Carrefour - 2017 Registration Document

CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2017 Notes to the Consolidated Financial Statements 2017 REGISTRATION DOCUMENT | CARREFOUR 5. 262 Performance share plans 10.2.2 On July 27, 2016, based on the Compensation Committee’s recommendation, the Board of Directors decided to use the authorisation given in the 14th resolution of the Annual Shareholders’ Meeting held on May 17, 2016 to grant performance shares (new or existing shares) to some 950 Group employees. The plan provided for the grant of a maximum of 1,950,000 shares (representing 0.26% of the share capital). The shares will vest only if the grantee remains with the Group until the end of the vesting period and several performance conditions are met. The vesting period is three years from the date of the Board meeting at which the rights were granted. The number of shares that vest will depend on the achievement of three performance conditions: two conditions linked to financial performance (EBITDA growth ● for 35% and organic sales growth for 35%); and a CSR-related condition (for 30%). ● Details of the performance share plans in progress at December 31, 2017 are presented below: 2016 Performance plan Shareholders' Meeting date May 17, 2016 Grant date (1) September 15, 2016 Vesting date (2) July 28, 2019 Total number of shares allotted at the grant date 1,944,850 Number of grantees at the grant date 950 Fair value of each share (in euros) (3) 20.18 Notification date (i.e., date on which grantees were notified of the plans’ characteristics and terms). (1) The shares will vest only if the grantee remains with the Group until the end of the vesting period and several performance conditions are met. (2) The Carrefour share price on the grant date (reference price) adjusted for estimated dividends not received during the vesting period. (3) Movements in performance share grants were as follows: 2017 2016 Shares allotted at January 1 1,942,150 - of which, vested shares - - Shares granted during the year - 1,944,850 Shares delivered to the grantees during the year (3,500) - Shares cancelled during the year (199,200) (2,700) Shares allotted at December 31 1,739,450 1,942,150 of which, vested shares 8,000 -