Sta­tu­tes

Share­hol­der Agree­ment of Corint Media GmbH (Con­ve­ni­en­ce Trans­la­ti­on)
as amen­ded on 15th of Dec. 2020

§ 1 Cor­po­ra­te Name, Regis­tered Office and Finan­cial Year

  1. The Com­pa­ny shall bear the cor­po­ra­te name “Corint Media GmbH”.
  2. The Company’s regis­tered office shall be in Ber­lin.
  3. The finan­cial year shall be the calen­dar year.

§ 2 Cor­po­ra­te Pur­po­se

  1. The cor­po­ra­te pur­po­se of the Com­pa­ny shall con­sist in the admi­nis­tra­ti­on in trust of the rights and claims ari­sing from the Copy­right Act for broad­cas­ters and publis­hers that are trans­fer­red and/or gran­ted to it by the­se enter­pri­ses and the dis­tri­bu­ti­on of the ear­ned reve­nues to broad­cas­ters and publis­hers that have con­clu­ded an admi­nis­tra­ti­on agree­ment with the com­pa­ny (“bene­fi­cia­ries”).
  2. To achie­ve the cor­po­ra­te pur­po­se, the Com­pa­ny may con­duct all tran­sac­tions ser­ving the cor­po­ra­te pur­po­se direct­ly or indi­rect­ly. The Com­pa­ny shall in par­ti­cu­lar be empowe­red to take part in mer­gers with other collec­ting socie­ties or to take shares in simi­lar enter­pri­ses. The Com­pa­ny shall also be enti­t­led to assu­me collec­tion man­da­tes from other collec­ting socie­ties. In addi­ti­on to the ori­gi­nal ancil­la­ry copy­rights of enter­pri­ses, the Com­pa­ny may also repre­sent in trust the copy­right use rights, ancil­la­ry copy­rights and com­pen­sa­ti­on claims gran­ted and/or trans­fer­red to such enter­pri­ses.
  3. To safe­guard dis­tri­bu­ti­ve fair­ness, the Com­pa­ny shall be obli­ged when admi­nis­te­ring new rights and/or com­pen­sa­ti­on claims to have the affec­ted bene­fi­cia­ries share in spe­ci­fic cases in the cos­ts of the admi­nis­tra­ti­on and enfor­ce­ment of rights in pro­por­ti­on to the anti­ci­pa­ted reve­nues of the respec­ti­ve enter­pri­ses.
  4. The Com­pa­ny may estab­lish branch offices.

§ 3 Admi­nis­tra­ti­on of Trans­fer­red Rights

  1. An admi­nis­tra­ti­on agree­ment shall be con­clu­ded with the bene­fi­cia­ries con­cer­ning the type and scope of the rights and claims to be admi­nis­te­red; the rights to be admi­nis­te­red by the Com­pa­ny shall be trans­fer­red and/or gran­ted by way of such agree­ment. If several ori­gi­nal ancil­la­ry copy­rights ari­se for one enter­pri­se (e.g. for several radio broad­casts and/or press pro­ducts), such com­pa­ny shall con­clu­de for each radio broad­cast and/or press pro­duct its own admi­nis­tra­ti­on agree­ment.
  2. The share­hol­ders and the bene­fi­cia­ries shall form two curi­as, the curia of broad­cas­ters that have con­clu­ded an admi­nis­tra­ti­on agree­ment about the broad­cas­ting rights with the Com­pa­ny (“Broad­cas­ter Curia”) and the curia of publis­hers that have con­clu­ded an admi­nis­tra­ti­on agree­ment about ancil­la­ry copy­rights rights with the Com­pa­ny (“Publis­her Curia”). A bene­fi­cia­ry may belong to both the Broad­cas­ter Curia and the Publis­her Curia.
  3. If a new­ly joi­ning share­hol­der has both broad­cas­ting and publi­shing rights admi­nis­te­red by the Com­pa­ny, such share­hol­der is to be allo­ca­ted in accordance with the rights trans­fer­red and/or gran­ted to the Com­pa­ny to the Curia which has the hig­her aggre­ga­te share in the dis­tri­bu­ti­ons of the Com­pa­ny in rela­ti­on to the total dis­tri­bu­ti­on in the Curia. Decisi­ve for the allo­ca­ti­on shall be the amount of dis­tri­bu­ti­ons in the year pre­ce­ding the acqui­si­ti­on of the shares in the Com­pa­ny. If rights are con­tri­bu­t­ed and shares acqui­red simul­ta­ne­ous­ly, the amount of the dis­tri­bu­ti­ons fore­cast by manage­ment shall be decisi­ve. The allo­ca­ti­on of the pre­vious share­hol­ders to the Broad­cas­ter Curia or the Publis­her Curia shall not be pre­ju­di­ced her­eby.
  4. The allo­ca­ti­on of a share­hol­der to a Curia shall be review­ed by manage­ment annu­al­ly at the end of each finan­cial year. In the case of any chan­ges, manage­ment shall deci­de whe­ther to modi­fy the allo­ca­ti­on and shall inform the affec­ted share­hol­der at the latest with the sum­mons to the first gene­ral share­hol­ders’ mee­ting in the next year.

§ 4 Dis­tri­bu­ti­on of Reve­nue

  1. The reve­nue ear­ned from the trans­fer­red and/or gran­ted copy­right use rights, ancil­la­ry copy­rights and com­pen­sa­ti­on claims and the other reve­nue shall be dis­tri­bu­t­ed to the bene­fi­cia­ries pur­suant to §§ 27 ff. of the Copy­right Manage­ment Act after deduc­ting the admi­nis­tra­ti­ve cos­ts.
  2. The reve­nue shall be dis­tri­bu­t­ed on dis­tri­bu­ti­on plans adop­ted by the boards com­pe­tent in accordance with the Copy­right Manage­ment Act.
  3. Gene­ral admi­nis­tra­ti­ve cos­ts shall be divi­ded equal­ly bet­ween the Broad­cas­ter Curia and the Publis­her Curia (i.e. 50%) each. Allo­ca­ble cos­ts (e.g. legal fees and court cos­ts for the admi­nis­tra­ti­on and enfor­ce­ment of the rights and claims allo­ca­ble to each Curia) are to be bor­ne sole­ly by the affec­ted Curia.
  4. The fol­lowing princi­ples shall other­wi­se be app­li­ca­ble to the dis­tri­bu­ti­on plans:
    1. As deter­min­ab­le by rea­son­ab­le means, each bene­fi­cia­ry shall recei­ve the share of the dis­tri­bu­ta­ble reve­nue allo­ca­ble to the use of his or her rights.
    2. If the indi­vi­du­al usa­ge share can­not be deter­mi­ned by rea­son­ab­le means, gene­ral valua­ti­on and dis­tri­bu­ti­on rules are to be crea­ted to cal­cu­la­te the com­pen­sa­ti­on of the bene­fi­cia­ry on a lump-sum basis.
    3. The reve­nue share to which the bene­fi­cia­ries of the Broad­cas­ter Curia are enti­t­led shall addi­tio­nal­ly be deter­mi­ned in accordance with the mar­ket share and the tech­ni­cal ran­ge and, if rele­vant, in accordance with other sui­ta­ble cri­te­ria, wher­eby sepa­ra­te tariffs and dis­tri­bu­ti­on plans may be crea­ted for the use of ana­log, digi­tal, encryp­ted and unen­cryp­ted, ter­restri­al and satel­li­te signals.
  5. The sett­le­ment for each bene­fi­cia­ry must be made using the sett­le­ment key deter­mi­ned in the dis­tri­bu­ti­on plans cor­re­spon­ding to the princi­ples estab­lis­hed in § 4(4), lit­terae a) to d), spe­ci­fy­ing the per­cen­ta­ge of admi­nis­tra­ti­ve cos­ts attri­bu­ta­ble to the bene­fi­cia­ries.

§ 5 Capi­tal Stock and Accep­t­ance of New Share­hol­ders

  1. The Company’s capi­tal stock amounts to € 83,000 (in words: eigh­ty-three thousand euros) and has been ful­ly paid in.
  2. Any per­son who:
    1. has been a Bene­fi­cia­ry for at least five years; and
    2. par­ti­ci­pa­tes with a volu­me of at least 2% in the dis­tri­bu­ti­ons of the Com­pa­ny to the Bene­fi­cia­ries of a Curia,
    3. or any per­son who is a Bene­fi­cia­ry and gives rea­son to expect accord­ing to the type and scope of his or her ancil­la­ry copy­right rights that he or she will sup­port the enfor­ce­ment of rights admi­nis­te­red by the Com­pa­ny to a par­ti­cu­lar degree

     
    is to be accep­ted as a share­hol­der of the Com­pa­ny pur­suant to the para­graphs below.

    The pre­re­qui­si­tes pur­suant to Sen­tence 1, lit. a) shall also be con­si­de­red as ful­fil­led if at least one com­pa­ny con­trol­led by the par­ty wan­ting to join in the terms of §§ 15 ff. of the Cor­po­ra­ti­on Act ful­fills the pre­re­qui­si­tes; the pre­re­qui­si­tes pur­suant to Sen­tence 1, lit. b) shall then also be con­si­de­red as ful­fil­led if they are ful­fil­led as a who­le by com­pa­nies con­trol­led by the par­ty wan­ting to join in the terms of §§ 15 ff. of the Cor­po­ra­ti­on Act.

  3. The par­ty wan­ting to join is to be allo­wed to assu­me a share the nomi­nal amount of which rela­tes to the aggre­ga­te nomi­nal amounts of the share­hol­ders of the Curia rele­vant for the par­ty wan­ting to join just as the aggre­ga­te dis­tri­bu­ti­ons ren­de­red to the par­ty wan­ting to join (or to a com­pa­ny con­trol­led by the par­ty wan­ting to join) the year befo­re the accep­t­ance request rela­te to the aggre­ga­te of all dis­tri­bu­ti­ons to the share­hol­ders of the Curia rele­vant for the par­ty wan­ting to join. The thus resul­ting amount is to be roun­ded to the nea­rest who­le euro.
  4. If a Bene­fi­cia­ry requests accep­t­ance as a share­hol­der, manage­ment shall deci­de on the ful­fill­ment of the pre­re­qui­si­tes pur­suant to Para­graphs 2 and 3. An appeal may be filed with the Super­vi­so­ry Board against a rejec­tion decisi­on. The Super­vi­so­ry Board shall be obli­ged to deci­de at the next Super­vi­so­ry Board mee­ting about the accep­t­ance and the pre­re­qui­si­tes and con­di­ti­ons for the accep­t­ance in accordance with Para­graphs 2 and 3.
  5. The share­hol­ders of the Com­pa­ny shall be obli­ged in the event of a jus­ti­fied accep­t­ance request to adopt a capi­tal incre­a­se to crea­te a new share in accordance with Para­graph 4, to wai­ve their sub­scrip­ti­on right and to allow the assump­ti­on of the new shares by the par­ty wan­ting to join.

§ 6 Dis­po­sal and Encum­bran­ce of Shares

  1. The dis­po­sal and encum­bran­ce of shares and frac­tions the­re­of shall requi­re the appro­val of the share­hol­ders in gene­ral mee­ting. This shall also app­ly to the indi­rect dis­po­sal of shares, pro­vi­ded the­se are held by a strict hol­ding com­pa­ny.
  2. Shares may be divi­ded at any time by reso­lu­ti­on of the share­hol­ders in gene­ral mee­ting; the nomi­nal amount of the new­ly for­med shares must be deno­mi­na­ted in who­le euros. Several ful­ly paid-in shares of one share­hol­der may be con­so­li­da­ted by reso­lu­ti­on of the share­hol­ders in gene­ral mee­ting without the appro­val of the affec­ted share­hol­der into a sin­gle share, pro­vi­ded the con­tri­bu­ti­ons have been ren­de­red in full towards the share.
  3. In the event of reso­lu­ti­ons of the share­hol­ders in gene­ral mee­ting pur­suant to Para­graphs 1 and 2, the share­hol­der who­se shares are affec­ted shall also be enti­t­led to vote.

§ 7 Mana­ging Direc­tors and Their Power of Repre­sen­ta­ti­on

  1. The Com­pa­ny shall have one or more mana­ging direc­tors.
  2. If only one mana­ging direc­tor is appoin­ted, such mana­ging direc­tor shall repre­sent the Com­pa­ny alo­ne. If several mana­ging direc­tors have been appoin­ted, the Com­pa­ny shall be repre­sen­ted joint­ly by two mana­ging direc­tors or by one mana­ging direc­tor joint­ly with a hol­der of com­mer­cial powers of attor­ney. Even if several mana­ging direc­tors have been appoin­ted, some or all mana­ging direc­tors may be aut­ho­ri­zed by the Super­vi­so­ry Board to repre­sent the Com­pa­ny alo­ne. Fur­ther­mo­re, some or all mana­ging direc­tors may be released by the Super­vi­so­ry Board from the restric­tions of § 181 of the Civil Code gene­ral­ly or in spe­ci­fic cases and in who­le or in part.
  3. The mana­ging direc­tors shall be appoin­ted and dis­mis­sed by the Super­vi­so­ry Board. The Super­vi­so­ry Board shall con­clu­de employ­ment agree­ments with the mana­ging direc­tors; the Super­vi­so­ry Board is also respon­si­ble for the modi­fi­ca­ti­on, rescis­si­on and ter­mi­na­ti­on of employ­ment agree­ments.

§ 8 Powers of Manage­ment

  1. The rights and duties of the mana­ging direc­tors shall be estab­lis­hed by law, this Share­hol­der Agree­ment, the employ­ment agree­ments and reso­lu­ti­ons adop­ted by the Super­vi­so­ry Board. Mana­ging direc­tors must con­duct the busi­ness with the dili­gence of a pru­dent busi­ness­per­son.
  2. If several mana­ging direc­tors are appoin­ted, each of them shall be enti­t­led intern­al­ly to mana­ge the Com­pa­ny alo­ne.
  3. The powers of manage­ment shall extend to all act in the ordi­na­ry cour­se of the Company’s busi­ness. Mana­ge­ri­al acts out­side the ordi­na­ry cour­se of busi­ness shall requi­re a pri­or affir­ma­ti­ve reso­lu­ti­on of the Super­vi­so­ry Board. Mana­ge­ri­al acts sub­ject to appro­val shall inclu­de in par­ti­cu­lar:
    1. the appoint­ment and dis­mis­sal of the inde­pen­dent audi­tor;
    2. mer­gers and asso­cia­ti­ons with the par­ti­ci­pa­ti­on of the Com­pa­ny;
    3. the for­ma­ti­on of sub­si­dia­ries, the assump­ti­on of other orga­niz­a­ti­ons or the acqui­si­ti­on and sale of shares or rights to other orga­niz­a­ti­ons by the Com­pa­ny;
    4. the acqui­si­ti­on, sale and len­ding of immova­ble things;
    5. the bor­ro­wing and len­ding of loans and the pro­vi­si­on of col­la­te­ral for loans;
    6. the con­clu­si­on, modi­fi­ca­ti­on and ces­sa­ti­on of repre­sen­ta­ti­on agree­ments in the terms of § 44 of the Collec­ting Socie­ties Act;
    7. the filing of actions and sei­zu­re of arbi­tral tri­bu­nals in accordance with §§ 92 ff. of the Collec­ting Socie­ties Act and the void­ance of their decisi­ons in mat­ters with an amount in con­tro­ver­sy of more than € 1 mil­li­on, pro­vi­ded the abo­ve mat­ters are also of fun­da­men­tal signi­fi­can­ce for the Com­pa­ny;
    8. the acqui­si­ti­on of mova­ble assets if the indi­vi­du­al acqui­si­ti­on cost exceeds € 15,000;
    9. the con­struc­tion of new or remo­de­ling of buil­dings if the buil­ding cos­ts exceed € 15,000;
    10. the estab­lish­ment and dis­so­lu­ti­on of branch offices and per­ma­nent estab­lish­ments;
    11. the assump­ti­on of the sta­tus of a gene­ral part­ner;
    12. the assump­ti­on of sureties, gua­ran­ties or simi­lar obli­ga­ti­ons;
    13. the issu­an­ce of com­mer­cial powers of attor­ney and the revo­ca­ti­on and con­clu­si­on or white- or blue-col­lar employ­ment agree­ments of all types, if the year­ly char­ges to the Com­pa­ny exceed € 102,000 respec­tively;
    14. the com­mit­ment to pen­si­on and other bene­fit claims;
    15. the con­clu­si­on of legal tran­sac­tions with a share­hol­der if the obli­ga­ti­on of the Com­pa­ny wit­hin a sin­gle finan­cial year exceeds a total amount of € 15,000, or, out­side an employ­ment rela­ti­on, with a hol­der of com­mer­cial powers of attor­ney, com­mer­cial agent or other exe­cu­ti­ve.
  4. If the bud­get for a finan­cial year is not appro­ved in due time, the bud­get of the pre­ce­ding finan­cial year shall pro­vi­sio­nal­ly con­ti­nue to app­ly to the new finan­cial year, unless indi­vi­du­al con­tract pro­vi­si­ons can obvious­ly not be trans­fer­red. The mana­ging direc­tors shall be enti­t­led to act based on this pro­vi­sio­nal bud­get until the adop­ti­on of the cur­rent bud­get.

§ 9 Gene­ral Share­hol­ders’ Mee­tings

  1. The share­hol­ders in gene­ral mee­ting is the com­pe­tent organ of the Com­pa­ny in the terms of §§ 17 and 18 of the Copy­right Manage­ment Act. It shall resol­ve on the items allo­ca­ted to it by ope­ra­ti­on of law or this Share­hol­der Agree­ment, par­ti­cu­lar­ly con­cer­ning:
    1. this Share­hol­der Agree­ment and the modi­fi­ca­ti­on here­of;
    2. the annu­al trans­pa­ren­cy report;
    3. the appoint­ment and dis­mis­sal of mem­bers of the Super­vi­so­ry Board pur­suant to § 10(2);
    4. the com­pen­sa­ti­on and other bene­fits to Super­vi­so­ry Board mem­bers;
    5. the issu­an­ce of elec­tion rules for the elec­tion of the dele­ga­tes pur­suant to § 12(11);
    6. the pre­pa­ra­ti­on, sup­ple­men­ta­ti­on and modi­fi­ca­ti­on of dis­tri­bu­ti­on plans for the rights admi­nis­te­red by the Com­pa­ny pur­suant to § 4;
    7. the deter­mi­na­ti­on of the rights to be admi­nis­te­red by the Com­pa­ny;
    8. the use of the non-dis­tri­bu­ta­ble reve­nue from the rights;
    9. the gene­ral invest­ment poli­cy regar­ding the reve­nue from the rights and the princi­ples of risk manage­ment;
    10. the gene­ral princi­ples for deduc­tions from the reve­nue from the rights, inclu­ding the gene­ral princi­ples for deduc­tions to cover admi­nis­tra­ti­ve cos­ts;
    11. the terms and con­di­ti­ons at which a Bene­fi­cia­ry can grant any per­son the right to use his or her works or other pro­per­ty rights for non-com­mer­cial pur­po­ses;
    12. a trans­fer of the powers men­tio­ned in §§ 17(2) and 18(2) of the Collec­ting Socie­ties Act to the Super­vi­so­ry Board.
  2. The share­hol­ders shall be enti­t­led to a total of 1,000,000 votes at gene­ral share­hol­ders’ mee­tings. Half of the­se votes shall be allo­ca­ted to share­hol­ders of the Broad­cas­ter Curia and the other half to the Publis­her Curia. Wit­hin one Curia, the rela­ti­on of the shares held by the share­hol­ders shall be decisi­ve for the num­ber of the votes to which the share­hol­ders of the­se Curi­as are enti­t­led. The num­ber of votes to which a share­hol­der is accord­in­gly enti­t­led shall be roun­ded down if necessa­ry to who­le votes; in such event, the total num­ber of votes pur­suant to Sen­tence 1 shall decre­a­se.
  3. In the case of reso­lu­ti­ons pur­suant to Para­graph 1, lit­te­ra f) that are restric­ted exclu­si­ve­ly to the dis­tri­bu­ti­on of pro­ceeds to Bene­fi­cia­ries of one Curia and in the case of the elec­tion of Super­vi­so­ry Board mem­bers who are allo­ca­ble pur­suant to § 10, Para­graphs 2 and 4 to one Curia, the share­hol­ders of the other Curia shall not be enti­t­led to vote.
  4. The dele­ga­tes may par­ti­ci­pa­te with advi­so­ry votes in addi­ti­on to the share­hol­ders at gene­ral share­hol­ders’ mee­tings. In the case of reso­lu­ti­ons pur­suant to Para­graph 1, lit­terae d) and f) to l), the dele­ga­tes shall be enti­t­led to vote. Each dele­ga­te shall ther­eby be enti­t­led to a total of 1.67% of the total votes of the share­hol­ders fore­se­en in accordance with Para­graph 2, Sen­tence 1 (if rele­vant, without reduc­tions in accordance with Para­graph 2, Sen­tence 4). The num­ber of votes of the dele­ga­tes is to be roun­ded down as necessa­ry.
  5. The share­hol­ders shall meet in gene­ral mee­ting at least once per calen­dar year. Bey­ond this, gene­ral share­hol­ders’ mee­ting is to be con­vo­ked when:
    1. one or more share­hol­ders who­se shares tog­e­ther con­sti­tu­te at least a share of 10% of the capi­tal stock request the con­vo­ca­ti­on of a gene­ral share­hol­ders’ mee­ting while spe­ci­fy­ing the agen­da; pre­scri­bed by law or the manage­ment deems it necessa­ry to con­vo­ke a gene­ral mee­ting; or
    2. the Super­vi­so­ry Board resol­ves to con­vo­ke a gene­ral mee­ting.

     
    The request pur­suant to lit. a) or b) must be sent in text form (§ 126b of the Civil Code) to manage­ment. Gene­ral share­hol­ders’ mee­tings shall take place at the Company’s regis­tered office, unless all share­hol­ders appro­ve ano­t­her place of mee­ting.

  6. Invi­ta­ti­ons to gene­ral share­hol­ders’ mee­tings shall be made by the manage­ment in text form (§ 126b of the Civil Code) pro­vi­ding noti­ce of at least two weeks and spe­ci­fy­ing the agen­da and the time and place of the mee­ting. When cal­cu­la­ting the peri­od, the day of the dis­patch and the day of the mee­ting are not to be coun­ted. Decisi­ve of the obser­van­ce of the peri­od shall be the dis­patch of the invi­ta­ti­on, pro­vi­ded the invi­ta­ti­on is sent (at least also) per fax or e‑mail. In urgent cases, the peri­od may be appro­pria­te­ly shor­ten­ed by manage­ment. Unless an urgent event jus­ti­fies a later noti­ce, addi­ti­ons to the agen­da must be com­mu­ni­ca­ted at the latest on the seventh day befo­re the mee­ting in text form (§ 126b of the Civil Code); Sen­tence 3 shall app­ly cor­re­spon­din­gly in this regard.
  7. Reso­lu­ti­ons of the share­hol­ders shall in princip­le be adop­ted in gene­ral mee­tings. Unless ano­t­her form of vote is man­da­to­ri­ly pre­scri­bed by law, reso­lu­ti­ons may moreo­ver also be adop­ted out­side gene­ral mee­tings or by way of a com­bi­ned vote by cas­ting votes ver­bal­ly, in text form (§ 126b of Civil Code), by pho­ne and/or using other means of telecom­mu­ni­ca­ti­ons or elec­tro­nic media, pro­vi­ded:
    1. no share­hol­der or dele­ga­te objects to this type of vote.
    2. the share­hol­ders and dele­ga­tes were com­mu­ni­ca­ted a spe­ci­fic pro­po­sed reso­lu­ti­on in text form (§ 126b of the Civil Code), the necessa­ry majo­ri­ty in terms of the tota­li­ty of the per­sons enti­t­led to vote on the reso­lu­ti­on (in the cases in Para­graph 4, Sen­tence 2, inclu­ding the dele­ga­tes) appro­ves the pro­po­sal wit­hin two weeks from the rece­i­pt of the pro­po­sed reso­lu­ti­on and refe­rence was made to the abo­ve spe­cial pre­re­qui­si­tes for the vote when the pro­po­sed reso­lu­ti­on was sent.

     
    In the event of lit a) abo­ve, the par­ti­ci­pa­ti­on in the vote shall be con­si­de­red as appro­val if the type of vote is not express­ly objec­ted at the same time by the affec­ted share­hol­der or dele­ga­te; for the pur­po­ses of this pro­vi­si­on, a share­hol­der or dele­ga­te shall take part in the vote even if he or she abs­tains from voting. Manage­ment is to estab­lish a rea­son­ab­le peri­od for the share­hol­ders or dele­ga­tes not taking part in the vote to decla­re an objec­tion; in such event, the reso­lu­ti­on shall only beco­me valid when eit­her all share­hol­ders or dele­ga­tes not taking part in the vote appro­ve or none of the­se share­hol­ders or dele­ga­tes pro­test to manage­ment wit­hin the peri­od.

  8. Share­hol­ders’ reso­lu­ti­ons shall requi­re a majo­ri­ty of 85% of the votes cast, unless a dif­fe­rent majo­ri­ty is pre­scri­bed as com­pul­so­ry by law or express­ly sti­pu­la­ted in this Share­hol­der Agree­ment.
  9. If a vote pur­suant to Para­graph 1, lit. c) or f) only affects Bene­fi­cia­ries of one Curia, only the share­hol­ders allo­ca­ble to the affec­ted Curia pur­suant to § 3(3) shall be enti­t­led to vote.
  10. Share­hol­ders may aut­ho­ri­ze each other or the employees of share­hol­ders to par­ti­ci­pa­te in gene­ral share­hol­ders’ mee­tings and to exer­cise share­hol­der rights, pro­vi­ded the repre­sen­ta­ti­on does not cau­se a con­flict of inte­rests. A con­flict of inte­rest shall exist par­ti­cu­lar­ly if the repre­sen­ta­ti­ve repres­ents share­hol­ders of dif­fe­rent Curi­as at the gene­ral share­hol­ders’ mee­ting. A pro­xy to repre­sent a share­hol­der shall only be valid if restric­ted to the repre­sen­ta­ti­on of the share­hol­der at a spe­ci­fic gene­ral mee­ting. The repre­sen­ta­ti­ve shall be obli­ged to vote in accordance with the inst­ruc­tions of the mem­ber who has appoin­ted the repre­sen­ta­ti­ve.
  11. The chair­per­son of the Super­vi­so­ry Board or the vice chair­per­son
    shall be enti­t­led to par­ti­ci­pa­te at gene­ral share­hol­ders’ mee­tings.
  12. Unless a nota­ri­zed instru­ment is requi­red, writ­ten minu­tes must be kept of all share­hol­der reso­lu­ti­ons, spe­ci­fy­ing the moti­ons, and must be signed by the share­hol­der who assu­med respon­si­bi­li­ty for draf­ting the minu­tes. The share­hol­ders, manage­ment and the chair­per­son or vice chair­per­son of the Super­vi­so­ry Board must be sent copies of the minu­tes without delay. Minu­tes shall be con­si­de­red as appro­ved unless a pro­test is made to the Com­pa­ny wit­hin one mon­th after rece­i­pt.
  13. Share­hol­ders and dele­ga­tes may fol­low gene­ral mee­tings by live-stream. In lieu of the exer­cise of voting rights at the gene­ral mee­ting, they may exer­cise their voting right in rela­ti­on to the can­di­da­tes and pro­po­sed reso­lu­ti­ons announ­ced in the agen­da befo­re the gene­ral mee­ting by means of elec­tro­nic com­mu­ni­ca­ti­ons (“e‑voting”). The exer­cise of a voting right by e‑voting is non-trans­fera­ble and irre­vo­ca­ble.
  14. Pre­re­qui­si­te for the exer­cise of voting rights by e‑voting and for par­ti­ci­pa­ti­on by live-stream shall be that the share­hol­der or dele­ga­te obser­ve the app­li­ca­ble dead­lines and authen­ti­ca­ti­on requi­re­ments. The­se shall be deter­mi­ned by the Super­vi­so­ry Board in rules of pro­ce­du­re, which shall be pro­vi­ded to the share­hol­der upon acqui­si­ti­on of a share and to the dele­ga­te after his or her elec­tion pur­suant to § 12. Share­hol­ders who have them­sel­ves repre­sen­ted at gene­ral mee­tings or par­ti­ci­pa­te in gene­ral mee­tings as a repre­sen­ta­ti­ve for ano­t­her mem­ber may not exer­cise their voting right by e‑voting.
  15. The inva­li­di­ty of reso­lu­ti­ons of the share­hol­ders in gene­ral mee­ting may only be asser­ted by way of an action, which must be filed wit­hin 6 weeks after the vote. The action may not be based on:
    1. an infrin­ge­ment of rights exer­cis­ed by elec­tro­nic means due to tech­ni­cal dis­rup­ti­ons, unless the Com­pa­ny can be attri­bu­t­ed gross negli­gence or inten­tio­nal action;
    2. a vio­la­ti­on of pro­ce­du­ral rules, unless the vio­la­ti­on had no effect on the vote.

§ 10 Super­vi­so­ry Board

  1. The Com­pa­ny shall have a Super­vi­so­ry Board. The Super­vi­so­ry Board shall con­sist of 14 mem­bers.
  2. The Super­vi­so­ry Board shall be com­po­sed of 7 repre­sen­ta­ti­ves from the Broad­cas­ter Curia and 7 repre­sen­ta­ti­ves from the Publis­her Curia.
  3. The mem­bers of the Super­vi­so­ry Board shall be appoin­ted by the share­hol­ders in gene­ral mee­ting for the term of four years. When appoin­ting the repre­sen­ta­ti­ves of one Curia, the share­hol­ders of the other Curia shall not vote.
  4. Of the Super­vi­so­ry Board mem­bers, in accordance with the Bene­fi­cia­ries pur­suant to Para­graph 6, Sen­tence 1, 7 mem­bers must be allo­ca­ble to the Broad­cas­ter Curia (four mem­bers to the Tele­vi­si­on Divi­si­on and three to the Radio Divi­si­on) and 7 mem­bers to the Publis­her Curia.
  5. The share­hol­ders shall elect for the term of office desi­gna­ted in Para­graph 3 up to 14 alter­na­tes, who, in the event of the with­dra­wal of a mem­ber elec­ted in accordance with Para­graph 3, shall take such member’s place for the resi­du­al term of office; Para­graphs 3 and 4 shall app­ly accord­in­gly to the elec­tion of the alter­na­te mem­bers.
  6. Super­vi­so­ry Board mem­bers and alter­na­te mem­bers may only be natu­ral per­sons who are Bene­fi­cia­ries or the legal repre­sen­ta­ti­ves or aut­ho­ri­zed full-time employees with exe­cu­ti­ve func­tions of Bene­fi­cia­ries or com­pa­nies affi­lia­ted with Bene­fi­cia­ries in the terms of § 15 of the Cor­po­ra­ti­on Act. Per­sons who repre­sent the inte­rests of bene­fi­cia­ry enter­pri­ses in the super­vi­so­ry and other boards of collec­ting socie­ties or com­pa­ra­ble insti­tu­ti­ons (e.g. the Zen­tral­stel­le für pri­va­te Über­spie­lungs­rech­te (ZPÜ)) shall be exclu­ded from any acti­vi­ty on the Super­vi­so­ry Board.
  7. Super­vi­so­ry Board mem­bers shall with­draw from the Super­vi­so­ry Board upon the eli­mi­na­ti­on of the pre­re­qui­si­tes for their appoint­ment in accordance with Para­graph 6. In lieu of the with­drawn mem­bers, the cor­re­spon­ding alter­na­te mem­bers shall replace them for the resi­du­al term of office of the with­drawn mem­bers; several alter­na­ti­ve mem­bers of a sin­gle cate­go­ry are to be cal­led to exer­cise the office in the order of the voting results during the elec­tion.
  8. The Super­vi­so­ry Board shall resol­ve on:
    1. the elec­tion and dis­mis­sal of the mana­ging direc­tors and the con­clu­si­on, modi­fi­ca­ti­on, rescis­si­on and ter­mi­na­ti­on of the employ­ment agree­ments with the mana­ging direc­tors;
    2. the terms and con­di­ti­ons of the admi­nis­tra­ti­on in the sen­se of § 9, Sen­tence 2 of the Collec­ting Socie­ties Act;
    3. the tariffs in the terms of §§ 38 to 40 of the Collec­ting Socie­ties Act;
    4. com­p­laints in accordance with § 5(4);
    5. mana­ge­ri­al mea­su­res that are sub­ject to appro­val pur­suant to § 8(3);
    6. the Company’s annu­al frame­work plan (“Bud­get”).

§ 11 Super­vi­so­ry Board Mee­tings

  1. The Super­vi­so­ry Board shall gather in mee­tings at least twice per year and, bey­ond this, when reques­ted by the majo­ri­ty of the Super­vi­so­ry Board mem­bers or the chair­per­son or vice chair­per­son or the share­hol­ders in gene­ral mee­ting. Super­vi­so­ry Board mee­tings shall take place at the Company’s regis­tered office, unless ano­t­her place of mee­ting is appro­ved by all Super­vi­so­ry Board mem­bers. The mana­ging direc­tors are to par­ti­ci­pa­te at Super­vi­so­ry Board mee­tings.
  2. The invi­ta­ti­ons to the Super­vi­so­ry Board mee­tings are to be made by manage­ment in text form (§ 126b of the Civil Code) pro­vi­ding a noti­ce peri­od of at least two weeks and spe­ci­fy­ing the agen­da and the time and place of the mee­ting. When cal­cu­la­ting the peri­od, the day of the dis­patch and the day of the mee­ting are not to be coun­ted. Decisi­ve of the obser­van­ce of the peri­od shall be the dis­patch of the invi­ta­ti­on, pro­vi­ded the invi­ta­ti­on is sent (at least also) by fax or e‑mail. In urgent cases, the peri­od may be appro­pria­te­ly shor­ten­ed by manage­ment. Unless an urgent event jus­ti­fies a later noti­ce, addi­ti­ons to the agen­da must be com­mu­ni­ca­ted at the latest on the fifth day befo­re the mee­ting in text form (§ 126b of the Civil Code); Sen­tence 3 shall app­ly cor­re­spon­din­gly in this regard.
  3. Unless sti­pu­la­ted other­wi­se in Para­graphs 5 and 6 below, a quo­rum of the Super­vi­so­ry Board shall be con­sti­tu­ted when more than half of its mem­bers and at least four mem­bers from both Curi­as are pre­sent or par­ti­ci­pa­te other­wi­se in the voting pur­suant to Para­graph 7.
  4. Unless express­ly sti­pu­la­ted other­wi­se, reso­lu­ti­ons of the Super­vi­so­ry Board shall be adop­ted by a majo­ri­ty of 75% of the votes, pro­vi­ded at least three mem­bers of each Curia of the Super­vi­so­ry Board have appro­ved the reso­lu­ti­on. Each Super­vi­so­ry Board mem­ber shall have one vote.
  5. Reso­lu­ti­ons that only affect the Publis­her Curia or the Broad­cas­ter Curia and wit­hin the Broad­cas­ter Curia only the Radio Divi­si­on or the Tele­vi­si­on Divi­si­on (e.g. tariffs) may only be adop­ted with the par­ti­ci­pa­ti­on of all Super­vi­so­ry Board mem­bers of the respec­ti­ve Curia or Divi­si­on in the vote and sole­ly with a majo­ri­ty of the votes cast by the­se mem­bers. In order to deter­mi­ne the atten­dance, Super­vi­so­ry Board mem­bers shall also be con­si­de­red as par­ti­ci­pa­ting in the vote if they abs­tain from voting.
  6. If no quo­rum of the Super­vi­so­ry Board has been con­sti­tu­ted pur­suant to Para­graph 5 abo­ve for a reso­lu­ti­on fore­se­en in the agen­da becau­se, des­pi­te a pro­per sum­mons, not all mem­bers of the Super­vi­so­ry Board or Radio or Tele­vi­si­on Divi­si­on necessa­ry in accordance with Para­graph 5 take part in the vote, a reso­lu­ti­on pur­suant to Para­graph 5 abo­ve may be adop­ted at vari­an­ce with the pro­vi­si­on of Para­graph 5 in a new­ly con­vo­ked mee­ting of the Super­vi­so­ry Board with the same agen­da regar­ding the items on the agen­da irre­spec­ti­ve of the num­ber of Super­vi­so­ry Board mem­bers par­ti­ci­pa­ting in the vote, pro­vi­ded refe­rence is made to this fact in the sum­mons. The majo­ri­ty requi­re­ments pur­suant to Para­graph 5 abo­ve shall also app­ly to the vote in this new­ly con­vo­ked mee­ting.
  7. Reso­lu­ti­ons of the Super­vi­so­ry Board may moreo­ver be adop­ted out­side mee­tings (or by way of com­bi­ned voting) by votes cast in text form (§ 126b of the Civil Code), pro­vi­ded:
    1. no Super­vi­so­ry Board mem­ber objects to this type of vote or
    2. the mem­bers of the Super­vi­so­ry Board have been told in text form (§ 126b of the Civil Code) of a spe­ci­fic pro­po­sed reso­lu­ti­on and that the reso­lu­ti­on will come about if the necessa­ry majo­ri­ty of all Super­vi­so­ry Board mem­bers enti­t­led to vote on the reso­lu­ti­on appro­ve the pro­po­sal wit­hin two weeks after rece­i­pt of the pro­po­sed reso­lu­ti­on.

     
    In the event of lit­te­ra a) abo­ve, par­ti­ci­pa­ti­on in the vote shall be con­si­de­red as appro­val, pro­vi­ded the type of vote is not at the same time express­ly pro­tes­ted by the rele­vant Super­vi­so­ry Board mem­ber; for pur­po­ses of this pro­vi­si­on, a Super­vi­so­ry Board mem­ber shall also be con­si­de­red as par­ti­ci­pa­ting in the vote if he or she abs­tains from voting. The Super­vi­so­ry Board chair­per­son is to estab­lish a rea­son­ab­le peri­od for the Super­vi­so­ry Board mem­bers not taking part in the vote to decla­re an objec­tion; in such event, the reso­lu­ti­on shall then first beco­me valid when eit­her all Super­vi­so­ry Board mem­bers not taking part in the vote appro­ve or none of the­se Super­vi­so­ry Board mem­bers pro­test to the chair­per­son wit­hin the peri­od.

  8. The Super­vi­so­ry Board shall elect from its midst for the dura­ti­on of its term of office a chair­per­son and three vice chair­per­sons. One vice chair­per­son each must be allo­ca­ble to the Publis­hers, Tele­vi­si­on Broad­cas­ters and Radio Broad­cas­ters pur­suant to § 10(4) of the rele­vant admi­nis­tra­ti­on agree­ments. Re-elec­tions shall be per­mis­si­ble. The vice chair­per­sons shall car­ry out the duties of the chair­per­son if the lat­ter is hin­de­red from doing so; if no order of vice chair­per­sons is deter­mi­ned during the elec­tion, both vice chair­per­sons shall be enti­t­led indi­vi­du­al­ly in this regard.
  9. Super­vi­so­ry Board mem­bers may aut­ho­ri­ze each other in wri­ting to repre­sent them in Super­vi­so­ry Board mee­tings.
  10. At the request of a majo­ri­ty of its mem­bers, the Super­vi­so­ry Board may invol­ve experts at spe­ci­fic mee­tings to pro­vi­de advice.
  11. Writ­ten minu­tes must be kept of the deli­be­ra­ti­ons and reso­lu­ti­ons of the Super­vi­so­ry Board and must be signed by the chair­per­son or the sub­sti­tu­te per­son chai­ring the mee­ting. A minu­te kee­per not per­tai­ning to the Super­vi­so­ry Board may be invol­ved. Manage­ment must be sent a signed copy of the minu­tes without delay. Minu­tes shall be con­si­de­red as appro­ved, unless oppo­sed by a Super­vi­so­ry Board mem­ber in wri­ting wit­hin one mon­th after the dis­patch.

§ 12 Assem­bly of Bene­fi­cia­ries and Elec­tion of Dele­ga­tes

  1. The assem­bly of Bene­fi­cia­ries shall be com­po­sed of all Bene­fi­cia­ries. It must be con­vo­ked every two years by manage­ment by pro­vi­ding noti­ce of at least five weeks in a wri­ting spe­ci­fy­ing the agen­da. The peri­od shall com­mence upon the date of the deli­very of the invi­ta­ti­on to the post office. The day of the start of the peri­od and the mee­ting date shall not be coun­ted when cal­cu­la­ting the peri­od. The deli­very to the post office under the address most recent­ly noti­fied by the respec­ti­ve Bene­fi­cia­ry shall be suf­fi­ci­ent for the vali­di­ty of the con­vo­ca­ti­on.
  2. An extra­or­di­na­ry assem­bly of Bene­fi­cia­ries is to be con­vo­ked by manage­ment if reques­ted by 25% of the Bene­fi­cia­ries or a Super­vi­so­ry Board mem­ber in wri­ting. This assem­bly must take place at the latest on the 90th day after rece­i­pt of the con­vo­ca­ti­on request. The Bene­fi­cia­ries in assem­bly may make moti­ons by qua­li­fied majo­ri­ty of 75% of the votes cast for reso­lu­ti­ons of the Super­vi­so­ry Board pur­suant to 10(8), lit­terae c) and d); the Super­vi­so­ry Board must deal with the­se moti­ons during its next mee­ting. The Bene­fi­cia­ries in extra­or­di­na­ry assem­bly shall also have the right to dis­miss and/or re-elect dele­ga­tes or alter­na­te dele­ga­tes.
  3. The Bene­fi­cia­ries in assem­bly shall elect sepa­r­ate­ly in the Publis­her Curia and in the Broad­cas­ter Curia three dele­ga­tes and four alter­na­te dele­ga­tes every four years to col­la­bo­ra­te in gene­ral share­hol­ders’ mee­tings. Of the dele­ga­tes and alter­na­te dele­ga­tes to be elec­ted by the Broad­cas­ter Curia, two must be allo­ca­ble to the Tele­vi­si­on Divi­si­on and one to the Radio Divi­si­on.
  4. All Bene­fi­cia­ries shall be actively enti­t­led to vote. A Bene­fi­cia­ry may exer­cise the voting right in each Curia to which the Bene­fi­cia­ry is allo­ca­ble in accordance with the admi­nis­tra­ti­on agree­ment con­clu­ded by the Bene­fi­cia­ry with the Com­pa­ny. Each Bene­fi­cia­ry shall have as many votes in a Curia as the­re are admi­nis­tra­ti­on agree­ments con­clu­ded by the Bene­fi­cia­ry with the Com­pa­ny that are ascri­bable to such Curia.
  5. Per­sons who meet the pre­re­qui­si­tes in accordance with § 10(6) shall be enti­t­led to be elec­ted to such Curi­as in which they can exer­cise an acti­ve voting right.
  6. Manage­ment shall appoint the elec­tion offi­cial, who shall mana­ge the elec­tion of the dele­ga­tes and alter­na­ti­ve dele­ga­tes.
  7. Bene­fi­cia­ries may be repre­sen­ted in the assem­bly of Bene­fi­cia­ries based on powers of attor­ney issued in wri­ting.
  8. The dele­ga­tes shall be elec­ted in the respec­ti­ve Curi­as after being cal­led by the elec­tion offi­cial and nomi­na­ti­on of the can­di­da­tes. The per­sons recei­ving the most votes shall be elec­ted (rela­ti­ve majo­ri­ty). I the event of a tie, a run-off elec­tion shall take place; in the event of ano­t­her tie, the lot drawn by the elec­tion offi­cial shall deci­de. The elec­tion may be con­so­li­da­ted into a sin­gle bal­lot, wher­eby each per­son enti­t­led to vote shall only have as many votes as the total of dele­ga­tes to be elec­ted, though only one vote per can­di­da­te. The can­di­da­tes with the most votes shall then be elec­ted. The elec­tions for the alter­na­te dele­ga­tes shall fol­low the rules for the elec­tions of the dele­ga­tes.
  9. The result of the elec­tion shall be announ­ced by the elec­tion offi­cial. The elec­tion must be accep­ted by the elec­ted per­sons. If elec­ted per­sons do not accept their elec­tion, by-elec­tions shall be held in the Curia accord­ing to the pro­ce­du­res in Para­graph 8.
  10. The office of a dele­ga­te shall cea­se upon the end of the elec­tion peri­od, with the eli­mi­na­ti­on of the pre­re­qui­si­tes pur­suant to Para­graph 5 or upon resi­gna­ti­on. Upon ear­ly ces­sa­ti­on of the office, an alter­na­te dele­ga­te elec­ted for this dele­ga­te shall take the delegate’s place. If several alter­na­te dele­ga­tes are elec­ted, they shall be cal­led to assu­me the delegate’s office in the order of the elec­tion results attai­ned by them.
  11. The share­hol­ders in gene­ral mee­ting may estab­lish sup­ple­men­ta­ry (e.g. orga­niz­a­tio­nal) pro­ce­du­res for the con­duct of elec­tions in the form of elec­tion rules.

§ 13 Annu­al Finan­cial State­ments

  1. The annu­al finan­cial state­ments (with notes and a manage­ment report and the inco­me state­ment) are to be pre­pa­red by the mana­ging direc­tors wit­hin the peri­ods fore­se­en by law and signed by all mana­ging direc­tors.
  2. The annu­al finan­cial state­ments are to be audi­ted by an audi­tor. A writ­ten report must be pre­pa­red about the audit and must con­tain an auditor’s opi­ni­on that refers to the requi­re­ments in accordance with § 57(2) of the Collec­ting Socie­ties Act. The annu­al finan­cial state­ments must be publis­hed pur­suant to § 57(1) of the Collec­ting Socie­ties Act.
  3. If the annu­al finan­cial state­ments are sub­se­quent­ly modi­fied or cor­rec­ted, par­ti­cu­lar­ly based on a tax field audit by the com­pe­tent reve­nue ser­vice office, the modi­fied or cor­rec­ted annu­al finan­cial state­ments shall be decisi­ve.
  4. Should it beco­me evi­dent during the sett­le­ment with the com­pe­tent reve­nue ser­vice office that per­for­man­ces of the Com­pa­ny to the share­hol­ders are found to be hid­den pro­fit dis­tri­bu­ti­ons, the respec­tively affec­ted share­hol­der her­eby agrees to pay back the cor­re­spon­ding amounts to the Com­pa­ny without delay.

§ 14 Dura­ti­on of Com­pa­ny

  1. The Com­pa­ny shall exist for an inde­fi­ni­te peri­od of time. The Com­pa­ny may be ter­mi­na­ted upon obser­van­ce of a noti­ce peri­od of 6 mon­ths effec­ti­ve from the end of any finan­cial year by regis­tered let­ter to the Com­pa­ny.
  2. If a share­hol­der ter­mi­na­tes the Com­pa­ny, the other share­hol­ders shall have the right to appro­ve the con­ti­nua­tion of the Com­pa­ny by simp­le majo­ri­ty. In such event the ter­mi­na­ting share­hol­der shall be obli­ga­ted to trans­fer its share to the Com­pa­ny or a share­hol­der deter­mi­ned by the Com­pa­ny or a third par­ty deter­mi­ned by the Com­pa­ny; the con­si­de­ra­ti­on shall be deter­mi­ned in accordance with § 16. If the con­ti­nua­tion reso­lu­ti­on pur­suant to Sen­tence 1 is not adop­ted, the share­hol­ders shall be obli­ga­ted to appro­ve the wind-up of the Com­pa­ny.

§ 15 Redemp­ti­on of Shares

  1. If the initi­al con­tri­bu­ti­ons are ful­ly paid in, a share may be redeemed with the appro­val of the affec­ted share­hol­der. The redemp­ti­on shall be valid upon rece­i­pt of the redemp­ti­on reso­lu­ti­on by the share­hol­der.
  2. Shares may also be redeemed without the appro­val of the affec­ted share­hol­der (com­pul­so­ry amor­tiz­a­ti­on) in the event that:
    1. insol­ven­cy pro­cee­dings are initia­ted by a share­hol­der con­cer­ning the assets of the rele­vant share­hol­der or insol­ven­cy pro­cee­dings are initia­ted or the initia­ti­on of such pro­cee­dings is dis­mis­sed due to a lack of assets;
    2. the share of a share­hol­der is atta­ched based on a not merely pro­vi­sio­nal­ly enfor­ce­ab­le judgment and the attach­ment is not lifted wit­hin a peri­od of 6 weeks;
    3. the share­hol­der of the Com­pa­ny is not trans­fer­red a signi­fi­cant degree of copy­rights and ancil­la­ry copy­rights for admi­nis­tra­ti­on or is not the repre­sen­ta­ti­ve of the Com­pa­ny (e.g. as a result of a ter­mi­na­ti­on);
    4. a share­hol­der no lon­ger ful­fills the pre­re­qui­si­tes for share­hol­der sta­tus pur­suant to § 5(1);
    5. good cau­se exists, par­ti­cu­lar­ly if a share­hol­der breaches its share­hol­der duties gross­ly and per­sist­ent­ly.
  3. The redemp­ti­on shall be made in return from com­pen­sa­ti­on. The amount of the com­pen­sa­ti­on shall be deter­mi­ned in accordance with § 17.
  4. The redemp­ti­on shall be made by reso­lu­ti­on of the share­hol­ders; the affec­ted share­hol­der may not par­ti­ci­pa­te in the vote. If the Com­pa­ny only con­sists of two share­hol­ders, the redemp­ti­on shall be made by decla­ra­ti­on to the affec­ted share­hol­der.

§ 16 Exclu­si­on of a Share­hol­der

  1. Under the con­di­ti­ons under which shares may be redeemed in accordance with § 15(2), the affec­ted share­hol­der may be exclu­ded from the Com­pa­ny by share­hol­der reso­lu­ti­on. The share­hol­der shall then be obli­ga­ted, at the choice of the Com­pa­ny, to assign its share in who­le or in part to the Com­pa­ny its­elf, to one or more share­hol­ders or to a third par­ty to be named by the Com­pa­ny.
  2. In the event of a vote pur­suant to Para­graph 1, the affec­ted share­hol­der may not par­ti­ci­pa­te in the vote.
  3. §17 shall app­ly to the amount of con­si­de­ra­ti­on.

§ 17 Valua­ti­on of Shares

  1. In all events in which a share­hol­der with­draws from the Com­pa­ny by ter­mi­na­ti­on, redemp­ti­on or exclu­si­on, the share­hol­der shall recei­ve an indem­ni­ty for its share. In view of the fidu­cia­ry acti­vi­ty of the Com­pa­ny for the Bene­fi­cia­ries, the amount of the indem­ni­ty shall be limi­ted to the prora­ted shareholder’s equi­ty of the with­drawing share­hol­der.
  2. If a share­hol­der (with­drawn share­hol­der) can demand con­si­de­ra­ti­on for the trans­fer of its share based on the pro­vi­si­ons of this Agree­ment, the share­hol­der shall only be enti­t­led to such con­si­de­ra­ti­on, unless sti­pu­la­ted other­wi­se or pro­hi­bi­ted by com­pul­so­ry pro­vi­si­ons of law, in three equal install­ments, wher­eby the first install­ment shall be due one mon­th after the deter­mi­na­ti­on of the con­si­de­ra­ti­on, the second install­ment one year later and the third install­ment two years later. The con­si­de­ra­ti­on shall accrue inte­rest from the due date at a rate of 2% abo­ve the 3‑month EURIBOR. The par­ty obli­ga­ted to ren­der the con­si­de­ra­ti­on shall be enti­t­led to pay the con­si­de­ra­ti­on ear­ly at any time in who­le or in part.

§ 18 Final Pro­vi­si­ons

  1. All agree­ments of the share­hol­ders bet­ween them­sel­ves and with the Com­pa­ny rela­ting to the cor­po­ra­te rela­ti­on must be made in wri­ting, unless nota­riz­a­ti­on is pre­scri­bed by law.
  2. Should any pro­vi­si­ons of this Agree­ment be inva­lid, the Agree­ment shall other­wi­se remain valid. In such an event, the inva­lid pro­vi­si­on is to be repla­ced by a reso­lu­ti­on of the share­hol­ders in gene­ral mee­ting which most clo­se­ly appro­xi­ma­tes the finan­cial pur­po­se inten­ded with the inva­lid pro­vi­si­on. This shall also app­ly in the event any con­trac­tu­al gaps beco­me evi­dent during the per­for­mance of this Agree­ment.

§ 19 Noti­ces

 
Sub­ject to other pro­vi­si­ons of law, noti­ces of the Com­pa­ny shall only be made in the “Bun­des­an­zei­ger”.

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