SECTION 380:30-1-9. Stock options and ownership interest as wages

(a)   An option to purchase stock in lieu of wages is enforceable as wages if provided in a written agreement signed by the employer and employee, and only if the purchase is required by the employer. If the option to purchase is entirely the employee's decision, the option is not considered wages as defined in this chapter. If the employee may elect to receive wages or benefits instead of stock, the value of the stock is considered to be wages as defined in this chapter, once the employee has made the election to receive same.

(b)   For non-corporate employers, an option to receive percentage ownership interest shall be treated the same as an option to purchase stock.

(c)   If the percentage ownership interest is the claimant's only source of compensation for services rendered, the claimant shall be considered a business owner.

[Source: Added at 14 Ok Reg 2968, eff 7-13-97; Amended at 15 Ok Reg 2711, eff 6-25-98]