ROFRMayFINAL.docx
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ROFRMayFINAL
Thissampledocumentistheworkproductofanationalcoalitionofattorneyswhospecializeinventurecapitalfinancings,workingundertheauspicesoftheNVCA.Thisdocumentisintendedtoserveasastartingpointonly,andshouldbetailoredtomeetyourspecificrequirements.Thisdocumentshouldnotbeconstruedaslegaladviceforanyparticularfactsorcircumstances.Notethatthissampledocumentpresentsanarrayof(oftenmutuallyexclusive)optionswithrespecttoparticulardealprovisions.
[AMENDEDANDRESTATED]
RIGHTOFFIRSTREFUSALANDCO-SALEAGREEMENT
TABLEOFCONTENTS
NotetoDrafter:
SectionheadingshavebeenformattedtoautomaticallypopulatetheTableofContents. However,wheneditingthisdocumentforyourownuse,thepagenumbersmaychange. InordertoreflectthecorrectpagenumbersintheTableofContents,youmust“updatepagenumbers”totheTableofContentsby
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Page
1.Definitions.2
2.AgreementAmongtheCompany,theInvestorsandtheKeyHolders4
2.1.RightofFirstRefusal4
2.2.RightofCo-Sale6
2.3.EffectofFailuretoComply8
3.ExemptTransfers9
3.1.ExemptedTransfers9
3.2.ExemptedOfferings9
3.3.[ProhibitedTransferees9
4.Legend10
5.Lock-Up10
5.1.AgreementtoLock-Up10
5.2.StopTransferInstructions11
6.Miscellaneous11
6.1.Term11
6.2.StockSplit11
6.3.Ownership11
6.4.DisputeResolution11
6.5.Notices13
6.6.EntireAgreement13
6.7.DelaysorOmissions13
6.8.Amendment;WaiverandTermination13
6.9.AssignmentofRights14
6.10.Severability15
6.11.AdditionalInvestors15
6.12.GoverningLaw15
6.13.TitlesandSubtitles15
6.14.Counterparts16
6.15.[AggregationofStock16
6.16.SpecificPerformance16
6.17.[AdditionalKeyHolders16
6.18.[ConsentofSpouse16
6.19.[EffectonPriorAgreement17
ScheduleA-Investors
ScheduleB-KeyHolders
[ExhibitA-ConsentofSpouse]
[AMENDEDANDRESTATED]RIGHTOFFIRSTREFUSAL
ANDCO-SALEAGREEMENT
THIS[AMENDEDANDRESTATED]RIGHTOFFIRSTREFUSALANDCO-SALEAGREEMENTismadeasofthe[__]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$__pershare(“SeriesAPreferredStock”);and
WHEREAS,theKeyHoldersandtheCompanydesiretofurtherinducetheInvestorstopurchasetheSeriesAPreferredStock;]
[Alternative2:
WHEREAS,theCompany,theKeyHoldersandcertainoftheInvestors(the“PriorInvestors”)previouslyenteredinto[a][an][AmendedandRestated]RightofFirstRefusalandCo-SaleAgreement,dated[_______,20___](the“PriorAgreement”),inconnectionwiththepurchaseofsharesofSeries [__]PreferredStockoftheCompany,parvalue$__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.
1.1.“Affiliate”means,withrespecttoanyspecifiedInvestor,anyotherInvestorwhodirectlyorindirectly,controls,iscontrolledbyorisundercommoncontrolwithsuchInvestor,includingwithoutlimitationanygeneralpartner,managingmember,officerordirectorofsuchInvestor,oranyventurecapitalfundnoworhereafterexistingwhichiscontrolledbyoneormoregeneralpartnersormanagingmembersof,orsharesthesamemanagementcompanywith,suchInvestor.
1.2.“CapitalStock”means(a)sharesofCommonStockandPreferredStock(whethernowoutstandingorhereafterissuedinanycontext),(b)sharesofCommonStockissuedorissuableuponconversionofPreferredStockand(c)sharesofCommonStockissuedorissuableuponexerciseorconversion,asapplicable,ofstockoptions,warrantsorotherconvertiblesecuritiesoftheCompany,ineachcasenowownedorsubsequentlyacquiredbyanyKeyHolder,anyInvestor,ortheirrespectivesuccessorsorpermittedtransfereesorassigns.ForpurposesofthenumberofsharesofCapitalStockheldbyanInvestororKeyHolder(oranyothercalculationbasedthereon),allsharesofPreferredStockshallbedeemedtohavebeenconvertedintoCommonStockatthethenapplicableconversionratio.
1.3.“CommonStock”meanssharesofCommonStockoftheCompany,[__]parvaluepershare.
1.4.“CompanyNotice”meanswrittennoticefromtheCompanynotifyingthesellingKeyHoldersthattheCompanyintendstoexerciseitsRightofFirstRefusalastosomeoralloftheTransferStockwithrespecttoanyProposedKeyHolderTransfer.
1.5.“InvestorNotice”meanswrittennoticefromanInvestornotifyingtheCompanyandthesellingKeyHolderthatsuchInvestorintendstoexerciseitsSecondaryRefusalRightastoaportionoftheTransferStockwithrespecttoanyProposedKeyHolderTransfer.
1.6.“Investors”meansthepersonsnamedonSchedule Ahereto,eachpersontowhomtherightsofanInvestorareassignedpursuanttoSubsection6.9,eachpersonwhohereafterbecomesasignatorytothisAgreementpursuanttoSubsection6.11andanyoneofthem,asthecontextmayrequire[;provided,however,thatanysuchpersonshallceasetobeconsideredanInvestorforpurposesofthisAgreementatanytimesuchpersonandhis,heroritsAffiliatescollectivelyholdfewerthan[____________]sharesofCapitalStock(asadjustedforanystockcombination,stocksplit,stockdividend,recapitalizationorothersimilartransaction)].
1.7.“KeyHolders”meansthepersonsnamedonSchedule Bhereto,eachpersontowhomtherightsofaKeyHolderareassignedpursuanttoSubsection3.1,eachpersonwhohereafterbecomesasignatorytothisAgreementpursuanttoSubsection6.9or6.17andanyoneofthem,asthecontextmayrequire.
1.8.“PreferredStock”meanscollectively,allsharesofSeriesAPreferredStock[andSeries[___]PreferredStock].
1.9.“ProposedKeyHolderTransfer”meansanyassignment,sale,offertosell,pledge,mortgage,hypothecation,encumbrance,dispositionoforanyotherliketransferorencumberingofanyTransferStock(oranyinteresttherein)proposedbyanyoftheKeyHolders.
1.10.“ProposedTransferNotice”meanswrittennoticefromaKeyHoldersettingforththetermsandconditionsofaProposedKeyHolderTransfer.
1.11.“ProspectiveTransferee”meansanypersontowhomaKeyHolderproposestomakeaProposedKeyHolderTransfer.
1.12.“RightofCo-Sale”meanstheright,butnotanobligation,ofanInvestortoparticipateinaProposedKeyHolderTransferonthetermsandconditionsspecifiedintheProposedTransferNotice.
1.13.“RightofFirstRefusal”meanstheright,butnotanobligation,oftheCompany,oritspermittedtransfereesorassigns,topurchasesomeoralloftheTransferStockwithrespecttoaProposedKeyHolderTransfer,onthetermsandconditionsspecifiedintheProposedTransferNotice.
1.14.“SecondaryNotice”meanswrittennoticefromtheCompanynotifyingtheInvestorsandthesellingKeyHolderthattheCompanydoesnotintendtoexerciseitsRightofFirstRefusalastoallsharesofTransferStockwithrespecttoanyProposedKeyHolderTransfer.
1.15.“SecondaryRefusalRight”meanstheright,butnotanobligation,ofeachInvestortopurchaseuptoitsprorataportion(baseduponthetotalnumberofsharesofCapitalStockthenheldbyallInvestors)ofanyTransferStocknotpurchasedpursuanttotheRightofFirstRefusal,onthetermsandconditionsspecifiedintheProposedTransferNotice.
1.16.“TransferStock”meanssharesofCapitalStockownedbyaKeyHolder,orissuedtoaKeyHolderafterthedatehereof(including,withoutlimitation,inconnectionwithanystocksplit,stockdividend,recapitalization,reorganization,orthelike),butdoesnotincludeanysharesofPreferredStockorCommonStockissuedorissuableuponconversionofPreferredStock.
1.17.“UndersubscriptionNotice”meanswrittennoticefromanInvestornotifyingtheCompanyandthesellingKeyHolderthatsuchInvestorintendstoexerciseitsoptiontopurchasealloranyportionoftheTransferStocknotpurchasedpursuanttotheRightofFirstRefusalortheSecondaryRefusalRight.
2.AgreementAmongtheCompany,theInvestorsandtheKeyHolders.
2.1.RightofFirstRefusal.
(a)Grant.SubjecttothetermsofSection3below,eachKeyHolderherebyunconditionallyandirrevocablygrantstotheCompanyaRightofFirstRefusaltopurchasealloranyportionofTransferStockthatsuchKeyHoldermayproposet