Section 3: Valuation of securities.

In the case provided for in 1° of Article L. 3323-2, the profit-sharing agreement determines the form of the securities allocated, the terms and conditions for holding these securities and the measures taken to ensure compliance with the ban on trading them for a period of five years, except in the cases provided for in Article R. 3324-22.

In the event of an allocation of company shares, the shares are valued on the basis of the average share price for the twenty trading days preceding the date of allocation. This average is obtained by reference to the opening price of each trading session.

When the securities are not admitted to trading on a regulated market, the price at which the securities are allocated is determined in accordance with the methods defined in Article L. 3332-20, without prejudice to the legal provisions which set the conditions for determining the value of certain categories of securities.

Securities are valued by the company, under the supervision of the statutory auditor, at least once every financial year and whenever an event or series of events occurring during a financial year is likely to lead to a substantial change in the value of the company’s shares. In addition, a valuation is carried out by experts at least every five years. This valuation is optional for the companies mentioned in…

Employees who receive company shares may negotiate the subscription or allotment rights attached to these shares even during the period when they are not negotiable pursuant to Article L. 3324-10.