Start of the sell to cover for the LTI 2020-2022 plan

categories: Corporate 

Prysmian's leadership team invests in the shares of the company, owning more than the 2% of the share capital

Milan, Italy   -   06/06/2023 - 11:28 AM

Starting from yesterday, the Chief Executive Officer of Prysmian S.p.A. (the “Company” or “Prysmian”), Valerio Battista, as well as other executives with strategic responsibilities and beneficiaries of the three-year incentive plan “LTI Grow 2020-2022” (“Grow Plan”) approved on April 28th, 2020, by the Shareholders' Meeting, have started the sale of part of the Prysmian ordinary shares granted to them under the Grow Plan. These sales will take place according to the sell-to-cover mechanism - and, therefore, through transactions on the market - for the exclusive purpose of paying the tax charges deriving from such assignment, as provided for under the Grow Plan. As regards, in particular, the Chief Executive Officer, the sale will concern part of the 325,743 shares granted to him.

The Prysmian Group's leadership team, consisting of Chief Executive Officer Valerio Battista, Chief Operating Officer Massimo Battaini, Chief Financial Officer Pier Francesco Facchini and other senior managers, has informed the Company that they have agreed to the Chief Executive Officer's proposal to invest in the Company's shares a minimum amount equal to 30% of their net incentive, calculated on the portion that will be paid to them in cash based on the achievement of the performance targets set, for the year 2022, by the MBO Plan. At the end of the sell-to-cover period envisaged in the Grow Plan, the leadership team will own more than the 2% of Prysmian's share capital.

These shares will be purchased on the market, subject to the grant of a dedicated so-called in curando mandate to a financial intermediary.

The decision of the Group's leadership team,” explains CEO Valerio Battista, “is consistent with the attention we have always paid to the convergence of the interests of the Company's shareholders, management and employees. At this time, the initiative also demonstrates the support of Prysmian's management for the announcement made by the Board of Directors regarding the nomination of Massimo Battaini as the next candidate for the role of Chief Executive Officer, on the renewal of the Board of Directors scheduled for 2024”.

This communication will be followed, for sale and purchase transactions carried out by the Chief Executive Officer, the two Executive Directors and the other managers with strategic responsibilities, by communications to the market and in accordance with article 19, paragraph 3, of Regulation (EU) no. 596/2014.

download document