{"id":2161309,"date":"2026-11-01T23:11:41","date_gmt":"2026-11-01T22:11:41","guid":{"rendered":"https:\/\/kohenavocats.fr\/?page_id=2161309"},"modified":"2026-11-04T19:35:06","modified_gmt":"2026-11-04T18:35:06","slug":"management-package-lawyer-paris","status":"publish","type":"page","link":"https:\/\/kohenavocats.fr\/en\/management-package-lawyer-paris\/","title":{"rendered":"Management package lawyer in Paris: exit an LBO and keep your share value"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2161309\" class=\"elementor elementor-2161309 elementor-2160699\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-v5bd59a e-con-full e-ecs-flex e-flex e-con e-parent\" data-id=\"v5bd59a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-v5bd59aw elementor-widget elementor-widget-html\" data-id=\"v5bd59aw\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<div class=\"kcv\" id=\"kci-root\" data-refresh-marker=\"expertise-fr-avocat-management-package-paris-20261101\">\n<section class=\"kcv-hero\" aria-labelledby=\"kch-h1\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-head\">\n      <p class=\"kk\">LBO manager: departure, share buyback price and taxation of the gain<\/p>\n      <h1 id=\"kch-h1\"><em>Management package<\/em> lawyer in Paris:<span class=\"kcv-tail\"> exit an LBO and keep your share value.<\/span><\/h1>\n      <p class=\"kcv-sub\">Removal, dismissal, resignation or a sale by the fund: a manager's exit is governed by the shareholders' agreement, the articles of association (statuts) and the tax rules on the management package, which is why a management package lawyer in Paris reads them together. The buyback price, the characterisation of the departure and the taxation of the gain should be prepared together, before the option is exercised or the sale is signed.<\/p>\n      <div class=\"kcv-btns\">\n        <a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a>\n        <a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a>\n      <\/div>\n      <p class=\"kcv-urg\">A promise to sell can be exercised within a short period after your departure. Keep the shareholders' agreement, the articles of association, the vesting tables and the notice you received, and do not reply to the beneficiary before you have checked the calculated price.<\/p>\n    <\/div>\n    <div class=\"kcv-stagewrap\"><div class=\"kcv-stageshadow\"><div class=\"kcv-stage\">\n      <link rel=\"preload\" as=\"image\" href=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-saisie-attribution-paysage-20261025.webp\" media=\"(min-width:761px)\" fetchpriority=\"high\">\n      <link rel=\"preload\" as=\"image\" href=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-saisie-attribution-paysage-1080-20261025.webp\" media=\"(max-width:760px)\" fetchpriority=\"high\">\n      <div class=\"kcv-media\" aria-hidden=\"true\" style=\"--kcv-img:url('https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-saisie-attribution-paysage-20261025.webp');--kcv-img-m:url('https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-saisie-attribution-paysage-1080-20261025.webp')\"><\/div>\n      <div class=\"kcv-panel kcv-glass\" id=\"kch-form\">\n        <div class=\"kcv-panel-head\">\n          <div>\n            <p class=\"kcv-panel-k\">Management package \u00b7 Paris<\/p>\n            <h2 class=\"kcv-panel-t\">Get a <em>first analysis<\/em><\/h2>\n            <p class=\"kcv-panel-l\">Send the shareholders' agreement, the articles of association, the subscription forms, the notice of departure or of exercise of the option and the valuation documents: the firm will examine the characterisation of the departure, the price and the taxation of the gain.<\/p>\n          <\/div>\n          <div class=\"kcv-chip kcv-glass\"><p class=\"kcv-chip-n\">24 \u00e0 48 h<\/p><p class=\"kcv-chip-x\">first legal<br>review<\/p><\/div>\n        <\/div>\n        <div class=\"kcf-wrap\">\n<form id=\"kcf-2form\" data-kcf data-api-url=\"https:\/\/kohenavocats.fr\/wp-json\/kohen-form\/v1\/submit\" data-vps-url=\"https:\/\/upload-fr.46-224-152-225.sslip.io\/submit\" data-max-size=\"1073741824\" data-max-files=\"500\" novalidate enctype=\"multipart\/form-data\">\n  <input type=\"hidden\" name=\"rendered_at\" value=\"1776847557\">\n  <div class=\"kcf-hp\" aria-hidden=\"true\"><label for=\"kcf-2website\">Do not fill in<\/label><input id=\"kcf-2website\" name=\"website\" type=\"text\" tabindex=\"-1\" autocomplete=\"off\"><\/div>\n  <div class=\"kcf-price\">\n    <span class=\"kcf-price-amount\">\u20ac80<small>incl. 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Payment is made online after this form is sent.<\/p>\n      <ul class=\"kcf-price-meta\">\n        <li>Up to 1 GB of documents, folders and subfolders accepted<\/li>\n        <li>Secure payment, no banking data stored<\/li>\n        <li><a href=\"\/conditions-etude-prealable\/\" target=\"_blank\" rel=\"noopener\">Terms and fee agreement<\/a><\/li>\n      <\/ul>\n    <\/div>\n  <\/div>\n  <div class=\"kcf-row\">\n    <div class=\"kcf-group\">\n      <label class=\"kcf-label\" for=\"kcf-2name\">Full name<\/label>\n      <input class=\"kcf-input\" type=\"text\" id=\"kcf-2name\" name=\"name\" placeholder=\"Your name\" required autocomplete=\"name\" aria-describedby=\"kcf-2name-err\">\n      <p class=\"kcf-field-error\" id=\"kcf-2name-err\" role=\"alert\"><\/p>\n    <\/div>\n    <div class=\"kcf-group\">\n      <label class=\"kcf-label\" for=\"kcf-2phone\">Telephone <span class=\"kcf-optional\">(optional)<\/span><\/label>\n      <input class=\"kcf-input\" type=\"tel\" inputmode=\"tel\" id=\"kcf-2phone\" name=\"phone\" placeholder=\"06 00 00 00 00\" autocomplete=\"tel\" aria-describedby=\"kcf-2phone-err\">\n      <p class=\"kcf-field-error\" id=\"kcf-2phone-err\" role=\"alert\"><\/p>\n    <\/div>\n  <\/div>\n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\" for=\"kcf-2email\">Email address<\/label>\n    <input class=\"kcf-input\" type=\"email\" id=\"kcf-2email\" name=\"email\" placeholder=\"your@email.com\" required autocomplete=\"email\" spellcheck=\"false\" autocapitalize=\"off\" aria-describedby=\"kcf-2email-err\">\n    <p class=\"kcf-field-error\" id=\"kcf-2email-err\" role=\"alert\"><\/p>\n  <\/div>\n  \n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\" for=\"kcf-2message\">Message<\/label>\n    <textarea class=\"kcf-textarea\" id=\"kcf-2message\" name=\"message\" placeholder=\"Briefly describe your situation...\" required aria-describedby=\"kcf-2message-err\"><\/textarea>\n    <p class=\"kcf-field-error\" id=\"kcf-2message-err\" role=\"alert\"><\/p>\n  <\/div>\n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\">Attachments <span class=\"kcf-optional\">(optional, 500 files max, 1 GB)<\/span><\/label>\n    <div class=\"kcf-dropzone\" id=\"kcf-2dropzone\">\n      <svg class=\"kcf-dropzone-icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4\"\/><polyline points=\"17 8 12 3 7 8\"\/><line x1=\"12\" y1=\"3\" x2=\"12\" y2=\"15\"\/><\/svg>\n      <p class=\"kcf-dropzone-text\"><strong>Click<\/strong> or drag your files here<br>All formats accepted (PDF, Word, images, etc.)<\/p>\n      <input type=\"file\" name=\"attachments\" id=\"kcf-2files\" multiple>\n    <\/div>\n    <div class=\"kcf-file-list\" id=\"kcf-2filelist\"><\/div>\n    <div class=\"kcf-progress\" id=\"kcf-2progress\">\n      <div class=\"kcf-progress-bar\"><div class=\"kcf-progress-fill\" id=\"kcf-2progressfill\"><\/div><\/div>\n      <p class=\"kcf-progress-text\" id=\"kcf-2progresstext\">Sending...<\/p>\n    <\/div>\n  <\/div>\n  <button type=\"submit\" class=\"kcf-btn\">\n    <span class=\"kcf-spinner\"><\/span>\n    <span class=\"kcf-btn-text\">Pay \u20ac80 and send my case<\/span>\n  <\/button>\n  <div class=\"kcf-msg\" role=\"status\" aria-live=\"polite\" aria-atomic=\"true\" tabindex=\"-1\"><\/div>\n  <p class=\"kcf-note\">Payment constitutes a request for immediate performance of your analysis. 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l'\u00c9tat.\",\"auteur\":\"data.gouv.fr\",\"paraphrase\":true,\"libelle\":\"Voir la fiche sur data.gouv.fr\"},{\"titre\":\"Commentaires des d\u00e9cisions de justice par l'IA g\u00e9n\u00e9rative\",\"url\":\"https:\/\/www.data.gouv.fr\/reuses\/commentaires-des-decisions-de-justice-par-lia-generative\",\"citation\":\"R\u00e9utilisation des donn\u00e9es publiques de justice publi\u00e9e par Kohen Avocats et r\u00e9f\u00e9renc\u00e9e sur data.gouv.fr.\",\"auteur\":\"data.gouv.fr\",\"paraphrase\":true,\"libelle\":\"Voir la r\u00e9utilisation sur data.gouv.fr\"}]},\"awwwards\":{\"nom\":\"Awwwards\",\"articles\":[{\"titre\":\"Kohen Avocats, site nomm\u00e9 aux Awwwards\",\"url\":\"https:\/\/www.awwwards.com\/sites\/kohen-avocats\",\"citation\":\"Le site du cabinet figure parmi les sites nomm\u00e9s (\u00ab Nominee \u00bb) par Awwwards, r\u00e9f\u00e9rence internationale du design web.\",\"auteur\":\"Awwwards\",\"paraphrase\":true,\"libelle\":\"Voir la fiche sur Awwwards\"}]},\"pappers\":{\"nom\":\"Pappers\",\"articles\":[{\"titre\":\"Divorce du dirigeant : ce que le r\u00e9gime matrimonial change pour votre soci\u00e9t\u00e9\",\"date\":\"2026-09-04\",\"url\":\"https:\/\/www.pappers.fr\/gestion-entreprise\/divorce-dirigeant-regime-matrimonial\",\"citation\":\"Le dirigeant a int\u00e9r\u00eat \u00e0 faire travailler ensemble son expert-comptable, son notaire et un avocat sp\u00e9cialis\u00e9 en droit de la famille \u00e0 Paris.\",\"auteur\":\"Pappers\",\"paraphrase\":true},{\"titre\":\"Ma\u00eetre KOHEN Reda, avocat \u00e0 Paris\",\"url\":\"https:\/\/justice.pappers.fr\/avocat\/kohen-reda-75017\",\"citation\":\"Fiche de Me Reda Kohen sur Pappers Justice, avec les d\u00e9cisions de justice publi\u00e9es o\u00f9 il est intervenu.\",\"auteur\":\"Pappers Justice\",\"paraphrase\":true,\"libelle\":\"Voir la fiche sur Pappers Justice\"}]},\"leboncoin\":{\"nom\":\"Leboncoin\",\"articles\":[{\"titre\":\"Bouilloires thermiques : bient\u00f4t interdites \u00e0 la location ?\",\"url\":\"https:\/\/www.leboncoin.fr\/guide\/immobilier\/bouilloires-thermiques-bientot-interdites-a-la-location-hfpj70o6.html\",\"citation\":\"Le guide immobilier cite une analyse de kohenavocats.fr parmi ses sources.\",\"auteur\":\"Leboncoin\",\"paraphrase\":true}]},\"femme-actuelle\":{\"nom\":\"Femme Actuelle\",\"articles\":[{\"titre\":\"S\u00e9paration ou divorce : quelle banque et quel cr\u00e9dit pour repartir sur de bonnes bases ?\",\"date\":\"2026-09-30\",\"url\":\"https:\/\/www.femmeactuelle.fr\/vie-pratique\/news-vie-pratique\/separation-ou-divorce-quelle-banque-et-quel-credit-pour-repartir-sur-de-bonnes-bases-2211980\",\"citation\":\"L'article cite une analyse de kohenavocats.com parmi ses sources.\",\"auteur\":\"Femme Actuelle\",\"paraphrase\":true}]},\"economie-matin\":{\"nom\":\"\u00c9conomie Matin\",\"articles\":[{\"titre\":\"Nouveau bail 2026 : ce que les propri\u00e9taires doivent anticiper d\u00e8s maintenant\",\"date\":\"2026-09-10\",\"url\":\"https:\/\/www.economiematin.fr\/bail-nouveau-2026-proprietaires-anticiper\",\"citation\":\"Sur le d\u00e9cret n\u00b0 2026-596 du 7 juillet 2026, l'article renvoie \u00e0 l'analyse publi\u00e9e par le cabinet.\",\"auteur\":\"\u00c9conomie Matin\",\"paraphrase\":true}]},\"la-voix-du-nord\":{\"nom\":\"La Voix du Nord\",\"articles\":[{\"titre\":\"Que risquent les personnes qui ach\u00e8tent des objets vol\u00e9s le 17 octobre ?\",\"date\":\"2026-10-19\",\"url\":\"https:\/\/www.lavoixdunord.fr\/1747700\/article\/2026-10-19\/que-risquent-les-personnes-qui-achetent-des-objets-voles-le-17-octobre\",\"citation\":\"L\u2019infraction suppose la connaissance de l\u2019origine : savoir que l\u2019objet provient d\u2019un vol.\",\"auteur\":\"Me Hassan Kohen\"}]},\"sortir-a-paris\":{\"nom\":\"Sortir \u00e0 Paris\",\"articles\":[{\"titre\":\"Manifestation du 24 octobre \u00e0 Paris : parcours, nouvelles stations ferm\u00e9es, les 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l\u2019obligation de d\u00e9livrer un logement d\u00e9cent pendant toute la dur\u00e9e du bail et l\u2019ordonnance du tribunal judiciaire de B\u00e9ziers du 31 mars 2026 sur une climatisation install\u00e9e sans autorisation.\",\"auteur\":\"Science \\u0026 Vie\",\"paraphrase\":true}]},\"frandroid\":{\"nom\":\"Frandroid\",\"articles\":[{\"titre\":\"Fin de Rakuten France : comment r\u00e9cup\u00e9rer vos factures, vos garanties et vos points Club R\",\"date\":\"2026-09-30\",\"url\":\"https:\/\/www.frandroid.com\/culture-tech\/web\/3266559_fin-de-rakuten-france-comment-recuperer-vos-factures-vos-garanties-et-vos-points-club-r\",\"citation\":\"Le cabinet Kohen Avocats leur conseille de retirer cet argent et de t\u00e9l\u00e9charger tout leur historique avant le 10 novembre.\",\"auteur\":\"Frandroid\",\"paraphrase\":true},{\"titre\":\"Goutte-\u00e0-goutte et inondation : que faire quand la climatisation du voisin ruine votre terrasse ?\",\"date\":\"2026-07-28\",\"url\":\"https:\/\/www.frandroid.com\/produits-android\/maison-connectee\/climatiseur\/3196305_goutte-a-goutte-et-inondation-que-faire-quand-la-climatisation-du-voisin-ruine-votre-terrasse\",\"citation\":\"L\u2019article renvoie \u00e0 la grille de lecture juridique publi\u00e9e par le cabinet sur les condensats de climatisation en copropri\u00e9t\u00e9.\",\"auteur\":\"Frandroid\",\"paraphrase\":true}]},\"magicmaman\":{\"nom\":\"Magicmaman\",\"articles\":[{\"titre\":\"Vous vivez en immeuble et vous n\u2019avez toujours pas de chauffage cet automne ? Voil\u00e0 pourquoi\",\"date\":\"2026-10-25\",\"url\":\"https:\/\/www.magicmaman.com\/vous-vivez-en-immeuble-et-vous-n-avez-toujours-pas-de-chauffage-cet-automne-voila-pourquoi,3787269.asp\",\"citation\":\"Cette date nationale n\u2019existe pas. La loi ne fixe pas un calendrier d\u2019allumage commun \u00e0 tous les immeubles.\",\"auteur\":\"Cabinet Kohen Avocats\"}]},\"next\":{\"nom\":\"Next\",\"articles\":[{\"titre\":\"Fin de Bloctel, interdiction du d\u00e9marchage d\u00e8s le 11 ao\u00fbt : on fait le point\",\"date\":\"2026-08-04\",\"url\":\"https:\/\/next.ink\/249950\/fin-de-bloctel-interdiction-du-demarchage-des-le-11-aout-on-fait-le-point\/\",\"citation\":\"Selon le cabinet Kohen Avocats, les jurisprudences dans ce secteur devraient \u00ab \u00e9clairer la port\u00e9e du futur r\u00e9gime \u00bb.\",\"auteur\":\"Next\",\"paraphrase\":true}]},\"actu-juridique\":{\"nom\":\"Actu-Juridique\",\"articles\":[{\"titre\":\"Magistrature et franc-ma\u00e7onnerie : que dit le droit ?\",\"date\":\"2026-09-22\",\"url\":\"https:\/\/www.actu-juridique.fr\/professions\/magistrats\/magistrature-et-franc-maconnerie-stupeur-et-evitements\/\",\"citation\":\"L\u2019article cite en r\u00e9f\u00e9rence l\u2019analyse de Ma\u00eetre Hassan Kohen, avocat en droit p\u00e9nal \u00e0 Paris, sur l\u2019avis du Coll\u00e8ge de d\u00e9ontologie du 9 juin 2026.\",\"auteur\":\"Actu-Juridique\",\"paraphrase\":true}]},\"batiweb\":{\"nom\":\"Batiweb\",\"articles\":[{\"titre\":\"Mayotte : Lecornu veut un \u00ab choc de mises en chantier \u00bb\",\"date\":\"2026-08-27\",\"url\":\"https:\/\/www.batiweb.com\/actualites\/urbanisme\/reconstruction-mayotte-lecornu-choc-mises-chantier-49208\",\"citation\":\"Sur les autorisations d\u2019urbanisme n\u00e9cessaires \u00e0 la reconstruction de Mayotte, l\u2019article cite les explications de Me Reda Kohen.\",\"auteur\":\"Batiweb\",\"paraphrase\":true}]},\"berliner-zeitung\":{\"nom\":\"Berliner Zeitung\",\"articles\":[{\"titre\":\"Null Euro Miete, daf\u00fcr Quizabende mit Rentnern: Wie eine 18-J\u00e4hrige ins Seniorenheim zog\",\"date\":\"2026-09-21\",\"url\":\"https:\/\/www.berliner-zeitung.de\/article\/null-euro-miete-dafuer-quizabende-mit-rentnern-wie-eine-18-jaehrige-ins-seniorenheim-zog-10414380\",\"citation\":\"Der Pariser Anwalt Reda Kohen ordnet das Modell als Gebrauchsleihe ein: Die Wohnung wird \u00fcberlassen, nicht vermietet.\",\"auteur\":\"Berliner Zeitung\",\"paraphrase\":true}]},\"startupitalia\":{\"nom\":\"StartupItalia\",\"articles\":[{\"titre\":\"Quasi 13 miliardi di dollari di Nvidia per la sconosciuta Hugging Face. 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if(e.key==='ArrowLeft'&&actuel>0){e.preventDefault();aller(actuel-1);}});\ns.querySelectorAll('button.knp__logo').forEach(function(b){b.addEventListener('click',function(e){ouvrir(b,e.detail===0&&b.tabIndex>=0);});});\n}\ndocument.querySelectorAll('.knp').forEach(lier);\n})();\n<\/script>\n<\/div>\n  <\/div>\n<\/section>\n<section class=\"kcv-tabs\" id=\"kcv-cabinet\" aria-label=\"Management package lawyer in Paris\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-tabs-head\">\n      <p class=\"kk\">Kohen Avocats, Paris 17<\/p>\n      <h2>Management package: <em>what determines the value of your exit<\/em><\/h2>\n    <\/div>\n    <div class=\"kcv-bar\"><div class=\"kcv-chips\" role=\"tablist\" aria-label=\"Case sections\"><button class=\"kcv-chip-t on\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-avocat\" aria-controls=\"kcv-avocat\" aria-selected=\"true\" tabindex=\"0\">The lawyer<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p1\" aria-controls=\"kcv-p1\" aria-selected=\"false\" tabindex=\"-1\">The rules<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p2\" aria-controls=\"kcv-p2\" aria-selected=\"false\" tabindex=\"-1\">Your documents<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p3\" aria-controls=\"kcv-p3\" aria-selected=\"false\" tabindex=\"-1\">The method<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p4\" aria-controls=\"kcv-p4\" aria-selected=\"false\" tabindex=\"-1\">The timetable<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p5\" aria-controls=\"kcv-p5\" aria-selected=\"false\" tabindex=\"-1\">The checks<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-synthese\" aria-controls=\"kcv-synthese\" aria-selected=\"false\" tabindex=\"-1\">Summary<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-faq\" aria-controls=\"kcv-faq\" aria-selected=\"false\" tabindex=\"-1\">Questions<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-textes\" aria-controls=\"kcv-textes\" aria-selected=\"false\" tabindex=\"-1\">Legal texts<\/button><\/div><\/div>\n    <div class=\"kcv-track\"><div class=\"kcv-slide kcv-on\" id=\"kcv-avocat\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-avocat\" tabindex=\"-1\">\n<div class=\"kcv-pro\">\n  <figure class=\"kcv-pro-photo\"><img fetchpriority=\"high\" src=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/kohen-footer\/portrait-reda-20260920-lignes-orange.jpg\" alt=\"Reda Kohen, lawyer at the Paris Bar\" width=\"1122\" height=\"1402\" loading=\"eager\" decoding=\"async\">\n    <figcaption class=\"kcv-pro-cap kcv-glass\"><span class=\"kcv-pro-capn\">Reda Kohen<\/span><span class=\"kcv-pro-capr\">Lawyer at the Paris Bar<\/span><\/figcaption>\n  <\/figure>\n  <div class=\"kcv-pro-body\">\n    <p class=\"kk\">Company law \u00b7 Paris 17th<\/p>\n    <h2>What a <em>management package lawyer<\/em> in Paris does<\/h2>\n    <ul class=\"kcv-pro-tags\"><li>Paris Bar<\/li><li>Company law<\/li><li>LBOs and company managers<\/li><\/ul>\n    <p class=\"kcv-p\">Reda Kohen, a lawyer (avocat) at the Paris Bar, can assist, in company law, managers and executives who hold shares in a company acquired by an investment fund.<\/p>\n    <p class=\"kcv-p\">In an LBO, the manager signs up to the rules of their exit on entry. The firm reads the shareholders' agreement, the articles of association, the vesting tables and the price formula together, then matches those provisions against the cause and date of the departure.<\/p>\n    <p class=\"kcv-p\">The tax treatment of the gain follows <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 163 bis H of the French General Tax Code (Code g\u00e9n\u00e9ral des imp\u00f4ts)<\/a>, which taxes as salary the gain obtained in consideration of duties performed, except up to a limit set by a performance multiple, which is taxed as a capital gain. The firm calculates this split before the sale, because it changes the net amount received.<\/p>\n    <p class=\"kcv-p\">Send what you have, even if incomplete: the firm will prioritise and complete the file with you. In an emergency, call <a href=\"tel:+33646605822\">06 46 60 58 22<\/a>.<\/p>\n    <p class=\"kcv-pro-meta\"><a href=\"https:\/\/consultation.avocat.fr\/avocat-paris\/reda-kohen-54670.html\" target=\"_blank\" rel=\"noopener\">Official profile in the directory of French lawyers (CNB)<\/a><span>Firm at 11 rue Margueritte, 75017 Paris<\/span><\/p>\n  <\/div>\n<\/div>\n<div class=\"kcv-cards\">\n  <div class=\"kcv-card\"><h3>How the departure is characterised<\/h3><p>Good leaver or bad leaver: the cause and date of the departure, as defined in the shareholders' agreement, determine the buyback price and the portion of the shares that has vested.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>The buyback price<\/h3><p>Formula in the shareholders' agreement, market value, discount, floor price and, in the event of disagreement, an expert appointed on the basis provided by law, the articles of association or the shareholders' agreement.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>Taxation of the gain<\/h3><p>Split between capital gain and salary income, 10% employee contribution on the salary portion, deferral in the event of reinvestment and exclusion from the PEA.<\/p><\/div>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p1\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p1\" tabindex=\"-1\">\n<p class=\"kk\">The rules<\/p>\n<h2>Promise, price, tax: <em>the applicable rules<\/em><\/h2>\n<p class=\"kcv-lead\">Four sets of rules govern the exit of a manager who is a shareholder in an LBO.<\/p>\n<ol class=\"kcv-conds\">\n  <li>A promise to sell given by the manager gives the beneficiary the right to opt for the sale, and withdrawing it during the option period does not prevent the contract from being formed, under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1124 of the French Civil Code (Code civil)<\/a>. In an SAS, the articles of association may also require a shareholder to transfer their shares (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227180\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227180\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-16 of the French Commercial Code<\/a>). The Court of Cassation (Cour de cassation) distinguishes between these two mechanisms and has quashed a judgment that refused specific performance of the promise in the shareholders' agreement (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6492960517c95e05dbf9dd99\" target=\"_blank\" rel=\"noopener\">Cass. com., 21 June 2023, No. 21-25.952<\/a>).<\/li>\n  <li>Where the manager is an employee, pecuniary sanctions are prohibited (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006901446\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006901446\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 1331-2 of the French Labour Code<\/a>). A discount applicable to all non-disciplinary dismissals is not such a sanction (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fd92fe8b0d7200fbeadc1e6\" target=\"_blank\" rel=\"noopener\">Cass. com., 7 June 2016, No. 14-17.978<\/a>), whereas a sale at nominal value reserved for dismissal for gross misconduct was deemed unwritten (<a href=\"https:\/\/www.courdecassation.fr\/decision\/627df9390d41e0057d43e5dc\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 9, 12 May 2022, No. 20\/05597<\/a>).<\/li>\n  <li>Where the price is disputed, the expert appointed under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1843-4 of the French Civil Code<\/a> applies the valuation rules in the articles of association or in any agreement binding the parties, as the Court of Cassation reiterated in 2026 (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6aaa63fec27382d099c603ab\" target=\"_blank\" rel=\"noopener\">Cass. com., 16 September 2026, No. 24-22.763<\/a>). In any event, the price must be determined or determinable (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006441332\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006441332\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1591 of the French Civil Code<\/a>).<\/li>\n  <li>The gain obtained in consideration of duties performed is taxed as salary income, except for the portion that does not exceed the limit set by the performance multiple, which is taxed as a capital gain (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 163 bis H of the French General Tax Code<\/a>). This net gain and its portion taxed as salary are excluded from the CSG base on employment income, on which contributions are assessed (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000055004433\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000055004433\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 136-1-1 of the French Social Security Code<\/a>), but the portion exceeding the limit bears a 10% employee contribution that discharges the liability (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053282437\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053282437\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 137-42 of the same Code<\/a>). The benefit derived from warrants acquired on preferential terms remains separate: it falls within the contributions base on the date of the sale or exercise of the warrants (<a href=\"https:\/\/www.courdecassation.fr\/decision\/651527e642b42d8318bc6579\" target=\"_blank\" rel=\"noopener\">Cass. 2e civ., 28 September 2023, No. 21-20.685<\/a>).<\/li>\n<\/ol>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>The tax regime does not depend on the name given to the securities, but on the link between the gain and the duties performed, the risk of loss and the holding period.<\/p><\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p2\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p2\" tabindex=\"-1\">\n<p class=\"kk\">Your documents<\/p>\n<h2>What to send, <em>depending on your situation<\/em><\/h2>\n<p class=\"kcv-lead\">The documents signed on entry and the documents relating to the departure make it possible to calculate the price and the tax.<\/p>\n<div class=\"kcv-duel\">\n  <div class=\"kcv-opt kcv-opt-a\"><p class=\"kcv-opt-k\">Position A<\/p><p class=\"kcv-opt-t\">You are leaving the company<\/p><ul><li>Shareholders' agreement, articles of association and amendments, with the vesting and price tables<\/li><li>Notice of departure, letter of removal or dismissal and the notice of exercise of the option received<\/li><li>Subscription forms, prices paid, acquisition dates and instruments held<\/li><li>Latest accounts, valuations and details of debt owed to shareholders<\/li><\/ul><\/div>\n  <div class=\"kcv-or\" aria-hidden=\"true\">or<\/div>\n  <div class=\"kcv-opt kcv-opt-b\"><p class=\"kcv-opt-k\">Position B<\/p><p class=\"kcv-opt-t\">You are joining or reinvesting<\/p><ul><li>Draft shareholders' agreement, term sheet and draft articles of association of the acquisition company<\/li><li>Business plan, data room and representations given to the managers<\/li><li>Structure of the investment: ordinary shares, warrants, preference shares<\/li><li>Draft contribution agreement and the split between cash and reinvested shares<\/li><\/ul><\/div>\n<\/div>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>Do not sign any acceptance of the exercise of the option, transfer order or receipt in full discharge before you have checked the characterisation of the departure and the calculated price.<\/p><\/div>\n<p class=\"kcv-p\">The firm also handles:<\/p>\n<ul class=\"kcv-pro-tags\"><li>Shareholders' agreement<\/li><li>Removal of the company officer<\/li><li>Officers&#8217; remuneration<\/li><li>BSPCE<\/li><\/ul><\/div><div class=\"kcv-slide\" id=\"kcv-p3\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p3\" tabindex=\"-1\">\n<p class=\"kk\">The method<\/p>\n<h2>How the firm <em>supports you<\/em><\/h2>\n<p class=\"kcv-lead\">Read the documents, calculate the exit, then negotiate or challenge.<\/p>\n<div class=\"kcv-rows\">\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 1<\/p><h3>Cross-reading the shareholders' agreement and the articles<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The firm identifies the definitions of departure, the promises, the exercise periods, the price formulas and the tag-along and drag-along clauses.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 2<\/p><h3>Characterising the departure<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The cause relied on by the investor is tested against the facts, the employment contract or corporate mandate, and the decisions of the company's governing bodies.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 3<\/p><h3>Calculating the price and the tax<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The buyback price is recalculated using the agreed formula, then split between capital gain and salary income under Article 163 bis H.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 4<\/p><h3>Negotiation or action<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Depending on the file, the firm prepares a written reply to the beneficiary, a price negotiation, the appointment of an expert or an action before the competent court.<\/p><\/div><\/div>\n<\/div>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>The net value of an exit is measured after tax and contributions: a higher price received as salary may yield less than a lower price taxed as a capital gain.<\/p><\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p4\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p4\" tabindex=\"-1\">\n<p class=\"kk\">The timetable<\/p>\n<h2>The timeline <em>of a management package exit<\/em><\/h2>\n<p class=\"kcv-lead\">From entry into the share capital to payment of the sale price.<\/p>\n<ol class=\"kcv-hs\"><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Entry into the share capital<\/p><p><strong>Before signing.<\/strong> Negotiate the vesting period, the good leaver cases, the floor price and the consequences of a removal without misconduct.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Life of the LBO<\/p><p>Keep the accounts, the distributions received and the amendments: dividends reduce the limit taxed as a capital gain.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Departure<\/p><p><strong>From the notification.<\/strong> Check the cause relied on, its date and the starting point of the option exercise period set out in the shareholders' agreement.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Exercise of the option<\/p><p>Check the form of the notification, the calculated price, the vested portion and the supporting valuation documents.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Challenging the price<\/p><p>Depending on the basis for the transfer, the disputed price is set by the third party provided for in the contract or, in the cases covered by Article 1843-4 of the French Civil Code, by an expert who applies the agreed formula.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Sale and tax return<\/p><p>Split the gain between capital gain and salary income, declare any deferral and anticipate the 10% employee contribution on the portion taxed as salary.<\/p><\/li><\/ol><\/div><div class=\"kcv-slide\" id=\"kcv-p5\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p5\" tabindex=\"-1\">\n<p class=\"kk\">The checks<\/p>\n<h2>What the firm checks <em>before acting<\/em><\/h2>\n<p class=\"kcv-lead\">No reply is sent to the fund without these checks.<\/p>\n<div class=\"kcv-split\">\n  <ul class=\"kcv-check\"><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Basis for the compelled transfer: promise in the shareholders' agreement, exclusion clause in the articles or drag-along clause.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Characterisation of the departure: actual cause, date, status as employee or corporate officer, and the contractual definition applied.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Price: formula, vested portion, reference value, debt taken into account, floor price and valuation date.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Tax: acquisition date, risk of loss, holding period, performance multiple and distributions received.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Social contributions: 10% contribution on the salary portion of the gain and, for a benefit arising on acquisition or exercise, the conditions of issue and whether the terms were preferential.<\/span><\/li><\/ul>\n  <aside class=\"kcv-act\">\n    <p class=\"kcv-act-k\">Case documents<\/p>\n    <p class=\"kcv-act-t\">Send what you have, even if incomplete<\/p>\n    <p class=\"kcv-act-p\">Submit your documents through the confidential form at the top of the page: the firm will prioritise and complete the file with you.<\/p>\n    <div class=\"kcv-act-b\"><a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a><a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a><\/div>\n  <\/aside>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-synthese\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-synthese\" tabindex=\"-1\">\n<p class=\"kk\">Summary<\/p>\n<h2>Situation, evidence, <em>response<\/em><\/h2>\n<p class=\"kcv-lead\">The common situations of the LBO manager and the first priority in each.<\/p>\n<div class=\"kcv-rows\">\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Removal from office without alleged misconduct<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Removal decision, minutes, shareholders' agreement and the definition of a legitimate departure.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> The option exercise period often runs from notification of the departure.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Demand the price set by the shareholders' agreement for a departure without misconduct and check the vested portion and discounts.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Dismissal for gross misconduct of an employee manager<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Dismissal letter, shareholders' agreement, the price offered and the real value of the shares.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Act before the shares are transferred and coordinate with any challenge before the employment tribunal.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Examine the clause in light of Article L. 1331-2 of the French Labour Code.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Resignation during the vesting period<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Vesting table, date of resignation, exceptions in the shareholders' agreement.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Measure the effect of the departure date before fixing it.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Negotiate acceleration or a postponement of the departure date.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Disagreement over the value of the shares<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Price formula, accounts, valuations, debts owed to shareholders.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> To be checked according to the action brought: in 2026, for heirs who had not been approved, it ran from the filing of the expert's report.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Refer the matter to the third party or expert provided for by the basis for the transfer, who is bound to apply the agreed formula.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Sale of the group to a new fund<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Draft sale, contribution agreement, new shareholders' agreement, entry values.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> The tax calculation is made before signing, security by security.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Calculate the portion taxed as a capital gain and any deferral in the event of reinvestment.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Social security reassessment of the gains<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Letter of observations, conditions of issue of the warrants, date and nature of the benefit identified.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Reply within the period indicated by the collection body.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Distinguish the benefit arising on acquisition or exercise from the gain falling under Article 163 bis H, then discuss whether the terms were preferential.<\/p><\/div><\/div>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-faq\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-faq\" tabindex=\"-1\">\n<p class=\"kk\">Frequently asked questions<\/p>\n<h2>Your questions: <em>management package<\/em><\/h2>\n<div class=\"kcv-faqgrid\">\n  <aside class=\"kcv-act kcv-act-sticky\">\n    <p class=\"kcv-act-k\">14 questions<\/p>\n    <p class=\"kcv-act-t\">A situation not listed here?<\/p>\n    <p class=\"kcv-act-p\">Every case has its own features. The firm reads your documents before answering you.<\/p>\n    <div class=\"kcv-act-b\"><a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a><a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a><\/div>\n  <\/aside>\n  <div class=\"kcv-faq\"><details><summary>What is a management package and when should you consult a lawyer?<\/summary><div class=\"a\"><p>A management package is the set of shares and rights offered to the managers and key executives of a company acquired by a fund, most often in an LBO. It may include ordinary shares, warrants, bonus shares or preference shares carrying special rights defined by the articles of association (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049720022\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049720022\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 228-11 of the French Commercial Code<\/a>). The manager generally invests alongside the fund, directly or through a company that groups the executives, and then waits for the final sale to realise their gain. The terms of that exit are written in from the outset, in the shareholders' agreement and the articles of association: promises to sell in the event of departure, price formulas, the vesting schedule, and tag-along or drag-along clauses. The right time to consult is before signing, while these clauses can still be negotiated, and then at each event that triggers them: removal, dismissal, resignation, refinancing or sale. The firm then examines the documentation as a whole, because the value actually received depends as much on the buyback price provided for as on the tax regime applicable to the gain. Reading a single clause in isolation, without the price formula or the schedule, often leads to an inaccurate assessment of the manager's position.<\/p><\/div><\/details><details><summary>What happens to my shares if I leave the company before the fund exits?<\/summary><div class=\"a\"><p>Most LBO shareholders' agreements provide that a manager who ceases their duties promises to transfer their shares to the fund, to the other shareholders or to the company. This unilateral promise gives the beneficiary the right to opt for the sale, whose essential terms are already determined, without any new consent from the manager being necessary (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1124 of the French Civil Code<\/a>). The price then depends on the cause of the departure and its date: a departure characterised as good leaver gives rise to the price that the agreement attaches to it, often more favourable but sometimes discounted, whereas a departure characterised as bad leaver entails a discount, sometimes down to nominal value. The Paris Court of Appeal thus upheld a promise under which the price varied according to length of service, noting that \"the longer the manager stays in the company, the better the price at which they sell their shares if the option is exercised\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/67134bf7208351cec6586643\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 8, 18 October 2024, No. 22\/09370<\/a>). Before any reply to the beneficiary, the firm checks the definition of departure, the option exercise period, the price formula and the characterisation the investor intends to rely on. A removal without misconduct, a disputed dismissal or a resignation for illness do not produce the same effects, depending on how the agreement is drafted.<\/p><\/div><\/details><details><summary>Can a bad leaver clause deprive me of the value of my shares?<\/summary><div class=\"a\"><p>It can sharply reduce the buyback price, but its validity depends on its purpose and on the manager's status. Where the manager is also an employee, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006901446\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006901446\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 1331-2 of the French Labour Code<\/a> prohibits fines and other pecuniary sanctions and deems any contrary provision unwritten. The Paris Court of Appeal applied that provision to a founder-employee compelled to transfer his or her shares at nominal value after a dismissal for gross misconduct: it held that the exercise of the promise \"amounts to a pecuniary sanction, the employee being dispossessed, at a derisory price, of the shares of the company he or she had created\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/627df9390d41e0057d43e5dc\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 9, 12 May 2022, No. 20\/05597<\/a>). The clause was deemed unwritten and the return of the shares was upheld. That outcome turned on specific facts: a forced transfer reserved, in the case of dismissal, for gross or wilful misconduct alone, a price unrelated to the value, and a departure less than a year after entry. It does not automatically extend to a corporate officer who is not an employee, nor to a clause that also covers departures without fault. The firm therefore compares the wording of your clause with these criteria before considering a challenge.<\/p><\/div><\/details><details><summary>Is a discount applied on dismissal always a pecuniary sanction?<\/summary><div class=\"a\"><p>No, and the Court of Cassation has held so, in a way unfavourable to the employee shareholder. In the case decided in 2016, the shareholders' agreement required the employee to transfer all of his or her shares on ceasing to be an employee, and applied a coefficient of 0.5 to the value set by an expert in the event of dismissal other than for gross or wilful misconduct. The commercial chamber held that this clause \"does not amount to a prohibited pecuniary sanction, in that it does not seek to penalise conduct of the employee regarded by the employer as wrongful\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fd92fe8b0d7200fbeadc1e6\" target=\"_blank\" rel=\"noopener\">Cass. com., 7 June 2016, No. 14-17.978<\/a>). The employee's appeal to the Court of Cassation was dismissed. The Court also approved the idea that the discount formed part of the overall balance of the contract, entered into in return for involving the employee in the growth of the company's value. The dividing line therefore lies in the reason for the departure: a discount that applies to all non-disciplinary dismissals is distinguishable from a sale at a derisory price reserved for misconduct. For the manager, the employment-law argument is useful only if the clause, as drafted and applied, punishes conduct that the employer regards as wrongful.<\/p><\/div><\/details><details><summary>How does vesting affect the buyback price of my shares?<\/summary><div class=\"a\"><p>Vesting divides the manager's shares into a vested portion, bought back at the price the shareholders' agreement attaches to it, and an unvested portion, often bought back at nominal value. The vested portion increases with time spent in the company, according to a table annexed to the agreement. In the case decided by the Paris Court of Appeal in 2024, the agreement combined this schedule with a coefficient applied to the market value of the vested shares, including in the event of a legitimate departure: only 25% of the shares had vested and their value was subject to a coefficient of 0.3, but the agreement guaranteed the manager a floor price equal to the acquisition price. The manager, who was removed sixteen months after signing, argued that he or she had been misled as to the economic scope of the mechanism. The court rejected the claim of mistake, noted that the clause was clear and that the manager had taken part in the exchanges on the successive versions of the agreement, and then upheld the dismissal of the claim for nullity of the clause, the judgment being amended only on ancillary claims (<a href=\"https:\/\/www.courdecassation.fr\/decision\/67134bf7208351cec6586643\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 8, 18 October 2024, No. 22\/09370<\/a>). This decision shows that the negotiation is won or lost before signing: vesting period, acceleration on a sale or on a removal without misconduct, floor price, treatment of shares arising from warrants. Afterwards, the manager must prove a specific defect, not a mere economic imbalance.<\/p><\/div><\/details><details><summary>Can I refuse to transfer my shares when the investor exercises the promise?<\/summary><div class=\"a\"><p>In principle, no. A unilateral promise to sell forms the contract as soon as the beneficiary exercises the option, and withdrawing the promise during the option period does not prevent the sale from being formed (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1124 of the French Civil Code<\/a>). A manager who refuses is therefore exposed to a claim for specific performance. The Court of Cassation has quashed a court of appeal that had annulled, as contrary to the articles of association, a promise to sell contained in a shareholders' agreement in favour of an investor. It recalled that the nullity under Article L. 227-15 of the French Commercial Code applies only to freely agreed transfers and that \"the nullity it provides for is intended solely to penalise breach of any clause in the articles of association relating to the freely agreed transfer of shares by their holder\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6492960517c95e05dbf9dd99\" target=\"_blank\" rel=\"noopener\">Cass. com., 21 June 2023, No. 21-25.952<\/a>). The case was sent back to be heard again. For the manager, the useful discussion concerns the terms of the promise rather than its principle: whether the triggering event has actually occurred, compliance with the time limit and form of the notification, accuracy of the calculated price, and characterisation of the departure. The firm checks these points before any written reply, because an acquiescence or a silence may later be used against the manager.<\/p><\/div><\/details><details><summary>Who sets the price of my shares if we disagree on the value?<\/summary><div class=\"a\"><p>The price of a sale must be determined or determinable by the parties (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006441332\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006441332\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1591 of the French Civil Code<\/a>), and it may be left to the valuation of a third party (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038799710\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038799710\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1592 of the French Civil Code<\/a>). Where the law refers to <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1843-4 of the French Civil Code<\/a>, the disputed value is set by an expert appointed by the parties or, failing agreement, by the president of the court ruling under the accelerated procedure on the merits. That expert must apply the valuation rules laid down in the articles of association or in any agreement binding the parties. The Court of Cassation reiterated this in 2026: \"the appointed expert is bound to apply, where they exist, the rules and methods for determining the value laid down by the company's articles of association or by any agreement binding the parties\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6aaa63fec27382d099c603ab\" target=\"_blank\" rel=\"noopener\">Cass. com., 16 September 2026, No. 24-22.763<\/a>). In that case, which concerned an heir who had not been approved, it added that an action for payment of the price set by the expert is subject to the ordinary limitation period under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000019017112\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000019017112\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 2224 of the French Civil Code<\/a>, which runs from the filing of the report. This mechanism presupposes a statutory reference, for example for forced-transfer clauses in the articles of an SAS where no price is specified (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227187\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227187\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-18 of the French Commercial Code<\/a>), or a transfer under the articles with no determinable price; a promise in the shareholders' agreement, by contrast, falls to the third-party valuer that the parties have chosen. In all cases, the agreed formula guides the valuation. The useful challenge goes to the application of that formula: valuation date, debt taken into account, restatements and consistency with the accounts.<\/p><\/div><\/details><details><summary>Can the articles of an SAS require me to transfer my shares?<\/summary><div class=\"a\"><p>Yes. In a simplified joint-stock company (SAS), the articles of association may provide, on the terms they lay down, that a shareholder is required to transfer his or her shares, and may suspend that shareholder's non-pecuniary rights until the transfer (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227180\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227180\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-16 of the French Commercial Code<\/a>). Acquisition companies and companies grouping managers often use this option to organise the exclusion of an executive who leaves the group. The clause in the articles and the promise in the shareholders' agreement are not the same thing. The Court of Cassation has held that the nullity of transfers made in breach of the articles does not govern the exclusion of a shareholder, and that the exclusion clause in the articles in question did not prevent the shareholder from granting a conditional unilateral promise to sell (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6492960517c95e05dbf9dd99\" target=\"_blank\" rel=\"noopener\">Cass. com., 21 June 2023, No. 21-25.952<\/a>). As to price, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1843-4 of the French Civil Code<\/a> applies where the law refers to it or where the articles provide for a transfer with no determinable price. Under the earlier wording of that provision, the Court had held that \"Article 1843-4 of the Civil Code applies to transfers of corporate rights imposed by the articles of association or by the company's internal rules\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fca277de35a255d41ca73ac\" target=\"_blank\" rel=\"noopener\">Cass. com., 18 November 2020, No. 19-13.402<\/a>). The firm therefore first checks the basis for the compelled transfer, articles or shareholders' agreement, then the procedure followed and the price rule that results from it.<\/p><\/div><\/details><details><summary>How is a management package gain taxed under Article 163 bis H?<\/summary><div class=\"a\"><p><a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 163 bis H of the French General Tax Code<\/a>, in the version in force since 21 February 2026, sets a principle and an exception. The net gain made on shares subscribed for, acquired or allotted by employees or executives is taxed as salary where it is obtained in consideration of their duties in the issuing company or in a company of the same group. As an exception, this gain falls under the capital gains regime of <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543761\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543761\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 150-0 A of the French General Tax Code<\/a> up to a limit calculated from a performance multiple. This regime requires that the shares carry a risk of losing the price paid and that they have been held for at least two years. For bonus shares, stock options and founder share warrants (BSPCE) issued under their statutory regimes, the law requires a risk of loss of the value of the shares, with no holding-period condition; the acquisition or exercise benefit specific to those regimes remains outside the gain so split. The portion of the gain that exceeds the limit is taxed under the salary income rules, in principle for the year of the sale, except for an additional price element, taxed in the year it is received, and deferral in the event of a contribution or exchange. The capital-gain portion follows the regime of <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053546896\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053546896\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 200 A of the French General Tax Code<\/a>. The firm therefore reconstructs, security by security, the acquisition date, the price paid and the value on entry, because the calculation is made separately at each acquisition date.<\/p><\/div><\/details><details><summary>How is the limit taxed as a capital gain calculated?<\/summary><div class=\"a\"><p>The limit equals the value of the shares at their acquisition date multiplied by the performance multiple, less that same value. The multiple is three times the ratio between the actual value of the issuing company at the date of sale and its actual value at the acquisition date (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 163 bis H of the French General Tax Code<\/a>). Where the main purpose of the issuing company is to hold the managers' investments, the value used is that of the company in which they are invested. Actual value means the actual value of equity plus debts owed to shareholders and to related companies, which covers in particular the fund's bonds or current accounts. Debts arising after entry are deemed to have arisen at the acquisition date, and the exit value is increased by debts repaid during the holding period. The text states that taking these debts into account cannot raise the limit. The limit is then reduced by the dividends and capital repayments received by the manager between acquisition and sale. A manager who received distributions during the LBO therefore sees a larger share of the gain shift into salary income. The firm checks these parameters against the accounts and the financing documents, because an error in the entry value alters the whole calculation.<\/p><\/div><\/details><details><summary>Is the gain on my subscription warrants subject to social security contributions?<\/summary><div class=\"a\"><p>Two benefits must be distinguished. The net gain on sale falling under Article 163 bis H is excluded from the CSG base on employment income, including its portion taxed as salary (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000055004433\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000055004433\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 136-1-1 of the French Social Security Code<\/a>); that portion does, however, bear a 10% employee contribution that discharges the liability (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053282437\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053282437\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 137-42 of the same Code<\/a>). The benefit derived from the acquisition or exercise of the warrants may, for its part, fall within the contributions base where the warrants were offered in return for, or on the occasion of, work and acquired on preferential terms. In 2023 the second civil chamber held that this preferential character results from the status of the beneficiaries, their limited number and the conditions of issue and transferability of the warrants, the price paid being only an indication. It fixed the moment of social security taxation: \"the event giving rise to social security contributions on this benefit is the date of the sale or realisation of the share subscription warrants\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/651527e642b42d8318bc6579\" target=\"_blank\" rel=\"noopener\">Cass. 2e civ., 28 September 2023, No. 21-20.685<\/a>). The company's appeal to the Court of Cassation was dismissed and the reassessment upheld, including for two executives who had left the company before exercising their warrants. For bonus shares granted outside the statutory conditions, the same chamber held that the shares were definitively allotted at the end of the vesting period (<a href=\"https:\/\/www.courdecassation.fr\/decision\/66d959f3c2360f5a39d5a719\" target=\"_blank\" rel=\"noopener\">Cass. 2e civ., 5 September 2024, No. 22-18.293<\/a>). <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053282401\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053282401\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 242-1 of the French Social Security Code<\/a> excludes from the base certain benefits referred to in the General Tax Code, subject to conditions. The firm therefore analyses the conditions of issue of your instruments before the sale, because a reassessment of the acquisition benefit may be added to income tax.<\/p><\/div><\/details><details><summary>What happens if I reinvest in the holding company of the new LBO?<\/summary><div class=\"a\"><p>In a secondary LBO, the manager is often invited to contribute part of his or her shares to the new acquisition company. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 163 bis H of the French General Tax Code<\/a> provides, for the portion of the gain taxable as salary, a tax deferral up to the share of the gain reinvested in shares of the issuing company or of a company linked to it by a shareholding before the transaction, where the contribution or exchange falls under Article 150-0 B and is carried out in France, in another Member State of the European Union or in a State linked to France by a tax treaty providing for administrative assistance against tax fraud and evasion. The recipient company may not have as its purpose the management of the manager's or his or her family's assets, and the deferred amount must be declared. The deferral ends on the disposal, sale, buyback, repayment or cancellation of the shares received, or where the shares contributed to a company controlled by the manager undergo any of those events within three years of the contribution. It is maintained in the event of a further contribution or exchange meeting the same conditions. A balancing cash payment is permitted only if it does not exceed 10% of the nominal value of the shares received, and the corresponding portion is then taxed immediately. The structure must also reflect economic reality: the tax authority may disregard sham transactions, or those that seek the benefit of a literal application of the texts contrary to the objectives of their authors for the sole purpose of avoiding tax (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000037993642\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000037993642\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 64 of the French Tax Procedure Code<\/a>). The firm therefore re-reads the contribution agreement, the split between cash and shares and the new shareholders' agreement before signing.<\/p><\/div><\/details><details><summary>Can I put my shares in a PEA or transfer them by gift?<\/summary><div class=\"a\"><p>An equity savings plan (PEA) cannot hold shares whose gain falls under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 163 bis H of the French General Tax Code<\/a>: <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051218125\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051218125\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 221-31 of the French Monetary and Financial Code<\/a> expressly excludes those shares from the list of permitted holdings. A manager who was planning to put his or her shares in a PEA to defer taxation must therefore check how the instruments are characterised before any transfer. A gift does not erase the tax either. In the version in force since 21 February 2026, the text provides that where these shares are given by deed of gift or by manual gift, the net gain is determined and taxed in the donor's name for the year of the gift. The same rule applies to shares received in exchange on a contribution or on a transaction under Article 150-0 B involving those shares. A family transfer of management package shares therefore calls for a prior calculation of the tax due by the donor in the very year of the gift, using the same multiple and value parameters as on a sale. The firm also examines the approval and inalienability clauses of the shareholders' agreement, which may prohibit the transfer itself.<\/p><\/div><\/details><details><summary>I invested on the basis of incomplete information: what remedies do I have?<\/summary><div class=\"a\"><p>A manager who joins the share capital buys or subscribes for shares on the basis of information provided by the seller, the fund or the company. Where decisive information was intentionally withheld, nullity for fraudulent misrepresentation (dol) may be sought. The Court of Cassation has quashed a court of appeal that had rejected fraudulent misrepresentation by blaming the buyer for not having made enquiries, holding that these \"grounds based on the transferee having been required to inquire, before the transfer, into the company's financial situation, are inadequate to exclude the existence of fraudulent concealment\" (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/66eab8db49e2d93736d98a71\" target=\"_blank\" rel=\"noopener\">Cass. com., 18 September 2024, No. 23-10.183<\/a>). A mistake induced by fraudulent misrepresentation is always excusable (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040982\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040982\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1139 of the French Civil Code<\/a>). This principle does not relieve the manager of the need to prove the concealment, its intentional nature and its decisive effect on his or her commitment. In an LBO, the proof comes from the data room, the business plan given to the managers, the exchanges with the fund and the representations in the deeds. The firm examines the chronology of the information received before considering an action.<\/p><\/div><\/details><\/div>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-textes\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-textes\" tabindex=\"-1\">\n<p class=\"kk\">Sources and related pages<\/p>\n<h2>Official texts and <em>related pages<\/em><\/h2>\n<p class=\"kcv-lead\">The sources for this page and the firm's related areas of practice.<\/p>\n<div class=\"kcv-arts\"><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543789\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 163 bis H of the French General Tax Code<\/span><span class=\"kcv-art-t\">management package gains<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543761\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053543761\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 150-0 A of the French General Tax Code<\/span><span class=\"kcv-art-t\">capital gains on share sales<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051218125\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000051218125\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 221-31 of the French Monetary and Financial Code<\/span><span class=\"kcv-art-t\">shares excluded from the PEA<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032040818\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 1124 of the French Civil Code<\/span><span class=\"kcv-art-t\">unilateral promise<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038790979\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 1843-4 of the French Civil Code<\/span><span class=\"kcv-art-t\">expert valuation of the price of corporate rights<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227180\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006227180\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 227-16 of the French Commercial Code<\/span><span class=\"kcv-art-t\">transfer imposed by the articles of an SAS<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006901446\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006901446\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 1331-2 of the French Labour Code<\/span><span class=\"kcv-art-t\">ban on pecuniary sanctions<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053282401\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053282401\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 242-1 of the French Social Security Code<\/span><span class=\"kcv-art-t\">contributions base<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053282437\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000053282437\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 137-42 of the French Social Security Code<\/span><span class=\"kcv-art-t\">employee contribution on the salary portion of the gain<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000037993642\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000037993642\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 64 of the French Tax Procedure Code<\/span><span class=\"kcv-art-t\">abuse of law<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><\/div>\n<h3 class=\"kcv-center\">Further reading<\/h3>\n<div class=\"kcv-pgs\"><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/\"><span class=\"kcv-pg-t\">Company law<\/span><span class=\"kcv-pg-s\">Practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/shareholders-agreement-lawyer\/\"><span class=\"kcv-pg-t\">Shareholders' agreement<\/span><span class=\"kcv-pg-s\">Practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/director-removal-lawyer\/\"><span class=\"kcv-pg-t\">Removal of a company officer<\/span><span class=\"kcv-pg-s\">Practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/bspce-lawyer-paris\/\"><span class=\"kcv-pg-t\">BSPCE<\/span><span class=\"kcv-pg-s\">Practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/holding-company-lawyer-paris\/\"><span class=\"kcv-pg-t\">Active holding company<\/span><span class=\"kcv-pg-s\">Practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><\/div>\n<p class=\"kcv-small kcv-center\">Page updated on 1 November 2026.<\/p><\/div><\/div>\n  <\/div>\n<\/section>\n<section class=\"kcv-cta\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-cta-card\">\n      <h2>A departure or a sale to prepare? <em>Take stock today<\/em>.<\/h2>\n      <p>Send the shareholders' agreement, the articles of association and the notice you received: the firm will check the characterisation of the departure, the buyback price and the taxation of the gain.<\/p>\n      <div class=\"kcv-btns\">\n        <a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a>\n        <a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a>\n      <\/div>\n    <\/div>\n  <\/div>\n<\/section>\n<div class=\"kcv-news-band\"><h2>The latest <em>news.<\/em><\/h2><\/div>\n<\/div>\n<script type=\"application\/ld+json\">{\"@context\": \"https:\/\/schema.org\", \"@type\": \"FAQPage\", \"mainEntity\": [{\"@type\": \"Question\", \"name\": \"What is a management package and when should you consult a lawyer?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"A management package is the set of shares and rights offered to the managers and key executives of a company acquired by a fund, most often in an LBO. It may include ordinary shares, warrants, bonus shares or preference shares carrying special rights defined by the articles of association ( Article L. 228-11 of the French Commercial Code ). The manager generally invests alongside the fund, directly or through a company that groups the executives, and then waits for the final sale to realise their gain. The terms of that exit are written in from the outset, in the shareholders' agreement and the articles of association: promises to sell in the event of departure, price formulas, the vesting schedule, and tag-along or drag-along clauses. The right time to consult is before signing, while these clauses can still be negotiated, and then at each event that triggers them: removal, dismissal, resignation, refinancing or sale. The firm then examines the documentation as a whole, because the value actually received depends as much on the buyback price provided for as on the tax regime applicable to the gain. Reading a single clause in isolation, without the price formula or the schedule, often leads to an inaccurate assessment of the manager's position.\"}}, {\"@type\": \"Question\", \"name\": \"What happens to my shares if I leave the company before the fund exits?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Most LBO shareholders' agreements provide that a manager who ceases their duties promises to transfer their shares to the fund, to the other shareholders or to the company. This unilateral promise gives the beneficiary the right to opt for the sale, whose essential terms are already determined, without any new consent from the manager being necessary ( Article 1124 of the French Civil Code ). The price then depends on the cause of the departure and its date: a departure characterised as good leaver gives rise to the price that the agreement attaches to it, often more favourable but sometimes discounted, whereas a departure characterised as bad leaver entails a discount, sometimes down to nominal value. The Paris Court of Appeal thus upheld a promise under which the price varied according to length of service, noting that \\\"the longer the manager stays in the company, the better the price at which they sell their shares if the option is exercised\\\" (our translation) ( CA Paris, p\u00f4le 5 ch. 8, 18 October 2024, No. 22\/09370 ). Before any reply to the beneficiary, the firm checks the definition of departure, the option exercise period, the price formula and the characterisation the investor intends to rely on. A removal without misconduct, a disputed dismissal or a resignation for illness do not produce the same effects, depending on how the agreement is drafted.\"}}, {\"@type\": \"Question\", \"name\": \"Can a bad leaver clause deprive me of the value of my shares?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"It can sharply reduce the buyback price, but its validity depends on its purpose and on the manager's status. Where the manager is also an employee, Article L. 1331-2 of the French Labour Code prohibits fines and other pecuniary sanctions and deems any contrary provision unwritten. The Paris Court of Appeal applied that provision to a founder-employee compelled to transfer his or her shares at nominal value after a dismissal for gross misconduct: it held that the exercise of the promise \\\"amounts to a pecuniary sanction, the employee being dispossessed, at a derisory price, of the shares of the company he or she had created\\\" (our translation) ( CA Paris, p\u00f4le 5 ch. 9, 12 May 2022, No. 20\/05597 ). The clause was deemed unwritten and the return of the shares was upheld. That outcome turned on specific facts: a forced transfer reserved, in the case of dismissal, for gross or wilful misconduct alone, a price unrelated to the value, and a departure less than a year after entry. It does not automatically extend to a corporate officer who is not an employee, nor to a clause that also covers departures without fault. The firm therefore compares the wording of your clause with these criteria before considering a challenge.\"}}, {\"@type\": \"Question\", \"name\": \"Is a discount applied on dismissal always a pecuniary sanction?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"No, and the Court of Cassation has held so, in a way unfavourable to the employee shareholder. In the case decided in 2016, the shareholders' agreement required the employee to transfer all of his or her shares on ceasing to be an employee, and applied a coefficient of 0.5 to the value set by an expert in the event of dismissal other than for gross or wilful misconduct. The commercial chamber held that this clause \\\"does not amount to a prohibited pecuniary sanction, in that it does not seek to penalise conduct of the employee regarded by the employer as wrongful\\\" (our translation) ( Cass. com., 7 June 2016, No. 14-17.978 ). The employee's appeal to the Court of Cassation was dismissed. The Court also approved the idea that the discount formed part of the overall balance of the contract, entered into in return for involving the employee in the growth of the company's value. The dividing line therefore lies in the reason for the departure: a discount that applies to all non-disciplinary dismissals is distinguishable from a sale at a derisory price reserved for misconduct. For the manager, the employment-law argument is useful only if the clause, as drafted and applied, punishes conduct that the employer regards as wrongful.\"}}, {\"@type\": \"Question\", \"name\": \"How does vesting affect the buyback price of my shares?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Vesting divides the manager's shares into a vested portion, bought back at the price the shareholders' agreement attaches to it, and an unvested portion, often bought back at nominal value. The vested portion increases with time spent in the company, according to a table annexed to the agreement. In the case decided by the Paris Court of Appeal in 2024, the agreement combined this schedule with a coefficient applied to the market value of the vested shares, including in the event of a legitimate departure: only 25% of the shares had vested and their value was subject to a coefficient of 0.3, but the agreement guaranteed the manager a floor price equal to the acquisition price. The manager, who was removed sixteen months after signing, argued that he or she had been misled as to the economic scope of the mechanism. The court rejected the claim of mistake, noted that the clause was clear and that the manager had taken part in the exchanges on the successive versions of the agreement, and then upheld the dismissal of the claim for nullity of the clause, the judgment being amended only on ancillary claims ( CA Paris, p\u00f4le 5 ch. 8, 18 October 2024, No. 22\/09370 ). This decision shows that the negotiation is won or lost before signing: vesting period, acceleration on a sale or on a removal without misconduct, floor price, treatment of shares arising from warrants. Afterwards, the manager must prove a specific defect, not a mere economic imbalance.\"}}, {\"@type\": \"Question\", \"name\": \"Can I refuse to transfer my shares when the investor exercises the promise?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"In principle, no. A unilateral promise to sell forms the contract as soon as the beneficiary exercises the option, and withdrawing the promise during the option period does not prevent the sale from being formed ( Article 1124 of the French Civil Code ). A manager who refuses is therefore exposed to a claim for specific performance. The Court of Cassation has quashed a court of appeal that had annulled, as contrary to the articles of association, a promise to sell contained in a shareholders' agreement in favour of an investor. It recalled that the nullity under Article L. 227-15 of the French Commercial Code applies only to freely agreed transfers and that \\\"the nullity it provides for is intended solely to penalise breach of any clause in the articles of association relating to the freely agreed transfer of shares by their holder\\\" (our translation) ( Cass. com., 21 June 2023, No. 21-25.952 ). The case was sent back to be heard again. For the manager, the useful discussion concerns the terms of the promise rather than its principle: whether the triggering event has actually occurred, compliance with the time limit and form of the notification, accuracy of the calculated price, and characterisation of the departure. The firm checks these points before any written reply, because an acquiescence or a silence may later be used against the manager.\"}}, {\"@type\": \"Question\", \"name\": \"Who sets the price of my shares if we disagree on the value?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The price of a sale must be determined or determinable by the parties ( Article 1591 of the French Civil Code ), and it may be left to the valuation of a third party ( Article 1592 of the French Civil Code ). Where the law refers to Article 1843-4 of the French Civil Code , the disputed value is set by an expert appointed by the parties or, failing agreement, by the president of the court ruling under the accelerated procedure on the merits. That expert must apply the valuation rules laid down in the articles of association or in any agreement binding the parties. The Court of Cassation reiterated this in 2026: \\\"the appointed expert is bound to apply, where they exist, the rules and methods for determining the value laid down by the company's articles of association or by any agreement binding the parties\\\" (our translation) ( Cass. com., 16 September 2026, No. 24-22.763 ). In that case, which concerned an heir who had not been approved, it added that an action for payment of the price set by the expert is subject to the ordinary limitation period under Article 2224 of the French Civil Code , which runs from the filing of the report. This mechanism presupposes a statutory reference, for example for forced-transfer clauses in the articles of an SAS where no price is specified ( Article L. 227-18 of the French Commercial Code ), or a transfer under the articles with no determinable price; a promise in the shareholders' agreement, by contrast, falls to the third-party valuer that the parties have chosen. In all cases, the agreed formula guides the valuation. The useful challenge goes to the application of that formula: valuation date, debt taken into account, restatements and consistency with the accounts.\"}}, {\"@type\": \"Question\", \"name\": \"Can the articles of an SAS require me to transfer my shares?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes. In a simplified joint-stock company (SAS), the articles of association may provide, on the terms they lay down, that a shareholder is required to transfer his or her shares, and may suspend that shareholder's non-pecuniary rights until the transfer ( Article L. 227-16 of the French Commercial Code ). Acquisition companies and companies grouping managers often use this option to organise the exclusion of an executive who leaves the group. The clause in the articles and the promise in the shareholders' agreement are not the same thing. The Court of Cassation has held that the nullity of transfers made in breach of the articles does not govern the exclusion of a shareholder, and that the exclusion clause in the articles in question did not prevent the shareholder from granting a conditional unilateral promise to sell ( Cass. com., 21 June 2023, No. 21-25.952 ). As to price, Article 1843-4 of the French Civil Code applies where the law refers to it or where the articles provide for a transfer with no determinable price. Under the earlier wording of that provision, the Court had held that \\\"Article 1843-4 of the Civil Code applies to transfers of corporate rights imposed by the articles of association or by the company's internal rules\\\" (our translation) ( Cass. com., 18 November 2020, No. 19-13.402 ). The firm therefore first checks the basis for the compelled transfer, articles or shareholders' agreement, then the procedure followed and the price rule that results from it.\"}}, {\"@type\": \"Question\", \"name\": \"How is a management package gain taxed under Article 163 bis H?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Article 163 bis H of the French General Tax Code , in the version in force since 21 February 2026, sets a principle and an exception. The net gain made on shares subscribed for, acquired or allotted by employees or executives is taxed as salary where it is obtained in consideration of their duties in the issuing company or in a company of the same group. As an exception, this gain falls under the capital gains regime of Article 150-0 A of the French General Tax Code up to a limit calculated from a performance multiple. This regime requires that the shares carry a risk of losing the price paid and that they have been held for at least two years. For bonus shares, stock options and founder share warrants (BSPCE) issued under their statutory regimes, the law requires a risk of loss of the value of the shares, with no holding-period condition; the acquisition or exercise benefit specific to those regimes remains outside the gain so split. The portion of the gain that exceeds the limit is taxed under the salary income rules, in principle for the year of the sale, except for an additional price element, taxed in the year it is received, and deferral in the event of a contribution or exchange. The capital-gain portion follows the regime of Article 200 A of the French General Tax Code . The firm therefore reconstructs, security by security, the acquisition date, the price paid and the value on entry, because the calculation is made separately at each acquisition date.\"}}, {\"@type\": \"Question\", \"name\": \"How is the limit taxed as a capital gain calculated?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The limit equals the value of the shares at their acquisition date multiplied by the performance multiple, less that same value. The multiple is three times the ratio between the actual value of the issuing company at the date of sale and its actual value at the acquisition date ( Article 163 bis H of the French General Tax Code ). Where the main purpose of the issuing company is to hold the managers' investments, the value used is that of the company in which they are invested. Actual value means the actual value of equity plus debts owed to shareholders and to related companies, which covers in particular the fund's bonds or current accounts. Debts arising after entry are deemed to have arisen at the acquisition date, and the exit value is increased by debts repaid during the holding period. The text states that taking these debts into account cannot raise the limit. The limit is then reduced by the dividends and capital repayments received by the manager between acquisition and sale. A manager who received distributions during the LBO therefore sees a larger share of the gain shift into salary income. The firm checks these parameters against the accounts and the financing documents, because an error in the entry value alters the whole calculation.\"}}, {\"@type\": \"Question\", \"name\": \"Is the gain on my subscription warrants subject to social security contributions?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Two benefits must be distinguished. The net gain on sale falling under Article 163 bis H is excluded from the CSG base on employment income, including its portion taxed as salary ( Article L. 136-1-1 of the French Social Security Code ); that portion does, however, bear a 10% employee contribution that discharges the liability ( Article L. 137-42 of the same Code ). The benefit derived from the acquisition or exercise of the warrants may, for its part, fall within the contributions base where the warrants were offered in return for, or on the occasion of, work and acquired on preferential terms. In 2023 the second civil chamber held that this preferential character results from the status of the beneficiaries, their limited number and the conditions of issue and transferability of the warrants, the price paid being only an indication. It fixed the moment of social security taxation: \\\"the event giving rise to social security contributions on this benefit is the date of the sale or realisation of the share subscription warrants\\\" (our translation) ( Cass. 2e civ., 28 September 2023, No. 21-20.685 ). The company's appeal to the Court of Cassation was dismissed and the reassessment upheld, including for two executives who had left the company before exercising their warrants. For bonus shares granted outside the statutory conditions, the same chamber held that the shares were definitively allotted at the end of the vesting period ( Cass. 2e civ., 5 September 2024, No. 22-18.293 ). Article L. 242-1 of the French Social Security Code excludes from the base certain benefits referred to in the General Tax Code, subject to conditions. The firm therefore analyses the conditions of issue of your instruments before the sale, because a reassessment of the acquisition benefit may be added to income tax.\"}}, {\"@type\": \"Question\", \"name\": \"What happens if I reinvest in the holding company of the new LBO?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"In a secondary LBO, the manager is often invited to contribute part of his or her shares to the new acquisition company. Article 163 bis H of the French General Tax Code provides, for the portion of the gain taxable as salary, a tax deferral up to the share of the gain reinvested in shares of the issuing company or of a company linked to it by a shareholding before the transaction, where the contribution or exchange falls under Article 150-0 B and is carried out in France, in another Member State of the European Union or in a State linked to France by a tax treaty providing for administrative assistance against tax fraud and evasion. The recipient company may not have as its purpose the management of the manager's or his or her family's assets, and the deferred amount must be declared. The deferral ends on the disposal, sale, buyback, repayment or cancellation of the shares received, or where the shares contributed to a company controlled by the manager undergo any of those events within three years of the contribution. It is maintained in the event of a further contribution or exchange meeting the same conditions. A balancing cash payment is permitted only if it does not exceed 10% of the nominal value of the shares received, and the corresponding portion is then taxed immediately. The structure must also reflect economic reality: the tax authority may disregard sham transactions, or those that seek the benefit of a literal application of the texts contrary to the objectives of their authors for the sole purpose of avoiding tax ( Article L. 64 of the French Tax Procedure Code ). The firm therefore re-reads the contribution agreement, the split between cash and shares and the new shareholders' agreement before signing.\"}}, {\"@type\": \"Question\", \"name\": \"Can I put my shares in a PEA or transfer them by gift?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"An equity savings plan (PEA) cannot hold shares whose gain falls under Article 163 bis H of the French General Tax Code: Article L. 221-31 of the French Monetary and Financial Code expressly excludes those shares from the list of permitted holdings. A manager who was planning to put his or her shares in a PEA to defer taxation must therefore check how the instruments are characterised before any transfer. A gift does not erase the tax either. In the version in force since 21 February 2026, the text provides that where these shares are given by deed of gift or by manual gift, the net gain is determined and taxed in the donor's name for the year of the gift. The same rule applies to shares received in exchange on a contribution or on a transaction under Article 150-0 B involving those shares. A family transfer of management package shares therefore calls for a prior calculation of the tax due by the donor in the very year of the gift, using the same multiple and value parameters as on a sale. The firm also examines the approval and inalienability clauses of the shareholders' agreement, which may prohibit the transfer itself.\"}}, {\"@type\": \"Question\", \"name\": \"I invested on the basis of incomplete information: what remedies do I have?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"A manager who joins the share capital buys or subscribes for shares on the basis of information provided by the seller, the fund or the company. Where decisive information was intentionally withheld, nullity for fraudulent misrepresentation (dol) may be sought. The Court of Cassation has quashed a court of appeal that had rejected fraudulent misrepresentation by blaming the buyer for not having made enquiries, holding that these \\\"grounds based on the transferee having been required to inquire, before the transfer, into the company's financial situation, are inadequate to exclude the existence of fraudulent concealment\\\" (our translation) ( Cass. com., 18 September 2024, No. 23-10.183 ). A mistake induced by fraudulent misrepresentation is always excusable ( Article 1139 of the French Civil Code ). This principle does not relieve the manager of the need to prove the concealment, its intentional nature and its decisive effect on his or her commitment. In an LBO, the proof comes from the data room, the business plan given to the managers, the exchanges with the fund and the representations in the deeds. 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html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2157083 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2157083 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/tim-schmidbauer-EnC5f7At4ac-unsplash-1-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2157083 post-2157083 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-unpaid-invoice-penalties-injonction-payer-abroad\/\">Your French Client Has Not Paid: Late-Payment Penalties, the 40 Euro Fee and the Injunction-to-Pay While You Live Abroad<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2157013 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2157013 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/getty-images-p1ZW7qeVRyE-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2157013 post-2157013 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-sas-pay-abroad-salary-dividends-management-fees\/\">Your French SAS Pays You While You Live Abroad: Salary, Dividends or Management Fees<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156883 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156883 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/getty-images-p1ZW7qeVRyE-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156883 post-2156883 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-sas-capital-increase-cash-call-filing-abroad\/\">Your French SAS Needs Cash From Abroad: Increase Capital, Call Up Unpaid Shares or Lend Instead \u2014 Filing and New Kbis Without Flying to Paris<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156668 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156668 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/alex-vasey-F5HtPjpBb9k-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156668 post-2156668 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-management-fees-transfer-pricing-file-defence-abroad\/\">Your French Subsidiary Pays Management Fees to Its Foreign Parent While You Live Abroad: Transfer Pricing File, Deduction and Reassessment Defence<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. 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Removal, dismissal, resignation or a sale by the fund: a manager&#8217;s exit is governed by the shareholders&#8217; agreement, the articles of association (statuts) and the tax rules on the management package, [&hellip;]<\/p>\n","protected":false},"author":251031307,"featured_media":2157164,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2161309","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.2 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Management Package Lawyer Paris | Kohen Avocats<\/title>\n<meta name=\"description\" content=\"Management package lawyer Paris: buyback price, good or bad leaver and taxation of your LBO gain. Send your documents and call the firm to review your exit.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kohenavocats.fr\/en\/management-package-lawyer-paris\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Management Package Lawyer Paris | Kohen Avocats\" \/>\n<meta property=\"og:description\" content=\"Management package lawyer Paris: buyback price, good or bad leaver and taxation of your LBO gain. 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