DHL 2008 Annual Report Download - page 123
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Deutsche Post World Net Annual Report 2008
A maximum of four out of every six can be “earned” via the absolute per-
formance target and a maximum of two via the relative performance target. If neither
an absolute nor relative performance target is met by the end of the lock-up period,
the of the related tranche will expire and no replacement or compensation of any
kind will be provided. e table below presents further details of the tranches of the
:
LTIP 2006
Tranche 2006 Tranche 2007 Tranche 2008
Issue date 1 July 2006 1 July 2007 1 July 2008
Issue price € 20.70 € 24.02 € 18.40
Expiry of lock-up period 30 June 2009 30 June 2010 30 June 2011
e table below provides detailed information on the individual tranches of the
expired stock option plan:
Stock options
SOP 2003
Tranche 2003 Tranche 2004 Tranche 2005
Issue date 1 August 2003 1 July 2004 1 July 2005
Exercise price € 12.40 € 17.00 € 19.33
Expiry of lock-up period
31 July 2006
Exercisable
at 6 / 6
30 June 2007
Exercisable
at 4 / 6 30 June 2008
Expiry of exercise period 31 July 2008 30 June 2009
Expired at
the end of the
lock-up period
Any options of Tranche that had not been exercised expired at the end of
the exercise period on August , with no replacement or compensation provided.
e options of Tranche had already expired at the end of the lock-up period on
July – with no replacement or compensation – because the associated absolute
and relative targets had not been met.
Pension commitments under the previous system
e members of the Board of Management have direct pensions commitments
on the basis of their individual contracts, providing for bene ts in case of permanent
disability, death or retirement. If the contract of a member ends a er at least ve years
of service on the Board of Management, the entitlements acquired will vest. Members
are entitled to bene ts due to permanent disability a er at least ve years of service.
Eligibility for retirement bene ts begins at the age of at the earliest, or age in
the case of John P. Mullen and age for Jürgen Gerdes. e members of the Board of
Management may choose between ongoing pension payments and a lump sum pay-
ment. e bene t amount depends on the pensionable income and the pension level
derived from the years of service.
Pensionable income consists of the annual basic salary, which is calculated using
the average salary over the last twelve months of employment. Members of the Board
of Management appointed for the rst time between and attain a pension
Note 55
Corporate Governance
Remuneration Report
119