Pirelli ends old LTI plan without payments
ERJ staff report (TP)
Milan, Italy – Pirelli’s Board of Directors decided to terminate, with effect from 31 December 2013, the cash Long Term Incentive Plan (LTI) for executives adopted in 2012 to support the targets set for the three-year period 2012-2014 without any payment, not even pro-quota, of the three-year bonus.
At the same time, the Board approved the adoption of a new plan – always for all executives (about 330 participants) – linked to the targets for the period 2014/2016 contained in the 2013/2017 industrial plan presented on 6 November 2013, when the guidelines for the new LTI were also provided.
The new LTI Plan ends on 31 December 2016 and sets April 2017 as the date for the eventual payment to participants of the medium-long term award matured, on conditions that the same, on 31 December 2016, have not ended (for whatever reason) their mandate and/or their relationship as an employee.
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Complete details in the press release from Pirelli