{"id":61328,"date":"2023-12-04T11:20:31","date_gmt":"2023-12-04T02:20:31","guid":{"rendered":"https:\/\/monolith.law\/tr\/?p=61328"},"modified":"2024-03-19T15:39:44","modified_gmt":"2024-03-19T06:39:44","slug":"venturebusiness-investment-contract","status":"publish","type":"post","link":"https:\/\/monolith.law\/tr\/general-corporate\/venturebusiness-investment-contract","title":{"rendered":"Venture giri\u015fimlere yat\u0131r\u0131m yaparken gerekli olan yat\u0131r\u0131m s\u00f6zle\u015fmesi nedir? \u00d6ncelikli temett\u00fc h\u00fck\u00fcmlerini a\u00e7\u0131kl\u0131yoruz"},"content":{"rendered":"\n<p>Japonya&#8217;da da art\u0131k \u00e7ok say\u0131da startup ve giri\u015fim \u015firketi do\u011fmaktad\u0131r. Bir i\u015f kurarken, kendi sermayenizle ba\u015flatmaktan, giri\u015fim sermayesi veya yat\u0131r\u0131mc\u0131lardan fon toplamaya kadar \u00e7e\u015fitli y\u00f6ntemler bulunmaktad\u0131r. Peki, yat\u0131r\u0131mc\u0131lar yat\u0131r\u0131m yapt\u0131klar\u0131nda, \u015firketlerle aralar\u0131nda yap\u0131lan yat\u0131r\u0131m s\u00f6zle\u015fmesi tam olarak nedir?<\/p>\n\n\n\n<p>Yat\u0131r\u0131mc\u0131lar i\u00e7in \u00f6nemli olan, yat\u0131r\u0131mla ilgili riskleri m\u00fcmk\u00fcn oldu\u011funca azaltmakt\u0131r ve yat\u0131r\u0131m s\u00f6zle\u015fmesindeki &#8216;\u00f6ncelikli da\u011f\u0131t\u0131m h\u00fck\u00fcmleri&#8217; risk azaltma i\u00e7in \u00f6nemli bir maddedir.<\/p>\n\n\n\n<p>\u0130\u015fte bu y\u00fczden, bu sefer yat\u0131r\u0131m s\u00f6zle\u015fmesindeki &#8216;\u00f6ncelikli da\u011f\u0131t\u0131m h\u00fck\u00fcmleri&#8217; hakk\u0131nda a\u00e7\u0131k bir \u015fekilde a\u00e7\u0131klama yapaca\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\/venturebusiness-investment-contract\/#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\/venturebusiness-investment-contract\/#Yatirim_Sozlesmesindeki_Oncelikli_Temettu_Maddesinin_Amaci\" title=\"Yat\u0131r\u0131m S\u00f6zle\u015fmesindeki \u00d6ncelikli Temett\u00fc Maddesinin Amac\u0131\">Yat\u0131r\u0131m S\u00f6zle\u015fmesindeki \u00d6ncelikli Temett\u00fc Maddesinin Amac\u0131<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/venturebusiness-investment-contract\/#Yatirim_Sozlesmelerinde_Tercih_Edilen_Dagitim_Haklarinin_Turleri\" title=\"Yat\u0131r\u0131m S\u00f6zle\u015fmelerinde Tercih Edilen Da\u011f\u0131t\u0131m Haklar\u0131n\u0131n T\u00fcrleri\">Yat\u0131r\u0131m S\u00f6zle\u015fmelerinde Tercih Edilen Da\u011f\u0131t\u0131m Haklar\u0131n\u0131n T\u00fcrleri<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/venturebusiness-investment-contract\/#Katilimci_Katilimci_Olmayan_Nedir\" title=\"Kat\u0131l\u0131mc\u0131 \/ Kat\u0131l\u0131mc\u0131 Olmayan Nedir?\">Kat\u0131l\u0131mc\u0131 \/ Kat\u0131l\u0131mc\u0131 Olmayan Nedir?<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/venturebusiness-investment-contract\/#Katilimci\" title=\"Kat\u0131l\u0131mc\u0131\">Kat\u0131l\u0131mc\u0131<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/venturebusiness-investment-contract\/#Katilimci_Olmayan\" title=\"Kat\u0131l\u0131mc\u0131 Olmayan\">Kat\u0131l\u0131mc\u0131 Olmayan<\/a><\/li><\/ul><\/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\/venturebusiness-investment-contract\/#Birikimli_Birikimli_Olmayan_Nedir\" title=\"Birikimli \/ Birikimli Olmayan Nedir?\">Birikimli \/ Birikimli Olmayan Nedir?<\/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\/venturebusiness-investment-contract\/#Birikimli\" title=\"Birikimli\">Birikimli<\/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\/venturebusiness-investment-contract\/#Birikimli_Olmayan\" title=\"Birikimli Olmayan\">Birikimli Olmayan<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/venturebusiness-investment-contract\/#%E2%80%9CArtik_Varlik_Tercihli_Dagitim_Hakki%E2%80%9D_ve_%E2%80%9CVarsayilan_Tasfiye_Hukmu%E2%80%9D_Kombinasyonu\" title=\"&#8220;Art\u0131k Varl\u0131k Tercihli Da\u011f\u0131t\u0131m Hakk\u0131&#8221; ve &#8220;Varsay\u0131lan Tasfiye H\u00fckm\u00fc&#8221; Kombinasyonu\">&#8220;Art\u0131k Varl\u0131k Tercihli Da\u011f\u0131t\u0131m Hakk\u0131&#8221; ve &#8220;Varsay\u0131lan Tasfiye H\u00fckm\u00fc&#8221; Kombinasyonu<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/venturebusiness-investment-contract\/#Yatirim_Sozlesmelerinde_Tercih_Edilen_Dagitim_Maddesi_Ornegi\" title=\"Yat\u0131r\u0131m S\u00f6zle\u015fmelerinde Tercih Edilen Da\u011f\u0131t\u0131m Maddesi \u00d6rne\u011fi\">Yat\u0131r\u0131m S\u00f6zle\u015fmelerinde Tercih Edilen Da\u011f\u0131t\u0131m Maddesi \u00d6rne\u011fi<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/venturebusiness-investment-contract\/#Katilimci_Olmayan_Durumda_Madde_Ornegi\" title=\"Kat\u0131l\u0131mc\u0131 Olmayan Durumda Madde \u00d6rne\u011fi\">Kat\u0131l\u0131mc\u0131 Olmayan Durumda Madde \u00d6rne\u011fi<\/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\/venturebusiness-investment-contract\/#Birikimli_Olmayan_Durumda_Madde_Ornegi\" title=\"Birikimli Olmayan Durumda Madde \u00d6rne\u011fi\">Birikimli Olmayan Durumda Madde \u00d6rne\u011fi<\/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\/venturebusiness-investment-contract\/#Ozet\" title=\"\u00d6zet\">\u00d6zet<\/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\/venturebusiness-investment-contract\/#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=\"Yatirim_Sozlesmesi_Nedir\"><\/span>Yat\u0131r\u0131m S\u00f6zle\u015fmesi Nedir?<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-contract4.jpg\" alt=\"\" class=\"wp-image-44542\" \/><\/figure><\/div>\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmesi, giri\u015fim sermayesi gibi yat\u0131r\u0131mc\u0131lar\u0131n start-up veya giri\u015fim \u015firketlerine yat\u0131r\u0131m yaparken imzalad\u0131\u011f\u0131 bir anla\u015fmad\u0131r, ancak bu \u00f6zellikle yasalarla belirlenmi\u015f bir durum de\u011fildir.<\/p>\n\n\n\n<p>Ancak, y\u00f6netimi istikrars\u0131z olan giri\u015fim \u015firketlerinde, hisse senedi fiyatlar\u0131n\u0131n d\u00fc\u015fmesi veya iflas etme riski gibi durumlar s\u00f6z konusu oldu\u011fundan, yat\u0131r\u0131mc\u0131lar genellikle bu riskleri m\u00fcmk\u00fcn oldu\u011funca azaltmak i\u00e7in yat\u0131r\u0131m s\u00f6zle\u015fmesi imzalarlar.<\/p>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmesinde yat\u0131r\u0131m\u0131n i\u00e7eri\u011fini belirleyen ana maddeler a\u015fa\u011f\u0131daki d\u00f6rt maddedir:<\/p>\n\n\n\n<ul>\n<li>Hisse senetleri hakk\u0131nda (t\u00fcr, say\u0131, hisse fiyat\u0131, \u00f6deme ko\u015fullar\u0131 vb.)<\/li>\n\n\n\n<li>Yat\u0131r\u0131m ko\u015fullar\u0131 hakk\u0131nda<\/li>\n\n\n\n<li>Yat\u0131r\u0131m\u0131n geri \u00e7ekilmesi hakk\u0131nda<\/li>\n\n\n\n<li>\u00c7\u0131k\u0131\u015f (IPO veya M&amp;A gibi yat\u0131r\u0131m fonlar\u0131n\u0131n geri kazan\u0131lmas\u0131, kar elde etme) hakk\u0131nda<\/li>\n<\/ul>\n\n\n\n<p>Hisse senetlerinin t\u00fcrleri genel olarak &#8220;s\u0131radan hisse senetleri&#8221; ve &#8220;t\u00fcr hisse senetleri&#8221; olarak ayr\u0131l\u0131r. Bu makalenin konusu olan \u00f6ncelikli temett\u00fc hakk\u0131 da t\u00fcr hisse senetlerinden biridir.<\/p>\n\n\n\n<p>\u00d6ncelikli temett\u00fc hakk\u0131, temett\u00fcy\u00fc s\u0131radan hisse sahiplerinden \u00f6nce almak veya y\u00fcksek temett\u00fc almak hakk\u0131d\u0131r, ancak \u00f6ncelikli temett\u00fc hakk\u0131 olan t\u00fcr hisse senetlerini \u00e7\u0131karmak i\u00e7in genel kurul toplant\u0131s\u0131 d\u00fczenlemeli ve t\u00fcz\u00fck de\u011fi\u015fikli\u011fini onaylamal\u0131s\u0131n\u0131z, bu da uzun zaman al\u0131r ve karma\u015f\u0131k prosed\u00fcrler gerektirir.<\/p>\n\n\n\n<p>Bu nedenle, \u00f6ncelikli temett\u00fc hakk\u0131n\u0131 daha kolay bir \u015fekilde belirlemek i\u00e7in, t\u00fcr hisse senetlerini \u00e7\u0131karmadan yat\u0131r\u0131m s\u00f6zle\u015fmesinde \u00f6ncelikli temett\u00fc hakk\u0131na ili\u015fkin maddeleri (\u00f6ncelikli temett\u00fc maddeleri) belirlemek s\u0131k\u00e7a kullan\u0131lan bir y\u00f6ntemdir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yatirim_Sozlesmesindeki_Oncelikli_Temettu_Maddesinin_Amaci\"><\/span>Yat\u0131r\u0131m S\u00f6zle\u015fmesindeki \u00d6ncelikli Temett\u00fc Maddesinin Amac\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Halka a\u00e7\u0131lmay\u0131 hedefleyen start-up ve giri\u015fim \u015firketleri, kar elde etseler bile genellikle hissedarlara temett\u00fc da\u011f\u0131tmazlar ve bunu i\u015fletme sermayesi olarak kullan\u0131rlar.<\/p>\n\n\n\n<p>Yat\u0131r\u0131mc\u0131lar da temett\u00fc beklemiyorlar, genellikle IPO gibi \u00e7\u0131k\u0131\u015flardan b\u00fcy\u00fck bir getiri elde etmeyi hedefleyerek yat\u0131r\u0131m yap\u0131yorlar ve bu noktalar\u0131 g\u00f6z \u00f6n\u00fcnde bulundurdu\u011funda, \u00f6ncelikli temett\u00fc maddesinin gereklili\u011fi o kadar da b\u00fcy\u00fck de\u011fildir.<\/p>\n\n\n\n<p>Peki, yat\u0131r\u0131m s\u00f6zle\u015fmesinde \u00f6ncelikli temett\u00fc maddesi belirlemenin amac\u0131 nedir?<\/p>\n\n\n\n<p>Bu ama\u00e7, yat\u0131r\u0131mc\u0131 ve yat\u0131r\u0131m\u0131 alan \u015firket aras\u0131nda de\u011fi\u015fir. Start-up ve giri\u015fim \u015firketlerinin ana hedefi, \u00f6ncelikli temett\u00fc hakk\u0131 ve a\u015fa\u011f\u0131daki gibi ko\u015fullar\u0131 belirleyerek, fon toplama ve istikrarl\u0131 y\u00f6netimi bir arada sa\u011flamakt\u0131r:<\/p>\n\n\n\n<ul>\n<li>Hisse senedi devir k\u0131s\u0131tlamas\u0131<br>\u015eirketin onay\u0131 olmadan hisse senedi devri yap\u0131lamaz, bu nedenle \u015firketin istemedi\u011fi \u00fc\u00e7\u00fcnc\u00fc taraflara hisse senetlerinin ge\u00e7mesi engellenebilir.<\/li>\n\n\n\n<li>Oylama hakk\u0131n\u0131n k\u0131s\u0131tlanmas\u0131<br>Genel kurulda oylama hakk\u0131n\u0131 k\u0131s\u0131tlamak, hissedarlar\u0131n y\u00f6netim kat\u0131l\u0131m\u0131n\u0131 s\u0131n\u0131rlar ve ba\u011f\u0131ms\u0131z y\u00f6netim m\u00fcmk\u00fcn olur.<\/li>\n\n\n\n<li>S\u0131radan hisse senetlerinden daha y\u00fcksek sat\u0131\u015f fiyat\u0131<br>Hisse senedi say\u0131s\u0131 yat\u0131r\u0131m miktar\u0131na g\u00f6re azal\u0131r, bu da kurucunun hisse oran\u0131n\u0131n d\u00fc\u015fmesini engeller.<\/li>\n<\/ul>\n\n\n\n<p>\u00d6te yandan, yat\u0131r\u0131mc\u0131lar\u0131n ana hedefi, istikrars\u0131z start-up ve giri\u015fim \u015firketlerine yat\u0131r\u0131m yapman\u0131n riskini azaltmak ve IPO veya M&amp;A gibi \u00e7\u0131k\u0131\u015flarda m\u00fcmk\u00fcn oldu\u011funca \u00e7ok temett\u00fc elde etmektir.<\/p>\n\n\n\n<p>\u00d6zellikle, finans kurulu\u015flar\u0131 veya i\u015fletmelerden toplanan fonlarla yat\u0131r\u0131m i\u015fini y\u00fcr\u00fcten giri\u015fim sermayesi \u015firketlerinde, yat\u0131r\u0131m s\u00f6zle\u015fmesinde m\u00fcmk\u00fcn oldu\u011funca avantajl\u0131 ko\u015fullar elde etmek zorunludur.<\/p>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmesindeki hisse senedi sat\u0131n alma maddesi hakk\u0131nda daha fazla bilgi almak isteyenler, a\u015fa\u011f\u0131daki makalede detayl\u0131 olarak a\u00e7\u0131klanm\u0131\u015ft\u0131r, bu makale ile birlikte g\u00f6z atabilirsiniz.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/investment-stock-purchase-clause\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/investment-stock-purchase-clause[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yatirim_Sozlesmelerinde_Tercih_Edilen_Dagitim_Haklarinin_Turleri\"><\/span>Yat\u0131r\u0131m S\u00f6zle\u015fmelerinde Tercih Edilen Da\u011f\u0131t\u0131m Haklar\u0131n\u0131n T\u00fcrleri<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-contract3.jpg\" alt=\"\" class=\"wp-image-44541\" \/><\/figure><\/div>\n\n\n<p>Tercih edilen da\u011f\u0131t\u0131m hakk\u0131n\u0131n belirlenmesi i\u00e7in belirli bir format yoktur, ancak genel olarak d\u00f6rt ana kategoriye ayr\u0131labilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Katilimci_Katilimci_Olmayan_Nedir\"><\/span>Kat\u0131l\u0131mc\u0131 \/ Kat\u0131l\u0131mc\u0131 Olmayan Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Tercih edilen da\u011f\u0131t\u0131m\u0131n \u00f6denmesinin ard\u0131ndan, tercih edilen da\u011f\u0131t\u0131m hakk\u0131na sahip hissedarlar\u0131n normal da\u011f\u0131t\u0131ma kat\u0131l\u0131p kat\u0131lamayaca\u011f\u0131na g\u00f6re kat\u0131l\u0131mc\u0131 ve kat\u0131l\u0131mc\u0131 olmayan olarak ayr\u0131l\u0131r.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Katilimci\"><\/span>Kat\u0131l\u0131mc\u0131<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Tercih edilen da\u011f\u0131t\u0131m hakk\u0131na sahip hissedarlar (tercih edilen hissedarlar) i\u00e7in belirlenen tercih edilen da\u011f\u0131t\u0131m \u00f6dendikten sonra, da\u011f\u0131t\u0131labilir kar kald\u0131\u011f\u0131nda, normal hisse sahibi olan hissedarlar (normal hissedarlar) ile birlikte tekrar da\u011f\u0131t\u0131m alabilirler. Yat\u0131r\u0131mc\u0131lar i\u00e7in bu durum bir\u00e7ok avantaj sunar, bu y\u00fczden genellikle kat\u0131l\u0131mc\u0131 tipi se\u00e7ilir.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Katilimci_Olmayan\"><\/span>Kat\u0131l\u0131mc\u0131 Olmayan<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Tercih edilen hissedarlar i\u00e7in belirlenen tercih edilen da\u011f\u0131t\u0131m \u00f6dendikten sonra, da\u011f\u0131t\u0131labilir kar kalsa bile tercih edilen hissedarlar da\u011f\u0131t\u0131m almayacakt\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Birikimli_Birikimli_Olmayan_Nedir\"><\/span>Birikimli \/ Birikimli Olmayan Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Tercih edilen hissedarlar i\u00e7in tercih edilen da\u011f\u0131t\u0131m\u0131n tamam\u0131 \u00f6denmedi\u011finde, eksik k\u0131sm\u0131n bir sonraki y\u0131la aktar\u0131l\u0131p aktar\u0131lamayaca\u011f\u0131na g\u00f6re birikimli ve birikimli olmayan olarak ayr\u0131l\u0131r.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Birikimli\"><\/span>Birikimli<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Belli bir i\u015f y\u0131l\u0131nda tercih edilen hissedarlar i\u00e7in da\u011f\u0131t\u0131m belirlenen miktar\u0131 kar\u015f\u0131lamazsa, bu eksik miktar bir sonraki y\u0131l\u0131n da\u011f\u0131t\u0131m\u0131na eklenir ve birikir.<\/p>\n\n\n\n<p>Da\u011f\u0131t\u0131m yapmayan start-up&#8217;lar ve giri\u015fim \u015firketleri i\u00e7in bu durum bir y\u00fck olabilir, ancak yat\u0131r\u0131mc\u0131lar i\u00e7in avantajlar\u0131 vard\u0131r.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Birikimli_Olmayan\"><\/span>Birikimli Olmayan<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Belli bir i\u015f y\u0131l\u0131nda tercih edilen hissedarlar i\u00e7in da\u011f\u0131t\u0131m belirlenen miktar\u0131 kar\u015f\u0131lamazsa, bu eksik miktar bir sonraki y\u0131la aktar\u0131lmaz.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%80%9CArtik_Varlik_Tercihli_Dagitim_Hakki%E2%80%9D_ve_%E2%80%9CVarsayilan_Tasfiye_Hukmu%E2%80%9D_Kombinasyonu\"><\/span>&#8220;Art\u0131k Varl\u0131k Tercihli Da\u011f\u0131t\u0131m Hakk\u0131&#8221; ve &#8220;Varsay\u0131lan Tasfiye H\u00fckm\u00fc&#8221; Kombinasyonu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Tercih edilen da\u011f\u0131t\u0131m hakk\u0131na benzer bir tercih hakk\u0131 olarak &#8220;Art\u0131k Varl\u0131k Tercihli Da\u011f\u0131t\u0131m Hakk\u0131&#8221; bulunmaktad\u0131r. Bu, Amerika gibi \u00fclkelerde yat\u0131r\u0131m s\u00f6zle\u015fmeleri yap\u0131l\u0131rken s\u0131k\u00e7a belirlenir, ancak tercihli da\u011f\u0131t\u0131m hakk\u0131 ile kar\u0131\u015ft\u0131r\u0131lmamas\u0131 i\u00e7in k\u0131saca a\u00e7\u0131klanacakt\u0131r.<\/p>\n\n\n\n<p>Art\u0131k Varl\u0131k Tercihli Da\u011f\u0131t\u0131m Hakk\u0131, \u015firketin tasfiye edildi\u011fi durumda kalan varl\u0131klar\u0131n da\u011f\u0131t\u0131m\u0131nda, tercih edilen hissedarlar\u0131n normal hissedarlarla kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda \u00f6ncelikli olarak belirli bir da\u011f\u0131t\u0131m miktar\u0131 alabilece\u011fi hakt\u0131r.<\/p>\n\n\n\n<p>Ancak, yat\u0131r\u0131m yap\u0131lan \u015firket tasfiye edilmez de M&amp;A ile devredilirse, tercih edilen hissedarlara \u00f6denen miktar hisse t\u00fcr\u00fcne bak\u0131lmaks\u0131z\u0131n hisse say\u0131s\u0131na g\u00f6re belirlenir ve y\u00fcksek miktarda tercih edilen hisse sat\u0131n alan yat\u0131r\u0131mc\u0131lar zarar eder.<\/p>\n\n\n\n<p>Bu nedenle, hissedarlar aras\u0131 s\u00f6zle\u015fmede yat\u0131r\u0131m yap\u0131lan \u015firketin devredildi\u011fi durumlarda, tasfiye edilmi\u015f olarak kabul edilen &#8220;Varsay\u0131lan Tasfiye H\u00fckm\u00fc&#8221; belirlenirse, tercih edilen hissedarlara \u00f6nceki paragraftaki &#8220;Art\u0131k Varl\u0131k Tercihli Da\u011f\u0131t\u0131m Hakk\u0131&#8221; uygulan\u0131r ve devir bedeli art\u0131k varl\u0131k olarak kabul edilerek da\u011f\u0131t\u0131l\u0131r, bu sayede daha fazla miktar alabilirler.<\/p>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmelerindeki varsay\u0131lan tasfiye h\u00fckm\u00fc hakk\u0131nda daha fazla bilgi almak isteyenler i\u00e7in, a\u015fa\u011f\u0131daki makalede detayl\u0131 olarak anlat\u0131lm\u0131\u015ft\u0131r. Bu makaleyi de okuman\u0131z\u0131 \u00f6neririz.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/investment-contract-liquidation-provision\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/investment-contract-liquidation-provision[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yatirim_Sozlesmelerinde_Tercih_Edilen_Dagitim_Maddesi_Ornegi\"><\/span>Yat\u0131r\u0131m S\u00f6zle\u015fmelerinde Tercih Edilen Da\u011f\u0131t\u0131m Maddesi \u00d6rne\u011fi<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u00d6zel bir tercih edilen da\u011f\u0131t\u0131m maddesi hakk\u0131nda, K\u00fc\u00e7\u00fck ve Orta \u00d6l\u00e7ekli \u0130\u015fletmeler Ajans\u0131&#8217;n\u0131n (KOB\u0130 Ajans\u0131) halka a\u00e7\u0131k hisse senedi yat\u0131r\u0131m s\u00f6zle\u015fmesi maddelerini tan\u0131taca\u011f\u0131z.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Madde 5.7 (Tercih Edilen Da\u011f\u0131t\u0131m)<\/p>\n\n\n\n<p>1. \u0130hra\u00e7 eden \u015firket, bu \u00f6deme tarihinden itibaren 3 y\u0131l ge\u00e7tikten sonra, da\u011f\u0131t\u0131labilir miktar\u0131n s\u0131n\u0131rlar\u0131 i\u00e7inde, yasalar ve bu hisse senedi ihra\u00e7 prospekt\u00fcs\u00fcne uygun olarak, yat\u0131r\u0131mc\u0131lara, her i\u015f y\u0131l\u0131nda bir kez, A s\u0131n\u0131f\u0131 tercih edilen hisse senetleri ile ilgili tercih edilen da\u011f\u0131t\u0131m\u0131 yapacakt\u0131r.<\/p>\n\n\n\n<p>2. \u0130hra\u00e7 eden \u015firket, bu \u00f6deme tarihinden itibaren 3 y\u0131l ge\u00e7tikten sonra, yasalar ve bu hisse senedi ihra\u00e7 prospekt\u00fcs\u00fcne uygun olarak, yat\u0131r\u0131mc\u0131lara y\u0131ll\u0131k %5 da\u011f\u0131t\u0131m yapabilecek \u015fekilde, da\u011f\u0131t\u0131labilir miktar\u0131 sa\u011flamak i\u00e7in ticari olarak makul \u00e7er\u00e7evede \u00e7aba g\u00f6sterecektir.<br>(Kaynak: <a href=\"https:\/\/www.chusho.meti.go.jp\/kinyu\/shikinguri\/equityfinance\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">KOB\u0130 Ajans\u0131 Yat\u0131r\u0131m S\u00f6zle\u015fmesi \u00d6rne\u011fi Hakk\u0131nda Bilgi 5: Hisse Senedi \u0130hra\u00e7 S\u00f6zle\u015fmesi[ja]<\/a>)<\/p>\n<\/blockquote>\n\n\n\n<p>Bu maddenin \u00f6nemli noktalar\u0131 \u015funlard\u0131r:<\/p>\n\n\n\n<ul>\n<li>\u015eirketler Kanunu&#8217;na g\u00f6re, ihra\u00e7 eden \u015firketin fazla paray\u0131 da\u011f\u0131tma y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc yoktur, ancak ihra\u00e7 eden \u015firkete yat\u0131r\u0131mc\u0131lara tercih edilen da\u011f\u0131t\u0131m\u0131 zorunlu k\u0131lar.<\/li>\n\n\n\n<li>\u015eirketler Kanunu&#8217;na g\u00f6re, fazla paran\u0131n da\u011f\u0131t\u0131m\u0131 sadece da\u011f\u0131t\u0131labilir miktar\u0131n s\u0131n\u0131rlar\u0131 i\u00e7inde ger\u00e7ekle\u015ftirilebilir, ancak ihra\u00e7 eden \u015firkete da\u011f\u0131t\u0131labilir miktar\u0131 sa\u011flama \u00e7abas\u0131 y\u00fckler.<\/li>\n<\/ul>\n\n\n\n<p>Not: \u0130hra\u00e7 eden \u015firketin y\u00fck\u00fcn\u00fc hafifletmek i\u00e7in, tercih edilen da\u011f\u0131t\u0131m\u0131n belirli bir da\u011f\u0131t\u0131labilir miktar\u0131 a\u015fan s\u0131n\u0131rlar i\u00e7inde ger\u00e7ekle\u015ftirilece\u011fi belirlenebilir.<\/p>\n\n\n\n<p>Ayr\u0131ca, ikinci maddede ihra\u00e7 eden \u015firkete \u00e7aba g\u00f6sterme y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc yerine tercih edilen da\u011f\u0131t\u0131m\u0131 zorunlu k\u0131lmak i\u00e7in, kat\u0131l\u0131mc\u0131 \/ kat\u0131l\u0131mc\u0131 olmayan ve birikimli \/ birikimli olmayan ayr\u0131m\u0131n\u0131 belirlemek gereklidir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Katilimci_Olmayan_Durumda_Madde_Ornegi\"><\/span>Kat\u0131l\u0131mc\u0131 Olmayan Durumda Madde \u00d6rne\u011fi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A s\u0131n\u0131f\u0131 tercih edilen hisse sahiplerine, tercih edilen da\u011f\u0131t\u0131m miktar\u0131n\u0131 a\u015fan fazla paran\u0131n da\u011f\u0131t\u0131m\u0131 yap\u0131lmaz.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Birikimli_Olmayan_Durumda_Madde_Ornegi\"><\/span>Birikimli Olmayan Durumda Madde \u00d6rne\u011fi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Bir i\u015f y\u0131l\u0131nda, A s\u0131n\u0131f\u0131 tercih edilen hisse sahiplerine y\u00f6nelik tercih edilen da\u011f\u0131t\u0131m miktar\u0131 y\u0131ll\u0131k %5&#8217;i kar\u015f\u0131lamazsa, bu eksik miktar bir sonraki i\u015f y\u0131l\u0131na birikmez.<\/p>\n\n\n\n<p>Genellikle, bu madde ile birlikte yukar\u0131da belirtilen &#8220;Tercih Edilen Hisse Sahiplerinin Hisse Devri K\u0131s\u0131tlamas\u0131&#8221; ve &#8220;Tercih Edilen Hisse Sahiplerinin Oy Hakk\u0131 K\u0131s\u0131tlamas\u0131&#8221; gibi maddeler belirlenir.<\/p>\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<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-contract1.jpg\" alt=\"\" class=\"wp-image-44540\" \/><\/figure><\/div>\n\n\n<p>\u00d6rnek maddemizde, sadece A tipi \u00f6ncelikli hisse senetleri hakk\u0131nda h\u00fck\u00fcm verilmi\u015ftir, ancak startuplar ve giri\u015fim \u015firketleri genellikle birden fazla finansman turu d\u00fczenler, bu y\u00fczden yeni \u00f6ncelikli hisse senetleri \u00e7\u0131karmak da nadir de\u011fildir. Bu durumda, \u00f6ncelikli hisse sahipleri aras\u0131nda anla\u015fma ile \u00f6ncelikli temett\u00fc s\u0131ralamas\u0131n\u0131 belirlemek gerekmektedir.<\/p>\n\n\n\n<p>\u00d6ncelikli hisse senetleri \u00e7\u0131kar\u0131rken, \u00e7e\u015fitli fakt\u00f6rleri g\u00f6z \u00f6n\u00fcnde bulundurarak yat\u0131r\u0131m s\u00f6zle\u015fmeleri ve hissedarlar aras\u0131 s\u00f6zle\u015fmeler olu\u015fturulmal\u0131d\u0131r. Bu nedenle, kendi ba\u015f\u0131n\u0131za karar vermek yerine, konusunda uzman ve deneyimli bir avukata \u00f6nceden 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 firmas\u0131d\u0131r. Start-up ve giri\u015fim \u015firketlerine yap\u0131lan yat\u0131r\u0131mlarda genellikle yat\u0131r\u0131m s\u00f6zle\u015fmesi olu\u015fturulur. B\u00fcromuz, Tokyo Borsas\u0131 Prime listesindeki \u015firketlerden giri\u015fim \u015firketlerine kadar \u00e7e\u015fitli durumlar i\u00e7in s\u00f6zle\u015fme olu\u015fturma ve inceleme hizmetleri sunmaktad\u0131r. E\u011fer s\u00f6zle\u015fme ile ilgili bir sorununuz varsa, l\u00fctfen a\u015fa\u011f\u0131daki makaleye ba\u015fvurunuz.<\/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","protected":false},"excerpt":{"rendered":"<p>Japonya&#8217;da da art\u0131k \u00e7ok say\u0131da startup ve giri\u015fim \u015firketi do\u011fmaktad\u0131r. Bir i\u015f kurarken, kendi sermayenizle ba\u015flatmaktan, giri\u015fim sermayesi veya yat\u0131r\u0131mc\u0131lardan fon toplamaya kadar \u00e7e\u015fitli y\u00f6ntem [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":64650,"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\/61328"}],"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=61328"}],"version-history":[{"count":3,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61328\/revisions"}],"predecessor-version":[{"id":64651,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61328\/revisions\/64651"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media\/64650"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media?parent=61328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/categories?post=61328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/tags?post=61328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}