Siemens 2015 Annual Report Download - page 45
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Combined Management Report
Long-term stock-based compensation
Since beneficiaries are not entitled to receive dividends, the
number of stock commitments granted was based on the clos-
ing price of Siemens stock in Xetra trading on the date of award
less the present value of dividends expected during the restric-
tion period. The share price used to determine the number of
stock commitments was € . for as well as for .
Benefits related to the termination of Managing
Board membership
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 restriction 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 Septem-
ber , (€ .). Pursuant to the terms of his employment
contract, Prof. Dr. Hermann Requardt’s base compensation for
fiscal as well as the variable compensation and long-term
stock-based compensation that he received for fiscal were
used to determine the amount of his compensatory payment
and limited to a total of his compensation for the remaining
term of his appointment. In addition, non-monetary benefits
were covered by a payment amounting to % of the compensa-
tory payment. The Company also reimbursed Prof. Dr. Hermann
Requardt for out-of-pocket expenses of € , plus value-
added tax.
Total compensation
On the basis of the Supervisory Board’s decisions described
above, Managing Board compensation for fiscal totaled
€ . million, a decrease of % (: € . million). Of this
total amount, € . million (: € . million) was attribut-
able to cash compensation and € . million (: € . mil-
lion) to stock-based compensation.
The compensation presented on the following pages was
granted to the members of the Managing Board for fiscal
(individualized disclosure). Due to rounding, the figures pre-
sented in the table may not add up precisely to the totals
provided.