Download as pdf or txt
Download as pdf or txt
You are on page 1of 24

..

6&:

6&:
6WDQGDUG:HඈJKW&RQWUROOHU
DQG7UDQVPඈWWHU
86(5*8,'(

35* 5
5
5
5

) ) )
6&:
:$51,1*6 

z 5HDGWKLVXVHUPDQXDOFDUHIXOO\EHIRUHXVLQJWKHGHYLFH5HVSRQVLELOLW\IRUDFFLGHQWVDQGGDPDJHV
FDXVHGE\QRQFRPSOLDQFHZLWKWKHZDUQLQJVLQWKLVPDQXDOEHORQJVWRWKHXVHU
z 7KLVGHYLFHKDVEHHQSURGXFHGIRUXVHE\HGXFDWHGSHRSOHLQLQGXVWULDOHQWHUSULVHVLWLVQRWVXLWDEOH
IRUXVHLQKRPHVDQGVLPLODUSODFHVIRUVDIHW\UHDVRQV
z 'RQRWXVHWKLVGHYLFHLQWKHSUHVHQFHRIIODPPDEOHDQGH[SORVLYHJDVHV,WPD\FDXVHH[SORVLRQRU
ILUHGXHWRHOHFWULFDUFWKDWPD\RFFXUDWWKHFRQWDFWSRLQWV
z /LTXLGVXEVWDQFHVDQGPHWDOSDUWVPXVWEHSUHYHQWHGIURPHQWHULQJWKHGHYLFH2WKHUZLVHLWPD\
FDXVHDFFLGHQWVVXFKDVILUHDQGHOHFWULFVKRFN
z 7KHUHLVQRIXVHDQGFLUFXLWEUHDNHURQWKHGHYLFHWKH\PXVWEHFRQQHFWHGH[WHUQDOO\E\WKHXVHU
z ,QFDVHRIPDOIXQFWLRQRIWKHGHYLFHH[WHUQDOPHDVXUHVVKRXOGEHWDNHQWRSUHYHQWDFFLGHQWVDQG
GDPDJHVWKDWPD\RFFXULQWKHV\VWHPLQZKLFKLWLVORFDWHG
z ,WVKRXOGEHHQVXUHGWKDWWKHVHQVRUDQGVLJQDOFDEOHVDUHDZD\IURPSRZHUFDEOHVRUVZLWFKHG
LQGXFWLYHORDGFDEOHVRULWPXVWEHSUHYHQWHGIURPEHLQJHOHFWULFDOO\DIIHFWHG
z %HIRUHPDNLQJWKHGHYLFHFRQQHFWLRQVLWVKRXOGEHFKHFNHGZKHWKHUWKHVXSSO\YROWDJHLVVXLWDEOH
IRUWKHSODFHZKHUHLWZLOOEHXVHGE\ORRNLQJDWWKHSURGXFWFRGH
z 'RQRWHQHUJL]HWKHGHYLFHEHIRUHPDNLQJWKHFRQQHFWLRQVUHODWHGWRWKHGHYLFHLQDFFRUGDQFHZLWK
WKHZLULQJGLDJUDPDQGGRQRWWRXFKWKHWHUPLQDOVZKLOHWKHGHYLFHLVHQHUJL]HG
z 7KHIDFWRU\FRQILJXUDWLRQRIWKHGHYLFHLVQRWVXLWDEOHIRUHYHU\V\VWHPLWPXVWEHFKDQJHGE\WKH
XVHUDFFRUGLQJWRWKHQHHGVRIWKHFXUUHQWV\VWHP
z 7KHXVHIXOOLIHRIWKHGHYLFHDVGHWHUPLQHGDQGDQQRXQFHGE\WKH0LQLVWU\LV\HDUV
z 'R QRW PRGLI\ RU WU\ WR UHSDLU WKH GHYLFH WKH GHYLFH VKRXOG EH UHSDLUHG E\ DXWKRUL]HG VHUYLFH
SHUVRQQHO
&217(176 
(;3/$1$7,21 3DJH1R

:DUQLQJV 
&RQWHQWV 
'HYLFH'HVFULSWLRQ 
3UHSDUDWLRQ6WDJHVIRU8VH 
3UHSDUDWLRQ6WDJHVIRU8VH 
3URGXFWFRGH 
7HFKQLFLDO6SHFLILFDWLRQV 
'LVSOD\DQG.H\)XQFWLRQV 
3URJUDPPLQJ 
3URJUDPPLQJ3DJH,QWURGXFWLRQ 
  *HQHUDO6HWWLQJV3DJH3DUDPHWHUV 
  :HLJKW&DOLEUDWLRQ3DJH3DUDPHWHUV 
 $QDORJ2XWSXW&DOLEUDWLRQ 
&175/ 5HOD\2XWSXW)XQFWLRQV 
2SHUDWRU3DJH3DUDPHWHUV 
6HULDO&RPPXQLFDWLRQ 
'(9,&('(6&5,37,21 
6&:0RGHOGHYLFHVDUHIXOO\PRGXODUGHYLFHVGHVLJQHGIRUZHLJKWPHDVXUHPHQWDQG
FRQWUROLQLQGXVWULDOHQYLURQPHQWVDQGHDFKPRGXOHFDQEHLQGLYLGXDOO\FRQILJXUHG,QWKH
GHVLJQ SKDVH FRPSOLDQFH ZLWK LQWHUQDWLRQDO VWDQGDUGV UHOLDELOLW\ DQG HDVH RI XVH DUH
EDVHG

/LQH&KDUDFWHU/&''LVSOD\
/(',QGLFDWRUV
/RDGFHOO6HQVRU,QSXW P99P99P99
$QDORJ2XWSXWV P$9
3LHFH56&RPPXQLFDWLRQ8QLW
5HOD\VRU/RJLF2XWSXWV 9
9DF8QLYHUVDORU9DFGF6XSSO\
,VRODWLRQ%HWZHHQ,QSXW2XWSXW0RGXOHV
'LIIHUHQW5HOD\)XQFWLRQV
212))&RQWURO
35(3$5$7,2167$*(6)2586( 
z %HIRUHVWDUWLQJWRXVHWKHGHYLFHPDNHXVHRIWKLVXVHUPDQXDODQGSHUIRUPWKHIROORZLQJ
RSHUDWLRQVLQRUGHU
z 6&:0RGHOGHYLFHVDUHFRPSOHWHO\PRGXODUGHYLFHVWKHUHIRUHEHIRUHXVLQJWKH
GHYLFHFKHFNWKHSURGXFWFRGHWRVHHLIWKHVXSSO\YROWDJHDQGLQSXWRXWSXWPRGXOHVDUH
VXLWDEOH
z %HIRUHPDNLQJRWKHUFRQQHFWLRQVRIWKHGHYLFHRQO\VXSSO\WKHVXSSO\YROWDJHDQGHQWHU
WKHFRQILJXUDWLRQSDJHWRPDNHWKHPRVWVXLWDEOHFRQILJXUDWLRQIRU\RXUV\VWHP
z $IWHUWKHGHYLFHLVSURSHUO\FRQILJXUHGVHWWKHVHWYDOXHVDQGK\VWHUHVLVRIWKHUHOD\V\RX
KDYHVHOHFWHGDVDODUPRQWKHRSHUDWRUSDJH
z &XWRIIWKHSRZHURIWKHGHYLFHDQGPDNHRWKHUFRQQHFWLRQVDFFRUGLQJWRWKHFRQQHFWLRQ
GLDJUDP
z 0DNHWKHV\VWHPWREHFRQWUROOHGUHDG\IRURSHUDWLRQDQGUHHQHUJL]HWKHV\VWHPZLWKWKH
GHYLFH
z &KHFNDOOIXQFWLRQVRIWKHGHYLFHGXULQJQRUPDOXVH
z )LQDOO\ LQ RUGHU WR SUHYHQW WKH LQWHUYHQWLRQ RI XQDXWKRUL]HG SHUVRQV HQWHU WKH
FRQILJXUDWLRQ SDJH DJDLQ DQG VHW WKH VHFXULW\UHODWHG SDUDPHWHUV DQG UHWXUQ WR WKH
3URFHVV6FUHHQ

7KLVXVHUPDQXDOKDVEHHQSUHSDUHGLQDFFRUGDQFHZLWKWKHDERYHSURFHGXUH+RZ
WRGRWKHVHRSHUDWLRQVLVJLYHQLQGHWDLOLQWKHUHOHYDQWVHFWLRQV
&211(&7,21',$*5$0 
12.RQWDN /2$'&(//

&20 *1'

6(16(

6,*

(;&

+]:



)LJXUH

0RGXOH ([SODQDWLRQ

/2$'&(// /RDGFHOOFRQQHFWLRQ

&8 56&RPPXQLFDWLRQ0RGXOH

2 )LUVW$QDORJ2XWSXWPRGXOH

2 6HFRQG$QDORJ2XWSXWPRGXOH

2 1RWXVHGLQWKLVPRGHO

5HOD\2XWSXWPRGXOHV 7KHFRQWHQWVRIWKHVHPRGXOHVDUHGHWHUPLQHGE\WKHSURGXFWFRGHDQGWKHLU
5555 IXQFWLRQVDUHGHWHUPLQHGE\WKH³5)5)5)5)´SDUDPHWHUVRQWKHFRQILJXUDWLRQSDJH 

36 6XSSO\YROWDJHLQSXW VXSSO\YROWDJHLVGHWHUPLQHGE\WKHSURGXFWFRGH 
352'8&7&2'( 

6&:BBBBBBBBB

&8

2
2
/8
36

5
5
5
5
6XSSO\9ROWDJH
 9$&'&
 9$&'&

&RPPXQLFDWLRQ0RGXOH
 1RQH
 56&RPPXQLFDWLRQ

/RJLF,QSXW0RGXOH
 1RQH
 9/RJLF,QSXW

$QDORJ2XWSXWPRGXOH
 1RQH
 P$&XUUHQW2XWSXW
 9'&9ROWDJH2XWSXW

5HOD\2XWSXW0RGXOHV
 1RQH
 12&RQWDFW
 9'&/RJLF2XWSXW IRUGULYLQJ665
 121&&RQWDFW

127(:KHQ55PRGXOHVDUHFRGHGDV  WKH5PRGXOHVKRXOGEHFRGHGDV  
:KHQFRGHGDV5RU5UHOD\121&VKRXOGEHVHOHFWHGIRUERWKUHOD\V

5HOD\RXWSXWPRGXOHVFDQEHFRGHGDVFRQWDFWRUORJLFRXWSXWVLQWKHSURGXFWFRGH
EXWRQO\WKHWHUPUHOD\LVXVHGZKHQWDONLQJDERXWWKHVHRXWSXWVLQWKLVXVHUPDQXDO
7(&+1,&,$/63(&,),&$7,216 

6XSSO\9ROWDJH 36 9DFGF 9DFGF


3RZHUFRQVXPSWLRQ :9$
6FUHHQ ;'LMLW/&'VFUHHQ
/RDG&HOO,QSXW P990D[SLHFHȍORDGFHOO
/RDG&HOO6XSSO\ 99
$QDORJ2XWSXW 2 &XUUHQWP$ 5/d: 9ROWDJH9 5/ñ0:
5HOD\RXWSXWV 5555 &RQWDFW9DF$ /RJLF2XWSXW9GFP$
1RORDGVZLWFKLQJ
&RQWDFW/LIH 9$5HVLVWLYH/RDGVZLWFKLQJ
0HPRU\ \HDUVUHQHZDOV
$FFXUDF\ 
$PELHQWWHPSHUDWXUH 2SHUDWLRQ&
'LPHQVLRQV :LGWKPP +HLJKWPP 'HSWKPP
3DQHOFXWGLPHQVLRQV PP[PP
:HLJKW JU
',63/$<$1'.(<)81&7,216 

352&(666&5((1
:KHQWKHGHYLFHLVHQHUJL]HG
WKHPHDVXUHGSURFHVVYDOXHRU
HUURUPHVVDJHLV GLVSOD\HGRQ
 WKH³39´GLVSOD\DQGWKHFRQWURO
VHW YDOXH LV GLVSOD\HG RQ WKH
³63´GLVSOD\DIWHUWKHSURJUDP
 YHUVLRQ LV GLVSOD\HG RQ WKH
35* 5  JHVWHUJHVIRUDERXWVHFRQGV
5  7KLV VFUHHQ LV FDOOHG WKH
5  3URFHVV6FUHHQ7KLVVFUHHQLV
5  XVHG FRQWLQXRXVO\ GXULQJ
QRUPDORSHUDWLRQ

) ) )
6&:

,WVKRZVWKHSURFHVVYDOXHRUHUURUPHVVDJHVRQWKH3URFHVV
 39,1',&$725
6FUHHQDQGWKHSDUDPHWHUQDPHDQGYDOXHRQWKHRWKHUVFUHHQV
 35* ,WOLJKWVXSZKHQWKHGHYLFHPHQXLVHQWHUHG

 5/(' ³5´,WOLJKWVZKHQWKHUHOD\PRGXOHLVHQHUJL]HG

 5/('
³5´,WOLJKWVZKHQWKHUHOD\PRGXOHLVHQHUJL]HG
 5/('
³5´,WOLJKWVZKHQWKHUHOD\PRGXOHLVHQHUJL]HG
 5/('
³5´,WOLJKWVZKHQWKHUHOD\PRGXOHLVHQHUJL]HG
',63/$<$1'.(<)81&7,216 

.(<)81&7,216
,WLVXVHGWRHQWHUWKHPHQXZKHQDQGNH\VDUHSUHVVHGWRJHWKHU,WLVXVHG
WRH[LWWKHPHQXZKHQSUHVVHGDORQH
8VHGWRFKDQJHSDUDPHWHURSWLRQRUYDOXHV

8VHGWRFKDQJHSDUDPHWHURSWLRQRUYDOXHV

,WLVXVHGWRHQWHUWKHPHQXZKHQDQGNH\VDUHSUHVVHGWRJHWKHU$VKRUW
SUHVVRQDQ\VFUHHQZLOOPRYHWRWKHQH[WSDUDPHWHU

) 1RWXVHG

) 1RWXVHG

) 1RWXVHG

7KHZHLJKWLVXVHGDVWKHFRQILUPDWLRQNH\RIWKHFDOLEUDWLRQ
352*5$00,1* 
6&:6HULHVGHYLFHVDUHGHVLJQHGIRUZHLJKWPHDVXUHPHQWDQGFRQWURO%HIRUHXVLQJWKH6&:
GHYLFHLQSXWRXWSXWW\SHVDQGIXQFWLRQVFRQWUROW\SHDQGXVDJHIHDWXUHVVKRXOGEHRSWLPDOO\DGMXVWHG
'HSHQGLQJ RQ WKH RUGHU FRGH 6&: VHULHV GHYLFHV PD\ KDYH RQH ORDG FHOO LQSXW WZR DQDORJ
RXWSXWVRQH56FRPPXQLFDWLRQDQGIRXUUHOD\RXWSXWPRGXOHV7KHW\SHVIXQFWLRQVDQGVFDOHVRI
WKHVHPRGXOHVDUHGHWHUPLQHGE\WKHSDUDPHWHUVRQWKHUHOHYDQWSDJHRIWKHSURJUDPPHQX
%HIRUHFRQQHFWLQJDQXQFRQILJXUHGGHYLFHWR\RXUV\VWHPVXSSO\RQO\WKHVXSSO\YROWDJHDQGFRQILJXUH
LWDFFRUGLQJWRWKHLQVWUXFWLRQVEHORZ

(QWHULQJWKHFRQILJXUDWLRQSDJHDQGVHWWLQJWKHSDUDPHWHUV

i 7RHQWHUWKHFRQILJXUDWLRQSDJHSUHVVDQGKROGERWKWKH³´DQG³´NH\VWRJHWKHUXQWLOWKH &2'(
(17(5 WH[WDSSHDUVRQWKHVFUHHQZKLOHWKHGHYLFHLVHQHUJL]HG

i ,IWKHSDVVZRUGLVGHILQHGZKHQWKH&2'(,1387DSSHDUVHQWHUWKHSDVVZRUGZLWKWKH³´DQG
³´NH\V WKLVSDVVZRUGLVLQWKHIDFWRU\VHWWLQJV 

i ,IWKHSDVVZRUG\RXHQWHUHGLVLQFRUUHFWZKHQ\RXSUHVVWKH³´NH\3$*(6(/(&7,21DSSHDUV
EXWQRFKDQJHVFDQEHPDGHWRWKHSDUDPHWHUV

i 2QWKH3$*(6(/(&7,21VFUHHQWKHPHQXWREHVHWLVDFFHVVHGZLWK³´DQG³´8VHWKH³´
DQG³´NH\VWRFKDQJHWKHVHWWLQJRSWLRQRIWKHSDUDPHWHUDQGWKH³´NH\WRPRYHWRWKHQH[W
SDUDPHWHU3UHVVLQJWKH³´NH\IRUDVKRUWWLPHZLOOUHWXUQWRWKHEHJLQQLQJRIWKHSDJHZKLOH
SUHVVLQJWKH³´NH\IRUDORQJWLPHZLOOUHWXUQWRWKH3URFHVV6FUHHQ

i )LJXUHEHORZLVDJUDSKLFDOUHSUHVHQWDWLRQRIWKHVHSURFHVVHV
1RWH3UHVVWKH³´DQG³´NH\VWRJHWKHUWRVHHWKHQXPEHUVRIWKHSDUDPHWHUVRQWKHFRQILJXUDWLRQ
SDJHWRPRYHIRUZDUG
,1752'8&7,21727+(352*5$00,1*3$*( 
)LJXUH


3URFHVV6FUHHQ
  ɥŜɥ
)LJXUH

  
ɥɥɥɥɥ
)LJXUH

  

:KHQWKHGHYLFHLVHQHUJL]HGWKHVFUHHQLQILJXUHDSSHDUV3UHVVWKHDQGNH\VRQWKHIURQWRIWKHGHYLFHDW
WKHVDPHWLPH$IWHUWKLVSURFHVVWKH35*OHGOLJKWVXS7KHVFUHHQLQILJXUHDSSHDUVRQWKHVFUHHQ(QWHUWKH
SDVVZRUGZLWKWKHYHNH\VDQGSUHVVWKHNH\,QWKHIDFWRU\VHWWLQJVWKHSDVVZRUGLVGHILQHGDV  :KHQ
WKHZURQJSDVVZRUGLVHQWHUHGWKHSDUDPHWHUVDUHYLVLEOHEXWFDQQRWEHFKDQJHG:KHQWKHNH\LVSUHVVHGDIWHU
WKHSDVVZRUGLVHQWHUHGWKHVFUHHQLQILJXUHDSSHDUV7KHSDJHWREHDGMXVWHGLVVHOHFWHGZLWKWKHDQGNH\V
RQWKHORZHUVFUHHQDQGNH\VDUHXVHGIRUSDJHVHOHFWLRQ NH\LVXVHGWRHQWHUWKHVHOHFWHGSDJHDQG
DGYDQFHLQWKDWPHQX3UHVVWRH[LW

3$*(6(/(&7,213DUDPHWHUV

 


)RUGHWDLOHGH[SODQDWLRQVRIWKHSDUDPHWHUVRQWKHVHSDJHVVHHWKHXVHUPDQXDO
  *(1(5$/6(77,1*63$*( 
(QWHULQJ &1),* *HQHUDO6HWWLQJV3DJH
:KLOHHQWHULQJWKHJHQHUDOVHWWLQJVSDJHRIWKHGHYLFHRQWKHPDLQVFUHHQ )LJ DQGNH\VDUH
SUHVVHGDWWKHVDPHWLPH$IWHUWKLVSURFHVVWKH35*OHGOLJKWVXS&2'(,1387DSSHDUVRQWKH
VFUHHQ )LJXUH (QWHUWKHSDVVZRUGZLWKWKHYHNH\VDQGSUHVVWKHNH\7KHVFUHHQLQ
)LJXUHDSSHDUVRQWKHVFUHHQ&1),*SDJHLVVHOHFWHGZLWKWKH$DQG%NH\VRQWKHORZHUVFUHHQ
DQGWKHNH\LVSUHVVHGDQGNH\VDUHXVHGWRFKDQJHWKHSDUDPHWHU
úHNLO

  

7KH SDJHLVWKHPHQXZKHUHWKHJHQHUDOVHWWLQJVRIWKHGHYLFHDUHPDGH)URPKHUHWKH
ODQJXDJHXVHGLQWKHGHYLFHWKHGHFLPDOYDOXHLQWKHZHLJKWGLVSOD\FRPPXQLFDWLRQVHWWLQJVDQG
SDVVZRUGVHWWLQJVDUHPDGH

  

6HOHFWVWKHODQJXDJHWREHXVHG 785 7XUNLVK (1* (QJOLVK
 
ɥɥɥɥɨ
'HWHUPLQHVWKHORFDWLRQRIWKHSRLQWLQZHLJKWPHDVXUHPHQW,WFDQEHDGMXVWHGEHWZHHQDQG
 
ɥɥɥɥɥ
6HWVWKHDGGUHVVRIWKHGHYLFH,IWKHFRPPXQLFDWLRQRIWKHGHYLFHZLOOQRWEHXVHGWKHDGGUHVVVKRXOGEHVHOHFWHGDV

 
ɥɥɥɰřɭ
,WGHWHUPLQHVWKHFRPPXQLFDWLRQVSHHGRIWKHGHYLFH7KLVSDUDPHWHUFDQEHVHWWRDYDOXHEHWZHHQESVDQGESV

    
ɥɥɥɥɥ
7KLVSDUDPHWHUVKRXOGEHVHWWR³´
  :(,*+7&$/,%5$7,213$*( 
,QWURGXFWLRQWR   :HLJKW&DOLEUDWLRQ3DJH
:KLOHHQWHULQJWKHJHQHUDOVHWWLQJVSDJHRIWKHGHYLFHRQWKHPDLQVFUHHQ )LJ 
DQGNH\VDUHSUHVVHGDWWKHVDPHWLPH$IWHUWKLVSURFHVVWKH35*OHGOLJKWVXS&2'(,1387DSSHDUVRQWKH
VFUHHQ )LJXUH (QWHUWKHSDVVZRUGZLWKWKHDQGNH\VDQGSUHVVWKHNH\7KHVFUHHQLQ)LJXUH
DSSHDUVRQWKHVFUHHQ&$/,% )LJ SDJHLVVHOHFWHGZLWKWKHDQGNH\VRQWKHORZHUVFUHHQ7RHQWHUWKH
PHQXSUHVVWKHNH\DQGSUHVV02/'UHVSHFWLYHO\:(,*+75(6(702/')$.725/2$'&(//)$.725
SDUDPHWHUVDUHGLVSOD\HGYHNH\VDUHXVHGWRFKDQJHSDUDPHWHUV3UHVVWRH[LW

úHNLO

  
 
 SDJHඈVWKHPHQXZKHUHZHඈJKWFDOඈEUDWඈRQඈVGRQH)ඈUVWRIDOODGMXVWWKHFDOඈEUDWඈRQIDFWRU
IURPWKH/2$'&(//)$.725SDUDPHWHUඈQIඈJXUHDFFRUGඈQJWRWKHORDGFHOOW\SHXVHGඈQWKH
GHYඈFH7KHQJRWRWKH 02/':(,*+7 SDUDPHWHUඈQIඈJXUHDQGHQWHUWKHZHඈJKWRIWKHORDG
WREHXVHGඈQWKHFDOඈEUDWඈRQKHUHE\XVඈQJWKHDQGNH\VWKHQSUHVVWKHNH\WRPRYHWR
WKH QH[W SDUDPHWHU7KH VFUHHQ ZඈOO DSSHDU DV ඈQ )ඈJXUH  =HUR FDOඈEUDWඈRQ ඈV GRQH ඈQ WKඈV
SDUDPHWHU:KHQWKHUHඈVQRORDGRQWKHVFDOHUHVHWඈVGRQHE\SUHVVඈQJWKHNH\7KXVWKHWDUHඈV
WDNHQDQGE\SUHVVඈQJWKHNH\DJDඈQWKHQH[WSDUDPHWHUඈVSDVVHG7KHVFUHHQඈQ)ඈJXUH
DSSHDUV,QWKඈVSDUDPHWHUWKHZHඈJKWHQWHUHGඈQWKHIඈJXUHFDOඈEUDWඈRQZHඈJKWඈVSODFHGRQWKH
VFDOHDQGWKHFDOඈEUDWඈRQSURFHVVඈVSHUIRUPHGE\SUHVVඈQJWKHNH\7KXVWKHFDOඈEUDWඈRQSURFHVV
ඈVGRQH
3DUDPHWHUVRQWKඈVSDJH
Ŝ 

Ŝ 
 
  :(,*+7&$/,%5$7,213$*( 
)LJXUH
 Ŝ 
ɥɥɨɥřɥ
,WGHWHUPLQHVWKHZHLJKWYDOXHWREHXVHGLQWKHFDOLEUDWLRQSURFHVV<RXFDQQRWHQWHUDYDOXHEHORZ
.JLQWKLVSDUDPHWHU7KHUHIRUH\RXQHHGWRFKRRVHWKHFDOLEUDWLRQZHLJKWDFFRUGLQJO\
)LJXUH
 
ɥɥɥɥɥ
,WLV]HURFDOLEUDWLRQ7KLVRSHUDWLRQVKRXOGEHGRQHZKHQWKHVFDOHLVHPSW\)RUWKLVZKHQWKHVFDOHLV
HPSW\WKLVSDUDPHWHULVUHDFKHGDQG]HURFDOLEUDWLRQRIWKHVFDOHLVGRQHE\SUHVVLQJWKHNH\0DNH
VXUHWKDWWKHYDOXHGRHVQRWFKDQJHE\GRLQJWKLVRSHUDWLRQDIHZWLPHV
)LJXUH
 Ŝ 
ɥɥɥɥɥ
,WLVWKHZHLJKWFDOLEUDWLRQGRQHZKHQWKHUHLVDORDGRQWKHVFDOH02/'RQWKHVFDOHLQILJ7KH
ZHLJKWLVVHWDVWKHYDOXHHQWHUHGLQWKH:(,*+7DQGWKHFDOLEUDWLRQSURFHVVLVGRQHE\SUHVVLQJWKH
NH\0DNHVXUHWKDWWKHYDOXHGRHVQRWFKDQJHE\GRLQJWKLVRSHUDWLRQVHYHUDOWLPHV
)LJXUH
 
ɥɥɥɥɥɨ
,WGHWHUPLQHVWKHORDGFHOOIDFWRUWREHFRQQHFWHGWRWKHGHYLFH7KLVSDUDPHWHULVVHWWRRQHRIWKHP9
9P99P99RSWLRQVE\XVLQJWKHYHNH\V
 $1$/2*287387&$/,%5$7,213$*( 
,QWURGXFWLRQWR 2&$/% $QDORJ2XWSXW&DOLEUDWLRQ3DJH
7KLVLVWKHSDJHZKHUHWKHDQDORJRXWSXWFDOLEUDWLRQVRIWKHGHYLFHDUHPDGH7RHQWHUWKLVSDJHDQGNH\VDUH
SUHVVHGDWWKHVDPHWLPHZKLOHRQWKHPDLQVFUHHQ )LJ $IWHUWKLVSURFHVVWKH35*OHGOLJKWVXS&2'(,1387
DSSHDUVRQWKHVFUHHQ )LJXUH (QWHUWKHSDVVZRUGZLWKWKHDQGNH\VDQGSUHVVWKHNH\7KHVFUHHQLQ
)LJXUHDSSHDUVRQWKHVFUHHQ2QWKHORZHUVFUHHQWKH2&$/% )LJ SDJHLVVHOHFWHGZLWKWKHDQGNH\V
&855(1728768%&855(17287ZKHQSURFHHGLQJE\SUHVVLQJWKHNH\WRHQWHUWKHPHQX+,*+
&855(17 287 /2:(5  &855(17 287 867 SDUDPHWHUV DSSHDU  DQG  NH\V DUH XVHG WR FKDQJH
SDUDPHWHUV3UHVVWRH[LW

)LJXUH

  

SDJHLVWKHSDJHZKHUHDQDORJRXWSXWVDUHVHW6HWWLQJWKHSDUDPHWHUVRQWKLVSDJHGLIIHUVDFFRUGLQJWRWKH
SURGXFWFRGHRIWKHGHYLFH,IWKHRXWSXWRIWKHGHYLFHLVVHOHFWHGDVFXUUHQWWKHFXUUHQWRXWSXWVHWWLQJFDQEHDGMXVWHG
DVP$RUP$,IWKHRXWSXWRIWKHGHYLFHLVVHOHFWHGDVYROWVLWFDQEHDGMXVWHGDV9RU9,QRUGHUWR
DGMXVWWKHDQDORJRXWSXWVILUVWO\WKHVFUHHQLQILJXUHLVGLVSOD\HGDQGE\SUHVVLQJWKHNH\WKHVFUHHQLQILJXUH
LVGLVSOD\HG,QWKLVSDUDPHWHUWKHORZHUOLPLWFDOLEUDWLRQRIWKHILUVWDQDORJRXWSXWLVPDGH%\XVLQJWKHYHNH\V
WKHRXWSXWLVDGMXVWHGXQWLORUP$IRUWKHFXUUHQWDQGRU9IRUWKH9RXWSXWGHSHQGLQJRQWKHGHYLFHW\SH7KHQ
E\SUHVVLQJWKHNH\WKHQH[WSDUDPHWHULVSDVVHG7KHSHHULQ)LJXUHZLOODSSHDU,QWKLVSDUDPHWHUXSSHUOLPLW
FDOLEUDWLRQRIWKHILUVWDQDORJRXWSXWLVPDGH%\XVLQJWKHYHNH\VWKHRXWSXWFDQEHDGMXVWHGXQWLOP$IRUWKH
FXUUHQWDQG9IRUWKH9RXWSXWGHSHQGLQJRQWKHGHYLFHW\SH7KHQE\SUHVVLQJWKHNH\WKHQH[WSDUDPHWHULV
SDVVHG)RUWKHVHFRQGDQDORJRXWSXWWRWKHVFUHHQORZHUYDOXHFDOLEUDWLRQVIURPILJXUHDQGKLJKHUYDOXHIURP
ILJXUHDUHPDGH,WLVVHWLQWKHVDPHZD\DVLQWKHILUVWRXWSXW,QWKLVZD\DQDORJRXWSXWVDUHFDOLEUDWHG
7KHVFDOHRIWKHDQDORJRXWSXWLVGHWHUPLQHGIURPWKH(17(56&$/(SDUDPHWHULQWKH&175/SDJH ILJ 
3DUDPHWHUVRQWKLVSDJH
  ɨŜŽ
  ɨŜ
  ɩŜŽ
  ɩŜ
 $1$/2*287387&$/,%5$7,213$*( 
)LJXUH
  ɨŜ
ɥɥɥɥɥ
,WLVWKHSDUDPHWHUIRUWKHORZHUOLPLWFDOLEUDWLRQRIWKHILUVWDQDORJRXWSXW:KLOHWKLVSDUDPHWHULVRQWKH
VFUHHQWKHVHWWLQJLVPDGHZLWKWKHDQGNH\VXQWLOWKHGHVLUHGYDOXHLVUHDGDWWKHRXWSXW7KLV
SDUDPHWHUVKRXOGEHDGMXVWHGDFFRUGLQJWRWKHGHYLFHW\SH,IWKHRXWSXWRIWKHGHYLFHLVP$LWVKRXOG
EHVHWWRHLWKHUP$RUP$,IWKHRXWSXWRIWKHGHYLFHLV9LWVKRXOGEHVHWWRHLWKHU9RU9
)LJXUH
  ɨŜ
ɥɥɥɥɥ
,WLVWKHSDUDPHWHUIRUWKHXSSHUOLPLWFDOLEUDWLRQRIWKHILUVWDQDORJRXWSXW:KLOHWKLVSDUDPHWHULVRQWKH
VFUHHQWKHVHWWLQJLVPDGHZLWKWKHDQGNH\VXQWLOWKHGHVLUHGYDOXHLVUHDGDWWKHRXWSXW7KLV
SDUDPHWHUVKRXOGEHDGMXVWHGDFFRUGLQJWRWKHGHYLFHW\SH,IWKHRXWSXWRIWKHGHYLFHLVP$LWVKRXOG
EHVHWWRP$,IWKHRXWSXWRIWKHGHYLFHLV9LWVKRXOGEHDGMXVWHGWR9YDOXHV
)LJXUH
  ɩŜ
ɥɥɥɥɥ
,WLVWKHSDUDPHWHUIRUWKHORZHUOLPLWFDOLEUDWLRQRIWKHVHFRQGDQDORJRXWSXW:KLOHWKLVSDUDPHWHULVRQ
WKHVFUHHQWKHVHWWLQJLVPDGHZLWKWKHDQGNH\VXQWLOWKHGHVLUHGYDOXHLVUHDGDWWKHRXWSXW7KLV
SDUDPHWHUVKRXOGEHDGMXVWHGDFFRUGLQJWRWKHGHYLFHW\SH,IWKHRXWSXWRIWKHGHYLFHLVP$LWVKRXOG
EHVHWWRHLWKHUP$RUP$,IWKHRXWSXWRIWKHGHYLFHLV9LWVKRXOGEHVHWWRHLWKHU9RU9
)LJXUH
  ɩŜ
ɥɥɥɥɥ
,WLVWKHSDUDPHWHUIRUWKHXSSHUOLPLWFDOLEUDWLRQRIWKHVHFRQGDQDORJRXWSXW:KLOHWKLVSDUDPHWHULVRQ
WKHVFUHHQWKHVHWWLQJLVPDGHZLWKWKHDQGNH\VXQWLOWKHGHVLUHGYDOXHLVUHDGDWWKHRXWSXW
7KLVSDUDPHWHUVKRXOGEHDGMXVWHGDFFRUGLQJWRWKHGHYLFHW\SH,IWKHRXWSXWRIWKHGHYLFHLVP$LW
VKRXOGEHVHWWRP$,IWKHRXWSXWRIWKHGHYLFHLV9LWVKRXOGEHDGMXVWHGWR9YDOXHV
 5(/$<287387)81&7,2163$*( 
 ,WLVWKHSDJHZKHUHWKHUHOD\RXWSXWIXQFWLRQVRIWKHGHYLFHDUHPDGH
7RHQWHUWKLVSDJHSUHVVDQGNH\VDWWKHVDPHWLPHZKLOHRQWKHPDLQVFUHHQ )LJ $IWHUWKLV
SURFHVVWKH35*OHGOLJKWVXS&2'(,1387DSSHDUVRQWKHVFUHHQ )LJXUH (QWHUWKHSDVVZRUG
ZLWKWKHDQGNH\VDQGSUHVVWKHNH\7KHVFUHHQLQ)LJXUHDSSHDUVRQWKHVFUHHQ2QWKH
ORZHUVFUHHQWKH&175/ )LJ SDJHLVVHOHFWHGZLWKWKHNH\V:KHQ\RXSURFHHGE\SUHVVLQJ
WKHNH\WRHQWHUWKHPHQX5/5/5/5/7<3(DQG(17(56&$/(SDUDPHWHUVDSSHDU
UHVSHFWLYHO\DQGNH\VDUHXVHGWRFKDQJHSDUDPHWHUV3UHVVWRH[LW
úHNLO

  

SDJHLVWKHSDJHWKDWGHWHUPLQHVWKHUHOD\RXWSXWIXQFWLRQV7KHVHWYDOXHVRIWKHVHUHOD\VDUH
GHWHUPLQHGE\WKHSDUDPHWHUVEHWZHHQ6(76(7RQWKHRSHUDWRUVFUHHQ7KHUHDUHWZRRSWLRQVLQ
WKHUHOD\IXQFWLRQV7KHVH 8/& DUHHQHUJL]HGWRULVHEHORZWKHUHOD\VHWYDOXHDQGHQHUJL]HGLI //& 
LVDERYHWKHUHOD\VHWYDOXH,QDGGLWLRQ\RXFDQVHWWKHXSSHUOLPLWRIWKHVFDOHWREHHQWHUHGLQWRWKHVHW
YDOXHVZLWKWKH(17(56&$/(SDUDPHWHURQWKLVSDJH
3DUDPHWHUVRQWKLVSDJH
ɨ 
ɩ 
ɪ 
ɫ 
 
 5(/$<287387)81&7,2163$*( 
)LJXUH
ɨ 

,WGHWHUPLQHVWKHIXQFWLRQRIWKHILUVWUHOD\RXWSXW7KHɨSDUDPHWHURQWKHRSHUDWRUVFUHHQ
GHWHUPLQHVWKHVHWYDOXHRIWKLVUHOD\
6HWWLQJRSWLRQV7DEOH
7DEOH
 2II
,WHQVXUHVWKDWWKHUHOD\LVHQHUJL]HGZKHQLWLVEHORZWKHVHWYDOXH
,IWKHUHOD\LVDERYHWKHVHWYDOXHLWLVHQHUJL]HG
)LJXUH
ɩ 

,WGHWHUPLQHVWKHIXQFWLRQRIWKHVHFRQGUHOD\RXWSXW7KH6(7SDUDPHWHURQWKHRSHUDWRUVFUHHQ
GHWHUPLQHVWKHVHWYDOXHRIWKLVUHOD\
6HWWLQJRSWLRQV7DEOH
)LJXUH
ɪ 

,W GHWHUPLQHV WKH IXQFWLRQ RI WKH WKLUG UHOD\ RXWSXW7KH ɪ SDUDPHWHU RQ WKH RSHUDWRU VFUHHQ
GHWHUPLQHVWKHVHWYDOXHRIWKLVUHOD\
6HWWLQJRSWLRQV7DEOH
)LJXUH
ɫ 

,WGHWHUPLQHVWKHIXQFWLRQRIWKHIRXUWKUHOD\RXWSXW7KHɫSDUDPHWHURQWKHRSHUDWRUVFUHHQ
GHWHUPLQHVWKHVHWYDOXHRIWKLVUHOD\
6HWWLQJRSWLRQV7DEOH
 5(/$<287387)81&7,2163$*( 
)LJXUH
 
ɥɥɥɥɥ
:LWKWKLVSDUDPHWHU\RXFDQOLPLWWKHVHWYDOXHVRIWKHUHOD\V,QDGGLWLRQWKLVSDUDPHWHUGHWHUPLQHVWKH
XSSHUOLPLWRIWKHDQDORJRXWSXW
23(5$7253$*(3$5$0(7(56 
:KLFKRIWKHSDUDPHWHUVRQWKHRSHUDWRUSDJHZLOOEHXVHGLVGHWHUPLQHGDFFRUGLQJWRWKHFRQILJXUDWLRQ7KHVH
SDUDPHWHUVZKLFKDUHGHWHUPLQHGDVDUHVXOWRIWKHFRQILJXUDWLRQDUHWKHSDUDPHWHUVWKDWDUHXVHGFRQWLQXRXVO\
GXULQJQRUPDORSHUDWLRQWKHUHIRUHWKHVHSDUDPHWHUVFDQEHDFFHVVHGE\SUHVVLQJWKH³´NH\DWDQ\WLPHZKLOHRQ
WKH3URFHVV6FUHHQDQGE\SUHVVLQJWKH ³´NH\LWLVUHWXUQHGWRWKH3URFHVV6FUHHQ7KHVHSDUDPHWHUVDUH
SURJUDPPHGZLWKWKHFRUUHVSRQGLQJSDUDPHWHUVLQWKH&175/SDJH

ɨ
ɥɥɥɥŜɥ
5HOD\VHWSRLQW

ɩ
ɥɥɥɥŜɥ
5HOD\VHWSRLQW

ɪ
ɥɥɥɥŜɥ
5HOD\VHWSRLQW

ɫ
ɥɥɥɥŜɥ
5HOD\VHWSRLQW
6(5,$/&217$&7
127/$5 

6&0RGHOGHYLFHVDUHGHVLJQHGLQVXFKDZD\WKDWVHULDOFRPPXQLFDWLRQFDQEHHVWDEOLVKHGLQ
VODYHPRGHZLWKWKHVWDQGDUG02'%86578SURWRFRO:LWKWKLVFRPPXQLFDWLRQDOOSDUDPHWHUVDQG
YDULDEOHVLQWKHGHYLFHFDQEHDFFHVVHG7KHVHSDUDPHWHUVFDQEHUHDGDQGVHW
6HULDOFRPPXQLFDWLRQLVYLD+DOI'XSOH[56OLQHGHYLFHVFDQEHFRQQHFWHGRQDOLQH
7KHFDEOHXVHGLQWKHFRPPXQLFDWLRQOLQHPXVWEHDVKLHOGHGGDWDFDEOHVXLWDEOHIRU+DOI'XSOH[
56FRPPXQLFDWLRQDQGWKLVFDEOHLVFRQQHFWHGWRDOOGHYLFHVLQSDUDOOHODVDVLQJOHOLQH7KHUHPXVW
EHDVXLWDEOHWHUPLQDWLQJUHVLVWRUDWWKHEHJLQQLQJDQGHQGRIWKHOLQH7KHOHQJWKRIDOLQHWKDWLV
SUHSDUHGSURSHUO\DQGKDVVXIILFLHQWESVFRPPXQLFDWLRQFDQEHH[WHQGHGXSWRPHWHUV
(DFKRIWKHGHYLFHVRQWKHVHULDOFRPPXQLFDWLRQOLQHPXVWEHJLYHQDVHSDUDWHFRPPXQLFDWLRQDGGUHVV
EHWZHHQDQGEXWWKHFRPPXQLFDWLRQVSHHGDQGSDULW\W\SHRIDOOGHYLFHVRQDOLQHPXVWEHWKH
VDPH 7KH FRPPXQLFDWLRQ DGGUHVV FRPPXQLFDWLRQ VSHHG DQG SDULW\ W\SH RI WKHVH GHYLFHV DUH
GHWHUPLQHGE\WKH³$''5%$8'YH357<´SDUDPHWHUVLQWKHFRQILJXUDWLRQSDJH
6XSSRUWHGIXQFWLRQVSDUDPHWHUDGGUHVVHVDQGRWKHULQIRUPDWLRQUHTXLUHGIRUFRPPXQLFDWLRQLQWKH
VWDQGDUG02'%86578SURWRFRODUHJLYHQLQWKHWDEOHVEHORZ

6XSSRUWHG6WDQGDUG02'%86578)XQFWLRQV
)XQFWLRQ 5HDG&RLOV
)XQFWLRQ 5HDG+ROGLQJ5HJLVWHUV
)XQFWLRQ :ULWH6LQJOH&RLO
)XQFWLRQ :ULWH6LQJOH5HJLVWHU
)XQFWLRQ :ULWH0XOWLSOH5HJLVWHUV
6(5,$/&217$&7 
5(*,67(57\SH3DUDPHWHUV 5(*,67(56
$GGUHVV ([SODQDWLRQ 6HWWLQJ5DQJH 8QLW 8QLW :ULWLQJ
 0HDVXUHGSURFHVVYDOXH 1R
 6HWYDOXHRIUHOD\ <HV
 6HWYDOXHRIUHOD\ <HV
 6HWYDOXHRIUHOD\ <HV
 6HWYDOXHRIUHOD\ <HV
hUHWLFLYH7HNQLN6HUYLV25'(//WGùWL8]D\oD÷Õ&DG6RN1R267ø0$1.$5$
  7HO 3%; )D[

You might also like