Exempt share repurchase
Exempt share repurchase means a share repurchase that falls into one of the following categories:
(a) An approved employee share repurchase;
(b) A share repurchase made in accordance with the terms and conditions attached to the shares being repurchased which either permit or require such share repurchase without the prior agreement of the owners of the shares;
(c) A share repurchase made by a company at the request of the owners of the shares repurchased, in accordance with the terms and conditions attached to the shares, which provide the owners of the shares a right to require the company to effect such share repurchase; and
(d) A share repurchase that is required by the law of the jurisdiction in which the offeror is incorporated or otherwise established.
Added: July 2011