Oklahoma § 6-405.2 - Employee stock option and stock purchase plans

§ 6-405.2. Employee stock option and stock purchase plans

A. Scope and application. Any bank or trust company may grant

options to purchase, sell or enter into agreements to sell shares of

its capital stock to its employees, for a consideration of not less

than one hundred percent (100%) of the fair market value of the

shares on the date the option is granted, or, if pursuant to a stock

purchase plan, one hundred percent (100%) of the fair market value

on the date the purchase price is fixed, pursuant to the terms of an

Oklahoma Statutes - Title 6. Banks and Trust Companies

employee stock option plan or employee stock purchase plan which has

been adopted by the board of directors of the bank and approved by

the holders of at least a majority of the outstanding shares of the

bank entitled to vote and by the Commissioner. Stock options issued

hereunder shall not extend beyond a period of ten (10) years from

date of issuance and shall otherwise qualify as stock options under

the provisions of the Internal Revenue Code of 1954, as it may be

amended from time to time.

B. Source of shares. Shares issued to employees pursuant to

this section may be authorized but unissued stock which has been

authorized by stockholders in accordance with the procedures

outlined in Section 39 of this act.

Added by Laws 1997, c. 111, § 40, eff. July 1, 1997. Amended by

Laws 1997, c. 374, § 3, eff. July 1, 1997.