271B.6-240 Share options.
(1) A corporation may issue rights, options, or warrants for the purchase of shares of
the corporation. The board of directors shall determine the terms upon which the <br>rights, options, or warrants are issued, their form and content, and the terms and <br>conditions upon which and the consideration for which the shares are to be issued.
(2) (a) The board of directors may, by a resolution adopted by the board, authorize
one (1) or more officers of the corporation to do one (1) or more of the <br>following: <br>1.
Designate officers and employees of the corporation or of any of its <br>subsidiaries to receive rights, options, or warrants to be issued by the <br>corporation;
2.
Determine the number of rights, options, or warrants to be issued to each <br>recipient; and
3.
Determine the time or times at or during which rights, options, or <br>warrants may be exercised.
(b) Any resolution adopted pursuant to paragraph (a) of this subsection shall
specify the total number of rights, options, or warrants the officer or officers <br>may award.
(c) The board of directors shall not authorize an officer to designate himself or
herself as a recipient of any rights, options, or warrants.
Effective: July 15, 2002 <br>History: Amended 2002 Ky. Acts ch. 102, sec. 12, effective July 15, 2002. -- Created
1988 Ky. Acts ch. 23, sec. 41, effective January 1, 1989.
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