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.
Oregon Right of First Refusal and Co-Sale Agreement refers to a legally binding contract that allows an individual or entity to maintain the right of first refusal (ROAR) and co-sale in the state of Oregon. This agreement outlines the terms and conditions under which the right of first refusal and co-sale can be exercised, ensuring fairness and transparency in certain business transactions. The Right of First Refusal clause in Oregon's agreement grants a specific party the opportunity to purchase a property, business interest, or asset before the owner can sell it to anyone else. This clause ensures that the holder of the ROAR is given the first opportunity to buy the property at a price and under the same terms as those offered by a third party. In the context of real estate, this arrangement protects the interest of tenants in commercial properties, giving them the advantage of remaining in the space they occupy by matching any offer made by a potential buyer. This can also apply to businesses or partners in joint ventures, allowing existing stakeholders to maintain control and prevent unwanted third-party ownership. The Co-Sale Agreement, on the other hand, supplements the Right of First Refusal by enforcing a concurrent sale provision. This provision states that if the owner receives a legitimate offer to sell their property/business interest, the ROAR holder also has the right to sell their portion of ownership simultaneously, under the same terms and conditions. Different types of Oregon Right of First Refusal and Co-Sale Agreements may include variations depending on the specific context or industry: 1. Real Estate Right of First Refusal and Co-Sale Agreement: Typically applicable to commercial properties, land, or residential buildings. 2. Business Right of First Refusal and Co-Sale Agreement: Pertains to the ROAR and co-sale provisions related to a business entity or company shares. 3. Intellectual Property Right of First Refusal and Co-Sale Agreement: Specific to copyrights, patents, or trademarks where the right to purchase IP rights is granted along with the co-sale of such rights. It is important to note that the specifics and language of these agreements can vary, and legal counsel should be sought to ensure the agreement aligns with the unique circumstances and objectives of the parties involved.
