Waiver and compromise

The company may waive its claims to compensation, or conclude a compromise regarding these claims, in relation to the founders, the persons liable besides the founders, and the members of the management board and of the supervisory board (sections 46 to 48) only once three years have lapsed since entry of the company in the Commercial Register, and only in those cases in which the general meeting approves this being done and no minority, the aggregate of whose shares is at least equivalent to one tenth of the capital stock, raises an objection and has such objection recorded in the minutes. The above limitation in time does not apply where the party obligated to provide compensation is unable to pay their debts as they become due and concludes a compromise with their creditors in order to avert insolvency proceedings or if the compensation duty is provided for in an insolvency plan.