The maximum number of shares covered by the plan is 7.5 million shares, valued at 250.5 million at market prices.
MADRID, 9 Jul. (EUROPA PRESS) -
The Inditex shareholders' meeting will foreseeably approve on Tuesday, July 11, a long-term incentive plan in cash and shares aimed at members of the management team, including executive directors, and other group employees who are invited to participate in said plan, up to a maximum of 750 beneficiaries.
Specifically, the plan consists of a combination of a multi-year bonus in cash and a promise to deliver shares free of charge which, after a certain period of time has elapsed and after compliance with the specific objectives has been verified, will be paid to the beneficiaries of the plan, in in its entirety or in the percentage that results from application.
The maximum number of shares covered by the plan is 7,500,000 ordinary shares, representing 0.24% of the share capital, and valued at 250.5 million euros based on current market prices. Of these, a maximum of 183,750 shares are directed to the CEO, Óscar García Maceiras.
The plan has a total duration of four years and is structured in two time cycles, each one independent of the other.
Thus, the first cycle of the plan runs from February 1, 2023 to January 31, 2026, while the second cycle runs from February 1, 2024 to January 31, 2027.
Likewise, the board has agreed to propose to the meeting that the number of members of said body be fixed at ten after the departure of the former president of Banco Popular Emilio Saracho, without prejudice to the possibility of increasing it again in the future, depending on the society needs.
Specifically, Saracho, who has been a member of the Inditex board since July 2010, will leave his position as director once his term on said board expires.
Thus, the board of directors will be made up as follows: Marta Ortega, José Arnau, Amancio Ortega and Flora Pérez Marcote, all of them proprietary; Óscar García Maceiras (executive) and as independents Denise Patricia Kingsmill, Anne Lange, Pilar López Álvarez, José Luis Durán Schulz and Rodrigo Echenique.
Saracho, a director at Inditex with the category of 'other external', is currently a member of the board of directors of International Consolidated Airlines Group (IAG) and provides advisory services as Senior Advisor of Altamar Capital Partners.
On the other hand, as approved in March 2023, the Inditex board of directors will propose to the shareholders' meeting the approval of a dividend of 1.20 euros per share charged to the results of the 2022 financial year.
This dividend is made up of two equal payments of 0.60 euros per share: the first has already been made on May 2, 2023 and the second will be made on November 2, 2023.