As far as I know this "pennant" was called "Fanion".
The eagle was with the 1st batallion of a french infrantry regiment.
The other Battalions had no eagles but a battalion marker flag (fanion de bataillon). Decree of 1811 (December 25) and the Agenda of 1812 (February 12) recognized by each battalion, except the first, which was guard eagle, a flag that had earlier decrees called teaching.
The 2nd Battalion flag was white, the third red, the fourth blue, the fifth green, the sixth yellow...:
On these Fanions were - according to each Battalion - different symbols or places of battles sewn.
In addition, each of the eight companies of every batallion had their own Fanion . Those Fanions (Fanion de compagnie) were clearly smaller. Those Fanions were attached to a small rod that the carrier stuck in the barrel of his gun..:
So I think. your figure is a
bearer of a "Fanion de compagnie" of the Old Guards. I found only this photo...:
But I asked a friend of mine for more photos, especially of the Old Guards. If he can give me some, I will post them here...
BTW: Cracking paintwork!
Cheers