XML 63 R23.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Share-Based Payments | 12 Months Ended
--- | ---
Dec. 31, 2017
Text block1 [abstract] |
Share-Based Payments | Note 17: Share-Based Payments The Board of Directors has been authorized by the general meeting of the shareholders to grant employee warrants (Bons de Souscription de Parts de Créateur d’Entreprise or “BSPCE”) and (Bons de Souscription d’Actions or “BSA”), Free shares and to implement share options plans as follows:
| • |  | With the authorization of the General Meeting of Shareholders on January 21, 2009, the Board of Directors issued 2,296 BCEX (“BCEX”);
| • |  | With the authorization of the General Meeting of Shareholders on June 14, 2007, December 16, 2010 and December 9, 2011, the board of Directors issued 194,552 BSA (“BSA”).
| • |  | With the authorization of the General Meeting of Shareholders on January 21, 2009, the Board of Directors issued 10,716 BSA (“BSA2”);
| • |  | With the authorization of the General Meeting of Shareholders on January 21, 2009, the Board of Directors issued 5,358 BCE (“BCE4”);
| • |  | With the authorization of the General Meeting of Shareholders on December 16, 2010, the Board of Directors issued 19,377 BSA (“BSA2010”);
| • |  | With the authorization of the General Meeting of Shareholders on January 21, 2009, the Board of Directors issued 2,131 BSA (“BSAX”);
| • |  | With the authorization of the General Meeting of Shareholders on December 16, 2010, the Board of Directors issued 34,039 BSPCE (“BSPCE2010”);
| • |  | With the authorization of the General Meeting of Shareholders on December 9, 2011, the Board of Directors issued 518,000 options (“OPTIONS 2013”);
| • |  | With the authorization of the General Meeting of Shareholders on December 9, 2011, the Board of Directors issued 1,340,737 Free shares (“Free shares”).
| • |  | With the authorization of the General Meeting of Shareholders on June 4, 2013, the Board of Directors issued 73,000 BSA
| • |  | With the authorization of the General Meeting of Shareholders on June 3, 2014, the Board of Directors issued 20,000 BSA
| • |  | With the authorization of the General Meeting of Shareholders on June 3, 2014, the Board of Directors issued 918,960 options;
| • |  | With the authorization of the General Meeting of Shareholders on June 3, 2014, the Board of Directors issued 186,000 free shares;
| • |  | With the authorization of the General Meeting of Shareholders on June 23, 2015, the Board of Directors issued 88,500 BSA
| • |  | With the authorization of the General Meeting of Shareholders on September 21, 2015, the Board of Directors granted 1,107,350 Free shares which 241,844 have been issued as of December 31,2017.
| • |  | With the authorization of the General Meeting of Shareholders on June 21, 2016, the Board of Directors issued 54,008 BSA
| • |  | With the authorization of the General Meeting of Shareholders on June 15, 2017, the Board of Directors issued 9,000 BSA
| • |  | With the authorization of the General Meeting of Shareholders on June 15, 2017, the Board of Directors issued 828,600 options.
17.1 BSA Date of Grant 12/07/2007 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to one fourth (1/4) of the BSA on the first anniversary of the date of grant;
| • |  | up to one fourth (1/4) of the BSA on the second anniversary of the date of grant;
| • |  | up to one fourth (1/4) of the BSA on the third anniversary of the date of grant;
| • |  | up to one fourth (1/4) of the BSA on the fourth anniversary of the date of grant; and
| • |  | at the latest within ten (10) years from the date of grant.
Date of Grant 01/17/2012 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 89,835 BSA (all the BSA) on January 17, 2016; and
| • |  | at the latest within ten (10) years from the date of grant.
Date of Grant 09/25/2012 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 30,000 BSA (all the BSA) on the date of grant; and
| • |  | at the latest within ten (10) years from the date of grant.
Date of Grant 07/25/2013 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 73,000 BSA (all the BSA) on the date of grant; and
| • |  | at the latest within ten (10) years from the date of grant.
Date of Grant 06/03/2014 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 10,000 BSA (all the BSA) on the date of grant; and
| • |  | at the latest within ten (10) years from the date of grant.
Date of Grant 24/03/2015 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 10,000 BSA (all the BSA) on the date of grant; and
| • |  | at the latest within ten (10) years from the date of grant.
Date of Grant 19/11/2015 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 15,000 BSA (all the BSA) on the date of grant; and
| • |  | at the latest within ten (10) years from the date of grant.
Date of Grant 15/12/2015 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 73,500 BSA (all the BSA) on the date of grant; and
| • |  | at the latest within ten (10) years from the date of grant.
Date of Grant 06/21/2016 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 20,000 BSA (all the BSA) on the date of grant; and
| • |  | at the latest within ten (10) years from the date of grant.
Date of Grant 12/09/2016 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 34,008 BSA (all the BSA) on the date of grant; and
| • |  | at the latest within ten (10) years from the date of grant.
Date of Grant 06/15/2017 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 9,000 BSA (all the BSA) on the date of grant; and
| • |  | at the latest within ten (10) years from the date of grant.
Details of BSA
Date of grant (Board of Directors) |  | 12/07/2007 |  |  | 12/07/2007 |  |  | 12/07/2007 |  |  | 12/07/2007 |  |  | 01/17/2012 |  |  | 01/17/2012 |  |  | 01/17/2012 |  |  | 01/17/2012 |
Vesting period (years) |  |  | 1 |  |  |  | 2 |  |  |  | 3 |  |  |  | 4 |  |  |  | 1 |  |  |  | 2 |  |  |  | 3 |  |  |  | 4 |
Plan expiration date |  |  | 12/08/2017 |  |  |  | 12/08/2017 |  |  |  | 12/08/2017 |  |  |  | 12/08/2017 |  |  |  | 01/17/2022 |  |  |  | 01/17/2022 |  |  |  | 01/17/2022 |  |  |  | 01/17/2022 |
Number of BSA granted |  |  | 431 |  |  |  | 431 |  |  |  | 428 |  |  |  | 427 |  |  |  | 22,459 |  |  |  | 22,459 |  |  |  | 22,459 |  |  |  | 22,458 |
Share entitlement per BSA(1) |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Exercise price (in euros) |  |  | 65 |  |  |  | 65 |  |  |  | 65 |  |  |  | 65 |  |  |  | 5.13 |  |  |  | 5.13 |  |  |  | 5.13 |  |  |  | 5.13 |
Valuation method used |  |  | Black - Scholes |
Grant date share fair value (in euros) |  |  | 65 |  |  |  | 65 |  |  |  | 65 |  |  |  | 65 |  |  |  | 5.13 |  |  |  | 5.13 |  |  |  | 5.13 |  |  |  | 5.13 |
Expected volatility |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | %
Average life of BSA (in years) |  |  | 4.5 |  |  |  | 5.0 |  |  |  | 5.5 |  |  |  | 6.0 |  |  |  | 5.5 |  |  |  | 6.0 |  |  |  | 6.5 |  |  |  | 7.0 |
Discount rate(2) |  |  | 4.06 | % |  |  | 4.09 | % |  |  | 4.09 | % |  |  | 4.10 | % |  |  | 2.33 | % |  |  | 2.33 | % |  |  | 2.61 | % |  |  | 2.61 | %
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |
Fair value per BSA (in euros) |  |  | 22.18 |  |  |  | 23.62 |  |  |  | 24.95 |  |  |  | 26.22 |  |  |  | 2.05 |  |  |  | 2.14 |  |  |  | 2.26 |  |  |  | 2.34 |
(1) | The number of shares takes into account an exercise parity adjusted by the division by 15 of the nominal value of the shares decided by the general meeting on December 9, 2011; each BSA warrant now gives the right to subscribe to 15 new shares instead of 1 new share. For the same reason, the exercise price of each BSA plan was adjusted as a result and is thus equal to 1/15th of the price initially determined by the general meeting that authorized each of the plans.
(2) | Based on French government bonds (GFRN) with a maturity corresponding to the maturity of BSA.
Date of grant (Board of Directors) |  | 09/25/2012 |  |  | 09/25/2012 |  |  | 09/25/2012 |  |  | 09/25/2012 |  |  | 07/25/2013 |  |  | 06/03/2014 |
Vesting period (years) |  |  | 1 |  |  |  | 2 |  |  |  | 3 |  |  |  | 4 |  |  |  | 0 |  |  |  | 0 |
Plan expiration date |  |  | 09/25/2022 |  |  |  | 09/25/2022 |  |  |  | 09/25/2022 |  |  |  | 09/25/2022 |  |  |  | 07/25/2023 |  |  |  | 06/03/2024 |
Number of BSA granted |  |  | 7 500 |  |  |  | 7 500 |  |  |  | 7 500 |  |  |  | 7 500 |  |  |  | 73 000 |  |  |  | 10 000 |
Share entitlement per BSA |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Exercise price (in euros) |  |  | 8.59 |  |  |  | 8.59 |  |  |  | 8.59 |  |  |  | 8.59 |  |  |  | 8.1 |  |  |  | 18.79 |
Valuation method used |  |  | Black - Scholes |
Grant date share fair value (in euros) |  |  | 8.4 |  |  |  | 8.4 |  |  |  | 8.4 |  |  |  | 8.4 |  |  |  | 8.15 |  |  |  | 19.01 |
Expected volatility |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | %
Average life of BSA (in years) |  |  | 5.5 |  |  |  | 6.0 |  |  |  | 6.5 |  |  |  | 7.0 |  |  |  | 5.0 |  |  |  | 5.0 |
Discount rate(1) |  |  | 1.21 | % |  |  | 1.21 | % |  |  | 1.53 | % |  |  | 1.53 | % |  |  | 1.16 | % |  |  | 0.71 | %
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |
Fair value per BSA (in euros) |  |  | 2.29 |  |  |  | 2.43 |  |  |  | 2.61 |  |  |  | 2.74 |  |  |  | 2.18 |  |  |  | 4.98 |
(1) | Based on French government bonds (GFRN) with a maturity corresponding to the maturity of BSA.
Date of grant (Board of Directors) |  | 03/24/2015 |  |  | 11/19/2015 |  |  | 12/15/2015 |  |  | 06/21/2016 |
Vesting period (years) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan expiration date |  |  | 03/24/2025 |  |  |  | 11/19/2025 |  |  |  | 12/15/2015 |  |  |  | 06/21/2016 |
Number of BSA granted |  |  | 10,000 |  |  |  | 15,000 |  |  |  | 90,000 | (1) |  |  | 20,000 |
Share entitlement per BSA |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Exercise price (in euros) |  |  | 43.00 |  |  |  | 66.06 |  |  |  | 64,14 |  |  |  | 52.97 |
Valuation method used |  |  | Black - Scholes |
Grant date share fair value (in euros) |  |  | 43 |  |  |  | 66.06 |  |  |  | 42.61 |  |  |  | 61.25 |
Expected volatility |  |  | 36 | % |  |  | 50.91 | % |  |  | 51 | % |  |  | 47 | %
Average life of BSA (in years) |  |  | 5.0 |  |  |  | 5.0 |  |  |  | 5.0 |  |  |  | 5.0 |
Discount rate(1) |  |  | 0.68 | % |  |  | 0.81 | % |  |  | -0.09 | % |  |  | -0.41 | %
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |
Fair value per BSA (in euros) |  |  | 9.90 |  |  |  | 22.60 |  |  |  | 7.28 |  |  |  | 21.59 |
Date of grant (Board of Directors) |  | 12/09/2016 |  |  | 06/15/2017 |
Vesting period (years) |  |  | 0 |  |  |  | 0 |
Plan expiration date |  |  | 12/09/2026 |  |  |  | 06/15/2027 |
Number of BSA granted |  |  | 59,000 |  |  |  | 9,000 |
Share entitlement per BSA |  |  | 1 |  |  |  | 1 |
Exercise price (in euros) |  |  | 69.75 |  |  |  | 59.05 |
Valuation method used |  |  | Black - Scholes |
Grant date share fair value (in euros) |  |  | 63.18 |  |  |  | 73.32 |
Expected volatility |  |  | 40 | % |  |  | 39 | %
Average life of BSA (in years) |  |  | 5.0 |  |  |  | 5.0 |
Discount rate(1) |  |  | -0.04 | % |  |  | -0.12 | %
Expected dividends |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | NA |  |  |  | NA |
Fair value per BSA (in euros) |  |  | 12.94 |  |  |  | 24.02 |
(1) | Based on French government bonds (GFRN) with a maturity corresponding to the maturity of BSA.
Change in Number of BSA Outstanding
|  | Year ended December 31, |
Number of BSA |  | 2015 |  |  | 2016 |  |  | 2017 |
Balance at beginning of period |  |  | 196,480 |  |  |  | 143,694 |  |  |  | 147,359 |
Granted during the period |  |  | 25,000 |  |  |  | 93,500 |  |  |  | 68,000 |
Forfeited during the period |  |  | — |  |  |  | — |  |  |  | 24,902 |
Exercised during the period |  |  | 77,786 |  |  |  | 89,835 |  |  |  | 9,359 |
Expired during the period |  |  | — |  |  |  | — |  |  |  | — |
Balance at end of period |  |  | 143,694 |  |  |  | 147,359 |  |  |  | 181,008 |
Breakdown of the Closing Balance
|  | Year ended December 31, |
|  | 2015 |  |  | 2016 |  |  | 2017 |
Number of BSA |  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |
BSA2010 with exercise price of €65 |  |  | 859 |  |  |  | 859 |  |  |  | 859 |  |  |  | 859 |  |  |  | — |  |  |  | — |
BSA2010 with exercise price of €5.13 |  |  | 89,835 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
BSA2010 with exercise price of €8.59 |  |  | 10,000 |  |  |  | 10,000 |  |  |  | 10,000 |  |  |  | 10,000 |  |  |  | 7,500 |  |  |  | 7,500 |
BSA2010 with exercise price of €8.10 |  |  | 13,000 |  |  |  | 13,000 |  |  |  | 13,000 |  |  |  | 13,000 |  |  |  | 9,500 |  |  |  | 9,500 |
BSA2010 with exercise price of €18.79 |  |  | 5,000 |  |  |  | 5,000 |  |  |  | 5,000 |  |  |  | 5,000 |  |  |  | 2,500 |  |  |  | 2,500 |
BSA with exercise price of €43.00 |  |  | 10,000 |  |  |  | 10,000 |  |  |  | 10,000 |  |  |  | 10,000 |  |  |  | 10,000 |  |  |  | 10,000 |
BSA with exercise price of €66.06 |  |  | 15,000 |  |  |  | 15,000 |  |  |  | 15,000 |  |  |  | 15,000 |  |  |  | 15,000 |  |  |  | 15,000 |
BSA with exercise price of €64.14 |  |  | — |  |  |  | — |  |  |  | 73,500 |  |  |  | 73,500 |  |  |  | 73,500 |  |  |  | 73,500 |
BSA with exercise price of €52.97 |  |  | — |  |  |  | — |  |  |  | 20,000 |  |  |  | 20,000 |  |  |  | 20,000 |  |  |  | 20,000 |
BSA with exercise price of €69.75 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 34,008 |  |  |  | 34,008 |
BSA with exercise price of €59.05 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,000 |  |  |  | 9,000 |
Total |  |  | 143,694 |  |  |  | 53,859 |  |  |  | 147,359 |  |  |  | 147,359 |  |  |  | 181,008 |  |  |  | 181,008 |
17.3 BSA 2 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 4,822 BSA on the date of grant;
| • |  | up to 2,680 BSA on the first anniversary of the date of grant;
| • |  | up to 1,072 BSA on the second anniversary of the date of grant;
| • |  | up to 1,072 BSA on the third anniversary of the date of grant;
| • |  | up to 1,070 BSA on the fourth anniversary of the date of grant; and
| • |  | at the latest within ten (10) years from the date of grant.
By a decision by the Board of Directors meeting held on November 22, 2011, the BSA2 warrants became exercisable beginning on the date of the first quotation of the shares of the Company on the Euronext regulated market in Paris. Details of BSA2
Date of grant (Board of Directors) |  | 01/21/2009 |  |  | 01/21/2009 |  |  | 01/21/2009 |  |  | 01/21/2009 |  |  | 01/21/2009 |
Vesting period (years) |  |  | 0 |  |  |  | 1 |  |  |  | 2 |  |  |  | 3 |  |  |  | 4 |
Plan expiration date |  |  | 01/20/2019 |  |  |  | 01/20/2019 |  |  |  | 01/20/2019 |  |  |  | 01/20/2019 |  |  |  | 01/20/2019 |
Number of BSA2 granted |  |  | 4,822 |  |  |  | 2,680 |  |  |  | 1,072 |  |  |  | 1,072 |  |  |  | 1,070 |
Share entitlement per BSA2(1) |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |
Exercise price (in euros) |  |  | 65 |  |  |  | 65 |  |  |  | 65 |  |  |  | 65 |  |  |  | 65 |
Valuation method used |  |  | Black - Scholes |
Grant date share fair value (in euros) |  |  | 70 |  |  |  | 70 |  |  |  | 70 |  |  |  | 70 |  |  |  | 70 |
Expected volatility |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | %
Average life of BSA2 (in years) |  |  | 5.0 |  |  |  | 5.5 |  |  |  | 6.0 |  |  |  | 6.5 |  |  |  | 7.0 |
Discount rate(2) |  |  | 2.71 | % |  |  | 2.71 | % |  |  | 2.98 | % |  |  | 2.98 | % |  |  | 3.11 | %
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |
Fair value per BSA2 (in euros) |  |  | 29.05 |  |  |  | 30.32 |  |  |  | 31.89 |  |  |  | 33.05 |  |  |  | 33.45 |
(1) | The number of shares takes into account an exercise parity adjusted by the division by 15 of the nominal value of the shares decided by the general meeting on December 9, 2011; each BSA2 warrant now gives the right to subscribe to 15 new shares instead of 1 new share. For the same reason, the exercise price of each BSA2 plan was adjusted as a result and is thus equal to 1/15th of the price initially determined by the general meeting that authorized each of the plans.
(2) | Based on French government bonds (GFRN) with a maturity corresponding to the maturity of BSA2.
Change in Number of BSA 2 Outstanding
|  | Year ended December 31 |
Number of BSA2 |  | 2015 |  |  | 2016 |  |  | 2017 |
Balance at beginning of period |  |  | 8,049 |  |  |  | — |  |  |  | — |
Granted during the period |  |  | — |  |  |  | — |  |  |  | — |
Forfeited during the period |  |  | — |  |  |  | — |  |  |  | — |
Exercised during the period |  |  | 8,049 |  |  |  | — |  |  |  | — |
Expired during the period |  |  | — |  |  |  | — |  |  |  | — |
Balance at end of period |  |  | — |  |  |  | — |  |  |  | — |
Breakdown of the Closing Balance
|  | Year ended December 31, |
|  | 2015 |  |  | 2016 |  |  | 2017 |
Number of BSA2 |  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |
BSA2 with exercise price of €65 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
17.4 BCE 4 The BCE4 may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 2,411 BCE4 on the date of grant;
| • |  | up to 1,340 BCE4 on the first anniversary of the date of grant;
| • |  | up to 536 BCE4 on the second anniversary of the date of grant;
| • |  | up to 536 BCE4 on the third anniversary of the date of grant;
| • |  | up to 535 BSA on the fourth anniversary of the date of grant; and
| • |  | at the latest within ten (10) years from the date of grant.
By a decision by the Board of Directors meeting held on November 22, 2011, the BCE4 warrants became exercisable beginning on the date of the first quotation of the shares of the Company on the Euronext regulated market in Paris. Details of BCE4
Date of grant (Board of Directors) |  | 01/21/2009 |  |  | 01/21/2009 |  |  | 01/21/2009 |  |  | 01/21/2009 |  |  | 01/21/2009 |
Vesting period (years) |  |  | 0 |  |  |  | 1 |  |  |  | 2 |  |  |  | 3 |  |  |  | 4 |
Plan expiration date |  |  | 01/20/2019 |  |  |  | 01/20/2019 |  |  |  | 01/20/2019 |  |  |  | 01/20/2019 |  |  |  | 01/20/2019 |
Number of BCE4 granted |  |  | 2,411 |  |  |  | 1,340 |  |  |  | 536 |  |  |  | 536 |  |  |  | 535 |
Share entitlement per BCE4(1) |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |
Exercise price (in euros) |  |  | 65 |  |  |  | 65 |  |  |  | 65 |  |  |  | 65 |  |  |  | 65 |
Valuation method used |  |  | Black - Scholes |
Grant date share fair value (in euros) |  |  | 70 |  |  |  | 70 |  |  |  | 70 |  |  |  | 70 |  |  |  | 70 |
Expected volatility |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | %
Average life of BCE4 (in years) |  |  | 5.0 |  |  |  | 5.5 |  |  |  | 6.0 |  |  |  | 6.5 |  |  |  | 7.0 |
Discount rate(2) |  |  | 2.71 | % |  |  | 2.71 | % |  |  | 2.98 | % |  |  | 2.98 | % |  |  | 3.11 | %
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |
Fair value per BCE4 (in euros) |  |  | 29.06 |  |  |  | 30.33 |  |  |  | 31.90 |  |  |  | 33.06 |  |  |  | 34.35 |
(1) | The number of shares takes into account an exercise parity adjusted by the division by 15 of the nominal value of the shares decided by the general meeting on December 9, 2011; each BCE4 warrant now gives the right to subscribe to 15 new shares instead of 1 new share. For the same reason, the exercise price of each BCE4 plan was adjusted as a result and is thus equal to 1/15th of the price initially determined by the general meeting that authorized each of the plans.
(2) | Based on French government bonds (GFRN) with a maturity corresponding to the maturity of BCE4.
Change in Number of BCE4 Outstanding
|  | Year ended December 31, |
Number of BCE4 |  | 2015 |  |  | 2015 |  |  | 2016 |
Balance at beginning of period |  |  | 5,358 |  |  |  | 2,691 |  |  |  | 2,691 |
Granted during the period |  |  | — |  |  |  | — |  |  |  | — |
Forfeited during the period |  |  | — |  |  |  | — |  |  |  | — |
Exercised during the period |  |  | 2,667 |  |  |  | — |  |  |  | 2,691 |
Expired during the period |  |  | — |  |  |  | — |  |  |  | — |
Balance at end of period |  |  | 2,691 |  |  |  | 2,691 |  |  |  | — |
Breakdown of the Closing Balance
|  | Year ended December 31, |
|  | 2015 |  |  | 2016 |  |  | 2017 |
Number of BCE4 |  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |
BCE4 with exercise price of €65 |  |  | 2,691 |  |  |  | 2,691 |  |  |  | 2,691 |  |  |  | 2,691 |  |  |  | — |  |  |  | — |
Total |  |  | 2,691 |  |  |  | 2,691 |  |  |  | 2,691 |  |  |  | 2,691 |  |  |  | — |  |  |  | — |
17.5 BSA2010 Date of Grant 01/28/2011 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 2,510 BSA on the 12/23/2011;
| • |  | up to 2,510 BSA on the 12/23/2012;
| • |  | up to 2,510 BSA on the 12/23/2013;
| • |  | up to 2,509 BSA on the 12/23/2014; and
| • |  | at the latest before the 01/28/2021.
Date of Grant 06/24/2011 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to one fourth (1/4) of the BSA on the 12/23/2011;
| • |  | up to one fourth (1/4) of the BSA on the 12/23/2012;
| • |  | up to one fourth (1/4) of the BSA on the 12/23/2013;
| • |  | up to one fourth (1/4) of the BSA on the 12/23/2014; and
| • |  | at the latest before the 11/22/2021.
Date of Grant 11/22/2011 The BSA may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 335 BSA on the 11/22/2012;
| • |  | up to 335 BSA on the 11/22/2013;
| • |  | up to 334 BSA on the 11/22/2014;
| • |  | up to 334 BSA on the 11/22/2015; and
| • |  | at the latest before the 11/22/2021.
Details of BSA2010
Date of grant (Board of Directors) |  | 01/28/2011 |  |  | 01/28/2011 |  |  | 01/28/2011 |  |  | 01/28/2011 |  |  | 06/24/2011 |  |  | 06/24/2011 |  |  | 06/24/2011 |  |  | 06/24/2011 |
Vesting period (years) |  |  | 0.9 |  |  |  | 1.9 |  |  |  | 2.9 |  |  |  | 3.9 |  |  |  | 0.5 |  |  |  | 1.5 |  |  |  | 2.5 |  |  |  | 3.5 |
Plan expiration date |  |  | 01/27/2021 |  |  |  | 01/27/2021 |  |  |  | 01/27/2021 |  |  |  | 01/27/2021 |  |  |  | 11/22/2021 |  |  |  | 11/22/2021 |  |  |  | 11/22/2021 |  |  |  | 11/22/2021 |
Number of BSA2010 granted |  |  | 2,510 |  |  |  | 2,510 |  |  |  | 2,510 |  |  |  | 2,509 |  |  |  | 2,000 |  |  |  | 2,000 |  |  |  | 2,000 |  |  |  | 2,000 |
Share entitlement per BSA2010(1) |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |
Exercise price (in euros) |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |
Valuation method used |  |  | Black - Scholes |  |  |  | Black - Scholes |
Grant date share fair value (in euros) |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |
Expected volatility |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | %
Average life of BSA2010 (in years) |  |  | 5.5 |  |  |  | 6.0 |  |  |  | 6.5 |  |  |  | 7.0 |  |  |  | 5.5 |  |  |  | 6.0 |  |  |  | 6.5 |  |  |  | 7.0 |
Discount rate(2) |  |  | 2.70 | % |  |  | 2.82 | % |  |  | 2.82 | % |  |  | 3.04 | % |  |  | 2.55 | % |  |  | 2.68 | % |  |  | 2.68 | % |  |  | 2.87 | %
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |
Fair value per BSA2010 (in euros) |  |  | 31.33 |  |  |  | 32.90 |  |  |  | 34.23 |  |  |  | 35.84 |  |  |  | 31.15 |  |  |  | 32.70 |  |  |  | 34.02 |  |  |  | 35.57 |
(1) | The number of shares takes into account an exercise parity adjusted by the division by 15 of the nominal value of the shares decided by the general meeting on December 9, 2011; each BSA2010 warrant now gives the right to subscribe to 15 new shares instead of 1 new share. For the same reason, the exercise price of each BSA2010 plan was adjusted as a result and is thus equal to 1/15th of the price initially determined by the general meeting that authorized each of the plans.
(2) | Based on French government bonds (GFRN) with a maturity corresponding to the maturity of BSA2010.
Date of grant (Board of Directors) |  | 11/22/2011 |  |  | 11/22/2011 |  |  | 11/22/2011 |  |  | 11/22/2011 |
Vesting period (years) |  |  | 1.0 |  |  |  | 2.0 |  |  |  | 3.0 |  |  |  | 4.0 |
Plan expiration date |  |  | 11/22/2021 |  |  |  | 11/22/2021 |  |  |  | 11/22/2021 |  |  |  | 11/22/2021 |
Number of BSA2010 granted |  |  | 335 |  |  |  | 335 |  |  |  | 334 |  |  |  | 334 |
Share entitlement per BSA(1) |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |
Exercise price (in euros) |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |
Valuation method used |  |  | Black - Scholes |
Grant date share fair value (in euros) |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |
Expected volatility |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | %
Average life of BSA (in years) |  |  | 5.5 |  |  |  | 6.0 |  |  |  | 6.5 |  |  |  | 7.0 |
Discount rate(2) |  |  | 2.23 | % |  |  | 2.60 | % |  |  | 2.60 | % |  |  | 2.85 | %
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |
Fair value per BSA (in euros) |  |  | 30.70 |  |  |  | 32.58 |  |  |  | 33.89 |  |  |  | 35.54 |
(1) | The number of shares takes into account an exercise parity adjusted by the division by 15 of the nominal value of the shares decided by the general meeting on December 9, 2011; each BSA2010 warrant now gives the right to subscribe to 15 new shares instead of 1 new share. For the same reason, the exercise price of each BSA2010 plan was adjusted as a result and is thus equal to 1/15th of the price initially determined by the general meeting that authorized each of the plans.
(2) | Based on French government bonds (GFRN) with a maturity corresponding to the maturity of BSA2010.
Change in Number of BSA2010 Outstanding
|  | Year ended December 31, |
Number of BSA |  | 2015 |  |  | 2016 |  |  | 2017 |
Balance at beginning of period |  |  | 8,334 |  |  |  | 1,044 |  |  |  | 610 |
Granted during the period |  |  | — |  |  |  | — |  |  |  | — |
Forfeited during the period |  |  | — |  |  |  | — |  |  |  | — |
Exercised during the period |  |  | 7,290 |  |  |  | 434 |  |  |  | 110 |
Expired during the period |  |  | — |  |  |  | — |  |  |  | — |
Balance at end of period |  |  | 1,044 |  |  |  | 610 |  |  |  | 500 |
Breakdown of the Closing Balance
|  | Year ended December 31, |
|  | 2015 |  |  | 2016 |  |  | 2017 |
Number of BSA2010 |  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |
BSA2010 with exercise price of €77 |  |  | 1,044 |  |  |  | 1,044 |  |  |  | 610 |  |  |  | 610 |  |  |  | 500 |  |  |  | 500 |
Total |  |  | 1,044 |  |  |  | 1,044 |  |  |  | 610 |  |  |  | 610 |  |  |  | 500 |  |  |  | 500 |
17.6 BSAX Date of Grant 01/21/2009 and 06/25/2010 The BSAX may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to one fourth (1/4) of the BSAX on the first anniversary of the date of grant;
| • |  | up to one fourth (1/4) of the BSAX on the second anniversary of the date of grant;
| • |  | up to one fourth (1/4) of the BSAX on the third anniversary of the date of grant;
| • |  | up to one fourth (1/4) of the BSAX on the fourth anniversary of the date of grant; and
| • |  | at the latest within ten (10) years from the date of grant.
By a decision by the Board of Directors meeting held on November 22, 2011, the BSAX warrants became exercisable beginning on the date of the first quotation of the shares of the Company on the Euronext regulated market in Paris. Details of BSAX
Date of grant (Board of Directors) |  | 01/21/2009 |  |  | 01/21/2009 |  |  | 01/21/2009 |  |  | 01/21/2009 |  |  | 06/25/2010 |  |  | 06/25/2010 |  |  | 06/25/2010 |  |  | 06/25/2010 |
Vesting period (years) |  |  | 1 |  |  |  | 2 |  |  |  | 3 |  |  |  | 4 |  |  |  | 1 |  |  |  | 2 |  |  |  | 3 |  |  |  | 4 |
Plan expiration date |  |  | 01/20/2019 |  |  |  | 01/20/2019 |  |  |  | 01/20/2019 |  |  |  | 01/20/2019 |  |  |  | 06/24/2020 |  |  |  | 06/24/2020 |  |  |  | 06/24/2020 |  |  |  | 06/24/2020 |
Number of BSAX granted |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 75 |  |  |  | 457 |  |  |  | 457 |  |  |  | 456 |  |  |  | 455 |
Share entitlement per BSAX(1) |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |
Exercise price (in euros) |  |  | 65 |  |  |  | 65 |  |  |  | 65 |  |  |  | 65 |  |  |  | 65 |  |  |  | 65 |  |  |  | 65 |  |  |  | 65 |
Valuation method used |  |  | Black - Scholes |
Grant date share fair value (in euros) |  |  | 70 |  |  |  | 70 |  |  |  | 70 |  |  |  | 70 |  |  |  | 70 |  |  |  | 70 |  |  |  | 70 |  |  |  | 70 |
Expected volatility |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | %
Average life of BSAX (in years) |  |  | 5.5 |  |  |  | 6.0 |  |  |  | 6.5 |  |  |  | 7.0 |  |  |  | 5.5 |  |  |  | 6.0 |  |  |  | 6.5 |  |  |  | 7.0 |
Discount rate(2) |  |  | 2.71 | % |  |  | 2.98 | % |  |  | 2.98 | % |  |  | 3.11 | % |  |  | 2.04 | % |  |  | 2.23 | % |  |  | 2.23 | % |  |  | 2.50 | %
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |
Fair value per BSAX (in euros) |  |  | 30.32 |  |  |  | 31.89 |  |  |  | 33.05 |  |  |  | 33.45 |  |  |  | 29.47 |  |  |  | 30.88 |  |  |  | 31.99 |  |  |  | 33.44 |
(1) | The number of shares takes into account an exercise parity adjusted by the division by 15 of the nominal value of the shares decided by the general meeting on December 9, 2011; each BSAX warrant now gives the right to subscribe to 15 new shares instead of 1 new share. For the same reason, the exercise price of each BSAX plan was adjusted as a result and is thus equal to 1/15th of the price initially determined by the general meeting that authorized each of the plans.
(2) | Based on French government bonds (GFRN) with a maturity corresponding to the maturity of BSAX.
Change in Number of BSAX Outstanding
|  | Year ended December 31, |
Number of BSAX |  | 2015 |  |  | 2016 |  |  | 2017 |
Balance at beginning of period |  |  | 2,131 |  |  |  | 1,036 |  |  |  | 1,036 |
Granted during the period |  |  | — |  |  |  | — |  |  |  | — |
Forfeited during the period |  |  | — |  |  |  | — |  |  |  | — |
Exercised during the period |  |  | 1,095 |  |  |  | — |  |  |  | 1,036 |
Expired during the period |  |  | — |  |  |  | — |  |  |  | — |
Balance at end of period |  |  | 1,036 |  |  |  | 1,036 |  |  |  | — |
Breakdown of the Closing Balance
|  | Year ended December 31, |
|  | 2014 |  |  | 2015 |  |  | 2016 |
Number of BSAX |  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |
BSAX with exercise price of €65 |  |  | 1,036 |  |  |  | 1,036 |  |  |  | 1,036 |  |  |  | 1,036 |  |  |  | — |  |  |  | — |
Total |  |  | 1,036 |  |  |  | 1,036 |  |  |  | 1,036 |  |  |  | 1,036 |  |  |  | — |  |  |  | — |
17.7 BCE2010 Date of Grant 06/24/2011 The BCE may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to one fourth (1/4) of the BCE on the 12/23/2011;
| • |  | up to one fourth (1/4) of the BCE on the 12/23/2012;
| • |  | up to one fourth (1/4) of the BCE on the 12/23/2013;
| • |  | up to one fourth (1/4) of the BCE on the 12/23/2014; and
| • |  | at the latest within before the 11/22/2021.
Date of Grant 11/22/2011 The BSPCE may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to one fourth (1/4) of the BSPCE on the 11/22/2012;
| • |  | up to one fourth (1/4) of the BSPCE on the 11/22/2013;
| • |  | up to one fourth (1/4) of the BSPCE on the 11/22/2014;
| • |  | up to one fourth (1/4) of the BSPCE on the 11/22/2015; and
| • |  | at the latest within before the 11/22/2021.
Details of BCE2010
Date of grant (Board of Directors) |  | 06/24/2011 |  |  | 06/24/2011 |  |  | 06/24/2011 |  |  | 06/24/2011 |  |  | 11/22/2011 |  |  | 11/22/2011 |  |  | 11/22/2011 |  |  | 11/22/2011 |
Vesting period (years) |  |  | 0.5 |  |  |  | 1.5 |  |  |  | 2.5 |  |  |  | 3.5 |  |  |  | 1 |  |  |  | 2 |  |  |  | 3 |  |  |  | 4 |
Plan expiration date |  |  | 11/22/2021 |  |  |  | 11/22/2021 |  |  |  | 11/22/2021 |  |  |  | 11/22/2021 |  |  |  | 11/22/2021 |  |  |  | 11/22/2021 |  |  |  | 11/22/2021 |  |  |  | 11/22/2021 |
Number of BCE2010 granted |  |  | 6,000 |  |  |  | 6,000 |  |  |  | 6,000 |  |  |  | 6,000 |  |  |  | 2,510 |  |  |  | 2,510 |  |  |  | 2,510 |  |  |  | 2,509 |
Share entitlement per BCE2010(1) |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |  |  |  | 15 |
Exercise price (in euros) |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |
Valuation method used |  |  | Black and Scholes |
Grant date share fair value (in euros) |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |  |  |  | 77 |
Expected volatility |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 40 | %
Average life of BCE2010 (in years) |  |  | 5.5 |  |  |  | 6.0 |  |  |  | 6.5 |  |  |  | 7.0 |  |  |  | 5.4 |  |  |  | 5.9 |  |  |  | 6.4 |  |  |  | 6.9 |
Discount rate(2) |  |  | 2.55 | % |  |  | 2.68 | % |  |  | 2.68 | % |  |  | 2.87 | % |  |  | 2.05 | % |  |  | 2.42 | % |  |  | 2.42 | % |  |  | 2.66 | %
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |
Fair value per BCE2010 (in euros) |  |  | 31.16 |  |  |  | 32.71 |  |  |  | 34.03 |  |  |  | 35.58 |  |  |  | 30.42 |  |  |  | 32.29 |  |  |  | 33.58 |  |  |  | 35.2 |
(1) | The number of shares takes into account an exercise parity adjusted by the division by 15 of the nominal value of the shares decided by the general meeting on December 9, 2011; each BCE2010 warrant now gives the right to subscribe to 15 new shares instead of 1 new share. For the same reason, the exercise price of each BCE2010 plan was adjusted as a result and is thus equal to 1/15th of the price initially determined by the general meeting that authorized each of the plans.
(2) | Based on French government bonds (GFRN) with a maturity corresponding to the maturity of BCE2010.
Change in Number of BCE2010 Outstanding
|  | Year ended December 31, |
Number of BCE2010 |  | 2015 |  |  | 2016 |  |  | 2017 |
Balance at beginning of period |  |  | 29,972 |  |  |  | 15,974 |  |  |  | 12,339 |
Granted during the period |  |  | — |  |  |  | — |  |  |  | — |
Forfeited during the period |  |  | — |  |  |  | — |  |  |  | — |
Exercised during the period |  |  | 13,998 |  |  |  | 3,635 |  |  |  | 1,334 |
Expired during the period |  |  | — |  |  |  | — |  |  |  | — |
Balance at end of period |  |  | 15,974 |  |  |  | 12,339 |  |  |  | 11,005 |
Breakdown of the Closing Balance
|  | Year ended December 31, |
|  | 2015 |  |  | 2016 |  |  | 2017 |
Number of BCE2010 |  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |
BCE2010 with exercise price of €77.00 |  |  | 15,974 |  |  |  | 15,974 |  |  |  | 12,339 |  |  |  | 12,339 |  |  |  | 11,005 |  |  |  | 11,005 |
Total |  |  | 15,974 |  |  |  | 15,974 |  |  |  | 12,339 |  |  |  | 12,339 |  |  |  | 11,005 |  |  |  | 11,005 |
17.8 OPTIONS Grant of 09/18/2013 The share options may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 518,000 SO (all the SO) on the fourth anniversary of the date of grant; and
| • |  | at the latest within ten (10) years from the date of grant.
Grant of 06/03/2014 The share options may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 75,000 SO (all the SO) on the 06/04/2016; and
| • |  | at the latest before the 06/03/2024.
Grant of 06/23/2015 The share options may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 30,000 SO on the 06/24/2016;
| • |  | up to 30,000 additional SO on the 06/24/2017;
| • |  | up to 30,000 additional SO on the 06/24/2018;
| • |  | up to 30,000 additional SO on the 06/24/2019;
| • |  | and at the latest before the 06/24/2025.
Grant of 09/30/2015 The 195,000 share options may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 25% of the SO on the 09/30/2016;
| • |  | up to additional 25% of the SO on the 09/30/2017;
| • |  | up to additional 25% of the SO on the 09/30/2018;
| • |  | up to additional 25% of the SO on the 09/30/2019;
| • |  | and at the latest before the 09/30/2025.
Grant of 12/15/2015 The 75,000 share options may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 25% of the SO on the 12/15/2016;
| • |  | up to additional 25% of the SO on the 12/15/2017;
| • |  | up to additional 25% of the SO on the 12/15/2018;
| • |  | up to additional 25% of the SO on the 12/15/2019;
| • |  | and at the latest before the 12/15/2025.
Grant of 04/06/2016 The 55,000 share options may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 8,250 SO on the 04/021//2017;
| • |  | up to additional 8,250 SO on the 04/21//2018;
| • |  | up to additional 8,250 SO on the 04/21//2019;
| • |  | up to additional 8,250 SO on the 04/21//2020;
| • |  | up to 5,500 SO on the 05/02//2017;
| • |  | up to additional 5,500 SO on the 05/02//2018;
| • |  | up to additional 5,500 SO on the 05/02//2019;
| • |  | up to additional 5,500 SO on the 05/02//2020;
| • |  | and at the latest before 10 years of the date of the Grant.
Grant of 06/21/2016 The 154,100 share options may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 25% of the SO as of one year after the Grant date;
| • |  | up to additional 12.5% of the SO as of 18 months after the Grant date;
| • |  | up to additional 12.5% of the SO as of 24 months after the Grant date;
| • |  | up to additional 12.5% of the SO as of 30 months after the Grant date;
| • |  | up to additional 12.5% of the SO as of 36 months after the Grant date;
| • |  | up to additional 12.5% of the SO as of 42 months after the Grant date;
| • |  | up to additional 12.5% of the SO as of 48 months after the Grant date;
| • |  | and at the latest before 10 years of the date of the Grant.
Grant of 12/09/2016 The 74,960 share options may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 18,740 SO as of one year after the Grant date;
| • |  | up to additional 9,370 SO as of 18 months after the Grant date;
| • |  | up to additional 9,370 SO as of 24 months after the Grant date;
| • |  | up to additional 9,370 SO as of 30 months after the Grant date;
| • |  | up to additional 9,370 SO as of 36 months after the Grant date;
| • |  | up to additional 9,370 SO as of 42 months after the Grant date;
| • |  | up to additional 9,370 48 months after the Grant date;
| • |  | and at the latest before 10 years of the date of the Grant.
Grant of 12/15/2016 The 1,100 share options may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 25% SO as of one year after the Grant date;
| • |  | up to additional 12.5% SO as of 18 months after the Grant date;
| • |  | up to additional 12.5 % SO as of 24 months after the Grant date;
| • |  | up to additional 12.5 % SO as of 30 months after the Grant date;
| • |  | up to additional 12.5 % SO as of 36 months after the Grant date;
| • |  | up to additional 12.5 % SO as of 42 months after the Grant date;
| • |  | up to additional 12.5 % 48 months after the Grant date;
| • |  | and at the latest before 10 years of the date of the Grant.
Grant of 19,100 options as of 01/16/2017, 7,200 options as of 03/15/2017, 16,500 options as of 04/18/2017, 237,600 options as of 06/15/2017, 30,900 options as of 07/17/2017, 52,600 options as of 09/15/2017, 625,200 options as of 12/05/2017 and 8,300 options as of 12/15/2017. All the 2017 options may be exercised by the beneficiary on the basis of the following vesting schedule:
| • |  | up to 25% SO as of one year after the Grant date;
| • |  | up to additional 12.5% SO as of 18 months after the Grant date;
| • |  | up to additional 12.5 % SO as of 24 months after the Grant date;
| • |  | up to additional 12.5 % SO as of 30 months after the Grant date;
| • |  | up to additional 12.5 % SO as of 36 months after the Grant date;
| • |  | up to additional 12.5 % SO as of 42 months after the Grant date;
| • |  | up to additional 12.5 % 48 months after the Grant date;
| • |  | and at the latest before 10 years of the date of the Grant.
Details of SO
Date of grant (Board of Directors) |  | 09/18/2013 |  |  | 06/03/2014 |  |  | 06/23/2015 |  |  | 11/19/2015 |  |  | 01/04/2016 |  |  | 04/21/2016 |  |  | 05/02/2016 |
Vesting period (years) |  |  | 4 |  |  |  | 2 |  |  |  | 1-4 |  |  |  | 1-4 |  |  |  | 1-4 |  |  |  | 1-4 |  |  |  | 1-4 |
Plan expiration date |  |  | 09/18/2023 |  |  |  | 06/03/2024 |  |  |  | 06/23/2025 |  |  |  | 11/19/2025 |  |  |  | 01/04/2026 |  |  |  | 04/21/2026 |  |  |  | 05/02/2026 |
Number of SO granted |  |  | 518,000 |  |  |  | 75,000 |  |  |  | 120,000 |  |  |  | 195,000 |  |  |  | 75,000 |  |  |  | 33,000 |  |  |  | 22,000 |
Share entitlement per SO |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Exercise price (in euros) |  |  | 7.57 |  |  |  | 19.01 |  |  |  | 48.9 |  |  |  | 66.06 |  |  |  | 65.68 |  |  |  | 62.82 |  |  |  | 59.04 |
Valuation method used |  |  | Black - Scholes |
Grant date share fair value (in euros) |  |  | 7.9 |  |  |  | 19.01 |  |  |  | 48.9 |  |  |  | 66.06 |  |  |  | 65.68 |  |  |  | 62.82 |  |  |  | 58.62 |
Expected volatility |  |  | 40 | % |  |  | 40 | % |  |  | 51 | % |  |  | 51 | % |  |  | 49.3%-49.8 | % |  |  | 49.4%-50.7 | % |  |  | 49.3%-50.6 | %
Average life of SO (in years) |  |  | 7 |  |  |  | 6 |  |  |  | 7 |  |  |  | 7 |  |  |  | 5-7 |  |  |  | 5-7 |  |  |  | 5-7 |
Discount rate(1) |  |  | 1.72 | % |  |  | 0.89 | % |  |  | 0.89 | % |  |  | 0.81 | % |  |  | 0.39 | % |  |  | 0.04 | % |  |  | 0.10 | %
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |
Fair value per SO (in euros) |  |  | 3.57 |  |  |  | 7.46 |  |  |  | 25.28 |  |  |  | 34.05 |  |  |  | 29.5-32.6 |  |  |  | 28.3 – 30.9 |  |  |  | 26.4-28.8 |
(1) | Based on French government bonds (GFRN) with a maturity corresponding to the maturity of SO.
Date of grant |  | 06/21/2016 |  |  | 08/01/2016 |  |  | 09/15/2016 |  |  | 10/17/2016 |  |  | 11/15/2016 |  |  | 12/09/2016 |  |  | 12/15/2016 |
Vesting period (years) |  |  | 1-4 |  |  |  | 1-4 |  |  |  | 1-4 |  |  |  | 1-4 |  |  |  | 1-4 |  |  |  | 1-4 |  |  |  | 1-4 |
Plan expiration date |  |  | 06/21/2026 |  |  |  | 08/01/2026 |  |  |  | 09/15/2016 |  |  |  | 10/17/2026 |  |  |  | 11/15/2026 |  |  |  | 12/09/2026 |  |  |  | 12/15/2026 |
Number of SO granted |  |  | 110,000 |  |  |  | 10,000 |  |  |  | 9,300 |  |  |  | 16,500 |  |  |  | 8,300 |  |  |  | 74,960 |  |  |  | 1,100 |
Share entitlement per SO |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Exercise price (in euros) |  |  | 53.96 |  |  |  | 62.24 |  |  |  | 62.8 |  |  |  | 64.39 |  |  |  | 68.33 |  |  |  | 69.75 |  |  |  | 69.35 |
Valuation method used |  |  | Black - Scholes |
Grant date share fair value (in euros) |  |  | 52.97 |  |  |  | 62.24 |  |  |  | 62.8 |  |  |  | 64.39 |  |  |  | 68.33 |  |  |  | 69.75 |  |  |  | 69.35 |
Expected volatility |  |  | 49.1%-50.3 | % |  |  | 48.8%-49.8 | % |  |  | 48.6%-49.4 | % |  |  | 48.0%-48.9 | % |  |  | 47.8%-48.8 | % |  |  | 47.7%-48.5 | % |  |  | 40.44 | %
Average life of SO (in years) |  |  | 5-7 |  |  |  | 5-7 |  |  |  | 5-7 |  |  |  | 5-7 |  |  |  | 5-7 |  |  |  | 5-7 |  |  |  | 5-7 |
Discount rate(1) |  |  | -0.01 | % |  |  | -0.25 | % |  |  | -0.18 | % |  |  | -0.32 -0.15 | % % |  |  | -0.11 +0.16 | % % |  |  | -0.2 +0.18 | % % |  |  | -0.18 +0.16 | % %
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |
Fair value per SO (in euros) |  |  | 23.4-25.5 |  |  |  | 27.3-29.9 |  |  |  | 27.4-30.1 |  |  |  | 27.6-30.6 |  |  |  | 29.4-32.7 |  |  |  | 29.7-33.4 |  |  |  | 25.2-28.7 |
1) | Based on French government bonds (GFRN) with a maturity corresponding to the maturity of SO.
Date of grant |  | 01/16/2017 |  |  | 03/15/2017 |  |  | 04/18/2017 |  |  | 06/15/2017 |  |  | 06/15/2017 |  |  | 07/17/2017 |  |  | 09/15/2017 |
Vesting period (years) |  |  | 1-4 |  |  |  | 1-4 |  |  |  | 1-4 |  |  |  | 1-4 |  |  |  | 1-4 |  |  |  | 1-4 |  |  |  | 1-4 |
Plan expiration date |  |  | 01/16/2027 |  |  |  | 03/15/2027 |  |  |  | 04/18/2027 |  |  |  | 06/15/2027 |  |  |  | 06/15/2027 |  |  |  | 07/17/2027 |  |  |  | 09/15/2027 |
Number of SO granted |  |  | 19,100 |  |  |  | 7,200 |  |  |  | 16,500 |  |  |  | 126,000 |  |  |  | 111.600 |  |  |  | 30,900 |  |  |  | 52,600 |
Share entitlement per SO |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Exercise price (in euros) |  |  | 66.11 |  |  |  | 66.25 |  |  |  | 60.77 |  |  |  | 59.05 |  |  |  | 60.54 |  |  |  | 71.61 |  |  |  | 74.22 |
Valuation method used |  |  | Black - Scholes |
Grant date share fair value (in euros) |  |  | 66.11 |  |  |  | 65.42 |  |  |  | 59.73 |  |  |  | 59.05 |  |  |  | 59.05 |  |  |  | 71.61 |  |  |  | 71.80 |
Expected volatility |  |  | 40.21 | % |  |  | 39.82 | % |  |  | 39.63 | % |  |  | 39.23 | % |  |  | 39.23 | % |  |  | 38.84 | % |  |  | 38.57 | %
Average life of SO (in years) |  |  | 5-7 |  |  |  | 5-7 |  |  |  | 5-7 |  |  |  | 5-7 |  |  |  | 5-7 |  |  |  | 5-7 |  |  |  | 5-7 |
Discount rate(1) |  |  | -0.17 +0.19 | % % |  |  | +0.21 +0.61 | % % |  |  | +0.02 +0.39 | % % |  |  | -0.21 +0.07 | % % |  |  | -0.21 +0.07 | % % |  |  | +0.01 +0.34 | % % |  |  | -0.14 +0.19 | % %
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |  |  |  | NA |
Fair value per SO (in euros) |  |  | 23.9-27.2 |  |  |  | 23.6-27.1 |  |  |  | 21.2-24.2 |  |  |  | 20.8 – 23.6 |  |  |  | 20.4-23.22 |  |  |  | 25.3 – 28.2 |  |  |  | 24.3 – 27.8 |
(1) | Based on French government bonds (GFRN) with a maturity corresponding to the maturity of SO.
Date of grant |  | 12/05/2017 |  |  | 12/15/2017 |
Vesting period (years) |  |  | 1-4 |  |  |  | 1-4 |
Plan expiration date |  |  | 12/05/2027 |  |  |  | 12/15/2027 |
Number of SO granted |  |  | 625,200 |  |  |  | 8,300 |
Share entitlement per SO |  |  | 1 |  |  |  | 1 |
Exercise price (in euros) |  |  | 39.00 |  |  |  | 38.18 |
Valuation method used |  |  | Black - Scholes |
Grant date share fair value (in euros) |  |  | 35.73 |  |  |  | 36.43 |
Expected volatility |  |  | 43.23 | % |  |  | 43.13 | %
Average life of SO (in years) |  |  | 5-7 |  |  |  | 5-7 |
Discount rate(1) |  |  | -0.23 +0.07 | % % |  |  | -0.23 +0.07 | % %
Expected dividends |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | NA |  |  |  | NA |
Fair value per SO (in euros) |  |  | 12.9 – 14.7 |  |  |  | 13.5 – 15.4 |
(1) | Based on French government bonds (GFRN) with a maturity corresponding to the maturity of SO.
Change in Number of SO Outstanding
|  | December 31, |
Number of SO |  | 2015 |  |  | 2016 |  |  | 2017 |
Balance at beginning of period |  |  | 546,000 |  |  |  | 861,000 |  |  |  | 1,160,060 |
Granted during the period |  |  | 315,000 |  |  |  | 359,060 |  |  |  | 998,500 |
Forfeited during the period |  |  | — |  |  |  | 25,000 |  |  |  | 24,260 |
Exercised during the period |  |  | — |  |  |  | 35,000 |  |  |  | 1,200 |
Expired during the period |  |  | — |  |  |  | — |  |  |  | — |
Balance at end of period |  |  | 861,000 |  |  |  | 1,160,060 |  |  |  | 2,133,100 |
Breakdown of the Closing Balance
|  | Year ended December 31, |
|  | 2015 |  |  | 2016 |  |  | 2017 |
Number of SO |  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |
SO with exercise price of €7.57 |  |  | 471,000 |  |  |  | — |  |  |  | 471,000 |  |  |  | — |  |  |  | 471,000 |  |  |  | 471,000 |
SO with exercise price of €19.01 |  |  | 75,000 |  |  |  | — |  |  |  | 40,000 |  |  |  | 40,000 |  |  |  | 40,000 |  |  |  | 40,000 |
SO with exercise price of €48.90 |  |  | 120,000 |  |  |  | — |  |  |  | 120,000 |  |  |  | 45,000 |  |  |  | 120,000 |  |  |  | 75,000 |
SO with exercise price of €66.06 |  |  | 195,000 |  |  |  | — |  |  |  | 170,000 |  |  |  | — |  |  |  | 170,000 |  |  |  | 85,000 |
SO with exercise price of €65.68 |  |  | — |  |  |  | — |  |  |  | 75,000 |  |  |  | — |  |  |  | 75,000 |  |  |  | 18,750 |
SO with exercise price of €62.82 |  |  | — |  |  |  | — |  |  |  | 33,000 |  |  |  | — |  |  |  | 33,000 |  |  |  | 8,250 |
SO with exercise price of €59.04 |  |  | — |  |  |  | — |  |  |  | 22,000 |  |  |  | — |  |  |  | 22,000 |  |  |  | 5,500 |
SO with exercise price of €53.96 |  |  | — |  |  |  | — |  |  |  | 110,000 |  |  |  | — |  |  |  | 101,300 |  |  |  | 24,425 |
SO with exercise price of €62.24 |  |  | — |  |  |  | — |  |  |  | 10,000 |  |  |  | — |  |  |  | 10,000 |  |  |  | 2,500 |
SO with exercise price of €62.80 |  |  | — |  |  |  | — |  |  |  | 9,300 |  |  |  | — |  |  |  | 9,300 |  |  |  | 2,325 |
SO with exercise price of €64.39 |  |  | — |  |  |  | — |  |  |  | 16,500 |  |  |  | — |  |  |  | 9,300 |  |  |  | 2,325 |
SO with exercise price of €68.33 |  |  | — |  |  |  | — |  |  |  | 8,300 |  |  |  | — |  |  |  | 8,300 |  |  |  | 2,075 |
SO with exercise price of €69.75 |  |  | — |  |  |  | — |  |  |  | 74,960 |  |  |  | — |  |  |  | 72,900 |  |  |  | 18,225 |
SO with exercise price of €66.35 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,100 |  |  |  | 275 |
SO with exercise price of €66.11 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,100 |  |  |  | — |
SO with exercise price of €66.25 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,200 |  |  |  | — |
SO with exercise price of €60.77 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,500 |  |  |  | — |
SO with exercise price of €59.05 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 118,500 |  |  |  | — |
SO with exercise price of €60.54 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 111,600 |  |  |  | — |
SO with exercise price of €71.61 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 30,900 |  |  |  | — |
SO with exercise price of €74.22 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 52,600 |  |  |  | — |
SO with exercise price of €39.00 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 625,200 |  |  |  | — |
SO with exercise price of €38.18 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,300 |  |  |  | — |
Total |  |  | 861,000 |  |  |  | — |  |  |  | 1,160,000 |  |  |  | 85,000 |  |  |  | 2,133,100 |  |  |  | 755,650 |
The exercise prices, anticipated lifetime, and fair value of the underlying shares based on the share price on the Euronext market on the grant date of the warrants were used for the valuation of each category of compensation in shares. 17.9 FREE SHARES The 2012,2013 and 2014 free shares are subject to a two-year vesting period. Details of Free Shares
Date of grant (Board of Directors) |  | 04/02/2012 |  |  | 07/25/2012 |  |  | 11/28/2012 |  |  | 07/25/2013&09/12/2013 |  |  | 06/03/2014 |
Vesting period (years) |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Number of free shares granted |  |  | 669,796 |  |  |  | 134,081 |  |  |  | 35,360 |  |  |  | 501,500 |  |  |  | 186,000 |
Share entitlement per free share (1) |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Grant date share fair value (in euros) |  |  | 8.86 |  |  |  | 8.20 |  |  |  | 8.70 |  |  |  | 7.96 |  |  |  | 19.01 |
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | Yes | (1) |  |  | Yes | (1) |  |  | No |  |  |  | Yes | (2) |  |  | Yes | (3)
Expected turnover during the vesting period |  |  | 1 | % |  |  | 1 | % |  |  | 1 | % |  |  | 1 | % |  |  | 1 | %
Date of grant (Board of Directors) |  | 09/30/2015 |  |  | 12/15/2015 |
Vesting period (years) |  |  | 2 |  |  |  | 2 |
Number of free shares granted |  |  | 708,500 |  |  |  | 42,000 |
Share entitlement per free share (1) |  |  | 1 |  |  |  | 1 |
Grant date share fair value (in euros) |  |  | 62.99 |  |  |  | 64.14 |
Expected dividends |  |  | 0% |  |  |  | 0% |
Performance conditions |  |  | Yes | (4) |  |  | Yes | (4)
Expected turnover during the vesting period |  |  | 0% |  |  |  | 0% |
(1) | The acquisition of free shares is contingent for certain individuals (the “Key Managers”), including Dr. Benhamou, upon the achievement of the three performance criteria below:
| • |  | One-third of the shares allocated to Key Managers will only be acquired from the later of the two following dates (i) expiry of a period of two years from the date of allocation and (ii) inclusion of the 100th patient in the VIPES phase II study.
| • |  | One-third of the shares allocated to Key Managers will only be acquired from the later of the two following dates (i) expiry of a period of two years from the date of allocation and (ii) achievement of the principal evaluation criterion in the VIPES phase II study.
| • |  | One-third of the shares allocated to Key Managers will only be acquired from the later of the two following dates (i) expiry of a period of two years from the date of allocation and (ii) inclusion of the first patient in the Viaskin Milk phase II study.
(2) | The acquisition of free shares is contingent for the Key Managers, including Dr. Benhamou, upon the achievement of the three performance criteria below:
| • |  | One-third of the shares allocated to Key Managers will only be acquired from the later of the two following dates (i) expiry of a period of two years from the date of allocation and (ii) inclusion of the 100th patient in the Viaskin Peanut phase III study a maximum of twelve (12) months after the inclusion of the first patient in the study.
| • |  | One-third of the shares allocated to Key Managers will only be acquired from the later of the two following dates (i) expiry of a period of two years from the date of allocation and (ii) approval by the FDA of a protocol for the Phase III trial of Viaskin Peanut.
| • |  | One-third of the shares allocated to Key Managers will only be acquired from the later of the two following dates (i) expiry of a period of two years from the date of allocation and (ii) an increase of at least fifty (50) per cent for five (5) consecutive days of the Company’s share price compared with the closing price of the Company’s shares listed on Euronext Paris on the day of the adoption of the 2013 free share allocation plan, or July 25, 2013.
It is specified that in the event of a change of control of the Company (as defined in Article L. 233-3 of the Commercial Code), the performance criteria will be considered as definitively achieved.
(3) | The acquisition of free shares is contingent for the Key Managers, including Dr. Benhamou, upon the achievement of the two performance criteria below:
| • |  | Half of the shares allocated to Key Managers will only be acquired from the later of the two following dates (i) expiry of a period of two years from the date of allocation and (ii) inclusion of the 100th patient in the Viaskin Peanut phase III study a maximum of twelve (12) months after the inclusion of the first patient in the study.
| • |  | Half of the shares allocated to Key Managers will only be acquired from the later of the two following dates (i) expiry of a period of two years from the date of allocation and (ii) approval by the FDA of a protocol for the Phase III trial of Viaskin Peanut.
(4) | The acquisition of free shares is contingent for all the employees, including Dr. Benhamou, upon the achievement of the three performance criteria below:
| • |  | One third of the shares will only be acquired from the later of the following two dates : (i) the end of the 2 year vesting period which runs from September 30, 2015 and (ii) achievement of the primary efficacy endpoint of the Phase III ‘Pepites’ trial for Viaskin Peanut; on December 13, 2017, the Board determined that the results from the PEPITES trial did not mean that the performance criteria was not reached and has precised this condition.
| • |  | One third of the shares will only be acquired from the later of the following two dates : (i) the end of the 2 year vesting period which runs from September 30, 2015 and (ii) achievement of the primary efficacy endpoint of the Phase II ‘Miles’ trial for Viaskin Milk;
| • |  | One third of the shares will only be acquired from until the later of the following two dates: (i) the end of the 2 year vesting period which runs from September 30, 2015 and (ii) the beginning of clinical testing of another product candidate from the Viaskin platform.
Board of Directors Grant date |  | 04/06/2016 |  |  | 06/21/2016 |  |  | 08/16/2016 |  |  | 09/01/2016 |  |  | 10/27/2016 |  |  | 12/09/2016 |
Vesting period (years) |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Number of free shares granted |  |  | 63,750 |  |  |  | 193,000 |  |  |  | 10,000 |  |  |  | 5,000 |  |  |  | 15,000 |  |  |  | 23,600 |
Share entitlement per free share |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Grant date share fair value (in euros) |  |  | 62.40 |  |  |  | 52.97 |  |  |  | 60.68 |  |  |  | 61.49 |  |  |  | 67.44 |  |  |  | 69.75 |
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | yes | (1) |  |  | yes | (1) |  |  | yes | (1) |  |  | yes | (1) |  |  | yes | (2) |  |  | yes | (2)
Expected turnover during the vesting period |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
(1) | The acquisition of free shares is contingent for all the employees, including Dr. Benhamou, upon the achievement of the three performance criteria below:
| • |  | One third of the shares will only be acquired from the later of the following two dates: (i) the end of the 2 year vesting period which runs from Grant Date and (ii) achievement of the primary efficacy endpoint of the Phase III ‘Pepites’ trial for Viaskin Peanut; on December 13, 2017, the Board determined that the results from the PEPITES trial did not mean that the performance criteria was not reached and has precised this condition.
| • |  | One third of the shares will only be acquired from the later of the following two dates: (i) the end of the 2 year vesting period which runs from Grant Date and (ii) achievement of the primary efficacy endpoint of the Phase II ‘Miles’ trial for Viaskin Milk;
| • |  | One third of the shares will only be acquired from until the later of the following two dates: (i) the end of the 2 year vesting period which runs from Grant date and (ii) the beginning of clinical testing of another product candidate from the Viaskin platform.
(2) | The acquisition of free shares is contingent for key and new employees upon the achievement of the two performance criteria below:
| • |  | Half of the shares will only be acquired from the later of the following two dates: (i) the end of the 2 year vesting period which runs from Grant Date and (ii) achievement of the primary efficacy endpoint of the Phase III ‘Pepites’ trial for Viaskin Peanut; on December 13, 2017, the Board determined that the results from the PEPITES trial did not mean that the performance criteria was not reached and has precised this condition.
| • |  | Half of the shares will only be acquired from the later of the following two dates: (i) the end of the 2 year vesting period which runs from Grant Date and (ii) achievement of the primary efficacy endpoint of the Phase II ‘Miles’ trial for Viaskin Milk.
Performance conditions other than market conditions, which are taken into account by adjusting the number of equity instruments included in the measurement of the transaction amount, but are not taken into account when estimating the fair value of the shares.
Board of Directors Grant date |  | 03/14/2017 |  |  | 04/20/2017 |
Vesting period (years) |  |  | 2 |  |  |  | 2 |
Number of free shares granted |  |  | 22,500 |  |  |  | 24,000 |
Share entitlement per free share |  |  | 1 |  |  |  | 1 |
Grant date share fair value (in euros) |  |  | 68.07 |  |  |  | 61.20 |
Expected dividends |  |  | 0 | % |  |  | 0 | %
Performance conditions |  |  | yes | (1) |  |  | yes | (1)
Expected turnover during the vesting period |  |  | 0 | % |  |  | 0 | %
(1) | The acquisition of free shares is contingent for key and new employees upon the achievement of the two performance criteria below:
| • |  | Half of the Shares allocated will not be acquired until the later of the following two dates: (i) the end of the two (2)-year acquisition period which runs from today and (ii) submission of the application for market authorization from the FDA for Viaskin Peanut.
| • |  | Half of the Shares allocated will not be acquired until the later of the following two dates: (i) the end of the two (2)-year acquisition period which runs from today and (ii) the first date of sale of Viaskin Peanut in the United States.
Change in Number of Free Shares Outstanding
|  | Year ended December 31, |
Number of Free shares |  | 2015 |  |  | 2016 |  |  | 2017 |
Balance at beginning of period |  |  | 641,360 |  |  |  | 1,008,329 |  |  |  | 1,036,850 |
Granted during the period |  |  | 750,500 |  |  |  | 310,350 |  |  |  | 46,500 |
Forfeited during the period |  |  | 61,833 |  |  |  | 24,000 |  |  |  | 18,650 |
Exercised during the period |  |  | 321,698 |  |  |  | 257,829 |  |  |  | 241,844 |
Expired during the period |  |  | — |  |  |  | — |  |  |  | — |
Balance at end of period |  |  | 1,008,329 |  |  |  | 1,036,850 |  |  |  | 822,856 |

X
- Definition Text block. + References No definition available. + Details
Name: | dbvt_TextBlock1Abstract
Namespace Prefix: | dbvt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for share-based payment arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2017-01-01 -Paragraph 44 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=2&date=2017-03-01&anchor=para_44&doctype=Standard -URIDate 2017-03-09 + Details
Name: | ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration