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56 Unilever Annual Report on Form 20-F 1999 Report of the Directors Remuneration report a three year period. The maximum number of options depended on seniority. The maximum aggregate value of the exercise prices of options that could be held at any one time was four times appropriate salary. Under the terms of options to acquire ordinary shares in NV, some individuals may be or have been granted the right to elect to receive the equivalent cash value instead of receiving shares on the exercise of their options. This right is rescindable by the company (NV or a wholly owned subsidiary of NV) which granted such options, while they remain unexercised. It is the general intention of the company that this right will remain extended where it may be unduly disadvantageous to an individual not to have such a right. Under the terms of the PLC Unapproved Share Option Scheme (formerly the PLC Expatriate Share Option Scheme), PLC has the right to substitute the equivalent cash value for any individual’s right to acquire shares on the exercise of their options. It is not PLC’s intention to exercise this right except in circumstances where it may be unduly disadvantageous to an individual were it not to do so. Accordingly, no amount has been charged as a compensation expense during the year ended 31 December 1999 in respect of this scheme. The PLC Sharesave Scheme covers all directors of PLC and employees of its United Kingdom subsidiaries meeting minimum service and United Kingdom taxation residence requirements. Participants to whom options have been granted make monthly contributions to a savings scheme approved by the United Kingdom Treasury for this purpose. At the end of five years the proceeds from the savings scheme may be applied to obtain ordinary shares of PLC at a price which is not less than 90% of the market value of the shares on a specified date within a thirty day period ending with the date on which the options were granted. The Unilever Savings Related Share Option Scheme (Ireland) operated in a similar manner to the PLC Sharesave Scheme for employees of Group companies in the Republic of Ireland. Following a change in the law, options are no longer granted under this scheme. All directors of NV and all employees of Unilever Nederland B.V. may participate in the share option scheme for employees in the Netherlands if they are on the payroll at the moment of grant. In respect of grants made in 1995, 1996 and 1997 an employee also had to be a participant in the Save-As-You-Earn Scheme. For grants made in 1998 and subsequent years there was no requirement for employees to participate in the Save-As- You-Earn Scheme. The grant of share options takes place 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 at the moment of the grant. Options granted prior to 1998 can be exercised during a period of five years from the date of grant. Options granted in 1998 and subsequent years can only be exercised on the fifth anniversary of the grant date. In 1998 and 1999 each participant was granted an option to acquire 50 NV share s . Under the Unilever North America 1999 Employee Stock Purchase Plans, employees meeting minimum service requirements are granted options to purchase shares of NV at a special price, which is some 90% of the market price at the grant date, through a payroll deduction programme over a two year period. NV intends to meet the obligations under the NV options by transferring previously purchased shares to directors and employees as the options are exercised. Any excess of cost over option price in respect of shares acquired for this purpose, together with any movement in the market value above option price in respect of shares not yet acquired for this purpose, is charged against the results over the vesting period. During the year ended 31 December 1999 the maximum amount of this charge which could be regarded as compensatory, should all individuals with a right to receive cash as an alternative to shares exercise such a right, was less than Fl. 15 million. De Doffer B.V., a wholly owned subsidiary of NV, has acquired such number of NV shares as will be sufficient to satisfy the obligations Unilever United States, Inc. has incurred so far under the Unilever North America 1992 Stock Option Plan and the Unilever North American 1999 Employee Stock Purchase Plan. The excess of cost over the option price with respect to the shares acquired for this purpose is charged against results for the period. In 1990, the Unilever Employee Share Trust was established to purchase and hold ordinary shares of PLC to satisfy options granted under the PLC 1985 Sharesave Scheme and the PLC 1985 Executive Share Option Schemes. In 1995 the Unilever Employee Share Trust (Jersey) was established for the same purpose, and in 1997 the powers of this trust were extended to enable it to purchase and hold shares of NV to satisfy options granted under the Unilever PLC International 1997 Executive Share Option Scheme.
57 Unilever Annual Report on Form 20-F 1999 Report of the Directors Remuneration report At 31 December 1999, the Trusts together held 42 492 210 ordinary shares. In March 1998 the Unilever Qualifying Employee Share Ownership Trust was established to purchase and hold ordinary shares of PLC to satisfy options granted under the PLC 1985 Sharesave Scheme. Options held by directors and employees to acquire ordinary shares of NV and PLC at 31 December 1999 are shown in note 20 on page 81. For convenience and ease of presentation, the information on the directors’ share options and notional options is presented together on the next page. Options to purchase securities from Registrant of subsidiaries Options over the following number of shares were granted, exercised, forfeited or expired between 31 December 1999 and 28 April 2000. 0005111011110000000000011 Granted Exercised, forfeited or expired 10001111111 10011101111 Shares of 1.4p Shares of Fl. 1.12 Shares of 1.4p Shares of Fl. 1.12 00000000111111101111111 1101111111 101111111 1111101111 PLC Sharesave Plan – n/a 2 687 922 n/a PLC Option Plans 3 235 100 495 050 169 613 1 250 NV Option Plans 6 569 800 1 008 850 – 121 836 NV Sharesave Plan n/a – n/a 9 856 0005111011110000000000011 Granted Exercised, forfeited or expired 0000000011111110111111111110111111 10111111111111101111 Shares of 1.4p Shares of 1.4p in the form of in the form of American Shares of Fl. 1.12 American Shares of Fl. 1.12 Depositary of the New York Depositary of the New York Receipts Registry Receipts Registry 00000000111111101111111 1101111111 101111111 1111101111 NA Option Plan 1 741 516 259 725 63 004 17 868 NA Purchase Plan n/a – n/a 61 712 0005111011110000000000011 As at 28 April 2000 the directors and officers as a group held options to purchase the following ordinary shares: 3 461 440 shares of 1.4p 455 188 shares of Fl. 1.12 194 828 shares of 1.4p in the form of American Depositary Receipts 133 134 shares of Fl. 1.12 of the New York Registry
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Unilever N.V. 1999 Annual Report on
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1 Unilever Annual Report on Form 20
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Financial highlights • Excellent
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Principal group companies and fixed
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Company accounts Unilever N.V . Bal
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Control of Unilever As part of its
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Nature of the trading market The ma
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Financial calendar and addresses An
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Meeting everyday needs of people everywhere - Unilever

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