{"id":686,"date":"2018-03-20T10:50:09","date_gmt":"2018-03-20T07:50:09","guid":{"rendered":"https:\/\/bolayirdogancelik.com\/?p=686"},"modified":"2026-04-14T08:27:46","modified_gmt":"2026-04-14T08:27:46","slug":"employee-stock-option-calisanlara-hisse-senedi-edindirme-opsiyonu","status":"publish","type":"post","link":"https:\/\/bolayirdogancelik.com\/en\/employee-stock-option-calisanlara-hisse-senedi-edindirme-opsiyonu\/","title":{"rendered":"Employee Stock Option: \u00c7al\u0131\u015fanlara Hisse Senedi Edindirme Opsiyonu"},"content":{"rendered":"<p>Yazarlar: T. G\u00f6kmen BOLAYIR, MBA \u2013 Pelinsu B\u00dcY\u00dcKSARA\u00c7 \u2013 Bolay\u0131r &amp; Do\u011fan\u00e7elik Avukatl\u0131k B\u00fcrosu<\/p>\n<p>\u2018<strong>Employee Stock Option<\/strong>\u2019, T\u00fcrk\u00e7e deyimiyle \u00c7al\u0131\u015fanlara Hisse Senedi Edindirme Opsiyonu tan\u0131nmas\u0131 T\u00fcrkiye\u2019de kula\u011fa yabanc\u0131 gelse de ba\u015fta ABD olmak \u00fczere d\u00fcnyada genellikle halka a\u00e7\u0131k \u015firketler taraf\u0131ndan kullan\u0131lan yayg\u0131n bir uygulama olmakla birlikte \u00fclkemizde \u00e7ok uluslu \u015firketler haricinde hen\u00fcz yeterince uygulama alan\u0131 bulamam\u0131\u015f bir kavram olarak kar\u015f\u0131m\u0131za \u00e7\u0131kmaktad\u0131r. \u015eirketler taraf\u0131ndan, \u00e7al\u0131\u015fanlar\u0131n\u0131n \u015firkete ba\u011fl\u0131l\u0131\u011f\u0131n\u0131 ve i\u015f motivasyonunu artt\u0131rmay\u0131 ama\u00e7layan bu uygulama bahse konu halka a\u00e7\u0131k veya kapal\u0131 bir \u015firketin kar\u015f\u0131l\u0131\u011f\u0131nda bir bedel alarak ya da bedelsiz bir \u015fekilde hisselerinin \u00e7al\u0131\u015fan\u0131na devredilmesi bi\u00e7iminde uygulama alan\u0131 bulmaktad\u0131r.<\/p>\n<p>Bu \u00e7e\u015fitlilik aras\u0131nda en fazla uygulama alan\u0131 bulan y\u00f6ntem ise Hisse Opsiyon S\u00f6zle\u015fmesi y\u00f6ntemidir.<\/p>\n<p>\u00c7al\u0131\u015fanlara Y\u00f6nelik Hisse Senedi Edindirme Opsiyonlar\u0131n\u0131n en basit anlat\u0131mla 3 a\u015famas\u0131 bulunmaktad\u0131r:<\/p>\n<ul>\n<li><strong>Granting Date:<\/strong> \u00c7al\u0131\u015fana hissenin vaat edildi\u011fi tarihte yani \u015firketin \u00e7al\u0131\u015fan\u0131na hisse edindirme opsiyonu tan\u0131mas\u0131 do\u011frultusunda \u00e7al\u0131\u015fan taraf\u0131ndan yerine getirmesi gereken ve \u015firket\u00e7e beklenilen belirli \u015fartlar\u0131n sunulmas\u0131.<\/li>\n<li><strong>Vesting Time:<\/strong> \u00c7al\u0131\u015fana \u015firket\u00e7e sunulan \u015fartlar\u0131n (\u015eirkette belirli bir \u00e7al\u0131\u015fma s\u00fcresini doldurma, belirli bir performans d\u00fczeyine ula\u015fma gibi.) \u00e7al\u0131\u015fan taraf\u0131ndan ger\u00e7ekle\u015ftirildi\u011fi, \u00e7al\u0131\u015fan\u0131n belirli performans \u00f6l\u00e7\u00fctlerine ula\u015ft\u0131\u011f\u0131 bir nevi hak edim s\u00fcresi olarak adland\u0131r\u0131lan s\u00fcre\u00e7.<\/li>\n<li><strong>Exercise Date:<\/strong> Vesting Time ad\u0131 verilen s\u00fcrecin sonunda \u015firket ile \u00e7al\u0131\u015fan\u0131 aras\u0131ndaki s\u00f6zle\u015fme ko\u015fullar\u0131n\u0131n da ger\u00e7ekle\u015fmesi ile birlikte \u00e7al\u0131\u015fan taraf\u0131ndan vaat edilen haklar elde edilmi\u015f say\u0131lmaktad\u0131r. \u00c7al\u0131\u015fan\u0131n vaat edilen hisseleri bedelsiz olarak veya piyasa fiyat\u0131ndan d\u00fc\u015f\u00fck bir bedelle iktisap etti\u011fi s\u00fcre\u00e7tir.<\/li>\n<\/ul>\n<p>\u00d6nceleri yaln\u0131zca \u00fcst d\u00fczey y\u00f6neticiler i\u00e7in uygulanan \u00c7al\u0131\u015fanlara Hisse Edindirme Planlar\u0131 80\u2019lerden itibaren uygulama alan\u0131n\u0131 daha da geni\u015fleterek kilit konumdaki \u00e7al\u0131\u015fanlar\u0131 \u00f6d\u00fcllendirmeyi ve \u00e7al\u0131\u015fanlar ile \u015firket aras\u0131nda bir menfaat ba\u011f\u0131 kurmay\u0131 ama\u00e7lam\u0131\u015ft\u0131r. Zira kurulan bu menfaat ile \u00e7al\u0131\u015fanlar\u0131n \u015firkete ba\u011fl\u0131l\u0131\u011f\u0131 artmakta, \u00e7al\u0131\u015fanlar \u015firketin ama\u00e7lar\u0131na y\u00f6nelik \u00e7al\u0131\u015fmalar\u0131n\u0131 daha etkin bir \u015fekilde ger\u00e7ekle\u015ftirmektedirler. Bir nevi \u00e7al\u0131\u015fanlar\u0131n \u015firket sahibi gibi d\u00fc\u015f\u00fcn\u00fcp hareket etmesi bu sayede sa\u011flanmaktad\u0131r. Ayr\u0131ca bu uygulama \u015firketlerin nitelikli \u00e7al\u0131\u015fanlar\u0131n\u0131 kaybetme, rakip \u015firketlere kapt\u0131rma korkusunu da azaltmaktad\u0131r, \u00f6zellikle \u00e7al\u0131\u015fanlar\u0131na y\u00fcksek \u00fccret \u00f6deme durumunda kalan \u015firketlerde \u00e7al\u0131\u015fanlar ile yap\u0131lan s\u00f6zle\u015fme do\u011frultusunda \u00e7al\u0131\u015fan\u0131n iktisap etti\u011fi hisse \u00fccret niteli\u011finde de\u011ferlendirilirse \u015firketten nakit \u00e7\u0131k\u0131\u015f\u0131 da s\u00f6z konusu olmamaktad\u0131r.<\/p>\n<p>\u00c7al\u0131\u015fanlara Hisse Senedi Edindirme Opsiyonunun \u00fclkemizde uygulama alan\u0131 bulamamas\u0131n\u0131n \u00f6n\u00fcndeki en b\u00fcy\u00fck engellerden biri 6762 say\u0131l\u0131 Eski T\u00fcrk Ticaret Kanunu (\u201ceTTK\u201d) kapsam\u0131nda \u015firketlerin ortaklar\u0131n paylar\u0131n\u0131 temsil eden hisse senetlerini say\u0131lan istisna haller d\u0131\u015f\u0131nda sat\u0131n alamayaca\u011f\u0131 ve rehin olarak da kabul edemeyece\u011fi ve buna ili\u015fkin d\u00fczenlenen s\u00f6zle\u015fmelerin de ge\u00e7ersiz say\u0131laca\u011f\u0131n\u0131n d\u00fczenlenmesiydi. \u015eirketin kendi paylar\u0131n\u0131 sat\u0131n veya rehin alabilece\u011fi istisnai haller eTTK\u2019 da \u015fu \u015fekildeydi;<\/p>\n<ol>\n<li>Hisse senetleri \u015firketin sermayesinin azalt\u0131lmas\u0131na dair bir karara dayan\u0131larak devral\u0131nm\u0131\u015fsa,<\/li>\n<li>Hisse senetleri \u015firketin kurulmas\u0131 veya esas sermayenin \u00e7o\u011falt\u0131lmas\u0131 dolay\u0131s\u0131yla vaki olan i\u015ftirak taahh\u00fcd\u00fcnden ba\u015fka bir sebepten do\u011fan \u015firket alacaklar\u0131n\u0131n \u00f6denmesi maksad\u0131yla devral\u0131nm\u0131\u015fsa,<\/li>\n<li>Hisse senetleri bir mamelekin veya i\u015fletmenin bor\u00e7 ve alacaklar\u0131yla beraber temell\u00fck edilmesi neticesinde \u015firkete ge\u00e7mi\u015fse,<\/li>\n<li>Hisse senetlerinin devir veya rehin al\u0131nmas\u0131 ana s\u00f6zle\u015fmeye g\u00f6re \u015firket konusuna giren faaliyetlerden ise,<\/li>\n<li>Hisse senetleri y\u00f6netim kurulu \u00fcyeleri, m\u00fcd\u00fcrler ve memurlar taraf\u0131ndan kendilerine bu s\u0131fatla d\u00fc\u015fen m\u00fckellefiyetlere kar\u015f\u0131 rehin olarak yat\u0131r\u0131lm\u0131\u015f ise,<\/li>\n<li>Temell\u00fck ivazs\u0131z ise.<\/li>\n<\/ol>\n<p>Ancak 6102 say\u0131l\u0131 Yeni T\u00fcrk Ticaret Kanunu ile \u00e7al\u0131\u015fanlara hisse edindirme opsiyonu tan\u0131nmas\u0131n\u0131n \u00f6n\u00fcndeki engeller kald\u0131r\u0131lm\u0131\u015ft\u0131r. \u015eirketlere esas s\u00f6zle\u015fmede \u015firketin y\u00f6neticileri, \u00e7al\u0131\u015fanlar\u0131 ve i\u015f\u00e7ileri i\u00e7in yard\u0131m kurulu\u015flar\u0131 kurulmas\u0131 veya bunlar\u0131n s\u00fcrd\u00fcr\u00fclebilmesi amac\u0131yla veya bu amac\u0131 ta\u015f\u0131yan kamu t\u00fczel ki\u015filerine verilmek \u00fczere yedek ak\u00e7e ayr\u0131labilece\u011fi d\u00fczenlenmi\u015ftir.<\/p>\n<p>Bununla birlikte; genel kurul taraf\u0131ndan yeni \u00e7\u0131kar\u0131lan tahviller veya benzeri bor\u00e7lanma ara\u00e7lar\u0131 vas\u0131tas\u0131yla, \u015firket \u00e7al\u0131\u015fanlar\u0131na, esas s\u00f6zle\u015fmede d\u00fczenlenen al\u0131m haklar\u0131n\u0131 kullanmak yoluyla yeni paylar\u0131 edinmek hakk\u0131 sa\u011flamak suretiyle, sermayenin \u015farta ba\u011fl\u0131 art\u0131r\u0131lmas\u0131na karar verebilme yetkisi tan\u0131nabilece\u011fi d\u00fczenlenmi\u015ftir. Genel kurula verilen bu yetki \u015firketlerin kendi paylar\u0131n\u0131n sat\u0131n alabilmesi ve rehin olarak kabul edilebilmesinin esas veya \u00e7\u0131kar\u0131lm\u0131\u015f sermayelerinin onda birini a\u015fmayacak miktarda en \u00e7ok be\u015f y\u0131l i\u00e7in verilebilmektedir. B\u00f6ylece \u015firketlerin \u00e7al\u0131\u015fanlar\u0131n\u0131 \u00f6d\u00fcllendirme ama\u00e7l\u0131 prim veya avans olarak yeni hisseler \u00e7\u0131kar\u0131p \u00e7al\u0131\u015fanlar\u0131na devredebilmelerinin \u00f6n\u00fc a\u00e7\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>Ayr\u0131ca kredi ve finans kurumlar\u0131n\u0131n i\u015fletme konular\u0131 i\u00e7ine giren i\u015flemlere ve \u015firketin veya onun ba\u011fl\u0131 \u015firketlerinin \u00e7al\u0131\u015fanlar\u0131na, \u015firketin paylar\u0131n\u0131 iktisap edebilmeleri i\u00e7in, avans, \u00f6d\u00fcn\u00e7 ve teminat verilmesine ili\u015fkin hukuki i\u015flemlerin ge\u00e7erlili\u011fi de a\u00e7\u0131k\u00e7a d\u00fczenlenmi\u015ftir.<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Yazarlar: T. G\u00f6kmen BOLAYIR, MBA \u2013 Pelinsu B\u00dcY\u00dcKSARA\u00c7 \u2013 Bolay\u0131r &amp; Do\u011fan\u00e7elik Avukatl\u0131k B\u00fcrosu \u2018Employee Stock Option\u2019, T\u00fcrk\u00e7e deyimiyle \u00c7al\u0131\u015fanlara Hisse Senedi Edindirme Opsiyonu tan\u0131nmas\u0131 T\u00fcrkiye\u2019de kula\u011fa yabanc\u0131 gelse de ba\u015fta ABD olmak \u00fczere d\u00fcnyada genellikle halka a\u00e7\u0131k \u015firketler taraf\u0131ndan kullan\u0131lan yayg\u0131n bir uygulama olmakla birlikte \u00fclkemizde \u00e7ok uluslu \u015firketler haricinde hen\u00fcz yeterince uygulama alan\u0131&hellip;&nbsp;<a href=\"https:\/\/bolayirdogancelik.com\/en\/employee-stock-option-calisanlara-hisse-senedi-edindirme-opsiyonu\/\" rel=\"bookmark\"><span class=\"screen-reader-text\">Employee Stock Option: \u00c7al\u0131\u015fanlara Hisse Senedi Edindirme Opsiyonu<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":2218,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":"","_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[4,26,33,34],"tags":[],"class_list":["post-686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-genel-makaleler","category-sirketler-hukuku","category-sozlesmeler-hukuku","category-ticaret-hukuku"],"_links":{"self":[{"href":"https:\/\/bolayirdogancelik.com\/en\/wp-json\/wp\/v2\/posts\/686","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bolayirdogancelik.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bolayirdogancelik.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bolayirdogancelik.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bolayirdogancelik.com\/en\/wp-json\/wp\/v2\/comments?post=686"}],"version-history":[{"count":1,"href":"https:\/\/bolayirdogancelik.com\/en\/wp-json\/wp\/v2\/posts\/686\/revisions"}],"predecessor-version":[{"id":2188,"href":"https:\/\/bolayirdogancelik.com\/en\/wp-json\/wp\/v2\/posts\/686\/revisions\/2188"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bolayirdogancelik.com\/en\/wp-json\/wp\/v2\/media\/2218"}],"wp:attachment":[{"href":"https:\/\/bolayirdogancelik.com\/en\/wp-json\/wp\/v2\/media?parent=686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bolayirdogancelik.com\/en\/wp-json\/wp\/v2\/categories?post=686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bolayirdogancelik.com\/en\/wp-json\/wp\/v2\/tags?post=686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}