CNH INDUSTRIAL N.V. ANNOUNCES SHARE BUYBACK PROGRAM – CEO PURCHASES COMPANY’S COMMON SHARES
London, March 1, 2022
CNH Industrial N.V. (NYSE: CNHI /MI: CNHI) announced today that the Board of Directors has approved a share buyback program (the “Program”). The Program will involve the intermittent repurchase of up to 100 million euros’ worth of the Company’s common shares between now and October 14, 2022. Funded by the Company’s liquidity, the Program is intended to optimize the capital structure of the Company and to meet the obligations arising from the Company’s equity incentive plans.
The purchases will be carried out on the Italian Stock Exchange (M.T.A.) and on multilateral trading facilities (MTFs), in compliance with applicable rules and regulations, subject to a maximum price per common share equal to the average of the highest price on each of the five trading days prior to the date of acquisition, as shown in the Official Price List of the M.T.A. plus 10% (maximum price) and to a minimum price per common share equal to the average of the lowest price on each of the five trading days prior to the date of acquisition, as shown in the Official Price List of the M.T.A. minus 10% (minimum price).
The actual timing, number and value of common shares repurchased under the Program will depend on various factors, including market conditions, general business conditions, and compliance with applicable legal requirements. The Program does not oblige the Company to repurchase any common shares, and it may be suspended, discontinued, or modified upwards at any time, for any reason and without previous notice, in accordance with applicable laws and regulations.
Subject to the above conditions, purchases will be carried out in compliance with the conditions and the restrictions under Article 3 (paragraphs 1, 2 and 3) and Article 4 (paragraph 1) of the Commission Delegated Regulation (EU) 2016/1052 and market practices.