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Right Of First Refusal
A provision for stock in a private company that gives the company the opportunity to purchase shares that shareholders, including founders and other employees, want to sell to a third party. This right usually appears in the company's bylaws but could also be in the stock plan and grant agreements. This is a device private companies use to control ownership of their stock. For more on equity compensation and restrictions that apply in private companies, see this website's section Pre-IPO.
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