Document:

EX-10.8

 Exhibit 10.8 

[_____], 2021 
 two 

c/o two sponsor 
 16 Funston Avenue, Suite A 

The Presidio of San Francisco 
 San Francisco, CA 94129 

 

	 	Re:	 Initial Public Offering 

Ladies and Gentlemen: 
 This letter (this
“Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and among two, a Cayman Islands exempted company (the
“Company”) and Citigroup Global Markets Inc., as representative (the “Representative”) of the several underwriters named therein (the “Underwriters”), relating to an
underwritten initial public offering (the “Public Offering”) of 23,000,000 of the Company’s Class A ordinary shares, par value $0.0001 per share ( “Ordinary Shares”) (including 3,000,000
Ordinary Shares that may be purchased pursuant to the Underwriters’ option to purchase additional Ordinary Shares). The Ordinary Shares will be sold in the Public Offering pursuant to a registration statement on Form S-1 and a prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”). Certain capitalized terms used herein
are defined in paragraph 1 hereof. 
 In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and
to proceed with the Public Offering and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, A-star (the “Sponsor”) and each of the
undersigned (each, an “Insider” and, collectively, the “Insiders”) hereby agree with the Company as follows: 

1. Definitions. As used herein, (i) “Business Combination” shall mean a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities; (ii) “Founder Shares” shall mean the 5,750,000 Class B ordinary shares of the Company, par value
$0.0001 per share, outstanding prior to the consummation of the Public Offering; (iii) “Private Placement Shares” shall mean the Ordinary Shares of the Company that will be acquired by the Sponsor for an aggregate purchase
price of $6,000,000 (or up to $6,600,000 if the Underwriters’ exercise their option to purchase additional Ordinary Shares in full) in a private placement that shall close simultaneously with the consummation of the Public Offering; (iv)
“Public Shares” shall mean the Ordinary Shares issued in the Public Offering; (v) “Public Shareholders” shall mean the holders of the Public Shares, in their capacity as such; (vi) “Trust
Account” shall mean the trust account into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Shares shall be deposited; (vii) “Transfer” shall mean the (a) sale
of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or
liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the 

 
Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b); and
(viii) “Charter” shall mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time. 

2. Representations and Warranties. (a) The Sponsor and each Insider, with respect to itself, herself or himself, represent and
warrant to the Company that it, she or he has the full right and power, without violating any agreement to which it, she or he is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement, and, as applicable, to serve as an officer of the Company and/or a director on the Company’s Board of
Directors (the “Board”), as applicable, and each Insider hereby consents to being named in the Prospectus, road show and any other materials as an officer and/or director of the Company, as applicable. 

(b) Each Insider represents and warrants, with respect to herself or himself, that such Insider’s biographical information furnished to
the Company (including any such information included in the Prospectus) is true and accurate in all material respects and does not omit any material information with respect to such Insider’s background. The Insider’s questionnaire
furnished to the Company is true and accurate in all material respects. Each Insider represents and warrants that such Insider is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; such Insider has never been convicted of, or pleaded
guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and such Insider is not currently a defendant in any
such criminal proceeding; and such Insider has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. 

3. Business Combination Vote. It is acknowledged and agreed that the Company shall not enter into a definitive agreement regarding a
proposed Business Combination without the prior consent of the Sponsor. The Sponsor and each Insider, with respect to itself or herself or himself, agrees that if the Company seeks shareholder approval of a proposed initial Business Combination,
then in connection with such proposed initial Business Combination, it, she or he, as applicable, shall vote all Founder Shares, Private Placement Shares and any Public Shares held by it, her or him, as applicable, in favor of such proposed initial
Business Combination (including any proposals recommended by the Board in connection with such Business Combination) and not redeem any Public Shares held by it, her or him, as applicable, in connection with such shareholder approval. If the Company
seeks to consummate a proposed Business Combination by engaging in a tender offer, the Sponsor and each Insider agrees that it, he or she will not sell or tender any Ordinary Shares owned by it, him or her in connection therewith. 

4. Failure to Consummate a Business Combination; Trust Account Waiver. (a) The Sponsor and each Insider hereby agree, with respect
to itself, herself or himself, that in the event that the Company fails to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company
to (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the Public 

  
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Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds
held in the Trust Account and not previously released to the Company to pay income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely
extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the
Company’s remaining shareholders and the Board, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to
the other requirements of applicable law. The Sponsor and each Insider agree not to propose any amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to provide holders of the Public Shares the
right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business Combination within the required time period set forth in the Charter
or (ii) with respect to any provision relating to the rights of holders of Public Shares unless the Company provides its Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to
pay income taxes, if any, divided by the number of then-outstanding Public Shares. 
 (b) The Sponsor and each Insider, with respect to
itself, herself or himself, acknowledges that it, she or he has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect
to the Founder Shares or Private Placement Shares held by it, her or him, if any. The Sponsor and each Insider hereby further waives, with respect to any Founder Shares, Private Placement Shares and Public Shares held by it, her or him, as
applicable, any redemption rights it, she or he may have in connection with (x) the completion of the Company’s initial Business Combination, and (y) a shareholder vote to approve an amendment to the Charter (i) that would modify
the substance or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company has not
consummated an initial Business Combination within the time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares (although the Sponsor and the Insiders shall be entitled to
liquidation rights with respect to any Public Shares they hold if the Company fails to consummate a Business Combination within the required time period set forth in the Charter). 

5. Lock-up; Transfer Restrictions. (a) The Sponsor and the Insiders agree that they shall
not Transfer any Founder Shares or Private Placement Shares (the “Lock-up”) until the earliest of (A) one year after the completion of the Company’s initial Business
Combination and (B) the date following the completion of an initial Business Combination on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Public
Shareholders having the right to exchange their Ordinary Shares for cash, securities or other property (the “Lock-up Period”). Notwithstanding the foregoing, if, subsequent to a
Business Combination, the closing price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like)
for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, the Founder Shares and the Private Placement Shares shall be
released from the Lock-up. 

  
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 (b) Notwithstanding the provisions set forth in paragraph 5(a), Transfers of the
Founder Shares or Private Placement Shares are permitted (a) to the Company’s officers or directors, any affiliates or family member of any of the Company’s officers or directors, any members or partners of the Sponsor or their
affiliates, any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the
individual’s immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an
individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of a Business Combination at prices no greater than the price at which the Founder Shares or Private
Placement Shares, as applicable, were originally purchased; (f) by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; (g) to the Company for no value for cancellation in connection with
the consummation of its initial Business Combination, (h) in the event of the Company’s liquidation prior to the completion of its initial Business Combination; or (i) in the event of completion of a liquidation, merger, share
exchange or other similar transaction which results in all of the Company’s Public Shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of an initial Business
Combination; provided, however, that in the case of clauses (a) through (f) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions. 

(c) During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each
Insider shall not, without the prior written consent of the Representative, Transfer any Ordinary Shares or any other securities convertible into, or exercisable or exchangeable for, Ordinary Shares held by it, her or him, as applicable, subject to
certain exceptions enumerated in Section 5(b) of this Agreement and Section 5(g) of the Underwriting Agreement. 
 6.
Remedies. The Sponsor and each of the Insiders hereby agree and acknowledge that (i) each of the Underwriters and the Company would be irreparably injured in the event of a breach by the Sponsor or such Insider of its, her or his
obligations, as applicable under paragraphs 3, 4, 5, 7, 10 and 11, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching
party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach. 

7. Payments by the Company. Except as disclosed in the Prospectus, neither the Sponsor nor any affiliate of the Sponsor nor any director
or officer of the Company nor any affiliate of the directors and officers shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any payment of a loan or other compensation prior to, or in
connection with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is). 

8. Director and Officer Liability Insurance. The Company will maintain an insurance policy or policies providing directors’ and
officers’ liability insurance, and the Insiders shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers. 

9. Termination. This Letter Agreement shall terminate on the earlier of (i) the expiration of the
Lock-up Period and (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall terminate in the event that the Public Offering is not consummated and closed by
December 31, 2021; provided further that paragraph 10 of this Letter Agreement shall survive such liquidation. 

  
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 10. Indemnification. In the event of the liquidation of the Trust Account upon the
failure of the Company to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees to indemnify and hold harmless the Company against any and all loss,
liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened) to which the
Company may become subject as a result of any claim by (i) any third party for services rendered or products sold to the Company (except for the Company’s independent auditors) or (ii) any prospective target business with which the
Company has discussed entering into a transaction agreement (a “Target”); provided, however, that such indemnification of the Company by the Indemnitor (x) shall apply only to the extent necessary to ensure
that such claims by a third party for services rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public
Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per Public Share due to reductions in the value of the trust assets, in each case net of interest (a) that may be withdrawn to pay the
Company’s tax obligations and (b) up to $100,000 to pay dissolution expenses, (y) shall not apply to any claims by a third party or Target who executed a waiver of any and all rights to the monies held in the Trust Account (whether or
not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Indemnitor shall
have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company in writing
that it shall undertake such defense. 
 11. Forfeiture of Founder Shares. To the extent that the Underwriters do not exercise their
option to purchase additional Ordinary Shares within 45 days from the date of the Prospectus in full (as further described in the Prospectus), the Sponsor agrees to automatically surrender to the Company for no consideration, for cancellation at no
cost, an aggregate number of Founder Shares so that the number of Founder Shares will equal of 20% of the sum of the total number of Ordinary Shares (excluding the Private Placement Shares) and Founder Shares outstanding at such time. The Sponsor
and Insiders further agree that to the extent that the size of the Public Offering is increased or decreased, the Company will effect a share capitalization or a share repurchase, as applicable, with respect to the Founder Shares immediately prior
to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at 20% of the sum of the total number of Ordinary Shares (excluding the Private Placement Shares) outstanding at such time. 

12. Entire Agreement. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the
subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.
This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by (1) each Insider that is the subject of any such
change, amendment, modification or waiver and (2) the Sponsor. 

  
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 13. Assignment. No party hereto may assign either this Letter Agreement or any of its
rights, interests, or obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or
title to the purported assignee. This Letter Agreement shall be binding on the Sponsor, each of the Insiders and each of their respective successors, heirs, personal representatives and assigns and permitted transferees. 

14. Counterparts. This Letter Agreement may be executed in any number of original or facsimile counterparts, and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

15. Effect of Headings. The paragraph headings herein are for convenience only and are not part of this Letter Agreement and shall not
affect the interpretation thereof. 
 16. Severability. This Letter Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the
parties hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

17. Governing Law. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New
York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or
relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and
(ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum. 
 18.
Notices. Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return
receipt requested), by hand delivery or facsimile or other electronic transmission. 
 [Signature Page Follows] 

  
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	Sincerely,
	
	two sponsor
	
	By: A-Star Investments, LLC, its sole member
		
	By:	 	  

		 	Name: Troy Bennett Steckenrider III
		 	Title:   Managing Member
		
		 	
	  
 Kevin Earnest
Hartz

 
	
	
	
	  
 Troy Bennett Steckenrider
III

	
	  

	Gautam Gupta
	
	  

	Pierre Lamond
	
	  

	Michelle Gill
	
	  

	Ryan Petersen

  

			
	 Acknowledge and Agreed:

	
	 two

		
	 By:
	 	
                     
        

		 	 Name: Troy Bennett Steckenrider III

Title: Chief Financial OfficerEX-10.21

 Exhibit 10.21 

 
 

 
 DBV TECHNOLOGIES 

PLAN RULES OF THE 
 2020
STOCK OPTION PLAN (US VERSION) 
 Purpose and background of the Plan: 

DBV Technologies (“DBV Technologies” or the “Company”) is granting to its employees options to purchase and/or subscribe
shares of DBV Technologies under this 2020 Stock Option Plan (the “Plan”). Through this Plan, employees can become shareholders of DBV Technologies, rewarding their contributions to its development. 

The implementation of this Plan is based on the authorization given by the shareholders of the Company at the Annual General Meeting of Shareholders of DBV
Technologies held on April 20, 2020, in its 32nd resolution, which authorized the Board of Directors to award options to purchase and/or subscribe shares of DBV Technologies (such awards
being referred to as “Options”) to employees of the Company and its subsidiaries. 
 The grant of Options under this Plan was made on
November 24, 2020 (the “Grant Date”), by the Board of Directors of the Company. Each Option entitles its holder to acquire/subscribe to one share of the Company at a preferred exercise price, subject to the satisfaction of a
continued employment condition and to the other terms and conditions set forth in this Plan. 
 This document sets forth the terms of the Plan for
participants who are employed by a U.S. company of the DBV Technologies Group on the Grant Date. 
 1 Participants and number of Options granted to each

 Individuals receiving Options under this Plan (“Participants”) are employees and corporate officers of the Company and those
companies in which it holds directly or indirectly a majority of the share capital and/or voting rights (“Group Companies”). The list of Participants, the number of Options granted to each and the exercise price (“Exercise
Price”) have been fixed by the Board of Directors on the Grant Date. 
 Each Option entitles its holder to acquire/subscribe to one share of the
Company (“Share”) at the Exercise Price, subject to conditions set forth in this Plan. 
 The Exercise Price is € 4.16, which is
equal to the price of the Shares on Euronext Paris on the Grant Date, but is not be less than the average of the share prices quoted over the twenty (20) trading days preceding the Grant Date. 

 

  
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 Each Participant will be informed of the grant by a notification letter (which may be sent electronically on
the website of the plan administrator mandated by the Company (the ”Plan Administrator”)). The Participant must acknowledge receipt of the notification and accept the grant within 30 days of the date of the notification letter,
failing which the Company may cancel the grant, without prior notice or compensation. The acceptance procedure will be set forth in the notification letter. Acceptance of the grant by the Participant will also include an acceptance of its terms and
of these Plan rules, including Annex 1. 
 2. Vesting schedule and dates 

The Options will vest in installments over a four-year period starting from the Grant Date, according to the schedule set forth below and subject to the
satisfaction of the continued employment condition and to the other terms and conditions set forth in this Plan. 
 For each Option, the period between the
Grant Date and its scheduled “Vesting Date” set forth below is referred to as its “Vesting Period”. 
  

	 	•	 	 25 % of the Options shall be eligible to vest on November 24, 2021, 12 months following the Grant Date.

  

	 	•	 	 an additional 12.5 % of the Options shall be eligible to vest on May 24, 2022, 18 months following the
Grant Date. 

  

	 	•	 	 an additional 12.5 % of the Options shall be eligible to vest on November 24, 2022, 24 months following
the Grant Date. 

  

	 	•	 	 an additional 12.5 % of the Options shall be eligible to vest on May 24, 2023, 30 months following the
Grant Date. 

  

	 	•	 	 an additional 12.5 % of the Options shall be eligible to vest on November 24, 2023, 36 months following
the Grant Date. 

  

	 	•	 	 an additional 12.5 % of the Options shall be eligible to vest on May 24, 2024, 42 months following the
Grant Date; and 

  

	 	•	 	 an additional 12.5 % of the Options shall be eligible to vest on November 24, 2024, 48 months following
the Grant Date. 

 In the event that the Participant’s employment or corporate office is involuntary terminated other than for cause
within twelve months following the date of the consummation of a takeover leading to a change of control of the Company as defined in Article L. 233-3 of the French Commercial Code, the vesting and
exercisability of each of the Participant’s Options (including the Options that have not vested) shall be automatically accelerated in full. The Options shall then be exercisable during a 90 day-period
starting from the date on which the Participant is notified of his or her termination. 
  

  
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 “Cause” as a reason for a Participant’s termination of employment shall have the meaning
assigned such term in the employment, severance or similar agreement, if any, between such Participant and his or her employer, provided, however that if there is no such employment, severance or similar agreement in which such term is defined, then
“Cause” shall mean any of the following acts by the Participant, as determined by the Company: gross neglect of duty, prolonged absence from duty without the consent of the Company or applicable Group Company, material breach by the
Participant of any published Company or applicable Group Company code of conduct or code of ethics; intentionally engaging in activity that is in conflict with or adverse to the business or other interests of the Company or applicable Group Company;
or willful misconduct, misfeasance or malfeasance of duty which is reasonably determined to be detrimental to the Company or applicable Group Company. The determination of the Company as to the existence of “Cause” shall be conclusive on
the Participant. 
 3. Manner of Exercise 
 Once vested,
the Options can be exercised, on one or more occasions at the Participants’ discretion, at any time between the first anniversary date of the Grant Date (included), and the tenth anniversary date of the Grant Date, on November 24, 2030
(included) at midnight Paris Time (the “Exercise Period”), subject to the terms and conditions of this Plan. Thereafter, the Options will automatically lapse. 

Each Participant may exercise their Options by (i) giving written notice to the Company specifying the number of Shares with respect to which the Options
are being exercised (ii) providing full payment of the aggregate Exercise Price for the number of Shares specified in the notice. 
 Payment of the
Exercise Price for the Shares may be made in cash, by certified or bank check or other instruments acceptable to the Plan Administrator. 
 The Shares
purchased/subscribed upon exercise of the Options shall be transferred to the Participant upon compliance to applicable laws or regulations in connection with such transfer and with the requirements hereof. 

In accordance with applicable law, the Board of Directors may suspend for a given period, at its sole discretion, the exercise rights attached to the Options.

 4. Continued Employment Condition 
 The vesting and
the exercise of each Participant’s Options are subject to him or her remaining an employee or executive corporate officer of the Company or another Group Company until the scheduled Vesting Date and, thereafter, until the date of exercise. Such
employment must be continuous and without interruption. Exceptions to this condition are set forth below. 
 If employment or corporate office is terminated
or lapses at any time, then any Option that was previously exercisable on or prior to the termination date (the “Termination Date” as defined below) according to the vesting schedule set forth in Article 2, shall then be exercisable
during a 90 day-period starting from the Termination Date. After this period the vested Options shall be immediately cancelled without prior notice or compensation. Any Option that has not vested on or prior
to the Termination Date shall also be immediately cancelled without prior notice or compensation. 

  
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 The Termination Date shall mean the date on which employment or corporate office is terminated or lapses or,
if sooner: 
  

	 	•	 	 in the event of resignation, the date on which the Company or the applicable Group Company receives the letter of
resignation or other written notification of resignation from the Participant or his or her agent. 

  

	 	•	 	 in the event of dismissal (or equivalent), the date on which the Company or the relevant Group Company shall
inform the Participant in writing of its intention to terminate or not renew the employment relationship or the corporate office; 

Employment will also be deemed to be terminated for these purposes if at any time the company employing the Participant or in which he or she holds corporate
office shall cease to be a “Group Company” as a result of a reduction in DBV Technologies’ stake in such company (share capital and/or voting rights). 

5. Exceptions to the Continued Employment condition 

Notwithstanding the provisions of Article 4, an exception to the Continued Employment Condition shall be made in the following cases: 

a) Death of the Participant 

The Options shall be fully vested and may thereafter be exercised by the Participant’s heir(s) for a period of six (6) months from
the date of death. The Shares resulting from the exercise of the Options will then be freely transferable. 
 b) Disability of the
Participant 
 For Participants who are employed by a U.S. company of the DBV Technologies Group, “disability” shall have the
meaning provided for under Section 409A of the Internal Revenue Code. 
 For Participants who are employed by the Company or a French
company of the DBV Technologies Group or by any other entity of the DBV Technologies Group which is not a U.S. company, “disability” shall have the meaning provided in the second or third of the categories provided for by Article L. 341-4 of the French Social Security Code. 
 Following a disability, the Options outstanding and vested on
such date according to the vesting schedule set forth in Article 2 shall remain exercisable. The Shares resulting from the exercise of the Options will then be freely transferable. Any Options not vested on or prior to the date of disability shall
terminate immediately and be of no further force or effect, without prior notice or compensation. 

  
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 c) Retirement of the Participant 

For Participants who are employed by a U.S. company of the DBV Technologies Group, retirement shall mean a termination of continued employment
after attainment of age 62. 
 For Participants who are employed by the Company or a French company of the DBV Technologies Group, retirement
shall mean retirement after meeting retirement eligibility in accordance with applicable French law or in an early retirement within the framework of a collective legal or contractual early retirement plan set up by the relevant Group Company. 

Following a retirement, the Participant may retain and exercise any Options that have vested prior to the effective date of retirement. The
Participant’s Options scheduled to vest on the first scheduled Vesting Date occurring after the effective date of retirement, shall remain eligible to vesting. Options with a subsequent Vesting Date shall be immediately cancelled, without prior
notice or compensation. Vested Options may thereafter be exercised by the Participant at any time during the Exercise Period. 
 In addition to the
foregoing, the Board of Directors of the Company may waive the Continued Employment Condition in whole or in part on a case by case basis, in its discretion. 

6. Transfer of shares 
 The transfer of the Shares
resulting from the exercise of the Options is possible only as from the first anniversary date of the Grant Date (included). 
 However, any Participant or
the heirs or assigned of a deceased Participant as provided by Article 5 above are entitled to transfer the resulting Shares at any time after the acquisition of such Shares. 

The exercise of the Options by the Participant and the transfer or sale of the resulting Shares by the Participant must be made in compliance with various
provisions aimed at ensuring the transparency and the security of financial markets, and in particular those provisions concerning insider trading. In this regard, periods preceding the publication of the annual and interim financial statements will
be fixed and announced by the Company, during which the sale of Shares will be prohibited. Furthermore, the Board of Directors may implement procedures that Participants must follow before selling shares, in order to ensure that they are in not in
possession of information liable to block such sale. 
 More generally, Participants will be required to adhere to the Company’s Insider Trading Policy
and to applicable French and U.S. federal and state laws. 

  
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 7. Characteristics of the Shares 

The Shares subscribed by the Participant will be new or existing ordinary shares to be issued by DBV Technologies, at the choice of the Board of Directors of
DBV Technologies. In the absence of an express choice before the end of the first anniversary date of the Grant Date, then the Shares will be new shares. 

The new Shares issued in favor of some or all the Participants shall have the same rights as those attached to the existing DBV Technologies shares as from
their issuance. 
 8. Adjustment  
 In the event
of a redemption or reduction of share capital, a change in the allocation of profits, a grant of free shares to all of the shareholders, an increase in share capital by incorporation of reserves, profits or share premium, a distribution of reserves,
a share buy-back at a price above the share price on the stock exchange or any issues of equity instruments that includes subscription rights reserved for the shareholders, the Exercise Price and the number of
Shares to which an Option gives right will be adjusted in order to take into account such issuance or other capital transaction. 
 If such a situation is
covered by existing law or regulation, such law or regulation shall be applied. 
 If such a situation is not covered by existing French law or regulation,
the General Meeting of Shareholders or the Board of Directors when deciding to proceed with such securities issuance or other modification of the share capital may adopt any adjustment measures necessary to protect the rights of the holders of the
Options, using by analogy the rules and regulations which would govern similar cases. 
 Each Participant will be informed of the practical terms of such an
adjustment and of its consequences on his/her award of Options. 
 9. Restructuring and mergers 

In accordance with Article L. 228-101 of the French Commercial Code, if the Company is absorbed by another company or
merges with one or several other companies resulting in the creation of a new entity, or in case of a demerger (scission), the Participants will be entitled to exercise their Options in the company or companies receiving the capital
contributions. 
 10. Social and tax treatment 
 The
Participant is responsible for making declarations and payments to be made or owed by him/her under applicable law and particularly in respect of his/her tax liabilities. 

  
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Applicable social security law and tax law vary depending on the country of residence of the Participants. 

Each Participant is responsible for inquiring about the social and tax treatment applicable to him /her in his/her country of residence due to the grant or
exercise of Options or the issuance or transfer of the resulting Shares. 
 In the event that, as a result of the grant or exercise of Options or the
issuance or transfer of the resulting Shares and, as the case may be, as provided by applicable law, DBV Technologies or a Group Company would have to pay taxes, social security contributions or any other tax or governmental contribution on behalf
of the Participant, DBV Technologies reserves the right to delay or prohibit the grant, exercise and/or issuance or transfer of the Shares until such Participant has repaid to DBV Technologies or to the relevant Group Company the amount
corresponding to such taxes, social security contributions or any other tax or governmental contribution. DBV Technologies or the relevant Group Company as the case may be, reserves the right (i) to deduct such taxes, social security
contributions or any other tax or governmental contribution from the compensation due to the Participant concerned, or (ii) to transfer or sell a sufficient number of shares in order to fulfill the Participant’s obligations, the transfer
proceeds being directly paid to DBV Technologies or to the relevant Group Company. 
 11. Limitation of rights 

The Options are not transferrable. 
 Options do not have any
right attached to ordinary shares, including voting rights or rights to dividends. The Participant shall become full owners of the Shares and attached rights only upon exercise of the Options. 

The Options are separate from the Participant’s employment contract and are not part of it. They are not taken into account to compute termination
payments, pensions or any other payments made in the context of employment relationship termination. 
 None of the provisions which are set out in the Plan
constitute an element of the employment contract of a Participant. The rights and obligations deriving from the employment relationship between the Participant and DBV Technologies or a Group Company shall in no way be affected by the Plan from
which they are completely distinct. Participation in the Plan shall not confer any right relating to the continuation or creation of any employment relationship or any right upon termination of any such relationship. 

12. Construction of the Plan and governing law 
 It will
be the responsibility of the Board of Directors to construe the provisions of the Plan, if required, which may delegate this power to the Chief Executive Officer or to the Global Head of Human Resources of the Group. 

  
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 This Plan is governed and shall be construed in accordance with French law, and any claim relating thereto
will be subject to the jurisdiction of the courts within the jurisdiction of the Court of Appeal of Paris. For Participants who are who are employed by a U.S. Company of the DBV Technologies Group, this Plan shall be construed in accordance with
Section 409A of the United States Internal Revenue Code. 
 13. Modification of the plan 

The terms of this Plan may be amended or supplemented by the Board of Directors (i) if it deems such amendment or supplement to be appropriate and not
materially adverse to the interest of the affected Participants or (ii) by mutual agreement with the affected Participants. 
 More generally, in the
event of a change in any legal, regulatory or accounting requirements applicable to the Plan, or any change in the interpretation thereof, in particular with respect to the fiscal or social treatment of any grant or exercise of Options, or delivery
of Shares under the Plan, affecting the Company, any Group Company or any Participants, the terms of the Plan may be amended or supplemented by the Board of Directors, in its discretion and in the manner that it deems appropriate, in response to
such change. For example, the Board of Directors may choose to shorten or lengthen the Vesting Period, the Exercise Period and/or to introduce a mandatory lock-up period and/or waive or modify any condition to
Exercise Conditions and/or introduce new conditions. Furthermore, the Board of Directors may, if it deems the delivery of Shares to any Participant following exercise of Options would be impossible or inopportune, choose to pay instead an amount in
cash of equivalent value, net of taxes and social charges. The amount and timing of any such payment would be determined by the Board of Directors in its discretion, by reference to the number and timing of any Shares to be otherwise delivered to
Participants hereunder following the exercise of Options, to be valued by the Board of Directors on or around the scheduled delivery date, or by reference to an average price over a period preceding such date. 

Participants shall not be entitled to any indemnification for any loss of value and/or increased tax or social costs resulting from any such amendments or
supplements to the Plan, irrespective of whether such loss or increase is of general application or is specific to them in view of their personal situation. 

* * * 

  
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 Annex 1 

Information Notice on the Protection of Personal Data 

By participating in the Plan, the Participant acknowledges that his/her personal information be subject to electronic data processing carried out under the
control of the Company, with the assistance of his/her employer, in accordance with French Law n°78-17 of January 6, 1978 on data processing, data files and individual liberties, the EU Regulation on
Data protection (2016/679) of April 27, 2016 (GDPR) and applicable local laws. It shall be implemented on the basis of legitimate interest (Article 6(1)(f) of the GDPR) because it is necessary for the administration of his/her rights under the
plan and on for compliance of legal obligations (Article 6(1)(c) of the GDPR), for all purposes relating to the implementation of the Plan, i.e.: 
  

	 	(i)	 administering and maintaining Participant records. 

 

	 	(ii)	 providing information to members of the Group, registrars, brokers or third-party administrators of the Plan.

  

	 	(iii)	 providing information to future purchasers of the Company or of the business in which the Participant works.

  

	 	(iv)	 transferring information about the Participant to France or to another country or territory outside of his/her
home country and/or of the European Economic Area that may not provide the same statutory protection for the information as the Participant’s home country; and 

 

	 	(v)	 complying with legal obligations. 

All personal information subject to the electronic data processing is mandatory for the participation to the Plan. All this information will be transmitted
(and be transferred to France) to and used for account administration and electronic storage of this data, by the internal departments of the Group in charge of the management of his/her shareholder’s account, and to external entities
designated to manage the same, and to all persons statutorily or expressly authorized by DBV Technologies or by an employer to hold and process this information (in particular the holder of shareholders accounts), as well as to any future acquirer
of DBV Technologies or his/her employing company or the business in which he/she is working within the duration of the Plan. This personal information shall be retained for the time required for the completion of the Plan and for the purposes
of the management of the shareholder’s account, until he/she sells all his/her DBV Technologies shares under the Plan, and thereafter for archiving purposes. 

Every Participant will be able to exercise a right to access, to modify and to rectify, and as well as to delete (once he/she no longer holds any Shares under
the Plan) any information relating to him/her. Furthermore, each Participant will have the right to restriction of processing and to object to processing as well as the right to data portability. The right of data portability shall allow the
Participant to recover his/her data directly or to transfer them or have them transferred to another data controller (subject to legal limits). He/she will have a right to define the directives in relation to the registration, the removal and the
communication of his/her personal data after his/her death. 

  
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 In some countries, local regulations require the express consent of the Participant for the processing and
transfer of his/her personal data. In such a case, the Participant’s consents, under the acceptance procedure, to the collection, use, storage and transfer of his/her personal data, within the framework of local law. Furthermore, local law may
provide that he/she has the right to withdraw his/her consent for the processing of his/her personal data. However, his/her personal data is necessary for the processing of his/her participation to the Plan, the holding of his/her Shares under the
Plan and the execution of all operations related to his/her investment. Accordingly, he/she will be able to exercise his/her right to withdraw his/her consent only when all the Shares held under the Plan have been sold. 

The Company has appointed a data protection officer, who is responsible for compliance with this notice and can be contacted at the following address: dataprivacy@dbv-technologies.com. 
 The Participant have the right to lodge a complaint with his/her supervisory
authority (in France, the supervisory authority is the CNIL), concerning the protection of personal data. 

  
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