Outperformance programmes


The outperformance option is linked to the performance of the Lufthansa share compared with a fictitious index composed of European competitors’ shares, whereas the performance option is linked to the absolute performance of the Lufthansa share. With the outperformance option the holder receives a cash payment for each percentage point of outperformance on exercising the option. The cash payment is capped at an outperformance of 20 per cent.

The performance option for 2009 results in a cash payment if the share price goes up by more than 33 per cent. This is capped for share price increases of more than 49 per cent (48 per cent for staff outside payscales). The performance option for 2010 and the three-year performance option for 2011 result in a cash payment if the share price goes up by more than 29 per cent. For the performance option 2010 this is capped for share price increases of more than 45 per cent (44 per cent for non-payscale staff). For the three-year performance option 2011 it is capped for share price increases of more than 43 per cent (44 per cent for non-payscale staff). The four-year performance option for 2011 results in a cash payment if the share price goes up by more than 38 per cent. The bonus is capped for Executive Board members at 58 per cent, for managers at 56 per cent and for non-payscale staff at 57 per cent.

2009, 2010 and 2011 programmes outperformance option

 

€ per percentage point from 1%

Maximum per tranche
in €

Executive Board

1,000

20,000

Managers

400

8,000

Non-payscale staff (per 5 pts)

200

1,000

2009 programme performance option

 

€ per performance unit from 33% performance

Maximum per tranche
in €

Executive Board

10,000 + 1,250
per performance unit

20,000

Managers

4,000 + 500
per performance unit

8,000

Non-payscale staff

500 + 100
per performance unit

1,000

2010 and 2011 programmes performance option (after three years)

 

€ per performance unit from 29% performance

Maximum per tranche
in €

Executive Board

10,000 + 1,000
per performance unit

20,000

Managers

4,000 + 500
per performance unit

8,000

Non-payscale staff

500 + 100
per performance unit

1,000

2011 programme performance option (after four years)

 

€ per performance unit from 38% performance

Maximum per tranche
in €

Executive Board

10,000 + 1,000
per performance unit

20,000

Managers

4,000 + 500
per performance unit

8,000

Non-payscale staff

500 + 100
per performance unit

1,000

The 2009 and 2010 programmes each run for three years. The 2011 programme has two exercise dates, after three and four years respectively.

All options can be exercised at a fixed time in the final year. The (out)performance is calculated on the principle of total shareholder return. The shares invested in personally may not be sold until the option is exercised.

The 2008 outperformance option for Executive Board members, managers and non-payscale staff matured in 2011. A total of EUR 5m was paid out on the 2008 outperformance option. No payment was made on the performance option for 2008 as the 33 per cent hurdle was not reached.

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