Company first and Investors second (to the extent assigned by the Board of Directors,) have a right of first refusal with respect to any shares of capital stock of the Company proposed to be sold by Founders [and employees holding greater than [5]% of Company Common Stock (assuming conversion of Preferred Stock)], with a right of oversubscription for Investors of shares unsubscribed by the other Investors. 

Before any such person may sell Common Stock, he will give the Investors an opportunity to participate in such sale on a basis proportionate to the amount of securities held by the seller and those held by the participating Investors. 

1、其实上述条款讲的是Right of first Refusal，没有提到Right of Co-Sale (Take-me-Along），美国风险投资合同中有一专门协议供参考：Right of first refusal/co-sale agreement and voting agreement。Take-me-Along是发生在执行Right of first Refusal之后还有股份未出售时行使的。先讲一下Rights of Rirst Refusal和Preemptive Rights。

直译的话，Rights of Rirst Refusal为“第一拒绝权”，Preemptive Rights为“优先购买权”，可谁明白是讲什么呀？

      

      有限责任公司的股东之间可以相互转让其全部或者部分股权。

　　股东向股东以外的人转让股权，应当经其他股东过半数同意。股东应就其股权转让事项书面通知其他股东征求同意，其他股东自接到书面通知之日起满三十日未答复的，视为同意转让。其他股东半数以上不同意转让的，不同意的股东应当购买该转让的股权；不购买的，视为同意转让。

　　经股东同意转让的股权，在同等条件下，其他股东有优先购买权。两个以上股东主张行使优先购买权的，协商确定各自的购买比例；协商不成的，按照转让时各自的出资比例行使优先购买权。

　　公司章程对股权转让另有规定的，从其规定。

这个和Rights of Rirst Refusal很像。

Rights of First Refusal（ROFR）是指创始人及团队核心成员（即原始股东，an original party to the Shareholders’Agreement，之后加入的股东签订Deed of Adherence）出售股份时，公司及其他现有股东在同等价格条件下有优先权。所以，Rights of First Refusal翻为“优先购买权”。

Preemptive Rights/Pre-emption Rights是指在公司进行新一轮融资时，老股东有买入与其持股比例相当的新股的优先权，以维持其在企业的投票权比例不变，又称等比购买权（Right to Participate Pro Rata in Future Rounds）。所以，Preemptive Rights翻为“优先认购权”。

我还见过这样的翻译，把意思全翻出来也不错：Rights of First Refusal翻为“股权优先受让权”，Preemptive Rights翻为“新股优先认购权”。

2、（Investopedia ）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 take, it gives the minority shareholder the right to join the transaction and sell his minority stake in the company. Tag-alongs effectively oblige the majority shareholder to include the holdings of the minority holder in the negotiations in order to facilitate the possibility that a tag-along right is exercised.

Tag-along rights gives minority shareholders the ability to capitalize on a deal that a larger shareholder, often a financial institution with considerable pull, is able to put together. Large shareholders, like venture capital firms, often have greater ability to source buyers and negotiate payment terms. Tag along-rights, therefore, provide minority shareholders with greater liquidity. This is because private equity shares are incredibly hard to sell, and majority shareholders are often able to facilitate purchases and sales on the secondary market. Cofounders, angel investors and venture capital firms alike often rely on tag-along rights.

简而言之，Tag-along rights（随售权），即某一方出售股权，其他一方或几方也有权要求以同等股价一起出售股权，是保护少数股东利益的。 

随售权目前看到以下两种应用方式：

（1）Investopedia举了个例子，创始人及团队核心成员（即原始股东）占少数股权，和占多数股权的风险投资者约定随售权。因为私募股权很难找到买家，而风险投资者通常路道粗。在风险投资者赚足利润后想退股，他能谈个好价钱，找到合适的买家，那么原始股东就想搭顺风车，一同卖掉自己的股权。

（2）英国公司章程里举了另一个例子

15.1 Subject to Article 15.2 if the effect of any transfer of Shares by a Seller would, if completed, result in the transferee together with persons acting in concert（一致行动人） or  connected with that transferee obtaining a Controlling Interest, the Seller shall procure the making, by the proposed transferee of the Seller’s Shares, of a Tag  Along Offer to all of the other holders of shares of the Company. Every holder or recipient of such offer, on receipt of a Tag Along Offer, shall be bound within 20  Business Days of the date of such offer (which date shall be specified therein) either to accept or reject such offer in writing (and in default of so doing shall be  deemed to have rejected the offer). Until such Tag Along Offer has been made and completed the Board shall not sanction the making and registration of the relevant transfer or transfers.

大概意思是说，若一股东出售股权会导致受让方及其一致行动人、关联人一起占控股权益，必须促使受让方向其他股东发出以同等股价购买股权的要约，其他股东可以为了保护自己的权益，接受该要约。这一般是指权利人（通常是少数股东）有权按照其出资比例参与到其他股东（通常是原始股东、多数股东）拟出售股权的交易中，以相同价格和条件出售其股权。

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（Term Sheet）Drag Along

Holders of Preferred Stock and the Founders [and all current and future holders of greater than [5]% of Common Stock (assuming conversion of Preferred Stock and whether then held or subject to the exercise of options)] shall be required to enter into an agreement with the Investors that provides that such stockholders will vote their shares in favor of a Deemed Liquidation Event or transaction in which 50% or more of the voting power of the Company is transferred, approved by [the Board of Directors] [and the holders of a [majority][super majority] of the outstanding shares of Preferred Stock, on an as-converted basis].

（Investopedia ） A drag-along right is a right that enables a majority shareholder to force a minority shareholder to join in the sale of a company. The majority owner doing the dragging must give the minority shareholder the same price, terms and conditions as any other seller. Drag-along rights are designed to protect the majority shareholder.

A drag-along right is normally triggered in the event of a company merger or acquisition. This provision is important to the sale of many companies because buyers are often looking for complete control of a company, and drag-along rights help to eliminate minority owners and sell 100% of a company's securities to a potential buyer.

This provision prevents any future situation in which a minority shareholder has the ability to block the sale of a company that was already approved by the majority shareholder or a collective majority of existing shareholders. For example, in some cases, although it isn't common, a company shareholder with non-controlling interest is able to negotiate a provision that allows him to prevent a liquidation or sale. Rights like this one are normally outlined in a company's governing agreements, and they sometimes require unanimous consent for sale. In these cases, a majority shareholder's drag-along right supersedes the governing agreements and allows him to force a sale of the company.

3、Drag Along Rights有很多种翻译，如领售权、强卖权、跟售权、强制出售权等。我更赞成“拖售权”的翻法，符合条款含义、简洁、体现Drag的生动性。

Drag-along rights（拖售权），即某一方出售股权，有权要求其他一方或几方也同时出售股权，是保护多数股东利益的。

Investopedia举了个例子，多数股东（即占股超过50%），拖售权通常是发生在并购中的。多数股东想出售股权，但并购决议可能根据公司法或公司章程约定要三分之二、四分之三甚至全票通过才可以通过，那么就触发了该条款，强制少数股东一起出售股权，以使并购事宜达成，受让方100%控股。

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4、Tag Along/Drag Along Rights可以运用在对赌协议中

参考百度文库：对赌协议18个陷阱

对赌协议（Valuation Adjustment Mechanism，VAM)，就是期权的一种形式。对赌协议就是收购方（包括投资方）与出让方（包括融资方）在达成并购（或者融资）协议时，对于未来不确定的情况进行一种约定。如果约定的条件出现，投资方可以行使一种权利；如果约定的条件不出现，融资方则行使一种权利。

（1）财务业绩。因为业绩是估值的直接依据，被投公司想获得高估值，就必须以高业绩作为保障，通常是以“净利润”作为对赌标的。在约定期间未兑现业绩而对投资方进行业绩赔偿（赔股份或赔钱）。

（2）上市时间。比如约定好在一定期间内上市，如果不能上市，就回购投资方的股份或赔钱。

（3）非财务业绩。与财务业绩相对，对赌标的还可以是非财务业绩，包括KPI、用户人数、产量、产品销售量、技术研发等。

（4）关联交易。该条款是指被投公司在约定期间若发生不符合章程规定的关联交易，公司或大股东须按关联交易额的一定比例向投资方赔偿损失。

（5）债权和债务。该条款指若公司未向投资方披露对外担保、债务等，在实际发生赔付后，投资方有权要求公司或大股东赔偿。

（6）竞业限制。公司上市或被并购前，大股东不得通过其他公司或通过其关联方，或以其他任何方式从事与公司业务相竞争的业务。投资方还会要求创始人几年不能离职，如果离职了，几年内不能做同业的事情。

（7）股权转让限制。该条款是指对约定任一方的股权转让设置一定条件，仅当条件达到时方可进行股权转让。

（8）引进新投资者限制。将来新投资者认购公司股份的每股价格不能低于投资方认购时的价格，若低于之前认购价格，投资方的认购价格将自动调整为新投资者认购价格，溢价部分折成公司相应股份。

（9）反稀释权。该条款是指在投资方之后进入的新投资者的等额投资所拥有的权益不得超过投资方，投资方的股权比例不会因为新投资者进入而降低。

（10）优先分红权。公司或大股东签订此条约后，每年公司的净利润要按PE、VC投资金额的一定比例，优先于其他股东分给PE、VC红利。

（11）优先购股权。公司上市前若要增发股份，PE、VC优先于其他股东认购增发的股份。

（12）优先清算权。公司进行清算时，投资人有权优先于其他股东分配剩余财产。

（13）随售权，拖售权

（14）一票否决权。投资方要求在公司股东会或董事会对特定决议事项享有一票否决权。这一权利只能在有限责任公司中实施，《公司法》第43条规定，“有限责任公司的股东会会议由股东按照出资比例行使表决权，公司章程另有规定的除外”。

（15）管理层对赌。在某一对赌目标达不到时由投资方获得被投公司的多数席位，增加其对公司经营管理的控制权。

（16）回购承诺。公司在约定期间若违反约定相关内容，投资方要求公司回购股份。

（17）违约责任。任一方违约的，违约方向守约方支付占实际投资额一定比例的违约金，并赔偿因其违约而造成的损失。

4、随售权和拖售权是否符合上市要求？

Drag along和tag along条款都会使上市公司在上市后增加控股股东变更的几率，造成公司股权随时都可能出现不稳定。通常这种PE条款在上市申报的章程里都要拿掉。证监会关注同股同权。周六参与活动的小伙伴也提到，如果股权转让发生纠纷，通常选择仲裁，打官司很麻烦，中国法院也不懂什么随售权、拖售权、对赌协议的，是无效字眼，需要英文条款来举证。