{"id":61457,"date":"2023-12-08T18:52:08","date_gmt":"2023-12-08T09:52:08","guid":{"rendered":"https:\/\/monolith.law\/el\/?p=61457"},"modified":"2024-02-02T21:15:07","modified_gmt":"2024-02-02T12:15:07","slug":"investment-contract-convertible-bill-2","status":"publish","type":"post","link":"https:\/\/monolith.law\/el\/general-corporate\/investment-contract-convertible-bill-2","title":{"rendered":"\u0395\u03be\u03b7\u03b3\u03ce\u03bd\u03c4\u03b1\u03c2 \u03c4\u03b7 \u03c1\u03ae\u03c4\u03c1\u03b1 \u03b4\u03b9\u03ba\u03b1\u03b9\u03ce\u03bc\u03b1\u03c4\u03bf\u03c2 \u03b1\u03af\u03c4\u03b7\u03c3\u03b7\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03c3\u03b5 \u03c3\u03c5\u03bc\u03b2\u03ac\u03c3\u03b5\u03b9\u03c2 \u03b5\u03c0\u03ad\u03bd\u03b4\u03c5\u03c3\u03b7\u03c2 \u03b3\u03b9\u03b1 \u03b5\u03ba\u03ba\u03b9\u03bd\u03b7\u03c4\u03b9\u03ba\u03ad\u03c2 \u03b5\u03c0\u03b9\u03c7\u03b5\u03b9\u03c1\u03ae\u03c3\u03b5\u03b9\u03c2"},"content":{"rendered":"\n<p>\u03a4\u03bf 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\u03c4\u03b7\u03bd \u03c0\u03bf\u03c3\u03cc\u03c4\u03b7\u03c4\u03b1 \u03ba\u03b1\u03b9 \u03c4\u03b7\u03bd \u03c4\u03b9\u03bc\u03ae \u03c4\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd, \u03c4\u03bf\u03c5\u03c2 \u03cc\u03c1\u03bf\u03c5\u03c2 \u03c0\u03bb\u03b7\u03c1\u03c9\u03bc\u03ae\u03c2 \u03ba\u03b1\u03b9 \u03ac\u03bb\u03bb\u03b1.<\/p>\n\n\n\n<p>\u0393\u03b9\u03b1 \u03bd\u03b1 \u03b1\u03c0\u03bf\u03c4\u03c1\u03ad\u03c8\u03b5\u03c4\u03b5 \u03c4\u03b7\u03bd \u03b1\u03c1\u03b1\u03af\u03c9\u03c3\u03b7 \u03c4\u03c9\u03bd \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03b1\u03ba\u03ce\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd \u03c0\u03bf\u03c5 \u03ba\u03b1\u03c4\u03ad\u03c7\u03b5\u03b9 \u03bf \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03ae\u03c2, \u03b5\u03af\u03bd\u03b1\u03b9 \u03c3\u03b7\u03bc\u03b1\u03bd\u03c4\u03b9\u03ba\u03cc \u03bd\u03b1 \u03ba\u03b1\u03b8\u03bf\u03c1\u03af\u03c3\u03b5\u03c4\u03b5 \u03c3\u03c9\u03c3\u03c4\u03ac \u03c4\u03b7\u03bd &#8220;\u03a1\u03ae\u03c4\u03c1\u03b1 \u0394\u03b9\u03ba\u03b1\u03b9\u03ce\u03bc\u03b1\u03c4\u03bf\u03c2 \u039c\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2&#8221; \u03c3\u03b5 \u03b1\u03c5\u03c4\u03cc \u03c4\u03bf \u03c3\u03c5\u03bc\u03b2\u03cc\u03bb\u03b1\u03b9\u03bf \u03b5\u03c0\u03ad\u03bd\u03b4\u03c5\u03c3\u03b7\u03c2.<\/p>\n\n\n\n<p>\u03a3\u03b5 \u03b1\u03c5\u03c4\u03cc \u03c4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf, \u03b8\u03b1 \u03b5\u03be\u03b7\u03b3\u03ae\u03c3\u03bf\u03c5\u03bc\u03b5 \u03bb\u03b5\u03c0\u03c4\u03bf\u03bc\u03b5\u03c1\u03ce\u03c2 \u03c4\u03b9 \u03b5\u03af\u03bd\u03b1\u03b9 \u03c4\u03bf &#8220;\u0394\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u039c\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2&#8221; \u03c0\u03bf\u03c5 \u03c0\u03b1\u03c1\u03ad\u03c7\u03b5\u03c4\u03b1\u03b9 \u03c3\u03c4\u03bf\u03c5\u03c2 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03b1\u03ba\u03bf\u03cd\u03c2 \u03bc\u03b5\u03c4\u03cc\u03c7\u03bf\u03c5\u03c2 \u03c3\u03b5 \u03ad\u03bd\u03b1 \u03c3\u03c5\u03bc\u03b2\u03cc\u03bb\u03b1\u03b9\u03bf \u03b5\u03c0\u03ad\u03bd\u03b4\u03c5\u03c3\u03b7\u03c2 \u03b3\u03b9\u03b1 startups \u03ba\u03b1\u03b9 \u03c4\u03b9 \u03c0\u03c1\u03ad\u03c0\u03b5\u03b9 \u03bd\u03b1 \u03ba\u03b1\u03b8\u03bf\u03c1\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03c3\u03c4\u03b7\u03bd &#8220;\u03a1\u03ae\u03c4\u03c1\u03b1 \u0394\u03b9\u03ba\u03b1\u03b9\u03ce\u03bc\u03b1\u03c4\u03bf\u03c2 \u039c\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2&#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\/el\/general-corporate\/investment-contract-convertible-bill-2\/#%CE%A4%CE%B9_%CE%B5%CE%AF%CE%BD%CE%B1%CE%B9_%CE%B7_%E2%80%9C%CE%BC%CE%B5%CF%84%CE%B1%CF%84%CF%81%CE%BF%CF%80%CE%AE%E2%80%9D_%CE%B1%CF%80%CF%8C_%CF%80%CF%81%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BF%CF%8D%CF%87%CE%B5%CF%82_%CE%BC%CE%B5%CF%84%CE%BF%CF%87%CE%AD%CF%82_%CF%83%CE%B5_%CE%BA%CE%BF%CE%B9%CE%BD%CE%AD%CF%82_%CE%BC%CE%B5%CF%84%CE%BF%CF%87%CE%AD%CF%82\" title=\"\u03a4\u03b9 \u03b5\u03af\u03bd\u03b1\u03b9 \u03b7 &#8220;\u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae&#8221; \u03b1\u03c0\u03cc \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03b5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03c3\u03b5 \u03ba\u03bf\u03b9\u03bd\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2\">\u03a4\u03b9 \u03b5\u03af\u03bd\u03b1\u03b9 \u03b7 &#8220;\u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae&#8221; \u03b1\u03c0\u03cc 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\u03c0\u03c1\u03bf\u03c7\u03c9\u03c1\u03ac \u03c3\u03b5 IPO (\u0394\u03b7\u03bc\u03cc\u03c3\u03b9\u03b1 \u03a0\u03c1\u03bf\u03c3\u03c6\u03bf\u03c1\u03ac \u039c\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd)<\/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\/el\/general-corporate\/investment-contract-convertible-bill-2\/#%CE%8C%CF%84%CE%B1%CE%BD_%CE%BC%CE%B9%CE%B1_startup_%CE%B1%CE%B3%CE%BF%CF%81%CE%AC%CE%B6%CE%B5%CF%84%CE%B1%CE%B9\" title=\"\u038c\u03c4\u03b1\u03bd \u03bc\u03b9\u03b1 startup \u03b1\u03b3\u03bf\u03c1\u03ac\u03b6\u03b5\u03c4\u03b1\u03b9\">\u038c\u03c4\u03b1\u03bd \u03bc\u03b9\u03b1 startup \u03b1\u03b3\u03bf\u03c1\u03ac\u03b6\u03b5\u03c4\u03b1\u03b9<\/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\/el\/general-corporate\/investment-contract-convertible-bill-2\/#%CE%9C%CE%AD%CE%B8%CE%BF%CE%B4%CE%BF%CF%82_%CF%81%CF%8D%CE%B8%CE%BC%CE%B9%CF%83%CE%B7%CF%82_%CF%84%CE%B7%CF%82_%CF%84%CE%B9%CE%BC%CE%AE%CF%82_%CE%BC%CE%B5%CF%84%CE%B1%CF%84%CF%81%CE%BF%CF%80%CE%AE%CF%82_%CF%83%CF%84%CE%B9%CF%82_%CE%B4%CE%B9%CE%B1%CF%84%CE%AC%CE%BE%CE%B5%CE%B9%CF%82_%CE%B3%CE%B9%CE%B1_%CF%84%CE%BF_%CE%B4%CE%B9%CE%BA%CE%B1%CE%AF%CF%89%CE%BC%CE%B1_%CE%B1%CE%AF%CF%84%CE%B7%CF%83%CE%B7%CF%82_%CE%BC%CE%B5%CF%84%CE%B1%CF%84%CF%81%CE%BF%CF%80%CE%AE%CF%82\" title=\"\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7\u03c2 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03c3\u03c4\u03b9\u03c2 \u03b4\u03b9\u03b1\u03c4\u03ac\u03be\u03b5\u03b9\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03bf \u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03b1\u03af\u03c4\u03b7\u03c3\u03b7\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2\">\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7\u03c2 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03c3\u03c4\u03b9\u03c2 \u03b4\u03b9\u03b1\u03c4\u03ac\u03be\u03b5\u03b9\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03bf \u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03b1\u03af\u03c4\u03b7\u03c3\u03b7\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2<\/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\/el\/general-corporate\/investment-contract-convertible-bill-2\/#%CE%9C%CE%AD%CE%B8%CE%BF%CE%B4%CE%BF%CF%82_Full_Ratchet\" title=\"\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 Full Ratchet\">\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 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\/el\/general-corporate\/investment-contract-convertible-bill-2\/#%CE%9C%CE%AD%CE%B8%CE%BF%CE%B4%CE%BF%CF%82_%CE%A3%CF%84%CE%B1%CE%B8%CE%BC%CE%B9%CF%83%CE%BC%CE%AD%CE%BD%CE%BF%CF%85_%CE%9C%CE%AD%CF%83%CE%BF%CF%85\" title=\"\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03a3\u03c4\u03b1\u03b8\u03bc\u03b9\u03c3\u03bc\u03ad\u03bd\u03bf\u03c5 \u039c\u03ad\u03c3\u03bf\u03c5\">\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03a3\u03c4\u03b1\u03b8\u03bc\u03b9\u03c3\u03bc\u03ad\u03bd\u03bf\u03c5 \u039c\u03ad\u03c3\u03bf\u03c5<\/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\/el\/general-corporate\/investment-contract-convertible-bill-2\/#%CE%9C%CE%AD%CE%B8%CE%BF%CE%B4%CE%BF%CF%82_Broad-Based\" title=\"\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 Broad-Based\">\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 Broad-Based<\/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\/el\/general-corporate\/investment-contract-convertible-bill-2\/#%CE%9C%CE%AD%CE%B8%CE%BF%CE%B4%CE%BF%CF%82_Narrow-Based\" title=\"\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 Narrow-Based\">\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 Narrow-Based<\/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\/el\/general-corporate\/investment-contract-convertible-bill-2\/#%CE%A3%CE%B5_%CF%80%CE%B5%CF%81%CE%AF%CF%80%CF%84%CF%89%CF%83%CE%B7_%CF%80%CE%BF%CF%85_%CE%B4%CE%B5%CE%BD_%CF%80%CF%81%CE%B1%CE%B3%CE%BC%CE%B1%CF%84%CE%BF%CF%80%CE%BF%CE%B9%CE%B7%CE%B8%CE%B5%CE%AF_%CF%81%CF%8D%CE%B8%CE%BC%CE%B9%CF%83%CE%B7_%CF%84%CE%B7%CF%82_%CF%84%CE%B9%CE%BC%CE%AE%CF%82_%CE%BC%CE%B5%CF%84%CE%B1%CF%84%CF%81%CE%BF%CF%80%CE%AE%CF%82\" title=\"\u03a3\u03b5 \u03c0\u03b5\u03c1\u03af\u03c0\u03c4\u03c9\u03c3\u03b7 \u03c0\u03bf\u03c5 \u03b4\u03b5\u03bd \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03bf\u03c0\u03bf\u03b9\u03b7\u03b8\u03b5\u03af \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2\">\u03a3\u03b5 \u03c0\u03b5\u03c1\u03af\u03c0\u03c4\u03c9\u03c3\u03b7 \u03c0\u03bf\u03c5 \u03b4\u03b5\u03bd \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03bf\u03c0\u03bf\u03b9\u03b7\u03b8\u03b5\u03af \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2<\/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\/el\/general-corporate\/investment-contract-convertible-bill-2\/#%CE%A3%CE%B5_%CF%80%CE%B5%CF%81%CE%AF%CF%80%CF%84%CF%89%CF%83%CE%B7_%CF%80%CE%BF%CF%85_%CF%85%CF%80%CE%AC%CF%81%CF%87%CE%B5%CE%B9_%CF%83%CF%85%CE%BC%CF%86%CF%89%CE%BD%CE%AF%CE%B1_%CE%B1%CF%80%CF%8C_%CF%84%CE%BF%CF%85%CF%82_%CE%BC%CE%B5%CF%84%CF%8C%CF%87%CE%BF%CF%85%CF%82_%CF%84%CE%B7%CF%82_%CE%AF%CE%B4%CE%B9%CE%B1%CF%82_%CE%BA%CE%B1%CF%84%CE%B7%CE%B3%CE%BF%CF%81%CE%AF%CE%B1%CF%82\" title=\"\u03a3\u03b5 \u03c0\u03b5\u03c1\u03af\u03c0\u03c4\u03c9\u03c3\u03b7 \u03c0\u03bf\u03c5 \u03c5\u03c0\u03ac\u03c1\u03c7\u03b5\u03b9 \u03c3\u03c5\u03bc\u03c6\u03c9\u03bd\u03af\u03b1 \u03b1\u03c0\u03cc \u03c4\u03bf\u03c5\u03c2 \u03bc\u03b5\u03c4\u03cc\u03c7\u03bf\u03c5\u03c2 \u03c4\u03b7\u03c2 \u03af\u03b4\u03b9\u03b1\u03c2 \u03ba\u03b1\u03c4\u03b7\u03b3\u03bf\u03c1\u03af\u03b1\u03c2\">\u03a3\u03b5 \u03c0\u03b5\u03c1\u03af\u03c0\u03c4\u03c9\u03c3\u03b7 \u03c0\u03bf\u03c5 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href=\"https:\/\/monolith.law\/el\/general-corporate\/investment-contract-convertible-bill-2\/#%CE%A1%CE%AE%CF%84%CF%81%CE%B1_Pay_to_Play\" title=\"\u03a1\u03ae\u03c4\u03c1\u03b1 Pay to Play\">\u03a1\u03ae\u03c4\u03c1\u03b1 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\/el\/general-corporate\/investment-contract-convertible-bill-2\/#%CE%A3%CF%8D%CE%BD%CE%BF%CF%88%CE%B7_%CE%A3%CF%87%CE%B5%CF%84%CE%B9%CE%BA%CE%AC_%CE%BC%CE%B5_%CF%84%CE%B7_%CF%81%CE%AE%CF%84%CF%81%CE%B1_%CE%B4%CE%B9%CE%BA%CE%B1%CE%B9%CF%8E%CE%BC%CE%B1%CF%84%CE%BF%CF%82_%CE%BC%CE%B5%CF%84%CE%B1%CF%84%CF%81%CE%BF%CF%80%CE%AE%CF%82_%CF%83%CE%B5_%CF%83%CF%85%CE%BC%CE%B2%CF%8C%CE%BB%CE%B1%CE%B9%CE%B1_%CE%B5%CF%80%CE%AD%CE%BD%CE%B4%CF%85%CF%83%CE%B7%CF%82\" title=\"\u03a3\u03cd\u03bd\u03bf\u03c8\u03b7: \u03a3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03b7 \u03c1\u03ae\u03c4\u03c1\u03b1 \u03b4\u03b9\u03ba\u03b1\u03b9\u03ce\u03bc\u03b1\u03c4\u03bf\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03c3\u03b5 \u03c3\u03c5\u03bc\u03b2\u03cc\u03bb\u03b1\u03b9\u03b1 \u03b5\u03c0\u03ad\u03bd\u03b4\u03c5\u03c3\u03b7\u03c2\">\u03a3\u03cd\u03bd\u03bf\u03c8\u03b7: \u03a3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03b7 \u03c1\u03ae\u03c4\u03c1\u03b1 \u03b4\u03b9\u03ba\u03b1\u03b9\u03ce\u03bc\u03b1\u03c4\u03bf\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03c3\u03b5 \u03c3\u03c5\u03bc\u03b2\u03cc\u03bb\u03b1\u03b9\u03b1 \u03b5\u03c0\u03ad\u03bd\u03b4\u03c5\u03c3\u03b7\u03c2<\/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\/el\/general-corporate\/investment-contract-convertible-bill-2\/#%CE%95%CE%BD%CE%B7%CE%BC%CE%AD%CF%81%CF%89%CF%83%CE%B7_%CE%B3%CE%B9%CE%B1_%CF%84%CE%B1_%CE%BC%CE%AD%CF%84%CF%81%CE%B1_%CF%80%CE%BF%CF%85_%CE%BB%CE%B1%CE%BC%CE%B2%CE%AC%CE%BD%CE%B5%CE%B9_%CF%84%CE%BF_%CE%B3%CF%81%CE%B1%CF%86%CE%B5%CE%AF%CE%BF_%CE%BC%CE%B1%CF%82\" title=\"\u0395\u03bd\u03b7\u03bc\u03ad\u03c1\u03c9\u03c3\u03b7 \u03b3\u03b9\u03b1 \u03c4\u03b1 \u03bc\u03ad\u03c4\u03c1\u03b1 \u03c0\u03bf\u03c5 \u03bb\u03b1\u03bc\u03b2\u03ac\u03bd\u03b5\u03b9 \u03c4\u03bf \u03b3\u03c1\u03b1\u03c6\u03b5\u03af\u03bf \u03bc\u03b1\u03c2\">\u0395\u03bd\u03b7\u03bc\u03ad\u03c1\u03c9\u03c3\u03b7 \u03b3\u03b9\u03b1 \u03c4\u03b1 \u03bc\u03ad\u03c4\u03c1\u03b1 \u03c0\u03bf\u03c5 \u03bb\u03b1\u03bc\u03b2\u03ac\u03bd\u03b5\u03b9 \u03c4\u03bf \u03b3\u03c1\u03b1\u03c6\u03b5\u03af\u03bf \u03bc\u03b1\u03c2<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%A4%CE%B9_%CE%B5%CE%AF%CE%BD%CE%B1%CE%B9_%CE%B7_%E2%80%9C%CE%BC%CE%B5%CF%84%CE%B1%CF%84%CF%81%CE%BF%CF%80%CE%AE%E2%80%9D_%CE%B1%CF%80%CF%8C_%CF%80%CF%81%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BF%CF%8D%CF%87%CE%B5%CF%82_%CE%BC%CE%B5%CF%84%CE%BF%CF%87%CE%AD%CF%82_%CF%83%CE%B5_%CE%BA%CE%BF%CE%B9%CE%BD%CE%AD%CF%82_%CE%BC%CE%B5%CF%84%CE%BF%CF%87%CE%AD%CF%82\"><\/span>\u03a4\u03b9 \u03b5\u03af\u03bd\u03b1\u03b9 \u03b7 &#8220;\u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae&#8221; \u03b1\u03c0\u03cc \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03b5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03c3\u03b5 \u03ba\u03bf\u03b9\u03bd\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u0391\u03bd\u03ac\u03bc\u03b5\u03c3\u03b1 \u03c3\u03c4\u03bf\u03c5\u03c2 \u03c4\u03cd\u03c0\u03bf\u03c5\u03c2 \u03c4\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd, \u03bf\u03b9 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03c0\u03bf\u03c5 \u03ad\u03c7\u03bf\u03c5\u03bd \u03c0\u03c1\u03bf\u03bd\u03cc\u03bc\u03b9\u03b1 \u03c3\u03b5 \u03c3\u03c5\u03b3\u03ba\u03b5\u03ba\u03c1\u03b9\u03bc\u03ad\u03bd\u03b1 \u03b8\u03ad\u03bc\u03b1\u03c4\u03b1 \u03bf\u03bd\u03bf\u03bc\u03ac\u03b6\u03bf\u03bd\u03c4\u03b1\u03b9 &#8220;\u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03b5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2&#8221;. \u039f\u03b9 \u03bc\u03ad\u03c4\u03bf\u03c7\u03bf\u03b9 \u03c0\u03bf\u03c5 \u03ba\u03b1\u03c4\u03ad\u03c7\u03bf\u03c5\u03bd \u03b1\u03c5\u03c4\u03ad\u03c2 \u03c4\u03b9\u03c2 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03b5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 (\u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03bf\u03b9 \u03bc\u03ad\u03c4\u03bf\u03c7\u03bf\u03b9) \u03ad\u03c7\u03bf\u03c5\u03bd \u03c4\u03bf \u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03bd\u03b1 \u03b6\u03b7\u03c4\u03ae\u03c3\u03bf\u03c5\u03bd \u03b1\u03c0\u03cc \u03c4\u03b7\u03bd \u03b5\u03c4\u03b1\u03b9\u03c1\u03b5\u03af\u03b1 \u03c0\u03bf\u03c5 \u03c4\u03b9\u03c2 \u03b5\u03ba\u03b4\u03af\u03b4\u03b5\u03b9 \u03bd\u03b1 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03ad\u03c8\u03b5\u03b9 \u03b1\u03c5\u03c4\u03ad\u03c2 \u03c4\u03b9\u03c2 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03b5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03c3\u03b5 \u03ba\u03bf\u03b9\u03bd\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2. \u0391\u03c5\u03c4\u03cc \u03c4\u03bf \u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03bf\u03bd\u03bf\u03bc\u03ac\u03b6\u03b5\u03c4\u03b1\u03b9 &#8220;\u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03b1\u03af\u03c4\u03b7\u03c3\u03b7\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2&#8221;.<\/p>\n\n\n\n<p>\u03a3\u03cd\u03bc\u03c6\u03c9\u03bd\u03b1 \u03bc\u03b5 \u03c4\u03bf\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03b9\u03ba\u03cc \u039d\u03cc\u03bc\u03bf \u03c4\u03c9\u03bd \u0395\u03c4\u03b1\u03b9\u03c1\u03b5\u03b9\u03ce\u03bd (\u0386\u03c1\u03b8\u03c1\u03bf 108, \u03a0\u03b1\u03c1\u03ac\u03b3\u03c1\u03b1\u03c6\u03bf\u03c2 1, \u0395\u03b4\u03ac\u03c6\u03b9\u03bf 5), \u03b5\u03c0\u03b9\u03c4\u03c1\u03ad\u03c0\u03b5\u03c4\u03b1\u03b9 \u03b7 \u03ad\u03ba\u03b4\u03bf\u03c3\u03b7 \u03c4\u03cd\u03c0\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd \u03b3\u03b9\u03b1 \u03c4\u03b9\u03c2 \u03bf\u03c0\u03bf\u03af\u03b5\u03c2 \u03bf\u03b9 \u03bc\u03ad\u03c4\u03bf\u03c7\u03bf\u03b9 \u03bc\u03c0\u03bf\u03c1\u03bf\u03cd\u03bd \u03bd\u03b1 \u03b6\u03b7\u03c4\u03ae\u03c3\u03bf\u03c5\u03bd \u03c4\u03b7\u03bd \u03b1\u03c0\u03cc\u03ba\u03c4\u03b7\u03c3\u03ae \u03c4\u03bf\u03c5\u03c2 \u03b1\u03c0\u03cc \u03c4\u03b7\u03bd \u03b5\u03c4\u03b1\u03b9\u03c1\u03b5\u03af\u03b1. \u03a9\u03c2 \u03b1\u03bd\u03c4\u03ac\u03bb\u03bb\u03b1\u03b3\u03bc\u03b1 \u03b3\u03b9\u03b1 \u03c4\u03b7\u03bd \u03b1\u03c0\u03cc\u03ba\u03c4\u03b7\u03c3\u03b7 \u03b1\u03c5\u03c4\u03ce\u03bd \u03c4\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd \u03b1\u03c0\u03cc \u03c4\u03b7\u03bd \u03b5\u03c4\u03b1\u03b9\u03c1\u03b5\u03af\u03b1, \u03bc\u03c0\u03bf\u03c1\u03b5\u03af \u03bd\u03b1 \u03c0\u03b1\u03c1\u03b1\u03c7\u03c9\u03c1\u03b7\u03b8\u03bf\u03cd\u03bd \u03c7\u03c1\u03ae\u03bc\u03b1\u03c4\u03b1, \u03bf\u03bc\u03bf\u03bb\u03bf\u03b3\u03af\u03b1, \u03b4\u03b9\u03ba\u03b1\u03b9\u03ce\u03bc\u03b1\u03c4\u03b1 \u03c0\u03c1\u03bf\u03b1\u03af\u03c1\u03b5\u03c3\u03b7\u03c2 \u03bd\u03ad\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd, \u03ba\u03bf\u03b9\u03bd\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2, \u03ac\u03bb\u03bb\u03bf\u03b9 \u03c4\u03cd\u03c0\u03bf\u03b9 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd \u03ba.\u03bb\u03c0. \u03a4\u03bf \u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03c4\u03b7\u03c2 \u03b5\u03c4\u03b1\u03b9\u03c1\u03b5\u03af\u03b1\u03c2 \u03bd\u03b1 \u03b1\u03c0\u03bf\u03ba\u03c4\u03ae\u03c3\u03b5\u03b9 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03b5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03ba\u03b1\u03b9 \u03bd\u03b1 \u03c0\u03b1\u03c1\u03b1\u03c7\u03c9\u03c1\u03ae\u03c3\u03b5\u03b9 \u03ba\u03bf\u03b9\u03bd\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03c3\u03c4\u03bf\u03bd \u03bc\u03ad\u03c4\u03bf\u03c7\u03bf \u03c9\u03c2 \u03b1\u03bd\u03c4\u03ac\u03bb\u03bb\u03b1\u03b3\u03bc\u03b1 (\u03b4\u03b7\u03bb\u03b1\u03b4\u03ae, \u03bd\u03b1 &#8220;\u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03ad\u03c8\u03b5\u03b9&#8221; \u03c4\u03b9\u03c2 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03b5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03c3\u03b5 \u03ba\u03bf\u03b9\u03bd\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2) \u03b4\u03b9\u03b1\u03ba\u03c1\u03af\u03bd\u03b5\u03c4\u03b1\u03b9 \u03b1\u03c0\u03cc \u03c4\u03bf &#8220;\u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03b1\u03af\u03c4\u03b7\u03c3\u03b7\u03c2 \u03b1\u03c0\u03cc\u03ba\u03c4\u03b7\u03c3\u03b7\u03c2&#8221; \u03ba\u03b1\u03b9 \u03bf\u03bd\u03bf\u03bc\u03ac\u03b6\u03b5\u03c4\u03b1\u03b9 &#8220;\u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03b1\u03af\u03c4\u03b7\u03c3\u03b7\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2&#8221;.<\/p>\n\n\n\n<p>\u0391\u03bd \u03b8\u03ad\u03bb\u03b5\u03c4\u03b5 \u03bd\u03b1 \u03bc\u03ac\u03b8\u03b5\u03c4\u03b5 \u03c0\u03b5\u03c1\u03b9\u03c3\u03c3\u03cc\u03c4\u03b5\u03c1\u03b1 \u03b3\u03b9\u03b1 \u03c4\u03bf\u03c5\u03c2 &#8220;\u03c4\u03cd\u03c0\u03bf\u03c5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd&#8221; \u03c0\u03bf\u03c5 \u03ba\u03b1\u03b8\u03bf\u03c1\u03af\u03b6\u03bf\u03bd\u03c4\u03b1\u03b9 \u03c3\u03c4\u03b9\u03c2 \u03c3\u03c5\u03bc\u03b2\u03ac\u03c3\u03b5\u03b9\u03c2 \u03b5\u03c0\u03ad\u03bd\u03b4\u03c5\u03c3\u03b7\u03c2 \u03c4\u03c9\u03bd startups, \u03c0\u03b1\u03c1\u03b1\u03ba\u03b1\u03bb\u03bf\u03cd\u03bc\u03b5 \u03b4\u03b9\u03b1\u03b2\u03ac\u03c3\u03c4\u03b5 \u03c4\u03bf \u03c0\u03b1\u03c1\u03b1\u03ba\u03ac\u03c4\u03c9 \u03ac\u03c1\u03b8\u03c1\u03bf \u03bc\u03b1\u03b6\u03af \u03bc\u03b5 \u03b1\u03c5\u03c4\u03cc \u03c4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf.<\/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=\"%CE%A0%CF%8C%CF%84%CE%B5_%CE%B5%CE%BE%CE%B1%CF%83%CE%BA%CE%B5%CE%AF%CF%84%CE%B1%CE%B9_%CF%84%CE%BF_%CE%B4%CE%B9%CE%BA%CE%B1%CE%AF%CF%89%CE%BC%CE%B1_%CE%B1%CE%AF%CF%84%CE%B7%CF%83%CE%B7%CF%82_%CE%BC%CE%B5%CF%84%CE%B1%CF%84%CF%81%CE%BF%CF%80%CE%AE%CF%82\"><\/span>\u03a0\u03cc\u03c4\u03b5 \u03b5\u03be\u03b1\u03c3\u03ba\u03b5\u03af\u03c4\u03b1\u03b9 \u03c4\u03bf \u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03b1\u03af\u03c4\u03b7\u03c3\u03b7\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2;<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=\"\u0395\u03b9\u03ba\u03cc\u03bd\u03b1 \u03c7\u03c1\u03cc\u03bd\u03bf\u03c5\" class=\"wp-image-43902\" \/><\/figure><\/div>\n\n\n<p>\u038c\u03c4\u03b1\u03bd \u03b5\u03be\u03b1\u03c3\u03ba\u03b5\u03af\u03c4\u03b1\u03b9 \u03c4\u03bf \u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03b1\u03af\u03c4\u03b7\u03c3\u03b7\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2, \u03bf \u03c3\u03c5\u03b3\u03ba\u03b5\u03ba\u03c1\u03b9\u03bc\u03ad\u03bd\u03bf\u03c2 \u03bc\u03ad\u03c4\u03bf\u03c7\u03bf\u03c2 \u03c7\u03ac\u03bd\u03b5\u03b9 \u03c4\u03b1 \u03b4\u03b9\u03ac\u03c6\u03bf\u03c1\u03b1 \u03b4\u03b9\u03ba\u03b1\u03b9\u03ce\u03bc\u03b1\u03c4\u03b1 \u03c0\u03bf\u03c5 \u03ad\u03c7\u03bf\u03c5\u03bd \u03c0\u03b1\u03c1\u03b1\u03c7\u03c9\u03c1\u03b7\u03b8\u03b5\u03af \u03c3\u03c4\u03b9\u03c2 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03b5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2, \u03b5\u03c0\u03bf\u03bc\u03ad\u03bd\u03c9\u03c2, \u03c3\u03c5\u03bd\u03ae\u03b8\u03c9\u03c2 \u03b4\u03b5\u03bd \u03b1\u03bd\u03b1\u03bc\u03ad\u03bd\u03b5\u03c4\u03b1\u03b9 \u03cc\u03c4\u03b9 \u03bf\u03b9 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03bf\u03b9 \u03bc\u03ad\u03c4\u03bf\u03c7\u03bf\u03b9 \u03b8\u03b1 \u03b5\u03be\u03b1\u03c3\u03ba\u03ae\u03c3\u03bf\u03c5\u03bd \u03bf\u03b9 \u03af\u03b4\u03b9\u03bf\u03b9 \u03c4\u03bf \u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03b1\u03af\u03c4\u03b7\u03c3\u03b7\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2. \u03a9\u03c3\u03c4\u03cc\u03c3\u03bf, \u03bc\u03c0\u03bf\u03c1\u03b5\u03af \u03bd\u03b1 \u03b5\u03be\u03b1\u03c3\u03ba\u03b7\u03b8\u03b5\u03af \u03c3\u03b5 \u03c0\u03b5\u03c1\u03b9\u03bf\u03c1\u03b9\u03c3\u03bc\u03ad\u03bd\u03b5\u03c2 \u03c0\u03b5\u03c1\u03b9\u03c0\u03c4\u03ce\u03c3\u03b5\u03b9\u03c2, \u03cc\u03c0\u03c9\u03c2 \u03c0\u03b1\u03c1\u03b1\u03ba\u03ac\u03c4\u03c9.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%8C%CF%84%CE%B1%CE%BD_%CE%BC%CE%B9%CE%B1_startup_%CF%80%CF%81%CE%BF%CF%87%CF%89%CF%81%CE%AC_%CF%83%CE%B5_IPO_%CE%94%CE%B7%CE%BC%CF%8C%CF%83%CE%B9%CE%B1_%CE%A0%CF%81%CE%BF%CF%83%CF%86%CE%BF%CF%81%CE%AC_%CE%9C%CE%B5%CF%84%CE%BF%CF%87%CF%8E%CE%BD\"><\/span>\u038c\u03c4\u03b1\u03bd \u03bc\u03b9\u03b1 startup \u03c0\u03c1\u03bf\u03c7\u03c9\u03c1\u03ac \u03c3\u03b5 IPO (\u0394\u03b7\u03bc\u03cc\u03c3\u03b9\u03b1 \u03a0\u03c1\u03bf\u03c3\u03c6\u03bf\u03c1\u03ac \u039c\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u03a3\u03c4\u03b7\u03bd \u0399\u03b1\u03c0\u03c9\u03bd\u03af\u03b1, \u03bf\u03b9 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03c0\u03bf\u03c5 \u03b4\u03b7\u03bc\u03bf\u03c3\u03b9\u03b5\u03cd\u03bf\u03bd\u03c4\u03b1\u03b9 \u03ae \u03b5\u03b3\u03b3\u03c1\u03ac\u03c6\u03bf\u03bd\u03c4\u03b1\u03b9 \u03c3\u03c4\u03bf \u03c0\u03ac\u03b3\u03ba\u03bf \u03b5\u03af\u03bd\u03b1\u03b9 \u03c3\u03c5\u03bd\u03ae\u03b8\u03c9\u03c2 &#8220;\u03ba\u03bf\u03b9\u03bd\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2&#8221;, \u03b5\u03c0\u03bf\u03bc\u03ad\u03bd\u03c9\u03c2, \u03cc\u03c4\u03b1\u03bd \u03bc\u03b9\u03b1 startup \u03c0\u03c1\u03bf\u03c7\u03c9\u03c1\u03ac \u03c3\u03b5 IPO, \u03c0\u03c1\u03ad\u03c0\u03b5\u03b9 \u03bd\u03b1 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03ad\u03c8\u03b5\u03b9 \u03b5\u03ba \u03c4\u03c9\u03bd \u03c0\u03c1\u03bf\u03c4\u03ad\u03c1\u03c9\u03bd \u03c4\u03b9\u03c2 &#8220;\u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03b5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2&#8221; \u03c3\u03b5 &#8220;\u03ba\u03bf\u03b9\u03bd\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2&#8221;.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%8C%CF%84%CE%B1%CE%BD_%CE%BC%CE%B9%CE%B1_startup_%CE%B1%CE%B3%CE%BF%CF%81%CE%AC%CE%B6%CE%B5%CF%84%CE%B1%CE%B9\"><\/span>\u038c\u03c4\u03b1\u03bd \u03bc\u03b9\u03b1 startup \u03b1\u03b3\u03bf\u03c1\u03ac\u03b6\u03b5\u03c4\u03b1\u03b9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u038c\u03c4\u03b1\u03bd \u03bc\u03b9\u03b1 startup \u03b1\u03bd\u03c4\u03b9\u03bc\u03b5\u03c4\u03c9\u03c0\u03af\u03b6\u03b5\u03b9 \u03b4\u03c5\u03c3\u03ba\u03bf\u03bb\u03af\u03b5\u03c2 \u03c3\u03c4\u03b7 \u03b4\u03b9\u03b1\u03c7\u03b5\u03af\u03c1\u03b9\u03c3\u03b7 \u03ba\u03b1\u03b9 \u03b1\u03b3\u03bf\u03c1\u03ac\u03b6\u03b5\u03c4\u03b1\u03b9, \u03bc\u03c0\u03bf\u03c1\u03b5\u03af \u03bd\u03b1 \u03b6\u03b7\u03c4\u03b7\u03b8\u03b5\u03af \u03b1\u03c0\u03cc \u03c4\u03bf\u03bd \u03b1\u03b3\u03bf\u03c1\u03b1\u03c3\u03c4\u03ae \u03bd\u03b1 \u03ba\u03b1\u03c4\u03b1\u03c1\u03b3\u03ae\u03c3\u03b5\u03b9 \u03c4\u03b9\u03c2 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03b5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03ba\u03b1\u03b9 \u03bd\u03b1 \u03b6\u03b7\u03c4\u03ae\u03c3\u03b5\u03b9 \u03b1\u03c0\u03cc \u03c4\u03bf\u03c5\u03c2 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03bf\u03c5\u03c2 \u03bc\u03b5\u03c4\u03cc\u03c7\u03bf\u03c5\u03c2 \u03bd\u03b1 \u03b5\u03be\u03b1\u03c3\u03ba\u03ae\u03c3\u03bf\u03c5\u03bd \u03c4\u03bf \u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03b1\u03af\u03c4\u03b7\u03c3\u03b7\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2. \u03a9\u03c3\u03c4\u03cc\u03c3\u03bf, \u03c3\u03c4\u03b7\u03bd \u03c0\u03b5\u03c1\u03af\u03c0\u03c4\u03c9\u03c3\u03b7 \u03b1\u03b3\u03bf\u03c1\u03ac\u03c2 \u03bc\u03b9\u03b1\u03c2 \u03b5\u03c0\u03b9\u03c4\u03c5\u03c7\u03b7\u03bc\u03ad\u03bd\u03b7\u03c2 startup, \u03b7 \u03c4\u03b9\u03bc\u03ae \u03c4\u03b7\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ae\u03c2 \u03c0\u03c1\u03ad\u03c0\u03b5\u03b9 \u03bd\u03b1 \u03b1\u03c5\u03be\u03b7\u03b8\u03b5\u03af, \u03b5\u03c0\u03bf\u03bc\u03ad\u03bd\u03c9\u03c2, \u03c9\u03c2 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03bf\u03c2 \u03bc\u03ad\u03c4\u03bf\u03c7\u03bf\u03c2, \u03bc\u03c0\u03bf\u03c1\u03b5\u03af \u03bd\u03b1 \u03b5\u03af\u03bd\u03b1\u03b9 \u03c0\u03b9\u03bf \u03c3\u03c5\u03bc\u03c6\u03ad\u03c1\u03bf\u03bd \u03bd\u03b1 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03b1\u03c0\u03b5\u03af \u03c3\u03b5 \u03ba\u03bf\u03b9\u03bd\u03ae \u03bc\u03b5\u03c4\u03bf\u03c7\u03ae \u03b3\u03b9\u03b1 \u03bd\u03b1 \u03b1\u03c0\u03bf\u03ba\u03c4\u03ae\u03c3\u03b5\u03b9 \u03c0\u03b5\u03c1\u03b9\u03c3\u03c3\u03cc\u03c4\u03b5\u03c1\u03b1 \u03bf\u03c6\u03ad\u03bb\u03b7.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%9C%CE%AD%CE%B8%CE%BF%CE%B4%CE%BF%CF%82_%CF%81%CF%8D%CE%B8%CE%BC%CE%B9%CF%83%CE%B7%CF%82_%CF%84%CE%B7%CF%82_%CF%84%CE%B9%CE%BC%CE%AE%CF%82_%CE%BC%CE%B5%CF%84%CE%B1%CF%84%CF%81%CE%BF%CF%80%CE%AE%CF%82_%CF%83%CF%84%CE%B9%CF%82_%CE%B4%CE%B9%CE%B1%CF%84%CE%AC%CE%BE%CE%B5%CE%B9%CF%82_%CE%B3%CE%B9%CE%B1_%CF%84%CE%BF_%CE%B4%CE%B9%CE%BA%CE%B1%CE%AF%CF%89%CE%BC%CE%B1_%CE%B1%CE%AF%CF%84%CE%B7%CF%83%CE%B7%CF%82_%CE%BC%CE%B5%CF%84%CE%B1%CF%84%CF%81%CE%BF%CF%80%CE%AE%CF%82\"><\/span>\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7\u03c2 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03c3\u03c4\u03b9\u03c2 \u03b4\u03b9\u03b1\u03c4\u03ac\u03be\u03b5\u03b9\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03bf \u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03b1\u03af\u03c4\u03b7\u03c3\u03b7\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2<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=\"\u0386\u03c4\u03bf\u03bc\u03bf \u03c0\u03bf\u03c5 \u03c1\u03c5\u03b8\u03bc\u03af\u03b6\u03b5\u03b9 \u03c4\u03b7\u03bd \u03c4\u03b9\u03bc\u03ae \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2\" class=\"wp-image-44543\" \/><\/figure><\/div>\n\n\n<p>\u0397 \u03b1\u03bd\u03b1\u03bb\u03bf\u03b3\u03af\u03b1 \u03bc\u03b5 \u03c4\u03b7\u03bd \u03bf\u03c0\u03bf\u03af\u03b1 \u03c4\u03b1 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03b1 \u03bc\u03b5\u03c4\u03bf\u03c7\u03b9\u03ba\u03ac \u03ba\u03b5\u03c6\u03ac\u03bb\u03b1\u03b9\u03b1 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03ad\u03c0\u03bf\u03bd\u03c4\u03b1\u03b9 \u03c3\u03b5 \u03ba\u03bf\u03b9\u03bd\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03bf\u03bd\u03bf\u03bc\u03ac\u03b6\u03b5\u03c4\u03b1\u03b9 &#8220;\u03b1\u03bd\u03b1\u03bb\u03bf\u03b3\u03af\u03b1 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2&#8221;. \u039a\u03b1\u03c4\u03ac \u03c4\u03b7\u03bd \u03ad\u03ba\u03b4\u03bf\u03c3\u03b7 \u03c4\u03c9\u03bd \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd, \u03b7 \u03b1\u03bd\u03b1\u03bb\u03bf\u03b3\u03af\u03b1 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03ba\u03b1\u03b8\u03bf\u03c1\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03c3\u03c5\u03bd\u03ae\u03b8\u03c9\u03c2 \u03c3\u03b5 1:1, \u03b1\u03bb\u03bb\u03ac \u03b1\u03bd \u03b5\u03c6\u03b1\u03c1\u03bc\u03bf\u03c3\u03c4\u03bf\u03cd\u03bd \u03b1\u03c1\u03b3\u03cc\u03c4\u03b5\u03c1\u03b1 \u03b4\u03b9\u03b1\u03b4\u03b9\u03ba\u03b1\u03c3\u03af\u03b5\u03c2 \u03cc\u03c0\u03c9\u03c2 \u03b7 \u03b4\u03b9\u03b1\u03af\u03c1\u03b5\u03c3\u03b7 \u03c4\u03c9\u03bd \u03ba\u03bf\u03b9\u03bd\u03ce\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd \u03ae \u03b7 \u03b4\u03c9\u03c1\u03b5\u03ac\u03bd \u03ba\u03b1\u03c4\u03b1\u03bd\u03bf\u03bc\u03ae, \u03c4\u03bf \u03c3\u03c5\u03bd\u03bf\u03bb\u03b9\u03ba\u03cc \u03c0\u03bf\u03c3\u03cc \u03c4\u03c9\u03bd \u03ba\u03bf\u03b9\u03bd\u03ce\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd \u03b1\u03c5\u03be\u03ac\u03bd\u03b5\u03c4\u03b1\u03b9 \u03ba\u03b1\u03b9 \u03b7 \u03b1\u03be\u03af\u03b1 \u03b1\u03bd\u03ac \u03bc\u03b5\u03c4\u03bf\u03c7\u03ae \u03bc\u03b5\u03b9\u03ce\u03bd\u03b5\u03c4\u03b1\u03b9 (\u03b4\u03b9\u03ac\u03bb\u03c5\u03c3\u03b7 \u03c4\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd). \u03a3\u03b5 \u03b1\u03c5\u03c4\u03ae\u03bd \u03c4\u03b7\u03bd \u03c0\u03b5\u03c1\u03af\u03c0\u03c4\u03c9\u03c3\u03b7, \u03b5\u03af\u03bd\u03b1\u03b9 \u03b1\u03c0\u03b1\u03c1\u03b1\u03af\u03c4\u03b7\u03c4\u03b7 \u03bc\u03b9\u03b1 \u03b4\u03b9\u03ac\u03c4\u03b1\u03be\u03b7 \u03b3\u03b9\u03b1 \u03c4\u03bf \u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03b1\u03af\u03c4\u03b7\u03c3\u03b7\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03c0\u03bf\u03c5 \u03c1\u03c5\u03b8\u03bc\u03af\u03b6\u03b5\u03b9 \u03c4\u03b7\u03bd \u03b1\u03bd\u03b1\u03bb\u03bf\u03b3\u03af\u03b1 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03b3\u03b9\u03b1 \u03bd\u03b1 \u03c0\u03c1\u03bf\u03c3\u03c4\u03b1\u03c4\u03b5\u03c5\u03c4\u03bf\u03cd\u03bd \u03c4\u03b1 \u03c3\u03c5\u03bc\u03c6\u03ad\u03c1\u03bf\u03bd\u03c4\u03b1 \u03c4\u03c9\u03bd \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03c9\u03bd \u03bc\u03b5\u03c4\u03cc\u03c7\u03c9\u03bd.<\/p>\n\n\n\n<p>\u0393\u03b9\u03b1 \u03c0\u03b1\u03c1\u03ac\u03b4\u03b5\u03b9\u03b3\u03bc\u03b1, \u03cc\u03c4\u03b1\u03bd \u03b5\u03ba\u03b4\u03af\u03b4\u03bf\u03bd\u03c4\u03b1\u03b9 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03bf\u03c5 \u03c4\u03cd\u03c0\u03bf\u03c5 B \u03c3\u03b5 \u03c4\u03b9\u03bc\u03ae \u03c7\u03b1\u03bc\u03b7\u03bb\u03cc\u03c4\u03b5\u03c1\u03b7 \u03b1\u03c0\u03cc \u03c4\u03bf \u03c0\u03bf\u03c3\u03cc \u03ba\u03b1\u03c4\u03b1\u03b2\u03bf\u03bb\u03ae\u03c2 \u03c4\u03c9\u03bd \u03ae\u03b4\u03b7 \u03b5\u03ba\u03b4\u03bf\u03b8\u03ad\u03bd\u03c4\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03bf\u03c5 \u03c4\u03cd\u03c0\u03bf\u03c5 A (\u03c3\u03b7\u03bc\u03b5\u03af\u03c9\u03c3\u03b7), \u03ba\u03b1\u03b8\u03bf\u03c1\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03bc\u03b9\u03b1 \u03b4\u03b9\u03ac\u03c4\u03b1\u03be\u03b7 \u03b3\u03b9\u03b1 \u03c4\u03b7 \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03b7\u03bd \u03b1\u03c0\u03bf\u03c6\u03c5\u03b3\u03ae \u03c4\u03b7\u03c2 \u03b4\u03b9\u03ac\u03bb\u03c5\u03c3\u03b7\u03c2. <br> (\u03a3\u03b7\u03bc\u03b5\u03af\u03c9\u03c3\u03b7) \u0391\u03c5\u03c4\u03cc\u03c2 \u03bf \u03c4\u03cd\u03c0\u03bf\u03c2 \u03c7\u03c1\u03b7\u03bc\u03b1\u03c4\u03bf\u03b4\u03cc\u03c4\u03b7\u03c3\u03b7\u03c2 \u03c3\u03c5\u03bd\u03ae\u03b8\u03c9\u03c2 \u03bf\u03bd\u03bf\u03bc\u03ac\u03b6\u03b5\u03c4\u03b1\u03b9 &#8220;down round&#8221;.<\/p>\n\n\n\n<p>\u03a5\u03c0\u03ac\u03c1\u03c7\u03bf\u03c5\u03bd \u03b4\u03cd\u03bf \u03ba\u03cd\u03c1\u03b9\u03b5\u03c2 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf\u03b9 \u03b3\u03b9\u03b1 \u03c4\u03b7 \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03b7\u03bd \u03b1\u03c0\u03bf\u03c6\u03c5\u03b3\u03ae \u03c4\u03b7\u03c2 \u03b4\u03b9\u03ac\u03bb\u03c5\u03c3\u03b7\u03c2, \u03b7 &#8220;\u03bc\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03c0\u03bb\u03ae\u03c1\u03bf\u03c5\u03c2 \u03c1\u03c5\u03b8\u03bc\u03b9\u03c3\u03c4\u03b9\u03ba\u03bf\u03cd&#8221; \u03ba\u03b1\u03b9 \u03b7 &#8220;\u03bc\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03b2\u03b1\u03c1\u03c5\u03bc\u03ad\u03bd\u03bf\u03c5 \u03bc\u03ad\u03c3\u03bf\u03c5 \u03cc\u03c1\u03bf\u03c5&#8221;.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%9C%CE%AD%CE%B8%CE%BF%CE%B4%CE%BF%CF%82_Full_Ratchet\"><\/span>\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 Full Ratchet<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u039c\u03b9\u03b1 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03c0\u03bf\u03c5 \u03b5\u03c5\u03bd\u03bf\u03b5\u03af \u03c4\u03bf\u03c5\u03c2 \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03ad\u03c2 \u03b5\u03af\u03bd\u03b1\u03b9 \u03b7 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 Full Ratchet (\u03a0\u03bb\u03ae\u03c1\u03b7\u03c2 \u03a1\u03c5\u03b8\u03bc\u03b9\u03c3\u03c4\u03b9\u03ba\u03ae). \u0391\u03c5\u03c4\u03ae \u03b7 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03c1\u03c5\u03b8\u03bc\u03af\u03b6\u03b5\u03b9 \u03c4\u03b7\u03bd \u03c4\u03b9\u03bc\u03ae \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03ba\u03b1\u03c4\u03ac \u03c4\u03b7 \u03b4\u03b9\u03ac\u03c1\u03ba\u03b5\u03b9\u03b1 \u03b5\u03bd\u03cc\u03c2 down round, \u03bc\u03b5\u03b9\u03ce\u03bd\u03bf\u03bd\u03c4\u03ac\u03c2 \u03c4\u03b7\u03bd \u03c3\u03c4\u03b7\u03bd \u03af\u03b4\u03b9\u03b1 \u03c4\u03b9\u03bc\u03ae \u03bc\u03b5 \u03c4\u03b7\u03bd \u03c4\u03b9\u03bc\u03ae \u03b5\u03ba\u03b4\u03cc\u03c3\u03b5\u03c9\u03c2 \u03c4\u03c9\u03bd \u03bd\u03ad\u03c9\u03bd \u03c0\u03c1\u03bf\u03c4\u03b9\u03bc\u03ce\u03bc\u03b5\u03bd\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd.<\/p>\n\n\n\n<p>\u0393\u03b9\u03b1 \u03c0\u03b1\u03c1\u03ac\u03b4\u03b5\u03b9\u03b3\u03bc\u03b1, \u03b1\u03bd \u03b7 \u03b1\u03c1\u03c7\u03b9\u03ba\u03ae \u03c4\u03b9\u03bc\u03ae \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03c4\u03c9\u03bd \u03c0\u03c1\u03bf\u03c4\u03b9\u03bc\u03ce\u03bc\u03b5\u03bd\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd \u03c4\u03cd\u03c0\u03bf\u03c5 \u0391 \u03ae\u03c4\u03b1\u03bd 1.000 \u03b3\u03b5\u03bd, \u03ba\u03b1\u03b9 \u03b7 \u03c4\u03b9\u03bc\u03ae \u03b5\u03ba\u03b4\u03cc\u03c3\u03b5\u03c9\u03c2 \u03c4\u03c9\u03bd \u03c0\u03c1\u03bf\u03c4\u03b9\u03bc\u03ce\u03bc\u03b5\u03bd\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd \u03c4\u03cd\u03c0\u03bf\u03c5 \u0392 \u03ae\u03c4\u03b1\u03bd 500 \u03b3\u03b5\u03bd, \u03b7 \u03bd\u03ad\u03b1 \u03c4\u03b9\u03bc\u03ae \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03b8\u03b1 \u03b5\u03af\u03bd\u03b1\u03b9 500 \u03b3\u03b5\u03bd. \u0391\u03c5\u03c4\u03cc \u03c3\u03b7\u03bc\u03b1\u03af\u03bd\u03b5\u03b9 \u03cc\u03c4\u03b9 \u03bf\u03b9 \u03ba\u03ac\u03c4\u03bf\u03c7\u03bf\u03b9 \u03c4\u03c9\u03bd \u03c0\u03c1\u03bf\u03c4\u03b9\u03bc\u03ce\u03bc\u03b5\u03bd\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd \u03c4\u03cd\u03c0\u03bf\u03c5 \u0391 \u03b8\u03b1 \u03bc\u03c0\u03bf\u03c1\u03bf\u03cd\u03bd \u03bd\u03b1 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03ad\u03c8\u03bf\u03c5\u03bd \u03c4\u03b9\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03c4\u03bf\u03c5\u03c2 \u03c3\u03b5 \u03b4\u03b9\u03c0\u03bb\u03ac\u03c3\u03b9\u03bf \u03b1\u03c1\u03b9\u03b8\u03bc\u03cc \u03ba\u03bf\u03b9\u03bd\u03ce\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%9C%CE%AD%CE%B8%CE%BF%CE%B4%CE%BF%CF%82_%CE%A3%CF%84%CE%B1%CE%B8%CE%BC%CE%B9%CF%83%CE%BC%CE%AD%CE%BD%CE%BF%CF%85_%CE%9C%CE%AD%CF%83%CE%BF%CF%85\"><\/span>\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03a3\u03c4\u03b1\u03b8\u03bc\u03b9\u03c3\u03bc\u03ad\u03bd\u03bf\u03c5 \u039c\u03ad\u03c3\u03bf\u03c5<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u0397 \u03c0\u03b9\u03bf \u03c3\u03c5\u03c7\u03bd\u03ac \u03c7\u03c1\u03b7\u03c3\u03b9\u03bc\u03bf\u03c0\u03bf\u03b9\u03bf\u03cd\u03bc\u03b5\u03bd\u03b7 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03b5\u03af\u03bd\u03b1\u03b9 \u03b7 \u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 \u03a3\u03c4\u03b1\u03b8\u03bc\u03b9\u03c3\u03bc\u03ad\u03bd\u03bf\u03c5 \u039c\u03ad\u03c3\u03bf\u03c5 (Weighted Average Adjustment), \u03cc\u03c0\u03bf\u03c5 \u03b7 \u03bd\u03ad\u03b1 \u03c4\u03b9\u03bc\u03ae \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03bc\u03c0\u03bf\u03c1\u03b5\u03af \u03bd\u03b1 \u03c5\u03c0\u03bf\u03bb\u03bf\u03b3\u03b9\u03c3\u03c4\u03b5\u03af \u03bc\u03b5 \u03c4\u03bf\u03bd \u03c0\u03b1\u03c1\u03b1\u03ba\u03ac\u03c4\u03c9 \u03c4\u03cd\u03c0\u03bf.<\/p>\n\n\n\n<p>\u039d\u03ad\u03b1 \u03a4\u03b9\u03bc\u03ae \u039c\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 = \u03a0\u03b1\u03bb\u03b9\u03ac \u03a4\u03b9\u03bc\u03ae \u039c\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u00d7\u3010\uff5b \u0391\u03c1\u03b9\u03b8\u03bc\u03cc\u03c2 \u03ae\u03b4\u03b7 \u03b5\u03ba\u03b4\u03bf\u03b8\u03ad\u03bd\u03c4\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd + ( \u0391\u03c1\u03b9\u03b8\u03bc\u03cc\u03c2 \u03bd\u03ad\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd \u00d7 \u03a4\u03b9\u03bc\u03ae \u0388\u03ba\u03b4\u03bf\u03c3\u03b7\u03c2 ) \u00f7 \u03a0\u03b1\u03bb\u03b9\u03ac \u03a4\u03b9\u03bc\u03ae \u039c\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \uff5d\u00f7 ( \u0391\u03c1\u03b9\u03b8\u03bc\u03cc\u03c2 \u03ae\u03b4\u03b7 \u03b5\u03ba\u03b4\u03bf\u03b8\u03ad\u03bd\u03c4\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd + \u0391\u03c1\u03b9\u03b8\u03bc\u03cc\u03c2 \u03bd\u03ad\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd )\u3011<\/p>\n\n\n\n<p>\u0395\u03c0\u03b9\u03c0\u03bb\u03ad\u03bf\u03bd, \u03b1\u03bd\u03ac\u03bb\u03bf\u03b3\u03b1 \u03bc\u03b5 \u03c4\u03bf\u03bd \u03bf\u03c1\u03b9\u03c3\u03bc\u03cc \u03c4\u03bf\u03c5 &#8220;\u0391\u03c1\u03b9\u03b8\u03bc\u03bf\u03cd \u03ae\u03b4\u03b7 \u03b5\u03ba\u03b4\u03bf\u03b8\u03ad\u03bd\u03c4\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd&#8221; \u03c3\u03c4\u03bf\u03bd \u03c0\u03b1\u03c1\u03b1\u03c0\u03ac\u03bd\u03c9 \u03c4\u03cd\u03c0\u03bf, \u03c5\u03c0\u03ac\u03c1\u03c7\u03bf\u03c5\u03bd \u03b4\u03cd\u03bf \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf\u03b9: \u2460 \u03b7 \u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 Broad-Based \u03ba\u03b1\u03b9 \u2461 \u03b7 \u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 Narrow-Based.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%9C%CE%AD%CE%B8%CE%BF%CE%B4%CE%BF%CF%82_Broad-Based\"><\/span>\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 Broad-Based<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u03a3\u03c4\u03b7 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf Broad-Based, \u03bf &#8220;\u0391\u03c1\u03b9\u03b8\u03bc\u03cc\u03c2 \u03ae\u03b4\u03b7 \u03b5\u03ba\u03b4\u03bf\u03b8\u03ad\u03bd\u03c4\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd&#8221; \u03c0\u03b5\u03c1\u03b9\u03bb\u03b1\u03bc\u03b2\u03ac\u03bd\u03b5\u03b9 \u03c4\u03bf\u03bd \u03c3\u03c5\u03bd\u03bf\u03bb\u03b9\u03ba\u03cc \u03b1\u03c1\u03b9\u03b8\u03bc\u03cc \u03c4\u03c9\u03bd \u03c0\u03b1\u03c1\u03b1\u03ba\u03ac\u03c4\u03c9 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd, \u03b5\u03c0\u03bf\u03bc\u03ad\u03bd\u03c9\u03c2 \u03b7 \u03c0\u03c1\u03bf\u03c3\u03b1\u03c1\u03bc\u03bf\u03b3\u03ae \u03b5\u03af\u03bd\u03b1\u03b9 \u03bc\u03b9\u03ba\u03c1\u03cc\u03c4\u03b5\u03c1\u03b7.<\/p>\n\n\n\n<ul>\n<li>\u0389\u03b4\u03b7 \u03b5\u03ba\u03b4\u03bf\u03b8\u03b5\u03af\u03c3\u03b5\u03c2 \u03ba\u03bf\u03b9\u03bd\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2<\/li>\n\n\n\n<li>\u039a\u03bf\u03b9\u03bd\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03c0\u03bf\u03c5 \u03c0\u03c1\u03bf\u03ba\u03cd\u03c0\u03c4\u03bf\u03c5\u03bd \u03b1\u03c0\u03cc \u03c4\u03b7 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd<\/li>\n\n\n\n<li>\u0394\u03c5\u03bd\u03b7\u03c4\u03b9\u03ba\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03cc\u03c0\u03c9\u03c2 \u03bf\u03b9 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03b1\u03c0\u03cc stock options (\u03b4\u03b9\u03ba\u03b1\u03b9\u03ce\u03bc\u03b1\u03c4\u03b1 \u03c0\u03c1\u03bf\u03b1\u03af\u03c1\u03b5\u03c3\u03b7\u03c2 \u03bd\u03ad\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd) \u03ae \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03bc\u03b5 \u03b4\u03b9\u03ba\u03b1\u03b9\u03ce\u03bc\u03b1\u03c4\u03b1 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%9C%CE%AD%CE%B8%CE%BF%CE%B4%CE%BF%CF%82_Narrow-Based\"><\/span>\u039c\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 Narrow-Based<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u03a3\u03c4\u03b7 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf Narrow-Based, \u03bf &#8220;\u0391\u03c1\u03b9\u03b8\u03bc\u03cc\u03c2 \u03ae\u03b4\u03b7 \u03b5\u03ba\u03b4\u03bf\u03b8\u03ad\u03bd\u03c4\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd&#8221; \u03b4\u03b5\u03bd \u03c0\u03b5\u03c1\u03b9\u03bb\u03b1\u03bc\u03b2\u03ac\u03bd\u03b5\u03b9 \u03c4\u03b9\u03c2 &#8220;\u0394\u03c5\u03bd\u03b7\u03c4\u03b9\u03ba\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2&#8221; \u03c0\u03bf\u03c5 \u03b1\u03bd\u03b1\u03c6\u03ad\u03c1\u03b8\u03b7\u03ba\u03b1\u03bd \u03c0\u03b1\u03c1\u03b1\u03c0\u03ac\u03bd\u03c9, \u03b5\u03c0\u03bf\u03bc\u03ad\u03bd\u03c9\u03c2 \u03b7 \u03c0\u03c1\u03bf\u03c3\u03b1\u03c1\u03bc\u03bf\u03b3\u03ae \u03b5\u03af\u03bd\u03b1\u03b9 \u03bc\u03b5\u03b3\u03b1\u03bb\u03cd\u03c4\u03b5\u03c1\u03b7 \u03ba\u03b1\u03b9 \u03b5\u03c5\u03bd\u03bf\u03b5\u03af \u03c4\u03bf\u03c5\u03c2 \u03ba\u03b1\u03c4\u03cc\u03c7\u03bf\u03c5\u03c2 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd. \u03a3\u03b7\u03bc\u03b5\u03b9\u03ce\u03bd\u03b5\u03c4\u03b1\u03b9 \u03cc\u03c4\u03b9 \u03c3\u03c4\u03b7 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf Narrow-Based, \u03bf &#8220;\u0391\u03c1\u03b9\u03b8\u03bc\u03cc\u03c2 \u03ae\u03b4\u03b7 \u03b5\u03ba\u03b4\u03bf\u03b8\u03ad\u03bd\u03c4\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd&#8221; \u03bc\u03c0\u03bf\u03c1\u03b5\u03af \u03bd\u03b1 \u03c0\u03b5\u03c1\u03b9\u03bb\u03b1\u03bc\u03b2\u03ac\u03bd\u03b5\u03b9 \u03bc\u03cc\u03bd\u03bf \u03c4\u03bf\u03bd \u03b1\u03c1\u03b9\u03b8\u03bc\u03cc \u03c4\u03c9\u03bd \u03ae\u03b4\u03b7 \u03b5\u03ba\u03b4\u03bf\u03b8\u03b5\u03af\u03c3\u03c9\u03bd \u03ba\u03bf\u03b9\u03bd\u03ce\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd.<\/p>\n\n\n\n<p>\u0391\u03c2 \u03b4\u03bf\u03cd\u03bc\u03b5 \u03c4\u03b7 \u03b4\u03b9\u03b1\u03c6\u03bf\u03c1\u03ac \u03c3\u03c4\u03b7\u03bd \u03c4\u03b9\u03bc\u03ae \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03be\u03cd \u03c4\u03b7\u03c2 \u03bc\u03b5\u03b8\u03cc\u03b4\u03bf\u03c5 Broad-Based \u03ba\u03b1\u03b9 \u03c4\u03b7\u03c2 \u03bc\u03b5\u03b8\u03cc\u03b4\u03bf\u03c5 Narrow-Based, \u03cc\u03c4\u03b1\u03bd \u03bc\u03b9\u03b1 \u03b5\u03c4\u03b1\u03b9\u03c1\u03b5\u03af\u03b1 startup \u03c0\u03bf\u03c5 \u03ad\u03c7\u03b5\u03b9 \u03b5\u03ba\u03b4\u03ce\u03c3\u03b5\u03b9 \u03c4\u03c1\u03af\u03b1 \u03b5\u03af\u03b4\u03b7 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd \u03b5\u03ba\u03b4\u03af\u03b4\u03b5\u03b9 \u03bd\u03ad\u03b5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03c4\u03cd\u03c0\u03bf\u03c5 B.<\/p>\n\n\n\n<ul>\n<li>\u039a\u03bf\u03b9\u03bd\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2: 10,000 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2<\/li>\n\n\n\n<li>\u039c\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03c4\u03cd\u03c0\u03bf\u03c5 A: 3,000 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 (\u03c3\u03c4\u03b1 100.000 yen = \u03a0\u03b1\u03bb\u03b9\u03ac \u03a4\u03b9\u03bc\u03ae \u039c\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2)<\/li>\n\n\n\n<li>Stock options: 2,000 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2<\/li>\n\n\n\n<li>\u03a0\u03c1\u03bf\u03b3\u03c1\u03b1\u03bc\u03bc\u03b1\u03c4\u03b9\u03c3\u03bc\u03ad\u03bd\u03b5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03c4\u03cd\u03c0\u03bf\u03c5 B: 4,000 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 (\u03c3\u03c4\u03b1 50.000 yen = \u03a4\u03b9\u03bc\u03ae \u0388\u03ba\u03b4\u03bf\u03c3\u03b7\u03c2)<\/li>\n<\/ul>\n\n\n\n<p>\u3010\u03a5\u03c0\u03bf\u03bb\u03bf\u03b3\u03b9\u03c3\u03bc\u03cc\u03c2 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03bc\u03b5 \u03c4\u03b7 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf Broad-Based\u3011<\/p>\n\n\n\n<p>\u039d\u03ad\u03b1 \u03a4\u03b9\u03bc\u03ae \u039c\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 = 100.000 yen \u00d7 [(10,000 + 3,000 + 2,000) + (4,000 \u00d7 50.000 yen) \u00f7 100.000 yen] \u00f7 [(10,000 + 3,000 + 2,000) + 4,000] = 89,474 yen<br>(\u03a3\u03b7\u03bc\u03b5\u03af\u03c9\u03c3\u03b7: \u039f\u03b9 \u03b4\u03b5\u03ba\u03b1\u03b4\u03b9\u03ba\u03ad\u03c2 \u03c4\u03b9\u03bc\u03ad\u03c2 \u03bc\u03b9\u03ba\u03c1\u03cc\u03c4\u03b5\u03c1\u03b5\u03c2 \u03c4\u03bf\u03c5 1 yen \u03c3\u03c4\u03c1\u03bf\u03b3\u03b3\u03c5\u03bb\u03bf\u03c0\u03bf\u03b9\u03bf\u03cd\u03bd\u03c4\u03b1\u03b9 \u03c3\u03c4\u03bf \u03c0\u03bb\u03b7\u03c3\u03b9\u03ad\u03c3\u03c4\u03b5\u03c1\u03bf \u03bf\u03bb\u03cc\u03ba\u03bb\u03b7\u03c1\u03bf yen)<\/p>\n\n\n\n<p>\u3010\u03a5\u03c0\u03bf\u03bb\u03bf\u03b3\u03b9\u03c3\u03bc\u03cc\u03c2 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03bc\u03b5 \u03c4\u03b7 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf Narrow-Based\u3011<\/p>\n\n\n\n<p>\u039d\u03ad\u03b1 \u03a4\u03b9\u03bc\u03ae \u039c\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 = 100.000 yen \u00d7 [(10,000 + 3,000) + (4,000 \u00d7 50.000 yen) \u00f7 100.000 yen] \u00f7 [(10,000 + 3,000) + 4,000] = 88,235 yen<\/p>\n\n\n\n<p>\u0391\u03c0\u03cc \u03c4\u03bf\u03bd \u03c5\u03c0\u03bf\u03bb\u03bf\u03b3\u03b9\u03c3\u03bc\u03cc, \u03c3\u03c4\u03b7\u03bd \u03c0\u03b1\u03c1\u03b1\u03c0\u03ac\u03bd\u03c9 \u03c0\u03b5\u03c1\u03af\u03c0\u03c4\u03c9\u03c3\u03b7, \u03b2\u03bb\u03ad\u03c0\u03bf\u03c5\u03bc\u03b5 \u03cc\u03c4\u03b9 \u03b7 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf\u03c2 Narrow-Based \u03b5\u03af\u03bd\u03b1\u03b9 \u03c0\u03b9\u03bf \u03b5\u03c5\u03bd\u03bf\u03ca\u03ba\u03ae \u03b3\u03b9\u03b1 \u03c4\u03bf\u03c5\u03c2 \u03ba\u03b1\u03c4\u03cc\u03c7\u03bf\u03c5\u03c2 \u03c4\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd \u03c4\u03cd\u03c0\u03bf\u03c5 A, \u03ba\u03b1\u03b8\u03ce\u03c2 \u03bc\u03c0\u03bf\u03c1\u03bf\u03cd\u03bd \u03bd\u03b1 \u03b1\u03c0\u03bf\u03ba\u03c4\u03ae\u03c3\u03bf\u03c5\u03bd \u03ba\u03bf\u03b9\u03bd\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03bc\u03b5 1,239 yen \u03bb\u03b9\u03b3\u03cc\u03c4\u03b5\u03c1\u03b1.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%A3%CE%B5_%CF%80%CE%B5%CF%81%CE%AF%CF%80%CF%84%CF%89%CF%83%CE%B7_%CF%80%CE%BF%CF%85_%CE%B4%CE%B5%CE%BD_%CF%80%CF%81%CE%B1%CE%B3%CE%BC%CE%B1%CF%84%CE%BF%CF%80%CE%BF%CE%B9%CE%B7%CE%B8%CE%B5%CE%AF_%CF%81%CF%8D%CE%B8%CE%BC%CE%B9%CF%83%CE%B7_%CF%84%CE%B7%CF%82_%CF%84%CE%B9%CE%BC%CE%AE%CF%82_%CE%BC%CE%B5%CF%84%CE%B1%CF%84%CF%81%CE%BF%CF%80%CE%AE%CF%82\"><\/span>\u03a3\u03b5 \u03c0\u03b5\u03c1\u03af\u03c0\u03c4\u03c9\u03c3\u03b7 \u03c0\u03bf\u03c5 \u03b4\u03b5\u03bd \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03bf\u03c0\u03bf\u03b9\u03b7\u03b8\u03b5\u03af \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2<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=\"\u0395\u03b9\u03ba\u03cc\u03bd\u03b1 \u03b1\u03bd\u03b8\u03c1\u03ce\u03c0\u03bf\u03c5 \u03c0\u03bf\u03c5 \u03b4\u03b5\u03bd \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03bf\u03c0\u03bf\u03b9\u03b5\u03af \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7\" class=\"wp-image-47003\" \/><\/figure><\/div>\n\n\n<p>\u03a3\u03c5\u03bd\u03ae\u03b8\u03c9\u03c2, \u03c3\u03c4\u03b9\u03c2 \u03c3\u03c5\u03bc\u03b2\u03ac\u03c3\u03b5\u03b9\u03c2 \u03b5\u03c0\u03ad\u03bd\u03b4\u03c5\u03c3\u03b7\u03c2 \u03ba\u03b1\u03b8\u03bf\u03c1\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03cc\u03c4\u03b9 \u03b8\u03b1 \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03bf\u03c0\u03bf\u03b9\u03b7\u03b8\u03b5\u03af \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2, \u03c9\u03c3\u03c4\u03cc\u03c3\u03bf, \u03c5\u03c0\u03ac\u03c1\u03c7\u03bf\u03c5\u03bd \u03b5\u03be\u03b1\u03b9\u03c1\u03b5\u03c4\u03b9\u03ba\u03ad\u03c2 \u03c0\u03b5\u03c1\u03b9\u03c0\u03c4\u03ce\u03c3\u03b5\u03b9\u03c2 \u03cc\u03c0\u03bf\u03c5 \u03ba\u03b1\u03b8\u03bf\u03c1\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03cc\u03c4\u03b9 \u03b4\u03b5\u03bd \u03b8\u03b1 \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03bf\u03c0\u03bf\u03b9\u03b7\u03b8\u03b5\u03af \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%A3%CE%B5_%CF%80%CE%B5%CF%81%CE%AF%CF%80%CF%84%CF%89%CF%83%CE%B7_%CF%80%CE%BF%CF%85_%CF%85%CF%80%CE%AC%CF%81%CF%87%CE%B5%CE%B9_%CF%83%CF%85%CE%BC%CF%86%CF%89%CE%BD%CE%AF%CE%B1_%CE%B1%CF%80%CF%8C_%CF%84%CE%BF%CF%85%CF%82_%CE%BC%CE%B5%CF%84%CF%8C%CF%87%CE%BF%CF%85%CF%82_%CF%84%CE%B7%CF%82_%CE%AF%CE%B4%CE%B9%CE%B1%CF%82_%CE%BA%CE%B1%CF%84%CE%B7%CE%B3%CE%BF%CF%81%CE%AF%CE%B1%CF%82\"><\/span>\u03a3\u03b5 \u03c0\u03b5\u03c1\u03af\u03c0\u03c4\u03c9\u03c3\u03b7 \u03c0\u03bf\u03c5 \u03c5\u03c0\u03ac\u03c1\u03c7\u03b5\u03b9 \u03c3\u03c5\u03bc\u03c6\u03c9\u03bd\u03af\u03b1 \u03b1\u03c0\u03cc \u03c4\u03bf\u03c5\u03c2 \u03bc\u03b5\u03c4\u03cc\u03c7\u03bf\u03c5\u03c2 \u03c4\u03b7\u03c2 \u03af\u03b4\u03b9\u03b1\u03c2 \u03ba\u03b1\u03c4\u03b7\u03b3\u03bf\u03c1\u03af\u03b1\u03c2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u038c\u03c0\u03c9\u03c2 \u03ba\u03b1\u03b9 \u03c3\u03c4\u03b7\u03bd \u03c0\u03b5\u03c1\u03af\u03c0\u03c4\u03c9\u03c3\u03b7 \u03c0\u03bf\u03c5 \u03b1\u03c3\u03ba\u03b5\u03af\u03c4\u03b1\u03b9 \u03c4\u03bf \u03b4\u03b9\u03ba\u03b1\u03af\u03c9\u03bc\u03b1 \u03b1\u03af\u03c4\u03b7\u03c3\u03b7\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03c0\u03bf\u03c5 \u03b1\u03bd\u03b1\u03c6\u03ad\u03c1\u03b8\u03b7\u03ba\u03b5 \u03c0\u03c1\u03bf\u03b7\u03b3\u03bf\u03c5\u03bc\u03ad\u03bd\u03c9\u03c2, \u03bc\u03c0\u03bf\u03c1\u03b5\u03af \u03bd\u03b1 \u03b6\u03b7\u03c4\u03b7\u03b8\u03b5\u03af \u03b1\u03c0\u03cc \u03c4\u03bf\u03c5\u03c2 \u03c5\u03c6\u03b9\u03c3\u03c4\u03ac\u03bc\u03b5\u03bd\u03bf\u03c5\u03c2 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03bf\u03c5\u03c2 \u03bc\u03b5\u03c4\u03cc\u03c7\u03bf\u03c5\u03c2 \u03bd\u03b1 \u03bc\u03b7\u03bd \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03bf\u03c0\u03bf\u03b9\u03ae\u03c3\u03bf\u03c5\u03bd \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2, \u03c9\u03c2 \u03cc\u03c1\u03bf\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03b7\u03bd \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03bf\u03c0\u03bf\u03af\u03b7\u03c3\u03b7 \u03b5\u03c0\u03b5\u03bd\u03b4\u03cd\u03c3\u03b5\u03c9\u03bd \u03b1\u03c0\u03cc \u03bd\u03ad\u03bf\u03c5\u03c2 \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03ad\u03c2 \u03c3\u03b5 \u03b5\u03c4\u03b1\u03b9\u03c1\u03b5\u03af\u03b5\u03c2 \u03bc\u03b5 \u03ba\u03b1\u03ba\u03ae \u03b1\u03c0\u03cc\u03b4\u03bf\u03c3\u03b7.<\/p>\n\n\n\n<p>\u0393\u03b9\u03b1 \u03bd\u03b1 \u03b1\u03bd\u03c4\u03b9\u03bc\u03b5\u03c4\u03c9\u03c0\u03b9\u03c3\u03c4\u03bf\u03cd\u03bd \u03c4\u03ad\u03c4\u03bf\u03b9\u03b5\u03c2 \u03c0\u03b5\u03c1\u03b9\u03c0\u03c4\u03ce\u03c3\u03b5\u03b9\u03c2, \u03b5\u03af\u03bd\u03b1\u03b9 \u03c3\u03c5\u03bd\u03b7\u03b8\u03b9\u03c3\u03bc\u03ad\u03bd\u03bf \u03bd\u03b1 \u03ba\u03b1\u03b8\u03bf\u03c1\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03cc\u03c4\u03b9 \u03b4\u03b5\u03bd \u03b8\u03b1 \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03bf\u03c0\u03bf\u03b9\u03b7\u03b8\u03b5\u03af \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2, \u03b5\u03c6\u03cc\u03c3\u03bf\u03bd \u03c5\u03c0\u03ac\u03c1\u03c7\u03b5\u03b9 \u03c3\u03c5\u03bc\u03c6\u03c9\u03bd\u03af\u03b1 \u03b1\u03c0\u03cc \u03c4\u03bf\u03c5\u03c2 \u03bc\u03b5\u03c4\u03cc\u03c7\u03bf\u03c5\u03c2 \u03c4\u03b7\u03c2 \u03af\u03b4\u03b9\u03b1\u03c2 \u03ba\u03b1\u03c4\u03b7\u03b3\u03bf\u03c1\u03af\u03b1\u03c2.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%A3%CE%B5_%CF%80%CE%B5%CF%81%CE%AF%CF%80%CF%84%CF%89%CF%83%CE%B7_%CE%AD%CE%BA%CE%B4%CE%BF%CF%83%CE%B7%CF%82_stock_options\"><\/span>\u03a3\u03b5 \u03c0\u03b5\u03c1\u03af\u03c0\u03c4\u03c9\u03c3\u03b7 \u03ad\u03ba\u03b4\u03bf\u03c3\u03b7\u03c2 stock options<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u03a4\u03bf \u03c0\u03bf\u03c3\u03cc \u03c4\u03c9\u03bd stock options \u03c0\u03bf\u03c5 \u03bc\u03c0\u03bf\u03c1\u03bf\u03cd\u03bd \u03bd\u03b1 \u03b5\u03ba\u03b4\u03bf\u03b8\u03bf\u03cd\u03bd \u03c7\u03c9\u03c1\u03af\u03c2 \u03c4\u03b7\u03bd \u03c0\u03c1\u03bf\u03b7\u03b3\u03bf\u03cd\u03bc\u03b5\u03bd\u03b7 \u03ad\u03b3\u03ba\u03c1\u03b9\u03c3\u03b7 \u03c4\u03c9\u03bd \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03ce\u03bd \u03c3\u03c5\u03bd\u03ae\u03b8\u03c9\u03c2 \u03b1\u03bd\u03b1\u03c6\u03ad\u03c1\u03b5\u03c4\u03b1\u03b9 \u03c9\u03c2 &#8220;stock option pool&#8221;. \u03a3\u03c4\u03b9\u03c2 \u03c3\u03c5\u03bc\u03b2\u03ac\u03c3\u03b5\u03b9\u03c2 \u03b5\u03c0\u03ad\u03bd\u03b4\u03c5\u03c3\u03b7\u03c2, \u03c3\u03c5\u03c7\u03bd\u03ac \u03ba\u03b1\u03b8\u03bf\u03c1\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03cc\u03c4\u03b9 \u03b4\u03b5\u03bd \u03b8\u03b1 \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03bf\u03c0\u03bf\u03b9\u03b7\u03b8\u03b5\u03af \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03ba\u03b1\u03c4\u03ac \u03c4\u03b7\u03bd \u03ad\u03ba\u03b4\u03bf\u03c3\u03b7 stock options, \u03bc\u03b1\u03b6\u03af \u03bc\u03b5 \u03c4\u03bf stock option pool.<\/p>\n\n\n\n<p>\u0391\u03c5\u03c4\u03cc \u03c3\u03c5\u03bc\u03b2\u03b1\u03af\u03bd\u03b5\u03b9 \u03b5\u03c0\u03b5\u03b9\u03b4\u03ae \u03bf\u03b9 \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03ad\u03c2 \u03ba\u03b1\u03c4\u03b1\u03bd\u03bf\u03bf\u03cd\u03bd \u03cc\u03c4\u03b9 \u03b7 \u03ad\u03ba\u03b4\u03bf\u03c3\u03b7 stock options \u03b8\u03b1 \u03bf\u03b4\u03b7\u03b3\u03ae\u03c3\u03b5\u03b9 \u03c3\u03b5 \u03b1\u03c1\u03b1\u03af\u03c9\u03c3\u03b7 \u03c4\u03c9\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd, \u03cc\u03c4\u03b1\u03bd \u03c3\u03c5\u03bc\u03c6\u03c9\u03bd\u03bf\u03cd\u03bd \u03b3\u03b9\u03b1 \u03c4\u03bf stock option pool.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%A1%CE%AE%CF%84%CF%81%CE%B1_Pay_to_Play\"><\/span>\u03a1\u03ae\u03c4\u03c1\u03b1 Pay to Play<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u039c\u03b9\u03b1 \u03ac\u03bb\u03bb\u03b7 \u03c0\u03b5\u03c1\u03af\u03c0\u03c4\u03c9\u03c3\u03b7 \u03cc\u03c0\u03bf\u03c5 \u03b4\u03b5\u03bd \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03bf\u03c0\u03bf\u03b9\u03b5\u03af\u03c4\u03b1\u03b9 \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03b5\u03af\u03bd\u03b1\u03b9 \u03bb\u03cc\u03b3\u03c9 \u03c4\u03b7\u03c2 \u03c1\u03ae\u03c4\u03c1\u03b1\u03c2 &#8220;Pay to Play&#8221;. \u0391\u03c5\u03c4\u03ae \u03b7 \u03c1\u03ae\u03c4\u03c1\u03b1, \u03c0\u03bf\u03c5 \u03b5\u03c0\u03b9\u03b2\u03ac\u03bb\u03bb\u03b5\u03b9 \u03ba\u03c5\u03c1\u03ce\u03c3\u03b5\u03b9\u03c2 \u03c3\u03c4\u03bf\u03c5\u03c2 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03bf\u03c5\u03c2 \u03bc\u03b5\u03c4\u03cc\u03c7\u03bf\u03c5\u03c2 \u03c0\u03bf\u03c5 \u03b4\u03b5\u03bd \u03b1\u03c0\u03bf\u03ba\u03c4\u03bf\u03cd\u03bd \u03bd\u03ad\u03b5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03ba\u03b1\u03c4\u03ac \u03c4\u03b7\u03bd \u03b5\u03c0\u03ad\u03bd\u03b4\u03c5\u03c3\u03b7 \u03c3\u03b5 down rounds, \u03b5\u03af\u03bd\u03b1\u03b9 \u03b3\u03bd\u03c9\u03c3\u03c4\u03ae \u03c9\u03c2 \u03c1\u03ae\u03c4\u03c1\u03b1 &#8220;Pay to Play&#8221;.<\/p>\n\n\n\n<p>\u03a0\u03b1\u03c1\u03b1\u03b4\u03b5\u03af\u03b3\u03bc\u03b1\u03c4\u03b1 \u03c4\u03c9\u03bd \u03ba\u03c5\u03c1\u03ce\u03c3\u03b5\u03c9\u03bd \u03c0\u03b5\u03c1\u03b9\u03bb\u03b1\u03bc\u03b2\u03ac\u03bd\u03bf\u03c5\u03bd \u03c4\u03b1 \u03b5\u03be\u03ae\u03c2:<\/p>\n\n\n\n<ul>\n<li>\u0394\u03b5\u03bd \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03bf\u03c0\u03bf\u03b9\u03b5\u03af\u03c4\u03b1\u03b9 \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03bf\u03bd \u03c3\u03c5\u03b3\u03ba\u03b5\u03ba\u03c1\u03b9\u03bc\u03ad\u03bd\u03bf \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03bf \u03bc\u03ad\u03c4\u03bf\u03c7\u03bf<\/li>\n\n\n\n<li>\u0394\u03b5\u03bd \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03bf\u03c0\u03bf\u03b9\u03b5\u03af\u03c4\u03b1\u03b9 \u03ba\u03b1\u03bc\u03af\u03b1 \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03c4\u03b9\u03bc\u03ae\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03bf\u03bd \u03c3\u03c5\u03b3\u03ba\u03b5\u03ba\u03c1\u03b9\u03bc\u03ad\u03bd\u03bf \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03bf \u03bc\u03ad\u03c4\u03bf\u03c7\u03bf \u03c3\u03c4\u03bf \u03bc\u03ad\u03bb\u03bb\u03bf\u03bd<\/li>\n\n\n\n<li>\u039f\u03b9 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03b5\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2 \u03c0\u03bf\u03c5 \u03ba\u03b1\u03c4\u03ad\u03c7\u03b5\u03b9 \u03bf \u03c3\u03c5\u03b3\u03ba\u03b5\u03ba\u03c1\u03b9\u03bc\u03ad\u03bd\u03bf\u03c2 \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03bf\u03cd\u03c7\u03bf\u03c2 \u03bc\u03ad\u03c4\u03bf\u03c7\u03bf\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03ad\u03c0\u03bf\u03bd\u03c4\u03b1\u03b9 \u03b1\u03c5\u03c4\u03bf\u03bc\u03ac\u03c4\u03c9\u03c2 \u03c3\u03b5 \u03ba\u03bf\u03b9\u03bd\u03ad\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%CE%A3%CF%8D%CE%BD%CE%BF%CF%88%CE%B7_%CE%A3%CF%87%CE%B5%CF%84%CE%B9%CE%BA%CE%AC_%CE%BC%CE%B5_%CF%84%CE%B7_%CF%81%CE%AE%CF%84%CF%81%CE%B1_%CE%B4%CE%B9%CE%BA%CE%B1%CE%B9%CF%8E%CE%BC%CE%B1%CF%84%CE%BF%CF%82_%CE%BC%CE%B5%CF%84%CE%B1%CF%84%CF%81%CE%BF%CF%80%CE%AE%CF%82_%CF%83%CE%B5_%CF%83%CF%85%CE%BC%CE%B2%CF%8C%CE%BB%CE%B1%CE%B9%CE%B1_%CE%B5%CF%80%CE%AD%CE%BD%CE%B4%CF%85%CF%83%CE%B7%CF%82\"><\/span>\u03a3\u03cd\u03bd\u03bf\u03c8\u03b7: \u03a3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03b7 \u03c1\u03ae\u03c4\u03c1\u03b1 \u03b4\u03b9\u03ba\u03b1\u03b9\u03ce\u03bc\u03b1\u03c4\u03bf\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03c3\u03b5 \u03c3\u03c5\u03bc\u03b2\u03cc\u03bb\u03b1\u03b9\u03b1 \u03b5\u03c0\u03ad\u03bd\u03b4\u03c5\u03c3\u03b7\u03c2<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\/06\/https___Monolith-law.jp_corporate_confidentiality-rewrite1.jpg\" alt=\"\u0386\u03c4\u03bf\u03bc\u03bf \u03c0\u03bf\u03c5 \u03c3\u03c5\u03bc\u03b2\u03bf\u03c5\u03bb\u03b5\u03cd\u03b5\u03c4\u03b1\u03b9 \u03b4\u03b9\u03ba\u03b7\u03b3\u03cc\u03c1\u03bf\" class=\"wp-image-45958\" \/><\/figure><\/div>\n\n\n<p>\u0397 \u03c1\u03ae\u03c4\u03c1\u03b1 \u03b4\u03b9\u03ba\u03b1\u03b9\u03ce\u03bc\u03b1\u03c4\u03bf\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03c0\u03bf\u03c5 \u03ba\u03b1\u03b8\u03bf\u03c1\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03c3\u03c4\u03b1 \u03c3\u03c5\u03bc\u03b2\u03cc\u03bb\u03b1\u03b9\u03b1 \u03b5\u03c0\u03ad\u03bd\u03b4\u03c5\u03c3\u03b7\u03c2 \u03c4\u03c9\u03bd startups, \u03ba\u03b1\u03b8\u03bf\u03c1\u03af\u03b6\u03b5\u03b9 \u03ba\u03c5\u03c1\u03af\u03c9\u03c2 \u03b8\u03ad\u03bc\u03b1\u03c4\u03b1 \u03cc\u03c0\u03c9\u03c2 \u03b7 \u03c0\u03c1\u03cc\u03bb\u03b7\u03c8\u03b7 \u03c4\u03b7\u03c2 \u03b1\u03c1\u03b1\u03af\u03c9\u03c3\u03b7\u03c2 \u03c4\u03c9\u03bd \u03c0\u03c1\u03bf\u03bd\u03bf\u03bc\u03b9\u03b1\u03ba\u03ce\u03bd \u03bc\u03b5\u03c4\u03bf\u03c7\u03ce\u03bd \u03c3\u03b5 \u03c0\u03b5\u03c1\u03af\u03c0\u03c4\u03c9\u03c3\u03b7 \u03c5\u03c0\u03bf\u03c4\u03af\u03bc\u03b7\u03c3\u03b7\u03c2, \u03b1\u03bb\u03bb\u03ac \u03c0\u03b5\u03c1\u03b9\u03bb\u03b1\u03bc\u03b2\u03ac\u03bd\u03b5\u03b9 \u03b5\u03c0\u03af\u03c3\u03b7\u03c2 \u03c3\u03b7\u03bc\u03b1\u03bd\u03c4\u03b9\u03ba\u03ac \u03b8\u03ad\u03bc\u03b1\u03c4\u03b1 \u03cc\u03c0\u03c9\u03c2 \u03bf\u03b9 \u03bc\u03ad\u03b8\u03bf\u03b4\u03bf\u03b9 \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7\u03c2 \u03c4\u03b7\u03c2 \u03b1\u03bd\u03b1\u03bb\u03bf\u03b3\u03af\u03b1\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03ba\u03b1\u03b9 \u03bf\u03b9 \u03b5\u03be\u03b1\u03b9\u03c1\u03b5\u03c4\u03b9\u03ba\u03ad\u03c2 \u03b4\u03b9\u03b1\u03c4\u03ac\u03be\u03b5\u03b9\u03c2.<\/p>\n\n\n\n<p>\u038c\u03c4\u03b1\u03bd \u03ba\u03b1\u03b8\u03bf\u03c1\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03bc\u03b9\u03b1 \u03c1\u03ae\u03c4\u03c1\u03b1 \u03b4\u03b9\u03ba\u03b1\u03b9\u03ce\u03bc\u03b1\u03c4\u03bf\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c4\u03c1\u03bf\u03c0\u03ae\u03c2 \u03c3\u03b5 \u03ad\u03bd\u03b1 \u03c3\u03c5\u03bc\u03b2\u03cc\u03bb\u03b1\u03b9\u03bf \u03b5\u03c0\u03ad\u03bd\u03b4\u03c5\u03c3\u03b7\u03c2, \u03c0\u03c1\u03ad\u03c0\u03b5\u03b9 \u03bd\u03b1 \u03b4\u03b7\u03bc\u03b9\u03bf\u03c5\u03c1\u03b3\u03b7\u03b8\u03b5\u03af \u03ad\u03bd\u03b1 \u03c3\u03c5\u03bc\u03b2\u03cc\u03bb\u03b1\u03b9\u03bf \u03bb\u03b1\u03bc\u03b2\u03ac\u03bd\u03bf\u03bd\u03c4\u03b1\u03c2 \u03c5\u03c0\u03cc\u03c8\u03b7 \u03cc\u03c7\u03b9 \u03bc\u03cc\u03bd\u03bf \u03c4\u03b1 \u03c3\u03c5\u03bc\u03c6\u03ad\u03c1\u03bf\u03bd\u03c4\u03b1 \u03c4\u03c9\u03bd \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03ce\u03bd \u03b1\u03bb\u03bb\u03ac \u03ba\u03b1\u03b9 \u03c4\u03b1 \u03c3\u03c5\u03bc\u03c6\u03ad\u03c1\u03bf\u03bd\u03c4\u03b1 \u03c4\u03b7\u03c2 \u03b5\u03c4\u03b1\u03b9\u03c1\u03b5\u03af\u03b1\u03c2. \u03a3\u03c5\u03bd\u03b9\u03c3\u03c4\u03ac\u03c4\u03b1\u03b9 \u03bd\u03b1 \u03c3\u03c5\u03bc\u03b2\u03bf\u03c5\u03bb\u03b5\u03c5\u03c4\u03b5\u03af\u03c4\u03b5 \u03b5\u03ba \u03c4\u03c9\u03bd \u03c0\u03c1\u03bf\u03c4\u03ad\u03c1\u03c9\u03bd \u03ad\u03bd\u03b1\u03bd \u03b4\u03b9\u03ba\u03b7\u03b3\u03cc\u03c1\u03bf \u03bc\u03b5 \u03b5\u03b9\u03b4\u03b9\u03ba\u03ad\u03c2 \u03b3\u03bd\u03ce\u03c3\u03b5\u03b9\u03c2 \u03ba\u03b1\u03b9 \u03b5\u03bc\u03c0\u03b5\u03b9\u03c1\u03af\u03b1.<\/p>\n\n\n\n<p>\u0391\u03bd \u03b8\u03ad\u03bb\u03b5\u03c4\u03b5 \u03bd\u03b1 \u03bc\u03ac\u03b8\u03b5\u03c4\u03b5 \u03c0\u03b5\u03c1\u03b9\u03c3\u03c3\u03cc\u03c4\u03b5\u03c1\u03b1 \u03b3\u03b9\u03b1 \u03c4\u03b7\u03bd &#8220;\u03a1\u03ae\u03c4\u03c1\u03b1 \u03c3\u03c7\u03b5\u03c4\u03b9\u03ba\u03ac \u03bc\u03b5 \u03c4\u03b9\u03c2 \u03bc\u03b5\u03c4\u03bf\u03c7\u03ad\u03c2&#8221; \u03c0\u03bf\u03c5 \u03ba\u03b1\u03b8\u03bf\u03c1\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03c3\u03c4\u03b1 \u03c3\u03c5\u03bc\u03b2\u03cc\u03bb\u03b1\u03b9\u03b1 \u03b5\u03c0\u03ad\u03bd\u03b4\u03c5\u03c3\u03b7\u03c2, \u03b4\u03b5\u03af\u03c4\u03b5 \u03c4\u03bf \u03c0\u03b1\u03c1\u03b1\u03ba\u03ac\u03c4\u03c9 \u03ac\u03c1\u03b8\u03c1\u03bf \u03bc\u03b1\u03b6\u03af \u03bc\u03b5 \u03b1\u03c5\u03c4\u03cc \u03c4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf.<\/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=\"%CE%95%CE%BD%CE%B7%CE%BC%CE%AD%CF%81%CF%89%CF%83%CE%B7_%CE%B3%CE%B9%CE%B1_%CF%84%CE%B1_%CE%BC%CE%AD%CF%84%CF%81%CE%B1_%CF%80%CE%BF%CF%85_%CE%BB%CE%B1%CE%BC%CE%B2%CE%AC%CE%BD%CE%B5%CE%B9_%CF%84%CE%BF_%CE%B3%CF%81%CE%B1%CF%86%CE%B5%CE%AF%CE%BF_%CE%BC%CE%B1%CF%82\"><\/span>\u0395\u03bd\u03b7\u03bc\u03ad\u03c1\u03c9\u03c3\u03b7 \u03b3\u03b9\u03b1 \u03c4\u03b1 \u03bc\u03ad\u03c4\u03c1\u03b1 \u03c0\u03bf\u03c5 \u03bb\u03b1\u03bc\u03b2\u03ac\u03bd\u03b5\u03b9 \u03c4\u03bf \u03b3\u03c1\u03b1\u03c6\u03b5\u03af\u03bf \u03bc\u03b1\u03c2<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u03a4\u03bf \u03b4\u03b9\u03ba\u03b7\u03b3\u03bf\u03c1\u03b9\u03ba\u03cc \u03b3\u03c1\u03b1\u03c6\u03b5\u03af\u03bf Monolis \u03b5\u03af\u03bd\u03b1\u03b9 \u03ad\u03bd\u03b1 \u03b3\u03c1\u03b1\u03c6\u03b5\u03af\u03bf \u03bc\u03b5 \u03c5\u03c8\u03b7\u03bb\u03ae \u03b5\u03be\u03b5\u03b9\u03b4\u03af\u03ba\u03b5\u03c5\u03c3\u03b7 \u03c3\u03c4\u03b7\u03bd IT, \u03b5\u03b9\u03b4\u03b9\u03ba\u03ac \u03c3\u03c4\u03bf \u03b4\u03b9\u03b1\u03b4\u03af\u03ba\u03c4\u03c5\u03bf \u03ba\u03b1\u03b9 \u03c3\u03c4\u03bf \u03b4\u03af\u03ba\u03b1\u03b9\u03bf. \u0397 \u03b4\u03b7\u03bc\u03b9\u03bf\u03c5\u03c1\u03b3\u03af\u03b1 \u03c3\u03c5\u03bc\u03b2\u03bf\u03bb\u03b1\u03af\u03c9\u03bd \u03b5\u03af\u03bd\u03b1\u03b9 \u03b1\u03c0\u03b1\u03c1\u03b1\u03af\u03c4\u03b7\u03c4\u03b7 \u03b3\u03b9\u03b1 \u03c4\u03b9\u03c2 \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03b9\u03ba\u03ad\u03c2 \u03c3\u03c5\u03bc\u03c6\u03c9\u03bd\u03af\u03b5\u03c2. \u03a3\u03c4\u03bf \u03b3\u03c1\u03b1\u03c6\u03b5\u03af\u03bf \u03bc\u03b1\u03c2, \u03b4\u03b7\u03bc\u03b9\u03bf\u03c5\u03c1\u03b3\u03bf\u03cd\u03bc\u03b5 \u03ba\u03b1\u03b9 \u03b5\u03c0\u03b1\u03bd\u03b5\u03be\u03b5\u03c4\u03ac\u03b6\u03bf\u03c5\u03bc\u03b5 \u03c3\u03c5\u03bc\u03b2\u03cc\u03bb\u03b1\u03b9\u03b1 \u03b3\u03b9\u03b1 \u03b4\u03b9\u03ac\u03c6\u03bf\u03c1\u03b5\u03c2 \u03c5\u03c0\u03bf\u03b8\u03ad\u03c3\u03b5\u03b9\u03c2, \u03b1\u03c0\u03cc 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href=\"https:\/\/monolith.law\/\u03b4\u03b7\u03bc\u03b9\u03bf\u03c5\u03c1\u03b3\u03af\u03b1\u03c3\u03c5\u03bc\u03b2\u03bf\u03bb\u03b1\u03af\u03bf\u03c5\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/\u03b4\u03b7\u03bc\u03b9\u03bf\u03c5\u03c1\u03b3\u03af\u03b1\u03c3\u03c5\u03bc\u03b2\u03bf\u03bb\u03b1\u03af\u03bf\u03c5[ja]<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u03a4\u03bf &#8220;\u03a3\u03c5\u03bc\u03b2\u03cc\u03bb\u03b1\u03b9\u03bf \u0395\u03c0\u03ad\u03bd\u03b4\u03c5\u03c3\u03b7\u03c2&#8221; \u03b5\u03af\u03bd\u03b1\u03b9 \u03ad\u03bd\u03b1 \u03c3\u03c5\u03bc\u03b2\u03cc\u03bb\u03b1\u03b9\u03bf \u03c0\u03bf\u03c5 \u03c3\u03c5\u03bd\u03ac\u03c0\u03c4\u03b5\u03c4\u03b1\u03b9 \u03bc\u03b5\u03c4\u03b1\u03be\u03cd \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03ae \u03ba\u03b1\u03b9 \u03b5\u03c0\u03b9\u03c7\u03b5\u03af\u03c1\u03b7\u03c3\u03b7\u03c2 \u03cc\u03c4\u03b1\u03bd \u03b7 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[&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":62853,"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\/el\/wp-json\/wp\/v2\/posts\/61457"}],"collection":[{"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/comments?post=61457"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/posts\/61457\/revisions"}],"predecessor-version":[{"id":62852,"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/posts\/61457\/revisions\/62852"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/media\/62853"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/media?parent=61457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/categories?post=61457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/el\/wp-json\/wp\/v2\/tags?post=61457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}