On March 14, 2016, the staff of the Securities and Exchange Commission (SEC) issued an interpretative letter providing that a stockholders Rule 144
holding period for shares of common stock of a publicly traded real estate investment trust (REIT) acquired in exchange for privately placed units of the REITs operating partnership (OP Units) commences with the shareholders acquisition of the OP Units, not the later acquisition of the REIT shares.
Two common restrictions placed on the sale of stock acquired through the exercise of nonstatutory options are SEC Rule 144
and Section 16(b) of the Securities Exchange Act of 1934.
Absent a lock-up agreement, the unregistered shares can be sold into the marketplace over a period of time, and the rule which governs their sale is known as Rule 144
However, the Appeals Committee supported the Rules Committee's assessment that an off-color comment to Daniels favorably comparing Sylmar to San Fernando broke IAC rule 144
, which prohibits improper contact with a player from another school.