This part of the agreement operates slightly strangely. So I wanna clear it up a bit. That way, everyone is working on the same page.
To do so, let's look at the exact contract language, and simply call the parties "INEOS" and the "Bastards" (the glazers). I am also going to remove some parentheticals, to make it easy for everyone to read. Otherwise, there will be no changes from me. The goal is that you can read the contract without a layer of legalese, and form your own opinions. If it's in italics, it's from the contract. If not, it's from me.
"Prior to making, or agreeing to make any Transfer of Class B Ordinary Shares (or marketing such Transfer), the Bastards must provide a written notice to INEOS, which shall state the specified number of Class B Ordinary Shares proposed to be Transferred"
Follow? If the Bastards wanna sell, or even market a sale, they gotta tell INEOS how many shares they wish sell. Next:
"INEOS shall have the right to provide the Bastards with written notice that it (a) wishes to acquire all (but not some only) of the Offered Shares at a price per share specified by INEOS or (b) does not wish to acquire the Offered Shares"
So, after the Bastards say "we wanna sell," INEOS gets to provide them with the first offer; or say that they don't want to buy. It's their choice. The Cunts state the amount of shares to be sold; but INEOS states the price.
"The Bastards shall provide INEOS with written notice that it (a) agrees to the terms or (b) rejects the terms."
Easy enough. If the parties agree on terms, they enter into a contract, and INEOS gets the shares.
But, if the parties don't agree on terms: "the Bastards may sell the Offered Shares to a purchaser at a per share price not less than the price offered by INEOS"
So, the price that INEOS offered earlier, becomes the floor. The Bastards can't accept an offer which is below that.