Loreal 2011 Annual Report Download - page 220

218 REGISTRATION DOCUMENT − L’ORÉAL 2011
7Stock market information andsharecapital
Shareholder structure
Vesting of the shares is subject to a dual condition of:
♦presence: the shares granted will only finally vest after a period
of 4 years at the end of which the beneficiary must still be an
employee of the Group (save the exceptions provided for by
law or the Plan regulations);
♦performance:
− vesting of all or part of 50% of the shares granted will
depend on the growth in comparable cosmetics sales
for financial years 2012, 2013 and 2014 as compared to
that of a panel of competitors;
− vesting of all or part of 50% of the shares granted will
depend on growth in the Group’s consolidated operating
profit over the same period.
The calculation will be made on the basis of the arithmetical
mean of the performances for the 2012, 2013 and 2014 financial
years.
For reasons of confidentiality, the various levels of performance
required were communicated precisely to the beneficiaries but
may not be made public.
The final vesting of the first 200 conditional shares granted is not
subject to fulfilment of the performance conditions except for
the members of the Executive Committee.
At the end of the vesting period, beneficiaries who are French
residents at the date of grant of the shares will be obliged to retain
the shares that have vested for an additional period of 2years
during which these shares are non-transferable.
The Board of Directors’ meeting of April22nd, 2011 did not
conditionally grant any shares to the corporate officer.
7.3.9.3. Existing conditional grants of shares to employees
Date of authorisation by the Extraordinary General
Meeting 04.24.2007 04.16.2009 04.22.2011
Date of grant by the Board of Directors 03.25.2009 04.27.2010 04.22.2011
Total number of shares conditionally granted 270,000 450,000 1,038,000
Of which the ten employees other than corporate
officers granted the largest number of shares 5,000 6,000 92,000
Number of beneficiaries 752 1,418 1,991
Performance conditions: ♦50% growth in
sales as compared
to growth in the
cosmetics market;
♦50% ratio of operating
profit as compared
to reported cosmetic
sales.
♦25% growth in
sales as compared
to growth in the
cosmetics market;
♦75% ratio of operating
profit as compared
to reported cosmetic
sales.
♦50% growth in
cosmetics sales
as compared to
that of a panel
ofcompetitors;
♦50% growth in
theL’Oréal Group’s
consolidated
operating profit.
Date of final vesting for French residents at the date
ofgrant 03.25.2013 04.27.2014 04.22.2015
Date of final vesting for non-French residents
atthedate of grant 03.25.2013 04.27.2014 04.22.2015
End of the waiting period for French residents
atthedate of grant 03.25.2015 04.27.2016 04.22.2017
7.3.9.4. Shares granted to the ten employees other than corporate officers to whom the largest
number of shares have been granted
The total number of shares granted in2011, to the ten employees other than corporate officers who received the largest number of
shares amounts to 92,000shares.