147.21. An issuer who intends to acquire securities issued by him is exempt from the requirements under this title where
(1) the securities are acquired in accordance with conditions in writing at the time of issue or determined subsequently in accordance with the constituting Act;
(2) the issuer, following the publication of a notice of intention in the form prescribed by regulation, acquires, over a twelve-month period, less than 5 % of the class of securities in question outstanding at the commencement of the period;
(3) the securities are purchased from current or former employees of the issuer or a company of the same group and, in the case of securities traded on an organized market, where
(a) the consideration offered does not exceed the average market price established in the manner prescribed by regulation; and
(b) the securities acquired under this exemption over a twelve-month period do not represent more than 5 % of the securities of the class that are outstanding at the commencement of the period.