ARSD 20:06:04:33. Exemption of long-term profits incident to sales within six months of the exercise of an option

To the extent specified in § 20:06:04:33 there is hereby exempted as not comprehended within the purpose of SDCL 58-5-71 to 58-5-73, inclusive, any transaction or transactions involving the purchase and sale, or sale and purchase, of any equity security where such purchase is pursuant to the exercise of an option or similar right either acquired more than six months before its exercise, or acquired pursuant to the terms of an employment contract entered into more than six months before its exercise.