LensCrafters 2015 Annual Report Download - page 154

Notes to the consolidated financial statement as of December 31, 2015 Page 60 di 68
entering into the lease as well as on the convenience and fairness of the related conditions. The Company incurred lease
expenses in 2015 and 2014 of Euro 3.8 million and Euro 2.0 million, respectively.
Resignation of CEOs
On September 1, 2014, Andrea Guerra left as the Group’s chief executive officer. Pursuant to his termination agreement,
Luxottica paid Mr. Guerra a redundancy incentive payment equal to Euro 10,000,000 in addition to severance pay linked to the
consensual termination of his employment relationship. In addition, Luxottica paid Mr. Guerra Euro 592,294 in connection
with a settlement and novation agreement as consideration for his waiver of any claims or rights that he may have that are
connected or related to his employment and administration relationships with the Group or any other associated entity and any
resolution thereof. Mr. Guerra also signed a 24- month non-competition agreement pursuant to which he is entitled to receive
Euro 800,000 to be paid in equal quarterly installments starting from the date of the termination of his employment.
Additionally, Mr. Guerra sold 813,500 shares of Luxottica Group S.p.A. that he previously received under incentive plans to
the principal shareholder of the Company in an off-market transaction at a price of Euro 41.50 per share. On October 13, 2014,
Enrico Cavatorta resigned from the Board of Directors and stepped down as the Group’s chief executive officer. He resigned
from his position as General Manager on October 31, 2014. Pursuant to his termination agreement, Luxottica paid
Mr. Cavatorta Euro 4,000,000 in addition to severance pay linked to the consensual termination of his employment
relationship. In addition, Luxottica paid Mr. Cavatorta Euro 985,355 in connection with a settlement and novation agreement as
consideration for his waiver of any claims or rights that he may have that are connected or related to his employment and
administration relationships with the Group or any other associated entity and any resolution thereof. No sums were awarded in
connection with Mr. Cavatorta’s termination from the position of director and chief executive officer of Luxottica Group S.p.A.
The aggregate expenses relating to the departures of Messrs. Guerra and Cavatorta, including other minor related costs, totaled
approximately Euro 20 million.
Granting of shares to employees
On May 4, 2015, the Board of Directors of Luxottica Group S.p.A. approved the grant of free treasury shares to the Group’s
employees in Italy in honor of the 80th birthday of the Group’s Chairman and Founder, Mr. Leonardo Del Vecchio. The
transaction which was finalized on October 12, 2015 involved an aggregate of 119,755 Luxottica treasury shares. The gift was
accounted for as a share-based payment under IFRS 2 based on which the Group recorded a total expense of Euro 7.4 million.
Delfin S.à.r.l. will reimburse the Company for the value of this share grant.