Document:

2007 Incentive Stock Option Plan

 Exhibit 4.30 
 GPC Biotech AG 
 2007 INCENTIVE STOCK OPTION PLAN 
 EFFECTIVE AS OF MAY 25, 2007 
  

	1.	PURPOSES. 

  

	 	(a)	The purpose of this Plan is to provide a means by which selected Employees of GPC Biotech Inc. (the “Subsidiary”), a wholly owned subsidiary of GPC Biotech AG,
Munich/Germany (the “Company”) may be given an opportunity to benefit from increases in value of the stock of the Company through the granting of Nonstatutory Stock Options, as defined below. The Plan does not provide for the granting of
stock appreciation rights or restricted stock. 

  

	 	(b)	The Company, by means of this Plan, seeks to retain the services of persons who are now Employees or Directors of its Subsidiary, to secure and retain the services of such
persons and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Subsidiary. 

  

	 	(c)	The Company intends that the Stock Option Grants issued under this Plan shall, in the discretion of the Board of Directors (“Vorstand”) and in coordination with the
Supervisory Board (“Aufsichtsrat”) of the Company be Options granted pursuant to Section 6 hereof. All Options will be Nonstatutory Stock Options at the time of grant, and in such form as required pursuant to Section 6, and a
separate certificate or certificates will be issued for each option grant. 

  

	2.	DEFINITIONS. 

  

	 	(a)	“Affiliate” means any subsidiary corporation of the Company, whether now or hereafter existing, as defined in Section 424(f) of the Code,
including GPC Biotech, Inc., a Delaware corporation with its offices in Princeton (New Jersey). 

  

	 	(b)	“Aktiengesetz” (abbr.: AktG) means the German Stock Corporation Act. 

  

	 	(c)	“Aufsichtsrat” means the Supervisory Board of the Company. 

  

	 	(d)	“Code” means the United States Internal Revenue Code of 1986, as amended. 

  

	 	(e)	“Company” means GPC Biotech AG, a German Aktiengesellschaft (stock corporation) with its seat in Planegg/Martinsried (Germany).

  

	 	(f)	“Continuous Status as an Employee” means the employment or relationship as an Employee is not interrupted or terminated. The Aufsichtsrat, in its sole
discretion, may determine whether Continuous Status as an Employee shall be considered interrupted in the case of: (i) any leave of absence approved by the Vorstand, including sick leave, military leave, or any other personal leave; or
(ii) transfers between locations of the Company or between the Company and the Affiliates or their successors. 

  

	 	(g)	“Employee” means any person, employed by the Company or any Affiliate of the Company. Neither service as a Director nor payment of a director’s
fee by the Company shall be sufficient to constitute “employment” by the Company. 

  

	 	(h)	“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

  

	 	(i)	“Fair Market Value” means, as of any date, the value of the ordinary bearer shares of the Company determined as follows, and in each case in a manner
consistent with the Code, the Fair Market Value of an ordinary bearer shall be equivalent to the average price at which the Company’s no-par shares are traded at XETRA’s final auction on the Frankfurt stock exchange during the last five
stock exchange trading days prior to the granting of the Options, at least, however, to the share in the capital stock (pro rata amount) attributed to one share of GPC Biotech AG. 

  

	 	(j)	“Nonstatutory Stock Option” means an Option not intended to qualify as an Incentive Stock Option. 

  

	 	(k)	“Option” means a stock option granted pursuant to the Plan. 

  

	 	(l)	“Optionee” means any Employee who holds an outstanding Option. 

  

	 	(m)	“Plan” means the 2007 Incentive Stock Option Plan. 

  

	 	(n)	“Redomociling” shall occur only in the event that (i) the Company has a class of equity securities registered pursuant to Section 12 of the
Exchange Act, and (ii) the Company no longer qualifies as a “foreign private issuer” under applicable US securities laws. 

  

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	 	(o)	“Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with
respect to the Plan. 

  

	 	(p)	“share(s)” means the Company’s ordinary bearer shares and, unless the context otherwise requires, its American Depositary Receipts evidencing
American Depositary Shares, each representing one ordinary bearer share. 

  

	 	(q)	“Stock Option Grant” means any Option right granted under the Plan. 

  

	 	(r)	“Stock Option Agreement” means a written agreement between the Company and a holder of a Stock Option Grant evidencing the terms and conditions of an
individual Stock Option Grant. Each Stock Option Agreement shall be subject to the terms and conditions of the Plan. 

  

	 	(s)	“Subsidiary” means any affiliated corporation of the Company, whether now or hereafter existing, as defined in Section 424(f) of the Code,
including GPC Biotech Inc., a Delaware corporation with offices in Princeton (New Jersey). 

  

	 	(t)	“Vorstand” means the Management Board of the Company. 

  

	3.	ADMINISTRATION. 

  

	 	(a)	The Plan shall be administered by the Vorstand in accordance with the respective resolutions of the Company’s stockholders and, where applicable, in coordination with
the Aufsichtsrat and internal guidelines of the Company. 

  

	 	(b)	Notwithstanding subparagraph (a) above, the Vorstand shall have the power subject to and within the limitations of the express provisions of the Plan:

  

	 	(1)	To determine from time to time which of the persons eligible under the Plan shall be granted Stock Option Grants; when and how each Stock Option Grant shall be granted; the
provisions of each Stock Option Grant granted (which need not be identical), including the time or times when a person shall be permitted to receive stock pursuant to a Stock Option Grant, whether a person shall receive ordinary bearer shares or
American Despositary Receipts and the number of shares with respect to which a Stock Option Grant shall be granted to each such person. 

  

	 	(2)	 To construe and interpret the Plan and Stock Option Grants granted under it, and to establish, amend and revoke rules and regulations for its administration.
The Vorstand, in the exercise of this power, may correct 

  

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any defect, omission or inconsistency in the Plan or in any Stock Option Agreement, in a manner and to the extent it shall deem necessary or expedient to
make the Plan fully effective. All decisions by the Vorstand shall be made in the Vorstand’s sole discretion and shall be final and binding on all persons having or claiming any interest in the Plan or in any Option. No Director or person
acting pursuant to the authority delegated by the Vorstand shall be liable for any action or determination relating to or under the Plan made in good faith. 

  

	 	(3)	To amend the Plan or a Stock Option Grant as provided in Section 11. 

  

	4.	SHARES SUBJECT TO THE PLAN. 

  

	 	(a)	Subject to the respective resolutions of the Company’s stockholders as well as subject to the provisions of Section 10 relating to adjustments upon changes in
stock, the maximum number of shares that may be issued pursuant to Stock Option Grants made under the Plan may not exceed 1,150,000, which is the corresponding number of shares that can be issued according to the existing conditional capital which,
has been be created by a resolution of the Company’s stockholders according to subparagraph (b). If any Stock Option Grant shall for any reason expire or otherwise terminate, in whole or in part, without having been exercised in full, the stock
not acquired under such Stock Option Grant shall revert to and again become available for issuance under the Plan. 

  

	 	(b)	The stock subject to the Plan may be new shares which will be issued by way of capital increase using up conditional capital which has been created by a resolution of the
Company’s stockholders on May 25, 2007 in order to satisfy the Company’s obligations under the Plan. The provisions of the Aktiengesetz, in particular Sections 192 para. 2 cif. 3, 193 para. 2 cif. 4, AktG, have to be
obeyed. However, an exercised Option subject to the Plan may be satisfied with reacquired shares, bought on the market or otherwise in accordance with Section 71 AktG. 

  

	5.	ELIGIBILITY. 

  

	 	(a)	Stock Option Grants may be granted only to Employees. 

  

	 	(b)	Subject to the provisions of Section 10 relating to adjustments upon changes in stock, no person shall be eligible to be granted Options covering more than one hundred
thousand (100,000) of the Company’s shares in any calendar year. This Section 5(b) shall not apply until the Company is Redomiciled. 

  

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	6.	OPTION PROVISIONS. 

 Each Option shall be evidenced by a written instrument in such form as the Vorstand shall determine and shall contain such terms and conditions as the Vorstand in co-ordination with the Aufsichtsrat shall deem appropriate. The provisions of
separate Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions: 
  

	 	(a)	Term. The Options may be offered to the Optionees during the last fifteen working days of each calendar month (acquisition period pursuant to Section 193 Para. 2
No. 4 AktG). 

 Each Option shall be exercisable at such times and subject to such terms as the Vorstand may specify in the
applicable Stock Option Grant, provided, however, that no Option shall be exercisable after the expiration of ten (10) years from the date it was granted. 
  

	 	(b)	Price. The Vorstand shall establish the exercise price at the time each Option is granted and shall specify it in the applicable Stock Option Grant. 

 

	 	(c)	Consideration. According to applicable German Law, the exercise price of stock acquired pursuant to an Option can only be paid to the Company, at the latest, when the Option
is exercised either (i) in cash (EURO), or (ii) by money transfer onto an account of the Company with a (German or international) bank residing in Germany. Any other means of payment or payment in kind is prohibited according to
Section 199 para. 1, 54 para. 3, 36 para. 2 AktG. 

  

	 	(d)	Transferability. An Option shall not be transferable except by will or by the laws of descent and distribution, and shall be exercisable during the lifetime of the person to
whom the Option is granted only by such person. Notwithstanding the foregoing, the person to whom an Option Agreement is granted may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in
the event of the death of the Optionee, shall thereafter be entitled to exercise the Option. 

  

	 	(e)	 Vesting. The total number of shares of stock subject to an Option may, but need not, be allotted in periodic installments (which may, but need not, be
equal). The Stock Option Agreement may provide that from time to time during each of such 

  

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installment periods, the Option, notwithstanding Section 6(i), may become exercisable (“vest”) with respect to some or all of the shares
allotted to that period, and may be exercised with respect to some or all of the shares allotted to such period and/or any prior period as to which the Option became vested but was not fully exercised. The Option may be subject to such other terms
and conditions on the time or times when it may be exercised (which may be based on performance or other criteria according to the then applicable resolution of the Company’s stockholders) as the Vorstand in co-ordination with the Aufsichtsrat
may deem appropriate. 

  

	 	(f)	Termination of Employment. In the event an Optionee’s Continuous Status as an Employee terminates (other than upon the Optionee’s death or disability, as defined
below), the Optionee may exercise his or her Option to the extent that the Optionee was entitled to exercise it according to Sections 6(e) and 6(i) at the date of termination but only within such period of time ending on the earlier of (i) the
date three (3) months after the termination of the Optionee’s Continuous Status as an Employee (or such longer or shorter period as specified in the Stock Option Agreement) or (ii) the expiration of the term of the Option as set forth
in the Stock Option Agreement. However, notwithstanding the foregoing, should the date of termination be prior to that of the expiration of the two-year waiting period mentioned in Section 6(i), the Optionee may exercise his or her Option at
the date of expiration of such waiting period but only within three (3) months after the expiration of the two-year waiting period. If the Optionee does not exercise his or her Option within the time required, the Option shall terminate, and
the shares covered by such Option shall revert to and again become available for issuance under the Plan. 

  

	 	(g)	 Disability of Optionee. In the event an Optionee’s Continuous Status as an Employee terminates as a result of the Optionee’s disability (within the
meaning of Section 22(e)(3) of the Code), the Optionee may exercise his or her Option to the extent that the Optionee was entitled to exercise it according to Sections 6(e) and 6(i) at the date of termination, but only within such period of
time ending on the earlier of (i) the date three (3) months following such termination (or such longer or shorter period as specified in the Stock Option Agreement ) or (ii) the expiration of the term of the Option as set forth in the
Stock Option Agreement; provided, however, should the date of termination be prior to that of the expiration of the two-year waiting period mentioned in Section 6(i), the Optionee may exercise his or her Option at the date of expiration of such
waiting period but only within three (3) months after the expiration of the two-year waiting period. If, at the date of termination, the Optionee is not entitled to exercise his or her entire Option, the shares covered by the unexercisable
portion of the Option shall revert to and again become available for issuance under the Plan. If, after termination, the Optionee does not exercise his or 

  

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her Option within the time specified herein, the Option shall terminate, and the shares covered by such Option shall revert to and again become available for
issuance under the Plan. 

  

	 	(h)	Death of Optionee. In the event of the death of an Optionee during, or within a period specified in the Option after the termination of, the Optionee’s Continuous Status
as an Employee, the Option may be exercised to the extent the Optionee was entitled to exercise it according to Sections 6(e) and 6(i)at the date of death by the Optionee’s estate, by a person who acquired the right to exercise the Option by
bequest or inheritance or by a person designated to exercise the Option upon the Optionee’s death pursuant to Section 6(d), but only within the period ending on the earlier of (i) the date six (6) months following the date of
death (or such longer or shorter period as specified in the Stock Option Agreement) or (ii) the expiration of the term of such Option as set forth in the Stock Option Agreement. However, should the date of termination be prior to that of the
expiration of the two-year waiting period mentioned in Section 6(i), the Optionee may exercise his or her Option at the date of expiration of such waiting period but only within the later of six (6) months after the expiration of the
two-year waiting period. If, at the time of death, the Optionee was not entitled to exercise his or her entire Option, the shares covered by the unexercisable portion of the Option shall revert to and again become available for issuance under the
Plan. If, after death, the Option is not exercised within the time specified herein, the Option shall terminate, and the shares covered by such Option shall revert to and again become available for issuance under the Plan. 

 

	 	(i)	Exercise. Before any Option subject to the Plan may be exercised according to Section 193 para. 2 cif. 4 AktG a mandatory minimum waiting period of two years,
counted as of the date of the Stock Option Grant, has to be observed. No shares shall be issued before the aforementioned waiting period has expired. 

 The stock options may only be exercised if the Closing Price develops better than a reference index (performance goal pursuant to Section 193 Para. 2 No. 4 of the German Stock Corporation Act). 

Closing Price is the price of one GPCB Share in the XETRA closing auction on the Frankfurt Stock Exchange. 
 Reference index shall be the stock index TecDax of the Frankfurt Stock Exchange (the “Price Index”). 
 The Price Index as well as the Closing Price on the date on which the stock options are issued shall serve as the starting point for the performance
measurement. 

  

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The stock options may only be exercised if the Closing Price has developed better than the Price Index. The relevant comparison date for this shall be the
date four weeks prior to the exercise of the stock options. 
 Options may be exercised by submitting a written notice of exercise to the
Company signed by the proper person or by any other form of notice approved by the Vorstand together with payment in full as specified in Section 6(c) for the number of shares for which the Option is exercised. 
 Options may not be exercised from the date on which the Company submits an offer to its shareholders for the subscription of new shares or convertible
bonds with conversion or option rights by written notice to all shareholders or through an announcement in the publications named in the Company’s Articles of Association or in a mandatory stock exchange publication of the Frankfurt Stock
Exchange until the end of the last day of the subscription period. 
 Furthermore, the Options may, each time, only be exercised within a
period of six weeks after publication of the quarterly reports or annual financial statements (exercise period pursuant to Sect. 193 Para. 2 No. 4 AktG). As a matter of principle, exercise of the Options shall be excluded from December 24
to December 31 of each calendar year. 
  

	 	(j)	Public Offering. Each Optionee, for as long as any shareholder of the Company who had previously been an Optionee, may be restricted from selling shares in connection with
any public offering of shares by the Company, subject to the same restrictions should he exercise his Options during the period within which such former Optionee is so restricted. 

  

	 	(k)	Vorstand Discretion. Except as otherwise provided in the Plan, each Stock Option Grant may be made alone or in relation to any other Stock Option Grant. The terms of each
Stock Option Grant need not be identical, and the Vorstand need not treat Optionees uniformly. 

  

	7.	COVENANTS OF THE COMPANY. 

 The Company shall seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to issue
and sell shares of stock upon exercise of the Stock Option Grant; provided, however, that this undertaking shall not require the Company to register under the Securities Act of 1933, as amended (the “Securities Act”) either the Plan, any
Stock Option Grant or any stock issued or issuable pursuant to any such Stock Option Grant. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority which counsel for 

  

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the Company deems necessary for the lawful issuance and sale of stock under the Plan, the Company shall be relieved from any liability for failure to issue
and sell stock upon exercise of such Stock Option Grants unless and until such authority is obtained. 
  

	8.	USE OF PROCEEDS FROM STOCK. 

 Proceeds from the sale of stock pursuant to Stock Option Grants shall constitute capital reserves of the Company. 
  

	9.	MISCELLANEOUS. 

  

	 	(a)	The Vorstand in coordination with the Aufsichtsrat shall have the power to accelerate the time at which a Stock Option Grant may first be exercised or the time during which a
Stock Option Grant or any part thereof will vest pursuant to Section 6(e), notwithstanding the provisions in the Stock Option Grant stating the time at which it may first be exercised or the time during which it will vest.

  

	 	(b)	Neither an Employee nor any person to whom a Stock Option Grant is transferred under Section 6(d) shall be deemed to be the holder of, or to have any of the rights of a
holder with respect to, any shares subject to such Stock Option Grant unless and until such person has satisfied all requirements for exercise of the Stock Option Grant pursuant to its terms. 

  

	 	(c)	Nothing in the Plan or any instrument executed or Stock Option Grant granted pursuant thereto shall confer upon any Employee any right to continue in the employment of the
Company or any Affiliate or shall affect the right of the Company or any Affiliate to terminate the employment of any such person with or without cause. 

  

	 	(d)	 The Company may require any person to whom an Option is granted, or any person to whom an Option is transferred, as a condition of exercising or acquiring
stock under any Stock Option Grant, (i) to give written assurances satisfactory to the Company as to such person’s knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably
satisfactory to the Company who is knowledgeable and experienced in financial and business matters, and that he or she is capable of evaluating, alone or together with the purchaser representative, the merits and risks of exercising the Stock Option
Grant; and (ii) to give written assurances satisfactory to the Company stating that such person is acquiring the stock subject to the Stock Option Grant for such person’s own account and not with any present intention of selling or
otherwise distributing the stock. The foregoing requirements, and any assurances given pursuant to such requirements, 

  

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shall be inoperative if (i) the issuance of the shares upon the exercise or acquisition of stock under the Stock Option Grant has been registered under
a then currently effective registration statement under the Securities Act, or (ii) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then
applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws,
including, but not limited to, legends restricting the transfer of the stock. 

  

	 	(f)	To the extent provided by the terms of a Stock Option Agreement, the person to whom an Option is granted must satisfy any federal, state or local tax withholding obligation
relating to the exercise or acquisition of stock under the Plan by any of the following means or by a combination of such means: (i) tendering a cash payment; (ii) authorizing the Company or Subsidiary to withhold shares from the shares
otherwise issuable to the participant as a result of the exercise or acquisition of stock under the Plan; or (iii) delivering to the Company or Subsidiary owned and unencumbered shares of the Company. Payment of such withholding obligation
shall be made no later than the date of the event creating the tax liability. 

  

	10.	ADJUSTMENTS UPON CHANGES IN STOCK. 

  

	 	(a)	In the event of a merger of the Company with and into another entity where the Company is not the surviving entity (Verschmelzung durch Aufnahme), a change in the
legal form of the Company (Umwandlung), a change in the notional nominal value of the shares of stock in the Company and similar measures leading to the cancellation or conversion of the shares of stock underlying the Options, each
outstanding Option shall be substituted by the right to purchase at the exercise price a specific number of shares of stock or other interests in the Company or its successor entity (calculated on the basis of the Fair Market Value at the time of
any such change) substituting the shares of stock in the Company. The remaining provisions of this Plan shall remain unaffected. 

  

	 	(b)	In the event of a capital decrease by means of amalgamating the ordinary shares in the Company (Kapitalherabsetzung durch Zusammenlegung, § 222(4) AktG) or by
means of cancellation (Einziehung) of ordinary shares (§ 237 AktG), the subscription ratio (as specified in the applicable Stock Option Grant) shall be adjusted by multiplying it with the coefficient resulting from the division of the
number of shares of stock after such capital decrease by the number of shares of stock prior to such capital decrease. Fractional shares of stock resulting from any such capital decrease will not be delivered upon exercise of the Options.

  

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	 	(c)	In case of a capital increase out of retained earnings by the Company, any existing conditional capital will be increased according to Section 218 AktG in the same ratio
as the Company’s share capital, instead of a deduction of the exercise price. The right of an Option holder to purchase stock of the Company, at the point in time of exercise, will increase in the same ratio as the Company’s share capital
increase. 

  

	11.	AMENDMENT OF THE PLAN AND STOCK OPTION GRANTS.

  

	 	(a)	The Vorstand in coordination with the Aufsichtsrat at any time, and from time to time, may amend the Plan and/or some or all outstanding Stock Option Grants granted under the
Plan. However, except as provided in Section 10 relating to adjustments upon changes in stock, no amendment shall be effective unless approved by the stockholders of the Company to the extent stockholder approval is necessary for the Plan to
satisfy the requirements of the Aktiengesetz as well as of Section 422 of the Code, or any security laws or any Nasdaq or securities exchange listing requirements. 

  

	 	(b)	The Vorstand in coordination with the Aufsichtsrat may in its discretion submit any other amendment to the Plan for stockholder approval, including, but not limited to,
amendments to the Plan intended to satisfy the requirements of the Aktiengesetz and/or Section 162(m) of the Code and the regulations promulgated thereunder regarding the exclusion of performance-based compensation from the limit
on corporate deductibility of compensation paid to certain executive officers. 

  

	 	(c)	Rights and obligations under any Option granted before amendment of the Plan shall not be impaired by any Plan amendment unless the Company requests the consent of the person
to whom the Stock Option Grant was granted and such person consents in writing. 

  

	 	(d)	The Vorstand in coordination with the Aufsichtsrat at any time, and from time to time, may amend the terms of any one or more Stock Option Grant; provided, however, that the
rights and obligations under any Stock Option Grant shall not be impaired by any such amendment unless (i) the Company requests the consent of the person to whom the Stock Option Grant was granted and (ii) such person consents in writing.

  

	12.	TERMINATION OR SUSPENSION OF THE PLAN. 

  

	 	(a)	 The Vorstand in coordination with the Aufsichtsrat may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on the
last 

  

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business day of May 31, 2012. No Options may be granted under the Plan while the Plan is suspended or after it is terminated but any outstanding option
may be exercised ten (10) years from the grant date. 

  

	 	(b)	Rights and obligations under any Option granted while the Plan is in effect shall not be impaired by suspension or termination of the Plan, except with the consent of the
person to whom the Stock Option Grant was granted. 

  

	13.	EFFECTIVE DATE OF PLAN. 

 The Plan is effective as of the approval of the shareholders on May 25, 2007; provided, however, that, following a Redomociling, no Stock Option
Grant granted to an Optionee designated by the Vorstand as subject to Section 162(m) of the Code shall become exercisable, vested or realizable, as applicable to such Stock Option Grant, unless and until the Plan has been approved by the
Company’s stockholders to the extent stockholder approval is required by Section 162(m) in the manner required under Section 162(m) (including the vote required under Section 162(m)). 
 Martinsried/Planegg, May 25, 2007 
  

	
	GPC Biotech AG
	Der Vorstand

  

 - 12 -Convertible Bonds Terms and Conditions dated May 25, 2007

 Exhibit 4.38 
 Confidential 
 GPC Biotech AG 
 Martinsried/Planegg 
 Convertible Bonds Terms and Conditions 
 for members of the management bodies of GPC Biotech AG and affiliated 
 subsidiary companies in Germany and abroad 
 (Resolution of the General Meeting of May 25,
2007) 
 Preamble 
 The General
Meeting of GPC Biotech AG (hereinafter “the Company” or “GPC Biotech”) resolved on May 25, 2007 to implement a program for the issuance of convertible bonds, nominal value € 1,00 per convertible bond (the
“Convertible Bonds”) to members of the management bodies of GPC Biotech AG and affiliated subsidiary companies in Germany and abroad (hereinafter the “Allottees”). 
 The terms and conditions of the program for the issuance of Convertible Bonds are as follows: 
 § 1

 Convertible Bonds 
  

	(1)	The Allottees receive registered Convertible Bonds which comprise the right to purchase ordinary no-par value bearer shares (the “Shares”) of the Company in the number
listed in the offer letter or in the convertible bond certificate, subject to adjustment pursuant to § 9 hereof. 

	(2)	By accepting the offer to purchase the Convertible Bonds, the Allottee shall transfer the total nominal amount of the Convertible Bonds to which he/she is entitled in Euros for
unconditional disposition by the Company and without further costs to an account to be specified by the Company. The transfer has been made no later than one month after the grant date. 

  

	(3)	The Convertible Bonds may be evidenced in several registered global convertible bond certificates. The right to (individual) convertible bond certificates is excluded.

  

	(4)	On behalf of the Company, a bonds register entitled “Convertible Bonds” (hereinafter the “Options Register”), in which the Convertible Bonds are registered
together with the conversion price (see § 8 (1) hereof), the series and number as well as the holder by name, date of birth and residence address will be maintained by the exercise agent (see § 18 hereof). In addition, the Options
Register sets forth in particular the information necessary for determining the period according to § 14 (1) hereof (the “Vesting Period”). 

  

	(5)	In relation to the Company, only parties registered as Allottees in the Options Register are qualified as such. 

 § 2 
 Basic Features of the
Convertible Bonds 
  

	(1)	As provided by these terms and conditions, and subject to any adjustment pursuant to §§ 8 and 9 hereof, the Convertible Bonds may be converted to obtain one Share of the
Company for each Convertible Bond upon payment of the conversion price to be specified by the Company in accordance with § 8 hereof. 

  

	(2)	To cover the Convertible Bonds to be issued to the Allottees, the May 25, 2007 General Meeting of the Company created a conditional capital in the amount of up to
€ 1,700,000. A maximum of 1,700,000 Convertible Bonds may be issued to members of the management bodies of GPC Biotech AG and affiliated subsidiary companies in Germany and abroad. Supervisory Board of the Company may choose whether the
Shares underlying the Convertible Bonds will be made available from such conditional capital or from a program to repurchase its own Shares, resolved or possibly yet to be resolved by the General Meeting. 

 § 3 
 Interest Rate, Repayment
of the Nominal Amount 
  

	(1)	 The Convertible Bonds bear interest at 3.5% per annum starting from the date of their issuance. The interest amounts are due at the end of the respective
calendar 

  

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year. In the event of the cancellation of the Convertible Bonds pursuant to § 14 hereof or of the due conversion of the Convertible Bonds pursuant
to § 10 hereof, the interest amounts for the current calendar year are due immediately. 

  

	(2)	A right to compound interest does not exist. 

  

	(3)	The paid-in nominal amount is due for repayment within ten calendar days after lapse of the Convertible Bonds for whatever reason. 

 § 4 
 Purchasing Periods, Time
to Maturity 
  

	(1)	The Convertible Bonds may be offered to the Allottees for subscription within the last fifteen working days of each calendar month. The date of issuance is the day on which the
Supervisory Board has made an offer to the Allottee for subscription of the Convertible Bonds, provided, such offer has been accepted within the subscription period. 

  

	(2)	The time to maturity of the Convertible Bonds is ten years from the date of their issuance. § 3(3) notwithstanding, the Convertible Bonds lapse without compensation upon
expiration of the time to maturity. 

 § 5 
 Waiting Period 
 The Allottees may convert the Convertible Bonds at the earliest after the
second anniversary date of their issuance pursuant to § 4 (1) hereof. In addition, the Convertible Bonds may only be converted if, after expiration of the two-year waiting period, the cancellation periods set forth in § 14
(1) hereof, as specified by the Company in the (global) convertible bond certificates, have expired. 
 § 6 
 Exercise Periods 
  

	(1)	Convertible Bonds may not be converted from the date on which the Company submits an offer to its shareholders for the subscription of new shares or convertible bonds with
conversion or option rights by written notice to all shareholders or through an announcement in the publications named in the Company’s Articles of Association or in a mandatory stock exchange publication of the Frankfurt Stock Exchange until
the end of the last day of the subscription period. 

  

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	(2)	Notwithstanding § 6 (1) hereof, the Convertible Bonds may only be converted during a period of the six weeks starting on the second day after the publication of the
quarterly reports or of the annual financial statement, respectively. The Convertible Bonds may not be converted from December 24 to December 31 of each calendar year. 

  

	(3)	The Supervisory Board has the right to impose further restrictions on the exercise periods. 

 § 7 
 Performance Goals 
 Notwithstanding §§ 4 and 5 hereof, the Convertible Bonds may only be converted if the Closing Price (as defined below) develops better than a reference index.
The reference index shall be the stock index TecDax of the Frankfurt Stock Exchange (the “Price Index”). The Price Index and the Closing Price on the date on which the Convertible Bonds are issued shall serve as the starting point for the
performance measurement. The Convertible Bonds may only be converted if the Closing Price has developed better than the Price Index. The relevant comparison date for this shall be the date four weeks prior to the conversion. 
 § 8 
 Conversion Price

  

	(1)	As provided by these terms and conditions, each conversion privilege represents the right to subscribe for one Share. 

  

	(2)	The conversion price to be paid upon exercise of the conversion privilege for the subscription of one individual Share corresponds to the average closing price of the Shares in the
XETRA closing auction on the Frankfurt Stock Exchange (the “Closing Price”) during the last five exchange trading days prior to the issuance of the Convertible Bonds less € 1.00; provided, however, that the conversion price shall at
least be equal to the proportionate amount of the share capital allocable to one Share. 

 § 9 
 Adjustment of the Convertible Bonds 
  

	(1)	 In the event of a merger of the Company with and into another entity where the Company is not the surviving entity (Verschmelzung durch Aufnahme), a change
in the legal form of the Company (Umwandlung), a change in the notional nominal 

  

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value of the shares of stock in the Company and similar measures leading to the cancellation or conversion of the shares of stock underlying the Convertible
Bonds, each Convertible Bond shall be substituted by the right to purchase at the exercise price a specific number of shares of stock or other interests in the Company or its successor entity (calculated on the basis of the Fair Market Value at the
time of any such change) substituting the shares of stock in the Company. The remaining provisions of these Terms and Conditions shall remain unaffected. 

  

	(2)	In the event of a capital decrease by means of amalgamating the ordinary shares in the Company (Kapitalherabsetzung durch Zusammenlegung, § 222(4) AktG) or by means of
cancellation (Einziehung) of ordinary shares (§ 237 AktG), the subscription ratio (as specified in the applicable Convertible Bond Grant) shall be adjusted by multiplying it with the coefficient resulting from the division of the number
of shares of stock after such capital decrease by the number of shares of stock prior to such capital decrease. Fractional shares of stock resulting from any such capital decrease will not be delivered upon conversion of the Convertible Bonds.

  

	(3)	In case of a capital increase out of retained earnings by the Company, any existing conditional capital will be increased according to Section 218 AktG in the same ratio as the
Company’s share capital, instead of a deduction of the exercise price. The right of an Allottee to purchase stock of the Company, at the point in time of conversion, will increase in the same ratio as the Company’s share capital increase.

 § 10 
 Conversion Procedure; Issuance of Underlying Shares 
  

	(1)	To convert the Convertible Bonds, the Allottee must 

  

	 	a)	using the form available from the exercise agent or from a trustee (see § 18 hereof), if such is appointed for the purpose, deliver a written subscription declaration in
duplicate to the exercise agent or to the trustee; and 

  

	 	b)	pay the conversion price in EURO, completely and free of costs and charges to the Company, to the Company’s account indicated in the subscription declaration form.

  

	(2)	Declarations received by the exercise agent within the periods set forth in §§ 5 and 6 hereof are deemed to be delivered and received on the next subsequent banking
business day on which the conversion of the convertible bond is again permissible. The Allottee may revoke his/her subscription declaration only so long as receipt has not yet effectively taken place. 

  

	(3)	 The Shares resulting from the conversion of the Convertible Bonds are printed 

  

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and delivered in the form provided by the Articles of Association of the Company in their respective valid version. Issuance will be initiated – to the
extent possible and subject to receipt by the Company of payment in full of the conversion price – within ten banking business days after the subscription declaration becomes effective. The initiation of the delivery requires the assignment of
a bank by the Company. The Company is not liable for any delay of the share delivering unless caused by default. 

  

	(4)	In the event that the Allottee intends to sell the Shares acquired through the conversion of his/her Convertible Bonds immediately after such acquisition, the Company may, with a
view to a smooth placement in the market, tender, in a manner that safeguards the interests of the Allottees, the Shares created from a large number of conversions in the form of a block sale to (for example) institutional investors. The Allottee
shall, at the request of the Company, assist appropriately and reasonably in the smooth placement on the market. 

  

	(5)	Any issuance of Shares resulting from the conversion of Convertible Bonds is only permitted in conformity with the terms and conditions hereof and in no case prior to payment in
full of the conversion price according to § 8 hereof (see § 199(1) AktG). 

 § 11 
 Dividend Entitlement of the New Shares 
 The Shares
created through the conversion of Convertible Bonds – provided they are created through conversion before the beginning of the General Meeting of the Company that resolves on the allocation of balance sheet profits – are entitled to
dividends from the beginning of the previous fiscal year, or, to the extent created through conversion after the beginning of General Meeting of the Company, the respective fiscal year in which they were created through such conversion. 

§ 12 
 Nonassignability of
the Convertible Bonds 
  

	(1)	In principle, the Convertible Bonds may not be transferred. 

  

	(2)	Other methods of disposing of the Convertible Bonds, granting of subordinate equity interests or creation of a trust as well as establishment of short positions by granting to third
parties the Convertible Bonds granted to the Allottee as well as comparable offsetting transactions that are economically equivalent to a sale of the Convertible Bonds are also prohibited. 

  

	(3)	 Any violation of paragraphs (1) and/or (2) of this § 12 results in forfeiture of the 

  

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Convertible Bonds. To the extent that the Company or the Allottees have substantive reasons, the Supervisory Board may consent to dispositions of the
Convertible Bonds in the form described in paragraphs (1) and (2) of this § 12. 

  

	(4)	Notwithstanding paragraphs (1) and (2) of this § 12, the Allottee is authorized, after expiration of the two-year waiting period or after expiration of the
cancellation period specified in the convertible bond certificates, to sell his/her Convertible Bonds to a credit institution to be specified by the Company. 

 § 13 
 Succession 
  

	(1)	The Convertible Bonds – provided they have not been cancelled pursuant to § 14 hereof – may be transferred by will or the laws of descent and distribution. The
heirs shall be bound by these terms and conditions. 

  

	(2)	The heirs shall report their standing as heirs to the Company and must prove their legitimacy in conformity with § 35 GBO. 

 § 14 
 Vesting Period;
Cancellation of the Convertible Bonds 
  

	(1)	The Convertible Bonds may in principle be cancelled for a maximum period of up to four (4) years (the “Vesting Period”). Expiration of the Vesting Period in relation
to the Convertible Bonds granted in total to the Allottee does not take place uniformly, but is divided into stages over the Vesting Period. One quarter of the Convertible Bonds becomes uncancellable each year, calculated from the beginning of the
vesting period. The Vesting Period begins to run with the issuance of the convertible bonds. A different Vesting Period may be specified by the Supervisory Board for each individual case on the basis of internal guidelines of the Company that may be
formulated thereby for common application and notified to the Allottee in the offer letter. Above and beyond this, the expiration of the Vesting Period – if certificates evidencing the Convertible Bonds are issued – is noted in the
respective certificates. 

  

	(2)	The Company or second-tier enterprises currently affiliated with it or in the future may immediately cancel the Convertible Bonds that are still subject to the Vesting Period
without compensation if the Allottee’s employment or consultancy agreement has been terminated prior to expiration of the Vesting Period specified for the Convertible Bonds. The cancellation of Convertible Bonds becomes effective upon receipt
of a separate written cancellation declaration by the Allottee, but not earlier than: 

  

	 	a)	in the case of an ordinary termination by the Allottee, upon receipt of his/her termination notice; 

  

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	 	b)	in the case of an ordinary termination of the Allottee by the Company, upon effectiveness of such termination (termination of employment or consultancy) or – in the case of the
exoneration of the Allottee – on the date of such exoneration; 

  

	 	c)	in the case of termination by the Allottee for cause, on the date on which the ordinary termination – defined as the termination notice by the Company or by a second-tier
enterprise currently affiliated with it or in the future on the date of the termination notice by the Allottee – would have become effective; 

  

	 	d)	in all other cases, on the date of actual termination of employment or consultancy (for example, termination by rescission contract, death, retirement, educational leave of absence
and similar reasons). 

  

	(3)	The Company or an affiliated subsidiary company (affiliated now or in the future) may cancel the Convertible Bonds no longer subject to a Vesting Period without compensation if

  

	 	a)	the Allottee has not converted his/her Convertible Bonds within 12 calendar months after the cancellation according to paragraph (2) above becomes effective, or

  

	 	b)	the Allottee has not converted his/her Convertible Bonds within 12 months after the affiliated subsidiary company employing the Allottee has left the group (i.e. GPC Biotech holds
an equity interest of less than 50% in the equity or share capital of such affiliate), 

 provided such conversion would have
been possible taking into consideration the waiting period set forth in § 5 hereof and the exercise periods set forth in § 6 hereof. If a conversion of the Convertible Bonds according to §§ 5 and 6 hereof is not
possible on the effective date of the termination, the period begins when the conditions for conversion in §§ 5 and 6 hereof are met for the first time. 
  

	(4)	The Supervisory Board may, in isolated cases, choose not to cancel all or part of the Convertible Bonds if such cancellation seems inequitable in such isolated cases (suspension of
employment because of a maternity or paternity leave of absence, general disability, retirement and similar reasons). The same shall apply mutatis mutandis if the Convertible Bonds are intended to substitute for a severance payment that may be due
upon termination of employment or officer status. In individual cases, the choice not to cancel the Convertible Bonds may be made contingent upon the extension of the Vesting Period by the duration of the suspension of employment (for example, due
to a maternal or paternal leave of absence or an unpaid leave of absence). 

  

 - 8 - 

	(5)	In the event that the employment and/or the officer status of an Allottee with the Company or with an affiliated subsidiary company (affiliated now or in the future) is –
irrespective of the reason – terminated, but at the same time a new employment or officer status is established with the Company or with a second-tier enterprise currently affiliated with it or in the future, the aforementioned cancellation
rights shall not apply on the occasion of such termination but only relative to any termination of the new employment or new officer status. 

  

	(6)	The Company has the right to cancel the Convertible Bonds with immediate effect if and as soon as insolvency proceedings are instituted against the assets of the Allottee,
institution of insolvency proceedings is declined for insufficiency of assets or Convertible Bonds are attached by a creditor and the enforcement measure is not rescinded within six (6) months (with expiration of the 6-month period).

  

	(7)	For his/her part, the Allottee may cancel the conversion privilege with three-months written notice as of the end of a quarter without having to give any reasons.

  

	(8)	The Company may request the return of any issued and cancelled convertible bond certificates from the Allottee or from any other possessor. 

 § 15 
 Taxes 
 The Allottee himself/herself shall pay all taxes that may be incurred in connection with the issuance or conversion of Convertible Bonds, including church taxes and
solidarity surcharge. However, the Company shall deduct such taxes and charges from the Allottee’s salary to the extent legally prescribed and pay them over, if appropriate in the form of wage-tax withholding, to the tax office having
jurisdiction over its permanent establishment. Above and beyond this, the Company may, if necessary, make the issuance of Shares contingent upon proof of appropriate tax payments by the Allottee or upon lodging of reasonable surety. If the Allottee
does not or cannot meet his/her obligations stipulated by this § 15 hereof, the Company has to so report to the tax office having jurisdiction over its permanent establishment. 
 § 16 
 Insider Rules 
  

	(1)	The Company hereby advises each Allottee that such Allottee may be subject to insider regulations and under certain circumstances may be punishable for disregard of these
regulations. In particular, insiders are prohibited from selling any Shares acquired through the conversion of Convertible Bonds by exploiting their knowledge of insider facts (§ 14(1) WpHG) and equivalent provisions under US law and
regulations. 

  

 - 9 - 

	(2)	The Allottee hereby undertakes to acknowledge and honor any current or future internal guidelines published by the Company with respect to the prevention of insider trading
violations. Any violation of such guidelines is a breach of the accessory obligations defined by labor law and may give rise to, possibly immediate, termination of the Allottee’s employment. 

 § 17 
 Reservation of Voluntary
Nature 
 Any issuance of Convertible Bonds is voluntary in nature and an Allottee who has been issued Convertible Bonds does not, by reason of such
issuance, accrue any right to receive additional Convertible Bonds at any point in the future. 
 § 18 
 Exercise Agent 
 The exercise agent is the Supervisory
Board of the Company. The Supervisory Board empowers the Legal Department to accept subscription declarations and to handle the exercise procedure. In addition, the Company has the right to appoint a trustee (such as a bank), which in this respect
assumes the tasks of the Supervisory Board and functions as the exercise agent. 
 § 19 
 Announcements 
 Declarations, notices, amendments or
adjustments in regard to the Convertible Bonds are announced to the Allottee in writing. Written announcements of legally binding nature (such as cancellation declaration and similar information) are effected by personal delivery with acknowledgment
of receipt or by registered letter or messenger to the address last reported by the Allottee to the Company or to the second-tier enterprise affiliated with it. 
 § 20 
 Miscellaneous Provisions 
  

	(1)	 Should any of these terms and conditions be or become invalid or unenforceable, 

  

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in part or in whole, such provision shall be replaced by such valid and enforceable provision that, in a legally permissible manner, matches as closely as
possible the invalid or unenforceable provision, attaining the same or a similar economic effect. The invalidity or unenforceability of any provision hereof shall not affect the validity or enforceability of any other provision hereof, which shall
remain in full force and effect. The same shall apply mutatis mutandis if a loophole requiring amplification is discovered during execution of these terms and conditions. 

  

	(2)	Amendments and additions to these conditions shall be in writing, unless recording by a notary is required. The foregoing sentence applies mutatis mutandis to any amendments of this
§ 20(2). 

  

	(3)	The place of performance and place of jurisdiction is the registered seat of the Company. 

  

	(4)	The form and content of the Convertible Bonds as well as the rights and obligations of the Allottees and of the Company are construed in accordance with the laws of the Federal
Republic of Germany. 

 Martinsried/Planegg,
                                        

 The Supervisory Board of 
 GPC Biotech AG 
  

			
	Duly noted:	 	
		
	  
	 	

  

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