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Stock options can only be exercised after the expiry of the third calendar
year following the year of granting. If the options have not been exercised at
the end of the exercise period, they become null and void ipso facto. Vesting
is carried out at the end of the third year after granting (three-year vesting
period for stock options granted from 2014). In the event of the voluntary
or involuntary departure (excluding premature termination for serious rea-
sons) of a beneficiary, the stock options accepted and vested can only be
exercised during the first exercise window following the date of the pre-
mature contract termination, except in the case of a departure following a
retirement. Options which have not been vested are cancelled. In the event
of the involuntary departure of a beneficiary for serious reasons, all stock
options accepted but not exercised, whether vested or not, are cancelled.
These conditions governing the acquisition and exercise of options in the
event of a departure, whether voluntary or involuntary, will apply without
prejudice to the powers of the Board of Directors to apply waivers to these
provisions in favour of the beneficiary, based on objective and relevant cri-
teria. The shares which may be acquired within the context of options being
exercised are listed on Euronext Brussels; they are of the same type and
carry the same rights than the Cofinimmo ordinary shares existing at the
time of the offering. The shares are registered.
A detailed description of the stock options plan can be viewed in Appendix
2 of the Executive Committee Charter, available on the company website
www.cofinimmo.com. Cofinimmo applies the IFRS 2 standard by recognis-
ing the fair value of the stock options on the date of granting according
to the progressive acquisition method as vesting occurs (i.e. three years).
The annual charge for the progressive acquisition is entered on the income
statement under personnel costs.
Stock
options
Exercise
deadline
Exercise
price
Fair value at
the granting
date
2006 scheme
13.06.2021
€129.27
€26.92
2007 scheme
12.06.2022
€143.66
€35.79
2008 scheme
12.06.2023
€122.92
€52.47
2009 scheme
11.06.2019
€86.06
€51.62
2010 scheme
13.06.2020
€93.45
€44.50
2011 scheme
13.06.2021
€97.45
€45.29
2012 scheme
13.06.2022
€84.85
€41.07
2013 scheme
16.06.2023
€88.12
€49.59
Savings and provident scheme
The savings and provident scheme is designed to reduce, to the extent pos-
sible, the differential between resources prior to and following retirement. The
complementary pensions are financed exclusively from Cofinimmo contribu-
tions. The members of the Executive Committee benefit from a group insur-
ance plan of the defined contribution type with an insurance company.
The group insurance provides for (i) the payment of a lump sum benefit to the
insured person on reaching the retirement age, (ii) the payment of a lump sum
death benefit, in the event that the insured person dies before the retirement
age, to the beneficiaries of the insured person (plus an additional sum in the
case of death due to an accident), (iii) the payment of an invalidity benefit
in the case of an accident or illness (other than work-related), and (iv) the
exemption from insurance premiums in the case of an accident or illness. The
group insurance takes the form of a life policy and “Temporary death one year”
cover, recalculated annually and guaranteeing a death benefit equal to, at the
choice of the beneficiary, 0 - 0.5 - 1 - 1.8 - 2.7 - 3.6 or 4.5 times the reference
remuneration (i.e. the total sum of the fixed remuneration allocated regularly
plus an end-of-year bonus). The overall annual budget is first assigned to the
“Death” component and the outstanding amount to the “Retirement” compo-
nent. The liquidation at term may take place, at the discretion of the benefi-
ciary, in the form of a lump sum or annuity.
In addition, the members of the Executive Committee have access to an
“Individual pension commitment” insurance plan intended exclusively to pay
a life insurance benefit or death benefit.
Other benefits
The annual costs of medical cover amount to €3,796.45 for the CEO and
€8,270.04 for the other members of the Executive Committee. Cofinimmo
provides themwith a company vehicle which annual cost for the company
does not exceed €15,000 (excluding fuel). The company reimburses them
for all professional expenses incurred within the context of their function.
The members of the Executive Committee also have a mobile phone at
their disposal. The remuneration attributed in this way to the members of
the Executive Committee covers all the services they provide within the
Cofinimmo Group.
Management Report
/ Corporate Governance Statement
88
/