ML21048A442

From kanterella
Jump to navigation Jump to search
TVA EA - TVA Discrimination Eaws and Summaries - OUO Attachments
ML21048A442
Person / Time
Site: EA-20006, EA-20007
Issue date: 02/17/2021
From:
NRC
To:
NRC/OE
References
ASLBP 21-969-01-EA-BD01, 20-006-EA, 20-007-EA
Download: ML21048A442 (52)
v • d • e


Text

From:

JSheaIA-Hearing Resource Sent:

Wednesday, February 17, 2021 8:21 PM To:

JSheaIA-HearingNPEm Resource

Subject:

TVA Discrimination EAWs and summaries - OUO attachments Attachments:

ML21041A087_Redacted.pdf

Hearing Identifier:

JShea_IA_NonPublic Email Number:

1312 Mail Envelope Properties (0d90d79803634cc2af202531dac820af)

Subject:

TVA Discrimination EAWs and summaries - OUO attachments Sent Date:

2/17/2021 8:20:43 PM Received Date:

2/17/2021 8:20:46 PM From:

JSheaIA-Hearing Resource Created By:

JSheaIA-Hearing.Resource@nrc.gov Recipients:

"JSheaIA-HearingNPEm Resource" <JSheaIA-HearingNPEm.Resource@nrc.gov>

Tracking Status: None Post Office:

HQPWMSMRS02.nrc.gov Files Size Date & Time MESSAGE 3

2/17/2021 8:20:46 PM ML21041A087_Redacted.pdf 1263383 Options Priority:

Normal Return Notification:

No Reply Requested:

No Sensitivity:

Normal Expiration Date:

&Ž

<ŽD

^

d&D

dŽ

D:ŽDD^dŽ

W^



^^Ž:ŽŽ

^

&tdsŽtKhK



K^ŽZŽKhKŽ^tEZ&Ž

dsttEZ&ŽK^Ž

ZŽKhKŽds^YhKz,tEZ

KhK

tEZKhK,ŽtEZ

&Ž



tŽŽŽŽ





&Ž^ŽŽŽ

^&&WD

dŽ^^Ž<ŽD,<ŽŽ^

dŽŽ'Ž/tŽ'ŽW&,ŽE:ŽŽ

>ŽD

^dsŽtKhK



KhKWŽŽ/ŽŽ



'ŽŽŽŽ



dŽŽŽŽdsŽ^d



d







+HDULQJ,GHQWLILHU 

-6KHDB,$B1RQ3XEOLF 

(PDLO1XPEHU 

 



0DLO(QYHORSH3URSHUWLHV   01350%(&'(%('$  



6XEMHFW 



):79$'LVFULPLQDWLRQ($:VDQGVXPPDULHV282DWWDFKPHQWV 

6HQW'DWH 



$0 

5HFHLYHG'DWH 

$0 

)URP 



.RZDO0DUN



&UHDWHG%\\ 



0DUN.RZDO#QUFJRY



5HFLSLHQWV 



 

6SDUNV6FRWW6FRWW6SDUNV#QUFJRY! 

7UDFNLQJ6WDWXV1RQH 

-DFNVRQ'RQQD'RQQD-DFNVRQ#QUFJRY! 

7UDFNLQJ6WDWXV1RQH 

0XQGD\\-RHO-RHO0XQGD\\#QUFJRY! 

7UDFNLQJ6WDWXV1RQH 

0LOOHU0DUN0DUN0LOOHU#QUFJRY! 

7UDFNLQJ6WDWXV1RQH 

$UDJXDV&KULVWLDQ&KULVWLDQ$UDJXDV#QUFJRY! 

7UDFNLQJ6WDWXV1RQH 

6WHSKHQ7RP7KRPDV6WHSKHQ#QUFJRY! 

7UDFNLQJ6WDWXV1RQH 

(FKDYDUULD$OH[$OHMDQGUR(FKDYDUULD#QUFJRY! 

7UDFNLQJ6WDWXV1RQH 

3ULFH6DUDK6DUDK3ULFH#QUFJRY! 

7UDFNLQJ6WDWXV1RQH



3RVW2IILFH 



01350%QDPSUGSURGRXWORRNFRP 



)LOHV  





6L]H 





  'DWH 7LPH 

0(66$*( 





 





  $0 

2(6XPPDU\\RI5HSRUWB282GRF[ 



 

6KHD($:15&)RUPSGI 





 

79$:DWWV%DU($:15&)RUPSGI 





 

2(6XPPDU\\RI5HSRUWB282GRF[ 



 

79$6(482<$+($:15&282SGI 



 

($:15&282SGI  



 

+HQGHUVRQ($:15&)RUPSGI  



 



2SWLRQV 

3ULRULW\\  





1RUPDO  

5HWXUQ1RWLILFDWLRQ   

1R  

5HSO\\5HTXHVWHG  



1R  

6HQVLWLYLW\\   



1RUPDO 

([SLUDWLRQ'DWH  



 

 

2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ



2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ



^ŽKŽ/ŽK/ZŽEŽ

dsŽ



dŽŽŽDŽZŽ/

Žd

ŽdsdsŽŽKŽŽdE

ŽŽŽŽŽŽ

ŽŽdŽŽ

Ž&ZŽŽŽŽŽŽE>

E>ŽsWsWŽZŽŽŽŽŽ

ŽŽŽŽ&Z





WŽŽEZZŽ//Ž>ŽK>



KKŽZŽŽEZZŽ//ŽŽ//

ŽŽŽ



d/ŽŽŽK>ŽŽdK>

ŽŽdsKŽ'ŽK'ŽŽ

ŽŽŽE>ŽŽŽŽ/

ŽŽdK>ŽŽ

ŽŽdsŽ^ŽŽZŽŽZ

Ž/Ž

ŽŽŽ





^



/ŽDŽZŽ/ŽE>

ŽŽŽŽŽE>/Ž

ŽŽŽŽW&ZtŽ

Ž&^ŽŽt

ŽŽEZŽ/ŽŽEŽŽ

ŽŽŽŽ&K:

/ŽŽEZZ//ŽŽ

ŽŽE>ŽŽŽŽd/ŽŽ

ŽŽŽ



ŽŽŽŽŽE>Ž

Žd/ŽŽŽE>ŽŽ

ŽŽŽ

2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ



2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ



/ŽŽŽŽE>ŽŽ/

ŽŽŽŽŽd/

ŽŽŽE/ŽŽŽŽ

Ž



ŽŽŽŽŽŽ

WŽWŽŽŽŽŽE>EŽŽŽW

Ž//:Ž

ŽŽŽŽE>dWŽŽ

ŽŽŽŽŽŽE>

ŽŽŽŽŽ

E>ŽŽŽŽŽŽŽŽ

dWŽŽŽŽŽE>ŽŽ

ŽŽŽŽŽŽŽŽŽŽ

ŽŽ,/ŽZŽŽŽ,/ZŽŽ

ŽŽWŽŽŽ

ŽE>ŽW

ŽŽŽ^Ž>ŽŽ>

^WŽŽŽŽE>:

ŽWŽŽŽŽŽŽ

ŽE>ŽŽŽŽE>ŽŽŽŽ

Ž



KDŽŽŽE>ŽdsŽ

/ŽŽŽŽŽ/

ŽŽŽŽE>ŽŽEZŽ

ŽŽŽŽŽŽŽ

dŽŽŽE>Ž/ŽŽŽ

ŽEZ/ŽŽŽŽŽE>ŽdsK'

Ž^ŽŽE>Ž/d

ŽŽŽŽŽŽŽ

ŽŽŽŽŽE>dsK'Ž

ŽŽE>ŽŽŽE>

^ŽŽ/ŽE>ŽŽ

ŽŽŽE>ŽŽŽ



^Ž^ŽŽ/ŽŽsW

ŽZŽŽŽŽŽE>Ž/

ŽŽŽd/ŽŽŽE>,ZŽ

ŽŽŽŽWŽŽŽ

Žd/ŽŽŽŽE>Ž

2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ



2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ



ŽŽdsŽŽŽŽd

sWŽZŽŽŽŽŽŽ

ŽŽ/ŽŽŽŽŽ

ZŽŽWŽ,ZsWŽ

ZŽŽdsK'ŽŽŽ

ŽŽE>



d^ŽŽŽŽŽŽ

ŽŽŽŽ/dsWŽZŽ

dsK'ŽŽŽŽŽ

/ŽsWŽZŽdsK'

ŽŽŽ/ŽŽ

ŽŽŽE>ŽŽdsŽdds

ZŽZŽŽ/ŽŽŽdsŽŽŽ

dsEŽ&WŽtŽWŽŽ^ŽŽ

ZŽŽdEŽŽdŽ/Ž^Ž

Ž/ŽsWŽZŽ

ŽŽŽ/Žd/ŽŽKŽ

ŽŽŽŽŽŽd/

Ž:



ŽŽ



z



/ŽŽŽŽŽW

&ZtŽŽ&

^ŽŽtŽŽEZ

Ž/ŽŽEŽŽŽŽ

ŽŽ&K:/ŽŽEZZ//

ŽŽŽŽE>ŽŽ

ŽŽd/ŽŽZ



d/ŽŽŽE>ŽdsŽ

ŽŽŽŽŽŽŽŽŽE>

d/ŽŽŽŽŽŽŽŽsWŽZŽ

//^ŽŽŽŽŽ

ŽŽŽd/

ŽŽŽŽŽŽŽŽE>Ž

ŽŽŽŽE>ŽŽŽE>

ŽŽŽ

2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ



2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ





ZŽŽŽŽŽŽŽ



tŽŽŽŽŽ



z



dŽŽŽE>/ŽdŽŽŽ

E>Ž/ŽŽŽŽŽŽŽ

EZŽŽŽ/ŽŽŽE>Ž

Žds



dsWŽZŽ/Žd/ŽŽ

ŽŽsWŽZŽsWŽZŽŽŽ

ŽŽŽdsWŽZŽŽŽŽŽŽ

/Ž^ŽŽŽdsWŽZŽŽ

K//ŽŽŽŽdsW

ŽZŽŽŽŽŽWŽŽŽZ&ŽŽŽ

ŽŽ/YŽŽŽŽ/Ž

ŽŽsWŽZŽ

/ŽŽŽŽŽ



tŽŽ



z



dŽŽŽE>ŽŽdsŽ

/ŽŽŽŽ/ŽŽŽŽŽE>

ŽŽEZŽŽŽŽ/Ž

ŽdŽŽŽdsK'ŽŽ/

Ž



K^sWŽZŽŽŽŽŽŽ

ZŽŽ/ŽŽŽd/Ž

sWŽZŽŽKŽŽ





tŽŽŽ



z



2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ



2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ



dŽŽŽE>ŽŽdsŽ

/ŽŽŽŽ/ŽŽŽŽŽE>

ŽŽEZŽŽŽŽ/Ž

ŽdŽŽŽdsK'ŽŽ/

Ž



dEŽŽdŽ/ŽŽŽ

ŽŽŽŽE>^ŽŽ



/ŽŽŽWŽŽŽZŽŽŽ

ŽŽŽ/ŽŽ

ŽŽŽŽE>

ŽŽŽdsŽŽŽŽŽ

ŽŽŽŽŽŽd/ŽŽ

ŽŽŽŽŽŽŽŽŽŽ

ŽsWŽZŽŽŽŽd

dsK'ŽsWŽZŽŽ

ŽŽŽ



dsŽŽŽdsŽŽ

/ŽŽ



dŽŽŽE>ŽŽŽŽŽ

ŽŽŽ

ŽŽŽ&ZdŽŽŽE>/Ž

ŽŽŽŽŽEZŽ/Ž

ŽŽŽds/ŽŽŽŽŽ

E>Žds/ŽŽŽŽ

Ž/dŽŽŽŽ

ŽŽŽŽŽE>ŽŽŽ&ZdsŽŽŽŽ

&ZŽŽŽŽ



dsWŽZŽŽŽŽŽŽ

ŽŽŽ

ŽŽŽ&ZdsWŽZŽŽŽŽ

/ŽŽŽŽŽŽE>dsWŽZŽŽ

ŽŽŽWŽŽŽŽŽE>ŽŽ

ŽŽŽŽŽŽŽŽ

sWŽZŽŽŽŽŽ/ŽŽŽŽWŽ,

ZŽŽŽdsK'ŽŽŽ/

ŽŽŽE>/ŽŽsWŽZŽ

2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ



2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ



ŽŽŽŽdsK'ŽŽŽŽŽ

/dsWŽZŽ/dsK'

ŽŽŽŽ/ŽsWŽZŽ

ŽŽŽŽŽ/dŽ

ŽŽŽŽŽsWŽZŽ

ŽŽŽ&ZdsŽŽŽŽ&ZŽŽŽ

Ž



ŽŽ



ŽŽ/ŽDŽZŽ/

ŽdsŽŽKŽŽdEŽ

ŽdŽŽ

ŽŽŽŽŽE>sWŽZŽŽŽŽ&Z

dsŽŽŽŽ&ZŽŽŽŽ



dŽ<



/ŽŽds



&ŽŽŽE>/Ž



^



  • 

dWŽŽŽŽE>Ž/

WŽŽŽŽE>ŽŽ

ŽŽŽŽ

  • 

/ŽŽŽŽE>sWŽ

ZŽ



/ŽŽEZŽŽŽŽE>

ŽŽŽŽ



/ŽŽŽŽŽE>ŽdsŽ

dsŽŽEZ/ŽŽEŽŽŽ

Ž



D&ŽŽŽE>/



/^ŽŽŽŽ

ŽŽŽE>

2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ



2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ





/ŽŽŽŽŽE/



D/ŽŽŽŽŽŽE>ŽsWŽZŽ





^ŽŽŽŽŽŽŽ

ŽŽŽE>dŽŽŽ/

ŽŽŽŽ



^dsK'Ž/

ŽŽŽE>ŽŽ



^dsZŽŽŽŽ/



KŽ/sWŽZŽŽŽ

ŽŽŽŽŽŽ





/ŽŽ/Ž





/







3DJHRI

15&)250 

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7

($

($

'DWHRI3DQHO

)HEUXDU\\

/LFHQVHH

79$9LFH3UHVLGHQWRI5HJXODWRU\\$IIDLUV

)DFLOLW\\/RFDWLRQ

&RUSRUDWH&KDWWDQRRJD71

/LFHQVHH7\\SH

,QGLYLGXDO

'RFNHW1R V 



,QVSHFWLRQ5HSRUW1R V 

'DWHRI([LW0HHWLQJ

'DWHRI,5RU&KRLFH/HWWHU,VVXDQFH

0/1XPEHURIFDVHGRFXPHQWV LINQRZQ 

2,5HSRUW1R



2,5HSRUW'DWH

-DQXDU\\

,QVSHFWRU

6XPPDU\\RI,VVXHV&RQVLGHUHGIRU(VFDODWHG(QIRUFHPHQW

7KLVLQYHVWLJDWLRQZDVLQLWLDWHGWRGHWHUPLQHZKHWKHUDIRUPHU0DQDJHURI(PHUJLQJ5HJXODWRU\\,VVXHVDW79$

&RUSRUDWH2IILFHZDVGLVFULPLQDWHGDJDLQVWIRUHQJDJLQJLQSURWHFWHGDFWLYLW\\E\\WKH79$9LFH3UHVLGHQWRI5HJXODWRU\\

$IIDLUVLQYLRODWLRQRI&)5WKHGHOLEHUDWHPLVFRQGXFWUHJXODWLRQZKLFKFDXVHGWKHOLFHQVHHWREHLQYLRODWLRQRI

&)5WKHHPSOR\\HHSURWHFWLRQUHJXODWLRQ6XPPDU\\DWWDFKHG

,VZLOOIXOQHVVLQYROYHG"

<HV z2, VGHWHUPLQDWLRQ

'HOLEHUDWH z2*&

VGHWHUPLQDWLRQ

'HOLEHUDWH z5HJLRQDOGHWHUPLQDWLRQ

1$

5HJLRQDO5HFRPPHQGDWLRQ

z1XPEHURI$SSDUHQW9LRODWLRQV $9 



2(UHFRPPHQGVWKHHVFDODWHGHQIRUFHPHQWSURFHVVIRUWKH9LFH3UHVLGHQWRI5HJXODWRU\\$IIDLUVDW79$

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI



$SSDUHQW9LRODWLRQ

%ULHIVWDWHPHQWRIYLRODWLRQ HJLQDGHTXDWHVXUYH\\&)5 

7KH&,DW79$&RUSRUDWHZDVGLVFULPLQDWHGDJDLQVWIRUHQJDJLQJLQSURWHFWLQJDFWLYLW\\LQYLRODWLRQRI&)5DQG

&)5

%DFNJURXQGLQIRUPDWLRQ

/ŽŽŽŽŽW&Z

tŽŽ&^ŽŽ

tŽŽEZŽ/ŽŽEŽŽ

ŽŽŽŽ&K:/

ŽŽEZZ//ŽŽŽŽE>

ŽŽŽŽd/ŽŽŽŽŽ

d/ŽŽŽE>ŽdsŽ

ŽŽŽŽŽŽŽŽŽE>d/

ŽŽŽŽŽŽŽŽsWŽZŽ



KDŽŽŽE>ŽdsŽ

/ŽŽŽŽŽ/ŽŽŽŽ

E>ŽŽEZŽŽŽŽŽ

ŽŽŽ//^ŽŽ

ŽŽŽŽŽŽd/

ŽŽŽŽŽŽŽŽE>Ž

ŽŽŽŽE>ŽŽŽE>

ŽŽŽ



dŽŽŽE>sWŽZŽ/Žd

ŽŽŽE>Ž/ŽŽŽŽŽŽ

ŽEZŽŽŽ/ŽŽŽE>Ž

Ždsd/ŽŽŽŽsWŽZŽsW

ŽZŽŽŽŽŽŽdsWŽZŽŽ

ŽŽŽŽ/Ž^ŽŽŽdsWŽZŽ

ŽK//ŽŽŽŽ



K^sWŽZŽŽŽŽŽŽZ

ŽŽ/ŽŽŽd/Ž

sWŽZŽŽKŽŽ:dEŽŽdŽ

/ŽŽŽŽŽŽŽE>

^ŽŽ

z 3URSRVHG6HYHULW\\/HYHO 6/ 

(VFDODWHWR6/,IRU:LOOIXO

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI



z %DVLVIRU6/ (QI3ROLF\\9LRODWLRQ([DPSOH 

,QFHUWDLQFDVHVWKHVHYHULW\\OHYHORIDYLRODWLRQPD\\EHHVFDODWHGEDVHGRQXQLTXHHVFDODWLQJIDFWRUVVXFKDV

ZKHWKHUWKHDGYHUVHDFWLRQZDVWDNHQEHFDXVHWKHHPSOR\\HHKDGFRQWDFWHGWKH15&RUZKHWKHUWKHDSSOLFDEOH

15&HPSOR\\HHSURWHFWLRQUHJXODWLRQ HJ&)5RUVLPLODU15&HPSOR\\HHSURWHFWLRQUHJXODWLRQV ZDV

GHOLEHUDWHO\\YLRODWHG



(QIRUFHPHQW3ROLF\\([DPSOHE6HYHULW\\/HYHO,,YLRODWLRQRI&)5$QH[HFXWLYHOHYHOFRUSRUDWH

PDQDJHU RUHTXLYDOHQW  ZKLFKIRUWKLVGHILQLWLRQLQFOXGHVDVLWHYLFHSUHVLGHQW LVWKHGHFLVLRQPDNHURUSOD\\VD

VLJQLILFDQWUROHLQWKHDGYHUVHDFWLRQGHFLVLRQPDNLQJSURFHVVUHJDUGOHVVRIWKHVHYHULW\\RIWKHDGYHUVHDFWLRQEXW

ZLWKRXWDQHVFDODWLQJIDFWRUSUHVHQW



7KH9LFH3UHVLGHQWRI5HJXODWRU\\$IIDLUV H[HFXWLYHOHYHOFRUSRUDWHPDQDJHU LVWKHGHFLVLRQPDNHUZKRFDXVHG

WKH&,WREHSXWRQSDLGDGPLQLVWUDWLYHOHDYHDQGSOD\\HGDVLJQLILFDQWUROHLQWKHGHFLVLRQWRWHUPLQDWHWKH&,



$XQLTXHIDFWRULVSUHVHQWWKH9LFH3UHVLGHQWRI5HJXODWRU\\$IIDLUVLQYLRODWLRQRI&)5GHOLEHUDWHO\\

FDXVHG79$WREHLQYLRODWLRQRI&)5



&RQVLGHULQJWKH9LFH3UHVLGHQWRI5HJXODWRU\\$IIDLUVSRVLWLRQDQGWKHVLJQLILFDQFHRIWKHVHDFWLRQVD\\HDUEDQLV

SURSRVHG

$FWXDO&RQVHTXHQFHV

z 1R 3RWHQWLDO&RQVHTXHQFHV

z

<HV

,PSDFWLQJWKH5HJXODWRU\\3URFHVV

z 1R z,I<HVZDVDQVZHUHGWRDQ\\RIWKHWKUHHSUHFHGLQJTXHVWLRQV([SODLQ

3RWHQWLDO&KLOOLQJHIIHFWRQRWKHUHPSOR\\HHV

LOOIXO

z

<HV z &LYLO3HQDOW\\:DUUDQWHG H[SODLQ 

1R

,GHQWLILFDWLRQ&UHGLW

z 1R15&,GHQWLILHG

&RUUHFWLYH$FWLRQ&UHGLW

z 1R z 'HVFULEH/LVW&RUUHFWLYH$FWLRQV

3UHYLRXV(VFDODWHG(QIRUFHPHQW /DVW\\UVRU,QVSHFWLRQV 

z

<HV

'LVFUHWLRQWRPLWLJDWHHVFDODWHWKH&3

z 1$

z ([SODLQ%DVHVIRUGLVFUHWLRQ

z 3URSRVHGQH[WDFWLRQ

&KRLFHOHWWHU :ULWWHQ3(&$'5

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

  • XLGDQFHIRUFRPSOHWLQJWKH(QIRUFHPHQW$FWLRQ:RUNVKHHW

127($OOVHFWLRQVRIWKH($:DUHQRWUHTXLUHGWREHILOOHGLQ2QO\\SHUWLQHQWLQIRUPDWLRQLVUHTXLUHGWR

IXOO\\H[SODLQWKHLVVXHV





($,VVXHGE\\(QIRUFHPHQW6WDII +HDGTXDUWHUVRU5HJLRQDO 

'DWHRI3DQHO

/LFHQVHH

)DFLOLW\\/RFDWLRQ

/LFHQVHH7\\SH

'RFNHW1R V 

3URJUDP&RGH,INQRZQ

,QVSHFWLRQUHSRUW1R V ,INQRZQ

'DWHRI([LW0HHWLQJ,INQRZQ

'DWHRI,5RU&KRLFH/HWWHULVVXDQFH,INQRZQ

0/1XPEHURIFDVHGRFXPHQWV,INQRZQ

2,5HSRUW1R,INQRZQ

2,5HSRUW'DWH,INQRZQ





3URYLGHDEULHIFRQFLVHGHVFULSWLRQRIWKHLVVXH$Q\\LQIRUPDWLRQZKLFKLVSHUWLQHQWWRWKHLVVXHVKRXOG

EHLQFOXGHG$VXPPDU\\RIDGUDIWLQVSHFWLRQUHSRUWRUH[HFXWLYHVXPPDU\\PD\\DOVREHLQFOXGHGRU

DWWDFKHG$WWDFKDFRS\\RIWKH'UDIW129DV$WWDFKPHQWWRWKHFRPSOHWHG($:



,INQRZQFKRRVHWKHDSSURSULDWHUHVSRQVHLQWKHGURSGRZQPHQX2, VGHWHUPLQDWLRQVKRXOGEH

ORFDWHGLQWKH2,V\\QRSVLV2*&

VPD\\RUPD\\QRWEHNQRZQZKHQWKHLQVSHFWRULVFRPSOHWLQJWKH

($:5HJLRQDOHQIRUFHPHQWSHUVRQDOPD\\EHDEOHWRSURYLGHWKLVLQIRUPDWLRQDQGFKRRVHWKH5HJLRQDO

GHWHUPLQDWLRQRIWKHLVVXHV



&KRRVHWKHDSSURSULDWHQXPEHURI$SSDUHQW9LRODWLRQV)RUHDFK$9EH\\RQGWKHILUVWRQHFOLFNWKH

$GG$SSDUHQW9LRODWLRQEXWWRQDQGDSDJHZLOOEHDGGHGIRUWKHQHZ$9&KRRVHWKHDSSURSULDWH

UHVSRQVHVIRUHDFKTXHVWLRQ



&KRRVHWKHDSSURSULDWHUHVSRQVHIRU,QGLYLGXDO$FWLRQV <HV1R DQGVSHFLI\\WKHQXPEHURILQGLYLGXDO

DFWLRQV,ILQGLYLGXDODFWLRQVDUHZDUUDQWHGFRPSOHWHWKHTXHVWLRQVOLVWHGIRUWKHLQGLYLGXDODFWLRQ,I

PRUHWKDQRQHLQGLYLGXDODFWLRQLVQHHGHGFOLFNWKH$GG,QGLYLGXDO$FWLRQEXWWRQDQGDVHFWLRQZLOOEH

DGGHGIRUWKHQH[WLQGLYLGXDO&KRRVHWKHDSSURSULDWHUHVSRQVHVIRUHDFKTXHVWLRQ



([SODLQDVQHFHVVDU\\ HJGHVFULEHUHVXOWVRIURRWFDXVHEULHIFRQFLVHOLVWLQJRIJHQHULFLVVXHV

FRPPXQLFDWLRQVOHVVRQVOHDUQHGUHOHYDQWVLPLODUFDVHVRURWKHULQIRUPDWLRQWKDWVKRXOGEH

FRQVLGHUHG



3URYLGHDQ\\DGGLWLRQDOLQIRUPDWLRQQHHGHGWRVXSSRUWWKHFDVHWKDWZDVQ WPHQWLRQHGLQDQ\\RIWKHRWKHU

VHFWLRQVLQWKH($:



7RSULQWWKH($:FOLFNWKH3ULQW($:EXWWRQ7KLVZLOODOORZWKHIRUPWREHSULQWHGZLWKRXWWKHEXWWRQV

DQGGLUHFWLRQV WKLVSDJH DSSHDULQJLQWKHILQDOGRFXPHQW

3DJHRI

15&)250 

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7

($

($

'DWHRI3DQHO

)HEUXDU\\

/LFHQVHH

7HQQHVVHH9DOOH\\$XWKRULW\\ 79$

)DFLOLW\\/RFDWLRQ

&RUSRUDWH&KDWWDQRRJD71

/LFHQVHH7\\SH

2SHUDWLQJ5HDFWRU

'RFNHW1R V 



,QVSHFWLRQ5HSRUW1R V 

'DWHRI([LW0HHWLQJ

'DWHRI,5RU&KRLFH/HWWHU,VVXDQFH

0/1XPEHURIFDVHGRFXPHQWV LINQRZQ 

2,5HSRUW1R



2,5HSRUW'DWH

-DQXDU\\

,QVSHFWRU

6XPPDU\\RI,VVXHV&RQVLGHUHGIRU(VFDODWHG(QIRUFHPHQW

7KLVLQYHVWLJDWLRQZDVLQLWLDWHGWRGHWHUPLQHZKHWKHUDIRUPHU0DQDJHURI(PHUJLQJ5HJXODWRU\\,VVXHV &, HPSOR\\HG

E\\WKH7HQQHVVHH9DOOH\\$XWKRULW\\ 79$ DWWKH79$&RUSRUDWH2IILFHLQ&KDWWDQRRJD71ZDVGLVFULPLQDWHGDJDLQVWIRU

SDUWLFLSDWLQJLQDSURWHFWHGDFWLYLW\\E\\WKHIRUPHU'LUHFWRURI&RUSRUDWH1XFOHDU/LFHQVLQJ &1/ DQGWKH9LFH3UHVLGHQW

93 RI5HJXODWRU\\$IIDLUVLQYLRODWLRQRI&)5WKHGHOLEHUDWHPLVFRQGXFWUHJXODWLRQZKLFKFDXVHGWKHOLFHQVHH

WREHLQYLRODWLRQRI&)5WKHHPSOR\\HHSURWHFWLRQUHJXODWLRQ6XPPDU\\DWWDFKHG

,VZLOOIXOQHVVLQYROYHG"

<HV z2, VGHWHUPLQDWLRQ

'HOLEHUDWH z2*&

VGHWHUPLQDWLRQ

'HOLEHUDWH z5HJLRQDOGHWHUPLQDWLRQ

1$

5HJLRQDO5HFRPPHQGDWLRQ

z1XPEHURI$SSDUHQW9LRODWLRQV $9 



2(UHFRPPHQGVFRQWLQXLQJWKHHVFDODWHGHQIRUFHPHQWSURFHVVUHJDUGLQJ

79$

)RUPHU'LUHFWRURI&RUSRUDWH1XFOHDU/LFHQVLQJ

9LFH3UHVLGHQWRI5HJXODWRU\\$IIDLUV

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21

$SSDUHQW9LRODWLRQ

%ULHIVWDWHPHQWRIYLRODWLRQ HJLQDGHTXDWHVXUYH\\&)5 

7KH&,DW79$ZDVGLVFULPLQDWHGDJDLQVWIRUHQJDJLQJLQSURWHFWHGDFWLYLW\\LQYLRODWLRQRI&)5DQG&)5



%DFNJURXQGLQIRUPDWLRQ

/ŽŽŽŽŽW&Z

tŽŽ&^ŽŽ

tŽŽEZŽ/ŽŽEŽŽ

ŽŽŽŽ&K:/

ŽŽEZZ//ŽŽŽŽE>

ŽŽŽŽd/ŽŽŽŽŽ

d/ŽŽŽE>ŽdsŽ

ŽŽŽŽŽŽŽŽŽE>d/

ŽŽŽŽŽŽŽŽsWŽZŽŽ

ŽŽE>Ž



KDŽŽŽE>ŽdsŽ

/ŽŽŽŽŽ/ŽŽŽŽ

E>ŽŽEZŽŽŽŽŽ

ŽŽ///^ŽŽŽŽ

ŽŽŽŽd/

ŽŽŽŽŽŽŽŽE>Ž

ŽŽŽŽE>ŽŽŽE>ŽŽ

Ž



dŽŽŽE>sWŽZŽ/Žd

ŽŽŽE>Ž/ŽŽŽŽŽŽ

ŽEZŽŽŽ/ŽŽŽE>Ž

Ždsd/ŽŽŽŽsWŽZŽsW

ŽZŽŽŽŽŽŽdsWŽZŽŽ

ŽŽŽŽ/Ž^ŽŽŽdsWŽZŽ

ŽK//ŽŽŽŽ



K^sWŽZŽŽŽŽŽŽZ

ŽŽ/ŽŽŽd/Ž

sWŽZŽŽKŽŽ:dEŽŽdŽ

/ŽŽŽŽŽŽŽE>

^ŽŽ

z 3URSRVHG6HYHULW\\/HYHO 6/ 

(VFDODWHWR6/,IRU:LOOIXO

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 z %DVLVIRU6/ (QI3ROLF\\9LRODWLRQ([DPSOH 

,QFHUWDLQFDVHVWKHVHYHULW\\OHYHORIDYLRODWLRQPD\\EHHVFDODWHGEDVHGRQXQLTXHHVFDODWLQJIDFWRUVVXFKDV

ZKHWKHUWKHDGYHUVHDFWLRQZDVWDNHQEHFDXVHWKHHPSOR\\HHKDGFRQWDFWHGWKH15&RUZKHWKHUWKHDSSOLFDEOH

15&HPSOR\\HHSURWHFWLRQUHJXODWLRQ HJ&)5RUVLPLODU15&HPSOR\\HHSURWHFWLRQUHJXODWLRQV ZDV

GHOLEHUDWHO\\YLRODWHG



(QIRUFHPHQW3ROLF\\([DPSOHE6HYHULW\\/HYHO,,YLRODWLRQRI&)5$QH[HFXWLYHOHYHOFRUSRUDWH

PDQDJHU RUHTXLYDOHQW  ZKLFKIRUWKLVGHILQLWLRQLQFOXGHVDVLWHYLFHSUHVLGHQW LVWKHGHFLVLRQPDNHURUSOD\\VD

VLJQLILFDQWUROHLQWKHDGYHUVHDFWLRQGHFLVLRQPDNLQJSURFHVVUHJDUGOHVVRIWKHVHYHULW\\RIWKHDGYHUVHDFWLRQEXW

ZLWKRXWDQHVFDODWLQJIDFWRUSUHVHQW



7KH9LFH3UHVLGHQWRI5HJXODWRU\\$IIDLUV H[HFXWLYHOHYHOFRUSRUDWHPDQDJHU LVWKHGHFLVLRQPDNHUZKRFDXVHG

WKH&,WREHSXWRQSDLGDGPLQLVWUDWLYHOHDYHDQGSOD\\HGDVLJQLILFDQWUROHLQWKHGHFLVLRQWRWHUPLQDWHWKH&,$

XQLTXHIDFWRULVSUHVHQWWKH9LFH3UHVLGHQWRI5HJXODWRU\\$IIDLUVLQYLRODWLRQRI&)5GHOLEHUDWHO\\FDXVHG

79$WREHLQYLRODWLRQRI&)5

$FWXDO&RQVHTXHQFHV

z 1R 3RWHQWLDO&RQVHTXHQFHV

z

<HV

,PSDFWLQJWKH5HJXODWRU\\3URFHVV

z 1R z,I<HVZDVDQVZHUHGWRDQ\\RIWKHWKUHHSUHFHGLQJTXHVWLRQV([SODLQ

3RWHQWLDOFKLOOLQJHIIHFWRQRWKHUHPSOR\\HHV

LOOIXO

z

<HV z &LYLO3HQDOW\\:DUUDQWHG H[SODLQ 

<HV%DVHFLYLOSHQDOW\\RIIRU6/,;%DVHGXHWRQRLGHQWLILFDWLRQRUFRUUHFWLYHDFWLRQFUHGLWV

+RZHYHUFLYLOSHQDOW\\FDSSHGDWVWDWXWRU\\PD[LPXPRIGXHWRVLQJOHGD\\YLRODWLRQ

,GHQWLILFDWLRQ&UHGLW

z 1R15&,GHQWLILHG

&RUUHFWLYH$FWLRQ&UHGLW

z 1R z 'HVFULEH/LVW&RUUHFWLYH$FWLRQV

3UHYLRXV(VFDODWHG(QIRUFHPHQW /DVW\\UVRU,QVSHFWLRQV 

z

<HV

'LVFUHWLRQWRPLWLJDWHHVFDODWHWKH&3

z 1R z ([SODLQ%DVHVIRUGLVFUHWLRQ

z 3URSRVHGQH[WDFWLRQ

&KRLFHOHWWHU :ULWWHQ3(&$'5

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21

$SSDUHQW9LRODWLRQ

%ULHIVWDWHPHQWRIYLRODWLRQ HJLQDGHTXDWHVXUYH\\&)5 

7KH&,DW79$ZDVGLVFULPLQDWHGDJDLQVWIRUHQJDJLQJLQSURWHFWHGDFWLYLW\\LQYLRODWLRQRI&)5DQG&)5



%DFNJURXQGLQIRUPDWLRQ

/ŽŽŽŽŽW&Z

tŽŽ&^ŽŽ

tŽŽEZŽ/ŽŽEŽŽ

ŽŽŽŽ&K:/

ŽŽEZZ//ŽŽŽŽE>

ŽŽŽŽd/ŽŽŽŽŽ

d/ŽŽŽE>ŽdsŽ

ŽŽŽŽŽŽŽŽŽE>d/

ŽŽŽŽŽŽŽŽsWŽZŽŽ

ŽŽE>Ž



KDŽŽŽE>ŽdsŽ

/ŽŽŽŽŽŽŽ

ŽŽŽŽŽE>sWŽZŽEZŽds

W/ŽŽŽŽE>ŽŽEZŽŽ

ŽŽŽŽŽ///

^ŽŽŽŽŽŽŽŽ

d/ŽŽŽŽŽŽŽŽ

E>ŽŽŽŽŽE>ŽŽŽE>

ŽŽŽ



dŽŽŽE>sWŽZŽ/Žd

ŽŽŽE>Ž/ŽŽŽŽŽŽ

ŽEZŽŽŽ/ŽŽŽE>Ž

Ždsd/ŽŽŽŽsWŽZŽsW

ŽZŽŽŽŽŽŽdsWŽZŽŽ

ŽŽŽŽ/Ž^ŽŽŽdsWŽZŽ

ŽK//ŽŽŽŽ



K^sWŽZŽŽŽŽŽŽZ

ŽŽ/ŽŽŽd/Ž

sWŽZŽŽKŽŽ:dEŽŽdŽ

/ŽŽŽŽŽŽŽE>

^ŽŽ

z 3URSRVHG6HYHULW\\/HYHO 6/ 

(VFDODWHWR6/,,IRU:LOOIXO

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 z %DVLVIRU6/ (QI3ROLF\\9LRODWLRQ([DPSOH 

,QFHUWDLQFDVHVWKHVHYHULW\\OHYHORIDYLRODWLRQPD\\EHHVFDODWHGEDVHGRQXQLTXHHVFDODWLQJIDFWRUVVXFKDV

ZKHWKHUWKHDGYHUVHDFWLRQZDVWDNHQEHFDXVHWKHHPSOR\\HHKDGFRQWDFWHGWKH15&RUZKHWKHUWKHDSSOLFDEOH

15&HPSOR\\HHSURWHFWLRQUHJXODWLRQ HJ&)5RUVLPLODU15&HPSOR\\HHSURWHFWLRQUHJXODWLRQV ZDV

GHOLEHUDWHO\\YLRODWHG



(QIRUFHPHQW3ROLF\\([DPSOHF6HYHULW\\/HYHO,,,YLRODWLRQRI&)5$PLGRUVHQLRUOHYHOSODQW

PDQDJHU RUHTXLYDOHQW RUDFRUSRUDWHOHYHOOLQHPDQDJHU RUHTXLYDOHQW LVWKHGHFLVLRQPDNHURUSOD\\VD

VLJQLILFDQWUROHLQWKHDGYHUVHDFWLRQGHFLVLRQPDNLQJSURFHVVWKHHPSOR\\PHQWDFWLRQLVUHODWLYHO\\OHVVDGYHUVHWR

WKHHPSOR\\HH¶VWHUPVFRQGLWLRQVFRPSHQVDWLRQRUSULYLOHJHVRIHPSOR\\PHQW HJYHUEDOFRXQVHOLQJ DQGQR

HVFDODWLQJIDFWRULVSUHVHQW



7KHIRUPHU'LUHFWRURI&1/ FRUSRUDWHOHYHOOLQHPDQDJHU SOD\\HGDVLJQLILFDQWUROHLQLWLDWLQJDQLQYHVWLJDWLRQ

DJDLQVWWKH&,ZLWKWKHH[SHFWDWLRQRIDQDGYHUVHDFWLRQE\\ILOLQJDIRUPDOFRPSODLQWZLWK79$DFFXVLQJWKH&,RI

UHWDOLDWRU\\EHKDYLRUIRUFRQWDFWLQJWKH15&ZLWKFRQFHUQVRIDFKLOOHGZRUNHQYLURQPHQW7ZRXQLTXHIDFWRUVDUH

SUHVHQWWKHIRUPHU'LUHFWRURI&1/LQYLRODWLRQRI&)5GHOLEHUDWHO\\FDXVHG79$WREHLQYLRODWLRQRI

&)5DQGWKHDGYHUVHDFWLRQZDVWDNHQLQSDUWEHFDXVHWKH&,KDGFRQWDFWHGWKH15&ZLWKFRQFHUQVDERXWD

FKLOOHGZRUNHQYLURQPHQW

$FWXDO&RQVHTXHQFHV

z 1R 3RWHQWLDO&RQVHTXHQFHV

z

<HV

,PSDFWLQJWKH5HJXODWRU\\3URFHVV

z 1R z,I<HVZDVDQVZHUHGWRDQ\\RIWKHWKUHHSUHFHGLQJTXHVWLRQV([SODLQ

3RWHQWLDOFKLOOLQJHIIHFWRQRWKHUHPSOR\\HHV

LOOIXO

z

<HV z &LYLO3HQDOW\\:DUUDQWHG H[SODLQ 

<HV%DVHFLYLOSHQDOW\\RIIRU6/,,;%DVHGXHWRQRLGHQWLILFDWLRQRUFRUUHFWLYHDFWLRQFUHGLWV

+RZHYHUFLYLOSHQDOW\\FDSSHGDWVWDWXWRU\\PD[LPXPRIGXHWRVLQJOHGD\\YLRODWLRQ

,GHQWLILFDWLRQ&UHGLW

z 1R15&,GHQWLILHG

&RUUHFWLYH$FWLRQ&UHGLW

z 1R z 'HVFULEH/LVW&RUUHFWLYH$FWLRQV

3UHYLRXV(VFDODWHG(QIRUFHPHQW /DVW\\UVRU,QVSHFWLRQV 

z

<HV

'LVFUHWLRQWRPLWLJDWHHVFDODWHWKH&3

z 1R z ([SODLQ%DVHVIRUGLVFUHWLRQ

z 3URSRVHGQH[WDFWLRQ

&KRLFHOHWWHU :ULWWHQ3(&$'5

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21

'UDIW129 V 

9LRODWLRQ



7LWOHRIWKH&RGHRI)HGHUDO5HJXODWLRQV &)5  D VWDWHVWKDWGLVFULPLQDWLRQE\\D&RPPLVVLRQOLFHQVHH

DQDSSOLFDQWIRUD&RPPLVVLRQOLFHQVHRUDFRQWUDFWRURUVXEFRQWUDFWRURID&RPPLVVLRQOLFHQVHHRUDSSOLFDQW

DJDLQVWDQHPSOR\\HHIRUHQJDJLQJLQFHUWDLQSURWHFWHGDFWLYLWLHVLVSURKLELWHG'LVFULPLQDWLRQLQFOXGHVGLVFKDUJHDQG

RWKHUDFWLRQVWKDWUHODWHWRFRPSHQVDWLRQWHUPVFRQGLWLRQVRUSULYLOHJHVRIHPSOR\\PHQW



&RQWUDU\\WRWKHDERYHEHWZHHQ2FWREHUDQG-DQXDU\\7HQQHVVHH9DOOH\\$XWKRULW\\ 79$ 

FRUSRUDWHPDQDJHPHQWGLVFULPLQDWHGDJDLQVWDIRUPHU0DQDJHURI(PHUJLQJ5HJXODWRU\\,VVXHVHPSOR\\HGDWWKH

79$&RUSRUDWH2IILFHIRUHQJDJLQJLQSURWHFWHGDFWLYLWLHV6SHFLILFDOO\\WKH9LFH3UHVLGHQWRI5HJXODWRU\\$IIDLUV

SODFHGWKHHPSOR\\HHRQSDLGDGPLQLVWUDWLYHOHDYHDQGSOD\\HGDVLJQLILFDQWUROHLQWHUPLQDWLQJWKHHPSOR\\HH$V

FRQWULEXWLQJIDFWRUVIRUWKHVHDGYHUVHDFWLRQVWKH9LFH3UHVLGHQWRI5HJXODWRU\\$IIDLUVFLWHGWKHHPSOR\\HH¶V

VWDWHPHQWVPDGHGXULQJD79$2IILFHRIWKH*HQHUDO&RXQVHOLQYHVWLJDWLRQDQGIHDURIUHWDOLDWLRQFRPPXQLFDWHGE\\

WKHHPSOR\\HHWRWKH9LFH3UHVLGHQWRI5HJXODWRU\\$IIDLUVZKLFKDUHSURWHFWHGDFWLYLWLHV



9LRODWLRQ



7LWOHRIWKH&RGHRI)HGHUDO5HJXODWLRQV &)5  D VWDWHVWKDWGLVFULPLQDWLRQE\\D&RPPLVVLRQOLFHQVHH

DQDSSOLFDQWIRUD&RPPLVVLRQOLFHQVHRUDFRQWUDFWRURUVXEFRQWUDFWRURID&RPPLVVLRQOLFHQVHHRUDSSOLFDQW

DJDLQVWDQHPSOR\\HHIRUHQJDJLQJLQFHUWDLQSURWHFWHGDFWLYLWLHVLVSURKLELWHG'LVFULPLQDWLRQLQFOXGHVGLVFKDUJHDQG

RWKHUDFWLRQVWKDWUHODWHWRFRPSHQVDWLRQWHUPVFRQGLWLRQVRUSULYLOHJHVRIHPSOR\\PHQW



&RQWUDU\\WRWKHDERYHRQ0DUFK7HQQHVVHH9DOOH\\$XWKRULW\\ 79$ FRUSRUDWHPDQDJHPHQWGLVFULPLQDWHG

DJDLQVWDIRUPHU0DQDJHURI(PHUJLQJ5HJXODWRU\\,VVXHVHPSOR\\HGDWWKH79$&RUSRUDWH2IILFHIRUHQJDJLQJLQD

SURWHFWHGDFWLYLW\\6SHFLILFDOO\\WKHIRUPHU'LUHFWRURI&RUSRUDWH1XFOHDU/LFHQVLQJILOHGDIRUPDOFRPSODLQWDJDLQVW

WKHHPSOR\\HHEDVHGLQSDUWIRUFRQWDFWLQJWKH15&ZLWKFRQFHUQVRIDFKLOOHGZRUNHQYLURQPHQWZKLFKLVD

SURWHFWHGDFWLYLW\\7KHIRUPDOFRPSODLQWLQLWLDWHGDQLQYHVWLJDWLRQE\\WKH79$2IILFHRIWKH*HQHUDO&RXQVHOWKDW

UHVXOWHGLQWHUPLQDWLRQRIWKHHPSOR\\HH

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

  • XLGDQFHIRUFRPSOHWLQJWKH(QIRUFHPHQW$FWLRQ:RUNVKHHW

127($OOVHFWLRQVRIWKH($:DUHQRWUHTXLUHGWREHILOOHGLQ2QO\\SHUWLQHQWLQIRUPDWLRQLVUHTXLUHGWR

IXOO\\H[SODLQWKHLVVXHV





($,VVXHGE\\(QIRUFHPHQW6WDII +HDGTXDUWHUVRU5HJLRQDO 

'DWHRI3DQHO

/LFHQVHH

)DFLOLW\\/RFDWLRQ

/LFHQVHH7\\SH

'RFNHW1R V 

3URJUDP&RGH,INQRZQ

,QVSHFWLRQUHSRUW1R V ,INQRZQ

'DWHRI([LW0HHWLQJ,INQRZQ

'DWHRI,5RU&KRLFH/HWWHULVVXDQFH,INQRZQ

0/1XPEHURIFDVHGRFXPHQWV,INQRZQ

2,5HSRUW1R,INQRZQ

2,5HSRUW'DWH,INQRZQ





3URYLGHDEULHIFRQFLVHGHVFULSWLRQRIWKHLVVXH$Q\\LQIRUPDWLRQZKLFKLVSHUWLQHQWWRWKHLVVXHVKRXOG

EHLQFOXGHG$VXPPDU\\RIDGUDIWLQVSHFWLRQUHSRUWRUH[HFXWLYHVXPPDU\\PD\\DOVREHLQFOXGHGRU

DWWDFKHG$WWDFKDFRS\\RIWKH'UDIW129DV$WWDFKPHQWWRWKHFRPSOHWHG($:



,INQRZQFKRRVHWKHDSSURSULDWHUHVSRQVHLQWKHGURSGRZQPHQX2, VGHWHUPLQDWLRQVKRXOGEH

ORFDWHGLQWKH2,V\\QRSVLV2*&

VPD\\RUPD\\QRWEHNQRZQZKHQWKHLQVSHFWRULVFRPSOHWLQJWKH

($:5HJLRQDOHQIRUFHPHQWSHUVRQDOPD\\EHDEOHWRSURYLGHWKLVLQIRUPDWLRQDQGFKRRVHWKH5HJLRQDO

GHWHUPLQDWLRQRIWKHLVVXHV



&KRRVHWKHDSSURSULDWHQXPEHURI$SSDUHQW9LRODWLRQV)RUHDFK$9EH\\RQGWKHILUVWRQHFOLFNWKH

$GG$SSDUHQW9LRODWLRQEXWWRQDQGDSDJHZLOOEHDGGHGIRUWKHQHZ$9&KRRVHWKHDSSURSULDWH

UHVSRQVHVIRUHDFKTXHVWLRQ



&KRRVHWKHDSSURSULDWHUHVSRQVHIRU,QGLYLGXDO$FWLRQV <HV1R DQGVSHFLI\\WKHQXPEHURILQGLYLGXDO

DFWLRQV,ILQGLYLGXDODFWLRQVDUHZDUUDQWHGFRPSOHWHWKHTXHVWLRQVOLVWHGIRUWKHLQGLYLGXDODFWLRQ,I

PRUHWKDQRQHLQGLYLGXDODFWLRQLVQHHGHGFOLFNWKH$GG,QGLYLGXDO$FWLRQEXWWRQDQGDVHFWLRQZLOOEH

DGGHGIRUWKHQH[WLQGLYLGXDO&KRRVHWKHDSSURSULDWHUHVSRQVHVIRUHDFKTXHVWLRQ



([SODLQDVQHFHVVDU\\ HJGHVFULEHUHVXOWVRIURRWFDXVHEULHIFRQFLVHOLVWLQJRIJHQHULFLVVXHV

FRPPXQLFDWLRQVOHVVRQVOHDUQHGUHOHYDQWVLPLODUFDVHVRURWKHULQIRUPDWLRQWKDWVKRXOGEH

FRQVLGHUHG



3URYLGHDQ\\DGGLWLRQDOLQIRUPDWLRQQHHGHGWRVXSSRUWWKHFDVHWKDWZDVQ WPHQWLRQHGLQDQ\\RIWKHRWKHU

VHFWLRQVLQWKH($:



7RSULQWWKH($:FOLFNWKH3ULQW($:EXWWRQ7KLVZLOODOORZWKHIRUPWREHSULQWHGZLWKRXWWKHEXWWRQV

DQGGLUHFWLRQV WKLVSDJH DSSHDULQJLQWKHILQDOGRFXPHQW

2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ





2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ





6XPPDU\\RI2IILFHRI,QYHVWLJDWLRQV 2, 5HSRUW1R

7HQQHVVHH9DOOH\\$XWKRULW\\6HTXR\\DK



7KLVLQYHVWLJDWLRQZDVLQLWLDWHGWRGHWHUPLQHZKHWKHUDIRUPHU79$6LWH/LFHQVLQJ0DQDJHU

HPSOR\\HGDW6HTXR\\DKZDVGLVFULPLQDWHGDJDLQVWIRUHQJDJLQJLQSURWHFWHGDFWLYLWLHV



&DVH6XPPDU\\



%HWZHHQDQGWKH&RQFHUQHG,QGLYLGXDO &, WKHIRUPHU79$6LWH/LFHQVLQJ

0DQDJHUZDVLQYROYHGZLWKRQJRLQJFRPPXQLFDWLRQVZLWK&1/DERXWKRZWRUHVSRQGWRWZR

QRQFLWHGYLRODWLRQV 1&9V LVVXHGE\\WKH15&GXULQJDQLQVSHFWLRQ,QDGGLWLRQWKH&,ZDV

LQYROYHGZLWKVHYHUDOFRPSODLQWVDQGLQYHVWLJDWLRQVLQYROYLQJWKH(PSOR\\HH&RQFHUQV3URJUDP

(&3 +XPDQ5HVRXUFHV +5 DQGWKH79$2IILFHRI*HQHUDO&RXQVHO 2*& 2Q0D\\

WKH&,ZDVSODFHGRQSDLGDGPLQLVWUDWLYHOHDYHDQGRQ$XJXVWWKH&,UHVLJQHG

IURP79$



  • 

1&9V'XULQJD15&LQVSHFWLRQ6HTXR\\DKUHFHLYHGWZR1&9VIURPWKH15& 

0ROGHG&DVH&LUFXLW%UHDNHU6HUYLFH/LIH 6HUYLFH/LIH1&9 DQG 5HPRYDORI.LUN

.H\\,QWHUORFNV .LUN.H\\1&9 7KHOLFHQVHHKDGGD\\VWRUHVSRQGWR1&9VZLWKHLWKHU

DGHQLDOOHWWHURUFRUUHFWLYHDFWLRQV6LWH/LFHQVLQJSHUIRUPHGD5HJXODWRU\\$QDO\\VLVDQG

GHWHUPLQHGWKDWWKH1&9VVKRXOGEHGHQLHGDQGGUDIWHGDGHQLDOOHWWHU+RZHYHU&1/

ZKLFKLQFOXGHGWKH93RI5HJXODWRU\\$IIDLUVDQGWKHIRUPHU'LUHFWRURI&1/GLUHFWHGWKH

&,WRZULWHLQIRUPDWLRQDOOHWWHUVLQVWHDG7KH&,FKDOOHQJHGWKLVGLUHFWLRQEHFDXVHQHLWKHU

79$QRU15&SURFHVVHVDGGUHVVLQIRUPDWLRQDOOHWWHUVDQGVDLGWKDWWKH1&9VHLWKHUKDG

WREHGHQLHGRUFRUUHFWLYHDFWLRQVKDGWREHLPSOHPHQWHG,QWKH&,ZURWHD&$3

DQGVHYHUDO&5VRQWKHVHLVVXHV3HULRGLFDOO\\IURPWRWKH&,DWWHPSWHGWR

DGGUHVVWKH1&9VEXWZDVXQDEOHWRJHWWKHPUHVROYHGZLWK&1/LQDWLPHO\\PDQQHU

OHDYLQJ6HTXR\\DKLQQRQFRPSOLDQFHIRU\\HDUV ([KLELW 5DLVLQJFRQFHUQVDERXW

UHJXODWRU\\QRQFRPSOLDQFHLVDSURWHFWHGDFWLYLW\\ 



o 6HUYLFH/LIH1&97KH&,WULHGQXPHURXVWLPHVWRUHVROYHWKLVLVVXH'XULQJ

WKH15&EHJDQGHYHORSLQJD5HJXODWRU\\,VVXH6XPPDU\\ 5,6 RQWKH

6HUYLFH/LIH,VVXH7KH&,WROG&1/WKDWWKLVGLGQRWDOOHYLDWHWKHFRPSOLDQFH

UHTXLUHPHQWDQGWKDW79$VWLOOKDGDOHJDOREOLJDWLRQWRGHQ\\RUFRUUHFWWKH1&9

,Q&1/VLJQHGDFRPELQHGEDFNILWGHQLDOOHWWHUIRUWKH6HUYLFH/LIH1&9

DIWHUWKH15&LQGLFDWHGWKHLULQWHQWLRQVWRLVVXH6HTXR\\DKDFLWHGYLRODWLRQ

EHFDXVHWKH\\IDLOHGWRLPSOHPHQWFRUUHFWLYHDFWLRQVIRUWZR\\HDUV



o.LUN.H\\1&9,Q-DQXDU\\79$&1/VXEPLWWHGDQLQIRUPDWLRQDOOHWWHUWR

WKH15&RQWKH.LUN.H\\1&9EXWWKH1&9ZDVXSKHOGE\\WKH15&LQ0DUFK

7KH15&WROG79$WKDWWKH\\ZHUHRXWRISURFHVV7KH&,WROGWKH15&WKDW

6HTXR\\DKZRXOGVXEPLWD/LFHQVH$PHQGPHQW5HTXHVW /$5 E\\6HSWHPEHU

&1/ILQDOO\\DSSURYHGDQGVXEPLWWHGWKH/$5LQ0DUFKDIWHU

2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ





2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ





UHSHDWHGO\\TXHVWLRQLQJWKHDSSURSULDWHQHVVRIWKHDFWLRQDQGGHOD\\LQJWKH

VXEPLWWDO



  • 

(&3+52*&,QYHVWLJDWLRQV,Q$SULOWKH&,ZDVDFFXVHGRIDQLQDSSURSULDWH

UHODWLRQVKLSZLWKDQRWKHU79$HPSOR\\HHE\\WKHIRUPHU'LUHFWRURI&1/ZLWKWKHVXSSRUW

RIWKH93RI5HJXODWRU\\$IIDLUV$QLQYHVWLJDWLRQE\\79$+5ZDVFRPSOHWHGDQGWKH

DFFXVDWLRQZDVQRWVXEVWDQWLDWHG ([KLELW ,Q-XO\\WKH79$HPSOR\\HHWKDWZDV

DFFXVHGRILQDSSURSULDWHUHODWLRQVKLSZLWKWKH&,ILOHGDQ(&3FRPSODLQWRIKDUDVVPHQW

DJDLQVWWKHIRUPHU'LUHFWRURI&1/:KLOHLWZDVQRWVXEVWDQWLDWHGWKHLQYHVWLJDWLRQGLG

GHWHUPLQHWKDWDSUHFXUVRUWRSRWHQWLDOIXWXUHKDUDVVPHQWDQGLQWLPLGDWLRQVFODLPVZDV

SUHVHQWGXHWRWKHDFWLRQVRIWKHIRUPHU'LUHFWRURI&1/ ([KLELW ,Q$SULOWKH

&,ILOHGDFRPSODLQWZLWK(&3DJDLQVWWKHIRUPHU'LUHFWRURI&1/RIKDUDVVPHQWDQG

FUHDWLQJDQHQYLURQPHQWWKDWFRXOGQHJDWLYHO\\LPSDFW6&:(7KH&,¶VFRQFHUQZDVQRW

VXEVWDQWLDWHG ([KLELW ,Q-XO\\WKH&,ILOHGDFRPSODLQWZLWK(&3DJDLQVWWKH

IRUPHU'LUHFWRURI&1/IRUPHQWLRQLQJKLVILUVW(&3FRPSODLQWLQDPHHWLQJZLWKKHUVWDII

,WZDV³SDUWLDOO\\VXEVWDQWLDWHG' ([KLELW 7KH



79$ZDVDZDUHRIWKH(&3FRPSODLQWVILOHGE\\WKH&,



2Q0DUFKZLWKIXOOVXSSRUWRIWKH93RI5HJXODWRU\\$IIDLUVWKHIRUPHU'LUHFWRURI

&1/VXEPLWWHGDIRUPDOFRPSODLQWWR+5DQGWKH93RI5HJXODWRU\\$IIDLUVRIKDUDVVPHQW

DJDLQVWWKH&, ([KLELW WRVWRSKLVDFWLRQVDQGEHKDYLRUVUHJDUGLQJWKH1&9VDQG

ILOLQJFRPSODLQWVZLWKWKH(&37KH93RI5HJXODWRU\\$IIDLUVGLVFXVVHGWKHFRPSODLQW

ZLWKWKH

79$DQGRWKHUVDQGGHFLGHG

WRUHTXHVW79$2*&LQYHVWLJDWHWKHPDWWHUVLQFH+5DQG(&3DOUHDG\\LQYHVWLJDWHG

VLPLODULVVXHVZLWKWKHVDPHLQGLYLGXDOV2Q0D\\DGUDIW79$2*&UHSRUWZDV

SURYLGHGWR79$PDQDJHUV ([KLELW 7KH93RI5HJXODWRU\\$IIDLUVZDVWROGRQWKH

VDPHGD\\E\\WKH

79$WKDWWKH&,¶V

PDQDJHPHQWZRXOGEHLQIRUPLQJWKH&,WKDWKHZDVXQGHULQYHVWLJDWLRQWKDWKHZDV

IRXQGFXOSDEOHRIVRPHYLRODWLRQRIVWDQGDUGVDQGWKDWKHZRXOGEHSODFHGRQSDLG

DGPLQLVWUDWLYHOHDYH7KH

79$PHW

ZLWKWKH&,¶VPDQDJHUWKH'LUHFWRURI3ODQW6XSSRUWDW6HTXR\\DKDQGUHFRPPHQGHG

WKDWWKH&,EHSXWRQSDLGDGPLQLVWUDWLYHOHDYHWKDWVDPHGD\\ ([KLELW 7KH'LUHFWRU

RI3ODQW6XSSRUWDW6HTXR\\DKDJUHHGZLWKWKLVUHFRPPHQGDWLRQEHFDXVHLWZDV79$¶V

SROLF\\WRSODFHDQHPSOR\\HHRQDRUGD\\VXVSHQVLRQLIWKH\\ZHUHXQGHULQYHVWLJDWLRQ



$FFRUGLQJWRWKH'LUHFWRURI3ODQW6XSSRUWDW6HTXR\\DKWKHFRQFOXVLRQRIWKHGUDIW79$

2*&UHSRUWZDVWKDWWKH&,KDGQRWXVHGWKH(&3LQJRRGIDLWKEXWUDWKHUWRKDUDVVD

PDQDJHU)XUWKHUWKH

79$VDLGWKDW

WKHGUDIW79$2*&UHSRUWPHQWLRQHGSDUWRIWKHUHWDOLDWLRQXVHGE\\WKH&,ZDVZULWLQJ

(&3FRPSODLQWV%RWKLQGLYLGXDOVUHFRJQL]HGWKDWXVLQJ(&3ZDVDSURWHFWHGDFWLYLW\\

DQGVKRXOGQRWEHYLHZHGDVDIRUPRIUHWDOLDWLRQDJDLQVWWKHIRUPHU'LUHFWRURI&1/

7KH

79$VWDWHGWKDWKHVWUXJJOHG

ZLWKZKDWDSSURSULDWHGLVFLSOLQDU\\DFWLRQFRXOGEHGRQHEHFDXVHLWZDVOLQNHGWRD

SURWHFWHGDFWLYLW\\ LHUHSRUWLQJWR(&3 DQGGLUHFWHG79$2*&WRUHZULWHWKHUHSRUW

2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ





2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ





ZLWKRXWXVLQJWKH(&3DVHYLGHQFHRIKDUDVVPHQWDQGDEDVLVIRUGLVFLSOLQDU\\DFWLRQ

7KHLQYHVWLJDWLRQZDVUHRSHQHGDQGFRQWLQXHGXQWLO$XJXVW%HFDXVHRIWKLVWKH&,

ZDVHVVHQWLDOO\\SODFHGRQLQGHILQLWHVXVSHQVLRQ)RUDOPRVWWKUHHPRQWKVWKH&,ZDV

SURYLGHGZLWKLQFRQVLVWHQWLQIRUPDWLRQRQZKHQKHPD\\UHWXUQWRZRUNDQGLIKHIDFHG

SRVVLEOHWHUPLQDWLRQRUIXUWKHUGLVFLSOLQDU\\DFWLRQIURP79$'XULQJWKLVWLPHWKH'LUHFWRU

RI3ODQW6XSSRUWDW6HTXR\\DKZDVQRWSURYLGHGZLWKDQ\\HYLGHQFHWKDWVXSSRUWHGWKH

GUDIWUHSRUWDOWKRXJK79$GLVFLSOLQHSROLF\\VWDWHGWKDWWKHVXSHUYLVRUVKDOOEHSURYLGHG

WKHXQGHUO\\LQJEDVLVRIWKHLQYHVWLJDWLRQDQGKHUHTXHVWHGLWPXOWLSOHWLPHV2Q$XJXVW

LQWKHILQDOUHSRUW79$2*&VXEVWDQWLDWHGWKHIRUPHU'LUHFWRURI&1/¶V

DOOHJDWLRQRIKDUDVVPHQWDQGIRXQGWKDWWKH&,¶VFRQGXFWDQGEHKDYLRUYLRODWHG79$

SROLF\\DQGIHGHUDOVWDWXWHV ([KLELW 79$2*&UHFRPPHQGHGWKDWWKH&,EH

WHUPLQDWHGDQGWKH

79$VWDWHGWKDW

KHDJUHHGZLWKWKLVUHFRPPHQGDWLRQ



  • 

3DLG/HDYHDQG5HVLJQDWLRQ2Q0D\\WKHVDPHGD\\WKHGUDIW79$2*&

UHSRUWZDVSURYLGHGWRWKH79$PDQDJHUVWKH&,ZDVSODFHGRQSDLGDGPLQLVWUDWLYH

OHDYHEHFDXVHKHZDVXQGHULQYHVWLJDWLRQIRUKDUDVVPHQWDQGWKDWKLVDFWLRQV

XQGHUPLQHGWKHDELOLW\\IRUWKH&1/VWDIIWRSHUIRUPWKHLUGXWLHV2Q0D\\WKH&,

SURYLGHGWKH'LUHFWRURI3ODQW6XSSRUW6HTXR\\DKZLWKDUHFRYHU\\SODQZKLFKLQFOXGHG

YDULRXVDFWLRQVVXFKDVDSHUIRUPDQFHDVVHVVPHQW7KHUHFRYHU\\SODQZDVZHOO

UHFHLYHGDQGWKH&,ZDVWROGWKDWWHUPLQDWLRQZDVQRORQJHUEHLQJFRQVLGHUHGDQGKH

ZRXOGUHFHLYHDGD\\XQSDLGVXVSHQVLRQ,Q-XQHDQG-XO\\WKH&,KDGQXPHURXV

GLVFXVVLRQVZLWKWKH'LUHFWRURI3ODQW6XSSRUWDW6HTXR\\DKDQGZDVWROGWKDWWKH

LQYHVWLJDWLRQZDVWDNLQJORQJHUWKDQH[SHFWHGRUWKDWKHZRXOGQRWKHDUIRUVHYHUDOPRUH

ZHHNV$WWKLVSRLQWWKH&,EHJDQORRNLQJIRURWKHUHPSOR\\PHQWEHOLHYLQJWKDWKHZRXOG

EHILUHG2Q$XJXVWWKH&,UHSRUWHGKLVFRQFHUQVWRWKH15&DQGRQ$XJXVW

WKH&,UHVLJQHGIURP79$



(OHPHQW'LGWKH(PSOR\\HH(QJDJHLQ3URWHFWHG$FWLYLW\\"



<HV



5DLVLQJFRQFHUQVDERXWUHJXODWRU\\QRQFRPSOLDQFH%HWZHHQDQGWKH&,ZDV

LQYROYHGLQQXPHURXVGLVFXVVLRQVGLVDJUHHPHQWVDQGPHHWLQJVZLWK&1/UHJDUGLQJWKH6HUYLFH

/LIH1&9DQGWKH.LUN.H\\1&97KHVHYLRODWLRQVZHUHLGHQWLILHGE\\WKH15&GXULQJDQ

LQVSHFWLRQDQGUHTXLUHGDUHVSRQVHHLWKHUVXEPLWDGHQLDOOHWWHURULPSOHPHQWFRUUHFWLYH

DFWLRQVZLWKLQGD\\V+RZHYHU&1/WROGWKH&,WRSURYLGHRQO\\LQIRUPDWLRQDOOHWWHUVZKLFK

ZDVRXWRISURFHVVIRUERWK79$DQGWKH15&7KH&,WROG&1/RQQXPHURXVRFFDVLRQVYLD

SKRQHGLVFXVVLRQVPHHWLQJVHPDLOVWH[WVDQGD&$3WKDWWKH\\ZHUHLQQRQFRPSOLDQFHDQG

QHHGHGWRGHQ\\WKH1&9RULPSOHPHQWFRUUHFWLYHDFWLRQV6HTXR\\DKGLGQRWSURYLGHDQ

DSSURSULDWHUHVSRQVHXQWLODQGOHDYLQJWKHPLQQRQFRPSOLDQFHIRURYHUWZR\\HDUV

7KH&,¶VQXPHURXVLQTXLULHVDQGDWWHPSWVWRUHVSRQGDSSURSULDWHO\\WRWKHVH1&9VDQGWRUDLVH

FRQFHUQVDERXWUHJXODWRU\\QRQFRPSOLDQFHLVFRQVLGHUHGSURWHFWHGDFWLYLW\\



2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ





2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ





8VLQJWKH(&3,QWKH&,ILOHGWZR(&3FRPSODLQWVDJDLQVWWKHIRUPHU'LUHFWRURI&1/,Q

WKHGUDIW79$2*&UHSRUWVWDWHGWKDWWKH&,PLVXVHGWKH(&3DQGVDLGWKDWWKLVZDVD

IRUPRIUHWDOLDWLRQDJDLQVWWKHIRUPHU'LUHFWRURI&1/7KHGUDIW79$2*&UHSRUWZDVXVHGDVD

EDVLVIRUSODFLQJWKH&,RQDGPLQLVWUDWLYHOHDYH8VLQJWKH(&3LVFRQVLGHUHGSURWHFWHGDFWLYLW\\



(OHPHQW:DVWKH(PSOR\\HU$ZDUHRIWKH3URWHFWHG$FWLYLW\\DWWKH7LPHRIWKH$GYHUVH

$FWLRQ"



<HV



7KHIRUPHU'LUHFWRURI&1/7KHUHZHUHPDQ\\LQWHUDFWLRQVEHWZHHQWKH&,DQGWKHIRUPHU

'LUHFWRURI&1/DQGWKH93RI5HJXODWRU\\$IIDLUVEHWZHHQDQGRYHUWKHWZR1&9V

DVHYLGHQFHGE\\WKHLQWHUYLHZWHVWLPRQLHVDQGH[KLELWV7KH&,UDLVHGDZDUHQHVVRIKLV

FRQFHUQVDERXWQRQFRPSOLDQFHZLWKWKHWZRLQGLYLGXDOVWKURXJKKLVQXPHURXVPHHWLQJVSKRQH

FDOOV&5V&$3HPDLOVDQGWH[WV7KH&,ZDVDOVRLQYROYHGZLWKVHYHUDO(&3FRPSODLQWVZLWK

WKHIRUPHU'LUHFWRURI&1/LQDQG2Q0DUFKWKHIRUPHU'LUHFWRURI&1/

VXEPLWWHGWKHIRUPDOFRPSODLQWRIKDUDVVPHQWDJDLQVWWKH&,WRVWRSKLVDFWLRQVDQGEHKDYLRUV

UHJDUGLQJWKH1&9VDQG(&3FRPSODLQWV7KLVFRPSODLQWZDVXOWLPDWHO\\LQYHVWLJDWHGE\\79$

2*&2Q0D\\WKHGUDIW79$2*&UHSRUWZDVJLYHQWRPDQDJHPHQWZKLFKVWDWHG

WKDWWKH&,PLVXVHGWKH(&3DQGZDVWKHEDVLVIRUWKH&,EHLQJSODFHGRQDGPLQLVWUDWLYHOHDYH



7KH

79$7KH



79$VDLGKHZDV³YDJXHO\\'DZDUHRIWKH6HUYLFH/LIH1&9LVVXHDQG

GLGQRWUHFDOOWKH.LUN.H\\1&97KH

79$

UHFDOOHGWKH(&3LQYHVWLJDWLRQRIKDUDVVPHQWILOHGDJDLQVWWKHIRUPHU'LUHFWRURI&1/DV

ZHOODVWKHFRUUHFWLYHDFWLRQOHWWHU+HZDVDOVRDZDUHRIWKHWZRRWKHU(&3FRPSODLQWVIURP

E\\WKH&,DQGVWDWHGWKDWKHVSRNHZLWKWKHIRUPHU'LUHFWRURI&1/DERXWRQHRIWKH(&3

FRPSODLQWV PHQWLRQLQJWKHQDPHRIWKH(&3FRPSODLQDQWWRDQRWKHUHPSOR\\HH 2Q0D\\

WKHGD\\WKHGUDIW79$2*&UHSRUWZDVJLYHQWRPDQDJHPHQWWKH



79$PHWZLWKWKH&,¶VPDQDJHUWKH'LUHFWRURI3ODQW

6XSSRUWDW6HTXR\\DKDQGUHFRPPHQGHGWKDWWKH&,EHSXWRQSDLGDGPLQLVWUDWLYHOHDYH+H

WRRNWKLVDFWLRQHYHQWKRXJKKHNQHZWKDWWKHGUDIW79$2*&UHSRUWPHQWLRQHGSDUWRIWKH

UHWDOLDWLRQXVHGE\\WKH&,ZDVZULWLQJ(&3FRPSODLQWV)XUWKHUWKH



79$VWDWHGWKDWKHVWUXJJOHGZLWKZKDWDSSURSULDWHGLVFLSOLQDU\\DFWLRQ

FRXOGEHGRQHEHFDXVHLWZDVOLQNHGWRDSURWHFWHGDFWLYLW\\ LHUHSRUWLQJWR(&3 DQGGLUHFWHG

79$2*&WRUHZULWHWKHUHSRUWZLWKRXWXVLQJWKH(&3DVHYLGHQFHRIKDUDVVPHQWDQGDEDVLV

IRUGLVFLSOLQDU\\DFWLRQ7KHLQYHVWLJDWLRQZDVUHRSHQHGDQGFRQWLQXHGXQWLO$XJXVW%HFDXVHRI

WKLVWKH&,ZDVHVVHQWLDOO\\SODFHGRQLQGHILQLWHVXVSHQVLRQ)RUDOPRVWWKUHHPRQWKVWKH&,

ZDVSURYLGHGZLWKLQFRQVLVWHQWLQIRUPDWLRQRQZKHQKHPD\\UHWXUQWRZRUNDQGLIKHIDFHG

SRVVLEOHWHUPLQDWLRQRUIXUWKHUGLVFLSOLQDU\\DFWLRQIURP79$









2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ





2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ





FRQWLQXHGXQWLO$XJXVW7KH&,ZDVSODFHGRQDGPLQLVWUDWLYHOHDYHRQ0D\\$IWHU

QHDUO\\WKUHHPRQWKVRQSDLGOHDYHWKH&,UHVLJQHGRQ$XJXVWEHOLHYLQJWKDWKHZRXOG

EHWHUPLQDWHG



  • 

7KHDFWLRQVE\\WKH

79$FRQVWLWXWH

GHOLEHUDWHPLVFRQGXFWLQYLRODWLRQRI&)5ZKLFKFDXVHGWKHOLFHQVHHWREHLQ

YLRODWLRQRI&)56SHFLILFDOO\\WKH



79$UHFRPPHQGHGWKDWWKHHPSOR\\HHEHSODFHGRQSDLG

DGPLQLVWUDWLYHOHDYHZKLFKOHGWRWKHHPSOR\\HH¶VVXVSHQVLRQRIQHDUO\\WKUHHPRQWKVXQWLO

WKHHPSOR\\HHUHVLJQHG7KLVDFWLRQZDVEDVHGLQSDUWRQILOLQJ(&3FRPSODLQWVZKLFK

LVDSURWHFWHGDFWLYLW\\



&RQFOXVLRQ



%DVHGRQWKHHYLGHQFHWKHDOOHJDWLRQWKDWWKH&,DIRUPHU6LWH/LFHQVLQJ0DQJHUHPSOR\\HGDW

79$6HTXR\\DK1XFOHDU3ODQWZDVGLVFULPLQDWHGDJDLQVWIRUHQJDJLQJLQSURWHFWHGDFWLYLW\\ZDV

VXEVWDQWLDWHG7KHSUHSRQGHUDQFHRIWKHHYLGHQFHLQGLFDWHGWKDWWKHGHOLEHUDWHPLVFRQGXFWRI

WKHIRUPHU'LUHFWRURI&1/DQGWKH

79$LQ

YLRODWLRQRI&)5FDXVHGWKH79$WREHLQYLRODWLRQRI&)5WKHHPSOR\\HH

SURWHFWLRQUXOH



7LPHOLQHRI.H\\(YHQWV



)HEUXDU\\&,EHJDQHPSOR\\PHQWZLWK<9$DV6HTXR\\DKVLWH/LFHQVLQJ0DQJHU



6HSWHPEHU15&,QVSHFWLRQ5HSRUWZDVLVVXHGFRQWDLQLQJWKHWZR1&9V



1XPHURXVFRPPXQLFDWLRQVZLWK&1/RQ1&9V



$SULOWKH&,ZDVDFFXVHGRIDQLQDSSURSULDWHUHODWLRQVKLSZLWKDQRWKHU79$HPSOR\\HHE\\

WKHIRUPHU'LUHFWRURI&1/ZLWKWKHVXSSRUWRIWKH93RI5HJXODWRU\\$IIDLUV,WZDVQRW

VXEVWDQWLDWHG



-XO\\WKH79$HPSOR\\HHWKDWZDVDFFXVHGRILQDSSURSULDWHUHODWLRQVKLSZLWKWKH&,ILOHGDQ

(&3FRPSODLQWRIKDUDVVPHQWDJDLQVWWKHIRUPHU'LUHFWRURI&1/,WZDVQRWVXEVWDQWLDWHG



$SULOWKH&,ILOHGDFRPSODLQWZLWK(&3DJDLQVWWKHIRUPHU'LUHFWRURI&1/RIKDUDVVPHQW

DQGFUHDWLQJDQHQYLURQPHQWWKDWFRXOGQHJDWLYHO\\LPSDFW6&:(7KH&,¶VFRQFHUQZDVQRW

VXEVWDQWLDWHG



-XO\\WKH&,ILOHGDFRPSODLQWZLWK(&3DJDLQVWWKHIRUPHU'LUHFWRURI&1/IRUPHQWLRQLQJ

KLVILUVW(&3FRPSODLQWLQDVWDIIPHHWLQJ,WZDV³SDUWLDOO\\VXEVWDQWLDWHG'



2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ





2IILFLDO8VH2QO\\+/-3UHGHFLVLRQDO(QIRUFHPHQW,QIRUPDWLRQ





0DUFKWKHIRUPHU'LUHFWRURI&1/VXEPLWWHGDIRUPDOFRPSODLQWWR+5DQGWKH93RI

5HJXODWRU\\$IIDLUVRIKDUDVVPHQWDJDLQVWWKH&,ZKLFKOHGWRD79$2*&LQYHVWLJDWLRQ



0D\\DGUDIW79$2*&UHSRUWZDVSURYLGHGWR79$PDQDJHUV



0D\\WKH&,ZDVSODFHGRQSDLGDGPLQLVWUDWLYHOHDYH



$XJXVWWKH&,UHSRUWHGKLVFRQFHUQVWRWKH15&



$XJXVWWKH&,UHVLJQHGIURP79$





3DJHRI

15&)250 

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7

($

($

'DWHRI3DQHO

)HEUXDU\\

/LFHQVHH

79$

)DFLOLW\\/RFDWLRQ

6HTXR\\DK

/LFHQVHH7\\SH

2SHUDWLQJ5HDFWRU

'RFNHW1R V 

,QVSHFWLRQ5HSRUW1R V 

'DWHRI([LW0HHWLQJ

'DWHRI,5RU&KRLFH/HWWHU,VVXDQFH

0/1XPEHURIFDVHGRFXPHQWV LINQRZQ 

2,5HSRUW1R



2,5HSRUW'DWH

2FWREHU

,QVSHFWRU

6XPPDU\\RI,VVXHV&RQVLGHUHGIRU(VFDODWHG(QIRUFHPHQW

7KLVLQYHVWLJDWLRQGHWHUPLQHGZKHWKHUDIRUPHU79$6LWH/LFHQVLQJ0DQDJHUHPSOR\\HGDW6HTXR\\DKZDVGLVFULPLQDWHG

DJDLQVWIRUHQJDJLQJLQSURWHFWHGDFWLYLW\\LQYLRODWLRQRI&)5WKHHPSOR\\HHSURWHFWLRQUHJXODWLRQ6XPPDU\\

DWWDFKHG

,VZLOOIXOQHVVLQYROYHG"

<HV z2, VGHWHUPLQDWLRQ

'HOLEHUDWH z2*&

VGHWHUPLQDWLRQ

'HOLEHUDWH z5HJLRQDOGHWHUPLQDWLRQ

1$

5HJLRQDO5HFRPPHQGDWLRQ

z1XPEHURI$SSDUHQW9LRODWLRQV $9 





2(UHFRPPHQGVFRQWLQXLQJWKHHVFDODWHGHQIRUFHPHQWSURFHVVUHJDUGLQJ



79$

7KHIRUPHU'LUHFWRURI&RUSRUDWH1XFOHDU/LFHQVLQJ



2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21

$SSDUHQW9LRODWLRQ

%ULHIVWDWHPHQWRIYLRODWLRQ HJLQDGHTXDWHVXUYH\\&)5 

7KH&,DW79$6HTXR\\DKZDVGLVFULPLQDWHGDJDLQVWIRUHQJDJLQJLQSURWHFWHGDFWLYLW\\LQYLRODWLRQRI&)5DQG

&)5

%DFNJURXQGLQIRUPDWLRQ

%HWZHHQDQGWKH&RQFHUQHG,QGLYLGXDO &, WKHIRUPHU79$6LWH/LFHQVLQJ0DQDJHUZDVLQYROYHGZLWK

RQJRLQJFRPPXQLFDWLRQVZLWK&RUSRUDWH1XFOHDU/LFHQVLQJ &1/ ZKLFKLQFOXGHGWKHIRUPHU'LUHFWRURI&1/DQGWKH

9LFH3UHVLGHQW 93 RI5HJXODWRU\\$IIDLUVDERXWKRZWRUHVSRQGWRWZRQRQFLWHGYLRODWLRQV 1&9V LVVXHGE\\WKH15&

GXULQJDQLQVSHFWLRQ,QDGGLWLRQWKH&,ZDVLQYROYHGZLWKVHYHUDOFRPSODLQWVDQGLQYHVWLJDWLRQVLQYROYLQJWKH

(PSOR\\HH&RQFHUQV3URJUDP (&3 +XPDQ5HVRXUFHV +5 DQGWKH79$2IILFHRI*HQHUDO&RXQVHO 2*& 2Q0D\\

WKH&,ZDVSODFHRQSDLGDGPLQLVWUDWLYHOHDYHDQGRQ$XJXVWWKH&,UHVLJQHGIURP79$



%HWZHHQDQGWKH&,ZDVLQYROYHGLQQXPHURXVGLVFXVVLRQVGLVDJUHHPHQWVDQGPHHWLQJVZLWK&1/

UHJDUGLQJWKH6HUYLFH/LIH1&9DQGWKH.LUN.H\\1&97KHVHYLRODWLRQVZHUHLGHQWLILHGE\\WKH15&GXULQJDQ

LQVSHFWLRQDQGUHTXLUHGDUHVSRQVHHLWKHUVXEPLWDGHQLDOOHWWHURULPSOHPHQWFRUUHFWLYHDFWLRQVZLWKLQGD\\V

+RZHYHU&1/WROGWKH&,WRSURYLGHRQO\\LQIRUPDWLRQDOOHWWHUVZKLFKZDVRXWRISURFHVVIRUERWK79$DQGWKH15&

7KH&,WROG&1/RQQXPHURXVRFFDVLRQVYLDSKRQHGLVFXVVLRQVPHHWLQJVHPDLOVWH[WVDQGD&$3WKDWWKH\\ZHUHLQ

QRQFRPSOLDQFHDQGQHHGHGWRGHQ\\WKH1&9RULPSOHPHQWFRUUHFWLYHDFWLRQV6HTXR\\DKGLGQRWSURYLGHDQ

DSSURSULDWHUHVSRQVHXQWLODQGOHDYLQJWKHPLQQRQFRPSOLDQFHIRURYHUWZR\\HDUV7KH&,

VQXPHURXV

LQTXLULHVDQGDWWHPSWVWRUHVSRQGDSSURSULDWHO\\WRWKHVH1&9VDQGWRUDLVHFRQFHUQVDERXWUHJXODWRU\\QRQFRPSOLDQFH

DUHFRQVLGHUHGSURWHFWHGDFWLYLWLHV



7KH&,ZDVLQYROYHGLQVHYHUDO(&3FRPSODLQWV,QWKH&,ILOHGWZR(&3FRPSODLQWVDJDLQVWWKHIRUPHU'LUHFWRU

RI&1/,Q0DUFKZLWKIXOOVXSSRUWRIWKH93RI5HJXODWRU\\$IIDLUVWKHIRUPHU'LUHFWRURI&1/VXEPLWWHGDIRUPDO

FRPSODLQWWR+5DQGWKH93RI5HJXODWRU\\$IIDLUVRIKDUDVVPHQWDJDLQVWWKH&,7KLVFRPSODLQWZDVLQYHVWLJDWHGE\\

79$2*&2Q0D\\WKHGUDIW79$2*&UHSRUWVWDWHGWKDWWKH&,PLVXVHGWKH(&3DQGVDLGWKDWWKLVZDVD

IRUPRIUHWDOLDWLRQDJDLQVWWKHIRUPHU'LUHFWRURI&1/7KHGUDIW79$2*&UHSRUWZDVXVHGDVDEDVLVIRUSODFLQJWKH

&,RQDGPLQLVWUDWLYHOHDYH8VLQJWKH(&3LVFRQVLGHUHGSURWHFWHGDFWLYLW\\



2Q0D\\WKH&,ZDVSODFHGRQSDLGDGPLQLVWUDWLYHOHDYHDVUHFRPPHQGHGE\\WKH



EDVHGRQWKHGUDIW79$2*&UHSRUWDQGNQRZLQJWKDWWKH&,KDGXVHGWKH(&3)RUWKHQH[W

WKUHHPRQWKVWKH&,DWWHPSWHGWRUHWXUQWRZRUNE\\VXEPLWWLQJDUHFRYHU\\SODQDQGPDLQWDLQLQJFRQWDFWZLWKKLV

PDQDJHPHQW7KH&,ZDVJLYHQLQFRQVLVWHQWLQIRUPDWLRQRQWKHVWDWXVRIKLVHPSOR\\PHQWGXULQJWKLVWLPHDQG

UHPDLQHGRQSDLGDGPLQLVWUDWLYHOHDYHXQWLOKHUHVLJQHGLQ$XJXVWEHOLHYLQJWKDWKHZDVXOWLPDWHO\\JRLQJWREH

WHUPLQDWHGIURPHPSOR\\PHQW

z 3URSRVHG6HYHULW\\/HYHO 6/ 

(VFDODWHWR6/,IRU:LOOIXO

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 z %DVLVIRU6/ (QI3ROLF\\9LRODWLRQ([DPSOH 

%DVLVIRU6/ (QI3ROLF\\9LRODWLRQ([DPSOH ,QFHUWDLQFDVHVWKHVHYHULW\\OHYHORIDYLRODWLRQPD\\EHHVFDODWHG

EDVHGRQXQLTXHHVFDODWLQJIDFWRUVVXFKDVZKHWKHUWKHDGYHUVHDFWLRQZDVWDNHQEHFDXVHWKHHPSOR\\HHKDG

FRQWDFWHGWKH15&RUZKHWKHUWKHDSSOLFDEOH15&HPSOR\\HHSURWHFWLRQUHJXODWLRQ HJ&)5RUVLPLODU

15&HPSOR\\HHSURWHFWLRQUHJXODWLRQV ZDVGHOLEHUDWHO\\YLRODWHG



(QIRUFHPHQW3ROLF\\([DPSOHE6HYHULW\\/HYHO,,YLRODWLRQRI&)5$QH[HFXWLYHOHYHOFRUSRUDWH

PDQDJHU RUHTXLYDOHQW  ZKLFKIRUWKLVGHILQLWLRQLQFOXGHVDVLWHYLFHSUHVLGHQW LVWKHGHFLVLRQPDNHURUSOD\\VD

VLJQLILFDQWUROHLQWKHDGYHUVHDFWLRQGHFLVLRQPDNLQJSURFHVVUHJDUGOHVVRIWKHVHYHULW\\RIWKHDGYHUVHDFWLRQEXW

ZLWKRXWDQHVFDODWLQJIDFWRUSUHVHQW



7KH



JHU LVWKHGHFLVLRQPDNHU

ZKRFDXVHGWKH&,WREHSXWRQSDLGDGPLQLVWUDWLYHOHDYHDQGHYHQWXDOO\\UHVLJQEHFDXVHLQSDUWKHXVHGWKH(&3

7KH&,UHSRUWHGWKHDGYHUVHDFWLRQWRWKH15&RQ$XJXVW$XQLTXHIDFWRULVSUHVHQW7KH



LQYLRODWLRQRI&)5GHOLEHUDWHO\\FDXVHG79$WREHLQYLRODWLRQRI

&)5



6/,,ZLWKHVFDODWLQJIDFWRUUHVXOWVLQ6/,

$FWXDO&RQVHTXHQFHV

z 1R 3RWHQWLDO&RQVHTXHQFHV

z

<HV

,PSDFWLQJWKH5HJXODWRU\\3URFHVV

z 1R z,I<HVZDVDQVZHUHGWRDQ\\RIWKHWKUHHSUHFHGLQJTXHVWLRQV([SODLQ

3RWHQWLDOFKLOOLQJHIIHFWRQRWKHUHPSOR\\HHV

LOOIXO

z

<HV z &LYLO3HQDOW\\:DUUDQWHG H[SODLQ 

<HV%DVHFLYLOSHQDOW\\RIIRU6/,;%DVHGXHWRQR,'RU&$FUHGLWV+RZHYHUFLYLOSHQDOW\\FDSSHGDW

VWDWXWRU\\PD[LPXPRIGXHWRVLQJOHGD\\YLRODWLRQ

,GHQWLILFDWLRQ&UHGLW

z 1R15&,GHQWLILHG

&RUUHFWLYH$FWLRQ&UHGLW

z 1R z 'HVFULEH/LVW&RUUHFWLYH$FWLRQV

3UHYLRXV(VFDODWHG(QIRUFHPHQW /DVW\\UVRU,QVSHFWLRQV 

z

&KRRVHDQLWHP

'LVFUHWLRQWRPLWLJDWHHVFDODWHWKH&3

z

&KRRVHDQLWHP

z ([SODLQ%DVHVIRUGLVFUHWLRQ

z 3URSRVHGQH[WDFWLRQ

&KRLFHOHWWHU :ULWWHQ3(&$'5

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21

$SSDUHQW9LRODWLRQ

%ULHIVWDWHPHQWRIYLRODWLRQ HJLQDGHTXDWHVXUYH\\&)5 

7KH&,DW79$6HTXR\\DKZDVGLVFULPLQDWHGDJDLQVWIRUHQJDJLQJLQSURWHFWHGDFWLYLW\\LQYLRODWLRQRI&)5DQG

&)5

%DFNJURXQGLQIRUPDWLRQ

%HWZHHQDQGWKH&RQFHUQHG,QGLYLGXDO &, WKHIRUPHU79$6LWH/LFHQVLQJ0DQDJHUZDVLQYROYHGZLWK

RQJRLQJFRPPXQLFDWLRQVZLWK&RUSRUDWH1XFOHDU/LFHQVLQJ &1/ ZKLFKLQFOXGHGWKHIRUPHU'LUHFWRURI&1/DQGWKH

9LFH3UHVLGHQW 93 RI5HJXODWRU\\$IIDLUVDERXWKRZWRUHVSRQGWRWZRQRQFLWHGYLRODWLRQV 1&9V LVVXHGE\\WKH15&

GXULQJDQLQVSHFWLRQ,QDGGLWLRQWKH&,ZDVLQYROYHGZLWKVHYHUDOFRPSODLQWVDQGLQYHVWLJDWLRQVLQYROYLQJWKH

(PSOR\\HH&RQFHUQV3URJUDP (&3 +XPDQ5HVRXUFHV +5 DQGWKH79$2IILFHRI*HQHUDO&RXQVHO 2*& 2Q0D\\

WKH&,ZDVSODFHRQSDLGDGPLQLVWUDWLYHOHDYHDQGRQ$XJXVWWKH&,UHVLJQHGIURP79$



%HWZHHQDQGWKH&,ZDVLQYROYHGLQQXPHURXVGLVFXVVLRQVGLVDJUHHPHQWVDQGPHHWLQJVZLWK&1/

UHJDUGLQJWKH6HUYLFH/LIH1&9DQGWKH.LUN.H\\1&97KHVHYLRODWLRQVZHUHLGHQWLILHGE\\WKH15&GXULQJDQ

LQVSHFWLRQDQGUHTXLUHGDUHVSRQVHHLWKHUVXEPLWDGHQLDOOHWWHURULPSOHPHQWFRUUHFWLYHDFWLRQVZLWKLQGD\\V

+RZHYHU&1/WROGWKH&,WRSURYLGHRQO\\LQIRUPDWLRQDOOHWWHUVZKLFKZDVRXWRISURFHVVIRUERWK79$DQGWKH15&

7KH&,WROG&1/RQQXPHURXVRFFDVLRQVYLDSKRQHGLVFXVVLRQVPHHWLQJVHPDLOVWH[WVDQGD&$3WKDWWKH\\ZHUHLQ

QRQFRPSOLDQFHDQGQHHGHGWRGHQ\\WKH1&9RULPSOHPHQWFRUUHFWLYHDFWLRQV6HTXR\\DKGLGQRWSURYLGHDQ

DSSURSULDWHUHVSRQVHXQWLODQGOHDYLQJWKHPLQQRQFRPSOLDQFHIRURYHUWZR\\HDUV7KH&,

VQXPHURXV

LQTXLULHVDQGDWWHPSWVWRUHVSRQGDSSURSULDWHO\\WRWKHVH1&9VDQGWRUDLVHFRQFHUQVDERXWUHJXODWRU\\QRQFRPSOLDQFH

DUHFRQVLGHUHGSURWHFWHGDFWLYLWLHV



7KH&,ZDVLQYROYHGLQVHYHUDO(&3FRPSODLQWV,QWKH&,ILOHGWZR(&3FRPSODLQWVDJDLQVWWKHIRUPHU'LUHFWRU

RI&1/,Q0DUFKZLWKIXOOVXSSRUWRIWKH93RI5HJXODWRU\\$IIDLUVWKHIRUPHU'LUHFWRURI&1/VXEPLWWHGDIRUPDO

FRPSODLQWWR+5DQGWKH93RI5HJXODWRU\\$IIDLUVRIKDUDVVPHQWDJDLQVWWKH&,7KLVFRPSODLQWZDVLQYHVWLJDWHGE\\

79$2*&2Q0D\\WKHGUDIW79$2*&UHSRUWVWDWHGWKDWWKH&,PLVXVHGWKH(&3DQGVDLGWKDWWKLVZDVD

IRUPRIUHWDOLDWLRQDJDLQVWWKHIRUPHU'LUHFWRURI&1/7KHGUDIW79$2*&UHSRUWZDVXVHGDVDEDVLVIRUSODFLQJWKH

&,RQDGPLQLVWUDWLYHOHDYH8VLQJWKH(&3LVFRQVLGHUHGSURWHFWHGDFWLYLW\\



2Q0D\\WKH&,ZDVSODFHGRQSDLGDGPLQLVWUDWLYHOHDYHDVUHFRPPHQGHGE\\WKH



EDVHGRQWKHGUDIW79$2*&UHSRUWDQGNQRZLQJWKDWWKH&,XVHGWKH(&3)RUWKHQH[W

WKUHHPRQWKVWKH&,DWWHPSWHGWRUHWXUQWRZRUNE\\VXEPLWWLQJDUHFRYHU\\SODQDQGPDLQWDLQLQJFRQWDFWZLWKKLV

PDQDJHPHQW7KH&,ZDVJLYHQLQFRQVLVWHQWLQIRUPDWLRQRQWKHVWDWXVRIKLVHPSOR\\PHQWGXULQJWKLVWLPHDQG

UHPDLQHGRQSDLGDGPLQLVWUDWLYHOHDYHXQWLOKHUHVLJQHGLQ$XJXVWEHOLHYLQJWKDWKHZDVXOWLPDWHO\\JRLQJWREH

WHUPLQDWHGIURPHPSOR\\PHQW

z 3URSRVHG6HYHULW\\/HYHO 6/ 

(VFDODWHWR6/,,IRU:LOOIXO

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 z %DVLVIRU6/ (QI3ROLF\\9LRODWLRQ([DPSOH 

%DVLVIRU6/ (QI3ROLF\\9LRODWLRQ([DPSOH ,QFHUWDLQFDVHVWKHVHYHULW\\OHYHORIDYLRODWLRQPD\\EHHVFDODWHG

EDVHGRQXQLTXHHVFDODWLQJIDFWRUVVXFKDVZKHWKHUWKHDGYHUVHDFWLRQZDVWDNHQEHFDXVHWKHHPSOR\\HHKDG

FRQWDFWHGWKH15&RUZKHWKHUWKHDSSOLFDEOH15&HPSOR\\HHSURWHFWLRQUHJXODWLRQ HJ&)5RUVLPLODU

15&HPSOR\\HHSURWHFWLRQUHJXODWLRQV ZDVGHOLEHUDWHO\\YLRODWHG



(QIRUFHPHQW3ROLF\\([DPSOHF6HYHULW\\/HYHO,,,YLRODWLRQRI&)5$PLGRUVHQLRUOHYHOSODQW

PDQDJHU RUHTXLYDOHQW RUDFRUSRUDWHOHYHOOLQHPDQDJHU RUHTXLYDOHQW LVWKHGHFLVLRQPDNHURUSOD\\VD

VLJQLILFDQWUROHLQWKHDGYHUVHDFWLRQGHFLVLRQPDNLQJSURFHVVWKHHPSOR\\PHQWDFWLRQLVUHODWLYHO\\OHVVDGYHUVHWR

WKHHPSOR\\HH¶VWHUPVFRQGLWLRQVFRPSHQVDWLRQRUSULYLOHJHVRIHPSOR\\PHQW HJYHUEDOFRXQVHOLQJ DQGQR

HVFDODWLQJIDFWRULVSUHVHQW



7KHIRUPHU'LUHFWRURI&1/ FRUSRUDWHOHYHOOLQHPDQDJHU SOD\\HGDVLJQLILFDQWUROHLQLWLDWLQJDQLQYHVWLJDWLRQ

DJDLQVWWKH&,ZLWKWKHH[SHFWDWLRQRIDQDGYHUVHDFWLRQE\\ILOLQJDIRUPDOFRPSODLQWZLWK79$WRVWRSWKH&,

V

DFWLRQVDQGEHKDYLRUVUHJDUGLQJWKH1&9VDQGWKH(&3$XQLTXHIDFWRULVSUHVHQWWKHIRUPHU'LUHFWRURI&1/LQ

YLRODWLRQRI&)5GHOLEHUDWHO\\FDXVHG79$WREHLQYLRODWLRQRI&)5



6/,,,ZLWKHVFDODWLQJIDFWRUUHVXOWVLQ6/,,

$FWXDO&RQVHTXHQFHV

z 1R 3RWHQWLDO&RQVHTXHQFHV

z

<HV

,PSDFWLQJWKH5HJXODWRU\\3URFHVV

z 1R z,I<HVZDVDQVZHUHGWRDQ\\RIWKHWKUHHSUHFHGLQJTXHVWLRQV([SODLQ

3RWHQWLDOFKLOOLQJHIIHFWRQRWKHUHPSOR\\HHV

LOOIXO

z

<HV z &LYLO3HQDOW\\:DUUDQWHG H[SODLQ 

<HV%DVHFLYLOSHQDOW\\RIIRU6/,,;%DVHGXHWRQR,'RU&$FUHGLWV+RZHYHUFLYLOSHQDOW\\FDSSHGDW

VWDWXWRU\\PD[LPXPRIGXHWRVLQJOHGD\\YLRODWLRQ

,GHQWLILFDWLRQ&UHGLW

z 1R15&,GHQWLILHG

&RUUHFWLYH$FWLRQ&UHGLW

z 1R z 'HVFULEH/LVW&RUUHFWLYH$FWLRQV

3UHYLRXV(VFDODWHG(QIRUFHPHQW /DVW\\UVRU,QVSHFWLRQV 

z

&KRRVHDQLWHP

'LVFUHWLRQWRPLWLJDWHHVFDODWHWKH&3

z

&KRRVHDQLWHP

z ([SODLQ%DVHVIRUGLVFUHWLRQ

z 3URSRVHGQH[WDFWLRQ

&KRLFHOHWWHU :ULWWHQ3(&$'5

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21

'UDIW129 V 

7LWOHRIWKH&RGHRI)HGHUDO5HJXODWLRQV &)5  D VWDWHVWKDWGLVFULPLQDWLRQE\\D&RPPLVVLRQOLFHQVHH

DQDSSOLFDQWIRUD&RPPLVVLRQOLFHQVHRUDFRQWUDFWRURUVXEFRQWUDFWRURID&RPPLVVLRQOLFHQVHHRUDSSOLFDQW

DJDLQVWDQHPSOR\\HHIRUHQJDJLQJLQFHUWDLQSURWHFWHGDFWLYLWLHVLVSURKLELWHG'LVFULPLQDWLRQLQFOXGHVGLVFKDUJHDQG

RWKHUDFWLRQVWKDWUHODWHWRFRPSHQVDWLRQWHUPVFRQGLWLRQVRUSULYLOHJHVRIHPSOR\\PHQW



&RQWUDU\\WRWKHDERYHRQ0DUFK7HQQHVVHH9DOOH\\$XWKRULW\\ 79$ FRUSRUDWHPDQDJHPHQWGLVFULPLQDWHG

DJDLQVWDIRUPHU6LWH/LFHQVLQJ0DQDJHUHPSOR\\HGDW6HTXR\\DK1XFOHDU3ODQWIRUHQJDJLQJLQDSURWHFWHGDFWLYLW\\

6SHFLILFDOO\\WKHIRUPHU'LUHFWRURI&RUSRUDWH1XFOHDU/LFHQVLQJILOHGDIRUPDOFRPSODLQWDJDLQVWWKHHPSOR\\HH

EDVHGLQSDUWRQILOLQJ(&3FRPSODLQWVZKLFKLVDSURWHFWHGDFWLYLW\\7KHIRUPDOFRPSODLQWLQLWLDWHGDQLQYHVWLJDWLRQ

E\\WKH79$2IILFHRIWKH*HQHUDO&RXQVHOWKDWUHVXOWHGLQWKHHPSOR\\HHEHLQJSODFHGRQSDLGDGPLQLVWUDWLYHOHDYH

DQGHYHQWXDOO\\UHVLJQ



&RQWUDU\\WRWKHDERYHRQ0D\\7HQQHVVHH9DOOH\\$XWKRULW\\ 79$ FRUSRUDWHPDQDJHPHQWGLVFULPLQDWHG

DJDLQVWDIRUPHU6LWH/LFHQVLQJ0DQDJHUHPSOR\\HGDWWKH79$6HTXR\\DK1XFOHDU3ODQWIRUHQJDJLQJLQSURWHFWHG

DFWLYLWLHV6SHFLILFDOO\\WKH

79$UHFRPPHQGHGWKDW

WKHHPSOR\\HHEHSODFHGRQSDLGDGPLQLVWUDWLYHOHDYHZKLFKOHGWRWKHHPSOR\\HH VUHVLJQDWLRQEDVHGLQSDUWRQ

ILOLQJ(&3FRPSODLQWVZKLFKLVDSURWHFWHGDFWLYLW\\

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

  • XLGDQFHIRUFRPSOHWLQJWKH(QIRUFHPHQW$FWLRQ:RUNVKHHW

127($OOVHFWLRQVRIWKH($:DUHQRWUHTXLUHGWREHILOOHGLQ2QO\\SHUWLQHQWLQIRUPDWLRQLVUHTXLUHGWR

IXOO\\H[SODLQWKHLVVXHV





($,VVXHGE\\(QIRUFHPHQW6WDII +HDGTXDUWHUVRU5HJLRQDO 

'DWHRI3DQHO

/LFHQVHH

)DFLOLW\\/RFDWLRQ

/LFHQVHH7\\SH

'RFNHW1R V 

3URJUDP&RGH,INQRZQ

,QVSHFWLRQUHSRUW1R V ,INQRZQ

'DWHRI([LW0HHWLQJ,INQRZQ

'DWHRI,5RU&KRLFH/HWWHULVVXDQFH,INQRZQ

0/1XPEHURIFDVHGRFXPHQWV,INQRZQ

2,5HSRUW1R,INQRZQ

2,5HSRUW'DWH,INQRZQ





3URYLGHDEULHIFRQFLVHGHVFULSWLRQRIWKHLVVXH$Q\\LQIRUPDWLRQZKLFKLVSHUWLQHQWWRWKHLVVXHVKRXOG

EHLQFOXGHG$VXPPDU\\RIDGUDIWLQVSHFWLRQUHSRUWRUH[HFXWLYHVXPPDU\\PD\\DOVREHLQFOXGHGRU

DWWDFKHG$WWDFKDFRS\\RIWKH'UDIW129DV$WWDFKPHQWWRWKHFRPSOHWHG($:



,INQRZQFKRRVHWKHDSSURSULDWHUHVSRQVHLQWKHGURSGRZQPHQX2, VGHWHUPLQDWLRQVKRXOGEH

ORFDWHGLQWKH2,V\\QRSVLV2*&

VPD\\RUPD\\QRWEHNQRZQZKHQWKHLQVSHFWRULVFRPSOHWLQJWKH

($:5HJLRQDOHQIRUFHPHQWSHUVRQDOPD\\EHDEOHWRSURYLGHWKLVLQIRUPDWLRQDQGFKRRVHWKH5HJLRQDO

GHWHUPLQDWLRQRIWKHLVVXHV



&KRRVHWKHDSSURSULDWHQXPEHURI$SSDUHQW9LRODWLRQV)RUHDFK$9EH\\RQGWKHILUVWRQHFOLFNWKH

$GG$SSDUHQW9LRODWLRQEXWWRQDQGDSDJHZLOOEHDGGHGIRUWKHQHZ$9&KRRVHWKHDSSURSULDWH

UHVSRQVHVIRUHDFKTXHVWLRQ



&KRRVHWKHDSSURSULDWHUHVSRQVHIRU,QGLYLGXDO$FWLRQV <HV1R DQGVSHFLI\\WKHQXPEHURILQGLYLGXDO

DFWLRQV,ILQGLYLGXDODFWLRQVDUHZDUUDQWHGFRPSOHWHWKHTXHVWLRQVOLVWHGIRUWKHLQGLYLGXDODFWLRQ,I

PRUHWKDQRQHLQGLYLGXDODFWLRQLVQHHGHGFOLFNWKH$GG,QGLYLGXDO$FWLRQEXWWRQDQGDVHFWLRQZLOOEH

DGGHGIRUWKHQH[WLQGLYLGXDO&KRRVHWKHDSSURSULDWHUHVSRQVHVIRUHDFKTXHVWLRQ



([SODLQDVQHFHVVDU\\ HJGHVFULEHUHVXOWVRIURRWFDXVHEULHIFRQFLVHOLVWLQJRIJHQHULFLVVXHV

FRPPXQLFDWLRQVOHVVRQVOHDUQHGUHOHYDQWVLPLODUFDVHVRURWKHULQIRUPDWLRQWKDWVKRXOGEH

FRQVLGHUHG



3URYLGHDQ\\DGGLWLRQDOLQIRUPDWLRQQHHGHGWRVXSSRUWWKHFDVHWKDWZDVQ WPHQWLRQHGLQDQ\\RIWKHRWKHU

VHFWLRQVLQWKH($:



7RSULQWWKH($:FOLFNWKH3ULQW($:EXWWRQ7KLVZLOODOORZWKHIRUPWREHSULQWHGZLWKRXWWKHEXWWRQV

DQGGLUHFWLRQV WKLVSDJH DSSHDULQJLQWKHILQDOGRFXPHQW

3DJHRI

15&)250 





8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7

($

($

'DWHRI3DQHO

)HEUXDU\\

/LFHQVHH

79$

)DFLOLW\\/RFDWLRQ

6HTXR\\DK

/LFHQVHH7\\SH

,QGLYLGXDO

'RFNHW1R V 

,QVSHFWLRQ5HSRUW1R V 

'DWHRI([LW0HHWLQJ

'DWHRI,5RU&KRLFH/HWWHU,VVXDQFH

0/1XPEHURIFDVHGRFXPHQWV LINQRZQ 

2,5HSRUW1R



2,5HSRUW'DWH

2FWREHU

,QVSHFWRU

6XPPDU\\RI,VVXHV&RQVLGHUHGIRU(VFDODWHG(QIRUFHPHQW

7KLVLQYHVWLJDWLRQGHWHUPLQHGZKHWKHUDIRUPHU79$6LWH/LFHQVLQJ0DQDJHUHPSOR\\HGDW6HTXR\\DKZDVGLVFULPLQDWHG

DJDLQVWIRUHQJDJLQJLQSURWHFWHGDFWLYLW\\LQYLRODWLRQRI&)5WKHGHOLEHUDWHPLVFRQGXFWUHJXODWLRQZKLFK

FDXVHGWKHOLFHQVHHWREHLQYLRODWLRQRI&)5WKHHPSOR\\HHSURWHFWLRQUHJXODWLRQ6XPPDU\\DWWDFKHG

,VZLOOIXOQHVVLQYROYHG"

<HV z2, VGHWHUPLQDWLRQ

'HOLEHUDWH z2*&

VGHWHUPLQDWLRQ

'HOLEHUDWH z5HJLRQDOGHWHUPLQDWLRQ

1$

5HJLRQDO5HFRPPHQGDWLRQ

z1XPEHURI$SSDUHQW9LRODWLRQV $9 







2(UHFRPPHQGVWKHHVFDODWHGHQIRUFHPHQWSURFHVVIRUWKH

79$



8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI



$SSDUHQW9LRODWLRQ

%ULHIVWDWHPHQWRIYLRODWLRQ HJLQDGHTXDWHVXUYH\\&)5 

7KH&,DW79$6HTXR\\DKZDVGLVFULPLQDWHGDJDLQVWIRUHQJDJLQJLQSURWHFWHGDFWLYLW\\LQYLRODWLRQRI&)5DQG

&)5

%DFNJURXQGLQIRUPDWLRQ

%HWZHHQDQGWKH&RQFHUQHG,QGLYLGXDO &, WKHIRUPHU79$6LWH/LFHQVLQJ0DQDJHUZDVLQYROYHGZLWK

RQJRLQJFRPPXQLFDWLRQVZLWK&RUSRUDWH1XFOHDU/LFHQVLQJ &1/ ZKLFKLQFOXGHGWKHIRUPHU'LUHFWRURI&1/DQGWKH

9LFH3UHVLGHQW 93 RI5HJXODWRU\\$IIDLUVDERXWKRZWRUHVSRQGWRWZRQRQFLWHGYLRODWLRQV 1&9V LVVXHGE\\WKH15&

GXULQJDQLQVSHFWLRQ,QDGGLWLRQWKH&,ZDVLQYROYHGZLWKVHYHUDOFRPSODLQWVDQGLQYHVWLJDWLRQVLQYROYLQJWKH

(PSOR\\HH&RQFHUQV3URJUDP (&3 +XPDQ5HVRXUFHV +5 DQGWKH79$2IILFHRI*HQHUDO&RXQVHO 2*& 2Q0D\\

WKH&,ZDVSODFHRQSDLGDGPLQLVWUDWLYHOHDYHDQGRQ$XJXVWWKH&,UHVLJQHGIURP79$



%HWZHHQDQGWKH&,ZDVLQYROYHGLQQXPHURXVGLVFXVVLRQVGLVDJUHHPHQWVDQGPHHWLQJVZLWK&1/

UHJDUGLQJWKH6HUYLFH/LIH1&9DQGWKH.LUN.H\\1&97KHVHYLRODWLRQVZHUHLGHQWLILHGE\\WKH15&GXULQJDQ

LQVSHFWLRQDQGUHTXLUHGDUHVSRQVHHLWKHUVXEPLWDGHQLDOOHWWHURULPSOHPHQWFRUUHFWLYHDFWLRQVZLWKLQGD\\V

+RZHYHU&1/WROGWKH&,WRSURYLGHRQO\\LQIRUPDWLRQDOOHWWHUVZKLFKZDVRXWRISURFHVVIRUERWK79$DQGWKH15&

7KH&,WROG&1/RQQXPHURXVRFFDVLRQVYLDSKRQHGLVFXVVLRQVPHHWLQJVHPDLOVWH[WVDQGD&$3WKDWWKH\\ZHUHLQ

QRQFRPSOLDQFHDQGQHHGHGWRGHQ\\WKH1&9RULPSOHPHQWFRUUHFWLYHDFWLRQV6HTXR\\DKGLGQRWSURYLGHDQ

DSSURSULDWHUHVSRQVHXQWLODQGOHDYLQJWKHPLQQRQFRPSOLDQFHIRURYHUWZR\\HDUV7KH&,

VQXPHURXV

LQTXLULHVDQGDWWHPSWVWRUHVSRQGDSSURSULDWHO\\WRWKHVH1&9VDQGWRUDLVHFRQFHUQVDERXWUHJXODWRU\\QRQFRPSOLDQFH

DUHFRQVLGHUHGSURWHFWHGDFWLYLWLHV



7KH&,ZDVLQYROYHGLQVHYHUDO(&3FRPSODLQWV,QWKH&,ILOHGWZR(&3FRPSODLQWVDJDLQVWWKHIRUPHU'LUHFWRU

RI&1/,Q0DUFKZLWKIXOOVXSSRUWRIWKH93RI5HJXODWRU\\$IIDLUVWKHIRUPHU'LUHFWRURI&1/VXEPLWWHGDIRUPDO

FRPSODLQWWR+5DQGWKH93RI5HJXODWRU\\$IIDLUVRIKDUDVVPHQWDJDLQVWWKH&,7KLVFRPSODLQWZDVLQYHVWLJDWHGE\\

79$2*&2Q0D\\WKHGUDIW79$2*&UHSRUWVWDWHGWKDWWKH&,PLVXVHGWKH(&3DQGVDLGWKDWWKLVZDVD

IRUPRIUHWDOLDWLRQDJDLQVWWKHIRUPHU'LUHFWRURI&1/7KHGUDIW79$2*&UHSRUWZDVXVHGDVDEDVLVIRUSODFLQJWKH

&,RQDGPLQLVWUDWLYHOHDYH8VLQJWKH(&3LVFRQVLGHUHGSURWHFWHGDFWLYLW\\



2Q0D\\WKH&,ZDVSODFHGRQSDLGDGPLQLVWUDWLYHOHDYHDVUHFRPPHQGHGE\\WKH



EDVHGRQWKHGUDIW79$2*&UHSRUWDQGNQRZLQJWKDWWKH&,KDGXVHGWKH(&3)RUWKHQH[W

WKUHHPRQWKVWKH&,DWWHPSWHGWRUHWXUQWRZRUNE\\VXEPLWWLQJDUHFRYHU\\SODQDQGPDLQWDLQLQJFRQWDFWZLWKKLV

PDQDJHPHQW7KH&,ZDVJLYHQLQFRQVLVWHQWLQIRUPDWLRQRQWKHVWDWXVRIKLVHPSOR\\PHQWGXULQJWKLVWLPHDQG

UHPDLQHGRQSDLGDGPLQLVWUDWLYHOHDYHXQWLOKHUHVLJQHGLQ$XJXVWEHOLHYLQJWKDWKHZDVXOWLPDWHO\\JRLQJWREH

WHUPLQDWHGIURPHPSOR\\PHQW

z 3URSRVHG6HYHULW\\/HYHO 6/ 

(VFDODWHWR6/,IRU:LOOIXO



8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI



z %DVLVIRU6/ (QI3ROLF\\9LRODWLRQ([DPSOH 

%DVLVIRU6/ (QI3ROLF\\9LRODWLRQ([DPSOH ,QFHUWDLQFDVHVWKHVHYHULW\\OHYHORIDYLRODWLRQPD\\EHHVFDODWHG

EDVHGRQXQLTXHHVFDODWLQJIDFWRUVVXFKDVZKHWKHUWKHDGYHUVHDFWLRQZDVWDNHQEHFDXVHWKHHPSOR\\HHKDG

FRQWDFWHGWKH15&RUZKHWKHUWKHDSSOLFDEOH15&HPSOR\\HHSURWHFWLRQUHJXODWLRQ HJ&)5RUVLPLODU

15&HPSOR\\HHSURWHFWLRQUHJXODWLRQV ZDVGHOLEHUDWHO\\YLRODWHG



(QIRUFHPHQW3ROLF\\([DPSOHE6HYHULW\\/HYHO,,YLRODWLRQRI&)5$QH[HFXWLYHOHYHOFRUSRUDWH

PDQDJHU RUHTXLYDOHQW  ZKLFKIRUWKLVGHILQLWLRQLQFOXGHVDVLWHYLFHSUHVLGHQW LVWKHGHFLVLRQPDNHURUSOD\\VD

VLJQLILFDQWUROHLQWKHDGYHUVHDFWLRQGHFLVLRQPDNLQJSURFHVVUHJDUGOHVVRIWKHVHYHULW\\RIWKHDGYHUVHDFWLRQEXW

ZLWKRXWDQHVFDODWLQJIDFWRUSUHVHQW



7KH



LVWKHGHFLVLRQPDNHU

ZKRFDXVHGWKH&,WREHSXWRQSDLGDGPLQLVWUDWLYHOHDYHDQGHYHQWXDOO\\UHVLJQEHFDXVHLQSDUWKHXVHGWKH(&3

7KH&,UHSRUWHGWKHDGYHUVHDFWLRQWRWKH15&RQ$XJXVW$XQLTXHIDFWRULVSUHVHQW7KH



LQYLRODWLRQRI&)5GHOLEHUDWHO\\FDXVHG79$WREHLQYLRODWLRQRI

&)5



6/,,ZLWKHVFDODWLQJIDFWRUUHVXOWVLQ6/,



  • LYHQWKH

DQGWKHVLJQLILFDQFHRIWKHVHDFWLRQVD\\HDUEDQLV

SURSRVHG

$FWXDO&RQVHTXHQFHV

z 1R 3RWHQWLDO&RQVHTXHQFHV

z

<HV

,PSDFWLQJWKH5HJXODWRU\\3URFHVV

z 1R z,I<HVZDVDQVZHUHGWRDQ\\RIWKHWKUHHSUHFHGLQJTXHVWLRQV([SODLQ

3RWHQWLDOFKLOOLQJHIIHFWRQRWKHUHPSOR\\HHV

LOOIXO

z

<HV z &LYLO3HQDOW\\:DUUDQWHG H[SODLQ 

QR

,GHQWLILFDWLRQ&UHGLW

z 1R15&,GHQWLILHG

&RUUHFWLYH$FWLRQ&UHGLW

z 1R z 'HVFULEH/LVW&RUUHFWLYH$FWLRQV

3UHYLRXV(VFDODWHG(QIRUFHPHQW /DVW\\UVRU,QVSHFWLRQV 

z

&KRRVHDQLWHP

'LVFUHWLRQWRPLWLJDWHHVFDODWHWKH&3

z

&KRRVHDQLWHP

z ([SODLQ%DVHVIRUGLVFUHWLRQ

z 3URSRVHGQH[WDFWLRQ

&KRLFHOHWWHU :ULWWHQ3(&$'5



8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI







8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

  • XLGDQFHIRUFRPSOHWLQJWKH(QIRUFHPHQW$FWLRQ:RUNVKHHW

127($OOVHFWLRQVRIWKH($:DUHQRWUHTXLUHGWREHILOOHGLQ2QO\\SHUWLQHQWLQIRUPDWLRQLVUHTXLUHGWR

IXOO\\H[SODLQWKHLVVXHV





($,VVXHGE\\(QIRUFHPHQW6WDII +HDGTXDUWHUVRU5HJLRQDO 

'DWHRI3DQHO

/LFHQVHH

)DFLOLW\\/RFDWLRQ

/LFHQVHH7\\SH

'RFNHW1R V 

3URJUDP&RGH,INQRZQ

,QVSHFWLRQUHSRUW1R V ,INQRZQ

'DWHRI([LW0HHWLQJ,INQRZQ

'DWHRI,5RU&KRLFH/HWWHULVVXDQFH,INQRZQ

0/1XPEHURIFDVHGRFXPHQWV,INQRZQ

2,5HSRUW1R,INQRZQ

2,5HSRUW'DWH,INQRZQ





3URYLGHDEULHIFRQFLVHGHVFULSWLRQRIWKHLVVXH$Q\\LQIRUPDWLRQZKLFKLVSHUWLQHQWWRWKHLVVXHVKRXOG

EHLQFOXGHG$VXPPDU\\RIDGUDIWLQVSHFWLRQUHSRUWRUH[HFXWLYHVXPPDU\\PD\\DOVREHLQFOXGHGRU

DWWDFKHG$WWDFKDFRS\\RIWKH'UDIW129DV$WWDFKPHQWWRWKHFRPSOHWHG($:



,INQRZQFKRRVHWKHDSSURSULDWHUHVSRQVHLQWKHGURSGRZQPHQX2, VGHWHUPLQDWLRQVKRXOGEH

ORFDWHGLQWKH2,V\\QRSVLV2*&

VPD\\RUPD\\QRWEHNQRZQZKHQWKHLQVSHFWRULVFRPSOHWLQJWKH

($:5HJLRQDOHQIRUFHPHQWSHUVRQDOPD\\EHDEOHWRSURYLGHWKLVLQIRUPDWLRQDQGFKRRVHWKH5HJLRQDO

GHWHUPLQDWLRQRIWKHLVVXHV



&KRRVHWKHDSSURSULDWHQXPEHURI$SSDUHQW9LRODWLRQV)RUHDFK$9EH\\RQGWKHILUVWRQHFOLFNWKH

$GG$SSDUHQW9LRODWLRQEXWWRQDQGDSDJHZLOOEHDGGHGIRUWKHQHZ$9&KRRVHWKHDSSURSULDWH

UHVSRQVHVIRUHDFKTXHVWLRQ



&KRRVHWKHDSSURSULDWHUHVSRQVHIRU,QGLYLGXDO$FWLRQV <HV1R DQGVSHFLI\\WKHQXPEHURILQGLYLGXDO

DFWLRQV,ILQGLYLGXDODFWLRQVDUHZDUUDQWHGFRPSOHWHWKHTXHVWLRQVOLVWHGIRUWKHLQGLYLGXDODFWLRQ,I

PRUHWKDQRQHLQGLYLGXDODFWLRQLVQHHGHGFOLFNWKH$GG,QGLYLGXDO$FWLRQEXWWRQDQGDVHFWLRQZLOOEH

DGGHGIRUWKHQH[WLQGLYLGXDO&KRRVHWKHDSSURSULDWHUHVSRQVHVIRUHDFKTXHVWLRQ



([SODLQDVQHFHVVDU\\ HJGHVFULEHUHVXOWVRIURRWFDXVHEULHIFRQFLVHOLVWLQJRIJHQHULFLVVXHV

FRPPXQLFDWLRQVOHVVRQVOHDUQHGUHOHYDQWVLPLODUFDVHVRURWKHULQIRUPDWLRQWKDWVKRXOGEH

FRQVLGHUHG



3URYLGHDQ\\DGGLWLRQDOLQIRUPDWLRQQHHGHGWRVXSSRUWWKHFDVHWKDWZDVQ WPHQWLRQHGLQDQ\\RIWKHRWKHU

VHFWLRQVLQWKH($:



7RSULQWWKH($:FOLFNWKH3ULQW($:EXWWRQ7KLVZLOODOORZWKHIRUPWREHSULQWHGZLWKRXWWKHEXWWRQV

DQGGLUHFWLRQV WKLVSDJH DSSHDULQJLQWKHILQDOGRFXPHQW

3DJHRI

15&)250 

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7

($

($

'DWHRI3DQHO

)HEUXDU\\

/LFHQVHH

)RUPHU79$'LUHFWRURI&RUSRUDWH1XFOHDU/LFHQVLQJ

)DFLOLW\\/RFDWLRQ

&RUSRUDWH&KDWWDQRRJD71

/LFHQVHH7\\SH

,QGLYLGXDO

'RFNHW1R V 



,QVSHFWLRQ5HSRUW1R V 

'DWHRI([LW0HHWLQJ

'DWHRI,5RU&KRLFH/HWWHU,VVXDQFH

0/1XPEHURIFDVHGRFXPHQWV LINQRZQ 

2,5HSRUW1R

 641  :%1

2,5HSRUW'DWH

2FWREHU 641 -DQXDU\\ :%1

,QVSHFWRU

6XPPDU\\RI,VVXHV&RQVLGHUHGIRU(VFDODWHG(QIRUFHPHQW

7KHVHLQYHVWLJDWLRQVZHUHLQLWLDWHGWRGHWHUPLQHZKHWKHUDIRUPHU79$6LWH/LFHQVLQJ0DQDJHUDW6HTXR\\DK

 DQGDIRUPHU0DQDJHURI(PHUJLQJ5HJXODWRU\\,VVXHVDW79$&RUSRUDWH2IILFH  ZHUH

GLVFULPLQDWHGDJDLQVWIRUHQJDJLQJLQSURWHFWHGDFWLYLW\\E\\WKHIRUPHU79$'LUHFWRURI&RUSRUDWH1XFOHDU/LFHQVLQJLQ

YLRODWLRQRI&)5WKHGHOLEHUDWHPLVFRQGXFWUHJXODWLRQZKLFKFDXVHGWKHOLFHQVHHWREHLQYLRODWLRQRI&)5

WKHHPSOR\\HHSURWHFWLRQUHJXODWLRQ6XPPDULHVDWWDFKHG

,VZLOOIXOQHVVLQYROYHG"

<HV z2, VGHWHUPLQDWLRQ

'HOLEHUDWH z2*&

VGHWHUPLQDWLRQ

'HOLEHUDWH z5HJLRQDOGHWHUPLQDWLRQ

1$

5HJLRQDO5HFRPPHQGDWLRQ

z1XPEHURI$SSDUHQW9LRODWLRQV $9 



2(UHFRPPHQGVWKHHVFDODWHGHQIRUFHPHQWSURFHVVIRUWKHIRUPHU'LUHFWRURI&RUSRUDWH1XFOHDU/LFHQVLQJDW79$

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI



8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21

$SSDUHQW9LRODWLRQ

%ULHIVWDWHPHQWRIYLRODWLRQ HJLQDGHTXDWHVXUYH\\&)5 

7KH&,DW79$6HTXR\\DKDQGWKH&,DW79$&RUSRUDWHZHUHGLVFULPLQDWHGDJDLQVWIRUHQJDJLQJLQSURWHFWLQJDFWLYLW\\LQ

YLRODWLRQRI&)5DQG&)5

%DFNJURXQGLQIRUPDWLRQ

641 IRUPHU79$6LWH/LFHQVLQJ0DQDJHU 



%HWZHHQDQGWKH&RQFHUQHG,QGLYLGXDO &, WKHIRUPHU79$6LWH/LFHQVLQJ0DQDJHUZDV

LQYROYHGZLWKRQJRLQJFRPPXQLFDWLRQVZLWK&RUSRUDWH1XFOHDU/LFHQVLQJ &1/ ZKLFKLQFOXGHGWKHIRUPHU

'LUHFWRURI&1/DQGWKH9LFH3UHVLGHQWRI5HJXODWRU\\$IIDLUVDERXWKRZWRUHVSRQGWRWZRQRQFLWHG

YLRODWLRQV 1&9V LVVXHGE\\WKH15&GXULQJDQLQVSHFWLRQ,QDGGLWLRQWKH&,ZDVLQYROYHGZLWKVHYHUDO

FRPSODLQWVDQGLQYHVWLJDWLRQVLQYROYLQJWKH(PSOR\\HH&RQFHUQV3URJUDP (&3 +XPDQ5HVRXUFHV +5 

RUWKH79$2IILFHRI*HQHUDO&RXQVHO 2*& 2Q0D\\WKH&,ZDVSODFHRQSDLGDGPLQLVWUDWLYH

OHDYHDQGRQ$XJXVWWKH&,UHVLJQHGIURP79$



%HWZHHQDQGWKH&,ZDVLQYROYHGLQQXPHURXVGLVFXVVLRQVGLVDJUHHPHQWVDQGPHHWLQJVZLWK

&1/UHJDUGLQJWKH6HUYLFH/LIH1&9DQGWKH.LUN.H\\1&97KHVHYLRODWLRQVZHUHLGHQWLILHGE\\WKH15&

GXULQJDQLQVSHFWLRQDQGUHTXLUHGDUHVSRQVHHLWKHUVXEPLWDGHQLDOOHWWHURULPSOHPHQWFRUUHFWLYHDFWLRQV

ZLWKLQGD\\V+RZHYHU&1/WROGWKH&,WRSURYLGHRQO\\LQIRUPDWLRQDOOHWWHUVZKLFKZDVRXWRISURFHVVIRU

ERWK79$DQGWKH15&7KH&,WROG&1/RQQXPHURXVRFFDVLRQVYLDSKRQHGLVFXVVLRQVPHHWLQJVHPDLOV

WH[WVDQGD&$3WKDWWKH\\ZHUHLQQRQFRPSOLDQFHDQGQHHGHGWRGHQ\\WKH1&9RULPSOHPHQWFRUUHFWLYH

DFWLRQV6HTXR\\DKGLGQRWSURYLGHDQDSSURSULDWHUHVSRQVHXQWLODQGOHDYLQJWKHPLQQRQ

FRPSOLDQFHIRURYHUWZR\\HDUV7KH&,

VQXPHURXVLQTXLULHVDQGDWWHPSWVWRUHVSRQGDSSURSULDWHO\\WRWKHVH

1&9VDQGWRUDLVHFRQFHUQVDERXWUHJXODWRU\\QRQFRPSOLDQFHLVFRQVLGHUHGSURWHFWHGDFWLYLW\\



7KH&,ZDVLQYROYHGLQVHYHUDO(&3FRPSODLQWV,QWKH&,ILOHGWZR(&3FRPSODLQWVDJDLQVWWKH

IRUPHU'LUHFWRURI&1/,Q0DUFKZLWKIXOOVXSSRUWRIWKH93RI5HJXODWRU\\$IIDLUVWKHIRUPHU'LUHFWRU

RI&1/VXEPLWWHGDIRUPDOFRPSODLQWWR+5DQGWKH93RI5HJXODWRU\\$IIDLUVRIKDUDVVPHQWDJDLQVWWKH&,

7KLVFRPSODLQWZDVLQYHVWLJDWHGE\\79$2*&,QWKHGUDIW79$2*&UHSRUWVWDWHGWKDWWKH&,

PLVXVHGWKH(&3DQGVDLGWKDWWKLVZDVDIRUPRIUHWDOLDWLRQDJDLQVWWKHIRUPHU'LUHFWRURI&1/7KHGUDIW

79$2*&UHSRUWZDVXVHGDVDEDVLVIRUSODFLQJWKH&,RQDGPLQLVWUDWLYHOHDYH8VLQJWKH(&3LV

FRQVLGHUHGSURWHFWHGDFWLYLW\\



2Q0D\\WKH&,ZDVSXWRQSDLGDGPLQLVWUDWLYHOHDYHGXHWRDQLQYHVWLJDWLRQRIKDUDVVPHQWDQG

XQGHUPLQLQJWKH&1/

VVWDII VDELOLW\\WRSHUIRUPWKHLUGXWLHV)RUWKHQH[WWKUHHPRQWKVWKH&,DWWHPSWHGWR

UHWXUQWRZRUNE\\VXEPLWWLQJDUHFRYHU\\SODQDQGPDLQWDLQLQJFRQWDFWZLWKKLVPDQDJHPHQW7KH&,ZDV

JLYHQLQFRQVLVWHQWLQIRUPDWLRQRQWKHVWDWXVRIKLVHPSOR\\PHQWGXULQJWKLVWLPHDQGUHPDLQHGRQSDLG

DGPLQLVWUDWLYHOHDYHXQWLOKHUHVLJQHGLQ$XJXVWEHOLHYLQJWKDWKHZDVXOWLPDWHO\\JRLQJWREH

WHUPLQDWHGIURPHPSOR\\PHQW



%1 IRUPHU0DQDJHURI(PHUJLQJ5HJXODWRU\\,VVXHV 



%HWZHHQDQGWKH&,WKHIRUPHU0DQDJHURI(PHUJLQJ5HJXODWRU\\,VVXHVUDLVHGQXPHURXV

VDIHW\\FRQFHUQVLQFOXGLQJYLRODWLRQVRIWKH3DUW)DWLJXH5XOHUHTXLUHPHQWVDW:DWWV%DUIDLOXUHWR

DGKHUHWRWKH)XNXVKLPDUHTXLUHPHQWVDW6HTXR\\DKFRQFHUQVUHJDUGLQJD:DWWV%DUVXUYHLOODQFH

H[WHQVLRQUHTXHVWDQGIDLOXUHWRPHHW15&FRPPLWPHQWVLQ,QIRUPDWLRQ1RWLFHWRLGHQWLI\\$QFKRU

'DUOLQJGRXEOHGLVFJDWHYDOYHVXVFHSWLELOLW\\WRIDLOXUHDW%URZQ)HUU\\2Q-XO\\WKH&,VXEPLWWHG

DQDOOHJDWLRQWRWKH15& 5,,$ UDLVLQJFRQFHUQVWKDWWKHIRUPHU'LUHFWRURI&1/ZDVFUHDWLQJD

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI



8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 FKLOOHGZRUNHQYLURQPHQWDPRQJRWKHULVVXHV7KH&,DOVRZURWHFRQGLWLRQUHSRUWVDQGGLVFXVVHGVDIHW\\

LVVXHVGXULQJPHHWLQJV7KH&,EHOLHYHGWKDWWKHIRUPHU'LUHFWRURI&1/ZDVUHWDOLDWLQJDJDLQVWRWKHU79$

HPSOR\\HHVWKDWKDGUDLVHGVDIHW\\FRQFHUQVDQGZDVFRQFHUQHGDERXWUHWDOLDWRU\\DFWLRQVIURPWKHIRUPHU

'LUHFWRURI&1/7KH&,UHSRUWHGFRQFHUQVRIUHWDOLDWLRQDQGDKRVWLOHZRUNHQYLURQPHQWWRWKH93RI

5HJXODWRU\\$IIDLUV



2Q0DUFKWKHIRUPHU'LUHFWRURI&1/ILOHGDFRPSODLQWZLWK79$DFFXVLQJVHYHUDOHPSOR\\HHV

LQFOXGLQJWKH&,RIFUHDWLQJDKRVWLOHZRUNSODFHDQGHQJDJLQJLQLQVXERUGLQDWHFRQGXFW,QWKHFRPSODLQW

WKHIRUPHU'LUHFWRURI&1/VSHFLILFDOO\\FLWHVDVVHUWLRQVPDGHWRWKH15&DERXWDFKLOOHGZRUNHQYLURQPHQW

DVDQH[DPSOHRIUHWDOLDWRU\\EHKDYLRULPSRVHGE\\WKHHPSOR\\HH,Q$SULOWKH&,ZDVLQWHUYLHZHGE\\

WKH6HQLRU$WWRUQH\\DQGDVNHGTXHVWLRQVDERXWRIILFHUHODWLRQVKLSVDQGZKHWKHUWKHUHZDVDFKLOOHGZRUN

HQYLURQPHQW7KH&,EHOLHYHGWKDWWKHLQWHUYLHZZDVIRFXVHGRQWKHKRVWLOHZRUNHQYLURQPHQWFDXVHGE\\

WKHIRUPHU'LUHFWRURI&1/DQGDQVZHUHGKRQHVWO\\ZKHQDVNHGDERXWWKHIRUPHU'LUHFWRURI&1/VWDWLQJ

WKDWWKHIRUPHU'LUHFWRURI&1/ZDVYLQGLFWLYHDQGFUHDWHGDWR[LFZRUNHQYLURQPHQW



7KHIRUPHU'LUHFWRURI&1/DQGWKH93RI5HJXODWRU\\$IIDLUVZHUHDZDUHWKDWWKH&,KDGUDLVHGVDIHW\\

FRQFHUQV7KHIRUPHU'LUHFWRURI&1/DOVREHOLHYHGWKDWWKH&,ZDVUHVSRQVLEOHIRUILOLQJDQDOOHJDWLRQRID

FKLOOHGZRUNHQYLURQPHQWWRWKH15&DQGFLWHGWKDWDVDQH[DPSOHRIUHWDOLDWRU\\EHKDYLRUE\\WKH&,LQWKH

IRUPHU'LUHFWRURI&1/

VIRUPDOFRPSODLQWILOHGZLWK79$7KH&,UDLVHGFRQFHUQVRIUHWDOLDWLRQGLUHFWO\\WR

WKH93RI5HJXODWRU\\$IIDLUVZKLFKWKH93RI5HJXODWRU\\$IIDLUVUHVSRQGHGWRYLDHPDLODQGSKRQH

FRQYHUVDWLRQV7KH93RI5HJXODWRU\\$IIDLUVZDVDOVRDZDUHRIFRQFHUQVRIUHWDOLDWLRQPDGHE\\WKH&,WR

WKH6HQLRU$WWRUQH\\GXULQJWKHLQYHVWLJDWLRQ7KH93RI5HJXODWRU\\$IIDLUVWHVWLILHGWRWKH2,DJHQWWKDWWKH

&,KDGUDLVHGWKHVHFRQFHUQVRQVHYHUDORFFDVLRQVYHUEDOO\\DQGLQZULWLQJ



2Q6HSWHPEHUWKH93RI5HJXODWRU\\$IIDLUVSURYLGHGWKHUHFRPPHQGDWLRQDQGMXVWLILFDWLRQWR(5%

PHPEHUVWRRIIHUWKH&,DQRIDXOWVHSDUDWLRQDJUHHPHQWRUEHWHUPLQDWHG7KH&,ZDVSODFHGRQSDLG

DGPLQLVWUDWLYHOHDYHE\\WKH93RI5HJXODWRU\\$IIDLUVRQ2FWREHUDQGWHUPLQDWHGRQ-DQXDU\\

7KH1RWLFHRI7HUPLQDWLRQVWDWHGWKDWWKH&,ZDVEHLQJWHUPLQDWHGLQSDUWIRUGHURJDWRU\\VWDWHPHQWV

PDGHDERXWWKHIRUPHU'LUHFWRURI&1/GXULQJDQLQYHVWLJDWLYHLQWHUYLHZZLWKWKH6HQLRU$WWRUQH\\

z 3URSRVHG6HYHULW\\/HYHO 6/ 

(VFDODWHWR6/,,IRU:LOOIXO

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI



8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 z %DVLVIRU6/ (QI3ROLF\\9LRODWLRQ([DPSOH 

,QFHUWDLQFDVHVWKHVHYHULW\\OHYHORIDYLRODWLRQPD\\EHHVFDODWHGEDVHGRQXQLTXHHVFDODWLQJIDFWRUVVXFKDV

ZKHWKHUWKHDGYHUVHDFWLRQZDVWDNHQEHFDXVHWKHHPSOR\\HHKDGFRQWDFWHGWKH15&RUZKHWKHUWKHDSSOLFDEOH

15&HPSOR\\HHSURWHFWLRQUHJXODWLRQ HJ&)5RUVLPLODU15&HPSOR\\HHSURWHFWLRQUHJXODWLRQV ZDV

GHOLEHUDWHO\\YLRODWHG



(QIRUFHPHQW3ROLF\\([DPSOHF6HYHULW\\/HYHO,,,YLRODWLRQRI&)5$PLGRUVHQLRUOHYHOSODQW

PDQDJHU RUHTXLYDOHQW RUDFRUSRUDWHOHYHOOLQHPDQDJHU RUHTXLYDOHQW LVWKHGHFLVLRQPDNHURUSOD\\VD

VLJQLILFDQWUROHLQWKHDGYHUVHDFWLRQGHFLVLRQPDNLQJSURFHVVWKHHPSOR\\PHQWDFWLRQLVUHODWLYHO\\OHVVDGYHUVHWR

WKHHPSOR\\HH¶VWHUPVFRQGLWLRQVFRPSHQVDWLRQRUSULYLOHJHVRIHPSOR\\PHQW HJYHUEDOFRXQVHOLQJ DQGQR

HVFDODWLQJIDFWRULVSUHVHQW



6417KHIRUPHU'LUHFWRURI&1/ FRUSRUDWHOHYHOOLQHPDQDJHU SOD\\HGDVLJQLILFDQWUROHLQWKH

DGYHUVHDFWLRQSURFHVV7KHIRUPHU'LUHFWRURI&1/LQLWLDWHGWKHFRPSODLQWDIWHU\\HDUVRQJRLQJFRPPXQLFDWLRQV

ZLWKWKH&,DQGPXOWLSOH(&3+5LQYHVWLJDWLRQVWKDWOHGWRWKH79$2*&LQYHVWLJDWLRQDQGWKH&,

VVXVSHQVLRQ

7KH&,UHSRUWHGWKHDGYHUVHDFWLRQWRWKH15&RQ$XJXVW$XQLTXHIDFWRULVSUHVHQWWKHIRUPHU

'LUHFWRURI&1/LQYLRODWLRQRI&)5GHOLEHUDWHO\\FDXVHG79$WREHLQYLRODWLRQRI&)5



%17KHIRUPHU'LUHFWRURI&1/ FRUSRUDWHOHYHOOLQHPDQDJHU SOD\\HGDVLJQLILFDQWUROHLQLWLDWLQJDQ

LQYHVWLJDWLRQDJDLQVWWKH&,ZLWKWKHH[SHFWDWLRQRIDQDGYHUVHDFWLRQE\\ILOLQJDIRUPDOFRPSODLQWZLWK79$

DFFXVLQJWKH&,RIUHWDOLDWRU\\EHKDYLRUIRUFRQWDFWLQJWKH15&ZLWKFRQFHUQVRIDFKLOOHGZRUNHQYLURQPHQW7ZR

XQLTXHIDFWRUVDUHSUHVHQWWKHIRUPHU'LUHFWRURI&1/LQYLRODWLRQRI&)5GHOLEHUDWHO\\FDXVHG79$WREH

LQYLRODWLRQRI&)5DQGWKHDGYHUVHDFWLRQZDVWDNHQLQSDUWEHFDXVHWKH&,KDGFRQWDFWHGWKH15&ZLWK

FRQFHUQVDERXWDFKLOOHGZRUNHQYLURQPHQW



&RQVLGHULQJWKHPDQDJHU VSRVLWLRQDQGWKHVLJQLILFDQFHRIWKHDFWLRQVD\\HDUEDQLVSURSRVHG

$FWXDO&RQVHTXHQFHV

z 1R 3RWHQWLDO&RQVHTXHQFHV

z

<HV

,PSDFWLQJWKH5HJXODWRU\\3URFHVV

z 1R z,I<HVZDVDQVZHUHGWRDQ\\RIWKHWKUHHSUHFHGLQJTXHVWLRQV([SODLQ

3RWHQWLDO&KLOOLQJHIIHFWRQRWKHUHPSOR\\HHV

LOOIXO

z

<HV z &LYLO3HQDOW\\:DUUDQWHG H[SODLQ 

1R

,GHQWLILFDWLRQ&UHGLW

z 1R15&,GHQWLILHG

&RUUHFWLYH$FWLRQ&UHGLW

z 1R z 'HVFULEH/LVW&RUUHFWLYH$FWLRQV

3UHYLRXV(VFDODWHG(QIRUFHPHQW /DVW\\UVRU,QVSHFWLRQV 

z

<HV

'LVFUHWLRQWRPLWLJDWHHVFDODWHWKH&3

z 1$

z ([SODLQ%DVHVIRUGLVFUHWLRQ

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI



8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

3DJHRI

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 z

3URSRVHGQH[WDFWLRQ

&KRLFHOHWWHU :ULWWHQ3(&$'5

2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 2)),&,$/86(21/<35('(&,6,21$/(1)25&(0(17,1)250$7,21 8618&/($55(*8/$725<&200,66,21 15&)250



(1)25&(0(17$&7,21:25.6+((7 FRQWLQXHG

15&)250 

  • XLGDQFHIRUFRPSOHWLQJWKH(QIRUFHPHQW$FWLRQ:RUNVKHHW

127($OOVHFWLRQVRIWKH($:DUHQRWUHTXLUHGWREHILOOHGLQ2QO\\SHUWLQHQWLQIRUPDWLRQLVUHTXLUHGWR

IXOO\\H[SODLQWKHLVVXHV





($,VVXHGE\\(QIRUFHPHQW6WDII +HDGTXDUWHUVRU5HJLRQDO 

'DWHRI3DQHO

/LFHQVHH

)DFLOLW\\/RFDWLRQ

/LFHQVHH7\\SH

'RFNHW1R V 

3URJUDP&RGH,INQRZQ

,QVSHFWLRQUHSRUW1R V ,INQRZQ

'DWHRI([LW0HHWLQJ,INQRZQ

'DWHRI,5RU&KRLFH/HWWHULVVXDQFH,INQRZQ

0/1XPEHURIFDVHGRFXPHQWV,INQRZQ

2,5HSRUW1R,INQRZQ

2,5HSRUW'DWH,INQRZQ





3URYLGHDEULHIFRQFLVHGHVFULSWLRQRIWKHLVVXH$Q\\LQIRUPDWLRQZKLFKLVSHUWLQHQWWRWKHLVVXHVKRXOG

EHLQFOXGHG$VXPPDU\\RIDGUDIWLQVSHFWLRQUHSRUWRUH[HFXWLYHVXPPDU\\PD\\DOVREHLQFOXGHGRU

DWWDFKHG$WWDFKDFRS\\RIWKH'UDIW129DV$WWDFKPHQWWRWKHFRPSOHWHG($:



,INQRZQFKRRVHWKHDSSURSULDWHUHVSRQVHLQWKHGURSGRZQPHQX2, VGHWHUPLQDWLRQVKRXOGEH

ORFDWHGLQWKH2,V\\QRSVLV2*&

VPD\\RUPD\\QRWEHNQRZQZKHQWKHLQVSHFWRULVFRPSOHWLQJWKH

($:5HJLRQDOHQIRUFHPHQWSHUVRQDOPD\\EHDEOHWRSURYLGHWKLVLQIRUPDWLRQDQGFKRRVHWKH5HJLRQDO

GHWHUPLQDWLRQRIWKHLVVXHV



&KRRVHWKHDSSURSULDWHQXPEHURI$SSDUHQW9LRODWLRQV)RUHDFK$9EH\\RQGWKHILUVWRQHFOLFNWKH

$GG$SSDUHQW9LRODWLRQEXWWRQDQGDSDJHZLOOEHDGGHGIRUWKHQHZ$9&KRRVHWKHDSSURSULDWH

UHVSRQVHVIRUHDFKTXHVWLRQ



&KRRVHWKHDSSURSULDWHUHVSRQVHIRU,QGLYLGXDO$FWLRQV <HV1R DQGVSHFLI\\WKHQXPEHURILQGLYLGXDO

DFWLRQV,ILQGLYLGXDODFWLRQVDUHZDUUDQWHGFRPSOHWHWKHTXHVWLRQVOLVWHGIRUWKHLQGLYLGXDODFWLRQ,I

PRUHWKDQRQHLQGLYLGXDODFWLRQLVQHHGHGFOLFNWKH$GG,QGLYLGXDO$FWLRQEXWWRQDQGDVHFWLRQZLOOEH

DGGHGIRUWKHQH[WLQGLYLGXDO&KRRVHWKHDSSURSULDWHUHVSRQVHVIRUHDFKTXHVWLRQ



([SODLQDVQHFHVVDU\\ HJGHVFULEHUHVXOWVRIURRWFDXVHEULHIFRQFLVHOLVWLQJRIJHQHULFLVVXHV

FRPPXQLFDWLRQVOHVVRQVOHDUQHGUHOHYDQWVLPLODUFDVHVRURWKHULQIRUPDWLRQWKDWVKRXOGEH

FRQVLGHUHG



3URYLGHDQ\\DGGLWLRQDOLQIRUPDWLRQQHHGHGWRVXSSRUWWKHFDVHWKDWZDVQ WPHQWLRQHGLQDQ\\RIWKHRWKHU

VHFWLRQVLQWKH($:



7RSULQWWKH($:FOLFNWKH3ULQW($:EXWWRQ7KLVZLOODOORZWKHIRUPWREHSULQWHGZLWKRXWWKHEXWWRQV

DQGGLUHFWLRQV WKLVSDJH DSSHDULQJLQWKHILQDOGRFXPHQW

Retrieved from "https://kanterella.com/w/index.php?title=ML21048A442&oldid=3822751"