Siemens 2015 Annual Report Download - page 107

Consolidated Financial Statements 
Therefore in fiscal  and , compensation and benefits,
attributable to members of the Managing Board amounted to
€ . million and € . million in total, respectively.
In connection with the mutually agreed-upon termination of
Prof. Dr. Hermann Requardt’s activity on the Managing Board as
of January , , it was agreed that his current employment
contract with the Company would terminate as of Septem-
ber , . The entitlements agreed upon under the contract
remained in effect until that date. A gross compensatory pay-
ment of € ,, and a one-time special contribution of
€ , to the BSAV were agreed upon with Prof. Dr. Hermann
Requardt in connection with the mutually agreed-upon prema-
ture termination of his Managing Board membership. The
, Stock Awards already granted and for which the restric-
tion period is still in effect, will be maintained, in accordance
with the terms of his employment contract, and will be settled
in cash at the closing price of Siemens stock in Xetra trading on
September ,  (€ .). The respective fair value of the
Stock Awards already granted in the past at grant date
amounted to € . million. The Stock Awards for fiscal  are
included in the above mentioned stock-based compensation
amount. In addition, non-monetary benefits were covered by a
payment amounting to  % of the compensatory payment. The
Company also reimbursed Prof. Dr. Requardt for out-of-pocket
expenses of € , plus value- added tax.
In fiscal , in compensation for the forfeiture of stock, pen-
sion benefits, health benefits and transitional remuneration from
her former employer, the Supervisory Board granted Ms. Davis a
one-time amount of € . million. This amount was provided  %
in cash,  % in the form of Siemens Stock Awards and the re-
maining  % as a special contribution to the pension plan.
In fiscal , the following settlements have been agreed in
connection with termination of Managing Board memberships:
As Barbara Kux’s appointment to the Managing Board expired
regularly on November , , no compensatory payments
were agreed upon. The , Stock Awards already granted in
the past for fiscal ,  and , for which the restriction
period was still running, were maintained, in accordance with
the terms of her contract with the Company. The respective fair
value of these Stock Awards at grant date amounted to
€ . million.
In connection with the mutually agreed termination of Peter Y.
Solmssen’s activity on the Managing Board as of December ,
, it was agreed that his contract with the Company would
remain in effect until March , . The entitlements agreed
under the contract remained in effect until that date. These did
not include the fringe benefits under the contract, particularly
the Company car and contributions toward the cost of insur-
ance, which was covered until the contract ends by a monthly
lump-sum payment of € ,. The , Stock Awards al-
ready granted in the past for fiscal ,  and , for
which the restriction period was still in progress, were main-
tained. The respective fair value of these Stock Awards at grant
date amounted to € . million. Mr. Solmssen was also reim-
bursed for relocation costs, in accordance with the commit-
ment he received when he took office. The Company further-
more reimbursed Mr. Solmssen for out-of-pocket expenses of
€ , plus value-added tax.
In connection with the mutually agreed termination of
Dr. Michael Süß’s activity on the Managing Board as of May ,
, it was agreed that his current contract with the Company
would terminate as of September , . The entitlements
agreed under the contract remained in effect until that date.
Dr. Süß received a compensatory payment in the gross amount
of € . million in connection with the mutually agreed prema-
ture termination of his activity as a member of the Managing
Board, together with a one-time special contribution of
€ . million to the BSAV, credited in January . It was also
agreed with Dr. Süß that the long-term stock-based compensa-
tion (, Stock Awards) for fiscal  were calculated once
the actual target attainment was available, and were granted at
the usual date. The , Stock Awards already granted in the
past and those for fiscal , for which the restriction period
was still running, were maintained (, Stock Awards), in
accordance with the terms of his contract with the Company,
and were settled in cash in September  at the closing price
of Siemens stock in Xetra trading on May ,  (€ .). The
respective fair value of the Stock Awards already granted in the
past at grant date amounted to € . million. The Stock Awards
for fiscal  were included in the above mentioned stock-
based compensation amount. Dr. Süß agreed not to take up ac-
tivities for any significant competitor of Siemens for a period of
one year after the end of his employment contract ‒ that was,
until September , . For this post-contractual non-compete
commitment, he has been paid a monthly total of gross € ,.