291
As at 31 December 2013 the options were all fully vested. The
options will be exercisable in 2014, within the three months
following the anniversary of the grant date (2 September
2014). Options not exercised during this period will be
deemed forfeited and void.
At 31 December 2013, the overall cost recognised in the
income statement under “Personnel costs” in relation to the
fair value of the options granted has been estimated at Euro
4,476 thousand.
The information memorandum, prepared under art. 114-bis
of Legislative Decree 58/98 and describing the characteristics
of the above incentive plan, is publicly available on the
Company’s website at
,
from its registered offices and from Borsa Italiana S.p.A..
Group employee share purchase plan (YES Plan)
On 16 April 2013, the shareholders approved a share
ownership plan reserved for employees of Prysmian S.p.A.
and/or of its subsidiaries, including some of the Company’s
Directors, and granted the Board of Directors the relevant
powers to establish and implement this plan.
The reasons behind the introduction of the Plan are:
• to strengthen the sense of belonging to the Group
by offering employees an opportunity to share in its
successes, through equity ownership;
• to align the interests of the Prysmian Group’s stakeholders
(its employees and shareholders), by identifying a common
goal of creating long-term value;
• to help consolidate the integration process started in the
wake of the Draka Group’s acquisition.
The Plan offers the opportunity to purchase Prysmian’s
ordinary shares on preferential terms, with a maximum
discount of 25% on the stock price, offered in the form of
treasury shares, except for the Chief Executive Officer, the
Chief Financial Officer, the Chief Strategy Officer and two key
managers, for whom the discount is equal to 1% of the stock
price.
The shares purchased will be subject to a retention period,
during which they cannot be sold. The Plan envisages three
purchase windows: 2014, 2015 and 2016.
The Plan therefore qualifies as “of particular relevance”
within the meaning of art. 84-bis, par. 2 of the Issuer
Regulations.
A maximum number of 500,000 treasury shares has been
earmarked to serve the discounted purchases envisaged by
the Plan.
During the month of October 2013, the plan was presented
and explained to some 16,000 of the Group’s employees in
27 countries. Employees were free to express their readiness
to participate in the Plan by the end of December 2013 and
have accordingly communicated the amount they intended
to invest in the first purchase window and the method
of payment. The amount collected, totalling Euro 7,640
thousand, will be used to make purchases of the Company’s
ordinary shares on the Milan Stock Exchange (MTA) over
a period of 5 consecutive business days during the month
of May 2014. The number of shares assigned to each
participant will then be determined by taking into account
the average purchase price of the shares acquired on behalf
of participants, the individual investment and the applicable
discount percentage.
(*) The number of options shown has been determined based on cumulative EBITDA for the three years 2011-2013.
The following table provides additional details about the plan:
(in Euro)
For consideration
For no consideration
Number of options (*)
Exercise price Number of options (*)
Exercise price
Options at start of year
2,131,500
0.10
1,890,875
-
Granted
-
-
-
-
Variation for target remeasurement
-
(309,331)
Cancelled
-
-
(165,235)
-
Exercised
-
-
-
-
Options at end of year
2,131,500
0.10
1,416,309
-
of which for Prysmian S.p.A. employees
745,126
0.10
495,887
-
of which vested at end of year
2,131,500
0.10
1,416,309
-
of which for Prysmian S.p.A. employees
745,126
0.10
495,887
-
of which exercisable
-
-
-
-
of which not vested at end of year
-
-
-
-
of which for Prysmian S.p.A. employees
-
-
-
-
