[timr]

This was my experience, as well: my lock-up contract explicitly forbade trading in any company security, derivative, etc.

I don't know how they'd enforce this, however. Seems like you'd have to have a big mouth, and they'd have to be willing to fire you for it.

[prostoalex]

They don't enforce it pre-emptively, but can hit you with a case many years after if the amounts involved are worthwhile of investigator's attention.

[timr]

Unless the lockup restriction is part of your state's laws (it isn't in California, AFAIK), it's not a matter for an "investigator" -- it's a private contract between yourself and your company.

It does vary state by state, though, so I suppose it's possible that some states have laws that prevent you from trading in derivatives during a lockup period.