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'ZDEdt/d,>dh^dZ&&/DE'DEd͕>>&KZ
dZ&&/KEdZK>^Zs/^dK>K^t/>>/D^s^Khd,
&KZZEdKE&ZDZ^DZ<d
d,/^'ZDEd;͞ŐƌĞĞŵĞŶƚ͟ͿŝƐŵĂĚĞĂƐŽĨƚŚĞϵƚŚĚĂLJŽĨ:ƵůLJ͕ϮϬϮϱ͕;ƚŚĞ͞ĨĨĞĐƚŝǀĞĂƚĞ͟ͿďLJ
ĂŶĚďĞƚǁĞĞŶƚŚĞŝƚLJŽĨZĞŶƚŽŶ͕ĂŶŽŶͲĐŚĂƌƚĞƌĐŽĚĞĐŝƚLJƵŶĚĞƌZtϯϱ͕ĂŶĚĂtĂƐŚŝŶŐƚŽŶ
ŵƵŶŝĐŝƉĂůĐŽƌƉŽƌĂƚŝŽŶ;͞ŝƚLJ͟Ϳ͕ĂŶĚůƚƵƐdƌĂĨĨŝĐDĂŶĂŐĞŵĞŶƚ͕>>^ƚĂƚĞǁŝĚĞ^ĂĨĞƚLJ^LJƐƚĞŵƐ͕
ĂtĂƐŚŝŶŐƚŽŶůŝŵŝƚĞĚůŝĂďŝůŝƚLJĐŽŵƉĂŶLJ͕;͞ŽŶƚƌĂĐƚŽƌ͟Ϳ͕ǁŚŽĂƌĞĐŽůůĞĐƚŝǀĞůLJƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ
͞WĂƌƚŝĞƐ͕͟ƚŽƉƌŽǀŝĚĞƚƌĂĨĨŝĐĐŽŶƚƌŽůƐĞƌǀŝĐĞƐƚŽĐůŽƐĞtŝůůŝĂŵƐǀĞ^ŽƵƚŚ͘ŝƚLJĂŶĚŽŶƚƌĂĐƚŽƌĂŐƌĞĞ
ĂƐƐĞƚĨŽƌƚŚďĞůŽǁ͘
ϭ͘ ^ĐŽƉĞŽĨtŽƌŬ͗ŽŶƚƌĂĐƚŽƌǁŝůůƉƌŽǀŝĚĞĂůůŵĂƚĞƌŝĂůĂŶĚůĂďŽƌŶĞĐĞƐƐĂƌLJƚŽƉĞƌĨŽƌŵĂůů
ǁŽƌŬĚĞƐĐƌŝďĞĚŝŶƚŚĞ^ĐŽƉĞŽĨtŽƌŬǁŚŝĐŚŝƐĂƚƚĂĐŚĞĚĂŶĚĨƵůůLJŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚŝƐŐƌĞĞŵĞŶƚ
ďLJƌĞĨĞƌĞŶĐĞĂƐƚƚĂĐŚŵĞŶƚ͘ůůǁŽƌŬĚĞƐĐƌŝďĞĚŝŶƚŚĞ^ĐŽƉĞŽĨtŽƌŬǁŝůůŚĞƌĞŝŶĂĨƚĞƌďĞƌĞĨĞƌƌĞĚ
ƚŽĂƐƚŚĞ͞tŽƌŬ͟Žƌ͞WƌŽũĞĐƚ͘͟
Ϯ͘ ŚĂŶŐĞƐŝŶ^ĐŽƉĞŽĨtŽƌŬ͗ŝƚLJ͕ǁŝƚŚŽƵƚŝŶǀĂůŝĚĂƚŝŶŐƚŚŝƐŐƌĞĞŵĞŶƚ͕ŵĂLJŽƌĚĞƌĐŚĂŶŐĞƐ
ƚŽƚŚĞ^ĐŽƉĞŽĨtŽƌŬĐŽŶƐŝƐƚŝŶŐŽĨĂĚĚŝƚŝŽŶƐ͕ĚĞůĞƚŝŽŶƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐ͕ƚŚĞĂŐƌĞĞŵĞŶƚƐƵŵďĞŝŶŐ
ĂĚũƵƐƚĞĚ ĂĐĐŽƌĚŝŶŐůLJďLJ ƚŚĞWĂƌƚŝĞƐ͛ŵƵƚƵĂůĂŐƌĞĞŵĞŶƚ͘^ƵĐŚĐŚĂŶŐĞƐŝŶƚŚĞǁŽƌŬƐŚĂůůďĞ
ĂƵƚŚŽƌŝnjĞĚďLJǁƌŝƚƚĞŶŚĂŶŐĞKƌĚĞƌŽƌŵĞŶĚŵĞŶƚƐŝŐŶĞĚďLJƚŚĞWĂƌƚŝĞƐ͘
ϯ͘ dŝŵĞŽĨWĞƌĨŽƌŵĂŶĐĞ͗ŽŶƚƌĂĐƚŽƌƐŚĂůůĐŽŵŵĞŶĐĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŐƌĞĞŵĞŶƚŶŽůĂƚĞƌ
ƚŚĂŶdƵĞƐĚĂLJ͕:ƵůLJϭϱ͕ϮϬϮϱ͘
ϰ͘ dĞƌŵŽĨŐƌĞĞŵĞŶƚ͗dŚĞdĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůĞŶĚĂƚĐŽŵƉůĞƚŝŽŶŽĨƚŚĞ^ĐŽƉĞŽĨ
tŽƌŬŽŶ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϮϱ͘
dŚŝƐŐƌĞĞŵĞŶƚŵĂLJďĞĞdžƚĞŶĚĞĚƚŽĂĐĐŽŵƉůŝƐŚĐŚĂŶŐĞŽƌĚĞƌƐ͕ŝĨƌĞƋƵŝƌĞĚ͕ƵƉŽŶŵƵƚƵĂů
ǁƌŝƚƚĞŶĂŐƌĞĞŵĞŶƚŽĨŝƚLJĂŶĚŽŶƚƌĂĐƚŽƌ͘
ϱ͘ ŽŶƐŝĚĞƌĂƚŝŽŶ͗/ŶĞdžĐŚĂŶŐĞĨŽƌŽŶƚƌĂĐƚŽƌ͛ƐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŝƚĞŵƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
ŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞ^ĐŽƉĞŽĨtŽƌŬ͕ŝƚLJĂŐƌĞĞƐƚŽŵĂŬĞƉĂLJŵĞŶƚŝŶƚŚĞƐƵŵŽĨĞŝŐŚƚĞĞŶƚŚŽƵƐĂŶĚ͕
ŶŝŶĞŚƵŶĚƌĞĚĨŽƌƚLJͲŽŶĞĂŶĚϵϭͬϭϬϬĚŽůůĂƌƐ;Ψϭϴ͕ϵϰϬ͘ϵϭͿǁŚŝĐŚŝŶĐůƵĚĞƐtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞ^ĂůĞƐ
dĂdž͘dŚŝƐĂŵŽƵŶƚŵĂLJďĞĂĚũƵƐƚĞĚƚŽĂŵƵƚƵĂůůLJĂŐƌĞĞĚĂŵŽƵŶƚďĂƐĞĚŽŶĐŚĂŶŐĞƐƚŽƚŚĞ^ĐŽƉĞ
ŽĨtŽƌŬ͘
ϲ͘ DĞƚŚŽĚŽĨWĂLJŵĞŶƚ͗KŶĂŵŽŶƚŚůLJŽƌŶŽůĞƐƐƚŚĂŶƋƵĂƌƚĞƌůLJďĂƐŝƐĚƵƌŝŶŐĂŶLJƋƵĂƌƚĞƌŝŶ
ǁŚŝĐŚtŽƌŬŝƐƉĞƌĨŽƌŵĞĚ͕ƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůƐƵďŵŝƚĂǀŽƵĐŚĞƌŽƌŝŶǀŽŝĐĞŝŶĂĨŽƌŵƐƉĞĐŝĨŝĞĚďLJ
ƚŚĞŝƚLJ͕ŝŶĐůƵĚŝŶŐĂĚĞƐĐƌŝƉƚŝŽŶŽĨǁŚĂƚtŽƌŬŚĂƐďĞĞŶƉĞƌĨŽƌŵĞĚ͕ƚŚĞŶĂŵĞŽĨƚŚĞƉĞƌƐŽŶŶĞů
ƉĞƌĨŽƌŵŝŶŐƐƵĐŚtŽƌŬ͕ĂŶĚĂŶLJŚŽƵƌůLJůĂďŽƌĐŚĂƌŐĞƌĂƚĞĨŽƌƐƵĐŚƉĞƌƐŽŶŶĞů͘dŚĞŽŶƐƵůƚĂŶƚƐŚĂůů
CAG-25-233
W'ϮK&ϵ
ĂůƐŽƐƵďŵŝƚĂĨŝŶĂůďŝůůƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůtŽƌŬ͘WĂLJŵĞŶƚƐŚĂůůďĞŵĂĚĞďLJƚŚĞŝƚLJĨŽƌtŽƌŬ
ƉĞƌĨŽƌŵĞĚǁŝƚŚŝŶƚŚŝƌƚLJ;ϯϬͿĐĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƌĞĐĞŝƉƚĂŶĚĂƉƉƌŽǀĂůďLJƚŚĞĂƉƉƌŽƉƌŝĂƚĞŝƚLJ
ƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨƚŚĞǀŽƵĐŚĞƌŽƌŝŶǀŽŝĐĞ͘/ĨƚŚĞŽŶƐƵůƚĂŶƚ͛ƐƉĞƌĨŽƌŵĂŶĐĞĚŽĞƐŶŽƚŵĞĞƚƚŚĞ
ƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĞŽŶƐƵůƚĂŶƚǁŝůůĐŽƌƌĞĐƚŽƌŵŽĚŝĨLJŝƚƐƉĞƌĨŽƌŵĂŶĐĞƚŽĐŽŵƉůLJ
ǁŝƚŚ ƚŚĞ ŐƌĞĞŵĞŶƚ͘ dŚĞ ŝƚLJ ŵĂLJ ǁŝƚŚŚŽůĚ ƉĂLJŵĞŶƚ ĨŽƌ ǁŽƌŬ ƚŚĂƚ ĚŽĞƐ ŶŽƚ ŵĞĞƚ ƚŚĞ
ƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘
ϳ͘ WƌĞǀĂŝůŝŶŐtĂŐĞZĂƚĞƐ͗ŽŶƚƌĂĐƚŽƌŵƵƐƚĐŽŵƉůLJǁŝƚŚƚŚĞ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶƉƌĞǀĂŝůŝŶŐ
ǁĂŐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ŽŶƚƌĂĐƚŽƌŵƵƐƚĨŝůĞǁŝƚŚƚŚĞtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞĞƉĂƌƚŵĞŶƚŽĨ>ĂďŽƌĂŶĚ
/ŶĚƵƐƚƌŝĞƐ;͞>Θ/͟Ϳ͗Ă^ƚĂƚĞŵĞŶƚŽĨ/ŶƚĞŶƚdŽWĂLJWƌĞǀĂŝůŝŶŐtĂŐĞƐ;͞^ƚĂƚĞŵĞŶƚŽĨ/ŶƚĞŶƚ͟ͿĂƚƚŚĞ
ďĞŐŝŶŶŝŶŐŽĨƚŚĞWƌŽũĞĐƚĂŶĚĂŶĨĨŝĚĂǀŝƚŽĨtĂŐĞƐWĂŝĚĂƚƚŚĞĞŶĚŽĨƚŚĞWƌŽũĞĐƚ͘ĐŽƉLJŽĨ
ŽŶƚƌĂĐƚŽƌ͛Ɛ^ƚĂƚĞŵĞŶƚŽĨ/ŶƚĞŶƚ͕ĂƉƉƌŽǀĞĚďLJ>Θ/͕ŵƵƐƚďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚLJ͘ŝƚLJ͛ƐƉĂLJŵĞŶƚƐ
ƚŽŽŶƚƌĂĐƚŽƌĚƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂƌĞĐŽŶĚŝƚŝŽŶĞĚƵƉŽŶƌĞĐĞŝƉƚŽĨĂĐŽƉLJŽĨƚŚĞ
ĂƉƉƌŽǀĞĚ^ƚĂƚĞŵĞŶƚŽĨ/ŶƚĞŶƚƐƵďŵŝƚƚĞĚďLJŽŶƚƌĂĐƚŽƌĂŶĚďLJĂŶLJŽĨŽŶƚƌĂĐƚŽƌ͛ƐƐƵďĐŽŶƚƌĂĐƚŽƌƐ͕
ŝĨĂƉƉůŝĐĂďůĞ͕ĂŶĚƵƉŽŶĂƐƚĂƚĞŵĞŶƚǁŝƚŚĞĂĐŚŝŶǀŽŝĐĞŽƌǀŽƵĐŚĞƌƚŚĂƚƉƌĞǀĂŝůŝŶŐǁĂŐĞƐŚĂǀĞďĞĞŶ
ƉĂŝĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ/ŶƚĞŶƚ͘
dŚĞ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶƉƌĞǀĂŝůŝŶŐǁĂŐĞƌĂƚĞƐĂƉƉůŝĐĂďůĞĨŽƌƚŚŝƐWƌŽũĞĐƚ͕ǁŚŝĐŚŝƐůŽĐĂƚĞĚ
ŝŶ<ŝŶŐŽƵŶƚLJ͕ŵĂLJďĞĨŽƵŶĚĂƚƚŚĞĨŽůůŽǁŝŶŐǁĞďƐŝƚĞĂĚĚƌĞƐƐŽĨƚŚĞĞƉĂƌƚŵĞŶƚŽĨ>ĂďŽƌĂŶĚ
/ŶĚƵƐƚƌŝĞƐ͗
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ůŶŝ͘ǁĂ͘ŐŽǀͬůŝĐĞŶƐŝŶŐͲƉĞƌŵŝƚƐͬƉƵďůŝĐͲǁŽƌŬƐͲƉƌŽũĞĐƚƐͬƉƌĞǀĂŝůŝŶŐͲǁĂŐĞͲƌĂƚĞƐͬ
WƵƌƐƵĂŶƚƚŽtϮϵϲͲϭϮϳͲϬϭϭ͕ƚŚĞĂƉƉůŝĐĂďůĞĞĨĨĞĐƚŝǀĞĚĂƚĞĨŽƌƉƌĞǀĂŝůŝŶŐǁĂŐĞƌĂƚĞƐƉĂŝĚ
ĨŽƌƚŚĞĚƵƌĂƚŝŽŶŽĨƚŚŝƐĐŽŶƚƌĂĐƚƐŚĂůůďĞƚŚĞƉƌŝŵĞĐŽŶƚƌĂĐƚŽƌ͛ƐďŝĚĚƵĞĚĂƚĞǁŝƚŚƚŚĞƐĞĞdžĐĞƉƚŝŽŶƐ͗
x /ĨƚŚĞƉƌŽũĞĐƚŝƐŶŽƚĂǁĂƌĚĞĚǁŝƚŚŝŶƐŝdž;ϲͿŵŽŶƚŚƐŽĨƚŚĞďŝĚĚƵĞĚĂƚĞ͕ƚŚĞĂǁĂƌĚĚĂƚĞ
ŝƐƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞ͘
x /ĨƚŚĞƉƌŽũĞĐƚŝƐŶŽƚĂǁĂƌĚĞĚƉƵƌƐƵĂŶƚƚŽďŝĚƐ͕ƚŚĞĚĂƚĞƚŚĞĐŽŶƚƌĂĐƚŝƐĞdžĞĐƵƚĞĚŝƐƚŚĞ
ĞĨĨĞĐƚŝǀĞĚĂƚĞ͘
hƉŽŶƌĞƋƵĞƐƚ͕ƚŚĞŝƚLJǁŝůůƉƌŽǀŝĚĞĂĐŽƉLJŽĨƚŚĞĂƉƉůŝĐĂďůĞƉƌĞǀĂŝůŝŶŐǁĂŐĞƐĨŽƌƚŚŝƐ
WƌŽũĞĐƚ͘ůƚĞƌŶĂƚŝǀĞůLJ͕ƚŚĞƌĂƚĞƐŵĂLJďĞǀŝĞǁĞĚĂƚƚŚĞŝƚLJŽĨZĞŶƚŽŶŝƚLJ,ĂůůďLJŵĂŬŝŶŐĂŶ
ĂƉƉŽŝŶƚŵĞŶƚǁŝƚŚƚŚĞĐŽŶƚĂĐƚƉĞƌƐŽŶŝĚĞŶƚŝĨŝĞĚŚĞƌĞŝŶŽƌƉƌŝŽƌƚŽĐŽŶƚƌĂĐƚĂǁĂƌĚǁŝƚŚƚŚĞĐŽŶƚĂĐƚ
ƉĞƌƐŽŶŝĚĞŶƚŝĨŝĞĚĂƐƚŚĞŝƚLJŽĨZĞŶƚŽŶĐŽŶƚĂĐƚŝŶWĂƌĂŐƌĂƉŚϭϰ͘ŽĨƚŚŝƐĂŐƌĞĞŵĞŶƚ͘
ϴ͘ dĞƌŵŝŶĂƚŝŽŶ͗
͘ dŚĞ ŝƚLJ ƌĞƐĞƌǀĞƐƚŚĞ ƌŝŐŚƚ ƚŽ ƚĞƌŵŝŶĂƚĞ ƚŚŝƐ ŐƌĞĞŵĞŶƚ Ăƚ ĂŶLJƚŝŵĞ͕ǁŝƚŚ Žƌ
ǁŝƚŚŽƵƚĐĂƵƐĞďLJŐŝǀŝŶŐƚĞŶ;ϭϬͿĐĂůĞŶĚĂƌĚĂLJƐ͛ŶŽƚŝĐĞƚŽƚŚĞŽŶƐƵůƚĂŶƚŝŶǁƌŝƚŝŶŐ͘/ŶƚŚĞĞǀĞŶƚŽĨ
ƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶŽƌƐƵƐƉĞŶƐŝŽŶ͕ĂůůĨŝŶŝƐŚĞĚŽƌƵŶĨŝŶŝƐŚĞĚĚŽĐƵŵĞŶƚƐ͕ĚĂƚĂ͕ƐƚƵĚŝĞƐ͕ǁŽƌŬƐŚĞĞƚƐ͕
W'ϯK&ϵ
ŵŽĚĞůƐĂŶĚƌĞƉŽƌƚƐ͕ŽƌŽƚŚĞƌŵĂƚĞƌŝĂůƉƌĞƉĂƌĞĚďLJƚŚĞŽŶƐƵůƚĂŶƚƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚ
ƐŚĂůůďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚLJ͕ŝĨĂŶLJĂƌĞƌĞƋƵŝƌĞĚĂƐƉĂƌƚŽĨƚŚĞtŽƌŬ͘
͘ /ŶƚŚĞĞǀĞŶƚƚŚŝƐŐƌĞĞŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚďLJƚŚĞŝƚLJ͕ƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůďĞ
ĞŶƚŝƚůĞĚƚŽƉĂLJŵĞŶƚĨŽƌĂůůŚŽƵƌƐǁŽƌŬĞĚƚŽƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚĞƌŵŝŶĂƚŝŽŶ͕ůĞƐƐĂůůƉĂLJŵĞŶƚƐ
ƉƌĞǀŝŽƵƐůLJŵĂĚĞ͘/ĨƚŚĞŐƌĞĞŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚďLJƚŚĞŝƚLJĂĨƚĞƌƉĂƌƚŝĂůƉĞƌĨŽƌŵĂŶĐĞŽĨtŽƌŬĨŽƌ
ǁŚŝĐŚƚŚĞĂŐƌĞĞĚĐŽŵƉĞŶƐĂƚŝŽŶŝƐĂĨŝdžĞĚĨĞĞ͕ƚŚĞŝƚLJƐŚĂůůƉĂLJƚŚĞŽŶƐƵůƚĂŶƚĂŶĞƋƵŝƚĂďůĞƐŚĂƌĞ
ŽĨƚŚĞĨŝdžĞĚĨĞĞ͘dŚŝƐƉƌŽǀŝƐŝŽŶƐŚĂůůŶŽƚƉƌĞǀĞŶƚƚŚĞŝƚLJĨƌŽŵƐĞĞŬŝŶŐĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐŝƚŵĂLJ
ŚĂǀĞĨŽƌƚŚĞǀŝŽůĂƚŝŽŶŽƌŶŽŶƉĞƌĨŽƌŵĂŶĐĞŽĨĂŶLJŽĨƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚƐƵĐŚ
ĐŚĂƌŐĞƐĚƵĞƚŽƚŚĞŝƚLJƐŚĂůůďĞĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞĨŝŶĂůƉĂLJŵĞŶƚĚƵĞƚŚĞŽŶƐƵůƚĂŶƚ͘EŽƉĂLJŵĞŶƚ
ƐŚĂůůďĞŵĂĚĞďLJƚŚĞŝƚLJĨŽƌĂŶLJĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚŽƌǁŽƌŬĚŽŶĞĨŽůůŽǁŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨ
ƚĞƌŵŝŶĂƚŝŽŶƵŶůĞƐƐĂƵƚŚŽƌŝnjĞĚŝŶĂĚǀĂŶĐĞŝŶǁƌŝƚŝŶŐďLJƚŚĞŝƚLJ͘
ϵ͘ ,ŽůĚ,ĂƌŵůĞƐƐ͗ŽŶƚƌĂĐƚŽƌƐŚĂůůŝŶĚĞŵŶŝĨLJ͕ĚĞĨĞŶĚĂŶĚŚŽůĚŚĂƌŵůĞƐƐŝƚLJ͕ŝƚƐĞůĞĐƚĞĚ
ŽĨĨŝĐŝĂůƐ͕ŽĨĨŝĐĞƌƐ͕ĂŐĞŶƚƐ͕ĞŵƉůŽLJĞĞƐĂŶĚǀŽůƵŶƚĞĞƌƐ͕ĨƌŽŵĂŶĚĂŐĂŝŶƐƚĂŶLJĂŶĚĂůůĐůĂŝŵƐ͕ůŽƐƐĞƐ
ŽƌůŝĂďŝůŝƚLJ͕ŽƌĂŶLJƉŽƌƚŝŽŶŽĨƚŚĞƐĂŵĞ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƌĞĂƐŽŶĂďůĞĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͕
ůĞŐĂůĞdžƉĞŶƐĞƐĂŶĚůŝƚŝŐĂƚŝŽŶĐŽƐƚƐ͕ĂƌŝƐŝŶŐĨƌŽŵŝŶũƵƌLJŽƌĚĞĂƚŚƚŽƉĞƌƐŽŶƐ͕ŝŶĐůƵĚŝŶŐŝŶũƵƌŝĞƐ͕
ƐŝĐŬŶĞƐƐ͕ĚŝƐĞĂƐĞŽƌĚĞĂƚŚŽĨŽŶƚƌĂĐƚŽƌ͛ƐŽǁŶĞŵƉůŽLJĞĞƐ͕ĂŐĞŶƚƐĂŶĚǀŽůƵŶƚĞĞƌƐ͕ŽƌĚĂŵĂŐĞƚŽ
ƉƌŽƉĞƌƚLJĐĂƵƐĞĚďLJŽŶƚƌĂĐƚŽƌ͛ƐŶĞŐůŝŐĞŶƚĂĐƚŽƌŽŵŝƐƐŝŽŶ͕ĞdžĐĞƉƚĨŽƌƚŚŽƐĞĂĐƚƐĐĂƵƐĞĚďLJŽƌ
ƌĞƐƵůƚŝŶŐ ĨƌŽŵ Ă ŶĞŐůŝŐĞŶƚ ĂĐƚ Žƌ ŽŵŝƐƐŝŽŶ ďLJ ŝƚLJ ĂŶĚ ŝƚƐ ŽĨĨŝĐĞƌƐ͕ ĂŐĞŶƚƐ͕ ĞŵƉůŽLJĞĞƐ ĂŶĚ
ǀŽůƵŶƚĞĞƌƐ͘
^ŚŽƵůĚĂĐŽƵƌƚŽĨĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶĚĞƚĞƌŵŝŶĞƚŚĂƚƚŚŝƐŐƌĞĞŵĞŶƚŝƐƐƵďũĞĐƚƚŽZt
ϰ͘Ϯϰ͘ϭϭϱ͕ ;sĂůŝĚŝƚLJ ŽĨ ĂŐƌĞĞŵĞŶƚ ƚŽ ŝŶĚĞŵŶŝĨLJ ĂŐĂŝŶƐƚ ůŝĂďŝůŝƚLJ ĨŽƌ ŶĞŐůŝŐĞŶĐĞ ƌĞůĂƚŝǀĞ ƚŽ
ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ĂůƚĞƌĂƚŝŽŶ͕ ŝŵƉƌŽǀĞŵĞŶƚ͕ ĞƚĐ͕͘ ŽĨ ƐƚƌƵĐƚƵƌĞ Žƌ ŝŵƉƌŽǀĞŵĞŶƚ ĂƚƚĂĐŚĞĚ ƚŽ ƌĞĂů
ĞƐƚĂƚĞ͙ͿƚŚĞŶ͕ŝŶƚŚĞĞǀĞŶƚŽĨůŝĂďŝůŝƚLJĨŽƌĚĂŵĂŐĞƐĂƌŝƐŝŶŐŽƵƚŽĨďŽĚŝůLJŝŶũƵƌLJƚŽƉĞƌƐŽŶƐŽƌ
ĚĂŵĂŐĞƐƚŽƉƌŽƉĞƌƚLJĐĂƵƐĞĚďLJŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨƚŚĞĐŽŶƚƌĂĐƚŽƌĂŶĚ
ŝƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ŽĨĨŝĐŝĂůƐ͕ĞŵƉůŽLJĞĞƐĂŶĚǀŽůƵŶƚĞĞƌƐ͕ŽŶƚƌĂĐƚŽƌ͛ƐůŝĂďŝůŝƚLJƐŚĂůůďĞŽŶůLJƚŽƚŚĞ
ĞdžƚĞŶƚŽĨŽŶƚƌĂĐƚŽƌ͛ƐŶĞŐůŝŐĞŶĐĞ͘
/ƚŝƐĨƵƌƚŚĞƌƐƉĞĐŝĨŝĐĂůůLJĂŶĚĞdžƉƌĞƐƐůLJƵŶĚĞƌƐƚŽŽĚƚŚĂƚƚŚĞŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶƉƌŽǀŝĚĞĚŝŶƚŚŝƐ
ŐƌĞĞŵĞŶƚĐŽŶƐƚŝƚƵƚĞŽŶƚƌĂĐƚŽƌ͛ƐǁĂŝǀĞƌŽĨŝŵŵƵŶŝƚLJƵŶĚĞƌƚŚĞ/ŶĚƵƐƚƌŝĂů/ŶƐƵƌĂŶĐĞĐƚ͕Zt
dŝƚůĞϱϭ͕ƐŽůĞůLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶ͘dŚĞWĂƌƚŝĞƐŚĂǀĞŵƵƚƵĂůůLJŶĞŐŽƚŝĂƚĞĚĂŶĚ
ĂŐƌĞĞĚƚŽƚŚŝƐǁĂŝǀĞƌ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐƐĞĐƚŝŽŶƐŚĂůůƐƵƌǀŝǀĞƚŚĞĞdžƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨ
ƚŚŝƐŐƌĞĞŵĞŶƚ͘
ϭϬ͘ /ŶƐƵƌĂŶĐĞ͗ŽŶƚƌĂĐƚŽƌƐŚĂůůƐĞĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶ͗
͘ ŽŵŵĞƌĐŝĂůŐĞŶĞƌĂůůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŝŶƚŚĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐŽĨΨϭ͕ϬϬϬ͕ϬϬϬĨŽƌ
ĞĂĐŚŽĐĐƵƌƌĞŶĐĞͬΨϮ͕ϬϬϬ͕ϬϬϬĂŐŐƌĞŐĂƚĞĨŽƌƚŚĞdĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘
W'ϰK&ϵ
͘ WƌŽĨĞƐƐŝŽŶĂůůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞ͕ŝŶƚŚĞŵŝŶŝŵƵŵĂŵŽƵŶƚŽĨΨϭ͕ϬϬϬ͕ϬϬϬĨŽƌĞĂĐŚ
ŽĐĐƵƌƌĞŶĐĞ͕ƐŚĂůůĂůƐŽďĞƐĞĐƵƌĞĚĨŽƌĂŶLJƉƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐďĞŝŶŐƉƌŽǀŝĚĞĚƚŽŝƚLJƚŚĂƚĂƌĞ
ĞdžĐůƵĚĞĚŝŶƚŚĞĐŽŵŵĞƌĐŝĂůŐĞŶĞƌĂůůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞ͘
͘ tŽƌŬĞƌƐ͛ĐŽŵƉĞŶƐĂƚŝŽŶĐŽǀĞƌĂŐĞ͕ĂƐƌĞƋƵŝƌĞĚďLJƚŚĞ/ŶĚƵƐƚƌŝĂů/ŶƐƵƌĂŶĐĞůĂǁƐŽĨ
ƚŚĞ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶ͕ƐŚĂůůĂůƐŽďĞƐĞĐƵƌĞĚ͘
͘ ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJĨŽƌŽǁŶĞĚ͕ůĞĂƐĞĚ͕ŚŝƌĞĚŽƌŶŽŶͲŽǁŶĞĚ͕ůĞĂƐĞĚ͕
ŚŝƌĞĚŽƌŶŽŶͲŽǁŶĞĚ͕ǁŝƚŚŵŝŶŝŵƵŵůŝŵŝƚƐŽĨΨϭ͕ϬϬϬ͕ϬϬϬƉĞƌŽĐĐƵƌƌĞŶĐĞĐŽŵďŝŶĞĚƐŝŶŐůĞůŝŵŝƚ͕ŝĨ
ƚŚĞƌĞǁŝůůďĞĂŶLJƵƐĞŽĨŽŶƚƌĂĐƚŽƌ͛ƐǀĞŚŝĐůĞƐŽŶƚŚĞŝƚLJ͛ƐWƌĞŵŝƐĞƐďLJŽƌŽŶďĞŚĂůĨŽĨƚŚĞŝƚLJ͕
ďĞLJŽŶĚŶŽƌŵĂůĐŽŵŵƵƚĞƐ͘
͘ /ƚŝƐĂŐƌĞĞĚƚŚĂƚŽŶŽŶƚƌĂĐƚŽƌ͛ƐĐŽŵŵĞƌĐŝĂůŐĞŶĞƌĂůůŝĂďŝůŝƚLJƉŽůŝĐLJ͕ƚŚĞŝƚLJŽĨ
ZĞŶƚŽŶǁŝůůďĞŶĂŵĞĚĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚŽŶĂŶŽŶͲĐŽŶƚƌŝďƵƚŽƌLJƉƌŝŵĂƌLJďĂƐŝƐ͘ŝƚLJ͛Ɛ
ŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůůŶŽƚďĞĂƐŽƵƌĐĞĨŽƌƉĂLJŵĞŶƚŽĨĂŶLJŽŶƚƌĂĐƚŽƌůŝĂďŝůŝƚLJ͘
&͘ ^ƵďũĞĐƚƚŽŝƚLJ͛ƐƌĞǀŝĞǁĂŶĚĂĐĐĞƉƚĂŶĐĞ͕ĂĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞƐŚŽǁŝŶŐƚŚĞ
ƉƌŽƉĞƌĞŶĚŽƌƐĞŵĞŶƚƐ͕ƐŚĂůůďĞĚĞůŝǀĞƌĞĚƚŽŝƚLJďĞĨŽƌĞĞdžĞĐƵƚŝŶŐƚŚĞǁŽƌŬŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘
'͘ ŽŶƚƌĂĐƚŽƌƐŚĂůůƉƌŽǀŝĚĞŝƚLJǁŝƚŚǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĂŶLJƉŽůŝĐLJĐĂŶĐĞůůĂƚŝŽŶ͕ǁŝƚŚŝŶ
ƚǁŽ;ϮͿďƵƐŝŶĞƐƐĚĂLJƐŽĨƚŚĞŝƌƌĞĐĞŝƉƚŽĨƐƵĐŚŶŽƚŝĐĞ͘
,͘ ŽŶƚƌĂĐƚŽƌƐŚĂůůŝŶĐůƵĚĞĂůůƐƵďĐŽŶƚƌĂĐƚŽƌƐĂƐŝŶƐƵƌĞĚƐƵŶĚĞƌŝƚƐƉŽůŝĐŝĞƐŽƌƐŚĂůů
ĨƵƌŶŝƐŚ ƐĞƉĂƌĂƚĞ ĐĞƌƚŝĨŝĐĂƚĞƐ ĂŶĚ ĞŶĚŽƌƐĞŵĞŶƚƐ ĨŽƌ ĞĂĐŚ ƐƵďĐŽŶƚƌĂĐƚŽƌ͘ ůů ĐŽǀĞƌĂŐĞ ĨŽƌ
ƐƵďĐŽŶƚƌĂĐƚŽƌƐ ƐŚĂůů ďĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ƐĂŵĞ ŝŶƐƵƌĂŶĐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƐ ƐƚĂƚĞĚ ŚĞƌĞŝŶ ĨŽƌ
ŽŶƚƌĂĐƚŽƌ͘
ϭϭ͘ ŝƐĐƌŝŵŝŶĂƚŝŽŶWƌŽŚŝďŝƚĞĚ͗ŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐĂƐĨŽůůŽǁƐ͗
͘ ŽŶƚƌĂĐƚŽƌ͕ĂŶĚŽŶƚƌĂĐƚŽƌ͛ƐĂŐĞŶƚƐ͕ĞŵƉůŽLJĞĞƐ͕ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ĂŶĚǀŽůƵŶƚĞĞƌƐ
ǁŝƚŚ ƌĞŐĂƌĚ ƚŽ ƚŚĞ tŽƌŬ ƉĞƌĨŽƌŵĞĚ Žƌ ƚŽ ďĞ ƉĞƌĨŽƌŵĞĚ ƵŶĚĞƌ ƚŚŝƐ ŐƌĞĞŵĞŶƚ͕ ƐŚĂůů ŶŽƚ
ĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞďĂƐŝƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ƐĞdž͕ƌĞůŝŐŝŽŶ͕ŶĂƚŝŽŶĂůŝƚLJ͕ĐƌĞĞĚ͕ŵĂƌŝƚĂůƐƚĂƚƵƐ͕ƐĞdžƵĂů
ŽƌŝĞŶƚĂƚŝŽŶ Žƌ ƉƌĞĨĞƌĞŶĐĞ͕ ĂŐĞ ;ĞdžĐĞƉƚ ŵŝŶŝŵƵŵ ĂŐĞ ĂŶĚ ƌĞƚŝƌĞŵĞŶƚ ƉƌŽǀŝƐŝŽŶƐͿ͕ ŚŽŶŽƌĂďůLJ
ĚŝƐĐŚĂƌŐĞĚǀĞƚĞƌĂŶŽƌŵŝůŝƚĂƌLJƐƚĂƚƵƐ͕ŽƌƚŚĞƉƌĞƐĞŶĐĞŽĨĂŶLJƐĞŶƐŽƌLJ͕ŵĞŶƚĂůŽƌƉŚLJƐŝĐĂůŚĂŶĚŝĐĂƉ͕
ƵŶůĞƐƐ ďĂƐĞĚ ƵƉŽŶ Ă ďŽŶĂ ĨŝĚĞ ŽĐĐƵƉĂƚŝŽŶĂů ƋƵĂůŝĨŝĐĂƚŝŽŶ ŝŶ ƌĞůĂƚŝŽŶƐŚŝƉ ƚŽ ŚŝƌŝŶŐ ĂŶĚ
ĞŵƉůŽLJŵĞŶƚ͕ŝŶĞŵƉůŽLJŵĞŶƚŽƌĂƉƉůŝĐĂƚŝŽŶĨŽƌĞŵƉůŽLJŵĞŶƚ͕ƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨƚŚĞĚĞůŝǀĞƌLJŽĨ
tŽƌŬŽƌĂŶLJŽƚŚĞƌďĞŶĞĨŝƚƐƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ŽƌƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐŽƌƐƵƉƉůŝĞƐ͘
͘ dŚĞŽŶƚƌĂĐƚŽƌǁŝůůĞŶƐƵƌĞƚŚĂƚĂƉƉůŝĐĂŶƚƐĂƌĞĐŽŶƐŝĚĞƌĞĚĂŶĚƚŚĂƚĞŵƉůŽLJĞĞƐĂƌĞ
ƚƌĞĂƚĞĚĚƵƌŝŶŐĞŵƉůŽLJŵĞŶƚǁŝƚŚŽƵƚƌĞŐĂƌĚƚŽƚŚĞŝƌƌĂĐĞ͕ĐƌĞĞĚ͕ĐŽůŽƌ͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ƐĞdž͕ĂŐĞ͕
ƐĞdžƵĂůŽƌŝĞŶƚĂƚŝŽŶ͕ƉŚLJƐŝĐĂů͕ƐĞŶƐŽƌLJŽƌŵĞŶƚĂůŚĂŶĚŝĐĂƉƐ͕ŽƌŵĂƌŝƚĂůƐƚĂƚƵƐ͘^ƵĐŚĂĐƚŝŽŶƐŚĂůů
ŝŶĐůƵĚĞ͕ ďƵƚ ŶŽƚ ďĞ ůŝŵŝƚĞĚ ƚŽƚŚĞ ĨŽůůŽǁŝŶŐ͗ ĞŵƉůŽLJŵĞŶƚ͕ƵƉŐƌĂĚŝŶŐ͕ĚĞŵŽƚŝŽŶ Žƌ ƚƌĂŶƐĨĞƌ͕
ƌĞĐƌƵŝƚŵĞŶƚŽƌƌĞĐƌƵŝƚŵĞŶƚĂĚǀĞƌƚŝƐŝŶŐ͕ůĂLJŽĨĨŽƌƚĞƌŵŝŶĂƚŝŽŶ͕ƌĂƚĞƐŽĨƉĂLJŽƌŽƚŚĞƌĨŽƌŵƐŽĨ
ĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚƐĞůĞĐƚŝŽŶĨŽƌƚƌĂŝŶŝŶŐ͘
W'ϱK&ϵ
͘ /ĨŽŶƚƌĂĐƚŽƌĨĂŝůƐƚŽĐŽŵƉůLJǁŝƚŚĂŶLJŽĨƚŚĞŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶƉƌŽǀŝƐŝŽŶƐŚĞƌĞŝŶ͕
ŝƚLJƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚ͕ĂƚŝƚƐŽƉƚŝŽŶ͕ƚŽĐĂŶĐĞůƚŚĞŐƌĞĞŵĞŶƚŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͘
͘ ŽŶƚƌĂĐƚŽƌŝƐĐŚĂƌŐĞĚǁŝƚŚŬŶŽǁůĞĚŐĞŽĨĂŶĚĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĨĞĚĞƌĂů͕ƐƚĂƚĞĂŶĚ
ůŽĐĂůůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐƚŚĂƚŵĂLJĂĨĨĞĐƚƚŚĞƐĂƚŝƐĨĂĐƚŽƌLJĐŽŵƉůĞƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚ͕ǁŚŝĐŚ
ŝŶĐůƵĚĞƐďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽĨĂŝƌůĂďŽƌůĂǁƐĂŶĚǁŽƌŬĞƌΖƐĐŽŵƉĞŶƐĂƚŝŽŶ͘
ϭϮ͘ /ŶĚĞƉĞŶĚĞŶƚŽŶƚƌĂĐƚŽƌ͗ŽŶƚƌĂĐƚŽƌ͛ƐĞŵƉůŽLJĞĞƐ͕ǁŚŝůĞĞŶŐĂŐĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ
ĂŶLJŽĨŽŶƚƌĂĐƚŽƌ͛ƐtŽƌŬƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĞŵƉůŽLJĞĞƐŽĨƚŚĞŽŶƚƌĂĐƚŽƌ
ĂŶĚŶŽƚĞŵƉůŽLJĞĞƐ͕ĂŐĞŶƚƐ͕ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽĨŝƚLJĂŶĚĂƐĂƌĞƐƵůƚ͕ƐŚĂůůŶŽƚďĞĞŶƚŝƚůĞĚƚŽĂŶLJ
ĐŽǀĞƌĂŐĞŽƌďĞŶĞĨŝƚƐĨƌŽŵƚŚĞŝƚLJŽĨZĞŶƚŽŶ͘ŽŶƚƌĂĐƚŽƌ͛ƐƌĞůĂƚŝŽŶƚŽŝƚLJƐŚĂůůďĞĂƚĂůůƚŝŵĞƐĂƐ
ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ĐŽŶƚƌĂĐƚŽƌ͘ ŶLJ ĂŶĚ Ăůů tŽƌŬŵĂŶ͛Ɛ ŽŵƉĞŶƐĂƚŝŽŶ Đƚ ĐůĂŝŵƐ ŽŶ ďĞŚĂůĨ ŽĨ
ŽŶƚƌĂĐƚŽƌĞŵƉůŽLJĞĞƐ͕ĂŶĚĂŶLJĂŶĚĂůůĐůĂŝŵƐŵĂĚĞďLJĂƚŚŝƌĚͲƉĂƌƚLJĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶLJ
ŶĞŐůŝŐĞŶƚĂĐƚŽƌŽŵŝƐƐŝŽŶŽŶƚŚĞƉĂƌƚŽĨŽŶƚƌĂĐƚŽƌ͛ƐĞŵƉůŽLJĞĞƐ͕ǁŚŝůĞĞŶŐĂŐĞĚŝŶtŽƌŬƉƌŽǀŝĚĞĚ
ƚŽ ďĞ ƌĞŶĚĞƌĞĚ ƵŶĚĞƌ ƚŚŝƐ ŐƌĞĞŵĞŶƚ͕ ƐŚĂůů ďĞ ƚŚĞ ƐŽůĞůLJ ŽŶƚƌĂĐƚŽƌ͛Ɛ ŽďůŝŐĂƚŝŽŶ ĂŶĚ
ƌĞƐƉŽŶƐŝďŝůŝƚLJ͘
ϭϯ͘ ŝƚLJŽĨZĞŶƚŽŶƵƐŝŶĞƐƐ>ŝĐĞŶƐĞ͗dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůŽďƚĂŝŶĂŝƚLJŽĨZĞŶƚŽŶƵƐŝŶĞƐƐ
>ŝĐĞŶƐĞ ƉƌŝŽƌ ƚŽ ƉĞƌĨŽƌŵŝŶŐ ĂŶLJ tŽƌŬ ĂŶĚ ŵĂŝŶƚĂŝŶ ƚŚĞ ďƵƐŝŶĞƐƐůŝĐĞŶƐĞ ŝŶ ŐŽŽĚ ƐƚĂŶĚŝŶŐ
ƚŚƌŽƵŐŚŽƵƚƚŚĞƚĞƌŵŽĨƚŚŝƐĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚLJ͘
/ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐĂĐƋƵŝƌŝŶŐĂĐŝƚLJďƵƐŝŶĞƐƐůŝĐĞŶƐĞĐĂŶďĞĨŽƵŶĚĂƚ͗
ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌĞŶƚŽŶǁĂ͘ŐŽǀͬŝƚLJͲ^ĞƌǀŝĐĞƐͬƵƐŝŶĞƐƐͬƵƐŝŶĞƐƐͲ>ŝĐĞŶƐĞƐ
/ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐ^ƚĂƚĞďƵƐŝŶĞƐƐůŝĐĞŶƐŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĐĂŶďĞĨŽƵŶĚĂƚ͗
ŚƚƚƉ͗ͬͬĚŽƌ͘ǁĂ͘ŐŽǀͬĚŽŝŶŐͲďƵƐŝŶĞƐƐͬƌĞŐŝƐƚĞƌͲŵLJͲďƵƐŝŶĞƐƐ
ϭϰ͘ ZĞĐŽƌĚ<ĞĞƉŝŶŐĂŶĚZĞƉŽƌƚŝŶŐ͗ŽŶƚƌĂĐƚŽƌƐŚĂůůŵĂŝŶƚĂŝŶĂĐĐŽƵŶƚƐĂŶĚƌĞĐŽƌĚƐ͕ǁŚŝĐŚ
ƉƌŽƉĞƌůLJƌĞĨůĞĐƚĂůůĚŝƌĞĐƚĂŶĚŝŶĚŝƌĞĐƚĐŽƐƚƐĞdžƉĞŶĚĞĚĂŶĚtŽƌŬƉƌŽǀŝĚĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨ
ƚŚŝƐŐƌĞĞŵĞŶƚ͘dŚĞŽŶƚƌĂĐƚŽƌĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞĂĐĐĞƐƐƚŽĂŶĚĐŽƉŝĞƐŽĨĂŶLJƌĞĐŽƌĚƐƌĞůĂƚĞĚƚŽ
ƚŚŝƐŐƌĞĞŵĞŶƚĂƐƌĞƋƵŝƌĞĚďLJƚŚĞŝƚLJƚŽĂƵĚŝƚĞdžƉĞŶĚŝƚƵƌĞƐĂŶĚĐŚĂƌŐĞƐĂŶĚͬŽƌƚŽĐŽŵƉůLJǁŝƚŚ
ƚŚĞtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞWƵďůŝĐZĞĐŽƌĚƐĐƚ;ŚĂƉƚĞƌϰϮ͘ϱϲZtͿ͘
ϭϱ͘ WƵďůŝĐZĞĐŽƌĚƐŽŵƉůŝĂŶĐĞ͘dŽƚŚĞĨƵůůĞdžƚĞŶƚƚŚĞŝƚLJĚĞƚĞƌŵŝŶĞƐŶĞĐĞƐƐĂƌLJƚŽĐŽŵƉůLJ
ǁŝƚŚƚŚĞtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞWƵďůŝĐZĞĐŽƌĚƐĐƚ͕ŽŶƚƌĂĐƚŽƌƐŚĂůůŵĂŬĞĂĚƵĞĚŝůŝŐĞŶƚƐĞĂƌĐŚŽĨĂůů
ƌĞĐŽƌĚƐŝŶŝƚƐƉŽƐƐĞƐƐŝŽŶ͕ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ĞͲŵĂŝů͕ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͕ŶŽƚĞƐ͕ƐĂǀĞĚ
ƚĞůĞƉŚŽŶĞŵĞƐƐĂŐĞƐ͕ƌĞĐŽƌĚŝŶŐƐ͕ƉŚŽƚŽƐ͕ŽƌĚƌĂǁŝŶŐƐĂŶĚƉƌŽǀŝĚĞƚŚĞŵƚŽƚŚĞŝƚLJĨŽƌƉƌŽĚƵĐƚŝŽŶ͘
/ŶƚŚĞĞǀĞŶƚŽŶƚƌĂĐƚŽƌďĞůŝĞǀĞƐƐĂŝĚƌĞĐŽƌĚƐŶĞĞĚƚŽďĞƉƌŽƚĞĐƚĞĚĨƌŽŵĚŝƐĐůŽƐƵƌĞ͕ŝƚƐŚĂůů͕Ăƚ
ŽŶƚƌĂĐƚŽƌ͛ƐŽǁŶĞdžƉĞŶƐĞ͕ƐĞĞŬũƵĚŝĐŝĂůƉƌŽƚĞĐƚŝŽŶ͘ŽŶƚƌĂĐƚŽƌƐŚĂůůŝŶĚĞŵŶŝĨLJ͕ĚĞĨĞŶĚ͕ĂŶĚŚŽůĚ
ŚĂƌŵůĞƐƐƚŚĞŝƚLJĨŽƌĂůůĐŽƐƚƐ͕ŝŶĐůƵĚŝŶŐĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͕ĂƚƚĞŶĚĂŶƚƚŽĂŶLJĐůĂŝŵŽƌůŝƚŝŐĂƚŝŽŶƌĞůĂƚĞĚ
ƚŽĂWƵďůŝĐZĞĐŽƌĚƐĐƚƌĞƋƵĞƐƚĨŽƌǁŚŝĐŚŽŶƚƌĂĐƚŽƌŚĂƐƌĞƐƉŽŶƐŝǀĞƌĞĐŽƌĚƐĂŶĚĨŽƌǁŚŝĐŚ
ŽŶƚƌĂĐƚŽƌŚĂƐǁŝƚŚŚĞůĚƌĞĐŽƌĚƐŽƌŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚƚŚĞƌĞŝŶ͕ŽƌŶŽƚƉƌŽǀŝĚĞĚƚŚĞŵƚŽƚŚĞ
W'ϲK&ϵ
ŝƚLJŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͘ŽŶƚƌĂĐƚŽƌƐŚĂůůƉƌŽĚƵĐĞĨŽƌĚŝƐƚƌŝďƵƚŝŽŶĂŶLJĂŶĚĂůůƌĞĐŽƌĚƐƌĞƐƉŽŶƐŝǀĞ
ƚŽƚŚĞWƵďůŝĐZĞĐŽƌĚƐĐƚƌĞƋƵĞƐƚŝŶĂƚŝŵĞůLJŵĂŶŶĞƌ͕ƵŶůĞƐƐƚŚŽƐĞƌĞĐŽƌĚƐĂƌĞƉƌŽƚĞĐƚĞĚďLJĐŽƵƌƚ
ŽƌĚĞƌ͘
ϭϲ͘ KƚŚĞƌWƌŽǀŝƐŝŽŶƐ͗
͘ ĚŵŝŶŝƐƚƌĂƚŝŽŶĂŶĚEŽƚŝĐĞƐ͘ĂĐŚŝŶĚŝǀŝĚƵĂůĞdžĞĐƵƚŝŶŐƚŚŝƐŐƌĞĞŵĞŶƚŽŶďĞŚĂůĨ
ŽĨŝƚLJĂŶĚŽŶƚƌĂĐƚŽƌƌĞƉƌĞƐĞŶƚƐĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚƐƵĐŚŝŶĚŝǀŝĚƵĂůƐĂƌĞĚƵůLJĂƵƚŚŽƌŝnjĞĚƚŽ
ĞdžĞĐƵƚĞĂŶĚĚĞůŝǀĞƌƚŚŝƐŐƌĞĞŵĞŶƚŽŶďĞŚĂůĨŽĨŝƚLJŽƌŽŶƚƌĂĐƚŽƌ͘
EŽƚŝĐĞ͗džĐĞƉƚĨŽƌ^ĞƌǀŝĐĞŽĨWƌŽĐĞƐƐŝŶĂůĞŐĂůƉƌŽĐĞĞĚŝŶŐ͕ĂŶLJŶŽƚŝĐĞƐƌĞƋƵŝƌĞĚƚŽďĞŐŝǀĞŶďLJƚŚĞ
WĂƌƚŝĞƐ ƐŚĂůů ďĞ ĚĞůŝǀĞƌĞĚ Ăƚ ƚŚĞ ĂĚĚƌĞƐƐĞƐ ƐĞƚ ĨŽƌƚŚ ďĞůŽǁ͘ ŶLJ ŶŽƚŝĐĞƐ ŵĂLJ ďĞ ĚĞůŝǀĞƌĞĚ
ƉĞƌƐŽŶĂůůLJƚŽƚŚĞĂĚĚƌĞƐƐĞĞŽĨƚŚĞŶŽƚŝĐĞŽƌŵĂLJďĞĚĞƉŽƐŝƚĞĚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŵĂŝů͕ƉŽƐƚĂŐĞ
ƉƌĞƉĂŝĚ͕ƚŽƚŚĞĂĚĚƌĞƐƐƐĞƚĨŽƌƚŚďĞůŽǁ͘ŶLJŶŽƚŝĐĞƐŽƉŽƐƚĞĚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŵĂŝůƐŚĂůůďĞ
ĚĞĞŵĞĚƌĞĐĞŝǀĞĚƚŚƌĞĞ;ϯͿĐĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƚŚĞĚĂƚĞŽĨŵĂŝůŝŶŐ͘ŵĂŝůŶŽƚŝĐĞǁŝůůďĞĚĞĞŵĞĚ
ƌĞĐĞŝǀĞĚƚŚĞĚĂƚĞŽĨƚŚĞĞŵĂŝůƐŽůŽŶŐĂƐƐĞŶƚďĞĨŽƌĞϭϮ͗ϬϬŶŽŽŶŽŶĂďƵƐŝŶĞƐƐĚĂLJ͕ŝĨĂĨƚĞƌϭϮ͗ϬϬ
EŽŽŶŝƚǁŝůůďĞĚĞĞŵĞĚƌĞĐĞŝǀĞĚƚŚĞŶĞdžƚďƵƐŝŶĞƐƐĚĂLJʹĂĐŽƉLJŽĨĞŵĂŝůŶŽƚŝĐĞŵƵƐƚďĞŵĂŝůĞĚĂƐ
ƐĞƚĨŽƌƚŚĂďŽǀĞ͘dŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞĂĚŵŝŶŝƐƚĞƌĞĚďLJĂŶĚĂŶLJŶŽƚŝĐĞƐƐŚŽƵůĚďĞƐĞŶƚƚŽƚŚĞ
ƵŶĚĞƌƐŝŐŶĞĚŝŶĚŝǀŝĚƵĂůƐŽƌƚŚĞŝƌĚĞƐŝŐŶĞĞƐ͘
/dzK&ZEdKE
:ĞŶŶŝĨĞƌ^ƉĞŶĐĞƌ
ϭϬϱϱ^ŽƵƚŚ'ƌĂĚLJtĂLJ
ZĞŶƚŽŶ͕tϵϴϬϱϳ
WŚŽŶĞ͗;ϰϮϱͿϰϯϬͲϲϳϭϲ
ũƐƉĞŶĐĞƌΛƌĞŶƚŽŶǁĂ͘ŐŽǀ
KEdZdKZ
tĂĚĞĂƚĞƐ
ϭϬϬϮĞŶƚƌĂůǀĞE
<ĞŶƚ͕t͕ϵϴϬϯϮ
WŚŽŶĞ͗;ϮϬϲϴϳϴͲϬϮϮϭ
ǁĂĚĞ͘ďĂƚĞƐΛĂǁƉƐĂĨĞƚLJ͘ĐŽŵ
ŶĚƚŽ͗
ŝƚLJůĞƌŬ
ĐŝƚLJĐůĞƌŬΛƌĞŶƚŽŶǁĂ͘ŐŽǀ
͘ ŵĞŶĚŵĞŶƚĂŶĚDŽĚŝĨŝĐĂƚŝŽŶ͘dŚŝƐŐƌĞĞŵĞŶƚŵĂLJďĞĂŵĞŶĚĞĚŽŶůLJďLJĂŶ
ŝŶƐƚƌƵŵĞŶƚŝŶǁƌŝƚŝŶŐ͕ĚƵůLJĞdžĞĐƵƚĞĚďLJďŽƚŚWĂƌƚŝĞƐ͘
͘ ƐƐŝŐŶŵĞŶƚ ĂŶĚ ^ƵďĐŽŶƚƌĂĐƚ͘ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ŶŽƚ ĂƐƐŝŐŶ Žƌ ƐƵďĐŽŶƚƌĂĐƚ ĂŶLJ
ƉŽƌƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚǁŝƚŚŽƵƚƚŚĞŝƚLJŽĨZĞŶƚŽŶ͛ƐƉƌŝŽƌĞdžƉƌĞƐƐǁƌŝƚƚĞŶĐŽŶƐĞŶƚ͘
͘ ŽŵƉůŝĂŶĐĞǁŝƚŚ>ĂǁƐ͘ŽŶƚƌĂĐƚŽƌĂŶĚĂůůŽĨƚŚĞŽŶƚƌĂĐƚŽƌ͛ƐĞŵƉůŽLJĞĞƐƐŚĂůů
ƉĞƌĨŽƌŵƚŚĞtŽƌŬŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĨĞĚĞƌĂů͕ƐƚĂƚĞ͕ĐŽƵŶƚLJĂŶĚĐŝƚLJůĂǁƐ͕ĐŽĚĞƐĂŶĚ
W'ϳK&ϵ
ŽƌĚŝŶĂŶĐĞƐ͘ĐŽƉLJŽĨƚŚŝƐůĂŶŐƵĂŐĞŵƵƐƚďĞŵĂĚĞĂƉĂƌƚŽĨĂŶLJĐŽŶƚƌĂĐƚŽƌŽƌƐƵďĐŽŶƚƌĂĐƚŽƌ
ĂŐƌĞĞŵĞŶƚ͘
͘ ŽŶĨůŝĐƚƐ͘/ŶƚŚĞĞǀĞŶƚŽĨĂŶLJŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶŽŶƚƌĂĐƚŽƌƉƌŽƉŽƐĂůƐĂŶĚ
ƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĞƚĞƌŵƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůƉƌĞǀĂŝů͘
&͘ 'ŽǀĞƌŶŝŶŐ>Ăǁ͘dŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞŵĂĚĞŝŶĂŶĚƐŚĂůůďĞŐŽǀĞƌŶĞĚďLJĂŶĚ
ŝŶƚĞƌƉƌĞƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶ͘
'͘ :ŽŝŶƚƌĂĨƚŝŶŐĨĨŽƌƚ͘dŚŝƐŐƌĞĞŵĞŶƚ ƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĨŽƌĂůůƉƵƌƉŽƐĞƐĂƐ
ƉƌĞƉĂƌĞĚďLJƚŚĞũŽŝŶƚĞĨĨŽƌƚƐŽĨƚŚĞWĂƌƚŝĞƐĂŶĚƐŚĂůůŶŽƚďĞĐŽŶƐƚƌƵĞĚĂŐĂŝŶƐƚŽŶĞƉĂƌƚLJŽƌƚŚĞ
ŽƚŚĞƌĂƐĂƌĞƐƵůƚŽĨƚŚĞƉƌĞƉĂƌĂƚŝŽŶ͕ƐƵďƐƚŝƚƵƚŝŽŶ͕ƐƵďŵŝƐƐŝŽŶŽƌŽƚŚĞƌĞǀĞŶƚŽĨŶĞŐŽƚŝĂƚŝŽŶ͕
ĚƌĂĨƚŝŶŐŽƌĞdžĞĐƵƚŝŽŶ͘
,͘ :ƵƌŝƐĚŝĐƚŝŽŶĂŶĚsĞŶƵĞ͘ŶLJůĂǁƐƵŝƚŽƌůĞŐĂůĂĐƚŝŽŶďƌŽƵŐŚƚďLJĂŶLJƉĂƌƚLJƚŽĞŶĨŽƌĐĞ
ŽƌŝŶƚĞƌƉƌĞƚƚŚŝƐŐƌĞĞŵĞŶƚŽƌĂŶLJŽĨŝƚƐƚĞƌŵƐŽƌĐŽǀĞŶĂŶƚƐƐŚĂůůďĞďƌŽƵŐŚƚŝŶƚŚĞ<ŝŶŐŽƵŶƚLJ
^ƵƉĞƌŝŽƌŽƵƌƚĨŽƌƚŚĞ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶĂƚƚŚĞDĂůĞŶŐZĞŐŝŽŶ Ăů:ƵƐƚŝĐĞĞŶƚĞƌŝŶ<ĞŶƚ͕<ŝŶŐ
ŽƵŶƚLJ͕tĂƐŚŝŶŐƚŽŶ͕ŽƌŝƚƐƌĞƉůĂĐĞŵĞŶƚŽƌƐƵĐĐĞƐƐŽƌ͘ŽŶƚƌĂĐƚŽƌŚĞƌĞďLJĞdžƉƌĞƐƐůLJĐŽŶƐĞŶƚƐƚŽ
ƚŚĞƉĞƌƐŽŶĂůĂŶĚĞdžĐůƵƐŝǀĞũƵƌŝƐĚŝĐƚŝŽŶĂŶĚǀĞŶƵĞŽĨƐƵĐŚĐŽƵƌƚĞǀĞŶŝĨŽŶƚƌĂĐƚŽƌŝƐĂĨŽƌĞŝŐŶ
ĐŽƌƉŽƌĂƚŝŽŶŶŽƚƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶ ͘
/͘ ^ĞǀĞƌĂďŝůŝƚLJ͘ĐŽƵƌƚŽĨĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶ͛ƐĚĞƚĞƌŵŝŶĂƚŝŽŶƚŚĂƚĂŶLJƉƌŽǀŝƐŝŽŶ
ŽƌƉĂƌƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚŝƐŝůůĞŐĂůŽƌƵŶĞŶĨŽƌĐĞĂďůĞƐŚĂůůŶŽƚĐĂŶĐĞůŽƌŝŶǀĂůŝĚĂƚĞƚŚĞƌĞŵĂŝŶĚĞƌ
ŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ǁŚŝĐŚƐŚĂůůƌĞŵĂŝŶŝŶĨƵůůĨŽƌĐĞĂŶĚĞĨĨĞĐƚ͘
:͘ ^ŽůĞĂŶĚŶƚŝƌĞŐƌĞĞŵĞŶƚ͘dŚŝƐŐƌĞĞŵĞŶƚĐŽŶƚĂŝŶƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚŽĨƚŚĞ
WĂƌƚŝĞƐĂŶĚĂŶLJƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐŽƌƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ǁŚĞƚŚĞƌŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚŝŶĐŽƌƉŽƌĂƚĞĚĂƌĞ
ĞdžĐůƵĚĞĚ͘
<͘ dŚŝƌĚͲWĂƌƚLJĞŶĞĨŝĐŝĂƌŝĞƐ͘EŽƚŚŝŶŐŝŶƚŚŝƐŐƌĞĞŵĞŶƚŝƐŝŶƚĞŶĚĞĚƚŽ͕ŶŽƌƐŚĂůůďĞ
ĐŽŶƐƚƌƵĞĚƚŽŐŝǀĞĂŶLJƌŝŐŚƚƐŽƌďĞŶĞĨŝƚƐŝŶƚŚĞŐƌĞĞŵĞŶƚƚŽĂŶLJŽŶĞŽƚŚĞƌƚŚĂŶƚŚĞWĂƌƚŝĞƐ͕ĂŶĚ
ĂůůĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƵŶĚĞƌƚĂŬĞŶƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚǁŝůůďĞĨŽƌƚŚĞƐŽůĞĂŶĚ
ĞdžĐůƵƐŝǀĞďĞŶĞĨŝƚŽĨƚŚĞWĂƌƚŝĞƐĂŶĚŶŽŽŶĞĞůƐĞ͘
>͘ tĂŝǀĞƌƐ͘ůůǁĂŝǀĞƌƐƐŚĂůůďĞŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJƚŚĞǁĂŝǀŝŶŐƉĂƌƚLJ͘ŝƚŚĞƌ
ƉĂƌƚLJ͛ƐĨĂŝůƵƌĞƚŽĞŶĨŽƌĐĞĂŶLJƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚďĞĂǁĂŝǀĞƌĂŶĚƐŚĂůůŶŽƚ
ƉƌĞǀĞŶƚĞŝƚŚĞƌŝƚLJŽƌŽŶƚƌĂĐƚŽƌĨƌŽŵĞŶĨŽƌĐŝŶŐƚŚĂƚƉƌŽǀŝƐŝŽŶŽƌĂŶLJŽƚŚĞƌƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐ
ŐƌĞĞŵĞŶƚŝŶƚŚĞĨƵƚƵƌĞ͘tĂŝǀĞƌŽĨďƌĞĂĐŚŽĨĂŶLJƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚďĞ
ĚĞĞŵĞĚƚŽďĞĂǁĂŝǀĞƌŽĨĂŶLJƉƌŝŽƌŽƌƐƵďƐĞƋƵĞŶƚďƌĞĂĐŚƵŶůĞƐƐŝƚŝƐĞdžƉƌĞƐƐůLJǁĂŝǀĞĚŝŶǁƌŝƚŝŶŐ͘
W'ϴK&ϵ
/E t/dE^^ t,ZK&͕ ƚŚĞ WĂƌƚŝĞƐ ŚĂǀĞ ǀŽůƵŶƚĂƌŝůLJ ĞŶƚĞƌĞĚ ŝŶƚŽ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ĂƐ ŽĨ
ĨĨĞĐƚŝǀĞĂƚĞ͘
/dzK&ZEdKE
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
KEdZdKZ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
DĂƌLJũĂŶĞsĂŶůĞĂǀĞ͕ĚŵŝŶŝƐƚƌĂƚŽƌ
WĂƌŬƐĂŶĚZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚ
tĂĚĞĂƚĞƐ͕WƌŽũĞĐƚDĂŶĂŐĞƌ
ƉƉƌŽǀĞĚĂƐƚŽ>ĞŐĂů&Žƌŵ
ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ
ůLJƚŚĞWŚŝůůŝƉƐ
ƐƐŝƐƚĂŶƚŝƚLJƚƚŽƌŶĞLJ
Approved by Blythe Phillips via 7/11/2025 email
W'ϵK&ϵ
ƚƚĂĐŚŵĞŶƚ
TRAFFIC CONTROL SIGNAGE PLACEMENT:
Contractor shall provide all labor, materials and equipment to complete the following
tasks:
x Every Tuesday, starting on July 15, 2025, through Sept 30, 2025,
Set out traffic signs in accordance with the Traffic Control Plan (TCP)
provided by the City of Renton.
x Set up must be completed each Market Day (Tuesdays), with signs and in place
by 11:30AM (closed by 12pm);
x Signs and any other equipment shall be collected starting no earlier than
8:00 p.m. each Market Day, Tuesday.
JOB LOCATION:
Williams Ave South between S 3 rd Street and S 2nd Street
Renton, WA 98057
SPECIFICATIONS
1. Contractor to be responsible to measure and verify dimensions, site conditions
and other relevant project information.
Signs included in this service for this project are:
x 4ea Road Closed Ahead w/stand
x 4ea Detour Ahead w/stand
x 2ea Detour Arrow Right w/stand
x 4ea detour Arrow Left
Signs to be placed according to the attached Williams Ave S Closure Traffic
Control Plan.
2. Any damage to City property will be repaired and restored to original condition by
the Contractor, at no cost to the City.
3. Contractor shall perform work between the hours of 11:00 a.m. to 8:30 p.m., each
Tuesday between July 15, and September 30, 2025.
4. This project is subject to prevailing wage. Contractor will be required to comply
with the State prevailing wage requirements. The Contractor must file an Intent to
Pay Prevailing Wage at the beginning of the project and an Affidavit of Wages
Paid at the end of the project with the Washington State Department of Labor and
Industries.
Item Description Price UOM Qty/Day Days Total Qty. Total
PW- 2 Person closure set up, M-F up to 8 hours - signs
included
$276.00 Per Hour 5 13 65 $17,940.00
Type III Barricades with signage *$10.00 Per Each 7 13 91 $910.00
$1,380.00
ONE TIME CHARGES
LABOR
SALES TAX (10.1%)
QUOTE TOTAL
TOTAL PER DAY
$0.00
$910.00
$17,940.00
$91.91
$18,941.91
EQUIPMENT
SUBTOTAL $18,850.00
Every Tuesday, starting on July 8, 2025, through Sept 30, 2025.
Set out traffic signs in accordance with the Traffic Control Plan TCP
provided by the City of Renton; Set up must be completed each Market
Day (Tuesdays), with signs and in place by 11:30AM (closed by 12pm);
Signs and any other equipment shall be collected starting no earlier than
8:00 p.m. each Market Day, Tuesday.
Dates of the Farmer's Market are to be, unless otherwise stated, every
Tuesday from July 8 to Sept 30, 13 total days.
Approximately $1,380 per day (sales tax will be applied to the Type III
barricades).
The City of Renton is to coordinate with King County Metro, on the days
of the closure if any traffic will be impacted.
The City of Renton placed the NO PARKING signs out, therefore, NO
PARKING signs are NOT lined out. An addendum will be needed, if the
City of Renton does not provide the NO PARKING signage.
Prevailing Wage Rates applied to quote. Statewide/AWP will file an
Intent to Pay Prevailing Wage at the beginning of the project and an
Affidavit of Wages Paid at the end of the project with the Washington
State Department of Labor and Industries.
FULL-SERVICE OPTIONS INCLUDED IN HOURLY RATE: Flaggers,
Service Truck with Beacons, Standard Flagging Signs: W20-1, W20-4,
W3-4,W20-7, W20-5R, W20-5L, W9-3W4-2r, W4-2l, W1-4r, W1-4l,
SWCA, SWC Arrow; MASH Compliant Stands; and (40ea) 28" Cones.
Adjusted in the field to meet regulations, if necessary.
Flaggers shall remain in constant communication with two-way radios.
Contractor is to coordinate with the flagging crew for breaks (WSDOT
MUTCD requirements for breaks), or an additional flagger will be sent
on site at the expense of the contractor
Signs included in this service for this project are:
4ea Road Closed Ahead w/stand
Note: The * indicates taxable items.
QUOTATION
Quote Date Quote ID
6/23/2025 B2025 FM
Valid Through: 9/30/2025
dba AWP Safety 1002 Central Avenue N
Kent, WA 98032
206-878-0221
Altus Traffic Management, LLC
Job Location:
Williams Ave S Between S 3rd & S 2nd
Renton
Estimated Days: 13
Quote Created By: Wade Bates
Email: JSpencer@Rentonwa.gov
Jennifer Spencer
1055 S. Grady Way
Renton, WA 98057
City of Renton
Phone: 425-430-6606
Initials ______ Page 1 of 2
Company
Accepted By:
Date Date
Signature
Altus Traffic Management, LLC dba AWP Safety
Print Name
Title
Visit Our Website at www.awpsafety.com
6/23/2025
Wade Bates
4ea Detour Ahead w/stand
2ea Detour Arrow Right w/stand
4ea detour Arrow Left
Mobilization is now Port to Port. Mobilization time is an estimate ONLY
and added to the daily labor based on the average time with no traffic
delays. Labor will be billed out at actual time.
Mobilization will be charged out per service vehicle and crew, each day,
based on crew size and/or equipment needed. We will do our best to
reduce the number of mobilizations for larger crews.
Excludes overtime, weekends, holidays, night work, light towers or light
stands, Coring Concrete & Asphalt, Concrete Footing, Grading, and
Survey for Signs, ANY ADA approved pedestrian ramps, permits,
Concrete Barrier, Fencing, Impact Trucks, Attenuators, or Specialty
signs
Traffic Control Supervisor (Hourly), 4 HOUR MIN. Flagger/Protector
(Hourly) 4 hour MINIMUM.
Contractor will need to cancel 2 hours before job start time, or a 4-hour
minimum will be charged for each employee.
Contractor is to coordinate with the flagging crew for breaks (WSDOT
MUTCD for breaks), or an additional flagger will be sent on site to
accommodate; at the expense of the contractor
If necessary, a $250.00 (per hour) minimum delivery and $105.00 (per
hour) minimum pick up with one delivery or pick up within 25 miles of
the branch
Additional delivery rates apply with larger orders and/or distance.
Additional equipment will be billed at a daily rate.
If the Contractor or Sub removes and resets items, they are responsible
for replacing the material damaged
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accompanying this transmission, contains confidential, legally protected
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Initials ______ Page 2 of 2
Quote For: City of Renton - Quote ID: B2025 FM (cont.)
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