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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 F-3 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
JUMIA TECHNOLOGIES AG (Exact Name of Registrant as Specified in its Charter)
Not Applicable (Translation of Registrant’s Name into English)
The Federal Republic of Germany 5961 Not Applicable (State or other Jurisdiction of (Primary Standard Industrial (I.R.S. Employer Incorporation or Organization) Classification Code Number) Identification Number)
Skalitzer Straße 104 10997 Berlin Federal Republic of Germany +49 (30) 398 20 34 54 (Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
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 of all communications, including communications sent to agent for service, should be sent to:
Krystian M. Czerniecki Sullivan & Cromwell LLP Neue Mainzer Straße 52 60311 Frankfurt, Germany +49 (69) 4272 5200
Approximate date of commencement of proposed sale to the public: From time to time after this Registration Statement becomes effective.
If only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐
If this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.
Emerging growth company ☒
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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. ☐
†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
CALCULATION OF REGISTRATION
Proposed maximum Proposed maximum Amount to be aggregate offering aggregate offering Amount of Title of each class of securities to be registered registered price per share(2) price(2) registration fee(2) Primary Offering: Ordinary shares, no par value(1) 36,000,000 $4.29 $154,440,000.00 $20,046.31 Secondary Offering: Ordinary shares, no par value(1) 29,702,544 $4.29 $127,423,913.76 $16,539.62 Total $281,863,913.76 $36,585.94
(1) American Depositary Shares (“ADS”) evidenced by American Depositary Receipts (“ADRs”) issuable upon deposit of ordinary shares have been registered pursuant to a separate registration statement on Form F-6 (File No. 333-230534).
(2) Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(c) under the Securities Act. The proposed maximum offering price per ordinary share and proposed maximum aggregate offering price are calculated on the basis of $4.29, the average of the high and low sale price of ADSs of the registrant on the New York Stock Exchange on July 20, 2020, which is within five business days prior to the filing of this registration statement, divided by two, the then ordinary share-to-ADS ratio.
The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
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The information in this prospectus is not complete and may be changed. Neither we nor the selling shareholder may sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED JULY 22, 2020
18,000,000 American Depositary Shares Representing 36,000,000 Ordinary Shares offered by the Company and 14,851,272 American Depositary Shares Representing 29,702,544 Ordinary Shares offered by the Selling Shareholder
We, Jumia Technologies AG, a German stock corporation (Aktiengesellschaft), may offer, from time to time, in one or more offerings, up to an aggregate of 18,000,000 American Depositary Shares, or ADSs, representing up to an aggregate of 36,000,000 ordinary shares, with no par value, which we collectively refer to as the “securities,” and Mobile Telephone Networks Holdings Limited, whom we refer to as the selling shareholder, may offer up to an aggregate of 14,851,272 ADSs, representing up to an aggregate of 29,702,544 ordinary shares. This prospectus describes the general terms of these securities and the general manner in which these securities will be offered. We will provide the specific terms of these securities in supplements to this prospectus. The prospectus supplements will also describe the specific manner in which these securities will be offered and may also supplement, update or amend information contained in this prospectus. You should read this prospectus and any applicable prospectus supplement before you invest.
Our ADSs are listed on the New York Stock Exchange, or NYSE, under the symbol “JMIA.” On July 21, 2020, the closing sale price of our ADSs was $8.95 per ADS.
The securities covered by this prospectus may be offered through one or more underwriters, dealers or agents, or directly to purchasers. The names of any underwriters, dealers or agents, if any, will be included in a supplement to this prospectus. For general information about the distribution of securities offered, please see “Plan of distribution” beginning on page 37.
Investing in our securities involves risks. See “Risk factors” beginning on page 7 as well as the risk factors set forth in our most recent Annual Report on Form 20-F and in other reports incorporated herein by reference. We may include specific risk factors in an applicable prospectus supplement under the heading “Risk Factors.”
Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
The date of this prospectus is , 2020. Table of Contents
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Page About this Prospectus 1 Where you can find more information 2 Information Regarding Forward-Looking Statements 3 The Company 6 Risk Factors 7 Use of proceeds 8 Capitalization 9 Selling Shareholder 10 Description of Share Capital and Articles of Association 11 Description of American Depositary Shares 29 Plan of Distribution 37 Incorporation by Reference 39 Enforcement of Civil Liabilities 40 Expenses 41 Legal Matters 42 Experts 43
For investors outside the United States: Neither we nor any underwriters, dealers or agents have done anything that would permit an offering pursuant to this prospectus, or authorize the possession or distribution of this prospectus in any jurisdiction other than the United States where action for that purpose is required. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the securities and the distribution of this prospectus outside the United States.
We are incorporated in the Federal Republic of Germany. Under the rules of the U.S. Securities and Exchange Commission, or SEC, we are currently eligible for treatment as a “foreign private issuer.” As a foreign private issuer, we will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange Act of 1934, as amended, or the Exchange Act.
We are responsible for the information contained or incorporated by reference in this prospectus. Neither we nor the Selling Shareholder have authorized anyone to provide you with different information, and neither we nor the Selling Shareholder take responsibility for any other information others may give you. We, the Selling Shareholder and the underwriters are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained or incorporated by reference in this prospectus is accurate as of any date other than its date.
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ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, or the SEC, utilizing a “shelf” registration process. Under this shelf process, we may sell up to an aggregate of 18,000,000 ADSs, representing up to an aggregate of 36,000,000 ordinary shares, and the selling shareholder may sell up to an aggregate of 14,851,272 ADSs, representing up to an aggregate of 29,702,544 ordinary shares, in one or more offerings. This prospectus provides you with a general description of the securities we may offer. Each time we, or the selling shareholder, as applicable, sell securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus. You should read both this prospectus and any prospectus supplement together with additional information described under the headings “Where you can find more information” and “Incorporation of certain information by reference.”
We have not authorized anyone to provide you with information that is in addition to or different from that contained in, or incorporated by reference into, this prospectus or any prospectus supplement. If anyone provides you with different or inconsistent information, you should not rely on it.
We have filed or incorporated by reference exhibits to the registration statement of which this prospectus forms a part. You should read the exhibits carefully for provisions that may be important to you.
In this prospectus, unless the context otherwise requires, the terms “we,” “us,” “our,” “Jumia” and the “company” refer to Jumia Technologies AG (and historically to Africa Internet Holding GmbH), and their respective consolidated subsidiaries, as applicable.
Our registered office is at Charlottenstraße 4, 10969 Berlin, Germany, and our telephone number is +49-30-398203454.
Neither the delivery of this prospectus nor any sale made under it implies that there has been no change in our affairs or that the information in this prospectus is correct as of any date after the date of this prospectus. You should not assume that the information in this prospectus, including any information incorporated in this prospectus by reference, the accompanying prospectus supplement or any free writing prospectus prepared by us, is accurate as of any date other than the date on the front of those documents. Our business, financial condition, results of operations and prospects may have changed since that date.
You should not assume that the information contained in this prospectus is accurate as of any other date.
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WHERE YOU CAN FIND MORE INFORMATION
We are subject to the informational requirements of the Exchange Act. Accordingly, we are required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an Internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.
As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our management board and supervisory board members and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.
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INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements that relate to our current expectations and views of future events. These statements relate to events that involve known and unknown risks, uncertainties and other factors, including those listed under Item 3. “Key Information—D. Risk Factors” in our then-current Annual Report on Form 20-F, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
In some cases, these forward-looking statements can be identified by words or phrases such as “believe,” “may,” “will,” “expect,” “estimate,” “could,” “should,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. These forward-looking statements are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain and subject to a number of risks and uncertainties. These statements constitute forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Forward-looking statements contained in this prospectus include, but are not limited to, statements about:
• our future business and financial performance, including our revenue, operating expenses and our ability to maintain profitability and our
future business and operating results;
• our strategies, plan, objectives and goals; and
• our expectations regarding the development of our industry, internet penetration, market size and the competitive environment in which we
operate.
These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in Item 3. “Key Information-D. Risk Factors,” including the following:
• we have incurred significant losses since inception and there is no guarantee that we will achieve or sustain profitability in the future;
• we rely on external financing and may not be able to raise necessary additional capital on economically acceptable terms or at all;
• our markets pose significant operational challenges that require us to expend substantial financial resources;
• we face risks related to the COVID-19 pandemic, including negative effects on our business due to market disruption and economic
instability;
• many of our countries of operation are, or have been, characterized by political instability or changes in regulatory or other government
policies;
• our business may be materially and adversely affected by an economic slowdown in any region of Africa;
• currency volatility and inflation may materially adversely affect our business;
• uncertainties with respect to the legal system in certain African markets could adversely affect us;
• our business may be materially and adversely affected by violent crime or terrorism in any region of Africa;
• growth of our business depends on an increase in internet penetration in Africa.
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• growth of internet penetration in the markets in which we currently operate;
• we face competition, which may intensify;
• we may not be able to adapt to changes in our industry or successfully launch and monetize new and innovative technologies;
• we may not be able to maintain our existing partnerships, strategic alliances or other business relationships or enter into new ones. We may
have limited control over such relationships, and these relationships may not provide the anticipated benefits;
• we may be unable to maintain and expand our relationships with sellers or to find additional sellers for our marketplace;
• we may fail to maintain or grow the size of our consumer base or the level of engagement of our consumers;
• we face challenges with failed deliveries, excessive returns, late collections, unrecoverable receivables and voucher abuse, which may
materially and adversely affect our business and prospects;
• we depend on third-party carriers as part of our fulfillment process;
• we may be subject to allegations and lawsuits concerning the content of our platform or claiming that items listed on our marketplace are
counterfeit, pirated or illegal;
• we may fail to deal effectively with any fraud perpetrated and fictitious transactions conducted on our platform;
• we and certain of our board members and officers have been named as defendants in several shareholder class action lawsuits
• our payment service, JumiaPay, could fail to function properly, and we may not be able to expand or integrate JumiaPay into other online
portals;
• we could be subject to liability and forced to change our JumiaPay business practices if we were found to be subject to or in violation of any laws or regulations governing banking, money transmission, tax regulation, anti-money laundering regulations or electronic funds transfers in any country where we operate; or if new legislation regarding these issues were enacted in the countries where JumiaPay operate;
• any failure to maintain, protect and enhance our reputation and brand may adversely affect our business;
• we may fail to operate, maintain, integrate and upgrade our technology infrastructure, or to adopt and apply technological advances;
• we may experience malfunctions or disruptions of our technology systems;
• we may experience security breaches and disruptions due to hacking, viruses, fraud, malicious attacks and other circumstances;
• we conduct a substantial amount of our business in foreign currencies, which heightens our exposure to the risk of exchange rate fluctuations;
and
• required licenses, permits or approvals may be difficult to obtain in the countries in which we currently operate, and once obtained may be
amended or revoked arbitrarily or may not be renewed.
The forward-looking statements made or incorporated by reference in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the
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occurrence of unanticipated events. You should read this prospectus, the documents incorporated by reference herein and the documents that we reference herein and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results or performance may be materially different from what we expect.
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THE COMPANY
We are the leading pan-African e-commerce platform. Our platform consists of our marketplace, which connects sellers with consumers, our logistics service, which enables the shipment and delivery of packages from sellers to consumers, and our payment service, which facilitates transactions among participants active on our platform in selected markets.
We are active in three regions in Africa, which consist of 11 countries that together accounted for approximately 70% of Africa’s GDP of €2.2 trillion in 2019, according to estimates by the International Monetary Fund. Though still nascent, we believe that e-commerce in Africa is well positioned to grow.
On our marketplace, a large and diverse group of sellers offer goods in a wide range of categories, such as fashion and apparel, smartphones, home and living, consumer packaged goods, beauty and perfumes and other electronics. We also provide consumers a restaurant food delivery service, and payment services such as airtime recharge. On our platform, we had 6.1 million Annual Active Consumers as of December 31, 2019. We believe that the number and quality of sellers on our marketplace, and the breadth of their respective offerings, attract more consumers to our platform, increasing traffic and orders, which in turn attracts even more sellers to Jumia, creating powerful network effects. Our marketplace operates with limited inventory risk, as the goods sold by sellers via our marketplace are predominantly sold by third-party sellers, meaning the cost of inventory remains with the seller. In 2019, the vast majority of the items sold on our marketplace was offered by third-party sellers. To a limited extend, we sell items directly in order to enhance consumer experience in key categories and regions.
Our logistics service, Jumia Logistics, facilitates the delivery of goods in a convenient and reliable way. It consists of a large network of leased warehouses, pick up stations for consumers and drop-off locations for sellers and a significant number of local third-party logistics service providers, whom we integrate and manage through our proprietary technology, data and processes. In certain cities, where we believe it is beneficial to enhance our logistics service, we also operate our own last-mile fleet.
Traditionally, consumers across Africa rely on cash to transact. We have designed our payment service, JumiaPay, to facilitate online transactions between participants on our platform, with the intention of integrating additional financial services in the future. As of December 31, 2019, JumiaPay was available in six markets: Nigeria, Egypt, Ivory Coast, Ghana, Morocco and Kenya. JumiaPay Transactions and TPV have both increased substantially since its launch. The number of JumiaPay Transactions reached 7.6 million in 2019, more than tripling compared to 2018. TPV reached €124.3 million in 2019, up 127% compared to 2018. Our payment service app, Jumia One, also allows consumers to complete online payments for a broad range of every-day services offered by third-party providers, such as airtime recharge or utility payments, as well as financial services such as micro-loans or savings products. Through Jumia Lending, our sellers can access financing solutions provided by third-party financial institutions, leveraging data from the sellers transactional activity on our platform for credit scoring purposes. We intend to continue expanding the range of payment and financial services offered to both consumers and sellers as part of the Jumia ecosystem, with a view to offering those services beyond our platform in the future.
Our operations benefit from centralized decision-making and a uniform technology platform coupled with coordinated local presence. Our unified, scalable technology platform has been developed by our technology and data team, which is predominantly located in Portugal. This technology platform covers all relevant a spects of our operations, from data management, business intelligence, traffic optimization and consumer engagement to infrastructure, logistics and payments. We constantly collect and analyze data to help us optimize our operations, make our consumer experience more personal and relevant, and enable us, selected sellers and logistics partners to make informed real-time decisions. Our local teams in each of our countries of operations have access to, and may benefit from, the centralized data collection and analytics and are empowered to use the insights gained from our platform in order to take action locally.
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RISK FACTORS
Before making a decision to invest in our securities, you should carefully consider the risks described under Item 3. “Key Information—D. Risk Factors” in the applicable prospectus supplement and in our then most recent Annual Report on Form 20-F or Form 20-F/A, as the case may be, and in any updates to those risk factors in our reports on Form 6-K incorporated herein, together with all of the other information appearing or incorporated by reference in this prospectus and any applicable prospectus supplement, in light of your particular investment objectives and financial circumstances.
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USE OF PROCEEDS
Unless otherwise indicated in a prospectus supplement, the net proceeds from our sale of the securities will be used for general corporate purposes and other business opportunities. We will not receive any proceeds from the sale of any securities offered by the selling shareholder.
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CAPITALIZATION
Information on our consolidated capitalization will be contained, if necessary, in a prospectus supplement.
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SELLING SHAREHOLDER
This prospectus also relates to the possible resale from time to time by Mobile Telephone Networks Holdings Limited, whom we refer to in this prospectus as the “selling shareholder,” of up to an aggregate of 14,851,272 ADS, representing up to an aggregate of 29,702,544 ordinary shares.
If the selling shareholder offers ADSs in any future offering, an applicable prospectus supplement will set forth the nature of any position, office or other material relationship which the selling shareholder has had with the Company or any of its predecessors or affiliates during the three years prior to the date of the applicable prospectus supplement, the number of our common shares or ADSs owned by the selling shareholder before and after the offering and the number of our ADSs to be offered by the selling shareholder.
The selling shareholder will pay the fees and the expenses incurred in effecting the registration of the ADSs covered by this prospectus, including, without limitation, all related registration and filing fees, fees and expenses of our counsel and accountants and fees and expenses of selling shareholder’s counsel. The selling shareholder will also pay any underwriting or broker discounts and any commissions incurred by the selling shareholder in selling its ADSs.
The selling shareholder may not sell any ADSs pursuant to this prospectus until we have identified the ADSs which may be offered for resale by such selling shareholder in a subsequent prospectus supplement. However, the selling shareholder may sell or transfer all or a portion of their ADSs pursuant to any available exemption from the registration requirements of the Securities Act of 1933, as amended.
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DESCRIPTION OF SHARE CAPITAL AND ARTICLES OF ASSOCIATION
The following description of our capital stock is a summary of the rights of our ordinary shares and certain provisions of our articles of association in effect as of July 22, 2020. This summary does not purport to be complete and is qualified in its entirety by the provisions of our articles of association filed with the Securities and Exchange Commission as an exhibit to the registration statement of which this prospectus forms a part, as well as to the applicable provisions of German legislation on stock corporations. We encourage you to read our articles of association and applicable German legislation on stock corporations carefully.
Share Capital As of July 22, 2020, our share capital as registered in the commercial register amounts to €159,399,696.00, which is divided into 159,399,696 ordinary bearer shares (Inhaberaktien). All shares are shares with no par value (Stückaktien ohne Nennbetrag) with a notional amount attributable to each ordinary share of €1.00.
General Information on Capital Measures Pursuant to our articles of association, an increase of our share capital generally requires a resolution passed at our shareholders’ meeting with both a simple majority of the share capital represented at the relevant shareholders’ meeting (three-quarters if the resolution excludes shareholders’ preemptive rights) and a simple majority of the votes cast.
The shareholders at such meeting may authorize our management board to increase our share capital with the consent of our supervisory board within a period of five years by issuing shares for a certain total amount, which we refer to as authorized capital (genehmigtes Kapital) and is a concept under German law that enables us to issue shares without going through the process of obtaining another shareholders’ resolution. The aggregate nominal amount of the authorized capital created by the shareholders may not exceed one-half of the share capital existing at the time of registration of the authorized capital with the commercial register. The resolution requires an affirmative vote of three quarters of the share capital represented at the shareholders’ meeting and a simple majority of the votes cast.
Furthermore, our shareholders may resolve to amend or create conditional capital (bedingtes Kapital). However, they may do so only to issue conversion or subscription rights to holders of convertible bonds, in preparation for a merger with another company or to issue subscription rights to employees and members of the management of our company or of an affiliated company by way of a consent or authorization resolution. The same voting requirement as for the creation of authorized capital apply. According to German law, the aggregate nominal amount of the conditional capital created at the shareholders’ meeting may not exceed one-half of the share capital existing at the time the resolution is adopted. The aggregate nominal amount of the conditional capital created for the purpose of granting subscription rights to employees and members of the management of our company or of an affiliated company may not exceed 10% of the share capital existing at the time the resolution is adopted.
Shareholders may also resolve to increase the share capital from own resources (Kapitalerhöhung aus Gesellschaftsmitteln) by converting capital reserves and profit reserves into registered share capital. Pursuant to our articles of association, any resolution pertaining to an increase in share capital from own resources (Kapitalerhöhung aus Gesellschaftsmitteln) requires the vote of a simple majority of the share capital represented at the relevant shareholders’ meeting and a simple majority of the votes cast.
All shares issued by the Company are fully paid in (meaning that shareholders are not liable to the Company to pay in any further amount in relation to their existing shares). Any resolution relating to a reduction of our share capital requires the vote of at least three-quarters of the share capital represented at the relevant shareholders’ meeting as well as a simple majority of the votes cast according to German law.
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Authorized Capital Under the German Stock Corporation Act (Aktiengesetz), a stock corporation’s shareholders’ meeting can authorize the management board to, with the consent of the supervisory board, issue shares in a specified aggregate nominal amount of up to 50% of the issued share capital of such company at the time the resolution becomes effective. The shareholders’ authorization becomes effective upon registration in the commercial register (Handelsregister) and may extend for a period of no more than five years thereafter. Our authorized capital is summarized below.
As of July 22, 2020, our articles of association provide for the following authorized capital:
Authorized Capital 2018/I Pursuant to paragraph 2 of section 4 of our articles of association, the management board is authorized until December 16, 2023 to increase, once or repeatedly and each time with the consent of the supervisory board, our share capital by up to a total amount of €4,728,590.00 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 us (the “Authorized Capital 2018/I”). The subscriptions rights of the shareholders are excluded. The Authorized Capital 2018/I serves to fulfill acquisition rights (option rights) that have been granted by us (or our legal predecessors), prior to our conversion into a German 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. The Authorized Capital 2018/I also serves 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 their holders. 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 that the holders of option rights exercise their option rights, and as required to issue shares in the Company to holder 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 their holders.
The issue amount of the new shares must be at least €1.00 per share and may be paid in cash or in kind, including claims against the Company. The management board, subject to the consent of the supervisory board, is authorized to determine any further details of the capital increase and its implementation, including the period for which the new shares participate in any profit for the first time, which may, in deviation from Section 60 para. 2 of the German Stock Corporation Act, 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. The supervisory board may adjust the wording of the articles of association if the Authorized Capital 2018/I is utilized or the authorization expired.
Authorized Capital 2020/I Pursuant to paragraph 5 of section 4 of our articles of association, the management board is authorized until June 8, 2025 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 €71,096,455.00 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 us (“Authorized Capital 2020/I”). In principle, shareholders are to be granted subscription rights to shares issued under this authorization. The shares may also be subscribed for by one or more credit institution(s) or one or several enterprise(s) operating pursuant to Section 53 para. 1 sentence 1 or Section 53b para. 1 sentence 1 or para. 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 para. 5 of the German Stock Corporation Act (so-called indirect subscription right).
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The shareholders’ subscription rights are excluded for one or more capital increases in the context of the Authorized Capital 2020/I,
• 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 (Aktiengesetz) 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
• 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 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 on the Conditional Capital 2020/I by the shareholders’ meeting held on June 9, 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 (Aktiengesetz) or their investment vehicles in the context of participation programs ever since the resolution on the Conditional Capital 2020/I was adopted.
Further, the management board, with the consent of the supervisory board, is authorized to exclude shareholders’ subscription rights for one or more capital increases in the context of the Authorized Capital 2020/I,
• in order to exclude fractional amounts from the subscription right;
• 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 fulfillment 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;
• 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
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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; (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;
• 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
• 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).
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. The supervisory board is authorized to adjust the wording of our articles of association accordingly following any utilization of the Authorized Capital 2019/I or upon expiry of the period for the utilization of the Authorized Capital 2020/I.
Conditional Capital As of July 22, 2020, our articles of association provide for the following conditional capital:
Conditional Capital 2019/I Pursuant to paragraph 3 of section 4 of our articles of association, our share capital is conditionally increased by up to €2,692,876.00 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 our management board and employees as well as members of the management and employees of companies affiliated with us, within the meaning of Sections 15 et seqq. of the German Stock Corporation Act, in the form of stock options in accordance with the authorizing resolution of the shareholders’ meeting held on February 15, 2019. The conditional capital increase will only be implemented to the extent that (i) stock options have been or will be granted in accordance with the authorizing resolution of the shareholders’ meeting of February 15, 2019, (ii) the holders of the stock options exercise their rights and (iii) 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. A shareholders’ meeting of the Company held on April 1, 2019 adopted a resolution pursuant to which 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 such shareholders’ meeting held on April 1, 2019 and that towards this 10% 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
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Company as well as members of the management and employees of companies affiliated with the Company within the meaning of Sections 15 et seqq. of the German Stock Corporation Act (Aktiengesetz), respectively, their investment vehicles, in the context of participation programs since such resolution of the shareholders’ meeting on the Conditional Capital 2019/I was adopted. The supervisory board is authorized to amend the wording of our articles of association accordingly after the respective utilization of the Conditional Capital 2019/I and upon the expiry of any exercise period.
Conditional Capital 2020/I Pursuant to paragraph 6 of section 4 of our articles of association, our share capital is conditionally increased by up to €3,700,000.00 through issuance of up to 3,700,000 new no-par value 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 our management board and employees of the Company as well as members of the management and employees of companies affiliated with us, 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 shareholders’ meeting held on June 9, 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 shareholders’ meeting of June 9, 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, a shareholders’ 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 shareholders’ meeting held on June 9, 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 (Aktiengesetz) 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 our articles of association accordingly after any utilization of the Conditional Capital 2020/I or upon the expiry of any exercise periods.
Conditional Capital 2020/II Pursuant to paragraph 4 of section 4 of our articles of association, our share capital is conditionally increased by up to €68,015,371.00 through issuance of up to 68,015,371 new no-par value bearer shares (“Conditional Capital 2020/II”). 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 shareholders’ meeting of June 9, 2020 upon the exercise of conversion or option rights or the fulfilment of conversion or option obligations. The new shares are issued based on the conversion or option price to be determined in accordance with the authorization granted by the shareholders’ meeting of June 9, 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 June 8, 2025 based on the authorization granted by the shareholders’ meeting of June 9, 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. 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.
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The management board is authorized to determine the further details of the implementation of the conditional capital increase. The supervisory board is authorized to amend the wording of our articles of association accordingly after any utilization of the Conditional Capital 2020/II and upon expiration of all option or conversion periods.
Subscription Rights According to the German Stock Corporation Act (Aktiengesetz), every shareholder is generally entitled to subscription rights (commonly known as preemptive rights) to any new shares issued within the framework of a capital increase, including convertible bonds, bonds with warrants, profit sharing rights or income bonds in proportion to the number of shares the respective shareholder holds in the corporation’s existing share capital. Under German law, these rights do not apply to shares issued out of conditional capital. A minimum subscription period of two weeks must be provided for the exercise of such subscription rights.
Under German law, the shareholders’ meeting may pass a resolution excluding subscription rights if at least three-quarters of the share capital represented adopts the resolution. To exclude subscription rights, the management board must also make a report available to the shareholders justifying the exclusion and demonstrating that the company’s interest in excluding the subscription rights outweighs the shareholders’ interest in having them. Such justification may be subject to judicial review. In addition, under German law, the exclusion of subscription rights upon the issuance of new shares is permitted in the case of an increase the share capital against cash contributions, provided the amount of the capital increase does not exceed 10% of the existing share capital and the issue price of the new shares is not significantly lower than the market price of our shares (for this purpose, the market price may also be considered the market price of an ADS listed on the NYSE divided by the number of our shares or the fraction of one of our shares represented by an ADS, as the case may be).
The authorization of the management board to issue convertible bonds or other securities convertible into shares must be limited to a period not exceeding five years as of the respective shareholder resolution.
Form, Certification and Transferability of the Shares The form and contents of our global share certificates, any dividend certificates, renewal certificates and interest coupons are determined by our management board with the approval of our supervisory board. A shareholder’s right to certificated shares is excluded, to the extent permitted by law and to the extent that certification is not required by the stock exchange on which the shares are admitted to trading. We are permitted to issue global share certificates that represent one or more shares.
All of our outstanding shares are bearer shares with no par value (auf den Inhaber lautende Stückaktien ohne Nennbetrag). Any resolution regarding a capital increase may determine the profit participation of the new shares resulting from such capital increase.
Our shares are freely transferable under German law, with the transfer of ownership governed by the rules of the relevant clearing system.
Our articles of association do not include any provisions that would have a direct effect of delaying, deferring or preventing a change of control. However, in the event of a hostile takeover, we could use our authorized capital to increase our share capital to issue new shares to an investor at a premium. See “—Authorized Capital.” An increase in the number of shares outstanding could have a negative effect on a party’s ability to carry out a hostile takeover.
Shareholders’ Meetings, Resolutions and Voting Rights Pursuant to our articles of association, shareholders’ meetings may be held at our registered seat or at the place of a German stock exchange. In general, shareholders’ meetings are convened by our management board.
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The supervisory board is additionally required to convene a shareholders’ meeting in cases where this is required under binding statutory law (i.e., if this is in the best interest of our company). In addition, shareholders who, individually or as a group, own at least 5% of our share capital may request that our management board convene a shareholders’ meeting. If our management board does not convene a shareholders’ meeting upon such a request, the shareholders may petition the competent German court for authorization to convene a shareholders’ meeting.
Pursuant to our articles of association, the convening notice for a shareholders’ meeting must be made public at least 36 days prior to the meeting. However, a legislative act that was adopted by the German legislator on March 27, 2020 as a consequence of the COVID-19 pandemic and which stipulates several temporary exemptions from certain statutory rules (Gesetz zur Abmilderung der Folgen der COVID-19-Pandemie im Zivil-, Insolvenz- und Strafverfahrensrecht) (the “COVID-19 Act”) allows, in deviation of the relevant rules under the German Stock Corporation Act, for a shortened convocation period of 21 days for the shareholders’ meeting of a German stock corporation (Aktiengesellschaft) based on a decision of the management board in conjunction with the supervisory board’s approval. Shareholders who, individually or as a group, own at least 5% or €500,000 of our share capital may require that modified or additional items be added to the agenda of the shareholders’ meeting. For each new item, an explanation of the requested change must be provided or a voting proposal (Beschlussvorlage). Any request for an amendment of the agenda of the shareholders’ meeting must be received by the Company within 30 days (14 days if the notice period for the shareholders’ meeting is shortened in accordance with the COVID-19 Act) prior to the meeting. The Company must publish any requests for the amendment of the agenda of the shareholders’ meeting immediately. Under German law, our annual general shareholders’ meeting must take place within the first eight months of each fiscal year. Under the COVID-19 Act, the management board, with the consent of the supervisory board, may decide that the annual general shareholder’s meeting shall take place later in the relevant fiscal year.
Among other things, the general shareholders’ meeting is required to decide on the following issues:
• appropriation and use of annual net income;
• discharge or ratification of the actions taken by the members of our management board and our supervisory board;
• the approval of our statutory auditors;
• increases or decreases in our share capital;
• the election of supervisory board members; and
• to the extent legally required, the approval of our financial statements.
Each ordinary share grants one vote in a shareholders’ meeting. Voting rights may be exercised by authorized proxies, which may be appointed by the Company (Stimmrechtsvertreter). The granting of a power of attorney must be made in text form. Generally, the shareholder or an authorized proxy must be present at the shareholders’ meeting to cast a vote. However, under the Company’s articles of association, the management board may determine in the invitation to the shareholders’ meeting that shareholders may submit their votes in writing or by means of electronic communication without attending the shareholders’ meeting in person (absentee vote) or that shareholders may participate in the shareholders’ meeting in total or in part via electronic communication without attending the shareholders’ meeting in person (online participation). Under the COVID-19 Act, the management board, with the consent of the supervisory board, may hold a virtual shareholders’ meeting without the physical presence of shareholders or their representatives, if (1) there is an audio and video broadcast of the meeting, (2) shareholders may exercise their voting rights through electronic means (absentee vote or online participation) or by giving power of attorney, (3) shareholders may ask questions by way of electronic communication (which may be limited to questions submitted no later than two days prior to the meeting) and (4) shareholders who have exercised their voting rights are given the right to contest any resolution adopted at the meeting via electronic communication.
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The COVID-19 Act sets forth that the relevant exemptions thereunder as described above are only applicable to shareholders’ meetings held in 2020, unless the German Federal Ministry of Justice and Consumer Protection extends the period of application until a date no later than December 31, 2021 which it may do if this appears necessary in light of a continued impact of the COVID-19 pandemic in Germany.
Our articles of association provide in Section 18 that the resolutions of the shareholders’ meeting be adopted by a simple majority of the votes cast. To the extent required by law, certain resolutions may have to be approved by a simple majority of the share capital represented at the meeting, in addition to the majority of the votes cast.
Neither German law nor our articles of association provide for a minimum participation requirement to form a quorum at our shareholders’ meetings.
Under German law, certain resolutions of fundamental importance require the vote of at least three-quarters of the share capital present or represented in the voting at the time of adoption of the resolution. Resolutions of fundamental importance include, in particular, capital increases with exclusion of subscription rights, capital decreases, the creation of authorized or conditional share capital, the dissolution of a company, a merger into or with another company, split-offs and split-ups, the conclusion of inter-company agreements (Unternehmensverträge) as defined in the German Stock Corporation Act (Aktiengesetz) (in particular domination agreements (Beherrschungsverträge) and profit and loss transfer agreements (Ergebnisabführungsverträge) or a combination thereof), and a change of the company’s purpose or legal form.
Dividends Under German law, distributions of dividends on shares for a given fiscal year are generally determined by a process in which the management board and supervisory board submit a proposal to our annual general shareholders’ meeting held in the subsequent fiscal year and such annual general shareholders’ meeting adopts a resolution.
German law provides that a resolution concerning dividends and distribution thereof may be adopted only if the company’s unconsolidated financial statements prepared in accordance with German law show net retained profits. In determining the profit available for distribution, the result for the relevant year must be adjusted for profits and losses brought forward from the previous year and for withdrawals from or transfers to reserves. Certain reserves are required by law and must be deducted when calculating the profit available for distribution.
Shareholders participate in profit distributions in proportion to the number of shares they hold. Dividends on shares resolved by the general shareholders’ meeting are paid annually, shortly after the general shareholders’ meeting, in compliance with the rules of the respective clearing system. Dividend payment claims are subject to a three-year statute of limitation in the company’s favor.
Liquidation Rights Apart from liquidation as a result of insolvency proceedings, we may be liquidated only with a vote of the holders of at least three-quarters of the share capital represented at the shareholders’ meeting at which such a vote is taken. If we are liquidated, any assets remaining after all of our liabilities have been paid off would be distributed among our shareholders in proportion to their holdings in accordance with German statutory law. The German Stock Corporation Act (Aktiengesetz) provides certain protections for creditors which must be observed in the event of liquidation.
Authorization to Acquire Our Own Shares We may not acquire our own shares unless authorized by the shareholders’ meeting or in other very limited circumstances as set out in the German Stock Corporation Act (Aktiengesetz). Shareholders may not grant a share repurchase authorization lasting for more than five years. The German Stock Corporation Act (Aktiengesetz)
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generally limits repurchases to 10% of our share capital and resales must generally be made either on a stock exchange, in a manner that treats all shareholders equally, or in accordance with the rules that apply to subscription rights relating to a capital increase.
The shareholders’ meeting adopted a resolution on February 15, 2019 authorizing the management board, for a period until February 14, 2024, subject to the consent of the supervisory board and provided it complies with the legal requirement of equal treatment, to purchase our shares in an amount up to 10% of the lower of our total share capital existing on February 28, 2019 or our total share capital existing at the time the authorization is exercised. At the discretion of the management board, such purchase may be effected on the stock market or by means of a public offer or a public solicitation to submit sales offers.
The management board is generally authorized to use treasury shares for all legally permissible purposes.
Squeeze-Out of Minority Shareholders Under German law, the shareholders’ meeting of a stock corporation (Aktiengesellschaft) may resolve upon request of a shareholder that holds at least 95% of the share capital that the shares held by any remaining minority shareholders be transferred to this shareholder against payment of “adequate cash compensation” (Ausschluss von Minderheitsaktionären). This amount must take into account the full value of the company at the time of the resolution, which is generally determined using the future earnings value method (Ertragswertmethode).
A squeeze-out in the context of a merger (umwandlungsrechtlicher Squeeze-Out) only requires a majority shareholder to hold at least 90% of the share capital.
Shareholder Notification Requirements In accordance with the provisions of the German Stock Corporation Act (Aktiengesetz), an enterprise has to inform a stock corporation (Aktiengesellschaft) without undue delay and in writing when its shares held in the share capital exceed or fall below 25% and/or 50%, respectively, in the capital or voting rights. Following receipt of the written notification, the corporation has to publish this information immediately in the relevant publication media.
Differences in Corporate Law The applicable provisions of the German Stock Corporation Act (Aktiengesetz) differ from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain differences between the provisions of the German Stock Corporation Act (Aktiengesetz) applicable to us and the Delaware General Corporation Law relating to shareholders’ rights and protections.
Germany Delaware Board System Under German law, a stock corporation has a two-tier board Under Delaware law, a corporation has a unitary board structure composed of the management board (Vorstand) and the structure and it is the responsibility of the board of directors supervisory board (Aufsichtsrat). to appoint and oversee the management of the corporation on behalf of and in the best interests of the shareholders of The management board is responsible for running the company’s the corporation. affairs and representing the company in dealings with third parties.
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Germany Delaware
The supervisory board of a German stock corporation has a Management is responsible for running the corporation and control and supervising function. The supervisory board does not overseeing its day-to-day operations. actively manage the company but certain management board actions require the approval of the supervisory board.
Number of Board Under German law, a stock corporation must have at least one Under Delaware law, a corporation must have at least one Members / member on its management board and the number of members director and the number of directors shall be fixed by or in Directors shall be determined by or in the manner provided in the the manner provided in the bylaws. company’s articles of association.
A stock corporation must have at least three but no more than 21 supervisory board members; this number of supervisory board members must be divisible by three if this is necessary to comply with any applicable employee co-determination rules. The articles of association of the company must specify if the supervisory board has more than three members.
Supervisory board members are either appointed by the shareholders’ meeting or delegated by one or more individual shareholders if so provided for in the company’s articles of association.
Depending on the number of employees of the company, the supervisory board may be required to include employee representatives subject to the provisions of the German One-Third Employee Representation Act (Drittelbeteiligungsgesetz), which applies to companies that have at least 500 employees, or the German Codetermination Act (Mitbestimmungsgesetz), which applies to companies that have at least 2,000 employees. Such rules result in different appointment rules for supervisory board members, i.e., in companies which are subject to the German One-Third Employee Representation Act (Drittelbeteiligungsgesetz) two-thirds of supervisory board members are representatives of the shareholders, while one-third are representatives of the employees. In companies which are subject to the German Codetermination Act (Mitbestimmungsgesetz) the rule of parity
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Germany Delaware applies, i.e., half of the supervisory board members are representatives of the shareholders and the other half are representatives of the employees. In cases of dead lock, the chairman has a casting vote. The employee representatives in the supervisory board are elected by the employees following certain procedures depending on the number of employees.
Additionally, as of January 1, 2016, 30% of the supervisory board members must be women in cases where the company is a fully co-determined (voll mitbestimmungspflichtige) company, which requires that the company has at least 2,000 employees.
Appointment and The management board of a German stock corporation is Under Delaware law, any director or the entire board of Removal of Board appointed by the supervisory board for a maximum period of five directors may be removed, with or without cause, by the Members / years with an opportunity to be reelected once or repeatedly. The holders of a majority of the shares then entitled to vote at an Directors supervisory board may remove a member of the management election of directors, except (a) unless the certificate of board prior to the expiration of his or her term only for good incorporation provides otherwise, in the case of a cause, such as gross breach of duties (grobe Pflichtverletzung), corporation whose board of directors is classified, the inability to manage the business properly (Unfähigkeit zur shareholders may effect such removal only for cause, or ordnungsgemäßen Pflichtverletzung) or a vote of no confidence (b) in the case of a corporation having cumulative voting, if by the shareholders’ meeting (Vertrauensentzug). The less than the entire board of directors is to be removed, no shareholders themselves are not entitled to appoint or dismiss the director may be removed without cause if the votes cast members of the management board. against his removal would be sufficient to elect him if then cumulatively voted at an election of the entire board of Under German law, a member of a supervisory board may be directors, or, if there are classes of directors, at an election elected for a term of up to approximately five years (except for of the class of directors of which he is a part. the first supervisory board of a newly incorporated company which may only be elected for a term of approximately one year), depending on the date of the annual shareholders’ meeting at which such member is elected, which is the standard term of office. Reelection, including repeated reelection, is permissible. Prior to the expiration of his or her term, supervisory board members which have been appointed by the shareholders’ meeting may be removed by a resolution of the shareholders’ meeting requiring a three-quarter majority, unless otherwise provided by the company’s articles of association.
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Germany Delaware
Supervisory board members who are delegated by a shareholder or the company’s employees may be revoked and the resulting vacancy filled at the sole discretion of such shareholder or the employees.
Vacancies on the Under German law, vacant positions on the management board Under Delaware law, vacancies and newly created Boards are filled by the supervisory board in accordance with the general directorships may be filled by a majority of the directors rules of appointment, which provide that vacancies are filled by then in office (even though less than a quorum) or by a sole the simple majority of supervisory board votes cast, unless remaining director unless (a) otherwise provided in the otherwise provided by the company’s articles of association. In certificate of incorporation or bylaws of the corporation or case of emergencies, a vacant position on the management board (b) the certificate of incorporation directs that a particular may be filled by an individual appointed by the court. class of stock is to elect such director, in which case a majority of the other directors elected by such class, or a Vacant positions on the supervisory board are filled in sole remaining director elected by such class, will fill such accordance with the general rules of appointment. A vacant vacancy. position on the supervisory board may be filled by an individual appointed by the competent court upon application.
Annual Shareholders’ Under German law, a stock corporation must hold an annual Under Delaware law, the annual meeting of shareholders Meeting shareholders’ meeting within the first eight months of its fiscal shall be held at such place, on such date and at such time as year. As temporary exemption under the COVID-19 Act, the may be designated from time to time by the board of management board, with the consent of the supervisory board, directors or as provided in the certificate of incorporation or may decide that the annual general shareholder’s meeting shall by the bylaws. take place later in the relevant fiscal year. The annual shareholders’ meeting must be held in Germany at a location determined by the articles of association. If the articles of association do not provide for a specific location, the shareholders’ meeting shall be held at the company’s seat or, if applicable, at the venue where its shares are listed.
Calling of Under German law, extraordinary shareholders’ meetings, in Under Delaware law, special meetings of the shareholders Shareholders’ addition to the annual shareholders’ meetings, may be called by may be called by the board of directors or by such person or Meetings either the management board, or by the supervisory board if it is persons as may be authorized by the certificate of in the best interest of the company. incorporation or by the bylaws.
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Shareholders holding at least 5% of the company’s share capital are entitled to request that the management board convene an extraordinary shareholders’ meeting and may also address their request to the court, which then may authorize the requesting minority shareholders to convene a special meeting by themselves.
Notice of Under German law, unless a longer period is otherwise provided Under Delaware law, unless otherwise provided in the Shareholders’ for in the articles of association, the shareholders must be given certificate of incorporation or bylaws, written notice of any Meetings at least 30 days’ advance notice of the shareholders’ meeting. meeting of the shareholders must be given to each Currently, the COVID-19 Act provides for the option to convene shareholder entitled to vote at the meeting not less than ten a shareholders’ meeting with a shortened notice period of 21 nor more than 60 days before the date of the meeting and days based on a decision of the management board in shall specify the place, date, hour and purpose or purposes of conjunction with the supervisory board’s approval. the meeting.
Such notices must at least specify the name of the company, the statutory seat of the company, as well as the location, date and time of the shareholders’ meeting. In addition, the invitation must contain the agenda items as well as the management board’s and the supervisory board’s voting proposal for each agenda item.
If all shareholders entitled to attend the shareholders’ meeting are present or represented and provide their consent thereto, the formalities of calling and holding of a shareholders’ meeting can be waived.
Proxy Voting Under German law, a shareholder may designate another person Under Delaware law, at any meeting of shareholders, a to attend, speak and vote at a shareholders’ meeting of the shareholder may designate another person to act for such company on such shareholder’s behalf by proxy. shareholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy With respect to management board meetings, a management provides for a longer period. board member may issue a proxy to another management board member representing the member’s voting rights as a A director of a Delaware corporation may not issue a proxy management board member. representing the director’s voting rights as a director.
With respect to supervisory board meetings, a supervisory board member may participate
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Germany Delaware in voting by issuing a written vote to another supervisory board member or third party entitled to attend the supervisory board meeting.
Preemptive / Under German law, existing shareholders have a statutory Under Delaware law, shareholders have no preemptive Subscription subscription right for any additional issue of shares or any rights to subscribe to additional issuances of stock or to any Rights security convertible into shares pro rata to the nominal value of security convertible into such stock unless, and except to the their respective holdings in the company, unless (i) shareholders extent that, such rights are expressly provided for in the representing three quarters of the registered share capital present certificate of incorporation. at the shareholders’ meeting have resolved upon the whole or partial exclusion of the subscription right and (ii) there exists good and objective cause for such exclusion. No separate resolution on the exclusion of subscription rights is required if all shareholders waive their statutory subscription rights.
Authority to Allot Under German law, the management board may not allot shares, Under Delaware law, if the corporation’s certificate of grant rights to subscribe for or to convert any security into shares incorporation so provides, the board of directors has the unless a shareholder resolution to that effect has been passed at power to authorize the issuance of stock. It may authorize the company’s shareholders’ meeting granting the management capital stock to be issued for consideration consisting of board with such authority— subject to the approval of the cash, any tangible or intangible property or any benefit to supervisory board—, in each case in accordance with the the corporation or any combination thereof. It may provisions of the German Stock Corporation Act. determine the amount of such consideration by approving a formula. In the absence of actual fraud in the transaction, the judgment of the directors as to the value of such consideration is conclusive.
Voting Rights Under German law, each share, except statutory preferred shares Delaware law provides that, unless otherwise provided in the (Vorzugsaktien), entitles its holder to vote at the shareholders’ certificate of incorporation, each shareholder is entitled to meeting and to participate with such number of votes with one vote for each share of capital stock held by such respect to one share which correspond to the quota of such share shareholder. in the company’s share capital. While German law does not provide for a minimum attendance quorum for shareholders’ meetings, the company’s articles of association may so provide. In general, resolutions adopted at a shareholders’ meeting may be passed by a simple majority of votes cast, unless a higher majority is required by law.
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Germany Delaware Shareholder Vote on Under German law, certain shareholders’ resolutions of Generally, under Delaware law, unless the certificate of Certain fundamental importance require the vote of at least three-quarters incorporation provides for the vote of a larger portion of the Transactions of the share capital present or represented in the voting at the stock, completion of a merger, consolidation, sale, lease or time of adoption of the resolution. Resolutions of fundamental exchange of all or substantially all of a corporation’s assets importance include, in particular, capital increases with exclusion or dissolution requires: of subscription rights, capital decreases, the creation of • the approval of the board of directors; and authorized or conditional share capital, the dissolution of a company, a merger into or with another company, split-offs and • approval by the vote of the holders of a majority of the split-ups, the conclusion of intercompany agreements outstanding stock or, if the certificate of incorporation (Unternehmensverträge), in particular control agreements provides for more or less than one vote per share, a (Beherrschungsverträge) and profit and loss transfer agreements majority of the votes of the outstanding stock of a (Ergebnisabführungsverträge), and a change of the legal form of corporation entitled to vote on the matter. a company.
Liability of Directors Under German law, any provision, whether contained in the Under Delaware law, a corporation’s certificate of and Officers company’s articles of association or any contract or otherwise, incorporation may include a provision eliminating or that purports to exempt a management or supervisory board limiting the personal liability of a director to the corporation member from any liability that would otherwise attach to such and its shareholders for damages arising from a breach of board member in connection with any negligence, default, breach fiduciary duty as a director. However, no provision can limit of duty or breach of trust in relation to the company is void. the liability of a director for:
• any breach of the director’s duty of loyalty to the Under German law, members of both the management board and corporation or its shareholders; members of the supervisory board are liable to the company, and in certain cases to third parties or shareholders, for any damage • acts or omissions not in good faith or that involve caused to them due to a breach of such member’s duty of care. intentional misconduct or a knowing violation of law; Apart from insolvency or special circumstances, only the • intentional or negligent payment of unlawful dividends company has the right to claim damages from members of either or stock purchases or redemptions; or board. • any transaction from which the director derives an The company may waive claims for damages against a negligent improper personal benefit. management or supervisory board member only after the expiry of three years.
Standard of Conduct Under German law, both management and supervisory board Delaware law does not contain specific provisions setting for Directors and members must conduct their affairs with “the care and diligence forth the standard of conduct of a director. The scope of the Officers of a prudent business man” and act in the best interests of the fiduciary duties of directors is generally determined by the company. The scope of the fiduciary duties of management and courts of the State of Delaware. In general, directors have a supervisory board members is generally determined by German duty to act without self-interest, on a well-informed basis legislation and by the German courts. and in a manner they reasonably believe to be in the best interest of the shareholders.
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Germany Delaware Statutory and fiduciary duties of members of the management Directors of a Delaware corporation owe fiduciary duties of board to the company include, among others: care and loyalty to the corporation and to its shareholders. The duty of care generally requires that a director act in • to act in accordance with the law, the company’s articles of good faith, with the care that an ordinarily prudent person association and the rules of would exercise under similar circumstances. Under this • procedure for the management board, if any; duty, a director must inform himself of all material information reasonably available regarding a significant • to report to the supervisory board on a regular basis as well transaction. as on certain important occasions;
• to exercise reasonable care, skill and diligence; The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the • to maintain a proper accounting system; corporation. He must not use his corporate position for
• to not compete, directly or indirectly, with the company personal gain or advantage. In general, but subject to certain without permission by the supervisory board; and exceptions, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest • to secure that no further transactions are made in case of belief that the action taken was in the best interests of the insolvency. corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Delaware courts have also imposed a heightened standard of conduct Members of the supervisory board owe substantially the same upon directors of a Delaware corporation who take any statutory and fiduciary duties to the company as members of the action designed to defeat a threatened change in control of management board. the corporation.
Additionally, their duties include: In addition, under Delaware law, when the board of directors • to effectively supervise the company’s affairs and the of a Delaware corporation approves the sale or breakup of a management board; corporation, the board of directors may, in certain circumstances, have a duty to obtain the highest value • to evaluate and issue a resolution on certain transactions reasonably available to the shareholders. which can only be conducted by the management board after approval of the supervisory board;
• to approve the company’s financial statements;
• to appoint the management board members and to represent the company in transactions between the company and members of the management board; and
• to approve service contracts between individual members of the supervisory board and the company. Shareholder Suits Under German law, generally, the company, rather than its Under Delaware law, a shareholder may initiate a derivative shareholders, is the proper claimant in an action with respect to a action to enforce a right of a corporation if the corporation wrong committed against the company, or in cases where there is fails to enforce the right itself. The complaint must: an irregularity in the company’s internal management or
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Germany Delaware supervision. Therefore, such claims may only be raised by the • state that the plaintiff was a shareholder at the time of company represented by its management board, or, in the case of the transaction of which the plaintiff complains or that a wrong committed by a member of the management board, by the plaintiff’s shares thereafter devolved on the plaintiff the supervisory board. by operation of law; and
Additionally, pursuant to German case law the supervisory board • allege with particularity the efforts made by the plaintiff is obliged to pursue the company’s claims against the to obtain the action the plaintiff desires from the management board, unless the welfare of the company keeps directors and the reasons for the plaintiff’s failure to them from doing so. obtain the action; or
• state the reasons for not making the effort. The management board, or, if a claim is brought against a member of the management board, the supervisory board, is Additionally, the plaintiff must remain a shareholder obliged to pursue the company’s claims against the designated through the duration of the derivative suit. The action will individuals if so resolved by a simple majority of votes cast not be dismissed or compromised without the approval of during a shareholders meeting. the Delaware Court of Chancery.
With a simple majority of votes, shareholders can request that a representative pursues the claim on behalf of the company.
If the company is unable to fulfill its third-party obligations, the company’s creditors may pursue the company’s damage claims against members of the management board for certain wrongdoings.
Under certain circumstances, shareholders can bring forward damage claims of the company against its management on their own behalf. In order to bring forward such a claim one shareholder alone or together with other shareholders needs to hold at least 1% of the company’s share capital or a participation of €100,000 in the share capital. Additionally, the claimant needs to pass through special claim approval procedures.
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German Corporate Governance Code The German Corporate Governance Code, or Corporate Governance Code, was originally published by the German Ministry of Justice (Bundesministerium der Justiz) in 2002 and was most recently amended on December 16, 2019 and published in the German Federal Gazette (Bundesanzeiger) on March 20, 2020. The Corporate Governance Code contains recommendations (Empfehlungen) and suggestions (Anregungen) relating to the management and supervision of German companies that are listed on a stock exchange. It follows internationally and nationally recognized standards for good and responsible corporate governance. The purpose of the Corporate Governance Code is to make the German system of corporate governance transparent for investors. The Corporate Governance Code includes corporate governance recommendations and suggestions with respect to shareholders and general shareholders’ meetings, the management and supervisory boards, transparency, accounting policies, and auditing.
There is no obligation to comply with the recommendations or suggestions of the Corporate Governance Code. The German Stock Corporation Act (Aktiengesetz) requires only that the management board and supervisory board of a German listed company issue an annual declaration that either (i) states that the company has complied with the recommendations of the Corporate Governance Code or (ii) lists the recommendations that the company has not complied with and explains its reasons for deviating from the recommendations of the Corporate Governance Code (Entsprechenserklärung). In addition, a listed company is also required to state in this annual declaration whether it intends to comply with the recommendations or list the recommendations it does not plan to comply with in the future. The current declaration needs to be published permanently on the company’s website. In addition, the Corporate Governance Code recommends that the old declarations remain on the website for five years. If the company changes its policy on certain recommendations between such annual declarations, it must disclose this fact and explain its reasons for deviating from the recommendations. Non-compliance with suggestions contained in the Corporate Governance Code need not be disclosed.
Following our listing on the New York Stock Exchange in April 2019, the Corporate Governance Code applies to us and we are required to issue the annual declarations described above. On December 26, 2019, we issued and published our first annual compliance declaration. You can find our annual compliance declarations on our website at investor.jumia.com under Corporate Governance. This website address is included in this registration statement as an inactive textual reference only.
Listing Our ADSs are listed on NYSE under the symbol “JMIA.”
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DESCRIPTION OF AMERICAN DEPOSITARY SHARES
American Depositary Shares The Bank of New York Mellon, as depositary, will register and deliver ADSs. Each ADS will represent two ordinary shares (or a right to receive two ordinary shares) deposited with The Bank of New York Mellon SA/NV, as custodian for the depositary. Each ADS will also represent any other securities, cash or other property which may be held by the depositary. The deposited shares together with any other securities, cash or other property held by the depositary are referred to as the deposited securities. The depositary’s office at which the ADSs will be administered and its principal executive office are located at 240 Greenwich Street, New York, NY 10286.
You may hold ADSs either (a) directly (i) by having an American Depositary Receipt (“ADR”), which is a certificate evidencing a specific number of ADSs, registered in your name, or (ii) by having uncertificated ADSs registered in your name, or (b) indirectly by holding a security entitlement in ADSs through your broker or other financial institution that is a direct or indirect participant in The Depository Trust Company, also called DTC. If you hold ADSs directly, you are a registered ADS holder (“ADS holder”). If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution for more information regarding those products. Registered holders of uncertificated ADSs will receive statements from the depositary confirming their holdings.
As an ADS holder, we will not treat you as one of our shareholders and you will not have shareholder rights. German law governs shareholder rights. The depositary will be the holder of the ordinary shares underlying your ADSs. As a registered holder of ADSs, you will have ADS holder rights. A deposit agreement among us, the depositary, ADS holders and all other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the deposit agreement and the ADSs.
The following is a summary of the material provisions of the deposit agreement. For more complete information, you should read the entire deposit agreement and the form of ADR. Directions on how to obtain copies of those documents are described in “Where You Can Find More Information.”
Dividends and Other Distributions How will you receive dividends and other distributions on the shares? The depositary has agreed to pay or distribute to ADS holders the cash dividends or other distributions it or the custodian receives on ordinary shares or other deposited securities, upon payment or deduction of its fees and expenses. You will receive these distributions in proportion to the number of shares your ADSs represent.
Cash. The depositary will convert any cash dividend or other cash distribution we pay on our ordinary shares into U.S. dollars, if it can do so on a reasonable basis and can transfer the U.S. dollars to the United States. If that is not possible or if any government approval is needed and cannot be obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do so. It will hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest.
Before making a distribution, any withholding taxes, or other governmental charges that must be paid will be deducted. See “Taxation.” The depositary will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, you may lose some of the value of the distribution.
Shares. The depositary may distribute additional ADSs representing any ordinary shares we distribute as a dividend or free distribution. The depositary will only distribute whole ADSs. It will sell ordinary shares which
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would require it to deliver a fraction of an ADS (or ADSs representing those shares) and distribute the net proceeds in the same way as it does with cash. If the depositary does not distribute additional ADSs, the outstanding ADSs will also represent the new shares. The depositary may sell a portion of the distributed ordinary shares (or ADSs representing those shares) sufficient to pay its fees and expenses in connection with that distribution.
Rights to purchase additional shares. If we offer holders of our securities any rights to subscribe for additional ordinary shares or any other rights, the depositary may (i) exercise those rights on behalf of ADS holders, (ii) distribute those rights to ADS holders or (iii) sell those rights and distribute the net proceeds to ADS holders, in each case after deduction or upon payment of its fees and expenses. To the extent the depositary does not do any of those things, it will allow the rights to lapse. In that case, you will receive no value for them. The depositary will exercise or distribute rights only if we ask it to and provide satisfactory assurances to the depositary that it is legal to do so. If the depositary will exercise rights, it will purchase the securities to which the rights relate and distribute those securities or, in the case of shares, new ADSs representing the new shares, to subscribing ADS holders, but only if ADS holders have paid the exercise price to the depositary. U.S. securities laws may restrict the ability of the depositary to distribute rights or ADSs or other securities issued on exercise of rights to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.
There can be no assurance that you will be given the opportunity to exercise rights on the same terms and conditions as the holders of our ordinary shares or be able to exercise such rights at all.
Other Distributions. The depositary will send to ADS holders anything else we distribute on deposited securities by any means it thinks is legal, equitable and practical. If it cannot make the distribution in that way, the depositary has a choice. It may decide to sell what we distributed and distribute the net proceeds, in the same way as it does with cash. Or, it may decide to hold what we distributed, in which case ADSs will also represent the newly distributed property. However, the depositary is not required to distribute any securities (other than ADSs) to ADS holders unless it receives satisfactory evidence from us that it is legal to make that distribution. The depositary may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection with that distribution. U.S. securities laws may restrict the ability of the depositary to distribute securities to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.
The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register ADSs, shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of ADSs, shares, rights or anything else to ADS holders. This means that you may not receive the distributions we make on our shares or any value for them if it is illegal or impractical for us to make them available to you.
Deposit, Withdrawal and Cancellation How are ADSs issued? The depositary will deliver ADSs if you or your broker deposits shares or evidence of rights to receive shares with the custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number of ADSs in the names you request and will deliver the ADSs to or upon the order of the person or persons that made the deposit.
How can ADS holders withdraw the deposited securities? You may surrender your ADSs to the depositary for the purpose of withdrawal. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will deliver the ordinary shares and any other deposited securities underlying the ADSs to the ADS holder or a person the ADS holder designates at the office of the custodian. Or, at your request, risk and expense, the depositary will deliver the deposited securities at its office, if feasible. The depositary may charge you a fee and its expenses for instructing the custodian regarding delivery of deposited securities.
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How do ADS holders interchange between certificated ADSs and uncertificated ADSs? You may surrender your ADR to the depositary for the purpose of exchanging your ADR for uncertificated ADSs. The depositary will cancel that ADR and will send to the ADS holder a statement confirming that the ADS holder is the registered holder of uncertificated ADSs. Upon receipt by the depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the depositary will execute and deliver to the ADS holder an ADR evidencing those ADSs.
Voting Rights How do you vote? ADS holders may instruct the depositary how to vote the number of deposited ordinary shares their ADSs represent at any meeting at which you are entitled to vote pursuant to applicable law and our articles of association. Upon receipt of notice of any shareholders’ meeting, the depositary will notify you of such shareholders’ meeting and send or make voting materials available to you. Those materials will describe the matters to be voted on and explain how ADS holders may instruct the depositary how to vote. For instructions to be valid, they must reach the depositary by a date set by the depositary. The depositary will try, as far as practical, subject to the laws of Germany and the provisions of our articles of association or similar documents, to vote or to have its agents vote the ordinary shares or other deposited securities as instructed by ADS holders. If we do not request the depositary to solicit your voting instructions, you can still send voting instructions, and, in that case, the depositary may try to vote as you instruct, but it is not required to do so.
Except by instructing the depositary as described above, you will not be able to exercise voting rights unless you surrender your ADSs and withdraw the ordinary shares. However, you may not know about the meeting enough in advance to withdraw the ordinary shares. In any event, the depositary will not exercise any discretion in voting deposited securities and it will only vote or attempt to vote as instructed.
We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the depositary to vote your ordinary shares. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. This means that you may not be able to exercise voting rights and there may be nothing you can do if your ordinary shares are not voted as you requested.
In order to give you a reasonable opportunity to instruct the depositary as to the exercise of voting rights relating to Deposited Securities, if we request the depositary to act, we agree to give the depositary notice of any such meeting and details concerning the matters to be voted upon at least 40 days in advance of the meeting date.
The depositary will not vote or attempt to exercise the right to vote or exercise any voting discretion, other than in accordance with such instructions received or deemed to have been received from any ADS holder.
If we asked the depositary to solicit your instructions at least 40 days before the meeting date but the depositary does not receive voting instructions from you by the specified date, and we confirm to the depositary that:
• we wish to receive a discretionary proxy,
• as of the instruction cutoff date, we reasonably do not know of any substantial shareholder opposition to the particular question and
• the particular question would not be materially adverse to the interests of our shareholders,
then the depositary will consider you to have authorized and directed it to give a discretionary proxy to a person designated by us to vote the number of deposited securities represented by your ADSs as to that question.
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Fees and Expenses
Persons depositing or withdrawing shares or ADS holders must pay: For: $5.00 (or less) per 100 ADSs (or portion of 100 ADSs) Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates $0.05 (or less) per ADS Any cash distribution to ADS holders A fee equivalent to the fee that would be payable if securities distributed to you Distribution of securities distributed to holders of deposited securities had been shares and the shares had been deposited for issuance of ADSs (including rights) that are distributed by the depositary to ADS holders $0.05 (or less) per ADS per calendar year Depositary services Registration or transfer fees Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares Expenses of the depositary Cable and facsimile transmissions (when expressly provided in the deposit agreement) Converting foreign currency to U.S. dollars Taxes and other governmental charges the depositary or the custodian has to As necessary pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes Any charges incurred by the depositary or its agents for servicing the deposited As necessary securities
The depositary collects its fees for delivery and surrender of ADSs directly from investors depositing ordinary shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable (or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.
From time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.
The depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when buying or selling foreign currency for its own account. The depositary makes no representation that the exchange
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rate used or obtained in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to the depositary’s obligations under the deposit agreement. The methodology used to determine exchange rates used in currency conversions is available upon request.
Payment of Taxes You will be responsible for any taxes or other governmental charges payable on your ADSs or on the deposited securities represented by any of your ADSs. The depositary may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities represented by your ADSs until those taxes or other charges are paid. It may apply payments owed to you or sell deposited securities represented by your ADSs to pay any taxes owed and you will remain liable for any deficiency. If the depositary sells deposited securities, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to ADS holders any proceeds, or send to ADS holders any property, remaining after it has paid the taxes.
Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities The depositary will not tender deposited securities in any voluntary tender or exchange offer unless instructed to do by an ADS holder surrendering ADSs and subject to any conditions or procedures the depositary may establish. If deposited securities are redeemed for cash in a transaction that is mandatory for the depositary as a holder of deposited securities, the depositary will call for surrender of a corresponding number of ADSs and distribute the net redemption money to the holders of called ADSs upon surrender of those ADSs. If there is any change in the deposited securities such as a subdivision, combination or other reclassification, or any merger, consolidation, recapitalization or reorganization affecting the issuer of deposited securities in which the depositary receives new securities in exchange for or in lieu of the old deposited securities, the depositary will hold those replacement securities as deposited securities under the deposit agreement. However, if the depositary decides it would not be lawful to hold the replacement securities because those securities could not be distributed to ADS holders or for any other reason, the depositary may instead sell the replacement securities and distribute the net proceeds upon surrender of the ADSs.
If there is a replacement of the deposited securities and the depositary will continue to hold the replacement securities, the depositary may distribute new ADSs representing the new deposited securities or ask you to surrender your outstanding ADRs in exchange for new ADRs identifying the new deposited securities.
If there are no deposited securities underlying ADSs, including if the deposited securities are cancelled, or if the deposited securities underlying ADSs have become apparently worthless, the depositary may call for surrender of those ADSs or cancel those ADSs upon notice to the ADS holders.
Amendment and Termination How may the deposit agreement be amended? We may agree with the depositary to amend the deposit agreement and the ADRs without your consent for any reason. If an amendment adds or increases fees or charges, except for taxes and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items, or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, you are considered, by continuing to hold your ADSs, to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended.
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How may the deposit agreement be terminated? The depositary will initiate termination of the deposit agreement if we instruct it to do so. The depositary may initiate termination of the deposit agreement if:
• 60 days have passed since the depositary told us it wants to resign but a successor depositary has not been appointed and accepted its
appointment;
• we delist our shares from an exchange on which they were listed and do not list the shares on another exchange;
• we appear to be insolvent or enter insolvency proceedings;
• all or substantially all the value of the deposited securities has been distributed either in cash or in the form of securities;
• there are no deposited securities underlying the ADSs or the underlying deposited securities have become apparently worthless; or
• there has been a replacement of deposited securities.
If the deposit agreement will terminate, the depositary will notify ADS holders at least 90 days before the termination date. At any time after the termination date, the depositary may sell the deposited securities. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding under the deposit agreement, unsegregated and without liability for interest, for the pro rata benefit of the ADS holders that have not surrendered their ADSs. Normally, the depositary will sell as soon as practicable after the termination date.
After the termination date and before the depositary sells, ADS holders can still surrender their ADSs and receive delivery of deposited securities, except that the depositary may refuse to accept a surrender for the purpose of withdrawing deposited securities if it would interfere with the selling process. The depositary may refuse to accept a surrender for the purpose of withdrawing sale proceeds until all the deposited securities have been sold. The depositary will continue to collect distributions on deposited securities, but, after the termination date, the depositary is not required to register any transfer of ADSs or distribute any dividends or other distributions on deposited securities to the ADSs holder (until they surrender their ADSs) or give any notices or perform any other duties under the deposit agreement except as described in this paragraph.
Limitations on Obligations and Liability Limits on our Obligations and the Obligations of the Depositary; Limits on Liability to Holders of ADSs The deposit agreement expressly limits our obligations and the obligations of the depositary. It also limits our liability and the liability of the depositary. We and the depositary:
• are only obligated to take the actions specifically set forth in the deposit agreement without negligence or bad faith and the depositary will not
be a fiduciary or have any fiduciary duty to holders of ADSs;
• are not liable if we are or it is prevented or delayed by law or by events or circumstances beyond our or its control from performing our or its
obligations under the deposit agreement;
• are not liable if we or it exercises discretion permitted under the deposit agreement;
• are not liable for the inability of any holder of ADSs to benefit from any distribution on deposited securities that is not made available to holders of ADSs under the terms of the deposit agreement, or for any special, consequential or punitive damages for any breach of the terms of the deposit agreement;
• have no obligation to become involved in a lawsuit or other proceeding related to the ADSs or the deposit agreement on your behalf or on
behalf of any other person;
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• are not liable for the acts or omissions of any securities depository, clearing agency or settlement system;
• may rely upon any documents we believe or it believes in good faith to be genuine and to have been signed or presented by the proper person;
and
• the depositary has no duty to make any determination or provide any information as to our tax status, or any liability for any tax consequences that may be incurred by ADS holders as a result of owning or holding ADSs or be liable for the inability or failure of an ADS holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit.
In the deposit agreement, we and the depositary agree to indemnify each other under certain circumstances.
Requirements for Depositary Actions Before the depositary will deliver or register a transfer of ADSs, make a distribution on ADSs, or permit withdrawal of ordinary shares, the depositary may require:
• payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged by third parties for the transfer
of any shares or other deposited securities;
• satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; and
• compliance with regulations it may establish, from time to time, consistent with the deposit agreement, including presentation of transfer
documents.
The depositary may refuse to deliver ADSs or register transfers of ADSs when the transfer books of the depositary or our transfer books are closed or at any time if the depositary or we think it advisable to do so.
Your Right to Receive the Shares Underlying your ADSs ADS holders have the right to cancel their ADSs and withdraw the underlying ordinary shares at any time except:
• when temporary delays arise because: (i) the depositary has closed its transfer books or we have closed our transfer books; (ii) the transfer of
ordinary shares is blocked to permit voting at a shareholders’ meeting; or (iii) we are paying a dividend on our ordinary shares;
• when you owe money to pay fees, taxes and similar charges; or
• when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the
withdrawal of shares or other deposited securities.
This right of withdrawal may not be limited by any other provision of the deposit agreement.
Direct Registration System In the deposit agreement, all parties to the deposit agreement acknowledge that the Direct Registration System (“DRS”) and Profile Modification System (“Profile”) will apply to the ADSs. DRS is a system administered by DTC that facilitates interchange between registered holding of uncertificated ADSs and holding of security entitlements in ADSs through DTC and a DTC participant. Profile is a feature of DRS that allows a DTC participant, claiming to act on behalf of a registered holder of uncertificated ADSs, to direct the depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the depositary of prior authorization from the ADS holder to register that transfer.
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In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties to the deposit agreement understand that the depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery as described in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding any requirements under the Uniform Commercial Code). In the deposit agreement, the parties agree that the depositary’s reliance on and compliance with instructions received by the depositary through the DRS/Profile system and in accordance with the deposit agreement will not constitute negligence or bad faith on the part of the depositary.
Shareholder Communications; Inspection of Register of Holders of ADSs The depositary will make available for your inspection at its office all communications that it receives from us as a holder of deposited securities that we make generally available to holders of deposited securities. The depositary will send you copies of those communications or otherwise make those communications available to you if we ask it to. You have a right to inspect the register of holders of ADSs, but not for the purpose of contacting those holders about a matter unrelated to our business or the ADSs.
Jury Trial Waiver The deposit agreement provides that, to the extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the depositary arising out of or relating to our shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver is enforceable in the facts and circumstances of that case in accordance with applicable case law.
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PLAN OF DISTRIBUTION
We, or the selling shareholder, as applicable, may sell the securities in one or more of the following ways (or in any combination) from time to time:
• through underwriters or dealers;
• directly to a limited number of purchasers or to a single purchaser;
• in “at-the-market” offerings, within the meaning of Rule 415(a)(4) of the Securities Act, to or through a market maker or into an existing
trading market on an exchange or otherwise;
• through agents; or
• through any other method permitted by applicable law and described in the applicable prospectus supplement.
The prospectus supplement will state the terms of the offering of the securities, including:
• the name or names of any underwriters, dealers or agents;
• the purchase price of such securities and the proceeds to be received by us, if any;
• any underwriting discounts or agency fees and other items constituting underwriters’ or agents’ compensation;
• any public offering price;
• any discounts or concessions allowed or reallowed or paid to dealers; and
• any securities exchanges on which the securities may be listed.
Any public offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time.
If underwriters are used in the sale, the securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions, including:
• negotiated transactions;
• at a fixed public offering price or prices, which may be changed;
• at market prices prevailing at the time of sale;
• at prices related to prevailing market prices; or
• at negotiated prices.
Unless otherwise stated in a prospectus supplement, the obligations of the underwriters to purchase any securities will be conditioned on customary closing conditions and the underwriters will be obligated to purchase all of such series of securities, if any are purchased.
The securities may be sold through agents from time to time. The prospectus supplement will name any agent involved in the offer or sale of the securities and any commissions paid to them. Generally, any agent will be acting on a best efforts basis for the period of its appointment.
Sales to or through one or more underwriters or agents in at-the-market offerings will be made pursuant to the terms of a distribution agreement with the underwriters or agents. Such underwriters or agents may act on an agency basis or on a principal basis. During the term of any such agreement, shares may be sold on a daily basis on any stock exchange, market or trading facility on which the ADSs are traded, in privately negotiated
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transactions or otherwise as agreed with the underwriters or agents. The distribution agreement will provide that any common share sold will be sold at negotiated prices or at prices related to the then prevailing market prices for our ADSs. Therefore, exact figures regarding proceeds that will be raised or commissions to be paid cannot be determined at this time and will be described in a prospectus supplement. Pursuant to the terms of the distribution agreement, we may also agree to sell, and the relevant underwriters or agents may agree to solicit offers to purchase, blocks of our ADSs or ordinary shares. The terms of each such distribution agreement will be described in a prospectus supplement.
We, or the selling shareholder, as applicable, may authorize underwriters, dealers or agents to solicit offers by certain purchasers to purchase the securities at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. The contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement will set forth any commissions paid for solicitation of these contracts.
Underwriters and agents may be entitled under agreements entered into with us to indemnification by us and/or the selling shareholder, if applicable, against certain civil liabilities, including liabilities under the Securities Act, or to contribution with respect to payments which the underwriters or agents may be required to make.
The prospectus supplement may also set forth whether or not underwriters may over-allot or effect transactions that stabilize, maintain or otherwise affect the market price of the securities at levels above those that might otherwise prevail in the open market, including, for example, by entering stabilizing bids, effecting syndicate covering transactions or imposing penalty bids.
Underwriters and agents may be customers of, engage in transactions with, or perform services for us and our affiliates in the ordinary course of business.
ADSs representing our ordinary shares sold pursuant to the registration statement of which this prospectus is a part will be authorized for listing and trading on the New York Stock Exchange. Any underwriters to whom securities are sold for public offering and sale may make a market in the securities, but such underwriters will not be obligated to do so and may discontinue any market making at any time without notice. We can make no assurance as to the liquidity of or development or maintenance of trading markets for any of the securities.
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INCORPORATION BY REFERENCE
The SEC allows us to incorporate by reference information into this document. This means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be a part of this document, except for any information superseded by information that is included directly in this prospectus or incorporated by reference subsequent to the date of this prospectus.
We incorporate by reference
• our 2019 Annual Report on Form 20-F/A for the fiscal year ended December 31, 2019; and
• our Report on Form 6-K furnished to the SEC on May 8, 2020, May 13, 2020 and June 9, 2020.
All annual reports we file with the SEC pursuant to the Exchange Act on Form 20-F after the date of this prospectus and prior to termination or expiration of this registration statement shall be deemed incorporated by reference into this prospectus and to be part hereof from the date of filing of such documents. We may incorporate by reference any Form 6-K subsequently submitted to the SEC by identifying in such Form 6-K that it is being incorporated by reference into this prospectus.
Documents incorporated by reference in this prospectus are available from us without charge upon written or oral request, excluding any exhibits to those documents that are not specifically incorporated by reference into those documents. You can obtain documents incorporated by reference in this document by requesting them from:
Jumia Technologies AG Skalitzer Straße 104 10997 Berlin Germany +49 (30) 398 20 34 54
You may also access these documents on our website, investor.jumia.com. The information contained on, or that can be accessed through, our website is not a part of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.
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ENFORCEMENT OF CIVIL LIABILITIES
We are a stock corporation (Aktiengesellschaft) organized under the laws of the Federal Republic of Germany. Our registered offices and most of our assets are located outside of the United States. In addition, all of the members of our management board, three out of eight supervisory board members, our senior management and the experts named herein are residents of Germany or jurisdictions other than the United States. As a result, it may not be possible for you to effect service of process within the United States upon these individuals or upon us or to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. securities laws against us in the United States. Awards of punitive damages in actions brought in the United States or elsewhere are generally not enforceable in Germany. In addition, actions brought in a German court against us or the members of our management board and supervisory board, our senior management and the experts named herein to enforce liabilities based on U.S. securities laws may be subject to certain restrictions; in particular, German courts generally do not award punitive damages. Litigation in Germany is also subject to rules of procedure that differ from the U.S. rules, including with respect to the taking and admissibility of evidence, the conduct of the proceedings and the allocation of costs. Proceedings in Germany would have to be conducted in the German language, and all documents submitted to the court would, in principle, have to be translated into German. For these reasons, it may be difficult for a U.S. investor to bring an original action in a German court predicated upon the civil liability provisions of the U.S. federal securities laws against us, the members of our management board, supervisory board, or senior management and the experts named in this prospectus. In addition, even if a judgment against our company, members of our management board, supervisory board, our senior management or the experts named in this prospectus based on the civil liability provisions of the U.S. federal securities laws is obtained, a U.S. investor may not be able to enforce it in U.S. or German courts.
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EXPENSES
The following table sets forth the expenses (other than underwriting discounts and commissions or agency fees and other items constituting underwriters’ or agents’ compensation, if any) expected to be incurred by us in connection with a possible offering of securities registered under this registration statement.
Amount SEC registration fee $ 20,046.31 FINRA filing fee * Printing and engraving expenses * Legal fees and expenses * Accounting fees and expenses * Miscellaneous costs *
Total *
* To be provided by a prospectus supplement or a Report on Form 6-K that is incorporated by reference into this prospectus.
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LEGAL MATTERS
The validity of the securities offered by this prospectus and any accompanying prospectus supplement will be passed upon for us by Sullivan & Cromwell LLP.
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EXPERTS
The consolidated financial statements of Jumia Technologies AG or as of December 31, 2018 and 2019 and for each of the three years in the period ended December 31, 2019 appearing in the Company’s annual report on Form 20-F/A for the fiscal year ended December 31, 2019 have been audited by Ernst & Young Société Anonyme, Luxembourg, an independent registered public accounting firm, as set forth in their reports thereon included therein and incorporated herein by reference, and have been incorporated herein by reference in reliance on such reports given on the authority of such firm as experts in accounting and auditing.
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American Depositary Shares Representing Ordinary Shares
PROSPECTUS
, 2020
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PART II INFORMATION NOT REQUIRED IN THE PROSPECTUS Item 8. 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. We intend to expand our insurance coverage against such liabilities, including by providing for coverage against liabilities under the Securities Act.
In the underwriting agreement, the underwriters will agree to indemnify, under certain conditions, us, the members of our supervisory board, management board and persons who control our company within the meaning of the Securities Act, against certain liabilities, but only to the extent that such liabilities are caused by information relating to the underwriters furnished to us in writing expressly for use in this registration statement and certain other disclosure documents.
Item 9. Exhibits Reference is made to the Exhibit Index included herewith which is incorporated herein by reference.
Item 10. 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 of 1933; (ii) To reflect in the prospectus any facts or events arising after the effective date of the 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 the 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) (§ 230.424(b) of this chapter) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement. (iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
Provided, however, That: (A) Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form S-8 (§ 239.16b of this chapter), and 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 Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration statement; an (B) Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on Form S-3 (§ 239.13 of this chapter) or Form F-3 (§ 239.33 of this chapter) and the information
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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 Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) (§ 230.424(b) of this chapter) that is part of the registration statement. (C) Provided further, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is for an offering of asset- backed securities on Form S-1 (§ 239.11 of this chapter) or Form S-3 (§ 239.13 of this chapter), and the information required to be included in a post-effective amendment is provided pursuant to Item 1100(c) of Regulation AB (§ 229.1100(c)). (2) That, for the purpose of determining any liability under the Securities Act of 1933, 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. (4) To file a post-effective amendment to the registration statement to include any financial statements required by “Item 8.A. of Form 20-F” at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3 (§ 239.33 of this chapter), a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Act or § 210.3-19 of this chapter if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3.
(5) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: (A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and (B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. (6) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:
The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
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(iv) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; (v) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; (vi) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and (vii) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the 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 of 1933 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 Securities and Exchange Commission such indemnification is against public policy as expressed in the 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 Act and will be governed by the final adjudication of such issue.
(d) The undersigned registrant hereby undertakes that: (1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective. (2) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus 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.
(e) The undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of section 310 of the Trust Indenture Act (“Act”) in accordance with the rules and regulations prescribed by the Commission under section 305(b)(2) of the Act.
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EXHIBIT INDEX
The following documents are filed as part of this registration statement:
Exhibit Number Description of Exhibit 1.1* Form of Underwriting Agreement 3.1 Articles of Association of the Registrant 3.2 Rules of Procedure of the Supervisory Board of the Registrant 3.3 Rules of Procedure of the Management Board 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 by reference to Exhibit 4.1 to the Company’s Registration Statement on Form F-1/A (File No. 333-230207) filed with the SEC on April 10, 2019) 4.2 Form of American Depositary Receipt evidencing American Depositary Shares (included in Exhibit 4.1) 4.3 Registration Rights Agreement, dated as of December 12, 2018, by and among the Registrant and the parties listed therein (incorporated by reference to Exhibit 4.3 to the Company’s Registration Statement on Form F-1 (File No. 333-230207) filed with the SEC on March 12, 2019) 5.1 Opinion of Sullivan & Cromwell LLP as to German law matters 10.1 Post-Conversion Shareholders’ Agreement, dated as of December 18, 2018 (incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form F-1 (File No. 333-230207) filed with the SEC on March 12, 2019) 10.2 Information Sharing Agreement by and among Jumia Technologies AG and Mobile Telephone Networks Holdings (Pty) Ltd (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form F-1/A (File No. 333-230207) filed with the SEC on March 28, 2019) 10.3 Jumia UG (haftungsbeschränkt) & Co. KG, Option Program 2016 (incorporated by reference to Exhibit 10.4 to the Company’s Registration Statement on Form F-1/A (File No. 333-230207) filed with the SEC on March 28, 2019) 10.4 Jumia Technologies AG, Stock Option Program 2019 (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form F-1/A (File No. 333-230207) filed with the SEC on March 28, 2019) 10.5 Jumia, Virtual Restricted Stock Unit Program 2019 (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form F-1/A (File No. 333-230207) filed with the SEC on March 28, 2019) 10.6 Jumia Technologies AG, Stock Option Program 2020 10.7 Jumia Technologies AG, Virtual Restricted Stock Unit Program 2020 21.1 List of Significant Subsidiaries (incorporated by reference to Exhibit 8.1 to the Company’s Annual Report on Form 20-F (File No. 001-38863) filed with the SEC on April 3, 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)
* To be filed, if necessary, by amendment or furnished on Form 6-K.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Berlin, Germany, on July 22, 2020.
Jumia Technologies AG
By /s/ Jeremy Hodara Name: Jeremy Hodara Co-Chief Executive Officer and Title: Member of the Management Board
By /s/ Sacha Poignonnec Name: Sacha Poignonnec Co-Chief Executive Officer and Title: 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 of 1933, 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 of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Signature Title Date /s/ Jeremy Hodara Co-Chief Executive Officer and Member of July 22, 2020 Jeremy Hodara the Management Board /s/ Sacha Poignonnec Co-Chief Executive Officer and Member of July 22, 2020 Sacha Poignonnec the Management Board /s/ Antoine Maillet-Mezeray Chief Financial Officer and Principal July 22, 2020 Antoine Maillet-Mezeray Accounting Officer
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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
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DEUTSCHE FASSUNG CONVENIENCE TRANSLATION SATZUNG ARTICLES OF ASSOCIATION DER OF JUMIA TECHNOLOGIES AG JUMIA TECHNOLOGIES AG I. I. ALLGEMEINE BESTIMMUNGEN GENERAL PROVISIONS
§ 1 SECTION 1 FIRMA UND SITZ 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 SECTION 2 GEGENSTAND DES UNTERNEHMENS COMPANY PURPOSE (1) Gegenstand des Unternehmens ist die direkte oder indirekte Verwaltung (1) The Company’s purpose is the direct or indirect management of its eigener Vermögenswerte, insbesondere die Gründung neuer own assets, in particular the incorporation of new companies or the Unternehmen oder der Erwerb existierender Unternehmen, die acquisition of existing companies, the development and Entwicklung und Umsetzung neuer Geschäftskonzepte, der Erwerb, die implementation of new business concepts, the acquisition, Verwaltung und die Verfügung über Anteile an anderen Unternehmen management and disposition of shares in other companies and legal und juristischen Personen in Deutschland oder im Ausland sowie die entities in Germany or abroad as well as the provision of consulting Erbringung von Dienst- und Beratungsleistungen, insbesondere mit and other services, in particular with a focus on areas as diverse as Fokussierung auf so unterschiedliche Bereiche wie Internet, Online- Internet, online services, e-commerce, telecommunications, media, Dienste, E-Commerce, Telekommunikation, Medien, Neue Medien, new media, technologies, software, IT services, marketing, sales, Technologien, Software, IT-Dienstleistungen, Marketing, Vertrieb, recruitment, financing, programming, project management and Personalbeschaffung, Finanzierung, Programmierung, start-up and growth companies. Projektmanagement sowie Start-Up- und Wachstumsunternehmen. (2) Die Gesellschaft ist zu allen Handlungen und Maßnahmen berechtigt (2) The Company is entitled to perform all acts and take all steps and und kann alle Geschäfte betreiben, die mit dem Gegenstand des conduct all transactions relating to its purpose or which are Unternehmens zusammenhängen oder ihm unmittelbar oder mittelbar zu appropriate to directly or indirectly effect the accomplishment of the dienen geeignet sind. Sie kann auch andere Unternehmen im In- und Company’s purpose. The Company may also establish or acquire Ausland gründen, erwerben und sich an ihnen beteiligen sowie solche enterprises in Germany or abroad and participate in and manage such Unternehmen leiten oder sich auf die Verwaltung der Beteiligung enterprises or confine itself to the management of its participation. beschränken. Sie kann ihren Betrieb, auch soweit es um die von ihr The Company can completely or partially delegate management of its gehaltenen Beteiligungen geht, ganz oder operations, including its participation in other companies, to
Seite / Page 1/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION teilweise durch verbundene Unternehmen führen lassen oder auf solche affiliated companies or transfer or outsource its operations to such übertragen oder auslagern und sich auf die Tätigkeit als affiliated companies as well as confine itself to operation as a geschäftsleitende Holding beschränken. Die Gesellschaft darf auch management holding company. The Company may also establish Zweigniederlassungen und Betriebsstätten im In- und Ausland errichten. branch offices and permanent establishments in Germany and abroad. Sie kann ihre Tätigkeit auf einen Teil der in Absatz 1 bezeichneten The Company may limit its activity to any part of the areas Tätigkeitsfelder beschränken. designated in paragraph 1.
§ 3 SECTION 3 BEKANNTMACHUNGEN UND ANNOUNCEMENTS AND INFORMATIONSÜBERMITTLUNG COMMUNICATING INFORMATION (1) Die Bekanntmachungen der Gesellschaft erfolgen im Bundesanzeiger. (1) Company notices shall be published in the Federal Gazette. If another Sofern gesetzlich zwingend eine andere Bekanntmachungsform form of notice is required by mandatory provisions of law, such form erforderlich ist, tritt an die Stelle des Bundesanzeigers diese shall replace the notice in the Federal Gazette. Bekanntmachungsform.
(2) Informationen an die Aktionäre der Gesellschaft können, soweit (2) Notices to the shareholders of the Company may, to the extent gesetzlich zulässig, auch im Wege der Datenfernübertragung übermittelt permitted by law, also be communicated by data transmission. werden. Die Übermittlung von Mitteilungen nach § 125 Abs. 1 i.V.m. Notices pursuant to Section 125 para. 1 in conjunction with 128 § 128 Abs. 1 AktG sowie nach § 125 Abs. 2 AktG ist auf den Weg para. 1 of the German Stock Corporation Act (AktG) as well as elektronischer Kommunikation beschränkt. Der Vorstand ist—ohne dass pursuant to Section 125 para. 2 of the AktG must be delivered by hierauf ein Anspruch besteht—berechtigt, diese Mitteilungen auch auf electronic communication. The Management Board is entitled, but anderem Weg zu versenden. not obliged, to deliver such notices also by other means.
II. II. GRUNDKAPITAL UND AKTIEN SHARE CAPITAL AND SHARES § 4 SECTION 4 GRUNDKAPITAL SHARE CAPITAL
(1) Das Grundkapital der Gesellschaft beträgt EUR 159.399.696,00 (in (1) The share capital of the Company amounts to EUR 159,399,696.00 Worten: Euro einhundertneunundfünfzig Millionen (spelled out: Euro one hundred fifty-nine million three hundred dreihundertneunundneunzigtausend sechshundertsechsundneunzig). Es ninety-nine thousand six hundred ninety-six). It is divided into ist eingeteilt in 159.399.696 Stückaktien (Aktien ohne Nennbetrag). 159,399,696 no-par value shares (shares without a nominal value).
Seite / Page 2/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION Das Grundkapital wurde in Höhe von EUR 139.736,00 (in Worten: Euro The share capital has been provided in the amount of einhundertneununddreißigtausend siebenhundertsechsunddreißig) durch EUR 139,736.00 (spelled out: Euro one hundred thirty-nine thousand Formwechsel gemäß §§ 190 ff. UmwG der im Handelsregister des seven hundred thirty-six) by way of transformation pursuant to Amtsgerichts Charlottenburg unter HRB 142937 B eingetragenen Africa Sections 190 et seq. of the German Transformation Act (UmwG) of Internet Holding GmbH mit dem Sitz in Berlin erbracht. 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 (2) The Management Board is authorized until 16 December 2023 to 16. Dezember 2023 mit Zustimmung des Aufsichtsrats um insgesamt bis increase, once or repeatedly and each time with the consent of the zu EUR 4.728.590,00 (in Worten: Euro vier Millionen Supervisory Board, the share capital by up to a total amount of siebenhundertachtundzwanzigtausend fünfhundertneunzig) durch EUR 4,728,590.00 (spelled out: Euro four million seven hundred Ausgabe von bis zu 4.728.590 auf den Inhaber lautenden Stückaktien twenty-eight thousand five hundred ninety) through the issuance of gegen Bar- und/oder Sacheinlagen, einschließlich Forderungen gegen die up to 4,728,590 new no-par value bearer shares against contributions Gesellschaft, einmalig oder mehrmals zu erhöhen („Genehmigtes in cash and/or in kind, including claims against the Company Kapital 2018/I“). (“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 (i) to fulfil acquisition rights (option rights) that have been granted by Gesellschaft (oder einem ihrer Rechtsvorgänger) vor der Umwandlung the Company (or its legal predecessors) prior to its conversion into a der Gesellschaft in eine Aktiengesellschaft an gegenwärtige und/oder stock corporation to current and/or former managing directors and/or ehemalige Geschäftsführer und/oder Mitarbeiter der Gesellschaft employees of the Company and/or its direct and indirect subsidiaries und/oder ihrer direkten und indirekten Tochtergesellschaften und an and to service providers, supporters or business partners of the Dienstleister, Förderer oder Geschäftspartner der Gesellschaft und/oder Company and/or its direct and indirect subsidiaries; and ihrer direkten und indirekten Tochtergesellschaften gewährt wurden; und
(ii) zur Ausgabe von Aktien an der Gesellschaft an Inhaber von (ii) to issue shares in the Company to holders of shares in direct or Gesellschaftsanteilen an direkten oder indirekten Tochtergesellschaften indirect subsidiaries of the Company, including such shares in direct der Gesellschaft, einschließlich solcher Gesellschaftsanteile an direkten or indirect subsidiaries of the Company which are held in trust by its oder indirekten Tochtergesellschaften der Gesellschaft, die von ihrem holder. Inhaber treuhänderisch gehalten werden.
Seite / Page 3/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION Die Aktien, die aus dem Genehmigten Kapital 2018/I geschaffen The shares which will be created from the Authorized Capital 2018/I werden, dürfen nur zu diesen Zwecken ausgegeben werden. Die may only be issued for these purposes. A capital increase may be Kapitalerhöhung ist nur insoweit durchzuführen, wie die Inhaber der implemented only to the extent as the holders of the option rights ausgegebenen Optionen von ihrem Optionsrecht Gebrauch machen und exercise their option rights, and as required to issue shares in the wie dies zur Ausgabe von Aktien an der Gesellschaft an Inhaber von Company to holders of shares in direct or indirect subsidiaries of the Gesellschaftsanteilen an direkten oder indirekten Tochtergesellschaften Company, including such shares in direct or indirect subsidiaries of the der Gesellschaft, einschließlich solcher Gesellschaftsanteile an direkten Company which are held in trust by its holder. oder indirekten Tochtergesellschaften der Gesellschaft, die von ihrem Inhaber treuhänderisch gehalten werden, erforderlich ist.
Der Ausgabebetrag der neuen Aktien muss mindestens EUR 1,00 je The issue amount of the new shares must be at least EUR 1.00 per share Aktie betragen und kann durch Bar- und/oder Sacheinlage, and may be paid in cash or in kind, including claims against the einschließlich Forderungen gegen die Gesellschaft, erbracht werden. Company.
Der Vorstand ist ermächtigt, die weiteren Einzelheiten der The Management Board is authorized to determine any further details of Kapitalerhöhung und ihrer Durchführung mit Zustimmung des the capital increase and its implementation, subject to the consent of the Aufsichtsrats festzulegen; dies umfasst auch die Festlegung der Supervisory Board; this also includes the determination of the profit Gewinnanteilsberechtigung der neuen Aktien, welche für das laufende participation with respect to the new shares, which may, in deviation of Geschäftsjahr abweichend von § 60 Abs. 2 AktG festgelegt werden Section 60 para. 2 of the AktG, also include profit participation for the kann. Soweit ein Mitglied des Vorstands durch die Optionsrechte current fiscal year. To the extent that a member of the Management begünstigt ist, erfolgt die Festlegung ausschließlich durch den Board is entitled under the option rights, such determinations will be Aufsichtsrat. made exclusively by the Supervisory Board.
Der Aufsichtsrat ist ermächtigt, nach Ausnutzung des Genehmigten The Supervisory Board is authorized to adjust the wording of the Articles Kapitals 2018/I oder Ablauf der Frist für die Ausnutzung des of Association accordingly after the utilization of the Authorized Capital Genehmigten Kapitals 2018/I die Fassung der Satzung entsprechend 2018/I or upon expiry of the period for the utilization of the Authorized anzupassen. Capital 2018/I.
Seite / Page 4/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (3) Das Grundkapital der Gesellschaft ist um bis zu EUR 2.692.876,00 (in (3) The share capital of the Company is conditionally increased by up to Worten: Euro zwei Millionen sechshundertzweiundneunzigtausend EUR 2,692,876.00 (spelled out: Euro two million six hundred achthundertsechsundsiebzig) durch Ausgabe von bis zu 2.692.876 auf ninety-two thousand eight hundred seventy-six) through issuance of den Inhaber lautenden Stammstückaktien bedingt erhöht („Bedingtes up to 2,692,876 new no-par value ordinary bearer shares Kapital 2019/I“). Das Bedingte Kapital 2019/I dient ausschließlich der (“Conditional Capital 2019/I”). The Conditional Capital 2019/I may Ausgabe von Aktien der Gesellschaft zur Bedienung von Bezugsrechten only be used to issue shares of the Company to fulfil the subscription auf Aktien der Gesellschaft, die an Mitglieder des Vorstands der rights for shares in the Company that have been or will be granted to Gesellschaft und Arbeitnehmer der Gesellschaft sowie an Mitglieder der members of the Management Board of the Company and employees Geschäftsführungen und Arbeitnehmer von mit der Gesellschaft of the Company as well as members of the management and verbundenen Unternehmen im Sinne der §§ 15 ff. AktG in Form von employees of companies affiliated with the Company within the Aktienoptionen nach Maßgabe des Ermächtigungsbeschlusses der meaning of §§ 15 et seq. AktG in the form of stock options in Hauptversammlung vom 15. Februar 2019 gewährt wurden oder accordance with the authorizing resolution of the general meeting on werden. Die bedingte Kapitalerhöhung wird nur insoweit durchgeführt, 15 February 2019. The conditional capital increase will only be wie nach Maßgabe des Ermächtigungsbeschlusses der implemented to the extent that stock options have been or will be Hauptversammlung vom 15. Februar 2019 Aktienoptionen gewährt granted in accordance with the authorizing resolution of the general wurden oder werden, die Inhaber der Aktienoptionen von ihrem meeting on 15 February 2019, the holders of the stock options Ausübungsrecht Gebrauch machen und die Gesellschaft zur Bedienung exercise their rights and the Company does not deliver treasury der Aktienoptionen keine eigenen Aktien gewährt, wobei für die shares to satisfy the stock options, whereas the Supervisory Board Gewährung und Abwicklung von Aktienoptionen an die Mitglieder des shall be exclusively competent regarding the granting and settlement Vorstands ausschließlich der Aufsichtsrat zuständig ist. Die neuen auf of stock options to the members of the Management Board. The new den Inhaber lautenden Stückaktien nehmen vom Beginn des no-par value bearer shares shall participate in the profits from the Geschäftsjahres an, in dem die Ausgabe erfolgt, am Gewinn teil. Der auf beginning of the financial year, in which they are issued. The pro rata die ausgegebenen neuen Aktien entfallende anteilige Betrag des amount of the share capital attributable to the new shares issued may Grundkapitals darf insgesamt 10% des Grundkapitals der Gesellschaft, not exceed 10% of the share capital of the Company existing at the das im Zeitpunkt der Beschlussfassung über die Änderung des time of the adoption of the resolution on the Amendment of the Bedingten Kapitals 2019/I durch die Hauptversammlung vom 1. April Conditional Capital 2019/I by the general meeting on 1 April 2019. 2019 vorhanden ist, nicht überschreiten. Auf diese 10%-Grenze ist der Towards this limit shall count the pro rata amount of the share capital anteilige Betrag des Grundkapitals anzurechnen, der auf Aktien entfällt, attributable to any shares that were issued or transferred from die aus genehmigtem Kapital, bedingtem Kapital oder aus eigenen authorized capital, conditional capital or from treasury shares to Aktien an Mitglieder des Vorstands und Arbeitnehmer der Gesellschaft members of the Management Board of the Company and employees sowie an Mitglieder der Geschäftsführungen und Arbeitnehmer von mit of the Company as well as members of the management and der Gesellschaft verbundenen Unternehmen im Sinne der §§ 15 ff. AktG employees of companies affiliated with the Company within the bzw. deren Investmentvehikel seit der Beschlussfassung über das meaning of §§ 15 et seq. AktG, respectively their investment Bedingte Kapital 2019/I aus Beteiligungsprogrammen ausgegeben oder vehicles, in the context of participation programs ever since the übertragen wurden. Zudem darf der anteilige Betrag des Grundkapitals resolution on the Conditional Capital 2019/I was adopted. Moreover, der Gesellschaft, der auf die Aktien bzw. ADS, die die Aktien der any shares or ADS, representing such shares, issued from the Gesellschaft repräsentieren, entfällt, die aus dem Bedingten Conditional Capital 2019/I, from the restated Authorized Kapital 2019/I, zur Bedienung des VRSUP 2019 aus dem Genehmigten Capital 2019/I to serve the VRSUP 2019 and from the Authorized Kapital 2019/I sowie aus dem Genehmigten Kapital 2018/I ausgegeben Capital 2018/I shall, in the aggregate, not exceed the amount of wurden, insgesamt EUR 10.196.556,00 nicht übersteigen. Der EUR 10,196,556.00. The Supervisory Board is authorized to amend Aufsichtsrat ist ermächtigt, die Satzung entsprechend der jeweiligen the Articles of Association accordingly after the respective utilization Inanspruchnahme des Bedingten Kapitals 2019/I und nach Ablauf of the Conditional Capital 2019/I and upon the expiry of any and all sämtlicher Ausübungsfristen zu ändern. exercise periods. (4) Das Grundkapital der Gesellschaft ist um bis zu EUR 68.015.371,00 (in (4) The share capital of the Company is conditionally increased by up to Worten: Euro achtundsechzig Millionen fünfzehntausend EUR 68,015,371.00 (spelled out: Euro sixty-eight million fifteen dreihunderteinundsiebzig) durch Ausgabe von bis zu 68.015.371 auf den thousand three hundred seventy-one) by issuing up to 68,015,371 Inhaber lautenden Stückaktien bedingt erhöht („Bedingtes Kapital no-par value bearer shares (“Conditional Capital 2020/II”). 2020/II“).
Seite / Page 5/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION Das Bedingte Kapital 2020/II dient der Gewährung von Aktien bei der The purpose of Conditional Capital 2020/II is to grant shares to Ausübung von Wandlungs- oder Optionsrechten bzw. bei der Erfüllung holders or creditors of convertible bonds, options, profit rights von Wandlungs- oder Optionspflichten an die Inhaber bzw. Gläubiger and/or profit bonds (or combinations of these instruments) (together von Wandelschuldverschreibungen, Optionsschuldverschreibungen, “Bonds 2020”) issued on the basis of the authorization granted by Genussrechten und/oder Gewinnschuldverschreibungen (bzw. the Annual General Meeting of 9 June 2020 upon the exercise of Kombinationen dieser Instrumente) (nachstehend gemeinsam conversion or option rights or the fulfilment of conversion or option „Schuldverschreibungen 2020“), die aufgrund des obligations. Ermächtigungsbeschlusses der Hauptversammlung vom 9. Juni 2020 ausgegeben worden sind.
Die Ausgabe der neuen Aktien erfolgt zu dem nach Maßgabe des The new shares are issued based on the conversion or option price Ermächtigungsbeschlusses der Hauptversammlung vom 9. Juni 2020 to be determined in accordance with the authorization granted by jeweils festzulegenden Wandlungs- oder Optionspreis. Die bedingte the Annual General Meeting of 9 June 2020. The conditional capital Kapitalerhöhung wird nur insoweit durchgeführt, wie die Inhaber bzw. increase will only be implemented to the extent that the holders or Gläubiger von Schuldverschreibungen 2020, die von der Gesellschaft creditors of Bonds 2020, which are issued or guaranteed by the oder einer von der Gesellschaft abhängigen oder in ihrem Company, dependent companies or by companies in which the unmittelbaren oder mittelbaren Mehrheitsbesitz stehenden Gesellschaft Company owns a majority interest either directly or indirectly by aufgrund des Ermächtigungsbeschlusses der Hauptversammlung vom 8 June 2025 based on the authorization granted by the Annual 9. Juni 2020 bis zum 8. Juni 2025 ausgegeben bzw. garantiert werden, General Meeting of 9 June 2020, exercise any conversion or option von ihren Wandlungs-oder Optionsrechten Gebrauch machen bzw. right or fulfill any conversion or option obligation under Bonds Wandlungs- oder Optionspflichten aus solchen Schuldverschreibungen 2020, or to the extent the Company grants shares in the Company 2020 erfüllen oder soweit die Gesellschaft anstelle der Zahlung des instead of paying the amount due as well as to the extent the fälligen Geldbetrags Aktien der Gesellschaft gewährt und soweit die conversion or option rights or the conversion or option obligations Wandlungs- oder Optionsrechte bzw. Wandlungs- oder are not serviced by treasury shares but rather by shares from Optionspflichten nicht durch eigene Aktien, durch Aktien aus authorized capital or other consideration. genehmigtem Kapital oder durch andere Leistungen bedient werden.
Die neuen Aktien nehmen von dem Beginn des Geschäftsjahrs an, in The new shares have the right to participate in any profits from the dem sie entstehen, und für alle nachfolgenden Geschäftsjahre am beginning of the financial year in which they are created and for all Gewinn teil. subsequent financial years.
Der Vorstand ist ermächtigt, die weiteren Einzelheiten der The Management Board is authorized to determine the further Durchführung der bedingten Kapitalerhöhung festzusetzen. details of the implementation of the conditional capital increase.
Der Aufsichtsrat ist ermächtigt, die Fassung der Satzung entsprechend The Supervisory Board is authorized to amend the Articles of der jeweiligen Inanspruchnahme des Bedingten Kapitals 2020/II und Association accordingly after any utilization of the Conditional nach Ablauf sämtlicher Options- und Wandlungsfristen entsprechend Capital 2020/II and upon expiration of all option or conversion anzupassen. periods.
Seite / Page 6/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (5) Der Vorstand ist ermächtigt, das Grundkapital in der Zeit bis zum 8. Juni (5) The Management Board is hereby authorized until 8 June 2025 to 2025 mit Zustimmung des Aufsichtsrats um insgesamt bis zu increase, once or repeatedly and each time with the consent of the EUR 71.096.455,00 (in Worten: Euro einundsiebzig Millionen Supervisory Board, the share capital by a total amount of up to sechsundneunzigtausend vierhundertfünfundfünfzig) durch Ausgabe von EUR 71,096,455.00 (in words: Euro seventy-one million ninety-six bis zu 71.096.455 auf den Inhaber lautenden Stückaktien gegen Bar- thousand four hundred fifty-five) through the issuance of up to und/oder Sacheinlagen, einschließlich Forderungen gegen die 71,096,455 new no-par value bearer shares against contributions in Gesellschaft, einmalig oder mehrmals zu erhöhen („Genehmigtes cash and/or in kind, including claims against the Company Kapital 2020/I“). (“Authorized Capital 2020/I”). Den Aktionären ist grundsätzlich ein Bezugsrecht einzuräumen. Die In principle, the shareholders are to be granted subscription rights. Aktien können dabei nach § 186 Abs. 5 AktG auch von einem oder The shares may also be subscribed for by one or more credit mehreren Kreditinstitut(en) oder gemäß § 53 Abs. 1 Satz 1 oder § 53b institution(s) or one or more enterprise(s) operating pursuant to Abs. 1 Satz 1 oder Abs. 7 des Gesetzes über das Kreditwesen tätigen sections 53(1) sentence 1, 53b(1) sentence 1 or 53b(7) of the German Unternehmen mit der Verpflichtung übernommen werden, sie den Banking Act (Gesetz über das Kreditwesen) with the obligation to Aktionären der Gesellschaft zum Bezug anzubieten (mittelbares offer the shares to the shareholders of the Company pursuant to Bezugsrecht). section 186(5) of the German Stock Corporation Act (indirect subscription right). Das Bezugsrecht der Aktionäre ist für eine oder mehrere The shareholders’ subscription rights are excluded for one or more Kapitalerhöhungen im Rahmen des Genehmigten Kapitals 2020/I capital increases in the context of the Authorized Capital 2020/I: ausgeschlossen, wenn – die Ausnutzung des Genehmigten Kapitals 2020/I erfolgt, um – if the utilization of the Authorized Capital 2020/I occurs in bis zu maximal 1.243.367 neue Aktien der Gesellschaft nach order to issue up to a maximum of 1,243,367 new shares of Wahl der Gesellschaft zur Bedienung von the Company to settle, at the discretion of the Company, Zahlungsansprüchen aus erdienten Virtual Restricted Stock claims from vested Virtual Restricted Stock Units granted Units, die unter dem Virtual Restricted Stock Unit under the Virtual Restricted Stock Unit Program 2019 of Program 2019 der Gesellschaft („VRSUP 2019 “) an the Company (“VRSUP 2019”) to members of the Mitglieder des Vorstands und Arbeitnehmer der Gesellschaft Management Board of the Company and employees of the sowie an Mitglieder der Geschäftsführungen und Company, as well as members of the management and Arbeitnehmer von mit der Gesellschaft verbundenen employees of companies affiliated with the Company Unternehmen im Sinne des § 15 AktG bzw. deren within the meaning of section 15 of the German Stock Investmentvehikel nach näherer Maßgabe des VRSUP 2019 Corporation Act or their investment vehicles, subject to the gewährt wurden, jeweils gegen Einlage dieser details of the VRSUP 2019, in each case against Zahlungsansprüche aus den Virtual Restricted Stock Units contribution of the claims for payments originated under auszugeben; und/oder the Virtual Restricted Stock Units; and/or
Seite / Page 7/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION – die Ausnutzung des Genehmigten Kapitals 2020/I erfolgt, um – if the utilization of the Authorized Capital 2020/I occurs in bis zu maximal 1.850.000 neue Aktien der Gesellschaft nach order to issue up to a maximum of 1,850,000 new shares of Wahl der Gesellschaft zur Bedienung von the Company to settle, at the discretion of the Company, Zahlungsansprüchen aus erdienten Virtual Restricted Stock claims from vested Virtual Restricted Stock Units granted Units, die unter dem Virtual Restricted Stock Unit under the Virtual Restricted Stock Unit Program 2020 of Program 2020 der Gesellschaft („VRSUP 2020“) an the Company (“VRSUP 2020”) to members of the Mitglieder des Vorstands und Arbeitnehmer der Gesellschaft Management Board of the Company and employees of the sowie an Mitglieder der Geschäftsführungen und Company, as well as members of the management and Arbeitnehmer von mit der Gesellschaft verbundenen employees of companies affiliated with the Company Unternehmen im Sinne des § 15 AktG bzw. deren within the meaning of section 15 of the German Stock Investmentvehikel nach näherer Maßgabe des VRSUP 2020 Corporation Act or their investment vehicles, subject to the gewährt wurden, jeweils gegen Einlage dieser details of the VRSUP 2020, in each case against Zahlungsansprüche aus den Virtual Restricted Stock Units contribution of the claims for payments originated under auszugeben. the Virtual Restricted Stock Units.
In diesem Fall darf der auf die ausgegebenen neuen Aktien In this case, the pro rata amount of the share capital entfallende anteilige Betrag des Grundkapitals insgesamt attributable to the new shares issued may not exceed 10% 10 % des Grundkapitals der Gesellschaft, das im Zeitpunkt of the share capital of the Company existing at the time of der Beschlussfassung über das Bedingte Kapitals 2020/I durch the adoption of the resolution of the Conditional Capital die Hauptversammlung vom 9. Juni 2020 vorhanden ist, nicht 2020/I by the Annual General Meeting of 9 June 2020. überschreiten. Auf diese 10 %-Grenze ist der anteilige Betrag Towards this limit shall count the pro-rata amount of the des Grundkapitals anzurechnen, der auf Aktien entfällt, die share capital attributable to any shares that were issued or seit der Beschlussfassung über das Bedingte Kapital 2020/I transferred from authorized capital, conditional capital or aus genehmigtem Kapital, bedingtem Kapital oder aus from treasury shares to members of the Management eigenen Aktien an Mitglieder des Vorstands und Board of the Company and employees of the Company, as Arbeitnehmer der Gesellschaft sowie an Mitglieder der well as members of the management and employees of Geschäftsführungen und Arbeitnehmer von mit der companies affiliated with the Company within the meaning Gesellschaft verbundenen Unternehmen im Sinne des § 15 of section 15 of the German Stock Corporation Act or their AktG bzw. deren Investmentvehikel aus investment vehicles in the context of participation Beteiligungsprogrammen ausgegeben oder übertragen programs ever since the resolution on the Conditional wurden. Capital 2020/I was adopted.
Seite / Page 8/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION Further, the Management Board is authorized to exclude Ferner ist der Vorstand ermächtigt, das Bezugsrecht der Aktionäre mit shareholders’ subscription rights with the consent of the Supervisory Zustimmung des Aufsichtsrats für eine oder mehrere Kapitalerhöhungen Board for one or more capital increases in the context of the im Rahmen des Genehmigten Kapitals 2020/I auszuschließen, Authorized Capital 2020/I,
– in order to exclude fractional amounts from the – um Spitzenbeträge vom Bezugs-recht auszunehmen; subscription right;
– soweit es erforderlich ist, um Inhabern bzw. Gläubigern von – to the extent necessary to grant holders or creditors of Wandelschuldverschreibungen, convertible bonds, options, profit rights and/or profit bonds Optionsschuldverschreibungen, Genussrechten und/oder (or combinations of these instruments) (hereinafter Gewinnschuldverschreibungen (bzw. Kombinationen dieser together “Bonds”) with conversion or option rights, or Instrumente) (nachstehend gemeinsam conversion or option obligations, and which were or will „Schuldverschreibungen“), die mit Wandlungs- oder be issued by the Company or a direct or indirect Optionsrechten bzw. Wandlungs- oder Optionspflichten subsidiary, subscription rights to new no-par value bearer ausgestattet sind und die von der Gesellschaft oder einer shares of the Company in the amount to which they would unmittelbaren oder mittelbaren Beteiligungsgesellschaft be entitled as shareholders after the exercise of the option ausgegeben wurden oder noch werden, ein Bezugsrecht auf or conversion rights, or after fulfilment of the conversion neue, auf den Inhaber lautende Stückaktien der Gesellschaft in or option obligations or to the extent the Company dem Umfang zu gewähren, wie es ihnen nach Ausübung der exercises with regard to such Bonds its right to grant, Options- oder Wandlungsrechte bzw. nach Erfüllung von totally or in part, shares of the Company in lieu of payment Wandlungs- oder Optionspflichten als Aktionär zustünde oder of the amount due; soweit die Gesellschaft ein Wahlrecht bezüglich solcher Schuldverschreibungen ausübt, ganz oder teilweise Aktien der Gesellschaft anstelle der Zahlung des fälligen Geldbetrags zu gewähren;
Seite / Page 9/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION – zur Ausgabe von Aktien gegen Bareinlagen, wenn der – to issue shares for cash contributions, provided that the Ausgabepreis der neuen Aktien den Börsenpreis der bereits issue price of the new shares is not significantly lower than börsennotierten Aktien der Gesellschaft nicht wesentlich im the stock exchange price of the shares of the Company Sinne der §§ 203 Abs. 1 und Abs. 2, 186 Abs. 3 Satz 4 AktG already listed on the stock exchange in the meaning of unterschreitet und der auf die unter Ausschluss des sections 203(1) and (2), 186(3) sentence 4 of the German Bezugsrechts gemäß § 186 Abs. 3 Satz 4 AktG ausgegebenen Stock Corporation Act and that the proportional amount of neuen Aktien entfallende anteilige Betrag des Grundkapitals the registered share capital attributable to the new shares insgesamt 10 % des Grundkapitals der Gesellschaft nicht issued under the exclusion of subscription rights in überschreitet, und zwar weder zum Zeitpunkt des accordance with section 186(3) sentence 4 of the German Wirksamwerdens noch – wenn dieser Betrag geringer ist – im Stock Corporation Act does not exceed a total of 10% of Zeitpunkt der Ausübung des Genehmigten Kapitals 2020/I. the registered share capital of the Company, whether at the Auf diese Begrenzung von 10 % des Grundkapitals ist der time the Authorized Capital 2020/I comes into effect or – anteilige Betrag des Grundkapitals anzurechnen, der auf in case such amount is lower – is exercised. Towards the Aktien entfällt, (i) die während der Laufzeit des Genehmigten above threshold of 10% of the registered share capital shall Kapitals 2020/I aufgrund einer Ermächtigung zur also count the pro-rata amount of the share capital Veräußerung eigener Aktien gemäß § 71 Abs. 1 Nr. 8 Satz 5 attributable to any shares, (i) that are sold during the term Halbsatz 2 AktG in Verbindung mit § 186 Abs. 3 Satz 4 AktG of the Authorized Capital 2020/I on the basis of an unter Ausschluss des Bezugsrechts der Aktionäre veräußert authorization to sell treasury shares pursuant to werden; (ii) die zur Bedienung von Schuldverschreibungen section 71(1) no. 8 sentence 5 second half sentence in mit Wandlungs- oder Optionsrechten bzw. Wandlungs- oder conjunction with section 186(3) sentence 4 of the German Optionspflichten ausgegeben werden oder auszugeben sind, Stock Corporation Act subject to the exclusion of sofern diese Schuldverschreibungen in entsprechender shareholders’ subscription rights; (ii) that are issued to Anwendung des § 186 Abs. 3 Satz 4 AktG während der satisfy Bonds with conversion or option rights, or Laufzeit des Genehmigten Kapitals 2020/I unter Ausschluss conversion or option obligations, provided that such Bonds des Bezugsrechts der Aktionäre ausgegeben werden; (iii) die were issued in analogous application of section 186(3) während der Laufzeit des Genehmigten Kapitals 2020/I aus sentence 4 of the German Stock Corporation Act during anderem genehmigten Kapital unter Ausschluss des the term of the Authorized Capital 2020/I subject to the Bezugsrechts der Aktionäre gemäß § 203 Abs. 2 Satz 1 in exclusion of the shareholders’ subscription rights; or Verbindung mit § 186 Abs. 3 Satz 4 AktG oder auf der (iii) that are issued during the term of the Authorized Grundlage sonstiger Kapitalmaßnahmen unter Ausschluss des Capital 2020/I on the basis of other authorized capital, Bezugsrechts der Aktionäre in entsprechender Anwendung provided that such shares are issued subject to the von § 186 Abs. 3 Satz 4 AktG ausgegeben werden; 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;
Seite / Page 10/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION – zur Ausgabe von Aktien gegen Sacheinlagen insbesondere – – to issue shares for contributions in kind, in particular – but aber ohne Beschränkung hierauf – im Rahmen von not limited thereto – in the context of mergers or for the Unternehmenszusammenschlüssen oder zum Zwecke des (auch purpose of (including indirect) acquisitions of companies, mittelbaren) Erwerbs von Unternehmen, Betrieben, businesses, parts of companies, interests in companies or Unternehmensteilen, Beteiligungen an Unternehmen oder von other assets, including claims against the Company or any sonstigen Vermögensgegen-ständen, einschließlich Forderungen of its group companies, or to satisfy Bonds issued for gegen die Gesellschaft oder ihre Konzerngesellschaften, oder contributions in kind; or zur Bedienung von Schuldverschreibungen, die gegen Sacheinlagen ausgegeben werden;
– zur Durchführung einer Aktiendividende, in deren Rahmen – in order to distribute a dividend in kind, in the context of Aktien der Gesellschaft (auch teilweise und/oder wahlweise) which shares of the Company (also in part or subject to gegen Einlage von Dividendenansprüchen der Aktionäre election) may be issued against contribution of dividend ausgegeben werden (Aktiendividende). claims (scrip dividend).
The Management Board is authorized, with the consent of the Der Vorstand ist ermächtigt, mit Zustimmung des Aufsichtsrats den Supervisory Board, to determine any additional content of the rights weiteren Inhalt der Aktienrechte und die Bedingungen der Aktienausgabe attached to the shares and the conditions of the share issue; this festzulegen; dies umfasst auch die Festlegung der includes the determination of the profit participation of the new Gewinnanteilsberechtigung der neuen Aktien, welche abweichend von § shares, which may, in deviation from section 60(2) of the German 60 Abs. 2 AktG auch für ein bereits abgelaufenes Geschäftsjahr festgelegt Stock Corporation Act, also participate in the profit of completed werden kann. fiscal years.
Der Aufsichtsrat ist ermächtigt, nach jeder Ausnutzung des Genehmigten The Supervisory Board is authorized to adjust the wording of the Kapitals 2020/I oder Ablauf der Frist für die Ausnutzung des Genehmigten Articles of Association accordingly following any utilization of the Kapitals 2020/I die Fassung der Satzung entsprechend anzupassen. Authorized Capital 2020/I or upon expiry of the period for the utilization of the Authorized Capital 2020/I.
Seite / Page 11/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (6) Das Grundkapital der Gesellschaft ist um bis zu EUR 3.700.000,00 (in (6) The share capital of the Company is conditionally increased by up to Worten: Euro drei Millionen siebenhunderttausend) durch Ausgabe von EUR 3,700,000.00 (in words: Euro three million seven hundred bis zu 3.700.000 auf den Inhaber lautenden Stammstückaktien bedingt thousand) through the issuance of up to 3,700,000 new no-par value erhöht („Bedingtes Kapital 2020/I“). Das Bedingte Kapital 2020/I dient ordinary bearer shares (“Conditional Capital 2020/I”). The ausschließlich der Ausgabe von Aktien der Gesellschaft zur Bedienung Conditional Capital 2020/I may only be used to issue shares of the von Bezugsrechten auf Aktien der Gesellschaft, die an Mitglieder des Company to fulfil the subscription rights for shares in the Company Vorstands der Gesellschaft und Arbeitnehmer der Gesellschaft sowie an that have been or will be granted to members of the Management Mitglieder der Geschäftsführungen und Arbeitnehmer von mit der Board of the Company and employees of the Company as well as Gesellschaft verbundenen Unternehmen im Sinne von § 15 AktG in members of the management and employees of companies affiliated Form von Aktienoptionen nach Maßgabe des Ermächtigungsbeschlusses with the Company within the meaning of section 15 of the German der Hauptversammlung vom 9. Juni 2020 gewährt wurden oder werden. Stock Corporation Act in the form of stock options in accordance Die bedingte Kapitalerhöhung wird nur insoweit durchgeführt, wie nach with the authorization of the Annual General Meeting of 9 June 2020. Maßgabe des Ermächtigungsbeschlusses der Hauptversammlung vom 9. The conditional capital increase will only be implemented to the Juni 2020 Aktienoptionen gewährt wurden oder werden, die Inhaber der extent that stock options have been or will be granted in accordance Aktienoptionen von ihrem Ausübungsrecht Gebrauch machen und die with the authorization of the Annual General Meeting of 9 June 2020, Gesellschaft zur Bedienung der Aktienoptionen keine eigenen Aktien the holders of the stock options exercise their rights and the Company gewährt, wobei für die Gewährung und Abwicklung von Aktienoptionen does not deliver treasury shares to satisfy the stock options, whereas an die Mitglieder des Vorstands ausschließlich der Aufsichtsrat the Supervisory Board shall be exclusively competent regarding the zuständig ist. Die neuen, auf den Inhaber lautenden Stückaktien sind ab granting and settlement of stock options to the members of the dem Beginn des letzten Geschäftsjahres, für das die Hauptversammlung Management Board. The new no-par value bearer shares shall zum Zeitpunkt der Ausgabe noch keinen Beschluss über die participate in the profits from the beginning of the most recent Gewinnverwendung gefasst hat, gewinnanteilberechtigt. Der auf die financial year for which, at the time of the issuance, the Annual ausgegebenen neuen Aktien entfallende anteilige Betrag des General Meeting has not yet resolved on the appropriation of any Grundkapitals darf insgesamt 10 % des zum Zeitpunkt der profit. The pro-rata amount of the share capital attributable to the Beschlussfassung der Hauptversammlung vom 9. Juni 2020 über die new shares issued may not exceed 10% of the share capital of the Änderung des Bedingten Kapitals 2020/I bestehenden Grundkapitals der Company existing at the time of the adoption of the resolution on the Gesellschaft nicht überschreiten. Auf diese 10 %-Grenze ist der anteilige amendment of the Conditional Capital 2020/I by the Annual General Betrag des Grundkapitals anzurechnen, der auf Aktien entfällt, die seit Meeting of 9 June 2020. Towards this limit shall count the pro-rata Beschlussfassung über das Bedingte Kapital 2020/I aus genehmigtem amount of the share capital attributable to any shares that were issued Kapital, bedingtem Kapital oder aus eigenen Aktien an Mitglieder des or transferred from authorized capital, conditional capital or from Vorstands und Arbeitnehmer der Gesellschaft sowie an Mitglieder der treasury shares to members of the Management Board of the Geschäftsführungen und Arbeitnehmer von mit der Gesellschaft im Company and employees of the Company as well as members of the Sinne von § 15 AktG verbundenen Unternehmen bzw. deren management and employees of companies affiliated with the Investmentvehikel im Rahmen von Beteiligungsprogrammen Company within the meaning of section 15 of the German Stock ausgegeben oder übertragen worden sind. Der Aufsichtsrat ist Corporation Act or their investment vehicles in the context of ermächtigt, die Fassung der Satzung entsprechend der jeweiligen participation programs ever since the resolution on the Conditional Inanspruchnahme des Bedingten Kapitals 2020/I und nach Ablauf Capital 2020/I was adopted. The Supervisory Board is authorized to sämtlicher Ausübungszeiträume entsprechend anzupassen. 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 SECTION 5 AKTIEN SHARES
(1) Die Aktien lauten auf den Inhaber. (1) The shares are bearer shares.
Seite / Page 12/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (2) Ein Anspruch der Aktionäre auf Verbriefung ihrer Anteile ist (2) As far as legally permissible and not required by the rules and ausgeschlossen, soweit dies gesetzlich zulässig und nicht eine procedures of a stock exchange on which the shares are admitted for Verbriefung nach den Regeln einer Börse erforderlich ist, an der die trading, the right of shareholders to receive share certificates shall be Aktie zum Handel zugelassen ist. Die Gesellschaft ist berechtigt, excluded. The Company is entitled to issue share certificates Aktienurkunden auszustellen, die einzelne Aktien (Einzelaktien) oder representing individual shares (individual share certificates) or mehrere Aktien (Sammelaktien) verkörpern. Ein Anspruch der several shares (global share certificates). The shareholders shall have Aktionäre auf Ausgabe von Gewinnanteil- und Erneuerungsscheinen ist no claim to the issue of dividend or renewal coupons. ausgeschlossen.
(3) Die Form und den Inhalt von Aktienurkunden, etwaigen Gewinnanteils- (3) Form and content of share certificates as well as dividend and und Erneuerungsscheinen setzt der Vorstand fest. Das gleiche gilt für renewal coupons, if any, shall be determined by the Management Schuldverschreibungen und Zinsscheine. Board. The same applies with regard to bonds and interest coupons.
III. III. VORSTAND MANAGEMENT BOARD
§ 6 SECTION 6 ZUSAMMENSETZUNG UND GESCHÄFTSORDNUNG COMPOSITION AND RULES OF PROCEDURE
(1) Der Vorstand besteht aus einem oder mehreren Mitgliedern. Der (1) The Management Board consists of one or several members. The Aufsichtsrat bestimmt die Zahl der Mitglieder des Vorstands. number of members of the Management Board shall be determined by the Supervisory Board.
(2) Der Aufsichtsrat kann einen Vorsitzenden oder mehrere Vorsitzende des (2) The Supervisory Board may appoint a Chairperson or several Vorstands sowie einen stellvertretenden Vorsitzenden ernennen. Chairpersons as well as a Deputy Chairperson of the Management Board.
(3) Die Bestellung von Vorstandsmitgliedern, der Abschluss der (3) The Supervisory Board is responsible for the appointment of Anstellungsverträge und der Widerruf der Bestellung sowie die members of the Management Board, the conclusion of their Änderung und Beendigung der Anstellungsverträge erfolgen durch den employment contracts and the revocation of appointments as well as Aufsichtsrat. Der Aufsichtsrat kann für den Vorstand eine for any amendment to or termination of Management Board Geschäftsordnung erlassen. employment contracts. The Supervisory Board may adopt Rules of Procedure for the Management Board.
§ 7 SECTION 7 GESCHÄFTSFÜHRUNG UND VERTRETUNG DER GESELLSCHAFT MANAGEMENT AND REPRESENTATION OF THE COMPANY
(1) Der Vorstand leitet die Gesellschaft in eigener Verantwortung. Er hat die (1) The Management Board shall have sole responsibility for the Geschäfte der Gesellschaft nach Maßgabe des Gesetzes, der Satzung management of the Company. The Management Board shall manage und der Geschäftsordnung für den Vorstand zu führen. Unbeschadet der the Company’s business in accordance with the law, the Articles of Gesamtverantwortung des Vorstands leitet jedes Vorstandsmitglied den Association and the Rules of Procedure for the Management Board. ihm durch die Geschäftsordnung zugewiesenen Geschäftsbereich Notwithstanding the collective responsibility of the Management selbstständig. 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.
Seite / Page 13/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (2) Besteht der Vorstand aus mehreren Personen, so wird die Gesellschaft (2) If the Management Board consists of several members, the Company durch zwei Vorstandsmitglieder oder durch ein Vorstandsmitglied shall be legally represented by two members of the Management gemeinsam mit einem Prokuristen im Sinne der §§ 48 ff. HGB Board or by one member of the Management Board together with the gesetzlich vertreten. Ist nur ein Vorstandsmitglied bestellt oder hat der holder of a general commercial power of attorney within the meaning Aufsichtsrat ein Vorstandsmitglied zur Alleinvertretung ermächtigt, so of Section 48 et seq. of the German Commercial Code (HGB). If only vertritt es die Gesellschaft allein. 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 (3) The Supervisory Board may generally or in specific cases issue to all oder für den Einzelfall vom Verbot der Mehrfachvertretung gemäß members or to specific members of the Management Board an § 181 2. Alternative BGB befreien; § 112 AktG bleibt unberührt. Im exemption from the prohibition of representing more than one party Übrigen wird die Gesellschaft durch Prokuristen im Sinne der pursuant to Section 181 2nd alternative of the German Civil Code §§ 48 ff. HGB oder andere Zeichnungsberechtigte nach näherer (BGB); Section 112 of the AktG remains unaffected. The Company is Bestimmung des Vorstands vertreten. 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. IV. AUFSICHTSRAT SUPERVISORY BOARD
§ 8 SECTION 8 ZUSAMMENSETZUNG, WAHLEN, AMTSDAUER COMPOSITION, ELECTIONS, TERM OF OFFICE
(1) Der Aufsichtsrat besteht aus acht (8) Mitgliedern, die von der (1) The Supervisory Board consists of eight (8) members who shall be Hauptversammlung gewählt werden. elected by the General Meeting.
(2) Die Mitglieder des Aufsichtsrats werden vorbehaltlich einer (2) Unless otherwise specified at the time of their election, the members anderweitigen Festlegung der Amtszeit bei der Wahl bis zur Beendigung of the Supervisory Board are elected for a period terminating at the der Hauptversammlung bestellt, die über die Entlastung für das vierte end of the General Meeting that resolves on the formal approval of Geschäftsjahr nach dem Beginn der Amtszeit beschließt. Das the members’ acts for the fourth fiscal year following the Geschäftsjahr, in welchem die Amtszeit beginnt, wird hierbei nicht commencement of their term of office. The fiscal year in which the mitgerechnet. term of office begins shall not be included in this calculation.
(3) Die Wahl eines Nachfolgers eines vor Ablauf der Amtszeit (3) If a member of the Supervisory Board leaves office before the end of ausgeschiedenen Mitglieds erfolgt für den Rest der Amtszeit des his/her term, a successor shall be elected for the remaining term of ausgeschiedenen Aufsichtsratsmitglieds, soweit die Hauptversammlung the member who has left office unless the General Meeting specifies die Amtszeit des Nachfolgers nicht abweichend bestimmt. a different term of office for such a successor. The same procedure Entsprechendes gilt, falls eine Nachwahl wegen Wahlanfechtung applies if a re-election becomes necessary due to the challenge of an notwendig wird. election.
Seite / Page 14/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (4) Die Hauptversammlung kann gleichzeitig Ersatzmitglieder bestellen, die (4) For members of the Supervisory Board, the General Meeting may, at in einer bei der Wahl festzulegenden Reihenfolge an die Stelle vorzeitig the time of their election, appoint substitute members who shall oder aufgrund von Wahlanfechtung ausscheidender replace members of the Supervisory Board leaving office before the Aufsichtsratsmitglieder treten. Tritt ein Ersatzmitglied an die Stelle des end of their term or whose election has been successfully contested in ausgeschiedenen Mitglieds, so erlischt sein Amt mit Ende der an order to be determined at the time at which such substitute Hauptversammlung, in der eine Nachwahl nach vorstehendem § 8 members are appointed. The term of office of such substitute Abs. 3 stattfindet, spätestens jedoch mit Ablauf der Amtszeit des members shall terminate at the end of the General Meeting in which a ausgeschiedenen Aufsichtsratsmitglieds. War das infolge einer successor is elected in accordance with Section 8 para. 3 above and at Nachwahl ausgeschiedene Ersatzmitglied für mehrere the latest at the end of the term of office of the leaving member. If the Aufsichtsratsmitglieder bestellt worden, lebt seine Stellung als substitute member whose term of office has terminated due to the Ersatzmitglied wieder auf. 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 (5) Each member of the Supervisory Board and each substitute member ohne wichtigen Grund durch schriftliche Erklärung gegenüber dem may resign from office even without good cause by providing one Vorstand oder dem Vorsitzenden des Aufsichtsrats oder, im Falle einer month’s written notice to the Management Board, the Chairperson of Amtsniederlegung durch den Vorsitzenden, seinem Stellvertreter, mit the Supervisory Board or, in case of a resignation by the Chairperson, einer Frist von einem Monat niederlegen. Der Aufsichtsratsvorsitzende to his/her deputy. The Chairperson of the Supervisory Board can kann den Vorsitz gegenüber dem Stellvertreter und der Stellvertreter resign from chairmanship with written notice issued to the Deputy kann das Stellvertreteramt gegenüber dem Vorsitzenden durch and his/her Deputy can resign from his/her Deputy position with schriftliche Erklärung ohne wichtigen Grund mit einer Frist von einem written notice issued to the Chairperson, in each case, with or without Monat niederlegen. Der Vorstand, der Aufsichtsratsvorsitzende oder, im good cause by providing one month’s notice. The Management Falle der Niederlegung durch den Aufsichtsratsvorsitzenden, sein Board, the Chairperson of the Supervisory Board, or in case of a Stellvertreter, kann einer Verkürzung der vorgenannten resignation by the Chairperson his/her Deputy, may consent to a Niederlegungsfristen oder einem Verzicht auf die Wahrung der shortening or waiving the aforementioned periods. Niederlegungsfristen zustimmen.
§ 9 SECTION 9 VORSITZENDER UND STELLVERTRETER CHAIRMAN AND DEPUTY CHAIRMAN
(1) Der Aufsichtsrat wählt aus seiner Mitte einen Vorsitzenden und einen (1) The Supervisory Board elects from among its members a Chairperson Stellvertreter. Die Wahl soll im Anschluss an die Hauptversammlung, in and a Deputy Chairperson. The election shall take place following the der die Aufsichtsratsmitglieder neu gewählt worden sind, erfolgen; zu General Meeting that has elected the new members of the dieser Sitzung bedarf es keiner besonderen Einladung. Die Amtszeit des Supervisory Board; no special invitation is necessary for this Vorsitzenden und des Stellvertreters entspricht, soweit nicht bei ihrer meeting. The term of office of the Chairperson and his/her Deputy jeweiligen Wahl eine kürzere Amtszeit bestimmt wird, ihrer Amtszeit corresponds to their term of office as members of the Supervisory als Mitglied des Aufsichtsrats. Board unless a shorter term is determined at the time of their respective election.
(2) Scheidet der Vorsitzende oder sein Stellvertreter vorzeitig aus diesem (2) If the Chairperson or his/her Deputy leaves such office before the end Amt aus, so hat der Aufsichtsrat jeweils unverzüglich eine Neuwahl of its term, the Supervisory Board shall conduct a new election vorzunehmen. without undue delay.
Seite / Page 15/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (3) Der Stellvertreter des Vorsitzenden hat in allen Fällen, in denen er bei (3) In all cases in which the Chairperson being absent or prevented from Verhinderung des Vorsitzenden in dessen Stellvertretung handelt, performing his office and the Deputy acts on his/her behalf, subject vorbehaltlich anderer Reglungen in dieser Satzung, die gleichen Rechte to other provisions of these Articles of Association, he/she has the und Pflichten wie der Vorsitzende. same rights and obligations as the Chairperson.
(4) Willenserklärungen des Aufsichtsrats sind im Namen des Aufsichtsrats (4) The Chairperson and, where he is unable to do so, the Deputy von dem Vorsitzenden, im Falle seiner Verhinderung von seinem Chairperson shall be authorized to submit declarations of intention in Stellvertreter abzugeben. Der Vorsitzende ist ermächtigt, Erklärungen the name of the Supervisory Board. The Chairperson is authorized to für den Aufsichtsrat entgegen zu nehmen. accept declarations on behalf of the Supervisory Board.
§ 10 SECTION 10 RECHTE UND PFLICHTEN DES AUFSICHTSRATS RIGHTS AND OBLIGATIONS OF THE SUPERVISORY BOARD
(1) Der Aufsichtsrat hat alle Aufgaben und Rechte, die ihm durch Gesetz (1) The Supervisory Board shall have all rights and obligations assigned und die Satzung zugewiesen werden. to it by law and by these Articles of Association.
(2) Der Aufsichtsrat hat in der Geschäftsordnung für den Vorstand oder den (2) The Supervisory Board shall determine within the Rules of Procedure Aufsichtsrat oder durch Beschluss zu bestimmen, dass bestimmte of the Management Board or of the Supervisory Board or by a Geschäfte oder Arten von Geschäften nur mit seiner Zustimmung resolution of its members that certain transactions or types of vorgenommen werden dürfen. transactions shall be subjected to its approval.
(3) Der Aufsichtsrat kann die Zustimmung zu einem bestimmten Kreis von (3) The Supervisory Board may give revocable consent in advance to a Geschäften widerruflich allgemein oder für den Fall, dass das einzelne certain group of transactions in general or to individual transactions Geschäft bestimmten Anforderungen genügt, im Voraus erteilen. that meet certain requirements.
(4) Der Aufsichtsrat ist befugt, Änderungen der Satzung zu beschließen, die (4) The Supervisory Board is entitled to resolve amendments to the nur deren Fassung betreffen. Articles of Association if such amendments relate only to the wording of the Articles.
§ 11 SECTION 11 GESCHÄFTSORDNUNG UND AUSSCHÜSSE RULES OF PROCEDURE AND COMMITTEES
(1) Der Aufsichtsrat gibt sich eine Geschäftsordnung im Rahmen der (1) The Supervisory Board shall adopt its own Rules of Procedure in gesetzlichen Vorschriften und der Bestimmungen dieser Satzung. accordance with the law and the provisions of these Articles of Association.
Seite / Page 16/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (2) Der Aufsichtsrat kann nach Maßgabe der gesetzlichen Vorschriften (2) The Supervisory Board may set up committees in accordance with Ausschüsse bilden. Soweit das Gesetz oder die Satzung es zulassen, the law. To the extent permitted by law or by these Articles of kann der Aufsichtsrat ihm obliegende Aufgaben, Association, the Supervisory Board may delegate any of its duties, Entscheidungsbefugnisse und Rechte auf seinen Vorsitzenden, einzelne decision-making powers and rights to its Chairperson, to one of its seiner Mitglieder oder aus seiner Mitte gebildete Ausschüsse übertragen. members or to committees established from among its members. The Zusammensetzung, Befugnisse und Verfahren der Ausschüsse werden Supervisory Board shall determine the composition, powers and vom Aufsichtsrat festgelegt. procedures of such committees.
§ 12 SECTION 12 SITZUNGEN UND BESCHLUSSFASSUNG DES AUFSICHTSRATS MEETINGS AND RESOLUTIONS OF THE SUPERVISORY BOARD
(1) Die Sitzungen des Aufsichtsrats werden vom Vorsitzenden des (1) The Chairperson of the Supervisory Board shall convene the Aufsichtsrats unter Einhaltung einer Frist von mindestens sieben Tagen meetings of the Supervisory Board by providing at least seven days’ einberufen, wobei der Tag der Absendung der Einladung und der Tag notice, not including the day on which the invitation is sent and the der Sitzung nicht mitgerechnet werden. Die Einberufung kann day of the meeting itself. Notice of meetings may be given in writing, schriftlich, per Telefax, per E-Mail oder mittels sonstiger gebräuchlicher by telefax, by email or any other customary means of communication (einschließlich elektronischer) Kommunikationsmittel erfolgen. Der (including electronic means of communication). In urgent cases the Vorsitzende kann diese Frist in dringenden Fällen abkürzen und die Chairperson may shorten this notice period and may call the meeting Sitzung mündlich oder fernmündlich einberufen. Im Übrigen gelten orally or by telephone. In all other respects regarding the calling of hinsichtlich der Einberufung des Aufsichtsrats die gesetzlichen Supervisory Board meetings the rules provided by law as well as by Bestimmungen sowie die Regelungen der Geschäftsordnung für den the Rules of Procedure of the Supervisory Board shall apply. Aufsichtsrat.
(2) Die Sitzungen des Aufsichtsrats werden vom Vorsitzenden geleitet. (2) Meetings of the Supervisory Board are chaired by the Chairperson.
Seite / Page 17/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (3) Beschlüsse des Aufsichtsrats werden in der Regel in Sitzungen gefasst. (3) Resolutions of the Supervisory Board shall generally be passed in Auf Anordnung des Vorsitzenden oder mit Zustimmung aller Mitglieder meetings. At the order of the Chairperson or with the consent of all des Aufsichtsrats können Sitzungen auch in Form einer Supervisory Board members, the meetings of the Supervisory Board Telefonkonferenz oder mittels sonstiger elektronischer may also be held in the form of a telephone conference or by other Kommunikationsmittel (insbesondere Videokonferenz) abgehalten und electronic means of communication (especially by video conference); einzelne Aufsichtsratsmitglieder telefonisch oder mittels sonstiger individual members of the Supervisory Board may connect to the elektronischer Kommunikationsmittel (insbesondere Videokonferenz) meetings via telephone or by other electronic means of zugeschaltet werden; in diesen Fällen kann die Beschlussfassung im communication (especially by video conference); in such cases Wege der Telefonkonferenz oder mittels sonstiger elektronischer resolutions may also be passed by way of the telephone conference or Kommunikationsmittel (insbesondere Videokonferenz) erfolgen. by other electronic means of communication (especially by video Abwesende bzw. nicht an der Konferenzschaltung mittels Telefon oder conference). Members of the Supervisory Board who are absent from Videokonferenz teilnehmende Aufsichtsratsmitglieder können auch a meeting or who do not participate in a meeting via telephone or dadurch an der Beschlussfassung des Aufsichtsrats teilnehmen, dass sie video conference can also participate in the passing of resolutions by schriftliche Stimmabgaben durch ein anderes Aufsichtsratsmitglied submitting their votes in writing by way of another Supervisory überreichen lassen. Darüber hinaus können abwesende Mitglieder ihre Board member. In addition, absent members are permitted to cast Stimme auch im Vorfeld der Sitzung, während der Sitzung oder their vote prior to or during the meeting or following the meeting nachträglich innerhalb einer vom Vorsitzenden des Aufsichtsrats zu within a reasonable period as determined by the Chairperson of the bestimmenden angemessenen Frist abgeben. Solche Stimmen können Supervisory Board. Such votes may be cast in oral form, by mündlich, fernmündlich, per Telefax, per E-Mail oder mittels sonstiger telephone, by telefax, by email or any other customary means of gebräuchlicher (einschließlich elektronischer) Kommunikationsmittel communication (including electronic means of communication). abgegeben werden. Ein Recht zum Widerspruch gegen die vom Objections to the form of voting determined by the Chairperson are Vorsitzenden angeordnete Form der Beschlussfassung besteht nicht. not permitted.
(4) Eine Beschlussfassung über Gegenstände der Tagesordnung, die nicht in (4) Resolutions on matters not included in the agenda enclosed with the der der Einladung beigefügten Tagesordnung enthalten waren und auch meeting invitation and for which notice has not been provided at least nicht bis zum dritten Tag vor der Sitzung mitgeteilt worden sind, falls three days prior to the meeting, except in situations where later nicht ein dringender Fall eine spätere Mitteilung rechtfertigt, ist nur notification is justified by urgent circumstances, shall only be zulässig, wenn kein Aufsichtsratsmitglied widerspricht. Abwesenden permitted for consideration if no member of the Supervisory Board Mitgliedern ist in einem solchen Fall Gelegenheit zu geben, binnen einer objects thereto. In such a case, absent members must be given the vom Vorsitzenden des Aufsichtsrats zu bestimmenden angemessenen opportunity to object to the adoption of such resolutions or to cast Frist schriftlich, mündlich, fernmündlich, per Telefax, per E-Mail oder their vote in writing, orally, by telephone, telefax, email or any other mittels sonstiger gebräuchlicher (einschließlich elektronischer) customary means of communication (including electronic means of Kommunikationsmittel der Beschlussfassung zu widersprechen oder communication) within an adequate period of time to be determined ihre Stimme abzugeben. Der Beschluss wird erst wirksam, wenn kein by the Chairperson. Such resolutions become effective only after no abwesendes Aufsichtsratsmitglied innerhalb der Frist widersprochen hat. absent Supervisory Board member has objected within such a period. Telefonisch oder mittels sonstiger elektronischer Kommunikationsmittel Members of the Supervisory Board taking part via telephone or other zugeschaltete Mitglieder des Aufsichtsrats gelten als anwesend. electronic means of communication are considered to be present.
(5) Beschlüsse können auch außerhalb von Sitzungen (im Sinne von § 12 (5) Resolution may also be adopted outside of meetings (in the meaning Abs. 3) schriftlich, mündlich, fernmündlich, per Telefax, per E-Mail of Section 12 para. 3) in writing, orally, by telephone, by telefax or oder mittels sonstiger vergleichbarer Kommunikationsmittel sowie in by email or any other comparable means of communication, whereas Kombination der vorgenannten Formen, einschließlich im the aforementioned forms may also be combined, including by way Umlaufverfahren, und in Kombination mit einer Beschlussfassung in of circular resolution, or in combination with adopting the resolution einer Sitzung gefasst werden, wenn der Vorsitzende des Aufsichtsrats in a meeting at the order of the Chairperson of the Supervisory Board dies unter Beachtung einer angemessenen Frist anordnet oder sich alle if preceded by reasonable notice or if all members of the Supervisory Aufsichtsratsmitglieder an der Beschlussfassung beteiligen. Mitglieder, Board participate in the adoption of the resolution. Members who die sich bei der Beschlussfassung der Stimme enthalten, nehmen in abstain from voting are considered to take part in the resolution. diesem Sinne an der Beschlussfassung teil. Ein Recht zum Widerspruch Objections to the form of voting determined by the Chairperson are gegen die vom Vorsitzenden angeordnete Form der Beschlussfassung not permitted. besteht nicht.
Seite / Page 18/25 DEUTSCHE FASSUNG CONVENIENCETRANSLATION (6) Der Aufsichtsrat ist beschlussfähig, wenn mindestens die Hälfte seiner (6) The Supervisory Board has a quorum if at least half of its members Mitglieder an der Beschlussfassung teilnimmt. Abwesende bzw. nicht take part in the voting. Absent members of the Supervisory Board or telefonisch oder über sonstige elektronische Kommunikationsmittel members who do not participate or are connected via telephone or via (insbesondere Videokonferenz) teilnehmende oder zugeschaltete other electronic means of communication (especially via video Aufsichtsratsmitglieder, die nach Maßgabe von § 12 Abs. 3 bzw. Abs. 5 conference) and who cast their vote in accordance with Section 12 ihre Stimme abgeben, sowie Mitglieder, die sich bei der para. 3 or para. 5 above, as well as members who abstain from Beschlussfassung der Stimme enthalten, nehmen in diesem Sinne an der voting, are considered to take part in the voting for this purpose. Beschlussfassung teil.
(7) Beschlüsse des Aufsichtsrats werden, soweit das Gesetz nicht zwingend (7) Unless otherwise provided by mandatory law, resolutions of the etwas anderes bestimmt, mit einfacher Mehrheit der abgegebenen Supervisory Board are passed with a simple majority of the votes Stimmen gefasst. Stimmenthaltungen gelten in diesem Sinne nicht als cast. Abstentions shall not count as a vote cast in this case. If any abgegebene Stimmen. Ergibt eine Abstimmung im Aufsichtsrat vote of the Supervisory Board results in a tie, the vote of the Stimmengleichheit, gibt die Stimme des Vorsitzenden des Aufsichtsrats Chairperson of the Supervisory Board shall be decisive. In the den Ausschlag. Im Falle der Verhinderung des Vorsitzenden des absence of the Chairperson of the Supervisory Board, the Deputy Aufsichtsrats steht dieses Recht seinem Stellvertreter zu. Chairperson’s vote shall be decisive.
(8) Über die Beschlüsse und Sitzungen des Aufsichtsrats (im Sinne von § 12 (8) Minutes shall be taken of the resolutions and meetings of the Abs. 3) sowie über in diesen Sitzungen verabschiedete Beschlüsse sind Supervisory Board (in the meaning of Section 12 para. 3) and of the Niederschriften zu fertigen, die vom Vorsitzenden zu unterzeichnen resolutions adopted in such meetings. Such minutes shall be signed sind. Beschlüsse außerhalb von Sitzungen (im Sinne von § 12 Abs. 3) by the Chairperson. Resolutions which were adopted outside werden vom Vorsitzenden schriftlich festgehalten und allen meetings (in the meaning of Section 12 para. 3) must to be recorded Aufsichtsratsmitgliedern zugeleitet. In der Niederschrift sind Ort und by the Chairperson in writing and shall be made available to all Tag der Sitzung, die Teilnehmer und die Art und Weise ihrer Teilnahme, members of the Supervisory Board. The minutes of meetings shall die Gegenstände der Tagesordnung, der wesentliche Inhalt der state the place and date of the meeting, the participants and the Verhandlung und die Beschlüsse des Aufsichtsrats wiederzugeben. manner of their participation, the items on the agenda, the principal contents of the proceedings and the resolutions of the Supervisory Board.
§ 13 SECTION 13 VERGÜTUNG COMPENSATION
Die Vergütung der Mitglieder des Aufsichtsrats wird von der The compensation of the members of the Supervisory Board is Hauptversammlung bewilligt. approved by the General Meeting.
V. V. HAUPTVERSAMMLUNG GENERAL MEETING
§ 14 SECTION 14 ORT UND EINBERUFUNG PLACE AND CONVOCATION
(1) Innerhalb der ersten acht Monate jedes Geschäftsjahres findet eine (1) An annual General Meeting shall be held within the first eight ordentliche Hauptversammlung der Aktionäre statt. months of each fiscal year.
Seite / Page 19/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (2) Die Hauptversammlung wird vorbehaltlich der gesetzlichen (2) Subject to any existing legal rights authorizing the Supervisory Einberufungsrechte des Aufsichtsrats und einer Aktionärsminderheit Board and a minority of the shareholders to convene the General durch den Vorstand einberufen. Die Hauptversammlung findet nach Meeting, the General Meeting shall be convened by the Wahl des einberufenden Organs am Sitz der Gesellschaft oder am Sitz Management Board. The General Meeting shall be held, at the einer deutschen Wertpapierbörse statt. 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 (3) The General Meeting shall be at least convened within the statutory vorgeschriebenen Mindestfrist einzuberufen. minimum period.
§ 15 SECTION 15 TEILNAHME UND AUSÜBUNG DES STIMMRECHTS ATTENDING AND EXERCISE OF VOTING RIGHT
(1) Zur Teilnahme an der Hauptversammlung und zur Ausübung des (1) All shareholders who have duly submitted notification of attendance Stimmrechts sind die Aktionäre berechtigt, die sich rechtzeitig and of evidence of shareholding shall be entitled to attend the angemeldet und ihren Aktienbesitz nachgewiesen haben. Die General Meeting. This registration must be received by the Anmeldung muss der Gesellschaft unter der in der Einberufung hierfür Company at the address specified in the convening notice at least mitgeteilten Adresse mindestens sechs Tage vor der six days prior to the day of the General Meeting (registration Hauptversammlung (Anmeldefrist) zugehen. In der Einberufung kann period). The convening notice of the General Meeting may provide eine kürzere, in Tagen zu bemessende Frist vorgesehen werden. Der for a shorter period to be measured in days. This period does not Tag der Hauptversammlung und der Tag des Zugangs der include the day of the General Meeting or the day of receipt of the Einberufungsmitteilung sind jeweils nicht mitzurechnen. convening notice.
(2) Die Anmeldung muss in Textform (§ 126b BGB) oder auf einem (2) A shareholder’s registration notification must be in text form sonstigen, von der Gesellschaft näher zu bestimmenden elektronischen (Section 126b German Civil Code (BGB)) or by way of other Weg in deutscher oder englischer Sprache erfolgen. 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 (3) The evidence of shareholding pursuant to section 15(1) is to be eines in Textform (§ 126b BGB) in deutscher oder englischer Sprache submitted in the form of proof prepared by a depository institution erteilten besonderen Nachweises über den Anteilsbesitz durch das in text form (section 126b BGB) in the German or English depotführende Institut zu erbringen; hierzu genügt eine Bestätigung language; hereto a confirmation in accordance with section 67c(3) gemäß § 67c Abs. 3 AktG. Der besondere Nachweis über den AktG shall be sufficient. The special proof of ownership of shares Anteilsbesitz hat sich auf den Beginn des 21. Tages vor der must refer to the start of the 21st day prior to the General Meeting Hauptversammlung (Nachweisstichtag) zu beziehen und muss der (record date) and be received by the Company at the address Gesellschaft unter der in der Einberufung hierfür mitgeteilten Adresse specified in the notice of the General Meeting at least six days prior mindestens sechs Tage vor der Hauptversammlung zugehen. In der to the General Meeting. The convening notice of the General Einberufung kann eine kürzere, in Tagen zu bemessende Frist Meeting may provide for a shorter period to be measured in days. vorgesehen werden. Der Tag der Hauptversammlung und der Tag des This period does not include the day of the General Meeting or the Zugangs der Einberufungsmitteilung sind jeweils nicht mitzurechnen. day of receipt of the notice.
Seite / Page 20/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (4) Das Stimmrecht kann durch Bevollmächtigte ausgeübt werden. Die (4) Voting rights may be exercised by proxy. The granting of a proxy, Erteilung einer Vollmacht, ihr Widerruf und der Nachweis der its revocation and the evidence of authority must be provided to the Bevollmächtigung gegenüber der Gesellschaft bedürfen der Textform Company in text form (Section 126b BGB) unless the convening (§ 126b BGB), sofern in der Einberufung keine Erleichterungen notice provides for a less strict form. Details on the granting of the bestimmt werden. Die Einzelheiten für die Erteilung der Vollmachten, proxy, its revocation and the evidence provided to the Company ihren Widerruf und ihren Nachweis gegenüber der Gesellschaft werden shall be announced together with the notice convening the General mit der Einberufung der Hauptversammlung bekannt gemacht. § 135 Meeting. Section 135 of the AktG remains unaffected. AktG bleibt unberührt.
(5) Der Vorstand ist ermächtigt vorzusehen, dass Aktionäre ihre Stimmen, (5) The Management Board is authorized to provide that shareholders ohne an der Hauptversammlung teilzunehmen, schriftlich oder im may cast their votes in writing or by electronic communication Wege elektronischer Kommunikation abgeben dürfen (Briefwahl). Der without attending the General Meeting (absentee vote). The Vorstand ist auch ermächtigt, Bestimmungen zum Umfang und Management Board is also authorized to determine the scope and Verfahren der Rechtsausübung von abwesenden Aktionären nach procedure of the exercise of absentee voting rights according to Satz 1 zu treffen. sentence 1.
(6) Der Vorstand ist ermächtigt vorzusehen, dass Aktionäre an der (6) The Management Board is authorized to provide that shareholders Hauptversammlung auch ohne Anwesenheit an deren Ort und ohne may participate in the General Meeting without being present in einen Bevollmächtigten teilnehmen und sämtliche oder einzelne ihrer person at the place of the General Meeting or being represented and Rechte ganz oder teilweise im Wege elektronischer Kommunikation may exercise all or specific shareholders’ rights in total or in part by ausüben können (Online-Teilnahme). Der Vorstand ist auch ermächtigt, electronic communication (online participation). The Management Bestimmungen zum Umfang und Verfahren der Teilnahme und Board is also authorized to determine the scope and the procedure Rechtsausübung der abwesenden Aktionäre nach Satz 1 zu treffen. of the exercise of online participation rights of absent shareholders according to sentence 1.
Seite / Page 21/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION
§ 16 SECTION 16 LEITUNG DER HAUPTVERSAMMLUNG CHAIR OF THE GENERAL MEETING
(1) Den Vorsitz in der Hauptversammlung führt der Vorsitzende des (1) The General Meeting is chaired by the Chairperson of the Aufsichtsrats. Die Hauptversammlung kann auch von einem anderen Supervisory Board. The General Meeting may also be chaired by Mitglied des Aufsichtsrats oder einem externen Dritten geleitet werden, any other member of the Supervisory Board or a third party who wenn das Mitglied des Aufsichtsrats oder der externe Dritte vom have been designated in advance by the Supervisory Board for a Aufsichtsrat zu diesem Zweck im Voraus für den Einzelfall oder für single instance or multiple instances. If neither the Chairperson of eine Mehrzahl von Fällen bestimmt worden ist. Übernimmt weder der the Supervisory Board, nor another previously-designated member Vorsitzende des Aufsichtsrats, noch ein anderes vorher bestimmtes of the Supervisory Board nor another previously designated third Mitglied des Aufsichtsrats bzw. ein externer Dritter den Vorsitz der party takes the chair of the General Meeting, then the Chairperson Hauptversammlung, wird der Versammlungsleiter unter dem Vorsitz of the General Meeting shall be elected by the General Meeting, des Aktionärs mit dem höchsten in der Hauptversammlung which election shall be chaired by the shareholder with the highest erschienenen Anteilsbesitz oder seines Vertreters durch die number of shares present at the General Meeting, or his/her Hauptversammlung gewählt. representative.
(2) Der Versammlungsleiter leitet die Verhandlungen und regelt den (2) The Chairperson of the General Meeting chairs the proceedings of Ablauf der Hauptversammlung. Er kann sich hierbei, insbesondere bei the General Meeting and directs the course of the proceedings at the der Ausübung des Hausrechts, der Unterstützung von Hilfspersonen General Meeting. He/she may, particularly in exercising rules of bedienen. Er bestimmt die Reihenfolge der Redner und der Behandlung order, make use of assistants. He/she shall determine the sequence der Tagesordnungspunkte sowie die Form, das Verfahren und die of speakers and the consideration of the items on the agenda as well weiteren Einzelheiten der Abstimmung und kann, soweit gesetzlich as the form, the procedure and the further details of voting; he/she zulässig, über die Zusammenfassung von sachlich zusammengehörigen may also, to the extent permitted by law, decide on the bundling of Beschlussgegenständen zu einem Abstimmungspunkt entscheiden. factually-related resolution items into a single voting item.
(3) Der Versammlungsleiter ist ermächtigt, das Rede- und Fragerecht (3) The Chairperson of the General Meeting is authorized to impose a zeitlich angemessen zu beschränken. Er kann dabei insbesondere reasonable time limit on the right to ask questions and to speak. In Beschränkungen der Redezeit, der Fragezeit oder der particular, he may establish at the beginning of or at any time during zusammengenommenen Rede- und Fragezeit sowie den angemessenen the General Meeting, a limit on the time allowed to speak or ask zeitlichen Rahmen für den ganzen Hauptversammlungsverlauf, für questions or on the combined time to speak and ask questions, einzelne Gegenstände der Tagesordnung und für einzelne Redner zu determine an appropriate time frame for the course of the entire Beginn oder während des Verlaufs der Hauptversammlung angemessen General Meeting, for individual items on the agenda or individual festlegen; das schließt insbesondere auch die Möglichkeit ein, speakers; he may also, if necessary, close the list of requests to erforderlichenfalls die Wortmeldeliste vorzeitig zu schließen und den speak and order the end of debate. Schluss der Debatte anzuordnen.
§ 17 SECTION 17 ÜBERTRAGUNG DER HAUPTVERSAMMLUNG TRANSMISSION OF THE GENERAL MEETING
(1) Der Vorstand ist ermächtigt, die Bild- und Tonübertragung der (1) The Management Board is authorized to allow an audio-visual Hauptversammlung zuzulassen. Die näheren Einzelheiten regelt der transmission of the General Meeting. The details shall be Vorstand. determined by the Management Board.
(2) Die Teilnahme von Mitgliedern des Aufsichtsrats an der (2) Members of the Supervisory Board may be allowed to participate in Hauptversammlung kann in Abstimmung mit dem Versammlungsleiter the General Meeting by means of audio and video transmission in im Wege der Bild- und Tonübertragung erfolgen, sofern das Mitglied coordination with the Chairperson of the General Meeting, provided des Aufsichtsrats seinen Wohnsitz im Ausland hat oder am Tag der that the member of the Supervisory Board resides abroad or is Hauptversammlung an der Teilnahme der Hauptversammlung unable to attend the General Meeting on the day of the General verhindert ist. Meeting.
Seite / Page 22/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION
§ 18 SECTION 18 BESCHLUSSFASSUNG 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 (2) Resolutions of the General Meeting shall pass with a simple abgegebenen Stimmen und, soweit eine Kapitalmehrheit erforderlich majority of the votes cast, and, in so far as a majority of the share ist, mit der einfachen Mehrheit des bei der Beschlussfassung capital is necessary for a passing vote, with a simple majority of the vertretenen Grundkapitals gefasst, sofern nicht das Gesetz oder diese registered share capital represented at the voting, unless mandatory Satzung zwingend etwas anderes vorschreibt; dies gilt insbesondere für law or these Articles of Association stipulate otherwise; this applies Kapitalerhöhungen gegen Einlagen (§ 182 Abs. 1 Satz 2 AktG), in particular to capital increases against contributions (Section 182 Kapitalerhöhungen aus Gesellschaftsmitteln (§§ 207 Abs. 2 Satz 1, 182 para. 1 sentence 2 of the AktG), capital increases from the Abs. 1 Satz 2 AktG) und Satzungsänderungen mit Ausnahme der Company’s own funds (Sections 207 para. 2 sentence 1, 182 para. 1 Änderung des Gegenstands des Unternehmens (§ 179 Abs. 2 Satz 2 sentence 2 of the AktG) and amendments to these Articles of AktG). Association, except for a change of the company purpose (Section 179 para. 2 sentence 2 of the AktG).
VI. VI. JAHRESABSCHLUSS UND ANNUAL FINANCIAL STATEMENTS AND GEWINNVERWENDUNG APPROPRIATION OF PROFIT
§ 19 SECTION 19 GESCHÄFTSJAHR FISCAL YEAR
Das Geschäftsjahr der Gesellschaft ist das Kalenderjahr. The fiscal year of the Company is the calendar year.
§ 20 § 20 JAHRESABSCHLUSS ANNUAL FINANCIAL STATEMENTS
(1) Der Vorstand hat den Jahresabschluss und den Lagebericht sowie, (1) The Management Board shall prepare the annual financial soweit gesetzlich vorgeschrieben, den Konzernabschluss und den statements and the management report as well as, where required by Konzernlagebericht für das vergangene Geschäftsjahr innerhalb der law, the consolidated financial statements and the group gesetzlichen Fristen aufzustellen und diese Unterlagen unverzüglich management report for the preceding fiscal year within the statutory dem Aufsichtsrat und dem Abschlussprüfer vorzulegen. Zugleich hat terms, and submit these documents without undue delay to the der Vorstand dem Aufsichtsrat einen Vorschlag vorzulegen, den er der Supervisory Board and the auditors. At the same time the Hauptversammlung für die Verwendung des Bilanzgewinns machen Management Board shall submit to the Supervisory Board a will. proposal for the appropriation of the distributable profit (Bilanzgewinn) that shall be presented to the General Meeting.
Seite / Page 23/25 DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (2) Sofern Vorstand und Aufsichtsrat den Jahresabschluss feststellen, sind (2) If the Management Board and the Supervisory Board approve the sie ermächtigt, den Jahresüberschuss, der nach Abzug der in die annual financial statements, they shall be authorized to allocate the gesetzliche Rücklage einzustellenden Beträge und eines net income for the financial year, which remains after deduction of Verlustvortrags verbleibt, zum Teil oder ganz in andere the amounts which must be allocated to statutory reserves and Gewinnrücklagen einzustellen. Die Einstellung eines größeren Teils als losses carried forward, in whole or in part, to other retained der Hälfte des Jahresüberschusses ist nicht zulässig, soweit die anderen earnings. They shall not be permitted to allocate to retained earnings Gewinnrücklagen die Hälfte des Grundkapitals übersteigen oder nach an amount exceeding half of the net income for the financial year to der Einstellung übersteigen würden. 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 § 21 GEWINNVERWENDUNG UND ORDENTLICHE APPROPRIATION OF PROFIT AND ORDINARY HAUPTVERSAMMLUNG GENERAL MEETING
(1) Die Hauptversammlung beschließt alljährlich in den ersten acht (1) The appropriation of distributable profits, formal approval of the Monaten des Geschäftsjahres über die Verwendung des Bilanzgewinns, acts of members of the Management Board and the Supervisory über die Entlastung der Mitglieder des Vorstands und des Aufsichtsrats Board, the election of the auditor (ordinary General Meeting) and, und über die Wahl des Abschlussprüfers (ordentliche to the extent required by law, the approval of financial statements Hauptversammlung) sowie in den im Gesetz vorgesehenen Fällen über shall be determined annually by a resolution of the General Meeting die Feststellung des Jahresabschlusses. within the first eight months of each fiscal year.
(2) Die Anteile der Aktionäre am Gewinn bestimmen sich nach dem Anteil (2) Shareholder profits shares are determined in proportion to the am Grundkapital des jeweiligen Aktionärs. number of shares in the registered share capital held by each respective shareholder.
(3) Im Falle der Erhöhung des Grundkapitals kann die Gewinnbeteiligung (3) In case of an increase in share capital, the participation of the new der neuen Aktien abweichend von § 60 Abs. 2 AktG bestimmt werden. 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 (4) The General Meeting may resolve to distribute the distributable Barausschüttung eine Verwendung des Bilanzgewinns im Wege einer profit by way of a dividend in kind in addition to or instead of a Sachausschüttung beschließen. Sie kann in dem Beschluss über die cash dividend. The General Meeting may allocate further amounts Verwendung des Bilanzgewinns Beträge in Gewinnrücklagen to retained earnings or carry such amounts forward as profit in the einstellen oder als Gewinn vortragen. resolution on the appropriation of distributable profits.
VII. VII. SCHLUSSBESTIMMUNGEN FINAL PROVISIONS
§ 22 § 22 FORMWECHSELAUFWAND COSTS OF TRANSFORMATION
Die Kosten des Formwechsels der Gesellschaft in die Rechtsform der The costs associated with changing the legal form of the Company into a Aktiengesellschaft (insbesondere Notar- und Gerichtsgebühren, Kosten der stock corporation (in particular the notary and court fees, publication Veröffentlichung, Steuern, Prüfungs- und Beratungskosten) trägt die fees, taxes, audit fees and consultants fees) shall be borne by the Gesellschaft bis zu einem Betrag von EUR 200.000,00. Company in an amount up to EUR 200,000.00.
Seite / Page 24/25 DEUTSCHE FASSUNG CONVENIENCETRANSLATION
§ 23 § 23 SPRACHFASSUNG LANGUAGE VERSION
Die deutsche Sprachfassung dieser Satzung ist maßgeblich. Die englische The German language version of these Articles of Association shall Sprachfassung ist nicht Teil der Satzung und nur eine unverbindliche prevail. The English version is not part of these Articles of Association Übersetzung. and only a non-binding convenience translation.
Seite / Page 25/25 Exhibit 3.2
VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION
GESCHÄFTSORDNUNG DES RULES OF PROCEDURE FOR THE AUFSICHTSRATS SUPERVISORY BOARD DER OF JUMIA TECHNOLOGIES AG JUMIA TECHNOLOGIES AG - FASSUNG VOM 9 JUNI 2020 - - AS OF JUNE 9, 2020 - Der Aufsichtsrat der Jumia Technologies AG (die “Gesellschaft”, die The Supervisory Board of Jumia Technologies AG (the “Company”, the Gesellschaft zusammen mit ihren Konzernunternehmen nachfolgend auch das Company together with its group companies hereinafter also the “Unternehmen”) hat sich mit Beschluss vom 29. April 2020 gemäß § 11 Abs. “Enterprise”) has adopted the following Rules of Procedure pursuant to 1 der Satzung die folgende Geschäftsordnung gegeben. Section 11 para. 1 of the Articles of Association by resolution dated April 29, 2020. § 1 Section 1 Allgemeine Bestimmungen General Provisions (1) Der Aufsichtsrat berät und überwacht den Vorstand regelmäßig bei der (1) The Supervisory Board regularly advises and supervises the Leitung des Unternehmens. Er ist in Entscheidungen von grundlegender Management Board in its management of the Enterprise. It shall be Bedeutung für das Unternehmen einzubinden. involved in decisions of fundamental importance for the Enterprise. (2) Der Aufsichtsrat führt seine Geschäfte nach den anwendbaren (2) The Supervisory Board conducts its business in accordance with Vorschriften der Gesetze, der Satzung und dieser Geschäftsordnung. Er applicable law, the Company’s Articles of Association and these arbeitet zum Wohle des Unternehmens eng und vertrauensvoll mit den Rules of Procedure. It cooperates closely in an atmosphere of trust übrigen Organen der Gesellschaft, insbesondere dem Vorstand with the other bodies of the Company, especially with the zusammen. Management Board in the best interest of the Enterprise. Section 2 § 2 Members of the Mitgliedschaft im Aufsichtsrat Supervisory Board (1) Der Aufsichtsrat hat am 9 Juni 2020 die folgenden Ziele für seine (1) As of June 9, 2020, the Supervisory Board has specified the following Zusammensetzung festgelegt: goals for its composition: (a) Qualifikationen. Die Mitglieder des Aufsichtsrats müssen insgesamt (a) Qualifications. The members of the Supervisory Board, taken über die zur erfolgreichen Wahrnehmung ihrer Aufgaben together, must have the required knowledge, abilities and erforderlichen Kenntnisse, Fähigkeiten und fachlichen Erfahrungen professional experience required to successfully complete their verfügen. tasks. (b) Diversity. Es soll bei der Bestimmung der Zusammensetzung des (b) Diversity. Diversity shall also be considered when determining Aufsichtsrats auch auf Vielfalt (Diversity) geachtet werden. the composition of the Supervisory Board. In particular, an Insbesondere soll eine angemessene Anzahl an Frauen für Sitze im appropriate number of women shall be considered for positions Aufsichtsrat berücksichtigt werden. on the Supervisory Board. By 31 December 2023, 37.5%
Page/Seite 1 of/von 15 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION Bis zum 31. Dezember 2023 sollen 37,5 % der Mitglieder des of the members of the Supervisory Board shall be female. Prior Aufsichtsrats weiblich sein. Vor Ablauf des 31. Dezember 2023 to 31 December 2023 and at least every five years thereafter, the und danach mindestens alle fünf Jahre soll der Aufsichtsrat die Supervisory Board shall review the appropriate participation for angemessene Beteiligung von Frauen im Aufsichtsrat überprüfen women on the Supervisory Board and shall determine an und eine neue angemessene Zielgröße für die Beteiligung von appropriate target for the share of women on the Supervisory Frauen im Aufsichtsrat für höchstens die nächsten fünf Jahre Board for, at most, the upcoming five years. festlegen. (c) Unabhängigkeit. Dem Aufsichtsrat soll eine nach seiner (c) Independence. The Supervisory Board shall include what it Einschätzung angemessene Anzahl unabhängiger Mitglieder considers an appropriate number of independent members, angehören; dabei soll die Eigentümerstruktur berücksichtigt thereby taking into account the shareholder structure. A werden. Ein Aufsichtsratsmitglied ist als unabhängig anzusehen, Supervisory Board member is considered independent if he/she wenn es (i) nach dem Deutschen Corporate Governance Kodex (i) is independent from the Company and its Management unabhängig von der Gesellschaft und deren Vorstand und Board, and independent from any controlling shareholder under unabhängig von einem kontrollierenden Aktionär ist und (ii) die the German Corporate Governance Code and (ii) satisfies the Unabhängigkeitskriterien von Rule 10A-3 unter dem US-Securities criteria of independence under Rule 10A-3 under the U.S. Exchange Act von 1934, in seiner jeweils gültigen Fassung, erfüllt. Securities Exchange Act of 1934, as amended. Supervisory Ein Aufsichtsratsmitglied ist gemäß dem Deutschen Corporate Board members are to be considered independent from the Governance Kodex unabhängig von der Gesellschaft und deren Company and its Management Board under the German Vorstand, wenn es in keiner persönlichen oder geschäftlichen Corporate Governance Code if they have no personal or Beziehung zu der Gesellschaft oder deren Vorstand steht, die einen business relationship with the Company or its Management wesentlichen und nicht nur vorübergehenden Interessenkonflikt Board that may cause a substantial – and not merely temporary begründen kann. Ein Aufsichtsratsmitglied ist gemäß dem – conflict of interest. A Supervisory Board member is Deutschen Corporate Governance Kodex unabhängig vom considered independent from the controlling shareholder under kontrollierenden Aktionär, wenn es selbst oder ein naher the German Corporate Governance Code if he/she, or a close Familienangehöriger weder kontrollierender Aktionär ist noch dem family member, is neither a controlling shareholder nor a geschäftsführenden Organ des kontrollierenden Aktionärs angehört member of the executive governing body of the controlling oder in einer persönlichen oder geschäftlichen Beziehung zum shareholder, and does not have a personal or business kontrollierenden Aktionär steht, die einen wesentlichen und nicht relationship with the controlling shareholder that may cause a nur vorübergehenden Interessenkonflikt begründen kann. substantial – and not merely temporary – conflict of interest.
Page/Seite 2 of/von 15 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION Mehr als die Hälfte der Aufsichtsratsmitglieder soll unabhängig More than half of the Supervisory Board members shall be von der Gesellschaft und vom Vorstand im Sinne des Deutschen independent from the company and the Management Board Corporate Governance Kodex sein. within the meaning of the German Corporate Governance Code. (d) Finanzexperte; Sektorkenntnisse. Mindestens ein Mitglied des (d) Financial expert; sector expertise. At least one Supervisory Aufsichtsrats muss über Sachverstand auf den Gebieten Board member must have expert knowledge in the field of Rechnungslegung oder Abschlussprüfung verfügen; die Mitglieder accounting or auditing; the members of the Supervisory, taken des Aufsichtsrats müssen in ihrer Gesamtheit mit dem Sektor, in together, must be familiar with the sector the Company is dem die Gesellschaft tätig ist, vertraut sein (§ 100 Abs. 5 AktG). operating in (Section 100 para. 5 of the German Stock Corporation Act (“AktG”)). (e) Altersgrenze und Regelgrenze der Amtszeit. Zur Wahl in den (e) Age limit and regular time limit of membership. Persons having Aufsichtsrat sollen in der Regel nur Personen vorgeschlagen reached the age of seventy at the time of their election or, as a werden, die im Zeitpunkt der Wahl das siebzigste Lebensjahr noch rule, having been a member of the Supervisory Board for 12 nicht vollendet haben und regelmäßig noch nicht 12 Jahre oder years or longer should not be proposed as candidates. länger Mitglieder des Aufsichtsrats waren. (2) Vorstandsmitglieder der Gesellschaft dürfen vor Ablauf von zwei Jahren (2) Management Board members of the Company shall not become nach dem Ende ihrer Bestellung als Vorstandsmitglied nicht Mitglied Supervisory Board members of the Company within two years des Aufsichtsrats der Gesellschaft werden, es sei denn ihre Wahl erfolgt following the end of their appointment to the Management Board, auf Vorschlag von Aktionären, die mehr als 25 % der Stimmrechte der unless they are appointed upon a motion presented by shareholders Gesellschaft halten. Im letzteren Fall soll der Wechsel in den holding more than 25% of the voting rights in the Company. In the Aufsichtsratsvorsitz eine der Hauptversammlung zu begründende latter case, the appointment as chairperson of the Supervisory Board Ausnahme sein. Dem Aufsichtsrat sollen nicht mehr als zwei ehemalige shall be an exception to be justified to the General Meeting. No more Mitglieder des Vorstands der Gesellschaft zur gleichen Zeit angehören. than two former members of the Company’s Management Board shall serve concurrently as members of the Supervisory Board. (3) Der Aufsichtsrat wird bei der Festsetzung der Vorstandsvergütung die (3) When determining the compensation of the Management Board, the Empfehlungen des Deutschen Corporate Governance Kodex Supervisory Board will take into account the recommendations of the berücksichtigen. Insbesondere soll im Vergütungssystem festgelegt German Corporate Governance Codex. In particular, the werden, wie für die einzelnen Vorstandsmitglieder die Ziel- remuneration system shall define how the target total remuneration is Gesamtvergütung bestimmt wird und welche Höhe die determined for each Management Board member, and the amount Gesamtvergütung nicht übersteigen darf (Maximalvergütung), welchen that the total remuneration must not exceed (maximum relativen Anteil die (i) Festvergütung einerseits sowie (ii) kurzfristig remuneration), the proportion of (i) fixed remuneration and (ii) short- variable und langfristig variable Vergütungsbestandteile andererseits an term and long-term variable remuneration in the target total der Ziel-Gesamtvergütung haben, welche finanziellen und remuneration, the financial and non-financial performance criteria nichtfinanziellen Leistungskriterien für die Gewährung variabler relevant for the granting of variable remuneration components, what Vergütungsbestandteile maßgeblich sind, welcher Zusammenhang kind of relationship exists between achieving previously agreed
Page/Seite 3 of/von 15 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION zwischen der Erreichung der vorher vereinbarten Leistungskriterien und performance criteria and variable remuneration and when and in what der variablen Vergütung besteht und in welcher Form und wann das form Management Board members have access to variable Vorstandsmitglied über die gewährten variablen Vergütungsbeträge remuneration components, which they have been granted. The verfügen kann. Auf Basis des Vergütungssystems soll der Aufsichtsrat Supervisory Board shall set the specific target total remuneration for für jedes Vorstandsmitglied zunächst dessen konkrete Ziel- each Management Board member on the basis of the remuneration Gesamtvergütung festlegen, die in einem angemessenen Verhältnis zu system. This shall be appropriate to the Management Board den Aufgaben und Leistungen des Vorstandsmitglieds sowie zur Lage member’s own tasks and performance as well as to the enterprises’ des Unternehmens stehen und die übliche Vergütung nicht ohne overall situation and performance, and it shall not exceed the usual besondere Gründe übersteigen. Zur Beurteilung der Üblichkeit der level of remuneration without specific reasons. In order to assess konkreten Gesamtvergütung der Vorstandsmitglieder im Vergleich zu whether the specific total remuneration of Management Board anderen Unternehmen soll der Aufsichtsrat eine geeignete members is in line with usual levels compared to other enterprises, Vergleichsgruppe anderer Unternehmen heranziehen, deren the Supervisory Board shall determine an appropriate peer group of Zusammensetzung er offenlegt. other third party entities, and shall disclose the composition of that group. (4) Ein Aufsichtsratsmitglied, das außerdem dem Vorstand einer (4) Any Supervisory Board member who also is a management board börsennotierten Gesellschaft angehört, soll neben seinem/ihrem member of a listed company shall not, besides his/her Supervisory Aufsichtsratsmandat in der Gesellschaft nicht mehr als zwei weitere Board mandate in the Company, accept more than two additional Aufsichtsratsmandate in börsennotierten Gesellschaften oder in supervisory board mandates in listed companies or mandates with Aufsichtsgremien von Gesellschaften, die vergleichbare Anforderungen similar requirements that are not part of the group of the company in stellen, wahrnehmen, die nicht der Gruppe derjenigen Gesellschaft which the management board activity is performed. angehören, in der die Vorstandstätigkeit ausgeübt wird. (5) Aufsichtsratsmitglieder sollen keine Organfunktionen oder (5) Supervisory Board members shall not be members of governing Beratungsaufgaben bei wesentlichen Wettbewerbern des Unternehmens bodies of, or exercise advisory functions at, significant competitors of ausüben und nicht in einer persönlichen Beziehung zu einem the Enterprise, and shall not hold any personal relationships with a wesentlichen Wettbewerber des Unternehmens stehen. significant competitor. (6) Die in Abs. 1 vom Aufsichtsrat für seine Zusammensetzung festgelegten (6) The goals set forth by the Supervisory Board in para. 1, the Ziele, die Empfehlungen des jeweils aktuellen Deutschen Corporate recommendations of the German Corporate Governance Code, as Governance Kodex und die gesetzlichen Bestimmungen zur amended, and the legal requirements for the composition of the Zusammensetzung des Aufsichtsrats sind bei Vorschlägen an die Supervisory Board shall be taken into account when proposals for the Hauptversammlung zur Wahl von Aufsichtsratsmitgliedern zu election of Supervisory Board members are made to the General berücksichtigen. Meeting.
Page/Seite 4 of/von 15 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (7) Jedes Aufsichtsratsmitglied achtet darauf, dass ihm/ihr für die (7) Every Supervisory Board member ensures that he/she has sufficient Wahrnehmung seines/ihres Mandats genügend Zeit zur Verfügung steht. time available to discharge his/her duties. (8) Der Aufsichtsrat soll sich für seine Vorschläge zur Wahl neuer (8) When proposing to the General Meeting the election of new members Aufsichtsratsmitglieder an die Hauptversammlung bei dem jeweiligen of the Supervisory Board, the Supervisory Board shall satisfy itself Kandidaten vergewissern, dass er den zu erwartenden Zeitaufwand zur that the respective candidates are capable of devoting the expected Erfüllung des künftigen Amtes aufbringen kann. amount of time required to perform their prospective mandates. § 3 Section 3 Rechte und Pflichten der Aufsichtsratsmitglieder Members’ Rights and Obligations (1) Die Mitglieder des Aufsichtsrats haben die gleichen Rechte und (1) All members of the Supervisory Board have equal rights and duties Pflichten, sofern das Gesetz, die Satzung oder diese Geschäftsordnung unless otherwise determined by relevant legal provisions, the Articles nichts anderes bestimmen. An Aufträge und Weisungen sind sie nicht of Association or these Rules of Procedure. They are not bound by gebunden. mandates or directives. (2) Die Mitglieder des Aufsichtsrats haben über vertrauliche Angaben und (2) The members of the Supervisory Board shall be obliged to preserve Geheimnisse der Gesellschaft, namentlich Betriebs- und the confidentiality of confidential information and Company secrets Geschäftsgeheimnisse, die ihnen durch ihre Tätigkeit im Aufsichtsrat (especially business and trade secrets) to which they gain access in bekannt werden, Stillschweigen zu bewahren. Darüber hinaus haben die their capacity as members of the Supervisory Board. Furthermore, the Aufsichtsratsmitglieder über die ihnen bei ihrer Tätigkeit als members of the Supervisory Board are obliged not to disclose to third Aufsichtsratsmitglied bekannt gewordenen sonstigen Tatsachen, deren parties any other facts which they obtain in their capacity as members Offenbarung die Interessen des Unternehmens beeinträchtigen könnte, of the Supervisory Board, if the disclosure of such facts could affect Dritten gegenüber Stillschweigen zu bewahren. Diese Verpflichtung zur the interests of the Enterprise. This confidentiality obligation applies Verschwiegenheit gilt insbesondere für vertrauliche Berichte und especially to confidential reports and consultations, particularly Beratungen, insbesondere Angelegenheiten, die in Sitzungen des matters debated in board meetings, the casting of votes and the Aufsichtsrats besprochen werden, die Stimmabgabe und die opinion as well as personal statements of members of the Supervisory Stellungnahme sowie persönliche Äußerung der einzelnen Board. This confidentiality obligation continues to apply after Aufsichtsratsmitglieder. Die Verpflichtung zur Verschwiegenheit members of the Supervisory Board have left office. Each member of besteht auch nach Beendigung des Amts der Mitglieder des the Supervisory Board shall ensure that the staff members employed Aufsichtsrats. Jedes Mitglied des Aufsichtsrats stellt sicher, dass die von by her/him observe the confidentiality obligation accordingly. ihm eingeschalteten Mitarbeiter diese Verschwiegenheitspflicht in Persons who are permitted to attend meetings of the Supervisory gleicher Weise einhalten. Personen, die gemäß § 109 AktG Board pursuant to Section 109 AktG shall be expressly bound to this zulässigerweise an Sitzungen des Aufsichtsrats teilnehmen, sind zur confidentiality obligation. Verschwiegenheit ausdrücklich zu verpflichten.
Page/Seite 5 of/von 15 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (3) Beabsichtigt ein Mitglied des Aufsichtsrats, Informationen, deren (3) If a member of the Supervisory Board intends to disclose information Mitteilung nicht offensichtlich zulässig ist, an Dritte weiterzugeben, so (other than information obviously permitted to be disclosed) to third hat es vorher den Aufsichtsratsvorsitzenden zu unterrichten, um etwa parties, he/she shall inform the Chairperson of the Supervisory Board zutage tretende Meinungsverschiedenheiten über die in advance to settle any difference in opinion concerning the Geheimhaltungspflicht zu beseitigen. Wenn der obligation to maintain secrecy. If the Chairperson does not agree to Aufsichtsratsvorsitzende der Bekanntgabe nicht zustimmt, hat der the disclosure, the Chairperson shall inform the other members of the Aufsichtsratsvorsitzende die übrigen Mitglieder des Aufsichtsrats Supervisory Board and cause a statement of position of the hiervon zu unterrichten und eine unverzügliche Stellungnahme des Supervisory Board to be made without undue delay. Until this Aufsichtsrats herbeizuführen. Bis zu dieser Stellungnahme hat das statement is made, the relevant member of the Supervisory Board betreffende Aufsichtsratsmitglied über die ihm/ihr durch sein Amt shall observe secrecy regarding the facts which became known to bekannt gewordenen Tatsachen Stillschweigen zu bewahren. him/her in his/her capacity as member of the Supervisory Board. (4) Alle Mitglieder des Aufsichtsrats sind bei ihrem Ausscheiden aus dem (4) At the end of their respective membership on the Supervisory Board, Amt verpflichtet, sämtliche Unterlagen wie Schriftstücke, each member of the Supervisory Board is obliged to hand over Korrespondenzen, elektronische Dokumente und Dateien, without undue delay all documents in his/her possession such as Aufzeichnungen sowie alle anderen Dokumente, die sich auf correspondence, electronic documents and data files, records and any Angelegenheiten des Unternehmens beziehen und die sich in ihrem other documents relating to the affairs of the Enterprise to the Besitz befinden, unverzüglich an den Aufsichtsratsvorsitzenden, oder, Chairperson of the Supervisory Board, or, in the event the wenn der Vorsitzende ausscheidet, dessen Nachfolger, zu übergeben. Chairperson leaves, to his/her successor. This obligation does also Diese Verpflichtung erstreckt sich auch auf Duplikate und Fotokopien. apply for duplicates and photocopies. Any copies of electronic data Kopien von elektronischen Dateien und Dokumenten sind auf Verlangen files and documents must be destroyed without undue delay at the des Vorsitzenden oder, wenn der Vorsitzende ausscheidet dessen request of the Chairperson or, in the event the Chairperson leaves, Nachfolger, unverzüglich zu vernichten. Den Mitgliedern des his/her successor. The members of the Supervisory Board have no Aufsichtsrats steht kein Zurückbehaltungsrecht an derartigen Unterlagen right to retain any of these documents. zu. (5) Die Mitglieder des Aufsichtsrats beachten die Verhaltensmaßstäbe über (5) Each member of the Supervisory Board shall comply with the rules die Sicherstellung der kapitalmarktrechtlichen Compliance (Richtlinie set forth in the most up-to-date version of the code of conduct for zur Kapitalmarkt-Compliance) in deren jeweils aktuellsten Fassung. capital market compliance (Capital Markets Compliance Guidelines). § 4 Section 4 Interessenkonflikte Conflicts of Interests (1) Jedes Mitglied des Aufsichtsrats ist dem Unternehmensinteresse (1) Each member of the Supervisory Board is obliged to act in the best verpflichtet. Es darf bei seinen Entscheidungen weder persönliche interest of the Enterprise. No member of the Supervisory Board may Interessen verfolgen noch Geschäftschancen, die dem Unternehmen pursue personal interests in his/her decisions or make personal use of zustehen, für sich nutzen. business opportunities intended for the Enterprise.
Page/Seite 6 of/von 15 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (2) Jedes Aufsichtsratsmitglied hat Interessenkonflikte, insbesondere solche, (2) Each member of the Supervisory Board shall inform, without undue die aufgrund einer Beratung oder Organfunktion bei Kunden, delay, the Chairperson of the Supervisory Board of any conflicts of Lieferanten, Kreditgebern, Kreditnehmern oder sonstigen Dritten interest, especially those which may arise from a consultant or entstehen können, unverzüglich dem Aufsichtsratsvorsitzenden offen zu directorship function with customers, suppliers, lenders, borrowers or legen. Bei wesentlichen und nicht nur vorübergehenden other third parties. In case of material conflicts of interests, which are Interessenskonflikten in der Person eines Aufsichtsratsmitglieds soll das not merely temporary, the respective member of the Supervisory betreffende Aufsichtsratsmitglied sein Amt niederlegen. Der Board should resign from office. The Supervisory Board shall relate Aufsichtsrat informiert in seinem Bericht an die Hauptversammlung any conflicts of interest occurred and the handling thereof in its über aufgetretene Interessenkonflikte und deren Behandlung. report to the General Meeting. (3) Berater- und sonstige Dienstleistungs- und Werkverträge eines (3) Advisory and other service agreements and contracts for work Aufsichtsratsmitglieds mit der Gesellschaft bedürfen in between a member of the Supervisory Board and the Company Übereinstimmung mit geltendem Recht der Zustimmung des require the Supervisory Board’s approval in accordance with Aufsichtsrats. applicable law. § 5 Section 5 Vorsitzender und Stellvertreter Chairperson and Deputy Chairperson (1) Der Aufsichtsrat wählt aus seiner Mitte einen Vorsitzenden und einen (1) The Supervisory Board shall elect from among its members a Stellvertreter. Der Aufsichtsratsvorsitzende soll unabhängig von der Chairperson and a Deputy Chairperson. The Chairperson shall be Gesellschaft und vom Vorstand der Gesellschaft im Sinne des independent from the Company and the Management Board of the Deutschen Corporate Governance Kodex sein. Er soll nicht dem Company within the meaning of the German Corporate Governance Vorstand einer börsennotierten Gesellschaft angehören. Die Amtszeit Code. He shall not be a member of the management board of a listed des Vorsitzenden und des Stellvertreters entspricht, soweit nicht bei company. The term of office of the Chairperson and his/her deputy ihrer jeweiligen Wahl eine kürzere Amtszeit bestimmt wird, ihrer corresponds to their respective terms of office as members of the jeweiligen Amtszeit als Mitglied des Aufsichtsrats. Die Wahl soll unter Supervisory Board unless a shorter term is determined at the time of der Leitung des an Lebensjahren ältesten anwesenden their election. The election shall take place under the direction of the Aufsichtsratsmitglieds im Anschluss an die Hauptversammlung, in der most senior member of the Supervisory Board present, and following die Aufsichtsratsmitglieder neu gewählt worden sind, erfolgen; zu dieser the General Meeting wherein the members of the Supervisory Board Sitzung bedarf es keiner besonderen Einladung (konstituierende were recently elected; no special invitation is necessary for this Sitzung). meeting (constitutive meeting). (2) Scheidet der Vorsitzende oder sein Stellvertreter vorzeitig aus diesem (2) If the Chairperson or his/her deputy leaves such office before the end Amt aus, so hat der Aufsichtsrat jeweils unverzüglich eine Neuwahl of his/her term, the Supervisory Board shall conduct a new election vorzunehmen. without undue delay.
Page/Seite 7 of/von 15 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (3) Der Vorsitzende koordiniert die Arbeit des Aufsichtsrats und die (3) The Chairperson coordinates the activities of the Supervisory Board Zusammenarbeit des Aufsichtsrats mit dem Vorstand. Der Vorsitzende and its cooperation with the Management Board. The Chairperson hält mit dem Vorstand regelmäßig Kontakt und berät mit ihm Strategie, shall regularly maintain contact with the Management Board and Planung, Geschäftsentwicklung, Risikolage, Risikomanagement und consult with the Management Board on strategy, planning, business Compliance des Unternehmens sowie wichtige Ereignisse, die für die development, risk position, risk management and compliance of the Beurteilung der Lage und Entwicklung sowie für die Leitung des Enterprise, as well as on key events which are material to the Unternehmens von wesentlicher Bedeutung sind. Der Vorsitzende assessment of the Enterprise’s performance, development and unterrichtet sodann den Aufsichtsrat und beruft erforderlichenfalls eine management. The Chairperson shall inform the Supervisory Board of außerordentliche Sitzung des Aufsichtsrats ein. such consultations and, if necessary, shall convene an extraordinary meeting of the Supervisory Board. (4) Dem Vorsitzenden obliegt der Vollzug der Beschlüsse des Aufsichtsrats (4) The Chairperson of the Supervisory Board is responsible for und seiner Ausschüsse. Der Vorsitzende, im Falle seiner Verhinderung implementing the resolutions of the Supervisory Board and its sein Stellvertreter, ist ermächtigt, im Namen des Aufsichtsrats die zur committees. For this purpose the Chairperson, and where he is unable Durchführung der Beschlüsse des Aufsichtsrats und seiner Ausschüsse to do so, the Deputy Chairperson, is authorized on behalf of the erforderlichen Willenserklärungen abzugeben. Der Vorsitzende ist Supervisory Board to issue declarations required for implementing ermächtigt, Erklärungen für den Aufsichtsrat entgegen zu nehmen. resolutions of the Supervisory Board and its committees. The Sonstige Urkunden und Bekanntmachungen des Aufsichtsrats sind vom Chairperson is authorized to accept declarations on behalf of the Aufsichtsratsvorsitzenden zu unterzeichnen. Supervisory Board. Other documents and publications of the Supervisory Board shall be signed by the Chairperson. (5) Der Stellvertreter hat, soweit in dieser Geschäftsordnung oder der (5) Unless these Rules of Procedure or the Articles of Association Satzung nicht ausdrücklich anders geregelt, die gleichen Rechte und expressly provide otherwise, the Deputy Chairperson has, in the Pflichten des Vorsitzenden des Aufsichtsrats, wenn dieser verhindert ist. absence of the Chairperson, the same rights and obligations as the Chairperson. § 6 Section 6 Einberufung von Sitzungen Convening of Meetings (1) Der Aufsichtsrat muss mindestens zwei Sitzungen im Kalenderhalbjahr (1) The Supervisory Board shall hold at least two meetings per calendar abhalten. Weitere Sitzungen sind einzuberufen, wenn dies erforderlich half-year. Additional meetings shall be convened if necessary. ist. (2) Jedes Aufsichtsratsmitglied und der Vorstand können unter Angabe des (2) Each member of the Supervisory Board or the Management Board, Zwecks und der Gründe verlangen, dass der Vorsitzende des indicating the purpose and the reasons for the request, is entitled to Aufsichtsrats unverzüglich den Aufsichtsrat einberuft. Wird dem ask the Chairperson to convene a meeting of the Supervisory Board Verlangen nicht entsprochen, so kann das Aufsichtsratsmitglied oder der without undue delay. Should this request be denied, the member of Vorstand unter Mitteilung des Sachverhalts und der Angabe einer the Supervisory Board or the Management Board may convene the Tagesordnung selbst den Aufsichtsrat einberufen. Supervisory Board himself/herself, stating the facts and an agenda. (3) Die Sitzungen des Aufsichtsrats werden vom Vorsitzenden unter (3) The Chairperson of the Supervisory Board shall convene the Einhaltung einer Frist von mindestens sieben Tagen einberufen, wobei meetings of the Supervisory Board by providing at least seven days’ der Tag der Absendung der Einladung und der Tag der Sitzung nicht notice, not including the day on which the invitation is sent and the mitgerechnet werden. Die Einberufung kann schriftlich, per Telefax, per day of the meeting itself. Notice of meetings may be given in writing, E-Mail oder mittels sonstiger gebräuchlicher (einschließlich by telefax, by email or any other customary means of communication elektronischer) Kommunikationsmittel erfolgen. Der Vorsitzende kann (including electronic means of communication). In urgent cases the diese Frist in dringenden Fällen abkürzen und die Sitzung mündlich oder Chairperson may shorten this notice period and may call the meeting fernmündlich einberufen. orally or by telephone.
Page/Seite 8 of/von 15 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (4) Mit der Einladung sind die Gegenstände der Tagesordnung mitzuteilen. (4) The invitation shall specify the items on the agenda. Proposals for Beschlussvorschläge zu den einzelnen Punkten der Tagesordnung resolutions on items on the agenda shall be announced with sollen so rechtzeitig vor der Sitzung und so konkret mitgeteilt werden, sufficient time and in sufficient specification prior to the meeting in dass abwesende bzw. nicht telefonisch oder über sonstige order to enable absent members or members who neither participate gebräuchliche elektronische Kommunikationsmittel (insbesondere nor are connected via telephone or via other customary electronic Videokonferenz) teilnehmende oder zugeschaltete Mitglieder ihre means of communication (especially via video conference) to cast Stimme schriftlich oder in einer anderen, § 8 Abs. 1 entsprechenden their votes in writing or in another form which adheres to Section 8 Form abgeben können. Insbesondere bei zustimmungspflichtigen para. 1. Especially with respect to transactions requiring the Geschäften sollen die erforderlichen Unterlagen rechtzeitig vor der approval of the Supervisory Board, the relevant documents must be Sitzung zur Verfügung gestellt werden. Sämtliche Anträge einzelner provided in due time prior to the meeting. All proposals for Mitglieder des Aufsichtsrats oder des Vorstands, die vor Absendung resolutions by individual members of the Supervisory Board or the der Tagesordnung eingehen, sind auf die Tagesordnung zu setzen. Management Board which are received before the agenda is Ergänzungen der Tagesordnung müssen, falls nicht ein dringender Fall distributed shall be placed on the agenda. Notice of any additions to eine spätere Mitteilung rechtfertigt, bis zum dritten Tag vor der Sitzung the agenda must be provided no later than three days prior to the mitgeteilt werden. meeting, unless later notification is justified by urgent circumstances. (5) Der Vorsitzende des Aufsichtsrats bestimmt den Ort der Sitzungen des (5) The Chairperson of the Supervisory Board determines the place at Aufsichtsrats. which meetings of the Supervisory Board shall take place. (6) Der Vorsitzende kann eine einberufene Sitzung nach pflichtgemäßem (6) The Chairperson can cancel or postpone a called meeting in his/her Ermessen aufheben oder verlegen. best judgement. § 7 Section 7 Sitzungen des Aufsichtsrats Meetings of the Supervisory Board (1) Die Sitzungen des Aufsichtsrats werden vom Vorsitzenden geleitet. Er (1) Meetings of the Supervisory Board are chaired by the Chairperson bestimmt die Reihenfolge, in der die Gegenstände der Tagesordnung of the Supervisory Board. He/she determines the order in which the verhandelt werden, sowie die Art, Reihenfolge und Form der items on the agenda are dealt with as well as the manner, order and Abstimmungen. Er kann nach pflichtgemäßem Ermessen die form of the voting procedure. He/she may postpone consideration of Behandlung einzelner Gegenstände der Tagesordnung vertagen. any items on the agenda in his/her best judgement. (2) Der Vorsitzende bestellt den Protokollführer, der nicht Mitglied des (2) The Chairperson of the Supervisory Board appoints a person, who Aufsichtsrats sein muss und entscheidet über die Hinzuziehung von does not need to be a member of the Supervisory Board, to take Sachverständigen und anderen Auskunftspersonen zur Beratung über meeting minutes, and decides whether to call upon experts and other einzelne Gegenstände der Tagesordnung. persons able to provide information or advice regarding individual items on the agenda.
Page/Seite 9 of/von 15 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (3) Die Sitzungssprache ist Englisch und die Einberufung und (3) Meetings shall be conducted in English and the notices and minutes Niederschriften der Sitzungen werden auf Englisch (und sofern of meetings shall be recorded in English (and if minutes in German gesetzlich eine Niederschrift in deutscher Sprache erforderlich ist, are required under statutory provisions, minutes shall be recorded zweisprachig auf Englisch und Deutsch) verfasst, soweit der both in English and in German), unless the Chairperson of the Vorsitzende nichts anderes bestimmt. Ist ein Mitglied des Aufsichtsrats Supervisory Board decides otherwise. If a member of the Supervisory der Verhandlungssprache nicht mächtig, hat der Vorsitzende auf Board is not in command of the relevant language, the Chairperson Verlangen dieses Aufsichtsratsmitglieds für eine geeignete Form der shall procure a suitable form of translation upon request of such Übersetzung Sorge zu tragen. member of the Supervisory Board. (4) Der Vorstand nimmt an den Sitzungen des Aufsichtsrats teil, soweit der (4) The Management Board shall attend the meetings of the Supervisory Aufsichtsratsvorsitzende nichts anderes bestimmt. Der Aufsichtsrat soll Board unless the Chairperson of the Supervisory Board decides jedoch regelmäßig auch ohne den Vorstand tagen. otherwise. However, the Supervisory Board shall meet on a regular basis without the Management Board.
§ 8 Section 8 Beschlussfassung Resolutions (1) Beschlüsse des Aufsichtsrats werden in der Regel in Sitzungen gefasst. (1) Resolutions of the Supervisory Board shall generally be passed in Auf Anordnung des Vorsitzenden oder mit Zustimmung aller Mitglieder meetings. At the order of the Chairperson or with the consent of all des Aufsichtsrats können Sitzungen in Form einer Telefonkonferenz Supervisory Board members, the meetings of the Supervisory Board oder mittels sonstiger elektronischer Kommunikationsmittel may be held in the form of a telephone conference or by other (insbesondere Videokonferenz) abgehalten und einzelne electronic means of communication (especially by video conference); Aufsichtsratsmitglieder telefonisch oder mittels sonstiger elektronischer individual members of the Supervisory Board may connect to the Kommunikationsmittel (insbesondere Videokonferenz) zugeschaltet meetings via telephone or by other electronic means of werden; in diesen Fällen kann die Beschlussfassung im Wege der communication (especially by video conference); in such cases Telefonkonferenz oder mittels sonstiger elektronischer resolutions may be passed by way of the telephone conference or by Kommunikationsmittel (insbesondere Videokonferenz) erfolgen. other electronic means of communication (especially by video Abwesende bzw. nicht an der Konferenzschaltung mittels Telefon oder conference). Members of the Supervisory Board who are absent from Videokonferenz teilnehmende Aufsichtsratsmitglieder können auch a meeting or who do not participate in a meeting via telephone or dadurch an der Beschlussfassung des Aufsichtsrats teilnehmen, dass sie video conference can also participate in the passing of resolutions by schriftliche Stimmabgaben durch ein anderes Aufsichtsratsmitglied submitting their votes in writing by way of another Supervisory überreichen lassen. Darüber hinaus können abwesende Mitglieder ihre Board member. In addition, absent members are permitted to cast Stimme auch im Vorfeld der Sitzung, während der Sitzung oder their vote prior to or during the meeting or following the meeting nachträglich innerhalb einer vom Vorsitzenden des Aufsichtsrats zu within a reasonable period as determined by the Chairperson of the bestimmenden angemessenen Frist auch mündlich, fernmündlich, per Supervisory Board. Such votes may be cast in oral form, by Telefax, per E-Mail oder mittels sonstiger gebräuchlicher (einschließlich telephone, by telefax, by email or any other customary means of elektronischer) Kommunikationsmittel abgeben. Ein Recht zum communication (including electronic means of communication). Widerspruch gegen die vom Vorsitzenden angeordnete Form der Objections to the form of voting determined by the Chairperson are Beschlussfassung besteht nicht. not permitted.
Page/Seite 10 of/von 15 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (2) Eine Beschlussfassung über Gegenstände der Tagesordnung, die nicht in (2) Resolutions on matters not included in the agenda enclosed with the der Einladung enthalten waren und auch nicht bis zum dritten Tag vor meeting invitation and for which notice has not been provided at least der Sitzung mitgeteilt worden sind, falls nicht ein dringender Fall eine three days prior to the meeting, except in situations where later spätere Mitteilung rechtfertigt, ist nur zulässig, wenn kein notification is justified by urgent circumstances, shall only be Aufsichtsratsmitglied widerspricht. Abwesenden Mitgliedern ist in permitted for consideration if no member of the Supervisory Board einem solchen Fall Gelegenheit zu geben, binnen einer vom objects thereto. In such a case, absent members must be given the Vorsitzenden des Aufsichtsrats zu bestimmenden angemessenen Frist opportunity to object to the adoption of such resolutions or to cast schriftlich, mündlich, fernmündlich, per Telefax, per E-Mail oder mittels their vote in writing, orally, by telephone, telefax, email or any other sonstiger gebräuchlicher (einschließlich elektronischer) customary means of communication (including electronic means of Kommunikationsmittel der Beschlussfassung zu widersprechen oder communication) within an adequate period of time to be determined ihre Stimme abzugeben. Der Beschluss wird erst wirksam, wenn kein by the Chairperson. Such resolutions become effective only after no abwesendes Aufsichtsratsmitglied innerhalb der Frist widersprochen hat. absent Supervisory Board member has objected within such a period. Telefonisch oder mittels sonstiger elektronischer Kommunikationsmittel Members of the Supervisory Board taking part via telephone or other zugeschaltete Mitglieder des Aufsichtsrats gelten als anwesend. electronic means of communication are considered to be present. (3) Beschlüsse können auch außerhalb von Sitzungen (im Sinne von Abs. 1) (3) Resolutions may also be adopted outside of meetings (in the meaning schriftlich, mündlich, fernmündlich, per Telefax, per E-Mail oder mittels of para. 1) in writing, orally, by telephone, by telefax or by email or sonstiger vergleichbarer Kommunikationsmittel sowie in Kombination any other comparable means of communication, whereas the der vorgenannten Formen, einschließlich im Umlaufverfahren, und in aforementioned forms may also be combined, including by way of Kombination mit einer Beschlussfassung in einer Sitzung gefasst circular resolution, or in combination with adopting the resolution in werden, wenn der Vorsitzende des Aufsichtsrats dies unter Beachtung a meeting at the order of the Chairperson of the Supervisory Board if einer angemessenen Frist anordnet oder sich alle Aufsichtsratsmitglieder preceded by reasonable notice or if all members of the Supervisory an der Beschlussfassung beteiligen. Mitglieder, die sich bei der Board participate in the adoption of the resolution. Members who Beschlussfassung der Stimme enthalten, nehmen in diesem Sinne an der abstain from voting are considered to take part in the resolution. Beschlussfassung teil. Ein Recht zum Widerspruch gegen die vom Objections to the form of voting determined by the Chairperson are Vorsitzenden angeordnete Form der Beschlussfassung besteht nicht. not permitted.
Page/Seite 11 of/von 15 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (4) Der Aufsichtsrat ist beschlussfähig, wenn mindestens die Hälfte seiner (4) The Supervisory Board has a quorum if at least half of its members Mitglieder an der Beschlussfassung teilnimmt. Abwesende bzw. nicht take part in the voting. Absent members of the Supervisory Board or telefonisch oder über sonstige elektronische Kommunikationsmittel members who do not participate or are connected via telephone or via (insbesondere Videokonferenz) teilnehmende oder zugeschaltete other electronic means of communication (especially via video Aufsichtsratsmitglieder, die nach Maßgabe der vorstehenden Abs. 1 conference) and who cast their vote in accordance with para. 1 or 3 oder 3 ihre Stimme abgeben, sowie Mitglieder, die sich bei der above, as well as members who abstain from voting, are considered Beschlussfassung der Stimme enthalten, nehmen in diesem Sinne an der to take part in the voting for this purpose. Beschlussfassung teil. (5) Beschlüsse des Aufsichtsrats werden, soweit das Gesetz nicht zwingend (5) Unless otherwise provided by mandatory law, resolutions of the etwas anderes bestimmt, mit einfacher Mehrheit der abgegebenen Supervisory Board are passed with a simple majority of the votes Stimmen gefasst. Stimmenthaltungen gelten in diesem Sinne nicht als cast. Abstentions shall not count as a vote cast in this case. If any abgegebene Stimmen. Ergibt eine Abstimmung im Aufsichtsrat vote of the Supervisory Board results in a tie, the vote of the Stimmengleichheit, gibt die Stimme des Vorsitzenden des Aufsichtsrats Chairperson of the Supervisory Board shall be decisive. In the den Ausschlag. Im Falle der Verhinderung des Vorsitzenden des absence of the Chairperson of the Supervisory Board, the Deputy Aufsichtsrats steht dieses Recht seinem Stellvertreter zu. Chairperson’s vote shall be decisive. § 9 Section 9 Niederschriften Minutes (1) Über die Beschlüsse und Sitzungen des Aufsichtsrats (im Sinne von § 8 (1) Minutes shall be taken of the resolutions and meetings of the Abs. 1) sowie über in diesen Sitzungen verabschiedete Beschlüsse sind Supervisory Board (in the meaning of Section 8 para. 1) and of the Niederschriften zu fertigen, die vom Vorsitzenden zu unterzeichnen resolutions adopted in such meetings. Such minutes shall be signed sind. Beschlüsse außerhalb von Sitzungen (im Sinne von § 8 Abs. 1) by the Chairperson. Resolutions which were adopted outside of werden vom Vorsitzenden schriftlich festgehalten und allen meetings (in the meaning of Section 8 para. 1) must be recorded by Aufsichtsratsmitgliedern zugeleitet. In der Niederschrift sind Ort und the Chairperson in writing and shall be made available to all Tag der Sitzung, die Teilnehmer und die Art und Weise ihrer Teilnahme, members. The minutes of meetings shall state the place and date of die Gegenstände der Tagesordnung, der wesentliche Inhalt der the meeting, the participants and the manner of their participation, the Verhandlung und die Beschlüsse des Aufsichtsrats wiederzugeben. items on the agenda, the principal contents of the proceedings and the resolutions of the Supervisory Board. (2) Nach Erstellung der Niederschrift ist eine Kopie der Niederschrift jedem (2) Following their preparation, a copy of the minutes shall be sent Aufsichtsratsmitglied und jedem Vorstandsmitglied unverzüglich without undue delay to each member of the Supervisory Board and to zuzuleiten (soweit Vorstandsangelegenheiten in der Niederschrift each member of the Management Board (if Management Board enthalten sind und vom Vorsitzenden als sensibel eingestuft werden, matters are included in these minutes and considered sensitive by the können solche Angelegenheiten aus der Niederschrift, die den Chairperson, such matters can be removed from the minutes sent to Mitgliedern des Vorstands zugeleitet wird, entfernt werden). Das the members of the Management Board). The original copy of the Original der Niederschrift ist zu den Akten der Gesellschaft zu nehmen. minutes shall be kept with the Company’s records.
Page/Seite 12 of/von 15 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (3) Niederschriften nach § 9 Abs. 1 gelten als genehmigt, wenn kein (3) Minutes in accordance with Section 9 para. 1 are deemed to be Mitglied des Aufsichtsrats, das an der Beschlussfassung teilgenommen approved if no member of the Supervisory Board who took part in hat, innerhalb eines Monats seit Absendung der Niederschrift an die the passing of the resolutions objects in writing to the Chairperson of Aufsichtsratsmitglieder schriftlich beim Vorsitzenden des Aufsichtsrats the Supervisory Board, stating the reasons for his/her objection and unter Angabe von Gründen sowie eines alternativen Textvorschlags proposing an alternative wording, within one month of the minutes widerspricht. Soweit Beschlüsse in der Sitzung im Wortlaut protokolliert being sent. To the extent that minutes of resolutions are recorded und sogleich vom Vorsitzenden als Teil der Niederschrift unterzeichnet verbatim during the meeting and immediately signed by the wurden, ist ein Widerspruch gegen den Wortlaut des Beschlusses nur in Chairperson as part of the minutes, an objection against the wording der Sitzung möglich. of the resolution is only permitted during the meeting. § 10 Section 10 Allgemeine Regeln für die Ausschüsse General Provisions for the Committees (1) Der Aufsichtsrat bildet und besetzt aus seiner Mitte (1) The Supervisory Board shall establish from amongst its members (a) einen Prüfungsausschuss, (a) an Audit Committee, (b) einen Vergütungsausschuss, und (b) a Compensation Committee, and (c) einen Corporate Governance- und Nominierungsausschuss. (c) a Corporate Governance and Nomination Committee. (2) Der Aufsichtsrat kann aus seiner Mitte weitere Ausschüsse mit (2) From among its members, the Supervisory Board may establish mindestens drei Mitgliedern bilden und besetzen und ihnen, soweit additional committees to which at least three members must be gesetzlich zulässig, Entscheidungsbefugnisse übertragen. Der appointed, and, to the extent legally permitted, delegate decision- Aufsichtsrat achtet darauf, dass abhängig von den spezifischen making powers to such committees. The Supervisory Board seeks to Gegebenheiten des Unternehmens und der Anzahl seiner Mitglieder ensure that, depending on the specific circumstances of the Enterprise Ausschüsse mit fachlich qualifizierten Mitgliedern gebildet werden. and the number of members, committees having appropriately qualified members will be formed. (3) Der Aufsichtsrat bestimmt ein Mitglied eines jeden Ausschusses zum (3) The Supervisory Board shall appoint one of the members of each Ausschussvorsitzenden, soweit nicht zwingende gesetzliche committee as the Chairperson of such committee, unless provided Bestimmungen oder diese Geschäftsordnung etwas anderes bestimmt. otherwise by mandatory law or these Rules of Procedure. The Der Vorsitzende des Prüfungsausschusses sowie der Vorsitzende des Chairperson of the Audit Committee as well as the Chairperson of the Vergütungsausschusses sollen unabhängig im Sinne des Deutschen Compensation Committee shall be independent from the Company Corporate Governance Kodex von der Gesellschaft und vom Vorstand and the Management Board of the Company within the meaning of der Gesellschaft sein. Alle Mitglieder des Prüfungsausschusses sollen the German Corporate Governance Code. All members of the Audit zudem unabhängig im Sinne von Rule 10A-3 unter dem US-Securities Committee shall also be independent within the meaning of Rule Exchange Act von 1934, in seiner jeweils gültigen Fassung, sein. 10A-3 under the U.S. Securities Exchange Act of 1934, as amended.
Page/Seite 13 of/von 15 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (4) Scheidet ein vom Aufsichtsrat gewähltes Mitglied eines Ausschusses aus (4) If any member of a committee who was appointed by the Supervisory dem Ausschuss aus bzw. ist es an der Ausübung seines Amtes nicht nur Board leaves the committee or suffers from more than a temporary vorübergehend verhindert, so hat der Aufsichtsrat unverzüglich – inability to perform his/her mandate, the Supervisory Board shall spätestens in seiner nächsten Sitzung – einen Nachfolger für die elect a replacement member without undue delay – at the latest in its restliche Amtszeit des Ausgeschiedenen bzw. Verhinderten zu wählen. next meeting – to serve for the remaining term of the leaving or Ist ein Aufsichtsratsmitglied abwesend oder verhindert, an einer prevented member, respectively. If any member of the Supervisory Ausschusssitzung teilzunehmen und wird der Ausschuss dadurch Board is absent or unable to attend a meeting of a committee, and if beschlussunfähig, so können die übrigen Mitglieder des Ausschusses such absence prevents the formation of a quorum, the other members sich mit einem anderen Aufsichtsratsmitglied darüber verständigen, dass of the committee may agree with another member of the Supervisory dieses während der Abwesenheit oder Verhinderung des Board that he/she temporarily acts as substitute member in the Ausschussmitglieds als Ersatzmitglied dem Ausschuss angehört. committee during the absence or unavailability of the committee member. (5) Die Ausschussvorsitzenden berufen die Ausschüsse bei Bedarf ein. (5) The chairmen of the committees shall convene the committees, if necessary. (6) Ein Ausschuss ist beschlussfähig (d.h. kann wirksame Beschlüsse (6) The Supervisory Board Committee has a quorum (i.e. may adopt fassen), wenn mindestens drei Mitglieder an der Beschlussfassung resolutions) if at least three committee members take part in the teilnehmen. adoption of a resolution. (7) Ergibt eine Abstimmung im Ausschuss Stimmengleichheit, so gibt bei (7) If a committee vote results in a tie and a second vote on the same erneuter Abstimmung über denselben Beschlussgegenstand bei agenda item again results in a tie, the Chairperson of such committee nochmaliger Stimmengleichheit die Stimme des Ausschussvorsitzenden shall cast the deciding vote. den Ausschlag. (8) Ist der Ausschussvorsitzende verhindert, leitet ein von ihm bestimmtes (8) In the event that the Chairperson of a committee is prevented from Ausschussmitglied die Sitzung. Das Recht zum Stichentscheid des attending a meeting, a member of the committee appointed by the Ausschussvorsitzenden steht dem von ihm bestimmten Vertreter nach § Chairperson of the committee will chair the meeting as deputy 10 Abs. 7 zu. Chairperson. The Deputy Chairperson shall be entitled to cast the deciding vote in accordance with Section 10 para. 7. (9) Der Vorsitzende eines jeden Ausschusses berichtet regelmäßig an den (9) The Chairperson of each committee shall regularly report to the Aufsichtsrat über die Tätigkeit seines Ausschusses. Supervisory Board on the activities of their respective committee. (10) Mitglieder des Vorstands nehmen an den Sitzungen der Ausschüsse teil, (10) Management Board members shall participate in meetings of soweit der Vorsitzende des Ausschusses dies wünscht. committees if so requested by the Chairperson of the committee. (11) Der Prüfungsausschuss, der Vergütungsausschuss sowie der Corporate (11) The Audit Committee, Compensation Committee and Corporate Governance- und Nominierungsausschuss sind für die Erfüllung der Governance and Nominations Committee shall be responsible for ihnen übertragenen und in der vom Aufsichtsrat beschlossenen performing the duties assigned to them and defined in greater detail Geschäftsordnung für den jeweiligen Ausschuss bzw. durch besondere by the Rules of Procedure for the relevant Committee adopted by the Beschlüsse des Aufsichtsrats näher definierten Aufgaben zuständig. Supervisory Board or through special resolutions of the Supervisory Board.
Page/Seite 14 of/von 15 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION § 11 Section 11 Selbstbeurteilung Self-assessment Der Aufsichtsrat beurteilt regelmäßig, wie wirksam der Aufsichtsrat The Supervisory Board assesses at regular intervals how effective the insgesamt und seine Ausschüsse ihre Aufgaben erfüllen. Gegenstand Supervisory Board as a whole and its committees fulfil their tasks. dieser Selbstbeurteilung sind neben vom Aufsichtsrat festzulegenden Subjects of the review are, in addition to the qualitative criteria to be qualitativen Kriterien insbesondere die Verfahrensabläufe im determined by the Supervisory Board, in particular its proceedings as Aufsichtsrat sowie die rechtzeitige und inhaltlich ausreichende well as the timely supply of information that is sufficient in terms of Informationsversorgung des Aufsichtsrats. content to the Supervisory Board. § 12 Section 12 Inkrafttreten Effective Date Diese Geschäftsordnung tritt am 9 Juni 2020 in Kraft und bleibt in These Rules of Procedure shall become effective on June 9, 2020, dieser Form wirksam, bis sie durch den Aufsichtsrat geändert oder and shall remain in force in this form until amended or abolished by aufgehoben wird. Die Regelungen dieser Geschäftsordnung finden nur the Supervisory Board. The provisions of these rules of Procedure insoweit Anwendung, als sie der jeweils geltenden Fassung der Satzung only apply to the extent that there are no inconsistencies with the nicht widersprechen. respective up-to-date version of the Articles of Association.
Page/Seite 15 of/von 15 Exhibit 3.3
VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION
GESCHÄFTSORDNUNG FÜR DEN RULES OF PROCEDURE FOR THE VORSTAND MANAGEMENT BOARD DER OF
JUMIA TECHNOLOGIES AG JUMIA TECHNOLOGIES AG Der Aufsichtsrat der Jumia Technologies AG (die „Gesellschaft“, die The Supervisory Board of Jumia Technologies AG (the “Company”, the Gesellschaft zusammen mit ihren Konzernunternehmen nachfolgend auch das Company together with its group companies hereinafter also the „Unternehmen“) hat durch Beschluss vom 29 April 2020 gemäß § 6 Abs. 3 “Enterprise”) has adopted the following Rules of Procedure for the Satz 2 der Satzung die folgende Geschäftsordnung für den Vorstand, Management Board, including the Business Responsibilities Plan attached einschließlich des als Anlage 1 beigefügten Geschäftsverteilungsplans und hereto as Annex 1, and the catalogue of transactions and measures des als Anlage 2 beigefügten Katalogs von zustimmungsbedürftigen requiring approval attached hereto as Annex 2 pursuant to Section 6 para. Geschäften und Maßnahmen beschlossen. 3 sentence 2 of the Articles of Association by resolution dated 29 April 2020. § 1 Section 1 Allgemeines General Provisions (1) Der Vorstand leitet die Geschäfte der Gesellschaft in eigener (1) The Management Board shall manage the business of the Company in Verantwortung. Der Vorstand ist dabei an das Unternehmensinteresse its own responsibility. In doing so, the Management Board is obliged gebunden und der Steigerung des nachhaltigen Unternehmenswertes to act in the best interest of the Enterprise and to pursue the objective verpflichtet. Er entwickelt die strategische Ausrichtung des of increasing the sustainable value of the Enterprise. The Unternehmens, stimmt diese regelmäßig mit dem Aufsichtsrat ab und Management Board develops and regularly coordinates with the sorgt für ihre Umsetzung. Supervisory Board on the strategic direction of the Enterprise, and ensures its implementation. (2) Der Vorstand führt die Geschäfte der Gesellschaft unter Beachtung der (2) The Management Board conducts the Company’s business with the Sorgfalt eines ordentlichen und gewissenhaften Geschäftsleiters nach due care and diligence of a prudent and conscientious manager in Maßgabe der Gesetze, der Satzung, dieser Geschäftsordnung und den accordance with the applicable law, the Articles of Association, these jeweiligen Anstellungsverträgen. Er arbeitet mit den übrigen Organen Rules of Procedure, and the relevant employment agreements. It der Gesellschaft zum Wohle des Unternehmens kollegial und cooperates in an atmosphere of collegiality and trust with the other vertrauensvoll zusammen. bodies of the Company to the benefit of the Enterprise. (3) Der Vorstand hat für die Einhaltung der gesetzlichen Bestimmungen und (3) The Management Board shall ensure compliance with all legal der unternehmensinternen Richtlinien zu sorgen und wirkt auf deren requirements and internal policies of the Enterprise and works to Beachtung durch die Konzernunternehmen hin (Compliance). Er sorgt effectuate compliance by the group companies (compliance). It für ein angemessenes Risikomanagement und Risikocontrolling. ensures appropriate risk management and risk controlling in the Enterprise.
1/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION § 2 Section 2 Geschäftsverteilung Allocation of Business Responsibilities Die aktuelle Verteilung der Geschäftsbereiche ergibt sich aus dem als The current allocation of the responsibilities for business areas is set forth Anlage 1 beigefügten Geschäftsverteilungsplan, der Bestandteil dieser in the Business Responsibilities Plan attached hereto as an Annex 1, being Geschäftsordnung ist. Der Geschäftsverteilungsplan kann bei wesentlichen part of these Rules of Procedure. Material changes to the Business Änderungen durch einstimmigen Beschluss des Vorstands mit vorheriger Responsibilities Plan may be made on the basis of a unanimous Zustimmung des Aufsichtsrats geändert werden. Unwesentliche Änderungen Management Board resolution with the prior consent of the Supervisory des Geschäftsverteilungsplans können durch den Vorstand, mit Board. Non-material changes to the Business Responsibilities Plan may be unverzüglicher Nachricht an den Aufsichtsrat, vorgenommen werden. made by the Management Board with prompt notice to the Supervisory Board. § 3 Section 3 Führung der Geschäftsbereiche und Gesamtverantwortung Management of Business Areas and Joint Responsibility (1) Die Aufgabenbereiche der Vorstandsmitglieder ergeben sich aus dem (1) The responsibilities of the individual members of the Management Geschäftsverteilungsplan. Jedes Vorstandsmitglied führt den ihm Board are determined by the Business Responsibility Plan. Each zugewiesenen Geschäftsbereich im Rahmen der Vorstandsbeschlüsse in member of the Management Board is independently responsible for eigener Verantwortung; eine generelle Einzelvertretungsbefugnis wird managing the business areas allocated to him/her within the dadurch nicht begründet. framework of the Management Board resolutions; no general power to represent the Company solely shall be established hereby. (2) Die Führung aller Geschäftsbereiche ist einheitlich auf die durch die (2) The conduct of all business areas shall uniformly be oriented towards Beschlüsse des Vorstands festgelegten Ziele auszurichten. the objectives established by the resolutions of the Management Board. (3) Unbeschadet der Geschäftsverteilung tragen die Vorstandsmitglieder (3) Notwithstanding the allocation of business areas, the members of the gemeinsam die Verantwortung für die gesamte Geschäftsführung der Management Board bear joint responsibility for the entire Gesellschaft. Sie arbeiten kollegial zusammen und unterrichten sich management of the Company’s business. They work together in a gegenseitig laufend über wichtige Maßnahmen und Vorgänge in ihren spirit of collegiality and keep one another informed about all major Geschäftsbereichen. business transactions and measures adopted in their respective business areas. (4) Jedes Vorstandsmitglied kann von jedem anderen Vorstandsmitglied (4) Each member of the Management Board is entitled to demand jederzeit Auskunft über konkrete Geschäftsangelegenheiten aus dem information at any time from any other member of the Management jeweiligen Geschäftsbereich des Vorstandsmitglieds verlangen. Der Board on individual matters relating to their respective business Vorstand ist regelmäßig über die Geschäftsentwicklung in den einzelnen areas. The Management Board shall be regularly informed about Geschäftsbereichen von dem jeweils zuständigen Vorstandsmitglied zu developments in the individual business areas by the Management informieren. Board member bearing the relevant responsibility.
2/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (5) Soweit Maßnahmen und Geschäfte eines Geschäftsbereichs zugleich (5) Insofar as measures and transactions in any business area affect one einen oder mehrere andere Geschäftsbereiche betreffen, muss sich das or more other business areas, the Management Board members in Mitglied des Vorstands zuvor mit den anderen beteiligten Mitgliedern charge of the affected areas shall consult with each other in advance. abstimmen. Wenn eine Einigung nicht zustande kommt, ist jedes If no agreement is achieved at such consultation, each involved beteiligte Mitglied des Vorstands verpflichtet, eine Beschlussfassung des Management Board member is obliged to cause a resolution to be Vorstands herbeizuführen. In diesem Fall hat die Maßnahme bis zur passed by the Management Board. In this event, the measure or Entscheidung des Gesamtvorstands zu unterbleiben, soweit nicht ein transaction may not be undertaken before the entire Management sofortiges Tätigwerden nach pflichtgemäßem Ermessen zur Vermeidung Board has decided on this issue unless immediate action is required, drohender schwerer Nachteile für die Gesellschaft und/oder ihre as reasonably determined, to prevent impending material prejudice to Konzernunternehmen erforderlich ist. Über ein solches selbstständiges the Company and/or its group companies. Such independent action Handeln ist der Gesamtvorstand unverzüglich zu unterrichten. shall be reported to the entire Management Board without undue delay. (6) Jedes Mitglied des Vorstands ist verpflichtet, bei schwerwiegenden (6) Each member of the Management Board is obliged to object to Bedenken bezüglich einer Angelegenheit eines anderen measures in the business responsibility area of another Management Geschäftsbereichs der Maßnahme zu widersprechen, wenn die Bedenken Board member if he/she has serious concerns about the measure, and nicht durch eine Aussprache mit dem anderen Mitglied des Vorstands these concerns cannot be resolved by discussion with the other behoben werden können. Wenn eine Einigung zwischen den beiden member. In the absence of agreement between the two members, Vorstandsmitgliedern nicht zustande kommt, gilt Absatz 5 Sätze 2 bis 4 paragraph 5 sentences 2 through 4 shall apply accordingly. entsprechend. (7) Maßnahmen und Geschäfte im Geschäftsbereich eines (7) Measures and transactions within the scope of the business area of a Vorstandsmitglieds, die für die Gesellschaft und/oder ihre Management Board member which are of exceptional importance for Konzernunternehmen von außergewöhnlicher Bedeutung sind oder mit the Company and/or its group companies or involve an exceptional denen ein außergewöhnliches wirtschaftliches Risiko verbunden ist, economic risk require the prior consent of the entire Management bedürfen der vorherigen Zustimmung des Gesamtvorstands. Absatz 5 Board. Paragraph 5 sentences 2 through 4 shall apply accordingly. Sätze 2 bis 4 gelten entsprechend. (8) Der Vorstand legt die Regeln fest, nach denen sich die (8) The Management Board shall adopt regulations concerning the Vorstandsmitglieder bei Abwesenheit oder Verhinderung vertreten. representation of Management Board members in case of absence or unavailability.
3/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION § 4 Section 4 Entscheidungen des Gesamtvorstands Decisions of the Entire Management Board (1) Unbeschadet der Regelung in § 3 dieser Geschäftsordnung entscheidet (1) Notwithstanding the provisions of Section 3 of these Rules of der Vorstand in seiner Gesamtheit über alle Angelegenheiten, in denen Procedure, the entire Management Board shall decide matters for das Gesetz, die Satzung oder diese Geschäftsordnung eine Entscheidung which a decision of the entire Management Board is required by law, durch den Vorstand vorsehen. Der Gesamtvorstand entscheidet by the Articles of Association or by these Rules of Procedure. In insbesondere über particular, the entire Management Board shall decide on a) die Strategie des Unternehmens, wesentliche Fragen der a) the strategy of the Enterprise, fundamental issues of the business Geschäftspolitik sowie alle übrigen Angelegenheiten, insbesondere policy and any other matters, especially national or international nationale oder internationale Geschäftsbeziehungen, die von business relations, which are of special importance and scope besonderer Bedeutung und Tragweite für die Gesellschaft und/oder for the Company and/or its group companies; ihre Konzernunternehmen sind; b) die Jahres- und Mehrjahresplanung für das Unternehmen sowie b) the annual and multi-year business planning for the Enterprise insbesondere die dazugehörige Investitions- und Finanzplanung; and in particular the related investment and financial planning; c) die Aufstellung des Jahresabschlusses und des Lageberichts sowie c) the preparation of the annual financial statements and the des Konzernabschlusses und des Konzernlageberichts sowie von management report, the consolidated financial statements and Halbjahres- und Quartalsfinanzberichten, Zwischenmitteilungen the group management report, as well as semi-annual and und sonstigen vergleichbaren Berichten; quarterly financial reports, interim announcements and other comparable reports; d) die Einberufung der Hauptversammlung und Vorschläge des d) the convocation of the General Meeting and the Management Vorstands zur Beschlussfassung durch die Hauptversammlung; Board’s proposals for resolutions to be passed by the General Meeting; e) die periodische Berichterstattung an den Aufsichtsrat; e) the periodical reporting to the Supervisory Board; f) die Maßnahmen und Rechtsgeschäfte, die nach Gesetz, Satzung f) measures and legal transactions requiring the approval of the oder dieser Geschäftsordnung der Zustimmung des Aufsichtsrats Supervisory Board or of the General Meeting pursuant to oder der Hauptversammlung bedürfen; relevant laws, the Articles of Association or these Rules of Procedure; g) wichtige Personalangelegenheiten; g) fundamental issues relating to personnel matters; h) (i) Festlegung oder Änderung der Vergütungsgrundsätze für die h) (i) setting up or amending of the compensation principles for 2. Führungsebene sowie (ii) Vereinbarung oder Änderung der second level executives and (ii) entering into or amending the Anstellungsbedingungen von Angestellten der 2. Führungsebene terms of employment of any second level executive (including (einschließlich im Hinblick auf Gehalt oder andere Vergütung); with respect to salary or other compensation); i) Erlass, Änderung und Aufhebung des Geschäftsverteilungsplans für i) adoption, amendment and rescission of the Business den Vorstand; Responsibility Plan for the Management Board;
4/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION j) die Abgabe der Erklärung zum Deutschen Corporate Governance j) the issuance of the declaration relating to the German Corporate Kodex gem. § 161 AktG, soweit eine solche abzugeben ist; Governance Code pursuant to Section 161 German Stock Corporation Act (if applicable); k) alle Angelegenheiten, die nicht durch den Geschäftsverteilungsplan k) all matters which are not allocated to the business area of an dem Geschäftsbereich eines Vorstandsmitglieds zugewiesen sind; individual member of the Management Board under the Business Responsibility Plan; l) in allen Angelegenheiten, die dem Vorstand durch ein Mitglied des l) all matters which have been presented for resolution to the Vorstands zur Beschlussfassung vorgelegt werden oder bei denen Management Board by a member of the Management Board or ein Mitglied des Vorstands die Beschlussfassung verlangt. with respect to which a member of the Management Board has requested a resolution by the entire Management Board. (2) Der Gesamtvorstand kann einzelne Vorstandsmitglieder mit der (2) The entire Management Board may authorize individual members to Durchführung der Beschlüsse und mit der Ausführung von Maßnahmen implement resolutions and measures which fall within the beauftragen, die dem Gesamtvorstand obliegen oder responsibility of the entire Management Board or set up committees Vorstandsausschüsse bilden. of the Management Board.
5/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION
§ 5 Section 5 Vorstandsvorsitzende Chairpersons of the Management Board
(1) Der bzw. die Vorstandsvorsitzenden koordinieren die gesamte (1) The Chairperson or Chairpersons of the Management Board Vorstandstätigkeit. Ihm bzw. ihnen obliegt es, die Führung der coordinate all Management Board activities. He/she or they shall Vorstandsbereiche auf die durch die Beschlüsse des Vorstands align the management of all business areas with the goals set by the festgelegten Ziele auszurichten. resolutions of the Management Board.
(2) Der bzw. die Vorstandsvorsitzenden, einzeln oder gemeinsam, (2) The Chairperson or Chairpersons, individually or jointly, represent repräsentieren den Vorstand und die Gesellschaft gegenüber der the Management Board and the Company to the public. The Öffentlichkeit. Der bzw. die Vorstandsvorsitzenden können diese Chairperson or Chairpersons each may transfer this task to another Aufgabe für bestimmte Bereiche oder im Einzelfall jeweils auf ein member of the Management Board for specific areas or in individual anderes Vorstandsmitglied übertragen. cases.
(3) Dem bzw. den Vorstandsvorsitzenden ob-liegt die Federführung in der (3) The Chairperson or Chairpersons shall lead the cooperation with the Zusammenarbeit mit dem Aufsichtsrat und dessen Mit-gliedern sowie Supervisory Board and its members as well as inform the die Information des Aufsichtsratsvorsitzenden über außergewöhnliche Chairperson of the Supervisory Board about extraordinary events of Ereignisse von besonderer Bedeutung. particular importance.
(4) Der bzw. die Vorstandsvorsitzenden regeln im Einvernehmen mit dem (4) The Chairperson or Chairpersons shall determine, in agreement with Aufsichtsratsvor-sitzenden die Vertretung bei Urlaub, Erkrankung und the Chairperson of the Supervisory Board, the manner in which sonstiger Verhinderung von Vorstandsmitgliedern. Der bzw. die members of the Management Board represent each other in cases of Vorstandsvorsitzenden stimmen die Urlaubswünsche der anderen absence due to vacation, sickness or for other reasons. He/she or they Vorstandsmitglieder miteinander ab. shall coordinate the vacation requests of the other members of the Management Board.
§ 6 Section 6 Sitzungen und Beschlussfassung Meetings and Resolutions
(1) Vorstandssitzungen sollen regelmäßig, mindestens jedoch alle zwei (1) The Management Board shall meet on a regular basis, at least once Wochen stattfinden. Sie müssen stattfinden, wenn es das Wohl der every two weeks. The Management Board must meet whenever it is Gesellschaft erfordert. necessary for the Company’s benefit.
(2) Jedes Vorstandsmitglied sowie der Aufsichtsrat kann die unverzügliche (2) Each member of the Management Board, as well as the Supervisory Einberufung einer Sitzung unter Mitteilung des Beratungsgegenstands Board, may demand the immediate convocation of a meeting of the verlangen. Jedes Mitglied des Vorstands hat das Recht, die Aufnahme Management Board stating the matters to be discussed. Each member eines Punktes auf die Tagesordnung zu verlangen. of the Management Board has the right to demand that an item shall be placed on the agenda.
6/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (3) Die Einberufung der Sitzungen, deren Anberaumung, Vorbereitung und (3) Each Chairperson may convene the meetings and is responsible for Durchführung sowie die Überwachung der Durchführung der their scheduling, preparation and execution as well as for monitoring Beschlüsse des Gesamtvorstands durch das jeweils zuständige the implementation of the resolutions of the entire Management Vorstandsmitglied obliegt einem der Vorstandsvorsitzenden. Board through the respectively competent member of the Management Board.
(4) Der Vorstand beschließt in der Regel in Sitzungen. Auf Antrag eines (4) Resolutions of the Management Board shall generally be passed in Vorstandsmitglieds können Sitzungen auch in Form einer meetings. At the request of a member of the Management Board, Telefonkonferenz oder mittels sonstiger elektronischer meetings may also be held in the form of a telephone conference or Kommunikationsmittel (insbesondere Videokonferenz) abgehalten oder by other electronic means of communication (in particular by video einzelne Vorstandsmitglieder telefonisch oder mittels sonstiger conference) and individual members of the Management Board may elektronischer Kommunikationsmittel (insbesondere Videokonferenz) be connected to meetings via telephone or by other electronic means zugeschaltet werden, wenn kein Mitglied des Vorstands diesem of communication (in particular by video conference) if no member Verfahren unverzüglich widerspricht. In diesen Fällen kann die of the Management Board objects to this procedure without undue Beschlussfassung auch im Wege der Telefonkonferenz oder mittels delay. In such cases resolutions may also be passed by way of sonstiger elektronischer Kommunikationsmittel (insbesondere telephone conference or by other electronic means of communication Videokonferenz) erfolgen und die so zugeschalteten Mitglieder gelten (in particular by video conference), and the members connected in als an der Sitzung teilnehmende Mitglieder. this way are deemed to participate in the meeting.
(5) Beschlüsse können auch außerhalb von Sitzungen durch schriftliche, per (5) Resolutions of the Management Board may also be adopted outside Telefax, per E-Mail oder mittels sonstiger gebräuchlicher (einschließlich of meetings by votes cast in writing, by telefax, by e-mail or any elektronischer) Kommunikationsmittel, in Kombination der other customary (including electronic) means of communication or in vorgenannten Formen (einschließlich im Umlaufverfahren) sowie in a combination of the aforementioned forms, including by way of Kombination mit einer Beschlussfassung in einer Sitzung gefasst circular resolution, as well as in a combination with adopting the werden, wenn ein Vorstandsmitglied dies beantragt und kein resolution in a meeting at the request of a member of the Vorstandsmitglied diesem Verfahren unverzüglich widerspricht. Sofern Management Board if no other member objects to this procedure ein Mitglied des Vorstands nicht an einer solchen Beschlussfassung without undue delay. If a member of the Management Board has not teilgenommen hat, soll es unverzüglich über die gefassten Beschlüsse participated in such voting, he/she shall be informed of the passed informiert werden. resolutions without undue delay.
(6) Ein aus nur zwei Personen bestehender Vorstand ist nur beschlussfähig (6) If the Management Board has only two members, the presence of all wenn alle Mitglieder an der Beschlussfassung teilnehmen. Ein aus drei members shall constitute a quorum. If the Management Board has oder mehr Personen bestehender Vorstand ist beschlussfähig, wenn three or more members, a quorum shall be present if at least half of mindestens die Hälfte der Mitglieder, aus denen er insgesamt besteht, an its members take part in the voting pursuant to para. 4 or 5. Members der Beschlussfassung in einer der in Absatz 4 oder 5 genannten Formen of the Management Board who abstain from voting are also teilnimmt. Ein Vorstandsmitglied nimmt für diese Zwecke auch an der considered to take part in the voting for these purposes. Beschlussfassung teil, wenn es sich bei der Abstimmung der Stimme enthält.
7/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (7) Der Vorstand soll sich nach Kräften bemühen, alle seine Beschlüsse (7) The Management Board shall use its best efforts to ensure that einstimmig zu fassen. Sollte keine Einstimmigkeit erreicht werden, wird resolutions are adopted unanimously. If unanimity cannot be der Beschluss mit der einfachen Mehrheit der abgegebenen Stimmen achieved, resolutions are passed with a simple majority of the votes gefasst, sofern nicht im Gesetz oder der Satzung oder diese cast, unless other majorities are required by applicable laws, the Geschäftsordnung andere Mehrheiten zwingend vorgeschrieben sind. Articles of Association or these Rules of Procedure. If the Wenn der Vorstand aus nur zwei Personen besteht, kann der Vorstand Management Board has only two members, any resolutions must be nur einstimmig beschließen. adopted unanimously.
(8) Über die im Geschäftsbereich eines nicht an einer Sitzung (8) Matters belonging to the business area within the responsibility of a teilnehmenden Vorstandsmitglieds fallenden Angelegenheiten soll nur member of the Management Board who does not participate in a in dringenden Ausnahmefällen beraten und entschieden werden. Das meeting shall be discussed and resolved upon only in urgent betroffene Vorstandsmitglied ist über die Beratung und das Ergebnis zu exceptional cases. The relevant member shall be informed about the unterrichten. Findet das Ergebnis einer Beschlussfassung nicht die discussions and the result. If the relevant member does not agree with Zustimmung des betroffenen Vorstandsmitglieds, so hat dies the result of the resolution, he/she shall raise an objection to the other unverzüglich gegenüber den anderen Mitgliedern zu widersprechen. members without undue delay. Following the necessary written or Über den Gegenstand der Beschlussfassung ist sodann in der nächsten oral objection, the matter shall again be discussed and resolved upon Sitzung aufgrund des schriftlichen oder mündlichen Widerspruchs in the next meeting. erneut zu beraten und zu beschließen.
(9) Über die Sitzungen des Vorstands ist eine Niederschrift in Textform (9) Minutes for each meeting of the Management Board shall be anzufertigen, aus der sich Ort und Tag der Sitzung, die Teilnehmer und recorded in text form, and include the location and date of the die Art ihrer Teilnahme, die Tagesordnung und der Wortlaut der meeting, the participating members and the manner of their Beschlüsse unter Angabe des Abstimmungsergebnisses ergeben. Eine participation, the agenda and the wording of the resolutions with the Abschrift der Niederschrift soll jedem Vorstandsmitglied unverzüglich respective voting results. A copy of the minutes shall be made zur Verfügung gestellt werden. Die Niederschrift gilt als genehmigt, available to all members of the Management Board without undue wenn kein Mitglied des Vorstands in der nächsten, dem Zugang der delay. The minutes are deemed to be approved if no member of the Niederschrift folgenden Sitzung widerspricht. Management Board objects to them in the next meeting following the receipt of the minutes.
8/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION § 7 Section 7 Berichterstattung an den Aufsichtsrat Reporting Obligations to the Supervisory Board
(1) Der Vorstand hält mit dem Aufsichtsratsvorsitzenden regelmäßig (1) The Management Board shall maintain regular contact with the Kontakt, unterrichtet diesen über den Gang der Geschäfte und die Chairperson of the Supervisory Board, informs him/her about the gegenwärtige Lage der Gesellschaft und ihrer Konzernunternehmen und course of business and the present business situation of the Company berät mit ihm Strategie, Planung und Geschäftsentwicklung und das and its group companies and discusses with him/her the business Risikomanagement des Unternehmens. Bei wichtigen Anlässen und bei strategy, planning, business development and risk management of the geschäftlichen Angelegenheiten, die für die Beurteilung der Lage und Enterprise. The Management Board shall inform the Chairperson of Entwicklung sowie für die Leitung des Unternehmens von erheblichem the Supervisory Board without undue delay about important events Einfluss sein könnten, hat er an den Vorsitzenden des Aufsichtsrats and business matters, which may be essential to the Company’s unverzüglich zu berichten; hierzu gehören insbesondere Mängel, die im position or development as well as the management of the Enterprise, Rahmen des Überwachungssystems nach § 91 Abs. 2 AktG bekannt in particular on any deficiencies being found by the monitoring werden. system pursuant to Section 91 para. 2 of the German Stock Corporation Act. (2) Der Vorstand hat gegenüber dem Aufsichtsrat die nach geltendem Recht (2) The Management Board has reporting and information obligations und in dieser Geschäftsordnung (insbesondere § 9) vorgesehenen towards the Supervisory Board as provided by applicable law and Berichts- und Informationspflichten. Insbesondere hat der Vorstand auf these Rules of Procedure (in particular Section 9). In particular, the Verlangen des Aufsichtsrats oder eines seiner Mitglieder jederzeit dem Management Board shall, at any time upon request of the Aufsichtsrat über alle Angelegenheiten der Gesellschaft, ihre rechtlichen Supervisory Board or any of its members, report to the Supervisory und geschäftlichen Beziehungen mit verbundenen Unternehmen sowie Board on all matters regarding the Company, its legal and business alle Geschäftsvorgänge und Angelegenheiten bei diesen verbundenen relations with affiliated companies and any business transactions and Unternehmen, die eine erhebliche Auswirkung auf die Lage der matters at such affiliated companies that may have a significant Gesellschaft haben können, Bericht zu erstatten. Der Vorstand nimmt an impact on Company’s position. The Management Board shall attend den Sitzungen des Aufsichtsrats teil, soweit der Aufsichtsratsvorsitzende the meetings of the Supervisory Board unless the Chairperson of the nichts anderes bestimmt. Supervisory Board decides otherwise.
(3) Der Vorstand hat den Aufsichtsrat über alle Änderungen der zuvor mit (3) The Management Board shall inform the Supervisory Board about dem Aufsichtsrat besprochenen oder von diesem genehmigten Strategie any changes to the strategy of the Company as previously aligned der Gesellschaft zu informieren. with or approved by the Supervisory Board.
§ 8 Section 8 Zustimmungspflichtige Geschäfte Transactions Requiring Approval
(1) Neben den Geschäften, die nach Gesetz oder Satzung der Zustimmung (1) Apart from transactions which must be approved by the Supervisory des Aufsichtsrats bedürfen, darf der Vorstand die Geschäfte und Board under applicable law or the Articles of Association, the Maßnahmen, die in Anlage 2 aufgeführt sind, nur nach vorheriger Management Board may undertake the transactions and measures Zustimmung (Einwilligung) des Aufsichtsrats bzw. eines vom listed in Annex 2 only after prior approval by the Supervisory Board Aufsichtsrat hiermit betrauten Aufsichtsratsausschusses vornehmen. or, if applicable, after prior approval by a Supervisory Board committee which has been appointed for these purposes by the Supervisory Board.
9/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (2) Die vorherige Zustimmung ist auch erforderlich, wenn die in Anlage 2 (2) Prior approval of the Supervisory Board is also required when aufgeführten Maßnahmen und Geschäfte von Tochterunternehmen oder transactions and measures listed in Annex 2 are carried out by Gemeinschaftsunternehmen (§ 310 HGB) vorgenommen werden sollen. subsidiaries or joint ventures (Section 310 Commercial Code). The Der Vorstand soll im Rahmen des rechtlich Möglichen dafür Sorge Management Board shall ensure, to the extent legally permitted, that tragen, dass Maßnahmen und Geschäfte entsprechend Anlage 2 bei the transactions and measures listed in Annex 2 carried out by Tochtergesellschaften oder Gemeinschaftsunternehmen seiner subsidiaries or joint ventures require the prior consent of the vorherigen Zustimmung bedürfen und darf diesen erst nach Erteilung Management Board and may only give its consent after receiving der Einwilligung durch den Aufsichtsrat bzw. des hiermit betrauten approval from the Supervisory Board or, if applicable, a competent Aufsichtsratsausschusses zustimmen. committee of the Supervisory Board.
(3) Der Aufsichtsrat kann die Zustimmung zu einem bestimmten Kreis von (3) The Supervisory Board may give revocable consent in advance to a Geschäften widerruflich allgemein oder für den Fall, dass das einzelne certain group of transactions in general or to individual transactions Geschäft bestimmten Anforderungen genügt, im Voraus erteilen. that meet certain requirements. (4) Sofern die Einwilligung des Aufsichtsrats bzw. des hiermit betrauten (4) If, due to special circumstances, awaiting the approval of the Aufsichtsratsausschusses in Folge besonderer Umstände nicht ohne Supervisory Board or, if applicable, a competent Supervisory Board erheblichen Nachteil für die Gesellschaft abgewartet werden kann, ist Committee would have a material adverse effect on the Company, the die Einwilligung zumindest des Aufsichtsratsvorsitzenden einzuholen. Management Board shall obtain at minimum the approval of the Die Genehmigung durch den Aufsichtsrat bzw. durch den betrauten Chairperson of the Supervisory Board. In such cases, the approval of Aufsichtsratsausschuss ist in diesem Fall unverzüglich nachzuholen. the Supervisory Board or, if applicable, a competent committee shall be obtained thereafter without undue delay.
(5) Die Einwilligung des Aufsichtsrats zu Geschäften und Maßnahmen ist (5) The Supervisory Board’s approval of any transaction or measure is nicht erforderlich, wenn der Aufsichtsrat bzw. der betraute not required if the Supervisory Board or, if applicable, the competent Aufsichtsratsausschuss diese Art von Geschäft bzw. Maßnahme bereits committee has already approved such transactions or measures in im Allgemeinen oder im Einzelfall im Zusammenhang mit der general or on an individual basis in connection with the business Unternehmensplanung genehmigt hat oder soweit dieses Geschäft oder planning, or to the extent that such a transaction or measure is already diese Maßnahmen bereits im Budget der Gesellschaft und ihrer included in the budget of the Company and its group companies. Konzernunternehmen enthalten ist.
§ 9 Section 9 Berichterstattung Reporting
(1) Der Vorstand berichtet dem Aufsichtsrat mindestens einmal im (1) At least once per quarter, the Management Board shall inform the Kalenderquartal über die beabsichtigte Geschäftspolitik der Gesellschaft Supervisory Board of its intended business policy in relation to the und andere grundsätzliche Fragen der Unternehmensplanung Company and of other fundamental issues related to business (insbesondere die Finanz-, Investitions- und Personalplanung), wenn planning (especially financial, investment and human resources nicht Änderungen der Lage oder neue Fragen eine unverzügliche planning), unless changes in the Company’s situation or new issues Berichterstattung gebieten. Der Vorstand hat dabei auf Abweichungen demand an immediate reporting. In this regard, the Management der tatsächlichen Entwicklung von früher berichteten Zielen unter der Board shall report on deviations of the actual business development Angabe von Gründen einzugehen. from previously formulated plans and targets, including the reasons for such deviation.
10/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION (2) Der Vorstand berichtet in der Sitzung des Aufsichtsrats, in der über den (2) The Management Board shall inform the Supervisory Board of the Jahresabschluss verhandelt wird, über die Rentabilität der Gesellschaft, Company’s profitability, especially in relation to the return on equity, insbesondere die Rentabilität des Eigenkapitals. in the Supervisory Board meeting that discusses the annual financial statements. (3) Der Vorstand berichtet dem Aufsichtsrat in Textform regelmäßig, (3) On a regular basis, at least once every quarter, the Management mindestens vierteljährlich, über den Gang der Geschäfte, insbesondere Board shall inform the Supervisory Board in text form of the den Umsatz, und die Lage der Gesellschaft. Company’s business progress, especially its sales revenues, and the Company’s position.
(4) Der Vorstand berichtet dem Aufsichtsrat so rechtzeitig über Geschäfte, (4) The Management Board shall inform the Supervisory Board die für die Rentabilität oder Liquidität der Gesellschaft von erheblicher sufficiently in advance of any transactions which may have a Bedeutung sein können, dass der Aufsichtsrat vor Vornahme der significant impact on the Company’s profitability or liquidity so that Geschäfte Gelegenheit hat, zu ihnen Stellung zu nehmen. the Supervisory Board may comment on such transactions before they are undertaken.
(5) Die Berichterstattung nach den vorstehenden Absätzen 1 bis 4 hat auch (5) All reporting in accordance with the preceding para. 1 through 4 shall auf Tochterunternehmen und Gemeinschaftsunternehmen (§ 310 HGB) include information relating to subsidiaries and joint ventures einzugehen. (Section 310 Commercial Code).
(6) Der Vorstand berichtet bei wichtigen Anlässen gem. § 90 Abs. 1 Satz 3 (6) The Management Board shall inform the Chairperson of the AktG und bei geschäftlichen Angelegenheiten, die auf die Lage der Supervisory Board without undue delay of any important event Gesellschaft von erheblichem Einfluss sein können, unverzüglich an den according to Section 90 para. 1 sent. 3 of the Stock Corporation Act, Vorsitzenden des Aufsichtsrats. Als wichtiger Anlass ist auch ein dem as well as business matters which may have a significant impact on Vorstand bekannt gewordener geschäftlicher Vorgang bei einem the position of the Company. An important event shall be deemed to verbundenen Unternehmen anzusehen, der auf die Lage der Gesellschaft include business matters at an affiliated company of which the von erheblichem Einfluss sein kann. Management Board has become aware which may have a significant impact on the Company’s position.
(7) Die Berichte des Vorstands haben den Grundsätzen einer (7) The reports of the Management Board shall be prepared in gewissenhaften und getreuen Rechenschaft zu entsprechen. Sie sind, mit accordance with the principles of conscientious and faithful Ausnahme des Berichts an den Vorsitzenden des Aufsichtsrats nach § 90 accounting. The reports shall be issued, with the exception of the Abs. 1 Satz 3 AktG, in der Regel in Textform zu erstatten. reports to be provided to the Chairperson of the Supervisory Board Entscheidungsnotwendige Unterlagen, insbesondere der pursuant to Section 90 para. 1 sent. 3 of the Stock Corporation Act, in Jahresabschluss, der Konzernabschluss und der Prüfungsbericht, werden text form. Documents required for decisions, in particular den
11/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION Mitgliedern des Aufsichtsrats möglichst rechtzeitig vor der Sitzung the annual financial statements, the consolidated financial statements zugeleitet. Die Berichterstattung hat so zu erfolgen, dass der and the auditor’s report, shall be sent to the members of the Aufsichtsrat regelmäßig, zeitnah und umfassend über alle für das Supervisory Board in a timely fashion before the meeting. The Unternehmen relevanten Fragen der Strategie, der Planung, der reports are to be issued in a way that the Supervisory Board is Geschäftsentwicklung, der Risikolage, des Risikomanagements und der regularly, in a timely fashion and comprehensively informed about Compliance informiert ist. In den Berichten hat der Vorstand auf die all relevant issues of the Enterprise concerning strategy, planning, Strategieumsetzung sowie auf Abweichungen der Geschäftsentwicklung business development, risk position, risk management and von den aufgestellten Plänen und Zielen unter Angabe von Gründen der compliance. The reports of the Management Board shall address Abweichungen einzugehen. implementation of the Company’s strategy and deviations of the course of business from the underlying planning and targets and shall state the respective reasons for such deviations.
(8) § 90 AktG bleibt unberührt. (8) Section 90 of the Stock Corporation Act remains unaffected.
§ 10 Section 10 Interessenkonflikte Conflicts of Interest
(1) Die Mitglieder des Vorstands dürfen im Zusammenhang mit ihrer (1) Members of the Management Board may not, in connection with their Tätigkeit weder für sich noch für andere Personen von Dritten work, demand nor accept from third parties payments or other Zuwendungen oder sonstige Vorteile fordern oder annehmen oder advantages for themselves or for any other person nor grant unlawful Dritten ungerechtfertigte Vorteile gewähren. advantages to any third parties.
(2) Die Vorstandsmitglieder sind dem Unternehmensinteresse verpflichtet. (2) The members of the Management Board are required to act in the Kein Mitglied des Vorstands darf bei seinen Entscheidungen persönliche best interest of the Enterprise. No member of the Management Board Interessen verfolgen und Geschäftschancen, die der Gesellschaft oder may pursue personal interests in his/her decisions or make personal einem ihrer Tochterunternehmen zustehen, für sich nutzen. use of business opportunities of the Company or any of its subsidiaries.
(3) Jedes Vorstandsmitglied muss Interessenkonflikte unverzüglich (3) Each member of the Management Board shall disclose conflicts of gegenüber dem Aufsichtsrat zu Händen des Aufsichtsratsvorsitzenden interest without undue delay to the Supervisory Board, to the offen legen und die anderen Vorstandsmitglieder hierüber informieren. attention of the Chairperson of the Supervisory Board, and inform the other members of the Management Board thereof.
(4) Alle Geschäfte zwischen der Gesellschaft oder Konzernunternehmen (4) All transactions between the Company or members of the group on einerseits und den Vorstandsmitgliedern sowie ihnen nahestehenden the one hand and the members of the Management Board or parties Personen oder ihnen persönlich nahestehende Unternehmungen they are close to or companies they have a personal association with andererseits haben den Standards zu entsprechen, wie sie bei Geschäften on the other hand must comply with the standards applicable to arm’s mit fremden Dritten maßgeblich wären. length transactions.
12/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION § 11 Section 11 Verschwiegenheitspflicht Confidentiality Die Mitglieder des Vorstands sind - auch nach dem Ausscheiden als Mitglied The members of the Management Board are bound to confidentiality even des Vorstands - zur Verschwiegenheit verpflichtet. Sie stellen sicher, dass die after leaving the Management Board. They shall ensure that the staff von ihnen eingeschalteten Mitarbeiter die Verschwiegenheitsverpflichtung in members employed by them observe the confidentiality obligation gleicher Weise einhalten. accordingly. § 12 Section 12 Inkrafttreten Effective Date Diese Geschäftsordnung tritt am 9 Juni 2020 in Kraft und bleibt in dieser These Rules of Procedure shall become effective on 9 June 2020, and shall Form wirksam, bis sie durch den Aufsichtsrat geändert oder aufgehoben remain in force in this form until amended or abolished by the Supervisory wird. Die Regelungen dieser Geschäftsordnung finden nur insoweit Board. The provisions of these Rules of Procedure only apply to the extent Anwendung, als sie der jeweils geltenden Fassung der Satzung nicht that there are no inconsistencies with the respective up-to-date version of widersprechen. the Articles of Association.
New York, June 9, 2020 Place/Ort, Date/Datum
/s/ Jonathan D. Klein Jonathan D. Klein, Chairman (Aufsichtsratsvorsitzender)
Annex/Anlage 1—Geschäftsverteilungsplan / Business Responsibilities Plan Annex/Anlage 2—Zustimmungsbedüftige Geschäfte / Transactions Requiring the Approval of the Supervisory Board
13/20 Anlage 1 / Annex 1 Geschäftsverteilungsplan / Business Responsibilities Plan
VERANTWORTLICHKEITEN RESPONSIBILITIES Sacha Poignonnec und Jeremy Hodara sind gemeinsam verantwortlich Sacha Poignonnec and Jeremy Hodara share joint responsibility for für die strategische Ausrichtung, das Management und die operative the strategic direction, management and business operations of the Tätigkeit der Gesellschaft. Company. Innerhalb dieses Rahmens gemeinsamer Verantwortlichkeit liegt der Within this overall framework of joint responsibility, Sacha Schwerpunkt von Sacha Poignonec hauptsächlich auf dem operativen Poignonnec is currently primarily focused on operations, the Betrieb, dem On Demand-Geschäft der Gesellschaft sowie JumiaPay; Company’s On-Demand business and JumiaPay and Jeremy Hodara Jeremy Hodaras Schwerpunkt liegt hauptsächlich auf Konzern- und is currently primarily focused on corporate and business functions Geschäftsfunktionen einschließlich Personal, weltweite Finanzen, including human resources, global finance, investor relations, public Investor Relations, Public Relations, Recht und Compliance. relations, legal and compliance.
New York, June 9, 2020 Place/Ort, Date/Datum
/s/ Jonathan D. Klein Jonathan D. Klein, Chairman (Aufsichtsratsvorsitzender)
14/20 Anlage 2 / Annex 2 Zustimmungsbedürftige Geschäfte / Transactions Requiring Approval
VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION
TRANSACTIONS REQUIRING THE APPROVAL OF THE SUPERVISORY ZUSTIMMUNGSBEDÜRFTIGE GESCHÄFTE BOARD
- FASSUNG VOM 9 JUNI 2020— - AS OF 9 JUNE 2020 - Der Vorstand darf die folgenden Geschäfte und Maßnahmen nur mit The Management Board may undertake the following transactions and vorheriger Zustimmung (Einwilligung) des Aufsichtsrats vornehmen: measures only upon prior approval from the Supervisory Board: 1. 1. Strategie, Geschäftspolitik, Organisation Strategy, Business Policy, Organisation a) Material modification of the fields of business of the Company and a) Wesentliche Änderung der Geschäftszweige der Gesellschaft sowie the termination of existing and commencement of new fields of Beendigung bestehender und Aufnahme neuer Geschäftszweige; business; b) Änderungen des steuerlichen Sitzes, des Sitzes oder des Standorts der b) change of the Company’s tax residence, registered office or principal Hauptverwaltung der Gesellschaft sowie Änderungen der Rechtsform; place of business or change of the legal form; c) Verfügungen hinsichtlich jeglicher „Jumia“ Wortmarken oder Wort- und c) disposition of any of the “Jumia” word marks or any other word and Bildmarken, die gegenwärtig im Eigentum der Gesellschaft stehen. figurative marks currently owned by the Company. 2. 2. Planung, Investitionen, Budget Planning, Investments, Budget a) Annahme, Änderung oder Aufhebung des Jahresplans für die a) adoption, amendment or rescission of the combined annual business Gesellschaft einschließlich der dazugehörigen Investitions-, Budget- und plan for the Company including the related investment, budget and Finanzplanung; financial planning; b) Eingehen von Kredit-, Darlehensverträgen und sonstigen b) entering into credit or loan agreements or other financing agreements Finanzierungsverträgen als Kredit- oder Darlehensnehmer in einem as a borrower in excess of EUR 5,000,000 in the individual case as Umfang von mehr als EUR 5.000.000 im Einzelfall sowie well as changes to our credit line in excess of EUR 5,000,000; Veränderungen des Kreditrahmens von mehr als EUR 5.000.000;
15/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION c) Gewährung von Darlehen (i) soweit sie im Einzelfall einen Betrag von c) granting of loans (i) in excess of EUR 1,000,000 in the individual EUR 1.000.000 oder in ihrer Gesamtheit einen Betrag von case and EUR 2,000,000 in the aggregate per year (excluding loans to EUR 2.000.000 pro Jahr übersteigen (ausgenommen Darlehen an majority-owned companies or loans granted in the ordinary course of Unternehmen, deren Mehrheitsgesellschafter die Gesellschaft ist, sowie business, e.g. to suppliers or landlords) or (ii) to employees in excess Darlehen, die im Laufe des gewöhnlichen Geschäftsbetriebs z.B. an of EUR 100,000 in the individual case excluding wage and salary Lieferanten oder Vermieter gewährt werden) oder (ii) an Mitarbeiter, advances; sofern diese im Einzelfall EUR 100.000 übersteigen (ausgenommen Lohn- und Gehaltsvorschüsse); d) Einzelinvestitionen in Sachanlagen, soweit sie im Einzelfall einen Betrag d) individual investments in fixed assets exceeding an amount of von EUR 4.000.000 oder in ihrer Gesamtheit das festgelegte jährliche EUR 4,000,000 in the individual case or exceeding the agreed annual Investitionsbudget um einen Betrag von mehr als EUR 8.000.000 investment budget by more than an amount of EUR 8,000,000 in übersteigen; total; e) Bestellung von Sicherheiten, Verpfändungen oder Sicherungsabtretungen e) granting of collateral, pledge or transfer as security of assets of the bezüglich Gegenständen des Gesellschaftsvermögens, Gewährung oder Company, assumption or taking over of guarantees or similar Übernahme von Garantien oder ähnlichen Verpflichtungen oder liabilities or of sureties or personal guarantees, payment guarantees Bürgschaften, selbstschuldnerischen Bürgschaften, Zahlungsgarantien and of any and all obligations similar to personal guarantees oder jeglichen bürgschaftsähnlichen Verpflichtungen, die Abgabe von (bürgschaftsähnliche Verpflichtungen), issuance of letters of comfort Patronatserklärungen sowie das Eingehen von Wechselverbindlichkeiten, (Patronatserklärungen) as well as issuance of notes payable die jeweils einen Betrag von EUR 7.000.000 übersteigen oder außerhalb (Eingehen von Wechselverbindlichkeiten) in excess of an amount of des gewöhnlichen Geschäftsbetriebs liegen, wobei gesetzliche und/oder EUR 7,000,000 or outside the ordinary course of business, provided, übliche Sicherheiten und/oder Verbindlichkeiten der vorgenannten Art however, that statutory and/or customary securities and/or liabilities (z.B. Vermieterpfandrechte, Pfandrechte im Zusammenhang mit of the aforementioned kind (e.g. lessor’s lien, liens in connection with gewerblichen Kreditversicherungen, Eigentumsvorbehalte, commercial loan insurances, retention of title, custom and tax Hinterlegungen bei Zoll- oder Steuerbehörden etc.) oder Sicherheiten deposits, etc.) or securities and/or liabilities for the benefit of und/oder Verbindlichkeiten, die zugunsten eines Unternehmens, deren majority-owned companies shall always be considered as inside the Mehrheitsgesellschafter die Gesellschaft ist, gewährt bzw. eingegangen ordinary course of business; werden, immer als innerhalb des gewöhnlichen Geschäftsbetriebs liegend gelten sollen;
16/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION f) Termingeschäfte über Devisen, Wertpapiere und an Börsen gehandelte f) futures transactions concerning currencies, securities and exchange- Waren und Rechte sowie sonstige Geschäfte mit derivativen traded goods and rights as well as other transactions with derivative Finanzinstrumenten, sofern diese einen Betrag von EUR 2.000.000 financial instruments in excess of EUR 2,000,000 and made outside übersteigen und außerhalb des gewöhnlichen Geschäftsbetriebs the ordinary course of business; provided, however, that hedging vorgenommen werden, wobei Hedging-Geschäfte zur Absicherung transactions to limit corresponding risks shall always be in the gegen Arbitrage-Risiken immer als innerhalb des gewöhnlichen ordinary course of business. Geschäftsbetrieb liegend gelten sollen. 3. 3. Beteiligungen Participations a) Erwerb oder Veräußerung von aktiven Tochtergesellschaften oder a) acquisition or disposal of operational subsidiaries or enterprises, Unternehmen, einschließlich Gemeinschaftsunternehmen, Beteiligungen including joint ventures, participations in enterprises or independent an Unternehmen oder an Teilbetrieben eines Unternehmens mit divisions of a business other than the acquisition of shelf companies, Ausnahme des Erwerbs von Vorratsgesellschaften, soweit sie im exceeding an amount of EUR 1,000,000 in the individual case or Einzelfall einen Betrag von EUR 1.000.000 oder in ihrer Gesamtheit EUR 2,500,000 in total on an annual basis; innerhalb eines Jahres EUR 2.500.000 übersteigen; b) Kapitalmaßnahmen bei Gesellschaften, an denen eine Beteiligung b) capital measures in companies in which an interest is held, provided besteht, sofern sich Dritte an der Kapitalmaßnahme beteiligen und diese that third parties participate in such capital measure and that such Dritten einen Betrag von mehr als EUR 3.500.000 für die Zeichnung der third parties pay more than EUR 3,500,000 for the subscription of the Anteile zahlen; shares; c) Belastungen von Anteilen, sofern diese einen Anspruch von mehr als c) encumbrance of shares, if such shares secure a claim of more than EUR 7.000.000 sichern, sowie die Liquidation von Gesellschaften; EUR 7,000,000, as well as liquidation of companies; d) Ausübung von Stimmrechten und anderen Rechten (einschließlich der d) exercise of voting rights and other rights (including by way of giving Erteilung von Weisungen oder Genehmigungen) in einem directions or granting approvals) in a group company to the extent Konzernunternehmen, soweit diese Maßnahme oder dieses Geschäft such measure or transaction would be subject to a consent einem Zustimmungserfordernis gemäß dieser Anlage 2 unterliegen requirement pursuant to this Annex 2 if it were to occur on the level würde, fände sie bzw. es auf der Ebene der Gesellschaft statt; of the Company;
17/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION e) wesentliche Änderungen im Hinblick auf die Geschäftstätigkeit einer e) material changes to the business of a subsidiary which accounts for at Tochtergesellschaft, die eine Bilanzsumme, Umsatzerlöse oder least EUR 2,000,000 in terms of total assets, revenues or gross profit. Bruttogewinn von mindestens EUR 2.000.000 aufweist. 4. 4. Personal Human Resources a) Einführung und Änderung eines Mitarbeiterbeteiligungsprogramms, a) introduction and amendment of an employee incentive system welches die Übertragung von Aktien der Gesellschaft, virtuelle Aktien involving the granting of shares in the Company or virtual shares, or oder andere mit dem Aktienwert in Verbindung stehende Prämien other share price-related incentives; umfasst; b) Gewährung, Einführung und Änderung von Versorgungszusagen b) granting, introducing or amending pension commitments of any kind; jeglicher Art; c) Abschluss, Änderung oder Beendigung von Unternehmenstarifverträgen, c) conclusion, amendment or termination of company collective Betriebsvereinbarungen (von erheblicher Bedeutung), allgemeiner agreements (Unternehmenstarifverträge), works agreements (of Grundsätze über die betriebliche Altersversorgung sowie substantial importance), general guidelines regarding the company Gesamtzusagen; pension scheme and of overall commitments (Gesamtzusagen); d) Restrukturierungsmaßnahmen, die zur Entlassung von 100 oder mehr d) restructuring measures resulting in the dismissal of 100 or more Arbeitnehmern führen; employees; e) Abschluss oder wesentliche Änderung von Arbeitsverträgen mit einem e) conclusion or material amendment to employment agreements jährlichen Grundgehalt (d.h. ohne Berücksichtigung von Beteiligungen, providing an annual base salary (i.e. excluding any participations, (virtueller) Optionen, Boni etc.) von über EUR 300.000 sowie die (virtual) options, bonus payments and the like) exceeding Änderung solcher Arbeitsverträge und die Änderung von EUR 300,000 and the amendment of such employment agreements Vorstandsdienstverträgen, soweit dies nicht zwingend dem gesamten and under the condition that the entire Supervisory Board is not Aufsichtsrat vorbehalten ist. mandatorily responsible for the amendment of management board member service agreements.
18/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION 5. 5. Verträge Contracting a) Erwerb, Veräußerung und Belastung von Grundstücken und a) acquisition, sale or encumbrance of real estate and similar rights or grundstücksgleichen Rechten oder Rechten an Grundstücken, soweit der rights in real estate with a value greater than EUR 4,000,000; Wert im Einzelfall EUR 4.000.000 übersteigt; b) Abschluss, Änderung oder Beendigung von Vereinbarungen mit einer b) execution, amendment or termination of agreements with definitively verbindlichen Zahlungsverpflichtung von über EUR 8.000.000, außer committed payment obligations exceeding EUR 8,000,000, unless wenn die Zahlungsverpflichtung ausdrücklich in einem genehmigten specifically provided for in an approved business plan, in which case Business Plan enthalten ist; dann ist eine Zustimmung nur erforderlich, an approval is only required in case the payment obligations exceed falls die Zahlungsverpflichtung EUR 12.000.000 übersteigt; EUR 12,000,000; 6. 6. Sonstiges Miscellaneous a) initiation or termination of court cases or arbitration proceedings a) Einleitung und Beendigung von Gerichts- oder Schiedsgerichtsverfahren involving an amount in controversy greater than EUR 1,000,000 in mit einem Streitwert von über EUR 1.000.000 im Einzelfall; the individual case; b) Das Eingehen, die Beendigung oder die Änderung von stillen b) entering into, terminating or amending silent partnerships or Gesellschaften und Unterbeteiligungen bei der Gesellschaft; sub-participations in the Company; c) Abschluss, Änderung und Beendigung von Unternehmensverträgen im c) conclusion, amendment or termination of enterprise agreements Sinne der §§ 291 ff. AktG; pursuant to Sections 291 et seqq. of the German Stock Corporation Act (Aktiengesetz); d) Geschäfte zwischen der Gesellschaft und/oder ihren d) business dealings of the Company or its subsidiaries on the one side Tochtergesellschaften auf der einen Seite und einem Großaktionär oder and a Major Shareholder or a Major Shareholder Related Party on the einem diesem nahestehenden Dritten auf der anderen Seite. other side. For the purpose of this lit. d), a “Major Shareholder” shall “Großaktionär” in diesem Sinne ist jeder Aktionär, der an der mean any party directly holding an interest of three percent or more Gesellschaft direkt mit drei oder mehr Prozent beteiligt ist, wobei sich in the Company, whereby such interest shall be determined in eine solche Beteiligung in Übereinstimmung mit § 34 WpHG bestimmt; accordance with Section 34 of the German Securities Trading Act ein “dem Großaktionär nahestehender Dritter” ist (i) jedes mit einem (WpHG), and a “Major Shareholder Related Party” shall mean (i) any Großaktionär verbundene Unternehmen im Sinne der §§ 15 ff. AktG undertaking (Unternehmen) affiliated (verbunden) with a Major oder (ii) in Bezug auf einen Großaktionär, der eine natürliche Person ist, Shareholder within the meaning of Sections 15 et seqq. of the auch jede anderweitig dem Großaktionär nahestehende Person oder German Stock Corporation Act (Aktiengesetz) or (ii) with regard to Einheit im Sinne von § 138 Abs. 1 InsO. any Major Shareholder that is an individual, also any person or entity otherwise related to (nahestehend) such Major Shareholder within the meaning of Section 138(1) of the German Insolvency Code (Insolvenzordnung).
19/20 VERBINDLICHE DEUTSCHE FASSUNG CONVENIENCE TRANSLATION Das Zustimmungserfordernis gemäß diesem Buchstaben d) findet keine The consent requirement pursuant to this lit. (d) does not apply to Anwendung auf (i) Geschäfte, die (im Einzelfall oder zusammen mit (i) transactions that do not exceed (individually or together with related or verbundenen oder ähnlichen Geschäften) einen Marktwert von EUR 200.000 similar transactions) a market value of EUR 200,000 and (ii) the purchase nicht übersteigen sowie (ii) den Einkauf von Waren, Dienstleistungen und of merchandise, services and licenses in the ordinary course of business of Lizenzen im gewöhnlichen Geschäftsverkehr der Gesellschaft zu the Company at arm’s length terms. Marktbedingungen wie zwischen fremden Dritten.
New York, June 9, 2020 Place/Ort, Date/Datum
/s/ Jonathan D. Klein Jonathan D. Klein, Chairman (Aufsichtsratsvorsitzender)
20/20 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 of a registration statement on Form F-3 (the Registration Statement) with the Securities and Exchange Commission on July 22, 2020. The purpose of the Registration Statement is to register under the Securities Act of 1933, as amended (the Securities Act), 36,000,000 new 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 18,000,000 ADSs (the Future Shares) and 29,702,544 existing ordinary shares with no-par value, which, upon a potential future conversion into American Depositary Shares evidenced by ADSs, will represent 14,851,272 ADSs (the Existing Shares), 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.
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 Securities.
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; and
C) 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 the authenticity of the originals of such copied documents 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 and the genuineness of all signatures on all documents submitted to us. We have further assumed that (1) 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) 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) all documents submitted to us in purported final draft form have been, or will be, executed in the form submitted; (4) the Company will at all times continue to have sufficient authorized capital; (5) the management board and the supervisory board of the Company will duly pass the relevant resolutions for the issue of the shares in accordance with the Articles of Association and applicable law; (6) any and all measures, steps, resolutions and declarations relating to the calling and holding of a general meeting of the shareholders of the Company will be complied with and all resolutions relating to capital increases will be valid and effective; (7) upon issue of any shares, the Company will receive payment in cash of an issue price in accordance with the resolutions and applicable law; (8) 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; (9) the Future Shares will have been (a) issued in the form and manner prescribed by the Articles of Association at the time of issue; and (b) otherwise offered, issued and accepted by their subscribers in accordance with all applicable laws; and (10) (a) the share capital (Stammkapital) of Africa Internet Holding GmbH at the time of its conversion into a German stock corporation correctly represented the number of limited liability interests (Geschäftsanteile) in the company and (b) the reports filed with the commercial register together with the application for the registration of the conversion correctly reflected the value of the relevant contribution. 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:
1. The Existing Shares are validly issued, fully paid-in and non-assessable (nicht nachschusspflichtig) and not subject to any transfer restrictions or rights of preemption (Vorkaufsrecht) under the Articles of Association or applicable provisions of German law except as set forth in the Registration Statement.
2. Upon subscription and payment for the Future Shares, their issuance in accordance with the German Stock Corporation Act (Aktiengesetz) as well as the relevant decisions of the general meeting of the shareholders of the Company, the management board and the supervisory board of the Company as well as application and registration of a capital increase for the Future Shares with the commercial register of the local court at Berlin, the Future Shares will be validly issued, fully paid-in, non-assessable (nicht nachschusspflichtig) and not subject to any transfer restrictions or rights of preemption (Vorkaufsrecht) under the Articles of Association or applicable provisions of German law except as set forth in the Registration Statement as of the date of such registration.
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 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 do not assume any obligation to update this opinion letter or to inform you of any changes to facts or laws. Please note that such changes may have retrospective or retroactive effect. We are expressing no opinion as to the effect of the laws of any other jurisdiction than the laws of Germany.
(iv) This opinion letter is addressed to and solely for the benefit of the Company and is not intended to create third party rights pursuant to Section 328 of the German Civil Code (Bürgerliches Gesetzbuch) (Vertrag zugunsten Dritter) or rights for all benefit of third parties (Vertrag mit Schutzwirkung zugunsten Dritter) and, except with our prior written consent, is not to be transmitted or disclosed to or used or relied upon by any other person, provided, however, that it may be relied upon by persons entitled to rely on it pursuant to applicable provisions of U.S. federal securities law.
(v) This opinion expresses and describes German legal concepts in English and not in their original language and form. Therefore, it cannot be ruled out that due to differences of legal systems some words or phrases may have different connotations than the German words or phrases would have. Where English terms and expressions are used, the meaning to be attributed to such terms and expressions shall be the meaning to be attributed to the equivalent German concepts under German law. Where we have included the relevant German expressions these shall prevail over their English translation.
(vi) We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to us under the heading “Legal Matters” in the prospectus. 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 10.6
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 § 13 “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.
(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) [email protected]; 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 [email protected]. 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
JumiaTechnologies AG
The Supervisory Board The Management Board
Page 16/16 Exhibit 10.7
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;
Page 7/11 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
Page 8/11 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.
Page 9/11 § 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 [email protected]; 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 [email protected]. 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.
Page 10/11 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
JumiaTechnologies AG on behalf of Jumia The Supervisory Board The Management Board
Page 11/11 Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the reference to our firm under the caption “Experts” and the incorporation by reference in the Registration Statement (Form F-3) of Jumia Technologies AG and the related Prospectus 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