Droit des affaires - Les conventions sociétaires -2 - 410

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Conventions relatives a l'organisation des societes

If a Party (the "Defaulting Party") to this Agreement should commit a material breach
of any of its obligations as stated in this Shareholders' Agreement and should fail
to remedy such breach within thirty (30) days after receipt of notice in writing from
any other Party, then the other Parties (the "Agrieved Parties") shall have an option
to acquire all but not less than all of the Defaulting Party's shares in relation to
their respective shareholdings in the company on terms and conditions set forth below.
The Aggrieved Parties shall within two (2) months after the breach (the "Option
Period") exercise the said option by giving written notice to the Defaulting Party. If
only one of or some of the Aggrieved Parties exercises the option, such party or
parties shall have a right but not an obligation to acquire all of the Defaulting Party's
shares in relation to the respective shareholding in the Company. As soon as the
Defaulting Party has received such notice, the Defaulting Party shall deliver its shares
duly endorsed in blank, whereupon title to the shares will pass.
Failing an agreement in this respect one month from the expiration of the Option
Period, the purchase price of the shares shall be determined in accordance with the
special valuation provisions contained in this Agreement.
The purchase price shall however be reduced by fifty (50) per cent in order to give
compensation for the injury sustained due to the breach of contract. The consideration
shall be payable in cash within two months from its final determination. Interest shall
accrue on the consideration to be paid from the date of delivery of shares at a rate,
which exceeds the official discount rate by eight (8) percentage units.
The remedies provided above are in addition to any other remedy the Aggrieved
Parties may have against the Defaulting Party ».

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Le mecanisme peut aussi associer deux promesses unilaterales de vente
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successives. Le mecanisme peut fonctionner comme suit :
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- A promet de vendre a B les titres qu'il detient dans une societe (promesse
de vente de A) ;
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- face a cette promesse de vente, B doit soit acheter ces titres en levant l'option,
soit (estimant par exemple le prix trop bas), vendre sa propre participation (pro´
messe de vente de B). L'exigibilite de la promesse de vente consentie par B
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est subordonnee au non-exercice de la promesse de vente consentie par A.
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L'absence de levee de la promesse de vente souscrite par A declenche l'exigibi´
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lite de la promesse de vente souscrite par B. Pour eviter qu'aucune personne
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ne leve l'option, la promesse de vente consentie par B peut etre une promesse
synallagmatique.
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619. L'execution forcee des promesses sous astreinte judiciaire (voire conventionnelle) est disponible comme l'a reconnu le tribunal de commerce de Paris 8.
La jurisprudence de la Cour de cassation 9 qui refuse de donner effet aux

8. T. com. Paris 17 octobre 2006, Bull. Joly 2007, p. 72, no 7, note F.-X. Lucas.
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9. Cass. civ. 3e 15 decembre 1993, JCP 1995, II, 22366, note D. Mazeaud ; Cass. civ. 3e 26 juin
1996, D. 1997, somm. 169, obs. D. Mazeaud.

Droit des affaires - Les conventions sociétaires -2

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