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.
Right of First Refusal and Co-Sale Agreement
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US-TC0211A
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FAQ
Depending on your needs, the cost of negotiating a right of first refusal for your transaction can vary signficantly. Hourly rates for corporate lawyers in the Priori network with experience negotiating ROFRs can vary from $150 per hour to $550 per hour.
A right of first refusal agreement allows a buyer and seller to enter into an arrangement by which the potential buyer is given the first crack at a property when it goes up for sale.
A right of first refusal agreement allows a buyer and seller to enter into an arrangement by which the potential buyer is given the first crack at a property when it goes up for sale.
The right of first refusal and co-sale (ROFR/Co-sale) work together to prevent a founder or major common shareholder for selling shares without the company and the investors being allowed to purchase the shares or participate in the sale of the shares.
Every RFR should be drafted as either an agreement or a contract (in which the holder gives some consideration, or pays for, the right). It may bind the current owner alone or run with the land. In either case, I would advise having it recorded.
A person holding a right of first refusal has the option to accept a business offer before anyone else. This right covers most assets, including business transactions and real estate. For example, a business owner may have the first right to consider buying or selling a supplier's goods.
The right of first refusal is usually triggered when a third party offers to buy or lease the property owner's asset. Before the property owner accepts this offer, the property holder (the person with the right of first refusal) must be allowed to buy or lease the asset under the same terms offered by the third party.
The right of first refusal applies to sales as well as rentals. And with any sale or rental, the board has the opportunity to exercise its right of first refusal or to waive that right.The bylaws state that if the board does not exercise its rights within a certain period, it is deemed waived.