After a qualifying exit event, such as a sale or an initial public offering of all of the shares of the company, before 31st December, 2036, the virtual shareholders receive their share of the company value of Redavia GmbH. If there is no exit event by December 31st, 2036, the Virtual Shareholders can terminate their investment. In the event of termination, the virtual shareholder receives the higher of: 1) The invested amount, subject to the profits and losses of the company, plus a return per annum, and 2) the value of the virtual share based on any equity-valuation-setting events (such as a sale of new or existing shares in the company to a third party) before 31st December, 2036. In any case, as subordinated loans, all payouts to the Virtual Shares are subject to statutory insolvency limitations.