Unilever 2003 Annual Report Download - page 126

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Unilever Annual Report & Accounts and Form 20-F 2003 123
Notes to the consolidated accounts
Unilever Group
29 Equity-based compensation plans continued
2003 2002 2001
NV share award value information
Fair value per share award(e) €43.57 €26.94 €57.33
PLC share award value information
Fair value per share award(e) £4.63 £2.41 £5.11
(e) Estimated using option pricing models taking account of peer group TSR volatilities and correlations.
(v) The Restricted Share Plan
In specific one-off cases a number of executives are awarded the right to receive NV and PLC shares at a specified date in the future, on the
condition that they are still employed by Unilever at that time. No Directors participate in this plan.
A summary of the status of the Restricted Share Plan as at 31 December 2003, 2002 and 2001 and changes during the years 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 250 607 €0.00 381 328 €0.00 165 046 €0.00
Awarded 48 269 €0.00 37 380 €0.00 256 662 €0.00
Exercised (258 378) €0.00 (160 405) €0.00 (40 380) €0.00
Forfeited – – (7 696) €0.00 – –
Outstanding at 31 December 40 498 €0.00 250 607 €0.00 381 328 €0.00
PLC shares of 1.4p
Outstanding at 1 January 1 854 816 £0.00 2 815 138 £0.00 1 220 226 £0.00
Awarded 275 848 £0.00 275 502 £0.00 1 894 148 £0.00
Exercised (1 914 282) £0.00 (1 178 708) £0.00 (299 236) £0.00
Forfeited – – (57 116) £0.00 – –
Outstanding at 31 December 216 382 £0.00 1 854 816 £0.00 2 815 138 £0.00
2003 2002 2001
NV share award value information(b)
Fair value per share award €52.48 €64.21 €67.40
PLC share award value information(b)
Fair value per share award £5.32 £5.65 £5.73
(b) Weighted average of share awards granted during each period.
(vi) The North American Performance Share Plan
This long-term incentive plan for North American managers awards Unilever shares if company and personal performance targets are met over
a three-year period. It was introduced in 2001 to replace a former long-term incentive plan which had cash awards rather than shares.
A summary of the status of the North American Performance Share Plan as at 31 December 2003, 2002 and 2001 and changes during the
years 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 New York shares of €0.51
Outstanding at 1 January 1 223 292 $0.00 625 451 $0.00 – –
Awarded 563 982 $0.00 639 396 $0.00 625 451 $0.00
Exercised – – – – – –
Forfeited (15 931) $0.00 (41 555) $0.00 – –
Outstanding at 31 December 1 771 343 $0.00 1 223 292 $0.00 625 451 $0.00
Exercisable at 31 December – – – – – –