Section 16b-3. The Board shall take such action as is necessary to cause the exemption (as and to the extent available) of each purchase pursuant to Sections 2.1 or 2.2 from the liability provisions of Section 16(b) of the Exchange Act (“Section 16(b)”) pursuant to Rule 16b-3 (each, a “Section 16 Exemption”) and the Company shall provide Sponsor with reasonably satisfactory evidence that such action has been taken prior to the closing of any such purchase.
Appears in 3 contracts
Sources: Investor Rights Agreement (Lamar Partnering Corp), Investor Rights Agreement (Liberty Media Acquisition Corp), Investor Rights Agreement (Liberty Media Acquisition Corp)