Common use of Rights of Refusal Clause in Contracts

Rights of Refusal. If the holders of a majority of the shares of Preferred Stock then outstanding do not prohibit the proposed sale or transfer of shares by Xxxxx pursuant to Section 11.1, for a period of 30 days following the Company's receipt of the Notice of Sale, the Company shall have the right to purchase all but not less than all of the shares designated in the Notice of Sale on the same terms and conditions and for the price or consideration designated therein (the "First Right of Refusal"). If the Company does not exercise its First Right of Refusal, then, for a period of 30 days following the receipt by the holders of the Preferred Stock of notice from the Company of the Company's decision not to exercise its First Right of Refusal, the holders of the Preferred Stock shall' have the right to purchase all but not less than all of the shares from Xxxxx on the same terms and conditions and for the price or consideration designated in the Notice of Sale (the "Second Right of Refusal"). At the sole option of the holders of a majority of the shares of Preferred Stock then outstanding, the Company may be permitted to participate with the holders of the Preferred Stock in the purchase of the shares pursuant to the Second Right of Refusal so long as the holders of the Preferred Stock and the Company together purchase all but not less than all of the shares. Notice of the Company's intention to purchase the shares pursuant to its First Right of Refusal shall be evidenced by a writing signed by the Company and delivered to Xxxxx prior to the end of the 30th day following the Company's receipt of the Notice of Sale. Notice of the intention of the holders of the Preferred Stock to purchase the shares evidenced by their Second Right of Refusal shall be evidenced by a writing signed by the holders of the Preferred Stock and delivered to Xxxxx prior to the end of the 30th day following the later of the holders' receipt of the Notice of Sale or the holders' receipt of the notice of the Company's decision not to exercise its First Right of Refusal. In the event the holders of the Preferred Stock do not exercise their Second Right of Refusal, Xxxxx shall have the right to sell or transfer the shares designated in the Notice of Sale on the same terms and conditions and for the price or consideration designated therein within 60 days from the expiration of the period during which the holders had the option to purchase the shares pursuant to its Second Right of Refusal. After such 60-day period, Xxxxx shall not transfer Xxxxx'x shares again without complying with this Section 11.

Rights of Refusal. If the holders of a majority of the shares of Preferred Stock then outstanding do Investor does not prohibit the proposed sale or transfer of shares by Xxxxx pursuant to Section 11.1, for a period of 30 days following the Company's receipt of the Notice of Sale, the Company shall have the right to purchase all but not less than all of the shares designated in the Notice of Sale on the same terms and conditions and for the price or consideration designated therein (the "First Right of Refusal"). If the Company does not exercise its First Right of Refusal, then, for a period of 30 days following the Investor's receipt by the holders of the Preferred Stock of notice from the Company of the Company's decision not to exercise its First Right of Refusal, the holders of the Preferred Stock shall' Investor shall have the right to purchase all but not less than all of the shares from Xxxxx on the same terms and conditions and for the price or consideration designated in the Notice of Sale (the "Second Right of Refusal"). At the sole option of the holders of a majority of the shares of Preferred Stock then outstandingInvestor, the Company may be permitted to participate with the holders of the Preferred Stock Investor in the purchase of the shares pursuant to the Second Right of Refusal so long as the holders of the Preferred Stock Investor and the Company together purchase all but not less than all of the shares. Notice of the Company's intention to purchase the shares pursuant to its First Right of Refusal shall be evidenced by a writing signed by the Company and delivered to Xxxxx prior to the end of the 30th day following the Company's receipt of the Notice of Sale. Notice of the Investor's intention of the holders of the Preferred Stock to purchase the shares evidenced by their its Second Right of Refusal shall be evidenced by a writing signed by the holders of the Preferred Stock Investor and delivered to Xxxxx prior to the end of the 30th day following the later of the holders' Investor's receipt of the Notice of Sale or the holders' Investor's receipt of the notice of the Company's decision not to exercise its First Right of Refusal. In the event the holders of the Preferred Stock do Investor does not exercise their its Second Right of Refusal, Xxxxx shall have the right to sell or transfer the shares designated in the Notice of Sale on the same terms and conditions and for the price or consideration designated therein within 60 days from the expiration of the period during which the holders Investor had the option to purchase the shares pursuant to its Second Right of Refusal. After such 60-60 day period, Xxxxx shall not transfer Xxxxx'x shares again without complying with this Section 11.

Rights of Refusal. If the holders of a majority of the shares of Preferred Stock then outstanding do not prohibit the proposed sale or transfer of shares by Xxxxx pursuant to Section 11.1, for a period of 30 days following the Company's receipt of the Notice of Sale, the Company shall have the right to purchase all but not less than all of the shares designated in the Notice of Sale on the same terms and conditions and for the price or consideration designated therein (the "First Right of Refusal"). If the Company does not exercise its First Right of Refusal, then, for a period of 30 days following the receipt by the holders of the Preferred Stock of notice from the Company of the Company's decision not to exercise its First Right of Refusal, the holders of the Preferred Stock shall' shall have the right to purchase all but not less than all of the shares from Xxxxx on the same terms and conditions and for the price or consideration designated in the Notice of Sale (the "Second Right of Refusal"). At the sole option of the holders of a majority of the shares of Preferred Stock then outstanding, the Company may be permitted to participate with the holders of the Preferred Stock in the purchase of the shares pursuant to the Second Right of Refusal so long as the holders of the Preferred Stock and the Company together purchase all but not less than all of the shares. Notice of the Company's intention to purchase the shares pursuant to its First Right of Refusal shall be evidenced by a writing signed by the Company and delivered to Xxxxx prior to the end of the 30th day following the Company's receipt of the Notice of Sale. Notice of the intention of the holders of the Preferred Stock to purchase the shares evidenced by their Second Right of Refusal shall be evidenced by a writing signed by the holders of the Preferred Stock and delivered to Xxxxx prior to the end of the 30th day following the later of the holders' receipt of the Notice of Sale or the holders' receipt of the notice of the Company's decision not to exercise its First Right of Refusal. In the event the holders of the Preferred Stock do not exercise their Second Right of Refusal, Xxxxx shall have the right to sell or transfer the shares designated in the Notice of Sale on the same terms and conditions and for the price or consideration designated therein within 60 days from the expiration of the period during which the holders had the option to purchase the shares pursuant to its Second Right of Refusal. After such 60-60 day period, Xxxxx shall not transfer Xxxxx'x shares again without complying with this Section 11.