§ 36-6034 — Sale or transfer of securities issued under incentive,

bonus or stock option plans. After the effective date of this act, no equity securities issued by any domestic life insurance company, under any incentive, bonus, "stock option" or similar plan, and no rights to acquire any such equity securities shall, within a period of two (2) years after the date of original allotment by the issuer thereof be sold, or be transferred for value, or be exchanged, for a consideration exceeding one hundred fifteen percent (115%) of the net proceeds received by the issuer thereof for such securities or rights at the time of allotment, provided, however, that the limitations in this section set forth shall not be applicable to any such securities or rights originally issued or allotted at a price or value equal to the market price of such securities or rights on the date of issue or allotment, or to any such securities or rights allotted or issued by the issuer thereof for eighty-five percent (85%) or more of the price or value at which such securities or rights were offered by such issuer to the public on the date of allotment or issue thereof, whichever is the greater, or to any such securities or rights which were deposited and held in escrow for at least two (2) years from date of issue or allotment in compliance with a rule promulgated or an order issued by the Administrator, Oklahoma Securities Commission, under the Oklahoma Uniform Securities Act of 2004. It shall be unlawful for any person to sell, transfer or exchange any such equity securities in contravention of this section.

Legislative History

Added by Laws 1965, c. 341, § 4, emerg. eff. June 28, 1965. Amended by Laws 2022, c. 77, § 3, eff. Nov. 1, 2022.