Document:

EXHIBIT 10.4

    

     

      

    
       CERTAIN CONFIDENTIAL PORTIONS HAVE BEEN REDACTED FROM THIS EXHIBIT BECAUSE THEY ARE BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.  INFORMATION THAT HAS BEEN
          OMITTED HAS BEEN IDENTIFIED IN THIS DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK "[***]". 

       

     

    

    	
            Dated

            

          	 	 2018
	
            Contract number (FI No): 89427

            Contract number (FI No): 89987

            Serapis No: 2018-0245

             

             

          
	 	
            European Investment Bank

            (the Bank)

          	 
	 	
             

            

            - and -

             

            

          	 
	 	
            Nanobiotix

            (the Company)

             

             

          	 
	 	 	 	 
	 	 	 	 

    

    

    	 
	
            Royalty Agreement

             

             

            

             

          
	 
	 

    

    

    	 	
            

             

          	 
	
            Matter ref 1M0186.000509

            PAARB/1864409

          
	
             

            

            Hogan Lovells (Paris) LLP

            17 avenue Matignon, 75008 Paris

          
	 

    

      
        
          

      

    

     

    

    Contents

    

    

    

    

    
      	 Clause	Page

            

    

    

    

    
      
        	1.          	Definition and Interpretation          	1

      

    

    

    

    
      
        	2.          	Royalties          	3

      

    

    

    

    
      
        	3.          	Interest on overdue sums          	4

      

    

    

    

    
      
        	4.          	Payments          	5

      

    

    

    

    
      
        	5.          	Charges and expenses          	6

      

    

    

    

    
      
        	6.          	Further Assurance          	6

      

    

    

    

    
      
        	7.          	Termination          	6

      

    

    

    

    
      
        	8.          	Notices          	6

      

    

    

    

    
      
        	9.          	English language          	7

              

      

    

    

    

    
      
        	10.          	No hardship          	8

      

    

    

    

    
      
        	11.          	Obligations' survival          	8

      

    

    

    

    
      
        	12.          	Governing Law and Jurisdiction, Miscellaneous          	8

      

    

    

    

    
      	Schedule 1 Compliance Certificate          

            	9

            

    

    
      

      

      
        
          

      

    

    This Royalty Agreement is entered into

    

    

    Between:

    

    

    
      	
              (1)

            	
              The European Investment Bank having its seat at 100 boulevard Konrad Adenauer, L-2950 Luxembourg (the "Bank").

            

    

    
      	
              

              

            	

            

    

    
      	
              (2)

            	
              Nanobiotix, a company incorporated under the laws of France whose registered office is at 60 rue de Wattignies, 75012 Paris and registered under the commercial register
                of Paris under number 447 521 600 (the "Company").

            

    

    
      	
              

              

            	

            

    

    Recitals

    

    

    
      	
              (A)

            	
              The Company has stated that it is undertaking a research and development project relating to activities required to bring NBTXR3 (a nanoparticle radio-enhancer product) to the market (the "Investment"). The total cost of the Investment, as estimated by the Bank, is EUR 94,700,000.

            

    

    
      	

            	

            

    

    
      	
              (B)

            	
              The Bank, considering that the financing of the Investment falls within the scope of its functions and that it is in a position to take some risks on this project, agreed to provide the Company with a credit
                in an amount of EUR 40,000,000 under a Finance Contract dated on the date hereof (the "Finance Contract") to finance the Investment.

            

    

    
      	
              

              

            	

            

    

    
      	
              (C)

            	
              In consideration of this interest, the Company intends to account to the Bank for royalties on the income generated from the exploitation of the projects of the Company, including the Investment, which is the
                subject matter of this agreement (the "Agreement").

            

    

    
      	
              

              

            	

            

    

    It is agreed as follows:

    

    

    
      	
              1.

            	
              Definition and Interpretation

            

    

    
      	
              

              

            	

            

    

    
      	
              1.1

            	
              The following definitions and rules of interpretation in this clause apply in this Agreement.

            

    

    
      	

            	

            

    

    "Business Day" means a day (other than a Saturday or Sunday) on which the Bank and commercial banks are open for general business in Paris and in
      Luxembourg.

    

    

    "Compliance Certificate" means a compliance certificate substantially set out as in Schedule 1.

    

    

    "Disruption Event" means either or both of:

    

    

    
      	
              (a)

            	
              a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with this Agreement;
                or

            

    

    
      	

            	

            

    

    
      	
              (b)

            	
              the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of either the Bank or the Company, preventing that party:

            

    

    
      	

            	

            

    

    
      	
              (i)

            	
              from performing its payment obligations under this Agreement; or

            

    

    
      	
              

              

            	

            

    

    
      	
              (ii)

            	
              from communicating with other parties in accordance with the terms of this Agreement,

            

    

    
      	

            	

            

    

    and which disruption (in either such case as per (a) or (b) above) is not caused by, and is beyond the control of, the party whose operations are disrupted.

    

    

    "First Tranche" means the first tranche made or to be made available to the Company by the Bank pursuant to the
      Finance Contract.

    
      
        

      -2-

    

    
    "Group" means the Group Companies, taken together as a whole.

    

    

    "Group Company" means the Company and its Subsidiaries.

    

    

    "Independent Expert" means an internationally recognised independent expert to be appointed in accordance with Article 2.2.

    

    

    "Payment Date" means each 30 June and, in case this date fall a day that is not a Business Day, the following Business Day.

    

    

    "Prepayment Date" means the date on which a prepayment has occurred pursuant to article 5 of the Finance Contract.

    

    

    "Prepayment Notice" means a written notice to be sent to the Company in the event a Prepayment Event has occurred.

    

    

    "Royalty Calculation Period” means the period of six (6) financial years starting on the financial year starting on 1st January 2021.

    

    

    "Royalty Fee Prepayment Amount" has the meaning given to this term in Article 2.2(b).

    

    

    “Royalty Prepayment Event” means either:

    

    

    
      	
              (a)

            	
              that the Company has served a notice to prepay a Tranche in accordance with article 5.2.1 of the Finance Contract; or

            

    

    
      	
              

              

            	

            

    

    
      	
              (b)

            	
              that a Prepayment Event has occurred and the Bank has demanded prepayment of the Loan in accordance with articles 5.3 of the Finance Contract;

            

    

    
      	
              

              

            	

            

    

    
      	
              (c)

            	
              a Change-of-Control Event has occurred after the Final Maturity Date but prior to the Termination Date; or

            

    

    
      	

            	

            

    

    
      	
              (d)

            	
              an event of default has occurred pursuant to article 9.1 of the Finance Contract and the Bank has requested the immediate repayment of all sums due under the Finance Contract.

            

    

    
      	

            	

            

    

    "Second Tranche" means the second tranche to be made available to the Company by the Bank pursuant to the terms of the Finance Contract.

    

    

    "Subsidiary" means an entity of which the Company has direct or indirect control or owns directly or indirectly more than 50% of the voting capital or
      similar right of ownership and "control" for this purpose means the power to direct the management and the policies of the entity, whether through the ownership of voting capital, by contract or otherwise.

    

    

    "Termination Date" means the 30th of June following the end of the Royalty Calculation Period, or the following Business Day in case such day is not a
      Business Day.

    

    

    
      	
              1.2

              

            	
              In this Agreement:

            

    

    
      	
              

              

            	

            

    

    
      	
              (a)

            	
              References to Articles, Recitals, Schedules and Paragraphs are, save if explicitly stipulated otherwise, references respectively to articles of, and recitals, schedules and paragraphs of schedules to, this
                Agreement. All Recitals and Schedules form part of this Agreement.

            

    

    
      	
              

              

            	

            

    

    
      	
              (b)

            	
              References to a provision of law are references to that provision as amended or re-enacted.

            

    

    
      	
              

              

            	

            

    

    
      	
              (c)

            	
              References to any other agreement or instrument are references to that other agreement or instrument as amended, novated, supplemented, extended or restated.

            

       

      

    

  

  
    
      

    -3-

  

  
    
      	2.

            	
              Royalties

            

    

    
      	

            	

            

    

    
      	2.1

            	
              Payment

            

    

    
      	
              

              

            	

            

    

    
      	
              (a)

            	
              In the event the First Tranche has been made available to the Company, the Company shall pay to the Bank in respect of each financial year during the Royalty Calculation Period, a royalty fee equal to an
                amount determined, on the basis of the audited consolidated financial statements of the Group for the relevant financial year (the "Royalty Fee") as follows:

            

    

    
      	
              

              

            	

            

    

    
      	
              (i)

            	
              [***] of the Group’s annual turnover applying on the portion of turnover of less than [***] ;

            

    

    
      	
              

              

            	

            

    

    
      	
              (ii)

            	
              [***] of the Group’s annual turnover applying on the portion of turnover between [***] and [***] ; and

            

    

    
      	
              

              

            	

            

    

    
      	
              (iii)

            	
              [***] of the Group’s annual turnover applying on the portion of turnover exceeding [***] .

            

    

    
      	
              

              

            	

            

    

    
      	
              (b)

            	
              In the event the Second Tranche has been made available to the Company, the Royalty Fee will be calculated, in respect of each financial year during the Royalty Calculation Period, on the basis of the audited
                consolidated financial statements of the Group for the relevant financial year, as follows:

            

    

    
      	
              

              

            	

            

    

    
      	
              (i)

            	
              [***] of the Group’s annual turnover applying on the portion of turnover of less than [***] ;

            

    

    
      	
              

              

            	

            

    

    
      	
              (ii)

            	
              [***] of the Group’s annual turnover applying on the portion of turnover between [***] and [***] ; and

            

    

    
      	
              

              

            	

            

    

    
      	
              (iii)

            	
              [***] of the Group’s annual turnover applying on the portion of turnover exceeding [***] .

            

    

    
      	
              

              

            	

            

    

    
      	
              (c)

            	
              The Royalty Fee shall be paid on each Payment Date until the Termination Date.

            

    

    
      	

            	

            

    

    
      	
              2.2

              

            	
              Prepayment under the Finance Contract

            

    

    
      	
              

              

            	

            

    

    
      	
              (a)

            	
              In the event there is a Royalty Prepayment Event, the Bank may exercise its right to request the prepayment of the Royalty Fees by serving a Prepayment Notice to the Company.

            

    

    
      	
              

              

            	

            

    

    
      	
              (b)

            	
              Such Prepayment Notice shall include the amount to be prepaid by the Company in relation to the Royalty Fees, as the higher of:

            

    

    
      	

            	

            

    

    
      	
              (i)

            	
              the present value as of the Prepayment Date of all future Royalty Fees which is expected by the Bank to fall due under this Contract where the said present value shall be calculated at a discount rate
                determined by an Independent Expert; and

            

    

    
      	
              

              

            	

            

    

    
      	
              (ii)

            	
              the amount, as determined by the Bank, required in order for the Bank to realise an internal rate of return on the Loan of 20%; and

            

    

    
      	
              

              

            	

            

    

    
      	
              (iii)

            	
              an amount equal to EUR 35,000,000.

            

    

    
      	
              

              

            	

            

    

    
      
        

      -4-

    

    (the "Royalty Fee Prepayment Amount").

    

    

    
      	
              (c)

            	
              The Royalty Fee Prepayment Amount shall be determined as required in accordance with paragraph (b)(i) above by an Independent Expert to be appointed by the Company and the Bank. The Company, the Bank and the
                Independent Expert will execute together the terms of engagement of such Independent Expert.

            

    

    
      	
              

              

            	

            

    

    
      	
              (d)

            	
              The parties agree to cooperate with each other in relation to the appointment of the Independent Expert and agree not to withhold or delay unreasonably their consent to such appointment.

            

    

    
      	

            	

            

    

    
      	
              (e)

            	
              The Independent Expert shall decide on the procedure and timetable to be followed in the determination of the Royalty Fee Prepayment Amount and shall require the parties to provide each other with or with
                access to the relevant information and documents.

            

    

    
      	
              

              

            	

            

    

    
      	
              (f)

            	
              When providing its determination, the Independent Expert shall not be obliged to give reasons for its determination and its determination (including any calculation, statement or other information) shall,
                save in the case of fraud or manifest error, be final and binding on the Company and the Bank. The Independent Expert shall deliver its determination and any calculation, statement or other information required to be provided by it by this
                Agreement to the parties in English in writing on or before the date falling thirty (30) Business Days after the date of its appointment.

            

    

    
      	
              

              

            	

            

    

    
      	
              (g)

            	
              The costs and expenses of the Independent Expert shall be borne by the Company.

            

    

    
      	
              

              

            	

            

    

    
      	
              (h)

            	
              If the Independent Expert is unable for whatever reason to act, or does not deliver the decision within the time required, the Company and the Bank shall ensure that a replacement expert is appointed in
                accordance with the terms of this clause 3.2.

            

    

    
      	
              

              

            	

            

    

    
      	2.3

            	
              Information

            

    

    
      	

            	

            

    

    
      	
              (a)

            	
              The Company shall supply to the Bank, as soon as they become available but in any event within 90 days after the end of each of its financial years its audited consolidated (if any) and unconsolidated annual
                report, balance sheet, profit and loss account and auditors report for that financial year together with a Compliance Certificate signed by the legal representative of the Company.

            

    

    
      	

            	

            

    

    
      	
              (b)

            	
              Not more than once in any year subject to reasonable notice, the Bank may appoint an accountant to inspect the relevant parts of the Company's books and records in order to verify the accounts.  Any audit
                shall be at the usual place of business of the Company during normal business hours and shall be at the sole expense of the Company. The Bank may not inspect the books or records in respect of royalty accounts rendered more than three (3)
                years previously.

            

    

    
      	
              

              

            	

            

    

    
      	
              3.

              

            	
              Interest on overdue sums

            

    

    
      	
              

              

            	

            

    

    
      	
              3.1

            	
              If the Company fails to pay any amount payable by it under this Agreement on its due date, interest shall accrue on any such overdue amount from the due date to the date of actual payment at an annual rate
                equal to 2% (200 basis points) and shall be payable in accordance with the demand of the Bank.

            

    

    
      	
              

              

            	

            

    

    
      	
              3.2

              

            	
              Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount only if, within the meaning of article 1343-2 of the French Code civil, such interest is due for a period
                of at least one year, but will remain immediately due and payable.

            

    

    
      
        

      -5-

    

    
      	4.

            	
              Payments

            

    

    
      	
              

              

            	

            

    

    
      	
              4.1

            	
              Day count convention

            

    

    
      	
              

              

            	

            

    

    Any amount due under this Agreement and calculated in respect of a fraction of a year shall be determined based on a year of 360 (three hundred and sixty) days and a month of 30 (thirty) days.

    

    

    
      	
              4.2

              

            	
              Time and place of payment

            

    

    
      	
              

              

            	

            

    

    
      	
              (a)

            	
              If neither this Agreement nor the Bank's demand specifies a due date, all sums other than sums of interest, indemnity and royalty are payable within fifteen (15) days of the Company's receipt of the Bank's
                demand.

            

    

    
      	
              

              

            	

            

    

    
      	
              (b)

            	
              Each sum payable by the Company under this Agreement shall be paid to the following account:

            

    

    
      	
              

              

            	

            

    

     [***] 

     [***] 

     [***] 

     [***] 

     [***] 

    

    

        or such other account notified by
      the Bank to the Company.

    

    

    
      	
              (c)

            	
              The Company shall provide the Serapis Number and the FI numbers listed at the front of this Agreement as a reference for each payment made under this Agreement.

            

    

    
      	

            	

            

    

    
      	
              (d)

            	
              Any disbursements by and payments to the Bank under this Agreement shall be made using account(s) acceptable to the Bank. Any account in the name of the Company held with a duly authorised financial
                institution in the jurisdiction where the Company is incorporated or where the Investment is undertaken is deemed acceptable to the Bank.

            

    

    
      	
              

              

            	

            

    

    
      	4.3

            	
              No set-off by the Company

            

    

    
      	
              

              

            	

            

    

    All payments to be made by the Company under this Agreement shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

    

    

    
      	
              4.4

              

            	
              Disruption to Payment Systems

            

    

    
      	
              

              

            	

            

    

    If either the Bank determines (in its discretion) that a Disruption Event has occurred or the Bank is notified by the Company that a Disruption Event has occurred:

    

    

    
      	
              (a)

            	
              the Bank may, and shall if requested to do so by the Company, consult with the Company with a view to agreeing with the Company such changes to the operation or administration of this Agreement as the Bank
                may deem necessary in the circumstances;

            

    

    
      	
              

              

            	

            

    

    
      	
              (b)

            	
              the Bank shall not be obliged to consult with the Company in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event,
                shall have no obligation to agree to such changes; and

            

    

    
      	
              

              

            	

            

    

    
      	
              (c)

            	
              the Bank shall not be liable for any damages, costs or losses whatsoever arising as a result of a Disruption Event or for taking or not taking any action pursuant to or in connection with this Article 4.4.

            

    

    
      
        

      -6-

    

    
      	
              4.5

              

            	
              Application of sums received

            

    

    
      	
              

              

            	

            

    

    Sums received from the Company shall only discharge its payment obligations if and when received in accordance with the terms of this Agreement.

    

    

    
      	
              5.

              

            	
              Charges and expenses

            

    

    
      	

            	

            

    

    
      	5.1

            	
              Taxes, duties and fees

            

    

    
      	

            	

            

    

    The Company shall pay all Taxes, duties, fees and other impositions of whatsoever nature, including stamp duty and registration fees, arising out of the execution or implementation of this
      Agreement.

    

    

    The Company shall pay all amounts, indemnities and other due under this Agreement gross without any withholding or deduction of any national or local impositions whatsoever, provided that if the
      Company is required by law or an agreement with a governmental authority or otherwise to make any such withholding or deduction, it will gross up the payment to the Bank so that after withholding or deduction, the net amount received by the Bank is
      equivalent to the sum due.

    

    

    
      	
              5.2

              

            	
              Other charges

            

    

    
      	
              

              

            	

            

    

    The Company shall bear all charges and expenses, including professional, banking or exchange charges incurred in connection with the preparation, execution, implementation, enforcement and
      termination of this Agreement or any related document, any amendment, supplement or waiver in respect of this Agreement.

    

    

    
      	
              6.

              

            	
              Further Assurance

            

    

    
      	

            	

            

    

    The Company undertakes to acknowledge, execute and deliver at the Company's expense all such further instruments or documents and to perform all such further acts as the Bank may reasonably deem
      necessary to give effect to the terms and provisions of this Agreement.

    

    

    
      	7.

            	
              Termination

            

    

    
      	

            	

            

    

    This Agreement shall be in full force until the Termination Date unless the EIB terminates this Agreement prior to the Termination Date by sending a written notice to the client specifying an
      alternative termination date.

    

    

    
      	8.

            	
              Notices

            

    

    
      	

            	

            

    

    
      	8.1

            	
              Notices to each party

            

    

    
      	

            	

            

    

    Notices and other communications given under this Agreement addressed to either party to this Agreement shall be made to the address or e-mail address as set out below:

    

    

    For the Bank          European Investment Bank

    

    

    Attention: OPS/ENPST/3-GC&IF

    100 boulevard Konrad Adenauer

    L-2950 Luxembourg

    Email address:  OPS-ENPST3-Secretariat@EIB.org

    For the Company          Nanobiotix

     

    

    Attention: Financial Department

    60 rue de Wattignies

    75012 Paris

    Email address comptabilité@nanobiotix.com

    

    

    The Bank and the Company shall notify each other in writing upon changing any of their respective communication details.

    
      
        

      -7-

    

    
      	8.2

            	
              Form of notice

            

    

    
      	
              

              

            	

            

    

    
      	
              (a)

            	
              Any notice or other communication given under this Agreement must be in writing.

            

    

    
      	

            	

            

    

    
      	
              (b)

            	
              Notices and other communications, for which fixed periods are laid down in this Agreement or which themselves fix periods binding on the addressee, may be made by hand delivery, registered letter or e-mail.
                Such notices and communications shall be deemed to have been received by the other party on the date of delivery in relation to a hand-delivered or registered letter, on the date when the e-mail is sent in relation to an e-mail message sent
                by the Bank or when confirmed by return e-mail by an authorised officer of the Bank to have been received in readable form, in the case of an email sent to the Bank.

            

    

    
      	

            	

            

    

    
      	
              (c)

            	
              Other notices and communications may be made by hand delivery, registered letter or e-mail.

            

    

    
      	

            	

            

    

    
      	
              (d)

            	
              Without affecting the validity of any notice delivered by e-mail according to the paragraphs above, a copy of each notice delivered by e-mail as applicable shall also be sent by letter to the relevant party
                on the next following Business Day at the latest.

            

    

    
      	

            	

            

    

    
      	
              (e)

            	
              Notices issued by the Company pursuant to any provision of this Agreement shall, where required by the Bank, be delivered to the Bank together with satisfactory evidence of the authority of the person or
                persons authorised to sign such notice on behalf of the Company and the authenticated specimen signature of such person or persons.

            

    

    
      	

            	

            

    

    
      	
              (f)

            	
              Any notice provided by the Company to the Bank by e-mail shall mention the Agreement Number in the subject line and shall be in the form of a non-editable electronic image (pdf, tif or other common
                non-editable file format agreed between the parties) of the notice signed by one or more authorised signatories of the Company as appropriate, attached to the e-mail.

            

    

    
      	
              

              

            	

            

    

    
      	
              (g)

            	
              The Bank and the Company agree that communications sent in accordance with this Article shall constitute admissible evidence in Court.

            

    

    
      	

            	

            

    

    
      	
              9.

              

            	
              English language

            

    

    
      	
              

              

            	

            

    

    
      	
              (a)

            	
              Any notice or communication given under or in connection with this Agreement must be in English.

            

    

    
      	
              

              

            	

            

    

    
      	
              (b)

            	
              All other documents provided under or in connection with this Agreement must be:

            

    

    
      	

            	

            

    

    
      	
              (i)

            	
              in English; or

            

    

    
      	
              

              

            	

            

    

    
      	
              (ii)

            	
              if not in English, and if so required by the Bank, accompanied by a certified English translation and, in this case, the English translation will prevail.

            

    

    
      
        

      -8-

    

    
      	
              10.

              

            	
              No hardship

            

    

    
      	
              

              

            	

            

    

    Each Party hereby acknowledges that the provisions of article 1195 of the French Code civil shall not apply to it with respect to its obligations under this Agreement and that it shall not be
      entitled to make any claim under article 1195 of the French Code civil.

    

    

    
      	11.

            	
              Obligations' survival

            

    

    
      	

            	

            

    

    The Company’s obligations under this Agreement shall survive in the event all monies have been repaid under the Finance Contract.

    

    

    
      	12.

            	
              Governing Law and Jurisdiction, Miscellaneous

            

    

    
      	

            	

            

    

    
      	12.1

            	
              Governing law

            

    

    
      	

            	

            

    

    This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by the laws of France.

    

    

    
      	12.2

            	
              Jurisdiction

            

    

    
      	
              

              

            	

            

    

    Any disputes relating to this Agreement shall be subject to the jurisdiction of the competent French tribunals in Paris.

    

    

    
      	
              12.3

              

            	
              Place of performance

            

    

    
      	
              

              

            	

            

    

    Unless otherwise specifically agreed by the Bank in writing, the place of performance under this Agreement shall be the seat of the Bank.

    

    

    
      	
              12.4

              

            	
              Evidence of sums due

            

    

    
      	
              

              

            	

            

    

    In any legal action arising out of this Agreement the certificate of the Bank as to any amount or rate due to the Bank under this Agreement shall, in the absence of manifest error, be prima facie
      evidence of such amount or rate.

    

    

    
      	
              12.5

              

            	
              Entire Agreement

            

    

    
      	
              

              

            	

            

    

    This Agreement constitutes the entire agreement between the Bank and the Company in relation to the provisions hereunder, and supersedes any previous agreement, whether express or implied, on the
      same matter.

    

    

    
      	
              12.6

              

            	
              Invalidity

            

    

    
      	
              

              

            	

            

    

    If at any time any term of this Agreement is or becomes illegal, invalid or unenforceable in any respect, or this Agreement is or becomes ineffective in any respect, under the laws of any
      jurisdiction, such illegality, invalidity, unenforceability or ineffectiveness shall not affect:

    

    

    
      	
              (a)

            	
              the legality, validity or enforceability in that jurisdiction of any other term of this Agreement or the effectiveness in any other respect of this Agreement in that jurisdiction; or

            

    

    
      	
              

              

            	

            

    

    
      	
              (b)

            	
              the legality, validity or enforceability in other jurisdictions of that or any other term of this Agreement or the effectiveness of this Agreement under the laws of such other jurisdictions.

            

    

    
      	
              

              

            	

            

    

    
      	
              12.7

              

            	
              Amendments

            

    

    
      	

            	

            

    

    Any amendment to this Agreement shall be made in writing and shall be signed by the parties hereto.

    
      
        

      -9-

    

    Schedule 1

    

    Compliance Certificate

    

     

      

     [Omitted] 

      

    

  

  
    
      

    -10-

  

  
     [Omitted]Exhibit 10.5

    

    
       

      

      CERTAIN CONFIDENTIAL PORTIONS HAVE BEEN REDACTED FROM THIS EXHIBIT BECAUSE THEY ARE BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.
        INFORMATION THAT HAS BEEN OMITTED HAS BEEN IDENTIFIED IN THIS DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK “[***]”

    

     

    

    AMENDED AND RESTATED

    STRATEGIC COLLABORATION AGREEMENT

    

    

    This Strategic Collaboration Agreement (“Agreement”), effective as of the 23 day of January, 2020 (“Effective Date”), is entered into by and between The
        University of Texas M. D. Anderson Cancer Center, with a place of business located at 1515 Holcombe Blvd., Houston, TX 77030, USA (“MD Anderson”), a member institution of The University of Texas System (“System”) and Nanobiotix S.A., with a place of business located at 60 Rue de Wattignies, 75012 Paris, France Nanobiotix (“Nanobiotix”); MD Anderson and Nanobiotix each a “Party” and collectively the “Parties”).

    

    

    WITNESSETH

    

    

    Whereas, Nanobiotix is a nanomedicine company that is focused on the development of innovative nanotechnology treatments.

    

    

    Whereas, MD Anderson is a comprehensive cancer research, treatment, and prevention center, with scientists and technicians in substantive fields relating to cancer research.

    

    

    Whereas, the Parties entered into a Strategic Collaboration Agreement (“Original Strategic Collaboration Agreement”) effective December 20, 2018 (“Original Effective Date”) in
      order to set forth the terms and conditions regarding a strategic relationship between the Parties.

    

    

    Whereas, the Parties are entering into this Agreement to amend and restate the terms and conditions in the Original Strategic Collaboration Agreement.

    

    

    Whereas, the Parties hereby wish to establish a collaboration in the field of nanoparticles for enhancement of radiotherapy (“Field”) whereby Nanobiotix will provide
      funding and support for one or more research studies to be conducted by MD Anderson, as further described herein (“Collaboration”) pursuant to this Agreement and the relevant Study Schedule (as defined below).

    

    

    Now therefore, in consideration of the premises and the mutual covenants and conditions hereinafter recited, the Parties do hereby agree as follows:

    

    

    1.          Subject and Scope of Agreement

    

    

    1.1          The Parties intend that within the scope of the Collaboration MD Anderson will conduct the clinical research studies in the Field
      (each such study a “Study” and all such Studies the “Studies”) pursuant to this Agreement and the relevant Study Schedule and in accordance with applicable laws and GCP.  The details, time schedule, responsibility (other than any
      responsibility required by applicable law) as “sponsor”, including IND filing and monitoring, of the Studies will be mutually agreed upon by the Parties through the JSC.  In close consultation with Nanobiotix, MD Anderson agrees to design the Studies
      and use reasonable efforts to conduct the work under each Study Schedule within the timelines, as set forth by the JSC.  Studies may be changed as agreed upon by the JSC in accordance with Section 2.

    
      
        

    

    
    1.2          The Agreement is a Collaboration agreement which shall govern the performance of Studies by MD Anderson and one or more Principal
      Investigator(s) on basis of Study specific documents (“Study Schedule”) as agreed upon by the Parties.  This Agreement shall apply to all Studies performed by MD Anderson and the MD Anderson principal investigator(s) responsible for the
      performance of such Studies (“Principal Investigator(s)”) upon execution of Study Schedules during the term of this Agreement.  Each Study Schedule shall be substantially in the form attached as Exhibit I to this Agreement and shall
      detail the specifics of the Study to be performed under such Study Schedule including, without limitation, (i) the detailed Protocol, (ii) he Principal Investigator, (iii) responsibility as “sponsor”, including IND filing and monitoring, (iv)
      identify any project-specific resources or support provided by Nanobiotix.  In the event of any conflict of terms of this Agreement and the terms of a Study Schedule, the terms of this Agreement shall govern, unless the Study Schedule specifically
      and expressly supersedes this Agreement with respect to a specific term, and then only with respect to the particular Study Schedule and specific term.  If there is any discrepancy or conflict between the terms contained in a Protocol/workscope and
      this Agreement and/or the relevant Study Schedule, the terms of the Protocol/workscope shall govern and control with respect to clinical and/or scientific matters and the terms of the Agreement and/or the relevant Study Schedule shall govern and
      control with respect to all other matters, e.g., legal and financial matters.

    

    

    1.3          Nanobiotix agrees to commit funding in an amount of Ten Million Six Hundred and Twenty-Five Thousand US dollars ($10,625,000) for the performance of the Studies during
      the term (collectively, “Collaboration Funding”).  If the Parties extend the term by mutual agreement as set forth herein, the Parties shall negotiate in good faith the amount of future Study funding commitments applicable to such extended
      term.

    

    

    1.4          The Collaboration Funding shall be due and payable to MD Anderson within thirty (30) days upon receipt of an invoice according
      to the payment schedule:

     

    

    	
            Effective Date

          	 	
            $

          	
            963,534.00

          	 
	
            January 1, 2020

          	 	
            $

          	
            963,534.00

          	 
	
             [***] − End of enrollment*

          	 	
            $ Up to [***] 

            

          	 
	
            Completion of all Studies**

          	 	
            $

          	
             [***] 

            

          	 

     

    

    *MD Anderson will be paid [***] per patient enrolled for a total of up to [***] for 339 patients.  Payment for patient enrollment will occur on either [***] or [***] following enrollment, whichever comes first.  For
      the avoidance of doubt, if [***] patients are enrolled from the period of [***], [***] will be due and payable to MD Anderson on [***].

    

    

    **Once MD Anderson completes all Studies (enrollment of final patient on all Studies), all remaining payment(s) (including previous milestones not paid) shall be due and payable.

    

    

    1.5          In addition to the Collaboration Funding and as further consideration for the efforts expanded by MD Anderson and for the rights
      and licenses - granted hereunder, Nanobiotix shall make to MD Anderson a one-time milestone payment upon grant of the first regulatory approval regarding the Study Drug in the United States of America as follows:

    
      -2-

      
        

    

    

    

    	
            First FDA approval

            is granted in

          	
            Payment of*

          
	
             [***] 

          	
            $2,222,120

          
	
             [***] 

          	
            [***]

          
	
             [***] 

          	
            [***]

          
	
             [***] 

          	
            [***]

          
	
             [***] 

          	
            [***]

          
	
             [***] 

          	
            [***]

          
	
             [***] 

          	
            [***]

          
	
             [***] 

          	
            [***]

          
	
             [***] 

          	
            [***]

          
	
             [***] 

          	
            [***]

          
	
             [***] 

          	
            $16,434,467

          

     

    

    *Per the table, Nanobiotix will pay a one‐time, FDA milestone payment in full after the first FDA approval.  The terms of the payment are as follows:  Nanobiotix will issue payment sixty (60) days after first FDA
      approval and 150 patients enrolled in the Studies.  For the avoidance of doubt, if the first FDA approval occurs in [***] and the 150th patient in the Studies is
      enrolled in [***], Nanobiotix will issue a payment of [***] to MD Anderson within sixty (60) days of [***].

    

    

    1.6          MD Anderson shall not, and shall ensure that no Study Team member (i) seeks reimbursement from Medicare, Medicaid, the Study
      subject, or any other third-party payor, whether public or private, for any costs covered by payments made or goods or services provided by Nanobiotix under this Agreement; or (ii) seeks or retains payment from Nanobiotix for any item, procedure or
      service that is reimbursed by any patient, third-party payor or any other person or entity.  MD Anderson hereby agrees that neither participants in the Study nor any third party, will be charged for the Study Drug or any comparator products provided
      for this Study.

    

    

    1.7          MD Anderson acknowledges and agrees that the amounts payable by Nanobiotix under this Agreement are reasonable compensation for
      the work performed, and represent the fair market value in an arm’s length transaction of the services provided by MD Anderson, Principal Investigator and Study Team associated with the Study.  This Agreement has not been determined in a manner that
      takes into account the volume or value of any referrals or other business otherwise generated between Nanobiotix and its affiliates and MD Anderson, and/or any Study Team member.  This Agreement is not related to or made to influence MD Anderson,
      Principal Investigator or any Study Team member with respect to the purchase, sale, referral or recommendation of any product or service sold or marketed by Nanobiotix and no part of any consideration paid hereunder is a prohibited payment for the
      recommending or arranging for the referral of business or the ordering of items or services; nor are the payments intended to induce illegal referrals of business.

    

    

    2.          Joint Steering Committee

    

    

    2.1          Promptly after the Effective date, the Parties will establish and during the Collaboration the Parties shall operate a Joint
      Steering Committee (“JSC”) of equal representation, comprised of three (3) representatives (employees, directors or consultants who are subject to appropriate confidentiality obligations) from each Party, with each Party having one (1) vote on
      all matters to be decided upon by the JSC.  Each Party can appoint and replace its representatives in the JSC at its own discretion through timely written notice to the other Party.  Additional representatives can be invited by the JSC as guests on a
      case‐by-case basis should discussion of certain topics require so, provided that such representatives will be subject to an obligation of confidentiality and non-use at least as strict as that provided in Section 5 below.  No guest shall have the
      right to vote at such meeting.

    
      -3-

      
        

    

    2.2          The main task of the JSC will be to oversee the Collaboration.  The tasks of the JSC include:

    

    

    	

          	(i)	
            review, determine and approve the priority of Studies, including review and approve change of priority for a certain Study;

          

    

    

    	

          	(ii)	
            unless already determined by applicable law, review, determine and approve the responsibility as “sponsor”, including IND filing and monitoring, for each Study;

          

    

    

    	

          	(iii)	
            review and approve the design, time schedule, protocol, including draft protocols, and scientific integrity of any Studies;

          

    

    

    	

          	(iv)	
            discuss the strategy and implications with respect to Studies involving any of Nanobiotix’s products in combination with third party products (other than standard chemotherapy);

          

    

    

    	

          	(v)	
            review the personnel, facilities, and resources envisaged by MD Anderson for a specific Study;

          

    

    

    	

          	(vi)	
            oversee the conduct of each Study under the Collaboration;

          

    

    

    	

          	(vii)	
            provide technical, scientific clinical, and regulatory guidance to the Studies;

          

    

    

    	

          	(viii)	
            monitor the progress of the Studies;

          

    

    

    	

          	(ix)	
            discuss whether to suspend any Studies;

          

    

    

    	

          	(x)	
            review Data of the Studies and coordinate the sharing of Data between the Parties;

          

    

    

    	

          	(xi)	
            review information discovered during site monitoring visit, or Study results that may adversely affect the safety, well-being, or medical care of the Study subjects, or that may affect the willingness of Study subjects to continue
              participation in a Study, influence the conduct of the Study, or that may alter the IRB’s approval to continue the Study, including discussion of notification of such events to the IRB and written communication about such results to Study
              subjects;

          

    

    

    	

          	(xii)	
            discuss and approve a replacement of a terminated Study with a new study of similar scope that is of mutual scientific interest to the Parties;

          

    

    

    	

          	(xiii)	
            review and coordinate any publication and communication of results of any Studies;

          

    

    

    	

          	(xiv)	
            if required, review, approve and coordinate the patent strategy and the filing of patents; and

          

    

    

    	

          	(xv)	
            coordinate the resolution of issues arising in the Studies or in the Collaboration as a whole.

          

    
      -4-

      
        

    

    2.3          The JSC shall have solely the powers expressly assigned to it in this Section 2 and elsewhere in this Agreement, and shall not
      have any power (i) to amend, modify, or waive compliance with this Agreement or to (ii) increase the obligations or decrease the rights of the other Party under this Agreement or to (iii) discuss or decide any aspects relating to manufacturing or CMC
      of any of Nanobiotix’s products.

    

    

    2.4          The JSC shall meet at such time as the JSC shall agree from time to time, but at least quarterly.  JSC meetings may be conducted either in person, by videoconference
      or teleconference.  At least one (1) meeting per year will he conducted in person (including the kick-off meeting) at a mutually agreeable location.  In addition to regular scheduled meetings, either Party may convene a special meeting of the JSC
      with two (2) weeks’ written notice or such shorter period as the Parties may agree.  Prior to each meeting of the JSC the Parties will exchange an agenda.  The Parties shall agree before each meeting which Party will take minutes of the JSC meeting;
      such Party shall then circulate such minutes to the other Party within ten (10) business days after each meeting, and the Parties shall agree on the minutes after having given reasonable considerations to the other Party’s comments without undue
      delay by exchanging signed electronic copies.

    

    

    2.5          The JSC will decide on matters by unanimous vote, provided, however, that no action may lawfully be taken at any meeting unless
      at least two (2) voting representatives of each Party (including for this purpose any proxy representative appointed as provided below) are present at the meeting.  If a member of the JSC is unable to attend a meeting, he or she may appoint, in
      writing, a proxy to participate in his or her stead.  The Parties agree that, in voting on matters as described in this Section 2, it shall be conclusively presumed that each voting member of the JSC has the authority and approval of such member’s
      respective senior management in casting his or her vote.

    

    

    2.6          In the event a Study is terminated early, then in relation to any funds allocated to such Study, the Parties shall promptly
      discuss through the JSC upon a replacement of that Study with a new study of similar scope, provided that such new study is of mutual scientific interest to the Parties and is approved by the Parties via JSC approval, in which case such new study
      will be funded by the Collaboration Funding.  If there is any Collaboration Funding remaining at the expiration or termination of this Agreement, it will be allocated to studies, research or tests agreed by the JSC.

    

       

    2.7          In the event of any matter to which the JSC, after a good faith effort, cannot reach consensus or in the event of any dispute
      arising as to any matter subject to JSC responsibility within sixty (60) days, such matter or dispute will be escalated to Senior Vice President at MD Anderson and to Nanobiotix’s CEO for good faith resolution.  The executives shall meet within
      fifteen (15) Business Days following the date of the relevant referral.

    
      -5-

      
        

    

    3.          Responsibilities and Compliance

     

      

    3.1          Each clinical Study shall be subject to review and approval of the Study protocol (“Protocol”) as required by MD
      Anderson’s Institutional Review Board (“Institutional Review Board” or “IRB”) and/or any relevant authorities prior to commencement of the Study.

    

    

    3.2          The scope of the Study to be performed and a clear allocation of the “sponsor” role shall be set forth in the Protocol(s)
      referenced in the Study Schedule, which shall be incorporated by reference into such Study Schedule.  These Protocol(s) shall be considered final after being agreed to by the JSC and, for clinical Studies, including approval by MD Anderson’s IRB. 
      The Principal Investigator for a clinical Study shall submit the Protocol and reports of the ongoing conduct of the clinical Study to the IRB as required by the IRB, obtain written approval from the IRB, and inform the IRB of Study closure or study
      suspension/stop.  With respect to MD Anderson’s obligation to make semi-annual, and annual reports safety reports to the FDA under MD Anderson’s sponsorship of Studies, unless MD Anderson is obligated to make such reports as the “sponsor”, each Study
      Schedule shall set forth whether MD Anderson is filing these reports or whether MD Anderson is delegating this activity to Nanobiotix.

    

    

    3.3          While not anticipated as of the Effective Date, Nanobiotix may serve as “sponsor” within the meaning of such term under
      applicable laws and regulations.

    

    

    3.4          MD Anderson represents that each Principal Investigator shall have the necessary experience and skills and shall use reasonable
      efforts to conduct a Study in accordance with (a) the terms and conditions of this Agreement and the relevant Study Schedule, (b) the provisions of the Protocol, (c) applicable Good Clinical Practice requirements as incorporated by FDA regulations (“GCP”),
      (d) the ethical principles of the Declaration of Helsinki, and (e) any and all applicable orders and mandates of relevant authorities and IRB and applicable MD Anderson policies

    

    

    3.5          MD Anderson and Nanobiotix shall comply with all federal, state, and local laws and regulations as well as ethical codes
      applicable to the conduct of each such Study.

    

    

    3.6          MD Anderson and/or Principal Investigator shall forward to Nanobiotix evidence of approval of each clinical Study by MD
      Anderson’s IRB, and with respect to Studies for which MD Anderson serves as “sponsor” within the meaning of such term under applicable laws and regulations, evidence of approval of the Study by relevant regulatory authorities (or exemption from such
      regulatory authority/ies review and approval).

    

    

    3.7          If, in the course of a clinical Study at MD Anderson, a Study subject is injured by such Study subject’s participation in the Study or in case of serious and
      unexpected adverse reactions and/or serious and unexpected adverse events arising from the use of Study Drug, Principal Investigator shall inform Nanobiotix of any such event by fax or email promptly, and no later than within twenty-four (24) hours
      of awareness, as further described in the Protocol.  Furthermore, Principal Investigator will inform Nanobiotix about all other Study events which are not serious and unexpected adverse reactions and/or serious and unexpected adverse events within
      seventy-two (72) hours of awareness, as Further described in the Protocol.

    
      -6-

      
        

    

    3.8          MD Anderson represents that:  (a) it has not been debarred by the FDA pursuant to its authority under Sections 306(a) and (b) of
      the U.S. Food, Drug, and Cosmetic Act (21 U.S.C. § 335(a) and (b)) and is not the subject of any investigation or proceeding which may result in debarment by the FDA, and to the extent applicable, it shall not use any Principal Investigator or Study
      Team member in the performance of a Study that has been so debarred or subject to any such investigation or proceeding, and; (b) it is not included in the List of Excluded Individuals/Entities (maintained by the U.S. Department of Health and Human
      Services Office of Inspector General) or the List of Parties Excluded from Federal Procurement and Non-procurement maintained by the U.S. General Services Administration, and is not the subject of any investigation or proceeding which may result in
      inclusion in any such list, and to the extent applicable, it shall not use any Principal Investigator or Study Team member in the performance of a Study that is so included or the subject of any such investigation or proceeding.  MD Anderson agrees
      to promptly notify Nanobiotix in writing if it becomes aware of any such debarment, exclusion, investigation or proceeding of MD Anderson or, to the extent applicable, any Principal Investigator or Study Team member.

    

    

    3.9          MD Anderson and Nanobiotix shall comply with all applicable federal, state and local laws pertaining to confidentiality and
      disclosure of all information or records obtained and reviewed in the course of the Study, and shall permit access to such information or records only as authorized by a relevant Study subject, the IRB, and as authorized by law.  Each Party agrees to
      comply with all provisions of the Health Insurance Portability and Accountability Act (“HIPAA”) regulations (45 C.F.R. Parts 160 and 164) as to the protection and security of Protected Health Information (“PHI”).  Prior to participation
      of each subject in a Study, MD Anderson will ensure that (a) it has obtained a signed written informed consent document from the subject (“Consent”) and (b) it has obtained a signed, written, HIPAA authorization that adequately discloses the
      circumstances under which the subject’s personal data might be disclosed, as applicable, and documents the subject’s express written authorization for use and disclosure of the subject’s PHI for Study purposes, as applicable, pursuant to the HIPAA
      regulations (“Authorization”).  Nanobiotix will only obtain, access, use and disclose the individually identifiable health information of each Study Subject in accordance with and to the extent permitted by the IRB, Consent and the
      Authorization document and in accordance with this Agreement and as permitted under applicable laws.

    

    

    3.10          For the term of this Agreement and for two (2) years thereafter, MD Anderson and Nanobiotix will promptly notify each other
      upon identifying any aspect of a Study, including information discovered during site monitoring visits or Study results that may adversely affect the safety, well-being, or medical care of the Study subjects, or that may affect the willingness of
      Study subjects to continue participation in a Study, influence the  conduct of  the  Study, or that may alter the IRB’s approval to continue the Study.  MD Anderson will promptly notify the IRB of any such events.  When Study subject safety or
      medical care could be directly affected by such Study results, then notwithstanding any other provision of this Agreement, MD Anderson will send, Study subjects a written communication about such results.  In MD Anderson’s sole discretion and sole
      opinion, to the extent not restricted by requirements of the Association for the Accreditation of Human Research Protection (AAHRPP), MD Anderson will use reasonable efforts to consult with Nanobiotix in good faith before any such communication are
      made to Study subjects.

    
      -7-

      
        

    

    3.11        For the term of this Agreement and for [***] years thereafter, MD Anderson agrees to negotiate in good faith, upon Nanobiotix
      reasonable request, the terms and conditions under which Nanobiotix may cross-reference an applicable Study IND owned by MD Anderson in case Nanobiotix decides to continue the development of the Study Drug in an indication in which MD Anderson has
      conducted a Study agreed upon in the JSC.  Nanobiotix agrees to cover all reasonable expenses associated with such cross-referencing.

    

    

    4.          Personnel, Materials and Equipment

    

    

    4.1          Except as expressly set forth otherwise in this Agreement, MD Anderson shall (provide all reasonable necessary personnel,
      equipment, supplies, facilities, and resources to accomplish their responsibilities under this Agreement and the relevant Study Schedule and shall be fully responsible for the activities of any MD Anderson personnel to whom Study activities are
      delegated.

    

    

    4.2          The “Study Team(s)” at MD Anderson performing one or more Study(ies) shall be comprised of the Principal Investigator and
      other such persons as designated by Principal Investigator and/or MD Anderson to conduct the Study that (i) are subject to assigning any Inventions generated from the performance of a given Study to MD Anderson and (ii) are subject to comply with the
      confidentiality obligations under this Agreement.

    

    

    4.3          Nanobiotix agrees to promptly provide, or arrange to provide, MD Anderson with the required quantities of the drug and/or
      material under a Study Schedule that will be utilized and/or required in accordance with the provisions of the Protocol applicable to the Study (“Study Drug”), Collaboration Funding applicable to the Study, and/or support services to the
      extent required for the conduct of a Study as specified in the Protocol.  Any Study Drug provided by Nanobiotix will be used solely in accordance with the applicable Study and the relevant Protocol.  MD Anderson will not use such Study Drug outside
      of the scope of the Study or for any other purpose than for a Study, including without limitation, for any commercial product or process or commercial product development effort.  MD Anderson will not transfer the Study Drug to any third party for
      any purpose.  MD Anderson undertakes to use the Study Drug in accordance with all applicable laws, regulations and guidelines, and the applicable standards of skill and care.  MD Anderson shall keep the Study Drug secure and safe from loss, damage,
      theft, misuse and unauthorized access.  Except as expressly stated herein, any Study Drug provided by Nanobiotix hereunder to MD Anderson is experimental in nature, and is provided without any warranties and liabilities, express or implied, including
      - without limitation - warranties of merchantability or fitness for a particular purpose or non-infringement of any third party intellectual property.

    

    

    4.4          Use of Proprietary Materials.  From time to time during the Term, either Party (the “Transferring Party”) may supply the
      other Party (the “Receiving Party”) with proprietary materials of the Transferring Party (other than Study Drug) (“Proprietary Materials”) for use in the Study as further listed in the Study Schedule.  In connection therewith, each
      Receiving Party hereby agrees that:  (a) the Receiving Party will not use the Proprietary Materials for any purpose other than exercising its rights or performing its obligations hereunder; (b) it will use such Proprietary Materials only in
      compliance with all applicable laws; (c) it will not transfer any such Proprietary Materials to any Third Party without the prior written consent of the Transferring Party; (d) it will not acquire any rights of ownership, or title in or to such
      Proprietary Materials as a result of such supply by the Transferring Party; and (e) upon the expiration or termination of this Agreement or a Study Schedule, if requested by the Transferring Party, it will destroy or return any such Proprietary
      Materials that are not the subject of the grant of a continuing license hereunder.

    
      -8-

      
        

    

    4.5          Nothing in this Agreement shall be construed to limit the freedom of MD Anderson or of any Principal Investigator or Study Team
      member to engage in similar clinical trials or research performed independently under other grants, contracts, or agreements with parties other than Nanobiotix, always provided that MD Anderson will not use any Study Drug in any research other than a
      Study without Nanobiotix’ prior written approval.

    

    

    5.          Confidential Information

    

    

    5.1          In conjunction with each Study, the Parties may wish to disclose confidential information to each other.  For purposes of this
      Agreement, “Confidential Information” means confidential, non-public information, know-how and data (technical or non-technical) that is disclosed in writing, orally, graphically, in machine readable form, or in any other manner by or on
      behalf of a disclosing Party to a receiving Party or its Affiliates for purposes of this Agreement or any Study Schedule (“Purpose”).  The Parties agree that subject to MD Anderson’s right to publish Data in accordance with Section 12 below,
      and subject to MD Anderson right to use such Data for non-commercial internal research, academic and patient care purposes only, unpublished Data shall constitute Confidential Information of the Parties which shall not be disclosed to Third Parties
      without the other Party’s prior written consent.  Confidential Information may be disclosed in any form (e.g. oral, written, graphic, electronic or sample) by or on behalf of disclosing Party or its Affiliates, or may be otherwise accessible to
      receiving Party or its Affiliates.  Exchanges of Confidential Information directly between the Affiliates are also covered by this Agreement.  “Affiliates” means any individual, company, partnership or other entity which directly or
      indirectly, at present or in the future, controls, is controlled by or is under common control of a Party, and “control” will mean direct or indirect beneficial ownership of at least fifty per cent (50%) of the voting share capital in such company or
      other business entity, or to hold the effective power to appoint or dismiss members of the management.

    

    

    5.2          Without disclosing Party’s prior written consent, receiving Party will:  (a) not use any part of or the whole of the Confidential
      Information for any purpose other than the Purpose; (b) restrict the dissemination of Confidential Information to individuals within its own organization and disclose the Confidential Information only to those of its officers, employees and
      Affiliates who have a legitimate need to have access to the Confidential Information, who will be bound by confidentiality and non-use commitments no less restrictive than those of this Agreement, and who will have been made aware of the confidential
      nature of the Confidential Information; (c) protect the Confidential Information by using the same degree of care, but not less than a reasonable degree of care, to prevent the unauthorized use, dissemination, or publication of the Confidential
      Information as receiving Party uses to protect its own confidential information of a like nature; (d) preserve the confidentiality of the Confidential Information, not disclose it to any third party, and take all necessary and reasonable precautions
      to prevent such information from being accessible to any third party; (e) not combine any part of or the whole of the Confidential Information with any other information; and (f) promptly notify the disclosing Party upon becoming aware of evidence or
      suspicion of any unauthorized use or disclosure of the Confidential Information.  The foregoing obligations will exist for a period of [***] years from the date of completion of the last Study in relation to which the Confidential Information is
      disclosed or used.

    
      -9-

      
        

    

    5.3          The obligations of confidentiality and non-use listed in this Section 5 will not apply to information:  (a) which is in the
      public domain or public knowledge at the time of disclosure, or which subsequently enters the public domain through no fault of receiving Party; (b) which was rightfully in the possession of receiving Party at the time of disclosure by disclosing
      Party; (c) which is independently developed by receiving Party without use of disclosing Party’s Confidential Information; (d) which the receiving Party receives legally from any third party and which is not subject to an obligation of
      confidentiality; (e) which receiving Party is required to disclose pursuant to applicable law; provided, however, that receiving Party will make reasonable efforts, if legally permissible, to notify disclosing Party prior to the disclosure of any
      part of or the whole of the Confidential Information and allow disclosing Party the opportunity to contest and avoid such disclosure, and provided, further, that receiving Party will disclose only that portion of such Confidential Information that it
      is legally required to disclose; (f) which is communicated to the receiving Party’s IRB or other scientific committee; (g) which is required to be disclosed in order to obtain informed consent from patients or Study subjects who may wish to enroll in
      the Study, provided, however, that the information will be disclosed only to the extent necessary and will not be provided in answer to unsolicited inquiries by telephone or to individuals who are not eligible to be Study subjects; or (h) which is
      disclosed to a Study subject for the safety or well-being of the Study subject.

    

    

    5.4          For the purposes of this Section 5, any combination of features disclosed to the receiving Party will not be deemed to be within
      the foregoing exceptions merely because individual features are.  Moreover, specific disclosures made to the receiving Party will not be deemed to be within the foregoing exceptions merely because they are embraced by general disclosures.

    

    

    5.5          Subject to Section 7, all Confidential Information disclosed to receiving Party pursuant to this Agreement will be and remain the
      disclosing Party’s property.  Nothing contained herein will be construed as granting to receiving Party any proprietary right on or in relation to any part of or the whole of the Confidential Information, or any right to use any of the Confidential
      Information except for purposes of this Agreement and the Collaboration and except as set forth under Section 7.  Receiving Party will return to disclosing Party all documents and other materials which constitute Confidential Information, as well as
      all copies thereof, promptly upon request or upon termination of this Agreement (whichever is earlier); provided, however, that receiving Party may keep one copy of the Confidential Information received under this Agreement in its secure files in
      accordance with the terms of this Agreement for the sole purpose of maintaining a record of the Confidential Information received hereunder and for compliance with this Agreement and/or applicable laws.

    

    

    5.6          MD Anderson will not disclose any Protected Health Information (as such term is defined under HIPAA) to Nanobiotix under this
      Agreement and Nanobiotix will not require MD Anderson to disclose any Protected Health Information.  Notwithstanding the foregoing, if Nanobiotix comes into knowledge or possession of any “Protected Health Information” (as such term is defined under
      HIPAA) by or through MD Anderson or any information that could be used to identify any Study subject or other MD Anderson patients or Study subjects, Nanobiotix will maintain any such Protected Health Information or other information confidential in
      accordance with laws and regulations as applicable to MD Anderson, including without limitation HIPAA, and will use any such Protected Health Information solely to the extent permitted by applicable laws, the IRB and the Consent/Authorization of the
      patient/Study subject, and will not use or disclose any such Protected Health Information or other information in any manner that would constitute a violation of any applicable laws or regulation if such use or disclosure was made by MD Anderson.

    
      -10-

      
        

    

    5.7          Improper use or disclosure of the Confidential Information by receiving Party is likely to cause substantial harm to disclosing
      Party.  Therefore, in the event of a breach, threatened breach, or intended breach of this Agreement by receiving Party, in addition to any other rights and remedies available to it at law or in equity, disclosing Party will be entitled to seek
      preliminary and final injunctions enjoining and restraining such breach, threatened breach, or intended breach.

    

    

    6.          Clinical Data / Monitoring

    

    

    6.1          Oral reports and/or interim written reports summarizing the status and the results of the progress of the Studies will be
      provided by the Principal Investigator to Nanobiotix upon reasonable request at any time (but no more frequently than four (4) times per year) during the Collaboration and prior to any regular JSC meeting.  Significant developments arising out of
      Studies will be communicated promptly to Nanobiotix.

    

    

    6.2          With respect to Studies for which Nanobiotix serves as “sponsor” within the meaning of such term under applicable laws and
      regulations, Nanobiotix shall have the right to monitor the conduct of a Study in accordance with Good  Clinical Practice requirements of FDA Regulations, and may visit MD Anderson for the purpose of such monitoring.  Any such monitoring visits shall
      be scheduled in coordination with MD Anderson and/or Principal Investigator during normal administrative business hours, and shall be subject to compliance with MD Anderson’s reasonable measures for confidentiality, safety and security, and shall
      also be subject to compliance with generally applicable premises rules at MD Anderson.  MD Anderson and Principal Investigator shall, during a Study, permit inspections by responsible legal and regulatory authorities with respect to such Study and to
      the extent permitted by law, MD Anderson shall promptly notify Nanobiotix of such inspection.

    

    

    6.3          With respect to Studies for which MD Anderson serves as “sponsor” within the meaning of such term under applicable laws and
      regulations, MD Anderson shall have the sole responsibility for monitoring, auditing, and reporting for such Study, provided that MD Anderson agrees to reasonably negotiate access to Study documentation and records relevant to the applicable Study
      Drug and documentation and facilities applicable to the Study upon the request of Nanobiotix and provided that Nanobiotix shall be subject to compliance with MD Anderson’s reasonable measures for confidentiality, safety and security, and shall also
      be subject to compliance with generally applicable premises rules at MD Anderson.

    

    

    7.          Data & Inventions.

    

    

    7.1          “Invention” means any invention or discovery, whether patentable or not, that is conceived, developed, or first reduced to
      practice during performance of a Study and which arises from the conduct of the Study.

    
      -11-

      
        

    

    7.2          “Study Drug Invention” means any Inventions that incorporate the Study Drug or any formulation of the Study Drug,
      including, but not limited to, any Invention which includes (1) any modification to or derivative of the Study Drug, or (2) any new use or improvement of, any method of manufacturing, administration or dosing of, or method of predicting
      responsiveness to the Study Drug.

    

    

    7.3          “Other Invention” means any Inventions other than Study Drug Inventions.

    

    

    7.4          Each Party will retain all right, title and interest in and to its own Background IP and no license to use such Background IP is
      granted to the other Party except for MD Anderson’s use of Study Drug in a Study as set forth in Section 4.3 above and in the Protocol and each Party’s use of the other Party’s Proprietary Material as set forth in Section 4.4 above.  “Background
        IP” means all intellectual property of a Party that:  (a) was generated by such Party before the Effective Date; (b) is generated by such Party outside the scope or after expiration of this Agreement or any Study under this Agreement; and in
      each such case; (c) is owned by such Party, either partially or wholly, or is licensed to, or otherwise controlled by such Party, and which is not an Invention under this Agreement.

    

    

    7.5          MD Anderson will provide to Nanobiotix a reasonably detailed written disclosure of each Invention promptly after a written
      invention disclosure report for such Invention is received by MD Anderson’s Office of Technology Commercialization.

    

    

    7.6          Ownership of Inventions arising under a Study will follow inventorship thereof, which will be determined in accordance with
      United States patent law, subject to the assignment provisions set forth below:

     

    

    a.          All rights, title and interests in and to any and all Study Drug Inventions shall exclusively belong to Nanobiotix.  To the extent MD Anderson is a sole or joint
      inventor of any Study Drug Invention, MD Anderson will promptly assign and hereby assigns to Nanobiotix the sole and exclusive ownership or interest thereto.  MD Anderson, to the best of its knowledge as of the Effective Date, represents on behalf of
      itself and on behalf of the Study Team that they have no present obligations to assign or license to any person or entity other than Nanobiotix, any Study Drug Inventions.

    

    

    b.          Each of the Parties shall use reasonable efforts to take, or cause to be taken, all appropriate action, and to do, or cause to be done, all things necessary, proper or
      advisable under applicable laws to consummate and make effective the assignments contemplated hereby, including execution and delivery of all materials and documents and instruments of conveyance, transfer or assignment as may be reasonably requested
      by Nanobiotix to effect, record or verify the transfer to, and vesting in Nanobiotix of, all of Nanobiotix’s right, title and interest in and to the Study Drug Inventions assigned to Nanobiotix in accordance with this Section 7.6(a) All reasonable
      and documented expenses incurred by MD Anderson with respect to the foregoing shall be borne by Nanobiotix.

    

    

    7.7          All de-identified data, including de-identified raw data, and results generated in the conduct of the Studies (“Data”)
      shall be disclosed promptly once available by MD Anderson to Nanobiotix and will be jointly owned by Nanobiotix and MD Anderson; provided, however, that the Data shall be deemed Confidential Information of the Parties and be subject to the provisions
      of Section 5 and further provided that any Study Drug Inventions shall exclusively belong to Nanobiotix.  Subject to the procedure set forth in Section 12, the Parties will keep the Data confidential until the earlier of (a) publication of the Data
      by MD Anderson, as provided in Section 12, or (b) one (1) year after completion of the Study giving rise to such Data.  Nanobiotix shall promptly provide MD Anderson with a copy of any Data generated by, or on behalf of Nanobiotix in connection with
      a Study.  MD Anderson shall have the right to use Data for non-commercial internal research, academic and patient care purposes only, as well as for publication purposes in accordance with Section 12 below.

    
      -12-

      
        

    

    7.8          Licenses; Exclusivity Conversion.

    

    

    a.          Nanobiotix shall grant and hereby grants to MD Anderson a non-exclusive, worldwide, perpetual, irrevocable, fully paid-up license for internal non-commercial research,
      academic patient care purposes to Study Drug inventions assigned to Nanobiotix in accordance with Sections 7.6 (a).

    

    

    7.9          MD Anderson hereby grants Nanobiotix a non-exclusive, royalty-free license to any Other Inventions in which MD Anderson has an
      ownership interest.  MD Anderson also hereby grants to Nanobiotix an exclusive option to negotiate an exclusive (subject to MD Anderson’s internal right to use such Other Invention for non-commercial, internal research, academic and patient care
      purposes), royalty-bearing license to any Other Invention in which MD Anderson has an ownership interest, provided that Nanobiotix pays all patent expenses for such Other Invention in the event Nanobiotix exercises its option.  Nanobiotix must
      exercise its option to negotiate a license to any Other Invention by notifying MD Anderson in writing within sixty (60) days of Nanobiotix’ receipt of MD Anderson’s written disclosure of such Invention to Nanobiotix (the “Option Period”).  If
      Nanobiotix fails to timely exercise its option within the Option Period with respect to any Other Invention, Nanobiotix’s right to negotiate a license Agreement with respect to such Other Invention will automatically terminate, and MD Anderson will
      be free to negotiate and enter into a license with any other party.  If Nanobiotix timely exercises its option, the terms of the license shall be negotiated in good faith within one hundred twenty (120) days of the date such option is exercised, or
      within such time the parties may mutually agree in writing (the “Negotiation Period”).  If, however, Nanobiotix timely exercises its option, but MD Anderson and Nanobiotix are unable to agree upon the terms of the license during the
      Negotiation Period, Nanobiotix’s right to license such Other Invention will terminate, and MD Anderson will be free to enter into a license with any other party.  If Nanobiotix does not obtain an exclusive, royalty-bearing license to any Other
      Invention, then, in accordance with applicable law, MD Anderson shall be free to grant an equivalent non-exclusive, royalty-free license to such Other Invention to any person requesting a license to such Other Invention.  MD Anderson agrees that it
      will not, during the relevant Option Period(s) and Negotiation Period(s), disclose such Other Inventions to any Third Party or enter into or negotiate with any Third Party any agreement or contract for rights to such Other Inventions.

    

       

    7.10          Patent Rights.

    The sole owner (whether determined by patent law or assignment under this Agreement) of any Invention shall have the sole right to prepare, file, prosecute, maintain, enforce and defend all U.S. and foreign patents,
      registrations and other forms of intellectual property in such Invention but nothing herein will obligate the owner to take any such actions.  For clarity, Nanobiotix shall have the first right to prepare, file, prosecute, maintain, enforce and
      defend all U.S. and foreign Patents, registrations and other forms of intellectual property in Study Drug Invention at the sole cost and expense of Nanobiotix without accounting to MD Anderson.

    
      -13-

      
        

    

    8.          Term and Termination

    

    

    8.1          The term of this Agreement shall be five (5) years following the Effective Date or until the Studies are completed, whichever is
      later, unless terminated earlier in accordance with the provisions hereof.

    

    

    8.2          A Party will have the right to terminate this Agreement if the other Party commits a material breach of the Agreement and fails
      to cure such breach within thirty (30) days of receiving notice from the non-breaching Party of such breach.  Any expiration or termination of this Agreement will not affect any then existing Study Schedules, and any then outstanding Study Schedules
      will continue after the expiration or earlier termination of this Agreement in accordance with their respective provisions.  Upon any expiration or termination of this Agreement, provisions of this Agreement that are incorporated by reference into
      any then outstanding Study Schedules will survive termination of this Agreement and will continue to apply to such Study Schedules until termination or expiration of each such Study Schedules in effect at the time this Agreement expires or is
      terminated.

    

    

    8.3          A Party may terminate a Study Schedule:  (a) if the other Party commits a material breach of this Agreement or the Study Schedule
      and fails to cure such breach within thirty (30) days of receiving notice from the non-breaching Party of such breach; or (b) due to health and safety concerns related to the Study Drug or procedures in the Study (including regulatory holds due to
      the health and safety of the Study subjects).  The Parties agree that any termination of a Study Schedule shall allow for:  (i) the wind down of the Study to ensure the safety of Study subjects; and (ii) Nanobiotix’s final reconciliation of Data
      related to the Study in addition to Nanobiotix’s final monitoring visit.  All reasonable and documented fees associated with the wind-down activities and final monitoring visit shall be paid by Nanobiotix.  Termination of one or more Study Schedules
      will not automatically result in the termination of this Agreement or termination of any other Study Schedules.  Upon termination of a Study Schedule, MD Anderson will immediately return (at Nanobiotix’s cost) or destroy, at Nanobiotix’s choice, any
      Study Drugs provided by Nanobiotix for such Study as directed by Nanobiotix, provided that if within thirty (30) days after completion of a Study Nanobiotix does not provide its decision to MD Anderson regarding whether to destroy or return Study
      Drug, MD Anderson shall be permitted to destroy Study Drug after such time period.

    

    

    8.4          In case any regulatory or legal authorization necessary for the conduct of the Study is (i) finally rejected or (ii) withdrawn,
      the relevant Study Schedule shall terminate automatically at the date of receipt of such final rejection.  Termination or cancellation of this Agreement or a Study Schedule will not affect the rights and obligations of the Parties that have accrued
      prior to termination, and any provisions of this Agreement or a particular Study Schedule that by their nature extend beyond expiration or termination will survive the expiration or termination of this Agreement and/or that particular Study
      Schedule.  In particular, the provisions of Sections 3-14 as applicable will survive any expiration or termination of this Agreement.

    
      -14-

      
        

    

    8.5          In the event the Parties cannot reach agreement on a new Principal Investigator pursuant to Section 14.1 or such new Principal
      Investigator does not agree to the terms of this Agreement and the relevant Study Schedule, either Party may terminate such Study Schedule upon notice to the other Party.

    

    

    8.6          In addition, in order to accommodate the review and approval of this Agreement by the Office of General Counsel of UT System (the “OGC”), for a period of [***]
      days following the Effective Date (the “Limited Unilateral Termination Period”), MD Anderson will have the right to terminate this Agreement without cause upon ten (10) days notice to Nanobiotix; provided, however, that (i) a termination by MD
      Anderson will be effective if notice of termination is sent by MD Anderson any time within the Limited Unilateral Termination Period even if the ten day notice period extends beyond the Limited Unilateral Termination Period and (ii) the Limited
      Unilateral Termination Period will expire on the earlier to occur of (x) the end of the [***] days, or (y) written notice to Nanobiotix from MD Anderson that the Agreement has been approved by the OGC.

    

    

    8.7          For each Study, Nanobiotix shall make all payments due for Study performance reasonably incurred or obligated in good faith hereunder which have accrued up to the date
      of termination of a Study Schedule or this Agreement, or, in case of a termination of this Agreement or the relevant Study Schedule pursuant to Section 8.4, up to the date of receipt of such final rejection.

    

    

    9.          Indemnification

    

    

    9.1          Nanobiotix agrees to defend, indemnify, and hold harmless MD Anderson, System, each Principal Investigator and its/their Regents,
      trustees, officers, directors, staff, employees, students, faculty members, and its/their affiliates and contracted clients (“MD Anderson Indemnified Party/ies”):  (a) from and against any and all liability, claims, lawsuits, losses, demands,
      damages, costs, and expenses (“Indemnified Losses”) resulting from (i) the design or manufacture of the Study Drug, and (ii) the use of the Data or results of the Study and (iii) Nanobiotix’s negligence in connection with a Study or this
      Agreement; (b) from and against any Indemnified Losses arising from an injury to a Study subject caused by the Study Drug or any procedure required and performed by the Protocol.  The completion or termination of a Study shall not affect Nanobiotix’s
      obligation to indemnify with respect to any claim or suit based upon the aforementioned Indemnified Losses.  Notwithstanding the foregoing, Nanobiotix will not be responsible for any Indemnified Losses to the extent that they arise from the
      negligence, intentional misconduct, or malpractice of the MD Anderson Indemnified Parties, it being understood that the proper administration of the Study Drug in accordance with the Protocol (including permitted deviations for health and safety
      reasons) shall not constitute negligence, intentional misconduct, or malpractice for the purposes of this Agreement.

    

    

    9.2          To the extent authorized by the constitution and laws of the State of Texas, MD Anderson, agrees to indemnify, and hold harmless
      Nanobiotix, its officers, directors, staff, employees, and its/their affiliates and contracted clients (“Nanobiotix Indemnified Party”):  (a) from and against any and all Indemnified Losses arising from an injury to a Study subject directly
      caused by MD Anderson’s or its personnel’s non-compliance with the Protocol (other than permitted deviations for health and safety reasons) and (b) directly resulting  from any negligent or intentional act or omission of MD Anderson in conducting a
      Study hereunder.  The completion or termination of a Study shall not affect MD Anderson’s obligation to indemnify with respect to any claim or suit based upon the aforementioned Indemnified Losses.  Notwithstanding the foregoing, MD Anderson will not
      be responsible for any Indemnified Losses to the extent that they arise from the negligence, intentional misconduct, or malpractice of the Nanobiotix Indemnified Parties.

    
      -15-

      
        

    

    9.3          Subject to the statutory duties of the Texas State Attorney General, any Indemnified Party shall:  (a) notify the indemnifying
      Party in writing as soon as is reasonably possible after receipt of notice of any and all claims, lawsuits, and demands, or any action, suit, or proceeding giving rise to the right of indemnification; (b) permit the indemnifying Party to retain
      counsel to represent the named Indemnified Party; and (c) permit the indemnifying Party to retain control of any such claims, lawsuits, and demands, including the right to make any settlement, except that the indemnifying Party shall not make any
      settlement or take any other action which would be deemed to confess wrongdoing by any of the Indemnified Parties without the prior written consent of the applicable Indemnified Party.

    

    

    10.          Subject Injury Medical Costs

    

    

    Nanobiotix shall assume responsibility for reasonable medical expenses incurred by a Study subject for reasonable and necessary treatment if the Study subject experiences an illness or injury that is a direct result of
      the administration of the Study Drug or any procedure required by the Protocol that the Study subject would not have undergone were it not for such Study subject’s participation in the Study, provided that, the administration of the Study Drug and
      the performance of the procedure were in accordance with the Protocol (including deviations from the Protocol for health and safety purposes).  Nanobiotix shall not be responsible for expenses to the extent that they are due to (a) a Study subject’s
      pre-existing medical conditions or underlying disease, (b) the negligent acts or omissions or intentional misconduct of MD Anderson or Principal Investigator or any misuse of the Study Drug by MD Anderson, or (c) any non-conformance with the Protocol
      (other than deviations from the Protocol for health and safety purposes) or failure to comply with good clinical practices.  All costs for the items or services provided under this Section 10.1 shall be reimbursed at a reasonable rate.  MD Anderson
      will coordinate and manage any request for payment or reimbursement from a Study subject for any alleged illness or injury, and shall reasonably provide to Nanobiotix or its designee in a timely, accurate, and complete manner, such reasonable
      supporting documentation and reports, including information relating to the treatment of the Study subject as may be reasonably requested by Nanobiotix and/or as appropriate to the extent required to comply with applicable laws, rules, and
      regulations, including the Medicare Mandatory Reporting Provisions of the Medicare, Medicaid and SCHIP Extension Act of 2007 (42 U.S.C. 1395y(b)(7) and (b)(8)), as amended or supplemented from time to time.

    

    

    11.          Insurance

    

    

    11.1          During the term of any Study Schedule under this Agreement Nanobiotix shall maintain in full force and effect insurance for its
      liabilities arising from the Study with limits of not less than [***] annual aggregate1.  Nanobiotix shall provide MD Anderson with evidence of such insurance upon
      request.

    
      -16-

      
        

    

    11.2          MD Anderson is self-insured pursuant to The University of Texas Professional Medical Liability Benefit Plan under the authority
      of Chapter 59, Texas Education Code.  MD Anderson has and will maintain in force during the term of this Agreement adequate insurance or financial resources to cover its obligations pursuant to this Agreement.

    

    

    12.          Publications

    

       

    12.1          MD Anderson and/or Principal Investigator shall have the [***] right to publish or publicly disclose, either in writing or
      orally, the Data and results of the Study/ies and shall have the sole determination of the authorship and contents, provided that MD Anderson or Principal investigator, as applicable, shall provide Nanobiotix with a copy of any such proposed
      publication, including articles, abstracts, posters, presentations, etc., for review and comments at least forty-five (45) days prior to submission for publication or at least ten (10) days prior to presentation at a scientific meeting or conference
      to review each publication to identify patentable subject matter and to identify any inadvertent disclosure of Nanobiotix’s Confidential Information provided hereunder that is contained in the Data and results.  During the foregoing review period,
      Nanobiotix may identify and object to the publication of certain Nanobiotix Confidential Information on the grounds that it constitutes patentable subject matter and/or Nanobiotix’s Confidential Information provided hereunder that is contained in the
      Data and results.  MD Anderson shall either remove said Confidential Information or delay publication up to a maximum of [***] additional days to allow patent applications to be filed to protect such patentable subject matter.

    

    

    12.2          MD Anderson and/or Principal Investigator shall give Nanobiotix acknowledgment for its sponsorship of a Study in all applicable Study publications.  Authorship and
      acknowledgements for scientific publications shall be consistent with the principles embodied in the International Committee of Medical Journal Editors (“ICMJE”) Uniform Requirements for Manuscripts.

    

    

    12.3          The “sponsor” of a Study, within the regulatory meaning of such term, shall register the Study if required by, and in
      accordance with, Section 801 of the Food and Drug Administration Amendments Act of 2007 on www.clinicaltrials.gov and on any other database required by laws or regulations in accordance with applicable standards regarding scope, form and
      content and in accordance with ICMJE guidelines such that the Study will be eligible for publication in those publications.

    

    

    13.          Use of Name/Public Statements/Disclosure

    

       

    13.1          Except with the other Party’s prior written consent, neither Party will reference the other (in particular use the name of “Nanobiotix”/”M.D. Anderson Cancer Center”,
      or any variation, adaptation, or abbreviation thereof, or the name of any Nanobiotix’s or MD Anderson director, officer, employees, or agents, or any trademark owned by Nanobiotix or MD Anderson) in a press release or any other public oral or written
      statement in connection with the Collaboration, except as required by applicable law or regulation, or in conjunction with a publication or presentation of Data by MD Anderson and/or Principal Investigator pursuant to Section 12 of this Agreement.

     

    

    

      

      

      1Nanobiotix insurance is based on Euro.  Based on an exchange rate of 1 Euro equals 1.15 USD (as of December 20, 2018),
        this corresponds to a coverage of [***] USD.  This amount will vary dependent on the exchange rate.

    

    
      -17-

      
        

    

    13.2          Except as expressly set forth in this Agreement, to the extent required by law or regulation, or to the extent necessary for MD
      Anderson for the recruitment of subjects to any Study hereunder, the Parties agree to make no public presentations about any Study Drug or any Study conducted under this Agreement, and to issue no news releases about any Study Drug or any Study.  Any
      advertisements directed at recruitment of Study subjects for a Study must comply with all applicable laws, rules and regulations (including the need for IRB review), the confidentiality obligations herein, and shall not include the trademarked
      insignia, symbol(s), or logotypes, or any variant or variants thereof, of the other Party.  Except as required by law or for regulatory purposes, neither Party will use the name (including trademark or other identifier) of the other Party or such
      other Party’s employee or staff member (except in an acknowledgment of sponsorship) in publications, advertising, press releases or for any other commercial purpose without the written approval of the other Party.  Nanobiotix will not state or imply
      in any publication, advertisement, or other medium that any product or service bearing any of Nanobiotix’s names or trademarks and/or manufactured, sold or distributed by Nanobiotix has been tested, approved, or endorsed by MD Anderson. 
      Notwithstanding any other provision of this Agreement, MD Anderson and its researchers and employees will have the right, without Nanobiotix’s approval, to acknowledge Nanobiotix and Nanobiotix’s involvement with a Study in scientific or academic
      publications and communications describing the Study or reporting the Data.

    

    

    13.3          Either Party may use the name of the other Party in any document filed with any governmental authority or regulatory agency applicable to a Study, and to comply with
      any applicable legal or regulatory requirements.  Further, each Party is permitted to disclose the other Party’s name, the title of the Study, the name of the Principal Investigator, and an overall Study budget amount projected to be paid/actual
      total amount paid for conducting the Study, provided that this information is presented together as part of mandatory disclosure in accordance with and to the extent required under applicable law.

    

    

    13.4          Notwithstanding anything to the contrary, the Parties agree to issue a joint press release
      regarding the execution of this Agreement and the Collaboration, subject to review and approval of MD Anderson’s Office of External Communications.  Nanobiotix shall prepare the first draft of such press release which will then jointly be edited by
      MD Anderson’s Office of External Communications and Nanobiotix to prepare a mutually acceptable version.  Such version shall then be published jointly at a time point jointly determined by Nanobiotix and MD Anderson.  In case the Parties cannot agree
      on a mutually acceptable version and/or a mutually agreeable time point for the issuance of the press release, then no joint press release shall be made.

    

    

    13.5          MD Anderson understands and agrees that, since Nanobiotix’s stocks are listed on the Euronext Paris market of NYSE Euronext and
      MD Anderson may have access to inside information (i.e. information on Nanobiotix that is (i) specific, (ii) non-public and (iii) likely to have a material effect on the market price of Nanobiotix’s securities if and when made public, i.e. that a
      reasonable investor would consider material in deciding whether to buy, hold or sell Nanobiotix’s securities), MD Anderson must comply (and will instruct its Study Team to comply) with applicable securities laws and regulations.

    
      -18-

      
        

    

    14.          Principal Investigator

    If a designated Principal Investigator is terminated from a Study, or in the event of the death or other non-availability of the Principal Investigator, MD Anderson shall use reasonable efforts to designate a duly
      qualified person to act as new Principal Investigator, subject to the prior agreement of Nanobiotix, which shall not be unreasonably withheld.  If the Parties are unable to agree on a new Principal Investigator or if the new Principle Investigator is
      unwilling to agree to the terms and conditions of this Agreement and the relevant Study Schedule, either Party shall be entitled to terminate the respective Study Schedule in accordance with Section 8.5.

    

    

    15.          General Provisions

    

    

    15.1          Warranties.  EXCEPT AS EXPRESSLY PROVIDED HEREIN, NEITHER PARTY MAKES ANY WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE DATA OR RESULTS OF ANY STUDY OR THE
      STUDY DRUG, OR OF THE MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE OF SUCH DATA, RESULTS OR STUDY DRUG.  NEITHER PARTY SHALL BE LIABLE FOR ANY INDIRECT OR CONSEQUENTIAL DAMAGES OR PUNITIVE DAMAGES SUFFERED BY THE OTHER PARTY AS A RESULT OF
      PERFORMANCE OF ANY STUDY UNDER THIS AGREEMENT.  Notwithstanding the foregoing, Nanobiotix represents and warrants that each Study Drug hereunder shall have been manufactured in accordance with current Good Manufacturing Practices applicable in the
      United States and that, to its knowledge at the start date of the relevant Study, it has not received and shall not have received any claim that use of any Study Drug in the performance of a Study would infringe the rights of any third party. 
      NANOBIOTIX REPRESENTS THAT, TO ITS KNOWLEDGE AT THE START DATE OF THE RELEVANT STUDY, THERE ARE NO KNOWN DEFECTS IN ANY STUDY DRUG; Nanobiotix understands and acknowledges that the development and dissemination of scientific knowledge is a
      fundamental component of MD Anderson’s mission, and that MD Anderson makes no representations, warranties, or guarantees with respect to any specific results of the Studies.

    

    

    15.2          Assignment.  This Agreement and/or any Study Schedule may not be assigned by either Party except as agreed upon in writing by the other Party, except to a
      successor to all or substantially all of its business and assets.  Any assignment or attempt to assign, or any delegation or attempt to delegate, not in accordance with this Section shall be void and without effect.

    

    

    15.3          Independent Contractors.  MD Anderson and Nanobiotix shall be independent parties and nothing contained in this
      Agreement shall be construed or implied to create an agency or partnership.  No Party shall have the authority to agree to or incur expenses on behalf of the other Party except as may be expressly authorized by this Agreement or a Study Schedule.

    

       

    15.4          Notices.  Any notice or communication required or permitted to be given or made under this Agreement by one of the
      Parties hereto to the other shall be in writing and shall be deemed to have been sufficiently given or made for all purposes on the date of mailing by certified mail, postage prepaid, overnight courier service, and/or fax to be followed by mailed
      original addressed to such other Party at its respective address as referenced in the Study Schedule.

    
      -19-

      
        

    

    15.5          Severability.  If any one or more of the provisions of this Agreement shall be held to be invalid, illegal or
      unenforceable, the validity, legality or enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby.

    

    

    15.6          Entirety.  This Agreement represents the entire agreement of the Parties with respect to the subject matter hereof and
      it expressly supersedes all previous written and oral communications between the Parties.  No amendment, alteration, or modification of this Agreement or any Study Schedules attached hereto shall be valid unless executed in writing by authorized
      signatories of all Parties.

    

    

    15.7          Waiver.  The failure of any Party hereto to insist upon strict performance of any provision of this Agreement or to
      exercise any right hereunder will not constitute a waiver of that provision or right.

    

    

    15.8          Force Majeure.  In the event that performance of the obligations of a Party hereunder are prevented by events beyond their reasonable control, including, but
      not limited to, acts of God, regulations or acts of any governmental authority, war, civil commotion, strikes, or other labor disturbances, epidemics, fire, earthquakes, storms or other catastrophes of a similar nature, the affected Party will
      promptly notify the other Party of such event using the procedure defined herein, and the Parties shall be relieved of their respective obligations hereunder to the extent that the performance of such obligations is actually prevented thereby. 
      During the existence of any such condition, the affected Party shall, nevertheless, use its best efforts to remove the cause thereof and resume performance of its obligations hereunder.  The period of performance shall be extended for the Party who
      is unable to perform due to Force Majeure reasons by a period of time equal to the length of the period during which the Force Majeure reason exists or for a longer period if required to meet the requirements of the Study Protocol.

    

    

    15.9          Counterparts.  It is understood that this Agreement may be executed in one or more counterpart copies, each of equal
      dignity, which when joined, shall together constitute one Agreement.  In the event of execution by exchange of facsimile or electronic signed copies, the Parties agree that, upon being signed by both Parties, this Agreement shall become effective and
      binding and that facsimile or .pdf signed copies will constitute evidence of this Agreement.

    

       

    15.10          Export Control.  Notwithstanding any other provision of this Agreement, it is understood that the Parties are subject
      to, and shall comply with, applicable United States laws, regulations, and governmental requirements and restrictions controlling the export of technology, technical data, computer software, laboratory prototypes, and other commodities, information
      and items (individually and collectively, “Technology and Items”), including without limitation, the Arms Export Control Act, the Export Administration Act of 1979, relevant executive orders, and United States Treasury Department embargo and
      sanctions regulations, all as amended from time to time (“Restrictions”) and that the Parties’ obligations hereunder are contingent on compliance with applicable Restrictions.

    
      -20-

      
        

    

    15.11          Choice of Law.  Any disputes or claims arising under this Agreement shall be governed by the laws of the State of
      Texas.

    

    

    15.12          MD Anderson is an agency of the State of Texas and under the constitution and the laws of the State of Texas possesses certain
      rights and privileges, is subject to certain limitations and restrictions, and only has such authority as is granted to it under the constitution and laws of the State of Texas.  Notwithstanding any provision hereof, nothing in this Agreement is
      intended to be, nor will it be construed to be, a waiver of the sovereign immunity of the State of Texas or a prospective waiver or restriction of any of the rights, remedies, claims, and privileges of the State of Texas.  Moreover, notwithstanding
      the generality or specificity of any provision hereof, the provisions of this Agreement as they pertain to MD Anderson are enforceable only to the extent authorized by the constitution and laws of the State of Texas; accordingly, to the extent any
      provision hereof conflicts with the constitution or laws of the State of Texas or exceeds the right, power or authority of MD Anderson to agree to such provision, then that provision will not be enforceable against MD Anderson or the State of Texas.

    

    

    [Signatures on Following page]

    
      -21-

      
        

    

    In witness whereof, the Parties hereto have caused this Agreement to be executed by their duly authorized representatives to be effective          of the Effective Date.

     

    

    	
            The University of Texas M. D. Anderson Cancer

          	 	
            Nanobiotix S.A.

          
	
            Date:

          	 	
            Date:  24/01/20

          
	
            
               

               

              /s/ Ben Melson

            

          	 	
             

             

            /s/ Philippe Mauberna

          
	
            Name:  Ben Melson

          	 	
            Name:  Philippe MAUBERNA

          
	
            Title:  Sr. Vice President

                      and Chief Financial Officer

          	 	
            Title:  Chief Financial Officer

          

    

    

    
      -22-

      
        

    

    Exhibit I

    

    

    STRATEGIC COLLABORATION AGREEMENT - STUDY SCHEDULE

     

    

     [Omitted] 

    

    

    
      -23-

      
        

    

     [Omitted] 

    

    

    
      -24-

      
        

    

     [Omitted] 

      

    

    
      -25-

      
        

    

     [Omitted] 

    

    

    -26-

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