Co-sale rights 指的是，共同售股权、共同出售权，是指如若被投资企业原股东拟转让股权/股份的，私基股权投资基金有权按照出资比例以普通股方式和同等条件，共同出售权优先将其所持有的股权/股份出让给买方。这个条款通常是在原股东对企业失去经营信心，对外出售股权的情况下，投资者有权按相同的价格优先退出。因为“共同出售权”具有的跟随他人出售股权的特点，有时，也将“共同出售权”称之为“随售权/跟随权”（Tag-Along Right）。其英文释义如下：If a shareholder wishes to dispose of shares that are the subject of a co-sale or tag along right, the other shareholders who benefit from the right can insist that the potential purchaser agrees to purchase an equivalent percentage of their shares, at the same price and under the same terms and conditions.

中国法律并未对共同出售权设置专门的限制规定，但是投资人和/或创始人、公司仍然需要注意中国《公司法》部分涉及股东股权转让规定所可能带来的潜在影响：

例如：《公司法》第71条规定：“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”；“公司章程对股权转让另有规定的，从其规定。”

中国《公司法》赋予有限责任公司股东之间自由转股的权利，若投资人希望就创始人向公司内部股东转让股权的行为亦设置共同出售权的，投资人需要在投资协议和公司章程中予以明确。

以下为某一协议中的共同出售权条款，供题主参考：

在C+轮投资方共同出售股权得以按照上述约定全部出售给出售对方的前提下，未就转让方拟转让的公司股权行使任何第一次序优先购买权的C轮投资方有权(但没有义务)按照与拟转价格及转让通知所列的同等条款和条件，并在符合本第4.5条规定的前提下，与转让方一同向出售对方(且该出售对方并非行使第一次序优先购买权的其他C轮投资方)转让其持有的全部或部分公司C轮股权(以下简称“C轮投资方共同出售股权”)。若出售对方仅能购买部分股权，该C轮投资方共同出售股权为出售对方可购买的股权乘以一个分数，(i)其分子是该C轮投资方届时持有的公司C轮股权，(ii)分母是所有行使并选择行使共同出售权的C轮投资方届时持有的公司C轮股权和转让方届时持有的公司股权的总和。转让方应有义务促使出售对方以该等价格、条款和条件购买C轮投资方共同出售股权，并相应减少其向出售对方所出售的公司股权，以使得C轮投资方共同出售股权得以出售给出售对方。

On the premise that the Equities for Co-sale by Series C+ Investors have been sold to the Purchasers in full in accordance with the foregoing provisions, the Series C Investors who have not exercised any right of first refusal first in order with respect to the equities of the Company proposed to be transferred by the Transferors shall have the right (but not the obligation) to transfer all or part of the Series C equities in the Company held by them to the Purchasers (such Purchasers are not other Series C Investors who exercise the right of first refusal first in order) together with the Transferors, at the Proposed Transfer Price and on the same terms and conditions as those set forth in the Transfer Notice and subject to the provisions of this Clause 4.5 (hereinafter referred to as “the Equities for Co-sale by Series C Investors”). If the Purchasers can only purchase part of the equities, the Equities for Co-sale by each Series C Investor shall be equal to the equities which the Purchasers can purchase multiplied by the fraction (i) whose numerator is the Series C equities in the Company held by such Series C Investor at the time of the sale, and (ii) whose denominator is the sum of the Series C equities in the Company held by all Series C Investors who exercise and choose to exercise the co-sale right and the equities in the Company held by the Transferors at the time of the sale. The Transferors shall have the obligation to cause the Purchasers to purchase the Equities for Co-sale by Series C Investors at such purchase price, terms and conditions, and to reduce their own equities in the Company to be sold to the Purchasers, so that the Equities for Co-sale by Series C Investors might be sold to the Purchasers.