docker: production image + Gitea Actions for monthly refresh

Dockerfile: self-contained image with corpus + Chroma + BM25 baked
in. Drawbar's compose pulls + runs without volume mounts. Built from
sources.json (labels schema), PRODUCT_NAME=crop_chem by default,
HYBRID_SEARCH=true (always-on for production quality). RERANK_URL +
OLLAMA_URL get set at compose time.

.gitea/workflows/refresh.yml: monthly cron (1st @ 06:00 UTC) does
full scrape → reindex → image push. Scrapes Bayer (~30 min) +
EPA PPLS row-crop filtered (~7h). Skips reindex+push if no corpus
diff. Tags pushed: :latest, :<sha12>, :corpus-<YYYY.MM.DD>.

.gitea/workflows/image-only.yml: on-demand or auto on code-only
pushes to main (paths: docs_mcp/, rag/, scrape/, requirements.txt,
Dockerfile, sources.json). Reindexes from committed corpus, builds
image, pushes. ~10 min vs ~9h full refresh.

.gitignore: corpus/ now COMMITTED (4,159 labels, 265 MB of .md +
sidecars). Lets image-only.yml rebuild indexes without re-scraping.
chroma/ + bm25/ still gitignored (regenerable binary indexes).

.dockerignore: drops venv, eval results, PLAN/README/CLAUDE.md,
deploy/, .git/ — keeps the image lean. corpus + chroma + bm25
explicitly NOT in dockerignore (those go INTO the image).

Co-Authored-By: Claude Opus 4.7 (1M context) <noreply@anthropic.com>

corpus/epa_ppls/5905-622.md

@@ -0,0 +1,903 @@
+# HM-1638 Herbicide
+
+- EPA Reg No: **5905-622**
+- Registrant: HELENA AGRI-ENTERPRISES, LLC, D/B/A HELENA CHEMICAL COMP
+- Signal word: Caution
+- Active ingredients: MCPA, 2-ethylhexyl ester (27.3%); Bromoxynil octanoate (25.47%); Fluroxypyr 1-methylheptyl ester (10.07%)
+- Label accepted: 2022-12-21
+- Source PDF: https://www3.epa.gov/pesticides/chem_search/ppls/005905-00622-20221221.pdf
+
+---
+UNITED STATES ENVIRONMENTAL PROTECTION AGENCY 
+ WASHINGTON, DC 20460 
+ 
+ 
+ 
+OFFICE OF CHEMICAL SAFETY 
+AND POLLUTION PREVENTION 
+ 
+December 21, 2022 
+ 
+Bill Washburn 
+Registration Manager 
+Helena Agri-Enterprises, LLC 
+d/b/a Helena Chemical Company 
+225 Schilling Boulevard, Suite 300 
+Collierville, TN 38017 
+ 
+Subject: Registration Review Label Amendments Incorporating Mitigation Measures from 
+the Interim Decisions for MCPA and Fluroxypyr and the National Marine 
+Fisheries Services’ (NMFS) Biological Opinion on the Effects of Bromoxynil on 
+Pacific Salmonids 
+ Product Name: HM-1638 Herbicide 
+ EPA Registration Number: 5905-622 
+ Application Date: 6/15/2021, 7/30/2021, and 8/20/2021 
+Decision Number: 577445, 581056, and 585961 
+ 
+Dear Bill Washburn: 
+ 
+The Agency, in accordance with the Federal Insecticide, Fungicide and Rodenticide Act 
+(FIFRA), as amended, has completed reviewing all the information submitted with your 
+application to support the Registration Review of the above referenced product in connection 
+with the MCPA and Fluroxypyr Interim Decisions. The Agency has concluded that your 
+submission is acceptable. 
+ 
+This letter also addresses the label mitigation resulting from the NMFS’ Biological Opinion on 
+the effects of Bromoxynil on Pacific salmonids. The Agency has concluded that your submission 
+is also acceptable. The label referred to above, submitted in connection with registration under 
+FIFRA, as amended, is acceptable. 
+ 
+Should you wish to add/retain a reference to the company’s website on your label, then please be 
+aware that the website becomes labeling under the Federal Insecticide Fungicide and Rodenticide 
+Act and is subject to review by the Agency. If the website is false or misleading, the product 
+would be misbranded and unlawful to sell or distribute under FIFRA section 12(a)(1)(E). 40 
+CFR 156.10(a)(5) list examples of statements EPA may consider false or misleading. In addition, 
+regardless of whether a website is referenced on your product’s label, claims made on the 
+website may not substantially differ from those claims approved through the registration process. 
+Therefore, should the Agency find or if it is brought to our attention that a website contains false 
+or misleading statements or claims substantially differing from the EPA approved registration, 
+the website will be referred to the EPA’s Office of Enforcement and Compliance.
+
+Page 2 of 2 
+EPA Reg. No. 5905-622 
+Decision No. 577445, 581056, and 585961 
+ 
+A stamped copy of your labeling is enclosed for your records. This labeling supersedes 
+all previously accepted labeling. You must submit one copy of the final printed labeling 
+before you release the product for shipment with the new labeling. In accordance with 40 
+CFR 152.130(c), you may distribute or sell this product under the previously approved 
+labeling for 12 months from the date of this letter. After 12 months, you may only 
+distribute or sell this product if it bears this new revised labeling or subsequently 
+approved labeling. “To distribute or sell” is defined under FIFRA section 2(gg) and its 
+implementing regulation at 40 CFR 152.3. 
+ 
+If you have any questions about this letter, please contact Quinn Gavin at gavin.quinn@epa.gov. 
+ 
+ Sincerely, 
+ 
+ 
+ Linda Arrington, Branch Chief 
+ Risk Management and Implementation Branch 4 
+ Pesticide Re-Evaluation Division 
+ Office of Pesticide Programs 
+ 
+ 
+ 
+Enclosure
+
+&ŝůĞŶĂŵĞ͗,DͲϭϲϯϴ,ĞƌďŝĐŝĚĞ;ϱϵϬϱͲϲϮϮͿϬϳϭϰϮϮ>E͘ĚŽĐdž ϭ 
+0&3$ *5283  +(5%,&,'(
+%URPR[\QLO *5283 +(5%,&,'(
+)OXUR[\S\U *5283  +(5%,&,'(
++0+HUELFLGH
+$OWHUQDWH%UDQG1DPH3$5/$<
+)RUVHOHFWLYHSRVWHPHUJHQFHFRQWURORISHUHQQLDODQGDQQXDOEURDGOHDIZHHGVDQGYROXQWHHU
+SRWDWRHVLQZKHDWEDUOH\RURDWVQRWXQGHUVHHGHGZLWKDOHJXPH&RQVHUYDWLRQ5HVHUYH
+3URJUDP&53DQG)DOORZODQG
+1RWIRU6DOH6DOH,QWR'LVWULEXWLRQDQGRU8VHLQ1DVVDXDQG6XIIRON&RXQWLHVRI1HZ<RUN
+$ & 7 , 9 (  , 1 * 5 ( ' , ( 1 7 6    %\:W
+0&3$(+(PHWK\OFKORURSKHQR[\DFHWLFDFLGHWK\OKH[\OHVWHU
+««««««
+2FWDQRLFDFLGHVWHURIEURPR[\QLOGLEURPRK\GUR[\EHQ]RQLWULOH
+
+««««««
+)OXUR[\S\UPHWK\OKHSW\OHVWHUDPLQRGLFKORURIOXRURS\ULGLQ\OR[\
+DFHWLFDFLGPHWK\OKHSW\OHVWHU
+
+
+«««««««««««««««««««««
+27+(5,1*5(',(176««««««««««««««««««««««««««
+727$/««««««««««««««««««««««««««««««««««
+&RQWDLQVSHWUROHXPGLVWLOODWHV
+
+0&3$DFLGHTXLYDOHQWRU,EJDO
+
+%URPR[\QLOHTXLYDOHQWRUOEJDO
+
+
+
+)OXUR[\S\UDFLGHTXLYDOHQW,EJDO
+.((32872)5($&+2)&+,/'5(1
+&$87,21
+),567$,'
+,IVZDOORZHGx ,PPHGLDWHO\FDOODSRLVRQFRQWUROFHQWHURUGRFWRU
+x 'RQRWLQGXFHYRPLWLQJXQOHVVWROGWRE\DSRLVRQFRQWUROFHQWHURUGRFWRU
+x 'RQRWJLYHDQ\OLTXLGWRWKHSHUVRQ
+x 'RQRWJLYHDQ\WKLQJE\PRXWKWRDQXQFRQVFLRXVSHUVRQ
+,ILQH\HVx +ROGH\HRSHQDQGULQVHVORZO\DQGJHQWO\ZLWKZDWHUIRUWRPLQXWHV
+x 5HPRYHFRQWDFWOHQVHVLISUHVHQWDIWHUWKHILUVWPLQXWHVWKHQFRQWLQXH
+ULQVLQJH\H
+x &DOODSRLVRQFRQWUROFHQWHURUGRFWRUIRUWUHDWPHQWDGYLFH
+x
++27/,1(180%(5+DYHWKHSURGXFWFRQWDLQHURUODEHOZLWK\RXZKHQFDOOLQJDSRLVRQFRQWUROFHQWHU
+RUGRFWRURUJRLQJIRUWUHDWPHQW,QFDVHRIKHDOWKHPHUJHQF\FDOO&+(075(&WROOIUHH
+
+127(723+<6,&,$1&RQWDLQVSHWUROHXPGLVWLOODWH9RPLWLQJPD\FDXVHDVSLUDWLRQSQHXPRQLD
+6HHERRNOHWIRUDGGLWLRQDO35(&$87,21$5<67$7(0(176&203/(7(',5(&7,216
+)2586(
+(3$5HJ1R     $'
+(3$(VW1RBBBBBB1 ( 7  & 2 1 7 ( 1 7 6 BBBB*$/6
+0DQXIDFWXUHGIRU
++HOHQD$JUL(QWHUSULVHV//&
+6FKLOOLQJ%RXOHYDUG6XLWH
+&ROOLHUYLOOH71
+Dec 21, 2022
+5905-622
+
+&ŝůĞŶĂŵĞ͗,DͲϭϲϯϴ,ĞƌďŝĐŝĚĞ;ϱϵϬϱͲϲϮϮͿϬϳϭϰϮϮ>E͘ĚŽĐdž Ϯ 
+
+35(&$87,21$5<67$7(0(176
++$=$5'672+80$16$1''20(67,&$1,0$/6
+&$87,21+DUPIXOLIVZDOORZHG&DXVHVPRGHUDWHH\HLUULWDWLRQ$YRLGFRQWDFWZLWKH\HVVNLQRU
+FORWKLQJ:DVKWKRURXJKO\ZLWKVRDSDQGZDWHUDIWHUKDQGOLQJDQGEHIRUHHDWLQJGULQNLQJFKHZLQJJXP
+XVLQJWREDFFRRUXVLQJWKHWRLOHW3URORQJHGRUIUHTXHQWO\UHSHDWHGVNLQFRQWDFWPD\FDXVHDOOHUJLF
+UHDFWLRQVLQVRPHLQGLYLGXDOV
+
+3(5621$/3527(&7,9((48,30(1733(
+
+0L[HUVORDGHUVDSSOLFDWRUVIODJJHUVDQGRWKHUKDQGOHUVPXVWZHDU
+x /RQJVOHHYHGVKLUWDQGORQJSDQWV
+x &KHPLFDOUHVLVWDQWJORYHVPDGHRIEDUULHUODPLQDWHEXW\OUXEEHUQLWULOHUXEEHURU9LWRQIRU
+FOHDQLQJHTXLSPHQWDQGPL[LQJORDGLQJ
+x &KHPLFDOUHVLVWDQWDSURQIRUFOHDQLQJHTXLSPHQWDQGPL[LQJORDGLQJ
+x 6KRHVSOXVVRFNV
+x 3URWHFWLYHH\HZHDU
+
+'LVFDUGFORWKLQJDQGRWKHUDEVRUEHQWPDWHULDOVWKDWKDYHEHHQGUHQFKHGRUKHDYLO\FRQWDPLQDWHGZLWKWKLV
+SURGXFW¶VFRQFHQWUDWH'RQRWUHXVHWKHP)ROORZPDQXIDFWXUHU¶VLQVWUXFWLRQVIRUFOHDQLQJPDLQWDLQLQJ
+33(,IQRVXFKLQVWUXFWLRQVIRUZDVKDEOHVH[LVWXVHGHWHUJHQWDQGKRWZDWHU.HHSDQGZDVK33(
+VHSDUDWHO\IURPRWKHUODXQGU\
+
+7RUHGXFHH[SRVXUHWRUHVLGXHVZDVKWKHVSUD\ULJWUDFWRUDQGDOORWKHUHTXLSPHQWXVHGWRKDQGOHRU
+DSSO\WKLVSURGXFWZLWKZDWHUGDLO\RUEHIRUHXVLQJWKHHTXLSPHQWIRUDQ\RWKHUSXUSRVH
+
+(1*,1((5,1*&21752/6:KHQKDQGOHUVXVHFORVHGV\VWHPVHQFORVHGFDEVRUDLUFUDIWLQDPDQQHU
+WKDWPHHWVWKHUHTXLUHPHQWVOLVWHGLQWKH:RUNHU3URWHFWLRQ6WDQGDUG:36IRUDJULFXOWXUDOSHVWLFLGHV>
+&)5GH@WKHKDQGOHU33(PD\EHUHGXFHGRUPRGLILHGDVVSHFLILHGLQWKH:36
+
+3LORWVPXVWXVHDQHQFORVHGFRFNSLWWKDWPHHWVWKHUHTXLUHPHQWVOLVWHGLQWKH:36IRUDJULFXOWXUDO
+SHVWLFLGHV>&)5H@
+
++DQGOHUVPXVWXVHFORVHGPL[LQJORDGLQJV\VWHPVGXULQJPL[LQJORDGLQJOLTXLGVIRUDHULDODSSOLFDWLRQVWR
+IDOORZODQGDQGKLJKDFUHDJHILHOGFURSV
+
+86(56$)(7<5(&200(1'$7,216
+8VHUVVKRXOG
+x :DVKKDQGVEHIRUHHDWLQJGULQNLQJFKHZLQJJXPXVLQJWREDFFRRUXVLQJWKHWRLOHW
+x 5HPRYHFORWKLQJ33(LPPHGLDWHO\LISHVWLFLGHJHWVLQVLGH7KHQZDVKWKRURXJKO\DQGSXWRQ
+FOHDQFORWKLQJ,ISHVWLFLGHJHWVRQVNLQZDVKLPPHGLDWHO\ZLWKVRDSDQGZDWHU
+x 5HPRYH33(LPPHGLDWHO\DIWHUKDQGOLQJWKLVSURGXFW:DVKWKHRXWVLGHRIJORYHVEHIRUH
+UHPRYLQJ$VVRRQDVSRVVLEOHZDVKWKRURXJKO\DQGFKDQJHLQWRFOHDQFORWKLQJ
+
+(19,5210(17$/+$=$5'6
+7KLVSHVWLFLGHLVWR[LFWRILVKDTXDWLFLQYHUWHEUDWHVDQGDTXDWLFSODQWV'RQRWDSSO\GLUHFWO\WRZDWHURUWR
+DUHDVZKHUHVXUIDFHZDWHULVSUHVHQWRUWRLQWHUWLGDODUHDVEHORZWKHPHDQKLJKZDWHUPDUN'RQRW
+FRQWDPLQDWHZDWHUZKHQFOHDQLQJHTXLSPHQWRUGLVSRVLQJRIHTXLSPHQWZDVKZDWHURUULQVDWH'ULIWDQG
+UXQRIIPD\EHKD]DUGRXVWRDTXDWLFRUJDQLVPVLQZDWHUDGMDFHQWWRWUHDWHGDUHDV5XQRIIRIWKLVSURGXFW
+ZLOOEHUHGXFHGE\DYRLGLQJDSSOLFDWLRQVZKHQUDLQIDOOLVIRUHFDVWWRRFFXUZLWKLQKRXUV
+
+7KLVFKHPLFDOLVNQRZQWROHDFKWKURXJKVRLOLQWRJURXQGZDWHUXQGHUFHUWDLQFRQGLWLRQVDVDUHVXOWRIODEHO
+XVH7KLVFKHPLFDOPD\OHDFKLQWRJURXQGZDWHULIXVHGLQDUHDVZKHUHVRLOVDUHSHUPHDEOHSDUWLFXODUO\
+ZKHUHWKHZDWHUWDEOHLVVKDOORZ
+
+
+&ŝůĞŶĂŵĞ͗,DͲϭϲϯϴ,ĞƌďŝĐŝĚĞ;ϱϵϬϱͲϲϮϮͿϬϳϭϰϮϮ>E͘ĚŽĐdž ϯ 
+685)$&(:$7(5$'9,625<67$7(0(17
+
+7KLVSURGXFWPD\LPSDFWVXUIDFHZDWHUTXDOLW\GXHWRUXQRIIRIUDLQZDWHU7KLVLVHVSHFLDOO\WUXHIRUSRRUO\
+GUDLQLQJVRLOVDQGVRLOVZLWKVKDOORZJURXQGZDWHU
+
+7KLVSURGXFWLVFODVVLILHGDVKDYLQJKLJKSRWHQWLDOIRUUHDFKLQJVXUIDFHZDWHUYLDUXQRIIIRUVHYHUDOPRQWKV
+RUPRUHDIWHUDSSOLFDWLRQ
+
+$OHYHOZHOOPDLQWDLQHGYHJHWDWLYHEXIIHUVWULSEHWZHHQDUHDVWRZKLFKWKLVSURGXFWLVDSSOLHGDQGVXUIDFH
+ZDWHUIHDWXUHVVXFKDVSRQGVVWUHDPVDQGVSULQJVZLOOUHGXFHWKHSRWHQWLDOORDGLQJRI0&3$IURPUXQRII
+ZDWHUDQGVHGLPHQW5XQRIIRIWKLVSURGXFWZLOOEHUHGXFHGE\DYRLGLQJDSSOLFDWLRQVZKHQUDLQIDOORU
+LUULJDWLRQLVH[SHFWHGWRRFFXUZLWKLQKRXUV
+
+
+1217$5*(725*$1,60$'9,625<67$7(0(177KLVSURGXFWLVWR[LFWRSODQWVDQGPD\DGYHUVHO\
+LPSDFWWKHIRUDJHDQGKDELWDWRIQRQWDUJHWRUJDQLVPVLQFOXGLQJSROOLQDWRUVLQDUHDVDGMDFHQWWRWKH
+WUHDWHGVLWH3URWHFWWKHIRUDJHDQGKDELWDWRIQRQWDUJHWRUJDQLVPVE\IROORZLQJODEHOGLUHFWLRQVLQWHQGHG
+WRPLQLPL]HVSUD\GULIW
+
+5HSRUWLQJ(FRORJLFDO,QFLGHQWV
+7RUHSRUWHFRORJLFDOLQFLGHQWVLQFOXGLQJPRUWDOLW\LQMXU\RUKDUPWRSODQWVDQGDQLPDOVFDOO
+
+
+
+3+<6,&$/$1'&+(0,&$/+$=$5'6
+'RQRWPL[RUDOORZFRPLQJLQFRQWDFWZLWKR[LGL]LQJDJHQWV+D]DUGRXVFKHPLFDOUHDFWLRQPD\RFFXU
+
+',5(&7,216)2586(
+,WLVDYLRODWLRQRI)HGHUDOODZWRXVHWKLVSURGXFWLQDPDQQHULQFRQVLVWHQWZLWKLWVODEHOLQJ
+
+'RQRWDSSO\WKLVSURGXFWLQDZD\WKDWZLOOFRQWDFWZRUNHUVRURWKHUSHUVRQVHLWKHUGLUHFWO\RUWKURXJK
+GULIW2QO\SURWHFWHGKDQGOHUVPD\EHLQWKHDUHDGXULQJDSSOLFDWLRQ)RUDQ\UHTXLUHPHQWVSHFLILFWR\RXU
+6WDWHRU7ULEHFRQVXOWWKHDJHQF\UHVSRQVLEOHIRUSHVWLFLGHUHJXODWLRQ
+
+(QGDQJHUHG6SHFLHV3URWHFWLRQ5HTXLUHPHQWV
+,WLVD)HGHUDORIIHQVHWRXVHDQ\SHVWLFLGHLQDPDQQHUWKDWUHVXOWVLQDQXQDXWKRUL]HG³WDNH´HJNLOORU
+RWKHUZLVHKDUPRIDQHQGDQJHUHGVSHFLHVDQGFHUWDLQWKUHDWHQHGVSHFLHVXQGHUWKH(QGDQJHUHG
+6SHFLHV$FWVHFWLRQ:KHQXVLQJWKLVSURGXFW\RXPXVWIROORZWKHPHDVXUHVFRQWDLQHGLQWKH
+(QGDQJHUHG6SHFLHV3URWHFWLRQ%XOOHWLQIRUWKHDUHDLQZKLFK\RXDUHDSSO\LQJWKHSURGXFW<RXPXVW
+REWDLQD%XOOHWLQQRHDUOLHUWKDQVL[PRQWKVEHIRUHXVLQJWKLVSURGXFW7RREWDLQ%XOOHWLQVFRQVXOW
+KWWSZZZHSDJRYHVSSFDOORUHPDLO(633#HSDJRY<RXPXVWXVHWKH%XOOHWLQYDOLG
+IRUWKHPRQWKLQZKLFK\RXZLOODSSO\WKHSURGXFW
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+&ŝůĞŶĂŵĞ͗,DͲϭϲϯϴ,ĞƌďŝĐŝĚĞ;ϱϵϬϱͲϲϮϮͿϬϳϭϰϮϮ>E͘ĚŽĐdž ϰ 
+
+$*5,&8/785$/86(5(48,5(0(176
+8VHWKLVSURGXFWRQO\LQDFFRUGDQFHZLWKLWVODEHOLQJDQGZLWKWKH:RUNHU3URWHFWLRQ6WDQGDUG&)5
+3DUW7KLVVWDQGDUGFRQWDLQVUHTXLUHPHQWVIRUWKHSURWHFWLRQRIDJULFXOWXUDOZRUNHUVRQIDUPV
+IRUHVWVQXUVHULHVDQGJUHHQKRXVHVDQGKDQGOHUVRIDJULFXOWXUDOSHVWLFLGHV,WFRQWDLQVUHTXLUHPHQWV
+IRUWUDLQLQJGHFRQWDPLQDWLRQQRWLILFDWLRQDQGHPHUJHQF\DVVLVWDQFH,WDOVRFRQWDLQVVSHFLILF
+LQVWUXFWLRQVDQGH[FHSWLRQVSHUWDLQLQJWRWKHVWDWHPHQWVRQWKLVODEHODERXWSHUVRQDOSURWHFWLYH
+HTXLSPHQW33(DQGUHVWULFWHGHQWU\LQWHUYDOV7KHUHTXLUHPHQWVLQWKLVER[RQO\DSSO\WRXVHVRIWKLV
+SURGXFWWKDWDUHFRYHUHGE\WKH:RUNHU3URWHFWLRQ6WDQGDUG
+
+'RQRWHQWHURUDOORZZRUNHUHQWU\LQWRWUHDWHGDUHDVGXULQJWKHUHVWULFWHGHQWU\LQWHUYDO5(,RI
+KRXUV
+
+33(UHTXLUHGIRUHDUO\HQWU\WRWUHDWHGDUHDVWKDWLVSHUPLWWHGXQGHUWKH:RUNHU3URWHFWLRQ6WDQGDUG
+DQGWKDWLQYROYHVFRQWDFWZLWKDQ\WKLQJWKDWKDVEHHQWUHDWHGVXFKDVSODQWVVRLORUZDWHULV
+FRYHUDOOVFKHPLFDOUHVLVWDQWJORYHVPDGHRIEDUULHUODPLQDWHEXW\OUXEEHUQLWULOHUXEEHURU9LWRQ
+VKRHVSOXVVRFNVDQGSURWHFWLYHH\HZHDU
+
+121$*5,&8/785$/86(5(48,5(0(176
+7KHUHTXLUHPHQWVLQWKLVER[DSSO\WRXVHVRIWKLVSURGXFWWKDWDUH127ZLWKLQWKHVFRSHRIWKH:RUNHU
+3URWHFWLRQ6WDQGDUGIRUDJULFXOWXUDOSHVWLFLGHV&)5SDUW7KH:36DSSOLHVZKHQWKLVSURGXFW
+LVXVHGWRSURGXFHDJULFXOWXUDOSODQWVRQIDUPVIRUHVWVQXUVHULHVRUJUHHQKRXVHV:KHQDSSOLHGWR
+IDOORZODQGNHHSXQSURWHFWHGSHUVRQVRXWRIWUHDWHGDUHDVXQWLOVSUD\VKDYHGULHG
+
+352'8&7,1)250$7,21
+7KLVSURGXFWSURYLGHVVHOHFWLYHSRVWHPHUJHQFHFRQWURORISHUHQQLDODQGDQQXDOEURDGOHDIZHHGVDQG
+YROXQWHHUSRWDWRHVLQZKHDWEDUOH\RURDWVQRWXQGHUVHHGHGZLWKDOHJXPH&RQVHUYDWLRQ5HVHUYH
+3URJUDP&53DQGIDOORZODQG
+
+:(('5(6,67$1&(0$1$*(0(17
+
+)RUUHVLVWDQFHPDQDJHPHQW+0+(5%,&,'(LVD*URXSDQG*URXSPRGHRIDFWLRQKHUELFLGH
+FRQWDLQLQJ0&3$EURPR[\QLODQGIOXUR[\S\U$Q\ZHHGSRSXODWLRQPD\FRQWDLQRUGHYHORSSODQWV
+QDWXUDOO\UHVLVWDQWWR+0+(5%,&,'(DQGRWKHU*URXSDQG*URXSPRGHRIDFWLRQKHUELFLGHV
+7KHUHVLVWDQWELRW\SHVPD\GRPLQDWHWKHZHHGSRSXODWLRQLIWKHVHKHUELFLGHVDUHXVHGUHSHDWHGO\LQWKH
+VDPHILHOG$SSURSULDWHUHVLVWDQFHPDQDJHPHQWVWUDWHJLHVVKRXOGEHIROORZHG
+
+7RGHOD\KHUELFLGHUHVLVWDQFHWDNHRQHRUPRUHRIWKHIROORZLQJVWHSV
+
+x 5RWDWHWKHXVHRI+0+(5%,&,'(RURWKHU*URXSKHUELFLGHVZLWKLQDJURZLQJVHDVRQ
+VHTXHQFHRUDPRQJJURZLQJVHDVRQVZLWKGLIIHUHQWKHUELFLGHJURXSVWKDWFRQWUROWKHVDPHZHHGV
+LQDILHOG
+
+x 8VHWDQNPL[WXUHVZLWKKHUELFLGHVIURPDGLIIHUHQWJURXSLIVXFKXVHLVSHUPLWWHGZKHUH
+LQIRUPDWLRQRQUHVLVWDQFHLQWDUJHWZHHGVSHFLHVLVDYDLODEOHXVHWKHOHVVUHVLVWDQFHSURQH
+SDUWQHUDWDUDWHWKDWZLOOFRQWUROWKHWDUJHWZHHGVHTXDOO\DVZHOODVWKHPRUHUHVLVWDQFHSURQH
+SDUWQHU&RQVXOW\RXUORFDOH[WHQVLRQVHUYLFHRUFHUWLILHGFURSDGYLVRULI\RXDUHXQVXUHDVWR
+ZKLFKDFWLYHLQJUHGLHQWLVFXUUHQWO\OHVVSURQHWRUHVLVWDQFH
+
+x $GRSWDQLQWHJUDWHGZHHGPDQDJHPHQWSURJUDPIRUKHUELFLGHXVHWKDWLQFOXGHVVFRXWLQJDQG
+XVHVKLVWRULFDOLQIRUPDWLRQUHODWHGWRKHUELFLGHXVHDQGFURSURWDWLRQDQGWKDWFRQVLGHUVWLOODJHRU
+RWKHUPHFKDQLFDOFRQWUROPHWKRGVFXOWXUDOHJKLJKHUFURSVHHGLQJUDWHVSUHFLVLRQIHUWLOL]HU
+DSSOLFDWLRQPHWKRGDQGWLPLQJWRIDYRUWKHFURSDQGQRWWKHZHHGVELRORJLFDOZHHGFRPSHWLWLYH
+FURSVRUYDULHWLHVDQGRWKHUPDQDJHPHQWSUDFWLFHV
+
+
+&ŝůĞŶĂŵĞ͗,DͲϭϲϯϴ,ĞƌďŝĐŝĚĞ;ϱϵϬϱͲϲϮϮͿϬϳϭϰϮϮ>E͘ĚŽĐdž ϱ 
+x 6FRXWDIWHUKHUELFLGHDSSOLFDWLRQWRPRQLWRUZHHGSRSXODWLRQVIRUHDUO\VLJQVRIUHVLVWDQFH
+GHYHORSPHQW,QGLFDWRUVRISRVVLEOHKHUELFLGHUHVLVWDQFHLQFOXGHIDLOXUHWRFRQWURODZHHG
+VSHFLHVQRUPDOO\FRQWUROOHGE\WKHKHUELFLGHDWWKHGRVHDSSOLHGHVSHFLDOO\LIFRQWUROLVDFKLHYHG
+RQDGMDFHQWZHHGVDVSUHDGLQJSDWFKRIQRQFRQWUROOHGSODQWVRIDSDUWLFXODUZHHGVSHFLHV
+VXUYLYLQJSODQWVPL[HGZLWKFRQWUROOHGLQGLYLGXDOVRIWKHVDPHVSHFLHV,IUHVLVWDQFHLV
+VXVSHFWHGSUHYHQWZHHGVHHGSURGXFWLRQLQWKHDIIHFWHGDUHDE\DQDOWHUQDWLYHKHUELFLGHIURPD
+GLIIHUHQWJURXSRUE\DPHFKDQLFDOPHWKRGVXFKDVKRHLQJRUWLOODJH3UHYHQWPRYHPHQWRI
+UHVLVWDQWZHHGVHHGVWRRWKHUILHOGVE\FOHDQLQJKDUYHVWLQJDQGWLOODJHHTXLSPHQWZKHQPRYLQJ
+EHWZHHQILHOGVDQGSODQWLQJFOHDQVHHG
+
+x ,IDZHHGSHVWSRSXODWLRQFRQWLQXHVWRSURJUHVVDIWHUWUHDWPHQWZLWKWKLVSURGXFWGLVFRQWLQXHXVH
+RIWKLVSURGXFWDQGVZLWFKWRDQRWKHUPDQDJHPHQWVWUDWHJ\RUKHUELFLGHZLWKDGLIIHUHQWPRGHRI
+DFWLRQLIDYDLODEOH
+
+x &RQWDFW\RXUORFDOH[WHQVLRQVSHFLDOLVWRUFHUWLILHGFURSDGYLVRUVIRUDGGLWLRQDOSHVWLFLGH
+UHVLVWDQFHPDQDJHPHQWDQGRULQWHJUDWHGZHHGPDQDJHPHQWUHFRPPHQGDWLRQVIRUVSHFLILF
+FURSVDQGZHHGELRW\SHV
+
+x )RUIXUWKHULQIRUPDWLRQRUWRUHSRUWVXVSHFWHGUHVLVWDQFHFRQWDFW+HOHQD$JUL(QWHUSULVHV//&
+UHSUHVHQWDWLYHVDW
+
+)LHOGVVKRXOGEHVFRXWHGSULRUWRDSSOLFDWLRQWRLGHQWLI\WKHZHHGVSHFLHVSUHVHQWDQGWKHLUJURZWKVWDJH
+WRGHWHUPLQHLIWKHLQWHQGHGDSSOLFDWLRQZLOOEHHIIHFWLYH
+
+)LHOGVVKRXOGEHVFRXWHGDIWHUDSSOLFDWLRQWRYHULI\WKDWWKHWUHDWPHQWZDVHIIHFWLYH
+
+6XVSHFWHGKHUELFLGHUHVLVWDQWZHHGVPD\EHLGHQWLILHGE\WKHVHLQGLFDWRUV
+x )DLOXUHWRFRQWURODZHHGVSHFLHVQRUPDOO\FRQWUROOHGE\WKHKHUELFLGHDWWKHGRVHDSSOLHG
+HVSHFLDOO\LIFRQWUROLVDFKLHYHGRQDGMDFHQWZHHGV
+x $VSUHDGLQJSDWFKRIQRQFRQWUROOHGSODQWVRIDSDUWLFXODUZHHGVSHFLHVDQG
+x 6XUYLYLQJSODQWVPL[HGZLWKFRQWUROOHGLQGLYLGXDOVRIWKHVDPHVSHFLHV
+
+5HSRUWDQ\LQFLGHQFHRIQRQSHUIRUPDQFHRIWKLVSURGXFWDJDLQVWDSDUWLFXODUZHHGVSHFLHVWR\RXU
++HOHQD$JUL(QWHUSULVHVUHWDLOHUUHSUHVHQWDWLYHRUFDOO,IUHVLVWDQFHLVVXVSHFWHGWUHDW
+ZHHGHVFDSHVZLWKDQKHUELFLGHKDYLQJDGLIIHUHQWPHFKDQLVPRIDFWLRQDQGRUXVHQRQFKHPLFDOPHDQV
+WRUHPRYHHVFDSHVDVSUDFWLFDOZLWKWKHJRDORISUHYHQWLQJIXUWKHUVHHGSURGXFWLRQ
+
+3ODQWLQWRZHHGIUHHILHOGVDQGNHHSILHOGVDVZHHGIUHHDVSRVVLEOH
+
+7RWKHH[WHQWSRVVLEOHXVHDGLYHUVLILHGDSSURDFKWRZDUGZHHGPDQDJHPHQW:KHQHYHUSRVVLEOH
+LQFRUSRUDWHPXOWLSOHZHHGFRQWUROSUDFWLFHVVXFKDVPHFKDQLFDOFXOWLYDWLRQELRORJLFDOPDQDJHPHQW
+SUDFWLFHVDQGFURSURWDWLRQ
+
+)LHOGVZLWKGLIILFXOWWRFRQWUROZHHGVVKRXOGEHURWDWHGWRFURSVWKDWDOORZWKHXVHRIKHUELFLGHVZLWK
+DOWHUQDWLYHPHFKDQLVPVRIDFWLRQRUGLIIHUHQWPDQDJHPHQWSUDFWLFHV
+
+7RWKHH[WHQWSRVVLEOHGRQRWDOORZZHHGHVFDSHVWRSURGXFHVHHGVURRWVRUWXEHUV0DQDJHZHHG
+VHHGVDWKDUYHVWDQGSRVWKDUYHVWWRSUHYHQWDEXLOGXSRIWKHZHHGVHHGEDQN
+
+3UHYHQWILHOGWRILHOGDQGZLWKLQILHOGPRYHPHQWRIZHHGVHHGRUYHJHWDWLYHSURSDJXOHV7KRURXJKO\FOHDQ
+SODQWUHVLGXHVIURPHTXLSPHQWEHIRUHOHDYLQJILHOGV
+
+3UHYHQWDQLQIOX[RIZHHGVLQWRWKHILHOGE\PDQDJLQJILHOGERUGHUV
+
+
+&ŝůĞŶĂŵĞ͗,DͲϭϲϯϴ,ĞƌďŝĐŝĚĞ;ϱϵϬϱͲϲϮϮͿϬϳϭϰϮϮ>E͘ĚŽĐdž ϲ 
+,GHQWLI\ZHHGVSUHVHQWLQWKHILHOGWKURXJKVFRXWLQJDQGILHOGKLVWRU\DQGXQGHUVWDQGWKHLUELRORJ\7KH
+ZHHGFRQWUROSURJUDPVKRXOGFRQVLGHUDOORIWKHZHHGVSUHVHQW
+
+'LIILFXOWWRFRQWUROZHHGVPD\UHTXLUHVHTXHQWLDODSSOLFDWLRQVRIKHUELFLGHVZLWKGLIIHULQJPHFKDQLVPVRI
+DFWLRQ
+
+$SSO\WKLVKHUELFLGHDWWKHFRUUHFWWLPLQJDQGUDWHQHHGHGWRFRQWUROWKHPRVWGLIILFXOWZHHGLQWKHILHOG
+
+8VHDEURDGVSHFWUXPVRLODSSOLHGKHUELFLGHZLWKDPHFKDQLVPRIDFWLRQWKDWGLIIHUVIURPWKLVSURGXFWDVD
+IRXQGDWLRQLQDZHHGFRQWUROSURJUDP'RQRWXVHPRUHWKDQWZRDSSOLFDWLRQVRIWKLVRUDQ\RWKHU
+KHUELFLGHZLWKWKHVDPHPHFKDQLVPRIDFWLRQZLWKLQDVLQJOHJURZLQJVHDVRQXQOHVVPL[HGZLWKDQ
+KHUELFLGHZLWKDQRWKHUPHFKDQLVPRIDFWLRQZLWKDQRYHUODSSLQJVSHFWUXPIRUWKHGLIILFXOWWRFRQWURO
+ZHHGV
+
+,IUHVLVWDQFHLVVXVSHFWHGWUHDWZHHGHVFDSHVZLWKDQKHUELFLGHZLWKDGLIIHUHQW02$RUXVHQRQ
+FKHPLFDOPHWKRGVWRUHPRYHHVFDSHV
+
+&RQWDFW\RXUORFDOVDOHVUHSUHVHQWDWLYHFURSDGYLVRURUH[WHQVLRQDJHQWWRILQGRXWLIVXVSHFWHGUHVLVWDQW
+ZHHGVWRWKHVH02$VKDYHEHHQIRXQGLQ\RXUUHJLRQ'RQRWDVVXPHWKDWHDFKOLVWHGZHHGLVEHLQJ
+FRQWUROOHGE\PXOWLSOHPHFKDQLVPVRIDFWLRQ&RIRUPXODWHGDFWLYHLQJUHGLHQWVDUHLQWHQGHGWREURDGHQ
+WKHVSHFWUXPRIZHHGVWKDWDUHFRQWUROOHG6RPHZHHGVPD\EHFRQWUROOHGE\RQO\RQHRIWKHDFWLYH
+LQJUHGLHQWLQWKLVSURGXFW
+
+86(5(675,&7,216
+x 'RQRWDOORZVSUD\GULIWWRFRPHLQFRQWDFWZLWKRUDSSO\WKLVSURGXFWGLUHFWO\WRVXVFHSWLEOH
+EURDGOHDISODQWVRUEURDGOHDIFURSVLQFOXGLQJEXWQRWOLPLWHGWRWKHIROORZLQJDOIDOIDFDQROD
+FRWWRQHGLEOHEHDQVJUDSHVOHQWLOVOHWWXFHPXVWDUGSHDVSRWDWRHVUDGLVKHVVR\EHDQVVXJDU
+EHHWVVXQIORZHUVWREDFFRRUWRPDWRHV
+x 'RQRWDSSO\PRUHWKDQSLQWVOEVDH0&3$OEVDHEURPR[\QLODQGOEVDH
+IOXUR[\S\URIWKLVSURGXFWSHUDFUHSHU\HDU
+x :KHQDSSO\LQJWKLVSURGXFWGRQRWFRQWDPLQDWHZDWHUXVHGIRUGRPHVWLFSXUSRVHVRULUULJDWLRQ
+GLWFKHV
+x 'RQRWDSSO\WKLVSURGXFWWKURXJKDQ\W\SHRILUULJDWLRQV\VWHPLHFKHPLJDWLRQ
+x 'RQRWDSSO\ZLWKEDFNSDFNRUKDQGKHOGDSSOLFDWLRQHTXLSPHQW
+x 'RQRWDSSO\WKLVSURGXFWWRJROIFRXUVHWXUI
+x &URSVOLVWHGRQWKLVODEHOZKHDWEDUOH\RURDWVQRWXQGHUVHHGHGZLWKDOHJXPHPD\EHSODQWHG
+ZLWKLQGD\VRIDSSOLFDWLRQ'RQRWSODQWRWKHUFURSVZLWKLQGD\VRIDSSOLFDWLRQ
+x 7KLVSURGXFWLVSHUVLVWHQWDQGPD\EHSUHVHQWLQSODQWPDWHULDOVIRURYHUGD\VDIWHUDSSOLFDWLRQ
+'RQRWXVHWUHDWHGSODQWPDWHULDORUPDQXUHIURPDQLPDOVWKDWKDYHJUD]HGRUFRQVXPHGIRUDJH
+IURPWUHDWHGDUHDVIRUFRPSRVWPXOFKRUPXVKURRPVSDZQXQWLOGD\VDIWHUDSSOLFDWLRQ
+x $QLPDOVWKDWKDYHEHHQIHGIOXUR[\S\UWUHDWHGIRUDJHPXVWEHIHGIRUDJHIUHHRIIOXUR[\S\UIRUDW
+OHDVWGD\VEHIRUHWKH\DUHPRYHGRIIWKHWUHDWHGSURSHUW\
+x +DQGOHUVPXVWXVHFORVHGPL[LQJORDGLQJV\VWHPVGXULQJPL[LQJORDGLQJOLTXLGVIRUDHULDO
+DSSOLFDWLRQVWRIDOORZODQGDQGKLJKDFUHDJHILHOGFURSV
+x $HULDODSSOLFDWLRQWRIDOORZODQGLVUHVWULFWHGZLWKLQIHHWRIUHVLGHQWLDODUHDVHJKRPHV
+VFKRROVSOD\JURXQGVVKRSSLQJDUHDVKRVSLWDOVHWF
+x 1RWIRU6DOH6DOH,QWR'LVWULEXWLRQDQGRU8VHLQ1DVVDXDQG6XIIRON&RXQWLHVRI1HZ
+<RUN
+
+
+
+
+
+
+
+
+&ŝůĞŶĂŵĞ͗,DͲϭϲϯϴ,ĞƌďŝĐŝĚĞ;ϱϵϬϱͲϲϮϮͿϬϳϭϰϮϮ>E͘ĚŽĐdž ϳ 
+
+635$<'5,)7
+
+$HULDO$SSOLFDWLRQV
+x 'RQRWUHOHDVHVSUD\DWDKHLJKWJUHDWHUWKDQIWDERYHWKHJURXQGRUYHJHWDWLYHFDQRS\
+XQOHVVDJUHDWHUDSSOLFDWLRQKHLJKWLVQHFHVVDU\IRUSLORWVDIHW\
+x $SSOLFDWRUVPXVWXVHòVZDWKGLVSODFHPHQWXSZLQGDWWKHGRZQZLQGHGJHRIWKHILHOG
+x 'RQRWDSSO\ZKHQZLQGVSHHGVH[FHHGPLOHVSHUKRXUDWWKHDSSOLFDWLRQVLWH
+x 6HOHFWDQR]]OHDQGSUHVVXUHWKDWGHOLYHUPHGLXPRUFRDUVHUGURSOHWV
+x 7KHGLVWDQFHRIWKHRXWHUPRVWQR]]OHVRQWKHERRPPXVWQRWH[FHHGRIWKHOHQJWKRIWKH
+ZLQJVSDQRURIWKHURWRUGLDPHWHU
+x 'RQRWDSSO\GXULQJWHPSHUDWXUHLQYHUVLRQV
+
+*URXQG%RRP$SSOLFDWLRQV
+x 8VHUPXVWRQO\DSSO\ZLWKWKHUHOHDVHKHLJKWUHFRPPHQGHGE\WKHPDQXIDFWXUHUEXWQRPRUH
+WKDQIHHWDERYHWKHJURXQGRUFURSFDQRS\
+x 6HOHFWDQR]]OHDQGSUHVVXUHWKDWGHOLYHUPHGLXPRUFRDUVHUGURSOHWV
+x 'RQRWDSSO\ZKHQZLQGVSHHGVH[FHHGPLOHVSHUKRXUDWWKHDSSOLFDWLRQVLWH
+x 'RQRWDSSO\GXULQJWHPSHUDWXUHLQYHUVLRQV
+
+%RRPOHVV*URXQG$SSOLFDWLRQV
+x $SSOLFDWRUVDUHUHTXLUHGWRVHOHFWWKHQR]]OHDQGSUHVVXUHWKDWGHOLYHUDPHGLXPRUFRDUVHU
+GURSOHWVL]H$6$%(6IRUDOODSSOLFDWLRQV
+x 'RQRWDSSO\ZKHQZLQGVSHHGVH[FHHGPLOHVSHUKRXUDWWKHDSSOLFDWLRQVLWH
+x 'RQRWDSSO\GXULQJWHPSHUDWXUHLQYHUVLRQV
+
+
+
+
+635$<'5,)7$'9,625,(6
+7+($33/,&$725,65(63216,%/()25$92,',1*2))6,7(635$<'5,)7
+%($:$5(2)1($5%<1217$5*(76,7(6$1'(19,5210(17$/&21',7,216
+
+,03257$1&(2)'523/(76,=(
+$QHIIHFWLYHZD\WRUHGXFHVSUD\GULIWLVWRDSSO\ODUJHGURSOHWV8VHWKHODUJHVWGURSOHWVWKDWSURYLGH
+WDUJHWSHVWFRQWURO:KLOHDSSO\LQJODUJHUGURSOHWVZLOOUHGXFHVSUD\GULIWWKHSRWHQWLDOIRUGULIWZLOOEH
+JUHDWHULIDSSOLFDWLRQVDUHPDGHLPSURSHUO\RUXQGHUXQIDYRUDEOHHQYLURQPHQWDOFRQGLWLRQV
+
+&RQWUROOLQJ'URSOHW6L]H±*URXQG%RRP
+x 9ROXPH,QFUHDVLQJWKHVSUD\YROXPHVRWKDWODUJHUGURSOHWVDUHSURGXFHGZLOOUHGXFHVSUD\GULIW
+8VHWKHKLJKHVWSUDFWLFDOVSUD\YROXPHIRUWKHDSSOLFDWLRQ,IDJUHDWHUVSUD\YROXPHLVQHHGHG
+FRQVLGHUXVLQJDQR]]OHZLWKDKLJKHUIORZUDWH
+x 3UHVVXUH8VHWKHORZHVWVSUD\SUHVVXUHUHFRPPHQGHGIRUWKHQR]]OHWRSURGXFHWKHWDUJHW
+VSUD\YROXPHDQGGURSOHWVL]H
+x 6SUD\1R]]OH8VHDVSUD\QR]]OHWKDWLVGHVLJQHGIRUWKHLQWHQGHGDSSOLFDWLRQ&RQVLGHUXVLQJ
+QR]]OHVGHVLJQHGWRUHGXFHGULIW
+
+&RQWUROOLQJ'URSOHW6L]H±$LUFUDIW
+x $GMXVW1R]]OHV)ROORZQR]]OHPDQXIDFWXUHUV¶UHFRPPHQGDWLRQVIRUVHWWLQJXSQR]]OHV
+*HQHUDOO\WRUHGXFHILQHGURSOHWVQR]]OHVVKRXOGEHRULHQWHGSDUDOOHOZLWKWKHDLUIORZLQIOLJKW
+
+%220+(,*+7±*URXQG%RRP
+)RUJURXQGHTXLSPHQWWKHERRPVKRXOGUHPDLQOHYHOZLWKWKHFURSDQGKDYHPLQLPDOERXQFH
+
+
+
+&ŝůĞŶĂŵĞ͗,DͲϭϲϯϴ,ĞƌďŝĐŝĚĞ;ϱϵϬϱͲϲϮϮͿϬϳϭϰϮϮ>E͘ĚŽĐdž ϴ 
+
+5(/($6(+(,*+7$LUFUDIW
++LJKHUUHOHDVHKHLJKWVLQFUHDVHWKHSRWHQWLDOIRUVSUD\GULIW
+
+6+,(/'('635$<(56
+6KLHOGLQJWKHERRPRULQGLYLGXDOQR]]OHVFDQUHGXFHVSUD\GULIW&RQVLGHUXVLQJVKLHOGHGVSUD\HUV9HULI\
+WKDWWKHVKLHOGVDUHQRWLQWHUIHULQJZLWKWKHXQLIRUPGHSRVLWLRQRIWKHVSUD\RQWKHWDUJHWDUHD
+
+7(03(5$785($1'+80,',7<
+:KHQPDNLQJDSSOLFDWLRQVLQKRWDQGGU\FRQGLWLRQVXVHODUJHUGURSOHWVWRUHGXFHHIIHFWVRIHYDSRUDWLRQ
+
+7(03(5$785(,19(56,216
+'ULIWSRWHQWLDOLVKLJKGXULQJDWHPSHUDWXUHLQYHUVLRQ7HPSHUDWXUHLQYHUVLRQVDUHFKDUDFWHUL]HGE\
+LQFUHDVLQJWHPSHUDWXUHZLWKDOWLWXGHDQGDUHFRPPRQRQQLJKWVZLWKOLPLWHGFORXGFRYHUDQGOLJKWWRQR
+ZLQG7KHSUHVHQFHRIDQLQYHUVLRQFDQEHLQGLFDWHGE\JURXQGIRJRUE\WKHPRYHPHQWRIVPRNHIURPD
+JURXQGVRXUFHRUDQDLUFUDIWVPRNHJHQHUDWRU6PRNHWKDWOD\HUVDQGPRYHVODWHUDOO\LQDFRQFHQWUDWHG
+FORXGXQGHUORZZLQGFRQGLWLRQVLQGLFDWHVDQLQYHUVLRQZKLOHVPRNHWKDWPRYHVXSZDUGDQGUDSLGO\
+GLVVLSDWHVLQGLFDWHVJRRGYHUWLFDODLUPL[LQJ
+
+:,1'
+'ULIWSRWHQWLDOJHQHUDOO\LQFUHDVHVZLWKZLQGVSHHG$92,'$33/,&$7,216'85,1**867<:,1'
+&21',7,216
+$SSOLFDWRUVQHHGWREHIDPLOLDUZLWKORFDOZLQGSDWWHUQVDQGWHUUDLQWKDWFRXOGDIIHFWVSUD\GULIW
+
+%RRPOHVV*URXQG$SSOLFDWLRQV
+x 6HWWLQJQR]]OHVDWWKHORZHVWHIIHFWLYHKHLJKWZLOOKHOSWRUHGXFHWKHSRWHQWLDOIRUVSUD\GULIW
+
++DQGKHOG7HFKQRORJ\$SSOLFDWLRQV
+x 7DNHSUHFDXWLRQVWRPLQLPL]HVSUD\GULIW
+
+0,;,1*,16758&7,216
+,WLVWKHSHVWLFLGHXVHU¶VUHVSRQVLELOLW\WRHQVXUHWKDWDOOSURGXFWVDUHUHJLVWHUHGIRUWKHLQWHQGHGXVH5HDG
+DQGIROORZWKHDSSOLFDEOHUHVWULFWLRQVDQGOLPLWDWLRQVDQGGLUHFWLRQVIRUXVHRQDOOSURGXFWODEHOVLQYROYHGLQ
+WDQNPL[LQJ8VHUVPXVWIROORZWKHPRVWUHVWULFWLYHGLUHFWLRQVIRUXVHDQGSUHFDXWLRQDU\VWDWHPHQWVRI
+HDFKSURGXFWLQWKHWDQNPL[WXUH7KLVSURGXFWPD\EHDSSOLHGLQWDQNPL[WXUHVZLWKDGGLWLYHSURGXFWV
+VXFKDVVXUIDFWDQWVDGMXYDQWVDQGGULIWFRQWURODJHQWVDQGZLWKPRVWFRPPRQO\XVHGJUDVVKHUELFLGHV
+DWVSHFLILHGUDWHVDVORQJDVWDQNPL[LQJLVQRWSURKLELWHGE\WKHODEHOVRIWKHWDQNPL[SDUWQHUDQGWKH
+WDQNPL[SDUWQHUSURGXFWVDUHODEHOHGIRUWKHWLPLQJDQGPHWKRGRIDSSOLFDWLRQIRUWKHXVHVLWHWREH
+WUHDWHG
+
+,IFRPSDWLELOLW\ZLWKDQRWKHUSURGXFWLVQRWNQRZQSHUIRUPDVPDOOVFDOHMDUWHVWWRGHWHUPLQH
+FRPSDWLELOLW\VHHLQVWUXFWLRQVEHORZ:KHQDQDGMXYDQWLVWREHXVHGZLWKWKLVSURGXFW+HOHQD$JUL
+(QWHUSULVHV//&UHFRPPHQGVWKHXVHRID&KHPLFDO3URGXFHUVDQG'LVWULEXWRUV$VVRFLDWLRQFHUWLILHG
+DGMXYDQW
+
+1RWH:KHQDGGLQJLQJUHGLHQWVWRWKHPL[WXUHDOORZWLPHIRUHDFKLQJUHGLHQWWREHWKRURXJKO\PL[HG
+EHIRUHDGGLQJWKHQH[W%HVXUHWRDJLWDWHVSUD\PL[WXUHEHIRUHXVHLIDOORZHGWRVWDQGDIWHUPL[LQJ
+
+ )LOOVSUD\WDQNZLWKZDWHUHTXDOWRWRRIWKHUHTXLUHGVSUD\YROXPHDQGVWDUWDJLWDWLRQ
+ $GGWKHVSHFLILHGDPRXQWRIWKLVSURGXFW
+ $GGDQ\JUDVVKHUELFLGHVVXUIDFWDQWVDGMXYDQWVRUGULIWFRQWURODJHQWVDFFRUGLQJWRWKH
+UHVSHFWLYHPDQXIDFWXUHU
+VLQVWUXFWLRQV
+ $JLWDWHGXULQJILQDOILOOLQJRIWKHVSUD\WDQNZLWKZDWHUDQGPDLQWDLQVXIILFLHQWDJLWDWLRQGXULQJ
+DSSOLFDWLRQWRHQVXUHXQLIRUPLW\RIWKHVSUD\PL[WXUH
+
+
+&ŝůĞŶĂŵĞ͗,DͲϭϲϯϴ,ĞƌďŝĐŝĚĞ;ϱϵϬϱͲϲϮϮͿϬϳϭϰϮϮ>E͘ĚŽĐdž ϵ 
+7DQN0L[&RPSDWLELOLW\-DU7HVW
+ 0L[WKHGHVLUHGWDQNPL[LQJUHGLHQWVLQWKHLUUHODWLYHSURSRUWLRQVLQDFOHDUJODVVTXDUWMDUZLWKOLG
+ ,QYHUWWKHMDUFRQWDLQLQJWKHPL[WXUHVHYHUDOWLPHVDQGREVHUYHWKHPL[WXUHIRUDSSUR[LPDWHO\
+KRXU
+ ,IWKHPL[WXUHEDOOVXSIRUPVIODNHVVOXGJHVJHOVRLO\ILOPVRUOD\HUVRURWKHUSUHFLSLWDWHVLWLV
+QRWFRPSDWLEOHDQGWKHWDQNPL[FRPELQDWLRQVVKRXOGQRWEHXVHG
+
+$33/,&$7,21,1)250$7,21
+
+%URDGOHDI:HHGV&RQWUROOHGRU6XSSUHVVHG
+%HGVWUDZFOHDYHUV
+%LQGZHHGILHOG‚
+%LQGZHHGKHGJH
+%XFNZKHDWVSS
+&DQRODYROXQWHHU
+&KDPRPLOHFRUQ
+&KLFNZHHG
+&ORYHUZKLWH
+&RFNOHEXU
+&RFNOHFRZ
+&RIIHHZHHG
+'HYLOVFODZ
+‚
+)LGGOHQHFN
+)OD[YROXQWHHU
+)XPLWRU\
+*UDSHVSS
+*URPZHOOFRUQ
+*URXQGVHO
++HPSGRJEDQH
+
++HQELW
++RUVHWDLOILHOG
+‚
++RUVHZHHGPDUHVWDLO
+-LPVRQZHHG
+.QDZHO
+.QRWZHHG
+.RFKLD
+
+/DG\VWKXPE
+/DPEVTXDUWHUV
+0DOORZFRPPRQ‚
+0DOORZYHQLFH
+0DUVKHOGHU
+0D\ZHHG
+0RUQLQJJORU\
+0XVWDUGVSS
+‚
+1LJKWVKDGHVSS
+3HQQ\FUHVVILHOG
+‚
+3HSSHUZHHG
+3LJZHHGVSS
+
+3RSS\KRUQHG
+3RWDWRYROXQWHHU‚
+3ULFNO\OHWWXFH
+3XQFWXUHYLQH
+3XUVODQHFRPPRQ
+5DGLVKZLOG
+5DJZHHGFRPPRQ
+5RFNHWVSS
+6DJHODQFHOHDI
+6HVEDQLDKHPS
+6KHSKHUG¶VSXUVH
+6PDUWZHHGVSS
+6RZWKLVWOHDQQXDO
+6XQIORZHU
+7DUZHHG
+7KLVWOH5XVVLDQ
+9HOYHWOHDI
+:DWHUKHPSWDOO
+
+
+‚,QGLFDWHV6XSSUHVVLRQ2QO\6XSSUHVVLRQLVDUHGXFWLRQLQZHHGFRPSHWLWLRQUHGXFWLRQLQSRSXODWLRQ
+RUYLJRUDVFRPSDUHGWRXQWUHDWHGDUHDV7KHGHJUHHRIZHHGFRQWURODQGGXUDWLRQRIHIIHFWPD\YDU\
+ZLWKZHHGVL]HGHQVLW\DSSOLFDWLRQUDWHFRYHUDJHDQGJURZLQJFRQGLWLRQVEHIRUHGXULQJDQGDIWHU
+WUHDWPHQW
+
+,QFOXGHVELRW\SHVWKDWDUHKHUELFLGHUHVLVWDQWRUWROHUDQW
+
+:HHGVJHUPLQDWLQJDIWHUVSUD\LQJZLOOQRWEHFRQWUROOHG
+
+0DQDJHPHQWRI.RFKLD%LRW\SHV
+5HVHDUFKLQGLFDWHVPDQ\ELRW\SHVRINRFKLDPD\RFFXUZLWKLQDVLQJOHILHOGDQGZKLOHNRFKLDELRW\SHVFDQ
+YDU\LQWKHLUVXVFHSWLELOLW\WRWKLVSURGXFWLQJHQHUDODOOELRW\SHVZLOOEHVXSSUHVVHGRUFRQWUROOHGDWWKH
+ODEHOHGUDWHRIWRSLQWVSHUDFUH$VKLIWWRPRUHWROHUDQWELRW\SHVZLWKLQDILHOGPD\RFFXULIWKLV
+SURGXFWLVDSSOLHGDWUDWHVORZHUWKDQUHFRPPHQGHG
+
+$SSOLFDWLRQ7LPLQJ
+2QO\ZHHGVWKDWKDYHHPHUJHGDWWKHWLPHRIDSSOLFDWLRQZLOOEHFRQWUROOHGVREHVXUHWRDSSO\WRDFWLYHO\
+JURZLQJZHHGV:HHGFRQWUROPD\EHUHGXFHGDQGWKHULVNRIFURSLQMXU\DWDOOVWDJHVRIJURZWKPD\
+LQFUHDVHLIH[WUHPHJURZLQJFRQGLWLRQVVXFKDVGURXJKWRUQHDUIUHH]LQJWHPSHUDWXUHVRFFXUSULRUWRDW
+RUIROORZLQJDSSOLFDWLRQ&RQWUROPD\EHGHFUHDVHGLIWDUJHWSODQWIROLDJHLVZHWDWWKHWLPHRIDSSOLFDWLRQ
+$SSOLFDWLRQVRIWKLVSURGXFWDUHUDLQIDVWZLWKLQKRXUDIWHUDSSOLFDWLRQ
+
+(IIHFWRI7HPSHUDWXUHRQ+HUELFLGDO$FWLYLW\
+7KHKHUELFLGDODFWLYLW\RIWKLVSURGXFWLVLQIOXHQFHGE\ZHDWKHUFRQGLWLRQV2SWLPXPKHUELFLGDODFWLYLW\
+UHTXLUHVDFWLYHSODQWJURZWKDQGWHPSHUDWXUHVEHWZHHQƒ)WRƒ)5HGXFHGHIILFDF\ZLOORFFXUZKHQ
+
+&ŝůĞŶĂŵĞ͗,DͲϭϲϯϴ,ĞƌďŝĐŝĚĞ;ϱϵϬϱͲϲϮϮͿϬϳϭϰϮϮ>E͘ĚŽĐdž ϭ Ϭ 
+WHPSHUDWXUHVDUHEHORZƒ)RUDERYHƒ):HHGFRQWURODQGFURSWROHUDQFHPD\EHUHGXFHGLIIURVW
+RFFXUVEHIRUHRUVKRUWO\DIWHUDSSOLFDWLRQGD\V
+
+6SUD\&RYHUDJH
+8VHVXIILFLHQWVSUD\YROXPHWRSURYLGHWKRURXJKFRYHUDJHDQGDXQLIRUPVSUD\SDWWHUQ)RUEHVWUHVXOWV
+DQGWRPLQLPL]HVSUD\GULIWDSSO\LQDVSUD\YROXPHRIJDOORQVRUPRUHSHUDFUHE\JURXQGDQGRU
+PRUHJDOORQVRIWRWDOVSUD\YROXPHSHUDFUHE\DLU6SUD\YROXPHVKRXOGEHLQFUHDVHGDVZHHGGHQVLW\
+DQGYHJHWDWLYHFDQRS\LQFUHDVHLQRUGHUWRREWDLQHTXLYDOHQWZHHGFRQWUROKRZHYHUGRQRWH[FHHG
+JDOORQVSHUDFUHWRWDOVSUD\YROXPH5DWKHUWKDQLQFUHDVLQJERRPSUHVVXUHGHFUHDVHVSUD\LQJVSHHGRU
+XVHODUJHUQR]]OHWLSVWRLQFUHDVHVSUD\YROXPH
+
+8VHRQO\QR]]OHW\SHVDQGVSUD\HTXLSPHQWGHVLJQHGIRUKHUELFLGHDSSOLFDWLRQ7RUHGXFHVSUD\GULIWEH
+VXUHWRIROORZWKHSUHFDXWLRQVXQGHUWKHKHDGLQJ³6SUD\'ULIW0DQDJHPHQW´
+
+$GMXYDQWV
+7RLPSURYHZHHGFRQWURODKLJKTXDOLW\DGMXYDQWODEHOHGIRUXVHRQJURZLQJFURSVPD\EHXVHG$Q
+DGMXYDQWFDQRSWLPL]HKHUELFLGDODFWLYLW\ZKHQDSSOLFDWLRQVDUHPDGHDWORZHUFDUULHUYROXPHVXQGHU
+FRQGLWLRQVRIFRROWHPSHUDWXUHORZUHODWLYHKXPLGLW\RUGURXJKWRUWRVPDOOKHDYLO\SXEHVFHQWNRFKLD
+:KHQDQDGMXYDQWLVWREHXVHGZLWKWKLVSURGXFW+HOHQD$JUL(QWHUSULVHV//&UHFRPPHQGVWKHXVHRID
+&KHPLFDO3URGXFHUVDQG'LVWULEXWRUV$VVRFLDWLRQFHUWLILHGDGMXYDQW
+
+6SRW7UHDWPHQWV
+2QO\DSSO\XVLQJDFDOLEUDWHGERRPVSUD\HUXVLQJWKHGLUHFWLRQVEHORZ
+'RQRWDSSO\XVLQJEDFNSDFNRUKDQGKHOGDSSOLFDWLRQHTXLSPHQW
+$SSOLFDWLRQUDWHVLQWKHWDEOHEHORZDUHEDVHGRQDQDUHDRIVTXDUHIHHW
+0L[WKHDPRXQWRIWKLVSURGXFWIOXLGRXQFHVRUPOFRUUHVSRQGLQJWRWKHGHVLUHGEURDGFDVWUDWHLQRQHRU
+PRUHJDOORQVRIVSUD\
+7RFDOFXODWHWKHDPRXQWRIWKLVSURGXFWUHTXLUHGIRUODUJHUDUHDVPXOWLSO\WKHWDEOHYDOXHIOXLGRXQFHVRU
+POE\WKHDUHDWREHWUHDWHGLQ³WKRXVDQGV´RIVTXDUHIHHW$QDUHDRIVTXDUHIHHWLVDSSUR[LPDWHO\
+;\DUGVVWULGHVLQVL]H
+
+)RUH[DPSOH
+,IWKHDUHDWREHWUHDWHGLVVTXDUHIHHWPXOWLSO\WKHWDEOHYDOXHE\FDOF· 
+
+%URDGFDVW5DWH&RQYHUVLRQ7DEOHIRU6SRW7UHDWPHQWV
+%URDGFDVW5DWH
+3LQWVSHU$FUH
++0SHU*DOORQ
+)OXLG2XQFHVPO
+ 
+ 
+ 
+
+$SSOLFDWLRQ5DWHV
+,QJHQHUDOWKHDSSOLFDWLRQUDWHVDWWKHORZHUHQGRIWKHVSHFLILHGUDWHUDQJHZLOOEHHIILFDFLRXVZKHQ
+DSSOLHGWRVXVFHSWLEOHZHHGVSHFLHVZLWK\RXQJVXFFXOHQWJURZWK8VHWKHKLJKHUUDWHVZLWKLQWKHUDWH
+UDQJHZKHQDSSO\LQJWROHVVVHQVLWLYHVSHFLHVSHUHQQLDOVDQGXQGHUFRQGLWLRQVZKHUHFRQWUROLVPRUH
+GLIILFXOWHJZKHQSODQWVDUHVWUHVVHGGXHWRGURXJKWRUH[WUHPHWHPSHUDWXUHVLQGHQVHZHHGVWDQGV
+DQGRUWKHZHHGVDUHODUJHU+LJKHUUDWHVZLOODOVREHQHHGHGWRFRQWURORUVXSSUHVVZHHGVLQDUHDV
+ZKHUHFRPSHWLWLRQIURPFURSVLVQRWSUHVHQWHJIDOORZODQG
+
+6SUD\HU&OHDQXS
+7RDYRLGLQMXU\WRGHVLUDEOHSODQWVEHIRUHDSSO\LQJRWKHUFKHPLFDOVZLWKWKHHTXLSPHQWXVHGWRDSSO\WKLV
+SURGXFWDOOHTXLSPHQWPXVWEHWKRURXJKO\FOHDQHG
+ $IWHUDSSO\LQJWKLVSURGXFWIOXVKDQGULQVHDSSOLFDWLRQHTXLSPHQWZLWKZDWHUWKRURXJKO\GLVSRVLQJ
+RIWKHZDWHUDFFRUGLQJWRWKHGLVSRVDOLQVWUXFWLRQVLQWKLVODEHO$OOULQVHZDWHUPXVWEHGLVSRVHG
+RILQFRPSOLDQFHZLWKORFDOVWDWHDQGIHGHUDOJXLGHOLQHV
+
+&ŝůĞŶĂŵĞ͗,DͲϭϲϯϴ,ĞƌďŝĐŝĚĞ;ϱϵϬϱͲϲϮϮͿϬϳϭϰϮϮ>E͘ĚŽĐdž ϭ ϭ 
+ +RVHGRZQWKHLQWHULRUVXUIDFHVRIWKHWDQNIOXVKLQJWKHWDQNKRVHVERRPDQGQR]]OHVZLWK
+FOHDQZDWHUIRUPLQXWHV
+ )LOOWKHWDQNZLWKZDWHUDQGUHFLUFXODWHIRUPLQXWHV
+ 6SUD\SDUWRIWKHPL[WXUHWKURXJKWKHKRVHVERRPDQGQR]]OHVDQGGUDLQWKHWDQN
+ 5HPRYHWKHQR]]OHVDQGVFUHHQVDQGFOHDQVHSDUDWHO\
+ ,IWKHVSUD\HTXLSPHQWZLOOEHXVHGRQFURSVRWKHUWKDQWKRVHODEHOHGIRUWKLVSURGXFWUHSHDW
+VWHSVDQGDQGWKRURXJKO\ZDVKWKHRXWVLGHRIVSUD\WDQNDQGWKHERRP
+
+:+($7%$5/(<2$76
+$SSOLFDWLRQ7LPLQJ
+7RFRQWUROOLVWHGEURDGOHDIZHHGVDSSO\DVDSRVWHPHUJHQFHEURDGFDVWWUHDWPHQWWRDFWLYHO\JURZLQJ
+ZKHDWEDUOH\RURDWVIURPWKHOHDIVWDJHXSWRDQGLQFOXGLQJIODJOHDIHPHUJHQFH=DGRN¶VVFDOH
+%HFDXVHRQO\ZHHGVWKDWKDYHHPHUJHGDWWKHWLPHDSSOLFDWLRQZLOOEHFRQWUROOHGEHVXUHWRDSSO\ZKHQ
+ZHHGVDUHDFWLYHO\JURZLQJEXWEHIRUHZHHGVDUHLQFKHVWDOORUYLQLQJ
+
+)RUSHUHQQLDOZHHGVVXFKDV&DQDGDWKLVWOHDSSO\ZKHQWKHPDMRULW\RIWKHEDVDOOHDYHVKDYHHPHUJHG
+IURPWKHVRLOXSWREXGVWDJHWRREWDLQVHDVRQORQJFRQWURO
+
+7RVXSSUHVVYROXQWHHUSRWDWRHVDSSO\EHIRUHSRWDWRSODQWVDUHLQFKHVWDOO
+
+7KHULVNRIFURSLQMXU\DWDOOVWDJHVRIJURZWKDQGSRRUZHHGFRQWUROLVLQFUHDVHGLIWKHDSSOLFDWLRQLVPDGH
+DQGH[WUHPHJURZLQJFRQGLWLRQVVXFKDVGURXJKWRUQHDUIUHH]LQJWHPSHUDWXUHVRFFXUSULRUWRDWDQG
+IROORZLQJWKHDSSOLFDWLRQ5HGXFHGZHHGFRQWUROPD\DOVRRFFXUGXULQJWKHVHFRQGLWLRQV
+
+%URDGFDVW$SSOLFDWLRQ5DWHV
+)RUFRPSOHWHOLVWLQJRIZHHGVFRQWUROOHGRUVXSSUHVVHGUHIHUWRWKH³%URDGOHDI:HHGV&RQWUROOHGRU
+6XSSUHVVHG´VHFWLRQ
+
+)RUVHHGOLQJVRIVXVFHSWLEOHVSHFLHVLQFKHVWDOO$SSO\SLQWSHUDFUH
+
+)RUVHHGOLQJVRIVXVFHSWLEOHVSHFLHVWRLQFKHVWDOORUYLQLQJ$SSO\SLQWVSHUDFUH
+
+)RUYROXQWHHUSRWDWRHV$SSO\SLQWVSHUDFUH
+
+1RWH.RFKLDVHHGOLQJVOHVVWKDQLQFKHVWDOOLQFOXGLQJ$/6UHVLVWDQWELRW\SHVZLOOEHFRQWUROOHGXVLQJ
+WKHSLQWSHUDFUHUDWH+RZHYHUZKHQFRQGLWLRQVIRUFRQWURODUHOHVVIDYRUDEOHVXFKDVXQGHUGURXJKW
+RUFRROWHPSHUDWXUHDUDWHRISLQWVSHUDFUHZLOOSURYLGHPRUHFRQVLVWHQWFRQWURORINRFKLDVHHGOLQJV
+WRLQFKHVWDOO)RUPRUHFRQVLVWHQWFRQWURORIVPDOONRFKLDDSSO\ZKHQWKHSODQWVDUHDWOHDVWLQFK
+WDOO$UDWHRISLQWVSHUDFUHVKRXOGEHXVHGIRURSWLPDOFRQWURORIGLFDPEDWROHUDQWNRFKLD
+SRSXODWLRQVUHIHUWRWKH³0DQDJHPHQWRI.RFKLD%LRW\SHV´LQWKH³%URDGOHDI:HHGV&RQWUROOHGRU
+6XSSUHVVHG´VHFWLRQDERYH
+
+6SRW$SSOLFDWLRQV
+6SRWDSSOLFDWLRQVPD\EHPDGHXVLQJUDWHVDQGVSUD\YROXPHHTXLYDOHQWWRDEURDGFDVWDSSOLFDWLRQUHIHU
+WRWKH³6SRW7UHDWPHQW´LQVWUXFWLRQVLQWKH³$SSOLFDWLRQ,QIRUPDWLRQ´VHFWLRQDERYH
+
+$SSOLFDWLRQ5HVWULFWLRQV
+x 'RQRWKDUYHVWWUHDWHGIRUDJHRUDOORZOLYHVWRFNWRJUD]HWUHDWHGDUHDVZLWKLQGD\VRI
+DSSOLFDWLRQ
+x 'RQRWDSSO\PRUHWKDQSLQWVOEVDH0&3$OEVDHEURPR[\QLODQGOEVDH
+IOXUR[\S\URIWKLVSURGXFWSHUDFUHSHU\HDU
+x 'RQRWDSSO\ZLWKLQGD\VSULRUWRKDUYHVWLQJJUDLQDQGVWUDZRUZLWKLQGD\VSULRUWRFXWWLQJ
+KD\
+x 'RQRWDSSO\ZKHQFURSFDQRS\FRYHUVWKHZHHGVDVSRRUFRQWUROZLOOUHVXOW
+
+
+
+&ŝůĞŶĂŵĞ͗,DͲϭϲϯϴ,ĞƌďŝĐŝĚĞ;ϱϵϬϱͲϲϮϮͿϬϳϭϰϮϮ>E͘ĚŽĐdž ϭ Ϯ 
+&216(59$7,215(6(59(352*5$0&53
+$SSOLFDWLRQ7LPLQJ
+$SSO\DWDUDWHRIWRSLQWVSHUDFUHGHSHQGLQJXSRQWKHVXVFHSWLELOLW\RIWKHZHHGVSHFLHV$SSO\WR
+JUDVVHVIURPWKHOHDIVWDJH8QOHVVRWKHUZLVHVSHFLILHGEHORZDSSO\ZKHQEURDGOHDIZHHGVDUHXSWR
+WKHOHDIVWDJHLQFKHVLQKHLJKWRULQFKHVLQGLDPHWHUZKLFKHYHUFRPHVILUVW
+
+.RFKLDVHHGOLQJVOHVVWKDQLQFKHVWDOOLQFOXGLQJ$/6UHVLVWDQWELRW\SHVZLOOEHFRQWUROOHGXVLQJWKH
+SLQWSHUDFUHUDWH+RZHYHUZKHQFRQGLWLRQVIRUFRQWURODUHOHVVIDYRUDEOHVXFKDVXQGHUGURXJKWRUFRRO
+WHPSHUDWXUHDUDWHRISLQWVSHUDFUHZLOOSURYLGHPRUHFRQVLVWHQWFRQWURORINRFKLDVHHGOLQJVWR
+LQFKHVWDOO)RUPRUHFRQVLVWHQWFRQWURORIVPDOONRFKLDDSSO\ZKHQWKHSODQWVDUHDWOHDVWLQFKWDOO$
+UDWHRISLQWVSHUDFUHVKRXOGEHXVHGIRURSWLPDOFRQWURORIGLFDPEDWROHUDQWNRFKLDSRSXODWLRQV
+UHIHUWRWKH³0DQDJHPHQWRI.RFKLD%LRW\SHV´LQWKH³%URDGOHDI:HHGV&RQWUROOHGRU6XSSUHVVHG´
+VHFWLRQDERYH
+
+$SSOLFDWLRQ3UHFDXWLRQV
+x ,IOHJXPHVDUHLQFOXGHGLQ&53DUHDSODQWLQJVHYHUHLQMXU\PD\RFFXU
+
+$SSOLFDWLRQ5HVWULFWLRQV
+x 'RQRWDOORZOLYHVWRFNWRJUD]HLQWUHDWHGDUHDVRUIHHGWUHDWHGJUDVVWROLYHVWRFN
+x &URSVOLVWHGRQWKLVODEHOZKHDWEDUOH\RURDWVQRWXQGHUVHHGHGZLWKDOHJXPHPD\EHSODQWHG
+ZLWKLQGD\VRIDSSOLFDWLRQ'RQRWSODQWRWKHUFURSVZLWKLQGD\VRIDSSOLFDWLRQ
+
+
+)$//2:/$1'
+$SSOLFDWLRQ7LPLQJ
+$SSO\DWDUDWHRIWRSLQWVSHUDFUHGHSHQGLQJXSRQWKHVXVFHSWLELOLW\RIWKHZHHGVSHFLHV$SSO\WR
+JUDVVHVIURPWKHOHDIVWDJH8QOHVVRWKHUZLVHVSHFLILHGEHORZDSSO\ZKHQEURDGOHDIZHHGVDUHXSWR
+WKHOHDIVWDJHLQFKHVLQKHLJKWRULQFKHVLQGLDPHWHUZKLFKHYHUFRPHVILUVW
+
+.RFKLDVHHGOLQJVOHVVWKDQLQFKHVWDOOLQFOXGLQJ$/6UHVLVWDQWELRW\SHVZLOOEHFRQWUROOHGXVLQJWKH
+SLQWSHUDFUHUDWH+RZHYHUZKHQFRQGLWLRQVIRUFRQWURODUHOHVVIDYRUDEOHVXFKDVXQGHUGURXJKWRUFRRO
+WHPSHUDWXUHDUDWHRISLQWVSHUDFUHZLOOSURYLGHPRUHFRQVLVWHQWFRQWURORINRFKLDVHHGOLQJVWR
+LQFKHVWDOO)RUPRUHFRQVLVWHQWFRQWURORIVPDOONRFKLDDSSO\ZKHQWKHSODQWVDUHDWOHDVWLQFKWDOO$
+UDWHRISLQWVSHUDFUHVKRXOGEHXVHGIRURSWLPDOFRQWURORIGLFDPEDWROHUDQWNRFKLDSRSXODWLRQV
+UHIHUWRWKH³0DQDJHPHQWRI.RFKLD%LRW\SHV´LQWKH³%URDGOHDI:HHGV&RQWUROOHGRU6XSSUHVVHG´
+VHFWLRQDERYH
+
+$SSOLFDWLRQ5HVWULFWLRQV
+x 'RQRWPDNHPRUHWKDQWZRDSSOLFDWLRQVSHU\HDUZLWKDPLQLPXPUHWUHDWPHQWLQWHUYDORI
+GD\V
+x 'RQRWDSSO\PRUHWKDQSLQWVOEVDH0&3$OEVDHEURPR[\QLODQGOEVDH
+IOXUR[\S\URIWKLVSURGXFWSHUDFUHSHU\HDU
+x 'RQRWDOORZOLYHVWRFNWRJUD]HLQWUHDWHGDUHDVRUIHHGWUHDWHGSODQWPDWHULDOWROLYHVWRFN
+x 'RQRWSODQWDQ\FURSXQWLOGD\VDIWHUDSSOLFDWLRQ:LWKLQWRGD\VDIWHUDSSOLFDWLRQSODQW
+RQO\FURSVOLVWHGRQWKLVODEHOZKHDWEDUOH\RURDWVQRWXQGHUVHHGHGZLWKDOHJXPH'RQRW
+SODQWRWKHUFURSVZLWKLQGD\VRIDSSOLFDWLRQ
+
+
+
+
+
+
+
+
+
+
+&ŝůĞŶĂŵĞ͗,DͲϭϲϯϴ,ĞƌďŝĐŝĚĞ;ϱϵϬϱͲϲϮϮͿϬϳϭϰϮϮ>E͘ĚŽĐdž ϭ ϯ 
+6725$*($1'',6326$/
+'RQRWFRQWDPLQDWHZDWHUIRRGRUIHHGE\VWRUDJHRUGLVSRVDO
+3(67,&,'(6725$*(6WRUHDERYHƒ)RUZDUPDQGDJLWDWHEHIRUHXVH
+3(67,&,'(',6326$/3HVWLFLGHZDVWHVDUHWR[LF,PSURSHUGLVSRVDORIH[FHVVSHVWLFLGHVSUD\
+PL[WXUHRUULQVDWHLVDYLRODWLRQRI)HGHUDO/DZ,IWKHVHZDVWHVFDQQRWEHGLVSRVHGRIE\XVHU
+DFFRUGLQJWRODEHOLQVWUXFWLRQVFRQWDFW\RXU6WDWH3HVWLFLGHRU(QYLURQPHQWDO&RQWURO$JHQF\RUWKH
++D]DUGRXV:DVWHUHSUHVHQWDWLYHDWWKHQHDUHVW(3$5HJLRQDO2IILFHIRUJXLGDQFH
+
+&217$,1(5+$1'/,1*
+1RQUHILOODEOH&RQWDLQHUV*DOORQVRU/HVV1RQUHILOODEOHFRQWDLQHU'RQRWUHXVHRUUHILOOWKLV
+FRQWDLQHU7ULSOHULQVHFRQWDLQHURUHTXLYDOHQWSURPSWO\DIWHUHPSW\LQJ7ULSOHULQVHDVIROORZV(PSW\
+WKHUHPDLQLQJFRQWHQWVLQWRDSSOLFDWLRQHTXLSPHQWRUDPL[WDQNDQGGUDLQIRUVHFRQGVDIWHUWKHIORZ
+EHJLQVWRGULS)LOOWKHFRQWDLQHUIXOOZLWKZDWHUDQGUHFDS6KDNHIRUVHFRQGV3RXUULQVDWHLQWR
+DSSOLFDWLRQHTXLSPHQWRUDPL[WDQNRUVWRUHULQVDWHIRUODWHUXVHRUGLVSRVDO'UDLQIRUVHFRQGVDIWHU
+WKHIORZEHJLQVWRGULS5HSHDWWKLVSURFHGXUHWZRPRUHWLPHV7KHQRIIHUIRUUHF\FOLQJRU
+UHFRQGLWLRQLQJRUSXQFWXUHDQGGLVSRVHRILQDVDQLWDU\ODQGILOORUE\RWKHUSURFHGXUHVDSSURYHGE\
+6WDWHDQGORFDODXWKRULWLHV3ODVWLFFRQWDLQHUVDUHDOVRGLVSRVDEOHE\LQFLQHUDWLRQRULIDOORZHGE\6WDWH
+DQGORFDODXWKRULWLHVE\EXUQLQJ,IEXUQHGVWD\RXWRIVPRNH
+1RQUHILOODEOH&RQWDLQHUVODUJHUWKDQ*DOORQV1RQUHILOODEOHFRQWDLQHU'RQRWUHXVHRUUHILOOWKLV
+FRQWDLQHU2IIHUIRUUHF\FOLQJLIDYDLODEOH7ULSOHULQVHRUSUHVVXUHULQVHFRQWDLQHURUHTXLYDOHQW
+SURPSWO\DIWHUHPSW\LQJ7ULSOHULQVHDVIROORZV(PSW\WKHUHPDLQLQJFRQWHQWVLQWRDSSOLFDWLRQ
+HTXLSPHQWRUDPL[WDQN)LOOWKHFRQWDLQHUIXOOZLWKZDWHU5HSODFHDQGWLJKWHQFORVXUHV7LS
+FRQWDLQHURQLWVVLGHDQGUROOLWEDFNDQGIRUWKHQVXULQJDWOHDVWRQHFRPSOHWHUHYROXWLRQIRU
+VHFRQGV6WDQGWKHFRQWDLQHURQLWVHQGDQGWLSLWEDFNDQGIRUWKVHYHUDOWLPHV7XUQWKHFRQWDLQHURYHU
+RQWRLWVRWKHUHQGDQGWLSLWEDFNDQGIRUWKVHYHUDOWLPHV(PSW\WKHULQVDWHLQWRDSSOLFDWLRQHTXLSPHQW
+RUDPL[WDQNRUVWRUHULQVDWHIRUODWHUXVHRUGLVSRVDO5HSHDWWKLVSURFHGXUHWZRPRUHWLPHV3UHVVXUH
+ULQVHDVIROORZV(PSW\WKHUHPDLQLQJFRQWHQWVLQWRDSSOLFDWLRQHTXLSPHQWRUDPL[WDQNDQGFRQWLQXH
+WRGUDLQIRUVHFRQGVDIWHUWKHIORZEHJLQVWRGULS+ROGFRQWDLQHUXSVLGHGRZQRYHUDSSOLFDWLRQ
+HTXLSPHQWRUPL[WDQNRUFROOHFWULQVDWHIRUODWHUXVHRUGLVSRVDO,QVHUWSUHVVXUHULQVLQJQR]]OHLQWKH
+VLGHRIWKHFRQWDLQHUDQGULQVHDWDERXWSVLIRUDWOHDVWVHFRQGV'UDLQIRUVHFRQGVDIWHUWKH
+IORZEHJLQVWRGULS7KHQRIIHUIRUUHF\FOLQJLIDYDLODEOHRUSXQFWXUHDQGGLVSRVHRILQDVDQLWDU\ODQGILOO
+RUE\LQFLQHUDWLRQRULIDOORZHGE\VWDWHDQGORFDODXWKRULWLHVE\EXUQLQJ,IEXUQHGVWD\RXWRIVPRNH
+5HILOODEOHFRQWDLQHUODUJHUWKDQJDOORQV5HILOODEOHFRQWDLQHU5HILOOWKLVFRQWDLQHUZLWKSHVWLFLGH
+RQO\'RQRWUHXVHWKLVFRQWDLQHUIRUDQ\RWKHUSXUSRVH&OHDQLQJWKHFRQWDLQHUEHIRUHILQDOGLVSRVDOLV
+WKHUHVSRQVLELOLW\RIWKHSHUVRQGLVSRVLQJRIWKHFRQWDLQHU&OHDQLQJEHIRUHUHILOOLQJLVWKHUHVSRQVLELOLW\
+RIWKHUHILOOHU7RFOHDQWKHFRQWDLQHUEHIRUHILQDOGLVSRVDOHPSW\WKHUHPDLQLQJFRQWHQWVIURPWKLV
+FRQWDLQHULQWRDSSOLFDWLRQHTXLSPHQWRUDPL[WDQN)LOOWKHFRQWDLQHUDERXWIXOOZLWKZDWHUDQGLI
+SRVVLEOHVSUD\DOOVLGHVZKLOHDGGLQJZDWHU,ISUDFWLFDODJLWDWHYLJRURXVO\RUUHFLUFXODWHZDWHUZLWKWKH
+SXPSIRUWZRPLQXWHV3RXURUSXPSULQVDWHLQWRDSSOLFDWLRQHTXLSPHQWRUULQVDWHFROOHFWLRQV\VWHP
+5HSHDWWKLVULQVLQJSURFHGXUHWZRPRUHWLPHV7KHQRIIHUIRUUHF\FOLQJLIDYDLODEOHRUSXQFWXUHDQG
+GLVSRVHRILQDVDQLWDU\ODQGILOORUE\LQFLQHUDWLRQRULIDOORZHGE\6WDWHDQGORFDODXWKRULWLHVE\
+EXUQLQJ,IEXUQHGVWD\RXWRIVPRNH
+
+)25&+(0,&$/(0(5*(1&<6SLOOOHDNILUHH[SRVXUHRUDFFLGHQWFDOO&+(075(&
+
+
+
+
+
+
+
+
+
+
+
+
+
+&ŝůĞŶĂŵĞ͗,DͲϭϲϯϴ,ĞƌďŝĐŝĚĞ;ϱϵϬϱͲϲϮϮͿϬϳϭϰϮϮ>E͘ĚŽĐdž ϭ ϰ 
+
+&21',7,2162)6$/(/,0,7(':$55$17<
+$1'/,0,7$7,2162)/,$%,/,7<$1'5(0(',(6
+
+5HDGWKH&RQGLWLRQVRI6DOH:DUUDQW\DQG/LPLWDWLRQVRI/LDELOLW\DQG5HPHGLHVEHIRUHXVLQJWKLV
+SURGXFW,IWKHWHUPVDUHQRWDFFHSWDEOHUHWXUQWKHSURGXFWXQRSHQHGDQGWKHIXOOSXUFKDVHSULFHZLOOEH
+UHIXQGHG
+
+7KHGLUHFWLRQVRQWKLVODEHOPXVWEHIROORZHGFDUHIXOO\,QVXIILFLHQWFRQWURORISHVWVDQGRULQMXU\WRWKH
+FURSWRZKLFKWKHSURGXFWLVDSSOLHGPD\UHVXOWIURPWKHRFFXUUHQFHRIH[WUDRUGLQDU\RUXQXVXDOZHDWKHU
+FRQGLWLRQVRUWKHIDLOXUHWRIROORZWKHODEHOGLUHFWLRQVRUJRRGDSSOLFDWLRQSUDFWLFHVDOORIZKLFKDUHEH\RQG
+WKHFRQWURORI+HOHQD$JUL(QWHUSULVHV//&WKH&RPSDQ\RUVHOOHU,QDGGLWLRQIDLOXUHWRIROORZODEHO
+GLUHFWLRQVPD\FDXVHLQMXU\WRFURSVDQLPDOVPDQRUWKHHQYLURQPHQW7KH&RPSDQ\ZDUUDQWVWKDWWKLV
+SURGXFWFRQIRUPVWRWKHFKHPLFDOGHVFULSWLRQRQWKHODEHODQGLVUHDVRQDEO\ILWIRUWKHSXUSRVHUHIHUUHGWR
+LQWKHGLUHFWLRQVIRUXVHVXEMHFWWRWKHIDFWRUVQRWHGDERYHZKLFKDUHEH\RQGWKHFRQWURORIWKH&RPSDQ\
+7RWKHH[WHQWFRQVLVWHQWZLWKDSSOLFDEOHODZWKH&RPSDQ\PDNHVQRRWKHUZDUUDQWLHVRUUHSUHVHQWDWLRQV
+RIDQ\NLQGH[SUHVVRULPSOLHGFRQFHUQLQJWKHSURGXFWLQFOXGLQJQRLPSOLHGZDUUDQW\RIPHUFKDQWDELOLW\
+RUILWQHVVIRUDQ\SDUWLFXODUSXUSRVHDQGQRVXFKZDUUDQW\VKDOOEHLPSOLHGE\ODZ
+
+7RWKHH[WHQWFRQVLVWHQWZLWKDSSOLFDEOHODZWKHH[FOXVLYHUHPHG\DJDLQVWWKH&RPSDQ\IRUDQ\FDXVHRI
+DFWLRQUHODWLQJWRWKHKDQGOLQJRUXVHRIWKLVSURGXFWVKDOOEHOLPLWHGWRDW+HOHQD$JUL(QWHUSULVHV//&¶V
+HOHFWLRQRQHRIWKHIROORZLQJ