高逼格的小A律师又来出题了 – 分手费和反向分手费
小A律师最近参与了一起世纪大并购,交易的金额在千亿美元级别。小A律师自认为对分手费和反向分手费的掌握是杠杠的,逼格是满满的,Breakup Fees/reverse break up fees, Termination Fees说起来也是一道一道的【愉快的分手?】- 详解跨境并购交易中的分手费与反向分手费(其实小A律师看过这位叔叔写的文章)。刚入行的小律师听起小A律师口若悬河的道起数十亿、上百亿美元交易、如何在谈判桌上与交易对手斗智斗勇(小A律师其实三天三夜没睡,累的像狗)、南美山河的壮丽风光(小A律师其实只在飞机上看了一眼)、和非洲黑部长觥筹交错后搂着脖子称兄道弟(小A律师其实被黑部长浓烈的香水味催吐了一地)、在紧邻着伊朗边境的地方泡温泉(小A律师其实生怕突然爆发战争只能裸跑)、在扭腰第五大道学赫本一大早逛天赋你(小A律师其实一直没区别开天赋你和天妇罗)的经验,很是羡慕得紧。其实小A律师并没有告诉他们作为一个工作了六七年的外所资深律师的苦逼之处。“都是围城么”,小A律师常常这么想。
小A律师最近一直处在亢奋之中,全球并购市场上交易的火爆,让他所在的国际律所一直忙得要死。今年2500个小时的BillableHours个人记录,恐怕是要超过了。想着圣诞即将来临,和女朋友即将的秘鲁印加帝国文明探寻之旅,虽然每天只能在凌晨3点睡觉,小A律师还是充满了干劲:今年的Bonus肯定不少,在秘鲁怎么也得想个浪漫一点的法子求婚,蛋糕里面放戒指的方法太老套,肯定不能用!小A律师已经三十出头,和现在的女朋友已经谈了5年恋爱,感情相对融洽。在小A律师工作如此繁忙的情况下,能维持一份融洽的感情已经是非常理想了,对方也算通情达理,书香门第出身,虽然偶尔有点小性子,但大体不影响小A的律师的喜爱 – 小A律师决定把感情再推上一把 – 求婚!
小A律师就这么模模糊糊的想着这些事情从浅睡中醒来,黑黑的Blackberry已经提示对方的律师发来了交易的MergerAgreement。在六七年前入行的时候,小A律师觉得拿着blackberry其实是一件蛮有逼格的事情,现在小A律师觉得这玩意儿就是个负担,是客户和所里老板整天催命的帮凶 – 不过,作为一个从事服务业的人员,小A律师对客户和老板的合理要求几乎都是及时满足的,这也让他给共事的人留下了不少好的印象。
瞟了一眼交易文件,小A律师发现对方在交易的分手费方面设置了多种多样的层次,总结起来就是如下:
if one party’s stockholders vote down the transaction and the otherparty’s stockholders approve the transaction (and neither party’s board ofdirectors changes its recommendation), the party whose stockholders voted downthe transaction must pay a termination fee of $[ ] billion;
if one party’s board of directors effects a change of recommendation inresponse to a “superior proposal” and the other party’s board of directorsconfirms that it does not intend to change its recommendation, the party whoseboard of directors changed its recommendation must pay, on a termination by theother party of the Merger Agreement, a termination fee of $[ ] billion;
if one party’s board of directorseffects a change of recommendation other than in response to a “superiorproposal” and the other party’s board of directors confirms that it does notintend to change its recommendation, the party whose board of directors changedits recommendation must pay, on a termination by the other party of the MergerAgreement, a termination fee of $[ ] billion if such change of recommendation occurson or prior to March 1, 2016, or $[ ] billion if such change ofrecommendation occurs after March 1, 2016;
if one partyreceives a competing proposal, that party’s stockholders subsequently vote downthe transaction, and that party consummates such competing proposal or entersinto a definitive agreement providing for such competing proposal within 12months which is later consummated, the party adopting such competing proposalmust pay a termination fee of $[ ]billion; and
if a partyterminates due to an adverse change in law, the terminating party mustreimburse the other party for its expenses up to $[ ] million.
小A律师的题目:上面这些关于分手费或者补偿费的分类,各自要达到的目的是什么?
欢迎在行约见
纸质书上市之前,可以看看如下两本电子书
http://yuedu.baidu.com/ebook/bb088c8214791711cc7917ab
http://yuedu.baidu.com/ebook/8020ee86a2161479171128b6
欢迎关注公众号:uncleleslie
交流、约稿、培训请联系:zhangwh888@163.com
跨境并购实务、国际油气合约实务培训基地 http://weidian.com/s/259655366?wfr=c
【打赏实验】
本文为Uncle Leslie原创如果愿意支持Uncle的原创,请长按下方图片并“识别图中二维码”打赏,9.9元或任意数额,谢谢~



