SMO Business definition
Examples of SMO Business in a sentence
The Credit Guarantees are issued by a Siemens Group entity and generally provide that in the event of default or non- payment by the SMO Business the Siemens Group entity will be required to settle such financial obligation.
At present, the SMO Business does not expect any matters not described in this Note to have material effects on its financial position, the results of its operations and/or its cash flows.
These legal proceedings could result, in particular, in entities of the Siemens Group operating the SMO Business being subject to payment of damages and punitive damages, equitable remedies or criminal or civil sanctions, fines or disgorgement of profit.
The Associates and Joint Ventures of both the Siemens Group and the SMO Business are also considered to be related parties.
The SMO Business transfers its current trade receivables to Siemens Group including all associated credit risks, but is still responsible for the service of the receivables, e.g. collection and administration of the trade receivables.
In the majority of the cases, the SMO Business will carry the contractual obligation against its employees to settle the share-based payment transactions at the end of the vesting period.
Plan participants receive the right to receive one Siemens share without payment of consideration (matching share) for every three investment shares continuously held over a period of about three years (vesting period) provided the plan participant has been continuously employed by Siemens Group including the SMO Business until the end of the vesting period.
Purchases and services received Siemens Group provides the SMO Business with central corporate services, such as tax and legal, IT, corporate communications, HR, accounting, financial services and treasury.
Base Share Program Under the Base Share Program employees of the participating SMO Business companies may invest a fixed amount of their compensation in Siemens shares.
Furthermore, there are additional contracts for individual insurance services between companies of the SMO Business and the Siemens Group, the costs for which are borne by the SMO Business.