{"id":59756,"date":"2023-11-22T10:21:32","date_gmt":"2023-11-22T01:21:32","guid":{"rendered":"https:\/\/monolith.law\/en\/?p=59756"},"modified":"2023-11-22T18:10:51","modified_gmt":"2023-11-22T09:10:51","slug":"investment-contract-convertible-bill","status":"publish","type":"post","link":"https:\/\/monolith.law\/en\/general-corporate\/investment-contract-convertible-bill","title":{"rendered":"Explaining the Conversion Claim Clause in Investment Contracts for Startups"},"content":{"rendered":"\n<p>An &#8220;investment contract&#8221; is a contract that a company enters into with investors when receiving investment. An investment contract includes various details, such as the quantity and price of shares, payment conditions, and more.<\/p>\n\n\n\n<p>In order to prevent the dilution of preferred shares held by investors, it is important to properly establish a &#8220;conversion request clause&#8221; in this investment contract.<\/p>\n\n\n\n<p>In this article, we will explain in detail what kind of rights are given to preferred shareholders in a startup&#8217;s investment contract through the &#8220;conversion request right&#8221;, and what should be stipulated in the &#8220;conversion request clause&#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\/en\/general-corporate\/investment-contract-convertible-bill\/#What_is_the_%E2%80%9CConversion%E2%80%9D_from_Preferred_Shares_to_Common_Shares\" title=\"What is the &#8220;Conversion&#8221; from Preferred Shares to Common Shares?\">What is the &#8220;Conversion&#8221; from Preferred Shares to Common Shares?<\/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\/en\/general-corporate\/investment-contract-convertible-bill\/#When_is_the_conversion_right_exercised\" title=\"When is the conversion right exercised?\">When is the conversion right exercised?<\/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\/en\/general-corporate\/investment-contract-convertible-bill\/#When_a_startup_goes_public_IPO\" title=\"When a startup goes public (IPO)\">When a startup goes public (IPO)<\/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\/en\/general-corporate\/investment-contract-convertible-bill\/#When_a_startup_is_acquired\" title=\"When a startup is acquired\">When a startup is acquired<\/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\/en\/general-corporate\/investment-contract-convertible-bill\/#Adjustment_Method_for_Conversion_Price_in_Conversion_Request_Clause\" title=\"Adjustment Method for Conversion Price in Conversion Request Clause\">Adjustment Method for Conversion Price in Conversion Request Clause<\/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\/en\/general-corporate\/investment-contract-convertible-bill\/#Full_Ratchet_Method\" title=\"Full Ratchet Method\">Full Ratchet Method<\/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\/en\/general-corporate\/investment-contract-convertible-bill\/#Weighted_Average_Method\" title=\"Weighted Average Method\">Weighted Average Method<\/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\/en\/general-corporate\/investment-contract-convertible-bill\/#Broad-Based_Method\" title=\"Broad-Based Method\">Broad-Based Method<\/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\/en\/general-corporate\/investment-contract-convertible-bill\/#Narrow-Based_Method\" title=\"Narrow-Based Method\">Narrow-Based Method<\/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\/en\/general-corporate\/investment-contract-convertible-bill\/#When_No_Adjustment_of_Conversion_Price_is_Made\" title=\"When No Adjustment of Conversion Price is Made\">When No Adjustment of Conversion Price is Made<\/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\/en\/general-corporate\/investment-contract-convertible-bill\/#When_Preferred_Shareholders_Agree\" title=\"When Preferred Shareholders Agree\">When Preferred Shareholders Agree<\/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\/en\/general-corporate\/investment-contract-convertible-bill\/#When_Issuing_Stock_Options\" title=\"When Issuing Stock Options\">When Issuing Stock Options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/en\/general-corporate\/investment-contract-convertible-bill\/#Pay_to_Play_Clause\" title=\"Pay to Play Clause\">Pay to Play Clause<\/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\/en\/general-corporate\/investment-contract-convertible-bill\/#Summary_On_the_Conversion_Request_Clause_in_Investment_Contracts\" title=\"Summary: On the Conversion Request Clause in Investment Contracts\">Summary: On the Conversion Request Clause in Investment Contracts<\/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\/en\/general-corporate\/investment-contract-convertible-bill\/#Introduction_to_Our_Firm%E2%80%99s_Measures\" title=\"Introduction to Our Firm&#8217;s Measures\">Introduction to Our Firm&#8217;s Measures<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_%E2%80%9CConversion%E2%80%9D_from_Preferred_Shares_to_Common_Shares\"><\/span>What is the &#8220;Conversion&#8221; from Preferred Shares to Common Shares?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In the types of shares, shares that have preferential rights regarding specific matters are called &#8220;preferred shares&#8221;. The right of a shareholder (preferred shareholder) who holds these preferred shares to request the issuing company to convert the preferred shares into common shares is called the &#8220;conversion right&#8221;.<\/p>\n\n\n\n<p>Under the Japanese Companies Act, it is permitted to issue types of shares that shareholders can request the company to acquire (Article 108, Paragraph 1, Item 5 of the Japanese Companies Act). As consideration for the company acquiring these shares, it can provide money, bonds, new share options, common shares, and other types of shares. The right of a company to acquire preferred shares and provide common shares to the shareholder as consideration (in other words, to &#8220;convert&#8221; preferred shares into common shares) is distinguished from the &#8220;acquisition right&#8221; and is called the &#8220;conversion right&#8221;.<\/p>\n\n\n\n<p>If you want to know more about the &#8220;types of shares&#8221; stipulated in venture investment contracts, please see the detailed article below in conjunction with this article.<\/p>\n\n\n\n<p>Related article: <a href=\"https:\/\/monolith.law\/corporate\/issuance-of-class-shares\" target=\"_blank\" rel=\"noreferrer noopener\">Issuance and Contents of Preferred Shares in Venture Investment Contracts<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_is_the_conversion_right_exercised\"><\/span>When is the conversion right exercised?<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=\"When is the conversion right exercised?\" class=\"wp-image-43902\" \/><\/figure><\/div>\n\n\n<p>When the conversion right is exercised, the shareholder in question will lose various rights attached to the preferred shares. Therefore, it is generally not expected that preferred shareholders will exercise their conversion rights themselves. However, there are limited cases where it may be exercised, as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_a_startup_goes_public_IPO\"><\/span>When a startup goes public (IPO)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In Japan, shares that are publicly listed or over-the-counter registered are usually &#8216;common shares&#8217;. Therefore, when a startup goes public, it is necessary to convert &#8216;preferred shares&#8217; into &#8216;common shares&#8217; in advance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_a_startup_is_acquired\"><\/span>When a startup is acquired<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>When a startup is struggling with management and is acquired, the buyer may request the elimination of preferred shares, and ask the preferred shareholders to exercise their conversion rights. However, in the case of a successful startup being acquired, the share price should be high, so there is a possibility that preferred shareholders can capture more upside by converting to common shares.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Adjustment_Method_for_Conversion_Price_in_Conversion_Request_Clause\"><\/span>Adjustment Method for Conversion Price in Conversion Request Clause<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=\"Adjustment Method for Conversion Price in Conversion Request Clause\" class=\"wp-image-44543\" \/><\/figure><\/div>\n\n\n<p>The ratio at which preferred shares are converted into common shares is called the &#8220;conversion ratio&#8221;. The conversion ratio at the time of issuance of preferred shares is usually set at 1:1, but if a stock split or free allocation of common shares is implemented afterwards, the total number of common shares increases and the value per share decreases (stock dilution). In this case, a conversion request clause to adjust the conversion ratio is necessary to prevent the loss of benefits for preferred shareholders.<\/p>\n\n\n\n<p>For example, if Series B preferred shares are issued at a price lower than the paid-in amount of already issued Series A preferred shares (\u203b), a clause to adjust the conversion price is set to prevent dilution. <br> (\u203b) This type of fundraising is commonly referred to as a &#8220;down round&#8221;.<\/p>\n\n\n\n<p>There are mainly two types of methods to adjust the conversion price to prevent dilution: the &#8220;Full Ratchet Method&#8221; and the &#8220;Weighted Average Method&#8221;.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Full_Ratchet_Method\"><\/span>Full Ratchet Method<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The Full Ratchet Adjustment, which is advantageous for investors, is a method of adjusting the conversion price in a down round to the same amount as the effective price of the newly issued preferred shares.<\/p>\n\n\n\n<p>For example, if the initial conversion price of Series A preferred shares is set at 1,000 yen and the effective price of Series B preferred shares is set at 500 yen, the new conversion price will be 500 yen, and Series A preferred shareholders will be able to convert into twice as many common shares.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Weighted_Average_Method\"><\/span>Weighted Average Method<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The most commonly used method is the Weighted Average Adjustment, and the new conversion price can be calculated using the following formula:<\/p>\n\n\n\n<p>New Conversion Price = Old Conversion Price \u00d7 [{Number of shares already issued + (Number of new effective shares \u00d7 Issue price) \u00f7 Old Conversion Price} \u00f7 (Number of shares already issued + Number of new shares issued)]\n\n\n\n<p>Furthermore, the definition of &#8220;number of shares already issued&#8221; in the above formula divides it into \u2460 Broad-Based Method and \u2461 Narrow-Based Method.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Broad-Based_Method\"><\/span>Broad-Based Method<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>In the Broad-Based Method, the total number of the following shares is adopted as the &#8220;number of shares already issued&#8221;, so the adjustment range is small.<\/p>\n\n\n\n<ul>\n<li>Issued common shares<\/li>\n\n\n\n<li>Common shares obtained by converting preferred shares<\/li>\n\n\n\n<li>Potential shares such as stock options (new share reservation rights) and convertible bond with reservation rights<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Narrow-Based_Method\"><\/span>Narrow-Based Method<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>In the Narrow-Based Method, the aforementioned &#8220;potential shares&#8221; are not included in the &#8220;number of shares already issued&#8221;, so the adjustment range is larger and is considered advantageous for preferred shareholders. In the Narrow-Based Method, there may also be cases where only the number of issued common shares is considered as the &#8220;number of shares already issued&#8221;.<\/p>\n\n\n\n<p>Let&#8217;s take a look at the difference in conversion prices between the Broad-Based Method and the Narrow-Based Method when a startup that has issued three types of shares issues new Series B preferred shares.<\/p>\n\n\n\n<ul>\n<li>Common shares: 10,000 shares<\/li>\n\n\n\n<li>Series A preferred shares: 3,000 shares (@100,000 yen = Old Conversion Price)<\/li>\n\n\n\n<li>Stock options: 2,000 shares<\/li>\n\n\n\n<li>Scheduled to be issued Series B preferred shares: 4,000 shares (@50,000 yen = Issue price)<\/li>\n<\/ul>\n\n\n\n[Calculating the conversion price with the Broad-Based Method]\n\n\n\n<p>New Conversion Price = 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> (\u203b Fractions less than 1 yen are rounded to the nearest whole number)<\/p>\n\n\n\n[Calculating the conversion price with the Narrow-Based Method]\n\n\n\n<p>New Conversion Price = 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>As a result of the calculation, in the above case, it can be seen that the Narrow-Based Method is advantageous for Series A preferred shareholders as they can acquire common shares for 1,239 yen cheaper.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_No_Adjustment_of_Conversion_Price_is_Made\"><\/span>When No Adjustment of Conversion Price is Made<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=\"When No Adjustment of Conversion Price is Made\" class=\"wp-image-47003\" \/><\/figure><\/div>\n\n\n<p>While it is common in investment contracts to stipulate the adjustment of the conversion price, there are exceptions where no adjustment of the conversion price is made. These include the following cases:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_Preferred_Shareholders_Agree\"><\/span>When Preferred Shareholders Agree<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Similar to the case where the conversion right is exercised, when a new investor makes a rescue investment in a company with poor performance, existing preferred shareholders may be asked not to adjust the conversion price.<\/p>\n\n\n\n<p>To accommodate such cases, it is common to stipulate that no adjustment of the conversion price will be made if certain preferred shareholders agree.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_Issuing_Stock_Options\"><\/span>When Issuing Stock Options<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The amount of stock options that can be issued without prior approval from investors is commonly referred to as a &#8220;stock option pool&#8221;. It is often stipulated in investment contracts that no adjustment of the conversion price will be made when issuing stock options along with the stock option pool.<\/p>\n\n\n\n<p>This is because investors understand that issuing stock options will dilute the shares when they agree to the stock option pool.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pay_to_Play_Clause\"><\/span>Pay to Play Clause<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Another case where no adjustment of the conversion price is made is due to the &#8220;Pay to Play&#8221; clause. This clause, mainly used in down-round investments, imposes certain penalties on preferred shareholders who do not subscribe to new shares.<\/p>\n\n\n\n<p>Examples of penalties include:<\/p>\n\n\n\n<ul>\n<li>No adjustment of the conversion price for the preferred shareholder in question<\/li>\n\n\n\n<li>No adjustment of the conversion price for the preferred shareholder in question in the future<\/li>\n\n\n\n<li>Forcing the preferred shares held by the preferred shareholder in question to convert to common shares<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Summary_On_the_Conversion_Request_Clause_in_Investment_Contracts\"><\/span>Summary: On the Conversion Request Clause in Investment Contracts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"735\" height=\"490\" src=\"https:\/\/monolith.law\/en\/wp-content\/uploads\/sites\/6\/2023\/11\/https___monolith-law.jp_corporate_confidentiality-rewrite1.jpg\" alt=\"Summary: On the Conversion Request Clause in Investment Contracts\" class=\"wp-image-60236\" srcset=\"https:\/\/monolith.law\/en\/wp-content\/uploads\/sites\/6\/2023\/11\/https___monolith-law.jp_corporate_confidentiality-rewrite1.jpg 735w, https:\/\/monolith.law\/en\/wp-content\/uploads\/sites\/6\/2023\/11\/https___monolith-law.jp_corporate_confidentiality-rewrite1-300x200.jpg 300w, https:\/\/monolith.law\/en\/wp-content\/uploads\/sites\/6\/2023\/11\/https___monolith-law.jp_corporate_confidentiality-rewrite1-250x167.jpg 250w\" sizes=\"(max-width: 735px) 100vw, 735px\" \/><\/figure>\n\n\n\n<p>The conversion request clause stipulated in startup investment contracts primarily governs matters such as preventing the dilution of preferred shares in a down round. However, it also includes important content such as the method of adjusting the conversion ratio and exception provisions.<\/p>\n\n\n\n<p>When stipulating a conversion request clause in an investment contract, it is necessary to consider not only the interests of the investor but also those of the company when drafting the contract. Therefore, we recommend consulting with a lawyer who has extensive knowledge and experience in advance.<\/p>\n\n\n\n<p>If you want to know more about the &#8220;clause on shares&#8221; stipulated in investment contracts, please refer to the following article in addition to this one.<\/p>\n\n\n\n<p>Related article: <a rel=\"noreferrer noopener\" href=\"https:\/\/monolith.law\/corporate\/investment-contract-shares-provision\" target=\"_blank\">What is the Share Purchase Clause in Investment Contracts? <\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction_to_Our_Firm%E2%80%99s_Measures\"><\/span>Introduction to Our Firm&#8217;s Measures<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Monolith Law Office is a legal office with high expertise in both IT, particularly the internet, and law. The creation of contracts is necessary for investment agreements. Our firm handles the creation and review of contracts for various cases, from companies listed on the Tokyo Stock Exchange Prime Market to venture startups. If you have any concerns about contracts, please refer to the article below.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/en\/contract-drafting-and-review\" target=\"_blank\" rel=\"noreferrer noopener\">Contract Drafting and Review<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An &#8220;investment contract&#8221; is a contract that a company enters into with investors when receiving investment. An investment contract includes various details, such as the quantity and price  [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":60234,"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\/en\/wp-json\/wp\/v2\/posts\/59756"}],"collection":[{"href":"https:\/\/monolith.law\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/en\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/en\/wp-json\/wp\/v2\/comments?post=59756"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/en\/wp-json\/wp\/v2\/posts\/59756\/revisions"}],"predecessor-version":[{"id":60239,"href":"https:\/\/monolith.law\/en\/wp-json\/wp\/v2\/posts\/59756\/revisions\/60239"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/en\/wp-json\/wp\/v2\/media\/60234"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/en\/wp-json\/wp\/v2\/media?parent=59756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/en\/wp-json\/wp\/v2\/categories?post=59756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/en\/wp-json\/wp\/v2\/tags?post=59756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}