{"id":61418,"date":"2023-12-08T20:25:33","date_gmt":"2023-12-08T11:25:33","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61418"},"modified":"2024-03-26T05:54:50","modified_gmt":"2024-03-25T20:54:50","slug":"investment-contract-shares-provision","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-shares-provision","title":{"rendered":"Co jsou klauzule t\u00fdkaj\u00edc\u00ed se akci\u00ed v investi\u010dn\u00edch smlouv\u00e1ch?"},"content":{"rendered":"\n<p>V obsahu investi\u010dn\u00ed smlouvy jsou stanoveny r\u016fzn\u00e9 klauzule, m\u016f\u017ee b\u00fdt stanovena i klauzule t\u00fdkaj\u00edc\u00ed se akci\u00ed.<\/p>\n\n\n\n<p>Klauzule t\u00fdkaj\u00edc\u00ed se akci\u00ed je z pohledu investora kl\u00ed\u010dov\u00e1, proto\u017ee se t\u00fdk\u00e1 akci\u00ed p\u0159ijat\u00fdch jako protihodnota za investici. Je to jedna z nejd\u016fle\u017eit\u011bj\u0161\u00edch klauzul\u00ed investi\u010dn\u00ed smlouvy. Z pohledu spole\u010dnosti je tak\u00e9 d\u016fle\u017eit\u00e9 pe\u010dliv\u011b stanovit tuto klauzuli, aby se zabr\u00e1nilo \u00faniku akci\u00ed mimo spole\u010dnost a z hlediska vztahu mezi pod\u00edlem akci\u00ed veden\u00ed spole\u010dnosti. Tento \u010dl\u00e1nek vysv\u011btluje klauzule t\u00fdkaj\u00edc\u00ed se akci\u00ed v investi\u010dn\u00ed smlouv\u011b.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/importance-and-necessity-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/importance-and-necessity-of-investment-contract[ja]<\/a><\/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-shares-provision\/#Dolozky_tykajici_se_akcii_v_investicni_smlouve\" title=\"Dolo\u017eky t\u00fdkaj\u00edc\u00ed se akci\u00ed v investi\u010dn\u00ed smlouv\u011b\">Dolo\u017eky t\u00fdkaj\u00edc\u00ed se akci\u00ed v investi\u010dn\u00ed smlouv\u011b<\/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-shares-provision\/#Ustanoveni_o_prioritnim_odberu_nove_vydavanych_akcii\" title=\"Ustanoven\u00ed o prioritn\u00edm odb\u011bru nov\u011b vyd\u00e1van\u00fdch akci\u00ed\">Ustanoven\u00ed o prioritn\u00edm odb\u011bru nov\u011b vyd\u00e1van\u00fdch akci\u00ed<\/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-shares-provision\/#Vydani_akciovych_opci\" title=\"Vyd\u00e1n\u00ed akciov\u00fdch opc\u00ed\">Vyd\u00e1n\u00ed akciov\u00fdch opc\u00ed<\/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-shares-provision\/#O_obdobi_uplatneni_prava_na_prioritni_odber\" title=\"O obdob\u00ed uplatn\u011bn\u00ed pr\u00e1va na prioritn\u00ed odb\u011br\">O obdob\u00ed uplatn\u011bn\u00ed pr\u00e1va na prioritn\u00ed odb\u011br<\/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-shares-provision\/#Klauzule_o_predkupnim_pravu\" title=\"Klauzule o p\u0159edkupn\u00edm pr\u00e1vu\">Klauzule o p\u0159edkupn\u00edm pr\u00e1vu<\/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-shares-provision\/#Co_je_predkupni_pravo\" title=\"Co je p\u0159edkupn\u00ed pr\u00e1vo\">Co je p\u0159edkupn\u00ed pr\u00e1vo<\/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-shares-provision\/#Ucel_klauzule_o_predkupnim_pravu\" title=\"\u00da\u010del klauzule o p\u0159edkupn\u00edm pr\u00e1vu\">\u00da\u010del klauzule o p\u0159edkupn\u00edm pr\u00e1vu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-shares-provision\/#Muze_byt_predkupni_pravo_udeleno_manazerovi\" title=\"M\u016f\u017ee b\u00fdt p\u0159edkupn\u00ed pr\u00e1vo ud\u011bleno mana\u017eerovi?\">M\u016f\u017ee b\u00fdt p\u0159edkupn\u00ed pr\u00e1vo ud\u011bleno mana\u017eerovi?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-shares-provision\/#Dolozky_tykajici_se_prava_na_spolecny_prodej_a_prava_na_ucast_na_prevodu\" title=\"Dolo\u017eky t\u00fdkaj\u00edc\u00ed se pr\u00e1va na spole\u010dn\u00fd prodej a pr\u00e1va na \u00fa\u010dast na p\u0159evodu\">Dolo\u017eky t\u00fdkaj\u00edc\u00ed se pr\u00e1va na spole\u010dn\u00fd prodej a pr\u00e1va na \u00fa\u010dast na p\u0159evodu<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-shares-provision\/#Co_je_pravo_na_spolecny_prodej_a_pravo_na_ucast_na_prevodu\" title=\"Co je pr\u00e1vo na spole\u010dn\u00fd prodej a pr\u00e1vo na \u00fa\u010dast na p\u0159evodu\">Co je pr\u00e1vo na spole\u010dn\u00fd prodej a pr\u00e1vo na \u00fa\u010dast na p\u0159evodu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-shares-provision\/#Ucel_dolozky_o_pravu_na_spolecny_prodej_a_pravu_na_ucast_na_prevodu\" title=\"\u00da\u010del dolo\u017eky o pr\u00e1vu na spole\u010dn\u00fd prodej a pr\u00e1vu na \u00fa\u010dast na p\u0159evodu\">\u00da\u010del dolo\u017eky o pr\u00e1vu na spole\u010dn\u00fd prodej a pr\u00e1vu na \u00fa\u010dast na p\u0159evodu<\/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-shares-provision\/#Muze_byt_pravo_na_spolecny_prodej_a_pravo_na_ucast_na_prevodu_udeleno_manazerum\" title=\"M\u016f\u017ee b\u00fdt pr\u00e1vo na spole\u010dn\u00fd prodej a pr\u00e1vo na \u00fa\u010dast na p\u0159evodu ud\u011bleno mana\u017eer\u016fm?\">M\u016f\u017ee b\u00fdt pr\u00e1vo na spole\u010dn\u00fd prodej a pr\u00e1vo na \u00fa\u010dast na p\u0159evodu ud\u011bleno mana\u017eer\u016fm?<\/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-shares-provision\/#Body_k_zvazeni_pri_stanoveni_dolozky_o_pravu_na_spolecny_prodej_a_pravu_na_ucast_na_prevodu\" title=\"Body k zv\u00e1\u017een\u00ed p\u0159i stanoven\u00ed dolo\u017eky o pr\u00e1vu na spole\u010dn\u00fd prodej a pr\u00e1vu na \u00fa\u010dast na p\u0159evodu\">Body k zv\u00e1\u017een\u00ed p\u0159i stanoven\u00ed dolo\u017eky o pr\u00e1vu na spole\u010dn\u00fd prodej a pr\u00e1vu na \u00fa\u010dast na p\u0159evodu<\/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-shares-provision\/#Ustanoveni_o_prevodu_akcii\" title=\"Ustanoven\u00ed o p\u0159evodu akci\u00ed\">Ustanoven\u00ed o p\u0159evodu akci\u00ed<\/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-shares-provision\/#Ustanoveni_o_pravu_na_spolecny_prodej_Drag-Along_Right\" title=\"Ustanoven\u00ed o pr\u00e1vu na spole\u010dn\u00fd prodej (Drag-Along Right)\">Ustanoven\u00ed o pr\u00e1vu na spole\u010dn\u00fd prodej (Drag-Along Right)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-shares-provision\/#Shrnuti\" title=\"Shrnut\u00ed\">Shrnut\u00ed<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dolozky_tykajici_se_akcii_v_investicni_smlouve\"><\/span>Dolo\u017eky t\u00fdkaj\u00edc\u00ed se akci\u00ed v investi\u010dn\u00ed smlouv\u011b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V investi\u010dn\u00ed smlouv\u011b mohou b\u00fdt zahrnuty n\u00e1sleduj\u00edc\u00ed dolo\u017eky t\u00fdkaj\u00edc\u00ed se akci\u00ed:<\/p>\n\n\n\n<ol>\n<li>Dolo\u017eka o prioritn\u00edm odb\u011bru nov\u011b vyd\u00e1van\u00fdch akci\u00ed a podobn\u00fdch cenn\u00fdch pap\u00edr\u016f<\/li>\n\n\n\n<li>Dolo\u017eka o pr\u00e1vu na p\u0159edkupn\u00ed pr\u00e1vo a opci<\/li>\n\n\n\n<li>Dolo\u017eka o pr\u00e1vu na spole\u010dn\u00fd prodej a pr\u00e1vo na \u00fa\u010dast na p\u0159evodu<\/li>\n\n\n\n<li>Dolo\u017eka o p\u0159evodu akci\u00ed<\/li>\n\n\n\n<li>Dolo\u017eka o pr\u00e1vu na vynucen\u00ed prodeje (Drag Along Right)<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_o_prioritnim_odberu_nove_vydavanych_akcii\"><\/span>Ustanoven\u00ed o prioritn\u00edm odb\u011bru nov\u011b vyd\u00e1van\u00fdch akci\u00ed<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\/2019\/10\/shutterstock_531227905-1024x586.jpg\" alt=\"\" class=\"wp-image-5298\" \/><figcaption class=\"wp-element-caption\">Vysv\u011btl\u00edme ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se prioritn\u00edho odb\u011bru nov\u011b vyd\u00e1van\u00fdch akci\u00ed.<\/figcaption><\/figure>\n\n\n\n<p>Pro VC a podobn\u00e9 subjekty je prioritn\u00ed odb\u011br nov\u011b vyd\u00e1van\u00fdch akci\u00ed zp\u016fsobem, jak udr\u017eet sv\u016fj pod\u00edl na vlastnictv\u00ed.<\/p>\n\n\n\n<p>Udr\u017een\u00edm sv\u00e9ho pod\u00edlu na vlastnictv\u00ed mohou VC a podobn\u00e9 subjekty uplat\u0148ovat sv\u00e9 hlasovac\u00ed pr\u00e1vo jako akcion\u00e1\u0159i a udr\u017eovat kontrolu. Krom\u011b toho, mohou z\u00edskat n\u00e1vratnost p\u0159i vstupu na burzu nebo p\u0159i M&amp;A v z\u00e1vislosti na sv\u00e9m pod\u00edlu na vlastnictv\u00ed, co\u017e je pro VC a podobn\u00e9 subjekty d\u016fle\u017eitou z\u00e1le\u017eitost\u00ed.<\/p>\n\n\n\n<p>Proto m\u016f\u017ee b\u00fdt v obsahu investi\u010dn\u00ed smlouvy ustanoveno, \u017ee VC a podobn\u00e9 subjekty mohou prioritn\u011b odeb\u00edrat nov\u011b vyd\u00e1van\u00e9 akcie vyd\u00e1van\u00e9 startupy a podobn\u00fdmi subjekty. Ustanoven\u00ed o prioritn\u00edm odb\u011bru nov\u011b vyd\u00e1van\u00fdch akci\u00ed obvykle nep\u0159edstavuje velk\u00e9 riziko pro startupy a podobn\u00e9 subjekty, i kdy\u017e je stanoveno.<\/p>\n\n\n\n<p>Av\u0161ak p\u0159i stanoven\u00ed je t\u0159eba d\u00e1vat pozor na n\u00e1sleduj\u00edc\u00ed dv\u011b v\u011bci.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vydani_akciovych_opci\"><\/span>Vyd\u00e1n\u00ed akciov\u00fdch opc\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Akciov\u00e9 opce jsou pr\u00e1va, kter\u00e1 umo\u017e\u0148uj\u00ed mana\u017eer\u016fm, zam\u011bstnanc\u016fm a investor\u016fm akciov\u00fdch spole\u010dnost\u00ed koupit akcie akciov\u00e9 spole\u010dnosti za ur\u010ditou cenu. U startup\u016f a podobn\u00fdch subjekt\u016f m\u016f\u017ee b\u00fdt praxe ud\u011blov\u00e1n\u00ed akciov\u00fdch opc\u00ed vynikaj\u00edc\u00edm zp\u016fsobem, jak p\u0159il\u00e1kat talentovan\u00e9 pracovn\u00edky. Proto je pro spole\u010dnosti ide\u00e1ln\u00ed vyu\u017e\u00edt akciov\u00e9 opce k z\u00edsk\u00e1n\u00ed talentovan\u00fdch pracovn\u00edk\u016f. Proto je vhodn\u00e9 stanovit obsah ustanoven\u00ed o prioritn\u00edm odb\u011bru tak, aby byly akciov\u00e9 opce vylou\u010deny. Pokud nebudou stanovena \u017e\u00e1dn\u00e1 konkr\u00e9tn\u00ed ustanoven\u00ed o prioritn\u00edm odb\u011bru, akciov\u00e9 opce se mohou st\u00e1t jejich c\u00edlem, co\u017e by mohlo zt\u00ed\u017eit jejich vyu\u017eit\u00ed k z\u00edsk\u00e1n\u00ed talentovan\u00fdch pracovn\u00edk\u016f. Bu\u010fte opatrn\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"O_obdobi_uplatneni_prava_na_prioritni_odber\"><\/span>O obdob\u00ed uplatn\u011bn\u00ed pr\u00e1va na prioritn\u00ed odb\u011br<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pokud nen\u00ed stanoveno obdob\u00ed pro uplatn\u011bn\u00ed pr\u00e1va na prioritn\u00ed odb\u011br, m\u016f\u017ee se st\u00e1t, \u017ee VC a podobn\u00e9 subjekty nebudou uplat\u0148ovat sv\u00e1 pr\u00e1va a financov\u00e1n\u00ed spole\u010dnosti se nebude posouvat. Aby se p\u0159ede\u0161lo takov\u00e9 situaci, je vhodn\u00e9 stanovit obdob\u00ed pro uplatn\u011bn\u00ed pr\u00e1va na prioritn\u00ed odb\u011br v obsahu investi\u010dn\u00ed smlouvy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Klauzule_o_predkupnim_pravu\"><\/span>Klauzule o p\u0159edkupn\u00edm pr\u00e1vu<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_predkupni_pravo\"><\/span>Co je p\u0159edkupn\u00ed pr\u00e1vo<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V\u00fd\u0161e jsme vysv\u011btlili klauzuli o prioritn\u00edm odb\u011bru nov\u011b vyd\u00e1van\u00fdch akci\u00ed, kter\u00e1 umo\u017e\u0148uje &#8220;spole\u010dnosti&#8221; p\u0159ednostn\u011b odeb\u00edrat nov\u00e9 akcie atd. Na druh\u00e9 stran\u011b, p\u0159edkupn\u00ed pr\u00e1vo umo\u017e\u0148uje tomu, kdo m\u00e1 p\u0159edkupn\u00ed pr\u00e1vo, koupit akcie, kter\u00e9 jsou p\u0159edm\u011btem p\u0159evodu, p\u0159ed ostatn\u00edmi, kdy\u017e konkr\u00e9tn\u00ed akcion\u00e1\u0159 p\u0159ev\u00e1d\u00ed sv\u00e9 vlastn\u00ed akcie.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ucel_klauzule_o_predkupnim_pravu\"><\/span>\u00da\u010del klauzule o p\u0159edkupn\u00edm pr\u00e1vu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Hlavn\u00edmi \u00fa\u010dely p\u0159edkupn\u00edho pr\u00e1va jsou n\u00e1sleduj\u00edc\u00ed dva:<\/p>\n\n\n\n<ol>\n<li>Zv\u00fd\u0161en\u00ed po\u010dtu vlastn\u00edch akci\u00ed a zv\u00fd\u0161en\u00ed pod\u00edlu na vlastnictv\u00ed prost\u0159ednictv\u00edm n\u00e1kupu akci\u00ed<\/li>\n\n\n\n<li>Zabr\u00e1n\u011bn\u00ed p\u0159evodu akci\u00ed na ne\u017e\u00e1douc\u00ed t\u0159et\u00ed strany<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Muze_byt_predkupni_pravo_udeleno_manazerovi\"><\/span>M\u016f\u017ee b\u00fdt p\u0159edkupn\u00ed pr\u00e1vo ud\u011bleno mana\u017eerovi?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>P\u0159\u00edpady n\u00e1kupu v d\u016fsledku uplatn\u011bn\u00ed p\u0159edkupn\u00edho pr\u00e1va lze shrnout n\u00e1sledovn\u011b:<\/p>\n\n\n\n<ul>\n<li>Mana\u017eer p\u0159ev\u00e1d\u00ed a mana\u017eer kupuje<\/li>\n\n\n\n<li>Mana\u017eer p\u0159ev\u00e1d\u00ed a investor kupuje<\/li>\n\n\n\n<li>Investor p\u0159ev\u00e1d\u00ed a mana\u017eer kupuje<\/li>\n\n\n\n<li>Investor p\u0159ev\u00e1d\u00ed a investor kupuje<\/li>\n<\/ul>\n\n\n\n<p>V p\u0159\u00edpad\u011b, kdy investor p\u0159ev\u00e1d\u00ed akcie, je \u010dasto bez probl\u00e9m\u016f, zda akcie kupuje mana\u017eer nebo investor, pokud mohou b\u00fdt akcie prod\u00e1ny. Nav\u00edc, z pohledu mana\u017eera, \u010dasto existuj\u00ed p\u0159\u00edpady, kdy by mana\u017eer cht\u011bl koupit akcie, pokud by je m\u011bl koupit ne\u017e\u00e1douc\u00ed t\u0159et\u00ed strana. Proto je ur\u010dit\u00e1 logika v tom, \u017ee mana\u017eer m\u00e1 p\u0159ednost p\u0159i n\u00e1kupu, kdy\u017e investor p\u0159ev\u00e1d\u00ed akcie.<\/p>\n\n\n\n<p>Proto existuje mnoho p\u0159\u00edpad\u016f, kdy je p\u0159edkupn\u00ed pr\u00e1vo ud\u011bleno mana\u017eerovi. Nav\u00edc, pokud nejsou v\u0161echny akcie odkoupeny, nelze dos\u00e1hnout v\u00fd\u0161e uveden\u00fdch dvou c\u00edl\u016f, tak\u017ee \u010dasto jsou odkoupeny v\u0161echny akcie, nikoli jen \u010d\u00e1st.<\/p>\n\n\n\n<p>Pokud se p\u0159ev\u00e1d\u00ed v\u00edce akci\u00ed a v\u00edce lid\u00ed uplat\u0148uje p\u0159edkupn\u00ed pr\u00e1vo, je b\u011b\u017en\u00e9, \u017ee ti, kte\u0159\u00ed uplat\u0148uj\u00ed p\u0159edkupn\u00ed pr\u00e1vo, odkupuj\u00ed akcie proporcionaln\u011b.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dolozky_tykajici_se_prava_na_spolecny_prodej_a_prava_na_ucast_na_prevodu\"><\/span>Dolo\u017eky t\u00fdkaj\u00edc\u00ed se pr\u00e1va na spole\u010dn\u00fd prodej a pr\u00e1va na \u00fa\u010dast na p\u0159evodu<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\/2019\/10\/shutterstock_1204727524-1024x575.jpg\" alt=\"\" class=\"wp-image-5300\" \/><figcaption class=\"wp-element-caption\">Dolo\u017eky t\u00fdkaj\u00edc\u00ed se pr\u00e1va na spole\u010dn\u00fd prodej a pr\u00e1va na \u00fa\u010dast na p\u0159evodu jsou d\u016fle\u017eit\u00e9 pro men\u0161inov\u00e9 akcion\u00e1\u0159e.<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_pravo_na_spolecny_prodej_a_pravo_na_ucast_na_prevodu\"><\/span>Co je pr\u00e1vo na spole\u010dn\u00fd prodej a pr\u00e1vo na \u00fa\u010dast na p\u0159evodu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pr\u00e1vo na spole\u010dn\u00fd prodej a pr\u00e1vo na \u00fa\u010dast na p\u0159evodu je pr\u00e1vo, kter\u00e9 umo\u017e\u0148uje ostatn\u00edm akcion\u00e1\u0159\u016fm, aby kdy\u017e ur\u010dit\u00fd akcion\u00e1\u0159 chce prodat sv\u00e9 akcie, mohli tak\u00e9 prodat sv\u00e9 akcie, tedy zajistit si p\u0159\u00edle\u017eitost k prodeji sv\u00fdch akci\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ucel_dolozky_o_pravu_na_spolecny_prodej_a_pravu_na_ucast_na_prevodu\"><\/span>\u00da\u010del dolo\u017eky o pr\u00e1vu na spole\u010dn\u00fd prodej a pr\u00e1vu na \u00fa\u010dast na p\u0159evodu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Hlavn\u00edm \u00fa\u010delem dolo\u017eky o pr\u00e1vu na spole\u010dn\u00fd prodej a pr\u00e1vu na \u00fa\u010dast na p\u0159evodu je zabr\u00e1nit situaci, kdy by ur\u010dit\u00fd akcion\u00e1\u0159 prodal sv\u00e9 akcie a z\u00edskal zisk, t\u00edm, \u017ee by se p\u0159\u00edle\u017eitost prodat akcie sd\u00edlela mezi akcion\u00e1\u0159i. Pro men\u0161inov\u00e9 akcion\u00e1\u0159e je to zvl\u00e1\u0161t\u011b d\u016fle\u017eit\u00e9, proto\u017ee pokud by velk\u00fd akcion\u00e1\u0159 prodal sv\u00e9 akcie a do\u0161lo by k zm\u011bn\u011b mate\u0159sk\u00e9 spole\u010dnosti nebo organiza\u010dn\u00ed struktury spole\u010dnosti, mohli by zme\u0161kat p\u0159\u00edle\u017eitost prodat sv\u00e9 akcie. To by mohlo v\u00e9st k ztr\u00e1t\u011b p\u0159\u00edle\u017eitosti z\u00edskat zisk z exitu.<\/p>\n\n\n\n<p>Z tohoto d\u016fvodu je dolo\u017eka o pr\u00e1vu na spole\u010dn\u00fd prodej a pr\u00e1vu na \u00fa\u010dast na p\u0159evodu zvl\u00e1\u0161t\u011b d\u016fle\u017eit\u00e1 pro men\u0161inov\u00e9 akcion\u00e1\u0159e.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Muze_byt_pravo_na_spolecny_prodej_a_pravo_na_ucast_na_prevodu_udeleno_manazerum\"><\/span>M\u016f\u017ee b\u00fdt pr\u00e1vo na spole\u010dn\u00fd prodej a pr\u00e1vo na \u00fa\u010dast na p\u0159evodu ud\u011bleno mana\u017eer\u016fm?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>P\u0159\u00edpady \u00fa\u010dasti na prodeji v d\u016fsledku uplatn\u011bn\u00ed pr\u00e1va na spole\u010dn\u00fd prodej a pr\u00e1va na \u00fa\u010dast na p\u0159evodu jsou n\u00e1sleduj\u00edc\u00ed:<\/p>\n\n\n\n<ul>\n<li>Kdy\u017e mana\u017eer prod\u00e1v\u00e1 akcie a mana\u017eer se \u00fa\u010dastn\u00ed<\/li>\n\n\n\n<li>Kdy\u017e mana\u017eer prod\u00e1v\u00e1 akcie a investor se \u00fa\u010dastn\u00ed<\/li>\n\n\n\n<li>Kdy\u017e investor prod\u00e1v\u00e1 akcie a mana\u017eer se \u00fa\u010dastn\u00ed<\/li>\n\n\n\n<li>Kdy\u017e investor prod\u00e1v\u00e1 akcie a investor se \u00fa\u010dastn\u00ed<\/li>\n<\/ul>\n\n\n\n<p>Vysv\u011btlili jsme, \u017ee existuje ur\u010dit\u00e1 racion\u00e1lnost v ud\u011blen\u00ed pr\u00e1va na p\u0159ednostn\u00ed odkup a pr\u00e1va na p\u0159edkup pro mana\u017eery a \u017ee existuje mnoho p\u0159\u00edpad\u016f, kdy je to mana\u017eer\u016fm ud\u011bleno.<\/p>\n\n\n\n<p>Av\u0161ak, co se t\u00fd\u010de pr\u00e1va na spole\u010dn\u00fd prodej a pr\u00e1va na \u00fa\u010dast na p\u0159evodu, obecn\u011b se to mana\u017eer\u016fm neud\u011bluje. Pro investory, jako jsou VC, je nutn\u00e9 a racion\u00e1ln\u00ed zajistit p\u0159\u00edle\u017eitost k p\u0159evodu v ur\u010dit\u00e9m \u010dasov\u00e9m obdob\u00ed t\u00edm, \u017ee se jim ud\u011bl\u00ed pr\u00e1vo na spole\u010dn\u00fd prodej a pr\u00e1vo na \u00fa\u010dast na p\u0159evodu.<\/p>\n\n\n\n<p>Na druhou stranu, pro mana\u017eery, na rozd\u00edl od investor\u016f jako jsou VC, hlavn\u00edm c\u00edlem nen\u00ed investovat do spole\u010dnosti, ale \u0159\u00eddit ji. Proto pro mana\u017eery, na rozd\u00edl od investor\u016f jako jsou VC, nen\u00ed racion\u00e1ln\u00ed ani nutn\u00e9 ud\u011blit pr\u00e1vo na spole\u010dn\u00fd prodej a pr\u00e1vo na \u00fa\u010dast na p\u0159evodu a zajistit p\u0159\u00edle\u017eitost k p\u0159evodu v ur\u010dit\u00e9m \u010dasov\u00e9m obdob\u00ed, a obecn\u011b se to mana\u017eer\u016fm neud\u011bluje.<\/p>\n\n\n\n<p>Av\u0161ak, v p\u0159\u00edpadech, kdy je od za\u010d\u00e1tku pl\u00e1nov\u00e1no, \u017ee mana\u017eer prod\u00e1 akcie, m\u016f\u017ee b\u00fdt pr\u00e1vo na spole\u010dn\u00fd prodej a pr\u00e1vo na \u00fa\u010dast na p\u0159evodu ud\u011bleno v\u00fdjime\u010dn\u011b.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Body_k_zvazeni_pri_stanoveni_dolozky_o_pravu_na_spolecny_prodej_a_pravu_na_ucast_na_prevodu\"><\/span>Body k zv\u00e1\u017een\u00ed p\u0159i stanoven\u00ed dolo\u017eky o pr\u00e1vu na spole\u010dn\u00fd prodej a pr\u00e1vu na \u00fa\u010dast na p\u0159evodu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Je d\u016fle\u017eit\u00e9 jasn\u011b stanovit, jak ur\u010dit po\u010det akci\u00ed, kter\u00e9 mohou b\u00fdt p\u0159evedeny v r\u00e1mci pr\u00e1va na spole\u010dn\u00fd prodej a pr\u00e1va na \u00fa\u010dast na p\u0159evodu, a jak zach\u00e1zet v p\u0159\u00edpad\u011b, kdy osoba, kter\u00e1 chce odkoupit akcie, zm\u011bn\u00ed po\u010det akci\u00ed, kter\u00e9 chce odkoupit.<\/p>\n\n\n\n<p>Pr\u00e1vo na spole\u010dn\u00fd prodej a pr\u00e1vo na \u00fa\u010dast na p\u0159evodu mohou b\u00fdt tak\u00e9 stanoveny sou\u010dasn\u011b s pr\u00e1vem na p\u0159ednostn\u00ed odkup a pr\u00e1vem na p\u0159edkup v r\u00e1mci investi\u010dn\u00ed smlouvy. V takov\u00e9m p\u0159\u00edpad\u011b je t\u0159eba zv\u00e1\u017eit, jak koordinovat vztah mezi ob\u011bma.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_o_prevodu_akcii\"><\/span>Ustanoven\u00ed o p\u0159evodu akci\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V investi\u010dn\u00edch smlouv\u00e1ch je obvykl\u00e9, \u017ee se prov\u00e1d\u00ed n\u011bjak\u00e9 dohody t\u00fdkaj\u00edc\u00ed se p\u0159evodu akci\u00ed, aby se vyrovnaly z\u00e1jmy mezi startupy a venture kapit\u00e1lov\u00fdmi spole\u010dnostmi (VC). Nap\u0159\u00edklad, m\u016f\u017ee b\u00fdt stanoveno, \u017ee kdy\u017e mana\u017eer p\u0159ev\u00e1d\u00ed akcie, je t\u0159eba z\u00edskat souhlas VC. Na druhou stranu, m\u016f\u017ee b\u00fdt explicitn\u011b uvedeno, \u017ee VC m\u016f\u017ee p\u0159ev\u00e1d\u011bt akcie voln\u011b. To je proto, \u017ee se uzn\u00e1v\u00e1 pot\u0159eba a logika, \u017ee VC by m\u011bla m\u00edt mo\u017enost p\u0159ev\u00e9st akcie v ur\u010dit\u00e9m \u010dasov\u00e9m obdob\u00ed.<\/p>\n\n\n\n<p>Av\u0161ak, pokud by VC mohla voln\u011b p\u0159ev\u00e9st akcie i na osoby, kter\u00e9 nejsou pro spole\u010dnost p\u0159\u00edzniv\u00e9, mohlo by to v\u00e9st k nev\u00fdhod\u00e1m pro spole\u010dnost. Proto se m\u016f\u017ee uva\u017eovat o vyjedn\u00e1v\u00e1n\u00ed omezen\u00ed na p\u0159evod akci\u00ed VC, nap\u0159\u00edklad stanoven\u00edm, \u017ee p\u0159evod na ur\u010dit\u00e9 osoby vy\u017eaduje souhlas spole\u010dnosti, i kdy\u017e se obecn\u011b uzn\u00e1v\u00e1 voln\u00fd p\u0159evod.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_o_pravu_na_spolecny_prodej_Drag-Along_Right\"><\/span>Ustanoven\u00ed o pr\u00e1vu na spole\u010dn\u00fd prodej (Drag-Along Right)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Pr\u00e1vo na spole\u010dn\u00fd prodej, zn\u00e1m\u00e9 tak\u00e9 jako pr\u00e1vo na nucen\u00fd prodej, je &#8220;pr\u00e1vo, kter\u00e9 umo\u017e\u0148uje investorovi, za ur\u010dit\u00fdch podm\u00ednek, donutit veden\u00ed a ostatn\u00ed akcion\u00e1\u0159e k \u00fa\u010dasti na f\u00faz\u00edch a akvizic\u00edch nebo k ukon\u010den\u00ed podnik\u00e1n\u00ed&#8221; (Tetsuya Isozaki, &#8220;Equity Finance for Startups&#8221;, strana 139). Pro v\u00edce informac\u00ed o pr\u00e1vu na spole\u010dn\u00fd prodej, pros\u00edm, odkazujte se na n\u00e1sleduj\u00edc\u00ed \u010dl\u00e1nek.<\/p>\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>V\u00fd\u0161e jsme vysv\u011btlili klauzule t\u00fdkaj\u00edc\u00ed se akci\u00ed v investi\u010dn\u00edch smlouv\u00e1ch. Klauzule t\u00fdkaj\u00edc\u00ed se akci\u00ed ovliv\u0148uj\u00ed pod\u00edl akci\u00ed a n\u00e1vratnost p\u0159i Exitu, a proto jsou d\u016fle\u017eit\u00e9 jak pro spole\u010dnost, tak pro investory, jako jsou nap\u0159\u00edklad VC. Je tedy nezbytn\u00e9, aby byly tyto klauzule v investi\u010dn\u00ed smlouv\u011b jasn\u011b stanoveny.<\/p>\n\n\n\n<p>Av\u0161ak, p\u0159i zkoum\u00e1n\u00ed klauzul\u00ed t\u00fdkaj\u00edc\u00edch se akci\u00ed v investi\u010dn\u00edch smlouv\u00e1ch je vy\u017eadov\u00e1na odborn\u00e1 znalost. Proto je vhodn\u00e9 nechat smlouvu vytvo\u0159it pr\u00e1vn\u00edkem, kter\u00fd je odborn\u00edkem v t\u00e9to oblasti, nebo z\u00edskat pr\u00e1vn\u00ed radu od pr\u00e1vn\u00edka.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>V obsahu investi\u010dn\u00ed smlouvy jsou stanoveny r\u016fzn\u00e9 klauzule, m\u016f\u017ee b\u00fdt stanovena i klauzule t\u00fdkaj\u00edc\u00ed se akci\u00ed. Klauzule t\u00fdkaj\u00edc\u00ed se akci\u00ed je z pohledu investora kl\u00ed\u010dov\u00e1, proto\u017ee se t\u00fdk\u00e1 akci\u00ed p\u0159ijat\u00fdch j [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,28],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61418"}],"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=61418"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61418\/revisions"}],"predecessor-version":[{"id":63158,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61418\/revisions\/63158"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/63157"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}