AVADEL PHARMACEUTICALS PLC — Director's Dealing 2016

Dec 17, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLAMEL TECHNOLOGIES SA (FLML)
CIK: 0001012477
Period of Report: 2016-12-14

Reporting Person: GUSKY DAVID P (See Remarks)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-14	ADSs	A	2000	—	Acquired	2000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-12-14	Stock Option (right to buy)	$10.40	A	14000	Acquired	2016-12-14	ADSs (14000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$7.85	2026-03-02	ADSs (50000)	50000	Direct

Footnotes

F1: The issuer's "ADSs" are American Depositary Shares, with each ADS representing one ordinary share, nominal value 0.122 Euros per share, of the issuer; ADSs are represented by American Depositary Receipts. The securities acquired as reported in this statement represent the grant of ADSs under the issuer's "Free Share" award program; no purchase price was applicable to such grant. See footnote (2) for details as to the dates such ADSs will be issued to the reporting person.

F2: Represents 2,000 restricted ADSs granted under the issuer's "Free Share" award program on 12/14/2016, all of which will be issued to the reporting person on the second anniversary of the grant date.

F3: Options become exercisable as to 12,500 ADSs on each of the first four anniversaries after the 03/02/2016 grant date.

F4: Options become exercisable as to 3,500 ADSs on each of the first four anniversaries after the 12/14/2016 grant date.