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FINANCIAL STATEMENTS, MANAGEMENT AND CORPORATE GOVERNANCE REPORT.
2011
SIGNIFICANT AGREEMENTS THAT WOULD COME INTO FORCE, BE
AMENDED OR EXPIRE IN THE EVENT OF A CHANGE OF CONTROL AT
THE COMPANY
There are no significant agreements subject to a change in control at the Company.
AGREEMENTS BETWEEN THE COMPANY AND ITS DIRECTORS AND
MANAGERS THAT PROVIDE FOR SPECIAL INDEMNITIES
The following table itemises the only instances of special indemnification schemes outstanding between the Company
and its directors and managers.
POSITION
GUARANTEE OR GOLDEN PARACHUTE CLAUSE
General
Manager
Termination of contract by the Company (except for just cause):
(in replacement of legally prescribed severance, unless the latter is higher)
Termination between 24/04/02 and 31/12/07: 24 months’ salary
Termination between 2008 and 2011: 18 months’ salary
Termination thereafter : 12 months’ salary
General
Manager
Severance scheme:
a) Voluntary redundancy: accrual per annum: fixed annual salary + annual
bonus/13,5, so that total compensation is equivalent to the total years worked,
b) Justified or unjustified dismissal: legally prescribed severance + severance set
out in a) above
Division Manager
Termination of contract by the Company (except in case of just cause):
An indemnity of one year of gross fixed salary plus legally prescribed severance.
Manager
Termination of contract for reason attributable to the Company (except in case
of just cause):
18 months of fixed salary (including legally prescribed severance).