HRS §414-85
Rules for issuing share purchase options
A corporation can give people the right to buy its shares. The board of directors decides the terms, form, and price for these rights. The documents can include conditions that stop certain large shareholders from using them.
The statute, as written — Share options
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 rights, options, or warrants are issued, their form and content, and the consideration for which the shares are to be issued. The documents evidencing such rights, options, or warrants may include conditions that preclude the holder or holders, including any subsequent transferees, of at least a specified percentage of the common shares of a corporation from exercising such rights, options, or warrants.
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