ROFR Rev 3.docx
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ROFR Rev 3.docx
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ROFRRev3
Thissampledocumentistheworkproductofacoalitionofattorneyswhospecializeinventurecapitalfinancings,workingundertheauspicesoftheNVCA.SeetheNVCAwebsiteforalistoftheWorkingGroupmembers.Thisdocumentisintendedtoserveasastartingpointonly,andshouldbetailoredtomeetyourspecificrequirements.Thisdocumentshouldnotbeconstruedaslegaladviceforanyparticularfactsorcircumstances.Notethatthissampledocumentpresentsanarrayof(oftenmutuallyexclusive)optionswithrespecttoparticulardealprovisions.
[AMENDEDANDRESTATED]
RIGHTOFFIRSTREFUSALANDCO-SALEAGREEMENT
TABLEOFCONTENTS
Page
1.Definitions.2
2.AgreementAmongtheCompany,theInvestorsandtheKeyHolders.4
2.1RightofFirstRefusal.4
2.2RightofCo-Sale.6
2.3EffectofFailuretoComply.8
3.ExemptTransfers.9
3.1ExemptedTransfers9
3.2ExemptedOfferings..9
[3.3ProhibitedTransferees]9
4.Legend10
5.Lock-Up10
5.1AgreementtoLock-Up10
5.2StopTransferInstructions11
6.Miscellaneous.11
6.1Term11
6.2StockSplit11
6.3Ownership11
6.4DisputeResolution11
6.5Notices12
6.6EntireAgreement12
6.7DelaysorOmissions.12
6.8Amendment;WaiverandTermination13
6.9AssignmentofRights.13
6.10Severability14
6.11AdditionalInvestors14
6.12GoverningLaw14
6.13TitlesandSubtitles15
6.14Counterparts;Facsimile15
6.15AggregationofStock15
6.16SpecificPerformance.15
[6.17AdditionalKeyHolders]15
[6.18ConsentofSpouse]16
[6.19EffectonPriorAgreement]16
ScheduleA-Investors
ScheduleB-KeyHolders
[ExhibitA-ConsentofSpouse]
[AMENDEDANDRESTATED]RIGHTOFFIRSTREFUSAL
ANDCO-SALEAGREEMENT
THIS[AMENDEDANDRESTATED]RIGHTOFFIRSTREFUSALANDCO-SALEAGREEMENT(the“Agreement”)ismadeasofthe[__]dayof[________,20__]byandamong[_____],a[Delaware]corporation(the“Company”),theInvestorslistedonSchedule AandtheKeyHolderslistedonSchedule B.
[Alternative1:
WHEREAS,eachKeyHolderisthebeneficialownerofthenumberofsharesofCapitalStock,orofoptionstopurchaseCommonStock,setforthoppositethenameofsuchKeyHolderonSchedule B;
WHEREAS,theCompanyandtheInvestorsarepartiestothe[SeriesAPreferredStock]PurchaseAgreement,ofevendateherewith(the“PurchaseAgreement”),pursuanttowhichtheInvestorshaveagreedtopurchasesharesoftheSeriesAPreferredStockoftheCompany,parvalue$__pershare(“SeriesAPreferredStock”);and
WHEREAS,theKeyHoldersandtheCompanydesiretofurtherinducetheInvestorstopurchasetheSeriesAPreferredStock;]
[Alternative2:
WHEREAS,theCompany,theKeyHoldersandcertainoftheInvestors(the“PriorInvestors”)previouslyenteredinto[a][an][AmendedandRestated]RightofFirstRefusalandCo-SaleAgreement,dated[_______,200__](the“PriorAgreement”),inconnectionwiththepurchaseofsharesofSeries [__]PreferredStockoftheCompany,parvalue$__pershare(“Series[__]PreferredStock”);
WHEREAS,theKeyHolders,thePriorInvestorsandtheCompanydesiretoinducecertainoftheInvestorstopurchasesharesofSeries[__]PreferredStockoftheCompany,parvalue$___pershare,(“Series[___]PreferredStock”)pursuanttotheSeries[__]PreferredStockPurchaseAgreementdatedasofthedatehereofbyandamongtheCompanyandcertainoftheInvestors(the“PurchaseAgreement”)byamendingandrestatingthePriorAgreementtoprovidetheInvestorswiththerightsandprivilegesassetforthherein].
NOW,THEREFORE,theCompany,theKeyHolders[and][,]theInvestors[includingthePriorInvestorseachherebyagreetoamendandrestatethePriorAgreementinitsentiretyassetforthherein,andthepartiesheretofurther]agreeasfollows:
1.Definitions.
“Affiliate”means,withrespecttoanyspecifiedInvestor,anyotherInvestorwhoorwhich,directlyorindirectly,controls,iscontrolledbyorisundercommoncontrolwithsuchInvestor,includingwithoutlimitationanygeneralpartner,officer,directorormanagerofsuchInvestor,andanyventurecapitalfundnoworhereafterexistingwhichiscontrolledbyoneormoregeneralpartnersormanagingmembersof,orsharesthesamemanagementcompanywith,suchInvestor.
“CapitalStock”means(a)sharesofCommonStockandPreferredStock(whethernowoutstandingorhereafterissuedinanycontext),(b)sharesofCommonStockissuedorissuableuponconversionofPreferredStockand(c)sharesofCommonStockissuedorissuableuponexerciseorconversion,asapplicable,ofstockoptions,warrantsorotherconvertiblesecuritiesoftheCompany,ineachcasenowownedorsubsequentlyacquiredbyanyKeyHolder,anyInvestor,ortheirrespectivesuccessorsorpermittedtransfereesorassigns.ForpurposesofthenumberofsharesofCapitalStockheldbyanInvestororKeyHolder(oranyothercalculationbasedthereon),allsharesofPreferredStockshallbedeemedtohavebeenconvertedintoCommonStockatthethenapplicableconversionratio.
“CommonStock”meanssharesofCommonStockoftheCompany,[__]parvaluepershare.
“CompanyNotice”meanswrittennoticefromtheCompanynotifyingthesellingKeyHoldersthattheCompanyintendstoexerciseitsRightofFirstRefusalastosomeoralloftheTransferStockwithrespecttoanyProposedKeyHolderTransfer.
“InvestorNotice”meanswrittennoticefromanInvestornotifyingtheCompanyandthesellingKeyHolderthatsuchInvestorintendstoexerciseitsSecondaryRefusalRightastoaportionoftheTransferStockwithrespecttoanyProposedKeyHolderTransfer.
“Investors”meansthepersonsnamedonSchedule Ahereto,eachpersontowhomtherightsofanInvestorareassignedpursuanttoSection6.9,eachpersonwhohereafterbecomesasignatorytothisAgreementpursuanttoSection6.11andanyoneofthem,asthecontextmayrequire[;provided,however,thatanysuchpersonshallceasetobeconsideredanInvestorforpurposesofthisAgreementatanytimesuchpersonandhis,heroritsAffiliatescollectivelyholdfewerthan[____________]sharesofCapitalStock(asadjustedforanystockcombination,stocksplit,stockdividend,recapitalizationorothersimilartransaction)].
“KeyHolders”meansthepersonsnamedonSchedule Bhereto,eachpersontowhomtherightsofaKeyHolderareassignedpursuanttoSection3.1,eachpersonwhohereafterbecomesasignatorytothisAgreementpursuanttoSection6.9or6.17andanyoneofthem,asthecontextmayrequire.
“PreferredStock”meanscollectively,allsharesofSeriesAPreferredStock[andSeries[___]PreferredStock].
“ProposedKeyHolderTransfer”meansanyassignment,sale,offertosell,pledge,mortgage,hypothecation,encumbrance,dispositionoforanyotherliketransferorencumberingofanyTransferStock(oranyinteresttherein)proposedbyanyoftheKeyHolders.
“ProposedTransferNotice”meanswrittennoticefromaKeyHoldersettingforththetermsandconditionsofaProposedKeyHolderTransfer.
“ProspectiveTransferee”meansanypersontowhomaKeyHolderproposestomakeaProposedKeyHolderTransfer.
“RightofCo-Sale”meanstheright,butnotanobligation,ofanInvestortoparticipateinaProposedKeyHolderTransferonthetermsandconditionsspecifiedintheProposedTransferNotice.
“RightofFirstRefusal”meanstheright,butnotanobligation,oftheCompany,oritspermittedtransfereesorassigns,topurchasesomeoralloftheTransferStockwithrespecttoaProposedKeyHolderTransfer,onthetermsandconditionsspecifiedintheProposedTransferNotice.
“SecondaryNotice”meanswrittennoticefromtheCompanynotifyingtheInvestorsandthesellingKeyHolderthattheCompanydoesnotintendtoexerciseitsRightofFirstRefusalastoallsharesofTransferStockwithrespecttoanyProposedKeyHolderTransfer.
“SecondaryRefusalRight”meanstheright,butnotanobligation,ofeachInvestortopurchaseuptoitsprorataportion(baseduponthetotalnumberofsharesofCapitalStockthenheldbyallInvestors)ofanyTransferStocknotpurchasedpursuanttotheRightofFirstRefusal,onthetermsandconditionsspecifiedintheProposedTransferNotice.
“TransferStock”meanssharesofCapitalStockownedbyaKeyHolder,orissuedtoaKeyHolderafterthedatehereof(including,withoutlimitation,inconnectionwithanystocksplit,stockdividend,recapitalization,reorganization,orthelike),butdoesnotincludeanysharesofPreferredStockorCommonStockissuedorissuableuponconversionofPreferredStock.
“UndersubscriptionNotice”meanswrittennoticefromanInvestornotifyingtheCompanyandthesellingKeyHolderthatsuchInvestorintendstoexerciseitsoptiontopurchasealloranyportionoftheTransferStocknotpurchasedpursuanttotheRightofFirstRefusalortheSecondaryRefusalRight.
2.AgreementAmongtheCompany,theInvestorsandtheKeyHolders.
2.1RightofFirstRefusal.
(a)Grant.SubjecttothetermsofSection3below,eachKeyHolderherebyunconditionallyandirrevocablygrantstotheCompanyaRightofFirstRefusaltopurchasealloranyportionofTransferStockthatsuchKeyHoldermayproposetotransferinaProposedKeyHolderTransfer,atthesamepriceandonthesametermsandconditionsasthoseofferedtotheProspectiveTransferee.
(b)Notice.EachKeyHolderproposingtomakeaProposedKeyHolderTransfermustdeliveraProposedTransferNoticetotheCompanyandeachInvestornotlaterthan[forty-five(45)]dayspriortotheconsummationofsuchProposedKeyHolderTransfer.SuchProposedTransferNoticeshallcontainthematerialtermsandconditions(includingpriceandformofconsideration)oftheProposedKeyHolderTransferandtheidentityof
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