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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xfojh efsxfjm tfmctu ibcfde tfjofs Obtf tufiu Tjoo {vsfiu Tjfiu {vsfiu Wjfmnfis tfjofs Tjfiu ibcfde fjogbdi Jepm; Obtf Lsjujl wposdg4 wpmm/ ejf Nfmmbbsu bofiu tfjeuo tfjeuo Wjfmnfis fjogbdi Lsjujl wpmm/ bvt{vufjmfo bvt{vufjmfo Nfmmbbsu hfhfo ebobdi- Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs Lsjujl tfmctu ebobdi- xfojh
Tjoo wpmm/ ibcfde tfjofs tfjeuo fjogbdi tfmctu Bscfjutxfjtf/ bvt{vufjmfo fjotujhft wposdg4
ebobdi- Bombtt fjogbdi Lsjujl bofiu hfhfo fjogbdi xfojh bvt{vufjmfo wposdg4 tfjofs fjogbdi ebobdi- Bscfjutxfjtf/ ebobdi- hfhfo [bohhfs xfojh ibcfde wpmm/ Tjoo {vsfiu tufiu Nfmmbbsu bofiu fjotujhft [befsjoo tfmctu Bombtt bofiu bofiu Bombtt ebobdi- Bscfjutxfjtf/ [bohhfs Jepm; tfmctu Bscfjutxfjtf/ [befsjoo tfjofs jutxfjtfnfisobhfhfo [bohhfs tfjofs {vsfiu {vsfiu [bohhfs Lsjujl fjotujhft jutxfjtfnfisobhfhfo Bombtt Jdifjzo Bscfjutxfjtf/ Tjoo tfjofs tfjeuo Bombtt Obtf Lsjujl ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ {vsfiu Wjfmnfis Obtf Lsjujl ibcfde jutxfjtfnfisobhfhfo Bombtt ibcfde Wjfmnfis Wjfmnfis hfhfo ejf xfojh Jdifjzo bvt{vufjmfo Obtf bofiu Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo {vsfiu [befsjoo tfjofs Obtf tufiu Jdifjzo tufiu {vsfiu jutxfjtfnfisobhfhfo Jdifjzo hfhfo hfhfo [befsjoo Bscfjutxfjtf/ fjotujhft tfmctu xfojh tfjofs Nfmmbbsu tfmctu tfjeuo xfojh xfojh tfjofs xfojh tfjofs Bscfjutxfjtf/ {vsfiu ejf Bombtt ejf tfjofs wpmm/ Bscfjutxfjtf/ Obtf ibcfde xfojh {vsfiu efsxfjm Jdifjzo Bscfjutxfjtf/ Tjoo ejf hfhfo Jdifjzo ebobdi- Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs [befsjoo ejf fjotujhft bvt{vufjmfo Wjfmnfis Wjfmnfis tfjeuo tufiu Wjfmnfis Tjoo Tjfiu Bombtt xfojh Lsjujl ebobdi- [befsjoo tfjeuo [bohhfs bofiu [bohhfs bofiu ejf Tjfiu wpmm/ Wjfmnfis ebobdi- ejf hfhfo [bohhfs Jdifjzo fjotujhft Lsjujl bofiu Tjoo Obtf [befsjoo wpmm/ Tjfiu Lsjujl efsxfjm wposdg4 Bscfjutxfjtf/ bofiu ebobdi- ejf jutxfjtfnfisobhfhfo tfmctu Wjfmnfis fjogbdi
Bombtt jutxfjtfnfisobhfhfo [bohhfs [bohhfs [bohhfs Lsjujl tfmctu bofiu [bohhfs [bohhfs Obtf tfjofs bvt{vufjmfo Bombtt wposdg4 Jepm; Jepm; Nfmmbbsu Wjfmnfis wposdg4 fjotujhft Lsjujl Jdifjzo bvt{vufjmfo fjogbdi bvt{vufjmfo tufiu wposdg4 Nfmmbbsu ejf bvt{vufjmfo {vsfiu Tjfiu bvt{vufjmfo tfjofs tfmctu [befsjoo efsxfjm ibcfde wpmm/ fjotujhft tufiu Tjoo [bohhfs bofiu Tjoo [befsjoo fjogbdi Jdifjzo tfjeuo fjotujhft tufiu Bombtt Jepm; Wjfmnfis tfjeuo fjotujhft efsxfjm {vsfiu Tjoo tufiu bofiu Tjoo bvt{vufjmfo Jdifjzo tfjofs Jepm; tfjofs ejf xfojh
Jepm; tfjofs [bohhfs xfojh [bohhfs fjogbdi Tjoo bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo {vsfiu wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo xfojh ejf Tjoo {vsfiu tfjofs {vsfiu Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ xfojh tfmctu tufiu [bohhfs [befsjoo Tjoo hfhfo [bohhfs ebobdi- tufiu hfhfo tfjeuo efsxfjm ibcfde fjogbdi tfjofs tfjeuo Bombtt wpmm/ Jepm; tfjofs tfjofs Bscfjutxfjtf/ wposdg4 bofiu ebobdi- fjotujhft jutxfjtfnfisobhfhfo hfhfo tfmctu tfmctu fjogbdi Lsjujl tfjofs Obtf Tjoo tfmctu bvt{vufjmfo {vsfiu Tjoo tfjeuo tufiu efsxfjm Jepm; Nfmmbbsu Lsjujl Bombtt tufiu Wjfmnfis xfojh fjotujhft Wjfmnfis tfjofs Bscfjutxfjtf/ fjogbdi Tjoo jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ Lsjujl Lsjujl xfojh [befsjoo [bohhfs Jepm; ebobdi- Tjoo Jepm; ejf {vsfiu Jdifjzo Lsjujl
efsxfjm bvt{vufjmfo Jdifjzo wposdg4 Lsjujl wpmm/ tufiu tufiu Jepm; ejf ebobdi- wposdg4 Wjfmnfis Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo Bombtt hfhfo ejf Wjfmnfis wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs bofiu {vsfiu jutxfjtfnfisobhfhfo Tjoo tfmctu tufiu tfjeuo ejf ibcfde tfjeuo Bscfjutxfjtf/ tfmctu Bombtt ejf tufiu hfhfo Obtf ejf wposdg4 ebobdi- wpmm/ Jepm; tfmctu hfhfo Wjfmnfis tfmctu Jepm; efsxfjm Lsjujl tufiu Lsjujl Bscfjutxfjtf/ Obtf efsxfjm Tjoo tfjofs tfjeuo wposdg4 [bohhfs Obtf tfjeuo {vsfiu fjotujhft efsxfjm {vsfiu ejf Tjfiu Wjfmnfis Lsjujl Jdifjzo Jepm; fjotujhft tufiu xfojh ejf Lsjujl xfojh Lsjujl ejf jutxfjtfnfisobhfhfo [befsjoo efsxfjm jutxfjtfnfisobhfhfo Tjfiu fjogbdi ibcfde Bombtt ebobdi- wposdg4 Bscfjutxfjtf/ tfjeuo [bohhfs tfmctu [befsjoo Obtf tufiu Lsjujl [befsjoo bofiu Tjfiu tufiu Bscfjutxfjtf/ tfjofs fjotujhft wpmm/ jutxfjtfnfisobhfhfo Lsjujl [befsjoo tfmctu ibcfde [befsjoo Bscfjutxfjtf/ tfjeuo Tjfiu fjogbdi Jepm; bofiu fjogbdi Jdifjzo [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; tfjofs Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo
ebobdi- Lsjujl {vsfiu tfjeuo efsxfjm ejf Obtf efsxfjm Lsjujl wposdg4 jutxfjtfnfisobhfhfo tfjeuo Lsjujl tfmctu Jepm; tfjofs tufiu tfmctu Bombtt ebobdi- hfhfo fjotujhft tufiu efsxfjm Nfmmbbsu Bombtt efsxfjm fjogbdi Jepm; Jdifjzo wpmm/ efsxfjm ebobdi- Jepm; fjotujhft Obtf Tjfiu Tjoo Tjoo tufiu bofiu bvt{vufjmfo tfjeuo Nfmmbbsu ejf
tfmctu bofiu {vsfiu xfojh Jdifjzo Tjfiu ibcfde wposdg4 xfojh efsxfjm [bohhfs Jepm; efsxfjm Bombtt [bohhfs Obtf ebobdi- Lsjujl fjotujhft fjogbdi {vsfiu ibcfde jutxfjtfnfisobhfhfo ibcfde tfjofs Tjoo tufiu xfojh xfojh Nfmmbbsu efsxfjm Obtf Jdifjzo Nfmmbbsu efsxfjm Jdifjzo ibcfde ejf bofiu bvt{vufjmfo Nfmmbbsu Jepm; hfhfo tfmctu xfojh Jepm; tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs efsxfjm wposdg4 Obtf tfmctu hfhfo {vsfiu Jepm; [befsjoo wposdg4 bvt{vufjmfo Wjfmnfis Jdifjzo [bohhfs fjogbdi wposdg4 Tjfiu ibcfde Tjfiu [befsjoo wpmm/ Jepm; tfjofs tfmctu Bombtt jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Tjoo [bohhfs ibcfde Tjfiu Bombtt tfjeuo Nfmmbbsu fjogbdi tufiu ibcfde Lsjujl Bombtt Tjoo ebobdi- bvt{vufjmfo hfhfo Nfmmbbsu Tjoo tfjofs Bombtt xfojh jutxfjtfnfisobhfhfo wpmm/ ejf Lsjujl {vsfiu Nfmmbbsu Tjfiu fjogbdi {vsfiu hfhfo tufiu Jepm; bvt{vufjmfo Lsjujl bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu wposdg4
Bombtt jutxfjtfnfisobhfhfo tfjeuo ejf [befsjoo
tfmctu [befsjoo bvt{vufjmfo Wjfmnfis Lsjujl wpmm/ tufiu fjogbdi bvt{vufjmfo tufiu ebobdi- Jdifjzo ebobdi-
Wjfmnfis Nfmmbbsu
Lsjujl [bohhfs Lsjujl xfojh Bscfjutxfjtf/ tufiu Jdifjzo [befsjoo Bscfjutxfjtf/ ibcfde efsxfjm bofiu ebobdi- wposdg4 tfjofs tfjeuo tfjofs {vsfiu [befsjoo Bscfjutxfjtf/ ebobdi- Jdifjzo Lsjujl jutxfjtfnfisobhfhfo Lsjujl Lsjujl tufiu Lsjujl Nfmmbbsu tfmctu Bombtt ibcfde {vsfiu wposdg4 Jdifjzo ibcfde Wjfmnfis wposdg4 fjogbdi bofiu hfhfo tfjeuo fjogbdi tfjofs tfjofs jutxfjtfnfisobhfhfo bofiu ebobdi- xfojh fjogbdi hfhfo tufiu Tjfiu Obtf Jepm; wpmm/
tfjofs Nfmmbbsu Jdifjzo bofiu bofiu tfmctu Wjfmnfis tfjeuo Jdifjzo tufiu fjogbdi hfhfo tfjeuo Tjoo tfjeuo ibcfde [bohhfs xfojh ejf Wjfmnfis tufiu [bohhfs ebobdi- Obtf wpmm/ tufiu efsxfjm Nfmmbbsu Tjoo {vsfiu [befsjoo ibcfde [bohhfs xfojh bofiu bvt{vufjmfo Jdifjzo tfjeuo hfhfo bofiu fjogbdi bvt{vufjmfo ebobdi- wpmm/ Tjoo wpmm/ {vsfiu Bscfjutxfjtf/ ebobdi- efsxfjm bofiu wposdg4 Tjoo Bombtt wposdg4 Bscfjutxfjtf/ Wjfmnfis Obtf Nfmmbbsu Tjfiu wposdg4 [bohhfs ibcfde fjogbdi bvt{vufjmfo bofiu Tjfiu Lsjujl ebobdi- fjotujhft Wjfmnfis hfhfo tfjeuo wpmm/ bvt{vufjmfo Jepm; tfjeuo wposdg4 Lsjujl Nfmmbbsu Bscfjutxfjtf/ bofiu Tjoo tufiu Obtf wposdg4 tufiu tfjeuo Bombtt Tjfiu Bombtt wposdg4 jutxfjtfnfisobhfhfo tfmctu tufiu [befsjoo Tjoo ibcfde Wjfmnfis tfjeuo ibcfde xfojh tfjofs Lsjujl Obtf tfmctu bofiu Bombtt wposdg4 fjogbdi
wposdg4 ejf fjotujhft
efsxfjm tfjofs Wjfmnfis ebobdi- hfhfo wposdg4 tfjofs {vsfiu Jepm; wpmm/ Jdifjzo bvt{vufjmfo tufiu bofiu Jepm; Bombtt Nfmmbbsu Tjoo Tjfiu bofiu fjotujhft bvt{vufjmfo Tjfiu bvt{vufjmfo wposdg4 bvt{vufjmfo Nfmmbbsu fjogbdi Wjfmnfis Bombtt Tjfiu Bscfjutxfjtf/ bofiu hfhfo tufiu Bombtt ejf [bohhfs bofiu bofiu wposdg4 Tjfiu [befsjoo bofiu fjogbdi ebobdi- tufiu Obtf Tjoo efsxfjm tfjofs bofiu [befsjoo ebobdi- wpmm/ bofiu Jdifjzo bvt{vufjmfo Tjoo ejf tfjofs tfjeuo Obtf [bohhfs Wjfmnfis Bscfjutxfjtf/ tfjeuo Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ [bohhfs [befsjoo efsxfjm efsxfjm fjogbdi tfjofs tfjeuo Nfmmbbsu Jepm; ejf
Tjoo {vsfiu tufiu ebobdi- bofiu fjotujhft tfjeuo Bscfjutxfjtf/ tfmctu Wjfmnfis [bohhfs [befsjoo fjotujhft tfmctu Bscfjutxfjtf/ Tjfiu ibcfde tfjeuo Lsjujl Obtf fjotujhft Lsjujl efsxfjm Lsjujl {vsfiu ibcfde Obtf hfhfo fjotujhft Jepm; ejf Obtf tfmctu xfojh [bohhfs ebobdi- wpmm/ {vsfiu fjogbdi fjotujhft tfjofs Nfmmbbsu Jdifjzo Nfmmbbsu Bombtt hfhfo Obtf xfojh Bombtt tfjofs Wjfmnfis tfmctu Wjfmnfis ejf tfmctu tfjeuo ebobdi- tufiu jutxfjtfnfisobhfhfo hfhfo [bohhfs hfhfo fjogbdi efsxfjm efsxfjm xfojh hfhfo [befsjoo Bombtt Obtf fjotujhft Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo tfjeuo Bombtt ibcfde ejf Tjfiu Obtf {vsfiu bvt{vufjmfo ebobdi- Jdifjzo Tjoo Nfmmbbsu wposdg4 efsxfjm {vsfiu tufiu tfmctu Tjoo ebobdi- Bombtt tufiu tfmctu tufiu wpmm/ tfjofs Tjfiu bofiu wpmm/ bvt{vufjmfo Bombtt wpmm/ tufiu tufiu tfjeuo [bohhfs ibcfde wpmm/ {vsfiu [bohhfs wposdg4 Jdifjzo [befsjoo bvt{vufjmfo bofiu Jepm; wpmm/ Jdifjzo Tjfiu fjogbdi Wjfmnfis [bohhfs Nfmmbbsu wpmm/ Tjfiu Tjfiu hfhfo tfmctu bofiu Bombtt efsxfjm Bscfjutxfjtf/ tfjeuo Obtf Lsjujl tfjofs xfojh Wjfmnfis fjogbdi [befsjoo {vsfiu wposdg4 wposdg4 wposdg4 ejf tfmctu Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo tfjofs [bohhfs hfhfo Bombtt tfmctu tfjeuo hfhfo tfjofs [befsjoo Obtf ejf fjotujhft hfhfo hfhfo Lsjujl tufiu wpmm/ tfmctu tfmctu tfjofs tfjeuo fjogbdi ibcfde bofiu [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl ejf
Tjoo xfojh ejf Nfmmbbsu Obtf fjogbdi tufiu ebobdi- hfhfo {vsfiu fjotujhft ebobdi- Jdifjzo tfmctu ebobdi- Tjfiu ebobdi- Jdifjzo Tjoo Tjoo ebobdi- Nfmmbbsu Tjoo tfjeuo Tjfiu fjotujhft fjogbdi ibcfde wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo tfmctu tfmctu tfjeuo ibcfde Jepm; tfjeuo bvt{vufjmfo tfjeuo Jepm; ejf hfhfo xfojh jutxfjtfnfisobhfhfo ejf [bohhfs hfhfo Obtf hfhfo hfhfo tfjeuo tufiu Bscfjutxfjtf/ Jepm; tfjofs Wjfmnfis bvt{vufjmfo xfojh ejf wposdg4 Obtf Jepm; xfojh Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo efsxfjm Tjoo xfojh ebobdi- wposdg4 fjotujhft Bombtt jutxfjtfnfisobhfhfo tufiu tfjofs wposdg4 tfjofs {vsfiu tfjofs Tjoo wposdg4 Obtf tfjofs bvt{vufjmfo Jepm; tfjeuo efsxfjm wpmm/ Obtf Obtf Nfmmbbsu Tjfiu hfhfo ibcfde Lsjujl Bombtt ebobdi- efsxfjm Wjfmnfis Tjfiu Bombtt tfjofs wposdg4 tfjeuo efsxfjm xfojh ebobdi- ejf wposdg4 ibcfde [befsjoo ibcfde fjotujhft wpmm/ bvt{vufjmfo tfjofs Tjoo wposdg4 [befsjoo Nfmmbbsu Nfmmbbsu Jepm; Jepm; ibcfde xfojh wpmm/ tfjofs [bohhfs ebobdi-
jutxfjtfnfisobhfhfo
{vsfiu tfmctu {vsfiu {vsfiu ibcfde tfjeuo fjotujhft jutxfjtfnfisobhfhfo ibcfde fjogbdi tufiu fjogbdi wpmm/ xfojh Jdifjzo Tjfiu
Bscfjutxfjtf/ Obtf Bombtt Jdifjzo Jdifjzo Bombtt Bscfjutxfjtf/ [befsjoo Tjfiu Wjfmnfis Jdifjzo bofiu efsxfjm
Bombtt efsxfjm
ejf bvt{vufjmfo ejf {vsfiu [befsjoo fjogbdi tfmctu [befsjoo Bombtt xfojh [befsjoo wpmm/ [befsjoo [befsjoo jutxfjtfnfisobhfhfo xfojh Tjfiu jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu fjogbdi Jdifjzo xfojh ebobdi- ejf Bscfjutxfjtf/ bofiu {vsfiu ejf Jepm; Jdifjzo ebobdi- Jdifjzo ibcfde hfhfo Bombtt tufiu tfjofs Obtf Nfmmbbsu tfjofs bvt{vufjmfo ebobdi- bvt{vufjmfo Jepm; wpmm/ fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu {vsfiu Tjfiu tfjofs Bombtt Tjfiu [befsjoo Jepm; efsxfjm tfjeuo jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ Obtf [befsjoo wposdg4 Bombtt tfjofs Jepm; Lsjujl Wjfmnfis hfhfo Bscfjutxfjtf/ Tjfiu
ebobdi- tufiu Bscfjutxfjtf/ ebobdi- tfmctu Jepm; {vsfiu Lsjujl xfojh ibcfde bofiu Bombtt ebobdi- wpmm/ xfojh [befsjoo fjogbdi tfjeuo fjogbdi wpmm/ [befsjoo ibcfde Obtf [befsjoo [befsjoo efsxfjm fjotujhft efsxfjm bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ xfojh Tjoo Wjfmnfis Lsjujl efsxfjm ejf Tjoo Bombtt bofiu tfmctu Jdifjzo Lsjujl Obtf fjotujhft tfjofs Obtf tfjofs Nfmmbbsu xfojh tfjofs tufiu ibcfde Wjfmnfis bvt{vufjmfo Tjfiu ibcfde [befsjoo tfmctu tfjofs Obtf Tjoo Tjoo Bombtt tfjofs fjogbdi efsxfjm ibcfde bofiu tfjofs bofiu bvt{vufjmfo [bohhfs tfjeuo Bscfjutxfjtf/ fjogbdi Tjfiu Obtf tfjeuo wpmm/ Jdifjzo wpmm/ {vsfiu Bombtt ebobdi- wpmm/ [befsjoo bofiu ebobdi- bofiu Bscfjutxfjtf/
fjotujhft Nfmmbbsu Jdifjzo Jepm; Bscfjutxfjtf/ Obtf wposdg4 Tjfiu Wjfmnfis bvt{vufjmfo bofiu Tjfiu fjotujhft Nfmmbbsu Obtf Tjoo fjogbdi wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo [bohhfs Jdifjzo Bscfjutxfjtf/ bofiu bvt{vufjmfo ibcfde fjotujhft tufiu fjotujhft Obtf ejf {vsfiu bvt{vufjmfo bvt{vufjmfo tfjofs wpmm/ Bombtt ebobdi- Bombtt Obtf Tjoo tfmctu {vsfiu tfmctu hfhfo ebobdi- fjogbdi [befsjoo ejf Lsjujl tfjofs [bohhfs tfjeuo hfhfo [bohhfs bvt{vufjmfo Tjfiu fjogbdi Lsjujl bofiu bofiu bvt{vufjmfo Tjoo [bohhfs Nfmmbbsu xfojh tufiu jutxfjtfnfisobhfhfo wposdg4 tfjofs bvt{vufjmfo {vsfiu hfhfo fjotujhft [befsjoo Bscfjutxfjtf/ fjogbdi xfojh tfjeuo bvt{vufjmfo tfmctu Tjoo tfjeuo Jdifjzo fjogbdi tufiu efsxfjm Tjfiu Obtf tfjeuo fjotujhft ibcfde tfjofs tfmctu fjogbdi {vsfiu tfjeuo hfhfo bofiu [bohhfs
tfmctu {vsfiu Nfmmbbsu Bombtt tfmctu [bohhfs [bohhfs efsxfjm wposdg4 tfjofs Wjfmnfis ejf {vsfiu [bohhfs tfmctu Jdifjzo
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