                                                                                    5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
    3DSHU$OOLHG,QGXVWULDOY                       1R                       3XUVXDQW WR 6L[WK &LUFXLW 5XOH 

      $LU3URGXFWV	&KHPLFDOV                                                   (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU
                                                                                             )LOH 1DPH DS

WR GLVFHUQ ZKHWKHU WKH VHQLRU HPSOR\HHV RI WKH &KHPLFDO
3ODQWKDYHFRQWUDFWXDOULJKWVWRWKHMREVDWWKH3RZHU3ODQW            81,7('67$7(6&28572)$33($/6
ZHPXVWORRNWRWKHDFWXDO$JUHHPHQWDQGLWVH[SUHVVWHUPV
6SHFLILFDOO\ WKLV UHYLHZ LQYROYHV LQWHUSUHWDWLRQ RI VXFK                             )257+(6,;7+&,5&8,7
SKUDVHVDVmQHZRSHUDWLQJSODQWlmRSHUDWLRQDOGHSDUWPHQWl                                   BBBBBBBBBBBBBBBBB
DQGmDQ\RWKHURSHUDWLQJSODQWZKLFKPD\EHDGGHGGXULQJWKH
OLIH RI WKLV FRQWUDFWl DORQJ ZLWK WKH VWDWHG SXUSRVH RI WKH
$JUHHPHQWmWRSURYLGHIRUWKHRSHUDWLRQRIWKH&DOYHUW&LW\
.HQWXFN\&KHPLFDO3ODQWRI$LU3URGXFWVl7KLVUHYLHZ              3$3(5 $//,(',1'8675,$/        ;
GRHVQRWUHTXLUHORRNLQJEH\RQGWKHWHUPVRIWKH$JUHHPHQW               &+(0,&$/ 	 (1(5*<                 
                                                                          :25.(56 ,17(51$7,21$/             
   ,QWKHLQVWDQWFDVHWKH8QLRQDQG$LU3URGXFWVKDYHDJUHHG                                                1R
                                                                          81,21 /2&$/  /2&$/        
WRWKHWHUPVRXWOLQHGLQWKHFROOHFWLYHEDUJDLQLQJDJUHHPHQW
$FFRUGLQJWRWKRVHWHUPVDPDWWHURIFRQWUDFWLQWHUSUHWDWLRQ                                          !
                                                                                                            
LVDTXHVWLRQIRUWKHDUELWUDWRU7KHUHIRUHEHFDXVHZHKDYH                      3ODLQWLII$SSHOODQW     
FRQFOXGHG WKDW WKH GLVSXWH LV LQGHHG D PDWWHU RI FRQWUDFW                                        
LQWHUSUHWDWLRQDQGWKHFODLPRQLWVIDFHLVJRYHUQHGE\WKH                        Y                     
FROOHFWLYH EDUJDLQLQJ DJUHHPHQW WKH XQGHUO\LQJ GLVSXWH LV                                            
SURSHUO\EHIRUHDQDUELWUDWRU,QDFFRUGDQFHZLWKWKHODZDV
RXWOLQHGDERYHDQGWKHFRXUWVjOLPLWHG UROH ZLWKUHVSHFWWR             $,5 352'8&76 	 &+(0,&$/6 
                                                                                                            
DUELWUDOMXULVGLFWLRQWKLV&RXUWPXVWUHYHUVHWKHGHFLVLRQRI            ,1&                             
WKH'LVWULFW&RXUWDQGFRPSHODUELWUDWLRQRIWKHXQGHUO\LQJ                         'HIHQGDQW$SSHOOHH 
JULHYDQFHEHWZHHQWKH8QLRQDQG$LU3URGXFWV7KHDUELWUDWRU                                              1
PD\ WKHQ GHFLGH ZKHWKHU WKH SDUWLFXODU ODQJXDJH LQ WKH
SDUWLHVj$JUHHPHQWZLOOVXSSRUWWKH8QLRQjVFODLP                              $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
                                                                              IRUWKH:HVWHUQ'LVWULFWRI.HQWXFN\DW3DGXFDK
                      ,,,&21&/86,21                                       1Rn7KRPDV%5XVVHOO'LVWULFWsXGJH

   ,QVXPWKLV&RXUWILQGVWKDWWKH'LVWULFW&RXUWHUUHGZKHQ                               $UJXHGsDQXDU\
LW KHOG WKDW WKH XQGHUO\LQJ GLVSXWH ZDV DQ LVVXH RI
UHSUHVHQWDWLRQWKXVSURKLELWLQJDUELWUDWLRQRIVXFKFODLP,Q                         'HFLGHGDQG)LOHG$XJXVW
ILQGLQJWKHPDWWHULVRQHRIFRQWUDFWLQWHUSUHWDWLRQDQGRQLWV
IDFH LV JRYHUQHG E\ WKH UHOHYDQW FROOHFWLYH EDUJDLQLQJ              %HIRUH*8<DQG&/$<&LUFXLWsXGJHV18*(17
DJUHHPHQWDQGZKHUHWKHGLVSXWHLVQRWSHQGLQJEHIRUHWKH                                   'LVWULFWsXGJH
1/5%ZH5(9(56(WKH'LVWULFW&RXUWjVGHFLVLRQJUDQWLQJ
VXPPDU\MXGJPHQWLQIDYRURI$LU3URGXFWVDQGZHRUGHU
DUELWUDWLRQRIWKH8QLRQjVJULHYDQFH
                                                                             
                                                                              7KH +RQRUDEOH 'RQDOG & 1XJHQW 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU
                                                                         WKH 1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ



                                                                                                             
     3DSHU$OOLHG,QGXVWULDOY                     1R       1R                   3DSHU$OOLHG,QGXVWULDOY       
      $LU3URGXFWV	&KHPLFDOV                                                                       $LU3URGXFWV	&KHPLFDOV

                     BBBBBBBBBBBBBBBBB                                   HTXLW\LQDSDUWLFXODUFODLPRUGHWHUPLQLQJZKHWKHUWKHUH
                                                                         LV SDUWLFXODU ODQJXDJH LQ WKH ZULWWHQ LQVWUXPHQW ZKLFK
                           &2816(/                                       ZLOOVXSSRUWWKHFODLP7KHDJUHHPHQWLVWRVXEPLWDOO
                                                                         JULHYDQFHV WR DUELWUDWLRQ QRW PHUHO\ WKRVH ZKLFK WKH
$5*8('+HUEHUW6HJDO6(*$/67(:$57&87/(5                          FRXUWZLOOGHHPPHULWRULRXV
/,1'6$< s$1(6 	 %(55< /RXLVYLOOH .HQWXFN\ IRU
$SSHOODQW  ,DQ 0 %DOODUG sU 025*$1 /(:,6 	               $P0IJ86DW6&W7KXVWKH6XSUHPH
%2&.,86 3KLODGHOSKLD 3HQQV\OYDQLD IRU $SSHOOHH                 &RXUW FRQFOXGHG LQ $PHULFDQ 0DQXIDFWXULQJ WKDW EHFDXVH
21%5,()+HUEHUW6HJDO6(*$/67(:$57&87/(5                      WKHUHZDVDGLVSXWHEHWZHHQWKHSDUWLHVDVWRmWKHPHDQLQJ
/,1'6$< s$1(6 	 %(55< /RXLVYLOOH .HQWXFN\ IRU                LQWHUSUHWDWLRQ DQG DSSOLFDWLRQl RI WKH FROOHFWLYH EDUJDLQLQJ
$SSHOODQW  ,DQ 0 %DOODUG sU 025*$1 /(:,6 	               DJUHHPHQW QDPHO\ WKH VHQLRULW\ SURYLVLRQ DUELWUDWLRQ ZDV
%2&.,863KLODGHOSKLD3HQQV\OYDQLD5LFKDUG6&OHDU\                SURSHU,GDW
*5((1(%$80 '2// 	 0F'21$/' /RXLVYLOOH
.HQWXFN\IRU$SSHOOHH                                                  ,QWKHFRPSDQLRQFDVHRI8QLWHG6WHHOZRUNHUVY:DUULRU	
                                                                       *XOI1DYLJDWLRQ&R866&WWKH
                     BBBBBBBBBBBBBBBBB                                 6XSUHPH&RXUWDJDLQHPSKDVL]HGWKHFRXUWVjOLPLWHGUROH
                                                                       ZLWK UHVSHFW WR DUELWUDELOLW\ LVVXHV  6XSSRUWLQJ WKH
                         23,1,21                                       mFRQJUHVVLRQDOSROLF\LQIDYRURIVHWWOHPHQWRIGLVSXWHVE\WKH
                     BBBBBBBBBBBBBBBBB                                 SDUWLHVWKURXJKWKHPDFKLQHU\RIDUELWUDWLRQl86DW
                                                                       6&WWKH&RXUWFRQFOXGHGDVIROORZV
   18*(17'LVWULFWsXGJH7KH3ODLQWLII$SSHOODQW3DSHU
$OOLHG,QGXVWULDO&KHPLFDO	(QHUJ\:RUNHUV,QWHUQDWLRQDO               7KHMXGLFLDOLQTXLU\XQGHU>6HFWLRQRIWKH/05$@
8QLRQ/RFDO/RFDOKHUHLQDIWHUm8QLRQlILOHG            PXVW EH VWULFWO\ FRQILQHG WR WKH TXHVWLRQ ZKHWKHU WKH
DQDFWLRQLQWKH8QLWHG6WDWHV'LVWULFW&RXUWIRUWKH:HVWHUQ            UHOXFWDQWSDUW\GLGDJUHHWRDUELWUDWHWKHJULHYDQFH$Q
'LVWULFWRI.HQWXFN\3DGXFDK'LYLVLRQVHHNLQJWRFRPSHO                RUGHUWRDUELWUDWHWKHSDUWLFXODUJULHYDQFHVKRXOGQRWEH
WKH'HIHQGDQW$SSHOOHHWRDUELWUDWHDJULHYDQFH7KHSDUWLHV            GHQLHGXQOHVVLWPD\EHVDLGZLWKSRVLWLYHDVVXUDQFHWKDW
ILOHG FURVVPRWLRQV IRU VXPPDU\ MXGJPHQW  7KH 'LVWULFW           WKH DUELWUDWLRQ FODXVH LV QRW VXVFHSWLEOH RI DQ
&RXUW JUDQWHG VXPPDU\ MXGJPHQW LQ IDYRU RI 'HIHQGDQW             LQWHUSUHWDWLRQWKDWFRYHUVWKHDVVHUWHGGLVSXWH'RXEWV
ILQGLQJ WKDW WKH LVVXH EHWZHHQ WKH SDUWLHV ZDV D                 VKRXOGEHUHVROYHGLQIDYRURIFRYHUDJH
mUHSUHVHQWDWLRQDOLVVXHlVXEMHFWWRWKHH[FOXVLYHMXULVGLFWLRQ
RIWKH1DWLRQDO/DERU5HODWLRQV%RDUGm1/5%l3ODLQWLII             ,GDW7KH:DUULRU	*XOI&RXUWIXUWKHUVWDWHGWKDW
ILOHG WKLV WLPHO\ DSSHDO  )RU WKH UHDVRQV WKDW IROORZ ZH   LQ WKH DEVHQFH RI DQ\ H[SUHVV SURYLVLRQV H[FOXGLQJ D
5(9(56(WKHGHFLVLRQRIWKH'LVWULFW&RXUW                            SDUWLFXODUJULHYDQFHIURPDUELWUDWLRQmZHWKLQNRQO\WKHPRVW
                                                                       IRUFHIXO HYLGHQFH RI D SXUSRVH WR H[FOXGH WKH FODLP IRU
                      ,%$&.*5281'                                   DUELWUDWLRQFDQSUHYDLOl,GDW
  'HIHQGDQW$SSHOOHH $LU 3URGXFWV DQG &KHPLFDOV ,QF              5HYLHZLQJWKH$JUHHPHQWLQLWVHQWLUHW\ZHFRQFOXGHWKDW
m$LU3URGXFWVlRSHUDWHVD&KHPLFDO3ODQWLQ&DOYHUW&LW\           WKH 8QLRQjV XQGHUO\LQJ GLVSXWH GRHV LQGHHG LQYROYH WKH
.HQWXFN\  7KH FRPSDQ\ LV DQ HPSOR\HU LQ DQ LQGXVWU\          mLQWHUSUHWDWLRQ RU DSSOLFDWLRQ RI DQ\ RI WKH WHUPV RU
DIIHFWLQJFRPPHUFHZLWKLQWKHPHDQLQJRI86&               SURYLVLRQVlRIWKHFROOHFWLYHEDUJDLQLQJDJUHHPHQW,QRUGHU
    3DSHU$OOLHG,QGXVWULDOY                      1R    1R                    3DSHU$OOLHG,QGXVWULDOY         
      $LU3URGXFWV	&KHPLFDOV                                                                      $LU3URGXFWV	&KHPLFDOV

DJUHHPHQWl  5DFHZD\ 3DUN ,QF Y /RFDO  6HUY           7KH8QLRQLVDODERURUJDQL]DWLRQZKLFKUHSUHVHQWV
(PSOR\HHV,QWjO8QLRQ)GWK&LUFLWLQJ           HPSOR\HHV LQ DQ LQGXVWU\ DIIHFWLQJ FRPPHUFH ZLWKLQ WKH
$P 0IJ  86 DW   6&W  8QLWHG         PHDQLQJRI86&$LU3URGXFWVDQGWKH
6WHHOZRUNHUV Y :DUULRU 	 *XOI 1DYLJDWLRQ &R  86      8QLRQ DUH SDUWLHV WR D FROOHFWLYH EDUJDLQLQJ DJUHHPHQW
6&WDQG8QLWHG6WHHOZRUNHUV           mFROOHFWLYHEDUJDLQLQJDJUHHPHQWlRUmWKH$JUHHPHQWl7KH
Y(QWHUSULVH:KHHO	&DU&RUS866&W         8QLRQLVWKHH[FOXVLYHFROOHFWLYHEDUJDLQLQJUHSUHVHQWDWLYHRI
                                                        WKHHPSOR\HHVRI$LU3URGXFWVjSODQW
  $PHULFDQ 0DQXIDFWXULQJ LQYROYHG D VXLW E\ D XQLRQ WR         $LU 3URGXFWV DOVR RSHUDWHV D SODQW NQRZQ DV WKH 3RZHU
FRPSHODUELWUDWLRQRIDJULHYDQFHZKLFKWKHXQLRQILOHGZLWK         3ODQW  $LU 3URGXFWV FRQVWUXFWHG WKLV 3ODQW DGMDFHQW WR WKH
WKHXQLRQPHPEHUjVHPSOR\HU7KHXQLRQFODLPHGWKDWWKH             &KHPLFDO 3ODQW LQ WKH 6SULQJ RI   $FFRUGLQJ WR $LU
HPSOR\HUKDGYLRODWHGWKHWHUPVRIWKHVHQLRULW\SURYLVLRQRI        3URGXFWVWKH3RZHU3ODQWLVVHSDUDWHDQGGLVWLQFWIURPWKH
WKH FROOHFWLYH EDUJDLQLQJ DJUHHPHQW ZKLOH WKH FRPSDQ\         &KHPLFDO3ODQW$LU3URGXFWVFRQWHQGVWKDWLWVFRPSDQ\LV
PDLQWDLQHGWKDWLWGLGQRW7KH6XSUHPH&RXUWRXWOLQHGWKH          GLYLGHGLQWRWZRGLIIHUHQWmRSHUDWLQJJURXSVlWKH&KHPLFDOV
UROHRIWKHMXGLFLDU\LQPDWWHUVZKHUHSDUWLHVWRWKHODZVXLW        *URXSDQGWKH*DVHVDQG(TXLSPHQW*URXS7KH&KHPLFDOV
KDYHLQIDFWQHJRWLDWHGDFROOHFWLYHEDUJDLQLQJDJUHHPHQWWR       *URXS DFFRUGLQJ WR $LU 3URGXFWV FRQVLVWV RI YDULRXV
GHILQHWKHLUULJKWVsXVWLFH'RXJODVZULWLQJIRUDXQDQLPRXV       RSHUDWLQJGHSDUWPHQWVLQFOXGLQJ9LQ\O$FHWDWH$FHW\OHQLFV
&RXUWVWDWHGDVIROORZV                                            3RO\YLQ\O$OFRKRO8WLOLWLHV(PXOVLRQ6SUD\'U\HUDQGmDQ\
                                                                     RWKHURSHUDWLQJSODQWZKLFKPD\EHDGGHGGXULQJWKHOLIHRIl
  7KHIXQFWLRQRIWKHFRXUWLVYHU\OLPLWHGZKHQWKHSDUWLHV         WKH SDUWLHVj FROOHFWLYH EDUJDLQLQJ DJUHHPHQW DQG LW DOVR
  KDYH DJUHHG WR VXEPLW DOO TXHVWLRQV RI FRQWUDFW             RSHUDWHV WKH &KHPLFDO 3ODQW  7KH *DVHV DQG (TXLSPHQW
  LQWHUSUHWDWLRQ WR WKH DUELWUDWRU  ,W LV FRQILQHG WR       *URXSRQWKHRWKHUKDQGSURYLGHVVWHDPDQGHOHFWULFLW\WRWKH
  DVFHUWDLQLQJ ZKHWKHU WKH SDUW\ VHHNLQJ DUELWUDWLRQ LV        &KHPLFDO 3ODQW DQG WKH 7HQQHVVHH 9DOOH\ $XWKRULW\  ,Q
  PDNLQJ D FODLP ZKLFK RQ LWV IDFH LV JRYHUQHG E\ WKH      DGGLWLRQWKH*DVHVDQG(TXLSPHQW*URXSPDUNHWVWKH3RZHU
  FRQWUDFW                                                          3ODQWjVVWHDPDQGHOHFWULFLW\WRRWKHUVZLWKLQ&DOYHUW&LW\DQG
                                                                     WKURXJKRXWWKHFRXQWU\$LU3URGXFWVSURYLGHVWKHIROORZLQJ
$P0IJ86DW6&WVHHDOVR*HQ           IDFWVLQVXSSRUWRILWVFRQWHQWLRQWKDWWKH&KHPLFDO3ODQWDQG
'ULYHUV6DOHVPHQDQG:DUHKRXVHPHQjV/RFDO8QLRQ1R             WKH 3RZHU 3ODQW DUH GLVWLQFW RSHUDWLQJ SODQWV  WKH\ DUH
Y0DORQH	+\GH,QF)GWK&LU           PDQDJHGLQGHSHQGHQWO\WKHUHLVQRLQWHJUDWLRQWKH
7KH&RXUWIXUWKHUVWDWHGWKDWDORQJWKHVHOLQHVFRXUWVDUHLQ    *DVHV DQG (TXLSPHQW *URXS LV UHVSRQVLEOH IRU LWV RZQ
QRSRVLWLRQWRGHFLGHWKHPDWWHURQLWVPHULWV                      UHFUXLWLQJKLULQJDQGWUDLQLQJRIQHZHPSOR\HHVDWWKH3RZHU
                                                                     3ODQWWKH&KHPLFDOV*URXSKDVQRVXSHUYLVRU\DXWKRULW\
  :KHWKHUWKHPRYLQJSDUW\LVULJKWRUZURQJLVDTXHVWLRQ           RYHUHPSOR\HHVDWWKH3RZHU3ODQWWKHUHLVQRLQWHUFKDQJH
  RI FRQWUDFW LQWHUSUHWDWLRQ IRU WKH DUELWUDWRU  ,Q WKHVH   RI HPSOR\HHV EHWZHHQ WKH 3ODQWV DQG  ZKLOH LQ FORVH
  FLUFXPVWDQFHVWKHPRYLQJSDUW\VKRXOGQRWEHGHSULYHG              SUR[LPLW\WKH3ODQWVDUHVHSDUDWHGE\DIHQFHDQGVHSDUDWH
  RIWKHDUELWUDWRUjVMXGJPHQWZKHQLWZDVKLVMXGJPHQW             GULYHZD\VDQGHQWUDQFHV
  DQGDOOWKDWLWFRQQRWHVWKDWZDVEDUJDLQHGIRU
                                                                      )ROORZLQJ WKH FRQVWUXFWLRQ RI WKH 3RZHU 3ODQW 8QLRQ
  7KH FRXUWV WKHUHIRUH KDYH QR EXVLQHVV ZHLJKLQJ WKH        PHPEHUV ZKR ZHUH HPSOR\HG DW WKH &KHPLFDO 3ODQW
  PHULWV RI WKH JULHYDQFH FRQVLGHULQJ ZKHWKHU WKHUH LV
      3DSHU$OOLHG,QGXVWULDOY                     1R       1R                     3DSHU$OOLHG,QGXVWULDOY        
       $LU3URGXFWV	&KHPLFDOV                                                                         $LU3URGXFWV	&KHPLFDOV

DWWHPSWHGWRH[HUFLVHVHQLRULW\ULJKWVWRWKHQHZMREVLQWKH           &RPSDQ\PD\DWWHPSWWRUHVROYHGLVSXWHVEHWZHHQWKH8QLRQ
3RZHU3ODQW$LU3URGXFWVUHIXVHGWKHLUDWWHPSWV7KHUHDIWHU         RU LWV PHPEHUV DQG WKH &RPSDQ\  $UWLFOH ;;9 RI WKH
RQ 2FWREHU   WKH 8QLRQ H[HUFLVHG LWV ULJKWV DV         $JUHHPHQWVWDWHVDVIROORZV
RXWOLQHGLQWKHFROOHFWLYHEDUJDLQLQJDJUHHPHQWDQGLWILOHGD
JULHYDQFH ZLWK $LU 3URGXFWV LQ ZKLFK LW SURWHVWHG $LU             $Q\JULHYDQFHVRIDQ\HPSOR\HHFRYHUHGE\WKHWHUPVRI
3URGXFWVjDFWLRQV$UWLFOH;;9RIWKH$JUHHPHQWGHVFULEHV                WKLV$JUHHPHQWRUDQ\GLVSXWHZKLFKVKDOODULVHEHWZHHQ
WKHPDQQHULQZKLFKJULHYDQFHVVKDOOEHDGGUHVVHG                       WKH8QLRQRULWVPHPEHUVDQGWKH&RPSDQ\ZLWKUHVSHFW
                                                                          WRWKHLQWHUSUHWDWLRQRUDSSOLFDWLRQRIDQ\RIWKHWHUPVRU
    $Q\JULHYDQFHVRIDQ\HPSOR\HHFRYHUHGE\WKHWHUPVRI                SURYLVLRQVRIWKLV$JUHHPHQWVKDOOEHGHWHUPLQHGGXULQJ
    WKLV$JUHHPHQWRUDQ\GLVSXWHZKLFKVKDOODULVHEHWZHHQ              WKHWHUPRIWKLV$JUHHPHQWE\WKHSURFHGXUHVHWIRUWKE\
    WKH8QLRQRULWVPHPEHUVDQGWKH&RPSDQ\ZLWKUHVSHFW                WKLV$UWLFOH
    WRWKHLQWHUSUHWDWLRQRUDSSOLFDWLRQRIDQ\RIWKHWHUPVRU
    SURYLVLRQVRIWKLV$JUHHPHQWVKDOOEHGHWHUPLQHGGXULQJ            s$DW,IWKHSDUWLHVDUHXQDEOHWRVDWLVIDFWRULO\UHVROYH
    WKHWHUPRIWKLV$JUHHPHQWE\WKHSURFHGXUHVHWIRUWKE\           WKH JULHYDQFH LQ DFFRUGDQFH ZLWK WKH JULHYDQFH SURFHGXUH
    WKLV$UWLFOH                                                       RXWOLQHGLQWKH$JUHHPHQW$UWLFOH;;9,SURYLGHVWKDWWKH
                                                                        TXHVWLRQ PD\ EH VXEPLWWHG WR DUELWUDWLRQ  7KH $JUHHPHQW
s$DW                                                             H[SUHVVO\VWDWHVWKDWWKHDUELWUDWRUGRHVQRWKDYHWKHSRZHUWR
                                                                        mDGGWRRUVXEWUDFWIURPRUWRPRGLI\DQ\RIWKH$UWLFOHVlRI
    7KHJULHYDQFHVWDWHGDVIROORZV                                    WKH$JUHHPHQWs$DW7KHUHIRUHWKHLVVXHLVZKHWKHU
                                                                        WKH8QLRQjVGLVSXWHWKH&KHPLFDO3ODQWHPSOR\HHVjVHQLRULW\
    ,QRUGHUWRUHSODFHDQH[LVWLQJ8WLOLWLHV3ODQWLQ$LU        ULJKWVWRWKHMREVDWWKH3RZHU3ODQWRQLWVIDFHLVJRYHUQHG
    3URGXFWV DQG &KHPLFDOV ,QF VWDUWHG FRQVWUXFWLRQ RI D       E\WKH$JUHHPHQWDQGDVVXFKPD\EHUHIHUUHGWRDUELWUDWLRQ
    FRJHQHUDWLRQ XQLW DGMRLQLQJ WKH H[LVWLQJ 8WLOLWLHV 8QLW DW
    WKHLU&DOYHUW&LW\.HQWXFN\ORFDWLRQ,Q2FWREHU             7KH6XSUHPH&RXUWLQLWVWKUHHGHFLVLRQVGHFLGHGLQ
    $LU3URGXFWVDQG&KHPLFDOV,QFDQQRXQFHGWKHKLULQJRI            NQRZQDVWKHm6WHHOZRUNHUV7ULORJ\lVWURQJO\HQGRUVHGWKH
    QHZ QRQEDUJDLQLQJ XQLW HPSOR\HHV WR VWDII WKH                XVHRIDUELWUDWLRQDVDPHDQVE\ZKLFKGLVSXWHVDULVLQJXQGHU
    FRJHQHUDWLRQ XQLW DQG WKH DEROLVKPHQW RI WKH H[LVWLQJ        FROOHFWLYH EDUJDLQLQJ DJUHHPHQWV PD\ EH UHVROYHG  ,Q WKLV
    XWLOLWLHVVWHDPJHQHUDWLRQXQLWSRVLWLRQV$LU3URGXFWVDQG      UHVSHFW WKH 6XSUHPH &RXUW DOVR GHOLQHDWHG DQ H[WUHPHO\
    &KHPLFDOV,QF&RPSDQ\LVLQYLRODWLRQRIWKHFXUUHQW            QDUURZ IXQFWLRQ RI WKH FRXUWV LQ GHFLGLQJ TXHVWLRQV
    FROOHFWLYH %DUJDLQLQJ $JUHHPHQW EHWZHHQ WKH &RPSDQ\            FRQFHUQLQJDUELWUDOMXULVGLFWLRQ5HO\LQJRQ6HFWLRQRI
    DQG3DSHU$OOLHG,QGXVWULDO&KHPLFDODQG(QHUJ\:RUNHUV           WKH/05$WKH6XSUHPH&RXUWLQ8QLWHG6WHHOZRUNHUVY$P
    ,QWHUQDWLRQDO 8QLRQ /RFDO  3$&( 8QLRQ E\              0IJ&R866&WKHOG
    UHIXVLQJWRDOORZXQLWHPSOR\HHVWRH[HUFLVHWKHLUVHQLRULW\        WKDW WKH IXQFWLRQ RI D FRXUW ZLWK UHVSHFW WR DUELWUDWLRQ LV
    ULJKWVWRWKHMREVWKDWZLOOEHDYDLODEOHDWWKHFRJHQHUDWLRQ       OLPLWHG WR WKH IROORZLQJ  DVVXULQJ WKDW WKH FODLP LV
    XQLWH[SHFWHGWREHLQRSHUDWLRQLQWKH6SULQJRIWKH\HDU          JRYHUQHGE\WKHFRQWUDFWRUGHULQJSDUWLHVWRDUELWUDWLRQ
                                                                   XQOHVV WKH DUELWUDWLRQ FODXVH LV mQRW VXVFHSWLEOH RI DQ
                                                                        LQWHUSUHWDWLRQ WKDW FRYHUV WKH DVVHUWHG GLVSXWHl DQG
*ULHYDQFH 5HSRUW s$ DW   :LWKLQ WKH JULHYDQFH WKH       UHIUDLQLQJIURPUHYLHZLQJWKHPHULWVRIDQDZDUGVRORQJ
8QLRQ UHTXHVWHG WKDW $LU 3URGXFWV mFHDVH DQG GHVLVW IURP        DV LW mGUDZV LWV HVVHQFH IURP WKH FROOHFWLYH EDUJDLQLQJ
YLRODWLQJ WKH FROOHFWLYH EDUJDLQLQJ DJUHHPHQW EHWZHHQ WKH
    3DSHU$OOLHG,QGXVWULDOY                    1R      1R                       3DSHU$OOLHG,QGXVWULDOY            
      $LU3URGXFWV	&KHPLFDOV                                                                         $LU3URGXFWV	&KHPLFDOV

FDVHDWKDQGRQO\WKHIHGHUDOFRXUWKDVEHHQSUHVHQWHGZLWK         &RPSDQ\ DQG WKH 8QLRQ DQG DJUHH WKDW FXUUHQW HPSOR\HHV
WKHGLVSXWHGLVVXH7KHUHIRUHSXUVXDQWWR6HFWLRQWKH         XQGHUWKHSURYLVLRQVRIWKHFROOHFWLYHEDUJDLQLQJDJUHHPHQWEH
FRXUWKDVMXULVGLFWLRQRYHUWKH8QLRQjVGLVSXWH                     DOORZHGWRH[HUFLVHWKHLUVHQLRULW\ULJKWVWRWKHMREVZKHQWKH
                                                                     FRJHQHUDWLRQXQLWEHFRPHVRSHUDWLYHls$DW
$UELWUDWLRQ
                                                                       2Q1RYHPEHU$LU3URGXFWVGHQLHGWKH8QLRQjV
   $LU 3URGXFWV FRQFHGHV WKDW WKH SDUWLHV FRQWUDFWHG WR       JULHYDQFH  $LU 3URGXFWVj SRVLWLRQ ZDV WKDW WKH FXUUHQW
DUELWUDWHDJULHYDQFHZKHQWKHXQGHUO\LQJGLVSXWHLQYROYHVWKH       EDUJDLQLQJXQLWHPSOR\HHVRIWKH&DOYHUW&LW\&KHPLFDO3ODQW
LQWHUSUHWDWLRQRUDSSOLFDWLRQRIWKHWHUPVDQGSURYLVLRQVRIWKH     KDYHQRFRQWUDFWXDOULJKWVWRWKHMREVDWWKHQHZFRJHQHUDWLRQ
FROOHFWLYHEDUJDLQLQJDJUHHPHQW$FFRUGLQJWR$LU3URGXFWV         SODQW$LU3URGXFWVVWDWHGLQLWV$QVZHUWRWKHJULHYDQFHWKDW
KRZHYHUWKHGLVSXWHLQWKLVFDVHLVDQLVVXHRIUHSUHVHQWDWLRQ     mWKH QHZ &RJHQHUDWLRQ 3ODQW LV QRW SDUW RI WKH &KHPLFDO
ZKHWKHUWKH8QLRQjVUHSUHVHQWDWLRQVKRXOGEHH[WHQGHGWRWKH        3ODQWWKHUHIRUHLWVRSHUDWLRQDQGVWDIILQJLVQRWFRYHUHGE\
QHZ 3RZHU 3ODQWZKLFK UHTXLUHV QR LQWHUSUHWDWLRQ RI WKH      WKH/DERU$JUHHPHQWl,G
WHUPV DQG SURYLVLRQV RI WKH $JUHHPHQW  0RUHRYHU D
GHWHUPLQDWLRQRIZKHWKHUWKHZLWKLQDJUHHPHQWDOVRFRYHUV              7KH8QLRQWKHQDWWHPSWHGWRPRYHWKHPDWWHUWRDUELWUDWLRQ
WKHQHZ3RZHU3ODQWDFFRUGLQJWR$LU3URGXFWVFDQQRWEH            DVLWEHOLHYHGLWZDVHQWLWOHGWRGRXQGHU$UWLFOH;;9,RIWKH
UHVROYHGE\DUELWUDWLRQEHFDXVHLWUHTXLUHVORRNLQJEH\RQGWKH       FROOHFWLYH EDUJDLQLQJ DJUHHPHQW ZLWK $LU 3URGXFWV ZKLFK
WHUPV RI WKH $JUHHPHQW DQG WKXV H[FHHGV WKH SRZHUV           SURYLGHV WKDW mLQ WKH HYHQW WKDW D JULHYDQFH LV QRW VHWWOHG
FRQIHUUHGXSRQWKHDUELWUDWRU$LU3URGXFWVFRQWHQGVWKDWWKH       VDWLVIDFWRULO\E\WKHJULHYDQFHSURFHGXUHWKHTXHVWLRQPD\EH
$JUHHPHQWH[SUHVVO\VWDWHVWKDWRQHRIWKHSXUSRVHVRIWKH           VXEPLWWHG WR DUELWUDWLRQ    l  s$ DW   $LU 3URGXFWV
$JUHHPHQW LV WR mSURYLGH IRU WKH RSHUDWLRQ RI WKH      KRZHYHU UHIXVHG WR DUELWUDWH  7KHUHDIWHU WKH 8QLRQ
&KHPLFDO 3ODQWl DQG WKXV WKH $JUHHPHQW LV OLPLWHG WR       FRPPHQFHGWKHZLWKLQOLWLJDWLRQDQGLWVHHNVWRHQIRUFH$LU
RSHUDWLRQVDWWKH&KHPLFDO3ODQW$LU3URGXFWVFRQFOXGHV           3URGXFWVWRDUELWUDWHLWVJULHYDQFH
WKHUHIRUHWKDWWKHUHLVQRSURYLVLRQH[WHQGLQJLWVWHUPVWRDQ\
RWKHUIDFLOLW\RSHUDWHGE\$LU3URGXFWVDQGDQ\DWWHPSWWRGR         7KH FROOHFWLYH EDUJDLQLQJ DJUHHPHQW DW LVVXH KHUHLQ ZDV
VRZRXOGYLRODWHWKHFROOHFWLYHEDUJDLQLQJDJUHHPHQW              HQWHUHG LQWR RQ RU DERXW )HEUXDU\   EHWZHHQ $LU
                                                                     3URGXFWV DQG WKH 8QLRQ LQ RUGHU WR mIXUWKHU WKH PXWXDO
   $LU3URGXFWVjUHDGLQJRIWKH$JUHHPHQWKRZHYHULVDYHU\        LQWHUHVWVRIERWKWKH&RPSDQ\DQGLWVHPSOR\HHVls$DW
QDUURZ RQH  ,I ZH ZHUH WR YLHZ  WKH $JUHHPHQW DV $LU    7KH $JUHHPHQW VWDWHV WKDW WKH SDUWLHV DJUHH WR mSURYLGH D
3URGXFWV VXJJHVWV ZH ZRXOG EH IRUFHG WR LJQRUH RWKHU        SHDFHIXO PHWKRG RI DGMXVWLQJ GLIIHUHQFHV ZKLFK PD\ DULVH
SHUWLQHQWSURYLVLRQVRIWKH$JUHHPHQW7KLV&RXUWLVERXQG          EHWZHHQWKHSDUWLHVlDQGWRmSURYLGHIRUWKHRSHUDWLRQRIWKH
E\WKHWUDGLWLRQDOSULQFLSOHVRIFRQWUDFWLQWHUSUHWDWLRQ8$:       &DOYHUW&LW\.HQWXFN\&KHPLFDO3ODQWRI$LU3URGXFWVDQG
Y <DUG0DQ ,QF  )G   WK                &KHPLFDOV,QFls$DW7KH$JUHHPHQWVSHFLILFDOO\
&LUFLWDWLRQVRPLWWHG:HPXVWWKHUHIRUHFRQVLGHU          FRYHUV
WKH$JUHHPHQWDVDZKROHVRDVWRJLYHPHDQLQJDQGHIIHFWWR
DOORILWVSURYLVLRQV,G                                            DOOKRXUO\UDWHGSURGXFWLRQDQGPDLQWHQDQFHHPSOR\HHV
                                                                       LQFOXGLQJ RSHUDWLRQDO HPSOR\HHV ZDUHKRXVHUV
 7KH $JUHHPHQW DW LVVXH RXWOLQHV D JULHYDQFH SURFHGXUH          HOHFWULFLDQV SDLQWHUV EDJJHU RSHUDWRUV VWRUHNHHSHUV
ZKLFK SURYLGHV D PHDQV E\ ZKLFK WKH 8QLRQ DQG WKH             XWLOLW\SHUVRQVDQGMDQLWRUVRIWKHm&KHPLFDO3ODQWlRI
      3DSHU$OOLHG,QGXVWULDOY                     1R       1R                   3DSHU$OOLHG,QGXVWULDOY       
       $LU3URGXFWV	&KHPLFDOV                                                                       $LU3URGXFWV	&KHPLFDOV

    $LU 3URGXFWV DQG &KHPLFDOV ,QF DW &DOYHUW &LW\            LQGLVWLQJXLVKDEOHl,G7KXVZHKHOGWKDWZKHUHWKH%RDUGjV
    .HQWXFN\                                                    UHVROXWLRQ RI QRQFRQWUDFWXDO LVVXHV FRXOG DOVR UHVROYH WKH
                                                                        FRQWURYHUVLDOEUHDFKRIFRQWUDFWFODLPVEURXJKWXQGHU
s$DW                                                           WKHIHGHUDOFRXUWVVKRXOGGHFOLQHWRH[HUFLVHMXULVGLFWLRQRYHU
                                                                        WKH FRQWUDFWXDO DOOHJDWLRQV   )G DW  FLWLQJ
  $UWLFOH;;,,RIWKH$JUHHPHQWVHWVIRUWKVSHFLILFJXLGHOLQHV          $PDOJDPDWHG&ORWKLQJ	7H[WLOH:RUNHUV8QLRQ$)/&,2
ZLWK UHVSHFW WR WKH VHQLRULW\ RI LWV HPSOR\HHV  m3ODQW        Y)DFHWJODV,QF)GWK&LUILQGLQJWKDW
6HQLRULW\lLVWKHmULJKWRISUHIHUHQFHlWROD\RIIVUHFDOOVWR         ZKHUH 1/5%jV UHVROXWLRQ RI UHSUHVHQWDWLRQDO LVVXHV ZRXOG
ZRUN DQG mILOOLQJ MRE YDFDQFLHV ZKHUH WKHUH DUH QR             DOVRUHVROYHFRQWUDFWXDOLVVXHVWKHFRXUWGHFOLQHGWRH[HUFLVH
H[SHULHQFHGSHUVRQQHOELGGLQJIRUWKHSRVWHGMREls$DW         MXULVGLFWLRQRYHUWKHFRQWUDFWXDOFODLP
&RQWDLQHG ZLWKLQ WKLV VHFWLRQ LV D OLVW RI WKH YDULRXV
mRSHUDWLQJ GHSDUWPHQWVl ZKLFK PD\ EH DYDLODEOH WR VXFK              2O\PSLF 3ODWLQJ KRZHYHU LV GLVWLQJXLVKDEOH IURP WKH
PHPEHUV LQFOXGLQJ YLQ\O DFHWDWH DFHW\OHQLFV SRO\YLQ\O           LQVWDQW FDVH  ,Q 2O\PSLF 3ODWLQJ WKH ,QWHUQDWLRQDO XQLRQ
DOFRKRO XWLOLWLHV HPXOVLRQ VSUD\ GU\HU mDQG DQ\ RWKHU        DOOHJHG WKDW 2O\PSLF EUHDFKHG WKH FROOHFWLYH EDUJDLQLQJ
RSHUDWLQJSODQWZKLFKPD\EHDGGHGGXULQJWKHOLIHRIWKLV              DJUHHPHQWE\UHFRJQL]LQJWKHORFDOXQLRQDVWKHEDUJDLQLQJ
FRQWUDFWl  s$ DW    )ROORZLQJ DQ RXWOLQH RI          UHSUHVHQWDWLYHRI2O\PSLFjVHPSOR\HHV:HGHWHUPLQHGLQ
TXDOLILFDWLRQVIRUKLULQJWUDQVIHUULQJDQGSURPRWLQJLQHDFK          2O\PSLF3ODWLQJWKDWWKHXQGHUO\LQJGLVSXWHWKHUHVROXWLRQ
RIWKHMREFODVVLILFDWLRQVWKH$JUHHPHQWGHOLQHDWHVYDULRXV            RIZKLFKXQLRQLVWKHSURSHUEDUJDLQLQJUHSUHVHQWDWLYHRIWKH
UHTXLUHPHQWVFRQFHUQLQJWKHILOOLQJRIMREYDFDQFLHVmLQDOO            FRPSDQ\jVHPSOR\HHVZDVSULPDULO\UHSUHVHQWDWLRQDODQG
GHSDUWPHQWVls$DW6SHFLILFDOO\3DUDJUDSKRIWKLV         VLPSO\UHIHUULQJWRWKHFODLPDVDmEUHDFKRIFRQWUDFWlZDV
VHFWLRQ RI WKH $JUHHPHQW HQWLWOHG m1HZ 2SHUDWLQJ 3ODQW          LQVXIILFLHQWIRUSXUSRVHVRIIHGHUDOFRXUWVjMXULVGLFWLRQ
2SHQLQJlSURYLGHVLQSHUWLQHQWSDUWDVIROORZV                      7KHLQVWDQWFDVHKRZHYHUGRHVQRWLQYROYHDGHWHUPLQDWLRQ
                                                                        RI ZKLFK XQLRQ VKRXOG UHSUHVHQW $LU 3URGXFWVj HPSOR\HHV
    sRERSHQLQJVLQDQHZRSHUDWLQJSODQWZLOOEHILOOHGE\             WKHUH DUH QR FRPSHWLQJ XQLRQV  5DWKHU WKH TXHVWLRQ LV
    SODQWZLGHELGGLQJIRUDSHULRGRIRQH\HDUIURPGDWH            ZKHWKHU$LU3URGXFWVj&KHPLFDO3ODQWHPSOR\HHVXQGHQLDEO\
    RIWKHSRVWLQJRIWKHILUVWMRERSHQLQJ                     JRYHUQHGE\WKHH[LVWLQJFROOHFWLYHEDUJDLQLQJDJUHHPHQWDUH
                                                                        HQWLWOHGWRMREVDWWKHQHZ3RZHU3ODQW(YHQLIWKLVPDWWHU
s$DW                                                        GRHVLPSOLFDWHDFROODWHUDOUHSUHVHQWDWLRQDOLVVXHWKHPDWWHU
                                                                        LVILUVWDQGIRUHPRVWDJHQXLQH6HFWLRQFRQWUDFWGLVSXWH
  $LU 3URGXFWV PDLQWDLQV WKDW WKH FROOHFWLYH EDUJDLQLQJ           DQGLWLVQRWVRmHVVHQWLDOO\UHSUHVHQWDWLRQDOlDVWRSUHFOXGH
DJUHHPHQWLVOLPLWHGWRRSHUDWLRQVDWWKH&KHPLFDO3ODQWDQG            6HFWLRQMXULVGLFWLRQ
WKHUHLVQRSURYLVLRQH[WHQGLQJLWVWHUPVWRDQ\RWKHUIDFLOLW\
RSHUDWHG E\ $LU 3URGXFWV  ,Q VXSSRUW RI LWV FRQWHQWLRQ LW     0RUHRYHUXQOLNHLQ2O\PSLF3ODWLQJLQWKLVFDVHWKHUHLV
UHIHUVWRWKHVWDWHGSXUSRVHRIWKH$JUHHPHQWRXWOLQHGDERYH           QRFKDUJHSHQGLQJEHIRUHWKH%RDUG,Q2O\PSLF3ODWLQJWKLV
mWRSURYLGHIRUWKHRSHUDWLRQRIWKH&DOYHUW&LW\.HQWXFN\             &RXUW VSHFLILFDOO\ QRWHG WKDW ERWK SURFHHGLQJVWKH RQH LQ
&KHPLFDO3ODQWRI$LU3URGXFWVDQG&KHPLFDOV,QFls$DW            IHGHUDO FRXUW DQG WKH RQH EHIRUH WKH %RDUGLQYROYHG
  ,Q DGGLWLRQ LW VWDWHV WKDW WKH LVVXH DW KDQG LV D     HVVHQWLDOO\ WKH VDPH FODLPV DQG RQH GHFLVLRQ ZRXOG
mUHSUHVHQWDWLRQDO LVVXHl VSHFLILFDOO\ ZKHWKHU WKH 8QLRQjV         QHFHVVDULO\ DQVZHU ERWK FODLPV  +HQFH  WKH\ ZHUH
UHSUHVHQWDWLRQVKRXOGEHH[WHQGHGWRWKHQHZ3RZHU3ODQW               mPHDQLQJIXOO\LQGLVWLQJXLVKDEOHl)GDW,QWKH
DQGWKDWLVVXHLVXQGHUWKHH[FOXVLYHMXULVGLFWLRQRIWKH1/5%
    3DSHU$OOLHG,QGXVWULDOY                       1R       1R                    3DSHU$OOLHG,QGXVWULDOY            
      $LU3URGXFWV	&KHPLFDOV                                                                          $LU3URGXFWV	&KHPLFDOV

KDYHDmULJKWRISUHIHUHQFHlWRILOOmMREYDFDQFLHVZKHUHWKHUH          DQG LV QRW VXEMHFW WR DUELWUDWLRQ  7KH 8QLRQ KRZHYHU
DUH QR H[SHULHQFHG SHUVRQQHO ELGGLQJ IRU WKH SRVWHG MREl        FRQWHQGVWKDW$UWLFOH;;,,RIWKH$JUHHPHQWDVVWDWHGDERYH
s$ DW   $UWLFOH ;;,, RI WKH $JUHHPHQW HQWLWOHG            DOORZV IRU DQ DUELWUDWRU WR GHFLGH LI WKH QHZ FRJHQHUDWLRQ
m6HQLRULW\lVWDWHVWKDWYDULRXVmRSHUDWLQJGHSDUWPHQWVlZKLFK           m3RZHU 3ODQWl LV DQ mRSHUDWLRQDO GHSDUWPHQWl LV SDUW RI
PD\ EH DYDLODEOH WR VXFK PHPEHUV LQFOXGH mDQ\ RWKHU             m8WLOLWLHVl RU LV mDQ\ RWKHU RSHUDWLQJ SODQW ZKLFK PD\ EH
RSHUDWLQJSODQWZKLFKPD\EHDGGHGGXULQJWKHOLIHRIWKLV               DGGHGGXULQJWKHOLIHRIWKLVFRQWUDFWls$DW
FRQWUDFWls$DW)XUWKHUPRUHWKH$JUHHPHQWVWDWHV
WKDWm>M@RERSHQLQJVLQDQHZRSHUDWLQJSODQWZLOOEHILOOHGE\            2QsXO\WKH'LVWULFW&RXUWHQWHUHGD0HPRUDQGXP
SODQWZLGHELGGLQJIRUDSHULRGRIRQH\HDUIURPWKHGDWH             2SLQLRQ JUDQWLQJ 'HIHQGDQW $LU 3URGXFWVj 0RWLRQ IRU
RI WKH SRVWLQJ RI WKH ILUVW MRE RSHQLQJl  s$ DW     6XPPDU\sXGJPHQW,QLWV2SLQLRQWKH'LVWULFW&RXUWZURWH
7KHUHIRUH WKH TXHVWLRQ EHFRPHV  ,V WKH QHZ SODQW DQ           DVIROORZV
mRSHUDWLQJGHSDUWPHQWlDmQHZRSHUDWLQJSODQWlRULVLWmDQ\
RWKHURSHUDWLQJSODQWZKLFKPD\EHDGGHGGXULQJWKHOLIHRI                7KHPDLQLVVXHEHIRUHWKLVFRXUWLVZKHWKHUWKH&RPSDQ\
WKLV FRQWUDFWl"  ,Q RUGHU WR DQVZHU VXFK TXHVWLRQV LW LV        LVUHTXLUHGWRVXEPLWWRDUELWUDWLRQDJULHYDQFHUHJDUGLQJ
QHFHVVDU\ WR LQWHUSUHW WKH SHUWLQHQW SURYLVLRQV RI WKH              ZKHWKHU $LU 3URGXFWV &KHPLFDO 3ODQW HPSOR\HHV KDYH
$JUHHPHQW  7KXV WKLV GLVSXWH LV D PDWWHU RI FRQWUDFW            VHQLRULW\ULJKWVDWDQHZVHSDUDWH$LU3URGXFWV3RZHU
LQWHUSUHWDWLRQ$QGLQDFFRUGDQFHZLWKWKHGHFLVLRQVRIWKH               3ODQW$QREOLJDWLRQWRDUELWUDWHDODERUGLVSXWHGRHVQRW
8QLWHG6WDWHV6XSUHPH&RXUWLQ&DUH\DQGWKHGHFLVLRQRIWKLV              DULVH VROHO\ E\ RSHUDWLRQ RI ODZ  /LWWRQ )LQ 3ULQWLQJ
&LUFXLW LQ 'RZ WKLV &RXUW KDV MXULVGLFWLRQ WR FRPSHO              'LYY1DWLRQDO/DERU5HODWLRQV%G86
DUELWUDWLRQRIVXFKDPDWWHU                                              $SDUW\LVFRPSHOOHGWRVXEPLWLWVJULHYDQFHWR
                                                                           DUELWUDWLRQ RQO\ LI LW KDV FRQWUDFWHG WR GR VR  ,G
  7KHFUX[RI$LU3URGXFWVjDUJXPHQWLVWKDWWKHXQGHUO\LQJ                m>$@UELWUDWLRQLVDPDWWHURIFRQVHQWDQGLWZLOOQRWEH
GLVSXWHLQYROYHVDUHSUHVHQWDWLRQDOLVVXHZKLFKLVXQGHUWKH               LPSRVHG XSRQ SDUWLHV EH\RQG WKH VFRSH RI WKHLU
H[FOXVLYHMXULVGLFWLRQRIWKH1/5%,QVXSSRUWRILWVSRVLWLRQ           DJUHHPHQWl,GDW6&WDWm>7@KHFRXUWjV
$LU 3URGXFWV UHIHUV WR ,QWHUQDWLRQDO %URWKHUKRRG RI                  UROHLVOLPLWHGWRGHFLGLQJLIWKHSDUW\VHHNLQJDUELWUDWLRQ
%RLOHUPDNHUV ,URQ 6KLS %XLOGHUV %ODFNVPLWKV )RUJHUV 	             LVPDNLQJDFODLPZKLFKRQLWVIDFHLVJRYHUQHGE\WKH
+HOSHUV$)/&,2Y2O\PSLF3ODWLQJ,QGXVWULHV,QF                 FRQWUDFWl  *HQHUDO 'ULYHUV 6DOHVPHQ DQG
)GWK&LULQZKLFKWKLV&RXUWUHFRJQL]HGD                 :DUHKRXVHPHQjV /RFDO 8QLRQ 1R  Y 0DORQH 	
mVWURQJSROLF\LQIDYRURIXVLQJWKHSURFHGXUHVYHVWHGLQWKH              +\GH ,QF  )G  WK &LUFLWDWLRQV
%RDUGIRUUHSUHVHQWDWLRQDOGHWHUPLQDWLRQVLQRUGHUWRSURPRWH              RPLWWHG
LQGXVWULDOSHDFHl)GDWFLWDWLRQRPLWWHG,Q
2O\PSLF 3ODWLQJ WKH ,QWHUQDWLRQDO XQLRQ ILOHG DQ DFWLRQ          s$DW
DJDLQVW WKH HPSOR\HU FODLPLQJ mEUHDFK RI FRQWUDFWl  7KH
,QWHUQDWLRQDODOVRILOHGDQDFWLRQZLWKWKH%RDUGDJDLQVWWKH               ,QVWDWLQJWKDWWKH8QLRQjVmEUHDFKRIFRQWUDFWFODLPUDLVHV
HPSOR\HUDQGWKHORFDOXQLRQIRUmXQIDLUODERUSUDFWLFHl7KLV          LVVXHVRIUHSUHVHQWDWLRQlWKH'LVWULFW&RXUWFRQFOXGHGWKDWWKH
&LUFXLW GHWHUPLQHG WKDW UHJDUGOHVV RI KRZ WKH mEUHDFK RI         8QLRQmFDQQRWDYRLGWKH1/5%jVH[FOXVLYHMXULVGLFWLRQE\
FRQWUDFWFODLPlZDVFKDUDFWHUL]HGWKHFODLPVEHIRUHWKHFRXUW           FKDUDFWHUL]LQJZKDWLVHVVHQWLDOO\DUHSUHVHQWDWLRQLVVXHDVD
DQGWKH%RDUGZHUHmYLUWXDOO\LGHQWLFDOlDQGWKHXQGHUO\LQJ              EUHDFKRIFRQWUDFWLVVXHl7KXVDVWKH'LVWULFW&RXUWKHOGWKH
VXEVWDQFH RI WKH WZR FODLPV ZHUH mPHDQLQJIXOO\
      3DSHU$OOLHG,QGXVWULDOY                     1R    1R                     3DSHU$OOLHG,QGXVWULDOY         
       $LU3URGXFWV	&KHPLFDOV                                                                      $LU3URGXFWV	&KHPLFDOV

ZLWKLQ GLVSXWHmLQYROYHVVWDWXWRU\LQWHUSUHWDWLRQZLWKLQWKH        SURSHUO\ DVVLJQDEOH WR ZLWKLQ WKH FRQWUDFWXDOO\ UHFRJQL]HG
H[FOXVLYHMXULVGLFWLRQRIWKH1/5%l,G                            EDUJDLQLQJXQLWl)GDW,QREVHUYLQJWKHGHFLVLRQ
                                                                     UHDFKHG E\ WKH 6XSUHPH &RXUW LQ &DUH\ VXSUD WKLV &RXUW
  )ROORZLQJ WKH 'LVWULFW &RXUWjV 0HPRUDQGXP 2SLQLRQ            FRQFOXGHGLQ'RZWKDWUHJDUGOHVVRIWKHGLVSXWHFRQVLGHUHG
3ODLQWLII8QLRQILOHGD0RWLRQIRU5HFRQVLGHUDWLRQZKLFKZDV        ZKHWKHURQHLQYROYLQJZRUNDVVLJQPHQWDVVWDWHGDERYHRU
GHQLHG,QLWV0HPRUDQGXP2SLQLRQDQG2UGHURI2FWREHU           RQHFRQFHUQLQJUHSUHVHQWDWLRQmZHVHHQREDUULHUWRWKHXVH
GHQ\LQJ3ODLQWLIIjV0RWLRQWKH'LVWULFW&RXUWKHOGDV         RI WKH DUELWUDWLRQ SURFHGXUHl EHFDXVH m>L@I LW LV D ZRUN
IROORZV                                                             DVVLJQPHQWGLVSXWHDUELWUDWLRQFRQYHQLHQWO\ILOOVDJDSDQG
                                                                     DYRLGV WKH QHFHVVLW\ RI D VWULNH WR EULQJ WKH PDWWHU WR WKH
    7KH IDFWV LQGLFDWH WKDW ZKLOH WKLV GLVSXWH PD\ LQYROYH   %RDUG,ILWLVDUHSUHVHQWDWLRQPDWWHUUHVRUWWRDUELWUDWLRQ
    LVVXHV RI FRQWUDFW LQWHUSUHWDWLRQ LW LV HVVHQWLDOO\ DQ   PD\KDYHDSHUYDVLYHFXUDWLYHHIIHFWl'RZ)GDW
    DUJXPHQWRYHUZKHWKHU>WKH8QLRQjV@FRQWUDFWFRYHUVWKH          TXRWLQJ&DUH\Y:HVWLQJKRXVH(OHF&RUS86DW
    HPSOR\HHV DW WKH QHZ $LU 3URGXFWV 3RZHU 3ODQW LH        :H WKHUHIRUH DIILUPHG WKH GHFLVLRQ RI WKH GLVWULFW
    ZKHWKHULWUHSUHVHQWVWKRVHHPSOR\HHVm,QVXFKFDVHV           FRXUW LQ 'RZ WR RUGHU WKH VXEPLVVLRQ RI JULHYDQFHV WR
    ZKHUH WKH >1/5%jV@ UHVROXWLRQ RI QRQFRQWUDFWXDO            DUELWUDWLRQ LQ DFFRUGDQFH ZLWK WKH SDUWLHVj FROOHFWLYH
    >UHSUHVHQWDWLRQDO@ LVVXHV FRXOG DOVR UHVROYH WKH            EDUJDLQLQJDJUHHPHQW
    FRQWURYHUVLDO EUHDFK RI FRQWUDFW FODLPV EURXJKW XQGHU
      WKH IHGHUDO FRXUWV VKRXOG GHFOLQH WR H[HUFLVH       ,QWKHFDVHDWKDQG8QLRQPHPEHUVZKRZHUHHPSOR\HGDW
    MXULVGLFWLRQ RYHU WKH FRQWUDFWXDO DOOHJDWLRQVl              WKH &KHPLFDO 3ODQW RSHUDWHG E\ $LU 3URGXFWV DWWHPSWHG WR
    ,QWHUQDWLRQDO %URWKHUKRRG RI %RLOHUPDNHUV ,URQ 6KLS        H[HUFLVHVHQLRULW\ULJKWVWRWKHQHZMREVLQWKH3RZHU3ODQW
    EXLOGHUV%ODFNVPLWKV)RUJHUV	+HOSHUV$)/&,2Y             :KHQ$LU3URGXFWVUHIXVHGWKHLUDWWHPSWVWKH8QLRQILOHGD
    2O\PSLF3ODWLQJ,QGXVWULHV,QF)G            JULHYDQFH VWDWLQJ WKDW $LU 3URGXFWV ZDV LQ YLRODWLRQ RI WKH
    WK&LU                                                  FXUUHQWFROOHFWLYHEDUJDLQLQJDJUHHPHQWE\UHIXVLQJWRDOORZ
                                                                     XQLWHPSOR\HHVWRH[HUFLVHWKHLUVHQLRULW\ULJKWVWRWKHMREV
s$DW                                                         WKDWZLOOEHDYDLODEOHDWWKHQHZ3RZHU3ODQW$LU3URGXFWV
                                                                     LQGHQ\LQJWKHJULHYDQFHVWDWHGWKDWWKHFXUUHQWEDUJDLQLQJ
  2Q2FWREHUWKH8QLRQILOHGWKHZLWKLQ$SSHDO            XQLWHPSOR\HHVRIWKH&DOYHUW&LW\&KHPLFDO3ODQWKDGmQR
7KH 8QLRQ DSSHDOV WKH 'LVWULFW &RXUWjV 2UGHU JUDQWLQJ         FRQWUDFWXDOULJKWVWRWKHMREVlDWWKHQHZSODQW
'HIHQGDQW$LU3URGXFWVj0RWLRQIRU6XPPDU\sXGJPHQW,W
DOVRDSSHDOVWKH'LVWULFW&RXUWjV2UGHUGHQ\LQJLWV0RWLRQIRU         7KH GLVSXWH ZKLFK XQGHUOLHV WKH JULHYDQFH ILOHG E\ WKH
5HFRQVLGHUDWLRQ                                                     8QLRQFRQFHUQVZKHWKHUWKHFXUUHQW8QLRQPHPEHUVRIWKH
                                                                     &KHPLFDO3ODQWKDYHVHQLRULW\IRUWKHQHZMREVDWWKH3RZHU
                       ,,',6&866,21                             3ODQWZKHWKHUWKRVHPHPEHUVKDYHDQ\ULJKWVWRWKHZRUNDW
                                                                     WKHQHZSODQW,WLVDTXHVWLRQRIZRUNDVVLJQPHQW,QRUGHU
                     $6WDQGDUGRI5HYLHZ                          WR GHWHUPLQH ZKHWKHU WKH FXUUHQW EDUJDLQLQJ XQLW VHQLRU
   :HUHYLHZDGLVWULFWFRXUWjVJUDQWRIVXPPDU\MXGJPHQWGH         HPSOR\HHVKDYHDQ\mFRQWUDFWXDOULJKWVlWRWKHMREVDWWKHQHZ
QRYR8QLWHG1DWjO,QV&RY667)LWQHVV&RUS)G          SODQWRQHPXVWORRNWRWKHFRQWUDFWWKHFROOHFWLYHEDUJDLQLQJ
WK&LU6XPPDU\sXGJPHQWLVDSSURSULDWH            DJUHHPHQWLQH[LVWHQFHEHWZHHQ$LU3URGXFWVDQGWKH8QLRQ
LIWKHHYLGHQFHYLHZHGLQWKHOLJKWPRVWIDYRUDEOHWRWKHQRQ      7KH$JUHHPHQWSURYLGHVWKDWPHPEHUVZLWKmSODQWVHQLRULW\l
    3DSHU$OOLHG,QGXVWULDOY                       1R       1R                   3DSHU$OOLHG,QGXVWULDOY        
      $LU3URGXFWV	&KHPLFDOV                                                                         $LU3URGXFWV	&KHPLFDOV

EDUJDLQLQJDJUHHPHQWZLWKUHVSHFWWRVHQLRULW\GHWHUPLQDWLRQ             PRYDQWHVWDEOLVKHVmWKDWWKHUHLVQRJHQXLQHLVVXHDVWRDQ\
DQGDSSOLFDWLRQDVZHOODVLPSURSHUZRUNDVVLJQPHQW7KH                PDWHULDO IDFW DQG WKDW WKH PRYLQJ SDUW\ LV HQWLWOHG WR D
8QLRQILOHGDQDFWLRQLQGLVWULFWFRXUWSXUVXDQWWR6HFWLRQ          MXGJPHQWDVDPDWWHURIODZl)HG5&LY3FVHHDOVR
RI WKH /05$  'RZ &RUQLQJ FRQWHQGHG WKDW  WKH                7HUU\%DUU6DOHV$JHQF\,QFY$OO/RFN&R)G
DUELWUDWLRQDJUHHPHQWRIWKHSDUWLHVVSHFLILFDOO\H[FOXGHGWKH           WK&LU6HH$GYDQFH:DWFK&R/WGY.HPSHU
JULHYDQFHV IURP VXEPLVVLRQ WR DUELWUDWLRQ EHFDXVH FHUWDLQ          1DWjO,QV&R)GWK&LU
SURFHGXUDOSUHUHTXLVLWHVKDGQRWEHHQIROORZHGDQGWKH
XQGHUO\LQJ JULHYDQFHV ZKLFK DPRXQWHG WR DOOHJDWLRQV RI                                      %$QDO\VLV
XQIDLUODERUSUDFWLFHVDQGRUUHSUHVHQWDWLRQLVVXHVDUHZLWKLQ
WKHMXULVGLFWLRQRIWKH1/5%DQGWKHUHIRUHWKHFRXUWVKRXOG              7KH'LVWULFW&RXUWGHWHUPLQHGWKDWWKH8QLRQjVEUHDFKRI
KDYHVWD\HGLWVGHFLVLRQWRFRPSHODUELWUDWLRQ'RZ)G           FRQWUDFW FODLP UDLVHV LVVXHV RI UHSUHVHQWDWLRQ EHFDXVH WKH
DW                                                               8QLRQ FODLPV WKDW WKH VFRSH RI WKH FROOHFWLYH EDUJDLQLQJ
                                                                         DJUHHPHQWH[WHQGVWRWKH3RZHU3ODQWZKLFKLVRSHUDWHGE\
   :LWKUHVSHFWWR'RZ&RUQLQJjVFRQWHQWLRQFRQFHUQLQJWKH               $LU3URGXFWVDQGLVDGMDFHQWWRWKH&KHPLFDO3ODQWDQGWKH
1/5%jV MXULVGLFWLRQ WR KHDU GLVSXWHV XQGHUO\LQJ WKH                8QLRQLVmDVVHUWLQJLWVHOIDVWKHFROOHFWLYHEDUJDLQLQJDJHQWRI
JULHYDQFHV ZH GHWHUPLQHG WKDW WKH IDFW WKDW WKH DOOHJHG         WKHHPSOR\HHVDWWKHVHSDUDWHIDFLOLW\ls$DW+DYLQJ
FRQWUDFWYLRODWLRQVPD\DOVREHXQIDLUODERUSUDFWLFHVZLWKLQ            GHWHUPLQHG WKDW WKH FUX[ RI WKH PDWWHU LV mHVVHQWLDOO\ D
WKHH[FOXVLYHMXULVGLFWLRQRIWKH1/5%GRHVQRWGHSULYHWKH              UHSUHVHQWDWLRQLVVXHlZKLFKLVFKDUDFWHUL]HGDVDEUHDFKRI
FRXUWRIMXULVGLFWLRQRYHUWKH8QLRQjV6HFWLRQDFWLRQ          FRQWUDFWLVVXHWKH'LVWULFW&RXUWFRQFOXGHGWKDWWKHSDUWLHVj
)GDW7KLVLVWUXHZKHWKHUWKHGLVSXWHFRQFHUQVXQIDLU           GLVSXWHLVZLWKLQWKHH[FOXVLYHMXULVGLFWLRQRIWKH1/5%
ODERUSUDFWLFHVRUODZVXLWVWRFRPSHODUELWUDWLRQRIJULHYDQFHV
VXFK DV SD\ UDWHV DQG KRXUV RI ZRUN  ,G DW   7KH      8SRQUHYLHZKRZHYHUZHFRQFOXGHWKDWWKH'LVWULFWFRXUW
DXWKRULW\RIWKH%RDUGWRGHDOZLWKDQXQIDLUODERUSUDFWLFH             LPSURSHUO\ JUDQWHG VXPPDU\ MXGJPHQW LQ IDYRU RI WKH
ZKLFKDOVRYLRODWHVDFROOHFWLYHEDUJDLQLQJFRQWUDFWmLVQRW             'HIHQGDQW$LU3URGXFWV7KLVFDVHLVDPDWWHUSULPDULO\RI
GLVSODFHG E\   EXW LW LV QRW H[FOXVLYH DQG GRHV QRW      FRQWUDFW LQWHUSUHWDWLRQ ZKLOH SRWHQWLDOO\ LPSOLFDWLQJ
GHVWUR\WKHMXULVGLFWLRQRIWKHFRXUWVLQVXLWVXQGHU     UHSUHVHQWDWLRQDOLVVXHV3XUVXDQWWR6HFWLRQRIWKH/DERU
7KHFRQFHSWWKDWDOOVXLWVWRYLQGLFDWHLQGLYLGXDOHPSOR\HH              0DQDJHPHQW 5HODWLRQV $FW m/05$l DQG LQ DFFRUGDQFH
ULJKWVDULVLQJIURPDFROOHFWLYHEDUJDLQLQJFRQWUDFWVKRXOGEH           ZLWKWKHODZLQWKLV&LUFXLWZHILQGWKDWIHGHUDOFRXUWVPD\
H[FOXGHGIURPWKHFRYHUDJHRIKDVWKXVQRWVXUYLYHGl              KDYHMXULVGLFWLRQWRH[DPLQHDOOHJHGYLRODWLRQVRIDJUHHPHQWV
'RZ  )G DW  TXRWLQJ 6PLWK Y (YHQLQJ 1HZV          0RUHRYHUZHILQGWKDWWKHSDUWLFXODUFRQWUDFWDWLVVXHWKH
$VVjQ  86     :H WKHUHIRUH            FROOHFWLYHEDUJDLQLQJDJUHHPHQWEHWZHHQWKH8QLRQDQG$LU
FRQFOXGHG WKDW LW ZRXOG EH LQDSSURSULDWH WR ZLWKKROG              3URGXFWVRQLWVIDFHSURYLGHVIRUDUELWUDWLRQRIWKHPDWWHU
HQIRUFHPHQWRIWKHDUELWUDWLRQDJUHHPHQW)GDW              RXWOLQHGLQWKH8QLRQjVJULHYDQFH7KXVZKHUHQHLWKHUWKH
                                                                         8QLRQQRU$LU3URGXFWVKDVVRXJKWWRLQYRNHWKHSRZHUVRI
  'RZ &RUQLQJ FRQWHQGHG DOVR WKDW RQH RI WKH JULHYDQFHV          WKH1/5%DQGWKHGLVSXWHGLVVXHLVRIDFRQWUDFWXDOQDWXUH
FRQFHUQHG D UHSUHVHQWDWLRQDO GLVSXWH ZKLFK LV ZLWKLQ WKH          DIHGHUDOFRXUWPD\SURSHUO\H[HUFLVHLWVMXULVGLFWLRQRYHUWKH
1/5%jVMXULVGLFWLRQ,QWKLVUHVSHFWWKH&RPSODLQWVWDWHG              PDWWHU
WKDW WKH SDUWLFXODU JULHYDQFH mSURWHVWV WKH GHIHQGDQWjV
SHUIRUPDQFH RI ZRUN DW LWV 0LGODQG &RUSRUDWH &HQWHU
    3DSHU$OOLHG,QGXVWULDOY                   1R      1R                    3DSHU$OOLHG,QGXVWULDOY        
      $LU3URGXFWV	&KHPLFDOV                                                                     $LU3URGXFWV	&KHPLFDOV

sXULVGLFWLRQ                                                    VWDWHWULEXQDOVLVSURSHUQRWZLWKVWDQGLQJWKHDYDLODELOLW\RIDQ
                                                                    DOWHUQDWLYHUHPHG\EHIRUHWKH1/5%86
   6HFWLRQ D RI WKH /DERU 0DQDJHPHQW 5HODWLRQV $FW
m/05$lYHVWVIHGHUDOFRXUWVZLWKMXULVGLFWLRQWRH[DPLQH             &DUH\FRQFHUQHGDmMXULVGLFWLRQDOlGLVSXWHLQYROYLQJWZR
DOOHJHGYLRODWLRQVRIFRQWUDFWVEHWZHHQFHUWDLQHPSOR\HUVDQG       XQLRQVDQGDQHPSOR\HUZKHUHLQWKHGLVSXWHFRXOGEHRQHRI
ODERURUJDQL]DWLRQV6HFWLRQVWDWHVLQSHUWLQHQWSDUWDV     WZR GLIIHUHQW WKRXJK UHODWHG PDWWHUV ZRUN DVVLJQPHQW RU
IROORZV                                                            UHSUHVHQWDWLRQ   86 DW   7KH 6XSUHPH &RXUW
                                                                    DFNQRZOHGJHV WKDW FODVVLI\LQJ WKH GLVSXWH FDQ EH GLIILFXOW
  6XLWVIRUYLRODWLRQRIFRQWUDFWVEHWZHHQDQHPSOR\HUDQG          RFFXUULQJZKHUHRQHSDUW\EHOLHYHVWKHPDWWHULVHVVHQWLDOO\D
  D ODERU RUJDQL]DWLRQ UHSUHVHQWLQJ HPSOR\HHV LQ DQ           UHSUHVHQWDWLRQDORQHDQGWKHRWKHUSDUW\FKDUDFWHUL]HVLWDVD
  LQGXVWU\DIIHFWLQJFRPPHUFHDVGHILQHGLQWKLVFKDSWHURU        ZRUNDVVLJQPHQWRUFRQWUDFWXDOLVVXHDQGLQVRPHFDVHVWKH
  EHWZHHQDQ\VXFKODERURUJDQL]DWLRQVPD\EHEURXJKWLQ           LVVXHVDUHLQWHUWZLQHG&DUH\86DW7KH&RXUW
  DQ\GLVWULFWFRXUWRIWKH8QLWHG6WDWHVKDYLQJMXULVGLFWLRQ       GHWHUPLQHGWKRXJKWKDWKRZHYHUWKHGLVSXWHLVFRQVLGHUHG
  RI WKH SDUWLHV ZLWKRXW UHVSHFW WR WKH DPRXQW LQ          ZKHWKHU ZRUN DVVLJQPHQW RU UHSUHVHQWDWLRQmZH VHH QR
  FRQWURYHUV\RUZLWKRXWUHJDUGWRWKHFLWL]HQVKLSRIWKH           EDUULHUWRXVHRIWKHDUELWUDWLRQSURFHGXUHl86DW
  SDUWLHV                                                          7KH&RXUWFRQWLQXHG
86&D7KH8QLWHG6WDWHV6XSUHPH&RXUWKDV              ,I LW LV D ZRUN DVVLJQPHQW GLVSXWH DUELWUDWLRQ
KHOGWKDW6HFWLRQGRHVPRUHWKDQFRQIHUMXULVGLFWLRQLW          FRQYHQLHQWO\ ILOOV D JDS DQG DYRLGV WKH QHFHVVLW\ RI D
mH[SUHVVHVDIHGHUDOSROLF\WKDWIHGHUDOFRXUWVVKRXOGHQIRUFH        VWULNH WR EULQJ WKH PDWWHU WR WKH %RDUG  ,I LW LV D
>VXFK@ DJUHHPHQWVDQG WKDW LQGXVWULDO SHDFH FDQ EH EHVW      UHSUHVHQWDWLRQ PDWWHU UHVRUW WR DUELWUDWLRQ PD\ KDYH D
REWDLQHGRQO\LQWKDWZD\l7H[WLOH:RUNHUV8QLRQRI$PY          SHUYDVLYHFXUDWLYHHIIHFWHYHQWKRXJKRQHXQLRQLVQRWD
/LQFROQ0LOOV86                                   SDUW\%\DOORZLQJWKHGLVSXWHWRJRWRDUELWUDWLRQLWV
                                                                      IUDJPHQWDWLRQ LV DYRLGHG WR D VXEVWDQWLDO H[WHQW DQG
   0RUHRYHU WKH 6XSUHPH &RXUW KDV KHOG WKDW HYHQ LI WKH     WKRVH FRQFLOLDWRU\ PHDVXUHV ZKLFK &RQJUHVV GHHPHG
FRQWUDFW GLVSXWH LQYROYHV D UHSUHVHQWDWLRQDO TXHVWLRQ DQG      YLWDO WR mLQGXVWULDO SHDFHl >FLWLQJ 7H[WLOH :RUNHUV Y
mHYHQWKRXJKDQDOWHUQDWLYHUHPHG\EHIRUHWKH%RDUGLV          /LQFROQ 0LOOV  86 @ DQG ZKLFK PD\ EH
DYDLODEOHlXQGHU6HFWLRQDRIWKH/05$IHGHUDOFRXUWV          GLVSRVLWLYH RI WKH HQWLUH GLVSXWH DUH HQFRXUDJHG  7KH
KDYHMXULVGLFWLRQWRHQIRUFHDQDUELWUDWLRQFODXVH&DUH\Y         VXSHULRUDXWKRULW\RIWKH%RDUGPD\EHLQYRNHGDWDQ\
:HVWLQJKRXVH(OHF&RUS867KXV           WLPH
LQVRPHLQVWDQFHV6HFWLRQFDQSURYLGHSDUWLHVWRDODERU
FRQWUDFW ZLWK DQ LQGHSHQGHQW IRUXP IRU UHVROXWLRQ RI         ,G
UHSUHVHQWDWLRQDORUFRQWUDFWXDOLVVXHVLQDGGLWLRQWR1/5%
GLVSRVLWLRQ6SHFLILFDOO\WKH6XSUHPH&RXUWLQ&DUH\KHOG           7KLV&RXUWFRQVLGHUHGDVLPLODULVVXHWRWKHFDVHDWKDQGLQ
WKDWZKHUHWKHUHZDVDGLVSXWHEHWZHHQDQHPSOR\HUDQGWZR          /RFDORI,QWHUQDWLRQDO8QLRQ'LVWULFW8QLWHG0LQH
XQLRQVDVWRZKHWKHUFHUWDLQHPSOR\HHVLQRQHXQLRQ ZHUH           :RUNHUVRI$PHULFDY'RZ&RUQLQJ&RUS)GWK
GRLQJWKHZRUNRIHPSOR\HHVLQDQRWKHUXQLRQDVXLWHLWKHULQ      &LU,Q'RZWKH8QLRQGHPDQGHGDUELWUDWLRQRIFHUWDLQ
IHGHUDOFRXUWVSXUVXDQWWRWKH/05$RUEHIRUHDXWKRUL]HG          JULHYDQFHV ILOHG DJDLQVW WKH HPSOR\HU 'RZ &RUQLQJ  7KH
                                                                    JULHYDQFHV LQFOXGHG DOOHJHG YLRODWLRQV RI WKH FROOHFWLYH
