优先购买权

First Refusal Right

优先购买权。当公司普通股股东计划向第三方出售部分或全部股权时，受限于公司的在先的优先购买权，全体优先股股东有权按照其所持优先股比例根据届时的售股价格和条款认购待售股权。

Right of First Refusal. When a common stockholder of the company intends to sell part or all of its equity interests to a third party, subject to the prior right of first refusal of the company, all preferred stockholders shall have the right to subscribe for equity to be sold in proportion to its preferred stock held at the then-current stock selling price and on the stock selling terms.

此处提一下，在投融资协议中还存在一个与优先购买权非常相似的词，优先认购权 (Preemptive Right)。公司为了增加股本，通常会向外界发行新的股票，如果这部分股票被公司现有股东之外的人购买，那么公司现有股东的股票就会被稀释掉，这个时候，为了保障公司现有股东的利益，就会授予其“Preemptive Right”，也就是优先认购权，即拥有该权利的股东可以优先认购这部分新发行的股份，以确保其所持股份不会被稀释。

优先认购权。若公司拟进行任何新股发行，则全体优先股股东有权按其股权比例参与该新股发行。

Pre-emptive Right. In case the Company intends to increase the capital or issue new stock, all preferred stockholders shall have the right to participate in such issuance of new stock based on their shareholding proportion.

Right of first refusal. A potential buyer's contractual right to meet the terms of a third party's higher offer. For example, if Beth has a right of first refusal on the purchase of Sam's house, and if Terry offers to buy the house for $300,000, then Beth can match this offer and prevent Terry from buying it.

Preemptive right. A shareholder's privilege to purchase newly issued stock — before the shares are offered to the public — in an amount proportionate to the shareholder's current holdings in order to prevent dilution of the shareholder's ownership interest.  This right must be exercised within a fixed period, usu. 30 to 60 days. — Also termed subscription privilege.