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UNITED
STATES OMB APPROVAL SECURITIES
AND EXCHANGE COMMISSION OMB Number: 3235-0059 Washington,
D.C. 20549 Expires: January 31, 2008 SCHEDULE
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Proxy
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the Securities Payment of Filing Fee (Check
the appropriate box):
Exchange Act of 1934 (Amendment No. )
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1.
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of each class of securities to which transaction applies:
2.
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and identify the filing for which the offsetting fee was paid previously.
Identify the previous filing by registration statement number, or the Form
or Schedule and the date of its filing.
1.
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Paid:
2.
Form, Schedule or
Registration Statement No.:
3.
Filing Party:
4.
Date Filed:
1. |
To elect John P.D. Cato, Bailey W. Patrick and Thomas E. Meckley, each for a term expiring in 2012 and until their successors are elected and qualified; |
2. |
To ratify the selection of PricewaterhouseCoopers LLP as the Companys independent registered public accounting firm for the fiscal year ending January 30, 2010; and |
3. |
To transact such other business as may properly come before the meeting or any adjournments thereof. |
Shares Beneficially Owned (1)(2) |
||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A Stock |
Class B Stock |
|||||||||||||||||||||
Number |
Percent of Class |
Number |
Percent of Class |
Percent of Total Voting Power |
||||||||||||||||||
John P. D.
Cato (3)(4) |
160,867 | * | 1,743,525 | 100.0 | 39.0 | |||||||||||||||||
John R. Howe
(5) |
33,921 | * | | | * | |||||||||||||||||
B. Allen
Weinstein |
40,616 | * | | | * | |||||||||||||||||
Howard A.
Severson |
29,841 | * | | | * | |||||||||||||||||
Michael T.
Greer (6) |
24,231 | * | | | * | |||||||||||||||||
Robert W.
Bradshaw, Jr. |
2,268 | * | | | * | |||||||||||||||||
George S.
Currin |
18,448 | * | | | * | |||||||||||||||||
William H.
Grigg |
3,018 | * | | | * | |||||||||||||||||
Grant L.
Hamrick |
6,018 | * | | | * | |||||||||||||||||
James H. Shaw
|
8,172 | * | | | * | |||||||||||||||||
A. F. (Pete)
Sloan |
12,318 | * | | | * | |||||||||||||||||
D. Harding
Stowe |
1,518 | * | | | | |||||||||||||||||
All directors
and executive officers as a group (12 persons) (7) |
341,236 | 1.2 | 1,743,525 | 100.0 | 39.4 | |||||||||||||||||
Royce &
Associates, LLC (8) |
3,636,461 | 13.2 | | | 8.1 | |||||||||||||||||
Wellington
Asset Management Co., LLP (9) |
3,546,647 | 12.8 | | | 7.9 | |||||||||||||||||
Barclays
Global Investors N.A., et al. (10) |
2,168,103 | 7.8 | | | 4.8 |
* |
Less than 1% |
(1) |
Includes the vested interest of executive officers in the Companys Employee Stock Ownership Plan and Employee Stock Purchase Plan. The aggregate vested amount credited to their accounts as of March 24, 2009 was 51,030 shares of Class A Stock. |
(2) |
Share amounts shown as subject to stock options in the footnotes below cover shares under options that are presently exercisable or will become exercisable within 60 days after March 24, 2009. |
(3) |
The amount shown for Class A Stock includes 11,500 shares held by Mr. Catos wife. Mr. Cato disclaims beneficial ownership of shares held directly or indirectly by his wife. |
(4) |
Mr. Cato has pledged 1,740,525 of the Class B Stock to Branch Banking & Trust as collateral under a loan agreement. |
(5) |
Includes 9,000 shares of Class A Stock subject to stock options. |
(6) |
Includes 6,000 shares of Class A Stock subject to stock options. |
(7) |
The amount shown for Class A Stock includes 15,000 shares subject to stock options. |
(8) |
Based on an amended Schedule 13G filed by this shareholder with the Securities and Exchange Commission on or about January 23, 2009. The address of this shareholder is 1414 Avenue of the Americas, New York, New York 10019. |
(9) |
Based on an amended Schedule 13G filed by this shareholder with the Securities and Exchange Commission on or about February 17, 2009. The address of this shareholder is 75 State Street, Boston, Massachusetts 02109. |
(10) |
Based on a Schedule 13G filed by Barclays Global Investors, N. A. and certain of its affiliates with the Securities and Exchange Commission on or about February 5, 2009. The address of this shareholder is 400 Howard Street, San Francisco, California 94105. This shareholder and its affiliates collectively report sole voting power over 1,690,294 of such shares. |
(1) |
The director is, or has been within the last three years, an employee of the Company, or an immediate family member is, or has been within the last three years, an executive officer, of the Company. |
(2) |
The director has received, or an immediate family member has received, during any twelve-month period within the last three years, more than $120,000 in direct compensation from the Company, other than director and committee fees and pension or other forms of deferred compensation for prior service (provided such compensation is not contingent in any way on continued service). |
(3) |
The director or an immediate family member is a current partner of a firm that is the Companys internal or external auditor; the director is a current employee of such a firm; the director has an immediate family member who is a current employee of such a firm and personally works on the Companys audit; or the director or an immediate family member was within the last three years (but is no longer) a partner or employee of such a firm and personally worked on the Companys audit within that time. |
(4) |
The director or an immediate family member is, or has been within the last three years, employed as an executive officer of another company where any of the Companys present executive officers at the same time serves or served on that companys compensation committee. |
(5) |
The director is a current employee, or an immediate family member is a current executive officer, of a company that has made payments to, or received payments from, the Company for property or services in an amount which, in any of the last three fiscal years, exceeds the greater of $1 million, or 2% of such other companys consolidated gross revenues. |
Plan Category |
(a) Number of securities to be issued upon exercise of outstanding options, warrants and rights |
(b) Weighted-average exercise price of outstanding options, warrants and rights |
(c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity
compensation plans approved by security |
Class A Stock: |
239,497 | Class A Stock: |
$ | 12.72 | (2) | 1,107,785 | (3) | |||||||||||||||
holders (1) |
Class B Stock: |
0 | Class B Stock: |
$ | 0.00 | ||||||||||||||||||
Equity compensation plans not approved by security holders |
|
|
| ||||||||||||||||||||
Total |
Class A Stock: |
239,497 | Class A Stock: |
$ | 12.72 | 1,107,785 |
(1) |
This category includes the 1987 Non-Qualified Stock Option Plan, the 1999 Incentive Compensation Plan, the 2003 Employee Stock Purchase Plan and the 2004 Amended and Restated Incentive Compensation Plan. |
(2) |
This amount does not include the exercise price of options outstanding under the 2003 Employee Stock Purchase Plan because the exercise price is not determinable as of the date of this Proxy Statement. The exercise price to purchase a share of Class A Stock under such an option equals 85% of the lesser of the fair market value per share of Class A Stock at the beginning of the applicable offering period or the fair market value per share of Class A Stock at the end of the applicable offering period. |
(3) |
This amount includes 221,080 shares of Class A Stock available for future issuance under the 2003 Employee Stock Purchase Plan, 868,078 shares of Class A Stock available for future issuance under the 2004 Amended and Restated Incentive Compensation Plan and an aggregate of 18,627 shares of Class A Stock and/or Class B Stock available for future issuance under the 1987 Non-Qualified Stock Option Plan. No further awards may be granted under the 1999 Incentive Compensation Plan after July 31, 2004. |
Aeropostale Inc. |
Charming Shoppes
Inc. |
Pacific Sunwear of California Inc. |
||||||||
Ann Taylor
Stores Corp. |
Chicos Fas
Inc. |
Shoe Carnival Inc. |
||||||||
Buckle
Inc. |
Christopher &
Banks Corp. |
Stage Stores Inc. |
||||||||
Cache
Inc. |
Dress Barn
Inc. |
United Retail Group Inc. |
||||||||
Charlotte
Russe Holding Inc. |
Gymboree
Corp. |
Aeropostale Inc. |
Chicos Fas
Inc. |
Pacific Sunwear of California Inc. |
||||||||
Bebe
Stores, Inc. |
Christopher &
Banks Corp. |
Shoe Carnival Inc. |
||||||||
Buckle
Inc. |
Coldwater Creek
Inc. |
Stage Stores Inc. |
||||||||
Cache
Inc. |
Dress Barn
Inc. |
Wet Seal Inc. |
||||||||
Charlotte
Russe Holding Inc. |
Gymboree
Corp. |
|||||||||
Charming
Shoppes Inc. |
New York &
Company Inc. |
1 |
The 8% growth target for 2007 reflected that 2006 contained 53 weeks compared to 52 weeks in 2007. |
2 |
The Company historically has established net income annual growth targets of 10% per year. |
3 |
Within the 2006 peer group, the Companys five-year annualized total shareholder return from 2001 through 2005 was between the median and 75th percentile. |
|
Promote retention through the five-year vesting schedule and full-value nature of the equity award; |
|
Promote ownership and long-term capital accumulation with full-value stock awards; |
|
Incent financial performance to promote share price appreciation; and |
|
Facilitate improved market-competitive total direct compensation by adding an equity component to the NEO target total cash compensation. |
4 |
For LTI purposes, 2006 net income was adjusted for the impact of the 53rd week and several unusual one-time items in 2006. |
Name and Principal Position |
Year |
Salary ($) |
Bonus ($) |
(1),(3) Stock Awards ($) |
(2),(3) Option Awards ($) |
(4) Non-Equity Incentive Plan Compensation ($) |
(5) All Other Compensation ($) |
Total ($) |
||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
John P. D. Cato
|
2008 | 993,750 | | 666,704 | | 885,000 | 9,730 | 2,555,184 | ||||||||||||||||||||||||||
Chairman,
President & |
2007 | 962,496 | | 504,331 | | | 9,604 | 1,476,431 | ||||||||||||||||||||||||||
Chief Executive
Officer |
2006 | 912,500 | | 292,340 | | 1,387,500 | 17,461 | 2,609,801 | ||||||||||||||||||||||||||
John R. Howe (6)
|
2008 | 197,500 | | 24,795 | | 79,650 | 7,417 | 309,362 | ||||||||||||||||||||||||||
Executive Vice
President |
||||||||||||||||||||||||||||||||||
Chief Financial
Officer |
||||||||||||||||||||||||||||||||||
Thomas W. Stoltz
(7) |
2008 | 58,356 | | 49,750 | | | 90 | 108,196 | ||||||||||||||||||||||||||
Executive Vice
President |
2007 | 257,499 | | 54,550 | | | 43,995 | 356,044 | ||||||||||||||||||||||||||
Chief Financial
Officer |
2006 | 40,064 | 90,000 | 9,517 | | | | 139,581 | ||||||||||||||||||||||||||
B. Allen
Weinstein |
2008 | 559,375 | | 190,031 | | 236,460 | 8,223 | 994,089 | ||||||||||||||||||||||||||
Executive Vice
President |
2007 | 543,747 | | 144,095 | | | 10,432 | 698,274 | ||||||||||||||||||||||||||
Chief
Merchandising Officer |
2006 | 518,750 | | 83,526 | | 393,750 | 18,289 | 1,014,315 | ||||||||||||||||||||||||||
Howard Severson
|
2008 | 302,250 | | 76,397 | | 121,068 | 10,558 | 510,273 | ||||||||||||||||||||||||||
Executive Vice
President |
2007 | 295,249 | | 58,463 | | | 10,432 | 364,144 | ||||||||||||||||||||||||||
Chief Real
Estate & Store |
2006 | 288,500 | | 33,890 | | 187,000 | 16,061 | 525,451 | ||||||||||||||||||||||||||
Development
Officer |
||||||||||||||||||||||||||||||||||
Tim Greer
|
2008 | 272,500 | | 67,408 | 12,669 | 121,688 | 8,722 | 482,987 | ||||||||||||||||||||||||||
Executive Vice
President |
2007 | 261,249 | | 64,128 | | | 8,596 | 333,973 | ||||||||||||||||||||||||||
Director of
Stores |
2006 | 237,500 | | 29,829 | | 187,500 | 14,673 | 469,502 |
(6) |
Mr. Howe temporarily served as the Principal Financial officer of the Company, beginning on April 18, 2008, until he was named Chief Financial Officer on September 1, 2008. |
(7) |
Mr. Stoltzs date of hire was December 4, 2006. Mr. Stoltz resigned as Chief Financial Officer of the Company effective April 18, 2008. |
Name |
401(k) Matching Contributions ($) |
ESOP Contributions ($) |
Imputed Group Term Life Insurance Costs ($) |
Relocation Assistance ($) |
Total Other Compensation ($) |
|||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mr. Cato
|
8,182 | | 1,548 | | 9,730 | |||||||||||||||||
Mr. Howe
|
6,877 | | 540 | | 7,417 | |||||||||||||||||
Mr. Stoltz
|
| | 90 | | 90 | |||||||||||||||||
Mr. Weinstein
|
5,847 | | 2,376 | | 8,223 | |||||||||||||||||
Mr. Severson
|
8,182 | | 2,376 | | 10,558 | |||||||||||||||||
Mr. Greer
|
8,182 | | 540 | | 8,722 |
Estimated Future Payouts Under Equity Incentive Plan Awards |
||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Name |
Grant Date |
Threshold (#) |
Target (#) |
Maximum (#) |
(1) Grant Date Fair Value of Stock and Option Awards ($) |
|||||||||||||||||
John P. D.
Cato |
5/1/2008 | 0 | 41,439 | 41,439 | 691,203 | |||||||||||||||||
Chairman,
President & |
||||||||||||||||||||||
Chief
Executive Officer |
||||||||||||||||||||||
John R. Howe
(2) |
5/1/2008 | 0 | 1,328 | 1,328 | 22,151 | |||||||||||||||||
Executive
Vice President |
9/1/2008 | 0 | 5,000 | 5,000 | 88,050 | |||||||||||||||||
Chief
Financial Officer |
||||||||||||||||||||||
B. Allen
Weinstein |
5/1/2008 | 0 | 11,688 | 11,688 | 194,956 | |||||||||||||||||
Executive
Vice President |
||||||||||||||||||||||
Chief
Merchandising Officer |
||||||||||||||||||||||
Howard
Severson |
5/1/2008 | 0 | 4,508 | 4,508 | 75,193 | |||||||||||||||||
Executive
Vice President |
||||||||||||||||||||||
Chief Real
Estate & Store |
||||||||||||||||||||||
Development
Officer |
||||||||||||||||||||||
Tim Greer
|
5/1/2008 | 0 | 4,022 | 4,022 | 67,087 | |||||||||||||||||
Executive
Vice President |
||||||||||||||||||||||
Director of
Stores |
(1) |
For Messrs. Cato, Howe, Weinstein, Severson, and Greer the fair
market value computed per FAS 123(R) of the Companys stock on the grant date of May 1, 2008 as traded on the New York Stock Exchange determined
by averaging the high of the day ($17.24) and the low of the day ($16.12). |
(2) |
For Mr. Howe September 1, 2008 grant, the fair market value computed per FAS 123(R) of the Companys stock as of August 28, 2008, the last trading day prior to the grant date, as traded on the New York Stock Exchange determined by averaging the high of the day ($18.01) and the low of the day ($17.21). |
Option Awards |
Stock Awards |
||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Name |
Number of Securities Underlying Options (#) Exercisable |
Number of Securities Underlying Unexercised Options (#) Unexercisable |
Option Exercise Price ($) |
Option Expiration Date |
(1) Number of Shares or Units of Stock That Have Not Vested (#) |
(2) Market Value of Shares or Units of Stock That Have Not Vested ($) |
|||||||||||||||||||||
John P. D.
Cato |
| | | | 130,336 | 1,724,345 | |||||||||||||||||||||
Chairman,
President & |
|||||||||||||||||||||||||||
Chief
Executive Officer |
|||||||||||||||||||||||||||
John R. Howe
|
4,500 | | 8.83 | 08/28/09 | 8,617 | 114,003 | |||||||||||||||||||||
Executive
Vice President |
4,500 | | 8.19 | 11/01/09 | |||||||||||||||||||||||
Chief
Financial Officer |
|||||||||||||||||||||||||||
B. Allen
Weinstein, Chief |
| | | | 37,087 | 490,661 | |||||||||||||||||||||
Executive
Vice President |
|||||||||||||||||||||||||||
Chief
Merchandising Officer |
|||||||||||||||||||||||||||
Howard
Severson |
| | | | 14,813 | 195,976 | |||||||||||||||||||||
Executive
Vice President |
|||||||||||||||||||||||||||
Chief Real
Estate & Store |
|||||||||||||||||||||||||||
Development
Officer |
|||||||||||||||||||||||||||
Tim Greer (3)
|
3,000 | 3,000 | 14.19 | 02/01/14 | 13,093 | 173,220 | |||||||||||||||||||||
Executive
Vice President |
|||||||||||||||||||||||||||
Director of
Stores |
(1) |
All stock awards shown are restricted stock grants and are Class A common stock. |
(2) |
The closing market value of the Companys stock was $13.23 on the last trading day of the fiscal year, January 30, 2009. |
(3) |
Mr. Greers grant of 15,000 options vested ratably over five years on the anniversary of the original grant date of February 1, 2004. Therefore, 3,000 options vested February 1, 2008 and the remaining 3,000 options vested on February 1, 2009. |
Option Awards |
Stock Awards |
||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Name |
Number of Shares Acquired on Exercise (#) |
Value Realized on Exercise ($) |
Number of Shares Acquired on Vesting (#) |
Value Realized on Vesting ($) |
|||||||||||||||
John P. D.
Cato |
| | | | |||||||||||||||
Chairman,
President & |
|||||||||||||||||||
Chief
Executive Officer |
|||||||||||||||||||
John R. Howe
(1) |
7,500 | 68,400 | | | |||||||||||||||
Executive
Vice President |
|||||||||||||||||||
Chief
Financial Officer |
|||||||||||||||||||
B. Allen
Weinstein, Chief |
| | | | |||||||||||||||
Executive
Vice President |
|||||||||||||||||||
Chief
Merchandising Officer |
|||||||||||||||||||
Howard
Severson |
| | | | |||||||||||||||
Executive
Vice President |
|||||||||||||||||||
Chief Real
Estate & Store |
|||||||||||||||||||
Development
Officer |
|||||||||||||||||||
Tim Greer
|
| | | | |||||||||||||||
Executive
Vice President |
|||||||||||||||||||
Director of
Stores |
(1) |
On July 25, 2008 Mr. Howe exercised options to purchase 7,500 shares granted in 1998 with an exercise price of $8.96. Of the 7,500 shares issued on exercise, 2,500 shares were at a market price of $18.00 and 5,000 shares were at a market price of $18.12. |
Name |
Fees Earned or Paid in Cash ($) |
(1),(2) Stock Awards ($) |
Total ($) |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Robert W.
Bradshaw, Jr. |
51,667 | 3,927 | 55,594 | |||||||||||
George S.
Currin |
51,500 | 3,927 | 55,427 | |||||||||||
William H.
Grigg |
48,667 | 3,927 | 52,594 | |||||||||||
Grant L.
Hamrick |
58,667 | 3,927 | 62,594 | |||||||||||
James H. Shaw
|
48,667 | 3,927 | 52,594 | |||||||||||
A.F. (Pete)
Sloan |
54,167 | 3,927 | 58,094 | |||||||||||
D. Harding
Stowe |
52,000 | 3,927 | 55,927 |
(1) |
All stock awards shown are restricted stock grants of Class A Common Stock |
(2) |
For each director, the dollar amount recognized for financial statement reporting purposes with respect to the year ending January 31, 2009 in accordance with FAS 123R for restricted stock grants awarded June 1, 2008. |
Fiscal Year Ended January 31, 2009 |
Fiscal Year Ended February 2, 2008 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|
Audit Fees (1)
|
$ | 477,000 | $ | 550,000 | ||||||
Audit Related
Fees (2) |
33,545 | | ||||||||
Tax Fees (3)
|
90,142 | 83,500 | ||||||||
All Other Fees
|
| | ||||||||
$ | 600,687 | $ | 633,500 |
(1) |
Audit Fees represent fees for professional services rendered by PricewaterhouseCoopers LLP for the audit of our annual financial statements included in our Annual Reports on Form 10-K, the review of financial statements included in our Quarterly Reports on Form 10-Q and any services normally provided by PricewaterhouseCoopers LLP in connection with statutory and regulatory filings or engagements. |
(2) |
Audit-Related Fees represent fees for assurance and related services by PricewaterhouseCoopers LLP that are reasonably related to the performance of the audit or review of our financial statements and are not reported under Audit Fees. Consists of audits of employee benefit plans, subsidiaries, and expenses related thereto. |
(3) |
Tax Fees represent fees for professional services rendered by PricewaterhouseCoopers LLP for tax compliance related to the filing of the Companys federal income tax return, tax advice and tax planning related to state and local tax. |
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