在企业并购（Mergers and Acquisitions（M&A））中，分手费，英文表达为：break up fee或者termination fee，是指并购合同签订之后，出于某些原因，协议终止，出售方或者目标公司向买方也就是并购方支付的款项。

那么什么是反向分手费呢？分手费是保护交易买方的条款，而反向分手费则是保护交易卖方的条款，即指并购合同签订之后，出于某些原因，协议终止，买方向卖方支付的款项，英文表达为：reverse break up fee或者reverse termination fee。反向分手费一般比正向分手费（standard termination fee/forward termination fee）要高。

参考例句：In addition to the unanimous Anvil Board recommendation that the Anvil Shareholders accept the Offer, it being in their and Anvil’s respective best interests, the Support Agreement also provides for, among other things, a non-solicitation covenant on the part of Anvil subject to customary “fiduciary out” provisions, a right in favour of the Company to match any superior proposal which arises (if any), a payment to the Company of a termination fee of C$53.2 million (HK$401.7 million) in certain circumstances, including if Anvil recommends a superior proposal, and a payment to Anvil of a reverse termination fee of C$20 million (HK$151 million) if the Support Agreement is terminated by Anvil due to Company Shareholder Approval not being obtained by the date that is 80 days following the date of the commencement of the Offer.

除Anvil董事会一致建议Anvil股东接纳要约,要约符合彼等及Anvil各自的最佳利益外,支持协议亦规定(其中包括),一项就Anvil而言的非征集约定(受惯常的 忠诚义务除外条文所规限)一项以本公司为受益人的权力,于 任何 较 佳的 方案出现时(如有)选择较佳的方案,在若干情况下(包括若Anvil建议较佳的方案)向本公司支付终止费用53.2百万加元(401.7百万港元)，及若由于要约开始后80日当天尚未取得公司股东批准,如Anvil终止支持协议，便向Anvil支付拨回终止费用20百万加元(151百万港元)。

Per the terms of the amended acquisition agreement, the Switch shareholders will retain the €14.2 million (US$ 20.3 million) advance payment that was made by AMSC on June 29, 2011 as a break-up fee.

根据收购协议的相关补充条款，斯维奇的股东将保留美国超导于2011年6月29日支付的1,420万欧元(约合2,030万美元)预付款，这笔款项为单方终止协议费用。