{"id":62512,"date":"2024-02-19T14:27:47","date_gmt":"2024-02-19T05:27:47","guid":{"rendered":"https:\/\/monolith.law\/ro\/?p=62512"},"modified":"2024-03-04T10:21:32","modified_gmt":"2024-03-04T01:21:32","slug":"investment-contract-convertible-bill","status":"publish","type":"post","link":"https:\/\/monolith.law\/ro\/general-corporate\/investment-contract-convertible-bill","title":{"rendered":"Explicarea clauzei dreptului de solicitare de conversie \u00een contractele de investi\u021bii pentru startup-uri"},"content":{"rendered":"\n<p>&#8220;Contractul de investi\u021bii&#8221; este un contract \u00eencheiat \u00eentre o companie \u0219i un investitor atunci c\u00e2nd compania prime\u0219te investi\u021bii. Contractul de investi\u021bii include o varietate de con\u021binut, cum ar fi num\u0103rul \u0219i valoarea ac\u021biunilor, condi\u021biile de plat\u0103 \u0219i altele.<\/p>\n\n\n\n<p>Pentru a preveni diluarea ac\u021biunilor preferen\u021biale de\u021binute de investitori, este important s\u0103 se stabileasc\u0103 \u00een mod corespunz\u0103tor &#8220;clauza de drept de conversiune&#8221; \u00een acest contract de investi\u021bii.<\/p>\n\n\n\n<p>\u00cen acest articol, vom explica \u00een detaliu ce drepturi sunt &#8220;dreptul de conversiune&#8221; acordat ac\u021bionarilor preferen\u021biali \u00een contractul de investi\u021bii al unei startup-uri \u0219i ce con\u021binut ar trebui stabilit \u00een &#8220;clauza de drept de conversiune&#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\/ro\/general-corporate\/investment-contract-convertible-bill\/#Ce_inseamna_%E2%80%9Cconversia%E2%80%9D_de_la_actiuni_preferentiale_la_actiuni_obisnuite\" title=\"Ce \u00eenseamn\u0103 &#8220;conversia&#8221; de la ac\u021biuni preferen\u021biale la ac\u021biuni obi\u0219nuite\">Ce \u00eenseamn\u0103 &#8220;conversia&#8221; de la ac\u021biuni preferen\u021biale la ac\u021biuni obi\u0219nuite<\/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\/ro\/general-corporate\/investment-contract-convertible-bill\/#Cand_se_exercita_dreptul_de_conversie\" title=\"C\u00e2nd se exercit\u0103 dreptul de conversie?\">C\u00e2nd se exercit\u0103 dreptul de conversie?<\/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\/ro\/general-corporate\/investment-contract-convertible-bill\/#Cand_un_startup_face_o_oferta_publica_initiala_IPO\" title=\"C\u00e2nd un startup face o ofert\u0103 public\u0103 ini\u021bial\u0103 (IPO)\">C\u00e2nd un startup face o ofert\u0103 public\u0103 ini\u021bial\u0103 (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\/ro\/general-corporate\/investment-contract-convertible-bill\/#Cand_un_startup_este_achizitionat\" title=\"C\u00e2nd un startup este achizi\u021bionat\">C\u00e2nd un startup este achizi\u021bionat<\/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\/ro\/general-corporate\/investment-contract-convertible-bill\/#Metoda_de_ajustare_a_valorii_de_conversie_in_clauza_dreptului_de_solicitare_a_conversiei\" title=\"Metoda de ajustare a valorii de conversie \u00een clauza dreptului de solicitare a conversiei\">Metoda de ajustare a valorii de conversie \u00een clauza dreptului de solicitare a conversiei<\/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\/ro\/general-corporate\/investment-contract-convertible-bill\/#Metoda_Full_Ratchet\" title=\"Metoda Full Ratchet\">Metoda Full Ratchet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/ro\/general-corporate\/investment-contract-convertible-bill\/#Metoda_mediei_ponderate\" title=\"Metoda mediei ponderate\">Metoda mediei ponderate<\/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\/ro\/general-corporate\/investment-contract-convertible-bill\/#Metoda_broad-based\" title=\"Metoda broad-based\">Metoda 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\/ro\/general-corporate\/investment-contract-convertible-bill\/#Metoda_narrow-based\" title=\"Metoda narrow-based\">Metoda 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\/ro\/general-corporate\/investment-contract-convertible-bill\/#In_cazul_in_care_nu_se_face_ajustarea_valorii_de_conversie\" title=\"\u00cen cazul \u00een care nu se face ajustarea valorii de conversie\">\u00cen cazul \u00een care nu se face ajustarea valorii de conversie<\/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\/ro\/general-corporate\/investment-contract-convertible-bill\/#In_cazul_in_care_exista_acordul_actionarilor_de_un_anumit_tip\" title=\"\u00cen cazul \u00een care exist\u0103 acordul ac\u021bionarilor de un anumit tip\">\u00cen cazul \u00een care exist\u0103 acordul ac\u021bionarilor de un anumit tip<\/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\/ro\/general-corporate\/investment-contract-convertible-bill\/#In_cazul_emiterii_de_optiuni_pe_actiuni\" title=\"\u00cen cazul emiterii de op\u021biuni pe ac\u021biuni\">\u00cen cazul emiterii de op\u021biuni pe ac\u021biuni<\/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\/ro\/general-corporate\/investment-contract-convertible-bill\/#Clausa_Pay_to_Play\" title=\"Clausa Pay to Play\">Clausa 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\/ro\/general-corporate\/investment-contract-convertible-bill\/#Rezumat_Despre_clauza_dreptului_de_conversiune_in_contractele_de_investitii\" title=\"Rezumat: Despre clauza dreptului de conversiune \u00een contractele de investi\u021bii\">Rezumat: Despre clauza dreptului de conversiune \u00een contractele de investi\u021bii<\/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\/ro\/general-corporate\/investment-contract-convertible-bill\/#Orientari_privind_masurile_luate_de_biroul_nostru\" title=\"Orient\u0103ri privind m\u0103surile luate de biroul nostru\">Orient\u0103ri privind m\u0103surile luate de biroul nostru<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ce_inseamna_%E2%80%9Cconversia%E2%80%9D_de_la_actiuni_preferentiale_la_actiuni_obisnuite\"><\/span>Ce \u00eenseamn\u0103 &#8220;conversia&#8221; de la ac\u021biuni preferen\u021biale la ac\u021biuni obi\u0219nuite<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Dintre tipurile de ac\u021biuni, ac\u021biunile care au drepturi preferen\u021biale \u00een anumite probleme sunt numite &#8220;ac\u021biuni preferen\u021biale&#8221;. Ac\u021bionarul care de\u021bine aceste ac\u021biuni preferen\u021biale (ac\u021bionarul preferen\u021bial) are dreptul de a solicita companiei emitente s\u0103 converteasc\u0103 aceste ac\u021biuni preferen\u021biale \u00een ac\u021biuni obi\u0219nuite, acest drept fiind numit &#8220;dreptul de solicitare a conversiei&#8221;.<\/p>\n\n\n\n<p>Conform Legii societ\u0103\u021bilor comerciale japoneze (Articolul 108, paragraful 1, punctul 5), este permis\u0103 emiterea de ac\u021biuni de tip special pe care ac\u021bionarul le poate solicita societ\u0103\u021bii respective. Ca plat\u0103 pentru achizi\u021bionarea acestor ac\u021biuni, societatea poate oferi bani, obliga\u021biuni, drepturi de subscriere la ac\u021biuni noi, ac\u021biuni obi\u0219nuite sau alte tipuri de ac\u021biuni. Dreptul unei societ\u0103\u021bi de a achizi\u021biona ac\u021biuni preferen\u021biale \u0219i de a oferi ac\u021biuni obi\u0219nuite ca plat\u0103 ac\u021bionarului respectiv (adic\u0103, de a &#8220;conversia&#8221; ac\u021biunilor preferen\u021biale \u00een ac\u021biuni obi\u0219nuite) este numit &#8220;dreptul de solicitare a conversiei&#8221;, diferit de &#8220;dreptul de solicitare a achizi\u021biei&#8221;.<\/p>\n\n\n\n<p>Dac\u0103 dori\u021bi s\u0103 afla\u021bi mai multe despre &#8220;ac\u021biunile de tip special&#8221; specificate \u00een contractele de investi\u021bii ale startup-urilor, v\u0103 rug\u0103m s\u0103 consulta\u021bi articolul de mai jos \u00eempreun\u0103 cu acest articol.<\/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=\"Cand_se_exercita_dreptul_de_conversie\"><\/span>C\u00e2nd se exercit\u0103 dreptul de conversie?<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=\"Imaginea timpului\" class=\"wp-image-43902\" \/><\/figure><\/div>\n\n\n<p>C\u00e2nd se exercit\u0103 dreptul de conversie, ac\u021bionarul respectiv pierde diversele drepturi asociate cu ac\u021biunile preferen\u021biale, deci \u00een mod normal nu ne-am a\u0219tepta ca un ac\u021bionar preferen\u021bial s\u0103 exercite el \u00eensu\u0219i acest drept. Cu toate acestea, exist\u0103 cazuri limitate \u00een care acesta poate fi exercitat, cum ar fi:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cand_un_startup_face_o_oferta_publica_initiala_IPO\"><\/span>C\u00e2nd un startup face o ofert\u0103 public\u0103 ini\u021bial\u0103 (IPO)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u00cen Japonia, ac\u021biunile care sunt listate public sau \u00eenregistrate la burs\u0103 sunt de obicei &#8220;ac\u021biuni obi\u0219nuite&#8221;, deci c\u00e2nd un startup face o IPO, este necesar s\u0103 converteasc\u0103 \u00een prealabil &#8220;ac\u021biunile preferen\u021biale&#8221; \u00een &#8220;ac\u021biuni obi\u0219nuite&#8221;.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cand_un_startup_este_achizitionat\"><\/span>C\u00e2nd un startup este achizi\u021bionat<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Atunci c\u00e2nd un startup se confrunt\u0103 cu dificult\u0103\u021bi \u00een management \u0219i este achizi\u021bionat, cump\u0103r\u0103torul poate solicita eliminarea ac\u021biunilor preferen\u021biale, cer\u00e2nd ac\u021bionarilor preferen\u021biali s\u0103 exercite dreptul de conversie. Cu toate acestea, \u00een cazul achizi\u021bion\u0103rii unui startup de succes, pre\u021bul ac\u021biunilor ar trebui s\u0103 creasc\u0103, deci exist\u0103 posibilitatea ca ac\u021bionarii preferen\u021biali s\u0103 ob\u021bin\u0103 un avantaj mai mare prin conversia \u00een ac\u021biuni obi\u0219nuite.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Metoda_de_ajustare_a_valorii_de_conversie_in_clauza_dreptului_de_solicitare_a_conversiei\"><\/span>Metoda de ajustare a valorii de conversie \u00een clauza dreptului de solicitare a conversiei<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=\"Persoana care ajusteaz\u0103 valoarea de conversie\" class=\"wp-image-44543\" \/><\/figure><\/div>\n\n\n<p>Raportul de conversie la transformarea ac\u021biunilor preferen\u021biale \u00een ac\u021biuni obi\u0219nuite se nume\u0219te &#8220;rata de conversie&#8221;. De obicei, rata de conversie la momentul emiterii ac\u021biunilor preferen\u021biale este stabilit\u0103 la 1:1, dar dac\u0103 ulterior sunt efectuate diviz\u0103ri de ac\u021biuni obi\u0219nuite sau aloc\u0103ri gratuite, num\u0103rul total de ac\u021biuni obi\u0219nuite cre\u0219te \u0219i valoarea pe ac\u021biune scade (ac\u021biunile se dilueaz\u0103). \u00cen acest caz, pentru a nu prejudicia interesele ac\u021bionarilor preferen\u021biali, este necesar\u0103 o clauz\u0103 de drept de solicitare a conversiei pentru ajustarea ratei de conversie.<\/p>\n\n\n\n<p>De exemplu, \u00een cazul \u00een care ac\u021biunile preferen\u021biale de tip B sunt emise la o valoare mai mic\u0103 dec\u00e2t suma pl\u0103tit\u0103 pentru ac\u021biunile preferen\u021biale de tip A deja emise (\u203b), se stabile\u0219te o clauz\u0103 pentru ajustarea valorii de conversie pentru a preveni diluarea. <br> (\u203b) Aceast\u0103 tip de finan\u021bare este de obicei numit &#8220;down round&#8221;.<\/p>\n\n\n\n<p>Exist\u0103 dou\u0103 metode principale de ajustare a valorii de conversie pentru a preveni diluarea: metoda &#8220;full ratchet&#8221; \u0219i metoda &#8220;media ponderat\u0103&#8221;.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Metoda_Full_Ratchet\"><\/span>Metoda Full Ratchet<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>O metod\u0103 avantajoas\u0103 pentru investitori este metoda Full Ratchet (Ajustare Full Ratchet). Aceast\u0103 metod\u0103 presupune reducerea valorii de conversie la valoarea de emitere a ac\u021biunilor preferen\u021biale noi \u00een cazul unui downround.<\/p>\n\n\n\n<p>De exemplu, dac\u0103 valoarea ini\u021bial\u0103 de conversie a ac\u021biunilor preferen\u021biale de tip A este de 1.000 de yeni, iar valoarea de emitere a ac\u021biunilor preferen\u021biale de tip B este de 500 de yeni, noua valoare de conversie va fi de 500 de yeni. Astfel, de\u021bin\u0103torii de ac\u021biuni preferen\u021biale de tip A vor putea s\u0103 le converteasc\u0103 \u00een ac\u021biuni obi\u0219nuite de dou\u0103 ori mai multe.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Metoda_mediei_ponderate\"><\/span>Metoda mediei ponderate<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Metoda cea mai frecvent utilizat\u0103 este metoda mediei ponderate (Weighted Average Adjustment), unde noua valoare de conversie poate fi calculat\u0103 folosind urm\u0103toarea formul\u0103:<\/p>\n\n\n\n<p>Noua valoare de conversie = Valoarea veche de conversie x\u3010\uff5bNum\u0103rul de ac\u021biuni deja emise + (Num\u0103rul de ac\u021biuni nou emise x Pre\u021bul de emisiune) \u00f7 Valoarea veche de conversie\uff5d\u00f7 (Num\u0103rul de ac\u021biuni deja emise + Num\u0103rul de ac\u021biuni nou emise)\u3011<\/p>\n\n\n\n<p>\u00cen plus, \u00een func\u021bie de defini\u021bia &#8220;num\u0103rului de ac\u021biuni deja emise&#8221; \u00een formula de mai sus, aceasta se \u00eemparte \u00een metoda \u2460 broad-based \u0219i metoda \u2461 narrow-based.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Metoda_broad-based\"><\/span>Metoda broad-based<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u00cen metoda broad-based, &#8220;num\u0103rul de ac\u021biuni deja emise&#8221; include totalul urm\u0103toarelor numere de ac\u021biuni, astfel \u00eenc\u00e2t ajustarea este mai mic\u0103:<\/p>\n\n\n\n<ul>\n<li>Ac\u021biuni obi\u0219nuite deja emise<\/li>\n\n\n\n<li>Ac\u021biuni obi\u0219nuite ob\u021binute prin conversia ac\u021biunilor preferen\u021biale<\/li>\n\n\n\n<li>Ac\u021biuni poten\u021biale, cum ar fi op\u021biunile pe ac\u021biuni (drepturile de rezervare pentru ac\u021biuni noi) sau ac\u021biunile cu drepturi de rezervare pentru conversie<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Metoda_narrow-based\"><\/span>Metoda narrow-based<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u00cen metoda narrow-based, &#8220;num\u0103rul de ac\u021biuni deja emise&#8221; nu include &#8220;ac\u021biunile poten\u021biale&#8221; men\u021bionate mai sus, astfel \u00eenc\u00e2t ajustarea este mai mare \u0219i este considerat\u0103 avantajoas\u0103 pentru ac\u021bionarii preferen\u021biali. De asemenea, \u00een metoda narrow-based, num\u0103rul de ac\u021biuni obi\u0219nuite deja emise poate fi considerat &#8220;num\u0103rul de ac\u021biuni deja emise&#8221;.<\/p>\n\n\n\n<p>S\u0103 examin\u0103m diferen\u021ba dintre pre\u021bul de conversie \u00een metoda broad-based \u0219i metoda narrow-based atunci c\u00e2nd un startup care a emis trei tipuri de ac\u021biuni emite noi ac\u021biuni preferen\u021biale de tip B.<\/p>\n\n\n\n<ul>\n<li>Ac\u021biuni obi\u0219nuite\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u300010,000 ac\u021biuni<\/li>\n\n\n\n<li>Ac\u021biuni preferen\u021biale de tip A\u3000\u3000\u30003,000 ac\u021biuni (@100,000 Yen = Valoarea veche de conversie)<\/li>\n\n\n\n<li>Op\u021biuni pe ac\u021biuni\u3000\u3000\u30002,000 ac\u021biuni<\/li>\n\n\n\n<li>Ac\u021biuni preferen\u021biale de tip B planificate pentru emisiune 4,000 ac\u021biuni (@50,000 Yen = Pre\u021bul de emisiune)<\/li>\n<\/ul>\n\n\n\n<p>\u3010Calcularea pre\u021bului de conversie folosind metoda broad-based\u3011<\/p>\n\n\n\n<p>Noua valoare de conversie = 100,000 Yen x [(10,000 + 3,000 + 2,000) + (4,000 x 50,000 Yen) \u00f7 100,000 Yen] \u00f7 [(10,000 + 3,000 + 2,000) + 4,000] = 89,474 Yen<br>(\u203b Frac\u021biunile sub 1 Yen sunt rotunjite la cel mai apropiat num\u0103r \u00eentreg, la fel \u0219i \u00een continuare)<\/p>\n\n\n\n<p>\u3010Calcularea pre\u021bului de conversie folosind metoda narrow-based\u3011<\/p>\n\n\n\n<p>Noua valoare de conversie = 100,000 Yen x [(10,000 + 3,000) + (4,000 x 50,000 Yen) \u00f7 100,000 Yen] \u00f7 [(10,000 + 3,000) + 4,000] = 88,235 Yen<\/p>\n\n\n\n<p>Ca rezultat al calculului, \u00een cazul de mai sus, metoda narrow-based este mai avantajoas\u0103 pentru ac\u021bionarii preferen\u021biali de tip A, deoarece pot achizi\u021biona ac\u021biuni obi\u0219nuite cu 1,239 Yen mai ieftin.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In_cazul_in_care_nu_se_face_ajustarea_valorii_de_conversie\"><\/span>\u00cen cazul \u00een care nu se face ajustarea valorii de conversie<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=\"Imaginea unei persoane care nu face ajust\u0103ri\" class=\"wp-image-47003\" \/><\/figure><\/div>\n\n\n<p>De\u0219i este obi\u0219nuit s\u0103 se stabileasc\u0103 ajustarea valorii de conversie \u00een contractele de investi\u021bii, exist\u0103 cazuri excep\u021bionale \u00een care se poate stabili c\u0103 nu se va face ajustarea valorii de conversie, cum ar fi urm\u0103toarele:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In_cazul_in_care_exista_acordul_actionarilor_de_un_anumit_tip\"><\/span>\u00cen cazul \u00een care exist\u0103 acordul ac\u021bionarilor de un anumit tip<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>La fel ca \u00een cazul exercit\u0103rii dreptului de conversie men\u021bionat anterior, poate exista o situa\u021bie \u00een care un nou investitor face o investi\u021bie de salvare \u00eentr-o companie cu performan\u021be slabe, cu condi\u021bia ca ac\u021bionarii preferen\u021biali existen\u021bi s\u0103 nu ajusteze pre\u021bul de conversie.<\/p>\n\n\n\n<p>Pentru a face fa\u021b\u0103 acestui tip de caz, este obi\u0219nuit s\u0103 se stabileasc\u0103 c\u0103 nu se va face ajustarea pre\u021bului de conversie \u00een cazul \u00een care ac\u021bionarii de un anumit tip sunt de acord.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In_cazul_emiterii_de_optiuni_pe_actiuni\"><\/span>\u00cen cazul emiterii de op\u021biuni pe ac\u021biuni<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Cantitatea de op\u021biuni pe ac\u021biuni care pot fi emise f\u0103r\u0103 acordul prealabil al investitorilor este de obicei numit\u0103 &#8220;pool de op\u021biuni pe ac\u021biuni&#8221;, iar \u00een contractele de investi\u021bii este adesea stabilit c\u0103 nu se va face ajustarea pre\u021bului de conversie atunci c\u00e2nd se emit op\u021biuni pe ac\u021biuni, \u00eempreun\u0103 cu pool-ul de op\u021biuni pe ac\u021biuni.<\/p>\n\n\n\n<p>Acest lucru se datoreaz\u0103 faptului c\u0103 investitorii \u00een\u021beleg c\u0103 emiterea de op\u021biuni pe ac\u021biuni va dilua ac\u021biunile atunci c\u00e2nd sunt de acord cu pool-ul de op\u021biuni pe ac\u021biuni.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Clausa_Pay_to_Play\"><\/span>Clausa Pay to Play<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Un alt caz \u00een care nu se face ajustarea valorii de conversie este cel al clauzei &#8220;Pay to Play&#8221;. Aceasta este o clauz\u0103 care impune o anumit\u0103 penalizare ac\u021bionarilor preferen\u021biali care nu subscriu la ac\u021biunile noi, \u00een principal \u00een investi\u021biile de tip &#8220;downround&#8221;.<\/p>\n\n\n\n<p>Exemple de penaliz\u0103ri includ urm\u0103toarele:<\/p>\n\n\n\n<ul>\n<li>Nu se face ajustarea valorii de conversie pentru ac\u021bionarul preferen\u021bial \u00een cauz\u0103<\/li>\n\n\n\n<li>Nu se face nicio ajustare a valorii de conversie pentru ac\u021bionarul preferen\u021bial \u00een cauz\u0103 \u00een viitor<\/li>\n\n\n\n<li>Conversia for\u021bat\u0103 a ac\u021biunilor preferen\u021biale de\u021binute de ac\u021bionarul preferen\u021bial \u00een ac\u021biuni obi\u0219nuite<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rezumat_Despre_clauza_dreptului_de_conversiune_in_contractele_de_investitii\"><\/span>Rezumat: Despre clauza dreptului de conversiune \u00een contractele de investi\u021bii<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Clauza dreptului de conversiune, stabilit\u0103 \u00een contractele de investi\u021bii pentru startup-uri, reglementeaz\u0103 \u00een principal prevenirea dilu\u0103rii ac\u021biunilor preferen\u021biale \u00een cazul unui downround, dar include \u0219i con\u021binut important, cum ar fi metoda de ajustare a ratei de conversiune \u0219i prevederi excep\u021bionale.<\/p>\n\n\n\n<p>Atunci c\u00e2nd se stabile\u0219te clauza dreptului de conversiune \u00eentr-un contract de investi\u021bii, nu trebuie s\u0103 se creeze contractul doar \u00een considerarea intereselor investitorilor, ci \u0219i a celor ale companiei. Prin urmare, v\u0103 recomand\u0103m s\u0103 consulta\u021bi \u00een prealabil un avocat cu cuno\u0219tin\u021be \u0219i experien\u021b\u0103 specializat\u0103.<\/p>\n\n\n\n<p>Dac\u0103 dori\u021bi s\u0103 afla\u021bi mai multe despre &#8220;clauza privind ac\u021biunile&#8221; stabilit\u0103 \u00een contractele de investi\u021bii, v\u0103 rug\u0103m s\u0103 consulta\u021bi articolul de mai jos, \u00eempreun\u0103 cu acest articol.<\/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=\"Orientari_privind_masurile_luate_de_biroul_nostru\"><\/span>Orient\u0103ri privind m\u0103surile luate de biroul nostru<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Biroul nostru de avocatur\u0103 Monolis este specializat \u00een IT, \u00een special \u00een aspectele legale ale internetului. Crearea unui contract este necesar\u0103 pentru contractele de investi\u021bii. Biroul nostru se ocup\u0103 cu crearea \u0219i revizuirea contractelor pentru o varietate de cazuri, de la companiile listate pe Tokyo Stock Exchange Prime (Bursa de Valori Tokyo Prime) p\u00e2n\u0103 la startup-uri. Dac\u0103 ave\u021bi probleme cu contractul, v\u0103 rug\u0103m s\u0103 consulta\u021bi articolul de mai jos.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/contractcreation\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/contractcreation[ja]<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Contractul de investi\u021bii&#8221; este un contract \u00eencheiat \u00eentre o companie \u0219i un investitor atunci c\u00e2nd compania prime\u0219te investi\u021bii. Contractul de investi\u021bii include o varietate de con\u021binut, c [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":65315,"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\/ro\/wp-json\/wp\/v2\/posts\/62512"}],"collection":[{"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/comments?post=62512"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/posts\/62512\/revisions"}],"predecessor-version":[{"id":65316,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/posts\/62512\/revisions\/65316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/media\/65315"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/media?parent=62512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/categories?post=62512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/ro\/wp-json\/wp\/v2\/tags?post=62512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}