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Share plans for employees

Corbion has an LTIP program for (senior) management, composed of around 66 employees, and an LTIP program for the Executive Committee members (not being members of the Board of Management). The long-term incentive covers a performance period of three calendar years. The LTIP performance measures are the same as for the Board of Management: TSR (30%), organic net sales growth (25%), adjusted EBITDA (20%), sustainability (12.5%), and ROCE (12.5%). For (senior) management, 30% of the total LTIP is not performance related and is only restricted to continued employment for three years.

The total number of conditionally granted but not yet vested shares as per 1 January 2020 for (senior) management and Executive Committee members (not being members of the Board of Management) is as follows.

Specification of the plan

Shares awarded, not vested per 1 January 2020

LTIP 2017-2020

75,320

LTIP 2018-2021

78,272

LTIP 2019-2022

83,263

The LTIP 2017-2020 series was based on the following performance measures: EBITDA (60%), Earnings per Share (EPS) (20%), and TSR (20%). For the LTIP shares conditionally granted under this plan to the employees jointly, an actual pay-out level of 83.3% has been achieved for the EBITDA target, 67.1% for EPS, and 75% for TSR as Corbion ranked 6th in the peer group. This has led to a total pay-out of 78.4% of the at-target LTIP for the Executive Committee members (not being members of the Board of Management). As 30% of the total LTIP is not performance related and is only restricted to continued employment for three years, the actual pay-out for (senior) management is 84.9%. The total number of vested shares received by (senior) management and Executive Committee members (not being members of the Board of Management) is 57,654 representing a value of € 1,989,063 at the time of vesting (based on a vesting price of € 34.50).

The total number of performance shares conditionally granted to (senior) management and Executive Committee members (not being members of the Board of Management) in 2020 (possible vesting in 2023) is 90,037 representing a value of € 2,669,597 at the time of the grant (based on a grant price of € 29.65).

The table below shows the number of conditionally granted but not yet vested shares as at 31 December 2020 for (senior) management and Executive Committee members (not being members of the Board of Management) 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 2020

Vesting date

LTIP 2018-2021

25.45

72,877

May 2021

LTIP 2019-2022

26.36

74,978

May 2022

LTIP 2020-2023

29.65

85,136

May 2023