Vermont § 5202 - Exempt transactions The following transactions are exempt from the requirements of sections 5301 through 5306 and 5504 of this chapter:

§ 5202. Exempt transactions The following transactions are exempt from the requirements of sections 5301 through 5306 and 5504 of this chapter:

• (1) An isolated nonissuer transaction, whether effected by or through a broker-dealer
  or not. (2) A nonissuer transaction by or through a broker-dealer registered or exempt from registration
  under this chapter and a resale transaction by a sponsor of a unit investment trust
  registered under 15 U.S.C. § 80a-1 et seq. in a security of a class that has been outstanding in the hands of the public
  for at least 90 days, if, at the date of the transaction: (A) the issuer of the security is engaged in business, the issuer is not in the organizational
  stage or in bankruptcy or receivership, and the issuer is not a blank check, blind
  pool, or shell company that has no specific business plan or purpose or has indicated
  that its primary business plan is to engage in a merger or combination of the business
  with or an acquisition of an unidentified person; (B) the security is sold at a price reasonably related to its current market price; (C) the security does not constitute the whole or part of an unsold allotment to or a
  subscription or participation by the broker-dealer as an underwriter of the security
  or a redistribution; (D) a nationally recognized securities manual or its electronic equivalent designated
  by rule adopted or order issued under this chapter or a record filed with the Securities
  and Exchange Commission that is publicly available contains: