16-10a-624 - Share options and other rights.
16-10a-624. Share options and other rights.
(1) Subject to any provisions in its articles of incorporation, a corporation may create andissue, whether or not in connection with the issue and sale of any shares or other securities of thecorporation, rights or options for the purchase of shares or assets of the corporation. The board ofdirectors shall determine the terms upon which the rights or options are issued, their form andcontent, and the consideration for which the shares are to be issued.
(2) The terms and conditions of the options or rights may include restrictions orconditions that:
(a) preclude or limit the exercise, transfer, or receipt of the options or rights by anyperson owning or offering to acquire a specified number or percentage of the outstandingcommon shares or other securities of the corporation or any transferee of that person; or
(b) invalidate or void the options or rights.
(3) This section applies to all options and rights notwithstanding the date of grant.
Enacted by Chapter 277, 1992 General Session