S.D. Admin. R. 20:06:04:31

Current through Register Vol. 50, page 159, June 17, 2024

Section 20:06:04:31 - Additional definitions

Unless the context otherwise requires, all terms used in §§ 20:06:04:31 to 20:06:04:46, inclusive, shall have the same meaning as in SDCL 58-5-68 to 58-5-78, inclusive, and § 20:06:04:01. In addition, the following definitions apply:

(1) The term "plan" includes any plan, whether or not set forth in any formal written document or documents and whether or not approved in its entirety at one time;

(2) The definition of the terms "qualified stock option" and "employee stock purchase plan" that are set forth in sections 422 and 423 of the Internal Revenue Code of 1954 are to be applied to those terms where used in §§ 20:06:04:31 to 20:06:04:46, inclusive;

(3) The term "restricted stock option" as defined in section 424 (b) of the Internal Revenue Code of 1954 shall be applied to that term as used in §§ 20:06:04:31 to 20:06:04:46, inclusive, provided, however, that for the purposes of §§ 20:06:04:31 to 20:06:04:46, inclusive, an option which meets all of the conditions of section 424 (b), other than the date of issuance shall be deemed to be a "restricted stock option."

S.D. Admin. R. 20:06:04:31

4 SDR 6, effective 8/9/1977; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 58-5-73, 58-5-77.

Law Implemented: SDCL 58-5-68 to 58-5-78.