Siemens 2011 Annual Report Download - page 146

6 A. To our shareholders 23 B. Corporate Governance
25 B. Corporate Governance report
31 B. Corporate Governance statement pursuant to
Section a of the German Commercial Code
(HGB) (part of the combined management’s
discussion and analysis)
33 B. Compliance report
36 B. Compensation report
(part of Notes to
Consolidated Financial Statements)

Stock options
Stock options were issued for fiscal years  through 
under the terms and conditions of the  and  Siemens
Stock Option Plans approved by the Annual Shareholders‘
Meetings of Siemens AG on February , , and February
,  (for additional information on the Siemens Stock Op-
tion Plans see
Note 34 of the Notes to Consolidated Finan-
cial Statements). At the beginning of fiscal , the members
of the Managing Board held a total of , outstanding
stock options, with a strike price of €.. Of this total, ,
options pertained to Joe Kaeser and , options pertained
to Prof. Dr. Hermann Requardt. Joe Kaeser exercised ,
options on November , , at a share price of €.; the
strike price of these options was €.. Prof. Dr. Hermann
Requardt exercised , options on November , , at a
share price of €.; the strike price of these options was
€.. No stock options lapsed in fiscal  and no new
options were granted to members of the Managing Board.
No members of the Managing Board held stock options as of
September , .
Shares from the Share Matching Plan
In fiscal , the members of the Managing Board were enti-
tled for the last time to participate in the Siemens Share
Matching Plan, and under the plan were entitled to invest up
to % of the annual gross amount of their variable cash com-
pensation component (bonus) determined for fiscal  in
Siemens shares. After expiration of a vesting period of approx-
imately three years, plan participants will receive one free
matching share of Siemens stock for every three Siemens
shares acquired and continuously held under the plan, provid-
ed the participants were employed without interruption at
Siemens AG or a Siemens company until the end of the vest-
ing period. The following table shows the development of the
matching share entitlements of the individual members of the
Managing Board in fiscal  and the applicable fair values.
Entitlement to matching shares under the Share Matching Plan 
Balance at beginning
of fiscal 
Acquired during
the fiscal year
Due during
the fiscal year
Forfeited during
the fiscal year
Balance at end of
fiscal  , 
Entitle-
ment to
matching
shares
Weighted
average fair
value at
acquisition
date
Entitle-
ment to
matching
shares
Weighted
average fair
value at
acquisition
date
Entitle-
ment to
matching
shares
Weighted
average fair
value at
acquisition
date
Entitle-
ment to
matching
shares
Weighted
average fair
value at
acquisition
date
Entitle-
ment to
matching
shares
Weighted
average fair
value at
acquisition
date
(Amounts in number of units or €)
Managing Board
members serving as of
September , 
Peter Löscher ––––––––– –
Dr. Roland Busch  868 23.30 – – – – – – 868 23.30
Brigitte Ederer  560 21.34 – – – – – – 560 21.34
Klaus Helmrich  1,128 21.34 3 66.13 – – – – 1,131 21.44
Joe Kaeser 5,445 28.89 2,216 66.13 – – – – 7,661 39.66
Barbara Kux 698 47.18 – – – – – – 698 47.18
Prof. Dr. Hermann Requardt 4,255 27.58 1,386 66.13 – – – – 5,641 37.05
Prof. Dr. Siegfried Russwurm 5,459 23.86 – – – – – – 5,459 23.86
Peter Y. Solmssen 6,051 21.34 – – – – – – 6,051 21.34
Dr. Michael Süß  ––––––––– –
Former member of the
Managing Board
Wolfgang Dehen  5,845 28.88 – – – – – – 5,845 28.88
Total 30,309 26.13 3,605 66.13 – – – – 33,914 30.38
1 Amounts may include entitlements acquired before the member joined the Managing Board.
2 The entitlements of the Managing Board members in fiscal  had the following fair values: Peter Löscher € (: €), Dr. Roland Busch €, (: €,), Brigitte Ederer
€, (: €,), Klaus Helmrich €, (: €,), Joe Kaeser €, (: €,), Barbara Kux €, (: €,), Prof. Dr. Hermann Requardt €,
(: €,), Prof. Dr. Siegfried Russwurm €, (: €,), Peter Y. Solmssen €, (: €,), Dr. Michael Süß € (: €), Wolfgang Dehen €,
(: €,). The above fair values also take into account that the shares were acquired under the Share Matching Plan at the lowest share price on November , , and that
a Company subsidy was provided under the Base Share Program.
3 Dr. Roland Busch, Klaus Helmrich and Dr. Michael Süß were elected full members of the Managing Board effective April , .
4 Brigitte Ederer was elected a full member of the Managing Board effective July , .
5 Wolfgang Dehen resigned from the Managing Board effective March , .