Document:

exv10w1

Exhibit 10.1

Articles of Association of Fresenius Medical Care AG & Co. KGaA

	I.	 	General Terms

Art. 1 Name and Registered Office

	(1)	 	The Company is a partnership limited by shares (KGaA). The name of the Company is

Fresenius Medical Care AG & Co. KGaA

	(2)	 	The registered office of the Company is in Hof an der Saale.

Art. 2 Objects of the Business

	(1)	 	The objects of the Company are:

	 	a)	 	the development, production and distribution of as well as the
trading in health care products, systems and procedures, including dialysis;
	 
	 	b)	 	the projecting, planning, establishment, acquisition and operation of
health care businesses, including dialysis centers, also in separate enterprises
or through third parties as well as the participation in such dialysis centers;
	 
	 	c)	 	the development, production and distribution of other pharmaceutical
products and the provision of services in this field;
	 
	 	d)	 	the provision of advice in the medical and pharmaceutical areas as
well as scientific information and documentation;
	 
	 	e)	 	the provision of laboratory services for dialysis and non-dialysis
patients and homecare medical services.

 

 

	 	 	The Company will operate itself or through subsidiaries at home and abroad.
	 
	(2)	 	The Company shall be entitled to enter into any and all business transactions and take any
and all measures which seem to be necessary or useful to achieve the objects of the Company
and may, in particular, participate in other enterprises of the same or similar kind, take
over the management and/or the representation of such enterprises, transfer company divisions,
including essential company divisions, to enterprises in which the Company holds an interest
and establish branches at home and abroad.

Art. 3 Notifications and Publications

	(1)	 	All notifications of the Company shall be made in the electronic Federal Gazette
(Elektronischer Bundesanzeiger).

	(2)	 	English short versions of the invitations to general meetings which must provide for the
place, date and time and the items on the agenda of the general meeting and the prerequisites
of participation in the meetings as well as English short versions of the other notifications
shall also be published in The Wall Street Journal and in The New York Times. The newspapers
mentioned above are not journals used by the Company for notifications in the sense of Article
3 paragraph (1); such publications shall not be a pre-condition for a valid notification of
the Company. With the consent of the supervisory board the general partner may determine
deviations from this provision.

	II.	 	Capital and Shares

Art. 4 Capital

	(1)	 	The capital of the Company amounts to EUR 302,236,169.00 (in words: three hundred two million
two hundred thirty six thousand one hundred sixty nine Euro) and is divided into 298,279,001
(in words: two hundred ninety eight million two hundred seventy nine thousand one) bearer
ordinary shares and

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	 	 	3,957,168 (in words: three million nine hundred fifty seven thousand one hundred sixty
eight) non-voting bearer preference shares.
	 
	 	 	In case of issuance of non-voting bearer preference shares, particulars thereof are set
forth in Article 19.
	 
	 	 	No consent of the preferred shareholders shall be required for the issuance of non-voting
bearer preference shares which, for the distribution of the profits or the corporate
assets, will be equal to or be preferred to the non-voting bearer preference shares
existing from time to time, if and to the extent that the subscription rights of the
preference shareholders are not excluded.
	 
	(2)	 	The capital stock in the amount of DM 100,000.00 (in words: one hundred thousand Deutsche
Mark) available at the transformation of the Company into a Stock Corporation was raised
through change of the legal form of the legal entity of previous legal form, Fresenius Medical
Care GmbH with registered office in Hof an der Saale.
	 
	 	 	The capital stock in the amount of EUR 250,271,178.24 (in words: two hundred and fifty
million two hundred and seventy one thousand one hundred seventy eight Euro and twenty four
Cent) available at the transformation of the Company into a partnership limited by shares
(KGaA) was raised through change of the legal form of the legal entity of previous legal
form, Fresenius Medical Care AG with registered office in Hof an der Saale.
	 
	(3)	 	The General Partner is authorized up to 10 May 2015 to increase the share capital of the
Company with the approval of the Supervisory Board once or several times by up to a total of
EUR 35,000,000.00 (in words: thirty-five million Euros) for cash by the issue of new bearer
ordinary shares (Authorized Capital 2010/I). The number of shares must be increased in the
same proportion as the share capital. The shareholders have, in principle, a pre-emption
right. The new shares can also be taken up by credit institutions nominated by the general
partner with the obligation to offer them to the shareholders of the Company (indirect
pre-emption right). The general partner is, however, authorized with the approval of the
supervisory board to exclude the pre-emption right of the shareholders in order to exclude
fractions from the pre-emption right. The general partner is also authorized with the approval
of the supervisory board to determine the other details for the implementation of capital

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	 	 	 increases from the Authorized Capital 2010/I. The supervisory board is authorized to amend
the wording of the Articles of Association accordingly after complete or partial
implementation of the increase of the share capital from the Authorized Capital 2010/I or
after the expiry of the period of authorization.
	 
	(4)	 	The general partner is authorized up to 10 May 2015 to increase the share capital of the
Company with the approval of the supervisory board once or several times by up to a total of
EUR 25,000,000.00 (in words: twenty-five million Euros) for cash or contributions in kind by
the issue of new bearer ordinary shares (Authorized Capital 2010/II). The number of shares
must be increased in the same proportion as the share capital. The shareholders have, in
principle, a pre-emption right. The new shares can also be taken up by credit institutions
nominated by the general partner with the obligation to offer them to the shareholders of the
Company (indirect pre-emption right). The general partner is, however, authorized with the
approval of the supervisory board to exclude the pre-emption right of the shareholders

	 	•	 	in the case of one or more capital increases for contributions in kind for the
purpose of acquiring companies, parts of companies, interests in companies or other
assets, or
	 
	 	•	 	in the case of one or more capital increases for cash if the issue price for the
shares does not significantly fall below the stock exchange price of the shares of the
same class already listed and the proportionate amount of the share capital of the
Company attributable to the shares issued with exclusion of pre-emption rights exceeds
10% of the share capital neither at the time of this authorization coming into effect
nor at the time of the use of the authorization. To be set-off against this limitation
is the proportionate amount of share capital attributable to new shares or shares of
the Company previously acquired by the Company itself which are issued or sold during
the period of validity of this authorization with exclusion of pre-emption rights in
direct, analogous or corresponding application of Section 186 (3) sent. 4 German Stock
Corporation Act and the proportionate amount of the share capital attributable to
shares issued or to be issued to satisfy option or conversion rights or discharge
option or conversion obligations from bonds, if the bonds are issued during the period
of validity of this authorization with exclusion of pre-emption

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	 	 	 	rights in analogous application of Section 186 (3) sent. 4 German Stock Corporation
Act.

	 	 	The general partner is also authorized with the approval of the supervisory board to
determine the further details for the implementation of capital increases from the
Authorized Capital 2010/II. The supervisory board is authorized to amend the wording of the
Articles of Association accordingly after complete or partial implementation of the
increase of the share capital from the Authorized Capital 2010/II or after the expiry of
the period of authorization.
	 
	(5)	 	The capital of the Company is conditionally increased by up to EUR 5,147,811.00 (in words:
five million one hundred forty seven thousand eight hundred eleven Euro) by the issue of up to
3,109,354 (in words: three million one hundred nine thousand three hundred fifty four) new
non-voting bearer preference shares and by up to 2,038,457 (in words: two million thirty eight
thousand four hundred fifty seven) new bearer ordinary shares. The conditional capital
increase will be implemented only to the extent that, in accordance with the international
employee participation program resolved on by the general meeting of 23.05.2001 convertible
bonds relating to non-par value shares have been issued and the holders of convertible bonds
exercise their right of conversion. The new non-voting bearer preference shares and the new
bearer ordinary shares shall participate in profits from the beginning of the fiscal year in
which they arise by the exercise of the right of conversion.
	 
	(6)	 	The capital of the Company is conditionally increased by up to EUR 13,078,992.00 (in words:
thirteen million seventy eight thousand nine hundred ninety two Euro) by the issue of up to
13,078,992 (in words: thirteen million seventy eight thousand nine hundred ninety two) new
bearer ordinary shares. The conditional capital increase will be implemented only to the
extent that options have been issued in accordance with the Stock Option Program 2006 under
the resolutions of the general meeting of 9 May 2006 and 15 May 2007, the holders of options
exercise their right and the Company for the satisfaction of the options does not grant any of
its own shares, for the granting and processing of options of members of the management board
of the general partner, its supervisory board is exclusively competent. The new bearer
ordinary shares participate in profits from the beginning of the financial year in which they
are issued.

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	(7)	 	The capital of the Company is conditionally increased by up to 12,000,000.00 EUR (in words:
twelve million Euro) by the issuance of up to 12,000,000 (in words: twelve million) new
non-par value bearer ordinary shares. The conditional capital increase will be implemented
only to the extent that options have been issued in accordance with the Stock Option Program
2011 under the resolution of the general meeting of 12 May 2011, the holders of options
exercise their right and the Company for the satisfaction of the options does not grant any of
its own shares, for the granting and processing of options of members of the management board
of the General Partner, its supervisory board is exclusively competent. The new non-par value
bearer ordinary shares participate in profits from the beginning of the financial year in
which they are issued.
	 
	(8)	 	In case of a capital increase, the profit participation may be determined in derogation from
Section 60 (2) German Stock Corporation Act (AktG).

Art. 5 Shares

	(1)	 	The shares will be non-par value bearer shares.
	 
	(2)	 	The Company shall be entitled to issue share certificates made out to bearer each evidencing
a plurality of shares (collective share certificates). There is no claim of the shareholders
to share certificates with respect to their individual participation.
	 
	(3)	 	The form of the share certificates and of the dividend coupons and renewal coupons shall be
determined by the general partner with the consent of the supervisory board.
	 
	(4)	 	The Company shall take the necessary measures to achieve that its shares will, preferably, be
admitted for official quotation on the stock exchange in Frankfurt am Main and in suitable
form — e.g. as American Depositary Shares — on the New York Stock Exchange and that such
admissions will be maintained. With the consent of the supervisory board which must decide
unanimously on such consent, the general partner may determine deviations from this provision.

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	III.	 	Constitution of the Company

A. General Partner

Art. 6 General Partner, Capital Contribution, Legal Relationships and

Resignation

	(1)	 	General partner of the Company is

Fresenius Medical Care Management AG

	 	 	with registered office in Hof an der Saale.
	 
	(2)	 	The general partner has not made a capital contribution. It shall neither participate in the
profit or the loss of the Company nor in its assets.
	 
	(3)	 	The general partner will cease to be general partner of the Company if and when all shares in
the general partner are no longer held directly or indirectly by a person holding more than 25
per cent of the capital of the Company, directly or indirectly via a controlled enterprise in
the sense of Section 17 (1) German Stock Corporation Act (AktG); this will not apply if and
when all shares in the general partner are held directly or indirectly by the Company.
	 
	 	 	Additionally, the general partner will cease to be general partner of the Company, if the
shares in the general partner are acquired by a person

	 	•	 	who does not acquire shares of the Company in the amount of more than 25 per cent of
the capital of the Company or
	 
	 	•	 	who had not, within three months after the effectiveness of such acquisition,
submitted a voluntary or mandatory takeover offer to the shareholders of the Company
according to the rules of the German Takeover Act (WpÜG); the fair consideration offered
to the shareholders must also reflect the consideration which the purchaser had paid for
the share in the general partner, if the amount for such consideration is above the
amount of its equity capital.

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	 	 	The other grounds for withdrawal as provided for by law remain unaffected with respect to the
general partner.
	 
	(4)	 	If the general partner withdraws from the Company or if such withdrawal can be foreseen, the
supervisory board is authorized and obliged to admit immediately, or at the time of the
withdrawal of the general partner, as new general partner of the Company a corporation whose
shares are fully owned by the Company. If the general partner withdraws from the Company while
no new general partner is admitted simultaneously as aforesaid, the Company shall for the time
being be continued by the limited shareholders of the Company alone. In such case, the
supervisory board shall immediately apply for the appointment of a substitute representative
who will represent the Company until the admission of a new general partner according to
sentence 1 of this paragraph, in particular with respect to the acquisition or formation of
such new general partner.
	 
	 	 	The supervisory board is authorized to adjust the version of the Articles of Association so
as to reflect the change of the general partner.
	 
	(5)	 	In the case of the continuing of the Company pursuant to Article 6 paragraph (4) of these
Articles of Association or in the case that all shares in the general partner are held
directly or indirectly by the Company an extraordinary general meeting or the next annual
general meeting shall decide about the transformation of the Company into a stock corporation
(Aktiengesellschaft). The resolution with respect to such transformation can be taken with a
simple majority of the votes cast. The general partner is obliged to consent to such
transformation decided by the general meeting.

Art. 7 Management and Representation of the Company, Reimbursement of

Expenses and Remuneration

	(1)	 	The Company shall be represented by its general partner. Vis-à-vis the general partner the
Company shall be represented by the supervisory board.

	(2)	 	The general partner shall be responsible for management of the Company. The general partner’s
management authority also encompasses exceptional management measures. The right of the
shareholders to consent to exceptional management measures at the general meeting is excluded.

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	(3)	 	The general partner shall be reimbursed for any and all expenses in connection with
management of the Company’s business, which includes remuneration of the members of its
executive bodies. The general partner shall invoice its expenses monthly; it is entitled to
claim payment in advance.

	(4)	 	As consideration for assuming the management of the Company and the liability, the general
partner shall receive a non-profit-and-loss-based annual remuneration of 4 per cent of its
equity capital.

	(5)	 	The general partner is not authorized to undertake transactions for its own or for another’s
account outside the scope of its responsibilities within the Company.

B. Supervisory Board

Art. 8 Election and Term of Office of the Supervisory Board

	(1)	 	The supervisory board consists of six (6) members.
	 
	 	 	All six (6) members shall be elected by the general meeting according to the provisions of
the German Stock Corporation Act (AktG). The resolution can only be taken with a majority of
a minimum of 75 per cent of the votes cast.
	 
	(2)	 	Unless expressly otherwise resolved by the general meeting, the supervisory board members
shall be appointed to hold office until the end of the ordinary general meeting which resolves
on the discharge for the fourth fiscal year after commencement of the term of office. The year
in which the term of office commences shall not be considered for this calculation.
Re-election of supervisory board members shall be permissible.
	 
	(3)	 	If a member elected by the general meeting withdraws from the supervisory board before
expiration of his term of office, a new member is to be elected in the next general meeting to
replace the withdrawing member. The newly elected member shall hold office for the remaining
term of office of the withdrawing member.

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	(4)	 	The general meeting may, for the supervisory board members to be elected by it, appoint
substitute members who will become members of the supervisory board on the basis of a specific
order to be determined upon election if and when supervisory board members withdraw before
expiration of their term of office. Their position as substitute members shall revive if and
when the general meeting elects a new member instead of the withdrawing supervisory board
member replaced by such substitute member. The term of office of the substitute member shall
end upon completion of the general meeting in which an election according to Article 8
paragraph (3) is made.

	(5)	 	Each member of the supervisory board may resign from office by giving one month’s written
notice even without good cause.

Art. 9 Constitution of the Supervisory Board

	(1)	 	Following the general meeting in which the supervisory board has been newly elected, the
supervisory board shall hold a meeting without special notice of meeting and, where necessary,
shall elect in such meeting from among its members a chairman and a deputy chairman for the
whole term of office of the elected persons as supervisory board members.

	(2)	 	If the chairman or his deputy resigns his office before expiration of his term of office, the
supervisory board shall immediately hold a new election to replace the resigning
chairman/deputy.

Art. 10 Meetings and Resolutions of the Supervisory Board

	(1)	 	The meetings of the supervisory board shall be called by the chairman by notice subject to a
notice period of fourteen (14) days. The meetings may be called in writing, by fax or by other
electronic means of communication. The items on the agenda must be stated in the invitation to
the meeting. Notwithstanding sentence 2, in urgent cases, this period may be shortened and the
meeting may be called by telegram, telex or telephone.

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	(2)	 	The meetings of the supervisory board shall in the regular case be by personal attendance. It
is, however, admissible that meetings of the supervisory board be held by way of a video
conference or that individual supervisory board members participate by way of video link,
provided that in these cases the passing of resolutions also takes place by way of a video
conference or video link. Outside of meetings, resolutions in writing, telegraph, telex, fax,
telephone or electronic communication (e-mail etc.) are admissible, if this is ordered by the
chairman of the supervisory board, or in the event of his being unable to act, by his deputy.

	(3)	 	The supervisory board shall constitute a quorum if half the members making up the entire
board take part in the adoption of the resolution.

	(4)	 	If members of the supervisory board are prevented from attending the meeting, they may have
another member of the supervisory board submit their written votes. Such delivery of the
written vote shall be deemed to be participation in the adoption of the resolution.

	(5)	 	Resolutions of the supervisory board shall require the majority of the votes cast unless
otherwise provided by law or the Articles of Association. In case of a tie, a new vote shall
be taken on the same issue at the request of the chairman of the supervisory board or of
another member of the supervisory board. In the event that such new vote leads again to a tie,
the chairman of the supervisory board shall have two (2) votes (to the legally permissible
extent, this shall apply also to committees of the supervisory board of which he is a member).
Article 10 paragraph (4) shall be applicable to the casting of the second vote. The deputy
chairman of the supervisory board shall not be entitled to such second vote.

	(6)	 	Minutes of the meetings of the supervisory board shall be prepared in the English language.
The minutes shall be signed by the chairman of the meeting. Any minutes to be prepared outside
of the meeting by personal attendance (Präsenzsitzung), as outlined in Article 10 paragraph
(2) with respect to resolutions shall be signed by the chairman of the supervisory board. On
demand of a member of the supervisory board a German translation of the minutes shall be
prepared.

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Art. 11 Rights and Duties of the Supervisory Board

	(1)	 	The supervisory board shall have the rights and duties defined by mandatory legal provisions
and these Articles of Association.

	(2)	 	The supervisory board shall, at any time, have the right to supervise the entire management
of the general partner and to inspect and audit all books and records, including the minutes
of the meetings of the management board of the general partner, as well as the assets of the
Company. This right to inspect and audit can also be claimed by any individual supervisory
board member. The supervisory board member must direct his request to the chairman of the
supervisory board who shall pass the request on to the chairman of the management board of the
general partner or, in the case that a chairman does not exist, to the management board of the
general partner.

	(3)	 	The general partner shall regularly report to the supervisory board. In addition, the
supervisory board may request the submission of a report if and when there is reasonable cause
therefore including where such cause relates to a business event at an affiliated company
which has become known to the general partner and which may substantially influence the
situation of the Company. Article 11 paragraph (2), sentences 2 and 3 apply mutatis mutandis
with the proviso that a report only to the supervisory board can be demanded.

	(4)	 	If the Company holds a participation in its general partner, all rights of the Company under
and with respect to such participation (e.g. voting rights, information rights etc.) will be
exercised by the supervisory board.

	(5)	 	The supervisory board shall be entitled, without resolution of the general meeting, to make
any amendments to the Articles of Association which concern only the wording.

Art. 12 Rules of Procedure of the Supervisory Board, Audit and

Corporate Governance Committee

	(1)	 	The supervisory board shall, within the statutory provisions and the Articles of Association,
provide itself with rules of procedure which shall, in particular,

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	 	 	also take account of the interests of the non-German speaking supervisory board members.

	(2)	 	The supervisory board has an audit and corporate governance committee. The audit and
corporate governance committee has three members at least two of whom are independent members.
Independent members are persons who, apart from their membership of the supervisory board of
the general partner or of Fresenius AG, have no significant business, professional or personal
relations with the Company or any of its affiliates. The audit and corporate governance
committee reviews the report of the general partner on relations to affiliates without
affecting the competence of the supervisory board. The report of the supervisory board is to
contain a report on the activity of the audit and corporate governance committee and its
proposals. The rules of procedures of the audit and corporate governance committee shall
provide more detailed provisions.

Art. 13 Remuneration of Supervisory Board Members

	(1)	 	The members of the supervisory board shall be reimbursed for the expenses incurred in the
exercise of their office, including any value-added tax.

	(2)	 	Each member of the supervisory board shall receive a fixed fee of USD 80,000.00 per annum for
each full fiscal year, payable in four equal installments at the end of each calendar quarter.

	(3)	 	The chairman of the supervisory board shall receive additional remuneration in the amount of
USD 80,000.00 and his deputy additional remuneration in the amount of USD 40,000.00.

	(4)	 	For each full fiscal year, each member of the supervisory board shall also receive a variable
performance-related remuneration which is based upon the respective average growth of earnings
per share of the Company (EPS) during the period of the last three (3) fiscal years prior to
the payment date. The amount of this variable remuneration component is determined by the
following formula:

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	3-year average EPS growth	 	Amount of variable remuneration
	(as %)	 	(in USD)
	8.00 — 8.99

	 	60,000.00	 
	9.00 — 9.99

	 	70,000.00	 
	≥ 10.00

	 	80,000.00	 

	 	 	If the aforementioned three percentage margins are reached, the respective variable
remuneration amounts are earned to their full extent, i.e. within these margins there is no
pro rata remuneration (e.g. 8.00% = USD 60,000.00; 8.99% = 60,000.00).
	 
	 	 	In any case, the variable remuneration component pursuant to this Article 13 (4) is capped at
the maximum amount of USD 80,000.00 per annum. Reciprocally, the members of the supervisory
board are only entitled to the variable remuneration component if the 3 year average EPS
growth of at least 8.00% is reached.
	 
	 	 	The variable remuneration component according to this Article 13 (4) is in principle
disbursed on a yearly basis, namely following approval of the Company’s annual financial
statements at the end of the calendar quarter in which the Company’s annual financial
statements are approved; for the first time, the payment may take place after the
approval of the annual financial statements for fiscal year 2011, i.e. based on the 3
year average EPS growth for fiscal years 2009, 2010, 2011.
	 
	(5)	 	In the event that the general meeting, taking into consideration the respective relevant
annual results, resolves a higher remuneration (fixed fee, variable remuneration) by a three
fourths majority of the votes cast, such higher remuneration shall be payable.
	 
	(6)	 	As a member of a committee, a supervisory board member shall receive an additional amount of
USD 40,000.00 per year. As chairman of a committee, a member of the committee shall in
addition receive USD 20,000.00 per year and as deputy chairman an additional USD 10,000.00
respectively, payable in each case in four equal installments at the end of each calendar
quarter. For memberships in the Nomination Committee and in the Joint Committee (Articles 13a
et

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	 	 	seqq.) as well as in the capacity of their respective chairmen and deputy chairmen, no
separate remuneration shall be granted. Section 13e (3) shall remain unaffected.
	 
	(7)	 	If a fiscal year is not a complete calendar year, the remuneration relating to a full fiscal
year shall be paid on a pro rata temporis basis.
	 
	(8)	 	To the extent that a member of the supervisory board is at the same time a member of the
supervisory board of the General Partner Fresenius Medical Care Management AG and receives
remuneration for his services as a member of the supervisory board of Fresenius Medical Care
Management AG, the remuneration according to Article 13 (2) and (4) will be reduced to half of
it respectively. The same shall apply in relation to additional remuneration of the chairman
and his deputy according to Article 13 (3) if such person is, at the same time, the chairman
or deputy chairman, respectively, of the supervisory board of Fresenius Medical Care
Management AG. If the deputy chairman of the supervisory board of the Company is at the same
time chairman of the supervisory board of Fresenius Medical Care Management AG he shall not
receive additional remuneration according to Article 13 (3) for his services as deputy
chairman of the Supervisory Board of the Company.
	 
	(9)	 	To the extent that a member of a committee is at the same time a member of a supervisory
board committee of Fresenius Medical Care Management AG and receives remuneration for his
services as a member of such supervisory board committee, this remuneration will be set off
against the respective amount of remuneration received pursuant to Article 13 (6), if the
committees in both companies have the same functions and competences; apart from that, no
further setoff or adjustment shall take place.
	 
	(10)	 	The Company shall pay the remuneration of the supervisory board members subject to statutory
deductions.
	 
	(11)	 	The Company shall provide the members of the supervisory board with an insurance protection
regarding the fulfillment of their duties as such members of the supervisory board which is
subject to an appropriate deductible.

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C. Joint Committee

Art. 13a Joint Committee

The Company has a joint committee consisting of two members of the supervisory board of the general
partner delegated by the general partner and two members of the supervisory board of the Company
(Joint Committee). The general partner shall appoint one of its delegates to be chairman of the
Joint Committee.

Art. 13b Appointment and Period of Office of Members of the Joint Committee

	(1)	 	Section 103 (2) German Stock Corporation Act (AktG) shall apply to the members of the joint
committee to be delegated by the general partner.
	 
	(2)	 	The members of the supervisory board of the Company on the joint committee will be appointed
by resolution of the general meeting. For the appointment and removal of members of the
supervisory board of the Company in the joint committee, the provisions on the election and
removal of members of the supervisory board in Sections 103 (1) and (5), 124 (3) sent. 1, 127,
137, 285 (1) sent. 2 No. 1 German Stock Corporation Act (AktG) apply accordingly. If a member
of the supervisory board of the Company on the joint committee leaves the joint committee
prior to the expiry of his period of office and no replacement member is appointed, the
supervisory board of the Company shall appoint a replacement member from among its members,
the period of office of whom will end at the ending of the next ordinary general meeting of
the Company.
	 
	(3)	 	For the members of the joint committee Section 103 (3) sent. 1 and 4 German Stock Corporation
Act (AktG) apply accordingly. The joint committee shall decide on resolutions with a simple
majority.
	 
	(4)	 	The provisions in Art. 8 (2) to (5) shall apply to the election and periods of office of
members of the joint committee unless otherwise provided in subsecs. (1) and (2).

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Art. 13c Rights and Duties of the Joint Committee

	(1)	 	The general partner requires the approval of the joint committee for the following matters:

	 	a)	 	transactions between the Company and companies controlled by it on the one hand
and a company which controls the Company or a company which is controlled by the
controlling company, without at the same time being controlled by the Company on the
other side, if considerable importance is attributed to them and the consideration in
the transaction in a single case or — in the case of long-term transactions — the
annual expense exceeds 0.25% of the group turnover. The group turnover as shown in the
group financial statements of the Company presented most recently to the general meeting
according to Sections 278 (3), 176 (1) sent. 1 German Stock Corporation Act (AktG) is
decisive.
	 
	 	b)	 	The acquisition and sale of significant participations and parts of companies;
	 
	 	c)	 	the spin-off of significant parts of the business from the assets of the Company
or of a company in which it holds directly or indirectly all the shares;
	 
	 	d)	 	part mergers which refer to a significant part of the business;
	 
	 	e)	 	conclusion of inter-company agreements between a company significantly under the
control of the Company and a third party;
	 
	 	f)	 	conclusion of leases of operations with third parties insofar as the subject
matter of the lease is a significant part of the business;
	 
	 	g)	 	the stock market flotation of significant companies controlled by the Company;
	 
	 	h)	 	the conclusion of profit-sharing agreements between a company significantly
controlled by the Company and a third party.

	(2)	 	Matters referred to in (1) b) to h) are significant if 40% of the group turnover, the group
balance sheet total and the group profit (annual surplus prior to interest and tax/EBIT) is
affected by the matter. The significance shall be determined

17

 

	 	 	on the basis of the mathematical average of the said figures in the audited and
unreservedly certified group accounts of the Company in the previous three financial years.
	 
	(3)	 	The competences and rights of the general meeting under statute and the Articles of
Association remain unaffected.

Art. 13d Meetings and Resolutions of the Joint Committee

	(1)	 	Meetings of the joint committee will be called by its chairman stating the matter which is to
be the subject of a resolution.
	 
	(2)	 	The chairman of the joint committee shall with the invitation, but at the latest the third
day prior to the meeting of the joint committee, transmit a report of the general partner on
the matters which are the subject matter of resolutions. The report shall conclude with a
draft resolution of the general partner.
	 
	(3)	 	Every member of the joint committee can demand information on all affairs of the Company
which are the subject matter of resolutions, from the general partner. At the request of two
members of the joint committee, the members of the joint committee are to be granted the
facility to inspect the books and documents of the Company if and to the extent a reference to
the subject matter of the resolution exists.
	 
	(4)	 	The joint committee has a quorum if at least three members participate in the taking of the
resolution. If a resolution is not passed because of the lack of a quorum, the chairman of the
joint committee shall again call a meeting of the joint committee with notice of at least one
week, which shall then have a quorum if at least two members participate in the taking of the
resolution. The joint committee decides by a majority of the votes. Every member of the joint
committee has one vote. In the case of a tie, a new vote on the same subject is to be taken on
the application of the chairman or another member of the joint committee. In that vote, if
there is also a tie, the chairman of the joint committee has two votes.
	 
	(5)	 	Unless otherwise provided in (1) to (4), Art. 10 of the Articles of Association shall apply
to the meetings and the resolutions of the joint committee.

18

 

Art. 13e Rules of Procedure, Report, Remuneration

	(1)	 	The joint committee can, subject to mandatory legal provisions and the Articles of
Association of the Company give itself rules of procedure which will, in particular, take
account of the interests of the non-German speaking members of the joint committee.
	 
	(2)	 	If the joint committee has met, it shall report to the general meeting on its activities.
Section 171 (2) sent. 1 and 2 (first half sentence) German Stock Corporation Act (AktG) and
Section 176 (1) sent. 1 German Stock Corporation Act (AktG) shall apply mutatis mutandis. If
resolutions are passed by the exercise of the second vote of the chairman of the joint
committee, this is to be disclosed in the report.
	 
	(3)	 	The members of the joint committee shall receive USD 3,500.00 for a meeting. Article 13 (1),
(10), and (11) of the Articles of Association shall be applied accordingly.

Art. 13f Duty of Care and Responsibility of the Members of the Joint Committee

Section 116 German Stock Corporation Act (AktG) applies to the members of the joint committee
mutatis mutandis.

D. General Meeting

Art. 14 Calling of the General Meeting

	(1)	 	The general meeting is, unless a shorter period is not permitted by law, to be called at
least thirty days prior to the day of the general meeting. This notice period shall be
extended by the days of the period for registration (Article 15 (1)). The day of the general
meeting and the day of calling it shall not be included in the calculation of the notice
period.

19

 

	(2)	 	No later than on the last day of the convocation period, also the English short version
pursuant to Article 3 paragraph (2) shall be published, if necessary.

	(3)	 	The general meeting shall be held at the place where the registered office of the Company is
located, or in a German city where a stock exchange is situated or at the place where the
registered office of a domestic affiliated company is located.

Article 15 Attendance at the General Meeting and Exercise of the Voting Right

	(1)	 	Only those shareholders are entitled to attend the general meeting and to exercise the voting
right who have registered and provided evidence of their entitlement. As evidence of
entitlement, evidence of the shareholding by the depositary institution is required. The
evidence must relate to the beginning of the 21st day (0:00 a.m. at the registered office of
the Company) prior to the general meeting. The registration and the evidence of entitlement
must be received by the Company in text form in the German or English language at least six
days prior to the general meeting under the address specified in the invitation to the general
meeting for that purpose. In the invitation, a shorter period measured in days can be
provided. The day of the general meeting and the day of the receipt of the registration and
the evidence shall not be included in the calculation of the period.
	 
	(2)	 	The members of the management board of the general partner and of the supervisory board
should personally attend the general meeting. If it is not possible for a member of the
supervisory board to attend at the place of the general meeting, in particular, because he is
abroad for cause, he may participate in the general meeting by way of picture and sound
transmission.
	 
	(3)	 	The voting right can be exercised by a proxy. To the extent no simplification is specified in
the invitation to the General Meeting, the issue of the proxy, its revocation and the evidence
of authorization to the Company require text form; Section 135 German Stock Corporation Act
remains unaffected.

20

 

Art. 16 Date of the Ordinary General Meeting

The general meeting which resolves on the adoption of the annual financial statement and on the
discharge of the general partner and the supervisory board and on the disposition of the profits
(ordinary general meeting) shall be held within the first eight (8) months of a fiscal year.

Art. 17 Chairmanship at the General Meeting and Voting

	(1)	 	The general meeting shall be chaired by the chairman of the supervisory board or, if he is
prevented or at the request of the chairman of the supervisory board, by another supervisory
board member to be designated by the chairman of the supervisory board. If and when no such
designation has been made and the chairman of the supervisory board is prevented, another
member to be designated by the supervisory board shall preside over the general meeting.
	 
	(2)	 	The chairman shall chair the meeting and determine the order of items to be dealt with as
well as the kind and form of the voting. The chairman is entitled to reasonably limit the
speaking time of the shareholders and the time to ask questions from the beginning of the
general meeting on, if such limitation is allowed by law.
	 
	(3)	 	The majorities of the votes cast and of the capital stock represented for the adoption of the
resolution which are required for the resolutions of the general meeting shall be governed by
the statutory provisions, unless otherwise provided for in these Articles of Association. In
case of a tie, a proposal shall be deemed denied.
	 
	(4)	 	Each ordinary share shall grant one (1) vote at the general meeting. The preference shares
have no voting rights, unless otherwise required by mandatory legal provisions; otherwise,
sentence 1 of this paragraph shall apply mutatis mutandis.
	 
	(5)	 	The chairman can decide that the entire general meeting or extracts therefrom be transmitted
in sound and/or picture. Such transmission can even be in a form to which the public has
unlimited access. The form of the transmission should be made known in the invitation.

21

 

	(6)	 	To the extent that the resolutions of the general meeting are subject to the consent of the
general partner, the general partner shall declare at the general meeting whether consent to
the resolutions will be given or will be refused.

IV. Annual Financial Statement and Disposition of Profits

Art. 18 Fiscal Year, Rendering of Accounts

	(1)	 	The fiscal year shall be the calendar year.
	 
	(2)	 	Within the first three (3) months of the fiscal year but no later than within the maximum
period required by mandatory legal provisions, the general partner shall prepare the annual
financial statement and the management report for the preceding fiscal year and submit the
same to the supervisory board without delay. The general partner may allocate in the annual
financial statement a part of the annual net profit up to the half of the annual net profit to
other revenue reserves.
	 
	(3)	 	The supervisory board shall commission the audit by the auditors of the financial statements.
Before the audit report of the auditors is forwarded to the supervisory board, the general
partner shall be given the opportunity to express its opinion.
	 
	(4)	 	At the same time as the submission of the annual financial statement and the management
report the general partner shall provide the supervisory board with the proposal on the
appropriation of the net profits.
	 
	(5)	 	The annual financial statement shall be approved by a resolution of the general meeting with
the consent of the general partner.
	 
	(6)	 	Article 18 paragraphs (2) and (3) shall apply correspondingly to group financial statements
and to a report on the economic group position, as far as Section 170 (1) sent. 2 German Stock
Corporation Act (AktG) is applicable to the Company as Parent Company.

22

 

Art. 19 Disposition of Profits

	(1)	 	The general meeting shall resolve on the disposition of the balance sheet profits subject to
the following paragraphs (2) to (4) of this Article.
	 
	(2)	 	Out of the annual balance sheet profits, the non-voting bearer preference shares shall
receive a dividend which exceeds that for the ordinary shares by an amount of EUR 0.02 per
preference share, but at least a dividend in an amount of EUR 0.04 per preference share.
	 
	(3)	 	The minimum dividend of EUR 0.04 per preference share shall take precedence over the
distribution of a dividend on the ordinary shares.
	 
	(4)	 	In the event that the balance sheet profits for one or more fiscal years are insufficient to
distribute EUR 0.04 per preference share, the lacking sums shall be paid subsequently without
interest out of the balance sheet profits for the following fiscal years, i.e. after
distribution of the minimum dividend on the preference shares for these fiscal years and
before distribution of a dividend on the ordinary shares. The right to subsequent payment
shall be part of the profit share for the fiscal year from the balance sheet profits of which
the subsequent payment on the preference shares is made.

V. Miscellaneous

Art. 20 Partial Invalidity

Should any of the provisions of these Articles of Association be or become ineffective in whole or
in part, or should these Articles of Association have a regulatory gap, the validity of the
remaining provisions hereof shall not be affected. The Parties shall replace any such ineffective
provision by an adequate provision that, as far as legally possible, comes closest to the intent
and purpose of these Articles of Association; The same shall apply in case of a regulatory gap.

23

 

Art. 21 Formation Expenses

	(1)	 	The formation expenses (Notary’s fees, court costs, costs of notification) amount up to DM
5,000.00 (in words: five thousand German Marks).

	(2)	 	Additionally, the Company has to bear the expenses for the transformation of Fresenius
Medical Care AG into Fresenius Medical Care AG & Co. KGaA in an amount up to EUR 7,500,000.00
(in words: seven million five hundred thousand Euro).

24exv10w2

Exhibit 10.2

FRESENIUS
MEDICAL CARE AG & Co. KGaA

STOCK OPTION PLAN 2011

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	CLAUSE	 	PAGE	 
	1. PREAMBLE AND PURPOSE
	 	 	- 1 -	 
	2. GRANT OF OPTIONS
	 	 	- 1 -	 
	3. OPTIONS
	 	 	- 2 -	 
	4. PARTICIPANTS AND DISTRIBUTION OF THE OPTIONS
	 	 	- 2 -	 
	5. EXERCISE PRICE
	 	 	- 3 -	 
	6. CONDITIONS FOR THE EXERCISE OF THE OPTIONS
	 	 	- 3 -	 
	7. EXERCISE OF THE OPTIONS
	 	 	- 6 -	 
	8. EFFECTIVENESS OF THE EXERCISE OF THE OPTIONS
	 	 	- 7 -	 
	9. OPTION OFFICE
	 	 	- 8 -	 
	10. ADJUSTMENT OF THE EXERCISE PRICE
	 	 	- 8 -	 
	11. OPTIONS IN SPECIAL CASES
	 	 	- 9 -	 
	12. TRANSFERABILITY AND FORFEITURE
	 	 	- 11 -	 
	13. TAXES, CONTRIBUTIONS AND OTHER EXPENSES
	 	 	- 11 -	 
	14. PROCEDURE, ENDING AND ADJUSTMENT OF THE PLAN
	 	 	- 12 -	 
	15. LIABILITY RISKS, EXCHANGE RISKS AND TAX RISKS
	 	 	- 14 -	 
	16. MISCELLANEOUS PROVISIONS
	 	 	- 14 -	 
	17. DEFINITIONS
	 	 	- 15 -	 

-ii-

 

	1.	 	Preamble and Purpose
	 
	1.1	 	The ordinary General Meeting of Fresenius Medical Care AG & Co. KGaA (the Company) on 12 May
2011 decided (i) to increase the capital up to 12,000,000.00 Euro subject to the issuance of
12,000,000 non-par value bearer ordinary shares of the Company by way of creating conditional
capital and (ii) to grant these options to members of the management board of Fresenius
Medical Care Management AG (the General Partner) in their capacity as organs of the General
Partner of the Company, to the members of the management boards of Affiliated Companies of the
Company and to managerial staff members (Führungskräfte) of the Company and its Affiliated
Companies within the FMC Group (the Options), which entitle them to purchase a total maximum
of 12,000,000 Shares. Members of the management and employees exclusively employed by
Fresenius SE & Co. KGaA or its Affiliated Companies which are affiliated to the Company only
through Fresenius SE & Co. KGaA are excluded. Instead of new Shares to fulfill the obligation
out of this stock option plan (the Plan), Shares which have been acquired by the Company or
which the Company itself has in its own possession can also be issued if a separate
authorizing resolution is passed by the general meeting.
	 
	1.2	 	The Plan contains the requirements, conditions and procedures for the grant and exercise of
the Options (the Option Conditions) and has been adopted by the General Partner and, in so far
as members of the management board of the General Partner are entitled under this plan, by the
supervisory board of the General Partner.
	 
	1.3	 	The purpose of this Plan is to align the interests of the management boards and the
managerial staff members with the interest of the shareholders in encouraging the long term
growth of the Company. This Plan offers the Participants an internationally competitive and
transparent remuneration component which combines the long term benefits for the Participants
with the sustained success of the Company. The Plan therefore constitutes an incentive to
direct decisions at the achievement of the ambitious, clearly defined Success Target for the
Company.
	 
	2.	 	Grant of Options
	 
	2.1	 	The grant of the total Options available under the Plan should be made as far as possible in
equal tranches within the Authorization Period. This can, however, be subject to deviation in
the case of objective grounds (sachliche Gründe), decided

--1--

 

	 	 	by the General Partner’s supervisory board with respect to Options granted to the management board of the General Partner,
otherwise by the General Partner.

	2.2	 	The Options will be granted to the Participants two times a year in each case with effect as
of the last Monday in July and/or the first Monday in December (both days are referred to as
the Grant Date in each case). The grant shall be made in text form. If the conditional capital
created by the General Meeting resolution of 12 May 2011 is not entered in the commercial
register prior to 22 July 2011, Options will be granted for the first time on the first
working day of the calendar month following the entry.
	 
	2.3	 	The grant of Options will be made without any additional payment (Zuzahlung).
	 
	2.4	 	The Options will not be evidenced by certificates.
	 
	3.	 	Options
	 
	3.1	 	The Options issued under the Plan entitle the relevant persons to purchase Shares in
accordance with the terms of the Option Conditions.
	 
	3.2	 	One Option carries the entitlement to purchase one Share of the Company. In this Plan, a
total of up to 12,000,000 Options which grant entitlement to subscribe for a total of
12,000,000 Shares may be issued within the Authorization Period. The right to purchase Shares
can be satisfied either out of the conditional capital created for that purpose or from the
Company’s stock of its own Shares. If the management board of the General Partner is
concerned, its supervisory board will decide how to satisfy the right deriving from Options,
and for the other Participants, the General Partner will make such decisions.
	 
	3.3	 	An Option has a term of eight years from the time at which it is granted to the Participant.
	 
	4.	 	Participants and Distribution of the Options
	 
	4.1	 	Options can be issued only to the following groups of persons (hereinafter referred to as the
Participants); the maximum limits stated below may not be exceeded (in relation in each case
to the entire group):

	 	 	 	 	 	 	 

	 

	 	(a)
	 	Members of the management board
of the General Partner
	 	max. 2,000,000 Options
	 
	 	 	 	 	 	 
	 

	 	(b)
	 	Members of the management boards
of Affiliated Companies within the
FMC Group
	 	max. 2,500,000 Options

--2--

 

	 	 	 	 	 	 	 

	 

	 	(c)
	 	Managerial staff members (in the
sense of grading by the Company) of
the Company and Affiliated Companies
within the FMC Group.
	 	max. 7,500,000 Options

	4.2	 	For the individual members of the management board of the General Partner its supervisory
board will decide who is entitled to receive Options. For the other Participants the General
Partner will decide this.
	 
	4.3	 	The number of Options to be granted to a Participant is determined on the basis of individual
performance of the Participant and the Participant’s responsibilities within the FMC Group.
This determination will be made in the case of management board members of the General Partner
by its supervisory board. The General Partner makes the determination for the other
Participants.
	 
	4.4	 	There is no legal right to receive Options on the basis of this Plan. The status or possible
status of an employee as Participant or the fact that a Participant was granted Options in the
past cannot be interpreted as an obligation that this employee or a possible Participant in
general or in the future will be granted Options. In particular no operational practice
(betriebliche Übung) is constituted by the grant of Options. This applies even if Options are
granted in several successive years.
	 
	5.	 	Exercise Price
	 
	 	 	The exercise price of an Option shall be the average Stock Exchange Price of the Shares
of the Company on the Frankfurt Stock Exchange on the last 30 calendar days prior to the
Grant Date in each case in Euro (the Exercise Price). Clause 10 (Adjustment of the
Exercise Price) remains unaffected.
	 
	6.	 	Conditions for the Exercise of the Options
	 
	 	 	For the exercise of the Options, all the following conditions, subject to the general
Option Conditions, must be fulfilled.

--3--

 

6.1 Waiting Period for the Exercise / Exercise Period / Black-Out Periods

	 	(a)	 	Unless otherwise expressly stated in these Option Conditions, the Options
may be exercised only after the expiration of the Waiting Period, during the Exercise
Period and before the end of their term in accordance with Clause 3.3, not, however,
during the Black-Out Periods.
	 
	 	(b)	 	The Waiting Period is four years from the Grant Date in each case (the
Waiting Period). After expiry of the Waiting Period, the Options can be exercised
during any Exercise Period within the term of the Options.
	 
	 	(c)	 	The exercise of the Options can be declared in each case at any time
outside Black-Out Periods (the Exercise Period).
	 
	 	(d)	 	The Black-Out Periods are the following in each case:

	 	(i)	 	the period from the 15th of December to the
15th of January;
	 
	 	(ii)	 	the period from the 21st calendar day prior
to a Company’s general meeting until the end of the day of such general
meeting;
	 
	 	(iii)	 	the period from the day on which the Company publishes
an offer to its shareholders to subscribe for new shares in a stock
exchange gazette or the Electronic Federal Gazette up to the day on which
the shares of the Company issued in accordance with that right are listed
for the first time on the Frankfurt Stock Exchange “ex subscription
rights”; and
	 
	 	(iv)	 	the period from the fifteenth calendar day
prior to the publication of the quarterly results/annual results until the
publication of the quarterly results/annual results.

	 	 	 	The above mentioned Black-Out Periods include in each case the times for
beginnings and ends stated. On inquiry, the Company shall inform the
Participants of the exact beginning and end dates of the periods in which
exercise is blocked.
	 
	 	 	 	If the management board of the General Partner is concerned, its supervisory
board and if other Participants are concerned, the General Partner, shall, in
justified exceptional cases, determine other black-out

--4--

 

	 	 	 	periods, the beginning of which will in each case be notified to the Participants in due time in advance.

6.2 Success Targets / (Partial) Forfeiture in case of Non-achievement

	 	(a)	 	The Success Target is achieved if within the Waiting Period either the
adjusted basic income per Share has increased by at least eight per cent per annum in
comparison to the previous year in each case or — if this is not the case — the
compounded annual growth rate of the adjusted basic income per Share during the four
years of the Waiting Period reflects an increase of at least eight per cent per
annum.
	 
	 	(b)	 	The adjusted basic income per Share shall be calculated following the
US-GAAP (Generally Accepted Accounting Principles) methodology based upon the
hereafter described adjusted net income as follows:
	 
	 	 	 	The adjusted net income corresponds to the net income attributable to the
Company shown in the consolidated financial statements of the Company (prepared
in accordance with the accountancy principles of US-GAAP),

	 	(i)	 	to which is added the costs shown in the relevant
consolidated financial statement for:

	 	•	 	- provided that the costs occur only once — the purchase,
integration and financing of companies or dialysis clinics,
including the costs in connection with

	 	•	 	any costs and expenses
attributable to liability exposure existing already prior
to the time of acquisition and/or
	 
	 	•	 	the sale of dialysis
clinics irrespective of whether this was ordered by the
competent anti-trust authority or not;

	 	•	 	extraordinary items in the meaning of the US-GAAP;
	 
	 	•	 	changes to US-GAAP accounting principles in the first year
after such policies become effective; and
	 
	 	•	 	any tax effects in respect to the above mentioned points; and

--5--

 

	 	(ii)	 	from which is subtracted any gains shown in the
consolidated financial statements in each case by reference to the
following

	 	•	 	the sale of dialysis clinics irrespective of whether this was
ordered by the competent anti-trust authority or not;
	 
	 	•	 	extraordinary items as defined under US-GAAP;
	 
	 	•	 	changes to US-GAAP accounting principles in the first year
after such policies become effective; and
	 
	 	•	 	any tax effects in respect to the above mentioned points.

	 	(c)	 	The determination of the adjusted basic income per Share and changes
thereto compared to the adjusted basic income per Share of the relevant comparison
year will be verified in a binding manner in each case by the auditors of the Company
on the basis of the audited consolidated financial statements with regard to the
question of the admissibility of exercise of Options.
	 
	 	(d)	 	If with regard to one or more of the four comparison periods within the
Waiting Period neither the adjusted basic income per Share increases by at least
eight per cent per annum in comparison to the previous year nor the compounded annual
growth rate of the adjusted basic income per Share during the four years of the
Waiting Period reflects an increase of at least eight per cent per annum, the Options
issued in each case are forfeited only in the proportion in which the Success Target
has not been achieved within the Waiting Period, i.e. for one quarter, two quarters,
three quarters, or completely.

	6.3	 	Personal Preconditions for Exercise

	 	(a)	 	The Participant must at the time of exercise be in an employment or service
relationship with the Company, a domestic or foreign Affiliated Company in the FMC
Group or with the General Partner.
	 
	 	(b)	 	Clause 11 (Options in Special Cases) remains unaffected.

	7.	 	Exercise of the Options
	 
	7.1	 	Within the Exercise Period, the entitled person can exercise the Options exercisable under
Clause 6 in whole or in part in each case.

--6--

 

	7.2	 	The exercise of the Options must be declared in writing to the Company or, if an Option
Office is nominated under Clause 9 (Option Office), to this Option Office in text form
(Exercise Declaration). The Exercise Declaration must be received within the Exercise Period
and must contain the declaration as to how many Options of the entitled person are exercised.
If the Exercise Declaration is not received in time, it is deemed to not have been made. If
the Option Office undertakes, in accordance with Section 198 Stock Corporation Act
(Aktiengesetz, AktG), the necessary declaration vis-à-vis the Company for the Participant, a
form for the making of the Exercise Declaration (for example, entry in an electronic system)
can be agreed between the Participant and the Option Office.
	 
	7.3	 	The exercise of the Options is irrevocable and cannot be made subject to any conditions
whatsoever.
	 
	7.4	 	The Options can only be exercised if the Exercise Price for the Options which are intended to
be exercised is paid. The Exercise Price must be received by the Company or, if an Option
Office in accordance with Clause 9 (Option Office) is named, by the Option Office at the
latest on the day of the effect of the exercise of the Options. Clause 8 (Effectiveness of the
Exercise of the Options) remains unaffected.
	 
	7.5	 	In case an Option Office is named by the Company, Options can only be exercised if
Participants grant an irrevocable power-of-attorney in writing to the Option Office in the
form provided to entitle the Option Office to make all declarations and undertake all actions
necessary for the acquisition of Shares.
	 
	7.6	 	The entitled person shall inform the Company of the depository account the Shares arising out
of the exercise of its Options are to be entered. The entitled person can state that the
Shares arising out of the exercise of its Options should immediately be sold. The Company will
make reasonable efforts that the Option Office will render services necessary to comply with
the requirements of the Plan when Options should immediately be sold.
	 
	8.	 	Effectiveness of the Exercise of the Options
	 
	8.1	 	The exercise of the Options shall be effective on the day of receipt by the Company of the
Exercise Declaration or if an Option Office is named, by the Option Office if the receipt is
within the Usual Banks’ Working Hours, otherwise on the next following Banking Day.

--7--

 

	8.2	 	For the Options of the management board of the General Partner, its supervisory board, and
for the other Participants/entitled persons, the General Partner can provide that the exercise
of the Options will be effective only uniformly after the expiry of a maximum of ten Banking
Days after the end of the Exercise Period, if this is to be indicated on grounds of
processing.
	 
	9.	 	Option Office
	 
	 	 	For technical processing of the exercise of the Options, the management board of the
General Partner can instruct a service provider to act as an Option Office.
	 
	10.	 	Adjustment of the Exercise Price
	 
	10.1	 	If the Company, during the term of the Options, while granting a direct or indirect
subscription right to its shareholders increases its capital by the issue of new Shares or
issues bonds with conversion or option rights and if, in that case, fixed conversion or option
prices per Share are less than the Exercise Price for the Options, the General Partner or if
members of the management board of the General Partner are affected, its supervisory board, is
entitled to establish financial equality for the Participants. This equality may be
established by the reduction of the Exercise Price or the adjustment of the number of Options
or a combination of both. The Participants have no right to such financial equality. In the
case of the issue of Shares, debentures or options in the course of equity based incentive
programs of the Company, no equalization will be granted.
	 
	10.2	 	In the event of a capital increase out of retained earnings by the issue of new Shares, the
conditional capital will, in accordance with Section 218 AktG, be increased in the same
proportion as the share capital. The right of the Participants to subscribe new Shares by the
exercise of Options shall increase in the same proportion. The Exercise Price per Share will
be reduced in the same proportion. If the capital increase out of retained earnings takes
place without the issue of new Shares, (Section 207 subs. 2 sentence 2 AktG) the Options and
the Exercise Price remain unchanged.
	 
	10.3	 	In the event of a capital reduction, no adjustment of the Exercise Price or the option
ratio shall take place if by the capital reduction the total number of Shares is not changed
or the reduction is associated with a repayment of capital or with the acquisition of the
Company’s own Shares for a valuable consideration. In the case of a capital reduction by
merger of Shares without capital redemption and in the case of an increase in the number of
Shares without any change in capital (share split), the number of Shares which can be acquired
for each Option at the

--8--

 

	 	 	Exercise Price shall be reduced or increased in proportion to the capital reduction
or share split. The Exercise Price for one Share shall be adjusted in the same proportion.
	 
	10.4	 	Notwithstanding the provisions of Clause 10.1 through 10.3 the General Partner or if members
of the management board of the General Partner are affected, its supervisory board will
abstain from any actions to adjust the Exercise Price or the number of Options that result in
the Options constituting “deferred compensation” as defined in Section 409A of the U.S.
Internal Revenue Code of 1986 as amended (the IRC) to any Participant.
	 
	11.	 	Options in Special Cases
	 
	11.1	 	Leaving on Age Grounds
	 
	 	 	If the Participant retires from employment or service with a company of the FMC Group upon
reaching the minimum required age for retirement and without having been dismissed, the
Options remain unaffected. Disability, occupational disability and early retirement shall
be equivalent to retirement. The Participant is obligated to give evidence to the Company
or an office named by the Company of the occurrence of the above mentioned cases within
three months of the retirement date in an appropriate manner. Otherwise, for the
management board of the General Partner, its supervisory board and for the other
Participants, the General Partner, may declare the Options to be forfeited without
replacement.
	 
	11.2	 	Ordinary Termination / Cancellation of Employment by Agreement
	 
	 	 	If the employment or service relationship of a Participant with the Company or its
Affiliated Company within the FMC Group has ended by termination or agreement, the
Participant can exercise the Options provided that they are exercisable under this Plan at
the time the employment or service relationship ends, within the 60 calendar day period
immediately following such termination or agreement, subject to an extension for any
Black-Out Periods which would reduce the 60 calendar day period. Each Option not exercised
after the expiry of this Exercise Period, shall be forfeited without replacement
irrespective of whether the further conditions of this Plan have been fulfilled. Clause
11.4 (Extraordinary Termination) remains unaffected.

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	11.3	 	Death
	 
	 	 	In the case of the death of a Participant, the Options remain unaffected. These rights may
be exercised by the Heirs of the Participant. The Heirs are obligated to give evidence of
their entitlement within three months after the death of the Participant upon which the
Participant’s estate passes to its Heirs in an appropriate manner; otherwise, for the
Options of the former members of management board of the General Partner, its supervisory
board and for the Options of other former Participants, the General Partner, may declare
the Options to be forfeited without replacement. Clause 11.4 (Extraordinary Termination)
remains unaffected.
	 
	11.4	 	Extraordinary Termination
	 
	 	 	The Participant is not entitled to exercise the Options in accordance with Clause 11.2
(Ordinary Termination) if the Participant’s employment or service agreement was terminated
for good cause by the Company or by an Affiliated Company within the FMC Group, or if at
the time of leaving, there were grounds which would have entitled the Company or an
Affiliate Company within the FMC Group, to issue an extraordinary termination. The same
applies in case the Options shall be exercised in accordance with Clause 11.3 (Death).
	 
	11.5	 	Effect of Change in Status as Affiliated Company
	 
	 	 	If a company is no longer an Affiliated Company within the FMC Group, the employment or
service relationship of each Participant who is no longer employed by the Company or an
Affiliated Company within the FMC Group shall be deemed to have been terminated according
to Clause 11.2 (Ordinary Termination) in the meaning of the Plan and in reference to all
Options based on the Plan.
	 
	11.6	 	Effect of Change in Status as General Partner
	 
	 	 	If the General Partner is no longer general partner of the Company, the service agreements
of the members of the General Partner’s management board shall be deemed to have been
ended according to Clause 11.2 (Ordinary Termination).
	 
	11.7	 	Engagement with Fresenius Group
	 
	 	 	The Options will not be affected by the transfer of a Participant from the Company or from
an Affiliated Company within the FMC Group to Fresenius SE & Co. KGaA or to an Affiliated
Company of Fresenius SE & Co. KGaA (including Fresenius Management SE).

--10--

 

	11.8	 	Individual Cases
	 
	 	 	In individual cases, the supervisory board of the General Partner can with regard to
Options of the members of the management board of the General Partner, and the General
Partner with respect to Options of the other Participants, waive or amend the provisions
according to Clause 11.1 (Leaving on Age Grounds) to Clause 11.6 (Effect of Change in
Status as General Partner).
	 
	12.	 	Transferability and Forfeiture
	 
	12.1	 	Options granted under this Plan and Options inherited according to Clause 11.3 are not
transferable. Any purported assignment or disposal over Options, such as the granting of
sub-participations therein, pledging, granting usufruct rights (Nießbrauch) or the formation
of a trust, shall be void and invalid. The same applies to legal transactions which are
economically equal to a transfer or assignment.
	 
	12.2	 	All unexercised Options are forfeited without replacement on expiry of their term,
irrespective of whether they were ever exercisable within the terms of these Option
Conditions.
	 
	13.	 	Taxes, Contributions and other Expenses
	 
	13.1	 	General
	 
	 	 	All taxes incurred in connection with the Options or their exercise shall be borne by the
Participant of such Options themselves. The obligation of the Company or an Affiliated
Company within the FMC Group to pay income tax and other taxes or contributions on behalf
of the Participants remains unaffected. The Company or Affiliated Companies within the FMC
Group are entitled for this purpose to deduct the necessary amounts from the
wages/salaries of the Participants until the tax and contributions are completely repaid
or to require the Participants to pay or provide for payment of at least the minimum
amount of any taxes and contributions that the Company or an Affiliated Company within the
FMC Group may be required to withhold with respect to the Option or their exercise. The
Company can make the exercise of the Options by the Participants conditional, inter alia,
on evidence of payment of tax and/or contributions, or that adequate security is provided
by the Participants. In this respect, the provisions of Section 38 subs. 4 Income Tax Act
are referred to.

--11--

 

	13.2	 	Foreign Participants in the Plan
	 
	 	 	If the Participant is not liable for tax in Germany, the above provisions shall apply
according to the applicable foreign tax law. The Participant will, as the case may be,
receive from the Company or an Affiliated Company a certificate as to the financial
benefit received.
	 
	13.3	 	Section 162 (m) U.S. Internal Revenue Code
	 
	 	 	If the supervisory board of the General Partner, in its sole discretion, determines at the
request of the General Partner that the limitations on deductions under Section 162(m) IRC
may apply to an Option granted to Participants hereunder, the supervisory board of the
General Partner shall be entitled to decide upon the grant of Options made to such
Participants.
	 
	13.4	 	Costs
	 
	 	 	The Participants shall themselves bear all costs in connection with the exercise of the
Options or will reimburse the Company for these costs.
	 
	14.	 	Procedure, Ending and Adjustment of the Plan
	 
	14.1	 	Unless provided otherwise in this Plan, the terms of the Plan shall be interpreted, waived,
adjusted or otherwise administered, for the members of the management board of the General
Partner, by its supervisory board and all Options granted to members of the management board
of the General Partner will be approved by its supervisory board. Otherwise, the Plan shall be
interpreted, waived, adjusted or otherwise administered by the General Partner and all Options
granted to the other Participants will be approved by the General Partner. All acts of the
General Partner or its supervisory board in connection with the Plan shall be performed in
accordance with German law, the articles of association of the Company and the relevant rules
of procedure.
	 
	14.2	 	The General Partner’s supervisory board is entitled to end the Plan with effect for all
Participants at any time. The Options already granted to the Participants remain unaffected.
	 
	14.3	 	Consistent with the requirement of German Corporate Law and the US-Sarbanes-Oxley-Act the
supervisory board of the General Partner is entitled to claim reimbursement of any
compensation granted under the Plan (the Compensation) to the Company if, in the view of the
supervisory board of the General Partner, during a term of three years starting with the
respective Grant Date:

--12--

 

	 	•	 	The Compensation was predicated upon achievement of financial or other financial
results that were subsequently restated or corrected, and
	 
	 	•	 	the management board member of the General Partner from whom such reimbursement is
sought engaged in misconduct or fraud that caused or partially caused the restatement
or correction, and
	 
	 	•	 	a lower payment would have been made to the management board member of the General
Partner upon restated or corrected financial results.

	14.4	 	If the rights of the management board of the General Partner are affected, its supervisory
board, otherwise the General Partner, is entitled to adjust the Plan at any time. This applies
even to dealing with Options already granted if this does not influence the value of the
Options or if financial compensation accordingly is granted; however, in case of Extraordinary
Developments the General Partner’s supervisory board is entitled to cap grants of Options
and/or reduce already granted Options made to the management board of the General Partner
under the Plan. The same applies to the management board of the General Partner with regard to
any other Participant.
	 
	14.5	 	The management board of the General Partner and its supervisory board will take appropriate
measures in order to prevent a dilution of the shareholdings of the shareholders of the
Company as a result of the issuance of Shares to the Participants entitled under this Plan.
	 
	14.6	 	The Plan shall be construed, interpreted and administered to comply with Section 409A of
the IRC so as to avoid any Option resulting in “deferred compensation” to any Participant,
including without limitation the method for granting Options and making adjustments under
Clause 10 (provided such administration complies with any applicable laws). In addition, for
the members of the management board of the General Partner, its supervisory board and for all
other Participants the General Partner is entitled to adjust the Plan and/or the terms of an
outstanding Option, in each case without the consent of the entitled person of such
outstanding Option (provided any such adjustment complies with any applicable laws), to the
extent that the General Partner or as far as the management board of the General Partner is
concerned, its supervisory board, reasonably determines that the adjustment is necessary or
advisable in order to preserve the intended tax consequences of the Option as not constituting
deferred compensation in light of Section 409A IRC and any regulations or other guidance
promulgated thereunder. The same applies with regard to tax disadvantages the Company or
Participants may suffer according to rules and regulations of any other jurisdiction.

--13--

 

	15.	 	Liability Risks, Exchange Risks and Tax Risks
	 
	15.1	 	The liability of the Company, its legal representatives, employees and agents and the Options
Office, its legal representatives, employees and agents for simple negligence and
consequential loss and loss of profit is excluded.
	 
	15.2	 	The Company grants no warranty for the general market development and price of the Shares of
the Company after the granting of Options or the exercise of Options or for any other point or
period in time. There is, in particular therefore, no warranty that the Participants will be
able to exercise the Options or that Participants who exercise Options will obtain a financial
benefit of the difference between the Exercise Price and the current stock exchange price or
are in a position to sell the Shares subscribed at a profit. The acceptance and exercise of
Options therefore is at the sole risk of each Participant.
	 
	15.3	 	The Company grants no warranty that the tax and contributions deducted in accordance with
Clause 13 (Taxes, Contributions and other expenses) or that other tax and contributions
payable by the Participants will be charged only on the difference between the Exercise Price
and the current stock exchange price at the exercise of the Options or on delivery of the
Shares, on profit actually achieved by (immediate) sale or on any other specific sum. The
Participants are advised to obtain advice on their personal tax situation.
	 
	16.	 	Miscellaneous Provisions
	 
	16.1	 	This Plan is subject exclusively to German law. The German text version of the Plan prevails
in all cases.
	 
	16.2	 	All provisions of this Plan are subject to the conditions that the resolution of the General
Meeting on which it is based is legally valid and that the statutory conditions are fulfilled.
	 
	16.3	 	No provisions contained in this Plan (or in any documents referring to this Plan) transfer to
a Participant or possible Participant any right to request the continuation of its employment
or service relationship with the Company or any of its Affiliated Companies within the FMC
Group. No employment or service agreement can be deduced from this Plan (or from any documents
referring to this Plan), nor shall it have any effect on the right of the Company or any
Affiliated Company within the FMC Group to change remuneration or other benefits of such
Participant or to terminate its employment relationship with or without notice.
This applies subject to the provision that this Plan or any document connected

--14--

 

	 	 	therewith will adversely influence any independent
contractual right of these persons.
	 
	16.4	 	If any provision of this Plan is invalid on grounds other than those in Clause 16.2 this
shall not affect the validity of the remaining provisions of the Plan. The same applies if it
is ascertained that the Plan is subject to an omission. In that case, this paragraph shall
apply to the effect that the invalid or unenforceable provision shall be substituted or an
omission repaired by such provision which most closely corresponds to the intended purpose of
this Plan.
	 
	16.5	 	References and headings attributed to individual sections and subsections of this Plan are
solely for the purpose of easier reference. These headings are in no case significant or
relevant for the interpretation of the Plan.
	 
	16.6	 	No provision in this Plan leads to or infers a presumption that the authority of the General
Partner or the authority of its supervisory board to issue Options or approve other
remuneration connected or not connected to shares granted by any other share based long term
incentive program or any other authority may in any way be restricted.
	 
	17.	 	Definitions
	 
	17.1	 	Affiliated Company means any German or foreign enterprise of the Company in the meaning of
Sections 15 ff. AktG.
	 
	17.2	 	AktG is defined in Clause 7.2.
	 
	17.3	 	Authorization Period means the time period between 12 May 2011 and 11 May 2016.
	 
	17.4	 	Banking Days are days on which banks in Frankfurt/Main are open for public business.
	 
	17.5	 	Black-Out Period is defined in Clause 6.1 (d).
	 
	17.6	 	Company stands for Fresenius Medical Care AG & Co. KGaA, Hof an der Saale, Germany.
	 
	17.7	 	Compensation is defined in Clause 14.3.
	 
	17.8	 	Exercise Declaration is defined in Clause 7.2.

--15--

 

	17.9	 	Exercise Period is defined in Clause 6.1 (c).
	 
	17.10	 	Exercise Price is defined in Clause 5.
	 
	17.11	 	Extraordinary Developments shall mean any kind of extraordinary scenarios in which the price
of the Shares and the Company’s intrinsic enterprise value would have lost any reasonably
arguable correlation; however, no such Extraordinary Development shall be given in cases in
which the price of the Shares rises (even substantially) as a result of the performance of the
Participants.
	 
	17.12	 	FMC Group stands for the Company and its Affiliated Companies with the exception of
Fresenius SE & Co. KGaA and the companies affiliated with Fresenius SE & Co. KGaA in any
manner other than through the Company.
	 
	17.13	 	General Partner is the General Partner of the Company, Fresenius Medical Care Management AG,
Hof an der Saale, Germany.
	 
	17.14	 	Grant Date is defined in Clause 2.2.
	 
	17.15	 	Heir means the person, the persons, the trust or trusts, which are nominated by a
Participant or, if no such nomination is made, is or are entitled by will or law in the event
of the death of a Participant, to receive the benefit of the Options under this Plan. The
concept “heir” therefore also includes the executor appointed by will or the administrator
appointed by the court, if no heir is named and is in a position to act under the given
circumstances.
	 
	17.16	 	IRC is defined in Clause 10.4.
	 
	17.17	 	Options is defined in Clause 1.1.
	 
	17.18	 	Option Conditions is defined in Clause 1.2.
	 
	17.19	 	Option Office is the service provider which can be entrusted by the General Partner with the
technical processing of the exchange of Options.
	 
	17.20	 	Participants are persons to whom Options may be granted in the manner defined in Clause 4.1.
	 
	17.21	 	Plan refers to this stock option plan of the Company as amended from time to time.
	 
	17.22	 	Share means non-par value bearer ordinary share in the Company.

--16--

 

	17.23	 	Stock Exchange Price means the closing price (Schlusskurs) of the Shares in electronic
“Xetra” trading of the Deutsche Börse AG in Frankfurt/Main or a comparable successor system.
If no closing price is set in the electronic “Xetra” trading, the General Partner is entitled,
with the approval of its supervisory board, to agree on a suitable means of replacing the
closing price set in electronic “Xetra” trading.
	 
	17.24	 	Success Target is defined in Clause 7.2.
	 
	17.25	 	Usual Bank’s Working Hours are working hours on Banking Days during which customer orders
are normally taken to enable same-day execution.
	 
	17.26	 	Waiting Period is defined in Clause 6.1 (b).

--17--

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