urt eporter - USTA.com

Report 16 Downloads 48 Views
& 5

*'

 

FNEN   

 

81,7('67$7(67(11,6$662&,$7,21 6287+($67(510,&+,*$1',675,&7

'9(14FNEEUEN#0&0&'4#0%6+10'&1740#/'06 2.#;9+..%*#0)'61^ 'XULQJWKH867$6HPL$QQXDO0HHWLQJKHOGGXULQJWKH 862SHQWKH1DWLRQDO2IILFHSDVVHGQHZUXOHVJRYHUQLQJ FRPSHWLWLRQIRUDQGXQGHUWHQQLVWRXUQDPHQWV7KHQHZ UXOHVUHTXLUHWKDWDQGXQGHUWRXUQDPHQWVEHSOD\HGXVLQJ WKH4XLFN6WDUWIRUPDWIHDWXULQJVORZHUPRYLQJDQGORZHU ERXQFLQJEDOOVRQVPDOOHUFRXUWVDQGXWLOL]LQJVKRUWHUOLJKWHUUDFTXHWV 7KLVPRYHIROORZVWKH,QWHUQDWLRQDO7HQQLV)HGHUDWLRQ¶VSURSRVHG UXOHFKDQJHDQGZLOOWDNHHIIHFWRQ-DQXDU\,W DSSOLHVWRDOO867$VDQFWLRQHGHYHQWVIRUFKLOGUHQDQGXQGHU 

7KHFRQFHSWRIXVLQJHTXLSPHQWDQGILHOGFRXUWVL]HVVFDOHGWR WKHVL]HRI\RXQJFKLOGUHQKDVEHHQLQSODFHLQ/LWWOH/HDJXH %DVHEDOODQGRWKHU\RXWKVSRUWVVXFKDVVRFFHUDQGEDVNHWEDOOIRU\HDUVDQGDOORZVNLGVWRDFKLHYHVXF FHVVWKHILUVWWLPHRXW²DQGVXVWDLQWKDWVXFFHVVDVWKH\FRQWLQXHWRGHYHORSDQGUHILQHWKHLUVNLOOV7KLV UXOHFKDQJHWRWKHFRPSHWLWLRQIRUPDWIRUNLGVDQGXQGHULVFULWLFDOWRWKHORQJWHUPJURZWKRIRXUVSRUW DQGXOWLPDWHO\ZLOOKHOSXVGHYHORSQHZJHQHUDWLRQVRISOD\HUVDQGFKDPSLRQV´VD\V.XUW.DPSHUPDQ &KLHI([HFXWLYH&RPPXQLW\7HQQLV867$  )RUSOD\HUVKHUHLQWKH0LGZHVW6HFWLRQWKHVSHFLILFDWLRQVIRUWKHUHYLVHGV\VWHPKROGWKDWDOOWRXUQD PHQWV /HYHOV IRUWKRVHDJHVEHSOD\HGRQIRRWFRXUWV IXOOVL]H XVLQJD³JUHHQGRW´ORZ FRPSUHVVLRQEDOODQGUHJXODWLRQQHWV IHHWDWFHQWHU 7KHUHZLOOEHDQHZ³/HYHO´WRXUQDPHQWZKLFK ZLOOEHSOD\HGRQDIRRWFRXUWXVLQJRUDQJHORZFRPSUHVVLRQWHQQLVEDOOV7RXUQDPHQWVIRUWKRVHDQG XQGHUDUHWREHSOD\HGRQIRRWFRXUWVXVLQJUHGIRDPEDOOVDQGQHWVDWDKHLJKWRIIHHWLQFKHV 

7KH6RXWKHDVW0LFKLJDQ'LVWULFW¶V-XQLRU&RPSHWLWLRQ&RPPLWWHHZLOOQRZPHHWWRGLVFXVVWKLVUXOH FKDQJHDQGGHWHUPLQHKRZWKH\SODQWRPRYHIRUZDUGWREHVWXWLOL]HWKH4XLFN6WDUWIRUPDWWRGHYHORS SOD\HUVDQGXQGHUORFDOO\:HZLOOFRQVLGHUPLUURULQJWKH0LGZHVW6HFWLRQE\DGGLQJDOHYHO  WRRXU 'LVWULFW7RXUQDPHQWVWUXFWXUHDQGHQKDQFHWKHFKDQJHWRLQFOXGH4XLFN6WDUWOHDJXHVDQGSRVVLEO\D 4XLFN6WDUW7RXUQDPHQW&LUFXLW 

:HDUHH[FLWHGDERXWWKLVFKDQJHLQ \RXWKWHQQLVDQGORRNIRUZDUGWRWKH EHQHILWVRXUSOD\HUVZLOOLQFXU:DWFKRXU QH[W6(07$³&RXUW5HSRUWHU´IRUDOOWKHQHZ IHDWXUHVRIDQGXQGHUWHQQLVLQ  )ROORZXVRQ

867$VHPLFKLJDQ

867$6RXWKHDVW0LFKLJDQ

,17+,6,668( 



867$-U7HDP7HQQLV  6HFWLRQDO&KDPSLRQVKLS5HVXOWV  6HDVRQ6HWWR%HJLQ 5HFUHDWLRQDO&RDFK:RUNVKRS6FKHGXOHG 867$$GXOW/HDJXH7HQQLV  1DWLRQDO&KDPSLRQVKLS7HDPV  6HFWLRQDO&KDPSLRQVKLS7HDPV  6HFWLRQDO&KDPSLRQVKLS6U7HDPV  'LVWULFW&KDPSLRQVKLS7HDPV  0L[HG'RXEOHV'LVWULFW&KDPSLRQV 1(7&KDPSLRQVKLS6HULHV1RYLFH7RXUQDPHQW  6FKHGXOHIRU

³7RLQWURGXFHSURPRWH GHYHORSWKHJDPHRIWHQQLVZLWKLQ6RXWKHDVWHUQ0LFKLJDQ´

3J 3J 3J  3J 3J 3J 3J 3J 3J

6287+($67(51 0,&+,*$1',675,&7

4T'#/'00+5'%6+10#.*#/2+105*+25



)LQLVKLQJRXUVHDVRQLQ0DUFKRXU'LVWULFW&KDPSLRQDQG)LQDOLVWWHDPVQHHGHGWRZDLWXQWLO $XJXVWIRUWKHLUVKRWDWEHFRPLQJWKHQH[W0LGZHVW&KDPSLRQKHDGLQJWR1DWLRQDOV



$GYDQFHG 3RUW+XURQ+LWWHUV

0,':(67&+$03,216

,QWHUPHGLDWH%ORRPILHOG3LVWRQV

0,':(67&+$03,216 +HDGLQJWR1DWLRQDOVLQ6XUSULVH$UL]RQDWKHZHHNHQGRI2FWUG

,QWHUPHGLDWH 6SRUWV&OXE1RYL1HWV )LQLVKHGUGLQ)OLJKW

,QWHUPHGLDWH%ORRPILHOG/LRQV )LQLVKHGQG2YHUDOO

$GYDQFHG 'HDUERUQ%DVHOLQHUV

$GYDQFHG 3RUW+XURQ%OLW]

)LQLVKHGWK2YHUDOO

)LQLVKHGQGLQ)OLJKW

$GYDQFHG 'HDUERUQ)'68V )LQLVKHGUG2YHUDOO

,QWHUPHGLDWH3RUW+XURQ+XVNLHV 3DJH 

)LQLVKHGQGLQ)OLJKW

,QWHUPHGLDWH%ORRPILHOG7HQQLV7LJHUV )LQLVKHGQG2YHUDOO

6287+($67(51 0,&+,*$1',675,&7

  GN6*^ i 6LQJOHVDQG'RXEOHV&RHG7UDYHO/HDJXHIRU-XQLRUV$JHV i )RXUDJHGLYLVLRQVZLWKGLIIHUHQWDELOLW\OHYHOV i 0DWFKHVRQFHDZHHNVWDUWLQJHQGRI2FWREHU i :LQQLQJWHDPVDGYDQFHWR'LVWULFW6HFWLRQDQG1DWLRQDO&KDPSLRQVKLSV i )HDWXULQJD1LNH'U\)LWXQLIRUPZLWKDQHZJLUOV FXWIRU

1,1+0#6'#/X%#..#2#46+%+2#6+0) 70+14'#/'00+5 #%+.+6;1&#;^ $QQ$UERU5HF (G  H[W &RQWDFW9DQGD6KDGLJLDQ  %HYHUO\+LOOV&OXE   &RQWDFW.ULVWHQ+DUULVRQ  %LUPLQJKDP5DFTXHW&OXE   &RQWDFW-RKQ.DQ\R  %ORRPILHOG7HQQLV&OXE   &RQWDFW.ULVWLQD(PHUVRQ  7KH&KLSSHZD&OXE   &RQWDFW&UDLJ&DSHOOL  'HDUERUQ5DFTXHW +HDOWK   &RQWDFW-HUU\(VFKHFN  'HHU/DNH$WKOHWLF&OXE   &RQWDFW*HRUJH/RZH  3DJH 

'HWURLW5HFUHDWLRQ   &RQWDFW0HOYLQ)RUHPDQ  (DVWVLGH7HQQLV&OXE   &RQWDFW0DUN0LOOHU  7KH)DLUODQH&OXE   &RQWDFW'DQ.UDXVH  )DUPLQJWRQ7HQQLV&OXE   &RQWDFW3DXO$ULV  )UDQNOLQ$WKOHWLF&OXE   &RQWDFW%UXFH6DZLFNL  *URVVH,OH7HQQLV&HQWHU  3/$