Remuneration of executives other than CEO in 2009 

For information on remuneration of the CEO, see CEO remuneration

GET members have STI programmes with up to a maximum 40% of their annual fixed salary, payable the year after the performance period. The STI for 2009 was based to 100% on financial measures (Free Cash Flow). The payout in 2009 relating to performance year 2008 was EUR 396 000 (EUR 664 000).

In accordance with their respective pension arrangements GET members may retire at sixty or sixty-five with pensions consistent with local practices in their respective home countries. Contracts of employment provide for notice of six months prior to termination with severance compensation of twelve months basic salary if the termination is at the company’s request. Executives appointed before 2007 receive a further optional twelve months salary depending on employment.

Option-based programmes for management
The GET was not eligible for options in 2008 and the company did not issue any options in 2009. During the year 150 000 options relating to the 2002 Programme lapsed and no others were exercised. In 2008 no options were exercised.

Long Term Incentive (LTI) programmes for management
GET members participate in a number of share based LTI programmes. In 2007/2008 a Senior Executive section of the Performance Share program was introduced. The shares granted under this program will vest over a three year period. The performance criteria for 2009 was Economic Margin and Total Shareholder Return (TSR). The vesting under this program was zero. Under the accounting rules for share-based payments, the non-cash charge for the executive options and restricted share awards is calculated at the vesting value of shares and options granted in the year plus any fair value movement in the year on previous awards. The accounting charges will not agree to the actual cash costs on a year-to-year basis though the totals will match when they have all been vested, cashed, expired or lapsed. The figures in the table above refer to individuals who were executives at either the time of grant or settlement.

GET received Performance Share Awards under the Performance Share 2009 plan of 245 000 shares assuming annually defined performance conditions are met. For 2009 the performance condition was 100% Group Free Cash Flow.
 
GET members other than the CEO were not eligible for new Restricted Share Awards in 2009. During the year the number of shares settled on executives from previous awards derived from Restricted Share Programs and Performance Share Programs amounted to 79 955 having a cash value at the 1 March 2009 settlement date of  EUR 263 052 based on the share price of EUR 3.29 at that date.
 
For GET members the aggregated number of outstanding shares derived from previous years restricted share programmes to be settled in 2010 is 4 095. The corresponding number to be settled in 2011 is 1 350.

Due to the extraordinary global financial situation GET including the CEO decided to work without pay for one month during 2009, in addition the salary for the CEO remained unchanged. The ordinary annual salary review was postponed from March 1 to December 1 and the annual incentive result for performance year 2009 was decided to be paid in shares and deferred one year from March 2010 to March 2011. GET members with significant change in responsibility during 2009 received their revised salary from May 1, 2009.