What an exit plan is

An exit plan is the section of the shareholders' agreement that defines how a shareholder leaves, voluntarily, involuntarily, or otherwise. A good one anticipates the events that have historically caused disputes (death, incapacity, bankruptcy, retirement, removal, deadlock) and prescribes a clear, pre-agreed mechanism for each.

Why this clause is non-negotiable

  • Clarity under stress. When the event happens, no one is in a good frame of mind to negotiate. A pre-agreed process removes the emotional negotiation.
  • Defensible valuation. An agreed valuation methodology (independent valuer, formula, last-round price) is far cheaper than litigating fair value years later.
  • Business continuity. Customers, lenders, and employees notice when shareholders are fighting. A clean exit process keeps the operation running.

The four building blocks of a working exit plan

1. Trigger events

Define what events activate the exit machinery. Typical triggers: voluntary resignation, death, permanent incapacity, bankruptcy, conviction of certain offences, material breach of the SHA, removal as a director or employee, retirement at a defined age, and deadlock.

2. Valuation method

Several options exist, each with trade-offs:

  • Last-round price: simple, but stale if the last round was long ago.
  • Multiple of revenue or EBITDA: common for mature operating businesses; agree the multiple range.
  • Independent valuation: by a named firm or one selected by an agreed process. Costs money and takes time but reduces disputes.
  • Net asset value: relevant for asset-heavy businesses.
  • Good leaver / bad leaver discounts: voluntary leavers may receive full value, while shareholders triggering exit through breach or misconduct may receive a discounted price.

3. Buy-sell mechanism

Who has the right to buy? In what order? Right of first refusal to the remaining shareholders (often pro rata to their existing holdings) is the default. The company itself may also have a buyback option, subject to the solvency and procedural requirements of the Companies Act 2016.

4. Lock-in period

A minimum holding period (often 2 to 4 years for founders, shorter for investors) prevents shareholders from leaving in the most fragile years of the company. Lock-ins should be paired with limited exception cases, typically death, permanent incapacity, or board-approved circumstances.

One more thing, alignment with the rest of the SHA

The exit plan does not live alone. It interacts with reserved matters (does an exit-triggered share transfer need shareholder consent?), with the dividend policy (do unpaid declared dividends transfer with the shares?), and with tag-along / drag-along provisions. Draft the exit plan with the rest of the SHA in view, not in isolation.

If you have built a business worth selling, or you are about to take in an investor whose money will eventually want to leave, please contact us. The exit clauses are easier to draft now than to negotiate under duress later.

什么是退出计划

退出计划是股东协议中专门规定股东如何离场的章节，自愿、非自愿、或其他情形。好的退出计划会提前预设历史上最常引发争议的事件（身故、丧失行为能力、破产、退休、罢免、僵局），并为每一种情形预先约定清晰的机制。

为什么这一条款不可妥协

  • 压力下的清晰。事件真的发生时，没有人处于良好谈判心态。预先约定的程序，可移除情绪化谈判。
  • 可辩护的估值。预先约定的估值方法（独立估值师、公式、上一轮价格），远比若干年后再就「公允价值」打官司便宜。
  • 业务连续性。当股东对立时，客户、贷方、员工都会察觉。一份干净的退出程序，可让业务继续运转。

有效退出计划的四大构件

一、触发事件

明确哪些事件会触发退出机制。常见触发：自愿辞任、身故、永久丧失行为能力、破产、特定罪行之定罪、对股东协议之重大违反、被罢免董事或雇员职务、达到约定退休年龄，以及僵局。

二、估值方法

常见选项，各有取舍：

  • 上一轮价格: —简单，但若距上一轮过久，则过时。
  • 收入或 EBITDA 倍数: —适合成熟运营业务；倍数区间须约定。
  • 独立估值: —由指定机构或经约定程序选出之机构完成。费时费钱，但能减少争议。
  • 净资产价值: —适合重资产业务。
  • 「好离场／坏离场」折价: —自愿离场者可获全额价值；因违反协议或不当行为而触发退出者，可适用折价。

三、买卖机制

谁有权购买？按何顺序？默认是其余股东按比例享有的优先购买权。公司本身亦可设回购选项，但须遵守《2016 年公司法令》所规定之偿付能力与程序要求。

四、锁定期

最低持股期（创办人通常 2 至 4 年，投资人较短），可防止股东在公司最脆弱的早期阶段离场。锁定期应配合有限的例外情形，通常包括身故、永久丧失行为能力，或经董事会批准之情形。

最后一点，与股东协议其余条款的协同

退出计划不可孤立存在。它会与保留事项（退出触发的转让是否需股东同意？）、派息政策（已宣告但未付之股息是否随股份转移？）、跟随出售／强制随售条款相互影响。起草退出计划时，须与股东协议其余部分一同审视，而非单独处理。

若您已建立起一份有出售价值的事业，或即将引入终将退出的投资人，请与本所联系。退出条款，事前从容拟定，远比日后在压力下谈判来得有利。