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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[_] Check box if no longer subject of Section 16. Form 4 or Form 5 obligations
may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Walker Jeffrey C.
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(Last) (First) (Middle)
Chase Venture Capital Associates, LLC (FN 1)
c/o Chase Capital Partners
380 Madison Avenue-12th Floor
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(Street)
New York New York 10017
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Guitar Center, Inc. ("GTRC")
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
________________________________________________________________________________
4. Statement for Month/Year
March 2000
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[X] Director [_] 10% Owner
[_] Officer (give title below) [_] Other (specify below)
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7. Individual or Joint/Group Filing (Check applicable line)
[X] Form filed by one Reporting Person
[_] Form filed by more than one Reporting Person
________________________________________________________________________________
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock N/A N/A N/A N/A N/A N/A 5,108,074 I (FN 2)
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</TABLE>
* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
(Over)
(Form 4-07/99)
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FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
10.
9. Owner-
Number ship
of Form
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Stock Option $28.5625 N/A N/A N/A 5/6/99 5/6/08 Common Stock 1,667 -0- D (FN 3)
(right to
purchase)
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Stock Option $28.5625 N/A N/A N/A 5/6/00 5/6/08 Common Stock 1,666 -0- D (FN 3)
(right to
purchase)
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Stock Option $28.5625 N/A N/A N/A 5/6/01 5/6/08 Common Stock 1,668 -0- D (FN 3)
(right to
purchase)
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Stock Option $16.4375 N/A N/A N/A 4/26/00 4/25/09 Common Stock 1,667 -0- D (FN 3)
(right to
purchase)
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Stock Option $16.4375 N/A N/A N/A 4/26/01 4/25/09 Common Stock 1,666 -0- D (FN 3)
(right to
purchase)
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Stock Option $16.4375 N/A N/A N/A 4/26/02 4/25/09 Common Stock 1,667 -0- D (FN 3)
(right to
purchase)
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</TABLE>
Explanation of Responses:
(1) Pursuant to an internal reorganization effective as of January 1, 2000, (i)
Chase Venture Capital Associates, LLC ("CVCA, LLC") became the successor to
Chase Venture Capital Associates, LP ("CVCA, LP"), (ii) CCP-SBIC Manager, LLC, a
newly organized wholly-owned subsidiary of Chase Capital Partners ("CCP"),
became the managing member of CVCA, LLC, (iii) Chase Equity Associates, LLC
("CEA, LLC") became the successor to Chase Equity Associates, LP ("CEA, LP") and
(iv) CCP-CMC Consolidating, LLC ("Consolidating"), a newly-organized affiliate
of CCP, became the non-managing member of CVCA, LLC and the sole member of CEA,
LLC. CCP was the managing member of Consolidating, and pursuant to a master
advisory agreement with CCP-SBIC and Consolidating, the manager, by delegation,
of CVCA, LLC. Prior to the internal reorganization, CCP was the general partner,
and the sole shareholder of Consolidating was the limited partner, of CVCA, LP
and CEA, LP. The internal reorganization changed CVCA, LP's and CEA, LP's name
and form of organization but did not alter the proportionate interests of their
ultimate security holders. As of March 13, 2000, (i) CEA, LLC reverted to a
limited partnership form of organization and (ii) Consolidating was dissolved
and the sole member of Consolidating, Chatham Ventures, Inc., became the
non-managing member of CVCA, LLC and the limited partner of CEA, LP.
(2) The amounts shown in row 1 of Tables I and II represent the beneficial
ownership of the Issuer's Equity Securities by CVCA, LLC and the amounts shown
in rows 2 through 4 of Table I represent the beneficial ownership of the
Issuer's securities by CEA, LP; a portion of such beneficial ownership may be
deemed attributable to the reporting person because the reporting person is a
general partner of CCP, which is the manager, by delegation of CVCA, LLC and the
general partner of CEA, LP. The actual pro rata portion of such beneficial
ownership that may be deemed to be attributable to the reporting person is not
readily determinable because it is subject to several variables, including CVCA,
LLC's and CEA, LP'S internal rate of return and vesting of interests.
(3) The Stock Options were granted to the reporting person as director's
compensation; the reporting person is contractually obligated to transfer any
shares issued under the stock options to CVCA, LLC. These options become
exercisable in three annual installments on each April 26, 2000, April 26, 2001,
and April 26, 2002.
/s/ Jeffrey C. Walker 4/7/2000
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**Jeffrey C. Walker Date
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
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