Shareholders’ Meeting 2018


Get this from a library! Aktienoptionen für das Management: deutsches und europäisches Recht. [Jakob Wulff].

Aktienoptionen, die nach diesem Plan gewährt werden, unterliegen den folgenden Bedingungen: Durch die Dividendenzahlungen wurde mein Gewinn mehr oder weniger zwangsrealisiert und ich habe die kleine Restposition zum

Shareholders' meeting 2016

Nov 27,  · Die Alphorngruppe Rotbachtal spielt den

Stock Appreciation Rights granted in tandem with any other Award may be granted at any time prior to the earlier of the exercise or expiration of such Award. Stock Appreciation Rights granted in tandem with Stock Options shall terminate and no longer be exercisable upon the termination or exercise of the related Stock Options. The Plan Committee shall establish the terms and conditions applicable to any Stock Appreciation Rights, which terms and conditions need not be uniform but may not be inconsistent with the terms of the Plan.

Freestanding Stock Appreciation Rights shall generally be subject to terms and conditions substantially similar to those described in Section 5. In the event of a Change in Control: After such a determination by the Plan Committee, each Stock Option and Stock Appreciation Right, with respect to which a cash payment is to be made shall terminate, and the Participant shall have no further rights thereunder except the right to receive such cash payment. At the time an Award of Restricted Stock or Restricted Stock Units is made, the Plan Committee shall establish the terms and conditions applicable to such Award, including the period of time the Restriction Period during which certain restrictions established by the Plan Committee shall apply to the Award.

The Restriction Period shall not be less than three years, provided, however, that for Awards to non-employee directors of the Company, the terms of the Award may allow for the ratable release of the restrictions over a minimum period of one year. Each such Award, and designated portions of the same Award, may have a different Restriction Period, at the discretion of the Plan Committee.

Except as permitted or pursuant to Sections 6. Restricted Stock shall be represented by a stock certificate registered in the name of the Participant granted such Restricted Stock. Such Participant shall have the right to enjoy all shareholder rights during the Restriction Period except that: At the discretion of the Plan Committee, interest may be paid on the amount of cash dividends withheld, including cash dividends on stock dividends, at a rate and subject to such terms as determined by the Plan Committee.

Provided, however, and the provisions of Section 6. A Participant shall not be required to make any payment for Restricted Stock unless the Plan Committee so requires. Subject to Section 6. Any Restricted Stock Unit that is not, in all cases, due and payable not later than the 15th day of the third month following the calendar year, or if later, the Companys fiscal year, in which the Restricted Stock Unit ceases to be subject to a substantial risk of forfeiture within the meaning Section A of the Code, will be subject to the provisions of Appendix A.

In the event of a Change in Control, restrictions on a fraction of each Participants outstanding Restricted Stock and Restricted Stock Units granted under the Plan will lapse. The numerator of such fraction with respect to an Award shall be the number of months that have elapsed in the applicable Restriction Period prior to the Change in Control and the denominator shall be the number of months in such Restriction Period. Distribution of any shares not previously distributed shall be made within ten days after the Change in Control or later if so provided in the applicable Award agreement, a related deferral election or if applicable, Appendix A.

With the consent of the Plan Committee, a Participant who has been granted a Restricted Stock Unit may by compliance with the then applicable procedures under the Plan irrevocably elect in writing to defer receipt of all or any part of any distribution associated with that Award.

The terms and conditions of any such deferral, including but not limited to, the period of time for, and form of, election the manner and method of payout the plan and form in which the deferred amount shall be held the interest equivalent or other payment that shall accrue pending its payout and the use and form of Dividend Equivalents in respect of stock-based units resulting from such deferral, shall be as determined by the Plan Committee.

The Plan Committee may, at any time and from time to time, but prospectively only, amend, modify, change, suspend or cancel any and all of the rights, procedures, mechanics and timing parameters relating to such deferrals. An election made prior to December 31, to defer receipt of any distribution associated with a Restricted Stock Unit relating to a Restriction Period ending after December 31, is subject to the provisions of Appendix A.

Subject to the other provisions of this Article VII, the total number of shares available for grant as Awards pursuant to the Plan shall not exceed in the aggregate 81,, shares of Common Stock.

This limit includes the 44,, shares that were originally made available under this Plan. Solely for the purpose of applying the limitation in the preceding sentence and subject to the replenishment and adjustment provisions of Sections 7.

Shares available for grant under the Plan may be authorized and unissued shares, treasury shares held by the Company or shares purchased or held by the Company or a Subsidiary for purposes of the Plan, or any combination thereof.

Shares issued upon assumption or conversion of outstanding stock-based awards granted by an acquired company shall be disregarded in applying the limitation set forth in this Section 7. In the event all or any portion of an Award is forfeited or cancelled, expires, is settled for cash, or otherwise does not result in the issuance of all or a portion of the shares subject to the Award in connection with the exercise or settlement of such Award, the number of shares not issued that were deducted for such Award pursuant to Section 7.

If a Participant uses shares of Common Stock to pay a purchase or exercise price or tax withholding, either by having the Company withhold shares or tendering shares either actually or by attestation , an equal number of such shares shall be restored and may again be used for Awards under the Plan. In addition, shares may be reacquired on the open market by the Company using the Cash Proceeds received by the Company from the exercise on or after May 19, of Stock Options granted under the Plan to restore an equal number of shares that may again be used for Awards under the Plan provided, however, that the number of shares so restored does not exceed the number that could be purchased at Fair Market Value with the Cash Proceeds on the date of exercise of the Stock Option giving rise to such Cash Proceeds.

If one of the events described in the first sentence of the preceding paragraph occurs with respect to an award that was granted under a Prior Plan as defined in Section Notwithstanding anything in this Section 7. In the event of any equity restructuring within the meaning of Financial Accounting Standards No. No such adjustment shall be required to reflect the events described in clauses 1 and 2 above, or any other change in capitalization that does not constitute an equity restructuring, however such adjustment may be made: During any consecutive thirty-six month period, no Participant may receive Awards that, in the aggregate, could result in that Participant receiving, earning or acquiring, subject to the adjustments described in Section 7.

In addition, during any consecutive thirty-six month period, no Participant who is a non-employee director may receive Awards that, in the aggregate, could result in that Participant receiving, earning or acquiring, subject to the adjustments described in Section 7.

For purposes of applying the limits described in this Section 7. The Plan will be administered by a committee of two or more members of the Compensation Committee of the Board who are appointed from time to time by the Board and who are outside, independent Board members who, in the judgment of the Board, are qualified to administer the Plan as contemplated by a Rule 16b-3 of the Securities and Exchange Act of or any successor rule , b Section m of the Code, as amended, and the regulations thereunder or any successor Section and regulations , and c any rules and regulations of a stock exchange on which Common Stock is traded.

Any member of the committee administering the Plan who does not satisfy or ceases to satisfy the qualifications set out in the preceding sentence may recuse himself or herself from any vote or other action taken by such committee. The Board may, at any time and in its complete discretion, remove any member of such committee and may fill any vacancy on such committee.

The Plan Committee shall have and exercise all of the powers and responsibilities granted expressly or by implication to it by the provisions of the Plan. Subject to and as limited by such provisions, the Plan Committee may from time to time enact, amend and rescind such rules, regulations and procedures with respect to the administration of the Plan as it deems appropriate or convenient. All questions arising under the Plan, any Award agreement, or any rule, regulation or procedure adopted by the Plan Committee shall be determined by the Plan Committee, and its determination thereof shall be conclusive and binding upon all parties.

Any action required or permitted to be taken by the Plan Committee under the Plan shall require the affirmative vote of a majority of a quorum of the members of the Plan Committee. A majority of all members of the Plan Committee shall constitute a quorum for Plan Committee business. The Plan Committee may act by written determination instead of by affirmative vote at a meeting, provided that any written determination shall be signed by all members of the Plan Committee, and any such written determination shall be as fully effective as a majority vote of a quorum at a meeting.

The Plan Committee may delegate all or any part of its authority under the Plan to a subcommittee of directors andor officers of the Company for purposes of determining and administering Awards granted to persons who are not then subject to the reporting requirements of Section 16 of the Exchange Act. Anything in this Plan to the contrary notwithstanding, the provisions of this Article IX shall apply to a Participant if an independent auditor selected by the Plan Committee the Auditor determines that each of a and b below are applicable.

Under this Article IX the payments and distributions under this Plan shall be reduced but not below zero so that the present value of such payments and distributions shall equal the Reduced Amount. The Reduced Amount which may be zero shall be an amount expressed in present value which maximizes the aggregate present value of payments and distributions under this Plan which can be made without causing any such payment to be subject to the excise tax under Section of the Code. The determinations and reductions under this Section 9.

The Plan Committee shall then promptly give the Participant notice to that effect together with a copy of the detailed calculation supporting such determination which shall include a statement of the Reduced Amount.

Such notice shall also include a description of which and how much of the Awards shall be eliminated or reduced as long as their aggregate present value equals the Reduced Amount.

For purposes of this Article IX, Awards shall be reduced in the following order: Present value shall be determined in accordance with Section G of the Code.

All the foregoing determinations made by the Auditor under this Article IX shall be made as promptly as practicable after it is determined that excess parachute payments as defined in Section G of the Code will be made to the Participant if an elimination or reduction is not made. As promptly as practicable, the Company shall provide to or for the benefit of the Participant such amounts and shares as are then due to the Participant under this Plan and shall promptly provide to or for the benefit of the Participant in the future such amounts and shares as become due to the Participant under this Plan.

As a result of the uncertainty in the application of Section G of the Code at the time of the initial determination by the Auditor hereunder, it is possible that payments or distributions under this Plan will have been made which should not have been made Overpayment or that additional payments or distributions which will have not been made could have been made Underpayment , in each case, consistent with the calculation of the Reduced Amount hereunder.

In the event that the Auditor, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or the Participant which the Auditor believes has a high probability of success, determines that an Overpayment has been made, any such Overpayment shall be treated for all purposes as a loan to the Participant which the Participant shall repay together with interest at the applicable Federal rate provided for in Section f 2 of the Code provided, however, that no amount shall be payable by the Participant if and to the extent such payment would not reduce the amount which is subject to the excise tax under Section of the Code.

In the event that the Auditor, based upon controlling precedent, determines that an Underpayment has occurred, any such Underpayment shall be promptly paid to or for the benefit of the Participant together with interest at the applicable Federal rate provided for in Section f 2 A of the Code. In making its determination under this Article IX, the value of any non-cash benefit shall be determined by the Auditor in accordance with the principles of Section G d 3 of the Code.

The Board may at any time amend, suspend, discontinue or terminate the Plan including the making of any necessary enabling, conforming and procedural amendments to the Plan to authorize and implement the granting of Incentive Stock Options or other income tax preferred stock options which may be authorized by federal law subsequent to the effective date of this Plan provided, however, that no amendment by the Board shall, without further approval of the shareholders of the Company, increase the total number of shares of Common Stock which may be made subject to the Plan, except as provided at Section 7.

No action taken pursuant to this Section Except as expressly provided herein, no right or benefit under the Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge and any attempt to anticipate, alienate, sell, assign, pledge, encumber or charge the same shall be void. No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities or torts of the person entitled to such right or benefit.

If any Participant or beneficiary hereunder should become bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber or charge any right or benefit hereunder other than as expressly provided herein , then such right or benefit shall, in the sole discretion of the Plan Committee, cease and in such event the Company may hold or apply the same or any or no part thereof for the benefit of the Participant or beneficiary, hisher spouse, children or other dependents or any of them in any such manner and in such proportion as the Plan Committee in its sole discretion may deem proper.

The granting of Awards under the Plan shall not entitle a Participant or any other person succeeding to hisher rights, to any dividend, voting or other right as a shareholder of the Company unless and until the issuance of a stock certificate to the Participant or such other person pursuant to the provisions of the Plan and then only subsequent to the date of issuance thereof.

As illustrative only of the limitations of liability or obligation of the Company and not intended to be exhaustive thereof, nothing in the Plan shall be construed: Payments and other benefits received by a Participant under an Award shall not be deemed part of a Participants regular, recurring compensation for purposes of any termination, indemnity or severance pay laws and shall not be included in, nor have any effect on, the determination of benefits under any other employee benefit plan, contract or similar arrangement provided by the Company or any Subsidiary, unless expressly so provided by such other plan, contract or arrangement or the Plan Committee determines that an Award or portion of an Award should be included to reflect competitive compensation practices or to recognize that an Award has been made in lieu of a portion of competitive cash compensation.

Notwithstanding any other provisions of the Plan seemingly to the contrary, the obligation of the Company with respect to Awards granted under the Plan shall at all times be subject to any and all applicable laws, rules and regulations and such approvals by any government agencies as may be required or deemed by the Board or Plan Committee as reasonably necessary or appropriate for the protection of the Company.

In connection with any sale, issuance or transfer hereunder, the Participant acquiring the shares shall, if requested by the Company, give assurances satisfactory to counsel of the Company that the shares are being acquired for investment and not with a view to resale or distribution thereof and assurances in respect of such other matters as the Company may deem desirable to assure compliance with all applicable legal requirements.

Ich halte das Unternehmen auf Sicht von Jahren für sehr vielversprechend. Ich hoffe, dass die Aktie nochmal günstiger wird und ich weitere Stücke einsammeln kann. Mal sehen, ob wir die Gelegenheit sehen werden. Anbei auch der Kaufbeleg:. Das Depot habe ich erst vor ein paar Jahren als Nebendepot eröffnet. In diesem Depot kaufe ich hauptsächlich sehr langfristig und möchte lediglich eine langfristige Vermögenssteigerung auf Niveau der Marktrendite erzielen.

Hierzu kaufe ich mir einen Mix aus verschiedenen Unternehmen und Dividendenzahlern ein. Ich möchte hier langfristig einen Portfolio aus dividendenstarken Aktien und Aktien mit einer hohen Dividendensteigerung ansammeln.

Zusätzlich nehme ich langfristige No-Brainer, wie Amazon oder Facebook in das Depot auf, wenn diese günstig bewertet sind. Volkswagen und BB Biotech. Das ist ein ordentliches Ergebnis, das natürlich durch die gut gelaufenen Märkte erzeugt wurde. Ich gehe nicht davon aus, dass diese Entwicklung in den nächsten Jahren so weiter gehen kann.

Aber die Zeit wird es zeigen. Bis auf Foot Locker handelt es sich um Buy and Hold Investments, die ich einfach weiter halten werde, solange die Fundamentaldaten meine Kriterien erfüllen. Foot Locker hat sein Ziel bereits erreicht und ich werde die Position glattstellen, sobald die Aufwärtsbewegung endet oder ich das Geld anderweitig verwenden möchte.

Beide Positionen wurden nicht mit der Intention des Buy and Hold gekauft, sondern sollten aufgrund von Unterbewertung positiv zum Depot beitragen. Die Positionen habe ich glattgestellt, um das Geld anderweitig verwenden zu können z. Man kann sagen, dass es ein erfolgreiches Jahr für die meisten Anleger war. Auch mit meinem Jahr bin ich insgesamt sehr zufrieden.

Allerdings ist die Entwicklung natürlich in erster Linie auf die gut gelaufenen Märkte zurückzuführen. In meinem Value Investing Depot merke ich, dass ich aktuell nur sehr wenige Optionen finde.

Ich fühle mich bei der aktuellen Marktlage mit einer hohen Cashquote relativ wohl, möchte aber in noch mehr Zeit in das Finden von guten Investments stecken.

Ich konnte ein paar Ausgaben reduzieren und so weitere Mittel beiseite legen. So konnte ich die Abhängigkeit von meinem persönlichen finanziellen Hamsterrad wieder ein Stück reduzieren. Bilanz lesen und verstehen Teil 1. Es werden Löhne und Gehälter für nicht genehmigte oder nicht geleistete Arbeit gezahlt oder zurückgestellt.

Es erfolgen nicht gerechtfertigte Zahlungen. Zusatzvergütungen werden in falscher Höhe oder gar nicht verbucht. Führung von fiktiven Mitarbeitern auf den Lohn- und Gehaltskonten z. Zeitnachweise werden überhöht ausgefüllt. Personalbezogene Rückstellungen werden in unzutreffender Höhe gebildet durch die Anwendung falscher Stundensätze oder aufgrund von Rechenfehlern.

Personalaufwendungen werden der falschen Periode zugeordnet oder in unzutreffender Höhe gebucht. Einbehalte der Lohn- und Gehaltszahlungen werden nicht gebucht. Überhöhte Beträge werden in der Lohn- und Gehaltsliste aufgelistet. Internes Kontrollsystem Der Prüfer sollte sich zunächst Kenntnisse von der relevanten Personal- und Entgeltstruktur verschaffen. Von Interesse sind dabei folgende Fragestellungen: Nach der Bestimmung des Risikoprofils und einer ersten Wesentlichkeitseinschätzung des Prüfungsfeldes Personalaufwand hat sich der Prüfer von der Wirksamkeit des internen Kontrollsystems zu überzeugen.

Die vollständige Erfassung aller personalbezogenen Aufwendungen des jeweiligen Geschäftsjahres ist von der Unternehmensleitung durch interne Kontrolle n sicherzustellen. Die Mitarbeiteranzahl ist anhand der aktuellen Lohn- und Gehaltsliste zu überprüfen, Auswertungen der Zeiterfassung sind von der Personalabteilung mit dem Lohnbuch unter Beachtung des Vier-Augen-Prinzips abzugleichen, und die Lohnabrechnungen sind mit den Sachkonten abzustimmen.

Von der Unternehmensleitung ist ebenfalls die tatsächliche Entstehung der personalbezogenen Aufwendungen sicherzustellen. Alle gebuchten Personalaufwendungen müssen deshalb die während des Geschäftsjahres vom Unternehmen zu vergütenden Ansprüche betreffen. Hierfür ist eine Voraussetzung, dass die Lohn- und Gehaltslisten keine fiktiven oder zwischenzeitlich beendeten Arbeitsverhältnisse enthalten. Als diesbezügliche interne Kontrolle n kommen die schriftliche Dokumentation von Kündigungen und Neueinstellungen, die Überwachung nicht zur Auszahlung gelangter Beträge, die Abzeichnung aller Änderungen von Personalstammdaten, die Weiterleitung von Krankmeldungen, die Aushändigung von Steuerkarten nur gegen Empfangsbestätigung und der Abgleich der vorhandenen Steuerkarten bzw.

Sozialversicherungsnachweise mit der Anzahl der in der Lohn- bzw. Gehaltsliste erfassten Mitarbeiter in Frage. Weiterhin ist Voraussetzung, dass das Lohn- und Gehaltsjournal keine nicht geleisteten Arbeiten enthält. Die innerbetrieblichen Anweisungen für den Abzug von Fehlzeiten sind zu beachten. Die ausgewiesenen Personalaufwendungen müssen deshalb zu den richtigen Wertansätzen gebucht werden.

Die zweite Voraussetzung ist hierfür die richtige Ermittlung der Nettolöhne und -gehälter und ihre korrekte Auszahlung , die durch die Anwendung der jeweils aktuellen Tabellen z. Substanzielle analytische Prüfungshandlungen Der Prüfer sollte durch Vergleich e und Prüfung von Zusammenhängen Auffälligkeiten in der Veränderung und Entwicklung des Personalaufwandes untersuchen.

In Betracht kommen beispielsweise die Veränderungen des Personalaufwandes bezogen auf Abteilungen und Zeiträume, die Veränderung der Mitarbeiterzahl nach Abteilungen, Produkten und ergebnisabhängigen Vergütung en, die Entwicklung des Verhältnisses der Personalaufwendungen zu den Umsatzerlöse n, ein Abgleich von der abgeführten Lohnsteuer und Sozialabgaben mit den personalbezogenen Aufwendungen und das Verhältnis zwischen Gehältern und Löhnen im Zeitvergleich.

Zu analysieren ist ferner der durchschnittliche Lohnaufwand und die durchschnittliche Erhöhung des Personalaufwands pro Mitarbeiter, das Verhältnis der Sondervergütungen zu den gesamten Löhnen und Gehältern, besonders hohe jährliche variable Vergütungsbestandteile und der durchschnittliche monatliche Personalaufwand.

Tangierte Posten Der Prüfungsansatz erfordert nicht nur die Abstimmung der Lohn- und Gehaltslisten mit dem gebuchten Personalaufwand, sondern auch mit den tangierten Jahresabschlussposten wie z. Weitere den Posten Personalaufwand tangierende Posten stellen die Vorräte Personalaufwand als Bestandteil der Herstellungskosten , Rückstellungen für Pensionen und ähnliche Verpflichtungen sowie Sonstige Rückstellungen Urlaubsrückstände, Gleitzeitguthaben u. Sonstige substanzielle Prüfungshandlungen Nach der Ausprägung des Risikoprofils, der Qualität des internen Kontrollsystems, dem Sicherheitsgrad substanzieller analytischer Prüfungshandlungen und dem organisatorischen Aufbau des Lohn- und Gehaltswesens richten sich die Art und der Umfang der sonstigen substanziellen Prüfungshandlungen.

Die Lohn- und Gehaltsabrechnungen sind stichprobenhaft durch Belege, z. Vereinbarungen über Bruttobezüge nebst sonstigen Vergütung en und über Stundensätze für Tarif-, Akkordmehr-, Prämien-, Mehrarbeits- und Nachtarbeitsstunden sowie über Sonntags-, Feiertags- oder Nachtarbeitszuschläge, unter Hinzuziehung entsprechender Zeiterfassungsnachweise zu prüfen.