Article L3332-22 of the French Labour Code
The benefit constituted by the difference between the subscription price and the average of the prices mentioned in article L. 3332-19, by the difference between the subscription price and the sale price determined pursuant to article L. 3332-20 and, where applicable, by the free allocation of shares or securities giving access to the capital is exempt from income tax and payroll tax and is not included in the basis of…