Notes to the Consolidated Financial Statements
Long-term Incentive Plan 2009 The Long-term Incentive Plan 2009 (LTIP 2009) was launched by resolution of the Supervisory Board in 2009 and is open to Executive Board members and upper managerial employees of HOCHTIEF Aktiengesel schaft and its affiliates. The conditions do not differ in any material respect from those of LTIP 2008. The maximum gain is set to EUR 40.10 per stock award.
The SARs have been exercised in ful . Long-term Incentive Plan 2010 The Long-term Incentive Plan 2010 (LTIP 2010) was launched by resolution of the Supervisory Board in 2010 and is open to Executive Board members and upper managerial employees of HOCHTIEF Aktiengesel schaft and its affiliates. Except for the longer waiting period (four years instead of two) for the SARs, the conditions do not differ in any material respect from those of LTIP 2009. The maximum gain is set to EUR 81.83 per stock award. Long-term Incentive Plan 2011 The Long-term Incentive Plan 2011 (LTIP 2011) was launched by resolution of the Supervisory Board in 2011 and is open to Executive Board members and upper managerial employees of HOCHTIEF Aktiengesel schaft and its affili- ates. The conditions do not differ in any material respect from those of LTIP 2010. The maximum gain is set to EUR 98.01 per stock award. Long-term Incentive Plan 2012 The Long-term Incentive Plan 2012 (LTIP 2012) was launched by resolution of the Supervisory Board in 2012 and is open to Executive Board members and upper managerial employees of HOCHTIEF Aktiengesel schaft and its affili- ates. The plan conditions differ from those of LTIP 2011 in two points:
1. Return on net assets (RONA) as per the most recently approved Consolidated Financial Statements must be at
2. The waiting time for stock awards was extended from three to four years and the total term of the plan accord-
The maximum gain is set to EUR 75.81 per stock award. Long-term Incentive Plan 2013 The Long-term Incentive Plan 2013 (LTIP 2013) was launched by resolution of the Supervisory Board in 2013 and is open to Executive Board members. The plan conditions differ from those of LTIP 2012 in only one point:
The number of SARs that can be exercised depends on attainment of the planned value range for adjusted free cash flow. This value range is set in the business plan for each exercise year.
The maximum gain is set to EUR 73.83 per stock award. Other information
The conditions of all plans stipulate that on the exercise of SARs or stock awards—and the fulfil ment of all other
requisite criteria—HOCHTIEF Aktiengesel schaft normal y has the option of delivering HOCHTIEF shares instead of
paying out the gain in cash. Where the entitled individuals are not employees of HOCHTIEF Aktiengesel schaft, the
expense incurred on exercise of SARs or stock awards is met by the affiliated company concerned. Annual Report 2013
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