Pension funds and severance payments

All members of the Management Board have pension fund agreements into which annually agreed contributions are paid. As in 2010 contributions to pension funds (defined contribution plan) amounted to around € 89 K in 2011. In accordance with the legal regulations in Austria, the amount of a legal severance payment is determined by the amount of an overall salary as well as length of service, with the maximum payout equating to one full year’s salary. Payment is forfeited in the event of the employee serving notice of termination. Payments to form a reserve for severance payment claims (defined benefit plan) amounted to € 50 K in business year 2011 (€ 110 K in 2010). There are no further obligations. No other payments were made to former Management Board members or their surviving dependants.

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