10 Employee benefits

10.1 Number of employees

FTE1

2013

2014

Employees – year-end

 1,184 

 1,261 

Employees – average

 1,190 

 1,265 

1 FTE = Full time equivalent

10.2 Personnel expenses

Personnel expenses include the following:

CHF 1,000

2013

2014

Salaries and wages

 113,203 

 116,131 

Social security 

 15,134 

 15,468 

Post-employment benefits based on

 

 

 Defined contribution plans

 1,321 

 1,267 

 Defined benefit plans

 6,364 

 6,451 

Share-based payment 

 2,359 

 5,288 

Other personnel expenses

 3,184 

 3,525 

 

 

 

Total personnel expenses

 141,565 

 148,130 

10.3 Liability for post-employment benefits: defined benefit plans (IAS 19)

10.3.1 Characteristics of defined benefit plans and risks associated with them

 

2013

2014

 

Swiss
plans

International plans

Total

Swiss
plans

International
plans

Total

Number of plans

 4 

 3 

 7 

 4 

 3 

 7 

 

 

 

 

 

 

 

Actives

 

 

 

 

 

 

 Number

 451 

 109 

 560 

 427 

 107 

 534 

 Defined benefit obligation (CHF 1,000)

 78,395 

 4,346 

 82,741 

 91,435 

 4,753 

 96,188 

 Weighted average duration in years

 20.2 

 11.1 

 19.7 

 24.2 

 10.9 

 23.7 

 

 

 

 

 

 

 

Retirees

 

 

 

 

 

 

 Number

 17 

 - 

 17 

 25 

 - 

 25 

 Defined benefit obligation (CHF 1,000)

 423 

 - 

 423 

 1,062 

 - 

 1,062 

 Weighted average duration in years

 14.4 

 - 

 14.4 

 16.4 

 - 

 16.4 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 Number

 468 

 109 

 577 

 452 

 107 

 559 

 Defined benefit obligation (CHF 1,000)

 78,818 

 4,346 

 83,164 

 92,497 

 4,753 

 97,250 

 Weighted average duration in years

 19.5 

 11.1 

 19.1 

 23.1 

 10.9 

 22.5 

The Group expects to contribute CHF 4.4 million to its defined benefit plans in 2015. 

Within the Group, various defined benefit plans exist, which differ in their purpose and financing according to local needs:

Country

Benefits

Funded/Unfunded

Description and risks 

Switzerland
(Swiss plans)

Retirement,
death-in-
service and
disability benefits

Funded 

Nature of the benefits provided

The pension plans of Tecan Group Ltd., Tecan Schweiz AG, Tecan Sales Switzerland AG and Tecan Trading AG are plans with guarantee of a minimum interest credit on the savings and fixed conversion rates at retirement. Disability and death benefits are defined as percentage of the insured salary.

 

Regulatory framework

The plan provides benefits based on the LPP/BVG law, which stipulates the minimum requirement of the mandatory employer’s sponsored pension plan in Switzerland. In particular, annual salary up to CHF 84’240 (amount in 2014) must be insured, the financing is age-related with contribution rates in per cent of pensionable salary increasing with age from 7% to 18%. The conversion rate to calculate the annuity based on the accrued savings capital is 6.8% at normal retirement age (65 for men and 64 for women).

 

The plan must be fully funded under LPP/BVG law on a static basis at all times, In case of underfunding, recovery measures must be taken, such as additional financing from the employer or from the employer and employees, or reduction of benefits or a combination of both.

 

Specific plan rules

The saving credits for the retirement benefits are defined in percentage of the insured salary. The saving credits for the part of the annual salary between CHF 24’570 and CHF 84’240 are age dependent and amount to 8% to 19%. The saving credits for the part of the annual salary above CHF 84’240 amount to 14% for the employees and to 18% or 19% for the members of the management. The conversion rate for the mandatory part of savings capital amounts to 6.8% at normal retirement age. For the exceeding part of the savings capital, the conversion rate is defined by the board of trustees.

 

The annual disability pension amounts to 70% of the insured salary, the annual partner’s pension to 50% of the insured salary or to 60% of the current retirement pension. In case of death before retirement an additional lump-sum of 200% of the insured salary is paid.

 

Governance of the plan

The companies are affiliated to the collective foundation Swiss Life Collective BVG Foundation. The collective foundation is a separate legal entity. The foundation is responsible for the governance of the plan; the foundation’s board of trustees is composed of an equal number of representatives from the employers and employees chosen from all affiliated companies. The foundation has set up investment guidelines, defining in particular the strategic allocation with margins.

 

Additionally, there are pension committees for each affiliated company composed of an equal number of representatives from the company and the employees. The pension committee is responsible for the set-up of the plan benefits.

 

Risks to which the plan exposes the Group

The plan provider Swiss Life Collective BVG Foundation has reinsured the risks disability, death, longevity and the investment risk with Swiss Life Ltd. Therefore, the only risks for the Group are that the Swiss Life Collective BVG Foundation terminates the affiliation contract or increases the premiums.

 

Plan amendments, settlements or curtailments

There were no plan amendments, settlements or curtailments during the financial years 2013 and 2014.

Austria (International plans)

Long-service leave benefits

Unfunded

Nature of the benefits provided

The severance-payments plan of Tecan Austria GmbH and Tecan Sales Austria GmbH guarantees a one-time lump sum payment, once the employee leaves the company. The plan was closed for new members at December 31, 2002. Plan participants are all employees with at least 3 years of service and an entry-date before January 1, 2003. The membership to this plan is mandatory.

 

Regulatory framework

The plan provides benefits according to Austrian law (AngG 23 and 23a) which stipulates benefits in case of retirement, death (50%), disability or termination of employment. Vesting is after 3 years of service, whereas all rights forfeit in the case of voluntary termination.

 

The level of the benefits depends on the period of service in the company and amounts to a lump-sum payment of 2 monthly salaries after 3 years of service up to 12 monthly salaries after 25 years of service. The monthly salary is defined as twelfth part of the total annual salary of the last 12 months.

 

Governance of the plan

Only the company (employer) is responsible for the governance of the plan.

 

Risks to which the plan exposes the Group

The plan is exposed to an inflation risk as well as to the risk of salary increases. There is no longevity risk because the payments are due at retirement the latest.

 

Plan amendments, settlements or curtailments

There were no plan amendments, settlements or curtailments during the financial years 2013 and 2014.

Other (International plans)

Retirement benefits

Unfunded

There are two minor retirement benefit plans in Tecan Japan Co., Ltd. and Tecan Italia S.r.l. for only a limited number of participants.

10.3.2 Amounts recognized in the financial statements

The amounts recognized in the balance sheet are as follows:

CHF 1,000

2013

2014

Swiss plans

 

 

 Present value of obligations arising from retirement benefit plans

 78,818 

 92,497 

 Fair value of plan assets

 (66,391) 

 (65,860) 

 Deficit Swiss plans (funded)

 12,427 

 26,637 

 

 

 

International plans

 

 

 Present value of obligations arising from long-service leave benefit plans

 3,319 

 3,851 

 Present value of obligations arising from retirement benefit plans

 1,027 

 902 

 Deficit International plans (unfunded)

 4,346 

 4,753 

 

 

 

Net liability at December 31

 16,773 

 31,390 

The components of defined benefit cost are as follows:

 

2013

2014

CHF 1,000

Swiss plans

International plans

Total

Swiss plans

International plans

Total

Current service cost

 6,053 

 311 

 6,364 

 6,132 

 319 

 6,451 

 

 

 

 

 

 

 

Defined benefit cost included in operating profit

 6,053 

 311 

 6,364 

 6,132 

 319 

 6,451 

 

 

 

 

 

 

 

Net interest cost on liability for post-employment benefits

 217 

 125 

 342 

 209 

 127 

 336 

 

 

 

 

 

 

 

Defined benefit cost included in finance cost

 217 

 125 

 342 

 209 

 127 

 336 

Total defined benefit cost included in profit or loss

 6,270 

 436 

 6,706 

 6,341 

 446 

 6,787 

 

 

 

 

 

 

 

Actuarial (gains)/losses on obligations

 

 

 

 

 

 

 Changes in demographic assumptions

 — 

 (4) 

 (4) 

 (11) 

 (11) 

 Changes in financial assumptions

 (2,592) 

 144 

 (2,448) 

 17,811 

 419 

 18,230 

 Experience adjustments

 (434) 

 (66) 

 (500) 

 (5,655) 

 (160) 

 (5,815) 

Return on plan assets (excluding interest income)

 435 

 — 

 435 

 432 

 — 

 432 

 

 

 

 

 

 

 

Remeasurement (gain)/loss, included in other comprehensive income

 (2,591) 

 74 

 (2,517) 

 12,588 

 248 

 12,836 

 

 

 

 

 

 

 

Translation differences, included in other comprehensive income

 (111) 

 (111) 

 — 

 (89) 

 (89) 

 

 

 

 

 

 

 

Total defined benefit cost recognized

 3,679 

 399 

 4,078 

 18,929 

 605 

 19,534 

Changes in the present value of the defined benefit obligation are as follows:

 

2013

2014

CHF 1,000

Swiss plans

International plans

Total

Swiss plans

International plans

Total

Balance at January 1

 77,498 

 4,027 

 81,525 

 78,818 

 4,346 

 83,164 

Current service cost

 6,053 

 311 

 6,364 

 6,132 

 319 

 6,451 

Employee contributions

 3,215 

 — 

 3,215 

 3,163 

 — 

 3,163 

Insurance premiums

 (1,714) 

 — 

 (1,714) 

 (1,534) 

 — 

 (1,534) 

Benefits paid

 (4,818) 

 (80) 

 (4,898) 

 (8,041) 

 (198) 

 (8,239) 

Interest expense

 1,610 

 125 

 1,735 

 1,803 

 127 

 1,930 

Actuarial losses/(gains)

 (3,026) 

 74 

 (2,952) 

 12,156 

 248 

 12,404 

Translation differences

 — 

 (111) 

 (111) 

 — 

 (89) 

 (89) 

 

 

 

 

 

 

 

Balance at December 31

 78,818 

 4,346 

 83,164 

 92,497 

 4,753 

 97,250 

Changes in the fair value of plan assets are as follows:

 

2013

2014

CHF 1,000

Swiss plans

International plans

Total

Swiss plans

International plans

Total

Balance at January 1

 63,921 

 — 

 63,921 

 66,391 

 — 

 66,391 

Employer contributions

 4,829 

 — 

 4,829 

 4,719 

 — 

 4,719 

Employee contributions

 3,215 

 — 

 3,215 

 3,163 

 — 

 3,163 

Insurance premiums

 (1,714) 

 — 

 (1,714) 

 (1,534) 

 — 

 (1,534) 

Benefits paid

 (4,818) 

 — 

 (4,818) 

 (8,041) 

 — 

 (8,041) 

Interest income

 1,393 

 — 

 1,393 

 1,594 

 — 

 1,594 

Return on plan assets (excluding interest income)

 (435) 

 — 

 (435) 

 (432) 

 — 

 (432) 

 

 

 

 

 

 

 

Balance at December 31

 66,391 

 66,391 

 65,860 

 — 

 65,860 

The investment risk is reinsured. Therefore the plan assets represent a receivable from the life insurance company.

10.3.3 Actuarial assumptions and sensitivity analysis

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

 

2013

2014

 

Swiss
plans

International plans

Swiss
plans

International plans

Discount rates

2.30%

2.96%

1.10%

1.85%

Rate of future salary increases

1.75%

2.99%

1.75%

2.84%

Rate of future pension increases

0.25%

0.00%

0.25%

0.00%

Rates for the projection of savings capital

2.00%

n/a

1.75%

n/a

Post-retirement mortality table

BVG2010GT

various

BVG2010GT

various

Sensitivities of significant actuarial assumptions

The discount rate, the rate of future salary increase and the life expectancy were identified as significant actuarial assumptions. The following impacts on the defined benefit obligation are to be expected:

 

 

2013

2014

CHF 1,000

Change in actuarial assumptions

Swiss plans

International plans

Total

Swiss plans

International plans

Total

Discount rates

– 25 basis points

 3,873 

 119 

 3,992 

 5,108 

 132 

 5,240 

 

+ 25 basis points

 (3,433) 

 (115) 

 (3,548) 

 (4,667) 

 (124) 

 (4,791) 

Rate of future salary increases

 – 25 basis points

 (832) 

 (111) 

 (943) 

 (883) 

 (118) 

 (1,001) 

 

+ 25 basis points 

 857 

 114 

 971 

 866 

 127 

 993 

Life expectancy

– 1 year

 (1,427) 

 (13) 

 (1,440) 

 (2,130) 

 (14) 

 (2,144) 

 

+ 1 year

 1,359 

 13 

 1,372 

 2,107 

 15 

 2,122 

(positive = increase in obligation/negative = decrease in obligation)

The sensitivity analysis is based on realistically possible changes at the end of the reporting period. Each change in significant assumption was analyzed separately as part of the test. Interdependencies were not taken into account.

10.4 Employee participation plans – share-based payment (IFRS 2)

10.4.1 Employee share option plans

The terms and conditions of the outstanding grants are as follows, whereby all options are settled by physical delivery of shares:

Arrangement

Employees entitled / grant date

Number of 
options granted / exercise price

Vesting conditions

Contractual life 

Expiry date

Plan 2009 B (base plan) Equity-settled

Options granted to members of Board of Directors, Management Board and management level 3 and 4 on December 8, 2008

81,180 options CHF 39.70

Vesting period completed

7 years

December 8, 2015

Plan 2010 

Equity-settled

Options granted to members of Board of Directors, Management Board and management level 3 and 4 on November 23, 2009

63,492 ­options

CHF 70.00

Vesting period completed

7 years

November 23, 2016

Plan 2011

Equity-settled 

Options granted to members of Board of Directors and management level 3 and 4 on November 2, 2010

52,950 ­options

CHF 69.00

Vesting period completed

7 years

November 2, 2017

Plan 2012

Equity-settled

Options granted to members of 
management level 3 and 4 on 
November 2, 2011

59,998 ­options

CHF 57.20

Vesting period completed

7 years

November 2, 2018

Plan 2013

Equity-settled

Options granted to members of 
management level 3 and 4 on 
November 2, 2012

40,953 ­options

CHF 69.60

One / two / three years of service for 33% / 33% / 34% of options

7 years

November 2, 2019

Plan 2014

Equity-settled

Options granted to members of 
management level 3 and 4 on 
November 2, 2013

35,112 ­options

CHF 95.00

One / two / three years of service for 33% / 33% / 34% of options

7 years

November 2, 2020

Plan 2015

Equity-settled

Options granted to members of 
management level 3 and 4 on 
November 2, 2014

34,260 ­options

CHF 100.40

One / two / three years of service for 33% / 33% / 34% of options

7 years

November 2, 2021

All share options grant the right to purchase one Tecan share per option. In 2002 and 2003 the employees from the USA received stock appreciation rights (SARs) with the same treatment and same conditions as share options. The arrangements were classified as cash-settled plans and ended in 2012 and 2013 respectively.

The number and weighted average exercise prices of share options and SARs are as follows:

 

2013

2014

 

Weighted average
exercise price (CHF)

Number

Weighted average
exercise price (CHF)

Number

 

Options

SARs

Options

SARs

Options

SARs

Options

SARs

Balance at January 1

62.05

48.40

 260,689 

 4,080 

70.41

 148,704 

 – 

Granted

95.00

 – 

 33,184 

 – 

100.10

 – 

 34,260 

 – 

Exercised

60.96

48.80

 (131,529) 

 (2,797) 

64.38

 (46,297) 

 – 

Forfeited 

64.34

 – 

 (4,504) 

 – 

70.91

 – 

 (8,258) 

 – 

Expired

60.33

48.80

 (9,136) 

 (1,283) 

68.27

 (4,030) 

 – 

Balance at December 31

70.41

 148,704 

 – 

80.96

 – 

 124,379 

 – 

The weighted average share price at the dates of exercise was CHF 89.07 in 2013 and CHF 104.85 in 2014.

Outstanding share options at the end of the period in detail:

 

 

2013

2014

 

Exercise price

Remaining 
contractual life (years)

Number

Remaining
contractual life (years)

Number

Plan 2008 B

69.0

 0.9 

 7,230 

 – 

 – 

Plan 2009 B

39.7

 1.9 

 11,065 

 0.9 

 7,282 

Plan 2010

70.0

 2.9 

 15,096 

 1.9 

 8,207 

Plan 2011

69.0

 3.8 

 18,466 

 2.8 

 10,501 

Plan 2012

57.2

 4.8 

 30,777 

 3.8 

 14,198 

Plan 2013

69.6

 5.8 

 32,886 

 4.8 

 20,240 

Plan 2014

95.0

6.8

 33,184 

5.8

 29,691 

Plan 2015

 

 – 

6.8

 34,260 

Balance at December 31

 

3.2

 148,704 

 – 

 124,379 

 

 

 

 

 

 

Exercisable at December 31

 

 

71,149

 

58,114

All outstanding options are fully covered by the conditional share capital.

The expenses, recognized in profit or loss, are calculated as follows:

Equity-settled share-based payment
The fair value of services received in return for the share options granted is measured by reference to the share options vested multiplied by their fair value at grant date (measurement date). The estimate of the fair value is based on a binominal model. Changes in the fair value of the option after the grant date do not change the fair value of the services received.

Fair value of share options and key assumptions (not yet vested share option plans):

Grant 

Share price

Exercise price

Expected
volatility
1

Option life

Expected 
dividends

Risk-free
interest rate

Fair value

Plan 2012

CHF 57.20

CHF 57.20

33.19 %

7.0 years

2.32 %

1.11 %

CHF 16.29

Plan 2013

CHF 69.60

CHF 69.60

31.79 %

7.0 years

1.91 %

0.57 %

CHF 19.13

Plan 2014

CHF 95.00

CHF 95.00

22.75 %

7.0 years

1.61 %

1.03 %

CHF 19.72

Plan 2015

CHF 100.40

CHF 100.40

22.54%

7.0 years

2.42%

0.45%

CHF 18.54

1 Historic volatility with an underlying period that depends on the option life

Data source: Bloomberg

Cash-settled share-based payment
The fair value of services received in return for the SARs granted is measured by reference to the SARs vested multiplied by their fair value at grant date (measurement date). The estimate of the fair value is based on a binominal model. Changes in the fair value of the SARs after the grant date have an impact on the provision for cash-settled share-based payment and are posted to the financial result.

10.4.2 Employee share plans

10.4.2.1 Performance share matching plan (PSMP)

The terms and conditions of the grants are as follows, whereby all shares are delivered physically and free of charge (except for mandatory investment):

Arrangement

Employees entitled/grant date

Number of shares granted

Fair value at grant

Vesting period

Vesting conditions

Performance share matching plan (PSMP) 2012 – Board of Directors (BoD)

Initial grant

Board of Directors

on March 21, 2012

2,959 shares

CHF 65.75

Graded vesting from May 1, 2012 to April 30, 20151

Three years
of service

Matching shares

Extended
Management Board

on March 21, 2012

3,699 shares

(maximum of potential shares granted)

CHF 62.00

May 1, 2012 to April 30, 2015

Three years of
service and
performance target

Performance share matching plan (PSMP) 2012– extended Management Board (eMB)

Initial grant

Extended

Management Board

on March 21, 2012

 29,498 shares

CHF 65.75

Graded vesting from January 1, 2012 to December 31, 20141

Three years
of service

Mandatory investment Annual bonus 2011 in excess of 100 % of the target cash bonus was granted in form of shares

Extended

Management Board

on March 21, 2012

806 shares

CHF 65.75

Immediate vesting1

None

Matching shares

Extended

Management Board

on March 21, 2012

85,258 shares

(maximum of potential shares granted)

CHF 62.00

January 1, 2012 to

December 31, 2014

Three years of service and performance target

Performance share matching plan (PSMP) 2013– extended Management Board (eMB)

Initial grant

Extended 

Management Board

on April 18, 2013

 18,326 shares

CHF 83.50

Graded vesting from January 1, 2013 to December 31, 20151

Three years
of service

Matching shares

Extended

Management Board

on April 18, 2013

52,108 shares

(maximum of potential shares granted)

CHF 80.50

January 1, 2013 to December 31, 2015

Three years of service and performance target

Performance share matching plan (PSMP) 2013 – other Management (oM)

Initial grant

Other management 

on September 1, 2013

2,616 shares

CHF 95.25

Graded vesting from January 1, 2013 to December 31, 20151

Three years of service

Matching shares

Other management

on September 1, 2014

6,540 shares

(maximum of potential shares granted)

CHF 92.25

January 1, 2013 to December 31, 2015

Three years of service and performance target

Performance share matching plan (PSMP) 2014 – extended Management Board (eMB)

Initial grant

Extended

Management Board

on April 15, 2014

18,269 shares

CHF 103.50 

Graded vesting from January 1, 2014 to December 31, 20161

Three years 
of service

Matching shares

Extended

Management Board

on April 15, 2014

55,058 shares

(maximum of potential shares granted)

CHF 99.00 

January 1, 2014 to December 31, 2016

Three years of service and performance target

Performance share matching plan (PSMP) 2014 – other Management (oM)

Initial grant

Other management

on April 15, 2014

4,569 shares

CHF 103.50 

Graded vesting from January 1, 2014 to December 31, 20161

Three years 
of service

Matching shares

Other management

on April 15, 2014

11,423 shares

(maximum of potential shares granted)

CHF 99.00

January 1, 2014 to December 31, 2016

Three years of service and performance target

 

1 Vested shares are blocked until the end of the performance period.

In addition to the grants listed above, the Management Board was entitled to invest voluntarily up to 50% of its target cash bonus 2011/2012/2013 and the portion of the realized cash bonus in excess of 100% of its target cash bonus 2012/2013 in Tecan shares at market prices (average share price from January 1 to April 30, 2012/2013/2014). The voluntary investment could not exceed the realized cash bonus. The shares are blocked until the end of the performance period and are included in the calculation of the matching shares.

Number of shares outstanding at December 31:

Shares (excluding voluntary investments)

2013

2014

Balance at January 1

 220,438 

 217,452 

Granted

 79,590 

 89,319 

De-blocked and transferred to employee

 (17,866) 

 (30,842) 

Forfeited 

 (64,710) 

 (46,497) 

 

 

 

Balance at December 31

 217,452 

 229,432 

 

 

 

Thereof vested, but blocked until the end of the performance period

 33,485 

 25,727 

The expenses, recognized in the consolidated statement of profit or loss, are calculated as follows:

The fair value of services received in return for the shares granted is measured by reference to the shares vested multiplied by their fair value at grant date (measurement date). The fair value at grant represents the market value of one Tecan share adjusted for expected dividend payments during the vesting period. Changes in the fair value of the shares after the grant date do not change the fair value of the services received.

Number of matching shares expected to vest at December 31:

Year/plan

Initial grant1

Mandatory investment1

Voluntary investment1

Total base shares

Matching share factor applied

Matching shares
expected to vest
2

2013

 

 

 

 

 

 

PSMP 2011 – BoD

2,828

n/a

n/a

2,828

0.00

PSMP 2011 – eMB

14,630

143

121

14,894

0.00

PSMP 2012 - BoD

2,712

n/a

n/a

2,712

0.00

PSMP 2012 - eMB

21,388

536

2,037

23,961

0.00

PSMP 2013 - eMB

18,326

n/a

2,517

20,843

2.50

52,108

PSMP 2013 - oM

2,616

n/a

n/a

2,616

2.50

6,540

 

 

 

 

 

 

 

2014

 

 

 

 

 

 

PSMP 2012 – BoD

2,712

n/a

n/a

2,712

0.00

PSMP 2012 – eMB

21,028

530

2,015

23,573

0.00

PSMP 2013 – eMB

17,353

n/a

2,517

19,870

1.40

27,818

PSMP 2013 – oM

2,511

n/a

n/a

2,511

1.40

3,515

PSMP 2014 – eMB 

17,464

n/a

3,754

21,218

2.50

53,044

PSMP 2014 – oM

4,569

n/a

n/a

4,569

2.50

11,423

1 Only shares that qualify for matching shares
2 Not adjusted for expected fluctuation

The number of matching shares is determined based on the following formula: number of shares from initial grant plus number of shares from mandatory and voluntary investments (if applicable) times the matching share factor. The matching share factor is dependent on the achievement of specific economic profit targets. In any case, the matching share factor will not be lower than 0.0 and not higher than 1.25 (Board of Directors) and 2.5 (extended Management Board) respectively. 

10.4.2.2 Other share plans

The terms and conditions of the outstanding grants are as follows, whereby all shares are delivered physically and free of charge:

Additional grant 2010 – CEO

Arrangement

Employees entitled/grant date

Number of shares granted

Fair value at grant

Vesting period

Vesting conditions

Additional grant1

CEO 
on January 15, 2010

20,000 shares

CHF 77.00 – CHF 73.00

March 1, 2010 
to March 1, 2012 
and March 1, 2015

respectively

Two/ five years of

service for 50 %/ 50 % of shares

1 The additional grant is non-recurring.

The second part of the additional grant, comprising of 10,000 shares, has vested pro rata. The resulting 2,222 shares are blocked until March 1, 2015.

Share plan 2014 – Board of Directors (BoD)

Arrangement

Employees entitled/grant date

Number of shares granted

Fair value at grant

Vesting period

Vesting conditions

Annual grant

Board of Directors

on April 15, 2014

3,151 shares

CHF 105.00

Graded vesting from May 1, 2014 
to April 30, 2015

One year of service

10.4.3 Total expenses recognized

CHF 1,000

2013

2014

Expenses arising from equity-settled share option plans

 745 

 585 

Expenses arising from performance share matching plans

 1,258 

 4,347 

Expenses arising from other share plans

 356 

 356 

Total personnel expenses recognized with impact on operating profit

 2,359 

 5,288 

 

 

 

Effect of changes in the fair value of SARs with impact on the financial result

 (4) 

 – 

 

 

 

Total expenses

 2,355 

 5,288