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.
The Michigan Right of First Refusal and Co-Sale Agreement is a legal document that outlines the rights and obligations of individuals or entities involved in a potential sale or transfer of ownership of a property or asset in the state of Michigan. This agreement has significant implications for both buyers and sellers, as it grants certain parties the opportunity to match or refuse an offer made by a third party. The Right of First Refusal (ROAR) is a provision within this agreement that allows a specified party, usually an existing owner or investor, to have the first opportunity to purchase a property or asset before the owner can accept an offer from an outside party. If another party expresses interest in buying the property, the person or entity with the ROAR must be given the opportunity to match the offer on the same terms and conditions. The Co-Sale Agreement, on the other hand, is another provision within this agreement that addresses the rights of minority owners or stakeholders in case a majority owner intends to sell their interest in the property. This provision ensures that minority owners have the opportunity to sell their shares at the same price and under the same conditions as the majority owner. It is important to note that there may be variations or different types of Michigan Right of First Refusal and Co-Sale Agreements depending on the specific circumstances and parties involved. For example, some agreements may be tailored specifically for real estate transactions, while others may pertain to the sale of corporate stocks or partnership interests. Michigan Right of First Refusal and Co-Sale Agreements are essential in maintaining fairness and protecting the interests of relevant parties. By including such provisions, buyers and sellers can navigate transactions more smoothly and ensure that minority owners or other parties have the opportunity to participate in the sale process on equal terms.The Michigan Right of First Refusal and Co-Sale Agreement is a legal document that outlines the rights and obligations of individuals or entities involved in a potential sale or transfer of ownership of a property or asset in the state of Michigan. This agreement has significant implications for both buyers and sellers, as it grants certain parties the opportunity to match or refuse an offer made by a third party. The Right of First Refusal (ROAR) is a provision within this agreement that allows a specified party, usually an existing owner or investor, to have the first opportunity to purchase a property or asset before the owner can accept an offer from an outside party. If another party expresses interest in buying the property, the person or entity with the ROAR must be given the opportunity to match the offer on the same terms and conditions. The Co-Sale Agreement, on the other hand, is another provision within this agreement that addresses the rights of minority owners or stakeholders in case a majority owner intends to sell their interest in the property. This provision ensures that minority owners have the opportunity to sell their shares at the same price and under the same conditions as the majority owner. It is important to note that there may be variations or different types of Michigan Right of First Refusal and Co-Sale Agreements depending on the specific circumstances and parties involved. For example, some agreements may be tailored specifically for real estate transactions, while others may pertain to the sale of corporate stocks or partnership interests. Michigan Right of First Refusal and Co-Sale Agreements are essential in maintaining fairness and protecting the interests of relevant parties. By including such provisions, buyers and sellers can navigate transactions more smoothly and ensure that minority owners or other parties have the opportunity to participate in the sale process on equal terms.