{"id":61063,"date":"2023-12-04T11:08:44","date_gmt":"2023-12-04T02:08:44","guid":{"rendered":"https:\/\/monolith.law\/tr\/?p=61063"},"modified":"2024-03-17T11:04:45","modified_gmt":"2024-03-17T02:04:45","slug":"venture-capital-investment","status":"publish","type":"post","link":"https:\/\/monolith.law\/tr\/general-corporate\/venture-capital-investment","title":{"rendered":"\u00dc\u00e7\u00fcnc\u00fc Taraf Tahsis Art\u0131r\u0131m\u0131na \u0130li\u015fkin Yat\u0131r\u0131m S\u00f6zle\u015fmesi Terim Sayfas\u0131"},"content":{"rendered":"\n<p>Bir giri\u015fim \u015firketi, VC (Venture Capital) gibi \u00fc\u00e7\u00fcnc\u00fc taraflardan fon toplad\u0131\u011f\u0131nda, genellikle yeni hisselerin VC gibi yat\u0131r\u0131mc\u0131lara tahsis edildi\u011fi \u00fc\u00e7\u00fcnc\u00fc taraf tahsis art\u0131r\u0131m\u0131 ger\u00e7ekle\u015fir. \u00dc\u00e7\u00fcnc\u00fc taraf tahsis art\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftirilirken, s\u00f6zle\u015fme m\u00fczakereleri a\u015famas\u0131nda bir terim sayfas\u0131 olu\u015fturman\u0131n yayg\u0131n oldu\u011funu s\u00f6yleyebiliriz, \u00e7\u00fcnk\u00fc yat\u0131r\u0131m s\u00f6zle\u015fmesinde belirlenmesi gereken konular geni\u015ftir. Bu nedenle, yat\u0131r\u0131m s\u00f6zle\u015fmesinin terim sayfas\u0131nda belirtilen ve s\u00f6zle\u015fme m\u00fczakerelerinin odak noktas\u0131 olan konular\u0131 a\u00e7\u0131kl\u0131yoruz.<\/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\/tr\/general-corporate\/venture-capital-investment\/#Yatirim_Sozlesmesi_Nedir\" title=\"Yat\u0131r\u0131m S\u00f6zle\u015fmesi Nedir?\">Yat\u0131r\u0131m S\u00f6zle\u015fmesi Nedir?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/venture-capital-investment\/#Yatirim_Sozlesmesi_Turleri\" title=\"Yat\u0131r\u0131m S\u00f6zle\u015fmesi T\u00fcrleri\">Yat\u0131r\u0131m S\u00f6zle\u015fmesi T\u00fcrleri<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/venture-capital-investment\/#Yatirim_Sozlesmesinde_Ucuncu_Taraf_Tahsis_Artirimi\" title=\"Yat\u0131r\u0131m S\u00f6zle\u015fmesinde \u00dc\u00e7\u00fcnc\u00fc Taraf Tahsis Art\u0131r\u0131m\u0131\">Yat\u0131r\u0131m S\u00f6zle\u015fmesinde \u00dc\u00e7\u00fcnc\u00fc Taraf Tahsis Art\u0131r\u0131m\u0131<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/venture-capital-investment\/#Yatirim_Sozlesmelerinde_Term_Sheet\" title=\"Yat\u0131r\u0131m S\u00f6zle\u015fmelerinde Term Sheet\">Yat\u0131r\u0131m S\u00f6zle\u015fmelerinde Term Sheet<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/venture-capital-investment\/#Term_Sheet%E2%80%99in_Onemi\" title=\"Term Sheet&#8217;in \u00d6nemi\">Term Sheet&#8217;in \u00d6nemi<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/venture-capital-investment\/#Term_Sheet_Maddeleri\" title=\"Term Sheet Maddeleri\">Term Sheet Maddeleri<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/venture-capital-investment\/#Tur_Cesitli_Hisse_Senetleri_Hakkinda\" title=\"T\u00fcr \u00c7e\u015fitli Hisse Senetleri Hakk\u0131nda\">T\u00fcr \u00c7e\u015fitli Hisse Senetleri Hakk\u0131nda<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/venture-capital-investment\/#Hisse_Senetleri_Hakkinda_Hususlar\" title=\"Hisse Senetleri Hakk\u0131nda Hususlar\">Hisse Senetleri Hakk\u0131nda Hususlar<\/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\/tr\/general-corporate\/venture-capital-investment\/#Sirket_Isletmesi_Hakkinda_Hususlar\" title=\"\u015eirket \u0130\u015fletmesi Hakk\u0131nda Hususlar\">\u015eirket \u0130\u015fletmesi Hakk\u0131nda Hususlar<\/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\/tr\/general-corporate\/venture-capital-investment\/#Ozet\" title=\"\u00d6zet\">\u00d6zet<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yatirim_Sozlesmesi_Nedir\"><\/span>Yat\u0131r\u0131m S\u00f6zle\u015fmesi Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Bir \u015firket, VC (Venture Capital &#8211; Risk Sermayesi) gibi \u00fc\u00e7\u00fcnc\u00fc taraflardan yat\u0131r\u0131m ald\u0131\u011f\u0131nda, yat\u0131r\u0131m ko\u015fullar\u0131n\u0131 belirlemek i\u00e7in bir s\u00f6zle\u015fme yapmas\u0131 gerekmektedir. Bu durumda, s\u00f6zle\u015fme taraflar\u0131; yat\u0131r\u0131m alan \u015firket, mevcut hissedarlar olan kurucular vb. ve yeni yat\u0131r\u0131m yapan VC vb. olacakt\u0131r.<\/p>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmesi yapma i\u015flemi, \u015firket hukuku gere\u011fi zorunlu bir prosed\u00fcr olmasa da, s\u00f6zle\u015fme yap\u0131lmad\u0131\u011f\u0131 takdirde, yat\u0131r\u0131m alan \u015firketin VC vb. taraf\u0131ndan al\u0131nan paran\u0131n yat\u0131r\u0131m ama\u00e7l\u0131 oldu\u011funu kan\u0131tlamas\u0131 m\u00fcmk\u00fcn olmayabilir ve bu durum ileride sorunlara yol a\u00e7abilir. Yat\u0131r\u0131m ama\u00e7l\u0131 olmad\u0131\u011f\u0131 kabul edilirse, VC vb. taraf\u0131ndan daha sonra yat\u0131r\u0131m miktar\u0131n\u0131 geri \u00e7ekme riski de bulunmaktad\u0131r. Bu nedenle, \u00f6zellikle yat\u0131r\u0131m alan \u015firketler i\u00e7in yat\u0131r\u0131m s\u00f6zle\u015fmesini d\u00fczg\u00fcn bir \u015fekilde yapmak \u00f6nemlidir.<\/p>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmesi yapma gereklili\u011fi hakk\u0131nda ayr\u0131nt\u0131l\u0131 a\u00e7\u0131klamalar a\u015fa\u011f\u0131daki makalede bulunmaktad\u0131r.<\/p>\n\n\n\n<p>\u0130lgili Makale: <a href=\"https:\/\/monolith.law\/corporate\/importance-and-necessity-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\">Yat\u0131r\u0131m S\u00f6zle\u015fmesi Nedir? \u015eirketler \u0130\u00e7in S\u00f6zle\u015fme Yapma Gereklili\u011fi[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yatirim_Sozlesmesi_Turleri\"><\/span>Yat\u0131r\u0131m S\u00f6zle\u015fmesi T\u00fcrleri<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Yat\u0131r\u0131m al\u0131rken yap\u0131lan s\u00f6zle\u015fmeler, tek bir s\u00f6zle\u015fme olarak haz\u0131rlanabilir, ancak genellikle s\u00f6zle\u015fme i\u00e7eri\u011fine ba\u011fl\u0131 olarak birden fazla s\u00f6zle\u015fmeye ayr\u0131l\u0131r. Yat\u0131r\u0131mc\u0131 ile s\u00f6zle\u015fme yaparken en \u00f6nemli olanlar yat\u0131r\u0131m s\u00f6zle\u015fmesi ve hissedarlar aras\u0131 s\u00f6zle\u015fmedir.<\/p>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmesi, yat\u0131r\u0131m alan \u015firket ile yeni yat\u0131r\u0131m yapan VC vb. yat\u0131r\u0131mc\u0131lar aras\u0131nda yap\u0131lan bir s\u00f6zle\u015fmedir ve yat\u0131r\u0131m hedefi olan hisse senetleri vb. hakk\u0131nda maddeler, yat\u0131r\u0131m karar\u0131n\u0131n temelini olu\u015fturan yat\u0131r\u0131m hedefi \u015firketin mali durumu ve y\u00f6netim durumu hakk\u0131nda maddeler belirlenir.<\/p>\n\n\n\n<p>Buna kar\u015f\u0131l\u0131k, hissedarlar aras\u0131 s\u00f6zle\u015fme, kurucular gibi mevcut hissedarlar\u0131 da i\u00e7eren bir s\u00f6zle\u015fmedir. \u00c7o\u011fu durumda, kurucular gibi mevcut hissedarlar, yat\u0131r\u0131m alan \u015firketin hisse oran\u0131n\u0131n \u00e7o\u011funlu\u011funu elinde bulundurur. \u015eirket hukuku gere\u011fi, hisse oran\u0131n\u0131n \u00e7o\u011funlu\u011funu elinde bulunduran hissedarlar, temel \u015firket y\u00f6netimi konular\u0131nda tek ba\u015f\u0131na karar verme hakk\u0131na sahiptir. VC vb. yat\u0131r\u0131mc\u0131lar genellikle y\u00f6netimde yer almay\u0131 hedefleyerek yat\u0131r\u0131m yaparlar, ancak bunu ger\u00e7ekle\u015ftirmek i\u00e7in \u00e7o\u011funluk hisse oran\u0131n\u0131 koruyan mevcut hissedarlar\u0131 s\u00f6zle\u015fme ile ba\u011flamak gerekmektedir.<\/p>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmesi ve hissedarlar aras\u0131 s\u00f6zle\u015fmenin ili\u015fkisi hakk\u0131nda ayr\u0131nt\u0131l\u0131 a\u00e7\u0131klamalar a\u015fa\u011f\u0131daki makalede bulunmaktad\u0131r.<\/p>\n\n\n\n<p>\u0130lgili Makale: <a href=\"https:\/\/monolith.law\/corporate\/investment-contract-and-shareholder-agreement\" target=\"_blank\" rel=\"noreferrer noopener\">Yat\u0131r\u0131m S\u00f6zle\u015fmesi ve Hissedarlar Aras\u0131 S\u00f6zle\u015fmenin \u0130li\u015fkisi[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yatirim_Sozlesmesinde_Ucuncu_Taraf_Tahsis_Artirimi\"><\/span>Yat\u0131r\u0131m S\u00f6zle\u015fmesinde \u00dc\u00e7\u00fcnc\u00fc Taraf Tahsis Art\u0131r\u0131m\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Yat\u0131r\u0131m\u0131n hedefi hisse senetleri oldu\u011funda, yat\u0131r\u0131m alan \u015firket, VC vb. yat\u0131r\u0131mc\u0131lar i\u00e7in yeni hisse senetleri \u00e7\u0131kar\u0131r. Bu durumda kullan\u0131lan y\u00f6ntem, \u00fc\u00e7\u00fcnc\u00fc taraf tahsis art\u0131r\u0131m\u0131d\u0131r. \u00dc\u00e7\u00fcnc\u00fc taraf tahsis art\u0131r\u0131m\u0131, \u015firketin belirli bir \u00fc\u00e7\u00fcnc\u00fc tarafa yeni \u00e7\u0131kar\u0131lan hisse senetlerini sat\u0131n alma hakk\u0131n\u0131 verdi\u011fi ve VC vb. yat\u0131r\u0131mc\u0131lar\u0131n bunu sat\u0131n ald\u0131\u011f\u0131 bir i\u015flemdir ve \u015firket hukuku taraf\u0131ndan belirlenen hisse senedi \u00e7\u0131karma y\u00f6ntemlerinden biridir. \u00dc\u00e7\u00fcnc\u00fc taraf tahsis art\u0131r\u0131m\u0131 ile hisse senedi \u00e7\u0131kar\u0131p VC vb. yat\u0131r\u0131mc\u0131lardan fon toplarken, yat\u0131r\u0131m ko\u015fullar\u0131 vb. dahil olmak \u00fczere s\u00f6zle\u015fme m\u00fczakere a\u015famas\u0131nda belirlenmesi gereken konular geni\u015f kapsaml\u0131d\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yatirim_Sozlesmelerinde_Term_Sheet\"><\/span>Yat\u0131r\u0131m S\u00f6zle\u015fmelerinde Term Sheet<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2020\/05\/shutterstock_765046777-1024x682.jpg\" alt=\"\" class=\"wp-image-9809\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Term_Sheet%E2%80%99in_Onemi\"><\/span>Term Sheet&#8217;in \u00d6nemi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u00dc\u00e7\u00fcnc\u00fc taraf tahsis art\u0131r\u0131m\u0131 ile yeni hisse senetleri \u00e7\u0131kararak VC gibi yat\u0131r\u0131mc\u0131lardan fon toplad\u0131\u011f\u0131n\u0131zda, bir yat\u0131r\u0131m s\u00f6zle\u015fmesi imzalaman\u0131z gerekecektir. Ancak, bu yat\u0131r\u0131m s\u00f6zle\u015fmesinin i\u00e7eri\u011fi genellikle olduk\u00e7a geni\u015f olup, ayr\u0131ca birden fazla taraf aras\u0131nda karma\u015f\u0131k hak ili\u015fkilerinin ayarlanmas\u0131 gereken s\u00f6zle\u015fme m\u00fczakere a\u015famas\u0131nda bulunmaktad\u0131r.<\/p>\n\n\n\n<p>Bu nedenle, yat\u0131r\u0131m s\u00f6zle\u015fmesini olu\u015fturmadan \u00f6nce, ana s\u00f6zle\u015fme ko\u015fullar\u0131n\u0131 bir liste format\u0131nda belirten bir term sheet olu\u015fturulur ve bu, s\u00f6zle\u015fme m\u00fczakerelerini ger\u00e7ekle\u015ftirmek i\u00e7in bir temel olarak kullan\u0131l\u0131r. Bu uygulama i\u015f d\u00fcnyas\u0131nda s\u0131kl\u0131kla ger\u00e7ekle\u015ftirilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Term_Sheet_Maddeleri\"><\/span>Term Sheet Maddeleri<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmeleri ve hissedarlar aras\u0131 s\u00f6zle\u015fmelerdeki term sheet maddeleri yat\u0131r\u0131m projelerine g\u00f6re de\u011fi\u015fiklik g\u00f6sterir, bu y\u00fczden a\u015fa\u011f\u0131dakiler sadece bir rehber niteli\u011findedir. Ayr\u0131ca, t\u00fcr hisseleri \u00e7\u0131kar\u0131lacaksa, t\u00fcr hissedarlar\u0131na ili\u015fkin i\u00e7erikler de eklenir.<\/p>\n\n\n\n<ul>\n<li>S\u00f6zle\u015fme taraflar\u0131 hakk\u0131nda bilgiler<\/li>\n\n\n\n<li> Fon toplama genel bilgileri (\u00e7\u0131kar\u0131lacak hisse t\u00fcr\u00fc, \u00e7\u0131kar\u0131labilir toplam hisse say\u0131s\u0131 ve \u00e7\u0131kar\u0131lm\u0131\u015f toplam hisse say\u0131s\u0131, \u00e7\u0131kar\u0131lacak hisse say\u0131s\u0131, \u00e7\u0131kar\u0131lma fiyat\u0131, toplam \u00f6deme miktar\u0131, \u00f6deme ko\u015fullar\u0131, sermaye vb., \u00f6deme tarihi, fon kullan\u0131m\u0131 vb.)<\/li>\n\n\n\n<li> T\u00fcr hisseleri hakk\u0131nda bilgiler (\u00f6ncelikli temett\u00fc, kalan varl\u0131k da\u011f\u0131t\u0131m\u0131n\u0131n \u00f6nceli\u011fi, al\u0131m talep hakk\u0131, al\u0131m maddeleri, oy hakk\u0131, hisse b\u00f6l\u00fcnmesi vb.)<\/li>\n\n\n\n<li> Hisseler hakk\u0131nda bilgiler (beyan garantisi, yat\u0131r\u0131mc\u0131n\u0131n \u00f6ncelikli al\u0131m hakk\u0131, s\u00f6zle\u015fme ihlali durumunda i\u015flem, s\u00f6zle\u015fme sonland\u0131rma vb.)<\/li>\n\n\n\n<li> \u015eirketin i\u015fletilmesi hakk\u0131nda bilgiler (fon kullan\u0131m\u0131, halka arz \u00e7abalar\u0131 hakk\u0131nda maddeler, y\u00f6netim kurulu \u00fcyeleri veya g\u00f6zlemcilerin g\u00f6revlendirilmesi, yat\u0131r\u0131mc\u0131lara \u00f6nceden onay \/ bildirim, yat\u0131r\u0131mc\u0131lara bilgi a\u00e7\u0131klamas\u0131, kurucu hissedarlar\u0131n tam zamanl\u0131 \u00e7al\u0131\u015fma y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc vb.)<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tur_Cesitli_Hisse_Senetleri_Hakkinda\"><\/span>T\u00fcr \u00c7e\u015fitli Hisse Senetleri Hakk\u0131nda<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>VC vb. yat\u0131r\u0131mc\u0131lardan yat\u0131r\u0131m al\u0131rken t\u00fcr \u00e7e\u015fitli hisse senetleri \u00e7\u0131karabilirsiniz. Bu t\u00fcr hisse senetleri hakk\u0131ndaki maddeler, terim sayfas\u0131nda belirtilir. T\u00fcr \u00e7e\u015fitli hisse senetleri, haklar vb. konular\u0131n bir k\u0131sm\u0131n\u0131n farkl\u0131 oldu\u011fu hisse senetlerini ifade eder ve VC vb. yat\u0131r\u0131mc\u0131lardan yat\u0131r\u0131m al\u0131rken kullan\u0131labilir.<\/p>\n\n\n\n<p>\u00d6rne\u011fin, fazla kar da\u011f\u0131t\u0131m\u0131 veya kalan varl\u0131k da\u011f\u0131t\u0131m\u0131 hakk\u0131nda farkl\u0131 h\u00fck\u00fcmler belirleyen t\u00fcr \u00e7e\u015fitli hisse senetleri veya belirli genel kurul kararlar\u0131na kar\u015f\u0131 veto hakk\u0131 veren t\u00fcr \u00e7e\u015fitli hisse senetleri bulunabilir. VC vb. yat\u0131r\u0131mc\u0131lar, yat\u0131r\u0131m sonras\u0131 yat\u0131r\u0131m yapt\u0131klar\u0131 \u015firketin y\u00f6netimine belirli bir derecede dahil olmay\u0131 planlad\u0131klar\u0131 i\u00e7in, bu t\u00fcr h\u00fck\u00fcmlere sahip t\u00fcr \u00e7e\u015fitli hisse senetleri \u00e7\u0131karabilirler.<\/p>\n\n\n\n<p>T\u00fcr \u00e7e\u015fitli hisse senetleri \u00e7\u0131kar\u0131rken, bu hisse senetlerinin i\u00e7eri\u011fi terim sayfas\u0131nda belirtilir. \u00d6rne\u011fin, kalan varl\u0131k da\u011f\u0131t\u0131m\u0131n\u0131n \u00f6nceli\u011fi maddesi a\u015fa\u011f\u0131daki gibi belirtilir:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Her bir hisse ba\u015f\u0131na \u25cb lira (her bir hisse ba\u015f\u0131na \u00f6denen miktar\u0131n %\u25cb&#8217;u) normal hisse senetlerine \u00f6ncelikli, \u25cb t\u00fcr \u00f6ncelikli hisse senetlerine kar\u015f\u0131 [e\u015fit veya \u00f6ncelikli] ve [kat\u0131l\u0131mc\u0131 veya kat\u0131l\u0131mc\u0131 olmayan] olarak belirlenir.<\/p>\n\n\n\n<p><\/p>\n<\/blockquote>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmesindeki t\u00fcr \u00e7e\u015fitli hisse senetleri hakk\u0131ndaki maddeler hakk\u0131nda, a\u015fa\u011f\u0131daki makalede detayl\u0131 bir \u015fekilde a\u00e7\u0131klanm\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p>\u0130lgili Makale: <a href=\"https:\/\/monolith.law\/corporate\/issuance-of-class-shares\" target=\"_blank\" rel=\"noreferrer noopener\">Giri\u015fim Yat\u0131r\u0131m S\u00f6zle\u015fmelerinde T\u00fcr \u00c7e\u015fitli Hisse Senetlerinin \u00c7\u0131kar\u0131lmas\u0131 ve \u0130\u00e7eri\u011fi[ja]<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hisse_Senetleri_Hakkinda_Hususlar\"><\/span>Hisse Senetleri Hakk\u0131nda Hususlar<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Yat\u0131r\u0131m yap\u0131l\u0131rken \u00e7\u0131kar\u0131lan hisse senetleri hakk\u0131nda dikkate al\u0131nmas\u0131 gereken baz\u0131 hususlar a\u015fa\u011f\u0131da belirtilmi\u015ftir. Ayr\u0131ca, yat\u0131r\u0131m s\u00f6zle\u015fmelerindeki hisse senetleri hakk\u0131ndaki maddeler hakk\u0131nda a\u015fa\u011f\u0131daki makalede detayl\u0131 bir a\u00e7\u0131klama yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p>\u0130lgili Makale: <a href=\"https:\/\/monolith.law\/corporate\/investment-contract-shares-provision\" target=\"_blank\" rel=\"noreferrer noopener\">Yat\u0131r\u0131m S\u00f6zle\u015fmesindeki Hisse Senetleri Hakk\u0131ndaki Maddeler Nedir?[ja]<\/a><\/p>\n\n\n\n<ul>\n<li>Yeni \u00e7\u0131kar\u0131lan hisse senetlerinin \u00f6ncelikli al\u0131m hakk\u0131 hakk\u0131ndaki madde<\/li>\n\n\n\n<li>\u00d6ncelikli sat\u0131n alma hakk\u0131 ve \u00f6ncelikli al\u0131m hakk\u0131 hakk\u0131ndaki madde<\/li>\n\n\n\n<li>Hisse senedi sat\u0131n alma hakk\u0131ndaki madde<\/li>\n\n\n\n<li>Ortak sat\u0131\u015f hakk\u0131 ve devir kat\u0131l\u0131m hakk\u0131 hakk\u0131ndaki madde<\/li>\n\n\n\n<li>Hisse senedi devri hakk\u0131ndaki madde<\/li>\n\n\n\n<li>Drag along right (Birlikte Satma Hakk\u0131) hakk\u0131ndaki madde<\/li>\n\n\n\n<li>Kabul edilen tasfiye maddesi<\/li>\n<\/ul>\n\n\n\n<p>\u00d6ncelikli al\u0131m hakk\u0131 hakk\u0131ndaki madde, yat\u0131r\u0131mc\u0131n\u0131n yeni \u00e7\u0131kar\u0131lan hisse senetlerini \u00f6ncelikli olarak alma hakk\u0131n\u0131 elde ederek, kendi hisse oran\u0131n\u0131 koruma amac\u0131 ta\u015f\u0131r. \u00d6ncelikli al\u0131m hakk\u0131 hakk\u0131nda, terim sayfas\u0131nda a\u015fa\u011f\u0131daki gibi belirtilmi\u015ftir.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u015eirket hisse senedi \u00e7\u0131kard\u0131\u011f\u0131nda, yat\u0131r\u0131mc\u0131 hisse oran\u0131na g\u00f6re \u00f6ncelikli olarak alabilir. Ancak, \u00e7\u0131kar\u0131lan hisse senetlerinin toplam say\u0131s\u0131n\u0131n %\u25cb&#8217;una denk gelen hisse senedi opsiyonlar\u0131n\u0131n \u00e7\u0131kar\u0131lmas\u0131 hari\u00e7.<\/p>\n<\/blockquote>\n\n\n\n<p>Ayr\u0131ca, hisse senedi sat\u0131n alma maddesi, belirli bir durum olu\u015ftu\u011funda VC vb. yat\u0131r\u0131mc\u0131n\u0131n, \u015firkete veya y\u00f6neticilere, kendi hisse senetlerinin sat\u0131n al\u0131nmas\u0131n\u0131 talep etme hakk\u0131n\u0131 belirleyen bir maddedir. Hisse senedi sat\u0131n alma maddesi hakk\u0131nda, terim sayfas\u0131nda a\u015fa\u011f\u0131daki gibi belirtilmi\u015ftir. Sat\u0131n alma talep hakk\u0131n\u0131n olu\u015ftu\u011fu ko\u015fullar ve sat\u0131n alma fiyat\u0131n\u0131n hesaplanma y\u00f6ntemi \u00f6nemli noktalard\u0131r.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>1. Yat\u0131r\u0131mc\u0131, a\u015fa\u011f\u0131daki durumlardan herhangi birinin olu\u015fmas\u0131 durumunda, \u015firket ve kurucu hissedarlara, yat\u0131r\u0131mc\u0131n\u0131n sahip oldu\u011fu hisse senetlerinin sat\u0131n al\u0131nmas\u0131n\u0131 talep edebilir.<br> \u30fbBu s\u00f6zle\u015fmenin \u25cb maddesi, \u25cb maddesi, \u25cb maddesi hakk\u0131nda \u00f6nemli bir ihlal durumunda<br> \u30fbBeyan edilen ve garanti edilen konular\u0131n ger\u00e7ek veya do\u011fru olmad\u0131\u011f\u0131 ortaya \u00e7\u0131kt\u0131\u011f\u0131nda ve bu durumun \u00f6nemli oldu\u011fu durumlarda<br> 2. Yukar\u0131daki 1. maddenin sat\u0131n alma talebi ile yat\u0131r\u0131mc\u0131n\u0131n hisse senetlerinin sat\u0131n al\u0131nmas\u0131 durumunda, fiyat, yat\u0131r\u0131mc\u0131 ve \u015firket ile kurucu hissedarlar\u0131n anla\u015ft\u0131\u011f\u0131 hesaplama y\u00f6ntemi ile belirlenecek bir miktar olacakt\u0131r.<\/p>\n<\/blockquote>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmesindeki hisse senedi sat\u0131n alma maddesi hakk\u0131nda, a\u015fa\u011f\u0131daki makalede detayl\u0131 bir a\u00e7\u0131klama yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p>\u0130lgili Makale: <a href=\"https:\/\/monolith.law\/corporate\/investment-stock-purchase-clause\" target=\"_blank\" rel=\"noreferrer noopener\">Yat\u0131r\u0131m S\u00f6zle\u015fmesindeki Hisse Senedi Sat\u0131n Alma Maddesi Nedir?[ja]<\/a><\/p>\n\n\n\n<p>Ayr\u0131ca, Drag along right (Birlikte Satma Hakk\u0131), VC vb. yat\u0131r\u0131mc\u0131n\u0131n liderli\u011finde M&amp;A veya EXIT&#8217;i zorunlu k\u0131labilen bir maddedir. VC vb. yat\u0131r\u0131mc\u0131lar a\u00e7\u0131s\u0131ndan, Drag along right (Birlikte Satma Hakk\u0131), yat\u0131r\u0131m\u0131n geri kazan\u0131lmas\u0131 i\u00e7in etkili bir y\u00f6ntemdir ve baz\u0131 yat\u0131r\u0131mc\u0131lar bu t\u00fcr bir ko\u015fulu talep edebilir. Yat\u0131r\u0131m s\u00f6zle\u015fmesindeki Drag along right (Birlikte Satma Hakk\u0131) hakk\u0131ndaki madde hakk\u0131nda, a\u015fa\u011f\u0131daki makalede detayl\u0131 bir a\u00e7\u0131klama yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p>\u0130lgili Makale: <a href=\"https:\/\/monolith.law\/corporate\/investment-law-drag-along-right\" target=\"_blank\" rel=\"noreferrer noopener\">Giri\u015fim Yat\u0131r\u0131m S\u00f6zle\u015fmesindeki Drag Along Right (Birlikte Satma Hakk\u0131) Maddesi[ja]<\/a><\/p>\n\n\n\n<p>Kabul edilen tasfiye maddesi, VC vb. yat\u0131r\u0131mc\u0131lar\u0131n yat\u0131r\u0131m yapt\u0131ktan sonra yat\u0131r\u0131m yap\u0131lan \u015firketin sat\u0131n al\u0131nmas\u0131 durumunda, s\u00f6z konusu \u015firketin bir kez tasfiye edildi\u011fi kabul edilerek VC vb. yat\u0131r\u0131mc\u0131lara varl\u0131k da\u011f\u0131t\u0131m\u0131 yap\u0131laca\u011f\u0131n\u0131 belirten bir maddedir. \u00d6zellikle, kurulu\u015f a\u015famas\u0131nda yat\u0131r\u0131m yap\u0131ld\u0131\u011f\u0131nda, IPO&#8217;ya ula\u015fmadan M&amp;A ile sat\u0131n al\u0131nma durumu s\u0131k\u00e7a ya\u015fan\u0131r, bu nedenle yat\u0131r\u0131mc\u0131lar i\u00e7in kabul edilen tasfiye maddesi olmazsa yat\u0131r\u0131m\u0131n geri kazan\u0131lmas\u0131 m\u00fcmk\u00fcn olmayabilir. Yat\u0131r\u0131m s\u00f6zle\u015fmesindeki kabul edilen tasfiye maddesi hakk\u0131nda, a\u015fa\u011f\u0131daki makalede detayl\u0131 bir a\u00e7\u0131klama yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p>\u0130lgili Makale: <a href=\"https:\/\/monolith.law\/corporate\/investment-contract-liquidation-provision\" target=\"_blank\" rel=\"noreferrer noopener\">Yat\u0131r\u0131m S\u00f6zle\u015fmesindeki Kabul Edilen Tasfiye Maddesi Nedir?[ja]<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sirket_Isletmesi_Hakkinda_Hususlar\"><\/span>\u015eirket \u0130\u015fletmesi Hakk\u0131nda Hususlar<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmesinin term sheet&#8217;inde belirtilen \u015firket i\u015fletmesi hakk\u0131nda hususlar a\u015fa\u011f\u0131daki gibi olabilir. Yat\u0131r\u0131m s\u00f6zle\u015fmesindeki \u015firket i\u015fletmesi ile ilgili maddeler hakk\u0131nda a\u015fa\u011f\u0131daki makalede detayl\u0131 bir \u015fekilde a\u00e7\u0131klama yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p>\u0130lgili Makale: <a href=\"https:\/\/monolith.law\/corporate\/investment-contract-clause-management-company\" target=\"_blank\" rel=\"noreferrer noopener\">Yat\u0131r\u0131m S\u00f6zle\u015fmesindeki \u015eirket \u0130\u015fletmesi Hakk\u0131nda Maddeler Nelerdir?[ja]<\/a><\/p>\n\n\n\n<ul>\n<li>Halka Arz \u00c7abalar\u0131 Hakk\u0131nda Madde<\/li>\n\n\n\n<li>Fonlar\u0131n Kullan\u0131m\u0131 Hakk\u0131nda Madde<\/li>\n\n\n\n<li>Y\u00f6netim Kurulu \u00dcyeleri ve G\u00f6zlemcilerin G\u00f6revlendirilmesi Hakk\u0131nda Madde<\/li>\n\n\n\n<li>Beyan ve Garanti Hakk\u0131nda Madde<\/li>\n\n\n\n<li>\u00d6nemli Hususlar\u0131n Bildirilmesi ve Yat\u0131r\u0131mc\u0131lar\u0131n \u00d6n Onay\u0131 Hakk\u0131nda Madde<\/li>\n\n\n\n<li>Yat\u0131r\u0131mc\u0131lara Yap\u0131lan Sonras\u0131 Bildirim Hakk\u0131nda Madde<\/li>\n\n\n\n<li>Y\u00f6netimin Adanm\u0131\u015fl\u0131\u011f\u0131 Hakk\u0131nda Madde<\/li>\n<\/ul>\n\n\n\n<p>Y\u00f6netim Kurulu \u00dcyelerinin G\u00f6revlendirilmesi Maddesi, VC ve benzeri yat\u0131r\u0131mc\u0131lar\u0131n yat\u0131r\u0131m yapt\u0131klar\u0131 \u015firketlere kendi \u00e7al\u0131\u015fanlar\u0131n\u0131 y\u00f6netim kurulu \u00fcyesi olarak atamalar\u0131n\u0131 belirten bir maddedir. VC ve benzeri yat\u0131r\u0131mc\u0131lar genellikle yat\u0131r\u0131mlar\u0131n\u0131 geri kazanmak i\u00e7in yat\u0131r\u0131m yapt\u0131klar\u0131 \u015firketlerin y\u00f6netimine belirli bir derecede dahil olmay\u0131 talep ederler. Y\u00f6netim kurulu \u00fcyeleri olarak VC ve benzeri yat\u0131r\u0131mc\u0131lar\u0131n \u00e7al\u0131\u015fanlar\u0131n\u0131 g\u00f6revlendirmek, yat\u0131r\u0131m yap\u0131lan \u015firketin i\u00e7 durumunun ger\u00e7ek zamanl\u0131 olarak anla\u015f\u0131lmas\u0131n\u0131 sa\u011flar ve y\u00f6netim kurulu toplant\u0131lar\u0131nda g\u00f6r\u00fc\u015f bildirerek yat\u0131r\u0131m yap\u0131lan \u015firketin kararlar\u0131n\u0131 belirli bir derecede kontrol edebilirler. Y\u00f6netim kurulu \u00fcyelerinin atanmas\u0131 hakk\u0131ndaki hususlar term sheet&#8217;te a\u015fa\u011f\u0131daki gibi belirtilir.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Yay\u0131nlanm\u0131\u015f olan \u25cb t\u00fcr tercihli hisseleri, \u25cb% \/ \u25cb hisse oran\u0131nda veya daha fazla tutan hissedarlar, bir y\u00f6netim kurulu \u00fcyesini atama hakk\u0131na sahiptir.<\/p>\n<\/blockquote>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmesindeki y\u00f6netim kurulu \u00fcyelerinin g\u00f6revlendirilmesi hakk\u0131ndaki maddeler hakk\u0131nda a\u015fa\u011f\u0131daki makalede detayl\u0131 bir \u015fekilde a\u00e7\u0131klama yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p>\u0130lgili Makale: <a href=\"https:\/\/monolith.law\/corporate\/clause-dispatching-of-company-executives\" target=\"_blank\" rel=\"noreferrer noopener\">Yat\u0131r\u0131m S\u00f6zle\u015fmesindeki Y\u00f6netim Kurulu \u00dcyelerinin G\u00f6revlendirilmesi Maddesi Nedir?[ja]<\/a><\/p>\n\n\n\n<p>Ayr\u0131ca, yat\u0131r\u0131m s\u00f6zle\u015fmelerinde genellikle yat\u0131r\u0131m yap\u0131lan \u015firketin mali durumu ve \u015firket i\u015fletmesi hakk\u0131ndaki hususlar\u0131n uygun oldu\u011funu ve \u00f6nceden beyan edildi\u011fi \u015fekilde oldu\u011funu garanti etmek i\u00e7in beyan ve garanti maddeleri belirlenir. Ve hangi hususlar\u0131n beyan ve garanti edilece\u011fi term sheet&#8217;te belirtilir. Yat\u0131r\u0131m s\u00f6zle\u015fmesindeki beyan ve garanti maddeleri hakk\u0131nda a\u015fa\u011f\u0131daki makalede detayl\u0131 bir \u015fekilde a\u00e7\u0131klama yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p>\u0130lgili Makale: <a href=\"https:\/\/monolith.law\/corporate\/representations-and-warranties-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\">Yat\u0131r\u0131m S\u00f6zle\u015fmesindeki Beyan ve Garanti Maddeleri Nedir?[ja]<\/a><\/p>\n\n\n\n<p>Ek olarak, y\u00f6netimin adanm\u0131\u015fl\u0131\u011f\u0131 hakk\u0131nda bir madde olarak, yat\u0131r\u0131m sonras\u0131 y\u00f6neticilerin d\u0131\u015far\u0131ya s\u0131zmas\u0131n\u0131 k\u0131s\u0131tlayan bir d\u00fczenleme de yer alabilir. Term sheet&#8217;te a\u015fa\u011f\u0131daki gibi bir i\u00e7erik belirtilir.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>1. Yat\u0131r\u0131mc\u0131n\u0131n onay\u0131 olmadan y\u00f6netim kurulu \u00fcyelerinin istifa etmeyecek, yeniden se\u00e7ilmeyi reddetmeyecek<\/p>\n\n\n\n<p>2. Yat\u0131r\u0131mc\u0131n\u0131n \u00f6nceden onay\u0131 olmadan ek g\u00f6rev ve g\u00f6revlerin yasaklanmas\u0131<\/p>\n\n\n\n<p>3. G\u00f6rev s\u00fcresi boyunca ve g\u00f6revden ayr\u0131ld\u0131ktan sonra \u25cb y\u0131l boyunca rekabetten ka\u00e7\u0131nma y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc<\/p>\n<\/blockquote>\n\n\n\n<p>Ayr\u0131ca, VC ve benzeri yat\u0131r\u0131mc\u0131lar genellikle yat\u0131r\u0131mlar\u0131n\u0131 halka arz (IPO) yoluyla geri kazanmay\u0131 hedeflediklerinden, yat\u0131r\u0131m yap\u0131lan \u015firketin halka arz \u00e7abalar\u0131 y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc belirlenebilir. Bu durumda, term sheet&#8217;te a\u015fa\u011f\u0131daki gibi bir ifade yer al\u0131r.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>1. Yay\u0131nlanan \u015firket ve kurucu hissedarlar, \u25cb y\u0131l \u25cb ay sonuna kadar finansal \u00fcr\u00fcnler borsas\u0131nda halka arz etme \u00e7abalar\u0131 y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fc \u00fcstlenir<br>2. Yay\u0131nlanan \u015firket ve kurucu hissedarlar, yat\u0131r\u0131mc\u0131n\u0131n s\u00fcre dolmas\u0131 vb. nedenlerle yay\u0131nlanan \u015firket hisselerini satmak zorunda kald\u0131\u011f\u0131 durumlarda, i\u015fbirli\u011fi yapma y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fc \u00fcstlenir<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ozet\"><\/span>\u00d6zet<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>G\u00f6rd\u00fc\u011f\u00fcm\u00fcz gibi, \u00fc\u00e7\u00fcnc\u00fc taraf tahsisli sermaye art\u0131r\u0131m\u0131 yoluyla yat\u0131r\u0131m almak durumunda, bir\u00e7ok konuda karar vermek gerekmektedir. Burada belirlenen konular, \u015firket y\u00f6netimi a\u00e7\u0131s\u0131ndan da \u00f6nemli konulard\u0131r, bu y\u00fczden term sheet a\u015famas\u0131nda her birini dikkatlice g\u00f6zden ge\u00e7irmek \u00f6nemlidir. Bir\u00e7ok konu, Japon \u015eirketler Kanunu&#8217;nun bilgisini gerektirdi\u011fi i\u00e7in anla\u015f\u0131lmas\u0131 zor olabilir. Bu nedenle, VC vb. \u00fc\u00e7\u00fcnc\u00fc taraflardan yat\u0131r\u0131m almak i\u00e7in s\u00f6zle\u015fme m\u00fczakereleri yaparken, giri\u015fim sermayesi finansman\u0131 konusunda deneyimli bir avukata dan\u0131\u015fman\u0131z\u0131 \u00f6neririz.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bir giri\u015fim \u015firketi, VC (Venture Capital) gibi \u00fc\u00e7\u00fcnc\u00fc taraflardan fon toplad\u0131\u011f\u0131nda, genellikle yeni hisselerin VC gibi yat\u0131r\u0131mc\u0131lara tahsis edildi\u011fi \u00fc\u00e7\u00fcnc\u00fc taraf tahsis art\u0131r\u0131m\u0131 ger\u00e7ekle\u015fir. \u00dc\u00e7\u00fcnc\u00fc ta [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,27],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61063"}],"collection":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/comments?post=61063"}],"version-history":[{"count":5,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61063\/revisions"}],"predecessor-version":[{"id":64110,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61063\/revisions\/64110"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media\/63848"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media?parent=61063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/categories?post=61063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/tags?post=61063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}