{"id":61157,"date":"2023-12-08T20:24:55","date_gmt":"2023-12-08T11:24:55","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61157"},"modified":"2024-03-30T14:57:24","modified_gmt":"2024-03-30T05:57:24","slug":"investment-contract-convertible-bill","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-convertible-bill","title":{"rendered":"Vysv\u011btlen\u00ed klauzule o pr\u00e1vu na konverzi v investi\u010dn\u00edch smlouv\u00e1ch startup\u016f"},"content":{"rendered":"\n<p>&#8220;Investi\u010dn\u00ed smlouva&#8221; je smlouva uzav\u0159en\u00e1 mezi podnikem a investorem, kdy\u017e podnik p\u0159ij\u00edm\u00e1 investice. Investi\u010dn\u00ed smlouva zahrnuje r\u016fzn\u00e9 informace, jako je mno\u017estv\u00ed a cena akci\u00ed, podm\u00ednky platby a dal\u0161\u00ed.<\/p>\n\n\n\n<p>Je d\u016fle\u017eit\u00e9 spr\u00e1vn\u011b stanovit &#8220;klauzuli o pr\u00e1vu na konverzi&#8221; v t\u00e9to investi\u010dn\u00ed smlouv\u011b, aby se zabr\u00e1nilo z\u0159ed\u011bn\u00ed preferen\u010dn\u00edch akci\u00ed, kter\u00e9 dr\u017e\u00ed investor.<\/p>\n\n\n\n<p>V tomto \u010dl\u00e1nku podrobn\u011b vysv\u011btl\u00edme, jak\u00e9 pr\u00e1vo je &#8220;pr\u00e1vo na konverzi&#8221;, kter\u00e9 je ud\u011bleno preferen\u010dn\u00edm akcion\u00e1\u0159\u016fm v investi\u010dn\u00ed smlouv\u011b startupu, a jak\u00e9 informace by m\u011bly b\u00fdt stanoveny v &#8220;klauzuli o pr\u00e1vu na konverzi&#8221;.<\/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\/investment-contract-convertible-bill\/#%E2%80%9CPremena%E2%80%9D_z_preferencnich_akcii_na_bezne_akcie\" title=\"&#8220;P\u0159em\u011bna&#8221; z preferen\u010dn\u00edch akci\u00ed na b\u011b\u017en\u00e9 akcie\">&#8220;P\u0159em\u011bna&#8221; z preferen\u010dn\u00edch akci\u00ed na b\u011b\u017en\u00e9 akcie<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-convertible-bill\/#Kdy_dochazi_k_uplatneni_prava_na_konverzi\" title=\"Kdy doch\u00e1z\u00ed k uplatn\u011bn\u00ed pr\u00e1va na konverzi?\">Kdy doch\u00e1z\u00ed k uplatn\u011bn\u00ed pr\u00e1va na konverzi?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-convertible-bill\/#Pri_IPO_verejne_nabidce_akcii_startupu\" title=\"P\u0159i IPO (ve\u0159ejn\u00e9 nab\u00eddce akci\u00ed) startupu\">P\u0159i IPO (ve\u0159ejn\u00e9 nab\u00eddce akci\u00ed) startupu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-convertible-bill\/#Pri_akvizici_startupu\" title=\"P\u0159i akvizici startupu\">P\u0159i akvizici startupu<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-convertible-bill\/#Metoda_upravy_konverzni_ceny_v_klauzuli_o_pravu_na_konverzi\" title=\"Metoda \u00fapravy konverzn\u00ed ceny v klauzuli o pr\u00e1vu na konverzi\">Metoda \u00fapravy konverzn\u00ed ceny v klauzuli o pr\u00e1vu na konverzi<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-convertible-bill\/#Metoda_Full_Ratchet\" title=\"Metoda Full Ratchet\">Metoda Full Ratchet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-convertible-bill\/#Vazeny_prumer\" title=\"V\u00e1\u017een\u00fd pr\u016fm\u011br\">V\u00e1\u017een\u00fd pr\u016fm\u011br<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-convertible-bill\/#Metoda_siroke_zakladny\" title=\"Metoda \u0161irok\u00e9 z\u00e1kladny\">Metoda \u0161irok\u00e9 z\u00e1kladny<\/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\/investment-contract-convertible-bill\/#Metoda_uzke_zakladny\" title=\"Metoda \u00fazk\u00e9 z\u00e1kladny\">Metoda \u00fazk\u00e9 z\u00e1kladny<\/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\/investment-contract-convertible-bill\/#Pripad_kdy_se_neprovadi_uprava_konverzni_ceny\" title=\"P\u0159\u00edpad, kdy se neprov\u00e1d\u00ed \u00faprava konverzn\u00ed ceny\">P\u0159\u00edpad, kdy se neprov\u00e1d\u00ed \u00faprava konverzn\u00ed ceny<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-convertible-bill\/#Pokud_existuje_souhlas_akcionaru_urciteho_typu\" title=\"Pokud existuje souhlas akcion\u00e1\u0159\u016f ur\u010dit\u00e9ho typu\">Pokud existuje souhlas akcion\u00e1\u0159\u016f ur\u010dit\u00e9ho typu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-convertible-bill\/#Pri_vydani_akcii_na_zaklade_stock_opci\" title=\"P\u0159i vyd\u00e1n\u00ed akci\u00ed na z\u00e1klad\u011b stock opc\u00ed\">P\u0159i vyd\u00e1n\u00ed akci\u00ed na z\u00e1klad\u011b stock opc\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-convertible-bill\/#Klauzule_Pay_to_Play\" title=\"Klauzule Pay to Play\">Klauzule Pay to Play<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-convertible-bill\/#Shrnuti_Klauzule_o_pravu_na_konverzi_v_investicnich_smlouvach\" title=\"Shrnut\u00ed: Klauzule o pr\u00e1vu na konverzi v investi\u010dn\u00edch smlouv\u00e1ch\">Shrnut\u00ed: Klauzule o pr\u00e1vu na konverzi v investi\u010dn\u00edch smlouv\u00e1ch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-convertible-bill\/#Uvod_do_opatreni_nasi_kancelare\" title=\"\u00davod do opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e\">\u00davod do opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%80%9CPremena%E2%80%9D_z_preferencnich_akcii_na_bezne_akcie\"><\/span>&#8220;P\u0159em\u011bna&#8221; z preferen\u010dn\u00edch akci\u00ed na b\u011b\u017en\u00e9 akcie<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V r\u00e1mci druh\u016f akci\u00ed se akcie s preferen\u010dn\u00edmi pr\u00e1vy v ur\u010dit\u00fdch z\u00e1le\u017eitostech naz\u00fdvaj\u00ed &#8220;preferen\u010dn\u00ed akcie&#8221;. Akcion\u00e1\u0159i, kte\u0159\u00ed vlastn\u00ed tyto preferen\u010dn\u00ed akcie (preferen\u010dn\u00ed akcion\u00e1\u0159i), maj\u00ed pr\u00e1vo po\u017eadovat od vyd\u00e1vaj\u00edc\u00ed spole\u010dnosti, aby tyto preferen\u010dn\u00ed akcie p\u0159em\u011bnila na b\u011b\u017en\u00e9 akcie. Toto pr\u00e1vo se naz\u00fdv\u00e1 &#8220;pr\u00e1vo na p\u0159em\u011bnu&#8221;.<\/p>\n\n\n\n<p>Podle japonsk\u00e9ho z\u00e1kona o spole\u010dnostech (Japonsk\u00fd z\u00e1kon o spole\u010dnostech) je povoleno vyd\u00e1v\u00e1n\u00ed druh\u016f akci\u00ed, kter\u00e9 mohou akcion\u00e1\u0159i po\u017eadovat od dan\u00e9 akciov\u00e9 spole\u010dnosti (Japonsk\u00fd z\u00e1kon o spole\u010dnostech, \u010dl\u00e1nek 108, odstavec 1, bod 5). Jako protihodnotu za z\u00edsk\u00e1n\u00ed t\u011bchto akci\u00ed m\u016f\u017ee akciov\u00e1 spole\u010dnost poskytnout pen\u00edze, dluhopisy, pr\u00e1va na p\u0159edkup nov\u00fdch akci\u00ed, b\u011b\u017en\u00e9 akcie, jin\u00e9 druhy akci\u00ed atd. Pr\u00e1vo akciov\u00e9 spole\u010dnosti z\u00edskat preferen\u010dn\u00ed akcie a jako protihodnotu poskytnout b\u011b\u017en\u00e9 akcie dan\u00e9mu akcion\u00e1\u0159i (tj. &#8220;p\u0159em\u011bnit&#8221; preferen\u010dn\u00ed akcie na b\u011b\u017en\u00e9 akcie) se naz\u00fdv\u00e1 &#8220;pr\u00e1vo na p\u0159em\u011bnu&#8221;, co\u017e je odli\u0161n\u00e9 od &#8220;pr\u00e1va na z\u00edsk\u00e1n\u00ed&#8221;.<\/p>\n\n\n\n<p>Pokud chcete v\u011bd\u011bt v\u00edce o &#8220;druz\u00edch akci\u00ed&#8221;, kter\u00e9 jsou stanoveny v investi\u010dn\u00edch smlouv\u00e1ch startup\u016f, pod\u00edvejte se na n\u00e1sleduj\u00edc\u00ed \u010dl\u00e1nek, kde je toto t\u00e9ma podrobn\u011bji pops\u00e1no. Doporu\u010dujeme si p\u0159e\u010d\u00edst tento \u010dl\u00e1nek spolu s t\u00edmto.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/issuance-of-class-shares\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/issuance-of-class-shares[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kdy_dochazi_k_uplatneni_prava_na_konverzi\"><\/span>Kdy doch\u00e1z\u00ed k uplatn\u011bn\u00ed pr\u00e1va na konverzi?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2022\/04\/shutterstock_393918229.jpg\" alt=\"Obr\u00e1zek symbolizuj\u00edc\u00ed \u010das\" class=\"wp-image-43902\" \/><\/figure><\/div>\n\n\n<p>Kdy\u017e je uplatn\u011bno pr\u00e1vo na konverzi, dan\u00fd akcion\u00e1\u0159 ztr\u00e1c\u00ed r\u016fzn\u00e1 pr\u00e1va spojen\u00e1 s preferen\u010dn\u00edmi akciemi. Obvykle se nep\u0159edpokl\u00e1d\u00e1, \u017ee by preferen\u010dn\u00ed akcion\u00e1\u0159i sami uplat\u0148ovali pr\u00e1vo na konverzi, ale v omezen\u00fdch p\u0159\u00edpadech m\u016f\u017ee k tomu doj\u00edt, jak je uvedeno n\u00ed\u017ee.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pri_IPO_verejne_nabidce_akcii_startupu\"><\/span>P\u0159i IPO (ve\u0159ejn\u00e9 nab\u00eddce akci\u00ed) startupu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V Japonsku jsou akcie, kter\u00e9 jsou ve\u0159ejn\u011b nab\u00edzeny nebo zapsan\u00e9 na burze, obvykle &#8220;b\u011b\u017en\u00e9 akcie&#8221;. Kdy\u017e tedy startup provede IPO, je t\u0159eba p\u0159edem konvertovat &#8220;preferen\u010dn\u00ed akcie&#8221; na &#8220;b\u011b\u017en\u00e9 akcie&#8221;.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pri_akvizici_startupu\"><\/span>P\u0159i akvizici startupu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Kdy\u017e se startup dostane do finan\u010dn\u00edch probl\u00e9m\u016f a je akv\u00edrov\u00e1n, m\u016f\u017ee b\u00fdt od kupuj\u00edc\u00edho po\u017eadov\u00e1no, aby se zbavil preferen\u010dn\u00edch akci\u00ed a po\u017e\u00e1dal preferen\u010dn\u00ed akcion\u00e1\u0159e o uplatn\u011bn\u00ed pr\u00e1va na konverzi. Nicm\u00e9n\u011b, v p\u0159\u00edpad\u011b akvizice \u00fasp\u011b\u0161n\u00e9ho startupu by m\u011bla b\u00fdt akciov\u00e1 cena vysok\u00e1, tak\u017ee pro preferen\u010dn\u00ed akcion\u00e1\u0159e by mohlo b\u00fdt v\u00fdhodn\u011bj\u0161\u00ed konvertovat na b\u011b\u017en\u00e9 akcie a z\u00edskat tak v\u011bt\u0161\u00ed potenci\u00e1ln\u00ed zisk.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Metoda_upravy_konverzni_ceny_v_klauzuli_o_pravu_na_konverzi\"><\/span>Metoda \u00fapravy konverzn\u00ed ceny v klauzuli o pr\u00e1vu na konverzi<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2022\/05\/venturebusiness-investment-contract2.jpg\" alt=\"Osoba upravuj\u00edc\u00ed konverzn\u00ed cenu\" class=\"wp-image-44543\" \/><\/figure><\/div>\n\n\n<p>Pom\u011br p\u0159i konverzi preferen\u010dn\u00edch akci\u00ed na b\u011b\u017en\u00e9 akcie se naz\u00fdv\u00e1 &#8220;konverzn\u00ed pom\u011br&#8221;. P\u0159i vyd\u00e1n\u00ed preferen\u010dn\u00edch akci\u00ed je konverzn\u00ed pom\u011br obvykle stanoven na 1:1, ale pokud se pot\u00e9 provede rozd\u011blen\u00ed nebo bezplatn\u00e9 p\u0159id\u011blen\u00ed b\u011b\u017en\u00fdch akci\u00ed, celkov\u00fd po\u010det b\u011b\u017en\u00fdch akci\u00ed se zv\u00fd\u0161\u00ed a hodnota jedn\u00e9 akcie klesne (akcie se z\u0159ed\u00ed). V takov\u00e9m p\u0159\u00edpad\u011b je nutn\u00e9 upravit konverzn\u00ed pom\u011br, aby se zabr\u00e1nilo po\u0161kozen\u00ed z\u00e1jm\u016f preferen\u010dn\u00edch akcion\u00e1\u0159\u016f, a proto je pot\u0159eba klauzule o pr\u00e1vu na konverzi.<\/p>\n\n\n\n<p>Nap\u0159\u00edklad, pokud jsou vyd\u00e1ny preferen\u010dn\u00ed akcie typu B za ni\u017e\u0161\u00ed \u010d\u00e1stku ne\u017e je zaplacen\u00e1 \u010d\u00e1stka ji\u017e vyd\u00e1van\u00fdch preferen\u010dn\u00edch akci\u00ed typu A (\u203b), stanov\u00ed se klauzule pro \u00fapravu konverzn\u00ed ceny, aby se zabr\u00e1nilo z\u0159ed\u011bn\u00ed. <br>(\u203b) Toto typ financov\u00e1n\u00ed se obvykle naz\u00fdv\u00e1 &#8220;down round&#8221;.<\/p>\n\n\n\n<p>Existuj\u00ed dv\u011b hlavn\u00ed metody \u00fapravy konverzn\u00ed ceny pro zabr\u00e1n\u011bn\u00ed z\u0159ed\u011bn\u00ed, a to &#8220;full ratchet&#8221; metoda a &#8220;v\u00e1\u017een\u00fd pr\u016fm\u011br&#8221; metoda.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Metoda_Full_Ratchet\"><\/span>Metoda Full Ratchet<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Metoda, kter\u00e1 je v\u00fdhodn\u00e1 pro investory, se naz\u00fdv\u00e1 Full Ratchet Adjustment (\u00daprava pln\u00e9ho rychlospojky). Tato metoda upravuje konverzn\u00ed hodnotu v p\u0159\u00edpad\u011b poklesu na hodnotu nov\u011b vyd\u00e1van\u00fdch preferen\u010dn\u00edch akci\u00ed.<\/p>\n\n\n\n<p>Nap\u0159\u00edklad, pokud byla p\u016fvodn\u00ed konverzn\u00ed hodnota preferen\u010dn\u00edch akci\u00ed typu A nastavena na 1 000 jen\u016f a v\u00fdkonn\u00e1 hodnota preferen\u010dn\u00edch akci\u00ed typu B byla nastavena na 500 jen\u016f, nov\u00e1 konverzn\u00ed hodnota bude 500 jen\u016f a dr\u017eitel\u00e9 preferen\u010dn\u00edch akci\u00ed typu A budou moci konvertovat na dvojn\u00e1sobek b\u011b\u017en\u00fdch akci\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vazeny_prumer\"><\/span>V\u00e1\u017een\u00fd pr\u016fm\u011br<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Nej\u010dast\u011bji pou\u017e\u00edvanou metodou je v\u00e1\u017een\u00fd pr\u016fm\u011br (Weighted Average Adjustment), kde novou konverzn\u00ed hodnotu lze vypo\u010d\u00edtat pomoc\u00ed n\u00e1sleduj\u00edc\u00edho vzorce:<\/p>\n\n\n\n<p>Nov\u00e1 konverzn\u00ed hodnota = Star\u00e1 konverzn\u00ed hodnota \u00d7\u3010\uff5b Po\u010det ji\u017e vydan\u00fdch akci\u00ed + ( Po\u010det nov\u011b vydan\u00fdch akci\u00ed \u00d7 Cena vyd\u00e1n\u00ed ) \u00f7 Star\u00e1 konverzn\u00ed hodnota \uff5d\u00f7 ( Po\u010det ji\u017e vydan\u00fdch akci\u00ed + Po\u010det nov\u011b vydan\u00fdch akci\u00ed )\u3011<\/p>\n\n\n\n<p>D\u00e1le se podle definice &#8220;po\u010dtu ji\u017e vydan\u00fdch akci\u00ed&#8221; v p\u0159edchoz\u00edm vzorci rozli\u0161uj\u00ed dva zp\u016fsoby: \u2460 metoda \u0161irok\u00e9 z\u00e1kladny a \u2461 metoda \u00fazk\u00e9 z\u00e1kladny.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Metoda_siroke_zakladny\"><\/span>Metoda \u0161irok\u00e9 z\u00e1kladny<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>V metod\u011b \u0161irok\u00e9 z\u00e1kladny se jako &#8220;po\u010det ji\u017e vydan\u00fdch akci\u00ed&#8221; pou\u017e\u00edv\u00e1 sou\u010det n\u00e1sleduj\u00edc\u00edch po\u010dt\u016f akci\u00ed, co\u017e znamen\u00e1, \u017ee rozsah \u00faprav je men\u0161\u00ed:<\/p>\n\n\n\n<ul>\n<li>Po\u010det ji\u017e vydan\u00fdch b\u011b\u017en\u00fdch akci\u00ed<\/li>\n\n\n\n<li>Po\u010det b\u011b\u017en\u00fdch akci\u00ed z\u00edskan\u00fdch konverz\u00ed preferen\u010dn\u00edch akci\u00ed<\/li>\n\n\n\n<li>Po\u010det potenci\u00e1ln\u00edch akci\u00ed, jako jsou akcie s opc\u00ed na n\u00e1kup (nov\u00e9 akcie s p\u0159edkupn\u00edm pr\u00e1vem) nebo akcie s konverzn\u00edmi pr\u00e1vy<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Metoda_uzke_zakladny\"><\/span>Metoda \u00fazk\u00e9 z\u00e1kladny<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>V metod\u011b \u00fazk\u00e9 z\u00e1kladny se do &#8220;po\u010dtu ji\u017e vydan\u00fdch akci\u00ed&#8221; nepo\u010d\u00edtaj\u00ed v\u00fd\u0161e uveden\u00e9 &#8220;potenci\u00e1ln\u00ed akcie&#8221;, co\u017e znamen\u00e1, \u017ee rozsah \u00faprav je v\u011bt\u0161\u00ed a je v\u00fdhodn\u00fd pro majitele preferen\u010dn\u00edch akci\u00ed. V metod\u011b \u00fazk\u00e9 z\u00e1kladny m\u016f\u017ee b\u00fdt tak\u00e9 &#8220;po\u010det ji\u017e vydan\u00fdch akci\u00ed&#8221; definov\u00e1n pouze jako po\u010det ji\u017e vydan\u00fdch b\u011b\u017en\u00fdch akci\u00ed.<\/p>\n\n\n\n<p>Poj\u010fme se pod\u00edvat na rozd\u00edl v konverzn\u00edch cen\u00e1ch podle metody \u0161irok\u00e9 z\u00e1kladny a metody \u00fazk\u00e9 z\u00e1kladny, kdy\u017e startup, kter\u00fd vydal t\u0159i druhy akci\u00ed, vyd\u00e1 nov\u00e9 preferen\u010dn\u00ed akcie typu B.<\/p>\n\n\n\n<ul>\n<li>B\u011b\u017en\u00e9 akcie\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u300010,000 akci\u00ed<\/li>\n\n\n\n<li>Preferen\u010dn\u00ed akcie typu A\u3000\u3000\u30003,000 akci\u00ed (@100,000 JPY = Star\u00e1 konverzn\u00ed cena)<\/li>\n\n\n\n<li>Akcie s opc\u00ed na n\u00e1kup\u3000\u3000\u30002,000 akci\u00ed<\/li>\n\n\n\n<li>Pl\u00e1novan\u00e9 vyd\u00e1n\u00ed preferen\u010dn\u00edch akci\u00ed typu B 4,000 akci\u00ed (@50,000 JPY = Cena vyd\u00e1n\u00ed)<\/li>\n<\/ul>\n\n\n\n<p>\u3010V\u00fdpo\u010det konverzn\u00ed ceny pomoc\u00ed metody \u0161irok\u00e9 z\u00e1kladny\u3011<\/p>\n\n\n\n<p>Nov\u00e1 konverzn\u00ed hodnota = 100,000 JPY \u00d7 [(10,000 + 3,000 + 2,000) + (4,000 \u00d7 50,000 JPY) \u00f7 100,000 JPY] \u00f7 [(10,000 + 3,000 + 2,000) + 4,000] = 89,474 JPY<br>(\u203b Zaokrouhlen\u00ed na nejbli\u017e\u0161\u00ed cel\u00e9 \u010d\u00edslo, stejn\u011b tak v n\u00e1sleduj\u00edc\u00edch p\u0159\u00edkladech)<\/p>\n\n\n\n<p>\u3010V\u00fdpo\u010det konverzn\u00ed ceny pomoc\u00ed metody \u00fazk\u00e9 z\u00e1kladny\u3011<\/p>\n\n\n\n<p>Nov\u00e1 konverzn\u00ed hodnota = 100,000 JPY \u00d7 [(10,000 + 3,000) + (4,000 \u00d7 50,000 JPY) \u00f7 100,000 JPY] \u00f7 [(10,000 + 3,000) + 4,000] = 88,235 JPY<\/p>\n\n\n\n<p>V\u00fdsledkem v\u00fdpo\u010dtu je, \u017ee v p\u0159edchoz\u00edm p\u0159\u00edpad\u011b je metoda \u00fazk\u00e9 z\u00e1kladny v\u00fdhodn\u011bj\u0161\u00ed pro majitele preferen\u010dn\u00edch akci\u00ed typu A, proto\u017ee jim umo\u017e\u0148uje z\u00edskat b\u011b\u017en\u00e9 akcie za 1,239 JPY levn\u011bji.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pripad_kdy_se_neprovadi_uprava_konverzni_ceny\"><\/span>P\u0159\u00edpad, kdy se neprov\u00e1d\u00ed \u00faprava konverzn\u00ed ceny<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2022\/07\/investment-contract-convertible-bill2.png\" alt=\"Obr\u00e1zek p\u0159edstavuj\u00edc\u00ed osobu, kter\u00e1 neprov\u00e1d\u00ed \u00fapravy\" class=\"wp-image-47003\" \/><\/figure><\/div>\n\n\n<p>Ve smlouv\u00e1ch o investic\u00edch je obvykl\u00e9 stanovit, \u017ee se provede \u00faprava konverzn\u00ed ceny, ale v n\u00e1sleduj\u00edc\u00edch p\u0159\u00edpadech m\u016f\u017ee b\u00fdt v\u00fdjime\u010dn\u011b stanoveno, \u017ee se \u00faprava konverzn\u00ed ceny neprovede.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pokud_existuje_souhlas_akcionaru_urciteho_typu\"><\/span>Pokud existuje souhlas akcion\u00e1\u0159\u016f ur\u010dit\u00e9ho typu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Podobn\u011b jako v p\u0159\u00edpad\u011b v\u00fd\u0161e uveden\u00e9ho uplatn\u011bn\u00ed pr\u00e1va na konverzi, m\u016f\u017ee se st\u00e1t, \u017ee nov\u00ed investo\u0159i po\u017eaduj\u00ed, aby st\u00e1vaj\u00edc\u00ed preferen\u010dn\u00ed akcion\u00e1\u0159i neprov\u00e1d\u011bli \u00fapravu konverzn\u00ed ceny jako podm\u00ednku pro poskytnut\u00ed z\u00e1chrann\u00e9 investice spole\u010dnosti s hor\u0161\u00edm v\u00fdkonem.<\/p>\n\n\n\n<p>Je b\u011b\u017en\u00e9 stanovit, \u017ee v p\u0159\u00edpad\u011b souhlasu ur\u010dit\u00e9ho typu akcion\u00e1\u0159\u016f se \u00faprava konverzn\u00ed ceny neprovede, aby se mohlo \u010delit takov\u00fdm situac\u00edm.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pri_vydani_akcii_na_zaklade_stock_opci\"><\/span>P\u0159i vyd\u00e1n\u00ed akci\u00ed na z\u00e1klad\u011b stock opc\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Mno\u017estv\u00ed stock opc\u00ed, kter\u00e9 lze vyd\u00e1vat bez p\u0159edchoz\u00edho souhlasu investor\u016f, se obvykle naz\u00fdv\u00e1 &#8220;stock option pool&#8221;. V investi\u010dn\u00edch smlouv\u00e1ch je \u010dasto stanoveno, \u017ee p\u0159i vyd\u00e1n\u00ed stock opc\u00ed spolu se stock option poolem se neprov\u00e1d\u00ed \u00faprava konverzn\u00ed ceny.<\/p>\n\n\n\n<p>D\u016fvodem je, \u017ee investo\u0159i ch\u00e1pou, \u017ee vyd\u00e1n\u00ed stock opc\u00ed znamen\u00e1 z\u0159ed\u011bn\u00ed akci\u00ed, kdy\u017e souhlas\u00ed se stock option poolem.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Klauzule_Pay_to_Play\"><\/span>Klauzule Pay to Play<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Jedn\u00edm z p\u0159\u00edpad\u016f, kdy se neprov\u00e1d\u00ed \u00faprava konverzn\u00ed ceny, je klauzule &#8220;Pay to Play&#8221;. Tato klauzule, kter\u00e1 ukl\u00e1d\u00e1 ur\u010dit\u00e9 sankce preferen\u010dn\u00edm akcion\u00e1\u0159\u016fm, kte\u0159\u00ed nep\u0159ij\u00edmaj\u00ed nov\u00e9 akcie, se obvykle pou\u017e\u00edv\u00e1 p\u0159i investic\u00edch v dob\u011b poklesu.<\/p>\n\n\n\n<p>P\u0159\u00edklady sankc\u00ed mohou b\u00fdt n\u00e1sleduj\u00edc\u00ed:<\/p>\n\n\n\n<ul>\n<li>Neprov\u00e1d\u011bn\u00ed \u00fapravy konverzn\u00ed ceny pro dan\u00e9ho preferen\u010dn\u00edho akcion\u00e1\u0159e<\/li>\n\n\n\n<li>Neprov\u00e1d\u011bn\u00ed jak\u00e9koliv \u00fapravy konverzn\u00ed ceny pro dan\u00e9ho preferen\u010dn\u00edho akcion\u00e1\u0159e v budoucnu<\/li>\n\n\n\n<li>Vynucen\u00e1 konverze preferen\u010dn\u00edch akci\u00ed, kter\u00e9 vlastn\u00ed dan\u00fd preferen\u010dn\u00ed akcion\u00e1\u0159, na b\u011b\u017en\u00e9 akcie<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti_Klauzule_o_pravu_na_konverzi_v_investicnich_smlouvach\"><\/span>Shrnut\u00ed: Klauzule o pr\u00e1vu na konverzi v investi\u010dn\u00edch smlouv\u00e1ch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Klauzule o pr\u00e1vu na konverzi, kter\u00e9 jsou stanoveny v investi\u010dn\u00edch smlouv\u00e1ch startup\u016f, se prim\u00e1rn\u011b t\u00fdkaj\u00ed prevence z\u0159ed\u011bn\u00ed preferen\u010dn\u00edch akci\u00ed v p\u0159\u00edpad\u011b poklesu hodnoty, ale zahrnuj\u00ed tak\u00e9 d\u016fle\u017eit\u00e9 aspekty jako je metoda \u00fapravy konverzn\u00edho pom\u011bru a v\u00fdjimky.<\/p>\n\n\n\n<p>P\u0159i stanovov\u00e1n\u00ed klauzule o pr\u00e1vu na konverzi v investi\u010dn\u00ed smlouv\u011b je t\u0159eba vz\u00edt v \u00favahu nejen z\u00e1jmy investor\u016f, ale tak\u00e9 z\u00e1jmy spole\u010dnosti p\u0159i tvorb\u011b smlouvy. Proto doporu\u010dujeme konzultovat s pr\u00e1vn\u00edkem, kter\u00fd m\u00e1 bohat\u00e9 odborn\u00e9 znalosti a zku\u0161enosti, p\u0159edem.<\/p>\n\n\n\n<p>Pokud chcete v\u011bd\u011bt v\u00edce o &#8220;klauzul\u00edch t\u00fdkaj\u00edc\u00edch se akci\u00ed&#8221;, kter\u00e9 jsou stanoveny v investi\u010dn\u00edch smlouv\u00e1ch, pod\u00edvejte se na n\u00e1sleduj\u00edc\u00ed \u010dl\u00e1nek, kde je toto t\u00e9ma podrobn\u011bji pops\u00e1no. Doporu\u010dujeme si p\u0159e\u010d\u00edst tento \u010dl\u00e1nek spole\u010dn\u011b s t\u00edmto.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/investment-contract-shares-provision\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/investment-contract-shares-provision[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Uvod_do_opatreni_nasi_kancelare\"><\/span>\u00davod do opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Pr\u00e1vnick\u00e1 kancel\u00e1\u0159 Monolis je pr\u00e1vnick\u00e1 kancel\u00e1\u0159 s vysokou odbornost\u00ed v oblasti IT, zejm\u00e9na internetu a pr\u00e1va. Pro investi\u010dn\u00ed smlouvy je nutn\u00e9 vytvo\u0159it smlouvu. Na\u0161e kancel\u00e1\u0159 vytv\u00e1\u0159\u00ed a kontroluje smlouvy pro r\u016fzn\u00e9 p\u0159\u00edpady, od spole\u010dnost\u00ed k\u00f3tovan\u00fdch na hlavn\u00edm trhu Tokyo Stock Exchange (Japonsk\u00e1 burza cenn\u00fdch pap\u00edr\u016f) a\u017e po startupy. Pokud m\u00e1te pot\u00ed\u017ee se smlouvou, pros\u00edm, pod\u00edvejte se na n\u00e1sleduj\u00edc\u00ed \u010dl\u00e1nek.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/contractcreation\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/contractcreation[ja]<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Investi\u010dn\u00ed smlouva&#8221; je smlouva uzav\u0159en\u00e1 mezi podnikem a investorem, kdy\u017e podnik p\u0159ij\u00edm\u00e1 investice. Investi\u010dn\u00ed smlouva zahrnuje r\u016fzn\u00e9 informace, jako je mno\u017estv\u00ed a cena akci\u00ed, podm\u00ednky pla [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":64095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[25,24],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61157"}],"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=61157"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61157\/revisions"}],"predecessor-version":[{"id":64096,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61157\/revisions\/64096"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/64095"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}