Common use of Management of Pirelli Clause in Contracts

Management of Pirelli. The Renewal Shareholders Agreement provides that the Management will benefit of the value creation at the level of Pirelli, through challenging incentive mechanisms (also including a stock option plan with cash settlement option for Pirelli) to be developed on the basis of a long term incentive plan according to the best international market practice. The Pirelli’s Management - led by the General Manager and under the supervision of Pirelli CEO and Executive Vice Chairman and the Board of Directors - shall be in charge of the day-to-day management of Pirelli, of the implementation of the business plan and of the recruitment and growth of key personnel of Pirelli and its group, except the appointment and removal from office of the key managers of Pirelli indicated above (to be resolved by the Board of Directors as indicated above) under the supervision of the Remuneration Committee and the Committee for the Appointment and Succession as applicable.

Management of Pirelli. The Renewal Shareholders Agreement provides that the Management will benefit of the value creation at the level of Pirelli, through challenging incentive mechanisms (also including a stock option plan with cash settlement option for Pirelli) to be developed on the basis of a long term incentive plan according to the best international market practice. The Pirelli’s Management - led by the General Manager and under the supervision of Pirelli CEO and CEO, in coordination with the Pirelli Executive Vice Chairman and the Board of Directors - shall be in charge of the day-to-day management of Pirelli, of the implementation of the business plan and of the recruitment and growth of key personnel of Pirelli and its group, except the appointment and removal from office of the key managers of Pirelli indicated above (to be resolved by the Board of Directors as indicated above) under the supervision of the Remuneration Committee and the Committee for the Appointment and Succession as applicable.