Unilever 2004 Annual Report Download - page 82

Unilever Annual Report and Accounts 2004 79
Remuneration report
Details – Executive Directors (continued)
(5) Part of the annual bonus is paid in the form of shares in NV and PLC. The value of these bonus shares is included in the figures of annual
bonus shown above. In addition to these shares each Executive Director is awarded, on a conditional basis, an equivalent number of
matching shares which are not included above. The value of these matching shares totalling €257 000 [£174 000] will be reported when
they vest in 2008.
(6) Total includes all annual emoluments earned in 2004 together with other income arising from long-term incentives in that year.
(7) Chairman of NV.
(8) Chairman of PLC from 1 October 2004. Allowances include relocation assistance totalling €383 054 [£259 749] paid as a result of his
transfer from the Netherlands to the UK. Previously he was Foods Director based in the Netherlands. The relocation assistance is in line with
the arrangements for other managers of Unilever who relocate from one country to another. It mainly relates to the associated costs and
other expenses relating to the purchase of a house in the UK together with removal costs and transfer allowance.
(9) Appointed as an Executive Director on 12 May 2004. Remuneration shown above covers the period from date of appointment.
(10)Chairman of PLC until 30 September 2004. Remuneration shown above covers the period to the date of cessation of his directorship on
30 September 2004 and includes a payment of €1 806 150 [£1 224 750], as compensation upon the termination of his employment with
the Unilever Group. This predominantly comprises a lump sum equivalent to the salary in lieu of the 12 months’ contractual notice to which
he was entitled. It also includes, as compensation for the loss of future employment benefits, a payment in respect of the estimated bonus
for 2005 that would reasonably be expected to be paid had he remained in service. For the purpose of his pension, which is due to
commence on his 60th birthday in September 2005, he will be treated as if he had remained in employment until September 2005.
(11)Remuneration shown above covers the period to the date of cessation of his directorship in May 2004. In addition to these figures
Mr Strauss received salary and benefits totalling €612 099 [£415 065] as a result of him remaining an employee of Unilever United States
Inc. for the period from 1 June 2004 to 31 December 2004. His pension commences with effect from 1 January 2005.
Executive Directors’ Share Matching Plan
The following conditional shares were outstanding, awarded or vested during 2004 under the share matching plan:
Balance of Shares vested during 2004(2) Balance of
conditional Conditional shares conditional
shares awarded in 2004(1) Shares vested on 18 March 2004(3) Shares vested on 20 March 2004(4) shares
at 1 Jan at 31 Dec
2004 Market Original Market Original 2004
Share No. of No. of Price at No. of price price No. of price price No. of
type shares shares award shares at vesting at award shares at vesting at award shares
A Burgmans NV 5 614 605 €54.10 287 €55.875 €68.15 673 €55.55 €57.75 5 259
PLC 38 910 4 192 519.50p 2 326 544.75p 593.50p 4 899 538.875p 498.30p 35 877
P J Cescau NV 4 305 471 €54.10 521 €55.55 €57.75 4 255
PLC 29 579 3 265 519.50p 3 802 538.875p 498.30p 29 042
A C Butler NV 3 809 355 €54.10 313 €55.875 €68.15 494 €55.55 €57.75 3 357
PLC 26 809 2 452 519.50p 2 538 544.75p 593.50p 3 603 538.875p 498.30p 23 120
K B Dadiseth NV 3 451 445 €54.10 434 €55.55 €57.75 3 462
PLC 23 311 3 081 519.50p 3 172 538.875p 498.30p 23 220
C J van der Graaf NV 1 715(5) 1 715
PLC 11 940(5) 11 940
A R van Heemstra NV 3 133 323 €54.10 412 €55.55 €57.75 3 044
PLC 21 680 2 242 519.50p 3 012 538.875p 498.30p 20 910
R H P Markham NV 4 092 403 €54.10 291 €55.875 €68.15 547 €55.55 €57.75 3 657
PLC 28 659 2 794 519.50p 2 365 544.75p 593.50p 3 993 538.875p 498.30p 25 095
N W A FitzGerald NV 7 554 709 €54.10 631 €55.875 €68.15 1 021 €55.55 €57.75 6 611(6)
PLC 53 107 4 911 519.50p 5 114 544.75p 593.50p 7 437 538.875p 498.30p 45 467(6)
C B Strauss NV 5 301 804 €54.10 1 176 €55.55 €57.75 4 929(7)
PLC 37 290 5 565 519.50p 8 559 538.875p 498.30p 34 296(7)
(1) Each award of matching shares is conditional and vests three years after the date of the award subject to certain conditions. The 2004
awards were made on 24 March 2004 (relating to the 2003 performance period) and will vest on 24 March 2007.
(2) The gains made on the vesting of the matching shares in 2004 were not cashed in by the Executive Directors but were retained by them in
the form of shares in NV and PLC.
(3) The conditional shares awarded on 19 March 1999 (relating to the 1998 performance period) vested on 18 March 2004.
(4) The conditional shares awarded on 21 March 2001 (relating to the 2000 performance period) vested on 20 March 2004.
(5) Balance of shares as at date of appointment as Executive Director. Awards and vesting of shares before that date are included in this balance.
(6) Retired from the Boards on 30 September 2004. Balance shown is at date of retiring from the Boards.
(7) Retired from the Boards on 12 May 2004. Balance shown is at date of retiring from the Boards.
The closing market prices of ordinary shares at 31 December 2004 were €49.33 (NV shares) and 512p (PLC shares). During 2004 the highest
market prices were €59.75 and 576p respectively, and the lowest market prices were €44.41 and 443p respectively.