Arizona Revised Statutes Title 10. Corporations and Associations § 10-624. Share rights, options and warrants

A. Subject to any provisions set forth in its articles of incorporation, a corporation may issue rights, options or warrants for the purchase of shares of the corporation. These rights, options or warrants shall be evidenced in writing, and the board of directors shall determine the terms on which the rights, options or warrants are issued and their form and content. The consideration to be received for any shares on the exercise of these rights, options or warrants is governed by § 10-621.

B. The articles of incorporation may provide that the issuance of rights, options or warrants to directors, officers or employees of the corporation or any affiliate of the directors, officers or employees shall be approved by the shareholders.

C. The rights, options or warrants may include provisions that adjust the terms of the rights, options or warrants if there is an acquisition of shares, reorganization, merger, consolidation, sale of assets or other occurrence.