Under what conditions may a director of a corporation who owns 15% of its stock sell shares

Question:

Under what conditions may a director of a who owns 15% of its stock sell shares received in a merger in exchange for stock issued pursuant to Section 4(2)?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...