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In accordance with the provisions of the law dated 26 March 1999 which relates to the Belgian Employment Action Plan 1998 and includes various provisions, GBL has issued seven incentive plans (1999 and 2007 to 2012) based on GBL shares for its Executive Management and staff, as well as an incentive plan in 1999 based on Pargesa shares for Executive Management only. The 1999 incentive plan expired on 30 June 2012.

  • Plan 2015
    In the context of the 2015 incentive plan, the beneficiaries received options on existing shares of a GBL sub-subsidiary. This sub-subsidiary’s assets mainly consist of GBL shares that the sub-subsidiary has acquired through equity and bank financing, guaranteed by GBL at the market rate. The options are valid for ten years. Three years after their awarding, the beneficiary is able to exercise or sell its options within the windows provided for by the plan.

    These options were issued in line with the requirements of the law of 26 March 1999 relating to the 1998 Belgian Employment Action Plan and setting out various clauses, as amended by the subsequent laws.

    The number of stock options granted in 2015 was determined on the basis of a coefficient that took into account the long-term performance of the GBL share price as well as a qualitative assessment criterion.
     
  • Plan 2014
    In 2014, the beneficiaries of the plan received options on existing shares in a GBL sub-subsidiary. This sub-subsidiary’s assets mainly consist of GBL shares that the sub-subsidiary has acquired through equity and bank financing, guaranteed by GBL at the market rate. The options are valid for ten years. Three years after their awarding, the beneficiary will be able to exercise or sell its options in the windows provided by the plan.

    The options are issued in line with the requirements of the law of 26 March 1999 relating to the 1998 Belgian Employment Action Plan and setting out various clauses, as amended by the subsequent laws.

    The number of options awarded has been determined based on a coefficient that takes into account the long term performance of the GBL share price as well as a qualitative assessment criterion. The coefficient may vary between 0% and 160% of the Executive management gross remuneration.

    The principle behind this new plan and the maximum value of the shares underlying the options awarded in 2014, amounting to EUR 13.5 million, were approved by the Ordinary General Meeting of 22 April 2014.
     
  • Plan 2013
    In 2013, a new plan was introduced that is a variant on the GBL stock option plan used in previous years.

    The beneficiaries of the new plan received options on existing shares in a GBL sub-subsidiary. This sub-subsidiary’s assets mainly consist of GBL shares that the sub-subsidiary has acquired through equity and bank financing, guaranteed by GBL at the market rate. The options are valid for ten years. Three years after their awarding, the beneficiary will be able to exercise or sell its options in the windows provided by the plan.

    The options are issued in line with the requirements of the law of 26 March 1999 relating to the 1998 Belgian Employment Action Plan and setting out various clauses, as amended by the subsequent laws.

    The number of options awarded has been determined based on a coefficient that takes into account the same criteria as indicated above. However, in 2013, the upper range of the coefficient applied to the awarding of options to the Executive Management was raised from 125% to 160%, so as to reflect, aside from the arrival of two new managing Directors, a better alignment between the interests of the Executive Management and shareholders. The coefficient may therefore vary between 0% and 160% of the Executive management gross remuneration. The principle behind this new plan and the maximum value of the shares underlying the options awarded in 2013, amounting to EUR 13.5 million, were approved by the Ordinary General Meeting of 23 April 2013.
     
  • Plan 2012
    On 24 April 2007, the Ordinary General Meeting approved the principle to issue yearly in favour of the Executive Management and the employees of GBL and its subsidiaries options on the existing GBL shares.

    Following this authorization, the Board of 6 March 2012 has decided to issue new options in 2012. This decision was approved by the General Assembly on 24 April 2012.

    The terms of the stock option plan are the following:
     
    Number 116,943
    Strike EUR 50,68
    Duration 10 years
    Vesting 3 years

    This issue was carried out in accordance with the provisions of the 26 March 1999 Act relating to the 1998 Belgian employment action plan setting out various arrangements, as amended by the subsequent laws.
     
  • Plan 2011
    On 24 April 2007, the Ordinary General Meeting approved the principle to issue yearly in favour of the Executive Management and the employees of GBL and its subsidiaries options on the existing GBL shares.

    Following this authorization, the Board of 3 March 2011 has decided to issue new options in 2011. This decision was approved by the General Assembly on 12 April 2011.

    The terms of the stock option plan are the following:
     
    Number 187,093
    Strike EUR 65.04
    Duration 10 years
    Vesting 3 years

    This issue was carried out in accordance with the provisions of the 26 March 1999 Act relating to the 1998 Belgian employment action plan setting out various arrangements, as amended by the subsequent laws.
     
  • Plan 2010
    On 24 April 2007, the Ordinary General Meeting approved the principle to issue yearly in favour of the Executive Management and the employees of GBL and its subsidiaries options on the existing GBL shares.

    Following this authorization, the Board of 5 March 2010 decided to issue new of options in 2010. This decision was approved by the General Assembly on 13 April 2010.

    The terms of the stock option plan are the following:
     
    Number 154,306
    Strike EUR 65.82
    Duration 10 years
    Vesting 3 years

    This issue was carried out in accordance with the provisions of the 26 March 1999 Act relating to the 1998 Belgian employment action plan setting out various arrangements, as amended by the subsequent laws.
     
  • Plan 2009
    On April 24 2007, the Ordinary General Meeting approved the principle to issue yearly in favour of the Executive Management and the employees of GBL and its subsidiaries options on the existing GBL shares.

    Following this authorization, the Board of 3 March 2009 decided to issue new of options in 2009. This decision was approved by the General Assembly on 14 April 2009.

    The terms of the stock option plan are the following:
     
    Number 238,244
    Strike EUR 51.95
    Duration 10 years
    Vesting 3 years

    This issue was carried out in accordance with the provisions of the 26 March 1999 Act relating to the 1998 Belgian employment action plan setting out various arrangements, as amended by the subsequent laws.
     
  • Plan 2008
    On April 24 2007, the Ordinary General Meeting approved the principle to issue yearly in favour of the Executive Management and the employees of GBL and its subsidiaries options on the existing GBL shares.

    Following this authorization, the Board of 4 March 2008 decided to issue new of options in 2008. This decision was approved by the General Assembly on 8 April 2008.

    The terms of the stock option plan are the following:
     
    Number 153,984
    Strike EUR 77.4
    Duration 15 years
    Vesting 3 years

    This issue was carried out in accordance with the provisions of the 26 March 1999 Act relating to the 1998 Belgian employment action plan setting out various arrangements, as amended by the subsequent laws.
     
  • Plan 2007
    On April 24 2007, the Ordinary General Meeting approved the principle to issue yearly in favour of the Executive Management and the employees of GBL and its subsidiaries options on the existing GBL shares.


    The terms of the stock option plan are the following:
     
    Number 110,258
    Strike EUR 91.9
    Duration 15 years
    Vesting 3 years

    This issue was carried out in accordance with the provisions of the 26 March 1999 Act relating to the 1998 Belgian employment action plan setting out various arrangements, as amended by the subsequent laws.