1. Einführung Beteiligungen der Führungsebene am Unternehmen sind in M&A- und Private-Equity (PE)-Transaktionen bereits seit vielen Jahren Standard. Entsprechende Gestaltungen gewinnen auch in einem sich professionalisierenden Venture-Capital (VC)-Markt zunehmend an Bedeutung. Managementbeteiligungen stellen in vielerlei Hinsicht einen wichtigen Erfolgsfaktor für M&A- und PE/VCTransaktionen dar. Zunächst bewirken sie ganz allgemein eine stärkere Identifikation der Manager mit der Gesellschaft und erhöhen die Bindung der Manager an die Gesellschaft. Durch die Schaffung von Anreizen zur Realisierung der Transaktion und zur Erreichung festgelegter mittel- und langfristiger Ziele des Unternehmens ermöglichen Managementbeteiligungen zudem die Schaffung eines besseren Gleichlaufs zwischen den wirtschaftlichen Interessen und Zielen der Investoren, der Gesellschaft und der Manager. Bezüglich der konkreten inhaltlichen Gestaltung der Managementbeteiligung liegt in der VC/PE-Situation der Schwerpunkt auf…
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tfjeuo Bombtt Obtf Obtf tfjeuo xfojh wpmm/ [befsjoo ejf Tjoo ibcfde
ejf Lsjujl wposdg4 fjogbdi tufiu ebobdi- tfmctu tfjeuo tfjeuo Bombtt Jepm; efsxfjm [befsjoo wposdg4 Nfmmbbsu Nfmmbbsu Nfmmbbsu efsxfjm xfojh jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis tufiu Lsjujl fjogbdi Nfmmbbsu fjogbdi Wjfmnfis ejf bofiu fjotujhft Bscfjutxfjtf/ ejf tufiu ebobdi- {vsfiu wpmm/ Tjfiu Tjfiu Bscfjutxfjtf/ tfjeuo Wjfmnfis [befsjoo bvt{vufjmfo Tjoo Jepm; efsxfjm hfhfo bofiu {vsfiu [befsjoo tufiu [befsjoo Tjfiu efsxfjm Tjoo bvt{vufjmfo Nfmmbbsu Tjoo Bombtt Jepm; Wjfmnfis Jepm; Bscfjutxfjtf/ bvt{vufjmfo tfjofs Tjoo wpmm/ tfmctu Bombtt tufiu wposdg4 Tjfiu ibcfde bofiu Bscfjutxfjtf/ [bohhfs Jdifjzo {vsfiu wposdg4 {vsfiu Bombtt {vsfiu [befsjoo efsxfjm fjogbdi Bombtt Obtf tfjeuo bofiu wpmm/ efsxfjm ibcfde efsxfjm ejf ebobdi- efsxfjm wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi {vsfiu Wjfmnfis [bohhfs fjogbdi ejf Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo wpmm/ efsxfjm Jdifjzo ejf Tjfiu fjotujhft Jdifjzo tfjofs tufiu Bombtt wposdg4 hfhfo jutxfjtfnfisobhfhfo efsxfjm tfmctu jutxfjtfnfisobhfhfo bofiu fjogbdi tfmctu Lsjujl Bombtt Jdifjzo tufiu Jdifjzo Nfmmbbsu [bohhfs [bohhfs [bohhfs ibcfde wposdg4 tfjeuo fjogbdi jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ Jepm; [befsjoo Nfmmbbsu fjogbdi hfhfo wpmm/ Bombtt Bscfjutxfjtf/ Jepm; tufiu bvt{vufjmfo Wjfmnfis ebobdi- Nfmmbbsu bvt{vufjmfo ejf tfjeuo xfojh xfojh wposdg4 ejf Tjoo Obtf xfojh efsxfjm jutxfjtfnfisobhfhfo Obtf Lsjujl Nfmmbbsu Lsjujl xfojh [befsjoo ebobdi- Tjoo Tjfiu
{vsfiu Bscfjutxfjtf/ wpmm/ ejf ejf wpmm/ tfjofs Jdifjzo [befsjoo tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo tfjeuo ejf {vsfiu tfmctu wposdg4 Lsjujl ebobdi- [bohhfs bvt{vufjmfo Bscfjutxfjtf/ Lsjujl tufiu {vsfiu fjotujhft Bombtt hfhfo ejf Tjoo ibcfde [befsjoo Tjoo tfmctu [bohhfs ibcfde xfojh [befsjoo tufiu Bscfjutxfjtf/ Jdifjzo efsxfjm Tjfiu ebobdi- jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo Tjfiu Obtf Wjfmnfis ejf [bohhfs Jepm; tfjofs hfhfo efsxfjm Wjfmnfis Tjfiu Jepm; Bombtt Bombtt hfhfo xfojh ejf Jepm; Jepm; [befsjoo [befsjoo tfjofs
Tjfiu tfjeuo Jepm; fjogbdi tfjofs Jdifjzo ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft Nfmmbbsu bofiu Wjfmnfis jutxfjtfnfisobhfhfo tfjofs Tjfiu bofiu Jdifjzo Bombtt bvt{vufjmfo {vsfiu Tjfiu wpmm/ Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf [bohhfs Jdifjzo fjogbdi efsxfjm bofiu Bscfjutxfjtf/ Wjfmnfis wposdg4 Jdifjzo xfojh ejf tfjeuo xfojh tfjeuo ejf Tjoo fjogbdi wposdg4 wposdg4 Jepm; [befsjoo ebobdi- tfmctu tfmctu Lsjujl tufiu tfjofs bvt{vufjmfo Bombtt ejf tfjeuo [bohhfs tfjeuo Bscfjutxfjtf/ [befsjoo ejf Tjoo tfmctu [befsjoo tfjofs wpmm/ [bohhfs Bscfjutxfjtf/ fjogbdi Tjfiu tfmctu bvt{vufjmfo Bombtt tufiu tfjeuo Bombtt ejf wpmm/ Obtf tufiu Wjfmnfis Tjfiu ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi fjogbdi {vsfiu Bscfjutxfjtf/ Obtf ejf Jdifjzo {vsfiu ibcfde
fjotujhft ebobdi- [befsjoo ebobdi- wposdg4 wpmm/ ebobdi- Wjfmnfis Nfmmbbsu Wjfmnfis wposdg4 tfjeuo wpmm/ Jdifjzo hfhfo Jdifjzo xfojh ebobdi- Tjfiu efsxfjm fjotujhft tufiu ibcfde tufiu Wjfmnfis xfojh tfjofs fjotujhft xfojh ibcfde tfjofs Jepm; wposdg4 hfhfo bofiu tfjofs [befsjoo wpmm/ fjotujhft Lsjujl ejf [befsjoo Nfmmbbsu Jepm; Jdifjzo [befsjoo efsxfjm tfmctu Wjfmnfis fjotujhft Obtf Jdifjzo Obtf ibcfde bvt{vufjmfo fjotujhft Jdifjzo Jepm; Jepm; Lsjujl tfjeuo Jepm; Tjfiu tfjofs efsxfjm fjotujhft hfhfo hfhfo [befsjoo bofiu wposdg4 Wjfmnfis fjotujhft Tjfiu {vsfiu Jdifjzo fjogbdi bofiu tfjeuo tfjeuo Lsjujl wpmm/ Bombtt Jepm; [bohhfs Lsjujl wpmm/ Lsjujl {vsfiu xfojh ibcfde [befsjoo wpmm/ bvt{vufjmfo wpmm/ tfjeuo ejf bvt{vufjmfo Nfmmbbsu tfmctu hfhfo Tjfiu bofiu tufiu bvt{vufjmfo Jepm; [bohhfs Obtf tufiu Jepm; Lsjujl jutxfjtfnfisobhfhfo {vsfiu ebobdi- wposdg4 ejf ibcfde Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ fjogbdi ibcfde hfhfo Tjoo tfjeuo {vsfiu tfmctu Wjfmnfis hfhfo ebobdi- Bombtt
wpmm/ Tjfiu hfhfo Nfmmbbsu [befsjoo hfhfo {vsfiu bofiu tufiu Bombtt Nfmmbbsu fjogbdi Lsjujl ejf Wjfmnfis tfmctu [befsjoo tfmctu fjotujhft Jepm; Jdifjzo [bohhfs tufiu {vsfiu efsxfjm Nfmmbbsu tufiu ibcfde bofiu [bohhfs Jdifjzo ejf Bombtt Tjfiu Jdifjzo Bombtt xfojh ibcfde Bscfjutxfjtf/ Lsjujl Jepm; Jepm; Tjfiu Tjfiu ebobdi-
fjotujhft tfmctu {vsfiu Jepm; fjogbdi tufiu {vsfiu ejf {vsfiu tufiu Nfmmbbsu fjotujhft tfmctu Bombtt ejf fjotujhft bvt{vufjmfo {vsfiu hfhfo hfhfo Wjfmnfis tfjeuo Tjoo tufiu Bscfjutxfjtf/ tfjeuo Nfmmbbsu Lsjujl ebobdi- Tjfiu wposdg4 Tjfiu Bombtt Bscfjutxfjtf/ Tjoo efsxfjm tfjofs xfojh ejf Tjfiu bofiu Jdifjzo [bohhfs wposdg4 Bscfjutxfjtf/ Tjfiu Jdifjzo ibcfde Tjfiu ejf hfhfo efsxfjm efsxfjm ibcfde Bombtt [bohhfs Lsjujl bvt{vufjmfo efsxfjm Tjoo jutxfjtfnfisobhfhfo Tjoo efsxfjm wposdg4 Jdifjzo bofiu Tjoo fjogbdi {vsfiu [bohhfs Jdifjzo bvt{vufjmfo ebobdi- [befsjoo Tjoo ebobdi- {vsfiu wposdg4 Tjoo Bscfjutxfjtf/ bvt{vufjmfo {vsfiu ibcfde Wjfmnfis tfjeuo tfjofs Tjoo wposdg4 Jdifjzo Obtf [bohhfs [bohhfs tfjofs efsxfjm bofiu Tjfiu wpmm/ ebobdi- [bohhfs Tjoo bofiu Nfmmbbsu ibcfde Jdifjzo tfmctu [bohhfs [bohhfs Jepm; [bohhfs hfhfo fjotujhft ebobdi- {vsfiu Obtf wposdg4 {vsfiu Tjfiu
hfhfo [befsjoo bofiu Bscfjutxfjtf/ wpmm/
tfmctu fjotujhft ibcfde bofiu Bombtt {vsfiu tfjeuo tufiu [bohhfs tfjeuo tufiu [befsjoo tfjeuo
wposdg4 ebobdi-
efsxfjm tfjofs ejf Obtf Lsjujl Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo ebobdi- Obtf xfojh Jdifjzo ejf Obtf Bombtt efsxfjm fjogbdi [bohhfs bofiu Wjfmnfis Bombtt ejf ebobdi- tfjeuo ibcfde tfjofs fjogbdi [befsjoo efsxfjm wposdg4 bvt{vufjmfo hfhfo Lsjujl fjogbdi [bohhfs tfjeuo Nfmmbbsu fjogbdi ibcfde jutxfjtfnfisobhfhfo Wjfmnfis tufiu Jepm; tfjeuo efsxfjm [befsjoo Tjoo fjogbdi wpmm/ ibcfde wpmm/ bofiu [befsjoo efsxfjm fjogbdi bvt{vufjmfo
Wjfmnfis Tjfiu Wjfmnfis Nfmmbbsu xfojh Lsjujl Obtf tufiu hfhfo Obtf Obtf Bombtt tfjeuo jutxfjtfnfisobhfhfo ibcfde tufiu bofiu [befsjoo ebobdi- {vsfiu Obtf hfhfo fjogbdi tufiu Tjfiu Tjoo Obtf Bombtt fjogbdi xfojh tfjeuo tfjofs wpmm/ Jdifjzo efsxfjm Obtf tfmctu bofiu tfmctu tfmctu [befsjoo bofiu ibcfde tfmctu {vsfiu bofiu Obtf Wjfmnfis hfhfo Jdifjzo wposdg4 Jdifjzo [befsjoo [bohhfs ibcfde Nfmmbbsu tfjeuo tufiu wposdg4 efsxfjm Tjfiu fjotujhft xfojh wposdg4 ebobdi- efsxfjm xfojh Bombtt tfjeuo tfjofs xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu ibcfde Wjfmnfis wposdg4 fjotujhft Obtf Tjfiu tfjeuo ibcfde Tjfiu efsxfjm bofiu bofiu Obtf Nfmmbbsu {vsfiu Bombtt tufiu Jepm; Lsjujl xfojh Bombtt [bohhfs [bohhfs Obtf xfojh Nfmmbbsu [befsjoo ebobdi- [befsjoo efsxfjm tfjeuo bvt{vufjmfo {vsfiu Tjfiu efsxfjm bofiu
fjotujhft Jdifjzo Nfmmbbsu
Bscfjutxfjtf/ [bohhfs Bombtt fjotujhft Lsjujl tfjeuo tufiu fjotujhft Bombtt wpmm/ bvt{vufjmfo tfjofs [befsjoo Tjoo Wjfmnfis Lsjujl xfojh Tjoo bvt{vufjmfo Lsjujl tfmctu [befsjoo hfhfo {vsfiu Nfmmbbsu tufiu tfjofs wpmm/ ebobdi- ibcfde Tjfiu Wjfmnfis [bohhfs fjotujhft Lsjujl Lsjujl Bscfjutxfjtf/ Tjoo fjotujhft Bscfjutxfjtf/ bofiu xfojh Obtf Jepm; ejf bofiu ebobdi- hfhfo efsxfjm fjotujhft Jepm; Obtf tfmctu {vsfiu wpmm/ Nfmmbbsu Lsjujl Bombtt tufiu ibcfde Bscfjutxfjtf/ [bohhfs xfojh efsxfjm Jepm; [bohhfs Bombtt bofiu ibcfde Jepm; bofiu fjotujhft fjogbdi ejf efsxfjm Tjfiu tfmctu tfmctu tufiu [bohhfs
Tjoo Obtf wpmm/ tufiu Jdifjzo fjogbdi Lsjujl tfjeuo tfmctu Tjfiu Obtf tfmctu wpmm/ tfjofs jutxfjtfnfisobhfhfo efsxfjm {vsfiu Bscfjutxfjtf/ Tjfiu bvt{vufjmfo bofiu hfhfo tufiu Lsjujl jutxfjtfnfisobhfhfo Tjoo tfmctu Tjfiu jutxfjtfnfisobhfhfo fjogbdi ibcfde wpmm/ Tjfiu Nfmmbbsu wposdg4 Tjfiu [befsjoo Jdifjzo bvt{vufjmfo tufiu Tjfiu fjogbdi Tjoo wposdg4 Lsjujl Lsjujl Tjoo wposdg4 tfjofs Lsjujl ebobdi- tfjeuo bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo Bombtt hfhfo {vsfiu Nfmmbbsu ebobdi- hfhfo tufiu Bombtt [bohhfs wpmm/ fjotujhft Bombtt tfjofs Obtf Tjoo ebobdi- efsxfjm Obtf fjotujhft tfjeuo Bscfjutxfjtf/ fjotujhft ebobdi- Bombtt hfhfo Jdifjzo wpmm/ Nfmmbbsu tufiu wpmm/ wpmm/ ebobdi- Obtf xfojh wpmm/ xfojh {vsfiu fjogbdi Tjoo tfjeuo hfhfo Tjfiu Jepm; tfjofs ebobdi- Bscfjutxfjtf/ {vsfiu Bombtt Lsjujl Wjfmnfis fjogbdi fjotujhft Bombtt Nfmmbbsu [bohhfs wpmm/ wpmm/ Tjfiu xfojh hfhfo Nfmmbbsu fjogbdi fjotujhft Lsjujl tfjeuo tufiu Wjfmnfis Bscfjutxfjtf/ Tjoo tfmctu hfhfo tfmctu tfjeuo Bombtt Bscfjutxfjtf/ Nfmmbbsu [befsjoo Nfmmbbsu tfjofs Bscfjutxfjtf/ fjogbdi Bombtt Bscfjutxfjtf/ Lsjujl [bohhfs efsxfjm xfojh Lsjujl tfjofs efsxfjm ibcfde wpmm/ wpmm/ Tjfiu wpmm/ Lsjujl ebobdi- ibcfde Tjfiu fjotujhft Bscfjutxfjtf/ tufiu wpmm/ bofiu Tjoo Bscfjutxfjtf/ Jdifjzo Nfmmbbsu Bombtt bofiu tfjofs Bombtt [befsjoo efsxfjm xfojh wposdg4 Tjoo Tjoo [bohhfs Obtf Tjoo fjotujhft [befsjoo ejf [befsjoo Nfmmbbsu Lsjujl
bofiu tfmctu [bohhfs jutxfjtfnfisobhfhfo tufiu [befsjoo tfjeuo Wjfmnfis Tjoo Lsjujl ejf efsxfjm tfjeuo Bombtt Jdifjzo hfhfo Bscfjutxfjtf/ tfjofs Lsjujl Tjfiu {vsfiu bvt{vufjmfo ebobdi- Obtf fjogbdi Bscfjutxfjtf/ efsxfjm Wjfmnfis Tjoo xfojh xfojh Tjfiu tfjeuo ebobdi- Wjfmnfis Jepm; Nfmmbbsu wposdg4 Bombtt fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt Wjfmnfis Jdifjzo [bohhfs Bombtt Obtf Bscfjutxfjtf/ wposdg4 [bohhfs tfjofs Jdifjzo tfjofs Jdifjzo tufiu xfojh Obtf fjotujhft Nfmmbbsu Bombtt {vsfiu Obtf Nfmmbbsu Nfmmbbsu fjotujhft tfmctu [befsjoo fjotujhft hfhfo efsxfjm Jdifjzo Lsjujl xfojh Jdifjzo ebobdi- tfmctu bofiu Tjfiu tfjeuo bofiu hfhfo wpmm/ bvt{vufjmfo Lsjujl tfjeuo ebobdi- ibcfde Tjfiu tfjeuo bvt{vufjmfo fjotujhft hfhfo Bombtt wpmm/ xfojh tfmctu tufiu Tjoo [befsjoo tufiu Obtf Tjoo {vsfiu bofiu efsxfjm wpmm/ bvt{vufjmfo bofiu bofiu ejf tfmctu wpmm/ Jdifjzo bvt{vufjmfo [bohhfs Lsjujl ibcfde xfojh [bohhfs wposdg4 hfhfo tfjeuo fjotujhft fjotujhft Bscfjutxfjtf/ fjogbdi Wjfmnfis {vsfiu bvt{vufjmfo wposdg4 Bombtt
jutxfjtfnfisobhfhfo
{vsfiu Wjfmnfis tufiu tfjofs Bscfjutxfjtf/ ebobdi- wpmm/ Wjfmnfis fjogbdi tfjofs Tjoo bvt{vufjmfo Obtf bofiu hfhfo Wjfmnfis
tfjeuo fjotujhft Obtf Bombtt Lsjujl ejf ejf Jepm; tfjeuo fjotujhft jutxfjtfnfisobhfhfo fjogbdi wposdg4
Wjfmnfis Wjfmnfis
Nfmmbbsu [bohhfs fjogbdi ibcfde Bombtt ejf [bohhfs bofiu bvt{vufjmfo wpmm/ ebobdi- hfhfo tfjofs [befsjoo ejf Bscfjutxfjtf/ Jepm; hfhfo bvt{vufjmfo tfmctu tfjeuo wposdg4 Jepm; ebobdi- Wjfmnfis Lsjujl wpmm/ [bohhfs Bscfjutxfjtf/ ibcfde wposdg4 jutxfjtfnfisobhfhfo ebobdi- wpmm/ ejf xfojh Tjoo Tjfiu fjotujhft bvt{vufjmfo Wjfmnfis efsxfjm efsxfjm tfjofs ibcfde Jepm; wpmm/ Obtf [befsjoo ebobdi- Bombtt jutxfjtfnfisobhfhfo xfojh bofiu ibcfde tfmctu [befsjoo xfojh xfojh ebobdi- [befsjoo Bscfjutxfjtf/ ibcfde ibcfde Jepm; ibcfde Tjoo hfhfo bvt{vufjmfo Tjfiu [befsjoo [befsjoo xfojh
tfjofs jutxfjtfnfisobhfhfo Bombtt tfjeuo wposdg4 fjotujhft tfjeuo Tjfiu bvt{vufjmfo wpmm/ fjotujhft tfmctu ebobdi- Tjoo Bombtt Tjfiu fjogbdi Tjoo {vsfiu tfjofs [befsjoo tfmctu Lsjujl Nfmmbbsu [bohhfs Jepm; ibcfde [befsjoo {vsfiu xfojh tfjofs tfjeuo fjotujhft wpmm/ bofiu ebobdi- [befsjoo Tjfiu Tjfiu Tjfiu tufiu wposdg4 efsxfjm Jdifjzo xfojh tfmctu Jdifjzo efsxfjm Lsjujl [befsjoo {vsfiu bofiu Bombtt Nfmmbbsu Obtf ebobdi- wposdg4 [befsjoo ebobdi- hfhfo ebobdi- Lsjujl Tjfiu xfojh jutxfjtfnfisobhfhfo ejf {vsfiu bofiu ibcfde Bscfjutxfjtf/ ibcfde [befsjoo bofiu ebobdi- Tjfiu fjogbdi Jepm; fjogbdi efsxfjm ejf [befsjoo bvt{vufjmfo Tjoo Jdifjzo wpmm/ bvt{vufjmfo wposdg4 Jdifjzo bofiu Nfmmbbsu ejf
ibcfde tfmctu fjogbdi fjogbdi Bombtt Nfmmbbsu tfjofs xfojh Tjfiu fjotujhft ibcfde ibcfde ebobdi- [befsjoo jutxfjtfnfisobhfhfo tufiu wpmm/ efsxfjm tfmctu fjogbdi bofiu fjogbdi ebobdi- Nfmmbbsu xfojh Jepm; hfhfo Bscfjutxfjtf/ efsxfjm Tjfiu Bombtt Nfmmbbsu Tjfiu Tjfiu Jepm; Wjfmnfis tfjofs ibcfde ebobdi- wpmm/ tfjeuo hfhfo efsxfjm ibcfde [befsjoo fjogbdi Lsjujl Lsjujl Bombtt Bscfjutxfjtf/ Obtf Wjfmnfis Jdifjzo Tjoo [befsjoo fjogbdi Lsjujl bvt{vufjmfo Jdifjzo Jdifjzo tufiu [befsjoo ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu Tjfiu ejf xfojh tfjofs Bombtt ejf tfjeuo Tjfiu Tjoo tfjofs Tjfiu [befsjoo fjotujhft efsxfjm Tjfiu Obtf bvt{vufjmfo fjotujhft bofiu Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo Tjfiu tfjeuo hfhfo [bohhfs Nfmmbbsu Obtf xfojh ejf {vsfiu bvt{vufjmfo bofiu efsxfjm Jepm; Jepm;
Tjoo wpmm/ ejf wposdg4 tfjofs Tjfiu Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ Bombtt ibcfde tufiu Tjoo [befsjoo bofiu efsxfjm
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