{"id":1434,"date":"2026-07-07T20:43:21","date_gmt":"2026-07-07T20:43:21","guid":{"rendered":"https:\/\/atlaw.kr\/en-blog\/?p=1434"},"modified":"2026-07-07T20:44:48","modified_gmt":"2026-07-07T20:44:48","slug":"venture-cps-agreement-guide-south-korea","status":"publish","type":"post","link":"https:\/\/atlaw.kr\/en-blog\/venture-cps-agreement-guide-south-korea\/","title":{"rendered":"Convertible Preferred Stock (CPS) Investment and Shareholders Agreements in South Korea"},"content":{"rendered":"<p><!-- ATLAS_HREFLANG_START -->\n<link rel=\"alternate\" hreflang=\"ko\" href=\"https:\/\/atlaw.kr\/kr-blog\/venture-cps-agreement-guide-kr\/\" \/>\n<link rel=\"alternate\" hreflang=\"en\" href=\"https:\/\/atlaw.kr\/en-blog\/venture-cps-agreement-guide-south-korea\/\" \/>\n<link rel=\"alternate\" hreflang=\"x-default\" href=\"https:\/\/atlaw.kr\/kr-blog\/venture-cps-agreement-guide-kr\/\" \/>\n<!-- ATLAS_HREFLANG_END --><\/p>\n<style>@import url('https:\/\/cdn.jsdelivr.net\/gh\/orioncactus\/pretendard@v1.3.9\/dist\/web\/static\/pretendard.css'); 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} .dl-btn { font-size:13px; padding:8px 14px; } .dl-head { padding:16px 16px; } .series-box { padding:18px 16px; } .author-box { display:block; overflow:hidden; } .author-avatar { float:left; width:36px; height:36px; margin-right:10px; } .author-section-label { display:inline; font-size:11px; letter-spacing:0; margin:0 3px 0 0; } .author-name { display:inline; font-size:14px; } .author-detail { clear:both; font-size:13px; line-height:1.55; margin-top:8px; } .author-link { clear:both; display:block; font-size:13px; margin-top:8px; } p.closing { font-size:14px; } }<\/style>\n<p><!-- ATLAS_SEO_BLOCK_START --><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"Article\",\"@id\":\"https:\/\/atlaw.kr\/en-blog\/venture-cps-agreement-guide-south-korea\/#article\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"https:\/\/atlaw.kr\/en-blog\/venture-cps-agreement-guide-south-korea\/#webpage\"},\"headline\":\"Convertible Preferred Stock (CPS) Investment and Shareholders Agreements in South Korea\",\"description\":\"A guide to the SPA and SHA used for convertible preferred stock (CPS) investments in South Korea, covering key clauses, conversion ratio adjustment (refixing), and founder cautions.\",\"datePublished\":\"2026-07-08T09:00:00+09:00\",\"dateModified\":\"2026-07-08T09:00:00+09:00\",\"inLanguage\":\"en-US\",\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/atlaw.kr\/taejin-kim\/#person\",\"name\":\"Taejin Kim\",\"alternateName\":\"\uae40\ud0dc\uc9c4\",\"jobTitle\":\"Managing Partner\",\"worksFor\":{\"@id\":\"https:\/\/atlaw.kr\/#legalservice\"}},\"publisher\":{\"@type\":\"LegalService\",\"@id\":\"https:\/\/atlaw.kr\/#legalservice\",\"name\":\"Atlas Legal\",\"url\":\"https:\/\/atlaw.kr\"},\"about\":[\"Convertible preferred stock (CPS) investment agreement in South Korea\",\"CPS shareholders agreement consent rights\",\"conversion ratio adjustment refixing anti-dilution\",\"Korean Commercial Act Article 344-2 class shares\"]}<\/script><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/atlaw.kr\/en-blog\/venture-cps-agreement-guide-south-korea\/#faqpage\",\"inLanguage\":\"en-US\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"How does convertible preferred stock differ from common stock?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Convertible preferred stock ranks ahead of common stock in dividends and liquidation, and lets the investor convert into common stock. Common stock carries no such preference.\"}},{\"@type\":\"Question\",\"name\":\"What is the difference between \\\"participating\\\" and \\\"non-participating\\\" preferred dividends?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Participating preferred stock receives its preferred dividend and then also shares in the remaining dividend alongside common stock. Non-participating preferred stock receives only the fixed preferred dividend. The difference is significant on liquidation or sale.\"}},{\"@type\":\"Question\",\"name\":\"Does refixing hurt the founder?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Refixing preserves an existing investor's stake when a later round is done at a lower price, which dilutes the founder that much more. The adjustment method and scope should be negotiated.\"}},{\"@type\":\"Question\",\"name\":\"How many contracts does a CPS investment require?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Under the 2026 split structure, an Investment Agreement (SPA) and a Shareholders Agreement (SHA) are used together. You can download both forms below.\"}},{\"@type\":\"Question\",\"name\":\"What problems arise if prior consent rights are too broad?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"If the scope of matters requiring consent is too broad, even ordinary management decisions may require investor consent, which can constrain management. Keeping the scope reasonably limited is important.\"}}]}<\/script><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":[\"LegalService\",\"LocalBusiness\"],\"@id\":\"https:\/\/atlaw.kr\/#legalservice\",\"name\":\"Atlas Legal\",\"alternateName\":[\"\ubc95\ubb34\ubc95\uc778 \uc544\ud2c0\ub77c\uc2a4\",\"Atlas Law Firm\"],\"url\":\"https:\/\/atlaw.kr\/en\/home-en\/\",\"telephone\":\"+82-32-864-8300\",\"email\":\"info@atlaw.kr\",\"priceRange\":\"$$$\",\"address\":{\"@type\":\"PostalAddress\",\"streetAddress\":\"B-2901, 323 Incheon Tower-daero\",\"addressLocality\":\"Yeonsu-gu, Incheon\",\"addressRegion\":\"Incheon Metropolitan City\",\"postalCode\":\"22007\",\"addressCountry\":\"KR\"},\"geo\":{\"@type\":\"GeoCoordinates\",\"latitude\":37.399438,\"longitude\":126.629812},\"openingHoursSpecification\":[{\"@type\":\"OpeningHoursSpecification\",\"dayOfWeek\":[\"Monday\",\"Tuesday\",\"Wednesday\",\"Thursday\",\"Friday\"],\"opens\":\"09:00\",\"closes\":\"18:00\"}],\"areaServed\":[{\"@type\":\"Country\",\"name\":\"South Korea\"},{\"@type\":\"Place\",\"name\":\"Songdo International Business District\"},{\"@type\":\"Place\",\"name\":\"Cheongna International City\"},{\"@type\":\"Place\",\"name\":\"Yeongjong International City\"},{\"@type\":\"Place\",\"name\":\"Incheon\"},{\"@type\":\"Place\",\"name\":\"Seoul Metropolitan Area\"},{\"@type\":\"Place\",\"name\":\"Incheon Free Economic Zone (IFEZ)\"}],\"knowsAbout\":[\"Venture Investment Contracts in South Korea\",\"KVCA Standard Investment Agreements in South Korea\",\"Convertible Preferred Stock (RCPS\/CPS) under Korean law\",\"Convertible Bonds and Bonds with Warrants in South Korea\",\"Shareholders Agreements in South Korea\",\"Startup Financing Legal Services in South Korea\"],\"serviceType\":[\"Venture Investment Contract Review\",\"Shareholders Agreement Negotiation\",\"Startup and Founder Legal Counsel\",\"Foreign Direct Investment Legal Services\",\"Corporate Counseling\"]}<\/script><!-- ATLAS_SEO_BLOCK_END --><\/p>\n<div class=\"hero\">\n<span class=\"category-tag\">Corporate Counseling \u00b7 Venture Investment<\/span><\/p>\n<div class=\"hero-title\">Convertible Preferred Stock (CPS)<br \/>Investment &amp; Shareholders Agreements<\/div>\n<div class=\"hero-meta\">\n<div class=\"hero-info\"><strong>Taejin Kim<\/strong> \u00b7 Managing Partner, Atlas Legal<br \/>Based on the Korea Venture Capital Association (KVCA) standard contracts, revised April 2026<\/div>\n<\/div>\n<\/div>\n<div class=\"content\">\n<div class=\"direct-answer\"><strong>Quick answer:<\/strong> Convertible preferred stock (CPS) is stock that carries <strong>priority in dividends and liquidation and can be converted into common stock<\/strong>. The SPA sets the issuance, preferred dividend, and conversion terms; the SHA sets consent rights, director designation, and transfer-related rights. Founders should pay particular attention to the conversion ratio adjustment (refixing) and joint-and-several liability clauses.<\/div>\n<div class=\"toc-nav\">\n<p class=\"toc-label\">Contents<\/p>\n<ol>\n<li><a href=\"#sec-1\">1. What is convertible preferred stock (CPS), and why use it?<\/a><\/li>\n<li><a href=\"#sec-2\">2. What goes into the Investment Agreement (SPA)?<\/a><\/li>\n<li><a href=\"#sec-3\">3. What are the key clauses of the Shareholders Agreement (SHA)?<\/a><\/li>\n<li><a href=\"#sec-4\">4. Why does conversion ratio adjustment (refixing) matter?<\/a><\/li>\n<li><a href=\"#sec-5\">5. Which clauses should founders watch most?<\/a><\/li>\n<li><a href=\"#sec-dl\">Download the CPS contracts<\/a><\/li>\n<li><a href=\"#sec-faq\">Frequently Asked Questions<\/a><\/li>\n<\/ol>\n<\/div>\n<p class=\"lead-text\">Convertible preferred stock is, after redeemable convertible preferred stock (RCPS), the most common investment instrument in Korean venture financing.<\/p>\n<p class=\"context-text\">Its structure combines the safety of preferred stock with the upside of conversion into common stock, giving investors downside protection while keeping the upside open. This article reviews the Investment Agreement (SPA) and Shareholders Agreement (SHA) used for CPS investments on a clause basis, and highlights what founders must confirm before signing. The 2026 revised KVCA standard forms are available to download below.<\/p>\n<div class=\"series-box\">\n<div class=\"s-label\">Venture Investment Standard Contracts Series<\/div>\n<ol>\n<li><a href=\"https:\/\/atlaw.kr\/en-blog\/venture-standard-contract-2026-changes-south-korea\/\">2026 Amendments: What Changed<\/a><\/li>\n<li class=\"cur\">Convertible Preferred Stock (CPS) Agreements (this article)<\/li>\n<li><a href=\"https:\/\/atlaw.kr\/en-blog\/venture-rcps-agreement-guide-south-korea\/\">Redeemable CPS (RCPS) Agreements<\/a><\/li>\n<li><a href=\"https:\/\/atlaw.kr\/en-blog\/venture-common-stock-agreement-guide-south-korea\/\">Common Stock Agreements<\/a><\/li>\n<li><a href=\"https:\/\/atlaw.kr\/en-blog\/venture-cb-agreement-guide-south-korea\/\">Convertible Bond (CB) Agreement<\/a><\/li>\n<li><a href=\"https:\/\/atlaw.kr\/en-blog\/venture-bw-agreement-guide-south-korea\/\">Bond with Warrant (BW) Agreement<\/a><\/li>\n<li><a href=\"https:\/\/atlaw.kr\/en-blog\/venture-refixing-conversion-price-adjustment-south-korea\/\">[In depth] Refixing (Conversion Price Adjustment)<\/a><\/li>\n<\/ol>\n<\/div>\n<p><\/p>\n<h2 id=\"sec-1\">1. What is convertible preferred stock (CPS), and why use it?<\/h2>\n<p>Convertible preferred stock (CPS) is <strong>preferred stock<\/strong> that ranks ahead of common stock in dividends and liquidation, while also carrying a right for the investor to <strong>convert it into common stock<\/strong>. Under the Korean Commercial Act, it combines the character of a dividend-preference class share (Article 344-2) and a convertible class share (Article 346).<\/p>\n<p>For investors, CPS defends the downside through its preference when the company struggles, and captures the upside through conversion when the company grows. For the company, it is lighter than redeemable convertible preferred stock (RCPS) because there is no redemption obligation.<\/p>\n<p><\/p>\n<h2 id=\"sec-2\">2. What goes into the Investment Agreement (SPA)?<\/h2>\n<p>The Investment Agreement governs the &#8220;execution&#8221; stage. The core terms of the CPS issuance sit here.<\/p>\n<ul>\n<li><strong>Share issuance<\/strong> \u2014 type, number, price, and payment date of the shares issued.<\/li>\n<li><strong>Preferred dividend<\/strong> \u2014 the preferred dividend rate, and whether it is participating and\/or cumulative.<\/li>\n<li><strong>Conversion right<\/strong> \u2014 the conversion period, conversion ratio, and grounds for adjusting the conversion price.<\/li>\n<li><strong>Conditions precedent and reps &amp; warranties<\/strong> \u2014 conditions to be met before payment, and the company&#8217;s and founders&#8217; representations and warranties.<\/li>\n<\/ul>\n<p>Whether the preferred dividend is &#8220;participating\/non-participating&#8221; and &#8220;cumulative\/non-cumulative&#8221; significantly affects the amounts actually received on dividends and liquidation, so confirm these precisely.<\/p>\n<p><\/p>\n<h2 id=\"sec-3\">3. What are the key clauses of the Shareholders Agreement (SHA)?<\/h2>\n<p>The Shareholders Agreement governs the rights and obligations among shareholders after the investment. The clauses that directly affect governance and exit are gathered here.<\/p>\n<table>\n<thead>\n<tr>\n<th>Clause<\/th>\n<th>Content<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Prior consent rights<\/td>\n<td>Requires investor consent for certain matters \u2014 charter amendments, new share issuance, disposal of major assets, etc.<\/td>\n<\/tr>\n<tr>\n<td>Director designation<\/td>\n<td>The investor&#8217;s right to designate a director or auditor.<\/td>\n<\/tr>\n<tr>\n<td>First refusal \/ co-sale<\/td>\n<td>On a founder&#8217;s sale of shares, the investor&#8217;s right of first refusal or tag-along.<\/td>\n<\/tr>\n<tr>\n<td>Drag-along<\/td>\n<td>Under certain conditions, the investor may require the founder&#8217;s shares to be sold together.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><\/p>\n<h2 id=\"sec-4\">4. Why does conversion ratio adjustment (refixing) matter?<\/h2>\n<p>Conversion ratio adjustment (refixing) is an anti-dilution mechanism that <strong>lowers an existing investor&#8217;s conversion price \u2014 increasing their share count \u2014 if a later round is done at a lower price<\/strong>. It protects the investor, but dilutes the founder that much more.<\/p>\n<p>Whether the adjustment is &#8220;full ratchet&#8221; or &#8220;weighted average&#8221; greatly changes how much of the founder&#8217;s stake is lost. Before accepting the standard form as-is, be sure to check this adjustment formula and its scope.<\/p>\n<p><\/p>\n<h2 id=\"sec-5\">5. Which clauses should founders watch most?<\/h2>\n<p>Three clauses tend to weigh most heavily on founders in a CPS deal. First, the <strong>joint and several liability of the interested party (founder)<\/strong> \u2014 the extent to which the founder is personally liable, together with the company, for breaches of the reps and warranties. Second, the <strong>scope of prior consent rights<\/strong> \u2014 if too broad, even ordinary management decisions can be constrained. Third, the trigger conditions for <strong>penalties and damages<\/strong>.<\/p>\n<p>These clauses appear in the standard form, but the actual burden varies with the company&#8217;s situation. Atlas Legal advises on these clauses one by one during the fundraising stage and helps build a negotiation strategy. <a href=\"https:\/\/atlaw.kr\/en-blog\/venture-refixing-conversion-price-adjustment-south-korea\/\" style=\"color:#722f37;font-weight:600;\">\u25b6 See the methods, math, and regulation of refixing in the dedicated in-depth article<\/a>.<\/p>\n<div class=\"dl-wrap\" id=\"sec-dl\">\n<div class=\"dl-head\">\n<div class=\"dl-t\">Download the 2026 KVCA Standard Venture Investment Contracts<\/div>\n<div class=\"dl-s\">Source: Korea Venture Capital Association (KVCA), revised April 2026 \u00b7 Word (.docx) format \u00b7 Korean-language documents<\/div>\n<\/div>\n<div class=\"dl-primary\">\n<div class=\"dl-plabel\">Contracts covered in this article<\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">Convertible Preferred Stock (CPS) Investment Agreement (SPA)<\/div>\n<div class=\"dl-sub\">For executing a CPS investment<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-cps-investment-agreement.docx\" download=\"Convertible Preferred Stock Investment Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">CPS Shareholders Agreement (SHA)<\/div>\n<div class=\"dl-sub\">For post-investment shareholder relations<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-cps-shareholders-agreement.docx\" download=\"Convertible Preferred Stock Shareholders Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<\/div>\n<div class=\"dl-list\">\n<div class=\"dl-alllabel\">All 8 standard contracts (2026 revision)<\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">Redeemable CPS (RCPS) Investment Agreement (SPA)<\/div>\n<div class=\"dl-sub\">For executing an RCPS investment<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-rcps-investment-agreement.docx\" download=\"Redeemable Convertible Preferred Stock Investment Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">RCPS Shareholders Agreement (SHA)<\/div>\n<div class=\"dl-sub\">For post-investment shareholder relations<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-rcps-shareholders-agreement.docx\" download=\"Redeemable Convertible Preferred Stock Shareholders Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">Common Stock Investment Agreement (SPA)<\/div>\n<div class=\"dl-sub\">For executing a common stock investment<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-common-stock-investment-agreement.docx\" download=\"Common Stock Investment Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">Common Stock Shareholders Agreement (SHA)<\/div>\n<div class=\"dl-sub\">For post-investment shareholder relations<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-common-stock-shareholders-agreement.docx\" download=\"Common Stock Shareholders Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">Convertible Bond (CB) Investment Agreement<\/div>\n<div class=\"dl-sub\">For a convertible bond investment<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-cb-investment-agreement.docx\" download=\"Convertible Bond Investment Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">Bond with Warrant (BW) Investment Agreement<\/div>\n<div class=\"dl-sub\">For a bond-with-warrant investment<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-bw-investment-agreement.docx\" download=\"Bond with Warrant Investment Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<\/div>\n<p class=\"dl-note\">These files are the standard contract forms distributed by the Korea Venture Capital Association (KVCA), revised April 2026. The documents are in Korean. Actual transactions require review and tailoring to the specifics of each deal; these materials are provided as reference forms and do not constitute legal advice on any particular matter.<\/p>\n<\/div>\n<p><\/p>\n<h2 id=\"sec-faq\">Frequently Asked Questions<\/h2>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. How does convertible preferred stock differ from common stock?<\/p>\n<p>A. Convertible preferred stock ranks ahead of common stock in dividends and liquidation, and lets the investor convert into common stock. Common stock carries no such preference.<\/p>\n<\/div>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. What is the difference between &#8220;participating&#8221; and &#8220;non-participating&#8221; preferred dividends?<\/p>\n<p>A. Participating preferred stock receives its preferred dividend and then also shares in the remaining dividend alongside common stock. Non-participating preferred stock receives only the fixed preferred dividend. The difference is significant on liquidation or sale.<\/p>\n<\/div>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. Does refixing hurt the founder?<\/p>\n<p>A. Refixing preserves an existing investor&#8217;s stake when a later round is done at a lower price, which dilutes the founder that much more. The adjustment method and scope should be negotiated.<\/p>\n<\/div>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. How many contracts does a CPS investment require?<\/p>\n<p>A. Under the 2026 split structure, an Investment Agreement (SPA) and a Shareholders Agreement (SHA) are used together. You can download both forms below.<\/p>\n<\/div>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. What problems arise if prior consent rights are too broad?<\/p>\n<p>A. If the scope of matters requiring consent is too broad, even ordinary management decisions may require investor consent, which can constrain management. Keeping the scope reasonably limited is important.<\/p>\n<\/div>\n<p class=\"closing\">To consult Atlas Legal on reviewing or negotiating a CPS investment contract in South Korea, please contact us at +82-32-864-8300 or info@atlaw.kr.<\/p>\n<div class=\"author-box\">\n  <img decoding=\"async\" class=\"author-avatar\" src=\"https:\/\/atlaw.kr\/wp-content\/uploads\/2022\/12\/\uae40\ud0dc\uc9c4-1.png\" alt=\"Taejin Kim, Managing Partner \u2014 Atlas Legal\"><\/p>\n<div class=\"author-text\">\n<div class=\"author-section-label\">About the Author<\/div>\n<div class=\"author-name\">Taejin Kim | Managing Partner<\/div>\n<div class=\"author-detail\">Corporate Counseling, Corporate Disputes, White-Collar Crime<\/div>\n<div class=\"author-detail\">Former Public Prosecutor | Judicial Research and Training Institute, 33rd Class<\/div>\n<div class=\"author-detail\">Korea University LL.B. &amp; LL.M. (Criminal Law), University of California, Davis LL.M.<\/div>\n<div class=\"author-detail\">Atlas Legal | Incheon Songdo, South Korea<\/div>\n<p>    <a class=\"author-link\" href=\"https:\/\/atlaw.kr\" target=\"_blank\" rel=\"noopener noreferrer\">Visit Atlas Legal Homepage \u2192<\/a>\n  <\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Corporate Counseling \u00b7 Venture Investment Convertible Preferred Stock (CPS)Investment &amp; Shareholders Agreements Taejin Kim \u00b7 Managing Partner, Atlas LegalBased on the Korea Venture Capital Association (KVCA) standard contracts, revised April 2026 Quick answer: Convertible preferred stock (CPS) is stock that carries priority in dividends and liquidation and can be converted into common stock. The SPA&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[218],"tags":[819,820,821,38,255],"class_list":["post-1434","post","type-post","status-publish","format-standard","hentry","category-corporate-counseling","tag-convertible-preferred-stock","tag-cps","tag-refixing","tag-shareholders-agreement","tag-south-korea"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>**: Convertible Preferred Stock (CPS) Agreements in South Korea | Atlas Legal<\/title>\n<meta name=\"description\" content=\"**: A clause-by-clause guide to the convertible preferred stock (CPS) Investment Agreement and Shareholders Agreement in South Korea. 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