Share plan for the Generali Group employees
On September 17 2019 the Board of Directors of Assicurazioni Generali gave execution to the Share Plan for Generali Group employees, as approved by the Annual General Meeting of Assicurazioni Generali on May 7 2019.
This is an important milestone for our Group, the first of its kind in the history of Generali. The plan promotes a culture of ownership by fostering empowerment, engagement towards the new strategic objectives and participation in sustainable value creation.
The plan starts in October 2019 and will last three years providing Group employees with the opportunity to purchase Generali shares at favorable conditions receiving, in the case of share price appreciation, free shares in proportion to the shares purchased and to dividends distributed. At the same time, the plan provides protection on the individual monetary amounts to be accumulated during the three years to participate in the plan.
The plan is targeted to employees who are part of Generali Group, except for members of the Group Management Committee (GMC), members of the Global Leadership Group (GLG) and those employees operating in countries or companies in which it will not be possible to implement the plan for legal, fiscal, or other specific reasons.
START OF THE PLAN
In October 2019, employees in 31 countries will have the opportunity to join the plan, communicating the amount (“individual contribution”) they wish to allocate to purchase Assicurazioni Generali Shares at the end of the plan.
The individual contribution chosen by each participant shall be in the range of minimum of Euro 540 and maximum of Euro 18,000 overall (or the equivalent in local currency).
Based on the amount of the individual contribution, the participants will receive the right (“options”) to purchase Assicurazioni Generali shares at the end of the plan at the price set at the beginning of the plan (“initial price”). The number of options assigned to each participant will be equal to the ratio between the individual contribution and the initial price.
DURING THE PLAN
The overall amount of the individual contribution will be accrued through 36 monthly payroll deductions (therefore between a minimum of Euro 15 and a maximum of Euro 500 per month) and will be unavailable for the three-year length of the plan.
END OF THE PLAN
At the end of the plan, the final price of the shares will be determined and, in the case of share price appreciation, participants in the plan will automatically purchase the shares at the initial price with the individual contribution accrued and will receive additionally:
- 1 free “matching share” for every 3 shares purchased;
- free “dividend-equivalent” shares, in proportion to the dividends distributed in the three years period.
In the case of share price depreciation (if the final price is lower than the initial price), the individual contribution will be returned to the participants (protection).
In the case of share price appreciation, each participant will be entitled to decide whether to sell all the shares and thereby receive the corresponding sum of money or to continue to hold the shares, except for the shares sold in order to allow the participants to pay the taxes due.
Please find below, for those countries where applicable laws require it, the information document with all details about the plan.