Remuneration Report (continued)
ad (3) - 2016-2018 Long-term incentive: number of performance shares vesting
O Q,
Introduction Report of the Executive Board
Value of investment Value of investment
STI payout for
of STI payout
invested in shares
Award date
No. of investment
shares awarded1
shares as of the award
date in
End of
blocking period
shares as of 31.12.20182
in
Van Boxmeer
2018
25%
14.02.2019
t.b.d.
ca. 682,500
31.12.2023
n.a.
2017
25%
13.02.2018
8,326
683,898
31.12.2022
642,767
2016
25%
16.02.2017
11,106
839,947
31.12.2021
857,383
2015
50%
11.02.2016
20,105
1,465,051
31.12.2020
1,552,106
2014
25%
12.02.2015
10,427
692,249
31.12.2019
804,964
Debroux
2018
25%
14.02.2019
t.b.d.
ca. 286,650
31.12.2023
n.a.
2017
25%
13.02.2018
3,568
293,076
31.12.2022
275,450
2016
25%
16.02.2017
4,760
359,999
31.12.2021
367,472
2015
50%
11.02.2016
5,713
416,306
31.12.2020
441,044
1 The number of investment shares awarded in relation to the STI payout for 2013 and beyond is determined by dividing the part of the STI payout that is invested in shares by the closing share price of the date of publication of the financial statements for that year; the Award date of the investment shares is the
2 The share price as of 31 December 2018 is €77.20.
The 2016-2018 Long-term incentive (LTI) relates to the performance period 2016-2018 and vests shortly after 13 February 2019, the publication date of these financial statements. The vesting of the LTI award for
performance period 2016-2018 is subject to Heineken N.V. performance on four financial measures with equal weights. The Supervisory Board determined the results against the pre-set targets as follows:
Organic Net Revenue Growth
at maximum performance
Organic EBIT beia Growth
at maximum performance
Earnings Per Share (EPS) beia Growth
between target and maximum performance
Free Operating Cash Flow
at maximum performance
As a result, the vesting of the LTI grant for performance period 2016-2018 will be equal to 183% of the vesting at target level. For the CEO this plan performance implies that 41,820 shares will vest shortly after 13 February
2019, as a result of the 22,852 conditional performance shares granted to him in 2016. For the CFO this plan performance implies that 20,910 shares will vest shortly after 13 February 2019, as a result of the 11,426
conditional performance shares granted to her in 2016. The resulting share awards are defined in before-tax terms (i.e. before deduction of withholding tax due); the actual net shares awarded (i.e. after withholding tax
due) remain blocked for an additional period of two years until 11 February 2021, also in case of resignation during that period. Revision and clawback provisions apply to this award. The table below provides an overview
of outstanding LTI awards (awards granted but not yet vested, or awards vested but still blocked) as of 31 December 2018.
Heineken N.V. Annual Report 2018
Report of the Supervisory Board
Financial Statements
Sustainability Review
Other Information
