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FINANCIAL STATEMENTS AND MANAGEMENT REPORT 2015
AGREEMENTS BETWEEN THE COMPANY AND ITS DIRECTORS AND
MANAGERS THAT PROVIDE FOR SPECIAL INDEMNITIES
The following table itemizes the only instances of special indemnification schemes outstanding between the Company
and its directors and managers.
Guarantee or golden parachute clause
Termination of contract by the Company
(except for just cause):
(in replacement of legally prescribed severance, unless the latter is higher)
Termination between 04/24/02 and 12/31/07: 24 months’ salary
Termination between 2008 and 2011: 18 months’ salary
Termination thereafter: 12 months’ salary
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
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.
Termination of contract for reason attributable to the Company
(except in case of just cause):
18 months of fixed salary (including legally prescribed severance).
Read with the accompanying explanatory notes.
Madrid, February 24, 2016.