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Download the 2009 annual report in PDF format - ANF

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Stock options are granted dur<strong>in</strong>g <strong>the</strong> same calendar period. For all<br />

of <strong>the</strong> stock option plans implemented, <strong>the</strong> Executive Board granted<br />

said stock options dur<strong>in</strong>g <strong>the</strong> session <strong>in</strong> December that followed <strong>the</strong><br />

Supervisory Board meet<strong>in</strong>g held to decide on <strong>the</strong> allocation of stock<br />

options. In order to ensure that <strong>the</strong>se stock options, which are valued<br />

accord<strong>in</strong>g to IFRS methods, do not represent a disproportionate<br />

percentage of compensation, <strong>the</strong> allocation cannot exceed two<br />

times <strong>the</strong> compensation of each benefi ciary.<br />

Terms for <strong>the</strong> allocation and performance of stock<br />

options granted to members of <strong>the</strong> Executive Board<br />

<strong>in</strong> <strong>2009</strong><br />

The stock options will be permanently vested <strong>in</strong> tranches, gradually,<br />

follow<strong>in</strong>g <strong>the</strong> three consecutive vest<strong>in</strong>g periods, provided <strong>the</strong><br />

benefi ciary is employed by <strong>the</strong> Company at <strong>the</strong> end of <strong>the</strong> vest<strong>in</strong>g<br />

period <strong>in</strong> question (see table 8 above).<br />

Moreover, if benefi ciaries of options have not been employed by<br />

<strong>the</strong> Company for four years as of <strong>the</strong> expiration date of one of <strong>the</strong><br />

vest<strong>in</strong>g periods, <strong>the</strong> options correspond<strong>in</strong>g to said period will be<br />

permanently vested once <strong>the</strong> benefi ciary can justify employment by<br />

<strong>the</strong> Company for four years.<br />

The stock options of <strong>the</strong> third tranche will be permanently vested<br />

if <strong>the</strong> <strong>ANF</strong> meets <strong>the</strong> stock market performance criteria that will be<br />

determ<strong>in</strong>ed over a four-year period (start<strong>in</strong>g December 14, <strong>2009</strong> to<br />

December 14, 2013).<br />

<strong>ANF</strong>’s performance will be compared to <strong>the</strong> stock market<br />

performance of <strong>the</strong> EPRA <strong>in</strong>dex over <strong>the</strong> same period. This <strong>in</strong>dex<br />

<strong>in</strong>cludes a panel of European companies similar to <strong>ANF</strong> that are<br />

selected by <strong>the</strong> Supervisory Board upon <strong>the</strong> proposal by <strong>the</strong><br />

Compensation and Appo<strong>in</strong>tments Committee.<br />

If <strong>ANF</strong>’s performance is equal to or exceeds 120% of <strong>the</strong> panel’s<br />

stock market performance over <strong>the</strong> same period, <strong>the</strong> stock options<br />

of <strong>the</strong> third tranche will be fully vested on December 14, 2013.<br />

If <strong>ANF</strong>’s performance is equal to that of <strong>the</strong> panel over <strong>the</strong> same<br />

period, only a fraction of <strong>the</strong> stock options, so that <strong>the</strong> sum of<br />

<strong>the</strong> stock options permanently vested <strong>in</strong> all three tranches equals<br />

87.5% of all <strong>the</strong> stock options granted, will be permanently vested<br />

on December 14, 2013.<br />

If <strong>ANF</strong>’s performance is equal to or less than 80% of <strong>the</strong> panel’s<br />

stock market performance over <strong>the</strong> same period, only a fraction of<br />

<strong>the</strong> stock options, so that <strong>the</strong> sum of <strong>the</strong> stock options permanently<br />

vested <strong>in</strong> all three tranches equals 75% of all <strong>the</strong> stock options<br />

granted, will be permanently vested on December 14, 2013.<br />

INFORMATION ABOUT <strong>ANF</strong><br />

�<br />

Corporate governance<br />

The stock options of <strong>the</strong> third tranche will be permanently vested<br />

proportionately with<strong>in</strong> <strong>the</strong>se limits.<br />

Hold<strong>in</strong>g shares vested as stock options<br />

In l<strong>in</strong>e with <strong>the</strong> provisions of Article L. 225-185-4 of <strong>the</strong> French<br />

Commercial Code, each member of <strong>the</strong> Executive Board will be<br />

required to hold a m<strong>in</strong>imum number of registered shares result<strong>in</strong>g<br />

from <strong>the</strong> exercise of stock options throughout <strong>the</strong> performance of<br />

<strong>the</strong>ir duties at <strong>the</strong> Company, ei<strong>the</strong>r directly or <strong>in</strong>directly through<br />

estate or family structures.<br />

For Bruno Keller, as of <strong>the</strong> 2008 plan, this m<strong>in</strong>imum number of<br />

shares represents <strong>the</strong> equivalent of 24 months of salary (fi xed and<br />

variable portions). This m<strong>in</strong>imum number of shares must be reached<br />

with<strong>in</strong> three years of <strong>the</strong> date <strong>the</strong> fi rst options are exercised.<br />

For Xavier de Lacoste Lareymondie, as of <strong>the</strong> 2008 plan, this<br />

m<strong>in</strong>imum number of shares represents <strong>the</strong> equivalent of twelve<br />

months of salary (fi xed and variable portions). This m<strong>in</strong>imum number<br />

of shares must be reached with<strong>in</strong> three years of <strong>the</strong> date <strong>the</strong> fi rst<br />

options are exercised.<br />

For Brigitte Per<strong>in</strong>etti, as of <strong>the</strong> 2008 plan, this m<strong>in</strong>imum number of<br />

shares represents <strong>the</strong> equivalent of 12 months of salary (fi xed and<br />

variable portions). This m<strong>in</strong>imum number of shares must be reached<br />

with<strong>in</strong> fi ve years of <strong>the</strong> date <strong>the</strong> fi rst options are exercised.<br />

For Ghisla<strong>in</strong>e Segu<strong>in</strong>, as of <strong>the</strong> 2008 plan, this m<strong>in</strong>imum number of<br />

shares represents <strong>the</strong> equivalent of twelve months of salary (fi xed<br />

and variable portions). This m<strong>in</strong>imum number of shares must be<br />

reached with<strong>in</strong> fi ve years of <strong>the</strong> date <strong>the</strong> fi rst options are exercised.<br />

At its meet<strong>in</strong>g on March 19, 2010, <strong>the</strong> Supervisory Board decided,<br />

<strong>in</strong> l<strong>in</strong>e with <strong>the</strong> recommendations of <strong>the</strong> Compensation and<br />

Appo<strong>in</strong>tments Committee, that:<br />

• <strong>the</strong> use of hedg<strong>in</strong>g <strong>in</strong>struments is forbidden; and<br />

Contents<br />

• <strong>the</strong> stock options granted to members of <strong>the</strong> Executive Board<br />

cannot be exercised with<strong>in</strong> <strong>the</strong> 10 trad<strong>in</strong>g days preced<strong>in</strong>g <strong>the</strong><br />

publication date of <strong>the</strong> <strong>annual</strong> or half-yearly fi nancial statements<br />

and more generally <strong>the</strong> date <strong>the</strong> Company releases its earn<strong>in</strong>gs<br />

or prospective earn<strong>in</strong>gs.<br />

The table present<strong>in</strong>g <strong>the</strong> stock options granted to <strong>the</strong> top ten<br />

employee benefi ciaries who are not corporate offi cers and <strong>the</strong><br />

options exercised by <strong>the</strong>m is <strong>in</strong>cluded <strong>in</strong> <strong>the</strong> Executive Board’s<br />

special <strong>report</strong> on stock options on page 78 of this Registration<br />

Document.<br />

<strong>ANF</strong> • <strong>2009</strong> ANNUAL REPORT<br />

67<br />

OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT <strong>ANF</strong> DESCRIPTION OF THE BUSINESS

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