Exhibit 10.2

RIGHT OF FIRST REFUSAL

THIS RIGHT OF FIRST REFUSAL AGREEMENT (the “Agreement”) is made as of August 24,
2007, by and among IA Global, Inc., a Delaware corporation (the “Company”), and
Erik Gain and Peter Wilson (the “Sellers”), individual citizens of the United
States and Australia, respectively, related to their ownership of GPlus Media
KK. (“GPlus”), a corporation registered and existing under the laws of Japan.

WHEREAS, pursuant to the Share Exchange Agreement, dated as of August 24, 2007,
the Company will acquire 250 ordinary shares of GPlus (the “GPlus Ordinary
Shares”) which GPlus Ordinary Shares equal to 25.0% of the outstanding equity
interests of GPlus on a fully-diluted basis, and GPlus will acquire 3,885,713
shares of the Company’s common stock, par value US$.001 per share (the “IAO
Common Stock”); and

NOW, THEREFORE, in consideration of the mutual promises herein contained, and
other consideration, the receipt and adequacy of which hereby is acknowledged,
the parties hereto agree as follows:

1.         Certain Definitions. For purposes of this Agreement, the following
terms have the following meanings:

A.  “Affiliate” of a Person means any stockholder, partner, member or other
equity owner of such Person or any other Person directly or indirectly
controlling, controlled by or under common control with such Person.

 

B.

“Days” means calendar days. 

C.  “Offered Price” means the bona fide cash price or other consideration for
which the Sellers proposes to Transfer the IA Common Stock or the Company
proposes to Transfer the GPlus Ordinary Shares.

D.  “Offered Stock” means all the common stock proposed to be transferred by the
Seller or the Company. 

E.  “Person” means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization and a governmental entity or any
department, agency or political subdivision thereof.

F.  “Right of First Refusal” means the right of first refusal provided to the
Company in Section 2 of this Agreement or Seller in Section 3 of this Agreement.

G.  “Transfer” means and includes any sale, assignment, encumbrance,
hypothecation, pledge, conveyance in trust, gift, transfer by bequest, devise or
descent, or other transfer or disposition of any kind, including but not limited
to transfers to receivers, levying creditors, trustees or receivers in
bankruptcy proceedings or general assignees for the benefit of creditors,
whether voluntary or by operation of law, directly or indirectly, except:

1

--------------------------------------------------------------------------------

(1) any transfers of common stock by Sellers to Seller’s family, or to a trust
or trusts for the exclusive benefit of Sellers or Seller’s family; provided,
that, in all cases, the transferee or other recipient executes a counterpart
copy of this Agreement and becomes bound thereby as was the Seller;

(2) any bona fide gift, provided that Seller shall inform the Company of such
gift prior to effecting it and provided that the pledgee, transferee or donee or
other recipient executes a counterpart copy of this Agreement and becomes bound
thereby as was the Seller;

(3) by operation of law;

(4) any transfer by the Company or the Sellers to any of their Affiliates; or

(5) any transfer to the Company or the Sellers pursuant to the terms of this
Agreement.

 

2.

Company’s Right of First Refusal.  

A.  Exercise by the Company. The Company has the Right of First Refusal to
purchase all or any part of the IAO Common Stock, if the Company gives written
notice of the exercise of such right to the Seller within 30 days (the “Company
Refusal Period”) after the last date on which the Notice of Transfer, a form of
which is attached hereto as Exhibit A (“IAO Common Stock Transfer Notice”) is,
pursuant to Section 5(A) hereof, deemed to have been delivered by Sellers to the
Company. Within five (5) days after the expiration of the Company Refusal Period
(the “Company Confirmation Notice Period”), the Sellers will give written notice
to the Company specifying the number of shares of Offered Stock purchased by the
Company (the “Company Confirmation Notice”). The Company Confirmation Notice
shall also specify the number of shares not purchased, if any, under this
section.

B.  Purchase Price. The purchase price for the Offered Stock to be purchased by
the Company exercising its Right of First Refusal under this Agreement will be
the Offered Price, and will be payable as set forth in Section 2(C) hereof. If
the Offered Price includes consideration other than cash, the cash equivalent
value of the non-cash consideration will be determined by the Board of Directors
of the Company in good faith, which determination will be binding upon the
Company and the Sellers, absent fraud or error.

C.  Payment. Payment of the purchase price for the Offered Stock purchased by
the Company exercising its Right of First Refusal will be made within ten (10)
days after the end of the Company Confirmation Notice Period. Payment of the
purchase price will be made, at the option of the Company, (i) in cash (by
check), (ii) by cancellation of all or a portion of any outstanding indebtedness
of the Seller to the Company, or (iii) by any combination of the foregoing.

D.  Rights as a Shareholder. If the Company exercises its Right of First Refusal
to purchase the Offered Stock, then, upon the date that the notice of such
exercise by the Company is deemed delivered to the Sellers pursuant to this
Section 2, the Sellers will have no further rights as a holder of the Offered
Stock, except the right to receive payment for the Offered Stock from the
Company, as the case may be, in accordance with the terms of this Agreement, and
the Sellers will

2

--------------------------------------------------------------------------------

forthwith cause all certificate(s) evidencing such Offered Stock to be
surrendered for Transfer to the Company.

E.  Seller’s Right To Transfer. If the Company has not elected to purchase all
or any portion of the Offered Stock, then, with respect to that portion of
Offered Stock that will not be purchased by the Company pursuant to Section 2
hereof, the Right of First Refusal shall not apply to such Transfer, and the
Sellers may Transfer such portion of the Offered Stock, which the Company has
not elected to purchase to any person named as a purchaser or other Transferee
in the IAO Common Stock Transfer Notice, at the Offered Price or at a higher
price; provided further that such Transfer (i) is consummated within 60 days
after the end of the Company Confirmation Notice Period, (ii) is on terms no
more favorable than the terms proposed in the IAO Common Stock Transfer Notice,
and (iii) is in accordance with all the terms of this Agreement. If the Offered
Stock is not so Transferred during such 60 day period, then the Sellers may not
Transfer any of such Offered Stock without complying again in full with the
provisions of this Agreement.

 

3.

Seller’s Right of First Refusal.  

A.  Exercise by the Seller. Sellers have the Right of First Refusal to purchase
all or any part of the GPlus Ordinary Shares, if the Sellers give written notice
of the exercise of such right to the Sellers within 30 days (the “Seller Refusal
Period”) after the last date on which the Notice of Transfer, a form of which is
attached hereto as Exhibit B (“GPlus Ordinary Shares Transfer Notice”) is,
pursuant to Section 5(A) hereof, deemed to have been delivered to Sellers by the
Company. Within five (5) days after the expiration of Sellers Refusal Period
(the “Seller Confirmation Notice Period”), the Sellers will give written notice
to the Company specifying the number of shares of Offered Stock purchased by the
Company (the “Sellers Confirmation Notice”). The Sellers Confirmation Notice
shall also specify the number of shares not purchased, if any, under this
section.

B.  Purchase Price. The purchase price for the Offered Stock to be purchased by
Sellers exercising their Right of First Refusal under this Agreement will be the
Offered Price, and will be payable as set forth in Section 3(C) hereof. If the
Offered Price includes consideration other than cash, the cash equivalent value
of the non-cash consideration will be determined by the Board of Directors of
GPlus in good faith, which determination will be binding upon Company and the
Sellers, absent fraud or error.

C.  Payment. Payment of the purchase price for the Offered Stock purchased by
the Sellers exercising its Right of First Refusal will be made within ten (10)
days after the end of the Sellers Confirmation Notice Period. Payment of the
purchase price will be made, at the option of Sellers, (i) in cash (by check),
(ii) by cancellation of all or a portion of any outstanding indebtedness of the
Company to the Sellers, as the case may be, or (iii) by any combination of the
foregoing.

D.  Rights as a Shareholder. If Sellers exercise their Right of First Refusal to
purchase the Offered Stock, then, upon the date that the notice of such exercise
by Sellers is deemed delivered to the Company pursuant to this Section 3, the
Company will have no further rights as a holder of the Offered Stock, except the
right to receive payment for the Offered Stock from Sellers, as the case may be,
in accordance with the terms of this Agreement, and the Sellers will forthwith
cause all certificate(s) evidencing such Offered Stock to be surrendered for
Transfer to Seller.

3

--------------------------------------------------------------------------------

E.  Seller’s Right To Transfer. If Sellers has not elected to purchase all or
any portion of the Offered Stock, then, with respect to that portion of Offered
Stock that will not be purchased by Sellers pursuant to Section 3 hereof, the
Right of First Refusal shall not apply to such Transfer, and the Company may
Transfer such portion of the Offered Stock, which Sellers has not elected to
purchase to any person named as a purchaser or other Transferee in the GPlus
Ordinary Shares Transfer Notice, at the Offered Price or at a higher price;
provided further that such Transfer (i) is consummated within 60 days after the
end of the Sellers Confirmation Notice Period, (ii) is on terms no more
favorable than the terms proposed in the GPlus Ordinary Shares Transfer Notice,
and (iii) is in accordance with all the terms of this Agreement. If the Offered
Stock is not so Transferred during such 60 day period, then the Company may not
Transfer any of such Offered Stock without complying again in full with the
provisions of this Agreement.

 

4.

Termination and Waiver.

A.  Termination. The Company’s and Seller’s Right of First Refusal will
terminate upon the earliest to occur of (i) the date on which this Agreement is
terminated by a writing executed by the Company and the Sellers, (ii) the
dissolution of the Company or GPlus, or (iii) immediately prior to the effective
date of a consolidation or merger with or into another corporation as a result
of which the shareholders of the Company or GPlus will own less than 50% of the
outstanding stock of such surviving corporation.

B.  Waiver. Any waiver by a party of its rights hereunder will be effective only
if evidenced by a written instrument executed by such party.

 

5.

Miscellaneous Provisions.

A.  Notices Any notice or other communication required or permitted to be given
hereunder shall be in writing and shall be deemed to have been duly given upon
facsimile transmission (with written transmission confirmation report) at the
number designated below (if delivered on a business day during normal business
hours where such notice is to be received), or the first business day following
such delivery (if delivered other than on a business day during normal business
hours where such notice is to be received) whichever shall first occur. The
addresses for such communications shall be:

 

If to the Company:

IA Global, Inc.

 

101 California Street, Suite 2450

 

San Francisco, CA 94111

 

Fax: 1-415-946-8801

 

 

If to the Seller:

Erik Gain and Peter Wilson

 

Minotomi Bldg 3F

 

Shiba Konen 3-1-1,

4

--------------------------------------------------------------------------------

 

Minato-ku

 

Tokyo, Japan 105-0011

 

011-81-3-5403-2775

B.  Successors and Assigns. This Agreement, and any and all rights, duties and
obligations hereunder, shall not be assigned, transferred, delegated or
sublicensed by a party without the prior written consent of the other party. Any
attempt by the Company or Sellers without such permission to assign, transfer,
delegate or sublicense any rights, duties or obligations that arise under this
Agreement shall be void. Subject to the foregoing and except as otherwise
provided herein, the provisions of this Agreement shall inure to the benefit of,
and be binding upon, the successors, assigns, heirs, executors and
administrators of the parties.

C.  Governing Law. This Agreement shall be governed in all respects by the
internal laws of the State of Delaware as applied to agreements entered into
among Delaware residents to be performed entirely within Delaware, without
regard to principles of conflicts of law.

D.  Arbitration. The Parties shall use their best efforts to settle all disputes
between them arising out of or relating to this Agreement by engaging in good
faith discussions at the written request of either Party. In the event that any
such dispute cannot be resolved by good faith discussions within a period of
sixty (60) days after such notice has been given, such dispute shall be subject
to non binding arbitration in Tokyo, Japan, before a single arbitrator fluent in
the English language in accordance with the rules then in effect of the Japan
Commercial Arbitration Association. The prevailing party in the arbitration
shall be entitled to receive reimbursement of its reasonable expenses, including
attorneys’ fees, expert fees, court costs and the like incurred in connection
therewith. Notwithstanding the foregoing, either Party shall have the right to
institute a legal action in a court of proper jurisdiction for injunctive relief
and/or decree for specific performance should attempts at arbitration prove
unsuccessful.

E.  Other Assurances. Each party hereby agrees to execute and deliver all such
further instruments and documents and take all such other actions as the other
party may reasonably request in order to carry out the intent and purposes of
this Agreement.

F.  Entire Agreement. This Agreement and the exhibits hereto constitute the full
and entire understanding and agreement between the parties with regard to the
subjects hereof, and no party shall be liable or bound to any other party in any
manner with regard to the subjects hereof by any warranties, representations or
covenants except as specifically set forth herein.

G. Counterpart Signatures. This Agreement may be executed in two or more
counterparts, all of which when taken together shall be considered one and the
same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is
executed) the same with the same force and effect as if such facsimile signature
page were an original thereof.

5

--------------------------------------------------------------------------------

 

[SIGNATURE PAGE FOLLOWS]

 

6

--------------------------------------------------------------------------------

Exhibit 10.2

IN WITNESS WHEREOF, this Agreement is executed of the date first written above.

 

THE COMPANY:

 

IA Global, Inc.

 

By: /s/ Derek Schneideman

Name: Derek Schneideman

Title: Chief Executive Officer

 

The Seller:

 

Erik Gain

 

By: /s/ Erik Gain

Erik Gain

 

Peter Wilson

 

By: /s/ Peter Wilson

Peter Wilson

 

GPlus Media KK

 

By: /s/ Erik Gain

Name: Erik Gain

Title: Director

 

By: /s/ Peter Wilson

Name: Peter Wilson

Title: Director

 

7

--------------------------------------------------------------------------------

Exhibit A

IAO COMMON STOCK

NOTICE OF SHARE TRANSFER

I, ____________, wish to transfer ____________ shares of IA Global, Inc. common
stock (the “Shares”) pursuant to a (please check one): sale (  ) other (  )
(please describe) ___________________________________

______________________________________________________________________________________.

I propose to transfer the Shares to the following entities and individuals:

1.          Proposed Transferee #1
[Address]
[Phone Number]

[amount, type and price of shares]

2.           Proposed Transferee #2
[Address]
[Phone Number]

[amount, type and price of shares]

3.           Proposed Transferee #3
[Address]
[Phone Number]

[amount, type and price of shares]

The cash consideration for the Shares totals $________. The fair market value of
the non-cash consideration for the shares, if any, as of the date of this Notice
totals $________. The non-cash consideration consists of (please describe in
reasonable detail): __________________________________________________

_____________________________________________________________________________________.

Pursuant to the Right of First Refusal Agreement, dated as of August ____, 2007,
I write to inform you of your Right of First Refusal with respect to the Shares.
If you choose to do so, you may exercise one (but not both) of these rights with
respect to the Shares by returning this Notice to me, at the address below. If
you decline your right to do so, you need not return anything.

 

I exercise my Right of First Refusal

o

I wish to (circle one, not both) buy / sell ________ shares of ________ stock.

WE MUST RECEIVE YOUR NOTICE BY _____________________

8

--------------------------------------------------------------------------------

Exhibit B

GPLUS MEDIA KK ORDINARY SHARES

NOTICE OF SHARE TRANSFER

I, ____________, wish to transfer ____________ shares of GPlus Corporation
common stock (the “Shares”) pursuant to a (please check one): sale (  ) other
(  ) (please describe) _________________________

_____________________________________________________________________________________.

I propose to transfer the Shares to the following entities and individuals:

1.          Proposed Transferee #1
[Address]
[Phone Number]

[amount, type and price of shares]

2.           Proposed Transferee #2
[Address]
[Phone Number]

[amount, type and price of shares]

3.           Proposed Transferee #3
[Address]
[Phone Number]

[amount, type and price of shares]

The cash consideration for the Shares totals $________. The fair market value of
the non-cash consideration for the shares, if any, as of the date of this Notice
totals $________. The non-cash consideration consists of (please describe in
reasonable detail): ________________________________________________

_____________________________________________________________________________________.

Pursuant to the Right of First Refusal Agreement, dated as of August ____, 2007,
I write to inform you of your Right of First Refusal with respect to the Shares.
If you choose to do so, you may exercise one (but not both) of these rights with
respect to the Shares by returning this Notice to me, at the address below. If
you decline your right to do so, you need not return anything.

 

I exercise my Right of First Refusal

o

I wish to (circle one, not both) buy / sell ________ shares of ________ stock.

WE MUST RECEIVE YOUR NOTICE BY _____________________

9

--------------------------------------------------------------------------------