价格调整条款是股权转让协议（Share Transfer Agreement）中的常见条款，对标的股权的转让价格在特定条件（通常与公司的财务数据有关）下的调整作出了规定。以下为部分条款中的双语示例，供参考：
示例一（英译中）：
Price adjustment
价格调整
3.1Purchase Price adjustment
购买价格的调整
After completion of the Closing, the following procedure shall apply:
交割完成后，应执行下列程序：
(a)as soon as practicable, and in any event within 90 (ninety) Business Days following the Closing Date, the Buyer shall prepare and deliver to the Sellers a pro-forma consolidated statement of accounts of the Group Companies as at the Closing Date in accordance with the Accounting Principles, together with the determination, made by the Buyer, of (i) the NFP as at Closing Date and, and (ii) the WC as at Closing Date and, therefore, of the Delta Final WC, all calculated in accordance with the provisions of this Agreement (the “Buyer’s Notice”).
买方应尽快，但是在任何情况下必须在交割日之后的 90（九十）个营业日内，依照会计准则编制并向卖方提交集团公司在交割日的预计合并报表，以及买方依照本协议的规定计算和确定的：(i) 交割日净财务状况；以及 (ii) 交割日流动资金，和据此确定的最终流动资金增量（以下简称“《买方通知》”）；
(b)the determinations contained in the Buyer’s Notice shall be deemed as final and binding upon the Parties for the purposes of this Agreement unless Sellers notify to the Buyer a written notice of disagreement with the determination of any item set out in the Closing Accounts Statements (the “Notice of Objection”) within 30 (thirty) Business Days (to be construed as forfeiture, without prejudice to Sellers’ right to make reasonable written requests for clarification in respect of Buyer’s Communication during such period) after the receipt of the Buyer’s Notice. The Notice of Objection shall set out the nature of and the reasons for such disagreement as well as specify the adjustments which, in their opinion, should be made to the calculation of the (i) Final NFP, and (ii) Final WC and, therefore, of the Delta Final WC;
除非卖方在收到《买方通知》后的 30（三十）个营业日内向买方发出书面通知，对交割日报表中任何项目的认定提出异议（以下简称“《反对通知》”）（如未发出该通知，视为放弃权利，但是并不妨碍卖方在该期间内以书面形式合理要求就买方的通知作出澄清的权利），否则买方通知中作出的认定在本协议中视为对双方具有终局性和约束力。《反对通知》应说明异议的性质和理由，以及卖方认为应就 (i) 最终净财务状况、(ii) 最终流动资金的计算情况，以及据此确定的最终流动资金增量作出的调整；
(c)if the Sellers give the Buyer timely Notice of Objection under Clause 3.1.1(b), the Parties (with the assistance of their respective advisors, if necessary) shall, within 20 (twenty) Business Days of receipt by the Buyer of the Notice of Objection, meet and discuss in good faith an amicable resolution upon the objections set out in the Notice of Objection and, in case such resolution is reached, they shall document such agreements in writing. Any item on which a written agreement is reached between the Parties shall be deemed as final and binding upon the Parties for the purposes of this Agreement; and
如果卖方及时向买方发出第 3.1.1(b) 条项下的《反对通知》，双方应在买方收到《反对通知》后的 20（二十）个营业日内（在各自顾问的协助下，如有必要），召开会议并进行友好协商，善意解决《反对通知》中提出的异议，并在异议解决后，以书面形式记录双方的约定。双方就任何事项达成的书面约定，在本协议中视为对双方具有终局性和约束力；以及
(d)if, within the above 20 (twenty) Business Days period as indicated under Clause 3.1.1(c), the Parties have not reached an agreement on the items set out in the Notice of Objection, the matters in dispute (the “Disputed Matters”) will be submitted, by the more diligent Party to the Expert, in accordance with the following procedure:
如果在第 3.1.1(c) 条所述 20（二十）个营业日的期间内，双方未能就《反对通知》中所述的事项达成一致，则较为积极的一方应依照下列程序将存在争议的事项（以下简称“争议事项”）提交给专家解决：
(i)[the Expert will act as an expert and not as an arbitrator;]
[专家应以专家而非仲裁人身份行事；]
(ii)the Expert will determine the Disputed Matters and will calculate the Final NFP, the Final WC and of the Delta Final WC, if any, accordingly;
专家应认定争议事项，并计算最终净财务状况、最终流动资金以及最终流动资金增量（如有）；
(iii)the Expert will limit its assessment to the Disputed Matters and will determine such Disputed Matters and will calculate the Final NFP, the Final WC and of the Delta Final WC, if any, pursuant to the applicable provisions of this Agreement;
专家应将评估范围限定于争议事项，依照本协议的规定认定争议事项，并计算最终净财务状况、最终流动资金以及最终流动资金增量（如有）；
(iv)the Parties will furnish or cause to be furnished to the Expert such work papers and other documents and information relating to the disputed issues as the Expert may request and are available to that Party;
双方应向或促使他人向专家提供专家要求提供且该方掌握的、与争议事项有关的工作文件和其他文件及资料；
(v)the Parties will be afforded the opportunity to present to the Expert any document relating to the disputed issues and to discuss the issues with the Expert;
双方均应获得向专家提供与争议事项有关的任何文件以及就争议事项与专家进行讨论的机会；
(vi)the Expert shall be entitled to interpret the provisions of this Agreement to the extent necessary to render its determinations hereunder;
专家有权在其作出本协议项下的认定所需要的范围内解释本协议的规定；
(vii)with respect to any disputed item submitted to the Expert for resolution, the determination of the Expert may not fall beyond the maximum and minimum values set by the relevant Parties;
对于提交专家解决的任何争议项目，专家的认定不得超出相关方设定的最高和最低值；
(viii)within 30 (thirty) Business Days of its appointment, or within the longer term the Expert may reasonably request, the Expert will prepare and deliver to the Parties a report containing its determination of all the Disputed Matters and the relevant arguments, on the base of which the Expert will define the Final NFP, the Final WC and of the Delta Final WC, if any; and
专家应在接受委托后的 30（三十）个营业日内或专家合理要求的较长期间内，编制并向双方提交报告，阐明其对所有争议事项作出的认定，以及确定最终净财务状况、最终流动资金和最终流动资金增量（如有）的理由；以及
(ix)the determination of the Expert will be final, binding and conclusive on the Parties and shall not be subject to any form of appeal, revision or judicial assessment.
专家的认定对双方具有终局性、约束力和结论性，不得就此进行任何形式的申诉、修改或司法评估。
The Expert’s expenses shall be borne by (i) the Sellers, if the Expert determines that the NFP as at Closing Date is equal or lower and/or the WC as at Closing Date is equal or greater than those set forth in the Buyer’s Notice; or (ii) the Buyer, if the Expert determines that the NFP as at Closing Date is greater and/or the WC as at Closing Date is lower than those set forth in the Buyer’s Notice.
专家费用应按照以下方式承担：(i) 如果专家认定交割日净财务状况等于或低于和/或交割日流动资金等于或高于《买方通知》中所述的金额，则由卖方承担；或者，(ii) 如果专家认定交割日净财务状况高于和/或交割日流动资金低于《买方通知》中所述的金额，则由买方承担。
If, for the purposes of the activities to be rendered by the Expert under this Clause 3.1, the Parties shall enter into an engagement letter with the Expert and the Parties cannot reach an agreement on the same, each of the Sellers and the Buyer will have the right to enter into an engagement letter with the Expert also in the name and on behalf of the other Party, provided that such engagement letter is compliant with the terms and conditions provided in this Agreement.
如果，为委托专家开展第 3.1 条项下的活动，双方应与专家签订业务约定书，但是双方未能就此达成一致，则卖方和买方均有权以其自身名义和代表另一方与专家签订业务约定书，前提是该业务约定书应符合本协议规定的条款和条件。
For the purposes of this Agreement, (i) the amount of the NFP as at the Closing Date which has become final and binding upon the Parties is defined as the “Final NFP”; and (ii) the amount of the Working Capital as at the Closing Date which has become final and binding between the Parties is defined as the “Final WC”.
在本协议中，(i) 变得对双方具有终局性和约束力的交割日净财务状况金额称为“最终净财务状况”；以及 (ii) 变得对双方具有终局性和约束力的交割日流动资金金额称为“最终流动资金”。
After the procedure set forth under Clause 3.1.1:
完成第 3.1.1 条规定的程序后：
(a)if the Final NFP is lower (i.e., if the Closing NFP either shows a debt position lower, in absolute value, than the Estimated NFP or a cash position higher than the Estimated NFP) than the Estimated NFP, the Sellers shall pay to the Buyer an amount equal to the difference between: (x) the Estimated NFP and (y) the Final NFP;
如果最终净财务状况低于估计净财务状况（即，交割日净财务状况显示负债状况绝对值低于估计净财务状况，或现金状况高于估计净财务状况），则卖方应向买方支付：(x) 估计净财务状况与 (y) 最终净财务状况的差额。
(b)if the Final NFP is greater (i.e., if the Final NFP either shows a debt position higher, in absolute value, than the Estimated NFP or a cash position lower than the Estimated NFP) than the Estimated NFP, the Buyer shall pay to the Sellers an amount equal to the difference between: (x) the Final NFP and (y) the Estimated NFP.
如果最终净财务状况高于估计净财务状况（即，最终净财务状况显示负债状况绝对值高于估计净财务状况，或现金状况低于估计净财务状况），则买方应向卖方支付：(x) 最终净财务状况与 (y) 估计净财务状况的差额。
The amount calculated pursuant to this Clause 3.1.5, as NFP adjustment, means the “NFP Adjustment”.
依照第 3.1.5 条计算的净财务状况调整额以下称为“净财务状况调整”。
After the procedure set forth under Clause 3.1.1:
完成第 3.1.1 条规定的程序后：
(a)the Delta WC as at the Closing Date, as (i) agreed between the Parties in accordance with Clause 3.1.1(c) or (ii) calculated by the Expert in accordance with Clause 3.1.1(d) is greater than the Estimated Delta WC, the Sellers shall pay to the Buyer an amount equal to the difference between: (x) the Delta WC as at the Closing Date, and (y) the Estimated Delta WC; or
如果：(i) 双方依照第 3.1.1(c) 条一致同意，或 (ii) 专家依照第 3.1.1(d) 条计算的交割日流动资金增量高于估计流动资金增量，则卖方应向买方支付：(x) 交割日流动资金增量与 (y) 估计流动资金增量的差额；或
(b)the Delta WC as at the Closing Date, as (i) agreed between the Parties in accordance with Clause 3.1.1(c) or (ii) calculated by the Expert in accordance with Clause 3.1.1(d) is lower than the Estimated Delta WC, the Buyer shall pay to the Sellers an amount equal to the difference between: (x) the Estimated Delta WC, and (y) Delta WC as at the Closing Date.
如果：(i) 双方依照第 3.1.1(c) 条一致同意，或 (ii) 专家依照第 3.1.1(d) 条计算的交割日流动资金增量低于估计流动资金增量，则买方应向卖方支付：(x) 估计流动资金增量与 (y) 交割日流动资金增量的差额。
The amount calculated pursuant to this Clause 3.1.6, as Delta WC adjustment, means the “Delta Final WC”.
依照第 3.1.6 条计算的流动资金增量调整金额，以下称为“最终流动资金增量”。
For clarification purposes only, an example of the determination and calculation of a hypothetical Adjustments pursuant to this Clause 3.1.1 is set forth in Schedule 3.1.7.
为明确起见，依照第 3.1.1 条确定和计算预计调整额的示例，见附件 3.1.7。
The Parties shall be entitled to offset any amount payable vis-à-vis each other following the determination of the Adjustments, only for the purpose of fulfilling their payment obligations under this Clause 3.
双方有权为履行第 3 条项下的支付义务，抵消调整额确定之后应支付给对方的任何款项。
The amount to be paid as Price Adjustment shall be paid, within 5 (five) Business Days after the final determination of the amount due, if any, by the obligor party, in cash in immediately available funds by wire transfer to the creditor party, to the bank account of the creditor party, the details of which shall be communicated in writing at least 4 (four) Business Days prior to the date of payment.
债务方应在应付款项最终确定后的 5（五）个营业日内，通过电汇将应支付的价格调整额以立即可使用的现金形式付至债权方的银行账户（债权方应在付款日之前至少提前 4（四）个营业日将该账户的信息书面通知债务方）。
The Parties agree that:
双方约定：
(a)in case the Price Adjustment shall be paid by the Sellers to the Buyer in accordance with Clauses 3.1.5(a) and 3.1.6(a), the Parties shall instruct the Escrow Agent to release (i) the Escrow Amount in an amount equal to the Price Adjustment to the Buyer and (ii) the residual Escrow Amount (if any) to the Sellers, pursuant to the term and condition of this Agreement and the Escrow Agreement,
如果卖方应依照第 3.1.5(a) 条和第 3.1.6(a) 条向买方支付价格调整额，双方应指示托管代理人依照本协议和《托管协议》的条款和条件：(i) 从托管款项中将价格调整额支付给买方；以及 (ii) 将剩余托管款项（如有）发放给卖方；
(b)in case the Price Adjustment shall be paid by the Buyer to the Sellers in accordance with Clauses 3.1.5(b) and 3.1.6(b), the Parties shall instruct the Escrow Agent to release the Escrow Amount in favour of the Sellers pursuant to the term and condition of this Agreement and the Escrow Agreement; and
如果买方应依照第 3.1.5(b) 条和第 3.1.6(b) 条向卖方支付价格调整额，双方应指示托管代理人依照本协议和《托管协议》的条款和条件，将托管款项发放给卖方；以及
(c)in case the Price Adjustment shall not be paid, the Parties shall instruct the Escrow Agent to release the Escrow Amount in favour of the Sellers pursuant to the term and condition of this Agreement and the Escrow Agreement.
如果无需支付价格调整额，双方应指示托管代理人依照本协议和《托管协议》的条款和条件，将托管款项发放给卖方。
示例二（中译英）：
3.3.2少数股权收购对应的交易调整安排及估值调整方式
Transaction adjustment arrangement and valuation adjustment method in connection with the Minority Interest Acquisition
各方确认，每一次少数股权收购对应的交易安排及其适用的估值（“业绩调整估值”）将根据以下规则进行调整：
Each Party acknowledges that the transaction arrangement in connection with each Minority Interest Acquisition and its applicable estimated value (the “Performance-adjusted Value”) will be adjusted in accordance with the following rules:
(1)溢价收购
Acquisition at premium
(i)就考核期内的任一年度而言，如集团公司在该年度内满足考核指标，且集团公司在该年度对应的营业收入超额增幅达到10%（含10%）但未达到30%，则该年度对应的少数股权收购交易适用的“估值调增比例”为[xxx]，相应业绩调整估值计算方式如下：
For any given year during the assessment period, if the Group Companies meet the assessment criteria in the year and the Excess Increase in Operating Revenue of the Group Companies in the year is between 10% (inclusive) to 30% (exclusive), then the “Estimated Value Percentage Increase” in connection with the Minority Interest Acquisition transaction in that year shall be [xxx], and the formula of the relevant Performance-adjusted Value shall be as follows:
该次少数股权收购交易适用的业绩调整估值 = 实际估值×（1+估值调增比例）。
Performance-adjusted Value Applicable to the Minority Interest Acquisition Transaction = Actual Value×(1+Estimated Value Percentage Increase).
(ii)就考核期内的任一年度而言，如集团公司在该年度内满足考核指标，且集团公司在该年度对应的营业收入超额增幅达到30%（含30%），则该年度对应的少数股权收购交易适用的“估值调增比例”为[xxx]，相应业绩调整估值计算方式如下：
For any given year during the assessment period, if the Group Companies meet the assessment criteria in the year and the Excess Increase in Operating Revenue of the Group Companies in the year reaches 30% (inclusive), then the “Estimated Value Percentage Increase” applicable to the Minority Interest Acquisition transaction in the year shall be [xxx], and the formula of the relevant Performance-adjusted Value shall be as follows:
该次少数股权收购交易适用的业绩调整估值 = 实际估值×（1+估值调增比例）。
Performance-adjusted Value Applicable to the Minority Interest Acquisition Transaction = Actual Value×(1+Estimated Value Percentage Increase).
(iii)各方进一步确认并同意，如在考核期内的任何连续两个年度对应的少数股权收购交易均触发上述(i) 或 (ii) 所述的溢价收购，则后一年度（即前述连续两个年度中的第二年度）对应的少数股权收购交易适用的业绩调整估值 = 前一年度对应的少数股权收购交易适用的业绩调整估值×（1+后一年度对应的少数股权收购交易适用的估值调增比例）。
Each Party further acknowledges and agrees that if all the Minority Interest Acquisition transactions in any two consecutive years during the assessment period trigger the acquisition at premium described in Item (i) or (ii) above, then the Performance-adjusted Value applicable to the Minority Interest Acquisition Transaction in the Latter Year (i.e. the second year in the foregoing two consecutive years) = Performance-adjusted Value Applicable to the Minority Interest Acquisition Transaction in the Former Year×(1+Estimated Value Percentage Increase Applicable to the Minority Interest Acquisition Transaction in the Latter Year).
(2)平价收购
Acquisition at par
(i)就考核期内的任一年度而言，如集团公司在该年度内满足考核指标，但集团公司在该年度对应的营业收入超额增幅未达到10%，则该年度对应的少数股权收购交易适用的业绩调整估值为实际估值。
For any given year during the assessment period, if the Group Companies meet the assessment criteria in the year but the Excess Increase in Operating Revenue of the Group Companies in the year is less than 10%, then the Performance-adjusted Value applicable to the Minority Interest Acquisition transaction in the year shall be the Actual Value.
(ii)如果集团公司在2023年度或2024年度中的任一年度未能满足考核指标，但集团公司在2023年度和2024年度的财务数据合并计算后所对应的营业收入超额增幅及净利润超额增幅均为非负数、且集团公司在2023年度和2024年度的经审计的净利润均为非负数，则视为集团公司在2023年度和2024年度内满足考核指标，且2023年度和2024年度对应的少数股权收购交易适用的业绩调整估值均为实际估值。
If the Group Companies fail to meet the assessment criteria in either 2023 or 2024 but the Excess Increase in Operating Revenue and the Excess Increase in Net Profits of the Group Companies are both non-negative after the financial data of 2023 and 2024 are calculated on a consolidated basis and the Group Companies’ audited net profits in 2023 and 2024 are both non-negative, then the Group Companies shall be deemed to meet the assessment criteria in 2023 and 2024, and the Performance-adjusted Value applicable to the Minority Interest Acquisition transaction in 2023 and 2024 shall be the Actual Value.
(iii)如果集团公司在考核期内的任一个或多个年度未能满足考核指标，但集团公司在2023年度、2024年度和2025年度财务数据合并计算后所对应的营业收入超额增幅及净利润超额增幅均为非负数、且集团公司在2023年度、2024年度和2025年度的经审计的净利润均为非负数，则视为集团公司在2023年度、2024年度和2025年度内满足考核指标，且2023年度、2024年度和2025年度对应的少数股权收购交易适用的业绩调整估值均为实际估值。
If the Group Companies fail to meet the assessment criteria in any one or more years during the assessment period but the Excess Increase in Operating Revenue and the Excess Increase in Net Profits of the Group Companies are all non-negative after the financial data of 2023, 2024 and 2025 are calculated on a consolidated basis and the Group Companies’ audited net profits in 2023, 2024 and 2025 are all non-negative, then the Group Companies shall be deemed to meet the assessment criteria in 2023, 2024 and 2025, and the Performance-adjusted Value applicable to the Minority Interest Acquisition transaction in 2023, 2024 and 2025 shall be the Actual Value.
(iv)在触发上述第(ii)项或第(iii)项的情形下，如果任何在先年度对应的少数股权收购交易已按照溢价收购（具体见第3.3.2(1)条所述情形）/折价收购（具体见第3.3.2(3)条第(i)项所述情形）的方式完成，则后续年度对应的少数股权收购交易适用的业绩调整估值应当相应调整，以使得该等年度（在触发上述第(ii)项的情形下，系指2023年度及2024年度；在触发上述第(iii)项的情形下，系指2023年度、2024年度及2025年度）对应的少数股权收购交易的综合估值为实际估值。
In the event that any of the circumstances set forth in Item (ii) or (iii) is triggered, if the Minority Interest Acquisition transaction in any prior year has been completed by way of acquisition at premium (the details of which can be seen in circumstances set forth in Article 3.3.2(1))/acquisition at discount (the details of which can be seen in circumstances set forth in Item (i) of Article 3.3.2(3)), then the Performance-adjusted Value applicable to the Minority Interest Acquisition transaction in subsequent years shall be adjusted accordingly so that the overall estimated value in connection with the Minority Interest Acquisition transaction in such years (which means 2023 and 2024 if the above Item (ii) is triggered, and 2023, 2024 and 2025 if the above Item (iii) is triggered) shall be the Actual Value.
(v)如果集团公司在2025年度未能满足考核指标且未根据上述第(ii)项或第(iii)项的约定而视为满足考核指标，但集团公司在2025年度的经审计的净利润为非负数，且集团公司在2026年度经审计的营业收入达到人民币[xxx]元、集团公司在2026年度经审计的净利润达到人民币[xxx]元，则视为集团公司在2025年度内满足考核指标，且2025年度对应的少数股权收购交易适用的业绩调整估值为实际估值。
If the Group Companies neither meet the assessment criteria in 2025 nor be deemed to meet the assessment criteria pursuant to the above Item (ii) or (iii) but the Group Companies’ audited net profits in 2025 are non-negative and the Group Companies record an audited operating revenue of RMB [xxx] in 2026 and an audited net profit of RMB [xxx] in 2026, then the Group Companies shall be deemed to meet the assessment criteria in 2025, and the Performance-adjusted Value applicable to the Minority Interest Acquisition transaction in 2025 shall be the Actual Value.
(vi)在触发上述第(v)项的情形下，如果2025年度对应的少数股权收购交易已按照折价收购（具体见第3.3.2(3)条第(i)项所述情形）的方式完成，则收购方应当向2025年度对应的少数股权收购交易涉及的相应转让方补充支付相应转让对价，以使得2025年度对应的少数股权收购交易适用的业绩调整估值为实际估值。
In the event that the circumstance set forth in Item (v) above is triggered, if the Minority Interest Acquisition transaction in 2025 has been completed by way of acquisition at discount (the details of which can be seen in the circumstance set forth in Item (i) of Article 3.3.2(3)), then the Buyer shall additionally pay the relevant Transfer Consideration to the relevant Transferors in connection with the Minority Interest Acquisition transaction in 2025 so that the Performance-adjusted Value applicable to the Minority Interest Acquisition transaction in 2025 would be the Actual Value.
3.3.3少数股权收购对应转让对价的确定
Determination of the Transfer Consideration in connection with the Minority Interest Acquisition
各方确认并同意，相应转让方在各次少数股权收购交易对应的转让对价，应等于该次少数股权收购交易适用的业绩调整估值乘以相应标的股权在完全稀释基础上对应的股权比例，再扣除相应转让方根据交易文件约定应补偿或赔偿受偿人士、或收购方有权扣减的其他金额。
Each Party acknowledges and agrees that the Transfer Consideration due to the relevant Transferors in each Minority Interest Acquisition transaction shall be equal to the Performance-adjusted Value applicable to the Minority Interest Acquisition transaction multiplied by the shareholding proportion corresponding to the relevant Target Shares on a fully-diluted basis and then net of other amounts to be compensated or indemnified to the Indemnified Persons by the relevant Transferors, or which the Buyer has the right to deduct, pursuant to the Transaction Documents.
转载自：译问 作者：旗渡法务中心
