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Unilever Group Notes to the consolidated accounts
33 Equity based compensation plans (continued)
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The NV Sharesave Plan
All directors of NV and all employees of Unilever Nederland B.V., may participate in the share option plan for employees in the
Netherlands if they are on the payroll at the date of grant and, until 1997, participated in the Save-As-You-Earn Plan.
The grant of share options is made after a resolution to such effect has been adopted by the Board of Unilever Nederland B.V. The
share options are granted at 100% of the market price on the date of the granting and can be exercised during a period of five years.
Options granted since 1998 can generally be exercised after five years. In 1997 each participant was granted an option to acquire
16 shares; in 1998 and 1999 there were grants of 50 shares to each participant.
A summary of the status of the NV Sharesave Plan as at 31 December 1999, 1998 and 1997 and changes during these years is
presented below:
00000001111011111011111011111101111101111101111
For the years ended 31 December: 1999 1998 1997
111151111105111 1051111105111 1051111105111
Weighted Weighted Weighted
Number average Number average Number average
of shares price of shares price of shares price
011155555555551 110511 110511 110511 110511 110511
Outstanding at the beginning of the year 467 687 Fl. 103.71 236 028 Fl. 72.58 248 808 Fl. 60.24
11111511 110511 110511 110511 110511 110511
Granted 276 751 Fl. 140.27 271 173 Fl. 127.00 90 736 Fl. 94.75
Exercised 53 600 Fl. 84.40 39 195 Fl. 77.23 103 516 Fl. 62.34
Forfeited — — 319 Fl. 127.00 — —
11111511 110511 110511 110511 110511 110511
Outstanding at the end of the year 690 838 Fl. 119.85 467 687 Fl. 103.71 236 028 Fl. 72.58
11111511 110511 110511 110511 110511 110511
Options exercisable at the end of the year 159 489 Fl. 73.40 198 725 Fl. 72.19 236 028 Fl. 72.58
00000001111011111011111011111101111101111101111
1999 1998 1997
00000001111011111011111011111101111 01111 01111
Option value informatio n (a)
Fair value per option (b) Fl. 29.59 Fl. 28.88 Fl. 12.19
Valuation assumptions
Expected option term 3 years 5 years 5 years
Expected volatility 29.46% 23.32% 15.37%
Expected dividend yield 1.56% 1.38% 4.36%
Risk-free interest rate 3.17% 3.67% 4.35%
(a) Weighted average of options granted during each period.
(b) Estimated using Black Scholes option pricing method.
00000001111011111011111011111101111101111101111
The following table summarises information about fixed price stock options outstanding at 31 December 1999:
00000001111011111011111011111101111101111101111
Options Outstanding Options Exercisable
00511110051100511005 1100511005
Number Weighted Number
outstanding at average Weighted exercisable at Weighted
Range of 31 December remaining average 31 December average
exercise prices 1999 contractual life exercise price 1999 exercise price
00511 1005 1005 1005 11005 005
Fl. 50.87 43 970 10 months Fl. 50.87 43 970 Fl. 50.87
Fl. 68.75 56 753 2 years Fl. 68.75 56 753 Fl. 68.75
Fl. 94.75 58 766 3 years Fl. 94.75 58 766 Fl. 94.75
Fl. 127.00 259 199 4 years Fl. 127.00 — —
Fl. 140.27 272 150 5 years Fl. 140.27 — —
00511 1005 1005 1005 11005 005
Fl. 50.87 to Fl. 140.27 690 838 Fl. 119.85 159 489 Fl. 73.40
00511 1005 1005 1005 11005 005