Document:

EX-4.10

 Exhibit 4.10 

Regulations for the 2015 

DBV TECHNOLOGIES 
 Stock
Options Plan 

	1.	Definition 

  

	2.	Legal framework 

  

	3.	Beneficiaries 

  

	4.	Description of options 

  

	 	a.	Description 

  

	 	b.	Terms and conditions governing exercise 

  

	 	c.	Exercise price 

  

	 	d.	Adjustments 

  

	5.	Exercise of options 

  

	 	a.	Exercise period 

  

	 	b.	Suspension of exercise rights 

  

	 	c.	Informing the AMF 

  

	6.	Treatment of shares under option 

  

	 	a.	Form 

  

	 	b.	Dividend entitlement 

  

	 	c.	Retention of shares under option 

  

	 	d.	Informing the AMF 

  

	7.	Tax and social security arrangements 

  

	8.	Management of the plan 

  

	9.	Data privacy content 

  

	10.	Interpretation of the plan and applicable law 

	 	1.	Definition 

 A subscription options plan is a system through which a company offers some or all of its
salaried staff and/or its corporate officers, or those of companies associated with it, the opportunity to obtain shares for a particular period at a specific price. 

Options are non-transferable. Conversely, the shares subscribed for may be sold. The difference between the sale price and the subscription price represents
the gain for the beneficiary. 
  

	 	2.	Legal framework 

 The Combined Annual General Meeting of Shareholders of DBV Technologies (the
“Company”) of June 3, 2014 (the “Annual General Meeting”) authorized the Company’s Board of Directors (the “Board of Directors”) to grant options giving entitlement to shares of the
Company to the persons that it may name from among the members of staff and officers of the Company and of companies associated with it subject to the terms of Article L.225-180 of the French Commercial Code. 

This authorization has been given for a period of thirty-eight (38) months from said Annual General Meeting, under the provisions of Articles L.225-177
et seq. of the French Commercial Code. 
 Exercising this authorization, the company’s Board of Directors decided at its meeting of
September 30, 2015, the main characteristics of an options plan and authorized the CEO to grant definitively an options plan conferring the entitlement to subscribe to shares of DBV TECHNOLOGIES, known as “2015 OPTIONS”. 

Exercising this authorization, the CEO granted this options plan (2015 OPTIONS), the subject of these regulations, under the terms and conditions adopted by
the shareholders’ meeting and the company’s Board of Directors. 
  

	 	3.	Beneficiaries 

 The Board of Directors decided on beneficiaries of this plan at its meeting on
September 30, 2015. 
  

	 	4.	Description of options 

  

	a.	Description 

 Each option confers the entitlement to subscribe to one share of the Company. The number of
options allocated to beneficiaries is given in the personal letter that is sent to them after they are actually allocated as decided by the Board of Directors. 

Neither the number nor the price of the options may be amended during their term, other than in the adjustment scenario described below. 

The allocation of new options under the resolution of the Annual General Meeting is subject to a further decision from the Board of Directors. 

 b. Terms and conditions governing exercise 

 

	 	•	 	Principles 

 The exercise of options is subject to the existence of a contract of employment
and/or a corporate mandate binding each beneficiary to the Company or to any legal entity directly or indirectly controlled by the Company within the meaning of Article L.233-3 of the French Commercial Code on the date that the options are
exercised. 
 As an exception to the foregoing, beneficiaries may, in case of, but subject to the consummation of, a takeover of the Company within the
meaning of Article L.233-3 of the French Commercial Code, exercise the options even if their contract of employment or corporate mandate ended for any reason between the takeover and the options exercise. 

Options may no longer be exercised: 
  

	 	•	 	in the event of resignation from the contract of employment or the corporate mandate, with effect from the day that the Company receives the letter of resignation from the relevant party or the day that it is handed to
an authorized representative of the Company; 

  

	 	•	 	in the event of dismissal, with effect from the day that the relevant party receives the dismissal notification letter, notwithstanding (i) a notice period, whether or not completed; (ii) any challenge by the
beneficiary to their dismissal and/or the reasons for it; and (iii) any legal ruling that would challenge the grounds for the dismissal; 

  

	 	•	 	in the event of contractual termination, with effect from the administrative approval of the termination agreement; 

  

	 	•	 	in the event of the revocation of the corporate mandate, with effect from the day of the meeting of the executive body deciding on its revocation if the beneficiary is in attendance, or, if they are not in attendance,
from the date that notification of this decision is received, notwithstanding (i) a notice period, whether or not completed; (ii) any challenge by the beneficiary to the revocation and/or the reasons for it; and (iii) any legal
decision that would challenge the validity of the revocation; 

  

	 	•	 	in the event of the non-renewal of the corporate mandate, with effect from the expiry date of the corporate mandate. 

In the event of resignation from the contract of employment or the corporate mandate or in the event of dismissal for any reason (a “Termination
Event”), beneficiaries could exercise their options prorata temporis of their presence in the Company. Any options that have not become exercisable prior to the date of the beneficiary’s Termination Event shall terminate immediately
and be of no further force or effect. Beneficiaries shall be permitted to exercise any options, to the extent then exercisable for a period of 90 days following the Termination Event. 

 Options may not be attached and are non-transferable and non assignable. 

 

	 	•	 	Waivers 

 Notwithstanding the foregoing: 

 

	 	•	 	beneficiaries shall retain the right to exercise their options in the event of departure or retirement, or a second or third category disability as laid down in Article L.341-4 of the French Social Security Code;

  

	 	•	 	in the event of the death of a beneficiary, their heirs may exercise the options within six (6) months of the date of death and transfer them immediately without this having the effect of extending the initial term
of validity of the options if they expire earlier. 

  

	c.	Exercise price 

 Exercising the company’s Board of Directors authorization, the CEO will set the
exercise price per share. It will correspond to Euronext Paris day’s closing price for the DBV TECHNOLOGIES stock on the day that the allocation was definitively decided by the CEO. 

This price is definitive for the full term of the plan, subject to the adjustment scenarios. 

 

	d.	Adjustments 

 In the scenarios laid down in Article L.225-181 of the French Commercial Code, the Company
shall take the necessary action to protect the interests of option beneficiaries under the conditions stipulated in Article L.228-99 of the French Commercial Code. 

For this purpose, the Company will take all the measures stipulated in Article L.228-99 of the Commercial Code. In particular, it may correct the number of
and exercise price for the options allocated under the conditions and following the procedures laid down by the regulatory provisions of the Commercial Code for each scenario that qualifies for an adjustment. 

 

	 	5.	Exercise of options 

  

	a.	Exercise periods 

 Beneficiaries may exercise the options during a planned vesting period of four years :

  

	 	•	 	up to a maximum of 25% with effect from December 15, 2016; 

  

	 	•	 	up to a maximum of 25% additionnal with effect from December 15, 2017; 

  

	 	•	 	up to a maximum of 25% additionnal with effect from December 15, 2018; 

  

	 	•	 	up to a maximum of 25% additionnal effect from December 15, 2019; 

 As an exception to the foregoing, beneficiaries may, in case of, but subject to the consummation of, a takeover
of the Company within the meaning of Article L.233-3 of the French Commercial Code, exercise in advance the options, with the exclusion of the suspension periods provided for below. 

The options will be withdrawn at the end of a period of ten (10) years following the decision by the Board of Directors to allow them, i.e. with effect
from December 15, 2025. 
  

	b.	Suspension of exercise rights 

 Inside information 

It is not possible to exercise options: 
  

	 	•	 	for a period of thirty (30) calendar days prior to the publication of the annual and half-yearly results. 

  

	 	•	 	for a period of fifteen (15) calendar days prior to the publication of the annual and quarterly revenue figures. 

  

	 	•	 	when beneficiaries hold inside information. Inside information is any information which, if made public, could have a significant influence on the price. 

A publication schedule is circulated once a year. You are encouraged to refer to the Code of Conduct drawn up by the Company and available online on the
intranet. 
 In the case of equity-related transactions decided by the Board of Directors 

Certain financial transactions involving the capital that require accurate prior knowledge of the number of shares making up the Company’s capital may
result in a decision by the Board of Directors to temporarily suspend the opportunity to exercise options. Option beneficiaries are informed by letter of the date on which exercise is suspended and the date of resumption. This information shall be
provided by non-recorded delivery, with seven (7) days’ advance notice. 
 Beneficiaries leaving the Company or, if applicable, any legal entity
controlled directly or indirectly by the Company within the meaning of Article L.233-3 of the French Commercial Code during an exercise suspension period may exercise their options at the end of the suspension period for an additional period that is
equal to the term of the suspension, without this period extending the initial term of validity of the option. 
  

	c.	Informing the AMF 

 In accordance with the provisions of Article L.621-18-2 of the French Monetary and
Financial Code, the exercise of options by a corporate officer or any person who has, within the Company, (i) the power to take management decisions regarding its development and strategy, (ii) regular access to inside information relating
directly or indirectly to the Company, requires that the AMF be informed, with a copy sent to the Company, within the timeframe laid down in the regulations currently in force. 

	 	6.	Treatment of shares under option 

  

	a.	Form 

 The shares corresponding to the options exercised shall be held in registered form. 

 

	b.	Reserved 

  

	c.	Retention of shares under option 

 The shares purchased upon exercise of this option shall be transferred
to each beneficiary on the records of the Company or of the transfer agent upon compliance to the satisfaction of the Board with all requirements under applicable laws or regulations in connection with such transfer and with the requirements hereof
and of the Plan. The determination of the Board as to such compliance shall be final and binding on beneficiaries. Beneficiaries shall not be deemed to be holder of, or to have any of the rights of a holder with respect to, any shares subject to
this option unless and until this option shall have been exercised pursuant to the terms hereof, the Company or the transfer agent shall have transferred the shares to beneficiaries, and the beneficiaries name shall have been entered as the
stockholder of record on the books of the Company. Thereupon, beneficaries shall have full ownership rights with respect to such shares. 
 Shares purchased
upon exercise of options are freely transferable once the option has been exercised, subject to compliance with the legal and regulatory provisions for closed periods associated with the holding of inside information. 

Beneficiaires are encouraged to refer to the Code of Conduct drawn up by the Company and available online on the intranet. 

 

	d.	Informing the AMF 

 In accordance with the provisions of Article L.621-18-2 of the French Monetary and
Financial Code, the sale of shares by a corporate officer or any person who has, within the Company, (i) the power to take management decisions regarding its development and strategy, (ii) regular access to inside information relating
directly or indirectly to the Company, requires that the AMF be informed, with a copy sent to the Company, within the timeframe laid down in the regulations currently in force. 

 

	 	7.	Tax and social security arrangements 

 Beneficiaries have sole responsibility for compliance with their
obligations in respect of declarations and payments, particularly their tax and social security obligations. They shall bear all taxes and mandatory deductions that they are obliged to pay by the regulations in force on the date that said taxes or
deductions are due. Beneficiaries shall, not later than the date as of which the exercise of this option becomes a taxable event for U.S. Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Board for payment of
any U.S. Federal, state, and local taxes required by law to be withheld on account of such taxable event. The Company shall have the authority to cause the minimum required tax withholding obligation to be satisfied, in whole or in part, by
withholding from shares to be issued to the beneficiary a number of shares with an aggregate fair market value that would satisfy the minimum withholding amount due. 

 Beneficiaries are encouraged to seek advice on their personal tax situation, particularly in respect of the tax
and social security arrangements that will be applicable to them, and they declare that they are in no way relying on any tax or social security advice from the Company. 
  

	 	8.	Management of the plan 

 The Board of Directors is responsible for the management of the plan in the
immediate future. 
 The Board of Directors may change the details of the plan (i) if it considers that the change is appropriate and has no
significant negative impact on the interests of beneficiaries or (ii) with the agreement of the beneficiaries concerned. 
 More generally, in case of
a change in the legislation, regulations or accounting standards, or a change in the interpretation of such provision, particularly relating to the tax or social security arrangements for the allocation or exercise of options, the terms and
conditions for the options may be amended by the Board of Directors at its discretion, to respond to this change as it sees fit. By way of example, the Board of Directors might decide to shorten or extend the exercise period, or to introduce a
mandatory retention period. 
 The amendments thus made will not give rise to any entitlement to compensation for beneficiaries for any loss or for any
increase in their tax or social security charges, even if these amendments are disadvantageous to them, either in general or with regard to their individual situation. 

The Company reserves the right to entrust management to an external organization: option beneficiaries will be informed of this change on an individual and
timely basis. 
  

	 	9.	Data Privacy Consent 

 In order to administer the plan and this award of options and to implement or
structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all personal or professional data, including but not limited to Social
Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the “Relevant Information”). By
accepting this award of options, beneficiaries (i) authorize the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waive any privacy rights Beneficiaries may have with respect to
the Relevant Information; (iii) authorize the Relevant Companies to store and transmit such information in electronic form; and (iv) authorize the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies
consider appropriate. Beneficiaries shall have access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable law. 

	 	10.	Interpretation of the plan and applicable law 

 It shall be incumbent on the Board of Directors to
interpret the provisions of this plan as necessary. 
 This plan is subject to and must be interpreted according to the provisions of French law and any
dispute relating thereto will fall under the exclusive competence of the court with appellate jurisdiction for the location of the Company’s registered office. 

 To
[                    ] 
 Bagneux, [date]

 Dear [                    ], 

The Combined Annual General Meeting of Shareholders of DBV Technologies (the “Company”) of June 3, 2014 authorized the Company’s
Board of Directors to grant options giving entitlement to shares of the Company to the persons that it may name from among the members of staff and officers of the Company and of companies associated with it subject to the terms of Article L.225-180 of the French Commercial Code. 
 Exercising this authorization, the Company’s Board of
Directors decided at its meeting of September 30, 2015, the main characteristics of an options plan conferring the entitlement to subscribe to shares of DBV TECHNOLOGIES, known as “2015 OPTIONS.” 

Exercising this authorization, the CEO decided to grant definitively this options plan (2015 OPTIONS) the subject of these regulations, under the terms and
conditions adopted by the shareholders’ meeting and the company’s Board of Directors 
 In this decision, the company’s Board of Directors
decided to grant you [                    ] stock-options (“SO 2015”) giving the right to subscribe to
[                    ] common shares of DBV Technologies at a unit price of EUR 66.06 with the following vesting: 

 

	 	•	 	up to a maximum of 25% with effect from December 15, 2016; 

  

	 	•	 	up to a maximum of 25% additional with effect from December 15, 2017; 

  

	 	•	 	up to a maximum of 25% additional with effect from December 15, 2018; 

  

	 	•	 	up to a maximum of 25% additional effect from December 15, 2019; 

 The options will be withdrawn
at the end of a period of ten (10) years following the decision by the Board of Directors to allocate them, i.e. with effect from December 15, 2025. 

Please sign two copies of this letter, keeping one copy and returning the other to the Company. 

Yours faithfully, 
  

	
	  

	
	Pierre-Henri Benhamou
	
	Chief Executive officer

 Approved for acceptance 

[                    ] 

Enc.: 2015 Regulations 

  
 DBV Technologies 

Siège social: Green Square Bât. D ; 80/84 Rue des Meuniers – 92220 Bagneux 

SA au capital de 2 410 374,90€ N° SIRET 441 772 522 R.C.S. Nanterre 

Tel : 01 55 42 78 78 ; Fax : 01 43 26 10 83EX-4.11

 Exhibit 4.11 

2015 FREE SHARE PLAN 

REGULATION 2015 

 TABLE OF CONTENTS 

 

							
	 1.
	 	 Definitions
	  	 	3	  
	 2.
	 	 Shares Covered by Regulation 2015
	  	 	4	  
	 3.
	 	 Administration of Regulation 2015
	  	 	5	  
	 4.
	 	 Limitations
	  	 	5	  
	 5.
	 	 Term of Regulation 2015
	  	 	6	  
	 6.
	 	 Free Share Award
	  	 	6	  
	 7.
	 	 Criteria and Conditions of Award
	  	 	6	  
	 8.
	 	 Calendar for the Free Share Award
	  	 	7	  
	 9.
	 	 Adjustments
	  	 	9	  
	 10.
	 	 Intervening Transactions
	  	 	10	  
	 11.
	 	 Amendment of Regulation 2015 – Management
	  	 	10	  
	 12.
	 	 Tax and Social Security Rules
	  	 	10	  
	 13.
	 	 Specific Restrictions and Information
	  	 	11	  
	 14.
	 	 Responsibility of the Company
	  	 	11	  
	 15.
	 	 Applicable Law, Jurisdiction
	  	 	11	  

  
 2 

 2015 FREE SHARE PLAN 

REGULATION 2015 
 Based on the
authorization granted by the combined general meeting on September 21, 2015 the Board of Directors of DBV Technologies (the “Company”) decided, at its meeting on September 30, 2015, in accordance with Articles L.225-197-1 to L.225-197-5 of the Commercial Code, to adopt a regulation (“Regulation 2015”) for the purpose of awarding free shares in the Company to Eligible Persons (as defined below), which bylaw will govern
the awarding of free shares, and the terms and conditions of which are set out below. 
  

	1.	DEFINITIONS 

  

	(a)	“Share” means a share of the Company; 

  

	(b)	“Free Share Allocation” means the free share allocation on the terms and conditions set out in Regulation 2015; 

  

	(c)	“Shareholders’ Authorization” means the authorization to allocate shares free of charge granted to the Board of Directors by the shareholders of the Company at the extraordinary combined general
meeting on September 30, 2015; 

  

	(d)	“Beneficiary” means an Eligible Person to whom at least one Share has been allocated free of charge in accordance with Regulation 2015; 

  
 3 

	(e)	“Change of Control” means the completion of any transaction that has the effect of bringing about a change in the Control of the Company. The term “Control” has the meaning given to it
in Article L.233-3 of the Commercial Code; 

  

	(f)	“Award Date” means the date on which the Board of Directors grants the Free Share Allocation and constitutes the date on which the Acquisition Period commences; 

 

	(g)	“Eligible Person” means an officer (President, director general, or deputy director general of the Company) or employee of the Company or an Affiliated Company who meets the conditions set out in
Articles L.225-197-1 and L.225-197-2 of the Commercial Code and satisfies the conditions and criteria for the award established by the Board of Directors in its decision of September 30, 2015 and set out in Article 7 of Regulation 2015;

  

	(h)	“Manager” means the Board of Directors of the Company that administers Regulation 2015 in accordance with Article 3 of Regulation 2015; 

 

	(i)	“Disability” means a disability on the part of the Beneficiary that corresponds to classification in the second or third category provided in Article L.341-4 of the Social Security Code;

  

	(J)	“Regulation 2015” means this 2015 Free Share Plan as adopted by the Manager on September 30, 2015. 

  

	(k)	“Employee” means a natural person who is employed by the Company (or any Affiliated Company) and is subject to the power of control and direction of the employer entity in the performance and conduct of
the work to be carried out; 

  

	(l)	“Company” means DBV Technologies, a limited company incorporated under French law; 

  

	(m)	“Affiliated Company” means a company that meets the criteria set out in Article L.225-197-2 of the Commercial Code: 

 

	 	•	 	companies of which at least ten percent (10%) of the capital or voting rights are held, directly or indirectly, by the Company; 

 

	 	•	 	companies that hold, directly or indirectly, at least ten percent (10%) of the capital or voting rights of the Company; and 

  

	 	•	 	companies of which at least fifty percent (50%) of the capital or voting rights are held, directly or indirectly, by a company that itself holds, directly or indirectly, at least fifty percent (50%) of the
capital or voting rights of the Company. 

  

	2.	SHARES COVERED BY REGULATION 2015 

 According with the Shareholders’ Authorization, the board
of directors decided to allocate 708,500 Free Shares during the September 30, 2015 meeting to the beneficiaries listed in the minutes of the meeting. The number of Free Shares allocated by the Company, taking into account all of the previous
Free Shares Plans, remains below 10% of the share capital. 

  
 4 

	3.	ADMINISTRATION OF REGULATION 2015 

  

	 	(a)	Administration 

 Regulation 2015 will be administered by the Manager. 

 

	 	(b)	Powers of the Manager 

 Within the limits of the Commercial Code, the Shareholders’ Authorization
and Regulation 2015, the Manager will have discretion to: 
  

	 	i.	determine the Eligible Persons to whom Shares will be allocated free of charge and decide the number of bonus Shares to be awarded to each of them; 

 

	 	ii.	determine the terms and conditions of any Free Share Allocation; 

  

	 	iii.	analyze and interpret the terms of Regulation 2015; 

  

	 	iv.	decide to change or cancel any rule in Regulation 2015, within the limits prescribed by law; 

  

	 	v.	make any necessary or advisable decision in the course of executing Regulation 2015. 

  

	 	(c)	Effects of Decisions of the Manager 

 The decisions and interpretations of the Manager are final and
binding on all Beneficiaries. 
  

	4.	LIMITATIONS 

  

	(a)	The Shares allocated free of charge are governed by Articles L.225-197-1 to L.225-197-5 of the Commercial Code. They do not in any way constitute a component of the contract of employment or office or compensation of
the Beneficiary. 

 Neither Regulation 2015 nor any Share allocated free of charge confers a right on the Beneficiary to
remain in employment in the Company or an Affiliated Company, or in office in the Company. Moreover, they do not in any event limit the right that the Beneficiary, the Company, or an Affiliated Company, as the case may be, may have to terminate such
employment or office in any circumstance, with or without cause. 
  

	(b)	In accordance with Article L.225-197-1 of the Commercial Code, no Share may be allocated free of charge to an Eligible Person who, at the time of allocation the Share, directly holds more than 10% of the capital of the
Company, or for whom the effect of the award would be to increase his/her participation to more than 10% of the capital of the Company. 

  
 5 

	5.	TERM OF REGULATION 2015 

 Relying on the authorization and powers granted to it by the General
Shareholders’ Meeting on September 21, 2015, the Board of Directors, in its decision dated September 30, 2015, decided to adopt Regulation 2015, which came into effect on September 30, 2015. Unless it is cancelled early in accordance with the
provisions of Article 11, Regulation 2015 will remain in effect until the expiration of the Retention Period for the last Share allocated free of charge. 
  

	6.	FREE SHARE AWARD 

  

	 	(a)	Decision to award 

 The Manager decided during the Board of Directors meeting dated on September 30,
2015, to allocate 709,000 Shares free of charge to the DBV Technologies S.A.’s employees and to its Eligible Corporate Officers according a fixed ratio.
  

	 	(b)	Award of Shares and Acceptance by Beneficiaries 

 Each Eligible Person will be informed of the Free Share
Allocation by a notification letter setting out, in particular, (i) the number of Shares allocated free of charge to him/her, (ii) the term of the Acquisition Period, (iii) the term of the Retention Period, (iv) the conditions
and criteria to be met in order for the award to become definitive at the end of the Acquisition Period, and (v) any obligation imposed on him/her. A copy of Regulation 2015 will be attached to the notification letter. A sample notification
letter is set out in an Appendix to Regulation 2015. 
 The notification letter will be sent to the Beneficiary by registered mail with
acknowledgement of receipt or delivered by hand to the Beneficiary by the Manager or by any duly authorized person, and the Beneficiary will acknowledge receipt. 

In the event that the Beneficiary would like to take up the Free Share Allocation, he/she must make his/her acceptance known to the Company by sending the
second copy of the notification of the Free Share Allocation to the Company, addressed to the Manager, by registered mail with acknowledgement of receipt or by hand, signed by him/her under the notation “Good for acceptance,” within
thirty (30) days of receipt of the notification of the Free Share Allocation. 
 Otherwise, the Free Share Allocation will be null and void. 

Acceptance of Regulation 2015 by a Beneficiary constitutes acceptance of all of its terms. 

 

	7.	CRITERIA AND CONDITIONS OF AWARD 

 The Share award presumes that each Beneficiary meets the
following conditions and criteria, which were decided by the Board of Directors in its decision dated September 30, 2015, and which have been brought to the attention of the Beneficiaries by individual letter: 

 

	 	•	 	the Beneficiary must continue to be an Eligible Person throughout the entire Acquisition Period. 

  
 6 

	 	•	 	Share awards will be definitive only on the condition that the following performance criteria are met: 

  

	 	•	 	one third of the Shares allocated will not vest until the later of the following two dates: (i) the end of the two (2) year Vesting Period and (ii) at the primary efficacy endpoint of the Phase III
‘PEPITES’ trial of Viaskin Peanut; 

  

	 	•	 	one third of the Shares allocated will not vest until the later of the following two dates: (i) the end of the two (2) year Vesting Period and (ii) at the primary efficacy endpoint of the Phase II
‘MILES’ trial of Viaskin Milk; 

  

	 	•	 	one third of the Shares allocated will not vest until the later of the following two dates: (i) the end of the two (2) year Vesting Period and (ii) at the beginning of clinical testing of another product
candidate from the Viaskin platform. 

  

	8.	CALENDAR FOR THE FREE SHARE AWARD 

  

	 	(a)	Acquisition Period 

 The Free Share Allocation to Beneficiaries will become definitive only at the end of
an Acquisition Period of a minimum of two (2) years from the allocation date, or, on the terms set out in Article 7, on the condition that, throughout the entire Acquisition Period, the Beneficiary has continued to be an Eligible Person. 

In accordance with Article L.225-197-3 of the Commercial Code, the rights resulting from the Free Share Allocation may not be assigned or transferred by any
method whatsoever until the end of the Acquisition Period. However, in the event of the death of the beneficiary, his/her heirs may request that the shares be awarded within six months from the date of death. 

The definitive award is subject to an attendance requirement that is determined in accordance with the precise terms and conditions below. In order to be
Eligible, beneficiaries must therefore have a relationship with the Company or an Affiliated Company, throughout the entire Acquisition Period, by virtue of an office and/or a contract of employment. 

Accordingly, in the event of resignation, voluntary or involuntary retirement, termination of the Beneficiary’s contract of employment by mutual
agreement with the company concerned, dismissal, removal, or non-renewal of the Beneficiary’s office, during the Acquisition Period, for any cause whatsoever, the Beneficiary would, unless otherwise first decided by the Manager, lose all rights
to the Free Share Allocation and could make no claim for compensation in that regard. 
  

	 	•	 	Dismissal of the Beneficiary and/or removal and/or non-renewal of the Beneficiary’s offices during the Acquisition Period:  

 

	 	•	 	If the Beneficiary has only a contract of employment, the loss of the right to the Free Share Allocation will take place on the date of receipt (or first presentation) of the letter of notification of dismissal,
notwithstanding (i) any notice requirement, whether or not it has been given; (ii) any dispute by the beneficiary of his/her dismissal and/or the reasons for the dismissal, and (iii) any judicial decision setting aside the dismissal.

  
 7 

	 	•	 	If the Beneficiary has only an office, the loss of the right to the Free Share Allocation will take place on the date of the meeting of the corporate body at which the removal was decided or the Beneficiary was
replaced as the office holder, if the beneficiary is a member of it, and if the Beneficiary is not a member of it, as of the date on which notice of the decision is received by the Beneficiary, notwithstanding (i) any notice requirement,
whether or not it has been given; (ii) any dispute by the beneficiary of his/her removal and/or the reasons for the removal, and (iii) any judicial decision setting aside the removal. 

 

	 	•	 	If the Beneficiary has both a contract of employment and an office and, in the event of the simultaneous or successive loss of both positions, the loss of the right to the Free Share Allocation will take place on
the date of receipt of the latter of the two notices referred to in the two preceding paragraphs. 

  

	 	•	 	Resignation during the Acquisition Period:  

 In the event of the resignation of the Beneficiary from
his/her position as an employee, if the Beneficiary is an employee only, or as an officer, if the Beneficiary is an officer only, or in the event of simultaneous or successive resignation from his/her position as an employee and as an officer, in
the event that the Beneficiary holds both positions at the same time, the loss of the right to the Free Share Allocation will take place: 
  

	 	•	 	if the Beneficiary is only an employee or an officer, on the date of receipt by the Company of the Beneficiary’s letter of resignation or on the date on which it is delivered by hand to an authorized
representative of the Company that employs him/her; and 

  

	 	•	 	if the Beneficiary holds positions as both an employee and an officer, the date of receipt by the Company of the first of the letters of resignation, or the date on which it is delivered by hand to an authorized
representative of the Company that employs him/her. 

 notwithstanding any notice requirement, whether or not it has been given. 

 

	 	•	 	Mutual agreement between the Beneficiary and the company that employs him/her during the Acquisition Period: 

In the event of termination of the contract of employment by mutual agreement between the Beneficiary and the company that employs him/her (including in the
case of contractual termination) if the Beneficiary is only an employee, or in the case of termination of the contract of employment by mutual agreement between the Beneficiary and the company that employs him/her and the simultaneous or successive
resignation or removal from his/her office, in the event that the Beneficiary holds both positions at the same time, the Beneficiary would lose his/her right to the Free Share Allocation on the first date on which the agreement terminating the
Beneficiary’s position as an employee is signed (or on which the agreement relating to the contractual termination is made), or the date of receipt of the notification of removal from office or the date of resignation from office. 

  
 8 

	 	•	 	Retirement of the Beneficiary during the Acquisition Period;  

 In the event that the Beneficiary retires
during the Acquisition Period, the Beneficiary will lose his/her right to the Free Share Allocation on the date of retirement. 
 However, by exception to
the foregoing: 
  

	(i)	in the event of the involuntary retirement of the Beneficiary at the initiative of the company that employs him/her during the Acquisition Period, in accordance with the applicable statutory and regulatory requirements,
the Beneficiary will retain his/her right to the Free Share Allocation, on the condition that he/she adheres to the Acquisition Period; 

  

	(ii)	in the event of the death of the Beneficiary during the Acquisition Period, his/her heirs may request the Free Share Allocation within six (6) months of the death; 

 

	(iii)	in the event of disability, the Beneficiary may request that the Shares be awarded within six (6) months of the event that resulted in the disability. 

It is specified that during the Acquisition Period, the Beneficiaries are not the owners of the Shares and have no shareholder’s rights. In particular,
they do not have the right to dividends, the right to vote, or the right to the information communicated to shareholders attached to the Shares. 
  

	 	(b)	Delivery of the Shares 

 At the end of the Acquisition Period, the Company will, on the condition that
the Beneficiary has adhered to the conditions and criteria of acquisition set out in Article 7 above, transfer to the Beneficiary the number of Shares decided by the Board of Directors. 

The shares awarded will immediately be treated in the same manner as the existing shares and will carry immediate dividend rights. 

 

	 	(c)	No Share Retention Period 

 As soon as free shares vest to the beneficiaries they may be sold, subject to
the regulations governing companies whose shares are traded on a regulated market. Free shares allocated to the beneficiaries are new ordinary shares and will immediately have the same rights as existing shares. 

 

	9.	ADJUSTMENTS 

 The Manager will be the only person with authority to decide, where applicable, the
conditions on which the number of bonus Shares awarded will be adjusted in the event of transactions involving the capital of the Company in order to preserve the rights of the Beneficiaries of the said Free Share Allocations. 

  
 9 

	10.	INTERVENING TRANSACTIONS 

  

	(a)	Take over of control 

 In the event of a takeover of control and by derogation from the provisions of
Articles 7 and 8 of this regulation, the beneficiaries will remain eligible for the allocation at the end of the vesting period, even if their employment contract and/or corporate mandate is terminated, for any reason, between the date of the
takeover and the last day of the vesting period. In this specific case, the shares will vest with no requirement to wait for the plan’s performance criteria to be met. 
  

	(b)	Exchange of Shares 

 In the event of an exchange of shares resulting from a merger or split carried out
in accordance with the regulations in force during the acquisition period, the provisions of this Article and, in particular, the above-mentioned periods, for the times remaining to run on the date of the exchange, will continue to be applicable to
the rights to the award and the shares received in exchange. 
  

	11.	AMENDMENT OF REGULATION 2015 - MANAGEMENT 

  

	 	(a)	Amendment 

 The Manager may, at any time, amend the provisions of, suspend, or terminate Regulation 2015,
on the condition that it is done in compliance with the law. 
  

	 	(b)	Consequences of Amendment or Cancellation 

 No amendment, alteration, suspension, or cancellation of
Regulation 2015 may reduce the rights of a Beneficiary without his/her agreement, unless such amendment results from a legislative or regulatory provision that has newly come into force or from any other provision that has executory effect and is
mandatory for the Company or an Affiliated Company. 
  

	 	(c)	Management 

 The management of Regulation 2015 is assigned to the Manager. However, the Manager reserves
the ability to assign the management of Regulation 2015 to any financial institution. The Manager will inform the Beneficiaries by registered letter with acknowledgement of receipt or delivery by hand specifying the name and contact information of
the financial institution chosen by the Manager to handle the management of Regulation 2015. 
  

	12.	TAX AND SOCIAL SECURITY RULES  

 The Beneficiary will bear the cost of all taxes and mandatory
deductions for which he/she is responsible under the tax regulations in force on the date on which the taxes or deductions become payable. 
 The
Beneficiary is invited to obtain advice about his/her own personal tax situation, in particular in order to be aware of the tax and social security treatment that will apply to him/her, and the Beneficiary declares that he/she is not in any way
relying on any tax or social security advice given by the Company. 

  
 10 

	13.	SPECIFIC RESTRICTIONS AND INFORMATION  

 Any person who holds shares of a company must, in
general, abstain from transferring them, acquiring new shares, or giving advice concerning those shares if he/she is in possession of information that could have a significant influence on the market price of the company that has not been made
public. Persons who violate those rules may be subject to penal and financial sanctions. Those rules apply to Eligible Persons who receive Shares. 
 We
invite you to refer to the Code of Ethics adopted by the Company that is online on the Intranet. 
 Moreover, in accordance with Article L.225-197-1 I
of the Commercial Code, the Shares may not be assigned or transferred after the expiration of the Retention Period: 
  

	 	•	 	within ten (10) trading sessions preceding and three (3) trading sessions following the date on which the consolidated accounts or, if none, the annual accounts are made public; 

 

	 	•	 	within the time between the date on which the corporate bodies of the Company have knowledge of information that, if it were made public, could have a significant impact on the market price of the Company’s shares,
and the date ten (10) trading sessions before the date on which the information is made public. 

 A calendar of publications is
distributed annually and is accessible online on the Intranet. 
 In accordance with the provisions of Article L.621-18-2 of the Monetary and Financial
Code, the transfer of shares by an officer or any person who has, within the Company, (i) the power to make management decisions concerning the Company’s activities and strategy, and (ii) regular access to privileged information
concerning the Company directly or indirectly requires that information be provided to the Autorité des Marchés Financiers [financial markets authority], with a copy to the Company, within the time allowed by the regulations in force.

  

	15.	RESPONSIBILITY OF THE COMPANY 

 The Company and its Affiliated Companies may not, in any way, be
held liable if, for any reason whatsoever not attributable to the Company or its Affiliated Companies, a Beneficiary was not able to acquire the Shares awarded to him/her. 
  

	16.	APPLICABLE LAW, JURISDICTION 

 Regulation 2015 is governed by French law and in particular by the
provisions of Articles L.225-197-1 et seq. of the Commercial Code. 
 Any dispute relating to Regulation 2015 will be within the exclusive
jurisdiction of the court of competent jurisdiction subject to the jurisdiction of the court of appeal in the place in which the head office of the Company is located. 

The Free Share Allocation under Regulation 2015 authorizes the Society, at any time, to ask the Beneficiary to comply with any legislative and regulatory
provision governing the Shares. 
 *        *        * 

* 

  
 11 

 APPENDIX 

SAMPLE NOTIFICATION LETTER CONCERNING DBV TECHNOLOGIES FREE SHARE ALLOCATION 

Limited company with share capital of 2,410,374.90 Euros 

Head office: Green Square, Bât. D, 80/84 rue des Meuniers, 92220 Bagneux 

441 772 522 RCS Nanterre 

Bagneux, [date] 

          [Name of Beneficiary] 

Dear Sir/Madam: 
 We are pleased to inform you that the Board of
Directors of the Company has decided to allocate free shares of the Company to you in accordance with the provisions of the regulation governing the free share plan, a copy of which is attached in an Appendix (“Regulation 2015”).

 The terms that are not defined in this letter and that are capitalized have the meaning assigned to them in Regulation 2015. 

These free Shares have been awarded under the provisions of Articles L.225-197-1 to L.225-197-5 of the Commercial Code. 

Under the decision of the Board of Directors, you were awarded
[                    ] ([                    ])
free shares of the Company, on [                    ], on the terms set out below. 

	1.	Acquisition Period and conditions 

 The definitive share award will be subject to the following
performance conditions: 
  

	 	•	 	one third of the Shares allocated will not vest until the later of the following two dates: (i) the end of the two (2) year Vesting Period and (ii) at the primary efficacy endpoint of the Phase III
‘PEPITES’ trial for Viaskin Peanut; 

  

	 	•	 	one third of the Shares allocated will not vest until the later of the following two dates: (i) the end of the two (2) year Vesting Period and (ii) at the primary efficacy endpoint of the Phase II
‘MILES’ trial of Viaskin Milk; 

  

	 	•	 	one third of the Shares allocated will not vest until the later of the following two dates: (i) the end of the two (2) year Vesting Period and (ii) at the beginning of clinical testing of another product
candidate from the Viaskin platform. 

  

	2.	Conditions and criteria of allocation 

 The Free Share Allocation assumes that during the
Acquisition Period referred to above, you will meet the following conditions and criteria: 
 You must, throughout the Acquisition Period, have a
relationship with the Company or an Affiliated Company under an office and/or a contract of employment. 
 In the event of resignation, voluntary or
involuntary retirement, termination of the contract of employment by mutual agreement, dismissal, removal, or termination of the office, during the Acquisition Period, for any reason whatsoever, you will lose all right to the Free Share Allocation
and may claim no compensation in that regard. 
 In the event of resignation, the loss of the right to the Free Share Allocation will occur on the date of
receipt by the Company or the Affiliated Company concerned of your letter of resignation or on the date of delivery by hand of the letter to an authorized representative of the company that employs you, notwithstanding any notice requirement,
whether or not it has been given. 
 In the event of dismissal or removal, the loss of the right to the Free Share Allocation will occur on the date of
receipt (or first presentation) of the letter of notification of dismissal or removal, notwithstanding (i) any notice requirement, whether or not it has been given; (ii) any dispute by you of your dismissal and/or the reasons for the
dismissal, and (iii) any judicial decision setting aside the dismissal. 
 However, by exception to the foregoing, 

 

	(i)	in the event of retirement or dismissal for economic reasons during the Acquisition Period, you will retain your right to the Free Share Allocation; 

 

	(ii)	in the event of death during the Acquisition Period, your heirs may request the Free Share Allocation within six (6) months of the date of your death. 

 

	(iii)	in the event disability during the Acquisition Period, you may request the Free Share Allocation within six (6) months of the date of your disability. 

 

	(iv)	In the event of a takeover of control within the meaning of Article L. 233-3 of the French Commercial Code of DBV Technologies by any person acting alone or in concert with other persons, the beneficiaries will remain
eligible for the allocation at the end of the vesting period, even if their employment contract and/or corporate mandate is terminated, for any reason, between the date of the takeover and the last day of the vesting period. In this specific case,
the shares will vest with no requirement to wait for the plan’s performance criteria to be met. 

 At the end of the Acquisition Period, and on the condition that the criteria set out above have been met, the
Company will transfer to you the [                ] ([                ]) Shares referred
to above in a specific securities account you have mentioned. 
 You should contact a Bank (including “Banque Transatlantique”) in order to
open such securities account. 
 Accordingly, you will become a shareholder of the Company on that date, Shares will become available and may, in
particular, be freely transferred as the 2015 Free Shares Plan has no retention period. 
 Your acceptance of the Free Share Allocation on the terms set out
above constitutes acceptance of the terms of Bylaw 2015. 
 In the event that you accept the Free Share Allocation, we would appreciate it if you would sign
two copies of this notification of Free Share Allocation and keep one copy and return the other to the Company by registered letter or delivered by hand in a period of 30 days from the receipt of this letter. Otherwise, the award will be void. 

 

	
	Sincerely yours,
	
	Pierre-Henri Behnamou

  

	
	Good for acceptance
	
	[Name of Beneficiary]

 Encl.: Regulation 2015 

 2015 FREE SHARE PLAN 

REGULATION 2015 

 TABLE OF CONTENTS 

 

							
	 1.
	 	 Definitions
	  	 	3	  
	 2.
	 	 Shares Covered by Regulation 2015
	  			
	 3.
	 	 Administration of Regulation 2015
	  	 	5	  
	 4.
	 	 Limitations
	  	 	5	  
	 5.
	 	 Term of Regulation 2015
	  	 	6	  
	 6.
	 	 Free Share Award
	  	 	6	  
	 7.
	 	 Criteria and Conditions of Award
	  	 	6	  
	 8.
	 	 Calendar for the Free Share Award
	  	 	7	  
	 9.
	 	 Adjustments
	  	 	9	  
	 10.
	 	 Intervening Transactions
	  	 	10	  
	 11.
	 	 Amendment of Regulation 2015 – Management
	  	 	10	  
	 12.
	 	 Tax and Social Security Rules
	  	 	10	  
	 13.
	 	 Specific Restrictions and Information
	  	 	11	  
	 14.
	 	 Responsibility of the Company
	  	 	11	  
	 15.
	 	 Applicable Law, Jurisdiction
	  	 	11	  

  
 2 

 2015 FREE SHARE PLAN 

REGULATION 2015 
 Based on the
authorization granted by the combined general meeting on September 21, 2015 the Board of Directors of DBV Technologies (the “Company”) decided, at its meeting on December 15, 2015, in accordance with Articles L.225-197-1
to L.225-197-5 of the Commercial Code, to adopt a regulation (“Regulation 2015”) for the purpose of awarding free shares in the Company to Eligible Persons (as defined below), which bylaw will govern the awarding of free shares, and
the terms and conditions of which are set out below. 
  

	1.	DEFINITIONS  

  

	(a)	“Share” means a share of the Company; 

  

	(b)	“Free Share Allocation” means the free share allocation on the terms and conditions set out in Regulation 2015; 

  

	(c)	“Shareholders’ Authorization” means the authorization to allocate shares free of charge granted to the Board of Directors by the shareholders of the Company at the extraordinary combined general
meeting on December 15, 2015; 

  
 3 

	(d)	“Beneficiary” means an Eligible Person to whom at least one Share has been allocated free of charge in accordance with Regulation 2015; 

 

	(e)	“Change of Control” means the completion of any transaction that has the effect of bringing about a change in the Control of the Company. The term “Control” has the meaning given to it
in Article L.233-3 of the Commercial Code; 

  

	(f)	“Award Date” means the date on which the Board of Directors grants the Free Share Allocation and constitutes the date on which the Acquisition Period commences; 

 

	(g)	“Eligible Person” means an officer (President, director general, or deputy director general of the Company) or employee of the Company or an Affiliated Company who meets the conditions set out in
Articles L.225-197-1 and L.225-197-2 of the Commercial Code and satisfies the conditions and criteria for the award established by the Board of Directors in its decision of December 15, 2015 and set out in Article 7 of Regulation 2015;

  

	(h)	“Manager” means the Board of Directors of the Company that administers Regulation 2015 in accordance with Article 3 of Regulation 2015; 

 

	(i)	“Disability” means a disability on the part of the Beneficiary that corresponds to classification in the second or third category provided in Article L.341-4 of the Social Security Code;

  

	(J)	“Regulation 2015” means this 2015 Free Share Plan as adopted by the Manager on December 15, 2015. 

  

	(k)	“Employee” means a natural person who is employed by the Company (or any Affiliated Company) and is subject to the power of control and direction of the employer entity in the performance and conduct of
the work to be carried out; 

  

	(l)	“Company” means DBV Technologies, a limited company incorporated under French law; 

  

	(m)	“Affiliated Company” means a company that meets the criteria set out in Article L.225-197-2 of the Commercial Code: 

 

	 	•	 	companies of which at least ten percent (10%) of the capital or voting rights are held, directly or indirectly, by the Company; 

 

	 	•	 	companies that hold, directly or indirectly, at least ten percent (10%) of the capital or voting rights of the Company; and 

  

	 	•	 	companies of which at least fifty percent (50%) of the capital or voting rights are held, directly or indirectly, by a company that itself holds, directly or indirectly, at least fifty percent (50%) of the
capital or voting rights of the Company. 

  
 4 

	2.	SHARES COVERED BY REGULATION 2015  

 According with the Shareholders’ Authorization, the
board of directors decided to allocate 709,000 Free Shares during the December 15, 2015 meeting to the beneficiaries listed in the minutes of the meeting. The number of Free Shares allocated by the Company, taking into account all of the
previous Free Shares Plans, remains below 10% of the share capital. 
  

	3.	ADMINISTRATION OF REGULATION 2015  

  

	 	(a)	Administration 

 Regulation 2015 will be administered by the Manager. 

 

	 	(b)	Powers of the Manager 

 Within the limits of the Commercial Code, the Shareholders’ Authorization
and Regulation 2015, the Manager will have discretion to: 
  

	 	i.	determine the Eligible Persons to whom Shares will be allocated free of charge and decide the number of bonus Shares to be awarded to each of them; 

 

	 	ii.	determine the terms and conditions of any Free Share Allocation; 

  

	 	iii.	analyze and interpret the terms of Regulation 2015; 

  

	 	iv.	decide to change or cancel any rule in Regulation 2015, within the limits prescribed by law; 

  

	 	v.	make any necessary or advisable decision in the course of executing Regulation 2015. 

  

	 	(c)	Effects of Decisions of the Manager 

 The decisions and interpretations of the Manager are final and
binding on all Beneficiaries. 
  

	4.	LIMITATIONS  

  

	(a)	The Shares allocated free of charge are governed by Articles L.225-197-1 to L.225-197-5 of the Commercial Code. They do not in any way constitute a component of the contract of employment or office or compensation of
the Beneficiary. 

 Neither Regulation 2015 nor any Share allocated free of charge confers a right on the Beneficiary to
remain in employment in the Company or an Affiliated Company, or in office in the Company. Moreover, they do not in any event limit the right that the Beneficiary, the Company, or an Affiliated Company, as the case may be, may have to terminate such
employment or office in any circumstance, with or without cause. 
  

	(b)	In accordance with Article L.225-197-1 of the Commercial Code, no Share may be allocated free of charge to an Eligible Person who, at the time of allocation the Share, directly holds more than 10% of the capital of the
Company, or for whom the effect of the award would be to increase his/her participation to more than 10% of the capital of the Company. 

  
 5 

	5.	TERM OF REGULATION 2015  

 Relying on the authorization and powers granted to it by the General
Shareholders’ Meeting on September 21, 2015, the Board of Directors, in its decision dated December 15, 2015, decided to adopt Regulation 2015, which came into effect on December 15, 2015. Unless it is cancelled early in accordance with the
provisions of Article 11, Regulation 2015 will remain in effect until the expiration of the Retention Period for the last Share allocated free of charge. 
  

	6.	FREE SHARE AWARD  

  

	 	(a)	Decision to award 

 The Manager decided during the Board of Directors meeting dated on December 15,
2015, to allocate 42,000 Shares free of charge to the new DBV Technologies S.A.’s employees according a fixed ratio.
  

	 	(b)	Award of Shares and Acceptance by Beneficiaries 

 Each Eligible Person will be informed of the Free Share
Allocation by a notification letter setting out, in particular, (i) the number of Shares allocated free of charge to him/her, (ii) the term of the Acquisition Period, (iii) the term of the Retention Period, (iv) the conditions
and criteria to be met in order for the award to become definitive at the end of the Acquisition Period, and (v) any obligation imposed on him/her. A copy of Regulation 2015 will be attached to the notification letter. A sample notification
letter is set out in an Appendix to Regulation 2015. 
 The notification letter will be sent to the Beneficiary by registered mail with acknowledgement of
receipt or delivered by hand to the Beneficiary by the Manager or by any duly authorized person, and the Beneficiary will acknowledge receipt. 
 In the
event that the Beneficiary would like to take up the Free Share Allocation, he/she must make his/her acceptance known to the Company by sending the second copy of the notification of the Free Share Allocation to the Company, addressed to the
Manager, by registered mail with acknowledgement of receipt or by hand, signed by him/her under the notation “Good for acceptance,” within thirty (30) days of receipt of the notification of the Free Share Allocation. 

Otherwise, the Free Share Allocation will be null and void. 

Acceptance of Regulation 2015 by a Beneficiary constitutes acceptance of all of its terms. 

 

	7.	CRITERIA AND CONDITIONS OF AWARD  

 The Share award presumes that each Beneficiary meets the
following conditions and criteria, which were decided by the Board of Directors in its decision dated December 15, 2015, and which have been brought to the attention of the Beneficiaries by individual letter: 

 

	 	•	 	the Beneficiary must continue to be an Eligible Person throughout the entire Acquisition Period. 

  
 6 

	 	•	 	Share awards will be definitive only on the condition that the following performance criteria are met: 

  

	 	•	 	one third of the Shares allocated will not vest until the later of the following two dates: (i) the end of the two (2) year Vesting Period and (ii) at the primary efficacy endpoint of the Phase III
‘PEPITES’ trial of Viaskin Peanut; 

  

	 	•	 	one third of the Shares allocated will not vest until the later of the following two dates: (i) the end of the two (2) year Vesting Period and (ii) at the primary efficacy endpoint of the Phase II
‘MILES’ trial of Viaskin Milk; 

  

	 	•	 	one third of the Shares allocated will not vest until the later of the following two dates: (i) the end of the two (2) year Vesting Period and (ii) at the beginning of clinical testing of another product
candidate from the Viaskin platform. 

  

	8.	CALENDAR FOR THE FREE SHARE AWARD  

  

	 	(a)	Acquisition Period 

 The Free Share Allocation to Beneficiaries will become definitive only at the end of
an Acquisition Period of a minimum of two (2) years from the allocation date, or, on the terms set out in Article 7, on the condition that, throughout the entire Acquisition Period, the Beneficiary has continued to be an Eligible Person. 

In accordance with Article L.225-197-3 of the Commercial Code, the rights resulting from the Free Share Allocation may not be assigned or transferred by any
method whatsoever until the end of the Acquisition Period. However, in the event of the death of the beneficiary, his/her heirs may request that the shares be awarded within six months from the date of death. 

The definitive award is subject to an attendance requirement that is determined in accordance with the precise terms and conditions below. In order to be
Eligible, beneficiaries must therefore have a relationship with the Company or an Affiliated Company, throughout the entire Acquisition Period, by virtue of an office and/or a contract of employment. 

Accordingly, in the event of resignation, voluntary or involuntary retirement, termination of the Beneficiary’s contract of employment by mutual
agreement with the company concerned, dismissal, removal, or non-renewal of the Beneficiary’s office, during the Acquisition Period, for any cause whatsoever, the Beneficiary would, unless otherwise first decided by the Manager, lose all rights
to the Free Share Allocation and could make no claim for compensation in that regard. 
  

	 	•	 	Dismissal of the Beneficiary and/or removal and/or non-renewal of the Beneficiary’s offices during the Acquisition Period:  

 

	 	•	 	If the Beneficiary has only a contract of employment, the loss of the right to the Free Share Allocation will take place on the date of receipt (or first presentation) of the letter of notification of dismissal,
notwithstanding (i) any notice requirement, whether or not it has been given; (ii) any dispute by the beneficiary of his/her dismissal and/or the reasons for the dismissal, and (iii) any judicial decision setting aside the dismissal.

  
 7 

	 	•	 	If the Beneficiary has only an office, the loss of the right to the Free Share Allocation will take place on the date of the meeting of the corporate body at which the removal was decided or the Beneficiary was
replaced as the office holder, if the beneficiary is a member of it, and if the Beneficiary is not a member of it, as of the date on which notice of the decision is received by the Beneficiary, notwithstanding (i) any notice requirement,
whether or not it has been given; (ii) any dispute by the beneficiary of his/her removal and/or the reasons for the removal, and (iii) any judicial decision setting aside the removal. 

 

	 	•	 	If the Beneficiary has both a contract of employment and an office and, in the event of the simultaneous or successive loss of both positions, the loss of the right to the Free Share Allocation will take place on
the date of receipt of the latter of the two notices referred to in the two preceding paragraphs. 

  

	 	•	 	Resignation during the Acquisition Period:  

 In the event of the resignation of the Beneficiary from
his/her position as an employee, if the Beneficiary is an employee only, or as an officer, if the Beneficiary is an officer only, or in the event of simultaneous or successive resignation from his/her position as an employee and as an officer, in
the event that the Beneficiary holds both positions at the same time, the loss of the right to the Free Share Allocation will take place: 
  

	 	•	 	if the Beneficiary is only an employee or an officer, on the date of receipt by the Company of the Beneficiary’s letter of resignation or on the date on which it is delivered by hand to an authorized
representative of the Company that employs him/her; and 

  

	 	•	 	if the Beneficiary holds positions as both an employee and an officer, the date of receipt by the Company of the first of the letters of resignation, or the date on which it is delivered by hand to an authorized
representative of the Company that employs him/her. 

 notwithstanding any notice requirement, whether or not it has been given. 

 

	 	•	 	Mutual agreement between the Beneficiary and the company that employs him/her during the Acquisition Period: 

In the event of termination of the contract of employment by mutual agreement between the Beneficiary and the company that employs him/her (including in the
case of contractual termination) if the Beneficiary is only an employee, or in the case of termination of the contract of employment by mutual agreement between the Beneficiary and the company that employs him/her and the simultaneous or successive
resignation or removal from his/her office, in the event that the Beneficiary holds both positions at the same time, the Beneficiary would lose his/her right to the Free Share Allocation on the first date on which the agreement terminating the
Beneficiary’s position as an employee is signed (or on which the agreement relating to the contractual termination is made), or the date of receipt of the notification of removal from office or the date of resignation from office. 

  
 8 

	 	•	 	Retirement of the Beneficiary during the Acquisition Period;  

 In the event that the Beneficiary retires
during the Acquisition Period, the Beneficiary will lose his/her right to the Free Share Allocation on the date of retirement. 
 However, by exception to
the foregoing: 
  

	(i)	in the event of the involuntary retirement of the Beneficiary at the initiative of the company that employs him/her during the Acquisition Period, in accordance with the applicable statutory and regulatory requirements,
the Beneficiary will retain his/her right to the Free Share Allocation, on the condition that he/she adheres to the Acquisition Period; 

  

	(ii)	in the event of the death of the Beneficiary during the Acquisition Period, his/her heirs may request the Free Share Allocation within six (6) months of the death; 

 

	(iii)	in the event of disability, the Beneficiary may request that the Shares be awarded within six (6) months of the event that resulted in the disability. 

It is specified that during the Acquisition Period, the Beneficiaries are not the owners of the Shares and have no shareholder’s rights. In particular,
they do not have the right to dividends, the right to vote, or the right to the information communicated to shareholders attached to the Shares. 
  

	 	(b)	Delivery of the Shares 

 At the end of the Acquisition Period, the Company will, on the condition that
the Beneficiary has adhered to the conditions and criteria of acquisition set out in Article 7 above, transfer to the Beneficiary the number of Shares decided by the Board of Directors. 

The shares awarded will immediately be treated in the same manner as the existing shares and will carry immediate dividend rights. 

 

	 	(c)	No Share Retention Period 

 As soon as free shares vest to the beneficiaries they may be sold, subject to
the regulations governing companies whose shares are traded on a regulated market. Free shares allocated to the beneficiaries are new ordinary shares and will immediately have the same rights as existing shares. 

 

	9.	ADJUSTMENTS  

 The Manager will be the only person with authority to decide, where applicable, the
conditions on which the number of bonus Shares awarded will be adjusted in the event of transactions involving the capital of the Company in order to preserve the rights of the Beneficiaries of the said Free Share Allocations. 

  
 9 

	10.	INTERVENING TRANSACTIONS  

  

	(a)	Take over of control 

 In the event of a takeover of control and by derogation from the provisions of
Articles 7 and 8 of this regulation, the beneficiaries will remain eligible for the allocation at the end of the vesting period, even if their employment contract and/or corporate mandate is terminated, for any reason, between the date of the
takeover and the last day of the vesting period. In this specific case, the shares will vest with no requirement to wait for the plan’s performance criteria to be met. 
  

	(b)	Exchange of Shares 

 In the event of an exchange of shares resulting from a merger or split carried out
in accordance with the regulations in force during the acquisition period, the provisions of this Article and, in particular, the above-mentioned periods, for the times remaining to run on the date of the exchange, will continue to be applicable to
the rights to the award and the shares received in exchange. 
  

	11.	AMENDMENT OF REGULATION 2015 - MANAGEMENT  

  

	 	(a)	Amendment 

 The Manager may, at any time, amend the provisions of, suspend, or terminate Regulation 2015,
on the condition that it is done in compliance with the law. 
  

	 	(b)	Consequences of Amendment or Cancellation 

 No amendment, alteration, suspension, or cancellation of
Regulation 2015 may reduce the rights of a Beneficiary without his/her agreement, unless such amendment results from a legislative or regulatory provision that has newly come into force or from any other provision that has executory effect and is
mandatory for the Company or an Affiliated Company. 
  

	 	(c)	Management 

 The management of Regulation 2015 is assigned to the Manager. However, the Manager reserves
the ability to assign the management of Regulation 2015 to any financial institution. The Manager will inform the Beneficiaries by registered letter with acknowledgement of receipt or delivery by hand specifying the name and contact information of
the financial institution chosen by the Manager to handle the management of Regulation 2015. 
  

	12.	TAX AND SOCIAL SECURITY RULES  

 The Beneficiary will bear the cost of all taxes and mandatory
deductions for which he/she is responsible under the tax regulations in force on the date on which the taxes or deductions become payable. 
 The
Beneficiary is invited to obtain advice about his/her own personal tax situation, in particular in order to be aware of the tax and social security treatment that will apply to him/her, and the Beneficiary declares that he/she is not in any way
relying on any tax or social security advice given by the Company. 

  
 10 

	13.	SPECIFIC RESTRICTIONS AND INFORMATION  

 Any person who holds shares of a company must, in
general, abstain from transferring them, acquiring new shares, or giving advice concerning those shares if he/she is in possession of information that could have a significant influence on the market price of the company that has not been made
public. Persons who violate those rules may be subject to penal and financial sanctions. Those rules apply to Eligible Persons who receive Shares. 
 We
invite you to refer to the Code of Ethics adopted by the Company that is online on the Intranet. 
 Moreover, in accordance with Article L.225-197-1 I
of the Commercial Code, the Shares may not be assigned or transferred after the expiration of the Retention Period: 
  

	 	•	 	within ten (10) trading sessions preceding and three (3) trading sessions following the date on which the consolidated accounts or, if none, the annual accounts are made public; 

 

	 	•	 	within the time between the date on which the corporate bodies of the Company have knowledge of information that, if it were made public, could have a significant impact on the market price of the Company’s shares,
and the date ten (10) trading sessions before the date on which the information is made public. 

 A calendar of publications is
distributed annually and is accessible online on the Intranet. 
 In accordance with the provisions of Article L.621-18-2 of the Monetary and Financial
Code, the transfer of shares by an officer or any person who has, within the Company, (i) the power to make management decisions concerning the Company’s activities and strategy, and (ii) regular access to privileged information
concerning the Company directly or indirectly requires that information be provided to the Autorité des Marchés Financiers [financial markets authority], with a copy to the Company, within the time allowed by the regulations in force.

  

	15.	RESPONSIBILITY OF THE COMPANY  

 The Company and its Affiliated Companies may not, in any way, be
held liable if, for any reason whatsoever not attributable to the Company or its Affiliated Companies, a Beneficiary was not able to acquire the Shares awarded to him/her. 
  

	16.	APPLICABLE LAW, JURISDICTION  

 Regulation 2015 is governed by French law and in particular by the
provisions of Articles L.225-197-1 et seq. of the Commercial Code. 
 Any dispute relating to Regulation 2015 will be within the exclusive
jurisdiction of the court of competent jurisdiction subject to the jurisdiction of the court of appeal in the place in which the head office of the Company is located. 

The Free Share Allocation under Regulation 2015 authorizes the Society, at any time, to ask the Beneficiary to comply with any legislative and regulatory
provision governing the Shares. 
 *        *        * 

* 

  
 11 

 APPENDIX 

SAMPLE NOTIFICATION LETTER CONCERNING DBV TECHNOLOGIES FREE SHARE ALLOCATION 

Limited company with share capital of 2,410,374.90 Euros 

Head office: Green Square, Bât. D, 80/84 rue des Meuniers, 92220 Bagneux 

441 772 522 RCS Nanterre 

Bagneux, [date] 

[Name of Beneficiary] 
 Dear
Sir/Madam: 
 We are pleased to inform you that the Board of Directors of the Company has decided to allocate free shares of the Company to you in
accordance with the provisions of the regulation governing the free share plan, a copy of which is attached in an Appendix (“Regulation 2015”). 

The terms that are not defined in this letter and that are capitalized have the meaning assigned to them in Regulation 2015. 

These free Shares have been awarded under the provisions of Articles L.225-197-1 to L.225-197-5 of the Commercial Code. 

Under the decision of the Board of Directors, you were awarded
[                    ] ([                    ])
free shares of the Company, on [                    ], on the terms set out below. 

	1.	Acquisition Period and conditions 

 The definitive share award will be subject to the following
performance conditions: 
  

	 	•	 	one third of the Shares allocated will not vest until the later of the following two dates: (i) the end of the two (2) year Vesting Period and (ii) at the primary efficacy endpoint of the Phase III
‘PEPITES’ trial for Viaskin Peanut; 

  

	 	•	 	one third of the Shares allocated will not vest until the later of the following two dates: (i) the end of the two (2) year Vesting Period and (ii) at the primary efficacy endpoint of the Phase II
‘MILES’ trial of Viaskin Milk; 

  

	 	•	 	one third of the Shares allocated will not vest until the later of the following two dates: (i) the end of the two (2) year Vesting Period and (ii) at the beginning of clinical testing of another product
candidate from the Viaskin platform. 

  

	2.	Conditions and criteria of allocation 

 The Free Share Allocation assumes that during the
Acquisition Period referred to above, you will meet the following conditions and criteria: 
 You must, throughout the Acquisition Period, have a
relationship with the Company or an Affiliated Company under an office and/or a contract of employment. 
 In the event of resignation, voluntary or
involuntary retirement, termination of the contract of employment by mutual agreement, dismissal, removal, or termination of the office, during the Acquisition Period, for any reason whatsoever, you will lose all right to the Free Share Allocation
and may claim no compensation in that regard. 
 In the event of resignation, the loss of the right to the Free Share Allocation will occur on the date of
receipt by the Company or the Affiliated Company concerned of your letter of resignation or on the date of delivery by hand of the letter to an authorized representative of the company that employs you, notwithstanding any notice requirement,
whether or not it has been given. 
 In the event of dismissal or removal, the loss of the right to the Free Share Allocation will occur on the date of
receipt (or first presentation) of the letter of notification of dismissal or removal, notwithstanding (i) any notice requirement, whether or not it has been given; (ii) any dispute by you of your dismissal and/or the reasons for the
dismissal, and (iii) any judicial decision setting aside the dismissal. 
 However, by exception to the foregoing, 

 

	(i)	in the event of retirement or dismissal for economic reasons during the Acquisition Period, you will retain your right to the Free Share Allocation; 

 

	(ii)	in the event of death during the Acquisition Period, your heirs may request the Free Share Allocation within six (6) months of the date of your death. 

 

	(iii)	in the event disability during the Acquisition Period, you may request the Free Share Allocation within six (6) months of the date of your disability. 

	(iv)	In the event of a takeover of control within the meaning of Article L. 233-3 of the French Commercial Code of DBV Technologies by any person acting alone or in concert with other persons, the beneficiaries will remain
eligible for the allocation at the end of the vesting period, even if their employment contract and/or corporate mandate is terminated, for any reason, between the date of the takeover and the last day of the vesting period. In this specific case,
the shares will vest with no requirement to wait for the plan’s performance criteria to be met. 

 At the end of the Acquisition Period,
and on the condition that the criteria set out above have been met, the Company will transfer to you the [                    ]
([                    ]) Shares referred to above in a specific securities account you have mentioned. 

You should contact a Bank (including “Banque Transatlantique”) in order to open such securities account. 

Accordingly, you will become a shareholder of the Company on that date, Shares will become available and may, in particular, be freely transferred as the 2015
Free Shares Plan has no retention period. 
 Your acceptance of the Free Share Allocation on the terms set out above constitutes acceptance of the terms of
Bylaw 2015. 
 In the event that you accept the Free Share Allocation, we would appreciate it if you would sign two copies of this notification of Free
Share Allocation and keep one copy and return the other to the Company by registered letter or delivered by hand in a period of 30 days from the receipt of this letter. Otherwise, the award will be void. 

 

	
	Sincerely yours,
	
	Pierre-Henri Behnamou

  

	
	Good for acceptance
	
	[Name of Beneficiary]
	
	Encl.: Regulation 2015

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