Authority shall be entitled to terminate this Agreement before the expiry of the Term in its sole
discretion and upon written notice to that effect to Valneva, as detailed below and to the extent permitted by Applicable Laws, if: 

  

	 	25.9.1	 any resolution is passed, or application made, in relation to Valneva for a moratorium on the payment of its
debts, or for its dissolution, liquidation, winding-up or administration; or 

  

	 	25.9.2	 a receiver, liquidator, administrator or administrative receiver (or equivalent officer) is appointed over
Valneva or its undertaking or all or a substantial part of its assets; or 

  

	 	25.9.3	 Valneva suffers any event in any jurisdiction to which it is subject that has an effect equivalent or similar
to any of the events described in this clause 25.9; or 

  

	 	25.9.4	 Valneva ceases or threatens to cease to carry on business. 

 

	25.10	 The Authority shall be entitled to terminate this Agreement before the expiry of the Term in its sole
discretion and upon written notice: 

  

	 	25.10.1	 if Valneva undergoes a change of control within the meaning of sections 450 and 451 of the Corporation Tax Act
2010 (other than for an intra-group change of control) without the prior written consent of the Authority and the Authority shall be entitled to withhold such consent if, in the reasonable opinion of the Authority, the proposed change of control
will have a material impact on the performance of this Agreement or the reputation of the Authority; 

  

	 	25.10.2	 in accordance with its rights under clause 17.2.1, 31.8 or 31.10; 

 

	 	25.10.3	 if Valneva purports to assign, sub-contract, novate, create a trust in
or otherwise transfer or dispose of this Agreement in breach of its terms, including those at clauses 35.5 and 35.6; 

  

	 	25.10.4	 Valneva commits a material breach of its obligation to notify the Authority of any Occasion of Tax Non-Compliance as required by clause 32 or Valneva fails to provide details of proposed mitigating factors as required by clause 32 that in the reasonable opinion of the Authority are acceptable; or

  

	 	25.10.5	 there has been a material failure having material consequences, by Valneva and/or one of its Affiliates and/or
Subcontractors to comply with material legal obligations applicable in the Territory in the fields of environmental, social or labour law. Where the failure to comply with legal obligations in the fields of environmental, social or labour law is a
failure by one of Valneva’s Subcontractors, the Authority may request the replacement of such Subcontractor and Valneva shall comply with such request as an alternative to the Authority terminating this Agreement under this clause 25.10.5

  
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	26.	 CONSEQUENCES OF TERMINATION 

 

	26.1	 Upon expiry or termination of this Agreement for any reason: 

 

	 	26.1.1	 the Authority shall pay the Price and any other sums which in each case are owed to Valneva pursuant to this
Agreement at the date of expiry or termination within [***] of the date of invoice for the same save to the extent any sums due or payable are applicable to (i) any act or omission by Valneva or its Affiliates that amounts to a breach of this
Agreement; or (ii) any payment of the [***] where notice to terminate pursuant to clause 25.2 has been served within [***] of such invoice; or (iii) any Orders to the extent the same have been cancelled or reduced as a consequence of a
Loss of Supply and for which Product has not been Delivered pursuant to this Agreement; 

  

	 	26.1.2	 other than for a termination pursuant to clause 25.4, 25.6, 25.9 or 25.10, save where otherwise specified, upon
such Termination, the Authority shall be required to pay to Valneva, any amounts Irrevocably Committed by Valneva in respect of Required Commitments or [***] save to the extent any sums are the subject of any act or omission by Valneva or its
Affiliates that amounts to a breach of this Agreement; 

  

	 	26.1.3	 each Party shall use Commercially Reasonable Efforts to mitigate both (a) the damages (if any) that would
otherwise be recoverable from the other pursuant to this Agreement, and (b) any costs, fees, expenses or losses that may be incurred by a Party, or for which a Party may be responsible, under this Agreement, by taking appropriate and reasonable
actions to reduce or limit the amount of such damages, costs, fees, expenses or losses; 

  

	 	26.1.4	 the provisions of clause 7.11 shall apply and the Net Funding shall be the relevant specified amount in such
clause; 

  

	 	26.1.5	 any provision of this Agreement which expressly or by implication is intended to come into or continue in
force, including clauses 1, 7.8, 7.11, 7.12, 9.8, 12.2, 14 (to the extent that payments to Valneva or the Authority are due or still owing), 15, 16, 18.1, 20, 21, 22, 23, 26, and 31, shall remain in full force and effect. 

 

	26.2	 Expiry or termination of this Agreement for any reason shall be without prejudice to either Party’s other
rights and remedies or to any accrued rights and liabilities as the date of such expiry or termination which shall survive such termination or expiry. 

  

	26.3	 For the avoidance of doubt, expiry or termination of this Agreement shall terminate any Order placed under or
pursuant to this Agreement which has not been, or to the extent it has not been, fulfilled at the date of expiry or termination. 

  

	27.	 DATA PROTECTION 

 

	27.1	 Each Party shall comply with Data Protection Laws in respect of any Personal Data provided to it by the other
Party under, or in connection with the performance of its obligations under, this Agreement or in the case of the Authority, related to the use of the Product by the Authority or any person to whom it is supplied pursuant to this Agreement. In
particular, in respect of such Personal Data, each Party agrees to comply with the obligations placed on it by the Principle (f) (the “Integrity Principle”) set out in the Data Protection Laws. 

  
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	27.2	 Both Parties agree to use all reasonable efforts to assist each other to comply with Data Protection Laws,
including in relation to subject access requests. 

  

	28.	 INTERNATIONAL ACCESS 

 

	28.1	 Valneva shall discuss with the Authority and other national governments with a view to ensuring that in
addition to fulfilling the Authority’s [***], the Product may also be made available to developing countries around the world to help control the pandemic in the Field. For the avoidance of doubt, this provision does not restrict in any way
Valneva’s right to contract with other national governments or any other Third Party, nor does it restrict Valneva from fulfilling its obligations under this Agreement or any other agreement. 

 

	29.	 GUARANTEE 

  

	29.1	 Parent shall procure the performance of the obligations of Valneva hereunder and shall remedy any non-performance or breach thereof. Accordingly, as a condition to this Agreement, Parent shall enter into the guarantee in the form set out in Schedule 12. 

 

	30.	 INDEPENDENT CONTRACTORS 

Valneva is acting as an independent contractor under this Agreement. Nothing in this Agreement or any circumstances associated with it or its
performance give rise to any relationship of agency, partnership or employer and employee between the Authority and Valneva or between the Authority and any Valneva Representative, nor authorise either Party to make or enter into any commitments for
or on behalf of the other Party. 
  

	31.	 RIGHT OF AUDIT, CONFLICTS OF INTEREST AND PREVENTION OF FRAUD 

 

	31.1	 Valneva shall keep secure and maintain for the Term of this Agreement and [***] (or from the date of the last
delivery, if later), or such longer period as may be agreed between the Parties, full and accurate records of all matters relating to this Agreement. 

  

	31.2	 Valneva shall grant to the Authority or its authorised agents, such access to those records as they may
reasonably require (i) in order to check Valneva’s compliance with this Agreement, and (ii) for the purposes of any examination pursuant to section 6(1) of the National Audit Act 1983 of the economic efficiency and effectiveness with
which the Authority has used its resources. 

  

	31.3	 The Comptroller and Auditor General may examine such documents as they may reasonably require which are owned,
held or otherwise within the control of Valneva and may require Valneva to provide such oral and/or written explanations as they consider necessary. This clause does not constitute a requirement or agreement for the examination, certification or
inspection of the accounts of Valneva under section 6(3)(d) and 6(5) of the National Audit Act 1983. 

  

	31.4	 The Authority shall have the right, upon having reasonable grounds to suspect or believe that there has been a non-compliance, to audit Valneva’s compliance with this Agreement. Valneva shall permit or procure permission for the Authority or its authorised representative during normal business hours having given advance
notice of no less than [***], access to any premises and facilities, books and records used in the performance of Valneva’s obligations under this Agreement. 

  
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	31.5	 Should Valneva subcontract any of its Manufacturing obligations under this Agreement (including in respect of
fill/finish obligations), Valneva will use Commercially Reasonable Efforts to ensure that the relevant subcontract permits the Authority to audit (including but not limited to a financial audit and a full manufacturing audit) and inspect such
Affiliate or Third Party, provided that this requirement shall not apply to any subcontract entered into by Valneva prior to the date of this Agreement. 

  

	31.6	 Valneva shall use Commercially Reasonable Efforts to procure permission for the Authority or its authorised
representative during normal business hours no more than [***] in any [***] having given advance notice of no less than [***], access to any premises and facilities, books and records used in the performance of Valneva’s Manufacturing
obligations under this Agreement, including any that are subcontracted to such Third Party. Valneva shall cooperate with such audit and inspection and accompany the Authority or its authorised representative if reasonably requested to do so.

  

	31.7	 Valneva shall take appropriate steps to ensure that neither Valneva nor any staff is placed in a position
where, in the reasonable opinion of the Authority, there is or may be an actual conflict, or a potential conflict, between the pecuniary or personal interests of Valneva (save as they relate to the terms of this Agreement) and the duties owed to the
Authority under the provisions of this Agreement. Valneva will disclose to the Authority full particulars of any such conflict of interest which may arise. 

  

	31.8	 The Authority reserves the right to terminate this Agreement with immediate effect by giving notice in writing
and/or to take such other steps it deems necessary where, in the reasonable opinion of the Authority, there is an actual conflict, between the pecuniary or personal interests of Valneva (save as they relate to the terms of this Agreement) and the
duties owed to the Authority under the provisions of this Agreement. The actions of the Authority pursuant to this clause 31.7 shall not prejudice or affect any right of action or remedy which shall have accrued or shall thereafter accrue to the
Authority. 

  

	31.9	 Valneva shall take all reasonable steps to prevent Fraud by staff and Valneva in connection with the receipt of
monies from the Authority. Valneva shall notify the Authority immediately if it has reason to suspect that any Fraud has occurred or is occurring or is likely to occur. 

 

	31.10	 If Valneva or its staff commits Fraud in relation to this or any other contract with the Crown (including the
Authority) the Authority may terminate this Agreement. 

  

	32.	 TAX NON-COMPLIANCE 

 

	32.1	 If, at any point during the Term of this Agreement, an Occasion of Tax
Non- Compliance occurs, Valneva shall: 

  

	 	32.1.1	 notify the Authority in writing of such fact within [***] of its occurrence; and 

 

	 	32.1.2	 promptly provide to the Authority: 

  
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	 	(a)	 details of the steps which Valneva is taking to address the Occasion of Tax
Non-Compliance and to prevent the same from recurring, together with any mitigating factors that it considers relevant; and 

 

	 	(b)	 such other information in relation to the Occasion of Tax Non-
Compliance as the Authority may reasonably require. 

  

	33.	 ENVIRONMENTAL CONSIDERATIONS 

 

	33.1	 In complying with its obligations under this Agreement, Valneva shall comply in all material respects with
applicable environmental laws and regulations in force from time to time in relation to the Product. Without prejudice to the generality of the foregoing, Valneva shall: 

 

	 	33.1.1	 comply with all reasonable stipulations of the Authority aimed at minimising the packaging in which the Product
is supplied to the Authority under this Agreement; 

  

	 	33.1.2	 promptly provide such data as may reasonably be requested by the Authority from time to time regarding the
weight and type of packaging according to material types used in relation to the Product supplied to the Authority under this Agreement; 

  

	 	33.1.3	 comply with all obligations imposed on it in relation to the Product supplied to the Authority under this
Agreement by the Producer Responsibility Obligations (Packaging Waste) Regulations 2007 (SI 2007/871) (or any other equivalent legislation giving effect in any part of the European Economic Area to the Packaging and Packaging Waste Directive
94/62/EC as amended); 

  

	 	33.1.4	 without prejudice to Valneva’s other obligations under this Agreement, label all units of the Product
supplied to the Authority under this Agreement, and the packaging of those units, to highlight environmental and safety information as required by Applicable Laws. 

 

	34.	 EQUALITY, NON-DISCRIMINATION, HUMAN RIGHTS AND CONDUCT

  

	34.1	 Valneva shall not: 

  

	 	34.1.1	 engage in any prohibited conduct as defined in part 2 chapter 2 of the Equality Act 2010 (c.15) (the
“Equality Act”) in relation to any protected characteristic (as defined in section 4 of the Equality Act) where this would contravene any provisions of the Equality Act, including part 3 (goods and services) and part 5 (employment);
or 

  

	 	34.1.2	 do (or omit to do) anything else that would amount to a contravention of the Equality Act including part 8
(prohibited conduct: ancillary) and chapter 3 part 5 (equality of terms), 

 in each case where Valneva is required under
Applicable Laws to take, or not take, such action. 

  
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	34.2	 Valneva shall notify the Authority immediately of any investigation of or proceedings against Valneva under the
Equality Act or any predecessor legislation and shall cooperate fully and promptly with any requests of the person or body conducting such investigation or proceedings, including allowing access to any documents or data required, attending any
meetings and providing any information requested. 

  

	34.3	 Other than in respect of Subcontracts entered into prior to the date of this Agreement, Valneva shall use
Commercially Reasonable Efforts to impose on any Subcontractor obligations substantially similar to those imposed on Valneva by this clause 34 where that Subcontractor is subject to the requirements of the Equality Act. 

 

	34.4	 In addition to its obligations under this clause 34 relating to Equality Act, Valneva shall ensure that it
complies with all other applicable current employment legislation and, in particular, the Part-time Workers (Prevention of Less Favourable Treatment) Regulations 2000 (SI 2000/1551), the Fixed-term Employees (Prevention of Less Favourable Treatment)
Regulations 2002, (SI 2002/2034), the National Minimum Wage Regulations 2015 (as amended by the National Minimum Wage (Amendment) Regulations 2016) and any equivalent legislation applicable in Scotland, Northern Ireland and/or Wales or any other
relevant legislation relating to discrimination in the employment of employees 

  

	34.5	 Valneva shall, and shall use reasonable endeavours to ensure that its employees or agents shall, at all times,
act in a way which is compatible with the Convention rights within the meaning of Section 1 of the Human Rights Act 1998 (c.42). 

  

	34.6	 Valneva shall (i) comply with all Applicable Law and Guidance to ensure that there is no slavery or human
trafficking in its supply chains; and (ii) notify the Authority immediately if it becomes aware of any actual or suspected incidents of slavery or human trafficking in its supply chains. 

 

	34.7	 Valneva shall use Commercially Reasonable Efforts to comply with the Supplier Code of Conduct within a
reasonable period from the Commencement Date for the remaining duration of the Agreement. For the avoidance of doubt, if, notwithstanding Valneva’s use of Commercially Reasonable Efforts Valneva is not at any time in full compliance with the
Supplier Code of Conduct, Valneva shall not be considered in breach of this Agreement. 

  

	35.	 MISCELLANEOUS 

 

	35.1	 Notices 

  

	 	35.1.1	 All communications relating to this Agreement shall be in writing and delivered by hand or sent by post to the
Party concerned at the relevant address set out in this clause 35.1 below (or such other address as may be notified from time to time in accordance with this clause 35.1 by the relevant Party to the other Party). Any communication shall take effect:

  

	 	(a)	 if hand delivered, upon being handed personally to the addressee (or, where the addressee is a corporation, any
one of its directors or its secretary) or being left in a letter box or other appropriate place for the receipt of letters at the relevant Party’s address as set out below; 

  
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	 	(b)	 if sent by first class registered post, at 10 a.m. on the second Business Day after posting or if overseas by
international recorded post, at 10 a.m. on the fifth Business Day after posting. 

 No notice served by email shall be
effective. 
  

	 	35.1.2	 A notice sent by post (or the envelope containing it) shall not be deemed to be duly posted for the purposes of
this clause 35.1 unless it is put into the post properly stamped or with all postal or other charges in respect of it otherwise prepaid. 

For Notices to the Authority: 

Secretary of State, Department for Business, Energy and Industrial Strategy 

1 Victoria St 
 Westminster 

London SW1H 0ET 
 Attn: Director
General of the UK Vaccine Taskforce 
 With a copy to : Permanent Secretary, Department for Business, Energy & Industrial Strategy
at the above address. 
 For Notices to Valneva: 

Valneva Austria GmbH 
 Campus
Vienna Biocenter 3 
 1030 Vienna 

Austria 
 Attn: [***] 

With a copy to: 
 Valneva SE

 6 rue Alain Bombard 
 44800
Saint Herblain 
 France 

Attn: [***] 
 [***] 

 

	35.2	 Variation and Waiver 

 

	 	35.2.1	 No amendment or variation of the terms of this Agreement shall be effective unless it is made or confirmed in a
written document signed by both Parties to this Agreement. 

  

	 	35.2.2	 Any waiver of any right, obligation or remedy under, or compliance with or breach of any provision of, this
Agreement must be expressly stated in writing to be such a waiver, must specify the right, remedy, obligation, provision or breach to which it applies and must be signed by an authorised signatory of each of the Parties granting the waiver. If
either Party waives any right, obligation or remedy 

  
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under, or compliance with or breach of any provision of this Agreement, it can still enforce that right, obligation or provision or claim that remedy subsequently and that waiver shall not be
deemed to be a waiver of any subsequent breach of that or any other provision or of any other right, obligation or remedy. 

  

	 	35.2.3	 The rights and remedies of either Party in respect of this Agreement shall not be diminished, waived or
extinguished by the granting of any indulgence, forbearance or extension of time by either Party to the other nor by any failure to ascertain or exercise, or any delay in ascertaining or exercising, any such rights or remedies.

  

	 	35.2.4	 The discontinuance, abandonment or adverse determination of any proceedings taken by either Party to enforce
any right or any provision of this Agreement shall not operate as a waiver of, or preclude any exercise or enforcement or (as the case may be) further or other exercise or enforcement by that Party of, that or any other right or provision.

  

	 	35.2.5	 All references in this clause 35.2 to any right or remedy shall include any power, right or remedy conferred by
this Agreement on, or provided by law or otherwise available to, the relevant Party; and any right not being exercised shall include any partial exercise of that right and any circumstances in which the relevant Party does not insist on the strict
performance of any provision of this Agreement. 

  

	 	35.2.6	 The giving by either Party of any consent to any act which by the terms of this Agreement requires that consent
shall not prejudice the right of that Party to withhold or give consent to the doing of any similar act. 

  

	35.3	 Counterparts 

  

	 	35.3.1	 This Agreement may be executed in any number of counterparts, and by the Parties on separate counterparts, but
shall not be effective until each Party has executed at least one (1) counterpart. Each counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute the one agreement. 

 

	 	35.3.2	 Delivery of a copy of this Agreement together with an executed signature page of a counterpart in AdobeTM
Portable Document Format (PDF) sent by electronic mail shall take effect (subject to clause 35.11) as delivery of an executed counterpart of this Agreement. If this method is adopted, without prejudice to the validity of this Agreement, each Party
shall provide the other with a hard copy original of that executed counterpart as soon as reasonably practicable thereafter. 

  

	35.4	 Invalidity 

Each provision of this Agreement is severable and distinct from the others. The Parties intend that each of those provisions shall be and
remain valid and enforceable to the fullest extent permitted by Applicable Laws. If all or any part of any such provision is held to be or at any time becomes to any extent invalid, illegal or unenforceable for any reason under any enactment or rule
of law, it shall to that extent be deemed not to form part of this Agreement but (except to that extent in the case of that provision) it and all 

  
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other provisions of this Agreement shall continue in full force and effect and their validity, legality and enforceability shall not be affected or impaired as a result, subject to the operation
of this clause 35.4 not negating the commercial intent and purpose of the Parties under this Agreement. 
  

	35.5	 Assignment 

  

	 	35.5.1	 A Party may, but only with the other Party’s prior written consent, assign or transfer, in whole or in
part, this Agreement or any of its rights and obligations under this Agreement to one or more of its Affiliates. 

  

	 	35.5.2	 Valneva will procure that, before any assignee subsequently ceases to be a member of Valneva’s Group, the
assignee shall assign back to Valneva for the purposes of this clause, so much of the benefit of this Agreement as has been assigned to it. 

  

	 	35.5.3	 Valneva may, but only with the Authority’s prior written consent, assign or transfer, in whole or in part,
this Agreement or any of its rights and obligations under this Agreement to any Third Party, but otherwise may not assign this Agreement, in whole or part, to any Third Party. 

 

	 	35.5.4	 Where this clause applies in accordance with clause 13.7.4(c): 

 

	 	(a)	 the Authority may, with Valneva’s consent (such consent not to be unreasonably withheld or delayed) assign
in whole or in part its rights and obligations under this Agreement to one or more Third Parties and where the Authority assigns part of its rights and obligations the Authority shall be entitled to specify the extent to which each of the Authority
and each assignee shall be entitled to the benefit of such rights and responsible for the burden of such obligations; and 

  

	 	(b)	 Valneva shall make Commercially Reasonable Efforts to support the Authority in any process whereby the
Authority seeks to secure assignees of the whole or parts of its rights and obligations under this Agreement, including the provision to the Authority and potential assignees of reasonable diligence materials and access to management and technical
experts for diligence purposes provided that in the case of each potential assignee such assignee has first executed a non-disclosure agreement in favour of Valneva on terms reasonably acceptable to Valneva.

  

	 	35.5.5	 Any permitted assignment or transfer by one Party shall be effective only if the relevant assignee confirms in
writing to, and upon receipt by, the other Party that it shall fully adhere to all the provisions of this Agreement as if it were an original party to this Agreement. 

 

	 	35.5.6	 This Agreement shall be binding on and inure for the benefit of the successors and permitted assignees of the
Parties. 

  
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	35.6	 Sub-contracting 

 

	 	35.6.1	 Valneva may, without the need for the Authority’s consent but subject to clause 35.6.2, sub-contract or delegate its obligations or services to be provided under this Agreement to one or more of its Affiliates and/or to any Third Party consultant or contractor (a “Subcontractor”).

  

	 	35.6.2	 Valneva shall at all times remain responsible and liable to the Authority for the acts or omissions of
Valneva’s Affiliates and Subcontractors to whom Valneva sub-contracts or delegates any of its obligations, as if those acts or omissions were of its own. 

 

	35.7	 No Rights of Third Parties 

Save as provided in this Agreement, including pursuant to clause 21, a person who is not a Party to this Agreement or an Affiliate of such
Party shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. Notwithstanding any rights any Third Party may have by virtue of the foregoing, the Parties to this Agreement may vary,
amend or terminate this Agreement without seeking the consent of any Third Party whose rights may be affected. 
  

	35.8	 Costs 

Each Party will be responsible for all costs incurred by it or on its behalf in connection with this Agreement. 

 

	35.9	 Entire Agreement 

This Agreement, and any agreement or document referred to in it, together with the schedules herein contains the entire agreement between the
Parties with respect to the subject matter of this Agreement, and supersedes all previous agreements and understandings between the Parties with respect to that subject matter (including without limitation, the Confidentiality Agreement, Heads of
Terms and Commitment Letter each of which is hereby terminated, save for those terms in each such agreement that expressly survive termination). Each Party acknowledges that, in entering into this Agreement and the agreements and documents referred
to in it, it does not rely on any statement, representation, assurance or warranty (whether it was made negligently or innocently) of any person (whether a Party to this Agreement or not) which is not expressly set out in this Agreement or those
documents (a “Representation”), and that it shall have no cause of action against the other Party arising out of any Representation except in respect of any fraudulent misrepresentation by the other Party. 

 

	35.10	 Governing Law and Jurisdiction 

 

	 	35.10.1	 This Agreement and any issues, disputes or claims arising out of or in connection with it (whether contractual
or non-contractual in nature, including claims in tort or for breach of any statute or Applicable Law) shall be governed by and construed in accordance with English law. 

 

	 	35.10.2	 If a dispute arises between the Parties in connection with or relating to this Agreement (a
“Dispute”), either Party shall have the right to refer such Dispute to senior representatives [***] for attempted resolution by good faith negotiations during a period of [***]. Any final decision mutually agreed to by such senior
officers in writing shall be conclusive and binding on the Parties. 

  
 -79- 

	 	35.10.3	 Subject to clause 35.10.2, each Party irrevocably submits to the exclusive jurisdiction of the English courts
to settle any dispute which may arise under or in connection with this Agreement or the legal relationships established by this Agreement. 

  

	35.11	 Further Assurance 

Each Party shall, with respect to its obligations, take such action or procure that such action is taken as is reasonable in order to fulfil
its obligations and implement the terms of this Agreement or any transaction, matter or thing contemplated by this Agreement. 
  

	35.12	 Delivery of Agreement 

The Parties do not intend this Agreement to be delivered by, or to become legally binding on, any of them until the date of this Agreement is
written at its head, notwithstanding that one or more of them may have executed this Agreement prior to that date being inserted. 
 IN WITNESS
WHEREOF, the Parties have caused this Agreement to be executed in two counterparts by their respective duly authorised representatives as of the date set forth at the beginning of this Agreement. 

  
 -80- 

					
	SIGNED by [***]	 	, )	 	
	Authorised Signatory for and on behalf of	 		 	
	VALNEVA S.E.	 	  )	 	    [***]
			
	SIGNED by [***]	 	, )	 	
	Authorised Signatory for and on behalf of	 		 	
	VALNEVA AUSTRIA GMBH	 	  )	 	    [***]
			
	SIGNED by [***]	 	, )	 	
	Authorised Signatory for and on behalf of	 		 	
	VALNEVA AUSTRIA GMBH	 	  )	 	    [***]
			
	SIGNED by [***]	 	, )	 	
	Authorised Signatory for and on behalf of	 		 	
	THE SECRETARY OF STATE FOR
BUSINESS, ENERGY AND
INDUSTRIAL STRATEGY	 	  )	 	    [***]

  
 -81- 

 SCHEDULE 1 

CANDIDATE, PRODUCT AND SPECIFICATIONS 

[***] 

  
 -82- 

 SCHEDULE 2 

FACILITIES 
 [***] 

  
 -83- 

 SCHEDULE 3 

KEY PERFORMANCE INDICATORS AND MEETING SCHEDULE 

[***] 

  
 -84- 

 SCHEDULE 4 

DEVELOPMENT PLAN 
 [***]

  
 -85- 

 SCHEDULE 5 

FACILITY PLAN 
 [***] 

  
 -86- 

 SCHEDULE 6 

MANUFACTURING PLAN 
 [***]

  
 -87- 

 SCHEDULE 7 

DELIVERY SCHEDULE 
 [***]

  
 -88- 

 SCHEDULE 8 

DOCUMENTATION & INFORMATION TO ACCOMPANY DELIVERIES 
  

	 	•	 	 Pack list and quantity of Doses 

 

	 	•	 	 Certificate of Conformance and Analysis (and where relevant, Certificate of Origin) Product description

  

	 	•	 	 Batch details 

  

	 	•	 	 Expiry date 

  

	 	•	 	 Certification on storage and transport temperature control Storage and transport instructions

  

	 	•	 	 Other information and notices required by the Marketing Authorisation and Applicable Laws. 

 

	 	•	 	 Quality Person contact details 

Note: some of the information required above may be provided aggregated with other data in one document. 

  
 -89- 

 APPENDIX 1 

INITIAL ORDER FORM 

  
 -90- 

					
	

	  		  	
	 Department for

Business, Energy
 & Industrial Strategy
	  	 1 Victoria Street
 London SW1H
0ET
	  	 T   +44 (0) 20 7215 5000

E   www.beis.gov.uk/contact

 
 www.beis.gov.uk

 Valneva S.E. 
 Valneva Austria
GmbH (collectively “Valneva”) 
 Campus Vienna Biocenter 3 

1030 Vienna 
 Austria 

Order 
 pursuant to the
Supply Agreement dated 13th September 2020 
 We refer to the Supply Agreement between Valneva S.E., Valneva Austria GmbH and The Secretary of State for
Business, Energy and Industrial Strategy dated September 2020 (“Agreement”). Capitalised terms used in this Order have the meaning set forth in the Agreement. 

The Authority hereby places an Order with Valneva as required by Clause 8.1 of the Agreement for thirty million (30m) Regimens of the Product to be Delivered
pursuant to the terms of the Agreement. This Order is placed exclusively on the terms of the Agreement. 
 Yours faithfully 

[***] 
 Authorised Signature 

For and on behalf of the Department for Business Energy and Industrial Strategy 

  
 -91- 

 [***] = 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. 

DATED 17th DECEMBER 2020 

VALNEVA SE 
 VALNEVA
AUSTRIA GMBH 
 AND 

THE SECRETARY OF STATE FOR BUSINESS, ENERGY AND INDUSTRIAL STRATEGY 

 
  

FIRST AMENDMEMENT AGREEMENT TO THE 

SARS-COV2 VACCINE SUPPLY AGREEMENT 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	1.	 	 DEFINITIONS
	  	 	1	 
	2.	 	 AMENDMENTS
	  	 	1	 
	3.	 	 MISCELLANEOUS
	  	 	1	 

  
 -i- 

 THIS AMENDMENT AGREEMENT (“Amendment Agreement”) is dated 17th December 2020 (“Amendment Date”) and made between: 
  

	(1)	 VALNEVA S.E., a company registered in France (company number 422,497,560) whose registered address is at
6 rue Alain Bombard 44800 Saint Herblain, France (“Parent”); and 

  

	(2)	 VALNEVA AUSTRIA GMBH, a company registered in Austria (company number FN 389960 x /HG Wien) whose
registered address is at Campus Vienna Biocenter 3, 1030 Vienna, Austria (“Valneva”); and 

  

	(3)	 THE SECRETARY OF STATE FOR BUSINESS, ENERGY AND INDUSTRIAL STRATEGY, acting on behalf of the Crown,
whose principal office is at 1 Victoria Street, London, SW1H 0ET (the “Authority”), 

 (each a
“Party”, and collectively the “Parties”). 
 INTRODUCTION 

 

	(A)	 On 13 September 2020 the Parties entered into a supply agreement under which Valneva agreed to supply the
Authority with the Product (“Supply Agreement”). 

  

	(B)	 The Parties now wish to vary certain term of the Supply Agreement as set out in this Amendment Agreement.

 IT IS AGREED that: 
  

	1.	 DEFINITIONS 

1.1 In this Amendment Agreement, words and expressions shall have the same meanings as in the Supply Agreement unless expressly stated
otherwise. 
 1.2 The rules of interpretation set out in clause 1.2 and 1.3 of the Supply Agreement are incorporated herein by
reference though set out herein, mutatis mutandis. 
  

	2.	 AMENDMENTS 

2.1 The date of [***] in clause 8.2 of the Supply Agreement is deleted and is replaced with [***]. 

2.2 The date of [***] in clause (b) at Schedule 7 of the Supply Agreement is deleted and is replaced with [***]. 

 

	3.	 MISCELLANEOUS 

3.1 The provisions of clause 35 of the Supply Agreement are incorporated herein by reference as though set out herein, mutatis
mutandis, provided that this Amendment Agreement together with the Supply Agreement (as amended on the terms herein) constitutes the entire agreement between the Parties as set forth in clause 35.9. 

3.2 Save for the amendments to the Supply Agreement as expressly provided for in clause 2 of this Amendment Agreement, no other
amendments are made to the Supply Agreement and all other terms and conditions of the Supply Agreement in force as of the Amendment Date will remain in full force and effect and are not affected by this Amendment Agreement. 

 3.3 The Supply Agreement shall be subject to the provisions of this Amendment
Agreement and where there is any conflict between the provisions of this Amendment Agreement and the Supply Agreement, the provisions of this Amendment Agreement shall prevail. 

3.4 Nothing in this Amendment Agreement or the amendment of the Supply Agreement shall constitute any waiver. 

IN WITNESS WHEREOF, the Parties have caused this Amendment Agreement to be executed in three counterparts by their respective duly
authorised representatives as of the date set forth at the beginning of this Amendment Agreement. 
  

					
	SIGNED by [***], President & CEO	 	, )	 	
	Authorised Signatory for and on behalf of	 		 	
	VALNEVA S.E.	 	  )	 	     [***]

			
	SIGNED by [***], President & CBO	 	, )	 	
	Authorised Signatory for and on behalf of	 		 	
	VALNEVA S.E.	 	  )	 	     [***]

			
	SIGNED by [***], Managing Director	 		 	
	Authorised Signatory for and on behalf of	 		 	
	VALNEVA AUSTRIA GMBH	 		 	     [***]

			
	SIGNED by [***], Managing Director	 	, )	 	
	Authorised Signatory for and on behalf of	 		 	
	VALNEVA AUSTRIA GMBH	 	  )	 	     [***]

			
	SIGNED by [***], Director General	 		 	
	Vaccine Taskforce	 	  )	 	
	Authorised Signatory for and on behalf of	 		 	
	THE SECRETARY OF STATE FOR BUSINESS,	 		 	
	ENERGY AND INDUSTRIAL STRATEGY	 	  )	 	     [***]

  
 2 

 [***] = 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. 

Execution Version 
 DATED
30 JANUARY 2021 
 VALNEVA SE 

VALNEVA AUSTRIA GMBH 
 AND 

THE SECRETARY OF STATE FOR BUSINESS, ENERGY AND INDUSTRIAL STRATEGY 

 
  

SECOND AMENDMENT AGREEMENT TO THE 

SARS-COV2 VACCINE SUPPLY AGREEMENT 
  

 

  
 -i- 

 CONTENTS 
  

							
	1.	 	 DEFINITIONS
	  	 	1	 
			
	2.	 	 AMENDMENTS
	  	 	2	 
			
	3.	 	 EXERCISE OF FOLLOW ON ORDER
	  	 	12	 
			
	4.	 	 MISCELLANEOUS
	  	 	12	 

  
 -ii- 

 THIS AMENDMENT AGREEMENT (“Second Amendment Agreement”) is dated 30 January 2021
(“Amendment Date”) and made between: 
 1. VALNEVA S.E., a company registered in France (company number 422,497,560) whose registered
address is at 6 rue Alain Bombard 44800 Saint Herblain. France (“Parent”); and 
 2. VALNEVA AUSTRIA GMBH, a company registered in
Austria (company number FN 389960 x /HG Wien) whose registered address is at Campus Vienna Biocenter 3, 1030 Vienna, Austria (“Valneva”); and 

3. THE SECRETARY OF STATE FOR BUSINESS, ENERGY AND INDUSTRIAL STRATEGY, acting on behalf of the Crown, whose principal office is at 1 Victoria
Street. London, SW1H 0ET (the “Authority”), (each a “Party”, and collectively the “Parties”). 

INTRODUCTION 
  

	 	(A)	 On 13 September 2020 the Parties entered into a supply agreement under which Valneva agreed to supply the
Authority with the Product (“Supply Agreement”) that is targeted against the Original Strain (as defined below) and which is known as VAL2001_Covidl9 (“Original Product”). 

 

	 	(B)	 On 17 December 2020 the Parties entered into an amendment agreement under which the Parties agreed to
delay the deadline for the Authority to exercise the Follow On Order to [***] (“First Amendment Agreement”). 

  

	 	(C)	 The Parties now wish to further amend certain terms of the Supply Agreement, as amended by the First Amendment
Agreement, as set out in this Second Amendment Agreement in conjunction with the exercise of the Follow On Order to include mechanisms to address future variants through New Vaccines, changes to the Production Schedule and/or Delivery Schedule to
provide the Authority with greater flexibility to manage receipt and deployment of the Product, variations to the payment terms for the Follow On Order, and secure assistance from Valneva to re-sell doses of
the Product which are not required by the Authority. 

  

	 	(D)	 Under the Supply Agreement, the Authority has the right to exercise an option for the Manufacture and Delivery
of additional Product pursuant to a Follow On Order. The Authority now wishes to record the valid exercise of its option to such Follow On Order. 

IT IS AGREED that: 
  

	1.	 DEFINITIONS 

  

	1.1	 In this Second Amendment Agreement, words and expressions shall have the same meanings as in the Supply
Agreement (as amended) unless expressly stated otherwise. 

  

	1.2	 The rules of interpretation set out in clause 1.2 and 1.3 of the Supply Agreement (as amended) are
incorporated herein by reference as though set out herein, mutatis mutandis. 

	2.	 AMENDMENTS 

With effect from the Amendment Date, the Parties hereby agree that the Supply Agreement (as amended) shall be further amended to reflect and implement the
following amendments: 
  

					
	 	  	 Reference
	  	 Amendment

			
	1.	  	New Clause 4.21 shall be inserted as follows	  	 “Product Modifications
  

4.21  Without prejudice to the foregoing Development obligations, if a variant to or new strain of (each a
“Variant”) the original SARS-CoV-2 coronavirus 2019 virus strain (being that identified as the cause of the pandemic outbreak in early 2020
(“Original Strain”)) is detected and verified by any Governmental Authority as an actual or potential threat, then:
  

4.21.1. the Parties shall, upon written notice, promptly and in good faith discuss and explore the effectiveness
of the Original Product on prophylaxis and vaccination against the Variant including as to whether Valneva’s Original Product is shown to be, or is reasonably considered to be, materially less effective or ineffective against such Variant;

 
 4.21.2. following, or in conjunction with
the discussions under Clause 4.21.1, the Parties shall promptly and in good faith discuss and explore the feasibility of and what would be involved (including the timelines, [***] and impact on the Original Product) in modifying the Original Product
and/or [***] a new vaccine product, in each case, to target the Variant for prophylaxis and vaccination against the Variant and/or to improve the effectiveness of the Original Product to target the Variant (each being a “New
Vaccine”);

  
 2 

					
	 	  	 Reference
	  	 Amendment

			
		  		  	 4.21.3. the Authority shall have the right, to serve a written notice (each being a
“Variant Notice”) initiating the process set out in clause 4.21.5 for the [***] of each New Vaccine set forth in the Variant Notice;
  

4.21.4. the provisions of clause 4.18 shall apply, mutatis mutandis, to any New Vaccine with references therein
to “Product” being construed as New Vaccine;
  

4.21.5  upon exercise of a Variant Notice by the Authority: (A) the Parties shall promptly discuss
and in good faith and acting reasonably agree (i) a sensible and proportionate [***] and Manufacture of the New Vaccine (to be agreed on an equivalent basis to [***] for the Follow On Order); (ii) a timeline. [***] (by reference to the existing
[***]) and Manufacturing plan (by reference to the existing Manufacturing Plan) for [***] Manufacturing the New Vaccine; (iii) any amendments to this Agreement necessary to give effect to the Parties’ intention for Valneva to undertake the
[***] Manufacture of the New Vaccine for supply to the Authority upon terms equivalent to (but subject to variation based on the Parties’ agreement on the [***] and timeline to be agreed above) the terms for the [***], Manufacturing and supply
of the Original Product including the substitution of any volume of Original Product that is subject to an Order but pending Delivery for the New Vaccine (being together a “New Vaccine Amendment”); and (B) following agreement of a New
Vaccine Amendment. Valneva shall use Commercially Reasonable Efforts to [***] Manufacture the New Vaccine for supply under this Agreement.

  
 3 

					
	 	  	 Reference
	  	 Amendment

			
		  		  	 For the purposes of this clause 4.21, references to the “Product” in the definitions of [***] Manufacture (and other
definitions used therein) shall be construed, where the context requires, to mean the New Vaccine. Until a New Vaccine Amendment is concluded the Authority shall not be liable to Valneva for any [***] Manufacturing activities relating to a New
vaccine or pursuant to a variant Notice, and Valneva shall have no obligations to the Authority in that same regard.”
  

	2.	  	New Clause 5.21 shall be inserted as follows	  	 “New Vaccines
  

5.21  If a New Vaccine is being Developed by Valneva and which has not been the subject of a New Vaccine
Amendment, then upon written notice from the Authority pursuant to this clause 5.21 the Parties shall discuss in good faith the right for the Authority to substitute any volume of Original Product that is subject to an Order but pending Delivery for
the New Vaccine being so Developed. For the avoidance of doubt, the price of a New Vaccine so Developed is to be the subject of a [***] commercial agreement between the Parties, as part of these good faith discussions but having regard to [***].

 

	3.	  	Clause 6.4 shall be replaced in its entirety as follows	  	 “6.4   Valneva shall structure and work to its Production Schedule such that
it is able to meet the Delivery Schedule and in doing so shall adapt the Production Schedule so as to use Commercially Reasonable Efforts to minimise the time between Manufacture and Delivery of such Product (in accordance with the Delivery
Schedule) in order to maximise the remaining shelf life of the Product at the time of Delivery beyond the Minimum Shelf Life. With respect to the Production Schedule:
  

6.4.1. Valneva shall keep the Authority promptly and regularly informed of, and any updates to, the Production
Schedule for the Manufacture of each batch of Product and from which batch each tranche of Product will be Delivered (including the anticipated and actual Manufacturing and Delivery
dates);

  
 4 

					
	 	  	 Reference
	  	 Amendment

			
		  		  	 6.4.2. the Authority may notify Valneva, pursuant to this clause 6.4.2, of an intended change
to the Delivery Schedule for Product intended to be Manufactured pursuant to one or more notified batch(es). The Authority will seek to provide such notification as early as reasonably possible in the Manufacturing and Delivery process notified to
it by Valneva;
  
 6.4.3  upon
receipt of any notice of intended change, Valneva shall respond as soon as reasonably practicable to report to the Authority the best estimate of [***] that will be directly incurred, following Commercially Reasonable Efforts to mitigate the same,
as a direct consequence of such intended change to the Production Schedule and/or the Delivery Schedule so requested by the Authority (such [***] being [***]), which [***] shall also be discussed at the Parties’ joint [***] and [***] meeting
which reports to the JSC. For the avoidance of doubt. [***] shall include in respect of the affected Product [***];

  
 5 

					
	 	  	 Reference
	  	 Amendment

			
		  		  	 6.4.4  the Authority may issue a determinative notice of change pursuant to clause 9.2
(following or in
 substitution of a notice under clause 6.4.2) whereupon the Production Schedule impacted by such change shall be
adjusted as follows:
  

(a)   if the Authority delays the date of Delivery of Product under the Delivery Schedule then
Valneva shall use Commercially Reasonable Efforts to, either (i) delay Manufacture of the applicable batch intended for such Delivery; or (ii) Deliver Product (according to the delayed Delivery Schedule) that has been Manufactured from a
later Manufacturing batch; in each case of (i) and (ii) adapting the Production Schedule so as to minimise the time between Manufacture and Delivery of such Product in order to maximise the remaining shelf life of the Product at the time of
Delivery beyond the Minimum Shelf Life;
  

(b)   if the Authority brings forwards Delivery of Product under the Delivery Schedule then Valneva
shall use Commercially Reasonable Efforts to either (i) bring forward the commencement of Manufacture of the applicable batch that was intended for such Delivery; or (ii) Deliver Product that is Manufactured from an earlier Manufacturing
batch; but in each case of (i) and (ii) adapting the Production Schedule so as to minimise the time between Manufacture and Delivery of such Product in order to maximise the remaining shelf life of the Product at the time of Delivery beyond the
Minimum Shelf Life;

  
 6 

					
	 	  	 Reference
	  	 Amendment

			
		  		  	 (c)   the Manufacturing Plan and Production Schedule shall be automatically
updated to reflect the new commencement dates for the applicable Manufacturing batches affected by such change to the Delivery Schedule; and
  

(d)   the Authority shall pay to Valneva those [***] upon any such change to the Production Schedule
and/or Delivery Schedule under this clause 6.4 implemented pursuant to the Authority’s determinative notice.
  

Subject to clauses 9.1 and 9.2, any other variation to the Delivery Schedule must be via agreement with the JSC.”

 

	4.	  	The first sentence of Cause 9.1 shall be replaced in its entirety as follows	  	 “The delivery schedule, setting forth the quantities and timing of Delivery of the Regimens of Product pursuant to the Orders, is
initially set out in Schedule 7 in respect of the Initial Order and. if exercised, the Follow On Order (as subsequently updated pursuant to this Agreement, the “Delivery Schedule”).”

 

	5.	  	Clause 9.2 shall be replaced in its entirety as follows	  	 “The Delivery Schedule may only be updated and refined during the Term as follows:

 
 9.2.1. in accordance with clause 9.1;

 
 9.2.2. with the agreement of the JSC;

 
 9.2.3. the Authority may bring forward
dates for Delivery of Product earlier than in the then current Delivery Schedule by providing Valneva with written notice pursuant to this clause 9.2, being no

  
 7 

					
	 	  	 Reference
	  	 Amendment

			
		  		  	 less than [***] prior to any scheduled Delivery, to the extent that a Minimum Viable Marketing Authorisation or Emergency
Use Authorisation has been granted or issued for the Product by such Delivery date (or where not granted supply shall be made under quarantine) and Delivery of such quantities of Product can be Delivered by such earlier date by Valneva using
Commercially Reasonable Efforts to do so; and/or
  

9.2.4. the Authority may delay dates for Delivery of Product to dates later than in the then current Delivery
Schedule by providing Valneva with written notice pursuant to this clause 9.2, being no less than [***] prior to any scheduled Delivery.
  

Upon a change to the Delivery Schedule, Valneva shall, if required, update the Production Schedule in accordance with clause 6.4 and notify the Authority of
any revised Production Schedule. The Authority’ shall pay to Valneva [***] in accordance with clause 6.4. Such [***] will be subject to the same [***] under [***] of the Supply Agreement.”

 

	6.	  	Clause 13.5.4 shall be replaced in its entirety as follows	  	 “The Authority shall pay to Valneva against an

invoiced issued for:
  

(a)   [***] Target Follow On Order Price [***];

 
 (b)   [***] Target Follow On
Order Price [***];
  

(c)   [***] of the Follow On Order but in no event earlier than [***] unless otherwise agreed by the
Parties, PROVIDED THAT, notwithstanding clause 14.2 such invoice shall be payable within [***] rather than [***];
  

(d)   [***] Target Follow On Order Price [***] PROVIDED THAT such invoice shall not be issued
earlier than [***] unless the Parties agree otherwise and Delivery pursuant to the Follow On Order shall not be deemed possible until the Initial Order has been Delivered in full; and

  
 8 

					
	 	  	 Reference
	  	 Amendment

			
		  		  	 (e)   [***] Target Follow On Order Price

[***].”
  

	7.	  	New Clause 16.1 and 16.2 shall be inserted as follows, with original Clauses 16.1, 16.2 and 16.3 renumbered respectively as 16.3, 16.4 and 16.5	  	 “16.1  Subject to 16.1.3, the Authority shall have the right, by written notice to
Valneva from time to time specifying the volumes to be resold, to require Valneva to use Commercially Reasonable Efforts to re-sell to other Governmental Authorities or Third Parties such quantities of Product
set out in the notice(s) that are the subject of Orders but which, at the time of notice, have not yet been Delivered to the Authority and if it does so:
  

16.1.1  any resale of the Product by Valneva shall be on behalf of the Authority (to dispose of its
allocation of Product) on terms approved by the Authority and shall be at the [***] but [***] than that [***] from time to time;
  

16.1.2  any amount paid by such other Governmental Authority of Third Party (“Third Party
Receipt”) shall be received by Valneva on behalf of the Authority and:
  

(A)  Valneva shall pay to the Authority, from any Third Party Receipt, an amount equal to:

 
 (i)  [***]; and

 
 (ii)  if the Third Party- Receipt is
greater than [***] of the Supply Agreement [***]; and

  
 9 

					
	 	  	 Reference
	  	 Amendment

			
		  		  	 (iii)   if the Third Party Receipt is greater than [***] provided that any such
payment shall, for the purposes of calculating the [***] by Valneva to the Authority;
  

(B)  any balance of the Third Party Receipt remaining after the payment of the amounts described in
(A) above shall be retained by Valneva [***] for the resale.
  

16.1.3  upon any resale, such volume of Product shall be deemed Delivered such that the Price for such
Product is payable in full, and any payment received by Valneva on behalf of the Authority and due to the Authority pursuant to clause 16.1.2(A) from such resale may be set off against any outstanding payment due by the Authority for the Product so
sold or any portion of the Price to be invoiced as a consequence of such deemed Delivery. For the avoidance of doubt, unless otherwise stated, the [***] of the Supply Agreement shall not apply on these resales.

 
 16.1.4  upon request, Valneva shall
provide the Authority with a detailed breakdown and documentation to evidence any such payments received by it on behalf of the Authority from other Governmental Authorities or Third Parties in connection with the
re-sale of any Product. Notwithstanding the foregoing, if despite Valneva’s use of Commercially Reasonable Efforts to resell quantities of Product, to the extent any such quantities of Product have not or
cannot be re-sold at the time of a written notice from the Authority, then upon receipt of such written notice the Authority shall be entitled to Delivery of the volume of Product set out in such notice (up to
the volume that Valneva had not or could not sell) in accordance with the terms of this Agreement.

  
 10 

					
	 	  	 Reference
	  	 Amendment

			
		  		  	 16.2  Provided that the Authority has first paid [***] for the Product, the Authority
may itself, without Valneva’s consent (but subject to clause 16.2.2), re-sell the Product outside of the Territory. If:
  

16.2.1  the Authority re-sells the Product outside the Territory
at a price which [***] by the Authority, [***]; and
  

16.2.2  if the Authority, using Commercially Reasonable Efforts, cannot sell the Product [***], then prior
to making such re-sale the Authority shall, by written notice, notify Valneva of the quantity [***] of the Product that the Authority is proposing to resell. Within [***] of such notice:

 
 (A)if  Valneva elects by written
notice, it will purchase the quantity of Product [***]; or
  

(B)if Valneva has not served written notice pursuant to (A), then the Authority may proceed to resell the
quantity of Product [***].
  
 For the avoidance of doubt, if Valneva elects to purchase
any Product under 16.2.2(A), then the provisions of clause 13.19 of the Supply Agreement will not apply to any such Products purchased. ”

  
 11 

	3.	 EXERCISE OF FOLLOW ON ORDER 

 

	3.1	 Pursuant to Clause 8.2 of the Supply Agreement (as amended), the Authority hereby exercises its Follow
On Order and submits an order for twenty million (20m) Regimens of the Product for Delivery in 2022 in accordance with the Delivery Schedule. Valneva hereby acknowledges the effective Follow On Order being placed and that is binding on the Parties.
In accordance with Clause 8.2 of the Supply Agreement (as amended), the Authority sets forth details of its order number, VAT number and invoice address below: 

Order Number: [***] 
 VAT Number:
[***] 
 Invoice Address: [***] 
  

	3.2	 The Parties hereby agree that the delivery schedule set forth in the Annex to this Second Amendment
Agreement is the current Delivery Schedule under the Supply Agreement. 

  

	4.	 MISCELLANEOUS 

 

	4.1	 The provisions of clause 35 of the Supply Agreement are incorporated herein by reference as though set
out herein, mutatis mutandis, provided that this Second Amendment Agreement together with the Supply Agreement (as previously amended and as amended on the terms herein) constitutes the entire agreement between the Parties as set forth in
clause 35.9. 

  

	4.2	 Save for the amendments to the Supply Agreement as expressly provided for in clause 2 of this Second
Amendment Agreement and the placing of the Follow On Order pursuant to clause 3 of this Second Amendment Agreement, no other amendments are made to the Supply Agreement and all other terms and conditions of the Supply Agreement in force as of the
Amendment Date will remain in full force and effect and are not affected by this Second Amendment Agreement. 

  

	4.3	 The Supply Agreement shall be subject to the provisions of this Second Amendment Agreement and where
there is any conflict between the provisions of this Second Amendment Agreement and the Supply Agreement, the provisions of this Second Amendment Agreement shall prevail. 

 

	4.4	 Nothing in this Second Amendment Agreement or the amendment of the Supply Agreement shall constitute any
waiver. 

  
 12 

 IN WITNESS WHEREOF, the Parties have caused this Second Amendment Agreement to be executed in three
counterparts by their respective duly authorised representatives as of the date set forth at the beginning of this Second Amendment Agreement. 
  

					
	SIGNED by	 	, )	 	
	Authorised Signatory for and on behalf of	 		 	
	VALNEVA S.E.	 	  )	 	
			
	SIGNED by	 	, )	 	
	Authorised Signatory for and on behalf of	 		 	
	VALNEVA AUSTRIA GMBH	 	  )	 	
			
	SIGNED by	 	, )	 	
	Authorised Signatory for and on behalf of	 		 	
	VALNEVA AUSTRIA GMBH	 	  )	 	
			
	SIGNED by	 	, )	 	
	Authorised Signatory for and on behalf of	 		 	
	THE SECRETARY OF STATE FOR
BUSINESS, ENERGY AND
INDUSTRIAL STRATEGY	 		 	

  
 13 

 ANNEX 

[***] 

  
 14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]