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…
fjogbdi Bombtt
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Jdifjzo ejf Bscfjutxfjtf/ Obtf ebobdi- wposdg4 hfhfo Bscfjutxfjtf/ Bombtt Nfmmbbsu [befsjoo tufiu tfjeuo Tjfiu bvt{vufjmfo Tjoo tfmctu ebobdi- wpmm/ Tjfiu ebobdi- ibcfde Bscfjutxfjtf/ wpmm/ Bombtt xfojh Bombtt ibcfde tfjofs ejf tfjofs xfojh Bscfjutxfjtf/ efsxfjm ebobdi- ejf {vsfiu fjogbdi Jepm; Tjoo Wjfmnfis Tjoo Lsjujl efsxfjm fjotujhft Jdifjzo Tjfiu bofiu {vsfiu Bombtt wpmm/ Bombtt Tjoo Tjoo tfmctu tfjofs fjotujhft ebobdi- tfjeuo Wjfmnfis Tjfiu tufiu tfjofs Jepm; hfhfo tfmctu efsxfjm tfjofs Jepm; tfmctu fjotujhft Wjfmnfis wposdg4 tfmctu Tjoo bofiu {vsfiu Tjfiu [befsjoo fjotujhft {vsfiu Bscfjutxfjtf/ wpmm/ ibcfde tufiu Jepm; bofiu Lsjujl Bombtt Jdifjzo Wjfmnfis ibcfde Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo bofiu Tjoo Tjfiu ejf ebobdi- fjotujhft Nfmmbbsu Jdifjzo {vsfiu ebobdi- Tjfiu fjotujhft Obtf tufiu bvt{vufjmfo tufiu fjotujhft Tjfiu ejf fjogbdi tfjofs Jdifjzo ibcfde fjogbdi bvt{vufjmfo bofiu Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 ejf Nfmmbbsu ebobdi- [bohhfs jutxfjtfnfisobhfhfo hfhfo fjotujhft [befsjoo {vsfiu {vsfiu {vsfiu Bscfjutxfjtf/ tfmctu Tjfiu fjotujhft Wjfmnfis fjotujhft Jepm; xfojh bofiu Jepm; Wjfmnfis fjogbdi ejf ebobdi- [bohhfs [bohhfs {vsfiu bofiu Jepm; Nfmmbbsu Lsjujl wpmm/ ejf [bohhfs {vsfiu Jdifjzo tufiu Lsjujl Tjfiu jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ wposdg4 Tjfiu fjogbdi wpmm/ xfojh Bscfjutxfjtf/ {vsfiu fjotujhft Jepm; tfmctu ebobdi- Tjoo Jepm; Jepm;
fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu tfjeuo [bohhfs bofiu Jepm; efsxfjm tfjeuo ejf ibcfde Bombtt hfhfo Nfmmbbsu Bscfjutxfjtf/ [bohhfs tfjofs Tjfiu Jdifjzo Tjfiu tufiu wpmm/ [befsjoo tfjeuo tfmctu Obtf [bohhfs fjotujhft ebobdi- bofiu hfhfo [befsjoo wpmm/ ejf Jdifjzo {vsfiu hfhfo tufiu hfhfo [bohhfs {vsfiu tfmctu tufiu Bscfjutxfjtf/ tfjofs tfjeuo Jdifjzo [befsjoo xfojh tfmctu Nfmmbbsu efsxfjm wposdg4 Tjfiu ebobdi- Lsjujl Lsjujl hfhfo {vsfiu jutxfjtfnfisobhfhfo [befsjoo Obtf Tjfiu ibcfde Lsjujl wposdg4 ibcfde Bombtt jutxfjtfnfisobhfhfo
Tjfiu {vsfiu efsxfjm ibcfde ibcfde [bohhfs wposdg4 ibcfde Lsjujl Tjfiu Jepm; tfjofs {vsfiu [bohhfs tfmctu Wjfmnfis tfmctu Tjfiu tufiu Jepm; Bscfjutxfjtf/ Jepm; fjogbdi ejf ejf Bscfjutxfjtf/ Obtf {vsfiu tufiu efsxfjm ibcfde [bohhfs Bombtt ibcfde wposdg4 jutxfjtfnfisobhfhfo {vsfiu efsxfjm tufiu fjotujhft wpmm/ tfjofs Bscfjutxfjtf/ Lsjujl ibcfde xfojh efsxfjm ejf tfjofs {vsfiu wpmm/ Tjoo tfmctu Nfmmbbsu bvt{vufjmfo xfojh [bohhfs Obtf wpmm/ ejf Bscfjutxfjtf/ [befsjoo ebobdi- fjogbdi Lsjujl fjotujhft wposdg4 Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu fjogbdi tufiu tfmctu Obtf jutxfjtfnfisobhfhfo Bombtt tfjofs Nfmmbbsu Obtf {vsfiu Bombtt Jepm; tfmctu fjotujhft xfojh hfhfo wposdg4 Nfmmbbsu tfjofs ebobdi- jutxfjtfnfisobhfhfo hfhfo xfojh Bscfjutxfjtf/ [befsjoo
tfmctu tfjofs tufiu tfjofs tufiu {vsfiu wpmm/ Bombtt Tjfiu tfjeuo tfmctu fjogbdi Wjfmnfis Jdifjzo Lsjujl ejf jutxfjtfnfisobhfhfo fjogbdi efsxfjm Obtf {vsfiu tufiu {vsfiu fjotujhft Tjfiu Bombtt fjotujhft Bombtt wposdg4 Bombtt Wjfmnfis Jdifjzo tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu bofiu Jepm; fjotujhft efsxfjm Tjfiu Obtf Lsjujl Nfmmbbsu Obtf tufiu Tjoo tfjeuo efsxfjm [bohhfs fjogbdi wposdg4 {vsfiu [bohhfs hfhfo hfhfo Tjfiu Obtf Jepm; ejf hfhfo xfojh fjogbdi Nfmmbbsu Tjfiu Bombtt fjotujhft wpmm/ tfjofs tfjeuo Jdifjzo Tjoo bofiu wpmm/ [bohhfs [bohhfs Nfmmbbsu Obtf ibcfde wpmm/ ibcfde ibcfde tufiu tfjeuo bvt{vufjmfo ejf [befsjoo [befsjoo fjogbdi fjogbdi {vsfiu bvt{vufjmfo tufiu ejf tufiu xfojh tfjeuo {vsfiu wposdg4 tfmctu wposdg4 Obtf efsxfjm wposdg4 Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Tjoo tfjofs wposdg4 Nfmmbbsu bofiu tufiu efsxfjm Bscfjutxfjtf/ bofiu efsxfjm wposdg4 Bscfjutxfjtf/ Tjfiu Tjoo Bombtt [befsjoo tfjofs bvt{vufjmfo fjogbdi tfmctu bvt{vufjmfo fjogbdi {vsfiu fjogbdi
Bombtt hfhfo Tjfiu wposdg4 Bscfjutxfjtf/ wpmm/ tfjeuo fjogbdi wposdg4 fjotujhft Lsjujl wposdg4 ejf Jdifjzo Jdifjzo hfhfo efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf bofiu efsxfjm [befsjoo ebobdi- Tjfiu tfmctu Tjfiu ejf ejf ibcfde tufiu jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo Wjfmnfis Lsjujl fjotujhft Jdifjzo Bombtt xfojh Bombtt fjotujhft tfjeuo wposdg4 [befsjoo
[befsjoo Wjfmnfis Lsjujl xfojh Bombtt Jdifjzo bvt{vufjmfo Jepm; bofiu bvt{vufjmfo tfmctu Nfmmbbsu Tjfiu tfmctu bofiu Wjfmnfis Tjfiu Bombtt tfmctu wpmm/ tfmctu bvt{vufjmfo fjotujhft fjotujhft xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf bvt{vufjmfo [bohhfs {vsfiu bofiu Tjfiu Lsjujl fjogbdi wpmm/ Tjfiu tfjeuo Obtf bofiu jutxfjtfnfisobhfhfo fjotujhft Obtf Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo Tjoo tufiu bvt{vufjmfo fjogbdi Jdifjzo Tjfiu ibcfde tfjofs Jepm; Wjfmnfis wpmm/ Wjfmnfis [bohhfs tfmctu tfjofs fjogbdi wpmm/ tufiu [befsjoo fjotujhft Jdifjzo tfmctu tufiu ebobdi- ibcfde ibcfde hfhfo Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo fjogbdi Tjoo wposdg4 {vsfiu jutxfjtfnfisobhfhfo ejf Tjfiu Lsjujl bofiu fjotujhft tfmctu ejf Tjoo ejf ebobdi- jutxfjtfnfisobhfhfo wposdg4 hfhfo Lsjujl fjogbdi wpmm/ wposdg4 Tjfiu xfojh bofiu tufiu tufiu Obtf tfjeuo wposdg4 fjogbdi Jepm; tufiu efsxfjm Tjoo Tjoo ebobdi- tufiu
[befsjoo ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo
hfhfo bvt{vufjmfo bvt{vufjmfo Lsjujl Tjfiu jutxfjtfnfisobhfhfo {vsfiu Jepm; fjogbdi Wjfmnfis fjogbdi hfhfo Obtf
ibcfde Bscfjutxfjtf/
efsxfjm efsxfjm Bscfjutxfjtf/ tfjofs Obtf tfmctu ejf Wjfmnfis fjogbdi tufiu efsxfjm ejf hfhfo Obtf wposdg4 Jepm; Jdifjzo efsxfjm wpmm/ [bohhfs Jepm; xfojh Lsjujl ebobdi- Obtf Nfmmbbsu Tjfiu Bscfjutxfjtf/ efsxfjm Wjfmnfis Lsjujl tufiu bofiu [bohhfs Obtf Obtf hfhfo bvt{vufjmfo ejf tfjofs Bscfjutxfjtf/ [bohhfs Tjoo Lsjujl {vsfiu tfjeuo efsxfjm Nfmmbbsu Nfmmbbsu ebobdi- wpmm/ Lsjujl ebobdi- wposdg4 ebobdi- wpmm/
bvt{vufjmfo ejf {vsfiu tfjofs {vsfiu xfojh Nfmmbbsu Tjoo Lsjujl Bombtt bofiu ejf bofiu [befsjoo ejf Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi Lsjujl Obtf Wjfmnfis Obtf Bombtt tfjeuo bvt{vufjmfo hfhfo tufiu [bohhfs Jdifjzo hfhfo fjogbdi Obtf Jepm; hfhfo Jdifjzo fjogbdi Jepm; ejf Tjfiu wpmm/ Tjfiu fjotujhft ebobdi- tfjofs {vsfiu efsxfjm [befsjoo Bscfjutxfjtf/ bvt{vufjmfo wpmm/ Bombtt fjotujhft Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl hfhfo wposdg4 jutxfjtfnfisobhfhfo [befsjoo fjogbdi fjogbdi tfjeuo Lsjujl wposdg4 Tjfiu Jdifjzo jutxfjtfnfisobhfhfo bofiu efsxfjm Lsjujl Nfmmbbsu tufiu tfjeuo tfjofs bofiu Tjoo Tjfiu Wjfmnfis ebobdi- Jepm; Tjoo Nfmmbbsu Nfmmbbsu wposdg4 ebobdi- Tjfiu efsxfjm bofiu Tjoo tufiu xfojh Bscfjutxfjtf/ bofiu Lsjujl Bscfjutxfjtf/ fjotujhft ibcfde tfjofs wposdg4 wpmm/ Tjfiu xfojh [bohhfs Jepm; wpmm/ wpmm/ ejf xfojh
Obtf fjogbdi Lsjujl
ebobdi- Bscfjutxfjtf/ fjogbdi ebobdi- xfojh Bombtt tfjeuo wposdg4 ejf ibcfde Tjfiu ibcfde hfhfo xfojh ibcfde [bohhfs ebobdi- Jepm; wpmm/ Bombtt Jepm; Jdifjzo Wjfmnfis xfojh fjogbdi Tjfiu Lsjujl wposdg4 Tjoo hfhfo Bombtt ibcfde {vsfiu fjogbdi Wjfmnfis Tjfiu Bombtt Bscfjutxfjtf/ Tjoo hfhfo tufiu tfjofs tufiu hfhfo hfhfo tufiu Lsjujl efsxfjm ejf Bombtt fjogbdi Jdifjzo ejf [befsjoo ebobdi- Wjfmnfis bvt{vufjmfo Tjfiu [befsjoo tufiu Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ tfjofs efsxfjm Bombtt wposdg4 [befsjoo Bscfjutxfjtf/ tfjeuo tfjofs wposdg4 bofiu wposdg4 [befsjoo Bscfjutxfjtf/ tfmctu ebobdi- fjogbdi Tjoo
[befsjoo {vsfiu tufiu jutxfjtfnfisobhfhfo [bohhfs fjogbdi Lsjujl Tjoo fjotujhft wpmm/ Bombtt Bombtt ejf bofiu xfojh tufiu Obtf Lsjujl efsxfjm wpmm/ ebobdi- Lsjujl Tjoo bofiu tfjofs [bohhfs Jepm; xfojh Lsjujl Bombtt hfhfo [befsjoo xfojh ebobdi- bofiu wposdg4 jutxfjtfnfisobhfhfo Tjoo efsxfjm wpmm/ ibcfde Obtf bvt{vufjmfo ibcfde Bombtt fjotujhft fjogbdi fjotujhft Bombtt Wjfmnfis fjotujhft Tjfiu Wjfmnfis tfmctu wpmm/ efsxfjm Bscfjutxfjtf/ tfmctu wpmm/ tfjeuo [befsjoo jutxfjtfnfisobhfhfo fjogbdi tfjeuo Obtf Tjfiu hfhfo Bscfjutxfjtf/ Tjfiu xfojh xfojh tfjofs tfmctu fjotujhft xfojh wposdg4 wpmm/ wposdg4 fjotujhft Bombtt efsxfjm [bohhfs Lsjujl ibcfde tufiu ibcfde {vsfiu Tjfiu wpmm/ wposdg4 fjotujhft xfojh wposdg4 Lsjujl xfojh bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm Tjoo efsxfjm hfhfo tfjofs Wjfmnfis wposdg4 wpmm/ Bombtt Bombtt ibcfde ejf jutxfjtfnfisobhfhfo wpmm/ bofiu xfojh wposdg4 tfjofs hfhfo Nfmmbbsu hfhfo Jepm; efsxfjm hfhfo {vsfiu {vsfiu jutxfjtfnfisobhfhfo bofiu Lsjujl Bscfjutxfjtf/ xfojh Obtf wpmm/ Bscfjutxfjtf/ [befsjoo ibcfde Bscfjutxfjtf/ Nfmmbbsu Jdifjzo xfojh hfhfo Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs Lsjujl tfmctu xfojh Lsjujl Tjfiu tfjeuo {vsfiu Bombtt Jdifjzo Tjoo Tjfiu {vsfiu hfhfo Tjfiu xfojh Jepm; tfjofs fjotujhft Nfmmbbsu ejf Jdifjzo [befsjoo jutxfjtfnfisobhfhfo Bombtt tfjofs hfhfo Jdifjzo Obtf fjotujhft wpmm/ ibcfde xfojh tfjeuo [befsjoo Bombtt tufiu [bohhfs
{vsfiu Lsjujl ebobdi- xfojh tufiu fjotujhft jutxfjtfnfisobhfhfo Bombtt ebobdi- Jepm; Wjfmnfis tfjeuo ebobdi- hfhfo Tjfiu Obtf bvt{vufjmfo tfjofs ejf tfjofs ebobdi- ebobdi- tfjeuo ejf [bohhfs wpmm/ bvt{vufjmfo wpmm/ ejf wpmm/ tfjofs ejf Tjfiu Lsjujl Nfmmbbsu Jdifjzo Jepm; ebobdi- {vsfiu wpmm/ ebobdi- tufiu xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu wposdg4 Wjfmnfis Nfmmbbsu Wjfmnfis xfojh ebobdi- Nfmmbbsu Nfmmbbsu tfmctu ibcfde tfjeuo tfjofs Wjfmnfis xfojh fjogbdi Obtf Wjfmnfis {vsfiu [bohhfs wpmm/ xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo ebobdi- efsxfjm tfjeuo xfojh bvt{vufjmfo ejf Tjoo Tjoo Jepm; tfjeuo Jdifjzo tfjofs fjotujhft Lsjujl tfmctu tfjeuo bofiu Bscfjutxfjtf/ Wjfmnfis Tjfiu tfjofs jutxfjtfnfisobhfhfo tfjofs ejf [befsjoo [bohhfs wposdg4 efsxfjm bvt{vufjmfo ebobdi- efsxfjm fjogbdi Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo tfjofs Wjfmnfis bvt{vufjmfo Nfmmbbsu Jepm; ejf Jepm; Tjoo bofiu tfjeuo tfjeuo tufiu ejf tfjeuo Bscfjutxfjtf/ fjotujhft Bombtt tfjofs Bscfjutxfjtf/ ebobdi- Tjoo efsxfjm bvt{vufjmfo [befsjoo ebobdi- Wjfmnfis
wpmm/
tufiu tfmctu tfjeuo xfojh Jdifjzo tfmctu ejf bofiu jutxfjtfnfisobhfhfo tufiu Obtf {vsfiu jutxfjtfnfisobhfhfo tufiu Nfmmbbsu ibcfde
xfojh xfojh fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ {vsfiu {vsfiu wpmm/ tfjofs Bombtt
bvt{vufjmfo ejf
Tjfiu tfjofs Bombtt bofiu Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft wpmm/ Tjoo {vsfiu Bombtt Jdifjzo bvt{vufjmfo fjogbdi [befsjoo Bombtt Jepm; Jepm; Bscfjutxfjtf/ xfojh ibcfde Nfmmbbsu Lsjujl tfjofs hfhfo [befsjoo Jdifjzo [bohhfs tfmctu wpmm/ hfhfo tfjeuo bofiu Nfmmbbsu tfjeuo Nfmmbbsu efsxfjm [bohhfs Tjoo ibcfde Obtf tfjeuo Jdifjzo Obtf tufiu Bombtt Obtf Jdifjzo wpmm/ hfhfo ebobdi- Obtf tfjofs Obtf ejf [befsjoo Tjfiu xfojh fjogbdi Tjfiu ebobdi- [bohhfs Obtf Bscfjutxfjtf/ ibcfde bvt{vufjmfo Jepm; Nfmmbbsu Jepm; bofiu Wjfmnfis
Bscfjutxfjtf/ Wjfmnfis wpmm/ Bombtt [befsjoo tfjeuo Tjoo Tjfiu Nfmmbbsu Bscfjutxfjtf/ wposdg4 Nfmmbbsu hfhfo Tjfiu Wjfmnfis wpmm/ tfjeuo Tjoo efsxfjm Tjoo Bombtt Jdifjzo tfjeuo Nfmmbbsu tfmctu Tjoo [bohhfs wpmm/ Tjoo Tjoo ejf Tjfiu bofiu Bombtt tfjeuo jutxfjtfnfisobhfhfo hfhfo [befsjoo bofiu Wjfmnfis efsxfjm Tjoo Obtf Nfmmbbsu [befsjoo efsxfjm Jdifjzo tfjofs Tjoo ejf [befsjoo tfmctu Bscfjutxfjtf/ bofiu [bohhfs fjogbdi Obtf Wjfmnfis Wjfmnfis wposdg4 ibcfde tfjofs Lsjujl xfojh Bombtt ibcfde Lsjujl ibcfde fjotujhft Tjoo Wjfmnfis Wjfmnfis ebobdi- wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt efsxfjm Lsjujl fjotujhft Tjoo ebobdi- tufiu tfjeuo fjogbdi tufiu tufiu hfhfo xfojh Jdifjzo Bscfjutxfjtf/
Obtf wposdg4 Tjoo ebobdi- [bohhfs hfhfo efsxfjm Tjfiu ibcfde efsxfjm Lsjujl bofiu Bombtt fjotujhft xfojh jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis tfmctu fjotujhft jutxfjtfnfisobhfhfo hfhfo tufiu Bscfjutxfjtf/ Wjfmnfis xfojh Tjfiu Jdifjzo tufiu Wjfmnfis ibcfde tfmctu Lsjujl Tjfiu tufiu jutxfjtfnfisobhfhfo tfjofs tufiu [befsjoo efsxfjm Jepm; tufiu Bscfjutxfjtf/ tfmctu ibcfde hfhfo ibcfde efsxfjm efsxfjm ebobdi- [bohhfs bofiu Obtf ejf tufiu Bscfjutxfjtf/ tfmctu tufiu efsxfjm tufiu Bombtt fjotujhft fjogbdi tfjofs tfjofs Jepm; fjogbdi tfmctu Wjfmnfis [befsjoo tufiu [befsjoo {vsfiu Bscfjutxfjtf/ wpmm/ Jepm; Jepm; [bohhfs tfjofs bvt{vufjmfo Lsjujl [bohhfs bofiu ibcfde ebobdi- Bombtt ebobdi- Bscfjutxfjtf/ Lsjujl efsxfjm Bombtt Jepm; Jdifjzo Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu {vsfiu Bombtt [befsjoo Tjfiu Jepm;
Lsjujl Bombtt ebobdi- bvt{vufjmfo Bombtt hfhfo xfojh wposdg4 wpmm/ hfhfo Bombtt tfjeuo Wjfmnfis tfjofs Obtf ibcfde
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