Annual report 2010 - plazacenters

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Service arrangements
The executive directors have rolling service contracts with the
Company, which may be terminated on 12 months’ and three
months’ notice in the cases of the Chairman and the CEO/
President respectively.
The non-executive directors have specific terms of reference.
Their letters of appointment state an initial 12-month period,
terminable by either party on three months’ written notice. Save
for payment during respective notice periods, these agreements
do not provide for payment on termination.
Bonuses
The Company has a performance-linked bonus policy for senior
executives and employees, under which up to 3% of net annual
profits are set aside for allocation by the directors to employees
on an evaluation of their individual contributions to the
Company’s performance. In addition, the Board can award
ad hoc bonuses to project managers, area managers and other
employees on the successful completion and/or opening of
each project. The directors also have the authority to award
discretionary bonuses to outstanding employees which are
not linked to the Company’s financial results.
Share options
The Company adopted its Share Option Scheme on October 26,
2006 which was amended on November 25, 2008 (refer to note
27 to the consolidated financial statements), the terms and
conditions of which (except for the exercise price) are regulated
by the Share Option Scheme. Options will vest in three equal
annual portions and have a contractual life of seven years
following grant. In the course of 2010, 2,789,000 options were
granted. For the exercise and forfeit of options refer to the
table below.
Number
Exercise
Number vested as at price of
of options December 31, options
granted 2010 £
Mr Mordechay Zisser 3,907,895 3,039,474 0.52
Mr Ran Shtarkman 10,150,376 6,475,287 0.52
Mr Shimon Yitzhaki 2,116,541 868,420 0.52-1.14
Mr Marius van Eibergen Santhagens – – n/a
Mr Edward Paap – – n/a
Mr Marco Wichers – – n/a
Number of
options as at
December 31,
2010
Total pool 33,834,586
Granted 38,951,174
Exercised 7,360,699
Forfeited (5,720,298)
Left for future grant 603,710
Amsterdam, April 28, 2011
The Board of Directors
Mordechay Zisser Ran Shtarkman Shimon Yitzhaki
Marius van Eibergen Santhagens Marco Wichers Edward Paap
Plaza Centers N.V. Annual report 201065