C3 Capital Partners III, L.P.; License No. 07/07-0118; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest, 35576-35577 [2017-16008]
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Federal Register / Vol. 82, No. 145 / Monday, July 31, 2017 / Notices
states the value of the Restricted Stock
will generally be taxable to the recipient
as ordinary income in the years in
which the restrictions on the shares
lapse. Such value will be the fair market
value of the shares on the dates the
restrictions lapse. The Company states
that its obligations to make cash
payments pursuant to a Restricted Stock
award or deliver the shares is subject to
the Participant’s satisfaction of all
applicable federal, state and local
income and employment tax
withholding obligations.
3. As discussed more fully in the
application, upon the exercise of an
option, the amount by which the fair
market value of the shares of the
Company’s Common Stock received,
determined as of the date of exercise,
exceeds the exercise price will be
treated as ordinary income to the
recipient of the option in the year of
exercise. The Company states that in
accordance with applicable regulations
of the IRS, the Company requires the
optionee to pay to it an amount
sufficient to satisfy taxes required to be
withheld in respect of such
compensation income at the time of the
exercise of the option.
4. The Amended Plan and the
Amended 2009 Plan were approved by
the Company’s board of directors
(‘‘Board’’), including the required
majority of the Company’s directors
with the meaning of section 57(o) of the
Act. The Company states that the
Compensation Committee of the Board,
in its discretion, may permit a
Participant to irrevocably elect to have
the Company withhold Common Shares,
or to deliver to the Company Common
Shares that the Participant already
owns, having a value equal to the
amount required to be withheld to
satisfy the Participant’s tax withholding
obligations related to the vesting of
Restricted Stock under the Amended
Plan, or the exercise of options to
acquire Common Stock granted
pursuant to the Amended 2009 Plan.
The Company states that the Amended
2009 Plan further provides the
Compensation Committee of the Board
with discretion to permit the Company’s
employees to pay the exercise price of
options to purchase shares of Common
Stock with shares of Common Stock
already held by them or pursuant to net
share settlement.
Applicant’s Legal Analysis
1. Section 23(c) of the Act, which is
made applicable to BDCs by section 63
of the Act, generally prohibits a BDC
hypothecated, margined, or otherwise encumbered
by a Participant.
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from purchasing any securities of which
it is the issuer except in the open
market, pursuant to tender offers or
under such other circumstances as the
Commission may permit to ensure that
the purchase is made on a basis that
does not unfairly discriminate against
any holders of the class or classes of
securities to be purchased. The
Company states that the withholding or
purchase of shares of Common Stock in
payment of applicable withholding tax
obligations or of Common Stock in
payment for the exercise price of a stock
option might be deemed to be purchases
by the Company of its own securities
within the meaning of section 23(c) and
therefore prohibited by the Act.
2. Section 23(c)(3) provides that the
Commission may issue an order that
would permit a BDC to purchase its
shares in circumstances in which the
purchase is made in a manner or on a
basis that does not unfairly discriminate
against any holders of the class or
classes of securities to be purchased.
The Company states that it believes that
the requested relief meets the standards
of section 23(c)(3).
3. The Company states that these
purchases will be made on a basis
which does not unfairly discriminate
against the stockholders of the Company
because all purchases of Common Stock
will be at the closing sales price of the
Common Stock on the NASDAQ Global
Select Market (or any primary exchange
on which its shares of Common Stock
may be traded in the future) on the
relevant date (i.e., the public market
price on the date of vesting of the
Restricted Shares and the date of grant
of options). The Company further states
that no transactions will be conducted
pursuant to the requested order on days
where there are no reported market
transactions involving the Common
Stock. The Company submits that
because all transactions would take
place at the public market price for the
Company’s Common Stock, the
transactions would not be significantly
different than could be achieved by any
shareholder on the Nasdaq Global Select
Market.
4. The Company submits that the
proposed purchases do not raise
concerns about preferential treatment of
the Company’s insiders because the
Amended Plan and the Amended 2009
Plan are bona fide compensation plans
of the type that is common among
corporations generally. Further, the
Company argues that the vesting
schedule is determined at the time of
the initial grant of the Restricted Stock
and the option exercise price is
determined at the time of the initial
grant of the options. The Company
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represents that all purchases may be
made only as permitted by the
Amended Plan and the Amended 2009
Plan, which were approved by the
Board prior to the application for relief.
The Company argues that granting the
requested relief would be consistent
with policies underlying the provisions
of the Act permitting the use of equity
compensationas well as prior exemptive
relief granted by the Commission for
relief under section 23(c) of the Act.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–16013 Filed 7–28–17; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
C3 Capital Partners III, L.P.; License
No. 07/07–0118; Notice Seeking
Exemption Under Section 312 of the
Small Business Investment Act,
Conflicts of Interest
Notice is hereby given that C3 Capital
Partners III, L.P., 1511 Baltimore, Suite
500, Kansas City, KS 64108, a Federal
Licensee under the Small Business
Investment Act of 1958, as amended
(‘‘the Act’’), in connection with the
financing of a small concern, has sought
an exemption under Section 312 of the
Act and Section 107.730, Financings
which Constitute Conflicts of Interest of
the Small Business Administration
(‘‘SBA’’) Rules and Regulations (13 CFR
107.730). C3 Capital Partners III, L.P.,
proposes to provide debt financing
issued by Green Compass
Environmental Solutions, LLC, 2775 N.
Ventura Road, Suite 209, Oxnard, CA
93036.
The financing is brought within the
purview of § 107.730(a)(1) of the
Regulations because C3 Capital Partners
II, L.P. an Associate of C3 Capital
Partners III, L.P., owns more than ten
percent of Green Compass
Environmental Solutions, LLC; therefore
Green Compass Environmental
Solutions, LLC is considered an
Associate of C3 Capital Partners II, L.P.,
as defined in Sec. 105.50 of the
regulations. In addition, C3 Capital
Partners III, L.P. and C3 Capital Partners
II, L.P. are Associates as defined under
13 CFR 107.50.
Notice is hereby given that any
interested person may submit written
comments on this transaction within
fifteen days of the date of this
publication to the Associate
Administrator, Office of Investment and
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Federal Register / Vol. 82, No. 145 / Monday, July 31, 2017 / Notices
Innovation, U.S. Small Business
Administration, 409 Third Street SW.,
Washington, DC 20416.
Dated: July 19, 2017.
A. Joseph Shepard,
Associate Administrator for Office of
Investment and Innovation.
regulatory enforcement issues affecting
small businesses.
For more information on the Office of
the National Ombudsman, see our Web
site at www.sba.gov/ombudsman.
[FR Doc. 2017–16008 Filed 7–28–17; 8:45 am]
Dated: July 21, 2017.
Richard W. Kingan,
SBA Committee Management Officer (Acting).
BILLING CODE P
[FR Doc. 2017–16003 Filed 7–28–17; 8:45 am]
BILLING CODE P
SMALL BUSINESS ADMINISTRATION
National Regulatory Fairness Hearing
Region III Regulatory Fairness Board
U.S. Small Business
Administration (SBA).
ACTION: Notice of open Hearing of the
Regional Small Business Regulatory
Fairness Board.
AGENCY:
The SBA Office of the
National Ombudsman is issuing this
notice to announce the location, date,
and time of the National Regulatory
Fairness Hearing. This hearing is open
to the public.
DATES: The hearing will be held on
Monday, August 28, 2017, from 1:30
p.m. to 4:30 p.m. (EDT).
ADDRESSES: The meeting will be held at
Patriots Plaza One, 395 E. Street SW., in
the Hearing Room, Washington, DC
20201. Persons attending the hearing
must enter the building with a valid
photo identification.
FOR FURTHER INFORMATION CONTACT: The
hearing is open to the public; however,
advance notice of attendance is
requested. Anyone wishing to attend
and/or make a presentation to the
Region III Regulatory Fairness Board
must contact Ms. Elahe Zahirieh, Case
Management Specialist, by August 15,
2017 in writing, by fax, or email at
ombudsman-events@sba.gov in order to
be placed on the agenda. For further
information, please contact Ms.
Zahirieh, Office of the National
Ombudsman, 409 3rd Street SW., Suite
5116, Washington, DC 20416 by phone
(202) 205–2417 and fax (202) 481–5719.
Additionally, if you need
accommodations because of a disability,
translation services, or require
additional information, please contact
Ms. Zahirieh.
SUPPLEMENTARY INFORMATION: Pursuant
to the Small Business Regulatory
Enforcement Fairness Act (Pub. L. 104–
121), Sec. 222, SBA announces the
hearing for Small Business Owners,
Business Organizations, Trade
Associations, Chambers of Commerce
and related organizations serving small
business concerns to report experiences
regarding unfair or excessive Federal
sradovich on DSKBCFCHB2PROD with NOTICES
SUMMARY:
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SMALL BUSINESS ADMINISTRATION
Military Reservist Economic Injury
Disaster Loans Interest Rate for Fourth
Quarter FY 2017
The Small Business Administration
publishes an interest rate for Military
Reservist Economic Injury Disaster
Loans (13 CFR 123.512) on a quarterly
basis. The rate will be 3.305 for loans
approved on or after July 14, 2017.
James E. Rivera,
Associate Administrator for Disaster
Assistance.
[FR Doc. 2017–15988 Filed 7–28–17; 8:45 am]
BILLING CODE P
SMALL BUSINESS ADMINISTRATION
Annual Meeting of the Regional Small
Business Regulatory Fairness Boards
Office of the National Ombudsman
U.S. Small Business
Administration (SBA).
ACTION: Notice of open meeting of the
Regional Small Business Regulatory
Fairness Boards.
AGENCY:
The SBA, Office of the
National Ombudsman is issuing this
notice to announce the location, date,
time and agenda for the annual board
meeting of the ten Regional Small
Business Regulatory Fairness Boards.
The meeting is open to the public.
DATES: The meeting will be held on:
Tuesday, August 29, 2017, from 8:30
a.m. to 5:00 p.m. EDT and Wednesday,
August 30, 2017, from 8:30 a.m. to 12:00
p.m. EDT.
ADDRESSES: The meeting will be held at
Patriots Plaza One, 395 E. Street SW.,
Hearing Room, lobby level, Washington,
DC 20201. **A valid photo
identification is required to enter the
building.
SUMMARY:
The
meeting is open to the public; however
advance notice of attendance is
requested. Anyone wishing to attend
and/or make a presentation to the
Regional Regulatory Fairness Boards
must contact Elahe Zahirieh, Case
FOR FURTHER INFORMATION CONTACT:
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35577
Management Specialist, by August 21,
2017, in writing at the Office of the
National Ombudsman, 409 3rd Street
SW., Suite 5116, Washington, DC 20416,
by phone (202) 205–2417, by fax (202)
481–5719 or email ombudsman@
sba.gov. Additionally, if you need
accommodations because of a disability,
translation services, or require
additional information, please contact
Elahe Zahirieh as well.
Pursuant
to the Small Business Regulatory
Enforcement Fairness Act (Pub. L. 104–
121), Sec. 222, SBA announces the
meeting of the Regional Small Business
Regulatory Fairness Boards (Regional
Regulatory Fairness Boards). The
Regional Regulatory Fairness Boards are
tasked to advise the National
Ombudsman on matters of concern to
small businesses relating to enforcement
activities of Federal agencies and to
report on substantiated instances of
excessive Federal enforcement actions
against small business concerns,
including any findings or
recommendations of the Regional
Regulatory Fairness Board regarding
agency enforcement practice or policy.
The purpose of the meeting is to
discuss the following topics related to
the Regional Regulatory Fairness
Boards:
SUPPLEMENTARY INFORMATION:
—Introduction of the Regional
Regulatory Fairness Board members
and the staff of the Office of the
National Ombudsman
—Panel Discussion with Federal Agency
Representatives
—Facilitated discussion of ongoing
small business regulatory issues
—FY2016 Outcomes and comments
regarding the Annual Report to
Congress
—Office of Advocacy regulatory review
—SBA update and future outreach
planning
For more information on the Office of
the National Ombudsman, please visit
our Web site at www.sba.gov/
ombudsman.
Dated: July 21, 2017.
Richard W. Kingan,
Acting SBA Committee Management Officer.
[FR Doc. 2017–16004 Filed 7–28–17; 8:45 am]
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Agencies
[Federal Register Volume 82, Number 145 (Monday, July 31, 2017)]
[Notices]
[Pages 35576-35577]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-16008]
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SMALL BUSINESS ADMINISTRATION
C3 Capital Partners III, L.P.; License No. 07/07-0118; Notice
Seeking Exemption Under Section 312 of the Small Business Investment
Act, Conflicts of Interest
Notice is hereby given that C3 Capital Partners III, L.P., 1511
Baltimore, Suite 500, Kansas City, KS 64108, a Federal Licensee under
the Small Business Investment Act of 1958, as amended (``the Act''), in
connection with the financing of a small concern, has sought an
exemption under Section 312 of the Act and Section 107.730, Financings
which Constitute Conflicts of Interest of the Small Business
Administration (``SBA'') Rules and Regulations (13 CFR 107.730). C3
Capital Partners III, L.P., proposes to provide debt financing issued
by Green Compass Environmental Solutions, LLC, 2775 N. Ventura Road,
Suite 209, Oxnard, CA 93036.
The financing is brought within the purview of Sec. 107.730(a)(1)
of the Regulations because C3 Capital Partners II, L.P. an Associate of
C3 Capital Partners III, L.P., owns more than ten percent of Green
Compass Environmental Solutions, LLC; therefore Green Compass
Environmental Solutions, LLC is considered an Associate of C3 Capital
Partners II, L.P., as defined in Sec. 105.50 of the regulations. In
addition, C3 Capital Partners III, L.P. and C3 Capital Partners II,
L.P. are Associates as defined under 13 CFR 107.50.
Notice is hereby given that any interested person may submit
written comments on this transaction within fifteen days of the date of
this publication to the Associate Administrator, Office of Investment
and
[[Page 35577]]
Innovation, U.S. Small Business Administration, 409 Third Street SW.,
Washington, DC 20416.
Dated: July 19, 2017.
A. Joseph Shepard,
Associate Administrator for Office of Investment and Innovation.
[FR Doc. 2017-16008 Filed 7-28-17; 8:45 am]
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