Document:

EX-10.1

 Exhibit 10.1 

COMMERCIAL LEASE 
 BETWEEN THE
UNDERSIGNED: 
 SELECTINVEST 1, a real estate investment trust with variable capital, with registered office in PARIS (75008) – 173,
boulevard Haussmann, registered under number 784 852 261 R.C.S. [Registry of Trade and Companies] of PARIS. 
 Represented by its management company, UFG
Real Estate Managers, abbreviated UFG REM, a simplified corporation with capital of 1,220,384 Euros, with registered office in PARIS (75008) – 173, boulevard Haussmann, registered under number 399.922.699 R.C.S. of PARIS. 

Itself represented by Mrs. Frédérique LOHNER, Director of Corporate Real Estate Marketing, duly authorized for this instrument, 

Hereinafter “the Landlord” 
 PARTY
OF THE FIRST PART 
 AND 
 DBV TECHNOLOGIES,
a corporation with capital of 462,467 Euros, with registered office in BOULOGNE-BILLANCOURT (92100) – 104, avenue Victor Hugo, registered under number 441 772 522 with R.C.S. of NANTERRE. 

Represented by Mr. Pierre BENHAMOU, General Director, duly authorized for this instrument, 

Hereinafter “the Tenant” 
 PARTY OF
THE SECOND PART 
 The Landlord and the Tenant together being hereinafter referred to as “the parties.” 

IT HAS BEEN EXPRESSED AND AGREED AS FOLLOWS: 
 This
document shall be divided into two parts forming an indivisible whole: 
 Part one: GENERAL CONDITIONS 

Part two: SPECIAL CONDITIONS 
 It is specified that,
in the event of contradiction between the two parts, the special conditions shall prevail over the general conditions. 

 The Landlord hereby gives under commercial lease to the Tenant the rights and assets indicated below, under the
status of commercial leases, provided that the Tenant meets the conditions, as it appears from the provisions of articles L.145-1 et seq., R.145-1 et seq., and D. 145-1 et seq. of the Commercial Code. 

Only in the event that the Tenant is a professional who may be subject to article 57A of law No. 86-1290 of December 23, 1986, the parties agree to
submit to the regime of the statute of commercial leases, and this voluntary submission expressly excludes, if needed, the provisions of article 57 A of law No. 86-1290 of December 23, 1986, pursuant to article 7 of article L145-2 of the
Commercial Code. 
 In addition to the conditions set forth below, the Tenant undertakes to respect all the obligations and formalities introduced by laws
and regulations, as well as the provisions of the regulations applicable to the building (co-ownership regulation, internal regulation, specifications applicable to the real estate complex, etc.), as well as their successive changes, which, by
express agreement, shall be considered to form an integral part of these General Conditions, with the same sanctions. 
 If the building is in co-ownership
or under a ZAC [Zone d’aménagement concerté - Urban regeneration zone], AFUL [Association Foncière Urbaine Libre – Free Urban Real Estate Association], ASL [Association Syndicale Libre – Free Union Association],
or other form of sol ownership, the Tenant shall scrupulously respect the respective regulations and their successive changes, and especially the co-ownership regulation delivered prior to the signing of this instrument. 

It is also specified that, in the text of this lease, the reference to or approval of articles of laws or regulations governing the statute of commercial
leases is not equivalent to Landlord’s recognition of the applicability of said statute to this lease and that the Tenant cannot use said statute unless it meets all its conditions. 

CHAPTER I – DESCRIPTION, INTENDED USE, TERM 

ARTICLE 1 – DESIGNATION 
 The premises hereunder are
designated in the special conditions. 
 The Tenant declares to know the building and leased premises perfectly well, either because it visited or occupied
them previously, to accept them as is and as they exist, and that it wants to take upon itself the possible bringing up to standard of said premises and/or to adapt them to its activity, since the Landlord guarantees only their general commercial
use. 
 The Tenant accepts the premises hereunder as is at the time of its entry into possession. 

No error in description, consistency, or the area of the leased premises may justify an increase or reduction of the rent or an indemnity to either party.

 The Tenant may not require from the Landlord any fitting out, remediation, rebuilding, or repair of any nature
whatsoever, or any bringing up to standard even for the exercise of its activity, or any reduction of the rent or indemnity because of this reason at the entrance in the premises or during this lease or its extensions, continuations, or renewals.

 Equally, the Tenant cannot present any complaint due to constructions or fitting out likely to subsequently modify the views and environment of the
leased premises. 
 ARTICLE 2 – ENTRY INVENTORY OF THE PREMISES 

An inventory of the premises shall be drawn up in the presence of both parties when the Tenant arrives. It may be drawn up by a bailiff if one of the parties
so desires. In all events, it shall be drawn up at the expense of the Tenant. The same holds true in the event of drawing up of a preliminary entry inventory of the premises. 

In the event that, for any reason, this inventory of the premises is not drawn up and especially if the Tenant were absent, the premises shall be considered
to have been leased in perfect maintenance and repair conditions of all natures. 
 ARTICLE 3 – INTENDED USE – INDIVISIBILITY 

The Tenant must use the premises hereunder exclusively for the use specified below in the Special Conditions, peacefully and pursuant to articles 1728 and 1729
of the Civil Code. 
 3.1 Maintenance of the contractual intended use 

During the entire term of the lease, the Tenant shall be obligated to keep for the leased premises the contractual intended use agreed upon, to the exclusion
of any other of any nature whatsoever. 
 It shall maintain said premises in permanent state of effective and normal operation according to the agreed
intended use, under penalty of cancellation of this lease under the conditions set forth in article 21 of the general conditions of this lease titled “CANCELLATION CLAUSE.” 

The Tenant shall refrain from conducting in the premises used for offices any acts of industrial or artisanal production or sales to the public, wholesale or
retail, as well as any auctions. 
 In the industrial use premises (activities, warehouse), the tenant has the right to conduct all acts of industrial or
artisanal production and shall refrain from performing any sales to the public, wholesale or retail, as well as any auctions. 

 

 3.2 – Indivisibility 

The parties expressly agree that the leased premises form a single and indivisible whole. 

ARTICLE 4 – TERM 
 This lease is granted and accepted
for a term specified in article 28 of the Special Conditions. 
 In the hypothesis that the leased premises cannot be made available to the Tenant on the
date agreed in article 28 of the Special Conditions for a reason unrelated to it, the Tenant may not claim any request or indemnity other than a grace period of rent, charges and taxes for the period between the effective date hereof and the
effective date when the leased premises are made available. 
 Unless otherwise agreed in the Special Conditions, the Tenant may terminate this lease at the
expiration of each three-year period by giving notice of by extrajudicial act at least six months in advance. 
 The Landlord shall have the same right in
the cases set forth in articles L.145-18, L.145-21, and L.145-24 of the Commercial Code. 
 CHAPTER II – RENT, CHARGES, AND INCIDENTALS 

ARTICLE 5 – INITIAL RENT 
 This lease is granted and
accepted for an annual main rent net of charges and net of taxes established in the special conditions. 
 VAT or the contribution on rental income and/or
any other fee or tax replacing them or added to them, in addition to the dues and taxes defined below, shall be added to said rent, so that the rent remains net and free of any tax, fees, dues, charges, and costs for the Landlord. 

ARTICLE 6 – INDEXATION OF THE RENT 
 The rent shall
increase automatically every year on the anniversary of the effective date of the lease, proportionately to the variations of the National Index of the Cost of Construction published by the National Institute of Statistics and Economic Studies, base
100 in the 4th quarter of 1953. 
 The application of this indexation clause may not, in any case, have
the effect of bringing the rent to an amount lower than the initial rent. 
 For the first year, the index established in article 30 of the Special
Conditions shall be compared to the index of the same quarter of the following year. 
 For subsequent years, the index selected at the time of the previous
reevaluation and the index of the same quarter of the following year shall be compared.

 If the index chosen for the annual indexation stopped being published, this indexation would be made taking as
base either the replacement legal index or a new index selected by mutual agreement between the parties. In the absence of agreement, the parties undertake to resort to the decision of the court expert designated by order of the Presiding Judge of
the Court of First Instance of PARIS at the request of the most diligent party, sharing the expenses half and half between the parties. 
 This conventional
indexation of the rent is an essential and decisive condition of this lease, without which it would not have been executed. 
 In addition, the legal
revision currently set forth in articles L145-37, L145-38, and L145-39 of the Commercial Code remains applicable. 
 ARTICLE 7 – RENEWAL RENT

 In the event of renewal of this lease, the rent of the new lease shall be established, in the absence of amicable agreement, at the market rental
value of the leased premises on the effective date of the renewal, calculated in comparison with the price of new premises leases of the same type and taking into account the possible fitting out and improvements made by the tenant in the leased
premises, all by express agreement, by derogation to articles L. 145-33 and L. 145-34 of the Commercial Code and 23 et seq. of the decree of September 30, 1953. 

In the absence of agreement between the parties on the amount of the new rent, they undertake as of now to resort without possible remedy to the opinion of an
expert designated by the Presiding Judge of the Court of First Instance of Paris, appointed at the request of the most diligent party; his opinion shall be rendered within three months from his appointment, and his expenses and fees shall be shared
by half between the parties. 
 ARTICLE 8- RENT CHARGES AND INCIDENTALS 

The distribution of the charges defined in this article shall be proportional either to the leased area or to the co-ownership percentage. If the Tenant
occupies part of a co-ownership lot, the share of the charges allocated to the leased premises shall be determined proportionally to the percentage occupied, private areas and common areas included. 

8.1- Charges 
 The tenant must pay or reimburse to the
Landlord or its representative the charges and services of all natures related to the leased premises, as well as its share of the charges and services concerning the common areas of the building and/or real estate complex. 

These charges include in particular, without limitation thereto: 
  

	 	•	 	for individual services and supplies: 

  

	 	•	 	expenses for heating, air conditioning, cooling 

  

	 	•	 	water, electricity, telephone 

 

  
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 for expenses necessary for the operation, cleanliness, maintenance, [and] repairs of the building and/or of
the real estate complex: 
  

	 	•	 	expenses concerning major repairs under article 606 of the Civil Code, maintenance, restoration, repair and replacement of common equipment, 

 

	 	•	 	expenses for maintenance, repair, improvement, and replacement of common equipment of elevators, air conditioning, ventilation, electric installations, telephone, [and] heating system, including maintenance and
replacement of the boiler, roof, facades, courtyards and gardens, locks, shutters and metal shutters and parking areas, including upon administrative injunction or legal or regulatory order, 

 

	 	•	 	expenses of audit, monitoring, measurements, and installation of measuring instruments for measuring the environmental performances of the building, 

 

	 	•	 	expenses made to optimize the greenhouse gas effects or energy consumption of the building and/or to bring it up to standard in connection with the requirements of thermal regulation. 

 

	 	•	 	expenses for fitting out, maintenance, insurance, improvement, and replacement of the furniture and operating equipment of the common areas. 

 

	 	•	 	salaries and social charges of the personnel allocated to the real estate complex (guards, cleaning personnel, administrative personnel, etc.) 

 

	 	•	 	permanent cash advances (working capital, etc.) called in by the administrator, the manager, or the entities of the Association Syndicale Libre [Free Union Association] or Association Foncière urbaine Libre
[Urban Free Real Estate Association] 

  

	 	•	 	fees for the management of the building (administrator and/or other representatives) and the leased premises (manager on behalf of the Landlord. 

 

	 	•	 	more generally, the cost of all works of any nature and magnitude, including repair or replacement that would be done in the common parts of the building. 

 

	 	•	 	For expenses necessary for the protection of the site: 

  

	 	•	 	Expenses for security, etc. 

  

	 	•	 	Expenses for closing installation, gate, etc. 

 In general, it shall bear all these charges so that the rent
established is net of all charges for the Landlord. 
 8.2- Contribution, Taxes, and Dues 

The Tenant shall pay its personal contributions, corporate land contribution, tenant taxes, and others of all natures concerning its trade and all those that
tenants pay or may pay, so that the Landlord is never bothered in this regard. 
 It must reimburse to the Landlord the land tax, the household garbage
removal tax, the sweeping tax, the annual tax on offices, commercial premises and for storage in île de France or any other tax related to the environment and all new contributions, municipal or other taxes, especially related to the
environment. 
 As such, the Landlord shall call in quarterly provisions plus VAT at the rate in force, to be paid by the Tenant for land tax and the
household garbage removal tax. 

 More generally, it shall reimburse to the Landlord all present or future dues and taxes concerning the building,
all so that the rent received by the Landlord is net of any tax charges. 
 ARTICLE 9 – PAYMENT TERMS 

The Tenant undertakes to pay at the domicile of the Landlord or its representative the rent and the charges, dues, and incidentals in four installments, in
advance, on January 1, April 1, July 1, and October 1 of each year. 
 The charges and incidentals shall be billed to it in
the form of quarterly provisions called in and shall give rise to an annual settlement plus VAT at the rate in force. 
 In order to facilitate the recovery
by the Landlord or its representative of the rent and all amounts due by the Tenant under this lease, the Tenant shall make a transfer to the account of the Landlord, whose RIB [bank data] was given to it when signing this instrument. 

ARTICLE 10 – SECURITY DEPOSIT 
 Upon signing this
instrument, an amount representing one quarter of the annual rent is paid, all taxes included, as security for the payment of all charges and performance of all conditions of the lease by the Tenant. 

This amount shall be reimbursed to the Tenant at the expiration of the lease, subject to the stipulations below, as well as to article 18 of the General
Conditions, after deduction of all amounts possibly owed by the latter for any reason whatsoever and also as indemnity. 
 The Landlord shall reimburse the
security deposit to the Tenant following the provisional account balance, possibly after deducting the additional provisions for charges, dues, and taxes not yet established. 

The Landlord shall prepare a final account balance based on real expenses. 

In the event of cancellation of this lease following the default on its conditions for a reason imputable to the Tenant, the security deposit shall be kept by
the Landlord as damages, without prejudice to all others, rent matured or to mature and all other amounts owed by the Tenant. 
 In the event of revision,
indexation or any other variation, amicable or court-ordered, of the rent, this security deposit shall be adjusted proportionately to the new rent, in order to maintain it at a quarter of the annual rent, all taxes included. 

During the lease, the Landlord shall have the right to withdraw without formalities from the security deposit the amount of the past due rent and all amounts
payable for any reason. It may charge to it as a priority, by derogation to article 1253 of the Civil Code, and notwithstanding any contrary charge by the tenant, the payment of the penalties, interest, and expenses related to unpaid amounts, then
the amount of the oldest arrears of charges, taxes and incidentals first, then rent, owed

 

  

	

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by the Tenant. In all events, the Tenant shall be obligated to complete or replenish the security deposit at the first request and at the latest within fifteen days, so as to always keep it equal
to three months of rent, all taxes included, under penalty of cancellation of the lease, under the conditions of article 21 and if the Landlord so decides. 

Since the compensation is expressly agreed upon, as needed, the Landlord shall exercise on the amounts pledged for its own profit, all related prerogatives
pursuant to articles 2333 et seq. of the Civil Code. 
 By derogation to the provisions of article 2341 paragraph 1 of the Civil Code, the Landlord shall
not be obligated to itemize the security deposit. 
 Finally, contrary to the provisions of article 2345 of the Civil Code, the security deposit shall not
produce interest likely to be claimed on the amounts owed by the Tenant to the Landlord. 
 ARTICLE 11 – LATE PAYMENT 

In the case of lack of payment on the exact maturity of any amount owed by the tenant hereunder, the Tenant shall automatically owe to the Landlord a fixed
increase of 10% on the amounts due, all plus interest at legal rate plus five points on the amounts owed from the contractual due date, without prior notice, any started month being owed. 

In addition, all expenses for orders or summonses incurred by the Landlord in order to force the Tenant to perform its obligations shall be at the expense of
the Tenant. 
 CHAPTER III – OTHER CLAUSES AND CONDITIONS 

ARTICLE 12 – GENERAL POSSESSION CONDITIONS 
 12.1
– Furnishing of the premises 
 The Tenant undertakes to keep the leased premises constantly furnished, during the entire lease, with furniture and
materials, in sufficient quality and value to cover the payment of the rent, charges, and incidentals and the performance of the conditions and charges of this lease. The Landlord reserves the right to verify such furnishing on the spot. 

In the event of accident, the amounts that would be owed to the Tenant by the Insurance Company or Companies shall form the guarantee of the Landlord instead
of the material and objects and pieces of furniture, until their replacement. For this purpose, this instrument is equivalent to guarantee to the Landlord for all amounts owed to it, with all powers being given to the bearer of the original of this
instrument to communicate the transfer to whomever it may concern. 

 12.2 Compliance with building regulations 

The Tenant must comply with the charges and conditions of the internal regulation and/or co-ownership regulation, the possession regulation, the
specifications, and any document that governs the real estate complex, as well as those imposed by the Co-owners Union or any other body possibly created among co-owners and/or occupants of the building or neighboring buildings, if any. It shall
comply with all modifications the Landlord may come to make in them in the future. 
 The Tenant declares that it learned and accepted the regulations
concerning the building, especially those concerning its access conditions (schedules, closing days, etc.). 
 The Tenant may not deposit or leave anything
in the common areas of the building, which must always have free access. 
 The Tenant shall refrain from introducing in the leased premises flammable,
explosive, or hazardous materials for the security of the building, and from using gas in any form whatsoever. 
 The Landlord does not guarantee the
temperature of the premises served by the heating and/or air conditioning installation(s) that may exist in the leased premises. The Tenant may not make any complaint in this regard. 

The same shall hold true concerning the temporary elimination or reduction of Collective Services such as water, electricity, telephone, heating, etc., due to
maintenance, repair, replacement, defect of supply or interruption, being out of order, strike, or any other causes, regardless of their duration. 
 If
there is a corporate restaurant in the real estate complex where the leased premises are located, the Tenant must become a member and punctually pay the dues set forth for this purpose. It must maintain its membership for the entire term of its
possession. 
 12.3.- Signs, antennas, and satellite dishes 

The Tenant may not install a sign, plaque, logos, stickers, antenna or satellite dish, blinds, shutters or reflective films, light signaling, or, in general,
any installation modifying the external appearance of the building in the private and common parts without the prior written approval of the Landlord or the co-ownership, if needed. 

In the event of noncompliance with this condition by the Tenant, the Landlord shall be entitled to require the return to the original state at the expense of
the Tenant, or even to have this work done by a company approved by it at the expense and risks of the Tenant. 
 The Tenant shall be in any case obligated,
at the end of the lease, to dismantle and return the premises to the original state, if the Landlord so chooses, at the expense of the Tenant and in accordance with professional standards.

 

  
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 Moreover, the Tenant shall take it upon himself to obtain the authorizations needed and the insurance necessary
for this purpose, so that the Landlord is never bothered or searched for this reason. 
 It must maintain these installations in good condition, and it
alone shall be responsible for any possible accidents caused by their existence. 
 12.4. - Neighborhood disturbance 

The tenant shall take all necessary precautions to avoid that the performance of its trade and activities damage in any manner the maintenance of the
tranquility, good appearance, and good performance of the building and shall assume all responsibilities in this regard. 
 It shall refrain from having in
the leased premises a dangerous, hazardous, or uncomfortable device and having an animal, including a pet, which may be harmful or unpleasant to the neighbors. No bad odors must come from its premises. 

In the event of use of tools or devices that may cause interference with wave reception for the neighbors, the Tenant must remedy it quickly so that the
Landlord may not be bothered for this reason. 
 12.5.- Parking lots and traffic areas 

The Tenant may not make any modification in the parking spaces except to install signage after the approval of the Landlord. 

It shall use the spaces to park vehicles, excluding any other use (repair, washing, depositing objects, etc.), and must permanently keep them in a condition
of perfect safety and cleanliness. 
 The Landlord shall not be responsible in any case and for any reason for theft, damage, [or] accidents to which the
Tenant may become victim directly or indirectly, concerning vehicles (and their contents) that may belong to it or to its personnel or clientele, if any. The Tenant declares for this purpose to waive and obligates its insurer to waive any remedy
against the Landlord. 
 13 – WORKS 
 13.1-
Works at the initiative of the Tenant 
 Before entering into the premises as well as during the lease, the Tenant may not conduct work in the leased
premises that may change the intended purpose of the building or harm its solidity. Equally, it may not place on the floors a load heavier than their strength, under penalty of being liable for all disturbances or accidents. 

 

 It may not make in said premises any piercing of the walls or floors, or tiling, or hard floor covering, any
demolition, any layout change, [or] any machinery installation regardless of the energy source, without the express prior written consent of the Landlord. 

It may not carry out any work affecting the technical installations of the building or its environmental performances without the express prior written
agreement of the Landlord. 
 If this work should enter into the scope of existing thermal regulation, the Tenant shall conform to it and shall bear all
resulting consequences, especially administrative and financial. In addition, the work of the Tenant must be done in compliance with the environmental appendix, if it exists. 

If the authorization is given, the work must be made at the exclusive expense, risk, and peril of the Tenant, according to current rules and under the
supervision of an Architect or Design Office indicated by the Landlord and whose fees shall be borne by the Tenant. 
 The Tenant undertakes, before any
intervention of companies in the leased premises, to respect and assure the respect of all regulations by the participants, especially concerning asbestos. 

The Tenant assumes personally and exclusively all claims likely to arise, and to guarantee the Landlord against all possible remedies or claims. 

13.2. - Work at the initiative of the Landlord 
 By
derogation to article 1724 of the Civil Code, the Tenant must allow all works, especially modification, rebuilding, elevation, enlargement, improvement, especially improvement of environmental performances and others, found necessary by the Landlord
to be done during the lease in the building or in the leased premises, even if they become temporarily inaccessible, without being able to claim any indemnity or rent reduction, regardless of the nature and duration, even if they should last more
than forty days. 
 The Tenant must facilitate all access required by the search and repair of leaks or damage in the structural works. It shall bear the
expenses caused by this access and which shall affect its own fitting out, and especially the installation and reinstallation of formwork. 
 13.3. -
Work at the initiative of third parties 
 The Tenant shall bear without indemnity from the Landlord all work carried out in the building or on the
public road, even if interfering with its operation, and even if it lasted more than forty days. 

 

  
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 13.4 – Work owed by the Tenant 

13.4.1 – General provisions 
 The Tenant shall enjoy
the leased premises as a good businessman and shall permanently maintain them, as well as their equipment and installations, in perfect condition. In addition, it shall carry out at its expense, throughout this lease, all repairs, restoration, [or]
replacements, including those under article 606 of the Civil Code, or bringing up to standard, of any nature or magnitude they may be, necessary or useful, as they become so, without any exception or reservation, including those due to old age,
force majeure, or imposed by the administration, the laws, or the regulations. 
 The Tenant expressly waives any guarantee and any indemnification from the
landlord due to vices or defects of any nature, even owing to old age or force majeure that may directly or indirectly affect the leased premises or the building where they are located. 

In particular and without limitation thereto, it must 
  

	 	•	 	maintain and replace, if needed, all the specific equipment (air conditioning, ventilation, electrical installations, telephone, etc.) according to the current standards and bring them to perfect use condition.

  

	 	•	 	make at its expense any replacement of meter and any modification of connection or installation that may be required by any concessionaire or distributing company. 

 

	 	•	 	maintain and replace if necessary the closures, shutters, [and] roll shutters and bring them to perfect state of cleanliness, maintenance, and operation. 

 

	 	•	 	maintain and replace if necessary the floor coverings and remedy the appearance of spots, burns, tears, or any degradation in general. 

 

	 	•	 	maintain the paint and wall coverings or partitions, proceeding to their repair whenever necessary. 

  

	 	•	 	maintain or assume itself the restoration if the building is leased to it in full or, if it leases only part, reimburse to the landlord its share of the maintenance, of the restoration of the facades, or of the work to
improve the environmental performances of the building. 

 It shall equally reimburse to the Landlord the cost of all work of any nature or
magnitude whatsoever, including restoration or replacement, done in the common parts of the building or real estate complex, or done by the Landlord instead of the Tenant to remedy its defect. 

The Tenant shall be responsible for all deterioration arising as a result of abuse of possession, either by itself or by a third party. It must not, in any
case, do anything or allow doing anything that may deteriorate the premises, and it must immediately notify the Landlord of any degradation or deterioration produced in the leased premises. 

13.4.2 – Work prescribed by the Administration, laws, or regulations 

The Tenant shall take upon itself, during the entire term of the lease, the bringing up to standard of the premises and their permanent maintenance according
to all existing or future applicable administrative and police regulations, both in said premises and in the activity carried out therein, and especially the thermal regulation, when applicable, applicable, the regulation governing the
establishments receiving public and/or high-rise buildings. 

 It shall also take upon itself to obtain the authorizations required by the current and future laws for the
performance of its activity in the leased premises. 
 It shall comply with all recommendations and injunctions of the Labor Inspection, the Commissions of
Hygiene and Safety, and, more generally, all Administrative Services concerned, as well as the requirements of the evolution of the thermal regulation, so that the Landlord may never be bothered or searched in this regard. 

It is also agreed that, if the Administration or any authority whatsoever required at a certain point a modification of the premises hereunder due to the
activity of the Tenant, and even if this requirement constitutes a case of force majeure, all expenses and consequences of these modifications, adjustments, and adaptations shall be fully borne by the Tenant, who obligates itself to do so. These
works must be done within the terms prescribed, so that the liability of the Landlord may not be sought for any reason. 
 These works, regardless of their
nature, must be done under the conditions set forth in article 13 hereof, under penalty of cancellation. 
 In the event of expropriation for cause of
public utility, the same as in the event of amicable assignment, arranged as part of a general interest project, the Tenant may claim nothing from the Landlord, all its rights being reserved against the expropriating or assigning party. 

13.4.3 – Absence of execution by the Tenant of the work allocated to it 

The work done or owed by the Tenant shall be subject to the control of the Landlord or its representative. 

In the absence of execution of any work under the responsibility of the Tenant, and after a warning that remains without result for more than one month, the
Landlord may replace the latter and cause the work to be done by all the companies of its choice, at the exclusive expense of the Tenant, without prejudice, if the Landlord so chooses, to the application of the cancellation clause stipulated below,
and any expenses arising from the damage caused by the noncompliance with the provisions of this clause and those incurred for the procedure. 
 13.4.4.
Construction warranty 
 If the building is new or was just restructured, the Landlord benefits from the warranties of perfect completion, good operation
of the elements of equipment, and the ten-year warranty, set forth and organized in articles 1792 to 1792-6 of the Civil Code. 
 To allow the Landlord to
exercise these warranties, the Tenant must indicate to it all problems likely to be found under the builders’ warranty; in particular, it must indicate immediately the problems arising from the perfect completion warranty owed to the Landlord
by the companies that constructed the building. 

 

  

	

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 In general, it shall communicate to the Landlord all problems, defects, finish defects, or lack of conformity of
which it knows during the entire term of the lease under penalty of being held liable for the aggravation of the damage resulting from his silence or delay. 

The Landlord undertakes to intervene with the builders to obtain the repair of the problems indicated. 

For this purpose, the Tenant will give access to the leased premises to the experts, technicians, enterprises, and other intervening parties to allow
correcting the problems. 
 13.5 –Upkeep and maintenance contracts 

In order to guarantee the current upkeep, the security, and the permanence of the building, the Tenant must, at the choice of the Landlord, either sign and
renew all upkeep and maintenance contracts of the leased premises and their installations and adjustments and give a copy to the Landlord within the month of its entry into possession, and afterwards each year, or reimburse the Landlord for the cost
of said contracts, signed by the Landlord itself. 
 It must cause annually and at its expense the inspection of the good operation and compliance with the
regulatory rules of all the installations found in the premises by an entity approved by the Assemblée Plénière des Sociétés d’Assurance contre l’incendie [Plenary Assembly of Fire Insurance Companies].

 It shall respect the provisions contained in these reports and shall pay for all work for bringing up to standard that may be necessary. 

In the absence of signing the aforementioned contracts within the given terms, the Landlord may execute said contracts itself with the companies of its choice
in the forms stipulated above and require the reimbursement of their cost from the Tenant. 
 13.6 – Asbestos 

The Tenant acknowledges that, before today, it received the asbestos technical file prepared at the initiative of the Landlord, according to the current laws
and regulation on the execution date of this lease. 
 In the event that it gave the Landlord the request for authorization of work, and the latter would
grant it, the Tenant must previously carry out at its expense the regulatory investigations concerning the establishment of the asbestos technical diagnosis before work, and carry out its work, including that related to a possible presence of
asbestos, as well as, if necessary, its confinement or its removal, in its capacity as project manager, under its own responsibility and at its exclusive expense. In such event, it shall be its role to scrupulously assure the respect of all legal
and regulatory current obligations, so that the Landlord is never bothered or searched. 
 In the event of the appearance of the need of doing removal work
or, if applicable, confinement for asbestos in the building or the leased premises, the Tenant waives any request from the Landlord, especially for indemnity, in any form whatsoever (especially for cancellation or termination of the lease, rent
reduction, indemnity or other, etc.), regardless of the duration of such work and its effect on the Tenant.

 13.7 Grenelle de l’Environnement [Grenelle Environment Forum] 

The parties undertake to join their efforts in order to improve the environmental performances of the building and to meet the purpose and the recommendations
of the Grenelle I law (law No. 2009-967 of August 3, 2009 concerning the programming of the implementation of the Grenelle de l’Environnement) and of the Grenelle II law (law No. 2010-788 of July 12,
2010 of national commitment to the environment) and their consequences. 
 For this purpose: 

 

	 	•	 	Each party undertakes to communicate to the other the data in its possession concerning the consumption of energy, water, greenhouse gas emissions in the common areas of the building and/or private areas of the leased
premises. They shall communicate the carbon footprint of the building or the carbon footprint of the activity conducted in the leased premises, if it exists. 

  

	 	•	 	Each party undertakes to introduce in its decision processes concerning the fitting out and/or the equipment of the building or of the leased premises, or concerning their management method, an environmental dimension
in order to choose the best solutions, each time it is reasonably possible and never to endanger the certifications and/or labeling obtained. 

If the parties do not reach an agreement on the choice of work or installations to install in order to improve the environmental performances of the building,
then the Landlord shall be free to decide on the work or installations to make, as he deems pertinent to improve the performances of the building or necessary to meet the evolution of the legislation and/or of Grenelle de l’Environnement. 

For all work and/or installations intended to improve the environmental performances of the building, the Tenant undertakes: 

 

	 	•	 	To give access to the leased premises to allow their performance; 

  

	 	•	 	To bear the cost up to the cost savings expected from the new work and equipment, except if the parties agree otherwise, 

  

	 	•	 	And, after the performance of such work and/or installations, to respect the specifications of their use. 

 In
the event that the Landlord would commit a plan of work intended to improve the environmental performances of the building or leased premises that would require the evacuation of the leased premises, the Tenant agrees to transfer its activities to
another floor of the building, with equivalent surface and quality, at the expense of the Landlord and with the condition that all provisions be taken by the latter to ensure the continuity of the Tenant’s operation. 

Finally, both parties shall respect the terms of the environmental appendix, if it exists.

 

  

	

 8 

 13.8 – Accession 

All works, embellishments, improvements, installations, and constructions of any type made by the Tenant, including those that may be imposed by legislative
and regulatory provisions, shall become property of the Landlord at the end of this lease, without indemnity and without prejudice to the right reserved to the Landlord to require, upon the departure of the Tenant, and at its expense, the return of
the premises to their initial state concerning the work that would have been authorized or not by the Landlord. 
 The Tenant shall refrain from dismantling
or removing the adjustments, installations, or improvements authorized or not by the Landlord without the latter’s agreement. 
 13.9 Return of the
premises 
 One month before the end of the Lease, the Tenant must inform the Landlord by registered letter with acknowledgement of receipt of the date
of its moving out and communicate its new address. 
 Prior to any removal, even partial, of the furniture and equipment, the Tenant must have paid all the
installments of the rent and incidentals and prove, by presenting receipts, the payment of the taxes in its charge, both for the past years and for the ongoing year. 

§ 1 – Preliminary inventory – Inventory of the premises 

No later than the expiration day of the lease, the Tenant must return the leased premises in perfect condition and in compliance with the standards imposed by
the administration or the law or the current regulations until its actual departure. 
 The Landlord may draw up a preliminary inventory of the premises at
the expense of the Tenant. 
 In all cases, an exit inventory of the premises shall be drawn up at the expense of the Tenant, in the presence of both
parties, which, at the request of the Landlord, may be drawn up by a bailiff. 
 This inventory of the premises, whose date shall be determined by mutual
agreement between the parties, shall be drawn up no later than the day of expiration of the lease. 
 § 2 – Exit work 

If, in light of the exit inventory of the premises, work proves to be necessary at the expense of the Tenant, the latter must, within fifteen days from the
notification made to it by the Landlord of the quote or cost estimates established, at the choice of the latter, by its own technical departments or by all service providers of its choice, give its agreement or communicate its detailed and motivated
observations on said quote or cost estimates. 

 In the event of silence or unjustified contestation of the Tenant before the expiration of this term, the quote
or cost estimates presented by the Landlord may no longer be contested by the tenant and shall be reputed accepted by it. 
 The Tenant shall be obligated
to pay to the landlord without delay a fixed indemnity corresponding to the amount of the refurbishing work. 
 This indemnity shall be kept by the
Landlord, without obligation for it to do the work for any reason whatsoever. 
 In addition, if this work requires making the building unusable beyond the
term of the lease, the Tenant shall bear and pay to the Landlord the indemnity set forth in article 18 below. 
 ARTICLE 14 – VISIT OF THE PREMISES

 § 1 – Visit during the lease 

The Tenant shall allow the Landlord, its representative, its architect or Technical Design Office, and all other entrepreneurs and workers to enter into the
leased premises and visit them to see their condition, whenever it seems useful. 
 It must also allow all works found useful to be done, authorizing the
workers who must do such work to enter into the leased premises. 
 § 2 – Visit during the notice period 

The Tenant must allow the visits of the premises by the Landlord, its representative, or possible tenants in the event of cancellation of the lease during the
notice period. 
 If necessary, it shall be sufficient to install signs and posters intended to allow searching for a new tenant in the places that are
convenient to the Landlord. 
 § 3 – Visit in the event of sale of the building or leased premises 

The Tenant must at all times allow the visits of the premises by the Landlord, its representative, its technicians, or possible buyers in the event of sale of
the building or of the leased premises. If necessary, the Landlord may install in any place of its choice signs, posters, announcements, etc., intended to allow searching for a buyer. 

ARTICLE 15 – RISKS, INSURANCE, AND REMEDIES 
 15.1
– Insurance of the Landlord 
 The Landlord shall guarantee the monetary consequences of the civil liability it may incur as owner.

 

  
 9 

 The Landlord shall guarantee its real estate assets, as well as all adjustments and installations of real estate
nature, installed in the premises on the effective date of the lease, especially against the risks of fire, explosions, storms, and water damage. 
 On the
other hand, the Tenant shall reimburse the Landlord for all insurance premiums taken by the Landlord and the condominium. As such, the Tenant undertakes to notify the Landlord by registered letter of any cause of aggravating risks that may arise
from the fitting out of its premises or its activity, as well as any modifications made subsequently, and to pay the additional premiums that may result for the Landlord. 

If the activity conducted by the Tenant causes additional insurance premiums either for the owner or for the neighbors or co-tenants, the Tenant must
reimburse the interested parties for the amount of these additional premiums. 
 15.2 Insurance of the Tenant 

The Tenant shall guarantee with reputably solvent insurance companies the monetary consequences of the civil liability it may incur due to its activities,
especially towards the neighbors and third parties in general. 
 It shall guarantee with reputably solvent insurance companies its own assets and the
fittings out done by it against all insurable risks and especially against the risk of fire, explosions, and water damage. 
 It shall take coverage for
loss of operation and breakage of glass as of the entry into possession of the leased premises. 
 It must maintain and renew these insurance policies,
regularly pay the premiums and dues, and prove it to the landlord at any request, and in any case at each anniversary date of the lease and for the first time when signing this instrument. 

15.3 – Waiver of remedy 
 The Tenant and its insurers
waive any remedy against the landlord and its insurers due to the destruction or total or partial deterioration of any equipment, furniture, valuables of any type, and merchandise because of the deprivation or trouble of possession of the leased
premises and even in the case of total or partial loss of the business, including the intangible elements of said business. 
 The Tenant undertakes to
communicate this clause to its insurers. 
 The Landlord and its insurers waive, in exchange, any remedy they may have the right to exercise against the
Tenant and its insurers in the event of accidental loss covered by the policies taken.

 15.4 – Destruction of the leased premises 

By derogation to articles 1722 and 1741 of the Civil Code, it is agreed as follows. 

In the event of total destruction of the leased premises, or any other event affecting the leased premises or even another part of the building and making
necessary the total evacuation, regardless of the duration, of the leased premises, the lease shall be cancelled ipso jure at the request of the Landlord or the Tenant, without indemnity for either party. 

In the event of partial destruction or any other event that affects the leased premises or even another part of the building, and makes necessary the
temporary evacuation of the building or of all or part of the leased premises, regardless of the duration, the landlord alone shall have the right to choose between the continuation of the lease or its cancellation without indemnity for either
party. 
 The above stipulations apply regardless of the cause originating the destruction or the evacuation. 

ARTICLE 16 – ASSIGNMENT 
 Any assignment or
contribution of this lease is prohibited, except in full, to the buyer of the business of the Tenant, or to the beneficiary of an operation of contribution or merger, after the prior agreement of the Landlord, which must be called to be present in
the act, and subject to the notification set forth in article 1690 of the Civil Code. 
 In the event of assignment of the building operated by the Tenant,
the Landlord may not refuse its agreement except for legitimate and justified reasons, having to do with the national reputation of the firm of the assignee (in the event that it would want to operate a different specialty than that operated by the
Tenant in the leased premises) and its solvency, since the assignee must meet the following four conditions: a net positive situation, an indebtedness rate (loans over equity capital) lower than 50%, a positive operating income and a positive cash
flow. 
 Any assignment or contribution consented in spite of the previous paragraph would cause the cancellation of this lease ipso jure. 

In addition, the Tenant assignor or contributor shall be guarantor and co-debtor jointly with its assignee and all successive assignees or beneficiaries for
the payment of rent, occupancy indemnities and incidentals and, more generally, for the performance of the clauses and conditions of the lease. 
 Equally,
any assignee or beneficiary shall be ipso jure guarantor and co-debtor jointly with the assignor or contributor for the payment of any amount owed to the Landlord under this lease, as well as for the performance of all clauses and conditions
thereof. 
 The above stipulations apply to all cases of transfer of the lease right in any form whatsoever, especially in the event of contribution to a
company, and must be reproduced in the act of assignment, contribution, or merger. 
 In all events, the assignment or contribution must be executed by
authentic act and the Tenant must provide to the Landlord, at no cost for it, an execution copy of the act of assignment,

 

  

	

 10 

 
contribution, or merger, within one month from its signing, to serve as execution title, both against the assignee or beneficiary and against its assignor or contributor. 

ARTICLE 17 – SUBLEASE, LEASING MANAGEMENT, DOMICILIATION 

The Tenant may not place its business under leasing management or substitute, accommodate, or domicile a third party in the leased premises, even free of
charge. 
 Any total or partial sublease is prohibited. 

ARTICLE 18 – OCCUPANCY OR IMMOBILIZATION OF THE PREMISES AFTER ASSIGNMENT OR CANCELLATION OF THE LEASE 

In the event that, after assignment or cancellation of the Lease, the premises would not be returned to the Landlord on the required date, free of any
occupancy and any objects, the daily occupancy indemnity owed by the Tenant or its beneficiaries until the return of the premises shall be equal to the last daily rent, in principal, plus 50% and increased by the charges and incidentals owed due to
this lease and to the VAT at the rate in force. 
 This indemnity shall be kept by the Landlord after the departure of the Tenant during the time necessary
to refurbish the premises according to this lease, if the tenant has not done so itself before its departure. 
 In addition, in this case, the security
deposit shall be kept by the Landlord as a fixed irreducible indemnity, and the procedural expenses shall be paid by the Tenant, all without prejudice to all other damages. 

ARTICLE 19 – LEGAL MODIFICATIONS 
 Since the quality
of the parties present is a decisive condition of the lease, the Tenant undertakes to communicate to the Landlord all significant legal modifications as soon as possible, especially the statutory changes (modification of the name, form, and
headquarters) or the filing of a bankruptcy proceeding against it. 
 In the event of co-tenants, by the effect of this lease or the death of the Tenant,
the obligation of the co-tenants or heirs shall be reputed indivisible and joint, both for the payment of the rent and its incidentals and for the performance of the clauses and conditions of this lease. 

The heirs shall also pay, under the same conditions, the expenses for the notifications set forth in article 877 of the Civil Code. 

ARTICLE 20 – REGISTRATIONS 
 In the event that this
contract becomes the object of registrations of pledge or privilege, the Landlord must immediately be notified by extrajudicial act by the Tenant, within fifteen days from the registration at the latest.

 ARTICLE 21 – CANCELLATION CLAUSE 

In the absence of payment on maturity of any amount owed under this lease, whether as rent, charges, taxes, penalty, court or collection expenses (including
the fees of the bailiff, with the proportional fee collected by him), rent arrears, overdue rent or additions to the security deposit, due to a revision, indexation, or following the amicable or judicial renewal of the lease, occupancy indemnity,
drawing up fees for this lease, its renewals or amendments or in the event of nonperformance of any of the clauses of the lease, and after an order to pay or execute that remains without effect for one month, this lease shall be cancelled ipso jure,
if the Landlord so desires, without the need to fulfill any formality. 
 The Judge of Urgent Applications shall be competent, if needed, to order the
eviction of the Tenant and to order the latter immediately to pay the occupancy indemnity set forth in article 18 above, all under reservation of the other clauses set forth in this lease and any other damages. 

In the event that the Tenant would obtain from the judge a grace period for the payment arrears of the rent, charges, or other incidentals, it is agreed as of
now that the cancellation clause shall be irrevocably applied if the Landlord so desires, not only in the event of noncompliance with a payment date, but also in the event of absence of payment of the current rent, charges, and incidentals during
the terms so obtained, without the need for the Landlord to send any prior notice, since the tenant is warned by the mere effect of signing this lease. 

ARTICLE 22 – CONDITIONS SUBSEQUENT OR PRECEDENT 
 If
the Special Conditions stated below contain one or several conditions subsequent or precedent, they are governed by the following general stipulations. 

22.1 – In case of conditions precedent, the lease shall take effect only under the reservation and on the date of the achievement of the last of them,
within the term agreed upon, or of the express waiver within the same term of all or part of the conditions by the party for whose exclusive benefit they were stipulated. 

In the absence of meeting all or part of the conditions, except in case of waiver by the beneficiary party as specified in the previous paragraph, the lease
shall be retroactively reputed null and void. 
 22.2 – In the event of conditions subsequent, the lease shall be cancelled ipso jure at the expiration
of the term within which these conditions had to be met, and the eviction of the tenant may be done upon simple appeal to the Presiding Judge of the competent Court of First Instance, ruling on urgent applications, without prejudice to all damages.

 ARTICLE 23 – APPLICATION OF VAT 
 The Landlord
declares that it chose the application of VAT to the lease agreed upon, which is accepted by the Tenant. This tax shall be paid by the Tenant, the same as any other tax that replaces or is added to it.

 

  

	

 11 

 ARTICLE 24 – ELECTION OF DOMICILE 

For the performance hereof and its consequences, the Tenant elects domicile in the leased premises and the Landlord at its headquarters. 

ARTICLE 25 – EXPENSES 
 All expenses, fees, and
honoraria hereof, as well as those that follow it or are its consequence, shall be paid by the Tenant, which expressly undertakes to do so. 
 As such, the
Tenant shall owe the payment of the honoraria for drawing up the act, which amount is established in article 32 of the Special Conditions; this amount shall be billed and payable by the Tenant at the same time with the billing of the first rent and
charges. 
 ARTICLE 26 – DESIGNATION 
 The leased
premises are found in the 
  

			
	Building	  	 Green Square
 Building D

80/84, rue des Meuniers
 92220 BAGNEUX

 Indicative area, share of the common areas included: approximately 1,478.90 m2, distributed as follows: 
  

	 	•	 	approximately 295.69 m2 on the 1st floor corresponding to lot D1/1ST/1; 

 

	 	•	 	approximately 365.82 m2 on the 1st floor corresponding to lot No. D2/1st/1, 

  

	 	•	 	approximately 393.83 m2 on the ground floor corresponding to lot No. D1/RDC/1; 

  

	 	•	 	approximately 423.56 m2 on the ground floor corresponding to lot No. D2/RDC/1 

Parking spaces: 15 parking spaces in the basement, corresponding to lots No. pk-1/006 to pk-1/020; 

5 external parking spaces, 
 corresponding
to lots No. D-PEXT01 to D-PEXT04 and E-PEXT08 
 Receipt address: 

Green Square 

Building D 
 80/84,
rue des Meuniers 
 92220 BAGNEUX 

ARTICLE 27 – INTENDED USE OF THE PREMISES

 The premises now leased are intended for the exclusive use of offices for lots D1/1ST/1and D2/1st/1, and activities for lots D1/RDC/1 and D2/RDC/1. 

ARTICLE 28 – TERM 
 §1 – Term 

This lease is granted and accepted for a term of nine full consecutive years, which shall start running retroactively as of June 1, 2011 and shall
end on May 31, 2020, including a firm period of 4 years, without right for the Tenant to give notice of termination. 
 Indeed, the
latter hereby expressly waives the right to cancel at the end of the 1st three-year period, i.e. for May 31, 2014. 

However, the Tenant shall be entitled to give notice of termination by extrajudicial act with a notice of six (6) months, for the end of this firm
period, i.e. at the earliest for May 31, 2015, then for the end of each following three-year period, i.e. for May 31, 2017 and May 31, 2020. 

§2 – Early availability 
 Exceptionally, the
Landlord shall make the premises available to the Tenant on May 1, 2011, subject to the latter proving that it took an insurance policy according to the provisions of article 15 §2 of the General Conditions, starting on the early
availability date. 
 ARTICLE 29 – RENT 

§1 – Initial rent 
 The annual rent is
established in principal at 309,986 Euros net of tax and net of charges (Three Hundred Nine Thousand Nine Hundred Eight-Six Euros net of tax and net of charges) plus VAT. 

§2– Grace period 
 For commercial purposes, the
Landlord grants the Tenant a grace period of nine (9) months of rent net of taxes, net of charges, which shall be distributed over the first three years of the lease, according to the following methods: 

 

	 	•	 	five (5) months of rent net of taxes, net of charges, from June 1, 2011 to October 31, 2011 

  

	 	•	 	two (2) months of rent net of taxes, net of charges, from June 1, 2012 to July 31, 2012 

  

	 	•	 	two (2) months of rent net of taxes, net of charges, from June 1, 2013 to July 31, 2013. 

 It is
specified herein that the taxes, charges, and incidentals shall be owed by the Tenant during the grace periods granted. 

 

  
 12 

 The rent, taxes and incidentals are payable at the headquarters of the Landlord or any other place indicated by
it, by calendar quarters and in advance, on January 1, April 1, July 1, and October 1 each year, and the first payment shall be made on November 1, 2011 for the rent and on June 1, 2011 for the charges, taxes,
and incidentals. 
 If applicable, for the periods included between the aforementioned dates and the end of the ongoing quarter, prorated amounts shall be
established. 
 ARTICLE 30 – INDEXATION OF THE RENT 

Reference index: INSEE Index of the cost of construction 
 Of the
4th quarter 2010 
 I.e. 1533 

ARTICLE 31 – SECURITY DEPOSIT 
 By derogation to
article 10 of the General Conditions, the security deposit paid by the Tenant when signing this instrument reaches one quarter of the annual rent net of taxes, i.e., the amount of 77,496.50 Euros (Seventy-Seven Thousand Four Hundred
Ninety-Six Euros and Fifty Cents). 
 ARTICLE 32 – EXPENSES FOR DRAFTING THE ACT 

The expenses for drafting this act total 2,000 Euros net of tax (Two Thousand Euros net of tax). 

ARTICLE 33 – BANK BOND 
 Within 30 days from signing
this instrument at the latest, the Tenant shall deliver to the Landlord a bank bond, according to the model enclosed herewith, representing nine (9) months of rent, all taxes included, i.e. 278,057.44 Euros, which amount shall follow the annual
indexation of the rent, valid throughout the term of this lease, plus six months. 
 Waiting for the delivery of this bank bond, the Tenant shall deliver to
the Landlord, upon signing this instrument, a check corresponding to nine (9) months of annual rent, all taxes included, net of charges, which shall be returned to it as soon as the aforementioned bank bond is received. 

In the absence of receipt of said bond within the aforementioned term, the check shall be collected, and its amount shall be kept by the Landlord during the
entire term of this lease. 
 ARTICLE 34 – STATEMENT OF NATURAL AND TECHNOLOGICAL RISKS 

Pursuant to the provisions of article L. 125-5 of the Code of the Environment, enclosed herewith is a statement of the natural and technological risks, as well
as information on losses, which reveals that no indemnity has been paid for natural or technological catastrophes.

 The Tenant declares that it is perfectly well aware because it received this information prior to signing this
instrument. 
 For the Tenant’s information, an Energy Performance Diagnosis is enclosed, drawn up on 3/22/2011 by the Company LEI according to
the provisions of article R134-5 of the Code of Construction and Housing (Appendix: Energy Performance Diagnosis). 
 ARTICLE 35 – WORKS

 The Tenant takes the premises in new condition and equipped with a system of air conditioning on the
1st floor (standard new, excluding the service room) and undertakes to make, at its exclusive expense, according to the rules of the art and under its full responsibility, all the works necessary
for its installation and its activity in the leased premises, and in particular the partitioning work, computer and telephone cables, as well as the electric adaptations and the related bringing up to standard according to the following modalities:

 1 – Prior to the beginning of the works, the Tenant must transmit to the Landlord, for agreement, the complete description of the works to be done
(plan, technical descriptions, especially for the rooms on the ground floor, etc.); the latter undertakes to answer to the Tenant within fifteen (15) days from receipt of a complete file by the Technical Department. 

2 – The works done must be in accordance with the description validated by the Landlord. 

3 – After the realization of the works, the Tenant undertakes to transmit to the Landlord, as soon as possible, the reception report of the works and, if
applicable, of raising of reservations; with the specification that said receptions will take place between the Tenant and the enterprises, as well as the report of an inspection bureau, without any remark on all the works performed. 

Moreover, the Tenant irrevocably undertakes to mandate all the participants in the act of constructing for the building in question for the works concerning
the technical lots. 
 Indeed, the Landlord benefits from the warranties of perfect completion, good operation of the elements of equipment, and the
ten-year warranty, set forth and organized in articles 1792 to 1792-6 of the Civil Code. 
 To allow the Landlord to exercise these warranties, the Tenant
must indicate to it all problems likely to be found under the builders’ warranty; in particular, it must indicate immediately the problems arising from the perfect completion warranty owed to the Landlord by the companies that constructed the
building. 

 

  
 13 

 In general, it shall communicate to the Landlord all problems, defects, finish defects, or lack of conformity of
which it knows, during the entire term of the lease under penalty of being held liable for the aggravation of the damage resulting from his silence or delay. 

The Landlord undertakes to intervene with the builders to obtain the repair of the problems indicated, as soon as possible. 

For this purpose, the Tenant will give access to the leased premises to the experts, technicians, enterprises, and other intervening parties to allow
correcting the problems. 
 ARTICLE 36 – HQE [High Quality Environmental standard] CERTIFICATION 

The building hereunder is certified HQE construction. 

Consequently, the parties agree that an environmental appendix, including a DPE [Energy Performance Diagnosis] shall be enclosed with this lease. 

Moreover, the Landlord shall pursue an HQE Operation certification. The Tenant shall make its best efforts to accompany the Landlord in this action and help
it obtain its certification and, if the tenant were to assure the technical management of the building, it shall make its best efforts to obtain this certification with the help of the Landlord. 

After obtaining this HQE Operation certification, the parties undertake to make all their efforts, up to the limit of the provisions hereof, to obtain the
renewal of the term established by the certification, during the entire duration of the contractual relationship. 
 ARTICLE 37 – MODIFICATIONS TO
THE GENERAL CONDITIONS OF THE LEASE 
 ARTICLE 8- RENT CHARGES AND INCIDENTALS 

8.1- Charges 
 It is, however, specified that major
repairs under article 606 of the Civil Code shall remain under the responsibility of the Landlord. 
 ARTICLE 12 – GENERAL POSSESSION CONDITIONS

 12.2 Compliance with building regulations 
 The
4th paragraph of this article becomes: 
 “The Tenant may use flammable products or gas only
provided that it proves that its inventories are lower than any administrative declaration, ICPE [Installations Classées pour la Protection de l’Environnement – Classified installations for Environmental Protection], Labor Code,
fire safety, and that its activity does not bother in any manner the tranquility of its neighbors.”

 ARTICLE 13 – WORKS 

13.4 – Works owed by the Tenant 
 13.4.1 –
General provisions 
 The 2nd paragraph of this article becomes: 

“The Tenant expressly waives any guarantee and any compensation from the Landlord due to vices or defects of any nature, including due to old age or
force majeure that may directly or indirectly affect the leased premises where it is located. However, it is reminded that the Landlord benefits from annual, biannual, and ten-year warranties, as stipulated in article 35 paragraph 6 hereof,”

 By mutual agreement between the parties, the Landlord takes upon itself the major repairs referred to in article 606 of the Civil Code. 

13.6 – Asbestos 
 Pursuant to the provisions of
article 1 of decree No. 96-97 of February 7, 1996, as amended, the Landlord declares that the building under this lease was the subject of a building permit issued after July 1, 1997, so that it does not fall within the scope of
application of said decree. 
 ARTICLE 14 – VISIT OF THE PREMISES 

§ 1 – Visit during the lease 
 The 1st paragraph of this article becomes: 
 “The Tenant shall allow the Landlord, its
representative, its architect or Technical Design Office, and all other contractors and workers to enter into the leased premises and visit them to see their condition, whenever it seems useful, with 48-hour advance notice for each visit, except in
exceptional or emergency cases.” 
 § 2 – Visit during the notice period 

The 1st paragraph of this article becomes: 

“The Tenant must allow the visits of the premises by the Landlord, its representative, or possible tenants in the event of cancellation of the lease
during the notice period, with 48-hour advance notice for any visit, except in exceptional or emergency cases, for any visit.

 

  
 14 

 § 3 – Visit in the event of sale of the building or leased premises 

The 1st paragraph of this article becomes: 

The Tenant must at all times allow the visits of the premises by the Landlord, its representative, its technicians, or possible buyers in the event of sale
of the building or of the leased premises, with 48-hour advance notice, except in exceptional or emergency cases. If necessary, the Landlord may install in any place of its choice signs, posters, announcements, etc., intended to allow searching for
a buyer.” 
 17 – SUBLEASE, LEASING MANAGEMENT, DOMICILIATION 

By derogation to the provisions of paragraph 2, the Landlord authorizes the Tenant to sublease part of the premises to any companies, provided that all these
subleases are done within the maximum limit of 50% of the area leased hereunder, and subject to: 
  

	 	•	 	previously informing the Landlord by registered letter with acknowledgment of receipt and providing it a K-bis extract of the subtenant, less than 3 months old; 

 

	 	•	 	sending said sublease contract by registered letter with acknowledgement of receipt or extrajudicial act. 

 It
is specified, however, that in the common intent of the parties, this lease is indivisible. Consequently, the subtenants may not acquire any direct right to renew against the Landlord. 

Made in Paris, on 4/28/11 
 In two
counterparts. 
  

			
	THE TENANT	 	THE LANDLORD
		
	[signature]	 	[signature]

 

 Appendixes: 
  

	 	•	 	Documents concerning asbestos 

  

	 	•	 	Statement of natural and technological risk and information on losses 

  

	 	•	 	Energy Performance Diagnosis 

  

	 	•	 	Plans 

  

	 	•	 	Environmental appendix 

 

  
 15EX-10.2

 Exhibit 10.2 

ASSIGNMENT, DEVELOPMENT AND CO-OWNERSHIP AGREEMENT 

VAL/08/06-09/01 
 BY AND BETWEEN

 DBV TECHNOLOGIES, a limited company with a share capital of €250,493.00, registered with the Corporate and Trade Register of Paris under
number 441 772 522 R.C.S. NANTERRE, with its head office located at 104 Avenue Victor Hugo 92100 Boulogne Billancourt, acting through its legal representative, 

Hereinafter referred to as the “COMPANY,” party of the first part, 

AND 
 L’ASSISTANCE PUBLIQUE – HOPITAUX DE
PARIS [Public Welfare – Hospitals of Paris], a Public administrative body with its head office located at 3 avenue Victoria 75001 Paris RP, represented by its Chief Executive Officer and by proxy by Mr. Christophe MISSE, Head of the
Clinical Research and Development Department 
 Hereinafter referred to as “AP-HP,” party of the second part, 

AND 
 UNIVERSITE PARIS DESCARTES, a public
scientific, cultural and professional institution, located at 12 rue de l’Ecole de Médecine – 75270 Paris cedex 06, represented by its President, Mr. Axel KAHN, 

Hereinafter referred to as the “UNIVERSITÉ PARIS DESCARTES,” party of the third part, 

Hereinafter referred to as the “PARTIES” or “CO-OWNER(S),” 

  
 1 

[signature] [signature] 

 THE UNDERSIGNED RECITE AS FOLLOWS 

As part of his activities as hospital practitioner, Christophe DUPONT (Hospital practitioner in the Newborn Medical Unit at the Saint Vincent de Paul Hospital
of AP-HP – Assistant professor at the Paris Descartes University) has developed, in collaboration with the Company, a patch mainly intended to screen the sensitivity state of a subject to an allergen, its manufacturing process and use. 

The COMPANY has know-how and is specialized in epicutaneous vaccination, mainly in the field of food allergies. 

Christophe DUPONT approached the COMPANY in order to come up together with ways of developing a patch mainly intended to screen the sensitivity state of a
subject to an allergen, its manufacturing process and use. 
 The patent application FR 01 03382 was initially filed by DBV MEDICA, and was the object of an
assignment of application FR 01 03382 by DBV MEDICA to the COMPANY. 
 On August 28, 2003, the COMPANY, acting on its own behalf, registered with the
European Patent Office the assignment of the patent corresponding in France to application FR 01 03382, naming Mr. Christophe DUPONT co-inventor. On April 26, 2006, the COMPANY filed on its own behalf the patent application No. US
20060411531, the patent application No. FR0759503 on December 3, 2007, the patent application No. US61/084,305 on July 29, 2008, naming Mr. Christophe DUPONT co-inventor. 

The PARTIES agree to enter into an agreement which serves as declaration of co-ownership and assignment of patent – development and license regulating
the co-ownership thus created by the PARTIES and the assignment of the royalties corresponding to the patent application filed. 
 Words importing the
singular shall include the plural and vice versa. 
 Words importing the masculine gender shall include the feminine and vice versa. 

THE PARTIES FORMALLY AGREED TO THE FOLLOWING: 

PRELIMINARY ARTICLE: DEFINITION 

In this regulation, hereinafter referred to as the “Agreement,” the terms enumerated below will have the following meaning: 

1. “AFFILIATE”: 

Any French or foreign joint stock company or partnership which, through an equity investment or other means, but by holding at least fifty
percent (50%) of the rights to vote or of the management rights of the COMPANY, (a) controls the COMPANY, is controlled by the COMPANY or (b) is placed under the same control as the COMPANY. 

The rights assigned to the AFFILIATES pursuant to this Agreement only apply to the legal entities qualifying as AFFILIATES when exercising the
aforementioned rights. If a legal entity loses its quality of AFFILIATE during the term of this Agreement, the rights acquired by this legal entity will be lost immediately short of a written consent by AP-HP. 

  
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 2. “INITIAL PATENT”: 

 

	 	•	 	the priority French patent application No. FR20010003382 titled “Patch for screening the sensitivity state of a subject with respect to an allergen and use thereof,” filed on March 13, 2001 on behalf of
DBV Medica, as well as any foreign application ensuing from this application, any continuation, partial continuation, addition, split and resulting patents, as well as any re-filed, reissued or reassessed patent ensuing from this application

  

	 	•	 	the patent application No. US 20060411531 titled “Patch and uses thereof,” filed on April 26, 2006 on behalf of the Company, as well as any foreign application ensuing from this application, any
continuation, partial continuation, addition, split and resulting patents, as well as any re-filed, reissued or reassessed patent ensuing from this application. 

3. “DERIVED PATENTS”: 
  

	 	•	 	the patent application No. FR0759503 titled “Allergen Sensitivity Method” filed on December 3, 2007 on behalf of the Company, as well as any foreign application ensuing from this application, any
continuation, partial continuation, addition, split and resulting patents, as well as any re-filed, reissued or reassessed patent ensuing from this application, 

  

	 	•	 	the patent application No. US 61/084,305 titled “Immunotherapy,” filed on July 29, 2008 on behalf of the Company, as well as any external application ensuing from this application, any continuation,
partial continuation, addition, split and resulting patents, as well as any re-filed, reissued or reassessed patent ensuing from this application. 

4. “PATENTS” : 
 the
ORIGINAL PATENT and the DERIVED PATENTS 
 5. “LAW FIRM” : 

the Becker and Associates Law Firm, with its head office located at 25 rue LOUIS Le Grand 75002 in Paris, an Intellectual Property Consulting
Firm in charge with carrying out all the operations in connection with the drafting and filing of the patent application and with PATENT renewal and maintenance in effect. 

6 “EFFECTIVE DATE”: 

the date on which the COMPANY was issued the first PATENT, namely August 28, 2003 

7. “PROCEDURAL FEES”: 

the fees that that are charged to the PATENT MANAGER by the LAW FIRM or its foreign counterparts for operations in connection with the drafting
and filing of the patent application, with PATENT renewal and maintenance in effect and with the registration of this Agreement. 
 The
PROCEDURAL FEES do not include the expenses generated by potential proceedings for patent infringement against the PARTIES or one of the PARTIES. 

  
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 8. “CONFIDENTIAL INFORMATION”: 

any confidential information or data belonging to the PARTIES, to one of the PARTIES or to third parties with which the PARTIES entered into a
non-disclosure agreement, in connection with the Invention which is the object of the PATENTS, related to a know-how allowing the implementation of the PATENTS or linked to their use, irrespective of its form – written, graphic or oral –
and of the support used. 
 9. “REPRESENTATIVE OF THE BODIES”: 

AP-HP, appointed by the UNIVERSITÉ PARIS DESCARTES to negotiate on behalf of the public bodies the co-ownership and licensing agreement,
the licensing agreements. 
 10. “PATENT MANAGER”: 

the PARTY appointed by the other PARTIES to manage all the operations in connection with the drafting and filing of the patent application and
with PATENT renewal and maintenance in effect, on behalf and in the common interest of the PARTIES. 
 11. “OPERATIONS MANAGER”:

 The PARTY appointed by the other PARTIES to find industrial partners, to negotiate with them and to draft the operations agreements. 

12. “OPERATION”: 
 at
least one of the following operations: development, manufacturing, sale, import, export, advertising (if authorized), information, reagent vigilance, batch follow-up and, if applicable, their recall as well as the storage operations in connection
with them. These operations also apply to the samples intended for assessment. 
 13. “ROYALTIES”: 

the share of NET SALES paid by one PARTY to another PARTY. 

14. “Field” means: the field-of-use of the PATENTS. 

15. “PRODUCT”: 
 any
products, processes and services, irrespective of their form, that fully or partially involve the use of the PATENTS and the manufacturing, creation, use or sale of which represent a counterfeit of a PATENT claim which was not revoked or otherwise
invalidated by a final decision. 
 16. “Net Sales”: 

the amount of tax-free sales of PRODUCTS (irrespective of their form) charged to third parties, including distributors, by the COMPANY or its
AFFILIATES, after deducting: 
  

	 	•	 	the traditional trade discounts, the assets resulting from PRODUCT returns in each of the countries of the Territory. It is understood that the said cumulated trade discounts may not exceed fifteen (15%) of the
sales and 

 The Net Sales do not include the sale of PRODUCTS between the COMPANY and its AFFILIATES or among its AFFILIATES.
The Net Sales only include sales between an AFFILIATE (or the COMPANY) and a third party (and not the sale between the Company and the AFFILIATE or among AFFILIATES). 

  
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 Net Sales include neither the sales or transfers operated as part of humanitarian operations nor
those which are part of clinical studies. 
 17. “Development Work”: 

Any work and study carried out by the COMPANY or by a third party or an AFFILIATE on behalf of the COMPANY, mainly including the work, studies
and clinical studies required to develop, validate and market the PRODUCTS and in particular all registration fees. 
 18.
“TECHNOLOGY”: 
 the PATENTS referred to in this AGREEMENT and/or part of these elements used individually or combined. 

19. “TERRITORY”: 
 the
entire world. 
 20. “IMPROVEMENT” refers to any future patentable improvement in connection with at least one of the PATENTS and
invented or co-invented by Mr. Christophe Dupont. 
 ARTICLE 1: OBJECT OF THE AGREEMENT 

1.1 The object of this Agreement is to define the principles governing the co-ownership by the COMPANY, AP-HP and UNIVERSITÉ PARIS DESCARTES, of the
PATENTS as well as the rights and obligations of each PARTY as part of the licensing agreements and mainly of the license granted to the COMPANY, concerning the use of the TECHNOLOGY for the design, promotion, sale and distribution of the PRODUCTS
referred to in this AGREEMENT in the FIELD OF THE AGREEMENT. 
 1.2 The COMPANY registered the PATENTS on its own behalf. 

1.3 AP-HP and UNIVERSITÉ PARIS DESCARTES expressed their wish to become co-owners of the PATENTS referred to in this AGREEMENT. Therefore, the COMPANY
transfers to AP-HP and UNIVERSITÉ PARIS DESCARTES who agree, in exchange for the amount of one (1) euro, paid when signing this Agreement, ten (10) percent of its PATENT rights. 

Consequently, the PATENTS are co-owned by the PARTIES as follows: 
  

	 	•	 	ninety percent (90%) by the COMPANY; 

  

	 	•	 	five percent (5%) by AP-HP 

  

	 	•	 	five percent (5%) by the UNIVERSITÉ PARIS DESCARTES 

 1.4 Consequently, the PARTIES wish to
formalize through this Agreement the rules governing their co-ownership of the PATENTS and the resulting rights and obligations. 

  
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 ARTICLE 2: TERM 

This Agreement takes effect retroactively as of the EFFECTIVE DATE. It remains valid and continues to have binding legal effects until the expiry or
termination date or until the abandonment of the PATENTS in force. 
 ARTICLE 3: MANAGEMENT OF CO-OWNERSHIP 

3.1 PATENT Management 
 3.1.1 On behalf of the PARTIES, the
COMPANY is entrusted with the management of the PATENTS referred to in this AGREEMENT. The COMPANY thus becomes PATENT MANAGER. For the proper execution of the assignments entrusted to the PATENT MANAGER and in the common interest of the joint
owners, the PARTIES undertake to provide the PATENT MANAGER, within the expected time-frame, with all the technical or administrative elements required or with the signatures it may need for the filing, maintenance or defense of the PATENTS and to
offer their technical and scientific assistance in all PATENT-related procedures. 
 Should the COMPANY no longer wish to be PATENT MANAGER, it must notify
this decision to the other PARTIES at least one (1) month prior to the earliest deadline in the procedures initiated in connection with one of the Industrial Property PATENTS in order for the other PARTIES to be able to take on the role of
PATENT MANAGER, if they wish so. 
 Generally, the PATENT MANAGER will notify systematically and as early as possible the other PARTIES of the ongoing
proceedings, filing deadlines and formal notifications. 
 The PARTIES, at the initiative of the PATENT MANAGER, will consult with each other on matters
regarding the procedures to follow for the PATENTS and undertake to provide each other with a copy of any document related to the said procedures, early enough to enable them to submit their comments to each other before the deadline. 

In the absence of a reply within 15 (fifteen) days from the receipt of the documents by the other PARTIES, it will be assumed that they approved the proposal
of the PATENT MANAGER. 
 3.1.2 Should one of the PARTIES: 
  

	•	 	decide to abandon one of the PATENTS or 

  

	•	 	choose not to participate in the renewal or to continue the procedure in a specific country, 

 they will notify
in writing the other PARTIES and they will assign to them the PATENT rights in question. 
 If, upon receipt of a bill, the COMPANY refuses to continue to
pay its share in the PROCEDURAL FEES, it shall notify the other PARTIES in writing and it will assign to them the PATENT rights in question. 
 For the
assigning PARTIES, the effective date of this abandonment is the date on which they will have received the abandonment notification. 

  
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 The COMPANY undertakes to provide all the signatures and documents required for the continuation of the procedure
by the other assigning PARTIES. 
 3.1.3 In the countries in which the COMPANY has the quality of PATENT MANAGER, all PROCEDURAL FEES are to be borne by the
COMPANY. 
 The designated LAW FIRM will directly charge all PROCEDURAL FEES to the COMPANY. The bills will be sent to the attention of the COMPANY. 

In any country in which one of the PARTIES wishes to pursue, in their own name, PATENT filing, granting and maintenance procedures, the corresponding
PROCEDURAL FEES are to be borne by the said PARTY alone. 
 3.14 Should one of the PARTIES decide to waive their rights in a country, the PROCEDURAL FEES
paid in the country in question by that PARTY prior to this waiver will not be reimbursed under any circumstance. 
 Should the PARTIES agree to abandon the
PATENTS and subject to the rights of third parties, the REPRESENTATIVE OF THE BODIES must notify in writing the inventors of AP-HP and of UNIVERSITÉ PARIS DESCARTES defined in the preamble to this Agreement, early enough to enable them to
transfer the PATENTS to their name and at their expense. 
 3.2 IMPROVEMENTS 

3.2.1 The results of the development of the PRODUCT which involves the use of the PATENTS may lead to IMPROVEMENTS which will be regulated by the provisions
of this Agreement. 
 3.2.2 Each PARTY undertakes to notify the other PARTIES as soon as possible of the existence of any IMPROVEMENT resulting from their
activities. Unless there is an emergency caused by the need to protect these rights, the PARTIES agree to refrain from disclosing such IMPROVEMENTS before jointly choosing the most appropriate way to register the IMPROVEMENTS in question. After
making this decision, the PARTIES shall jointly determine the period during which the said IMPROVEMENTS must be kept confidential. 
 Unless a formal
renunciation is made by one of the PARTIES, applications to obtain industrial property rights in connection with these IMPROVEMENTS and the titles subsequently granted will jointly belong to the PARTIES who made them possible. 

Generally, the PARTIES agree to meet up to negotiate in good faith and in the common interest of the potential joint ownership which is the object of this
Agreement all issues or disputes in connection with these IMPROVEMENTS. 

  
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 ARTICLE 4: DEVELOPMENT 

The Development Work of the PRODUCTS from the FIELD-OF-USE, as defined in Appendix 1 of this Agreement will be managed and placed under the responsibility of
the COMPANY. The validation work, in particular for the PRODUCT validation, will be undertaken by the COMPANY and may involve hospital departments of AP-HP. Where necessary, the COMPANY undertakes to supply, free of charge, the PRODUCTS required for
the conduct of the intended studies. 
 The COMPANY undertakes to abide by the regulations in force in France and abroad and to make every effort to obtain
the authorizations required by the laws and regulations applicable in the country where the COMPANY intends to market the PRODUCTS. 
 The PARTIES shall do
their best to conduct the development work in order for it to result in the use of the PRODUCTS. The PARTIES shall notify each other of the progress of the development work during the meetings of the Monitoring Committee defined hereinafter. A final
report will be handed over to the PARTIES on the end date of the Development Work. 
 The Monitoring Committee created consists of: 

 

	•	 	the President of the COMPANY 

  

	•	 	Mr. Christophe DUPONT 

  

	•	 	a REPRESENTATIVE OF THE BODIES, who will make sure that UNIVERSITÉ PARIS DESCARTES is provided with the agenda a month before the said meeting and will also send the University a detailed report.

 who will have been informed by e-mail of the dates of the meetings of the Monitoring Committee at least two weeks prior to every meeting.

 The Monitoring Committee must inform the PARTIES regarding: 
  

	•	 	the progress of the Development Work, 

  

	•	 	the signing of agreements with third parties for the use of the PATENTS 

  

	•	 	all issues regarding the co-ownership resulting from this Agreement. 

 The Monitoring Committee will be
convened at least once a year, throughout the term of the Agreement. Minutes of the meeting will be drawn up and will be signed by all the members of the Monitoring Committee who attend the meeting. These minutes will be handed over to the COMPANY
and to the REPRESENTATIVE OF THE BODIES for validation. 
 ARTICLE 5: VALORIZATION 

5.1 Use of the PATENTS for research activities: 
 AP-HP and
UNIVERSITÉ PARIS DESCARTES are free to make direct use of the PATENTS for internal research purposes alone, excluding all research that has commercial purpose. 

  
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 5.2 Exclusive usage right of the PATENTS 

The COMPANY is the only one to benefit from all the rights resulting from the PATENTS. The PARTIES in co-ownership agree that the commercial
use of the PATENTS is reserved exclusively for the COMPANY, all third parties that would succeed in its rights, all assignees and licensees or sub-licensees freely designated by the COMPANY. In return for the commitments made by the COMPANY in this
Agreement, AP-HP and UNIVERSITÉ PARIS DESCARTES each undertake for their part not to make personal use of the above-mentioned PATENTS except for experimental activities (implemented after the prior notification and explicit authorization of
the COMPANY) in compliance with Article L. 613.5 of the Intellectual Property Code, by its agents, officials or employees. AP-HP and UNIVERSITÉ PARIS DESCARTES additionally undertake, each for their part, not to grant an operating license for
the PATENTS to a third party or to sign any non-opposition commitment regarding the PATENTS. 
 The COMPANY shall be solely responsible for
its promotion, design and distribution policies for the promotional PRODUCTS subject to the prior consent of AP-HP and of UNIVERSITÉ PARIS DESCARTES for any promotional use of their name. 

As a consequence, every written or oral quotation of the denominations and/or trademarks of any of the PARTIES as part of communications,
operations or public events of any kind and especially as part of any operation that is likely to have a direct or indirect promotional nature, shall remain in all cases subject to the formal and prior authorization of the above-mentioned PARTIES.

 5.3 The COMPANY will make sure that its AFFILIATED COMPANIES, its potential licensees and/or sub-licensees, as well as any third parties
that they may interact with in order to execute this Agreement abide by this commitment, and will make sure that the provisions of this article are integrated in the agreements that it will conclude. 

5.4 In the event the COMPANY does not sell any of the PRODUCTS within thirty (30) months from the first marketing of the product and if it
is unable to provide a reason to AP-HP, the latter may convert this license into a non-exclusive license provided that it sends the COMPANY a prior notification by registered letter with acknowledgement of receipt with a six month’ notice and
provided that during this period the COMPANY has not given proof of an impediment due to an Act of God or a technical or regulatory constraint, in particular in case of security or efficiency issues recorded for the PRODUCTS. 

  
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 5.5 – FINANCIAL TERMS 

5.5.1 In return for the royalties granted under this Agreement, the COMPANY undertakes to: 

 

	•	 	seek the funding necessary for the marketing of the PRODUCTS 

  

	•	 	pay the REPRESENTATIVE OF THE BODIES royalties resulting from the use of the PRODUCTS 

  

	•	 	take responsibility for the payment of taxes and annual installments in connection with the PATENTS. 

 5.5.2
Royalties 
 In return for the rights assigned under this Agreement and in compliance with Article L. 613-29 of the Intellectual Property
Code, the COMPANY undertakes to remunerate the REPRESENTATIVE OF THE BODIES for the direct and/or indirect use, the amounts listed below, after deduction of the PROCEDURAL FEES and the clinical development costs of the PRODUCTS (the clinical
development costs of the PRODUCTS not exceeding a maximum cumulative deduction of six (6) million euros during the TERM of this AGREEMENT): 
 For
direct use: 
  

	 	•	 	ROYALTIES of two percent (2%) of the Net Sales of any PRODUCT using at least partly the INITIAL PATENT alone or in combination with one or more DERIVATIVE PATENTS marketed and billed by the COMPANY or its
AFFILIATES. 

  

	 	•	 	ROYALTIES of one percent (1%) of the Net Sales of any PRODUCT using at least partly the INITIAL PATENT alone without the use of the INITIAL PATENT, marketed and billed by the COMPANY or its AFFILIATES.

 The PARTIES agree that the ROYALTIES are retroactively due to AP-HP and UNIVERSITÉ PARIS DESCARTES and this as of the
EFFECTIVE DATE of this Agreement. 
 For indirect use: 
  

	 	•	 	income generated by the exclusive or non-exclusive licenses or sublicenses granted by the COMPANY of two per cent (2%) of the total amounts of all kinds received by the COMPANY or its AFFILIATES for the use of the
PATENTS (lump sums, royalties on the Net Sales, guaranteed minimum, excluding however the amount received for research work such as subsidies, donations, “grants,” milestone payments). Such income resulting from the exclusive or
non-exclusive licenses or sublicenses shall be transferred to the REPRESENTATIVE OF THE BODIES upon collection of the COMPANY’s income from the licensee or the sub-licensee. 

It is specified for clarification purposes that the above-mentioned royalties do not cumulate and that the rate applicable must be determined
on a case-by-case basis. 

  
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 The PARTIES agree that every third party who is granted by the COMPANY license or sublicense rights on the
PATENTS should be bound by a contractual agreement with the COMPANY to comply with the obligations stipulated in this Agreement that can be applied to them according to the mutatis mutandis context; the COMPANY remains responsible for the
proper execution of this Agreement. If the licensed or sub-licensed third party expresses its will to become assignor of the license, the licensed or sub-licensed third party will be subject to the provisions of Article 8.2 of this Agreement. 

The COMPANY shall be solely responsible for the payment of the ROYALTIES to the REPRESENTATIVE OF THE BODIES, whose responsibility is to compensate the
inventor and to transfer to UNIVERSITÉ PARIS DESCARTES the amount corresponding to the share of UNIVERSITÉ PARIS DESCARTES mentioned in Article 1.3 of this Agreement. 

The report of the Net Sales for every PRODUCT and/or the revenues obtained from the licenses granted until December 31 of every year following the due
date and certified by the auditor of the COMPANY shall be sent to AP-HP on April 30 of the following year, even in the hypothesis of absence of sales during the fiscal year taken into account. This operating revenues report will consist of:

  

	•	 	the reference of the present Contract, 

  

	•	 	the amount of Net Sales, 

  

	•	 	the amount of license revenues, 

  

	•	 	the amount due to AP-HP and to UNIVERSITÉ PARIS DESCARTES 

 After the approval of this report by AP-HP,
the amounts due for the year taken into account have to be paid within thirty (30) days from the receipt of the invoice issued by AP-HP. The payments shall be made in accordance with the bank references sent to the COMPANY beforehand by AP-HP.
These amounts and every amount due by the COMPANY to AP-HP in accordance with this Agreement will be sent to: 
 Office de Transfert de
Technologie et de Partenariat Industriel [Office for Technology Transfer and Industrial Partnerships] 
 Délégation
Régionale à la Recherche Clinique [Clinical Research Local Delegation] 
 Carré Historique de l’Hôpital
Saint-Louis – Porte 23 
 1, avenue Claude Vellefaux 75475 Paris Cedex 10 

and transferred to the account of the Paymaster General with AP-HP 

in an account opened in their name at Banque de France with the following account number: 

30001 / 00064 / W7530000000 / 37. 
 Any amount
which is not paid by the COMPANY within the above-mentioned time-frame will result in late prorated payment penalties in accordance with the legal interest rate in force increased by two (2) points. 

It is specified that as and whenever necessary the report of the net sales on December 31, 2008 also includes the sales which will have been invoiced by
the COMPANY prior to the signing of this Agreement, as of the Use of the PRODUCTS by the COMPANY. 
 The COMPANY shall pay the ROYALTIES due to AP-HP by
virtue of this Article in Euros. If the COMPANY received the Net Sales in a currency other than Euros, the amount of the compensation owed to AP-HP will be calculated in these currencies and converted to Euros at the exchange rate in force at the
time of the payment of the ROYALTIES to the COMPANY. 
 The amounts due shall be increased by legal fees and especially by VAT at the rate in force. 

  
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 Auditing: 
 At the
request of AP-HP but one time per calendar year at the most, the COMPANY must allow a public accountant commissioned by AP-HP to perform an accounting control to verify the accuracy of the calculation of the amounts due. The fees and compensation of
the public accountant will be borne entirely by AP-HP, except for the situation in which the audit would reveal a payment error rate of over five percent (5%), in which case the COMPANY must bear all the fees charged by this accountant. The said
public accountant will proceed to an accounting control in compliance with the provisions of Article 7. The public accountant designated is bound by professional secrecy. Accounting controls may only be performed for the latest fiscal year for which
the accounts have been closed and for the two previous fiscal years, provided that they have not already been audited. 
 ROYALTIES are due for each country
as of the first marketing of the technology and until the end of the longest of the following terms: if and for as long as there is a PATENT issued in this country. 

5.5.3 Each Party will pay its employed inventors in compliance with the legal and conventional provisions in force. 

On November 30 of each year, AP-HP will provide UNIVERSITÉ PARIS DESCARTES with a report on the amounts resulting from the use of the PATENTS
during the previous fiscal year, accompanied by the appropriate supporting documents (sales report). This report must include, in particular, the total operating revenues for the year in question. 

Within 30 (thirty) days from the receipt of this document, UNIVERSITÉ PARIS DESCARTES will send AP-HP the invoice for its share of
direct or indirect ROYALTIES. 
 ARTICLE 6: REFERENCE TO AP-HP – USE OF THE LOGO OF AP-HP 

6.1. The COMPANY or the COMPANY’s sub-licensee(s), if the COMPANY grants sublicenses, may in no case reproduce the names and trademarks of AP-HP and of
UNIVERSITÉ PARIS DESCARTES unless their written consent is obtained beforehand. 
 6.2. The COMPANY guarantees to include in the sublicensing
agreement(s) that may be concluded, the restrictions stipulated in this article and the compliance of the sub-licensee(s) with them. 
 ARTICLE 7:
CONFIDENTIALITY 
 7.1 By concluding this Agreement, each PARTY undertakes to comply with and preserve the strictly confidential nature of any
CONFIDENTIAL INFORMATION received from the other PARTIES. 
 7.2 Each PARTY guarantees to the other PARTIES that their staff and/or any other associate,
irrespective of their capacity, abide by the confidential nature of the said CONFIDENTIAL INFORMATION. 
 7.3 Each PARTY hereby undertakes not to submit any
patent application or any other industrial property rights which include CONFIDENTIAL INFORMATION received from the other PARTIES. 

  
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 7.4 This obligations of confidentiality to which each of the PARTIES are bound does not apply to the information
for which the PARTIES who receive it are able to prove: 
 a) that its disclosure was decided by common agreement of the PARTIES; 

b) that the information was already public at the time of its disclosure or that they are not responsible for disclosing it; 

c) that the PARTIES legally held this information from a third party, unrelated to the project; 

d) that the CONFIDENTIAL INFORMATION is disclosed by PARTIES who owned it. 

7.5 Should any of the PARTIES to this Agreement need to disclose CONFIDENTIAL INFORMATION of any kind, in connection with the Invention protected by the
PATENTS to a third party, mainly to a candidate to a sublicense agreement, they will bind the said third party to a non-disclosure agreement including obligations at least as constraining as those stipulated in this Article. 

7.6 This Article 7 may not be enforced to the current or future shareholders of the COMPANY or to its auditors who may wish to learn the terms of this
Agreement and it cannot be invoked to prevent their publication in compliance with the provisions of Article 14 of this Agreement. 
 7.7 This Article 7
will remain in force 5 (five) years from the expiry or the early termination of this Agreement. 
 ARTICLE 8: TRANSFER OF THE AGREEMENT - ASSIGNMENT
OF THE PATENTS 
 8.1. This Agreement is entered into intuitu personae. Therefore, it is personal, it may not be transferred and transmitted,
subject to the provisions of Articles 5 and 8.2. 
 8.2. In the event of a merger, acquisition, partial transfer of assets, transfer of the COMPANY or of
its activities to another company, of a change in the management of the COMPANY or of any other transformation of the COMPANY intended to modify the intuitu personae characteristics taken into account in this Agreement, this Agreement may be
assigned or transferred without the written consent of the REPRESENTATIVE OF THE BODIES. It is already understood that any third party to whom the rights and obligations of one of the PARTIES are transferred will have to meet the same requirements
as the ones ascribed to that PARTY in this Agreement. 
 8.3. Each PARTY may, at any time, fully or partly assign their PATENT rights. The assignor must
notify the other PARTIES beforehand of their intention to assign the said rights, as well as of the name and address of the potential assignee and of the financial terms of the assignment. The other PARTIES will subsequently have a 60 (sixty) day-
right of preemption as of the receipt of the said notification. The PATENT assignment options presented to a third party should in no way be more favorable than those presented to the other PARTY. 

If an assignment is made to a third party, the deed of assignment must stipulate that the assignee undertakes to meet all the obligations incumbent upon the
assignor pursuant to this Agreement. 
 ARTICLE 9: LEGAL PROCEEDINGS 

9.1. Guaranties 
 The COMPANY does not hold liable
AP-HP and UNIVERSITÉ PARIS DESCARTES, their directors, trustees, managers, employees, proxies as well as their successors and rightful beneficiaries of any of those mentioned above (collectively: the “beneficiaries of the
exemption”) for any of the complaints filed by third parties for personal injuries or pecuniary losses related to or arising from: 
 i) the use of the
patents by the COMPANY or its affiliates, directors, trustees, managers, employees, external collaborators, subcontractors or proxies, 

  
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 ii) the design, manufacturing, distribution or use of products patented by the COMPANY or its affiliates. This
exemption from liability comprises all costs and expenses, including standard lawyers’ fees and potential transaction fees. 
 During the development
stage of the patented products, including during clinical trials and prior to their release on the market, the COMPANY will purchase a civil liability insurance from one or several creditworthy insurance companies that will be preserved
subsequently. 
 9.2. Counterfeit by third parties 

Should one of the PARTIES become aware of a counterfeit of the PATENT, they must promptly notify in writing the other PARTIES, providing them with all
available information to assess the seriousness of the situation. The PARTIES will consult with each other in order to jointly decide of the measures to be taken and will negotiate with the counterfeiter in order to put an end to the counterfeiting.

 If the PARTIES agree to jointly carry out the legal proceedings or to enter into negotiation with the counterfeiter, they will determine beforehand the
proportion of the costs to be borne by each of them. The compensations potentially granted to them by the Court or by the counterfeiter after the settlement of a transaction shall be split among the PARTIES in proportion to their participation in
the costs. 
 Should the PARTIES fail to agree on a joint action or if the negotiations entered into by the PARTIES to put an end to the counterfeiting fail
to reach an amicable settlement within 30 (thirty) days from the receipt of the registered letter notifying the counterfeiter to cease the counterfeiting, the COMPANY alone is entitled to undertake, under its own responsibility and on its own
account, the actions that it will deem fit. It is understood that, in this case, it will fully bear the risks and benefits of such actions. 
 9.3.
Action for Patent Infringement against the COMPANY 
 Should an action for patent infringement be filed against the COMPANY during the manufacturing
or sale of the PRODUCTS, the other PARTIES would technically support the COMPANY in its defense, provided that the products targeted by the patent infringement perfectly match the PRODUCTS defined in this Agreement or the IMPROVEMENTS and that the
COMPANY complies with the regulations in force in the country in question. 
 In this context, the PARTY who renounces to be involved in legal proceedings
concerning the PATENTS as either plaintiff or defendant shall assign to the other PARTIES, if necessary, all required powers, as well as all useful information it holds. 

ARTICLE 10: TERMINATION OF THE AGREEMENT 
 10.1
This Agreement will be terminated as of right by any of the PARTIES if another PARTY fails to fulfill one of the core obligations incumbent upon them pursuant to this Agreement, insofar as the defaulting PARTY has not remedied this severe default
within 6 (six) months from its notification by registered letter with acknowledgement of receipt. 

  
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[signature] [signature] 

 10.2 Resorting to this option of terminating the Agreement does not exempt the defaulting PARTY from fulfilling
the contractual obligations up to the date on which this termination becomes effective and this, subject to the damages potentially incurred by the plaintiff because of the early termination of this Agreement. 

10.3 This Agreement will be terminated as of right if the COMPANY completely or partially ceases its activities, in the event of the dissolution or of an
amicable winding up of the COMPANY or in the event of its recovery or judicial winding-up and this as of the date on which the order ruling its dissolution, recovery or judicial winding-up is issued and subject to the provisions of Article L622-13
of the Commercial Code. 
 10.4. In the event of the termination of this Agreement, the COMPANY is formally prohibited from making any reference to AP-HP
and to UNIVERSITÉ PARIS DESCARTES on any grounds and also from using inserts previously approved by AP HP and UNIVERSITÉ PARIS DESCARTES. 

The confidentiality and ownership-related obligations in connection with PATENT shall remain in force. 

The licenses and sublicenses potentially granted by the COMPANY will not be affected by this termination, provided that the sub-licensees are not themselves
in breach. 
 ARTICLE 11: NOTIFICATIONS 
 All
notifications required or made in compliance with this Agreement are valid on condition that they are made in writing and sent to the designated persons at the addresses indicated below, by registered letter with acknowledgement of receipt or by any
other notification method which offers a reasonable proof of their receipt. 
 For the COMPANY: 

DBV Technologies 
 To the
attention of the President and Chief Executive Officer 
 Pépinière Paris Santé Cochin 

29 rue du Faubourg Saint-Jacques 

75014 Paris 
 For AP-HP and the REPRESENTATIVE
OF THE BODIES: 
 Office de Transfert de Technologie et de Partenariats Industriels – DIRC- [Office for Technology Transfer and
Industrial Partnerships] 
 Carré Historique de l’Hôpital Saint Louis 

Porte 23 
 1 avenue Claude
Vellefaux 
 75010 Paris 
 ARTICLE 12:
INVALIDITY 
 The PARTIES are forbidden from challenging the validity of the PATENT. 

It is clearly understood that the ROYALTIES and revenues from licenses or sublicenses referred to in this Agreement are due by the COMPANY for each of the
countries of the TERRITORY and for as long as a valid PATENT exists in compliance with the provisions of Article 5.5.2 hereinbefore. 

  
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[signature] [signature] 

 Should any of the PATENTS be, in a given country or territory, declared null and void by a final court order and
since this invalidity would determine the arrival of new competition on the market in question, the REPRESENTATIVE OF THE BODIES and the COMPANY may meet to reassess the conditions related to the commercial operation of the PRODUCTS by the COMPANY
and/or its licensed firms. 
 ARTICLE 13: LAW OF THE CONTRACT – CLAIMS – LITIGATIONS 

This Agreement is subject to the French laws and regulations. 

The PARTIES will endeavor to amicably solve any dispute arising among them because of the interpretation or implementation of this Agreement or ensuing from
it. 
 Should they fail to do so, they will submit the litigation to the competent courts of Paris. 

This article is applicable irrespective of the expiry or termination of this Agreement. 

ARTICLE 14: RECORDING IN THE NATIONAL PATENT REGISTER 

This Agreement may, if required, be recorded by a PATENT MANAGER in the National Patent Registers kept by the National Industrial Property Office in charge of
PATENTS. 
 The fees charged for the said registration will be considered PROCEDURAL FEES. 

Drawn up in four (4) original copies, 1 (one) for each PARTY. 

Signed in Paris 
  

			
	For Université Paris Descartes	  	 For AP-HP

	Mr. Axel KAHN	  	 Mr. Christophe MISSE

	President	  	 Head of the Clinical Research and Development Department

 François PAQUIS 
  

			
	UNIVERSITÉ PARIS DESCARTES	  	
	On	  	 On DECEMBER 22, 2008

	Paris, DECEMBER 19, 2008	  	

 Axel KAHN 

President 
  

			
	For DBV	  	Approved by the Financial controller of AP-HP
	Mr. Jean-François BIRY	  	
	President and Chief Executive Officer	  	Jean PARMENTIER
	of the COMPANY	  	DECEMBER 29, 2008
		
	On: January 7, 2009	  	On:

  
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[signature] [signature] 

 ANNEXE 1 

USE OF PROCEEDS UNTIL END-2012 

																																									
	Use of proceeds until end-2012	  
						
	Prices in €000s	  	2008	 	 	2009	 	 	2010	 	 	2011	 	 	2012	 
	 	  	H1	 	  	H2	 	 	H1	 	 	H2	 	 	H1	 	 	H2	 	 	H1	 	 	H2	 	 	H1	 	 	H2	 
	 Specific Immunotherapy (EPIT)
	  				  				 				 				 				 				 				 				 				 			
	 Peanut
	  	 	Pre-clinical + compassionate	  	 	 	la/lb	  	 	 	II	  	 	 	III	  
	 Clinical + regulatory expenses
	  	 	175	  	  	 	175	  	 	 	374	  	 	 	676	  	 	 	1 200	  	 	 	1 000	  	 	 	500	  	 	 	500	  	 	 	1 250	  	 	 	1 250	  
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total external clinical + regulatory costs
	  				  	 	(545	) 	 	 	(374	) 	 	 	(676	) 	 	 	(1 200	) 	 	 	(1 000	) 	 	 	(500	) 	 	 	(500	) 	 	 	(1 250	) 	 	 	(1 250	) 
	 Other fixed R&D costs
	  				  	 	(1 069	) 	 	 	(724	) 	 	 	(865	) 	 	 	(530	) 	 	 	(530	) 	 	 	(473	) 	 	 	(473	) 	 	 	(758	) 	 	 	(758	) 
	 Fixed G&A costs
	  				  	 	(1 120	) 	 	 	(676	) 	 	 	(864	) 	 	 	(775	) 	 	 	(775	) 	 	 	(848	) 	 	 	(848	) 	 	 	(1 157	) 	 	 	(1 157	) 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 EBITDA
	  				  	 	(2 735	) 	 	 	(1 773	) 	 	 	(2 405	) 	 	 	(2 505	) 	 	 	(2 305	) 	 	 	(1 821	) 	 	 	(1 821	) 	 	 	(3 165	) 	 	 	(3 165	) 
	 Capex
	  				  	 	(352	) 	 	 	(440	) 	 	 	(440	) 	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	(350	) 	 	 	(350	) 
	 Research tax credit
	  				  	 	1 087	  	 				 	 	779	  	 				 	 	617	  	 				 	 	769	  	 				 	 	1079	  
	 Net financing from loans + grants
	  				  	 	350	  	 				 	 	360	  	 				 	 	500	  	 				 	 	0	  	 				 	 	(340	) 
	 Cash position at start of period
	  	 	5 500	  	  	 	2 230	  	 	 	783	  	 	 	(1 430	) 	 	 	(3 137	) 	 	 	(5 642	) 	 	 	(6 829	) 	 	 	(8 651	) 	 	 	(9 703	) 	 	 	(13 218	) 
	 CASH POSITION AT END OF PERIOD
	  	 	2 230	  	  	 	783	  	 	 	(1 430	) 	 	 	(3 137	) 	 	 	(5 642	) 	 	 	(6 829	) 	 	 	(8 651	) 	 	 	(9 703	) 	 	 	(13 218	) 	 	 	(15 994	) 

  

	 	•	 	Approx. €10m required to reach POC phase II trial by end of 3Q2011 

  

	 	•	 	Phase III costs estimated at max of €5m external (CRO) costs, plus approx €5-7m internal costs for 2013-2014

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}]]