Natuzzi S.p.A. Announces the Approval by Its Board of Directors of a Proposal to Its Shareholders to Approve a New Stock Option Plan
19 Mai 2022 - 10:15PM
Business Wire
Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi” or the “Company” and,
together with its subsidiaries, the “Group”) announced today that
its Board of Directors (the “Board”) has approved a proposal to be
submitted to the Company’s shareholders at an extraordinary
shareholders’ meeting of the Company to be convened in the near
future to approve the terms and conditions of a new stock option
plan for the Group’s personnel (the “Plan”) and authorize the Board
to carry out, in one or more tranches, the capital increase without
preemptive rights that will be necessary to issue ordinary shares
of the Company (the “Shares”) to employees under the Plan.
The Plan provides for the grant of stock options to certain
employees and directors of the Company and its affiliates during
the 2022-2026 period, which would vest and become exercisable
subject to the continuation of the relevant working relationship
and/or the achievement of performance targets as determined by the
Board, which is also entitled under the Plan to determine that the
stock options would vest and become exercisable only subject to the
continuation of the relevant working relationship.
More specifically, options may be granted under the Plan to such
employees or directors of the Company and its affiliates as the
Board may from time to time designate (the “Participants”). In
determining the number of shares that can be purchased under an
option by each Participant, the Board will take into consideration
the level of responsibility of such Participant and his or her
impact or contribution to the longer-term operating performance of
the Company, thus closely aligning the interests of the
Participants with the interests of the Company’s shareholders. Upon
grant, the Board will also determine the options’ exercise price,
conditions (including performance targets, if any), vesting
schedule and term, as well as any other specific term or condition
applicable in relation to the options’ award under the Plan.
The Plan will be administered by the Board, which will have full
and final authority with respect to the granting and management of
all options thereunder subject to the express provisions of the
Plan. The Board may delegate some or all of its powers under the
Plan to a committee or any director of the Company, which would
have the authority to administer the Plan with respect to the
specific duties delegated to it.
The Plan provides that the maximum number of Shares available to
be purchased under the Plan is 5,485,304 Shares (equal to
approximately 10% of the Shares issued and outstanding as of the
date of this press release).
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About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. is one of
the most renowned brands in the production and distribution of
design and luxury furniture. With a global retail network of 651
mono-brand stores and 563 galleries as of December 31, 2021,
Natuzzi distributes its collections worldwide. Natuzzi products
embed the finest spirit of Italian design and the unique
craftmanship details of the “Made in Italy”, where a predominant
part of its production takes place. Natuzzi has been listed on the
New York Stock Exchange since May 13, 1993. Always committed to
social responsibility and environmental sustainability, Natuzzi
S.p.A. is ISO 9001 and 14001 certified (Quality and Environment),
ISO 45001 certified (Safety on the Workplace) and FSC® certified
(Forest Stewardship Council).
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version on businesswire.com: https://www.businesswire.com/news/home/20220519005807/en/
Natuzzi Investor Relations James Carbonara | tel. +1
(646)-755-7412 | james@haydenir.com Piero Direnzo | tel. +39
080-8820-812 | pdirenzo@natuzzi.com
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