8/14/2019 Inc. Issue 12

1/5

!

!"#$%&'&()*&+#$&,%-$*+,.)+,-$&

/0%*12$3&3$403+$3&503&"6"7&

!"#$%&'()*&+,%*-%$),.,)&-/01%2%

'34-/%5&6%3'%56%7+38*,7%96%

/*::*-:;%*-:%6348%)*7+%3'%7348?,7;

!!!!!!"#$!%&'(#))*+,!-$*./0)1,#02!30/#!4*))56$-78!.!69,01$,,!1$3,!5$:0.!

()52.1;8!()1/019$,!/)!7-)3!30/#!.1(#)-.98!3#)!30**!

6$!,2$.?017!30/#!'@%!5$56$-,!A0.!A0:$)!(#./!/#0,!"9$,:.;!01!'(-022,!

BBBC!>.9!0,!6.,$:!01!D#0(.7)!./!/#$!DEF!G-)92!.1:!2-):9($,!-$2)-/,!H)-!

D#0(.7)8!I1:0.1.2)*0,!.1:!E0*3.9?$$C!'#$!.22-$(0./$,!/#./!4*))56$-7!0,!

.**!.6)9/!/#$!H.(/,C!!!!J4*))56$-7!/.?$,!(.-$!$A$-;!:.;!/)!2-)A0:$!/#$!6$,/!/-.1,2.-$1(;!.1:!

.(()91/.60*0/;!01!)9-!-$2)-/0178K!

,#$!,.0:C

!!!!>.9!#.,!3)1!195$-)9,!

.3.-:,!H-)5!/#$!L#0)!')(0$/;!)H!

@-)H$,,0)1.*!%)9-1.*0,/,8!01(*9:017!

4$,/!G)A$-15$1/!M$2)-/0178!4$,/!

D)1,95$-!M$2)-/017!.1:!4$,/!

I1A$,/07./0A$!M$2)-/017C!

!!!!'#$!,.;,!#$-!H.A)-0/$!,/)-;!

()A$-$:!,)!H.-!3.,!3#$1!,#$!

J(.97#/!.!5)-/7.7$!6-)?$-!01!/#$!

.(/!)H!/-;017!/)!()1A01($!.!6*01:!

7-.1:5)/#$-!/)!,071!.!1$3!NO&;$.-!5)-/7.7$!/)!2.;!H)-!7.-.7$!

-$2.0-,CK

!!!!"#$!?$;!/)!()5017!92!30/#!

,/)-0$,8!>.9!,.;,8!0,!/)!.,?!/#$!

91()55)1!P9$,/0)1!.1:!/#$1!

.1,3$-!0/C

!!!!JQ#$1!I!3.,!/#$!01A$,/07./0A$!()1,95$-!-$2)-/$-!H)-!QFQ'!R=4D!

!"#$%!&'(%)(*$'+'$!),-.(/("01),(2!)3(0"(23(4&05%'4(63(,%77%)7.8(9!1(4!%,:(

J"#./!5$.1,!#0//017!/#$!,/-$$/,!.1:!:$A$*)2017!;)9-!*0,/!)H!,)9-($,CK

!!!!S)917!

-$2)-/$-,!,#)9*:!

5.?$!.1!$HH)-/!

/)!J6-017!1$38!

H-$,#!0:$.,!

H)-!-$2)-/017!

)1!59*/02*$!

2*./H)-5,K!.1:!

/)!7$/!01A)*A$:8!

>.9!,.0:C

!!!!JS)9!(.1!

6$()5$!.!?$;!

5$56$-!)H!/#$!

1$3,-))5!.1:!

-0,$!P90(?*;8K!,#$!

.::$:C

!!!!>.9+,!.:A0($!

/)!T)9-1.*0,5!

!""#$%&.,#$-!>$.-1017!

D$1/$-!.1:!5.?$,!$*$(/-)10(!69,01$,,

1$3,!,9(#!.,!,/)(?,!.1:!6)1:,!H)-!.*5),/!.1;!()52.1;!.A.0*.6*$!/)!

,/9:$1/,C!"#$!5.(#01$!0,!A.*9.6*$!H)-!T)9-1.*0,/,!30/#!.1!01/$-$,/!01!

614%)'44(!),(#)!)9/]!.6)9/!/#$!2-$,/070)9,!E.-?!@0/5.1!

I1/$-1,#028!1.5$:!.H/$-!/#$!.3.-:&3011017!4*))56$-7!-$2)-/$-!3#)!

2.,,$:!.3.;!01!^)A$56$-!VOOX8!M.5,$;!/-.01$:!#$-!/)!9,$!/#$!/$-501.*

_$!.*,)!/)*:!#$-!.6)9/!/#$!/;2$,!)H!(*02,!.1:!,/)-0$,!4*))56$-7!*))?$:!

H)-!01!.1!01/$-1,#02!.22*0(./0)1C

!!!!>9/]!3.,!(#),$1!H)-!/#$!01/$-1,#02!W!T9,/!)1$!5)-$!3.;!'(-022,+!7-$./

.*9510!6.,$!)2$1,!:))-,8!'/$3.-/!,.0:C

!!!!JI/+,!.!2$-H$(/!$`.52*$!)H!#)3!.1!.*95!3.,!-$.(#017!6.(?!/)!#$*2!.!

,/9:$1/8K!#$!,.0:C!!

'()$%"))*+,(-%./$)0*1,0")*#,*23-$44)6&++7%/38"),(.+3"!,8'/"9)$":'&&"4.)3/"',4'8.*"',*+"*./"%$4',/44"4';/"+-",?*@,9*7/.%*A;".

8/14/2019 Inc. Issue 12

2/5

!!!!!"#$!')(0$/;!)H!@-)H$,,0)1.*!%)9-1.*0,/,!30**!()**.6)-./$!

30/#!F\VOBO!/)!2-)A0:$!,)5$/#017!.!*0//*$!:0HH$-$1/!/#0,!

3$$?$1:C!"#$!4.//*$!)H!/#$!4.1:,!30**!/.?$!2*.($!'./9-:.;!

107#/!./!"#$![10)1!)1!QC![10)1!'/C

!!!!F\VOBO!@-$,0:$1/!^0?!'.*)1/.;!.1:!'@%!@-$,0:$1/!I.1!

4)35.1&_$1:$-,)1!#.A$!6$$1!3)-?017!)1!/#$!2-)T$(/!,01($!Z.**!a9.-/$-8!'.*)1/.;!,.0:C!'$A$1!6.1:,!$1/$-$:!/#$!

,$*$(/0)1!2-)($,,8!.1:!H)9-!3$-$!20(?$:!/)!2$-H)-5!/#0,!

3$$?$1:b!"#$!'9HH$-01!E),$,!4*9$,!4.1:8!E01:!Z0,#8!

Z0-,/!'/-$$/!_$./!.1:!')*0,C!"#$!6.1:,!-$2-$,$1/!.!A.-0$/;!

)H!59,0(.*!,/;*$,!W!01:0$8!6*9$,8!H91?!.1:!T.5!W!69/!/#$;!.-$!

.**!()52$/017!H)-!/#$!()52$/0/0)1+,!7-.1:!2-0]$b!cU!2$-($1/!

)HH!)H!.!H9**!:.;!01!/#$!-$()-:017!,/9:0),!)1!N!F**0)/!'/C!

'.*)1/.;!,.0:!/#./!/#$!6.//*$!30**!6$!.!7)):!(#.1($!H)-!/#$!

(#),$1!6.1:,!/)!7$/!/#$0-!1.5$,!)9/C

!!!!JI!/#01?!0/+,!7)017!/)!7$/!.!*)/!)H!$`2),9-$!H)-!/#$,$!

6.1:,8K!'.*)1/.;!,.0:C

!!!!\9-017!/#$!()52$/0/0)18!/#$!6.1:,!30**!$.(#!2*.;!

NO&5019/$!,$/,8!3#0(#!'.*)1/.;!,.0:!0,!,)5$/05$,!*)17$-!

/#.1!5.1;!()1($-/,C!!!!Z)9-!T9:7$,!30**!:$(0:$!/#$!)9/()5$!)H!/#$!(#.**$17$d!

.**!.-$!T)9-1.*0,/,!./!5.T)-!L#0)!.*/$-1./0A$!.1:!59,0(!

5.7.]01$,C!4$H)-$!/#$!4.//*$!)H!/#$!4.1:,8!/#$!T9:7$,!30**!

,2$.?!./!.!2.1$*!:0,(9,,0)1!01!4.?$-![10A$-,0/;!D$1/$-!

./!U!2C5C8!3#0(#!30**!6$!)2$1!/)!/#$!296*0(C!\9-017!/#$!

:0,(9,,0)18!/#$!T9:7$,!30**!/.*?!.6)9/!/#$0-!$`2$-0$1($,!01!

&@'(214%

/)7$/#$-!,01($!/#$0-!$.-*;!

#07#!,(#))*!;$.-,8!,.0:!

'/)?$,8!3#)!0,!.!,)2#)5)-

./!D)*9569,!'/./$C!L#0)!

[10A$-,0/;!,)2#)5)-$!

\.-)1!\0'.6./)!2*.;,!

790/.-!.1:!,017,!6.(?92!

A)(.*,!H)-!/#$!6.1:8!3#0(#!

#.,!6$$1!*))?017!H)-!3.;,!/)!2*.;!A$19$,!01!=/#$1,8!'/)?$,!,.0:C!"#0,!

3$$?$1:+,!(#.**$17$!30**!6$!:0HH$-$1/!/#.1!5.1;!,#)3,!/#$!6.1:!#.,!

2*.;$:!01!/#$!2.,/8!#$!.::$:C

!!!!J"#0,!)1$+,!.!*0//*$!5)-$!)2$18!0/!70A$,!9,!.!*0//*$!5)-$!/05$8!.1:!0/!

!

8/14/2019 Inc. Issue 12

3/5

1I!!JC@AKL

XCY>

!"#$%&'()*'+,"+-"*./"0.'+"1,'2/34'*5!"#$%&'(")(*+")%,,$"-./(0"1+-./$,&,

',*/

3,4.

'#4A

",/:

4A"(+

77/,*)35A

>,?*@,9*AM,$

!"#$%&'%()*#+%')%,$&+"&$-%.%+')/01%2)3/$.4&+'+%+")345%3+#%#6#/0%'/&(7%&$%'"#%8))79:/)*%'&*&$-%')%(.::#&$#;

!"#$%'#()%'*#+,')"!Q#$1!;)9!6$701!.1!.-/0(*$8!/#$!:$.:*01$!5.;!,$$5!.!

/.:!5)-$!:.91/017!/#.1!/#$!.(/9.*!/.,?!./!#.1:C!!=!*017$-017!:9$!:./$!(.1!

(*)9:!;)9-!501:!$1)97#!/)!?$$2!;)9!:.]$:!H)-!:.;,C!!Q0/#)9/!(*$.-!H)&

(9,8!0/!0,!$.,;!/)!,9((956!/)!2-)(-.,/01./0)18!3#0(#!*$.:,!/)!6)/#!2))-*;!

H)-5$:!0:$.,!.1:!.1!$--)-&-0::*$:!,/)-;C!!")!5.01/.01!H)(9,8!;)9!507#/!3.1/!/)!3-0/$!,/)-;!0:$.,!.1:!?$;!2)01/,!)1!@),/&0/!1)/$,!/)!?$$2!/#$!

.::,!H-$,#!0:$.,!69/!.*,)!70A$,!;)98!.,!/#$!3-0/$-8!/#$!922$-!#.1:!01!

:$(0:017!3#./!H9-/#$-!01H)-5./0)1!1$$:,!/)!6$!,)97#/!)9/C!!\$(0:$!

3#./!/05$!)H!/#$!:.;!,$1:,!;)9-!(-$./0A0/;!,).-017!.1:!.**)/!/#./!/05$!H-.5$!/)!3-0/017C!!E.01/.01!.!2.//$-1!.1:!/.?$!2-0:$!01!/#$!-$,9*/,!)H!.!

3$**&2*.11$:!.-/0(*$C!!

8/14/2019 Inc. Issue 12

4/5

2-)T$(/,C

!!!JQ$+-$!*))?017!H)-!2$)2*$!3#)!$1T);!3-0/0178K!4$-?,#0-$!,.0:C!JQ#./!0

5),/!052)-/.1/!0,!/#./!,/9:$1/,!.-$!2.,,0)1./$!.6)9/!0/CK

((((H@%4(%4(!(700,(#54&(%)&'5)4@%A.(;'5>4@%5'(!,,',.(6'

$:0/0178!;$.-6))?!.1:!Q$6!$:0/017!.1:!A0:$)!2-):9(/0)1!.-$!$1()9-.7$:

/)!.22*;C!"#),$!3#)!30**!6$!,)2#)5)-$,8!T910)-,!)-!,$10)-,!01!H.**!VOBO

.-$!$1()9-.7$:!/)!.22*;C!=22*0(./0)1,!,#)9*:!01(*9:$!.!-$,95$8!,.52*$,

)H!3)-?!.1:!.!()A$-!*$//$-!,/./017!3#0(#!2),0/0)1!01/$-$,/,!/#$!.22*0(.1/C!

@.-/0(02.1/,!59,/!#.A$!.!:-0A$-+,!*0($1,$d!/#$;!.-$!2.0:!hVYO!.!3$$?!.1:

.-$!#)9,$:!H)-!H-$$!./!.!*)(.*!#)/$*C

!!"#$!:$.:*01$!/)!.22*;!H)-!/#$!BB&3$$?!,955$-!01/$-1,#02!0,!E.-(#!VNC

=22*0(./0)1,!,#)9*:!6$!,$1/!/)!H)--$,/C6$-?,#0-$i9,.((C.-5;C50*!)-!,/$A$

.-$*i9,.((C.-5;C50*C!!

! ! "#0,! ,955$-8! T)9-1.*0,5! ,/9:$1/,! (.1! 7.01! $`2$-0$1($! /#-)97#! .1!

01/$-1,#02! 30/#! .! 2-)7-.5! H)-! .,20-017! ML"D! (.:$/,C! "#$! >$.:$-+,!

"-.01017!D)9-,$!01!Z)-/!j1)`8!j;C8!01/-):9($,!()**$7$!,/9:$1/,!01/$-$,/$:!

01!ML"D!/)!=-5;!*0H$!W!69/!0/!.*,)!01/-):9($,!,/9:$1/,!,/9:;017!T)9-1.*0,5!/)!-$.*&*0H$!$`2$-0$1($!01!.-$.,!,9(#!.,!3-0/0178!$:0/017!.1:!59*/05$:0.C

!!!J"#0,!01/$-1,#02!-$.**;!70A$,!,/9:$1/,!.!*)/!)H!2-.(/0($!.1:!2-)A0:$,!-$.*&

3)-*:!$`2$-0$1($8K!,.0:!Z)--$,/!4$-?,#0-$8!296*0(!.HH.0-,!,2$(0.*0,/!H)-!/#$!

[C'C!=-5;!D.:$/!D)55.1:!.1:!())-:01./)-!)H!/#$!01/$-1,#02C

!!!!!'/9:$1/,!()52*$/017!/#0,!01/$-1,#02!W!3#0(#!#.,!6$$1!7)017!)1!H)-!.6)9/!

VO!;$.-,!W!#.A$!/#$!)22)-/910/;!/)!3)-?!01!,$A$-.*!.-$.,C!"#$!T)9-1.*0,5!

,/.HH!29/,!)9/!.!3$$?*;!1$3,2.2$-!/#./!?$$2,!(.:$/,!92!/)!:./$!30/#!3#./!

0,!7)017!)1!01!/#$!2-)7-.5!.1:!30/#!)/#$-!2.-/0(02.1/,8!4$-?,#0-$!,.0:C

!!!!"#$!,/.HH!.*,)!5.01/.01,!.1!)1*01$!1$3,2.2$-8!3#0(#!)HH$-,!.::0/0)1.*!

()1/$1/! ,9(#!.,! $`/-.! 2#)/),! .1:!A0:$)! ,$75$1/,C!"#$! )1*01$! 2.2$-! 0,!

/.-7$/$:!./!H.50*0$,!)H!(.:$/,!()52*$/017!/#$!2-)7-.58!.,!3$**!.,!/#),$!

,/9:$1/,!()1,0:$-017!/#$!>$.:$-+,!"-.01017!D)9-,$C!

!!!!Z01.**;8!/#$!T)9-1.*0,5!,/.HH!(-$./$,!.!;$.-6))?!H)-!$.(#!,$,,0)1C!"#$,$!

2-)T$(/,!)HH$-!,/9:$1/,!/#$!(#.1($!/)!*$.-1!#)3!/)!3)-?!T)9-1.*0,/0(.**;!01!

,$A$-.*!:0HH$-$1/!5$:0.8!4$-?,#0-$!,.0:C

! ! ! !=*/#)97#!2-0)-! $`2$-0$1($!0,! $`2$(/$:!)H! .22*0(.1/,8! /#$!01/$-1,#02!

())-:01./)-,!.-$!30**017!/)!3)-?!30/#!.1:!().(#!,/9:$1/,!/#-)97#!/#$,$!

5C@JKC2>57

XCY>!"#$%&'()*'+,"+-"*./"0.'+"1,'2/34'*5!"#$%&'(")(*+")%,,$"-./(0"1+-./$,&,

A-0Q*7-,&-.0*1.//)*E,-*+,(-%./$)#$3*K"3-($#)572

Y./,Y.)* Y.+ Y./3/Y.5 I+:

L#0)!'/./$!

Z.0-

@96*0(!M$*./0)1,!

I1/$-1,#02D)*9569,8!L#0)'955$-!VOBO

D.**!D#-0,/01.!

>$$:,!./!cBf&

cff&fOBB

G$1$-./$!2)-/H)&

*0)!5./$-0.*!.1:!

.,,0,/!5$:0.!)1!

/#$!7-)91:,

F5.0*!=A.!F#-*0(#!

./!.$#-*0(#i?,:?C()5

'955$-!)-!Z.**!

VOBO

'/C!>)90,8!E)CD)1/-069/$!

4%7)%#

/)!/#$!1$3,!,#)3,

4-).:(.,/!

I1/$-1,#02

j'\j!

^$3,D#.11$*!U

)&*+#!E.7.]01$

k0,0/!333C$5&

5;,H)91:./0)1C

)-7

G$/!#.1:,&)1!

$`2$-0$1($!30/#!

/#$!"k!01:9,/-;

_)**;3)):8!

D.*0HC

'955$-!

VOBO

"$*$A0,0)1!

I1/$-1,#02

=(.:$5;!)H!

"$*$A0,0)1!=-/,!

.1:!'(0$1($,!

Z)91:./0)1!

F5.0*!5$7.1l

#.;$,iA)79$C

()5

>$.-1!.6)9/!/#$!

H.,#0)1!01:9,/-;^$3!S)-?8!

^CSC'2-017!VOBO

=(($,,)-0$,!

\$2.-/5$1/!

I1/$-1,#02

8/14/2019 Inc. Issue 12

5/5

/#$!-$.,)1017!.1:!0:$.,!/#./!507#/!,/$5!/#$-$H-)58!.-$!1)3!,;1)1;5)9,

.1:!01,$2.-.6*$!H-)5!/#$0-!,/.?$!01!/#$!5$:0.C!

!!!!I1!)/#$-!3)-:,8!M)7$-!=0*$,!(.1+/!T9,/!7)!)1!/$*$A0,0)1!.1:!,.;!3#./!#$H$$*,8!6$(.9,$!#0,!/#)97#/,!.1:!H$$*017,!.-$!,;1)1;5)9,!30/#!/#$!A)0($!

)H!Z)`!^$3,8!/#$!2$-,)1.*!6-.1:!#$!-$2-$,$1/,C!_$!#.,!(-$./$:!.!,0/9./0)1

01!3#0(#!.1;/#017!,.0:!6;!=0*$,!m/#$!291:0/n!#.,!.!:0-$(/!052.(/!)1!/#$!

A.*9$!)H!=0*$,