Glossary · Equity and dilution · Updated 28 August 2026
A BSPCE (Bon de Souscription de Parts de Créateur d'Entreprise) is the French scheme granting an employee the right to buy shares in their company at a price fixed in advance. If the share value rises, the holder buys at the old price and keeps the difference.
The BSPCE is the standard value-sharing tool in French startups, the functional equivalent of US stock options. It is restricted to joint-stock companies under fifteen years old, unlisted or of modest capitalisation, and at least 25% owned by individuals.
Three parameters define a grant. The strike price, fixed at grant and usually anchored to the last round's valuation. Vesting, which spreads entitlement over time — four years is the norm. The cliff, an initial period during which nothing vests, usually twelve months: leave before it and you keep nothing.
A BSPCE costs the holder nothing until exercised. Exercising, however, does cost: you must pay the strike price out of pocket to get the shares. On a large grant with a high strike, that sum is significant, which is why exercise often happens at exit, when the sale funds the purchase.
Example: an employee's BSPCE outcome
An employee receives 10,000 BSPCE on joining after the seed round. Four years later the company is acquired.
| Options granted | 10,000 |
|---|---|
| Strike price | €5.00 per share |
| Vesting | 4 years, 12-month cliff |
| Time at the company | 4 years — 100% vested |
| Share price at exit | €20.00 |
| Cost to exercise | 10,000 × €5.00 = €50,000 |
| Gross sale proceeds | 10,000 × €20.00 = €200,000 |
| Gain before tax | €150,000 |
Had she left after 18 months she would have vested 18/48 of the grant — 3,750 options — for a €56,250 gain. Leaving at 10 months, before the cliff, would have left nothing at all.
The common mistake
Quoting a grant as a number of options without stating the total share count. "10,000 options" means nothing until you know whether the company has 200,000 or 2 million shares — 5% of the company in one case, 0.5% in the other.
Frequently asked questions
How do BSPCE differ from stock options?+
The BSPCE is the French scheme, reserved for young joint-stock companies and carrying a specific tax treatment for the holder. Stock options fall under a different regime available to larger companies. Economically the mechanism is identical: a right to buy at a price fixed in advance.
What happens to BSPCE when you leave the company?+
Only the vested portion is kept, and it generally has to be exercised within a short window after departure, often ninety days. After that, unexercised options are forfeited even if they were fully vested.
Related terms
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