AVADEL PHARMACEUTICALS PLC — Director's Dealing 2016

Mar 21, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLAMEL TECHNOLOGIES SA (FLML)
CIK: 0001012477
Period of Report: 2016-03-18

Reporting Person: ANDERSON MICHAEL S (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-18	ADSs	P	5000	$11.044	Acquired	129250	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$		ADSs (355500)	355500	Direct
Stock Option (right to buy)	$16.3	2024-12-11	ADSs (200000)	200000	Direct
Stock Option (right to buy)	$14.35	2025-12-10	ADSs (200000)	200000	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.

F2: Includes 50,000 restricted ADSs granted under the issuer's "Free Shares" award program on 12/11/2014. All of such 50,000 restricted ADSs will vest and 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 that date.

F3: Options for 275,000 of the ADSs became exercisable at $6.93 per ADR in four equal amounts over the first four anniversaries after the 03/08/2012 grant date and expire 03/08/2022; and options for 80,500 of the ADSs became exercisable at $4.07 per ADR in four equal amounts over the first four anniversaries after the 02/01/2013 grant date and expire 02/01/2023. Options as to all 355,500 of the ADSs are vested.

F4: Options become exercisable as to 50,000 ADSs on each of the first four anniversaries after the 12/11/2014 grant date.

F5: Options become exercisable as to 50,000 ADSs on each of the first four anniversaries after the 12/10/2015 grant date.