Remuneration

The annual meeting defines principles for remuneration of the corporate management. The recommendation is drawn up by the remuneration committee.

The main principle is that IRRAS shall offer terms appropriate to the market which make it possible for the corporation to recruit and retain competent personnel. Remuneration of the company management shall consist of fixed salary, variable remuneration, a long-term incentive program, retirement benefits and other normal benefits.

The remuneration is based on the commitment and performance of the individual with respect to the goals established beforehand, both individually and collectively for the entire company. Evaluation of the individual performance takes place continuously.

IRRAS has four outstanding incentive programs for employees, key personnel and Board members.

Incentive program No. 1

In May 2016, employees were allotted 1.900,000 options at no cost, which based on the terms of employment are vested over periods of one to four years, respectively, with one quarter vested annually starting in May 2016. The deadline to exercise the vested options is September 30, 2025.

Incentive program No. 6

The total program comprises 1,050,000 personnel options. The options are granted based on the achievement of corporate goals and are vested over three years with one third vested annually. Each option entitles the holder to subscribe for one new share at an exercise price calculated at the grant date and can be exercised between the third and the eight anniversaries of the commencement date, subject to the requirement that the options are vested. The deadline to exercise the vested options is April 28, 2028.

Incentive program No. 7

The total program comprises 1,050,000 personnel options. The options are granted based on the achievement of corporate goals and are vested over three years with one third vested annually. Each option entitles the holder to subscribe for one new share at an exercise price calculated at the grant date and can be exercised between the third and the eight anniversaries of the commencement date, subject to the requirement that the options are vested. The deadline to exercise the vested options is April 28, 2029.

Incentive program No. 8

The total program comprises 12,100,000 personnel options. The options are granted based on the achievement of corporate goals and are vested over three years with one third vested annually. Each opion entitles the holder to subscribe for one new share at an exercise price calculated at the grant date and can be exercised between the third and the eight anniversaries of the commencement date, subject to the requirement that the options are vested. The deadline to exercise the vested options is August 3, 2030.

More detailed descriptions of each incentive program is found in annual and interim reports .