           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 DS




81,7('67$7(6&28572)$33($/6
                   )257+(6,;7+&,5&8,7
                     BBBBBBBBBBBBBBBBB


 81,7(' 67$7(6 2) $0(5,&$        ;
           3ODLQWLII$SSHOOHH     
                                   
                                     1R
           Y                      
                                    !
                                   
 .((1$1 .(67(5 &2),(/'            
         'HIHQGDQW$SSHOODQW 
                                 1
       $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
  IRUWKH(DVWHUQ'LVWULFWRI7HQQHVVHHDW&KDWWDQRRJD
    1Rn7KRPDV*+XOO'LVWULFWsXGJH
                    $UJXHG2FWREHU
            'HFLGHGDQG)LOHG1RYHPEHU
 %HIRUH0$57,1&KLHIsXGJH1255,6&LUFXLWsXGJH
             )25(67(5'LVWULFWsXGJH

                       BBBBBBBBBBBBBBBBB
                             &2816(/
$5*8('.HYLQ06FKDG6&+$'%8'$	 &22.
&LQFLQQDWL 2KLR IRU $SSHOODQW  *X\ : %ODFNZHOO
$66,67$1781,7('67$7(6$77251(<*UHHQHYLOOH

    
     7KH +RQRUDEOH .DUO 6 )RUHVWHU 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH
(DVWHUQ 'LVWULFW RI .HQWXFN\ VLWWLQJ E\ GHVLJQDWLRQ



                                   
     8QLWHG6WDWHVY&RILHOG                       1R

7HQQHVVHH IRU $SSHOOHH  21 %5,()  .HYLQ 0 6FKDG
6&+$'%8'$	&22.&LQFLQQDWL2KLRIRU$SSHOODQW
*X\ : %ODFNZHOO $66,67$17 81,7(' 67$7(6
$77251(<*UHHQHYLOOH7HQQHVVHHIRU$SSHOOHH
                     BBBBBBBBBBBBBBBBB
                         23,1,21
                     BBBBBBBBBBBBBBBBB
  %2<&()0$57,1s5&KLHIsXGJH.HHQDQ.HVWHU
&RILHOG DSSHDOV WKH UHYRFDWLRQ RI KLV VXSHUYLVHG UHOHDVH
LPSRVHGDIWHUKLVFRQYLFWLRQIRUZLUHIUDXGLQYLRODWLRQ
RI86&)RUWKHIROORZLQJUHDVRQVZH$)),50
WKHGLVWULFWFRXUWjVUHYRFDWLRQRIVXSHUYLVHGUHOHDVH
                                 ,
   &RILHOGLVDmVFDPDUWLVWlZKRDWWHPSWHGWRH[WRUWPRQH\
IURPWKH&KDWWDQRRJD7LPHVLQDIDOVHRELWXDU\VFKHPHLQ
  8QLWHG 6WDWHV Y &RILHOG 1R   :/
 DW  WK &LU $SU   SHU FXULDP  ,Q
)HEUXDU\RIWKDW\HDUKHKDGDIULHQGSKRQHLQQRWLFHRIKLV
GHDWK WR WKH QHZVSDSHU ZKLFK SXEOLVKHG DQ RELWXDU\ IRU
&RILHOG VKRUWO\ WKHUHDIWHU  &RILHOG VHQW D PDLOJUDP WR WKH
7LPHVRQ)HEUXDU\ERWKDGYLVLQJWKHQHZVSDSHUWKDWKH
ZDV DOLYH DQG GHPDQGLQJ FRPSHQVDWLRQ IRU WKH PHQWDO
DQJXLVKWKHRELWXDU\KDGFDXVHGKLPDQGKLVIDPLO\+HWKHQ
VXHGWKH7LPHVDQGVHYHQRILWVHPSOR\HHVIRUGHIDPDWLRQDQG
LQWHQWLRQDOLQIOLFWLRQRIHPRWLRQDOGLVWUHVV+HODWHURIIHUHG
WRVHWWOHWKHFODLPVIRUWKHQHZVSDSHUFKRVHWRILJKW
WKHPDQGVSHQWLQOHJDOIHHVWRGRVR2Q0D\
DMXU\FRQYLFWHG&RILHOGRIWKHFULPLQDOFKDUJHVDULVLQJ
IURPWKLVVFKHPHLQYLRODWLRQRI86&WKHIHGHUDO
ZLUH IUDXG VWDWXWH  $W &RILHOGjV VHQWHQFLQJ KHDULQJ WKH
GLVWULFW FRXUW RUDOO\ SURQRXQFHG D VHQWHQFH RI ILYH \HDUV
LQFDUFHUDWLRQ7KHZULWWHQMXGJPHQWDQGFRPPLWPHQWRUGHU
UHIOHFWHGDVHQWHQFHRIILYH\HDUVLQSULVRQSOXVWKUHH\HDUVRI
VXSHUYLVHGUHOHDVHDQGDQRUGHUWRSD\LQUHVWLWXWLRQ
WRWKH&KDWWDQRRJD7LPHV
1R                       8QLWHG6WDWHVY&RILHOG       

  7KLVFRXUWDIILUPHG&RILHOGjVZLUHIUDXGFRQYLFWLRQZKLFK
KHDSSHDOHGLQ6HHLGDW&RILHOGKDVDOVRILOHG
QXPHURXVPRWLRQVFRQVWUXHGDVKDYLQJEHHQILOHGXQGHU
86&   UDLVLQJ WULDO DQG VHQWHQFLQJ LVVXHV  7KH
GLVWULFW FRXUW KDV GHQLHG WKHVH PRWLRQV DQG WKLV FRXUW KDV
DIILUPHGWKHGHQLDOV6HH&RILHOGY8QLWHG6WDWHV1R
:/WK&LU0D\SHUFXULDP
&RILHOGY8QLWHG6WDWHV1R:/WK
&LU 2FW   SHU FXULDP  8SRQ KLV GLVFKDUJH IURP
SULVRQ &RILHOG EHJDQ VHUYLQJ KLV WKUHH\HDU WHUP RI
VXSHUYLVHG UHOHDVH  2Q 0DUFK   WKH GLVWULFW FRXUW
IRXQG WKDW KH YLRODWHG ILYH FRQGLWLRQV RI KLV VXSHUYLVHG
UHOHDVHDQGUHYRNHGLWVHQGLQJKLPEDFNWRSULVRQIRUDQRWKHU
WZR\HDUV
                                ,,
  ,QRUGHUWRUHYRNHVXSHUYLVHGUHOHDVHWKHVHQWHQFLQJFRXUW
PXVWILQGE\DSUHSRQGHUDQFHRIWKHHYLGHQFHWKDWDGHIHQGDQW
KDVYLRODWHGDFRQGLWLRQRIKLVVXSHUYLVHGUHOHDVH6HH8QLWHG
6WDWHVY/RZHQVWHLQ)GWK&LU2QFH
WKLV ILQGLQJ LV PDGH ZKHWKHU WKH GHIHQGDQWjV VXSHUYLVHG
UHOHDVH VKRXOG EH UHYRNHG LV UHYLHZHG IRU DQ DEXVH RI
GLVFUHWLRQ6HHLGDW
                                $
  &RILHOGFRQWHQGVWKDWWKHGLVWULFWFRXUWKDGQRMXULVGLFWLRQ
WR UHYRNH KLV VXSHUYLVHG UHOHDVH EHFDXVH LW LPSURSHUO\
LPSRVHGVXSHUYLVHGUHOHDVHDWKLVVHQWHQFLQJ&RILHOGFLWHVD
ZLGHO\DFFHSWHG UXOH WR VXSSRUW KLV FODLP LI WKHUH LV D
GLVFUHSDQF\EHWZHHQWKHRUDOSURQRXQFHPHQWRIDFULPLQDO
VHQWHQFHDQGWKHZULWWHQMXGJPHQWWKHRUDOVHQWHQFHJHQHUDOO\
FRQWUROV6HH8QLWHG6WDWHVY6FKXOW])G
WK &LU  +H QRWHV WKDW WKH GLVWULFW FRXUWjV RUDO
SURQRXQFHPHQWRIKLVVHQWHQFHGLGQRWPHQWLRQWKHSRVVLELOLW\
RI VXSHUYLVHG UHOHDVH ZKLOH WKH ZULWWHQ MXGJPHQW DQG
FRPPLWPHQW RUGHU GLG  7KHUHIRUH &RILHOG FRQFOXGHV WKH
ZULWWHQ MXGJPHQW DQG KLV WHUP RI VXSHUYLVHG UHOHDVH LV
LQYDOLG:HGRQRWFKDOOHQJHWKHJHQHUDOUXOHEXWZHUHMHFW
KLVFRQFOXVLRQ
     8QLWHG6WDWHVY&RILHOG                       1R       1R                       8QLWHG6WDWHVY&RILHOG        

   ,Q&RILHOGjVVHQWHQFLQJKHDULQJWKHGLVWULFWFRXUWLPSRVHG       DGHIHQGDQWjVULJKWWRGXHSURFHVVRIODZ6HH8QLWHG6WDWHV
D ILYH\HDU WHUP RI LQFDUFHUDWLRQ WKH PD[LPXP IRU D ZLUH     Y&URVV)GQG&LU
IUDXGYLRODWLRQXQGHU86&7KHGLVWULFWFRXUWGLG
QRWPHQWLRQDWHUPRIVXSHUYLVHGUHOHDVH6WLOOVXFKDWHUP            &RILHOG GRZQSOD\V WKH DFWXDO VHTXHQFH RI HYHQWV LQ KLV
ZDVPDQGDWRU\XQGHUWKHVHQWHQFLQJJXLGHOLQHVLQHIIHFWDWWKH         FDVH KRZHYHU  +H KDG DQ LQLWLDO UHYRFDWLRQ
WLPHRI&RILHOGjVFULPH7KHUHOHYDQWJXLGHOLQHUHDGVm7KH          KHDULQJnFRPSOHWHZLWKHYLGHQFHGUDZQRXWRQGLUHFWDQG
FRXUW VKDOO RUGHU D WHUP RI VXSHUYLVHG UHOHDVH WR IROORZ      FURVVH[DPLQDWLRQnRQ )HEUXDU\   WKLV KHDULQJ ZDV
LPSULVRQPHQWZKHQDVHQWHQFHRILPSULVRQPHQWRIPRUHWKDQ              DGMRXUQHG VR WKH GLVWULFW FRXUW FRXOG WDNH WKH PDWWHU XQGHU
RQH \HDU LV LPSRVHGl  86 6(17(1&,1* *8,'(/,1(6                 DGYLVHPHQWIRUDIXOOPRQWK7KHFRXUWjVILQGLQJVRIIDFWDQG
0$18$/'                                                RUGHUZHUHWKHQSUHSDUHGIRUWKHVHFRQGKHDULQJRQ0DUFK
                                                                       :KLOH PRUH HYLGHQFH ZDV EULHIO\ SUHVHQWHG DW WKH VHFRQG
  7KH6HFRQG&LUFXLWDGGUHVVHGDVLPLODUVLWXDWLRQLQ            KHDULQJ WKH GLVWULFW FRXUW GLG QRW ILQG LW SHUVXDVLYH DQG
6HH 8QLWHG 6WDWHV Y sROO\  )G  G &LU      LQVWHDGUHOLHGRQWKHHYLGHQFHDOUHDG\JDWKHUHGRQ)HEUXDU\
7KHUHWKHGLVWULFWFRXUWIROORZLQJDFRQYLFWLRQRIPDLOIUDXG       8QGHUWKHFLUFXPVWDQFHVKDYLQJILQGLQJVRIIDFWDQGDQRUGHU
RUGHUHGWKHGHIHQGDQWWRSD\UHVWLWXWLRQRISD\DEOH          SUHSDUHGE\WKHVWDUWRIWKHVHFRQGKHDULQJGRHVQRWDPRXQW
mDWDPLQLPXPRIDPRQWKRUSHUFHQWRI>KLV@JURVV            WRDGHQLDORIWKHGHIHQGDQWjVULJKWWRGXHSURFHVVRIODZ
LQFRPHZKLFKHYHULVJUHDWHUlsROO\)GDW7KH
ZULWWHQ MXGJPHQW RI VHQWHQFH HQWHUHG VKRUWO\ WKHUHDIWHU                                          ,,,
FRQWDLQHGWKHVDPHWHUPV$IWHUWKHVHQWHQFHZDVDSSHDOHG
DQGWKHFDVHUHPDQGHGRQDQRWKHULVVXHDWWKHUHVHQWHQFLQJ              )RUWKHIRUHJRLQJUHDVRQVZHEHOLHYHWKHGLVWULFWFRXUWGLG
KHDULQJ WKH GLVWULFW FRXUW DSSDUHQWO\ PLVVSRNH DQG RUDOO\       QRW DEXVH LWV GLVFUHWLRQ LQ  UHYRNLQJ &RILHOGjV VXSHUYLVHG
VWDWHG WKDW WKH GHIHQGDQWjV UHVWLWXWLRQ SD\PHQWV VKRXOG EH      UHOHDVHDQGZH$)),50LWVGHFLVLRQ
PDGHmDWDPLQLPXPRISHUPRQWKRUSHUFHQWRI>KLV@
JURVV LQFRPH ZKLFKHYHU LV JUHDWHUl  ,G  7KH DPHQGHG
ZULWWHQ MXGJPHQW WKHQ UHLQVWDWHG WKH RULJLQDO SD\PHQW
VFKHGXOH DW WZR KXQGUHG GROODUV SHU PRQWK  6HH LG  7KDW
&RXUW RI $SSHDOV KHOG WKDW WKH JHQHUDO UXOH WKDW DQ RUDO
SURQRXQFHPHQWFRQWUROVRYHUDZULWWHQMXGJPHQWRIVHQWHQFH
VKRXOG QRW DSSO\ mLQ D UHVHQWHQFLQJ SURFHHGLQJ ZKHUH WKH
UHFRUGVXJJHVWVDVXEVWDQWLDOSRVVLELOLW\WKDWWKHGLVWULFWFRXUW
PLVVSRNHLQDQRUDOSURQRXQFHPHQWUHJDUGLQJDSRUWLRQRIWKH
VHQWHQFH WKDW ZDV QHLWKHU GLVFXVVHG  QRU GLVSXWHG E\ WKH
SDUWLHVl,G
   7KH GLVFUHSDQF\ LQ WKLV FDVH DURVH DW &RILHOGjV RULJLQDO
VHQWHQFLQJ KHDULQJ QRW D UHVHQWHQFLQJ SURFHHGLQJ  6WLOO
sROO\jVUHDVRQLQJLVSHUVXDVLYH+HUHWKHGLVWULFWFRXUWIDLOHG
WRPHQWLRQDIDFHWRIKLVSXQLVKPHQWWKHVXSHUYLVHGUHOHDVH
WHUPZKLFKZDVPDQGDWHGE\WKHVHQWHQFLQJJXLGHOLQHV7KH
mPLVVWDWHPHQWlOD\LQQRWRUDOO\VWDWLQJZKDWWKHJXLGHOLQHV
     8QLWHG6WDWHVY&RILHOG                          1R       1R                          8QLWHG6WDWHVY&RILHOG           

                                  '                                      UHTXLUHG   7R WKH H[WHQW WKDW WKH GLVWULFW FRXUW HUUHG LQ LWV
                                                                          RPLVVLRQWKHHUURUZDVKDUPOHVVDQGZDVFRUUHFWHGODWHUWKH
   &RILHOGQH[WFODLPVWKDWWKHGLVWULFWFRXUWHUUHGLQXVLQJWKH         VDPHGD\ZKHQWKHZULWWHQMXGJPHQWDQGFRPPLWPHQWRUGHU
DPHQGHGVHQWHQFLQJJXLGHOLQHVIRUUHOHDVHUHYRFDWLRQLQ              ZDVILOHGLQWKHGLVWULFWFRXUW8QIRUWXQDWHO\VXFKHUURUVFDQ
FRQVLGHULQJKLVFDVH+HDUJXHVWKDWWKHJXLGHOLQHVZHUH            HDVLO\EHPDGHLQWKHFRQIXVLRQRIDGLVWULFWFRXUWGRFNHWWKDW
PRUHVHYHUHWKDQWKRVHLQHIIHFWDWWKHWLPHKHDWWHPSWHGKLV             ZLOO RIWHQ EULQJ PDQ\ GHIHQGDQWV EHIRUH WKH FRXUW LQ
IUDXGDJDLQVWWKH&KDWWDQRRJD7LPHVnWKDWLVWKHJXLGHOLQHV               VXFFHVVLRQ  $OORZLQJ &RILHOG WR SURILW IURP WKLV NLQG RI
IURP   7KHUHIRUH &RILHOG FODLPV WKDW XVLQJ WKH         PLVWDNHZRXOGLWVHOIEHDVHULRXVHUURU
JXLGHOLQHV WR JRYHUQ UHYRFDWLRQ RI &RILHOGjV VXSHUYLVHG
UHOHDVHZDVDYLRODWLRQRIWKH([3RVW)DFWR&ODXVH RIWKH                 $OVR &RILHOG IDLOHG WR REMHFW WR KLV VHQWHQFH RQFH WKH
&RQVWLWXWLRQ                                                           ZULWWHQMXGJPHQWDQGFRPPLWPHQWRUGHUZDVHQWHUHGE\WKH
                                                                          GLVWULFWFRXUW+HDOVRGLGQRWUDLVHWKLVLVVXHRQGLUHFWDSSHDO
   &RILHOG PLVXQGHUVWDQGV WKH FULWLFDO WLPLQJ DW LVVXH KHUH       RULQKLV6HFWLRQPRWLRQVDQGKHKDVWKXVZDLYHGKLV
:KLOHWKHVHQWHQFLQJJXLGHOLQHVZHUHDSSURSULDWHIRUKLV             RSSRUWXQLW\ WR FKDOOHQJH WKH LPSRVLWLRQ RI KLV VXSHUYLVHG
RULJLQDO VHQWHQFLQJ KHDULQJV KH YLRODWHG KLV VXSHUYLVHG            UHOHDVHm*LYHQVRFLHW\jVVXEVWDQWLDOLQWHUHVWLQWKHILQDOLW\RI
UHOHDVHFRQGLWLRQVLQDQG7KHFRUUHFWJXLGHOLQHV              MXGJPHQWVRQO\WKHPRVWVHULRXVGHIHFWVLQWKHWULDOSURFHVV
IRUFRQVLGHUDWLRQRIWKHVHYLRODWLRQVZHUHWKHRQHVLQHIIHFWLQ          ZLOO PHULW UHOLHI RXWVLGH WKH QRUPDO DSSHOODWH V\VWHP   
6HFWLRQ%ELVLGHQWLFDOIRUERWKDQG              $FFRUGLQJO\ QRQFRQVWLWXWLRQDO HUURUV RUGLQDULO\ DUH QRW
LW UHDGV m,Q WKH FDVH RI D UHYRFDWLRQ RI SUREDWLRQ RU          FRJQL]DEOHRQFROODWHUDOUHYLHZ'HIHQGDQWVPXVWDVVHUWWKHLU
VXSHUYLVHGUHOHDVHWKHDSSOLFDEOHUDQJHRILPSULVRQPHQWLV               FODLPV LQ WKH RUGLQDU\ FRXUVH RI WULDO DQG GLUHFW DSSHDOl
WKDW VHW IRUWK LQ  % 7HUP RI ,PSULVRQPHQWl  86        *UDQWY8QLWHG6WDWHV)GWK&LU
6(17(1&,1* *8,'(/,1(6 0$18$/%*LYHQ
&RILHOGjV &ULPLQDO +LVWRU\ &DWHJRU\ RI 9 DQG D *UDGH %             &RILHOGKDVZDLYHGDQ\RSSRUWXQLW\WRFKDOOHQJHWKHWHUPV
VXSHUYLVHGUHOHDVHYLRODWLRQWKHUHYRFDWLRQWDEOHIURP6HFWLRQ           RI KLV VHQWHQFH  )XUWKHUPRUH WKH GLVWULFW FRXUW SURSHUO\
% PDNHV FOHDU WKDW WKH GLVWULFW FRXUW ZDV UHTXLUHG WR        LPSRVHG VXSHUYLVHG UHOHDVH RQ WKH GHIHQGDQW DQG WKXV KDG
VHQWHQFH&RILHOGWREHWZHHQHLJKWHHQDQGWZHQW\IRXUPRQWKV               MXULVGLFWLRQWRUHYRNHWKHGHIHQGDQWjVVXSHUYLVHGUHOHDVH
LQSULVRQ86 6(17(1&,1* *8,'(/,1(6 0$18$/%
                                                                                                    %
  7KHGLVWULFWFRXUWjVXVHRIWKHVHQWHQFLQJJXLGHOLQHV                &RILHOGQH[WDUJXHVWKDWWKHJRYHUQPHQWIDLOHGWRSURYHD
GLG QRW DIIHFW &RILHOGjV VXEVWDQWLDO ULJKWV DQG WKXV LWV        YLRODWLRQRIVXSHUYLVHGUHOHDVH7KHJRYHUQPHQWDOOHJHGVL[
GHFLVLRQVKRXOGQRWEHGLVWXUEHG                                         YLRODWLRQV RI &RILHOGjV VXSHUYLVHG UHOHDVH FRQGLWLRQV LQ LWV
                                                                          RULJLQDO SHWLWLRQ DQG WKHQ DPHQGHG LWV SHWLWLRQ WR LQFOXGH
                                  (                                      DQRWKHUWZR7KH GLVWULFWFRXUWjVRUGHUGLGQRWPDNHFOHDU
                                                                          H[DFWO\KRZPDQ\YLRODWLRQVZHUHIRXQGWREHSURYHG7KH
  )LQDOO\&RILHOGVD\VWKDWEHFDXVHWKHGLVWULFWFRXUWEURXJKW           RUGHU TXRWHG ILYH RI WKH RULJLQDO VL[ DOOHJDWLRQV IURP WKH
SUHYLRXVO\ SUHSDUHG ILQGLQJV RI IDFW DQG DQ RUGHU WR KLV         JRYHUQPHQWjV SHWLWLRQ DQG VWDWHG WKDW WKH\ FRQWDLQHG DQ
UHYRFDWLRQ KHDULQJ KH GLG QRW KDYH D KHDULQJ EHIRUH DQ          mDFFXUDWHVXPPDU\lRI&RILHOGjVFRQGXFWZKLOHRQVXSHUYLVHG
LPSDUWLDOMXGJH+HFLWHVDIRRWQRWHIURPD7KLUG&LUFXLWFDVH           UHOHDVH  7KH GLVWULFW FRXUW SXW 0U &RILHOGjV SRVWUHOHDVH
WR VXJJHVW WKDW D KHDULQJ ZKHUH WKH MXGJH IDLOV WR OLVWHQ WR   EHKDYLRULQWRWKHODUJHUFRQWH[WRIKLVFULPLQDOKLVWRU\DQG
HYLGHQFHEHFDXVHKLVGHFLVLRQKDVDOUHDG\EHHQPDGHYLRODWHV              IRXQGWKDWWKHJRYHUQPHQWKDGSURYHGmWKHYLRODWLRQVl
     8QLWHG6WDWHVY&RILHOG                          1R       1R                       8QLWHG6WDWHVY&RILHOG        

  &RILHOGjVSODQWRGHIUDXGWKH&KDWWDQRRJD7LPHVZDVRQH                   7KHVHYLRODWLRQVFRQVLGHUHGLQFRQMXQFWLRQZLWK&RILHOGjV
LQ D ORQJ OLQH RI EDVHOHVV ODZVXLWV ILOHG LQ DWWHPSWV WR ZLQ   FULPLQDOKLVWRU\VXSSRUWWKHGLVWULFWFRXUWjVUHYRFDWLRQRIKLV
PRQH\ MXGJPHQWV RU VHWWOHPHQWV ZKHUH QRQH ZHUH                      VXSHUYLVHGUHOHDVH
OHJLWLPDWHO\ GXH  7KH SUHVHQWHQFH UHSRUW SUHSDUHG IRU 0U
&RILHOGGHWDLOVRYHURQHKXQGUHGVXLWVILOHGLQWKH1RUWKHUQ                                              &
DQG 6RXWKHUQ 'LVWULFWV RI $ODEDPD  6RPH RI WKHVH KDYH
LQYROYHG VLPLODU SORWV ZLWK IDOVH RELWXDULHV LQ RQH KH ZDV         &RILHOG DOVR FRQWHQGV WKDW KLV SUREDWLRQ RIILFHU KDG QR
DEOHWRFRD[DVHWWOHPHQWIURP7KH$WODQWDsRXUQDO                DXWKRULW\WRILOHDSHWLWLRQWRUHYRNHKLVVXSHUYLVHGUHOHDVH
&RQVWLWXWLRQ  2WKHUV LQFOXGH IDOVH FODLPV RI PLVFRQGXFW           +H UHOLHV RQ D VLQJOH RSLQLRQ IURP WKH (DVWHUQ 'LVWULFW RI
DJDLQVW WKH $ODEDPD 'HSDUWPHQW RI &RUUHFWLRQV ZKHUH KH            $UNDQVDVZKLFKVWDWHVWKDWRQO\WKH8QLWHG6WDWHV$WWRUQH\
ZDVLQFDUFHUDWHGDQGDSHUVRQDOLQMXU\VXLWDJDLQVW0DUULRWW             QRW SUREDWLRQ RIILFHUV PD\ SHWLWLRQ WKH GLVWULFW FRXUW IRU
+RWHOVFODLPLQJVHDIRRGSRLVRQLQJDWDWLPHZKHQKHZDVDOVR              UHYRFDWLRQRIDFULPLQDOGHIHQGDQWjVVXSHUYLVHGUHOHDVH6HH
LPSULVRQHG                                                               8QLWHG6WDWHVYsRQHV)6XSS('$UN
                                                                          :KLOHWKLV&RXUWKDVQRWUXOHGRQWKLVLVVXHWZRRWKHUFLUFXLWV
  %HFDXVHDGLVWULFWFRXUWQHHGILQGRQO\DVLQJOHYLRODWLRQWR           DQGWKUHHGLVWULFWFRXUWVKDYHGHFLGHGWKHTXHVWLRQDQGWKH\
UHYRNH D FULPLQDO GHIHQGDQWjV VXSHUYLVHG UHOHDVH VHH            KDYHDOOGLVDJUHHGZLWKsRQHV6HH8QLWHG6WDWHVY0HMLD
86&HWKLVRSLQLRQZLOODGGUHVVRQO\RQHRI            6DQFKH])GWK&LU8QLWHG6WDWHV
WKHYLRODWLRQVLQGHWDLOWRLOOXVWUDWHWKHDSSURSULDWHQHVVRIWKH         Y'DYLV)GWK&LU8QLWHG6WDWHV
GLVWULFWFRXUWjVILQGLQJV7KHIRXURWKHUDOOHJDWLRQVTXRWHGE\          Y %XUQHWWH  )6XSS   0' $OD 
WKHGLVWULFWFRXUWZLOOUHFHLYHVXPPDU\WUHDWPHQW                        8QLWHG6WDWHVY%HUJHU)6XSS	Q1'
                                                                          &DO  8QLWHG 6WDWHV Y :LOVRQ  )6XSS 
  7KHWKLUGVWDQGDUGFRQGLWLRQRI&RILHOGjVVXSHUYLVHGUHOHDVH            :'2NOD
UHDGVm7KHGHIHQGDQWVKDOOIROORZWKHLQVWUXFWLRQVRIWKH
SUREDWLRQRIILFHUl&RILHOGjVSUREDWLRQRIILFHUWROGKLPWR                 7KH7HQWK&LUFXLWKHOGWKDWWKHILOLQJRIUHYRFDWLRQSHWLWLRQV
LQIRUPWKHRIILFHUEHIRUHILOLQJDQ\ODZVXLWV7KHRIILFHUGLG           GLGQRWH[FHHGWKHVFRSHRIWKHSUREDWLRQRIILFHUjVVWDWXWRU\
QRWSURKLELW&RILHOGIURPILOLQJODZVXLWVHQWLUHO\EXWPHUHO\            GXW\ WR mUHSRUW WKH FRQGXFW DQG FRQGLWLRQ >RI D SHUVRQ RQ
WR NHHS KLP DGYLVHG ZKHQ KH GLG VR  'XULQJ KLV WLPH RQ       VXSHUYLVHGUHOHDVH@WRWKHVHQWHQFLQJFRXUWl'DYLV)G
VXSHUYLVHG UHOHDVH KRZHYHU &RILHOG LQLWLDWHG VXLWV DJDLQVW        DWTXRWLQJ86&,QIDFWWKHGLVWULFW
0F'RQDOGjVUHVWDXUDQWDQGVHYHQWHHQ0DU\ODQGVWDWHFRXUW                  FRXUWQRWWKHSUREDWLRQRIILFHURUWKH8QLWHG6WDWHV$WWRUQH\
MXGJHV DQG SURFHHGHG ZLWK D VXLW DJDLQVW 0HUULOO /\QFK          XOWLPDWHO\ GHWHUPLQHV ZKHWKHU UHYRFDWLRQ SURFHHGLQJV ZLOO
ZLWKRXWLQIRUPLQJWKHSUREDWLRQRIILFHURIKLVSODQV                     DFWXDOO\EHLQLWLDWHG6HHLG,QILOLQJDSHWLWLRQWRUHYRNH
                                                                          VXSHUYLVHG UHOHDVH WKH SUREDWLRQ RIILFHU PHUHO\ DFWV DV DQ
  7KH GLVWULFW FRXUW DOVR IRXQG WKDW &RILHOG KDG YLRODWHG         DJHQWIRUWKHGLVWULFWFRXUWDQGJLYHVWKHFRXUWWKHLQIRUPDWLRQ
VXSHUYLVHGUHOHDVHFRQGLWLRQVE\IUDXGXOHQWO\PLVUHSUHVHQWLQJ             QHFHVVDU\WRPDNHWKDWGHWHUPLQDWLRQ6HHLG
KLPVHOI WR EH D GRFWRU IDLOLQJ WR PDLQWDLQ JDLQIXO
HPSOR\PHQW IDLOLQJ WR QRWLI\ KLV SUREDWLRQ RIILFHU ZLWKLQ           7KLVUHDVRQLQJLVSHUVXDVLYHDQGZHDGRSWWKHVDPHUXOH
VHYHQW\WZR KRXUV DIWHU EHLQJ FRQWDFWHG E\ WKH )%, DQG           IRUWKLVFLUFXLW
IDLOLQJWRIROORZRWKHULQVWUXFWLRQVRIKLVSUREDWLRQRIILFHU
