{"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":"hi%cc%87sse-satin-alma-sozlesmesi%cc%87-uyusmazliklari-kazanc-hukumleri%cc%87ne-i%cc%87li%cc%87ski%cc%87n-uyusmazliklar","status":"publish","type":"insight","link":"https:\/\/rfblegal.co.uk\/tr\/icgoruler\/hi%cc%87sse-satin-alma-sozlesmesi%cc%87-uyusmazliklari-kazanc-hukumleri%cc%87ne-i%cc%87li%cc%87ski%cc%87n-uyusmazliklar\/","title":{"rendered":"Hisse Sat\u0131n Alma S\u00f6zle\u015fmesi Uyu\u015fmazl\u0131klar\u0131: Earn-out H\u00fck\u00fcmlerine \u0130li\u015fkin \u0130htilaflar"},"content":{"rendered":"

Hisse Al\u0131m\u0131 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

Hisse Al\u0131m S\u00f6zle\u015fmelerindeki Kazan\u00e7 Paylar\u0131 Nedir?<\/em><\/strong>\u00a0<\/h2>\n\n\n\n

Earn-out provisions are frequently<\/a> included in SPAs to align the interests of al\u0131c\u0131lar<\/a> and sellers, especially in cases where the selling<\/a> shareholder remains as a director and continues working for the company post-sale. <\/p>\n\n\n\n

Tipik olarak, bir kazan\u00e7 yap\u0131s\u0131, al\u0131c\u0131n\u0131n tamamland\u0131\u011f\u0131nda ba\u015flang\u0131\u00e7ta sabit bir miktar \u00f6demesini ve hedef \u015firketin \u00f6nceden tan\u0131mlanm\u0131\u015f kilometre ta\u015flar\u0131n\u0131 kar\u015f\u0131lamas\u0131na ba\u011fl\u0131 olarak daha fazla \u00f6deme yapmas\u0131n\u0131 i\u00e7erir. Bu kilometre ta\u015flar\u0131 genellikle gelir hedefleri, EBITA e\u015fikleri veya di\u011fer temel performans g\u00f6stergeleri (KPI'lar) ile ilgilidir. <\/p>\n\n\n\n

Bir kazan\u00e7 maddesinin dahil edilmesi her iki tarafa da fayda sa\u011flayabilir: <\/p>\n\n\n\n

(a) hedef \u015firketin hedeflerini a\u015fmas\u0131 halinde sat\u0131c\u0131ya de\u011fer iadesi yap\u0131lmas\u0131 ve <\/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

Earn-out Anla\u015fmazl\u0131klar\u0131n\u0131n Yayg\u0131n Nedenleri<\/em><\/strong>\u00a0<\/h2>\n\n\n\n

Earn-out anla\u015fmazl\u0131klar\u0131 genellikle birka\u00e7 ortak fakt\u00f6rden kaynaklanmaktad\u0131r: <\/p>\n\n\n\n

\u0130fadelerdeki Belirsizlik:<\/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

Tamamlama Sonras\u0131 Operasyonel Kontrol:<\/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

Finansal Raporlamaya \u0130li\u015fkin Anla\u015fmazl\u0131klar:<\/strong> Kazan\u00e7 \u00f6demeleri genellikle finansal performansa ba\u011fl\u0131 oldu\u011fundan, ka\u00e7\u0131n\u0131lmaz olarak finansal raporlama konusunda anla\u015fmazl\u0131klar ortaya \u00e7\u0131kmaktad\u0131r. Bu, gelirin muhasebele\u015ftirilmesi, maliyet tahsisi ve ola\u011fan\u00fcst\u00fc kalemler i\u00e7in d\u00fczeltmeler gibi konular\u0131 i\u00e7erir. Tart\u0131\u015fmalar genellikle uygunsuz muhasebe ilkelerinin benimsenip benimsenmedi\u011fi ve dolay\u0131s\u0131yla \u015firketin performans\u0131n\u0131n yanl\u0131\u015f g\u00f6sterilip g\u00f6sterilmedi\u011fi etraf\u0131nda d\u00f6nmektedir. <\/p>\n\n\n\n

Zamanlama<\/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

Earn-out Anla\u015fmazl\u0131klar\u0131 Nas\u0131l \u00d6nlenir?<\/em><\/strong>\u00a0<\/h2>\n\n\n\n

Kazan\u00e7 anla\u015fmazl\u0131\u011f\u0131 riskini azaltmak i\u00e7in a\u015fa\u011f\u0131daki ad\u0131mlar\u0131 g\u00f6z \u00f6n\u00fcnde bulundurun: <\/p>\n\n\n\n

A\u00e7\u0131k ve Kesin Taslak Haz\u0131rlama:<\/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 will<\/a> be calculated. <\/p>\n\n\n\n

\u00dc\u00e7\u00fcnc\u00fc Taraf \u0130nceleme ve Denetimi:<\/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

Tamamlama Sonras\u0131 Kontrol\u00fcn Ele Al\u0131nmas\u0131:<\/strong> SPA, \u00f6zellikle sat\u0131c\u0131n\u0131n s\u00fcrece dahil olmaya devam etmesi halinde, \u015firketin tamamlanma sonras\u0131nda nas\u0131l y\u00f6netilece\u011fini ele almal\u0131d\u0131r. Karar verme yetkisi ve operasyonel kontrol i\u00e7in a\u00e7\u0131k kurallar belirlemek, kazan\u00e7lar\u0131 etkileyebilecek eylemler konusundaki anla\u015fmazl\u0131klar\u0131 \u00f6nlemeye yard\u0131mc\u0131 olabilir. <\/p>\n\n\n\n

Y\u00f6neti\u015fim Mekanizmalar\u0131n\u0131n Olu\u015fturulmas\u0131:<\/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

Uyu\u015fmazl\u0131k \u00c7\u00f6z\u00fcm\u00fc<\/a> Mechanisms:<\/strong> Incorporate specific dispute resolution mechanisms within the SPA, such as mandatory mediation, tahkim<\/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

Hisse Al\u0131m S\u00f6zle\u015fmesi Uyu\u015fmazl\u0131k Davas\u0131: Bize Ula\u015f\u0131n<\/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> Ortak Jonathan Chan<\/a> at 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