Logitech 2012 Annual Report Download - page 141

The PSU and RSU award agreements for named executive officers other than Guerrino De Luca provide for
the acceleration of vesting of the RSUs and PSUs subject to the award agreements under the same circumstances
and conditions as under the Change of Control Agreements; namely, if the named executive officer is subject to an
involuntary termination within 12 months after a change of control because his or her employment is terminated
without cause or the executive resigns for good reason. In the event of such an involuntary termination:
• All shares subject to the RSUs will vest.
• 100% of the shares subject to the PSUs will vest if the change of control occurred within 1 year after the
grant date of the PSUs. If the change of control occurs more than 1 year after the grant date of the PSUs,
the number of shares subject to the PSU that will vest will be determined by applying the performance
criteria under the PSUs as if the performance period had ended on the date of the change of control.
To determine the level of benefits to be provided under each change of control agreement and other
agreements, the Committee considered the circumstances of each type of severance, the impact on shareholders,
and market practices.
Perquisites
Logitech’s executive officer benefit programs are substantially the same as for all other eligible employees
except as set out below.
Mr. Quindlen, Logitech’s former President and Chief Executive Officer, was provided with personal tax
preparation services in fiscal year 2012. Expenses related to these services were imputed as income to Mr. Quindlen
and the additional tax liabilities were paid by Logitech as a gross-up payment. In addition, Mr. Quindlen received
the use of a car and the payment of travel costs generated when he worked out of our California office. These
benefits were provided in lieu of relocating Mr. Quindlen from his East Coast residence. Expenses related to these
services were imputed as income to Mr. Quindlen and the additional tax liabilities were paid by Logitech as a
gross-up payment. The aggregate amount of Mr. Quindlen’s benefits is reflected in the Summary Compensation
Table below under the heading “All Other Compensation.”
Upon Mr. De Luca’s appointment to the Chief Executive Officer role after the resignation of Mr. Quindlen, he
was provided with the occasional use of a company car and driver during fiscal year 2012. Expenses related to these
services are imputed as income to Mr. De Luca and the additional tax liabilities are paid by Logitech as a gross-up
payment. Mr. De Luca has received no other compensation for his assumption of the Chief Executive Officer role.
The aggregate amount of Mr. De Luca’s benefits is reflected in the Summary Compensation Table below under the
heading “All Other Compensation.”
In fiscal year 2012, Logitech paid a total of approximately $72,749 in costs associated with Mr. Labrousse’s
relocation, including tax consulting services associated with his relocation, from the United States to Switzerland,
which was initiated in fiscal year 2011 under the terms of the relocation policy applicable to executive international
transfers. The aggregate amount of the fiscal year 2012 relocation costs for Mr. Labrousse is reflected in the
Summary Compensation Table below under the heading “All Other Compensation.”
Other Benefits
Logitech’s executive officers are eligible to receive the same benefits as all other employees, including
the following:
• Company contributions to retirement programs are based on location of employing company, such as
the Logitech Inc. 401(k) in the United States and the Logitech Employee Pension Fund in Switzerland.
• Health, welfare and life insurance benefits.
• Opportunity for participation in the Logitech Employee Share Purchase Plans.
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