Florida
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000-28331
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84-1047159
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(State of Incorporation or Organization)
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(Commission File Number)
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I.R.S. Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of Class of Securities.
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Trading Symbol(s).
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Name of exchange on which registered
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N/A
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N/A
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N/A
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Item 8.01
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Other Events.
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EXHIBIT NUMBER
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EXHIBIT DESCRIPTION
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10.1
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Audit Committee Charter
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10.2
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Compensation and Nominating Committee Charter
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1-To select, retain, compensate, oversee, and terminate, if necessary, the Independent Auditors engaged for the purpose of
preparing or issuing an audit report or performing other audit, review, or attest services for the Company;
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2-To select, retain, compensate, oversee, and terminate, if necessary, any other registered public accounting firm engaged for
the purpose of preparing or issuing an audit report or performing other audit, review, or attest services for the Company;
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3-To obtain and review annually a report by the Independent Auditors describing: (a) the firm's internal quality-control
procedures; and (b) any material issues raised by the most recent internal quality-control review or peer review or Public Company Accounting Oversight Board review or inspection of the firm or by any other inquiry or investigation by
governmental or professional authorities within the preceding five years regarding one or more independent audits carried out by the firm, and any steps taken to deal with any such issues;
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4-To review and discuss with the Independent Auditors the auditors' evaluation of the Company's identification of, accounting
for, and disclosure of its relationships and transactions with related parties, including any significant matters arising from the audit regarding the Company's relationships and transactions with related parties;
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5-To review and discuss annually with the Independent Auditors the written report from the Independent Auditors concerning any
relationship between the Independent Auditors and the Company or any of its subsidiaries or any other relationships that may adversely affect the independence of the Independent Auditors, and, based on such review, assesses the independence
of the Independent Auditors;
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6-To review and discuss with the Company's Independent Auditors any other matters required to be discussed by PCAOB Auditing
Standards No. 16, Communications with Audit Committees, including, without limitation, the Independent Auditors' evaluation of the quality, not just the acceptability, of the Company's financial reporting, information relating to significant
unusual transactions, and the business rationale for such transactions and the Independent Auditors' evaluation of the Company's ability to continue as a going concern;
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7-To pre-approve all audit and permitted non-audit and tax services that may be provided by the Company's Independent Auditors
or other registered public accounting firms, and establish policies and procedures for the review and pre-approval by the Committee of all auditing services and permissible non-audit services (including the fees and terms thereof) to be
performed by the Independent Auditors or other registered public accounting firms on an on-going basis;
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8-To review and discuss with the Company's Independent Auditors: (a) all critical accounting principles and practices and
financial statement presentation, including any significant changes in the Company's selection or application of such accounting principles, to be used in the audit; (b) all alternative accounting treatments of financial information within
general accepted accounting principles ("GAAP") that have been discussed with management, including the ramifications of the use of the alternative treatments and the treatment preferred by the Independent Auditors; and (c) any significant
financial reporting issues and judgments made in connection with the preparation of the Company's financial statements; and (d) other material written communications between the Independent Auditors and management;
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9-To review and discuss with the Company's management and the Independent Auditors: (a) earnings press releases, including the
financial information and business discussion included therein and its presentation and the use of any pro forma or adjusted non-GAAP information; (b) any financial information and earnings guidance provided to analysts and ratings agencies,
including the type of information to be disclosed and type of presentation to be made; (c) the unaudited quarterly or interim financial statements and the disclosure under the Management's Discussion and Analysis of Financial Condition and
Results of Operations ("MD&A") section to be included in the Company's Quarterly Report on Form 10-Q before the Form 10-Q is filed; and (d) the year-end audited financial statements, the form of audit opinion to be issued by the
Independent Auditors on the financial statements, and the disclosure under the MD&A section to be included in the Company's Annual Report on Form 10-K before the Form 10-K is filed;
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10-To recommend to the Board that the audited financial statements and the MD&A section be included in the Company's
Annual Report on Form 10-K and produce the Committee report, if and as required by the rules of the Securities and Exchange Commission, to be included in the Company's proxy statement;
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11-To review and discuss with the Independent Auditors: (a) the auditors' responsibilities under generally accepted auditing
standards and the responsibilities of management in the audit process; (b) the overall audit strategy; (c) its audit plans and procedures, including the general audit approach, scope, staffing, fees, and timing of the annual audit; (d) any
significant risks identified during the auditors' risk assessment procedures; (e) when completed, the results, including significant findings, of the annual audit and accompanying management letters; and (f) the results of the Independent
Auditors' procedures with respect to interim periods;
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12-To review and discuss with management and the Independent Auditors various topics and events that may have significant
financial impact on the Company or that are the subject of discussions between management and the Independent Auditors;
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13-To review and discuss with management the Company's major financial risk exposures and the steps management has taken to
monitor and control such exposures;
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14-To review, approve, and oversee any related-party transactions (as defined in Item 404 of Regulation S-K) and any other
potential conflict of interest situations on an ongoing basis, and to develop policies and procedures for the Committee's approval of related-party transactions;
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15-To review and discuss with management and the Independent Auditors: (a) the adequacy and effectiveness of the Company's
internal controls, including any significant deficiencies or material weaknesses in the design or operation of, and any significant changes in, the Company's internal controls, any special audit steps adopted in light of any material control
deficiencies, and any fraud involving management or other employees with a significant role in such internal controls; (b) disclosure relating to the Company's internal controls, the Independent Auditors' report, if and as required by the
rules of the Securities and Exchange Commission, on the effectiveness of the Company's internal control over financial reporting, and the required management certifications to be included in or attached as exhibits to the Company's Annual
Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable; (c) the Company's internal audit procedures, and (d) the adequacy and effectiveness of the Company's disclosure controls and procedures, and management reports thereon;
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16-To review annually with the Chief Financial Officer the scope of the internal audit program, and the performance of both
the internal audit group and the Independent Auditors in executing their plans and meeting their objectives;
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17-To review the use of auditors other than the Independent Auditors in cases such as management's request for second
opinions;
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18-To review matters related to the corporate compliance activities of the Company;
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19-To establish and oversee procedures for the receipt, retention, and treatment of complaints received by the Company
regarding accounting, internal accounting controls, or auditing matters, and the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters;
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20-To establish policies for the hiring of employees and former employees of the Independent Auditors;
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21-To review periodically with the Company's outside legal counsel any legal and regulatory matters, including legal cases
against or regulatory investigations of the Company and its subsidiaries, that could have a significant impact on the Company's financial statements, the Company's compliance with applicable laws and regulations, and any material reports or
inquiries received from regulators or governmental agencies;
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22-To obtain timely reports from management and the Company's counsel that the Company and its subsidiaries are in conformity
with applicable legal requirements and the Company's Code of Ethics, including disclosures of insider and affiliated party transactions;
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23-To advise the Board with respect to the Company's policies and procedures regarding compliance with applicable laws and
regulations and with the Company's Code of Ethics;
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24-To review and approve the Company's Code of Ethics, as it may be amended and updated from time to
time, ensure that management has implemented a compliance program to enforce such Code of Ethics (which shall include reporting of violations of the Code of Ethics to the Committee), monitor compliance with the Code of Ethics, and enforce the
provisions of the Code of Ethics;
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25-To review and investigate reported breaches or violations of the Company's Code of Ethics;
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26-To review and approve: (a) any change or waiver in the Company's Code of Ethics for principal executives and senior
financial officers; and (b) any disclosures made on Current Report Form 8-K regarding such change or waiver;
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27-When appropriate, to designate one or more Committee members to perform certain of its duties on its behalf, subject to
such reporting to or ratification by the Committee as the Committee shall direct; and
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28-To review and assess the adequacy of this Charter at least annually and recommend any proposed changes to the full Board
for approval.
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1-To assist the Board in determining the qualifications, qualities, skills, and other expertise required
to be a director;
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2-To assist in identifying, interviewing, and recruiting candidates for the Board, consistent with criteria approved by the
Board. The Committee shall consider any director candidates recommended by the Company's stockholders pursuant to the procedures described in the Company's proxy statement. The Committee shall also consider any nominations of director
candidates validly made by stockholders in accordance with applicable laws, rules, and regulations, and the provisions of the Company's charter documents;
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3-To review an incumbent, replacement, or additional director's qualifications, including capability, availability to serve,
conflicts of interest, and other relevant factors;
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4-To make annual recommendations to the Board regarding the selection and approval of the nominees for director to be
submitted to a stockholder vote at the annual meeting of stockholders, subject to approval by the Board;
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5-To make annual recommendations to the Board regarding the appointment to the committees of the Board (including this
Committee), subject to approval by the Board;
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6-To oversee the Company's corporate governance practices and procedures, including identifying best practices;
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7-To review and recommend to the Board for approval any changes to the documents, policies, and procedures in the Company's
corporate governance framework, including making recommendations about changes to the charters of other Board committees after consultation with the respective committee chairpersons;
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8-To develop, subject to approval by the Board, a process for an annual evaluation of the Board and its committees and to
oversee the conduct of this annual evaluation in order to facilitate the directors' fulfillment of their responsibilities in a manner that serves the interests of the Company's stockholders;
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9- To annually review the Board's committee structure and composition and to make recommendations to the Board regarding the
appointment of directors to serve as members of each committee and committee chairperson as needed;
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10-If a vacancy on the Board and/or any Board committee occurs, to identify and make recommendations to the Board regarding
the selection and approval of candidates to fill such vacancy either by stockholder election or appointment by the Board;
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11-To review and discuss with management disclosure of the Company's corporate governance practices, including information
regarding the operations of the Committee and other Board committees, director independence, and the director nomination process, and to recommend that this disclosure be, included in the Company's proxy statement or Annual Report on Form
10-K, as applicable;
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12-To review and assess the adequacy of this Charter at least annually and recommend any proposed changes to the full Board
for approval; and
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13-To assist the Chairman of the Board if the Chairman is a non-management director, or otherwise the Chairman of the
Committee acting as the Lead Independent Director, in leading the Board's annual review of the Chief Executive Officer's performance.
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