5(&200(1'(' )25 )8//7(;7 38%/,&$7,21  2QLIHUY7\V]NLHZLF] 1R 3XUVXDQW WR 6L[WK &LUFXLW 5XOH  (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU VXEVWDQWLDOSDVVDJHRIWLPHKDVFUHDWHGVHWWOHGH[SHFWDWLRQVDV )LOH 1DPH DS WRWKHILQDOLW\RIWKHVHQWHQFHLPSRVHG6HHHJ'H:LWWY 9HQWHWRXOR)G VW&LU   KDEHDVUHOLHI RUGHUHGZKHUHVWDWHVRXJKWWRUHLQVWDWHVHQWHQFHDIWHU'H:LWW 81,7('67$7(6&28572)$33($/6 KDGEHHQUHOHDVHGIURPSULVRQ 8QLWHG6WDWHVY/XQGLHQ )257+(6,;7+&,5&8,7 )G   WK&LU   UHMHFWLQJGXHSURFHVVFODLPEXW BBBBBBBBBBBBBBBBB QRWLQJWKDWmGXHSURFHVVPD\DOVREHGHQLHGZKHQDVHQWHQFH LV HQKDQFHG DIWHU WKH GHIHQGDQW KDV VHUYHG VR PXFK RI KLV VHQWHQFH WKDW KLV H[SHFWDWLRQV DV WR LWV ILQDOLW\ KDYH FU\VWDOOL]HGDQGLWZRXOGEHIXQGDPHQWDOO\XQIDLUWRGHIHDW *(25*( ) 21,)(5 ; WKHPl 8QGHU$('3$WKHVHFDVHVKDYHQREHDULQJRQRXU 3HWLWLRQHU$SSHOOHH  GLVSRVLWLRQRI2QLIHUjVFODLPDVRXULQTXLU\LVOLPLWHGWRDQ  H[DPLQDWLRQRIWKHOHJDOODQGVFDSHDVLWZRXOGKDYHDSSHDUHG  1R WR WKH 0LFKLJDQ VWDWH FRXUWV LQ OLJKW RI 6XSUHPH &RXUW Y  SUHFHGHQWDWWKHWLPH2QLIHUjVFRQYLFWLRQEHFDPHILQDO$V !  QRWHGDERYHFDVHVVXFKDV%HQ]DQG%R]]DGRQRWGLVFXVVGXH =%,*1,(: 7<6=.,(:,&=  SURFHVVQRUGRWKH\PHQWLRQWKHSRVVLELOLW\ODWHUGHYHORSHG :DUGHQ  LQ RXU VLVWHU FLUFXLWV WKDW D SULVRQHUjV H[SHFWDWLRQ LQ WKH 5HVSRQGHQW$SSHOODQW  ILQDOLW\ RI KLV RU KHU VHQWHQFH PD\ FU\VWDOL]H LQWR D GXH  SURFHVVULJKWQRWWRKDYHWKDWVHQWHQFHDGMXVWHGXSZDUGVHYHQ 1 LQ RUGHU WR FRUUHFW OHJDO HUURUV LQ VHQWHQFLQJ  7KXV WKH 0LFKLJDQVWDWHFRXUWVGLGQRWUXOHXQUHDVRQDEO\ZKHQWKH\ $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW UHMHFWHG2QLIHUjVGXHSURFHVVFODLP IRUWKH(DVWHUQ'LVWULFWRI0LFKLJDQDW%D\&LW\ 1R n9LFWRULD$5REHUWV'LVWULFWsXGJH 9 $UJXHG 0DUFK 7KH GHFLVLRQ RI WKH 0LFKLJDQ FRXUWV WR UHMHFW 2QLIHUjV FRQVWLWXWLRQDO FODLPV ZDV QHLWKHU FRQWUDU\ WR QRU DQ 'HFLGHGDQG)LOHG sXQH XQUHDVRQDEOHDSSOLFDWLRQRIFOHDUO\HVWDEOLVKHGIHGHUDOODZDV GHWHUPLQHG E\ WKH 6XSUHPH &RXUW  )RU WKLV UHDVRQ ZH %HIRUH .(,7+1255,6DQG'$8*+75(<&LUFXLW UHYHUVHWKHGLVWULFWFRXUWjVJUDQWRIKDEHDVUHOLHI sXGJHV BBBBBBBBBBBBBBBBB &2816(/ $5*8(' %UDG+%HDYHU2)),&(2)7+($77251(< *(1(5$/ +$%($6 &25386 ',9,6,21 /DQVLQJ 0LFKLJDQIRU$SSHOODQW0HOYLQ+RXVWRQ'HWURLW0LFKLJDQ IRU$SSHOOHH21%5,() %UDG+%HDYHU 2)),&(2) 7+( $77251(< *(1(5$/ +$%($6 &25386   2QLIHUY7\V]NLHZLF] 1R 1R 2QLIHUY7\V]NLHZLF]  ',9,6,21 /DQVLQJ 0LFKLJDQ IRU $SSHOODQW  0HOYLQ LQDGGLWLRQWRWKHDOUHDG\LPSRVHGSULVRQWHUP%R]]D +RXVWRQ'HWURLW0LFKLJDQIRU$SSHOOHH 86 DW   7KH 6XSUHPH &RXUW UHMHFWHG %R]]DjV DUJXPHQWWKDWWKHWULDOFRXUWjVGHFLVLRQWRLQFUHDVHDVHQWHQFH BBBBBBBBBBBBBBBBB WKDW ZDV PLVWDNHQO\ OHQLHQW YLRODWHG WKH GRXEOH MHRSDUG\ FODXVH  23,1,21 BBBBBBBBBBBBBBBBB ,IWKLVLQDGYHUWHQWHUURUFDQQRWEHFRUUHFWHGLQWKHPDQQHU XVHG KHUH E\ WKH WULDO FRXUW QR YDOLG DQG HQIRUFHDEOH $/$1(1255,6&LUFXLWsXGJH=ELJQLHZ7\V]NLHZLF] VHQWHQFHFDQEHLPSRVHGDWDOO7KLV&RXUWKDVUHMHFWHG ZDUGHQRIWKH0LFKLJDQSULVRQZKHUHSHWLWLRQHULVSUHVHQWO\ WKHmGRFWULQHWKDWDSULVRQHUZKRVHJXLOWLVHVWDEOLVKHG LQFDUFHUDWHG DSSHDOV IURP WKH GLVWULFW FRXUWjV GHFLVLRQ WR E\DUHJXODUYHUGLFWLVWRHVFDSHSXQLVKPHQWDOWRJHWKHU JUDQW KDEHDV UHOLHI WR SHWLWLRQHU *HRUJH 2QLIHU  )RU WKH EHFDXVH WKH FRXUW FRPPLWWHG DQ HUURU LQ SDVVLQJ WKH UHDVRQVWKDWIROORZZHQRZUHYHUVH VHQWHQFHl  7KH &RQVWLWXWLRQ GRHV QRW UHTXLUH WKDW VHQWHQFLQJVKRXOGEHDJDPHLQZKLFKDZURQJPRYHE\ , WKHMXGJHPHDQVLPPXQLW\IRUWKHSULVRQHU,QWKLVFDVH WKHFRXUWmRQO\VHWDVLGHZKDWLWKDGQRDXWKRULW\WRGR 2Q0D\ 2QLIHUZDVFRQYLFWHGRIWKHNLGQDSSLQJ DQG VXEVWLWXWH G  GLUHFWLRQV UHTXLUHG E\ WKH ODZ WR EH DQGUDSHRIDILIWHHQ\HDUROGVFKRROJLUODQGVHQWHQFHGWRWZR GRQH XSRQ WKH FRQYLFWLRQ RI WKH RIIHQGHUl  ,W GLG QRW FRQFXUUHQW WHUPV RI  WR  \HDUVj LPSULVRQPHQW   2Q WZLFH SXW SHWLWLRQHU LQ MHRSDUG\ IRU WKH VDPH RIIHQVH $XJXVW IROORZLQJ2QLIHUjVDSSDUHQWUHKDELOLWDWLRQLQ 7KHVHQWHQFHDVFRUUHFWHGLPSRVHVDYDOLGSXQLVKPHQW SULVRQDQGZLWKWKHVXSSRUWRIWKHSDUROHERDUGWKH0DFRPE IRUDQRIIHQVHLQVWHDGRIDQLQYDOLGSXQLVKPHQWIRUWKDW &RXQW\SURVHFXWRUjVRIILFHEURXJKWDPRWLRQEHIRUHWKHWULDO RIIHQVH FRXUW WR UHVHQWHQFH 2QLIHU  $FWLQJ XSRQ WKH SURVHFXWRUjV PRWLRQ WKH WULDO FRXUW UHGXFHG 2QLIHUjV VHQWHQFH WR D %R]]D  86 DW  LQWHUQDO FLWDWLRQV DQG IRRWQRWH PLQLPXPWHUPRIILYH\HDUVZKLFKLPPHGLDWHO\PDGHKLP RPLWWHG VHHDOVR1RUWK&DUROLQDY3HDUFH 86 HOLJLEOHIRUSDUROH+HZDVSDUROHGLQ6HSWHPEHU DQG    KROGLQJWKDWWKHGRXEOHMHRSDUG\FODXVHLVQRWYLRODWHG VXFFHVVIXOO\ FRPSOHWHG KLV WZR\HDU WHUP RI SDUROH RQ ZKHQDGHIHQGDQWKDVKLVRULJLQDOFRQYLFWLRQVHWDVLGHEXW 6HSWHPEHU  WKHQKDVDPRUHVHYHUHVHQWHQFHLPSRVHGXSRQUHFRQYLFWLRQ  RYHUUXOHGRQRWKHUJURXQGVE\$ODEDPDY6PLWK 86 2QLIHUjVUHKDELOLWDWLRQZDVKRZHYHUQRWORQJOLYHG2Q     8QLWHG6WDWHVY%HQ]86   0DUFK KHDEGXFWHGUDSHGDQGNLOOHGDQHOHYHQ\HDU KROGLQJWKDWDGLVWULFWFRXUWPD\GXULQJWKHVHVVLRQLQZKLFK ROGJLUODVVKHZDVZDONLQJWRVFKRRO,PPHGLDWHO\IROORZLQJ DVHQWHQFHLVHQWHUHGDPHQGDVHQWHQFHGRZQZDUGV  WKLVDWWDFN0LFKLJDQjVDWWRUQH\JHQHUDOILOHGDPRWLRQWRVHW DVLGH 2QLIHUjV UHGXFHG VHQWHQFH DQG UHLPSRVH WKH RULJLQDO 1RQH RI WKHVH GHFLVLRQV ZHUH EDVHG XSRQ GXH SURFHVV PLQLPXPWHUPRI\HDUVjLPSULVRQPHQW7KHPRWLRQZDV LQVWHDGWKH\UHOLHGVROHO\RQWKHGRXEOHMHRSDUG\FODXVH,Q GLVPLVVHGDVXQWLPHO\E\WKH0DFRPE&RXQW\&LUFXLW&RXUW UHDFKLQJ LWV GHFLVLRQ WR JUDQW WKH ZULW RQ WKH EDVLV RI GXH 7KH DWWRUQH\ JHQHUDO DSSHDOHG WR WKH 0LFKLJDQ &RXUW RI SURFHVV WKH GLVWULFW FRXUW PLVWDNHQO\ ORRNHG WR D VHULHV RI $SSHDOVVHHNLQJDQRUGHURIVXSHULQWHQGLQJFRQWUROWRGLUHFW UHFHQW FLUFXLW FRXUW GHFLVLRQV WKDW KDYH KHOG WKDW DQ WKHORZHUFRXUWWRGHFODUHWKHUHVHQWHQFLQJDQXOOLW\DQGWR LQGLYLGXDOjVGXHSURFHVVULJKWVDUHLPSOLFDWHGZKHQWKHVWDWH UHLQVWDWHWKHRULJLQDOWHUP DWWHPSWVWRUHYLVHDQLQGLYLGXDOjVVHQWHQFHXSZDUGVDIWHUD  2QLIHUY7\V]NLHZLF] 1R 1R 2QLIHUY7\V]NLHZLF]  E\ WKH 6XSUHPH &RXUW RI WKH 8QLWHG 6WDWHVl   86& 7KH &RXUW RI $SSHDOV FRQFOXGHG WKDW WKH WULDO FRXUW KDG † G   EHHQ ZLWKRXW MXULVGLFWLRQ WR KHDU WKH RULJLQDO PRWLRQ IRU UHVHQWHQFLQJDQGGLUHFWHGWKHORZHUFRXUWWRUHLQVWDWH2QLIHUjV ,9 RULJLQDO VHQWHQFH  0LFKLJDQ Y 0DFRPE &RXQW\ &LUFXLW sXGJH1R DW 0LFK&W$SS1RY   %HIRUHWKHGLVWULFWFRXUW2QLIHUFODLPHGWKDWWKH0DFRPE 7KHWULDOFRXUWGXO\UHLQVWDWHG2QLIHUjVRULJLQDOVHQWHQFHRQ &RXQW\&LUFXLW&RXUWjVGHFLVLRQWRUHLPSRVHKLVRULJLQDOWHUP 'HFHPEHU 6HYHUDO\HDUVODWHU2QLIHUILOHGDGHOD\HG IROORZLQJKLVUHOHDVHIURPSDUROHYLRODWHGGXHSURFHVVDQGWKH DSSOLFDWLRQ IRU OHDYH WR DSSHDO ZKLFK ZDV GHQLHG E\ WKH GRXEOHMHRSDUG\FODXVH7KHGLVWULFWFRXUWUHMHFWHG2QLIHUj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sDQXDU\ DQGsXO\  XQUHDVRQDEOHDSSOLFDWLRQRI6XSUHPH&RXUWSUHFHGHQWWKDW ZDVFOHDUO\HVWDEOLVKHGDWmWKHWLPHRIWKHUHOHYDQWVWDWHFRXUW 2QLIHUILOHGWKHSUHVHQWSHWLWLRQIRUDZULWRIKDEHDVFRUSXV GHFLVLRQl  :LOOLDPV Y 7D\ORU   86     RQ6HSWHPEHU 7KHSHWLWLRQZDVLQLWLDOO\UHMHFWHGIRU +HUH2QLIHUjVRULJLQDOVHQWHQFHZDVUHLQVWDWHGRQ'HFHPEHU IDLOXUHWRILOHSURSHUO\DQLQIRUPDSDXSHULVDSSOLFDWLRQEXW  ZKLOHKLVGHOD\HGPRWLRQIRUOHDYHWRDSSHDOZDV ZDVVXFFHVVIXOO\UHILOHGE\2QLIHURQ6HSWHPEHU  GHQLHG E\ WKH 0LFKLJDQ 6XSUHPH &RXUW LQ     2XU %HIRUHWKHGLVWULFWFRXUWKHDUJXHGWKDWUHLPSRVLWLRQRIKLV H[DPLQDWLRQ RI WKH UHOHYDQW 6XSUHPH &RXUW SUHFHGHQW RULJLQDO VHQWHQFH YLRODWHG WKH )LIWK $PHQGPHQWjV GRXEOH FRQYLQFHVXVWKDWWKHGXHSURFHVVDQDO\VLVUHOLHGXSRQE\WKH MHRSDUG\FODXVHDVZHOODVGXHSURFHVV  2Q'HFHPEHU GLVWULFWFRXUWZDVQRWFOHDUO\HVWDEOLVKHGIHGHUDOODZDWWKH  WKHGLVWULFWFRXUWLVVXHGDPHPRUDQGXPRSLQLRQDQG WLPH2QLIHUjVFRQYLFWLRQEHFDPHILQDO RUGHU JUDQWLQJ WKH ZULW RQ WKH JURXQGV WKDW 2QLIHUjV H[SHFWDWLRQRIILQDOLW\LQKLVUHGXFHGVHQWHQFHKDGFU\VWDOOL]HG 3ULRUWRWKH6XSUHPH&RXUWjVGHFLVLRQLQ8QLWHG6WDWHVY XSRQKLVSDUROHVRWKDWUHLPSRVLWLRQRIWKHRULJLQDOVHQWHQFH 'L)UDQFHVFR 86    KROGLQJWKDWWKHGRXEOH YLRODWHG GXH SURFHVV  7KH ZDUGHQ QRZ DSSHDOV IURP WKH MHRSDUG\FODXVHGLGQRWDSSO\WRWKHLQFUHDVHRIDVHQWHQFH GLVWULFWFRXUWjVRUGHUJUDQWLQJ2QLIHUjVSHWLWLRQIRUDZULWRI XSRQ DSSHDO  FDVHV VXFK DV 2QLIHUjV ZHUH LQYDULDEO\ KDEHDVFRUSXV FRQVLGHUHGXQGHUWKHGRXEOHMHRSDUG\FODXVHQRWXQGHUGXH SURFHVV)RULQVWDQFHLQ%R]]DY8QLWHG6WDWHV86 ,,    WKH DSSHOODQW   KDG EHHQ FRQYLFWHG RI YLRODWLQJ D VWDWXWHZKLFKUHTXLUHGDVLWVPLQLPXPPDQGDWRU\VHQWHQFH 7KHZDUGHQLQLWLDOO\DUJXHVWKDW2QLIHUIDLOHGWRSUHVHQWKLV ERWKDILQHDQGLPSULVRQPHQW%R]]D86DW$W GXHSURFHVVDUJXPHQWVWRWKH0LFKLJDQVWDWHFRXUWVDQGWKDW VHQWHQFLQJWKHWULDOMXGJHRQO\PHQWLRQHG%R]]DjVPDQGDWRU\ WKRVH FODLPV ZHUH WKHUHIRUH QHYHU DGMXGLFDWHG E\ WKH VWDWH WHUP RI LPSULVRQPHQW  5HDOL]LQJ KLV PLVWDNH D IHZ KRXUV FRXUWV:HDJUHHZLWKWKHGLVWULFWFRXUWWKDW2QLIHUj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† G   7KHGLVWULFWFRXUWGHFOLQHGWRDSSO\$('3$jVGHIHUHQWLDO :HKDYHDOVRLQGLFDWHGWKDWLWLVQRWHQRXJKWRPDNHD VWDQGDUG RI UHYLHZ WR WKH GHFLVLRQV RI WKH 0LFKLJDQ VWDWH JHQHUDODSSHDOWRDFRQVWLWXWLRQDOJXDUDQWHHDVEURDGDV FRXUWV EHFDXVH  m>Z@KHUH DV KHUH WKH VWDWH FRXUWV GLG QRW GXHSURFHVVWRSUHVHQWWKHmVXEVWDQFHlRIVXFKDFODLPWR DGMXGLFDWHWKHSHWLWLRQHUjVFRQVWLWXWLRQDOFODLPVRQWKHPHULWV DVWDWHFRXUW WKH$('3$GRHVQRWDSSO\DQGWKHSHWLWLRQHULVHQWLWOHGWR SOHQDU\ RU GH QRYR UHYLHZ RI KLV FODLPVl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jVOHJDOFRQFOXVLRQVLQD FRXUWGHFLVLRQLVFRQWUDU\WRIHGHUDOODZXQUHDVRQDEO\ KDEHDVSURFHHGLQJGHQRYRDQGLWVIDFWXDOILQGLQJVIRUFOHDU DSSOLHV FOHDUO\ HVWDEOLVKHG ODZ RU LV EDVHG RQ DQ HUURU6HH/XFDVY2j'HD )G WK&LU  XQUHDVRQDEOH GHWHUPLQDWLRQ RI WKH IDFWV LQ OLJKW RI WKH 2QLIHUILOHGKLVKDEHDVSHWLWLRQDIWHUWKHHIIHFWLYHGDWHRIWKH HYLGHQFH SUHVHQWHG    7KDW LQGHSHQGHQW UHYLHZ $QWLWHUURULVPDQG(IIHFWLYH'HDWK3HQDOW\$FWRI 3XE KRZHYHULVQRWDIXOOGHQRYRUHYLHZRIWKHFODLPVEXW / 1R   6WDW      m$('3$l   6HH UHPDLQVGHIHUHQWLDOEHFDXVHWKHFRXUWFDQQRWJUDQWUHOLHI /LQGK Y 0XUSK\  86      +DUSVWHU Y XQOHVVWKHVWDWHFRXUWjVUHVXOWLVQRWLQNHHSLQJZLWKWKH 2KLR)G WK&LU  2XUUHYLHZLVWKXV VWULFWXUHVRIWKH$('3$ JRYHUQHGE\86&† G ZKLFKSURYLGHVDVIROORZV +DUULVY6WRYDOO)G   WK&LU  FLWDWLRQV G $QDSSOLFDWLRQIRUDZULWRIKDEHDVFRUSXVRQEHKDOI RPLWWHG 7KHGLVWULFWFRXUWWKXVHUUHGZKHQLWDSSOLHGGHQRYR RIDSHUVRQLQFXVWRG\SXUVXDQWWRWKHMXGJPHQWRID6WDWH UHYLHZ WR 2QLIHUjV FODLPV  :H WXUQ QRZ WR 2QLIHUjV FRXUWVKDOOQRWEHJUDQWHGZLWKUHVSHFWWRDQ\FODLPWKDW FRQVWLWXWLRQDOFODLPVDVNLQJZKHWKHUVWDWHDGMXGLFDWLRQRIKLV ZDVDGMXGLFDWHGRQWKHPHULWVLQ6WDWHFRXUWXQOHVVWKH FODLPV ZDV mFRQWUDU\ WR RU LQYROYHG DQ  XQUHDVRQDEOH DGMXGLFDWLRQRIWKHFODLPo DSSOLFDWLRQRIFOHDUO\HVWDEOLVKHG)HGHUDOODZDVGHWHUPLQHG