FINANCIAL INFORMATION CONCERNING THE GROUP’S ASSETS AND LIABILITIES, FINANCIAL POSITIONAND PROFITS AND LOSSES 20 15.4 Personnel expenses The Group was employing 34 people on permanent contract as of December 31, 2017 compared with 27 as of December 31, 2016. The following table shows the nature of costs included in personnel expenses: As of December 31, 2016 As of December 31, 2017 In thousands of euros R&D G&A S&M TOTAL R&D G&A S&M TOTAL Wages and salaries 1,822 1,188 — 3,010 2,096 1,351 23 3,470 Social contributions 678 555 — 1,234 1,071 1,226 16 2,314 Service cost (employee benefit) 28 2 — 30 24 2 — 26 Share-based payments 1,847 2,788 — 4,635 1,543 3,245 13 4,800 Total 4,375 4,533 — 8,908 4,734 5,824 53 10,611 Note 16: Share-based payments – 733,298 employee warrants (BCE 2015-06) on July 7, 2015; The Board of Directors has been authorized by the general • with the authorization of the General Meeting of Shareholders meeting of the shareholders to grant to employees BCE, BSA, on May 19, 2016, the Board of Directors issued: AGA and SO and to implement share options plans as follows: – 205,000 non-employee warrants (BSA 2016) on July 26, • with the authorization of the General Meeting of Shareholders 2016; on February 5, 2013, the Board of Directors issued: – 766,000 free shares (AGA 2016) on July 26, 2016; – 892,000 employee warrants (BCE 2013-02) on July 8, – 593,500 free shares (AGA 2016) on July 27, 2017; 2013; – 72,500 free shares (AGA 2016) on December 19, 2017; – 328,000 non-employee warrants (BSA 2013-02) on July 8, – 165,000 non-employee warrants (BSA 2016) on July 27, 2013; 2017; – 193,800 employee warrants (BCE 2013-02) on April 9, – 220,000 stock-options (SO 2017) on July 27, 2017; 2014; – 300,000 stock-options (SO 2017) on December 19, 2017. – 33,000 non-employee warrants (BSA 2013-02) on April 9, 16.1 Employee warrants (BCE) 2014; Vesting schedule • with the authorization of the General Meeting of Shareholders on June 25, 2014, the Board of Directors issued 60,000 All BCE granted may be exercised by the beneficiary on the basis employee warrants (BCE 2014-06) on December 3, 2014; of the following vesting schedule: • with the authorization of the General Meeting of Shareholders • up to 1/4 on the first anniversary of the date of grant; on June 29, 2015, the Board of Directors issued: • the remaining 75% becoming exercisable up to 1/36 per month – 121,000 non-employee warrants (BSA 2015-06) on July 7, from the first anniversary of the date of grant; and 2015; • at the latest within 10 years from the date of grant. Details and main characteristics of the BCE granted to date BCE 2013-02 BCE 2013-02 BCE 2014-06 BCE 2015-06 Date of grant July 8, 2013 April 9, 2014 December 3, 2014 July 8, 2015 Plan expiration date July 7, 2023 April 8, 2024 December 2, 2024 July 7, 2025 Number of warrants initially granted 892,000 193,800 60,000 733,298 Share entitlement per warrant 1 1 1 1 Exercise price €0.025 €0.025 €0.025 €3.275 Valuation method Black & Scholes Expected volatility 42.50% 42.50% 75.21% 76.49% Expected dividend 0.00% 0.00% 0.00% 0.00% Fair value per warrant €0.44 €0.44 €2.15 €5.56 GENSIGHT BIOLOGICS – 2017 Registration Document– 203