Corporate Governance

7. Changes of control and defence measures

7.1 Duty to make an offer

An opting-out clause is laid down in Article 10 of the Articles of Association
(www.zehndergroup.com/en/investor-relations/corporate-­governance).

7.2 Clauses on changes of control

There are no change-of-control clauses for members of the Board of Directors or for members of the Group Executive Committee.