Document:

EX-4.2

 Exhibit 4.2 

OFFICE LEASE 
 BETWEEN THE
UNDERSIGNED: 
 GENERALI VIE, a limited company with a capital 299,197, 104.00 Euros, with its head office situated at
PARIS (75009) – 11, Boulevard Haussmann, and registered in the Commercial and Companies Register under number 602 062 481, 

Represented by GENERALI REAL ESTATE S.p.A, a limited company incorporated under Italian law, with a 780,000.00 € fully paid up
capital, whose head office is situated at 1 piazza Duca Degli Abruzzi, 34132 TRIESTE, registered in the Trieste Commercial and Companies register under No.00312080328, identified in the Trieste REA (Economic Administrative Index) under No.98498,
acting through its French establishment, situated at 7, boulevard Haussmann – 75009 Paris, registered in the Paris Commercial and Companies Register under No.538 616 988, holder of professional card No. G6000, and of professional card
No.°T14667, both issued by the Paris Police Headquarters, and guaranteed as such by the COMPAGNIE EUROPEENNE DE GARANTIES ET CAUTIONS, situated at 128, Rue de la Boétie – 75378 Paris Cedex 08. 

A company belonging to the GENERALI group, registered in the Register of insurance groups under number 026 

Itself represented by Mr Sébastien PEZET, acting in his capacity as Director to Asset Management, and duly authorised. 

ON THE ONE HAND, 
 AND 

DBV TECHNOLOGIES, a company with a capital of 1.886.895,40 €, registered in the Commercial and Companies Register under No. 441 772
522, and which has its head office at Bagneux-92220-80/84, rue des Meuniers-Green Square Bâtiment D, 
 Itself represented by M.
Pierre-Henri BENHAMOU acting in his capacity as Chairman and Chief Executive Officer, and duly authorised for purposes of this lease. 

Hereinafter referred to as: the “Lessee” 

ON THE OTHER. 
 Hereinafter jointly
referred to as the “Parties” 

  
 - Page 1 of 37 - 

									
	 RECITALS
		 	4	  
		
	 PRELIMINARY DECLARATION
		 	4	  
		
	 PART ONE: GENERAL TERMS AND CONDITIONS
		 	4	  
		
	 ARTICLE 1 - DESCRIPTION
		 	5	  
		
	 ARTICLE 2 - PURPOSE OF THE PREMISES
		 	5	  
		
	 ARTICLE 3 - TERM
		 	5	  
		
	 ARTICLE 4 - RENTS
		 	5	  
				
	 4.1
				 PAYMENT TERMS
		 	5	  
	 4.3
				 RENT INDEXATION
		 	6	  
	 4.4
				 RENT FOR THE RENEWED LEASE
		 	6	  
	 4.5
				 CONTRACTUAL INTERESTS AND COLLECTION COSTS
		 	8	  
	 4.6
				 PENALTY CLAUSE
		 	8	  
	 4.7
				 ALLOCATION OF PAYMENTS
		 	9	  
		
	 ARTICLE 5 – SECURITY DEPOSIT
		 	9	  
		
	 ARTICLE 6 - CHARGES, TAXES AND FEES, VARIOUS BENEFITS AND CLAIMS BORNE BY THE LESSEE
		 	10	  
				
	 6.1
				 TAX SYSTEM
		 	10	  
	 6.2
				 CHARGES, TAXES AND FEES
		 	10	  
	 6.3
				 SETTLEMENT AND ALLOCATION OF THE CHARGES, TAXES AND FEES
		 	12	  
	 6.4
				 PAYMENT TERMS
		 	12	  
		
	 ARTICLE 7 - TAKING OF POSSESSION - ENJOYMENT - TERMS FOR EXPLOITATION
		 	13	  
				
	 7.1
				 ENTRY INTO ENJOYMENT - PROPERTY INSPECTION REPORT
		 	13	  
	 7.2
				 GOVERNMENTAL AUTHORISATIONS - IMPROVEMENTS TO THE PREMISES
		 	13	  
	 7.3
				 GARNISHMENT
		 	14	  
	 7.4
				 OCCUPATION
		 	14	  
	 7.5
				 PARKING SPACES
		 	15	  
	 7.6
				 PRE-EMPTION RIGHT
		 	15	  
	 7.7
				 SUB-LEASING AND DOMICILIATION
		 	15	  
	 7.8
				 ASSIGNMENT OF THE LEASE
		 	15	  
	 7.9
				 LEGAL MODIFICATION
		 	16	  
		
	 ARTICLE 8 – WORKS CARRIED OUT BY THE TENANT
		 	16	  
				
	 8.1
				 WORKS RELATED TO THE PRIMARY STRUCTURE OR THE COMMON PARTS
		 	16	  
	 8.2
				 OTHER WORKS
		 	17	  
	 8.3
				 END USE OF THE TENANT’S IMPROVEMENT WORKS
		 	18	  
	 8.4
				 EXTERNAL INSTALLATIONS
		 	19	  
	 8.5
				 SIGNS
		 	19	  
		
	 CLAUSE 9 - UPKEEP AND REPAIR WORKS OF THE PREMISES RENTED BY THE TENANT COMPLIANCE WORK - LESSOR’S WORK -
VARIOUS INTERVENTIONS
		 	20	  
				
	 9.1
				 UPKEEP – REPAIRS – COMPLIANCE
		 	20	  
	 9.2
				 WORK CARRIED OUT BY THE LESSOR IN THE PROPERTY OR NEIGHBOURING PROPERTY OR ON PUBLIC ROADS
		 	21	  
	 9.3
				 VISITING THE PREMISES IN THE EVENT OF TERMINATION OF THE LEASE
		 	22	  
		
	 CLAUSE 10 - LIABILITY - WAIVERS
		 	22	  
				
	 10.1
				 INTERRUPTION/CANCELLATION OF SERVICES
		 	22	  
	 10.2
				 LIABILITIES AND CLAIMS
		 	22	  
	 10.3
				 EXPROPRIATION
		 	23	  
	 10.4
				 DESTRUCTION OF THE RENTED PREMISES
		 	23	  
		
	 CLAUSE 11 - INSURANCE
		 	23	  
				
	 11.1
				 LESSOR’S INSURANCE
		 	23	  
	 11.2
				 TENANT’S INSURANCE
		 	23	  
	 11.3
				 RECIPROCAL WAIVER OF RECOURSE
		 	24	  
	 11.4
				 DAMAGE
		 	25	  

  
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	 ARTICLE 12 - RELEASE OF THE PREMISES
		 	25	  
				
	 12.1
				 LESSEE’S OBLIGATIONS
		 	25	  
	 12.2
				 PRELIMINARY INSPECTION
		 	25	  
	 12.3
		–		 PROPERTY CONDITION REPORT
		 	26	  
	 12.4
				 LEASEHOLD REPAIRS AND RESTORATION WORK
		 	26	  
		
	 ARTICLE 13 - AMENDMENTS – FORBEARANCE
		 	26	  
		
	 ARTICLE 14 - DECLARATION
		 	27	  
		
	 ARTICLE 15 - TERMINATION CLAUSE
		 	27	  
		
	 ARTICLE 16 - ENVIRONMENT AND SAFETY
		 	28	  
				
	 16.1
				 ASBESTOS
		 	28	  
	 16.2
				 TECHNOLOGICAL RISKS
		 	28	  
	 16.3
				 ENERGY EFFICIENCY ANALYSIS
		 	28	  
	 16.4
				 CLASSIFIED INSTALLATIONS
		 	28	  
	 16.5
				 INSPECTIONS AND WORK BY THE LESSEE
		 	28	  
	 16.6
				 INSPECTIONS CARRIED OUT BY THE LESSOR
		 	29	  
	 16.7
				 IMPLEMENTATION OF ENVIRONMENTAL PROTECTION REGULATIONS
		 	29	  
		
	 ARTICLE 17 - INTERNAL REGULATIONS - PROPERTY OWNER’S ASSOCIATION RULES - HOMEOWNERS ASSOCIATION
RULES
		 	30	  
		
	 ARTICLE 18 – FEES AND REGISTRATION
		 	31	  
		
	 ARTICLE 19 – ADDRESS FOR SERVICE
		 	31	  
		
	 PART TWO: SPECIAL CONDITIONS
		 	32	  
		
	 ARTICLE 1 - DESCRIPTION
		 	32	  
		
	 ARTICLE 2 – EFFECTIVE DATE - TERM OF THE LEASE - FIXED TERM
		 	32	  
		
	 ARTICLE 3 – ANNUAL RENT
		 	32	  
		
	 ARTICLE 4 - INDEXATION
		 	33	  
		
	 ARTICLE 5 – SECURITY DEPOSIT
		 	33	  
		
	 ARTICLE 6 - RENT-FREE PERIOD
		 	33	  
		
	 ARTICLE 7 - EARLY HANDOVER OF THE PREMISES
		 	33	  
		
	 ARTICLE 8: SPECIFIC PREPARATORY WORK BY THE LESSEE
		 	34	  
		
	 ARTICLE 9 – FEES, TAXES, AND WORK
		 	34	  
				
	 9.1
				 FEES
		 	34	  
				
	 9.2
				 TAXES
		 	34	  
				
	 9.3
				 WORK
		 	35	  
		
	 ARTICLE 10 - SUBLEASING - REGISTERED ADDRESS
		 	35	  
				
	 10.1.
		 -
		 SUBLEASING
		 	35	  
				
	 10.2.
		-		 REGISTERED ADDRESS
		 	36	  
		
	 ARTICLE 11 - SIGN
		 	36	  

  
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 RECITALS 

The Lessor is owner of a building located in the Montrouge municipality (92120), on 177-181 boulevard Pierre Brossolette. 

The building is 4 storeys high over a first floor and basement that opens onto a interior garden. 

PRELIMINARY DECLARATION 
 This
lease has been entered into and accepted according to the charges, clauses and terms and conditions stipulated herein below, as well as in compliance with the legal provisions in force, in particular the status of commercial leases, resulting from
the provisions of Articles L 145-1 et seq. and R 145-1 et seq. of the Commercial Code, as well as the provisions of the noncodified decree of 30 September 1953, with which the Lessee undertakes to comply. 

The foregoing shall be applicable both to the Lessee and to any assignee or occupant to whom the Lessee’s rights shall regularly pass, during the term of
this lease as well as during its renewals, if any. 
 This clause aims to specify the legal, regulatory or contract provisions to which the Parties agree to
refer, to the exclusion of any contractual extension of the enjoyment of the status of commercial leases in favour of the Lessee, which must prove that it fulfils the legal or regulatory conditions applicable in particular during renewals. 

Under this agreement, the notion of lease covers this lease, it renewals, if any, and/or its extensions, if any, such that, unless as otherwise stipulated,
all obligations applicable herein shall apply throughout the term of the lease, its renewals, if any, and/or its extensions, if any. 
 This deed is divided
into two parts that constitute an indivisible whole: 
  

			
	Part One:		GENERAL TERMS AND CONDITIONS
		
	Part two:		SPECIAL TERMS AND CONDITIONS

 it is hereby stated: 
  

	•	 	that in the event of contradiction following this lease between the two Parties, the special terms and conditions shall supersede the general terms and conditions, 

 

	•	 	that any tolerance, respecting the terms and conditions of this lease and its consequences, whatever the frequency and duration, may never be deemed as an amendment or an elimination of said terms and conditions.

 These clauses are crucial for the common intention of the Parties. 

*        * 

* 
 PART ONE: GENERAL TERMS AND CONDITIONS

  
 - Page 4 of 37 - 

 ARTICLE 1 - DESCRIPTION 

The premises constituting the subject matter hereof, are described under the Special Terms and Conditions. It is specified that any difference between the
assessments of the surfaces mentioned under this lease or resulting from the attached plans and the actual dimensions of the leased premises may not justify any reduction or increase in rents, with the Parties stating that they shall refer to the
state of the premises as-is and the Lessee in this regard waives any claims on the basis, in particular, of the provisions of Article 1719 of the Civil Code. 

The Lessee acknowledges that it has had the opportunity to inspect the premises in their as-is condition, including size and components of the premises with
all their outbuildings as provided for under this lease. 
 The Parties expressly agree that the Premises constitute an indivisible whole. 

ARTICLE 2 - PURPOSE OF THE PREMISES 
 The leased
premises are intended to be used exclusively as commercial offices. 
 The storage of goods, as well as any wholesale or retail-wholesale activity, are
strictly forbidden. 
 The Lessor does not grant the Lessee any exclusive rights, the Lessee being free to grant leases to third parties, even the
Lessee’s competitors. 
 ARTICLE 3 - TERM 

The effective date and term of this lease are set forth under the Special Terms and Conditions. 

ARTICLE 4 - RENTS 
 This lease has been entered
into and accepted in return for annual principal rent, the amount excluding taxes and charges of which is specified under the Special Terms and Conditions. 

4.1 PAYMENT TERMS 
 Rents shall be payable in
advance quarterly on the first day of each civil quarter to the Lessor or the Lessor’s representative. 
 For the period between, where applicable, the
effective date of the lease, as specified under the Special Terms and Conditions of this lease, and the end of the ongoing quarter, the Lessee, upon receiving an invoice, shall pay the main rent calculated prorata temporis based on the time
remaining for the fraction of the quarter. Subsequently, the Lessee shall pay the rent on the first day of each civil quarter. 

  
 - Page 5 of 37 - 

 4.2 BANK TRANSFER 

The Lessee shall pay all amounts payable as rents, including the principal rent and associated costs, under this lease by cheque or bank transfer from the
Lessee’s bank account no later than the first day of the civil quarter into the Lessor’s bank account. 
 In this regard, the Lessor shall give
the Lessee a copy of the details of the bank account into which the transfer should be made. 
 The Lessee shall ensure that enough funds are available on
its account to make the transfer possible. The Lessor shall specify the transfer amount to the Lessee at least a fortnight before the each due date. 
 In
the event of a change in Lessor’s banking information, the Lessor shall give the Lessee new bank details. 
 Where, whatever the reason, the payment of
the amounts payable at the contractual due date as back rents, charges and associated costs could not be made by bank transfer, the Lessee shall in any case pay by any other method, excluding in cash, the amounts due accordingly, on the first day of
each quarter to meet contractual maturities set forth above 
 4.3 RENT INDEXATION 

The rent stipulated hereinabove is linked to changes in the index set forth under the Special Terms and Conditions. 

It is specified that this clause is a contractual indexation and does not refer to the three-yearly review provided for under Articles L 145-37 and L 145-38
of the Commercial Code. The Parties are thus justified in expecting the rent to be reviewed in accordance with the public order provisions of said Articles L145-37 and L145-38 of the Commercial Code. 

As a result, the rent shall automatically and without any prior formality be increased or reduced each year on the anniversary date of the effective date of
the lease to reflect changes in the said index. 
 For the first rent indexation, the base index shall be the one referred to under the special terms and
conditions, and the review index shall be that of the same calendar quarter of the following year. 
 For subsequent indexations, the base index shall be
the previous review index and the review index shall be that of the same calendar quarter of the following year. 
 It should be noted that the annual rent
indexation is an essential and crucial condition of this agreement: where the benchmark index ceases to exist and where the lawmaker fails to automatically replace it with another index, the Parties shall agree to a substitute index and if they do
not, the index shall be determined by the President of the Tribunal de Grande Instance (district court) in whose jurisdiction the premises are situated, ruling in emergency proceedings, to whom the matter was referred at the request of the first
party to act, with the costs associated with the proceedings shared 50-50 by each of the Parties. 
 4.4 RENT FOR THE RENEWED LEASE 

4.4.1. Principle 

  
 - Page 6 of 37 - 

 As an essential and crucial condition of this lease, it is hereby stipulated that in the event of renewal under
the terms and conditions of this lease, the renewal rent shall be set at: 
  

	•	 	the market rental value, as defined below, 

 The price of the renewed lease thus set shall be applicable from
the first day when the renewed lease takes effect, even if the price is higher by more than ten per cent (10%) than the last rent paid, by way of derogation from the last paragraph of Article L.145-34 of the Commercial Code. 

Unless as otherwise expressly stated, any other clauses and terms and conditions of the Lease shall be maintained and applied under the renewed lease. 

4.4.2. Market rental value 
 The rental
value shall in any case be calculated exclusively by comparison with market rents, i.e.,: 
  

	•	 	prices freely discussed by the landlord and their tenant for vacant premises, to the exclusion of references to amicable renewals and fixing of rents by the court for signed leases with effective date running during the
twelve (12) months prior to the renewal, 

  

	•	 	for real property comparable to the premises, i.e., buildings of a similar nature to the building, situated within the same perimeter and having particulars similar to those of the premises (prestige, standard with
regard to quality, construction, integrated services, technical equipment, functionality), unless where they are to be corrected if such characteristics fail to meet other reference criteria, subject to such criteria being comparable.

 Amounts for the assignment of rights under the lease as well as lease-premium, the amount for work done by the tenants, and the effect, if
any, of the progressive nature of rents on the term of leases. 
 This article is decisive factor in the Parties’ willingness, without which the lease
would not have been signed, and shall be applicable to any assessor called upon to give an opinion on the rent amount. 
 4.4.3.
Determination of market rental value 
 The market rental value shall be established, in all cases where it is applicable under the lease, according to
the following process, from which the Parties may not depart in any case whatsoever. 
  

	•	 	The market rental value, in the absence of agreement between the Parties, shall irrevocably be set by a property valuer chosen from the list of property valuers maintained at the Paris Court of Appeal, it being
understood that the valuer must not have worked for one of the Parties within the twelve (12) months prior to their appointment. The valuer’s fees and costs shall be borne 50-50 by each of the Parties. 

 

	•	 	In the event that the Parties fail to agree on the name of a valuer or where all valuers worked for one of the Parties within the twelve (12) months prior to their appointment, the party that acts first shall refer
the matter to the President of the Paris Tribunal de Grande Instance, ruling in emergency proceedings, who shall appoint a valuer. 

  
 - Page 7 of 37 - 

 The valuer shall act within the framework of a common interest mandate, just like the third party charged with
calculating the legal price of the sale (article 1592 of the Civil Code). 
 The valuer shall give its decision within two (2) months of the matter
being referred to them. Their decision must irrevocably bind the Parties and may not be appealed. 
 However, this procedure shall have no impact on the
Lessor’s option to refuse to renew the lease or on that of the Lessee to terminate their lease as provided for below. 
 4.4.4.
Right of option 
 It is expressly agreed between the Parties that they shall, no later than within one (1) month of service (by the party that acts
first) of the valuer’s decision, draw up a new lease under the conditions set forth in said decision, unless the Lessee chooses not to renew the lease or the Lessor refuses to renew it. 

a) Where, within a period of one month, the Lessee waives the opportunity to renew the lease, the Lessee must notify the Lessor of such decision by means of
an extrajudicial document. In that case, the Lessee may only vacate the premises upon the expiry of a six-month period following the date of notification by the Lessee of its decision to take advantage of this
clause, by way of express derogation to the common practice under Article L.145-57 (2) of the Commercial Code. 
 The Lessee shall continue to be bound
during this period by all obligations under the lease, with rents, as a result, being set as provided for under Article 4.4. 
 a) Where, within a period of
one month, the Lessor refuses to renew the lease, the Lessor must notify the Lessee of such decision by means of an extrajudicial document. 
 4.5
CONTRACTUAL INTERESTS AND COLLECTION COSTS 
 If any amounts payable, including charges and taxes, are not paid when they fall due, the Lessee
shall automatically be required to pay an interest set by contract at the legal interest rate, plus two points, per month from this date. 
 Moreover, any
correspondence sent to the Lessee calling on it to pay a rent or any other amounts remaining outstanding ten days after the due date shall give rise to the collection of a lump sum of fifty euros in administration fees. 

Any costs, fees, or emoluments payable to lawyers, bailiffs and auctioneers, in return for any service rendered to collect sums outstanding after the agreed
due date, shall be borne by the Lessee as penalties under article 1152 of the Civil Code. 
 4.6 PENALTY CLAUSE 

Also, upon the expiry of a period of eight days following each due date, any amounts payable, plus the late penalties referred to above, shall be automatically
increased on a flat-rate basis by 10%, without the need for any formal notice, irrespective of the costs of possible deeds or writs, costs of 

  
 - Page 8 of 37 - 

 
proceedings, as well as any interests payable under the law, any damages such as the bringing into play of the defeasance clause, if any. 

4.7 ALLOCATION OF PAYMENTS 
 By way of derogation
from Articles 1253 to 1256 of the Civil Code, the allocation of payments of outstanding amounts by the Lessee when they fall due or their contractual maturity date shall be as follows: 

1    -    Cost of collection and proceedings 

2    -    Contractual late payment penalty under Article 4.5 of this lease 

3    -    Amount of the penalty clause under Article 4.6 of this lease 

4    -    Any addition to or adjustment of the security deposit amount 

5    -    Rent, charges or occupation compensation 

ARTICLE 5 – SECURITY DEPOSIT 
 5.1 To
guarantee the performance of its obligations under this lease, the Lessee shall pay to the Lessor, upon the signature hereof, an amount representing three (3) months of rent, excluding taxes and charges, as a security deposit. 

The non-interest-bearing amount shall be returned to the Lessee at the end of the lease after moving and handing back keys, subject to justification of
payment of all taxes and charges, carrying out of repairs for which it is responsible and upon deduction of any amounts payable to the Lessor or for which the Lessor may be held responsible due to an action of the Lessee in any capacity. 

Each time the rent is adjusted, both in the event of a review and renewal, the security deposit shall, automatically and without any formality, be reduced or
increased in the same proportions such that it at all times shall be equal to three months of the principal rent, excluding taxes and charges. 
 Since
compensation is expressly provided for, the Lessor shall have the right to deduct from said security deposit without any formality, the amounts of rents fallen due but not paid, as well as any other amounts payable for any other reason, in which
case the Lessee shall be bound to make up for or replenish the security deposit on first demand in order to maintain the security deposit at all times at the agreed number of rent periods. 

Where the lease is terminated in accordance with Article 1184 of the Civil Code or by application of the defeasance clause due to failure to fulfil terms and
conditions or for any other reasons attributable to the Lessee, the security deposit shall remain forfeited to the Lessor as up-front damages without prejudice to any other compensation. 

5.2 In case of collective procedure by the Lessee and in accordance with Article L.622-7 of the Commercial Code, the Lessor, if it so wishes, may
offset the amount of the security deposit against any amounts payable as rents, back rents, occupation compensation, charges, interests or 

  
 - Page 9 of 37 - 

 
penalties, on account of they are all related. The Parties have immediately decided that the security deposit shall as a priority be set off against rents prior to the court ruling initiating the
collective procedure. 
 The Lessee or the assignee shall fully replenish the security deposit by giving the Lessor the corresponding amount. 

Furthermore, if the administrator or liquidator were to terminate the lease by waiving the option granted under Article L. 622.13 of the Commercial Code, the
failure to fulfil terms and conditions shall result in damages payable to the Lessor, which damages the Parties have agreed to set at a flat-rate basis and finally at three months of rents including taxes. 

ARTICLE 6 - CHARGES, TAXES AND FEES, VARIOUS BENEFITS AND CLAIMS BORNE BY THE LESSEE 

This lease has been entered into at a rent net of charges, taxes and fees for the Lessor in accordance with the following terms and conditions. 

6.1 TAX SYSTEM 
 The rent, as well as charges and
taxes collected by the Lessor shall be subject to the tax system referred to under the special terms and conditions. The Lessor reserves the possibility of making the rent liable to another tax system, a possibility that the Lessee has accepted,
under conditions that exclude any change to the pre-tax amount of the applicable rent. 
 6.2 CHARGES, TAXES AND FEES 

6.2.1 Taxes, charges and fees 
 The Lessee shall reimburse
the Lessor its share of taxes and fees, even those generally payable by the Lessor, including domestic refuse removal charges, street-clearing charge, property tax surcharge, annual tax on office space, business premises, storage premises and
parking areas situated at Ile-de-France, all thoroughfare occupation taxes, including management fees related to local taxation, as well as taxes, charges and fees linked to the use of the leased premises or the building or to a service used
directly or indirectly by the Lessee, as well as other existing taxes and charges or those that may be created subsequently and likely to be payable by the Lessor as owner of the leased premises. 

Similarly, the Lessee shall pay any contributions or taxes resulting from its activities in the leased premises, as well as power, telephone or other bills,
by signing any agreements required for the purpose, such that the Lessor may in no case whatsoever be troubled in this regard. 
 6.2.2 Charges,
miscellaneous services and other receivables 
 Apart from the rent, the Tenant will be obliged to pay to or reimburse the Landlord for the share
relating to the leased premises, of the taxes, duties and charges, as well as the charges and services, namely all operating, repair and maintenance expenses, energy performance and/or environmental improvements to the building, or replacements to
the leased premises, the building or their equipment, even if these expenses result from fair wear and tear, from force majeure or from a hidden defect, but with the exception of charges, taxes, duties, fees and works which cannot be

  
 - Page 10 of 37 - 

 
charged to the Tenant by virtue of Article R 145-35 of the Commercial Code in its draft in effect on the date of signature of the present lease. The Tenant will also bear the cost of all expenses
incurred to bring the leased premises, building or their equipment into compliance with the regulations which are currently applicable or which may be so in the future, but only within the limits set by Article R 145-35 of the Commercial Code. 

In accordance with Article R 145-35 of the Commercial Code in its draft in effect on the date of signature of the present lease, the following remain the
responsibility of the Landlord: 
  

	 	•	 	the expenses relating to major repairs mentioned in Article 606 of the Civil Code as well as, where applicable, the fees related to the completion of these works 

 

	 	•	 	the expenses relating to works which are intended to repair fair wear and tear or to ensure compliance with the regulations for the leased premises or the building in which they are located, where the said works are
covered by the major repairs mentioned in Article 606 of the Civil Code 

 In application of the said article, the above-mentioned expenses
which relate to decorative works for which the amount exceeds the cost for identical replacements will remain the responsibility of the Landlord.
 As a
consequence and in application of the principles stipulated above, the Tenant will reimburse to the Landlord its share of the following categories of charges, taxes, duties and fees: 

 

	•	 	cleaning, maintenance and repair costs for the common areas or shared use parts 

  

	•	 	rendering costs 

  

	•	 	the costs for the elimination of shared waste 

  

	•	 	the costs of maintenance, repairs and renewal of the equipment and tooling necessary for the management and operation of the building, installation/modifications to the metering systems (water, electricity and more
generally all fluids) (but only within the limits set by Article R 145-35 of the Commercial Code) 

  

	•	 	the costs of maintenance, repairs, compliance, obligatory and periodic conformity inspections under the terms of the regulations applicable to ICPEs (Installations Classified for the Protection of the Environment),
replacements of items of equipment in the building and of all installations necessary for its proper operation such as, in particular, the lifts, service lifts, cleaning units, electrical generators, power switches, sprinters, transformers,
electrical panels, boilers, etc. 

  

	•	 	the costs of audit, measurement and monitoring of the environmental performances of the building 

  

	•	 	the expenses incurred for monitoring and optimising the emissions of greenhouse gases or the energy consumption of the building and/or or improving its environmental performances and bringing it into compliance with the
requirements originating in the heating regulations (but only within the limits set by Article R 145-35 of the Commercial Code) 

  

	•	 	the costs of acquisition and renewal of the floral decorations or minor furniture, as well as the maintenance costs for the gardens where applicable 

 

	•	 	the remuneration, with social security and related charges included, of the staff allocated to the building and in particular to security, surveillance, cleaning, safety or maintenance, as well as the costs incurred by
the use of external contractors in these areas 

  

	•	 	the fees for technical assistance 

  

	•	 	the costs of lighting, heating and cooling, such as cooling or air conditioning if they exist, the costs of maintenance or replacement of the corresponding equipment, ventilation and generally any consumption of fluids
whatsoever 

  

	•	 	the costs of maintenance, repair and renovation of the roadworks, including the delivery and common or private parking areas 

  
 - Page 11 of 37 - 

	•	 	the remuneration of the administrators responsible for the technical management of the building, fixed at 2.50% of the annual rent excluding taxes, the fees of the management syndicate, the costs of management and
functioning of the ASL/AFUL where applicable 

  

	•	 	the premiums for the insurance policies contracted for the entirety of the building or the these premises in accordance with the terms set out for this purpose in Article 11 of the general conditions of the present
lease 

  

	•	 	all the taxes, charges and fees reimbursable by the Tenant to the Landlord in accordance with the conditions set out in Article 6.2.1 above 

The above inventory of the categories of charges, taxes, fees and dues related to the present lease, representing, as of today’s date, an exhaustive
list. The Landlord will however, at any time during the course of the lease, be able to inform the Tenant of new charges, taxes, fees and dues related to the lease, which will be reimbursable in their entirety in the amount of its share, in
accordance with the provisions of Article L 145-40-2 of the Commercial Code by the Tenant in accordance with the conditions set out in Article 6.4 below. 

6.3 SETTLEMENT AND ALLOCATION OF THE CHARGES, TAXES AND FEES 

Payment will be made prorata to the floor area rented or percentage of the leased premises as these are shown where applicable in the co-ownership regulations
and the descriptive report of the division if the building is placed under the co-ownership regime and as a results from the terms provided for this purpose in the specific conditions, it being specified that the floor area rented or percentage of
the leased premises are established based on the floor area used, with the Tenant not bearing the charges, taxes, fees and use relating to the vacant floor areas in the building. 

The Landlord reserves the option, which is expressly accepted by the Tenant, to make any necessary modifications to the allocation of the charges (percentages
allocated to the leased premises), in the event of modifications of the conditions of enjoyment and operation of other premises in the building, or changes in the services supplied based on modifications made to the improvements fitted in the said
building, with the Landlord being obliged in this case to so inform the Tenant. 
 6.4 PAYMENT TERMS 

The payment of the charges will be made at the same time as the rent and in accordance with the same conditions, in accordance with a provisional statement
established quarterly for the year during which the leased took effect, in accordance with the specific conditions - the amount of the provisional payment is likely to be readjusted each year by the Landlord, taking into consideration the amount of
the charges paid in the previous year. 
 The Landlord will be entitled to include in the above-mentioned provision the share of the taxes and charges
stipulated above or to make one-off calls for them. 
 The payment of the fees of the administrators responsible for the technical management of the
building and the premiums relating to the insurance policies will be made at the same time as the rent and, where the insurance policies are concerned, once per annum. 

  
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 The final adjustment to the expenses account will be carried out on an annual basis and in accordance with the
summary statement of expenses actually incurred, as prepared by the Landlord or its representative in respect of each financial year. 
 In the event of the
departure of the Tenant, after the return of the keys, the balancing payment will be made based on a statement which will be sent to it. In the event of a debit situation of the Tenant, it will be payable on receipt of the statement. If it is in
credit, it will be reimbursed at the same time that the statement is sent. 
 ARTICLE 7 - TAKING OF POSSESSION - ENJOYMENT - TERMS FOR EXPLOITATION

 7.1 ENTRY INTO ENJOYMENT - PROPERTY INSPECTION REPORT 

As an exception to the provisions of Article 1720 of the Civil Code, the Tenant will take the leased premises in the condition in which they are found, without
being able to require from the Landlord any works of any kind whatsoever, or any restoration, including any intervention is required with a view to bringing the leased premises into conformity with their contractual intended use. 

A property inspection report will be prepared in the presence of both parties by the Parties on the effective date of the present lease. In the event of an
assignment of the leasing right, or the disposal or transfer on a free-of-charge basis of the business goodwill, a new property inspection report will be established between the Landlord and the new tenant. At the request of either of the Parties,
the latter may be prepared by a bailiff mandated for this purpose by the Landlord, with the cost shared equally between the Parties. 
 In the event that
the Landlord has invited the Tenant to this property inspection and the report, for any reason, is not prepared and in particular if the Tenant should abstain from participating, the premises will be considered to have been least in a very good
state of maintenance and repair. 
 7.2 GOVERNMENTAL AUTHORISATIONS - IMPROVEMENTS TO THE PREMISES 

At the time of taking possession of the premises, the Tenant will be personally responsible, at its exclusive expense, for all governmental authorisations
required for the exercise of its activities; the same will be true for any interventions required in the premises to bring these into compliance with any applicable legal or regulatory prescriptions, either as a result of its contractual intended
use, or the characteristics of the premises or their environmental performances, without being able to exercise any right of recourse against the Landlord. 

In the event that the execution of improvement works should be necessary - for any reason whatsoever - the Tenant will bear the cost of all the technical and
financial constraints which arise therefrom - regardless of the nature or cost - in compliance with the regulations applicable at the date on which the works are carried out, and this without any right of recourse against the Landlord, complying in
this regard with all the obligations arising from Article 8 of the General Conditions of the present lease. 
 The Tenant shall be obliged to inform the
Landlord of the governmental authorisations obtained and to provide it with a copy. 

  
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 Lastly, the Tenant hereby renounces any right of recourse in this respect against the Landlord for any reason
whatsoever. 
 7.3 GARNISHMENT 
 The Tenant will
be obliged to keep the leased premises continuously garnished with furniture and equipment in sufficient quantity and value to cover the proper execution of the conditions of the present agreement at any time. 

7.4 OCCUPATION 
 The Tenant will be obliged to
personally occupy the leased premises. It shall be prohibited from lending them or granting the enjoyment thereof, even temporarily or free-of-charge, and from hosting a third party there. 

It will submit to all measures for the order and cleanliness of the building in which the leased premises are located and undertakes in particular: 

 

	•	 	not to encumber, in any way whatsoever, even temporarily, with objects of any kind whatsoever, the parts of the building which are shared with the other occupants 

 

	•	 	not to use any machine or equipment of which the noise, odour or vibrations and emanations would trouble the peaceful enjoyment of the other tenants or neighbours 

 

	•	 	not to deposit in the leased premises any merchandise or any installation of a kind to give rise to the dangers of explosions or bad odours 

 

	•	 	to supervise the behaviour of the employees and any person for which the Tenant may be responsible in any respect whatsoever, in order to avoid problems with the neighbours 

 

	•	 	not to overload the floors 

  
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 7.5 PARKING SPACES 

The Tenant will only use the parking spaces to park the passenger vehicles of its employees or visitors, to the exclusion of any activity such as, in
particular, repairs, oil changes or cleaning. 
 It will not stock there any equipment or object of any kind, in particular tyres or cans of petrol or oil

 It will comply with the operational and safety rules for the car parks as shown in the regulations governing the buildings and their subsequent
modifications. 
 It will collect and return, on first request from the Landlord, the magnetic cards or, more generally, the means of access which may have
been supplied to it in order to allow for their replacement or periodic delegation, or at the end of the lease. 
 7.6 PRE-EMPTION RIGHT 

By express derogation from Article L. 145-46-1 of the Commercial Code, the Tenant renounces any pre-emption right in the event of the transfer of the leased
premises or the building. 
 7.7 SUB-LEASING AND DOMICILIATION 

Sub-letting, total or partial, in the leased premises is prohibited. 

Any domiciliation in the leased premises is prohibited. 

7.8 ASSIGNMENT OF THE LEASE 
 The Tenant will not
be entitled to assign or make a contribution of its right to the present lease, unless it is to the buyer of its business goodwill and this subject to informing the Landlord in advance. 

In the event of a merger or de-merger of companies, or in the event of a universal transfer of assets of a company completed in accordance with the terms set
out in Article 1844-5 of the Civil Code or in the event of the contribution of a part of the assets by a company carried out in accordance with the conditions set out in Articles L. 236-6 L 236-22 and L 236-24 of the Commercial Code, the company
originating from the merger, the company designated by the de-merger contract or, failing this, the companies originating from the de-merger or the company which is the beneficiary of the universal transfer of assets or the company which is the
beneficiary of the contribution shall be substituted for that in favour of which the lease was granted, in all the rights and obligations arising from this lease. 

The assignor, as well as its successors will remain the joint guarantors and respondents for the payment of the rents and incidental amounts, as well as for
the execution of the clauses of the present lease, and this without there being any need to inform them of the first unpaid amount within a deadline of one month, by express derogation from Article L. 145-16-1 of the Commercial Code. 

  
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 By express derogation from Article L. 145-16-2 of the Commercial Code, this joint guarantee will last throughout
the term of the lease, plus three years, and this regardless of the period during which the business was operated by one of them. 
 This joint guarantee
will be due both by any assignor in respect of the assignees, and reciprocally by any assignee in respect of any assignor and this without the Landlord being obliged to carry out any formality or denunciation particularly in the event that extended
payment terms should be granted on an amicable or judicial basis to the principal debtor. The guarantee will remain due in the event of the termination of the lease for any reason whatsoever, during the period of effective occupation of the
premises, until their complete vacation and the return of the keys. 
 The assignor and the assignee will take personal responsibility for everything
concerning the reimbursement between themselves of the guarantee deposit, it being specified that in no event will the assignment be a reason for the reimbursement by the Landlord of the said guarantee deposit. 

The Landlord, except in the event of a merger or de-merger or of a universal transfer of assets or partial contribution of assets carried out in accordance
with the terms set out in Articles L 236-6-1, L. 236-22 and L. 236-24 of the Commercial Code, will be called to add its support to the deed of assignment or contribution 15 days prior to the effective date of signature of the latter, by registered
letter with acknowledgement of receipt, to which will be attached the draft definitive deed of assignment or contribution. A certified copy or an original registered copy of the deed of assignment will have to be delivered within a deadline of 15
days, at no cost, to the Landlord, to be used by it as an enforceable title. 
 In no event will the Tenant be able to complete the said assignment or the
said contribution if it is not up-to-date in advance with the payment of all the rents, charges and incidental expenses due to the Landlord. 
 7.9
LEGAL MODIFICATION 
 The capacity of the Parties present being a determining condition of the lease, the Tenant undertakes to notify, without delay,
to the Landlord, by registered letter with acknowledgement of receipt, any information liable to impact the financial capacity of the Tenant (pledge, collective procedure, etc.). 

It also undertakes to inform the Landlord, in the forms set out in Article 1690 of the Civil Code, of any merger, partial contribution of assets, de-merger or
universal transfer of its assets, by providing to it the supporting documents for the modifications made to the registration of the company or companies concerned at the Register of Trade. 

ARTICLE 8 – WORKS CARRIED OUT BY THE TENANT 

8.1 WORKS RELATED TO THE PRIMARY STRUCTURE OR THE COMMON PARTS

The Tenant will not be entitled to drill any holes in the walls or floors, carry out any demolition or construction, or make any intervention on the facade of
the building or works affecting the common areas, the technical installations of the building, its environmental performances or its external 

  
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appearance, without the prior written consent of the Landlord and, where applicable, of the Syndicates of Co-owners and/or the Free Syndicate Association (“ASL”), to which the
descriptive cost estimates and the plans will have to do be submitted in advance. 
 In addition, these works, where appropriate, will have to be carried
out in full compliance with the co-ownership regulations, the regulations of the Free Syndicate Association and with the Internal Regulations of the building and all changes thereto. 

Lastly, these works may only be carried out subject to the following conditions: 
  

	•	 	prior issue of the governmental authorisations required, depending on the nature of the planned works 

  

	•	 	subscription by the Tenant of the insurance policies required to cover its third party liability in respect of the execution of any building site as well - depending on the nature of the works carried out - as in
respect of the two-year and ten-year guarantees and this in conformity with the legislation in effect 

  

	•	 	informing the Landlord’s architects by the Tenant or its project manager of the progress on the building site, with dispatch of all execution plans allowing for the compliance of the works carried out with those
which were previously authorised to be checked 

 The fees of the Landlord’s architect shall be borne entirely by the Tenant, 

 

	•	 	compliance with the legislation relating to employment law, health and safety and Establishments Open to the Public, to roadways, cleanliness, the police, the Employment Inspectorate and the protection of the
environment 

 The Tenant will be obliged to undertake its works, to continue them with diligence and to complete them within the agreed
deadlines and to complete them in compliance with the environmental annex if such exists. 
 The Landlord’s authorisation will in no event incur its
liability, nor attenuate that of the Tenant, both between the Parties and with regard to third parties. 
 The Tenant undertakes to bear all the
consequences of its works, which may be prejudicial to the primary construction and to the solidity of the building, and to compensate the Landlord and any third party for any losses, of any kind whatsoever, which may be caused by the execution of
the said works. 
 8.2 OTHER WORKS
 The
improvement and internal decorative works on the premises will be carried out by the Tenant at its expense, after obtaining the agreement of the Landlord or its representative or from the co-ownership syndicate and the governmental authorisations
which may be required, and in accordance with the conditions indicated in the descriptive estimate which it will be obliged to have prepared and to provide to the Landlord. 

Indeed, prior to the execution of the works, the Tenant will be obliged to submit its file of improvements to the Landlord or to its representative in order
(i) that it can verify its compliance with the Co-ownership Regulations and/or the Regulations of the Free Syndicate Association, if the 

  
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building is subject to such resumes, as well as to the Internal Regulations of the building, (ii) and that it can give or not give its authorisation. 

The Tenant will be obliged to undertake its works, to continue them with diligence and to complete them within the agreed deadlines and to complete them in
compliance with the environmental annex if such exists. 
 Any authorisation from the Landlord for the completion of the works covered in the present
article does not imply any commitment of responsibility on its part; consequently, the Tenant undertakes not to take proceedings against the Landlord, and this even if the works or the contractors have been approved by the latter. 

It is hereby specified that the authorisation given, where applicable, by the Landlord will be an authorisation in principle and that in no event will the
Landlord guarantee the feasibility of the planned works or the various consequences which may result therefrom. 
 All controls, verifications and works to
which the leased premises, the improvements, installations and equipment which they contain may be subject, as a result of applicable or future regulations, will be entirely at the expense of the Tenant, which renounces any right of recourse against
the Landlord, including four deteriorations and hindrances to enjoyment which are likely to result therefrom. 
 The Tenant will therefore alone assume the
complete responsibility which may result from the execution of these works and will be obliged to cover or have covered all the risks by insurance policies subscribed in accordance with the provisions set out in the present lease. 

In the event of completion of works without the agreement of the Landlord, the latter will be entitled to require that the leased premises are restored, at
the expense of the Tenant, to their original state, without prejudice to the application of the sanctions incurred under the terms of the present lease or the legislation in effect. 

8.3 END USE OF THE TENANT’S IMPROVEMENT WORKS 

8.3.1. All works, decorations, improvements, installations, building works and highest increases whatsoever (including fixed, mobile or movable
partitions) and, where applicable, the works imposed by the applicable regulations, carried out by the Tenant, either on its entry into the premises or during the course of the lease, will become, by means of accession, at the end of each of the
successive leases or prior to that date if the lease is terminated early, the property of the Landlord, without compensation. 
 The Landlord may
nevertheless require, on the departure of the Tenant, the restoration of the premises, in whole or in part, into their original state, at the expense of the Tenant, even for works authorised by the Landlord and even for those which may have been the
subject of accession to the latter at the time of a previous lease renewal. 
 The original state of the premises means that mentioned in the property
inspection report prepared at the time of entry into enjoyment of the Tenant, and as shown, where applicable, on the plan appended thereto. In the event of the assignment or free-of-charge transfer of the leasing rights, this property inspection
report corresponds to that prepared with the initial tenant which concluded the lease and not to that prepared between the Landlord and the assignee or the beneficiary of the leasing right at the time of its entry into the premises. 

  
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 The restoration works necessary to remedy any damage resulting from the removals will be the responsibility of
the Tenant. 
 8.3.2. In any event, the Tenant will bear the costs related to the improvements, additions, building works and height increases made
by it, until the end of the enjoyment of the premises and this even when these have been transferred to the Landlord. 
 The Tenant will thus be obliged to
bear the costs resulting from defects, malfunctions and conformity defects related to the legal standards which may affect the improvements, additions, building works and height increases carried out by it. 

The Tenant will also be obliged to bear the costs of maintenance and, where applicable, bringing into compliance of the improvements, additions, building
works and height increases carried out by it, until the end of the enjoyment of the premises. It will check that these are, at the time of their completion and at any time subsequently, in compliance with the requirements of the heating regulations.

 The Tenant undertakes to guarantee the Landlord against any claim by a third party or neighbour in respect of the improvements, additions, building works
or height increases carried out by it. 
 8.4 EXTERNAL INSTALLATIONS 

The Tenant will not be entitled to carry out any installation of awnings, verandas, windbreaks, external blinds or any surface-mounted objects on the facade of
the building without having previously obtained the express written consent of the Landlord, as well as the governmental authorisations required for this purpose and, where applicable, the agreement of the Co-ownership Syndicate of the building
and/or the Free Syndicate Association. 
 In the event that the required authorisations should be granted to it, it will be obliged to maintain the
installations or improvements made in a very good state of maintenance and to monitor their solidity in order to avoid any accident; it commits, at the time of its departure, to removing the said installations and returning the premises in their
original state, unless agreed otherwise between the Parties. 
 In addition, the Tenant will be obliged to pay all the taxes and charges arising from these
installations. 
 8.5 SIGNS 
 The Tenant will
only be entitled to install an external sign (illuminated or not) with the written agreement of the Landlord or its representative, and if necessary of the Management Syndicate, the General Meeting of the Co-owners or the Free Syndicate Association,
to which must be sent in advance the price quotations and plans allowing for determination of the exact details of the installation of the planned change. 

In the event of a refusal of the authorisation by the management syndicate, the General Meeting of co-owners or the Free Syndicate Association, the Tenant
hereby renounces any rights in this respect against the Landlord on any grounds whatsoever. 
 The Tenant will be obliged to take personal responsibility
for obtaining any governmental authorisations required, and also for the payment of any charges due for this purpose. 

  
 - Page 19 of 37 - 

 It will ensure that the sign is always solidly attached and will remain solely responsible for any accidents
which this installation may occasion. 
 Any modification to the installation of the existing signage, of any kind whatsoever, will have to be the prior
subject of a request for authorisation from the Landlord in accordance with the terms stipulated previously. 
 The Tenant undertakes to insure that, at the
time of its departure, the sign is removed and the premises are restored to their original condition. 
 ARTICLE 9 - UPKEEP AND REPAIR WORKS OF THE
PREMISES RENTED BY THE TENANT - COMPLIANCE WORK - LESSOR’S WORK – VARIOUS INTERVENTIONS 
 9.1 UPKEEP – REPAIRS –
COMPLIANCE 
 For the purposes of paragraphs a) to d) of clause 9.1, the parties agree that, pursuant to Article R 145-35 of the French Commercial
Code in the wording in force on the date of signature of this lease, the following fall on the Lessor: 
  

	 	•	 	the expenses for the major repairs listed in Article 606 of the Civil Code and, where appropriate, the fees for the execution of those works, 

 

	 	•	 	the expenses for works to fix the poor state of, or bring into line with regulations, the rented premises or the building in which they are located, once those works have addressed the major repairs mentioned in Article
606 of the French Civil Code. 

 In accordance with that article, the aforementioned expenses for upgrading work for which the amount exceeds
the cost of an identical replacement shall fall to the Tenant.
 a/ The Tenant shall keep the premises and their fittings in very good condition and shall
carry out maintenance and repairs of any kind, including for damage resulting from usage, dilapidation, a hidden defect and force majeure. 
 The Tenant
must, in particular, at its own expense and under its own responsibility, keep in a very good working condition, safe and compliant with the standards necessary, throughout the duration of the lease, its renovation or refurbishment, the upkeep and
repair of all closing devices, doors, glazing, general locks, floors, pipes, taps and all specific facilities and fittings, such as electronic or telephonic fittings, computer cabling, meters, outlets and drains, and bathroom facilities. This list
is only indicative and not exhaustive. To that end, the Tenant shall, at its expense take out all upkeep and maintenance contracts, with a view to ensuring that the fittings work and are maintained, and undertakes to supply the Lessor with a copy of
those contracts upon the latter’s request. 
 The Tenant must also maintain, repair or replace at its own expense and under its own responsibility, any
glazing which covers some parts of the rented premises (but only within the limits set under Article 145-35 of the French Commercial Code) and shall have no legal remedy against the Lessor for damage caused by water leaks from that glazing. 

The Tenant shall also refurbish as often as necessary and at least every nine years any painting, wall-coverings and flooring. 

  
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 In general, the Tenant shall, at its own expense and under its own responsibility, repair or replace anything,
when they become necessary and for any reason whatsoever. 
 The Tenant shall take out at its own expense all maintenance contracts for the appliances or
equipment installed in the rented premises and shall ensure that all security and prevention fittings work and are maintained, so that the Lessor may not be pursued or bothered by anyone on that subject. 

b/ The Tenant shall be responsible for any repairs which would normally fall to the Lessor but which are needed because either the Tenant has failed to make
any necessary repairs under its responsibility or the Tenant, its staff or visitors have caused damage in either the rented premises or other parts of the building. 

The Tenant must inform the Lessor without delay of any repairs likely to fall to the latter. 

The Lessor shall only be responsible for expenses arising from the major repairs mentioned in article 606 of the French Civil Code and, where necessary, the
fees for the execution of those works, except for expenses arising from upgrading work for which the amount exceeds the cost of identical replacement, pursuant to article R145-35 of the French Commercial Code. 

c/ Whether during the lease or during possible renovation works, the Tenant must scrupulously comply, at its own expense, with all legal or regulatory
provisions in force or which become applying after this lease is signed, with particular regard to refuse, hygiene, health, safety, police, inspection of the work and environmental protection, including thermal regulations. Furthermore, the Tenant
shall carry out, at its own expense and under its own responsibility but only within the limits set out in Article R 145-35 of the French Commercial Code, works to ensure that the premises and its facilities comply with all legal and regulatory
provisions so that the Lessor is never bothered or pursued by anyone on that subject. 
 d/ In order to check the condition of the rented premises, the
Lessor reserves the right to visit them subject to a notice period of 2 working days. However, the Lessor may visit the premises without providing any notice in the event of an emergency. 

Any checks, inspections and works to which the rented premises or the appliances, fittings and facilities within them may be subject, under applicable or
future regulations, shall fall fully to the Tenant, who waives the right to any remedy against the Lessor, including for damage and disturbances likely to arise caused by them. 

9.2 WORK CARRIED OUT BY THE LESSOR IN THE PROPERTY OR NEIGHBOURING PROPERTY OR ON PUBLIC ROADS 

The Tenant shall endure, without compensation or rent reduction, irrespective of their length, even if it exceeds twenty-one (21) days, by derogation from
Article 1724 of the French Civil Code, major repairs and any works which must be carried out in the premises or on the property, particularly work to improve environmental performance, on its own initiative, the initiative of the Lessor, neighbours
or third parties, even if they do not benefit the Lessor, and any nuisance caused 

  
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by those works. The Tenant shall endure works carried out on neighbouring buildings or public roads in the same conditions, and the Lessor may not be held liable for any reason whatsoever. 

Furthermore, by derogation from Article 1723 of the French Civil Code, the Tenant must also endure, without compensation or rent reduction and without remedy
against the Lessor, any modification to the premises or communal areas and items in the property, that the latter reserves the right to carry out. 
 The
Tenant must in any case leave free access to the water and gas pipes, electrical wiring, heating, air-conditioning and ventilation shafts or other channel, and must, at its own expense and without delay, move or dispose of all appliances, furniture,
materials, signs, etc. which must be removed to carry out any works by the Lessor, including in particular when cleaning or carrying out work to improve the building’s environmental performances. 

9.3 VISITING THE PREMISES IN THE EVENT OF TERMINATION OF THE LEASE 

Once notice for the termination of the lease has been given and for at least the last six months of this lease, or in the event that the rented premises are
put up for sale, the Tenant must allow potential tenants accompanied by an employee of the Lessor to visit the premises, on any working day, subject to a notice period of 2 working days. Furthermore, the Tenant must leave notices, including banners,
affixed to the windows or balconies. 
 ARTICLE 10 - LIABILITY - WAIVERS 

10.1 INTERRUPTION/CANCELLATION OF SERVICES 
 The
Tenant may not claim any compensation or reduction in rent, or hold liable the Tenant, its representatives and their respective insurers in the event of a temporary interruption, an irregularity or a temporary cancellation to the following services:
water distribution, electricity, telephone, any automatic system and IT system depending on the property, air conditioning, ventilation or any other related to the property. 

10.2 LIABILITIES AND CLAIMS 
 The Tenant expressly
waives the right: 
  

	•	 	to request compensation or a rent reduction in the event of damp or a flood caused by water leaks or pipe breakages, for any reason whatsoever, to hold liable the Tenant, its representatives and their respective
insurers, for disturbances or damage caused by neighbours or third parties, in any way, particularly in the event of theft or misappropriation, of which the Tenant, its staff, suppliers customers or visitors may be victim in the rented premises or
in the property, and the Lessor is not obliged to provide any surveillance. 

  

	•	 	to hold the Lessor liable, in the event of physical or non-physical damage, for compensation for loss of use or operating loss, as a result of the total or temporary stop to its activity for any reason whatsoever.

 The Tenant shall be personally responsible for: 

  
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	•	 	the repair of any physical or non-physical damage, acting directly against the perpetrators without remedy against the Lessor. 

  

	•	 	any complaints from neighbours or third parties, particularly because of noise, smells, heat or generally any damaged caused by its activity, and the Lessor shall not be bothered in any event of that type.

 10.3 EXPROPRIATION 
 In the
event of expropriation in the public interest, no claims may be made against the Lessor; it shall fall to the Tenant to assert any rights arising from this agreement and from the activities carried out in the rented premises on the expropriating
party. 
 10.4 DESTRUCTION OF THE RENTED PREMISES 

In the event that, following an accident of any kind, irrespective of its origins, the rented premises are left fully unusable or destroyed, this lease shall
be terminated ipso jure and without compensation. 
 If the rented premises come to be partially destroyed or unusable, the Lessor, alone and depending the
extent of the damage, may either terminate this lease ipso jure or agree a rent reduction for the length of the partial loss of use. It is specified that, in the latter case, and on the condition that the Lessor rebuilds the property within a
maximum deadline of two years, this lease shall continue to concern all the rented premises and the rent reduction shall be calculated according to the size of the area destroyed. This shall be calculated by the Lessor or its representative. In the
event that the Tenant does not agree with the calculation, the Parties agree that they shall bring the matter before the competent court and, while they wait for its decision, they shall provisionally accept the calculation by the Lessor or its
representative. 
 In the aforementioned situations, the Lessor shall, nevertheless, retain its possible rights against the Tenant if the destruction can be
partially or fully attributed to the latter. 
 Accordingly, the Tenant may only, under express agreement, claim compensation awarded by the insurance
company or companies for the damages caused to it, without prejudice to the ensuing consequences with regard to this lease according to the terms stipulated below. 

ARTICLE 11 - INSURANCE 
 11.1 LESSOR’S
INSURANCE 
 The Lessor has taken out insurance policies to cover the building and/or rented premises against the risk of fire, explosions,
electrical damage, storms, water damage, riots, attacks, acts of terrorism and sabotage, and loss of earnings. It has also taken out civil liability insurance in its capacity as a property owner. 

The Parties agree that the potentially applicable excesses shall be borne by the Tenant. 

11.2 TENANT’S INSURANCE 

  
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 The Tenant must take out insurance, for the entire duration of the lease, for a sufficient amount, to cover its
fixtures, fittings, equipment, appliances and amenities, and the improvements, extensions, structures and storeys it has added, even if they are immovable by nature, as well as its operating loss, with a reputably solvable company against the risk
of fire, explosions, electrical damage, storms, water damage, riots, attacks, acts of terrorism and sabotage, and claims by neighbours and third parties. The Tenant must also have the rented premises insured against glass breakage. 

In the event of an accident, if the Tenant considers the sums that it will have received under its ‘Operating Loss’ policy, no remedy may be pursued
against the Lessor. 
 The Tenant undertakes to take out a civil liability insurance policy to cover for damages caused to third parties resulting from its
operations or the improvements, extensions, structures and storeys it has added on the premises. Physical injuries must be covered to a minimum of €3,000,000 per accident and physical and consequential non-physical damage to a minimum of
€760,000 per accident. This minimum may be increased at the request of the Lessor. 
 The Tenant must send the Lessor a copy certified as
conforming with the original of its policies or, failing that, a cover note or statement, in which, where relevant, the improvements, extensions, structures and storeys it has added are mentioned. The document must be issued by its insurer and, the
first time, before it has been implemented. 
 It should also be able to prove the validity of its insurance and the payment of its premiums at any moment.

 If the Tenant fails to take out the aforementioned insurance policies or if the Lessor considers those policies not to cover large enough sums, the
latter may take out insurance for the risks itself, and the Tenant shall undertake to reimburse the Lessor for the relevant premiums upon request. 

Furthermore, the Lessor undertakes to inform the Lessor of any change in its operating conditions which the insurance company could consider an increased
risk. If the Tenant’s activity or the change in operating conditions results in a higher premium, either for the Lessor or for the neighbours or other tenants, the Tenant shall reimburse the interested parties for the amount of the higher
premium. 
 Likewise, if the improvements, extensions, structures and storeys added by the Tenant results in a higher premium for the Lesson, the Tenant
undertakes to bear the cost. 
 By express agreement, under this lease, compensation due to the Tenant in the event of an accident, amounting to the
compensation that the Lessor owes to the Owner, may be delegated and transferred to the Lessor. 
 The Tenant also undertakes to comply with any request
made by the Lessor’s insurers aimed at modifying the technical fittings for the prevention and security of the rented premises. 
 Furthermore, in the
event that the Tenant carries out work in the rented premises in the conditions set out in Clause 8, that party must take out the necessary insurance for that purpose and third-party liability cover in particular for the works, as well as a Ten-Year
Guarantee and guarantees for Proper Operation, Consequential Damage and Damage to Existing Property in compliance with the legislation in force. 
 11.3
RECIPROCAL WAIVER OF RECOURSE 

  
 - Page 24 of 37 - 

 The Lessee waives the right to any recourse that it may exercise against the Lessor, its principals or
representatives, or its insurers. It agrees to obtain the same waiver from its insurers, any of its occupants and their insurers, and to indemnify the Lessor for the direct or indirect consequences of any claim or legal action that its occupants,
employees and/or insurers may frame or bring against the Lessor, including all costs and expenses that the Lessor may incur when exercising its rights. 

Reciprocally, the Lessor, its principles and representatives waive the right to any recourse against the Lessee and against its insurers. They agree to obtain
the same waiver from their insurers. 
 11.4 DAMAGE 

The Lessee shall inform the Lessor or its representative, within 48 hours, of any repair that becomes necessary during the lease, as well as any damage or
deterioration that occurs at the leased premises, regardless of its significance, even if no apparent damage has occurred, subject to being held personally liable and therefore being required to compensate the Lessor for any direct or consequential
damage incurred by the Lessor for late filing or failure to file a notice of claim with the insurers. 
 It must declare any damage to its own insurance
company, regardless of the occurrence date and its apparent seriousness. 
 ARTICLE 12 - RELEASE OF THE PREMISES 

12.1 LESSEE’S OBLIGATIONS 
 Regardless of the
reason for the Lessee’s relinquishment of the leased premises, it must return the property in a very good state of maintenance and repair and in full compliance (but only within the limits set forth in Article R 145-35 of the Commercial Code),
according to its obligations under this lease. 
 The same shall apply to any modifications or improvements described in Article 8 of the lease, unless the
Lessor prefers that the premises be returned in their original condition as stated in Article 8.3. 
 12.2 PRELIMINARY INSPECTION 

No later than two (2) months prior to the Lessee’s departure date, a joint inspection of the premises shall be carried out in the presence of any
technician or manager appointed by both Parties. If no date is determined by mutual agreement, the Lessor shall inform the Lessee of the dates and times it will appear to inspect the premises. 

At this time, any upkeep or maintenance agreements entered into by the Lessee, as well as any supporting documentation concerning maintenance or replacement
work performed during the past two years, shall be provided to the Lessor or its representatives. 
 At the end of this inspection, the Lessor shall send a
statement of repairs to be performed by the Lessee, as well as a list of work it requires to restore the property to its original condition and 

  
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replacements following any removals, without prejudice to any reservations which may be made when the property condition report is prepared upon the return of the premises. 

The Lessee agrees to return the premises after full completion of the repairs, work and replacements defined above, from the moment it is required to do so
under the terms of this lease. 
 The Lessee shall pay an occupancy charge corresponding to the amount of the latest contractual rent increased by 50%
during the time required to perform the work, if such work continues beyond the effective date of the notice. 
 12.3 – PROPERTY CONDITION REPORT

 A check-out property condition report will be jointly prepared by the parties, in two original copies, signed and initialled by each of them, on
the date the premises are returned. 
 At the request of either party, this report may be prepared by a bailiff, appointed by the Lessor for this purpose at
the Lessee’s expense. In such case, the report will be sent by the bailiff, by registered letter with acknowledgement of receipt, to the Lessee at the address it provided during return of the premises. 

If, for any reason, the Lessee does not appear on the date it was called by the Lessor, the property condition report prepared by the Lessor shall be deemed
to have been jointly prepared. 
 12.4 LEASEHOLD REPAIRS AND RESTORATION WORK 

After retaking possession of the premises and taking into account the reservations set forth in the report prepared at that time, the Lessor shall prepare a
descriptive report and a cost estimate for the work it deems necessary, and shall notify the Lessee thereof by registered letter with acknowledgement of receipt no later than fifteen (15) days after the date the premises were returned. 

Within fifteen (15) days from receipt of this notice, the Lessee must inform the Lessor if it intends to dispute the nature or cost of the work required
by the Lessor. If the Lessee does not respond upon expiry of this time period, the estimate(s) as well as the restoration work planned by the Lessor will be deemed accepted and the Lessor will have the right to have such work performed by the
companies of its choice, for which the Lessee will bear the cost, including any charges and fees for work performed by any contractor. 
 If the Lessee
disagrees, each party concerned shall take any action it deems necessary to reserve its rights, without prejudice to any consequences which may result from an extended inability to use the premises for this reason. 

Moreover, if, whether due to this dispute or due to the performance of work under the procedures set forth above, the premises are unavailable for use beyond
the established release date (effective date of notice or of termination), daily compensation equal to the contractual rent payable upon expiry of the lease increased by 30%, as well as pro rata expenses and taxes arising from this lease, shall be
owed by the Lessee. 
 ARTICLE 13 - AMENDMENTS – FORBEARANCE 

  
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 This lease can be amended only by a written document. Accordingly, in no case can an amendment be inferred from
mere forbearance by the Lessor, whether in frequency or duration, and the Lessor remains free to require strict application of the provisions and stipulations which have not been the subject of an express written amendment. 

ARTICLE 14 - DECLARATION 
 The Lessee attests that
it has the necessary capacity to enter into this lease and declares: 
  

	•	 	that it is not insolvent or involved in compulsory liquidation, a reorganisation order, a stay of proceedings or any other process arising under applicable provisions of the Commercial Code in this event;

  

	•	 	that it is not subject to proceedings likely to result in confiscation of its property, 

  

	•	 	that it does not lack the legal capacity to exercise a commercial occupation. 

 ARTICLE 15 - TERMINATION
CLAUSE 
 In the event of non-payment of a single rent payment or occupancy charge (including charges and services), any supplemental rent or summary
of charges, or in the case of failure to perform any condition of this lease, this lease may be immediately terminated in the Lessor’s discretion, one month after an order to pay or a formal warning to comply with the terms of the lease remains
without effect. 
 In such case, the Lessor shall retain the security deposit and rent paid in advance, without prejudice to any damages. 

All costs of the notice of default and the proceedings will be borne by the Lessee. 

From the date the Lessor’s rights under the termination clause are deemed acquired, the occupancy charge owed until release of the property will equal
the effective contractual rent increased by 50%, in addition to expenses and taxes. 
 The lease shall terminate without the need for any legal formalities
by the Lessor, without prejudice to any costs or damages. No subsequent payments shall cancel the effects of this provision. 
 Eviction from the leased
premises may be obtained by a simple order issued by the President of the Tribunal de Grande Instance (Regional Court), on an expedited basis, finding that the termination clause is applicable. 

The Lessor will regain the right to freely dispose of the premises by the mere fact of the Lessee’s eviction, issued by provisional order, and subsequent
offers shall not cancel the effects of this provision, without prejudice to its right to receive payment of all rent accrued or payable in advance until the acquisition date of this termination clause, the occupancy charge due thereafter under the
procedures set forth above as well as the repair costs borne by the Lessee, subject to all other amounts owed, rights and causes of action. 

  
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 ARTICLE 16 - ENVIRONMENT AND SAFETY 

16.1 ASBESTOS 
 The Lessor declares that all
investigations required by law or regulation have been conducted, and it shall make all supporting documentation available to the Lessee, especially in the event its availability is required in the scope of the improvements to be performed on the
leased premises. 
 16.2 TECHNOLOGICAL RISKS 
 In
accordance with the provisions of Articles L 125-5, R 125-23 to R 125-27 of the Environment Code regarding disclosure of the statement of natural, mining and technological risks to the new tenant, the Lessor provided such disclosure or risks to the
Lessee upon signing of this lease, who acknowledges such, including the required information concerning the building where the leased premises are located. 

The Lessor further declares that, to its knowledge, the premises have not incurred any damage giving rise to payment of insurance compensation covering
natural disasters (Article L. 125-2 of the Insurance Code) or technological risks (Article L. 128-2 of the Insurance Code). 
 16.3 ENERGY EFFICIENCY
ANALYSIS 
 In addition, the energy efficiency analysis as described under Article L. 134-1 of the Building and Housing Code is also attached to this
lease. The Lessee acknowledges that it has reviewed this document. 
 16.4 CLASSIFIED INSTALLATIONS 

If the building includes one or more installations classified for environmental protection subject to declaration or authorisation/registration, the Lessee
must comply with all recommendations and injunctions of any kind, including upgrades to the installation(s) to comply with regulations, such that the Lessor is at no time involved in this issue. In addition to maintenance work and upgrades, it must
perform at its expense all inspections and verifications required by law or regulation and, with regard to common equipment, shall bear the cost thereof. 

In the event that the Lessor authorises the Lessee to install one or more pieces of equipment falling under legislation on classified installations for
purposes of its business, in addition to the paragraph above, it must also carry out the necessary administrative formalities to declare itself an operator of these classified installations, and to solely bear the cost of compliance measures and
work which the administration requires by law. The Lessee shall indemnify and hold the Lessor harmless against all liability which may result from the presence of such installations on the Premises, their use and their removal. 

16.5 INSPECTIONS AND WORK BY THE LESSEE 

  
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 16.5.1. The Lessee shall cause environmental and safety inspections to be performed at its expense, by
entities approved by the Commission Plénière des Assurances de Biens et de Responsabilité, in particular concerning the search for hazardous materials and compliance with current regulations on its improvements and any
work it may perform. The Lessee will provide the Lessor with a copy of inspection reports prepared by these organisations within one month from their receipt, specifically including any requirements, recommendations or reservations expressed as well
as any measures to be taken by the Lessee to satisfy them, including work performed. Within one month following completion of such measures, the Lessee shall provide the Lessor with a report prepared by these same organisations, validating the
measures and work carried out, it being specified that such work and/or measures must be carried out under the conditions set forth in Article 8 of the lease, and within three months following the submission of reports by the organisation, unless a
shorter period is imposed by such organisations. If the Lessee fails to perform the above mentioned measures and work within this time period, the Lessor shall have the right to have such measures and work carried out by any company of its choice,
at the Lessee’s expense. 
 16.5.2. When carrying out the work, either at the start of the lease or during possession, in addition to Article 8
of the lease, the Lessee agrees not to use any materials that may pose a danger to the safety of the occupants of the premises and/or the building. 
 If
the materials used by the Lessee are subsequently prohibited by a new provision, it shall immediately take personal responsibility for any consequences resulting therefrom - research, surveys, removal, compensation or otherwise - without any
recourse against the Lessor, even if such work has since become the property of the Lessor. 
 The Lessee shall take all necessary steps to avoid any risk
of pollution and perform all necessary remediation work at its expense. 
 16.6 INSPECTIONS CARRIED OUT BY THE LESSOR 

During the term of the lease, the Lessee shall provide the Lessor with free access to the premises to have organisations of its choice perform any audits or
inspections, specifically concerning environmental and/or safety matters, periodic inspections of the building’s installations and equipment, and any work and measures arising therefrom. The cost of these audits and inspections, as well as the
cost of work and/or measures that must be performed subsequent to such audits and inspections, shall be borne by the Lessee, but only within the limits set forth in Article R. 145-35 of the Commercial Code. In response to its specific, occasional
requests and for its information only, the Lessor shall provide the Lessee with a copy of the inspection reports. Note that all inspections, verifications and work to which the building, improvements, installations and equipment within may be
subject under current or future regulations, particularly those concerning the safety of persons, are the Lessee’s full responsibility, but only within the limits set forth in Article R 145-35 of the Commercial Code, which waives any
recourse against the Lessor in this regard, specifically for the deterioration, disturbance of quiet enjoyment and financial consequences that may result therefrom. 

16.7 IMPLEMENTATION OF ENVIRONMENTAL PROTECTION REGULATIONS 

The Parties agree to work together in order to improve the environmental performance of the building and in order to meet the objectives and recommendations of
the Grenelle I Act (law no. 2009-967 dated August 3, 2009 on the timetable for the implementation of the Grenelle Round 

  
 - Page 29 of 37 - 

 
Table on the Environment) and the Grenelle II Act (law no. 2010-788 dated July 12, 2010 on national commitment for the environment) and any additional laws. 

For this purpose: 
  

	 	•	 	Each party agrees to communicate to the other all of the data in their possession relating to energy consumption, water consumption, and greenhouse gas emissions for the common areas of the building and/or private areas
of the premises. They shall communicate, if any, the carbon footprint of the building or the carbon footprint of the activity conducted in the premises. 

  

	 	•	 	Each Party agrees to incorporate an environmental aspect in its decision making processes relating to improvements and/or equipment of the building or premises, or relating to how they are managed in order to opt for
the most effective solutions, whenever it is reasonably possible so as to never jeopardize the certifications and/or’s ecolabels obtained. 

If the Parties do not reach an agreement on the choice of works and installations to carry out to improve the environmental performance of the building, the
Lessor shall be free to decide which work or installations shall be carried out that he deems pertinent to improving the building’s performance or required to meet any changes in legislation and/or the Grenelle Round Table on the Environment.

 For all work and/or installations to improve the building’s environmental performance that do not fall under ordinary maintenance or replacement,
the Lessee shall be required to: 
  

	 	•	 	Grant access to the premises in order to enable them to be carried out. 

  

	 	•	 	Bear the full costs, fees, and insurance included but only within the limits stipulated by Article R 145-35 of the French Commercial Code. 

 

	 	•	 	And, after completion of the work and/or installations, comply with the specifications of use. 

 Finally, all
Parties shall abide by the terms of the Environmental Appendix if it exists. 
 ARTICLE 17 - INTERNAL REGULATIONS - PROPERTY OWNER’S ASSOCIATION
RULES - HOMEOWNERS ASSOCIATION RULES 
 If they exist, the Lessee acknowledges having read the building’s internal regulations, the property
owners’ association rules, and/or the homeowner’s association rules. He further acknowledges that a copy of each document was given to him. 

These documents have contractual value in the same way as this lease. 

Consequently, the Lessee agrees to comply with all of their provisions as well as any amendments thereto. 

In addition, the Lessee must comply with the conditions and obligations of all property owners’ association rules, internal regulations, specifications,
or any document governing the building the premises is part of, should they exist. 
 He must also comply with any rules the building is subject to. 

  
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 ARTICLE 18 – FEES AND REGISTRATION 

The fees and expenses of this document as well as all registration fees, duties, or taxes of any nature whatsoever which may be required to be paid when this
lease and additional documents are concluded shall be at the Lessee’s expense who hereby agrees. 
 All fees and expenses payable if any amendments are
needed during the lease or its renewal shall also be at the Lessee’s expense who hereby agrees. 
 ARTICLE 19 – ADDRESS FOR SERVICE

 For the purposes hereof, the Parties choose their address for service as follows: 

 

	•	 	The Lessor at his headquarters indicated above. 

  

	•	 	The Lessee at the leased premises. 

 *        * 

* 

  
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 PART TWO: SPECIAL CONDITIONS 

ARTICLE 1 - DESCRIPTION 
 The Lessor hereby leases
to the Lessee, who accepts, the entire building located at 177-181, avenue Pierre Brossolette, Montrouge (92120), France, comprised of: 
  

	 	•	 	Premises for use as offices with a leasable area of approximately 3,712.90 m2 from the ground floor to the 4th floor. 

 

	 	•	 	Premises for business use with a leasable area of approximately 756.70 m2 on the ground floor. 

  

	 	•	 	90 parking spaces on the 1st underground floor of the building, 6 of which are motorcycle parking spaces. 

  

	 	•	 	21 outside parking spaces at the rear of the building. 

  

	 	•	 	3 outside parking spaces in front of the building. 

 as identified on the plans annexed hereto. 

Before signing this lease, the Lessor had a report made of the surfaces areas by the licensed surveyor firm BLOY and a copy of the report relating to the
premises under this lease has been attached. 
 It is hereby specified that on the date this lease is signed, the building is not subject to property
association rules or homeowner association rules and, because it is occupied by one tenant, it has no internal regulations. 
 ARTICLE 2 –
EFFECTIVE DATE - TERM OF THE LEASE - FIXED TERM 
 This lease is granted for a period of nine (9) full consecutive years starting on
August 1, 2015 and ending July 31, 2024 in the manner prescribed for this purpose by the terms of this lease. 
 By way of derogation from Article
L 145-4 of the French Commercial Code, the Lessee expressly waives the right to give notice of termination for each of the first two three-year periods and irrevocably commits to a fixed term of 9 years. 

ARTICLE 3 – ANNUAL RENT 
 1,482,532.00
EUROS (one million four hundred eighty-two thousand five hundred thirty-two euros) excluding fees and taxes which is broken down as follows: 
  

	•	 	Rent for offices and business: 1,318,532.00 euros 

  

	•	 	Rent for underground parking spaces: 134,000.00 euros 

  

	•	 	Rent for underground motorcycle parking spaces: 6,000.00 euros 

  

	•	 	Rent for outside parking spaces: 24,000.00 euros 

  
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 ARTICLE 4 - INDEXATION 

Index: the rent index of tertiary activities (ILAT) published quarterly by the INSEE 

Date of first indexation August 1, 2016 
 Base Index: 1st
quarter of 2015 
 Adjustment Index: 1st quarter of 2016 

ARTICLE 5 – SECURITY DEPOSIT 
 The amount of
the security deposit is equal to three (3) months of the annual rent excluding taxes, or 370,633.00 euros (three hundred seventy thousand six hundred thirty-three euros) which the Lessee commits to paying when the lease is signed. 

ARTICLE 6 - RENT-FREE PERIOD 
 As an exception and
on a purely commercial basis, a rent-free period for the main rent is agreed upon for a period of 20.5 (twenty and a half) months after the lease takes effect. 

The first rent payment will be payable pro rata temporis on April 15, 2017. 

During this period, the Lessee shall pay the charges, taxes, duties, fees, services, and other receivables in the manner prescribed for this purpose in the
General and Special Conditions of this lease. 
 The rent-free period shall have no impact on the annual adjustment of the rent pursuant to the indexation
clause in the manner prescribed for this purpose by Article 4 of the General Conditions, nor shall it impact the enforceability and calculation of the charges, taxes, duties, fees, services, and other receivables that may be based on the rent. 

The Lessee acknowledges that this exemption will have no impact on establishing the new rent amount if this lease is renewed. 

ARTICLE 7 - EARLY HANDOVER OF THE PREMISES 
 On an
exceptional and personal basis, the Lessor authorizes the Lessee to access the premises in advance as of April 15, 2015, solely for the purposes of preparing and conducting preparatory work as well as installing his equipment and furniture in
the leased premises (without his staff occupying them or starting operations). 
 This early handover shall give rise to an inventory and condition of the
property being drawn up in the presence of both Parties. This inventory shall constitute the inventory referred to under Article 7.1 of the General Conditions of the lease. The early handover of the premises shall be conducted pursuant to the costs
and conditions of this lease. However, it is hereby specified that: 
  

	•	 	the effective date of the term of the lease as stipulated in Article 2 of the Special Conditions shall occur automatically and without formality on August 1, 2015. 

  
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	•	 	that the Lessee will not pay rent during the early handover period, the rent shall only become payable automatically and without formality on August 1, 2015 without prejudice to the rent-free period agreed upon in
Article 6. 

  

	•	 	Moreover, all expenses, taxes, insurance premiums, and other additional fees related to the rent and services stipulated in this lease shall be fully payable by the Lessee during this early handover period.

 We also remind you that the Lessee must take out the insurance policies stipulated in Article 11.2 of the General Conditions to cover the
early handover period as well as all of the necessary insurance policies for carrying out the work referred to in Article 8 of the General Conditions of the lease, and must show proof by submitting an insurance certificate to the Lessor when the
initial inventory and condition of the property is being drawn up that proves the policies have been taken out and are in force from the date the early handover of the premises took place. 

The Lessee shall remain liable to comply with all of the provisions contained in Article 8 of the General Conditions. 

The early handover of the premises shall entail, as of its effective date, the taking of possession of the premises by the Lessee and the transfer of its
custody and risks to the Lessee for the term of the lease. 
 ARTICLE 8: SPECIFIC PREPARATORY WORK BY THE LESSEE 

The Lessor hereby authorizes the Lessee to install an animal house for its activities of pharmaceutical research on the ground floor of the building with a
maximum surface area of 100 m2. 
 This authorization is given, subject to the Lessee ensuring and obtaining the administrative, hygiene, and health
permits required for this facility so that the Lessor may by no means be held liable. 
 If, for any reason whatsoever, the Lessee is not able to obtain the
necessary permits and/or is not able to carry out his project, he waives holding the Lessor liable. 
 ARTICLE 9 – FEES, TAXES, AND WORK

 9.1 FEES 
 Merely for informational
purposes, the provision for rental costs is provisionally determined for 2015 at a rate of 40,000.00 euros per quarter. 
 9.2 TAXES 

The aforementioned rent is subject to VAT at the legal rate in effect at the time of each rent payment or any other tax which may replace it. 

  
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 9.3 WORK 

9.3.1 Attached to this lease is a summary of the work done by the Lessor over the previous three years and its cost. 

Also attached to this lease is an estimate of the work that the Lessor intends to carry out in the building over the next three years with an estimated
budget. As needed, it is hereby stipulated that this estimate, which will be updated at least every three years by the Lessor, was only prepared on a purely provisional basis and is therefore likely to be amended at any time by the Lessor which the
Lessee is fully aware of. As a result, the Lessee may not claim any reduction of rent or compensation whatsoever, nor may ask for reimbursement of expenses in the event that all or part of the proposed work is not done, as in cases where the Lessor
carries out work that was not initially planned. 
 9.3.2 In addition to the general conditions of this lease, it is stipulated that the Lessor shall bear
the cost of replacing all of the doors and windows and modules making up the facades of the leased property. 
 ARTICLE 10 - SUBLEASING - REGISTERED
ADDRESS 
 10.1. - Subleasing 
 By way of
derogation from Article 7.5 of the General Conditions of this Lease, the Lessee is authorized to partially sublease the premises to: 
  

	 	•	 	An outside company for up to a maximum of 30% of the leased areas. 

  

	 	•	 	One or more of the Lessee’s subsidiary companies, with a maximum of 3, according to the criteria defined by Article L 233-1 of the French Commercial Code or any other text that might subsequently replace it,
up to a limit of 49% of the leased areas, 

 without the subleased areas exceeding 50% of the leased areas. 

The sublease must be entered into in accordance with the law under the same terms and conditions as the master lease for a period not exceeding the master
lease. 
 The Lessee must justify to the Lessor, by informing him of his intention to sublease under the terms of Article L 145-31 of the French Commercial
Code, that the sublessee and the beneficiary meet the conditions required for this purpose. 
 Unless otherwise agreed by the Lessor, the existing legal
relationship between the sublessee and the Lessee must be maintained throughout the term of any sublease and the Lessee must justify it to the Lessor at his first request. 

If the Lessor fails to participate in the document, an original copy of the contract shall be given or sent to him within a period of fifteen days from the
date it was signed. 
 In the event of subleasing, the Lessee shall remain solely responsible vis-à-vis the Lessor for paying the rent, expenses, and
related fees, as well as full enforcement of the conditions and obligations of the lease. 

  
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 The Lessee shall be responsible for paying for the preparatory renovations and repair work to the leased premises
after any sublease. 
 The leased premises constitute an indivisible whole both materially and according to the joint intent of the Parties. The provisions
of this indivisibility clause must be reproduced in any sublease document which should therefore stipulate that by express agreement between the parties, the currently rented premises constitute an indivisible whole materially and according to the
joint intent of the Parties. 
 If the master lease is not renewed or in the event of the departure of the primary tenant no matter what the cause (leave,
amicable or court-ordered termination, availing oneself to the termination clause), resulting in the termination of the lease, the sublease agreement shall be terminated ipso jure. The sublessee shall not be entitled to derive any rights with regard
to the Lessor from the status of the commercial leases, and in particular from the direct right to renew the lease derived from Article L 145-32 of the French Commercial Code. 

10.2. - Registered Address 
 As an exception and by
derogation from the General Conditions of the lease, the Lessee is authorized to register up to a maximum of 5 of his subsidiaries pursuant to the criteria stipulated by Article L 233-1 of the French Commercial Code at the leased premises or any
other text which may subsequently replace it under the following main conditions: 
  

	a)	The Lessee agrees to ensure that the companies headquartered there strictly enforce the terms and provisions of this lease which the Lessee shall remain fully liable for vis-à-vis the Lessor. 

 

	b)	When the Lessee leaves, the premises shall be returned unoccupied and the Lessee expressly agrees to make the companies registered at the premises make the same commitment. 

Please be reminded that this derogation is non-transferable and is exclusively granted under the main and decisive condition that the premises constitute an
indivisible whole according to the joint intent of the Parties otherwise it would not have been granted. 
 Furthermore, no plaque or mailbox shall be
installed displaying the names of the registered individuals. 
 ARTICLE 11 - SIGN 

The Lessor hereby authorizes the Lessee to install a sign starting on the early handover date of the premises which is April 15, 2015. 

This authorization is granted to the Lessee free of charge and no rent or royalty shall be required from the Lessee by the Lessor for this purpose. 

However, it is stipulated that this authorization shall only be granted to the Lessee and validated after the technical file is submitted to the Lessor which
shows a photomontage and the proper administrative and technical authorizations, all validated by a technical control bureau for mounting, wind resistance, and studying structures. 

  
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 The Lessee agrees to obtain the required administrative and technical authorizations before installing a sign and
shall pay for all of the taxes and/or charges related to the sign throughout the term of the lease. 
 In the event that the Lessee does not obtain the
authorizations referred above or is not able to install the sign no matter what the cause may be, he agrees from this point forward not to take recourse against the Lessor for this purpose. 

The Lessee agrees that he shall remove the sign that he made at his own expense and liability and return the premises in their original condition upon his
departure. 
 Drafted in Paris 
 On March 3, 2015 

In two copies 
  

			
	THE LESSOR		THE LESSEE

 Appendices: 
 Appendix 1:
Plans/surveys of the surfaces 
 Appendix 2: Lessee’s bank account information 

Appendix 3: Lessor’s bank account information 
 Appendix 4:
KBIS extract (company registration certificate) of the Lessee’s company 
 Appendix 5: Environmental Appendix 

Appendix 6: ERNMT (Natural, Technological or Environmental Risk Report) 

Appendix 7: Energy performance analysis 
 Appendix 8:
Lessee’s Proof of Insurance 
 Appendix 9: Summary statement of the work done in the building and estimates of the projected work 

  
 - Page 37 of 37 -15_03 Ex 10.1

Exhibit 10.1
CON-WAY INC.
GLOBAL RESTRICTED STOCK UNIT GRANT AGREEMENT
THIS AGREEMENT, including Appendix A, granted on the __th day of  ______, 2015 (“Grant Date”), by Con-way Inc., a Delaware corporation (hereinafter called “Company”) to Participant.

WITNESSETH:
WHEREAS, the Company has adopted the Con-way Inc. 2012 Equity and Incentive Plan, as amended from time to time (as so amended, the “Plan”), which Plan is incorporated into this Agreement by reference;
WHEREAS, the Company encourages employees and non-employee directors to own securities of the Company and thereby align their interests more closely with the interests of the other stockholders of the Company, desires to motivate Participant by providing Participant with a direct interest in the Company’s attainment of its financial goals, and desires to provide a financial incentive that will help attract, motivate and retain the most qualified employees and non-employee directors; and

WHEREAS, the Company has determined that it would be to the advantage and interest of the Company and its stockholders to issue to Participant the Restricted Stock Units (as defined below) provided for in this Agreement as an incentive for increased efforts and successful achievements;
NOW, THEREFORE, the Company hereby grants to Participant the Restricted Stock Units provided for in this Agreement upon the following terms and conditions:
		
	1.
	Defined Terms.  Except as otherwise indicated herein, all capitalized terms used in this Agreement without definition shall have the meanings given to such terms in the Plan.

		
	2.
	Restricted Stock Units.  As of the Grant Date, the Company hereby grants that number of restricted stock units to Participant as set forth in the “Summary of Grant/Award” on the online award acceptance page of the Company’s designated broker with respect to the Company’s shares of Common Stock (hereinafter called the “Stock”), pursuant to Section 11 of the Plan (hereinafter called the “Restricted Stock Units”), subject to the requirement that Participant remains in Continuous Service at all times during the period from the Grant Date through the applicable vesting date for such Restricted Stock Units as set forth in Section 3.  As used herein, “Continuous Service” means (i) an Employee or Director or (ii) an Employee who is on an authorized medical, Disability or other leave from the Company or an Affiliate. The number of Restricted Stock Units granted hereunder will be adjusted from time to time for changes in capitalization, as provided in the Plan.

		
	3.
	Vesting; Settlement.  

		
	(a)
	Subject to subsections (b), (c), (d) and (e) of this Section 3, all Restricted Stock Units shall vest on the third (3rd) anniversary of the Grant Date, provided that Participant has been in Continuous Service at all times during the period from the Grant Date until such date.  Subject to Section 5 below, the Company may cause such number of Restricted Stock Units to vest as may be necessary to satisfy any Tax-Related Items that may arise before the vesting date.

		
	(b)
	A pro rata portion of all Restricted Stock Units (if any) which have not vested shall vest upon the earliest to occur of the following, provided that Participant has been in Continuous Service at all times during the period from the Grant Date until the date of such occurrence:

		
	(1)
	Participant’s death; or

		
	(2)
	Termination of employment due to Disability.

Such pro rata portion shall equal the number of unvested Restricted Stock Units, multiplied by a fraction, the numerator of which is the number of full months elapsing from the Grant Date to the date of Participant’s death or termination of employment due to Disability (as applicable), and the denominator of which is 36.

1

		
	(c)
	If Participant is an Employee on the Grant Date, a pro rata portion of all Restricted Stock Units (if any) which have not vested shall vest upon Participant’s Normal Retirement.  Such pro rata portion shall equal the number of unvested Restricted Stock Units, multiplied by a fraction, the numerator of which is the number of full months elapsing from the Grant Date to the date of Participant’s Normal Retirement, and the denominator of which is 36. “Normal Retirement” means termination of employment/retirement on or after age 65 (Normal Retirement Date) or after attaining age 55 with combined age in whole or partial years (rounded to the nearest whole month) plus years of service (as defined in a retirement plan of the Company, the Employer, or Subsidiary or Affiliate (as applicable) applicable to Participant) equal to at least 85 (the Rule of 85). For the avoidance of doubt, any Restricted Stock Units that do not vest pursuant to this Section 3(c) (i.e., the non-pro rata portion) shall be automatically, immediately and irrevocably forfeited upon Participant’s Normal Retirement. 

		
	(d)
	(1)    Upon a Change in Control (other than a Change in Control that constitutes a “Disposition of a Business Unit”), the Restricted Stock Units shall be converted, assumed or replaced with equivalent restricted stock units or rights (“Assumed”) by the surviving corporation, the successor corporation or its parent corporation, as applicable (the “Successor Corporation”).  If there is a Change in Control (other than a Disposition of a Business Unit) and the Restricted Stock Units are not Assumed, then immediately prior to the Change in Control such Restricted Stock Units shall become fully vested.   For purposes of this Paragraph 3(d)(1), the Restricted Stock Units shall be considered Assumed if, following the Change in Control, the restricted stock unit or other right confers the right to receive, for each Restricted Stock Unit subject to the award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in connection with the Change in Control by holders of Stock for each share held on the effective date of the Change in Control (and if holders were offered a choice of consideration, the type of consideration selected by the holders of a majority of the outstanding shares of Stock); provided, however, that if such consideration received in connection with the Change in Control is not solely common stock of the Successor Corporation, the Committee may, with the consent of the Successor Corporation, provide for the consideration to be received, for each share of Stock subject thereto, to be solely common stock of the Successor Corporation equal in fair market value to the per share consideration received by holders of Stock in connection with the Change in Control.

		
	(2)
	If, on the Grant Date, Participant is a party to a Severance Agreement (Change in Control) with the Company or an Affiliate (on the terms, conditions and other provisions, including definitions, as are in effect on the Grant Date and without regard to whether the Severance Agreement (Change in Control) is in effect on the date of a Change in Control or the date Participant’s employment terminates, the “CIC Severance Agreement”), then, if the Restricted Stock Units are Assumed and Participant’s employment terminates and such termination of employment constitutes or would constitute a “Severance” (as defined in the CIC Severance Agreement), the Restricted Stock Units shall become fully vested on the date of Participant’s termination. 

		
	(3)
	Notwithstanding subsection (2) of this Section 3(d), if the Change in Control constitutes a Disposition of a Business Unit and, as of immediately prior to the Change in Control, Participant is an Employee of the Business Unit that is the subject of the Change in Control and in Continuous Service, then: 

		
	(i)
	If, immediately following the Change in Control, Participant continues to be employed by the Business Unit (or is employed by the successor company that acquires the Business Unit) and, as a result of the Change in Control, ceases to be an Employee in Continuous Service, then the Restricted Stock Units shall become fully vested on the date of the Change in Control;

		
	(ii)
	If, in connection with the Change in Control, Participant ceases to be an Employee in Continuous Service and is not retained by the Business Unit (or employed by the successor company that acquires the Business Unit), then the Restricted Stock Units shall become fully vested on the date of the Change in Control;

		
	(iii)
	If, in connection with the Change in Control, Participant ceases to be an employee of the Business Unit but continues to be employed as an Employee in Continuous Service (regardless of whether employed in the same capacity as was employed prior to the Change in Control), then the provisions of subsection (2) of this Section 3(d) shall apply to the Restricted Stock Units (it being understood that a Change in Control will be deemed to have occurred for purposes of subsection (2)). 

2

		
	(4)
	Any other provision of this Agreement to the contrary notwithstanding, in the event it is determined by the Company that any vesting of the Restricted Stock Units contemplated by this Section 3(d) would be subject to the Excise Tax (as defined in the CIC Severance Agreement) or would result in the loss of a deduction to the Company or any Affiliate under Section 280G of the Code, the vesting of the Restricted Stock Units may be adjusted as provided in Section 4 of the CIC Severance Agreement.

		
	(e)
	(1)    If, on the Grant Date, Participant is (i) a party to a Severance Agreement (Non-Change in Control) with the Company or an Affiliate (on the terms, conditions and other provisions, including definitions, as are in effect on the Grant Date and without regard to whether the Severance Agreement (Non-Change in Control) is in effect on the date Participant’s employment is terminated, the “Non-CIC Severance Agreement”) or (ii) eligible to receive severance benefits under the Non-Change in Control Severance Policy (on the terms, conditions and other provisions, including definitions, as are in effect on the Grant Date and without regard to whether the Non-Change in Control Severance Policy is in effect on the date Participant’s employment is terminated, the “Non-CIC Severance Policy”), then if Participant’s employment terminates while Participant is an Employee in Continuous Service and such termination of employment constitutes or would constitute, as applicable, (A) a “Severance” (as defined in the Non-CIC Severance Agreement) or (B) an “Involuntary Termination” (as defined in the Non-CIC Severance Policy), then the Restricted Stock Units shall become vested, on the date of Participant’s termination of employment but only to the extent provided in the Non-CIC Severance Agreement or Non-CIC Severance Policy, as applicable. 

		
	(2)
	Participant hereby acknowledges and understands that under no event or circumstance shall Participant be entitled to vesting acceleration under this Section 3 to the extent such vesting acceleration exceeds any vesting acceleration that has occurred or will occur under the Non-CIC Severance Agreement or Non-CIC Severance Policy, as applicable.  For the avoidance of doubt, in the case of a conflict between the vesting provisions of this Agreement and the vesting provisions of the Non-CIC Severance Agreement or Non-CIC Severance Policy (as applicable), the vesting provisions of the Non-CIC Severance Agreement or Non-CIC Severance Policy, as applicable, shall control.

		
	(f)
	Participant shall not be eligible for the vesting acceleration or other benefits provided under subsection (d) or (e) unless Participant (or, in the event of the death of Participant, the executor, personal representative or administrator of Participant’s estate) first executes a written release in the form then maintained by the Company and delivers such release to the Company within the period required under the release, but in any event with 45 days following Participant’s employment termination.

		
	(g)
	All Restricted Stock Units (if any) which have not vested shall be automatically, immediately and irrevocably forfeited if Participant ceases to be in Continuous Service for any reason other than as a result of an occurrence described in subsections (b), (c), (d) or (e) above. Upon forfeiture of any Restricted Stock Units, all right, title and interest of Participant in such Restricted Stock Units, and in any distributions contemplated by Section 4 (other than cash dividends received by Participant pursuant to Section 4 prior to such forfeiture), shall thereupon cease; and all right, title and interest in and to such Restricted Stock Units and distributions shall vest in the Company, with no compensation or consideration to Participant.  

		
	(h)
	Each vested Restricted Stock Unit will be settled by the delivery of one share of Stock to Participant, as soon as practicable, subject to satisfaction of Tax‐Related Items withholding obligations and compliance with securities laws and other applicable laws; provided, however, that to the extent that settlement of the Restricted Stock Units constitutes an item of deferred compensation under Code Section 409A (in the case of U.S. Taxpayers), the Restricted Stock Units shall be settled on the earliest of (i) the vesting date provided in Section 3(a), (ii) within 30 days of the vesting date provided in Section 3(b) or 3(c), (iii) if Section 3(d)(1) applies, within 30 days following a Change in Control that is a “change in control event” within the meaning of Code Section 409A, or (iv) on the 52nd day following a “separation from service” within the meaning of Code Section 409A under Section 3(d)(2), 3(d)(3) 3(d)(4) or 3(e).  Notwithstanding the foregoing, if Participant is U.S. Taxpayer and a “specified employee” (as that term is defined in the Company’s 2005 Deferred Compensation Plan for Executives and Key Employees, or a successor plan) and if the Restricted Stock Units constitute an item of deferred compensation under Code Section 409A, the Restricted Stock Units shall be settled on the earlier of (i) the first day of the seventh month following Participant’s “separation from service” or (ii) 30 days following the date of Participant’s death.

3

		
	(i)
	For avoidance of doubt, only shares of Stock shall be issuable upon the settlement of Restricted Stock Units, not cash.  The Company shall not be required to issue fractional shares of Stock upon settlement of the Restricted Stock Units.

		
	(j)
	Notwithstanding Section 3(c) above, if the Committee develops a good faith belief that any provision in Section 3(c) may be found to be unlawful, discriminatory or against public policy in any relevant jurisdiction, then the Committee in its sole discretion may choose not to apply such provision to these Restricted Stock Units, nor any Restricted Stock Unit grant in Participant’s jurisdiction.

		
	4.
	Dividend Equivalents.  

		
	(a)
	Participant shall not be entitled to receive Dividend Equivalents with respect to the Restricted Stock Units and Additional Securities (defined below) held by Participant in the event that the Board declares a cash dividend on the Company’s Stock.  

		
	(b)
	If the Board declares a dividend on the Company’s Stock (other than a cash dividend) including, but not by way of limitation, warrants and securities received as a stock dividend or stock split, or as a result of a recapitalization or reorganization, Participant will be entitled to Dividend Equivalents equal to the value (as determined by the Committee in its sole discretion) of dividends payable on the same number of shares of Stock as the number of Restricted Stock Units and Additional Securities (as defined below) then held by Participant.  Any such Dividend Equivalents will be in the form of additional whole Restricted Stock Units, which Restricted Stock Units shall be subject to the same terms and vesting and payment conditions as the underlying Restricted Stock Units or Additional Securities with respect to which they were issued (such additional Restricted Stock Units being referred to as “Additional Securities”).  The number of additional Restricted Stock Units Participant will receive shall be determined by dividing the value (as determined by the Committee in its sole discretion) of dividends payable per share of Stock on a given date by the Fair Market Value per share of Stock on such date (rounded down to the nearest whole share).  

		
	5.
	Taxes.

		
	(a)
	Participant acknowledges that, regardless of any action taken by the Company or, if different, Participant’s employer (the “Employer”), the ultimate liability for all Tax-Related Items is and remains Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer.  Participant further acknowledge that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, the subsequent sale of shares of Stock acquired pursuant to such settlement and the receipt of any dividend equivalents; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant’s liability for Tax-Related Items or achieve any particular tax result.  Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

    
		
	(b)
	Prior to any relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items.  In this regard, Participant authorizes the Company or its respective agents to satisfy the obligations with regard to all Tax-Related Items by withholding in shares of Stock to be issued upon settlement of the Restricted Stock Units.  In the event that such withholding in shares of Stock is problematic under applicable tax or securities law or has materially adverse accounting consequences, by Participant’s acceptance of the Restricted Stock Units, Participant authorizes and directs the Company and any brokerage firm determined acceptable to the Company to sell on Participant’s behalf a whole number of shares from those shares of Stock issuable to Participant as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the obligation for Tax-Related Items.

		
	(c)
	The Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the Stock equivalent.  If the obligation for Tax-Related Items is satisfied by withholding in shares of Stock, for tax purposes, 

4

Participant is deemed to have been issued the full number of shares of Stock subject to the vested Restricted Stock Units, notwithstanding that a number of the shares of Stock are held back solely for the purpose of paying the Tax-Related Items.

		
	(d)
	Finally, Participant agrees to pay to the Company or the Employer, including through withholding from Participant’s wages or other cash compensation paid to Participant by the Company and/or the Employer, any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of Participant’s participation in the Plan that cannot be satisfied by the means previously described.  The Company may refuse to issue or deliver the shares or the proceeds of the sale of shares of Stock, if Participant fails to comply with Participant’s obligations in connection with the Tax-Related Items.

		
	6.
	Committee Decisions Conclusive.  All decisions of the Committee upon any question arising under the Plan or under this Agreement shall be final and binding on all parties.

		
	7.
	Nature of Grant.  In accepting the grant, Participant acknowledges, understands and agrees that:

		
	(a)
	the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

		
	(b)
	the grant of the Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past; 

		
	(c)
	all decisions with respect to future Restricted Stock Units or other grants, if any, will be at the sole discretion of the Company; 

		
	(d)
	the Restricted Stock Unit grant and Participant’s participation in the Plan shall not create a right to employment or be interpreted as forming an employment or service contract with the Company, the Employer or any Affiliate and shall not interfere with the ability of the Company, the Employer or any Affiliate, as applicable, to terminate Participant’s employment or service relationship (if any); 

		
	(e)
	Participant is voluntarily participating in the Plan; 

		
	(f)
	the Restricted Stock Units and the shares of Stock subject to the Restricted Stock Units are not intended to replace any pension rights or compensation; 

		
	(g)
	the Restricted Stock Units and the shares of Stock subject to the Restricted Stock Units, and the income and value of same, are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; 

		
	(h)
	the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty; 

		
	(i)
	no claim or entitlement to compensation or damages shall arise from forfeiture of the Restricted Stock Units resulting from Participant’s ceasing to be in Continuous Service (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any), and in consideration of the grant of the Restricted Stock Units to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Company, any of its Affiliates or the Employer, waives Participant’s ability, if any, to bring any such claim, and releases the Company, its Affiliates and the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim; 

		
	(j)
	in the event of termination of Participant’s employment or other services (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any), unless otherwise provided in this Agreement or determined by the Company, Participant’s right to vest in the Restricted Stock Units under the Plan, if any, will 

5

terminate effective as of the date that Participant is no longer in Continuous Service as set forth in Section 3 of this Agreement, and will not be extended by any notice period (e.g., active services would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is  employed or the terms of Participant’s employment agreement, if any); the Committee shall have the exclusive discretion to determine when Participant is no longer in Continuous Service for purposes of Participant’s Restricted Stock Unit grant (including whether Participant is on an authorized leave of absence); 

		
	(k)
	unless otherwise provided in the Plan or by the Company in its discretion, the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Stock; and

		
	(l) 
	the following provisions apply only if Participant is providing services outside the U.S.:

(i)    the Restricted Stock Units and the shares of Stock subject to the Restricted Stock Units are not part of normal or expected compensation or salary for any purpose; and

(ii)    Participant acknowledges and agrees that neither the Company, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the subsequent sale of any shares of Stock acquired upon settlement.

		
	8.
	No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the underlying shares of Stock.  Participant is hereby advised to consult with Participant’s own personal tax, legal and financial advisors regarding Participant’s participation in the Plan before taking any action related to the Plan.

		
	9.
	Data Privacy.  Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant’s personal data as described in this Agreement and any other Restricted Stock Unit grant materials by and among, as applicable, the Employer, the Company and its Affiliates for the exclusive purpose of implementing, administering and managing Participant’s participation in the Plan.

Participant understands that the Company and the Employer may hold certain personal information about Participant, including, but not limited to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Company, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor, for the exclusive purpose of implementing, administering and managing the Plan (“Data”).  

Participant understands that Data will be transferred to Equity Administration Solutions, Inc. (“EASI”) and/or Morgan Stanley Smith Barney (“MSSB”) or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan.  Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than Participant’s country.  Participant understands that if Participant resides outside the United States, Participant may request a list with the names and addresses of any potential recipients of the Data by contacting Participant’s local human resources representative.  Participant authorizes the Company, EASI, MSSB and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Participant’s participation in the Plan.  Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s participation in the Plan.  Participant understands that if Participant resides outside the United States, Participant may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing Participant’s local human resources representative.  Further, Participant understands that Participant is  providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke Participant’s consent, Participant’s employment status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing Participant’s consent is that the Company would not be able to grant P

6

articipant Restricted Stock Units or other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing Participant’s consent may affect Participant’s ability to participate in the Plan.  For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources representative.

		
	10.
	No Rights as Stockholder Prior to Issuance of Stock; Securities Law Compliance. Participant shall not have any rights as a stockholder of the Company (including any voting rights) by virtue of the grant of Restricted Stock Units hereunder or the vesting of Restricted Stock Units, prior to the time that shares of Stock are issued to Participant in accordance with the terms of this Agreement and the Plan. No shares of Stock shall be issued upon the vesting of Restricted Stock Units unless such shares are either (a) then registered under the Securities Act or (b) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act.  The award of Restricted Stock Units, the vesting of Restricted Stock Units or the settlement of vested Restricted Stock Units under this Agreement must also comply with other applicable laws and regulations, and shares of Stock will not be issued if the Company determines that such issuance would not be in material compliance with such laws and regulations.

		
	11.
	Notice.  Any notice or other paper required to be given or sent pursuant to the terms of this Agreement or the Plan shall be sufficiently given or served hereunder to any party when transmitted by registered or certified mail, postage prepaid, addressed to the party to be served as follows:

	
		
	Company:
	Con-way Inc.

	 
	2211 Old Earhart Road, Suite 100

	 
	Ann Arbor, Michigan 48105

	 
	Attn:  General Counsel

	
		
	Participant:
	At Participant's last address provided by Participant to the Company.

    
		
	12.
	Transferability.  Notwithstanding Section 16 of the Plan, none of the unvested Restricted Stock Units, the vested Restricted Stock Units, or any beneficial interest in any of the foregoing, may be transferred prior to settlement in any manner other than by will or by the laws of descent and distribution.  The terms of this Agreement shall be binding upon Participant’s executors, administrators, heirs, successors, and transferees.

		
	13.
	Amendment; Modification.  This Agreement may not be modified or amended, except for a unilateral amendment by the Company that does not materially adversely affect the rights of Participant under this Agreement.  No party to this Agreement may unilaterally waive any provision hereof, except in writing.  Any such modification, amendment or waiver signed by, or binding upon, Participant, shall be valid and binding upon any and all persons or entities who may, at any time, have or claim any rights under or pursuant to this Agreement.

		
	14.
	Severability.  If any provision of this Agreement shall be invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render invalid or unenforceable any other severable provision of this Agreement, and this Agreement shall be carried out as if such invalid or unenforceable provision were not contained herein.

		
	15.
	Successors.  Except as otherwise expressly provided herein, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and assigns.

		
	16.
	Governing Law.  The interpretation, performance, and enforcement of the Agreement shall be governed by the laws of the State of Delaware, without regard to its principles of conflict of laws.

For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this grant or the Agreement (including Appendix A, if applicable), the parties hereby submit to and consent to the exclusive jurisdiction of the State of Michigan and agree that such litigation shall be conducted only in the courts located in Washtenaw County, Michigan, or the federal courts for the United States for the Eastern District of Michigan, and no other courts, where this grant is made and/or to be performed.

		
	17.
	Governing Plan Document.  This award is subject to all the provisions of the Plan, which hereby are incorporated herein, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan.  In the event of any conflict between the provisions of this Agreement and those of the Plan, the provisions of the Plan shall control.

7

		
	18.
	Language.  If Participant has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

		
	19.
	Appendix. Notwithstanding any provisions in this Agreement, the Restricted Stock Unit grant shall be subject to any special terms and conditions set forth in Appendix A to this Agreement for Participant’s country.  Moreover, if Participant relocates to one of the countries included in Appendix A, the special terms and conditions for such country will apply to Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.  Appendix A constitutes part of this Agreement.

		
	20.
	Electronic Delivery and Acceptance.  The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

		
	21.
	Counterparts.  This Agreement and any additional agreements (described in Section 22 below) may be executed in counterparts, all of which taken together shall be deemed one original.

		
	22.
	Imposition of Other Requirements.  The Company reserves the right to impose other requirements on Participant’s participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

		
	23.
	Code Section 409A.  

		
	(i)
	For U.S. Taxpayers, notwithstanding anything to the contrary in this Agreement, no settlement of Restricted Stock Units or other payment under this Agreement that constitutes an item of deferred compensation under Code Section 409A and becomes payable by reason of Participant’s termination of employment shall be made to Participant unless Participant’s termination of employment constitutes a “Separation from Service” (within the meaning of Code Section 409A); and

		
	(ii)
	The Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify this Agreement as may be necessary to ensure that all vesting or delivery of shares of Stock provided under this Agreement are made in a manner that complies with Code Section 409A and the Treasury Regulations and other IRS guidance issued thereunder.  It is the Company’s intention that this Agreement and the award of Restricted Stock Units, the vesting of Restricted Stock Units and the settlement of vested Restricted Stock Units hereunder shall comply with Code Section 409A; this Agreement shall be interpreted in a manner consistent with such intention.  The Company makes no representation or covenant to ensure that the vesting and delivery of the shares of Stock provided under this Agreement are exempt or compliant with Code Section 409A and will have no liability to Participant or any other party if the vesting or delivery of shares of Stock under this Agreement that is intended to be exempt from, or compliant with, Code Section 409A is not so exempt or compliant or for any action taken by the Company with respect thereto.

		
	24.
	Insider Trading Restrictions/Market Abuse Laws.  Participant acknowledges that, depending on his or her country of residence, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant’s ability to acquire or sell shares of Stock or rights to shares of Stock (e.g., Restricted Stock Units) under the Plan during such times as Participant is considered to have “inside information” regarding the Company (as defined by the laws in Participant’s country).  Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy.  Participant acknowledges that it is his or her responsibility to comply with any applicable restrictions, and Participant is advised to speak to his or her personal advisor on this matter.

8

* * * *

Participant acknowledges that as of the Grant Date, this Agreement (including the country-specific Appendix A, if applicable) and the Plan set forth the  entire understanding between Participant and the Company regarding the acquisition of Stock under the Plan and supersede all prior oral and written agreements on this subject.

By Participant’s electronic acceptance and the signature of the Company’s representative below, Participant and the Company agree that the award of Restricted Stock Units is granted under and governed by the terms and conditions of this Agreement (including the country-specific Appendix A, if applicable) and the Plan. Participant has reviewed and fully understands all provisions of this Agreement (including the country-specific Appendix A) and the Plan in their entirety, and has had an opportunity to obtain the advice of counsel prior to executing this Agreement.

\s\ Stephen K. Krull
EVP General Counsel & Secretary

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APPENDIX A
CON-WAY INC. 2012 EQUITY AND INCENTIVE PLAN
GLOBAL RESTRICTED STOCK UNIT GRANT AGREEMENT

COUNTRY-SPECIFIC PROVISIONS

Terms and Conditions

This Appendix A includes additional terms and conditions that govern the Restricted Stock Units granted to Participant under the Con-way Inc. 2012 Equity and Incentive Plan (the “Plan”) if Participant resides in one of the countries listed below.  Capitalized terms used but not defined in this Appendix A are defined in the Plan and/or the Global Restricted Stock Unit Grant Agreement (the “Agreement”), and have the meanings set forth therein.

Notifications

This Appendix A also includes information regarding exchange controls and certain other issues of which Participant should be aware with respect to Participant’s participation in the Plan.  The information is based on the securities, exchange control and other laws in effect in the respective countries as of December 2014.  Such laws are often complex and change frequently.  As a result, the Company strongly recommends that Participant not rely on the information noted in this Appendix A as the only source of information relating to the consequences of Participant’s participation in the Plan because the information may be out of date at the time that Participant vests in the Restricted Stock Units or sells shares of Stock acquired under the Plan.

In addition, the information contained herein is general in nature and may not apply to Participant’s particular situation, and the Company is not in a position to assure Participant of a particular result.  Accordingly, Participant is advised to seek appropriate professional advice as to how the relevant laws in Participant’s country may apply to Participant’s situation.  

Finally, Participant understands that if he or she is a citizen or resident of a country other than the one in which Participant is currently working, transfers employment after the Grant Date, or is considered a resident of another country for local law purposes, the information contained herein may not apply to Participant, and the Company shall, in its discretion, determine to what extent the terms and conditions contained herein shall apply.

CANADA

Terms and Conditions

Termination of Employment.  This provision replaces section 7(j) “Nature of Grant” of the Agreement:

(j)    in the event of termination of Participant’s employment or other services (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any), unless otherwise provided in this Agreement or determined by the Company, Participant’s right to vest in the Restricted Stock Units under the Plan, if any, will terminate as of the earlier of (i) the date Participant is no longer actively providing Continuous Service as set forth in Section 3 of the Agreement or (ii) the date Participant receives notice of termination of employment from the Company or the Employer and will not be extended by notice period or period of pay in lieu of such notice required under local law (including, but not limited to statutory law, regulatory law and/or common law); the Committee shall have the exclusive discretion to determine when Participant is no longer actively providing Continuous Service for purposes of the Restricted Stock Units.

Notifications

Securities Law Information.  Participant is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, if any, provided the resale of shares of Stock acquired under the Plan takes place outside of Canada through the facilities of a stock exchange on which the stock is listed.  The stock is currently listed on the New York Stock Exchange.

MEXICO

Terms and Conditions

Labor Law Acknowledgment. By accepting the Restricted Stock Unit grant, Participant acknowledges that he or she understands 

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and agrees that: (a) the Restricted Stock Units are not related to the salary and other contractual benefits provided to Participant by the Employer; and (b) any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of Participant’s employment.

Policy Statement.   The invitation the Company is making under the Plan is unilateral and discretionary and, therefore, the Company reserves the absolute right to amend it and discontinue it at any time without any liability to Participant.

The Company, with registered offices at 2211 Old Earhart Road, Ann Arbor, Michigan 48105, United States of America, is solely responsible for the administration of the Plan and participation in the Plan or the acquisition of shares of Stock does not, in any way, establish an employment relationship between Participant and the Company since Participant is participating in the Plan on a wholly commercial basis and the sole employer is Con-way Truckload de Mexico, S.A. de C.V., Menlo Worldwide Mexico, S. de R.L. de C.V., Servicios Menlo Worldwide, S. de R.L. de C.V., Con-way Mexico, S. de R.L. de C.V., or Servicios Con-way Mexico, S. de R.L. de C.V., as applicable, nor does it establish any rights between Participant and the Employer.

Plan Document Acknowledgment.  By accepting the Restricted Stock Unit grant, Participant acknowledges he or she has received a copy of the Plan, has reviewed the Plan and the Agreement in their entirety and fully understands and accepts all provisions of the Plan and the Agreement. 

Participant further acknowledges that having read and specifically and expressly approved the terms and conditions in the Section 7 of the Agreement, in which the following is clearly described and established: (a) participation in the Plan does not constitute an acquired right; (b) the Plan and participation in the Plan is offered by the Company on a wholly discretionary basis; (c) participation in the Plan is voluntary; and (d) the Company and its Affiliates are not responsible for any decrease in the value of the shares of Stock underlying the Restricted Stock Units.

Finally, Participant does not reserve any action or right to bring any claim against the Company for any compensation or damages as a result of participation in the Plan and Participant therefore grants a full and broad release to the Employer and the Company (including its Affiliates) with respect to any claim that may arise under the Plan.

Spanish Translation    

Reconocimiento de la Ley Laboral. Al aceptar las Restricted Stock Units, el Beneficiario reconoce y acepta que: (a) las Unidades no se encuentran relacionadas con su salario ni con otras prestaciones contractuales concedidas por parte del patrón; y (b) cualquier modificación del Plan o su terminación no constituye un cambio o impedimento de los términos y condiciones del empleo del Beneficiario.

Declaración de la Política.  La invitación que hace la Compañía bajo el Plan es unilateral y discrecional, por lo que la Compañía se reserva el derecho absoluto de modificar e interrumpir el mismo en cualquier tiempo, sin ninguna responsabilidad para el Beneficiario.

La Compañía, con oficinas ubicadas en 2211 Old Earhart Road, Ann Arbor, Michigan 48105, United States of America, es la única responsable de la administración y participación en el Plan, así como de la adquisición de acciones, por lo que de ninguna manera podrá establecerse una relación de trabajo entre el Beneficiario y la Compañía, ya que el Beneficiario participa únicamente en de forma comercial y su único patrón lo es Con-way Truckload de Mexico, S.A. de C.V., Menlo Worldwide Mexico, S. de R.L. de C.V., Servicios Menlo Worldwide, S. de R.L. de C.V., Con-way Mexico, S. de R.L. de C.V., o Servicios Con-way Mexico, S. de R.L. de C.V.; la participación en el Plan tampoco genera ningún derecho entre el Beneficiario y el Patrón.

Reconocimiento del Plan de Documentos.  Al aceptar las Restricted Stock Units, el Beneficiario reconoce que ha recibido una copia del Plan, que lo ha revisado junto con el Convenio, y  que ha entendido y aceptado completamente las disposiciones contenidas en el Plan y en el Convenio.

Adicionalmente, al firmar el presente documento, reconoce que ha leído y aprobado de manera expresa y específica los términos y condiciones contenidos en el apartado 7 del Convenio, el cual claramente establece y describe: (a) que la participación en el Plan no constituye un derecho adquirido; (b) que el Plan y la participación en el mismo es ofrecida por la Compañía en forma totalmente discrecional; (c) la participación en el Plan es voluntaria; y (d) que la Compañía, así como sus Afiliadas no son responsables por cualquier detrimento en el valor de las acciones que integran las Restricted Stock Units.

Finalmente, el Beneficiario acepta no reservarse ninguna acción o derecho para interponer una demanda en contra de la Compañía por compensación, daño o perjuicio alguno como resultado de su participación en el Plan y en consecuencia, otorga a su patrón el más amplio y completo  finiquito que en derecho proceda, así como a la Compañía, a sus Afiliadas, respecto a cualquier demanda 

A-2

que pudiera originarse derivada del Plan.

SINGAPORE

Notifications

Securities Law Information.  The Restricted Stock Units are being granted to Participant pursuant to the “Qualifying Person” exemption under section 273(1)(f) of the Singapore Securities and Futures Act (Chapter 289, 2006 Ed.) (“SFA”).  The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore. Participant should note that such Restricted Stock Unit grant is subject to section 257 of the SFA and Participant will not be able to make any subsequent sale in Singapore, or any offer of such subsequent sale of the shares of Stock underlying the Restricted Stock Units unless such sale or offer in Singapore is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

Director Notification Requirement.  If Participant is a director, associate director or shadow director of the Company or a Singapore Affiliate of the Company, Participant is subject to certain notification requirements under the Singapore Companies Act.  Among these requirements is an obligation to notify the Singaporean Affiliate in writing when Participant receives an interest (e.g., Restricted Stock Units, shares of Stock, etc.) in the Company or any related companies within two days of (i) its acquisition or disposal, (ii) any change in a previously disclosed interest (e.g., when the shares of Stock are sold), or (iii) becoming a director.

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