Document:

Exhibit 10.18

 

CONFIDENTIAL

 

STOCKHOLDERS’
AGREEMENT

 

This
Stockholders’ Agreement (this “Agreement”) is entered into as of November 13, 2019 and effective as of
Closing (as defined below), by and among Grid Dynamics Holdings, Inc., a Delaware corporation (f/k/a ChaSerg Technology Acquisition
Corp.) (the “Company”), Automated Systems Holdings Limited, a company incorporated in Bermuda with limited
liability (the “ASL”), GDB International Investment Limited, a British Virgin Islands corporation and a wholly-owned
subsidiary of ASL (“GDB”), GDD International Holding Company, a Delaware corporation and a wholly-owned subsidiary
of GDB (“GDD” and, together with GDB, the “ASL Holding Subs”), ChaSerg Technology Sponsor
LLC, a Delaware limited liability company (the “Sponsor”), BGV Opportunity Fund L.P., a Delaware limited liability
partnership (“BGV”), Victoria Livshitz, Victoria Livschitz Charitable Trust, Livchitz Children’s Charitable
Trust, O. Fox Charitable Trust, Leonard Livschitz, VLSK2019 LLC, a Washington limited liability company (“VLSK2019”
and, together with any individual or entity who hereafter becomes a party to this Agreement pursuant to Section 14, the
“Voting Parties” and each a “Voting Party”) and Grid Dynamics International, Inc., a California
Corporation (the “Seller”) solely for the purpose of Section 15 hereto.

 

RECITALS

 

WHEREAS,
Company, Seller, CS Merger Sub 1 Inc., a California corporation and a wholly-owned subsidiary of the Company (“Merger
Sub 1”) and CS Merger Sub 2 LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (“Merger
Sub 2” and, together with Merger Sub 1, the “Merger Subs”), among other parties, have entered into
an Agreement and Plan of Merger dated as of November, 2019 (as the same may be amended from time to time in accordance with the
terms thereof, the “Merger Agreement”), pursuant to which, among other things, (i) Merger Sub 1 will merge
with and into the Seller, with the Seller continuing as the initial surviving entity (the “Initial Merger”),
and (ii) the Seller will then merge with and into Merger Sub 2, with Merger Sub 2 continuing as the surviving entity (the “Second
Step Merger” and, together with the Initial Merger, the “Mergers”) and a wholly-owned subsidiary
of the Company, upon the terms and subject to the conditions set forth in the Merger Agreement and in accordance with the applicable
provisions of the CGCL, the DGCL and the DLLCA;

 

WHEREAS,
the Sponsor, the Company, ASL, ASL Holding Subs, BGV and certain other parties are party to certain lock-up agreements which
contain certain transfer restrictions concerning securities of the Company held by the Voting Parties (each such agreement, the
“Lock Up Agreement”);

 

WHEREAS,
the Sponsor, the Company, ASL, ASL Holding Subs, BGV, Victoria Livshitz, Leonard Livshitz, VLSK2019, and certain other parties
will enter into an Amended and Restated Registration Rights Agreement, dated as of the Closing (as defined below), which contains
certain registration rights concerning securities of the Company held by the Voting Parties (as it may be amended, supplemented,
restated or modified from time to time, the “Registration Rights Agreement”);

 

WHEREAS,
in connection with the Mergers, the Voting Parties have agreed to execute and deliver this Agreement;

 

WHEREAS,
as of immediately following the closing of the Mergers (the “Closing”) each of the Voting Parties Beneficially
Owns (as defined below) the respective number of shares of Common Stock, par value $0.0001 per share, of the Company (the “Common
Stock”), set forth on Annex A hereto;

 

     

     

    

 

WHEREAS,
the Voting Parties in the aggregate Beneficially Own (as defined below) shares of Common Stock representing more than fifty
percent (50%) of the outstanding voting power of the Company;

 

WHEREAS,
the number of shares of Common Stock Beneficially Owned by each Voting Party may change from time to time, in accordance with
the terms of (i) the Certificate of Incorporation of the Company, as it may be amended, supplemented or restated from time to
time (the “Charter”), (ii) the by-laws of the Company, and (iii) the Registration Rights Agreement, which changes
shall be reported by each Voting Party in accordance with the applicable provisions of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”);

 

WHEREAS,
each of the Voting Parties believes that it is in their respective best interests to qualify the Company as a “controlled
company” under the listing rules of Nasdaq; and

 

WHEREAS,
the parties hereto desire to maintain a group and to enter into this Agreement to provide for voting agreements pursuant to
which all of the Voting Parties’ shares of Common Stock will be voted together with respect to elections of the Company’s
Board of Directors (the “Board”).

 

NOW
THEREFORE, in consideration of the foregoing and of the promises and covenants contained herein, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

AGREEMENT

 

1. Definitions.
Capitalized terms used herein but not defined in this Agreement shall have the meanings ascribed to them in the Merger Agreement.
In addition to the terms defined elsewhere in this Agreement, the following terms shall have the meanings indicated when used
in this Agreement with initial capital letters:

 

“Affiliate”
shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act.

 

“Independent
Director” shall mean a director that qualifies as an “Independent Director” under Rule 5602(a)(2) of the
Nasdaq Corporate Governance Requirements (or the equivalent rules of any other stock exchange in which the Company’s securities
are then listed).

 

“Lock-Up
Period” shall mean either the “Private Placement Lock-Up Period”, the “Founder Shares Lock-Up Period”
or the “Grid Holder Lock-Up Period”, each as defined in the Registration Rights Agreement, or the “Lock-Up Period”
as defined in the relevant Lock-Up Agreement, as applicable to each Voting Party.

 

“Nasdaq”
means the NASDAQ Capital Market.

 

“Necessary
Action” means, with respect to any party and a specified result, all actions (to the extent such actions are not prohibited
by applicable law, within such party’s control and do not directly conflict with any rights expressly granted to such party
in this Agreement, the Merger Agreement, the Registration Rights Agreement, the Charter or the bylaws of the Company) reasonably
necessary or desirable within his, her or its control to cause such result, including, without limitation, (i) calling special
meetings of the Board and he stockholders of the Company, (ii) voting or providing a proxy with respect to the Voting Shares beneficially
owned by such party, (iii) causing the adoption of stockholders’ resolutions and amendments to the Charter or by-laws of
the Company, (iv) executing agreements and instruments, (iv) causing members of the Board (to the extent such members were elected,
nominated or designated by the party obligated to undertake such action) to act (subject to any applicable fiduciary duties) in
a certain manner or causing them to be removed in the event they do not act in such a manner and (v) making, or causing to be
made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required
to achieve such a result.

 

    -2-

     

    

 

“Permitted
Transferees” shall have the meaning ascribed to such term in the Registration Rights Agreement, as applicable to each
Voting Party.

 

2. Agreement
to Vote. During the term of this Agreement, each Voting Party shall vote or cause to be voted all securities of the Company
that may be voted in the election of the Company’s directors registered in the name of, or beneficially owned (as such term
is defined in Rule 13d-3 under the Exchange Act, excluding shares of stock underlying unexercised options or warrants or any other
security exercisable or convertible for shares of Common Stock) (“Beneficially Owned” or “Beneficial
Ownership”) by such Voting Party, including any and all securities of the Company acquired and held in such capacity
subsequent to the date hereof (hereinafter referred to as the “Voting Shares”), in accordance with the provisions
of this Agreement, including, without limitation, voting or causing to be voted all Voting Shares Beneficially Owned by such Voting
Party so that the Board is comprised of the Persons designated pursuant to Subsection 3(a). Except as explicitly provided in this
Agreement, each Voting Party is free to vote or cause to be voted all Voting Shares Beneficially Owned by such Voting Party.

 

3. Board
of Directors.

 

a. Board
Representation. Subject to the terms and conditions of this Agreement, from the date of this Agreement, the Company and each
Voting Party shall take all Necessary Action (including by including in the slate of nominees recommended by the Board for election
as directors at each applicable annual or special meeting of the stockholders of the Company, including at every adjournment or
postponement thereof) to cause, effective immediately following the Effective Time, the Board to be comprised of 8 directors:

 

i. 1
of whom shall be the then-serving Chief Executive Officer of the Company (the “CEO Designee”), as set forth
on Exhibit A hereto, provided that the CEO Designee shall serve as a Class I Director (as defined in the Charter).

 

ii. 2
of whom (the “ASL Designees” and each an “ASL Designee”) have been initially designated
as set forth on Exhibit A hereto and shall thereafter be designated by ASL; provided that, ASL will be entitled
to designate the number of ASL Designees set forth below for so long as ASL Beneficially Owns the corresponding percentage of
Voting Shares set forth below, such percentage to be calculated based on the number of Voting Shares then Beneficially Owned by
ASL as a percentage of the number of all then outstanding Voting Shares. One ASL Designee shall be designated as a Class II director
and one ASL Designee shall be designated as a Class III director (each as defined in the Charter):

 

	Percentage	 	Number
    of ASL Designees	 
	10%
    or greater	 	 	2	 
	5%
    or greater	 	 	1	 
	Less
    than 5%	 	 	0	 

 

    -3-

     

    

 

iii. 2
of whom (the “Sponsor Designees” and each a “Sponsor Designee”) have been initially designated as set
forth on Exhibit A hereto and shall thereafter be designated by the Sponsor; provided that, Sponsor will be entitled
to designate the number of Sponsor Designees set forth below for so long as Sponsor Beneficially Owns the corresponding percentage
of Voting Shares set forth below, such percentage to be calculated based on the number of Voting Shares then Beneficially Owned
by Sponsor as a percentage of the number of all then outstanding Voting Shares. All Sponsor Designees must be Independent Directors,
and if either Sponsor Designee is determined by the Company, on the advice of counsel, to no longer be Independent Directors,
then the Company and all Voting Parties shall take all Necessary Action to cause the removal of such Sponsor Designee, the Sponsor
shall designate replacement nominees who qualify as Independent Directors and the Company and the Voting Parties shall take all
Necessary Action to elect such individual in lieu of such Sponsor Designee. One Sponsor Designee shall be designated a Class II
director and one Sponsor Designee shall be designated as a Class III director (each as defined in the Charter):

 

	Percentage	 	Number
    of Sponsor Designees	 
	10%
    or greater	 	 	2	 
	5%
    or greater	 	 	1	 
	Less
    than 5%	 	 	0	 

 

;
and

 

iv. 3
of whom (the “Unaffiliated Designee”, together with the CEO Designee, ASL Designees and the Sponsor Designees,
the “Designees”) have been initially designated as set forth on Exhibit A hereto and shall thereafter
be designated as follows: (1) for so long as the ASL and the Sponsor are each entitled to designate at least one director to the
Board pursuant to Section 3(a)(i) and Section 3(a)(ii), by mutual agreement of ASL and Sponsor, and (2) thereafter,
by the remaining Board members of the Company in accordance with the nomination procedures established by the Board. All Unaffiliated
Designees must be both Independent Directors and also be qualified to serve on the audit committee under the Nasdaq Corporate
Governance Requirement, and if any Unaffiliated Designee is determined by the Company, on the advice of counsel, to no longer
satisfy such requirements, then the Company and all Voting Parties shall take all Necessary Action to cause the removal of such
Unaffiliated Designee, replacement Unaffiliated Designees shall be selected by the process described above, and the Company and
the Voting Parties shall take all Necessary Action to elect such individual in lieu of such Unaffiliated Designee. Two Unaffiliated
Designee shall serve as Class I directors (as defined in the Charter) and one Unaffiliated Designee shall serve as a Class II
director.

 

b. Decrease
in Designees.

 

i. Upon
any decrease in the number of directors that a Voting Party is entitled to designate for nomination to the Board, such Voting
Party shall take all Necessary Action to cause the appropriate number of Designees to offer to tender their resignation within
five (5) business days of such decrease, such resignation to be effective three (3) months after such decrease and subject to
acceptance by the Board. The resignation of such Designee shall be effective upon the acceptance by the Board of such resignation.

 

ii. If
as a result of the provisions of Section 3(a) or Section 3(b) there are seats on the Board for which none of ASL or the
Sponsor have the right to designate a director, the selection of such director, who shall not be an Affiliate of either ASL or
the Sponsor, shall be conducted in accordance with applicable law and with the Charter, by-laws of the Company, and the other
corporate governance documents of the Company.

 

    -4-

     

    

 

c. Resignation;
Removal; Vacancies.

 

i. Any
Designee may resign at any time upon written notice to the Board.

 

ii. Except
as provided in this Section 3(c), and subject to the Charter, (A) ASL shall have the exclusive right to remove the ASL
Designees from the Board, and the Company and the Voting Parties shall take all Necessary Action to cause the removal of any such
ASL Designee at the written request of ASL and (B) ASL shall have the exclusive right, in accordance with Subsection 3(a)(ii),
to designate directors for election to the Board to fill vacancies created by reason of expiration of term, death, removal or
resignation of ASL Designees, and the Company and the Voting Parties shall take all Necessary Action to cause any such vacancies
to be filled by replacement ASL Designees as promptly as reasonably practicable. Notwithstanding anything to the contrary in this
paragraph, ASL shall not have the right to designate a replacement ASL Designee, and the Company and the Voting Parties shall
not be required to take any action to cause any vacancy to be filled by any such Designee, to the extent that election or appointment
of such Designee to the Board would result in a number of directors designated by ASL in excess of the number of directors that
ASL is then entitled to designate for membership on the Board pursuant to this Agreement.

 

iii. Except
as provided in this Section 3(c), and subject to the Charter, (A) the Sponsor shall have the exclusive right to remove
the Sponsor Designees from the Board, and the Company and the Voting Parties shall take all Necessary Action to cause the removal
of any such Sponsor Designee at the written request of the Sponsor and (B) the Sponsor shall have the exclusive right, in accordance
with Subsection 3(a)(iii), to designate directors for election to the Board to fill vacancies created by reason of expiration
of term, death, removal or resignation of Sponsor Designees, and the Company and the Voting Parties shall take all Necessary Action
to cause any such vacancies to be filled by replacement Sponsor Designees as promptly as reasonably practicable. Notwithstanding
anything to the contrary in this paragraph, the Sponsor shall not have the right to designate a replacement Sponsor Designee,
and the Company and the Voting Parties shall not be required to take any action to cause any vacancy to be filled by any such
Designee, to the extent that election or appointment of such Designee to the Board would result in a number of directors designated
by the Sponsor in excess of the number of directors that the Sponsor is then entitled to designate for membership on the Board
pursuant to this Agreement, or who is not an Independent Director.

 

iv. If
at any time, a director has violated or otherwise failed to comply with the Charter, by-laws, governance guidelines or other corporate
governance documents of the Company, then, by a majority vote of all other directors (excluding, in the case of an ASL Designee,
the other ASL Designee and, in the case of a Sponsor Designee, the other Sponsor Designee), a director may be removed from the
Board (notwithstanding clauses ii or iii) above, and in the case of such removal, either ASL or the Sponsor (as the case may be)
shall be entitled to designate a replacement nominee for service on the Board.

 

v. Any
replacement designee shall be of the same class of directors as the individual that he/she is replacing.

 

d. Committees.
In accordance with the Charter, by-laws, and other corporate governance documents of the Company, the Board may from time to time
by vote or resolution establish and maintain one or more committees of the Board, each committee to consist of one or more Designees.
Subject to applicable laws, stock exchange regulations and applicable listing requirements, including Rule 5605 of the Nasdaq
Listing Rules, ASL and the Sponsor shall have the right to have an ASL Designee and a Sponsor Designee, respectively, appointed
to serve on each committee of the Board for so long as such Voting Party has the right to designate at least one director for
election to the Board. The Voting Parties and the Company shall take all Necessary Action to cause the initial composition of
certain committees of the Board to be agreed between ASL, Sponsor and the Company.

 

    -5-

     

    

 

e. Board
Observer. Subject to applicable laws and stock exchange regulations and applicable listing requirements, Steven Fletcher shall
have the right to be an observer (the “Sponsor Board Observer”) at any open meeting of the Board, with such
right to be terminated the earlier of (A) the date when Sponsor ceases to have the right to designate at least one (1) director
for nomination under this Agreement, or (B) twelve (12) months after the date of this Agreement. The Board may exclude the Sponsor
Board Observer from access to any Board materials or information or meeting or portion thereof or written consent if the Board
determines, in good faith, that such access would reasonably be expected to result in a conflict of interest with the Company;
provided, that such exclusion shall be limited to the portion of the materials or information or meeting or written consent
that is the basis for such exclusion and shall not extend to any portion of the materials or information or meeting or written
consent that does not involve or pertain to such exclusion. The Board may exclude the Sponsor Board Observer from access to any
committee materials or information or meeting or portion thereof.

 

f. Chairperson.
For so long as Sponsor is entitled to designate at least one director for election to the Board, the Voting Parties and the Company
shall take all Necessary Action to cause the Chairperson of the Board to be Lloyd Carney, for so long as he is a Sponsor Designee.

 

g. Voting.
Each of the Company and the Voting Parties agree not to take, directly or indirectly, any actions that would frustrate, obstruct
or otherwise affect the provisions of this Agreement and the intention of the parties hereto with respect to the composition of
the Board as herein stated. Each Voting Party, to the extent not prohibited by the Charter, each shall vote all Voting Shares
held by such Voting Party in such manner as may be necessary to elect and/or maintain in office as members of the Board those
individuals designated in accordance with this Section 3 and to otherwise effect the intent of the provisions of this Agreement.

 

4. [Reserved].

 

5. Representations
and Warranties of each Voting Party. Each Voting Party on its own behalf hereby represents and warrants to the Company and
the other voting Party, severally and not jointly, with respect to such Voting Party and such Voting Party’s ownership of
his, her or its Voting Shares set forth on Annex A, as follows:

 

a. Organization;
Authority. If Voting Party is a legal entity, Voting Party (i) is duly incorporated or organized, validly existing and in
good standing under the laws of the jurisdiction of its incorporation or organization and (ii) has all requisite power and authority
to enter into this Agreement and to perform its obligations hereunder. If Voting Party is a natural person, Voting Party has the
legal capacity to enter into this Agreement and perform his or her obligations hereunder. If Voting Party is a legal entity, this
Agreement has been duly authorized, executed and delivered by Voting Party. This Agreement constitutes a valid and binding obligation
of Voting Party enforceable in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity (regardless
of whether considered in a proceeding in equity or at law).

 

b. No
Consent. Except as provided in this Agreement, no consent, approval or authorization of, or designation, declaration or filing
with, any Governmental Authority or other Person on the part of Voting Party is required in connection with the execution, delivery
and performance of this Agreement. If Voting Party is a natural person, no consent of such Voting Party’s spouse is necessary
under any “community property” or other laws for the execution and delivery of this Agreement or the performance of
Voting Party’s obligations hereunder. If Voting Party is a trust, no consent of any beneficiary is required for the execution
and delivery of this Agreement or the consummation of the transactions contemplated hereby.

 

    -6-

     

    

 

c. No
Conflicts; Litigation. Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated
hereby, nor compliance with the terms hereof, will (A) if such Voting Party is a legal entity, conflict with or violate any provision
of the organizational documents of Voting Party, or (B) violate, conflict with or result in a breach of, or constitute a default
(with or without notice or lapse of time or both) under any provision of, any trust agreement, loan or credit agreement, note,
bond, mortgage, indenture, lease or other agreement, instrument, permit, concession, franchise, license, judgment, order, notice,
decree, statute, law, ordinance, rule or regulation applicable to Voting Party or to Voting Party’s property or assets,
except, in the case of clause (B), that would reasonably be expected to impair the parties ability to fulfill their obligations
under this Agreement. As of the date of this Agreement, there is no Action pending or, to the knowledge of a Voting Party, threatened,
against such Voting Party or any of Voting Party’s Affiliates or any of their respective assets or properties that would
materially interfere with such Voting Party’s ability to perform his, her or its obligations pursuant to this Agreement
or that would reasonably be expected to prevent, enjoin, alter or delay any of the transactions contemplated by this Agreement.

 

d. Ownership
of Shares. Voting Party Beneficially Owns his, her or its Voting Shares free and clear of all Encumbrances. Except pursuant
to this Agreement, the Merger Agreement, and the Registration Rights Agreement, there are no options, warrants or other rights,
agreements, arrangements or commitments of any character to which Voting Party is a party relating to the pledge, acquisition,
disposition, Transfer or voting of Voting Shares and there are no voting trusts or voting agreements with respect to the Voting
Shares. Voting Party does not Beneficially Own (i) any shares of Common Stock other than the Voting Shares set forth on Annex
A and (ii) any options, warrants or other rights to acquire any additional shares of Common Stock or any security exercisable
for or convertible into shares of Common Stock, other than as set forth on Annex A (collectively, “Options”).

 

6. Covenants
of the Company.

 

a. The
Company shall: (i) use its reasonable best efforts to take any and all action reasonably necessary to effect the provisions of
this Agreement and the intention of the parties with respect to the terms of this Agreement; (ii) not take any action that would
reasonably be expected to adversely affect the rights of the ASL under this Agreement without the prior written consent of the
ASL; and (iii) not take any action that would reasonably be expected to adversely affect the rights of the Sponsor under this
Agreement without the prior written consent of the Sponsor.

 

b. The
Company shall use its reasonable best efforts to (i) maintain in effect at all times customary directors insurance coverage and
(ii) cause the Charter and by-laws of the Company (each as may be further amended, modified or supplemented) to at all times provide
for the indemnification, exculpation and advancement of expenses of all directors to the fullest extent permitted under applicable
law.

 

c. The
Company shall pay all reasonable out-of-pocket expenses incurred by the Designees in connection with the performance of his or
her duties as a director and in connection with his or her attendance at any meeting of the Board. The Company shall enter into
customary indemnification agreements with each Designee and officer of the company from time to time.

 

d. At
the written request of either (1) all ASL Designees then in-office, or (2) all Sponsor Designees then in-office, the Company shall
call a special meeting of its shareholders. In such written request, the requesting directors shall provide all the information
contemplated by either Section 2.4 and/or Section 2.5 of the Bylaws of the Company, as the case may be.

 

    -7-

     

    

 

7. No
Other Voting Trusts or Other Arrangement. Each Voting Party shall not, and shall not permit any entity under Voting Party’s
control to, (i) deposit any Voting Shares or any interest in any Voting Shares in a voting trust, voting agreement or similar
agreement, (ii) grant any proxies, consents or powers of attorney or other authorization or consent with respect to the Voting
Shares or (iii) subject any of the Shares to any arrangement with respect to the voting of the Voting Shares, in each case, that
conflicts with or prevents the implementation of this Agreement.

 

8. Additional
Shares. Each Voting Party agrees that all securities of the Company that may vote in the election of the Company’s directors
that such Voting Party purchases, acquires the right to vote or otherwise acquires Beneficial Ownership of (including by the exercise
or conversion of any security exercisable or convertible for shares of Common Stock) after the execution of this Agreement shall
be subject to the terms of this Agreement and shall constitute Voting Shares for all purposes of this Agreement.

 

9. No
Agreement as Director or Officer. Voting Party is signing this Agreement solely in his, her or its capacity as a stockholder
of the Company. No Voting Party makes any agreement or understanding in this Agreement in such Voting Party’s capacity as
a director or officer of the Company or any of its subsidiaries (if Voting Party holds such office). Nothing in this Agreement
will limit or affect any actions or omissions taken by a Voting Party in his, her or its capacity as a director or officer of
the Company, and no actions or omissions taken in such Voting Party’s capacity as a director or officer shall be deemed
a breach of this Agreement. Nothing in this Agreement will be construed to prohibit, limit or restrict a Voting Party from exercising
his or her fiduciary duties as an officer or director to the Company or its stockholders.

 

10. Specific
Enforcement. It is agreed and understood that monetary damages would not adequately compensate an injured party for the breach
of this Agreement by any party hereto and, accordingly, that this Agreement shall be specifically enforceable, in addition to
any other remedy to which such injured party is entitled at law or in equity, and that any breach of this Agreement shall be the
proper subject of a temporary or permanent injunction or restraining order. Further, each party hereto waives any claim or defense
that there is an adequate remedy at law for such breach or threatened breach or an award of specific performance is not an appropriate
remedy for any reason at law or equity and agrees that a party’s rights would be materially and adversely affected if the
obligations of the other parties under this Agreement were not carried out in accordance with the terms and conditions hereof.
Each party further agrees that no party shall be required to obtain, furnish or post any bond or similar instrument in connection
with or as a condition to obtain any remedy referred to in this Section 10, and each party irrevocably waives any right
it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

 

11. Termination.
Following the Effective Time, this Agreement shall terminate automatically (without any action by any party hereto) on the first
date on which no Voting Party has the right to designate a director to the Board under this Agreement.

 

12. Amendments
and Waivers. Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing
and is signed by the Company, ASL and the Sponsor. No failure or delay by any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and
not exclusive of any rights or remedies provided by law. Annex A to this Agreement may be amended by the Company immediately
prior to closing, without the consent of any other party, in order to reflect the actual number of shares of Common Stock held
by each Voting Party immediately following the Closing and Exhibit A to this Agreement may be amended by the Company immediately
prior to closing, without the consent of any other party, to reflect the designees actually selected by the parties to the Merger
Agreement.

 

    -8-

     

    

 

13. Stock
Splits, Stock Dividends, etc. In the event of any stock split, stock dividend, recapitalization, reorganization or the like,
any securities issued with respect to Voting Shares held by Voting Parties shall become Voting Shares for purposes of this Agreement.
During the term of this Agreement, all dividends and distributions payable in cash with respect to the Voting Shares shall be
paid, as applicable, to each of the undersigned Voting Parties and all dividends and distributions payable in Common Stock or
other equity or securities convertible into equity with respect to the Voting Shares shall be paid, as applicable, to each of
the undersigned Voting Parties, but all dividends and distributions payable in Common Stock or other equity or securities convertible
into equity shall become Voting Shares for purposes of this Agreement.

 

14. Assignment.

 

a. Neither
this Agreement, nor any of the rights, duties, interests or obligations of the Company hereunder, shall be assigned or delegated
by the Company in whole or in part.

 

b. Prior
to the expiration of the Lock-Up Period to the extent applicable to such Voting Party, no Voting Party may assign or delegate
such Voting Party’s rights, duties or obligations under this Agreement, in whole or in part, except in connection with a
transfer of Voting Shares by such Voting Party to a Permitted Transferee in accordance with the terms of the Registration Rights
Agreement, as applicable, and this Section 14.

 

c. This
Agreement and the provisions hereof shall inure to the benefit of, shall be enforceable by and shall be binding upon the respective
assigns and successors in interest of the Voting Parties, including with respect to any of such Voting Party’s Voting Shares
that are transferred to a Permitted Transferee in accordance with the terms of this Agreement, and the Registration Rights Agreement.

 

d. No
assignment by any party hereto (including pursuant to a transfer of any Voting Party’s Voting Shares) of such party’s
rights, duties and obligations hereunder shall be binding upon or obligate the Company or any other party hereto unless and until
each of the other parties hereto shall have received (i) written notice of such assignment as provided in Section 22 and
(ii) the executed written agreement of the assignee, in a form reasonably satisfactory to each of the other parties hereto, to
be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to
this Agreement) as fully as if it were an initial signatory hereto. Each Voting Party shall not permit the transfer of any such
Voting Party’s Voting Shares to a Permitted Transferee unless and until the person to whom such securities are to be transferred
have executed a written agreement as provided in clause (ii) of the preceding sentence.

 

e. Any
transfer or assignment made other than as provided in this Section 14 shall be null and void.

 

15. Additional
Agreements. To the extent any undersigned Voting Party is also party to (i) that certain Investor’s Rights Agreement,
dated as of April 2019, by and between the Seller and BGV Opportunity Fund, L.P. (the “BGV IRA”), (ii) that
certain Amended and Restated Investors’ Rights Agreement, dated as of July 31, 2015, by and between the Seller, the Investors,
and the Key Holders (as such capitalized terms are defined therein) (the “Investor IRA”), and/or (iii) the
Amended and Restated Right of First Refusal and Co-Sale Agreement, dated as of July 31, 2015, by and between the Seller and the
Shareholders (as such capitalized terms are defined therein) (the “ROFR Agreement” and, together with the BGV
IRA and the Investor IRA, the “Investor Agreements”) such Voting Party and Seller, each confirm and agree that
effective as of, and contingent upon, the Closing, each of the Investor Agreements shall be terminated in its entirety.

 

    -9-

     

    

 

16. Other
Rights. Except as provided by this Agreement, each Voting Party shall retain the full rights of a holder of capital stock
of the Company with respect to the Voting Shares, including the right to vote the Voting Shares subject to this Agreement.

 

17. Severability.
In the event that any provision of the Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

18. Governing
Law. This Agreement, the rights and duties of the parties hereto, any disputes (whether in contract, tort or statute), and
the legal relations between the parties arising hereunder shall be governed by and interpreted and enforced in accordance with
the laws of the State of Delaware without reference to its conflicts of laws provisions.

 

19. Jurisdiction.
Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with,
this Agreement shall be brought against any of the parties in the United States District Court for the District of Delaware or
any Delaware state court located in Wilmington, Delaware, and each of the parties hereby consents to the exclusive jurisdiction
of such court (and of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue
laid therein. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within
or without the jurisdiction of any such court.

 

20. WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT.

 

21. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.

 

22. Notices.
Any notices provided pursuant to this Agreement shall be in writing and given by (i) deposit in the United States mail, addressed
to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person
or by courier service providing evidence of delivery, or (iii) transmission by electronic mail. Notices provided pursuant to this
Agreement shall be provided, (x) if to the Company, in accordance with the terms of the Merger Agreement, (y) if to any other
party hereto, to the address or email address, as applicable, of such party set forth on Annex A hereto, or (z) to any
other address or email address, as a party designates in writing to the other parties in accordance with this Section 22.

 

23. Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties, and supersedes any
prior agreement or understanding among the parties, with regard to the subject matter hereof, and no party shall be liable or
bound to any other party in any manner by any warranties, representations or covenants except as specifically set forth herein.

 

[Remainder
of page intentionally left blank; signature pages follow]

 

    -10-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	VICTORIA
    LIVSCHITZ CHARITABLE TRUST
	 	 	 
	 	By: 
    	/s/
    Victoria Livschitz
	 	 	Name: Victoria
    Livschitz
	 	 	Title: Trustee
    of Livschitz Charitable Trust

 

[Signature
Page to Stockholder Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	GRID DYNAMICS INTERNATIONAL, INC.
	 	 	 
	 	By: 	/s/ Leonard
    Livschitz
	 	 	Name: Leonard
    Livschitz
	 	 	Title: CEO

 

[Signature
Page to Stockholder Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	VICTORIA
    LIVSCHITZ
	 	 
	 	By: 	/s/ Victoria Livschitz

 

[Signature
Page to Stockholder Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	LEONARD
    LIVSCHITZ
	 	 
	 	By: 	 /s/ Leonard Livschitz

 

[Signature
Page to Stockholder Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	AUTOMATED SYSTEMS HOLDINGS LIMITED
	 	 	 
	 	By:  	/s/ Leon
    Wang
	 	 	Name: 
	 	 	Title:

 

[Signature
Page to Stockholder Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	LIVSCHITZ CHILDREN’S CHARITABLE TRUST
	 	 	 
	 	By:  	/s/ Victoria
    Livschitz
	 	 	Name: Victoria
    Livschitz
	 	 	Title: Trustee
    of Livschitz Children’s Charitable Trust

 

[Signature
Page to Stockholder Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	BGV OPPORTUNITY FUND, L.P.
	 	 	 
	 	By:  	/s/ Eric
    Benhamou
	 	 	Name: Eric
    Benhamou
	 	 	Title: Founder
    and General Partner

 

[Signature
Page to Stockholder Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	CHASERG TECHNOLOGY ACOUISITION CORP.
	 	 	 
	 	By: 	/s/ Lloyd
    Carney
	 	 	Name: Lloyd
    Carney
	 	 	Title: Chief
    Executive Officer 

 

[Signature
Page to Stockholder Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	SPONSOR
	 	 	 
	 	CHASERG TECHNOLOGY SPONSOR LLC
	 	 	 
	 	By:  	/s/ Lloyd
    Carney
	 	 	Name: Lloyd
    Carney
	 	 	Title: Managing
    Member
	 	 	 
	 	By:	 
	 	 	Name: Steven
    Fletcher
	 	 	Title:  Managing
    Member
	 	 	 
	 	By:	 
	 	 	Name: Alex
    Vieux
	 	 	Title: Managing
    Member

 

[Signature
Page to Stockholder Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	SPONSOR
	 	 	 
	 	CHASERG TECHNOLOGY SPONSOR LLC
	 	 	 
	 	By:	 
	 	 	Name: Lloyd
    Carney
	 	 	Title: Managing
    Member
	 	 	 
	 	By: 	/s/ Steven
    Fletcher
	 	 	Name: Steven
    Fletcher
	 	 	Title:  Managing
    Member
	 	 	 
	 	By:	 
	 	 	Name: Alex
    Vieux
	 	 	Title: Managing
    Member

 

[Signature
Page to Stockholder Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	SPONSOR
	 	 	 
	 	CHASERG TECHNOLOGY SPONSOR LLC
	 	 	 
	 	By:	 
	 	 	Name: Lloyd
    Carney
	 	 	Title: Managing
    Member
	 	 	 
	 	By:	 
	 	 	Name: Steven
    Fletcher
	 	 	Title:  Managing
    Member
	 	 	 
	 	By:	/s/ Alex
    Vieux
	 	 	Name: Alex
    Vieux
	 	 	Title: Managing
    Member

 

[Signature
Page to Stockholder Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	O. FOX CHARITABLE TRUST
	 	 	 
	 	By:  	/s/ Stan
    Klimoff
	 	 	Name: Stan
    Klimoff
	 	 	Title: Trustee

 

[Signature
Page to Stockholder Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	VLSK2019 LLC
	 	 	 
	 	By: 	/s/ Victoria
    Livschitz
	 	 	Name: Victoria
    Livschitz
	 	 	Title: Stockholder

 

[Signature
Page to Stockholder Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	GDB INTERNATIONAL INVESTMENT LIMITED
	 	 	 
	 	By: 	/s/ Leon
    Wang
	 	 	Name: 
	 	 	Title: 

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above written.

 

	 	GDD INTERNATIONAL HOLDING COMPANY
	 	 	 
	 	By: 	/s/ Leon
    Wang
	 	 	Name: 
	 	 	Title: 

 

     

     

    

 

Annex
A

 

Voting Shares

 

	Holder	 	Address	 	Shares of 
 Common 
 Stock	 	 	Warrants	 	 	Options	 	 	Other Equity 
 Securities/Rights 
 to Acquire 
 Equity 
 Securities	 
	ASL/GDD/GDB	 	  	 	 	18,897,879	 	 	 	 	 	 	 	 	 	 	 	        	 
	BGV	 	 	 	 	2,031,176	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sponsor	 	 	 	 	6,030,000	 	 	 	265,000	 	 	 	 	 	 	 	 	 
	VLSK2019	 	 	 	 	559,202	 	 	 	 	 	 	 	 	 	 	 	 	 
	Victoria Livschitz Charitable Trust	 	 	 	 	184,035	 	 	 	 	 	 	 	 	 	 	 	 	 
	Livschitz
 Children’s 
Charitable Trust	 	 	 	 	78,871	 	 	 	 	 	 	 	 	 	 	 	 	 
	Livschitz, Victoria	 	 	 	 	 	 	 	 	 	 	 	 	353,112	 	 	 	 	 
	O. Fox Charitable Trust	 	 	 	 	105,162	 	 	 	 	 	 	 	 	 	 	 	 	 
	Livschitz, Leonard	 	 	 	 	 	 	 	 	 	 	 	 	1,925,065	 	 	 	 	 

 

     

     

    

 

Exhibit
A

Initial Designees

 

	Designation:	 	Name:	 	Class:
	“CEO Designee”	 	Leonard Livschitz	 	Class I
	“ASL Designee”	 	Leon Wang	 	Class II/III
	“ASL Designee”	 	Weihang Wang	 	Class II/III
	“Sponsor Designee”	 	Lloyd Carney	 	Class II/III
	“Sponsor Designee”	 	Eric Benhamou	 	Class II/III
	“Unaffiliated Designee”	 	Shou Zhang	 	Class I
	“Unaffiliated Designee”	 	Marina Levinson	 	Class I
	“Unaffiliated Designee”	 	To be determined prior to Closing	 	Class IIExhibit 10.173.1

 

 

 

 

 

 

 

 

 

 

COMMERCIAL LEASE

 

Between 

 

NOTAPIERRE

 

AND

 

INTER PARFUMS

 

Dated 10 December 2019

 

 

 

 

 

 

 

 

 

 

     

     

    

 

	PART 1 - TERMINATION OF THE INITIAL LEASE ON THE EFFECTIVE DATE OF THE LEASE	10
	 	 
	PART 2 – LEASE CONTRACT	11
	 	 
	TITLE 1 – GENERAL CONDITIONS	12
	CG.1.	LEASE - DESIGNATION	12
	CG.2.	INTENDED USE OF THE PREMISES	12
	CG.3.	DURATION	13
	CG.4.	RENT	14
	CG.5.	RENT INDEXATION	14
	CG.6.	RENEWAL RENT	16
	CG.7.	SECURITY DEPOSIT	18
	CG.8.	SUPPLEMENTARY RENT CHARGES	19
	CG.9.	VAT	21
	CG.10.	PAYMENT METHODS FOR THE RENT AND ITS SUPPLEMENTAL CHARGES	21
	CG.11.	CHARGES AND GENERAL CONDITIONS	22
	CG.12.	MODIFICATION - TOLERANCE	46
	CG.13.	TERMINATION CLAUSE BY RIGHT	47
	CG.14.	MODIFICATION OF LEGAL STATUS	47
	CG.15.	FEES AND ADDRESS OF SERVICE	48
	CG.16.	SCOPE OF THIS DOCUMENT – INVALIDITY OF A CLAUSE OF THE LEASE	48
	CG.17.	APPLICABLE LAW - JURISDICTION	48
	CG.18.	CONFIDENTIALITY	48
	 	 	 
	TITLE 2 - SPECIAL CONDITIONS	49
	CP. 1.	IDENTITY OF THE PARTIES	49
	CP. 2.	PURPOSE	50
	CP. 3.	DESIGNATION OF THE LEASED PREMISES	50
	CP. 4.	EASEMENTS	52
	CP. 5.	DURATION AND EFFECTIVE DATE OF THE LEASE	52
	CP. 6.	EARLY AVAILABILITY OF SECTION 6  TO LESSEE	52
	CP. 7.	INTENDED USE OF THE LEASED PREMISES	52
	CP. 8.	CONDITION OF THE PREMISES AT ENTRY and TECHNICAL AUDIT	53
	CP. 9.	ACTIONS OF LOGISTICAL PROVIDERS	53
	CP. 10.	SUBLETTING	54
	CP. 11.	RENT	54
	CP. 12.	INDEXATION	55
	CP. 13.	SECURITY DEPOSIT	55
	CP. 14.	CHARGES – LESSEE’S TECHNICAL MANAGEMENT OF REAL PROPERTY	55
	CP. 15.	INITIAL DEVELOPMENT WORK OF LESSEE IN SECTION 6	56
	CP. 16.	STATUS OF RISKS AND CONTAMINATIONS (ERP)	57
	CP. 17.	ADDRESS OF SERVICE	57
	CP. 18.	ADDRESS FOR INVOICES	57
	 	 	 
	TITLE 3 – SPECIAL PROVISIONS FOR THE SECTION 6 CONSTRUCTION PERIOD	58
	DP. 1.	PROGRAM DESCRIPTION	58
	DP. 2.	RENT ADJUSTMENT - SDP TOLERANCE	60
	DP. 3.	TAKING OF POSSESSION OF SECTION 6 – LIFTING OF RESERVATIONS	60
	DP. 4.	LEGITIMATE CAUSES FOR EXTENDING THE SCHEDULE OF THE TAKING OF POSSESSION	62
	DP. 5.	VISITS PRIOR TO THE TAKING OF POSSESSION	63
	DP. 6.	TAKING OF POSSESSION AND LATE-DELIVERY PENALTIES	64
	DP. 7.	PROCEDURE FOR LIFTING THE RESERVATIONS AND FLAT-FEE PENALTIES	65
	DP. 8.	EARLY AVAILABILITY	66
	DP. 9.	LESSEE’S REQUEST FOR ALTERATIONS	67
	 	 	 
	LIST OF APPENDICES	68

 

     

     

    

 

COMMERCIAL LEASE

 

BETWEEN THE UNDERSIGNED:

 

The legal entity named in Article
CP. 1.1.

 

Designated hereinafter as the
“Lessor,” party of the first part,

 

And

 

The legal entity named in Article
CP.1.2.

 

Designated hereinafter as the
“Lessee,” party of the second part.

 

Lessor and Lessee are each
called individually a “Party” and both are called collectively the “Parties.”

 

PRIOR TO THE LEASE WHICH
IS THE SUBJECT OF THIS DOCUMENT, THE PARTIES HAVE RECALLED THE FOLLOWING:

 

INTRODUCTORY STATEMENT

 

		(A)	GEMFI Company, the rights of which have now been transferred
to NOTAPIERRE Company, as stated below, granted to INTERPARFUMS Company a commercial lease dated May 12, 2010, in PARIS, concerning
a warehouse used as storage and office space, with a Net Floor Area (SHON) of 31,029 m2 (333,933 sq. ft.) (according to the
measurements performed by Jean-Claude BERSON, property surveyor, dated April 12, 2011) located in the Municipality of Criquebeuf-Sur-Seine
(27340), in “Le Bosc Hétrel” Business Park, registered as Section ZD, # 250, 257, 259, 278, 297, 298, 299,
300, 301, 302, 303, 304, 305, 306, 308, 310, 312, 314, 317 on the land registry, for an area of 8 hectares 00 ares 00 centiares
(19,768 acres).

 

Said construction is named
“Phase 1.”

 

The lease’s effective
date is June 1st, 2011. Its duration is for nine (9) years and it expires on May 31st, 2020.

 

The agreement provides, for
the benefit of Lessee, the option of enlarging the initial building with one or two new sections, with an area of about 6,000 m2 (64,580
sq. ft.), which could be exercised at the latest on April 30, 2012.

 

    - 1 -

     

    

 

		(B)	Pursuant to a private document dated April 1st,
2011, GEMFI and INTERPARFUMS signed Rider #1 to the May 12, 2010, lease concerning the extension of the ground floor of “Office
Plot” #1 by a SHON of 175 m2 (1,884 sq. ft.) (designated as “Phase 2”), in order to enable Lessee
to install additional recreational and locker room areas.

 

		(C)	Pursuant to a private document dated April 1st,
2011, GEMFI and INTERPARFUMS signed Rider #2 to the May 12, 2010, lease concerning a new enlargement option for the benefit of
Lessee, which replaces outright the extension option, as initially provided in the May 12, 2010, lease. In said document, it was
agreed that Lessee would be granted an extension option concerning Sections 6 and 7, each with a SHON of 6,000 m2 (1,884
sq. ft.), which Lessee may exercise between April 30, 2012, and December 31, 2015.

 

		(D)	Pursuant to a private document dated January 16, 2012,
GEMFI and INTERPARFUMS signed Rider #3 to the May 12, 2010, lease, which includes the following:

 

(i) Designation of the leased
premises compliant with the issued administrative authorizations and the measurements performed by Jean-Claude BERSON, property
surveyor, dated April 12, 2011, so that the leased building is made up of a building with an overall SHON of 31,220 m2 (336,049
sq. ft.) that includes:

 

- Warehouse of 30,182 m2
(324,876) including five (5) sections and technical installations;

 

- Offices, recreational areas
and security area: SHON of 1,038 m2 (11,173 sq. ft.) (including a SHON of 173 m2 (1,862 sq. ft.) for additional recreational
areas as described in Rider #1 mentioned above);

 

- Parking spaces for light
vehicles: 116.

 

Within the body of this document,
the building described above (including the 116 parking spaces for light vehicles) shall be designated as: “Initial Leased
Premises.”

 

The summary table of the SHONs
as measured by Jean-Claude BERSON on April 12, 2011, is included in the present document in appendix, following its mention.

 

(ii) Presence of easements
on the site of the Initial Leased Premises, for servicing, procurement, and water discharges from the area, and, similarly, creation
of a free trade union for managing these easements (maintenance, repairs, reconditioning of roadworks as well as networks).

 

Within the body of this document,
the lease dated May 12, 2010, and its three riders are named “Initial Lease.”

 

		(E)	The Initial Leased Premises were built pursuant to the
following administrative authorizations:

 

		a-	Initial building permit

 

A building permit with number
PC 027 188 08 A0022 was issued on December 2, 2008.

 

    - 2 -

     

    

 

Said permit authorized, on
a site of 78,230 m2 (842,061 sq. ft.), the construction of a building, to be used as storage and office space, with an overall
SHON of 37,730 m2 (406,122 sq. ft.), including:

 

		-	Warehouse: 36,032 m2 (387,845 sq. ft.);
		-	Offices and recreational areas: 1,698 m2 (18,277
sq. ft.);
		-	And 197 parking spaces for light vehicles (LVs).

 

Said decree has become final.

 

		b-	Transfer of the initial building permit

 

The decree for the building
permit mentioned above was transferred on June 4, 2010, by decree # PC 027 188 08 A0022-01, to GEMFI Company.

 

Said decree has become final.

 

		c-	Modified building permit

 

Pursuant to a decree for a
modified building permit issued on October 12, 2011, under # PC 027 188 08 A0022-02, the following modifications to the project
were adopted:

 

		-	Land area: 80,000 m2 (861,113 sq. ft.);
		-	SHON of building: 31,220 m2 (336,049 sq. ft.);
		-	Warehouse and technical installations: 30,182 m2
(324,876 sq. ft.);
		-	Offices and recreational areas: 1,038 m2 (11,173
sq. ft.);
		-	LV parking spaces: 116.

 

Said decree has become final.

 

		d-	Statement of work completion and Compliance

 

Concerning Phase 1, GEMFI Company
notified the Criquebeuf-sur-Seine City Hall of the completion of the construction work and its compliance with the requirements
of the building permit, on June 17, 2011.

 

Concerning Phase 2, GEMFI Company
notified the Criquebeuf-sur-Seine City Hall of the completion of the construction work and its compliance with the requirements
of the building permit, on October 19, 2011.

 

Pursuant to a certification
dated November 10, 2011, the Criquebeuf-sur-Seine City Hall notified that it would not dispute such compliance.

 

		e-	Advance notification (awning construction)

 

GEMFI Company presented on
November 22, 2011, an advance notification filed with the Criquebeuf-sur-Seine City Hall under # DP 027 188 11 A 0027.

 

    - 3 -

     

    

 

Pursuant to a decree dated
December 7, 2011, the CRIQUEBEUF-SUR-SEINE Mayor did not object to said advance notification, thus authorizing the extension and
installation of an awning outside the Initial Leased Premises, on the right side of the entrance to the recreational areas, with
a total Gross Floor Area (SHOB) of 56.57 m2 (608.91 sq. ft.), without creation of a SHON.

 

		(F)	A prefectoral decree was delivered under # D1-B1-11-183,
dated March 30, 2011, (hereinafter, the “Decree to Operate”) for the benefit of GICRAM Company, authorizing
the commercial use in the Initial Leased Premises of an installation classified for the protection of the environment (ICPE) under
the following categories:

 

●
1412 (A), 1432-2 (A), 1510 (A), 1530 (A), 1532 (A), 2662 (A), 2663-1 (A), 2663-2 (A), 2910-A (NC), and 2925 (D).

 

Pursuant to a private quadripartite
agreement dated April 26, 2011, between GEMFI Company (as Lessor named in the Initial Lease), Lessee, GICRAM Company (as initial
holder of the Authorization to Operate), and SAGA France Company (as Lessee’s logistics provider), it was agreed that the
benefit of the authorization to operate, subject of the Decree to Operate, would be transferred to SAGA France Company, so it would
become the holder of the corresponding authorization to operate.

 

Such transfer was agreed upon
by GEMFI Company, as Lessor, and by Lessee under certain conditions, including that SAGA France Company (i) would prevent
itself from filing any cessation of activities with the environmental services upon expiration of its contract of logistics provider
signed with Lessee, and (ii) would obligate itself, upon expiration of its contract of logistics provider signed with Lessee,
to provide assistance for transferring the authorization to operate, either to Lessor (in the event of termination or non-renewal
of the Initial Lease), or to Lessee or a third party designated by Lessee if the leasing of the Initial Leased Premises by Lessee
continued.

 

The Prefecture of Eure issued
on June 15, 2011, under # D-11-E3-040 its receipt of the statement of operator change.

 

The Decree to Operate, the
quadripartite agreement of April 26, 2011, as well as the receipt of the statement of operator change are herein attached (Appendix
4).

 

		(G)	Pursuant to a document received by Christophe PERRIN, Esq.,
notary in ATHIS-MONS, on January 18 and 19, 2012, GEMFI Company sold to NOTAPIERRE Company the real property leased to Lessee,
said company thus becoming the successor of GEMFI Company.

 

		(H)	Pursuant to the provisions of a document received by LUCIEN-COIRRE,
Esq., notary in PARIS, on June 6, 2016, mutual non aedificandi (not zoned for construction) easements were created on land
belonging firstly to INS CRIQUEBEUF Company, owner of a building to be used primarily as warehouse, registered as Section ZD,
# 348, in the land registry, and secondly to NOTAPIERRE Company, owner of the building mentioned in “(A) a-” above.

 

A copy of
the document and the plan indicating said easements are attached to the present document (Appendix 5)

 

    - 4 -

     

    

 

		(I)	Pursuant to a document received by Mr. PERRIN, Esq., the
aforementioned notary, on December 27, 2018, GEMFI Company sold to NOTAPIERRE Company in the Municipality of CRIQUEBEUF SUR SEINE
(27340), Le Clos Gillet, a parcel of land with a surface area of 11,686 m2 (125,787 sq. ft.), registered as Section ZD, #
329 and 338, in the land registry; such plots being adjacent to the land acquired by NOTAPIERRE as mentioned in C) a above.

 

		(J)	Pursuant to the minutes of the unanimous decisions of the
partners dated December 31, 2015, SAGA France Company has provided all its assets to SDV Logistique internationale Company (SDV-LI),
for the purpose of a merger.

 

The merger-acquisition of SAGA
France Company by SDV-LI Company was finalized on December 31, 2015.

 

Following the merger-acquisition
of SAGA France Company and KERNE FINANCE Company, the SDV-LI Company partners decided to change its business name, as of January
1st, 2016, to BOLLORÉ LOGISTICS.

 

		(K)	Lessee contacted Lessor to inform Lessor of Lessee’s
need to enlarge the existing warehouse and offices by building a sixth section on the land belonging to Lessor, because of business
development needs (designated hereinafter as “Section 6”). Consequently, Lessor contacted GEMFI Company in
order to legalize a real estate development contract (hereinafter, “CPI”) for the purpose of enabling Lessor
to proceed with the construction of Section 6 and its delivery to Lessee;

 

		(L)	BOLLORÉ LOGISTICS Company, Lessee’s logistical
provider, and operator of the Initial Leased Premises on behalf of Lessee (the “Operator”), filed for its part
with the Prefecture of Eure an “information brief” (hereinafter, the “Information Brief”) concerning
the Section 6 project, which modified the Decree to Operate, and more precisely for the purpose of:

 

(i) Updating the classification
categories of the prefectoral decree of March 30, 2011, and modifying the site zoning in conformance with the regulations concerning
installations classified for environmental protection, and

 

(ii) Expand the installations
of the Bolloré Logistics site by creating a sixth section for the warehouse.

 

    - 5 -

     

    

 

The Regional Environment, Development,
and Housing Directorate (DREAL) for Normandy rendered on June 30, 2017, a favorable opinion concerning the filed brief, concluding
the following as literally reproduced below:

 

“Because the modifications
made within this information brief and concerning your prefectoral decree dated March 30, 2011, are neither remarkable, nor substantial,
the inspection service recognizes the creation of said sixth section. In addition, regarding the change from a low-threshold Seveso
status to a status of simple authorization, a complementary decree shall be enacted in order to modify the last paragraph of Article
1.2.1 of the aforementioned decree.” 

 

By
Decree # DELE/BERPE/18/681 dated May 9, 2018, (the “Decree to Operate”), modifying the prefectoral decree dated
March 30, 2011, and rescinding the complementary prefectoral decree dated February 15, 2018, the Prefect of EURE authorized
the modification of the Decree to Operate dated March 30, 2011.

 

The Information Brief, the favorable
opinion rendered by DREAL on June 20, 2017, and the Decree to Operate of May 9, 2018, are attached hereto (Appendix 6).

 

The Decree to Operate dated
March 30, 2011, and the Decree to Operate dated May 9, 2018, are hereinafter designated as the Authorization to Operate.

 

		(M)	For the purpose of implementing Section 6, and in accordance
with the technical description agreed upon by Lessee, Lessor, and GEMFI Company, as future developer of the Section 6 construction
project (hereinafter, the “Developer”), GEMFI Company filed a building permit application with the appropriate
services of the Criquebeuf-sur-Seine City Hall on August 3, 2017, under # PC 27188 17 A0013, for (i) the construction of
a building expansion to be used as warehouse and offices, for a total created floor area of 6,066 m2 (65,294 sq. ft.), including
328 m2 (3,531 sq. ft.) for offices and 5,738 m2 (61,763) for the warehouse. (ii) the extension of the heavy-vehicles
roadway in the truck yard and the extension of the fire engine bypass roadway, (iii) the creation of two additional fire
hydrants, for a total of seven, at the site, (iv) the parking connections for 22 electrical vehicles, (v) the relocation
of five parking spaces in the truck waiting area, and (vi) the creation of six parking spaces for light vehicles.

 

		(N)	The decree approving the permit for the construction of
Section 6 was issued by the Mayor of the Municipality of Criquebeuf-sur-Seine on October 10, 2017, under # PC 27188 17 A0013 (hereinafter,
the “Building Permit”).

 

		(O)	Section 6 shall be built in accordance with the
aforementioned building permit brief and with the technical description of the expansion project attached to the CPI in appendix,
in its version V4a dated October 22, 2019, and hereinafter attached as Appendix 8.

 

		(P)	It is pursuant to these conditions that the Parties have
as of now agreed to sign a new lease, subject of the present document (hereinafter, the “Lease”), concerning
the Initial Leased Premises and the conditions for building the Section 6 expansion, together with the charges and conditions
provided below.

 

The Lease
shall be effective on June 1st, 2020, and shall replace the Initial Lease, which is expiring.

 

    - 6 -

     

    

 

		(Q)	The current Lease is made up of the Introductory Statement,
of a first part (Part 1) agreeing to the amicable termination, upon expiration, of the Initial Lease, and of a second part
(Part 2) agreeing to the terms and conditions of the new Lease concerning the Leased Premises.

 

In turn, Part
2 is made up of the following:

 

		(i)	General conditions (Title 1 - General conditions);

 

		(ii)	Special conditions (Title 2 - Special conditions).

 

These two
parts make up an indivisible whole, with the specification that, in case of a discrepancy between one or more provisions of the
existing general conditions and of the existing special conditions, the latter shall prevail. Title 1 and Title 2 of the Lease
are intended to govern, as perennial provisions, the conditions of leasing the Leased Premises as of the Effective Date of the
Lease;

 

		(iii)	Specific conditions for the construction period of
Section 6 (Title 3 – Specific conditions for the construction period of Section 6).

 

It is as of
now recalled that Lessor is proceeding with the construction of Section 6 upon request from Lessee, and in accordance with Lessee’s
specific needs.

 

Consequently,
Lessee’s compliance with each and every term and condition of this document and, in particular, Lessee’s respect of
Lessee’s commitment to lease the Leased Premises for the totality of the firm duration stipulated therein, is an essential
and determining motivation for Lessor to agree to undertake the construction of Section 6.

 

		(R)	Any references in the Lease to the “Statement,”
to an “Article,” to a “Title,” or to an “Appendix” shall be interpreted
as a reference to the statement, an article, a title or an appendix of the Lease.

 

		(S)	This Statement is an integral part of the provisions and
conditions of the Lease, and of its appendices.

 

    - 7 -

     

    

 

Definitions

 

Within this document, certain terms possess
the following specific definitions:

 

	Specific Activity:	Designates the specific activity performed by Lessee, or all occupants under Lessee’s authority, in the Leased Premises, in accordance with sections 4320, 4331 of the designation for the Installations Classified for Environmental Protection (ICPEs) (the “Specific Activity/Activities”)
	Section 6 completion:	Designates the completion of Section 6, as defined in Article DP. 3.2.
	Appendices:	Designate any documents attached to the Lease and integrated to it.
	Decree to Operate:	Has the meaning given in the Statement.
	Complementary Decree to Operate:	Has the meaning given in the Statement.
	Authorization to Operate:	Has the meaning given in the Statement.
	Lease:	Designates this lease.
	Initial Lease:	Has the meaning given in the Statement.
	Lessor:	Designates the company named “NOTAPIERRE”, an open-ended real estate investment trust with headquarters at PARIS (75017) – 7-7 bis rue Galvani, and registered with the Registry of Commerce and Companies of PARIS under # 347 726 812.
	Legitimate Cause(s) for Extension of Time:	Has the meaning given in Article DP. 4.
	Sections 1 to 5:	Designate the sections implemented on the Leased Premises layout provided in Appendix 20.
	Section 6:	Has the meaning given in Article CP. 3.2.
	Monitoring Committee:	Has the meaning given in Article DP. 4.
	CPI:	Designates the real estate development contract agreed upon by Lessor, as project owner, to Developer for the purpose of constructing Section 6, as mentioned in the Statement.
	Effective Date of the Lease:	Has the meaning given in Article CP. 5.
	Effective Date of Termination of Initial Lease:	Has the meaning given below in Part 1 of the Lease.
	Technical Documents:	Designate together the Technical Description, the Layouts, the Building Permit and its application documentation, and, as the case may be, the modified building permits.
	Expert:	
        The expert shall be designated by mutual
        agreement between the Parties or, failing that, by the President of the competent High Court, ruling in summary proceedings, and
        this at the request of the first Party to act.

        The Expert shall be designated for the
        resolution of any disputes for which his or her competence is recognized pursuant to the Lease, as joint representative of the
        Parties, and shall act within the terms of Article 1592 of the Civil Code.

        Fees and expenses of the Expert shall be
        borne by the Party whose claims are dismissed, or in the proportion that shall be determined by the Expert.

        The decision of the Expert shall not be
        subjected to remedy by means of an appeal or an annulment, or by any disputes from any of the Parties.

	Expert 1:	Has the meaning given in Article CG. 6.2.
	Expert 2:	Has the meaning given in Article CG. 6.2.
	Expert 3:	Has the meaning given in Article CG. 6.2.

 

    - 8 -

     

    

 

	Operator :	Designates Lessee’s logistics provider, i.e. on the date of this document the company named BOLLORÉ LOGISTICS,” simplified joint-stock company with a capital of € 44,051,200, with headquarters at PUTEAUX (92806) – 31-32 Quai de Dion Bouton, and registered with the Registry of Commerce and Companies of NANTERRE under number 552 088 536.
	Manager: 	Designates the manager of the Leased Premises, appointed by Lessor, or any new manager that would be appointed by Lessor for this purpose.
	Groupe Interparfums:	Designates any company directly or indirectly controlled by Lessee within the meaning of Article L.233-3 of the Code of Commerce, as well as any company that would directly or indirectly control Lessee within the meaning of said Article L.233-3 of the Code of Commerce, or any company that would be under the same direct or indirect control as Lessee, within the meaning of said Article.
	Business Day(s):	Designate any day of the week except Saturday, Sunday, or a holiday. It is specified that, if any obligations of the Parties need to be performed on a day other than a Business Day, it must then be performed on the following Business Day, and if any notices that must be provided pursuant to this document has to be provided on a day other than a Business Day, such notice must then be provided at the latest on the following Business Day.
	Leased Premises:	Designate, upon the Effective Date of the Lease, the Initial Leased Premises to which will be added, when completed, the areas making up Section 6, all of which constituting the Leased Premises. 
	Initial Leased Premises:	Designate the premises leased pursuant to the Initial Lease, the designation of which is specified in Article CP. 3.1
	Rent:	Has the meaning given in Article CP. 11.
	Technical Description:	Designates the Section 6 technical description, a copy of which is provided in Appendix 8.
	Party/Parties:	Designates Lessor and/or Lessee.
	Building Permit:	Designates the building permit delivered by the Mayor of CRIQUEBEUF-SUR-SEINE on October 10, 2017, registered under number PC 27188 17 A0013, a copy of which is provided in Appendix 7.
	Layouts:	Designate the layouts for Section 6, a copy of which is provided in Appendix 7.
	Information Brief:	Has the meaning given in Article G (c) of the Statement.
	Lessee:	Designates the company named “INTERPARFUMS,” public limited company with a capital of € 41,786,570, with headquarters in PARIS (75008) – 4 rond-point des Champs Elysées, and registered with the Registry of Commerce and Companies of PARIS under # 350 219 382.
	Developer:	Designates the company named “G E M F I”, simplified joint-stock company with a capital of € 150,000, with headquarters at MONTROUGE (92120) – 28 bis rue Barbes, and registered with the Registry of Commerce and Companies of NANTERRE under number 339 753 725.
	Land:	Designates the site of the Leased Premises, identified by a layout provided in Appendix 14.
	Alterations:	Has the meaning given in Article DP 9.

 

    - 9 -

     

    

 

THE PRECEDING BEING STATED,
THE FOLLOWING HAS BEEN AGREED UPON:

 

PART 1 - TERMINATION OF THE INITIAL
LEASE ON THE EFFECTIVE DATE OF THE LEASE

 

The Initial Lease expires on
May 31, 2020, at midnight. The Parties expressly recognize that the Lease described herein shall take effect immediately afterward.

 

Because the Lease takes effect
on the date of expiration of the Initial Lease for the Initial Leased Premises (see Part 2 herein), the termination of the Initial
Lease shall not cause, as agreed by the Parties, the restitution of the Initial Leased Premises to Lessor.

 

Lessee may not require that
Lessor perform, upon the Effective Date of the Lease, any alteration or restoration, or any change of any nature, concerning the
Initial Leased Premises, and shall not benefit from any remedy or guarantee from Lessor, due to the condition of the Initial Leased
Premises on the Effective Date of the Lease.

 

By express agreement between
the Parties, the outcome of fittings, installations, improvements, and beautifications performed by Lessee in the Initial Leased
Premises, during the Initial Lease, as well as the state of restitution of said premises, shall be determined upon termination
of Lessee’s occupancy, and in accordance with the provisions of the Lease.

 

Because of the above, the fittings,
installations, improvements, and beautifications performed by Lessee in the Initial Leased Premises prior to the Effective Date
of the Lease shall remain the property of Lessee until termination of Lessee’s occupancy as provided by the Lease. 

 

    - 10 -

     

    

 

PART 2 – LEASE CONTRACT

 

Advance statements

 

Lessor and Lessee expressly
agree to subject the Lease to the provisions of Articles L.145-1 to L.145-60 of the Code of Commerce, R.145-1 to R.145-11, R.145-20
to R145-33, D.145-12 to D.145-19 of the Code of Commerce, as well as the non-repealed provisions of decree # 53-960 dated September
30, 1953, as modified, and subsequent texts, which Lessee pledges to respect.

 

All of the
provisions and conditions of the Lease shall remain applicable to Lessee as well as to any concession holder or occupant of the
Leased Premises that is normally dependent on Lessee, during the Lease as well as its amendments and renewals, if any.

 

The Lease
and its Appendices make up and express the totality of the agreement between the Parties. They cancel and replace any preliminary
agreement, pledge, or commitment that may have been previously signed between the Parties or agreed upon between them concerning
the leasing of the Leased Premises.

 

In addition,
Lessee waives its rights to any document, commercial brochure, website or other concerning the Leased Premises, which Lessor or
any third party has provided, or of which it may have gained knowledge, thus recognizing that the Leased Premises and their environment
are defined solely by the Lease and its appendices.

 

The leasing
concept includes, pursuant to the present document, this lease, its renewals and/or extensions, if any, so that all obligations
pursuant hereto shall be effective for the entire duration of this Lease, and of its renewals and/or extensions, if any, except
if stipulated otherwise.

 

The Parties
state that this contract is a negotiated contract as defined by Article 1110 of the Civil Code, as introduced by ruling 2016-131
dated February 10, 2016, concerning the reform of contractual rights. They recognize that, notwithstanding its presentation of
general conditions, particular conditions, and specific provisions, this contract has been freely negotiated between them, whether
concerning its general conditions, its particular conditions, or its specific provisions, and consequently, that it is not entirely
or partially a standard contract. The Parties also recognize that they have enjoyed an equal power in the negotiations.

 

Furthermore,
the Parties state that they fully accept the stipulations herein, and in particular those governing the rents and the charges owed
by Lessee, and they fully accept the risk of an unpredictable change or a performance that becomes excessively onerous, and that
they agree therefore to wave expressly and irrevocably their right to refer to the provisions of Article 1195 of the Civil Code
for the sake of revising or terminating the Lease.

 

These provisions
are determinative of the shared intent of the Parties.

 

    - 11 -

     

    

 

TITLE 1 – GENERAL CONDITIONS

 

		CG.1.	LEASE - DESIGNATION

 

		CG. 1.1.	Lessor leases out to Lessee, who accepts, the Leased Premises
as designated in Article CP. 3.

 

The conditions of the premises
determined at the Effective Date of the Lease are indicated below in Article CP. 8.

 

It is specified that any error
made in the designation or in the contents of the Leased Premises shall not constitute a basis for a rent reduction or increase,
such rent having been determined in particular as a function of Lessee’s overall evaluation and full knowledge of the Leased
Premises.

 

Similarly, Lessee may not require
from Lessor, for any reason, neither on the Effective Date of the Lease nor during the Lease, any alteration or restoration, or
any change of any nature, concerning the Leased Premises (including their fittings, technical equipment, and in particular the
existing cabling within the Leased Premises, if any), or any rent reduction, and shall not benefit from any remedy or guarantee
from Lessor, for any reason, because of the condition of the Leased Premises on the Effective Date of the Lease.

 

Lessee acknowledges that Lessor
will thus have fully complied with Lessor’s obligation to deliver the Leased Premises in accordance with Article 1719 par.
1 of the Civil Code on the Effective Date of the Lease.

 

The Leased Premises are a unique
and indivisible whole, according to the common intent of the Parties. In the event of multiple uses for the premises being leased
(sections for warehouse, offices, technical installations), their leasing shall be considered as indivisible overall.

 

		CG.2.	INTENDED USE OF THE PREMISES

 

		CG. 2.1.	Authorized use

 

Lessee shall use the Leased
Premises in accordance with Articles 1728 and 1729 of the Civil Code, peacefully and solely as a warehouse and adjacent offices,
as provided in Article CP. 7, for Lessee’s activities in the context of the Authorization to Operate, excluding any other
usage and, in particular, any industrial or artisanal activity, any sale or exhibition of goods, and any reception of clients (and
in particular any reception of the public or of clients within the meaning of Article R123-2 of the Code of Construction and Housing,
in the Leased Premises).

 

Lessor state that, to the best
of Lessor’s knowledge, nothing concerning the administrative and judicial status of the Leased Premises prevents the performance
of activities compatible with this intended use.

 

Parking spaces shall be used
solely for the parking of one vehicle per space, at most, excluding any repair, oil change, or washing activity.

 

    - 12 -

     

    

 

		CG. 2.2.	Authorizations

 

Without prejudice to the provisions
of Article CG. 11.14 below, Lessee shall assume personal responsibility for obtaining and maintaining in effect any license,
authorization, permit or other, as required by law or by existing or future regulations, and for paying any amount, fee, tax and
other charges associated with the activities to be performed in Leased Premises, and with their use. Lessee shall demonstrate compliance
upon all requests from Lessor.

 

		CG. 2.3.	Compliance with applicable regulations

 

Lessee, assuming throughout
the duration of the Lease the responsibility of facilities manager, shall comply scrupulously and ensure compliance by Lessee’s
employees, customers, visitors, suppliers, providers, and the Operator, with all laws, regulations, and decrees, existing now or
to be enacted in the future, applicable to the Leased Premises, and in particular, but not necessarily limited to, all that concerns
the roadways, policing, hygiene, sanitation, environment (in particular concerning installations classified for environmental protection
(ICPEs) as well as specified in Article CG. 11.14 below and in the environmental performance), labor regulations, applicable
regulations concerning accessibility and security (and in particular regulations concerning firefighting and requirements of firefighters
and security representatives), all of which in such a manner that Lessor shall never be subjected to investigation or questioning
in this matter, and shall be held harmless from any resulting consequences.

 

Lessee pledges, at Lessee’s
sole expense, concerning the regulations mentioned above, to comply with or to abide by all requirements, claims, or injunctions
that may be legally issued, for the duration of the Lease and its renewals, by competent administrative authorities, concerning
the Leased Premises or the conditions of occupancy, with the specification that, if work referred to in Article CG. 8.1.2
must be performed to this end, Lessee shall communicate with Lessor so that Lessor may perform the work for which Lessor is responsible
pursuant to the Lease.

 

		CG.3.	DURATION

 

		CG. 3.1.	The Lease is granted and accepted for the duration indicated
in Article CP. 5, and it shall start upon the Effective Date of the Lease.

 

    - 13 -

     

    

 

		CG. 3.2.	The duration of Lessee’s firm leasing commitment
is an essential and determining condition of the Lease, without which Lessor would not have signed the contract. Consequently,
in the event that Lessee, by Lessee’s personal act, ceases to occupy the Leased Premises before the expiration of said firm
period, Lessor shall have the right to proceed with the enforcement of the Lease until its expiration, including all its provisions,
charges, and requirements.

 

		CG. 3.3.	Lessor shall have the right to terminate the Lease upon
expiration of a three-year period, if Lessor plans to invoke the provisions of Articles L. 145-18, L. 145-21, L. 145-23-1,
and L. 145-24 of said code, in order to build, to rebuild the Leased Premises, to raise them, to build a housing facility
on bare rented land or pursuant to the conditions and the sectors or perimeters provided in Articles L. 313-1 et seq., and
L. 313-4 et seq., of the Code of Urban Planning, and in the event of demolition of the Leased Premises in the context of
an urban renewal project.

 

In case
of renewal of the Lease, said renewal shall take place for a duration of nine (9) years, Lessee retaining the right of termination
upon expiration of each three-year period, subject to a request to leave sent to Lessor at the latest six (6) months before the
expiration of the current period. Parties expressly agree that any leave or request for renewal must be sent by extrajudicial document.

 

		CG.4.	RENT

 

The Lease is granted and accepted
in exchange for payment of an annual rent, excluding taxes and charges, as specified in Article CP. 11, Lessee being required to
pay all fees, taxes, or levies of any nature (including any change in the VAT rate), which may be payable on said rent, charges,
and other payments provided in the Lease.

 

		CG.5.	RENT INDEXATION

 

		CG. 5.1.	The rent shall be indexed, by right and without any application
or request, as of the Effective Date of the Lease, every year on the anniversary date of the Effective Date of the Lease, depending
on the variation of the Rental Index for Tertiary Activities (ILAT) as published by INSEE. Said index is acknowledged by the Parties
as being directly related to the purpose of this contract.

 

For the first indexation, which
must take place upon the anniversary date of the Effective Date,
the annual rate of index change shall be calculated as a function of the change in the base index, which shall be the latest index
published on the Effective Date of the Lease, and in the revision index, which shall be the index of the same calendar quarter
in the following year. For the following indexations, the base index shall be the revision index used for the previous indexation,
and the revision index shall be the index of the same calendar quarter in the following year, and this will be repeated during
consecutive years.

 

Failure to immediately adjust
the rent shall not cause any forfeiture of the rights of the Parties to require retroactively a future application of this provision.

 

    - 14 -

     

    

 

		CG. 5.2.	In the event of a delay in the publication of the applicable
index, or its non-publication, at a given indexation date, a provisional rent shall be set. Said rent shall be calculated based
on the latest published index at the time of rent adjustment. Such provisional rent shall be regularized (with addition or restitution)
once the final index is published.

 

Upon publication of the final
index, Lessor shall inform Lessee of any rent change, as the case may be, due to the application of the index, and the Parties
pledge to regularize immediately the accounts due to the application of the indexation provision, i.e. the amount of the new rent
as well as the resulting increase in the guarantee deposit.

 

		CG. 5.3.	In the event that the index retained by the Parties is
not published, or disappears, or if the selected index may not be applied, for any reason whatsoever, the Parties expressly agree
to:

 

		-	Replace such index, either by the new legal index
that would be published as replacement and that would be obligatorily applicable, pursuant to the laws and regulations, to the
Lease, or, failing that, by a similar index selected by mutual agreement between the Parties;

 

		-	In the absence of a replacement index or an agreement
between the Parties, replace such index by the index of the construction costs; and

 

		-	In the absence of publication or the disappearance
of the index of construction costs, by decree issued by the President of the High Court for the place where the Leased Premises
are located, ruling in summary proceedings, have an expert designated, such expert having the powers of joint representative of
the Parties. Such joint representative, whose decision shall be final and without appeal, shall receive the task of selecting,
or if needed of recreating, an index reflecting as exactly as possible the rents for tertiary activities at the national level.
The index selected by the expert holding the powers of joint representative shall be retroactively applied from the date of first
indexation that is contractually applicable, following the disappearance of the index initially retained by the Parties. The fees
and proceedings charges, as well as those of the expert, shall be borne equally by Lessor and Lessee.

 

It is as of now agreed between
the Parties that the new index substituted for the index that was initially retained by the Parties may not lead to a reconsideration
of the amount of the previous rent resulting from indexation, on the basis of the initially retained index, until the actual application
of the new index, except in the case when such index substitution would result in the inapplicability of the initially selected
index by the Parties pursuant to the Lease, given the public monetary system. In such a case, the new applicable index resulting
from this provision shall be simply substituted for the initially selected index for the period during which the indexation based
on the initially selected index would be subject to reconsideration.

 

    - 15 -

     

    

 

		CG. 5.4.	While waiting for the Expert’s decision, Lessee may
not postpone payment and must pay, on a provisional basis, upon presentation of invoice, an amount equal to the amount previously
paid, with an adjustment being made retroactively on the effective date of the indexation.

 

		CG. 5.5.	The non-application by Lessor of this indexation provision,
notwithstanding the variation of the reference index, may not in any case be considered as an implicit waiver of such provision.

 

		CG. 5.6.	Pursuant to the Parties’ common intent, the stipulations
of this Article CG.5. are divisible, such that if one of them becomes inapplicable, for any reason whatsoever, the others shall
remain in effect and applicable between the Parties.

 

		CG. 5.7.	Notwithstanding the above-mentioned indexation provision,
the Parties retain the right to have the rent revised pursuant to the public provisions of Articles L.145-37, L.145-38, and L.145-39
of the Code of Commerce.

 

		CG.6.	RENEWAL RENT

 

		CG.
                          6.1.	Setting of
the renewal rent at market rental value

 

In case of Lease renewal, the
Parties expressly agree that the rent of the renewed lease shall be set at the market rental value, as defined below (the “Market
Rental Value”), in accordance with all the provisions of Article L.145-34 of the Code of Commerce.

 

The above-mentioned Market
Rental Value shall be calculated exclusively by comparison with market rents, i.e.:

 

		-	The prices freely agreed upon by lessors and lessees
upon the lease of new premises, excluding any concept of amicable or judicial renewal, during the three (3) years preceding the
effective date of renewal of the Lease,

 

		-	For real estate assets comparable to the Leased Premises,
i.e. buildings of the same nature, located in a nearby site, allowing the operation of an activity under the same ICPE designations
as those of the Authorization to Operate, presenting the same characteristics as those of the Leased Premises, the same standard
of quality, construction, technical equipment, functionality, space utilization, modernity, and the same public services, the
same availability of public transportation, and in the same field of activity, except with corrections if these elements happened
to be absent, by means of other criteria of reference, on condition, however, that they are comparable.

 

Work performed by Lessee, whatever
its nature, and even if it concerns the adaptation of the leased premises to their contractual usage, or the compliance with regulations,
shall also be considered for determining the rental value, upon renewal of the lease during which the work will have been performed
(including work performed before the expiration of the Lease and not accessed by Lessor before the expiration of the Lease, as
recalled in Part 1 of this document) by derogation to the provisions of Article R.145-8 of the Code of Commerce.

 

However, the Parties agree
that, upon first renewal following the expiration of the current Lease, [_____].

 

The above-mentioned conventional
ceiling shall be applied to all consecutive renewals upon expiration of the current Lease.

 

    - 16 -

     

    

 

		CG. 6.2.	Determination of the Market Rental Value

 

The first Party to act shall
inform the other Party, by registered letter with return receipt requested, of its intention to have the Market Rental Value determined
(the “Notification”) by indicating the contact details of the expert it has selected (“Expert 1”)
from the property appraisal companies shown below (the “List of Experts”): experts listed as members of AFREXIM
(French Association of Property Appraisal Companies), the President and/or a former President of the Company of Experts estimators
of business capital, eviction compensation, and rental values, before the Court of Appeal of the area where the Leased Premises
are located, or any expert specialized in real estate and rental value estimates on the list of the Court of Cassation.

 

The Notified Party shall, within
fifteen (15) business days following receipt of the Notification, by registered letter with return receipt requested, provide the
contact details of the expert (other than Expert 1) it has selected from the List of Experts (“Expert 2”). In
the absence of an answer within the above-mentioned period, Expert 2 shall be designated by the President of the High Court of
the area where the Leased Premises are located, ruling in summary proceedings upon the request of the notifying Party, by means
of a decision not subject to appeal.

 

As soon as possible after Notification,
Expert 1 and Expert 2 shall:

 

		-	Estimate the Market Rental Value, according to the
definition provided above;

 

		-	Notify each other, and the parties, of their estimates.

 

In the event of a difference
of less than 10% between the Expert 1 and Expert 2 estimates, the Parties expressly agree, without possibility of appeal, to retain
the higher estimate as the Market Rental Value.

 

In the event that the difference
between the Expert 1 and Expert 2 estimates is equal to or higher than 10%, Experts 1 and 2 shall select, by joint agreement, within
a reasonable period, a third expert from the List of Experts, other than those already selected (“Expert 3”).

 

If an Expert 3 is not designated
within such a period, the first Party to act may request the President of the High Court of the area where the Leased Premises
are located, ruling in summary proceedings, by decision not subject to appeal, to designate Expert 3.

 

Expert
3 must accept or refuse his or her mission within eight (8) business days after notification of his or her designation. In case
of refusal, he or she may be replaced by another expert selected from the above-mentioned List by
simple summary decree issued by the President of the High Court of the area where the Leased Premises are located, ruling in summary
proceedings, by decision not subject to appeal.

 

    - 17 -

     

    

 

Expert 3 shall:

 

		-	Provide his or her opinion concerning the Market Rental
Value, according to the above-mentioned definition, taking into account the estimates provided by Expert 1 and Expert 2,

 

		-	Issue his or her decision as soon as possible following
notification of his or her designation.

 

The Parties expressly agree,
without possibility of appeal, to retain as Market Rental Value the average between the estimate provided by Expert 3 and the higher
of the estimates proposed by Expert 1 and Expert 2.

 

The Parties shall provide to
each expert the information required for performing their assignment.

 

Each Party shall assume the
fees and expenses of its expert (including an expert judicially designated), those of Expert 3 being assumed equally by each Parties.

 

This Article does not affect
the right of Lessor to refuse the renewal of the Lease, or the right of Lessee to terminate the Lease.

 

		CG.7.	SECURITY DEPOSIT

 

As caution and guarantee of
performance related to the obligations of any nature resulting from this Lease, and to be assumed by Lessee, and in particular
as caution and guarantee of timely payment of rents, reimbursable charges and taxes, occupancy allowances, charges, work, penalties,
compensations, without limitation, Lessee shall pay to Lessor upon the Effective Date [_____].

 

This amount paid as security
deposit shall be increased or decreased at the same time and in the same proportions as the rent, each time said rent is subject
to indexation or modification, the difference being paid with the first modified amount, [_____].

 

Lessor shall have the option
at any time to use without further formalities all or part of the security deposit for the compensatory payment of amounts due
pursuant to this Lease and to its renewals, if any. In this event, Lessee will need to replenish said security deposit, in its
totality, upon first request from Lessor, subject to the application of the termination clause, at Lessor’s discretion.

 

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Such amount will be retained
by Lessor for the entire duration of the Lease and its renewals, and shall be reimbursed to Lessee upon termination of occupancy,
following Lessee’s move, return of the keys, and performance of any restoration of the Leased Premises, including the deduction
of any amount owed to Lessor for any reason.

 

Such amount shall be retained
by Lessor in lieu of damages, without prejudice of any other amounts, in the event of termination of this Lease because of non-performance
by Lessee of any of Lessee’s obligations.

 

This security deposit shall
not be interest-bearing for the benefit of Lessee.

 

In no event will Lessee have
the right to pay the last rent and charges by using the security deposit.

 

If the Leased Premises must
be sold, the amount of the security deposit retained by Lessor shall be transferred to the new lessor upon simple notification
sent to Lessee. Lessee shall expressly acknowledge the transfer, such that Lessee may not file any reimbursement claim for the
security deposit against Lessor, Lessee’s credit for restitution of the security deposit, if any, being then retained against
the new lessor.

 

		CG.8.	SUPPLEMENTARY RENT CHARGES

 

		CG. 8.1.	Charges

 

		CG. 8.1.1.	As an essential condition of the Lease, without which Lessor
would not sign the contract, it is expressly agreed that the rent is considered to be net of all charges, levies, and taxes assumed
by Lessor, for the Leased Premises, except (i) expenses pursuant to Article R145-35 of the Code of Commerce, which must necessarily
be assumed by Lessor, and (ii) compliance work that is not related to Lessee’s Specific Activity as defined below.

 

		CG. 8.1.2.	Lessor shall continue to assume the following charges:

 

		-	Expenses concerning major repair work as mentioned
in Article 606 of the Civil Code, as well as fees related to the performance of the work;

 

		-	Expenses concerning work performed in order to correct wear and tear, if such work is part of the
major repair work pursuant to Article 606 of the Civil Code;

 

		-	Expenses concerning work performed to ensure that the Leased Premises comply with the regulations,
if such work is not related to the Specific Activity or if it is part of the major repair work pursuant to Article 606 of the Civil
Code;

 

		-	Fees for the management of rental amounts concerning the Leased Premises.

 

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		-	unless

 

		-	The above-mentioned work results from problems caused by the action of Lessee, or Lessee’s
employees, service providers, suppliers, visitors, or customers. In that case, the cost of such work or replacement shall be assumed
by Lessee, notwithstanding the above.

 

		-	The above-mentioned compliance work is related to Lessee’s development work. In that case,
the cost of such work or replacement shall be assumed by Lessee, even if they are not related to Lessee’s Specific Activity.

 

CG. 8.1.3.

 

Consequently, Lessee shall
fully assume, as of the Effective Date, all charges including tax, all levies and taxes of any nature, related to the Leased Premises
(including those related to their exterior, approaches, and equipment), with the sole exception of the above-mentioned charges
and expenses for which Lessor is responsible.

 

The detailed inventory of the
various categories of charges, levies, taxes, and fees thus assumed by Lessee is attached to this document (Appendix 19).

 

As the case may be, expenses
pursuant to this Appendix shall be assumed directly by Lessee, as part of Lessee’s operation of the Leased Premises and Lessee’s
obligation of maintenance, as also recalled in the Lease, or indirectly by advance payment or reimbursement to Lessor when the
latter continues as manager, pursuant to the general charges related to the Leased Premises.

 

It is specified herein that
the listings shown in said Appendix are provided in detail solely in order to illustrate the categories of charges to be assumed
by Lessee; they may not be deemed to provide a comprehensive and unalterable list of installations within the building or services
related to them, nor, on the other hand, do they constitute for Lessor any obligation to install said equipment, nor ensure that
the building shall be provided with said services if these are not planned.

 

The inventory of charges presented
in said Appendix is subject to modification as a function of changes in the regulations or requests submitted by Lessee.

 

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		CG.9.	VAT

 

Because Lessor, pursuant to
Article 260-2b° of the General Code of Taxation, selected the payment of the VAT, the rent and supplementary rental charges
shall be increased by the VAT at the existing rate at the time of invoicing.

 

If Lessee is not subject to
the VAT, Lessee expressly agrees to this option and consequently accepts that the VAT will be invoiced in addition to the rent
and its supplementary charges.

 

If there is a change of regulations,
resulting in the termination of the election to choose to apply the VAT to the Lease, which is imposed on Lessor, the Parties shall
jointly agree that the rent shall allow for the payment of the leasing fee, or any other fee or levy that replaces it or is substituted
to it, which shall be assumed by Lessee, similarly to the additional tax on leasing fee that Lessee pledges to reimburse to Lessor,
if the leased premises are subject to it.

 

Lessee shall inform Lessor
of the following:

 

		-	Lessee’s intra-community VAT number,

 

		-	Lessee’s linked tax center.

 

		CG.10.	PAYMENT METHODS FOR THE RENT AND ITS SUPPLEMENTAL CHARGES

 

Lessee is obligated to pay
to Lessor the rent and its supplemental charges in four equal payments, and in advance, on the first of January, April, July, and
October of each year, and for the first time upon the Effective Date of the Lease, at the prorata temporis of the current
calendar quarter.

 

Payments shall be made to Lessor
or to a representative designated by Lessor, by bank transfer to the account designated by Lessor.

 

Rent invoices shall be sent
to Lessee at the address of Lessee’s headquarters at least thirty (30) calendar days before each due date.

 

In case of non-payment upon
the due date of the rent owed by Lessee, or of any other amount owed pursuant to the Lease, which has not been paid within the
required deadline, all amounts due shall produce by right, and after sending to Lessee a formal claim by registered letter, with
return receipt requested, which remains unsuccessful for a period of five (5) business days following its receipt, interests at
the effective legal rate in France on the date of payability of the amount(s) due, increased by 300 basis points, without the rate
becoming negative (hereinafter, the “Late Interests”), all such amounts being invoiced with VAT, with said increase
not subjected to a settlement period, starting on the due date and lasting until their payment.

 

In the event that the non-payment
exceeds twenty (20) calendar days, starting on the scheduled due date, a formal claim shall be sent by Lessor to Lessee by registered
letter with return receipt requested, according to which all amounts currently payable will be increased globally, by right, by
a penalty of 10%, increased by the VAT, in addition to the Late Interests, without prejudice of the application of the termination
clause provided in Article CG.13 below. Any month that has started shall be considered a full month.

 

Late payments following three
due date notification, whether or not consecutive, shall constitute a serious and legitimate reason for non-renewal of the Lease.

 

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		CG.11.	CHARGES AND GENERAL CONDITIONS

 

The Lease is further agreed
upon pursuant to the following limiting conditions:

 

		CG. 11.1.	Furnishing

 

Once Lessee’s development
work, if any, is completed, Lessee shall maintain the Lease Premises continuously furnished during the entire duration of the Lease,
with furniture, equipment and/or goods, in sufficient quantity and value to cover the rent payments and the performance of this
Lease.

 

		CG. 11.2.	Lessee’s Work

 

CG. 11.2.1.Lessee
accepts with full knowledge the Leased Premises in the conditions that they will have upon the Effective Date of the Lease, to
the extent that Lessee has occupied them from the start. The minutes of the taking of possession shall be established between the
Parties on the date of availability of Section 6, which shall evidence the conditions of the premises upon entry, pursuant to Article CP.
8, concerning Section 6.

 

CG. 11.2.2.In
the Leased Premises, Lessee may not perform any construction work or work related to the structure of the slab, the stability and/or
the structural shell and/or the safety and/or the equipment and/or the operation of the Leased Premises and/or the building, or
any work that might change the intended usage of the Leased Premises, or any change in distribution that would affect the fire
walls or doors or technical installations without Lessor’s express written agreement, except for compliance work that would
be required by the regulations or by an injunction issued by the authorities.

 

Lessee shall
send to Lessor, prior to any implementation of work subject to Lessor’s initial authorization, by registered letter with
return receipt requested or sent against receipt, a request for authorization together with a documentation including:

 

●
The detailed description of the anticipated work and equipment (written and layout documentation) prepared by a project manager,

 

●
An implementation schedule for the work, prepared by a project manager,

 

●
The documentation of the request for authorization, if needed (work statement, request for building and/or demolition permit, etc.),

 

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●
The list of companies that shall participate in the implementation of the subject work,

 

●
The proof of construction insurance coverage as the developer of the work (damage insurance of the project, with coverage extension
including a warranty for the good working order of the materiel, consequential losses and damages to existing work, in appropriate
amounts; all-risk builder’s insurance concerning the totality of the work and including an extension of coverage for damages
to preexisting structures as well as civil liability of Lessor or Lessee for damages caused by third parties because of performance
of the work, in appropriate amounts, etc.) and liability insurance concerning the work to be performed, covering Lessee and the
parties assigned to the site (in particular, a civil ten-year liability coverage), with indication of the guarantee ceilings for
all coverages.

 

●
A written report issued by the known controlling office that will confirm that the work does not affect the stability of the Leased
Premises and/or the building and its structures, and that, as a consequence, it can be performed without drawback or risk. Lessee’s
controlling office will perform at a minimum the studies and the monitoring of the following services: stability of the existing
and new work, personnel safety, conformance of all electrical, air conditioning and other installations. The report shall also
specify the consequences of the planned work concerning the two-year and ten-year existing guarantees, if any, given in particular
the previous work performed by Lessee pursuant to the Lease. Lessee shall have no remedy against Lessor if these guarantees are
affected by the planned work.

 

Lessor shall
notify its response to Lessee and, as the case may be, the response of the architect of the Leased Premises, technically justified,
within one (1) month maximum from the date of the notification mentioned above. Failing a response within this period, Lessor shall
be deemed to have rejected Lessee’s work project.

 

In the event
that an authorization is granted, Lessor may require that the work be performed under the control of an architect and/or a controlling
office selected jointly by the Parties and/or any person skilled in the art.

 

The fees
of the required architect and/or controlling office and/or person skilled in the art shall be assumed by Lessee.

 

In the event
it is granted, Lessor’s authorization may in no event engage Lessor’s responsibility concerning work performed by Lessee
in Leased Premises.

 

CG. 11.2.3.Before
the start of Lessee’s work (and after Lessor’s prior authorization, as the case may be), Lessee shall assume personal
responsibility for filing, at Lessee’s expense, in Lessee’s own behalf, and for obtaining all administrative authorizations
that may be required for the performance of the work (and the usual formalities that allow to ensure before the start of the work
that they are free of any appeal), all certifications, studies, and authorizations of any kind that may be necessary for the performance
of the work (agencies, architects, surroundings, etc.) as well as for paying all taxes and contributions related to said authorizations.

 

Lessor may
not incur any liability in the event of refusal of delay in obtaining these authorizations, as well as in the payment of the above-mentioned
taxes and contributions..

 

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CG. 11.2.4.In
case of work subjected to prior authorization, and after the performance of the work, Lessee shall forward to the architect of
the Leased Premises any documents enabling to verify the conformance of the work performed to the project initially submitted to
Lessor.

 

In all cases,
and even for work that does not require Lessor’s prior authorization, Lessee shall keep Lessor informed of the progress of
the work and shall submit to Lessor, as soon as possible after completion of said work, updated layouts for the Leased Premises.

 

CG. 11.2.5.Subject
to the conditions provided in this Article CG. 11.2, Lessee shall be authorized to file all administrative proceedings (including
all requests for building and/or demolition permits) and all preventative summary proceedings as of the date at which Lessee will
have obtained Lessor’s agreement for the performance of the work in the Leased Premises. Lessor shall then sign any documents
required to this end.

 

CG. 11.2.6.Lessee
must have the work performed by duly qualified, bonded, and experienced companies.

 

CG. 11.2.7.In
no event will Lessee use for said work polluting or toxic materials, or materials that might damage the environment.

 

CG. 11.2.8.Lessee
is forbidden to perform any installation that may hinder access to fan coil units, air conditioning installations, manholes, drainage
traps, shut-off valves and meters, piping, or any other installation that might be present in the Leased Premises.

 

CG. 11.2.9.In
the event that it is required by the nature and the importance of the work, Lessee pledges to purchase before the start of the
work the following insurance policies:

 

		a)	A “structural damage” policy that guarantees
prior financing of repairs for damages that affect the liability of the builders, pursuant to Articles 1792 et seq. of the Civil
Code, and in accordance with Article L.242-1 of the Code of Insurance;

 

		b)	A “non-implementer builder” policy as
required pursuant to Article L.242-2 of the Code of Insurance;

 

		c)	A “civil liability” policy that guarantees
the consequences of the civil liability being assumed as developer, resulting from damages caused to third parties because of
such work;

 

		d)	An “all-risk builder’s” policy that
guarantees material damages to the work being implemented. The latter shall be purchased jointly for all parties assigned to the
site and include an appeal waiver provision against them. Similarly, it must include a rider concerning “damages to existing
work” to guarantee without determination of liability all damages caused to the Leased Premises during the performance of
the work.

 

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		e)	Pursuant to these policies, Lessee is solely responsible
for paying the corresponding premiums and for paying any deductibles, as well as for assuming any consequences resulting from
the clauses of non-guarantees or of exclusion.

 

To the extent that Lessee’s
work would result in payment by Lessor of additional insurance premiums, these would be re-invoiced to Lessee.

 

CG. 11.2.10.For
the performance of the work, Lessee must comply with industrial standards and legal and regulatory provisions, assume personal
responsibility for filing any declaration and/or for obtaining any required administrative authorization for implementing the work,
and pay all taxes related to such authorizations (in particular, the local equipment tax, if any), such that Lessor is never subjected
to investigation or questioning.

 

CG. 11.2.11.All
fittings, installations, improvements, or beautifications performed by Lessee, which are related to the building, shall become
Lessor’s property upon termination of occupancy for any reason (including judicial termination), without compensation for
Lessee. Lessor shall also have the option to require from Lessee the complete or partial return of the Leased Premises to their
original condition, without any compensation owed to Lessee.

 

CG. 11.2.12.Notwithstanding
the above, Lessee may retake possession of the computer and security equipment items (cameras, etc.) if Lessee performs the reconditioning
work that would be required in this case.

 

		CG. 11.3.	Maintenance - Repairs

 

CG. 11.3.1.Throughout
the duration of the Lease and its renewals, Lessee shall maintain the Leased Premises, as well as the fittings, installations,
improvements, and beautifications performed by Lessee, and which are related to the building, in a satisfactory state of maintenance
and repair, except for work mentioned in Article CG. 8.1.2 for which Lessor remains responsible. With the specification made
herein that the slab is part of the structure and consequently subject to the provisions of Article CG 8.1.2, Lessee shall nevertheless
ensure the maintenance and repair of the screed that makes up the finish of the slab and constitutes the support of the cladding.

 

CG. 11.3.2.In
particular, Lessee shall ensure the maintenance, repair, and/or replacement, if needed, of all items related to the installations
intended for Lessee’s personal use, as well as, in particular, the equipment, fastenings and locks of windows, doors and
shutters, glass and panes. In particular, Lessee shall maintain the floors and floor coverings of the logistics units in a satisfactory
state, and correct any defect. More generally, Lessee shall assume responsibility for the repair of deteriorations concerning the
Leased Premises, whether they are caused by Lessee or by a third party, which may or may not be identified. Any replacement must
be performed using an identical item, except with previous express and written agreement of Lessor.

 

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CG. 11.3.3.Throughout
the duration of the Lease, Lessee shall assume personal responsibility for performing, at Lessee’s expense, the work required
to maintain the Leased Premises in compliance with all existing regulations and related to Lessee’s activities in the Leased
Premises, with the sole exception of work pursuant to Article CG. 8.1.2 for which Lessor is responsible.

 

CG. 11.3.4.Lessee
pledges to comply with any regulatory change applicable to Lessee’s activities, and to strictly respect and implement at
Lessee’s sole expense all compliance requirements or others that would be imposed by any agency authority concerning the
regulations governing the classified installations (DREAL, etc.) which are directly and exclusively related to Lessee’s activities
in the Leased Premises as of the Effective Date of the Lease and until the expiration of the Lease and of its successive renewals,
regardless of the manner in which such requirements are imposed, and to perform at Lessee’s expense all required work, with
the sole exception of the work pursuant to Article CG. 8.1.2 for which Lessor is responsible.

 

CG. 11.3.5.Lessee
shall conclude maintenance contracts required for fulfilling Lessee’s obligations and shall maintain them current throughout
the duration of the Lease. In the event that Lessor concludes such a maintenance contract, Lessor will provide such information
to Lessee. In this event, Lessee shall reimburse to Lessor all expenses resulting from maintenance contracts concluded by Lessor.

 

Lessee shall
conclude with licensed entities verification contracts for the equipment, electrical installations, fire extinguishers, fire hydrants,
and heating devices, and shall comply with the recommendations of such entities. Lessee shall ensure the performance of all regular
safety checks concerning all installations, and shall provide to Lessor, upon Lessor’s first request, proof that all contracts
required or useful for the technical management of the building have been concluded with qualified companies, that the conditions
of warranty of the various builders or installers are being followed, and that such checks are being performed. In the event of
a verified deficiency, and following a formal claim forwarded to Lessee by registered letter with return receipt requested, which
has remained unanswered for more than fifteen (15) calendar days, Lessor may designate a licensed inspection body and undertake
such checks, at Lessee’s expense.

 

In addition,
Lessee shall subscribe to Prévention et Conseil Incendie AP [Fire Prevention and Advice AP] with an organization
licensed by APSAD (Plenary Assembly of Damage Insurance Companies) and pledges to follow the steps recommended by such organization
for compliance with fire safety standards concerning the installations provided by Lessor. Similarly, Lessee pledges to follow
(i) APSAD rules governing the conditions of storage and operation of premises equipped with sprinklers, and (ii) APSAD rules governing
fire hydrant or portable extinguisher installations.

 

Further,
in the event that Lessee desires conditions of storage or storage of specific items that are different from those accepted by APSAD
rules concerning sprinklers, and if, because of this, it becomes necessary to modify or extend the sprinkler installation to take
it into account, Lessee pledges to reimburse to Lessor all costs borne by Lessor for the modification or the extension of the system.

 

    - 26 -

     

    

 

Lessee shall submit every year
to Lessor the list of maintenance contracts that have been concluded, the reports of the regular actions from the providers in
charge of such maintenance, as well as the reports of the appropriate safety committee.

 

In addition,
Lessee shall assume responsibility, at Lessee’s expense, upon Lessee’s departure, to terminate all contracts concluded
pursuant to this Article.

 

CG. 11.3.6.GEMFI
Company, the initial Lessor, has provided to Lessee during the Initial Lease a copy of the DIUO drafted upon completion of the
Initial Leased Premises, as acknowledged by Lessee. Lessor pledges to provide to Lessee a copy of the DIUO drafted upon completion
of Section 6.

 

Lessee
shall strictly comply with all of these requirements.

 

CG. 11.3.7.Lessee
shall maintain all sectional doors and shall assume the costs of all damages to which this equipment is subjected.

 

CG. 11.3.8.Lessee
agrees that, failing Lessee’s performance of all maintenance, repair, and replacement work for which Lessee is responsible,
pursuant to what has been agreed in this Article CG. 11.3, thirty (30) calendar days after having sent a registered letter with
return receipt requested that has remained unanswered, Lessor will have said work performed in Lessee’s place, with Lessee
pledging to reimburse the effective costs of said work, including all related fees and expenses, within fifteen (15) calendar days
from the date of the statement sent to Lessee by Lessor, without prejudice of any renovation costs and claims for damages due to
the failure to comply with the requirement of this Article, and without prejudice of the application of the termination clause
stipulated in Article CG.13. In case of emergency or danger, it is agreed that the above-mentioned period of thirty (30) calendar
days shall be waived for Lessor, and that Lessor will provide reasonable advance notice given the recognized emergency or danger.

 

CG. 11.3.9.In
no event may Lessee do anything or cause to do anything that might deteriorate the Leased Premises. Lessee must notify Lessor immediately
of any damage to the property as well as any degradation or deterioration that occurs in the Leased Premises, and of which Lessee
is aware.

 

CG. 11.3.10.Lessee
must also inform Lessor of all work performed in the Leased Premises, for which it is responsible and of which it is aware, and
in particular all work indicated as such in the reports drafted upon Lessee’s request pursuant to Lessee’s maintenance
and regulatory compliance requirements. In all cases when it becomes mandatory to enter the Leased Premises because of damage that
seems to originate in the Leased Premises, Lessor or the Manager or the technical representative for the Leased Premises are hereby
authorized to enter the Leased Premises, with the sole obligation to notify Lessee as soon as possible.

 

CG. 11.3.11.Any
costs for work or repair related to the application of the above-mentioned guarantees or insurances and actually reimbursed, may
not be re-invoiced to Lessee.

 

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CG. 11.3.12.Lessee
shall take all precautions in order to avoid the freezing of any devices, ducts, and pipes.

 

CG. 11.3.13.Lessee
shall assume responsibility for all repair work related to the Leased Premises that Lessor was compelled to have performed by necessity,
either because of non-performance of said repair work for which Lessee is responsible pursuant to this Article CG. 11.3, or
because of the deteriorations resulting from Lessee’s actions, or the actions of Lessee’s personnel or visitors.

 

		CG. 11.4.	Lessor’s Work

 

CG. 11.4.1.Lessee
shall support, without seeking any compensation or rent reduction, all repair and work that Lessor is compelled to have performed
in the Leased Premises, regardless of the nature or the duration of the work, even if such duration would exceed twenty-one days,
notwithstanding the provisions of Article 1724 of the Civil Code. Such work belongs to one of the categories listed below:

 

		(i)	Work performed in order to correct a situation that might
affect the safety of goods and personnel within the Rental Premises

 

		(ii)	Work for the purpose of restoring an operation hindered within the Leased Premises

 

		(iii)	All work of repair, improvement, rebuilding, lifting, alteration, expansion, and other not resulting
from Lessee’s request,

 

Nevertheless, in such a case,
Lessor pledges to perform Lessor’s best efforts in order to limit the work duration and its inconvenience to Lessee, and/or
to any occupant under Lessee’s authority, and to conduct discussions
with Lessee in order to determine the conditions of performance (in particular, the schedule) of the work. To this end, Lessor
will:

 

		-	Provide prior notice to Lessee of the schedule being
considered at least one (1) month before the start of the work, except
in an emergency,

 

		-	Create a work schedule following prior discussions with Lessee and the occupants under Lessee’s
authority,

 

		-	Ensure that Lessor’s work hinder as little as possible the activities of Lessee and/or of
the occupants under Lessee’s authority (definition of specific work zones),

 

Lessee shall remove at Lessee’s
expense and without delay all casings, signs, setups, and ornaments, as well as all installations that Lessee’s may have
performed and the removal of which will be useful for the detection and repair of any leaks, cracks in ducts and conduits, in particular
following a fire or a leakage, for any restoration and, generally, for the performance of the work.

 

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However, for any emergency
work that would affect the safety of goods and personnel within the Leased Premises, Lessor pledges to:

 

		-	(i) Appoint an expert within 48 hours from the time when Lessor becomes aware of the damages

 

		-	(ii) Expedite repairs as quickly as possible

 

		-	Failing any reaction from Lessor within 48 hours, and following a request that has remained unanswered
for 24 hours after the forwarding of repair estimates, Lessee is authorized to perform directly the repairs, subject to the following
cumulative conditions, within the limit of the amount of € 10,000 excluding tax:

 

		-	Estimates must necessarily be issued by companies that have performed the initial work or the existing
installations, in order to ensure the application of any warranties.

 

		-	Before any work, a bailiff’s report must be established, as a precautionary measure, in order
to determine the condition of the subject structures before starting said work.

 

CG. 11.4.2.Pursuant
to Article L. 145-40-2 of the Code of Commerce, Lessor has provided in Appendix 18, and shall provide to Lessee every
three (3) years, an estimate of the work that Lessor is considering, together with the corresponding budget, while recalling all
work performed during the last three (3) fiscal years as well as their costs.

 

It is specified that the estimates
provided in this Article will be communicated to Lessee solely for Lessee’s information. Consequently, Lessee may not use
them for other purposes, and in particular in order to require that Lessor perform the work mentioned in such estimates.

 

Lessor will remain free to
perform or not to perform said work, to postpone their performance or to cancel it. Lessor may also modify them or perform them
according to financial conditions that are different from those mentioned in the budget estimate, while providing such information
to Lessee.

 

Lessor must perform any additional
work required due to an emergency or the good operational state of the building.

 

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		CG. 11.5.	Various subscriptions

 

Lessee shall:

 

		-	Contract at Lessee’s expense and in Lessee’s
name all subscriptions required by providers of energy and telecommunication, and more generally for any fluids necessary for
performing Lessee’s activity,

 

		-	Pay directly to the appropriate service providers
the amounts of corresponding subscriptions, taxes, and consumption, as well as connections, if any, and all termination expenses.

 

		-	If, contrary to all probability, Lessor was compelled
to pay for certain expenses on behalf of Lessee, the latter pledges to reimburse Lessor upon first request.

 

		CG. 11.6.	Floors - Elevators - Walls

 

Subject to repair and damages
at Lessee’s expense, Lessee may not subject walls and floors to a load higher than their resistance. In case of doubt, Lessee
must verify the authorized load with the architect of the Leased Premises. Similarly, Lessee shall be careful not to overcharge
elevators (including freight elevators), if present, and not to damage the cabs.

 

		CG. 11.7.	Panels and signs

 

Lessee may place any panels
and illuminated signs, or other, including, without limitation, any awning and/or banner, protruding or not, subject to obtaining
any required authorization, to complying with easements applicable to Leased Premises, at Lessee’s own risks, and to guaranteeing
Lessor against any claims due to the installation or presence of said panels or signs. In addition, Lessee must ensure that fixations
are compatible with loads and constraints that may result from weather conditions, and that the system recommended by the architect
of the Leased Premises is validated.

 

Lessee shall proceed with the
removal of any panels and signs upon termination of occupancy, and with the restoration work that might be required, at Lessee’s
exclusive expense.

 

		CG. 11.8.	Use of devices and other equipment

 

Lessee must
not use slow combustion devices or devices generating toxic gases, except equipment to be used for pallet wrapping, and more generally
any dangerous device. Lessor cannot be held responsible for the material and bodily damages that may result.

 

Lessee may
not use devices that may be heard outside of the Leased Premises, or that may disturb the vicinity.

 

Lessee shall
assume personal responsibility, without filing claims against Lessor, if a radio, television set or other is used, for the elimination
of noises or interferences that disturb Lessee’s own reception.

 

Lessee shall
assume personal responsibility, at Lessee’s own risk and expense, for any claim from a neighbor or a third party, in particular
for noises, sparks, heat, interferences, vibrations.

 

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		CG. 11.9.	Storage

 

Lessee shall
not store or accumulate within the Leased Premises any gas or combustible or toxic material, and more generally any hazardous material
other than the products subject to the Authorization to Operate, and in the conditions required by the latter and by the regulations
applicable to the installations classified for environmental protection, as indicated below in Article CG. 11.14.

 

		CG. 11.10.	Visit of premises – Move out

 

CG. 11.10.1.Subject
to a prior notice of at least forty-eight (48) hours in writing, except in an emergency, Lessee must permit at all times access
to the Leased Premises to Lessor, Lessor’s representatives and contractors, in order to visit and verify the condition of
the Leased Premises: also in order to perform repairs and maintenance at Lessee’s expense and risk if the latter did not
comply with its obligations pursuant to Article CG. 11.3 above, in accordance with the provisions of Article CG. 11.3.8 above.
Lessor, Lessor’s representatives and contractors must strictly comply with the safety guidelines issued by Lessee.

 

CG. 11.10.2.Subject
to the provisions of Article CG. 11.10.1 above, as soon as the authorization is given, and at least during the last six (6) months
of occupancy of the Lease or its renewals, and also in case of sale offering of the Leased Premises (entirely or partially), Lessee
must permit their visits by the representative(s) of Lessor on any business day between 10:00 AM and 5:00 PM, and at any other
time with the authorization of Lessee. Lessor shall have the right to place a panel indicating the rental or sale offering of all
or part of the building.

 

CG. 11.10.3.Lessee
must send notice of Lessee’s move at least one (1) month in advance in order to enable Lessor to files the legal declarations
with the tax authorities.

 

		CG. 11.11.	Various requirements

 

If such regulations exist,
Lessee pledges to comply with the requirements of any regulations related to the joint ownership and/or the internal regulations
of the Leased Premises.

 

CG.
11.12.Responsibility and remedy

 

Lessee expressly
waives any right of remedy and of proceedings against Lessor, except in the event of Lessor’s misconduct or shortcoming:

 

		i.	Because of the damages and/or the complete or partial
destruction of Lessee’s furniture, equipment, and more generally any goods belonging to Lessee or held by it for any reason,
and because of the prevention of occupancy and any other operating loss;

 

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		ii.	In the event of theft, attempted theft, any wrongful
act, or any assault for which Lessee may be a victim in the Leased Premises, as Lessee must assume personal responsibility to
ensure as Lessee deems appropriate the safeguarding and monitoring of the Leased Premises and its goods, as any services that
may be provided within the Leased Premises cannot be substituted;

 

		iii.	For any act based on Article 1719-3°
of the Civil Code, concerning the perturbations of occupancy that may be caused by third parties by means of assault or
other means; with the agreement that Lessor pledges, on this subject,
to offer Lessor’s active support to Lessee in order to file any proceedings against third parties for the purpose of limiting
as much as possible the hindrance suffered by Lessee;

 

		iv.	In the event of expropriation in the public interest,
the rights of Lessee being completely reserved against the expropriating party.

 

This list is not exhaustive.

 

		CG. 11.13.	Hygiene and Safety

 

Lessee pledges to comply and
ensure compliance by Lessee’s employees, providers, Operator, and suppliers, with all regulations and guidelines related
to prevention, hygiene, and safety of the Leased Premises, including those that may result from any written instructions issued
by the Manager of the Leased Premises, and/or Lessor, and/or any agencies.

 

In the event that Lessor requests
the intervention of an outside company in the Leased Premises and, except for emergencies, Lessor shall inform Lessee, at least
forty-eight (48) hours before any intervention, of the contact information of the intervening company/companies, so that Lessee
may determine, in discussions with the companies and Lessor, what would be the prevention measures and. as the case may be, the
prevention plan.

 

		CG. 11.14.	Installations classified for Environmental Protection
(ICPEs)

 

It is recalled that the Operator
is, as of the date of signature of this document, the holder of the Authorization to Operate and that, pursuant to the requirements
of Article CG. 11.17, it occupies the Leased Premises, as the sole logistical provider of Lessee, upon request by the latter.

 

Lessee, having been fully informed
of the Authorization to Operate, states that all authorizations required by the existing laws and regulations on the Effective
Date of the Lease, and in particular the ICPE regulations, concerning the performance of its activities and the usage of the Leased
Premises, have been obtained.

 

Lessee declares that Lessee
has the full knowledge of all provisions and requirements of the Authorization to Operate, as well as the environmental regulations
applicable to Lessee’s activities, and is fully competent to determine their scope. To this end, Lessee waives automatically
any remedy against Lessor.

 

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CG. 11.14.1.The
benefit of the Authorization to Operate thus granted to the Operator does not imply from Lessor, at the Effective Date of the Lease
or during the Lease, any guarantee for obtaining future administrative authorizations that are required for the performance of
said activities.

 

Consequently, Lessor may not
be held responsible in case of refusal or delay in obtaining said authorizations.

 

CG. 11.14.2.Lessee
pledges not to perform, and warrants that the Operator will not perform, any new activities subjected to authorization, declaration
or registration, without first obtaining such authorization. Lessee shall provide to Lessor a photocopy of all documents showing
the requests and the administrative authorizations obtained for performing its activity, and to request Lessor’s prior written
agreement concerning the additional authorizations being sought. Lessee shall hold Lessor harmless against any penalties, any direct
or indirect damages because of non-compliance with any Article of the Lease, without prejudice to Lessor for requiring the termination
of the Lease as well as claim damages.

 

In addition, it is expressly
agreed that, in the event of misconduct or negligence of Lessee or the Operator, if because of non-compliance to special regulations
concerning Lessee’s Specific Activity or use of Leased Premises, the provisional or final closing of the Rental Premises
or the suspension of the Authorization to Operate is ordered by the administration, such closing or suspension would not result
in the termination of the Lease, nor in the reduction or elimination of the financial charges which Lessee is assuming pursuant
to the Lease, without prejudice of Lessor’s right to terminate the leasing contract because of non-operation of the Leased
Premises. Consequently, Lessee would remain responsible, throughout the duration of such closing, if any, for paying the rent,
the charges and the supplementary charges provided in the Lease, as well as for complying with all conditions of the Lease.

 

CG. 11.14.3.Lessee
is required to pay (or to reimburse) all amounts, fees, taxes, and other charges that would be claimed in exchange for maintaining
the Authorization to Operate, and in particular in application of the tax and environmental regulations for using premises as warehouses,
for all fees that are payable or that result from applicable requirements concerning hygiene, safety, and sanitation.

 

CG. 11.14.4.Lessee
expressly pledges to comply with, and to have the Operator comply with, all of the prefectoral or regulatory requirements applicable
to these ICPE, and in particular those of any prefectoral authorization to operate which Lessee holds and will hold, as well as
all requirements of any future supplementary decrees.

 

Without prejudice of Lessee’s
obligation to comply with the end use of the Leased Premises as stated in Article CP. 7, Lessee pledges to provide prior notice
to Lessor (i) of any anticipation of an important change in the operation of the Leased Premises, and (ii) of any declaration and/or
request for authorization that Lessee would wish to make, during the Lease, in application of the ICPE regulations.

 

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In the absence of an express
authorization by Lessor, Lessee and the Operator shall be required to operate the Leased Premises in accordance with the sections
mentioned in the Authorization to Operate, and in particular with the authorized storage volume limits. Lessee shall be held responsible
by Lessor for the expiration of the authorization granted for any section (except sections 2663-1 and 2663-2 concerning tires)
that would be attributable to Lessee because of the non-operation of the Leased Premises or a portion thereof for such activities.
To this end, Lessee and the Operator pledge to obtain again the authorizations required for the ICPE sections which would have
thus become invalid, to ensure that the totality of the activities authorized pursuant to the Authorization to Operate and its
supplementary or amended decrees, if any, be again authorized. it must be specified that the obsolescence of an ICPE section may
in no event result in the loss of the entire Authorization to Operate, nor be related to section 1510.

 

CG. 11.14.5.Lessee
shall assume responsibility for the administrative authorizations to be obtained so that Lessor will never be subject to investigation
for them.

 

Lessee shall
inform Lessor of the steps that Lessee or the Operator plan to follow along those lines, and will provide to Lessor along those
lines the information brief and/or the receipt of declaration and/or the registration decree and/or the authorization decree so
that Lessor may verify that said steps do not contravene the Authorization to Operate. If these steps proved to cause a serious
alteration of the operational conditions authorized pursuant to the Authorization to Operate, one of the two following events will
have to be determined:

 

-(i) In the
case of an optimization of the Authorization to Operate, Lessee shall be responsible for simply informing Lessor on the basis of
the above-mentioned elements;

 

- (ii) In
the case of a deterioration of the Authorization to Operate, Lessor may refuse, with justification given, the implementation of
said steps by Lessee.

 

If the administrative authorizations
are not obtained, Lessee shall have no remedy against Lessor, and may not suspend or interrupt payment of the rent or of its supplementary
charges, or any of its contractual obligations.

 

Failing the submittal of the
filing receipt for the information brief, and/or the receipt of declaration, and/or the registration decree, and/or the authorization
decree, to Lessor upon expiration of a period of thirty (30) calendar days, except for the month of August, from the date of receipt
by Lessee of the above-mentioned documents, a late penalty of five hundred euros (€ 500), excluding tax, per calendar day
shall be payable by Lessee to Lessor.

 

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CG. 11.14.6.Lessee
must ensure compliance of ICPE with all existing and future regulations, at Lessee’s exclusive expense, so that Lessor may
never be subjected to an investigation concerning this (recalling, however, that Lessor will remain responsible for the performance
of the work pursuant to Article CG. 8.1.2 and that because of this Lessee will ensure that Lessor is kept fully informed of
the requirements and/or requests from the administration).

 

Lessee pledges
to ensure the operation and maintenance of the ICPE so that the installation will not cause any disturbances to third parties.
Lessee shall hold Lessor harmless of any related remedies claimed by third parties. Concerning the laws, regulations, ordinances,
decrees or guidelines that enable a postponement of their application, Lessee pledges to comply with them within the required time
period and, in any case, at the latest on the date when the occupancy of the Leased Premises is ended.

 

CG. 11.14.7.Lessee
pledges that the Operator will declare without delay to the Inspection of ICPEs, and to inform Lessor as soon as it becomes aware,
of any accident or incident occurring because of the operation of any classified installation, that may affect the interests mentioned
in Article L.511-1 of the Code of the Environment, and more generally to forward to Lessor all of the correspondence that Lessee
would obtain from the Operator, and that the latter will have exchanged with the competent administrative authorities during the
entire duration of the Lease.

 

Similarly,
in the case of a transfer of the Authorization to Operate to one of the Parties, the transferee Party will be required to declare
without delay to the Inspection of ICPEs, and to inform the other Party as soon as it becomes aware, of any accident or incident
occurring because of the operation of any classified installation, that may affect the interests mentioned in Article L.511-1 of
the Code of the Environment, and more generally to forward to the other Party all of the correspondence that has been exchanged
with the competent administrative authorities during the entire duration of the Lease.

 

CG. 11.14.8.It
is expressly agreed by the Parties that, upon termination of the occupancy of the Leased Premises, the Parties shall be required
to collaborate concerning the procedure of a change of operator for the benefit of Lessor and/or a future lessee of the Leased
Premises, so that, in any case, the benefit of the authorization to operate will never be reconsidered.

 

Consequently, no notification
of cessation of activities or any other decision concerning the operated ICPEs in the Leased Premises, as provided in the Code
of the Environment, may take effect without the written express prior agreement of Lessor.

 

As the case may be, and subject
to obtaining the above-mentioned prior written agreement from Lessor, Lessee pledges that the Operator will take all steps related
to the cessation of activity of the ICPE with the administration, and will show such proof to Lessor. In the event that Lessor
accepts the cessation of activity of said ICPE, Lessee must proceed with the removal of the ICPEs as well as any related restoration
and decontamination work, all of which being in compliance with the documentation of cessation of activity approved by the administration.

 

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		CG. 11.15.	Ground contamination

 

The soils report is attached
hereinafter in Appendix 12.

 

Lessee shall take, and shall
ensure that the Operator takes, all necessary actions and shall comply with all actions required by law or by the existing regulations,
in order to preserve the Leased Premises at all times against any kind of contamination.

 

If in any way, because of the
actions or the failure to act of Lessee, Lessee’s employees, representatives or co-contractors, a contamination appears,
Lessee shall be held responsible for it. In this case, Lessee shall perform all required work in order to eliminate the source
of the contamination and all its consequences, on or in Lessor’s property, as well as on or in neighboring properties, and
shall hold Lessor harmless.

 

To this end, Lessee pledges
to inform Lessor as soon as a contamination that is attributable to Lessee is discovered, and to designate at Lessee’s
expense a reputable expert, with Lessor’s prior approval, whose task shall be to study the nature and the extent of the contamination
and the means to be implemented in order to eliminate its source and all its consequences.

 

A copy of the report shall
be forwarded without delay by Lessee to Lessor. In addition, in the event that Lessor incurred charges of studies and verifications
related to the planning of the corrective work to be performed, or to the verification of the work performed by Lessee, the latter
pledges to reimburse Lessor for the full amount of such charges.

 

In any event, upon termination
of occupancy of the Leased Premises, a contamination report shall be drafted by Lessee, at Lessee’s expense, in order to
confirm the absence of contamination, by comparing it with the soils report of Appendix 12 and as indicated below in Article CG.
11.20. In the event that contamination related to Lessee’s activity is identified in said report, Lessee pledges to restore
the site as indicated above.

 

If, after the discovery of
contamination, negotiations must be initiated with the competent authorities or with third parties, Lessee shall be responsible
for conducting such negotiations. However, Lessee must ensure that Lessor is fully and completely informed of the conduct of the
negotiations and, upon Lessor’s request, that Lessor is associated with such negotiations.

 

The work intended to eliminate
the sources of contamination attributable to Lessee, and to eliminate its consequences, shall be performed by Lessee, at Lessee’s
sole expense and under the control of the above-mentioned expert. Lessee and the expert must inform Lessor regularly about the
progress of the work.

 

At the end of Lessee’s
work, the expert shall be tasked to verify that the sources of contamination have been eliminated and that all its consequences
have been eliminated, to recommend additional work, and to monitor the implementation, as the case may be.

 

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		CG. 11.16.	Destruction of the Leased Premises

 

In the event of total destruction of the
Leased Premises by fortuitous occurrence, and in the absence of a better agreement of the Parties, the Lease shall be by right
terminated, without formalities and without compensation payable by Lessor to Lessee for any reason.

 

If the areas thus destroyed represent more
than forty percent (40%) of the total area of the Leased Premises, or if such destruction makes unusable more than forty percent
(40%) of the total area of the Premises, each Party may terminate the Lease, which will then be terminated by right, without any
compensation paid to any Parties.

 

If the areas thus destroyed represent less
than forty percent (40%) of the total area of the Leased Premises, or if such destruction makes unusable less than forty percent
(40%) of the total area of the Leased Premises, or if the rebuilding of the destroyed areas is possible within a maximum time period
of twenty-four (24) months from the date of the damage, solely by means of insurance payments, the Parties agree that the lease
will not terminate, and that it will continue to be fully effective, expressly notwithstanding Article 1722 of the Civil Code.

 

Lessor shall engage its best efforts in
order to achieve a rebuilding of the destroyed areas within a period of twenty-four (24) months from the date of the damage, with
the understanding that in any event the rebuilding period may not exceed thirty (30) months from the date of the damage.

 

Lessee shall benefit from a reduction of
the rent during the period of partial occupancy.

 

The computation of the rent reduction shall
be done as a function of the destroyed or unusable area of the Leased Premises, by joint agreement between the Parties or, failing
that, by an expert selected by the Parties.

 

If the Parties fail to designate such expert
as soon as possible, and at most twenty (20) days after the date of the damage, such designation will be made upon the request
of the first Party to act by the President of the High Court of the site of the Leased Premises, with the fees and expenses of
such ordinance borne equally by the Parties. The same will apply for the fees of the expert thus selected or designated.

 

In the event that, for reasons not controlled
by Lessor, the rebuilding of the destroyed areas of the Leased Premises is impossible within the above-mentioned period of twenty-four
(24) months, Lessee may request the termination of the Lease without compensation, with the Lessor being insured against its loss
of rent.

 

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		CG. 11.17.	Legal Warranties of Builders

 

Section
6 shall be covered by the legal warranties of the builders provided in Articles 1792 et seq. of the Civil Code, as a result of
the work being performed. Consequently, Lessee shall inform Lessor, as soon as Lessee becomes aware of them, of any disruptions
that Lessee would note in the premises, in the following conditions.

 

In order to enable Lessor to
exercise Lessor’s rights pursuant to Articles 1792 et seq. of the Civil Code, Lessee shall notify Lessor, as soon as possible,
by registered letter with return receipt requested or presented against receipt, of the following:

 

		-	For a duration of one (1) year less fifteen days from
the date of receipt of the work, all disruptions that would appear and of which Lessee would become aware (Article 1792-6 of the
Civil Code;

 

		-	For a duration of two (2) years after receipt of the
work, all disruptions of which Lessee becomes aware and affecting the equipment other than those mentioned above (Article 1792-3
of the Civil Code);

 

		-	For a duration of ten (10) years less 30 days from
the date of receipt of the work, all disruptions of which Lessee becomes aware, that adversely affect the integrity of the building,
or that affect one of the constituent parts or one of the pieces of equipment of said building and thus make it unfit for its
intended use (Article 1792 of the Civil Code);

 

		-	For a duration of ten (10) years less 30 days from
the date of receipt of the work, all disruptions of which Lessee becomes aware, that affect the integrity of the equipment of
a building which is an integrated part of the viability, structural foundation, framework, enclosure, or roofing (Article 1792
of the Civil Code);

 

Failing
this, Lessee shall be personally responsible for reimbursing Lessor for the mount of direct or indirect damage
suffered by Lessor because of the above-mentioned defects or disruptions, and in particular Lessee shall assume responsibility
before Lessor for the non-declaration on a timely basis of said defects or disruptions to the above-mentioned builders and co-contractors.

 

In addition, Lessor restates
that the Initial Leased Premises are warranted pursuant to the 10-year builder’s liability.

 

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Consequently, and more generally,
in the event of a defect, imperfection, damage, or loss appearing in the Initial Leased Premises or in Section 6, Lessee shall
immediately inform Lessor as soon as he becomes aware thereof. To the extent that, because of their nature, said defects, imperfections,
damages or losses could be covered pursuant to the above-mentioned warranties and/or insurance policies, Lessor pledges to act
with due diligence in order to bring into play the liability of the builders and/or the above-mentioned insurance policies, within
the required time frame, so that the defect, imperfection, damage, or loss may be covered and repaired, up to the limit of the
maximum amount of insurance coverage, as soon as possible.

 

Finally, Lessee pledges as
of now to allow free access of the Leased Premises to Lessor, the Developer, the architect and the contractors, as many times as
required in order to perform the work of completion, to lift the reservations, to perform any adjustment or control, to perform
the repair work in accordance with warranties applicable to Section 6 (including the warranty concerning obvious defects and compliance
defects, the ten-year warranty, etc.) or required in order to obtain the certification of non-dispute of compliance, on condition
that Lessee is notified at least forty-eight (48) hours in advance, and subject to Lessor, Developer, architect, expert contractors,
checkers, and workers taking all required steps in order to disturb as little as possible Lessee’s activity.

 

		CG. 11.18.	Insurance policies

 

CG. 11.18.1.Lessor’s
insurance policy

 

Lessor shall warrant the financial
consequences of the civil liability Lessor may incur as the owner of the Leased Premises.

 

Lessor shall also ensure fully
the Leased Premises for their full reconstruction value, and in particular against loses due to fire, explosion, storm, and water
damages.

 

The insurance shall extend
to associated guarantees, including in particular the loss of rent for a minimum period of two (2) years and expert fees.

 

Lessor reserves the right to
assume coverage for any other reasonable risks. All insurance policies shall be subjected to the terms and conditions, limitations
and exclusions of the policies established by Lessor.

 

Insurance premiums concerning
the above-mentioned multi-risk insurance and civil liability, and all additional premiums required because of Lessee or Lessee’s
activity, thus paid by Lessor shall be fully reimbursed by Lessee.

 

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CG. 11.18.2.Lessee’s
insurance policy

 

a)
Purchase of insurance policies

 

Lessee shall purchase the following
policies:

 

		·	Civil liability

 

Pursuant to the requirements
of the Lease, Lessee is required to purchase all required insurance policies and provide proof of purchase as requested, at any
time, by Lessor.

 

In particular, Lessee must
purchase from insurance companies that are known to be solvent the insurance policies that fully cover Lessee’s liability
due to the occupancy or the operation of the Leased Premises, which Lessee may incur by Lessee’s own actions or those of
Lessee’s employees, as well as those of any person acting on Lessee’s behalf.

 

Lessee shall also purchase
an insurance policy against the risks of accidental environment damage, including the costs of prevention.

 

Such guarantee shall include
a minima the following list of guaranteed events:

 

		-	Damage to the environment (including, without limitation,
discharge, dispersion, release, or deposit of any solid, liquid, or gas substances propagated by the atmosphere, the soils or
the waters; production of odors, noises, vibrations, variations of temperature, waves, radiations, rays that exceed the limits
of common requirements in the vicinity),

 

		-	Costs of decontamination of the soils (soils include
soil, subsoil, and by extension surface waters and ground waters) because of damage to the environment,

 

		-	And restoration of installations following damage
to the environment.

 

In addition, in the event that
Lessee is deemed to be personally responsible for damage to the environment by legal or administrative ruling with the authority
of precedent, Lessee accepts to assume the financial consequences of any insurance defect or shortfall for risks related to environmental
damage.

 

Deductibles indicated in these
contracts may not be charged to Lessor.

 

		·	Property damage insurance

 

Lessee pledges to purchase
an insurance policy for Lessee’s property (equipment, sales goods, etc.) as well as for all immovable fittings, equipment,
and installations owned or rented by Lessee against the following risks, among other things:

 

- Fire,
explosions,

- Smoke
damage,

- Lightning,

- Water
damage,

- Glass
breakage,

- Collisions
by land vehicles,

- Crashes
and/or collisions of aircraft, pieces of aircraft, or objects falling from them,

- Storms,
hurricanes, hail,

- Natural
disasters,

- Strikes,
riots, popular movements, acts of vandalism, acts of terrorism and sabotage ...

 

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In particular, purchase
coverage must include:

 

		-	Replacement value of the Leased Premises,

		-	Reimbursement of expert fees,

		-	Liability for warehousing, storage, preservation or
recovery expenses for movable assets located in the Leased Premises,

		-	Compensation for any remedies of neighbors and third
parties, and for Lessee’s liability coverage which, in the event of a loss originating in the Leased Premises and their
installations, shall remain complete with respect to Lessor, deemed to be a third party, and

		-	Compensation for all operational losses and additional
operational expenses during the period of interruption of the operation of the Leased Premises resulting from any guaranteed events.

 

Such policies shall be contracted
with insurance companies known to be solvent and in order to enable the identical replacement of assets belonging to Lessee (equipment,
sales goods, etc.) as well as all immovable fittings, equipment, and installations owned or rented by Lessee, or their renovation
and the reconstruction of the destroyed areas.

 

It is recalled that Lessor
does not assume any obligations of monitoring or custody of the movable or immovable assets that may be located on Lessor’s
property and, consequently, that Lessee shall assume personal responsibility for purchasing insurance policies that Lessee deems
to be required.

 

b)
Common provisions of insurance policies

 

		·	Retention of policies and payment of premiums

 

Lessee shall assume sole responsibility
for paying all corresponding insurance premiums and shall pay the full cost of deductions provided by the insurance policies Lessee
has purchases.

 

Lessee shall show proof of
such policies and of the payment of premiums upon request from Lessor.

 

In the event of a prior notice
of termination or suspension, for any reason, of the insurance policies, or in the event of a sudden decision of termination by
the insurers, Lessee must immediately inform Lessor thereof. Failing this, Lessee remains liable for all adverse consequences that
may affect Lessor, or more generally affect any third parties.

 

In any case, Lessor shall take
all useful measures, and in particular Lessor may pay the premiums and/or, in the event of an interruption of guarantees, Lessor
may purchase the insurance policies on behalf of Lessee, from whom Lessor may pursue recovery according to any approved legal manner.

 

Consequently, uninsured events,
deductions provided in the insurance contract, and forfeitures for non-compliance by Lessee’s of its obligations in case
of loss, shall remain assumed by Lessee.

 

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		·	Declaration of loss and rebuilding

 

Lessee shall immediately declare
to appropriate insurers any loss that would negatively affect the integrity, the enclosure, and the roofing of the building, or
that would affect one of the constituent parts or one of the pieces of equipment of said building and thus make it unfit for its
intended use. Lessee shall also provide such information to Lessor.

 

CG. 11.18.3.Waiver
of reciprocal rights of recourse

 

Lessor waives, and ensures
that Lessor’s insurers will waive, any right of recourse against Lessee and Lessee’s insurers in the event of a loss
covered by the above-mentioned guarantees, except in the event of intentional or gross misconduct by Lessee.

 

For the sake of reciprocity,
Lessee waives, and ensures that Lessee’s insurers will waive, any right of recourse against Lessor and Lessor’s insurers
in the event of a loss covered by the above-mentioned guarantees, except in the event of intentional or gross misconduct by Lessor.

 

CG. 11.18.4.Verification
by Parties

 

In order to ensure compliance
with the preceding requirements, Lessee shall forward to Lessor, at the latest on the Effective Date, one or more insurance certificates
issued by insurers, indicating the nature and amount of coverage purchased in according with the above-mentioned provisions.

 

Throughout the duration of
the Lease, Lessee shall show proof, at any time upon request from Lessor, of payment of premiums, purchased coverage, and amounts
insured.

 

Similarly, Lessor shall provide
to Lessee, upon request from Lessee, proof of compliance with Lessor’s obligations pursuant to this insurance clause.

 

CG.
11.19. Transfer and subletting

 

Lessee is
prohibited to transfer occupancy of the Leased Premises to anyone, and in any form, even temporarily or free or charge or on an
interim basis.

 

CG. 11.19.1.Subletting

 

Lessee shall occupy by itself
the Leased Premises and may not make all or part of the Leased premises available to anyone, in any form, and in particular subletting,
lease-management, domiciliation (even temporarily or free or charge or on an interim basis), without prior written authorization
from Lessor, under penalty of termination of the Lease in the conditions agreed upon below.

 

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In the event that subletting
is authorized, notwithstanding this Article, within the scope of the special conditions of the Lease, Lessor will be asked to agree
to the subletting document, and Lessee shall remain solely responsible for paying the totality of the rents, fees, charges, and
supplementary rent charges, to Lessor, and solely responsible for the compliance with the charges and conditions of the Lease,
so that Lessor may only deal with one single tenant, holder of the Lease for the totality of the Leased Premises, as Lessor shall
in no event establish a legal relationship with sub-lessees, if any.

 

The Leased Premises are an
indivisible whole. Consequently, the sub-lessee(s) shall have no direct right with respect to Lessor, and in particular no right
concerning renewal or any maintenance of the premises. Consequently, subletting shall be granted at Lessee’s own risk, Lessee
pledging to assume personal responsibility for the eviction of any sub-lessee.

 

Lessee shall assume personal
responsibility for the performance of development work (and in particular all work related to safety) and restoration of the Leased
Premises following any subletting, and shall fully assume the costs thereof.

 

CG. 11.19.2.Transfer

 

Lessee may not transfer Lessee’s
rights pursuant to this Lease, except with the prior written authorization of Lessor.

 

Nevertheless, Lessee may freely
transfer Lessee’s rights to the lease to the purchaser of Lessee’s business capital, except if the latter cannot justify
a financial ability and an activity that would allow it to fulfill the obligations related to this Lease.

 

Notwithstanding the above, lease
transfers are authorized to a company directly or indirectly controlled by Lessee within the meaning of Article L.233-3 of the
Code of Commerce (“Company that is part of the Group of the Lessee”), such company remaining authorized, as long
as the transferee is incorporated under French law, with headquarters in France, and as long as Lessee provides at the same time
to Lessor a joint and several guarantee issued by its group’s holding company, itself being incorporated under French law,
which guarantees payment of twelve (12) months of rent (including VAT) for the entire duration of the Lease plus six (6) months,
and also provides to Lessor proof of the transferee’s know-how and competence in operating the site of an ICPE.

 

Further, all those becoming
successively transferees of the Lease as of this transfer shall remain responsible before Lessee, jointly among themselves and
with Lessor, for payment of the rents and compliance with all clauses and provisions of the Lease, for a duration of three (3)
years as of this transfer, pursuant to the provisions of Article L. 145-16-2 of the Code of Commerce.

 

In the above-mentioned case,
if a guarantee has been set up, such guarantee shall be maintained (and extended as the case may be) in order to cover the above-mentioned
obligation of joint guarantee.

 

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In all cases, Lessee must notify
Lessor by registered letter with return receipt requested at least two (2) months before the date scheduled for the signing of
the transfer document of the business capital to which Lessor will be requested to agree. Such notification must include all information
allowing the identification of the transferee, the document draft, the balance sheets and operations statements for the last three
(3) fiscal years, and the documental proof of the transferee’s know-how and competence to operate the site of an ICPE.

 

No contribution or transfer
may be implemented if rents or charges, taxes or levies of any nature are owed by Lessee. Prior to any action of contribution or
transfer, Lessee must show proof of the full payment of all taxes and levies that Lessee owes because of the operation.

 

CG. 11.19.3.Property
transfer of the Leased Premises

 

In the event of a property
transfer concerning the Leased Premises, this Lease shall continue between Lessee and Lessor’s beneficiary.

 

CG.
11.20.Restitution of the Leased Premises

 

CG. 11.20.1.Before
moving out, and prior to any removal, even a partial removal, of the furniture and equipment, Lessee must pay all rent and supplementary
rent charges, and must show proof, by means of presenting paid invoices, of the payment of Lessee contributions, for previous years
as well as for the current year.

 

CG. 11.20.2.Lessor
shall, at the latest upon termination of occupancy (renewed as the case may be, or in the event of early termination of the Lease),
return the Leased Premises in good repair, condition, and cleanliness, taking into account normal wear and tear of the Leased Premises
and in accordance with its obligations pursuant to Article CG. 11.3, and free of any furniture and installations.

 

The above-mentioned requirement
of restoration shall include in particular, if such has to be specified, the removal of racks, mechanical lines and installations
of this type, and safety equipment concerning Lessee’s special activity, which may have been installed, and the series of
restoration required for the operation of the Leased Premises.

 

CG. 11.20.3.All
work, fittings, beautifications, improvements, installations and constructions of any type, including fixed, movable or removable
bulkheads and, as the case may be, those that might be required by legal or regulatory provisions, performed during Lessee’s
occupancy of the Leased Premises (including those prior to the Effective Date of the Lease, as indicated in Part 1 of the Lease),
shall become, upon the departure of Lessee, the property of Lessor, if Lessor wishes, by means of assignment, without any compensation.

 

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It is nevertheless
specified that, if Lessor wished to retain, upon Lessee’s departure, the racks and mechanical lines installed by Lessee in
the premises, Lessor shall pay to Lessee as compensation, notwithstanding the above, the residual accounting value of these items
on the date of termination of occupancy of the Leased Premises.

 

CG. 11.20.4.Contrariwise,
Lessor may require that Lessee eliminate partially or totally the work and installations mentioned in the above paragraph, even
if they were authorized by Lessor, as well as the restoration of the Leased Premises, in whole or in part, to their initial conditions,
all of it at the exclusive cost and risk of Lessee, with the specification that, if such restoration causes deteriorations that
cannot be avoided, Lessee shall be required to assume the consequences and perform at Lessee’s expense the renovation work
required in order for the Leased Premises to be restored in good condition of maintenance and repair, taking into account the normal
wear and tear of the Leased Premises, in accordance with the requirements of Article CG. 11.20.2.

 

CG. 11.20.5.During
the six (6) months period preceding Lessee’s departure from the Leased Premises, whatever the cause, the Parties shall meet
in order to draft the list of tasks, if any, for the restoration of the Leased Premises, to be conducted at Lessee’s expense,
as well as the associated cost estimate. In case of agreement of the Parties concerning the list and the cost of the restoration
work for the Leased Premises, Lessee shall have the option to have the work performed at Lessee’s expense, or to pay the
mount to Lessor in advance, so Lessor can have them performed.

 

CG. 11.20.6.In
the event that Lessee has taken no steps to surrender the Leased Premises to Lessee in accordance with the previous paragraph,
and in the event of non-restitution of the Leased Premises by Lessee in accordance with the requirement of Articles CG. 11.20.2
and CG. 11.20.4, Lessee shall pay to Lessor daily compensation for immobilizing Lessor’s property equal to the double of
the last existing rent, including charges, for the required duration of the work and repair mentioned above, until the date of
expiration of the :ease, Lessor pledging to have said work performed as soon as possible after the termination of occupancy of
the Leased Premises.

 

CG. 11.20.7.In
any case, a joint inventory of the premises shall take place, in the presence of Lessee, having been duly summoned, at the latest
ten (10) calendar days after Lessee has moved out of the Leased Premises.

 

CG. 11.20.8.Such
inventory shall include, if needed, the list of repairs to be performed. Notwithstanding the delivery of the keys, the Lease shall
continue until the date of expiration, with the rent being due until then.

 

CG. 11.20.9.In
the event that Lessee is not present at the date and time scheduled for the inventory, said inventory may be established, at Lessor’s
discretion, in the presence of a bailiff who may be assisted by a locksmith in order to enter the Leased Premises, the corresponding
charges thereof being solely assumed by Lessee.

 

CG. 11.20.10.Except
if Lessor requests otherwise, Lessee may proceed, immediately and at Lessee’s expense, with the removal of the installed
signs.

 

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CG. 11.20.11.Lessee
shall also be obligated to transfer or have transferred to Lessor, at the latest upon termination of occupancy of the Leased Premises,
the benefit of all administrative authorizations, related to or benefitting the Leased Premises.

 

CG. 11.20.12.In
the event that Lessee, having lost any occupancy right, does not fully vacate the Leased Premises of all occupants under Lessee
and/or all furniture and movable assets, or does not comply with an expulsion decree, or obtain legal extensions for Lessee’s
departure, Lessee shall owe to Lessor, by right and without prior notice, for each day of delay, in addition to the charges and
without prejudice of any rights to damages for the benefit of Lessor, an irreducible conventional occupancy compensation equal
to twice the daily rent, until the move has been completed and the keys delivered, said compensation being assessed in order to
indemnify Lessor for the prejudice caused by the occupancy of the premises.

 

CG. 11.20.13.
At the end of lease, prior to Lessee’s departure,

 

Lessee shall
have drafted a contamination report by a specialized technical agencies, at Lessee’s expense, in order to confirm the absence
of contamination, comparing to the soil report provided in Appendix 12.

 

If deemed
useful, Lessor may have Lessee’s declarations verified by an expert jointly designated by the Parties or, failing this, by
the President of the High Court of the area where the Building is located. The expert shall act as joint representative of the
Parties and the expert’s decision shall be final, without remedy.

 

In the event
that Lessee is declared responsible by the expert for contamination in the Leased Premises or on the Land, because of action by
Lessee or by Lessee’s employees, operator, providers, representatives, or co-contractors, the provisions of Article CG. 11.15
shall apply mutatis mutandis. The totality of the costs of the work and expert analysis and expenses shall be paid by Lessee. 

 

Inversely,
if the Expert confirms Lessee’s declaration, the expert fees shall be assumed by Lessor.

 

		CG.12.	MODIFICATION - TOLERANCE

 

		CG. 12.1.	Any modification of this document may only result from
a written express document signed bilaterally, or from an exchange of letters.

 

		CG. 12.2.	It is officially acknowledged that any acquiescence concerning
the application of the clauses and provisions of this Lease, regardless of the duration or frequency of said acquiescence, may
never be deemed to be a change or to cause a modification or a suppression of certain provisions and conditions herein, or to
generate a right of whatever nature; Lessor may terminate it without prior notice.

 

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		CG.13.	TERMINATION CLAUSE BY RIGHT

 

		CG. 13.1.	In the event of non-payment, on the exact due date, of
all or part of (i) one rental amount, (ii) the various charges and reimbursements that are due at the same time as said rent,
(iii) all amounts that make up the supplementary rent charges, (iv) all occupancy compensation that would become due for any reason
(including those mentioned in Articles L.145-28 to L.145-30 of the Code of Commerce), or (v) the fees related to orders, warnings,
seizures, and prosecutions, or because of non-compliance with any of the clauses, charges, and conditions of the Lease, or in
the event of a violation by Lessee of obligations required by the laws and/or the regulations, and one (1) month following an
unanswered order to pay or warning to perform containing a statement by Lessor of its intent to rely on this clause, the Lease
shall be automatically terminated, at Lessor’s discretion, by registered letter with return receipt requested, or by extrajudicial
document, without the need to file a legal petition, without prejudice of all expenses and damages that Lessor may require from
Lessee, notwithstanding any future findings or actual offers.

 

		CG. 13.2.	Lessee shall owe by right, upon termination and until the
repossession of the Leased Premises by Lessor, an occupancy compensation equal to the double of the last paid rent, plus the charges
and supplementary rent charges thereof.

 

		CG. 13.3.	Without prejudice of Lessor’s right to require payment
of damages if, following request from Lessor, Lessee does not perform the restoration in a good condition of maintenance and repair
of the Leased Premises, Lessee shall not be entitled to any compensation for the work and improvements Lessee may have performed,
or for any expenses Lessee may have incurred or paid, for the purpose of Lessee’s installation into the Leased Premises.
As required by signing this document, Lessee expressly waives any compensations for these various causes.

 

		CG. 13.4.	Lessee shall assume the totality of fees, expenses, and
court costs, fees related to orders, warnings, seizures, and prosecutions, or precautionary measures, as well as any fees related
to the lifting of conditions and the notifications, which shall be deemed as additions and supplementary rent charges, all of
the above without prejudice of damages.

 

		CG. 13.5.	In addition, Lessee shall reimburse to Lessor the totality
of bailiff fees that Lessor has incurred because of non-compliance of Lessee related to one of Lessee’s obligations pursuant
to the Lease.

 

		CG. 13.6.	Independently of such termination by right, Lessor will
be justified to require from Lessor the restitution of the damage that such early termination may have causes, in particular the
loss of rent.

 

		CG.14.	MODIFICATION OF LEGAL STATUS

 

Lessee pledges to notify Lessor,
within thirty (30) days of the occurrence of the event being anticipated, the following statutory modifications that may affect
Lessor : transformation, change of name/corporate name; change of headquarters.

 

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		CG.15.	FEES AND ADDRESS OF SERVICE

 

		CG. 15.1.	Each Party shall assume the fees, dues, and expenses of
the Lease that it has incurred, as well as those that follow or that are incurred as a consequence of the Lease.

 

		CG. 15.2.	Registration fees shall be assumed by the Party wishing
to proceed with such formality.

 

		CG. 15.3.	For the execution of this document, and in particular the
receipt of all extrajudicial documents, or proceedings, the Parties elect to be serviced at the respective addresses indicated
in Article CP. 17.

 

		CG.16.	SCOPE OF THIS DOCUMENT – INVALIDITY OF A CLAUSE OF
THE LEASE

 

		CG. 16.1.	It is expressly agreed that only the present document represents
the totality of the agreements between the Parties to this day.

 

		CG. 16.2.	The Parties agree that the invalidity of any of the provisions
of the Lease will not cause the invalidity of the Lease, and the Parties pledge that, if such invalidity came to be invoked, they
would negotiate in good faith in order to substitute for this provision another provisions that shall be equally effective.

 

If
some provisions of one or more Articles of the Code of Commerce or the Code Civil that the Parties have waived in the Lease were
deemed to be in the public interest, contrary to the thinking of the Parties, then the legal provisions shall be applied.

 

		CG.17.	APPLICABLE LAW - JURISDICTION

 

		CG. 17.1.	This Lease is subjected to French law.

 

		CG. 17.2.	For all disputes concerning the present document, that
may not be settled amicably, the Parties shall irrevocably and unconditionally accept the jurisdiction of the High Court of the
area where the Leased Premises are located, notwithstanding cases with several defendants or a recourse to the guarantee.

 

		CG.18.	CONFIDENTIALITY

 

Each Party agrees to protect
this information as confidential and not to communicate it to a third party (except for suppliers of the Leased Premises who will
need this information in order to fulfill their obligations, and except for entities members of the same group, usual banks and
consultants of Lessee), except (i) if the lifting of confidentiality is ordered by law or if the filing of the Lease becomes necessary
for resolving a dispute between them, (ii) if it results from the written consent of each of the parties, or (iii) in case of transfer
by Lessor of the Leased Premises, or transfer by Lessee of the Lease.

 

*                    *

 

*

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TITLE 2 - SPECIAL CONDITIONS

 

		CP. 1.	IDENTITY
OF THE PARTIES

 

BETWEEN THE UNDERSIGNED:

 

		CP. 1.1.	NOTAPIERRE Company, open-ended real estate investment
trust with headquarters at 7-7bis rue Galvani Paris (75017), registered with the Registry of Commerce and Companies of Paris under
# 347 726 812,

 

Represented by:

 

The company named UNOFI-GESTION
D’ACTIFS (former name: SECURINOT), public limited company with a capital of € 1,000,572, with headquarters at PARIS
(17th), 7 and 7 bis rue Galvani, identified in SIREN under the number 347 710 824, and registered with the Registry of Commerce
and Companies of PARIS

 

UNOFI-GESTION D’ACTIFS
is acting as statutory management company of NOTAPIERRE, a function to which it was named pursuant to Article 17 of the
statutes, will all powers with respect to the present document pursuant to Articles 2 and 18 of said statutes.

 

UNOFI-GESTION D’ACTIFS,
itself represented by:

 

Ms. Florence DOURDET-FRANZONI,
duly empowered to sign the present document as the Deputy General Manager, as shown in excerpt k bis of the statutes, and in the
deliberation of the Board of Directors dated December 18, 2014, a copy of which has been placed in Appendix 1,

 

(Hereinafter names the “Lessor”),

 

PARTY OF THE FIRST PART,

 

AND

 

		CP.
                          1.2.	The company
named INTERPARFUMS, public limited company with a capital of € 141,786,570, with headquarters at PARIS (75008) – 4
rond-point des Champs Elysées, and registered with the Registry of Commerce and Companies of PARIS under number 350 219 382,

 

Represented by Mr. Philippe
SANTI as Deputy General Manager, duly empowered for the purpose of the present document

 

(Hereinafter names the “Lessee”),

 

PARTY OF THE SECOND PART

 

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		CP. 2.	PURPOSE

 

Lessor hereby leases out the
Initial Leased Premises and Section 6, as it will be completed, to Lessee, which accepts, for a duration that will start as of
the Effective Date of the Lease, in accordance with the laws applicable to commercial leases to which the Parties intend to comply,
as well as with the clauses and provisions herein, which the Parties pledge to fulfill and perform, for the duration of the Lease
as well as the duration of its successive renewals.

 

		CP. 3.	DESIGNATION
OF THE LEASED PREMISES

 

The
Leased Premises shall be made up of the Initial Leased Premises
and, as of the date of its completion, to be verified by the Minutes of Completion, of Section 6, on land located in the Municipality
of Criquebeuf-Sur-Seine (27340), in “Le Bosc Hétrel” Business Park. 

 

This completion, in accordance
with the provisions of TITLE 3, “SPECIAL PROVISIONS FOR THE SECTION 6 CONSTRUCTION PERIOD,” will lead automatically to
the taking of possession of Section 6 by Lessee and, consequently, all provisions of this Lease shall become applicable to the
new perimeter of the Leased Premises.

 

It is as of now agreed that,
upon the date of completion of Section 6, the Parties pledge to verify, by the signing of a rider to the Lease, the date of the
addition of the new areas of Section 6 and the related taking of possession, and the completion minutes shall be attached in appendix
to said rider.

 

		CP. 3.1.	Description of the Initial Leased Premises

 

The
Initial Leased Premises include:

 

		-	Warehouse
cells and in addition technical installations, areas used as offices, recreational areas and security area, with a SHON of about
31,220 m2 (336,049 sq. ft.), as provided in the building permit; and

 

		-	116
parking spaces for light vehicles.

 

It is specified, for information
only, that the Initial Leased Premises have a real actual Net Floor Area (SHON) of 31,029 m2 (333,993 sq. ft.) (i.e. a floor
area (SDP) of 30,858 m2 (331,153 sq. ft.)) , distributed as follows:

 

    - 50 -

     

    

 

	Designation	Nature of Premises	Measured SHON (m2)
	Section 1	Warehouse	5,688 
	Loading area	347
	Section 2	Warehouse	5,988
	Loading area	0
	Section 3	Warehouse	5,988
	Loading area	0
	Section 4	Warehouse	5,793
	Loading area	193
	Section 5	Warehouse	5,729
	Loading area	263

 

	Technical installations	Sprinklers, heating, transformer, water stations	193	 
	Cell 1 to 5 and technical installations subtotal	 	
        30,182

         
	 
	Offices and recreational areas subtotal	 	
        847

         
	 
	Total	 	
        31,029

         
	 
	116 external parking spaces

 

Initial Leased Premises are
certified HQE AFILOG 1.

 

It
is recalled that the above-mentioned areas are provided for information purposes; any errors in the designation of the Initial
Leased Premises or in their surface areas may not be cause for a reduction or increase in
rent, or of any penalties, regardless of the type, as the rent was determined in particular based on the overall estimate of the
Initial Leased Premises by Lessee. Said premises are reputed to be fully known by Lessee in order to enable occupancy upon the
date of signature of this document.

 

		CP. 3.2.	Description of Section 6, as it will be completed in
the future

 

Section
6 includes premises to be used as warehouse and, incidentally,
as offices and recreational areas. They will have upon completion an overall floor area (SDP) of 6,066 m2 (65,294 sq. ft.),
including:

 

		-	5,738
m2 (61,763 sq. ft.) to be used as warehouse, and

 

		-	328 m2 (3,531 sq. ft.) to be used as offices
and recreational areas,

 

		-	as well as six (6) parking spaces for light vehicles.

 

It
is specified that Lessor pledges to obtain a certification according to the “High Quality Environmental” standard, level
Very Good for Section 6.

 

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		CP. 4.	EASEMENTS

 

Lessor states that the Land
is not, as of today, subject to any conventional easement other than those indicated in the Appendix 5 of the Lease.

 

Lessee acknowledges that he
is fully aware of the easements thus applicable.

 

Lessee pledges to accept, without
compensation from Lessor, the above-mentioned easements and the administrative constraints that may affect the Leased Premises,
and that would result from the local urban plan, its current or future modifications, the regulatory requirements applying to the
Municipality of CRIQUEBEUF-SUR-SEINE, their current or future modifications, and more generally the easements of any nature to
which the site may be subjected.

 

		CP. 5.	DURATION
AND EFFECTIVE DATE OF THE LEASE

 

The lease is granted and accepted
for a period of nine (9) full and consecutive years, starting on June 1st, 2020, named hereinafter
The Effective Date of the Lease.

 

Lessee expressly waives Lessee’s
right to terminate the Lease upon expiration of the first and second three-year periods, pursuant to Article L.145-4 of the Code
of Commerce. However, Lessee shall have the right to terminate the Lease at the ends of the 7th year and the 9th
years, so that the rental duration will be seven (7) full years minimum.

 

		CP. 6.	EARLY AVAILABILITY OF SECTION 6 TO LESSEE

 

Pursuant to the construction
of Section 6, and in accordance with the developer, Lessor shall make available to Lessee the warehouse portion of Section 6 in
advance, due to its early completion based on the conditions mentioned in Article DP.8. below.

 

		CP. 7.	INTENDED
USE OF THE LEASED PREMISES

 

The Leased Premises are to
be used exclusively for the activities of logistics, storage, and warehousing of products corresponding to the items for which
the Authorization to Operate is issued, and for adjacent offices.

 

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		CP. 8.	CONDITION
OF THE PREMISES AT ENTRY and TECHNICAL AUDIT

 

On the Effective Date of the
Lease as required in Article CG. 11.20, the Parties agree to refer, concerning the Initial Leased Premises, not to the condition
of the premises that will be documented on the Effective Date of the Lease, but to the minutes of delivery dated April 26, 2011
(for delivery of Phase 1 of the building); and dated September 30, 2011 (for delivery of Phase 2 of the building) containing reservations;
to the minutes of the lifting of reservations dated November 22, 2011,
and to the minutes of delivery without reservations dated 26 December 2011 (for the awning); the four (4) minutes are included
in Appendix 9.

 

Following the date of delivery
of Section 6, the minutes established between the Parties according to the provisions of Article DP.6. shall be used for the condition
of the premises at entry for Section 6.

 

Within the scope of application
of Article CG 8.1.2, a technical audit, at Lessor’s expense and in the month following the Effective Date of the Lease, shall
be performed for the Initial Leased Premises, in order to verify the condition of the various constructions and equipment of the
asset for which Lessee has been responsible, and the state of maintenance pursuant to the previous lease. To this end, Lessee pledges
to allow Lessor and all its representatives to have free access to the Leased Premises.

 

		CP. 9.	ACTIONS
OF LOGISTICAL PROVIDERS

 

It
is specified that Lessee shall have the option of subcontracting all or part of the logistical services performed in the Leased
Premises to any logistics specialist selected by Lessee and, in
the event of a sole logistical provider, of transferring to said provider the Authorization to Operate, which is accepted by Lessor.

 

It
is specified that the subcontracting option thus granted to Lessee
may in no event be considered as a subletting option, as Lessor authorizes Lessee to entrust the performance of logistical services
in the premises on its behalf to the Operator, and to transfer the benefit of the Authorization to Operate, only to the extent
that such option does not grant any direct right to the Operator concerning the Lease.

 

It
is recalled that, on the date of signature of this document, Lessor
has thus entrusted, within the context of the Initial Lease, the logistical services performed in the Leased Premises to the company
named “BOLLORÉ LOGISTICS,” which currently holds the Authorization to Operate.

 

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		CP. 10.	SUBLETTING

 

Notwithstanding Article CG.
11.19.1, Lessee may partially sublet the Leased Premises:

 

		-	(i) Up to 90% of the surface area of the Leased Premises
to one or more subsidiary companies of Groupe Interparfums, within the meaning of Article L. 233-1 of the Code of Commerce, and/or
to companies under Lessee’s direct control, within the meaning of Article L. 233-3 of the Code of Commerce

 

		-	(ii) Up to 3 sections (together with their proportional
shares of offices and recreational areas) to a third party,

 

with
the specification that the total of the two modes of subletting shall never lead to the subletting of more than 90% of the Leased
Premises, and that in all cases any subletting is thus authorized by
Lessor only to the extent that it does not grant to sub-lessee any direct right of renewal, as the Leased Premises are an indivisible
whole according to the agreement between the Parties.

 

In
the (i) case, it is specified that if the sub-lessee is no longer a subsidiary of Lessee, or no longer controlled by Lessee, the
subletting shall terminate by right and without further formalities
during the month following such event.

 

In any event, the subletting
will be granted subject to compliance with the conditions of the Lease (use of the Premises, indivisibility of the Premises, delivery
of a copy of the subletting contract, Lessee remaining solely responsible for payments and compliance with all Lease clauses and
conditions, termination of the subletting with the Lease, etc.) and the assumption of the totality of the expenses and associated
work by Lessee. Notwithstanding Article CG. 11.19.1, Lessee will not be required to ask Lessor to agree to the subletting
contract.

 

		CP. 11.	RENT

 

The annual
rent, excluding taxes and excluding charges, is set at an amount
of [_____], subject to any modifications provided in accordance with the conditions of Article DP. 2.

 

And broken down as follows:

 

		-	[_____], corresponding to the areas existing upon the Effective Date of the Lease, i.e. the Initial
Leased Premises.

 

		-	[_____] excluding taxes and excluding charges, from the date of delivery of Section 6 with an anticipated
SDP of 6,066 m2 (65,294 sq. ft.) at a rate of [_____].

 

		-	It is specified that the portion of the rent corresponding to Section 6 shall be prorated for the
current quarter based on the quarterly due date.

 

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		CP. 12.	INDEXATION

 

The base index for the
first rent indexation shall be the latest Rental Index for Tertiary Activities
(ILAT) as published by INSEE on the Effective Date of the Lease.

 

		CP. 13.	SECURITY
DEPOSIT

 

Pursuant
to the provisions of Article CG.7, the Lease security deposit on the Effective Date of the Lease shall amount to [_____].

 

It is recalled that Lessee
has paid for the Initial Lease a security deposit in an amount to date of [_____].

 

By
express agreement between the Parties, it is agreed that the security deposit of the Initial Lease shall be retained by
Lessor and applied to the security deposit provided in this Lease. In addition, Lessee shall only be obliged to pay to Lessor,
on the date of signature of the rider verifying the Section 6 delivery, the amount of [_____]
as a complement to the security deposit paid for the Initial Lease.

 

[_____]

 

		CP. 14.	CHARGES
– LESSEE’S TECHNICAL MANAGEMENT OF REAL PROPERTY

 

It is recalled that Lessee
has assumed the leasing of the totality of the real property belonging to Lessee, and that it is thus directly performing, as part
of its obligation of maintenance and regulatory compliance, the technical management and control of all of the Leased Premises
and their equipment, at Lessee’s expense and under Lessee’s responsibility, only subject to the work and repair that
remain under Lessor’s responsibility pursuant to Article CG. 8.1.2, which Lessor shall continue to perform at Lessor’s
expenses.

 

Thus, without prejudice of
the requirements of Article CG.8, it is hereby specified that Lessee, as of today, reimburses annually to Lessor only the following
supplementary rent charges:

 

		-	Fees of Lessor’s technical manager;

 

		-	Insurance premiums;

 

		-	Property taxes and TEOM;

 

With the specification that
the Parties agree to set the amount of management fees that may be re-invoices to Lessee, at an annual flat fee amount of [_____]
(the “Management Flat Fee”). As expressly agreed between the Parties, it is understood that the management fees,
from the Effective Date of the Lease to the Availability Date of Section 6, shall amount to [_____].

 

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Said management flat fee shall
be indexable in the same manner as the Rent.

 

Lessor or its representative
pledges to forward to Lessee a report of visit of the Leased Premises following each visit related to a verification or a procedure.

 

In the event of a proven failure
of Lessee (or of Lessee’s Operator or service providers) in Lessee’s performance of its tasks pursuant to the previous
requirements, Lessor may assume the performance of all or part of said tasks related to such failure, after three (3) months following
an unanswered claim, without it affecting in any manner the other obligations of Lessee pursuant to the Lease. In such case, Lessee
shall assume the corresponding charges, including the fees of Lessor’s service provider that will then be responsible for
the technical management and maintenance of the Leased Premises in accordance with Article CG.8, based on their actual costs,
as the Management Flat Fee that the Parties have set in exchange for the assumption of the essential tasks of technical management
would then be considered as null and void.

 

		CP. 15.	INITIAL
DEVELOPMENT WORK OF LESSEE IN SECTION 6

 

Lessee has informed Lessor
of its wish to perform various development work in said Section, the summary description of which is presented below in Appendix
10 (the “Initial Development Work”).

 

CP.
15.1.Included Work

 

Lessor has agreed to be responsible
for and include a portion of the Initial Development Work with the construction work for Section 6 (the Included Work”).
The technical description of the Included Work is presented in detail in Appendix 10.

 

It is specified that Lessor
has accepted to be responsible for the Included Work only to the following extent:

 

		-	The Included Work will be work related to the construction
(and in particular, in the case of installation of equipment,
that said equipment be integrated in the building or that their removal may not be performed without causing serious deteriorations,
of the equipment or of the building);

 

		-	The cost of the Included Work that will be performed
pursuant to the CPI may not exceed a ceiling of [_____].

 

The Included Work shall remain
the property of Lessor, who prohibits their removal for the entire duration of the Lease.

 

Nevertheless, the Included
Work, once completed, shall be deemed to be Lessee’s development work pursuant to the application of Article CG. 8.1.2
and shall remain under the sole responsibility and custody of Lessee, who shall warrant the portion that may not be covered, as
the case may be, by the insurance policy purchases by Lessor.

 

In case of destruction of the
Included Work during the Lease, Lessor shall not be obligated to rebuild them.

 

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CP.
15.2.Other Initial Development Work

 

Lessor authorizes as of now,
on principle, Lessee to perform or to have performed the Initial Development Work that is not included in the Included Work of
Section 6, with the specification that the work related to Article CG. 11.2.2 shall remain subjected to a prior express agreement
of the Lessor within the scope of said Article, and that Lessee shall in all cases comply, for all its development work, to all
requirements of Article CG. 11.2.

 

Such
work may be performed during the early availability period of Section 6 mentioned below in Article DP.
8.

 

CP.
15.3.Outcome of the Initial Development Work

 

The Parties agree that, notwithstanding
Article CG. 11.20.4, Lessor may not require from Lessee the partial or complete suppression of the Initial Development Work
when Lessee moves out of the Leased Premises.

 

		CP. 16.	STATUS OF
RISKS AND CONTAMINATIONS (ERP)

 

Pursuant to Article L.125-5
of the Code of the Environment, renters of real property located in areas covered by a plan of prevention of technological risks,
or by a plan of prevention of predictable natural risks, that has been required or approved, or in areas of seismicity defined
by decree issues by the Council of State, are informed by lessors of the existence of risks as mentioned in said plan or decree.

 

The Status of Risks and Contaminations
(ERP), created within six months before the date of signature of this document, and the copy of the prefectoral order, are attached
and included herein (Appendix 13).

 

Furthermore, because Lessor
must inform, pursuant to Article L.125-5-IV of the Code of the Environment, Lessee in writing of any losses resulting in the payment
of an indemnity, pursuant to Article L. 125-2 or L. 128-2 of the Code of Insurance, occurring during the time period
when Lessor was the owner of the Leased Premises, or of which Lessor was informed pursuant to the preceding provisions, it is hereby
mentioned that the Leased Premises have not been subjected to any loss having resulted in the payment of an indemnity because of
a natural or technological disaster.

 

		CP. 17.	ADDRESS
OF SERVICE

 

All communications that are
required by the Lease shall be in writing, by hand, by registered letter with return receipt requested or by fax or e-mail (with
a copy being sent at the latest on the following day by registered letter with return receipt requested), to the addresses mentioned
below :

 

		-	For Lessee, to its headquarters.

 

		-	For Lessor, to its headquarters.

 

Subject to contrary requirements
expressly provided herein, all communications shall be deemed to be received (i) on the date appearing on the receipt delivered
by the recipient in the event of delivery by hand, or (ii) on the date following the sending of the fax, or the registered letter
with return receipt requested, the sending date being the date appearing on the receipt of transmission or on the proof of delivery
of the registered letter.

 

		CP. 18.	ADDRESS
FOR INVOICES

 

Invoices for rents and charges
shall be in the name of INTERPARFUMS and sent for invoicing at INTERPARFUMS, 4 Rond-Point Des Champs Elysées – 75008
PARIS

 

*       *

 

*

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TITLE 3 – SPECIAL
PROVISIONS FOR THE SECTION 6 CONSTRUCTION PERIOD

 

This Title 3, applicable to the period
of construction of Section 6, is governed by the common laws for contracts and obligations and excludes any application of the
statute of commercial leases pursuant to the provisions of Articles L. 145-1 et seq. of the Code of Commerce.

 

Lessor has entrusted to GEMFI Company,
hereinafter “The Developer,” the task of having performed, on Lessor’s behalf and within the time limits set for
this purpose, the work related to Section 6 construction (hereinafter, “The Real Property Program”) by means of a Real
Estate Development Contract (“CPI”).

 

To this
end, the portion of the Site on which Section 6 will be built will be made available to the Developer, who will have custody of
it. Lessee and the Promoter pledge that neither party will hinder or obstruct the activity operated in the Initial Leased Premises
or the construction work.

 

It
is hereby specified that the access to the construction site shall be by the adjacent parcels (parcels ZD 329 and ZD 338) acquired
by Lessor, and that the site of the work shall be enclosed by construction fencing in order to prevent entry to the work site,
except if needed and by prior approval, as hereinafter specified. The layout of access to the construction site is attached in
Appendix 16.

 

Exceptionally,
in the event that the Developer must access the construction site by the paths and access roads currently used by Lessee pursuant
to Lessee’s activity, Developer shall be required to coordinate with Lessee’s representative, in order to limit the
resulting hindrance.

 

In this
case, Lessee must then give free access to the contractors and ensure compliance with safety regulations, because of the construction
work.

 

Lessee
and its insurers waive any remedy or claim against Lessor, only for the losses, damages, or adverse effects due to Section 6 construction
work and affecting Lessee’s property.

 

DP. 1.PROGRAM
DESCRIPTION

 

The Real Property Program consists of the
construction on the Site of a sixth section adjacent to the Initial Building, to be used as warehouse and offices with a total
SDP of 6,066 m2 (65,294 sq. ft.), split as indicated below, and of 6 parking spaces for LVs, including 4 PMRs:

 

 

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In addition
to all technical installations (fire hydrants, networks, roadways) in accordance with the descriptions of said sections and installations
on the Technical Documents.

 

A
detailed description of the Section 6 construction work, drafted by the Developer, is included in the Technical Description of
Section 6, attached hereto in Appendix 8. 

 

The technical
characteristics of the Section 6 construction program (hereinafter, the “Technical Documents”), established by the Developer
and by specialized professionals designated by the Developer, are defined in the documents listed below, which the Parties agree
to prioritize in descending order as follows:

 

		(a)	The Section 6 Technical Description attached in Appendix
to the CPI in its version V4a dated October 22, 2019, drafted under the sole responsibility of the Developer, attached hereto
in Appendix 8;

 

		(b)	The documentation concerning the application for the
Building Permit, attached hereto in Appendix 7 (including layouts attached to the application for the Building Permit);

 

		(c)	Prefectoral order # DELE/BERPE/18/681 dated May 9,
2018, included in Appendix 6.

 

Lessor is obligated to the construction
of Section 6, in accordance with its definition resulting from the Technical Documents, to its use and intended use, as well in
compliance with the administrative authorizations, the legal and regulatory provisions, the technical requirements issued by official
bodies concerning the construction of buildings, and in particular the Unified technical Documents (DTUs) and the industrial standards,
all of them in the version existing on the date of signature hereof.

 

The Parties agree to refer to these documents
for all that is related to the features of the planned operation, and specify that, in the event of a contradiction among said
documents, the order of priority shall be applied, with the first listed document prevailing over the second and so on.

 

In the event of a contradiction between
the Technical Documents, each prevail over the others in the following manner:

 

		-	In case of discrepancy between the layouts and the
Technical Description, and whenever a qualitative evaluation of technical performance is questioned, the Technical Description
shall prevail over the layouts

 

		-	In contrast, in case of non-conformity, whenever a
quantitative item needs to be evaluated, the layouts shall prevail.

 

The performance items provided in the Technical
Description (and the layouts) may, for technical or manufacturing reasons, be modified by the Developer on condition that (i) they
are replaced by similar performance items of equivalent quality, at minimum, and (ii) they have been expressly approved in advance
by Lessor.

 

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Lessee may not oppose, and accepts as of
now, all additional or alteration work that would be mandated to Lessor because of changes in the Laws and the regulations during
the performance of Section 6 construction work, as well as for requirements concerning the building permit or its amendments, if
any. Said additional or alteration work shall be performed at the exclusive cost and risk of Lessor.

 

DP. 2.RENT ADJUSTMENT
- SDP TOLERANCE

 

For the purpose of this clause, the measurement
of the built-up Overall Floor Area (SDP) shall be performed by an expert surveyor designated by Lessor or the Developer, and shall
be delivered to Lessee five (5) days before the Availability Date, pursuant to Article DP.3.

 

The Parties agree that, in case of reduction
of the SDP of more than 1.5% of the SDP indicated in the Lease for Section 6, the initial rent shall be adjusted by € 43 by
square meter of missing Overall Floor Area, beyond the 1.5% threshold.

 

In the event that the areas of the built-up
Section 6 are larger than the agreed-upon areas, such area increase shall be to the benefit of Lessee, without a rent increase,
as long as said area increase does not affect the compliance of the warehouse section to the regulations and the issued administrative
authorizations.

 

It is specified that, in order to anticipate
and, if needed, correct during the construction work any deviations that would be too significant between the SDP provided in the
Lease and the measured SDP, Lessor has requested that the Developer have performed, during the construction work and at the time
of the construction of the building structure and before the installation of the walls and casting of the slab, by an expert surveyor
a measurement allowing to verify that the planned and actual SDPs are within the agreed maximum tolerance, and in any case that
they are less than a 5% threshold. Failing this, Lessee has pledged to agree to perform, at Lessee’s expense, the corrective
construction measures in order not to exceed said threshold, without modifying the contractual schedule.

 

DP. 3. TAKING
OF POSSESSION OF SECTION 6 – LIFTING OF RESERVATIONS

 

DP. 3.1PROVISIONAL DATE FOR THE TAKING
OF POSSESSION

 

It is specified that, pursuant to this lease,
the Initial Premises are already made available to Lessee as of the Effective Date of the Lease.

 

The date of Section 6 provisional possession
is set at November 16, 2020, subject to the provisions of Article DP. 4. below (Legitimate Causes for Extending the Schedule),
hereinafter named “The Provisional date for the Taking of Possession.”

 

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DP. 3.2 DEFINITION OF SECTION 6
COMPLETION The completion of Section 6 is understood according to the meaning of the provisions of Article R261-1 of the Code
of Construction and Housing, and also of the performance by Lessor of the work that shall comply with:

 

		-	The Technical Documents (including the Technical Description, the Building Permit layouts, the
Building Permit and its application documentation, and the modified building permits, if needed),

 

		-	The alterations validated later by the parties, upon the signing of this document,

 

		-	The industrial standard and DTU,

 

		-	The administrative authorizations that were issued, including for specific Lessee activities,

 

		-	And all obligations that would be required and applicable in accordance with the laws and the regulations
before delivery, concerning the buildings being constructed, and not requiring the issuance of an additional administrative authorization.

 

Completion is understood to be full completion
and shall include:

 

		-	Equipment items in good working condition as provided in said documentation, which are required
for the use of the section, in accordance with its intended use.

 

		-	Full performance of the work of Section 6, the various roadworks and networks (VRDs), and landscaping
described in the building permit, depending on the planting season.

 

		-	The evacuation of rubble and the repair of VRD deteriorations due to the construction work,

 

For the assessment of the Completion of
Section 6, (i) the defects, minor imperfections of any nature, and (ii) the disruptions due to Lessee’s development work
prior to the Completion date may not prevent the acknowledgment of the Completion of Section 6 as long as they do not prevent the
intended use of Section 6 as mentioned in the Lease, or they do not affect the structural strength of Section 6 or the safety of
persons that will occupy it, or they do not prevent the operation of the Leased Premises in accordance with the authorizations.

 

Only the defects, imperfections, or non-compliances
mentioned in the previous paragraph may be the subject of reservations to the Completion of Section 6 by Lessee at the taking of
possession of said section.

 

Furthermore, in the event that certain
items or technical devices of Section 6 are not adequately tested, depending on the date at which the Completion of Section 6 occurs,
such Completion shall take place with the reservation of said items or technical devices being in good working order, which shall
be tested later. A special reservation shall be mentioned to this end in the minutes of Completion or the report of the expert.

 

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DP. 4. LEGITIMATE
CAUSES FOR EXTENDING THE SCHEDULE OF THE TAKING OF POSSESSION

 

In the event that a fortuitous occurrence,
or a Force Majeure event, or a legitimate cause for extending the schedule of the taking of possession (hereinafter collectively,
the “Legitimate Causes for Extending the Schedule”) takes place, the Completion schedule shall be automatically extended
by a number of days equivalent to the inability to perform the work.

 

Within the scope of these provisions, Legitimate
Causes for Extending the Schedule, within the meaning of this Lease, shall be deemed to include:

 

All cases of Force Majeure or fortuitous
event within the meaning of Articles 1218 and 1231 of the Civil Code and their judicial applications, as well as the following
cases:

 

		a)	An event of Force Majeure. Force Majeure is understood
to have the meaning given by case-law, as any event that is external, unpredictable, irresistible, and insurmountable. Strikes
that are specific to the work site are excluded from Force Majeure.

 

		b)	Disorders resulting from natural disasters

 

		c)	Storm days within the meaning of Article L.731-2 of the
Labor Code, which meet the following criteria:

 

	Causes	Lots	Criteria
	
        Freezing

        (Temperature measured at 7:00 AM)
	
        Building platform treatment by lime/cement

        Earthwork/frame

        Structural work

        Sealing/cladding

        Slab

        Roadworks
	
        Central DTU or stoppage

         

        -5°C or DTU

        -1°C or DTU

        4 C or presence of ice

        Central DTU or stoppage

        5°C

	Thawing fence	General contracting	 
	Rain	
        Earthwork/soil reinforcement

        Layers flattening

        Structural work

        Covering

        Sealing

        Cladding

        Frame

        Roadwork
	
        > 3 mm

        0 mm

        > 10 mm

        > 4 mm

        > 4 mm

        > 10 mm

        > 10 mm

        0 mm

	Snow	
        Earth work

        Structural work

        Covering/cladding

        Frame
	
        Presence of snow cover or snowfall

        > 1 cm

	
        Wind gusts/strong winds

        (Maximum velocity)
	
        Structural work

        Covering

        Cladding/External joineries

        Frame
	
        > 50 kph

        > 50 kph

        > 40 kph or wind gusts

        > 50 kph or wind gusts

 

Lessor shall show proof of bad weather
to Lessor, by forwarding a certification by the Project Manager at the work site, which will confirm that the work site has been
disturbed because of bad weather, and Lessor shall determine the resulting number of days by which the delivery date will be postponed.
To this certification shall be attached a report from the national weather station closest to the real Property Program, confirming
the existence of said bad weather, and a report from the Technical Control Board of the SPS coordinator acknowledging with justification
the inability to work, because of the consequences of the bad weather or weather conditions that are dangerous for people.

 

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		d)	The following is one of the causes of work suspension:
a general strike affecting the building or transportation professions (those strikes affecting only the companies working on the
site are not taken into consideration), judicial or administrative injunctions to suspend or stop the work (unless said injunctions
are based on the fault or negligence of the Developer in the performance of its tasks), the disruptions resulting from riots,
hostility, revolutions, demonstrations that prevent supplies from reaching the work site.

 

		e)	By express agreement, it is specified that any company
failure, including judicial liquidation, shall not be taken into account in order to modify the delivery schedule.

 

		f)	Delays due to Lessee’s development work prior to
the Effective Date of the Lease.

 

For the sake of evaluating the above-mentioned
events, the Parties state as of now that they accept to refer to a certificate drafted by the project manager and/or the safety
and health protection coordinator (CSPS), under their own responsibility, together with the documents justifying the event being
considered, which shall be communicated to Lessee within ten (10) business days from the date of receipt by Lessor of a registered
letter from the Developer denouncing the events acknowledged to be reportable Legitimate Causes, with the understanding that, in
any case, any reported Legitimate Causes shall be specified by Lessor to Lessee at the monitoring committee meeting.

 

Nevertheless, it is specified that the
weather-related justifications that may result in legitimate causes for suspension of the schedule are only available at the beginning
of the month following the occurrence of said bad weather, and may only be forwarded to Lessee on the following month.

 

DP. 5. VISITS
PRIOR TO THE TAKING OF POSSESSION

 

Within fifteen (15) days before the date
of Completion of Section 6, Lessor shall invite Lessee to be present, during said period, for the operations prior to the delivery
of Section 6, in order to enable the Developer to note any defects that may be raised by Lessee or any representative of its choice,
and to perform any remedial work before the Section 6 Completion date (except for reservations).

 

The Parties shall establish to this end
a list of defects noted during these operations prior to delivery.

 

This preliminary visit shall not be deemed
as a Taking of Possession of Section 6, which may only take place upon the signing of the minutes of the taking of possession of
Section 6.

 

Lessee shall have the right to invite any
person of its choice.

 

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DP. 6. TAKING
OF POSSESSION AND LATE-DELIVERY PENALTIES

 

The Taking of Possession shall take place
as follows:

 

		(i)	Lessor shall inform Lessee of the date at which Lessee
may verify the Completion of Section 6 and proceed with the taking of possession. Such information shall be forwarded by registered
letter with return receipt requested, at least eight (8) days before the set date.

 

		(ii)	On said date, Section 6 Completion, with or without
reservations, shall be verified in the minutes of the taking of possession, established by both Parties (the “Minutes of
the Taking of Possession”). Each Party may bring one or more experts of its choice. Lessee shall establish the list of reservations
that it will submit to Lessor, to be attached to the Minutes of the Taking of Possession.

 

		(iii)	Upon verification of the Completion and the Taking
of Possession, whether or not reservations have been logged, accepted, or disputed, the keys will be submitted to Lessee, to serve
as the taking of possession.

 

In the event of a dispute between
the Parties concerning the non-performance and the defects or lack of compliance causing a refusal of a taking of possession, the
Parties shall appeal to an expert designated by joint agreement of the Parties, who will evaluate the Completion of Section 6 in
accordance with the provisions of Article DP. 3.2., and whether the reservations noted by Lessee were justified or should be lifted.

 

In the event that the Parties
do not agree on the choice of such expert, its designation will be performed by the President of the High Court of the area where
the Building is located, ruling in summary proceedings, and this at the request of the first Party to act.

 

The fees of this expert and
the financial consequences causes by his or her intervention shall be assumed by the Parties whose claims are contradicted by the
expert, or shared equally in the event that both Parties are partially contradicted by said expert.

 

The Parties irrevocably pledge
to deliver to the expert any documents that said expert would deem useful for the performance of his or her assignment, and to
be governed by the opinion issued by the expert. The expert shall have the powers of joint representative of the Parties, and the
expert’s decision shall be final and without appeal.

 

In the event of Lessee’s
absence at the verification of Completion, Lessor shall forward to Lessee, by registered letter with return receipt requested a
new convocation for proceeding with the certification of Completion of Section 6, with an advance notice of five (5) days.

 

In the event of a new absence
by Lessee, Lessee shall be deemed to have accepted Section 6 without reservations on the date provided pursuant to the first convocation.
The minutes of the verification by the bailiff shall be considered as the Completion of Section 6 without reservations.

 

In the event that Section 6
is not made available to Lessee by Lessor, in accordance with the conditions mentioned above on the date of Completion of Section
6 (in the absence of Legitimate Causes for Extending the Schedule or of Force Majeure), i.e. in the event of a delay exceeding
fifteen (15) calendar days, and for any occurrence not due to a Legitimate Cause for Suspending the Schedule, Lessor shall by right
owe to Lessee a flat and final penalty of six hundred euros (€ 600) per day of delay, as full remedy for damages incurred
by Lessee.

 

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DP. 7. PROCEDURE
FOR LIFTING THE RESERVATIONS AND FLAT-FEE PENALTIES

 

The penalties listed in the Minutes of
the Taking of Possession must be lifted within a period of 90 calendar days after the date of signature thereof, unless (i) the
above-mentioned delay needs to be extended because of a Legitimate Cause for Extending the Schedule, in particular related to supply
problems, or (ii) the lifting of said reservation is technically impossible or is possible only by employing steps the impact or
the cost of which would be manifestly disproportionate given the impact of the subject reservation on the operation of the Leased
Premises, and except special reservations for equipment that may not be tested correctly within the above-mentioned period.

 

Following the above-mentioned period of
90 calendar days, Lessor shall owe to Lessee a fixed final indemnity of ONE HUNDRED EUROS (€ 100) per business day of delay
for all non-lifted reservations, whatever the number of remaining ones.

 

Payment of the fixed indemnities shall
automatically end after an additional 90 calendar days beyond the initial period for lifting the reservations.

 

If needed, it is specified that if an expert
designated pursuant to the conditions of Article DP. 5. concluded that the refusal by Lessee to verify the Completion of Section
6 was unjustified, no late-delivery penalty shall be owed by Lessor to Lessee, and Lessee shall have to pay the rent.

 

Upon the end of the 90 calendar day period,
the lifting of reservations shall be verified by the minutes of the lifting of reservations established between the Parties or,
failing that, by an expert designated in accordance with the conditions indicated below.

 

At the end of said period of 90 calendar
days, and if the reservations have not all been lifted, and following a formal claim by registered letter with return receipt requested
that remains unanswered during twenty-one (21) calendar days, Lessee may, at its option, have performed by any contractor of its
choice, but at Lessor’s expense, who pledges to do so, the work required for the lifting of the non-lifted reservations.
Such option is offered to Lessee solely for the work associated with the lifting of reservations that will not impact the coverage
of the structural damage insurance.

 

For the lifting of reservations that may
impart the structural damage insurance coverage, the Parties pledge to examine the question of such delays in order to find a satisfactory
solution.

 

The minutes of the lifting of reservations
shall be established between the Parties or, failing that, in the event of a disagreement, such disagreement shall be settled by
an expert, as agreed in Article DP. 5.

 

In exchange for the obligations engaged
by Lessor and the Developer to list the reservations, and in order to give them the means to fulfill such obligations, it is agreed
that Lessee grants as of now to Lessor and the developer the power to access the premises during business hours in order to perform
the work associated with the lifting of reservations with the contractors.

 

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DP. 8. EARLY
AVAILABILITY 

 

In order for Lessee to perform its early
development and equipment work in Section 6, following Completion of said section, Lessor will make available to Lessee the warehouse
portion of Section 6 at an earlier time, fifteen (15) calendar days before the Taking of possession, and in any case after the
casting and drying of the slab. The manner (schedule, terms, and conditions) in which the above-mentioned areas shall be made available
early is defined in the agreement attached herein (Appendix 17).

 

To this end, a State of the premises shall
be drafted between the Parties, whether they are present or represented. Lessee pledges to respect all safety measures related
to the work site, not to hinder the continuation of the work in Section 6 within the set deadlines, not to perform installation
or other work that would prevent the compliance of Section 6 or the issuance of the subject certification.

 

In no case shall Lessee be authorized to
perform its activity in the premises that are made available.

 

Finally, Lessee pledges to purchase at
that time all required insurance policies, concerning both the assets and the performance of the anticipated work.

 

It is recalled that the early availability
offered to Lessee of the warehouse portion of Section 6 shall terminate automatically upon the date of the Taking of Possession
by Lessee. It is further recalled that the availability of Section 6 to Lessee may not be delayed if Lessee’s development
work is not completed on that date, and that the non-completion by Lessee of its development work, or the existence of defects
and reservations in the performance, may not affect the Completion of Section 6.

 

Lessee’s development work shall correspond
to the work mentioned in the appendix of the above-mentioned early availability agreement, and shall be approved by Lessor in advance.
All other work that is requested shall be submitted to Lessor for prior validation.

 

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DP. 9.LESSEE’S
REQUEST FOR ALTERATIONS

 

In the event that Lessee wishes that modifications
be made to Section 6 by means of alterations (hereinafter, the “Alterations”), Lessee shall consult solely with Lessor,
who will evaluate under its own responsibility whether the requested modifications are feasible, based on the legal and regulatory
provisions of any type applicable to the construction of Section 6.

 

Lessee shall provide a detailed description
of the Alterations that it wishes to perform. If the Alterations require prior feasibility studies, Lessor will specify in writing
to Lessee the nature and anticipated cost of such studies, and Lessee shall have a period of five (5) business days, starting on
the date of receipt of such information, to accept or refuse these studies.

 

If, upon completion of such feasibility
studies, Lessee does not follow up on its request for Alterations, Lessee shall pay to Lessor the cost of the studies within a
period of five (5) business days after receipt of the corresponding invoice.

 

Lessor shall have the option of rejecting
the performance of the Alterations requested by Lessee, if said work:

 

		-	Has the effect of delaying the provisional date of possession ;

 

		-	Requires a modified building permit or a prior statement of work or a new building permit or another
administrative authorization (in particular, ICPE);

 

		-	Is not compatible with the requirements for issuance of the certifications;

 

		-	Prevents the issuance of the administrative compliance of the building permit and, as the case
may be, any modified permits issued for the construction of Section 6, in accordance with Articles L. 461-1, L. 462-1,
and L. 462-2 of the Code of Urban Planning;

 

		-	Is technically unfeasible, in particular because of the progress of the construction work for Section
6.

 

Within twenty-five (25) calendar days of
(i) the receipt by Lessor of Lessee’s request for Alterations, or (ii) the receipt of the feasibility studies, Lessor shall
submit to Lessee an estimate concerning the Alterations, including the cost of the work plus 10% excluding tax, as compensation
for the technical and architectural fees, and the fees of the control board, the safety, management and insurance coordinator,
and more generally for all expenses related to the above.

 

If Lessee does not respond within ten (10)
calendar days, the estimate shall be deemed rejected by Lessor.

 

The Section 6 alterations may only be performed
following express approval of such proposals by the Parties, such agreement being than made official by a rider to the Lease, indicating
the nature of the modifications or additional work, their impact on the Rent and, as the case may be, on the date of the Taking
of Possession.

 

The Alterations shall receive the same
guarantees and insurance coverages as the work provided in the Lease.

 

The cost of the Alterations, as defined
above, shall be re-invoiced by Lessor to Lessee.

 

The implementation of such Alterations
may not start before the acceptance of the estimate by Lessee and the signing of a rider to this Lease.

 

DRAFTED AT

 

On 10 December 2019

 

IN TWO ORIGINAL COPIES, provided
to each of the Parties, who acknowledged same

 

	The Lessor	The Lessee
	 	 
	/s/signature unintelligible	/s/ Philippe Santi

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LIST OF APPENDICES

 

	Appendix 1	Extract k-bis and statutes of Lessor’s representative
	 	 
	Appendix 2	Powers of Lessee’s representative
	 	 
	Appendix 3	Summary chart of the SHONs by Jean-Claude BERSON on April 12, 2011
	 	 
	Appendix 4	Decree to Operate, quadripartite agreement dated April 26, 2011, and receipt of the statement of operator change on June 15, 2011
	 	 
	Appendix 5	Authenticated document dated June 6, 2016, creating mutual non aedificandi easements on land belonging to INS CRIQUEBEUF Company and NOTAPIERRE Company
	 	 
	Appendix 6	Information Brief, favorable opinion issued by DREAL and dated June 30, 2017, and Complementary Decree to Operate
	 	 
	Appendix 7	Building Permit and application documentation, Layouts of Section 6 
	 	 
	Appendix 8	Section 6 Technical Description
	 	 
	Appendix 9	Minutes of delivery dated April 26, 2011 (for delivery of Phase 1 of the building); dated September 30, 2011 (for delivery of Phase 2 of the building), containing reservations; minutes of the lifting of reservations dated November 22, 2011, and minutes of delivery without reservations dated December 26, 2011 (for the awning)
	 	 
	Appendix 10	Description of Lessee’s Initial Development Work
	 	 
	Appendix 11	Lessor’s bank account
	 	 
	Appendix 12	Environmental diagnosis = soil reports performed during construction
	 	 
	Appendix 13	Status of Risks and Contaminations (ERP)
	 	 
	Appendix 14	Land Layout
	 	 
	Appendix 15	DPE 
	 	 
	Appendix 16	Work site layout plan
	 	 
	Appendix 17	Tripartite availability agreement
	 	 
	Appendix 18	Summary status of the work in accordance with the Pinel Law (-3 years / +3 years)
	 	 
	Appendix 19	Inventory of charges, taxes, fees, and levies associated with the Lease
	 	 
	Appendix 20	Section location layouts

 

 

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