Annual Report 2021

IV. Employment contracts

The employment contracts of the members of Group Management contain notice periods of a maximum of twelve months and do not provide for severance payments. The maximum duration for a prohibition on competition for members of Group Management is twelve months, provided that the agreed consideration may not exceed the amount of the basic salary paid for the preceding twelve months. In case of option- or share-based compensation, neither vesting periods nor exercise periods are shortened upon withdrawal.

The procedure with respect to unsettled or unexercised compensation in the event of a change of control is governed by the respective compensation plans, whereby the rights of members of Group Management are identical to those of all other employees.

For details refer to “Change in control and defensive measures”.