{"id":2161205,"date":"2026-11-01T23:11:41","date_gmt":"2026-11-01T22:11:41","guid":{"rendered":"https:\/\/kohenavocats.fr\/?page_id=2161205"},"modified":"2026-11-04T19:37:00","modified_gmt":"2026-11-04T18:37:00","slug":"bspce-lawyer-paris","status":"publish","type":"page","link":"https:\/\/kohenavocats.fr\/en\/bspce-lawyer-paris\/","title":{"rendered":"BSPCE lawyer in Paris: choose and grant BSPCE, BSA or bonus shares"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2161205\" class=\"elementor elementor-2161205 elementor-2160647\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-v5bd59a e-con-full e-ecs-flex e-flex e-con e-parent\" data-id=\"v5bd59a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-v5bd59aw elementor-widget elementor-widget-html\" data-id=\"v5bd59aw\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<div class=\"kcv\" id=\"kci-root\" data-refresh-marker=\"expertise-fr-avocat-bspce-paris-20261101\">\n<section class=\"kcv-hero\" aria-labelledby=\"kch-h1\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-head\">\n      <p class=\"kk\">Choosing the instrument, setting the price, drafting the plan and planning for departures<\/p>\n      <h1 id=\"kch-h1\"><em>BSPCE<\/em> lawyer in Paris:<span class=\"kcv-tail\"> choose and grant BSPCE, BSA or bonus shares.<\/span><\/h1>\n      <p class=\"kcv-sub\">Bringing an employee, a director, a board member or an outside adviser into the share capital requires a specific instrument: founder share warrants (BSPCE), share subscription warrants (BSA), bonus shares (actions gratuites) or options. Each has its own rules on eligibility, price, corporate decisions, taxation and social security charges. As a BSPCE lawyer in Paris, the firm helps the company choose the right instrument for each beneficiary and then grant it properly.<\/p>\n      <div class=\"kcv-btns\">\n        <a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a>\n        <a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a>\n      <\/div>\n      <p class=\"kcv-urg\">Before any written promise to a candidate or an employee, check the company's eligibility, the latest capital increase and the delegations that are still valid: a promise that is not kept may bind the company.<\/p>\n    <\/div>\n    <div class=\"kcv-stagewrap\"><div class=\"kcv-stageshadow\"><div class=\"kcv-stage\">\n      <link rel=\"preload\" as=\"image\" href=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-saisie-attribution-paysage-20261025.webp\" media=\"(min-width:761px)\" fetchpriority=\"high\">\n      <link rel=\"preload\" as=\"image\" href=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-saisie-attribution-paysage-1080-20261025.webp\" media=\"(max-width:760px)\" fetchpriority=\"high\">\n      <div class=\"kcv-media\" aria-hidden=\"true\" style=\"--kcv-img:url('https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-saisie-attribution-paysage-20261025.webp');--kcv-img-m:url('https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-saisie-attribution-paysage-1080-20261025.webp')\"><\/div>\n      <div class=\"kcv-panel kcv-glass\" id=\"kch-form\">\n        <div class=\"kcv-panel-head\">\n          <div>\n            <p class=\"kcv-panel-k\">BSPCE and employee share ownership \u00b7 Paris<\/p>\n            <h2 class=\"kcv-panel-t\">Get a <em>first analysis<\/em><\/h2>\n            <p class=\"kcv-panel-l\">Send the articles of association, the capitalisation table, the shareholders' agreement, the minutes of the latest transactions on the share capital and the list of intended beneficiaries: the firm reviews the instrument available for each of them and the decisions to prepare.<\/p>\n          <\/div>\n          <div class=\"kcv-chip kcv-glass\"><p class=\"kcv-chip-n\">24 \u00e0 48 h<\/p><p class=\"kcv-chip-x\">first legal<br>review<\/p><\/div>\n        <\/div>\n        <div class=\"kcf-wrap\">\n<form id=\"kcf-2form\" data-kcf data-api-url=\"https:\/\/kohenavocats.fr\/wp-json\/kohen-form\/v1\/submit\" data-vps-url=\"https:\/\/upload-fr.46-224-152-225.sslip.io\/submit\" data-max-size=\"1073741824\" data-max-files=\"500\" novalidate enctype=\"multipart\/form-data\">\n  <input type=\"hidden\" name=\"rendered_at\" value=\"1776847557\">\n  <div class=\"kcf-hp\" aria-hidden=\"true\"><label for=\"kcf-2website\">Do not fill in<\/label><input id=\"kcf-2website\" name=\"website\" type=\"text\" tabindex=\"-1\" autocomplete=\"off\"><\/div>\n  <div class=\"kcf-price\">\n    <span class=\"kcf-price-amount\">\u20ac80<small>incl. VAT<\/small><\/span>\n    <div class=\"kcf-price-body\">\n      <p class=\"kcf-price-text\"><strong>Preliminary review of your case.<\/strong> Examination of your documents and a first written analysis by Reda Kohen, within 24 to 48 business hours. Payment is made online after this form is sent.<\/p>\n      <ul class=\"kcf-price-meta\">\n        <li>Up to 1 GB of documents, folders and subfolders accepted<\/li>\n        <li>Secure payment, no banking data stored<\/li>\n        <li><a href=\"\/conditions-etude-prealable\/\" target=\"_blank\" rel=\"noopener\">Terms and fee agreement<\/a><\/li>\n      <\/ul>\n    <\/div>\n  <\/div>\n  <div class=\"kcf-row\">\n    <div class=\"kcf-group\">\n      <label class=\"kcf-label\" for=\"kcf-2name\">Full name<\/label>\n      <input class=\"kcf-input\" type=\"text\" id=\"kcf-2name\" name=\"name\" placeholder=\"Your name\" required autocomplete=\"name\" aria-describedby=\"kcf-2name-err\">\n      <p class=\"kcf-field-error\" id=\"kcf-2name-err\" role=\"alert\"><\/p>\n    <\/div>\n    <div class=\"kcf-group\">\n      <label class=\"kcf-label\" for=\"kcf-2phone\">Telephone <span class=\"kcf-optional\">(optional)<\/span><\/label>\n      <input class=\"kcf-input\" type=\"tel\" inputmode=\"tel\" id=\"kcf-2phone\" name=\"phone\" placeholder=\"06 00 00 00 00\" autocomplete=\"tel\" aria-describedby=\"kcf-2phone-err\">\n      <p class=\"kcf-field-error\" id=\"kcf-2phone-err\" role=\"alert\"><\/p>\n    <\/div>\n  <\/div>\n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\" for=\"kcf-2email\">Email address<\/label>\n    <input class=\"kcf-input\" type=\"email\" id=\"kcf-2email\" name=\"email\" placeholder=\"your@email.com\" required autocomplete=\"email\" spellcheck=\"false\" autocapitalize=\"off\" aria-describedby=\"kcf-2email-err\">\n    <p class=\"kcf-field-error\" id=\"kcf-2email-err\" role=\"alert\"><\/p>\n  <\/div>\n  \n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\" for=\"kcf-2message\">Message<\/label>\n    <textarea class=\"kcf-textarea\" id=\"kcf-2message\" name=\"message\" placeholder=\"Briefly describe your situation...\" required aria-describedby=\"kcf-2message-err\"><\/textarea>\n    <p class=\"kcf-field-error\" id=\"kcf-2message-err\" role=\"alert\"><\/p>\n  <\/div>\n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\">Attachments <span class=\"kcf-optional\">(optional, 500 files max, 1 GB)<\/span><\/label>\n    <div class=\"kcf-dropzone\" id=\"kcf-2dropzone\">\n      <svg class=\"kcf-dropzone-icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4\"\/><polyline points=\"17 8 12 3 7 8\"\/><line x1=\"12\" y1=\"3\" x2=\"12\" y2=\"15\"\/><\/svg>\n      <p class=\"kcf-dropzone-text\"><strong>Click<\/strong> or drag your files here<br>All formats accepted (PDF, Word, images, etc.)<\/p>\n      <input type=\"file\" name=\"attachments\" id=\"kcf-2files\" multiple>\n    <\/div>\n    <div class=\"kcf-file-list\" id=\"kcf-2filelist\"><\/div>\n    <div class=\"kcf-progress\" id=\"kcf-2progress\">\n      <div class=\"kcf-progress-bar\"><div class=\"kcf-progress-fill\" id=\"kcf-2progressfill\"><\/div><\/div>\n      <p class=\"kcf-progress-text\" id=\"kcf-2progresstext\">Sending...<\/p>\n    <\/div>\n  <\/div>\n  <button type=\"submit\" class=\"kcf-btn\">\n    <span class=\"kcf-spinner\"><\/span>\n    <span class=\"kcf-btn-text\">Pay \u20ac80 and send my case<\/span>\n  <\/button>\n  <div class=\"kcf-msg\" role=\"status\" aria-live=\"polite\" aria-atomic=\"true\" tabindex=\"-1\"><\/div>\n  <p class=\"kcf-note\">Payment constitutes a request for immediate performance of your analysis. 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l'\u00c9tat.\",\"auteur\":\"data.gouv.fr\",\"paraphrase\":true,\"libelle\":\"Voir la fiche sur data.gouv.fr\"},{\"titre\":\"Commentaires des d\u00e9cisions de justice par l'IA g\u00e9n\u00e9rative\",\"url\":\"https:\/\/www.data.gouv.fr\/reuses\/commentaires-des-decisions-de-justice-par-lia-generative\",\"citation\":\"R\u00e9utilisation des donn\u00e9es publiques de justice publi\u00e9e par Kohen Avocats et r\u00e9f\u00e9renc\u00e9e sur data.gouv.fr.\",\"auteur\":\"data.gouv.fr\",\"paraphrase\":true,\"libelle\":\"Voir la r\u00e9utilisation sur data.gouv.fr\"}]},\"awwwards\":{\"nom\":\"Awwwards\",\"articles\":[{\"titre\":\"Kohen Avocats, site nomm\u00e9 aux Awwwards\",\"url\":\"https:\/\/www.awwwards.com\/sites\/kohen-avocats\",\"citation\":\"Le site du cabinet figure parmi les sites nomm\u00e9s (\u00ab Nominee \u00bb) par Awwwards, r\u00e9f\u00e9rence internationale du design web.\",\"auteur\":\"Awwwards\",\"paraphrase\":true,\"libelle\":\"Voir la fiche sur 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\u00e0 la location ?\",\"url\":\"https:\/\/www.leboncoin.fr\/guide\/immobilier\/bouilloires-thermiques-bientot-interdites-a-la-location-hfpj70o6.html\",\"citation\":\"Le guide immobilier cite une analyse de kohenavocats.fr parmi ses sources.\",\"auteur\":\"Leboncoin\",\"paraphrase\":true}]},\"femme-actuelle\":{\"nom\":\"Femme Actuelle\",\"articles\":[{\"titre\":\"S\u00e9paration ou divorce : quelle banque et quel cr\u00e9dit pour repartir sur de bonnes bases ?\",\"date\":\"2026-09-30\",\"url\":\"https:\/\/www.femmeactuelle.fr\/vie-pratique\/news-vie-pratique\/separation-ou-divorce-quelle-banque-et-quel-credit-pour-repartir-sur-de-bonnes-bases-2211980\",\"citation\":\"L'article cite une analyse de kohenavocats.com parmi ses sources.\",\"auteur\":\"Femme Actuelle\",\"paraphrase\":true}]},\"economie-matin\":{\"nom\":\"\u00c9conomie Matin\",\"articles\":[{\"titre\":\"Nouveau bail 2026 : ce que les propri\u00e9taires doivent anticiper d\u00e8s maintenant\",\"date\":\"2026-09-10\",\"url\":\"https:\/\/www.economiematin.fr\/bail-nouveau-2026-proprietaires-anticiper\",\"citation\":\"Sur le d\u00e9cret n\u00b0 2026-596 du 7 juillet 2026, l'article renvoie \u00e0 l'analyse publi\u00e9e par le cabinet.\",\"auteur\":\"\u00c9conomie Matin\",\"paraphrase\":true}]},\"la-voix-du-nord\":{\"nom\":\"La Voix du Nord\",\"articles\":[{\"titre\":\"Que risquent les personnes qui ach\u00e8tent des objets vol\u00e9s le 17 octobre ?\",\"date\":\"2026-10-19\",\"url\":\"https:\/\/www.lavoixdunord.fr\/1747700\/article\/2026-10-19\/que-risquent-les-personnes-qui-achetent-des-objets-voles-le-17-octobre\",\"citation\":\"L\u2019infraction suppose la connaissance de l\u2019origine : savoir que l\u2019objet provient d\u2019un vol.\",\"auteur\":\"Me Hassan Kohen\"}]},\"sortir-a-paris\":{\"nom\":\"Sortir \u00e0 Paris\",\"articles\":[{\"titre\":\"Manifestation du 24 octobre \u00e0 Paris : parcours, nouvelles stations ferm\u00e9es, les 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l\u2019obligation de d\u00e9livrer un logement d\u00e9cent pendant toute la dur\u00e9e du bail et l\u2019ordonnance du tribunal judiciaire de B\u00e9ziers du 31 mars 2026 sur une climatisation install\u00e9e sans autorisation.\",\"auteur\":\"Science \\u0026 Vie\",\"paraphrase\":true}]},\"frandroid\":{\"nom\":\"Frandroid\",\"articles\":[{\"titre\":\"Fin de Rakuten France : comment r\u00e9cup\u00e9rer vos factures, vos garanties et vos points Club R\",\"date\":\"2026-09-30\",\"url\":\"https:\/\/www.frandroid.com\/culture-tech\/web\/3266559_fin-de-rakuten-france-comment-recuperer-vos-factures-vos-garanties-et-vos-points-club-r\",\"citation\":\"Le cabinet Kohen Avocats leur conseille de retirer cet argent et de t\u00e9l\u00e9charger tout leur historique avant le 10 novembre.\",\"auteur\":\"Frandroid\",\"paraphrase\":true},{\"titre\":\"Goutte-\u00e0-goutte et inondation : que faire quand la climatisation du voisin ruine votre terrasse 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Voil\u00e0 pourquoi\",\"date\":\"2026-10-25\",\"url\":\"https:\/\/www.magicmaman.com\/vous-vivez-en-immeuble-et-vous-n-avez-toujours-pas-de-chauffage-cet-automne-voila-pourquoi,3787269.asp\",\"citation\":\"Cette date nationale n\u2019existe pas. La loi ne fixe pas un calendrier d\u2019allumage commun \u00e0 tous les immeubles.\",\"auteur\":\"Cabinet Kohen Avocats\"}]},\"next\":{\"nom\":\"Next\",\"articles\":[{\"titre\":\"Fin de Bloctel, interdiction du d\u00e9marchage d\u00e8s le 11 ao\u00fbt : on fait le point\",\"date\":\"2026-08-04\",\"url\":\"https:\/\/next.ink\/249950\/fin-de-bloctel-interdiction-du-demarchage-des-le-11-aout-on-fait-le-point\/\",\"citation\":\"Selon le cabinet Kohen Avocats, les jurisprudences dans ce secteur devraient \u00ab \u00e9clairer la port\u00e9e du futur r\u00e9gime \u00bb.\",\"auteur\":\"Next\",\"paraphrase\":true}]},\"actu-juridique\":{\"nom\":\"Actu-Juridique\",\"articles\":[{\"titre\":\"Magistrature et franc-ma\u00e7onnerie : que dit le droit ?\",\"date\":\"2026-09-22\",\"url\":\"https:\/\/www.actu-juridique.fr\/professions\/magistrats\/magistrature-et-franc-maconnerie-stupeur-et-evitements\/\",\"citation\":\"L\u2019article cite en r\u00e9f\u00e9rence l\u2019analyse de Ma\u00eetre Hassan Kohen, avocat en droit p\u00e9nal \u00e0 Paris, sur l\u2019avis du Coll\u00e8ge de d\u00e9ontologie du 9 juin 2026.\",\"auteur\":\"Actu-Juridique\",\"paraphrase\":true}]},\"batiweb\":{\"nom\":\"Batiweb\",\"articles\":[{\"titre\":\"Mayotte : Lecornu veut un \u00ab choc de mises en chantier \u00bb\",\"date\":\"2026-08-27\",\"url\":\"https:\/\/www.batiweb.com\/actualites\/urbanisme\/reconstruction-mayotte-lecornu-choc-mises-chantier-49208\",\"citation\":\"Sur les autorisations d\u2019urbanisme n\u00e9cessaires \u00e0 la reconstruction de Mayotte, l\u2019article cite les explications de Me Reda Kohen.\",\"auteur\":\"Batiweb\",\"paraphrase\":true}]},\"berliner-zeitung\":{\"nom\":\"Berliner Zeitung\",\"articles\":[{\"titre\":\"Null Euro Miete, daf\u00fcr Quizabende mit Rentnern: Wie eine 18-J\u00e4hrige ins Seniorenheim zog\",\"date\":\"2026-09-21\",\"url\":\"https:\/\/www.berliner-zeitung.de\/article\/null-euro-miete-dafuer-quizabende-mit-rentnern-wie-eine-18-jaehrige-ins-seniorenheim-zog-10414380\",\"citation\":\"Der Pariser Anwalt Reda Kohen ordnet das Modell als Gebrauchsleihe ein: Die Wohnung wird \u00fcberlassen, nicht vermietet.\",\"auteur\":\"Berliner Zeitung\",\"paraphrase\":true}]},\"startupitalia\":{\"nom\":\"StartupItalia\",\"articles\":[{\"titre\":\"Quasi 13 miliardi di dollari di Nvidia per la sconosciuta Hugging Face. 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if(e.key==='ArrowLeft'&&actuel>0){e.preventDefault();aller(actuel-1);}});\ns.querySelectorAll('button.knp__logo').forEach(function(b){b.addEventListener('click',function(e){ouvrir(b,e.detail===0&&b.tabIndex>=0);});});\n}\ndocument.querySelectorAll('.knp').forEach(lier);\n})();\n<\/script>\n<\/div>\n  <\/div>\n<\/section>\n<section class=\"kcv-tabs\" id=\"kcv-cabinet\" aria-label=\"BSPCE lawyer in Paris\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-tabs-head\">\n      <p class=\"kk\">Kohen Avocats, Paris 17<\/p>\n      <h2>BSPCE, BSA, bonus shares: <em>choose, then grant<\/em><\/h2>\n    <\/div>\n    <div class=\"kcv-bar\"><div class=\"kcv-chips\" role=\"tablist\" aria-label=\"Case sections\"><button class=\"kcv-chip-t on\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-avocat\" aria-controls=\"kcv-avocat\" aria-selected=\"true\" tabindex=\"0\">The lawyer<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p1\" aria-controls=\"kcv-p1\" aria-selected=\"false\" tabindex=\"-1\">The rules<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p2\" aria-controls=\"kcv-p2\" aria-selected=\"false\" tabindex=\"-1\">Your documents<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p3\" aria-controls=\"kcv-p3\" aria-selected=\"false\" tabindex=\"-1\">The method<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p4\" aria-controls=\"kcv-p4\" aria-selected=\"false\" tabindex=\"-1\">The timetable<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p5\" aria-controls=\"kcv-p5\" aria-selected=\"false\" tabindex=\"-1\">The checks<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-synthese\" aria-controls=\"kcv-synthese\" aria-selected=\"false\" tabindex=\"-1\">Summary<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-faq\" aria-controls=\"kcv-faq\" aria-selected=\"false\" tabindex=\"-1\">Questions<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-textes\" aria-controls=\"kcv-textes\" aria-selected=\"false\" tabindex=\"-1\">Legal texts<\/button><\/div><\/div>\n    <div class=\"kcv-track\"><div class=\"kcv-slide kcv-on\" id=\"kcv-avocat\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-avocat\" tabindex=\"-1\">\n<div class=\"kcv-pro\">\n  <figure class=\"kcv-pro-photo\"><img fetchpriority=\"high\" src=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/kohen-footer\/portrait-reda-20260920-lignes-orange.jpg\" alt=\"Reda Kohen, lawyer at the Paris Bar\" width=\"1122\" height=\"1402\" loading=\"eager\" decoding=\"async\">\n    <figcaption class=\"kcv-pro-cap kcv-glass\"><span class=\"kcv-pro-capn\">Reda Kohen<\/span><span class=\"kcv-pro-capr\">Lawyer at the Paris Bar<\/span><\/figcaption>\n  <\/figure>\n  <div class=\"kcv-pro-body\">\n    <p class=\"kk\">Company law \u00b7 Paris 17th<\/p>\n    <h2>What a <em>BSPCE lawyer<\/em> in Paris does<\/h2>\n    <ul class=\"kcv-pro-tags\"><li>Paris Bar<\/li><li>Company law<\/li><li>Employee share ownership<\/li><\/ul>\n    <p class=\"kcv-p\">Reda Kohen, lawyer (avocat) at the Paris Bar, advises joint-stock companies, their founders and their beneficiaries on BSPCE, BSA and bonus share plans.<\/p>\n    <p class=\"kcv-p\">The choice of instrument depends first on the person concerned: an employed developer, a managing director who is a corporate officer, an independent director, a consultant who invoices fees. It then depends on the company's situation and the timetable of transactions on the share capital.<\/p>\n    <p class=\"kcv-p\">The firm first checks the conditions of <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 163 bis G of the French General Tax Code (Code g\u00e9n\u00e9ral des imp\u00f4ts)<\/a> in the version in force since 21 February 2026, then the rules of the Commercial Code (Code de commerce) specific to each security, and finally the social security consequences that case law attaches to benefits granted in connection with work.<\/p>\n    <p class=\"kcv-p\">Send what you have, even if incomplete: the firm will prioritise and complete the file with you. In an emergency, call <a href=\"tel:+33646605822\">06 46 60 58 22<\/a>.<\/p>\n    <p class=\"kcv-pro-meta\"><a href=\"https:\/\/consultation.avocat.fr\/avocat-paris\/reda-kohen-54670.html\" target=\"_blank\" rel=\"noopener\">Official profile in the directory of French lawyers (CNB)<\/a><span>Firm at 11 rue Margueritte, 75017 Paris<\/span><\/p>\n  <\/div>\n<\/div>\n<div class=\"kcv-cards\">\n  <div class=\"kcv-card\"><h3>One instrument per beneficiary<\/h3><p>BSPCE are reserved for employees, for directors taxed like employees and for members of collegiate bodies. A consultant or an investor falls under other securities, with other rules.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>A price that can be justified<\/h3><p>The subscription price of the shares must be explicable in light of recent transactions on the share capital. A valuation without a method exposes both the company and the beneficiary.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>A plan that provides for departures<\/h3><p>Dismissal, resignation, removal or death: the plan rules must say what becomes of the rights, and case law measures their effects.<\/p><\/div>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p1\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p1\" tabindex=\"-1\">\n<p class=\"kk\">The rules<\/p>\n<h2>BSPCE, BSA, bonus shares: <em>the rules that decide<\/em><\/h2>\n<p class=\"kcv-lead\">Five rules decide, in practice, which instrument is available and how to grant it.<\/p>\n<ol class=\"kcv-conds\">\n  <li>For warrants granted since 1 January 2026, a joint-stock company may grant BSPCE if it is subject to corporate income tax, has been registered for less than fifteen years, does not result from a restructuring (outside the exceptions), and if individuals continuously hold at least 15% of its share capital, directly or through a company of which they hold three-quarters, compared with 25% previously. The warrants may also benefit the staff of sub-subsidiaries where the product of the shareholding percentages reaches 75% (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 163 bis G of the General Tax Code<\/a>).<\/li>\n  <li>The price at which the beneficiary will subscribe for the shares is set on the day of the grant. Where a capital increase conferring equivalent rights took place in the preceding six months, this price cannot fall below the issue price then used, unless a discount is justified by a loss of economic value or by less extensive rights (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">paragraph III of Article 163 bis G<\/a>).<\/li>\n  <li>Share subscription warrants are transferable securities giving access to the share capital (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329670\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329670\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 228-91 of the Commercial Code<\/a>). Their issue falls within the remit of the extraordinary general meeting, which may reserve it for named persons by removing the shareholders' preferential subscription right (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339701\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339701\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-138<\/a>). The Second Civil Chamber holds that, where they are granted in connection with work on preferential terms, these warrants generate a benefit subject to social security contributions (<a href=\"https:\/\/www.courdecassation.fr\/decision\/651527e642b42d8318bc6579\" target=\"_blank\" rel=\"noopener\">Cass. 2e civ., 28 September 2023, No. 21-20.685<\/a>).<\/li>\n  <li>Bonus shares require an authorisation from the extraordinary general meeting valid for thirty-eight months at most, a ceiling set as a percentage of the share capital, a vesting period of at least one year and a combined vesting and holding period of at least two years (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048489093\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048489093\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-197-1 of the Commercial Code<\/a>). The employer in principle owes a 30% contribution on their value at the vesting date (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051284578\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051284578\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 137-13 of the Social Security Code<\/a>).<\/li>\n  <li>Where the plan makes vesting conditional on the employee's continued presence and a dismissal without genuine and serious cause prevents it before the end of the vesting period, the employee does not obtain the shares: the Social Chamber holds that the employee \"cannot claim the allocation of the shares and recognition of shareholder status, but only compensation for the loss resulting from the lost chance of definitively acquiring the bonus shares\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/67bebf41ab77563075a59452\" target=\"_blank\" rel=\"noopener\">Cass. soc., 26 February 2025, No. 23-15.072<\/a>) (our translation).<\/li>\n<\/ol>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>The choice of instrument is made beneficiary by beneficiary. A single plan may combine BSPCE for employees and BSA for an independent director, provided that each corporate decision refers to the right security.<\/p><\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p2\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p2\" tabindex=\"-1\">\n<p class=\"kk\">Your documents<\/p>\n<h2>What to gather depending on <em>your position<\/em><\/h2>\n<p class=\"kcv-lead\">The documents make it possible to check eligibility, the price and the validity of decisions already taken.<\/p>\n<div class=\"kcv-duel\">\n  <div class=\"kcv-opt kcv-opt-a\"><p class=\"kcv-opt-k\">Position A<\/p><p class=\"kcv-opt-t\">You are the company granting the instruments<\/p><ul><li>Up-to-date articles of association, registration extract and capitalisation table broken down by category of securities<\/li><li>Minutes of the capital increases of recent months and the issue prices used<\/li><li>Shareholders' agreement, delegations currently in force and the list of intended beneficiaries with their status<\/li><li>Employment contracts, corporate offices or service contracts of the persons concerned<\/li><\/ul><\/div>\n  <div class=\"kcv-or\" aria-hidden=\"true\">or<\/div>\n  <div class=\"kcv-opt kcv-opt-b\"><p class=\"kcv-opt-k\">Position B<\/p><p class=\"kcv-opt-t\">You are a beneficiary or former beneficiary<\/p><ul><li>Grant letter, plan rules and the corporate decision authorising it<\/li><li>Emails or letters promising warrants or shares before the hiring<\/li><li>Exercise notices, acknowledgements of receipt and the company's replies<\/li><li>Letter of dismissal, removal or resignation and the date the duties ended<\/li><\/ul><\/div>\n<\/div>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>Do not sign an exercise form or send a notice without first checking the time limit and the form required by the plan rules.<\/p><\/div>\n<p class=\"kcv-p\">The firm also handles:<\/p>\n<ul class=\"kcv-pro-tags\"><li>Fundraising<\/li><li>Shareholders' agreement<\/li><li>Management package<\/li><li>Company law<\/li><\/ul><\/div><div class=\"kcv-slide\" id=\"kcv-p3\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p3\" tabindex=\"-1\">\n<p class=\"kk\">The method<\/p>\n<h2>How the firm <em>supports you<\/em><\/h2>\n<p class=\"kcv-lead\">Choose the instrument, set the price, organise the decisions, document the plan.<\/p>\n<div class=\"kcv-rows\">\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 1<\/p><h3>Mapping the beneficiaries<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The firm classifies each person according to their actual status: employee, corporate officer taxed like an employee, member of a collegiate body, service provider or investor. This classification determines which securities are available.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 2<\/p><h3>Checking the company and the price<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Holding of the share capital by individuals, registration date, tax regime, transactions in the last six months: the firm checks the conditions of Article 163 bis G and the consistency of the proposed price.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 3<\/p><h3>Preparing the corporate decisions<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Reports, resolutions of the general meeting or collective decision of the shareholders of a simplified joint-stock company (SAS), any delegation to the chairman, then the grant decision: each document must refer to the right text and the right security.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 4<\/p><h3>Drafting the plan rules<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Vesting timetable, time limit and form of exercise, fate of the warrants on departure, on a sale of the company or on death: the rules anticipate the situations that give rise to disputes.<\/p><\/div><\/div>\n<\/div>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>A share ownership plan is drafted with the day it will be read by a judge in mind: that of a contentious departure, a sale or an inspection by the URSSAF (social security contributions agency).<\/p><\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p4\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p4\" tabindex=\"-1\">\n<p class=\"kk\">The timetable<\/p>\n<h2>The timetable <em>of a grant plan<\/em><\/h2>\n<p class=\"kcv-lead\">From checking eligibility to the beneficiary's exercise of the rights.<\/p>\n<ol class=\"kcv-hs\"><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Preliminary check<\/p><p><strong>Before any promise.<\/strong> Check eligibility for BSPCE, the status of each beneficiary and the issue price of the latest capital increase.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Reports and resolutions<\/p><p>Prepare the report of the management body and, where the law requires it, the statutory auditor's report on the proposed transaction.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Shareholders' decision<\/p><p>The extraordinary general meeting, or in an SAS the shareholders collectively, authorises the issue, sets the exercise period and may delegate the choice of beneficiaries.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Individual grant<\/p><p>The delegated body designates each beneficiary and the number of securities; the grant letter and the plan rules are handed over and signed.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Vesting of rights<\/p><p>The rights vest according to the agreed timetable; for bonus shares, the vesting period lasts at least one year.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Exercise and sale<\/p><p>The beneficiary exercises within the time limit and in the form provided for; the gain is mostly taxed in the year the securities are sold.<\/p><\/li><\/ol><\/div><div class=\"kcv-slide\" id=\"kcv-p5\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p5\" tabindex=\"-1\">\n<p class=\"kk\">The checks<\/p>\n<h2>What the firm checks <em>before granting<\/em><\/h2>\n<p class=\"kcv-lead\">Each point is checked against a document, not against market habit.<\/p>\n<div class=\"kcv-split\">\n  <ul class=\"kcv-check\"><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Eligibility of the company: tax regime, length of registration, share of the capital held directly by individuals, origin of the company.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Status of each beneficiary: employment contract, corporate office and tax regime of the director, membership of a collegiate body, service provider status.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Price: transactions on the share capital in the last six months, rights attached to the securities issued, justification of any discount.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Corporate decisions: powers of the general meeting or of the shareholders of an SAS, delegation still valid, vote on a capital increase reserved for employees where the law requires it.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Plan rules: vesting timetable, time limit and form of exercise, fate of the rights on departure, on a sale and on death.<\/span><\/li><\/ul>\n  <aside class=\"kcv-act\">\n    <p class=\"kcv-act-k\">Case documents<\/p>\n    <p class=\"kcv-act-t\">Send what you have, even if incomplete<\/p>\n    <p class=\"kcv-act-p\">Submit your documents through the confidential form at the top of the page: the firm will prioritise and complete the file with you.<\/p>\n    <div class=\"kcv-act-b\"><a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a><a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a><\/div>\n  <\/aside>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-synthese\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-synthese\" tabindex=\"-1\">\n<p class=\"kk\">Summary<\/p>\n<h2>Beneficiary, <em>instrument, points to watch<\/em><\/h2>\n<p class=\"kcv-lead\">The most frequent situations and the first question to settle.<\/p>\n<div class=\"kcv-rows\">\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Employee hired by a young company<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Key evidence:<\/strong> Employment contract, capitalisation table, proof of holding by individuals and registration date.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> Check eligibility before the offer letter that mentions warrants.<\/p><p class=\"kcv-p\"><strong>Useful step:<\/strong> BSPCE plan with a vesting timetable and precise rules on departures.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Managing director who is a corporate officer<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Key evidence:<\/strong> Appointment decision, remuneration and tax regime applicable to the director.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> Determine the tax regime before including the person on the list of beneficiaries.<\/p><p class=\"kcv-p\"><strong>Useful step:<\/strong> BSPCE if the director falls under the tax regime of employees; otherwise BSA or bonus shares, as the case may be.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Independent director or committee member<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Key evidence:<\/strong> SAS articles of association establishing the body, appointment decision and terms of participation in decisions.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> The member who is a beneficiary does not take part in the decision concerning them.<\/p><p class=\"kcv-p\"><strong>Useful step:<\/strong> BSPCE if the body provided for in the articles is equivalent to a board of directors or supervisory board, otherwise BSA issued at a justified price.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Consultant or outside service provider<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Key evidence:<\/strong> Service contract, invoices and absence of a relationship of subordination.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> Rule out any promise of BSPCE, which are reserved for other categories.<\/p><p class=\"kcv-p\"><strong>Useful step:<\/strong> BSA reserved by the general meeting, price based on a valuation, social security consequences checked.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Company paying no dividend and granting shares widely to staff<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Key evidence:<\/strong> Headcount, payroll, thresholds for SMEs or mid-sized companies, history of distributions.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> General meeting authorisation usable for thirty-eight months at most.<\/p><p class=\"kcv-p\"><strong>Useful step:<\/strong> Bonus shares within the statutory ceilings, with review of the exemption from the employer contribution.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Beneficiary leaving the company<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Key evidence:<\/strong> Departure letter, plan rules, exercise notices and replies.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> Re-read at once the exercise period that the plan attaches to the end of duties.<\/p><p class=\"kcv-p\"><strong>Useful step:<\/strong> Exercise in the proper form or, if the departure is disputed, a claim based on loss of a chance.<\/p><\/div><\/div>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-faq\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-faq\" tabindex=\"-1\">\n<p class=\"kk\">Frequently asked questions<\/p>\n<h2>Your questions: <em>BSPCE, BSA and bonus shares<\/em><\/h2>\n<div class=\"kcv-faqgrid\">\n  <aside class=\"kcv-act kcv-act-sticky\">\n    <p class=\"kcv-act-k\">13 questions<\/p>\n    <p class=\"kcv-act-t\">A situation not listed here?<\/p>\n    <p class=\"kcv-act-p\">Every case has its own features. The firm reads your documents before answering you.<\/p>\n    <div class=\"kcv-act-b\"><a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a><a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a><\/div>\n  <\/aside>\n  <div class=\"kcv-faq\"><details><summary>How do you choose between BSPCE, BSA and bonus shares for a given beneficiary?<\/summary><div class=\"a\"><p>The starting point is the status of the person, not the company's preference. BSPCE are open only to employees, to directors under the tax regime of employees and to members of the board of directors, the supervisory board or the equivalent body provided for in the articles of an SAS (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 163 bis G of the French General Tax Code<\/a>). Being a consultant paid on invoice, an investor or a director not taxed like an employee does not, on its own, give access to BSPCE, unless the person also holds a function covered by the text. For these persons, the company may issue share subscription warrants, which are transferable securities giving access to the share capital within the meaning of <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329670\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329670\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 228-91 of the Commercial Code<\/a>, at a price that must be justified. Bonus shares, governed by <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048489093\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048489093\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-197-1<\/a>, benefit employees and certain corporate officers, with a ceiling expressed as a percentage of the share capital and a vesting period of at least one year. The second criterion concerns the company: age, shareholding, tax regime, any listing. The third concerns cost: taxation of the beneficiary, social security charges and the employer contribution. The firm weighs these three criteria for each person before drafting the resolutions.<\/p><\/div><\/details><details><summary>Which BSPCE conditions did the law of 19 February 2026 change?<\/summary><div class=\"a\"><p>Law No. 2026-103 of 19 February 2026 amended <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 163 bis G of the General Tax Code<\/a>. Its new wording has been in force since 21 February 2026 and, according to the application note under the article, applies to warrants granted from 1 January 2026. It relaxes two points. First, the threshold of holding by individuals falls from 25% to 15% of the share capital: this share must belong to them continuously and without an intermediary, unless a company is interposed of which at least three-quarters of the share capital is itself held by individuals. The holdings of certain funds and investment companies remain disregarded for this calculation, provided there is no relationship of dependence. Second, the company may grant warrants to the staff and directors of its sub-subsidiaries, where the product of the shareholding percentages reaches at least 75%, whereas the earlier text stopped at subsidiaries. The text also specifies that the issuing company must hold the subsidiary directly, and that subsidiaries and sub-subsidiaries must meet the other conditions, except the one relating to holding by individuals. The other conditions remain: a joint-stock company subject to corporate income tax, registered for less than fifteen years, with a market capitalisation below \u20ac150 million if its securities are listed, and not created through a restructuring outside the exceptions. A company ruled out in 2025 by the 25% threshold can therefore review its situation.<\/p><\/div><\/details><details><summary>How do you set the exercise price of BSPCE after a fundraising?<\/summary><div class=\"a\"><p>The price at which the beneficiary will subscribe for the shares is set on the day of the grant, by the extraordinary general meeting or, on its delegation, by the management body. Paragraph III of <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 163 bis G of the General Tax Code<\/a> adds a rule specific to companies that have just raised funds: if a capital increase involving securities with equivalent rights took place in the six months preceding the grant, the price cannot be lower than the issue price then used. Two discounts are allowed. The first reflects the loss of economic value of the security since the issue; the second reflects the difference in rights where investors received preference shares that are more protective than the ordinary shares resulting from the warrants. The text prescribes no form, but a written analysis kept with the minutes makes it possible to justify each of them. Outside those six months, the price rests on a valuation consistent with the company's situation. A price below this floor takes the warrants outside the conditions of paragraph III, on which paragraph I of the same article makes the beneficiary's tax regime depend; a price that is too high removes the point of the plan. The firm compares the proposed price with the latest transactions and with the rights attached to each category of securities.<\/p><\/div><\/details><details><summary>How is the gain made on BSPCE taxed in 2026?<\/summary><div class=\"a\"><p>For shares subscribed on exercise of warrants from 1 January 2025, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 163 bis G of the General Tax Code<\/a> distinguishes two gains, according to the application note on the Finance Act for 2025 placed under the article. The first, known as the employment benefit, is the difference between the value of the shares on the day the warrants are exercised and the acquisition price set at the grant. It is subject to income tax at the flat rate of 12.8% provided for in <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053546896\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053546896\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 200 A<\/a> or, by option, under the rules for salaries and wages. This rate rises to 30% where the beneficiary has carried out their activity or office in the company for less than three years at the date of the sale; the text takes into account, depending on the case, periods spent in a subsidiary, a sub-subsidiary or the issuing company. Tax falls due in the year the shares are sold, converted to bearer form, leased or made the subject of an act of disposal, and not in the year of exercise. The second gain, between the sale price and the value of the shares on the day of exercise, falls in principle under the capital gains regime of Article 150-0 A. Where this gain is obtained in return for the person's functions, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 163 bis H<\/a> maintains that regime only up to a limit calculated from three times the change in the real value of the company, taxes the portion above it like a salary and requires that the shares have been at risk of loss. Shares subscribed before 2025 fall under the earlier rules. The timing of the beneficiary's departure and that of the sale therefore have a direct effect on the rate. The firm checks that the plan and the registers make it possible to reconstruct these dates.<\/p><\/div><\/details><details><summary>Does a written promise of warrants or shares bind the company?<\/summary><div class=\"a\"><p>A written promise may bind the company, depending on its terms and the undertaking actually given, even if the grant then depends on a decision of another body. The Social Chamber upheld a court of appeal that had held liable a company which had undertaken, in a letter of a contractual nature signed with an executive-level employee, to let him take part in the group's employee share incentive plan, and had acted as a guarantor (porte-fort) that its directors would honour that undertaking. The Court recalls that \"the guarantor, who owes an autonomous obligation to achieve a result, is liable to the beneficiary of the promise for the consequences of the non-performance of the promised undertaking\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6ac606cdc27382d099f5776e\" target=\"_blank\" rel=\"noopener\">Cass. soc., 7 October 2026, No. 24-17.294<\/a>) (our translation). The judgment nevertheless set aside the award of \u20ac7,000,000 in damages, the court of appeal having assumed that the employee would have sold all the shares; the Court holds that \"the court of appeal, which compensated a hypothetical loss, infringed the aforementioned provisions\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6ac606cdc27382d099f5776e\" target=\"_blank\" rel=\"noopener\">Cass. soc., 7 October 2026, No. 24-17.294<\/a>) (our translation). For the company, the lesson is twofold: check eligibility and decision-making capacity before writing, then word the promise with its conditions and gauge the scope of any guarantee of this kind. For the beneficiary, the letter and the exchanges that precede it form the proof of the undertaking, and the loss must be quantified in proportion to the chance actually lost.<\/p><\/div><\/details><details><summary>Does a dismissed employee lose bonus shares still in the vesting period?<\/summary><div class=\"a\"><p>If the plan makes final vesting conditional on the employee's continued presence, leaving before the end of the period in principle deprives the employee of the shares. Where the dismissal is held to be without genuine and serious cause, the Social Chamber nonetheless does not award the shares. It set aside a judgment that had recognised an employee as a shareholder, holding that the employee \"cannot claim the allocation of the shares and recognition of shareholder status, but only compensation for the loss resulting from the lost chance of definitively acquiring the bonus shares\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/67bebf41ab77563075a59452\" target=\"_blank\" rel=\"noopener\">Cass. soc., 26 February 2025, No. 23-15.072<\/a>) (our translation). The employee can therefore obtain a sum of money compensating the lost chance, and not the shares themselves. Conversely, where the dismissal rests on a genuine and serious cause, no compensation is due for options the employee could not exercise: the Court ruled on the merits, noting that \"the employee's dismissal had occurred for genuine and serious cause, so that he could not claim any compensation\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/683fe09f6fab8d4927bf1fb8\" target=\"_blank\" rel=\"noopener\">Cass. soc., 4 June 2025, No. 23-17.691<\/a>) (our translation). This second decision, unfavourable to the employee, concerns stock options, but its reasoning on the cause of the departure is a warning for any plan containing a presence condition.<\/p><\/div><\/details><details><summary>Do bonus shares count towards the calculation of severance pay?<\/summary><div class=\"a\"><p>Not necessarily. The Social Chamber has excluded them where the shares were not consideration for work. In a case where the collective agreement based dismissal compensation on the elements of pay subject to contributions, the Court upheld the court of appeal, which had excluded bonus shares acquired by the employee three years after they were granted and valued only at their stock market price: it notes that \"the valuation of the bonus shares granted to the employee, which were not of the nature of a salary, could not be taken into account in setting the compensation in dispute\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/664d8a9ff19ab60008532da2\" target=\"_blank\" rel=\"noopener\">Cass. soc., 22 May 2024, No. 22-18.182<\/a>) (our translation). The outcome is unfavourable to the employee who had hoped to see their compensation increased. It does not, on its own, settle every situation: the wording of the applicable collective agreement, the nature of the conditions set by the plan and the way the benefit was valued remain to be examined. For the company, it confirms the value of plan rules that describe the grant as a scheme for sharing in the capital, distinct from the agreed remuneration. For the employee, the stakes shift to the lost chance where the departure deprived them of the shares.<\/p><\/div><\/details><details><summary>Which court should hear a dispute over BSPCE after a dismissal?<\/summary><div class=\"a\"><p>Where the dispute arises from the employment relationship, the employment tribunal (conseil de prud'hommes) has jurisdiction. The Social Chamber upheld a court of appeal that had accepted that jurisdiction for BSPCE granted to an employee in connection with the employment relationship, that court having recalled that \"the grant by the employer of an option entitling the holder to subscribe for shares or other incentive items is an accessory to the employment contract\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/677e29637273c3590cec10db\" target=\"_blank\" rel=\"noopener\">Cass. soc., 8 January 2025, No. 23-15.044<\/a>) (our translation). More recently, a former employee had applied to the commercial court for the issue of shares corresponding to warrants already exercised, arguing that only the other tranches fell within the employment tribunal's remit. The Paris Court of Appeal found that his employment tribunal claim also covered those warrants, held the distinction artificial and upheld the order ruling out the commercial court, noting that \"it follows that there is a direct link between the BSPCE, whichever they are, and the examination of the dismissal\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6ad1c06c7a10202137780249\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 1 ch. 2, 15 October 2026, No. 26\/05198<\/a>) (our translation). It adds that the person concerned had not yet acquired shareholder status. This decision is unfavourable to a strategy of splitting claims between two courts. Before acting, the firm therefore checks whether the dispute really concerns company law, for example the validity of an issue, or the consequences of the termination of the contract.<\/p><\/div><\/details><details><summary>Are BSA granted to directors subject to social security contributions?<\/summary><div class=\"a\"><p>They may be. The Second Civil Chamber holds that share subscription warrants offered in connection with work and acquired on preferential terms generate a benefit that falls within the base for contributions. It specifies that \"the preferential nature of the terms on which the share subscription warrants are granted results both from the status of the beneficiaries as employees or corporate officers and their limited number, and from the terms of issue and transferability of the warrants\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/651527e642b42d8318bc6579\" target=\"_blank\" rel=\"noopener\">Cass. 2e civ., 28 September 2023, No. 21-20.685<\/a>) (our translation), the price paid being only an indication. A subscription price calculated by a valuer is therefore not enough to rule out the risk if the warrants are reserved for a few directors and are non-transferable. The same decision fixes the point at which the calculation is made: abandoning its earlier case law, the Court now holds that \"the event giving rise to the social security contributions relating to this benefit is understood as the date of sale or realisation of the share subscription warrants\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/651527e642b42d8318bc6579\" target=\"_blank\" rel=\"noopener\">Cass. 2e civ., 28 September 2023, No. 21-20.685<\/a>) (our translation). The benefit is then measured on the gain obtained or the saving made. This outcome, unfavourable to the company in that case, means the social security treatment of BSA must be examined from their issue, and not at the time of an inspection.<\/p><\/div><\/details><details><summary>What happens if a bonus share plan does not comply with the Commercial Code?<\/summary><div class=\"a\"><p>The favourable social security treatment assumes that the grant follows Articles L. 225-197-1 et seq. of the Commercial Code. Failing that, URSSAF may add the benefit back into the contribution base. The Second Civil Chamber ruled, in a dispute where zero-price call options had been analysed as bonus shares, that \"the event giving rise to the social security contributions relating to the benefit resulting from allocations of shares without consideration is understood as the final allocation of those shares to their beneficiaries at the end of the vesting period\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/66d959f3c2360f5a39d5a719\" target=\"_blank\" rel=\"noopener\">Cass. 2e civ., 5 September 2024, No. 22-18.293<\/a>) (our translation). The benefit is therefore measured on the value of the shares at that date, and not on their resale; for lack of probative evidence of that value, the company could not challenge the inspector's valuation. Delivered on shares acquired in 2012, under an earlier wording of Article L. 242-1 of the Social Security Code, this decision is unfavourable to the contributing company on this point, the partial set-aside concerning another head of the claim. In another case, by contrast, the Court set aside a judgment that had upheld an assessment for the employer contribution under Article L. 137-13 of the Social Security Code for shares that had not been granted under the conditions of the Commercial Code (<a href=\"https:\/\/www.courdecassation.fr\/decision\/619f34d25e6dd569d4273329\" target=\"_blank\" rel=\"noopener\">Cass. 2e civ., 25 November 2021, No. 20-16.997<\/a>). The inspection therefore looks first at the validity of the plan, which determines the applicable regime.<\/p><\/div><\/details><details><summary>How does an SAS decide to issue BSPCE or BSA?<\/summary><div class=\"a\"><p>In an SAS, the decisions that the law entrusts to the extraordinary general meeting of a public limited company (soci\u00e9t\u00e9 anonyme) on capital increases are taken collectively by the shareholders, in the forms provided for in the articles of association (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322706\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322706\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-9 of the Commercial Code<\/a>). The issue of transferable securities giving access to the share capital, such as BSA, is authorised under the rules of Articles L. 225-129 to L. 225-129-6, on a report of the management body and a special report of the statutory auditor (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329675\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329675\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 228-92<\/a>). The powers that these texts entrust to the board of directors are exercised by the chairman of the SAS or by the directors designated in the articles (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535177\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535177\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-1<\/a>). On a decision to increase the capital in cash, or on a delegation of authority to do so, a company with employees must also put to the vote a resolution for an increase reserved for employees who are members of a savings plan, unless the increase results from transferable securities giving access to the capital that have already been issued and save for an exception specific to certain controlled companies (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038799502\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038799502\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-129-6<\/a>). The Commercial Chamber accepted that a later vote on that resolution alone \"was sufficient to regularise that capital increase\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fca7f266b18d06e76c3374b\" target=\"_blank\" rel=\"noopener\">Cass. com., 28 November 2018, No. 16-28.358<\/a>) (our translation). It is better to avoid this: the firm prepares all the resolutions for a single meeting.<\/p><\/div><\/details><details><summary>What limits apply to a bonus share plan in an SME?<\/summary><div class=\"a\"><p><a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048489093\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048489093\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-197-1 of the Commercial Code<\/a> sets several ceilings. The total number of shares granted without consideration may not exceed 15% of the share capital at the date of the grant decision, not counting shares not definitively granted at the end of the vesting period or those released from the holding obligation. In a company that does not exceed the European thresholds for small and medium-sized enterprises, the articles may raise this ceiling to 20% for grants reserved for certain categories of employees. The percentages rise to 30% where the grant benefits employees representing at least a quarter of the payroll and half of the headcount, and to 40% where it benefits all employees; above 15% or 20%, the difference between individual allocations may not exceed a ratio of one to five. No share may be granted to an employee or officer who already holds more than 10% of the share capital, nor one that would take them past that threshold; only securities held directly for less than seven years count for this calculation. As to cost, the 30% employer contribution of <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051284578\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051284578\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 137-13 of the Social Security Code<\/a> does not apply, up to a certain limit per employee, to grants by SMEs and mid-sized companies that have never paid dividends, subject to the European de minimis aid rules.<\/p><\/div><\/details><details><summary>What is the difference between BSPCE and stock options for an unlisted company?<\/summary><div class=\"a\"><p>Stock options are subscription options granted by the management body, on authorisation of the extraordinary general meeting given for thirty-eight months at most (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339638\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339638\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-177 of the Commercial Code<\/a>). In an unlisted company, the price must result from objective valuation methods taking into account net assets, profitability and prospects, failing which revalued net assets, and options on those securities are reserved for the employees of the company or of certain related companies, and for the executive officers referred to in <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339908\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339908\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-185 of the Commercial Code<\/a>, which sets the conditions. The benefit derived from the exercise is taxed as salaries and wages (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000027518390\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000027518390\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 80 bis of the General Tax Code<\/a>), and the employer owes a 30% contribution, payable the month following the grant decision (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051284578\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051284578\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 137-13 of the Social Security Code<\/a>). BSPCE, for their part, cover a wider population, including members of collegiate bodies, and their exercise gain benefits from the flat rate where the beneficiary has at least three years of activity in the company at the date of the sale. On the other hand, they are reserved for companies that meet the conditions of Article 163 bis G. For an eligible young company, BSPCE are often better suited; beyond that, the comparison is made on the overall cost of the plan.<\/p><\/div><\/details><\/div>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-textes\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-textes\" tabindex=\"-1\">\n<p class=\"kk\">Sources and related pages<\/p>\n<h2>Official texts and <em>related pages<\/em><\/h2>\n<p class=\"kcv-lead\">The sources for this page and the firm's related areas of practice.<\/p>\n<div class=\"kcv-arts\"><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543883\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 163 bis G of the General Tax Code<\/span><span class=\"kcv-art-t\">BSPCE: eligible companies, beneficiaries, price and taxation<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 163 bis H of the General Tax Code<\/span><span class=\"kcv-art-t\">sale gain obtained in return for functions<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053546896\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053546896\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 200 A of the General Tax Code<\/span><span class=\"kcv-art-t\">flat rate of income tax<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000027518390\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000027518390\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 80 bis of the General Tax Code<\/span><span class=\"kcv-art-t\">benefit derived from exercising options<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048489093\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048489093\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 225-197-1 of the Commercial Code<\/span><span class=\"kcv-art-t\">bonus share grants<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339638\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339638\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 225-177 of the Commercial Code<\/span><span class=\"kcv-art-t\">share subscription options<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339908\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339908\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 225-185 of the Commercial Code<\/span><span class=\"kcv-art-t\">options granted to corporate officers<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329670\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329670\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 228-91 of the Commercial Code<\/span><span class=\"kcv-art-t\">transferable securities giving access to the share capital<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329675\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329675\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 228-92 of the Commercial Code<\/span><span class=\"kcv-art-t\">authorisation of the issue by the extraordinary general meeting<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339701\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339701\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 225-138 of the Commercial Code<\/span><span class=\"kcv-art-t\">reserved capital increase and removal of the preferential subscription right<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038799502\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038799502\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 225-129-6 of the Commercial Code<\/span><span class=\"kcv-art-t\">resolution for a capital increase reserved for employees<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322706\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051322706\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 227-9 of the Commercial Code<\/span><span class=\"kcv-art-t\">collective decisions of SAS shareholders<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535177\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000048535177\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 227-1 of the Commercial Code<\/span><span class=\"kcv-art-t\">application of public limited company rules to the SAS<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051284578\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051284578\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 137-13 of the Social Security Code<\/span><span class=\"kcv-art-t\">employer contribution on options and bonus shares<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><\/div>\n<h3 class=\"kcv-center\">Further reading<\/h3>\n<div class=\"kcv-pgs\"><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/\"><span class=\"kcv-pg-t\">Company law<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/fundraising-lawyer-paris\/\"><span class=\"kcv-pg-t\">Fundraising<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/management-package-lawyer-paris\/\"><span class=\"kcv-pg-t\">Management package<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/term-sheet-lawyer-paris\/\"><span class=\"kcv-pg-t\">Term sheet<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/corporate-lawyer-paris\/\"><span class=\"kcv-pg-t\">Corporate<\/span><span class=\"kcv-pg-s\">Firm practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><\/div>\n<p class=\"kcv-small kcv-center\">Page updated on 1 November 2026.<\/p><\/div><\/div>\n  <\/div>\n<\/section>\n<section class=\"kcv-cta\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-cta-card\">\n      <h2>A BSPCE, BSA or bonus share plan to prepare? <em>Take stock today<\/em>.<\/h2>\n      <p>Send the articles of association, the capitalisation table and the list of intended beneficiaries: the firm identifies the instrument available for each of them, the price to be justified and the decisions to prepare.<\/p>\n      <div class=\"kcv-btns\">\n        <a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a>\n        <a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a>\n      <\/div>\n    <\/div>\n  <\/div>\n<\/section>\n<div class=\"kcv-news-band\"><h2>The latest <em>news.<\/em><\/h2><\/div>\n<\/div>\n<script type=\"application\/ld+json\">{\"@context\": \"https:\/\/schema.org\", \"@type\": \"FAQPage\", \"mainEntity\": [{\"@type\": \"Question\", \"name\": \"How do you choose between BSPCE, BSA and bonus shares for a given beneficiary?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The starting point is the status of the person, not the company's preference. BSPCE are open only to employees, to directors under the tax regime of employees and to members of the board of directors, the supervisory board or the equivalent body provided for in the articles of an SAS (Article 163 bis G of the French General Tax Code). Being a consultant paid on invoice, an investor or a director not taxed like an employee does not, on its own, give access to BSPCE, unless the person also holds a function covered by the text. For these persons, the company may issue share subscription warrants, which are transferable securities giving access to the share capital within the meaning of Article L. 228-91 of the Commercial Code, at a price that must be justified. Bonus shares, governed by Article L. 225-197-1, benefit employees and certain corporate officers, with a ceiling expressed as a percentage of the share capital and a vesting period of at least one year. The second criterion concerns the company: age, shareholding, tax regime, any listing. The third concerns cost: taxation of the beneficiary, social security charges and the employer contribution. The firm weighs these three criteria for each person before drafting the resolutions.\"}}, {\"@type\": \"Question\", \"name\": \"Which BSPCE conditions did the law of 19 February 2026 change?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Law No. 2026-103 of 19 February 2026 amended Article 163 bis G of the General Tax Code. Its new wording has been in force since 21 February 2026 and, according to the application note under the article, applies to warrants granted from 1 January 2026. It relaxes two points. First, the threshold of holding by individuals falls from 25% to 15% of the share capital: this share must belong to them continuously and without an intermediary, unless a company is interposed of which at least three-quarters of the share capital is itself held by individuals. The holdings of certain funds and investment companies remain disregarded for this calculation, provided there is no relationship of dependence. Second, the company may grant warrants to the staff and directors of its sub-subsidiaries, where the product of the shareholding percentages reaches at least 75%, whereas the earlier text stopped at subsidiaries. The text also specifies that the issuing company must hold the subsidiary directly, and that subsidiaries and sub-subsidiaries must meet the other conditions, except the one relating to holding by individuals. The other conditions remain: a joint-stock company subject to corporate income tax, registered for less than fifteen years, with a market capitalisation below \u20ac150 million if its securities are listed, and not created through a restructuring outside the exceptions. A company ruled out in 2025 by the 25% threshold can therefore review its situation.\"}}, {\"@type\": \"Question\", \"name\": \"How do you set the exercise price of BSPCE after a fundraising?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The price at which the beneficiary will subscribe for the shares is set on the day of the grant, by the extraordinary general meeting or, on its delegation, by the management body. Paragraph III of Article 163 bis G of the General Tax Code adds a rule specific to companies that have just raised funds: if a capital increase involving securities with equivalent rights took place in the six months preceding the grant, the price cannot be lower than the issue price then used. Two discounts are allowed. The first reflects the loss of economic value of the security since the issue; the second reflects the difference in rights where investors received preference shares that are more protective than the ordinary shares resulting from the warrants. The text prescribes no form, but a written analysis kept with the minutes makes it possible to justify each of them. Outside those six months, the price rests on a valuation consistent with the company's situation. A price below this floor takes the warrants outside the conditions of paragraph III, on which paragraph I of the same article makes the beneficiary's tax regime depend; a price that is too high removes the point of the plan. The firm compares the proposed price with the latest transactions and with the rights attached to each category of securities.\"}}, {\"@type\": \"Question\", \"name\": \"How is the gain made on BSPCE taxed in 2026?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"For shares subscribed on exercise of warrants from 1 January 2025, Article 163 bis G of the General Tax Code distinguishes two gains, according to the application note on the Finance Act for 2025 placed under the article. The first, known as the employment benefit, is the difference between the value of the shares on the day the warrants are exercised and the acquisition price set at the grant. It is subject to income tax at the flat rate of 12.8% provided for in Article 200 A or, by option, under the rules for salaries and wages. This rate rises to 30% where the beneficiary has carried out their activity or office in the company for less than three years at the date of the sale; the text takes into account, depending on the case, periods spent in a subsidiary, a sub-subsidiary or the issuing company. Tax falls due in the year the shares are sold, converted to bearer form, leased or made the subject of an act of disposal, and not in the year of exercise. The second gain, between the sale price and the value of the shares on the day of exercise, falls in principle under the capital gains regime of Article 150-0 A. Where this gain is obtained in return for the person's functions, Article 163 bis H maintains that regime only up to a limit calculated from three times the change in the real value of the company, taxes the portion above it like a salary and requires that the shares have been at risk of loss. Shares subscribed before 2025 fall under the earlier rules. The timing of the beneficiary's departure and that of the sale therefore have a direct effect on the rate. The firm checks that the plan and the registers make it possible to reconstruct these dates.\"}}, {\"@type\": \"Question\", \"name\": \"Does a written promise of warrants or shares bind the company?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"A written promise may bind the company, depending on its terms and the undertaking actually given, even if the grant then depends on a decision of another body. The Social Chamber upheld a court of appeal that had held liable a company which had undertaken, in a letter of a contractual nature signed with an executive-level employee, to let him take part in the group's employee share incentive plan, and had acted as a guarantor (porte-fort) that its directors would honour that undertaking. The Court recalls that \\\"the guarantor, who owes an autonomous obligation to achieve a result, is liable to the beneficiary of the promise for the consequences of the non-performance of the promised undertaking\\\" (Cass. soc., 7 October 2026, No. 24-17.294) (our translation). The judgment nevertheless set aside the award of \u20ac7,000,000 in damages, the court of appeal having assumed that the employee would have sold all the shares; the Court holds that \\\"the court of appeal, which compensated a hypothetical loss, infringed the aforementioned provisions\\\" (Cass. soc., 7 October 2026, No. 24-17.294) (our translation). For the company, the lesson is twofold: check eligibility and decision-making capacity before writing, then word the promise with its conditions and gauge the scope of any guarantee of this kind. For the beneficiary, the letter and the exchanges that precede it form the proof of the undertaking, and the loss must be quantified in proportion to the chance actually lost.\"}}, {\"@type\": \"Question\", \"name\": \"Does a dismissed employee lose bonus shares still in the vesting period?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"If the plan makes final vesting conditional on the employee's continued presence, leaving before the end of the period in principle deprives the employee of the shares. Where the dismissal is held to be without genuine and serious cause, the Social Chamber nonetheless does not award the shares. It set aside a judgment that had recognised an employee as a shareholder, holding that the employee \\\"cannot claim the allocation of the shares and recognition of shareholder status, but only compensation for the loss resulting from the lost chance of definitively acquiring the bonus shares\\\" (Cass. soc., 26 February 2025, No. 23-15.072) (our translation). The employee can therefore obtain a sum of money compensating the lost chance, and not the shares themselves. Conversely, where the dismissal rests on a genuine and serious cause, no compensation is due for options the employee could not exercise: the Court ruled on the merits, noting that \\\"the employee's dismissal had occurred for genuine and serious cause, so that he could not claim any compensation\\\" (Cass. soc., 4 June 2025, No. 23-17.691) (our translation). This second decision, unfavourable to the employee, concerns stock options, but its reasoning on the cause of the departure is a warning for any plan containing a presence condition.\"}}, {\"@type\": \"Question\", \"name\": \"Do bonus shares count towards the calculation of severance pay?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Not necessarily. The Social Chamber has excluded them where the shares were not consideration for work. In a case where the collective agreement based dismissal compensation on the elements of pay subject to contributions, the Court upheld the court of appeal, which had excluded bonus shares acquired by the employee three years after they were granted and valued only at their stock market price: it notes that \\\"the valuation of the bonus shares granted to the employee, which were not of the nature of a salary, could not be taken into account in setting the compensation in dispute\\\" (Cass. soc., 22 May 2024, No. 22-18.182) (our translation). The outcome is unfavourable to the employee who had hoped to see their compensation increased. It does not, on its own, settle every situation: the wording of the applicable collective agreement, the nature of the conditions set by the plan and the way the benefit was valued remain to be examined. For the company, it confirms the value of plan rules that describe the grant as a scheme for sharing in the capital, distinct from the agreed remuneration. For the employee, the stakes shift to the lost chance where the departure deprived them of the shares.\"}}, {\"@type\": \"Question\", \"name\": \"Which court should hear a dispute over BSPCE after a dismissal?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Where the dispute arises from the employment relationship, the employment tribunal (conseil de prud'hommes) has jurisdiction. The Social Chamber upheld a court of appeal that had accepted that jurisdiction for BSPCE granted to an employee in connection with the employment relationship, that court having recalled that \\\"the grant by the employer of an option entitling the holder to subscribe for shares or other incentive items is an accessory to the employment contract\\\" (Cass. soc., 8 January 2025, No. 23-15.044) (our translation). More recently, a former employee had applied to the commercial court for the issue of shares corresponding to warrants already exercised, arguing that only the other tranches fell within the employment tribunal's remit. The Paris Court of Appeal found that his employment tribunal claim also covered those warrants, held the distinction artificial and upheld the order ruling out the commercial court, noting that \\\"it follows that there is a direct link between the BSPCE, whichever they are, and the examination of the dismissal\\\" (CA Paris, p\u00f4le 1 ch. 2, 15 October 2026, No. 26\/05198) (our translation). It adds that the person concerned had not yet acquired shareholder status. This decision is unfavourable to a strategy of splitting claims between two courts. Before acting, the firm therefore checks whether the dispute really concerns company law, for example the validity of an issue, or the consequences of the termination of the contract.\"}}, {\"@type\": \"Question\", \"name\": \"Are BSA granted to directors subject to social security contributions?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"They may be. The Second Civil Chamber holds that share subscription warrants offered in connection with work and acquired on preferential terms generate a benefit that falls within the base for contributions. It specifies that \\\"the preferential nature of the terms on which the share subscription warrants are granted results both from the status of the beneficiaries as employees or corporate officers and their limited number, and from the terms of issue and transferability of the warrants\\\" (Cass. 2e civ., 28 September 2023, No. 21-20.685) (our translation), the price paid being only an indication. A subscription price calculated by a valuer is therefore not enough to rule out the risk if the warrants are reserved for a few directors and are non-transferable. The same decision fixes the point at which the calculation is made: abandoning its earlier case law, the Court now holds that \\\"the event giving rise to the social security contributions relating to this benefit is understood as the date of sale or realisation of the share subscription warrants\\\" (Cass. 2e civ., 28 September 2023, No. 21-20.685) (our translation). The benefit is then measured on the gain obtained or the saving made. This outcome, unfavourable to the company in that case, means the social security treatment of BSA must be examined from their issue, and not at the time of an inspection.\"}}, {\"@type\": \"Question\", \"name\": \"What happens if a bonus share plan does not comply with the Commercial Code?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The favourable social security treatment assumes that the grant follows Articles L. 225-197-1 et seq. of the Commercial Code. Failing that, URSSAF may add the benefit back into the contribution base. The Second Civil Chamber ruled, in a dispute where zero-price call options had been analysed as bonus shares, that \\\"the event giving rise to the social security contributions relating to the benefit resulting from allocations of shares without consideration is understood as the final allocation of those shares to their beneficiaries at the end of the vesting period\\\" (Cass. 2e civ., 5 September 2024, No. 22-18.293) (our translation). The benefit is therefore measured on the value of the shares at that date, and not on their resale; for lack of probative evidence of that value, the company could not challenge the inspector's valuation. Delivered on shares acquired in 2012, under an earlier wording of Article L. 242-1 of the Social Security Code, this decision is unfavourable to the contributing company on this point, the partial set-aside concerning another head of the claim. In another case, by contrast, the Court set aside a judgment that had upheld an assessment for the employer contribution under Article L. 137-13 of the Social Security Code for shares that had not been granted under the conditions of the Commercial Code (Cass. 2e civ., 25 November 2021, No. 20-16.997). The inspection therefore looks first at the validity of the plan, which determines the applicable regime.\"}}, {\"@type\": \"Question\", \"name\": \"How does an SAS decide to issue BSPCE or BSA?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"In an SAS, the decisions that the law entrusts to the extraordinary general meeting of a public limited company (soci\u00e9t\u00e9 anonyme) on capital increases are taken collectively by the shareholders, in the forms provided for in the articles of association (Article L. 227-9 of the Commercial Code). The issue of transferable securities giving access to the share capital, such as BSA, is authorised under the rules of Articles L. 225-129 to L. 225-129-6, on a report of the management body and a special report of the statutory auditor (Article L. 228-92). The powers that these texts entrust to the board of directors are exercised by the chairman of the SAS or by the directors designated in the articles (Article L. 227-1). On a decision to increase the capital in cash, or on a delegation of authority to do so, a company with employees must also put to the vote a resolution for an increase reserved for employees who are members of a savings plan, unless the increase results from transferable securities giving access to the capital that have already been issued and save for an exception specific to certain controlled companies (Article L. 225-129-6). The Commercial Chamber accepted that a later vote on that resolution alone \\\"was sufficient to regularise that capital increase\\\" (Cass. com., 28 November 2018, No. 16-28.358) (our translation). It is better to avoid this: the firm prepares all the resolutions for a single meeting.\"}}, {\"@type\": \"Question\", \"name\": \"What limits apply to a bonus share plan in an SME?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Article L. 225-197-1 of the Commercial Code sets several ceilings. The total number of shares granted without consideration may not exceed 15% of the share capital at the date of the grant decision, not counting shares not definitively granted at the end of the vesting period or those released from the holding obligation. In a company that does not exceed the European thresholds for small and medium-sized enterprises, the articles may raise this ceiling to 20% for grants reserved for certain categories of employees. The percentages rise to 30% where the grant benefits employees representing at least a quarter of the payroll and half of the headcount, and to 40% where it benefits all employees; above 15% or 20%, the difference between individual allocations may not exceed a ratio of one to five. No share may be granted to an employee or officer who already holds more than 10% of the share capital, nor one that would take them past that threshold; only securities held directly for less than seven years count for this calculation. As to cost, the 30% employer contribution of Article L. 137-13 of the Social Security Code does not apply, up to a certain limit per employee, to grants by SMEs and mid-sized companies that have never paid dividends, subject to the European de minimis aid rules.\"}}, {\"@type\": \"Question\", \"name\": \"What is the difference between BSPCE and stock options for an unlisted company?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Stock options are subscription options granted by the management body, on authorisation of the extraordinary general meeting given for thirty-eight months at most (Article L. 225-177 of the Commercial Code). In an unlisted company, the price must result from objective valuation methods taking into account net assets, profitability and prospects, failing which revalued net assets, and options on those securities are reserved for the employees of the company or of certain related companies, and for the executive officers referred to in Article L. 225-185 of the Commercial Code, which sets the conditions. The benefit derived from the exercise is taxed as salaries and wages (Article 80 bis of the General Tax Code), and the employer owes a 30% contribution, payable the month following the grant decision (Article L. 137-13 of the Social Security Code). BSPCE, for their part, cover a wider population, including members of collegiate bodies, and their exercise gain benefits from the flat rate where the beneficiary has at least three years of activity in the company at the date of the sale. On the other hand, they are reserved for companies that meet the conditions of Article 163 bis G. For an eligible young company, BSPCE are often better suited; beyond that, the comparison is made on the overall cost of the plan.\"}}]}<\/script><script type=\"application\/ld+json\">{\"@context\": \"https:\/\/schema.org\", \"@type\": \"LegalService\", \"name\": \"BSPCE lawyer in Paris \u2014 Kohen Avocats\", \"url\": \"https:\/\/kohenavocats.fr\/en\/bspce-lawyer-paris\/\", \"telephone\": \"+33646605822\", \"email\": \"contact@kohenavocats.fr\", \"address\": {\"@type\": \"PostalAddress\", \"streetAddress\": \"11 rue Margueritte\", \"postalCode\": \"75017\", \"addressLocality\": \"Paris\", \"addressCountry\": \"FR\"}, \"areaServed\": \"Paris region (\u00cele-de-France)\", \"founder\": {\"@type\": \"Person\", \"name\": \"Reda Kohen\", \"jobTitle\": \"Lawyer at the Paris Bar\", \"sameAs\": [\"https:\/\/consultation.avocat.fr\/avocat-paris\/reda-kohen-54670.html\"]}, \"openingHours\": \"Mo-Su 00:00-24:00\"}<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element 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html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2157083 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2157083 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/tim-schmidbauer-EnC5f7At4ac-unsplash-1-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2157083 post-2157083 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-unpaid-invoice-penalties-injonction-payer-abroad\/\">Your French Client Has Not Paid: Late-Payment Penalties, the 40 Euro Fee and the Injunction-to-Pay While You Live Abroad<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2157013 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2157013 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/getty-images-p1ZW7qeVRyE-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2157013 post-2157013 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-sas-pay-abroad-salary-dividends-management-fees\/\">Your French SAS Pays You While You Live Abroad: Salary, Dividends or Management Fees<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156883 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156883 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/getty-images-p1ZW7qeVRyE-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156883 post-2156883 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-sas-capital-increase-cash-call-filing-abroad\/\">Your French SAS Needs Cash From Abroad: Increase Capital, Call Up Unpaid Shares or Lend Instead \u2014 Filing and New Kbis Without Flying to Paris<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156668 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156668 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/alex-vasey-F5HtPjpBb9k-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156668 post-2156668 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-management-fees-transfer-pricing-file-defence-abroad\/\">Your French Subsidiary Pays Management Fees to Its Foreign Parent While You Live Abroad: Transfer Pricing File, Deduction and Reassessment Defence<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. 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Bringing an employee, a director, a board member or an outside adviser into the share capital requires a specific instrument: founder share warrants (BSPCE), share subscription warrants (BSA), bonus shares [&hellip;]<\/p>\n","protected":false},"author":251031307,"featured_media":2157164,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2161205","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.2 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BSPCE Lawyer Paris: BSA, Bonus Shares | Kohen Avocats<\/title>\n<meta name=\"description\" content=\"BSPCE lawyer Paris: Kohen Avocats helps you choose between BSPCE, BSA and bonus shares, set the price and draft the plan. Call the firm.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kohenavocats.fr\/en\/bspce-lawyer-paris\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BSPCE lawyer in Paris | Kohen Avocats\" \/>\n<meta property=\"og:description\" content=\"BSPCE lawyer Paris: Kohen Avocats helps you choose between BSPCE, BSA and bonus shares, set the price and draft the plan. 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