Israel: Percentage Interest Anti-Dilution Protection In A Founders Agreement Not Approved By A Company (Hebrew)

Last Updated: 23 June 2017
Article by Yoram Shiv and Alex Berman

עליון/ הגנת אנטי דילול אחזקתית בהסכם המייסדים שלא אושרר על ידי החברה

בית המשפט העליון קבע שהסכם למתן הגנה מפני אנטי דילול אחזקתי (המופעל כתוצאה מהקצאת ניירות ערך, באשר היא, להבדיל ממנגנון אנטי דילול של שווי האחזקה, המופעל מהקצאת ניירות ערך במחיר מתחת לסף מסויים) בין בעלי מניות מייסדים, שהחברה אינה צד לו ואף שלא אשררה אותו, אין לו תוקף כלפי החברה.

מדובר בערעור על החלטת בית המשפט המחוזי שקבעה שיש תוקף לסעיף בהסכם מייסדים, על-פיו בעל מניות מסויים פטור מלספק מימון לחברה, ושמשמעותו הגנה מפני דילול אחזקותיו בחברה שהוקמה.

בית המשפט העליון פסק, כי פטור כאמור בהסכם מייסדים משקף את ברירת המחדל בעניין זה שממילא קיימת בחוק החברות. הסדרת עניין זה במפורש בהסכם מעלה ספק האם הפטור החוזי כולל הגנת אנטי דילול אחזקתית במשמע. ענין זה צריך להיבחן לפי הנסיבות של כל מקרה. מכל מקום, אפילו ומשמעות זו נובעת מהפטור, אין היא יכולה להקים סעד כלפי החברה בה התרחש הדילול, אם החברה אינה צד להסכם והחברה לא אישררה את הסכם המייסדים לאחר שהוקמה. נקבע, כי קיימים ארבעה סוגי הסדרים בהם בעל מניות יכול לבקש לעגן הגנה מפני דילול אחזקותיו: בתקנון החברה, בחוזה שהחברה צד לו, בחוזה שהחברה אשררה ובחוזה שהחברה אינה צד לו ולא אשררה אותו.

דינו של תקנון הוא כדין חוזה בין החברה לבין בעלי מניותיה ובינם לבין עצמם. זאת "דרך המלך" לעיגון הגנה מפני דילול ומקנה להגנה תוקף מירבי.

הגנה מפני דילול בחוזה שהחברה צד לו יכולה לחייב חברה, במקרים מסוימים, גם ללא עיגונה בתקנון.

סעיף אנטי דילול בחוזה שהחברה אשררה יכול להיכלל במסגרתם של הסכמי יזמים הנכרתים עוד בטרם התאגדות החברה. עם הקמתה של החברה, ניתן להביא לאשרור ההגנה. משאישרה חברה בדיעבד הסכם מייסדים במסגרתו מעוגן סעיף הגנה מפני דילול בשיעור אחזקות, חלה עליה החובה לכבד את ההגנה.

יכול שסעיף הגנה מפני דילול שיעור אחזקות יעוגן בהסכם שהחברה אינה צד לו. מצב זה יכול להתרחש בין אם מדובר בהסכם מייסדים שקדם להקמת החברה ובין אם מדובר בהסכם שנכרת לאחר הקמתה, ומעניק הגנה מפני דילול למשקיעי הון בחברה העומדים על קבלת הגנה זו כתנאי להשקעתם. ככלל, הגנה מפני דילול שיעור אחזקות לא תחייב את החברה ככל שהיא אינה צד להסכם שבו היא מעוגנת.

ואולם, בכל מקרה, כוחה של הגנה מפני דילול אחזקתי הוא במהותו מוגבל. על בעל המניות לפעול בתום לב, וככל שמדובר בבעלי שליטה או כוח הכרעה, בהגינות כלפי החברה. ככל שגדל כוחו של בעל המניות להשפיע על גורלה של החברה – כך גדלה אחריותו להשתמש בכוח זה למען קידום טובתה.

הגנת אנטי דילול שלא תקפה כלפי החברה יכולה להיות תקפה כלפי שאר בעלי המניות המייסדים. במקרה מסויים זה נפסק שלא סביר שההגנה תהיה בלתי מוגבלת בזמן.

יישום הכללים הוביל את בית המשפט לקבל את הערעור ולקבוע שאין על החברה לכבד את ההגנה מפני דילול שנקבעה בהסכם מייסדים שלא אושרר על ידה.

(עא 6041/15 האמה בע"מ נ' אורנה מולר)

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