Notes to the Consolidated Financial Statements continued
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Reportofthe Reportofthe Financial Other
Contents Overview Executive Board Supervisory Board Statements Information
35. Related parties continued
2015
2014
J.F.M.L. van
D.R. Hooft
J.F.M.L. van
D.R. Hooft
In thousands of EUR
Boxmeer
L. Debroux1
Graafland2
Total
Boxmeer
Graafland
Fixed salary
1,150
421
201
1,772
1,150
650
1,800
Short-Term Variable pay
2,930
833
394
4,157
2,769
1,118
3,887
Matching share entitlement
1,353
385
182
1,920
640
517
1,157
Long-Term Variable award
2,706
158
1,825
4,689
2,972
1,690
4,662
Extraordinary share award/Retention bonus
236
124
360
750
750
Pension contributions
723
82
33
838
709
387
1,096
Other emoluments
21
134
7
162
21
21
42
Termination benefit
2,000
2,000
Total3
9,119
2,137
2,642
13,898
9,011
6,383
15,394
1 Appointed on 23 April 2015
2 Resigned on 23 April 2015
3 In 2015, an estimated tax penalty of EUR2.8 million (201 4: EUR1.5 million) to the Dutch tax authorities was recognised in relation to the remuneration of Mr. René
Hooft Graafland. This tax was an expense to the employer and therefore not included in the table above.
The matching share entitlements for each year are based on the performance in that year. The CEO. and the two CFOs have all chosen to invest 50 per
cent of their STV for 2015 into Heineken N.V. shares (investment shares); in 201A the CEO invested 25 per cent and theCFO invested 50 percent. From an
accounting perspective the corresponding matching shares vest immediately and as such a fair value of EUR1.9 million was recognised in the 2015 income
statement. The matching share entitlements are not dividend-bearing during the five calendar year holding period of the investment shares. Therefore, the
fair value of the matching share entitlements has been adjusted for missed expected dividends by applying a discount based on the dividend policy and
historical dividend payouts during the vesting period.
The Supervisory Board granted a retention share award to the CEO in 2013 to the value of EUR1.5 million (27,317 share entitlements gross). The share
award vested two years after the grant date and was converted into Heineken N.V. shares. A three-year holding restriction applies to these shares as from
the vesting date. In 2015, an expense of EUR236.000 is recognised for the retention award.
Resignation of Mr. René Hooft Graafland as a member of the Executive Board and CFO in 2015
Mr. René Hooft Graafland has resigned from the Executive Board following the Annual General Meeting on 23 April 2015 and his employment contract
ended 1 May 2015. A severance payment of EUR2 million has been made upon contract ending and has been recognised in the 201A income statement.
This resignation is considered a retirement under the LTV plan rules, which implies that unvested LTV awards as of 1 May 2015 will continue to vest at their
regular vesting dates, insofar and to the extent that predetermined performance conditions are met.
As a result, the expenses for the LTV awards 2013-2015,2014-2016 and 2015-2017 have been accelerated from their usual rate of one-third per year to a
rate which ensures full expensing on 1 May 2015 rather than on 31 December 2015,2016 and 2017. The impact of this acceleration in expensing for Mr.
René Hooft Graafland is approximately EUR0.5 million (201 A: EUR0.2 million).
128 Heineken N.V. Annual Report 2015
