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  Capital increase reserved for employees |
| A capital increase with discount by virtue of article 609 of the Company Code is a share plan reserved for all employees of a company. It enables them to subscribe company shares at a discount of up to 20% on the market price of the shares. The subscribed shares are non transferable for five years and the benefit granted in this way is not taxable or subject to NOSS social security payments. |
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| Stock purchase plan |
| The 1995 circular allows a company to offer to its employees the possibility to acquire shares at a purchase price which is, at a minimum, 100/120e of the share market price, (or a discount of 16.67%). The acquired shares are then unavailable for two years. The value of the granted benefit is not subject to taxes or to social security contributions. |
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| Option plan |
| An option plan is a plan created for employees through which they are granted options on company shares or the shares of a third-party company or a mutual investment fund (SICAV). These options give the employee the right to acquire the underlying shares for a given time period (exercise period) at a to be determined or pre-determined price (the exercise price). |
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| Withholding tax financing |
| The obligation to pay taxes at the time of option granting and the low share prices have led beneficiaries to refuse stock options. To remove these constraints, Dexia has created a financing plan with a financing of the amount of the withholding tax due at moment of grant of the options in exchange of a part of the future gain of the underlying shares. If the options are not exercised because there has been no increase in share value, the employee does not owe Dexia anything. |
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| Employee participation |
| Employee participation is a plan where all employees (exclusive of directors and independent managers) have the opportunity to participate in their company’s capital and profits. This participation can be realised in cash, shares or parts, unavailable for at least two years and for a maximum of five years. |
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| Grant of free shares |
| Since 1st of January 2005 a new mechanism has been set up in France where companies (listed on the stock market or not) can grant free shares to employees and social mandatories in a social and fiscal friendly manner. |
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| Management of Stock Option Plans |
| A dedicated and professional team at your service that manages stock option plans all along their life cycle and provides added service for the beneficiary |
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