Press Releases and Statements
Benetton Board of Directors approves stock option plan proposal and convenes extraordinary shareholders’ meeting
Ponzano, 15 July 2004 – The Benetton Group Board of Directors, which met today, convened an extraordinary shareholders’ meeting for 9 September at first call and 10 September at second call in order to propose that power be given to the Board to increase share capital; this increase is to service a stock option plan reserved to employees of the company and its subsidiaries who occupy strategic positions.
A maximum of five million options are expected to be awarded, corresponding to five million new issue Benetton Group shares, equivalent to 2.75 per cent of share capital; 50 per cent of these are exercisable two years after award date and the remaining 50 per cent four years after award date.
The options will only be exercisable subject to achievement of the objectives for creation of accumulated value envisaged in the Development Guidelines for 2004-2007, presented to the financial market in December 2003.
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