Notes to the Consolidated Financial Statements continued
-
-
Reportofthe Reportofthe Financial Other
Contents Overview Executive Board Supervisory Board Statements Information
The terms and conditions of the share rights granted are as follows:
Grant date/employees entitled
Number*
Based on
share price
Share rights granted to Executive Board in 2013
50,278
50.47
Share rights granted to senior management in 2013
560,863
50.47
Share rights granted to Executive Board in 2014
51,702
49.08
Share rights granted to senior management in 2014
597,744
49.08
Share rights granted to Executive Board in 2015
54,903
58.95
Share rights granted to senior management in 2015
534,298
58.95
The number of shares is based on at target payout performance (100 percent).
Under the LTV 2012-2014, a total of 87,438 (gross) shares vested for the Executive Board and 796,904 (gross) shares vested for senior management.
Based on the performance conditions, it is expected that approximately 765,841 shares of the LTV 2013-2015 will vest in 2016 for senior management
and the Executive Board.
The number, as corrected for the expected performance for the various awards, and weighted average share price per share under the LTV of senior
management and Executive Board are as follows:
Weighted
Number of
Weighted
Number of
average share
share rights
average share
share rights
price 2015
2015
Outstanding as at 1 January
44.42
2,401,418
42.41
1,257,106
Granted during the year
58.95
589,201
49.08
649,446
Forfeited during the year
50.95
(235,289)
44.80
(112,593)
Vested during the year
35.89
(891,409)
36.69
(216,229)
Performance adjustment
(9,139)
823,688
Outstanding as at 31 December
52.26
1,854,782
44.42
2,401,418
Under the extraordinary share plans for senior management 16,000 shares were granted and 40,425 (gross) shares vested. These extraordinary grants
only have a service condition and vest between one and five years. The expenses relating to these additional grants are recognised in profit or loss during
the vesting period. Expenses recognised in 2015 are EUR1.0 million (2014: EUR1.2 million).
Matching shares, extraordinary shares and retention share awards are granted to the Executive Board and are disclosed in note 35.
Personnel expenses
In millions of EUR
Note
2015
Share rights granted in 2012
1
20
Share rights granted in 2013
12
17
Share rights granted in 2014
10
11
Share rights granted in 2015
10
Total expense recognised in personnel expenses
10
33
48
113 Heineken N.V. Annual Report 2015