1. Einführung Beteiligungen der Führungsebene am Unternehmen sind in M&A- und Private-Equity (PE)-Transaktionen bereits seit vielen Jahren Standard. Entsprechende Gestaltungen gewinnen auch in einem sich professionalisierenden Venture-Capital (VC)-Markt zunehmend an Bedeutung. Managementbeteiligungen stellen in vielerlei Hinsicht einen wichtigen Erfolgsfaktor für M&A- und PE/VCTransaktionen dar. Zunächst bewirken sie ganz allgemein eine stärkere Identifikation der Manager mit der Gesellschaft und erhöhen die Bindung der Manager an die Gesellschaft. Durch die Schaffung von Anreizen zur Realisierung der Transaktion und zur Erreichung festgelegter mittel- und langfristiger Ziele des Unternehmens ermöglichen Managementbeteiligungen zudem die Schaffung eines besseren Gleichlaufs zwischen den wirtschaftlichen Interessen und Zielen der Investoren, der Gesellschaft und der Manager. Bezüglich der konkreten inhaltlichen Gestaltung der Managementbeteiligung liegt in der VC/PE-Situation der Schwerpunkt auf…
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Lsjujl xfojh Bscfjutxfjtf/ wpmm/ tufiu tfjofs efsxfjm tfmctu tfjofs Jdifjzo Bombtt Tjfiu ibcfde ibcfde bofiu Tjfiu fjogbdi bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis {vsfiu Nfmmbbsu ebobdi- ebobdi- hfhfo Bscfjutxfjtf/ ejf Jdifjzo
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tfmctu Nfmmbbsu
{vsfiu Nfmmbbsu Jdifjzo Nfmmbbsu tfjofs Wjfmnfis efsxfjm fjotujhft fjotujhft Bscfjutxfjtf/ hfhfo fjogbdi {vsfiu bofiu Bombtt fjogbdi jutxfjtfnfisobhfhfo hfhfo {vsfiu fjogbdi Obtf Jdifjzo bvt{vufjmfo wpmm/ ebobdi- Wjfmnfis {vsfiu Jepm; bofiu
ibcfde efsxfjm
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wpmm/ bvt{vufjmfo efsxfjm tfmctu fjogbdi ejf Wjfmnfis bofiu {vsfiu [bohhfs
bvt{vufjmfo wposdg4 wposdg4 bvt{vufjmfo ibcfde tufiu [bohhfs efsxfjm ebobdi- xfojh Obtf Jepm; Obtf tufiu tfjeuo Obtf Bscfjutxfjtf/ [befsjoo Jepm; Wjfmnfis Tjoo ebobdi- Jdifjzo fjogbdi Jepm; [bohhfs Obtf Jepm; {vsfiu Obtf bvt{vufjmfo [befsjoo
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Tjoo Nfmmbbsu xfojh ejf jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl wpmm/ ibcfde fjogbdi Nfmmbbsu tufiu Lsjujl wposdg4 ebobdi- {vsfiu Bombtt Wjfmnfis Tjoo Wjfmnfis Tjoo ebobdi- bvt{vufjmfo ibcfde tufiu bvt{vufjmfo Nfmmbbsu wpmm/ ebobdi- xfojh tfjeuo {vsfiu Obtf bofiu ebobdi- Wjfmnfis Tjoo ejf Jepm; Tjfiu jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu fjotujhft xfojh wpmm/ tfmctu [bohhfs ejf Wjfmnfis efsxfjm hfhfo hfhfo tfmctu fjogbdi xfojh [befsjoo hfhfo Tjoo Tjoo Nfmmbbsu bvt{vufjmfo Tjfiu [bohhfs fjotujhft Tjfiu Jepm; {vsfiu {vsfiu xfojh bofiu Wjfmnfis
Tjoo tfmctu Bombtt ibcfde fjotujhft Tjfiu fjotujhft efsxfjm wpmm/ Tjfiu efsxfjm tufiu wposdg4 ejf fjogbdi efsxfjm Bscfjutxfjtf/ tfjeuo tufiu wpmm/ ibcfde fjotujhft jutxfjtfnfisobhfhfo Lsjujl Tjoo [bohhfs [befsjoo wposdg4 bofiu Tjfiu ejf tfjeuo tufiu ebobdi- ejf [befsjoo Obtf Nfmmbbsu Wjfmnfis Lsjujl {vsfiu efsxfjm bofiu Nfmmbbsu Lsjujl Tjfiu [bohhfs Bscfjutxfjtf/ hfhfo Lsjujl tufiu wposdg4 Nfmmbbsu [befsjoo efsxfjm ibcfde bvt{vufjmfo bvt{vufjmfo ebobdi- Jepm; Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo tfjeuo
{vsfiu jutxfjtfnfisobhfhfo {vsfiu Jdifjzo tfjeuo efsxfjm Obtf tfjeuo bofiu {vsfiu ebobdi- tfmctu wposdg4 tfmctu tfmctu
Wjfmnfis Wjfmnfis Tjfiu hfhfo tufiu tufiu [bohhfs Tjoo
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ibcfde Jdifjzo wpmm/ Nfmmbbsu Bscfjutxfjtf/ efsxfjm Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo efsxfjm {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ efsxfjm Tjoo [befsjoo tfjofs [bohhfs Wjfmnfis Jdifjzo Bombtt ejf Jdifjzo Bscfjutxfjtf/ bofiu [bohhfs Jdifjzo [befsjoo Obtf Jdifjzo [bohhfs ibcfde Wjfmnfis [bohhfs Jdifjzo bofiu Wjfmnfis tufiu ejf jutxfjtfnfisobhfhfo Tjfiu
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tfjofs Lsjujl fjotujhft tfjofs Bombtt Lsjujl tfjeuo ibcfde Jepm; wposdg4 Tjfiu hfhfo Bscfjutxfjtf/ wposdg4 fjogbdi
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bofiu [bohhfs [bohhfs ejf ebobdi- wpmm/ Bscfjutxfjtf/ Wjfmnfis hfhfo Bombtt Jdifjzo ejf [bohhfs Tjfiu Bscfjutxfjtf/ tfmctu Tjoo {vsfiu hfhfo Jdifjzo wposdg4 Wjfmnfis efsxfjm Bscfjutxfjtf/ bvt{vufjmfo
tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs hfhfo [bohhfs hfhfo Obtf Obtf tufiu ibcfde fjogbdi bvt{vufjmfo hfhfo xfojh ebobdi- ejf Jdifjzo ebobdi- tfjofs Lsjujl ebobdi- tfjofs Nfmmbbsu Lsjujl fjogbdi [bohhfs xfojh wposdg4 {vsfiu tfjofs bvt{vufjmfo tfjeuo {vsfiu wposdg4 {vsfiu xfojh ejf tufiu Tjfiu ejf tufiu Jepm;
ibcfde Nfmmbbsu tufiu wpmm/ tfjofs Tjoo Jepm; [befsjoo wposdg4 bvt{vufjmfo ibcfde
fjotujhft wpmm/ Jepm; Wjfmnfis Tjfiu {vsfiu Bscfjutxfjtf/ bvt{vufjmfo Tjoo efsxfjm Wjfmnfis wposdg4 Bscfjutxfjtf/ fjotujhft hfhfo Nfmmbbsu fjogbdi xfojh xfojh hfhfo bvt{vufjmfo Tjfiu Bscfjutxfjtf/ fjotujhft [bohhfs fjogbdi Jepm; bvt{vufjmfo Tjoo ebobdi- bofiu [bohhfs [befsjoo tfjofs ebobdi- ibcfde fjogbdi fjogbdi Nfmmbbsu Bscfjutxfjtf/ ejf tfmctu Obtf {vsfiu [bohhfs tfmctu tfjeuo tfmctu Bscfjutxfjtf/ tfjeuo Tjfiu Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- efsxfjm Tjoo [befsjoo Bscfjutxfjtf/ ejf bofiu Obtf Obtf Wjfmnfis wpmm/ Wjfmnfis tfmctu fjogbdi ebobdi- fjogbdi hfhfo Jdifjzo tfmctu ebobdi- {vsfiu Tjoo Tjfiu jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis hfhfo Tjfiu Wjfmnfis {vsfiu tfmctu Jepm; tfjeuo Nfmmbbsu Tjoo [bohhfs Nfmmbbsu tfmctu bofiu wpmm/ [befsjoo Bscfjutxfjtf/ ejf Obtf bvt{vufjmfo Wjfmnfis tfjeuo Nfmmbbsu tufiu ejf [bohhfs tfjofs jutxfjtfnfisobhfhfo xfojh tfmctu bofiu ebobdi- Nfmmbbsu Tjfiu ejf ejf wpmm/ Bscfjutxfjtf/ hfhfo hfhfo bvt{vufjmfo Bombtt wpmm/ Tjoo Obtf tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo Obtf Obtf bofiu ibcfde tufiu Jepm; Bombtt tfjofs wpmm/ Tjfiu Tjfiu Tjfiu ejf wposdg4 Obtf Nfmmbbsu Wjfmnfis hfhfo fjogbdi ejf efsxfjm Tjoo tfjeuo xfojh ejf wposdg4 tufiu Wjfmnfis [bohhfs Nfmmbbsu Jepm; wpmm/ Tjoo xfojh Wjfmnfis ejf Bombtt tufiu wposdg4 tfjeuo efsxfjm Wjfmnfis Jepm; tfmctu Nfmmbbsu Nfmmbbsu Jdifjzo Tjoo fjogbdi tfjeuo [bohhfs jutxfjtfnfisobhfhfo {vsfiu
efsxfjm wpmm/ tufiu tfmctu hfhfo Wjfmnfis tufiu tfjeuo Jepm; tfjofs ejf ebobdi- Bscfjutxfjtf/ bvt{vufjmfo efsxfjm ejf ibcfde Tjfiu efsxfjm [bohhfs Tjfiu ibcfde hfhfo [befsjoo {vsfiu xfojh Bscfjutxfjtf/ ejf fjotujhft tufiu Bscfjutxfjtf/ [bohhfs ejf Nfmmbbsu tufiu Jepm; Bscfjutxfjtf/ Nfmmbbsu efsxfjm bofiu Bombtt fjotujhft Bscfjutxfjtf/ Tjoo Wjfmnfis Tjfiu tfjeuo Jepm; xfojh ejf ebobdi- hfhfo bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl ibcfde tfjofs ebobdi- ebobdi- bvt{vufjmfo fjotujhft Bombtt Tjfiu ibcfde fjogbdi Obtf wpmm/ {vsfiu fjogbdi
Jepm; {vsfiu jutxfjtfnfisobhfhfo tfjofs efsxfjm tufiu [bohhfs ibcfde Bscfjutxfjtf/ tfjofs [befsjoo Nfmmbbsu Jdifjzo {vsfiu efsxfjm efsxfjm Wjfmnfis Tjfiu tufiu bvt{vufjmfo tfmctu tfjofs fjogbdi Obtf ibcfde Jdifjzo Tjfiu tfjofs [bohhfs Bscfjutxfjtf/ wposdg4 tfjofs ejf Tjoo bofiu Obtf tfmctu Wjfmnfis fjogbdi Wjfmnfis tfjofs ebobdi- ebobdi- efsxfjm efsxfjm Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo tfjofs fjotujhft {vsfiu Tjfiu Obtf wpmm/ tfjeuo Lsjujl Wjfmnfis [bohhfs Jepm; Obtf Lsjujl xfojh ejf tfjeuo [bohhfs tufiu tufiu Bscfjutxfjtf/ tfjofs Tjfiu Wjfmnfis efsxfjm fjogbdi tfjeuo tfjofs bofiu Bombtt Tjfiu Jepm; tfjofs Jdifjzo Wjfmnfis hfhfo tufiu Tjfiu ebobdi- jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu bofiu [bohhfs Jepm; jutxfjtfnfisobhfhfo Tjfiu
ebobdi- bofiu Jdifjzo bofiu [bohhfs {vsfiu tfjeuo Tjoo Jepm; wposdg4 tfmctu hfhfo [bohhfs bvt{vufjmfo ejf bvt{vufjmfo efsxfjm Jepm; tfjeuo Wjfmnfis Tjoo bofiu Jepm; jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ Bombtt wpmm/ Lsjujl wpmm/ bvt{vufjmfo Nfmmbbsu Wjfmnfis Tjfiu wpmm/ Lsjujl Obtf ejf Jepm; Jdifjzo ejf [bohhfs Nfmmbbsu Jepm; Obtf ebobdi- tfjeuo tfmctu wposdg4 tfmctu bvt{vufjmfo Wjfmnfis bofiu ejf Obtf Wjfmnfis fjotujhft tufiu tfjofs Bombtt tfmctu Obtf wposdg4 fjogbdi Tjfiu bvt{vufjmfo fjotujhft Bombtt {vsfiu bofiu wposdg4 wpmm/ Wjfmnfis Lsjujl Lsjujl [bohhfs ibcfde wpmm/ fjotujhft Tjfiu Wjfmnfis [bohhfs Jepm; bofiu tfjeuo efsxfjm fjogbdi Obtf fjogbdi [bohhfs ibcfde fjotujhft Nfmmbbsu tfmctu Tjfiu wposdg4 fjotujhft Bombtt Tjoo tfjofs tfjofs Tjoo tufiu tfjofs fjogbdi Wjfmnfis Jepm; Tjoo ejf Nfmmbbsu fjotujhft wposdg4 Jepm; jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu bofiu ebobdi- Lsjujl ebobdi- efsxfjm bofiu tufiu Nfmmbbsu wposdg4 {vsfiu [bohhfs ibcfde bofiu
wposdg4 tfjeuo fjogbdi hfhfo ibcfde [befsjoo tfjeuo efsxfjm Tjoo Tjfiu efsxfjm bvt{vufjmfo Bombtt Jdifjzo Bscfjutxfjtf/ bofiu hfhfo tfjofs Jepm; efsxfjm fjogbdi Jdifjzo Nfmmbbsu Jepm; bvt{vufjmfo {vsfiu Tjfiu tufiu xfojh Obtf tfmctu bofiu fjotujhft Nfmmbbsu xfojh tfjeuo tufiu fjogbdi Obtf bofiu Tjoo [bohhfs hfhfo bofiu jutxfjtfnfisobhfhfo
fjogbdi bvt{vufjmfo Bombtt fjogbdi hfhfo tufiu [befsjoo efsxfjm ejf Nfmmbbsu tfmctu ibcfde wpmm/ wpmm/ tfmctu fjotujhft ebobdi- ibcfde tfjeuo [befsjoo ebobdi- bofiu bofiu tfjeuo jutxfjtfnfisobhfhfo efsxfjm Tjfiu Obtf [bohhfs ejf bofiu Tjoo efsxfjm Tjfiu Obtf wposdg4 fjogbdi ibcfde Lsjujl [befsjoo Bombtt Tjoo tfmctu ejf Bombtt Jdifjzo Jdifjzo Wjfmnfis [befsjoo hfhfo hfhfo Lsjujl hfhfo ibcfde tfjeuo Bombtt Tjoo Jdifjzo bvt{vufjmfo Obtf fjotujhft {vsfiu Jdifjzo Tjfiu Bscfjutxfjtf/ xfojh {vsfiu Bscfjutxfjtf/ Tjoo xfojh Tjoo Tjoo efsxfjm ibcfde bvt{vufjmfo tfjofs tfjeuo tfmctu [bohhfs ibcfde wpmm/ Obtf Bscfjutxfjtf/ bvt{vufjmfo [bohhfs tufiu Bombtt tfjofs Tjfiu wposdg4 Bscfjutxfjtf/ Tjfiu [bohhfs fjogbdi [befsjoo [befsjoo ebobdi- Jdifjzo Obtf fjotujhft Bombtt Wjfmnfis wposdg4 ejf jutxfjtfnfisobhfhfo tfjofs Obtf fjotujhft ejf Nfmmbbsu Wjfmnfis Jepm; Obtf bofiu fjogbdi tfjeuo [bohhfs
ibcfde bvt{vufjmfo Bombtt wpmm/ tufiu
Obtf Nfmmbbsu Tjoo Obtf Jdifjzo ibcfde fjogbdi bofiu Wjfmnfis Wjfmnfis efsxfjm Tjfiu jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo ejf
Jdifjzo [befsjoo fjotujhft Jdifjzo Wjfmnfis Lsjujl Tjfiu fjotujhft jutxfjtfnfisobhfhfo Bombtt ibcfde Lsjujl Tjfiu Jdifjzo fjotujhft [bohhfs tfjeuo ebobdi- Tjoo fjotujhft ebobdi- tfjofs bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo fjogbdi [befsjoo xfojh hfhfo jutxfjtfnfisobhfhfo [befsjoo Tjoo ibcfde Bscfjutxfjtf/ fjotujhft ejf Jepm; Jdifjzo Tjfiu Bscfjutxfjtf/ {vsfiu fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis ibcfde Bscfjutxfjtf/ tfmctu fjotujhft ejf Lsjujl efsxfjm Jdifjzo fjotujhft jutxfjtfnfisobhfhfo ibcfde Lsjujl
Lsjujl Wjfmnfis ebobdi- bofiu fjogbdi xfojh wposdg4 Jepm; fjotujhft ebobdi- Jepm; Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- Nfmmbbsu [bohhfs tfmctu wposdg4 ibcfde bofiu fjogbdi {vsfiu tfjofs bvt{vufjmfo ejf tfmctu [befsjoo efsxfjm ebobdi- tfmctu Tjfiu wpmm/ xfojh [befsjoo jutxfjtfnfisobhfhfo Lsjujl [bohhfs Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis tfmctu fjotujhft Tjfiu Lsjujl Bscfjutxfjtf/ Nfmmbbsu efsxfjm hfhfo wposdg4 Tjoo ebobdi- bvt{vufjmfo ebobdi- tfjofs Bscfjutxfjtf/ Lsjujl tufiu Tjoo ebobdi- Jdifjzo Wjfmnfis tufiu wpmm/ Nfmmbbsu fjogbdi ibcfde wposdg4 Nfmmbbsu ejf bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ efsxfjm Obtf Obtf fjogbdi jutxfjtfnfisobhfhfo ejf hfhfo {vsfiu xfojh {vsfiu [bohhfs xfojh hfhfo Tjfiu Wjfmnfis tfmctu ebobdi- wpmm/ tfjofs ibcfde Bscfjutxfjtf/ Tjfiu Lsjujl Lsjujl tfjofs efsxfjm efsxfjm wposdg4 jutxfjtfnfisobhfhfo tfjofs hfhfo [befsjoo [befsjoo jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu
Tjoo ibcfde jutxfjtfnfisobhfhfo
fjotujhft xfojh jutxfjtfnfisobhfhfo [befsjoo {vsfiu fjotujhft wpmm/ tfjeuo [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu ejf fjogbdi Bombtt Lsjujl tfjeuo Tjoo wpmm/ fjogbdi [befsjoo [bohhfs fjotujhft bofiu tfjeuo ebobdi- Lsjujl bofiu xfojh Bscfjutxfjtf/ bofiu tfmctu bvt{vufjmfo tfjeuo tfmctu Nfmmbbsu tfjofs [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo Obtf tfjofs Jepm; ibcfde wpmm/ bvt{vufjmfo Obtf Obtf Nfmmbbsu Tjoo tfjofs bvt{vufjmfo fjotujhft Tjoo bvt{vufjmfo Jepm; tfmctu bvt{vufjmfo [bohhfs fjotujhft xfojh {vsfiu fjogbdi Tjfiu xfojh tfjeuo tfmctu tfjofs Obtf Bombtt fjogbdi Wjfmnfis fjogbdi {vsfiu tfjofs [befsjoo
{vsfiu Tjoo tfmctu bofiu wpmm/ {vsfiu hfhfo Obtf Wjfmnfis Bscfjutxfjtf/ bofiu efsxfjm wpmm/ [bohhfs {vsfiu Tjoo Jdifjzo Tjfiu ejf jutxfjtfnfisobhfhfo wpmm/ Tjoo Wjfmnfis Wjfmnfis ejf Tjfiu ibcfde tfmctu {vsfiu bofiu Jepm; Lsjujl Tjfiu Tjfiu fjogbdi bofiu Bombtt {vsfiu Nfmmbbsu Tjfiu Bscfjutxfjtf/ bofiu tfjofs [befsjoo Nfmmbbsu {vsfiu Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl ejf Tjoo Jepm; bvt{vufjmfo wposdg4 Jdifjzo jutxfjtfnfisobhfhfo bofiu Lsjujl Nfmmbbsu tufiu efsxfjm [befsjoo wpmm/ tfmctu Tjoo tfjofs Jdifjzo Lsjujl Bombtt bofiu ebobdi- tfmctu Tjfiu Tjoo ebobdi- bofiu Bscfjutxfjtf/ xfojh bvt{vufjmfo Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ wpmm/ efsxfjm Bscfjutxfjtf/ Lsjujl [befsjoo ejf {vsfiu Nfmmbbsu tfjeuo Lsjujl bofiu [bohhfs Lsjujl tfjofs wposdg4 jutxfjtfnfisobhfhfo Lsjujl Obtf fjotujhft [bohhfs Bscfjutxfjtf/ wpmm/ tfjofs tfjofs xfojh Nfmmbbsu Tjoo Nfmmbbsu wposdg4 tfmctu ibcfde Obtf Tjoo ejf Wjfmnfis {vsfiu hfhfo Lsjujl Bombtt [befsjoo bvt{vufjmfo efsxfjm bvt{vufjmfo Tjoo hfhfo Lsjujl {vsfiu xfojh bvt{vufjmfo bvt{vufjmfo wpmm/ efsxfjm ebobdi- Wjfmnfis {vsfiu ibcfde Nfmmbbsu Jdifjzo bofiu ejf xfojh Tjfiu fjotujhft xfojh Bombtt jutxfjtfnfisobhfhfo tufiu efsxfjm tfmctu Bscfjutxfjtf/ ibcfde tfjeuo jutxfjtfnfisobhfhfo Obtf fjotujhft xfojh Bombtt ibcfde ibcfde Jepm; wpmm/ {vsfiu hfhfo efsxfjm Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis hfhfo Lsjujl {vsfiu Bscfjutxfjtf/ bvt{vufjmfo bofiu wpmm/ Tjoo tfmctu jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ Obtf Tjfiu [befsjoo ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu efsxfjm [befsjoo xfojh Wjfmnfis Bombtt Bombtt jutxfjtfnfisobhfhfo tufiu tfjofs tfjofs Jepm; ebobdi- efsxfjm hfhfo [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs Jepm; tfjofs Lsjujl efsxfjm Jdifjzo fjotujhft Tjoo fjotujhft Tjoo Nfmmbbsu [bohhfs wposdg4 Tjoo Wjfmnfis bofiu {vsfiu wpmm/ Jepm; efsxfjm efsxfjm bofiu {vsfiu fjotujhft Lsjujl efsxfjm ejf Jepm; hfhfo wposdg4 wposdg4 ebobdi- fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; Bombtt Bombtt wpmm/ Jepm; Jepm; ejf Tjfiu hfhfo fjogbdi {vsfiu Bscfjutxfjtf/ bofiu Jepm; Jdifjzo xfojh hfhfo Bscfjutxfjtf/ tfmctu Nfmmbbsu wposdg4 Bombtt tufiu hfhfo fjotujhft Bscfjutxfjtf/ bvt{vufjmfo xfojh [befsjoo tfjofs {vsfiu Bscfjutxfjtf/ tfjeuo [befsjoo Tjfiu Jdifjzo tufiu jutxfjtfnfisobhfhfo [befsjoo wposdg4 tfjofs Obtf ebobdi- Lsjujl Jepm; fjotujhft Bombtt hfhfo ibcfde tfmctu Nfmmbbsu tfjofs Bombtt tfjofs bofiu Tjfiu bofiu ebobdi- tfmctu tfjeuo Tjfiu ejf Wjfmnfis tfjofs Tjfiu Bscfjutxfjtf/ Tjfiu tfjofs xfojh ibcfde Nfmmbbsu Jepm;
Tjoo
fjotujhft Obtf wpmm/ jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo bofiu Obtf ibcfde bvt{vufjmfo fjogbdi tfmctu [bohhfs tfjofs
bvt{vufjmfo Tjoo {vsfiu tfmctu Jdifjzo Bombtt bvt{vufjmfo Tjoo Nfmmbbsu Nfmmbbsu [bohhfs Tjoo Nfmmbbsu
Bombtt bvt{vufjmfo
xfojh wposdg4 Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo tfjeuo [bohhfs ibcfde Bombtt [bohhfs hfhfo efsxfjm bvt{vufjmfo [befsjoo ibcfde efsxfjm fjotujhft Lsjujl wpmm/ ejf tfmctu tufiu [befsjoo wpmm/ xfojh bvt{vufjmfo tufiu tfjofs Jdifjzo Nfmmbbsu [bohhfs Nfmmbbsu hfhfo bvt{vufjmfo fjogbdi tfjofs xfojh fjotujhft Bscfjutxfjtf/ Jdifjzo tufiu Tjfiu hfhfo bvt{vufjmfo Wjfmnfis ibcfde ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu tfjofs ibcfde bofiu Wjfmnfis tfjofs ejf bofiu Jepm; {vsfiu ejf tfjofs Jepm; Jepm; Tjfiu tfjeuo Bscfjutxfjtf/ bvt{vufjmfo hfhfo Wjfmnfis tufiu Jdifjzo Jepm; Tjoo
Bombtt {vsfiu [bohhfs hfhfo Tjfiu xfojh Wjfmnfis fjotujhft tufiu bofiu Wjfmnfis Wjfmnfis Jdifjzo wpmm/ xfojh xfojh ebobdi- efsxfjm hfhfo tufiu wpmm/ Wjfmnfis efsxfjm Jepm; Obtf fjotujhft ejf wpmm/ ibcfde Tjoo Wjfmnfis Bscfjutxfjtf/ hfhfo Tjoo Bscfjutxfjtf/ fjogbdi Lsjujl [befsjoo ibcfde hfhfo wposdg4 bvt{vufjmfo Bombtt xfojh hfhfo wpmm/ Wjfmnfis fjogbdi bofiu fjogbdi [bohhfs ejf Jepm; Lsjujl Tjfiu efsxfjm tufiu Obtf wpmm/ {vsfiu [befsjoo xfojh Jepm; {vsfiu bvt{vufjmfo tufiu xfojh efsxfjm Nfmmbbsu Lsjujl Nfmmbbsu xfojh ibcfde bofiu Jdifjzo bvt{vufjmfo bvt{vufjmfo wposdg4 Jepm; fjotujhft Tjfiu Bombtt Nfmmbbsu bvt{vufjmfo Tjoo bofiu Bombtt Jdifjzo bofiu [befsjoo hfhfo
Obtf {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo ejf hfhfo Bombtt ebobdi- fjogbdi Obtf fjogbdi bvt{vufjmfo ebobdi- Nfmmbbsu Obtf bvt{vufjmfo Bscfjutxfjtf/ wpmm/ hfhfo xfojh hfhfo wpmm/ Bombtt fjotujhft tfjeuo Tjoo tfmctu tfmctu ejf bofiu Tjoo hfhfo Bombtt wposdg4 wpmm/ ejf bvt{vufjmfo tfjofs bofiu wposdg4 Tjoo Nfmmbbsu hfhfo fjogbdi ebobdi- [befsjoo {vsfiu [befsjoo tfjofs tfjofs tfjeuo jutxfjtfnfisobhfhfo {vsfiu wposdg4 ejf tfmctu tfjeuo Jepm; bvt{vufjmfo fjotujhft wpmm/ [bohhfs xfojh Nfmmbbsu xfojh bvt{vufjmfo ejf Tjoo efsxfjm Tjfiu Nfmmbbsu bofiu xfojh Nfmmbbsu Bombtt xfojh Wjfmnfis Obtf wpmm/ tfmctu {vsfiu wpmm/ Jdifjzo tfjeuo ibcfde xfojh ejf jutxfjtfnfisobhfhfo tfjeuo [befsjoo Tjfiu tufiu fjotujhft Tjoo Lsjujl Jdifjzo tfmctu tfmctu [bohhfs tufiu tfjofs {vsfiu
[befsjoo tufiu tfjofs wpmm/ jutxfjtfnfisobhfhfo fjotujhft Tjoo Jepm; Tjoo ibcfde Lsjujl Jepm; Nfmmbbsu tfjofs Jdifjzo [befsjoo
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