{"id":61161,"date":"2023-12-04T11:16:41","date_gmt":"2023-12-04T02:16:41","guid":{"rendered":"https:\/\/monolith.law\/tr\/?p=61161"},"modified":"2024-03-19T23:35:59","modified_gmt":"2024-03-19T14:35:59","slug":"right-of-first-refusal","status":"publish","type":"post","link":"https:\/\/monolith.law\/tr\/general-corporate\/right-of-first-refusal","title":{"rendered":"Ortak Sat\u0131\u015f Hakk\u0131 ve \u00d6ncelikli Sat\u0131n Alma Hakk\u0131 Nedir - Hisse Sahipleri Aras\u0131nda Anla\u015fmalarla Belirlenir"},"content":{"rendered":"\n<p>\u015eirket hissedarlar\u0131 aras\u0131nda yap\u0131lan hissedarlar aras\u0131 s\u00f6zle\u015fmeler, M&amp;A durumlar\u0131nda da imzalanabilir, ancak en \u00e7ok kurulu\u015f a\u015famas\u0131nda imzalan\u0131r. \u00d6zellikle startup \u015firketlerin kurulu\u015f a\u015famas\u0131nda, yat\u0131r\u0131mc\u0131 hissedarlar genellikle \u015firket y\u00f6netiminden ayr\u0131lmalar\u0131n\u0131 \u00f6nlemek i\u00e7in hissedarlar aras\u0131 s\u00f6zle\u015fme ile y\u00f6netici hissedarlar\u0131n hisse devrini s\u0131n\u0131rlar.<\/p>\n\n\n\n<p>Hissedarlar aras\u0131 s\u00f6zle\u015fmede hangi t\u00fcr hisse devri k\u0131s\u0131tlamalar\u0131n\u0131n belirlenece\u011fi \u00e7ok \u00f6nemlidir. \u00c7\u00fcnk\u00fc bu, yat\u0131r\u0131mc\u0131lar i\u00e7in \u015firketin istikrarl\u0131 y\u00f6netimi ve &#8220;Exit&#8221; f\u0131rsat\u0131n\u0131n sa\u011flanmas\u0131 ile ba\u011flant\u0131l\u0131d\u0131r. Di\u011fer yandan, y\u00f6netici hissedarlar i\u00e7in geni\u015f kapsaml\u0131 fon sa\u011flama ve d\u00fc\u015fmanca g\u00fc\u00e7lere kar\u015f\u0131 hisse s\u0131z\u0131nt\u0131s\u0131n\u0131 \u00f6nleme ile ba\u011flant\u0131l\u0131d\u0131r.<\/p>\n\n\n\n<p>Bu makalede, hissedarlar aras\u0131 s\u00f6zle\u015fmede belirlenen hisse devri k\u0131s\u0131tlamalar\u0131 aras\u0131nda, &#8220;\u00d6ncelikli Sat\u0131n Alma Hakk\u0131&#8221; ve &#8220;Ortak Sat\u0131\u015f Hakk\u0131&#8221; hakk\u0131nda a\u00e7\u0131klama yap\u0131lacakt\u0131r.<\/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\/right-of-first-refusal\/#Hisse_Sahipleri_Arasindaki_Sozlesme_Nedir\" title=\"Hisse Sahipleri Aras\u0131ndaki S\u00f6zle\u015fme Nedir?\">Hisse Sahipleri Aras\u0131ndaki S\u00f6zle\u015fme 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\/right-of-first-refusal\/#Yonetici_Hisse_Sahiplerinin_Hisse_Devrini_Sinirlama_Gerekliligi\" title=\"Y\u00f6netici Hisse Sahiplerinin Hisse Devrini S\u0131n\u0131rlama Gereklili\u011fi\">Y\u00f6netici Hisse Sahiplerinin Hisse Devrini S\u0131n\u0131rlama Gereklili\u011fi<\/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\/right-of-first-refusal\/#Hisse_Sahipleri_Arasindaki_Sozlesme_ile_Hisse_Devrini_Sinirlamanin_Avantajlari\" title=\"Hisse Sahipleri Aras\u0131ndaki S\u00f6zle\u015fme ile Hisse Devrini S\u0131n\u0131rlaman\u0131n Avantajlar\u0131\">Hisse Sahipleri Aras\u0131ndaki S\u00f6zle\u015fme ile Hisse Devrini S\u0131n\u0131rlaman\u0131n Avantajlar\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\/right-of-first-refusal\/#Hisse_Sahipleri_Arasindaki_Anlasmalarda_Oncelikli_Satin_Alma_Hakki\" title=\"Hisse Sahipleri Aras\u0131ndaki Anla\u015fmalarda \u00d6ncelikli Sat\u0131n Alma Hakk\u0131\">Hisse Sahipleri Aras\u0131ndaki Anla\u015fmalarda \u00d6ncelikli Sat\u0131n Alma Hakk\u0131<\/a><\/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\/tr\/general-corporate\/right-of-first-refusal\/#Ortak_Satis_Hakki_Maddesi_Hissedarlar_Arasi_Sozlesmelerde\" title=\"Ortak Sat\u0131\u015f Hakk\u0131 Maddesi Hissedarlar Aras\u0131 S\u00f6zle\u015fmelerde\">Ortak Sat\u0131\u015f Hakk\u0131 Maddesi Hissedarlar Aras\u0131 S\u00f6zle\u015fmelerde<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/right-of-first-refusal\/#Ozet_Hisse_Sahipleri_Arasi_Sozlesmeler_Icin_Bir_Avukata_Danisin\" title=\"\u00d6zet: Hisse Sahipleri Aras\u0131 S\u00f6zle\u015fmeler \u0130\u00e7in Bir Avukata Dan\u0131\u015f\u0131n\">\u00d6zet: Hisse Sahipleri Aras\u0131 S\u00f6zle\u015fmeler \u0130\u00e7in Bir Avukata Dan\u0131\u015f\u0131n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/right-of-first-refusal\/#Buromuz_Tarafindan_Alinan_Onlemler\" title=\"B\u00fcromuz Taraf\u0131ndan Al\u0131nan \u00d6nlemler\">B\u00fcromuz Taraf\u0131ndan Al\u0131nan \u00d6nlemler<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hisse_Sahipleri_Arasindaki_Sozlesme_Nedir\"><\/span>Hisse Sahipleri Aras\u0131ndaki S\u00f6zle\u015fme Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2023\/02\/shutterstock_1149732056.jpg\" alt=\"Hisse Sahipleri Aras\u0131ndaki S\u00f6zle\u015fme Nedir?\" class=\"wp-image-58934\" \/><\/figure>\n\n\n\n<p>&#8220;Hisse Sahipleri Aras\u0131ndaki S\u00f6zle\u015fme&#8221;, bir \u015firketin hisse sahipleri aras\u0131nda yap\u0131lan bir anla\u015fmad\u0131r ve \u015firketin y\u00f6netimi ve hisse devri gibi konular\u0131 d\u00fczenler. Startup \u015firketler s\u00f6z konusu oldu\u011funda, \u015firket y\u00f6netimi genellikle hisse sahipleri aras\u0131ndaki g\u00fcven ili\u015fkisine dayan\u0131r ve bu g\u00fcven ili\u015fkisinin bozulmas\u0131 veya hisse sahiplerinin de\u011fi\u015fmesi, \u015firket y\u00f6netimini b\u00fcy\u00fck \u00f6l\u00e7\u00fcde etkiler.<\/p>\n\n\n\n<p>Bu nedenle, startup \u015firketlerde, hisse sahipleri aras\u0131ndaki s\u00f6zle\u015fmeye, y\u00f6netici hisse sahiplerinin hisse devrini s\u0131n\u0131rlayan bir madde eklemek yayg\u0131nd\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yonetici_Hisse_Sahiplerinin_Hisse_Devrini_Sinirlama_Gerekliligi\"><\/span>Y\u00f6netici Hisse Sahiplerinin Hisse Devrini S\u0131n\u0131rlama Gereklili\u011fi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Startup \u015firketlerin kurulu\u015f a\u015famas\u0131nda, gayrimenkul gibi teminat olabilecek varl\u0131klar\u0131 yoktur ve hen\u00fcz sat\u0131\u015flar\u0131 olmad\u0131\u011f\u0131 i\u00e7in kredi de\u011ferlilikleri de yoktur. Bu nedenle, banka bor\u00e7lar\u0131yla finansman sa\u011flama konusunda ka\u00e7\u0131n\u0131lmaz bir s\u0131n\u0131rlama vard\u0131r. Bu y\u00fczden, \u015firketi kurulu\u015f a\u015famas\u0131ndan itibaren h\u0131zla b\u00fcy\u00fctmek i\u00e7in, VC (Venture Capital) veya melek yat\u0131r\u0131mc\u0131lardan geni\u015f \u00e7apl\u0131 finansman sa\u011flama gereklili\u011fi vard\u0131r.<\/p>\n\n\n\n<p>Di\u011fer yandan, hisse sahibi olan yat\u0131r\u0131mc\u0131lar genellikle kurucu \u00fcyelerin insan kaynaklar\u0131na ve i\u015f fikirlerine odaklanarak yat\u0131r\u0131m yaparlar ve kurulu\u015f a\u015famas\u0131ndaki y\u00f6netici hisse sahiplerinin s\u00fcrekli olarak \u015firket y\u00f6netiminde karar verme yetkisini talep ederler. Hisse devri nedeniyle y\u00f6netici hisse sahiplerinin karar verme yetkisi zay\u0131flarsa veya \u015firket y\u00f6netimi \u00fc\u00e7\u00fcnc\u00fc bir tarafa ge\u00e7erse, y\u00f6netim politikas\u0131 kolayca de\u011fi\u015febilir ve \u015firket y\u00f6netimi istikrars\u0131z hale gelebilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hisse_Sahipleri_Arasindaki_Sozlesme_ile_Hisse_Devrini_Sinirlamanin_Avantajlari\"><\/span>Hisse Sahipleri Aras\u0131ndaki S\u00f6zle\u015fme ile Hisse Devrini S\u0131n\u0131rlaman\u0131n Avantajlar\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Hisse sahipleri aras\u0131ndaki s\u00f6zle\u015fme, belirli bir \u015firkete uygun kurallar\u0131 belirli bir esneklikle belirleyebilir ve sadece taraflar aras\u0131ndaki anla\u015fmayla genel kurul karar\u0131na gerek kalmadan y\u00fcr\u00fcrl\u00fc\u011fe girebilir.<\/p>\n\n\n\n<p>Baz\u0131 durumlarda, y\u00f6netici hisse sahiplerinin hisse devrine yat\u0131r\u0131mc\u0131 hisse sahiplerinin t\u00fcm\u00fcn\u00fcn veya \u00e7o\u011funlu\u011funun onay\u0131n\u0131 gerektiren bir h\u00fck\u00fcm eklenir. Pratikte, miras gibi ka\u00e7\u0131n\u0131lmaz nedenlerle hisse devri ger\u00e7ekle\u015febilece\u011fi i\u00e7in, &#8220;\u00f6ncelikli sat\u0131n alma hakk\u0131&#8221; veya &#8220;ortakla\u015fa sat\u0131\u015f hakk\u0131&#8221; gibi dolayl\u0131 s\u0131n\u0131rlamalar\u0131n daha yayg\u0131n oldu\u011fu g\u00f6r\u00fcl\u00fcr.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hisse_Sahipleri_Arasindaki_Anlasmalarda_Oncelikli_Satin_Alma_Hakki\"><\/span>Hisse Sahipleri Aras\u0131ndaki Anla\u015fmalarda \u00d6ncelikli Sat\u0131n Alma Hakk\u0131<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Bir hisse sahibi, sahip oldu\u011fu hisseleri \u00fc\u00e7\u00fcnc\u00fc bir ki\u015fiye devretmek istedi\u011finde, \u00f6nceden di\u011fer hisse sahiplerine devir i\u00e7eri\u011fini bildirerek, di\u011fer hisse sahiplerine hisseleri \u00f6ncelikli olarak sat\u0131n alma hakk\u0131 verir. Buna &#8216;\u00d6ncelikli Sat\u0131n Alma Hakk\u0131&#8217; denir.<\/p>\n\n\n\n<p>Startup \u015firketlerinde, genellikle yat\u0131r\u0131mc\u0131 hisse sahipleri, y\u00f6netici hisse sahiplerine hisse devri k\u0131s\u0131tlamas\u0131 koymak amac\u0131yla \u00f6ncelikli sat\u0131n alma hakk\u0131 maddesi eklenir.<\/p>\n\n\n\n<p>Ancak, y\u00f6netici hisse sahiplerinin yat\u0131r\u0131mc\u0131 hisse sahiplerine hisse devri k\u0131s\u0131tlamas\u0131 koydu\u011fu durumlar da vard\u0131r. Y\u00f6netici olarak, hisselerin tan\u0131mad\u0131\u011f\u0131 bir \u00fc\u00e7\u00fcnc\u00fc ki\u015fiye ge\u00e7mesinden ziyade, kendisinin sat\u0131n almak istemesinin nedeni budur.<\/p>\n\n\n\n<p>\u00d6zellikle, hisse sahipleri aras\u0131ndaki anla\u015fmalarda genellikle a\u015fa\u011f\u0131daki gibi maddeler belirlenir:<\/p>\n\n\n\n<ol>\n<li>Y\u00f6netici hisse sahibi, hisseleri bir \u00fc\u00e7\u00fcnc\u00fc ki\u015fiye devretmek istedi\u011finde, devir \u00f6ncesi devir al\u0131c\u0131s\u0131n\u0131n ad\u0131, devredilecek hisse say\u0131s\u0131, devir fiyat\u0131 vb. bilgileri yat\u0131r\u0131mc\u0131 hisse sahibine bildirir.<\/li>\n\n\n\n<li>Bildirim alan yat\u0131r\u0131mc\u0131 hisse sahibi, belirli bir s\u00fcre i\u00e7inde ayn\u0131 ko\u015fullarla hisseleri sat\u0131n almay\u0131 teklif eder.<\/li>\n\n\n\n<li>Y\u00f6netici hisse sahibi, hisseleri sat\u0131n almak istedi\u011fini bildiren yat\u0131r\u0131mc\u0131 hisse sahibine hisseleri devreder.<\/li>\n\n\n\n<li>Yat\u0131r\u0131mc\u0131 hisse sahibi sat\u0131n almay\u0131 istemedi\u011fi takdirde, y\u00f6netici hisse sahibi hisseleri bir \u00fc\u00e7\u00fcnc\u00fc ki\u015fiye devredebilir.<\/li>\n\n\n\n<li>Yat\u0131r\u0131mc\u0131 hisse sahibinin sat\u0131n alma talebi olmadan, hisseleri bir \u00fc\u00e7\u00fcnc\u00fc ki\u015fiye devretmek istedi\u011finde, belirlenen devir fiyat\u0131n\u0131n \u00fczerinde bir fiyat olmal\u0131d\u0131r.<\/li>\n<\/ol>\n\n\n\n<p>Not: Devir almay\u0131 isteyen birden fazla yat\u0131r\u0131mc\u0131 hisse sahibi varsa, genellikle hisse oran\u0131na g\u00f6re payla\u015ft\u0131r\u0131l\u0131r.<\/p>\n\n\n\n<p>Ayr\u0131ca, sadece yat\u0131r\u0131mc\u0131 hisse sahibinin \u00f6ncelikli sat\u0131n alma hakk\u0131 de\u011fil, yat\u0131r\u0131mc\u0131 hisse sahibinin devir yapmay\u0131 istedi\u011fi durumda, y\u00f6netici hisse sahibi veya di\u011fer yat\u0131r\u0131mc\u0131 hisse sahiplerinin \u00f6ncelikli sat\u0131n alma hakk\u0131n\u0131 kullanabilmesi de hisse sahipleri aras\u0131ndaki anla\u015fmada belirlenebilir.<\/p>\n\n\n\n<p>\u00d6ncelikli sat\u0131n alma hakk\u0131 maddesinin eklenmesinin a\u015fa\u011f\u0131daki gibi ama\u00e7lar\u0131 vard\u0131r:<\/p>\n\n\n\n<ul>\n<li>Hisse devrini k\u0131s\u0131tlamak ve hisselerin \u00fc\u00e7\u00fcnc\u00fc ki\u015filere veya d\u00fc\u015fman g\u00fc\u00e7lere s\u0131zmas\u0131n\u0131 \u00f6nlemek<\/li>\n\n\n\n<li>Hisse sahibinin hisseleri sat\u0131n alarak kendi hisse oran\u0131n\u0131 art\u0131rmak<\/li>\n<\/ul>\n\n\n\n<p>Y\u00f6netici hisse sahibinin hisseleri devretti\u011finde yat\u0131r\u0131mc\u0131 hisse sahibine \u00f6ncelikli sat\u0131n alma hakk\u0131 tan\u0131nmas\u0131, hisselerin istenmeyen bir \u00fc\u00e7\u00fcnc\u00fc ki\u015fiye ge\u00e7mesini \u00f6nlerken, hisselerin sat\u0131n al\u0131nmas\u0131yla yat\u0131r\u0131mc\u0131 hisse sahibi kendi hisse oran\u0131n\u0131 art\u0131rabilir.<\/p>\n\n\n\n<p>\u00d6te yandan, yat\u0131r\u0131mc\u0131 hisse sahibi hisse devriyle Exit&#8217;i ger\u00e7ekle\u015ftirdi\u011finde, al\u0131c\u0131n\u0131n kim oldu\u011fu \u00f6nemli olmad\u0131\u011f\u0131ndan, y\u00f6netici hisse sahibine \u00f6ncelikli sat\u0131n alma hakk\u0131 verilebilir.<\/p>\n\n\n\n<p>Y\u00f6netici hisse sahibi i\u00e7in, \u00f6ncelikli sat\u0131n alma hakk\u0131na sahip olman\u0131n, hisselerin ba\u015fkalar\u0131na s\u0131zmas\u0131n\u0131 \u00f6nleme gibi bir avantaj\u0131 vard\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ortak_Satis_Hakki_Maddesi_Hissedarlar_Arasi_Sozlesmelerde\"><\/span>Ortak Sat\u0131\u015f Hakk\u0131 Maddesi Hissedarlar Aras\u0131 S\u00f6zle\u015fmelerde<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2023\/02\/shutterstock_2182466.jpg\" alt=\"Ortak Sat\u0131\u015f Hakk\u0131 Maddesi Hissedarlar Aras\u0131 S\u00f6zle\u015fmelerde\" class=\"wp-image-58935\" \/><\/figure>\n\n\n\n<p>Hissedarlar aras\u0131 s\u00f6zle\u015fmelerde hisse devrini s\u0131n\u0131rlamak i\u00e7in &#8220;Ortak Sat\u0131\u015f Hakk\u0131&#8221; belirlenebilir.<\/p>\n\n\n\n<p>Ortak sat\u0131\u015f hakk\u0131, bir hissedar\u0131n hisselerini \u00fc\u00e7\u00fcnc\u00fc bir tarafa devretti\u011finde, kendi sahip oldu\u011fu hisseleri de ortakla\u015fa satma talebinde bulunabilme hakk\u0131d\u0131r.<\/p>\n\n\n\n<p>\u00d6ncelikli sat\u0131n alma hakk\u0131 hem yat\u0131r\u0131mc\u0131 hissedarlara hem de y\u00f6netici hissedarlara tan\u0131nabilir, ancak ortak sat\u0131\u015f hakk\u0131 genellikle y\u00f6netici hissedarlara tan\u0131nmaz.<\/p>\n\n\n\n<p>Yat\u0131r\u0131mc\u0131 hissedarlar, belirli bir s\u00fcre boyunca \u015firketin b\u00fcy\u00fcmesini bekler ve hisse devri yoluyla kar elde etmeyi ama\u00e7lar. Bu nedenle, yat\u0131r\u0131mc\u0131 hissedarlara hisse devri f\u0131rsat\u0131n\u0131 garanti alt\u0131na almak i\u00e7in ortak sat\u0131\u015f hakk\u0131 belirlenmelidir.<\/p>\n\n\n\n<p>\u00d6te yandan, y\u00f6netici hissedarlar\u0131n amac\u0131 kar elde etmek de\u011fil, \u015firketi b\u00fcy\u00fctmektir. Bu nedenle, y\u00f6netici hissedarlara ortak sat\u0131\u015f hakk\u0131 tan\u0131nmas\u0131na gerek yoktur.<\/p>\n\n\n\n<p>Az\u0131nl\u0131k hissedarlar\u0131na \u00e7\u0131k\u0131\u015f f\u0131rsat\u0131 sa\u011flamak i\u00e7in, genellikle hissedarlar aras\u0131 s\u00f6zle\u015fmelere a\u015fa\u011f\u0131daki gibi maddeler eklenir:<\/p>\n\n\n\n<ul>\n<li>B\u00fcy\u00fck hissedar, sahip oldu\u011fu hisselerin tamam\u0131n\u0131 veya bir k\u0131sm\u0131n\u0131 \u00fc\u00e7\u00fcnc\u00fc bir tarafa devretti\u011finde, az\u0131nl\u0131k hissedarlara devir al\u0131c\u0131s\u0131n\u0131n ad\u0131n\u0131, devredilecek hisse say\u0131s\u0131n\u0131, hisse ba\u015f\u0131na fiyat\u0131 vb. bilgileri bildirir (devir ko\u015fullar\u0131 bildirimi).<\/li>\n\n\n\n<li>Az\u0131nl\u0131k hissedarlar, b\u00fcy\u00fck hissedara, devir ko\u015fullar\u0131 bildiriminde belirtilen ko\u015fullarla kendi hisselerini de ortakla\u015fa devretme talebinde bulunabilir.<\/li>\n\n\n\n<li>Az\u0131nl\u0131k hissedar ortak sat\u0131\u015f hakk\u0131n\u0131 kulland\u0131\u011f\u0131nda, b\u00fcy\u00fck hissedar sadece kendi hisselerini satamaz.<\/li>\n<\/ul>\n\n\n\n<p>Ayr\u0131ca, hisselerin kapsam\u0131n\u0131, kimin, kime kar\u015f\u0131 kullanabilece\u011fini de belirtmek gereklidir.<\/p>\n\n\n\n<ul>\n<li>Ortak sat\u0131\u015f hakk\u0131n\u0131 ileri s\u00fcrebilecek hisselerin kapsam\u0131<\/li>\n\n\n\n<li>Ortak sat\u0131\u015f hakk\u0131n\u0131 kullanabilecek hissedar kimdir<\/li>\n\n\n\n<li>Ortak sat\u0131\u015f talep edilen hissedar kimdir<\/li>\n<\/ul>\n\n\n\n<p>B\u00fcy\u00fck hissedar, \u015firket belirli bir seviyede b\u00fcy\u00fcd\u00fc\u011f\u00fcnde hisselerini kendi kanal\u0131yla satar ve kar elde ederek \u00e7\u0131kar. Ancak, sat\u0131\u015f kanal\u0131 olmayan az\u0131nl\u0131k hissedarlar, halka a\u00e7\u0131lmam\u0131\u015f ve likiditesi d\u00fc\u015f\u00fck hisselerle geride kalabilir. B\u00fcy\u00fck hissedar \u00e7\u0131kt\u0131\u011f\u0131nda ve \u015firketin ana \u015firketi veya y\u00f6netim politikas\u0131 de\u011fi\u015fti\u011finde, az\u0131nl\u0131k hissedarlar da hisse sat\u0131\u015f\u0131yla yat\u0131r\u0131mlar\u0131n\u0131 geri almak isteyecektir.<\/p>\n\n\n\n<p>Ortak sat\u0131\u015f hakk\u0131 maddesi belirleyerek az\u0131nl\u0131k hissedarlar\u0131na \u00e7\u0131k\u0131\u015f f\u0131rsat\u0131 sa\u011flamak, sonu\u00e7 olarak \u00e7e\u015fitli yat\u0131r\u0131mc\u0131lar\u0131n startup \u015firketlere yat\u0131r\u0131m yapmas\u0131n\u0131 kolayla\u015ft\u0131r\u0131r, bu da bir avantajd\u0131r.<\/p>\n\n\n\n<p>Ancak, ortak sat\u0131\u015f hakk\u0131 maddesini hissedarlar aras\u0131 s\u00f6zle\u015fmeye eklemek, hissedar yap\u0131s\u0131n\u0131n dinamik hale gelmesi nedeniyle y\u00f6netim politikas\u0131n\u0131n kolayca de\u011fi\u015febilece\u011fi ve \u015firket y\u00f6netiminin istikrars\u0131z hale gelebilece\u011fi anlam\u0131na gelir. Ayr\u0131ca, b\u00fcy\u00fck hissedarlar i\u00e7in sat\u0131\u015fa sunabilecekleri hisse say\u0131s\u0131n\u0131n azalma riskini g\u00f6z \u00f6n\u00fcnde bulundurarak yat\u0131r\u0131m\u0131 ertelemeyi d\u00fc\u015f\u00fcnebilirler.<\/p>\n\n\n\n<p>Ortak sat\u0131\u015f hakk\u0131 maddesi belirlenip belirlenmeyece\u011fi, avantajlar ve dezavantajlar kar\u015f\u0131la\u015ft\u0131r\u0131larak dikkatlice de\u011ferlendirilmelidir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ozet_Hisse_Sahipleri_Arasi_Sozlesmeler_Icin_Bir_Avukata_Danisin\"><\/span>\u00d6zet: Hisse Sahipleri Aras\u0131 S\u00f6zle\u015fmeler \u0130\u00e7in Bir Avukata Dan\u0131\u015f\u0131n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Hisse sahipleri aras\u0131 s\u00f6zle\u015fmelerde &#8220;\u00f6ncelikli sat\u0131n alma hakk\u0131&#8221; ve &#8220;ortak sat\u0131\u015f hakk\u0131&#8221; maddeleri belirlemenin a\u015fa\u011f\u0131daki gibi ama\u00e7lar\u0131 vard\u0131r:<\/p>\n\n\n\n<ul>\n<li>Startup \u015firketlerin fon sa\u011flama olas\u0131l\u0131\u011f\u0131n\u0131 geni\u015fletmek<\/li>\n\n\n\n<li>Hisselerin \u00fc\u00e7\u00fcnc\u00fc taraflara veya d\u00fc\u015fman g\u00fc\u00e7lere s\u0131zmas\u0131n\u0131 \u00f6nlemek<\/li>\n\n\n\n<li>Y\u00f6netici hissedarlar\u0131n \u015firket y\u00f6netiminden ayr\u0131lmas\u0131n\u0131 \u00f6nlemek<\/li>\n\n\n\n<li>Yat\u0131r\u0131mc\u0131 hissedarlar\u0131n kendi hisse oranlar\u0131n\u0131 art\u0131rmak<\/li>\n<\/ul>\n\n\n\n<p>Hisse sahipleri aras\u0131 s\u00f6zle\u015fmelerde hangi hisse transferi k\u0131s\u0131tlamalar\u0131n\u0131n belirlenece\u011fi, VC&#8217;lerin, melek yat\u0131r\u0131mc\u0131lar\u0131n ve di\u011ferlerinin bir startup&#8217;a yat\u0131r\u0131m yapma karar\u0131n\u0131 belirleyen \u00f6nemli noktalardan biri olacakt\u0131r.<\/p>\n\n\n\n<p>Baz\u0131 durumlarda, yat\u0131r\u0131mc\u0131lar hisse transferi f\u0131rsatlar\u0131n\u0131n k\u0131s\u0131tlanaca\u011f\u0131ndan endi\u015fe edebilir ve yat\u0131r\u0131m yapmay\u0131 teredd\u00fct edebilirler.<\/p>\n\n\n\n<p>&#8220;\u00d6ncelikli sat\u0131n alma hakk\u0131&#8221; ve &#8220;ortak sat\u0131\u015f hakk\u0131&#8221; maddelerini belirleyerek hisse transferini k\u0131s\u0131tlamak i\u00e7in hisse sahipleri aras\u0131 s\u00f6zle\u015fmelerde uzman bilgisi gereklidir. Hisse sahipleri aras\u0131 s\u00f6zle\u015fme olu\u015ftururken, bir avukata dan\u0131\u015fman\u0131z\u0131 \u00f6neririz.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buromuz_Tarafindan_Alinan_Onlemler\"><\/span>B\u00fcromuz Taraf\u0131ndan Al\u0131nan \u00d6nlemler<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Monolith Hukuk B\u00fcrosu, \u00f6zellikle IT ve hukuk alanlar\u0131nda y\u00fcksek uzmanl\u0131\u011fa sahip bir hukuk b\u00fcrosudur. B\u00fcromuzda, M&amp;A dahil olmak \u00fczere i\u015f devirleri, \u00fc\u00e7\u00fcnc\u00fc taraf tahsisli sermaye art\u0131r\u0131mlar\u0131, stok opsiyonu ihra\u00e7lar\u0131, y\u00f6netim sat\u0131n almalar\u0131 (MBO), JV kurulu\u015flar\u0131 gibi hisse senedi ile ilgili hukuki i\u015flemler ve bunlarla ilgili uyu\u015fmazl\u0131k \u00e7\u00f6z\u00fcmleri gibi bir\u00e7ok konuda hizmet verilmektedir. Detaylar i\u00e7in l\u00fctfen a\u015fa\u011f\u0131daki bilgilere bak\u0131n\u0131z.<\/p>\n\n\n\n<p>Monolith Hukuk B\u00fcrosu&#8217;nun hizmet verdi\u011fi alanlar: <a href=\"https:\/\/monolith.law\/stockrelatedlaw\" target=\"_blank\" rel=\"noreferrer noopener\">Hisse Senedi ve M&amp;A \u0130lgili Hukuki \u0130\u015flemler[ja]<\/a><\/p>\n\n\n\n<p><a id=\"_msocom_4\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u015eirket hissedarlar\u0131 aras\u0131nda yap\u0131lan hissedarlar aras\u0131 s\u00f6zle\u015fmeler, M&amp;A durumlar\u0131nda da imzalanabilir, ancak en \u00e7ok kurulu\u015f a\u015famas\u0131nda imzalan\u0131r. \u00d6zellikle startup \u015firketlerin kurulu\u015f a\u015famas\u0131nda,  [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":64726,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,28],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61161"}],"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=61161"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61161\/revisions"}],"predecessor-version":[{"id":64727,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61161\/revisions\/64727"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media\/64726"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media?parent=61161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/categories?post=61161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/tags?post=61161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}