Download the 2009 annual report in PDF format - ANF

70
INFORMATION ABOUT ANF
Corporate governance
• “Value of share before payout” means ANF’s weighted average
share price in the last three market sessions before the payout
date, i.e. €26.
As a result, the warrant exercise ratio stands at 1.13 shares for
1 warrant, while the number of warrants and their exercise price
remain unchanged.
Stock options
(i) Options granted by ANF
Stock options granted in fi scal year 2007
During the fi scal year ended December 31, 2007, the Executive
Board, at its meeting on December 17, 2007, made an allocation
of stock options, the principal characteristics of which are set out in
Table 8 of the paragraph “Stock options and performance shares”
in Section 2.5 of Part II of the Registration Document.
In order to protect the rights of the recipients of stock options
following the distribution of reserves, ANF’s Executive Board
adjusted the exercise terms on July 27, 2009, as follows:
a) Adjustment of the purchase price of stock options
The share purchase price (€43.75 (1) ) was multiplied by the following
adjustment factor:
Value of payout per share
1
1 – (Amount of payout per share)/
(Value of share prior to payout)
Where:
• the “Value of payout per share” means an amount in euros equal
to the following division:
23,820,747.62
24,956,675
• “Value of share before payout” means ANF’s weighted average
share price in the last three market sessions before the payout
date, i.e. €26.
b) Adjustment of the number of stock options
The initial number of stock options for each recipient was multiplied
by the following adjustment factor:
Purchase price of stock options
Adjusted purchase price of stock options
Where:
• the purchase price of stock options is €43.75;
• the adjusted purchase price of stock options represents the
purchase price of the stock options determined according to the
procedure described in paragraph a) above (i.e. €42.14).
Accordingly, the new purchase price of stock options is €42.14 and
the number of stock options for each benefi ciary breaks down as
follows:
ANF • 2009 ANNUAL REPORT
Recipient
Bruno Keller, Chairman of the Executive
Board
Xavier de Lacoste Lareymondie, Member
of the Executive Board and Chief Operating
Offi cer
Brigitte Perinetti, Member of the Executive
Board
Number of stock
options
59,143
26,509
2,932
Employees 23,576
Stock options granted in fi scal year 2008
During the fi scal year ended December 31, 2008, the Executive
Board, at its meeting on December 19, 2008, made an allocation
of stock options, the principal characteristics of which are set out in
Table 8 of the paragraph “Stock options and performance shares”
in Section 2.5 of Part II of the Registration Document.
In order to protect the rights of the recipients of stock options
following the distribution of reserves, ANF’s Executive Board
adjusted the exercise terms on July 27, 2009, as follows:
c) Adjustment of the purchase price of stock options
• The share purchase price (€28.58) was multiplied by the following
adjustment factor:
Value of payout per share
Where:
1
1 – (Amount of payout per share)/
(Value of share prior to payout)
• the “Value of payout per share” means an amount in euros equal
to the following division:
23,820,747.62
24,956,675
• “Value of share before payout” means ANF’s weighted average
share price in the last three market sessions before the payout
date, i.e. €26.
d) Adjustment of the number of stock options
The initial number of stock options for each recipient was multiplied
by the following adjustment factor:
Purchase price of stock options
Adjusted purchase price of stock options
Where:
• the purchase price of stock options is €28.58;
• the adjusted purchase price of stock options represents the
purchase price of the stock options determined according to the
procedure described in paragraph a) above (i.e. €27.53).
(1) Including Bruno Keller: 110,919, Xavier de Lacoste Lareymondie: 61,006, Brigitte Perinetti: 9,706 and Richard Odent: 12,479.
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Contents
OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS