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Savings and provident scheme
The savings and provident scheme is designed to reduce, as far
as possible, the income difference before and after retirement. The
extra pensions are financed exclusively from Cofinimmo contri-
butions. The members of the Executive Committee benefit from
a group insurance plan of the defined contribution type with an
insurance company.
The group insurance provides for (i) payment of a lump sum benefit
to the insured person on reaching retirement age, (ii) payment of a
lump sum death benefit, in the event that the insured person dies
before retirement age, to the beneficiaries of the insured person
(plus an additional sum in the case of death due to an accident),
(iii) payment of an invalidity benefit in the case of accident or
illness (other than work related), and (iv) exemption from insurance
premiums in the case of accident or illness.
The group insurance takes the form of a life policy and “temporary
death 1 year” cover. This is recalculated annually and guarantees
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 firstly assigned to the
“Death” constituent and the outstanding amount to the “Retirement”
constituent. Liquidation at term may take place, at the discretion of
the beneficiary, 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 come to €3,828 for the CEO
and €6,643 for the other members of the Executive Committee.
Cofinimmo provides them with a company car which annual cost
for the company does not exceed €15,000 (excluding fuel). The
company reimburses them for all professional expenses they
incur in the context of their function. Members of the Executive
Committee also have a mobile phone at their disposal. The remu-
neration allocated in this way to the members of the Executive
Committee covers all the benefits received within the Cofinimmo
Group.
Economic Stimulus Law (Loi de Relance Économique/Wet van de
Economische Heropleving) of 27.03.2009.
Stock options can only be exercised after the expiry of the third
calendar year following the year in which the stock options are
granted. If the options have not been exercised at the end of the
period of exercise, 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
voluntary or involuntary departure (excluding premature termination
for serious reasons) of a beneficiary, the stock options accepted
and vested can only be exercised during the first exercise window
following the date of premature termination of contract. Retirement
is an exception however. Options which have not been vested are
cancelled. In the event of involuntary departure of a beneficiary for
serious reasons, the stock options accepted, vested or not, but still
not exercised, are cancelled.
These conditions governing the acquisition and exercise of options
in the event of 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 criteria. The shares which may be
acquired in connection with the exercise of the options are listed
on Euronext Brussels. They are of the same type and carry the
same rights as 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 seen in
Appendix I of the Corporate Governance charter, which is availa-
ble at the company’s website
www.cofinimmo.com. Cofinimmo
applies the standard IFRS 2 by recognizing the fair value of the
stock options on the date that they were granted (i.e. three years)
according to the progressive acquisition method as vesting occurs.
The annual charge for the progressive acquisition is entered on the
income statement under personnel costs.
Stock options
Exercise
deadline
Exercise
price
Fair value
(on date of
granting)
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
2014 Scheme
16.06.2024
€88.75
€34.33
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