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Course Details

Course Information
  • smart_display Format

    Live Online with Live Q&A

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Commercial Law

Date & Time
  • event Date

    Thursday, September 18, 2025

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

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$297.00
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Discount expires 8/8/25

This course is $0 with these passes:

CLE
ALL

This CLE webinar will provide deal and litigation attorneys with insights on a shareholder representative's role in multi-seller transactions. The panel will discuss deal structures that trigger the need for a shareholder representative, the roles and responsibilities of a shareholder representative, the benefits and risks of multi-seller transactions, and how shareholder representative deals affect pre-litigation resolution and litigation.

Faculty

Patrick Reagin
Partner
Holland & Knight LLP

Mr. Reagin focuses on complex business and commercial disputes, and he is a go-to lawyer in the firm for high-profile and significant exposure matters. He has particular experience representing purchasers and sellers in post-closing M&A disputes and claims relating to earnouts, purchase price adjustments and for breaches of representations and warranties and indemnity, including litigating these issues in the courts of Delaware. Mr. Reagin regularly publishes on matters involving D&O liability, including updates on leading decisions from the Delaware Court of Chancery and other significant fora contributing to the development of D&O and securities law. In his broader commercial practice, Mr. Reagin has handled numerous disputes on behalf of companies, their officers and directors in connection with business tort, fraud, contract, fiduciary duty, restrictive covenant, trade secret, unfair competition, Lanham Act, antitrust and civil RICO claims in courts around the country and in international arbitrations.

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Michelle Kirkpatrick
Executive Director, Shareholder Advisory
SRS Acquiom, Inc

Ms. Kirkpatrick leads the Shareholder Advisory team of attorneys and accountants handling post-closing issues, including escrow claims, earnouts, working capital, tax, and disputes. She has extensive experience negotiating, mediating, and litigating in various forums. During her federal clerkship, Kirkpatrick participated in over 100 settlement conferences involving a wide variety of claims. She then focused her practice at a leading labor and employment firm, where she specialized in drafting complex employment agreements and advising clients on a broad range of employment issues.

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Description

M&A agreements often contain terms creating post-merger obligations or "earnouts" in favor of certain classes of selling shareholders. To address potential claims that may arise from such post-merger arrangements, selling shareholders typically designate a shareholder representative to handle such claims on their behalf pursuant to specifically delineated rights and duties as defined in the purchase agreement.

Scenarios with fragmented seller groups will often trigger the need for a shareholder representative. These situations include companies with dozens or hundreds of shareholders (e.g. venture capital-backed startups), employee shareholders with varying levels of engagement and sophistication, founders with disparate incentives from investors, family-owned businesses, and companies where no one wants to take on the responsibility or liability of being a shareholder representative. 

A shareholder representative's legal authority to act on behalf of all shareholders is typically defined in the M&A purchase agreement. The duties, responsibilities, and obligations of a shareholder representative often include, but are not limited to, negotiating post-closing indemnification claims, approving and managing escrow releases, executing amendments or waivers to the purchase agreement, reviewing and responding to indemnity claims, and handling other post-closing shareholder issues. 

Without a central representative, a buyer may receive inconsistent instructions and unauthorized actions or inaction can occur which can increase the likelihood of post-closing disputes and litigation. Using a shareholder representative can help reduce litigation risks and ensure a smooth transition in a merger or acquisition.

Listen as our authoritative panel explores the roles and responsibilities of shareholder representatives and provides guidance on how they can provide needed assistance in a complex M&A deal.

Outline

I. Overview: deal structures that trigger the need for a shareholder representative

II. Shareholder representative's roles and responsibilities

III. Legal and practical risks in multi-seller transactions

IV. Benefits of a shareholder representative

V. Key contractual provisions that define the shareholder representative's authority under the purchase agreement

VI. How shareholder representative deals affect pre-litigation resolution and litigation

VII. Lessons from case law

VIII. Practical considerations for lawyers advising clients

IX. Key takeaways

Benefits

The panel will address these and other key considerations:

  • What types of deal structures trigger the need for a shareholder representative?
  • What are the roles and responsibilities of shareholder representatives?
  • What are the pros and cons of engaging a shareholder representative, and how does their involvement impact a deal?
  • What lessons can be learned from recent cases involving shareholder representatives?