Logitech 2014 Annual Report Download - page 156

Current text Proposed Text Explanation
The Board of Directors may submit
to the General Meeting for approval
proposals in respect of maximum
aggregate amounts and/or individual
compensation components for other
time periods and/or propose the
payment of additional amounts for
special or extraordinary services
of some or all of the members of
the Board of Directors or of the
Management Team.
If the General Meeting rejects a
proposal submitted by the Board of
Directors, the latter shall submit an
alternative proposal to the same or a
subsequent General Meeting.
The Company or companies controlled
by it may grant or pay compensation
subject to subsequent ratification at a
General Meeting and claw-back by the
Company in case of rejection by the
General Meeting.
Article 19 quinquies
[No corresponding provision] If the maximum aggregate amount of
compensation already approved by the
General Meeting is not sufficient to
also cover the compensation of one or
more persons who become members
of the Management Team during a
compensation period for which the
General Meeting has already approved
the compensation of the Management
Team (new hire), the Company or
companies controlled by it shall be
authorized to pay an additional amount
with respect to the compensation
period already approved. Such
additional amount shall not exceed:
ECLCO allows
companies to define
in their Articles
of Incorporation a
“reserve amount”
that can be used
to compensate
new hires at the
Management Team’s
level until the
compensation of the
relevant person has
been approved by
shareholders.
a) for the head of the Management
Team (CEO),one hundred and forty
percent (140%) of the total annual
compensation of the former CEO;
and
140