Corporate Governance
Takeover and Defense Measures

The articles of association contain no opting out or opting up clause. None of the contracts with members of the board of directors contains a change of control clause. The contracts of the members of the executive committee contain a clause provided the contract is terminated within eighteen months after a change of control (see section 5, compensation report). If there is a change in the management (including replacement of the majority of the members of the board of directors) or a public takeover offer that is not supported by the board of directors at the time of publication, all allocated options of the option plan are automatically vested.

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