for the applicable employee stock ownership plan. (j) Independent trustees With respect to a covered investment described in section 103(21)(A) made by an employee equity investment company that involves an employee stock ownership plan, the employee stock ownership plan shall have an independent trustee during the period that the employee equity investment company has an interest in the covered small business concern. (k) Smaller enterprises (1) In general Except as provided in paragraph (2), section 303(d) shall not apply to employee equity investment companies. (2) Protegee EEICs Section 303(d) shall apply to a Protege EEIC. (l) Procedures related to a sale of a covered small business concern (1) In general Subject to paragraph (2), an employee equity investment company shall require as a condition of making a covered investment described in section 103(21)(A) involving an employee stock ownership plan that— (A) before any stock sale or the execution of any corporate matter listed in section 409(e)(3) of the Internal Revenue Code of 1986, the employee stock ownership plan shall— (i) appoint an independent trustee for the transaction