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HomeMy WebLinkAboutBatiquitos Lagoon Foundation; 2024-05-01; AGP2006-12ϭ 'ZEd'ZDEd&KZ'Z/h>dhZ>KEsZ^/KE D/d/'d/KE&WZK'ZD ;'WϮϬϬϲͲϭϮͿ ĂƚŝƋƵŝƚŽƐ>ĂŐŽŽŶ&ŽƵŶĚĂƚŝŽŶ  dŚŝƐĂŐƌĞĞŵĞŶƚ͕ŝƐŵĂĚĞ ŽŶƚŚĞ ĚĂLJŽĨ ͕ϮϬϮϰ͕ďLJĂƚŝƋƵŝƚŽƐ>ĂŐŽŽŶ &ŽƵŶĚĂƚŝŽŶ͕ŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐ͞'ƌĂŶƚĞĞ͕͟ĂŶĚƚŚĞ/dzK&Z>^͕ĂŵƵŶŝĐŝƉĂůĐŽƌƉŽƌĂƚŝŽŶ͕ ŚĞƌĞŝŶĂĨƚĞƌƌĞĨĞƌƌĞĚƚŽĂƐ͞ŝƚLJ͟;ƚŚĞ͞ŐƌĞĞŵĞŶƚ͘͟ͿŝƚLJ͕ĂƐ'ƌĂŶƚŽƌ͕ĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞ'ƌĂŶƚĞĞƚŚĞ'ƌĂŶƚ ĨƵŶĚƐĂǁĂƌĚĞĚƚŽ'ƌĂŶƚĞĞďLJŝƚLJŽƵŶĐŝůZĞƐŽůƵƚŝŽŶEŽ͘ϮϬϮϰͲϬϰϰŝŶĂŶĂŵŽƵŶƚŶŽƚƚŽĞdžĐĞĞĚŶŝŶĞƚLJͲ ĞŝŐŚƚͲƚŚŽƵƐĂŶĚƐŝdžͲŚƵŶĚƌĞĚƐŝdžƚLJĚŽůůĂƌƐ;Ψϵϴ͕ϲϲϬͿ;͞'ƌĂŶƚ͘͟ͿdŚĞƉƵƌƉŽƐĞŽĨƚŚĞ'ƌĂŶƚŝƐƚŽƉƌŽǀŝĚĞ ĨƵŶĚƐƚŽ'ƌĂŶƚĞĞĨŽƌƚŚĞƉƌŽũĞĐƚŽƵƚůŝŶĞĚŝŶƚŚĞŐƌĞĞŵĞŶƚ^ĐŽƉĞĂƚƚĂĐŚĞĚĂƐdžŚŝďŝƚ͟͞;͞ŐƌĞĞŵĞŶƚ ^ĐŽƉĞ͟Ϳ͘  WƌŽũĞĐƚdŝƚůĞ͗'WϮϬϬϲͲϭϮʹ>ĂŐŽŽŶZĞƐŝůŝĞŶĐLJWůĂŶ dŚĞŐƌĂŶƚƉƌŽǀŝĚĞĚŚĞƌĞŝŶŝƐĐŽŵƉƌŝƐĞĚŽĨƉƵďůŝĐĨƵŶĚƐ͘dŚĞƐĞĨƵŶĚƐĂƌĞĐŽůůĞĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ ĂƌůƐďĂĚDƵŶŝĐŝƉĂůŽĚĞdŝƚůĞϮϭŽŶŝŶŐʹŚĂƉƚĞƌϮϭ͘ϮϬϮ͘ϲϬ͘͘ŐƌŝĐƵůƚƵƌĂůŽŶǀĞƌƐŝŽŶDŝƚŝŐĂƚŝŽŶ&ĞĞ ĂŶĚdžƉĞŶĚŝƚƵƌĞWůĂŶ͘dŽĞŶƐƵƌĞƚŚĂƚƚŚĞƉƵďůŝĐĨƵŶĚƐĂƌĞƵƐĞĚĨŽƌĂƉƵďůŝĐƉƵƌƉŽƐĞ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞůĂǁ͕ƚŚĞŝƚLJĂŶĚ'ƌĂŶƚĞĞŚĞƌĞďLJĂŐƌĞĞƚŽƚŚĞĨŽůůŽǁŝŶŐƚĞƌŵƐ͘  dZD^EKE/d/KE^K&'ZEd  ϭ͘ dZD͘ dŚĞƚĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůŵĞĂŶƚŚĞƉĞƌŝŽĚĐŽŵŵĞŶĐŝŶŐŽŶƚŚĞĞdžĞĐƵƚŝŽŶĚĂƚĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ ĂŶĚĞdžƉŝƌŝŶŐŽŶDĂƌĐŚϭϮ͕ ϮϬϮϱ͘dŚĞƚĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚŵĂLJďĞĞdžƚĞŶĚĞĚďLJŵƵƚƵĂůǁƌŝƚƚĞŶ ĂŐƌĞĞŵĞŶƚŽĨƚŚĞƉĂƌƚŝĞƐ͘dŚĞƉĂƌƚŝĞƐǁŝůůƉƌĞƉĂƌĞĂǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚŝŶĚŝĐĂƚŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞĂŶĚ ůĞŶŐƚŚŽĨĞdžƚĞŶĚĞĚŐƌĞĞŵĞŶƚ͘  Ϯ͘ h^K&'Z/h>dhZ>KEsZ^/KED/d/'d/KE&'ZEd&hE^͘ Ă͘ 'ƌĂŶƚĨƵŶĚƐĂƌĞƚŽďĞĚŝƐďƵƌƐĞĚĂƐŽƵƚůŝŶĞĚŝŶƚŚŝƐŐƌĞĞŵĞŶƚŝŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨĂŶĚŽŶ ĐŽŶĚŝƚŝŽŶƚŚĂƚƚŚĞƐƵŵďĞĞdžƉĞŶĚĞĚŝŶĐĂƌƌLJŝŶŐŽƵƚƚŚĞƉƵƌƉŽƐĞĂƐƐĞƚĨŽƌƚŚŝŶƚŚĞŐƌĞĞŵĞŶƚ ^ĐŽƉĞĂŶĚƵŶĚĞƌƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͘'ƌĂŶƚĞĞĂŐƌĞĞƐƚŽ ĂƐƐƵŵĞĂŶLJŽďůŝŐĂƚŝŽŶƚŽĨƵƌŶŝƐŚĂŶLJĂĚĚŝƚŝŽŶĂůĨƵŶĚƐƚŚĂƚŵĂLJďĞŶĞĐĞƐƐĂƌLJƚŽĐŽŵƉůĞƚĞƚŚĞ ŐƌĞĞŵĞŶƚ^ĐŽƉĞ͘ ď͘ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŐƌĞĞŵĞŶƚ^ĐŽƉĞĂŶĚƚŚĞŝƚLJŽƵŶĐŝůĂƉƉƌŽǀĂůĚĂƚĞĚDĂƌĐŚϭϮ͕ϮϬϮϰ͕ ĂůůŐƌĂŶƚĨƵŶĚƐĂƌĞƚŽďĞƵƐĞĚďLJDĂƌĐŚϭϮ͕ϮϬϮϱ͘ŶLJĞdžƚĞŶƐŝŽŶŽĨĨƵŶĚƵƐĞŵƵƐƚďĞƌĞƋƵĞƐƚĞĚ ŝŶǁƌŝƚŝŶŐĂƚůĞĂƐƚϯϬĚĂLJƐƉƌŝŽƌƚŽƚŚĞĞŶĚŽĨƚŚĞŽƌŝŐŝŶĂůĂŐƌĞĞŵĞŶƚŽƌƐŽŽŶĞƌƚŽĂůůŽǁƚŝŵĞĨŽƌ ǁƌŝƚƚĞŶĂŵĞŶĚŵĞŶƚĂŶĚĂƉƉƌŽǀĂůŝŶǁƌŝƚŝŶŐďLJŝƚLJ͘ Đ͘ ůůĐŽƐƚƐĂĐĐƌƵĞĚĨŽƌƐĞƌǀŝĐĞƐĂŶĚͬŽƌƐƵƉƉůŝĞƐƉƌŝŽƌƚŽƚŚĞĂǁĂƌĚĂƉƉƌŽǀĂůďLJƚŚĞŝƚLJ ŽƵŶĐŝůĂƌĞŶŽƚĞůŝŐŝďůĞĨŽƌĨƵŶĚŝŶŐŽƌƌĞŝŵďƵƌƐĞŵĞŶƚƚŚƌŽƵŐŚƚŚĞƵƐĞŽĨ'ƌĂŶƚƉƌŽĐĞĞĚƐ͘  ϯ͘ KE/d/KE^K&&hE/E'E/^hZ^DEd͘ ŝƚLJƐŚĂůůŚĂǀĞŶŽŽďůŝŐĂƚŝŽŶƚŽƉƌŽǀŝĚĞƚŚĞ'ƌĂŶƚƉƌŽĐĞĞĚƐŽƌƚŽŵĂŬĞĂŶLJƐƵďƐĞƋƵĞŶƚĚŝƐďƵƌƐĞŵĞŶƚŽĨ 'ƌĂŶƚƉƌŽĐĞĞĚƐ͕ĂŶĚŵĂLJƐĞĞŬƌĞŝŵďƵƌƐĞŵĞŶƚŽĨ'ƌĂŶƚƉƌŽĐĞĞĚƐ͕ŝĨĂŶLJŽĨƚŚĞĨŽůůŽǁŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞ ŶŽƚĨƵůůLJƐĂƚŝƐĨŝĞĚ͗ Ă͘ 'ƌĂŶƚĞĞƐŚĂůůƵƐĞŐƌĂŶƚĨƵŶĚƐƚŽŝŵƉůĞŵĞŶƚƚŚĞŐƌĞĞŵĞŶƚ^ĐŽƉĞ͕ŝŶĐůƵĚŝŶŐƵƐŝŶŐƚŚĞ'ƌĂŶƚ ĨƵŶĚƐƚŽŽŶůLJĐŽǀĞƌĞdžƉĞŶĚŝƚƵƌĞƐĨŽƌƉƌŽŐƌĂŵƐĂŶĚƐĞƌǀŝĐĞƐŝŶĐƵƌƌĞĚĚƵƌŝŶŐƚŚĞŐƌĞĞŵĞŶƚ ^ĐŽƉĞĚĂƚĞƐĂŶĚƵŶĚĞƌƚŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ'ƌĂŶƚŐƌĞĞŵĞŶƚ͘ ď͘ 'ƌĂŶƚĞĞƐŚĂůůĐĞƌƚŝĨLJƚŚĂƚƚŚĞŐƌĞĞŵĞŶƚ^ĐŽƉĞŝƐǁŝƚŚŝŶĂƌůƐďĂĚĐŝƚLJůŝŵŝƚƐŽƌƚŚĂƚƚŚĞ'ƌĂŶƚĞĞ͛Ɛ ŵĂŝŶĂĚĚƌĞƐƐŝƐǁŝƚŚŝŶĂƌůƐďĂĚĐŝƚLJůŝŵŝƚƐ͘ Đ͘ 'ƌĂŶƚĞĞƐŚĂůůĐŽŵƉůĞƚĞĂůůǁŽƌŬŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐƌĞĞŵĞŶƚ^ĐŽƉĞ͘'ƌĂŶƚĞĞƐŚĂůůŶŽƚŝĨLJ  !         " Ϯ ƚŚĞŝƚLJŽĨĞǀĞŶƚƐŽƌƉƌŽƉŽƐĞĚĐŚĂŶŐĞƐƚŚĂƚĐŽƵůĚĂĨĨĞĐƚƚŚĞŐƌĞĞŵĞŶƚ^ĐŽƉĞ͘ Ě͘ dŚĞ'ƌĂŶƚĞĞƐŚĂůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞǁŽƌŬ͕ĂƐƐĞƚĨŽƌƚŚŚĞƌĞŝŶ͕ĂŶĚĨŽƌ ƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƌĞƉŽƌƚƐƌĞƋƵŝƌĞĚďLJƚŚŝƐŐƌĞĞŵĞŶƚ͘ Ğ͘ ĞĨŽƌĞ'ƌĂŶƚĞĞŵĂŬĞƐĂŶLJŵĂƚĞƌŝĂůĐŚĂŶŐĞƐƚŽƚŚĞŐƌĞĞŵĞŶƚ^ĐŽƉĞ͕'ƌĂŶƚĞĞǁŝůůŝŶĨŽƌŵŝƚLJ ^ƚĂĨĨŝŶǁƌŝƚŝŶŐĂƚůĞĂƐƚϯϬĐĂůĞŶĚĂƌĚĂLJƐƉƌŝŽƌƚŽŝŵƉůĞŵĞŶƚŝŶŐƐĂŝĚĐŚĂŶŐĞ͘ŝƚLJŵĂLJƌĞƋƵĞƐƚ ĚŽĐƵŵĞŶƚĂƚŝŽŶƚŽƐƵƉƉŽƌƚƚŚĞĐŚĂŶŐĞ͕ĂŶĚ'ƌĂŶƚĞĞĂŐƌĞĞƐƚŽƐƵďŵŝƚƚŽƚŚĞŝƚLJ͕ŝŶǁƌŝƚŝŶŐ͕ƚŚĞ ƉƌŽƉŽƐĂůƌĞƋƵĞƐƚŝŶŐŵŽĚŝĨŝĐĂƚŝŽŶƐƚŽƚŚĞŐƌĞĞŵĞŶƚ^ĐŽƉĞ͘'ƌĂŶƚĞĞƐŚĂůůŵĂŬĞŶŽŵĂƚĞƌŝĂů ĐŚĂŶŐĞƐƚŽƚŚĞŐƌĞĞŵĞŶƚ^ĐŽƉĞƵŶůĞƐƐĂŶĚƵŶƚŝůŝƚLJĨŽƌŵĂůůLJĂƉƉƌŽǀĞƐƚŚĞ'ƌĂŶƚĞĞ͛ƐƌĞƋƵĞƐƚŝŶ ǁƌŝƚŝŶŐ͘ Ĩ͘ 'ƌĂŶƚĞĞƐŚĂůůƉƌŽǀŝĚĞĨƵůůĂŶĚƚŝŵĞůLJŝŶĨŽƌŵĂƚŝŽŶƚŽƚŚĞŝƚLJƚŽƵƉĚĂƚĞƐƚĂĨĨŽŶƉƌŽŐƌĂŵƐĂŶĚ ŝŶĐůƵĚĞŶĂŵŝŶŐƚŚĞŝƚLJŝŶĂŶLJƉƵďůŝĐĂƚŝŽŶƐĂŶĚͬŽƌƐŽĐŝĂůŵĞĚŝĂ͕ǁŚĞƚŚĞƌŝŶĚŝŐŝƚĂůŽƌƉƌŝŶƚ ĨŽƌŵĂƚ͕ĂƐŽƉƉŽƌƚƵŶŝƚŝĞƐĂƌŝƐĞ͘ Ő͘ 'ƌĂŶƚĞĞƐŚĂůůƌĞƚĂŝŶĂůůƌĞĐŽƌĚƐĂŶĚƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶ͕ŝŶĐůƵĚŝŶŐĞdžƉĞŶĚŝƚƵƌĞƌĞĐĞŝƉƚƐ͕ ĂƉƉůŝĐĂďůĞƚŽƚŚĞŐƌĞĞŵĞŶƚ^ĐŽƉĞĂŶĚƚŚŝƐŐƌĞĞŵĞŶƚĨŽƌĂƉĞƌŝŽĚŽĨĨŝǀĞ;ϱͿLJĞĂƌƐ͕ĂŶĚŵĂŬĞ ĂůůƌĞĐŽƌĚƐĂŶĚƐƵƉƉŽƌƚŝŶŐĚŽĐƵŵĞŶƚĂƚŝŽŶƌĞĂĚŝůLJĂǀĂŝůĂďůĞ͕ƵƉŽŶƌĞƋƵĞƐƚ͕ĨŽƌŝŶƐƉĞĐƚŝŽŶĂŶĚͬŽƌ ĂƵĚŝƚďLJƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽĨƚŚĞŝƚLJ͘ Ś͘ ŝƚLJǁŝůůƉƌŽǀŝĚĞ'ƌĂŶƚĞĞĂtϵ&Žƌŵ͞ZĞƋƵĞƐƚĨŽƌdĂdžƉĂLJĞƌ/ĚĞŶƚŝĨŝĐĂƚŝŽŶEƵŵďĞƌĂŶĚ ĞƌƚŝĨŝĐĂƚŝŽŶ͟ǁŚŝĐŚŵƵƐƚďĞƐŝŐŶĞĚďLJ'ƌĂŶƚĞĞĂŶĚƌĞƚƵƌŶĞĚƚŽƚŚĞŝƚLJďĞĨŽƌĞĂŐƌĞĞŵĞŶƚŝƐ ĞdžĞĐƵƚĞĚ͘  ϰ͘ ZdhZEK&'ZEd&hE^͘ /Ĩ ŝƚLJ ĚĞƚĞƌŵŝŶĞƐ ƚŚĂƚ 'ƌĂŶƚĞĞ ŚĂƐ ĨĂŝůĞĚ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐ'ƌĂŶƚ ŐƌĞĞŵĞŶƚǁŝƚŚŽƵƚƉƌŝŽƌǁƌŝƚƚĞŶĂƉƉƌŽǀĂůďLJƚŚĞŝƚLJ͕ƚŚĞŶ͕ƵƉŽŶĚĞŵĂŶĚďLJƚŚĞŝƚLJ͕'ƌĂŶƚĞĞĂŐƌĞĞƐƚŽ ƌĞƚƵƌŶƚŽƚŚĞŝƚLJƚŚĞĂŵŽƵŶƚƌĞƋƵĞƐƚĞĚďLJƚŚĞŝƚLJ͕ƵƉƚŽĂŶĚŝŶĐůƵĚŝŶŐĂŶĂŵŽƵŶƚĞƋƵŝǀĂůĞŶƚƚŽƚŚĞĨƵůů 'ƌĂŶƚĂǁĂƌĚ͘&ĂŝůƵƌĞŽĨƚŚĞ'ƌĂŶƚĞĞƚŽĐŽŵƉůLJǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚďĞƚŚĞĐĂƵƐĞĨŽƌ ƌĞƚƵƌŶŽĨ'ƌĂŶƚĨƵŶĚƐŝĨ͕ŝŶƚŚĞũƵĚŐĞŵĞŶƚŽĨƚŚĞŝƚLJ͕ƐƵĐŚĨĂŝůƵƌĞǁĂƐĚƵĞƚŽŶŽĨĂƵůƚŽĨƚŚĞ'ƌĂŶƚĞĞ͘/Ŷ ƐƵĐŚĐĂƐĞ͕ĂŶLJĂŵŽƵŶƚƌĞƋƵŝƌĞĚƚŽƐĞƚƚůĞ͕ĂƚŵŝŶŝŵƵŵĐŽƐƚ͕ĂŶLJŝƌƌĞǀŽĐĂďůĞŽďůŝŐĂƚŝŽŶƐƉƌŽƉĞƌůLJŝŶĐƵƌƌĞĚ ƐŚĂůůďĞĞůŝŐŝďůĞƚŽďĞƉĂŝĚďLJ'ƌĂŶƚĨƵŶĚƐ͘,ŽǁĞǀĞƌ͕ŝĨ͕ĚƵĞƚŽĂůŽĐĂůŚĞĂůƚŚŽƌĚĞƌ͕'ƌĂŶƚĞĞŝƐƵŶĂďůĞƚŽ ĐŽŵƉůĞƚĞĂůůĞǀĞŶƚƐŽƌƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŐƌĞĞŵĞŶƚ^ĐŽƉĞ͕'ƌĂŶƚĞĞŵĂLJďĞƌĞƋƵŝƌĞĚƚŽƌĞƚƵƌŶƵƉƚŽ ƚŚĞĨƵůůĂŵŽƵŶƚŽĨƚŚĞĂǁĂƌĚŽƌĂƉƌŽƌĂƚĞĚĂŵŽƵŶƚďĂƐĞĚŽŶƚŚĞƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞǁŽƌŬĐŽŵƉůĞƚĞĚ͘  ϱ͘ ZYh/ZZWKZd^͘ &ĂŝůƵƌĞƚŽĐŽŵƉůĞƚĞƚŚĞĨŽůůŽǁŝŶŐƌĞƉŽƌƚƐŵĂLJƌĞŶĚĞƌƚŚĞƌĞĐŝƉŝĞŶƚŝŶĞůŝŐŝďůĞƚŽƌĞĐĞŝǀĞƚŚĞĨƵůůĂŶĚĨŝŶĂů ƉĂLJŵĞŶƚŽĨƚŚĞ'ƌĂŶƚĂǁĂƌĚ͘ Ă͘ ƉƌŽŐƌĞƐƐƌĞƉŽƌƚŵƵƐƚďĞŝŶĐůƵĚĞĚǁŝƚŚĞĂĐŚĨƵŶĚŝŶŐĚŝƐďƵƌƐĞŵĞŶƚƌĞƋƵĞƐƚ͕ŽƌĂŶŶƵĂůůLJ ĨƌŽŵƚŚĞĚĂƚĞƚŚĞĂŐƌĞĞŵĞŶƚŝƐĞdžĞĐƵƚĞĚ͘ ď͘ ĨŝŶĂůƌĞƉŽƌƚŵƵƐƚďĞƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚLJŶŽůĂƚĞƌƚŚĂŶƚŚŝƌƚLJ;ϯϬͿĐĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƚŚĞ ŐƌĞĞŵĞŶƚ^ĐŽƉĞĞŶĚĚĂƚĞ͘'ƌĂŶƚĞĞƐŝŶŶŽŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĂďŽǀĞƌĞƉŽƌƚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐĂŐƌĞĞƚŽƌĞƚƵƌŶƐŽŵĞŽƌĂůůŽĨƚŚĞŝŶŝƚŝĂů'ƌĂŶƚƉĂLJŵĞŶƚŝĨƌĞƋƵĞƐƚĞĚďLJƚŚĞŝƚLJ͘ ĚĚŝƚŝŽŶĂůůLJ͕ŝĨ'ƌĂŶƚĞĞŝƐĨŽƵŶĚƚŽďĞŝŶŶŽŶĐŽŵƉůŝĂŶĐĞ͕'ƌĂŶƚĞĞĂŐƌĞĞƐƚŚĂƚĨŽƌƚŚĞLJĞĂƌ ŝŵŵĞĚŝĂƚĞůLJĨŽůůŽǁŝŶŐĂĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨŶŽŶĐŽŵƉůŝĂŶĐĞ͕'ƌĂŶƚĞĞƐŚĂůůďĞŝŶĞůŝŐŝďůĞƚŽ ƌĞĐĞŝǀĞĂŶLJŶĞǁŐƌĂŶƚƐĨƌŽŵƚŚĞŝƚLJ͘  ϲ͘ /^hZ^DEdK&'ZEd&hE^͘ dŚĞ'ƌĂŶƚĂŵŽƵŶƚƚŽďĞƉƌŽǀŝĚĞĚƚŽƚŚĞŐƌĂŶƚĞĞ͕ƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ŵĂLJďĞĚŝƐďƵƌƐĞĚĂƐĨŽůůŽǁƐ͗ Ă͘ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĨƵŶĚŝŶŐĚŝƐďƵƌƐĞŵĞŶƚƐĐŚĞĚƵůĞŽĨƚŚĞŐƌĞĞŵĞŶƚ^ĐŽƉĞ͘ ď͘ ŶLJƌĞƋƵĞƐƚƐĨŽƌƌĞŝŵďƵƌƐĞŵĞŶƚŵƵƐƚŝŶĐůƵĚĞĂƉƉůŝĐĂďůĞďĂĐŬͲƵƉĚŽĐƵŵĞŶƚĂƚŝŽŶ͘  ϳ͘ WZK:dE>>d/KE͘ Ă͘ /ĨĂ'ƌĂŶƚĞĞǁŝƐŚĞƐƚŽĐĂŶĐĞůĂWƌŽũĞĐƚĂƚĂŶLJƚŝŵĞ͕'ƌĂŶƚĞĞƐŚĂůůŶŽƚŝĨLJƚŚĞŝƚLJŝŶǁƌŝƚŝŶŐǁŝƚŚŝŶ  !         ϯ ĨŝĨƚĞĞŶ;ϭϱͿĐĂůĞŶĚĂƌĚĂLJƐŽĨƚŚĞĚĞĐŝƐŝŽŶƚŽĐĂŶĐĞůĂŶĚ'ƌĂŶƚĞĞ͕ĂƚƚŚĞƚŝŵĞŝƚƉƌŽǀŝĚĞƐƚŚĞŝƚLJ ǁŝƚŚŶŽƚŝĐĞŽĨĐĂŶĐĞůůĂƚŝŽŶ͕ƐŚĂůůƌĞƚƵƌŶĂůů'ƌĂŶƚĨƵŶĚƐƚŽƚŚĞŝƚLJ͘ ď͘ /ŶƚŚĞĞǀĞŶƚĂŶĂƉƉƌŽǀĞĚŐƌĞĞŵĞŶƚ^ĐŽƉĞĐĂŶŶŽƚďĞĐŽŵƉůĞƚĞĚĨŽƌĂŶLJƌĞĂƐŽŶ͕ĂŶĚŝĨ'ƌĂŶƚ ĨƵŶĚƐǁĞƌĞĚŝƐďƵƌƐĞĚƚŽ'ƌĂŶƚĞĞ͕'ƌĂŶƚĞĞĂŐƌĞĞƐƚŽƌĞƚƵƌŶĂůů'ƌĂŶƚĨƵŶĚƐƚŽƚŚĞŝƚLJĨŽƌƚŚǁŝƚŚ͘  ϴ͘ WZK:dDK/&/d/KEKZdZD/Ed/KE͘ Ă͘ 'ƌĂŶƚĞĞŵĂLJƵŶŝůĂƚĞƌĂůůLJƌĞƐĐŝŶĚƚŚŝƐŐƌĞĞŵĞŶƚĂƚĂŶLJƚŝŵĞƉƌŝŽƌƚŽƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚŽĨƚŚĞ WƌŽũĞĐƚ͕ŽƌƉƌŝŽƌƚŽĨŝƌƐƚĚŝƐďƵƌƐĞŵĞŶƚŽĨĨƵŶĚƐ͘ĨƚĞƌWƌŽũĞĐƚĐŽŵŵĞŶĐĞŵĞŶƚ͕ĂƐŽƵƚůŝŶĞĚŝŶƚŚĞ ŐƌĞĞŵĞŶƚ^ĐŽƉĞ͕ŽƌĚŝƐďƵƌƐĞŵĞŶƚŽĨ'ƌĂŶƚĨƵŶĚƐ͕ƚŚŝƐŐƌĞĞŵĞŶƚŵĂLJďĞƌĞƐĐŝŶĚĞĚ͕ŵŽĚŝĨŝĞĚ ŽƌĂŵĞŶĚĞĚŽŶůLJďLJŵƵƚƵĂůĂŐƌĞĞŵĞŶƚ͕ŝŶǁƌŝƚŝŶŐ͕ŽĨďŽƚŚƚŚĞŝƚLJĂŶĚ'ƌĂŶƚĞĞ͘ ď͘ ŶLJĐŚĂŶŐĞƐ͕ǁŚĞƚŚĞƌƉůĂŶŶĞĚŽƌƵŶĂŶƚŝĐŝƉĂƚĞĚƚŽƚŚĞWƌŽũĞĐƚ͕ŝŶĐůƵĚŝŶŐĐŚĂŶŐĞƐĚƵĞƚŽĂůŽĐĂů ŚĞĂůƚŚŽƌĚĞƌŵƵƐƚďĞƐƵďŵŝƚƚĞĚƚŽŝƚLJĂƚůĞĂƐƚƐĞǀĞŶ;ϳͿĐĂůĞŶĚĂƌĚĂLJƐďĞĨŽƌĞŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨƚŚĞĐŚĂŶŐĞ͘WƌŽƉŽƐĞĚŵŽĚŝĨŝĐĂƚŝŽŶƐǁŝůůďĞƌĞǀŝĞǁĞĚŽŶĂĐĂƐĞͲďLJͲĐĂƐĞďĂƐŝƐ͕ĂŶĚƚŚĞŝƚLJΖƐ ,ŽƵƐŝŶŐΘ,ŽŵĞůĞƐƐ^ĞƌǀŝĐĞƐŝƌĞĐƚŽƌŽƌĚĞƐŝŐŶĞĞǁŝůůŶŽƚŝĨLJ'ƌĂŶƚĞĞŝŶǁƌŝƚŝŶŐǁŚĞƚŚĞƌƚŚĞ ƉƌŽƉŽƐĞĚĐŚĂŶŐĞƐĂƌĞĂƉƉƌŽǀĞĚ͘  ϵ͘ >K^^K&'ZEd͘ ƚƚŚĞĚŝƐĐƌĞƚŝŽŶŽĨƚŚĞŝƚLJ͕ƚŚĞĨŽůůŽǁŝŶŐĂĐƚŝŽŶƐŵĂLJƌĞƐƵůƚŝŶĂůŽƐƐŽĨĂůůŽƌŝŶƉĂƌƚŽĨĂŶLJ'ƌĂŶƚĂŵŽƵŶƚ ĂůůŽĐĂƚĞĚƚŽƚŚĞ'ƌĂŶƚĞĞ͗ Ă͘ 'ƌĂŶƚĞĞĨĂŝůƐƚŽĞŶƚĞƌŝŶƚŽĂƐŝŐŶĞĚŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚLJǁŝƚŚŝŶƚŚŝƌƚLJ;ϯϬͿĐĂůĞŶĚĂƌĚĂLJƐ ŽĨƌĞĐĞŝƉƚŽĨƚŚĞŐƌĞĞŵĞŶƚ͘ ď͘ ĐƚŝǀŝƚŝĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚ'ƌĂŶƚĞĞŽĐĐƵƌƚŚĂƚĚŽŶŽƚĂůŝŐŶǁŝƚŚĂĐƚŝǀŝƚŝĞƐĚĞƐĐƌŝďĞĚŝŶƚŚĞ ŐƌĞĞŵĞŶƚ^ĐŽƉĞ͕ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƌĞĚƵĐƚŝŽŶŝŶƐĞƌǀŝĐĞƐ͕ƐŝŐŶŝĨŝĐĂŶƚĂůƚĞƌĂƚŝŽŶŽĨ ŐƌĞĞŵĞŶƚ^ĐŽƉĞĞůĞŵĞŶƚƐ͕ƐƵĐŚĂƐƉĞƌĨŽƌŵĞƌƐ͕ĂƌƚŝƐƚƐŽƌĂƚƚĞŶĚĞĞƐ͕ŽƌƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐŝŶ ďƵĚŐĞƚŝŶĐŽŵĞ͕ĞdžƉĞŶƐĞƐŽƌůŝŶĞͲŝƚĞŵĚĞƐŝŐŶĂƚŝŽŶƐĨƌŽŵ'ƌĂŶƚĞĞ͛ƐďƵĚŐĞƚ͕ŝŶĐůƵĚĞĚŝŶƚŚĞ ŐƌĞĞŵĞŶƚ^ĐŽƉĞ͘ Đ͘ 'ƌĂŶƚĞĞǁŝƚŚĚƌĂǁƐŽƌƚĞƌŵŝŶĂƚĞƐƚŚĞŐƌĞĞŵĞŶƚ^ĐŽƉĞ͘ Ě͘ 'ƌĂŶƚĞĞĨĂŝůƐƚŽĐŽŵƉůĞƚĞƚŚĞŐƌĞĞŵĞŶƚ^ĐŽƉĞĂŶĚͬŽƌĨĂŝůƐƚŽƐƵďŵŝƚĂůůƌĞƋƵŝƌĞĚƌĞƉŽƌƚƐ ĂŶĚͬŽƌĚŽĐƵŵĞŶƚĂƚŝŽŶďĞĨŽƌĞDĂƌĐŚϭϮ͕ϮϬϮϱ͘  ϭϬ͘ KsEEd'/E^d/^Z/D/Ed/KE͘ 'ƌĂŶƚĞĞ ǁŝůů ĐŽŵƉůLJ ǁŝƚŚ Ăůů ĂƉƉůŝĐĂďůĞ ůŽĐĂů͕ ƐƚĂƚĞ ĂŶĚ ĨĞĚĞƌĂů ůĂǁƐ ĂŶĚ ƌĞŐƵůĂƚŝŽŶƐ ƉƌŽŚŝďŝƚŝŶŐ ĚŝƐĐƌŝŵŝŶĂƚŝŽŶĂŶĚŚĂƌĂƐƐŵĞŶƚ͘'ƌĂŶƚĞĞĂŐƌĞĞƐƚŚĂƚŶĞŝƚŚĞƌŝƚŶŽƌŝƚƐĂŐĞŶƚƐƐŚĂůůĚŝƐĐƌŝŵŝŶĂƚĞĂŐĂŝŶƐƚĂŶLJ ĐůŝĞŶƚƐ͕ƉƌŽƐƉĞĐƚŝǀĞĐůŝĞŶƚƐ͕ĞŵƉůŽLJĞĞƐ͕ƉƌŽƐƉĞĐƚŝǀĞĞŵƉůŽLJĞĞƐ͕ĐŽŶƚƌĂĐƚŽƌƐ͕ŽƌƉƌŽƐƉĞĐƚŝǀĞĐŽŶƚƌĂĐƚŽƌƐ ŽŶƚŚĞďĂƐŝƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ƌĞůŝŐŝŽŶ͕ƐĞdž͕ŶĂƚŝŽŶĂůŽƌŝŐŝŶ͕ĂŐĞ͕ĚŝƐĂďŝůŝƚLJŽƌĨĂŵŝůŝĂůƐƚĂƚƵƐ͘  ϭϭ͘ EKd/^͘ Ă͘ dŚĞŶĂŵĞƐĂŶĚĂĚĚƌĞƐƐĞƐŽĨƚŚĞƉĞƌƐŽŶƐǁŚŽĂƌĞĂƵƚŚŽƌŝnjĞĚƚŽŐŝǀĞǁƌŝƚƚĞŶŶŽƚŝĐĞƐƚŽƌĞĐĞŝǀĞ ǁƌŝƚƚĞŶŶŽƚŝĐĞŽŶďĞŚĂůĨŽĨŝƚLJĂŶĚŽŶďĞŚĂůĨŽĨ'ƌĂŶƚĞĞƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͘ ď͘ ĂĐŚƉĂƌƚLJǁŝůůŶŽƚŝĨLJƚŚĞŽƚŚĞƌŝŵŵĞĚŝĂƚĞůLJŽĨĂŶLJĐŚĂŶŐĞƐŽĨĂĚĚƌĞƐƐƚŚĂƚǁŽƵůĚƌĞƋƵŝƌĞĂŶLJ ŶŽƚŝĐĞŽƌĚĞůŝǀĞƌLJƚŽďĞĚŝƌĞĐƚĞĚƚŽĂŶŽƚŚĞƌĂĚĚƌĞƐƐ͘  &Žƌ'ƌĂŶƚĞĞ͗&ŽƌŝƚLJ͗ ĂƚŝƋƵŝƚŽƐ>ĂŐŽŽŶ&ŽƵŶĚĂƚŝŽŶŝƚLJŽĨĂƌůƐďĂĚ ƚƚŶ͗ŚƌŝƐZŽƐƐ͕WƌĞƐŝĚĞŶƚ,ŽƵƐŝŶŐΘ,ŽŵĞůĞƐƐ^ĞƌǀŝĐĞƐ W͘K͘ŽdžϭϯϭϳϰϭƚƚŶ͗EŝĐŽůĞWŝĂŶŽͲ:ŽŶĞƐ͕^ĞŶŝŽƌWƌŽŐƌĂŵDĂŶĂŐĞƌ ĂƌůƐďĂĚ͕͕ϵϮϬϭϯϭϮϬϬĂƌůƐďĂĚsŝůůĂŐĞƌŝǀĞ ŵĂŝů͗ĐŚƌŝƐƌΛďĂƚŝƋƵŝƚŽƐůĂŐŽŽŶ͘ŽƌŐĂƌůƐďĂĚ͕ ϵϮϬϬϴ ŶŝĐŽůĞ͘ƉŝĂŶŽũŽŶĞƐΛĐĂƌůƐďĂĚĐĂ͘ŐŽǀ    !         ϰ ϭϮ͘ /EDE/&/d/KE͘ 'ƌĂŶƚĞĞŚĞƌĞďLJĂŐƌĞĞƐƚŽĚĞĨĞŶĚ͕ŝŶĚĞŵŶŝĨLJ͕ĂŶĚŚŽůĚĨƌĞĞĂŶĚŚĂƌŵůĞƐƐƚŚĞŝƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ŽĨĨŝĐŝĂůƐ͕ ĞŵƉůŽLJĞĞƐĂŶĚǀŽůƵŶƚĞĞƌƐĨƌŽŵĂŶĚĂŐĂŝŶƐƚĂŶLJĂŶĚĂůůĐůĂŝŵƐ͕ĚĂŵĂŐĞƐ͕ůŽƐƐĞƐ͕ĐŽƐƚƐ;ŝŶĐůƵĚŝŶŐďƵƚŶŽƚ ůŝŵŝƚĞĚƚŽĂƚƚŽƌŶĞLJΖƐĨĞĞƐͿĂŶĚůŝĂďŝůŝƚŝĞƐŽĨĂŶLJŬŝŶĚĂƌŝƐŝŶŐĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJŽƵƚŽĨ͕ŽƌƌĞůĂƚĞĚŝŶĂŶLJ ǁĂLJǁŚĂƚƐŽĞǀĞƌƚŽƚŚĞƉƌŽǀŝƐŝŽŶŽĨ'ƌĂŶƚƉƌŽĐĞĞĚƐ͘  ϭϯ͘ EKWZdEZ^,/WKZ:K/EdsEdhZ͘ dŚĞƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶŝƚLJĂŶĚ'ƌĂŶƚĞĞŝƐƐŽůĞůLJƚŚĂƚŽĨ'ƌĂŶƚŽƌĂŶĚ'ƌĂŶƚĞĞ͘hŶĚĞƌŶŽĐŝƌĐƵŵƐƚĂŶĐĞƐ ƐŚĂůůŝƚLJĂŶĚ'ƌĂŶƚĞĞďĞĚĞĞŵĞĚƚŽďĞƉĂƌƚŶĞƌƐŽƌŝŶǀŽůǀĞĚŝŶĂũŽŝŶƚǀĞŶƚƵƌĞ͘  ϭϰ͘ DK/&/d/KE^͘ dŚŝƐŐƌĞĞŵĞŶƚŵĂLJŶŽƚďĞŵŽĚŝĨŝĞĚŽƌĂŵĞŶĚĞĚĞdžĐĞƉƚďLJǁƌŝƚƚĞŶĚŽĐƵŵĞŶƚĞdžĞĐƵƚĞĚďLJĂĚƵůLJ ĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨďŽƚŚƚŚĞŝƚLJĂŶĚƚŚĞ'ƌĂŶƚĞĞ͘  ϭϱ͘ 'KsZE/E'>t͘ dŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞĐŽŶƐƚƌƵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂŶĚďĞŐŽǀĞƌŶĞĚďLJƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨ ĂůŝĨŽƌŶŝĂ͘sĞŶƵĞ͕ŝŶƚŚĞĞǀĞŶƚŽĨĂĚŝƐƉƵƚĞ͕ƐŚĂůůďĞŝŶƚŚĞEŽƌƚŚ^ĂŶŝĞŐŽŽƵŶƚLJ^ƵƉĞƌŝŽƌŽƵƌƚ͘  ϭϲ͘ ^sZ/>/dz͘ /ŶƚŚĞĞǀĞŶƚƚŚĂƚĂŶLJƉƌŽǀŝƐŝŽŶŽƌĐůĂƵƐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚĐŽŶĨůŝĐƚƐǁŝƚŚĂƉƉůŝĐĂďůĞůĂǁ͕ƐƵĐŚĐŽŶĨůŝĐƚƐŚĂůů ŶŽƚĂĨĨĞĐƚŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ǁŚŝĐŚĐĂŶďĞŐŝǀĞŶĞĨĨĞĐƚǁŝƚŚŽƵƚƚŚĞĐŽŶĨůŝĐƚŝŶŐƉƌŽǀŝƐŝŽŶ͘ dŽƚŚŝƐĞŶĚ͕ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂƌĞĚĞĐůĂƌĞĚƚŽďĞƐĞǀĞƌĂďůĞ͘  ϭϳ͘ Z&d/E'D/'h/d/^͘ 'ƌĂŶƚĞĞƵŶĚĞƌƐƚĂŶĚƐƚŚĂƚŝƚŝƐĂǁĂƌĞƚŚĂƚŝƚŚĂƐƚŚĞƌŝŐŚƚƚŽďĞĂĚǀŝƐĞĚďLJĐŽƵŶƐĞůǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞ ŶĞŐŽƚŝĂƚŝŽŶƐ͕ƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ĂŶĚƚŚĂƚƚŚĞĚĞĐŝƐŝŽŶŽĨǁŚĞƚŚĞƌŽƌŶŽƚƚŽƐĞĞŬ ĂĚǀŝĐĞŽĨĐŽƵŶƐĞůǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚŝƐĂĚĞĐŝƐŝŽŶǁŚŝĐŚŝƐƚŚĞƐŽůĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ'ƌĂŶƚĞĞ͘ dŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚďĞĐŽŶƐƚƌƵĞĚŝŶĨĂǀŽƌŽĨŽƌĂŐĂŝŶƐƚĞŝƚŚĞƌWĂƌƚLJďLJƌĞĂƐŽŶŽĨƚŚĞĞdžƚĞŶƚƚŽǁŚŝĐŚ ĞŝƚŚĞƌWĂƌƚLJƉĂƌƚŝĐŝƉĂƚĞĚŝŶƚŚĞĚƌĂĨƚŝŶŐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ  ͰͰͰ  ͰͰͰ  !         ϱ ϭϴ͘^/'E/E'hd,KZ/dz͘ dŚĞ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĨŽƌ ĞĂĐŚ WĂƌƚLJ ƐŝŐŶŝŶŐ ŽŶ ďĞŚĂůĨ ŽĨ Ă ĐŽƌƉŽƌĂƚŝŽŶ͕ ƉĂƌƚŶĞƌƐŚŝƉ͕ ũŽŝŶƚ ǀĞŶƚƵƌĞ Žƌ ŐŽǀĞƌŶŵĞŶƚĂů ĞŶƚŝƚLJ ŚĞƌĞďLJ ĚĞĐůĂƌĞƐ ƚŚĂƚ ĂƵƚŚŽƌŝƚLJ ŚĂƐ ďĞĞŶ ŽďƚĂŝŶĞĚ ƚŽ ƐŝŐŶ ŽŶ ďĞŚĂůĨ ŽĨ ƚŚĞ ĐŽƌƉŽƌĂƚŝŽŶ͕ƉĂƌƚŶĞƌƐŚŝƉ͕ũŽŝŶƚǀĞŶƚƵƌĞ͕ŽƌĞŶƚŝƚLJĂŶĚĂŐƌĞĞƐƚŽŚŽůĚƚŚĞŽƚŚĞƌWĂƌƚLJŽƌWĂƌƚŝĞƐŚĞƌĞƚŽ ŚĂƌŵůĞƐƐŝĨŝƚŝƐůĂƚĞƌĚĞƚĞƌŵŝŶĞĚƚŚĂƚƐƵĐŚĂƵƚŚŽƌŝƚLJĚŽĞƐŶŽƚĞdžŝƐƚ͘   'ZEd͕ĂƚŝƋƵŝƚŽƐ>ĂŐŽŽŶ&ŽƵŶĚĂƚŝŽŶ/dzK&Z>^͕ĂŵƵŶŝĐŝƉĂůĐŽƌƉŽƌĂƚŝŽŶŽĨ ƚŚĞ^ƚĂƚĞŽĨĂůŝĨŽƌŶŝĂ   ΎLJ͗LJ͗ ;ϭƐƚƐŝŐŶĂƚƵƌĞŚĞƌĞͿ'ĞŽĨĨWĂƚŶŽĞ͕ƐƐŝƐƚĂŶƚŝƚLJDĂŶĂŐĞƌ    ;WƌŝŶƚŶĂŵĞͬdŝƚůĞͿ  dd^d͗ ;ĂƚĞͿ     ΎΎLJ͗  ;ϮŶĚƐŝŐŶĂƚƵƌĞŚĞƌĞͿ ^ŚĞƌƌLJ&ƌĞŝƐŝŶŐĞƌ͕ŝƚLJůĞƌŬ     ;WƌŝŶƚŶĂŵĞͬdŝƚůĞͿ   ;ĂƚĞͿ  /ĨƌĞƋƵŝƌĞĚďLJŝƚLJ͕ƉƌŽƉĞƌŶŽƚĂƌLJĂĐŬŶŽǁůĞĚŐŵĞŶƚŽĨĞdžĞĐƵƚŝŽŶďLJĐŽŶƚƌĂĐƚŽƌŵƵƐƚďĞĂƚƚĂĐŚĞĚ͘/ĨĂ ŽƌƉŽƌĂƚŝŽŶ͕ŐƌĞĞŵĞŶƚŵƵƐƚďĞƐŝŐŶĞĚďLJŽŶĞĐŽƌƉŽƌĂƚĞŽĨĨŝĐĞƌĨƌŽŵĞĂĐŚŽĨƚŚĞĨŽůůŽǁŝŶŐƚǁŽŐƌŽƵƉƐ͘  Ύ'ƌŽƵƉ͘ΎΎ'ƌŽƵƉ͘ ŚĂŝƌŵĂŶ͕^ĞĐƌĞƚĂƌLJ͕ WƌĞƐŝĚĞŶƚ͕ŽƌƐƐŝƐƚĂŶƚ^ĞĐƌĞƚĂƌLJ͕ sŝĐĞͲWƌĞƐŝĚĞŶƚ&KŽƌƐƐŝƐƚĂŶƚdƌĞĂƐƵƌĞƌ  KƚŚĞƌǁŝƐĞ͕ƚŚĞĐŽƌƉŽƌĂƚŝŽŶŵƵƐƚĂƚƚĂĐŚĂƌĞƐŽůƵƚŝŽŶĐĞƌƚŝĨŝĞĚďLJƚŚĞƐĞĐƌĞƚĂƌLJŽƌĂƐƐŝƐƚĂŶƚƐĞĐƌĞƚĂƌLJƵŶĚĞƌ ĐŽƌƉŽƌĂƚĞƐĞĂůĞŵƉŽǁĞƌŝŶŐƚŚĞŽĨĨŝĐĞƌ;ƐͿƐŝŐŶŝŶŐƚŽďŝŶĚƚŚĞĐŽƌƉŽƌĂƚŝŽŶ͘  WWZKs^dK&KZD͗ &Žƌ/E/<͘DĐD,KE͕ŝƚLJƚƚŽƌŶĞLJ   LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ůůĞŐƌĂ&ƌŽƐƚ͕^ĞŶŝŽƌƐƐŝƐƚĂŶƚŝƚLJƚƚŽƌŶĞLJ  !                tu>ff P~t-___ _ ϲ y,//d͟͞  'ZDEd^KW  dŚĞĂƚŝƋƵŝƚŽƐ>ĂŐŽŽŶZĞƐŝůŝĞŶĐLJWůĂŶ;>ZWͿŝƐĂŵƵůƚŝͲƉŚĂƐĞƉƌŽũĞĐƚƚŽĞŶƐƵƌĞƚŚĞůŽŶŐͲƚĞƌŵŚĞĂůƚŚŽĨƚŚĞ ĂƚŝƋƵŝƚŽƐ>ĂŐŽŽŶ͘ŬĞLJĐŽŵƉŽŶĞŶƚŽĨƚŚĞ>ZWŝƐƚŚĞtĂƚĞƌYƵĂůŝƚLJDŽŶŝƚŽƌŝŶŐWƌŽŐƌĂŵ;tYDWͿ͘ ĂƐĞůŝŶĞƐĂŵƉůŝŶŐĐŽŶĚƵĐƚĞĚŝŶĞĐĞŵďĞƌϮϬϮϭĚĞƚĞĐƚĞĚƚŚĞƉƌĞƐĞŶĐĞŽĨWŽůLJĐLJĐůŝĐƌŽŵĂƚŝĐ ,LJĚƌŽĐĂƌďŽŶƐ;W,ƐͿ͕ŵĞƚĂůƐ͕͘ĐŽůŝĂŶĚŶƚĞƌŽĐŽĐĐƵƐŝŶƚŚĞǁĞƐƚďĂƐŝŶŽĨƚŚĞůĂŐŽŽŶ͘ dŚĞŶĞdžƚƐƚĞƉƐĂƌĞĂƐĨŽůůŽǁƐ͗  ZĞƉĞĂƚƚŚĞƐĂŵƉůŝŶŐĐŽŶĚƵĐƚĞĚŝŶĞĐĞŵďĞƌϮϬϮϭƚŽĚĞƚĞƌŵŝŶĞƚŚĞŝŵƉĂĐƚŽĨƐƚŽƌŵǁĂƚĞƌĚŝƐĐŚĂƌŐĞŝŶƚŽ ƚŚĞůĂŐŽŽŶ͘ŶĂĐĐĞƐƐƉĞƌŵŝƚŝŶƚŽƚŚĞĂƚŝƋƵŝƚŽƐ>ĂŐŽŽŶĐŽůŽŐŝĐĂůZĞƐĞƌǀĞ;>ZͿŚĂƐďĞĞŶŝƐƐƵĞĚƚŽƚŚĞ ĂƚŝƋƵŝƚŽƐ>ĂŐŽŽŶ&ŽƵŶĚĂƚŝŽŶďLJƚŚĞĂůŝĨŽƌŶŝĂĞƉĂƌƚŵĞŶƚŽĨ&ŝƐŚΘtŝůĚůŝĨĞ͘dŚĞƌĞƐƵůƚƐǁŝůůďĞƌĞƉŽƌƚĞĚ ƚŽĂůŝĨŽƌŶŝĂĞƉĂƌƚŵĞŶƚŽĨ&ŝƐŚΘtŝůĚůŝĨĞƐŚŽƌƚůLJĂĨƚĞƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨĚĂƚĂĂŶĂůLJƐŝƐ͘ o ƵĚŐĞƚ͗ΨϰϬ͕ϬϬϬ o ƐƚŝŵĂƚĞĚŽŵƉůĞƚŝŽŶĂƚĞ͗ DĂLJϭϱ͕ϮϬϮϰ  ^ĂŵƉůĞƐĞĚŝŵĞŶƚƐŝŶƚŚĞĂƚŝƋƵƚŝŽƐ>ĂŐŽŽŶĐŽůŽŐŝĐĂůZĞƐĞƌǀĞ;>ZͿǁĞƐƚŽĨ/ͲϱƚŽĚĞƚĞƌŵŝŶĞƚŚĞƉƌĞƐĞŶĐĞ ŽĨůĞŐĂĐLJĂŐƌŝĐƵůƚƵƌĂůĐŽŶƚĂŵŝŶĂƚŝŽŶ͘^ĂŵƉůŝŶŐŝƐƉůĂŶŶĞĚƚŽŽĐĐƵƌĂĨƚĞƌƚŚĞĂůŝĨŽƌŶŝĂ>ĞĂƐƚdĞƌŶ;>dEͿ ŶĞƐƚŝŶŐƉĞƌŝŽĚDĂƌĐŚϯϬͲ^ĞƉƚĞŵďĞƌϭϱ͘dŚĞƌĞƐƵůƚƐǁŝůůďĞƌĞƉŽƌƚĞĚƚŽĂůŝĨŽƌŶŝĂĞƉĂƌƚŵĞŶƚŽĨ&ŝƐŚΘ tŝůĚůŝĨĞƐŚŽƌƚůLJĂĨƚĞƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨĚĂƚĂĂŶĂůLJƐŝƐ͘ o ƵĚŐĞƚ͗Ψϰϲ͕ϬϬϬ o ƐƚŝŵĂƚĞĚŽŵƉůĞƚŝŽŶĂƚĞ͗ ĞĐĞŵďĞƌϭϱ͕ϮϬϮϰ  dŚĞĂďŽǀĞƚǁŽƐƚĞƉƐ͕ĂƐǁĞůůĂƐƚŚĞĨŝƌƐƚƐĂŵƉůŝŶŐĐŽŶĚƵĐƚĞĚŝŶĞĐĞŵďĞƌϮϬϮϭ͕ĂƌĞƐŝŵƉůLJƐƚĂƌƚŝŶŐƉŽŝŶƚƐ͘ <ĞLJĂďŝŽƚŝĐĂŶĚďŝŽƚŝĐƉĂƌĂŵĞƚĞƌƐĂƚƚŚĞĂƚŝƋƵŝƚŽƐ>ĂŐŽŽŶŶĞĞĚƚŽďĞƚƌĂĐŬĞĚŽǀĞƌƚŝŵĞ͘dŚĞĚĂƚĂ ŽďƚĂŝŶĞĚĚƵƌŝŶŐƚŚĞƐĞĞĂƌůLJƐƚĂŐĞƐǁŝůůĚĞƚĞƌŵŝŶĞƚŚĞŶĞĞĚ͕ƉƌŝŽƌŝƚLJĂŶĚůŽĐĂƚŝŽŶĨŽƌĨƵƚƵƌĞƐĂŵƉůŝŶŐ ĞĨĨŽƌƚƐ͘dŚĞŶĞdžƚƐĂŵƉůŝŶŐŝƐƉůĂŶŶĞĚĨŽƌƐƉƌŝŶŐŽĨϮϬϮϱ͘dŚĞĐŽƐƚŝƐĞdžƉĞĐƚĞĚƚŽďĞΨϰϱ͕ϬϬϬ͕ŽĨǁŚŝĐŚ ΨϭϮ͕ϲϲϬǁŝůůĐŽǀĞƌĞĚƚŚƌŽƵŐŚƚŚĞD&ŐƌĂŶƚ͘&ƵŶĚƐƌĞŵĂŝŶŝŶŐĨƌŽŵƚŚĞĐƵƌƌĞŶƚ'WϬϲͲϭϮǁŝůůďĞĂƉƉůŝĞĚ ƚŽƚŚŝƐĞĨĨŽƌƚ͘ o ƵĚŐĞƚ͗ΨϭϮ͕ϲϲϬ o ƐƚŝŵĂƚĞĚŽŵƉůĞƚŝŽŶĂƚĞ͗ DĂƌĐŚϭ͕ϮϬϮϱ   !                  RESOLUTION OF THE BOARD OF DIRECTORS OF BATIQUITOS LAGOON FOUNDATION WHEREAS, Article 6 of the Bylaws of Batiquitos Lagoon Foundation defines the Duties of its Officers; and WHEREAS, Section 6 of Article 6, defines the Duties of its President, which includes signature authority for deeds, mortgages, bonds, contracts, checks, etc.; and WHEREAS, Section 7 of Article 6, defines the Duties of its Vice President, which includes performing the Duties of President in the event of his inability to act; and WHEREAS, there is an ongoing need to confirm signature authority during the submission of applications for grants and fund ing , execution of contracts, amendments, obligations, and other documents required in the normal course of business; and WHEREAS, a resolution by the Batiquitos Lagoon Foundation Board of Directors for this purpose is not current; and NOW THEREFORE BE IT RESOLVED THAT: Batiquitos Lagoon Foundation Board of Directors designates its President, Chris Ross , and/or its Vice President, Deborah Mossa, to sign applications, contracts, amendments, obligations, and other documents on behalf of Batiquitos Lagoon Foundation through December 31 st 2024. I hereby certify that this resolution was adopted by The Batiquitos Lagoon Foundation Board of Directors at the regular board meeting held on the 16th day of April , in the year 2024, and that the same now appears of record in its official minutes. B ~~_____,//_ -• Date: April 16 2023 ry Batiquitos Lagoon Foundation ATTEST: . , / • /J ~ .~ Date: April16,2023 ~~ t,Treasurer Batiquitos Lagoon Foundation ANY PROPRIETOR/PARTNER/EXECUTIVEOFFICER/MEMBER EXCLUDED? INSR ADDL SUBRLTR INSD WVD PRODUCER CONTACTNAME:FAXPHONE(A/C, No):(A/C, No, Ext): E-MAILADDRESS: INSURER A : INSURED INSURER B : INSURER C : INSURER D : INSURER E : INSURER F : POLICY NUMBER POLICY EFF POLICY EXPTYPE OF INSURANCE LIMITS(MM/DD/YYYY) (MM/DD/YYYY) AUTOMOBILE LIABILITY UMBRELLA LIAB EXCESS LIAB WORKERS COMPENSATIONAND EMPLOYERS' LIABILITY DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) AUTHORIZED REPRESENTATIVE EACH OCCURRENCE $DAMAGE TO RENTEDCLAIMS-MADE OCCUR $PREMISES (Ea occurrence) MED EXP (Any one person) $ PERSONAL & ADV INJURY $ GEN'L AGGREGATE LIMIT APPLIES PER:GENERAL AGGREGATE $ PRO-POLICY LOC PRODUCTS - COMP/OP AGGJECT OTHER:$COMBINED SINGLE LIMIT $(Ea accident) ANY AUTO BODILY INJURY (Per person) $ OWNED SCHEDULED BODILY INJURY (Per accident) $AUTOS ONLY AUTOS HIRED NON-OWNED PROPERTY DAMAGE $AUTOS ONLY AUTOS ONLY (Per accident) $ OCCUR EACH OCCURRENCE CLAIMS-MADE AGGREGATE $ DED RETENTION $ PER OTH-STATUTE ER E.L. EACH ACCIDENT E.L. DISEASE - EA EMPLOYEE $If yes, describe under E.L. DISEASE - POLICY LIMITDESCRIPTION OF OPERATIONS below INSURER(S) AFFORDING COVERAGE NAIC # COMMERCIAL GENERAL LIABILITY Y / N N / A(Mandatory in NH) SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED INACCORDANCE WITH THE POLICY PROVISIONS. THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THISCERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement onthis certificate does not confer rights to the certificate holder in lieu of such endorsement(s). COVERAGES CERTIFICATE NUMBER:REVISION NUMBER: CERTIFICATE HOLDER CANCELLATION © 1988-2015 ACORD CORPORATION. All rights reserved.ACORD 25 (2016/03) CERTIFICATE OF LIABILITY INSURANCE DATE (MM/DD/YYYY) $ $ $ $ $ The ACORD name and logo are registered marks of ACORD 3/21/2024 (703) 547-6288 20281 Batiquitos Lagoon Foundation7447 Batiquitos Dr Carlsbad, CA 92009 A 1,000,000 X 35358609 3/14/2024 3/14/2025 1,000,000 10,000 1,000,000 2,000,000 Included 1,000,000A 35358609 3/14/2024 3/14/2025 1,000,000A 79756764 3/14/2024 3/14/2025 1,000,000 For a Municipality City of Carlsbad is included as an Additional Insured on the General Liability policy as required by written contract. City of Carlsbad Attn: Nicole Piano-Jones 1200 Carlsbad Village Drive Carlsbad, CA 92008 BATILAG-01 ELEWIS Alliant Insurance Services, Inc.4530 Walney Rd Ste 200Chantilly, VA 20151-2285 Kyle Murphy Kyle.Murphy@alliant.com Federal Insurance Company X X X XX XX          ACORD" I ~ I -D □ --- Fl □ □ ------ - -H I I I I I □ I