This is a "Right of First Refusal and Co-Sale Agreement." It is entered into by the corporation and the purchasers of preferred stock. It gives the company and the purchasers of preferred stock certain rights of refusal and options upon the transfer of stock.
Tennessee Right of First Refusal and Co-Sale Agreement
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US-TC0211A
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How to fill out Right Of First Refusal And Co-Sale Agreement?
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FAQ
Is the right of first refusal a good idea? The right of first refusal can be a good idea in that it allows a potential buyer to have first dibs on a property, providing a sense of security and control. Sellers don't have to worry about listing the property and can save it for preferred buyers.
Right of first refusal in real estate is a clause that gives a potential buyer the first opportunity to purchase a piece of property. It's common with, but not limited to, renters looking to buy from their landlords and families prepping for estate inheritances.
What happens if a right of first refusal is triggered by the owner receiving another offer, but the holder does not exercise the right before the time period to do so expires? The holder of the right loses the opportunity to exercise the right and the property owner can accept any offer they want to accept.
A right of first refusal is a fairly common clause in some business contracts that essentially gives a party the first crack at making an offer in a particular transaction.
ROFR is a contractual obligation that binds both a prospective real estate buyer ? for example, a potential homeowner looking for an apartment, condo or single-family residence ? and a seller.
Right of first refusal and co-sale agreement or ROFR for short, involves an agreement or clause that mandates a party provides notice before a transaction. Additionally, this agreement requires that an option is provided for the other party to refuse this transaction.
In some cases, a right of first refusal may give the holder the right to purchase the property at a specified ?bargain? price. Such provisions may be held unenforceable, especially if it is apparent that the specified price is significantly less than fair market value.
Tag-along rights also referred to as "co-sale rights," are contractual obligations used to protect a minority shareholder, usually in a venture capital deal. If a majority shareholder sells his stake, it gives the minority shareholder the right to join the transaction and sell their minority stake in the company.