(Alliance News): Intesa Sanpaolo Spa announced Friday that its board of directors has approved the launch of the 2026-2029 long-term incentive plans based on financial instruments, following shareholder approval on April 30.

The programs include the "Performance Share Plan 2026-2029," aimed at group management, including the Managing Director and CEO, top-level risk takers, and other risk takers, as well as the "LECOIP 2026-2029" plan, intended for the remaining employee base within the Italian perimeter.

The bank explained that on June 30, it will proceed with the capital increases required for the LECOIP plan and the allocation of rights under the PSP to the beneficiary managers.

Regarding LECOIP, the board exercised the authority granted by shareholders to approve a bonus capital increase through the issuance of a maximum of 76m ordinary shares to serve the so-called free shares and matching shares.

Furthermore, a paid capital increase was approved, excluding pre-emptive rights in favor of the group's professional employees, for a maximum total amount of €720m, including share premium, through the issuance of a maximum of 170m ordinary shares. The shares will be offered at a maximum discount of 18% compared to the average market price recorded over the 30 days preceding the issuance date.

According to the institution's statement, 52,863 employees joined the LECOIP plan, representing 83.7% of those eligible. The total value of the Free Shares and Matching Shares allocated amounts to approximately €167m.

The final number of free shares, matching shares, and discounted shares will be determined based on the average price of Intesa Sanpaolo shares over the 30 days prior to June 30, the scheduled date for the issuance of the securities, taking into account the discount applied to the discounted shares within the approved maximum limit.

Intesa Sanpaolo shares closed Friday up 4.3% at €5.84 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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