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 81,7(' 67$7(6 2) $0(5,&$ ; 3ODLQWLII$SSHOODQW 1R Y ! $1*(/2 3(11 'HIHQGDQW$SSHOOHH 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH(DVWHUQ'LVWULFWRI.HQWXFN\DW&RYLQJWRQ 1Rn:LOOLDP2%HUWHOVPDQ'LVWULFWsXGJH $UJXHGsDQXDU\ 'HFLGHGDQG)LOHG0DUFK %HIRUH%2**6DQG0225(&LUFXLWsXGJHV5866(// 'LVWULFWsXGJH BBBBBBBBBBBBBBBBB &2816(/ $5*8(' 'DYLG %XQQLQJ $66,67$17 81,7(' 67$7(6$77251(<&RYLQJWRQ.HQWXFN\IRU$SSHOODQW /XFLDQ s %HUQDUG 3($5621 %(51$5' &RYLQJWRQ 7KH +RQRUDEOH 7KRPDV % 5XVVHOO 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH :HVWHUQ 'LVWULFW RI .HQWXFN\ VLWWLQJ E\ GHVLJQDWLRQ 8QLWHG6WDWHVY3HQQ 1R 1R 8QLWHG6WDWHVY3HQQ .HQWXFN\ IRU $SSHOOHH 21 %5,() 'DYLG %XQQLQJ 8QGHU WKH VFKHGXOH VHW IRUWK LQ $ 3HQQjV $66,67$1781,7('67$7(6$77251(<&RYLQJWRQ FRQYLFWLRQUHTXLUHVWKDWKHEHDVVHVVHGWZRFULPLQDOKLVWRU\ .HQWXFN\ &KDUOHV 3 :LVGRP sU $66,67$17 81,7(' SRLQWV 6HFWLRQ $ SURYLGHV WKDW WZR SRLQWV DUH WR EH 67$7(6$77251(</H[LQJWRQ.HQWXFN\IRU$SSHOODQW DVVHVVHGIRUHDFKSULRUVHQWHQFHRILPSULVRQPHQWRIDWOHDVW /XFLDQ s %HUQDUG 3($5621 %(51$5' &RYLQJWRQ VL[W\ GD\V 866* $E 7KH FRPPHQWDU\ WR .HQWXFN\IRU$SSHOOHH $ ZKLFK FRQWDLQV GHILQLWLRQV DQG LQVWUXFWLRQV IRU FRPSXWLQJ FULPLQDO KLVWRU\ SRLQWV H[SODLQV WKDW m>I@RU WKH BBBBBBBBBBBBBBBBB SXUSRVHVRIDSSO\LQJ$DERUFWKHOHQJWKRID VHQWHQFHRILPSULVRQPHQWLVWKHVWDWHGPD[LPXPHJLQ 23,1,21 WKHFDVHRIDQLQGHWHUPLQDWHVHQWHQFHRIRQHWRILYH\HDUVWKH BBBBBBBBBBBBBBBBB VWDWHG PD[LPXP LV ILYH \HDUV l 866* $ FRPPHQWDU\DSSOLFQRWH3HQQjVFRQYLFWLRQUHVXOWHG .$5(1 1(/621 0225( &LUFXLW s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mVDIHW\YDOYHlSURYLVLRQRI86& FULPLQDOKLVWRU\SRLQWV6HHLGm>&@ULPLQDOKLVWRU\SRLQWVDUH I DQG & RI WKH 8QLWHG 6WDWHV 6HQWHQFLQJ EDVHG RQ WKH VHQWHQFH SURQRXQFHG QRW WKH OHQJWK RI WLPH *XLGHOLQHVm866*lZKLFKDXWKRUL]HVDGLVWULFWFRXUWWR DFWXDOO\VHUYHGl LPSRVHDVHQWHQFHEHORZDQRWKHUZLVHDSSOLFDEOHVWDWXWRU\ PDQGDWRU\ PLQLPXP VHQWHQFH LI FHUWDLQ UHTXLUHPHQWV DUH ,QVXPZHFRQFOXGHWKDWWKHGLVWULFWFRXUWGLGQRWKDYHWKH VDWLVILHG7KHGLVWULFWFRXUWVHQWHQFHG3HQQWRWKLUW\VHYHQ DXWKRULW\WRDOWHUWKHGHIHQGDQWjVFULPLQDOKLVWRU\SRLQWVEDVHG PRQWKVj LPSULVRQPHQW 7KH JRYHUQPHQW DSSHDOV WKLV XSRQ LWV FRQFOXVLRQ WKDW 3HQQjV FULPLQDO KLVWRU\ VFRUH VHQWHQFH DUJXLQJ WKDW 3HQQ LV QRW HOLJLEOH IRU D UHGXFHG RYHUVWDWHG WKH VHULRXVQHVV RI KLV SDVW FULPLQDO FRQGXFW VHQWHQFHXQGHUWKHmVDIHW\YDOYHlSURYLVLRQEHFDXVHKHKDV %HFDXVH $ GLFWDWHG WKDW 3HQQ UHFHLYH WZR FULPLQDO PRUH WKDQ RQH FULPLQDO KLVWRU\ SRLQW DV FDOFXODWHG XQGHU KLVWRU\SRLQWVWKHGLVWULFWFRXUWZDVDOVRZLWKRXWDXWKRULW\ $ RI WKH 6HQWHQFLQJ *XLGHOLQHV 7KH JRYHUQPHQW XQGHU 86& I WR RUGHU D VHQWHQFH EHORZ WKH FRQWHQGVWKDWWKHGLVWULFWFRXUWHUUHGLQVHQWHQFLQJ3HQQXQGHU VWDWXWRU\PDQGDWRU\PLQLPXP:HWKHUHIRUH9$&$7(WKH WKHmVDIHW\YDOYHlEDVHGXSRQLWVGHWHUPLQDWLRQWKDW3HQQj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jVDXWKRULW\ GLVWULEXWHLQYLRODWLRQRI86&DDQGDLGLQJ WR DSSO\ WKH mVDIHW\ YDOYHl SURYLVLRQ WR FDVHV ZKHUH D DQGDEHWWLQJHDFKRWKHULQ YLRODWLRQRI86&2Q GHIHQGDQW KDV QRW PRUH WKDQ RQH FULPLQDO KLVWRU\ SRLQWDV $SULO3HQQSOHDGHGJXLOW\WRWKHLQGLFWPHQW7KH FDOFXODWHGXQGHU$UHJDUGOHVVRIZKHWKHUWKHGLVWULFW RIIHQVH FKDUJHG LQ WKH LQGLFWPHQW FDUULHG D VWDWXWRU\ FRXUW GHWHUPLQHV WKDW D GRZQZDUG GHSDUWXUH LQ WKH PDQGDWRU\PLQLPXPVHQWHQFHRIILYH\HDUVjLPSULVRQPHQW GHIHQGDQWjVVHQWHQFHLVZDUUDQWHGE\$6HH8QLWHG 86&E%LL 6WDWHVY5RELQVRQ)G'&&LU FHUWGHQLHG868QLWHG6WDWHVY2UR]FR 7KH3OHD$JUHHPHQWUHDFKHGEHWZHHQWKHJRYHUQPHQWDQG )G WK &LU 8QLWHG 6WDWHV Y 3HQQ VHW IRUWK WKH FRQWUROOLQJ VHQWHQFLQJ JXLGHOLQHV DQG 9DOHQFLD$QGUDGH)GWK&LU UHFRPPHQGHG WKDW WKH GHIHQGDQW UHFHLYH D WKUHHOHYHO DGMXVWPHQW IRU WLPHO\ DFFHSWDQFH RI UHVSRQVLELOLW\ sRLQW 7KHGLVWULFWFRXUWjVGHWHUPLQDWLRQWKDW3HQQZDVHQWLWOHGWR $SSHQGL[ ms$l DW 3OHD $JUHHPHQW DW 7KH 3OHD DGRZQZDUGGHSDUWXUHXQGHU$KDVQRHIIHFWRQ3HQQjV $JUHHPHQW IXUWKHU VSHFLILHG WKDW mWKHUH LV QR DJUHHPHQW FULPLQDOKLVWRU\VFRUHDVFDOFXODWHGXQGHU$m6HFWLRQ UHJDUGLQJWKHGHIHQGDQWjVFULPLQDOKLVWRU\FDWHJRU\DQGWKDW $GRHVQRWDXWKRUL]HDFRXUWWRDGGRUVXEWUDFWLQGLYLGXDO WKHGHIHQGDQWjVFULPLQDOKLVWRU\FDWHJRU\ZLOOEHGHWHUPLQHG FULPLQDOKLVWRU\SRLQWVIURPDGHIHQGDQWjVUHFRUGlLQVWHDGLW RQO\DIWHUWKHSUHSDUDWLRQRIDSUHVHQWHQFHLQYHVWLJDWLRQUHSRUW PHUHO\ DOORZV WKH FRXUW WR LPSRVH D VHQWHQFH RXWVLGH WKH E\WKH3UREDWLRQ2IILFHls$DW7KH$JUHHPHQWDOVR UDQJHSUHVFULEHGE\WKHJXLGHOLQHVIRUDGHIHQGDQWjVSDUWLFXODU VWDWHGWKDWmDOWKRXJKWKHGHIHQGDQWjVWHQWDWLYHWRWDORIIHQVH RIIHQVHOHYHODQGFULPLQDOKLVWRU\FDWHJRU\8QLWHG6WDWHVY OHYHOZLOOEHKHLVIDFLQJDPLQLPXPPDQGDWRU\VHQWHQFH 2ZHQVE\ )G WK &LU VHH DOVR RI QRW OHVV WKDQ ILYH \HDUV EHFDXVH WKH RIIHQVH RI 8QLWHG6WDWHVY:HEE)GWK&LU FRQYLFWLRQLQYROYHGILYHKXQGUHGJUDPVRUPRUHRIFRFDLQHl 5RELQVRQ)GDW8QLWHG6WDWHVY5HVWR)G s$DW$FFRUGLQJWRWKH3UHVHQWHQFH5HSRUWm365l G&LU%\LWVRZQWHUPV$SHUPLWVWKH LQH[FKDQJHIRU3HQQjVJXLOW\SOHD WKHJRYHUQPHQWDJUHHG VHQWHQFLQJMXGJHWRmFRQVLGHULPSRVLQJDVHQWHQFHGHSDUWLQJ WKDWLWZRXOGQRWREMHFWWRWKHGHIHQGDQWUHFHLYLQJDVHQWHQFH IURP WKH RWKHUZLVHDSSOLFDEOHJXLGHOLQHUDQJHl7KXVWKH EHORZWKHPDQGDWRU\PLQLPXPSXUVXDQWWRWKHmVDIHW\YDOYHl SODLQODQJXDJHRIWKHVHFWLRQFRQWHPSODWHVDFKDQJHLQWKH SURYLVLRQ RI 86& I DQG & RI WKH GHIHQGDQWjVVHQWHQFHQRWKLVRUKHUFULPLQDOKLVWRU\SRLQWV 6HQWHQFLQJ*XLGHOLQHVLILWZDVGHWHUPLQHGWKDWWKHGHIHQGDQW 6HFWLRQ$FRQWLQXHVWRH[SODLQWKDWm>L@QFRQVLGHULQJD PHWDOORIWKHFULWHULDVHWIRUWKXQGHUWKDWSURYLVLRQs$DW GHSDUWXUHXQGHUWKLVSURYLVLRQWKH&RPPLVVLRQLQWHQGVWKDW 365DWVHHDOVRs$DW6HQWHQFLQJ7UDW WKH FRXUW XVH DV D UHIHUHQFH WKH JXLGHOLQH UDQJH IRU D GHIHQGDQWZLWKDKLJKHURUORZHUFULPLQDOKLVWRU\FDWHJRU\DV 7KH365GHWHUPLQHGWKDWWKHGHIHQGDQWjVWRWDORIIHQVHOHYHO DSSOLFDEOHl866*$HPSKDVLVDGGHG$VWKLV XQGHUWKHJXLGHOLQHVZDVWZHQW\WKUHHDQGWKDWKLVFULPLQDO VWDWHPHQWPDNHVFOHDUWKHHIIHFWRIDGHSDUWXUHXQGHU$ KLVWRU\SODFHGKLPLQFDWHJRU\,,7KHGHIHQGDQWjVFULPLQDO LVWRDOORZWKHFRXUWWRVHQWHQFHDGHIHQGDQWZLWKUHIHUHQFHWR KLVWRU\ FDWHJRU\ ZDV EDVHG XSRQ WKH DVVHVVPHQW RI WZR WKH JXLGHOLQH UDQJH DSSOLFDEOH WR D GHIHQGDQW ZLWK DQRWKHU FULPLQDO KLVWRU\ SRLQWV IRU D FRQYLFWLRQ IRU FULPLQDO FULPLQDOKLVWRU\FDWHJRU\QRWWRFKDQJHWKHGHIHQGDQWjVDFWXDO FRQWHPSWDULVLQJIURP3HQQjVYLRODWLRQRIDGRPHVWLFYLROHQFH FULPLQDO KLVWRU\ FDWHJRU\ 0RUHRYHU QHLWKHU $ QRU SURWHFWLRQRUGHU3HQQUHFHLYHGDQLQGHWHUPLQDWHVHQWHQFHRI $ PDNH UHIHUHQFH WR WKH GHSDUWXUH SURYLVLRQV RI WLPHVHUYHGWRVL[PRQWKVLQMDLOIRUWKHFRQYLFWLRQEXW $ DV KDYLQJ DQ\ EHDULQJ RQ WKH FDOFXODWLRQ RI D KHVHUYHGRQO\WZHQW\VL[GD\VLQMDLO7KHRIIHQVHOHYHODQG GHIHQGDQWjVFULPLQDOKLVWRU\SRLQWV FULPLQDO KLVWRU\ FDWHJRU\ GHWHUPLQHG E\ WKH 365 8QLWHG6WDWHVY3HQQ 1R 1R 8QLWHG6WDWHVY3HQQ FRUUHVSRQGHGZLWKDVHQWHQFLQJUDQJHRIILIW\RQHWRVL[W\ VFRUH WKH FRXUW IRXQG WKDW 3HQQ TXDOLILHG IRU D VHQWHQFH WKUHH PRQWKVj LPSULVRQPHQW %HFDXVH 3HQQjV RIIHQVH EHORZ WKH VWDWXWRU\ PDQGDWRU\ PLQLPXP XQGHU WKH mVDIHW\ VXEMHFWHGKLPWRDILYH\HDUPDQGDWRU\PLQLPXPVHQWHQFH YDOYHl DQG RUGHUHGWKDW3HQQEHVHQWHQFHGWRWKLUW\VHYHQ XQGHU 86& E%LL KRZHYHU KLV HIIHFWLYH PRQWKVjLPSULVRQPHQW7KHJRYHUQPHQWILOHGDWLPHO\QRWLFH VHQWHQFLQJUDQJHZDVVL[W\WRVL[W\WKUHHPRQWKV RIDSSHDO $WVHQWHQFLQJWKHGHIHQGDQWDUJXHGWKDWKHTXDOLILHGIRUD ,,$1$/<6,6 VHQWHQFHEHORZWKHVWDWXWRU\PDQGDWRU\PLQLPXPVHQWHQFH XQGHUWKHmVDIHW\YDOYHlSURYLVLRQRI86&IDQG 7KH JRYHUQPHQW DUJXHV WKDW WKH GLVWULFW FRXUWjV 866*&7KHJRYHUQPHQWREMHFWHGEHFDXVHLQRUGHU GHWHUPLQDWLRQWKDW3HQQZDVHOLJLEOHIRUVHQWHQFLQJXQGHUWKH WR TXDOLI\ IRU D VHQWHQFH EHORZ WKH VWDWXWRU\ PDQGDWRU\ mVDIHW\ YDOYHl SURYLVLRQ ZDV EDVHG XSRQ DQ HUURQHRXV PLQLPXPXQGHUWKHmVDIHW\YDOYHlSURYLVLRQWKHGHIHQGDQW LQWHUSUHWDWLRQRIWKHmVDIHW\YDOYHlVWDWXWHDQGWKHUHOHYDQW PXVWLQWHUDOLDmQRWKDYHPRUHWKDQFULPLQDOKLVWRU\SRLQW SURYLVLRQVRIWKH6HQWHQFLQJ*XLGHOLQHV,QSDUWLFXODUWKH DVGHWHUPLQHGXQGHU WKHVHQWHQFLQJJXLGHOLQHVl86& JRYHUQPHQW FRQWHQGV WKDW WKH GLVWULFW FRXUW HUUHG LQ LWV I ZKHUHDV 3HQQ ZDV SURSHUO\ DVVHVVHG WZR FRQFOXVLRQWKDWE\JUDQWLQJDGRZQZDUGGHSDUWXUHSXUVXDQWWR FULPLQDOKLVWRU\SRLQWVIRUWKHFRQYLFWLRQ7KHGLVWULFW $ RI WKH 6HQWHQFLQJ *XLGHOLQHV WKH FRXUW ZDV FRXUWKRZHYHUIRXQGWKDWDGHSDUWXUHZDVZDUUDQWHGXQGHU DXWKRUL]HGWRUHGXFHWKHGHIHQGDQWjVFULPLQDOKLVWRU\SRLQWV $RIWKH6HQWHQFLQJ*XLGHOLQHVZKLFKDXWKRUL]HVWKH DQG WKHUHE\ PDNH KLP HOLJLEOH IRU VHQWHQFLQJ XQGHU WKH GLVWULFWFRXUWWRGHSDUWIURPWKHDSSOLFDEOHJXLGHOLQHUDQJH mVDIHW\YDOYHl:HUHYLHZDGLVWULFWFRXUWjVLQWHUSUHWDWLRQRI ZKHQmUHOLDEOHLQIRUPDWLRQLQGLFDWHVWKDWWKHFULPLQDOKLVWRU\ D VWDWXWH RU JXLGHOLQH SURYLVLRQ GH QRYR 8QLWHG 6WDWHV Y FDWHJRU\ GRHV QRW DGHTXDWHO\ UHIOHFW WKH VHULRXVQHVV RI WKH $GX)GWK&LU GHIHQGDQWjVSDVWFULPLQDOFRQGXFWl866*$7KH FRXUWQRWHGWKDWLWZDVWKHLQWHQWRIWKHVWDWHMXGJHLQWKH 7KH mVDIHW\ YDOYHl SURYLVLRQ RI 86& I FRQYLFWLRQ WR VHQWHQFH 3HQQ WR WZHQW\VL[ GD\V WKH WLPH SURYLGHV WKDW LQ FDVHV LQYROYLQJ FHUWDLQ GUXJ RIIHQVHV DFWXDOO\ VHUYHG UDWKHU WKDQ VL[ PRQWKV ZKLFK ZDV WKH LQFOXGLQJYLRODWLRQVRI86&WKHVHQWHQFLQJFRXUW VHQWHQFH XVHG WR GHWHUPLQH 3HQQjV FULPLQDO KLVWRU\ SRLQWV PD\ LPSRVH D VHQWHQFH mZLWKRXW UHJDUG WR DQ\ VWDWXWRU\ XQGHU$RIWKH6HQWHQFLQJ*XLGHOLQHV7KHFRXUWDOVR PLQLPXP VHQWHQFHl LI WKH FRXUW GHWHUPLQHV WKDW WKH ILYH QRWHGWKDWWKHmVSLULWRIWKHSOHDDJUHHPHQWlFDOOHGIRU3HQQ FULWHULD OLVWHGLQIDUHVDWLVILHG7KHILUVWFULWHULRQ WRUHFHLYHDOHVVHUVHQWHQFHXQGHUWKHmVDIHW\YDOYHlDQGWKDW UHTXLUHV WKDW mWKH GHIHQGDQW GRHV QRW KDYH PRUH WKDQ XVLQJWKHVL[PRQWKVHQWHQFHUDWKHUWKDQWKHWZHQW\VL[GD\V FULPLQDO KLVWRU\ SRLQW DV GHWHUPLQHG XQGHU WKH VHQWHQFLQJ DFWXDOO\ VHUYHG UHQGHUHG 3HQQjV VHQWHQFH mXQGXO\ KDUVKl JXLGHOLQHVl86&I6HFWLRQ&RIWKH s$DW6HQWHQFLQJ7UDW 6HQWHQFLQJ*XLGHOLQHVLQWHUSUHWVWKHmVDIHW\YDOYHlH[FHSWLRQ 7KHFRPPHQWDU\WR&GHILQHVm>P@RUHWKDQFULPLQDO 7KHFRXUWQRWHGWKDWLI3HQQjVVHQWHQFHZHUHGHWHUPLQHGWR KLVWRU\SRLQWDVGHWHUPLQHGXQGHUWKHVHQWHQFLQJJXLGHOLQHVl EHWZHQW\VL[GD\VKHZRXOGEHDVVHVVHGRQO\RQHFULPLQDO WRPHDQmPRUHWKDQRQHFULPLQDOKLVWRU\SRLQWDVGHWHUPLQHG KLVWRU\ SRLQW XQGHU $ RI WKH 6HQWHQFLQJ *XLGHOLQHV XQGHU >866*@ $ &ULPLQDO +LVWRU\ &DWHJRU\l 7KH MXGJH WKHUHIRUH GHWHUPLQHG WKDW 3HQQ ZDV SURSHUO\ 866*&FRPPHQWDU\DSSOLFQRWH6HFWLRQ$ UHFODVVLILHG DV KDYLQJ D FULPLQDO KLVWRU\ VFRUH RI RQH DQG RI WKH 6HQWHQFLQJ *XLGHOLQHV FRQWDLQV WKH VFKHGXOH WKDW VKRXOGEHVHQWHQFHGSXUVXDQWWRWKHUDQJHIRUFULPLQDOKLVWRU\ GHWHUPLQHV KRZ D FRXUW FDOFXODWHV D GHIHQGDQWjV FULPLQDO FDWHJRU\,%DVHGXSRQWKLVFKDQJHLQ3HQQjVFULPLQDOKLVWRU\ KLVWRU\SRLQWV7KHODQJXDJHLQWKHFRPPHQWDU\WR&LV