Luxottica Group, S.p.A. (LUX)

5. NATURE AND CHARACTERISTICS OF THE GRANTING OF UNITS

5. NATURE AND CHARACTERISTICS OF THE GRANTING OF UNITS

5.1                                 The Units will be granted free of charge. The Beneficiaries will not be required to pay the Company any amount for this grant. The Units will be granted to the Beneficiaries in their individual capacities, and may not be transferred to any other persons or be subject to encumbrances or dispositions of any other kind.

5.2                                 Article 7 will apply in case of death of the Beneficiary.

5.3                                 The Units and every other right deriving there from, as well as any general benefits provided by the Plan:

5.3.1                        represent extraordinary compensation and cannot be considered, in any case, an integral part of the base remuneration of the Beneficiaries. In particular, the number of Units granted to each Beneficiary was determined already taking into account any anticipated impact on the direct and indirect elements of the remuneration provided by law and by the applicable collective and individual agreement in force;

5.3.2                        do not give grounds for the right to similar or further benefits, within the scope of the Plan or otherwise; and

5.3.3                        do not grant to the Beneficiaries, on expiry of the Plan, the right to participate in other possible incentive plans, however implemented, or to other remuneration.

5.4                                 If needed, the Employing Company may grant the Units to the Beneficiaries in compliance with the terms and conditions of the Plan.

5.5                                 Nothing herein confers or shall confer to the Employee or Beneficiary any right to continue in the employment with an Employing Company nor shall interfere with an Employing Company’s rights to terminate the employment of the Beneficiary respecting the applicable law.

5. NATURE AND CHARACTERISTICS OF THE GRANTING OF UNITS

5.1

The Units will be granted free of charge. The Beneficiaries will not be required to pay the Company any amount for this grant. The Units will be granted to the Beneficiaries in their individual capacities, and may not be transferred to any other persons or be subject to encumbrances or dispositions of any other kind.

5.2

Article 7 will apply in case of death of the Beneficiary.

5.3

The Units and every other right deriving there from, as well as any general benefits provided by the Plan:

5.3.1

represent extraordinary compensation and cannot be considered, in any case, an integral part of the base remuneration of the Beneficiaries. In particular, the number of Units granted to each Beneficiary was determined already taking into account any anticipated impact on the direct and indirect elements of the remuneration provided by law and by the applicable collective and individual agreement in force;

5.3.2

do not give grounds for the right to similar or further benefits, within the scope of the Plan or otherwise; and

5.3.3

do not grant to the Beneficiaries, on expiry of the Plan, the right to participate in other possible incentive plans, however implemented, or to other remuneration.

5.4

If needed, the Employing Company may grant the Units to the Beneficiaries in compliance with the terms and conditions of the Plan.