Information according to article 84-bis of Consob Regulation 11971/99’
INCENTIVE PLAN FOR EMPLOYEES OF THE COMPANY AND ITS SUBSIDIARIES ‘PERFORMANCE SHARES PLAN 2013 -2017’ GRANTS FOR THE YEAR 2013
Milan, April 29, 2013 – Pursuant to art. 84-bis of Consob Regulation no. 11971/1999, the Company hereby announces that the Board of Directors of Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX) (the “Company”) approved the first grant of awards under the ‘Performance Shares Plan 2013-2017’ (the “Plan”). The Plan was approved today at the ordinary stockholders meeting of the Company.
The Plan is in the form of a stock grant plan and provides that beneficiaries will be granted the right to receive, without consideration, ordinary shares of the Company as long as certain financial targets set by the Board of Directors at the time of grant are achieved at the end of a specified three-year reference period.
Specifically, over the course of the three-year reference period, consolidated “EPS” or “earnings per share” targets must be cumulatively reached, as set forth in the Group’s consolidated statements of income, equal to the net income highlighted in the financial statements divided by the average number of outstanding shares.
The Plan is reserved for employees, of the Company and its subsidiaries, identified individually by the Board of Directors upon the recommendation of the Human Resources Committee.
Today the Board of Directors, upon the recommendation of the Human Resources Committee, granted to 591 beneficiaries a total of 1,284,420 rights to receive, without consideration, ordinary shares of the Company (“Units”) subject to the achievement of certain aggregate Luxottica Group consolidated EPS targets for the 2013-2015 fiscal period, as determined by the Board of Directors solely for the purposes of this Plan. The beneficiaries include Company Board members, executive officers and managers and employees who are in strategic roles designated as having growth-potential for the Group.
Based on the official price of the Company’s ordinary shares on the MTA on the day of grant, the estimated cost that the Company expects to incur in connection with the 2013 grants is approximately Euro 52.4 million.
Terms of the Plan and the Units granted under the Plan are described in more detail in the Board of Directors Report to the April 29, 2013 ordinary stockholders meeting and within the Information Document included in the Report, available on the Company’s website
Please note that the Human Resources Committee gave its favorable opinion, in accordance with the provisions relating to small amount transactions with related parties and the relevant Procedure approved by the Company, in connection with the grant of Units made to certain Directors and executives with strategic responsibilities employed by the Company or its subsidiaries.