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Report of the board of management

Share plans for employees

Corbion has an LTIP program for (senior) management, consisting of around 64 employees. The long-term incentive is measured over a performance period of three calendar years. The LTIP financial measurements are the same as for the Board of Management: EBITDA will account for 60% and EPS for 20% of the LTIP. In addition, 20% of the LTIP is determined by relative Total Shareholder Return (TSR) as compared to a specific TSR peer group. For certain groups of employees, 30% of the total LTIP is not performance related and is only restricted to continued employment for three years.

The number of conditionally granted but not yet vested shares as per 1 January 2019 for the employees jointly is as follows.

Specification of the plan

Shares awarded, not vested per 1 January 2019

LTIP 2016-2019

69,954

LTIP 2017-2020

77,819

LTIP 2018-2021

81,207

For the LTIP shares conditionally granted under the 2016-2019 plan to the employees jointly, an actual payout level of 61% has been achieved for the EBITDA target, 79% for EPS, and 100% for TSR as Corbion ranked 4th in the peer group. This has led to a total payout of 72.4% of the at-target LTIP for the employees jointly. As 30% of the total LTIP is not performance related and is only restricted to continued employment for three years, the actual payout for Senior Management is 80.7%. The number of vested shares received by the employees and Executive Committee members jointly is 53,972 representing a value of € 1,510,136 at the time of vesting (with a vesting price of € 27.98).

The number of performance shares conditionally granted to the employees jointly in 2019 (possible vesting in 2022) is 85,817 representing a value of € 2,262,136 at the time of the grant (with a grant price of € 26.36).

The overview below shows the number of conditionally granted but not yet vested shares as per 31 December 2019 for the employees jointly, the grant price of the granted shares, and the remaining vesting period.

Specification of the plan

Grant price

Shares awarded, not vested per 31 December 2019

Vesting date

LTIP 2017-2020

24.38

75,320

May 2020

LTIP 2018-2021

25.45

78,272

May 2021

LTIP 2019-2022

26.36

83,263

May 2022