In the context of equity compensation, a means by which a private company can create liquidity for its shares through a buyback or via a third party. It may be referred to a company-sponsored liquidity event that permits multiple sellers to tender shares back to it or a third party. SEC rules on tender offers
must be followed, including that the offer needs to remain open for 20 days. For more on these types of liquidity programs, see the FAQ on this topic
elsewhere on this website.