{"id":61578,"date":"2023-12-04T11:22:54","date_gmt":"2023-12-04T02:22:54","guid":{"rendered":"https:\/\/monolith.law\/tr\/?p=61578"},"modified":"2024-03-14T11:07:49","modified_gmt":"2024-03-14T02:07:49","slug":"investment-contract-shares-provision","status":"publish","type":"post","link":"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-shares-provision","title":{"rendered":"Yat\u0131r\u0131m S\u00f6zle\u015fmelerinde Hisse Senetleri ile \u0130lgili Maddeler Nedir?"},"content":{"rendered":"\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmesinin i\u00e7eri\u011fi olarak \u00e7e\u015fitli maddeler belirlenir, ancak hisse senetleri ile ilgili maddeler belirlenebilir.<\/p>\n\n\n\n<p>Hisse senetleri ile ilgili maddeler, yat\u0131r\u0131mc\u0131lar a\u00e7\u0131s\u0131ndan bak\u0131ld\u0131\u011f\u0131nda, yat\u0131r\u0131m\u0131n kar\u015f\u0131l\u0131\u011f\u0131 olarak kabul edilen hisse senetleri ile ilgilidir ve yat\u0131r\u0131m s\u00f6zle\u015fmesinin \u00f6nemli maddelerinden biri haline gelir. Ayr\u0131ca, \u015firket a\u00e7\u0131s\u0131ndan bak\u0131ld\u0131\u011f\u0131nda da, y\u00f6netim kadrosunun hisse oran\u0131 veya hisse senetlerinin d\u0131\u015far\u0131ya s\u0131zmas\u0131n\u0131 \u00f6nlemek gibi a\u00e7\u0131lardan, bu maddelerin d\u00fczg\u00fcn bir \u015fekilde belirlenmesi gereklidir ve \u00f6nemli bir madde haline gelir. Bu nedenle, bu makalede, yat\u0131r\u0131m s\u00f6zle\u015fmesindeki hisse senetleri ile ilgili maddeler hakk\u0131nda a\u00e7\u0131klama yapaca\u011f\u0131z.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/importance-and-necessity-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/importance-and-necessity-of-investment-contract[ja]<\/a><\/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-shares-provision\/#Yatirim_Sozlesmelerindeki_Hisse_Senetleri_Ile_Ilgili_Maddeler\" title=\"Yat\u0131r\u0131m S\u00f6zle\u015fmelerindeki Hisse Senetleri \u0130le \u0130lgili Maddeler\">Yat\u0131r\u0131m S\u00f6zle\u015fmelerindeki Hisse Senetleri \u0130le \u0130lgili Maddeler<\/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-shares-provision\/#Yeni_Hisse_Cikarilmasi_Durumunda_Oncelikli_Alim_Hakki_Ile_Ilgili_Maddeler\" title=\"Yeni Hisse \u00c7\u0131kar\u0131lmas\u0131 Durumunda \u00d6ncelikli Al\u0131m Hakk\u0131 \u0130le \u0130lgili Maddeler\">Yeni Hisse \u00c7\u0131kar\u0131lmas\u0131 Durumunda \u00d6ncelikli Al\u0131m Hakk\u0131 \u0130le \u0130lgili Maddeler<\/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-shares-provision\/#Hisse_Opsiyonlarinin_Cikarilmasi_Hakkinda\" title=\"Hisse Opsiyonlar\u0131n\u0131n \u00c7\u0131kar\u0131lmas\u0131 Hakk\u0131nda\">Hisse Opsiyonlar\u0131n\u0131n \u00c7\u0131kar\u0131lmas\u0131 Hakk\u0131nda<\/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-shares-provision\/#Oncelikli_Alim_Hakkinin_Kullanilma_Suresi_Hakkinda\" title=\"\u00d6ncelikli Al\u0131m Hakk\u0131n\u0131n Kullan\u0131lma S\u00fcresi Hakk\u0131nda\">\u00d6ncelikli Al\u0131m Hakk\u0131n\u0131n Kullan\u0131lma S\u00fcresi Hakk\u0131nda<\/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-shares-provision\/#Oncelikli_Satin_Alma_Hakki_ve_Oncelikli_Alim_Hakki_Ile_Ilgili_Maddeler\" title=\"\u00d6ncelikli Sat\u0131n Alma Hakk\u0131 ve \u00d6ncelikli Al\u0131m Hakk\u0131 \u0130le \u0130lgili Maddeler\">\u00d6ncelikli Sat\u0131n Alma Hakk\u0131 ve \u00d6ncelikli Al\u0131m Hakk\u0131 \u0130le \u0130lgili Maddeler<\/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-shares-provision\/#Oncelikli_Satin_Alma_Hakki_ve_Oncelikli_Alim_Hakki_Nedir\" title=\"\u00d6ncelikli Sat\u0131n Alma Hakk\u0131 ve \u00d6ncelikli Al\u0131m Hakk\u0131 Nedir?\">\u00d6ncelikli Sat\u0131n Alma Hakk\u0131 ve \u00d6ncelikli Al\u0131m Hakk\u0131 Nedir?<\/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-shares-provision\/#Oncelikli_Satin_Alma_Hakki_ve_Oncelikli_Alim_Hakki_Ile_Ilgili_Maddelerin_Amaci\" title=\"\u00d6ncelikli Sat\u0131n Alma Hakk\u0131 ve \u00d6ncelikli Al\u0131m Hakk\u0131 \u0130le \u0130lgili Maddelerin Amac\u0131\">\u00d6ncelikli Sat\u0131n Alma Hakk\u0131 ve \u00d6ncelikli Al\u0131m Hakk\u0131 \u0130le \u0130lgili Maddelerin Amac\u0131<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-shares-provision\/#Oncelikli_Satin_Alma_Hakki_ve_Oncelikli_Alim_Hakki_Yoneticilere_Taninabilir_mi\" title=\"\u00d6ncelikli Sat\u0131n Alma Hakk\u0131 ve \u00d6ncelikli Al\u0131m Hakk\u0131 Y\u00f6neticilere Tan\u0131nabilir mi?\">\u00d6ncelikli Sat\u0131n Alma Hakk\u0131 ve \u00d6ncelikli Al\u0131m Hakk\u0131 Y\u00f6neticilere Tan\u0131nabilir mi?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-shares-provision\/#Ortak_Satis_Hakki_ve_Devir_Katilim_Hakki_Hukumleri\" title=\"Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 H\u00fck\u00fcmleri\">Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 H\u00fck\u00fcmleri<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-shares-provision\/#Ortak_Satis_Hakki_ve_Devir_Katilim_Hakki_Nedir\" title=\"Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 Nedir?\">Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 Nedir?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-shares-provision\/#Ortak_Satis_Hakki_ve_Devir_Katilim_Hakki_Hukumlerinin_Amaci\" title=\"Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 H\u00fck\u00fcmlerinin Amac\u0131\">Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 H\u00fck\u00fcmlerinin Amac\u0131<\/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-shares-provision\/#Ortak_Satis_Hakki_ve_Devir_Katilim_Hakki_Yoneticilere_Taninabilir_mi\" title=\"Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 Y\u00f6neticilere Tan\u0131nabilir mi?\">Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 Y\u00f6neticilere Tan\u0131nabilir mi?<\/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-shares-provision\/#Ortak_Satis_Hakki_ve_Devir_Katilim_Hakki_Hukumlerinin_Belirlenmesi_Sirasinda_Dikkat_Edilmesi_Gerekenler\" title=\"Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 H\u00fck\u00fcmlerinin Belirlenmesi S\u0131ras\u0131nda Dikkat Edilmesi Gerekenler\">Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 H\u00fck\u00fcmlerinin Belirlenmesi S\u0131ras\u0131nda Dikkat Edilmesi Gerekenler<\/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-shares-provision\/#Hisse_Senedi_Devri_Hakkinda_Maddeler\" title=\"Hisse Senedi Devri Hakk\u0131nda Maddeler\">Hisse Senedi Devri Hakk\u0131nda Maddeler<\/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-shares-provision\/#Drag_Along_Hakki_Hakkindaki_Madde\" title=\"Drag Along Hakk\u0131 Hakk\u0131ndaki Madde\">Drag Along Hakk\u0131 Hakk\u0131ndaki Madde<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/investment-contract-shares-provision\/#Ozet\" title=\"\u00d6zet\">\u00d6zet<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yatirim_Sozlesmelerindeki_Hisse_Senetleri_Ile_Ilgili_Maddeler\"><\/span>Yat\u0131r\u0131m S\u00f6zle\u015fmelerindeki Hisse Senetleri \u0130le \u0130lgili Maddeler<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmelerinde hisse senetleri ile ilgili olarak a\u015fa\u011f\u0131daki maddeler d\u00fc\u015f\u00fcn\u00fclebilir:<\/p>\n\n\n\n<ol>\n<li>Yeni hisse senetlerinin \u00f6ncelikli al\u0131m\u0131 ile ilgili madde<\/li>\n\n\n\n<li>\u00d6ncelikli sat\u0131n alma hakk\u0131 ve \u00f6nceden sat\u0131n alma hakk\u0131 ile ilgili madde<\/li>\n\n\n\n<li>Ortak sat\u0131\u015f hakk\u0131 ve devir kat\u0131l\u0131m hakk\u0131 ile ilgili madde<\/li>\n\n\n\n<li>Hisse senetlerinin devri ile ilgili madde<\/li>\n\n\n\n<li>Drag Along Right (Birlikte Satma Hakk\u0131) ile ilgili madde<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yeni_Hisse_Cikarilmasi_Durumunda_Oncelikli_Alim_Hakki_Ile_Ilgili_Maddeler\"><\/span>Yeni Hisse \u00c7\u0131kar\u0131lmas\u0131 Durumunda \u00d6ncelikli Al\u0131m Hakk\u0131 \u0130le \u0130lgili Maddeler<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\/2019\/10\/shutterstock_531227905-1024x586.jpg\" alt=\"\" class=\"wp-image-5298\" \/><figcaption class=\"wp-element-caption\">Yeni hisse \u00e7\u0131kar\u0131lmas\u0131 durumunda \u00f6ncelikli al\u0131m hakk\u0131 ile ilgili maddeleri a\u00e7\u0131klamaya devam edece\u011fiz.<\/figcaption><\/figure>\n\n\n\n<p>VC&#8217;ler ve benzeri yat\u0131r\u0131mc\u0131lar i\u00e7in, \u00e7\u0131kar\u0131lan yeni hisseleri \u00f6ncelikli olarak almak, kendi hisse oranlar\u0131n\u0131 korumalar\u0131na yard\u0131mc\u0131 olur.<\/p>\n\n\n\n<p>Kendi hisse oranlar\u0131n\u0131 koruyarak, VC&#8217;ler ve benzeri yat\u0131r\u0131mc\u0131lar, hissedar olarak oy hakk\u0131n\u0131 kullanabilir ve kontrol\u00fc elinde tutabilirler. Bunun yan\u0131 s\u0131ra, hisse oranlar\u0131na ba\u011fl\u0131 olarak, halka arz veya birle\u015fme ve sat\u0131n alma (M&amp;A) durumlar\u0131nda getiri elde edebilirler. Bu nedenle, VC&#8217;ler ve benzeri yat\u0131r\u0131mc\u0131lar i\u00e7in hisse oranlar\u0131n\u0131 korumak \u00f6nemli bir konudur.<\/p>\n\n\n\n<p>Bu nedenle, yat\u0131r\u0131m s\u00f6zle\u015fmesinin i\u00e7eri\u011fi olarak, giri\u015fimcilik \u015firketlerinden \u00e7\u0131kar\u0131lan yeni hisseleri, VC&#8217;ler ve benzeri yat\u0131r\u0131mc\u0131lar\u0131n \u00f6ncelikli olarak alabilecekleri bir madde belirlenebilir. Yeni hisse \u00e7\u0131kar\u0131lmas\u0131 durumunda \u00f6ncelikli al\u0131m hakk\u0131 ile ilgili maddeler hakk\u0131nda, bir d\u00fczenleme yap\u0131lmas\u0131na ra\u011fmen, genellikle giri\u015fimcilik \u015firketlerinde b\u00fcy\u00fck bir risk olu\u015fmas\u0131 beklenmez.<\/p>\n\n\n\n<p>Ancak, bir d\u00fczenleme yap\u0131l\u0131rken, a\u015fa\u011f\u0131daki iki noktaya dikkat etmek gerekmektedir:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hisse_Opsiyonlarinin_Cikarilmasi_Hakkinda\"><\/span>Hisse Opsiyonlar\u0131n\u0131n \u00c7\u0131kar\u0131lmas\u0131 Hakk\u0131nda<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Hisse opsiyonlar\u0131, bir \u015firketin y\u00f6neticileri, \u00e7al\u0131\u015fanlar\u0131 veya yat\u0131r\u0131mc\u0131lar\u0131na, belirli bir uygulama fiyat\u0131yla \u015firketin hisselerini sat\u0131n alma hakk\u0131 verir. Giri\u015fimcilik \u015firketlerinde, yetenekli ki\u015filere hisse opsiyonlar\u0131 vererek, yetenekli ki\u015fileri elde tutma y\u00f6ntemi uygulanabilir. Bu nedenle, \u015firket olarak, hisse opsiyonlar\u0131n\u0131 yetenekli ki\u015fileri elde tutmak i\u00e7in kullanmak istersiniz. Bu nedenle, \u00f6ncelikli al\u0131m hakk\u0131 ile ilgili maddelerin i\u00e7eri\u011fi hakk\u0131nda, hisse opsiyonlar\u0131n\u0131 d\u0131\u015far\u0131da b\u0131rakarak d\u00fczenlemek daha iyidir. \u00d6ncelikli al\u0131m hakk\u0131 ile ilgili maddeler hakk\u0131nda \u00f6zel bir d\u00fczenleme yap\u0131lmazsa, hisse opsiyonlar\u0131 da bu kapsama girer ve yetenekli ki\u015fileri elde tutmak i\u00e7in kullan\u0131lamaz hale gelir, bu y\u00fczden dikkatli olunmal\u0131d\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Oncelikli_Alim_Hakkinin_Kullanilma_Suresi_Hakkinda\"><\/span>\u00d6ncelikli Al\u0131m Hakk\u0131n\u0131n Kullan\u0131lma S\u00fcresi Hakk\u0131nda<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u00d6ncelikli al\u0131m hakk\u0131n\u0131n kullan\u0131lma s\u00fcresi belirlenmemi\u015fse, VC&#8217;ler ve benzeri yat\u0131r\u0131mc\u0131lar hakk\u0131 kullanmay\u0131 erteleyebilir ve \u015firketin finansman\u0131 ilerlemeyebilir. Bu t\u00fcr bir durumu \u00f6nlemek i\u00e7in, yat\u0131r\u0131m s\u00f6zle\u015fmesinin i\u00e7eri\u011fi olarak, \u00f6ncelikli al\u0131m hakk\u0131n\u0131n kullan\u0131lma s\u00fcresini belirlemek daha iyidir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Oncelikli_Satin_Alma_Hakki_ve_Oncelikli_Alim_Hakki_Ile_Ilgili_Maddeler\"><\/span>\u00d6ncelikli Sat\u0131n Alma Hakk\u0131 ve \u00d6ncelikli Al\u0131m Hakk\u0131 \u0130le \u0130lgili Maddeler<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Oncelikli_Satin_Alma_Hakki_ve_Oncelikli_Alim_Hakki_Nedir\"><\/span>\u00d6ncelikli Sat\u0131n Alma Hakk\u0131 ve \u00d6ncelikli Al\u0131m Hakk\u0131 Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Yukar\u0131da a\u00e7\u0131klanan yeni hisse senetlerinin \u00f6ncelikli al\u0131m hakk\u0131 ile ilgili maddeler, &#8220;\u015firketin&#8221; yeni hisse senetlerini \u00e7\u0131kard\u0131\u011f\u0131 durumlarda, \u00f6ncelikli olarak al\u0131m yapma hakk\u0131n\u0131 tan\u0131yan maddelerdir. \u00d6te yandan, \u00f6ncelikli sat\u0131n alma hakk\u0131 ve \u00f6ncelikli al\u0131m hakk\u0131, belirli bir hissedar\u0131n kendi hisselerini devretti\u011fi durumlarda, \u00f6ncelikli sat\u0131n alma hakk\u0131 ve \u00f6ncelikli al\u0131m hakk\u0131na sahip ki\u015finin, bu devir i\u015fleminin konusu olan hisseleri, di\u011fer ki\u015filere g\u00f6re \u00f6ncelikli olarak sat\u0131n alma hakk\u0131n\u0131 tan\u0131mlar.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Oncelikli_Satin_Alma_Hakki_ve_Oncelikli_Alim_Hakki_Ile_Ilgili_Maddelerin_Amaci\"><\/span>\u00d6ncelikli Sat\u0131n Alma Hakk\u0131 ve \u00d6ncelikli Al\u0131m Hakk\u0131 \u0130le \u0130lgili Maddelerin Amac\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u00d6ncelikli sat\u0131n alma hakk\u0131 ve \u00f6ncelikli al\u0131m hakk\u0131n\u0131n ana amac\u0131 a\u015fa\u011f\u0131daki iki noktad\u0131r:<\/p>\n\n\n\n<ol>\n<li>Hisseleri sat\u0131n alarak, kendi hisse senedi say\u0131s\u0131n\u0131 art\u0131rmak ve kendi hisse oran\u0131n\u0131 y\u00fckseltmek amac\u0131<\/li>\n\n\n\n<li>Hisselerin \u015firket i\u00e7in uygun olmayan \u00fc\u00e7\u00fcnc\u00fc ki\u015filere devredilmesini \u00f6nlemek amac\u0131<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Oncelikli_Satin_Alma_Hakki_ve_Oncelikli_Alim_Hakki_Yoneticilere_Taninabilir_mi\"><\/span>\u00d6ncelikli Sat\u0131n Alma Hakk\u0131 ve \u00d6ncelikli Al\u0131m Hakk\u0131 Y\u00f6neticilere Tan\u0131nabilir mi?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u00d6ncelikli sat\u0131n alma hakk\u0131 ve \u00f6ncelikli al\u0131m hakk\u0131n\u0131n kullan\u0131lmas\u0131 sonucu sat\u0131n alman\u0131n durumlar\u0131 a\u015fa\u011f\u0131daki gibi \u00f6zetlenebilir:<\/p>\n\n\n\n<ul>\n<li>Y\u00f6neticinin devretti\u011fi ve y\u00f6neticinin sat\u0131n ald\u0131\u011f\u0131 durum<\/li>\n\n\n\n<li>Y\u00f6neticinin devretti\u011fi ve yat\u0131r\u0131mc\u0131n\u0131n sat\u0131n ald\u0131\u011f\u0131 durum<\/li>\n\n\n\n<li>Yat\u0131r\u0131mc\u0131n\u0131n devretti\u011fi ve y\u00f6neticinin sat\u0131n ald\u0131\u011f\u0131 durum<\/li>\n\n\n\n<li>Yat\u0131r\u0131mc\u0131n\u0131n devretti\u011fi ve yat\u0131r\u0131mc\u0131n\u0131n sat\u0131n ald\u0131\u011f\u0131 durum<\/li>\n<\/ul>\n\n\n\n<p>Yat\u0131r\u0131mc\u0131n\u0131n hisse senetlerini devretti\u011fi durumlarda, hisse senetlerinin sat\u0131labilmesi yeterli oldu\u011fu i\u00e7in, y\u00f6neticinin mi yoksa yat\u0131r\u0131mc\u0131n\u0131n m\u0131 sat\u0131n alaca\u011f\u0131 konusunda genellikle bir sorun yoktur. Ayr\u0131ca, y\u00f6neticiler a\u00e7\u0131s\u0131ndan, hisse senetlerinin uygun olmayan \u00fc\u00e7\u00fcnc\u00fc ki\u015filere sat\u0131lmas\u0131ndan ziyade, kendilerinin sat\u0131n almay\u0131 tercih edece\u011fi durumlar da s\u0131k\u00e7a g\u00f6r\u00fcl\u00fcr. Bu nedenle, yat\u0131r\u0131mc\u0131n\u0131n hisse senetlerini devretti\u011fi durumlarda, y\u00f6neticinin \u00f6ncelikli olarak sat\u0131n almay\u0131 ger\u00e7ekle\u015ftirmesi konusunda belirli bir mant\u0131kl\u0131l\u0131k vard\u0131r.<\/p>\n\n\n\n<p>Bu nedenle, \u00f6ncelikli sat\u0131n alma hakk\u0131 ve \u00f6ncelikli al\u0131m hakk\u0131n\u0131n, y\u00f6neticilere tan\u0131nd\u0131\u011f\u0131 durumlar da s\u0131k\u00e7a g\u00f6r\u00fcl\u00fcr. Ayr\u0131ca, \u00f6ncelikli sat\u0131n alma hakk\u0131 ve \u00f6ncelikli al\u0131m hakk\u0131 ile ilgili olarak, yukar\u0131daki 2. ama\u00e7 ger\u00e7ekle\u015ftirilemezse, k\u0131smi de\u011fil, tam sat\u0131n alma yap\u0131lmas\u0131 genellikle tercih edilir.<\/p>\n\n\n\n<p>Ve birden fazla hisse senedi devredildi\u011finde, birden fazla ki\u015fi \u00f6ncelikli sat\u0131n alma hakk\u0131 ve \u00f6ncelikli al\u0131m hakk\u0131n\u0131 kullan\u0131yorsa, bu haklar\u0131 kullanan ki\u015filerin hisse senetlerini orant\u0131l\u0131 olarak sat\u0131n almas\u0131 genellikle uygulan\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ortak_Satis_Hakki_ve_Devir_Katilim_Hakki_Hukumleri\"><\/span>Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 H\u00fck\u00fcmleri<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\/2019\/10\/shutterstock_1204727524-1024x575.jpg\" alt=\"\" class=\"wp-image-5300\" \/><figcaption class=\"wp-element-caption\">Ortak sat\u0131\u015f hakk\u0131 ve devir kat\u0131l\u0131m hakk\u0131 h\u00fck\u00fcmleri, az\u0131nl\u0131k hissedarlar i\u00e7in \u00f6nemlidir.<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ortak_Satis_Hakki_ve_Devir_Katilim_Hakki_Nedir\"><\/span>Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ortak sat\u0131\u015f hakk\u0131 ve devir kat\u0131l\u0131m hakk\u0131, belirli bir hissedar\u0131n hisselerini satmaya karar verdi\u011finde, di\u011fer hissedarlar\u0131n da hisselerini ortakla\u015fa satma hakk\u0131, yani kendi hisselerini satma f\u0131rsat\u0131n\u0131 garanti alt\u0131na alma talebinde bulunma hakk\u0131d\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ortak_Satis_Hakki_ve_Devir_Katilim_Hakki_Hukumlerinin_Amaci\"><\/span>Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 H\u00fck\u00fcmlerinin Amac\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ortak sat\u0131\u015f hakk\u0131 ve devir kat\u0131l\u0131m hakk\u0131 h\u00fck\u00fcmlerinin ana amac\u0131, hissedarlar aras\u0131nda hisse sat\u0131\u015f f\u0131rsatlar\u0131n\u0131 payla\u015farak, belirli bir hissedar\u0131n tek ba\u015f\u0131na hisselerini sat\u0131p kar elde etme durumunu \u00f6nlemektir. \u00d6zellikle az\u0131nl\u0131k hissedarlar i\u00e7in, b\u00fcy\u00fck hissedarlar\u0131n hisselerini sat\u0131p \u015firketin ana \u015firketi veya \u015firket yap\u0131s\u0131n\u0131n de\u011fi\u015fti\u011fi durumlar beklenmedik bir \u015fekilde ortaya \u00e7\u0131kabilir ve bu durumda hisse sat\u0131\u015f f\u0131rsat\u0131n\u0131 ka\u00e7\u0131rabilirler. Bu durum, \u00e7\u0131k\u0131\u015f (Exit) ile kar elde etme f\u0131rsat\u0131n\u0131 kaybetme riskini de beraberinde getirebilir.<\/p>\n\n\n\n<p>Bu nedenle, ortak sat\u0131\u015f hakk\u0131 ve devir kat\u0131l\u0131m hakk\u0131 h\u00fck\u00fcmleri, az\u0131nl\u0131k hissedarlar i\u00e7in \u00f6zellikle \u00f6nemli h\u00fck\u00fcmlerdir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ortak_Satis_Hakki_ve_Devir_Katilim_Hakki_Yoneticilere_Taninabilir_mi\"><\/span>Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 Y\u00f6neticilere Tan\u0131nabilir mi?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ortak sat\u0131\u015f hakk\u0131 ve devir kat\u0131l\u0131m hakk\u0131n\u0131n kullan\u0131lmas\u0131 sonucu sat\u0131\u015fa kat\u0131l\u0131m durumlar\u0131 a\u015fa\u011f\u0131daki gibi \u00f6zetlenebilir:<\/p>\n\n\n\n<ul>\n<li>Y\u00f6neticinin hisselerini devretti\u011fi durumda, y\u00f6neticinin kat\u0131l\u0131m\u0131<\/li>\n\n\n\n<li>Y\u00f6neticinin hisselerini devretti\u011fi durumda, yat\u0131r\u0131mc\u0131n\u0131n kat\u0131l\u0131m\u0131<\/li>\n\n\n\n<li>Yat\u0131r\u0131mc\u0131n\u0131n hisselerini devretti\u011fi durumda, y\u00f6neticinin kat\u0131l\u0131m\u0131<\/li>\n\n\n\n<li>Yat\u0131r\u0131mc\u0131n\u0131n hisselerini devretti\u011fi durumda, yat\u0131r\u0131mc\u0131n\u0131n kat\u0131l\u0131m\u0131<\/li>\n<\/ul>\n\n\n\n<p>\u00d6ncelikli sat\u0131n alma hakk\u0131 ve \u00f6ncelikli al\u0131m hakk\u0131 konusunda, y\u00f6neticilere tan\u0131nmas\u0131n\u0131n belirli bir mant\u0131\u011f\u0131 oldu\u011funu ve y\u00f6neticilere tan\u0131nan durumlar\u0131n da yayg\u0131n oldu\u011funu belirtmi\u015ftik.<\/p>\n\n\n\n<p>Ancak, ortak sat\u0131\u015f hakk\u0131 ve devir kat\u0131l\u0131m hakk\u0131 s\u00f6z konusu oldu\u011funda, genellikle y\u00f6neticilere tan\u0131nmaz. VC gibi yat\u0131r\u0131mc\u0131lar i\u00e7in, ortak sat\u0131\u015f hakk\u0131 ve devir kat\u0131l\u0131m hakk\u0131n\u0131 tan\u0131yarak, belirli bir d\u00f6nemde devir f\u0131rsat\u0131n\u0131 garanti alt\u0131na alma gereklili\u011fi ve mant\u0131\u011f\u0131 vard\u0131r.<\/p>\n\n\n\n<p>\u00d6te yandan, y\u00f6neticiler i\u00e7in, VC gibi yat\u0131r\u0131mc\u0131lardan farkl\u0131 olarak, ana hedef \u015firkete yat\u0131r\u0131m yapmak de\u011fil, \u015firketi y\u00f6netmektir. Bu nedenle, y\u00f6neticiler i\u00e7in, VC gibi yat\u0131r\u0131mc\u0131lardan farkl\u0131 olarak, ortak sat\u0131\u015f hakk\u0131 ve devir kat\u0131l\u0131m hakk\u0131n\u0131 tan\u0131yarak, belirli bir d\u00f6nemde devir f\u0131rsat\u0131n\u0131 garanti alt\u0131na alma gereklili\u011fi ve mant\u0131\u011f\u0131 kabul edilmez ve genellikle ortak sat\u0131\u015f hakk\u0131 ve devir kat\u0131l\u0131m hakk\u0131 tan\u0131nmaz.<\/p>\n\n\n\n<p>Ancak, ba\u015flang\u0131\u00e7ta y\u00f6neticinin hisselerini devretmesi planlan\u0131yorsa, istisnai olarak ortak sat\u0131\u015f hakk\u0131 ve devir kat\u0131l\u0131m hakk\u0131 tan\u0131nabilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ortak_Satis_Hakki_ve_Devir_Katilim_Hakki_Hukumlerinin_Belirlenmesi_Sirasinda_Dikkat_Edilmesi_Gerekenler\"><\/span>Ortak Sat\u0131\u015f Hakk\u0131 ve Devir Kat\u0131l\u0131m Hakk\u0131 H\u00fck\u00fcmlerinin Belirlenmesi S\u0131ras\u0131nda Dikkat Edilmesi Gerekenler<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ortak sat\u0131\u015f hakk\u0131 ve devir kat\u0131l\u0131m hakk\u0131 s\u00f6z konusu oldu\u011funda, devrin kabul edilebilir hisse say\u0131s\u0131n\u0131n nas\u0131l belirlenece\u011fi, hisse almay\u0131 isteyen ki\u015finin, hisse al\u0131m talep say\u0131s\u0131n\u0131 de\u011fi\u015ftirdi\u011finde, nas\u0131l bir i\u015flem yap\u0131lmas\u0131 gerekti\u011fi gibi konular\u0131n a\u00e7\u0131k\u00e7a belirlenmesi \u00f6nemlidir.<\/p>\n\n\n\n<p>Ayr\u0131ca, ortak sat\u0131\u015f hakk\u0131 ve devir kat\u0131l\u0131m hakk\u0131, yat\u0131r\u0131m s\u00f6zle\u015fmesinin i\u00e7eri\u011fi olarak, \u00f6ncelikli sat\u0131n alma hakk\u0131 ve \u00f6ncelikli al\u0131m hakk\u0131 ile birlikte belirlenebilir. Bu durumda, her iki h\u00fckm\u00fcn ili\u015fkisinin nas\u0131l d\u00fczenlenece\u011fi konusunda da d\u00fc\u015f\u00fcn\u00fclmesi gerekmektedir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hisse_Senedi_Devri_Hakkinda_Maddeler\"><\/span>Hisse Senedi Devri Hakk\u0131nda Maddeler<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yat\u0131r\u0131m s\u00f6zle\u015fmelerinde, giri\u015fim \u015firketleri ve VC&#8217;ler (Venture Capital &#8211; Risk Sermayesi) aras\u0131ndaki \u00e7\u0131kar ili\u015fkisini d\u00fczenlemek gerekti\u011finden, hisse senedi devri konusunda genellikle bir anla\u015fma yap\u0131l\u0131r. \u00d6rne\u011fin, bir y\u00f6netici hisse senetlerini devretti\u011finde, devir i\u015flemi i\u00e7in VC&#8217;nin onay\u0131n\u0131 gerektiren bir madde belirlenebilir. Ayr\u0131ca, VC&#8217;nin hisse senetlerini devretti\u011fi durumlarda, devir i\u015fleminin serbest\u00e7e yap\u0131labilmesi belirtilebilir. Bu, VC&#8217;nin belirli bir s\u00fcre i\u00e7inde hisse senedi devir f\u0131rsat\u0131n\u0131 garanti alt\u0131na almas\u0131 ve bu durumun makul olmas\u0131 gerekti\u011finden kaynaklanmaktad\u0131r.<\/p>\n\n\n\n<p>Ancak, VC&#8217;nin \u015firket i\u00e7in uygun olmayan bir ki\u015fiye serbest\u00e7e hisse senedi devredebilmesi durumunda, \u015firketin zarar g\u00f6rmesi de m\u00fcmk\u00fcnd\u00fcr. Bu nedenle, VC&#8217;nin hisse senedi devri genellikle serbest b\u0131rak\u0131l\u0131rken, belirli ki\u015filere devir i\u015flemi i\u00e7in \u015firketin onay\u0131n\u0131 gerektiren bir madde belirlenebilir. Bu, devir i\u015fleminin k\u0131smen s\u0131n\u0131rlanmas\u0131 ve bu konuda m\u00fczakerelerin yap\u0131lmas\u0131 gerekti\u011fi anlam\u0131na gelir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Drag_Along_Hakki_Hakkindaki_Madde\"><\/span>Drag Along Hakk\u0131 Hakk\u0131ndaki Madde<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Drag Along Hakk\u0131, zorunlu sat\u0131\u015f hakk\u0131 olarak da bilinir ve &#8220;belirli ko\u015fullar\u0131n kar\u015f\u0131land\u0131\u011f\u0131 durumlarda, yat\u0131r\u0131mc\u0131n\u0131n y\u00f6netim kadrosunu ve di\u011fer hissedarlar\u0131 da dahil ederek M&amp;A veya \u00e7\u0131k\u0131\u015f\u0131 zorla ger\u00e7ekle\u015ftirebilme hakk\u0131&#8221; (Tetsuya Isozaki&#8217;nin &#8220;Giri\u015fimcilikte \u00d6z Sermaye Finansman\u0131&#8221; kitab\u0131n\u0131n 139. sayfas\u0131) anlam\u0131na gelir. Drag Along Hakk\u0131 hakk\u0131nda daha fazla bilgi i\u00e7in a\u015fa\u011f\u0131daki makaleye ba\u015fvurabilirsiniz.<\/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\n<p>Yukar\u0131da, yat\u0131r\u0131m s\u00f6zle\u015fmelerindeki hisse senetleri ile ilgili maddeleri a\u00e7\u0131klad\u0131k. Hisse senetleri ile ilgili maddeler, hisse senedi sahiplik oranlar\u0131 ve \u00e7\u0131k\u0131\u015f durumundaki getirileri de etkileyen unsurlard\u0131r, bu nedenle hem \u015firketler hem de VC gibi yat\u0131r\u0131mc\u0131lar i\u00e7in \u00f6nemli maddelerdir. Bu y\u00fczden, bu maddelerin yat\u0131r\u0131m s\u00f6zle\u015fmesinde a\u00e7\u0131k\u00e7a belirlenmesi gerekmektedir.<\/p>\n\n\n\n<p>Ancak, yat\u0131r\u0131m s\u00f6zle\u015fmelerindeki hisse senetleri ile ilgili maddelerin incelenmesi konusunda, uzman bilgisi gerekti\u011fi i\u00e7in, bir avukat\u0131n yat\u0131r\u0131m s\u00f6zle\u015fmesini haz\u0131rlamas\u0131 veya bir avukattan tavsiye al\u0131nmas\u0131 tercih edilir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yat\u0131r\u0131m s\u00f6zle\u015fmesinin i\u00e7eri\u011fi olarak \u00e7e\u015fitli maddeler belirlenir, ancak hisse senetleri ile ilgili maddeler belirlenebilir. Hisse senetleri ile ilgili maddeler, yat\u0131r\u0131mc\u0131lar a\u00e7\u0131s\u0131ndan bak\u0131ld\u0131\u011f\u0131nda, ya [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63396,"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\/61578"}],"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=61578"}],"version-history":[{"count":3,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61578\/revisions"}],"predecessor-version":[{"id":63397,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61578\/revisions\/63397"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media\/63396"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media?parent=61578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/categories?post=61578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/tags?post=61578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}