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 North Dakota Right of First Refusal and Co-Sale Agreement is a legal contract that outlines the terms and conditions related to the rights of certain parties when a property or asset is being sold. It provides specific provisions to protect the interests of the parties involved, especially when it comes to the right of first refusal and co-sale rights. In North Dakota, there are two common types of Right of First Refusal and Co-Sale Agreements: the Right of First Refusal Agreement and the Co-Sale Agreement. 1. Right of First Refusal Agreement: The Right of First Refusal (ROAR) Agreement is a contractual provision that grants a designated party the first opportunity to purchase a property or asset before it is offered to any other prospective buyer. This agreement is commonly utilized in real estate transactions, business partnerships, and investment opportunities. By invoking their right of first refusal, the designated party can match the proposed price or terms from a bona fide offer, thereby securing their position as the buyer. This agreement helps ensure that the party with the right of first refusal has the opportunity to purchase the property or asset on equal footing with any potential buyers. 2. Co-Sale Agreement: A Co-Sale Agreement, also known as a "tag-along" or "drag-along" provision, allows minority shareholders or partners the right to sell their interest in the property or asset along with a majority shareholder or partner. This protects minority stakeholders from being left behind during a sale or transfer of ownership by giving them the opportunity to sell on the same terms and conditions as the majority shareholders. The Co-Sale Agreement is commonly used in business partnerships, joint ventures, and corporate governance. Both the Right of First Refusal Agreement and the Co-Sale Agreement aim to protect the rights of parties involved and ensure fair treatment when dealing with the sale or transfer of a property or asset. Parties entering into such agreements should thoroughly understand the terms and conditions outlined to avoid any misunderstandings or disputes in the future. It's important to consult with legal professionals experienced in North Dakota laws to draft and review these agreements in compliance with the state's legal requirements and to ensure each party's rights are adequately protected.The North Dakota Right of First Refusal and Co-Sale Agreement is a legal contract that outlines the terms and conditions related to the rights of certain parties when a property or asset is being sold. It provides specific provisions to protect the interests of the parties involved, especially when it comes to the right of first refusal and co-sale rights. In North Dakota, there are two common types of Right of First Refusal and Co-Sale Agreements: the Right of First Refusal Agreement and the Co-Sale Agreement. 1. Right of First Refusal Agreement: The Right of First Refusal (ROAR) Agreement is a contractual provision that grants a designated party the first opportunity to purchase a property or asset before it is offered to any other prospective buyer. This agreement is commonly utilized in real estate transactions, business partnerships, and investment opportunities. By invoking their right of first refusal, the designated party can match the proposed price or terms from a bona fide offer, thereby securing their position as the buyer. This agreement helps ensure that the party with the right of first refusal has the opportunity to purchase the property or asset on equal footing with any potential buyers. 2. Co-Sale Agreement: A Co-Sale Agreement, also known as a "tag-along" or "drag-along" provision, allows minority shareholders or partners the right to sell their interest in the property or asset along with a majority shareholder or partner. This protects minority stakeholders from being left behind during a sale or transfer of ownership by giving them the opportunity to sell on the same terms and conditions as the majority shareholders. The Co-Sale Agreement is commonly used in business partnerships, joint ventures, and corporate governance. Both the Right of First Refusal Agreement and the Co-Sale Agreement aim to protect the rights of parties involved and ensure fair treatment when dealing with the sale or transfer of a property or asset. Parties entering into such agreements should thoroughly understand the terms and conditions outlined to avoid any misunderstandings or disputes in the future. It's important to consult with legal professionals experienced in North Dakota laws to draft and review these agreements in compliance with the state's legal requirements and to ensure each party's rights are adequately protected.
