AVADEL PHARMACEUTICALS PLC — Director's Dealing 2016

Dec 16, 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: D'SILVA DHIREN (See Remarks)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-14	ADSs	A	18000	—	Acquired	58000	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	100000	Acquired	2026-12-14	ADSs (100000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$7.36	2023-12-12	ADSs (100000)	100000	Direct
Stock Option (right to buy)	$16.3	2024-12-11	ADSs (95000)	95000	Direct
Stock Option (right to buy)	$14.35	2025-12-10	ADSs (100000)	100000	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: Includes (a) 10,000 restricted ADSs granted under the issuer's "Free Share" award program on 12/11/2014, all of which will be issued to the reporting person on the fourth anniversary of the grant date, provided that the reporting person continues to be employed by the issuer or an affiliate thereof on the second anniversary of the grant date; (b) 20,000 restricted ADSs granted under the issuer's "Free Share" award program on 8/10/2016, all of which will be issued to the reporting person on the second anniversary of the grant date; and (c) 18,000 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 25,000 ADSs on each of the first four anniversaries after the 12/12/2013 grant date.

F4: Options become exercisable as to 23,750 ADSs on each of the first four anniversaries after the 12/11/2014 grant date.

F5: Options become exercisable as to 25,000 ADSs on each of the first four anniversaries after the 12/10/2015 grant date.

F6: Options become exercisable as to 25,000 ADSs on each of the first four anniversaries after the 12/14/2016 grant date.