presence in the Group at the end of each annual period (the beneﬁciary being required to retain links with the company or with one of its afﬁliates in the form of an employment contract or as an executive director). The options are subject to a four-year lock-up period applicable to all the beneﬁciaries of these plans. They are valid for a period of eight years from the date of granting. Options Outstanding at December 31, 2014 664,699 options of the different stock option plans outstanding at December 31, 2013 were exercised in 2014. 458,963 options (including 380,008 options granted in 2014) have ceased to be valid, 48,275 of which following the departure of their beneﬁciaries, and 410,688 options on grounds of non-fulﬁllment of 2013 or 2014 targets. At December 31, 2014, 238 employees are beneﬁciaries of options; 201 employees are beneﬁciaries of 2,060,074 options outstanding and 37 former employees still held 61,363 options (respective ﬁgures at December 31, 2013 are: 210, 182, and 28). At the same date, the maximum number of shares liable to comprise the capital stock, including all new shares that may be issued following the exercise of stock options outstanding and eligible for the subscription of new shares, is 32,450,551, consisting of: – capital stock: 30,329,114 shares; – stock options: 2,121,437 options. Each stock option gives the beneﬁciary the right to acquire one new share with a par value of €1.00, at the exercise price decided by the Board of Directors on the date of granting (adjusted to take account of the public stock buyback tender offer of May 2007). If all of the options were exercised, regardless of whether these are fully vested or have not yet vested, and regardless of their exercise price relative to the market price of Lectra shares at December 31, 2014, the company’s capital (at par value) would increase by a total of €2,121,437, associated with a total additional paid-in capital of €10,190,814. No subsidiary of Lectra has opened a stock option or stock purchase plan. The notes to the consolidated ﬁnancial statements contain full details of the vesting conditions, exercise prices, and exercise dates and conditions of all outstanding stock options at December 31, 2014.
The Board of Directors’ special report, as mandated under article L. 225-184 of the French Commercial Code, is provided in a separate document (available in French only). Absence of Bonus Shares The company has not granted any bonus shares, and no plan for such shares has been submitted for approval to the Shareholders’ Meeting. Consequently, the Board of Directors has not prepared a special report on the granting of bonus shares as provided under article L. 225-197-4 of the French Commercial Code. Share Price Performance and Trading Volumes After rising 75% in 2013, Lectra’s share price gained a further 10% in 2014, closing at €9.14 on December 31, 2014. The share price recorded a low of €7.01 on October 16 and a high of €9.45 on December 18. The CAC 40 index fell by 1% in 2014 and the CAC Mid & Small index gained 8%. According to Euronext statistics, the number of shares traded (6.8 million) was down 16%, and trading volumes (€54.9 million) were up 15% compared with the same period of 2013. Lectra conﬁrmed, in its press release of April 3, 2014 that it is eligible for inclusion in French SME equity savings plans “PEA-PME” qualifying for tax relief speciﬁcally applicable to investments in European small- and mid-cap companies. Lectra’s shares were transferred to Compartment B of Euronext on January 29, 2014, joining Euronext’s new EnterNext PEA-PME 150 index.
8. CORPORATE GOVERNANCE CORPORATE SOCIAL