11. Change of Control and Defense Measures

The limit beyond which the duty to make an offer applies is the same as the statutory minimum, 33 1/3 %. There are no clauses on changes of control in agreements with members of the Board of Directors and the Executive CommitteeExecutive CommitteeManagement body of joint stock companies; at Clariant the Executive Committee currently comprises four members.View entire glossary other than

• with regard to the Performance Share Units (PSUs): PSUs unvested at the date of change of control vest on a pro-rata basis. The Board of Directors is authorized, at its discretion, to assess if the performance targets are met and to decide on settlement in shares or in cash;
• with regard to the Matching Share Plan (MSP): The blocking period of the Investment Shares of the MSP terminates on the date of the change of control and entitles to receive Matching Shares on a pro-rata basis;
• with regard to the Clariant Long-Term Incentive Plan (CLIP): a pro-rata settlement in cash of the vested Performance Share Units on the assumed basis that performance targets had been achieved to 80 %.

As the last vesting for the »Performance Share Units« and the »Matching Share Plan« [see a) and b) above] took place in 2021, the respective plans are completely terminated as of 31 December 2021.