In 2020, the performance objectives relating to the three reference years of the 2017/2019 Stock Grant Plan reserved to the Chief Executive Officer and established by the Shareholders’ Meeting of 28 April 2017 were verified and ascertained. The objectives have all been achieved and the total of the shares envisaged in the three-year period of reference has been assigned in favour of the Chief Executive Officer.
The Ordinary Shareholders’ Meeting of April 29th, 2020 has also approved two medium-long term incentive plans (LTI) reserved for the Chief Executive Officer and Executives with Strategic Responsibilities (the “Beneficiaries“). One relates to the assignment to the Beneficiaries, free of charge, of a maximum of 2,070,000 Company shares (“Stock Grant Plan“) while the other relates to the assignment to the Beneficiaries, free of charge, of a maximum number of 2,070,000 Grants which confer the right to the assignment of a cash bonus (“Phantom Stock Grant Plan“).
Both plans include:
- a three-year term for the 2020-2021-2022 financial years;
- as regards the Stock Grant Plan, the attribution of ordinary shares of the Company and, as regards the Phantom Stock Grant Plan, the attribution of Bonus, subject to: (i) the verification by the Board of Directors of the achievement of specific performance objectives for each financial year included in the three-year period of reference, as well as (ii) the circumstance that the Beneficiaries maintain their respective offices/working relationships in the Company;
- that the allocation of the Company’s shares of the Stock Grant Plan and the allocation of Bonus of the Phantom Stock Grant Plan takes place at the end of the three-year performance period, which starts from the date of assignment of the Rights with reference to the Stock Grant Plan and of the Grant with reference to the Phantom Stock Grant Plan and it ends on December 31st, 2022;
- that the performance objectives will be determined by the Board of Directors on the assignment date, using the ROCE as the reference parameter.