8VLQJ7KH00%XWWRQV,Q0XWH*URXSV0RGH
+RZ7R6HW8S$0XWH*URXS
0DNHVXUHWKDWWKHFRQVROHLVLQ´0XWH*URXSµPRGHVHH´6ZLWFKLQJEHWZHHQ0XWH6FHQHV0RGHDQG0XWH*URXSV0RGHµ
RQSDJH7KHFRQVROHVKRXOGEHLQWKLVPRGHZKHQLWOHDYHVWKHIDFWRU\
7RVHWXSD0XWH*URXS\RXFDQEHLQHLWKHU35(9,(:RU$&7,9(PRGH6HOHFWWKHPXWHVUHTXLUHGLQWKHPXWHJURXS
E\SUHVVLQJWKH DSSURSULDWH&87VZLWFKHV,ILQSUHYLHZPRGHWKLVZLOOFDXVHWKH3UHYLHZ/('WRVWDUWIODVKLQJDVDQ
LQGLFDWLRQRIVHOHFWLRQ7KHFKDQQHODXGLRZLOOQRWEHDIIHFWHG
7RVWRUHWKHVHPXWHVDV0XWH*URXS\RXVKRXOGKROGGRZQWKH6725(EXWWRQDQGSUHVVWKH0EXWWRQ7KH6WRUH
RSHUDWLRQGRHVQRWQHHGWREHFRQILUPHG6LPLODUO\LI\RXZDQWWRDVVLJQWKHDFWLYHPXWHVDV0XWH*URXS\RXVKRXOGKROG
GRZQWKH6725(EXWWRQDQGSUHVVWKH0EXWWRQ7KLVSULQFLSDODSSOLHVWRDVVLJQLQJPXWHVWRDQ\RIWKHEXWWRQV00
1%(DFKLQGLYLGXDOPXWHPD\EHORQJWRRQHRUPRUH0XWH*URXSV$OWHUQDWLYHO\\RXPD\FKRRVHQRWWRDVVLJQDSDUWLFXODU
PXWHWRDQ\JURXSVDWDOO
8VLQJ7KH0XWH*URXSV
2QFHPXWHJURXSVKDYHEHHQDVVLJQHGDVGHVFULEHGDERYHWKH\FDQEHFKHFNHGLIUHTXLUHGE\VHOHFWLQJ3UHYLHZPRGH
DQGWKHQSUHVVLQJWKH00EXWWRQV7KH3UHYLHZ/('VZLOOIODVKWRFRQILUPZKLFKFKDQQHOVDUHDVVLJQHGWRWKHVHOHFWHG
PXWHJURXS7RXVHWKHPXWHJURXSVGXULQJWKHSHUIRUPDQFHVHOHFW$FWLYHPRGHDJDLQ
2SHUDWLQJWKH00EXWWRQVQRZZLOOFDXVHWKHVHOHFWHGFKDQQHOVWR&873UHYLHZPRGHFDQEHUHHQWHUHGDWDQ\
WLPHGXULQJWKHSHUIRUPDQFHIRUFKHFNLQJSXUSRVHV
+RZ0XWH*URXSV%HKDYH,Q3UDFWLFH
(DFKRIWKHEXWWRQV00ZLOOEHLOOXPLQDWHGZKHQWKDWJURXSLVDFWLYH3UHVVLQJRQHRIWKHEXWWRQV00WRVHOHFWD
0XWH*URXSZLOOPXWHDOOFKDQQHOVDVVLJQHGWRWKDWJUR XS3UHVVLQJ00WRGHDFWLYDWHWKHJURXSZLOOXQPXWHWKHDVVLJQHG
FKDQQHOV,IPRUHWKDQRQHPXWH*URXSLVVHOHFWHGDWDWLPHWKHUHVXOWZLOOEHD´OD\HULQJµRU´DGGLWLYHµHIIHFW
,QDGGLWLRQFKDQQHO&87VFDQVWLOOEHXQPXWHGORFDOO\DIWHUWKH\KDYHEHHQFXWE\D0XWH*URXS
0XWH*URXSV6FHQH5HFD OO
7KH6FHQHVHWV\VWHPLIXVHGWDNHVSULRULW\RYHUWKH0XWH*URXSV\VWHP:KHQD0XWH6FHQHLVUHFDOOHGE\VHOHFWLQJRQH
RIWKHVFHQHVDQGSUHVVLQJWKH5(&$//EXWWRQDQ\0XWH*URXSVZKLFKDUHDFWLYHDWWKHWLPHDUHGHDFWLYDWHG7KLV
DOVRDSSOLHVLIWKH0XWH6FHQHLVUHFDOOHGE\DQLQFRPLQJ0,',3URJUDP&KD QJHPHVVDJH
2QFHDVFHQHKDVEHHQUHFDOOHGKRZHYHU0XWH*URXSVFD QWKHQEHDFWLYDWHGDQGZLOODSSHDUWR´OD\HUµRQWRSRIWKH
H[LVWLQJVFHQH
0XWH*URXSVDQG3URJUDP&KDQJH0HVVDJHV
1RWHWKDWSURJUDPFKDQJHVFDQQRWEHVWRUHGRUUHFDOOHGIURPWKH00EXWWRQVZKHQLQ0XWH*URXS0RGH,ISURJUDP
FKDQJHVDUHUHTXLUHGDVFHQHPXVWEHUHFDOOHGXVLQJWKHVHJPHQWGLVSOD\RUWKH00EXWWRQVPXVWEHVZLWFKHGWR
0XWH6FHQHVPRGH
.$XWRPDWLRQ