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s^'ZE^dKZDtdZ/E&Z^dZhdZWZK:d
d,/^'ZDEd͕ĚĂƚĞĚĨŽƌƌĞĨĞƌĞŶĐĞƉƵƌƉŽƐĞƐŽŶůLJĂƐ&ĞďƌƵĂƌLJϭ͕ϮϬϮϯ͕ŝƐďLJĂŶĚďĞƚǁĞĞŶƚŚĞ
ŝƚLJŽĨZĞŶƚŽŶ;ƚŚĞ͞ŝƚLJ͟Ϳ͕ĂtĂƐŚŝŶŐƚŽŶŵƵŶŝĐŝƉĂůĐŽƌƉŽƌĂƚŝŽŶ͕ĂŶĚKƐďŽƌŶŽŶƐƵůƚŝŶŐ/ŶĐ͘
;͞ŽŶƐƵůƚĂŶƚ͟Ϳ͕ĂtĂƐŚŝŶŐƚŽŶĐŽƌƉŽƌĂƚŝŽŶ͘dŚĞŝƚLJĂŶĚƚŚĞŽŶƐƵůƚĂŶƚĂƌĞƌĞĨĞƌƌĞĚƚŽĐŽůůĞĐƚŝǀĞůLJ
ŝŶƚŚŝƐŐƌĞĞŵĞŶƚĂƐƚŚĞ͞WĂƌƚŝĞƐ͘͟KŶĐĞĨƵůůLJĞdžĞĐƵƚĞĚďLJƚŚĞWĂƌƚŝĞƐ͕ƚŚŝƐŐƌĞĞŵĞŶƚŝƐĞĨĨĞĐƚŝǀĞ
ĂƐŽĨƚŚĞůĂƐƚĚĂƚĞƐŝŐŶĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘
ϭ͘^ĐŽƉĞŽĨtŽƌŬ͗ŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞŶĞĐĞƐƐĂƌLJƐĞƌǀŝĐĞƐĨŽƌƚŚĞĨŝŶĂůĚĞƐŝŐŶŽĨƚŚĞ
^ϭϳϮŶĚ^ƚ'ƌĞĞŶ^ƚŽƌŵǁĂƚĞƌ/ŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽũĞĐƚĂƐƐƉĞĐŝĨŝĞĚŝŶdžŚŝďŝƚ͕ǁŚŝĐŚŝƐ
ĂƚƚĂĐŚĞĚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŚĞƌĞŝŶĂŶĚŵĂLJŚĞƌĞŝŶĂĨƚĞƌďĞƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͞tŽƌŬ͘͟
Ϯ͘ŚĂŶŐĞƐŝŶ^ĐŽƉĞŽĨtŽƌŬ͗dŚĞŝƚLJ͕ǁŝƚŚŽƵƚŝŶǀĂůŝĚĂƚŝŶŐƚŚŝƐŐƌĞĞŵĞŶƚ͕ŵĂLJŽƌĚĞƌ
ĐŚĂŶŐĞƐƚŽƚŚĞtŽƌŬĐŽŶƐŝƐƚŝŶŐŽĨĂĚĚŝƚŝŽŶƐ͕ĚĞůĞƚŝŽŶƐŽƌŵŽĚŝĨ ŝĐĂƚŝŽŶƐ͘ŶLJƐƵĐŚĐŚĂŶŐĞƐ
ƚŽƚŚĞtŽƌŬƐŚĂůůďĞŽƌĚĞƌĞĚďLJƚŚĞŝƚLJŝŶǁƌŝƚŝŶŐĂŶĚƚŚĞŽŵƉĞŶƐĂƚŝŽŶƐŚĂůůďĞ
ĞƋƵŝƚĂďůLJĂĚũƵƐƚĞĚĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƌĂƚĞƐƐĞƚĨŽƌƚŚŝŶdžŚŝďŝƚƐĂŶĚŽƌĂƐŽƚŚĞƌǁŝƐĞ
ŵƵƚƵĂůůLJĂŐƌĞĞĚďLJƚŚĞWĂƌƚŝĞƐ͘
ϯ͘dŝŵĞ ŽĨ WĞƌĨŽƌŵĂŶĐĞ͗ ŽŶƐƵůƚĂŶƚ ƐŚĂůů ĐŽŵŵĞŶĐĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŐƌĞĞŵĞŶƚ
ƉƵƌƐƵĂŶƚƚŽƚŚĞƐĐŚĞĚƵůĞ;ƐͿƐĞƚĨŽƌƚŚŝŶdžŚŝďŝƚ͘ůůtŽƌŬƐŚĂůůďĞƉĞƌĨŽƌŵĞĚďLJŶŽůĂƚĞƌ
ƚŚĂŶĞĐĞŵďĞƌϯϭ͕ϮϬϮϯ͘
ϰ͘ŽŵƉĞŶƐĂƚŝŽŶ͗
͘ ŵŽƵŶƚ͘ dŽƚĂů ĐŽŵƉĞŶƐĂƚŝŽŶ ƚŽŽŶƐƵůƚĂŶƚ ĨŽƌ tŽƌŬ ƉƌŽǀŝĚĞĚ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚŝƐ
ŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚĞdžĐĞĞĚΨϭϯϮ͕ϲϭϰ͕ƉůƵƐĂŶLJĂƉƉůŝĐĂďůĞƐƚĂƚĞĂŶĚůŽĐĂůƐĂůĞƐƚĂdžĞƐ͘
ŽŵƉĞŶƐĂƚŝŽŶƐŚĂůůďĞƉĂŝĚďĂƐĞĚƵƉŽŶtŽƌŬĂĐƚƵĂůůLJƉĞƌĨŽƌŵĞĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞ
ƌĂƚĞ;ƐͿŽƌĂŵŽƵŶƚƐƐƉĞĐŝĨŝĞĚŝŶdžŚŝďŝƚƐĂŶĚ͘dŚĞŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŚĂƚĂŶLJŚŽƵƌůLJ
ŽƌĨůĂƚƌĂƚĞĐŚĂƌŐĞĚďLJŝƚĨŽƌŝƚƐtŽƌŬƐŚĂůůƌĞŵĂŝŶůŽĐŬĞĚĂƚƚŚĞŶĞŐŽƚŝĂƚĞĚƌĂƚĞ;ƐͿ
ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞĂŐƌĞĞĚƚŽŝŶǁƌŝƚŝŶŐŽƌƉƌŽǀŝĚĞĚŝŶdžŚŝďŝƚƐĂŶĚ͘džĐĞƉƚĂƐ
ƐƉĞĐŝĨŝĐĂůůLJƉƌŽǀŝĚĞĚŚĞƌĞŝŶ͕ƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůďĞƐŽůĞůLJƌĞƐƉŽŶƐŝďůĞĨŽƌƉĂLJŵĞŶƚŽĨ
ĂŶLJƚĂdžĞƐŝŵƉŽƐĞĚĂƐĂƌĞƐƵůƚŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞĂŶĚƉĂLJŵĞŶƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘
͘ DĞƚŚŽĚŽĨWĂLJŵĞŶƚ͘KŶĂŵŽŶƚŚůLJŽƌŶŽůĞƐƐƚŚĂŶƋƵĂƌƚĞƌůLJďĂƐŝƐĚƵƌŝŶŐĂŶLJƋƵĂƌƚĞƌ
ŝŶǁŚŝĐŚtŽƌŬŝƐƉĞƌĨŽƌŵĞĚ͕ƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůƐƵďŵŝƚĂǀŽƵĐŚĞƌŽƌŝŶǀŽŝĐĞŝŶĂĨŽƌŵ
ƐƉĞĐŝĨŝĞĚďLJƚŚĞŝƚLJ͕ŝŶĐůƵĚŝŶŐĂĚĞƐĐƌŝƉƚŝŽŶŽĨǁŚĂƚtŽƌŬŚĂƐďĞĞŶƉĞƌĨŽƌŵĞĚ͕ƚŚĞ
CAG-23-082
W'ϮK&ϭϬ
ŶĂŵĞŽĨƚŚĞƉĞƌƐŽŶŶĞůƉĞƌĨŽƌŵŝŶŐƐƵĐŚtŽƌŬ͕ĂŶĚĂŶLJŚŽƵƌůLJůĂďŽƌĐŚĂƌŐĞƌĂƚĞĨŽƌ
ƐƵĐŚƉĞƌƐŽŶŶĞů͘dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĂůƐŽƐƵďŵŝƚĂĨŝŶĂůďŝůůƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůů
tŽƌŬ͘WĂLJŵĞŶƚƐŚĂůůďĞŵĂĚĞďLJƚŚĞŝƚLJĨŽƌtŽƌŬƉĞƌĨŽƌŵĞĚǁŝƚŚŝŶƚŚŝƌƚLJ;ϯϬͿ
ĐĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƌĞĐĞŝƉƚĂŶĚĂƉƉƌŽǀĂůďLJƚŚĞĂƉƉƌŽƉƌŝĂƚĞŝƚLJƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨƚŚĞ
ǀŽƵĐŚĞƌŽƌŝŶǀŽŝĐĞ͘/ĨƚŚĞŽŶƐƵůƚĂŶƚ͛ƐƉĞƌĨŽƌŵĂŶĐĞĚŽĞƐŶŽƚŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐ
ŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĞŽŶƐƵůƚĂŶƚǁŝůůĐŽƌƌĞĐƚŽƌŵŽĚŝĨLJŝƚƐƉĞƌĨŽƌŵĂŶĐĞƚŽĐŽŵƉůLJ
ǁŝƚŚƚŚĞŐƌĞĞŵĞŶƚ͘dŚĞŝƚLJŵĂLJǁŝƚŚŚŽůĚƉĂLJŵĞŶƚĨŽƌǁŽƌŬƚŚĂƚ ĚŽĞƐŶŽƚŵĞĞƚƚŚĞ
ƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘
͘ ĨĨĞĐƚŽĨWĂLJŵĞŶƚ͘WĂLJŵĞŶƚĨŽƌĂŶLJƉĂƌƚŽĨƚŚĞtŽƌŬƐŚĂůůŶŽƚĐŽŶƐƚŝƚƵƚĞĂǁĂŝǀĞƌďLJ
ƚŚĞŝƚLJŽĨĂŶLJƌĞŵĞĚŝĞƐŝƚŵĂLJŚĂǀĞĂŐĂŝŶƐƚƚŚĞŽŶƐƵůƚĂŶƚĨŽƌĨĂŝůƵƌĞŽĨƚŚĞ
ŽŶƐƵůƚĂŶƚ ƚŽ ƉĞƌĨŽƌŵ ƚŚĞ tŽƌŬ Žƌ ĨŽƌ ĂŶLJ ďƌĞĂĐŚ ŽĨ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ďLJ ƚŚĞ
ŽŶƐƵůƚĂŶƚ͘
͘ EŽŶͲƉƉƌŽƉƌŝĂƚŝŽŶŽĨ&ƵŶĚƐ͘/ĨƐƵĨĨŝĐŝĞŶƚĨƵŶĚƐĂƌĞŶŽƚĂƉƉƌŽƉƌŝĂƚĞĚŽƌĂůůŽĐĂƚĞĚĨŽƌ
ƉĂLJŵĞŶƚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚĨŽƌĂŶLJĨƵƚƵƌĞĨŝƐĐĂůƉĞƌŝŽĚ͕ƚŚĞŝƚLJƐŚĂůůŶŽƚďĞ
ŽďůŝŐĂƚĞĚƚŽŵĂŬĞƉĂLJŵĞŶƚƐĨŽƌtŽƌŬŽƌĂŵŽƵŶƚƐŝŶĐƵƌƌĞĚĂĨƚĞƌƚŚĞĞŶĚŽĨƚŚĞ
ĐƵƌƌĞŶƚĨŝƐĐĂůƉĞƌŝŽĚ͕ĂŶĚƚŚŝƐŐƌĞĞŵĞŶƚǁŝůůƚĞƌŵŝŶĂƚĞƵƉŽŶƚŚĞĐŽŵƉůĞƚŝŽŶŽĨĂůů
ƌĞŵĂŝŶŝŶŐtŽƌŬĨŽƌǁŚŝĐŚĨƵŶĚƐĂƌĞĂůůŽĐĂƚĞĚ͘EŽƉĞŶĂůƚLJŽƌĞdžƉĞŶƐĞƐŚĂůůĂĐĐƌƵĞƚŽ
ƚŚĞŝƚLJŝŶƚŚĞĞǀĞŶƚƚŚŝƐƉƌŽǀŝƐŝŽŶĂƉƉůŝĞƐ͘
ϱ͘dĞƌŵŝŶĂƚŝŽŶ͗
͘dŚĞŝƚLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƚĞƌŵŝŶĂƚĞƚŚŝƐŐƌĞĞŵĞŶƚĂƚĂŶLJƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚ
ĐĂƵƐĞďLJŐŝǀŝŶŐƚĞŶ;ϭϬͿĐĂůĞŶĚĂƌĚĂLJƐ͛ŶŽƚŝĐĞƚŽƚŚĞŽŶƐƵůƚĂŶƚŝŶǁƌŝƚŝŶŐ͘/ŶƚŚĞĞǀĞŶƚ
ŽĨƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶŽƌƐƵƐƉĞŶƐŝŽŶ͕ĂůůĨŝŶŝƐŚĞĚŽƌƵŶĨŝŶŝƐŚĞĚĚŽĐƵŵĞŶƚƐ͕ĚĂƚĂ͕ƐƚƵĚŝĞƐ͕
ǁŽƌŬƐŚĞĞƚƐ͕ ŵŽĚĞůƐ ĂŶĚ ƌĞƉŽƌƚƐ͕ Žƌ ŽƚŚĞƌ ŵĂƚĞƌŝĂů ƉƌĞƉĂƌĞĚ ďLJ ƚŚĞ ŽŶƐƵůƚĂŶƚ
ƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚLJ͕ŝĨĂŶLJĂƌĞƌĞƋƵŝƌĞĚĂƐƉĂƌƚ
ŽĨƚŚĞtŽƌŬ͘
͘/ŶƚŚĞĞǀĞŶƚƚŚŝƐŐƌĞĞŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚďLJƚŚĞŝƚLJ͕ƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůďĞĞŶƚŝƚůĞĚ
ƚŽƉĂLJŵĞŶƚĨŽƌĂůůŚŽƵƌƐǁŽƌŬĞĚƚŽƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚĞƌŵŝŶĂƚŝŽŶ͕ůĞƐƐĂůůƉĂLJŵĞŶƚƐ
ƉƌĞǀŝŽƵƐůLJŵĂĚĞ͘/ĨƚŚĞŐƌĞĞŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚďLJƚŚĞŝƚLJĂĨƚĞƌƉĂƌƚŝĂůƉĞƌĨŽƌŵĂŶĐĞ
ŽĨtŽƌŬĨŽƌǁŚŝĐŚƚŚĞĂŐƌĞĞĚĐŽŵƉĞŶƐĂƚŝŽŶŝƐĂĨŝdžĞĚĨĞĞ͕ƚŚĞŝƚLJƐŚĂůůƉĂLJƚŚĞ
ŽŶƐƵůƚĂŶƚĂŶĞƋƵŝƚĂďůĞƐŚĂƌĞŽĨƚŚĞĨŝdžĞĚĨĞĞ͘dŚŝƐƉƌŽǀŝƐŝŽŶƐŚĂůůŶŽƚƉƌĞǀĞŶƚƚŚĞ
ŝƚLJĨƌŽŵƐĞĞŬŝŶŐĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐŝƚŵĂLJŚĂǀĞĨŽƌƚŚĞǀŝŽůĂƚŝŽŶŽƌŶŽŶƉĞƌĨŽƌŵĂŶĐĞ
ŽĨĂŶLJŽĨƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚƐƵĐŚĐŚĂƌŐĞƐĚƵĞƚŽƚŚĞŝƚLJƐŚĂůůďĞ
ĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞĨŝŶĂůƉĂLJŵĞŶƚĚƵĞƚŚĞŽŶƐƵůƚĂŶƚ͘EŽƉĂLJŵĞŶƚƐŚĂůůďĞŵĂĚĞďLJ
ƚŚĞŝƚLJĨŽƌĂŶLJĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚŽƌǁŽƌŬĚŽŶĞĨŽůůŽǁŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨ
ƚĞƌŵŝŶĂƚŝŽŶƵŶůĞƐƐĂƵƚŚŽƌŝnjĞĚŝŶĂĚǀĂŶĐĞŝŶǁƌŝƚŝŶŐďLJƚŚĞŝƚLJ͘
ϲ͘tĂƌƌĂŶƚŝĞƐŶĚZŝŐŚƚdŽhƐĞtŽƌŬWƌŽĚƵĐƚ͗ŽŶƐƵůƚĂŶƚƌĞƉƌĞƐĞŶƚƐĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚ
ŽŶƐƵůƚĂŶƚ ǁŝůů ƉĞƌĨŽƌŵ Ăůů tŽƌŬ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ŝŶ Ă ƉƌŽĨĞƐƐŝŽŶĂů ĂŶĚ
W'ϯK&ϭϬ
ǁŽƌŬŵĂŶůŝŬĞŵĂŶŶĞƌĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂůůƌĞĂƐŽŶĂďůĞĂŶĚƉƌŽĨĞƐƐŝŽŶĂůƐƚĂŶĚĂƌĚƐ
ĂŶĚůĂǁƐ͘ŽŵƉůŝĂŶĐĞǁŝƚŚƉƌŽĨĞƐƐŝŽŶĂůƐƚĂŶĚĂƌĚƐŝŶĐůƵĚĞƐ͕ĂƐĂƉƉůŝĐĂďůĞ͕ƉĞƌĨŽƌŵŝŶŐƚŚĞ
tŽƌŬŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞŝƚLJƐƚĂŶĚĂƌĚƐŽƌŐƵŝĚĞůŝŶĞƐ;Ğ͘Ő͘ĚĞƐŝŐŶĐƌŝƚĞƌŝĂĂŶĚ
^ƚĂŶĚĂƌĚWůĂŶƐĨŽƌZŽĂĚ͕ƌŝĚŐĞĂŶĚDƵŶŝĐŝƉĂůŽŶƐƚƌƵĐƚŝŽŶͿ͘WƌŽĨĞƐƐŝŽŶĂůĞŶŐŝŶĞĞƌƐƐŚĂůů
ĐĞƌƚŝĨLJĞŶŐŝŶĞĞƌŝŶŐƉůĂŶƐ͕ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ƉůĂƚƐ͕ĂŶĚƌĞƉŽƌƚƐ͕ĂƐĂƉƉůŝĐĂďůĞ͕ƉƵƌƐƵĂŶƚƚŽ
Ztϭϴ͘ϰϯ͘ϬϳϬ͘ŽŶƐƵůƚĂŶƚĨƵƌƚŚĞƌƌĞƉƌĞƐĞŶƚƐĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚĂůůĨŝŶĂůǁŽƌŬƉƌŽĚƵĐƚ
ĐƌĞĂƚĞĚĨŽƌĂŶĚĚĞůŝǀĞƌĞĚƚŽƚŚĞŝƚLJƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƚŚĞŽƌŝŐŝŶĂůǁŽƌŬ
ŽĨƚŚĞŽŶƐƵůƚĂŶƚĂŶĚĨƌĞĞĨƌŽŵĂŶLJŝŶƚĞůůĞĐƚƵĂůƉƌŽƉĞƌƚLJĞŶĐƵŵďƌĂŶĐĞǁŚŝĐŚǁŽƵůĚ
ƌĞƐƚƌŝĐƚƚŚĞŝƚLJĨƌŽŵƵƐŝŶŐƚŚĞǁŽƌŬƉƌŽĚƵĐƚ͘ŽŶƐƵůƚĂŶƚŐƌĂŶƚƐ ƚŽ ƚŚĞ ŝƚLJ Ă ŶŽŶͲ
ĞdžĐůƵƐŝǀĞ͕ƉĞƌƉĞƚƵĂůƌŝŐŚƚĂŶĚůŝĐĞŶƐĞƚŽƵƐĞ͕ƌĞƉƌŽĚƵĐĞ͕ĚŝƐƚƌŝďƵƚĞ͕ĂĚĂƉƚ͕ŵŽĚŝĨLJ͕ĂŶĚ
ĚŝƐƉůĂLJĂůůĨŝŶĂůǁŽƌŬƉƌŽĚƵĐƚƉƌŽĚƵĐĞĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͘dŚĞŝƚLJ͛ƐŽƌŽƚŚĞƌ͛Ɛ
ĂĚĂƉƚĂƚŝŽŶ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌƵƐĞŽĨƚŚĞĨŝŶĂůǁŽƌŬƉƌŽĚƵĐƚƐŽƚŚĞƌƚŚĂŶĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨ
ƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞǁŝƚŚŽƵƚůŝĂďŝůŝƚLJƚŽƚŚĞŽŶƐƵůƚĂŶƚ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐƐĞĐƚŝŽŶ
ƐŚĂůůƐƵƌǀŝǀĞƚŚĞĞdžƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘
ϳ͘ZĞĐŽƌĚ DĂŝŶƚĞŶĂŶĐĞ͗ dŚĞ ŽŶƐƵůƚĂŶƚ ƐŚĂůů ŵĂŝŶƚĂŝŶ ĂĐĐŽƵŶƚƐ ĂŶĚ ƌĞĐŽƌĚƐ͕ ǁŚŝĐŚ
ƉƌŽƉĞƌůLJ ƌĞĨůĞĐƚ Ăůů ĚŝƌĞĐƚ ĂŶĚ ŝŶĚŝƌĞĐƚ ĐŽƐƚƐ ĞdžƉĞŶĚĞĚ ĂŶĚ tŽƌŬ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ
ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚƌĞƚĂŝŶƐƵĐŚƌĞĐŽƌĚƐĨŽƌĂƐůŽŶŐĂƐŵĂLJďĞƌĞƋƵŝƌĞĚďLJ
ĂƉƉůŝĐĂďůĞtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞƌĞĐŽƌĚƐƌĞƚĞŶƚŝŽŶůĂǁƐ͕ďƵƚŝŶĂŶLJĞǀĞŶƚŶŽůĞƐƐƚŚĂŶƐŝdž
LJĞĂƌƐĂĨƚĞƌƚŚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘dŚĞŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞĂĐĐĞƐƐ
ƚŽĂŶĚĐŽƉŝĞƐŽĨĂŶLJƌĞĐŽƌĚƐƌĞůĂƚĞĚƚŽƚŚŝƐŐƌĞĞŵĞŶƚĂƐƌĞƋƵŝƌĞĚďLJƚŚĞŝƚLJƚŽĂƵĚŝƚ
ĞdžƉĞŶĚŝƚƵƌĞƐĂŶĚĐŚĂƌŐĞƐĂŶĚͬŽƌƚŽĐŽŵƉůLJǁŝƚŚƚŚĞtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞWƵďůŝĐZĞĐŽƌĚƐĐƚ
;ŚĂƉƚĞƌ ϰϮ͘ϱϲ ZtͿ͘ dŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚŝƐ ƐĞĐƚŝŽŶ ƐŚĂůů ƐƵƌǀŝǀĞƚŚĞĞdžƉŝƌĂƚŝŽŶŽƌ
ƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘
ϴ͘WƵďůŝĐZĞĐŽƌĚƐŽŵƉůŝĂŶĐĞ͗dŽƚŚĞĨƵůůĞdžƚĞŶƚƚŚĞŝƚLJĚĞƚĞƌŵŝŶĞƐŶĞĐĞƐƐĂƌLJƚŽĐŽŵƉůLJ
ǁŝƚŚƚŚĞtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞWƵďůŝĐZĞĐŽƌĚƐĐƚ͕ŽŶƐƵůƚĂŶƚƐŚĂůůŵĂŬĞĂĚƵĞĚŝůŝŐĞŶƚƐĞĂƌĐŚ
ŽĨĂůůƌĞĐŽƌĚƐŝŶŝƚƐƉŽƐƐĞƐƐŝŽŶŽƌĐŽŶƚƌŽůƌĞůĂƚŝŶŐƚŽƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚƚŚĞtŽƌŬ͕
ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ĞͲŵĂŝů͕ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͕ŶŽƚĞƐ͕ƐĂǀĞĚƚĞůĞƉŚŽŶĞŵĞƐƐĂŐĞƐ͕
ƌĞĐŽƌĚŝŶŐƐ͕ƉŚŽƚŽƐ͕ŽƌĚƌĂǁŝŶŐƐĂŶĚƉƌŽǀŝĚĞƚŚĞŵƚŽƚŚĞŝƚLJĨŽƌƉƌŽĚƵĐƚŝŽŶ͘/ŶƚŚĞĞǀĞŶƚ
ŽŶƐƵůƚĂŶƚ ďĞůŝĞǀĞƐ ƐĂŝĚ ƌĞĐŽƌĚƐ ŶĞĞĚ ƚŽ ďĞ ƉƌŽƚĞĐƚĞĚ ĨƌŽŵ ĚŝƐĐůŽƐƵƌĞ͕ ŝƚ ŵĂLJ͕ Ăƚ
ŽŶƐƵůƚĂŶƚ͛ƐŽǁŶĞdžƉĞŶƐĞ͕ƐĞĞŬũƵĚŝĐŝĂůƉƌŽƚĞĐƚŝŽŶ͘ŽŶƐƵůƚĂŶƚƐŚĂůůŝŶĚĞŵŶŝĨLJ͕ĚĞĨĞŶĚ͕
ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŝƚLJĨŽƌĂůůĐŽƐƚƐ͕ŝŶĐůƵĚŝŶŐĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͕ĂƚƚĞŶĚĂŶƚƚŽĂŶLJĐůĂŝŵ
ŽƌůŝƚŝŐĂƚŝŽŶƌĞůĂƚĞĚƚŽĂWƵďůŝĐZĞĐŽƌĚƐĐƚƌĞƋƵĞƐƚĨŽƌǁŚŝĐŚŽŶƐƵůƚĂŶƚŚĂƐƌĞƐƉŽŶƐŝǀĞ
ƌĞĐŽƌĚƐĂŶĚĨŽƌǁŚŝĐŚŽŶƐƵůƚĂŶƚŚĂƐǁŝƚŚŚĞůĚƌĞĐŽƌĚƐŽƌŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚƚŚĞƌĞŝŶ͕
Žƌ ŶŽƚ ƉƌŽǀŝĚĞĚ ƚŚĞŵ ƚŽ ƚŚĞ ŝƚLJ ŝŶ Ă ƚŝŵĞůLJ ŵĂŶŶĞƌ͘ ŽŶƐƵůƚĂŶƚ ƐŚĂůů ƉƌŽĚƵĐĞ ĨŽƌ
ĚŝƐƚƌŝďƵƚŝŽŶĂŶLJĂŶĚĂůůƌĞĐŽƌĚƐƌĞƐƉŽŶƐŝǀĞƚŽƚŚĞWƵďůŝĐZĞĐŽƌĚƐĐƚƌĞƋƵĞƐƚŝŶĂƚŝŵĞůLJ
ŵĂŶŶĞƌ͕ƵŶůĞƐƐƚŚŽƐĞƌĞĐŽƌĚƐĂƌĞƉƌŽƚĞĐƚĞĚďLJĐŽƵƌƚŽƌĚĞƌ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐƐĞĐƚŝŽŶ
ƐŚĂůůƐƵƌǀŝǀĞƚŚĞĞdžƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘
ϵ͘/ŶĚĞƉĞŶĚĞŶƚŽŶƚƌĂĐƚŽƌZĞůĂƚŝŽŶƐŚŝƉ͗
W'ϰK&ϭϬ
͘dŚĞŽŶƐƵůƚĂŶƚŝƐƌĞƚĂŝŶĞĚďLJƚŚĞŝƚLJŽŶůLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐĂŶĚƚŽƚŚĞĞdžƚĞŶƚƐĞƚĨŽƌƚŚ
ŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͘dŚĞŶĂƚƵƌĞŽĨƚŚĞƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶƚŚĞŽŶƐƵůƚĂŶƚĂŶĚƚŚĞŝƚLJ
ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ŽĨ ƚŚĞ tŽƌŬ ƐŚĂůů ďĞ ƚŚĂƚ ŽĨ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ĐŽŶƚƌĂĐƚŽƌ͕ ŶŽƚ
ĞŵƉůŽLJĞĞ͘dŚĞŽŶƐƵůƚĂŶƚ͕ŶŽƚƚŚĞŝƚLJ͕ƐŚĂůůŚĂǀĞƚŚĞƉŽǁĞƌƚŽĐŽŶƚƌŽůĂŶĚĚŝƌĞĐƚƚŚĞ
ĚĞƚĂŝůƐ͕ŵĂŶŶĞƌŽƌŵĞĂŶƐŽĨtŽƌŬ͘^ƉĞĐŝĨŝĐĂůůLJ͕ďƵƚŶŽƚďLJŵĞĂŶƐŽĨůŝŵŝƚĂƚŝŽŶ͕ƚŚĞ
ŽŶƐƵůƚĂŶƚ ƐŚĂůů ŚĂǀĞ ŶŽ ŽďůŝŐĂƚŝŽŶ ƚŽ ǁŽƌŬ ĂŶLJ ƉĂƌƚŝĐƵůĂƌ ŚŽƵƌƐ Žƌ ƉĂƌƚŝĐƵůĂƌ
ƐĐŚĞĚƵůĞ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨtŽƌŬŽƌǁŚĞƌĞƐĐŚĞĚƵůŝŶŐŽĨ
ĂƚƚĞŶĚĂŶĐĞŽƌƉĞƌĨŽƌŵĂŶĐĞŝƐŵƵƚƵĂůůLJĂƌƌĂŶŐĞĚĚƵĞƚŽƚŚĞŶĂƚƵƌĞŽĨƚŚĞtŽƌŬ͘
ŽŶƐƵůƚĂŶƚƐŚĂůůƌĞƚĂŝŶƚŚĞƌŝŐŚƚƚŽĚĞƐŝŐŶĂƚĞƚŚĞŵĞĂŶƐŽĨƉĞƌĨŽƌŵŝŶŐƚŚĞtŽƌŬ
ĐŽǀĞƌĞĚďLJƚŚŝƐĂŐƌĞĞŵĞŶƚ͕ĂŶĚƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽĞŵƉůŽLJŽƚŚĞƌ
ǁŽƌŬĞƌƐĂƚƐƵĐŚĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚƐƵĐŚŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĂƐŝƚŵĂLJĚĞĞŵƉƌŽƉĞƌ͕
ƉƌŽǀŝĚĞĚ͕ŚŽǁĞǀĞƌ͕ƚŚĂƚĂŶLJĐŽŶƚƌĂĐƚƐŽŵĂĚĞďLJƚŚĞŽŶƐƵůƚĂŶƚŝƐƚŽďĞƉĂŝĚďLJŝƚ
ĂůŽŶĞ͕ĂŶĚƚŚĂƚĞŵƉůŽLJŝŶŐƐƵĐŚǁŽƌŬĞƌƐ͕ŝƚŝƐĂĐƚŝŶŐŝŶĚŝǀŝĚƵĂůůLJĂŶĚŶŽƚĂƐĂŶĂŐĞŶƚ
ĨŽƌƚŚĞŝƚLJ͘
͘dŚĞŝƚLJƐŚĂůůŶŽƚďĞƌĞƐƉŽŶƐŝďůĞĨŽƌǁŝƚŚŚŽůĚŝŶŐŽƌŽƚŚĞƌǁŝƐĞĚĞĚƵĐƚŝŶŐĨĞĚĞƌĂů
ŝŶĐŽŵĞƚĂdžŽƌ^ŽĐŝĂů^ĞĐƵƌŝƚLJŽƌĐŽŶƚƌŝďƵƚŝŶŐƚŽƚŚĞ^ƚĂƚĞ/ŶĚƵƐƚƌŝĂů /ŶƐƵƌĂŶĐĞ
WƌŽŐƌĂŵ͕ŽƌŽƚŚĞƌǁŝƐĞĂƐƐƵŵŝŶŐƚŚĞĚƵƚŝĞƐŽĨĂŶĞŵƉůŽLJĞƌǁŝƚŚƌĞƐƉĞĐƚƚŽŽŶƐƵůƚĂŶƚ
ŽƌĂŶLJĞŵƉůŽLJĞĞŽĨƚŚĞŽŶƐƵůƚĂŶƚ͘
͘/ĨƚŚĞŽŶƐƵůƚĂŶƚŝƐĂƐŽůĞƉƌŽƉƌŝĞƚŽƌƐŚŝƉŽƌŝĨƚŚŝƐŐƌĞĞŵĞŶƚŝƐǁŝƚŚĂŶŝŶĚŝǀŝĚƵĂů͕ƚŚĞ
ŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽŶŽƚŝĨLJƚŚĞŝƚLJĂŶĚĐŽŵƉůĞƚĞĂŶLJƌĞƋƵŝƌĞĚĨŽƌŵŝĨƚŚĞŽŶƐƵůƚĂŶƚ
ƌĞƚŝƌĞĚƵŶĚĞƌĂ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶƌĞƚŝƌĞŵĞŶƚƐLJƐƚĞŵĂŶĚĂŐƌĞĞƐƚŽŝŶĚĞŵŶŝĨLJĂŶLJ
ůŽƐƐĞƐƚŚĞŝƚLJŵĂLJƐƵƐƚĂŝŶƚŚƌŽƵŐŚƚŚĞŽŶƐƵůƚĂŶƚ͛ƐĨĂŝůƵƌĞƚŽĚŽƐŽ͘
ϭϬ͘,ŽůĚ,ĂƌŵůĞƐƐ͗dŚĞŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽƌĞůĞĂƐĞ͕ŝŶĚĞŵŶŝĨLJ͕ĚĞĨĞŶĚ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐ
ƚŚĞŝƚLJ͕ĞůĞĐƚĞĚŽĨĨŝĐŝĂůƐ͕ĞŵƉůŽLJĞĞƐ͕ŽĨĨŝĐĞƌƐ͕ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ĂŶĚǀŽůƵŶƚĞĞƌƐĨƌŽŵĂŶLJ
ĂŶĚ Ăůů ĐůĂŝŵƐ͕ ĚĞŵĂŶĚƐ͕ ĂĐƚŝŽŶƐ͕ ƐƵŝƚƐ͕ ĐĂƵƐĞƐ ŽĨ ĂĐƚŝŽŶ͕ ĂƌďŝƚƌĂƚŝŽŶƐ͕ ŵĞĚŝĂƚŝŽŶƐ͕
ƉƌŽĐĞĞĚŝŶŐƐ͕ũƵĚŐŵĞŶƚƐ͕ĂǁĂƌĚƐ͕ŝŶũƵƌŝĞƐ͕ĚĂŵĂŐĞƐ͕ůŝĂďŝůŝƚŝĞƐ͕ƚĂdžĞƐ͕ůŽƐƐĞƐ͕ĨŝŶĞƐ͕ĨĞĞƐ͕
ƉĞŶĂůƚŝĞƐ͕ĞdžƉĞŶƐĞƐ͕ĂƚƚŽƌŶĞLJ͛ƐŽƌĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͕ĐŽƐƚƐ͕ĂŶĚͬŽƌůŝƚŝŐĂƚŝŽŶĞdžƉĞŶƐĞƐƚŽŽƌ
ďLJĂŶLJĂŶĚĂůůƉĞƌƐŽŶƐŽƌĞŶƚŝƚŝĞƐ͕ĂƌŝƐŝŶŐĨƌŽŵ͕ƌĞƐƵůƚŝŶŐĨƌŽŵ͕ŽƌƌĞůĂƚĞĚƚŽƚŚĞŶĞŐůŝŐĞŶƚ
ĂĐƚƐ͕ĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽĨƚŚĞŽŶƐƵůƚĂŶƚŝŶŝƚƐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽƌĂ
ďƌĞĂĐŚŽĨƚŚŝƐŐƌĞĞŵĞŶƚďLJŽŶƐƵůƚĂŶƚ͕ĞdžĐĞƉƚĨŽƌƚŚĂƚƉŽƌƚŝŽŶŽĨƚŚĞĐůĂŝŵƐĐĂƵƐĞĚďLJ
ƚŚĞŝƚLJ͛ƐƐŽůĞŶĞŐůŝŐĞŶĐĞ͘
^ŚŽƵůĚĂĐŽƵƌƚŽĨĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶĚĞƚĞƌŵŝŶĞƚŚĂƚƚŚŝƐĂŐ ƌĞĞŵĞŶƚŝƐƐƵďũĞĐƚƚŽZt
ϰ͘Ϯϰ͘ϭϭϱ͕;sĂůŝĚŝƚLJŽĨĂŐƌĞĞŵĞŶƚƚŽŝŶĚĞŵŶŝĨLJĂŐĂŝŶƐƚůŝĂďŝůŝƚLJĨŽƌŶĞŐůŝŐĞŶĐĞƌĞůĂƚŝǀĞƚŽ
ĐŽŶƐƚƌƵĐƚŝŽŶ͕ĂůƚĞƌĂƚŝŽŶ͕ŝŵƉƌŽǀĞŵĞŶƚ͕ĞƚĐ͕͘ŽĨƐƚƌƵĐƚƵƌĞŽƌŝŵƉƌŽǀĞŵĞŶƚĂƚƚĂĐŚĞĚƚŽƌĞĂů
ĞƐƚĂƚĞ͙ͿƚŚĞŶ͕ŝŶƚŚĞĞǀĞŶƚŽĨůŝĂďŝůŝƚLJĨŽƌĚĂŵĂŐĞƐĂƌŝƐŝŶŐŽƵƚŽĨďŽĚŝůLJŝŶũƵƌLJƚŽƉĞƌƐŽŶƐ
ŽƌĚĂŵĂŐĞƐƚŽƉƌŽƉĞƌƚLJĐĂƵƐĞĚďLJŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨƚŚĞ
ŽŶƐƵůƚĂŶƚĂŶĚƚŚĞŝƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ŽĨĨŝĐŝĂůƐ͕ĞŵƉůŽLJĞĞƐĂŶĚǀŽůƵŶƚĞĞƌƐ͕ŽŶƐƵůƚĂŶƚ͛Ɛ
ůŝĂďŝůŝƚLJƐŚĂůůďĞŽŶůLJƚŽƚŚĞĞdžƚĞŶƚŽĨŽŶƐƵůƚĂŶƚ͛ƐŶĞŐůŝŐĞŶĐĞ͘
W'ϱK&ϭϬ
/ƚŝƐĨƵƌƚŚĞƌƐƉĞĐŝĨŝĐĂůůLJĂŶĚĞdžƉƌĞƐƐůLJƵŶĚĞƌƐƚŽŽĚƚŚĂƚƚŚĞŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶƉƌŽǀŝĚĞĚŝŶ
ƚŚŝƐ ŐƌĞĞŵĞŶƚ ĐŽŶƐƚŝƚƵƚĞ ŽŶƐƵůƚĂŶƚ͛Ɛ ǁĂŝǀĞƌ ŽĨ ŝŵŵƵŶŝƚLJ ƵŶĚĞƌ ƚŚĞ /ŶĚƵƐƚƌŝĂů
/ŶƐƵƌĂŶĐĞĐƚ͕ZtdŝƚůĞϱϭ͕ƐŽůĞůLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶ͘dŚĞWĂƌƚŝĞƐ
ŚĂǀĞŵƵƚƵĂůůLJŶĞŐŽƚŝĂƚĞĚĂŶĚĂŐƌĞĞĚƚŽƚŚŝƐǁĂŝǀĞƌ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐƐĞĐƚŝŽŶƐŚĂůů
ƐƵƌǀŝǀĞƚŚĞĞdžƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘
ϭϭ͘'ŝĨƚƐĂŶĚŽŶĨůŝĐƚƐ͗dŚĞŝƚLJ͛ƐŽĚĞŽĨƚŚŝĐƐĂŶĚtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞůĂǁƉƌŽŚŝďŝƚŝƚLJ
ĞŵƉůŽLJĞĞƐĨƌŽŵƐŽůŝĐŝƚŝŶŐ͕ĂĐĐĞƉƚŝŶŐ͕ŽƌƌĞĐĞŝǀŝŶŐĂŶLJŐŝĨƚ͕ŐƌĂƚƵŝƚLJŽƌĨĂǀŽƌĨƌŽŵĂŶLJ
ƉĞƌƐŽŶ͕ĨŝƌŵŽƌĐŽƌƉŽƌĂƚŝŽŶŝŶǀŽůǀĞĚŝŶĂĐŽŶƚƌĂĐƚŽƌƚƌĂŶƐĂĐƚŝŽŶ͘dŽĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞ
ǁŝƚŚƚŚĞŝƚLJ͛ƐŽĚĞŽĨƚŚŝĐƐĂŶĚƐƚĂƚĞůĂǁ͕ƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůŶŽƚŐŝǀĞĂŐŝĨƚŽĨĂŶLJŬŝŶĚ
ƚŽŝƚLJĞŵƉůŽLJĞĞƐŽƌŽĨĨŝĐŝĂůƐ͘ŽŶƐƵůƚĂŶƚĂůƐŽĐŽŶĨŝƌŵƐƚŚĂƚŽŶƐƵůƚĂŶƚĚŽĞƐŶŽƚŚĂǀĞĂ
ďƵƐŝŶĞƐƐŝŶƚĞƌĞƐƚŽƌĂĐůŽƐĞĨĂŵŝůLJƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚĂŶLJŝƚLJŽĨĨŝĐĞƌŽƌĞŵƉůŽLJĞĞǁŚŽǁĂƐ͕
ŝƐ͕ Žƌ ǁŝůů ďĞ ŝŶǀŽůǀĞĚ ŝŶ ƐĞůĞĐƚŝŶŐ ƚŚĞ ŽŶƐƵůƚĂŶƚ͕ ŶĞŐŽƚŝĂƚŝŶŐ Žƌ ĂĚŵŝŶŝƐƚĞƌŝŶŐ ƚŚŝƐ
ŐƌĞĞŵĞŶƚ͕ŽƌĞǀĂůƵĂƚŝŶŐƚŚĞŽŶƐƵůƚĂŶƚ͛ƐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞtŽƌŬ͘
ϭϮ͘ŝƚLJŽĨZĞŶƚŽŶƵƐŝŶĞƐƐ>ŝĐĞŶƐĞ͗hŶůĞƐƐĞdžĞŵƉƚĞĚďLJƚŚĞZĞŶƚŽŶDƵŶŝĐŝƉĂůŽĚĞ͕ƚ
ŽŶƐƵůƚĂŶƚƐŚĂůůŽďƚĂŝŶĂŝƚLJŽĨZĞŶƚŽŶƵƐŝŶĞƐƐ>ŝĐĞŶƐĞƉƌŝŽƌƚŽƉĞƌĨŽƌŵŝŶŐĂŶLJtŽƌŬ
ĂŶĚ ŵĂŝŶƚĂŝŶ ƚŚĞ ďƵƐŝŶĞƐƐ ůŝĐĞŶƐĞ ŝŶ ŐŽŽĚ ƐƚĂŶĚŝŶŐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞƚĞƌŵŽĨƚŚŝƐ
ĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚLJ͘
/ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐĂĐƋƵŝƌŝŶŐĂĐŝƚLJďƵƐŝŶĞƐƐůŝĐĞŶƐĞĐĂŶďĞĨŽƵŶĚĂƚ͗
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌĞŶƚŽŶǁĂ͘ŐŽǀͬdĂdž
/ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐ^ƚĂƚĞďƵƐŝŶĞƐƐůŝĐĞŶƐŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĐĂŶďĞĨŽƵŶĚĂƚ͗
ŚƚƚƉƐ͗ͬͬĚŽƌ͘ǁĂ͘ŐŽǀͬĚŽŝŶŐͲďƵƐŝŶĞƐƐͬƌĞŐŝƐƚĞƌͲŵLJͲďƵƐŝŶĞƐƐ
ϭϯ͘/ŶƐƵƌĂŶĐĞ͗ŽŶƐƵůƚĂŶƚƐŚĂůůƐĞĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶ͗
͘ŽŵŵĞƌĐŝĂůŐĞŶĞƌĂůůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŝŶƚŚĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐŽĨΨϭ͕ϬϬϬ͕ϬϬϬĨŽƌ
ĞĂĐŚŽĐĐƵƌƌĞŶĐĞͬΨϮ͕ϬϬϬ͕ϬϬϬĂŐŐƌĞŐĂƚĞĨŽƌƚŚĞdĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘
͘/Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĂƚ tŽƌŬ ĚĞůŝǀĞƌĞĚ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ĞŝƚŚĞƌ ĚŝƌĞĐƚůLJ Žƌ
ŝŶĚŝƌĞĐƚůLJŝŶǀŽůǀĞŽƌƌĞƋƵŝƌĞWƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐ͕WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ͕ƌƌŽƌƐĂŶĚ
KŵŝƐƐŝŽŶƐ ĐŽǀĞƌĂŐĞ ƐŚĂůů ďĞ ƉƌŽǀŝĚĞĚ ǁŝƚŚ ŵŝŶŝŵƵŵ ůŝŵŝƚƐ ŽĨ Ψϭ͕ϬϬϬ͕ϬϬϬ ƉĞƌ
ŽĐĐƵƌƌĞŶĐĞ͘ΗWƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐΗ͕ĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐƐĞĐƚŝŽŶ͕ƐŚĂůůŵĞĂŶĂŶLJ
tŽƌŬ ƉƌŽǀŝĚĞĚ ďLJ Ă ůŝĐĞŶƐĞĚ ƉƌŽĨĞƐƐŝŽŶĂů Žƌ tŽƌŬ ƚŚĂƚ ƌĞƋƵŝƌĞƐĂ ƉƌŽĨĞƐƐŝŽŶĂů
ƐƚĂŶĚĂƌĚŽĨĐĂƌĞ͘
͘tŽƌŬĞƌƐ͛ĐŽŵƉĞŶƐĂƚŝŽŶĐŽǀĞƌĂŐĞ͕ĂƐƌĞƋƵŝƌĞĚďLJƚŚĞ/ŶĚƵƐƚƌŝĂů/ŶƐƵƌĂŶĐĞůĂǁƐŽĨƚŚĞ
^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶ͕ƐŚĂůůĂůƐŽďĞƐĞĐƵƌĞĚ͘
W'ϲK&ϭϬ
͘ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJĨŽƌŽǁŶĞĚ͕ůĞĂƐĞĚ͕ŚŝƌĞĚŽƌŶŽŶͲŽǁŶĞĚ͕ůĞĂƐĞĚ͕ŚŝƌĞĚ
ŽƌŶŽŶͲŽǁŶĞĚ͕ǁŝƚŚŵŝŶŝŵƵŵůŝŵŝƚƐŽĨΨϭ͕ϬϬϬ͕ϬϬϬƉĞƌŽĐĐƵƌƌĞŶĐĞĐŽŵďŝŶĞĚƐŝŶŐůĞ
ůŝŵŝƚ͕ŝĨƚŚĞƌĞǁŝůůďĞĂŶLJƵƐĞŽĨŽŶƐƵůƚĂŶƚ͛ƐǀĞŚŝĐůĞƐŽŶƚŚĞŝƚLJ͛ƐWƌĞŵŝƐĞƐďLJŽƌŽŶ
ďĞŚĂůĨŽĨƚŚĞŝƚLJ͕ďĞLJŽŶĚŶŽƌŵĂůĐŽŵŵƵƚĞƐ͘
͘ŽŶƐƵůƚĂŶƚƐŚĂůůŶĂŵĞƚŚĞŝƚLJĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚŽŶŝƚƐĐŽŵŵĞƌĐŝĂůŐĞŶĞƌĂů
ůŝĂďŝůŝƚLJƉŽůŝĐLJŽŶĂŶŽŶͲĐŽŶƚƌŝďƵƚŽƌLJƉƌŝŵĂƌLJďĂƐŝƐ͘dŚĞŝƚLJ͛ƐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůů
ŶŽƚďĞĂƐŽƵƌĐĞĨŽƌƉĂLJŵĞŶƚŽĨĂŶLJŽŶƐƵůƚĂŶƚůŝĂďŝůŝƚLJ͕ŶŽƌƐŚĂůůƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨ
ĂŶLJ ŝŶƐƵƌĂŶĐĞ ƌĞƋƵŝƌĞĚ ďLJ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ďĞ ĐŽŶƐƚƌƵĞĚ ƚŽ ůŝŵŝƚƚŚĞ ůŝĂďŝůŝƚLJ ŽĨ
ŽŶƐƵůƚĂŶƚƚŽƚŚĞĐŽǀĞƌĂŐĞƉƌŽǀŝĚĞĚďLJƐƵĐŚŝŶƐƵƌĂŶĐĞŽƌŽƚŚĞƌǁŝƐĞůŝŵŝƚƚŚĞŝƚLJ͛Ɛ
ƌĞĐŽƵƌƐĞƚŽĂŶLJƌĞŵĞĚLJĂǀĂŝůĂďůĞĂƚůĂǁŽƌŝŶĞƋƵŝƚLJ͘
&͘^ƵďũĞĐƚƚŽƚŚĞŝƚLJ͛ƐƌĞǀŝĞǁĂŶĚĂĐĐĞƉƚĂŶĐĞ͕ĂĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞƐŚŽǁŝŶŐƚŚĞ
ƉƌŽƉĞƌĞŶĚŽƌƐĞŵĞŶƚƐ͕ƐŚĂůůďĞĚĞůŝǀĞƌĞĚƚŽƚŚĞŝƚLJďĞĨŽƌĞƉĞƌĨŽƌŵŝŶŐƚŚĞtŽƌŬ͘
'͘ŽŶƐƵůƚĂŶƚƐŚĂůůƉƌŽǀŝĚĞƚŚĞŝƚLJǁŝƚŚǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĂŶLJƉŽůŝĐLJĐĂŶĐĞůůĂƚŝŽŶ͕ǁŝƚŚŝŶ
ƚǁŽ;ϮͿďƵƐŝŶĞƐƐĚĂLJƐŽĨƚŚĞŝƌƌĞĐĞŝƉƚŽĨƐƵĐŚŶŽƚŝĐĞ͘
ϭϰ͘ĞůĂLJƐ͗ ŽŶƐƵůƚĂŶƚ ŝƐ ŶŽƚ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĚĞůĂLJƐ ĐĂƵƐĞĚ ďLJ ĨĂĐƚŽƌƐ ďĞLJŽŶĚ ƚŚĞ
ŽŶƐƵůƚĂŶƚ͛ƐƌĞĂƐŽŶĂďůĞĐŽŶƚƌŽů͘tŚĞŶƐƵĐŚĚĞůĂLJƐďĞLJŽŶĚƚŚĞŽŶƐƵůƚĂŶƚ͛ƐƌĞĂƐŽŶĂďůĞ
ĐŽŶƚƌŽůŽĐĐƵƌ͕ƚŚĞŝƚLJĂŐƌĞĞƐƚŚĞŽŶƐƵůƚĂŶƚŝƐŶŽƚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĂŵĂŐĞƐ͕ŶŽƌƐŚĂůůƚŚĞ
ŽŶƐƵůƚĂŶƚďĞĚĞĞŵĞĚƚŽďĞŝŶĚĞĨĂƵůƚŽĨƚŚĞŐƌĞĞŵĞŶƚ͘
ϭϱ͘^ƵĐĐĞƐƐŽƌƐĂŶĚƐƐŝŐŶƐ͗EĞŝƚŚĞƌƚŚĞŝƚLJŶŽƌƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĂƐƐŝŐŶ͕ƚƌĂŶƐĨĞƌŽƌ
ĞŶĐƵŵďĞƌĂŶLJƌŝŐŚƚƐ͕ĚƵƚŝĞƐŽƌŝŶƚĞƌĞƐƚƐĂĐĐƌƵŝŶŐĨƌŽŵƚŚŝƐŐƌĞĞŵĞŶƚ ǁŝƚŚŽƵƚ ƚŚĞ
ǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨƚŚĞŽƚŚĞƌ͘
ϭϲ͘EŽƚŝĐĞƐ͗ŶLJŶŽƚŝĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚǁŝůůďĞŝŶǁƌŝƚŝŶŐ͕ĂĚĚƌĞƐƐĞĚƚŽƚŚĞ
ĂƉƉƌŽƉƌŝĂƚĞƉĂƌƚLJĂƚƚŚĞĂĚĚƌĞƐƐǁŚŝĐŚĂƉƉĞĂƌƐďĞůŽǁ;ĂƐŵŽĚŝĨŝĞĚŝŶǁƌŝƚŝŶŐĨƌŽŵƚŝŵĞ
ƚŽƚŝŵĞďLJƐƵĐŚƉĂƌƚLJͿ͕ĂŶĚŐŝǀĞŶƉĞƌƐŽŶĂůůLJ͕ďLJƌĞŐŝƐƚĞƌĞĚŽƌĐĞƌƚŝĨŝĞĚŵĂŝů͕ƌĞƚƵƌŶƌĞĐĞŝƉƚ
ƌĞƋƵĞƐƚĞĚ͕ďLJĨĂĐƐŝŵŝůĞŽƌďLJŶĂƚ ŝŽŶĂůůLJƌĞĐŽŐŶŝnjĞĚŽǀĞƌŶŝŐŚƚĐŽƵƌŝĞƌƐĞƌǀŝĐĞ͘dŝŵĞƉĞƌŝŽĚ
ĨŽƌŶŽƚŝĐĞƐƐŚĂůůďĞĚĞĞŵĞĚƚŽŚĂǀĞĐŽŵŵĞŶĐĞĚƵƉŽŶƚŚĞĚĂƚĞŽĨƌĞĐĞŝƉƚ͕yWd
ĨĂĐƐŝŵŝůĞĚĞůŝǀĞƌLJǁŝůůďĞĚĞĞŵĞĚƚŽŚĂǀĞĐŽŵŵĞŶĐĞĚŽŶƚŚĞĨŝƌƐƚďƵƐŝŶĞƐƐĚĂLJĨŽůůŽǁŝŶŐ
ƚƌĂŶƐŵŝƐƐŝŽŶ͘ ŵĂŝů ĂŶĚ ƚĞůĞƉŚŽŶĞ ŵĂLJ ďĞ ƵƐĞĚ ĨŽƌ ƉƵƌƉŽƐĞƐ ŽĨ ĂĚŵŝŶŝƐƚĞƌŝŶŐ ƚŚĞ
ŐƌĞĞŵĞŶƚ͕ďƵƚƐŚŽƵůĚŶŽƚďĞƵƐĞĚƚŽŐŝǀĞĂŶLJĨŽƌŵĂůŶŽƚŝĐĞƌĞƋƵŝƌĞĚďLJƚŚĞŐƌĞĞŵĞŶƚ͘
/dzK&ZEdKE
<ĞǀŝŶǀĂŶƐ
ϭϬϱϱ^ŽƵƚŚ'ƌĂĚLJtĂLJ
ZĞŶƚŽŶ͕tϵϴϬϱϳ
WŚŽŶĞ͗;ϰϮϱͿϰϯϬͲϳϮϲϰ
KE^h>dEd
ŚĞLJĞŶŶĞŽǀŝŶŐƚŽŶ
ϭϴϬϬϭϭϮƚŚǀĞŶƵĞE
ĞůůĞǀƵĞ͕tϵϴϬϬϰ
WŚŽŶĞ͗;ϰϮϱͿϰϱϭͲϰϬϬϵ
W'ϳK&ϭϬ
ŬƌĞǀĂŶƐΛƌĞŶƚŽŶǁĂ͘ŐŽǀĐŚĞLJĞŶŶĞĐΛŽƐďŽƌŶĐŽŶƐƵůƚŝŶŐ͘ĐŽŵ
ϭϳ͘ŝƐĐƌŝŵŝŶĂƚŝŽŶWƌŽŚŝďŝƚĞĚ͗džĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJĂďŽŶĂĨŝĚĞŽĐĐƵƉĂƚŝŽŶĂů
ƋƵĂůŝĨŝĐĂƚŝŽŶ͕ƚŚĞŽŶƐƵůƚĂŶƚĂŐƌĞĞƐĂƐĨŽůůŽǁƐ͗
͘ŽŶƐƵůƚĂŶƚ͕ ĂŶĚ ŽŶƐƵůƚĂŶƚ͛Ɛ ĂŐĞŶƚƐ͕ ĞŵƉůŽLJĞĞƐ͕ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ ĂŶĚ ǀŽůƵŶƚĞĞƌƐ
ǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞtŽƌŬƉĞƌĨŽƌŵĞĚŽƌƚŽďĞƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ƐŚĂůů
ŶŽƚĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞďĂƐŝƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ƐĞdž͕ƌĞůŝŐŝŽŶ͕ŶĂƚŝŽŶĂůŝƚLJ͕ĐƌĞĞĚ͕ŵĂƌŝƚĂů
ƐƚĂƚƵƐ͕ƐĞdžƵĂůŽƌŝĞŶƚĂƚŝŽŶŽƌƉƌĞĨĞƌĞŶĐĞ͕ĂŐĞ;ĞdžĐĞƉƚŵŝŶŝŵƵŵĂŐĞĂŶĚƌĞƚŝƌĞŵĞŶƚ
ƉƌŽǀŝƐŝŽŶƐͿ͕ŚŽŶŽƌĂďůLJĚŝƐĐŚĂƌŐĞĚǀĞƚĞƌĂŶŽƌŵŝůŝƚĂƌLJƐƚĂƚƵƐ͕ŽƌƚŚĞƉƌĞƐĞŶĐĞŽĨĂŶLJ
ƐĞŶƐŽƌLJ͕ŵĞŶƚĂůŽƌƉŚLJƐŝĐĂůŚĂŶĚŝĐĂƉ͕ƵŶůĞƐƐďĂƐĞĚƵƉŽŶĂďŽŶĂĨŝĚĞŽĐĐƵƉĂƚŝŽŶĂů
ƋƵĂůŝĨŝĐĂƚŝŽŶŝŶƌĞůĂƚŝŽŶƐŚŝƉƚŽŚŝƌŝŶŐĂŶĚĞŵƉůŽLJŵĞŶƚ͕ŝŶĞŵƉůŽLJŵĞŶƚŽƌĂƉƉůŝĐĂƚŝŽŶ
ĨŽƌĞŵƉůŽLJŵĞŶƚ͕ƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨƚŚĞĚĞůŝǀĞƌLJŽĨtŽƌŬŽƌĂŶLJŽƚŚĞƌďĞŶĞĨŝƚƐ
ƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ŽƌƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐŽƌƐƵƉƉůŝĞƐ͘
͘dŚĞŽŶƐƵůƚĂŶƚǁŝůůƚĂŬĞĂĨĨŝƌŵĂƚŝǀĞĂĐƚŝŽŶƚŽŝŶƐƵƌĞƚŚĂƚĂƉƉůŝĐĂŶƚƐĂƌĞĞŵƉůŽLJĞĚĂŶĚ
ƚŚĂƚĞŵƉůŽLJĞĞƐĂƌĞƚƌĞĂƚĞĚĚƵƌŝŶŐĞŵƉůŽLJŵĞŶƚǁŝƚŚŽƵƚƌĞŐĂƌĚƚŽƚŚĞŝƌƌĂĐĞ͕ĐƌĞĞĚ͕
ĐŽůŽƌ͕ ŶĂƚŝŽŶĂů ŽƌŝŐŝŶ͕ ƐĞdž͕ ĂŐĞ͕ ƐĞdžƵĂů ŽƌŝĞŶƚĂƚŝŽŶ͕ ƉŚLJƐŝĐĂů͕ƐĞŶƐŽƌLJŽƌŵĞŶƚĂů
ŚĂŶĚŝĐĂƉƐ͕ŽƌŵĂƌŝƚĂůƐƚĂƚƵƐ͘^ƵĐŚĂĐƚŝŽŶƐŚĂůůŝŶĐůƵĚĞ͕ďƵƚŶŽƚďĞůŝŵŝƚĞĚƚŽƚŚĞ
ĨŽůůŽǁŝŶŐĞŵƉůŽLJŵĞŶƚ͕ƵƉŐƌĂĚŝŶŐ͕ĚĞŵŽƚŝŽŶŽƌƚƌĂŶƐĨĞƌ͕ƌĞĐƌƵŝƚŵĞŶƚŽƌƌĞĐƌƵŝƚŵĞŶƚ
ĂĚǀĞƌƚŝƐŝŶŐ͕ůĂLJŽĨĨŽƌƚĞƌŵŝŶĂƚŝŽŶ͕ƌĂƚĞƐŽĨƉĂLJŽƌŽƚŚĞƌĨŽƌŵƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚ
ƐĞůĞĐƚŝŽŶĨŽƌƚƌĂŝŶŝŶŐ͘
͘/ĨƚŚĞŽŶƐƵůƚĂŶƚĨĂŝůƐƚŽĐŽŵƉůLJǁŝƚŚĂŶLJŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͛ƐŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ
ƉƌŽǀŝƐŝŽŶƐ͕ƚŚĞŝƚLJƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚ͕ĂƚŝƚƐŽƉƚŝŽŶ͕ƚŽĐĂŶĐĞůƚŚĞŐƌĞĞŵĞŶƚŝŶ
ǁŚŽůĞŽƌŝŶƉĂƌƚ͘
͘dŚĞŽŶƐƵůƚĂŶƚŝƐƌĞƐƉŽŶƐŝďůĞƚŽďĞĂǁĂƌĞŽĨĂŶĚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĨĞĚĞƌĂů͕ƐƚĂƚĞ
ĂŶĚůŽĐĂůůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐƚŚĂƚŵĂLJĂĨĨĞĐƚƚŚĞƐĂƚŝƐĨĂĐƚŽƌLJĐŽŵƉůĞƚŝŽŶŽĨƚŚĞ
ƉƌŽũĞĐƚ͕ǁŚŝĐŚŝŶĐůƵĚĞƐďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽĨĂŝƌůĂďŽƌůĂǁƐ͕ǁŽƌŬĞƌΖƐĐŽŵƉĞŶƐĂƚŝŽŶ͕
ĂŶĚdŝƚůĞs/ŽĨƚŚĞ&ĞĚĞƌĂůŝǀŝůZŝŐŚƚƐĐƚŽĨϭϵϲϰ͕ĂŶĚǁŝůůĐŽŵƉůLJǁŝƚŚŝƚLJŽĨZĞŶƚŽŶ
ŽƵŶĐŝůZĞƐŽůƵƚŝŽŶEƵŵďĞƌϰϬϴϱ͘
ϭϴ͘DŝƐĐĞůůĂŶĞŽƵƐ͗dŚĞƉĂƌƚŝĞƐŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞ͗
͘dŚĞŝƚLJŝƐŶŽƚƌĞƐƉŽŶƐŝďůĞƚŽƚƌĂŝŶŽƌƉƌŽǀŝĚĞƚƌĂŝŶŝŶŐĨŽƌŽŶƐƵůƚĂŶƚ͘
͘ŽŶƐƵůƚĂŶƚǁŝůůŶŽƚďĞƌĞŝŵďƵƌƐĞĚĨŽƌũŽďƌĞůĂƚĞĚĞdžƉĞŶƐĞƐĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚ
ƐƉĞĐŝĨŝĐĂůůLJĂŐƌĞĞĚǁŝƚŚŝŶƚŚĞĂƚƚĂĐŚĞĚĞdžŚŝďŝƚƐ͘
͘ŽŶƐƵůƚĂŶƚƐŚĂůůĨƵƌŶŝƐŚĂůůƚŽŽůƐĂŶĚͬŽƌŵĂƚĞƌŝĂůƐŶĞĐĞƐƐĂƌLJƚŽƉĞƌĨŽƌŵƚŚĞtŽƌŬ
ĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚƐƉĞĐŝĨŝĐĂůůLJĂŐƌĞĞĚǁŝƚŚŝŶƚŚĞĂƚƚĂĐŚĞĚĞdžŚŝďŝƚƐ͘
W'ϴK&ϭϬ
͘/ŶƚŚĞĞǀĞŶƚƐƉĞĐŝĂůƚƌĂŝŶŝŶŐ͕ůŝĐĞŶƐŝŶŐ͕ŽƌĐĞƌƚŝĨŝĐĂƚŝŽŶŝƐƌĞƋƵŝƌĞĚĨŽƌŽŶƐƵůƚĂŶƚƚŽ
ƉƌŽǀŝĚĞtŽƌŬŚĞͬƐŚĞǁŝůůĂĐƋƵŝƌĞŽƌŵĂŝŶƚĂŝŶƐƵĐŚĂƚŚŝƐͬŚĞƌŽǁŶĞdžƉĞŶƐĞĂŶĚ͕ŝĨ
ŽŶƐƵůƚĂŶƚĞŵƉůŽLJƐ͕ƐƵďͲĐŽŶƚƌĂĐƚƐ͕ŽƌŽƚŚĞƌǁŝƐĞĂƐƐŝŐŶƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƉĞƌĨŽƌŵ
ƚŚĞtŽƌŬ͕ƐĂŝĚĞŵƉůŽLJĞĞͬƐƵďͲĐŽŶƚƌĂĐƚŽƌͬĂƐƐŝŐŶĞĞǁŝůůĂĐƋƵŝƌĞĂŶĚŽƌŵĂŝŶƚĂŝŶƐƵĐŚ
ƚƌĂŝŶŝŶŐ͕ůŝĐĞŶƐŝŶŐ͕ŽƌĐĞƌƚŝĨŝĐĂƚŝŽŶ͘
͘dŚŝƐŝƐĂŶŽŶͲĞdžĐůƵƐŝǀĞĂŐƌĞĞŵĞŶƚĂŶĚŽŶƐƵůƚĂŶƚŝƐĨƌĞĞƚŽƉƌŽǀŝĚĞŚŝƐͬŚĞƌtŽƌŬƚŽ
ŽƚŚĞƌĞŶƚŝƚŝĞƐ͕ƐŽůŽŶŐĂƐƚŚĞƌĞŝƐŶŽŝŶƚĞƌƌƵƉƚŝŽŶŽƌŝŶƚĞƌĨĞƌĞŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶŽĨ
tŽƌŬĐĂůůĞĚĨŽƌŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͘
&͘ŽŶƐƵůƚĂŶƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŚŝƐͬŚĞƌŽǁŶŝŶƐƵƌĂŶĐĞ͕ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ
ŚĞĂůƚŚŝŶƐƵƌĂŶĐĞ͘
'͘ŽŶƐƵůƚĂŶƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŚŝƐͬŚĞƌŽǁŶtŽƌŬĞƌ͛ƐŽŵƉĞŶƐĂƚŝŽŶĐŽǀĞƌĂŐĞĂƐǁĞůůĂƐ
ƚŚĂƚĨŽƌĂŶLJƉĞƌƐŽŶƐĞŵƉůŽLJĞĚďLJƚŚĞŽŶƐƵůƚĂŶƚ͘
ϭϵ͘KƚŚĞƌWƌŽǀŝƐŝŽŶƐ͗
͘ƉƉƌŽǀĂůƵƚŚŽƌŝƚLJ͘ĂĐŚŝŶĚŝǀŝĚƵĂůĞdžĞĐƵƚŝŶŐƚŚŝƐŐƌĞĞŵĞŶƚŽŶďĞŚĂůĨŽĨƚŚĞŝƚLJ
ĂŶĚŽŶƐƵůƚĂŶƚƌĞƉƌĞƐĞŶƚƐĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚƐƵĐŚŝŶĚŝǀŝĚƵĂůƐĂƌĞĚƵůLJĂƵƚŚŽƌŝnjĞĚƚŽ
ĞdžĞĐƵƚĞĂŶĚĚĞůŝǀĞƌƚŚŝƐŐƌĞĞŵĞŶƚŽŶďĞŚĂůĨŽĨƚŚĞŝƚLJŽƌŽŶƐƵůƚĂŶƚ͘
͘'ĞŶĞƌĂůĚŵŝŶŝƐƚƌĂƚŝŽŶĂŶĚDĂŶĂŐĞŵĞŶƚ͘dŚĞŝƚLJ͛ƐƉƌŽũĞĐƚŵĂŶĂŐĞƌŝƐ<ĞǀŝŶǀĂŶƐ͘
/ŶƉƌŽǀŝĚŝŶŐtŽƌŬ͕ŽŶƐƵůƚĂŶƚƐŚĂůůĐŽŽƌĚŝŶĂƚĞǁŝƚŚƚŚĞŝƚLJ͛ƐĐŽŶƚƌĂĐƚŵĂŶĂŐĞƌŽƌ
ŚŝƐͬŚĞƌĚĞƐŝŐŶĞĞ͘
͘ŵĞŶĚŵĞŶƚ ĂŶĚ DŽĚŝĨŝĐĂƚŝŽŶ͘ dŚŝƐ ŐƌĞĞŵĞŶƚ ŵĂLJ ďĞ ĂŵĞŶĚĞĚ ŽŶůLJďLJ ĂŶ
ŝŶƐƚƌƵŵĞŶƚŝŶǁƌŝƚŝŶŐ͕ĚƵůLJĞdžĞĐƵƚĞĚďLJďŽƚŚWĂƌƚŝĞƐ͘
͘ŽŶĨůŝĐƚƐ͘/ŶƚŚĞĞǀĞŶƚŽĨĂŶLJŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶŽŶƐƵůƚĂŶƚƉƌŽƉŽƐĂůƐĂŶĚƚŚŝƐ
ŐƌĞĞŵĞŶƚ͕ƚŚĞƚĞƌŵƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůƉƌĞǀĂŝů͘ŶLJĞdžŚŝďŝƚƐͬĂƚƚĂĐŚŵĞŶƚƐƚŽ
ƚŚŝƐŐƌĞĞŵĞŶƚĂƌĞŝŶĐŽƌƉŽƌĂƚĞĚďLJƌĞĨĞƌĞŶĐĞŽŶůLJƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞƉƵƌƉŽƐĞĨŽƌ
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ƉƌĞƉĂƌĞĚĞdžŚŝďŝƚĐŽŶĨůŝĐƚƐǁŝƚŚƚŚĞƚĞƌŵƐŝŶƚŚĞďŽĚLJŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽƌĐŽŶƚĂŝŶƐ
ƚĞƌŵƐƚŚĂƚĂƌĞĞdžƚƌĂŶĞŽƵƐƚŽƚŚĞƉƵƌƉŽƐĞĨŽƌǁŚŝĐŚŝƚŝƐƌĞĨĞƌĞŶĐĞĚ͕ƚŚĞƚĞƌŵƐŝŶƚŚĞ
ďŽĚLJ ŽĨ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ƐŚĂůů ƉƌĞǀĂŝů ĂŶĚ ƚŚĞ ĞdžƚƌĂŶĞŽƵƐ ƚĞƌŵƐ ƐŚĂůůŶŽƚďĞ
ŝŶĐŽƌƉŽƌĂƚĞĚŚĞƌĞŝŶ͘
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ŝŶƚĞƌƉƌĞƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶĂŶĚƚŚĞŝƚLJŽĨ
ZĞŶƚŽŶ͘ŽŶƐƵůƚĂŶƚĂŶĚĂůůŽĨƚŚĞŽŶƐƵůƚĂŶƚ͛ƐĞŵƉůŽLJĞĞƐƐŚĂůůƉĞƌĨŽƌŵƚŚĞtŽƌŬŝŶ
ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ Ăůů ĂƉƉůŝĐĂďůĞ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĐŽƵŶƚLJ ĂŶĚ ĐŝƚLJůĂǁƐ͕ ĐŽĚĞƐ ĂŶĚ
ŽƌĚŝŶĂŶĐĞƐ͘
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ďLJƚŚĞũŽŝŶƚĞĨĨŽƌƚƐŽĨƚŚĞWĂƌƚŝĞƐĂŶĚƐŚĂůůŶŽƚďĞĐŽŶƐƚƌƵĞĚĂŐĂŝŶƐƚŽŶĞƉĂƌƚLJŽƌƚŚĞ
ŽƚŚĞƌĂƐĂƌĞƐƵůƚŽĨƚŚĞƉƌĞƉĂƌĂƚŝŽŶ͕ ƐƵďƐƚŝƚƵƚŝŽŶ͕ ƐƵďŵŝƐƐŝŽŶŽƌŽƚŚĞƌĞǀĞŶƚŽĨ
ŶĞŐŽƚŝĂƚŝŽŶ͕ĚƌĂĨƚŝŶŐŽƌĞdžĞĐƵƚŝŽŶ͘
'͘:ƵƌŝƐĚŝĐƚŝŽŶĂŶĚsĞŶƵĞ͘ŶLJůĂǁƐƵŝƚŽƌůĞŐĂůĂĐƚŝŽŶďƌŽƵŐŚƚďLJĂŶLJƉĂƌƚLJƚŽĞŶĨŽƌĐĞŽƌ
ŝŶƚĞƌƉƌĞƚƚŚŝƐŐƌĞĞŵĞŶƚŽƌĂŶLJŽĨŝƚƐƚĞƌŵƐŽƌĐŽǀĞŶĂŶƚƐƐŚĂůůďĞďƌŽƵŐŚƚŝŶƚŚĞ<ŝŶŐ
ŽƵŶƚLJ^ƵƉĞƌŝŽƌŽƵƌƚĨŽƌƚŚĞ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶĂƚƚŚĞDĂůĞŶŐZĞŐŝŽŶĂů:ƵƐƚŝĐĞ
ĞŶƚĞƌŝŶ<ĞŶƚ͕<ŝŶŐŽƵŶƚLJ͕tĂƐŚŝŶŐƚŽŶ͕ŽƌŝƚƐƌĞƉůĂĐĞŵĞŶƚŽƌƐƵĐĐĞƐƐŽƌ͘ŽŶƐƵůƚĂŶƚ
ŚĞƌĞďLJĞdžƉƌĞƐƐůLJĐŽŶƐĞŶƚƐƚŽƚŚĞƉĞƌƐŽŶĂůĂŶĚĞdžĐůƵƐŝǀĞũƵƌŝƐĚŝĐƚŝŽŶĂŶĚǀĞŶƵĞŽĨ
ƐƵĐŚĐŽƵƌƚĞǀĞŶŝĨŽŶƐƵůƚĂŶƚŝƐĂĨŽƌĞŝŐŶĐŽƌƉŽƌĂƚŝŽŶŶŽƚƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞ^ƚĂƚĞŽĨ
tĂƐŚŝŶŐƚŽŶ͘
,͘^ĞǀĞƌĂďŝůŝƚLJ͘ĐŽƵƌƚŽĨĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶ͛ƐĚĞƚĞƌŵŝŶĂƚŝŽŶƚŚĂƚĂŶLJƉƌŽǀŝƐŝŽŶŽƌ
ƉĂƌƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚŝƐŝůůĞŐĂůŽƌƵŶĞŶĨŽƌĐĞĂďůĞƐŚĂůůŶŽƚĐĂŶĐĞůŽƌŝŶǀĂůŝĚĂƚĞƚŚĞ
ƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ǁŚŝĐŚƐŚĂůůƌĞŵĂŝŶŝŶĨƵůůĨŽƌĐĞĂŶĚĞĨĨĞĐƚ͘
/͘^ŽůĞĂŶĚŶƚŝƌĞŐƌĞĞŵĞŶƚ͘dŚŝƐŐƌĞĞŵĞŶƚĐŽŶƚĂŝŶƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚŽĨƚŚĞ
WĂƌƚŝĞƐĂŶĚĂŶLJƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐŽƌƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ǁŚĞƚŚĞƌŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚ
ŝŶĐŽƌƉŽƌĂƚĞĚĂƌĞĞdžĐůƵĚĞĚ͘
:͘dŝŵĞŝƐŽĨƚŚĞƐƐĞŶĐĞ͘dŝŵĞŝƐŽĨƚŚĞĞƐƐĞŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚĞĂĐŚĂŶĚĂůůŽĨ
ŝƚƐƉƌŽǀŝƐŝŽŶƐŝŶǁŚŝĐŚƉĞƌĨŽƌŵĂŶĐĞŝƐĂĨĂĐƚŽƌ͘ĚŚĞƌĞŶĐĞƚŽĐŽŵƉůĞƚŝŽŶĚĂƚĞƐƐĞƚ
ĨŽƌƚŚŝŶƚŚĞĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞtŽƌŬŝƐĞƐƐĞŶƚŝĂůƚŽƚŚĞŽŶƐƵůƚĂŶƚ͛ƐƉĞƌĨŽƌŵĂŶĐĞŽĨ
ƚŚŝƐŐƌĞĞŵĞŶƚ͘
<͘dŚŝƌĚͲWĂƌƚLJĞŶĞĨŝĐŝĂƌŝĞƐ͘EŽƚŚŝŶŐŝŶƚŚŝƐŐƌĞĞŵĞŶƚŝƐŝŶƚĞŶĚĞĚƚŽ͕ŶŽƌƐŚĂůůďĞ
ĐŽŶƐƚƌƵĞĚƚŽŐŝǀĞĂŶLJƌŝŐŚƚƐŽƌďĞŶĞĨŝƚƐŝŶƚŚĞŐƌĞĞŵĞŶƚƚŽĂŶLJŽŶĞŽƚŚĞƌƚŚĂŶƚŚĞ
WĂƌƚŝĞƐ͕ĂŶĚĂůůĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƵŶĚĞƌƚĂŬĞŶƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚǁŝůů
ďĞĨŽƌƚŚĞƐŽůĞĂŶĚĞdžĐůƵƐŝǀĞďĞŶĞĨŝƚŽĨƚŚĞWĂƌƚŝĞƐĂŶĚŶŽŽŶĞĞůƐĞ͘
>͘ŝŶĚŝŶŐĨĨĞĐƚ͘dŚĞWĂƌƚŝĞƐĞĂĐŚďŝŶĚƚŚĞŵƐĞůǀĞƐ͕ƚŚĞŝƌƉĂƌƚŶĞƌƐ͕ƐƵĐĐĞƐƐŽƌƐ͕ĂƐƐŝŐŶƐ͕
ĂŶĚůĞŐĂůƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐƚŽƚŚĞŽƚŚĞƌƉĂƌƚLJƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͕ĂŶĚƚŽƚŚĞƉĂƌƚŶĞƌƐ͕
ƐƵĐĐĞƐƐŽƌƐ͕ĂƐƐŝŐŶƐ͕ĂŶĚůĞŐĂůƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽĨƐƵĐŚŽƚŚĞƌƉĂƌƚLJǁŝƚŚƌĞƐƉĞĐƚƚŽĂůů
ĐŽǀĞŶĂŶƚƐŽĨƚŚĞŐƌĞĞŵĞŶƚ͘
D͘tĂŝǀĞƌƐ͘ůůǁĂŝǀĞƌƐƐŚĂůůďĞŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJƚŚĞǁĂŝǀŝŶŐƉĂƌƚLJ͘ŝƚŚĞƌƉĂƌƚLJ͛Ɛ
ĨĂŝůƵƌĞƚŽĞŶĨŽƌĐĞĂŶLJƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚďĞĂǁĂŝǀĞƌĂŶĚƐŚĂůůŶŽƚ
ƉƌĞǀĞŶƚĞŝƚŚĞƌƚŚĞŝƚLJŽƌŽŶƐƵůƚĂŶƚĨƌŽŵĞŶĨŽƌĐŝŶŐƚŚĂƚƉƌŽǀŝƐŝŽŶŽƌĂŶLJŽƚŚĞƌ
ƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚŝŶƚŚĞĨƵƚƵƌĞ͘tĂŝǀĞƌŽĨďƌĞĂĐŚŽĨĂŶLJƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐ
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ƵŶůĞƐƐŝƚŝƐĞdžƉƌĞƐƐůLJǁĂŝǀĞĚŝŶǁƌŝƚŝŶŐ͘
W'ϭϬK&ϭϬ
E͘ŽƵŶƚĞƌƉĂƌƚƐ͘ dŚĞ WĂƌƚŝĞƐ ŵĂLJ ĞdžĞĐƵƚĞ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ŝŶ ĂŶLJ ŶƵŵďĞƌ ŽĨ
ĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůĐŽŶƐƚŝƚƵƚĞĂŶŽƌŝŐŝŶĂů͕ĂŶĚĂůůŽĨǁŚŝĐŚǁŝůůƚŽŐĞƚŚĞƌ
ĐŽŶƐƚŝƚƵƚĞƚŚŝƐŽŶĞŐƌĞĞŵĞŶƚ͘
/Et/dE^^t,ZK&͕ƚŚĞWĂƌƚŝĞƐŚĂǀĞǀŽůƵŶƚĂƌŝůLJĞŶƚĞƌĞĚŝŶƚŽƚŚŝƐŐƌĞĞŵĞŶƚĂƐŽĨƚŚĞĚĂƚĞ
ůĂƐƚƐŝŐŶĞĚďLJƚŚĞWĂƌƚŝĞƐďĞůŽǁ͘
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LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
KE^h>dEd
LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ƌŵŽŶĚŽWĂǀŽŶĞ
DĂLJŽƌ
ZŽďĞƌƚWĂƌŝƐŚ
sŝĐĞWƌĞƐŝĚĞŶƚ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ĂƚĞ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ĂƚĞ
ƚƚĞƐƚ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
:ĂƐŽŶ͘^ĞƚŚ
ŝƚLJůĞƌŬ
ƉƉƌŽǀĞĚĂƐƚŽ>ĞŐĂů&Žƌŵ
LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
^ŚĂŶĞDŽůŽŶĞLJ
ZĞŶƚŽŶŝƚLJƚƚŽƌŶĞLJ
ŽŶƚƌĂĐƚdĞŵƉůĂƚĞhƉĚĂƚĞĚϱͬϮϭͬϮϬϮϭ
ůďϭϮͬϮϯͬϮϮϮϯϱϬ
3/17/2023
Approved by Cheryl Beyer via 12/23/2022 email
City of Renton
SE 172nd St and 125th Ave SE GSI Design Project Page 1 of 5
EXHIBIT A
SCOPE OF WORK
Project: SE 172nd St and 125th Ave SE Green Stormwater Infrastructure Design Project
PRIME Consultant: Osborn Consulting, Inc.
Contract No.:
Background
The Project will plan and design stormwater system modifications and green stormwater infrastructure
(GSI) to improve water quality and drainage capacity for approximately half a block (600 ft) north of SE
172nd Street for 122nd Ave SE, 123rd Ave SE, 124th Ave SE and 125th Ave SE, and approximately two
blocks (1,400 ft) of SE 172nd Street. Runoff from these streets are currently collected and conveyed east
through private parcels and south within street right-of-way into a storm system on SE 172nd Street where
it discharges into a wetland located approximately 150 feet south of the intersection of 127th Ave SE and
SE 172nd Street. This runoff eventually flows into Big Soos Creek, a Category 5, 303(d) listed waterbody
for dissolved oxygen, ammonia, and pH.
The Project will consist of installing a new conveyance system and green infrastructure, such as
bioretention and pervious concrete sidewalks supplemented with GULD facilities to collect and treat
stormwater runoff from approximately 2 acres of pollution generating impervious surfaces.
The project design and deliverable will meet the requirements of the Washington State Department of
Ecology (Ecology) Water Quality Stormwater Pre-Construction Grant agreement and follow the 2019
Stormwater Management Manual for Western Washington (2019 SWMMWW), and the 2022 City of
Renton Surface Water Design Manual (SWDM) as an amendment to the 2021 King County Surface
Water Design Manual.
This contract will provide additional design services that will be compiled into a revised 90% design
submittal as part of the Phase 2 design. The additional services will provide survey field locates of the
105 utility potholes completed by utility owners and evaluate design revision to limit conflicts along the
proposed stormwater system. The work will include water main relocation plans due to proposed storm
conveyance conflicts and coordination meetings with the water and sewer district. The driveway and
sidewalk layouts will be modified per recently updated City standards. Temporary easement exhibits will
be provided to accommodate proposed improvements. The final design package with ad-ready plans and
support services during bidding and construction will be provided through a future amendment.
The scope of work below is assumed to be completed approximately February 2023 to July 2023.
Construction is expected to begin in 2024.
City of Renton
SE 172nd St and 125th Ave SE GSI Design Project Page 2 of 5
Task 1 – Project Management
Monitoring and communicating the status of the scope, schedule, and budget of this work assignment and
providing monthly reporting to the City over a 6 month period.
Consultant Services
x Prepare status reports describing the following:
o Services completed during the month.
o Outstanding issues (if any).
o Scope/schedule/budget status.
o A financial summary.
x Project Management including client/subconsultant coordination
x Manage Project Schedule
x Bi-weekly PM Check-ins.
x Manage Issue Log for City and all team members.
x Manage Risk Register to identify and document project risks and mitigation strategies.
x Monthly progress tracking and reporting.
City of Renton’s Responsibilities
x Attend project meetings (via teleconference).
x Review and approve invoices.
x Review and comment on submittals within the project schedule.
Assumptions
x Design review meetings to address comments from the Revised 90% submittals will be provided
through the future project amendment.
x Bi-weekly PM Check-ins will be via web/phone through the 90% submittal.
Deliverables
x Project schedule, update to be provided with monthly status reports.
x Issue Log and Risk Register to be provided at each deliverable.
x Bi-weekly check-in action items summary.
x Monthly status reports.
Task 2A – Data Collection & Review – Utility Pothole Documentation
Utility potholes were completed based on the 90% Design plans by Soos Creek Water and Sewer District
(SCWSD) and Puget Sound Energy (PSE). The field locations of these potholes will be located by field
survey and incorporated into the project design CAD files. Elevation data from field points will be added
to the drainage profiles to track utility clearances and potential conflicts.
Consultant Services
x Provide survey location of utility potholes.
City of Renton
SE 172nd St and 125th Ave SE GSI Design Project Page 3 of 5
x Add utility pothole points to project basemap.
Assumptions:
x Potholing field data collected by PSE and Soos Creek Water and Sewer District will be used for
location survey and depth data.
x 81 potholes are completed by PSE and 26 potholes by SCWSD.
x Locations of potholes can be confirmed in the field by reference marker or surface patch.
x No additional utility potholes will be required.
Deliverables:
x Results of Potholing – Field Notes (PDF)
x Updated Survey base map (in AutoCAD Civil3D format)
Task 2B – Data Collection & Review – Temporary Construction Easements
With the completion of the Revised 90% design, the CONSULTANT team will complete temporary
construction easements (TCE) with figure and legal descriptions for areas of the project that will require
work outside of the roadway right-of-way.
Assumptions:
x Assume TCE will be completed for up to 10 parcels.
x Up to 20 hours of survey field work will be required for platted property boundaries.
x Only one round of comments will be required for TCE exhibits.
x Coordination with property owners will be provided by the City.
Deliverables:
x TCE Exhibits (PDF, draft, final)
Task 3 – Revised 90% Design Package Submittal
Based on utility potholing information and City 90% Review Comments, the Consultant shall prepare a
Revised 90% level plans, special provisions, estimate of probable cost, and an update for the 90% Design
Package Submittal.
Design will be updated to meet the requirements of the 2022 City of Renton Stormwater Design Manual.
Updates for the Revised 90% Submittal will include the following items and in accordance with the
general assumptions listed below:
1.Respond to the City’s 90% Review Comments, include updates to the driveway locations,
sidewalk section and water quality BMP options.
2.Revise stormwater system design to limit impacts to existing utilities based on compiled utility
pothole data.
3.Respond to City review comments on the report and plans.
4.Coordination with Soos Creek Water and Sewer District on waterline relocations
5.Attend one site visit at prior to Revised 90% submittal with up to two (2) consultants.
City of Renton
SE 172nd St and 125th Ave SE GSI Design Project Page 4 of 5
6.Update 90% Design Report to include revised summary of new and replaced areas, project
schedule and cost estimate.
7.Revise the 90% Plans to include:
o Water Main Relocation Plan and Profile Sheets (three (3) new sheets)
8.Drainage plan and profiles to include:
o Add surveyed utility pothole locations and labels to plans and stormwater profiles,
o Add approximate locations of sewer laterals based on data provided by SCWSD.
o Revise storm system based on utility conflicts and selection of BMP, where feasible.
o Document conflict locations that will require relocation by Puget Sound Energy.
o Review of sewer force-main as-builts and planned sewer relocations by SCWSD and
adjust stormwater system, where feasible.
o Update driveway locations, grading and driveway design table based on City comments
and revise City of Renton Standard Plan.
o Update curb bulb and ADA Ramp design at SE 172nd St & 125 Ave SE
o Update to restoration plans per driveway and sidewalk revisions.
9.Update land cover calculations based on revised driveway layouts and updated sidewalk design
with documentation of minimum requirements based on new and replaced impervious areas.
10.Update conveyance sizing and backwater analysis based on updates to the storm profiles
11.Update the Engineer’s estimate of probable cost to match the Revised 90% design, including
determination of Ecology eligible costs.
12.Update the project specifications using the City’s standard specifications for Revised 90%
submittal
13.Submit the 90% Design Package Submittal for City review and comment.
City of Renton’s Responsibilities
x City to provide one (1) consolidated review comments of the Revised 90% plans and report, with
all City design requests.
Assumptions:
x Water quality treatment will be provided using Filterra Systems. No changes will be required to
the water quality facility type or sizes from previous submittal.
x Up to three (3) meeting with SCWSD, including one (1) field meeting.
x Impervious and PGIS area summaries will only be required to be adjusted one (1) time with
revised 90% design.
x Assume that flow control will not be required to meet minimum requirements based on the
sidewalk or driveway revisions.
x BMP modeling will be performed using WWHM consistent with the Ecology Stormwater
Manual.
x Assume sidewalk will not extend closer to existing ROW or require separate drainage collection
behind the proposed sidewalk.
x Assume one (1) site visit to review two catch basin replacement on SE 172nd Street, review
proposed design revisions, and coordination with SCWSD.
x Assume depressed sidewalks will be allowed to provide parcel drainage to flow into stream
collections system to avoid a separate parallel drainage system between the sidewalk and right-of-
way.
City of Renton
SE 172nd St and 125th Ave SE GSI Design Project Page 5 of 5
x A re-submittal of the Stormwater Pollution Prevention Plan (SWPPP) document, provided during
the previous 90% submittal, is not assumed to be required.
x No additional geotechnical investigation is assumed to be required.
x Assume no additional potholing of sewer force main or other utilities needed apart from those
mentioned in Task 2.
x Additional permit support is not required.
x Assume one (1) round of comments from the City on the Revised 90% Plans
x Assume 170th place flood mitigation efforts are not included in this scope of work.
x Updates to the Design Report revisions will be limited to updates the project construction
schedule, construction costs and impacted area tallies.
x Additional review comments from the Department of Ecology are not anticipated.
x Water details will be based on Soos Creek Water and Sewer District standard plans to be included
in an appendix of the special provisions.
x A table of tree sizes for removal will be added to the existing plan sheets. Additional field
verification will not be required.
x Water main relocation will only be required on 172nd Street.
Deliverables:
x Revised 90% Design Package Submittal (Draft):
o Revised Engineer's 90% Construction Estimate of Probable Cost (PDF and Excel
Spreadsheet)
o Revised 90% Special Provisions (PDF and MS Word document)
o Revised 90% Design Report (PDF)
o Revised 90% Civil Plans (PDF)
x City 90% Design Package comment responses
General Assumptions:
1.All coordination with property owners will be handled by the City
2.Planting plans will consist of a hatch pattern which defines plant species and planting
requirements.
3.Any relocation of utilities and facilities, excluding water line conflict relocations, will be noted on
the plans. Relocation plans and cost estimates, excluding water line conflict relocations, will be
provided by utility owners.
4.Traffic Control plans are not included in this scope of work:
5.A separate Drainage Information Report will not be required to supplement the Ecology Design
Report.
6.Flow Control is assumed to not be required.
OsbornConsulting,Inc.ͲCityofRentonSE172ndStand125thAveSEGSIProjectEXHIBITBFirm$0.00PIC PM Sr.PEDesignEngineerSeniorCivilTechCivilTechISr.Admin AdminSubMarkͲUpHourlyRate(2023)$220.73 $210.90 $177.02 $126.76 $150.07 $90.70 $159.65 $116.922.0%ProjectTasksTotalHours 8 24 14 0 0 0 0 16Ͳ$Ͳ$11,176$Ͳ$$11,176 8%TotalHours0 8180 0200 0Ͳ$401$7,088$20,045$$27,133 20%TotalHours 29 98 182 88 144 24 0 075$ Ͳ$94,304$Ͳ$$94,304 71%FirmSubtotal: $112,569 $20,045%oftotalbudget:85% 15%$132,614100%CostEstimateClassificationExpense CostEstimateHoursEstimateOCIDHASurveyingTask1:ProjectManagementTask2:DataCollection&ReviewTask3:Updated90%DesignPackageSubmittalCityofRenton172ndStand125thAveGSI_Phase2Ͳ90%_FeeEstimate_ExhibitB_2022Ͳ12Ͳ07OsbornConsulting,Inc.Printed:12/13/2022Page1of2
EXHIBIT C
Renton SE 172nd St & 125th Ave SE
All-Inclusivie Billing Rates – January 1, 2023 to December 31, 2023
2023
Hourly Rate
220.73$
210.90$
194.77$
177.02$
156.26$
126.76$
105.99$
67.75$
172.42$
150.07$
119.74$
90.70$
159.65$
116.92$
133.31$
Classification
Principal
Project Manager
Senior Engineer II
Senior Engineer I
Project Assistant
Graphic Design
Project Engineer
Design Engineer
Engineer in Training
Intern Engineer
Senior Civil Designer
Civil Tech I
Civil Tech II
Senior Civil Tech
Senior Administration
Exhibit DOsbornConsulting,Inc.ͲCityofRentonSE172ndStand125thAveSEGSI Project ScheduleWeek ending: 3 10 17 24 3 10 17 24 31 7 14 21 28 5 12 19 26 2 9 16 23 30 7 14 21 28 4 11 18 25Task # Task Description1.0Task 1: Project Management2.0Task 2: Data Collection & Review2A - Utility Pothole Documentation2B - Temporary Construction Easements4.0Task 3: Updated 90% Design Package SubmittalMeetings with SCWSDXX XUpdated 90% DesignDXLegendConsultant TasksD DeliverableCity TasksJul-23 Aug-23Feb-23 Mar-23 Apr-23 May-23 Jun-23
4,514 376
SE 172nd St & 125th Ave SE GSI Project
This map is a user generated static output from an Internet mapping site and
is for reference only. Data layers that appear on this map may or may not be
accurate, current, or otherwise reliable.
11/5/2020
Legend
2560 128
THIS MAP IS NOT TO BE USED FOR NAVIGATION
Feet
Notes
256
WGS_1984_Web_Mercator_Auxiliary_Sphere
City and County Labels
City and County Boundary
Parcels
Environment Designations
Natural
Shoreline High Intensity
Shoreline Isolated High Intensity
Shoreline Residential
Urban Conservancy
Jurisdictions
Type F Fish
Type Np Non-Fish
Type Ns Non-Fish Seasonal
Unclassified
Not Visited
Wetlands
Network Structures
Access Riser
Inlet
Manhole
FIG. 2: PROJECT AREA
PROJECT Area
121st Ave SESE 172nd St122nd Ave SE123rd Ave SE124th Ave SE125th Ave SE127th Ave SESE 170th PlSE 1111111111111111111177777777777777777777722222222222222222222nnnnnnnnnnnnnnnnnnnndddddddddddddddddddd SSSSSSSSSSSSSSSSSSSStttttttttttttttttttt &&&&&&&&&&&&&&&&&&&& 11111111111111111111122222222222222222222255555555555555555555tttttttttttttttttttthhhhhhhhhhhhhhhhhhhh AAAAAAAAAAAAAAAAAAAAvvvvvvvvvvvvvvvvvvvveeeeeeeeeeeeeeeeeeee SSSSSSSSSSSSSSSSSSSSEEEEEEEEEEEEEEEEEEEE GGGGGGGGGGGGGGGGGGGGSSSSSSSSSSSSSSSSSSSSIIIIIIIIIIIIIIIIIII PPPPPPPPPPPPPPPPPPPPrrrrrrrrrrrrrrrrrrrrrooooooooooooooooooooject