Notice of Cancellation of Shipping Coordinating Committee Meeting, 15847 [2020-05768]
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Federal Register / Vol. 85, No. 54 / Thursday, March 19, 2020 / Notices
asserts that its participation in the Plan
will be on a basis no less advantageous
than that of Eligible Persons.10
Section 23(c) of the Act
12. Section 23(c) of the Act generally
prohibits a registered closed-end
investment company from purchasing
any securities of which it is the issuer
except in the open market, pursuant to
tender offers or under other
circumstances as the Commission may
permit to insure 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.
13. Applicant states that the payment
of a stock option exercise price with
previously acquired stock of the
Applicant or with shares withheld by
the Applicant may be deemed a
purchase by the Applicant of its own
securities within the prohibition of
section 23(c).11 Applicant therefore
requests an order under section 23(c) to
permit these purchases. Applicant states
that it will purchase its shares from
Eligible Persons at their Fair Market
Value on the relevant date, which
would not be significantly different
from the price at which all other
stockholders could sell their shares in a
market transaction. Applicant therefore
submits that such transactions would
not unfairly discriminate against other
stockholders.
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Applicant’s Conditions
Applicant agrees that any order of the
Commission granting the requested
relief will be subject to the following
conditions:
1. The Board will maintain a
Committee, none of the members of
which will be ‘‘interested persons’’ of
the Applicant as defined in the Act. The
Committee will administer the 2020
Daxor Plan and will be composed of
three or more directors of the Applicant
who (i) are Non-Interested Directors of
the Applicant, and (ii) are NonEmployee Directors within the meaning
of rule 16b–3 under the Exchange Act.
2. The Plan will not be operated
unless it is approved by a majority of
the votes cast by stockholders at a
meeting called to consider the Plan. Any
amendment to the 2020 Daxor Plan will
be subject to the approval of Applicant’s
10 As noted above, Applicant also asserts that the
Plan is consistent with the policies and purposes of
the Act because the Commission and Congress have
previously permitted certain companies regulated
under the Act to issue stock options and to adopt
incentive compensation plans similar to the Plan.
11 Applicant states this analysis could also apply
in the case of shares withheld by Applicant or
delivery of shares by an Eligible Person in
satisfaction of withholding taxes.
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17:05 Mar 18, 2020
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stockholders to the extent such approval
is required by applicable law or
regulation or the Board otherwise
determines. Unless terminated or
amended, during the fifth year of the
2020 Daxor Plan (and each fifth year
thereafter), the Plan shall be submitted
for reapproval to the Applicant’s
stockholders and all Awards made
during that year shall be contingent
upon stockholder approval.
3. Awards are not transferable or
assignable, except as the Committee will
specifically approve to facilitate estate
planning or to a beneficiary upon an
Eligible Person’s death or by will or the
laws of descent and distribution.
Awards may also be transferred
pursuant to a qualified domestic
relations order.
4. The maximum number of shares of
stock available for delivery in
connection with all Awards granted
under the 2020 Daxor Plan may not
exceed 250,000 of such shares, or 5% of
the Applicant’s outstanding shares,
whichever is the larger number, subject
to adjustment for corporate transactions.
5. The Board will review the 2020
Daxor Plan at least annually. In
addition, the Committee periodically
will review the potential impact that the
grant, exercise, or vesting of Awards
could have on the Applicant’s earnings
and net asset value per share, such
review to take place prior to any
decisions to grant Awards, but in no
event less frequently than annually.
Adequate procedures and records will
be maintained to permit such review,
and the Committee will be authorized to
take appropriate steps to ensure that
neither the grant nor the exercise or
vesting of Awards would have an effect
contrary to the interests of investors in
the Applicant. This will include the
authority to prevent or limit the grant of
additional Awards. All records
maintained pursuant to this condition
will be subject to examination by the
Commission and its staff.
6. Awards under the 2020 Daxor Plan
are issuable only to Eligible Persons. No
person will be granted Awards
denominated by reference to shares, or
be issued shares in settlement of
Awards not initially denominated by
reference to shares, that in the aggregate
exceed 35% of the shares initially
reserved for issuance under the Plan,
subject to adjustment under the Plan.
Subject to the immediately preceding
limitation, in any thirty-six month
period during which the Plan is in
effect, no person may be granted
Awards under the Plan relating to more
than 75,000 shares, which amount may
be adjusted to reflect certain corporate
transactions or events that affect the
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15847
Applicant’s stock. Grants to NonEmployee Directors are limited to those
described in condition 7 below.
7. In each fiscal year, a Non-Employee
Director may be granted up to 500
shares of vested Bonus Stock without
restrictions, which amount may be
adjusted to reflect certain corporate
transactions.
For the Commission, by the Division of
Investment Management, under delegated
authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–05670 Filed 3–18–20; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice 11079]
Notice of Cancellation of Shipping
Coordinating Committee Meeting
The Department of State has cancelled
a meeting of the Shipping Coordinating
Committee that was scheduled for 12
p.m. on March 23, 2020, in Room 6i10–
01–c of the Douglas A. Munro Coast
Guard Headquarters Building at St.
Elizabeth’s, 2703 Martin Luther King Jr.
Avenue SE, Washington, DC, 20593.
The primary purpose of the meeting
was to prepare for the 75th session of
the International Maritime
Organization’s (IMO) Marine
Environment Protection Committee to
be held at the IMO Headquarters,
London, United Kingdom from March
30, to April 3, 2020. That meeting has
been postponed indefinitely by the IMO
due to concerns over COVID–19. The
Department of State will reschedule this
public meeting when the Marine
Environment Protection Committee
meeting is rescheduled.
Jeremy M. Greenwood,
Office of Ocean and Polar Affairs, Department
of State.
[FR Doc. 2020–05768 Filed 3–18–20; 8:45 am]
BILLING CODE 4710–05–P
OFFICE OF THE UNITED STATES
TRADE REPRESENTATIVE
[Docket Number USTR–2020–0012]
Invitation for Applications for Inclusion
on the Dispute Settlement Rosters for
the United States-Mexico-Canada
Agreement
Office of the United States
Trade Representative.
ACTION: Notice requesting applications.
AGENCY:
The United States-MexicoCanada Agreement (USMCA) requires
SUMMARY:
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19MRN1
]]>Agencies
[Federal Register Volume 85, Number 54 (Thursday, March 19, 2020)]
[Notices]
[Page 15847]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05768]
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DEPARTMENT OF STATE
[Public Notice 11079]
Notice of Cancellation of Shipping Coordinating Committee Meeting
The Department of State has cancelled a meeting of the Shipping
Coordinating Committee that was scheduled for 12 p.m. on March 23,
2020, in Room 6i10-01-c of the Douglas A. Munro Coast Guard
Headquarters Building at St. Elizabeth's, 2703 Martin Luther King Jr.
Avenue SE, Washington, DC, 20593.
The primary purpose of the meeting was to prepare for the 75th
session of the International Maritime Organization's (IMO) Marine
Environment Protection Committee to be held at the IMO Headquarters,
London, United Kingdom from March 30, to April 3, 2020. That meeting
has been postponed indefinitely by the IMO due to concerns over COVID-
19. The Department of State will reschedule this public meeting when
the Marine Environment Protection Committee meeting is rescheduled.
Jeremy M. Greenwood,
Office of Ocean and Polar Affairs, Department of State.
[FR Doc. 2020-05768 Filed 3-18-20; 8:45 am]
BILLING CODE 4710-05-P
