OAR 836-024-0120
Ownership of more than 10 percent of an equity security
(1)
When it is to be determined for the purpose of ORS 732.430 (Filing statement of security ownership with director) whether a person is the beneficial owner, directly or indirectly, of more than 10 percent of any class of any equity security, the class of the equity security consists of the total amount of the class outstanding, except for any securities of the class held by or for the account of the insurer or subsidiary of the insurer. To determine the percentage ownership of voting trust certificates or certificates of deposit for equity securities, however, the class of voting trust certificates or certificates of deposit consists of the amount of voting trust certificates or certificates of deposit issuable with respect to the total amount of outstanding equity securities of the class that may be deposited under the voting trust agreement or deposit agreement in question, regardless of whether all of the outstanding securities have been so deposited. For the purpose of this rule, a person acting in good faith may rely on the information contained in the latest Annual Statement filed with the Director of the Department of Consumer and Business Services with respect to the amount of securities of a class outstanding or in the case of voting trust certificates or certificates of deposit the amount issuable.(2)
When it is to be determined for the purpose of ORS 732.430 (Filing statement of security ownership with director) whether a person is the beneficial owner, directly or indirectly, of more than 10 percent of any class of equity securities, the person is considered to be the beneficial owner of securities of any class that the person has a right to acquire through the exercise of presently exercisable options, warrants or rights or through the conversion of presently convertible securities. A security that is subject to such an option, warrant, right or conversion privilege held by a person is considered to be outstanding for the purpose of computing, in accordance with section (1) of this rule, the percentage of outstanding securities of the class owned by the person. The security, however, is not considered to be outstanding for the purpose of computing the percentage of the class owned by another person.(3)
Section (2) of this rule does not relieve any person of a duty to comply with ORS 732.430 (Filing statement of security ownership with director) with respect to any equity securities consisting of options, warrants, rights or convertible securities that are otherwise subject as a class under 732.430 (Filing statement of security ownership with director).
Source:
Rule 836-024-0120 — Ownership of more than 10 percent of an equity security, https://secure.sos.state.or.us/oard/view.action?ruleNumber=836-024-0120.