ARTICLE · 04 SEPTEMBER 2015

Restricted Stock Units (RSUs): What Is Going To Change With "Macron" Bill?

Reed Smith (Worldwide)

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The so-called ‘Macron law' enacted on 6 August 20151 significantly changes the rules governing Restricted Stock Units (RSUs).

FranceEmployment and HR

Séverine Martel

Sophie Borenstein

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The so-called 'Macron law' enacted on 6 August 2015¹ significantly changes the rules governing Restricted Stock Units (RSUs).

Major changes are designed to make RSUs more attractive for employees. This is in contrast to the stock-options regime, which has not changed and has therefore become of much less interest.

The Macron law eases the condition concerning the one-to-five ratio of shares granted between different employees. Until the entry into force of the law, the difference between the number of shares distributed to each employee could not exceed a ratio of one to five. This ratio applies only where the percentage of share capital allocated exceeds 10 per cent (or 15 per cent in the case of non-listed companies that meet the EC definition of SMEs²).

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