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The M&A Retention Bonus That Backfired on a Private Equity Firm
Episode 117 of The Acquisition Talk examines a real-world case from early 2026 where a mid-market private equity firm structured a retention bonus to keep key management post-close — only to see the CFO leave three months early, triggering a clawback that cost the PE firm $1.8 million in litigation and lost tax benefits. Lucas and Luna walk through the specific contract language — the 'good leaver' definition, the accelerated vesting trap, and the unintended incentive to depart — and explain how a common retention tool can become a liability when it's not tied to objective…
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