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Software AG GB 2013. englisch

member must be credited against such payments. In case of permanent disability, the employment contract of the Management Board member concerned will termi- nate at the end of the month in which the permanent dis- ability was determined or at the end of the month in which the Management Board member has been incapacitated for work for an uninterrupted period of 12 months. In such a case, severance pay will be provided for one Management Board member in the amount of €158 thousand. Another member will receive severance payment equal to the mem- ber’s total fixed salary for the remainder of the contract period, but not to exceed six months. The third Management Board member will receive no severance pay in such a case. From the time of their departure until completion of their 62nd year of age, the members of the Management Board will receive a disability pension of €13.8 thousand (2012: €13.1 thousand) per month, and the CEO will receive €27.5 thousand (2012: €19.7 thousand) per month. The disability pension is increased annually by the percentage by which the consumer price index for Germany published by the Federal Statistical Office has increased in comparison to the previous year. The Company maintains life insurance policies for the Man- agement Board members with an insured amount equaling €1,500 thousand in the event of death and €3,000 thousand in the event of disability. Members of the Management Board receive pensions for life after completing their 62nd year of age, regardless of their age when they joined the company. For two members of the Management Board, the pension amounts to €16.7 thousand (2012: €16.7 thousand) per month; the CEO’s pen- sion amounts to €30.4 thousand (2012: €21.0 thousand) per month. As part of the renewal of the CEO’s contract, his pension was adjusted beyond the age limit of 62 using a straight-line method. The pension is increased annually by the percentage by which the consumer price index for Ger- many published by the Federal Statistical Office has in- creased in comparison to the previous year. This pension commitment also includes a widow’s annuity of 60 percent of the Management Board member’s pension. In the event that a Management Board member leaves the Company prior to the age of 62, and before reaching the 15th year as a member of the Company’s Management Board, such Man- agement Board member will still be entitled to pension benefits, but they will be reduced on a pro-rated basis. In the event that a Management Board member leaves the Company prior to the age of 62, but after reaching the 15th year as a member of the Company’s Management Board, such Management Board member will still be entitled to full pension benefits. If the CEO leaves the Company pre- maturely, there is no pro-rated reduction. The change in present value from pension commitments in 2013 and the present value of pension commitments as of December 31, 2013 are as follows: in € 2013 Dec. 31, 2013 Karl-Heinz Streibich (Chief Executive Officer) 193,011.00 5,597,669.00 Dr. Wolfram Jost 245,143.00 835,867.00 Arnd Zinnhardt 182,968.00 1,930,929.00 Software AG | Annual Report 2013 114 Letter from the Management Board Software AG ShareAbout Software AG Highlights 2013

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