&(&
=dl lZ VgZ \dkZgcZY! bZVhjgZY VcY gZbjcZgViZY
7dcjh h]VgZh
7dcjh h]VgZh VgZ V bZVch d[ gZiZci^dc VcY VgZ WVhZY dc eZg[dgbVcXZ ^c i]Z egZXZY^c\ [^cVcX^Va nZVg Vi i]Z YViZ d[ i]Z VaadXVi^dc#
I]^h VaadXVi^dc l^aa WZ WVhZY dc i]Z h]dgi iZgb$VccjVa ^cXZci^kZ bZVhjgZh! l]^X] ^cXajYZ bZZi^c\ i]Z \gdjeÉh VccjVa ^ciZgcVa iVg\Zih
^c ZVX] d[ i]Z XViZ\dg^Zh WZadl/
Egd[^i
WZ[dgZ iVm
;gZZ XVh]
\ZcZgViZY
:beadnbZci Zfj^in
VcY ZciZgeg^hZ
VcY hjeea^Zg
YZkZadebZci
6a^\cbZci
id \gdje hjeean
X]V^c higViZ\n
>cY^k^YjVa
eZg[dgbVcXZ
(*
&*
'%
&%
'%
8DB7>C>C< I=:H: E:G;DGB6C8:
8G>I:G>6 G:HJAIH >C 6 G:L6G9 6C9
G:I:CI>DC HIG6I:<N 76H:9 DC 6
;JAA HE:8IGJB D; H=6G:! HIG6I:<>8
6C9 DE:G6I>DC6A E:G;DGB6C8:#
I=: <GDJE 7:A>:K:H I=>H :CHJG:H
H=6G:=DA9:G 6A><CB:CI#
9JG6I>DC D; I=: H8=:B:
>i ^h Zck^hV\ZY i]Vi i]Z hX]ZbZ l^aa ]VkZ [^kZ VccjVa d[[Zgh l^i]
V XdbW^cVi^dc d[ VaadXVi^dch d[ H6Gh! VlVgYh d[ eZg[dgbVcXZ
h]VgZh VcY \gVcih d[ Wdcjh h]VgZh # I]Z ^cY^k^YjVa H6G ^hhjZh
aVehZ V[iZg h^m nZVgh ^[ cdi ZmZgX^hZY#
CDC":M:8JI>K: 9>G:8IDGHÉ ;::H
I]Z gZbXd gZk^Zlh i]Z VccjVa ^cXgZVhZh d[ cdc"ZmZXji^kZ
Y^gZXidghÉ [ZZh VcY gZXdbbZcYh i]ZhZ id i]Z WdVgY# I]Z WdVgY
d[ Y^gZXidgh ^c ijgc gZXdbbZcYh i]Z [ZZh [dg VeegdkVa Wn
h]VgZ]daYZgh Vi i]Z 6<B# I]Z ;'%&) [ZZh lZgZ VeegdkZY Vi i]Z
CdkZbWZg '%&( 6<B VcY i]Z gZXdbbZcYZY [ZZ hX]ZYjaZ [dg
;'%&* ^h Y^hXadhZY dc eV\Z &)( VcY egZhZciZY id h]VgZ]daYZgh
[dg Xdch^YZgVi^dc VcY VeegdkVa l^i] i]Z [dgb d[ egdmn V]ZVY d[
i]Z CdkZbWZg '%&) 6<B#
I]Z X]V^geZghdc d[ i]Z WdVgY ^h gZbjcZgViZY WVhZY dc V [^mZY
[ZZ [dg i]Z nZVg# I]Z gZbV^cYZg d[ i]Z cdc"ZmZXji^kZ WdVgY
bZbWZgh gZXZ^kZ V WVhZ [ZZ [dg i]Z^g bV^c WdVgY bZbWZgh]^e
VcY Vc ViiZcYVcXZ [ZZ eZg bZZi^c\# >c VYY^i^dc! i]Z X]V^geZghdch
d[ ZVX] hjW"Xdbb^iiZZ d[ i]Z WdVgY gZXZ^kZ V [^mZY [ZZ [dg i]^h
gdaZ# BZbWZgh d[ hjW"Xdbb^iiZZh gZXZ^kZ Vc ViiZcYVcXZ [ZZ eZg
bZZi^c\# 6aa cdc"ZmZXji^kZ WdVgY bZbWZgh VgZ ^ck^iZY ViiZcYZZh
id hjW"Xdbb^iiZZ bZZi^c\h# L]ZgZ V cdc"ZmZXji^kZ WdVgY
bZbWZg ViiZcYh V hjW"Xdbb^iiZZ bZZi^c\ Vh Vc ^ck^iZZ! i]Zn
gZXZ^kZ Vc ViiZcYVcXZ [ZZ ^c a^cZ l^i] i]Z bZbWZgh#
7dVgY bZbWZgh dcan gZXZ^kZ [ZZh [dg bZZi^c\h ^c l]^X] i]Zn VgZ
^c ViiZcYVcXZ#
I]Z gZbXd egdedhZY Vc ^cXgZVhZ d[ , [dg i]Z cdc"ZmZXji^kZ
Y^gZXidghÉ [ZZh#
6 i]^gY d[ cdc"ZmZXji^kZ Y^gZXidgh VgZ gZfj^gZY id gZi^gZ dc Vc
VccjVa WVh^h! Wji XVc d[[Zg i]ZbhZakZh [dg gZ"ZaZXi^dc# I]Z
YZiZgb^cVi^dc d[ XVcY^YViZh [dg gZi^gZbZci ^h ^c[dgbZY Wn i]Z
adc\Zhi"hiVcY^c\ hZgk^c\ Y^gZXidg# I]ZgZ[dgZ! YZeZcY^c\ dc i]Z
h^oZ d[ i]Z WdVgY! i]^h bVn igVchaViZ id gZi^gZbZci dc V ild" dg
i]gZZ"nZVg WVh^h#
Vesting vs TSR positioning to comparator group
%$' ( $# # # & ! ( $# ($ $"% & ($& &$)%
0 0
3.0 3.0
0.25
1.0
0.50
0.75
1.67
2.33
)!( %! $ ( & ( * '( # , $" #
% & $&" # # $#)' ' & '




