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Share plans for employees

Corbion has an LTIP program for (senior) management, composed of around 77 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 a certain categories of (senior) management, part of the 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 2021 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 as 1 January 2021

LTIP 2018-2020

72,236

LTIP 2019-2021

74,291

LTIP 2020-2022

84,726

The LTIP 2018-2020 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 85% has been achieved for the EBITDA target, 101.6% for EPS, and 150% for TSR as Corbion ranked 1st in the peer group. This has led to a total pay-out of 118.1% 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 100.9%. The total number of vested shares received by (senior) management and Executive Committee members (not being members of the Board of Management) is 79,970 representing a value of € 3,801,774 at the time of vesting (based on a vesting price of € 47.54).

The total number of performance shares conditionally granted to (senior) management and Executive Committee members (not being members of the Board of Management) in 2021 (possible vesting in 2024) is 70,410 representing a value of € 3,347,291 at the time of the grant (based on a grant price of € 47.54).

The table below shows the number of conditionally granted but not yet vested shares as at 31 December 2021 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 as per 31 December 2021

Vesting date

LTIP 2019-2021

26.36

68,606

May 2022

LTIP 2020-2022

29.65

78,054

May 2023

LTIP 2021-2023

47.54

67,570

May 2024