Two capital increases to finance two long-term incentive plans. The initiative will be proposed by the Intesa Sanpaolo board of directors at the shareholders' meeting scheduled for 29 April.
The two plans are aimed at all bank employees and represent "an instrument of widespread shareholding in the bank's capital to enhance the key role of the people of the group in achieving the objectives of the 2022-2025 Business Plan", reads the note of the group.
The Intesa Sanpaolo Performance Share plan
The first floor, called "Performance Share" is aimed at risk takers and Middle Managers who will receive Intesa Sanpaolo ordinary shares subject to performance conditions. "The application of performance conditions is envisaged for the effective assignment of incentives in relation to the achievement, over the course of the Business Plan, of specific key objectives", specifies Intesa in a note. The total number of shares to be issued is equal to 0,5% of Intesa Sanpaolo's share capital post-transaction.
The Lecoip 3.0
The second floor is theLeveraged Employee Co-Investment Plan 3.0”. A project that concerns all the other employees of the group based on three axes:
- the allocation of newly issued ordinary shares against a free capital increase;
- the possibility of subscribing, in certain proportions with respect to the free shares received,
- an Investment Plan based on newly issued Intesa Sanpaolo shares against a capital increase – intended for employees – at a discounted issue price compared to the market value.
If all employees adhere to Lecoip 3.0, the maximum number of shares to be issued will be equal to 2,7% of the share capital of the bank led by Carlo Messina after the operation.
