Logitech 2003 Annual Report Download - page 92

CG-9
Options Exercise Expiration Share Option
Name of Group Salary Bonus Granted (1) Price Year Value (2) Other (3)
All non-employee directors
as a group (6 individuals) (4).... 99$ -$ 40,000 $45.41 2012 911$ -$
All executive officers as a $27.09 to
group (9 individuals)................. 2,396$ 1,701$ 365,000 $30.26 2013 4,997$ 62$
Compensation
(In thousands of U.S. Dollars, except share and per share amounts)
1) This represents 23% of the options granted by the Company in fiscal year 2003. The remainder of the stock
options were granted to 490 of our other employees.
2) The share options granted provide the right to purchase one share per option. For executive officers, the
options vest ratably over a four year period after the date of grant. For non-employee directors, the options
vest ratably over a three year period after the date of grant. These share options have an estimated value of
$22.78 for non-employee directors and $13.69 for all executive officers, based on the Black-Scholes method.
These numbers are not estimates of our future stock price performance and are not necessarily indicative of
our future stock performance. If the price of Logitech’s common stock does not increase above the exercise
price, no value will be realizable from these options.
3) Amounts shown represent matching contributions under the Company’s 401K plan and the Company’s
contributions under its foreign pension plan.
4) Two new directors were elected by the shareholders in June 2002. All Board Members receive their cash
compensation at the time of the Annual General Assembly, which is held in June following the fiscal year
ended. The two new members will receive their initial compensation in June 2003.
Highest Total Compensation
In fiscal year 2003, Guerrino De Luca, the Company’s President and CEO, as the Board member with the highest
total compensation, received $1,013,958 as salary, bonus and other benefits including 401(k) matching contribution.
In addition, he was granted 200,000 options with an option value estimated to be $2,738,000 using the Black-Scholes
method.
Compensation to Former Directors and Officers
In fiscal year 2003, the terms of two former non-executive members of the Board expired as of the date of the
Annual General Assembly. They did not receive any special compensation upon the end of their term. In fiscal year
2003, one former executive officer of the Company received compensation of $359,091, which included salary, bonus
and severance.
Additional Fees and Loans
No additional fees and/ or compensation has been paid during fiscal year 2003 to any member of the Board or
senior management other than as noted above. In addition, none of them had any outstanding loans at March 31,
2003.
Conflicts of Interest
The Company believes that no director or officer benefits from any contract between Logitech and a third party.
Shareholders’ Rights
Each registered share entitles the holder to one vote at the General Assembly. There are no preferential voting
rights. All shareholders have preferential subscription rights, allowing them the right of first refusal for future share
issuances unless the shareholders have voted that these rights will not apply.
The Company notifies shareholders of record 20 days prior to the General Assembly. The shareholder register is
closed 10 days prior to the General Assembly, and shareholders registered at this time may vote their shares at the
meeting. Resolutions at the general meeting are generally approved by a simple majority of the votes cast.
A request to place an item on the General Assembly agenda must be requested in writing and be received by the
board of directors at least sixty days prior to date of the General Assembly. A shareholder must hold shares
representing a total par value of one million francs in order to be eligible to place an item on the agenda.