Notes to the consolidated financial statements continued 28. Employee benefits continued Historical information 2012 Present value of the defined benefit obligation 7,901 6,900 6,643 5,936 4,963 Fair value of defined benefit plan assets (6,401) (5,860) (5,646) (4,858) (4,231) Deficit in the plan 1,500 1,040 997 1,078 732 Experience adjustments arising on plan liabilities, losses/(gains) (170) (30) (24) (116) 71 Experience adjustments arising on defined benefit plan assets, (losses)/gains 291 (15) 320 313 (817) 29. Share-based payments - Long-Term Variable Award As from 1 January 2005 HEINEKEN established a performance-based share plan (Long-Term Variable award; LTV) for the Executive Board. As from 1 January 2006 a similar plan was established for senior management. Under this LTV share rights are awarded to incumbents on an annual basis. The vesting of these rights is subject to the performance of Heineken N.V. on specific performance conditions over a three year period. The performance conditions for LTV 2010-2012, LTV 2011-2013 and LTV 2012-2014 are the same for the Executive Board and senior management and comprise solely of internal financial measures, being Organic Gross Profit beia growth, Organic EBIT beia growth, Earnings Per Share (EPS) beia growth and Free Operating Cash Flow. At target performance, 100 per cent of the awarded share rights vest. At threshold performance, 50 per cent of the awarded share rights vest. As from LTV 2011 -2013 at maximum performance 200 per cent of the awarded share rights vest for the Executive Board as well as senior managers contracted by the US, Mexico and Brazil, and 175 per cent vest for all other senior managers. For LTV 2010-2012 the maximum vesting is 150 per cent of target vesting for all participants. The performance period for share rights granted in 2010 was from 1 January 2010 to 31 December 2012. The performance period for share rights granted in 2011 is from 1 January 2011 to 31 December 2013. The performance period for the share rights granted in 2012 is from 1 January 2012 to 31 December 2014 The vesting date for the Executive Board is within five business days, and for senior management the latest of 1 April and 20 business days after the publication of the annual results of 2012,2013 and 2014 respectively. As HEINEKEN will withhold the tax related to vesting on behalf of the individual employees, the number of Heineken N.V. shares to be received by the Executive Board and senior management will be a net number. The terms and conditions of the share rights granted are as follows: Based on Contractual Share rights granted to Executive Board in 2010 55,229 33.27 Continued service, 100% internal performance conditions 3 years Share rights granted to senior management in 2010 516,765 33.27 Continued service, 100% internal performance conditions 3 years Share rights granted to Executive Board in 2011 65,072 36.69 Continued service, 100% internal performance conditions 3 years Share rights granted to senior management in 2011 730,090 36.69 Continued service, 100% internal performance conditions 3 years Share rights granted to Executive Board in 2012 66,746 35.77 Continued service, 100% internal performance conditions 3 years Share rights granted to senior management in 2012 703,382 35.77 Continued service, 100% internal performance conditions 3 years The number of shares is based on target performance. 122 Heineken N.V. Annual Report 2012

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2012 | | pagina 124