{"id":61475,"date":"2023-12-08T20:25:34","date_gmt":"2023-12-08T11:25:34","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61475"},"modified":"2024-03-27T15:17:54","modified_gmt":"2024-03-27T06:17:54","slug":"investment-law-drag-along-right","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/investment-law-drag-along-right","title":{"rendered":"Klauzule o pr\u00e1vu na spole\u010dn\u00fd prodej v investi\u010dn\u00edch smlouv\u00e1ch pro startupy"},"content":{"rendered":"\n<p>Zvl\u00e1\u0161t\u011b p\u0159i p\u0159ij\u00edm\u00e1n\u00ed investic od startup\u016f m\u016f\u017ee b\u00fdt v obsahu investi\u010dn\u00ed smlouvy stanovena klauzule t\u00fdkaj\u00edc\u00ed se pr\u00e1va na spolupr\u00e1ci (drag along). Existuje mnoho ot\u00e1zek, kter\u00e9 je t\u0159eba zv\u00e1\u017eit, jako nap\u0159\u00edklad zda by m\u011bla b\u00fdt klauzule o pr\u00e1vu na spolupr\u00e1ci (drag along) stanovena v obsahu investi\u010dn\u00ed smlouvy, a pokud ano, jak\u00fd by m\u011bl b\u00fdt jej\u00ed obsah. V tomto \u010dl\u00e1nku vysv\u011btl\u00edme pr\u00e1vo na spolupr\u00e1ci (drag along) 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-law-drag-along-right\/#Co_je_pravo_na_spolupodileni_Drag_Along_Right\" title=\"Co je pr\u00e1vo na spolupod\u00edlen\u00ed (Drag Along Right)\">Co je pr\u00e1vo na spolupod\u00edlen\u00ed (Drag Along Right)<\/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-law-drag-along-right\/#Ucel_prava_na_spolecny_prodej_akcii_Drag-Along_Right\" title=\"\u00da\u010del pr\u00e1va na spole\u010dn\u00fd prodej akci\u00ed (Drag-Along Right)\">\u00da\u010del pr\u00e1va na spole\u010dn\u00fd prodej akci\u00ed (Drag-Along Right)<\/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-law-drag-along-right\/#Vynutit_prodej_akcii_minoritnich_akcionaru\" title=\"Vynutit prodej akci\u00ed minoritn\u00edch akcion\u00e1\u0159\u016f\">Vynutit prodej akci\u00ed minoritn\u00edch akcion\u00e1\u0159\u016f<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-law-drag-along-right\/#1_Prevod_akcii\" title=\"1. P\u0159evod akci\u00ed\">1. P\u0159evod akci\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-law-drag-along-right\/#2_a_3_Reorganizace_spolecnosti_a_prevod_podnikani\" title=\"2. a 3. Reorganizace spole\u010dnosti a p\u0159evod podnik\u00e1n\u00ed\">2. a 3. Reorganizace spole\u010dnosti a p\u0159evod podnik\u00e1n\u00ed<\/a><\/li><\/ul><\/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\/investment-law-drag-along-right\/#Vynutit_prodej_akcii_vedenim_spolecnosti\" title=\"Vynutit prodej akci\u00ed veden\u00edm spole\u010dnosti\">Vynutit prodej akci\u00ed veden\u00edm spole\u010dnosti<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-law-drag-along-right\/#Pozadavky_pro_uplatneni_prava_na_spolecny_prodej_Drag_Along_Right\" title=\"Po\u017eadavky pro uplatn\u011bn\u00ed pr\u00e1va na spole\u010dn\u00fd prodej (Drag Along Right)\">Po\u017eadavky pro uplatn\u011bn\u00ed pr\u00e1va na spole\u010dn\u00fd prodej (Drag Along Right)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-law-drag-along-right\/#Podminky_pro_uplatneni_v_pripade_kdy_je_cilem_donutit_mensinove_akcionare_k_prodeji_akcii\" title=\"Podm\u00ednky pro uplatn\u011bn\u00ed v p\u0159\u00edpad\u011b, kdy je c\u00edlem donutit men\u0161inov\u00e9 akcion\u00e1\u0159e k prodeji akci\u00ed\">Podm\u00ednky pro uplatn\u011bn\u00ed v p\u0159\u00edpad\u011b, kdy je c\u00edlem donutit men\u0161inov\u00e9 akcion\u00e1\u0159e k prodeji akci\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-law-drag-along-right\/#Podminky_pro_uplatneni_v_pripade_kdy_je_cilem_donutit_vedeni_spolecnosti_k_prodeji_akcii\" title=\"Podm\u00ednky pro uplatn\u011bn\u00ed v p\u0159\u00edpad\u011b, kdy je c\u00edlem donutit veden\u00ed spole\u010dnosti k prodeji akci\u00ed\">Podm\u00ednky pro uplatn\u011bn\u00ed v p\u0159\u00edpad\u011b, kdy je c\u00edlem donutit veden\u00ed spole\u010dnosti k prodeji akci\u00ed<\/a><\/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-law-drag-along-right\/#Body_na_zvazeni_pri_vyberu_subjektu_pro_Drag_Along_Right\" title=\"Body na zv\u00e1\u017een\u00ed p\u0159i v\u00fdb\u011bru subjekt\u016f pro Drag Along Right\">Body na zv\u00e1\u017een\u00ed p\u0159i v\u00fdb\u011bru subjekt\u016f pro Drag Along Right<\/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-law-drag-along-right\/#Subjekty_v_pripade_kdy_je_cilem_vynutit_prodej_akcii_na_mensinove_akcionare\" title=\"Subjekty v p\u0159\u00edpad\u011b, kdy je c\u00edlem vynutit prodej akci\u00ed na men\u0161inov\u00e9 akcion\u00e1\u0159e\">Subjekty v p\u0159\u00edpad\u011b, kdy je c\u00edlem vynutit prodej akci\u00ed na men\u0161inov\u00e9 akcion\u00e1\u0159e<\/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-law-drag-along-right\/#Subjekty_v_pripade_kdy_je_cilem_vynutit_prodej_akcii_na_vedeni_spolecnosti\" title=\"Subjekty v p\u0159\u00edpad\u011b, kdy je c\u00edlem vynutit prodej akci\u00ed na veden\u00ed spole\u010dnosti\">Subjekty v p\u0159\u00edpad\u011b, kdy je c\u00edlem vynutit prodej akci\u00ed na veden\u00ed spole\u010dnosti<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-law-drag-along-right\/#O_cene_pri_uplatneni_prava_na_spolecny_prodej_Drag_Along_Right\" title=\"O cen\u011b p\u0159i uplatn\u011bn\u00ed pr\u00e1va na spole\u010dn\u00fd prodej (Drag Along Right)\">O cen\u011b p\u0159i uplatn\u011bn\u00ed pr\u00e1va 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-14\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-law-drag-along-right\/#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_pravo_na_spolupodileni_Drag_Along_Right\"><\/span>Co je pr\u00e1vo na spolupod\u00edlen\u00ed (Drag Along Right)<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_6584692-1024x625.jpg\" alt=\"\" class=\"wp-image-5460\" \/><figcaption class=\"wp-element-caption\">Pr\u00e1vo na spolupod\u00edlen\u00ed (Drag Along Right) je pr\u00e1vo, kter\u00e9 umo\u017e\u0148uje v p\u0159\u00edpad\u011b spln\u011bn\u00ed ur\u010dit\u00fdch podm\u00ednek vynutit na ostatn\u00edch akcion\u00e1\u0159\u00edch souhlas s akvizic\u00ed c\u00edlov\u00e9 spole\u010dnosti.<\/figcaption><\/figure>\n\n\n\n<p>Pr\u00e1vo na spolupod\u00edlen\u00ed (Drag Along Right) je &#8220;pr\u00e1vo, kter\u00e9 umo\u017e\u0148uje investorovi, za ur\u010dit\u00fdch podm\u00ednek, vynutit na managementu a ostatn\u00edch akcion\u00e1\u0159\u00edch souhlas s f\u00faz\u00ed a akvizic\u00ed (M&amp;A) nebo exitem&#8221; (Tetsuya Isozaki, &#8220;Equity Finance for Startups&#8221;, strana 139). Pr\u00e1vo na spolupod\u00edlen\u00ed je tak\u00e9 n\u011bkdy ozna\u010dov\u00e1no jako pr\u00e1vo na nucen\u00fd prodej, pr\u00e1vo na po\u017eadavek prodeje nebo pr\u00e1vo na po\u017eadavek p\u0159evodu.<\/p>\n\n\n\n<p>Investice do startup\u016f ze strany venture kapit\u00e1lu jsou \u010dasto motivov\u00e1ny o\u010dek\u00e1v\u00e1n\u00edm, \u017ee dan\u00fd startup v budoucnu provede exit a t\u00edm umo\u017en\u00ed n\u00e1vrat investovan\u00fdch prost\u0159edk\u016f. Pr\u00e1vo na spolupod\u00edlen\u00ed je proto \u010dasto stanoveno jako klauzule, kter\u00e1 usnad\u0148uje proveden\u00ed takov\u00e9ho exitu, kter\u00fd po\u017eaduj\u00ed investo\u0159i, jako je venture kapit\u00e1l.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ucel_prava_na_spolecny_prodej_akcii_Drag-Along_Right\"><\/span>\u00da\u010del pr\u00e1va na spole\u010dn\u00fd prodej akci\u00ed (Drag-Along Right)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Hlavn\u00edmi \u00fa\u010dely pr\u00e1va na spole\u010dn\u00fd prodej akci\u00ed jsou n\u00e1sleduj\u00edc\u00ed dva:<\/p>\n\n\n\n<ol>\n<li>Vynutit prodej akci\u00ed minoritn\u00edch akcion\u00e1\u0159\u016f<\/li>\n\n\n\n<li>Vynutit prodej akci\u00ed veden\u00edm spole\u010dnosti<\/li>\n<\/ol>\n\n\n\n<p>Jak je patrn\u00e9 z v\u00fd\u0161e uveden\u00fdch bod\u016f 1 a 2, pr\u00e1vo na spole\u010dn\u00fd prodej akci\u00ed je klauzule stanoven\u00e1 v investi\u010dn\u00ed smlouv\u011b na \u017e\u00e1dost investor\u016f, jako jsou nap\u0159\u00edklad venture kapit\u00e1lov\u00e9 fondy. D\u00edky pr\u00e1vu na spole\u010dn\u00fd prodej akci\u00ed mohou investo\u0159i, jako jsou venture kapit\u00e1lov\u00e9 fondy, vynutit prodej akci\u00ed minoritn\u00edch akcion\u00e1\u0159\u016f a veden\u00ed spole\u010dnosti, prov\u00e9st M&amp;A nebo Exit investovan\u00fdch startup\u016f a t\u00edm dos\u00e1hnout n\u00e1vratnosti investovan\u00fdch prost\u0159edk\u016f.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vynutit_prodej_akcii_minoritnich_akcionaru\"><\/span>Vynutit prodej akci\u00ed minoritn\u00edch akcion\u00e1\u0159\u016f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Co se t\u00fd\u010de M&amp;A, lze je rozd\u011blit do n\u00e1sleduj\u00edc\u00edch kategori\u00ed:<\/p>\n\n\n\n<ol>\n<li>P\u0159evod akci\u00ed<\/li>\n\n\n\n<li>Reorganizace spole\u010dnosti (v\u00fdm\u011bna akci\u00ed, p\u0159evod akci\u00ed, f\u00faze atd.)<\/li>\n\n\n\n<li>P\u0159evod podnik\u00e1n\u00ed (p\u0159evod podnik\u00e1n\u00ed, rozd\u011blen\u00ed spole\u010dnosti atd.)<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Prevod_akcii\"><\/span>1. P\u0159evod akci\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Jako metoda M&amp;A prost\u0159ednictv\u00edm p\u0159evodu akci\u00ed lze uva\u017eovat o tom, \u017ee osoba, kter\u00e1 chce akvizovat startup, z\u00edsk\u00e1 v\u0161echny akcie dan\u00e9ho startupu. Pokud v\u0161ak n\u011bkte\u0159\u00ed akcion\u00e1\u0159i dan\u00e9ho startupu odm\u00edtnou p\u0159ev\u00e9st sv\u00e9 akcie, bude obt\u00ed\u017en\u00e9 z\u00edskat v\u0161echny akcie.<\/p>\n\n\n\n<p>Proto se uva\u017euje o tom, \u017ee se p\u0159edem stanov\u00ed klauzule ve smlouv\u011b o investici, kter\u00e1 vynut\u00ed prodej akci\u00ed minoritn\u00edch akcion\u00e1\u0159\u016f.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_a_3_Reorganizace_spolecnosti_a_prevod_podnikani\"><\/span>2. a 3. Reorganizace spole\u010dnosti a p\u0159evod podnik\u00e1n\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Pokud se rozhodnete pro metodu 2. nebo 3., m\u016f\u017eete ji prov\u00e9st z\u00e1sadn\u011b prost\u0159ednictv\u00edm speci\u00e1ln\u00edho usnesen\u00ed valn\u00e9 hromady (z\u00e1sadn\u011b je t\u0159eba, aby na dan\u00e9 valn\u00e9 hromad\u011b byli p\u0159\u00edtomni akcion\u00e1\u0159i, kte\u0159\u00ed maj\u00ed v\u00edce ne\u017e polovinu hlasovac\u00edch pr\u00e1v, a aby bylo z\u00edsk\u00e1no souhlas v\u00edce ne\u017e dvou t\u0159etin hlasovac\u00edch pr\u00e1v p\u0159\u00edtomn\u00fdch akcion\u00e1\u0159\u016f). Proto je prah pro proveden\u00ed ni\u017e\u0161\u00ed ne\u017e u metody 1. z\u00edsk\u00e1n\u00ed v\u0161ech akci\u00ed.<\/p>\n\n\n\n<p>Av\u0161ak pokud se rozhodnete pro metodu 2. nebo 3., v obchodn\u00edm z\u00e1kon\u00edku jsou stanoveny syst\u00e9my na ochranu nesouhlas\u00edc\u00edch akcion\u00e1\u0159\u016f (nap\u0159\u00edklad pr\u00e1vo na odkup akci\u00ed). Pokud se rozhodnete pro tento postup podle obchodn\u00edho z\u00e1kon\u00edku, m\u016f\u017ee to trvat dlouho a m\u016f\u017ee to st\u00e1t pen\u00edze. Proto se uva\u017euje o tom, \u017ee se p\u0159edem stanov\u00ed klauzule ve smlouv\u011b o investici, kter\u00e1 vynut\u00ed prodej akci\u00ed minoritn\u00edch akcion\u00e1\u0159\u016f.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vynutit_prodej_akcii_vedenim_spolecnosti\"><\/span>Vynutit prodej akci\u00ed veden\u00edm spole\u010dnosti<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Investo\u0159i, jako jsou venture kapit\u00e1lov\u00e9 fondy, investuj\u00ed s c\u00edlem z\u00edskat kapit\u00e1lov\u00fd zisk prost\u0159ednictv\u00edm IPO nebo M&amp;A. Proto investo\u0159i, jako jsou venture kapit\u00e1lov\u00e9 fondy, po\u017eaduj\u00ed od startup\u016f a podobn\u00fdch spole\u010dnost\u00ed, aby ve smlouv\u011b o investici stanovili klauzuli, kter\u00e1 vynut\u00ed prodej akci\u00ed veden\u00edm spole\u010dnosti, aby mohli prov\u00e9st IPO nebo M&amp;A v p\u0159\u00edhodn\u00e9m okam\u017eiku.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pozadavky_pro_uplatneni_prava_na_spolecny_prodej_Drag_Along_Right\"><\/span>Po\u017eadavky pro uplatn\u011bn\u00ed pr\u00e1va na spole\u010dn\u00fd prodej (Drag Along Right)<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\/pixta_22369466_M-1024x684.jpg\" alt=\"\" class=\"wp-image-5461\" \/><figcaption class=\"wp-element-caption\">Jak\u00e9 jsou konkr\u00e9tn\u00ed podm\u00ednky, kter\u00e9 mus\u00ed b\u00fdt spln\u011bny pro uplatn\u011bn\u00ed pr\u00e1va na spole\u010dn\u00fd prodej?<\/figcaption><\/figure>\n\n\n\n<p>Jak bylo vysv\u011btleno v\u00fd\u0161e, pr\u00e1vo na spole\u010dn\u00fd prodej (Drag Along Right) lze uplatnit za ur\u010dit\u00fdch podm\u00ednek. I kdy\u017e je pr\u00e1vo na spole\u010dn\u00fd prodej stanoveno v investi\u010dn\u00ed smlouv\u011b, pokud nejsou spln\u011bny ur\u010dit\u00e9 podm\u00ednek, nelze jej uplatnit. Proto je velmi d\u016fle\u017eit\u00e9, jak jsou tyto &#8220;ur\u010dit\u00e9 podm\u00ednky&#8221; definov\u00e1ny.<\/p>\n\n\n\n<p>A jak definovat tyto ur\u010dit\u00e9 podm\u00ednky je t\u0159eba zv\u00e1\u017eit v souvislosti s \u00fa\u010delem stanoven\u00ed pr\u00e1va na spole\u010dn\u00fd prodej.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Podminky_pro_uplatneni_v_pripade_kdy_je_cilem_donutit_mensinove_akcionare_k_prodeji_akcii\"><\/span>Podm\u00ednky pro uplatn\u011bn\u00ed v p\u0159\u00edpad\u011b, kdy je c\u00edlem donutit men\u0161inov\u00e9 akcion\u00e1\u0159e k prodeji akci\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pokud je \u00fa\u010delem stanoven\u00ed pr\u00e1va na spole\u010dn\u00fd prodej donutit men\u0161inov\u00e9 akcion\u00e1\u0159e k prodeji akci\u00ed, mohou b\u00fdt jako podm\u00ednky pro uplatn\u011bn\u00ed stanoveny n\u00e1sleduj\u00edc\u00ed po\u017eadavky:<\/p>\n\n\n\n<ol>\n<li>Pro uplatn\u011bn\u00ed pr\u00e1va na spole\u010dn\u00fd prodej je t\u0159eba, aby bylo pro toto rozhodnut\u00ed v\u00edce ne\u017e \u25cb% \/ v\u00edce ne\u017e \u25cb z celkov\u00e9ho po\u010dtu hlas\u016f v\u0161ech akcion\u00e1\u0159\u016f.<\/li>\n\n\n\n<li>Pro uplatn\u011bn\u00ed pr\u00e1va na spole\u010dn\u00fd prodej je t\u0159eba, aby bylo pro toto rozhodnut\u00ed v\u00edce ne\u017e \u25cb% \/ v\u00edce ne\u017e \u25cb z celkov\u00e9ho po\u010dtu hlas\u016f preferen\u010dn\u00edch akcion\u00e1\u0159\u016f a tak\u00e9 schv\u00e1len\u00ed spr\u00e1vn\u00ed rady spole\u010dnosti.<\/li>\n<\/ol>\n\n\n\n<p>Pokud jsou spln\u011bny v\u00fd\u0161e uveden\u00e9 podm\u00ednky, je mo\u017en\u00e9 p\u0159edpokl\u00e1dat, \u017ee pro veden\u00ed spole\u010dnosti nebude p\u0159edstavovat velk\u00e9 riziko.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Podminky_pro_uplatneni_v_pripade_kdy_je_cilem_donutit_vedeni_spolecnosti_k_prodeji_akcii\"><\/span>Podm\u00ednky pro uplatn\u011bn\u00ed v p\u0159\u00edpad\u011b, kdy je c\u00edlem donutit veden\u00ed spole\u010dnosti k prodeji akci\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pokud je \u00fa\u010delem stanoven\u00ed pr\u00e1va na spole\u010dn\u00fd prodej donutit veden\u00ed spole\u010dnosti k prodeji akci\u00ed, pokud jsou stanoveny v\u00fd\u0161e uveden\u00e9 podm\u00ednky, bude t\u011b\u017ek\u00e9 uplatnit pr\u00e1vo na spole\u010dn\u00fd prodej, pokud veden\u00ed spole\u010dnosti nesouhlas\u00ed s jeho uplatn\u011bn\u00edm. Proto je \u010dasto stanovena jednoduch\u00e1 podm\u00ednka, \u017ee &#8220;v\u00edce ne\u017e \u25cb% z celkov\u00e9ho po\u010dtu hlas\u016f preferen\u010dn\u00edch akcion\u00e1\u0159\u016f souhlas\u00ed&#8221;. Nicm\u00e9n\u011b, pokud je stanovena tato podm\u00ednka, rozhodnut\u00ed o prodeji akci\u00ed bude ponech\u00e1no na venture kapit\u00e1lu atd., co\u017e m\u016f\u017ee v\u00e9st k odporu veden\u00ed spole\u010dnosti.<\/p>\n\n\n\n<p>Proto je t\u0159eba mezi venture kapit\u00e1lem atd. a spole\u010dnost\u00ed diskutovat o podm\u00ednk\u00e1ch pro uplatn\u011bn\u00ed pr\u00e1va na spole\u010dn\u00fd prodej, jako je doba uplatn\u011bn\u00ed a cena prodeje akci\u00ed, a hledat kompromis.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Body_na_zvazeni_pri_vyberu_subjektu_pro_Drag_Along_Right\"><\/span>Body na zv\u00e1\u017een\u00ed p\u0159i v\u00fdb\u011bru subjekt\u016f pro Drag Along Right<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>P\u0159i stanoven\u00ed Drag Along Right v investi\u010dn\u00ed smlouv\u011b je t\u0159eba zv\u00e1\u017eit, jak\u00fd rozsah subjekt\u016f bude nucen k prodeji akci\u00ed, v souvislosti s \u00fa\u010delem stanoven\u00ed Drag Along Right.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Subjekty_v_pripade_kdy_je_cilem_vynutit_prodej_akcii_na_mensinove_akcionare\"><\/span>Subjekty v p\u0159\u00edpad\u011b, kdy je c\u00edlem vynutit prodej akci\u00ed na men\u0161inov\u00e9 akcion\u00e1\u0159e<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pokud je c\u00edlem Drag Along Right vynutit prodej akci\u00ed na men\u0161inov\u00e9 akcion\u00e1\u0159e, je t\u0159eba v\u0161echny akcion\u00e1\u0159e, kte\u0159\u00ed by mohli b\u00fdt proti prodeji akci\u00ed, pova\u017eovat za subjekty nucen\u00e9 k prodeji. Nicm\u00e9n\u011b, pokud je akcion\u00e1\u0159\u016f mnoho, uzav\u0159en\u00ed investi\u010dn\u00ed smlouvy se v\u0161emi akcion\u00e1\u0159i m\u016f\u017ee vy\u017eadovat zna\u010dn\u00e9 \u010dasov\u00e9 a finan\u010dn\u00ed n\u00e1klady.<\/p>\n\n\n\n<p>Proto se n\u011bkdy vytv\u00e1\u0159\u00ed memoranda nebo dohody, kter\u00e9 obsahuj\u00ed pouze ustanoven\u00ed o Drag Along Right a pova\u017eovan\u00e9 za ustanoven\u00ed o likvidaci, m\u00edsto investi\u010dn\u00ed smlouvy. V takov\u00e9m p\u0159\u00edpad\u011b se uzav\u00edr\u00e1 samostatn\u00e1 smlouva mimo investi\u010dn\u00ed smlouvu.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/investment-contract-liquidation-provision\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/investment-contract-liquidation-provision[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Subjekty_v_pripade_kdy_je_cilem_vynutit_prodej_akcii_na_vedeni_spolecnosti\"><\/span>Subjekty v p\u0159\u00edpad\u011b, kdy je c\u00edlem vynutit prodej akci\u00ed na veden\u00ed spole\u010dnosti<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pokud je c\u00edlem Drag Along Right vynutit prodej akci\u00ed na veden\u00ed spole\u010dnosti, na rozd\u00edl od p\u0159\u00edpadu, kdy je c\u00edlem vynutit prodej akci\u00ed na men\u0161inov\u00e9 akcion\u00e1\u0159e, sta\u010d\u00ed ur\u010dit pouze konkr\u00e9tn\u00ed veden\u00ed jako subjekty nucen\u00e9 k prodeji. Proto, pokud jsou subjekty veden\u00ed spole\u010dnosti, na rozd\u00edl od p\u0159\u00edpadu, kdy je c\u00edlem vynutit prodej akci\u00ed na men\u0161inov\u00e9 akcion\u00e1\u0159e, nen\u00ed t\u0159eba uzav\u00edrat memoranda nebo dohody a sta\u010d\u00ed stanovit Drag Along Right jako sou\u010d\u00e1st investi\u010dn\u00ed smlouvy.<\/p>\n\n\n\n<p>Av\u0161ak v praxi se \u010dasto st\u00e1v\u00e1, \u017ee oba v\u00fd\u0161e uveden\u00e9 c\u00edle se prol\u00ednaj\u00ed. V takov\u00e9m p\u0159\u00edpad\u011b je t\u0159eba v\u0161echny akcion\u00e1\u0159e pova\u017eovat za subjekty nucen\u00e9 k prodeji akci\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"O_cene_pri_uplatneni_prava_na_spolecny_prodej_Drag_Along_Right\"><\/span>O cen\u011b p\u0159i uplatn\u011bn\u00ed pr\u00e1va na spole\u010dn\u00fd prodej (Drag Along Right)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Je t\u0159eba zv\u00e1\u017eit, zda je nutn\u00e9 stanovit rozd\u00edly v cen\u011b p\u0159i uplatn\u011bn\u00ed pr\u00e1va na spole\u010dn\u00fd prodej (Drag Along Right) mezi b\u011b\u017en\u00fdmi akciemi a preferen\u010dn\u00edmi akciemi, a tuto cenu je t\u0159eba \u0159\u00e1dn\u011b stanovit.<\/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 pr\u00e1vo na spole\u010dn\u00fd prodej (Drag Along Right) v investi\u010dn\u00edch smlouv\u00e1ch. Pr\u00e1vo na spole\u010dn\u00fd prodej je klauzule, kterou investo\u0159i, jako jsou venture kapit\u00e1lov\u00e9 spole\u010dnosti, kte\u0159\u00ed se sna\u017e\u00ed z\u00edskat zp\u011bt sv\u00e9 investice, pova\u017euj\u00ed za d\u016fle\u017eitou. Kdy\u017e tuto klauzuli stanov\u00edte, je t\u0159eba pe\u010dliv\u011b zv\u00e1\u017eit jej\u00ed obsah. Pro pr\u00e1vo na spole\u010dn\u00fd prodej je vy\u017eadov\u00e1na odborn\u00e1 znalost, tak\u017ee je vhodn\u00e9 nechat smlouvu o investic\u00edch a podobn\u00e9 dokumenty vytvo\u0159it pr\u00e1vn\u00edkem nebo z\u00edskat pr\u00e1vn\u00ed radu od pr\u00e1vn\u00edka.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zvl\u00e1\u0161t\u011b p\u0159i p\u0159ij\u00edm\u00e1n\u00ed investic od startup\u016f m\u016f\u017ee b\u00fdt v obsahu investi\u010dn\u00ed smlouvy stanovena klauzule t\u00fdkaj\u00edc\u00ed se pr\u00e1va na spolupr\u00e1ci (drag along). Existuje mnoho ot\u00e1zek, kter\u00e9 je t\u0159eba zv\u00e1\u017eit, jako nap\u0159 [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63495,"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\/61475"}],"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=61475"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61475\/revisions"}],"predecessor-version":[{"id":63496,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61475\/revisions\/63496"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/63495"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}