2010 Stock Option Plan
On 20 April 2010, the Shareholders' Meeting approved the Salary Plan based on financial instruments, called Stock Option Plan 2010, then amended by the Shareholders' Meeting of 6 June 2013.
Plan addressees are executive Directors and/or Company employees and/or those of subsidiaries with strategic responsibilities.
The Plan was implemented and adopted to stimulate, involve and loyalise top management directly responsible for company results; to increase the company's economic value by improving economic and financial performances whilst guaranteeing alignment with shareholders’ interests: creation of long-term value.
Participants are assigned a bonus applying what is felt to be the best parameter: appreciation of market value for Autogrill shares. For that reason, the Plan is structured as a stock option plan based on how Company shares do on the market; beneficiaries can exercise options purchasing a corresponding number of shares at a pre-set price.
Phantom Stock Option 2014
On 28 May 2014 the Autogrill S.p.A Shareholders' Meeting approved a bonus plan called “Phantom Stock Option Plan 2014”.
The Phantom SOP 2014 is there to help those parties in functions that are important for company goals decide to remain with the Company and the Group; stimulating them to valorize the Company whilst creating a loyalty instrument.
The Phantom SOP 2014 is for those employees and/or directors holding specific roles in the Company and in subsidiaries who take part in the plan, chosen by the Board of Directors.
The plan establishes that free, non-transferable options be assigned to the beneficiaries; these give them the right to receive a gross money sum, calculated on the basis of any ordinary company share increase in value.
The options are assigned over three attribution cycles and may accrue, becoming exercisable when performance targets have been achieved, under terms and conditions specified in the Phantom SOP 2014 regulations.
As the remuneration plan is based on Phantom Stock Options, hence does not involve assigning or purchasing Shares, the Phantom SOP 2014 Regulations establish, pursuant to and for the purposes of Art. 6 of the Voluntary Self-Regulatory Code of listed companies, a share retention mechanism for “executive directors” by which a 20% share of the net Bonus they receive must be reinvested in Shares. These must be held (so called minimum holding commitment) until the date the relationship with the company ceases.