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 Steering CommitteeExecutive Steering CommitteeThe Executive Steering Committee (ESC) is authorized by the Board of Directors to steer the company. It has overall strategic and financial responsibility, including for our profit and loss statement. The ESC consists of the Chief Executive Officer (CEO), the Chief Financial Officer (CFO), and the three Business Presidents.View entire glossary other than with regard to the Clariant Long-Term Incentive Plan (CLIP): A pro-rata settlement in cash of the vested Performance Share Units will take place on the assumed basis that performance targets had been achieved to 80 %.