Черт, как надоели уже эти заморочки с кодировкой и обрезкой комментариев... :(

Писал я выше следующее:

Вы все же посмотрите ссылку, которую я дал. Там речь именно о менеджерах/руководстве компании, владеющих ее акциями.

См. также http://www.legal500.com/devs/uk/pe/ukpe_009.htm :
"Exit bonuses - in certain circumstances, where management shareholders require incentivisation (over and above the sale proceeds they are due to receive) in order to drive forward and deliver an exit, it may be appropriate for management to receive an exit bonus. The other shareholders may agree to such an arrangement in view of the desired exit and proceeds they will themselves derive. "

или http://www.thetakeoverpanel.org.uk/consultation/pcp6-GP1 R.1... :
The Code Committee has also considered how the proposed new Rule and its Notes should be applied in relation to management buyouts and other circumstances where management retains an interest in the business. The Panel’s policy, where possible, is to avoid discouraging arrangements which are genuinely designed to incentivise management through equity shareholdings in their business. To that end the Panel usually permits arrangements which result in management shareholders (even if they hold more than 10% of the equity of an offeree company) receiving equity in the offeror (often a vehicle company formed for the purpose of making the offer) without requiring all offeree shareholders to be offered that equity.

http://www.kemplittle.com/Corp-Raising_Dev_Capital.htm :
Therefore the burden of giving warranties at exit often falls on the management shareholders which is unpopular as management take all the risk with no more return. Whether or not you can get the VC to budge from this traditional position will depend on the negotiating position at the time of the investment and what further protection the management team can offer the VC.