Document:

EX-4.1(c)

 Exhibit 4.1(c) 

 
 

 
 Agreement for Mutual Guarantees of Borrowing 

9 June 1983 

 THIS AGREEMENT is made the 9th day of June 1983 BETWEEN Unilever N.V. (“NV”), a
company incorporated in the Netherlands with its registered office at Burgemeester ‘s Jacobplein, Rotterdam; and UNILEVER PLC (“PLC”), a public limited company incorporated in England with its registered office at Port Sunlight,
England. 
 WHEREAS: 
 NV and
PLC are linked by various agreements and arrangements which provide that the persons to be nominated for appointment to the Boards of the two companies shall always be the same individuals, that the two companies shall, in general, pay and support
each other in paying equalised dividends, that the two companies shall adopt the same accounting systems, that the two companies shall have free access to and free use of each other’s knowledge, processes, patents and trademarks, and that
generally the businesses of the two companies shall be carried on, so far as possible, as if they were the combined business of one and the same company. 
 NOW THIS AGREEMENT WITNESSETH as follows: 
  

	1.	In this agreement NV and PLC are referred to together as “the two companies” and separately either as NV and PLC or as “the one company” and
“the other company” as the context may require; 

  

	2.	(1) If (a) either NV or PLC considers it desirable that a 

 loan indebtedness contracted or to be contracted by it should be secured by a guarantee from the other company it may in writing call upon the other company and the company so called upon shall give such
guarantee; 
 (b) either NV or PLC gives a guarantee to secure a loan indebtedness contracted or to be
contracted by any company (“the borrowing company”) in which it has directly or through one or more of its subsidiaries(1) or together with the other company or one or more of that other company’s subsidiaries the whole or a majority
shareholding interest it may, provided that the other company’s shareholding interest in the borrowing company is not greater than its own, in writing call upon the other company to join in such guarantee or to give a separate guarantee of such
indebtedness and the company so called upon shall give such guarantee; 
 (1) Such companies are elsewhere referred to as
“group companies”. 

 (2) The obligation to give guarantees under this clause shall be subject to the grant of
any consent or permission which may from time to time be required from any competent authority for the giving of such guarantee. NV and PLC undertake that they will each use their best endeavours to obtain any such consent or permission and to
co-operate with each other to obtain any such consent or permission; 
  

	 	(3)	(a) Wherever NV or PLC has given a guarantee in pursuance of sub-clause (1) (a) of this clause and is required to pay a creditor under such guarantee it
shall be entitled to be indemnified by the other company in respect of the amount so paid and in respect of any losses, liabilities, costs or expenses paid or incurred arising out of or in connection with the performance of its obligations under
such guarantee; 

 (b) Wherever 
 (i) NV or PLC has given a guarantee in pursuance of sub-clause (1) (b) of this clause or otherwise in respect of the loan indebtedness of a company in which the other company has a shareholding
interest and is required to pay a creditor under such guarantee it shall be entitled to be indemnified by the other company in respect of the amount so paid and in respect of any losses, liabilities, costs or expenses paid or incurred arising out of
or in connection with the performance of its obligations under such guarantee provided that if the company entitled to be indemnified under this sub-clause has itself directly or indirectly through one or more of its subsidiaries a shareholding
interest in the company whose indebtedness it had secured by the aforesaid guarantee then the amount to which it shall be entitled to be indemnified shall be limited to the same proportion of the total amount it has paid in pursuance of the
provisions of this sub-paragraph (i) as the other company’s direct and indirect shareholding interest bears to the combined direct and indirect shareholding interests of NV and PLC; 

(ii) NV or PLC is indemnified in pursuance of sub-paragraph (i) of this paragraph it shall up to the amount to which it is
indemnified at the option of the other company either transfer to the other company its rights against the company whose indebtedness has been secured by the guarantee concerned or exercise such rights on behalf and for the account of the other
company. 

 

	3.	Either of NV and PLC may terminate this Agreement by not less than six months’ previous written notice to the other in any of the following events:

 (a) if the Agreement between them for the distribution of profits and assets dated 28th June 1946, as
amended by Supplemental Agreements dated 20th July 1951 and 21st December 1981, commonly known as the Equalisation Agreement, shall cease to be in force; 
 (b) if the Boards of NV and PLC shall cease to consist of the same individuals; 

(c) if any other material change shall take place in the Agreements or arrangements described in the Recital to this Agreement.

  

	4.	(1) This Agreement shall be construed and have effect in all respects as a contract made in England in accordance with the laws of England and any dispute shall be
settled by arbitration in England under the Arbitration Acts 1950 to 1979 or any statutory modification or re-enactment thereof from time to time in force; 

 (2) Paragraph (1) of this sub-clause shall apply mutatis mutandis to all rights and obligations between NV and PLC resulting from either of the two companies paying under a guarantee given in
pursuance of this Agreement. 

 IN WITNESS whereof this Agreement has been duly executed by both parties the day and year first
before written. 
 The original agreement dated 9 June 1983 was signed on behalf of Unilever N.V. by Mr H. F. van den Hoven and Mr T.
Drion, Director and Secretary respectively, and on behalf of Unilever PLC by Mr J. D. Keir, Secretary, in the presence of Ms E. R. Micklem.EX-4.3

 Exhibit 4.3 

 
 

 
  

					
		 		 	Unilever House
		 		 	100 Victoria Embankment
		 		 	Blackfriars
		 		 	London
		 		 	EC4Y 0DY
			
		 		 	T: + 44 20 7822 5874
			
		 		 	Paul Polman
		 		 	Chief Executive Officer

 STRICTLY PERSONAL AND CONFIDENTIAL 
 Mr Jean-Marc Huet 
 24 February 2014 

Dear Jean-Marc, 
 This letter is to confirm
your reward decisions from the 2013/14 pay review. 
 Base Salary 
 Your annual base salary will remain unchanged at GBP 714,000. 
 2013 Annual Bonus

 In respect of 2013, your annual gross bonus award is GBP 746,130 (104.5% of salary i.e. 100% (target bonus) x 110% (individual
multiplier) x 95% (business differentiation factor)). 
 Your 2014 target bonus will be 100% of salary with a maximum of 150% of salary. The
performance measures for 2014 for the annual bonus plan are as follows: 
  

					
	 Performance Measure
	  	Weighting	 
	 Underlying Sales Growth
	  	 	1/3	  
	 Underlying Volume Growth
	  	 	1/3	  
	 Core Operating Margin (vs PY)
	  	 	1/3	  

 Details of the performance targets for the annual bonus plan as approved by the Compensation and Management Resources
Committee (the ‘Committee‘) will be communicated to you separately. 
 The Board will assess Unilever’s 2014 business performance
not only against these performance targets but also relative to the overall quality and competitiveness of our performance delivery. 
 Your
personal bonus will then be based both on the Board’s assessment of overall business performance and your personal achievement against your ‘3+1’ goals. The “3+1’ goals must be stretching, ambitious, and output oriented.

 2014 Long-Term Incentives 
 For executive directors our long term incentive program consists of two vehicles: 
  

	•	 	 The Management Co-Investment Plan (MCIP), and 

  

	•	 	 The Global Share Incentive Plan (GSIP) 

 

 

					
		 	Unilever PLC	  	Unilever NV
		 	Registered in England & Wales	  	Registered in Rotterdam
		 	Number 41424	  	Commercial Register No 24051830
		 	Registered office Port Sunlight	  	VAT No NL004966466877
		 	Wirral, Merseyside CH62 4ZD	  	

 2014 MCIP 
 Under this plan, 25% of your gross annual bonus will be invested in Unilever shares, although you may elect to invest up to 60%. If you elected to purchase additional shares, you should have received an
email confirmation of your entire allocation to MCIP. 
 The shares will be held for a period of three years and Unilever will match this
investment with an award of an equal number of performance shares. The vesting of these matching shares will be contingent on the achievement of the same 3 year performance targets as exist under our GSIP (see below) and can vest between 0% –
150%. The value of this award may be further enhanced by earning dividends / dividend equivalents during the vesting period. 
 2014 GSIP

 Under the 2014 GSIP, you have been made a conditional award of shares worth GBP 1,249,500 (175% of your base salary) which will vest
between 0% and 200% three years from the award date based on company performance. 
 The performance measures for the ULE as from 2014, are:

  

					
	 Performance Measure
	  	Weighting	 
	 Underlying Sales Growth
	  	 	25%	  
	 Core Operating Margin (vs PY)
	  	 	25%	  
	 Operating Cash Flow (Cumulative)
	  	 	25%	  
	 Relative Total Shareholder Return
	  	 	25%	  

 The minimum of the performance range for USG and COM must be reached before any shares subject to either metric can vest.
Details of the performance targets for the 2014 MCIP and GSIP awards as approved by the Committee will be communicated to you separately. 

Fixed Allowance in lieu of perquisites and benefits 
 Your Fixed Allowance was GBP 300,000 for 2013, which included GBP 80,000 for housing. This housing element began to be reduced by GBP 40,000 per annum starting in 2012 until it has been removed
altogether from 2015. 
 For 2014 your gross annual Fixed Allowance will be GBP 260,000. 

This gross allowance of GBP 260,000 will further reduce as follows: 
  

	 	•	 	 2015 = GBP 220,000 

 You
also receive medical cover for you and your family via the Allianz International medical arrangement. You will continue to receive life insurance cover at 3 x the salary used to calculate your pension benefit. 

Pension 
 You are no longer a
member of the Unilever’s International Pension Plan (IPP). The Fixed Allowance is paid to you in lieu of pension and you may choose to become a member of the IPP to invest some of that Fixed Allowance through the IPP. 

  

 Claw back 
 The Committee may retroactively adjust and/or claw back variable remuneration, including the annual bonus, paid to you if and to the extent that the amount of the remuneration was based on incorrect
information. 
 Personal Shareholding Requirement 
 As previously communicated, you are required to build and maintain a personal shareholding in Unilever of at least three times your base salary within 5 years from the later of 2010 or when you were
granted your first GSIP award to attain your shareholding requirement. I’m delighted to note that you have already exceeded this within a shorter time than required. Please see your 2013 Annual Unilever Shareholding Statement dated
17 January 2014 for further details. 
 Please also note the introduction, with effect from 1 January 2014, of a new mandatory
requirement for you as Executive Director to hold shares to the value of 100% of your minimum shareholding requirement for 12 months post cessation of your employment at Unilever and 50% of these shares for 24 months post cessation of your
employment with Unilever. 
 As a ULE member, it is Unilever policy that approval by the CEO is required before performing any transaction in
relation to Unilever shares. 
  

	
	With kind regards,
	
	Paul Polman

  

 Appendix – Application of Personal Shareholding Requirement 

Personal Shareholding Requirement 
 As
part of Unilever’s long-term incentive arrangements, it is a requirement that Board members and certain other managers build up a personal shareholding in Unilever. The following principles on shareholding have been agreed: 

Date of Commencement: 
 The personal
shareholding must be built up over a period of five years commencing from the individual’s first grant from the Global Share Incentive Plan (GSIP). Once the required level of personal shareholding has been achieved, this shareholding must be
maintained (and increased, as necessary, as Base Salary levels increase). 
 Qualifying Shares: 

Shares in either Unilever PLC or Unilever N.V. (or a combination of both) will qualify provided they are personally owned by the Director or by a member
of his/her (immediate) family. 
 Shares purchased from the Annual Bonus (Variable Pay) programme will qualify as from the moment of purchase.
Shares acquired under a Restricted Share/Stock arrangement will qualify on a net of tax basis. 
 Shares awarded on a conditional basis by way
of the GSIP, including those by way of the MCIP, will not qualify until the moment of vesting (i.e. once the precise number of shares is fixed after the three-year vesting period has elapsed). 

Share options will not qualify until the shares in question have eventually been acquired (and retained) following the exercise of the option.

 Value of Shares to be taken into Account: 
 The value of the shares to be taken into account will be the higher of the open market value as at the date of acquisition or the open market value at date of measurement. The Euro/Sterling/US$ exchange
rate to be applied will be the prevailing rate on the chosen date. 
 Salary on which Shareholding Requirement to be based: 

The level of Base Salary at the date of measurement shall be used to assess the level of personal shareholding. 

Level of Personal Shareholding: 
 The
level of personal shareholding for you is 3 times Base Salary. 
 Please also note the introduction, with effect from 1 January 2014, of a
new mandatory requirement for you as Executive Director to hold shares to the value of 100% of your minimum shareholding requirement for 12 months post cessation of your employment at Unilever and 50% of these shares for 24 months post cessation of
your employment with Unilever. 
 Monitoring of Personal Shareholding Target: 
 Global Reward will monitor the level of personal shareholding. 
 The consequence of not having
achieved the required shareholding will be that no awards under the GSIP will be made until the necessary shareholding has been built up. 

Other Matters: 
 It is not permitted to
write options over Unilever shares as this would be in conflict with our Share Dealing Code. 

  

 

 
 STRICTLY PERSONAL AND CONFIDENTIAL 
 Mr Paul Polman 
 29 January 2014 
 Dear Paul, 
 Your reward package effective 1 January 2014 

This letter is to confirm your reward package as from 1st January 2014 as approved by the Compensation and Management Resources Committee (the ‘Committee‘).

 Base Salary 
 Your
annual base salary will remain unchanged at GBP £1,010,000. 
 2013 Annual Bonus 

In respect of 2013, your annual gross bonus award is £1,583,175 (157% of salary i.e. 120% (target bonus) x 137.5% (individual multiplier) x 95%
(business differentiation factor) capped at the maximum award of 200%)). 
 Your annual bonus is payable in the March 2014 payroll.

 2014 Annual Bonus 
 Your target bonus for 2014 will continue to be 120% of base salary and your maximum bonus continues to be 200% of your base salary. 
 The performance measures for 2014 for the annual bonus plan are: 
  

					
	 Performance Measure
	  	Weighting	 
	 Underlying Sales Growth
	  	 	1/3	  
	 Underlying Volume Growth
	  	 	1/3	  
	 Core Operating Margin (vs PY)
	  	 	1/3	  

 Details of the performance targets for the annual bonus plan as approved by the Committee will be communicated to you
separately. The Board will assess Unilever’s 2014 business performance not only against these performance targets but also relative to the overall quality and competitiveness of our performance delivery. 

Your personal bonus will then be based both on the Board’s assessment of overall business performance and your personal achievement against your
stretching, ambitious, and output oriented ‘3+1’ goals. 

  

 2014 Long-Term Incentives 
 For executive directors, our long term incentive program consists of two vehicles: 
  

	•	 	 The Management Co-Investment Plan (MCIP), and 

  

	•	 	 The Global Share Incentive Plan (GSIP) 

 2014 MCIP 
 Under this plan, 25% of your gross annual bonus will be invested in Unilever
shares, although you may elect to invest up to 60% of your earned bonus. 
 The invested shares must be held for a period of three years and
Unilever will match this investment with an award of an equal number of performance shares. The vesting of these matching shares will be between 0% -150% contingent on the achievement of the same 3 year performance targets as exist under our GSIP
(see below). The value of this award may be further enhanced by earning dividends / dividend equivalents during the vesting period. 
 2014
GSIP 
 Under the 2014 GSIP, you have been made a conditional award of shares worth GBP 2,020,000 (200% of your base salary) which will vest
between 0% and 200% three years from the award date based on company performance. 
 The performance measures for the Executive Team, as from
2014, are: 
  

					
	 Performance Measure
	  	Weighting	 
	 Underlying Sales Growth
	  	 	25%	  
	 Core Operating Margin (vs PY)
	  	 	25%	  
	 Operating Cash Flow (Cumulative)
	  	 	25%	  
	 Relative Total Shareholder Return
	  	 	25%	  

 The minimum of the performance range for USG and COM must be reached before any shares subject to either metric can vest.
Details of the performance targets for the 2014 MCIP and GSIP awards as approved by the Committee will be communicated to you separately 

Fixed allowance in lieu of perquisites and benefits 
 Your annual Fixed Allowance of GBP 250,000 will continue to be paid to you in lieu of car allowance, partner travel, entertainment allowance and company pension contribution. 

The company will continue to accrue on your behalf the supplemental conditional pension provision of 12% salary, with investment
returns replicating those of the IPP. Accordingly, the base salary for this provision remains at GBP 976,028 with a corresponding maximum contribution of GBP 117,123 continuing with effect from 1st January 2014. 

You also receive medical cover for you and your family via the Allianz International medical arrangement when you and your family are outside of
Switzerland. You will be covered by the Swiss Sanitas scheme when resident in Switzerland. You will also continue to receive life insurance cover at 3 x the salary used to calculate your pension benefit. 

Claw back 
 The Committee may
retroactively adjust and/or claw back variable remuneration, including the annual bonus, paid to you if and to the extent that the amount of the remuneration was based on incorrect information. 

  

 Personal Shareholding Requirement 
 As previously communicated, you are required to build and maintain a personal shareholding in Unilever of at least four times your base salary within 5 years from the later of 2010 or when you were
granted your first GSIP award to attain your shareholding requirement. I’m delighted to note that you have already exceeded this within a shorter time than required. Please see your 2013 Annual Unilever Shareholding Statement dated
17 January 2014 for further details. 
 Please also note the introduction, with effect from 1 January 2014, of a new mandatory
requirement for you as Executive Director to hold shares to the value of 100% of your minimum shareholding requirement for 12 months post cessation of your employment at Unilever and 50% of these shares for 24 months post cessation of your
employment with Unilever. 
  

	
	With kind regards
	
	 Michael Treschow

Chairman

  

 Appendix – Application of Personal Shareholding Requirement 

Personal Shareholding Requirement 
 As
part of Unilever’s long-term incentive arrangements, it is a requirement that Board members and certain other managers build up a personal shareholding in Unilever. The following principles on shareholding have been agreed: 

Date of Commencement: 
 The personal
shareholding must be built up over a period of five years commencing from the individual’s first grant from the Global Share Incentive Plan (GSIP). Once the required level of personal shareholding has been achieved, this shareholding must be
maintained (and increased, as necessary, as Base Salary levels increase). 
 Qualifying Shares: 

Shares in either Unilever PLC or Unilever NV (or a combination of both) will qualify provided they are personally owned by the Director or by a member of
his/her (immediate) family. 
 Shares purchased from the Annual Bonus (Variable Pay) programme will qualify as from the moment of purchase.
Shares acquired under a Restricted Share/Stock arrangement will qualify on a net of tax basis. 
 Shares awarded on a conditional basis by way
of the GSIP, including those by way of the MCIP, will not qualify until the moment of vesting (i.e. once the precise number of shares is fixed after the three-year vesting period has elapsed). 

Share options will not qualify until the shares in question have eventually been acquired (and retained) following the exercise of the option.

 Value of Shares to be taken into Account: 
 The value of the shares to be taken into account will be the higher of the open market value as at the date of acquisition or the open market value at date of measurement. The Euro/Sterling/US$ exchange
rate to be applied will be the prevailing rate on the chosen date. 
 Salary on which Shareholding Requirement to be based: 

The level of Base Salary at the date of measurement shall be used to assess the level of personal shareholding. 

Level of Personal Shareholding: 
 The
level of personal shareholding for you is 4 times Base Salary. 
 Please also note the introduction, with effect from 1 January 2014, of a
new mandatory requirement for you as Executive Director to hold shares to the value of 100% of your minimum shareholding requirement for 12 months post cessation of your employment at Unilever and 50% of these shares for 24 months post cessation of
your employment with Unilever. 
 Monitoring of Personal Shareholding Target: 
 Global Reward will monitor the level of personal shareholding. 
 The consequence of not having
achieved the required shareholding will be that no awards under the GSIP will be made until the necessary shareholding has been built up. 

Other Matters: 
 It is not permitted to
write options over Unilever shares as this would be in conflict with our Share Dealing Code.

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