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Unilever Annual Report & Accounts and Form 20-F 2001
NOTES TO THE CONSOLIDATED ACCOUNTS
Unilever Group
>82
28 Equity-based compensation plans continued
The exercise prices and remaining life of the All-Employee Option Plans as at 31 December 2001 are as follows:
Options outstanding Options exercisable
Weighted
Number average Number
outstanding at remaining Weighted exercisable at Weighted
Range of 31 December contractual average 31 December average
exercise prices 2001 life exercise price 2001 exercise price
NV shares of 0.51 42.99 –57.63 1 104 359 3 years 53.36 42 412 42.99
63.65 – 64.65 2 004 901 4 years 64.53 ––
PLC shares of 1.4p £2.78 – £3.71 5 866 499 1 year £3.67 250 760 £2.78
£4.25 – £5.94 16 135 815 4 years £4.96 ––
NV New York shares of 0.51 ––––––
(ii) Executive Option Plans
The Executive Option Plans are made up of the following plans, which are granted to key employees of the Group on a discretionary basis:
The NV Executive Option Plan
The NV Executive Option Plan provides for the granting of options to purchase shares of Unilever N.V. and, from 1997 onwards, also
shares of Unilever PLC, at the market price on the day the options were granted. Options granted until March 2001 become exercisable
immediately from the date of grant but cannot be sold within three years; options granted from November 2001 become exercisable after
three years. The options have a maximum term of five years for the grants made up to 1998 and of ten years for subsequent grants.
The PLC Executive Option Plan
The PLC Executive Option Plan provides for the granting of options to purchase shares of Unilever PLC and from 1997 onwards, also shares
of Unilever N.V., at the market price on the day the options were granted. These options become exercisable after a three-year period from
the date of grant and have a maximum term of ten years.
The NA Executive Option Plan
The NA Executive Option Plan provides for the granting of options to purchase a maximum of 3 200 000 shares in Unilever N.V. of the
New York Registry, and from 1997, 4 000 000 shares of Unilever PLC, at the market value on the day the options are granted. These
options become exercisable over a three-year period from the date of grant and have a maximum term of ten years.
In addition, managers working in India can participate in an Executive Option Plan relating to Hindustan Lever Limited’s shares. As these
are neither NV nor PLC shares, no figures for this plan are included in this note.
A summary of the status of the Executive Schemes as at 31 December 2001, 2000 and 1999 and changes during the years ended on these
dates is presented below:
2001 2000 1999
Weighted Weighted Weighted
Number of average Number of average Number of average
shares price shares price shares price
NV shares of 0.51
Outstanding at 1 January 4 835 834 57.68 3 856 658 54.49 2 540 242 44.54
Granted 4 017 741 58.26 1 659 616 54.56 1 681 638 63.50
Exercised (372 052) 33.83 (615 538) 28.88 (354 852) 25.55
Forfeited/Expired (a) (283 474) 60.40 (64 902) 61.73 (10 370) 67.03
Outstanding at 31 December 8 198 049 58.95 4 835 834 57.68 3 856 658 54.49
Exercisable at 31 December 4 788 521 58.75 3 418 554 56.22 2 778 657 51.87
PLC shares of 1.4p
Outstanding at 1 January 34 455 159 £4.89 26 221 302 £4.98 16 483 769 £4.45
Granted 26 126 694 £4.97 10 793 301 £4.35 10 972 600 £5.55
Exercised (1 649 129) £3.42 (2 129 344) £3.25 (1 145 041) £2.64
Forfeited/Expired (a) (1 677 012) £5.11 (430 100) £5.56 (90 026) £5.41
Outstanding at 31 December 57 255 712 £4.96 34 455 159 £4.89 26 221 302 £4.98
Exercisable at 31 December 34 846 599 £4.90 25 183 453 £4.72 19 132 247 £4.75