Whitehurst Vs Bedco Judge Opinion For Dropping Schuch

Case 6:19-cv-00010-NKM-RSB Document 49 Filed 07/06/20 Page 1 of 23 Pageid#: 445
7/6/2020

.
&
4G
'%)/%""
%%')&,%'(!&!'&
G
*

!/'
"& #
%
!"!) )/.

67@C6E96@FCE:D676?52?ED657@C5@F?EJ*49@@=@2C52?5C
@F8=2D*49F49SD
>@E:@?E@5:D>:DD7@C72:=FC6E@DE2E624=2:>
<E

(=2:?E:77C
96C:6
.9:E69FCDESDD64@?5
2>6?5654@>A=2:?EC2:D6DEH@4@F?EDH9:49D92C6E96D2>6724EF2=32D:D
!?@F?E!(=2:?E:77
2==686D E92E 657@C5 @F?EJ *49@@= @2C5 24E:?8 E9C@F89 :ED 5:G:D:@? DFA6C:?E6?56?E *49F49
G:@=2E65+:E=6-!!SD5:DA2C2E6EC62E>6?E2?52?E: C6E2=:2E:@?AC@G:D:@?D
!?@F?E!!(=2:?E:77C2:D6D
4=2:>D2C:D:?8F?56C,
*

L 282:?DE*49F49:?9:D:?5:G:5F2=42A24:EJ
(=2:?E:772==686D
E92E*49F4924E:?8F?56C4@=@C@7DE2E6=2HG:@=2E6596CC:89EDF?56CE96BF2=(C@E64E:@?=2FD6
3JEC62E:?896C5:776C6?E=JE92?D:>:=2C=JD:EF2E65>2=64@F?E6CA2CED2?5G:@=2E6596CC:89EDF?56C
E96:CDE>6?5>6?E3JC6E2=:2E:?8282:?DE96C7@C7:=:?82D6I 32D655:D4C:>:?2E:@?4=2:>
676?52?ED66<D5:D>:DD2=@7(=2:?E:77SD5:DA2C2E6EC62E>6?E4=2:>F?56C@F?E!282:?DE
657@C5 @F?EJ *49@@= @2C5 2?5 E96 6?E:C6EJ @7 @F?E !! 282:?DE *49F49
@C E96 7@==@H:?8

676?52?E5@6D?@ED66<5:D>:DD2=@7E96+:E=6-!!C6E2=:2E:@?4=2:>282:?DEE96D49@@=
3@2C5F?56C@F?E!H9:49E9:D@FCEA6C>:EE65E@AC@4665:?E96D2>67@C>@?C6G:6H@7E96
>@E:@?E@5:D>:DD(=2:?E:77SD7:CDE2>6?5654@>A=2:?E

C62D@?DE96@FCEH:==8C2?E:?A2CE2?556?J:?A2CE676?52?EDS>@E:@?E@5:D>:DD

!'%*$
(=2:?E:77C
96C:6.9:E69FCDE3682?96C42C66C:?657@C5@F?EJ(F3=:4*49@@=D:?
<E
2EM
7E6CD6CG:?8:?E6249:?8A@D:E:@?D7C@> E9C@F89E96 N24256>:4J62C
D96 3682? D6CG:?8 :? D49@@= 25>:?:DEC2E:@? A@D:E:@?D :? 657@C5 @F?EJ (F3=:4 *49@@=D

2E
MM N
!? D96 H2D AC@>@E65 E@ DD:DE2?E *FA6C:?E6?56?E @7 657@C5 @F?EJ (F3=:4
*49@@=D% 2EM 2?5:? D96H2D282:?AC@>@E65E9:DE:>6E@6AFEJ*FA6C:?E6?56?E%
2EM
EE96E:>6@796CD64@?5AC@>@E:@?(=2:?E:772=D@3682?D6CG:?82D657@C5@F?EJ*49@@=
@2C5SD 9:67 4256>:4 '77:46C

D 6AFEJ *FA6C:?E6?56?E 5FC:?8 E96 N 24256>:4
J62C(=2:?E:77H2DE@C646:G6E967@==@H:?84@>A6?D2E:@?
:?32D6D2=2CJ

:?255:E:@?2=5@4E@C2=DFAA=6>6?E2?5
7@C2?2FE@>@3:=66?E:E=6>6?EE@E2=:?8
2EM <E
I
D2=2CJ28C66>6?E

"" (' # $)%',%##$)(
DDD:DE2?E*FA6C:?E6?56?E2?5=2E6C6AFEJ*FA6C:?E6?56?E(=2:?E:772==686DE92ED96
C6A@CE655:C64E=JE@*FA6C:?E6?56?E*49F49
2EM
FC:?8E9:DE:>6A6C:@5(=2:?E:772==686D
DA64:7:4BF@E6D7C@>*49F49SD6G2=F2E:@?D@7(=2:?E:77SDA6C7@C>2?467C@> E9C@F89 E92E
H6C6F?:G6CD2==J2?5:?E6?D6=JA@D:E:G62?F>36C@7E96D66G6?6IA=:4:E=JDF886DE65E92ED96H2D
C625JE@PDF446652D2D49@@=5:G:D:@?DFA6C:?E6?56?E
Q 2EM
(=2:?E:77 2==686D 9@H6G6C E92E 5FC:?8 E96 D2>6 A6C:@5 D96 C646:G65 *49F49SD 8=@H:?8
C6G:6HDD962=D@H2DE96@3;64E@7PC68F=2C5:D4C:>:?2E@CJ24E:@?D2?54@>>6?ED7C@>*49F49Q
E92EH@F=536PE@@?F>6C@FDE@42E2=@8F67F==J
Q 2EMMN
*964=2:>DE92EDF4924E:@?DH6C6
E2<6? 56DA:E6 E96 >@C6 72G@C23=6 EC62E>6?E AC@G:565 E@ P96C 76==@H 49:67 @77:46CDQ E96 49:67

7:?2?4:2=@77:46C2?549:67@A6C2E:@?D@77:46CDH9@H6C63@E9>2=6
2EMMN
*A64:7:42==J
(=2:?E:772==686D*49F49C67FD65E@P5:?62=@?6QH:E9(=2:?E:773FE?@E96C>2=64@F?E6CA2CEDH9:49
D964@?E6?5DPAFE96C2E25:DE:?4E5:D25G2?E286H:E9C6DA64EE@E9656G6=@A>6?E@796CAC@76DD:@?2=
C6=2E:@?D9:AH:E9*49F49
Q 2EM
FCE96C*49F49A6C>:EE65(=2:?E:77SD76==@H49:67@77:46CD
E@P5:C64E=J2?57C66=JQH@C<H:E9'%)/%""6.DF3@C5:?2E6D3JA2DD:?896C2FE9@C:EJ3FEAC@9:3:E65
96C7C@>5@:?8E96D2>6C6BF:C:?8(=2:?E:77E@8@E9C@F89E96:C49:67@77:46CD

55:E:@?2==J (=2:?E:77 2==686D E92E *49F49 92D >256 G2C:@FD 4@>>6?ED C682C5:?8 PE96
:?76C:@C:EJ@7H@>6?:?E96H@C<A=2464@>A2C65E@>6?
Q 2EM
*A64:7:42==JD962==686D
*49F49 DE2E65 @? EH@ @442D:@?D E92E (=2:?E:77 2?5 2 76>2=6 4@==628F6 @7 96CD H6C6 PE96 @?=J
H@>6?@?D6?:@CDE2772?59@H5@6D:E=@@<7@CE96EH@@7J@FE@3692G:?8AC@3=6>DQ 2EM
(=2:?E:77 7FCE96C 2==686D E92E @? >F=E:A=6 @442D:@?D H96? (=2:?E:77 H@F=5 BF6DE:@? *49F49SD
C2E:@?2=6 7@C 2 564:D:@? 96 H@F=5 C6DA@?5 E92E D96 H2D P4J4=:?8QO2 C676C6?46 E@ E96 76>2=6
>6?DECF2=4J4=6O@CDE2E6E92EPE2=<:?8E@J@F:D=:<6E2=<:?8E@>JH:76
Q 2EMMN
(=2:?E:77 2==686D E92E D96 4@>A=2:?65 E@ E96 657@C5 @F?EJ *49@@= @2C5SD 9F>2?
C6D@FC46D 56A2CE>6?E 23@FE *49F49SD 4@>>6?ED :? =2E6 3FE E92EOH:E9@FE 4@?DF=E:?8
(=2:?E:77OE9@D64@>>6?EDH6C6D92C65H:E9*49F49
2EM
*49F49E96?>2562C676CC2=7@C
(=2:?E:77E@6?E6C657@C5@F?EJ*49@@=@2C5SDP6>A=@J662DD:DE2?46AC@8C2>QP(Q

642FD6 (=2:?E:77 H2D 2 >6>36C @7 E96 ( @2C5 E96 C676CC2= E@ ( 42FD65 96C D:8?:7:42?E
6>32CC2DD>6?E2?5D964@?D6BF6?E=JC6D:8?657C@>E92EA@DE:?"2?F2CJ
2EM
(=2:?E:77

D2==6865:?E964@>A=2:?EE9649:677:?2?4:2=@77:46C2?549:67@A6C2E:@?D@77:46CDH6C6
D:>:=2C=JD:EF2E65E@(=2:?E:77:?2?F>36C@7C6DA64ED:?4=F5:?8P6249>2?28:?8D:K623=6E62>D
2?536:?8C6DA@?D:3=67@C25:D4C6E64CF4:2=2DA64E@7/E96D49@@=3@2C5SD07F?4E:@?:?8C68F=2C=J
H@C<:?8=@?89@FCD2?52EE6?5:?86G6?EDDF492DC68F=2C/D49@@=3@2C50>66E:?8D367@C62?5@C
27E6C?@C>2=H@C<9@FCD2?5C6A@CE:?85:C64E=JE@*49F49
Q<E
2EM
*962=D@2==686DE92E
E96A6C7@C>2?46@7E9649:677:?2?4:2=@77:46C2?549:67@A6C2E:@?D@77:46C:?E96 N D49@@=
J62CP6:E96C>6E@C6I466565E966IA64E2E:@?D@7*49F49Q2D96CD5:532D65@?96C:?7@C>2E:@?
2?536=:67
2EM

2==686D E92E *49F49 FD65 E96 ( C676CC2= 2D AF?:D9>6?E 7@C PBF6DE:@?:?8 9:D 24E:@?D 2?5
C6277:C>:?89:DG:6HE92EH@>6?H6C6@G6C=J6>@E:@?2=2?5F?23=6E@92?5=6E96DEC6DD6D@7E96
H@C<A=246
Q 2EM
" $) .(#%) %$'%#&*),*&' $)$$)%( ) %$)%' $ &"
'?@C23@FE%2J (=2:?E:772==686DE92E*49F49:?7@C>6596CE92ED96H2D36:?8
C6>@G657C@>96CA@D:E:@?2D6AFEJ*FA6C:?E6?56?E@7657@C5@F?EJ(F3=:4*49@@=D
2E
M
@==@H:?8FA@?96CE6C>:?2E:@?7C@>96CA@D:E:@?(=2:?E:772==686DE92E@?%2J
*49F49 4@?G6J65 E@ (=2:?E:77 E92E D96 H@F=5 36 56>@E65 E@ 2 D49@@= AC:?4:A2= A@D:E:@? 7@C E96
N 24256>:4J62C282:?C67FD:?8E@AC@G:562?JDA64:7:4C62D@?7@C(=2:?E:77SD56>@E:@?

2EM
*964=2:>DE92E*49F4972:=65E@4:E62?JDA64:7:4C62D@?7@C96CC6>@G2=?@E:?8@?=JE92E
96C56>@E:@?H2D:?E9636DE:?E6C6DE@7E96D49@@=5:G:D:@?

!>A@CE2?E=J(=2:?E:772==686DE92EE9:D?@E:46@756>@E:@?42>6E96G6CJ?6IE52J27E6CD96
492==6?865*49F4923@FEE96AC@AC:6EJ@72BF6DE:@?A@D655FC:?82?:?E6CG:6HE@242?5:52E67@C
2 D49@@= AC:?4:A2= A@D:E:@?

*A64:7:42==J (=2:?E:77 2==686D E92E 5FC:?8 E96 :?E6CG:6H *49F49
BF6DE:@?652H9:E6>2=642?5:52E6DE2E:?82DA2CE@72BF6DE:@?E92EP/E96@FE8@:?8AC:?4:A2=0:D2
H@>2?J@F2C62>2?D96:D7C:42?>6C:42?2?5J@F2C6H9:E6
Q 2EMMN
(=2:?E:77
4@?7C@?E65 *49F49 23@FE E9:D BF6DE:@? 27E6C E96 :?E6CG:6H P2E 2? 2AAC@AC:2E6 E:>6 2?5 :? 2?
2AAC@AC:2E6D6EE:?8Q6IA=2:?:?8E92E9:DDE2E6>6?EE@E9642?5:52E6H2DP:?2AAC@AC:2E62?54@F=5
62D:=J364@?DECF652D@776?D:G6
Q 2EM
(=2:?E:774@>A2C6D96C4@?5F4EE@E92E@796C2==6865
>2=6 4@F?E6CA2CED E96 49:67 7:?2?4:2= @77:46C 2?5 49:67 @A6C2E:@?D @77:46C DE2E:?8 E92E D96 925
@3D6CG65E96>P5:D28C66H:E9*49F49@C@776C4@?DECF4E:G67665324<:?>66E:?8D:?H9:49D96925
366?:?4=F5653FE@?:?7@C>2E:@?2?536=:67*49F49?6G6CE@@<25G6CD624E:@?282:?DEE96>7@C

(=2:?E:775@6D?@EAC@G:562?J724EF2=2==682E:@?D2DE@E96BF6DE:@?:ED6=7:?4=F5:?8:?E96
2>6?5654@>A=2:?E@?=JE9:DA@CE:@?E92ED967@F?5@3;64E:@?23=6

DF493692G:@CQ2D969255@?6282:?DE96C
(=2:?E:777FCE96C2==686DE92E6G6?H96C6*49F49925
364@>62H2C6@72A6C7@C>2?464@?46C?@7@?6@796C>2=64@F?E6CA2CED96564=:?65E@E2<62?
25G6CD6 6>A=@J>6?E 24E:@? 282:?DE 9:>

D 2? 6I2>A=6 D96 4:E6D 9@H D96 925 @?46 C2:D65
4@?46C?D23@FEE9649:677:?2?4:2=@77:46CSDPDFAA=2?E:?8@7+:E=6!7F?5D
Q 2EM
!?56>@E:?896C(=2:?E:772==686DE92E*49F492=D@P67764E:G6=JC6=:6G65/96C0@796C;@3
C6DA@?D:3:=:E:6D7@CE9632=2?46@7E9624256>:4J62CQE92E:DE9C@F89E966?5@7"F?6
2E
M
(=2:?E:772==686DE9656>@E:@?4@?EC2DEDH:E9E968=@H:?86G2=F2E:@?D*49F499258:G6?96C
@G6CE96J62CDH9:49:?4=F56C64@>>6?52E:@?DE92ED968C@HE@H2C5D6CG:?82DDFA6C:?E6?56?E
2EMM
(=2:?E:772DD6CEDE92E256>@E:@?E@2AC:?4:A2=A@D:E:@?H2D?@E;FDEP2AC@76DD:@?2=
DE6A324<H2C5DQ3FE:EH@F=52=D@C6DF=E:?E966=:>:?2E:@?@7E962FE@>@3:=66?E:E=6>6?E@7
E92ED96H2D5F62D6AFEJ*FA6C:?E6?56?E
2EM
FCE96CE96AC:?4:A2=A@D:E:@?E@H9:49
(=2:?E:77 H2D E@ 36 56>@E65 H2D P6IA=:4:E=J ?@E C6?6H23=6 56DA:E6 /(=2:?E:770 92G:?8 249:6G65
4@?E:?F:?84@?EC24EDE2EFD2D2AC:?4:A2=AC:@CE@364@>:?8DD:DE2?E*FA6C:?E6?56?E:?"F=J
Q
2EM
" $) .(+
( (' # $) %$" #
(=2:?E:77 2==686D E92E D96 E96? 7:=65 2 4=2:> @7 D6I 32D65 5:D4C:>:?2E:@? H:E9 676?52?E
657@C5@F?EJ*49@@=@2C5P@FE=:?:?8E96DFDE2:?65A2EE6C?@75:D4C:>:?2E:@?3J*49F49E92E
D969256?5FC65@G6CE96AC6G:@FD?:?6J62CD2?5DA64:7:42==JE965:D4C:>:?2E@CJ24E@756>@E:?8
96C
Q 2EM
657@C5@F?EJ*49@@=@2C5C6E2:?652?:?56A6?56?E:?G6DE:82E@CE@C6G:6H
(=2:?E:77SD 2==682E:@?D
2E M
FC:?8 E9:D C6G:6H E96 D49@@= 3@2C5 A6C>:EE65 *49F49 E@
4@?E:?F6H@C<:?8H9:49(=2:?E:774=2:>DCF?D4@?EC2CJE@PH6==6DE23=:D96536DEAC24E:46D:?E96
7:6=5@79F>2?C6D@FC46D
Q
.9:=6(=2:?E:77E2<6D:DDF6H:E9<6J2DA64ED@7E96:?G6DE:82E@CSD
C6A@CED96?@E6DE92EE96C6A@CE5:52E=62DE42FE:@?676?52?ED*49F492?5657@C5@F?EJ*49@@=

@2C5 E92E P:? 244@C52?46 H:E9 (@=:4J C6E2=:2E:@? 282:?DE 2?J@?6 H9@ 92D C6A@CE65
5:D4C:>:?2E:@?@C92C2DD>6?E@CA2CE:4:A2E65:?2?JC6=2E65AC@4665:?8:DDEC:4E=JAC@9:3:E65
Q
2EM
" $) .(*')'#%) %$)% $%( ) %$
(=2:?E:772==686DE92E@?63FD:?6DD52J27E6CE9:DC6A@CEH2DDF3>:EE65*49F49D:8?652=6EE6C
7FCE96C56>@E:?8(=2:?E:77E@2E6249:?8A@D:E:@?P2C@=6E92ED96925?@E96=57@C>@C6E92?EH@
564256D
Q 2E M
+96 D2>6 =6EE6C :?5:42E65 E92E (=2:?E:77SD D2=2CJ H@F=5 P36 C65F465
244@C5:?8=J
Q 2EM
.9:=6E9:D=6EE6C5@6D?@E:?4=F562D2=2CJ7:8FC6(=2:?E:772==686DE92E
P@? :?7@C>2E:@? 2?5 36=:67 E9:D H@F=5 92G6 C6DF=E65 :? 2 E@E2= C65F4E:@? @7 >@C6 E92?
4@>A2C65E@96C4@>A6?D2E:@?2D6AFEJ*FA6C:?E6?56?E
Q 2EM
*49F496IA=2:?65E92EE96
C62D@?D 7@C E9:D D64@?5 56>@E:@? C64@>>6?52E:@? P:?4=F56 /(=2:?E:77SD0 F?H:==:?8?6DD E@
67764E:G6=J F?56CDE2?5 2?5 DFAA@CE E96 @C82?:K2E:@?2= DECF4EFC6 @7 E96 D49@@= 5:G:D:@?
55:E:@?2==J /(=2:?E:77SD0 2EE:EF56 2?5 A6CD@?2= :?E6C24E:@?D H:E9 >2?J D49@@= 5:G:D:@? =6256CD
92G64C62E652AC@76DD:@?2=4=:>2E6E92E=:>:ED4@==23@C2E:@?2?5:>A656DAC@8C6DD:?:>A=6>6?E:?8
/657@C5@F?EJ(F3=:4*49@@=DS0DEC2E68:4A=2?
Q 2EM
(=2:?E:772==686D*49F4972:=65E@4:E6
2?JDA64:7:43692G:@C2DAC@3=6>2E:4@C72==:?8D9@CE@79:D@CE96D49@@=3@2C5SD6IA64E2E:@?D

'? E96 4@?EC2CJ E96 AC:@C J62C *49F49 925 C6>2C<65 9@H E96 (=2:?E:77 925 =65 P:??@G2E:G6
AC24E:46D E92E DFAA@CE E96 (* *EC2E68:4 (=2?

Q 2E M
!? C6DA@?D6 E@ *49F49SD =6EE6C
C64@>>6?5:?8 56>@E:@? (=2:?E:77 7:=65 E9C@F89 4@F?D6= 2 D64@?5 492C86 @7 D6I 32D65
5:D4C:>:?2E:@?H:E9E96D49@@=3@2C5282:?DE*49F49
2EM
'?"F?6 E96657@C5@F?EJ*49@@=@2C596=52962C:?8@?(=2:?E:77SD@C:8:?2=
5:D4C:>:?2E:@? 2==682E:@?D C6=2E:?8 E@ 96C ?:?6 J62CD @7 2==6865 5:D4C:>:?2E@CJ EC62E>6?EO
:?4=F5:?896C56>@E:@?E@AC:?4:A2=O3FE:EC67FD65E@4@?D:56CE96492C86DD967:=65H:E9E963@2C5

27E6C96CD64@?556>@E:@?E@2E6249:?8A@D:E:@?
2EM
+96D49@@=3@2C5FA96=5*49F49SD
56>@E:@? C64@>>6?52E:@? 3FE :E 2DD:8?65 (=2:?E:77 E@ 2? P:?DECF4E:@?2= 4@249Q A@D:E:@? C2E96C
E92?2AC:?4:A2=A@D:E:@?2D*49F49@C:8:?2==JC64@>>6?565
+9656>@E:@?C6DF=E65:?2=@DD@7
>@C6 E92?

:? 2??F2= 4@>A6?D2E:@? H96? 4@>A2C65 E@ 96C 4@>A6?D2E:@? 2D 6AFEJ
*FA6C:?E6?56?E2?59:674256>:4'77:46C
2EM
(=2:?E:772==686DE92E676?52?EDS24ED@C@>:DD:@?DC6DF=E65:?52>286DE92E:?4=F563FE
2C6?@E=:>:E65E@=@DD@7A2DE2?57FEFC6H286DA9JD:42=2?56>@E:@?2=A2:?>6?E2=2?8F:D9
6>32CC2DD>6?E:?4@?G6?:6?462?5=@DD@76?;@J>6?E@7=:76
2EM
(=2:?E:777:=6596CD64@?52>6?5654@>A=2:?E@?63CF2CJ D66<:?8324<A2J7C@?E
A2J4@>A6?D2E@CJ52>286DAF?:E:G652>286D2?5C62D@?23=62EE@C?6JSD766D2?54@DED% 2E
27E6CE9:D@FCECF=65@?2>@E:@?E@5:D>:DD96C7:CDE2>6?5654@>A=2:?E2?55:D>:DD65@F?E!:?
A2CE2?5@F?E!!@7E92E4@>A=2:?E:?:ED6?E:C6EJ8C2?E:?8(=2:?E:77=62G6E@2>6?5@?2==5:D>:DD65
4@F?ED<E

'?63CF2CJ657@C5@F?EJ*49@@=@2C52?5*49F497:=652;@:?E
>@E:@?E@5:D>:DD(=2:?E:77SDD64@?52>6?5654@>A=2:?EAFCDF2?EE@)F=6 3@7E96656C2=
)F=6D@7:G:=(C@465FC6
<E

+9:D>2EE6C:D?@H7F==J3C:67652?5C:A67@C5:DA@D:E:@?

>@E:@?E@5:D>:DDAFCDF2?EE@65
)
:G
(
3E6DEDE96=682=DF77:4:6?4J@72
4@>A=2:?EE@56E6C>:?6H96E96C2A=2:?E:7792DAC@A6C=JDE2E6524=2:>
+964@>A=2:?ESDP/7024EF2=
2==682E:@?D>FDE366?@F89E@C2:D62C:89EE@C6=:6723@G6E96DA64F=2E:G6=6G6=Q !''/'
*-+1
2*('4 ,
*
H:E9 2== 2==682E:@?D :? E96 4@>A=2:?E E2<6? 2D ECF6 2?5 2==
C62D@?23=6:?76C6?46D5C2H?:?E96A=2:?E:77SD72G@C%)#10!)./!%)
5 E9
:C

>@E:@?E@5:D>:DDP5@6D?@E9@H6G6CC6D@=G64@?E6DEDDFCC@F?5:?8E96724EDE96
>6C:ED@724=2:>@CE962AA=:423:=:EJ@75676?D6D
Q 2E

=E9@F89E964@>A=2:?EP5@6D?@E?66556E2:=65724EF2=2==682E:@?D2A=2:?E:77SD@3=:82E:@?E@
AC@G:56E96R8C@F?5DS@79:D6?E:E=6/>6?E0E@C6=:67C6BF:C6D>@C6E92?=236=D2?54@?4=FD:@?D2?52
7@C>F=2:4C64:E2E:@?@7E966=6>6?ED@7242FD6@724E:@?H:==?@E5@
Q2*('4,
*
2E

4@FCE?665?@EP2446AEE96=682=4@?4=FD:@?D5C2H?7C@>E96724EDQ@CP2446AE2DECF6F?H2CC2?E65
:?76C6?46DF?C62D@?23=64@?4=FD:@?D@C2C8F>6?ED
Q%((*).1)%/! *-/#*))1

5E9:C
:?E6C?2=BF@E2E:@?D@>:EE65
+9:D:D?@EE@D2J)F=6 3
C6BF:C6DP96:89E6?65724EA=625:?8@7DA64:7:4DQ:?DE625E96A=2:?E:77>FDEA=625P@?=J6?@F89724ED
E@DE2E624=2:>E@C6=:67E92E:DA=2FD:3=6@?:ED7246
Q2*('4,
*
2E
*E:==P@?=J2
4@>A=2:?EE92EDE2E6D2A=2FD:3=64=2:>7@CC6=:67DFCG:G6D2>@E:@?E@5:D>:DD
Q.$-*"/1,'
,
*

676?52?ED25G2?46E967@==@H:?82C8F>6?ED:?DFAA@CE@7E96:C>@E:@?E@5:D>:DD
:CDE
676?52?ED4@?E6?5E92E(=2:?E:77SD5:DA2C2E6EC62E>6?E4=2:>F?56C+:E=6-!!2?5L >FDE72:=
3642FD6D9692D?6:E96C2==6865E96724ED?646DD2CJE@56>@?DEC2E6E92ED96DF776C652?25G6CD6
6>A=@J>6?E 24E:@? ?@C E92E D:>:=2C=J D:EF2E65 >2=6 4@F?E6CA2CED C646:G65 >@C6 72G@C23=6
EC62E>6?E
*64@?5E96J2C8F6E92E(=2:?E:77SD5:D4C:>:?2E:@?2==682E:@?DH6C6>256:?96C42A24:EJ
2D28@G6C?>6?E6>A=@J66?@E24:E:K6?4@>>6?E:?8@?2>2EE6C@7AF3=:44@?46C?2?5D@96C
DA6649 :D 6I46AE65 7C@> E96 :CDE >6?5>6?ESD AC@E64E:@?

+9:C5 E96J 2C8F6 E92E *49F49 :D
6?E:E=65E@BF2=:7:65:>>F?:EJ@?E964=2:>D282:?DE9:>
+9:D%6>@C2?5F>'A:?:@?H:==255C6DD
6249@7E96D62C8F>6?ED:?EFC?
%*$) )"" # $()

%'%*$),%%"
%'

:DA2C2E6 EC62E>6?E 4=2:> 32D65 @? *49F49SD C64@>>6?52E:@? E92E (=2:?E:77 36
56>@E65E@2AC:?4:A2=A@D:E:@?

+:E=6-!!>2<6D:E2?F?=2H7F=6>A=@J>6?EAC24E:46PE@72:=@CC67FD6E@9:C6@CE@5:D492C86

2?J :?5:G:5F2= @C @E96CH:D6

5:D4C:>:?2E:?8 282:?DE 2?J :?5:G:5F2= H:E9 C6DA64E E@ 9:D
4@>A6?D2E:@?E6C>D4@?5:E:@?D@CAC:G:=686D@76>A=@J>6?E3642FD6@7DF49:?5:G:5F2=SDC246
4@=@C C6=:8:@? D6I @C ?2E:@?2= @C:8:?

Q ,
*

L 6 2
>A=@J>6?E AC24E:46D >256
F?=2H7F=F?56CL6 2C66DE23=:D965PH96?E964@>A=2:?:?8A2CEJ56>@?DEC2E6DE92EC246
4@=@CC6=:8:@?D6I@C?2E:@?2=@C:8:?H2D2>@E:G2E:?8724E@C7@C2?J6>A=@J>6?EAC24E:466G6?
E9@F89@E96C724E@CD2=D@>@E:G2E65E96AC24E:46
QL6 >
*:?46E9:D@FCESDAC:@C'C56C2?5%6>@C2?5F>'A:?:@?CF=:?8@?676?52?EDS>@E:@?E@
5:D>:DD(=2:?E:77SD7:CDE2>6?5654@>A=2:?E<ED
N2DH6==2DE96962C:?8@?E96>@E:@?E@
5:D>:DD?@HA6?5:?8367@C6E96@FCE<E
E96@FCE9:C4F:E92D>2564=62CE92EE966=6>6?ED
@72+:E=6-!!4=2:>42?36D2E:D7:65H:E9@FE4@>A2C2E@C6G:56?46
%)#1 -%1*4./!(.

5E9:C

!?E92E42D6E96@FCE9:C4F:EC6G:6H652+:E=6-!!5:DA2C2E6EC62E>6?E
4=2:>@?2>@E:@?E@5:D>:DD2?55:C64E=J255C6DD659@H2A=2:?E:774@F=5DE2E6724EDE92EA=2FD:3=J
DE2E62G:@=2E:@?@7+:E=6-!!
+964@FCE6>A92D:K65E92EP/:0?E964@?E6IE@72+:E=6-!!42D6R2?
6>A=@J>6?E5:D4C:>:?2E:@?A=2:?E:77?665?@EA=6252AC:>2724:642D6@75:D4C:>:?2E:@?SE@DFCG:G6
2>@E:@?E@5:D>:DD
SQ 2E BF@E:?82%!-&%!2%51*-!(,
*

)2E96C 2 A=2:?E:77 :D @?=J PC6BF:C65 E@ 2==686 724ED E@ D2E:D7J E96 6=6>6?ED @7 2 42FD6 @7 24E:@?
4C62E653JE92EDE2EFE6
Q BF@E:?8
'!-41).1 !+6/*"-).+
5
E9:C

P44@C5:?8=J@FC:?BF:CJ:DH96E96C/E96A=2:?E:7702==686D724EDE92EA=2FD:3=J
DE2E6 2 G:@=2E:@? @7 +:E=6 -!! 23@G6 2 DA64F=2E:G6 =6G6=

Q :?E6C?2= BF@E2E:@?D @>:EE65
44@C5:?8=JE96@FCE>FDE56E6C>:?6H96E96C(=2:?E:77SDD64@?52>6?5654@>A=2:?EA=2FD:3=J
56>@?DEC2E6D E92E PC246 4@=@C C6=:8:@? D6I @C ?2E:@?2= @C:8:? H2D 2 >@E:G2E:?8 724E@C 7@C 2?J
6>A=@J>6?EAC24E:466G6?E9@F89@E96C724E@CD2=D@>@E:G2E65E96AC24E:46
Q,
*

L6
>

=E9@F89E96@FCE9:C4F:EC64@8?:K65E92E2A=2:?E:77F=E:>2E6=JH:==92G6E@AC@G6E96:C
42D6 6:E96C E9C@F89 E96 >:I65 >@E:G6 7C2>6H@C<OH9:49 C6=:6D @? 5:C64E @C 4:C4F>DE2?E:2=
6G:56?46@75:D4C:>:?2E:@?O@CE96*))!''*0#'.PAC6E6IEQ7C2>6H@C<:E5:5?@E6G2=F2E6
H96E96CE964@>A=2:?EAC@G:5654@>A2C2E@C6G:56?46@CH96E96C:E925>6E2==@7E966=6>6?ED@7
E96AC:>2724:642D6F?56C*))!''*0#'.56DA:E6:ED24<?@H=6586>6?EE92EE96A=2:?E:77:?
E92E42D6H2DAC@4665:?8F?56CE96*))!''*0#'.7C2>6H@C<

!! %)#
52E
?
N
%@C6@G6CE96@FCE9:C4F:E:? %)#>256?@C676C6?46E@4@>A2C2E@C6G:56?462D36:?8
C6BF:C657@CE96*))!''*0#'.7C2>6H@C<2E2===6E2=@?62EE96A=625:?8DE286P+@AC@G62
AC:>2 724:6 42D6 @7 5:D4C:>:?2E:@? F?56C *))!'' *0#'. 7C2>6H@C< /2 A=2:?E:770 >FDE
6DE23=:D9 >6>36CD9:A :? 2 AC@E64E65 4=2DD 5:D492C86 H9:=6 @E96CH:D6 7F=7:==:?8
676?52?EDS=68:E:>2E66IA64E2E:@?D2EE96E:>6@79:D5:D492C862?5F?56C4:C4F>DE2?46DE92E
C2:D62C62D@?23=6:?76C6?46@7F?=2H7F=5:D4C:>:?2E:@?
Q %)#
52E ?
4:E:?8))%.
1/6'..6)*" 0. 0 %*)

5E9:C
.!!2.*1).'*2

/4 *" 0
AASIE9:C
A6C4FC:2>277:C>:?85:DEC:4E4@FCESD
>@E:@?E@5:D>:DD6>A=@J>6?E5:D4C:>:?2E:@?4=2:>2?54:E:?8E96AC:>2724:642D67@C>F=2E:@?:?
(.1-0./!!.*"/$!)%1*"
%'(%)#/*)
5E9:C
(.

52EP+@56>@?DEC2E62AC:>2724:642D6@75:D4C:>:?2E:@?52>D925E@D9@HE92E 96
36=@?8DE@2AC@E64E654=2DD96DF776C652?25G6CD66>A=@J>6?E24E:@?2EE96E:>6@7E96
25G6CD624E:@?96H2DA6C7@C>:?89:D;@32E2=6G6=E92E>6E9:D6>A=@J6CD=68:E:>2E66IA64E2E:@?D
2?5H2DBF2=:7:657@CE96AC@>@E:@?2?596H2DC6;64E65F?56C4:C4F>DE2?46D8:G:?8C:D6E@2?
:?76C6?46@7F?=2H7F=5:D4C:>:?2E:@?
Q''%.1--!'.*)%..)*"*0/$
-*'%)
&@
4G .$ 2E

*

*6AE
6IA=2:?:?8:?C6G:6H@7>@E:@?

7@CDF>>2CJ;F58>6?EE92EE967@FCE9AC@?8@7E96AC:>2724:642D6?665?@E36D2E:D7:65D@=6=J
E9C@F894@>A2C2E@C6G:56?46.!!'.*+!)!-1//!)%1
5 E9:C
2AA=J:?8 (. DEJ=67@C>F=2E:@?:?E96A2J 5:DA2C:EJ4@?E6IE

!? 244@C52?46 H:E9 E96 @FCE9 :C4F:ESD @A:?:@? :? %)# E96 @FCE =@@<D E@ H96E96C
(=2:?E:7792DA=2FD:3=J2==68652?6>A=@J>6?EAC24E:46E92EH2D>@E:G2E65:?A2CE@?244@F?E@7
96C 86?56C :? @C56C E@ E6DE E96 DF77:4:6?4J @7 96C +:E=6 -!! 4=2:>
!! %)#
5 2E
6G2=F2E:?8 724EF2= 2==682E:@?D E@ 56E6C>:?6 H96E96C A=2:?E:77 A=2FD:3=J 2==6865 E92E 96 H2D
5:D4C:>:?2E65282:?DE3642FD6@79:DC246H:E9@FEC6D@CE:?8E@2*))!''*0#'.2?2=JD:D

!?
E9:D42D6E96@FCE4@?4=F56DE92E(=2:?E:77SD724EF2=2==682E:@?D2C6DF77:4:6?EE@C2:D636J@?5E96
DA64F=2E:G6 =6G6= 2 4=2:> E92E D96 H2D 5:D4C:>:?2E65 282:?DE @? 244@F?E @7 96C 86?56C
2*('4,
*
2E
+9:D:DECF6H96?2446AE:?82==@7E962==682E:@?D:?E964@>A=2:?E2?5
4@?DECF:?82==C62D@?23=6:?76C6?46D:?96C72G@C2DE96@FCE>FDE2EE9:DDE286@7E96=:E:82E:@?
.9:=6E966G:56?46DFAA@CE:?896C4=2:>>2J?@EF=E:>2E6=J362C@FE2EEC:2=D96:D?@EC6BF:C65E@
AC@G696C4=2:>2EE9:DDE286OD96>FDE>6C6=JA=625:EA=2FD:3=J
(=2:?E:772D2H@>2?2==68:?8D6I5:D4C:>:?2E:@?:D2>6>36C@72AC@E64E654=2DD
FCE96C
E96 D64@?5 2>6?565 4@>A=2:?E >@C6 E92? 256BF2E6=J 2==686D E92E D96 925 >2:?E2:?65 2E =62DE
D2E:D724E@CJ;@3A6C7@C>2?465FC:?896CE6?FC6H:E9657@C5@F?EJ(F3=:4*49@@=D2DC6BF:C65
3JD64@?5AC@?8@7E962?2=JD:D
<E
2EM
+96A2CE:6D9@H6G6C5:DAFE6H96E96C657@C5
@F?EJ*49@@=@2C5E@@<2E=62DE@?625G6CD624E:@?282:?DE(=2:?E:772?52=D@5:DAFE6H96E96C
(=2:?E:77C646:G65EC62E>6?E5:776C6?EE92?E92EAC@G:565E@D:>:=2C=JD:EF2E656>A=@J66D@FED:56E96
AC@E64E65 4=2DD
:G6? E96 2?2=JD:D :? %)# E96 @FCE 4@?4=F56D E92E (=2:?E:77 ?665 ?@E A=625
4@>A2C2E@C6G:56?46:?@C56CE@A=2FD:3=JDE2E624=2:>F?56C+:E=6-!!
)2E96CD96?665@?=JA=625
724EF2=2==682E:@?DE92E8:G6C:D6E@2C62D@?23=6:?76C6?46E92EE9625G6CD624E:@?E2<6?282:?DE96C

H2DE96C6DF=E@786?56C5:D4C:>:?2E:@?:?G:@=2E:@?@7+:E=6-!!
D(=2:?E:77SD2>6?5654@>A=2:?E
:?4=F56DDF49724EF2=2==682E:@?DE96676?52?EDS>@E:@?E@5:D>:DDH:==3656?:652DE@@F?E!
282:?DE657@C5@F?EJ*49@@=@2C5
% 1!-.!(+'*4(!)//%*)
676?52?ED 2C8F6 E92E *49F49SD C67FD2= E@ 5:?6 H:E9 (=2:?E:77 2=@?6 2?5 *49F49SD
AC@9:3:E:@?@?(=2:?E:77SDDA62<:?8H:E9@E96C49:67@77:46CDSDF3@C5:?2E6D2C6?@E2D2>2EE6C@7
=2H25G6CD66>A=@J>6?E24E:@?D
44@C5:?8E@(=2:?E:77676?52?EDS2C8F>6?ED>:DDE96>2C<
3642FD6 96C 4@>A=2:?E 5@6D ?@E 4=2:> E92E E96D6 EH@ 24E:@?D 4@?DE:EFE65 E96 ?646DD2CJ 25G6CD6
6>A=@J>6?E24E:@?
)2E96C(=2:?E:774@?E6?5DE92E*49F4924E:?8:?9:DC@=62D*FA6C:?E6?56?EE@@<2E=62DE
@?6 25G6CD6 24E:@? 282:?DE (=2:?E:77 H96? 96 C6>@G65 96C 2D 6AFEJ *FA6C:?E6?56?E 2?5 9:67
4256>:4 '77:46C 2?5 C64@>>6?565 E92E D96 36 56>@E65 E@ 2 AC:?4:A2= A@D:E:@? 8:G6? E96
4@>>6?DFC2E65C@A:?4@>A6?D2E:@?2?5E:E=6E92EE96?6HC@=642CC:65
!E362CD6>A92D:K:?8E92E
657@C5 @F?EJ *49@@= @2C5 FA96=5 *49F49SD 56>@E:@? C64@>>6?52E:@? 3FE :E 2DD:8?65
(=2:?E:77E@2?P:?DECF4E:@?2=4@249QA@D:E:@?C2E96CE92?2AC:?4:A2=A@D:E:@?2D*49F49@C:8:?2==J
C64@>>6?565
F6E@E9656>@E:@?(=2:?E:77=@DE
2??F2==J7C@>96C4@>A6?D2E:@?2D
6AFEJ*FA6C:?E6?56?E2?59:674256>:4'77:46C
2EM
!?E96:CC6A=J3C:67676?52?ED
5@?@E9:?8E@C63FE(=2:?E:77SD2C8F>6?E4=2C:7J:?8H9:49@796C2==682E:@?D7@C>E9632D:D7@CE96
25G6CD624E:@?D96DF776C65:?G:@=2E:@?@7+:E=6-!!
6>@E:@? @7 2? 6>A=@J66 P=@DD @7 ;@3 E:E=6 @C DFA6CG:D@CJ C6DA@?D:3:=:EJQ 2?5
PC62DD:8?>6?EQ E@ 2 C@=6 H:E9 PD:8?:7:42?E=J 5:776C6?E C6DA@?D:3:=:E:6DQ 2== BF2=:7J 2D 25G6CD6
6>A=@J>6?E 24E:@?D F?56C +:E=6 -!!

**)! 1 *' %)
5 N E9 :C

BF@E:?8 0-'%)#/*) ) 0./-%!. ) 1 ''!-/$ ,

*
.!! '.* *4'! 1

-!%#$/'%)!-

5 E9:C
)*.&%!1!+6/*"
*--&@
4G
.$2E.

-2
63

(=2:?E:7792DA=625652==@7E96D6%)
%/%*)E@2=@DD@74@>A6?D2E:@?
+9FD96C2==682E:@?D4=62C=JDF77:46E@56>@?DEC2E6E92E2?6>A=@J>6?EAC24E:46H2DE2<6?
282:?DE96CPH:E9C6DA64EE@/96C04@>A6?D2E:@?E6C>D4@?5:E:@?D@CAC:G:=686D@76>A=@J>6?EQ
,
*

L6 2
!!/!1!).1!+6/*"
*--&@
4G .$
2E.

-2
64
BF@E:?8*)0)/!)1-4')
5E9:C
:?E6C?2=BF@E2E:@?D@>:EE65DE2E:?8E92EA=2:?E:77>FDE2==686E92ED9692DDF776C654@?5F4E
E92EP25G6CD6=J27764EDE96E6C>D4@?5:E:@?D@C36?67:ED@7/96C06>A=@J>6?E
Q
%%
%-0(./)!.! %)#/*)"!-!)!*"!) !-%.-%(%)/%*)
+96@FCE282:?6>A92D:K6DE92EP2A=2:?E:77:D?@EC6BF:C652D2>2EE6C@7=2HE@A@:?EE@
2D:>:=2C=JD:EF2E654@>A2C2E@C:?@C56CE@DF44665@?25:D4C:>:?2E:@?4=2:>
Q%)#1 ! 3+

*-+
5 E9:C
.:=<:?D@?"
BF@E:?8 -4)/1%&!)!#6'!
/-.
)
5E9:C
5:D4FDD:?886?6C2==JE96C@=6@74@>A2C2E@C6G:56?46:?
5:D4C:>:?2E:@? 42D6D 2=E6C2E:@?D 2?5 :?E6C?2= BF@E2E:@?D @>:EE65 .!! %)#
5 2E
6G2=F2E:?84=2:>@?>@E:@?E@5:D>:DDH:E9@FEC676C6?46E@4@>A2C2E@C6G:56?46.!!'.*2.*

AASI2EPA=2:?E:77:D?@EC6BF:C65E@:56?E:7J2D:>:=2C=JD:EF2E65H9:E64@>A2C2E@C
E@ AC@G6 96C 5:D4C:>:?2E:@? 4=2:> D@ =@?8 2D D96 42? 6DE23=:D9 2? :?76C6?46 @7 F?=2H7F=
5:D4C:>:?2E:@?E9C@F89@E96C>62?D
Q*%).*)1*0 *)
/40$.&@
4G
.$2E

-2
F8

(=2:?E:77 2==686D E92E 5FC:?8 2? :?E6CG:6H *49F49 BF6DE:@?65 2 H9:E6 >2=6 42?5:52E6
DE2E:?8 2D A2CE @7 2 BF6DE:@? E92E P/E96 @FE8@:?8 AC:?4:A2=0 :D 2 H@>2? J@F 2C6 2 >2? D96 :D

(=2:?E:775@6D?@EAC@G:562?J724EF2=2==682E:@?D2DE@E96BF6DE:@?:ED6=7:?4=F5:?8:?E96
2>6?5654@>A=2:?E@?=JE9:DA@CE:@?E92ED967@F?5@3;64E:@?23=6

7C:42? >6C:42? 2?5 J@F 2C6 H9:E6

Q 2E MM N
(=2:?E:77 4@?7C@?E65 *49F49 23@FE E9:D
BF6DE:@?27E6CE96:?E6CG:6HP2E2?2AAC@AC:2E6E:>62?5:?2?2AAC@AC:2E6D6EE:?8Q6IA=2:?:?8E92E
9:DDE2E6>6?EE@E9642?5:52E6H2DP:?2AAC@AC:2E62?54@F=562D:=J364@?DECF652D@776?D:G6
Q
2EM
(=2:?E:774@>A2C6D96CEC62E>6?EE@E92E@796C2==6865>2=64@F?E6CA2CEDE9649:677:?2?4:2=
@77:46C2?549:67@A6C2E:@?D@77:46CDE2E:?8E92ED96925@3D6CG65E96>P5:D28C66H:E9*49F49@C
@776C4@?DECF4E:G67665324<:?>66E:?8D:?H9:49D96925366?:?4=F5653FE@?:?7@C>2E:@?2?5
36=:67*49F49?6G6CE@@<25G6CD624E:@?282:?DEE96>7@CDF493692G:@CQ2D969255@?6282:?DE
96C
(=2:?E:77 8@6D @? E@ 2==686 E92E 6G6? :? :?DE2?46D H96C6 *49F49 925 364@>6 2H2C6 @7 2
A6C7@C>2?464@?46C?@7@?6@796C>2=64@F?E6CA2CED96564=:?65E@E2<62?25G6CD66>A=@J>6?E
24E:@?282:?DE9:>
D2?6I2>A=6D964:E6D9@HD96925@?46C2:D654@?46C?D23@FEE9649:67
7:?2?4:2=@77:46CSDPDFAA=2?E:?8@7+:E=6!7F?5D
Q 2E
+9:D EC62E>6?E @44FCD :? E96 4@?E6IE @7 (=2:?E:77SD @E96C 724EF2= 2==682E:@?D C6=2E:?8
*49F49SD >@C6 72G@C23=6 EC62E>6?E @7 (=2:?E:77SD >2=6 D6?:@C DE277 4@F?E6CA2CED DF49 2D 5:?:?8
2=@?6H:E96249@7E96>3FEC67FD:?8E@5:?62=@?6H:E996CA6C>:EE:?8E9@D6>2=64@F?E6CA2CEDE@
3JA2DD96C2FE9@C:EJ2?5H@C<H:E9(=2:?E:77SDDF3@C5:?2E6D5:C64E=J2?57C66=J3FEAC@9:3:E:?896C
7C@>5@:?8E96D2>6H:E9E96:CDF3@C5:?2E6D2DH6==2D9:D5:DE2DE67F=4@>>6?ED
:G6?E96E@E2=:EJ@7E964:C4F>DE2?46DE92E(=2:?E:7792DA=62565D9692DA=2FD:3=JDE2E65
724EF2=2==682E:@?DE@DFAA@CE96C+:E=6-!!4=2:>
!! %)#
52E N **/$1
/4
3!0/%1!
*FAA
5
%5
4:E:?8%#$/)!-
5E9:C
DE2E:?8E92E2+:E=6-!!4=2:>P4@F=53632D65@?24@>A2C:D@?E@E96EC62E>6?E@7D:>:=2C=J
D:EF2E654@ H@C<6CD@75:776C6?EC246D@C86?56CD:7E9@D64@==628F6DH6C6EC62E65>@C672G@C23=J
F?56CD:>:=2C4@?5:E:@?D
Q
*A64:7:42==JH96?2446AE:?82==@7(=2:?E:77SD2==682E:@?D2DECF62?5
5C2H:?82==C62D@?23=6:?76C6?46D:?96C72G@CE96@FCE7:?5DE92E(=2:?E:7792DA=6256536J@?5

E96DA64F=2E:G6=6G6=724EF2=2==682E:@?DE92EA=2FD:3=J56>@?DEC2E6E92ED96H2DE96G:4E:>@72?
6>A=@J>6?E AC24E:46 E92E H2D >@E:G2E65 :? A2CE 3J 5:D4C:>:?2E:@? 32D65 @? 96C 86?56C

2*('4,
*
2E
44@C5:?8=JE96@FCEH:==56?J676?52?EDS>@E:@?E@5:D>:DD@F?E!
282:?DE657@C5@F?EJ*49@@=@2C5

%*$)-" # $()'%*"(*

*49F494@?E6?5DE92E96:D6?E:E=65E@BF2=:7:65:>>F?:EJ@?E964=2:>D282:?DE9:>
.96?
56E6C>:?:?8H96E96C24=2:>:D32CC653JBF2=:7:65:>>F?:EJE96@FCE>FDEP564:56H96E96CE96
C:89E2E:DDF6H2DR4=62C=J6DE23=:D965S2EE96E:>6@75676?52?ED2==6865>:D4@?5F4E
Q!-.*)1

''$),
*

!?4@?5F4E:?8E964=62C=J6DE23=:D9652?2=JD:D4@FCEDP7:CDE
6I2>:?6

564:D:@?D@7E96*FAC6>6@FCE/E96@FCE@7AA62=D7@CE96@FCE9:C4F:E02?5
/E96*FAC6>6@FCE@7-:C8:?:20
.6@C5:?2C:=J?665?@E=@@<2?J7FCE96CE92?564:D:@?D7C@>E96D6
4@FCED
Q **&!- 1
!+/ *"
*--

5 N E9 :C
4:E2E:@?D 2?5
BF@E2E:@?>2C<D@>:EE65
!?56E6C>:?:?8H96E96C2C:89E:D4=62C=J6DE23=:D965:E:D?@EC6BF:C65E92E242D6365:C64E=J
@? A@:?E
0''!)%3 1 0) *
E

)2E96C P6I:DE:?8 AC64656?E >FDE 92G6
A=2465E96DE2EFE@CJ@C4@?DE:EFE:@?2=BF6DE:@?36J@?55632E6
Q
*F49P4=62C=J6DE23=:D965QC:89ED
D9@F=5?@E36567:?65P2E29:89=6G6=@786?6C2=:EJQ3FEP>FDE36RA2CE:4F=2C:K65SE@E96724ED@7
E9642D6
Q$%/!10'4 *
E

P+965:DA@D:E:G6BF6DE:@?:DRH96E96CE96
G:@=2E:G6?2EFC6@7A2CE:4F=2C4@?5F4E:D4=62C=J6DE23=:D965
SQ0''!)%3 *
E
2EBF@E:?8
.$-*"/1'% ,
*
6>A92D:D:?@C:8:?2=

!?E963C:67:?82?52EE96962C:?8@?E9:D>@E:@?676?52?ED5:DAFE6E92E(=2:?E:776?82865
:? DF77:4:6?E=J D:>:=2C 4@?5F4E 3642FD6 (=2:?E:77 BF6DE:@?65 E96 2AAC@AC:2E6?6DD @7 *49F49SD
4@?5F4E27E6C2?:?E6CG:6HH9:=696CAFCA@CE654@>A2C2E@CD@?=J5:D28C665@C@776C654@?DECF4E:G6
7665324<
D E9:D @FCE 92D >256 4=62C :? E9:D @A:?:@? 9@H6G6C (=2:?E:77 ?665 ?@E A=625
4@>A2C2E@C6G:56?462EE9:DDE286:?@C56CE@DE2E62A=2FD:3=64=2:>@75:D4C:>:?2E:@?:?G:@=2E:@?
@7+:E=6-!!
%)#
52E N

6=@H 6249 4=2:> H:== 36 2?2=JK65 E@ 56E6C>:?6 H96E96C :E :D DFAA@CE65 3J 2 4=62C=J
6DE23=:D9654@?DE:EFE:@?2=C:89E

:DA2C2E6 EC62E>6?E 4=2:> 32D65 @? *49F49SD C64@>>6?52E:@? E92E (=2:?E:77 36
56>@E65E@2AC:?4:A2=A@D:E:@?

+96@FCE9:C4F:E92D96=5E92EH96C62DE2E66>A=@J667:=6DDF:E282:?DE2AF3=:46?E:EJ
2==68:?86>A=@J>6?E5:D4C:>:?2E:@?@?E9632D:D@72?6?F>6C2E65492C24E6C:DE:4+:E=6-!!:D?@E
E966I4=FD:G6C6>65J
*' !-1
%/4*"'!%#$
5E9:C

)2E96CDF49
6>A=@J66D P>2J DE:== 3C:?8 @FCE66?E9 >6?5>6?E 492==6?86D F?56C ,

*

L E@
5:D4C:>:?2E@CJ6>A=@J>6?E564:D:@?D
Q
.!!%'*314*).&@
4G .$
2E .

-2
AC
,C32?D<: "

FCE96C PE96 6BF2= AC@E64E:@? 4=2FD6
4@?76CD@?2AF3=:46>A=@J6627656C2=4@?DE:EFE:@?2=C:89EE@367C667C@>86?56C5:D4C:>:?2E:@?
Q
!- .'!4 1 !

5 N E9 :C

+96 6=6>6?ED C6BF:C65 E@ 6DE23=:D9 2
AC:>2724:642D6@75:D4C:>:?2E:@?F?56CL 2C6E96D2>62DE9@D6F?56C+:E=6-!!
-%##.1
/!-.
*FAA
5

-2
4:E:?8%-*'1!+6/*"!)!-1.

5 E9:C

D(=2:?E:7792DDE2E6524=2:>7@C86?56C5:D4C:>:?2E:@?F?56C
+:E=6 -!! 32D65 @? *49F49SD 4@?5F4E H9:=6 :? 9:D C@=6 2D 657@C5 @F?EJ *49@@= @2C5SD
DFA6C:?E6?56?EE96@?=JBF6DE:@?:DH96E96C(=2:?E:77SDC:89EE@367C667C@>86?56C5:D4C:>:?2E:@?
:D4=62C=J6DE23=:D965
+96@FCE9:C4F:E92D96=5E92EE96C6=6G2?E:?BF:CJ:?6I2>:?:?82?6BF2=
AC@E64E:@? 4=2:> DF49 2D E9:D :D PH96E96C 2? @77:46C 4@F=5 C62D@?23=J 92G6 E9@F89E :? =:89E @7
4=62C=J6DE23=:D965=2HE92E/9:D04@?5F4EH2D4@?D:DE6?EH:E9/A=2:?E:77SD0C:89EDE@367C667C@>
5:D4C:>:?2E:@?
Q !- .'!4
52E
676?52?ED 2C8F6 E92E E96 C:89E E@ 36 7C66 7C@> 86?56C 5:D4C:>:?2E:@? H2D ?@E P4=62C=J
6DE23=:D965QF?56CE964:C4F>DE2?46D:?E9:D42D6
*A64:7:42==JE96J4=2:>:EH2D?@EDF77:4:6?E=J
4=62CE@2C62D@?23=6@77:46C:?*49F49SDA@D:E:@?E92EPR42==:?8@FES@?6SD5:C64EDFA6CG:D@C7@C9:D

A6CD@?2=3692G:@C:DE96D2>63692G:@C2D5:D28C66:?8H:E9@C@776C:?84@?DECF4E:G67665324<E@
@?6SDDFA6CG:D@C:?2>66E:?8
Q<E
2E N
676?52?ED7FCE96C2C8F6E92EE96C:89EE@367C66
7C@> 86?56C 5:D4C:>:?2E:@? 42??@E 36 4=62C=J 6DE23=:D965 3J 657@C5 @F?EJ *49@@= @2C5SD
86?56C5:D4C:>:?2E:@?A@=:4:6DH9:49(=2:?E:772C8F6DAFE*49F49@??@E:46@796CC:89ED
)2E96C
676?52?ED 2C8F6 4@CC64E=J E96 C:89E >FDE 36 2??@F?465 2FE9@C:E2E:G6=J 3J E96 ,
*
*FAC6>6
@FCEE96,
*
@FCE@7AA62=D7@CE96@FCE9:C4F:E@CE96*FAC6>6@FCE@7-:C8:?:2
.9:=6E9686?6C2=:K65C:89EE@367C@>86?56C5:D4C:>:?2E:@?F?56CE96BF2=(C@E64E:@?
=2FD6@7E96@FCE66?E9>6?5>6?E92D366?4=62C=J6DE23=:D965E964:C4F>DE2?46DA=62565:?
E9:D42D6H@F=5?@E92G6@3;64E:G6=JAFE*49F49@??@E:46E92E96H2DG:@=2E:?8(=2:?E:77SDC:89ED
F?56CE966BF2=AC@E64E:@?4=2FD6
%((*).1*!
5 E9:C
9@=5:?8
E92EPAC@A6C7@4FD:D?@EFA@?E96C:89E2E:ED>@DE86?6C2=@C23DEC24E=6G6=3FE2EE96=6G6=@7:ED
2AA=:42E:@?E@E96DA64:7:44@?5F4E36:?8492==6?865Q:?E6C?2=BF@E2E:@?D2?54:E2E:@?D@>:EE65
(=2:?E:7792D2==6865E92E*49F49EC62E6596C>@C692CD9=JE92?96C>2=64@F?E6CA2CED:?C6DA@?D6
E@4C:E:4:D>2?5F=E:>2E6=J56>@E6596C3FEE96@FCE5@6D?@E28C66E92EE96=2H:DD@4=62C=J
6DE23=:D9652DE@E96D64:C4F>DE2?46DDF49E92E2C62D@?23=6@77:4:2=:?*49F49SDA@D:E:@?H@F=5
?@E36@??@E:46E92E9:DA2CE:4F=2C3692G:@CDA64:7:42==JE96H2J:?H9:4996C6DA@?565E@(=2:?E:77
P42==:?89:>@FEQ2D@AA@D65E@E96H2J:?H9:4996EC62E65>2=64@F?E6CA2CEDH9@BF6DE:@?659:D
564:D:@?>2<:?8 H@F=5 36 2 G:@=2E:@? @7 (=2:?E:77SD 6BF2= AC@E64E:@? C:89ED

!! ) !-.*) 1

-!%#$/*),
*

+9:D:DECF66G6?:?E964@?E6IE@7E96724EF2=2==682E:@?DE92E
6DE23=:D9E92E2A=2FD:3=6:?76C6?46@786?56C5:D4C:>:?2E:@?DF492D%)/!-'%*49F49SD5:DE2DE67F=
4@>>6?ED2?59:DC67FD2=E@5:?6H:E9(=2:?E:773FE?@E96C4@F?E6CA2CED
@FCED5@?@E:>A@D6FA@?@77:4:2=DP25FEJE@D@CE@FE4@?7=:4E:?8564:D:@?D@CE@C6D@=G6
DF3E=6@C@A6?:DDF6D
R'77:4:2=D2C6?@E=:23=67@C3258F6DD6D:?8C2J2C62DE96J2C6=:23=67@C

EC2?D8C6DD:?8 3C:89E =:?6D

SQ !4 1 /4
5 E9 :C
BF@E:?8
%-%!''* 1 0()!-

5 E9 :C

!E 42??@E 36 D2:5 E92E *49F49
EC2?D8C6DD6523C:89E=:?6H96?96E@@<E964@?5F4E2==6865:?E964@>A=2:?EO2EH@CDE:EH2D2
3258F6DD:?28C2J2C62
DDF49676?52?EDS>@E:@?E@5:D>:DDH:==368C2?E652DE@(=2:?E:77SD
6BF2=AC@E64E:@?4=2:>282:?DE*49F49

)6E2=:2E:@?4=2:>32D65@?*49F49SDC64@>>6?52E:@?E92E(=2:?E:773656>@E65E@
2E6249:?8A@D:E:@?

7E6C 7:=:?8 96C 4=2:> 7@C D6I 32D65 5:D4C:>:?2E:@? P@FE=:?:?8 E96 DFDE2:?65 A2EE6C? @7
5:D4C:>:?2E:@?3J*49F49E92ED969256?5FC65@G6CE96AC6G:@FD?:?6J62CD2?5DA64:7:42==JE96
5:D4C:>:?2E@CJ 24E @7 56>@E:?8 96CQ <E 2E M 657@C5 @F?EJ *49@@= @2C5 9:C65 2?
:?56A6?56?E :?G6DE:82E@C E@ C6G:6H E96 2==682E:@?D % 2E M

"FDE @?6 3FD:?6DD 52J 27E6C E96
:?G6DE:82E@CSDC6A@CEH2D7:=65(=2:?E:772==686DE92E*49F4924E:?8:?9:DC@=62D*FA6C:?E6?56?E
C6E2=:2E65282:?DE(=2:?E:773J282:?C64@>>6?5:?8E92ED963656>@E65
2EM
)2E96CE92?
C6DE2E:?8 9:D C64@>>6?52E:@? E92E D96 36 56>@E65 E@ 2 AC:?4:A2= A@D:E:@? (=2:?E:77 2==686D E92E
*49F49C64@>>6?565E9:DE:>6E92E(=2:?E:773656>@E656G6?7FCE96C5@H?E969:6C2C49JE@2
E6249:?8A@D:E:@?P2C@=6E92ED96925?@E96=57@C>@C6E92?EH@564256D
Q
+96D2>6=6EE6C
:?5:42E65E92E(=2:?E:77SDD2=2CJH@F=5P36C65F465244@C5:?8=J
Q 2EM
+9:DD64@?556>@E:@?
C64@>>6?52E:@?=6EE6C=65(=2:?E:77E@7:=62D64@?5492C86@7D6IF2=5:D4C:>:?2E:@?
7E6C 2 962C:?8 H9:49 255C6DD65 @?=J (=2:?E:77SD 7:CDE D6IF2= 5:D4C:>:?2E:@? 492C86
657@C5@F?EJ*49@@=@2C5F=E:>2E6=JFA96=5*49F49SDC64@>>6?52E:@?E@56>@E6(=2:?E:77
49@@D:?8E@C62DD:8?96CE@2?P:?DECF4E:@?2=4@249QA@D:E:@?
2EM
+9656>@E:@?C6DF=E65:?
2=@DD@7>@C6E92?
:?2??F2=4@>A6?D2E:@?H96?4@>A2C65E@96C4@>A6?D2E:@?2D
6AFEJ*FA6C:?E6?56?E2?59:674256>:4'77:46C
2EM

!!.0+-?@E6

(=2:?E:774=2:>DE92E*49F49SD4@?5F4EG:@=2E6596CC:89EDF?56CE96:CDE>6?5>6?EE@36
7C667C@>C6E2=:2E:@?
+96@FCE7:?5DE92E6G6?:7(=2:?E:7792DDF77:4:6?E=JA=62565E966=6>6?ED@7
DF492:CDE>6?5>6?EG:@=2E:@?96C4=2:>:D32CC653JBF2=:7:65:>>F?:EJ
.9:=6 8@G6C?>6?E 6>A=@J66D P5@ ?@E C6=:?BF:D9 2== :CDE >6?5>6?E C:89ED @E96CH:D6
6?;@J653J4:E:K6?D;FDE3JC62D@?@7/E96:C06>A=@J>6?EQE968@G6C?>6?EC6E2:?DE96C:89E2D2?
6>A=@J6C E@ P:>A@D6 46CE2:? C6DEC2:?ED @? E96 DA6649 @7 :ED 6>A=@J66D

E92E H@F=5 36
F?4@?DE:EFE:@?2=:72AA=:65E@E9686?6C2=AF3=:4
%/4*")%!#*1*!
,
*

A6C4FC:2>
+96@FCE9:C4F:E92D2CE:4F=2E65E92EP/F0?56C=J:?8E9:DCF=6:D3@E9E968@G6C?>6?E
6>A=@J66SD :?E6C6DE 2D 2 4:E:K6? :? 4@>>6?E:?8 FA@? >2EE6CD @7 AF3=:4 4@?46C? 2?5 E96
4@>>F?:EJSD:?E6C6DE:?962C:?8E9@D66>A=@J66DS:?7@C>65@A:?:@?D@?:>A@CE2?EAF3=:4:DDF6D
Q

-*0.!1*2)*"*)&.
*-)!-
5E9:C
BF@E:?8%&!-%)#1 *"
0 ,
*
*!,
*
2E:?E6C?2=BF@E2E:@?D2?54:E2E:@?D@>:EE65
!?6G2=F2E:?828@G6C?>6?E6>A=@J66SD:CDE>6?5>6?E4=2:>282:?DEE96:C6>A=@J6CE96
@FCE>FDE2AA=J2E9C66 AC@?8E6DE
2E
+967:CDEAC@?82D<DH96E96CE966>A=@J66H2DDA62<:?82D24:E:K6?FA@?2>2EE6C
@7AF3=:44@?46C?@C2D2?6>A=@J6623@FE2>2EE6C@7A6CD@?2=:?E6C6DE
+9:DAC@?8
42?:?EFC?365:G:565:?E@EH@:?BF:C:6DH96E96CE96DA6649H2D>2562D24:E:K6?
@C AFCDF2?E E@ E96 6>A=@J66D 5FE:6D 2?5 H96E96C E96 4@?E6?E @7 E96 DA6649
255C6DD652>2EE6C@7:?E6C6DEE@E964@>>F?:EJC2E96CE92?4@>A=2:?ED@G6C:?E6C?2=
@77:462772:CD
!7E96DA6649H2D>2562D24:E:K6?2?5255C6DD652>2EE6C@7AF3=:4
4@?46C?E96D64@?5AC@?8@7E96E6DEC6BF:C6D24@FCEE@32=2?46E96:?E6C6DE@7E96
6>A=@J66 :? DA62<:?8 7C66=J H:E9 E96 :?E6C6DE @7 E96 8@G6C?>6?E :? AC@G:5:?8
677:4:6?ED6CG:46D
+96%&!-%)#32=2?4:?8E6DE56>2?5D2PA2CE:4F=2C:K65Q:?BF:CJ
:?E@E96724ED@72DA64:7:442D6
!724@FCE56E6C>:?6DE92EE966>A=@J66D:?E6C6DE
@FEH6:8965 E96 8@G6C?>6?E 6>A=@J6CD :?E6C6DE E96 E9:C5 AC@?8 C6BF:C6D 2
56E6C>:?2E:@?E92EE966>A=@J66DDA664942FD65E965:D4:A=:?2CJ24E:@?

:?E6C?2=BF@E2E:@?D2?54:E2E:@?D@>:EE65
.9:=6E967:CDEEH@AC@?8D2C6BF6DE:@?D@7=2HE96
E9:C5:D2BF6DE:@?@7724E

4:E:?8 -**&.1-/$0-
5 E9:C

+96

@FCE4@?4=F56DE92E(=2:?E:77SDD6I 5:D4C:>:?2E:@?492C86DD967:=65H:E9657@C5@F?EJ*49@@=
@2C5282:?DE*49F4996CDFA6CG:D@C5@?@E4@?DE:EFE62>2EE6C@7AF3=:44@?46C?
+9FD*49F49
:DBF2=:7:65=J:>>F?6@?E96C6E2=:2E:@?492C86282:?DE9:>:?9:D:?5:G:5F2=42A24:EJF?56C@F?E
!!
% //!-*"0'%
*)!-)
*A66493J28@G6C?>6?E6>A=@J66:D2>2EE6C@7AF3=:44@?46C?PH96?:E:?G@=G6D2?:DDF6
@7D@4:2=A@=:E:42=@C@E96C:?E6C6DEE@24@>>F?:EJ
Q%-41
%/4*"'%5!/$
%/4
5
E9 :C

%2EE6CD DF49 2D P/A06CD@?2= 8C:6G2?46D 4@>A=2:?ED 23@FE 4@?5:E:@?D @7
6>A=@J>6?E @C 6IAC6DD:@?D 23@FE @E96C >2EE6CD @7 A6CD@?2= :?E6C6DEQ 2C6 ?@E >2EE6CD @7 AF3=:4
4@?46C? 3642FD6 E96J P2C6 >2EE6CD >@C6 :>>65:2E6=J 4@?46C?65 H:E9 E96 D6=7 :?E6C6DE @7 E96
DA62<6C2D6>A=@J66
Q
(+!''1''*24
5E9:C

*:>:=2C=JP2
7656C2=4@FCE:D?@EE962AAC@AC:2E67@CF>:?H9:49E@C6G:6HE96H:D5@>@72A6CD@??6=564:D:@?
E2<6? 3J 2 AF3=:4 286?4J

Q *-*0#$ *" 0-4! 1 0-)%!-% ,
*

!?
56E6C>:?:?8H96E96CDA6649:D2>2EE6C@7AF3=:44@?46C?4@FCEDD9@F=5=@@<E@P4@?E6?E7@C>
2?54@?E6IE@728:G6?DE2E6>6?E
Q
*))%& ,
*
2E N
=E9@F894@FCEDE6?5E@7:?5E92EDA6649:D>@C6=:<6=JE@36AF3=:4H96?:E:D>256:?2
AF3=:47@CF>DF492D2?6HDA2A6C@C@?D@4:2=>65:22AF3=:47@CF>:D?@EC6BF:C65
!!%&!-%)#
,
*
2E?6HDA2A6C%1!-()1
%/4*"!/!-.0-#
5E9:C

@?=:?6D@4:2=>65:2*%).*)1 '*#
5 E9:C
E6DE:>@?J2E2AF3=:4
>66E:?8
@C 6I2>A=6 E96 @FCE9 :C4F:E 92D 366? 4=62C E92E DE2E6>6?ED >256 :? AC:G2E6 >2J
?@?6E96=6DD3623@FE>2EE6CD@7AF3=:44@?46C?
*' ./!%)
52EP*:>:=2C=JE96724E
E92E@=5DE6:?5:5?@E>2<69:DG:6HDAF3=:4=J<?@H?5@6D?@E:?2?JH2JF?56C>:?6E96AF3=:4
4@?46C? 6?4@>A2DD65 :? 9:D DA6649

Q
642FD6 (=2:?E:77 E@@< 96C 4@?46C?D E@ G2C:@FD AF3=:4

@77:4:2=D:E:D>@C6=:<6=JE92ED96H2DDA62<:?8@?2?P:DDF6@7D@4:2=A@=:E:42=@C@E96C:?E6C6DE
E@ 2 4@>>F?:EJ
Q
(+!''
5 2E
-*(!- 1 -*2)
5 E9 :C
C6;64E:?8E96G:6HE92EPE92E6IA@D:?8D6C:@FD8@G6C?>6?E>:D4@?5F4EE@E96?6HD>65:2:D
AC@E64E653FE6IA@D:?8E92ED2>6>:D4@?5F4EE@E96@G6C?@CD'77:462D:?E9:D42D63J567:?:E:@?
:D?@EQ
+96 @FCE9 :C4F:E 92D >256 4=62C E92E P2 4@>A=2:?E 23@FE D6IF2= 92C2DD>6?E @C
5:D4C:>:?2E:@?:D?@E'24.2>2EE6C@7AF3=:44@?46C?Q
(+!''
52E6>A92D:D:?
@C:8:?2=3FE:E92DDE62572DE=JC67C2:?657C@>4C62E:?823C:89E =:?6CF=6% 2E

)2E96CE96
:DDF6PH96E96CDF494@>A=2:?ED2C6:?2?J8:G6?42D6/2>2EE6C@7AF3=:44@?46C?056A6?5D@?E96
4@?E6?E 7@C> 2?5 4@?E6IE @7 E96 4@>A=2:?E

Q
-!4 1 $-*2!
5
E9:C

+96DA66497@C>:?8E9632D:D7@C(=2:?E:77SDC6E2=:2E:@?4=2:>:D24@>A=2:?ED967:=65H:E9
96C 6>A=@J6C E96 657@C5 @F?EJ *49@@= @2C5 23@FE E96 5:D4C:>:?2E@CJ 4@?5:E:@?D @7
6>A=@J>6?ED96A6CD@?2==J724657C@>96C5:C64EDFA6CG:D@C*49F49
(=2:?E:77:?5:42E6DE92EE96
4@>A=2:?EP@FE=:?6/650E96DFDE2:?65A2EE6C?@75:D4C:>:?2E:@?3J*49F49E92ED969256?5FC65@G6C
E96AC6G:@FD?:?6J62CD2?5DA64:7:42==JE965:D4C:>:?2E@CJ24E@756>@E:?896C
Q<E
2EM
6C6(=2:?E:77H2D?@EDA62<:?8@72A2EE6C?@7DJDE6>:45:D4C:>:?2E:@?H:E9:?E96D49@@=DJDE6>
C2E96C6G6CJ:?5:42E:@?:?E964@>A=2:?EA@:?EDE@E964@?4=FD:@?E92EE964@>A=2:?EH2DD@=6=J
C6=2E65E@96CA6CD@?2=:?E6C24E:@?DH:E9*49F49
FCE96CE96DE2E6>6?EDH6C6P7:=65Q2D2P4=2:>7@CD6I 5:D4C:>:?2E:@?QE9C@F89H92E42?
@?=J3656D4C:3652D2?6>A=@J668C:6G2?46AC@465FC66G6?E2<:?82==C62D@?23=6:?76C6?46D:?
(=2:?E:77SD 72G@C
+96 ,
*
*FAC6>6 @FCE 92D DA64:7:42==J DA@<6? E@ H96E96C DE2E6>6?ED 7:=65
AFCDF2?E E@ DF49 6>A=@J66 8C:6G2?46 AC@465FC6D 2C6 >2EE6CD @7 AF3=:4 4@?46C? 9@=5:?8 E92E 2

PA6E:E:@?7:=65H:E92?6>A=@J6CFD:?82?:?E6C?2=8C:6G2?46AC@465FC6:?>2?J42D6DH:==?@ED66<
E@ 4@>>F?:42E6 E@ E96 AF3=:4 @C E@ 25G2?46 2 A@=:E:42= @C D@4:2= A@:?E @7 G:6H 36J@?5 E96
6>A=@J>6?E4@?E6IE
Q0-)%!-%,
*
2E
!E7FCE96CC6>2C<65E92EH9:=6P:?@?6D6?D6E96
AF3=:4 >2J 2=H2JD 36 :?E6C6DE65 :? 9@H 8@G6C?>6?E @77:46CD 2C6A6C7@C>:?8 E96:C 5FE:6DQ DF49
:?E6C6DEH:==?@E2=H2JDDF77:46E@>2<6E96>2EE6C@?6@7AF3=:44@?46C?
.!! -**&.
5
2E9@=5:?8E92EA=2:?E:77SDP4@?46C?H2D?@E6IAC6DD65:?E6C>D@723C62<5@H?:?67764E:G6
/@C82?:K2E:@?2=0>2?286>6?E3FEC2E96C7@4FD65@?9:DA6CD@?2=5:DA=62DFC6H:E99:DDFA6CG:D@CDQ
2?5D@H2D?@E2>2EE6C@7AF3=:44@?46C?
+96P4@?E6?E7@C>2?54@?E6IEQ@7E96DE2E6>6?E(=2:?E:77>2567@C>65E9632D:D7@C2
AC@E@EJA:42=2=36:ED6C:@FDH@C<A=2465:DAFE6

(+!''
52E
44@C5:?8=JE96@FCE
4@?4=F56DE92E(=2:?E:77SDD6I 5:D4C:>:?2E:@?4=2:>5@6D?@E4@?DE:EFE62>2EE6C@7AF3=:44@?46C?
3642FD6 E96C6 :D ?@E9:?8 :? E96 4@>A=2:?E E92E DF886DED E92E (=2:?E:77 :?E6?565 E@ P25G2?46 2
A@=:E:42=@CD@4:2=A@:?E@7G:6H36J@?5E966>A=@J>6?E4@?E6IE
0-)%!-%,
*
2E.!!
-**&.
5 2E N DE2E:?8 E92E P5:D4C:>:?2E@CJ :?DE:EFE:@?2= A@=:4:6D @C AC24E:46D 42?
F?5@F3E65=J362>2EE6C@7AF3=:44@?46C?/3FE0/E0968C2G2>6?@7E9:D>2EE6C9@H6G6CC6>2:?D2
D6C:6D @7 A6CD@?2= 5:776C6?46DQ -*2) 1 //*) &@

4G .$ 2E

%5
63
7:?5:?84@>A=2:?EE@6>A=@J6C@7C24:2==J5:D4C:>:?2E@CJ4@>>6?ED2?5
AC24E:46D 4@?DE:EFE65 4@>>6?ED @? 4@?5:E:@?D @7 6>A=@J>6?E 2?5 E9FD ?@E 2 >2EE6C @7 AF3=:4
4@?46C?4'*-1
/4*"0'.&%&@
4G .$2E.

-2
'4E

+96C67@C6E96@FCEH:==8C2?EE96>@E:@?E@5:D>:DD(=2:?E:77SD:CDE>6?5>6?E4=2:>
282:?DE*49F49F?56C@F?E!!

@CE967@C68@:?8C62D@?DE96676?52?EDS>@E:@?E@5:D>:DDH:==368C2?E65:?A2CE2?5

56?:65:?A2CE
676?52?EDS>@E:@?E@5:D>:DDH:==3656?:652DE@(=2:?E:77SD5:DA2C2E6EC62E>6?E
4=2:> 282:?DE 657@C5 @F?EJ *49@@= @2C5 F?56C @F?E ! 2?5 8C2?E65 2D E@ @F?E !! 282:?DE
*49F49
?2AAC@AC:2E6'C56CH:==:DDF62?5E96=6C<@7E96@FCE:D96C63J5:C64E65E@D6?52
4@AJ@7E9:D%6>@C2?5F>'A:?:@?E@(=2:?E:77D676?52?ED2?52==4@F?D6=@7C64@C5
&+)E9:D11111152J@7"F=J

6th

Whitehurst Vs Bedco Judge Opinion For Dropping Schuch

Caricato da

Informazioni sul documento

Titolo originale

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

Whitehurst Vs Bedco Judge Opinion For Dropping Schuch

Caricato da

Copyright:

Formati disponibili

Case 6:19-cv-00010-NKM-RSB Document 49 Filed 07/06/20 Page 1 of 23 Pageid#: 445

     7/6/2020

   *

*49@@=D% 2EM 2?5:? D96H2D282:?AC@>@E65E9:DE:>6E@6AFEJ*FA6C:?E6?56?E% 

@2C5SD 9:67 4256>:4 '77:46C

DA64:7:4BF@E6D7C@>*49F49SD6G2=F2E:@?D@7(=2:?E:77SDA6C7@C>2?467C@> E9C@F89 E92E

" $) .( #%) %$'%# &*),*&' $)$$)%( ) %$)%' $ &"

'?@C23@FE%2J  (=2:?E:772==686DE92E*49F49:?7@C>6596CE92ED96H2D36:?8

2 D49@@= AC:?4:A2= A@D:E:@?

25G6CD6 6>A=@J>6?E 24E:@? 282:?DE 9:>

" $) .(*')' #%) %$)% $%( ) %$

AC24E:46D E92E DFAA@CE E96 (* *EC2E68:4 (=2?

'?"F?6  E96657@C5@F?EJ*49@@=@2C596=52962C:?8@?(=2:?E:77SD@C:8:?2=

>@C6 E92? 

(=2:?E:777:=6596CD64@?52>6?5654@>A=2:?E@?63CF2CJ   D66<:?8324<A2J7C@?E

  

DA6649 :D 6I46AE65 7C@> E96 :CDE >6?5>6?ESD AC@E64E:@?

%*$) )" " #  $()

2?J :?5:G:5F2= @C @E96CH:D6

4@=@C C6=:8:@? D6I @C ?2E:@?2= @C:8:?

DE2E6 2 G:@=2E:@? @7 +:E=6 -!! 23@G6 2 DA64F=2E:G6 =6G6=

6G:56?46@75:D4C:>:?2E:@?O@CE96 *))!'' *0#'.PAC6E6IEQ7C2>6H@C<:E5:5?@E6G2=F2E6

E96AC:>2724:642D6F?56C *))!'' *0#'.56DA:E6:ED24<?@H=6586>6?EE92EE96A=2:?E:77:?

E92E42D6H2DAC@4665:?8F?56CE96 *))!'' *0#'.7C2>6H@C<

C6BF:C657@CE96 *))!'' *0#'.7C2>6H@C<2E2===6E2=@?62EE96A=625:?8DE286P+@AC@G62

1/6'..6)*" 0. 0 %*)

  4G  .$ 2E

 2AA=J:?8 (. DEJ=67@C>F=2E:@?:?E96A2J 5:DA2C:EJ4@?E6IE

5:D4C:>:?2E65282:?DE3642FD6@79:DC246H:E9@FEC6D@CE:?8E@2 *))!'' *0#'.2?2=JD:D

%  1!-.! (+'*4(!)//%*)

6>A=@J>6?E 24E:@?D F?56C +:E=6 -!!

BF@E:?8 0-'%)#/*) ) 0./-%!. ) 1 ''!-/$  ,

 .$ 2E.

7C:42? >6C:42? 2?5 J@F 2C6 H9:E6

6>A=@J66D P>2J DE:== 3C:?8 @FCE66?E9 >6?5>6?E 492==6?86D F?56C  ,

!- .'!4 1 !  

564:D:@?>2<:?8 H@F=5 36 2 G:@=2E:@? @7 (=2:?E:77SD 6BF2= AC@E64E:@? C:89ED

EC2?D8C6DD:?8 3C:89E =:?6D

%-%!''* 1 0()!-  

:?56A6?56?E :?G6DE:82E@C E@ C6G:6H E96 2==682E:@?D %  2E M 

 E9 :C

E2<6? 3J 2 AF3=:4 286?4J

4@?46C? 6?4@>A2DD65 :? 9:D DA6649

@C:8:?2=3FE:E92DDE62572DE=JC67C2:?657C@>4C62E:?823C:89E =:?6CF=6% 2E

4@?E6?E 7@C> 2?5 4@?E6IE @7 E96 4@>A=2:?E

D6C:6D @7 A6CD@?2= 5:776C6?46DQ -*2) 1 //*) &@

Potrebbero piacerti anche

7/6/2020

*

49@@=D% 2EM 2?5:? D96H2D282:?AC@>@E65E9:DE:>6E@6AFEJFA6C:?E6?56?E%

@2C5SD 9:67 4256>:4 '77:46C

DA64:7:4BF@E6D7C@>*49F49SD6G2=F2E:@?D@7(=2:?E:77SDA6C7@C>2?467C@> E9C@F89 E92E

" $) .(#%) %$'%#&),&' $)$$)%( ) %$)%' $ &"

'?@C23@FE%2J (=2:?E:772==686DE92E*49F49:?7@C>6596CE92ED96H2D36:?8

" $) .(*')'#%) %$)% $%( ) %$

AC24E:46D E92E DFAA@CE E96 (* *EC2E68:4 (=2?

'?"F?6 E96657@C5@F?EJ*49@@=@2C596=52962C:?8@?(=2:?E:77SD@C:8:?2=

>@C6 E92?

(=2:?E:777:=6596CD64@?52>6?5654@>A=2:?E@?63CF2CJ D66<:?8324<A2J7C@?E

DA6649 :D 6I46AE65 7C@> E96 :CDE >6?5>6?ESD AC@E64E:@?

%*$) )"" # $()

2?J :?5:G:5F2= @C @E96CH:D6

4@=@C C6=:8:@? D6I @C ?2E:@?2= @C:8:?

6G:56?46@75:D4C:>:?2E:@?O@CE96))!''0#'.PAC6E6IEQ7C2>6H@C<:E5:5?@E6G2=F2E6

E96AC:>2724:642D6F?56C))!''0#'.56DA:E6:ED24<?@H=6586>6?EE92EE96A=2:?E:77:?

E92E42D6H2DAC@4665:?8F?56CE96))!''0#'.7C2>6H@C<

C6BF:C657@CE96))!''0#'.7C2>6H@C<2E2===6E2=@?62EE96A=625:?8DE286P+@AC@G62

1/6'..6)" 0. 0 %)

4G .$ 2E

2AA=J:?8 (. DEJ=67@C>F=2E:@?:?E96A2J 5:DA2C:EJ4@?E6IE

5:D4C:>:?2E65282:?DE3642FD6@79:DC246H:E9@FEC6D@CE:?8E@2))!''0#'.2?2=JD:D

% 1!-.!(+'4(!)//%)

BF@E:?8 0-'%)#/*) ) 0./-%!. ) 1 ''!-/$ ,

.$2E.

7C:42? >6C:42? 2?5 J@F 2C6 H9:E6

6>A=@J66D P>2J DE:== 3C:?8 @FCE66?E9 >6?5>6?E 492==6?86D F?56C ,

!- .'!4 1 !

564:D:@?>2<:?8 H@F=5 36 2 G:@=2E:@? @7 (=2:?E:77SD 6BF2= AC@E64E:@? C:89ED

%-%!''* 1 0()!-

:?56A6?56?E :?G6DE:82E@C E@ C6G:6H E96 2==682E:@?D % 2E M

E9 :C

@C:8:?2=3FE:E92DDE62572DE=JC67C2:?657C@>4C62E:?823C:89E =:?6CF=6% 2E

4@?E6?E 7@C> 2?5 4@?E6IE @7 E96 4@>A=2:?E

D6C:6D @7 A6CD@?2= 5:776C6?46DQ -2) 1 //) &@