/Docs/G/GalionProject-TermSheet-CmA/Sec/First-Refusal/0.md
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Ti = Right of First Refusal
0.sec = The {_New_Investors} and the {_Active_Founders} will have a right of first refusal on any shares proposed to be transferred by any shareholder, with a right of oversubscription, except for transfers
1.sec = to an affiliate entity,
2.sec = to the {_Company},
3.sec = to a fully own holding company for estate purposes or
4.sec = by any investment fund to a secondary fund in the context of the liquidation of the transferor (“Free Transfers”),
00.sec = in all cases subject to customary limitations and provided that the {_Active_Founders} shall have priority over any shares proposed to be transferred by the {_Seed_Investors} or the {_Founders}.
= [G/Z/ol/s2]
= [G/Z/ol/Base]