{"id":10417,"date":"2025-12-17T07:30:00","date_gmt":"2025-12-17T05:30:00","guid":{"rendered":"https:\/\/honert.de\/?p=10417"},"modified":"2025-12-17T15:28:39","modified_gmt":"2025-12-17T13:28:39","slug":"limits-on-indefinite-bad-leaver-clauses-in-shareholders-agreements","status":"publish","type":"post","link":"https:\/\/honert.de\/en\/limits-on-indefinite-bad-leaver-clauses-in-shareholders-agreements\/","title":{"rendered":"LIMITS ON INDEFINITE BAD-LEAVER CLAUSES IN SHAREHOLDERS\u2019 AGREEMENTS"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4dvzf7w-2f27c87b934d06ad7d7f1530a7b37635\">\n.avia-section.av-4dvzf7w-2f27c87b934d06ad7d7f1530a7b37635{\nbackground-repeat:no-repeat;\nbackground-image:url(https:\/\/honert.de\/wp-content\/uploads\/3629.jpg);\nbackground-position:0% 0%;\nbackground-attachment:scroll;\n}\n<\/style>\n<div id='av_section_1'  class='avia-section av-4dvzf7w-2f27c87b934d06ad7d7f1530a7b37635 main_color avia-section-default avia-no-shadow  avia-builder-el-0  el_before_av_section  avia-builder-el-first  hide_on_print avia-full-stretch avia-bg-style-scroll av-minimum-height av-minimum-height-40 av-height-40  container_wrap sidebar_right'  data-section-bg-repeat='stretch' data-av_minimum_height_pc='40' data-av_min_height_opt='40'><div class='container av-section-cont-open' ><main  role=\"main\" itemprop=\"mainContentOfPage\"  class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-10417'><div class='entry-content-wrapper clearfix'>\n<\/div><\/div><\/main><!-- close content main element --><\/div><\/div><div id='av_section_2'  class='avia-section av-eqlqcs-3c281bdfd6b283c9056b61e2a1cc421f main_color avia-section-default avia-no-shadow  avia-builder-el-1  el_after_av_section  avia-builder-el-last  avia-bg-style-scroll container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-10417'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-cb30fg-e37de71a356c2c46c421a904f0eca5b0\">\n.flex_column.av-cb30fg-e37de71a356c2c46c421a904f0eca5b0{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-cb30fg-e37de71a356c2c46c421a904f0eca5b0 av_two_third  avia-builder-el-2  el_before_av_two_third  avia-builder-el-first  first flex_column_div av-zero-column-padding  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mja0buzp-28735d77643a7ed96772df9b38991c0f\">\n#top .av-special-heading.av-mja0buzp-28735d77643a7ed96772df9b38991c0f{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-mja0buzp-28735d77643a7ed96772df9b38991c0f .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-mja0buzp-28735d77643a7ed96772df9b38991c0f .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-mja0buzp-28735d77643a7ed96772df9b38991c0f av-special-heading-h1 blockquote modern-quote  avia-builder-el-3  avia-builder-el-no-sibling '><div class='av-subheading av-subheading_above'>17. December 2025\n<\/div><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >LIMITS ON INDEFINITE BAD-LEAVER CLAUSES IN SHAREHOLDERS\u2019 AGREEMENTS<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2tafnn0-d939e90c1c92cc371f709f1f5e479548\">\n.flex_column.av-2tafnn0-d939e90c1c92cc371f709f1f5e479548{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-2tafnn0-d939e90c1c92cc371f709f1f5e479548 av_two_third  avia-builder-el-4  el_after_av_two_third  el_before_av_two_third  first flex_column_div av-zero-column-padding  column-top-margin'     ><section  class='av_textblock_section av-mja0d091-d36f423067da023c62565628e5c1a7b4 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p><strong>On May 19, 2025, the Berlin Court of Appeal (<em>Kammergericht<\/em> &#8211; KG) issued a decision of practical significance concerning bad leaver clauses in shareholders\u2019 agreements. The court clarified that an indefinite bad leaver clause, under which a dismissal or a termination for cause of the service contract of the managing director results in the complete forfeiture of all shares and, consequently, the loss of shareholder status, is invalid.<\/strong><!--more--><\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2k50imk-6123b138259b6eb22165e7fb7ae84ad2\">\n.flex_column.av-2k50imk-6123b138259b6eb22165e7fb7ae84ad2{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-2k50imk-6123b138259b6eb22165e7fb7ae84ad2 av_two_third  avia-builder-el-6  el_after_av_two_third  el_before_av_one_third  first flex_column_div av-zero-column-padding  column-top-margin'     ><section  class='av_textblock_section av-mja0gpeb-68995bb03ae243a1bd62ac0f2521dbfc '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h2>I. Background<\/h2>\n<p>Leaver clauses in shareholders\u2019 agreements are a common mechanism, particularly in the start-up and venture capital sector, to ensure the continued involvement of founders in the company\u2019s operational business. Shareholders\u2019 agreements define certain events (leaver events) which, if they occur with respect to a founder, qualify that founder as a so-called leaver. This is usually linked to a call option or a similar mechanism stipulating that the leaver loses all or part of his or her shares in the company. In practice, a distinction is made between so-called \u201cgood-leaver\u201d and \u201cbad-leaver\u201d events, depending on the cause of the leaver event. The legal consequences of good-leaver and bad-leaver events usually differ in the number of shares that the leaver must relinquish and the amount of compensation received. Bad leavers usually receive only minimal compensation, e.g., in the amount of the nominal value of the shares.<br \/>In the case before the KG, the relevant shareholders\u2019 agreement designated the following events as bad leaver events: (i) termination of a founder\u2019s service agreement as managing director for cause, (ii) non-renewal or termination of a service agreement as managing director by the founder without good cause, (iii) dismissal of the founder as managing director for cause within the meaning of section 626 of the German Civil Code (BGB), or (iv) resignation of the founder from the managing director position without cause.<br \/>In case any of these bad leaver events occurred before 17 May 2024, 25% of the founder\u2019s shares were subject to a transfer obligation.<br \/>If, however, one of these bad leaver events occurred as a result of wilful misconduct on the part of the founder concerned or a misconduct to the detriment of the company or any of its shareholders relevant under criminal law, (i) all shares of the respective founder should be subject to the transfer obligation and (ii) the transfer obligation would apply for an indefinite period.<br \/>The consideration for the transferred shares was to be one euro per share.<\/p>\n<h2>II. Decision of the KG<\/h2>\n<p>The KG recognizes that, notwithstanding the \u201cconcentration principle\u201d under section 3 para. 2 of the German Limited Liability Companies Act (GmbHG), contractual (i. e, falling under the law of obligations) side agreements to shareholders\u2019 agreements, in particular bad leaver provisions, are generally permissible. According to the KG, bad leaver clauses are not \u201cforced-exclusion\u201d-provisions (<em>Hinausk\u00fcndigungsklauseln<\/em>), as the other shareholders are not granted the right to exclude the respective founder from the company without objective reason.<br \/>However, according to the KG, bad leaver provisions are subject to content control (<em>Inhaltskontrolle<\/em>) and must, in particular, not violate public policy (<em>gute Sitten<\/em>) within the meaning of section\u202f138 para 1 BGB. The KG held that the bad leaver provision in question constitutes such a violation of public policy:<br \/>The KG reasoned that the exclusion of a shareholder from the company interferes with the core area of membership rights and must (undisputedly) be a measure of ultima ratio. According to the court, a provision that results in exclusion from the company thus requires special justification and can, as a rule, only be agreed for a limited period. The clause in question does not adequately take this into account, as it links the dismissal of the managing director directly and without any time limitation to the obligation to transfer all shares. According to the KG\u2019s ruling, this also applies where the shareholder\u2019s own culpable breach of duty leads to exclusion.<br \/>The KG argues that, in the present case, the clause wrongly places dismissal from the management position and withdrawal of shares on the same level. The KG pointed out that cause for the dismissal and for the termination of a managing director\u2019s service agreement already exists if, after weighing the interests involved and considering all the circumstances of the individual case, it has become unreasonable for the company to continue the managing director\u2019s employment. According to the ruling of the KG, a milder measure (<em>milderes Mittel<\/em>) than the withdrawal of shares would be a removal of the founder from his position as a managing director.<br \/>The KG rejected the argument that the bad leaver provision applies indefinitely and to all shares only in cases of intentional misconduct by the founder concerned or criminal misconduct to the detriment of the company or one of its shareholders. The court argued that the clause already deems a single instance of such misconduct sufficient. This one-time misconduct could also occur in the context of conditional intent (<em>bedingter Vorsatz<\/em>). The court further argued that the automatic link between the dismissal and the offer to transfer all shares of the respective founder left no room for a proportionate assessment by the shareholder majority.<\/p>\n<h2>III. Assessment<\/h2>\n<p>It is important to emphasize that the ruling does not call into question the general permissibility of vesting clauses, including bad\u2011leaver provisions, in shareholders\u2019 agreements. Rather, the ruling recognizes that the loss of shareholder status can, in principle, be agreed. The KG lists cases in which there may be sufficient objective grounds for the involuntary loss of shareholder status. This is, e.g., the case in the event of a profound disagreement among the shareholders, which was caused at least predominantly by the shareholder to be excluded, without there being any ground for exclusion on the part of the shareholders initiating the exclusion proceedings. Accordingly, bad\u2011leaver events that may lead to exclusion can, in principle, be validly agreed.<br \/>The KG rather explicitly emphasizes that the specific clause under review, with its combination of (i) an unlimited term and (ii) the dismissal of the founder as managing director or termination of the service contract for cause automatically leading to a transfer obligation of all shares, does not take into account that the withdrawal of shareholder status must remain the last resort, the ultima ratio.<br \/>However, the KG\u2019s suggested less severe alternative of revoking the founders position as manging director may, however, in practice conflict with the parties\u2019 commercial interests, particularly in the area of start-ups. The purpose of leaver provisions is to keep founders motivated to remain active in the operational business of the company and thereby increase company value. Once a founder exits the executive role, both investors and remaining founders typically have little interest in retaining a passive shareholder who no longer contributes to value creation. From an investor\u2019s perspective, such so-called \u201cdead equity\u201d is generally undesirable and can complicate future funding rounds.<br \/>The practical takeaway is that (bad) leaver provisions are subject to judicial review for proportionality. In particular, bad\u2011leaver provisions that may lead to the complete forfeiture of all shares will likely be permissible only in very limited circumstances under this case law.<\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-29f7mmk-698ade748dfa3d3f68636f79dd4c71fd\">\n.flex_column.av-29f7mmk-698ade748dfa3d3f68636f79dd4c71fd{\nborder-radius:0px 0px 0px 0px;\npadding:7px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-29f7mmk-698ade748dfa3d3f68636f79dd4c71fd av_one_third  avia-builder-el-8  el_after_av_two_third  avia-builder-el-last  sy-only-desktop hide_on_print flex_column_div  column-top-margin'     ><p><div  class='avia-builder-widget-area clearfix  avia-builder-el-9  el_before_av_textblock  avia-builder-el-first '><section id=\"categories-3\" class=\"widget clearfix widget_categories\"><h3 class=\"widgettitle\">Newsletter issues<\/h3>\n\t\t\t<ul>\n\t\t\t\t\t<li class=\"cat-item cat-item-272\"><a 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The court clarified that an indefinite bad leaver clause, under which a dismissal or a termination for cause of the service contract of the managing director results in the complete [&hellip;]<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"mc4wp_mailchimp_campaign":[],"footnotes":""},"categories":[267],"tags":[],"class_list":["post-10417","post","type-post","status-publish","format-standard","hentry","category-2025-q4-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/posts\/10417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/comments?post=10417"}],"version-history":[{"count":8,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/posts\/10417\/revisions"}],"predecessor-version":[{"id":10427,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/posts\/10417\/revisions\/10427"}],"wp:attachment":[{"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/media?parent=10417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/categories?post=10417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/honert.de\/en\/wp-json\/wp\/v2\/tags?post=10417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}