SEC Contract Filing

Filing Date: 2016-03-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>9
<FILENAME>v433294_ex10-21.htm
<DESCRIPTION>EXHIBIT 10.21
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.21</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"></P>

<P STYLE="color: white; font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: gray"><FONT STYLE="font-size: 10pt"><B>FLAMEL
TECHNOLOGIES</B></FONT></P>

<P STYLE="color: white; font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: gray"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="color: white; font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: gray"><FONT STYLE="font-size: 10pt">SOCIETE ANONYME AU CAPITAL DE 4 636 011 EUROS</FONT></P>

<P STYLE="color: white; font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: gray"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="color: white; font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: #BFBFBF"><FONT STYLE="font-size: 10pt"><U>Siege
Social :</U></FONT></P>

<P STYLE="color: white; font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: #BFBFBF"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="color: white; font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: #BFBFBF"><FONT STYLE="font-size: 10pt">Parc
Club du Moulin A Vent</FONT></P>

<P STYLE="color: white; font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: #BFBFBF"><FONT STYLE="font-size: 10pt">33,
avenue du Docteur Georges L&eacute;vy</FONT></P>

<P STYLE="color: white; font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: #BFBFBF"><FONT STYLE="font-size: 10pt">69200
VENISSIEUX</FONT></P>

<P STYLE="color: white; font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: #BFBFBF"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="color: white; font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: #BFBFBF"><FONT STYLE="font-size: 10pt">R.C.S.
LYON 379.001.530</FONT></P>

<P STYLE="color: white; font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: #BFBFBF"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt">&nbsp;</FONT></P>

<P STYLE="color: gray; font: small-caps bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt; color: Gray">RULES
GOVERNING THE FREE SHARE PLAN</FONT></P>

<P STYLE="color: gray; font: small-caps bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt; color: Gray"><B>DECEMBER
2014</B></FONT></P>

<P STYLE="color: gray; font: small-caps bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respects to the applicable laws and
regulations relating to free shares and under the authorization granted to the Board of Directors of Flamel Technologies (hereinafter
the &ldquo;<B>Board</B>&rdquo;) by the Shareholders&rsquo; Meeting held on June 24, 2014, the Board, during its meeting held on
December 11, 2014, has caused a plan for grant of free shares for the benefit of some members of the company&rsquo;s staff and
affiliated companies&rsquo; staff as well as their official company representatives, subject to certain terms and conditions as
provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The present allocation rules reproduce
the terms and conditions of the allocation decided by the Board and supplement the letter sent to each beneficiary designated by
the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Main characteristics of the grant
of free shares</B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
 <TD STYLE="width: 50%; padding: 3pt 5.4pt; text-align: justify; text-indent: 0; border-top: rgb(114,168,79) 2pt solid; border-left: rgb(114,168,79) 2pt solid"><font style="font-family: Symbol; color: #72A84F">&middot;</font>&nbsp;&nbsp;&nbsp;&nbsp;Grant Date</td>
 <TD STYLE="width: 50%; padding: 3pt 5.4pt; text-align: justify; text-indent: 0; border-right: rgb(114,168,79) 2pt solid; border-top: rgb(114,168,79) 2pt solid">Dec
11, 2014</td></tr>
<tr style="vertical-align: top">
 <TD STYLE="padding: 3pt 5.4pt; text-align: justify; text-indent: 0; border-left: rgb(114,168,79) 2