| | | | | 1 | | | |
| | | | | 9 | | | |
| | | | | 14 | | | |
| | | | | 16 | | | |
| | | | | 16 | | | |
| | | | | 16 | | | |
| | | | | 16 | | | |
| | | | | 17 | | | |
| | | | | 17 | | | |
| | | | | 17 | | | |
| | | | | 17 | | | |
| | | | | 17 | | | |
| | | | | 18 | | | |
| | | | | 19 | | | |
| | | | | 19 | | | |
| | | | | 19 | | | |
| | | | | 19 | | | |
| | | | | 21 | | | |
| | | | | 21 | | | |
| | | | | 36 | | | |
| | | | | 39 | | | |
| | | | | 45 | | | |
| | | | | 47 | | | |
| | | | | 48 | | | |
| | | | | 48 | | | |
| | | | | 51 | | | |
| | | | | 53 | | | |
| | | | | 53 | | | |
| | | | | 55 | | | |
| | | | | 55 | | | |
| | | | | 55 | | | |
| | | | | 55 | | | |
| | | | | 56 | | | |
| | | | | 56 | | | |
| | | | | 57 | | | |
| | | | | 57 | | | |
| | | | | 57 | | | |
| | | | | 59 | | | |
| | | | | 59 | | | |
| | | | | 63 | | |
| | | | | 63 | | | |
| | | | | 65 | | | |
| | | | | 66 | | | |
| | | | | 68 | | | |
| | | | | 68 | | | |
| | | | | 69 | | | |
| | | | | 69 | | | |
| | | | | 69 | | | |
| | | | | 71 | | | |
| | | | | 72 | | | |
| | | | | 72 | | | |
| | | | | 73 | | | |
| | | | | 73 | | | |
| | | | | 74 | | | |
| | | | | 77 | | | |
| | | | | 78 | | | |
| | | | | 79 | | | |
| | | | | 80 | | | |
| | | | | 80 | | | |
| | | | | 84 | | | |
| | | | | 84 | | | |
| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | |
Date Announced
|
| |
Target
|
| |
Acquiror
|
|
8/8/2022 | | | RPS Group plc | | | WSP Global Inc. | |
7/25/2022 | | | Infrastructure and Energy Alternatives, Inc. | | | MasTec, Inc. | |
6/27/2022 | | | PLH Group, Inc. | | | Primoris Services Corporation | |
12/20/2021 | | | Henkels & McCoy Group, Inc. | | | MasTec, Inc. | |
11/7/2019 | | | Quantum Spatial, Inc. | | | NV5 Global, Inc. | |
9/3/2019 | | | APi Group Inc. | | | J2 Acquisition Limited | |
10/21/2018 | | |
Energy, Chemicals and Resources Business of Jacobs Engineering
|
| | WorleyParsons Ltd. | |
7/30/2018 | | | Berger Group Holdings, Inc. | | | WSP Global Inc. | |
3/28/2018 | | | Willbros Group, Inc. | | | Primoris Services Corporation | |
2/14/2018 | | | Layne Christensen Company | | |
Granite Construction Incorporated
|
|
12/18/2017 | | | Chicago Bridge & Iron Company | | | McDermott International, Inc. | |
8/2/2017 | | | CH2M HILL Companies, Ltd. | | | Jacobs Engineering Group Inc. | |
4/3/2017 | | | WS Atkins plc (nka:WS Atkins Limited) | | | SNC-Lavalin Group Inc. | |
3/31/2017 | | | TRC Companies, Inc. | | |
New Mountain Capital, LLC;
New Mountain Partners IV, L.P. |
|
3/13/2017 | | | Amec Foster Wheeler plc | | | John Wood Group PLC | |
2/28/2017 | | | Capital Services division of CB&I | | | Veritas Capital | |
5/23/2016 | | | Wyle Inc. | | | KBR Holdings, LLC | |
3/29/2016 | | | MWH Global, Inc. | | | Stantec Inc. | |
| | |
2022E
|
| |||
Net Income
|
| | | | 7,246 | | |
EBITDA | | | | | 21,742 | | |
Adjusted EBITDA
|
| | | | 24,000 | | |
2023E (millions)
|
| |
Africa
|
| |
APAC
|
| |
Europe
|
| |
Middle East
|
| |
Americas
|
| |
Corp
|
| |
Hill Intl
|
| |||||||||||||||||||||
Operating Profit
|
| | | | 11.0 | | | | | | 3.2 | | | | | | 13.0 | | | | | | 11.5 | | | | | | 44.0 | | | | | | — | | | | | | 82.8 | | |
EBITDA
|
| | | | 10.4 | | | | | | 2.8 | | | | | | 8.8 | | | | | | 8.4 | | | | | | 34.5 | | | | | | (36.4) | | | | | | 28.5 | | |
Adjusted EBITDA
|
| | | | 10.4 | | | | | | 2.8 | | | | | | 8.9 | | | | | | 8.6 | | | | | | 34.7 | | | | | | (35.1) | | | | | | 30.4 | | |
2024E (millions)
|
| |
Africa
|
| |
APAC
|
| |
Europe
|
| |
Middle East
|
| |
Americas
|
| |
Corp
|
| |
Hill Intl
|
| |||||||||||||||||||||
Operating Profit
|
| | | | 12.7 | | | | | | 3.5 | | | | | | 16.3 | | | | | | 14.2 | | | | | | 50.6 | | | | | | — | | | | | | 97.3 | | |
EBITDA
|
| | | | 12.1 | | | | | | 3.1 | | | | | | 11.9 | | | | | | 10.9 | | | | | | 40.6 | | | | | | (38.1) | | | | | | 40.5 | | |
Adjusted EBITDA
|
| | | | 12.1 | | | | | | 3.1 | | | | | | 12.0 | | | | | | 11.1 | | | | | | 40.8 | | | | | | (36.7) | | | | | | 42.5 | | |
Name
|
| |
Cash ($)
|
| |
Equity ($)(2)
|
| |
Perquisites/
Benefits ($) |
| |
Total ($)
|
| ||||||||||||
Raouf S. Ghali
President and Chief Executive Officer |
| | | | 1,850,000(1) | | | | | | 3,526,167 | | | | | | — | | | | | | 5,376,167 | | |
Abdo E. Kardous
Regional President (Middle East) |
| | | | 1,170,000(3) | | | | | | 507,518 | | | | | | — | | | | | | 1,677,518 | | |
Todd Weintraub
Chief Financial Officer |
| | | | 1,020,000(4) | | | | | | 861,951 | | | | | | — | | | | | | 1,881,951 | | |
Name
|
| |
Company RSUs
|
| |
Company DSUs
|
| ||||||
Raouf S. Ghali
|
| | | | 182,926 | | | | | | 854,182 | | |
Abdo E. Kardous
|
| | | | 149,270 | | | | | | — | | |
Todd Weintraub
|
| | | | 44,716 | | | | | | 208,799 | | |
| | |
Shares of common stock
beneficially owned |
| |||||||||
Name of Beneficial Owner
|
| |
Shares of
common stock |
| |
Percentage of
Total Outstanding Common Stock (%) |
| ||||||
5% Stockholder | | | | | | | | | | | | | |
Arnaud Ajdler and Engine Capital Management
|
| | | | 5,799,621(1) | | | | | | 10.1% | | |
Global Infrastructure Solutions Inc.
|
| | | | 5,799,621(2) | | | | | | 10.1% | | |
Beryl Capital Management LLC
|
| | | | 5,700,000(3) | | | | | | 10.0% | | |
Wellington Management Company LLP
|
| | | | 4,485,050(4) | | | | | | 7.9% | | |
David L. Richter and Richter Capital LLC
|
| | | | 2,904,105(5) | | | | | | 5.1% | | |
Rutabaga Capital Management
|
| | | | 2,890,714(6) | | | | | | 5.1% | | |
Directors and Named Executive Officers | | | | | | | | | | | | | |
Raouf S. Ghali
|
| | | | 1,513,495(7) | | | | | | 2.6% | | |
Abdo E. Kardous
|
| | | | 152,940 | | | | | | * | | |
Todd Weintraub
|
| | | | 181,568(8) | | | | | | * | | |
David Sgro
|
| | | | 565,044(9) | | | | | | * | | |
Paul J. Evans
|
| | | | 466,379(10) | | | | | | * | | |
Grant G. McCullagh
|
| | | | 163,200(11) | | | | | | * | | |
James B. Renacci
|
| | | | 165,632(12) | | | | | | * | | |
Sue Steele
|
| | | | 143,724(13) | | | | | | * | | |
All current directors and executive officers as a group (10 persons)
|
| | | | 9,337,620 | | | | | | 15.7% | | |
| | |
Page
|
| |||
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-11 | | | |
| | | | A-12 | | | |
| | | | A-12 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-14 | | | |
| | | | A-16 | | | |
| | | | A-16 | | | |
| | | | A-17 | | | |
| | | | A-17 | | | |
| | | | A-17 | | | |
| | | | A-17 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-21 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-26 | | | |
| | | | A-27 | | | |
| | | | A-29 | | | |
| | | | A-31 | | | |
| | | | A-31 | | | |
| | | | A-34 | | | |
| | | | A-36 | | | |
| | | | A-37 | | | |
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-38 | | |
| | |
Page
|
| |||
| | | | A-39 | | | |
| | | | A-40 | | | |
| | | | A-41 | | | |
| | | | A-42 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-49 | | | |
| | | | A-50 | | | |
| | | | A-53 | | | |
| | | | A-56 | | | |
| | | | A-56 | | | |
| | | | A-56 | | | |
| | | | A-57 | | | |
| | | | A-58 | | | |
| | | | A-58 | | | |
| | | | A-59 | | | |
| | | | A-59 | | | |
| | | | A-59 | | | |
| | | | A-60 | | | |
| | | | A-60 | | | |
| | | | A-60 | | | |
| | | | A-60 | | | |
| | | | A-60 | | | |
| | | | A-60 | | | |
| | | | A-61 | | | |
| | | | A-61 | | | |
| | | | A-61 | | |
| | |
Page
|
| |||
| | | | A-61 | | | |
| | | | A-62 | | | |
| | | | A-62 | | | |
| | | | A-63 | | | |
| | | | A-63 | | | |
| | | | A-64 | | | |
| | | | A-64 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
| | | | A-67 | | | |
| | | | A-67 | | | |
| | | | A-67 | | | |
| | | | A-67 | | |
| | | |||
| Schedules to the Merger Agreement | | | | |
| Company Disclosure Schedule | | | | |
| Parent Disclosure Schedule | | | | |
|
Schedule 1
Specified Holders
|
| | | |
|
Schedule A-1
Knowledge Parties of the Company
|
| | ||
|
Schedule A-2
Knowledge Parties of Parent
|
| | ||
|
Schedule I
Governmental Consents
|
| | ||
|
Schedule 5.19
Credit Facility Terms
|
| | | |
Agreement
|
| |
Preamble
|
|
Alternative Acquisition Agreement | | |
Section 5.3(a)(i)(D)
|
|
Appraisal Shares | | |
Section 2.8(c)
|
|
Book Entry Share | | |
Section 2.5(a)(i)
|
|
Certificate of Merger | | |
Section 2.3
|
|
Change in Recommendation | | |
Section 5.3(a)(v)
|
|
Closing | | |
Section 2.3
|
|
Closing Date | | |
Section 2.3
|
|
Company | | |
Preamble
|
|
Company Board | | |
Recitals
|
|
Company Board Recommendation | | |
Section 5.2(d)
|
|
Company Common Stock | | |
Recitals
|
|
Company Copyrights | | |
Section 3.8(a)
|
|
Company Marks | | |
Section 3.8(a)
|
|
Company Option Grant Date | | |
Section 3.5(g)
|
|
Company Patents | | |
Section 3.8(a)
|
|
Company Permits | | |
Section 3.11(a)
|
|
Company Preferred Stock | | |
Section 3.5(a)
|
|
Company SEC Documents | | |
Section 3.6(a)
|
|
Company Stock Certificate | | |
Section 2.5(a)(i)
|
|
Company Stockholder Approval | | |
Section 3.3(a)
|
|
Company Stockholder Meeting | | |
Section 3.3(a)
|
|
Company Trade Secrets | | |
Section 3.8(i)
|
|
Compensatory Award Payments | | |
Section 2.7(a)
|
|
Consent | | |
Section 3.4
|
|
Continuing Employee | | |
Section 5.8(a)
|
|
Current Premium | | |
Section 5.10(a)
|
|
Delaware Courts | | |
Section 8.5(b)
|
|
DGCL | | |
Recitals
|
|
Divestiture Action | | |
Section 5.4(c)
|
|
Effective Time | | |
Section 2.3
|
|
Employment Laws | | |
Section 3.15(a)
|
|
End Date | | |
Section 7.1(b)
|
|
Excluded Share | | |
Section 2.5(a)(i)
|
|
Facility Security Clearances | | |
Section 3.24(f)
|
|
HCERA | | |
Section 3.14(k)
|
|
Agreement
|
| |
Preamble
|
|
Healthcare Reform Laws | | |
Section 3.14(k)
|
|
Indemnified Party | | |
Section 5.10(b)
|
|
International Plan | | |
Section 3.14(a)
|
|
International Sales Agreements | | |
Section 3.11(e)
|
|
Intervening Event | | |
Section 5.3(b)(ii)
|
|
Lease | | |
Section 3.9(b)
|
|
Leased Real Property | | |
Section 3.9(b)
|
|
Leases | | |
Section 3.9(b)
|
|
Material Contract | | |
Section 3.10(b)
|
|
Material Lease | | |
Section 3.9(b)
|
|
Merger | | |
Recitals
|
|
Merger Consideration | | |
Section 2.5(a)(i)
|
|
Merger Sub | | |
Preamble
|
|
Merger Sub Board | | |
Recitals
|
|
NDAA | | |
Section 3.24(f)
|
|
Notice Period | | |
Section 5.3(b)(i)
|
|
NYSE | | |
Section 3.6(e)
|
|
OFAC | | |
Section 3.25(a)(i)
|
|
Original Agreement | | |
Recitals
|
|
Original Agreement Date | | |
Recitals
|
|
Parent | | |
Preamble
|
|
Parent Board | | |
Recitals
|
|
Parties | | |
Preamble
|
|
Party | | |
Preamble
|
|
Paying Agent | | |
Section 2.6(a)
|
|
Payment Fund | | |
Section 2.6(a)
|
|
Payoff Letter | | |
Section 5.13
|
|
PPACA | | |
Section 3.14(k)
|
|
Personnel Security Clearances | | |
Section 3.24(g)
|
|
Privacy and Data Security Policies | | |
Section 3.26(a)
|
|
Proxy Statement | | |
Section 3.18
|
|
Sanction Laws | | |
Section 3.25(a)(i)
|
|
SDN List | | |
Section 3.25(a)(ii)
|
|
Security Incident | | |
Section 3.26(c)
|
|
Superior Proposal Notice | | |
Section 5.3(b)(i)
|
|
Surviving Corporation | | |
Recitals
|
|
Termination Fee | | |
Section 7.3(b)
|
|
Third Party IP Assets | | |
Section 3.8(g)
|
|
Withholding Party | | |
Section 2.10
|
|
Exhibit 107
CALCULATION OF FILING FEE TABLES
Schedule 14A
(Form Type)
Hill International, Inc.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Transaction Valuation
Proposed Maximum Aggregate Value of Transaction |
Fee rate |
Amount of Filing Fee | ||||
Fees to be Paid | $208,300,786(1)(2) | .0000927 | $19,309.48 | |||
Fees Previously Paid | $0 | $0 | ||||
Total Transaction Valuation | $208,300,786 | |||||
Total Fees Due for Filing | $19,309.48 | |||||
Total Fees Previously Paid | $0 | |||||
Total Fee Offsets | $0 | |||||
Net Fee Due | $19,309.48 |
(1) | Aggregate number of securities to which transaction applies: As of the close of business on September 12, 2022, the maximum number of shares of common stock, par value $0.0001 per share (the “Common Stock”) to which this transaction applies is estimated to be $208,300,786, which consists of: (a) 57,086,992 shares of Common Stock outstanding; (b) 500,000 shares of Common Stock issuable pursuant to outstanding stock options entitled to receive the merger consideration of $3.40; (c) 1,220,376 shares of Common Stock issuable pursuant to outstanding restricted stock units; and (d) 2,457,569 shares of Common Stock issuable pursuant to outstanding deferred stock units. |
(2) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): Estimated solely for the purposes of calculating the filing fee, the maximum aggregate value of the transaction was determined based upon the sum of: (a) 57,086,992 shares of Common Stock outstanding multiplied by $3.40 per share; (b) 500,000 shares of Common Stock issuable pursuant to outstanding stock options entitled to receive the merger consideration of $3.40 multiplied by $0.27 per share (which is the difference between $3.40 and the weighted average exercise price of $3.13 for such shares); (c) 1,220,376 shares of Common Stock issuable pursuant to outstanding restricted stock units multiplied by $3.40 per share; and (d) 2,457,569 shares of Common Stock issuable pursuant to outstanding deferred stock units multiplied by $3.40 per share. |
5*1)CSC<5" 38UJV7>KLP0!DH\=:LF#;7=R0).\Z80:MT\94<
M.%-$]+;'D%..._8Q_RM)FF4GY"ZTY:&(U@$NR'S#H*! !D$G=62%17 PX.
MF,*E4Q @)#ENG^2L +K,3*+3/WMF_P ,9SBP5\I_W?4/:UDTD#(4)TS5U&=3
MV>3IOE/K.Q89&1U&7[8K5X79 @<;4&3 I.HVE8"@%UF..#0<>D7PG_M_3^KX
MHE1#<_\ \ASGFBK(Z$B,PYCZS)0+E?I0%S1>UY1*'P<_6D(DTL^PC$3F^-)X
MWE1(7^RR*31F.7?IY1Q]Q+79=MHLBK^\4>PN)]E3?H:IUZ1N[G*Y>9S4":
M6-4]\AXL+EJ$=M6+YF-<2YIM#)3,0FXZ3 =-U,H;.\.FBFGVUD]=OX>-R"N?
ML'XR[OZ6Z J>;4C:_)Z_/%:0I#9WS1U;!+QGM:S"Z<2M^82L^9Q2H+-JP9/T
MXP&:BD00N1+%Q0U^DX?)M,.]D%D5'=W_ .L2"=EURTF'4J6/^9>>:3]$/;1Y
MWNKK6@:E;*F=#9?5HPK2#WL+U.P!&9E\/=V$AR:7=(IZ(.5%TDT]-5^!]@_B
M7HJA.0N6*6XGZ%"UA:?-#4!L3WO!I:U_4S>.JL'*1JU9M6^C''V$PG'A[EV=\X1BXY%
[P; >U=MW$8%HTG4-5Y!E57.?MO'^7];+.ON(_1/[+G37_RU
MV\#CI?R K.NO+3OV1R%FK7MJ<."^/R\,9I/6TE2WTLZRIH:D29;7.623-V$G
MN&J.NN/O)KI;;Y_ISC'ES9G[%7Z=]>W00N1<,QJ];KJN5T9ZX%%75!BJYK>5
M1BQ[5.@*:DW/E7RBZ3!R:FX\"6A=5RU]E\/ -
I=(>JSV"VLV_UMUKD&J.'(HQYQS'!<9.LE9II-EKJQ(9
M:^)6E0YMZ1:59&H5I"U%Q@ 9?N"%;LO[E2P5K[O; /&J>H&R6RD?C[;*WS!V
M')UDUJC3RJ5(FI]7Q)C5.R9L<%:*UU:=(K,3V ,9=N^$-^VWNUD1!_7,]FOU
M,<$_W]R!_4UOF"UO$FS3[D?C\QEN2MC#2VR:>: +=/L(-J*>9"A<,5N*
M6 J.C&IC]L
M3MCM6PREUQP]*F%[ET1C2&,N*1I>;-D%B)Y$AFDJ:@N %JCS*IM9V9(,E6K,
M5$B-( $O6UD X>[*,$8^:U:TU,2.]D:I99H 8:$00#.,%<\5KW
M-[X@LIZ7W+LHRAP.*&&3*SEQ>%)3LOB*-*5(PFJ/5 @R@>JU G^@?/D?$],WS9?-N($'&Y#<3J%
M42A;Q'69;L'E[%KSBIT:T/)S8WEISPJR#^
M[8)N>H;UDP;D?F6W9E^5^1;4C7N4.?L.$5BR8XWWVF4T8O1NLF%FJ,$RUSQ-
MII/\;)_6..HDKG 19&[%V$B_<'(*?@ _MPW"W2/ZZ97KA>KR$;K&%CSN_[EEH]A$TDJR*0B":2SM D!
M\@'Z @,"# (4 AT")@(O C@"00)+ E0"70)G G$">@*$ HX"F *B JP"M@+!
M LL"U0+@ NL"]0, PL#%@,A RT#. -# T\#6@-F W(#?@.* Y8#H@.N [H#
MQP/3 ^ #[ /Y! 8$$P0@!"T$.P1(!%4$8P1Q!'X$C 2:!*@$M@3$!-,$X03P
M!/X%#044%]@8&!A8&)P8W!D@&
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M',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4'[\?ZB 5($$@
M;""8(,0@\"$<(4@A=2&A( &YXS'DJ>8EYYWI&
M>J5[!'MC>\)\(7R!?.%]07VA?@%^8G["?R-_A'_E@$> J($*@6N!S8(P@I*"
M](-7@[J$'82 A..%1X6KA@Z& 9*5CV0QDY^_M,:&:0?,83#SQ7[M/W4[OLKZ7\WIHO
M7;5G[AQ#FV&R)/%U$G5E#V<$G[\E%N7*KWY8IRO.5NU^9\D3[.\/?\$^_P#A
M'M2L;M]3BN[>&ZBDN();/:LD49+E,&:17WE5C96 4([/EBHC?WJ>1 [;7R=K>FOH?78S+ ?V-_P R7_NG?^ZQ^Z]?HI_'(4 % !0!\)_\%!_^16M/^PI#_P"D]S7S
MN>_PU_C7_I,C]C\+/]]G_P!@\_\ TY1#_@GQ_P BM=_]A2;_ -)[:C(OX;_Q
MO_TF(>*?^^P_[!X?^G*Q]V5]$?CA^#WQR27X4?$&]N8&6::WU&._CWH0F^4I
M>*C*&R54N$)#*6 W#;G _.<;?#UVUJU-2^^TOU/[+X;< P34]"O8+ZT? \R%PVUBBR>7(OWHI0KJ7B
MD"R)N 95/%!)>\=>+X/A]I-]K%TKO;Z?:SW4JQ@&1HX(VE<(&95+$*0H+*"<
M98#F@#\V_P#A[KX%_P"@?KG_ (#VG_R905RA_P /=? O_0/US_P'M/\ Y,H#
ME#_A[KX%_P"@?KG_ (#VG_R90'*'_#W7P+_T#]<_\![3_P"3* Y3WW]G/]NG
MPW^TYJTVCZ/:ZC#<0VKW3-=10)&8TDBB(!BN)6W9E4@%0,!OF! !!-6/M&@1
MX%\8?VHO!_P#G@M?$>II9W%RC211"*:>0QJ=N]D@CD9%)R$9PH #--\.ZG)!+=V?VGS'MV=HCYUU-,NUI$C8
MX610 "I_GT_5?/N+<+&I:*\BA#NS2;E(BD@@96!$A$B0[!&&F9@31_0'J>IP:)
M!+=74J0V\*-)++(P2..- 6=W=B%55 )9B0 23@4$'\A_P"TI^T+J7[3/B"3
M7=11(0$$%K;QX*P6R,[)&7P&D;+N[R, 6=VVK''LC0-$K'OWP9_X)O\ C;XT
MZ-#KEN;&PMKGYK=+Z2:.66+ *S*D<$N(GR?++E6=1Y@4Q/&[@7.I^*O_ 2W
M\<_#Z">\T\VNL6\3R;8[5W6[:!0["4V\J*I8A0#!!)/*9'5$$HRU KGP+X(\
M;ZE\-]2M]7TBX>UOK5Q)#-&1N5L$$$$%65@2KHP9)$9D=61B"%']<7[-OQ=_
MX7OX2TOQ$T?E2WD!\] NU1/"[0S^6N^0B(RQN8MS%_+*EL-D ,V>WT""@ H
M_)7_ (*,_MM77PDSX0\-R>5JEQ KWM\DB[[2*3.V*(*Q:.Y=1O+N%:&%XY(\
MR2I+ %)'X,>"/!&I?$C4K?2-(MWNKZZ<1PPQ@;F;!)))(554 L[L52-%9W94
M4D!9^BVF?\$E?'M_!%-)=:/;O(BLT,ES<&2)F )CN_IGP_;%ZQ>U3VE?\GY[SGHOT5[OH
MSQ?LU! !M0A3MFSVQS:D1DMZ5OSSE]"F0)TX$B="G29"D)!*,A*6 LM,2F++
ML )80A" (;6M:UK4&Q9P=LZ)CXA..I$@"8$@_53%;P.QIES!>=D+&6_N(K"O
M:W86)P %KJ$CPP%^(G?8
MS&WQ*M[I?P;^DDKB!1WO?'XO>O[M[T&@UTE;(G:N%G"R\DTXPR39:V >U8#>
MYW$ZA/DYXC82D_< $7@B2Q\HR_>N(7B#%[O9V6L'XCFFZ9K'G*MGUFVEQ[L(
MJUQS,KC+'#$QF4;TSE*@;+%VL-&YI, ZZ&NR\1O=L(87%*N1%V#>][!N
MEO>UK=Z_:$Z_62?2X1SYH&&OOVR]0?O_ /Z;?_R ?^^*":+=U]]:-T-NY-Y7
MR/K%L_GU]\EX_F?)^E\K2QP\KYGP4_F/+^8[G?\ #!W^SM[H>WLL&PUPI?1'
M\?\YS"/*PKV"5YAR;)6-<
M#L[BQG?9J]NC8K#V7%;NJ$2H [>[?W+T&\O085F\JEX6;L;A*Y"C);Y JVEV
M"4OB!/:]DZ%X/RS+37-&1:ZA7>Q*9:(8 _93?@AM\,7OW#<)PPM1N>'L4.3>
MI)6('#&L%6H5BY]*^JP*TLM9[;++"B: )*%:D9%;LXXQ"F_
M-E/,3 ;GQ+QQZ\W=M-N:F3:,MR_6/Y'>QNYM7*]HI[6<;H:KW:#M=EH="L!B
M1,DA7G1)1NT>1H19G-@%TZ;E2$KM
)L@^W#M(6&9M619+W%4#.3G[ESAI![D.&V
M=)KD]Q)XS
'/"!G*%DYR8M
MM,@U[P/&8G;6G+K@QB$,84RN\=P-BB 4W+ML9R7KT_':P8\)WY7O&F[2*M?X
M9\)N=/,*R*G!&+3I>)RU^!D5E 4!!3[U!U;;(U9J*DV[SQ ' .XPD "]4' 0
M\JOR)LT;NL ^#6"QG#N4DEH^1Y)Y47CW(IK"7L.[AI:P84DR&,0V_8! $H!U
M'Z:1%;I+_+/SBB"#QKXP>&35=- GWT8UN&1;.Q%0W>JX%M(SV%=.NN4ON1;ZUG:I=M).]G6_JS:-4?-2@5%RQZ$U+/]-1$:J502G([@
MZ[85F+CT ?AI^0><[=
M56:+O7*VP)YXYBZV>RS+"31UK9(AO("C'F=[=B8D*5.&;?(8]RKC-FD8Y$CG
M&HOH9%,!@,!@
HB! I'1 ;O63IFA(-7;9RP
S-L(.%X\L;(/(FZWEY-R-3
M/+-@.#E"$",9G^50I42D,),F1*/Z!_3T_'_9@0C>8OP>Y40
(H81V
M]V+>Z2U^?*O/2Y]MA\HS/B"*FE5K1C?EE4J>[JVGRNK-)ZPM+EO9I7Z'B=]_
MP4*\-QQ.8++47F"L8T=($1GQ\H9Q,Y52< L%
OE/\ !C_V]_Z4S\]\0/\ D95O^X7_
M *9IGYB_MD_\CUJG_;K_ .DD%?(YM_&E_P!N_P#I*/Z$\/\ _D6T?^XO_IZH
M?NO7Z*?QR% 'X[?"/_DL
8C@L<[B-P)!!/T."P]*I3B^6+]U7?*MUH]UW1
M^0<2YMCL'C:U/VU:*56;C%5IV4)/GA91G9+EDK+IM9-6/6/^%)>%O^@+I?\
MX V__P ;KL^ITOY(_P#@,?\ (^:_UBQO_017_P#!U3_Y(\G^(DOPT^%$L4&L
MV6DV\TRETC&G)*^P'&XK%"Y52VCJ2\W?79&9_P4=_Y@
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M+RL]_P +?
M(?"UAXNB$&HVL%W"K!UCGB25 X! 8*X(# ,0#UP2.YK.I3C45I)->:3_ #.S
M"XVK@YPJ*="%-WC%)^22_(Z<5FV(QD>6K5J3BG=*=2S5[2;
M5[-Z^9V-;GE'XL_'K5E_:,^(,.GZ;*LMMNM["&X@C:3]V"7GF(R/,6-I)F+J
M5C:*,,&V_O#\#C9?7*ZC'5:132OINWYVN_*R^9_67#-!\.95*K63C*U2M*$Y
M*/O-?#O1=0O!J,VGVP17%O)C?%,BR1M
MM(8;D8%3@@$9'! /45$X*:LTFNS5T=&'Q,\-)3IRE"2O:49.,E=-.S336CMZ
M'A6L_LF^"=>G>YETF)7?&1#)-!'P HVQ0R)&O YVJ,G+'+$D^=/*Z,W=Q7R;
M2^Y-(^RP_'&8T(J$:TFE?XHTZDM6WK*<)2>_5NRT6B/8O#?@G2O!WF?V996M
MGYNWS/L\$<._;G;NV*N[&YL9SC)QU-=U.C&G\*2OV27Y'RV+S&MC+>VJ3J
8?\*2\+?] 72__ &W_P#C=53QM6G4]K&/-/L[N'S]/M-]]>H?**F*WP461)0PDBDG
M:"&6,*S-'(WW0"ZA3/'?V@?A:_P4\5:KX?975+*ZD6 R.CR-;/\ O+:1VCPA
M9X7C=@ I!8@HC J $?OM_P $OOC2GQ(\%#1IG=[[07^SR&1WD9K:9GDM7#,H
M554"2V2)6
O#7_ &'-,_\ 2N*@IG]AE!F% !0 4 %
M!0!_'G^TU_R/7B7_ +#FI_\ I7+0:(_:+X-?#W_A:7[.)TM4GDE>QU.:".W&
MZ62>UU"XN8(U7:Y;?+$B%%&]E8JI5B& 3U/Q!^!WQ"_X51XGTG76>=(K&^MY
MI_LYQ*T"R#SXU^9 ?,BWQE&94=6*,=K&@LY;QUXOG^(.K7VL72HEQJ%U/=2K
M&"(UDGD:5P@9F8*"Q"@LQ QEB>: /Z'_ -JWX>_\*H^ LVA,D"2V-CI$,_V<
M8B:=;RT\^1?E0GS)=\A=E5W9B[#
6#0-=BMTV1O=6=S<@()"T@CEMHF.?,=0([ITX*
M1DORK2##-2\1:9>:K+=V?V;RTN
M)K=HCYUU#"VY8[:-CA9&(PP^8 G(R"%)GXNT%']O=!D% !0!^!7_ 6$\&_8
M==T/6O-S]KL9K3R=F-GV.7S=^_=\V_[9MV[1M\O.YM^%"XGS-_P3B^*2?##X
MAV*S,B6^JI)ILKLCNP: