Remuneration Report (continued)
ad (3) - 2017-2019 Long-term incentive: number of performance shares vesting
O O Qs
Introduction Report of the Executive Board
Value of investment Value of investment
of STI payout No. of investment shares as of the award End of shares as of 31.12.20191
STI payout for invested in shares Award date shares awarded date in blocking period in
Van Boxmeer 2019 25% 13.02.2020 t.b.d. c.a. 555,625 31.12.2024 n.a.
2018 25% 14.02.2019 7,913 682,417 31.12.2023 751,102
2017 25% 13.02.2018 8,326 683,898 31.12.2022 790,304
2016 25% 16.02.2017 11,106 839,947 31.12.2021 1,054382
2015 50% 11.02.2016 20,105 1,465,051 31.12.2020 1,908,367
Debroux 2019 25% 13.02.2020 t.b.d. c.a. 269,875 31.12.2024 n.a.
2018 25% 14.02.2019 3,323 286,576 31.12.2023 315,419
2017 25% 13.02.2018 3,568 293,076 31.12.2022 338,675
2016 25% 16.02.2017 4,760 359,999 31.12.2021 451,819
2015 50% 11.02.2016 5,713 416,306 31.12.2020 542,278
1 The share price as of 31 December 2019 is €94.92.
The 2017-2019 Long-term incentive (LTI) relates to the performance period 2017-2019 and vests shortly after 12 February 2020, the publication date of these financial statements. The vesting of the LTI award for
performance period 2017-2019 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 Operating Profit beia Growth
Between target and maximum performance
Earnings Per Share (EPS) beia Growth
At maximum performance
Free Operating Cash Flow
At maximum performance
As a result, the vesting of the LTI grant for performance period 2017-2019 will be equal to 180% of the vesting at target level. For the CEO this plan performance implies that 45,468 shares will vest shortly after 12 February
2020, as a result of the 25,260 conditional performance shares granted to him in 2017. For the CFO this plan performance implies that 22,734 shares will vest shortly after 12 February 2020, as a result of the 12,630
conditional performance shares granted to her in 2017. 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 16 February 2022, also in case of resignation during that period. Revision and clawback provisions apply to this award. The table overleaf provides an
overview of outstanding LTI awards (awards granted but not yet vested, or awards vested but still blocked) as of 31 December 2019.
Report of the Supervisory Board
Financial Statements
Sustainability Review
Heineken N.V. Annual Report 2019
Other Information
