When the options are vested, they may be exercised against payment of the exercise price, which equals the average closing price of the share for thirty days preceding the grant date, as a result of which an equal number of Greenyard shares will be transferred to the beneficiary (it being understood that one option gives the right to one Greenyard share). These shares will benefit from the same rights and advantages as the existing shares of Greenyard. Table: Stock options granted to persons who are member of the Leadership Team in AY 19/20 Member of Leadership Team in AY 19/20 Exercise price € 3,4360 Marc Zwaaneveld Geert Peeters Alexander Verbist Charles-Henri Deprez Yannick Peeters
Number of options
Grant date
Vesting period
450.000 250.000 50.000 50.000 50.000 50.000 50.000
15/03/2019 15/03/2019 15/03/2019 15/03/2019 15/03/2019 15/03/2019 24/09/2019
01/04/2019 - 31/03/2022 01/04/2019 - 31/03/2022 01/04/2019 - 31/03/2022 01/04/2019 - 31/03/2022 01/04/2019 - 31/03/2022 01/04/2019 - 31/03/2022 01/10/2019 - 30/09/2022
Tim Van Londersele (1) (2) Bénédicte Vandaele
Considered to be a ‘good leaver’ under the 2019 SOP. In accordance with the 2019 SOP, the number of options of the grant that will vest on 1 April 2022 has been limited to 21.000 options, which will be exercisable during a period of twelve months after the time of vesting. (2) Ms Bénédicte Vandaele was granted options under the 2019 SOP when she was appointed Group HR Director under a long-term agreement starting on 1 October 2019. (1)
8.4.
Severance pay for members of the Leadership Team
In accordance with article 7:92 BCAC, the agreements concluded with the members of the Leadership Team provide for severance pay not exceeding twelve months’ remuneration. More specifically, the agreements concluded with the members of the Executive Management provide for a severance pay of twelve months’ remuneration. For the other members of the Leadership Team, the severance pay is in principle equal to six months’ remuneration or, if the member is an employee, this is calculated in accordance with the applicable legal provisions under the employment contract. In the event of early termination, the Board of Directors justifies and decides, on the recommendation of the Nomination and Remuneration Committee, whether the Leadership Team member concerned qualifies for severance pay, and the basis on which it is calculated. No severance pay was paid following the decision of Mr Tim Van Londersele (as permanent representative of VLT Consulting BV) to step down as Managing Director of the Fresh German Markets and to leave Greenyard. He retains part of the stock options initially granted and these will vest in accordance with the terms of the 2019 SOP (see 8.1.2, above).
9. Other information to be communicated pursuant to article 3:6 (§1) BCAC and article 34 of the Royal Decree of 14 November 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market This section contains the information required to be disclosed under this legislation and not included in other parts of this report.
Specific rights of control No special rights of control have been granted to any shareholders of Greenyard.
84 /
GREENYARD / FINANCIAL YEAR REPORT 2019-2020