Pension Commitments.

The retirement benefit system in place for the respective members of the Board of Directors is based on a one-time payout or installment payments. They are entitled to the pension payments when reaching the age of sixty. However, should a member remain on the Board of Directors in an active capacity beyond this period, the receipt of retirement benefits will only be possible as from the end of his/her employment contract as a member of the Board of Directors.

The pension benefits awarded to members of the Board of Directors at the end of the reporting period and the allocations made to retirement accruals are as follows:

 

 

 

 

 

Retirement Capital

 

Total

Allocations in fiscal year

 

Sept. 30, 2016

Sept. 30, 2015

2015/2016

2014/2015

1)

Retirement capital benefits include benefits granted prior to the appointment as member of the Board of Directors.

Eckard Heidloff

1,380,953.00

1,254,871.00

126,082.00

126,082.00

Dr. Jürgen Wunram

1,196,200.00

1,086,200.00

100,000.00

100,000.00

Olaf Heyden

232,725.00

172,725.00

50,000.00

50,000.00

Dr. Ulrich Näher1)

132,500.00

0.00

29,166.67

0.00

Total

2,942,378.00

2,513,796.00

305,248.67

276,082.00

The table shows the one-time payout entitlements that members of the Board of Directors would receive when reaching the age of sixty, on the basis of the entitlements accumulated up to the end of each fiscal year, as well as the entitlement acquired in each fiscal year that was allocated to pension accruals as service costs. In the event that the respective members continue to hold a position on the Board of Directors, the actual pensions and/or one-time payout benefits will be higher than those presented in the table, particularly as a result of future financing contributions. The allocations to retirement capital, as listed in the table, will occur in the same amount in subsequent years until the end of the respective contracts for the members of the Board of Directors and will bear interest of 3.5% per annum.