{"id":5456,"date":"2024-09-11T13:27:56","date_gmt":"2024-09-11T13:27:56","guid":{"rendered":"https:\/\/rfblegal.co.uk\/?post_type=insight&p=5456"},"modified":"2025-11-14T14:22:38","modified_gmt":"2025-11-14T14:22:38","slug":"geschillen-over-aandelenkoopovereenkomsten-geschillen-over-earn-out-bepalingen","status":"publish","type":"insight","link":"https:\/\/rfblegal.co.uk\/nl\/inzichten\/geschillen-over-aandelenkoopovereenkomsten-geschillen-over-earn-out-bepalingen\/","title":{"rendered":"Geschillen over koopovereenkomsten: Geschillen met betrekking tot earn-outbepalingen"},"content":{"rendered":"

Aankoop van aandelen Agreements<\/a> (SPAs) are essential documents<\/a> that govern the private<\/a> sale and purchase of shares in a company. Increasingly, these agreements include earn-out mechanisms, which, while valuable, often lead to disputes regarding their interpretation and enforcement<\/a>. <\/p>\n\n\n\n

Wat zijn earn-outs in koopovereenkomsten voor aandelen?<\/em><\/strong>\u00a0<\/h2>\n\n\n\n

Earn-out provisions are frequently<\/a> included in SPAs to align the interests of buyers and sellers, especially in cases where the selling shareholder remains as a director and continues working for the company post-sale. <\/p>\n\n\n\n

Een earn-out structuur houdt meestal in dat de koper een vast bedrag betaalt bij voltooiing, met verdere betalingen die afhankelijk zijn van het behalen van vooraf gedefinieerde mijlpalen door het doelbedrijf. Deze mijlpalen hebben vaak betrekking op omzetdoelstellingen, EBITA-drempels of andere belangrijke prestatie-indicatoren (KPI's). <\/p>\n\n\n\n

Het opnemen van een earn-out clausule kan beide partijen ten goede komen door: <\/p>\n\n\n\n

(a) waarde teruggeven aan de verkoper als de doelonderneming haar doelstellingen overtreft, en <\/p>\n\n\n\n

(b) incentivising seller stakeholders to remain involved and committed to the performance of the business<\/a> even after the completion of the sale. <\/p>\n\n\n\n

Veelvoorkomende oorzaken van geschillen over earn-outs<\/em><\/strong>\u00a0<\/h2>\n\n\n\n

Geschillen over earn-outs zijn vaak het gevolg van een aantal gemeenschappelijke factoren: <\/p>\n\n\n\n

Dubbelzinnigheid in de formulering:<\/strong> Vague or poorly defined terms can lead to disagreements over whether the conditions<\/a> of the earn-out provision have been met. For instance, disputes frequently arise over the definition of key financial metrics, the accounting standards to be used, and the specific methodology for calculating the earn-out. <\/p>\n\n\n\n

Operationele controle na voltooiing:<\/strong> Disputes may also arise concerning how the company is managed after the acquisition. Sellers may argue that the buyer has taken\u2014or failed to take\u2014actions that undermine the achievement of earn-out targets, either deliberately or negligently. On the other hand, buyers may assert that their management decisions<\/a>, even if they negatively impact the earn-out, are within their rights and in the best interest of the business. For example, a significant change in the company\u2019s business strategy could impact performance metrics. <\/p>\n\n\n\n

Geschillen over financi\u00eble verslaglegging:<\/strong> Omdat earn-outbetalingen vaak gekoppeld zijn aan financi\u00eble prestaties, ontstaan er onvermijdelijk geschillen over de financi\u00eble verslaglegging. Dit omvat zaken als opbrengsterkenning, kostentoerekening en aanpassingen voor buitengewone posten. Ruzies draaien vaak om de vraag of er onjuiste boekhoudkundige principes zijn toegepast, waardoor de prestaties van het bedrijf verkeerd zijn weergegeven. <\/p>\n\n\n\n

Tijdstip<\/a> of Earn-out Payments:<\/strong> The timing of earn-out calculations and payments is another<\/a> area of contention. Disputes can arise over when the earn-out period begins, how long it lasts, and when payments are due. <\/p>\n\n\n\n

Hoe geschillen over earn-outs vermijden<\/em><\/strong>\u00a0<\/h2>\n\n\n\n

Overweeg de volgende stappen om het risico op geschillen over earn-outs te beperken: <\/p>\n\n\n\n

Duidelijk en nauwkeurig opstellen:<\/strong> Ensure that the SPA contains clear and detailed drafting. All key terms, including financial metrics, calculation methods, accounting standards, and timelines, should be clearly defined. Where possible, include illustrative examples to show how the earn-out zal<\/a> be calculated. <\/p>\n\n\n\n

Beoordeling en controle door derden:<\/strong> To avoid disputes over financial calculations, the SPA could prescribe an independent third-party auditor to review the company\u2019s financial statements used to calculate the earn-out. Independent verification often provides both parties with greater confidence<\/a> in the accuracy of the calculations. <\/p>\n\n\n\n

Controle na voltooiing:<\/strong> In de SPA moet worden vastgelegd hoe het bedrijf na voltooiing zal worden bestuurd, vooral als de verkoper betrokken blijft. Het vastleggen van duidelijke richtlijnen voor beslissingsbevoegdheid en operationele controle kan helpen bij het voorkomen van geschillen over acties die van invloed kunnen zijn op de earn-out. <\/p>\n\n\n\n

Bestuursmechanismen opzetten:<\/strong> Including specific governance mechanisms in the SPA, such as an earn-out committee to oversee the achievement of earn-out targets, can foster transparency<\/a> and communication, helping to mitigate potential disputes. <\/p>\n\n\n\n

Geschillenbeslechting<\/a> Mechanisms:<\/strong> Incorporate specific dispute resolution mechanisms within the SPA, such as mandatory mediation, arbitrage<\/a>, or the involvement of experts. These measures can provide a more efficient and cost-effective way to resolve earn-out disputes. <\/p>\n\n\n\n

Geschil over koopovereenkomst aandelen: Contact<\/strong>\u00a0<\/h2>\n\n\n\n

If you need advice or assistance with navigating disputes related to share purchase agreements, including those concerning earn-out provisions, please contact<\/a> Partner Jonathan Chan<\/a> op j.chan@rfblegal.co.uk<\/a>.\u00a0<\/p>","protected":false},"author":5,"featured_media":5457,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[62,65],"tags":[81],"class_list":["post-5456","insight","type-insight","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-litigation","category-corporate","tag-litigation-team-dj"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t