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Unilever Annual Report & Accounts and Form 20-F 2000 Financial Statements
84
Notes to the consolidated accounts
Unilever Group
Unilever Annual Report & Accounts and Form 20-F 2000
34 Equity based compensation plans continued
The follow ing table summarises information about fixed price stock options outstanding at 31 December 2000:
Options Outstanding Options Exercisable
Number Weighted Number
outstanding at average Weighted exercisable at Weighted
Range of 31 December remaining average 31 December average
exercise prices 2000 contractual life exercise price 2000 exercise price
NV Options
26.55 155 144 5 months 26.55 155 144 26.55
32.49 105 576 1 year 32.49 105 576 32.49
42.79 254 370 1 year 42.79 254 370 42.79
69.29 503 870 2 years 69.29 503 870 69.29
64.98 10 956 3 years 64.98 10 956 64.98
63.50 1 094 965 8 years 63.50 1 094 965 63.50
42.83 19 500 9 years 42.83 19 500 42.83
53.95 984 650 9 years 53.95 984 650 53.95
65.40 98 675 10 years 65.40 98 675 65.40
26.55 to 69.29 3 227 706 57.01 3 227 706 57.01
PLC Options
£4.07 1 703 804 1 year £4.07 1 703 804 £4.07
£6.68 3 307 280 2 years £6.68 3 307 280 £6.68
£6.09 81 877 3 years £6.09 81 877 £6.09
£5.55 7 137 775 8 years £5.55 7 137 775 £5.55
£3.47 130 000 9 years £3.47 130 000 £3.47
£4.29 6 408 800 9 years £4.29 6 408 800 £4.29
£5.36 642 350 10 years £5.36 642 350 £5.36
£3.47 to £6.68 19 411 886 £5.18 19 411 886 £5.18
The Netherlands Employee Option Plan
All directors of NV and all employees of Unilever Nederland B.V. may participate in the share option plan for employees in the Netherlands
if they are on the payroll at the date of grant and, until 1997, participated in the Save-As-You-Earn Plan. A grant of options is made over
ordinary Fl. 1.12 shares of Unilever N.V., after a resolution to such effect has been adopted by the Board of Unilever Nederland B.V. The
share options are granted at 100% of the market price on the date of the grant. Options granted prior to 1998 can be exercised during
a period of five years from the date of grant. Options granted since 1998 can generally be exercised on the fifth anniversary of the grant
date. In 1998, 1999 and 2000, each participant was granted an option to acquire 50 shares.
A summary of the status of the Netherlands Employee Option Plan as at 31 December 2000, 1999 and 1998 and changes during these
years is presented below:
2000 1999 1998
Weighted Weighted Weighted
Number average Number average Number average
of shares price of shares price of shares price
Outstanding at 1 January 690 838 54.38 467 687 47.06 236 028 32.94
Granted 280 442 53.05 276 751 63.65 271 173 57.63
Exercised (75 450) 32.51 (53 600) 38.30 (39 195) 35.05
Forfeited (46 085) 58.61 — — (319) 57.63
Outstanding at 31 December 849 745 55.66 690 838 54.38 467 687 47.06
Options exercisable at 31 December 94 861 37.58 159 489 33.31 198 725 32.76
2000 1999 1998
Option value information (a)
Fair value per option (b) 10.14 13.43 13.11
Valuation assumptions
Expected option term 3.5 years 3 years 5 years
Expected volatility 29.56% 29.46% 23.32%
Expected dividend yield 4.51% 1.56% 1.38%
Risk-free interest rate 4.89% 3.17% 3.67%
(a) Weighted average of options granted during each period.
(b) Estimated using Black Scholes option pricing method.