Common use of Exercising the Option Clause in Contracts

Exercising the Option. During the period until the date of expiration, Options may be exercised only once each quarter and prior to 1 February, 1 May, 1 August and 1 November. Purchase requests must be submitted in writing to the CEO of the Company and must clearly specify the number of Option Shares the Option Holder seeks to purchase. The Option Holder must immediately, and by the above-mentioned purchase deadlines, pay a sum corresponding to the number of Option Shares multiplied by the Exercise Price. This sum must be deposited in the bank account designated by the Company. If payment for the exercised Option Shares is not received by the requisite deadline, the purchase request is considered invalid and the Option Holder must submit a new request at a later date in accordance with the timeframes specified in this Agreement. Shareholder rights are effective from the time when the shares are issued, and the Option holder is entered into the shareholders’ register of the Company as owner of the shares. The shares may, at the Company’s sole discretion, be (a) issued to the Option Holder through a share capital increase resolved by the general meeting, (b) issued to the Option holder through a share capital increase resolved by the board of directors pursuant to a power of attorney granted by the general meeting, (c) transferred to the Option Holder through a sale of own shares (treasury shares) held by the Company at the time, or (d) transferred to the Option Holder through a sale of shares from a third party designated by the Company. The issuance or transfer of the shares shall take place within reasonable time and in any event within six months after the date when the Options are exercised. The Option Holder acknowledge that neither the Company nor any of its directors or employees shall be responsible for any losses incurred by the Option Holder in the event that the general meeting does not resolve the required share capital increase or grant the board of directors and adequate power of attorney, nor shall the Company have any obligations to obtain such shares from other sources in order to satisfy the Options.

Exercising the Option. During the period until the date of expiration, Options may be exercised only once each quarter and prior to 1 February, 1 May, 1 August and 1 November. Purchase requests must be submitted in writing to the CEO of the Company and must clearly specify the number of Option Shares the Option Holder seeks to purchase. The Option Holder must immediately, and by the above-mentioned purchase deadlines, pay a sum corresponding to the number of Option Shares multiplied by the Exercise Price. This sum must be deposited in the bank account designated by the Company. If payment for the exercised Option Shares is not received by the requisite deadline, the purchase request is considered invalid and the Option Holder must submit a new request at a later date in accordance with the timeframes specified specified in this Agreement. Shareholder rights are effective from the time when the shares are issued, and the Option holder is entered into the shareholders’ register of the Company as owner of the shares. The shares may, at the Company’s sole discretion, be (a) issued to the Option Holder through a share capital increase resolved by the general meeting, (b) issued to the Option holder through a share capital increase resolved by the board of directors pursuant to a power of attorney granted by the general meeting, (c) transferred to the Option Holder through a sale of own shares (treasury shares) held by the Company at the time, or (d) transferred to the Option Holder through a sale of shares from a third party designated by the Company. The issuance or transfer of the shares shall take place within reasonable time and in any event within six months after the date when the Options are exercised. The Option Holder acknowledge that neither the Company nor any of its directors or employees shall be responsible for any losses incurred by the Option Holder in the event that the general meeting does not resolve the required share capital increase or grant the board of directors and adequate power of attorney, nor shall the Company have any obligations to obtain such shares from other sources in order to satisfy the Options.