As filed with the Securities and Exchange Commission on July 22, 2020

Registration No. 333-            

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM S-8

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

 

 

JUMIA TECHNOLOGIES AG

(Exact name of registrant as specified in its charter)

 

 

 

The Federal Republic of Germany   N/A

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

Skalitzer Straße 104

10997 Berlin, Germany

+49 (30) 398 20 34 54

(Address, including zip code and telephone number, including area code, of registrant’s principal executive offices)

 

 

 

Stock Option Program 2020

Virtual Restricted Stock Unit Program 2020

(Full Title of the Plans)

 

 

Puglisi & Associates

850 Library Avenue, Suite 204

Newark, Delaware 19711

+1 (302) 738 6680

(Name, address, including zip code, and telephone number, including area code, of agent for service)

 

 

Copies to:

Krystian M. Czerniecki

Sullivan & Cromwell LLP

Neue Mainzer Straße 52

60311 Frankfurt, Germany

+49 (69) 4272 5200

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer      Accelerated filer  
Non-accelerated filer  

☑ (Do not check if a smaller reporting company)

   Smaller reporting company  
     Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.  ☑

 

 

CALCULATION OF REGISTRATION FEE

 

 

Title of securities
to be registered(1)
  Amount
to be
registered(2)
  Proposed
maximum
offering price
per share
  Proposed
maximum
aggregate
offering price
  Amount of
registration fee

Ordinary shares, no par value

  3,700,000(3)   $1.84(3)   $6,808,000   $883.68

Ordinary shares, no par value

  1,850,000(4)   $4.29(4)   $7,936,500   $1,030.16

Total

  5,550,000       $14,744,500   $1,913.84

 

 

(1)

American Depositary Shares (“ADSs”) evidenced by American Depositary Receipts (“ADRs”) issuable upon deposit of the ordinary shares have been registered under a separate registration statement on Form F-6 (333-230534). Each ADS represents two ordinary shares.

 

(2)

Represents ordinary shares issuable upon exercise of option granted under the Stock Option Program 2020 (the “SOP 2020”) and ordinary shares issuable under the Virtual Restricted Stock Unit Program 2020 (“VRSUP 2020” and, together with the SOP 2020, the “Plans”). The number of ordinary shares being registered also includes an indeterminate number of ordinary shares that may be issuable as a result of stock splits, stock dividends or similar anti-dilution adjustments of the outstanding ordinary shares in accordance with Rule 416 of the Securities Act of 1933, as amended (the “Securities Act”).

 

(3)

The amount to be registered represents ordinary shares issuable upon the exercise of outstanding options granted under the SOP 2020 as of the date of this registration statement. The proposed maximum offer price per share, which is estimated solely for the purposes of calculating the registration fee under Rule 457(h) under the Securities Act, is based on the price at which outstanding options under the SOP 2020 may be exercised.

 

(4)

The amount to be registered represents outstanding virtual restricted stock units granted under VRSUP 2020 as of the date of this registration statement that may be settled in ordinary shares. The corresponding proposed maximum offering price per share, which is estimated solely for the purposes of calculating the registration fee under Rule 457(h) and Rule 457(c) under the Securities Act, is based on $8.57 per ADS, the average of the high and low prices for the registrant’s ADSs as quoted on the New York Stock Exchange on July 20, 2020. Each ADSs represents two ordinary shares.

 

 

 


PART I

INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

The information specified in Part I of Form S-8 is omitted from this Registration Statement on Form S-8 (the “Registration Statement”) in accordance with the provisions of Rule 428 under the Securities Act, and the introductory note to Part I of Form S-8.

The documents containing the information specified in this Part I will be provided separately to the participants in the Plans as specified by Rule 428(b)(1) under the Securities Act. Such documents are not required to be, and are not, filed with the Securities and Exchange Commission (the “Commission”) either as part of this Registration Statement or as a prospectus or prospectus supplement pursuant to Rule 424 under the Securities Act.

PART II

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.    Incorporation of Documents by Reference.

The following documents submitted to the Commission by Jumia Technologies AG (the “Registrant”) pursuant to the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are hereby incorporated by reference in this Registration Statement:

 

   

The Registrant’s annual report (“Annual Report”) on Form 20-F/A filed with the Commission on July 8, 2020; and

 

   

the Registrant’s Reports of Foreign Issuer on Form 6-K furnished to the SEC on May 8, 2020, May 13, 2020 and June 9, 2020.

All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act and, to the extent designated therein, certain Reports of Foreign Private Issuer on Form 6-K, furnished by the Registrant, after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement indicating that all securities offered have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing of such documents.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Item 4.    Description of Securities.

Not applicable.

Item 5.    Interests of Named Experts and Counsel.

Not applicable.

Item 6.    Indemnification of Directors and Officers.

Under German law, we may not, as a general matter, indemnify members of our management board and supervisory board. Certain limited exceptions may apply if the indemnification is in the legitimate interest of our Company. We will indemnify our management board and supervisory board members, to the extent permissible under German law, from and against any liabilities arising out of or in connection with their services to us.

We provide directors’ and officers’ liability insurance for the members of our management and supervisory boards against civil liabilities, which they may incur in connection with their activities on behalf of our company, including against liabilities under the Securities Act.

Item 7.    Exemption from Registration Claimed.

Not applicable.

 


Item 8.    Exhibits.

See exhibits listed in the Exhibit Index below, which is incorporated into this item by reference.

Item 9.    Undertakings.

 

  (a)

The undersigned Registrant hereby undertakes:

 

  (1)

To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement;

 

  (i)

to include any prospectus required by Section 10(a)(3) of the Securities Act;

 

  (ii)

to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement . Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and

 

  (iii)

to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

 

      

provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

 

  (2)

That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

 

  (3)

To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

 

  (b)

The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

 

  (c)

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.


SIGNATURES

Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Berlin, the Federal Republic of Germany on July 22, 2020.

 

Jumia Technologies AG
By:  

/s/ JEREMY HODARA

Name:    Jeremy Hodara
Title:   Co-Chief Executive Officer and
Member of the Management Board
By:  

/s/ SACHA POIGNONNEC

Name:    Sacha Poignonnec
Title:   Co-Chief Executive Officer and
Member of the Management Board

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does hereby constitute and appoint Jeremy Hodara and Sacha Poignonnec, and each of them, as his or her true and lawful attorneys-in-fact and agents, each with the full power of substitution and re-substitution, for and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and sign any registration statement for the same offering covered by the registration statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act, as amended, and all post-effective amendments thereto, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

 

Signatures

     

Title

     

Date

/s/ JEREMY HODARA

    Co-Chief Executive Officer and
Member of the Management Board
   

July 22, 2020

Jeremy Hodara  

/S/ SACHA POIGNONNEC

    Co-Chief Executive Officer and
Member of the Management Board
   

July 22, 2020

Sacha Poignonne        

/s/ ANTOINE MAILLET-MEZERAY

    Chief Financial Officer and
Principal Accounting Officer
   

July 22, 2020

Antoine Maillet-Mezeray        


SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly appointed representative in the United States of Jumia Technologies AG has signed this registration statement or amendment thereto in the city of Newark, State of Delaware on July 22, 2020.

 

Puglisi & Associates
By:  

/s/ Donald J. Puglisi

Name:    Donald J. Puglisi
Title:   Managing Director


EXHIBIT INDEX

 

Exhibit
Number

  

Description of Exhibit

3.1    Articles of Association of the Registrant*
4.1    Form of Deposit Agreement between the Registrant, the depositary and holders of American Depositary Shares evidenced by American Depositary receipts issued thereunder (incorporated herein by reference to Exhibit 4.1 to the Registrant’s Registration Statement on Form F-1/A (File No. 333-230207), filed on April 10, 2019)
4.2    Form of American Depositary Receipt evidencing American Depositary Shares (included in Exhibit 4.1)
5.1    Opinion of Sullivan & Cromwell LLP regarding the validity of ordinary shares*
10.1    Jumia Technologies AG, Stock Option Program 2020*
10.2    Jumia, Virtual Restricted Stock Unit Program 2020*
23.1    Consent of Ernst & Young, Société Anonyme*
23.2    Consent of Sullivan & Cromwell LLP (included in Exhibit 5.1)*
24.1    Powers of Attorney (included on signature page to the registration statement)*

*Filed herewith.

Exhibit 3.1

 

DEUTSCHE FASSUNG

      CONVENIENCE TRANSLATION

SATZUNG

DER

JUMIA TECHNOLOGIES AG

      ARTICLES OF ASSOCIATION
OF
JUMIA TECHNOLOGIES AG

I.

ALLGEMEINE BESTIMMUNGEN

      I.
GENERAL PROVISIONS

§ 1

FIRMA UND SITZ

      SECTION 1
COMPANY NAME AND REGISTERED SEAT

(1)   Die Firma der Gesellschaft lautet Jumia Technologies AG.

     

(1)   The name of the Company is Jumia Technologies AG.

(2)   Die Gesellschaft hat ihren Sitz in Berlin.

     

(2)   The Company has its registered seat in Berlin.

§ 2

GEGENSTAND DES UNTERNEHMENS

        SECTION 2
COMPANY PURPOSE

(1)   Gegenstand des Unternehmens ist die direkte oder indirekte Verwaltung eigener Vermögenswerte, insbesondere die Gründung neuer Unternehmen oder der Erwerb existierender Unternehmen, die Entwicklung und Umsetzung neuer Geschäftskonzepte, der Erwerb, die Verwaltung und die Verfügung über Anteile an anderen Unternehmen und juristischen Personen in Deutschland oder im Ausland sowie die Erbringung von Dienst- und Beratungsleistungen, insbesondere mit Fokussierung auf so unterschiedliche Bereiche wie Internet, Online-Dienste, E-Commerce, Telekommunikation, Medien, Neue Medien, Technologien, Software, IT-Dienstleistungen, Marketing, Vertrieb, Personalbeschaffung, Finanzierung, Programmierung, Projektmanagement sowie Start-Up- und Wachstumsunternehmen.

     

(1)   The Company’s purpose is the direct or indirect management of its own assets, in particular the incorporation of new companies or the acquisition of existing companies, the development and implementation of new business concepts, the acquisition, management and disposition of shares in other companies and legal entities in Germany or abroad as well as the provision of consulting and other services, in particular with a focus on areas as diverse as Internet, online services, e-commerce, telecommunications, media, new media, technologies, software, IT services, marketing, sales, recruitment, financing, programming, project management and start-up and growth companies.

(2)   Die Gesellschaft ist zu allen Handlungen und Maßnahmen berechtigt und kann alle Geschäfte betreiben, die mit dem Gegenstand des Unternehmens zusammenhängen oder ihm unmittelbar oder mittelbar zu dienen geeignet sind. Sie kann auch andere Unternehmen im In- und Ausland gründen, erwerben und sich an ihnen beteiligen sowie solche Unternehmen leiten oder sich auf die Verwaltung der Beteiligung beschränken. Sie kann ihren Betrieb, auch soweit es um die von ihr gehaltenen Beteiligungen geht, ganz oder

     

(2)   The Company is entitled to perform all acts and take all steps and conduct all transactions relating to its purpose or which are appropriate to directly or indirectly effect the accomplishment of the Company’s purpose. The Company may also establish or acquire enterprises in Germany or abroad and participate in and manage such enterprises or confine itself to the management of its participation. The Company can completely or partially delegate management of its operations, including its participation in other companies, to

 

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DEUTSCHE FASSUNG         CONVENIENCE TRANSLATION

    teilweise durch verbundene Unternehmen führen lassen oder auf solche übertragen oder auslagern und sich auf die Tätigkeit als geschäftsleitende Holding beschränken. Die Gesellschaft darf auch Zweigniederlassungen und Betriebsstätten im In- und Ausland errichten. Sie kann ihre Tätigkeit auf einen Teil der in Absatz 1 bezeichneten Tätigkeitsfelder beschränken.

 

     

    affiliated companies or transfer or outsource its operations to such affiliated companies as well as confine itself to operation as a management holding company. The Company may also establish branch offices and permanent establishments in Germany and abroad. The Company may limit its activity to any part of the areas designated in paragraph 1.

 

§ 3
BEKANNTMACHUNGEN UND

INFORMATIONSÜBERMITTLUNG

        SECTION 3
ANNOUNCEMENTS AND
COMMUNICATING INFORMATION

(1)   Die Bekanntmachungen der Gesellschaft erfolgen im Bundesanzeiger. Sofern gesetzlich zwingend eine andere Bekanntmachungsform erforderlich ist, tritt an die Stelle des Bundesanzeigers diese Bekanntmachungsform.

 

     

(1)   Company notices shall be published in the Federal Gazette. If another form of notice is required by mandatory provisions of law, such form shall replace the notice in the Federal Gazette.

 

(2)   Informationen an die Aktionäre der Gesellschaft können, soweit gesetzlich zulässig, auch im Wege der Datenfernübertragung übermittelt werden. Die Übermittlung von Mitteilungen nach § 125 Abs. 1 i.V.m. § 128 Abs. 1 AktG sowie nach § 125 Abs. 2 AktG ist auf den Weg elektronischer Kommunikation beschränkt. Der Vorstand ist—ohne dass hierauf ein Anspruch besteht—berechtigt, diese Mitteilungen auch auf anderem Weg zu versenden.

 

     

(2)   Notices to the shareholders of the Company may, to the extent permitted by law, also be communicated by data transmission. Notices pursuant to Section 125 para. 1 in conjunction with 128 para. 1 of the German Stock Corporation Act (AktG) as well as pursuant to Section 125 para. 2 of the AktG must be delivered by electronic communication. The Management Board is entitled, but not obliged, to deliver such notices also by other means.

 

II.
GRUNDKAPITAL UND AKTIEN
        II.
SHARE CAPITAL AND SHARES

§ 4
GRUNDKAPITAL

 

       

SECTION 4
SHARE CAPITAL

 

(1)   Das Grundkapital der Gesellschaft beträgt EUR 159.399.696,00 (in Worten: Euro einhundertneunundfünfzig Millionen dreihundertneunundneunzigtausend sechshundertsechsundneunzig). Es ist eingeteilt in 159.399.696 Stückaktien (Aktien ohne Nennbetrag).

 

     

(1)   The share capital of the Company amounts to EUR 159,399,696.00 (spelled out: Euro one hundred fifty-nine million three hundred ninety-nine thousand six hundred ninety-six). It is divided into 159,399,696 no-par value shares (shares without a nominal value).

 

 

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DEUTSCHE FASSUNG    CONVENIENCE TRANSLATION

Das Grundkapital wurde in Höhe von EUR 139.736,00 (in Worten: Euro einhundertneununddreißigtausend siebenhundertsechsunddreißig) durch Formwechsel gemäß §§ 190 ff. UmwG der im Handelsregister des Amtsgerichts Charlottenburg unter HRB 142937 B eingetragenen Africa Internet Holding GmbH mit dem Sitz in Berlin erbracht.

 

     

The share capital has been provided in the amount of EUR 139,736.00 (spelled out: Euro one hundred thirty-nine thousand seven hundred thirty-six) by way of transformation pursuant to Sections 190 et seq. of the German Transformation Act (UmwG) of Africa Internet Holding GmbH with registered seat in Berlin, registered in the commercial register of the local court of Charlottenburg under registration number HRB 142937 B.

 

(2)   Der Vorstand ist ermächtigt, das Grundkapital in der Zeit bis zum 16. Dezember 2023 mit Zustimmung des Aufsichtsrats um insgesamt bis zu EUR 4.728.590,00 (in Worten: Euro vier Millionen siebenhundertachtundzwanzigtausend fünfhundertneunzig) durch Ausgabe von bis zu 4.728.590 auf den Inhaber lautenden Stückaktien gegen Bar- und/oder Sacheinlagen, einschließlich Forderungen gegen die Gesellschaft, einmalig oder mehrmals zu erhöhen (Genehmigtes Kapital 2018/I“).

 

     

(2)   The Management Board is authorized until 16 December 2023 to increase, once or repeatedly and each time with the consent of the Supervisory Board, the share capital by up to a total amount of EUR 4,728,590.00 (spelled out: Euro four million seven hundred twenty-eight thousand five hundred ninety) through the issuance of up to 4,728,590 new no-par value bearer shares against contributions in cash and/or in kind, including claims against the Company (“Authorized Capital 2018/I”).

 

Das Bezugsrecht der Aktionäre ist ausgeschlossen.

 

     

The subscription rights of the Shareholders are excluded.

 

Das Genehmigte Kapital 2018/I dient

 

     

The Authorized Capital 2018/I serves

 

(i) der Erfüllung von Erwerbsrechten (Optionsrechten), die von der Gesellschaft (oder einem ihrer Rechtsvorgänger) vor der Umwandlung der Gesellschaft in eine Aktiengesellschaft an gegenwärtige und/oder ehemalige Geschäftsführer und/oder Mitarbeiter der Gesellschaft und/oder ihrer direkten und indirekten Tochtergesellschaften und an Dienstleister, Förderer oder Geschäftspartner der Gesellschaft und/oder ihrer direkten und indirekten Tochtergesellschaften gewährt wurden; und

 

     

(i) to fulfil acquisition rights (option rights) that have been granted by the Company (or its legal predecessors) prior to its conversion into a stock corporation to current and/or former managing directors and/or employees of the Company and/or its direct and indirect subsidiaries and to service providers, supporters or business partners of the Company and/or its direct and indirect subsidiaries; and

 

(ii)  zur Ausgabe von Aktien an der Gesellschaft an Inhaber von Gesellschaftsanteilen an direkten oder indirekten Tochtergesellschaften der Gesellschaft, einschließlich solcher Gesellschaftsanteile an direkten oder indirekten Tochtergesellschaften der Gesellschaft, die von ihrem Inhaber treuhänderisch gehalten werden.

 

     

(ii)  to issue shares in the Company to holders of shares in direct or indirect subsidiaries of the Company, including such shares in direct or indirect subsidiaries of the Company which are held in trust by its holder.

 

 

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DEUTSCHE FASSUNG        CONVENIENCE TRANSLATION

Die Aktien, die aus dem Genehmigten Kapital 2018/I geschaffen werden, dürfen nur zu diesen Zwecken ausgegeben werden. Die Kapitalerhöhung ist nur insoweit durchzuführen, wie die Inhaber der ausgegebenen Optionen von ihrem Optionsrecht Gebrauch machen und wie dies zur Ausgabe von Aktien an der Gesellschaft an Inhaber von Gesellschaftsanteilen an direkten oder indirekten Tochtergesellschaften der Gesellschaft, einschließlich solcher Gesellschaftsanteile an direkten oder indirekten Tochtergesellschaften der Gesellschaft, die von ihrem Inhaber treuhänderisch gehalten werden, erforderlich ist.

 

    

The shares which will be created from the Authorized Capital 2018/I may only be issued for these purposes. A capital increase may be implemented only to the extent as the holders of the option rights exercise their option rights, and as required to issue shares in the Company to holders of shares in direct or indirect subsidiaries of the Company, including such shares in direct or indirect subsidiaries of the Company which are held in trust by its holder.

 

Der Ausgabebetrag der neuen Aktien muss mindestens EUR 1,00 je Aktie betragen und kann durch Bar- und/oder Sacheinlage, einschließlich Forderungen gegen die Gesellschaft, erbracht werden.

 

    

The issue amount of the new shares must be at least EUR 1.00 per share and may be paid in cash or in kind, including claims against the Company.

 

Der Vorstand ist ermächtigt, die weiteren Einzelheiten der Kapitalerhöhung und ihrer Durchführung mit Zustimmung des Aufsichtsrats festzulegen; dies umfasst auch die Festlegung der Gewinnanteilsberechtigung der neuen Aktien, welche für das laufende Geschäftsjahr abweichend von § 60 Abs. 2 AktG festgelegt werden kann. Soweit ein Mitglied des Vorstands durch die Optionsrechte begünstigt ist, erfolgt die Festlegung ausschließlich durch den Aufsichtsrat.

 

    

The Management Board is authorized to determine any further details of the capital increase and its implementation, subject to the consent of the Supervisory Board; this also includes the determination of the profit participation with respect to the new shares, which may, in deviation of Section 60 para. 2 of the AktG, also include profit participation for the current fiscal year. To the extent that a member of the Management Board is entitled under the option rights, such determinations will be made exclusively by the Supervisory Board.

 

Der Aufsichtsrat ist ermächtigt, nach Ausnutzung des Genehmigten Kapitals 2018/I oder Ablauf der Frist für die Ausnutzung des Genehmigten Kapitals 2018/I die Fassung der Satzung entsprechend anzupassen.

 

    

The Supervisory Board is authorized to adjust the wording of the Articles of Association accordingly after the utilization of the Authorized Capital 2018/I or upon expiry of the period for the utilization of the Authorized Capital 2018/I.

 

 

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DEUTSCHE FASSUNG         CONVENIENCE TRANSLATION

(3)   Das Grundkapital der Gesellschaft ist um bis zu EUR 2.692.876,00 (in Worten: Euro zwei Millionen sechshundertzweiundneunzigtausend achthundertsechsundsiebzig) durch Ausgabe von bis zu 2.692.876 auf den Inhaber lautenden Stammstückaktien bedingt erhöht („Bedingtes Kapital 2019/I“). Das Bedingte Kapital 2019/I dient ausschließlich der Ausgabe von Aktien der Gesellschaft zur Bedienung von Bezugsrechten auf Aktien der Gesellschaft, die an Mitglieder des Vorstands der Gesellschaft und Arbeitnehmer der Gesellschaft sowie an Mitglieder der Geschäftsführungen und Arbeitnehmer von mit der Gesellschaft verbundenen Unternehmen im Sinne der §§ 15 ff. AktG in Form von Aktienoptionen nach Maßgabe des Ermächtigungsbeschlusses der Hauptversammlung vom 15. Februar 2019 gewährt wurden oder werden. Die bedingte Kapitalerhöhung wird nur insoweit durchgeführt, wie nach Maßgabe des Ermächtigungsbeschlusses der Hauptversammlung vom 15. Februar 2019 Aktienoptionen gewährt wurden oder werden, die Inhaber der Aktienoptionen von ihrem Ausübungsrecht Gebrauch machen und die Gesellschaft zur Bedienung der Aktienoptionen keine eigenen Aktien gewährt, wobei für die Gewährung und Abwicklung von Aktienoptionen an die Mitglieder des Vorstands ausschließlich der Aufsichtsrat zuständig ist. Die neuen auf den Inhaber lautenden Stückaktien nehmen vom Beginn des Geschäftsjahres an, in dem die Ausgabe erfolgt, am Gewinn teil. Der auf die ausgegebenen neuen Aktien entfallende anteilige Betrag des Grundkapitals darf insgesamt 10% des Grundkapitals der Gesellschaft, das im Zeitpunkt der Beschlussfassung über die Änderung des Bedingten Kapitals 2019/I durch die Hauptversammlung vom 1. April 2019 vorhanden ist, nicht überschreiten. Auf diese 10%-Grenze ist der anteilige Betrag des Grundkapitals anzurechnen, der auf Aktien entfällt, die aus genehmigtem Kapital, bedingtem Kapital oder aus eigenen Aktien an Mitglieder des Vorstands und Arbeitnehmer der Gesellschaft sowie an Mitglieder der Geschäftsführungen und Arbeitnehmer von mit der Gesellschaft verbundenen Unternehmen im Sinne der §§ 15 ff. AktG bzw. deren Investmentvehikel seit der Beschlussfassung über das Bedingte Kapital 2019/I aus Beteiligungsprogrammen ausgegeben oder übertragen wurden. Zudem darf der anteilige Betrag des Grundkapitals der Gesellschaft, der auf die Aktien bzw. ADS, die die Aktien der Gesellschaft repräsentieren, entfällt, die aus dem Bedingten Kapital 2019/I, zur Bedienung des VRSUP 2019 aus dem Genehmigten Kapital 2019/I sowie aus dem Genehmigten Kapital 2018/I ausgegeben wurden, insgesamt EUR 10.196.556,00 nicht übersteigen. Der Aufsichtsrat ist ermächtigt, die Satzung entsprechend der jeweiligen Inanspruchnahme des Bedingten Kapitals 2019/I und nach Ablauf sämtlicher Ausübungsfristen zu ändern.

     

(3)   The share capital of the Company is conditionally increased by up to EUR 2,692,876.00 (spelled out: Euro two million six hundred ninety-two thousand eight hundred seventy-six) through issuance of up to 2,692,876 new no-par value ordinary bearer shares (“Conditional Capital 2019/I”). The Conditional Capital 2019/I may only be used to issue shares of the Company to fulfil the subscription rights for shares in the Company that have been or will be granted to members of the Management Board of the Company and employees of the Company as well as members of the management and employees of companies affiliated with the Company within the meaning of §§ 15 et seq. AktG in the form of stock options in accordance with the authorizing resolution of the general meeting on 15 February 2019. The conditional capital increase will only be implemented to the extent that stock options have been or will be granted in accordance with the authorizing resolution of the general meeting on 15 February 2019, the holders of the stock options exercise their rights and the Company does not deliver treasury shares to satisfy the stock options, whereas the Supervisory Board shall be exclusively competent regarding the granting and settlement of stock options to the members of the Management Board. The new no-par value bearer shares shall participate in the profits from the beginning of the financial year, in which they are issued. The pro rata amount of the share capital attributable to the new shares issued may not exceed 10% of the share capital of the Company existing at the time of the adoption of the resolution on the Amendment of the Conditional Capital 2019/I by the general meeting on 1 April 2019. Towards this limit shall count the pro rata amount of the share capital attributable to any shares that were issued or transferred from authorized capital, conditional capital or from treasury shares to members of the Management Board of the Company and employees of the Company as well as members of the management and employees of companies affiliated with the Company within the meaning of §§ 15 et seq. AktG, respectively their investment vehicles, in the context of participation programs ever since the resolution on the Conditional Capital 2019/I was adopted. Moreover, any shares or ADS, representing such shares, issued from the Conditional Capital 2019/I, from the restated Authorized Capital 2019/I to serve the VRSUP 2019 and from the Authorized Capital 2018/I shall, in the aggregate, not exceed the amount of EUR 10,196,556.00. The Supervisory Board is authorized to amend the Articles of Association accordingly after the respective utilization of the Conditional Capital 2019/I and upon the expiry of any and all exercise periods.

(4)   Das Grundkapital der Gesellschaft ist um bis zu EUR 68.015.371,00 (in Worten: Euro achtundsechzig Millionen fünfzehntausend dreihunderteinundsiebzig) durch Ausgabe von bis zu 68.015.371 auf den Inhaber lautenden Stückaktien bedingt erhöht („Bedingtes Kapital 2020/II“).

     

(4)   The share capital of the Company is conditionally increased by up to EUR 68,015,371.00 (spelled out: Euro sixty-eight million fifteen thousand three hundred seventy-one) by issuing up to 68,015,371 no-par value bearer shares (“Conditional Capital 2020/II”).

 

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DEUTSCHE FASSUNG        CONVENIENCE TRANSLATION

Das Bedingte Kapital 2020/II dient der Gewährung von Aktien bei der Ausübung von Wandlungs- oder Optionsrechten bzw. bei der Erfüllung von Wandlungs- oder Optionspflichten an die Inhaber bzw. Gläubiger von Wandelschuldverschreibungen, Optionsschuldverschreibungen, Genussrechten und/oder Gewinnschuldverschreibungen (bzw. Kombinationen dieser Instrumente) (nachstehend gemeinsam „Schuldverschreibungen 2020“), die aufgrund des Ermächtigungsbeschlusses der Hauptversammlung vom 9. Juni 2020 ausgegeben worden sind.

 

    

The purpose of Conditional Capital 2020/II is to grant shares to holders or creditors of convertible bonds, options, profit rights and/or profit bonds (or combinations of these instruments) (together “Bonds 2020”) issued on the basis of the authorization granted by the Annual General Meeting of 9 June 2020 upon the exercise of conversion or option rights or the fulfilment of conversion or option obligations.

 

Die Ausgabe der neuen Aktien erfolgt zu dem nach Maßgabe des Ermächtigungsbeschlusses der Hauptversammlung vom 9. Juni 2020 jeweils festzulegenden Wandlungs- oder Optionspreis. Die bedingte Kapitalerhöhung wird nur insoweit durchgeführt, wie die Inhaber bzw. Gläubiger von Schuldverschreibungen 2020, die von der Gesellschaft oder einer von der Gesellschaft abhängigen oder in ihrem unmittelbaren oder mittelbaren Mehrheitsbesitz stehenden Gesellschaft aufgrund des Ermächtigungsbeschlusses der Hauptversammlung vom 9. Juni 2020 bis zum 8. Juni 2025 ausgegeben bzw. garantiert werden, von ihren Wandlungs-oder Optionsrechten Gebrauch machen bzw. Wandlungs- oder Optionspflichten aus solchen Schuldverschreibungen 2020 erfüllen oder soweit die Gesellschaft anstelle der Zahlung des fälligen Geldbetrags Aktien der Gesellschaft gewährt und soweit die Wandlungs- oder Optionsrechte bzw. Wandlungs- oder Optionspflichten nicht durch eigene Aktien, durch Aktien aus genehmigtem Kapital oder durch andere Leistungen bedient werden.

 

    

The new shares are issued based on the conversion or option price to be determined in accordance with the authorization granted by the Annual General Meeting of 9 June 2020. The conditional capital increase will only be implemented to the extent that the holders or creditors of Bonds 2020, which are issued or guaranteed by the Company, dependent companies or by companies in which the Company owns a majority interest either directly or indirectly by 8 June 2025 based on the authorization granted by the Annual General Meeting of 9 June 2020, exercise any conversion or option right or fulfill any conversion or option obligation under Bonds 2020, or to the extent the Company grants shares in the Company instead of paying the amount due as well as to the extent the conversion or option rights or the conversion or option obligations are not serviced by treasury shares but rather by shares from authorized capital or other consideration.

 

Die neuen Aktien nehmen von dem Beginn des Geschäftsjahrs an, in dem sie entstehen, und für alle nachfolgenden Geschäftsjahre am Gewinn teil.

 

    

The new shares have the right to participate in any profits from the beginning of the financial year in which they are created and for all subsequent financial years.

 

Der Vorstand ist ermächtigt, die weiteren Einzelheiten der Durchführung der bedingten Kapitalerhöhung festzusetzen.

 

    

The Management Board is authorized to determine the further details of the implementation of the conditional capital increase.

 

Der Aufsichtsrat ist ermächtigt, die Fassung der Satzung entsprechend der jeweiligen Inanspruchnahme des Bedingten Kapitals 2020/II und nach Ablauf sämtlicher Options- und Wandlungsfristen entsprechend anzupassen.

 

    

The Supervisory Board is authorized to amend the Articles of Association accordingly after any utilization of the Conditional Capital 2020/II and upon expiration of all option or conversion periods.

 

 

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(5)   Der Vorstand ist ermächtigt, das Grundkapital in der Zeit bis zum 8. Juni 2025 mit Zustimmung des Aufsichtsrats um insgesamt bis zu EUR 71.096.455,00 (in Worten: Euro einundsiebzig Millionen sechsundneunzigtausend vierhundertfünfundfünfzig) durch Ausgabe von bis zu 71.096.455 auf den Inhaber lautenden Stückaktien gegen Bar- und/oder Sacheinlagen, einschließlich Forderungen gegen die Gesellschaft, einmalig oder mehrmals zu erhöhen („Genehmigtes Kapital 2020/I“).

     

(5)   The Management Board is hereby authorized until 8 June 2025 to increase, once or repeatedly and each time with the consent of the Supervisory Board, the share capital by a total amount of up to EUR 71,096,455.00 (in words: Euro seventy-one million ninety-six thousand four hundred fifty-five) through the issuance of up to 71,096,455 new no-par value bearer shares against contributions in cash and/or in kind, including claims against the Company (“Authorized Capital 2020/I”).

Den Aktionären ist grundsätzlich ein Bezugsrecht einzuräumen. Die Aktien können dabei nach § 186 Abs. 5 AktG auch von einem oder mehreren Kreditinstitut(en) oder gemäß § 53 Abs. 1 Satz 1 oder § 53b Abs. 1 Satz 1 oder Abs. 7 des Gesetzes über das Kreditwesen tätigen Unternehmen mit der Verpflichtung übernommen werden, sie den Aktionären der Gesellschaft zum Bezug anzubieten (mittelbares Bezugsrecht).

     

In principle, the shareholders are to be granted subscription rights. The shares may also be subscribed for by one or more credit institution(s) or one or more enterprise(s) operating pursuant to sections 53(1) sentence 1, 53b(1) sentence 1 or 53b(7) of the German Banking Act (Gesetz über das Kreditwesen) with the obligation to offer the shares to the shareholders of the Company pursuant to section 186(5) of the German Stock Corporation Act (indirect subscription right).

Das Bezugsrecht der Aktionäre ist für eine oder mehrere Kapitalerhöhungen im Rahmen des Genehmigten Kapitals 2020/I ausgeschlossen, wenn

     

The shareholders’ subscription rights are excluded for one or more capital increases in the context of the Authorized Capital 2020/I:

–   die Ausnutzung des Genehmigten Kapitals 2020/I erfolgt, um bis zu maximal 1.243.367 neue Aktien der Gesellschaft nach Wahl der Gesellschaft zur Bedienung von Zahlungsansprüchen aus erdienten Virtual Restricted Stock Units, die unter dem Virtual Restricted Stock Unit Program 2019 der Gesellschaft („VRSUP 2019“) an Mitglieder des Vorstands und Arbeitnehmer der Gesellschaft sowie an Mitglieder der Geschäftsführungen und Arbeitnehmer von mit der Gesellschaft verbundenen Unternehmen im Sinne des § 15 AktG bzw. deren Investmentvehikel nach näherer Maßgabe des VRSUP 2019 gewährt wurden, jeweils gegen Einlage dieser Zahlungsansprüche aus den Virtual Restricted Stock Units auszugeben; und/oder

     

–   if the utilization of the Authorized Capital 2020/I occurs in order to issue up to a maximum of 1,243,367 new shares of the Company to settle, at the discretion of the Company, claims from vested Virtual Restricted Stock Units granted under the Virtual Restricted Stock Unit Program 2019 of the Company (“VRSUP 2019”) to members of the Management Board of the Company and employees of the Company, as well as members of the management and employees of companies affiliated with the Company within the meaning of section 15 of the German Stock Corporation Act or their investment vehicles, subject to the details of the VRSUP 2019, in each case against contribution of the claims for payments originated under the Virtual Restricted Stock Units; and/or

 

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DEUTSCHE FASSUNG         CONVENIENCE TRANSLATION

–   die Ausnutzung des Genehmigten Kapitals 2020/I erfolgt, um bis zu maximal 1.850.000 neue Aktien der Gesellschaft nach Wahl der Gesellschaft zur Bedienung von Zahlungsansprüchen aus erdienten Virtual Restricted Stock Units, die unter dem Virtual Restricted Stock Unit Program 2020 der Gesellschaft („VRSUP 2020“) an Mitglieder des Vorstands und Arbeitnehmer der Gesellschaft sowie an Mitglieder der Geschäftsführungen und Arbeitnehmer von mit der Gesellschaft verbundenen Unternehmen im Sinne des § 15 AktG bzw. deren Investmentvehikel nach näherer Maßgabe des VRSUP 2020 gewährt wurden, jeweils gegen Einlage dieser Zahlungsansprüche aus den Virtual Restricted Stock Units auszugeben.

 

     

–   if the utilization of the Authorized Capital 2020/I occurs in order to issue up to a maximum of 1,850,000 new shares of the Company to settle, at the discretion of the Company, claims from vested Virtual Restricted Stock Units granted under the Virtual Restricted Stock Unit Program 2020 of the Company (“VRSUP 2020”) to members of the Management Board of the Company and employees of the Company, as well as members of the management and employees of companies affiliated with the Company within the meaning of section 15 of the German Stock Corporation Act or their investment vehicles, subject to the details of the VRSUP 2020, in each case against contribution of the claims for payments originated under the Virtual Restricted Stock Units.

 

In diesem Fall darf der auf die ausgegebenen neuen Aktien entfallende anteilige Betrag des Grundkapitals insgesamt 10 % des Grundkapitals der Gesellschaft, das im Zeitpunkt der Beschlussfassung über das Bedingte Kapitals 2020/I durch die Hauptversammlung vom 9. Juni 2020 vorhanden ist, nicht überschreiten. Auf diese 10 %-Grenze ist der anteilige Betrag des Grundkapitals anzurechnen, der auf Aktien entfällt, die seit der Beschlussfassung über das Bedingte Kapital 2020/I aus genehmigtem Kapital, bedingtem Kapital oder aus eigenen Aktien an Mitglieder des Vorstands und Arbeitnehmer der Gesellschaft sowie an Mitglieder der Geschäftsführungen und Arbeitnehmer von mit der Gesellschaft verbundenen Unternehmen im Sinne des § 15 AktG bzw. deren Investmentvehikel aus Beteiligungsprogrammen ausgegeben oder übertragen wurden.

     

In this case, the pro rata amount of the share capital attributable to the new shares issued may not exceed 10% of the share capital of the Company existing at the time of the adoption of the resolution of the Conditional Capital 2020/I by the Annual General Meeting of 9 June 2020. Towards this limit shall count the pro-rata amount of the share capital attributable to any shares that were issued or transferred from authorized capital, conditional capital or from treasury shares to members of the Management Board of the Company and employees of the Company, as well as members of the management and employees of companies affiliated with the Company within the meaning of section 15 of the German Stock Corporation Act or their investment vehicles in the context of participation programs ever since the resolution on the Conditional Capital 2020/I was adopted.

 

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DEUTSCHE FASSUNG         CONVENIENCE TRANSLATION

Ferner ist der Vorstand ermächtigt, das Bezugsrecht der Aktionäre mit Zustimmung des Aufsichtsrats für eine oder mehrere Kapitalerhöhungen im Rahmen des Genehmigten Kapitals 2020/I auszuschließen,

 

     

Further, the Management Board is authorized to exclude shareholders’ subscription rights with the consent of the Supervisory Board for one or more capital increases in the context of the Authorized Capital 2020/I,

 

–   um Spitzenbeträge vom Bezugs-recht auszunehmen;

 

     

–   in order to exclude fractional amounts from the subscription right;

 

–   soweit es erforderlich ist, um Inhabern bzw. Gläubigern von Wandelschuldverschreibungen, Optionsschuldverschreibungen, Genussrechten und/oder Gewinnschuldverschreibungen (bzw. Kombinationen dieser Instrumente) (nachstehend gemeinsam „Schuldverschreibungen“), die mit Wandlungs- oder Optionsrechten bzw. Wandlungs- oder Optionspflichten ausgestattet sind und die von der Gesellschaft oder einer unmittelbaren oder mittelbaren Beteiligungsgesellschaft ausgegeben wurden oder noch werden, ein Bezugsrecht auf neue, auf den Inhaber lautende Stückaktien der Gesellschaft in dem Umfang zu gewähren, wie es ihnen nach Ausübung der Options- oder Wandlungsrechte bzw. nach Erfüllung von Wandlungs- oder Optionspflichten als Aktionär zustünde oder soweit die Gesellschaft ein Wahlrecht bezüglich solcher Schuldverschreibungen ausübt, ganz oder teilweise Aktien der Gesellschaft anstelle der Zahlung des fälligen Geldbetrags zu gewähren;

     

–   to the extent necessary to grant holders or creditors of convertible bonds, options, profit rights and/or profit bonds (or combinations of these instruments) (hereinafter together “Bonds”) with conversion or option rights, or conversion or option obligations, and which were or will be issued by the Company or a direct or indirect subsidiary, subscription rights to new no-par value bearer shares of the Company in the amount to which they would be entitled as shareholders after the exercise of the option or conversion rights, or after fulfilment of the conversion or option obligations or to the extent the Company exercises with regard to such Bonds its right to grant, totally or in part, shares of the Company in lieu of payment of the amount due;

 

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–   zur Ausgabe von Aktien gegen Bareinlagen, wenn der Ausgabepreis der neuen Aktien den Börsenpreis der bereits börsennotierten Aktien der Gesellschaft nicht wesentlich im Sinne der §§ 203 Abs. 1 und Abs. 2, 186 Abs. 3 Satz 4 AktG unterschreitet und der auf die unter Ausschluss des Bezugsrechts gemäß § 186 Abs. 3 Satz 4 AktG ausgegebenen neuen Aktien entfallende anteilige Betrag des Grundkapitals insgesamt 10 % des Grundkapitals der Gesellschaft nicht überschreitet, und zwar weder zum Zeitpunkt des Wirksamwerdens noch – wenn dieser Betrag geringer ist – im Zeitpunkt der Ausübung des Genehmigten Kapitals 2020/I. Auf diese Begrenzung von 10 % des Grundkapitals ist der anteilige Betrag des Grundkapitals anzurechnen, der auf Aktien entfällt, (i) die während der Laufzeit des Genehmigten Kapitals 2020/I aufgrund einer Ermächtigung zur Veräußerung eigener Aktien gemäß § 71 Abs. 1 Nr. 8 Satz 5 Halbsatz 2 AktG in Verbindung mit § 186 Abs. 3 Satz 4 AktG unter Ausschluss des Bezugsrechts der Aktionäre veräußert werden; (ii) die zur Bedienung von Schuldverschreibungen mit Wandlungs- oder Optionsrechten bzw. Wandlungs- oder Optionspflichten ausgegeben werden oder auszugeben sind, sofern diese Schuldverschreibungen in entsprechender Anwendung des § 186 Abs. 3 Satz 4 AktG während der Laufzeit des Genehmigten Kapitals 2020/I unter Ausschluss des Bezugsrechts der Aktionäre ausgegeben werden; (iii) die während der Laufzeit des Genehmigten Kapitals 2020/I aus anderem genehmigten Kapital unter Ausschluss des Bezugsrechts der Aktionäre gemäß § 203 Abs. 2 Satz 1 in Verbindung mit § 186 Abs. 3 Satz 4 AktG oder auf der Grundlage sonstiger Kapitalmaßnahmen unter Ausschluss des Bezugsrechts der Aktionäre in entsprechender Anwendung von § 186 Abs. 3 Satz 4 AktG ausgegeben werden;

     

–   to issue shares for cash contributions, provided that the issue price of the new shares is not significantly lower than the stock exchange price of the shares of the Company already listed on the stock exchange in the meaning of sections 203(1) and (2), 186(3) sentence 4 of the German Stock Corporation Act and that the proportional amount of the registered share capital attributable to the new shares issued under the exclusion of subscription rights in accordance with section 186(3) sentence 4 of the German Stock Corporation Act does not exceed a total of 10% of the registered share capital of the Company, whether at the time the Authorized Capital 2020/I comes into effect or – in case such amount is lower – is exercised. Towards the above threshold of 10% of the registered share capital shall also count the pro-rata amount of the share capital attributable to any shares, (i) that are sold during the term of the Authorized Capital 2020/I on the basis of an authorization to sell treasury shares pursuant to section 71(1) no. 8 sentence 5 second half sentence in conjunction with section 186(3) sentence 4 of the German Stock Corporation Act subject to the exclusion of shareholders’ subscription rights; (ii) that are issued to satisfy Bonds with conversion or option rights, or conversion or option obligations, provided that such Bonds were issued in analogous application of section 186(3) sentence 4 of the German Stock Corporation Act during the term of the Authorized Capital 2020/I subject to the exclusion of the shareholders’ subscription rights; or (iii) that are issued during the term of the Authorized Capital 2020/I on the basis of other authorized capital, provided that such shares are issued subject to the exclusion of the shareholders’ subscription rights pursuant to section 203(2) sentence 1 in conjunction with section 186(3) sentence 4 of the German Stock Corporation Act or on the basis of other capital measures subject to the exclusion of the shareholders’ subscription rights in analogous application of section 186(3) sentence 4 of the German Stock Corporation Act;

 

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–   zur Ausgabe von Aktien gegen Sacheinlagen insbesondere – aber ohne Beschränkung hierauf – im Rahmen von Unternehmenszusammenschlüssen oder zum Zwecke des (auch mittelbaren) Erwerbs von Unternehmen, Betrieben, Unternehmensteilen, Beteiligungen an Unternehmen oder von sonstigen Vermögensgegen-ständen, einschließlich Forderungen gegen die Gesellschaft oder ihre Konzerngesellschaften, oder zur Bedienung von Schuldverschreibungen, die gegen Sacheinlagen ausgegeben werden;

 

  

–   to issue shares for contributions in kind, in particular – but not limited thereto – in the context of mergers or for the purpose of (including indirect) acquisitions of companies, businesses, parts of companies, interests in companies or other assets, including claims against the Company or any of its group companies, or to satisfy Bonds issued for contributions in kind; or

–   zur Durchführung einer Aktiendividende, in deren Rahmen Aktien der Gesellschaft (auch teilweise und/oder wahlweise) gegen Einlage von Dividendenansprüchen der Aktionäre ausgegeben werden (Aktiendividende).

 

  

–   in order to distribute a dividend in kind, in the context of which shares of the Company (also in part or subject to election) may be issued against contribution of dividend claims (scrip dividend).

Der Vorstand ist ermächtigt, mit Zustimmung des Aufsichtsrats den weiteren Inhalt der Aktienrechte und die Bedingungen der Aktienausgabe festzulegen; dies umfasst auch die Festlegung der Gewinnanteilsberechtigung der neuen Aktien, welche abweichend von § 60 Abs. 2 AktG auch für ein bereits abgelaufenes Geschäftsjahr festgelegt werden kann.

  

The Management Board is authorized, with the consent of the Supervisory Board, to determine any additional content of the rights attached to the shares and the conditions of the share issue; this includes the determination of the profit participation of the new shares, which may, in deviation from section 60(2) of the German Stock Corporation Act, also participate in the profit of completed fiscal years.

Der Aufsichtsrat ist ermächtigt, nach jeder Ausnutzung des Genehmigten Kapitals 2020/I oder Ablauf der Frist für die Ausnutzung des Genehmigten Kapitals 2020/I die Fassung der Satzung entsprechend anzupassen.

  

The Supervisory Board is authorized to adjust the wording of the Articles of Association accordingly following any utilization of the Authorized Capital 2020/I or upon expiry of the period for the utilization of the Authorized Capital 2020/I.

 

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DEUTSCHE FASSUNG         CONVENIENCE TRANSLATION

(6)   Das Grundkapital der Gesellschaft ist um bis zu EUR 3.700.000,00 (in Worten: Euro drei Millionen siebenhunderttausend) durch Ausgabe von bis zu 3.700.000 auf den Inhaber lautenden Stammstückaktien bedingt erhöht („Bedingtes Kapital 2020/I“). Das Bedingte Kapital 2020/I dient ausschließlich der Ausgabe von Aktien der Gesellschaft zur Bedienung von Bezugsrechten auf Aktien der Gesellschaft, die an Mitglieder des Vorstands der Gesellschaft und Arbeitnehmer der Gesellschaft sowie an Mitglieder der Geschäftsführungen und Arbeitnehmer von mit der Gesellschaft verbundenen Unternehmen im Sinne von § 15 AktG in Form von Aktienoptionen nach Maßgabe des Ermächtigungsbeschlusses der Hauptversammlung vom 9. Juni 2020 gewährt wurden oder werden. Die bedingte Kapitalerhöhung wird nur insoweit durchgeführt, wie nach Maßgabe des Ermächtigungsbeschlusses der Hauptversammlung vom 9. Juni 2020 Aktienoptionen gewährt wurden oder werden, die Inhaber der Aktienoptionen von ihrem Ausübungsrecht Gebrauch machen und die Gesellschaft zur Bedienung der Aktienoptionen keine eigenen Aktien gewährt, wobei für die Gewährung und Abwicklung von Aktienoptionen an die Mitglieder des Vorstands ausschließlich der Aufsichtsrat zuständig ist. Die neuen, auf den Inhaber lautenden Stückaktien sind ab dem Beginn des letzten Geschäftsjahres, für das die Hauptversammlung zum Zeitpunkt der Ausgabe noch keinen Beschluss über die Gewinnverwendung gefasst hat, gewinnanteilberechtigt. Der auf die ausgegebenen neuen Aktien entfallende anteilige Betrag des Grundkapitals darf insgesamt 10 % des zum Zeitpunkt der Beschlussfassung der Hauptversammlung vom 9. Juni 2020 über die Änderung des Bedingten Kapitals 2020/I bestehenden Grundkapitals der Gesellschaft nicht überschreiten. Auf diese 10 %-Grenze ist der anteilige Betrag des Grundkapitals anzurechnen, der auf Aktien entfällt, die seit Beschlussfassung über das Bedingte Kapital 2020/I aus genehmigtem Kapital, bedingtem Kapital oder aus eigenen Aktien an Mitglieder des Vorstands und Arbeitnehmer der Gesellschaft sowie an Mitglieder der Geschäftsführungen und Arbeitnehmer von mit der Gesellschaft im Sinne von § 15 AktG verbundenen Unternehmen bzw. deren Investmentvehikel im Rahmen von Beteiligungsprogrammen ausgegeben oder übertragen worden sind. Der Aufsichtsrat ist ermächtigt, die Fassung der Satzung entsprechend der jeweiligen Inanspruchnahme des Bedingten Kapitals 2020/I und nach Ablauf sämtlicher Ausübungszeiträume entsprechend anzupassen.

 

     

(6)   The share capital of the Company is conditionally increased by up to EUR 3,700,000.00 (in words: Euro three million seven hundred thousand) through the issuance of up to 3,700,000 new no-par value ordinary bearer shares (“Conditional Capital 2020/I”). The Conditional Capital 2020/I may only be used to issue shares of the Company to fulfil the subscription rights for shares in the Company that have been or will be granted to members of the Management Board of the Company and employees of the Company as well as members of the management and employees of companies affiliated with the Company within the meaning of section 15 of the German Stock Corporation Act in the form of stock options in accordance with the authorization of the Annual General Meeting of 9 June 2020. The conditional capital increase will only be implemented to the extent that stock options have been or will be granted in accordance with the authorization of the Annual General Meeting of 9 June 2020, the holders of the stock options exercise their rights and the Company does not deliver treasury shares to satisfy the stock options, whereas the Supervisory Board shall be exclusively competent regarding the granting and settlement of stock options to the members of the Management Board. The new no-par value bearer shares shall participate in the profits from the beginning of the most recent financial year for which, at the time of the issuance, the Annual General Meeting has not yet resolved on the appropriation of any profit. The pro-rata amount of the share capital attributable to the new shares issued may not exceed 10% of the share capital of the Company existing at the time of the adoption of the resolution on the amendment of the Conditional Capital 2020/I by the Annual General Meeting of 9 June 2020. Towards this limit shall count the pro-rata amount of the share capital attributable to any shares that were issued or transferred from authorized capital, conditional capital or from treasury shares to members of the Management Board of the Company and employees of the Company as well as members of the management and employees of companies affiliated with the Company within the meaning of section 15 of the German Stock Corporation Act or their investment vehicles in the context of participation programs ever since the resolution on the Conditional Capital 2020/I was adopted. The Supervisory Board is authorized to amend the wording of the Articles of Association accordingly after any utilization of the Conditional Capital 2020/I or upon the expiry of all exercise periods.

 

§ 5

AKTIEN

 

       

SECTION 5

SHARES

 

(1)   Die Aktien lauten auf den Inhaber.

     

(1)   The shares are bearer shares.

 

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(2)   Ein Anspruch der Aktionäre auf Verbriefung ihrer Anteile ist ausgeschlossen, soweit dies gesetzlich zulässig und nicht eine Verbriefung nach den Regeln einer Börse erforderlich ist, an der die Aktie zum Handel zugelassen ist. Die Gesellschaft ist berechtigt, Aktienurkunden auszustellen, die einzelne Aktien (Einzelaktien) oder mehrere Aktien (Sammelaktien) verkörpern. Ein Anspruch der Aktionäre auf Ausgabe von Gewinnanteil- und Erneuerungsscheinen ist ausgeschlossen.

 

     

(2)   As far as legally permissible and not required by the rules and procedures of a stock exchange on which the shares are admitted for trading, the right of shareholders to receive share certificates shall be excluded. The Company is entitled to issue share certificates representing individual shares (individual share certificates) or several shares (global share certificates). The shareholders shall have no claim to the issue of dividend or renewal coupons.

 

(3)   Die Form und den Inhalt von Aktienurkunden, etwaigen Gewinnanteils- und Erneuerungsscheinen setzt der Vorstand fest. Das gleiche gilt für Schuldverschreibungen und Zinsscheine.

 

     

(3)   Form and content of share certificates as well as dividend and renewal coupons, if any, shall be determined by the Management Board. The same applies with regard to bonds and interest coupons.

 

III.
VORSTAND

 

       

III.
MANAGEMENT BOARD

 

§ 6
ZUSAMMENSETZUNG UND GESCHÄFTSORDNUNG

 

       

SECTION 6
COMPOSITION AND RULES OF PROCEDURE

 

(1)   Der Vorstand besteht aus einem oder mehreren Mitgliedern. Der Aufsichtsrat bestimmt die Zahl der Mitglieder des Vorstands.

 

     

(1)   The Management Board consists of one or several members. The number of members of the Management Board shall be determined by the Supervisory Board.

 

(2)   Der Aufsichtsrat kann einen Vorsitzenden oder mehrere Vorsitzende des Vorstands sowie einen stellvertretenden Vorsitzenden ernennen.

 

     

(2)   The Supervisory Board may appoint a Chairperson or several Chairpersons as well as a Deputy Chairperson of the Management Board.

 

(3)   Die Bestellung von Vorstandsmitgliedern, der Abschluss der Anstellungsverträge und der Widerruf der Bestellung sowie die Änderung und Beendigung der Anstellungsverträge erfolgen durch den Aufsichtsrat. Der Aufsichtsrat kann für den Vorstand eine Geschäftsordnung erlassen.

 

     

(3)   The Supervisory Board is responsible for the appointment of members of the Management Board, the conclusion of their employment contracts and the revocation of appointments as well as for any amendment to or termination of Management Board employment contracts. The Supervisory Board may adopt Rules of Procedure for the Management Board.

 

§ 7
GESCHÄFTSFÜHRUNG UND VERTRETUNG DER GESELLSCHAFT

 

       

SECTION 7
MANAGEMENT AND REPRESENTATION OF THE COMPANY

 

(1)   Der Vorstand leitet die Gesellschaft in eigener Verantwortung. Er hat die Geschäfte der Gesellschaft nach Maßgabe des Gesetzes, der Satzung und der Geschäftsordnung für den Vorstand zu führen. Unbeschadet der Gesamtverantwortung des Vorstands leitet jedes Vorstandsmitglied den ihm durch die Geschäftsordnung zugewiesenen Geschäftsbereich selbstständig.

     

(1)   The Management Board shall have sole responsibility for the management of the Company. The Management Board shall manage the Company’s business in accordance with the law, the Articles of Association and the Rules of Procedure for the Management Board. Notwithstanding the collective responsibility of the Management Board, the various board members are individually responsible for the management of their respective business divisions as outlined in the Management Board Rules of Procedure.

 

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(2)   Besteht der Vorstand aus mehreren Personen, so wird die Gesellschaft durch zwei Vorstandsmitglieder oder durch ein Vorstandsmitglied gemeinsam mit einem Prokuristen im Sinne der §§ 48 ff. HGB gesetzlich vertreten. Ist nur ein Vorstandsmitglied bestellt oder hat der Aufsichtsrat ein Vorstandsmitglied zur Alleinvertretung ermächtigt, so vertritt es die Gesellschaft allein.

 

     

(2)   If the Management Board consists of several members, the Company shall be legally represented by two members of the Management Board or by one member of the Management Board together with the holder of a general commercial power of attorney within the meaning of Section 48 et seq. of the German Commercial Code (HGB). If only one member of the Management Board is appointed or if the Supervisory Board has authorized one member of the Management Board to represent the Company alone, such member shall solely represent the Company.

 

(3)   Der Aufsichtsrat kann alle oder einzelne Vorstandsmitglieder generell oder für den Einzelfall vom Verbot der Mehrfachvertretung gemäß § 181 2. Alternative BGB befreien; § 112 AktG bleibt unberührt. Im Übrigen wird die Gesellschaft durch Prokuristen im Sinne der §§ 48 ff. HGB oder andere Zeichnungsberechtigte nach näherer Bestimmung des Vorstands vertreten.

 

     

(3)   The Supervisory Board may generally or in specific cases issue to all members or to specific members of the Management Board an exemption from the prohibition of representing more than one party pursuant to Section 181 2nd alternative of the German Civil Code (BGB); Section 112 of the AktG remains unaffected. The Company is otherwise represented by holders of a general commercial power of attorney within the meaning of Section 48 et seq. of the HGB (Prokuristen) or by other authorized signatories (andere Zeichnungsberechtigte) to be determined by the Management Board.

 

IV.
AUFSICHTSRAT

 

       

IV.
SUPERVISORY BOARD

 

§ 8
ZUSAMMENSETZUNG, WAHLEN, AMTSDAUER

 

       

SECTION 8
COMPOSITION, ELECTIONS, TERM OF OFFICE

 

(1)   Der Aufsichtsrat besteht aus acht (8) Mitgliedern, die von der Hauptversammlung gewählt werden.

 

     

(1)   The Supervisory Board consists of eight (8) members who shall be elected by the General Meeting.

 

(2)   Die Mitglieder des Aufsichtsrats werden vorbehaltlich einer anderweitigen Festlegung der Amtszeit bei der Wahl bis zur Beendigung der Hauptversammlung bestellt, die über die Entlastung für das vierte Geschäftsjahr nach dem Beginn der Amtszeit beschließt. Das Geschäftsjahr, in welchem die Amtszeit beginnt, wird hierbei nicht mitgerechnet.

 

     

(2)   Unless otherwise specified at the time of their election, the members of the Supervisory Board are elected for a period terminating at the end of the General Meeting that resolves on the formal approval of the members’ acts for the fourth fiscal year following the commencement of their term of office. The fiscal year in which the term of office begins shall not be included in this calculation.

 

(3)   Die Wahl eines Nachfolgers eines vor Ablauf der Amtszeit ausgeschiedenen Mitglieds erfolgt für den Rest der Amtszeit des ausgeschiedenen Aufsichtsratsmitglieds, soweit die Hauptversammlung die Amtszeit des Nachfolgers nicht abweichend bestimmt. Entsprechendes gilt, falls eine Nachwahl wegen Wahlanfechtung notwendig wird.

     

(3)   If a member of the Supervisory Board leaves office before the end of his/her term, a successor shall be elected for the remaining term of the member who has left office unless the General Meeting specifies a different term of office for such a successor. The same procedure applies if a re-election becomes necessary due to the challenge of an election.

 

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(4)   Die Hauptversammlung kann gleichzeitig Ersatzmitglieder bestellen, die in einer bei der Wahl festzulegenden Reihenfolge an die Stelle vorzeitig oder aufgrund von Wahlanfechtung ausscheidender Aufsichtsratsmitglieder treten. Tritt ein Ersatzmitglied an die Stelle des ausgeschiedenen Mitglieds, so erlischt sein Amt mit Ende der Hauptversammlung, in der eine Nachwahl nach vorstehendem § 8 Abs. 3 stattfindet, spätestens jedoch mit Ablauf der Amtszeit des ausgeschiedenen Aufsichtsratsmitglieds. War das infolge einer Nachwahl ausgeschiedene Ersatzmitglied für mehrere Aufsichtsratsmitglieder bestellt worden, lebt seine Stellung als Ersatzmitglied wieder auf.

 

     

(4)   For members of the Supervisory Board, the General Meeting may, at the time of their election, appoint substitute members who shall replace members of the Supervisory Board leaving office before the end of their term or whose election has been successfully contested in an order to be determined at the time at which such substitute members are appointed. The term of office of such substitute members shall terminate at the end of the General Meeting in which a successor is elected in accordance with Section 8 para. 3 above and at the latest at the end of the term of office of the leaving member. If the substitute member whose term of office has terminated due to the election of a successor was appointed as a substitute member for several members of the Supervisory Board, his/her position as a substitute member shall renew.

 

(5)   Jedes Aufsichtsratsmitglied und Ersatzmitglied kann sein Amt auch ohne wichtigen Grund durch schriftliche Erklärung gegenüber dem Vorstand oder dem Vorsitzenden des Aufsichtsrats oder, im Falle einer Amtsniederlegung durch den Vorsitzenden, seinem Stellvertreter, mit einer Frist von einem Monat niederlegen. Der Aufsichtsratsvorsitzende kann den Vorsitz gegenüber dem Stellvertreter und der Stellvertreter kann das Stellvertreteramt gegenüber dem Vorsitzenden durch schriftliche Erklärung ohne wichtigen Grund mit einer Frist von einem Monat niederlegen. Der Vorstand, der Aufsichtsratsvorsitzende oder, im Falle der Niederlegung durch den Aufsichtsratsvorsitzenden, sein Stellvertreter, kann einer Verkürzung der vorgenannten Niederlegungsfristen oder einem Verzicht auf die Wahrung der Niederlegungsfristen zustimmen.

 

     

(5)   Each member of the Supervisory Board and each substitute member may resign from office even without good cause by providing one month’s written notice to the Management Board, the Chairperson of the Supervisory Board or, in case of a resignation by the Chairperson, to his/her deputy. The Chairperson of the Supervisory Board can resign from chairmanship with written notice issued to the Deputy and his/her Deputy can resign from his/her Deputy position with written notice issued to the Chairperson, in each case, with or without good cause by providing one month’s notice. The Management Board, the Chairperson of the Supervisory Board, or in case of a resignation by the Chairperson his/her Deputy, may consent to a shortening or waiving the aforementioned periods.

 

§ 9
VORSITZENDER UND STELLVERTRETER

 

       

SECTION 9
CHAIRMAN AND DEPUTY CHAIRMAN

 

(1)   Der Aufsichtsrat wählt aus seiner Mitte einen Vorsitzenden und einen Stellvertreter. Die Wahl soll im Anschluss an die Hauptversammlung, in der die Aufsichtsratsmitglieder neu gewählt worden sind, erfolgen; zu dieser Sitzung bedarf es keiner besonderen Einladung. Die Amtszeit des Vorsitzenden und des Stellvertreters entspricht, soweit nicht bei ihrer jeweiligen Wahl eine kürzere Amtszeit bestimmt wird, ihrer Amtszeit als Mitglied des Aufsichtsrats.

 

     

(1)   The Supervisory Board elects from among its members a Chairperson and a Deputy Chairperson. The election shall take place following the General Meeting that has elected the new members of the Supervisory Board; no special invitation is necessary for this meeting. The term of office of the Chairperson and his/her Deputy corresponds to their term of office as members of the Supervisory Board unless a shorter term is determined at the time of their respective election.

 

(2)   Scheidet der Vorsitzende oder sein Stellvertreter vorzeitig aus diesem Amt aus, so hat der Aufsichtsrat jeweils unverzüglich eine Neuwahl vorzunehmen.

     

(2)   If the Chairperson or his/her Deputy leaves such office before the end of its term, the Supervisory Board shall conduct a new election without undue delay.

 

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(3)   Der Stellvertreter des Vorsitzenden hat in allen Fällen, in denen er bei Verhinderung des Vorsitzenden in dessen Stellvertretung handelt, vorbehaltlich anderer Reglungen in dieser Satzung, die gleichen Rechte und Pflichten wie der Vorsitzende.

 

     

(3)   In all cases in which the Chairperson being absent or prevented from performing his office and the Deputy acts on his/her behalf, subject to other provisions of these Articles of Association, he/she has the same rights and obligations as the Chairperson.

 

(4)   Willenserklärungen des Aufsichtsrats sind im Namen des Aufsichtsrats von dem Vorsitzenden, im Falle seiner Verhinderung von seinem Stellvertreter abzugeben. Der Vorsitzende ist ermächtigt, Erklärungen für den Aufsichtsrat entgegen zu nehmen.

 

     

(4)   The Chairperson and, where he is unable to do so, the Deputy Chairperson shall be authorized to submit declarations of intention in the name of the Supervisory Board. The Chairperson is authorized to accept declarations on behalf of the Supervisory Board.

 

§ 10
RECHTE UND PFLICHTEN DES AUFSICHTSRATS

 

       

SECTION 10
RIGHTS AND OBLIGATIONS OF THE SUPERVISORY BOARD

 

(1)   Der Aufsichtsrat hat alle Aufgaben und Rechte, die ihm durch Gesetz und die Satzung zugewiesen werden.

 

     

(1)   The Supervisory Board shall have all rights and obligations assigned to it by law and by these Articles of Association.

 

(2)   Der Aufsichtsrat hat in der Geschäftsordnung für den Vorstand oder den Aufsichtsrat oder durch Beschluss zu bestimmen, dass bestimmte Geschäfte oder Arten von Geschäften nur mit seiner Zustimmung vorgenommen werden dürfen.

 

     

(2)   The Supervisory Board shall determine within the Rules of Procedure of the Management Board or of the Supervisory Board or by a resolution of its members that certain transactions or types of transactions shall be subjected to its approval.

 

(3)   Der Aufsichtsrat kann die Zustimmung zu einem bestimmten Kreis von Geschäften widerruflich allgemein oder für den Fall, dass das einzelne Geschäft bestimmten Anforderungen genügt, im Voraus erteilen.

 

     

(3)   The Supervisory Board may give revocable consent in advance to a certain group of transactions in general or to individual transactions that meet certain requirements.

 

(4)   Der Aufsichtsrat ist befugt, Änderungen der Satzung zu beschließen, die nur deren Fassung betreffen.

 

     

(4)   The Supervisory Board is entitled to resolve amendments to the Articles of Association if such amendments relate only to the wording of the Articles.

 

§ 11
GESCHÄFTSORDNUNG UND AUSSCHÜSSE

 

       

SECTION 11
RULES OF PROCEDURE AND COMMITTEES

 

(1)   Der Aufsichtsrat gibt sich eine Geschäftsordnung im Rahmen der gesetzlichen Vorschriften und der Bestimmungen dieser Satzung.

     

(1)   The Supervisory Board shall adopt its own Rules of Procedure in accordance with the law and the provisions of these Articles of Association.

 

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(2)   Der Aufsichtsrat kann nach Maßgabe der gesetzlichen Vorschriften Ausschüsse bilden. Soweit das Gesetz oder die Satzung es zulassen, kann der Aufsichtsrat ihm obliegende Aufgaben, Entscheidungsbefugnisse und Rechte auf seinen Vorsitzenden, einzelne seiner Mitglieder oder aus seiner Mitte gebildete Ausschüsse übertragen. Zusammensetzung, Befugnisse und Verfahren der Ausschüsse werden vom Aufsichtsrat festgelegt.

 

     

(2)   The Supervisory Board may set up committees in accordance with the law. To the extent permitted by law or by these Articles of Association, the Supervisory Board may delegate any of its duties, decision-making powers and rights to its Chairperson, to one of its members or to committees established from among its members. The Supervisory Board shall determine the composition, powers and procedures of such committees.

 

§ 12
SITZUNGEN UND BESCHLUSSFASSUNG DES AUFSICHTSRATS

 

       

SECTION 12
MEETINGS AND RESOLUTIONS OF THE SUPERVISORY
BOARD

 

(1)   Die Sitzungen des Aufsichtsrats werden vom Vorsitzenden des Aufsichtsrats unter Einhaltung einer Frist von mindestens sieben Tagen einberufen, wobei der Tag der Absendung der Einladung und der Tag der Sitzung nicht mitgerechnet werden. Die Einberufung kann schriftlich, per Telefax, per E-Mail oder mittels sonstiger gebräuchlicher (einschließlich elektronischer) Kommunikationsmittel erfolgen. Der Vorsitzende kann diese Frist in dringenden Fällen abkürzen und die Sitzung mündlich oder fernmündlich einberufen. Im Übrigen gelten hinsichtlich der Einberufung des Aufsichtsrats die gesetzlichen Bestimmungen sowie die Regelungen der Geschäftsordnung für den Aufsichtsrat.

 

     

(1)   The Chairperson of the Supervisory Board shall convene the meetings of the Supervisory Board by providing at least seven days’ notice, not including the day on which the invitation is sent and the day of the meeting itself. Notice of meetings may be given in writing, by telefax, by email or any other customary means of communication (including electronic means of communication). In urgent cases the Chairperson may shorten this notice period and may call the meeting orally or by telephone. In all other respects regarding the calling of Supervisory Board meetings the rules provided by law as well as by the Rules of Procedure of the Supervisory Board shall apply.

 

(2)   Die Sitzungen des Aufsichtsrats werden vom Vorsitzenden geleitet.

     

(2)   Meetings of the Supervisory Board are chaired by the Chairperson.

 

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(3)   Beschlüsse des Aufsichtsrats werden in der Regel in Sitzungen gefasst. Auf Anordnung des Vorsitzenden oder mit Zustimmung aller Mitglieder des Aufsichtsrats können Sitzungen auch in Form einer Telefonkonferenz oder mittels sonstiger elektronischer Kommunikationsmittel (insbesondere Videokonferenz) abgehalten und einzelne Aufsichtsratsmitglieder telefonisch oder mittels sonstiger elektronischer Kommunikationsmittel (insbesondere Videokonferenz) zugeschaltet werden; in diesen Fällen kann die Beschlussfassung im Wege der Telefonkonferenz oder mittels sonstiger elektronischer Kommunikationsmittel (insbesondere Videokonferenz) erfolgen. Abwesende bzw. nicht an der Konferenzschaltung mittels Telefon oder Videokonferenz teilnehmende Aufsichtsratsmitglieder können auch dadurch an der Beschlussfassung des Aufsichtsrats teilnehmen, dass sie schriftliche Stimmabgaben durch ein anderes Aufsichtsratsmitglied überreichen lassen. Darüber hinaus können abwesende Mitglieder ihre Stimme auch im Vorfeld der Sitzung, während der Sitzung oder nachträglich innerhalb einer vom Vorsitzenden des Aufsichtsrats zu bestimmenden angemessenen Frist abgeben. Solche Stimmen können mündlich, fernmündlich, per Telefax, per E-Mail oder mittels sonstiger gebräuchlicher (einschließlich elektronischer) Kommunikationsmittel abgegeben werden. Ein Recht zum Widerspruch gegen die vom Vorsitzenden angeordnete Form der Beschlussfassung besteht nicht.

 

     

(3)   Resolutions of the Supervisory Board shall generally be passed in meetings. At the order of the Chairperson or with the consent of all Supervisory Board members, the meetings of the Supervisory Board may also be held in the form of a telephone conference or by other electronic means of communication (especially by video conference); individual members of the Supervisory Board may connect to the meetings via telephone or by other electronic means of communication (especially by video conference); in such cases resolutions may also be passed by way of the telephone conference or by other electronic means of communication (especially by video conference). Members of the Supervisory Board who are absent from a meeting or who do not participate in a meeting via telephone or video conference can also participate in the passing of resolutions by submitting their votes in writing by way of another Supervisory Board member. In addition, absent members are permitted to cast their vote prior to or during the meeting or following the meeting within a reasonable period as determined by the Chairperson of the Supervisory Board. Such votes may be cast in oral form, by telephone, by telefax, by email or any other customary means of communication (including electronic means of communication). Objections to the form of voting determined by the Chairperson are not permitted.

 

(4)   Eine Beschlussfassung über Gegenstände der Tagesordnung, die nicht in der der Einladung beigefügten Tagesordnung enthalten waren und auch nicht bis zum dritten Tag vor der Sitzung mitgeteilt worden sind, falls nicht ein dringender Fall eine spätere Mitteilung rechtfertigt, ist nur zulässig, wenn kein Aufsichtsratsmitglied widerspricht. Abwesenden Mitgliedern ist in einem solchen Fall Gelegenheit zu geben, binnen einer vom Vorsitzenden des Aufsichtsrats zu bestimmenden angemessenen Frist schriftlich, mündlich, fernmündlich, per Telefax, per E-Mail oder mittels sonstiger gebräuchlicher (einschließlich elektronischer) Kommunikationsmittel der Beschlussfassung zu widersprechen oder ihre Stimme abzugeben. Der Beschluss wird erst wirksam, wenn kein abwesendes Aufsichtsratsmitglied innerhalb der Frist widersprochen hat. Telefonisch oder mittels sonstiger elektronischer Kommunikationsmittel zugeschaltete Mitglieder des Aufsichtsrats gelten als anwesend.

 

     

(4)   Resolutions on matters not included in the agenda enclosed with the meeting invitation and for which notice has not been provided at least three days prior to the meeting, except in situations where later notification is justified by urgent circumstances, shall only be permitted for consideration if no member of the Supervisory Board objects thereto. In such a case, absent members must be given the opportunity to object to the adoption of such resolutions or to cast their vote in writing, orally, by telephone, telefax, email or any other customary means of communication (including electronic means of communication) within an adequate period of time to be determined by the Chairperson. Such resolutions become effective only after no absent Supervisory Board member has objected within such a period. Members of the Supervisory Board taking part via telephone or other electronic means of communication are considered to be present.

 

(5)   Beschlüsse können auch außerhalb von Sitzungen (im Sinne von § 12 Abs. 3) schriftlich, mündlich, fernmündlich, per Telefax, per E-Mail oder mittels sonstiger vergleichbarer Kommunikationsmittel sowie in Kombination der vorgenannten Formen, einschließlich im Umlaufverfahren, und in Kombination mit einer Beschlussfassung in einer Sitzung gefasst werden, wenn der Vorsitzende des Aufsichtsrats dies unter Beachtung einer angemessenen Frist anordnet oder sich alle Aufsichtsratsmitglieder an der Beschlussfassung beteiligen. Mitglieder, die sich bei der Beschlussfassung der Stimme enthalten, nehmen in diesem Sinne an der Beschlussfassung teil. Ein Recht zum Widerspruch gegen die vom Vorsitzenden angeordnete Form der Beschlussfassung besteht nicht.

     

(5)   Resolution may also be adopted outside of meetings (in the meaning of Section 12 para. 3) in writing, orally, by telephone, by telefax or by email or any other comparable means of communication, whereas the aforementioned forms may also be combined, including by way of circular resolution, or in combination with adopting the resolution in a meeting at the order of the Chairperson of the Supervisory Board if preceded by reasonable notice or if all members of the Supervisory Board participate in the adoption of the resolution. Members who abstain from voting are considered to take part in the resolution. Objections to the form of voting determined by the Chairperson are not permitted.

 

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DEUTSCHE FASSUNG         CONVENIENCETRANSLATION

(6)   Der Aufsichtsrat ist beschlussfähig, wenn mindestens die Hälfte seiner Mitglieder an der Beschlussfassung teilnimmt. Abwesende bzw. nicht telefonisch oder über sonstige elektronische Kommunikationsmittel (insbesondere Videokonferenz) teilnehmende oder zugeschaltete Aufsichtsratsmitglieder, die nach Maßgabe von § 12 Abs. 3 bzw. Abs. 5 ihre Stimme abgeben, sowie Mitglieder, die sich bei der Beschlussfassung der Stimme enthalten, nehmen in diesem Sinne an der Beschlussfassung teil.

 

     

(6)   The Supervisory Board has a quorum if at least half of its members take part in the voting. Absent members of the Supervisory Board or members who do not participate or are connected via telephone or via other electronic means of communication (especially via video conference) and who cast their vote in accordance with Section 12 para. 3 or para. 5 above, as well as members who abstain from voting, are considered to take part in the voting for this purpose.

 

(7)   Beschlüsse des Aufsichtsrats werden, soweit das Gesetz nicht zwingend etwas anderes bestimmt, mit einfacher Mehrheit der abgegebenen Stimmen gefasst. Stimmenthaltungen gelten in diesem Sinne nicht als abgegebene Stimmen. Ergibt eine Abstimmung im Aufsichtsrat Stimmengleichheit, gibt die Stimme des Vorsitzenden des Aufsichtsrats den Ausschlag. Im Falle der Verhinderung des Vorsitzenden des Aufsichtsrats steht dieses Recht seinem Stellvertreter zu.

 

     

(7)   Unless otherwise provided by mandatory law, resolutions of the Supervisory Board are passed with a simple majority of the votes cast. Abstentions shall not count as a vote cast in this case. If any vote of the Supervisory Board results in a tie, the vote of the Chairperson of the Supervisory Board shall be decisive. In the absence of the Chairperson of the Supervisory Board, the Deputy Chairperson’s vote shall be decisive.

 

(8)   Über die Beschlüsse und Sitzungen des Aufsichtsrats (im Sinne von § 12 Abs. 3) sowie über in diesen Sitzungen verabschiedete Beschlüsse sind Niederschriften zu fertigen, die vom Vorsitzenden zu unterzeichnen sind. Beschlüsse außerhalb von Sitzungen (im Sinne von § 12 Abs. 3) werden vom Vorsitzenden schriftlich festgehalten und allen Aufsichtsratsmitgliedern zugeleitet. In der Niederschrift sind Ort und Tag der Sitzung, die Teilnehmer und die Art und Weise ihrer Teilnahme, die Gegenstände der Tagesordnung, der wesentliche Inhalt der Verhandlung und die Beschlüsse des Aufsichtsrats wiederzugeben.

 

     

(8)   Minutes shall be taken of the resolutions and meetings of the Supervisory Board (in the meaning of Section 12 para. 3) and of the resolutions adopted in such meetings. Such minutes shall be signed by the Chairperson. Resolutions which were adopted outside meetings (in the meaning of Section 12 para. 3) must to be recorded by the Chairperson in writing and shall be made available to all members of the Supervisory Board. The minutes of meetings shall state the place and date of the meeting, the participants and the manner of their participation, the items on the agenda, the principal contents of the proceedings and the resolutions of the Supervisory Board.

 

§ 13
VERGÜTUNG

 

       

SECTION 13
COMPENSATION

 

Die Vergütung der Mitglieder des Aufsichtsrats wird von der Hauptversammlung bewilligt.

 

     

The compensation of the members of the Supervisory Board is approved by the General Meeting.

 

V.
HAUPTVERSAMMLUNG

 

       

V.
GENERAL MEETING

 

§ 14
ORT UND EINBERUFUNG

 

       

SECTION 14
PLACE AND CONVOCATION

 

(1)   Innerhalb der ersten acht Monate jedes Geschäftsjahres findet eine ordentliche Hauptversammlung der Aktionäre statt.

     

(1)   An annual General Meeting shall be held within the first eight months of each fiscal year.

 

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DEUTSCHE FASSUNG        CONVENIENCE TRANSLATION

(2)   Die Hauptversammlung wird vorbehaltlich der gesetzlichen Einberufungsrechte des Aufsichtsrats und einer Aktionärsminderheit durch den Vorstand einberufen. Die Hauptversammlung findet nach Wahl des einberufenden Organs am Sitz der Gesellschaft oder am Sitz einer deutschen Wertpapierbörse statt.

 

    

(2)   Subject to any existing legal rights authorizing the Supervisory Board and a minority of the shareholders to convene the General Meeting, the General Meeting shall be convened by the Management Board. The General Meeting shall be held, at the option of the body convening the General Meeting, either at the registered seat of the Company or at the place of a German stock exchange.

 

(3)   Die Hauptversammlung ist mindestens mit der gesetzlich vorgeschriebenen Mindestfrist einzuberufen.

    

(3)   The General Meeting shall be at least convened within the statutory minimum period.

 

§ 15

TEILNAHME UND AUSÜBUNG DES STIMMRECHTS

 

      

 

SECTION 15

ATTENDING AND EXERCISE OF VOTING RIGHT

 

(1)   Zur Teilnahme an der Hauptversammlung und zur Ausübung des Stimmrechts sind die Aktionäre berechtigt, die sich rechtzeitig angemeldet und ihren Aktienbesitz nachgewiesen haben. Die Anmeldung muss der Gesellschaft unter der in der Einberufung hierfür mitgeteilten Adresse mindestens sechs Tage vor der Hauptversammlung (Anmeldefrist) zugehen. In der Einberufung kann eine kürzere, in Tagen zu bemessende Frist vorgesehen werden. Der Tag der Hauptversammlung und der Tag des Zugangs der Einberufungsmitteilung sind jeweils nicht mitzurechnen.

 

    

(1)   All shareholders who have duly submitted notification of attendance and of evidence of shareholding shall be entitled to attend the General Meeting. This registration must be received by the Company at the address specified in the convening notice at least six days prior to the day of the General Meeting (registration period). The convening notice of the General Meeting may provide for a shorter period to be measured in days. This period does not include the day of the General Meeting or the day of receipt of the convening notice.

 

(2)   Die Anmeldung muss in Textform (§ 126b BGB) oder auf einem sonstigen, von der Gesellschaft näher zu bestimmenden elektronischen Weg in deutscher oder englischer Sprache erfolgen.

 

    

(2)   A shareholder’s registration notification must be in text form (Section 126b German Civil Code (BGB)) or by way of other electronic means as specified by the Company in greater detail and must be in German or English.

 

(3)   Der Nachweis des Aktienbesitzes nach § 15 Abs. 1 ist durch Vorlage eines in Textform (§ 126b BGB) in deutscher oder englischer Sprache erteilten besonderen Nachweises über den Anteilsbesitz durch das depotführende Institut zu erbringen; hierzu genügt eine Bestätigung gemäß § 67c Abs. 3 AktG. Der besondere Nachweis über den Anteilsbesitz hat sich auf den Beginn des 21. Tages vor der Hauptversammlung (Nachweisstichtag) zu beziehen und muss der Gesellschaft unter der in der Einberufung hierfür mitgeteilten Adresse mindestens sechs Tage vor der Hauptversammlung zugehen. In der Einberufung kann eine kürzere, in Tagen zu bemessende Frist vorgesehen werden. Der Tag der Hauptversammlung und der Tag des Zugangs der Einberufungsmitteilung sind jeweils nicht mitzurechnen.

    

(3)   The evidence of shareholding pursuant to section 15(1) is to be submitted in the form of proof prepared by a depository institution in text form (section 126b BGB) in the German or English language; hereto a confirmation in accordance with section 67c(3) AktG shall be sufficient. The special proof of ownership of shares must refer to the start of the 21st day prior to the General Meeting (record date) and be received by the Company at the address specified in the notice of the General Meeting at least six days prior to the General Meeting. The convening notice of the General Meeting may provide for a shorter period to be measured in days. This period does not include the day of the General Meeting or the day of receipt of the notice.

 

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DEUTSCHE FASSUNG        CONVENIENCE TRANSLATION

(4)   Das Stimmrecht kann durch Bevollmächtigte ausgeübt werden. Die Erteilung einer Vollmacht, ihr Widerruf und der Nachweis der Bevollmächtigung gegenüber der Gesellschaft bedürfen der Textform (§ 126b BGB), sofern in der Einberufung keine Erleichterungen bestimmt werden. Die Einzelheiten für die Erteilung der Vollmachten, ihren Widerruf und ihren Nachweis gegenüber der Gesellschaft werden mit der Einberufung der Hauptversammlung bekannt gemacht. § 135 AktG bleibt unberührt.

 

    

(4)   Voting rights may be exercised by proxy. The granting of a proxy, its revocation and the evidence of authority must be provided to the Company in text form (Section 126b BGB) unless the convening notice provides for a less strict form. Details on the granting of the proxy, its revocation and the evidence provided to the Company shall be announced together with the notice convening the General Meeting. Section 135 of the AktG remains unaffected.

 

(5)   Der Vorstand ist ermächtigt vorzusehen, dass Aktionäre ihre Stimmen, ohne an der Hauptversammlung teilzunehmen, schriftlich oder im Wege elektronischer Kommunikation abgeben dürfen (Briefwahl). Der Vorstand ist auch ermächtigt, Bestimmungen zum Umfang und Verfahren der Rechtsausübung von abwesenden Aktionären nach Satz 1 zu treffen.

 

    

(5)   The Management Board is authorized to provide that shareholders may cast their votes in writing or by electronic communication without attending the General Meeting (absentee vote). The Management Board is also authorized to determine the scope and procedure of the exercise of absentee voting rights according to sentence 1.

 

(6)   Der Vorstand ist ermächtigt vorzusehen, dass Aktionäre an der Hauptversammlung auch ohne Anwesenheit an deren Ort und ohne einen Bevollmächtigten teilnehmen und sämtliche oder einzelne ihrer Rechte ganz oder teilweise im Wege elektronischer Kommunikation ausüben können (Online-Teilnahme). Der Vorstand ist auch ermächtigt, Bestimmungen zum Umfang und Verfahren der Teilnahme und Rechtsausübung der abwesenden Aktionäre nach Satz 1 zu treffen.

    

(6)   The Management Board is authorized to provide that shareholders may participate in the General Meeting without being present in person at the place of the General Meeting or being represented and may exercise all or specific shareholders’ rights in total or in part by electronic communication (online participation). The Management Board is also authorized to determine the scope and the procedure of the exercise of online participation rights of absent shareholders according to sentence 1.

 

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DEUTSCHE FASSUNG        CONVENIENCE TRANSLATION

 

§ 16

LEITUNG DER HAUPTVERSAMMLUNG

 

      

 

SECTION 16

CHAIR OF THE GENERAL MEETING

 

(1)   Den Vorsitz in der Hauptversammlung führt der Vorsitzende des Aufsichtsrats. Die Hauptversammlung kann auch von einem anderen Mitglied des Aufsichtsrats oder einem externen Dritten geleitet werden, wenn das Mitglied des Aufsichtsrats oder der externe Dritte vom Aufsichtsrat zu diesem Zweck im Voraus für den Einzelfall oder für eine Mehrzahl von Fällen bestimmt worden ist. Übernimmt weder der Vorsitzende des Aufsichtsrats, noch ein anderes vorher bestimmtes Mitglied des Aufsichtsrats bzw. ein externer Dritter den Vorsitz der Hauptversammlung, wird der Versammlungsleiter unter dem Vorsitz des Aktionärs mit dem höchsten in der Hauptversammlung erschienenen Anteilsbesitz oder seines Vertreters durch die Hauptversammlung gewählt.

 

    

(1)   The General Meeting is chaired by the Chairperson of the Supervisory Board. The General Meeting may also be chaired by any other member of the Supervisory Board or a third party who have been designated in advance by the Supervisory Board for a single instance or multiple instances. If neither the Chairperson of the Supervisory Board, nor another previously-designated member of the Supervisory Board nor another previously designated third party takes the chair of the General Meeting, then the Chairperson of the General Meeting shall be elected by the General Meeting, which election shall be chaired by the shareholder with the highest number of shares present at the General Meeting, or his/her representative.

 

(2)   Der Versammlungsleiter leitet die Verhandlungen und regelt den Ablauf der Hauptversammlung. Er kann sich hierbei, insbesondere bei der Ausübung des Hausrechts, der Unterstützung von Hilfspersonen bedienen. Er bestimmt die Reihenfolge der Redner und der Behandlung der Tagesordnungspunkte sowie die Form, das Verfahren und die weiteren Einzelheiten der Abstimmung und kann, soweit gesetzlich zulässig, über die Zusammenfassung von sachlich zusammengehörigen Beschlussgegenständen zu einem Abstimmungspunkt entscheiden.

 

    

(2)   The Chairperson of the General Meeting chairs the proceedings of the General Meeting and directs the course of the proceedings at the General Meeting. He/she may, particularly in exercising rules of order, make use of assistants. He/she shall determine the sequence of speakers and the consideration of the items on the agenda as well as the form, the procedure and the further details of voting; he/she may also, to the extent permitted by law, decide on the bundling of factually-related resolution items into a single voting item.

 

(3)   Der Versammlungsleiter ist ermächtigt, das Rede- und Fragerecht zeitlich angemessen zu beschränken. Er kann dabei insbesondere Beschränkungen der Redezeit, der Fragezeit oder der zusammengenommenen Rede- und Fragezeit sowie den angemessenen zeitlichen Rahmen für den ganzen Hauptversammlungsverlauf, für einzelne Gegenstände der Tagesordnung und für einzelne Redner zu Beginn oder während des Verlaufs der Hauptversammlung angemessen festlegen; das schließt insbesondere auch die Möglichkeit ein, erforderlichenfalls die Wortmeldeliste vorzeitig zu schließen und den Schluss der Debatte anzuordnen.

    

(3)   The Chairperson of the General Meeting is authorized to impose a reasonable time limit on the right to ask questions and to speak. In particular, he may establish at the beginning of or at any time during the General Meeting, a limit on the time allowed to speak or ask questions or on the combined time to speak and ask questions, determine an appropriate time frame for the course of the entire General Meeting, for individual items on the agenda or individual speakers; he may also, if necessary, close the list of requests to speak and order the end of debate.

 

§ 17

ÜBERTRAGUNG DER HAUPTVERSAMMLUNG

 

      

 

SECTION 17

TRANSMISSION OF THE GENERAL MEETING

 

(1)   Der Vorstand ist ermächtigt, die Bild- und Tonübertragung der Hauptversammlung zuzulassen. Die näheren Einzelheiten regelt der Vorstand.

 

    

(1)   The Management Board is authorized to allow an audio-visual transmission of the General Meeting. The details shall be determined by the Management Board.

 

(2)   Die Teilnahme von Mitgliedern des Aufsichtsrats an der Hauptversammlung kann in Abstimmung mit dem Versammlungsleiter im Wege der Bild- und Tonübertragung erfolgen, sofern das Mitglied des Aufsichtsrats seinen Wohnsitz im Ausland hat oder am Tag der Hauptversammlung an der Teilnahme der Hauptversammlung verhindert ist.

    

(2)   Members of the Supervisory Board may be allowed to participate in the General Meeting by means of audio and video transmission in coordination with the Chairperson of the General Meeting, provided that the member of the Supervisory Board resides abroad or is unable to attend the General Meeting on the day of the General Meeting.

 

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DEUTSCHE FASSUNG        CONVENIENCE TRANSLATION

 

§ 18

BESCHLUSSFASSUNG

 

      

 

SECTION 18

VOTING

 

(1)   Jede Aktie gewährt in der Hauptversammlung eine Stimme.

 

    

(1)   Each share carries one vote in the General Meeting.

 

(2)   Beschlüsse der Hauptversammlung werden mit einfacher Mehrheit der abgegebenen Stimmen und, soweit eine Kapitalmehrheit erforderlich ist, mit der einfachen Mehrheit des bei der Beschlussfassung vertretenen Grundkapitals gefasst, sofern nicht das Gesetz oder diese Satzung zwingend etwas anderes vorschreibt; dies gilt insbesondere für Kapitalerhöhungen gegen Einlagen (§ 182 Abs. 1 Satz 2 AktG), Kapitalerhöhungen aus Gesellschaftsmitteln (§§ 207 Abs. 2 Satz 1, 182 Abs. 1 Satz 2 AktG) und Satzungsänderungen mit Ausnahme der Änderung des Gegenstands des Unternehmens (§ 179 Abs. 2 Satz 2 AktG).

    

(2)   Resolutions of the General Meeting shall pass with a simple majority of the votes cast, and, in so far as a majority of the share capital is necessary for a passing vote, with a simple majority of the registered share capital represented at the voting, unless mandatory law or these Articles of Association stipulate otherwise; this applies in particular to capital increases against contributions (Section 182 para. 1 sentence 2 of the AktG), capital increases from the Company’s own funds (Sections 207 para. 2 sentence 1, 182 para. 1 sentence 2 of the AktG) and amendments to these Articles of Association, except for a change of the company purpose (Section 179 para. 2 sentence 2 of the AktG).

 

VI.

JAHRESABSCHLUSS UND

GEWINNVERWENDUNG

 

      

 

VI.

ANNUAL FINANCIAL STATEMENTS AND
APPROPRIATION OF PROFIT

 

§ 19

GESCHÄFTSJAHR

 

      

SECTION 19

FISCAL YEAR

 

Das Geschäftsjahr der Gesellschaft ist das Kalenderjahr.

    

The fiscal year of the Company is the calendar year.

 

§ 20

JAHRESABSCHLUSS

 

      

 

§ 20

ANNUAL FINANCIAL STATEMENTS

 

(1)   Der Vorstand hat den Jahresabschluss und den Lagebericht sowie, soweit gesetzlich vorgeschrieben, den Konzernabschluss und den Konzernlagebericht für das vergangene Geschäftsjahr innerhalb der gesetzlichen Fristen aufzustellen und diese Unterlagen unverzüglich dem Aufsichtsrat und dem Abschlussprüfer vorzulegen. Zugleich hat der Vorstand dem Aufsichtsrat einen Vorschlag vorzulegen, den er der Hauptversammlung für die Verwendung des Bilanzgewinns machen will.

    

(1)   The Management Board shall prepare the annual financial statements and the management report as well as, where required by law, the consolidated financial statements and the group management report for the preceding fiscal year within the statutory terms, and submit these documents without undue delay to the Supervisory Board and the auditors. At the same time the Management Board shall submit to the Supervisory Board a proposal for the appropriation of the distributable profit (Bilanzgewinn) that shall be presented to the General Meeting.

 

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DEUTSCHE FASSUNG        CONVENIENCE TRANSLATION

(2)   Sofern Vorstand und Aufsichtsrat den Jahresabschluss feststellen, sind sie ermächtigt, den Jahresüberschuss, der nach Abzug der in die gesetzliche Rücklage einzustellenden Beträge und eines Verlustvortrags verbleibt, zum Teil oder ganz in andere Gewinnrücklagen einzustellen. Die Einstellung eines größeren Teils als der Hälfte des Jahresüberschusses ist nicht zulässig, soweit die anderen Gewinnrücklagen die Hälfte des Grundkapitals übersteigen oder nach der Einstellung übersteigen würden.

    

(2)   If the Management Board and the Supervisory Board approve the annual financial statements, they shall be authorized to allocate the net income for the financial year, which remains after deduction of the amounts which must be allocated to statutory reserves and losses carried forward, in whole or in part, to other retained earnings. They shall not be permitted to allocate to retained earnings an amount exceeding half of the net income for the financial year to the extent that other retained earnings exceed half of the registered share capital or after such allocation would exceed half of the registered share capital.

 

§ 21

GEWINNVERWENDUNG UND ORDENTLICHE
HAUPTVERSAMMLUNG

 

      

 

§ 21

APPROPRIATION OF PROFIT AND ORDINARY

GENERAL MEETING

 

(1)   Die Hauptversammlung beschließt alljährlich in den ersten acht Monaten des Geschäftsjahres über die Verwendung des Bilanzgewinns, über die Entlastung der Mitglieder des Vorstands und des Aufsichtsrats und über die Wahl des Abschlussprüfers (ordentliche Hauptversammlung) sowie in den im Gesetz vorgesehenen Fällen über die Feststellung des Jahresabschlusses.

 

    

(1)   The appropriation of distributable profits, formal approval of the acts of members of the Management Board and the Supervisory Board, the election of the auditor (ordinary General Meeting) and, to the extent required by law, the approval of financial statements shall be determined annually by a resolution of the General Meeting within the first eight months of each fiscal year.

 

(2)   Die Anteile der Aktionäre am Gewinn bestimmen sich nach dem Anteil am Grundkapital des jeweiligen Aktionärs.

 

    

(2)   Shareholder profits shares are determined in proportion to the number of shares in the registered share capital held by each respective shareholder.

 

(3)   Im Falle der Erhöhung des Grundkapitals kann die Gewinnbeteiligung der neuen Aktien abweichend von § 60 Abs. 2 AktG bestimmt werden.

 

    

(3)   In case of an increase in share capital, the participation of the new shares in the profit sharing may be determined in divergence from Section 60 para. 2 of the AktG.

 

(4)   Die Hauptversammlung kann anstelle oder neben einer Barausschüttung eine Verwendung des Bilanzgewinns im Wege einer Sachausschüttung beschließen. Sie kann in dem Beschluss über die Verwendung des Bilanzgewinns Beträge in Gewinnrücklagen einstellen oder als Gewinn vortragen.

    

(4)   The General Meeting may resolve to distribute the distributable profit by way of a dividend in kind in addition to or instead of a cash dividend. The General Meeting may allocate further amounts to retained earnings or carry such amounts forward as profit in the resolution on the appropriation of distributable profits.

 

VII.

SCHLUSSBESTIMMUNGEN

 

      

 

VII.

FINAL PROVISIONS

 

§ 22

FORMWECHSELAUFWAND

 

      

§ 22

COSTS OF TRANSFORMATION

 

Die Kosten des Formwechsels der Gesellschaft in die Rechtsform der Aktiengesellschaft (insbesondere Notar- und Gerichtsgebühren, Kosten der Veröffentlichung, Steuern, Prüfungs- und Beratungskosten) trägt die Gesellschaft bis zu einem Betrag von EUR 200.000,00.

    

The costs associated with changing the legal form of the Company into a stock corporation (in particular the notary and court fees, publication fees, taxes, audit fees and consultants fees) shall be borne by the Company in an amount up to EUR 200,000.00.

 

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DEUTSCHE FASSUNG     

CONVENIENCETRANSLATION

 

§ 23

SPRACHFASSUNG

 

      

 

§ 23

LANGUAGE VERSION

 

Die deutsche Sprachfassung dieser Satzung ist maßgeblich. Die englische Sprachfassung ist nicht Teil der Satzung und nur eine unverbindliche Übersetzung.

    

The German language version of these Articles of Association shall prevail. The English version is not part of these Articles of Association and only a non-binding convenience translation.

 

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Exhibit 5.1

[Letterhead of Sullivan & Cromwell LLP]

Jumia Technologies AG

Skalitzer Straße 104

10997 Berlin

Germany

July 22, 2020

Ladies and Gentlemen:

We are acting as German counsel to Jumia Technologies AG, Berlin, (the Company) a stock corporation organized under the laws of the Federal Republic of Germany (Germany), as to matters of German law in connection with the filing with the Securities and Exchange Commission of a registration statement on Form S-8 (the Registration Statement) on July 22, 2020. The purpose of the Registration Statement is to register under the Securities Act of 1933, as amended (the Securities Act), 5,550,000 ordinary shares with no-par value, which, upon a potential future conversion into American Depositary Shares evidenced by American depositary receipts (the ADSs), will represent 2,775,000 ADSs, each representing an ownership interest in two ordinary bearer shares of the Company with a notional amount attributable to each ordinary bearer share of € 1.00 per share (the Shares). These 5,550,000 Shares are or may become issuable under the following programs: 3,700,000 Shares under the Stock Option Program 2020 and 1,850,000 Shares under the Virtual Restricted Stock Unit Program 2020 (together, the Plans).

This opinion is being furnished to the Company in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement other than as expressly stated herein with respect to the Shares.

In this context, we examined, inter alia, the following documents:

 

  A)

a copy of the current articles of association (Satzung) of the Company dated July 7, 2020 (the Articles of Association);

 

  B)

a copy of an electronic excerpt from the commercial register (Handelsregister) of the local court (Amtsgericht) of Charlottenburg, Germany (the Commercial Register), docket number HRB 203542 B, relating to the Company dated July 22, 2020;

 

  C)

a copy of each Plan;

 

  D)

a copy of the written resolutions of the management board of the Company dated June 6, 2020 regarding the approval of the Stock Option Program 2020 and of the Virtual Restricted Stock Unit Program 2020;

 

  E)

a copy of the resolutions of the supervisory board of the Company dated April 29, 2020 regarding, inter alia, the approval of the Stock Option Program 2020 and of the Virtual Restricted Stock Unit Program 2020 as well as of certain determinations thereunder;

 

  F)

a copy of the minutes of the annual general shareholders’ meeting of the Company, held on June 9, 2020, which resolved on the creation of the Authorized Capital 2020/I and the Conditional Capital 2020/I (together with the resolutions under D) and E), the Resolutions); and

 

  G)

a copy of the Registration Statement.

 


In giving this opinion, we have assumed that all documents submitted to us as a copy correspond to the respective original and that all documents examined by us are within the power of, and have been or will be validly authorized and executed by all parties thereto other than the Company, which is acting on the basis of the Resolutions. We have further assumed (1) that all authorizations, other than those authorizing the Company with respect to which we have received copies of the Resolutions, have been or will be validly issued and that none of these authorizations has been revoked, (2) that all documents, including electronic excerpts from the Commercial Register, submitted to us and made as of a specific date, have not been amended, cancelled, or otherwise been altered since that date until the date hereof, (3) that all documents submitted to us in purported final draft form have been, or will be, executed in the form submitted, (4) that the Company will at all times continue to have sufficient authorized or conditional share capital with the relevant authorization to waive any pre-emptive subscription rights; (5) that the management board and the supervisory board of the Company will duly pass the relevant resolutions for the issue of the Shares (the Board Resolutions) in accordance with the Articles of Association, the terms of the Plans, the Resolutions and applicable law; (6) that upon issue of any Shares, the Company will receive payment in cash of an issue price in accordance with the Plans, the Resolutions and applicable law and (7) that there will be no amendments to the authorized share capital of the Company which would adversely affect the issue of the Shares and the conclusions stated in this opinion. As to any facts relevant to the opinions stated herein that we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives of the Company and others and of public officials. In this opinion, the phrase “non-assessable” means, with respect to the issuance of Shares, that a shareholder shall not, in respect of the relevant Shares, have any obligation to make further contributions to the Company’s assets (except in exceptional circumstances in which a court may be prepared to pierce or lift the corporate veil) (nicht nachschusspflichtig).

Based upon and subject to the foregoing and the qualifications set out below, we are of the opinion that when the Company as a German stock corporation has issued the Shares against payment therefor under the circumstances contemplated by the Plans, assuming in each case that the individual issuances, grants or awards under the Plans are duly issued, granted or awarded and exercised in accordance with the requirements of law, the Resolutions, the Board Resolutions, the Articles of Association, and the Plans (and the agreements and awards duly adopted thereunder and in accordance therewith), the Shares will be validly issued, fully paid and non-assessable.

The foregoing opinions are subject to the following qualifications:

(i)    Pursuant to Sections 57 et seq. and 71a of the German Stock Corporation Act (Aktiengesetz) (AktG), except for dividends or unless explicitly permitted under the AktG, no payments, other distributions, financing arrangements, financial support, or other services of any kind may be made, directly or indirectly, by a stock corporation (Aktiengesellschaft) to current or future shareholders in their capacity as such.

(ii)    We have not verified, do not opine upon, and do not assume any responsibility for the accuracy, completeness, or reasonableness of any statement contained in the Registration Statement (including in documents incorporated into the Registration Statement by reference) or any documents provided to Plan participants with respect to the Shares or the Company.

(iii)    This opinion speaks as of its date and is confined to, and is given on the basis of, the laws of Germany as they exist at the date hereof; it is governed by the laws of Germany. We are expressing no opinion as to the effect of the laws of any other jurisdiction.

(iv)    We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

Very truly yours,

/s/ Sullivan & Cromwell LLP

Sullivan & Cromwell LLP

Exhibit 10.1

JUMIA TECHNOLOGIES AG

STOCK OPTION PROGRAM 2020

JUNE 9, 2020

- TERMS AND CONDITIONS -

 

Page 1/16


TABLE OF CONTENTS

 

TABLE OF CONTENTS    2  
RECITALS    3  

§ 1

  ELIGIBILITY      4  

§ 2

  PLAN VOLUME AND GRANT OF STOCK OPTIONS      4  

§ 3

  EXERCISE PRICE      6  

§ 4

  EXERCISE CONDITIONS      6  

§ 5

  PERFORMANCE TARGET      6  

§ 6

  VESTING      7  

§ 7

  WAITING PERIOD AND EXERCISE PERIOD      7  

§ 8

  EXERCISE NOTICE      8  

§ 9

  EXTRAORDINARY EVENTS OR DEVELOPMENTS      8  

§ 10

  EXPIRY DATE OF THE STOCK OPTIONS      9  

§ 11

  CONSEQUENCES OF A TERMINATION OR TRANSITION OF EMPLOYMENT RELATIONSHIP OR OF AN IRREVOCABLE RELEASE      9  

§ 12

  TRANSFERABILITY      10  

§ 13

  ADJUSTMENT IN CASE OF SPECIFIC CAPITAL AND OTHER STRUCTURAL MEASURES      10  

§ 14

  CHANGE OF CONTROL      11  

§ 15

  LIMITATION OF LIABILITY      12  

§ 16

  TAXES, SOCIAL SECURITY AND COSTS      13  

§ 17

  INSIDER TRADING, BLACK-OUT PERIODS, SECURITIES LAW REQUIREMENTS      13  

§ 18

  FORM REQUIREMENTS, NOTICES      14  

§ 19

  DATA PROTECTION      15  

§ 20

  GOVERNING LAW AND JURISDICTION      15  

§ 21

  FINAL PROVISIONS      15  

 

Page 2/16


Recitals

 

(A)

The participation of the management and key employees in the long-term economic risks and opportunities of the relevant business operation is an important component of an internationally competitive remuneration system in order to strengthen the commitment to Jumia, to attract and retain competent and dedicated individuals whose efforts will result in the growth and profitability of Jumia and to align their interests with the interests of the shareholders in order to increase the value of Jumia.

 

(B)

For this purpose, Jumia Technologies AG (the “Company”) intends to implement a stock option program (the “JSOP 2020”) to grant stock options to members of the management board of the Company (the “Management Board”) and key employees of the Company as well as to members of the management and key employees of companies affiliated with the Company within the meaning of §§ 15 et seq. of the German Stock Corporation Act (Aktiengesetz, the “AktG”) (each an “Affiliated Company” and together the “Affiliated Companies”). The JSOP 2020 shall entitle each of the beneficiaries to acquire a specified number of ordinary bearer shares with no-par value (auf den Inhaber lautende Stammstückaktien) of the Company with a pro rata amount in the share capital of the Company of EUR 1.00 per share (each a “Share” and together the “Shares”).

 

(C)

With resolution dated 09 June 2020 (the “JSOP Resolution”) the Company’s general meeting (Hauptversammlung) authorized the Management Board and – with respect to the members of the Management Board – the supervisory board of the Company (the “Supervisory Board”) to grant in total 3,700,000 stock options (each a “Stock Option” and together the “Stock Options”) to the beneficiaries. The same general meeting also created a conditional capital (bedingtes Kapital) of up to EUR 3,700,000.00 (the “Conditional Capital 2020/I”) in order to fund the Stock Options. The general meeting has authorized the Management Board, and with respect to members of the Management Board the Supervisory Board, to determine the further details of the JSOP 2020, in particular concerning the grant of Stock Options and the relevant terms and conditions in accordance with the parameters set forth in the JSOP Resolution.

 

(D)

These terms and conditions (the “Rules”) establish the rules pursuant to which the Stock Options under the JSOP 2020 can be granted and exercised.

 

Page 3/16


§ 1

Eligibility

 

(1)

Under the JSOP 2020, notwithstanding §2 (1), Stock Options may be granted only to the following groups of beneficiaries:

 

  (a)

members of the Management Board (“Group 1”);

 

  (b)

selected employees of the Company (“Group 2”);

 

  (c)

members of the management of Affiliated Companies (“Group 3”); and

 

  (d)

selected employees of Affiliated Companies (“Group 4”).

Each beneficiary, who is not a member of the Management Board (each member of the Management Board an “MB” and collectively the “MBs”) or the management of an Affiliated Company, must be considered by the Management Board – in its sole discretion – a key expert (independent of a grade).

 

(2)

The Management Board, and with respect to MBs the Supervisory Board, will – in its sole discretion – designate the individuals to whom Stock Options under the JSOP 2020 will be granted (the “Participants” and each a “Participant”) as well as the amount of Stock Options to be granted to the respective Participant.

§ 2

Plan Volume and Grant of Stock Options

 

(1)

The aggregate number of Stock Options which may be granted under the JSOP 2020 is 3,700,000, subject to adjustment and substitution as set forth in §13. The aggregate number of Stock Options may be allocated to the groups of beneficiaries as follows:

 

  (a)

Group 1 shall receive up to 1,600,000 Stock Options;

 

  (b)

Group 2 shall receive no Stock Options;

 

  (c)

Group 3 shall receive up to 1,500,000 Stock Options; and

 

  (d)

Group 4 shall receive 600,000 Stock Options.

Participants that belong to several groups of beneficiaries as set out in § 1 (1) shall be granted Stock Options only with respect to their belonging to one of the groups of beneficiaries and only from the number of Stock Options allocated to the respective group of beneficiaries as set forth in the foregoing sentence. The Management Board, and with respect to MBs the Supervisory Board, will – in its sole discretion – decide the attribution of such Participant to the respective group of beneficiaries.

 

(2)

The Stock Options will be granted to each Participant by a separate grant agreement (Zuteilungsvereinbarung). The grant agreement shall typically include an individual grant amount and the allocated number of Stock Options. Any grant of Stock Options is subject to a continuing and unterminated (ungekündigt) service or employment relationship between the relevant Participant and the Company or an Affiliated Company at the relevant Grant Date (as defined under § 2 (3) below). The number of Stock Options granted to a Participant shall typically be determined by dividing the individual grant amount by the Average Share Price. “Average Share Price” means an amount equal to the average of the closing price (Schlusskurs) of the Shares (as represented by ADSs) of the Company on the New York Stock Exchange (“NYSE”) (or a comparable successor system) on the sixty (60) consecutive Trading Days prior to the Grant Date. “Trading Day” means

 

Page 4/16


 

a day other than a Saturday or Sunday or public holiday on which NYSE is open for trading. For the avoidance of doubt, there shall be no fractional Stock Options. In case the division of the individual grant amount by the Average Share Price results in fractional Stock Options, the number of offered Stock Options shall, in any case, be rounded down to the next full number of Stock Options without compensation.

 

(3)

Stock Options may be granted, subject to the registration of the Conditional Capital 2020 in the German commercial register (Handelsregister), to the Participants in one or more tranches:

 

  (a)

within three (3) weeks after the publication by the Company of a quarterly financial report, half year financial report or press release announcing the annual financial results but in no event may a grant be made during a Black-Out Period, and

 

  (b)

no later than 31 December 2023

whereby both conditions (a) and (b) have to be fulfilled.

Participants who for the first time enter into a service or employment agreement with the Company or an Affiliated Company can, at the time of signing of the service or employment agreement, be promised a grant of Stock Options during one of the aforementioned grant periods at a later point in time.

The date on which a grant becomes effective, which shall be the date of the signing of the relevant grant agreement or a later effective date specified therein, is referred to as the “Grant Date”.

 

(4)

Subject to (i) a forfeiture or a reduction of the number of Stock Options pursuant to § 6 and/or § 11 below and (ii) to the satisfaction of the terms and conditions set forth in these Rules, each Stock Option granted under the JSOP 2020 entitles the Participant holding such Stock Option to acquire one (1) Share in the Company against payment of the Exercise Price (§ 3).

 

(5)

In fulfilment of the Stock Options, the Company, represented by the Management Board (and with respect to MBs by the Supervisory Board), may, at its sole discretion:

 

  (a)

deliver the number of Shares with respect to which the Stock Options are being exercised (the “Exercise Shares”) out of the Conditional Capital 2020/I or from treasury shares or from a combination of both, to the depositary of the Company (from time to time) (the “Depositary”) and the Depositary shall be instructed to deliver to the Participant ADS representing an ownership interest in such Exercise Shares and cause the ADS (to the extent not already on deposit) to be included in the book entry transfer system managed by The Depository Trust Company and to be credited to the securities account of the Participant with The Depositary Trust Company or directly or indirectly a participant thereof. Upon such ADSs being so credited, the Exercise Shares shall be considered to have been issued by the Company to the Participant without any further action being required (such procedure the “Issuance”); and/or

 

  (b)

instead of the delivery of all or some of the Exercise Shares make a cash payment to the Participant in an amount equal to the excess, if any, of (i) the product of the closing price (Schlusskurs) of the ADS on the New York Stock Exchange (or a comparable successor system) multiplied by the number of ADS representing an ownership interest in one Exercise Share (if applicable) (the “Relevant Closing Price”) on the day of receipt of the Exercise Notice (as defined under § 8(1) below) by the Company multiplied by the aggregate number of Exercised Shares to be settled in cash over (ii) the Exercise Price (§ 3) multiplied by the aggregate number of Exercise Shares to be settled in cash or, in case the Participant has already paid to the Company the Exercise Price for all Exercise Shares to be settled in cash, EUR 0.

 

Page 5/16


§ 3

Exercise Price

The price at which one (1) Share may be issued upon exercise of one (1) Stock Option (the “Exercise Price”) is the Average Share Price on the sixty (60) consecutive Trading Days prior to the Grant Date as adjusted pursuant to § 13 below. However, the Exercise Price may not be lower than EUR 1.00.

§ 4

Exercise Conditions

Any exercise of the Stock Options requires satisfaction of all of the following conditions (the “Exercise Conditions”):

 

  (a)

the Performance Target (§ 5) has been reached;

 

  (b)

the relevant Stock Options have vested (§ 6 (2));

 

  (c)

the applicable Waiting Period (§ 7(1)) has expired;

 

  (d)

an Exercise Period (§ 7 (2)) has started and not yet ended;

 

  (e)

the exercise has not been temporarily suspended in accordance with§ 17 (2); and

 

  (f)

the Expiry Date (§ 10 (1)) for the Stock Options to be exercised has not passed.

§ 5

Performance Target

 

(1)

For purposes of this § 5:

 

  (a)

GMV” means Gross Merchandise Volume; and

 

  (b)

Jumia Group” means the Company and any company included in the consolidated financial statements (Konzernabschluss) of the Company at the relevant point in time.

 

(2)

Stock Options may only be exercised if at least the following criteria is met:

The average annual growth rate (previous business year compared to current business year) of the GMV of Jumia Group amounts to at least 10 % during the four years of the Waiting Period (§ 7 (1)), i.e. individual years may show a higher or lower growth rate as long as the four-year-average annual growth rate is at least 10% (the “Minimum Performance Target”).

 

(3)

The Management Board is entitled, with the prior approval of the Compensation Committee of the Supervisory Board, and in the absence of a Compensation Committee, the Supervisory Board, to determine – in addition to the Minimum Performance Target – one or more additional performance targets (e.g. certain relevant benchmarks such as growth, profitability and/or KPI targets) for each grant of Stock Options to Participants (the “Additional Performance Targets”; Minimum Performance Target and Additional Performance Targets each also a “Performance Target”). With respect to MBs the Supervisory Board is entitled – in its sole discretion – to determine Additional Performance Targets for each grant of Stock Options to Participants.

 

(4)

If the Performance Target is not achieved by the end of the Waiting Period(§ 7 (1)), all Stock Options granted shall forfeit completely without any further consideration.

 

Page 6/16


§ 6

Vesting

 

(1)

For the purpose of this § 6, “Scheduled Vesting Date” means the date on which the Stock Options will vest pursuant to § 6 (2).

 

(2)

Subject to § 6 (4) and § 6 (5) and § 11 of these Rules, the Stock Options granted to a Participant will vest and – subject to the fulfilment of the further Exercise Conditions – become exercisable in accordance with a vesting schedule in accordance with § 6 (3) and subject to the following minimum conditions:

 

  (a)

For every tranche, the vesting schedule shall provide for a cliff of two (2) years after the Grant Date after which two-thirds of the granted Stock Options shall vest; and

 

  (b)

All remaining Stock Options of a tranche shall vest after a time period of three years.

 

(3)

Subject to the minimum conditions pursuant to § 6 (2) and with the prior approval of the Compensation Committee of the Supervisory Board, and in the absence of a Compensation Committee, the Supervisory Board, the Management Board will determine relevant criteria for the vesting schedule and may, inter alia, determine certain operational or other performance criteria (e.g. certain relevant benchmarks such as growth, profitability and/or KPI targets) or time criteria for such vesting schedule and will also take into account the overall pool of Stock Options remaining available. The Management Board shall decide – in its sole discretion – on each specific grant of Stock Options to Participants within the limits set by the prior approval of the Compensation Committee of the Supervisory Board or the Supervisory Board (as applicable) – always subject to the minimum conditions pursuant to § 6 (2). With respect to MBs, the Supervisory Board shall – in its sole discretion – determine such vesting schedule for each grant of Stock Options to Participants subject to the minimum conditions pursuant to § 6 (2).

 

(4)

Any uninterrupted period during which the employment relationship of the respective Participant with the Company has been suspended (ruhendes Arbeitsverhältnis) without entitlement to continued remuneration (ohne Entgeltfortzahlung) (the “Suspension”) due to e.g. sickness, parental leave, nursing care (Pflegezeit), military service, sabbatical, unpaid leave of absence or comparable grounds shall suspend the vesting of Stock Options. For the avoidance of doubt, after the end of a Suspension and subject to § 6 (5) and § 11 of these Rules, any unvested Stock Options will continue to vest in accordance with a later vesting schedule adjusted to reflect the period of the Suspension.

 

(5)

If after a grant a Participant reduces on his or her own initiative his or her contractual working time (vertragliche Arbeitszeit) (compared to the working time as per the relevant Grant Date), the number of Stock Options vesting on each of the Scheduled Vesting Dates following this reduction shall be reduced in proportion to the reduction of the contractual working time. For the avoidance of doubt, the number of vesting Stock Options shall be reduced pursuant to sentence 1 only for the time period during which the contractual working time is reduced. Any Stock Options that will not vest in accordance with the previous sentence will be forfeited without entitlement to compensation.

§ 7

Waiting Period and Exercise Period

 

(1)

The waiting period after which the Stock Options may first be exercised is four (4) years commencing on the Grant Date (the “Waiting Period”).

 

Page 7/16


(2)

Subject to § 5 and after the expiry of the Waiting Period, all vested Stock Options may be exercised only

 

  (a)

within a period of two (2) years following the expiry of the waiting period; and

 

  (b)

within three (3) weeks after the publication by the Company of a quarterly financial report, half year financial report or press release announcing the annual financial results but in no event during a Black-Out Period

(each an “Exercise Period”). Any exercise of Stock Options must be conducted in compliance with all applicable Insider Trading Rules (as defined in § 17 (1) below) and not during a Black-Our Period as described in the Company’s Insider Trading Policy.

§ 8

Exercise Notice

 

(1)

Subject to the fulfilment of the Exercise Conditions, the Participant may exercise all or part of his or her Stock Options in writing or by email or by other electronic exercise procedure via any third-party plan administrator’s website (the “Exercise Notice”). The Exercise Notice should be addressed to:

 

  (a)

in case of an MB: the chairperson (Vorsitzender) of the Supervisory Board; and

 

  (b)

in any other case: the Management Board (Vorstand)

It has to state the number of Stock Options that are exercised and the number of Shares to be delivered by Issuance (see § 2 (5) (a) above) following the exercise. With receipt of the Exercise Notice the Company initiates the Issuance for the number of Shares for which Stock Options are exercised.

 

(2)

The Exercise Notice shall be accompanied by sufficient funds for the Exercise Price and further expenses payable in respect of the number of exercised Stock Options and by sufficient funds for the estimated payroll taxes and employee social security contributions (if any) due and to be withheld on exercise by the Company, or any similar taxes and duties. The Shares will not be transferred to the Participant or the Depositary (as applicable) until full payment of the Exercise Price including taxes and social security contributions if and to the extent applicable.

§ 9

Extraordinary Events or Developments

 

(1)

For purposes of this § 9, “Extraordinary Events or Developments” means – always subject to mandatory law – situations where the potential gain realized by the Participant upon the exercise of Stock Options (i) is caused by unusual external events and developments and (ii) cannot be reasonably justified under any circumstances by the development or business perspective of the Company, also taking into account international remuneration and incentive standards. For the avoidance of doubt, the exercise of Stock Options by the Participant, as such, that results in an economic benefit for the Participant, does not constitute an Extraordinary Event or Development.

 

(2)

In case of Extraordinary Events or Developments, the Management Board, and with respect to MBs the Supervisory Board, is entitled to adjust upon receipt of an Exercise Notice by the Company in its discretion (pflichtgemäßes Ermessen) the payout, in order to adequately limit (begrenzen) or eliminate, as the case may be, the effects of such Extraordinary Events or Developments. For the avoidance of doubt, such adjustment shall not result in a reduction or withdrawal of the Participant’s economic benefit achieved under the JSOP 2020 prior to the occurrence of such Extraordinary Events or Developments. In any such case, § 87 (1) AktG must be observed.

 

Page 8/16


§ 10

Expiry Date of the Stock Options

 

(1)

All unexercised Stock Options will expire without compensation after two (2) consecutive years following the expiration of the Waiting Period (the “Expiry Date”).

 

(2)

Notwithstanding anything contained in these Rules, in no case will a Stock Option be exercisable later than the Expiry Date provided, however, that if the term of a Stock Option expires during a Black-Out Period (§ 17 (2)) or within ten (10) Trading Days after the date on which the Black-Out Period ends, then the term of such Stock Option will be extended to the date on which the next Exercise Period after the expiry of Black-Out Period ends. “Trading Day” means a day other than a Saturday or Sunday or public holiday on which the stock exchange where the Shares/ADS are listed is open for trading.

§ 11

Consequences of a Termination or Transition of Employment Relationship or of an Irrevocable Release

 

(1)

The Stock Options granted to a Participant will irrevocably cease to vest, and all of the unvested Stock Options will be forfeited without entitlement to compensation, at the date (the “Cancelation Date”) upon which one or more of the events specified under § 11 (1) (a) to § 11 (1) (d) (each a “Cancelation Event”) occur:

 

  (a)

whatever event is the earliest: (i) a notice of termination of the service or employment relationship by the Company or an Affiliated Company (as the case may be) or by the respective Participant is received by the other party, (ii) a termination agreement between the Company or an Affiliated Company (as the case may be) on the one side and the respective Participant on the other side is signed by both parties (unless a different date is agreed upon in such agreement, in which case such date shall be the Cancelation Date) or (iii) the service employment relationship has ended. This § 11 (1) (a) shall not apply if the employment relationship is, without any interruption, continued between the respective Participant and an Affiliated Company or the Company, as the case may be;

 

  (b)

transition of the employment relationship to a new employing entity which is not an Affiliated Company or the Company, as the case may be, such transition resulting from a transfer of business (Betriebs- oder Betriebsteilübergang), or the company at which the relevant Participant is employed ceases to be an Affiliated Company;

 

  (c)

the respective Participant is irrevocably released (unwiderruflich freigestellt) from his or her obligation to work; and/or

 

  (d)

notwithstanding § 11 (1) (a), the respective Participant has ceased holding his or her office as member of the Management Board of the Company.

 

(2)

If a Cancelation Event occurs and:

 

  (a)

the relevant Participant’s service or employment relationship with the Company or an Affiliated Company (as the case may be) ends due to:

 

  (i)

in case of an MB: the Participant’s voluntary resignation from office (Amtsniederlegung) prior to the regular end of his or her term of office and the Participant taking up employment with or assuming an active management position or a remunerated consultant role with a direct competitor within six (6) months after the resignation; or

 

Page 9/16


  (ii)

in case of an MB: a revocation from office (Widerruf der Bestellung) by the Company in circumstances where there are grounds justifying a termination of the service relationship for good cause within the meaning of § 626 of the German Civil Code (Bürgerliches Gesetzbuch – “BGB”) irrespective of the preclusion period pursuant to § 626 (2) BGB; or

 

  (iii)

in case of Participants not being an MB: a termination for good cause of the employment contract (außerordentliche Kündigung) by the Company or an Affiliated Company (as the case may be) within the meaning of § 626 BGB (or the equivalent provision of applicable foreign law);

(such Participant a “Bad Leaver”) all unexercised Stock Options granted to the Bad Leaver (whether held by him/her or any third party) will be forfeited without entitlement to compensation;

 

  (b)

the relevant Participant does not qualify as a Bad Leaver (such Participant a “Good Leaver”), such Good Leaver will retain all of the unexercised Stock Options which have vested in accordance with § 6 and § 11 (1) until the Cancelation Date. The terms and conditions set forth in these Rules (Waiting Period, Performance Target, Exercise Conditions etc.) will continue to apply unchanged to the Stock Options retained by the Good Leaver pursuant to this § 11 (2) (b).

 

(3)

Subject to § 11 (4), any Exercise Shares and ADS delivered by an Issuance (§ 2 (5) (a)) and any cash settlement payments made by the Company pursuant to § 2 (5) (b) upon exercise of Stock Options prior to the Termination Date shall remain unaffected by the forfeiture of Stock Options pursuant to § 11 (1) or § 11 (2) (a) (no “claw-back”).

 

(4)

The Management Board, and with respect to MBs the Supervisory Board, may agree with the relevant Participant in the respective grant agreement that a violation of a contractual and/or post-contractual non-compete obligation which has been, or will be agreed, with the relevant Participant will result in a forfeiture of the Stock Options granted to the relevant Participant and claw-back of already exercised Stock Options.

§ 12

Transferability

Except for the transfer (i) by will or applicable laws of decent upon the death of the relevant Participant or (ii) with the prior written consent by the Management Board and with respect to MBs by the Supervisory Board, neither the Stock Options nor the rights of any Participant under any Stock Option or under the JSOP 2020 are assignable or otherwise transferable.

§ 13

Adjustment in Case of Specific Capital and Other Structural Measures

 

(1)

For the purposes of this § 13Adjustment Event” means any capital measures (Kapitalmaßnahmen) and/or other structural measures (Strukturmaßnahmen) carried out by the Company, including capital increase, capital reduction, share split, reverse share split, merger, split-up, split-off, spin-off, issuance of convertible bonds or option bonds.

 

(2)

In the event of:

 

  (a)

a capital increase from Company funds by the issuance of new shares (Kapitalerhöhung aus Gesellschaftsmitteln);

 

Page 10/16


  (b)

a reduction in the number of Shares by merging Shares without capital reduction (reverse share split) or an increase in the number of Shares without capital increase (share split);

 

  (c)

a capital reduction (Kapitalherabsetzung) with a change in the total number of Shares issued by the Company; or

 

  (d)

any other Adjustment Event having an effect similar to any of the foregoing;

the Management Board, with respect to MBs the Supervisory Board, shall establish financial equality for the Participant in order to prevent that such Adjustment Event results in a dilution or enlargement of the benefits or potential benefits intended to be made available under the outstanding Stock Options. In such an Adjustment Event the financial equality shall preferably be established by adjusting the number of Stock Options (subject to available funding with Shares).

 

(3)

For the avoidance of doubt, no adjustment pursuant to § 13 (2) shall occur in the event of:

 

  (a)

a capital increase from Company funds without the issue of new shares (Kapitalerhöhung aus Gesellschaftsmitteln ohne Ausgabe neuer Aktien); and

 

  (b)

a capital reduction without a change in the total number of Shares issued by the Company.

 

(4)

If an adjustment occurs in accordance with this § 13, fractions of shares will not be granted on the exercise of Stock Options nor will they be compensated by a payment in cash.

 

(5)

For the avoidance of doubt, § 9 (1) AktG applies mutatis mutandis to Stock Options which have been adjusted pursuant to this § 13.

§ 14

Change of Control

 

(1)

For the purposes of this § 14:

 

  (a)

Cancelation Request Date” means the day on which the Cancelation Request (as defined in § 14 (2) below) was sent (abgesendet) or received (zugegangen) (as the case may be) by the Management Board, and with respect to MBs by the Supervisory Board;

 

  (b)

Change of Control” means (i) a transaction or series of related transactions in which a person or entity (other than a wholly-owned direct or indirect subsidiary of the Company) alone or acting in concert with other persons or entities acquires (y) a majority of the shares of the Company outstanding immediately prior to such transaction or series of related transactions or (z) all or substantially all of the Company’s assets; and (ii) a merger or another similar business combination transaction of the Company with or into another entity which is not a wholly-owned direct or indirect subsidiary of the Company having an effect similar to the events described under (i) (y) or (z) above;

 

  (c)

Change of Control Date” means the day on which a Change of Control occurs; and

 

  (d)

Relevant Share Price” means (i) if the Change of Control takes place as a result of a voluntary takeover offer, or a mandatory takeover offer is triggered by a Change of Control, the per Share price, respectively the price for one or more ADS representing in total an ownership interest in one Share, offered to the shareholders of the Company in such takeover offer and (ii) in any other case, the volume weighted average Relevant Closing Price on the 30 consecutive Trading Days prior to the Change of Control Date.

 

(2)

In the event of a Change of Control,

 

Page 11/16


  (a)

the Management Board, with respect to MBs the Supervisory Board, (as constituted immediately prior to the Change of Control Date) in relation to the Participant; and

 

  (b)

each Participant in relation to his or her Stock Options

may request (the “Cancelation Request”) that a portion of the then-outstanding vested Stock Options which is equal to the portion of the Shares or assets (as the case may be) of the Company acquired in the relevant Change of Control event by the persons or entities acquiring control and all rights attached thereto shall be cancelled in exchange for a payment by the Company of an amount equal to the excess, if any, of (i) the product of the Relevant Share Price multiplied by the number of Stock Options cancelled over (ii) the aggregate Exercise Price for all such cancelled Stock Options, but less any applicable taxes, social contributions or other required withholdings (the “Cancelation Consideration”). No Cancellation Request may be made to the extent the Participant is granted a tag along right by the shareholders of the Company permitting the Participant to sell a pro rata share of his or her vested Stock Options or – following an exercise thereof Exercise Shares respectively ADS, to the persons or entities acquiring control. The remaining vested Stock Options not subject to a Cancelation Request or sold based on a tag along right remain unaffected. With respect to some or all of the Stock Options which are not vested in accordance with § 6 (2) on the Change of Control Date the Management Board, and with respect to MBs the Supervisory Board, may in its sole discretion chose to grant the Participant another performance based compensation (including stock appreciation rights, phantom stocks or other stock options), which is economically equivalent to the relevant unvested Stock Options, which will then be cancelled in exchange.

 

(3)

A Cancelation Request may be made at any time in the period beginning one (1) month prior to, and ending three (3) months after the Change of Control Date. For the avoidance of doubt, a Participant may not request the cancelation of Stock Options which are not vested in accordance with § 6 (2) on the Change of Control Date.

 

(4)

The Cancelation Consideration shall be paid by the Company as soon as reasonably practicable, but in no event later than thirty (30) Trading Days following the Cancelation Request Date.

§ 15

Limitation of Liability

 

(1)

The Company (or any of its directors, officers, employees, agents or advisors) does not:

 

  (a)

assume any responsibility or liability for the development of the value or market price of the Shares and/or the ADS;

 

  (b)

warrant, assure or guarantee any increase in value of the Shares and/or the ADS, in particular it is neither warranted, assured or guaranteed that a Participant will be able to sell his or her participation in the Company with a profit in the future nor that no loss will be incurred; or

 

  (c)

warrant, assure or guarantee a profit of the Participant from the JSOP 2020 or any Stock Option granted thereunder.

 

(2)

Each Participant declares with his or her participation in the JSOP 2020 that the participation is voluntary. Each Participant is aware of the fact that he or she alone bears the risk of a decrease in or total loss of value of his or her investments. Each Participant accepts the offer to participate in the JSOP 2020 at his or her own risk and assumes any liability relating thereto.

 

(3)

Each Participant is responsible for obtaining legal, tax and any other necessary advice before participating in the JSOP 2020 and for evaluating the tax effects connected with the JSOP 2020. Each Participant accepts and declares that he or she has not been advised by or on behalf of the Company or its Representatives with respect to his or her participation in the JSOP 2020 (in particular, regarding legal and tax issues of such participation).

 

Page 12/16


§ 16

Taxes, Social Security and Costs

 

(1)

All taxes (including payroll taxes), social security contributions, further duties and costs accrued by the Participant in connection with his or her participation in the JSOP 2020 shall be borne by each Participant. Each Participant is obliged to pay taxes relating to the respective options granted/exercised under the JSOP 2020, or relating to a transfer of such options by the Participant to a third party, to the competent tax authorities. Each Participant shall fully indemnify the Company in respect of all such liabilities and obligations against tax authorities.

 

(2)

The employer of the Participant is entitled, if required by statutory law, to withhold payroll tax or any other taxes or duties or social security contributions to be paid by (or on behalf and account of) the Participant. This applies even after termination of the employment of the Participant with the Company. The Company is entitled to demand the full co-operation of the Participant even after his or her leave with respect to the withholding of taxes, social security contributions, other duties and costs in connection with the JSOP 2020. The Participant undertakes to fully co-operate with the Company.

 

(3)

Withholdings mentioned above do not release the Participant from his or her responsibility and obligation to pay all taxes, social contributions, further duties and costs being due and accruing in connection with his or her participation in the JSOP 2020 or the grant, exercise or transfer of any Stock Options.

§ 17

Insider Trading, Black-Out Periods, Securities Law Requirements

 

(1)

Any exercise of, or any other transaction in, the Stock Options (each a “Transaction”) must be conducted in compliance with (i) all applicable insider trading laws and regulations, and (ii) all provisions of any insider trading rules established by the Company, including the Company’s Insider Trading Policy ((i) and (ii) together the “Insider Trading Rules”). Each Participant is personally responsible for informing himself about, and acting in full compliance with, all applicable Insider Trading Rules. Any individual non-compliance with applicable Insider Trading Rules may lead to the imposition of civil and criminal penalties (as the case may be).

 

(2)

In order to minimize the potential for prohibited insider trading, the Management Board, and with respect to MBs the Supervisory Board, may establish in its sole discretion periods from time to time during which the Participant may not engage in transactions involving the Stock Options and/or the Shares and/or the ADS (the “Black-Out Periods”). Notwithstanding any other provisions in these Rules, the Participant may not exercise any Stock Options during an applicable Black-Out Period.

 

(3)

The obligation of the Company to issue any securities and to settle any awards under the JSOP 2020 shall be subject to all applicable laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any grant to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any securities unless such securities have been properly registered pursuant to the U.S. Securities Act or unless the Company is satisfied that such securities may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the U.S. Securities Act any of the securities to be offered or sold under the JSOP 2020. The Company may restrict the transfer of securities issued pursuant to the JSOP 2020 in such a manner as it deems advisable to ensure the availability, or facilitate compliance with, of any exemption from the registration requirements the U.S. Securities Act or any other applicable laws.

 

Page 13/16


(4)

The Company or the Third Party Service Provider (as defined below in § 19 (1)), as the case may be, may cancel a grant under the JSOP 2020 or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of securities from the public markets, the Company’s issuance of securities to the Participant, the Participant’s acquisition of securities from the Company and/or the Participant’s sale of securities to the public markets, illegal, impracticable or inadvisable. If the Company or the Third Party Service Provider, as the case may be, determines to cancel all or any portion of a grant in accordance with the foregoing, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate fair market value of the securities subject to such grant or portion thereof cancelled (determined as of the applicable exercise date, or the date that the securities would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or base amount or any amount payable as a condition of delivery of securities. Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such grant or portion thereof.

 

(5)

Notwithstanding any provision of the JSOP 2020 to the contrary, in no event shall a Participant be permitted to exercise a Stock Option in a manner that the Company or the Third Party Service Provider, as the case may be, determines would violate the United States Sarbanes-Oxley Act of 2002, or any other applicable law or the applicable rules and regulations of the U.S. Securities Exchange Commission or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded.

§ 18

Form Requirements, Notices

 

(1)

Any legal statements and other notices in connection with the JSOP 2020 (collectively the “Notices”) shall be made in text form (Textform) pursuant to § 126b BGB unless any other specific form is required by mandatory law or these Rules.

 

(2)

Any Notice to be delivered to the Company shall be addressed as follows:

 

  (a)

in case of MBs: by mail to Jumia Technologies AG, Attn. Chairperson of the Supervisory Board (currently Jonathan D. Klein), Skalitzer Straße 104, 10997 Berlin, Germany; and by email (attached as pdf-copy) tojonathan.klein@gettyimages.com; and

 

  (b)

in any other case: by mail to Jumia Technologies AG, Attn. Co-CEO Sacha Poignonnec, Skalitzer Straße 104, 10997 Berlin, Germany; and by email (attached as pdf-copy) to sacha.poignonnec@jumia.com.

The Company shall communicate changes in the address set forth in the previous sentence as soon as possible to the Participants. In the absence of such communication, the address stated above shall remain in place.

 

(3)

Any Notice to be given to the Participant may be served by being handed to him personally or by being sent to him or her at his or her home address shown in the records of the Company. The Participant shall communicate changes in his or her home address as soon as possible to the Company.

 

Page 14/16


§ 19

Data Protection

 

(1)

By participating in the JSOP 2020 each Participant expressly consents to the collection, storage, usage, transfer and processing of personal information provided by the Participant to the Company or a third party employed or contracted by the Company to administer or assist with the administration or implementation of the JSOP 2020 (the “Third Party Service Provider”), solely for all purposes relating to the implementation, operation and administration of the JSOP 2020. These include, but are not limited to:

 

  (a)

administering and maintaining Participants’ records;

 

  (b)

providing information about the Participant to a Third Party Service Provider; and

 

  (c)

transferring information about the Participant to a Company’s or a Third Party Service Provider’s premises in a country or territory that may not provide the same statutory protection for the information as the Participant’s home country to the extent such transfer is required to implement, operate or administer the JSOP 2020.

 

(2)

The Participant is entitled to a copy of the personal information held about him or her and information about the purpose of the collection, storage, usage, transfer and processing of the personal information. The Participant has the right to have the personal information corrected in case of any inaccurateness. Any rights of the Participant pursuant to the General Data Protection Regulation (Regulation EU 2016/679 of the European Parliament and of the Council of 27 April 2016) remain unaffected.

§ 20

Governing Law and Jurisdiction

 

(1)

The JSOP 2020, any Stock Options granted thereunder and these Rules shall be exclusively governed by, and be construed in accordance with, the laws of the Federal Republic of Germany, without regard to principles of conflicts of laws.

 

(2)

Any dispute, controversy or claim arising from or in connection with the JSOP 2020, any Stock Options granted thereunder or these Rules or their validity shall be decided upon to the extent legally permissible by the competent courts in Berlin.

§ 21

Final Provisions

 

(1)

These Rules will become effective upon registration of the Conditional Capital 2020 with the commercial register of the Company. All provisions in these Rules shall be subject to the terms and conditions established by the JSOP Resolution.

 

(2)

Unless otherwise explicitly provided for in these Rules, the Participant shall not be entitled to assign any rights or claims under the JSOP 2020 and these Rules without the written consent of the Company.

 

(3)

In these Rules, the headings are inserted for convenience only and shall not affect the interpretation of these Rules; where a German term has been inserted in quotation marks and/or italics it alone (and not the English term to which it relates) shall be authoritative for the purpose of the interpretation of the relevant English term in these Rules. The terms “including” and “in particular” shall always mean “including, without limitation” and “in particular, without limitation”, respectively. Any reference made in these Rules to any clauses without further indication of a law, an agreement or another document shall mean clauses of these Rules.

 

Page 15/16


(4)

In the event that one or more provisions of these Rules shall, or shall be deemed to, be invalid or unenforceable, the validity and enforceability of the other provisions of this Agreement shall not be affected thereby. In such case, the Company and the Participant agree to recognize and give effect to such valid and enforceable provision or provisions, which correspond as closely as possible with the commercial intent of the Parties. The same shall apply in the event that these Rules contain any unintended gaps (unbeabsichtigte Lücken).

Berlin, June 10, 2020

 

Jumia

Technologies AG

 

The Supervisory Board

  

The Management Board

 

Page 16/16

Exhibit 10.2

JUMIA TECHNOLOGIES AG

VIRTUAL RESTRICTED STOCK UNIT PROGRAM 2020

JUNE 9, 2020

– TERMS AND CONDITIONS


TABLE OF CONTENTS

 

TABLE OF CONTENTS    2  
RECITALS    3  

§ 1

 

ELIGIBILITY

     4  

§ 2

 

PLAN VOLUME AND GRANT OF RESTRICTED STOCK UNITS

     4  

§ 3

 

VESTING

     5  

§ 4

 

PAYMENT BY COMPANY

     5  

§ 5

 

EXTRAORDINARY EVENTS OR DEVELOPMENTS

     6  

§ 6

 

CONSEQUENCES OF A TERMINATION OF OFFICE OR EMPLOYMENT RELATIONSHIP

     6  

§ 7

 

TRANSFERABILITY AND HEDGING

     7  

§ 8

 

ADJUSTMENT IN CASE OF SPECIFIC CAPITAL AND OTHER STRUCTURAL MEASURES

     7  

§ 9

 

LIMITATION OF LIABILITY

     8  

§ 10

 

TAXES, SOCIAL SECURITY AND COSTS

     8  

§ 11

 

INSIDER TRADING, BLACK-OUT PERIODS AND SECURITIES LAW REQUIREMENTS

     9  

§ 12

 

FORM REQUIREMENTS, NOTICES

     10  

§ 13

 

DATA PROTECTION

     10  

§ 14

 

GOVERNING LAW AND JURISDICTION

     10  

§ 15

 

FINAL PROVISIONS

     11  

 

2/11


RECITALS

 

(A)

The participation of the management and key employees in the economic risks and opportunities of the relevant business operation is an important component of an internationally competitive remuneration system in order to strengthen the commitment to Jumia, to attract and retain competent and dedicated individuals whose efforts will result in the growth and profitability of Jumia and to align their interests with the interests of the shareholders in order to increase the value of Jumia.

 

(B)

For this purpose, Jumia Technologies AG (the “Company”) intends to implement a virtual restricted stock unit program 2020 (the “VRSUP 2020”). Under the VRSUP 2020, virtual restricted shares in the Company (each a “Restricted Stock Unit” and together the “Restricted Stock Units”) shall be granted to members of the management board of the Company (the “Management Board” and, the members of the Management Board, each an “MB”) and key employees of the Company as well as to members of the management and key employees of companies affiliated with the Company within the meaning of §§ 15 et seq. of the German Stock Corporation Act (Aktiengesetz, the “AktG”) (each an “Affiliated Company” and together the “Affiliated Companies”). Upon vesting (as described in § 3 below), and subject to § 4 below, each Restricted Stock Unit shall grant the right to receive cash payments in the amount of the relevant share price of the shares in the Company as described below. Thus, the beneficiaries obtain a right to receive a cash payment, the total amount of which depends on the development of the share price of the shares of the Company. However, a settlement in shares is possible at the discretion of the Company according to the conditions stated in§ 2.7.

 

(C)

With resolution dated 09 June 2020 (the “VRSUP Resolution”), the Company’s general meeting (Hauptversammlung) authorized the Management Board, with the consent of the supervisory board of the Company (the “Supervisory Board”), to issue up to 1,850,000 new shares, each with a notional value of EUR 1.00 in the share capital of the Company either by way of an amendment of the already existing Authorized Capital or through the creation of an additional authorized capital, in order to provide the Company with an alternative option to settle employee claims under this VRSUP 2020 with shares in the Company instead of a cash payment. The Management Board and the Supervisory Board resolved to grant in total 1,850,000 Restricted Stock Units to the beneficiaries in one or more tranches. The Management Board with respect to selected employees of the Company and, with respect to members of the management and selected employees of the Affiliated Companies on behalf of the respective Affiliated Company, and, with respect to members of the Management Board the Supervisory Board, will determine the further details of the VRSUP 2020, in particular the number of Restricted Stock Units granted to a Participant (as defined in § 1.2 below) and the relevant other terms and conditions in accordance with the Rules (as defined in Recital (D) below) set forth in this VRSUP 2020.

 

(D)

These terms and conditions establish the rules (the “Rules”) pursuant to which the Restricted Stock Units under the VRSUP 2020 may be granted and paid.

 

Page 3/11


§ 1

Eligibility

 

1.1

Under the VRSUP 2020, Restricted Stock Units may be granted only to the following groups of beneficiaries:

 

  1.1.1

members of the Management Board (“Group 1”);

 

  1.1.2

selected employees of the Company (“Group 2”);

 

  1.1.3

members of the management of Affiliated Companies (“Group 3”); and

 

  1.1.4

selected employees of Affiliated Companies (“Group 4”, and together with Group 1, Group 2 and Group 3, the “Groups”).

Each beneficiary, who is not an MB or a member of the management of an Affiliated Company, must be considered by the Management Board – in its sole discretion– a key expert.

 

1.2

The Management Board, and with respect to MBs the Supervisory Board, will – in its sole discretion – designate the individuals to whom Restricted Stock Units under the VRSUP 2020 will be granted (the “Participants” and each a “Participant”) as well as the amount of Restricted Stock Units to be granted to the respective Participant.

 

1.3

When granting Restricted Stock Units to the MBs, the Supervisory Board will take into account the relation between the value of existing and foreseeable grants under stock option programs of the Company compared to the value of the Restricted Stock Units to be granted to the MBs.

§ 2

Plan Volume and Grant of Restricted Stock Units

 

2.1

The aggregate number of Restricted Stock Units which may be granted under the VRSUP 2020 amounts to 1,850,000, subject to adjustment and substitution as set forth in § 8. Any Restricted Stock Unit that forfeits or is cancelled under this VRSUP 2020 may be reallocated or re-granted to any Participant.

Any respective grant may be made to a Participant only on the basis of his/her membership in one of the Groups set forth under § 1.1.1 to § 1.1.4. Participants, who belong to more than one Top Management Level at the time of the relevant grant, can only be granted Restricted Stock Units for one Top Management Level at such time. The final number of Restricted Stock Units to be acquired by a Participant depends on the Vesting of such Restricted Stock Units (as defined in, and subject to, § 3 below).

 

2.2

The Restricted Stock Units will be granted to each Participant by separate grant agreements (Zuteilungsvereinbarungen), in particular stating the number of offered Restricted Stock Units. The Restricted Stock Units shall be granted to the Participant with economic effect as from the date of the grant of the Restricted Stock Units. Any grant is subject to a continuing and unterminated (ungekündigt) service or employment relationship between the relevant Participant and the Company or an Affiliated Company at the relevant Grant Date (as defined under § 2.5 below).

 

2.3

The number of offered Restricted Stock Units granted to a Participant shall typically be determined by dividing the individual Grant Value by the Average Share Price. “Grant Value” means a Euro denominated amount granted to the Participant to be used for purposes of participating in the VRSUP 2020. “Average Share Price” means an amount equal to the average of the closing price (Schlusskurs) of the Shares (as represented by ADSs) of the Company on the New York Stock Exchange (“NYSE”) (or a comparable successor system) (the “Relevant Closing Price”) on the sixty (60) consecutive Trading Days prior to the Grant Date (as defined under § 2.5 below). “Trading Day” means a day other than a Saturday or Sunday or public holiday on which NYSE is open for trading. For the avoidance of doubt, there shall be no fractional Restricted Stock Units. In case the division of the Grant Value (as allocated

 

Page 4/11


 

to the VRSUP 2020 on the basis of the Participant’s election) by the Average Share Price results in fractional Restricted Stock Units, the number of offered Restricted Stock Units shall, in any case, be rounded down to the next full number of Restricted Stock Units without compensation.

 

2.4

Restricted Stock Units may be granted to the Participants in one or more tranches

 

  a)

until 31 December 2023, and

 

  b)

within three (3) weeks after the publication by the Company of a quarterly financial report, half year financial report or press release announcing the annual financial results but in no event may a grant be made during a Black-Out Period (each such three-week period a “Grant Period”).

 

2.5

Participants who for the first time enter into a service or employment agreement with the Company or an Affiliated Company can, at the time of signing of the service or employment agreement, be promised a grant of Restricted Stock Units during one of the aforementioned Grant Periods at a later point in time. The date on which a grant becomes effective shall be the date of the signing of the relevant grant agreement or a later effective date specified therein (the “Grant Date”).

§ 3

Vesting

 

3.1

Subject to § 3.2 and § 6 of these Rules, Restricted Stock Units granted to a Participant will vest at the expiration of one year following the Grant Date or such longer annual period as specified in the grant agreement.

 

3.2

Any uninterrupted period during which the employment relationship of the respective Participant with the Company has been suspended (ruhendes Arbeitsverhältnis) without entitlement to continued remuneration (ohne Entgeltfortzahlung) (the “Suspension”) due to e.g. sickness, parental leave, nursing care (Pflegezeit), military service, sabbatical, unpaid leave of absence or comparable grounds shall suspend the vesting of Restricted Stock Units as described in § 3.1 above. After the end of a Suspension and subject to § 6 below, any unvested Restricted Stock Units will continue to vest in accordance with a later vesting schedule adjusted to reflect the period of the Suspension.

§ 4

Payment by Company

 

4.1

Restricted Stock Units granted under the VRSUP 2020 entitle the Participant holding such Restricted Stock Units to the receipt of the RSU Value per Share multiplied by the number of Restricted Stock Units which have vested in accordance with § 3 above (the “RSU Value”). Subject to § 6 and § 11 below, the RSU Value for Restricted Stock Units shall be paid in cash to the Participant by the Company, and with respect to Group 3 and Group 4 on behalf of the Affiliated Company, as soon as reasonably practicable following the expiration of a period of twelve Trading Days after the publication by the Company of its first half year report or annual financial statements after the vesting date. “RSU Value per Share” means a cash payment per vested Restricted Stock Unit, in an amount equal to the average of the Relevant Closing Price on the first ten Trading Days after the publication by the Company of the later of its last half year report or its last annual financial statements.

 

4.2

Any RSU Value may be capped at a maximum amount (Höchstbetrag) agreed with the Participant in the grant agreement, the employment agreement or the service agreement.

 

4.3

The Company shall be entitled, at its sole discretion, with respect to Group 2, and with respect to Group 4 on behalf of the Affiliated Company, and subject to any Insider Trading Rules (as defined in § 11 below), to deliver (in full or in part) Shares or ADS instead of any RSU Value to the Participant, provided that the general shareholders‘ meeting of the Company has lawfully resolved on the acquisition and divesture of treasury shares (eigene Aktien) or an authorized capital for such purposes or the Company

 

Page 5/11


 

may lawfully acquire ADS. In such case and to the extent necessary, the provisions of this VRSUP 2020 may be adjusted to achieve a result which is economically equivalent to the relevant Restricted Stock Units or RSU Value and which is in compliance with applicable laws. For the determination of the number of Shares or ADS to be delivered to the Participant, the Relevant Closing Price on the day of the decision by the Company to deliver Shares or ADS shall apply. The Participant is obliged to cooperate with the Company and take any actions necessary to effect the delivery of such Shares or ADS, e.g. in case new Shares are issued; the Participant may be required to contribute his payment claim under this VRSUP 2020 to allow for a “net share settlement”. Further, resales of the Shares or ADS by a Participant may be limited to sales effected on a stock exchange designated by the Company.

 

4.4

Any statutory charges, such as payroll taxes, employee social security contributions or similar or other taxes and duties (if any), shall be borne by the Participant. To the extent due, the Company will withhold such charges from the RSU Value and pay them to the competent authorities. In case the Company is authorized to and chooses to deliver Shares or ADS instead of any RSU Value, the Company will also withhold and pay any statutory charges and determine the number of Shares or ADS to be delivered after deducting those charges.

§ 5

Extraordinary Events or Developments

 

5.1

Extraordinary Events or Developments” means – subject to mandatory law – situations where the potential gain realized by the Participant upon the payment of the Restricted Stock Units (i) is caused by unusual external events and developments and (ii) cannot be reasonably justified under any circumstances by the development or business perspective of the Company, also taking into account international remuneration and incentive standards. For the avoidance of doubt, the payment of Restricted Stock Units, as such, that results in an economic benefit for the Participant, does not constitute an Extraordinary Event or Development.

 

5.2

In case of Extraordinary Events or Developments, the Management Board, and with respect to MBs the Supervisory Board, is entitled to adjust in its discretion (pflichtgemäßes Ermessen) the payout, in order to adequately limit (begrenzen) or eliminate, as the case may be, the effects of such Extraordinary Events or Developments. For the avoidance of doubt, such adjustment shall not result in a reduction or withdrawal of the Participant’s economic benefit achieved under the VRSUP 2020 prior to the occurrence of such Extraordinary Events or Developments. In any such case, § 87 para. 1 AktG must be observed.

§ 6

Consequences of a Termination of Office or Employment Relationship

In the event the Participant’s office as member of the Management Board or the Participant’s service or employment relationship with the Company or an Affiliated Company (as the case may be) ends

 

6.1

due to:

 

  6.1.1

(i) the Participant’s voluntary resignation from office (Amtsniederlegung) prior to the regular end of his/her term of office or the termination of the Participant’s service or employment relationship with the Company or an Affiliated Company and (ii) the Participant taking up employment with or assuming an active management position or a remunerated consultant role with a direct competitor within twelve months after the effective date of the resignation or termination; or

 

  6.1.2

in case of an MB, a revocation from office (Widerruf der Bestellung) by the Company in circumstances where there are grounds justifying a termination of the service relationship for good cause within the meaning of § 626 of the German Civil Code (Bürgerliches Gesetzbuch) (“BGB”) irrespective of the preclusion period pursuant to § 626 para. 2 BGB; or

 

Page 6/11


  6.1.3

in case of any Participant not being an MB, the termination of the service or employment relationship with the Company or an Affiliated Company, as the case may be, where there are grounds justifying a termination of the service or employment relationship for good cause within the meaning of § 626 BGB (or the equivalent provision of applicable foreign law) irrespective of the preclusion period pursuant to § 626 para. 2 BGB (or the equivalent provision of applicable foreign law);

(such Participant a “Bad Leaver”) all vested and unvested Restricted Stock Units granted to the Bad Leaver (whether held by him/her or any third party) will be forfeited without entitlement to compensation; or

 

6.2

due to any reason not qualifying the relevant Participant as a Bad Leaver (such Participant a “Good Leaver”), such Good Leaver will retain all Restricted Stock Units already vested pursuant to § 3 and not yet paid on the earlier of (i) the date of his/her effective date of termination of office (in relation to MBs or members of the management of Affiliated Companies), if applicable, or (ii) the date of his/her declaration of termination of employment (in relation to selected employees) (in either case the “Termination Date”). The terms and conditions set forth in these Rules will continue to apply unchanged to the Restricted Stock Units retained pursuant to this § 6.2. All Restricted Stock Units which are not retained pursuant to this § 6.2 are forfeited without entitlement to compensation. This § 6.2 shall not apply, and the other terms and conditions set forth in these Rules will continue to apply unchanged, in case the Participant, within three months of the Termination Date, enters into a new service or employment relationship with the Company or an Affiliated Company or is appointed as member of the Management Board.

 

6.3

For the avoidance of doubt: any cash settlement payments made or Share or ADS transfers executed relating to the fulfillment of Restricted Stock Units prior to the Termination Date shall remain unaffected by the forfeiture of Restricted Stock Units pursuant to § 6.1 or § 6.2 last sentence (no “claw-back”).

§ 7

Transferability and Hedging

Except for the transfer (i) by will or applicable laws of decent upon the death of the relevant Participant or (ii) with the prior written consent by the Company, neither the Restricted Stock Units nor the rights of any Participant under any Restricted Stock Unit or under the VRSUP 2020 are assignable or otherwise transferable. A Participant shall not hedge any interest, risk or position in any Restricted Share Unit.

§ 8

Adjustment in Case of Specific Capital and Other Structural Measures

 

8.1

Adjustment Event” means any capital measures (Kapitalmaßnahmen) and/or other structural measures (Strukturmaßnahmen) carried out by the Company, including capital increase, capital reduction, share split, reverse share split, merger, split-up, split-off, spin-off, issuance of convertible bonds or option bonds.

 

8.2

In the event of:

 

  8.2.1

a capital increase from Company funds by the issuance of new shares (Kapitalerhöhung aus Gesellschaftsmitteln);

 

  8.2.2

a reduction in the number of shares by merging Shares without capital reduction (reverse share split) or an increase in the number of Shares without capital increase (share split);

 

  8.2.3

a capital reduction (Kapitalherabsetzung) with a change in the total number of Shares issued by the Company; or

 

  8.2.4

any other Adjustment Event having an effect similar to any of the foregoing;

 

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the Management Board, and with respect to MBs the Supervisory Board, shall establish financial equality for the Participant in order to prevent that such Adjustment Event results in a dilution or enlargement of the benefits or potential benefits intended to be made available under the outstanding Restricted Stock Units. In such an Adjustment Event the financial equality shall preferably be established by adjusting the number of Restricted Stock Units.

 

8.3

For the avoidance of doubt, no adjustment pursuant to § 8.2 shall occur in the event of:

 

  8.3.1

a capital increase from Company funds without the issue of new shares (Kapitalerhöhung aus Gesellschaftsmitteln ohne Ausgabe neuer Aktien); or

 

  8.3.2

a capital reduction without a change in the total number of Shares issued by the Company.

 

8.4

If an adjustment occurs in accordance with this § 8, fractions of Restricted Stock Units will not be granted nor will they be compensated by a payment in cash.

 

8.5

For the avoidance of doubt, § 9 para. 1 AktG applies mutatis mutandis to Restricted Stock Units which have been adjusted pursuant to this § 8.

§ 9

Limitation of Liability

 

9.1

Neither the Company nor any Affiliated Company (or any of its respective directors, officers, employees, agents or advisors):

 

  9.1.1

assumes any responsibility or liability for the development of the value or market price of the Shares;

 

  9.1.2

warrants, assures or guarantees any increase in value of the Shares; or

 

  9.1.3

warrants, assures or guarantees a profit of the Participant from the VRSUP 2020 or any Restricted Stock Units granted thereunder.

 

9.2

Each Participant declares with his/her participation in the VRSUP 2020 that the participation is voluntary. Each Participant is aware of the fact that he/she alone bears the risk of a decrease in or total loss of value of his/her investments. Each Participant accepts the offer to participate in the VRSUP 2020 at his/her own risk and assumes any liability relating thereto.

 

9.3

Each Participant is responsible for obtaining legal, tax and any other necessary advice before participating in the VRSUP 2020 and for evaluating the tax effects connected with the VRSUP 2020. Each Participant accepts and declares that he or she has not been advised by or on behalf of the Company or its Representatives with respect to his or her participation in the VRSUP 2020 (in particular, regarding legal and tax issues of such participation).

§ 10

Taxes, Social Security and Costs

 

10.1

All taxes (including payroll taxes), social security contributions, further duties and costs accrued by the Participant in connection with his or her participation in the VRSUP 2019 shall be borne by the Participant. Each Participant is obliged to pay taxes relating to the Restricted Stock Units paid under the VRSUP 2020, or relating to a transfer of such options by the Participant to a third party, to the competent tax authorities. Each Participant shall fully indemnify the Company or Affiliated Company in respect of all such liabilities and obligations against tax authorities.

 

10.2

The employer of the Participant is entitled, if required by statutory law, to withhold payroll tax or any other taxes or duties or social security contributions to be paid by (or on behalf and account of) the Participant. This applies even after termination of the employment of the Participant with the Company

 

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or Affiliated Company. The Company or Affiliated Company is entitled to demand the full cooperation of the Participant even after his/her leave with respect to the withholding of taxes, social security contributions, other duties and costs in connection with the VRSUP 2020. The Participant undertakes to fully co-operate with the Company or Affiliated Company.

 

10.3

Withholdings mentioned above do not release the Participant from his/her responsibility and obligation to pay all taxes, social contributions, further duties and costs being due and accruing in connection with his/her participation in the VRSUP 2020 or the grant or transfer of any Restricted Stock Units.

§ 11

Insider Trading, Black-out Periods and Securities Law Requirements

Any transaction in the Restricted Stock Units (each a “Transaction”) must be conducted in compliance with (i) all applicable insider trading laws and regulations, and (ii) all provisions of any insider trading rules established by the Company, including the Company’s Insider Trading Policy ((i) and (ii) together the “Insider Trading Rules”). Each Participant is personally responsible for informing himself about, and acting in full compliance with, all applicable Insider Trading Rules. Any individual non-compliance with applicable Insider Trading Rules may lead to the imposition of civil and criminal penalties (as the case may be).

In order to minimize the potential for prohibited insider trading, the Management Board, and with respect to MBs the Supervisory Board, may establish in its sole discretion periods from time to time during which the Participant may not engage in transactions involving the Restricted Stock Units and/or the Shares and/or the ADS (each such period a “Black-Out Period”).

The obligation of the Company to issue any securities and to settle any awards under the VRSUP 2020 shall be subject to all applicable laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any grant to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any securities unless such securities have been properly registered pursuant to the U.S. Securities Act or unless the Company is satisfied that such securities may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the U.S. Securities Act any of the securities to be offered or sold under the VRSUP 2020. The Company may restrict the transfer of securities issued pursuant to the VRSUP 2020 in such a manner as it deems advisable to ensure the availability, or facilitate compliance with, of any exemption from the registration requirements the U.S. Securities Act or any other applicable laws.

The Company or the Third Party Service Provider, as the case may be, may cancel a grant under the VRSUP 2020 or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of securities from the public markets, the Company’s issuance of securities to the Participant, the Participant’s acquisition of securities from the Company and/or the Participant’s sale of securities to the public markets, illegal, impracticable or inadvisable. If the Company or the Third Party Service Provider, as the case may be, determines to cancel all or any portion of a grant in accordance with the foregoing, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate fair market value of the securities subject to such grant or portion thereof canceled (determined as of the applicable exercise date, or the date that the securities would have been vested or delivered, as applicable), over (B) the aggregate exercise price or base amount or any amount payable as a condition of delivery of securities. Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such grant or portion thereof.

Notwithstanding any provision of the VRSUP 2020 to the contrary, in no event shall a Participant be permitted to exercise a Stock Option in a manner that the Company or the Third Party Service Provider, as the case may be, determines would violate the United States Sarbanes-Oxley Act of 2002, or any other applicable law or the applicable rules and regulations of the U.S. Securities Exchange Commission or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded.

 

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§ 12

Form Requirements, Notices

 

12.1

Any legal statements and other notices in connection with the VRSUP 2020 (collectively the “Notices”) shall be made in text form (Textform) pursuant to § 126b BGB unless any other specific form is required by mandatory law or these Rules.

 

12.2

Any Notice to be delivered to the Company shall be addressed as follows:

 

  12.2.1

in case of MBs: by mail to Jumia Technologies AG, Attn. Chairperson of the Supervisory Board (currently Jonathan David Klein), Skalitzer Straße 104, 10997 Berlin, Germany; and by email (attached as pdf-copy) to jonathan.klein@gettyimages.com; and

 

  12.2.2

in any other case: by mail to Jumia Technologies AG, Attn. Co-CEO Sacha Poignonnec, Skalitzer Straße 104, 10997 Berlin, Germany; and by email (attached as pdf-copy) to sacha.poignonnec@jumia.com.

The Company shall communicate changes in the address set forth in the previous sentence as soon as possible to the Participants. In the absence of such communication, the address stated above shall remain in place.

 

12.3

Any Notice to be given to the Participant may be served by being handed to him/her personally or by being sent to him or her at his or her home address shown in the records of the Company. The Participant shall communicate changes in his or her home address as soon as possible to the Company.

§ 13

Data Protection

 

13.1

By participating in the VRSUP 2020 each Participant expressly consents to the collection, storage, usage, transfer and processing of personal information provided by the Participant to the Company or a third party employed or contracted by the Company to administer or assist with the administration or implementation of the VRSUP 2020 (the “Third Party Service Provider”), solely for all purposes relating to the implementation, operation and administration of the VRSUP 2020. These include, but are not limited to:

 

  13.1.1

administering and maintaining Participants’ records;

 

  13.1.2

providing information about the Participant to a Third Party Service Provider; and

 

  13.1.3

transferring information about the Participant to a Company’s or a Third Party Service Provider’s premises in a country or territory that may not provide the same statutory protection for the information as the Participant’s home country to the extent such transfer is required to implement, operate or administer the VRSUP 2020.

 

13.2

The Participant is entitled to a copy of the personal information held about him/her and information about the purpose of the collection, storage, usage, transfer and processing of the personal information. The Participant has the right to have the personal information corrected in case of any inaccurateness. Any rights of the Participant pursuant to the General Data Protection Regulation (Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016) remain unaffected.

§ 14

Governing Law and Jurisdiction

 

14.1

Subject to § 15.1, the VRSUP 2020, any Restricted Stock Units granted thereunder and these Rules shall be exclusively governed by, and be construed in accordance with, the laws of the Federal Republic of Germany, without regard to principles of conflicts of laws.

 

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14.2

Any dispute, controversy or claim arising from or in connection with the VRSUP 2020, any Restricted Stock Units granted thereunder or these Rules or their validity shall be decided upon to the extent legally permissible by the competent courts in Berlin, Germany.

§ 15

Final Provisions

 

15.1

The grant of any Restricted Stock Units and any payment to a Participant are subject to local law review, especially labor law and tax review, in the jurisdiction applicable to such Participant, following which, if necessary, the provisions of this VRSUP 2020 may be adjusted for such Participant to achieve a result which is economically equivalent to the relevant Restricted Stock Units or payment. The provisions of this VRSUP 2020 may also be adjusted if necessary or if advantageous for the Company, provided that the result for the Participants is economically equivalent to the relevant Restricted Stock Units or payment and in compliance with applicable laws.

 

15.2

For the avoidance of doubt, the Restricted Stock Units do not constitute a participation in the Company or any Affiliated Company and in particular do not grant any information, participation, voting, profit sharing or other shareholders’ rights.

 

15.3

The Restricted Stock Units are granted on a voluntary basis. Even a recurrent grant of Restricted Stock Units to individual Participants does not constitute any claim for a further allowance of Restricted Stock Units (keine betriebliche Übung).

 

15.4

Unless otherwise explicitly provided for in these Rules, the Participant shall not be entitled to assign any rights or claims under the VRSUP 2020 and these Rules without the written consent of the Company.

 

15.5

In these Rules, the headings are inserted for convenience only and shall not affect the interpretation of these Rules; where a German term has been inserted in quotation marks and/or italics it alone (and not the English term to which it relates) shall be authoritative for the purpose of the interpretation of the relevant English term in these Rules. The terms “including” and “in particular” shall always mean “including, without limitation” and “in particular, without limitation”, respectively. Any reference made in these Rules to any clauses without further indication of a law, an agreement or another document shall mean clauses of these Rules.

 

15.6

In the event that one or more provisions of these Rules shall, or shall be deemed to, be invalid or unenforceable, the validity and enforceability of the other provisions of these Rules shall not be affected thereby. In such case, the Company, the Affiliated Company and the Participant agree to recognize and give effect to such valid and enforceable provision or provisions, which correspond as closely as possible with the commercial intent of the parties. The same shall apply in the event that these Rules contain any unintended gaps (unbeabsichtigte Lücken).

Berlin, 9 June 2020

 

Jumia

Technologies AG on behalf of Jumia

The Supervisory Board             The Management Board

 

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Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the Stock Option Program 2020, and the Virtual Restricted Stock Unit Program 2020 of our report dated April 3, 2020 (except Notes 28 and 32, as to which the date is July 8, 2020), with respect to the financial statements of Jumia Technologies AG included in its Annual Report (Form 20-F/A) for the year ended December 31, 2019, filed with the Securities and Exchange Commission.

/s/ Ernst & Young

Ernst & Young

Société anonyme

Cabinet de révision agréé

Luxembourg

July 22, 2020