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2015 Performance Shares Plan Grant and Information about Incentive Plans
Notification pursuant to article 84-bis of Consob regulation no. 11971/1999
Milan (Italy), May 8, 2015 – Pursuant to art. 84-bis of CONSOB Regulation no. 11971/1999, the Company hereby announces that on May 4, 2015 the Board of Directors of Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX) (the “Company”) approved the grant of awards under the Performance Shares Plan 2013-2017 (the “Plan”). The Plan was approved at the Company’s ordinary stockholders meeting held on April 29, 2013.
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 who are identified individually by the Board of Directors upon the recommendation of the Human Resources Committee.
In particular, the Board of Directors, upon recommendation of the Human Resources Committee, approved an ordinary grant and an extraordinary one, with consolidated cumulative EPS targets related to the period 2015-2017, with different and more challenging targets for the extraordinary grant.
Under the ordinary grant, the Board awarded to 629 beneficiaries, 893,160 rights to receive Luxottica Group shares at the end of the relevant reference period.
Under the extraordinary grant, the Board awarded to five beneficiaries, 688,800 rights to receive Luxottica Group shares at the end of the relevant reference period.
The terms of 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 herewith, available on the Company’s website www.luxottica.com under the Governance/General Meeting/Archive section.
Based on the official price of the Company’s ordinary shares on the Mercato Telematico Azionario organized and managed by Borsa Italiana on the day of grant, the estimated cost that the Company expects to incur in connection with the 2015 grants is approximately Euro 95 million.
Attached below is the information required under scheme 7 of Annex 3A to CONSOB Regulations no.11971/1999 disclosing the grant of the Performance Share Plan and the execution of the Company’s other incentive plans.