The CEO received CS deferred
PIP grants in his Investment Bank role in 2004 and 2005. The awards vesting in 2010 resulted
in significant pay levels, as CS has outperformed compared to peer companies, and this is one
of the performance measures for the awards. The same thing took place with Grübel, who
joined UBS after his retirement from CS. UBS compensated the forfeiture of his awards in the
CS PIP plan. The public may easily mistakenly add these figures to current CEO
compensation, although they were actually granted in previous roles.