LensCrafters 2015 Annual Report Download - page 157

Notes to the consolidated financial statement as of December 31, 2015 Page 63 di 68
33. NON-RECURRING TRANSACTIONS
During 2015, the Group incurred non-recurring expenses related to the integration of Oakley and other minor projects with a
Euro 66.4 million impact on operating income and an approximately Euro 49.8 million impact on net income. These costs
primarily relate to severance expenses and asset write-offs.
In 2014, the Group recorded a non-recurring expenditure amounting to Euro 20 million (Euro 10.9 million net of taxes) related
to the termination agreement of the employment relationship and the administration relationship between the forme Group
CEOs Andrea Guerra and Enrico Cavatorta and Luxottica Group SpA. The group recorded a tax benefit of approximately Euro
5.5 million related to the above mentioned costs. In the last quarter of 2014, the Group recorded a non-recurring expense of
Euro 30.3 million for the tax audit related to Luxottica S.r.l. (fiscal years from 2008 to 2011).
34. SHARE-BASED PAYMENTS
Beginning in April 1998, certain officers and other key employees of the Company and its subsidiaries were granted stock
options of Luxottica Group S.p.A. under the Company’s stock option plans (the “plans”). In order to strengthen the loyalty of
some key employees—with respect to individual targets, and in order to enhance the overall capitalization of the
Company—the Company’s stockholders meetings approved three stock capital increases on March 10, 1998, September 20,
2001 and June 14, 2006, respectively, through the issuance of new common shares to be offered for subscription to employees.
On the basis of these stock capital increases, the authorized share capital was equal to Euro 29,457,295.98. These options
become exercisable at the end of a three-year vesting period. Certain options may contain accelerated vesting terms if there is a
change in ownership (as defined in the plans).
The stockholders’ meeting has delegated the Board of Directors to effectively execute, in one or more installments, the stock
capital increases and to grant options to employees. The Board can also:
1 establish the terms and conditions for the underwriting of the new shares;
1 request the full payment of the shares at the time of their underwriting;
1 identify the employees to grant the options based on appropriate criteria; and
1 regulate the effect of the termination of the employment relationships with the Company or its subsidiaries and the
effects of the employee death on the options granted by specific provision included in the agreements entered into with
the employees.
Upon execution of the proxy received from the Stockholders’ meeting, the Board of Directors has granted a total of
55,909,800 options of which, as of December 31, 2015, 33,153,333 have been exercised.