The shareholders of a corporation do not have a preemptive right to acquire the corporation's unissued shares except to the extent the articles of incorporation so provide.
A statement included in the articles of incorporation that "the corporation elects to have preemptive rights" (or words of similar import) means that the following principles apply except to the extent the articles of incorporation expressly provide otherwise:
Shares issued as compensation to directors, officers, agents or employees of the corporation, its subsidiaries or affiliates;
Shares issued to satisfy conversion or option rights created to provide compensation to directors, officers, agents or employees of the corporation, its subsidiaries or affiliates;
Shares authorized in articles of incorporation that are issued within six (6) months from the effective date of incorporation;
Shares sold otherwise than for money.
For purposes of this section, "shares" includes a security convertible into or carrying a right to subscribe for or acquire shares.