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122 Unilever Annual Report & Accounts and Form 20-F 2003
Notes to the consolidated accounts
Unilever Group
29 Equity-based compensation plans continued
2003 2002 2001
Weighted Weighted Weighted
Number of average Number of average Number of average
shares price shares price shares price
NV New York shares of €0.51
Outstanding at 1 January 116 485 $0.00 29 255 $0.00 5 034 $0.00
Awarded 52 889 $0.00 87 743 $0.00 24 221 $0.00
Exercised – – – – – –
Forfeited (2 218) $0.00 (513) $0.00 – –
Outstanding at 31 December 167 156 $0.00 116 485 $0.00 29 255 $0.00
Exercisable at 31 December – – – – – –
PLC shares of 1.4p in the form of ADRs(d)
Outstanding at 1 January 810 248 $0.00 214 752 $0.00 37 264 $0.00
Awarded 338 560 $0.00 599 064 $0.00 177 488 $0.00
Exercised – – – – – –
Forfeited (15 080) $0.00 (3 568) $0.00 – –
Outstanding at 31 December 1 133 728 $0.00 810 248 $0.00 214 752 $0.00
Exercisable at 31 December – – – – – –
(d) 1 ADR is equivalent to 4 PLC shares.
2003 2002 2001
NV share award value information(b)
Fair value per share award
NV/PLC Plan €55.45 €69.14 €61.73
North American Plan $56.63 $58.68 $56.54
PLC share award value information(b)
Fair value per share award
NV/PLC Plan £5.87 £6.17 £5.22
North American Plan $8.83 $8.58 $7.70
(b) Weighted average of share awards granted during each period.
(iv) The TSR Long-Term Incentive Plan
Under this plan, introduced in 2001, grants are made to Board members and some senior executives. The level of share award which will
vest three years later will vary in accordance with the Total Shareholder Return in comparison with a peer group (see description on page 20).
If the ranking is below the median, the share award will lapse; the higher the ranking above the median, the higher the share award.
A summary of the status of the TSR Long-Term Incentive Plan as at 31 December 2003, 2002 and 2001 and changes during the year ended on
these dates is presented below:
2003 2002 2001
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 188 514 €0.00 71 564 €0.00 – –
Awarded 138 831 €0.00 118 445 €0.00 71 564 €0.00
Exercised – – – – – –
Forfeited – – (1 495) €0.00 – –
Outstanding at 31 December 327 345 €0.00 188 514 €0.00 71 564 €0.00
Exercisable at 31 December – – – – – –
PLC shares of 1.4p
Outstanding at 1 January 1 360 874 £0.00 533 481 £0.00 – –
Awarded 888 510 £0.00 837 973 £0.00 533 481 £0.00
Exercised – – – – – –
Forfeited – – (10 580) £0.00 – –
Outstanding at 31 December 2 249 384 £0.00 1 360 874 £0.00 533 481 £0.00
Exercisable at 31 December – – – – – –