Remuneration policy

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Principles for determination of salaries and other remuneration to the President and other members of the company management as decided at the AGM on the 16th of April, 2013

The guidelines shall apply to employment contracts entered into according to the general meeting’s resolutions and guidelines and in cases where changes are made to existing terms and conditions according to resolutions of general meetings. The guidelines essentially correspond to the principles that have been applied until now.

Remuneration to the President and other members of the company management (that is, the eight persons who jointly with the President comprise the group management) may consist of basic salary, variable remuneration and pension. Other benefits and other remuneration shall be received on the same basis as for other employees.

The objective of Axis AB’s remuneration policy for senior executives shall be to offer compensation that promotes retaining and recruiting skilled expertise to the company. The basic salary shall be determined on the basis that it should be competitive. The absolute level shall depend on the specific position and the individual’s performance.

Variable remuneration (bonus) to the President and other senior executives shall be based on the financial goals of the group and shall be calculated as a function of the sales growth and the operating margin for the year in question. The bonus to the President shall be maximized at 240 percent of the annual salary (for 2013) and for the other members of the senior management the highest individual bonus amount shall be a maximum of 80 percent of the annual salary (for 2013).

The retirement age for the President shall be 65. Pension insurance premiums shall amount to 35 percent of the pension-qualifying salary up to a maximum of 28.5 basic amounts. For a salary in excess of 28.5 basic amounts, a premium of 25 percent shall be paid. The ITP agreement shall be applied for other senior executives with a retirement age of 65.

In the event of termination of employment, a six-month mutual notice period shall apply for the President. In the event of termination of employment of the President by the company, termination benefits corresponding to up to twelve cash monthly salaries may be paid after the end of the notice period. In the event of termination by the President, no termination benefits shall be payable. A mutual period of notice of three to six months shall apply between the company and the other senior executives. In the event of termination by the company, termination benefits corresponding to six cash monthly salaries can be paid. In the event of termination by any of the senior executives, no termination benefits shall be payable.

Deviations from the principles specified above may be decided by the board of directors, if there are specific reasons in individual cases.

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