17 CFR § 240.14a-15 - Differential and contingent compensation in connection with roll-up transactions.

---
identifier: "/us/cfr/t17/s240.14a-15"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 240.14a-15 - Differential and contingent compensation in connection with roll-up transactions."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "240.14a-15"
section_name: "Differential and contingent compensation in connection with roll-up transactions."
chapter_name: "SECURITIES AND EXCHANGE COMMISSION"
part_number: "240"
part_name: "GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934"
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currency: "2026-04-05"
last_updated: "2026-04-05"
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generator: "[email protected]"
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cfr_part: "240"
---


# 240.14a-15 Differential and contingent compensation in connection with roll-up transactions.

(a) It shall be unlawful for any person to receive compensation for soliciting proxies, consents, or authorizations directly from security holders in connection with a roll-up transaction as provided in paragraph (b) of this section, if the compensation is:

(1) Based on whether the solicited proxy, consent, or authorization either approves or disapproves the proposed roll-up transaction; or

(2) Contingent on the approval, disapproval, or completion of the roll-up transaction.

(b) This section is applicable to a roll-up transaction as defined in Item 901(c) of Regulation S-K (§ 229.901(c) of this chapter), except for a transaction involving only:

(1) Finite-life entities that are not limited partnerships;

(2) Partnerships whose investors will receive new securities or securities in another entity that are not reported under a transaction reporting plan declared effective before December 17, 1993 by the Commission under section 11A of the Act (15 U.S.C. 78k-1); or

(3) Partnerships whose investors' securities are reported under a transaction reporting plan declared effective before December 17, 1993 by the Commission under section 11A of the Act (15 U.S.C. 78k-1).

[59 FR 63684, Dec. 8, 1994]