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.
Virgin Islands Right of First Refusal and Co-Sale Agreement is a legal provision that is often included in contracts, particularly in the context of real estate transactions and business acquisitions. It aims to provide certain rights and protections to existing shareholders or neighboring parties in case the ownership or control of a property or company changes hands. The Right of First Refusal (ROAR) component of the agreement grants specific individuals or entities the first opportunity to purchase a property or shares of a company before they are offered to third parties. This means that if the owner of the property or shares intends to sell them, they must first inform the parties with the ROAR in place and provide them with an opportunity to purchase on the same terms as offered by the potential third-party buyer. This provision ensures that the existing shareholders or neighboring property owners can maintain their ownership interests or expand their share before an external party steps in. In the case of the Virgin Islands, the specific regulations and requirements regarding Right of First Refusal and Co-Sale Agreements may be governed by local laws and the provisions stated in the contract itself. It is important to consult legal experts or familiarize oneself with the Virgin Islands' jurisdiction-specific rules and regulations to ensure compliance and clarity. There might be different types or variations of Virgin Islands Right of First Refusal and Co-Sale Agreement, including: 1. Real Estate ROAR: This type of agreement is commonly used in property transactions, allowing neighboring property owners to have the first opportunity to purchase a property that is being sold by a neighboring owner or developer. 2. Shareholder ROAR: This variation is relevant in the context of company ownership and shares. Existing shareholders may be granted the right to purchase additional shares before they are offered to potential investors or third parties. 3. Co-Sale Agreement: In addition to the ROAR, a Co-Sale Agreement can be included to provide further protection and rights. This agreement allows the existing shareholders or parties with ROAR to sell their shares together with the third-party buyer, typically on the same terms and conditions. This provision ensures that the interested parties don't miss out on an opportunity to sell their shares when the majority owner or controlling party decides to sell. In conclusion, Virgin Islands Right of First Refusal and Co-Sale Agreement is a legal provision that grants specific individuals or entities the first opportunity to purchase a property or shares in a company before they are offered to third parties. It aims to provide protection and ensure fairness in ownership transfers. Potential variations may include Real Estate ROAR, Shareholder ROAR, and the inclusion of a Co-Sale Agreement.
