00a0399p.06

5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU
)LOH 1DPH DS
81,7('67$7(6&28572)$33($/6
)257+(6,;7+&,5&8,7
BBBBBBBBBBBBBBBBB
'$9,' - 3(57862 .$5(1 $
3(57862
3ODLQWLIIV$SSHOODQWV
Y
)25' 02725 &5(',7
&203$1<
'HIHQGDQW$SSHOOHH
;!

1
1R
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH(DVWHUQ'LVWULFWRI0LFKLJDQDW'HWURLW
1R²'HQLVH3DJH+RRG'LVWULFW-XGJH
$UJXHG0DUFK
'HFLGHGDQG)LOHG1RYHPEHU
%HIRUH1(/621%2**6DQG1255,6&LUFXLW-XGJHV
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' -DPLH 6 )UDQNOLQ 0(,7(6 08/'(5
%85*(5 02//,&$&KLFDJR,OOLQRLVIRU$SSHOODQWV
&DUO + 9RQ (QGH 0,//(5 &$1),(/' 3$''2&.
6721( 'HWURLW 0LFKLJDQ IRU $SSHOOHH 21 %5,()
-DPLH6)UDQNOLQ0LFKDHO00XOGHU7KRPDV50HLWHV

-- 1 of 8 --

3HUWXVRHWDOY)RUG0RWRU&UHGLW&R 1R
0(,7(6 08/'(5 %85*(5 02//,&$ &KLFDJR
,OOLQRLV IRU $SSHOODQWV 7KRPDV * 3DUDFKLQL 'RQDOG -
+XWFKLQVRQ /LQGVD\ / %UD\ 0,//(5 &$1),(/'
3$''2&. 6721('HWURLW0LFKLJDQIRU$SSHOOHH
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
'$9,' $ 1(/621 &LUFXLW -XGJH $IWHU GHFODULQJ
EDQNUXSWF\WKHSODLQWLIIVEURXJKWWKHSUHVHQWDFWLRQDJDLQVWD
VHFXUHG FUHGLWRU WKDW KDG VROLFLWHG D ³UHDIILUPDWLRQ
DJUHHPHQW´IURPWKHPZKLOHWKHEDQNUXSWF\SURFHHGLQJVZHUH
SHQGLQJ7KHSODLQWLIIVVLJQHGWKHDJUHHPHQWDQGFRQWLQXHGWR
UHPLW UHJXODU PRQWKO\ SD\PHQWV WR WKH GHIHQGDQW 7KH
JUDYDPHQRIWKHSODLQWLIIV¶FRPSODLQWZDVWKDWWKHGHIHQGDQW
YLRODWHGWKHDXWRPDWLFVWD\SURYLVLRQFRGLILHGLQ86&
†DVZHOODVYLRODWLQJ86&†DVHFWLRQRIWKH
EDQNUXSWF\ FRGH WKDW JRYHUQV WKH YDOLGLW\ RI UHDIILUPDWLRQ
DJUHHPHQWV
7KH GLVWULFW FRXUW GLVPLVVHG ERWK RI WKHVH FODLPV DORQJ
ZLWK UHODWHG VWDWH ODZ FODLPV 8SRQ GH QRYR UHYLHZ ZH
FRQFOXGHWKDWWKHFKDOOHQJHGMXGJPHQWVKRXOGEHDIILUPHG
,
7KH SODLQWLIIV 5KRGH ,VODQG UHVLGHQWV 'DYLG DQG .DUHQ
3HUWXVRSXUFKDVHGD:LQGVWDUYDQRQZKLFKWKH\REWDLQHG
ILQDQFLQJ WKURXJK WKH GHIHQGDQW )RUG 0RWRU &UHGLW
&RPSDQ\2Q-XO\WKH3HUWXVRVILOHGD&KDSWHU
EDQNUXSWF\SHWLWLRQLQWKH8QLWHG6WDWHV%DQNUXSWF\&RXUWIRU
WKH'LVWULFWRI5KRGH,VODQG7KHEDODQFHUHPDLQLQJRQWKH
YDQZDVOLVWHGDVDVHFXUHGGHEW
:KHQ WKH\ PDGH WKHLU EDQNUXSWF\ ILOLQJ WKH 3HUWXVRV
VXEPLWWHG D ³VWDWHPHQW RI LQWHQW´ SXUVXDQW WR 86&
† $ 7KLV VWDWHPHQW LQIRUPHG WKH FRXUW DQG WKH
FUHGLWRUVWKDWWKH3HUWXVRVLQWHQGHGWRUHDIILUPWKHLUGHEWWR
)RUGLQRUGHUWREHDEOHWRUHWDLQSRVVHVVLRQRIWKHYDQ

-- 2 of 8 --

3HUWXVRHWDOY)RUG0RWRU&UHGLW&R 1R
WKH EDQNUXSWF\ SURFHVV´ 065 ([SORUDWLRQ /WG Y
0HULGLDQ2LO,QF)G WK&LU
7KH3HUWXVRVDUJXHWKDWWKHLUVWDWHODZXQMXVWHQULFKPHQW
FODLPDQGWKHLUFODLPIRUDQDFFRXQWLQJDUHQRWLQFRQVLVWHQW
ZLWKWKH%DQNUXSWF\&RGHDQGWKXVVKRXOGQRWEHGHHPHGWR
KDYHEHHQSUHHPSWHG1RQHRIWKHFDVHVRQZKLFKWKH\UHO\
KRZHYHU LQYROYHG XQMXVW HQULFKPHQW FODLPV :KHUH VXFK
FODLPVKDYHEHHQSUHVHQWHGFRXUWVKDYHW\SLFDOO\KHOGWKHP
WREHSUHHPSWHG6HHHJ%HVVHWWH:/DW
&R[%5DW3HUHLUD%5DW,QUH.QR[
%5 %DQNU1',OO ,QUH/HQLRU
%5 %DQNU1',OO
$V)RUGFRUUHFWO\SRLQWVRXWWKH3HUWXVRV¶VWDWHODZFODLPV
SUHVXSSRVHDYLRODWLRQRIWKH%DQNUXSWF\&RGH3HUPLWWLQJ
DVVHUWLRQRIDKRVWRIVWDWHODZFDXVHVRIDFWLRQWR UHGUHVV
ZURQJV XQGHU WKH %DQNUXSWF\ &RGH ZRXOG XQGHUPLQH WKH
XQLIRUPLW\ WKH &RGH HQGHDYRUV WR SUHVHUYH DQG ZRXOG
³VWDQG>@DVDQREVWDFOHWRWKHDFFRPSOLVKPHQWDQGH[HFXWLRQ
RIWKHIXOOSXUSRVHVDQGREMHFWLYHVRI&RQJUHVV´%LEER
)G DW $FFRUGLQJO\ DQG EHFDXVH &RQJUHVV KDV
SUHHPSWHGWKHILHOGWKH3HUWXVRVPD\QRWDVVHUWWKHVHFODLPV
XQGHUVWDWHODZ
$)),50('
1R 3HUWXVRHWDOY)RUG0RWRU&UHGLW&R
)RUG WKHQ VHQW WKH 3HUWXVRV D OHWWHU SURSRVLQJ D
UHDIILUPDWLRQDJUHHPHQWWKDWDSSHDUVFRQVLVWHQW±RUDWOHDVW
QRWLQFRQVLVWHQW±ZLWKWKH3HUWXVRV¶VWDWHPHQWRILQWHQW7KH
ILUVWSDUDJUDSKRIWKHSURSRVHGDJUHHPHQWEHJDQDVIROORZV
³,Q FRQVLGHUDWLRQ RI )RUG 0RWRU &UHGLW &RPSDQ\¶V
³)RUG &UHGLW´ UHIUDLQLQJ IURP VHHNLQJ %DQNUXSWF\
&RXUWDXWKRUL]DWLRQWRUHWDNHSURSHUW\IURPPHXQGHUWKH
OLHQ RI LWV VHFXULW\ DJUHHPHQW RU H[HUFLVLQJ DQ\ RWKHU
OHJDOULJKWLWPD\SUHVHQWO\KDYHDJDLQVWPHDVSURYLGHG
E\ODZ,KHUHE\UHDIILUPDQGDJUHHWRSD\P\REOLJDWLRQV
WR )RUG &UHGLW DQG WR PDNH PRQWKO\ SD\PHQWV
FRPPHQFLQJRIHDFKXQWLOWKHGHEWKDV
EHHQ VDWLVILHG DFFRUGLQJ WR WKH WHUPV RI WKH RULJLQDO
FRQWUDFW´
,QNHHSLQJZLWK86&† F $ WKHDJUHHPHQW
ZHQW RQ WR SURYLGH WKDW WKH 3HUWXVRV FRXOG UHVFLQG WKHLU
UHDIILUPDWLRQDWDQ\WLPHSULRUWRGLVFKDUJHRUZLWKLQGD\V
DIWHUWKHILOLQJRIWKHDJUHHPHQWZLWKWKHFRXUWZKLFKHYHU
RFFXUUHGODWHU)RUGUHVHUYHGWKHULJKWERWKWRSURFHHGDJDLQVW
WKH3HUWXVRVLIWKH\IDLOHGWRFRPSO\ZLWKWKHWHUPVRIWKH
DJUHHPHQWDQGWRDFFHOHUDWHWKHGHEWLIDQ\LQVWDOOPHQWVKRXOG
QRWEHSDLGZKHQGXHRUZLWKLQWHQGD\VWKHUHDIWHU
$)RUGUHSUHVHQWDWLYHVLJQHGWKHGRFXPHQWEHIRUHLWZDV
VHQWWRWKH3HUWXVRV2Q6HSWHPEHUWKH3HUWXVRVDQG
WKHLU DWWRUQH\ DGGHG WKHLU VLJQDWXUHV 7KH DJUHHPHQW ZDV
UHWXUQHGWR)RUGDQGQRRQHILOHGLWZLWKWKHFRXUW
2Q2FWREHUWKH3HUWXVRVUHFHLYHGWKHLUGLVFKDUJH
LQ EDQNUXSWF\ 7KH UHFRUG LQGLFDWHV WKDW WKH 3HUWXVRV
UHPDLQHGFXUUHQWRQWKHLUSD\PHQWVWR)RUGERWKEHIRUHDQG
DIWHUWKHGLVFKDUJH
%HFRPLQJSHUVXDGHGDWVRPHSRLQWWKDWWKHUHDIILUPDWLRQ
DJUHHPHQW ZDV WKH SURGXFW RI LPSURSHU GHEW FROOHFWLRQ
SUDFWLFHV RQ )RUG¶V SDUW WKH 3HUWXVRV EURXJKW D SXUSRUWHG
FODVV DFWLRQ DJDLQVW )RUG RQ )HEUXDU\ 7KH
FRPSODLQWZKLFKZDVILOHGLQWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRU WKH (DVWHUQ 'LVWULFW RI 0LFKLJDQ DOOHJHG WKDW )RUG

-- 3 of 8 --

3HUWXVRHWDOY)RUG0RWRU&UHGLW&R 1R
URXWLQHO\VROLFLWHGUHDIILUPDWLRQDJUHHPHQWVIURPEDQNUXSW
GHEWRUVWKDWLWIDLOHGWRILOHWKHDJUHHPHQWVLQFRXUWDQGWKDW
DOWKRXJKWKHDJUHHPHQWVZHUHXQHQIRUFHDEOH)RUGXVHGWKHP
WRFROOHFWVXEVWDQWLDOVXPVIURPPHPEHUVRIWKHSXUSRUWHG
FODVV 7KH FRPSODLQW DOOHJHG YLRODWLRQV RI 86&
†† D F DQGDVVHUWHGDVWDWHODZFODLPRI
XQMXVWHQULFKPHQWDQGVRXJKWDQDFFRXQWLQJ
)RUGUHVSRQGHGE\ILOLQJDPRWLRQWRGLVPLVV7KH3HUWXVRV
WKHQVRXJKWOHDYHWRILOHDQDPHQGHGFRPSODLQWLQFRUSRUDWLQJ
D FRS\ RI WKH UHDIILUPDWLRQ DJUHHPHQW $IWHU KHDULQJ
DUJXPHQWDQGZLWKRXWJUDQWLQJFODVVFHUWLILFDWLRQWKHGLVWULFW
FRXUW GHQLHG OHDYH WR ILOH WKH DPHQGHG FRPSODLQW DQG
GLVPLVVHGWKHFDVH7KLVDSSHDOIROORZHG
,,
$ $0(1'0(172)&203/$,17
$VWKH3HUWXVRVFRUUHFWO\SRLQWRXW)HG5&LY3 D
JLYHVSODLQWLIIVDQDEVROXWHULJKWWRDPHQGWKHLUFRPSODLQWRQH
WLPH EHIRUH D ³UHVSRQVLYH SOHDGLQJ´ LV VHUYHG $ 5XOH
E PRWLRQWRGLVPLVVGRHVQRWTXDOLI\DVD³SOHDGLQJ´
VHH)HG5&LY3VRWKH3HUWXVRVZHUHHQWLWOHGWRDPHQG
WKHLUFRPSODLQW7KHGLVWULFWFRXUWWRRNWKHDOOHJDWLRQVRIWKH
DPHQGHG FRPSODLQW LQWR DFFRXQW KRZHYHU DQG ZKLOH WKH
IRUPDOGHQLDORIOHDYHWRDPHQGZDVDQHUURUWKHHUURUZDV
KDUPOHVV LI WKH DPHQGHG FRPSODLQW IDLOHG WR VWDWH D FODLP
XSRQZKLFKUHOLHIFRXOGEHJUDQWHG)RUWKHUHDVRQVH[SODLQHG
EHORZZHFRQFOXGHWKDWWKHFRPSODLQWGLGIDLOWRVWDWHVXFKD
FODLP
% 35,9$7(5,*+72)$&7,2181'(5†
:KHWKHU86&†LPSOLHGO\FUHDWHVDSULYDWHULJKW
RIDFWLRQIRUDQDVVHUWHGYLRODWLRQRIWKHVHFWLRQLVDTXHVWLRQ
RIILUVWLPSUHVVLRQLQWKLVFLUFXLW7KH3HUWXVRVDUJXHWKDW
VXFKDQLPSOLHGULJKWRIDFWLRQGRHVH[LVWDQGDOWHUQDWLYHO\
WKDW † LV HQIRUFHDEOH YLD 86& † 7KH ODWWHU
SURYLVLRQ SHUPLWV FRXUWV WR ³LVVXH DQ\ RUGHU SURFHVV RU
1R 3HUWXVRHWDOY)RUG0RWRU&UHGLW&R
KRZLWFRXOGKDYHYLRODWHG†6HH&R[%5DW
7KHGLVWULFWFRXUW¶VGLFWXPZDVLQRXUYLHZLQFRUUHFW
' 35((037,212)67$7(/$:&/$,06
,Q%LEERY'HDQ:LWWHU5H\QROGV,QF)G WK
&LU ZH GHVFULEHG WKH WKUHH GLIIHUHQW W\SHV RI
SUHHPSWLRQRIVWDWHODZE\IHGHUDOODZXQGHUWKH6XSUHPDF\
&ODXVH86&RQVWDUW9, H[SUHVVSUHHPSWLRQZKLFK
RFFXUVZKHQ&RQJUHVVH[SUHVVHVDQLQWHQWWRSUHHPSWVWDWH
ODZLQWKHODQJXDJHRIWKHVWDWXWH ILHOGSUHHPSWLRQZKHUH
&RQJUHVVLQWHQGVIXOO\WRRFFXS\DILHOGRIUHJXODWLRQDQG
FRQIOLFWSUHHPSWLRQ³ZKHUHLWLVLPSRVVLEOHWRFRPSO\
ZLWKERWKIHGHUDODQGVWDWHODZRUZKHUHVWDWHODZVWDQGVDV
DQREVWDFOHWRWKHDFFRPSOLVKPHQWDQGH[HFXWLRQRIWKHIXOO
SXUSRVHVDQGREMHFWLYHVRI&RQJUHVV´,GDW
6HYHUDOIDFWRUVKLJKOLJKWWKHH[FOXVLYHO\IHGHUDOQDWXUHRI
EDQNUXSWF\SURFHHGLQJV7KH&RQVWLWXWLRQJUDQWV&RQJUHVV
WKH DXWKRULW\ WR HVWDEOLVK ³XQLIRUP /DZV RQ WKH VXEMHFW RI
%DQNUXSWFLHV´86&RQVWDUW,†&RQJUHVVKDVZLHOGHG
WKLV SRZHU E\ FUHDWLQJ FRPSUHKHQVLYH UHJXODWLRQV RQ WKH
VXEMHFWDQGE\YHVWLQJH[FOXVLYHMXULVGLFWLRQRYHUEDQNUXSWF\
PDWWHUVLQWKHIHGHUDOGLVWULFWFRXUWV86&† D
7KHSHUYDVLYHQDWXUHRI&RQJUHVV¶EDQNUXSWF\UHJXODWLRQFDQ
EHVHHQMXVWE\JODQFLQJDWWKH&RGH
³>$@ PHUH EURZVH WKURXJK WKH FRPSOH[ GHWDLOHG DQG
FRPSUHKHQVLYH SURYLVLRQV RI WKH OHQJWK\ %DQNUXSWF\
&RGH86&††HWVHTGHPRQVWUDWHV&RQJUHVV¶V
LQWHQW WR FUHDWH D ZKROH V\VWHP XQGHU IHGHUDO FRQWURO
ZKLFKLVGHVLJQHGWREULQJWRJHWKHUDQGDGMXVWDOORIWKH
ULJKWVDQGGXWLHVRIFUHGLWRUVDQGHPEDUUDVVHGGHEWRUV
DOLNH >)RRWQRWH RPLWWHG@ :KLOH LW LV WUXH WKDW
EDQNUXSWF\ ODZ PDNHV UHIHUHQFH WR VWDWH ODZ DW PDQ\
SRLQWV WKH DGMXVWPHQW RI ULJKWV DQG GXWLHV ZLWKLQ WKH
EDQNUXSWF\ SURFHVV LWVHOI LV XQLTXHO\ DQG H[FOXVLYHO\
IHGHUDO ,W LV YHU\ XQOLNHO\ WKDW &RQJUHVV LQWHQGHG WR
SHUPLWWKHVXSHULPSRVLWLRQRIVWDWHUHPHGLHVRQWKHPDQ\
DFWLYLWLHVWKDWPLJKWEHXQGHUWDNHQLQWKHPDQDJHPHQWRI

-- 4 of 8 --

3HUWXVRHWDOY)RUG0RWRU&UHGLW&R 1R
WKHFDVHVUHOLHGXSRQE\WKH3HUWXVRVWKLVLVQRWDFDVHZKHUH
WKHFUHGLWRUVZHUHKDUDVVHGZLWKSKRQHFDOOVRUEDUUDJHGZLWK
FRUUHVSRQGHQFHWKH\UHFHLYHGDVLQJOHPDLOLQJDQGWKDWZDV
LW
,W ZRXOG EH IDLU WR LQIHU IURP WKH IDFWV DOOHJHG LQ WKH
FRPSODLQWWKDW)RUGGLGQRWLQWHQGWRILOHWKHUHDIILUPDWLRQ
DJUHHPHQW %XW )RUG¶V SODQV LQ WKLV UHJDUG DUH LUUHOHYDQW
JLYHQ WKH IDFWV WKDW WKH 3HUWXVRV ZHUH UHSUHVHQWHG E\ DQ
DWWRUQH\ WKDW WKH\ KDG SUHYLRXVO\ VWDWHG WKHLU LQWHQW WR
UHDIILUP WKH GHEW WKDW WKH UHDIILUPDWLRQ DJUHHPHQW ZDV
UHDVRQDEOH RQ LWV IDFH DQG WKDW )RUG ZDV QRW JXLOW\ RI
KDUUDVVPHQW6HH&R[%5DW,QUH:LOH\%5
%DQNU1',OO ,QUH+ROFRPE%5
%DQNU1',OO ,IWKH3HUWXVRVZHUHLQWHUHVWHGLQ
NQRZLQJZKHWKHUWKHDJUHHPHQWKDGEHHQILOHGLWZRXOGKDYH
EHHQVLPSOHHQRXJKIRUWKHPRUWKHLU DWWRUQH\WRILQGRXW
9LHZHG DV D ZKROH WKH IDFWV DOOHJHG LQ WKH DPHQGHG
FRPSODLQWVLPSO\GRQRWHYLQFHFRQGXFWWKDW³LVFRQWUDU\WR
ZKDWDUHDVRQDEOHSHUVRQZRXOGFRQVLGHUWREHIDLUXQGHUWKH
FLUFXPVWDQFHV´%ULJJV%5DW
'LVWULFW&RXUW¶V)LQGLQJRID†9LRODWLRQ
7KHGLVWULFWFRXUW¶VRSLQLRQFRQWDLQVRQHVRPHZKDWFXULRXV
ZULQNOH$OWKRXJKUHMHFWLQJWKHFODLPWKDW†SURYLGHVD
SULYDWHULJKWRIDFWLRQWKHFRXUWDFNQRZOHGJHGE\ZD\RI
GLFWXP WKDW WKH 3HUWXVRV¶ FRPSODLQW VXIILFLHQWO\ DOOHJHG D
YLRODWLRQ RI WKDW VHFWLRQ 7KH 3HUWXVRV VHL]H RQ WKLV DV
VXSSRUWIRUWKHLUDOOHJDWLRQRIDULJKWWRUHOLHIXQGHU†
6HFWLRQVDQGDSSO\WRGLIIHUHQWWLPHSHULRGVRI
FRXUVH 6HFWLRQ DSSOLHV GXULQJ WKH DXWRPDWLF VWD\
ZKHUHDV † D DSSOLHV SRVWGLVFKDUJH 6HH ,Q UH
/DWDQRZLFK%5Q %DQNU'0DVV
1HYHUWKHOHVVWKH3HUWXVRVEDVHWKHLUFODLPVZLWKUHVSHFWWR
ERWK VHFWLRQV RQ WKH VDPH FRXUVH RI FRQGXFW ± LH WKH
VROLFLWDWLRQRIWKHUHDIILUPDWLRQDJUHHPHQWDQGWKHDFFHSWDQFH
RIWKH3HUWXVRV¶PRQWKO\SD\PHQWV,IDVZHKDYHFRQFOXGHG
WKDWFRXUVHRIFRQGXFWGLGQRWYLRODWH†ZHGRQRWVHH
1R 3HUWXVRHWDOY)RUG0RWRU&UHGLW&R
MXGJPHQW WKDW LV QHFHVVDU\ RU DSSURSULDWH WR FDUU\ RXW WKH
SURYLVLRQVRIWKLVWLWOH´
,Q &RUW Y $VK 86 WKH 6XSUHPH &RXUW
LGHQWLILHGIRXUIDFWRUVWKDWDUHWREHFRQVLGHUHGLQGHWHUPLQLQJ
ZKHWKHUDSULYDWHULJKWRIDFWLRQH[LVWVIRUEUHDFKRIDIHGHUDO
VWDWXWH7KHIDFWRUVWREHFRQVLGHUHGDUHWKHVH ZKHWKHU
WKHSODLQWLIILVDPHPEHURIDFODVVIRUZKRVHVSHFLDOEHQHILW
WKHVWDWXWHZDVHQDFWHG ZKHWKHUWKHUHLVDQ\H[SOLFLWRU
LPSOLFLWLQGLFDWLRQRIFRQJUHVVLRQDOLQWHQWWRFUHDWHRUGHQ\D
SULYDWH UHPHG\ ZKHWKHU D SULYDWH UHPHG\ ZRXOG EH
FRQVLVWHQW ZLWK WKH XQGHUO\LQJ SXUSRVH RI WKH OHJLVODWLYH
VFKHPH DQG ZKHWKHU WKH FDXVH RI DFWLRQ LV RQH
WUDGLWLRQDOO\ UHOHJDWHG WR VWDWH ODZ ,G DW ³7KH PRVW
LPSRUWDQWLQTXLU\´DVWKH&RXUWVXEVHTXHQWO\H[SODLQHGLQ
7RXFKH5RVV &RY5HGLQJWRQ86
³LVZKHWKHU&RQJUHVVLQWHQGHGWRFUHDWHWKHSULYDWHUHPHG\
VRXJKWE\WKHSODLQWLIIV´
:HDUHQRWWRLQIHUWKHH[LVWHQFHRISULYDWHULJKWVRIDFWLRQ
KDSKD]DUGO\8QGHU7RXFKH5RVVWKHUHFRJQLWLRQRIDSULYDWH
ULJKWRIDFWLRQUHTXLUHVDIILUPDWLYHHYLGHQFHRIFRQJUHVVLRQDO
LQWHQW LQ WKH ODQJXDJH DQG SXUSRVH RI WKH VWDWXWH RU LQ LWV
OHJLVODWLYHKLVWRU\6HH7&*'HWURLWY&LW\RI'HDUERUQ
)G WK&LU :LWKFRQJUHVVLRQDOLQWHQWDV
WKHWRXFKVWRQHWKHQZHWXUQWRWKHODQJXDJHDQGSXUSRVHRI
†LWVOHJLVODWLYHKLVWRU\DQGFRXUWGHFLVLRQVLQWHUSUHWLQJ
WKHVHFWLRQ
86&†
6XEVHFWLRQ D SURYLGHVWKDWDGLVFKDUJH³RSHUDWHVDV
DQLQMXQFWLRQDJDLQVWWKHFRPPHQFHPHQWRUFRQWLQXDWLRQRI
DQDFWLRQWKHHPSOR\PHQWRISURFHVVRUDQDFWWRFROOHFW
UHFRYHURURIIVHWDQ\VXFKGHEWDVDSHUVRQDOOLDELOLW\RIWKH
GHEWRUZKHWKHURUQRWGLVFKDUJHRIVXFKGHEWLVZDLYHG´7KH
REYLRXVSXUSRVHLVWRHQMRLQWKHSURVFULEHGFRQGXFW±DQGWKH
WUDGLWLRQDO UHPHG\ IRU YLRODWLRQ RI DQ LQMXQFWLRQ OLHV LQ
FRQWHPSWSURFHHGLQJVQRWLQDODZVXLWVXFKDVWKLVRQH

-- 5 of 8 --

3HUWXVRHWDOY)RUG0RWRU&UHGLW&R 1R
7KHRWKHUVXEVHFWLRQRQZKLFKWKH3HUWXVRVUHO\† F
GRHVQRWSURVFULEHDQ\FRQGXFWDWDOOLWPHUHO\VHWVIRUWKWKH
FRQGLWLRQV XQGHU ZKLFK D UHDIILUPDWLRQ DJUHHPHQW LV
HQIRUFHDEOH7KHFRQVHTXHQFHRIQRWPHHWLQJWKHFRQGLWLRQV
LVWKDWWKHDJUHHPHQWLVXQHQIRUFHDEOH$FFRUGLQJO\LQRXU
YLHZWKHODQJXDJHRI† F OLNHWKDWRI† D GRHV
QRWVXJJHVWDOHJLVODWLYHLQWHQWWRSURYLGHDSULYDWHULJKWRI
DFWLRQRIWKHVRUWDVVHUWHGE\WKH3HUWXVRV
7XUQLQJWROHJLVODWLYHKLVWRU\WKH3HUWXVRVFODLPVXSSRUW
IRUWKHLUSRVLWLRQRQWKHEDVLVRIWKHIROORZLQJODQJXDJHLQD
+RXVH5HSRUW
³>8@QVXVSHFWLQJ GHEWRUV DUH OHG LQWR ELQGLQJ
UHDIILUPDWLRQVDQGWKHEHQHILFLDOHIIHFWVRIDEDQNUXSWF\
GLVFKDUJHDUHXQGRQH7KHDGYDQWDJHVVRSKLVWLFDWHGDQG
H[SHULHQFHGFUHGLWRUVKDYHRYHUXQVRSKLVWLFDWHGGHEWRUV
LQ WKLV DUHD VWLOO UHPDLQ 7KH XQHTXDO EDUJDLQLQJ
SRVLWLRQ RI GHEWRUV DQG FUHGLWRUV DQG WKH FUHGLWRUV¶
VXSHULRUH[SHULHQFHLQEDQNUXSWF\PDWWHUVVWLOOOHDG WR
UHDIILUPDWLRQV WRR IUHTXHQWO\ 7R WKH H[WHQW WKDW
UHDIILUPDWLRQVDUHHQIRUFHDEOHWKHIUHVKVWDUWJRDORIWKH
EDQNUXSWF\ ODZV LV LPSDLUHG´ +5 5HS 1R
WK &RQJ VW 6HVV UHSULQWHG LQ
86&&$1
,JQRUHG E\ WKH 3HUWXVRV KRZHYHU LV WKH IDFW WKDW WKLV
ODQJXDJHDFFRPSDQLHGDYHUVLRQRI+5WKDWZDVQRW
HQDFWHGLQWRODZ7KH+RXVH5HSRUWPDNHVLWFOHDUWKDWWKH
ELOO XQGHU GLVFXVVLRQ ZRXOG KDYH SURKLELWHG UHDIILUPDWLRQ
DJUHHPHQWVDOWRJHWKHU³7KHELOOPDNHVYRLGDQ\DJUHHPHQW
WKDW FRQWDLQV D UHDIILUPDWLRQ RI D GLVFKDUJHG GHEW DQG
SURKLELWVDFUHGLWRUIURPHQWHULQJLQWRVXFKDQDJUHHPHQW´
,GDW7KHELOOWKDWZDV HQDFWHGRQWKHRWKHUKDQG
DOORZV IRU UHDIILUPDWLRQ DJUHHPHQWV ZLWKLQ WKH OLPLWV
SUHVFULEHGE\† F 7KHKLVWRU\RQZKLFKWKH3HUWXVRV
UHO\WKXVGRHVOLWWOHWRDGYDQFHWKHLUFDXVH
:KDW &RQJUHVV VXEVHTXHQWO\ IDLOHG WR GR ZLWK UHJDUG WR
† VKHGV UDWKHU PRUH OLJKW RQ WKH OHJLVODWXUH¶V LQWHQW
&RQJUHVVDPHQGHGWKH%DQNUXSWF\&RGHLQWRSURYLGH
1R 3HUWXVRHWDOY)RUG0RWRU&UHGLW&R
DFFHSWDQFHRISD\PHQWZKHQWKHUHTXHVWKDVEHHQKRQRUHG
7KHSURWHFWLRQVRI† F WKHFRXUW¶VFRQWHPSWSRZHUDQG
WKHGHEWRU¶VSULYLOHJHRIUHVFLQGLQJWKHDJUHHPHQWDOODIIRUG
SURWHFWLRQ DJDLQVW H[SORLWDWLRQ DQG ZH DUH DZDUH RI QR
FDVHODZVTXDUHO\KROGLQJWKDWYROXQWDU\SD\PHQWVPD\QHYHU
EHDFFHSWHGGXULQJWKHVWD\
0LVFKDUDFWHUL]DWLRQRIWKH/DZ
7KH 3HUWXVRV PDLQWDLQ WKDW WKH UHDIILUPDWLRQ OHWWHU ZDV
PLVOHDGLQJEHFDXVHLWUHSUHVHQWHGWKDW)RUGFRXOGVHL]HWKH
YDQLIWKHSODLQWLIIVGLGQRWVLJQWKHDJUHHPHQW7KH3HUWXVRV
DFNQRZOHGJHWKDWDFLUFXLWVSOLWH[LVWVRQWKLVLVVXH&RPSDUH
,QUH3DUNHU)G WK&LU FHUWGHQLHG
86 KROGLQJ WKDW GHEWRU FDQ UHWDLQ
FROODWHUDOZLWKRXWUHDIILUPDWLRQDVORQJDVUHTXLUHGSD\PHQWV
DUHFRQWLQXHG ZLWK,QUH%XUU)G VW&LU
UHFRJQL]LQJWKDWFUHGLWRUPD\VHL]HFROODWHUDODEVHQW
UHDIILUPDWLRQ
,W LV VLJQLILFDQW ZH WKLQN WKDW WKH %XUU GHFLVLRQ FRPHV
IURPWKHYHU\MXULVGLFWLRQLQZKLFKWKH3HUWXVRVUHVLGH7KHUH
ZDV QR )LUVW &LUFXLW FDVHODZ FRQWUDGLFWLQJ )RUG¶V
UHSUHVHQWDWLRQDWWKHWLPHWKHUHSUHVHQWDWLRQZDVPDGHDQG
WKH)LUVW&LUFXLW¶VVXEVHTXHQWGHFLVLRQLQ%XUUYDOLGDWHGWKH
SRVLWLRQ)RUGWRRNZLWKWKH3HUWXVRV)RUGKDG³DSODXVLEOH
OHJDOWKHRU\HVWDEOLVKLQJWKHH[LVWHQFHRIWKHDVVHUWHGULJKW´
%ULJJV%5DWDQGWKH3HUWXVRV¶VHFRQGDUJXPHQW
IDLOVIRUWKDWUHDVRQ
,QWHQW1RWWR)LOH$JUHHPHQW
6WULSSHGRILWVUKHWRULFWKH3HUWXVRV¶FRPSODLQWDOOHJHVWKDW
D )RUGVROLFLWHGDUHDIILUPDWLRQDJUHHPHQW E )RUGGLGQRW
ILOHWKHVLJQHGDJUHHPHQWLQFRXUW F )RUGKDVDSUDFWLFHRI
QRW ILOLQJ VXFK DJUHHPHQWV G )RUG IDLOHG WR LQIRUP WKH
3HUWXVRVWKDWWKHDJUHHPHQWKDGQRWEHHQILOHGDQG H WKH
3HUWXVRVFRQWLQXHGPDNLQJWKHLUPRQWKO\SD\PHQWVSXUVXDQW
WRWKHDJUHHPHQW$EVHQWIURPWKHFRPSODLQWLVDQ\DOOHJDWLRQ
WKDW)RUGHQJDJHGLQDQ\FRQWDFWZLWKWKH3HUWXVRVDVLGHIURP
WKHRQHWLPHVROLFLWDWLRQRIWKHDJUHHPHQW8QOLNHVRPHRI

-- 6 of 8 --

3HUWXVRHWDOY)RUG0RWRU&UHGLW&R 1R
†:HEHOLHYHWKDW%ULJJVVHUYHVDVDXVHIXOJXLGHKHUH
D FRXUVH RI FRQGXFW YLRODWHV † D LI LW ³ FRXOG
UHDVRQDEO\EHH[SHFWHGWRKDYHDVLJQLILFDQWLPSDFWRQWKH
GHEWRU V GHWHUPLQDWLRQ DV WR ZKHWKHU WR UHSD\ DQG LV
FRQWUDU\WRZKDWDUHDVRQDEOHSHUVRQZRXOGFRQVLGHUWREHIDLU
XQGHUWKHFLUFXPVWDQFHV´%ULJJV%5DW
7KH3HUWXVRVDGYDQFHIRXUDUJXPHQWVLQVXSSRUWRIWKHLU
DVVHUWLRQWKDW†ZDVYLRODWHGKHUH )RUGUHTXLUHGWKH
SODLQWLIIVWRPDNHWKHLUILUVWSD\PHQWXQGHUWKHUHDIILUPDWLRQ
DJUHHPHQWGXULQJWKHWLPHZKHQWKHDXWRPDWLFVWD\ZDVLQ
HIIHFW )RUGOHGWKHSODLQWLIIVWREHOLHYHWKDWLWFRXOGVHL]H
WKH YDQ QRWZLWKVWDQGLQJ WKDW WKHUH LV D FLUFXLW VSOLW RQ WKH
H[LVWHQFHRIDULJKWRIVHL]XUH )RUGLQWHQWLRQDOO\IDLOHGWR
ILOHWKHUHDIILUPDWLRQDJUHHPHQWDQGFRQFHDOHGWKHIDFWWKDW
WKHDJUHHPHQWKDGQRWEHHQILOHGDQG WKHGLVWULFWFRXUW¶V
REVHUYDWLRQWKDWWKHSODLQWLIIVZRXOGKDYHVWDWHGDFODLPXQGHU
† LI WKDW VHFWLRQ SURYLGHG D SULYDWH ULJKW RI DFWLRQ
VXSSRUWVWKHYLHZWKDWUHOLHIVKRXOGEHDYDLODEOHXQGHU†
:HVKDOOH[DPLQHHDFKRIWKHVHDUJXPHQWVLQWXUQ
3D\PHQW'XULQJWKH$XWRPDWLF6WD\
&KDUDFWHUL]LQJ )RUG¶V FRPPXQLFDWLRQ DV D WKUHDW WR
DFFHOHUDWH WKH LQGHEWHGQHVV LI WKH 3HUWXVRV IDLOHG WR PDNH
WLPHO\SD\PHQWVWKH3HUWXVRVFRQWHQGWKDWWKHLUVLJQDWXUHRQ
WKHDJUHHPHQWREOLJDWHGWKHPWRPDNHSD\PHQWVGXULQJWKH
DXWRPDWLFVWD\LQFRQWUDYHQWLRQRI†)RUG¶VUHVSRQVH
EHJLQVZLWKWKHSURSRVLWLRQWKDWDVHFXUHGFUHGLWRUKDVDULJKW
WRVROLFLWDUHDIILUPDWLRQDJUHHPHQW6HH,QUH'XNH)G
DW7KH3HUWXVRVGRQRWGLVDJUHH5DWKHU WKH\GUDZD
GLVWLQFWLRQEHWZHHQVROLFLWLQJDUHDIILUPDWLRQDJUHHPHQWDQG
FROOHFWLQJSD\PHQWVXQGHULW:HEHOLHYHKRZHYHUWKDWD
VHFXUHGFUHGLWRU¶VDFFHSWDQFHRIYROXQWDU\SD\PHQWVGRHVQRW
UXQDIRXORIWKHDXWRPDWLFVWD\DVORQJDVWKHSD\PHQWVKDYH
QRWEHHQLQGXFHGLPSURSHUO\,I³PHUHUHTXHVWVIRUSD\PHQW
DUHQRWEDUUHGDEVHQWFRHUFLRQRUKDUDVVPHQWE\WKHFUHGLWRU´
0RUJDQ*XDU7UXVW&RY$PHULFDQ6DY /RDQ)G
Q WK&LU FHUWGHQLHG86
LW LV KDUG WR VHH DQ\WKLQJ SUREOHPDWLF LQ WKH
1R 3HUWXVRHWDOY)RUG0RWRU&UHGLW&R
DQH[SUHVVULJKWRIDFWLRQXQGHUWKHDXWRPDWLFVWD\SURYLVLRQ
RI 86& † K 3XE / † ,W GLG VR
EHFDXVHUHOLDQFHRQWKHFRQWHPSWSRZHUWRUHPHG\YLRODWLRQV
RI†KDGEHHQZLGHO\FULWLFL]HG6HH3HWHUVRQY:HOOV
)DUJR%DQNBB)6XSSGBB:/DW Q
('&DO$XJ &RQJUHVVDPHQGHG†DWWKH
VDPHWLPHLWDPHQGHG†EXWQRSULYDWHULJKWRIDFWLRQ
ZDVDGGHGLQ†7KHFRQWUDVWZHWKLQNLVLQVWUXFWLYH
/RZHUFRXUWVDGGUHVVLQJWKHTXHVWLRQRIZKHWKHUWKHUHLVDQ
LPSOLHGULJKWRIDFWLRQXQGHU†KDYHUHDFKHGFRQIOLFWLQJ
UHVXOWV 7KH PRUH SHUVXDVLYHO\ UHDVRQHG RSLQLRQV LQ RXU
MXGJPHQWDUHWKRVHKROGLQJWKDWQRVXFKULJKWRIDFWLRQH[LVWV
6HHHJ3HWHUVRQ:/7UDQVDPHULFD)LQ
6HUYV Y 'DQQH\ :/ ' 0H 'HF
&R[Y=DOH'HODZDUH,QF%5 1',OO
3HUHLUDY)LUVW1RUWK$PHULFDQ1DW¶O%DQN%5
1'*D &RVWDY:HOFK%5 %DQNU
('&DO 5H\HV Y )&& 1DW¶O %DQN %5
%DQNU'5, ,QUH+ROFRPE%5 %DQNU
1',OO
2SLQLRQVUHFRJQL]LQJDSULYDWHULJKWRIDFWLRQ±VHHHJ
0ROOR\Y3ULPXV$XWRPRWLYH)LQ6HUYV%5 &'
&DO 0DORQHY1RUZHVW)LQ&DO,QF%5
('&DO 5RJHUVY1DWLRQV&UHGLW)LQ6HUYV&RUS
%5 1'&DO ±KDYHJRQHDVWUD\LWVHHPVWR
XVE\IRFXVLQJRQWKH&RUWIDFWRUVWRWKHQHJOHFWRI7RXFKH
5RVV VHH 0DORQH %5 DW DQG E\ LJQRULQJ RU
XQGHUVWDWLQJWKHLPSRUWDQFHRIWKHDPHQGPHQWV 6HH
5RJHUV%5DW
,Q.HOYLQ3XEOLVKLQJ,QFY$YRQ3ULQWLQJ&R,QF
:/ WK&LU XQSXEOLVKHG ZHKHOGWKDW
86&†ZKLFKJRYHUQVDGHEWRU¶VXVHRIFDVKFROODWHUDO
GRHVQRWSURYLGHDSULYDWHULJKWRIDFWLRQ,QUHDFKLQJWKLV
GHFLVLRQ ZH ZHUH LQIOXHQFHG E\ WKH IDFW WKDW WKH
DPHQGPHQWVFUHDWHGDSULYDWHULJKWRIDFWLRQZLWKUHVSHFWWR
† K EXWIDLOHGWRGRVRZLWKUHVSHFWWR†ZKLFKZDV
DPHQGHGDWWKHVDPHWLPH$VZHKDYHDOUHDG\VXJJHVWHGWKH

-- 7 of 8 --

3HUWXVRHWDOY)RUG0RWRU&UHGLW&R 1R
7KH &RXUW RI $SSHDOV IRU WKH )LUVW &LUFXLW UHFHQWO\ FRQFOXGHG WKDW
† PD\ EH HQIRUFHG E\ D GLVWULFW FRXUW WKURXJK † ZLWKRXW D
FRQWHPSW SURFHHGLQJ KDYLQJ EHHQ EURXJKW LQ WKH EDQNUXSWF\ FRXUW
HYHQWVRIDUHUHOHYDQWWR RXU SUHVHQWLQTXLU\DVZHOO
&RQJUHVV NQHZ WKDW FRXUWV ZHUH HQIRUFLQJ † WKURXJK
FRQWHPSWSURFHHGLQJVDQG&RQJUHVVNQHZKRZWRFUHDWHD
SULYDWHULJKWRIDFWLRQZKHQLWZLVKHGWRGRVREXWLQWKLV
LQVWDQFHLWHOHFWHGWRGRQRWKLQJ$VZLWK†ZHGRQRW
EHOLHYHWKDWWKHIDLOXUHWRSURYLGHIRUDSULYDWHULJKWRIDFWLRQ
LQFRQQHFWLRQZLWK†ZDVDFFLGHQWDO
&RQJUHVV LV FXUUHQWO\ FRQVLGHULQJ EDQNUXSWF\ UHIRUP
LQFOXGLQJDSURSRVHGDPHQGPHQWWKDWZRXOGSURYLGHDSULYDWH
ULJKW RI DFWLRQ XQGHU † 6HH +5 † WK
&RQJG6HVV ,I&RQJUHVVXOWLPDWHO\DFFHSWVSROLF\
DUJXPHQWVRIWKHVRUWDGYDQFHGE\WKH3HUWXVRVDQGLIWKH
3UHVLGHQWVLJQVWKHELOOWKHUHZLOOLQIXWXUHEHDQH[SUHVVULJKW
RI DFWLRQ ZLWK UHVSHFW WR † 8QGHU WKH ODZ DV LW QRZ
VWDQGVKRZHYHUZHKDYHQRKHVLWDQF\LQMRLQLQJWKRVHFRXUWV
DFOHDUPDMRULW\ WKDWKDYHKHOG† GRHVQRWLPSOLHGO\
FUHDWHDSULYDWHULJKWRIDFWLRQ
86&†
$V WR WKH DUJXPHQW WKDW YLRODWLRQV RI † PD\ EH
UHPHGLHGSXUVXDQWWR† WKHVHFWLRQWKDWDXWKRUL]HVFRXUWV
WR³LVVXHDQ\RUGHUSURFHVVRUMXGJPHQWWKDWLVQHFHVVDU\RU
DSSURSULDWH WR FDUU\ RXW WKH SURYLVLRQV RI WKLV WLWOH´ ZH
UHMHFWHGDVLPLODUDUJXPHQWLQ.HOYLQ,QKROGLQJWKDW†
FRXOG QRW EH LQYRNHG WR UHPHG\ EUHDFKHV RI † ZH
H[SUHVVHGRXUVHOYHVDVIROORZV
³>:@HGRQRWUHDG†DVFRQIHUULQJRQFRXUWVVXFK
EURDG UHPHGLDO SRZHUV 7KH μSURYLVLRQV RI WKLV WLWOH¶
VLPSO\GHQRWHDVHWRIUHPHGLHVIL[HGE\&RQJUHVV$
FRXUWFDQQRWOHJLVODWHWRDGGWRWKHP´.HOYLQ:/
DW
7KLVUHPDLQVRXUYLHZ
1R 3HUWXVRHWDOY)RUG0RWRU&UHGLW&R
%HVVHWWH Y $YFR )LQ 6HUYV ,QF BB )G BB :/ VW &LU
2FW $FNQRZOHGJLQJ WKDW ³† GRHV QRW LWVHOI FUHDWH D
SULYDWH ULJKW RI DFWLRQ´ WKH %HVVHWWH FRXUW ZHQW RQ WR VD\ WKDW ³D FRXUW
PD\ LQYRNH † D μLI WKH HTXLWDEOH UHPHG\ XWLOL]HG LV GHPRQVWUDEO\
QHFHVVDU\ WR SUHVHUYH D ULJKW HOVHZKHUH SURYLGHG LQ WKH &RGH ¶´ ,G
DW TXRWLQJ 1RRQDQ Y 6HFUHWDU\ RI ++6 ,Q UH /XGORZ +RVS 6RF¶\
,QF )G VW &LU
7R WKH H[WHQW WKDW %HVVHWWH PD\ EH LQ WHQVLRQ ZLWK .HOYLQ ZH DGKHUH
WR WKH ODWWHU FDVH 6HFWLRQ XQGRXEWHGO\ YHVWV EDQNUXSWF\ FRXUWV ZLWK
VWDWXWRU\ FRQWHPSW SRZHUV EXW LW ³GRHV QRW DXWKRUL]H WKH EDQNUXSWF\
FRXUWV WR FUHDWH VXEVWDQWLYH ULJKWV WKDW DUH RWKHUZLVH XQDYDLODEOH XQGHU
DSSOLFDEOH ODZ ´ 8QLWHG 6WDWHV Y 6XWWRQ )G WK
&LU FLWLQJ 6RXWKHUQ 5\ &R Y -RKQVRQ %URQ]H &R )G
G &LU
& &/$,0681'(5†
6HFWLRQ D RI WKH %DQNUXSWF\ &RGH FUHDWHV DQ
³DXWRPDWLFVWD\´ZKLFKDPRQJRWKHUWKLQJVSUHFOXGHVWKH
FUHGLWRUIURPVHHNLQJWRREWDLQSURSHUW\RIWKHHVWDWHRUIURP
DVVHVVLQJ RU FROOHFWLQJ RQ D SUHSHWLWLRQ FODLP DJDLQVW WKH
GHEWRU86&† D DQG 7KHVWD\SURYLVLRQ
³JLYHVWKHGHEWRUDEUHDWKLQJVSHOO´DQG³VWRSVDOOFROOHFWLRQ
HIIRUWVDOOKDUDVVPHQWDQGDOOIRUHFORVXUHDFWLRQV´-DYHQVY
&LW\ RI +D]HO 3DUN )G WK &LU
TXRWLQJ+55HS1RDW 'HEWRUVFDQ
UHPHG\D³ZLOOIXOYLRODWLRQ´RIWKHDXWRPDWLFVWD\WKURXJK
† K ZKLFK&RQJUHVVDGGHGLQ
&RXUWV FRQVLGHULQJ † FODLPV KDYH UHFRJQL]HG WKDW
WDNHQ WR LWV ORJLFDO H[WUHPH WKLV VHFWLRQ FRXOG EH UHDG DV
SURKLELWLQJ DOO FRQWDFWV EHWZHHQ FUHGLWRUV DQG GHEWRUV
LQFOXGLQJFRQWDFWVUHJDUGLQJUHDIILUPDWLRQDJUHHPHQWV6HH
,QUH'XNH)G WK&LU ,QUH%ULJJV
%5 %DQNU('0LFK 6XFKDUHDGLQJ
ZRXOG REYLRXVO\ XQGHUPLQH † F ZKLFK SHUPLWV
UHDIILUPDWLRQDJUHHPHQWV7KH6HYHQWK&LUFXLWKDVFRQFOXGHG
WKDW † LV QRW DXWRPDWLFDOO\ YLRODWHG E\ VHQGLQJ D
UHDIILUPDWLRQOHWWHUWRDGHEWRUVHH'XNH)GDW
DQG ZH DJUHH ZLWK WKDW FRQFOXVLRQ 6RPHWKLQJ PRUH WKDQ
PHUHFRQWDFWPXVWEHDOOHJHGLQRUGHUWRVWDWHDFODLPXQGHU

-- 8 of 8 --