LensCrafters 2007 Annual Report Download - page 108

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| 107 <
STOCK OPTIONS PLANS
The Extraordinary Shareholders’ Meeting on March 10, 1998 resolved to increase the stock capital
in one or more times, up to a maximum amount of Lire 1,225,000,000, through the issuance of
ordinary shares to be reserved for grants to officers and key employees of the Group according to
a Stock Option Plan approved by the same Shareholders’ Meeting in the ordinary part. The
conversion of Luxottica Group’s authorized and issued share capital into Euro, approved on June
26, 2001, resulted in a decrease in the number of ordinary shares available for the aforementioned
Stock Options Plan.
In consideration of the reduction of the number of ordinary shares available for the Stock Options
Plan, and the growing size of Luxottica Group resulting in a larger number of potential employee
beneficiaries of stock options, on September 20, 2001, the Extraordinary Shareholders’ Meeting
resolved to increase the capital stock in one or more times, up to a maximum amount of Euro
660,000, through the issuance of new ordinary shares reserved for grants to officers and key
employees of the Group according to a Stock Option Plan approved by the same Shareholders’
Meeting in the ordinary part.
On September 14, 2004, Luxottica Group announced that its majority shareholder, Leonardo Del
Vecchio, allocated approximately 9.6 million of Luxottica Group shares held by him through the
holding company Delfin S.a.r.l., to a Stock Options plan for the Group’s top management. Options
issued through this plan became exercisable on June 30, 2006 upon the accomplishment of
certain financial objectives.
The Extraordinay Shareholders’Meeting on June 14, 2006 resolved to increase the capital stock in
one or more times, up to a maximum amount of Euro 1,200,000, through the issuance of new
ordinary shares reserved for grants to officers and key employees of the Group according to a
Stock Option Plan approved by the same Shareholders’ Meeting in the ordinary part.
SHARE BUY-BACK PLANS
On September 25, 2002, upon the authorization of Luxottica Group S.p.A., Luxottica U.S. Holdings
Corp., a U.S. subsidiary of Luxottica Group, approved the purchase of up to 11,500,000 Luxottica
Group’s ADS, representing an equal number of ordinary shares, equivalent to 2.5% of Luxottica
Group’s authorized and issued share capital. This plan required that the purchase be carried out
on the New York Stock Exchange within 18 months of its approval.
On March 20, 2003, Luxottica U.S. Holdings Corp. approved the purchase of up to 10,000,000
Luxottica Group ADS, representing an equal number of ordinary shares, and equivalent to 2.2% of
Luxottica Group’s authorized and issued share capital, to be purchased on the New York Stock
Exchange within 18 months of its approval.
As of its expiration date, Luxottica U.S. Holdings Corp. had acquired 6,434,786 Luxottica Group
ADS, representing approximately 1.4% of the capital of Luxottica Group. These ADS have been
transferred by Luxottica U.S. Holdings Corp. to its subsidiary Arnette Optics Illusions Inc. and on
the first quarter of 2006 they have been converted in Luxottica Group ordinary shares in
accordance with applicable law.
STOCK OPTIONS
PLANS AND SHARE
BUY-BACK PLANS