Safilo has announced that CEO Luisa Delgado will step down as head of the company on Feb. 28, 2018.

The Board of Directors of Safilo said in a Feb. 16, 2018 release that Delgado cited “personal reasons” for her retirement, when she steps down from the office of Director and Chief
Executive Officer of Safilo Group S.p.A. as well from the offices of Sole Director of Safilo Industrial Srl and Sole Director of Safilo SpA.

“The Board of Directors thanks Mrs. Delgado for her efforts and for helping preparing the company for future success,” the release reads.

Luisa Delgado has led the company through a period of transition during which its largest licensor, Gucci, changed the relationship from licensee to supplier. In order to reposition the company following this important change, Ms. Delgado has added to the Brand portfolio Moschino, Givenchy, Elie Saab, havaianas, rag&bone, Swatch and Rebecca Minkoff, and renewed the licenses of Dior, Jimmy Choo, Tommy Hilfiger, Max Mara, Kate Spade, Juicy Couture and Saks.

She also opened new emergent markets with new direct subsidiaries and via Global Partners, and reinforced the Product capabilities of Safilo with the new Design Studios, the integration of Lenti Manufacturing and Safilo’s Product School.

The board accepted the resignations and as of today, Ms Delgado owns nr 38,008 of shares of the company and nr 290,000 stock options. The Board of Directors of Safilo Group, and Ms. Delgado have also mutually agreed to terminate the contractual relationship existing between them.

Until the appointment of a new Chief of Executive Officer, the Board of Directors has granted interim powers to the Chairman, Mr. Eugenio Razelli.

The termination agreement was approved by the Board of Directors of the Company Feb. 16 with the favourable opinion of the Appointment and Remuneration Committee, the Related Parties Committee and the Board of Statutory Auditors.

Pursuant to the agreement, in line with the remuneration policy in force, the Company will pay to Ms. Luisa Delgado, in addition to the prorated fixed fees relating to year 2018, where due and to the severance payments due by law: (i) as exit incentive relating to the mutual termination of her employment relationship with Safilo Group S.p.A., the gross amount of EUR 500,000, to be paid upon satisfaction of certain conditions, including the execution of a Verbale di Conciliazione pursuant to Article 2113, paragraph 4, of the Italian Civil Code;
(ii) as consideration for the non-competition and non-solicitation undertakings assumed by Ms Delgado for a period of six month, Euro 200,000, to be paid in four equal installments the last of which on December 2018; (iii) as settlement consideration, the gross amount of EUR 300,000, out of which EUR 280,000 gross in relation to the corporate offices and EUR 20,000 in relation to the employment relationship, to be paid upon satisfaction of the aforementioned conditions.

Ms. Delgado will maintain the stock options already vested on the date of effect of the termination of the relationship (i.e. no. 70,000 stock options) and the following non-monetary benefits: (i) company car for one month; (ii) apartment for ten months and (iii)
insurance coverage up to December 31 2018. The Company will contribute – for the overall amount of EUR 40,000 plus VAT and social security, deducted the relevant withholding tax – to the legal fees borne by Ms. Delgado in relation to the agreement.

With specific reference to the non-competition obligation, Ms. Delgado undertook that she will not engage in any activity in the competing business (i.e. designing, manufacturing and distributing prescriptions frames, sunglasses and sports eyewear) or for competitors within the territory of Italy, France, Austria, Germany, Japan, United States, China and Switzerland.

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