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.
Virginia Right of First Refusal and Co-Sale Agreement
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How to fill out Right Of First Refusal And Co-Sale Agreement?
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FAQ
Basically, an ROFR clause obligates a seller to contact the rights holder with an option to purchase the property before they can accept an alternate third-party offer on the piece of real property.
The first right of refusal contingency allows the seller to continue to market the property and seek other offers while the buyer tries to satisfy the contingency to sell their own home.
Right of first refusal (RFR or ROFR) has multiple meanings: In the context of a corporation, an ROFR is a contractual obligation of a shareholder to offer to sell its shares to the other holders (or sometimes back to the corporation) after receiving a bona fide offer to purchase from a third party.
A right of first refusal agreement is typically made between the property owner and the interested buyer, and it may specify a potential sale price. The sale price could also be negotiated later if the owner receives competitive offers, which the owner is required to share with the interested buyer.
A manufacturer or distributor shall not exercise or enforce a right of first refusal if (i) the proposed sale or transfer is to a dealer licensed in the United States as a dealer holding a franchise from any manufacturer or distributor licensed as a manufacturer or distributor in the Commonwealth unless the ...
The ROFR requires the owner, when and if he decides to sell, to offer the property first to the person entitled to the right of first refusal. Cities Service v. Estes, 208 Va.
Court of Appeal: writ granted; right of first refusal was fully enforceable and could not be dodged by ?uncertainty? or bad faith conduct. The Court of Appeal issued the writ and reversed the trial court's order. The court held that the language of the right of first refusal was not too ?uncertain? to enforce.