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910 Clopper Road, Suite 220N
Gaithersburg, MD 20878 ph: 240-632-0740 fx: 240-632-0735 www.genvec.com |
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| | | | Very truly yours, | |
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/s/ Douglas J. Swirsky
Douglas J. Swirsky
President and Chief Executive Officer |
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| | | | By Order of the Board of Directors | |
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/s/ Douglas J. Swirsky
Douglas J. Swirsky
President and Chief Executive Officer Gaithersburg, Maryland September 12, 2016 |
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Director Nominees
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Position with Company
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William N. Kelley, M.D. | | | Director | |
Quinterol J. Mallette, M.D. | | | Director | |
Continuing Directors
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Position(s) with Company
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Year Current Term Expires
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Stefan D. Loren, Ph.D. | | |
Director
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2017
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Marc R. Schneebaum | | |
Director
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2017
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Wayne T. Hockmeyer, Ph.D | | |
Chairman of the Board of Directors
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2018
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Douglas J. Swirsky | | |
President, Chief Executive Officer and Director
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2018
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Michael Richman | | |
Director
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2018
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Name
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Age
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Position
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Directors whose terms expire at the Annual Meeting
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William N. Kelley, M.D.(2)(3)
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77
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| | Director (nominee) | |
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Quinterol J. Mallette, M.D.(1)
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41
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| | Director (nominee) | |
| Continuing Directors whose terms expire in 2017 | | | | ||||
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Stefan D. Loren, Ph.D.(1)(3)
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52
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| | Director | |
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Marc R. Schneebaum(1)(2)
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62
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| | Director | |
| Continuing Directors whose terms expire in 2018 | | | | ||||
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Wayne T. Hockmeyer, Ph.D.(2)(3)
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71
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| | Chairman of the Board of Directors | |
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Douglas J. Swirsky
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46
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President, Chief Executive Officer and Director
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Michael Richman
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55
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| | Director | |
Name(1)
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Fees Earned or
Paid in Cash(2) ($) |
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Option Awards
($) |
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Total
($) |
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Wayne T. Hockmeyer, Ph.D.
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| | | $ | 60,000 | | | | | $ | 36,364(3) | | | | | $ | 96,364 | | |
William N. Kelley, M.D.
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| | | $ | 60,000 | | | | | $ | 24,243(3) | | | | | $ | 84,243 | | |
Marc R. Schneebaum
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| | | $ | 60,000 | | | | | $ | 24,243(3) | | | | | $ | 84,243 | | |
Stefan D. Loren, Ph.D.
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| | | $ | 60,000 | | | | | $ | 24,243(3) | | | | | $ | 84,243 | | |
Quinterol J. Mallette, M.D.
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| | | $ | 60,000 | | | | | $ | 24,243(3) | | | | | $ | 84,243 | | |
Michael Richman(4)
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| | | $ | 41,538(4) | | | | | $ | 72,540(3) | | | | | $ | 114,078 | | |
Name(1)
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Total
(#) |
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Vested
(#) |
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Unvested
(#) |
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Wayne T. Hockmeyer, Ph.D.
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| | | | 69,000 | | | | | | 46,500 | | | | | | 22,500 | | |
William N. Kelley, M.D.
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| | | | 54,000 | | | | | | 39,000 | | | | | | 15,000 | | |
Marc R. Schneebaum
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| | | | 54,500 | | | | | | 39,500 | | | | | | 15,000 | | |
Stefan D. Loren, Ph.D.
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| | | | 65,000 | | | | | | 40,000 | | | | | | 25,000 | | |
Quinterol J. Mallette, M.D.
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| | | | 50,000 | | | | | | 20,000 | | | | | | 30,000 | | |
Michael Richman(2)
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| | | | 35,000 | | | | | | — | | | | | | 35,000 | | |
Name and Principal Position
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Year
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| |
Salary
($) |
| |
Option
Awards ($)(1) |
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Non-Equity
Incentive Plan Compensation ($)(2) |
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All Other
Compensation ($)(3) |
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Total
($) |
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Douglas J. Swirsky,
Chief Executive Officer |
| | | | 2015 | | | | | | 425,000 | | | | | | 482,730 | | | | | | 127,500 | | | | | | 6,625 | | | | | | 1,041,855 | | |
| | | 2014 | | | | | | 375,000 | | | | | | 232,899 | | | | | | 140,625 | | | | | | 6,500 | | | | | | 755,024 | | | ||
Douglas E. Brough,
Chief Scientific Officer |
| | | | 2015 | | | | | | 310,650 | | | | | | 217,229 | | | | | | 67,100 | | | | | | 6,625 | | | | | | 601,604 | | |
| | | 2014 | | | | | | 310,650 | | | | | | 155,266 | | | | | | 75,000 | | | | | | 6,500 | | | | | | 547,416 | | | ||
Bryan T. Butman,
Senior Vice President, Development |
| | | | 2015 | | | | | | 285,000 | | | | | | 144,819 | | | | | | 51,300 | | | | | | 6,625 | | | | | | 487,744 | | |
| | | 2014 | | | | | | 278,060 | | | | | | 124,213 | | | | | | 62,564 | | | | | | 6,500 | | | | | | 471,337 | | |
| Hearing Program | | | Shelf life extension; tech transfer; pass Audit (weighted 20%) | |
| Business Development | | | Enter new license agreements for technology or product program (weighted 30%) | |
| Enterovirus Program | | | Advance discovery to lead design (weighted 10%) | |
| Malaria Program | | | Expand collaborations to advance the program (weighted 10%) | |
| Therapeutic Program | | | Establish academic collaboration to advance the program (weighted 5%) | |
| NOL Considerations | | | Assess net operating loss carryforwards (weighted 10%) | |
| Investor Relations | | | Institutional investor outreach (weighted 5%) | |
| Financial Goals | | | Manage operations to end 2015 with at least $8 million in cash and investments (weighted 10%) | |
Named Executive Officer
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Target
Award ($) |
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Corporate
Goals (%) |
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Individual
Goals (%) |
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Corporate
Goals Achieved (%) |
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Individual
Goals Achieved (%) |
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% of
Target Award (%) |
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Dollar
Amount ($) |
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President & CEO
|
| | | | 212,500 | | | | | | 100 | | | | | | n/a | | | | | | 60 | | | | | | n/a | | | | | | 60 | | | | | | 127,500 | | |
Chief Scientific Officer
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| | | | 93,195 | | | | | | 70 | | | | | | 30 | | | | | | 60 | | | | | | 100 | | | | | | 72 | | | | | | 67,100 | | |
SVP, Development
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| | | | 85,500 | | | | | | 70 | | | | | | 30 | | | | | | 60 | | | | | | 60 | | | | | | 60 | | | | | | 51,300 | | |
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Option Awards
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Name
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Number of
Securities Underlying Unexercised Options Exercisable (#)(1) |
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Number of
Securities Underlying Unexercised Options Unexercisable (#)(1)(2) |
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Option
Exercise Price ($)(1) |
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Option
Expiration Date |
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Douglas J. Swirsky
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| | | | 30,000 | | | | | | — | | | | | | 11.30 | | | | | | 9/18/2016 | | |
| | | 3,000 | | | | | | — | | | | | | 26.10 | | | | | | 1/18/2017 | | | ||
| | | 15,000 | | | | | | — | | | | | | 17.90 | | | | | | 1/16/2018 | | | ||
| | | 22,500 | | | | | | — | | | | | | 4.10 | | | | | | 1/22/2019 | | | ||
| | | 15,000 | | | | | | — | | | | | | 22.00 | | | | | | 1/20/2020 | | | ||
| | | 20,000 | | | | | | — | | | | | | 5.70 | | | | | | 1/19/2021 | | | ||
| | | 58,750 | | | | | | 1,250 | | | | | | 2.49 | | | | | | 1/18/2022 | | | ||
| | | 91,145 | | | | | | 33,855 | | | | | | 1.56 | | | | | | 1/22/2023 | | | ||
| | | 35,937 | | | | | | 39,063 | | | | | | 3.96 | | | | | | 1/23/2024 | | | ||
| | | 45,833 | | | | | | 154,167 | | | | | | 2.97 | | | | | | 1/16/2025 | | | ||
Douglas E. Brough
|
| | | | 2,500 | | | | | | — | | | | | | 16.90 | | | | | | 1/18/2016 | | |
| | | 4,000 | | | | | | — | | | | | | 26.10 | | | | | | 1/18/2017 | | | ||
| | | 2,500 | | | | | | — | | | | | | 17.90 | | | | | | 1/16/2018 | | | ||
| | | 4,000 | | | | | | — | | | | | | 21.80 | | | | | | 4/16/2018 | | | ||
| | | 4,000 | | | | | | — | | | | | | 4.10 | | | | | | 1/22/2019 | | | ||
| | | 12,500 | | | | | | — | | | | | | 22.00 | | | | | | 1/20/2020 | | | ||
| | | 3,500 | | | | | | — | | | | | | 17.90 | | | | | | 2/1/2020 | | | ||
| | | 20,000 | | | | | | — | | | | | | 5.70 | | | | | | 1/19/2021 | | | ||
| | | 73,437 | | | | | | 1,563 | | | | | | 2.49 | | | | | | 1/18/2022 | | | ||
| | | 61,979 | | | | | | 23,021 | | | | | | 1.56 | | | | | | 1/22/2023 | | | ||
| | | 23,958 | | | | | | 26,042 | | | | | | 3.96 | | | | | | 1/23/2024 | | | ||
| | | 20,625 | | | | | | 69,375 | | | | | | 2.97 | | | | | | 1/16/2025 | | | ||
Bryan T. Butman
|
| | | | 7,500 | | | | | | — | | | | | | 16.90 | | | | | | 1/18/2016 | | |
| | | 7,500 | | | | | | — | | | | | | 26.10 | | | | | | 1/18/2017 | | | ||
| | | 17,500 | | | | | | — | | | | | | 17.90 | | | | | | 1/16/2018 | | | ||
| | | 22,500 | | | | | | — | | | | | | 4.10 | | | | | | 1/22/2019 | | | ||
| | | 15,000 | | | | | | — | | | | | | 22.00 | | | | | | 1/20/2020 | | | ||
| | | 20,000 | | | | | | — | | | | | | 5.70 | | | | | | 1/19/2021 | | | ||
| | | 58,750 | | | | | | 1,250 | | | | | | 2.49 | | | | | | 1/18/2022 | | | ||
| | | 54,687 | | | | | | 20,313 | | | | | | 1.56 | | | | | | 1/22/2023 | | | ||
| | | 19,166 | | | | | | 20,834 | | | | | | 3.96 | | | | | | 1/23/2024 | | | ||
| | | 13,750 | | | | | | 46,250 | | | | | | 2.97 | | | | | | 1/16/2025 | | |
| | |
Before
Reverse Stock Split |
| |
After Reverse Stock Split
|
| ||||||||||||||||||
|
1-for-3
|
| |
1-for-7
|
| |
1-for-10
|
| |||||||||||||||||
Common Stock Authorized
|
| | | | 55,000,000 | | | | | | 55,000,000 | | | | | | 55,000,000 | | | | | | 55,000,000 | | |
Preferred Stock Authorized
|
| | | | 5,000,000 | | | | | | 5,000,000 | | | | | | 5,000,000 | | | | | | 5,000,000 | | |
Common Stock Outstanding
|
| | | | 22,736,316 | | | | | | 7,578,772 | | | | | | 3,248,045 | | | | | | 2,273,631 | | |
Common Stock Underlying Options and Warrants
|
| | | | 7,284,947 | | | | | | 2,428,315 | | | | | | 1,040,706 | | | | | | 728,494 | | |
Common Stock Available for Grant under Company
Incentive Plans |
| | | | 1,087,788 | | | | | | 362,596 | | | | | | 155,398 | | | | | | 108,778 | | |
Total Common Stock Authorized but Unreserved
|
| | | | 23,890,949 | | | | | | 44,630,317 | | | | | | 50,555,851 | | | | | | 51,889,097 | | |
Fee Category
|
| |
2015
|
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2014
|
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Audit Fees
|
| | | | 109,725 | | | | | | 143,326 | | |
Audit-Related Fees
|
| | | | 70,000 | | | | | | 149,531 | | |
Tax Fees
|
| | | | — | | | | | | — | | |
All Other Fees
|
| | | | — | | | | | | 722 | | |
Total | | | | | 179,725 | | | | | | 293,579 | | |
|
Name of Beneficial Owner(1)
|
| |
Total Number of Shares
Beneficially Owned |
| |
% of Class Owned
|
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Beneficial Owner of More than 5% of the Outstanding Common Stock:
|
| | | ||||||||||
Sabby Healthcare Master Fund, Ltd.(2)
|
| | | | 2,188,780 | | | | | | 9.6% | | |
Frigate Ventures LP(3)
|
| | | | 1,367,988 | | | | | | 6.0% | | |
Intracoastal Capital LLC(4)
|
| | |
|
1,346,799
|
| | | |
|
5.9%
|
| |
Steven T. Newby(5)
|
| | | | 1,317,600 | | | | | | 5.8% | | |
Laurence T. Lytton(6)
|
| | | | 1,300,954 | | | | | | 5.7% | | |
Cormorant Global Healthcare Master Fund, LP(7)
|
| | | | 1,176,235 | | | | | | 5.2% | | |
Directors and Named Executive Officers: | | | | ||||||||||
Wayne T. Hockmeyer, Ph.D.
|
| | | | 123,000 | | | | | | * | | |
William N. Kelley, Ph.D.
|
| | | | 113,000 | | | | | | * | | |
Marc R. Schneebaum
|
| | | | 115,000 | | | | | | * | | |
Stefan D. Loren, Ph.D.
|
| | | | 50,000 | | | | | | * | | |
Quinterol J. Mallette, M.D.
|
| | | | 20,000 | | | | | | * | | |
Michael Richman
|
| | | | 5,000 | | | | | | * | | |
Douglas J. Swirsky
|
| | | | 664,250 | | | | | | 2.9% | | |
Douglas E. Brough, Ph.D.
|
| | | | 415,620 | | | | | | 1.8% | | |
Bryan T. Butman, Ph.D.
|
| | | | 347,947 | | | | | | 1.5% | | |
All directors and executive officers as a group (10 persons)
|
| | | | 1,940,800 | | | | | | 8.1% | | |
| | | | By Order of the Board of Directors | |
| | | |
/s/ Douglas J. Swirsky
Douglas J. Swirsky
President and Chief Executive Officer |
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| | | | GENVEC, INC. | |
| | | | By: | |
| | | | Name: | |
| | | | Title: | |
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☐
For All Nominees
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☐
Withhold Authority
For All Nominees
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☐
For All Except
(see instruction below)
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FOR
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AGAINST
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ABSTAIN
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☐
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☐
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☐
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FOR
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AGAINST
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ABSTAIN
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☐
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☐
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☐
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| | Signature 1 — Please keep signature within the box | | | | Signature 2 — Please keep signature within the box | | | | Date (mm/dd/yyyy) |
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