{"id":61317,"date":"2023-12-04T11:20:31","date_gmt":"2023-12-04T02:20:31","guid":{"rendered":"https:\/\/monolith.law\/tr\/?p=61317"},"modified":"2024-03-19T16:21:02","modified_gmt":"2024-03-19T07:21:02","slug":"investment-contract-convertible-bill","status":"publish","type":"post","link":"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-convertible-bill","title":{"rendered":"Startup Yat\u0131r\u0131m S\u00f6zle\u015fmelerindeki D\u00f6n\u00fc\u015f\u00fcm Talep Hakk\u0131 Maddesini A\u00e7\u0131kl\u0131yoruz"},"content":{"rendered":"\n<p>&#8220;Yat\u0131r\u0131m S\u00f6zle\u015fmesi&#8221;, bir \u015firketin yat\u0131r\u0131m ald\u0131\u011f\u0131 zaman, yat\u0131r\u0131mc\u0131 ile aras\u0131nda yap\u0131lan bir anla\u015fmad\u0131r. Yat\u0131r\u0131m s\u00f6zle\u015fmesi, hisse senedi miktar\u0131, de\u011feri ve \u00f6deme ko\u015fullar\u0131 gibi \u00e7e\u015fitli konular\u0131 i\u00e7erir.<\/p>\n\n\n\n<p>Yat\u0131r\u0131mc\u0131n\u0131n sahip oldu\u011fu \u00f6ncelikli hisse senetlerinin suland\u0131r\u0131lmas\u0131n\u0131 \u00f6nlemek i\u00e7in, bu yat\u0131r\u0131m s\u00f6zle\u015fmesinde &#8220;D\u00f6n\u00fc\u015ft\u00fcrme Talep Hakk\u0131 Maddesi&#8221;nin uygun bir \u015fekilde belirlenmesi \u00f6nemlidir.<\/p>\n\n\n\n<p>Bu sefer, bir startup&#8217;\u0131n yat\u0131r\u0131m s\u00f6zle\u015fmesinde \u00f6ncelikli hissedarlara verilen &#8220;D\u00f6n\u00fc\u015ft\u00fcrme Talep Hakk\u0131&#8221;n\u0131n ne t\u00fcr bir hak oldu\u011funu ve &#8220;D\u00f6n\u00fc\u015ft\u00fcrme Talep Hakk\u0131 Maddesi&#8221;nde hangi konular\u0131n belirlenmesi gerekti\u011fini ayr\u0131nt\u0131l\u0131 olarak a\u00e7\u0131klayaca\u011f\u0131z.<\/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\/investment-contract-convertible-bill\/#%E3%80%8CDonusum%E3%80%8D_Terimi_ile_Kiymetli_Hisse_Senetlerinden_Normal_Hisse_Senetlerine_Gecis\" title=\"\u300cD\u00f6n\u00fc\u015f\u00fcm\u300d Terimi ile K\u0131ymetli Hisse Senetlerinden Normal Hisse Senetlerine Ge\u00e7i\u015f\">\u300cD\u00f6n\u00fc\u015f\u00fcm\u300d Terimi ile K\u0131ymetli Hisse Senetlerinden Normal Hisse Senetlerine Ge\u00e7i\u015f<\/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\/tr\/general-corporate\/investment-contract-convertible-bill\/#Donusum_Talep_Hakki_Ne_Zaman_Kullanilir\" title=\"D\u00f6n\u00fc\u015f\u00fcm Talep Hakk\u0131 Ne Zaman Kullan\u0131l\u0131r?\">D\u00f6n\u00fc\u015f\u00fcm Talep Hakk\u0131 Ne Zaman Kullan\u0131l\u0131r?<\/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\/tr\/general-corporate\/investment-contract-convertible-bill\/#Bir_Startup%E2%80%99in_Halka_Arz_IPO_Yapmasi_Durumunda\" title=\"Bir Startup&#8217;\u0131n Halka Arz (IPO) Yapmas\u0131 Durumunda\">Bir Startup&#8217;\u0131n Halka Arz (IPO) Yapmas\u0131 Durumunda<\/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\/tr\/general-corporate\/investment-contract-convertible-bill\/#Bir_Startup%E2%80%99in_Satin_Alinmasi_Durumunda\" title=\"Bir Startup&#8217;\u0131n Sat\u0131n Al\u0131nmas\u0131 Durumunda\">Bir Startup&#8217;\u0131n Sat\u0131n Al\u0131nmas\u0131 Durumunda<\/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\/tr\/general-corporate\/investment-contract-convertible-bill\/#Donusum_Talep_Hakki_Maddesinde_Donusum_Fiyatinin_Ayarlanmasi\" title=\"D\u00f6n\u00fc\u015f\u00fcm Talep Hakk\u0131 Maddesinde D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131n\u0131n Ayarlanmas\u0131\">D\u00f6n\u00fc\u015f\u00fcm Talep Hakk\u0131 Maddesinde D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131n\u0131n Ayarlanmas\u0131<\/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\/tr\/general-corporate\/investment-contract-convertible-bill\/#Tam_Ratchet_Yontemi\" title=\"Tam Ratchet Y\u00f6ntemi\">Tam Ratchet Y\u00f6ntemi<\/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\/tr\/general-corporate\/investment-contract-convertible-bill\/#Agirlikli_Ortalama_Yontemi\" title=\"A\u011f\u0131rl\u0131kl\u0131 Ortalama Y\u00f6ntemi\">A\u011f\u0131rl\u0131kl\u0131 Ortalama Y\u00f6ntemi<\/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\/tr\/general-corporate\/investment-contract-convertible-bill\/#Genis_Tabanli_Yontem\" title=\"Geni\u015f Tabanl\u0131 Y\u00f6ntem\">Geni\u015f Tabanl\u0131 Y\u00f6ntem<\/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\/investment-contract-convertible-bill\/#Dar_Tabanli_Yontem\" title=\"Dar Tabanl\u0131 Y\u00f6ntem\">Dar Tabanl\u0131 Y\u00f6ntem<\/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\/investment-contract-convertible-bill\/#Donusum_Tutarinin_Ayarlanmamasi_Durumu\" title=\"D\u00f6n\u00fc\u015f\u00fcm Tutar\u0131n\u0131n Ayarlanmamas\u0131 Durumu\">D\u00f6n\u00fc\u015f\u00fcm Tutar\u0131n\u0131n Ayarlanmamas\u0131 Durumu<\/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\/tr\/general-corporate\/investment-contract-convertible-bill\/#Turden_Hisse_Sahiplerinin_Onayi_Oldugunda\" title=\"T\u00fcrden Hisse Sahiplerinin Onay\u0131 Oldu\u011funda\">T\u00fcrden Hisse Sahiplerinin Onay\u0131 Oldu\u011funda<\/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\/tr\/general-corporate\/investment-contract-convertible-bill\/#Hisse_Senedi_Opsiyonu_Verildiginde\" title=\"Hisse Senedi Opsiyonu Verildi\u011finde\">Hisse Senedi Opsiyonu Verildi\u011finde<\/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\/tr\/general-corporate\/investment-contract-convertible-bill\/#Pay_to_Play_Maddesi\" title=\"Pay to Play Maddesi\">Pay to Play Maddesi<\/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\/tr\/general-corporate\/investment-contract-convertible-bill\/#Ozet_Yatirim_Sozlesmelerinde_Donusum_Talep_Hakki_Maddesi\" title=\"\u00d6zet: Yat\u0131r\u0131m S\u00f6zle\u015fmelerinde D\u00f6n\u00fc\u015f\u00fcm Talep Hakk\u0131 Maddesi\">\u00d6zet: Yat\u0131r\u0131m S\u00f6zle\u015fmelerinde D\u00f6n\u00fc\u015f\u00fcm Talep Hakk\u0131 Maddesi<\/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\/tr\/general-corporate\/investment-contract-convertible-bill\/#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=\"%E3%80%8CDonusum%E3%80%8D_Terimi_ile_Kiymetli_Hisse_Senetlerinden_Normal_Hisse_Senetlerine_Gecis\"><\/span>\u300cD\u00f6n\u00fc\u015f\u00fcm\u300d Terimi ile K\u0131ymetli Hisse Senetlerinden Normal Hisse Senetlerine Ge\u00e7i\u015f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u00c7e\u015fitli hisse senetleri aras\u0131nda, belirli konularda \u00f6ncelik hakk\u0131na sahip olan hisse senetlerine &#8216;k\u0131ymetli hisse senetleri&#8217; denir. Bu k\u0131ymetli hisse senetlerini elinde bulunduran hissedarlar (k\u0131ymetli hissedarlar), ilgili k\u0131ymetli hisse senetlerini normal hisse senetlerine d\u00f6n\u00fc\u015ft\u00fcrme hakk\u0131n\u0131 \u015firkete kar\u015f\u0131 talep edebilirler. Bu hak &#8216;d\u00f6n\u00fc\u015f\u00fcm talep hakk\u0131&#8217; olarak adland\u0131r\u0131l\u0131r.<\/p>\n\n\n\n<p>\u015eirketler Kanunu&#8217;nda (Japon \u015eirketler Kanunu&#8217;nun 108. maddesinin 1. f\u0131kras\u0131n\u0131n 5. bendi), hissedarlar\u0131n ilgili hisse senedi \u015firketinden bu hisse senetlerinin al\u0131nmas\u0131n\u0131 talep edebilece\u011fi hisse senetlerinin \u00e7\u0131kar\u0131lmas\u0131 kabul edilmi\u015ftir. Bir \u015firket, ilgili hisse senetlerini al\u0131rken kar\u015f\u0131l\u0131\u011f\u0131nda nakit, tahvil, yeni hisse senedi opsiyonlar\u0131, normal hisse senetleri, di\u011fer t\u00fcr hisse senetleri vb. sunabilir. Bir \u015firket k\u0131ymetli hisse senetlerini al\u0131r ve kar\u015f\u0131l\u0131\u011f\u0131nda normal hisse senetlerini ilgili hissedara verir (yani, k\u0131ymetli hisse senetlerini normal hisse senetlerine &#8216;d\u00f6n\u00fc\u015ft\u00fcr\u00fcr&#8217;). Bu hak, &#8216;al\u0131m talep hakk\u0131&#8217;ndan ayr\u0131 olarak &#8216;d\u00f6n\u00fc\u015f\u00fcm talep hakk\u0131&#8217; olarak adland\u0131r\u0131l\u0131r.<\/p>\n\n\n\n<p>Giri\u015fim sermayesi yat\u0131r\u0131m s\u00f6zle\u015fmelerinde belirlenen &#8216;\u00e7e\u015fitli hisse senetleri&#8217; hakk\u0131nda daha fazla bilgi almak isteyenler i\u00e7in, a\u015fa\u011f\u0131daki makalede detayl\u0131 bir \u015fekilde a\u00e7\u0131klanm\u0131\u015ft\u0131r. Bu makaleyi okurken l\u00fctfen bu makaleyi de g\u00f6z \u00f6n\u00fcnde bulundurun.<\/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=\"Donusum_Talep_Hakki_Ne_Zaman_Kullanilir\"><\/span>D\u00f6n\u00fc\u015f\u00fcm Talep Hakk\u0131 Ne Zaman Kullan\u0131l\u0131r?<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=\"Zaman\u0131n g\u00f6rsel imaj\u0131\" class=\"wp-image-43902\" \/><\/figure><\/div>\n\n\n<p>D\u00f6n\u00fc\u015f\u00fcm talep hakk\u0131n\u0131 kullanmak, ilgili hissedar\u0131n \u00f6ncelikli hisse senetlerine verilen \u00e7e\u015fitli haklar\u0131 kaybetmesine neden olaca\u011f\u0131ndan, genellikle \u00f6ncelikli hissedarlar\u0131n kendilerinin d\u00f6n\u00fc\u015f\u00fcm talep hakk\u0131n\u0131 kullanmalar\u0131 beklenmez. Ancak, a\u015fa\u011f\u0131daki gibi belirli durumlarda kullan\u0131labilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bir_Startup%E2%80%99in_Halka_Arz_IPO_Yapmasi_Durumunda\"><\/span>Bir Startup&#8217;\u0131n Halka Arz (IPO) Yapmas\u0131 Durumunda<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Japonya&#8217;da, halka arz edilen veya tezgah \u00fcst\u00fc kay\u0131tl\u0131 hisse senetleri genellikle &#8216;s\u0131radan hisse senetleri&#8217; oldu\u011fu i\u00e7in, bir startup&#8217;\u0131n IPO yapmas\u0131 durumunda, \u00f6nceden &#8216;\u00f6ncelikli hisse senetlerini&#8217; &#8216;s\u0131radan hisse senetlerine&#8217; d\u00f6n\u00fc\u015ft\u00fcrmek gerekmektedir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bir_Startup%E2%80%99in_Satin_Alinmasi_Durumunda\"><\/span>Bir Startup&#8217;\u0131n Sat\u0131n Al\u0131nmas\u0131 Durumunda<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Bir startup&#8217;\u0131n y\u00f6netiminde s\u0131k\u0131nt\u0131 ya\u015fay\u0131p sat\u0131n al\u0131nd\u0131\u011f\u0131 durumlarda, al\u0131c\u0131 taraf\u0131ndan \u00f6ncelikli hisse senetlerinin kald\u0131r\u0131lmas\u0131 talep edilebilir ve \u00f6ncelikli hissedarlardan d\u00f6n\u00fc\u015f\u00fcm talep hakk\u0131n\u0131n kullan\u0131lmas\u0131 istenebilir. Ancak, i\u015fi ba\u015far\u0131l\u0131 olan bir startup&#8217;\u0131n sat\u0131n al\u0131nmas\u0131 durumunda, hisse senedi fiyat\u0131n\u0131n y\u00fcksek olmas\u0131 beklenir, bu nedenle \u00f6ncelikli hissedarlar i\u00e7in s\u0131radan hisse senetlerine d\u00f6n\u00fc\u015ft\u00fcrmek daha fazla yukar\u0131 y\u00f6nl\u00fc potansiyel sunabilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Donusum_Talep_Hakki_Maddesinde_Donusum_Fiyatinin_Ayarlanmasi\"><\/span>D\u00f6n\u00fc\u015f\u00fcm Talep Hakk\u0131 Maddesinde D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131n\u0131n Ayarlanmas\u0131<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=\"D\u00f6n\u00fc\u015f\u00fcm fiyat\u0131n\u0131 ayarlayan ki\u015fi\" class=\"wp-image-44543\" \/><\/figure><\/div>\n\n\n<p>Tercih edilen hisselerin normal hisselere d\u00f6n\u00fc\u015ft\u00fcr\u00fclme oran\u0131na &#8220;d\u00f6n\u00fc\u015f\u00fcm oran\u0131&#8221; denir. Tercih edilen hisselerin ihra\u00e7 edildi\u011fi anda d\u00f6n\u00fc\u015f\u00fcm oran\u0131 genellikle 1:1 olarak belirlenir, ancak daha sonra normal hisselerin b\u00f6l\u00fcnmesi veya bedelsiz tahsis gibi i\u015flemler ger\u00e7ekle\u015ftirildi\u011finde, normal hisse say\u0131s\u0131 artar ve hisse ba\u015f\u0131na de\u011fer d\u00fc\u015fer (hisseler seyrelir). Bu durumda, tercih edilen hisse sahiplerinin \u00e7\u0131karlar\u0131 zarar g\u00f6rd\u00fc\u011f\u00fc i\u00e7in, d\u00f6n\u00fc\u015f\u00fcm oran\u0131n\u0131 ayarlayan bir d\u00f6n\u00fc\u015f\u00fcm talep hakk\u0131 maddesi gereklidir.<\/p>\n\n\n\n<p>\u00d6rne\u011fin, zaten ihra\u00e7 edilmi\u015f olan A tipi tercih edilen hisselerin \u00f6denmi\u015f sermaye miktar\u0131ndan daha d\u00fc\u015f\u00fck bir miktarla B tipi tercih edilen hisselerin ihra\u00e7 edilmesi durumunda (\u203b), seyrelmeyi \u00f6nlemek i\u00e7in d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131n\u0131 ayarlayan bir madde belirlenir.<br>(\u203b) Bu t\u00fcr bir fon toplama genellikle &#8220;down round&#8221; olarak adland\u0131r\u0131l\u0131r.<\/p>\n\n\n\n<p>Seyrelmeyi \u00f6nlemek i\u00e7in d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131n\u0131n ayarlanma y\u00f6ntemleri aras\u0131nda, genellikle &#8220;Tam Ratchet Y\u00f6ntemi&#8221; ve &#8220;A\u011f\u0131rl\u0131kl\u0131 Ortalama Y\u00f6ntemi&#8221; olmak \u00fczere iki t\u00fcr bulunmaktad\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tam_Ratchet_Yontemi\"><\/span>Tam Ratchet Y\u00f6ntemi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Yat\u0131r\u0131mc\u0131lar i\u00e7in en avantajl\u0131 y\u00f6ntem, bu Tam Ratchet Y\u00f6ntemi (Full Ratchet Adjustment) &#8216;dir. Bu y\u00f6ntemdeki ayarlama, down round durumunda d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131n\u0131 yeni ihra\u00e7 edilen tercih edilen hisselerin ihra\u00e7 fiyat\u0131na kadar d\u00fc\u015f\u00fcrmektir.<\/p>\n\n\n\n<p>\u00d6rne\u011fin, A tipi tercih edilen hisselerin ba\u015flang\u0131\u00e7ta belirlenen d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131 1.000 Yen ise ve B tipi tercih edilen hisselerin ihra\u00e7 fiyat\u0131 500 Yen olarak belirlenmi\u015fse, yeni d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131 500 Yen olacak ve A tipi tercih edilen hisse sahipleri normal hisseleri iki kat\u0131na \u00e7\u0131karabilecektir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Agirlikli_Ortalama_Yontemi\"><\/span>A\u011f\u0131rl\u0131kl\u0131 Ortalama Y\u00f6ntemi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ger\u00e7ekte en s\u0131k kullan\u0131lan y\u00f6ntem A\u011f\u0131rl\u0131kl\u0131 Ortalama Y\u00f6ntemi (Weighted Average Adjustment) &#8216;dir ve yeni d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131 a\u015fa\u011f\u0131daki form\u00fclle hesaplanabilir.<\/p>\n\n\n\n<p>Yeni D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131 = Eski D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131 x [{ Zaten \u0130hra\u00e7 Edilmi\u015f Hisse Say\u0131s\u0131 + ( Yeni \u0130hra\u00e7 Edilen Hisse Say\u0131s\u0131 x \u0130hra\u00e7 Fiyat\u0131 ) \/ Eski D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131 } \/ ( Zaten \u0130hra\u00e7 Edilmi\u015f Hisse Say\u0131s\u0131 + Yeni \u0130hra\u00e7 Edilen Hisse Say\u0131s\u0131 )]\n\n\n\n<p>Dahas\u0131, yukar\u0131daki form\u00fcldeki &#8220;Zaten \u0130hra\u00e7 Edilmi\u015f Hisse Say\u0131s\u0131&#8221; n\u0131n tan\u0131m\u0131na ba\u011fl\u0131 olarak, \u2460 Geni\u015f Tabanl\u0131 Y\u00f6ntem ve \u2461 Dar Tabanl\u0131 Y\u00f6ntem olmak \u00fczere ikiye ayr\u0131l\u0131r.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Genis_Tabanli_Yontem\"><\/span>Geni\u015f Tabanl\u0131 Y\u00f6ntem<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Geni\u015f Tabanl\u0131 Y\u00f6ntemde, &#8220;Zaten \u0130hra\u00e7 Edilmi\u015f Hisse Say\u0131s\u0131&#8221; na, a\u015fa\u011f\u0131daki hisse say\u0131lar\u0131n\u0131n toplam\u0131 dahil edilir, bu nedenle ayarlama aral\u0131\u011f\u0131 k\u00fc\u00e7\u00fck olur.<\/p>\n\n\n\n<ul>\n<li>Zaten \u0130hra\u00e7 Edilmi\u015f Normal Hisseler<\/li>\n\n\n\n<li>Tercih Edilen Hisselerin D\u00f6n\u00fc\u015ft\u00fcr\u00fclmesiyle Elde Edilen Normal Hisseler<\/li>\n\n\n\n<li>Stok Opsiyonlar\u0131 (Yeni Hisse Senedi Rezervasyon Haklar\u0131) veya D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir Rezervasyon Haklar\u0131na Sahip Hisseler gibi Potansiyel Hisseler<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dar_Tabanli_Yontem\"><\/span>Dar Tabanl\u0131 Y\u00f6ntem<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Dar Tabanl\u0131 Y\u00f6ntemde, &#8220;Zaten \u0130hra\u00e7 Edilmi\u015f Hisse Say\u0131s\u0131&#8221; na, yukar\u0131da belirtilen &#8220;Potansiyel Hisseler&#8221; dahil edilmez, bu nedenle ayarlama aral\u0131\u011f\u0131 daha b\u00fcy\u00fck olur ve tercih edilen hisse sahipleri i\u00e7in avantajl\u0131d\u0131r. Ayr\u0131ca, Dar Tabanl\u0131 Y\u00f6ntemde, zaten ihra\u00e7 edilmi\u015f normal hisse say\u0131s\u0131n\u0131 tek ba\u015f\u0131na &#8220;Zaten \u0130hra\u00e7 Edilmi\u015f Hisse Say\u0131s\u0131&#8221; olarak kabul eden durumlar da vard\u0131r.<\/p>\n\n\n\n<p>Ger\u00e7ekte, \u00fc\u00e7 t\u00fcr hisse senedi ihra\u00e7 eden bir startup&#8217;\u0131n yeni B tipi tercih edilen hisseleri ihra\u00e7 etme durumunda, Geni\u015f Tabanl\u0131 Y\u00f6ntem ve Dar Tabanl\u0131 Y\u00f6ntem ile d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131ndaki fark\u0131 g\u00f6z \u00f6n\u00fcnde bulundural\u0131m.<\/p>\n\n\n\n<ul>\n<li>Normal Hisseler\u3000\u3000\u3000\u3000\u3000\u3000\u3000\u300010.000 Hisse<\/li>\n\n\n\n<li>A Tipi Tercih Edilen Hisseler \u3000\u3000\u3000\u3000\u3000      3.000 Hisse (@100.000 Yen = Eski D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131)<\/li>\n\n\n\n<li>Stok Opsiyonlar\u0131 \u3000\u3000\u30002.000 Hisse<\/li>\n\n\n\n<li>\u0130hra\u00e7 Edilecek B Tipi Tercih Edilen Hisseler      4.000 Hisse (@50.000 Yen = \u0130hra\u00e7 Fiyat\u0131)<\/li>\n<\/ul>\n\n\n\n[Geni\u015f Tabanl\u0131 Y\u00f6ntemle D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131n\u0131 Hesaplama]\n\n\n\n<p>Yeni D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131 = 100.000 Yen x [{(10.000 + 3.000 + 2.000) + (4.000 x 50.000 Yen) \/ 100.000 Yen} \/ {(10.000 + 3.000 + 2.000) + 4.000}] = 89.474 Yen<br>(\u203b1 Yen alt\u0131ndaki k\u0131sm\u0131 yuvarlama, ayn\u0131 \u015fekilde)<\/p>\n\n\n\n[Dar Tabanl\u0131 Y\u00f6ntemle D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131n\u0131 Hesaplama]\n\n\n\n<p>Yeni D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131 = 100.000 Yen x [{(10.000 + 3.000) + (4.000 x 50.000 Yen) \/ 100.000 Yen} \/ {(10.000 + 3.000) + 4.000}] = 88.235 Yen<\/p>\n\n\n\n<p>Hesaplama sonucunda, yukar\u0131daki durumda Dar Tabanl\u0131 Y\u00f6ntem, A tipi tercih edilen hisse sahipleri i\u00e7in normal hisseleri 1.239 Yen daha ucuza alabilece\u011fi i\u00e7in daha avantajl\u0131 oldu\u011fu g\u00f6r\u00fclmektedir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Donusum_Tutarinin_Ayarlanmamasi_Durumu\"><\/span>D\u00f6n\u00fc\u015f\u00fcm Tutar\u0131n\u0131n Ayarlanmamas\u0131 Durumu<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=\"Ayarlamay\u0131 yapmayan ki\u015finin imaj\u0131\" class=\"wp-image-47003\" \/><\/figure><\/div>\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmelerinde genellikle d\u00f6n\u00fc\u015f\u00fcm tutar\u0131n\u0131n ayarlanaca\u011f\u0131 belirlenir, ancak a\u015fa\u011f\u0131daki durumlarda d\u00f6n\u00fc\u015f\u00fcm tutar\u0131n\u0131n ayarlanmayaca\u011f\u0131 belirlenebilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Turden_Hisse_Sahiplerinin_Onayi_Oldugunda\"><\/span>T\u00fcrden Hisse Sahiplerinin Onay\u0131 Oldu\u011funda<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Daha \u00f6nce belirtildi\u011fi gibi, performans\u0131 k\u00f6t\u00fcle\u015fen bir \u015firkete yeni bir yat\u0131r\u0131mc\u0131n\u0131n yard\u0131mc\u0131 bir yat\u0131r\u0131m yapmas\u0131 durumunda, mevcut \u00f6ncelikli hisse sahipleri d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131n\u0131n ayarlanmamas\u0131n\u0131 talep edebilir.<\/p>\n\n\n\n<p>Bu t\u00fcr durumlara yan\u0131t olarak, belirli t\u00fcrden hisse sahiplerinin onay\u0131 durumunda d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131n\u0131n ayarlanmayaca\u011f\u0131 belirlenir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hisse_Senedi_Opsiyonu_Verildiginde\"><\/span>Hisse Senedi Opsiyonu Verildi\u011finde<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Yat\u0131r\u0131mc\u0131n\u0131n \u00f6nceden onay\u0131 olmadan verilebilecek hisse senedi opsiyonu miktar\u0131na genellikle &#8220;hisse senedi opsiyon havuzu&#8221; denir ve yat\u0131r\u0131m s\u00f6zle\u015fmesinde hisse senedi opsiyon havuzu ile birlikte hisse senedi opsiyonunun verilmesi durumunda d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131n\u0131n ayarlanmayaca\u011f\u0131 belirlenir.<\/p>\n\n\n\n<p>\u00c7\u00fcnk\u00fc, yat\u0131r\u0131mc\u0131lar hisse senedi opsiyon havuzu konusunda anla\u015fma yaparken, hisse senedi opsiyonunun verilmesi durumunda hisse senetlerinin seyreltilmesini anlarlar.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pay_to_Play_Maddesi\"><\/span>Pay to Play Maddesi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>D\u00f6n\u00fc\u015f\u00fcm tutar\u0131n\u0131n ayarlanmad\u0131\u011f\u0131 durumlardan biri &#8220;Pay to Play&#8221; maddesi ile ilgilidir. Bu, genellikle d\u00fc\u015f\u00fc\u015f trendindeki yat\u0131r\u0131mlarda, yeni hisse senetlerini kabul etmeyen \u00f6ncelikli hisse sahiplerine belirli bir ceza uygulayan bir maddeyi ifade eder.<\/p>\n\n\n\n<p>Ceza \u00f6rnekleri \u015funlar\u0131 i\u00e7erir:<\/p>\n\n\n\n<ul>\n<li>\u0130lgili \u00f6ncelikli hisse sahibine kar\u015f\u0131 d\u00f6n\u00fc\u015f\u00fcm tutar\u0131n\u0131n ayarlanmamas\u0131<\/li>\n\n\n\n<li>\u0130lgili \u00f6ncelikli hisse sahibine kar\u015f\u0131, gelecekteki d\u00f6n\u00fc\u015f\u00fcm tutar\u0131n\u0131n hi\u00e7bir \u015fekilde ayarlanmamas\u0131<\/li>\n\n\n\n<li>\u0130lgili \u00f6ncelikli hisse sahibinin sahip oldu\u011fu \u00f6ncelikli hisse senetlerinin zorunlu olarak d\u00f6n\u00fc\u015ft\u00fcr\u00fclmesi<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ozet_Yatirim_Sozlesmelerinde_Donusum_Talep_Hakki_Maddesi\"><\/span>\u00d6zet: Yat\u0131r\u0131m S\u00f6zle\u015fmelerinde D\u00f6n\u00fc\u015f\u00fcm Talep Hakk\u0131 Maddesi<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Startup yat\u0131r\u0131m s\u00f6zle\u015fmelerinde belirlenen d\u00f6n\u00fc\u015f\u00fcm talep hakk\u0131 maddesi, \u00f6ncelikle d\u00fc\u015f\u00fc\u015f d\u00f6nemlerinde tercihli hisselerin suland\u0131r\u0131lmas\u0131n\u0131 \u00f6nlemek gibi konular\u0131 d\u00fczenler, ancak d\u00f6n\u00fc\u015f\u00fcm oran\u0131n\u0131n ayarlanma y\u00f6ntemi ve istisnai h\u00fck\u00fcmler gibi \u00f6nemli i\u00e7erikler de i\u00e7erir.<\/p>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmesinde d\u00f6n\u00fc\u015f\u00fcm talep hakk\u0131 maddesini belirlerken, sadece yat\u0131r\u0131mc\u0131n\u0131n \u00e7\u0131karlar\u0131n\u0131 de\u011fil, ayn\u0131 zamanda \u015firketin \u00e7\u0131karlar\u0131n\u0131 da g\u00f6z \u00f6n\u00fcnde bulundurarak s\u00f6zle\u015fmeyi olu\u015fturmak gerekti\u011fi i\u00e7in, \u00f6nceden uzman bilgisi ve deneyime sahip bir avukata dan\u0131\u015fman\u0131z\u0131 \u00f6neririz.<\/p>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmelerinde belirlenen &#8220;hisse ile ilgili maddeler&#8221; hakk\u0131nda daha fazla bilgi almak isteyenler i\u00e7in, a\u015fa\u011f\u0131daki makalede detayl\u0131 bir \u015fekilde a\u00e7\u0131klanm\u0131\u015ft\u0131r, bu makale ile birlikte g\u00f6z atman\u0131z\u0131 \u00f6neririz.<\/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=\"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 firmas\u0131d\u0131r. Yat\u0131r\u0131m s\u00f6zle\u015fmeleri, s\u00f6zle\u015fme olu\u015fturmay\u0131 gerektirir. B\u00fcromuz, Tokyo Borsas\u0131 Prime listesindeki \u015firketlerden erken a\u015fama giri\u015fimlere kadar \u00e7e\u015fitli durumlar i\u00e7in s\u00f6zle\u015fme olu\u015fturma ve inceleme hizmetleri sunmaktad\u0131r. E\u011fer s\u00f6zle\u015fme ile ilgili bir sorunuz varsa, l\u00fctfen a\u015fa\u011f\u0131daki makaleye bak\u0131n\u0131z.<\/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;Yat\u0131r\u0131m S\u00f6zle\u015fmesi&#8221;, bir \u015firketin yat\u0131r\u0131m ald\u0131\u011f\u0131 zaman, yat\u0131r\u0131mc\u0131 ile aras\u0131nda yap\u0131lan bir anla\u015fmad\u0131r. Yat\u0131r\u0131m s\u00f6zle\u015fmesi, hisse senedi miktar\u0131, de\u011feri ve \u00f6deme ko\u015fullar\u0131 gibi \u00e7e\u015fitli kon [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":64665,"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\/tr\/wp-json\/wp\/v2\/posts\/61317"}],"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=61317"}],"version-history":[{"count":4,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61317\/revisions"}],"predecessor-version":[{"id":64667,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61317\/revisions\/64667"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media\/64665"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media?parent=61317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/categories?post=61317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/tags?post=61317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}