D&O Insurance
Personal liability in place of a deductible
The company meets the recommendation in the German Corporate Governance Code regarding deductibles for any Directors’ & Officers’ (D&O) liability insurance by obtaining personal declarations from each member of the Board of Management and Supervisory Board to the effect that, should they cause damage to the company or third parties through gross negligence (as defined by German law) in the performance of their duties, they undertake to pay the first EUR 100,000 of such damage. The members of the Supervisory Board undertake to pay for such damage, if caused by them, up to the equivalent of the variable portion of their respective annual remuneration as Supervisory Board members for the relevant year. There is no insurance coverage for intentional breach of duty.