{"id":60902,"date":"2023-12-08T20:22:23","date_gmt":"2023-12-08T11:22:23","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=60902"},"modified":"2024-01-29T17:46:17","modified_gmt":"2024-01-29T08:46:17","slug":"venture-capital-investment","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/venture-capital-investment","title":{"rendered":"N\u00e1vrh smlouvy o investici t\u00fdkaj\u00edc\u00ed se zv\u00fd\u0161en\u00ed kapit\u00e1lu prost\u0159ednictv\u00edm t\u0159et\u00ed strany"},"content":{"rendered":"\n<p>Kdy\u017e si startupy zaji\u0161\u0165uj\u00ed financov\u00e1n\u00ed od t\u0159et\u00edch stran, jako jsou nap\u0159\u00edklad venture kapit\u00e1lov\u00e9 fondy (VC), je b\u011b\u017en\u00e9, \u017ee se nov\u00e9 akcie p\u0159id\u011bluj\u00ed investor\u016fm jako VC atd. prost\u0159ednictv\u00edm zv\u00fd\u0161en\u00ed kapit\u00e1lu prost\u0159ednictv\u00edm t\u0159et\u00edch stran. P\u0159i zvy\u0161ov\u00e1n\u00ed kapit\u00e1lu prost\u0159ednictv\u00edm t\u0159et\u00edch stran je obvykl\u00e9 vytv\u00e1\u0159et term sheet (dokument s podm\u00ednkami investice) v r\u00e1mci jedn\u00e1n\u00ed o smlouv\u011b, proto\u017ee existuje mnoho bod\u016f, kter\u00e9 je t\u0159eba stanovit v investi\u010dn\u00ed smlouv\u011b. V tomto \u010dl\u00e1nku vysv\u011btl\u00edme, jak\u00e9 body by m\u011bly b\u00fdt uvedeny v term sheetu investi\u010dn\u00ed smlouvy a kter\u00e9 z nich jsou kl\u00ed\u010dov\u00e9 pro jedn\u00e1n\u00ed o smlouv\u011b.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venture-capital-investment\/#Co_je_investicni_smlouva\" title=\"Co je investi\u010dn\u00ed smlouva\">Co je investi\u010dn\u00ed smlouva<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venture-capital-investment\/#Typy_investicnich_smluv\" title=\"Typy investi\u010dn\u00edch smluv\">Typy investi\u010dn\u00edch smluv<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venture-capital-investment\/#Treti_strana_prirazuje_zvyseni_kapitalu_v_investicni_smlouve\" title=\"T\u0159et\u00ed strana p\u0159i\u0159azuje zv\u00fd\u0161en\u00ed kapit\u00e1lu v investi\u010dn\u00ed smlouv\u011b\">T\u0159et\u00ed strana p\u0159i\u0159azuje zv\u00fd\u0161en\u00ed kapit\u00e1lu v investi\u010dn\u00ed smlouv\u011b<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venture-capital-investment\/#Term_Sheet_v_investicnich_smlouvach\" title=\"Term Sheet v investi\u010dn\u00edch smlouv\u00e1ch\">Term Sheet v investi\u010dn\u00edch smlouv\u00e1ch<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venture-capital-investment\/#Vyznam_term_sheetu\" title=\"V\u00fdznam term sheetu\">V\u00fdznam term sheetu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venture-capital-investment\/#Polozky_term_sheetu\" title=\"Polo\u017eky term sheetu\">Polo\u017eky term sheetu<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venture-capital-investment\/#Zalezitosti_tykajici_se_druhu_akcii\" title=\"Z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se druh\u016f akci\u00ed\">Z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se druh\u016f akci\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venture-capital-investment\/#Zalezitosti_tykajici_se_akcii\" title=\"Z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se akci\u00ed\">Z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se akci\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venture-capital-investment\/#Zalezitosti_tykajici_se_provozu_spolecnosti\" title=\"Z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti\">Z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/venture-capital-investment\/#Shrnuti\" title=\"Shrnut\u00ed\">Shrnut\u00ed<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_investicni_smlouva\"><\/span>Co je investi\u010dn\u00ed smlouva<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Kdy\u017e spole\u010dnost p\u0159ij\u00edm\u00e1 investice od t\u0159et\u00edch stran, jako jsou nap\u0159\u00edklad venture kapit\u00e1lov\u00e9 fondy (VC), je nutn\u00e9 uzav\u0159\u00edt smlouvu, kter\u00e1 stanov\u00ed investi\u010dn\u00ed podm\u00ednky. \u00da\u010dastn\u00edky t\u00e9to smlouvy jsou spole\u010dnost p\u0159ij\u00edmaj\u00edc\u00ed investici, st\u00e1vaj\u00edc\u00ed akcion\u00e1\u0159i, jako jsou zakladatel\u00e9, a nov\u00ed investo\u0159i, jako jsou VC.<\/p>\n\n\n\n<p>Uzav\u0159en\u00ed investi\u010dn\u00ed smlouvy nen\u00ed postupem vy\u017eadovan\u00fdm japonsk\u00fdm obchodn\u00edm z\u00e1kon\u00edkem (Japanese Company Law), ale pokud takov\u00e1 smlouva neexistuje, m\u016f\u017ee b\u00fdt pro spole\u010dnost, kter\u00e1 p\u0159ijala investici, obt\u00ed\u017en\u00e9 prok\u00e1zat, \u017ee pen\u011b\u017en\u00ed prost\u0159edky p\u0159ijat\u00e9 od VC byly ur\u010deny pro investi\u010dn\u00ed \u00fa\u010dely. To m\u016f\u017ee v\u00e9st k budouc\u00edm probl\u00e9m\u016fm. Pokud nem\u016f\u017eete prok\u00e1zat, \u017ee pen\u00edze byly ur\u010deny pro investi\u010dn\u00ed \u00fa\u010dely, existuje riziko, \u017ee VC m\u016f\u017ee pozd\u011bji po\u017eadovat vr\u00e1cen\u00ed sv\u00fdch investic. Proto je pro spole\u010dnosti p\u0159ij\u00edmaj\u00edc\u00ed investice d\u016fle\u017eit\u00e9 \u0159\u00e1dn\u011b uzav\u0159\u00edt investi\u010dn\u00ed smlouvu.<\/p>\n\n\n\n<p>Podrobn\u011bj\u0161\u00ed vysv\u011btlen\u00ed nutnosti uzav\u0159en\u00ed investi\u010dn\u00ed smlouvy naleznete v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/importance-and-necessity-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\">Co je investi\u010dn\u00ed smlouva? Nutnost uzav\u0159en\u00ed smlouvy pro podniky[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Typy_investicnich_smluv\"><\/span>Typy investi\u010dn\u00edch smluv<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Smlouvy uzav\u0159en\u00e9 p\u0159i p\u0159ij\u00edm\u00e1n\u00ed investic mohou b\u00fdt sestaveny jako jedin\u00fd dokument, ale obvykle jsou rozd\u011bleny do n\u011bkolika smluv podle obsahu. Nejd\u016fle\u017eit\u011bj\u0161\u00edmi smlouvami p\u0159i uzav\u00edr\u00e1n\u00ed smlouvy s investorem jsou investi\u010dn\u00ed smlouva a smlouva mezi akcion\u00e1\u0159i.<\/p>\n\n\n\n<p>Investi\u010dn\u00ed smlouva je smlouva uzav\u0159en\u00e1 mezi spole\u010dnost\u00ed p\u0159ij\u00edmaj\u00edc\u00ed investici a nov\u00fdm investorem, jako je VC. Tato smlouva stanovuje podm\u00ednky t\u00fdkaj\u00edc\u00ed se investovan\u00fdch akci\u00ed a podm\u00ednky t\u00fdkaj\u00edc\u00ed se finan\u010dn\u00ed a provozn\u00ed situace c\u00edlov\u00e9 spole\u010dnosti, kter\u00e9 jsou z\u00e1kladem pro investi\u010dn\u00ed rozhodnut\u00ed.<\/p>\n\n\n\n<p>Na druhou stranu, smlouva mezi akcion\u00e1\u0159i je smlouva uzav\u0159en\u00e1 v\u010detn\u011b st\u00e1vaj\u00edc\u00edch akcion\u00e1\u0159\u016f, jako jsou zakladatel\u00e9. V mnoha p\u0159\u00edpadech st\u00e1vaj\u00edc\u00ed akcion\u00e1\u0159i, jako jsou zakladatel\u00e9, vlastn\u00ed v\u00edce ne\u017e polovinu akci\u00ed spole\u010dnosti. Podle japonsk\u00e9ho obchodn\u00edho z\u00e1kon\u00edku (Japanese Company Law) mohou akcion\u00e1\u0159i, kte\u0159\u00ed vlastn\u00ed v\u00edce ne\u017e polovinu akci\u00ed, rozhodovat o z\u00e1kladn\u00edch ot\u00e1zk\u00e1ch t\u00fdkaj\u00edc\u00edch se \u0159\u00edzen\u00ed spole\u010dnosti. Mnoho investor\u016f, jako jsou VC, investuje s p\u0159edpokladem, \u017ee se budou pod\u00edlet na \u0159\u00edzen\u00ed, ale aby toho bylo mo\u017en\u00e9 dos\u00e1hnout, je nutn\u00e9 uzav\u0159\u00edt smlouvu, kter\u00e1 omezuje st\u00e1vaj\u00edc\u00ed akcion\u00e1\u0159e, kte\u0159\u00ed vlastn\u00ed v\u00edce ne\u017e polovinu akci\u00ed.<\/p>\n\n\n\n<p>Podrobn\u011bj\u0161\u00ed vysv\u011btlen\u00ed vztahu mezi investi\u010dn\u00ed smlouvou a smlouvou mezi akcion\u00e1\u0159i naleznete v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/investment-contract-and-shareholder-agreement\" target=\"_blank\" rel=\"noreferrer noopener\">Vztah mezi investi\u010dn\u00ed smlouvou a smlouvou mezi akcion\u00e1\u0159i[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Treti_strana_prirazuje_zvyseni_kapitalu_v_investicni_smlouve\"><\/span>T\u0159et\u00ed strana p\u0159i\u0159azuje zv\u00fd\u0161en\u00ed kapit\u00e1lu v investi\u010dn\u00ed smlouv\u011b<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Kdy\u017e je c\u00edlem investice akcie, spole\u010dnost p\u0159ij\u00edmaj\u00edc\u00ed investici vyd\u00e1v\u00e1 nov\u00e9 akcie pro investory, jako jsou VC. Metoda pou\u017eit\u00e1 v tomto p\u0159\u00edpad\u011b se naz\u00fdv\u00e1 t\u0159et\u00ed strana p\u0159i\u0159azuje zv\u00fd\u0161en\u00ed kapit\u00e1lu. T\u0159et\u00ed strana p\u0159i\u0159azuje zv\u00fd\u0161en\u00ed kapit\u00e1lu je jednou z metod vyd\u00e1n\u00ed akci\u00ed stanoven\u00fdch v japonsk\u00e9m obchodn\u00edm z\u00e1kon\u00edku (Japanese Company Law), kde spole\u010dnost poskytuje ur\u010dit\u00e9 t\u0159et\u00ed stran\u011b pr\u00e1vo p\u0159ijmout nov\u011b vyd\u00e1van\u00e9 akcie a investo\u0159i, jako jsou VC, je kupuj\u00ed. Kdy\u017e spole\u010dnost z\u00edsk\u00e1v\u00e1 finance od investor\u016f, jako jsou VC, vyd\u00e1n\u00edm akci\u00ed prost\u0159ednictv\u00edm t\u0159et\u00ed strany p\u0159i\u0159azuj\u00edc\u00ed zv\u00fd\u0161en\u00ed kapit\u00e1lu, existuje mnoho ot\u00e1zek, kter\u00e9 je t\u0159eba rozhodnout v r\u00e1mci smluvn\u00edch jedn\u00e1n\u00ed, v\u010detn\u011b investi\u010dn\u00edch podm\u00ednek.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Term_Sheet_v_investicnich_smlouvach\"><\/span>Term Sheet v investi\u010dn\u00edch smlouv\u00e1ch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2020\/05\/shutterstock_765046777-1024x682.jpg\" alt=\"\" class=\"wp-image-9809\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyznam_term_sheetu\"><\/span>V\u00fdznam term sheetu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>P\u0159i z\u00edsk\u00e1v\u00e1n\u00ed financ\u00ed od investor\u016f, jako jsou nap\u0159\u00edklad VC, prost\u0159ednictv\u00edm vyd\u00e1n\u00ed nov\u00fdch akci\u00ed prost\u0159ednictv\u00edm t\u0159et\u00ed strany, je nutn\u00e9 uzav\u0159\u00edt investi\u010dn\u00ed smlouvu. Tato investi\u010dn\u00ed smlouva m\u00e1 tendenci b\u00fdt rozs\u00e1hl\u00e1 a vy\u017eaduje slo\u017eit\u00e9 vyrovn\u00e1n\u00ed pr\u00e1vn\u00edch vztah\u016f v r\u00e1mci jedn\u00e1n\u00ed o smlouv\u011b s n\u011bkolika stranami.<\/p>\n\n\n\n<p>Z tohoto d\u016fvodu je v praxi b\u011b\u017en\u00e9 vytv\u00e1\u0159et term sheet, kter\u00fd p\u0159edstavuje seznam hlavn\u00edch smluvn\u00edch podm\u00ednek ve form\u011b tabulky, p\u0159ed vytvo\u0159en\u00edm investi\u010dn\u00ed smlouvy. Tento term sheet pak slou\u017e\u00ed jako z\u00e1klad pro jedn\u00e1n\u00ed o smlouv\u011b.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Polozky_term_sheetu\"><\/span>Polo\u017eky term sheetu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Polo\u017eky term sheetu v investi\u010dn\u00edch smlouv\u00e1ch a smlouv\u00e1ch mezi akcion\u00e1\u0159i se li\u0161\u00ed v z\u00e1vislosti na konkr\u00e9tn\u00edm investi\u010dn\u00edm projektu, ale n\u00e1sleduj\u00edc\u00ed seznam uv\u00e1d\u00ed hlavn\u00ed polo\u017eky. Pokud se vyd\u00e1vaj\u00ed akcie ur\u010dit\u00e9ho druhu, p\u0159id\u00e1vaj\u00ed se tak\u00e9 informace t\u00fdkaj\u00edc\u00ed se akcion\u00e1\u0159\u016f tohoto druhu.<\/p>\n\n\n\n<ul>\n<li>Informace t\u00fdkaj\u00edc\u00ed se smluvn\u00edch stran<\/li>\n\n\n\n<li>P\u0159ehled o financov\u00e1n\u00ed (typ vyd\u00e1van\u00fdch akci\u00ed, celkov\u00fd po\u010det mo\u017en\u00fdch a ji\u017e vyd\u00e1van\u00fdch akci\u00ed, po\u010det vyd\u00e1van\u00fdch akci\u00ed, v\u00fd\u0161e emise, celkov\u00e1 \u010d\u00e1stka vklad\u016f, podm\u00ednky vklad\u016f, kapit\u00e1l atd., datum splatnosti vklad\u016f, vyu\u017eit\u00ed financ\u00ed atd.)<\/li>\n\n\n\n<li>Informace o akci\u00edch ur\u010dit\u00e9ho druhu (preferen\u010dn\u00ed dividendy, priorita p\u0159i rozd\u011blen\u00ed zbytkov\u00e9ho majetku, pr\u00e1vo na odkup, odkupn\u00ed klauzule, hlasovac\u00ed pr\u00e1va, rozd\u011blen\u00ed akci\u00ed atd.)<\/li>\n\n\n\n<li>Informace o akci\u00edch (prohl\u00e1\u0161en\u00ed a z\u00e1ruky, pr\u00e1vo na preferen\u010dn\u00ed odkup pro investory, postup p\u0159i poru\u0161en\u00ed smlouvy, ukon\u010den\u00ed smlouvy atd.)<\/li>\n\n\n\n<li>Informace t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti (vyu\u017eit\u00ed financ\u00ed, klauzule t\u00fdkaj\u00edc\u00ed se povinnosti usilovat o ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed, jmenov\u00e1n\u00ed \u0159editel\u016f a pozorovatel\u016f, p\u0159edchoz\u00ed schv\u00e1len\u00ed \/ ozn\u00e1men\u00ed pro investory, zve\u0159ej\u0148ov\u00e1n\u00ed informac\u00ed pro investory, povinnost zakladatel\u016f v\u011bnovat se pln\u011b podnik\u00e1n\u00ed atd.)<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Zalezitosti_tykajici_se_druhu_akcii\"><\/span>Z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se druh\u016f akci\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>P\u0159i p\u0159ij\u00edm\u00e1n\u00ed investic od VC atd. a vyd\u00e1v\u00e1n\u00ed druh\u016f akci\u00ed jsou ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se druh\u016f akci\u00ed uvedena v term sheetu. Druhy akci\u00ed jsou akcie, jejich\u017e \u010d\u00e1st obsahu t\u00fdkaj\u00edc\u00edho se pr\u00e1v atd. se li\u0161\u00ed, a mohou b\u00fdt pou\u017eity p\u0159i p\u0159ij\u00edm\u00e1n\u00ed investic od VC atd.<\/p>\n\n\n\n<p>Nap\u0159\u00edklad existuj\u00ed druhy akci\u00ed s odli\u0161n\u00fdm obsahem t\u00fdkaj\u00edc\u00edm se p\u0159ebytkov\u00e9ho v\u00fdnosu z dividend nebo distribuce zbytkov\u00e9ho majetku, nebo druhy akci\u00ed s obsahem ud\u011bluj\u00edc\u00edm pr\u00e1vo odm\u00edtnout ur\u010dit\u00e9 rozhodnut\u00ed valn\u00e9 hromady. Investo\u0159i, jako jsou VC atd., o\u010dek\u00e1vaj\u00ed, \u017ee se po investici budou do ur\u010dit\u00e9 m\u00edry pod\u00edlet na \u0159\u00edzen\u00ed investi\u010dn\u00ed spole\u010dnosti, a proto mohou vyd\u00e1vat druhy akci\u00ed s t\u00edmto obsahem.<\/p>\n\n\n\n<p>P\u0159i vyd\u00e1v\u00e1n\u00ed druh\u016f akci\u00ed je obsah druh\u016f akci\u00ed uveden v term sheetu. Nap\u0159\u00edklad v polo\u017ece t\u00fdkaj\u00edc\u00ed se p\u0159ednosti distribuce zbytkov\u00e9ho majetku bude uvedeno n\u00e1sleduj\u00edc\u00ed.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u3007 korun za akcii (\u3007% v\u016f\u010di zaplacen\u00e9 \u010d\u00e1stce za akcii) s p\u0159ednost\u00ed p\u0159ed b\u011b\u017en\u00fdmi akciemi, \u3007 preferen\u010dn\u00edmi akciemi [stejn\u00e1 nebo p\u0159ednostn\u00ed] a [\u00fa\u010dastnick\u00e9 nebo ne\u00fa\u010dastnick\u00e9]\n\n\n\n<p><\/p>\n<cite><a href=\"https:\/\/www.meti.go.jp\/press\/2018\/04\/20180402006\/20180402006-1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.meti.go.jp\/press\/2018\/04\/20180402006\/20180402006-1.pdf[ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>Podrobn\u011bji vysv\u011btlujeme ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se druh\u016f akci\u00ed v investi\u010dn\u00ed smlouv\u011b v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/issuance-of-class-shares\" target=\"_blank\" rel=\"noreferrer noopener\">Vyd\u00e1n\u00ed druh\u016f akci\u00ed v investi\u010dn\u00ed smlouv\u011b startupu a jejich obsah[ja]<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Zalezitosti_tykajici_se_akcii\"><\/span>Z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se akci\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>P\u0159i investov\u00e1n\u00ed se t\u00fdkaj\u00ed z\u00e1le\u017eitosti spojen\u00e9 s vyd\u00e1van\u00fdmi akciemi n\u00e1sleduj\u00edc\u00edch bod\u016f. Podrobn\u011bji vysv\u011btlujeme klauzule t\u00fdkaj\u00edc\u00ed se akci\u00ed v investi\u010dn\u00ed smlouv\u011b v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/investment-contract-shares-provision\" target=\"_blank\" rel=\"noreferrer noopener\">Co je klauzule t\u00fdkaj\u00edc\u00ed se akci\u00ed v investi\u010dn\u00ed smlouv\u011b[ja]<\/a><\/p>\n\n\n\n<ul>\n<li>Klauzule t\u00fdkaj\u00edc\u00ed se p\u0159ednostn\u00edho odb\u011bru nov\u011b vyd\u00e1van\u00fdch akci\u00ed<\/li>\n\n\n\n<li>Klauzule t\u00fdkaj\u00edc\u00ed se p\u0159ednostn\u00edho odkupu a p\u0159edkupn\u00edho pr\u00e1va<\/li>\n\n\n\n<li>Klauzule t\u00fdkaj\u00edc\u00ed se odkupu akci\u00ed<\/li>\n\n\n\n<li>Klauzule t\u00fdkaj\u00edc\u00ed se pr\u00e1va na spole\u010dn\u00fd prodej a pr\u00e1va na \u00fa\u010dast na p\u0159evodu<\/li>\n\n\n\n<li>Klauzule t\u00fdkaj\u00edc\u00ed se p\u0159evodu akci\u00ed<\/li>\n\n\n\n<li>Klauzule t\u00fdkaj\u00edc\u00ed se pr\u00e1va na nucen\u00fd prodej (Drag Along Right)<\/li>\n\n\n\n<li>Klauzule t\u00fdkaj\u00edc\u00ed se fiktivn\u00ed likvidace<\/li>\n<\/ul>\n\n\n\n<p>Klauzule t\u00fdkaj\u00edc\u00ed se p\u0159ednostn\u00edho odb\u011bru umo\u017e\u0148uje investor\u016fm z\u00edskat pr\u00e1vo p\u0159ednostn\u011b odeb\u00edrat nov\u011b vyd\u00e1van\u00e9 akcie, aby udr\u017eeli sv\u016fj pod\u00edl na vlastnictv\u00ed. P\u0159ednostn\u00ed odb\u011br je uveden na term sheetu n\u00e1sledovn\u011b.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Kdy\u017e spole\u010dnost vyd\u00e1v\u00e1 akcie, investor m\u016f\u017ee p\u0159ednostn\u011b odeb\u00edrat akcie v pom\u011bru k jeho pod\u00edlu na vlastnictv\u00ed. Nicm\u00e9n\u011b, v\u00fdjimkou je vyd\u00e1n\u00ed stock opc\u00ed odpov\u00eddaj\u00edc\u00edch \u25a1% celkov\u00e9ho po\u010dtu vyd\u00e1van\u00fdch akci\u00ed.<\/p>\n<cite><a href=\"https:\/\/www.meti.go.jp\/press\/2018\/04\/20180402006\/20180402006-1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.meti.go.jp\/press\/2018\/04\/20180402006\/20180402006-1.pdf[ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>D\u00e1le, klauzule t\u00fdkaj\u00edc\u00ed se odkupu akci\u00ed stanovuje pr\u00e1vo investor\u016f, jako jsou VC, po\u017eadovat od spole\u010dnosti nebo jej\u00edch \u0159editel\u016f odkup akci\u00ed, kter\u00e9 vlastn\u00ed, v p\u0159\u00edpad\u011b ur\u010dit\u00fdch ud\u00e1lost\u00ed. Klauzule t\u00fdkaj\u00edc\u00ed se odkupu akci\u00ed je uvedena na term sheetu n\u00e1sledovn\u011b. Kl\u00ed\u010dov\u00e9 body jsou podm\u00ednky pro vznik pr\u00e1va na odkup a metoda v\u00fdpo\u010dtu odkupn\u00ed ceny.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>1. Investor m\u016f\u017ee po\u017eadovat, aby spole\u010dnost a zakladatel\u00e9 odkoupili akcie, kter\u00e9 vlastn\u00ed, v p\u0159\u00edpad\u011b n\u00e1sleduj\u00edc\u00edch ud\u00e1lost\u00ed:<br> \u30fbV\u00fdznamn\u00e9 poru\u0161en\u00ed \u010dl\u00e1nk\u016f \u25a1, \u25a1 a \u25a1 t\u00e9to smlouvy<br> \u30fbZji\u0161t\u011bn\u00ed, \u017ee prohl\u00e1\u0161en\u00ed a z\u00e1ruky nejsou pravdiv\u00e9 nebo p\u0159esn\u00e9, a jejich obsah je v\u00fdznamn\u00fd<br> 2. Cena za odkup akci\u00ed investora na z\u00e1klad\u011b v\u00fd\u0161e uveden\u00e9ho po\u017eadavku na odkup bude stanovena metodou dohodnutou mezi investorem a spole\u010dnost\u00ed a zakladateli<\/p>\n<cite><a href=\"https:\/\/www.meti.go.jp\/press\/2018\/04\/20180402006\/20180402006-1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.meti.go.jp\/press\/2018\/04\/20180402006\/20180402006-1.pdf[ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>Klauzule t\u00fdkaj\u00edc\u00ed se odkupu akci\u00ed v investi\u010dn\u00ed smlouv\u011b jsou podrobn\u011bji vysv\u011btleny v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/investment-stock-purchase-clause\" target=\"_blank\" rel=\"noreferrer noopener\">Co je klauzule t\u00fdkaj\u00edc\u00ed se odkupu akci\u00ed v investi\u010dn\u00ed smlouv\u011b[ja]<\/a><\/p>\n\n\n\n<p>D\u00e1le, pr\u00e1vo na nucen\u00fd prodej (Drag Along Right) je klauzule, kter\u00e1 umo\u017e\u0148uje investor\u016fm, jako jsou VC, vynutit si M&amp;A nebo EXIT. Z hlediska investor\u016f je pr\u00e1vo na nucen\u00fd prodej \u00fa\u010dinn\u00e9 pro z\u00edsk\u00e1n\u00ed n\u00e1vratnosti investice, a n\u011bkte\u0159\u00ed investo\u0159i mohou po\u017eadovat takov\u00e9 podm\u00ednky. Klauzule t\u00fdkaj\u00edc\u00ed se pr\u00e1va na nucen\u00fd prodej v investi\u010dn\u00ed smlouv\u011b jsou podrobn\u011bji vysv\u011btleny v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/investment-law-drag-along-right\" target=\"_blank\" rel=\"noreferrer noopener\">Klauzule t\u00fdkaj\u00edc\u00ed se pr\u00e1va na nucen\u00fd prodej v investi\u010dn\u00ed smlouv\u011b pro startupy[ja]<\/a><\/p>\n\n\n\n<p>Klauzule t\u00fdkaj\u00edc\u00ed se fiktivn\u00ed likvidace je klauzule, kter\u00e1 stanovuje, \u017ee pokud je spole\u010dnost, do kter\u00e9 VC investoval, odkoupena, bude pova\u017eov\u00e1na za likvidovanou a VC bude rozd\u011blovat majetek investor\u016fm. Zejm\u00e9na pokud investujete od zalo\u017een\u00ed spole\u010dnosti, je \u010dast\u00e9, \u017ee budete odkoupeni M&amp;A m\u00edsto IPO, tak\u017ee bez klauzule t\u00fdkaj\u00edc\u00ed se fiktivn\u00ed likvidace nemus\u00edte b\u00fdt schopni z\u00edskat n\u00e1vratnost investice. Klauzule t\u00fdkaj\u00edc\u00ed se fiktivn\u00ed likvidace v investi\u010dn\u00ed smlouv\u011b jsou podrobn\u011bji vysv\u011btleny v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/investment-contract-liquidation-provision\" target=\"_blank\" rel=\"noreferrer noopener\">Co je klauzule t\u00fdkaj\u00edc\u00ed se fiktivn\u00ed likvidace v investi\u010dn\u00ed smlouv\u011b[ja]<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Zalezitosti_tykajici_se_provozu_spolecnosti\"><\/span>Z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Mezi z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti, kter\u00e9 jsou uvedeny v term sheetu investi\u010dn\u00ed smlouvy, pat\u0159\u00ed nap\u0159\u00edklad n\u00e1sleduj\u00edc\u00ed. Podrobn\u011bj\u0161\u00ed vysv\u011btlen\u00ed klauzul\u00ed t\u00fdkaj\u00edc\u00edch se provozu spole\u010dnosti v investi\u010dn\u00ed smlouv\u011b naleznete v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/investment-contract-clause-management-company\" target=\"_blank\" rel=\"noreferrer noopener\">Co jsou klauzule t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti v investi\u010dn\u00ed smlouv\u011b[ja]<\/a><\/p>\n\n\n\n<ul>\n<li>Klauzule t\u00fdkaj\u00edc\u00ed se povinnosti usilovat o ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed<\/li>\n\n\n\n<li>Klauzule t\u00fdkaj\u00edc\u00ed se vyu\u017eit\u00ed finan\u010dn\u00edch prost\u0159edk\u016f<\/li>\n\n\n\n<li>Klauzule t\u00fdkaj\u00edc\u00ed se jmenov\u00e1n\u00ed \u0159editel\u016f a pozorovatel\u016f<\/li>\n\n\n\n<li>Klauzule t\u00fdkaj\u00edc\u00ed se prohl\u00e1\u0161en\u00ed a z\u00e1ruk<\/li>\n\n\n\n<li>Klauzule t\u00fdkaj\u00edc\u00ed se ozn\u00e1men\u00ed o d\u016fle\u017eit\u00fdch z\u00e1le\u017eitostech a p\u0159edchoz\u00edho schv\u00e1len\u00ed investorem<\/li>\n\n\n\n<li>Klauzule t\u00fdkaj\u00edc\u00ed se n\u00e1sledn\u00e9ho ozn\u00e1men\u00ed investorovi<\/li>\n\n\n\n<li>Klauzule t\u00fdkaj\u00edc\u00ed se pln\u00e9ho v\u011bnov\u00e1n\u00ed se \u0159\u00edzen\u00ed<\/li>\n<\/ul>\n\n\n\n<p>Klauzule o jmenov\u00e1n\u00ed \u0159editel\u016f znamen\u00e1, \u017ee investo\u0159i, jako jsou nap\u0159\u00edklad venture kapit\u00e1lov\u00e9 spole\u010dnosti (VC), jmenuj\u00ed sv\u00e9 zam\u011bstnance jako \u0159editele v c\u00edlov\u00fdch investi\u010dn\u00edch spole\u010dnostech. Je b\u011b\u017en\u00e9, \u017ee VC a podobn\u00ed investo\u0159i po\u017eaduj\u00ed ur\u010ditou m\u00edru zapojen\u00ed do \u0159\u00edzen\u00ed investi\u010dn\u00edch spole\u010dnost\u00ed za \u00fa\u010delem z\u00edsk\u00e1n\u00ed investic. Pokud VC a podobn\u00e9 spole\u010dnosti vys\u00edlaj\u00ed sv\u00e9 zam\u011bstnance jako \u0159editele, mohou nejenom sledovat intern\u00ed z\u00e1le\u017eitosti investi\u010dn\u00edch spole\u010dnost\u00ed v re\u00e1ln\u00e9m \u010dase, ale tak\u00e9 ovliv\u0148ovat rozhodov\u00e1n\u00ed investi\u010dn\u00edch spole\u010dnost\u00ed t\u00edm, \u017ee vyjad\u0159uj\u00ed sv\u00e9 n\u00e1zory na sch\u016fz\u00edch \u0159editel\u016f. Z\u00e1le\u017eitosti t\u00fdkaj\u00edc\u00ed se jmenov\u00e1n\u00ed \u0159editel\u016f jsou na term sheetu uvedeny n\u00e1sledovn\u011b.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Akcion\u00e1\u0159i, kte\u0159\u00ed vlastn\u00ed vydane\u0301 akcie typu \u3007 ve v\u00fd\u0161i \u3007% \/ \u3007 akci\u00ed, maj\u00ed pr\u00e1vo jmenovat jednoho \u0159editele<\/p>\n<cite><a href=\"https:\/\/www.meti.go.jp\/press\/2018\/04\/20180402006\/20180402006-1.pdf\">https:\/\/www.meti.go.jp\/press\/2018\/04\/20180402006\/20180402006-1.pdf[ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>Podrobn\u011bj\u0161\u00ed vysv\u011btlen\u00ed klauzul\u00ed t\u00fdkaj\u00edc\u00edch se jmenov\u00e1n\u00ed \u0159editel\u016f a podobn\u00fdch pozic v investi\u010dn\u00ed smlouv\u011b naleznete v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/clause-dispatching-of-company-executives\" target=\"_blank\" rel=\"noreferrer noopener\">Co je klauzule o jmenov\u00e1n\u00ed \u0159editel\u016f v investi\u010dn\u00ed smlouv\u011b[ja]<\/a><\/p>\n\n\n\n<p>D\u00e1le, v investi\u010dn\u00ed smlouv\u011b jsou obvykle stanoveny klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruk\u00e1ch, kter\u00e9 zaji\u0161\u0165uj\u00ed, \u017ee finan\u010dn\u00ed situace a provoz c\u00edlov\u00e9 investi\u010dn\u00ed spole\u010dnosti jsou spr\u00e1vn\u00e9 a odpov\u00eddaj\u00ed p\u0159edem uveden\u00fdm informac\u00edm. Tyto z\u00e1le\u017eitosti jsou tak\u00e9 uvedeny na term sheetu. Podrobn\u011bj\u0161\u00ed vysv\u011btlen\u00ed klauzul\u00ed o prohl\u00e1\u0161en\u00ed a z\u00e1ruk\u00e1ch v investi\u010dn\u00ed smlouv\u011b naleznete v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/representations-and-warranties-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\">Co je klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruk\u00e1ch v investi\u010dn\u00ed smlouv\u011b[ja]<\/a><\/p>\n\n\n\n<p>Krom\u011b toho, m\u016f\u017ee b\u00fdt stanovena klauzule o pln\u00e9m v\u011bnov\u00e1n\u00ed se \u0159\u00edzen\u00ed, kter\u00e1 omezuje mo\u017enost, \u017ee veden\u00ed spole\u010dnosti po investici odejde jinam. Na term sheetu je tato z\u00e1le\u017eitost uvedena n\u00e1sledovn\u011b.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>1. \u0158editel\u00e9 nerezignuj\u00ed a neodm\u00edtaj\u00ed znovuzvolen\u00ed bez souhlasu investor\u016f<\/p>\n\n\n\n<p>2. Z\u00e1kaz vedlej\u0161\u00edch pracovn\u00edch m\u00edst a vedlej\u0161\u00edch funkc\u00ed bez p\u0159edchoz\u00edho souhlasu investor\u016f<\/p>\n\n\n\n<p>3. Povinnost zdr\u017eet se konkurence b\u011bhem funk\u010dn\u00edho obdob\u00ed a po dobu \u3007 let po rezignaci<\/p>\n<cite><a href=\"https:\/\/www.meti.go.jp\/press\/2018\/04\/20180402006\/20180402006-1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.meti.go.jp\/press\/2018\/04\/20180402006\/20180402006-1.pdf[ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>Investo\u0159i, jako jsou VC, obecn\u011b zam\u00fd\u0161lej\u00ed z\u00edskat sv\u00e9 investice zp\u011bt prost\u0159ednictv\u00edm ve\u0159ejn\u00e9ho obchodov\u00e1n\u00ed (IPO) c\u00edlov\u00fdch investi\u010dn\u00edch spole\u010dnost\u00ed, a proto m\u016f\u017ee b\u00fdt stanovena povinnost c\u00edlov\u00fdch investi\u010dn\u00edch spole\u010dnost\u00ed usilovat o ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed. V tomto p\u0159\u00edpad\u011b je na term sheetu uvedeno n\u00e1sleduj\u00edc\u00ed.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>1. Emitent a zakladatel\u00e9 akci\u00ed maj\u00ed povinnost usilovat o ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed na burze cenn\u00fdch pap\u00edr\u016f do \u3007 roku \u3007 m\u011bs\u00edce<br>2. Emitent a zakladatel\u00e9 akci\u00ed maj\u00ed povinnost spolupracovat v p\u0159\u00edpad\u011b, \u017ee investor je nucen prodat akcie emitenta kv\u016fli uplynut\u00ed lh\u016fty atd.<\/p>\n<cite><a href=\"https:\/\/www.meti.go.jp\/press\/2018\/04\/20180402006\/20180402006-1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.meti.go.jp\/press\/2018\/04\/20180402006\/20180402006-1.pdf[ja]<\/a><\/cite><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti\"><\/span>Shrnut\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Jak jsme vid\u011bli v\u00fd\u0161e, p\u0159i p\u0159ij\u00edm\u00e1n\u00ed investic prost\u0159ednictv\u00edm t\u0159et\u00ed strany je t\u0159eba rozhodnout o mnoha ot\u00e1zk\u00e1ch. Ot\u00e1zky, kter\u00e9 zde rozhodneme, jsou d\u016fle\u017eit\u00e9 i pro budouc\u00ed \u0159\u00edzen\u00ed spole\u010dnosti, tak\u017ee je d\u016fle\u017eit\u00e9 pe\u010dliv\u011b zv\u00e1\u017eit ka\u017edou jednotlivou ot\u00e1zku ji\u017e v f\u00e1zi term sheetu. Mnoho ot\u00e1zek p\u0159edpokl\u00e1d\u00e1 znalost japonsk\u00e9ho obchodn\u00edho z\u00e1kon\u00edku (Japanese Company Law), tak\u017ee n\u011bkter\u00e9 z nich mohou b\u00fdt obt\u00ed\u017en\u00e9 pochopit. Proto doporu\u010dujeme konzultovat s pr\u00e1vn\u00edkem s bohat\u00fdmi zku\u0161enostmi v oblasti z\u00edsk\u00e1v\u00e1n\u00ed kapit\u00e1lu pro startupy, kdy\u017e jedn\u00e1te o smlouv\u011b s c\u00edlem z\u00edskat investice od t\u0159et\u00edch stran, jako jsou nap\u0159\u00edklad venture kapit\u00e1lov\u00e9 spole\u010dnosti (VC).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kdy\u017e si startupy zaji\u0161\u0165uj\u00ed financov\u00e1n\u00ed od t\u0159et\u00edch stran, jako jsou nap\u0159\u00edklad venture kapit\u00e1lov\u00e9 fondy (VC), je b\u011b\u017en\u00e9, \u017ee se nov\u00e9 akcie p\u0159id\u011bluj\u00ed investor\u016fm jako VC atd. prost\u0159ednictv\u00edm zv\u00fd\u0161en\u00ed kapit\u00e1l [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":62390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,27],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/60902"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=60902"}],"version-history":[{"count":3,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/60902\/revisions"}],"predecessor-version":[{"id":62534,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/60902\/revisions\/62534"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/62390"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=60902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=60902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=60902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}