S.D. Admin. R. 20:06:03:31

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:06:03:31 - Options, warrants, or rights

If action is to be taken with respect to the granting or extension of any options, warrants, or rights, all referred to herein as "warrants", to purchase stock of the insurer or any subsidiary or affiliate, other than warrants issued to all stockholders on a pro rata basis, the solicitor shall furnish the following information:

(1) The title and amount of stock called for or to be called for, the prices, expiration dates, and other material conditions upon which the warrants may be exercised, the consideration received or to be received by the insurer, subsidiary, or affiliate for the granting or extension of the warrants and the market value of the stock called for or to be called for by the warrants, as of the latest practicable date;

(2) If known, the amount of stock called for or to be called for by warrants received or to be received by the following persons, naming each such person:

(a) Each person named in § 20:06:03:28; and

(b) Each other person who will be entitled to acquire five percent or more of the stock called for or to be called for by such warrants;

(3) If known, the total amount of stock called for or to be called for by such warrants, received or to be received by all directors and officers of the company as a group and all employees, without naming them.

S.D. Admin. R. 20:06:03:31

SL 1975, ch 16, § 1; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 58-4-1, 58-5-49.

Law Implemented: SDCL 58-5-49.