6.2 Shareholdings of members of the Management Board

Compensation report

6. Share ownership information

6.1 Shareholdings of members of the Board of Directors

The tables in this section are audited by the external auditor.

The following tables show the equity of the individual members of the Board of Directors and persons closely linked to them.

	31.03.2019				31.03.2018
	Shares	Restricted Shares 1)	RSUs	Options	Shares	Restricted Shares 2)	Options
Robert F. Spoerry, Chairman	34,446	17,498			29,780	18,972
Beat Hess, Vice-Chairman	3,438	7,140			1,833	7,649
Lynn Dorsey Bleil, Member		3,961				2,865
Lukas Braunschweiler, Member 3)	19,862	1,096	7,152	165,577	n/a	n/a	n/a
Stacy Enxing Seng, Member		7,140				6,044
Michael Jacobi, Member	2,481	7,140			4,876	7,649
Ronald van der Vis, Member		7,140			2,355	7,649
Anssi Vanjoki, Member	5,481	7,140			3,876	7,649	2,558
Jinlong Wang, Member	1,605	7,140				7,649
Total (active members)	67,313	65,395	7,152	165,577	42,720	66,126	2,558

1) These shares are subject to a restriction period which varies from June 1, 2019 to June 1, 2024 depending on the grant date.

2) These shares are subject to a restriction period which varies from June 1, 2018 to June 1, 2023 depending on the grant date.

3) New member of the Board of Directors since June 2018.

For further details see also Note 7.4 in the consolidated financial statements.

The shareholding requirements set by the share ownership guidelines are entirely met by all members of the Board of Directors.

The following table shows a detailed breakdown of the outstanding options of the members of the Board of Directors of the previous option plan for members of the Board of Directors which has been phased-out in the meantime.

	31.3.2019	31.3.2018
	Options EEAP 12 1)	Options EEAP 12 1)
Anssi Vanjoki		2,558
Total (active members)	–	2,558

EEAP 2017 and 2018, no options or warrants were granted for members of the Board of Directors as of the applicable grant dates – 100 % restricted shares. The outstanding options granted to the former CEO, Lukas Braunschweiler, are not included in the option table above but summarized in the overall equity table.

1) Exercise price CHF 95.85, vesting period 1.2.2012 – 1.6.2016 whereas one tranche being vested each year, exercise period 1.6.2013 – 31.1.2019.

6.2 Shareholdings of members of the Management Board

The tables in this section are audited by the external auditor.

The following tables show the equity of individual members of the Management Board and persons closely linked to them.

	31.03.2019				31.03.2018
	Shares 1)	PSUs	RSUs	Options	Shares 1)	PSUs	RSUs	Options
Arnd Kaldowski 2)	6,599	6,406		119,444	6,599	4,109		86,543
Hartwig Grevener	6,991	2,834	3,280	36,603	5,209	1,854	4,431	61,680
Claudio Bartesaghi 3)	325	1,440	425	13,542 5)	1,032	872	718	8,661 5)
Claude Diversi	3,000	2,856	3,080	35,665	2,250	1,854	3,971	36,207
Hansjürg Emch	7,696	1,854	2,649	57,680	8,544	1,854	4,431	62,710
Christophe Fond	0	2,943	1,989	29,764	0	1,896	1,790	24,078
Martin Grieder	3,000	2,834	3,280	45,136	2,000	1,854	3,980	36,714
Hans Mehl	3,118	1,854	3,280	28,181	5,036	1,854	4,431	39,464
Andi Vonlanthen	16,943	2,856	3,280	70,294	15,161	1,854	4,431	66,231
Total (active members)	47,672	25,877	21,263	436,309	45,831	18,001	28,183	422,288
Lukas Braunschweiler 4)					17,061		9,953	191,152
Total (including former members)	47,672	25,877	21,263	436,309	62,892	18,001	38,136	613,440

1) Shares are dividend entitled with full voting rights.

2) Member of the Management Board since October 1, 2017.

3) Member of the Management Board since October 1, 2017.

4) Member of the Management Board until March 31, 2018.

5) includes SARs (SARs grant the right to participate in the appreciation of Sonova shares without issuance of shares).

For further details see also Note 7.4 in the consolidated financial statements.

The shareholding requirements set by the share ownership guidelines are entirely met by all members of the Management Board.

The following table shows the shareholding requirements relative to the fixed base salary and the indicative actual shareholdings.


	Base salary	Share requirements 1)	Actual shares 2)	Fulfillment of share ownership guidelines	Share ownership ratio to base salary
	in CHF	in CHF	in CHF	in %	ratio
Arnd Kaldowski, CEO	900,000	1,000,000	1,292,744	129	1.4
Other members of the MB 3)	397,735	200,000	903,662	452	2.3

1) Share requirements to be achieved for the CEO as of December 31, 2017 and for all other members of the MB after 41 months.

2) Calculated with Sonova closing share price of March 29, 2019.

3) Average of other members of the MB with shareholding requirements.

The calculation of fulfillment and the ratio to base salary of the share ownership shown above are included for illustration purposes only.

The following table shows a detailed breakdown of the outstanding options of the members of the Management Board.

	31.03.2019
		Options EEAP 19 1)	Options EEAP 18 2)	Options EEAP 17 3)	Options EEAP 16 4)	Options EEAP 15 5)	Options EEAP 14 6)	Options EEAP 13 7)	Total options
Arnd Kaldowski		32,901	86,543 8)						119,444
Hartwig Grevener		8,422	10,594	9,711	5,158	2,718			36,603
Claudio Bartesaghi		4,881	4,984	2,148 9)	1,529				13,542
Claude Diversi		8,614	10,594	9,381	5,158	1,918			35,665
Hansjürg Emch			10,594	12,948	10,315	10,869	4,687	8,267	57,680
Christophe Fond		8,996	10,835	9,933					29,764
Martin Grieder		8,422	10,594	12,948	7,737	5,435			45,136
Hans Mehl			10,594	9,711	5,158	2,718			28,181
Andi Vonlanthen		8,614	10,594	12,948	10,315	10,869	8,687	8,267	70,294
Total		80,850	165,926	79,728	45,370	34,527	13,374	16,534	436,309

1) Exercise price CHF 182.40, vesting period 1.2.2019–1.6.2023 whereas one tranche being vested each year, exercise period 1.6.2020–31.1.2029.

2) Exercise price CHF 147.85, vesting period 1.2.2018–1.6.2022 whereas one tranche being vested each year, exercise period 1.6.2019–31.1.2028.

3) Exercise price CHF 130.00, vesting period 1.2.2017–1.6.2021 whereas one tranche being vested each year, exercise period 1.6.2018–31.1.2024.

4) Exercise price CHF 124.20, vesting period 1.2.2016–1.6.2020 whereas one tranche being vested each year, exercise period 1.6.2017–31.1.2023.

5) Exercise price CHF 121.10, vesting period 1.2.2015–1.6.2019 whereas one tranche being vested each year, exercise period 1.6.2016–31.1.2022.

6) Exercise price CHF 124.60, vesting period 1.2.2014–1.6.2018 whereas one tranche being vested each year, exercise period 1.6.2015–31.1.2021.

7) Exercise price CHF 109.10, vesting period 1.2.2013–1.6.2017 whereas one tranche being vested each year, exercise period 1.6.2014–31.1.2020.

8) Includes the one-time, non-recurring performance option grant (47,415 options); exercise price of CHF 147.85, vesting period of 1.2.2018 – 1.4.2023, exercise period 1.4.2023 – 30.9.2027.

9) SAR’s EEAP 2017 (SARs grant the right to participate in the appreciation of Sonova shares without issuance of shares).

	31.3.2018
		Options EEAP 18 1)	Options EEAP 17 2)	Options EEAP 16 3)	Options EEAP 15 4)	Options EEAP 14 5)	Options EEAP 13 6)	Options EEAP 12 7)	Total options
Lukas Braunschweiler		31,603	38,625	25,788	27,173	21,719	20,669	25,575	191,152
Arnd Kaldowski		86,543 9)							86,543
Hartwig Grevener		10,594	12,948	10,315	10,869	8,687	8,267		61,680
Claudio Bartesaghi 8)		4,984	2,148 10)	1,529					8,661
Claude Diversi		10,594	12,507	7,737	3,836	1,533			36,207
Hansjürg Emch		10,594	12,948	10,315	10,869	8,687	8,267	1,030	62,710
Christophe Fond		10,835	13,243						24,078
Martin Grieder		10,594	12,948	7,737	5,435				36,714
Hans Mehl		10,594	12,948	8,315	5,435	2,172			39,464
Andi Vonlanthen		10,594	12,948	10,315	10,869	8,687	8,267	4,551	66,231
Total		197,529	131,263	82,051	74,486	51,485	45,470	31,156	613,440

1) Exercise price CHF 147.85, vesting period 1.2.2018–1.6.2022 whereas one tranche being vested each year, exercise period 1.6.2019–31.1.2028.

2) Exercise price CHF 130.00, vesting period 1.2.2017–1.6.2021 whereas one tranche being vested each year, exercise period 1.6.2018–31.1.2024.

3) Exercise price CHF 124.20, vesting period 1.2.2016–1.6.2020 whereas one tranche being vested each year, exercise period 1.6.2017–31.1.2023.

4) Exercise price CHF 121.10, vesting period 1.2.2015–1.6.2019 whereas one tranche being vested each year, exercise period 1.6.2016–31.1.2022.

5) Exercise price CHF 124.60, vesting period 1.2.2014–1.6.2018 whereas one tranche being vested each year, exercise period 1.6.2015–31.1.2021.

6) Exercise price CHF 109.10, vesting period 1.2.2013–1.6.2017 whereas one tranche being vested each year, exercise period 1.6.2014–31.1.2020.

7) Exercise price CHF 95.85, vesting period 1.2.2012–1.6.2016 whereas one tranche being vested each year, exercise period 1.6.2013–31.1.2019.

8) Member of the Management Board since October 1, 2017.

9) Includes the one-time, non-recurring performance option grant (47,415 options); exercise price of CHF 147.85, vesting period of 1.2.2018 – 1.4.2023, exercise period 1.4.2023 – 30.9.2017.

10) SAR’s EEAP 2017 (SARs grant the right to participate in the appreciation of Sonova shares without issuance of shares).

Glossary

AC Audit Committee
AGM Annual General Shareholders’ Meeting
AHV Old Age and Survivors’ Insurance
ALV Unemployment Insurance
Articles of Association Articles of Association of Sonova Holding AG
ASP Average Sales Price
BoD Board of Directors
CAGR Compound Annual Growth Rate
CEO Chief Executive Officer
CFO Chief Financial Officer
CHF Swiss Francs
COO Chief Operating Officer
EBITA Earnings Before Interest, Taxes and Amortization
EEAP Executive Equity Award Plan
EPS Earnings Per Share
FCF Free Cash Flow
GVP Group Vice President
HRM Human Resource Management
KPIs Key Performance Indicators
MB Management Board
n.a. Not applicable
NCC Nomination and Compensation Committee
OPEX Operating Expenses
PSU Performance Share Unit
ROCE Return on Capital Employed
RSU Restricted Share Unit
rTSR relative Total Shareholder Return
SLI Swiss Leaders Index
SMIM Swiss Market Index Mid
VCC Variable Cash Compensation