APC 2005 Annual Report Download - page 26

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24
The authorizations currently in force are as follows:
Maximum aggregate Number Authorization Used
par value of shares date/ at Dec. 31,
of shares that (in millions) Authorization 2005
may be issued expires
I - Issues with
pre-emptive subscription rights
Shares, warrants and other securities
convertible, exchangeable, redeemable
or otherwise exercisable for shares 500 million (1) 62.5 May 12, 2005 –
July 11, 2007
II - Issues without
pre-emptive subscription rights
a) Shares, warrants and other securities
convertible, exchangeable, redeemable
or otherwise exercisable for shares,
for cash or in payment of listed shares 300 million (1) 37.5 May 12, 2005 –
July 11, 2007
b) in payment of unlisted shares 10% of the capital (1) 22.6 May 12, 2005 –
July 11, 2007
III - Employee share issues
Share issues restricted
to employees (ESPP) 5% of the capital 11.3 May 12, 2005 –
May 11, 2010
Options to purchase new shares 3% of the capital (2) 6.79 May 6, 2004 2.6% (3)
July 5, 2007
Shares granted without consideration 2% of the capital (4) 4.53 May 12, 2005 –
May 11, 2010
(1) The ceilings for issues with and without pre-emptive subscription rights are not cumulative.
(2)
The number of options to subscribe new shares or purchase existing shares that have been granted and not yet exercised or cancelled
may not exceed 3% of the issued capital.
(3) Stock option plans 23 to 27. The Board of Directors will determine the nature of Plans 24, 26 and 27 (subscription or purchase) before
the beginning of the exercise period at the latest.
(4) Shares granted without consideration and options granted to subscribe existing shares or purchase new shares may not exceed 3% of
the issued capital.
3 - At the Combined Annual and Extraordinary Share-
holders’ Meeting of May 12, 2005, the Board of Direc-
tors was authorized to grant existing or new shares of
the Company without consideration to employees and
corporate offices of the Company and its affiliates
under the provisions of article L.225-197.1
et seq.
of
the French Commercial Code.
4 - At the Combined Annual and Extraordinary Share-
holders' Meeting of May 6, 2004, the Board of Direc-
tors was authorized to grant options to purchase new
or existing shares to employees and corporate offices
of the Company and its affiliates under the provisions
of article 225-177 of the French Commercial Code.
At the 2006 Annual Shareholders’ Meeting, share-
holders will be asked to renew all authorizations to
grant options to purchase new shares or subscribe
existing shares and to grant shares without consider-
ation. To satisfy legal obligations, shareholders will
also be asked to renew the authorization to issue
shares to members of the Employee Stock Purchase
Plan. As part of the authorizations to issue shares to
specific beneficiaries, shareholders will be asked to
authorize the issuance of shares to entities set up to
hold shares on behalf of employees. Lastly, share-
holders will be asked to approve the change in corpo-
rate governance structure and transfer all unexpired
authorizations granted to the Board of Directors to the
Management Board.