DHL 2008 Annual Report Download - page 122

Deutsche Post World Net Annual Report 2008
 e remuneration of the members of the Board of Management who le in 
breaks down as follows:
Dr Wolfgang Klein le the Board of Management of Deutsche Post  e ective 
November . As in previous years, he only received remuneration in  nancial year
 from Deutsche Postbank . His total remuneration breaks down as follows: basic
salary of  ,; fringe bene ts in the amount of  , and variable remuneration
(one-time special payments) of  ,,, which was o ered and paid by Postbank.
 e share attributable to  nancial year  was  ,. Dr Wolfgang Klein’s total
proportionate remuneration for  nancial year  was  ,,. Dr Wolfgang Klein
did not receive any stock appreciation rights.
Dr Klaus Zumwinkel le the Board of Management of Deutsche Post  e ec-
tive  February . His total remuneration breaks down as follows: basic salary
of  ,, fringe bene ts in the amount of  , and variable remuneration of
 , ( , of this is attributable to a bonus share for  nancial year  that
was paid in ). Dr Klaus Zumwinkel’s total proportionate remuneration for  nan-
cial year  was  ,.
Share-based remuneration
In , the Executive Committee of the Supervisory Board adopted the Long-
Term Incentive Plan   , which was based closely on the lapsed stock
option plan   . On  July , the members of the Board of Manage-
ment were for the  rst time awarded  under this plan instead of the stock options
granted in previous years.
Each  entitles the holder to receive a cash settlement equal to the di erence
between the issue price of the  and the average closing price of the Deutsche Post
shares for the last  ve trading days before the exercise date. As in the past, the mem-
bers of the Board of Management must each invest   of their annual target salary
in Deutsche Post shares per tranche.  e number of  to be issued to the members
of the Board of Management is determined by the Supervisory Board or its Executive
Committee as each tranche is issued.  e other essential features of the previous stock
option plan have been retained. Following a three-year lock-up period that begins on
the date of issue, the , like the stock options, may be exercised in full or in part
within a period of two years provided an absolute or relative performance target has
been achieved at the end of the lock-up period. Any  not exercised during this two-
year period expire.
To determine how many – if any – of the  granted may be exercised, the
average share price or the average index level is compared for the reference period and
for the performance period.  e reference period, as in the past, comprises the twenty
consecutive trading days prior to the issue date.  e performance period is the last sixty
trading days before the end of the lock-up period.  e average share price (closing price)
is calculated as the average of the closing rates of Deutsche Post shares in Deutsche
Börse ’s Xetra electronic trading system.
As in the past, the absolute performance target is achieved if the closing price of
Deutsche Post shares exceeds the issue price by at least  ,  ,   or  .  e rela-
tive performance target is tied to the performance of the shares in relation to the per-
formance of the Dow Jones   Index ;  .  e target is
met if the share price is not outperformed by the index during the performance period
or if it outperforms the index by at least  .
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