Long-term compensation termination and clawback provisions
Termination reason |
VAI |
LPP |
GSPP |
|---|---|---|---|
Voluntary resignation |
Unvested awards are forfeited pro rata and the performance factor is capped at 100% as of the date of termination of the employment relationship. |
Unvested awards are forfeited as of the date of termination of the employment relationship. |
Matching Share Awards are forfeited as of the date of termination of the employment relationship. |
Redundancy |
Unvested awards shall vest on the regular vesting date, subject to performance. |
Unvested awards shall vest on the regular vesting date, subject to performance. |
Matching Share Awards are subject of immediate vest as of the date of termination of the employment relationship. |
Retirement |
Unvested awards shall vest on the regular vesting date, subject to performance. |
Unvested awards shall vest on the regular vesting date, subject to performance. |
Matching Share Awards are subject of immediate vest as of the date of termination of the employment relationship. |
Termination for cause |
Unvested awards are forfeited as of the date of termination of the employment relationship. |
Unvested awards are forfeited as of the date of termination of the employment relationship. |
Matching Share Awards are forfeited as of the date of termination of the employment relationship. |
Health/disability |
Unvested awards shall vest on the regular vesting date, subject to performance. |
Unvested awards shall vest on the regular vesting date, subject to performance. |
Matching Share Awards are subject of immediate vest as of the date of termination of the employment relationship. |
Death |
Unvested awards shall vest immediately using the performance factor as presented during the latest Compensation Committee meeting. |
Unvested awards shall vest immediately using the performance factors as presented during the latest Compensation Committee meeting. |
Matching Share Awards shall vest immediately. |
Mutual agreement |
Unvested awards may vest at Swiss Re’s sole discretion. The final decision is subject to the review and approval of the Business Head, Head of Reward, Group Chief Human Resources Officer, Group CEO and, if applicable, the Compensation Committee. |
Unvested awards may vest at Swiss Re’s sole discretion. The final decision is subject to the review and approval of the Business Head, Head of Reward, Group Chief Human Resources Officer, Group CEO and, if applicable, the Compensation Committee. |
Matching Share Awards may vest if stated in the agreement between Swiss Re and the employee. |
In events of malfeasance, fraud, misconduct, or as deemed appropriate by the Compensation Committee, awards are subject to clawback rules where Swiss Re is entitled to seek repayment of all or part of any awards paid, vested, settled or released, for a period of five years after settlement.