Sec. 503. Extension of certain requirements for directors and officers
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Section 16 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78p ) is amended by adding at the end the following: During the period beginning on the date on which a person ceases to be a director or officer described in subsection (a)(1) with respect to an issuer and ending on the date that is 1 year thereafter, such person shall continue to be subject to this section (except as provided in paragraph (2)) in the same manner and to the same extent as if such person had not so ceased.
If a person ceases to be a director or officer described in subsection (a)(1) with respect to an issuer, such person may not, during the period that begins on the first day of the last full fiscal quarter of the issuer in which such person is such a director or officer and ends on the date that is 1 year after the date on which such person so ceases, sell more than 25 percent of the equity securities of such issuer (other than an exempted security) that such person owns on the first day of such period. .
Section 16(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78p(d) ) is amended by striking subsection
(c)and inserting subsections
(c)and (h)(2) . The amendments made by this section shall apply to a person who ceases to be a director or officer described in section 16(a)(1) of the Securities Exchange Act of 1934 after the date that is 1 year after the date of the enactment of this Act.
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Sec. 503
Extension of certain requirements for directors and officers
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