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Press release - A2A: Termination of the employment relationship with Luca Valerio Camerano

Milan,  14  May  2020  –  A2A  S.p.A.  (the  “Company”)  announces  that  the  Company  and Luca  Valerio  Camerano  reached  an  agreement  for  the  mutual termination of  the employment  relationship  effective  May  31st,  2020,  by  virtue  of  which  Luca  Valerio Camerano  has  stepped  down,  effective  today,  from  the role  as  General Manager  of  the Company and relevant powers. 

The agreement provides, in line with what provided by the remuneration policy approved by  the  shareholders’  meeting  of  May  13th,  2020,  in  addition  to  the amounts already accrued by the manager as variable remuneration for 2019: 

a) the  payment  to  Luca  Valerio  Camerano  of  an  “incentive-to-leave”  calculated  in accordance  with  the  national  collective  bargaining  agreement  applied  by  the Company and, therefore, equal to: 
(i)  an amount of EUR 468,617.55, equal to the cost of the indemnity in lieu of notice (equal to 6 months); and 
(ii) an  amount  of EUR  458,034.45,  equal  to further  ca.  8 months  of the  global remuneration  (of  which  EUR  10,000  against  the  manager’s  full  waivers  regarding the employment relationship and the relationship as director of the Company); amounting to a total of EUR 926,652; 

b) the execution of a non-compete and non-solicitation agreement until October 31st, 2020, referred to entities operating in the sector of the production, distribution and sales of  electric  energy,  sales  and  distribution  of  gas,  the  production,  distribution and sales of heat through district heating networks, the collection, management and disposal of waste, the management of the integrated water cycle, the development, management  and/or  supply  of  smart-cities  services,  against  the  payment  of  EUR 273,348 (to be paid 50% immediately and 50% at the end of the validity period of the  non-compete  agreement),  with  manager’s  reporting  obligations  and  with liquidated damages in case of breach. 

The  agreement  has  been  unanimously  approved  by  the  Board  of  Directors  of  the Company,  upon  a  motivated  favourable  opinion  of  the  Control  and  Risks Committee (within  its  competences  as  Related  Parties  Commitee),  as  well  as  upon  the  favourable opinion of the Appointments and Compensation Committee and of the Board of Statutory Auditors. 

The  Board  of  Directors  of  the  Company  thanks  Luca  Valerio  Camerano  for  his commitment,  dedication  and  contribution  in  terms  of  creating  value  during  his tenure leading the Company and wishes him all the best for his future professional engagements.  

 

Contacts 
A2A - Media Relations

Giuseppe Mariano 
Tel. +39-02 7720.4583 
ufficiostampa@a2a.eu

Investor Relations                                 
Tel. +39-02 7720.3974  
ir@a2a.eu