Leadership The Power of Emotional Intellegence (DR - Soc) PDF

Leadership:
The Power of
Emotional
Intelligence
Also by Daniel Goleman from More Than Sound
The Brain and Emotional Intelligence: New Insights

Better Parents, Better Spouses, Better People with Daniel Siegel
Knowing Our Emotions, Improving Our World with Paul Ekman
Training the Brain: Cultivating Emotional Intelligence with
Richard Davidson
Good Work: Aligning Skills and Values with Howard Gardner
The Inner Compass for Ethics and Excellence with Naomi Wolf
Socially Intelligent Computing with Clay Shirky
Rethinking Education with George Lucas
Leading the Necessary Revolution with Peter Senge
Ecological Awareness: Dialogues on Ecological Intelligence
Of Interest:
Resonant Leadership: Inspiring Others Through Emotional

Intelligence by Richard Boyatzis
Available at morethansound.net
Leadership:
The Power of
Emotional
Intelligence
selected writings
by
Daniel Goleman
Copyright © 2011 by Daniel Goleman - All Rights Reserved
Published by More Than Sound LLC
Northampton MA
MORE THAN
SOUND
www.morethansound.net
Images by Tracy Lee
Leadership: The Power of Emotional Intelligence
Selected Writings / Daniel Goleman
1st Edition
ISBN 978-1-934441-17-6
TABLE OF CONTENTS
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9
A SURPRISING SYNERGY
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/ŶƚĞůůŝŐĞŶĐĞ$ L2+$ )'Q@*+5/:R$ 4524$ *M$ B,/$ :2.$ C$ BN/(5/2(:$ 2$
ĐŽŶǀĞƌƐĂƟŽŶŝŶǁŚŝĐŚƚǁŽƐƚƌĂŶŐĞƌƐƵƐĞĚƚŚĞǁŽƌĚƐ͞ĞŵŽƟŽŶĂů
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+'II//:/:$*,$+)(/2:*,-$45/$IB,I/)4$GB(/$L*:/@.$*,4B$45/$I'@4'(/U$
>ŝƩůĞĚŝĚ/ŬŶŽǁ͘
dŚĞƉŚƌĂƐĞĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͕ŽƌŝƚƐĐĂƐƵĂůƐŚŽƌƚŚĂŶĚ
Y͕ ŚĂƐ ďĞĐŽŵĞ ƵďŝƋƵŝƚŽƵƐ͕ ƐŚŽǁŝŶŐ ƵƉ ŝŶ ƐĞƫŶŐƐ ĂƐ ƵŶůŝŬĞůǇ
2+$45/$I2(4BB,$+4(*)+$V*@Q/(4$2,:$W*)).$45/$F*,5/2:R$2,:$*,$?BX$
ŚĂƐƚ͛ƐƐĞƋƵĞŶƟĂůĂƌƚŝŶdŚĞEĞǁzŽƌŬĞƌ͘/͛ǀĞƐĞĞŶďŽǆĞƐŽĨƚŽǇƐ
ƚŚĂƚĐůĂŝŵƚŽďŽŽƐƚĂĐŚŝůĚ͛ƐY͖ůŽǀĞůŽƌŶƉĞƌƐŽŶĂůĂĚƐƐŽŵĞƟŵĞƐ
ƚƌƵŵƉĞƚ ŝƚ ŝŶ ƚŚŽƐĞ ƐĞĞŬŝŶŐ ƉƌŽƐƉĞĐƟǀĞ ŵĂƚĞƐ͘ / ŽŶĐĞ ĨŽƵŶĚ Ă
ƋƵŝƉĂďŽƵƚYƉƌŝŶƚĞĚŽŶĂƐŚĂŵƉŽŽďŽƩůĞŝŶŵǇŚŽƚĞůƌŽŽŵ͘
$ F/(52)+$45/$Q*--/+4$+'()(*+/$MB($G/$52+$Q//,$45/$*G)2I4$
ŽĨ / ;ƚŚĞ ĂďďƌĞǀŝĂƟŽŶ / ƉƌĞĨĞƌͿ ŝŶ ƚŚĞ ǁŽƌůĚ ŽĨ ďƵƐŝŶĞƐƐ͘ dŚĞ
,ĂƌǀĂƌĚƵƐŝŶĞƐƐZĞǀŝĞǁŚĂƐŚĂŝůĞĚĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞĂƐ͞Ă
ŐƌŽƵŶĚͲďƌĞĂŬŝŶŐ͕ƉĂƌĂĚŝŐŵͲƐŚĂƩĞƌŝŶŐŝĚĞĂ͕͟ĂŶĚŽŶĞŽĨƚŚĞŵŽƐƚ
ŝŶŇƵĞŶƟĂůďƵƐŝŶĞƐƐŝĚĞĂƐŽĨƚŚĞĚĞĐĂĚĞ͘
dŚĞ ĚĞĐĂĚĞ ĂŌĞƌ ƚŚĞ ϭϵϵϱ ƉƵďůŝĐĂƟŽŶ ŽĨ ŵŽƟŽŶĂů
/ŶƚĞůůŝŐĞŶĐĞ ƐĂǁ Ă ƐƵƌŐĞ ŝŶ ĂƉƉůŝĐĂƟŽŶƐ ŽĨ ƚŚĞ ĐŽŶĐĞƉƚ ƚŽ ƚŚĞ
ǁŽƌŬƉůĂĐĞ͕ ƉĂƌƟĐƵůĂƌůǇ ůĞĂĚĞƌƐŚŝƉ ƐĐƌĞĞŶŝŶŐ͕ ƐĞůĞĐƟŽŶ ĂŶĚ
:/N/@B)G/,4U$%,:$L*45$45*+$QBBG*,-$*,4/(/+4$45/(/$-(/L$2$G*,*Y
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Q.$G28*,-$I@2*G+$4524$M2($B'4+4(*))/:$45/$:242U$=B$+/4$45/$+4B(.$
ƐƚƌĂŝŐŚƚ͕ / ǁƌŽƚĞ Ă ŶĞǁ ŝŶƚƌŽĚƵĐƟŽŶ ƚŽ ƚŚĞ ϭϬƚŚ ĂŶŶŝǀĞƌƐĂƌǇ
ĞĚŝƟŽŶŽĨŵŽƟŽŶĂů/ŶƚĞůůŝŐĞŶĐĞ͘ǇƚŚĂƚƟŵĞƚŚĞƌĞǁĂƐĂŶ
10
',:/(+42,:2Q@/$Q2I8@2+5$4B$45/$ZC$IB,I/)4$[$2,:$45/$/O2--/(24/:$
I@2*G+$Q/*,-$G2:/$MB($*4$[$2GB,-$+BG/$2I2:/G*I$)+.I5B@B-*+4+U$
KŶůǇŶŽǁ͕ǁŝƚŚĂƐƚĞĂĚǇƐƚƌĞĂŵŽĨďĞƩĞƌĚĂƚĂ͕ŚĂƐŵƵĐŚŽĨƚŚĞ
ĐƌŝƟĐŝƐŵĞďďĞĚ͕ĂƐĂŵŽƌĞĞŵƉŝƌŝĐĂůƉŝĐƚƵƌĞŽĨƚŚĞďĞŶĞĮƚƐŽĨ/
/G/(-/+$M(BG$+B',:$(/+/2(I5U
dŚĞZƵƚŐĞƌƐhŶŝǀĞƌƐŝƚǇͲďĂƐĞĚŽŶƐŽƌƟƵŵĨŽƌZĞƐĞĂƌĐŚŽŶ
ŵŽƟŽŶĂů/ŶƚĞůůŝŐĞŶĐĞŝŶKƌŐĂŶŝǌĂƟŽŶƐ;Z/KͿŚĂƐůĞĚƚŚĞǁĂǇ
ŝŶĐĂƚĂůǇǌŝŶŐƚŚŝƐƐĐŝĞŶƟĮĐǁŽƌŬ͕ĐŽůůĂďŽƌĂƟŶŐǁŝƚŚŽƌŐĂŶŝǌĂƟŽŶƐ
ƚŚĂƚ ƌĂŶŐĞ ĨƌŽŵ ƚŚĞ KĸĐĞ ŽĨ WĞƌƐŽŶŶĞů DĂŶĂŐĞŵĞŶƚ ŝŶ ƚŚĞ
\/:/(2@$-BN/(,G/,4$4B$%G/(*I2,$ZO)(/++U$
$ 35/,$ C$ L(B4/$ ŵŽƟŽŶĂů /ŶƚĞůůŝŐĞŶĐĞR$ G.$ G2*,$ MBI'+$
ǁĂƐ ŶĞǁ ĮŶĚŝŶŐƐ ŽŶ ƚŚĞ ďƌĂŝŶ ĂŶĚ ĞŵŽƟŽŶƐ͕ ƉĂƌƟĐƵůĂƌůǇ ƚŚĞŝƌ
ŝŵƉůŝĐĂƟŽŶƐĨŽƌĐŚŝůĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƐĐŚŽŽůƐ͘Ƶƚ/ŝŶĐůƵĚĞĚĂ
I52)4/($B,$5BL$45*+$45/,Y,/L$IB,I/)4$*,MB(G/:$B'($',:/(+42,:*,-$
BM$@/2:/(+5*)R$]12,2-*,-$3*45$6/2(4UT$=5/$*,4/(/+4$*,$45/$Q'+*,/++$
IBGG',*4.$ L2+$ +B$ -(/24$ 4524$ G.$ ,/O4$ 4LB$ QBB8+$ L/(/$ B,$ 45/$
ŝŵƉůŝĐĂƟŽŶƐŽĨĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞĨŽƌƚŚĞǁŽƌŬƉůĂĐĞ;tŽƌŬŝŶŐ
tŝƚŚ ŵŽƟŽŶĂů /ŶƚĞůůŝŐĞŶĐĞ#$ 2,:$ B,$ @/2:/(+5*)$ *4+/@M$ !WƌŝŵĂů
>ĞĂĚĞƌƐŚŝƉ͗>ĞĂĚŝŶŐtŝƚŚŵŽƟŽŶĂů/ŶƚĞůůŝŐĞŶĐĞ#U$DĂŶĂŐŝŶŐtŝƚŚ
,ĞĂƌƚ ʹ ĞǆĐĞƌƉƚĞĚŚĞƌĞŝŶŚĂƉƚĞƌϮʹŝŶĐůƵĚĞƐ ƐŽŵĞƉƌĂĐƟĐĂů
ĂĚǀŝĐĞŽŶŐŝǀŝŶŐĐŽŶƐƚƌƵĐƟǀĞĨĞĞĚďĂĐŬʹĂŶĚƚŚĞĐŽŶƐĞƋƵĞŶĐĞƐ
ŽĨ ŐŝǀŝŶŐ ĐƌŝƟƋƵĞƐ ƉŽŽƌůǇ͘ /ƚ ŽīĞƌƐ Ă ĐŽŶĐƌĞƚĞ ĞǆĂŵƉůĞ ŽĨ ƚŚĞ
ĚŝīĞƌĞŶĐĞ ďĞƚǁĞĞŶ ůĞĂĚŝŶŐ ǁŝƚŚ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ͕ ĂŶĚ
L*45B'4U$
$ =5/(/$ 2(/$ ,BL$ 45(//$ G2*,$ GB:/@+$ BM$ ZCR$ L*45$ :BX/,+$ BM$
ǀĂƌŝĂƟŽŶƐ͘ĂĐŚƌĞƉƌĞƐĞŶƚƐĂĚŝīĞƌĞŶƚƉĞƌƐƉĞĐƟǀĞ͘dŚĂƚŽĨWĞƚĞƌ
^ĂůŽǀĞǇĂŶĚ:ŽŚŶDĂǇĞƌƌĞƐƚƐĮƌŵůǇŝŶƚŚĞƚƌĂĚŝƟŽŶŽĨŝŶƚĞůůŝŐĞŶĐĞ
+52)/:$Q.$45/$B(*-*,2@$LB(8$B,$CD$2$I/,4'(.$2-BU$=5/$GB:/@$)'4$
MB(45$Q.$?/'N/,$J2(Y^,$-(/L$M(BG$5*+$(/+/2(I5$B,$L/@@YQ/*,-U$%,:$
G.$BL,$GB:/@$MBI'+/+$24$45/$Q/52N*B(2@$@/N/@R$B,$)/(MB(G2,I/$
ĂƚǁŽƌŬĂŶĚŝŶŽƌŐĂŶŝǌĂƟŽŶĂůůĞĂĚĞƌƐŚŝƉ͕ŵĞůĚŝŶŐ/ƚŚĞŽƌǇǁŝƚŚ
:/I2:/+$BM$(/+/2(I5$B,$GB:/@*,-$45/$IBG)/4/,I*/+$4524$+/4$+42($
)/(MB(G/(+$2)2(4$M(BG$2N/(2-/U$
$ %+$ C$ )(B)B+/:$ *,$ tŽƌŬŝŶŐ ǁŝƚŚ ŵŽƟŽŶĂů /ŶƚĞůůŝŐĞŶĐĞR$
/ ĂďŝůŝƟĞƐ ʹ ƌĂƚŚĞƌ ƚŚĂŶ /Y Žƌ ƚĞĐŚŶŝĐĂů ƐŬŝůůƐ ʹ ĞŵĞƌŐĞ ĂƐ ƚŚĞ
͞ĚŝƐĐƌŝŵŝŶĂƟŶŐ͟ĐŽŵƉĞƚĞŶĐǇƚŚĂƚďĞƐƚƉƌĞĚŝĐƚƐǁŚŽĂŵŽŶŐ
A SURPRISING SYNERGY 11
2$ -(B')$ BM$ N/(.$ +G2(4$ )/B)@/$ L*@@$ @/2:$ GB+4$ 2Q@.U$ CM$ .B'$ +I2,$
ƚŚĞ ĐŽŵƉĞƚĞŶĐŝĞƐ ƚŚĂƚ ŽƌŐĂŶŝǌĂƟŽŶƐ ĂƌŽƵŶĚ ƚŚĞ ǁŽƌůĚ ŚĂǀĞ
ŝŶĚĞƉĞŶĚĞŶƚůǇĚĞƚĞƌŵŝŶĞĚŝĚĞŶƟĨǇƚŚĞŝƌƐƚĂƌůĞĂĚĞƌƐ͕ǇŽƵĚŝƐĐŽǀĞƌ
ƚŚĂƚŝŶĚŝĐĂƚŽƌƐŽĨ/YĂŶĚƚĞĐŚŶŝĐĂůƐŬŝůůĚƌŽƉƚŽǁĂƌĚƚŚĞďŽƩŽŵ
ŽĨƚŚĞůŝƐƚƚŚĞŚŝŐŚĞƌƚŚĞƉŽƐŝƟŽŶ͘;/YĂŶĚƚĞĐŚŶŝĐĂůĞǆƉĞƌƟƐĞĂƌĞ
G'I5$+4(B,-/($)(/:*I4B(+$BM$/OI/@@/,I/$*,$@BL/(Y(',-$SBQ+U#$
$ %4$ 45/$ N/(.$ 5*-5/+4$ @/N/@+R$ IBG)/4/,I/$ GB:/@+$ MB($
ůĞĂĚĞƌƐŚŝƉƚǇƉŝĐĂůůǇĐŽŶƐŝƐƚŽĨĂŶǇǁŚĞƌĞĨƌŽŵϴϬƚŽϭϬϬƉĞƌĐĞŶƚ
/ͲďĂƐĞĚĂďŝůŝƟĞƐ͘ƐƚŚĞŚĞĂĚŽĨƌĞƐĞĂƌĐŚĂƚĂŐůŽďĂůĞǆĞĐƵƟǀĞ
ƐĞĂƌĐŚĮƌŵƉƵƚŝƚ͕͞KƐĂƌĞŚŝƌĞĚĨŽƌƚŚĞŝƌŝŶƚĞůůĞĐƚĂŶĚďƵƐŝŶĞƐƐ
ĞǆƉĞƌƟƐĞʹĂŶĚĮƌĞĚĨŽƌĂůĂĐŬŽĨĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͘͟
$ C,$ tŽƌŬŝŶŐ ǁŝƚŚ ŵŽƟŽŶĂů /ŶƚĞůůŝŐĞŶĐĞ$ C$ 2@+B$ )(B)B+/:$
ĂŶĞǆƉĂŶĚĞĚ ĨƌĂŵĞǁŽƌŬƚŚĂƚƌĞŇĞĐƚƐŚŽǁƚŚĞĨƵŶĚĂŵĞŶƚĂůƐŽĨ
ZC$[$4524$*+R$+/@MY2L2(/,/++R$+/@MYG2,2-/G/,4R$+BI*2@$2L2(/,/++R$
ĂŶĚƚŚĞĂďŝůŝƚǇƚŽŵĂŶĂŐĞƌĞůĂƟŽŶƐŚŝƉƐʹƚƌĂŶƐůĂƚĞŝŶƚŽŽŶͲƚŚĞͲ
ũŽďƐƵĐĐĞƐƐ͘dŚŝƐĨƌĂŵĞǁŽƌŬŝƐŝůůƵƐƚƌĂƚĞĚďǇƚŚĞĮŐƵƌĞĂƚƚŚĞĞŶĚ
BM$45/$I52)4/(U
dŚĞ ďƵƐŝŶĞƐƐ ĐŽŵŵƵŶŝƚǇ͛Ɛ ĨĂƐĐŝŶĂƟŽŶ ǁŝƚŚ ĞŵŽƟŽŶĂů
ŝŶƚĞůůŝŐĞŶĐĞ͕ƉĂƌƟĐƵůĂƌůǇĨŽƌůĞĂĚĞƌƐ͕ĐĂƵŐŚƚƚŚĞĂƩĞŶƟŽŶŽĨĞĚŝƚŽƌƐ
24$ 45/$ 62(N2(:$ J'+*,/++$ ?/N*/LR$ L5B$ 2+8/:$ G/$ 4B$ L(*4/$ GB(/$
ŽŶ ƚŚĞ ƐƵďũĞĐƚ͘ DǇ ƌĞƐƵůƟŶŐ ϭϵϵϴ ZĞǀŝĞǁ ĂƌƟĐůĞ͕ tŚĂƚ DĂŬĞƐ
Ă>ĞĂĚĞƌ͍R$52+$52:$+'()(*+*,-$*G)2I4$2+$L/@@U$C4$_'*I8@.$Q/I2G/$
B,/$BM$45/$GB+4Y(/_'/+4/:$(/)(*,4+$*,$45/$?/N*/L`+$5*+4B(.R$2,:$
52+$Q//,$*,I@':/:$*,$+/N/(2@$@/2:/(+5*)$2,45B@B-*/+$45/$?/N*/L$
ŚĂƐŝƐƐƵĞĚ͕ŝŶĐůƵĚŝŶŐĂĐŽůůĞĐƟŽŶŽĨƚĞŶ͞ŵƵƐƚͲƌĞĂĚ͟ĂƌƟĐůĞƐĨƌŽŵ
ƚŚĞŝƌƉĂŐĞƐ͘zŽƵ͛ůůĮŶĚŝƚŝŶŚĂƉƚĞƌϯ͘
$ V2N*:$ 1IP@/@@2,:R$ G.$ G/,4B($ 24$ 62(N2(:R$ +4':*/:$ 45/$
ŵŽƟǀĞƐƚŚĂƚĚƌŽǀĞƐƵĐĐĞƐƐĨƵůĞŶƚƌĞƉƌĞŶĞƵƌƐʹĂŶĚǁĂƐŚŝŵƐĞůĨ
ĞŶƚƌĞƉƌĞŶĞƵƌŝĂů͕ ĐŽͲĨŽƵŶĚŝŶŐ Ă ƌĞƐĞĂƌĐŚ ĂŶĚ ĐŽŶƐƵůƟŶŐ ŽƵƞŝƚ
I2@@/:$1IJ/(R$L5*I5$2))@*/:$45/$IBG)/4/,I/$GB:/@*,-$G/45B:$
ƚŽƚŚĞŽƌŐĂŶŝǌĂƟŽŶĂůǁŽƌůĚ͘dŚĂƚĐŽŵƉĂŶǇůĂƚĞƌďĞĐĂŵĞƉĂƌƚŽĨ
ƚŚĞ,ĂǇ'ƌŽƵƉ͕ĂŐůŽďĂůĐŽŶƐƵůƟŶŐĮƌŵ͕ĂŶĚƚŚĞƌĞƐĞĂƌĐŚĂƌŵŽĨ
DĐĞƌŚĂƐďĞĐŽŵĞƚŚĞDĐůĞůůĂŶĚ/ŶƐƟƚƵƚĞ͕ƵŶĚĞƌƚŚĞůĞĂĚĞƌƐŚŝƉ
BM$B45/($MB(G/($1IP@/@@2,:$+4':/,4+$a*G$J'(('+R$12(.$\B,42*,/R$
ĂŶĚZƵƚŚ:ĂĐŽďƐ;ŶŽǁDĂůůŽǇͿ͘ƐŝŶƚĞƌĞƐƚŝŶƚŚĞĞŵŽƟŽŶĂů
12
*,4/@@*-/,I/$ IBG)/4/,I*/+$ G'+5(BBG/:R$ 45/.$ +52(/:$ L*45$ G/$

:242$45/.$52:$IB@@/I4/:$B,$Q'+*,/++$)/(MB(G2,I/$2,:$@/2:/(+5*)$
ƐƚǇůĞƐ ĨƌŽŵ ƚŚŽƵƐĂŶĚƐ ŽĨ ĞǆĞĐƵƟǀĞƐ͕ ǁŚŝĐŚ / ƌĞƉŽƌƚĞĚ ŝŶ ƚŚĞ
,ĂƌǀĂƌĚƵƐŝŶĞƐƐZĞǀŝĞǁĂƌƟĐůĞ͕>ĞĂĚĞƌƐŚŝƉdŚĂƚ'ĞƚƐZĞƐƵůƚƐ$[$
(/)(*,4/:$5/(/$*,$P52)4/($<U
$ C,$ 2,$ /IB,BG.$ :(*N/,$ Q.$ 8,BL@/:-/$ LB(8R$ N2@'/$ -/4+$
ĐƌĞĂƚĞĚƚŚƌŽƵŐŚƚŚĞĞīŽƌƚƐŽĨƚĞĂŵƐ͘dŚŝƐƉƵƚƐƚŚĞĨŽĐƵƐŽŶƚŚĞ
]-(B')$ CDRT$ 2$ IB,I/)4$ :/N*+/:$ Q.$ ?BQ/(4$ &4/(,Q/(-$ 2,:$ 3/,:.$
tŝůůŝĂŵƐ Ăƚ zĂůĞ͘ dŚĞ ŐƌŽƵƉ /Y ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ ƐƵŵ ƚŽƚĂů ŽĨ
/2I5$ 4/2G$ G/GQ/(`+$ Q/+4$ 42@/,4+$ IB,4(*Q'4/:$ 24$ M'@@$ MB(I/U$ J'4$
ǁŚĂƚ ĚĞƚĞƌŵŝŶĞƐ ƚŚĞ ĂĐƚƵĂů ƉƌŽĚƵĐƟǀŝƚǇ ŽĨ ƚŚĂƚ ƚĞĂŵ ŝƐ ŶŽƚ ŝƚƐ
ƚŚĞŽƌĞƟĐĂůƉŽƚĞŶƟĂůʹƚŚĂƚŝƐ͕ƚŚĞŐƌŽƵƉ/YʹďƵƚƌĂƚŚĞƌŚŽǁǁĞůů
ƚŚĂƚ ƚĞĂŵ ĐŽŽƌĚŝŶĂƚĞƐ ŝƚƐ ĞīŽƌƚƐ͘ /Ŷ ŽƚŚĞƌ ǁŽƌĚƐ͕ ŝŶƚĞƌƉĞƌƐŽŶĂů
52(GB,.U$ C$ B(*-*,2@@.$ /O)@B(/:$ 45/$ :.,2G*I+$ BM$ 45/$ -(B')$ CD$ *,$
ŵŽƟŽŶĂů /ŶƚĞůůŝŐĞŶĐĞ͕ ĂŶĚ ƚŚĞŶ ƌĞƚƵƌŶĞĚ ƚŽ ƚŚĞ ĞŵŽƟŽŶĂů
ĚǇŶĂŵŝĐƐ ŽĨ ƚĞĂŵƐ ĨƌŽŵ ƚŚĞ ƉĞƌƐƉĞĐƟǀĞ ŽĨ ƚŚĞ ƐƚǇůĞƐ ŽĨ ƚĞĂŵ
ůĞĂĚĞƌƐ͘zŽƵ͛ůůĮŶĚƚŚĞƐĞĚǇŶĂŵŝĐƐĚĞƚĂŝůĞĚŝŶŚĂƉƚĞƌϱ͘
$ 35*@/$ŵŽƟŽŶĂů/ŶƚĞůůŝŐĞŶĐĞ$*,$@2(-/$)2(4$(/)B(4/:$B,$45/$
ĮŶĚŝŶŐƐŽĨĂƚŚĞŶͲŶĞǁĮĞůĚ͕ĂīĞĐƟǀĞŶĞƵƌŽƐĐŝĞŶĐĞ͕ŵǇϮϬϬϯďŽŽŬ͕
^ŽĐŝĂů/ŶƚĞůůŝŐĞŶĐĞ͕ǁĂƐƉƌŽŵƉƚĞĚďǇƚŚĞĞŵĞƌŐĞŶĐĞŽĨĞǆĐŝƟŶŐ
ĮŶĚŝŶŐƐĨƌŽŵĂŶŽƚŚĞƌŶĞǁĮĞůĚ͕ƐŽĐŝĂůŶĞƵƌŽƐĐŝĞŶĐĞ͘dŚŝƐďƌĂŶĐŚ
BM$Q(2*,$(/+/2(I5$Q/-2,$4B$@BB8$24$5BL$Q(2*,+$Q/52N/$L5*@/$L/$
ŝŶƚĞƌĂĐƚ͕ĂŶĚƚŚĞƌĞƐƵůƚǁĂƐĂŇŽŽĚŽĨŶĞǁĚŝƐĐŽǀĞƌŝĞƐĂďŽƵƚƚŚĞ
ďƌĂŝŶ͛Ɛ ƐŽĐŝĂů ĐŝƌĐƵŝƚƌǇ͘ dŚŽƐĞ ĮŶĚŝŶŐƐ ŚĂĚ ŐƌĞĂƚ ŝŵƉůŝĐĂƟŽŶƐ ŝŶ
ůŝŐŚƚŽĨĂŶŽƚŚĞƌƐĞƚŽĨĚŝƐĐŽǀĞƌŝĞƐĂďŽƵƚƚŚĞƌĞůĂƟŽŶƐŚŝƉďĞƚǁĞĞŶ
ƚŚĞďƌĂŝŶ͛ƐĐĞŶƚĞƌƐĨŽƌƚŚŽƵŐŚƚĂŶĚĨŽƌĞŵŽƟŽŶƐ͕ĂƐǇŽƵ͛ůůĮŶĚŝŶ
P52)4/($KU$
$ %+$ C$ (/)B(4/:$ *,$ dŚĞ ƌĂŝŶ ĂŶĚ ŵŽƟŽŶĂů /ŶƚĞůůŝŐĞŶĐĞ͗
EĞǁ /ŶƐŝŐŚƚƐR$ 45/$ +424/+$ BM$ :*+/,-2-/G/,4$ !/)*:/G*I$ *,$
+BG/$ LB(8)@2I/+#R$ 2,:$ BM$ M(2XX@/$ M(BG$ 4BB$ G'I5$ +4(/++$ !2@+B$
/)*:/G*I#$ QB45$ :*+2Q@/$ 45/$ Q(2*,`+$ )(/M(B,42@$ XB,/+R$ 45/$ +*4/$ BM$
ĐŽŵƉƌĞŚĞŶƐŝŽŶ͕ĨŽĐƵƐ͕ůĞĂƌŶŝŶŐĂŶĚĐƌĞĂƟǀŝƚǇ͘KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕
ĂƐĞǆƉůĂŝŶĞĚŝŶŚĂƉƚĞƌϳ͕ŝŶƚŚĞǌŽŶĞĨŽƌŇŽǁƚŚĞďƌĂŝŶŽƉĞƌĂƚĞƐ
ĂƚƉĞĂŬĐŽŐŶŝƟǀĞĞĸĐŝĞŶĐǇ͕ĂŶĚƉĞŽƉůĞƉĞƌĨŽƌŵĂƚƚŚĞŝƌďĞƐƚ͘
dŚŝƐƌĞĚĞĮŶĞƐƚŚĞĞƐƐĞŶƟĂůƚĂƐŬŽĨĂůĞĂĚĞƌ͗ƚŽŚĞůƉƉĞŽƉůĞ
-/4$2,:$+42.$*,$45/$Q(2*,$XB,/$L5/(/$45/.$I2,$LB(8$24$45/*($Q/+4U$
%+$.B'`@@$(/2:$*,$P52)4/($ER$C$:/42*@/:$45*+$42+8$*,$45/$QBB8$WƌŝŵĂů
>ĞĂĚĞƌƐŚŝƉ͕ǁƌŝƩĞŶǁŝƚŚŵǇĐŽůůĞĂŐƵĞƐŶŶŝĞDĐ<ĞĞĂŶĚZŝĐŚĂƌĚ
ŽǇĂƚǌŝƐ͘ īĞĐƟǀĞ ůĞĂĚĞƌƐ͕ ǁĞ ĂƌŐƵĞĚ͕ ĐƌĞĂƚĞ Ă ƌĞƐŽŶĂŶĐĞ ǁŝƚŚ
ƚŚŽƐĞƚŚĞǇůĞĂĚ͕ĂŶĞƵƌĂůŚĂƌŵŽŶǇƚŚĂƚĨĂĐŝůŝƚĂƚĞƐŇŽǁ͘
&ŝŶĂůůǇ͕ƚŚĞƌĞ͛ƐƚŚĞƋƵĞƐƟŽŶŽĨŚŽǁĂůĞĂĚĞƌĐĂŶĚĞǀĞůŽƉ
ĨƵƌƚŚĞƌƐƚƌĞŶŐƚŚƐŝŶĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͘,ĞƌĞƚŚĞŐŽŽĚŶĞǁƐ
ĨƌŽŵ ďƌĂŝŶ ƐĐŝĞŶĐĞ ŝƐ ŶĞƵƌŽƉůĂƐƟĐŝƚǇ͗ ƚŚĞ ŝŶƐŝŐŚƚ ƚŚĂƚ ƚŚĞ ďƌĂŝŶ
ĐŽŶƟŶƵĞƐƚŽŐƌŽǁĂŶĚƐŚĂƉĞŝƚƐĞůĨƚŚƌŽƵŐŚŽƵƚůŝĨĞ͘ƐǇƐƚĞŵĂƟĐ
ůĞĂƌŶŝŶŐƉƌŽĐĞƐƐ͕ĚĞƐĐƌŝďĞĚŚĞƌĞŝŶŚĂƉƚĞƌϵ͕ĂƐĞůĞĐƟŽŶĨƌŽŵdŚĞ
ƌĂŝŶ ĂŶĚ ŵŽƟŽŶĂů /ŶƚĞůůŝŐĞŶĐĞR$ I2,$ M2I*@*424/$ +'I5$ @/2:/(+5*)$
:/N/@B)G/,4$24$2,.$)B*,4$*,$2$I2(//($[$B($@*M/U
14
The Competency Framework
.Emotional .Empathy
Self-awareness
Self
Awareness
Social
Awareness
.Organizational
Awareness
.Emotional .Inspiring
Leadership
Self-control
.Adaptability Self- Relationship .Influence
.Achievement Management Management .Conflict
.Positive Outlook .Teamwork and
Management
Collaboration
DŽƐƚĞůĞŵĞŶƚƐŽĨĞǀĞƌǇĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞŵŽĚĞů
ĮƚǁŝƚŚŝŶƚŚĞƐĞĨŽƵƌŐĞŶĞƌŝĐĚŽŵĂŝŶƐ͗ƐĞůĨͲĂǁĂƌĞŶĞƐƐ͕
ƐĞůĨͲŵĂŶĂŐĞŵĞŶƚ͕ƐŽĐŝĂůĂǁĂƌĞŶĞƐƐ͕ĂŶĚƌĞůĂƟŽŶƐŚŝƉ
ŵĂŶĂŐĞŵĞŶƚ͘ĂƐĞĚŽŶĞĂĐŚŽĨƚŚĞƐĞĐŽƌĞĂďŝůŝƟĞƐĂƌĞ
ůĞĂƌŶĞĚǁŽƌŬƉůĂĐĞĐŽŵƉĞƚĞŶĐŝĞƐƚŚĂƚĚŝƐƟŶŐƵŝƐŚƚŚĞŵŽƐƚ
ƐƵĐĐĞƐƐĨƵůůĞĂĚĞƌƐ͘
tŚŝůĞŽƵƌĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞĚĞƚĞƌŵŝŶĞƐŽƵƌƉŽƚĞŶƟĂů
ĨŽƌůĞĂƌŶŝŶŐƚŚĞĨƵŶĚĂŵĞŶƚĂůƐŽĨƐĞůĨͲŵĂƐƚĞƌǇĂŶĚƚŚĞ
ůŝŬĞ͕ŽƵƌĞŵŽƟŽŶĂůĐŽŵƉĞƚĞŶĐĞƐŚŽǁƐŚŽǁŵƵĐŚŽĨ
ƚŚĂƚƉŽƚĞŶƟĂůǁĞŚĂǀĞŵĂƐƚĞƌĞĚŝŶǁĂǇƐƚŚĂƚƚƌĂŶƐůĂƚĞ
ŝŶƚŽŽŶͲƚŚĞͲũŽďĐĂƉĂďŝůŝƟĞƐ͘dŽďĞĂĚĞƉƚĂƚĂŶĞŵŽƟŽŶĂů
ĐŽŵƉĞƚĞŶĐĞůŝŬĞĐƵƐƚŽŵĞƌƐĞƌǀŝĐĞŽƌƚĞĂŵǁŽƌŬƌĞƋƵŝƌĞƐ
ĂŶƵŶĚĞƌůǇŝŶŐĂďŝůŝƚǇŝŶ/ĨƵŶĚĂŵĞŶƚĂůƐ͕ƐƵĐŚĂƐƐŽĐŝĂů
ĂǁĂƌĞŶĞƐƐĂŶĚƌĞůĂƟŽŶƐŚŝƉŵĂŶĂŐĞŵĞŶƚ͘ƵƚĞŵŽƟŽŶĂů
ĐŽŵƉĞƚĞŶĐŝĞƐĂƌĞůĞĂƌŶĞĚĂďŝůŝƟĞƐ͗ƐŝŵƉůǇŚĂǀŝŶŐƐŽĐŝĂů
ĂǁĂƌĞŶĞƐƐŽƌƐŬŝůůĂƚŵĂŶĂŐŝŶŐƌĞůĂƟŽŶƐŚŝƉƐĚŽĞƐŶŽƚ
ŐƵĂƌĂŶƚĞĞƚŚĂƚŽŶĞŚĂƐŵĂƐƚĞƌĞĚƚŚĞĂĚĚŝƟŽŶĂůůĞĂƌŶŝŶŐ
ƌĞƋƵŝƌĞĚƚŽŚĂŶĚůĞĂĐƵƐƚŽŵĞƌĂĚĞƉƚůǇŽƌƚŽƌĞƐŽůǀĞĂ
ĐŽŶŇŝĐƚ͘KŶĞƐŝŵƉůǇŚĂƐƚŚĞƉŽƚĞŶƟĂůƚŽďĞĐŽŵĞƐŬŝůůĞĚĂƚ
ƚŚĞƐĞĐŽŵƉĞƚĞŶĐŝĞƐ͘
^ŽĂŶƵŶĚĞƌůǇŝŶŐ/ĂďŝůŝƚǇŝƐŶĞĐĞƐƐĂƌǇ͕ƚŚŽƵŐŚŶŽƚ
ƐƵĸĐŝĞŶƚ͕ƚŽŵĂŶŝĨĞƐƚĂŐŝǀĞŶĐŽŵƉĞƚĞŶĐǇŽƌũŽďƐŬŝůů͘
ĐŽŐŶŝƟǀĞĂŶĂůŽŐǁŽƵůĚďĞƚŚĞƐƚƵĚĞŶƚǁŚŽŚĂƐĞǆĐĞůůĞŶƚ
ƐƉĂƟĂůĂďŝůŝƟĞƐǇĞƚŶĞǀĞƌůĞĂƌŶƐŐĞŽŵĞƚƌǇ͕ůĞƚĂůŽŶĞ
ďĞĐŽŵĞƐĂŶĂƌĐŚŝƚĞĐƚ͘>ŝŬĞǁŝƐĞŽŶĞĐĂŶďĞŚŝŐŚůǇĞŵƉĂƚŚŝĐ
ǇĞƚƉŽŽƌĂƚ͕ƐĂǇ͕ŚĂŶĚůŝŶŐůŽŶŐͲƚĞƌŵĐůŝĞŶƚƌĞůĂƟŽŶƐŚŝƉƐ͘
&ŽƌƚŚŽƐĞƵůƚƌĂͲĚĞĚŝĐĂƚĞĚƐŽƵůƐǁĂŶƟŶŐƚŽƵŶĚĞƌƐƚĂŶĚ
ŚŽǁŵǇĐƵƌƌĞŶƚŵŽĚĞůŶĞƐƚƐƚŚĞĚŽǌĞŶŽƌƐŽŬĞǇůĞĂĚĞƌƐŚŝƉ
ĞŵŽƟŽŶĂůĐŽŵƉĞƚĞŶĐŝĞƐǁŝƚŚŝŶƚŚĞĨŽƵƌ/ĐůƵƐƚĞƌƐ͕ƐĞĞƚŚĞ
ƉƉĞŶĚŝǆ͘
16
MANAGING WITH HEART
Adapted from Emotional Intelligence
$ "/@Q'(,$ 1IJ(BBG$ L2+$ 2$ :BG*,//(*,-$ QB++R$ L*45$ 2$

ƚĞŵƉĞƌƚŚĂƚŝŶƟŵŝĚĂƚĞĚƚŚŽƐĞǁŚŽǁŽƌŬĞĚǁŝƚŚŚŝŵ͘dŚĂƚĨĂĐƚ
ŵŝŐŚƚŚĂǀĞƉĂƐƐĞĚƵŶƌĞŵĂƌŬĞĚŚĂĚDĐƌŽŽŵǁŽƌŬĞĚŝŶĂŶŽĸĐĞ
B($M2I4B(.U$J'4$1IJ(BBG$L2+$2,$2*(@*,/$)*@B4U
$ ^,/$ :2.$ *,$ "bHK$ 1IJ(BBG`+$ )@2,/$ L2+$ 2))(B2I5*,-$
WŽƌƚůĂŶĚ͕ KƌĞŐŽŶ ǁŚĞŶ ŚĞ ŶŽƟĐĞĚ Ă ƉƌŽďůĞŵ ǁŝƚŚ ƚŚĞ ůĂŶĚŝŶŐ
ŐĞĂƌ͘^ŽDĐƌŽŽŵǁĞŶƚŝŶƚŽĂŚŽůĚŝŶŐƉĂƩĞƌŶ͕ĐŝƌĐůŝŶŐƚŚĞĮĞůĚ
ĂƚĂŚŝŐŚĂůƟƚƵĚĞǁŚŝůĞŚĞĮĚĚůĞĚǁŝƚŚƚŚĞŵĞĐŚĂŶŝƐŵ͘
$ %+$1IJ(BBG$BQ+/++/:$2QB'4$45/$@2,:*,-$-/2(R$45/$)@2,/`+$
M'/@$-2'-/+$+4/2:*@.$2))(B2I5/:$45/$/G)4.$@/N/@U$J'4$5*+$IB)*@B4+$
L/(/$+B$M/2(M'@$BM$1IJ(BBG`+$L(245$4524$45/.$+2*:$,B45*,-R$/N/,$
2+$:*+2+4/($@BBG/:U$=5/$)@2,/$I(2+5/:R$8*@@*,-$4/,$)/B)@/U
dŽĚĂǇƚŚĞƐƚŽƌǇŽĨƚŚĂƚĐƌĂƐŚŝƐƚŽůĚĂƐĂĐĂƵƟŽŶĂƌǇƚĂůĞ
*,$ 45/$ +2M/4.$ 4(2*,*,-$ BM$ 2*(@*,/$ )*@B4+U0 /Ŷ ϴϬ ƉĞƌĐĞŶƚ ŽĨ ĂŝƌůŝŶĞ
I(2+5/+R$ )*@B4+$ G28/$ G*+428/+$ 4524$ IB'@:$ 52N/$ Q//,$ )(/N/,4/:R$
ƉĂƌƟĐƵůĂƌůǇ ŝĨ ƚŚĞ ĐƌĞǁ ǁŽƌŬĞĚ ƚŽŐĞƚŚĞƌ ŵŽƌĞ ŚĂƌŵŽŶŝŽƵƐůǇ͘
dĞĂŵǁŽƌŬ͕ŽƉĞŶůŝŶĞƐŽĨĐŽŵŵƵŶŝĐĂƟŽŶ͕ĐŽŽƉĞƌĂƟŽŶ͕ůŝƐƚĞŶŝŶŐ͕
2,:$+)/28*,-$B,/`+$G*,:$[$(':*G/,4+$BM$+BI*2@$*,4/@@*-/,I/$[$2(/$
,BL$/G)52+*X/:$*,$4(2*,*,-$)*@B4+R$2@B,-$L*45$4/I5,*I2@$)(BL/++U
dŚĞĐŽĐŬƉŝƚŝƐĂŵŝĐƌŽĐŽƐŵŽĨĂŶǇǁŽƌŬŝŶŐŽƌŐĂŶŝǌĂƟŽŶ͘
Ƶƚ ůĂĐŬŝŶŐ ƚŚĞ ĚƌĂŵĂƟĐ ƌĞĂůŝƚǇ ĐŚĞĐŬ ŽĨ ĂŶ ĂŝƌƉůĂŶĞ ĐƌĂƐŚ͕ ƚŚĞ
ĚĞƐƚƌƵĐƟǀĞĞīĞĐƚƐŽĨŵŝƐĞƌĂďůĞŵŽƌĂůĞ͕ŝŶƟŵŝĚĂƚĞĚǁŽƌŬĞƌƐ͕Žƌ
ĂƌƌŽŐĂŶƚďŽƐƐĞƐʹŽƌĂŶǇŽĨƚŚĞĚŽǌĞŶƐŽĨŽƚŚĞƌƉĞƌŵƵƚĂƟŽŶƐŽĨ
MANAGING WITH HEART 17
ĞŵŽƟŽŶĂůĚĞĮĐŝĞŶĐŝĞƐŝŶƚŚĞǁŽƌŬƉůĂĐĞʹĐĂŶŐŽůĂƌŐĞůǇƵŶŶŽƟĐĞĚ
Q.$45B+/$B'4+*:/$45/$*GG/:*24/$+I/,/U$J'4$45/$IB+4+$I2,$Q/$(/2:$
ŝŶ ƐŝŐŶƐ ƐƵĐŚ ĂƐ ĚĞĐƌĞĂƐĞĚ ƉƌŽĚƵĐƟǀŝƚǇ͕ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ ŵŝƐƐĞĚ
:/2:@*,/+R$G*+428/+$2,:$G*+52)+R$2,:$2,$/OB:'+$BM$/G)@B.//+$4B$
ŵŽƌĞĐŽŶŐĞŶŝĂůƐĞƫŶŐƐ͘dŚĞƌĞŝƐ͕ŝŶĞǀŝƚĂďůǇ͕ĂĐŽƐƚƚŽƚŚĞďŽƩŽŵ
ůŝŶĞĨƌŽŵůŽǁůĞǀĞůƐŽĨĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞŽŶƚŚĞũŽď͘tŚĞŶŝƚ
*+$(2G)2,4R$IBG)2,*/+$I2,$I(2+5$2,:$Q'(,U
dŚĞ ĐŽƐƚͲĞīĞĐƟǀĞŶĞƐƐ ŽĨ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ ŝƐ Ă
ƌĞůĂƟǀĞůǇ ŶĞǁ ŝĚĞĂ ĨŽƌ ďƵƐŝŶĞƐƐ͕ ŽŶĞ ƐŽŵĞ ŵĂŶĂŐĞƌƐ ŵĂǇ ĮŶĚ
ŚĂƌĚƚŽĂĐĐĞƉƚ͘ƐƚƵĚǇŽĨϮϱϬĞǆĞĐƵƟǀĞƐĨŽƵŶĚƚŚĂƚŵŽƐƚĨĞůƚƚŚĞŝƌ
LB(8$:/G2,:/:$]45/*($5/2:+$Q'4$,B4$45/*($5/2(4+UT$12,.$+2*:$45/.$
M/2(/:$4524$M//@*,-$/G)245.$B($IBG)2++*B,$MB($45B+/$45/.$LB(8/:$
ǁŝƚŚǁŽƵůĚƉƵƚƚŚĞŵŝŶĐŽŶŇŝĐƚǁŝƚŚƚŚĞŝƌŽƌŐĂŶŝǌĂƟŽŶĂůŐŽĂůƐ͘
^,/$M/@4$45/$*:/2$BM$+/,+*,-$45/$M//@*,-+$BM$45B+/$L5B$LB(8/:$MB($
5*G$L2+$2Q+'(:$[$*4$LB'@:R$5/$+2*:R$]Q/$*G)B++*Q@/$4B$:/2@$L*45$
ƉĞŽƉůĞ͘͟KƚŚĞƌƐƉƌŽƚĞƐƚĞĚƚŚĂƚŝĨƚŚĞǇǁĞƌĞŶŽƚĞŵŽƟŽŶĂůůǇĂůŽŽĨ
45/.$LB'@:$Q/$',2Q@/$4B$G28/$45/$]52(:T$:/I*+*B,+$4524$Q'+*,/++$
(/_'*(/+$[$2@45B'-5$45/$@*8/@*5BB:$*+$4524$45/.$LB'@:$:/@*N/($45B+/$
:/I*+*B,+$GB(/$5'G2,/@.U7
dŚĂƚ ƐƚƵĚǇ ǁĂƐ ĚŽŶĞ ŝŶ ƚŚĞ ϭϵϳϬƐ͕ ǁŚĞŶ ƚŚĞ ďƵƐŝŶĞƐƐ
ĞŶǀŝƌŽŶŵĞŶƚǁĂƐǀĞƌǇĚŝīĞƌĞŶƚ͘DǇĂƌŐƵŵĞŶƚŝƐƚŚĂƚƐƵĐŚĂƫƚƵĚĞƐ
ĂƌĞŽƵƚŵŽĚĞĚ͕ĂůƵǆƵƌǇŽĨĂĨŽƌŵĞƌĚĂǇ͖ĂŶĞǁĐŽŵƉĞƟƟǀĞƌĞĂůŝƚǇ
ŝƐƉƵƫŶŐĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞĂƚĂƉƌĞŵŝƵŵŝŶƚŚĞǁŽƌŬƉůĂĐĞ
2,:$*,$45/$G2(8/4)@2I/U
Ɛ ^ŚŽƐŚŽŶĂ ƵďŽī͕ Ă ƉƐǇĐŚŽůŽŐŝƐƚ Ăƚ ,ĂƌǀĂƌĚ ƵƐŝŶĞƐƐ
^ĐŚŽŽů͕ ƉŽŝŶƚĞĚ ŽƵƚ ƚŽ ŵĞ͕ ͞ŽƌƉŽƌĂƟŽŶƐ ŚĂǀĞ ŐŽŶĞ ƚŚƌŽƵŐŚ Ă
ƌĂĚŝĐĂůƌĞǀŽůƵƟŽŶǁŝƚŚŝŶƚŚŝƐĐĞŶƚƵƌǇ͕ĂŶĚǁŝƚŚƚŚŝƐŚĂƐĐŽŵĞĂ
ĐŽƌƌĞƐƉŽŶĚŝŶŐƚƌĂŶƐĨŽƌŵĂƟŽŶŽĨƚŚĞĞŵŽƟŽŶĂůůĂŶĚƐĐĂƉĞ͘dŚĞƌĞ
ǁĂƐ Ă ůŽŶŐ ƉĞƌŝŽĚ ŽĨ ŵĂŶĂŐĞƌŝĂů ĚŽŵŝŶĂƟŽŶ ŽĨ ƚŚĞ ĐŽƌƉŽƌĂƚĞ
ŚŝĞƌĂƌĐŚǇ ǁŚĞŶ ƚŚĞ ŵĂŶŝƉƵůĂƟǀĞ͕ ũƵŶŐůĞͲĮŐŚƚĞƌ ďŽƐƐ ǁĂƐ
(/L2(:/:U$J'4$4524$(*-*:$5*/(2(I5.$+42(4/:$Q(/28*,-$:BL,$*,$45/$
ϭϵϴϬƐƵŶĚĞƌƚŚĞƚǁŝŶƉƌĞƐƐƵƌĞƐŽĨŐůŽďĂůŝǌĂƟŽŶĂŶĚŝŶĨŽƌŵĂƟŽŶ
ƚĞĐŚŶŽůŽŐǇ͘dŚĞũƵŶŐůĞĮŐŚƚĞƌƐǇŵďŽůŝǌĞƐǁŚĞƌĞƚŚĞĐŽƌƉŽƌĂƟŽŶ
52+$ Q//,c$ 45/$ N*(4'B+B$ *,$ *,4/()/(+B,2@$ +8*@@+$ *+$ 45/$ IB()B(24/$
M'4'(/UT
$ 18
$ &BG/$BM$45/$(/2+B,+$2(/$)24/,4@.$BQN*B'+$[$*G2-*,/$45/$
IB,+/_'/,I/+$ MB($ 2$ LB(8*,-$ -(B')$ L5/,$ +BG/B,/$ *+$ ',2Q@/$ 4B$
ŬĞĞƉ ĨƌŽŵ ĞǆƉůŽĚŝŶŐ ŝŶ ĂŶŐĞƌ Žƌ ŚĂƐ ŶŽ ƐĞŶƐŝƟǀŝƚǇ ĂďŽƵƚ ǁŚĂƚ
ƚŚĞƉĞŽƉůĞĂƌŽƵŶĚŚŝŵĂƌĞĨĞĞůŝŶŐ͘ůůƚŚĞĚĞůĞƚĞƌŝŽƵƐĞīĞĐƚƐŽĨ
ĂŐŝƚĂƟŽŶŽŶƚŚŝŶŬŝŶŐĨŽƌĂŶŝŶĚŝǀŝĚƵĂůŽƉĞƌĂƚĞŝŶƚŚĞǁŽƌŬƉůĂĐĞ
ƚŽŽ͗tŚĞŶĞŵŽƟŽŶĂůůǇƵƉƐĞƚ͕ƉĞŽƉůĞĐĂŶŶŽƚƌĞŵĞŵďĞƌ͕ĂƩĞŶĚ͕
@/2(,R$B($G28/$:/I*+*B,+$I@/2(@.U$%+$B,/$G2,2-/G/,4$IB,+'@42,4$
)'4$*4R$]&4(/++$G28/+$)/B)@/$+4')*:UT
KŶƚŚĞƉŽƐŝƟǀĞƐŝĚĞ͕ŝŵĂŐŝŶĞƚŚĞďĞŶĞĮƚƐĨŽƌǁŽƌŬŽĨďĞŝŶŐ
ƐŬŝůůĞĚŝŶƚŚĞďĂƐŝĐĞŵŽƟŽŶĂůĐŽŵƉĞƚĞŶĐŝĞƐʹďĞŝŶŐĂƩƵŶĞĚƚŽƚŚĞ
M//@*,-+$BM$45B+/$L/$:/2@$L*45R$Q/*,-$2Q@/$4B$52,:@/$:*+2-(//G/,4+$
ƐŽƚŚĞǇĚŽŶŽƚĞƐĐĂůĂƚĞ͕ŚĂǀŝŶŐƚŚĞĂďŝůŝƚǇƚŽŐĞƚŝŶƚŽŇŽǁƐƚĂƚĞƐ
ǁŚŝůĞĚŽŝŶŐŽƵƌǁŽƌŬ͘>ĞĂĚĞƌƐŚŝƉŝƐŶŽƚĚŽŵŝŶĂƟŽŶ͕ďƵƚƚŚĞĂƌƚ
BM$ )/(+'2:*,-$ )/B)@/$ 4B$ LB(8$ 4BL2(:$ 2$ IBGGB,$ -B2@U$ %,:R$ *,$
4/(G+$BM$G2,2-*,-$B'($BL,$I2(//(R$45/(/$G2.$Q/$,B45*,-$GB(/$
ĞƐƐĞŶƟĂůƚŚĂŶƌĞĐŽŐŶŝǌŝŶŐŽƵƌĚĞĞƉĞƐƚĨĞĞůŝŶŐƐĂďŽƵƚǁŚĂƚǁĞĚŽ
ʹĂŶĚǁŚĂƚĐŚĂŶŐĞƐŵŝŐŚƚŵĂŬĞƵƐŵŽƌĞƚƌƵůǇƐĂƟƐĮĞĚǁŝƚŚŽƵƌ
LB(8U
#$%&'(#&)*&#$%&+(!#!,-%
,Ğ ǁĂƐ Ă ƐĞĂƐŽŶĞĚ ĞŶŐŝŶĞĞƌ͕ ŚĞĂĚŝŶŐ Ă ƐŽŌǁĂƌĞ ĚĞǀĞůŽƉŵĞŶƚ

ƉƌŽũĞĐƚ͕ƉƌĞƐĞŶƟŶŐƚŚĞƌĞƐƵůƚŽĨŵŽŶƚŚƐŽĨǁŽƌŬďǇŚŝƐƚĞĂŵƚŽ
45/$IBG)2,.`+$N*I/$)(/+*:/,4$MB($)(B:'I4$:/N/@B)G/,4U$=5/$G/,$
ĂŶĚ ǁŽŵĞŶ ǁŚŽ ŚĂĚ ǁŽƌŬĞĚ ůŽŶŐ ĚĂǇƐ ǁĞĞŬ ĂŌĞƌ ǁĞĞŬ ǁĞƌĞ
45/(/$L*45$5*GR$)(B':$4B$)(/+/,4$45/$M('*4$BM$45/*($52(:$@2QB(U
ƵƚĂƐƚŚĞĞŶŐŝŶĞĞƌĮŶŝƐŚĞĚŚŝƐƉƌĞƐĞŶƚĂƟŽŶ͕ƚŚĞǀŝĐĞͲƉƌĞƐŝĚĞŶƚ
ƚƵƌŶĞĚƚŽŚŝŵĂŶĚĂƐŬĞĚƐĂƌĐĂƐƟĐĂůůǇ͕͞,ŽǁůŽŶŐŚĂǀĞǇŽƵďĞĞŶ
ŽƵƚŽĨŐƌĂĚƵĂƚĞƐĐŚŽŽů͍dŚĞƐĞƐƉĞĐŝĮĐĂƟŽŶƐĂƌĞƌŝĚŝĐƵůŽƵƐ͘dŚĞǇ
ŚĂǀĞŶŽĐŚĂŶĐĞŽĨŐĞƫŶŐƉĂƐƚŵǇĚĞƐŬ͘͟
dŚĞĞŶŐŝŶĞĞƌ͕ƵƩĞƌůǇĞŵďĂƌƌĂƐƐĞĚĂŶĚĚĞŇĂƚĞĚ͕ƐĂƚŐůƵŵůǇ
ƚŚƌŽƵŐŚƚŚĞƌĞƐƚŽĨƚŚĞŵĞĞƟŶŐ͕ƌĞĚƵĐĞĚƚŽƐŝůĞŶĐĞ͘dŚĞŵĞŶĂŶĚ
ǁŽŵĞŶŽŶŚŝƐƚĞĂŵŵĂĚĞĂĨĞǁĚĞƐƵůƚŽƌǇʹĂŶĚƐŽŵĞŚŽƐƟůĞʹ
ƌĞŵĂƌŬƐ ŝŶ ĚĞĨĞŶƐĞ ŽĨ ƚŚĞŝƌ ĞīŽƌƚ͘ dŚĞ ǀŝĐĞ ƉƌĞƐŝĚĞŶƚ ǁĂƐ ƚŚĞŶ
ĐĂůůĞĚĂǁĂǇĂŶĚƚŚĞŵĞĞƟŶŐďƌŽŬĞƵƉĂďƌƵƉƚůǇ͕ůĞĂǀŝŶŐĂƌĞƐŝĚƵĞ
ŽĨďŝƩĞƌŶĞƐƐĂŶĚĂŶŐĞƌ͘
$ \B($ 45/$ ,/O4$ 4LB$ L//8+$ 45/$ /,-*,//($ L2+$ BQ+/++/:$ Q.$
45/$ N*I/$ )(/+*:/,4`+$ (/G2(8+U$ V*+)*(*4/:$ 2,:$ :/)(/++/:R$ 5/$ L2+$
IB,N*,I/:$5/$LB'@:$,/N/($-/4$2,B45/($2++*-,G/,4$BM$*G)B(42,I/$
24$ 45/$ IBG)2,.R$ 2,:$ L2+$ 45*,8*,-$ BM$ @/2N*,-R$ /N/,$ 45B'-5$ 5/$
/,SB./:$5*+$LB(8$45/(/U$\*,2@@.$45/$/,-*,//($L/,4$4B$+//$45/$N*I/Y
ƉƌĞƐŝĚĞŶƚ͕ƌĞŵŝŶĚŝŶŐŚŝŵŽĨƚŚĞŵĞĞƟŶŐ͕ŚŝƐĐƌŝƟĐĂůƌĞŵĂƌŬƐ͕ĂŶĚ
ƚŚĞŝƌĚĞŵŽƌĂůŝǌŝŶŐĞīĞĐƚ͘dŚĞŶŚĞŵĂĚĞĂĐĂƌĞĨƵůůǇǁŽƌĚĞĚŝŶƋƵŝƌǇ͗
͞/͛ŵ Ă ůŝƩůĞ ĐŽŶĨƵƐĞĚ ďǇ ǁŚĂƚ ǇŽƵ ǁĞƌĞ ƚƌǇŝŶŐ ƚŽ ĂĐĐŽŵƉůŝƐŚ͘ /
2++'G/$.B'$L/(/$,B4$S'+4$4(.*,-$4B$/GQ2((2++$G/$[$:*:$.B'$52N/$
+BG/$B45/($-B2@$*,$G*,:;T
$ =5/$N*I/$)(/+*:/,4$L2+$2+4B,*+5/:$[$5/$52:$,B$*:/2$4524$
5*+$ (/G2(8R$ L5*I5$ 5/$ G/2,4$ 2+$ 2$ 45(BL2L2.$ @*,/R$ 52:$ Q//,$ +B$
ĚĞǀĂƐƚĂƟŶŐ͘/ŶĨĂĐƚ͕ŚĞƚŚŽƵŐŚƚƚŚĞƐŽŌǁĂƌĞƉůĂŶǁĂƐƉƌŽŵŝƐŝŶŐ͕
ďƵƚŶĞĞĚĞĚŵŽƌĞǁŽƌŬʹŚĞŚĂĚŶ͛ƚŵĞĂŶƚƚŽĚŝƐŵŝƐƐŝƚĂƐƵƩĞƌůǇ
LB(45@/++$24$2@@U$6/$+*G)@.$52:$,B4$(/2@*X/:R$5/$+2*:R$5BL$)BB(@.$
ŚĞŚĂĚƉƵƚŚŝƐƌĞĂĐƟŽŶ͕ŶŽƌƚŚĂƚŚĞŚĂĚŚƵƌƚĂŶǇŽŶĞ͛ƐĨĞĞůŝŶŐƐ͘
%,:R$Q/@24/:@.R$5/$2)B@B-*X/:U<
/ƚ͛Ɛ Ă ƋƵĞƐƟŽŶ ŽĨ ĨĞĞĚďĂĐŬ͕ ƌĞĂůůǇ͕ ŽĨ ƉĞŽƉůĞ ŐĞƫŶŐ ƚŚĞ
ŝŶĨŽƌŵĂƟŽŶĞƐƐĞŶƟĂůƚŽŬĞĞƉƚŚĞŝƌĞīŽƌƚƐŽŶƚƌĂĐŬ͘/ŶŝƚƐŽƌŝŐŝŶĂů
+/,+/$ *,$ +.+4/G+$ 45/B(.R$ M//:Q2I8$ G/2,4$ 45/$ /OI52,-/$ BM$ :242$
2QB'4$5BL$B,/$)2(4$BM$2$+.+4/G$*+$LB(8*,-R$L*45$45/$',:/(+42,:*,-$
ƚŚĂƚ ŽŶĞ ƉĂƌƚ ĂīĞĐƚƐ Ăůů ŽƚŚĞƌƐ ŝŶ ƚŚĞ ƐǇƐƚĞŵ͕ ƐŽ ƚŚĂƚ ĂŶǇ ƉĂƌƚ
ŚĞĂĚŝŶŐŽīĐŽƵƌƐĞĐŽƵůĚďĞĐŚĂŶŐĞĚĨŽƌƚŚĞďĞƩĞƌ͘/ŶĂĐŽŵƉĂŶǇ
/N/(.B,/$*+$)2(4$BM$45/$+.+4/GR$2,:$+B$M//:Q2I8$*+$45/$@*M/Q@BB:$BM$
ƚŚĞŽƌŐĂŶŝǌĂƟŽŶʹƚŚĞĞǆĐŚĂŶŐĞŽĨŝŶĨŽƌŵĂƟŽŶƚŚĂƚůĞƚƐƉĞŽƉůĞ
ŬŶŽǁŝĨƚŚĞũŽďƚŚĞǇĂƌĞĚŽŝŶŐŝƐŐŽŝŶŐǁĞůůŽƌŶĞĞĚƐƚŽďĞĮŶĞͲ
ƚƵŶĞĚ͕ƵƉŐƌĂĚĞĚ͕ŽƌƌĞĚŝƌĞĐƚĞĚĞŶƟƌĞůǇ͘tŝƚŚŽƵƚĨĞĞĚďĂĐŬƉĞŽƉůĞ
2(/$*,$45/$:2(8c$45/.$52N/$,B$*:/2$5BL$45/.$+42,:$L*45$45/*($QB++R$
L*45$45/*($)//(+R$B($*,$4/(G+$BM$L524$*+$/O)/I4/:$BM$45/GR$2,:$2,.$
ƉƌŽďůĞŵƐǁŝůůŽŶůǇŐĞƚǁŽƌƐĞĂƐƟŵĞƉĂƐƐĞƐ͘
/ŶĂƐĞŶƐĞ͕ĐƌŝƟĐŝƐŵŝƐŽŶĞŽĨƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚƚĂƐŬƐĂ
ŵĂŶĂŐĞƌŚĂƐ͘zĞƚŝƚ͛ƐĂůƐŽŽŶĞŽĨƚŚĞŵŽƐƚĚƌĞĂĚĞĚĂŶĚƉƵƚŽī͘
ŶĚ͕ ůŝŬĞ ƚŚĞ ƐĂƌĐĂƐƟĐ ǀŝĐĞͲƉƌĞƐŝĚĞŶƚ͕ ƚŽŽ ŵĂŶǇ ŵĂŶĂŐĞƌƐ ŚĂǀĞ
ƉŽŽƌůǇŵĂƐƚĞƌĞĚƚŚĞĐƌƵĐŝĂůĂƌƚŽĨĨĞĞĚďĂĐŬ͘dŚŝƐĚĞĮĐŝĞŶĐǇŚĂƐĂ
ŐƌĞĂƚĐŽƐƚ͗ũƵƐƚĂƐƚŚĞĞŵŽƟŽŶĂůŚĞĂůƚŚŽĨĂĐŽƵƉůĞĚĞƉĞŶĚƐ
20
ŽŶ ŚŽǁ ǁĞůů ƚŚĞǇ Ăŝƌ ƚŚĞŝƌ ŐƌŝĞǀĂŶĐĞƐ͕ ƐŽ ĚŽ ƚŚĞ ĞīĞĐƟǀĞŶĞƐƐ͕
ƐĂƟƐĨĂĐƟŽŶ͕ĂŶĚƉƌŽĚƵĐƟǀŝƚǇŽĨƉĞŽƉůĞĂƚǁŽƌŬĚĞƉĞŶĚŽŶŚŽǁ
ƚŚĞǇĂƌĞƚŽůĚĂďŽƵƚŶĂŐŐŝŶŐƉƌŽďůĞŵƐ͘/ŶĚĞĞĚ͕ŚŽǁĐƌŝƟĐŝƐŵƐĂƌĞ
ŐŝǀĞŶĂŶĚƌĞĐĞŝǀĞĚŐŽĞƐĂůŽŶŐǁĂǇŝŶĚĞƚĞƌŵŝŶŝŶŐŚŽǁƐĂƟƐĮĞĚ
)/B)@/$2(/$L*45$45/*($LB(8R$L*45$45B+/$45/.$LB(8$L*45R$2,:$L*45$
45B+/$4B$L5BG$45/.$2(/$(/+)B,+*Q@/U
#$%&.)(/#&.'0&#)&")#!1'#%&/)"%)2%
dŚĞĞŵŽƟŽŶĂůǀŝĐŝƐƐŝƚƵĚĞƐĂƚǁŽƌŬŝŶŵĂƌƌŝĂŐĞĂůƐŽŽƉĞƌĂƚĞŝŶƚŚĞ
ǁŽƌŬƉůĂĐĞ͕ǁŚĞƌĞƚŚĞǇƚĂŬĞƐŝŵŝůĂƌĨŽƌŵƐ͘ƌŝƟĐŝƐŵƐĂƌĞǀŽŝĐĞĚĂƐ
ƉĞƌƐŽŶĂůĂƩĂĐŬƐƌĂƚŚĞƌƚŚĂŶĐŽŵƉůĂŝŶƚƐƚŚĂƚĐĂŶďĞĂĐƚĞĚƵƉŽŶ͖
45/(/$2(/$2:$5BG*,/G$I52(-/+$L*45$:B@@B)+$BM$:*+-'+4R$+2(I2+GR$
2,:$ IB,4/G)4c$ QB45$ -*N/$ (*+/$ 4B$ :/M/,+*N/,/++$ 2,:$ :B:-*,-$
ŽĨ ƌĞƐƉŽŶƐŝďŝůŝƚǇ ĂŶĚ͕ ĮŶĂůůǇ͕ ƚŽ ƐƚŽŶĞǁĂůůŝŶŐ Žƌ ƚŚĞ ĞŵďŝƩĞƌĞĚ
)2++*N/$ (/+*+42,I/$ 4524$ IBG/+$ M(BG$ M//@*,-$ ',M2*(@.$ 4(/24/:U$
/ŶĚĞĞĚ͕ŽŶĞŽĨƚŚĞŵŽƌĞĐŽŵŵŽŶĨŽƌŵƐŽĨĚĞƐƚƌƵĐƟǀĞĐƌŝƟĐŝƐŵ
*,$ 45/$ LB(8)@2I/R$ +2.+$ B,/$ Q'+*,/++$ IB,+'@42,4R$ *+$ 2$ Q@2,8/4R$
ŐĞŶĞƌĂůŝǌĞĚ ƐƚĂƚĞŵĞŶƚ ůŝŬĞ ͞zŽƵ͛ƌĞ ƐĐƌĞǁŝŶŐ ƵƉ͕͟ ĚĞůŝǀĞƌĞĚ ŝŶ Ă
ŚĂƌƐŚ͕ƐĂƌĐĂƐƟĐ͕ĂŶŐƌǇƚŽŶĞ͕ƉƌŽǀŝĚŝŶŐŶĞŝƚŚĞƌĂĐŚĂŶĐĞƚŽƌĞƐƉŽŶĚ
ŶŽƌĂŶǇƐƵŐŐĞƐƟŽŶŽĨŚŽǁƚŽĚŽƚŚŝŶŐƐďĞƩĞƌ͘/ƚůĞĂǀĞƐƚŚĞƉĞƌƐŽŶ
(/I/*N*,-$*4$M//@*,-$5/@)@/++$2,:$2,-(.U$
&ƌŽŵ ƚŚĞ ǀĂŶƚĂŐĞ ƉŽŝŶƚ ŽĨ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ͕ ƐƵĐŚ
ĐƌŝƟĐŝƐŵ ĚŝƐƉůĂǇƐ ĂŶ ŝŐŶŽƌĂŶĐĞ ŽĨ ƚŚĞ ĨĞĞůŝŶŐƐ ŝƚ ǁŝůů ƚƌŝŐŐĞƌ ŝŶ
ƚŚŽƐĞǁŚŽƌĞĐĞŝǀĞŝƚ͕ĂŶĚƚŚĞĚĞǀĂƐƚĂƟŶŐĞīĞĐƚƚŚŽƐĞĨĞĞůŝŶŐƐǁŝůů
ŚĂǀĞŽŶƚŚĞŝƌŵŽƟǀĂƟŽŶ͕ĞŶĞƌŐǇ͕ĂŶĚĐŽŶĮĚĞŶĐĞŝŶĚŽŝŶŐƚŚĞŝƌ
LB(8U
dŚŝƐ ĚĞƐƚƌƵĐƟǀĞ ĚǇŶĂŵŝĐ ƐŚŽǁĞĚ ƵƉ ŝŶ Ă ƐƵƌǀĞǇ ŽĨ
ŵĂŶĂŐĞƌƐǁŚŽǁĞƌĞĂƐŬĞĚƚŽƚŚŝŶŬďĂĐŬƚŽƟŵĞƐƚŚĞǇďůĞǁƵƉ
24$/G)@B.//+$2,:R$*,$45/$5/24$BM$45/$GBG/,4R$G2:/$2$)/(+B,2@$
ĂƩĂĐŬ͘A dŚĞ ĂŶŐƌǇ ĂƩĂĐŬƐ ŚĂĚ ĞīĞĐƚƐ ŵƵĐŚ ůŝŬĞ ƚŚĞǇ ǁŽƵůĚ ŝŶ
Ă ŵĂƌƌŝĞĚ ĐŽƵƉůĞ͗ ƚŚĞ ĞŵƉůŽǇĞĞƐ ǁŚŽ ƌĞĐĞŝǀĞĚ ƚŚĞŵ ƌĞĂĐƚĞĚ
ŵŽƐƚŽŌĞŶďǇďĞĐŽŵŝŶŐĚĞĨĞŶƐŝǀĞ͕ŵĂŬŝŶŐĞǆĐƵƐĞƐ͕ŽƌĞǀĂĚŝŶŐ
(/+)B,+*Q*@*4.U$ ^($ 45/.$ +4B,/L2@@/:$ [$ 4524$ *+R$ 4(*/:$ 4B$ 2NB*:$ 2@@$
IB,42I4$L*45$45/$G2,2-/($L5B$Q@/L$')$24$45/GU$=5/$G2,2-/(+$
L/(/$B,@.$M'(45/($2,,B./:$2,:$)(BNB8/:$Q.$45/+/$(/+)B,+/+R
ƐƵŐŐĞƐƟŶŐƚŚĞďĞŐŝŶŶŝŶŐŽĨĂĐǇĐůĞƚŚĂƚ͕ŝŶƚŚĞďƵƐŝŶĞƐƐǁŽƌůĚ͕
ĞŶĚƐ ŝŶ ƚŚĞ ĞŵƉůŽǇĞĞ ƋƵŝƫŶŐ Žƌ ďĞŝŶŐ ĮƌĞĚ ʹ ƚŚĞ ďƵƐŝŶĞƐƐ
/_'*N2@/,4$BM$2$:*NB(I/U
/ŶĚĞĞĚ͕ŝŶĂƐƚƵĚǇŽĨϭϬϴŵĂŶĂŐĞƌƐĂŶĚǁŚŝƚĞͲĐŽůůĂƌǁŽƌŬĞƌƐ͕
ŝŶĞƉƚĐƌŝƟĐŝƐŵǁĂƐĂŚĞĂĚŽĨŵŝƐƚƌƵƐƚ͕ƉĞƌƐŽŶĂůŝƚǇƐƚƌƵŐŐůĞƐ͕ĂŶĚ
ĚŝƐƉƵƚĞƐŽǀĞƌƉŽǁĞƌĂŶĚƉĂǇĂƐĂƌĞĂƐŽŶĨŽƌĐŽŶŇŝĐƚŽŶƚŚĞũŽď͘E$
ŶĞǆƉĞƌŝŵĞŶƚĚŽŶĞĂƚZĞŶƐƐĞůĂĞƌWŽůǇƚĞĐŚŶŝĐ/ŶƐƟƚƵƚĞƐŚŽǁƐũƵƐƚ
ŚŽǁĚĂŵĂŐŝŶŐƚŽǁŽƌŬŝŶŐƌĞůĂƟŽŶƐŚŝƉƐĂĐƵƫŶŐĐƌŝƟĐŝƐŵĐĂŶďĞ͘
/ŶĂƐŝŵƵůĂƟŽŶ͕ǀŽůƵŶƚĞĞƌƐǁĞƌĞŐŝǀĞŶƚŚĞƚĂƐŬŽĨĐƌĞĂƟŶŐĂŶĂĚ
MB($2$,/L$+52G)BBU$%,B45/($NB@',4//($!2$IB,M/:/(24/#$+'))B+/:@.$
S':-/:$45/$)(B)B+/:$2:+c$NB@',4//(+$2I4'2@@.$(/I/*N/:$B,/$BM$4LB$
ƉƌĞĂƌƌĂŶŐĞĚĐƌŝƟĐŝƐŵƐ͘KŶĞĐƌŝƟƋƵĞǁĂƐĐŽŶƐŝĚĞƌĂƚĞĂŶĚƐƉĞĐŝĮĐ͘
J'4$ 45/$ B45/($ *,I@':/:$ 45(/24+$ 2,:$ Q@2G/:$ 45/$ )/(+B,`+$ *,,24/$
ĚĞĮĐŝĞŶĐŝĞƐ͕ ǁŝƚŚ ƌĞŵĂƌŬƐ ůŝŬĞ͕ ͞ŝĚŶ͛ƚ ĞǀĞŶ ƚƌǇ͖ ĐĂŶ͛ƚ ƐĞĞŵ ƚŽ
:B$ 2,.45*,-$ (*-54T$ 2,:$ ]12.Q/$*4`+$S'+4$@2I8$BM$ 42@/,4U$ C`:$ 4(.$4B$
-/4$ +BG/B,/$ /@+/$ 4B$ :B$ *4U``$ d,:/(+42,:2Q@.R$ 45B+/$ L5B$ L/(/$
ĂƩĂĐŬĞĚďĞĐĂŵĞƚĞŶƐĞĂŶĚĂŶŐƌǇĂŶĚĂŶƚĂŐŽŶŝƐƟĐ͕ƐĂǇŝŶŐƚŚĞǇ
LB'@:$(/M'+/$4B$IB@@2QB(24/$B($IBB)/(24/$B,$M'4'(/$)(BS/I4+$L*45$
ƚŚĞ ƉĞƌƐŽŶ ǁŚŽ ŐĂǀĞ ƚŚĞ ĐƌŝƟĐŝƐŵ͘ DĂŶǇ ŝŶĚŝĐĂƚĞĚ ƚŚĞǇ ǁŽƵůĚ
L2,4$4B$2NB*:$IB,42I4$2@4B-/45/($[$*,$B45/($LB(:+R$45/.$M/@4$@*8/$
ƐƚŽŶĞǁĂůůŝŶŐ͘dŚĞŚĂƌƐŚĐƌŝƟĐŝƐŵŵĂĚĞƚŚŽƐĞǁŚŽƌĞĐĞŝǀĞĚŝƚƐŽ
:/GB(2@*X/:$4524$45/.$,B$@B,-/($4(*/:$2+$52(:$24$45/*($LB(8$2,:R$
)/(52)+$GB+4$:2G2-*,-R$+2*:$45/.$,B$@B,-/($M/@4$I2)2Q@/$BM$:B*,-$
ǁĞůů͘dŚĞƉĞƌƐŽŶĂůĂƩĂĐŬǁĂƐĚĞǀĂƐƚĂƟŶŐƚŽƚŚĞŝƌŵŽƌĂůĞ͘
DĂŶǇŵĂŶĂŐĞƌƐĂƌĞƚŽŽǁŝůůŝŶŐƚŽĐƌŝƟĐŝǌĞ͕ďƵƚĨƌƵŐĂůǁŝƚŚ
)(2*+/R$@/2N*,-$45/*($/G)@B.//+$M//@*,-$4524$45/.$B,@.$5/2($2QB'4$
5BL$ 45/.`(/$ :B*,-$ L5/,$ 45/.$ G28/$ 2$ G*+428/U$ =5*+$ )(B)/,+*4.$
ƚŽ ĐƌŝƟĐŝƐŵ ŝƐ ĐŽŵƉŽƵŶĚĞĚ ďǇ ŵĂŶĂŐĞƌƐ ǁŚŽ ĚĞůĂǇ ŐŝǀŝŶŐ ĂŶǇ
M//:Q2I8$24$2@@$MB($@B,-$)/(*B:+U$]1B+4$)(BQ@/G+$*,$2,$/G)@B.//`+$
ƉĞƌĨŽƌŵĂŶĐĞ ĂƌĞ ŶŽƚ ƐƵĚĚĞŶ͖ ƚŚĞǇ ĚĞǀĞůŽƉ ƐůŽǁůǇ ŽǀĞƌƟŵĞ͕͟
aU?U$92(+B,R$2$d,*N/(+*4.$BM$C@@*,B*+$24$d(Q2,2$)+.I5B@B-*+4R$,B4/+R$
]35/,$45/$QB++$M2*@+$4B$@/4$5*+$M//@*,-+$Q/$8,BL,$)(BG)4@.R$*4$@/2:+$
ƚŽŚŝƐĨƌƵƐƚƌĂƟŽŶďƵŝůĚŝŶŐƵƉƐůŽǁůǇ͘dŚĞŶ͕ŽŶĞĚĂǇ͕ŚĞďůŽǁƐƵƉ
ĂďŽƵƚŝƚ͘/ĨƚŚĞĐƌŝƟĐŝƐŵŚĂĚďĞĞŶŐŝǀĞŶĞĂƌůŝĞƌŽŶ͕ƚŚĞĞŵƉůŽǇĞĞ
ǁŽƵůĚŚĂǀĞďĞĞŶĂďůĞƚŽĐŽƌƌĞĐƚƚŚĞƉƌŽďůĞŵ͘dŽŽŽŌĞŶƉĞŽƉůĞ
22
ĐƌŝƟĐŝǌĞŽŶůǇǁŚĞŶƚŚŝŶŐƐďŽŝůŽǀĞƌ͕ǁŚĞŶƚŚĞǇŐĞƚƚŽŽĂŶŐƌǇƚŽ
ĐŽŶƚĂŝŶ ƚŚĞŵƐĞůǀĞƐ͘ ŶĚ ƚŚĂƚ͛Ɛ ǁŚĞŶ ƚŚĞǇ ŐŝǀĞ ƚŚĞ ĐƌŝƟĐŝƐŵ ŝŶ
ƚŚĞǁŽƌƐƚǁĂǇ͕ŝŶĂƚŽŶĞŽĨďŝƟŶŐƐĂƌĐĂƐŵ͕ĐĂůůŝŶŐƚŽŵŝŶĚĂůŽŶŐ
@*+4$BM$-(*/N2,I/+$45/.$52:$8/)4$4B$45/G+/@N/+R$B($G28*,-$45(/24+U$
^ƵĐŚ ĂƩĂĐŬƐ ďĂĐŬĮƌĞ͘ dŚĞǇ ĂƌĞ ƌĞĐĞŝǀĞĚ ĂƐ ĂŶ ĂīƌŽŶƚ͕ ƐŽ ƚŚĞ
ƌĞĐŝƉŝĞŶƚďĞĐŽŵĞƐĂŶŐƌǇŝŶƌĞƚƵƌŶ͘/ƚ͛ƐƚŚĞǁŽƌƐƚǁĂǇƚŽŵŽƟǀĂƚĞ
+BG/B,/U``
#$%&'(#*-3&+(!#!,-%
ŽŶƐŝĚĞƌ ƚŚĞ ĂůƚĞƌŶĂƟǀĞ͘ Ŷ ĂƌƞƵů ĐƌŝƟƋƵĞ ĐĂŶ ďĞ ŽŶĞ ŽĨ ƚŚĞ
GB+4$5/@)M'@$G/++2-/+$2$G2,2-/($I2,$+/,:U$\B($/O2G)@/R$L524$
ƚŚĞ ĐŽŶƚĞŵƉƚƵŽƵƐ ǀŝĐĞ ƉƌĞƐŝĚĞŶƚ ĐŽƵůĚ ŚĂǀĞ ƚŽůĚ ƚŚĞ ƐŽŌǁĂƌĞ
ĞŶŐŝŶĞĞƌʹďƵƚĚŝĚŶŽƚʹǁĂƐƐŽŵĞƚŚŝŶŐůŝŬĞ͗͞dŚĞŵĂŝŶĚŝĸĐƵůƚǇ
24$45*+$+42-/$*+$4524$.B'($)@2,$L*@@$428/$4BB$@B,-$2,:$+B$/+I2@24/$
IB+4+U$C`:$@*8/$.B'$4B$45*,8$GB(/$2QB'4$.B'($)(B)B+2@R$/+)/I*2@@.$
ƚŚĞĚĞƐŝŐŶƐƉĞĐŝĮĐĂƟŽŶƐĨŽƌƐŽŌǁĂƌĞĚĞǀĞůŽƉŵĞŶƚ͕ƚŽƐĞĞŝĨǇŽƵ
ĐĂŶ ĮŐƵƌĞ ŽƵƚ Ă ǁĂǇ ƚŽ ĚŽ ƚŚĞ ƐĂŵĞ ũŽď ŵŽƌĞ ƋƵŝĐŬůǇ͘͟ ^ƵĐŚ Ă
ŵĞƐƐĂŐĞŚĂƐƚŚĞŽƉƉŽƐŝƚĞŝŵƉĂĐƚŽĨĚĞƐƚƌƵĐƟǀĞĐƌŝƟĐŝƐŵ͗ŝŶƐƚĞĂĚ
ŽĨ ĐƌĞĂƟŶŐ ŚĞůƉůĞƐƐŶĞƐƐ͕ ĂŶŐĞƌ͕ ĂŶĚ ƌĞďĞůůŝŽŶ͕ ŝƚ ŚŽůĚƐ ŽƵƚ ƚŚĞ
ŚŽƉĞ ŽĨ ĚŽŝŶŐ ďĞƩĞƌ ĂŶĚ ƐƵŐŐĞƐƚƐ ƚŚĞ ďĞŐŝŶŶŝŶŐ ŽĨ Ă ƉůĂŶ ĨŽƌ
:B*,-$+BU
ŶĂƌƞƵůĐƌŝƟƋƵĞĨŽĐƵƐĞƐŽŶǁŚĂƚĂƉĞƌƐŽŶŚĂƐĚŽŶĞĂŶĚ
I2,$:B$(245/($452,$(/2:*,-$2$G2(8$BM$I52(2I4/($*,4B$2$SBQ$)BB(@.$
ĚŽŶĞ͘Ɛ>ĂƌƐŽŶŽďƐĞƌǀĞƐ͕͞ĐŚĂƌĂĐƚĞƌĂƩĂĐŬʹĐĂůůŝŶŐƐŽŵĞŽŶĞ
ƐƚƵƉŝĚŽƌŝŶĐŽŵƉĞƚĞŶƚʹŵŝƐƐĞƐƚŚĞƉŽŝŶƚ͘zŽƵŝŵŵĞĚŝĂƚĞůǇƉƵƚ
Śŝŵ ŽŶ ƚŚĞ ĚĞĨĞŶƐŝǀĞ͕ ƐŽ ƚŚĂƚ ŚĞ͛Ɛ ŶŽ ůŽŶŐĞƌ ƌĞĐĞƉƟǀĞ ƚŽ ǁŚĂƚ
ǇŽƵŚĂǀĞƚŽƚĞůůŚŝŵĂďŽƵƚŚŽǁƚŽĚŽƚŚŝŶŐƐďĞƩĞƌ͘͟dŚĂƚĂĚǀŝĐĞ͕
BM$IB'(+/R$*+$)(/I*+/@.$45/$+2G/$2+$MB($G2((*/:$IB')@/+$2*(*,-$45/*($
-(*/N2,I/+U
ŶĚ͕ŝŶƚĞƌŵƐŽĨŵŽƟǀĂƟŽŶ͕ǁŚĞŶƉĞŽƉůĞďĞůŝĞǀĞƚŚĂƚƚŚĞŝƌ
ĨĂŝůƵƌĞƐĂƌĞĚƵĞƚŽƐŽŵĞƵŶĐŚĂŶŐĞĂďůĞĚĞĮĐŝƚŝŶƚŚĞŵƐĞůǀĞƐ͕ƚŚĞǇ
ůŽƐĞŚŽƉĞĂŶĚƐƚŽƉƚƌǇŝŶŐ͘dŚĞďĂƐŝĐďĞůŝĞĨƚŚĂƚůĞĂĚƐƚŽŽƉƟŵŝƐŵ͕
(/G/GQ/(R$*+$4524$+/4Q2I8+$B($M2*@'(/+$2(/$:'/$4B$I*(I'G+42,I/+$
ƚŚĂƚǁĞĐĂŶĚŽƐŽŵĞƚŚŝŶŐĂďŽƵƚƚŽĐŚĂŶŐĞƚŚĞŵĨŽƌƚŚĞďĞƩĞƌ͘
$ 62((.$9/N*,+B,R$2$)+.I5B2,2@.+4$4'(,/:$IB()B(24/
ĐŽŶƐƵůƚĂŶƚ͕ŐŝǀĞƐƚŚĞĨŽůůŽǁŝŶŐĂĚǀŝĐĞŽŶƚŚĞĂƌƚŽĨƚŚĞĐƌŝƟƋƵĞ͕
ǁŚŝĐŚŝƐŝŶƚƌŝĐĂƚĞůǇĞŶƚǁŝŶĞĚǁŝƚŚƚŚĞĂƌƚŽĨƉƌĂŝƐĞ͗
ͻ Ğ ƐƉĞĐŝĮĐ͘ WŝĐŬ Ă ƐŝŐŶŝĮĐĂŶƚ ŝŶĐŝĚĞŶƚ͕ ĂŶ ĞǀĞŶƚ ƚŚĂƚ

ŝůůƵƐƚƌĂƚĞƐ Ă ŬĞǇ ƉƌŽďůĞŵ ƚŚĂƚ ŶĞĞĚƐ ĐŚĂŶŐŝŶŐ Žƌ Ă ƉĂƩĞƌŶ ŽĨ
ĚĞĮĐŝĞŶĐǇ͕ƐƵĐŚĂƐƚŚĞŝŶĂďŝůŝƚǇƚŽĚŽĐĞƌƚĂŝŶƉĂƌƚƐŽĨĂũŽďǁĞůů͘/ƚ
:/GB(2@*X/+$)/B)@/$S'+4$4B$5/2($4524$45/.$2(/$:B*,-$]+BG/45*,-T$
ǁƌŽŶŐǁŝƚŚŽƵƚŬŶŽǁŝŶŐǁŚĂƚƚŚĞƐƉĞĐŝĮĐƐĂƌĞƐŽƚŚĞǇĐĂŶĐŚĂŶŐĞ͘
&ŽĐƵƐŽŶƚŚĞƐƉĞĐŝĮĐƐ͕ƐĂǇŝŶŐǁŚĂƚƚŚĞƉĞƌƐŽŶĚŝĚǁĞůů͕ǁŚĂƚǁĂƐ
:B,/$)BB(@.R$2,:$5BL$*4$IB'@:$Q/$I52,-/:U$VB,`4$Q/24$2(B',:$45/$
Q'+5$ B($ Q/$ BQ@*_'/$ B($ /N2+*N/c$ *4$ L*@@$ G'::.$ 45/$ (/2@$ G/++2-/U$
dŚŝƐ ŝƐ ĂŶ ͞yz͟ ƐƚĂƚĞŵĞŶƚ͗ ƐĂǇ ĞǆĂĐƚůǇ ǁŚĂƚ ƚŚĞ ƉƌŽďůĞŵ ŝƐ͕
L524`+$L(B,-$L*45$*4$B($5BL$*4$G28/+$.B'$M//@R$2,:$L524$IB'@:$Q/$
ĐŚĂŶŐĞĚ͘͞^ƉĞĐŝĮĐŝƚǇ͕͟>ĞǀŝŶƐŽŶƉŽŝŶƚƐŽƵƚ͕͞ŝƐũƵƐƚĂƐŝŵƉŽƌƚĂŶƚ
ĨŽƌ ƉƌĂŝƐĞ ĂƐ ĨŽƌ ĐƌŝƟĐŝƐŵ͘ / ǁŽŶ͛ƚ ƐĂǇ ƚŚĂƚ ǀĂŐƵĞ ƉƌĂŝƐĞ ŚĂƐ ŶŽ
ĞīĞĐƚĂƚĂůů͕ďƵƚŝƚĚŽĞƐŶ͛ƚŚĂǀĞŵƵĐŚ͕ĂŶĚǇŽƵĐĂŶ͛ƚůĞĂƌŶĨƌŽŵ
*4UH
ͻ KīĞƌ Ă ƐŽůƵƟŽŶ͘ dŚĞ ĐƌŝƟƋƵĞ͕ ůŝŬĞ Ăůů ƵƐĞĨƵů ĨĞĞĚďĂĐŬ͕

ƐŚŽƵůĚƉŽŝŶƚƚŽĂǁĂǇƚŽĮǆƚŚĞƉƌŽďůĞŵ͘KƚŚĞƌǁŝƐĞŝƚůĞĂǀĞƐƚŚĞ
ƌĞĐŝƉŝĞŶƚ ĨƌƵƐƚƌĂƚĞĚ͕ ĚĞŵŽƌĂůŝǌĞĚ͕ Žƌ ĚĞŵŽƟǀĂƚĞĚ͘ dŚĞ ĐƌŝƟƋƵĞ
ŵĂǇŽƉĞŶƚŚĞĚŽŽƌƚŽƉŽƐƐŝďŝůŝƟĞƐĂŶĚĂůƚĞƌŶĂƟǀĞƐƚŚĂƚƚŚĞƉĞƌƐŽŶ
ĚŝĚŶŽƚƌĞĂůŝǌĞǁĞƌĞƚŚĞƌĞ͕ŽƌƐŝŵƉůǇƐĞŶƐŝƟǌĞŚĞƌƚŽĚĞĮĐŝĞŶĐŝĞƐ
ƚŚĂƚŶĞĞĚĂƩĞŶƟŽŶʹďƵƚƐŚŽƵůĚŝŶĐůƵĚĞƐƵŐŐĞƐƟŽŶƐĂďŽƵƚŚŽǁ
4B$428/$I2(/$BM$45/+/$)(BQ@/G+U
ͻ ĞƉƌĞƐĞŶƚ͘ƌŝƟƋƵĞƐ͕ůŝŬĞƉƌĂŝƐĞ͕ĂƌĞŵŽƐƚĞīĞĐƟǀĞĨĂĐĞͲ
4BYM2I/$ 2,:$ *,$ )(*N24/U$ F/B)@/$ L5B$ 2(/$ ',IBGMB(42Q@/$ -*N*,-$ 2$
ĐƌŝƟĐŝƐŵ ʹ Žƌ ŽīĞƌŝŶŐ ƉƌĂŝƐĞ ʹ ĂƌĞ ůŝŬĞůǇ ƚŽ ĞĂƐĞ ƚŚĞ ďƵƌĚĞŶ ŽŶ
45/G+/@N/+$Q.$:B*,-$*4$24$2$:*+42,I/R$+'I5$2+$*,$2$G/GBU$J'4$45*+$
ŵĂŬĞƐƚŚĞĐŽŵŵƵŶŝĐĂƟŽŶƚŽŽŝŵƉĞƌƐŽŶĂů͕ĂŶĚƌŽďƐƚŚĞƉĞƌƐŽŶ
ƌĞĐĞŝǀŝŶŐŝƚŽĨĂŶŽƉƉŽƌƚƵŶŝƚǇĨŽƌĂƌĞƐƉŽŶƐĞŽƌĐůĂƌŝĮĐĂƟŽŶ͘
ͻ ĞƐĞŶƐŝƟǀĞ͘dŚŝƐŝƐĂĐĂůůĨŽƌĞŵƉĂƚŚǇ͕ĨŽƌďĞŝŶŐĂƩƵŶĞĚ
4B$45/$*G)2I4$BM$L524$.B'$+2.$2,:$5BL$.B'$+2.$*4$B,$45/$)/(+B,
24
ĂƚƚŚĞƌĞĐĞŝǀŝŶŐĞŶĚ͘DĂŶĂŐĞƌƐǁŚŽŚĂǀĞůŝƩůĞĞŵƉĂƚŚǇ͕>ĞǀŝŶƐŽŶ
ƉŽŝŶƚƐŽƵƚ͕ĂƌĞŵŽƐƚƉƌŽŶĞƚŽŐŝǀŝŶŐĨĞĞĚďĂĐŬŝŶĂŚƵƌƞƵůĨĂƐŚŝŽŶ͕
ƐƵĐŚĂƐƚŚĞǁŝƚŚĞƌŝŶŐƉƵƚͲĚŽǁŶ͘dŚĞŶĞƚĞīĞĐƚŽĨƐƵĐŚĐƌŝƟĐŝƐŵŝƐ
ĚĞƐƚƌƵĐƟǀĞ͗ŝŶƐƚĞĂĚŽĨŽƉĞŶŝŶŐƚŚĞǁĂǇĨŽƌĂĐŽƌƌĞĐƟǀĞ͕ŝƚĐƌĞĂƚĞƐ
ĂŶĞŵŽƟŽŶĂůďĂĐŬůĂƐŚŽĨƌĞƐĞŶƚŵĞŶƚ͕ďŝƩĞƌŶĞƐƐ͕ĚĞĨĞŶƐŝǀĞŶĞƐƐ͕
ĂŶĚ ĚŝƐƚĂŶĐĞ͘ >ĞǀŝŶƐŽŶ ĂůƐŽ ŽīĞƌƐ ƐŽŵĞ ĞŵŽƟŽŶĂů ĐŽƵŶƐĞů ĨŽƌ
ƚŚŽƐĞĂƚƚŚĞƌĞĐĞŝǀŝŶŐĞŶĚŽĨĐƌŝƟĐŝƐŵ͘KŶĞŝƐƚŽƐĞĞƚŚĞĐƌŝƟĐŝƐŵ
ĂƐǀĂůƵĂďůĞŝŶĨŽƌŵĂƟŽŶĂďŽƵƚŚŽǁƚŽĚŽďĞƩĞƌ͕ŶŽƚĂƐĂƉĞƌƐŽŶĂů
ĂƩĂĐŬ͘ŶŽƚŚĞƌŝƐƚŽǁĂƚĐŚĨŽƌƚŚĞŝŵƉƵůƐĞƚŽǁĂƌĚĚĞĨĞŶƐŝǀĞŶĞƐƐ
ŝŶƐƚĞĂĚŽĨƚĂŬŝŶŐƌĞƐƉŽŶƐŝďŝůŝƚǇ͘ŶĚ͕ŝĨŝƚŐĞƚƐƚŽŽƵƉƐĞƫŶŐ͕ĂƐŬ
ƚŽƌĞƐƵŵĞƚŚĞŵĞĞƟŶŐůĂƚĞƌ͕ĂŌĞƌĂƉĞƌŝŽĚƚŽĂďƐŽƌďƚŚĞĚŝĸĐƵůƚ
G/++2-/$2,:$IBB@$ :BL,$2$Q*4U$ \*,2@@.R$5/$2:N*+/+$)/B)@/$4B$+//$
ĐƌŝƟĐŝƐŵ ĂƐ ĂŶ ŽƉƉŽƌƚƵŶŝƚǇ ƚŽ ǁŽƌŬ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ ĐƌŝƟĐ ƚŽ
ƐŽůǀĞƚŚĞƉƌŽďůĞŵ͕ŶŽƚĂƐĂŶĂĚǀĞƌƐĂƌŝĂůƐŝƚƵĂƟŽŶ͘
25
WHAT MAKES A LEADER?
Adapted from The Harvard Business Review
$ %N/(.$ Q'+*,/++)/(+B,$ 8,BL+$ 2$ +4B(.$ 2QB'4$ 2$ 5*-5@.$

ŝŶƚĞůůŝŐĞŶƚ͕ ŚŝŐŚůǇ ƐŬŝůůĞĚ ĞǆĞĐƵƟǀĞ ǁŚŽ ǁĂƐ ƉƌŽŵŽƚĞĚ ŝŶƚŽ Ă
ůĞĂĚĞƌƐŚŝƉ ƉŽƐŝƟŽŶ ŽŶůǇ ƚŽ ĨĂŝů Ăƚ ƚŚĞ ũŽď͘ ŶĚ ƚŚĞǇ ĂůƐŽ ŬŶŽǁ
2$ +4B(.$ 2QB'4$ +BG/B,/$ L*45$ +B@*:$ [$ Q'4$ ,B4$ /O4(2B(:*,2(.$ [$
ŝŶƚĞůůĞĐƚƵĂůĂďŝůŝƟĞƐĂŶĚƚĞĐŚŶŝĐĂůƐŬŝůůƐǁŚŽǁĂƐƉƌŽŵŽƚĞĚŝŶƚŽ
ĂƐŝŵŝůĂƌƉŽƐŝƟŽŶĂŶĚƚŚĞŶƐŽĂƌĞĚ͘^ƵĐŚĂŶĞĐĚŽƚĞƐƐƵƉƉŽƌƚƚŚĞ
ǁŝĚĞƐƉƌĞĂĚďĞůŝĞĨƚŚĂƚŝĚĞŶƟĨǇŝŶŐŝŶĚŝǀŝĚƵĂůƐǁŝƚŚƚŚĞ͞ƌŝŐŚƚƐƚƵī͟
ƚŽďĞůĞĂĚĞƌƐŝƐŵŽƌĞĂƌƚƚŚĂŶƐĐŝĞŶĐĞ͘ŌĞƌĂůů͕ƚŚĞƉĞƌƐŽŶĂůƐƚǇůĞƐ
ŽĨƐƵƉĞƌďůĞĂĚĞƌƐǀĂƌǇ͗^ŽŵĞůĞĂĚĞƌƐĂƌĞƐƵďĚƵĞĚĂŶĚĂŶĂůǇƟĐĂů͖
B45/(+$ +5B'4$ 45/*($ G2,*M/+4B+$ M(BG$ 45/$ GB',42*,4B)+U$ %,:$
ũƵƐƚ ĂƐ ŝŵƉŽƌƚĂŶƚ͕ ĚŝīĞƌĞŶƚ ƐŝƚƵĂƟŽŶƐ ĐĂůů ĨŽƌ ĚŝīĞƌĞŶƚ ƚǇƉĞƐ ŽĨ
ůĞĂĚĞƌƐŚŝƉ͘DŽƐƚŵĞƌŐĞƌƐŶĞĞĚĂƐĞŶƐŝƟǀĞŶĞŐŽƟĂƚŽƌĂƚƚŚĞŚĞůŵ͕
L5/(/2+$ G2,.$ 4'(,2(B',:+$ (/_'*(/$ 2$ GB(/$ MB(I/M'@$ 2'45B(*4.U$ C$
ŚĂǀĞĨŽƵŶĚ͕ŚŽǁĞǀĞƌ͕ƚŚĂƚƚŚĞŵŽƐƚĞīĞĐƟǀĞůĞĂĚĞƌƐĂƌĞĂůŝŬĞŝŶ
ŽŶĞĐƌƵĐŝĂůǁĂǇ͗ƚŚĞǇĂůůŚĂǀĞĂŚŝŐŚĚĞŐƌĞĞŽĨǁŚĂƚŚĂƐĐŽŵĞƚŽ
ďĞŬŶŽǁŶĂƐĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͘
$ C4`+$,B4$4524$CD$2,:$4/I5,*I2@$+8*@@+$2(/$*((/@/N2,4U$=5/.$:B$
ŵĂƩĞƌ͕ ďƵƚ ŵĂŝŶůǇ ĂƐ ͞ƚŚƌĞƐŚŽůĚ ĐĂƉĂďŝůŝƟĞƐ͖͟ ƚŚĂƚ ŝƐ͕ ƚŚĞǇ ĂƌĞ
ƚŚĞ ĞŶƚƌǇͲůĞǀĞů ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ĞǆĞĐƵƟǀĞ ƉŽƐŝƟŽŶƐ͘ Ƶƚ ŵǇ
(/+/2(I5R$2@B,-$L*45$B45/($(/I/,4$+4':*/+R$+4(B,-@.$+'--/+4+$4524$
ĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞŝƐƚŚĞƐŝŶĞƋƵĂŶŽŶŽĨůĞĂĚĞƌƐŚŝƉ͘tŝƚŚŽƵƚ
*4R$2$)/(+B,$I2,$52N/$45/$Q/+4$4(2*,*,-$*,$45/$LB(@:R$2,$*,I*+*N/R$
ĂŶĂůǇƟĐĂůŵŝŶĚ͕ĂŶĚĂŶĞŶĚůĞƐƐƐƵƉƉůǇŽĨƐŵĂƌƚŝĚĞĂƐ͕ďƵƚŚĞƐƟůů
LB,`4$G28/$2$-(/24$@/2:/(U$1.$IB@@/2-'/+$2,:$C$52N/$MBI'+/:$B,$
26
ŚŽǁĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞŽƉĞƌĂƚĞƐĂƚǁŽƌŬ͘tĞŚĂǀĞĞǆĂŵŝŶĞĚ
ƚŚĞ ƌĞůĂƟŽŶƐŚŝƉ ďĞƚǁĞĞŶ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ ĂŶĚ ĞīĞĐƟǀĞ
)/(MB(G2,I/R$/+)/I*2@@.$*,$@/2:/(+U$%,:$L/$52N/$BQ+/(N/:$5BL$
ĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞƐŚŽǁƐŝƚƐĞůĨŽŶƚŚĞũŽď͘,ŽǁĐĂŶǇŽƵƚĞůů
ŝĨ ƐŽŵĞŽŶĞ ŚĂƐ ŚŝŐŚ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ͕ ĨŽƌ ĞǆĂŵƉůĞ͕ ĂŶĚ
5BL$ I2,$ .B'$ (/IB-,*X/$ *4$ *,$ .B'(+/@M;$ C,$ 45/$ MB@@BL*,-$ )2-/+R$
ǁĞ͛ůůĞǆƉůŽƌĞƚŚĞƐĞƋƵĞƐƟŽŶƐ͕ƚĂŬŝŶŐĞĂĐŚŽĨƚŚĞĐŽŵƉŽŶĞŶƚƐŽĨ
ĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞʹƐĞůĨͲĂǁĂƌĞŶĞƐƐ͕ƐĞůĨͲƌĞŐƵůĂƟŽŶ͕ĞŵƉĂƚŚǇ͕
2,:$+BI*2@$+8*@@$[$*,$4'(,U
$ 1B+4$ @2(-/$ IBG)2,*/+$ 4B:2.$ 52N/$ /G)@B./:$ 4(2*,/:$
)+.I5B@B-*+4+$ 4B$ :/N/@B)$ L524$ 2(/$ 8,BL,$ 2+$ ]IBG)/4/,I.$
ŵŽĚĞůƐ͟ƚŽĂŝĚƚŚĞŵŝŶŝĚĞŶƟĨǇŝŶŐ͕ƚƌĂŝŶŝŶŐ͕ĂŶĚƉƌŽŵŽƟŶŐůŝŬĞůǇ
ƐƚĂƌƐ ŝŶ ƚŚĞ ůĞĂĚĞƌƐŚŝƉ ĮƌŵĂŵĞŶƚ͘ dŚĞ ƉƐǇĐŚŽůŽŐŝƐƚƐ ŚĂǀĞ ĂůƐŽ
ĚĞǀĞůŽƉĞĚ ƐƵĐŚ ŵŽĚĞůƐ ĨŽƌ ůŽǁĞƌͲůĞǀĞů ƉŽƐŝƟŽŶƐ͘ tŚŝůĞ ǁƌŝƟŶŐ
tŽƌŬŝŶŐ tŝƚŚ ŵŽƟŽŶĂů /ŶƚĞůůŝŐĞŶĐĞR$ C$ 2,2@.X/:$ IBG)/4/,I.$
GB:/@+$ M(BG$ "KK$ IBG)2,*/+R$ GB+4$ BM$ L5*I5$ L/(/$ @2(-/$ 2,:$
-@BQ2@R$2+$L/@@$2+$-BN/(,G/,4$2-/,I*/+U$C,$I2((.*,-$B'4$45*+$LB(8R$
ŵǇŽďũĞĐƟǀĞǁĂƐƚŽĚĞƚĞƌŵŝŶĞǁŚŝĐŚƉĞƌƐŽŶĂůĐĂƉĂďŝůŝƟĞƐĚƌŽǀĞ
ŽƵƚƐƚĂŶĚŝŶŐƉĞƌĨŽƌŵĂŶĐĞǁŝƚŚŝŶƚŚĞƐĞŽƌŐĂŶŝǌĂƟŽŶƐ͕ĂŶĚƚŽǁŚĂƚ
ĚĞŐƌĞĞƚŚĞǇĚŝĚƐŽ͘/ŐƌŽƵƉĞĚĐĂƉĂďŝůŝƟĞƐŝŶƚŽƚŚƌĞĞĐĂƚĞŐŽƌŝĞƐ͗
ƉƵƌĞůǇ ƚĞĐŚŶŝĐĂů ƐŬŝůůƐ ůŝŬĞ ĂĐĐŽƵŶƟŶŐ ĂŶĚ ďƵƐŝŶĞƐƐ ƉůĂŶŶŝŶŐ͖
ĐŽŐŶŝƟǀĞ ĂďŝůŝƟĞƐ ůŝŬĞ ĂŶĂůǇƟĐĂů ƌĞĂƐŽŶŝŶŐ͖ ĂŶĚ ĐŽŵƉĞƚĞŶĐŝĞƐ
ĚĞŵŽŶƐƚƌĂƟŶŐ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ͕ ƐƵĐŚ ĂƐ ƚŚĞ ĂďŝůŝƚǇ ƚŽ
ǁŽƌŬǁŝƚŚŽƚŚĞƌƐĂŶĚĞīĞĐƟǀĞŶĞƐƐŝŶůĞĂĚŝŶŐĐŚĂŶŐĞ͘dŽĐƌĞĂƚĞ
+BG/$ BM$ 45/$ IBG)/4/,I.$ GB:/@+R$ )+.I5B@B-*+4+$ 2+8/:$ +/,*B($
ŵĂŶĂŐĞƌƐ Ăƚ ƚŚĞ ĐŽŵƉĂŶŝĞƐ ƚŽ ŝĚĞŶƟĨǇ ƚŚĞ ĐĂƉĂďŝůŝƟĞƐ ƚŚĂƚ
ƚǇƉŝĮĞĚ ƚŚĞ ŽƌŐĂŶŝǌĂƟŽŶ͛Ɛ ŵŽƐƚ ŽƵƚƐƚĂŶĚŝŶŐ ůĞĂĚĞƌƐ͘ dŽ ĐƌĞĂƚĞ
ŽƚŚĞƌŵŽĚĞůƐ͕ƚŚĞƉƐǇĐŚŽůŽŐŝƐƚƐƵƐĞĚŽďũĞĐƟǀĞĐƌŝƚĞƌŝĂ͕ƐƵĐŚĂƐ
Ă ĚŝǀŝƐŝŽŶ͛Ɛ ƉƌŽĮƚĂďŝůŝƚǇ͕ ƚŽ ĚŝīĞƌĞŶƟĂƚĞ ƚŚĞ ƐƚĂƌ ƉĞƌĨŽƌŵĞƌƐ Ăƚ
ƐĞŶŝŽƌ ůĞǀĞůƐ ǁŝƚŚŝŶ ƚŚĞŝƌ ŽƌŐĂŶŝǌĂƟŽŶƐ ĨƌŽŵ ƚŚĞ ĂǀĞƌĂŐĞ ŽŶĞƐ͘
=5B+/$*,:*N*:'2@+$L/(/$45/,$/O4/,+*N/@.$*,4/(N*/L/:$2,:$4/+4/:R$
ĂŶĚƚŚĞŝƌĐĂƉĂďŝůŝƟĞƐǁĞƌĞĐŽŵƉĂƌĞĚ͘dŚŝƐƉƌŽĐĞƐƐƌĞƐƵůƚĞĚŝŶƚŚĞ
ĐƌĞĂƟŽŶŽĨůŝƐƚƐŽĨŝŶŐƌĞĚŝĞŶƚƐĨŽƌŚŝŐŚůǇĞīĞĐƟǀĞůĞĂĚĞƌƐ͘dŚĞůŝƐƚƐ
(2,-/:$*,$@/,-45$M(BG$H$4B$"A$*4/G+$2,:$*,I@':/:$+'I5$*,-(/:*/,4+$
ĂƐ ŝŶŝƟĂƟǀĞ ĂŶĚ ƐƚƌĂƚĞŐŝĐ ǀŝƐŝŽŶ͘ ^ŽŵĞ ŽĨ ƚŚĞ ĐŽŵƉĞƚĞŶĐŝĞƐ
ƌĞŇĞĐƚĞĚƉƵƌĞůǇĐŽŐŶŝƟǀĞ͕/YͲƚǇƉĞĂďŝůŝƟĞƐ͕ŽƌƉƵƌĞůǇƚĞĐŚŶŝĐĂů
WHAT MAKES A LEADER? 27
ƐŬŝůůƐ͕ǁŚŝůĞŽƚŚĞƌƐǁĞƌĞďĂƐĞĚůĂƌŐĞůǇŽŶĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ
ĂďŝůŝƟĞƐůŝŬĞƐĞůĨͲŵĂŶĂŐĞŵĞŶƚ͘
tŚĞŶ / ĂŶĂůǇǌĞĚ Ăůů ƚŚŝƐ ĚĂƚĂ͕ / ĨŽƵŶĚ ĚƌĂŵĂƟĐ ƌĞƐƵůƚƐ͘
=B$ Q/$ +'(/R$ *,4/@@/I4$ L2+$ 2$ :(*N/($ BM$ B'4+42,:*,-$ )/(MB(G2,I/U$
ŽŐŶŝƟǀĞƐŬŝůůƐƐƵĐŚĂƐďŝŐͲƉŝĐƚƵƌĞƚŚŝŶŬŝŶŐĂŶĚůŽŶŐͲƚĞƌŵǀŝƐŝŽŶ
ǁĞƌĞ ƉĂƌƟĐƵůĂƌůǇ ŝŵƉŽƌƚĂŶƚ͘ Ƶƚ ǁŚĞŶ / ĐĂůĐƵůĂƚĞĚ ƚŚĞ ƌĂƟŽ ŽĨ
ƚĞĐŚŶŝĐĂůƐŬŝůůƐĂŶĚ/YƚŽĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞĂƐŝŶŐƌĞĚŝĞŶƚƐŽĨ
ĞǆĐĞůůĞŶƚƉĞƌĨŽƌŵĂŶĐĞ͕ĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞƉƌŽǀĞĚƚŽďĞƚǁŝĐĞ
2+$ *G)B(42,4$ 2+$ 45/$ B45/(+$ MB($ SBQ+$ 24$ 2@@$ @/N/@+U$ 1B(/BN/(R$ G.$
ĂŶĂůǇƐŝƐƐŚŽǁĞĚƚŚĂƚĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞƉůĂǇĞĚĂŶŝŶĐƌĞĂƐŝŶŐůǇ
*G)B(42,4$ (B@/$ 24$ 45/$ 5*-5/+4$ @/N/@+$ BM$ 45/$ IBG)2,.R$ L5/(/$
ĚŝīĞƌĞŶĐĞƐŝŶƚĞĐŚŶŝĐĂůƐŬŝůůƐǁĞƌĞŽĨŶĞŐůŝŐŝďůĞŝŵƉŽƌƚĂŶĐĞ͘
$ C,$B45/($LB(:+R$45/$5*-5/($45/$(2,8$BM$2$)/(+B,$IB,+*:/(/:$
ƚŽ ďĞ Ă ƐƚĂƌ ƉĞƌĨŽƌŵĞƌ͕ ƚŚĞ ŵŽƌĞ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ
ĐĂƉĂďŝůŝƟĞƐƐŚŽǁĞĚƵƉĂƐƚŚĞƌĞĂƐŽŶĨŽƌŚŝƐŽƌŚĞƌĞīĞĐƟǀĞŶĞƐƐ͘
35/,$ C$ IBG)2(/:$ +42($ )/(MB(G/(+$ L*45$ 2N/(2-/$ B,/+$ *,$ +/,*B($
ůĞĂĚĞƌƐŚŝƉ ƉŽƐŝƟŽŶƐ͕ ŶĞĂƌůǇ ϵϬ ƉĞƌĐĞŶƚ ŽĨ ƚŚĞ ĐŽŵƉĞƚĞŶĐŝĞƐ
ƚŚĂƚ ĚŝƐƟŶŐƵŝƐŚĞĚ ŽƵƚƐƚĂŶĚŝŶŐ ƉĞƌĨŽƌŵĞƌƐ ǁĂƐ ĂƩƌŝďƵƚĂďůĞ
ƚŽ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ ĨĂĐƚŽƌƐ ƌĂƚŚĞƌ ƚŚĂŶ ƉƵƌĞůǇ ĐŽŐŶŝƟǀĞ
ĂďŝůŝƟĞƐ͘ KƚŚĞƌ ƌĞƐĞĂƌĐŚĞƌƐ ŚĂǀĞ ĐŽŶĮƌŵĞĚ ƚŚĂƚ ĞŵŽƟŽŶĂů
ŝŶƚĞůůŝŐĞŶĐĞ ŶŽƚ ŽŶůǇ ĚŝƐƟŶŐƵŝƐŚĞƐ ŽƵƚƐƚĂŶĚŝŶŐ ůĞĂĚĞƌƐ ďƵƚ ĐĂŶ
2@+B$Q/$@*,8/:$4B$+4(B,-$)/(MB(G2,I/U
dŚĞĮŶĚŝŶŐƐŽĨƚŚĞůĂƚĞĂǀŝĚDĐůĞůůĂŶĚ͕ƚŚĞƌĞŶŽǁŶĞĚ
ƌĞƐĞĂƌĐŚĞƌ ŝŶ ŚƵŵĂŶ ĂŶĚ ŽƌŐĂŶŝǌĂƟŽŶĂů ďĞŚĂǀŝŽƌ͕ ĂƌĞ Ă ŐŽŽĚ
/O2G)@/U$C,$2$"bbE$+4':.$BM$2$-@BQ2@$MBB:$2,:$Q/N/(2-/$IBG)2,.R$
DĐůĞůůĂŶĚĨŽƵŶĚƚŚĂƚǁŚĞŶƐĞŶŝŽƌŵĂŶĂŐĞƌƐŚĂĚĂĐƌŝƟĐĂůŵĂƐƐŽĨ
ĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞĐĂƉĂďŝůŝƟĞƐ͕ƚŚĞŝƌĚŝǀŝƐŝŽŶƐŽƵƚƉĞƌĨŽƌŵĞĚ
ǇĞĂƌůǇĞĂƌŶŝŶŐƐŐŽĂůƐďǇϮϬƉĞƌĐĞŶƚ͘DĞĂŶǁŚŝůĞ͕ĚŝǀŝƐŝŽŶůĞĂĚĞƌƐ
ǁŝƚŚŽƵƚ ƚŚĂƚ ĐƌŝƟĐĂů ŵĂƐƐ ƵŶĚĞƌƉĞƌĨŽƌŵĞĚ ďǇ ĂůŵŽƐƚ ƚŚĞ ƐĂŵĞ
ĂŵŽƵŶƚ͘ DĐůĞůůĂŶĚ͛ƐĮŶĚŝŶŐƐ͕ ŝŶƚĞƌĞƐƟŶŐůǇ͕ŚĞůĚĂƐƚƌƵĞŝŶƚŚĞ
IBG)2,.`+$ dU&U$ :*N*+*B,+$ 2+$ *,$ *4+$ :*N*+*B,+$ *,$ %+*2$ 2,:$ Z'(B)/U$
C,$ +5B(4R$ 45/$ ,'GQ/(+$ 4/@@$ '+$ 2$ )/(+'2+*N/$ +4B(.$ 2QB'4$ 45/$ @*,8$
ďĞƚǁĞĞŶĂĐŽŵƉĂŶǇ͛ƐƐƵĐĐĞƐƐĂŶĚƚŚĞĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞŽĨ
ŝƚƐůĞĂĚĞƌƐ͘ŶĚũƵƐƚĂƐŝŵƉŽƌƚĂŶƚ͕ƌĞƐĞĂƌĐŚŝƐĂůƐŽĚĞŵŽŶƐƚƌĂƟŶŐ
4524$)/B)@/$I2,R$*M$45/.$428/$45/$(*-54$2))(B2I5R$:/N/@B)$45/*($
28
ĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͘
/%3*4'.'(%2%//
^ĞůĨͲĂǁĂƌĞŶĞƐƐ ŝƐ ƚŚĞ ĮƌƐƚ ĐŽŵƉŽŶĞŶƚ ŽĨ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ

[$L5*I5$G28/+$+/,+/$L5/,$B,/$IB,+*:/(+$4524$45/$V/@)5*I$B(2I@/$
-2N/$45/$2:N*I/$4B$]8,BL$45.+/@MT$45B'+2,:+$BM$./2(+$2-BU$&/@MY
ĂǁĂƌĞŶĞƐƐŵĞĂŶƐŚĂǀŝŶŐĂĚĞĞƉƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨŽŶĞ͛ƐĞŵŽƟŽŶƐ͕
+4(/,-45+R$L/28,/++/+R$,//:+R$2,:$:(*N/+U$F/B)@/$L*45$+4(B,-$+/@MY
ĂǁĂƌĞŶĞƐƐĂƌĞŶĞŝƚŚĞƌŽǀĞƌůǇĐƌŝƟĐĂůŶŽƌƵŶƌĞĂůŝƐƟĐĂůůǇŚŽƉĞĨƵů͘
?245/(R$45/.$2(/$5B,/+4$L*45$45/G+/@N/+$2,:$L*45$B45/(+U$F/B)@/$
L5B$ 52N/$ 2$ 5*-5$ :/-(//$ BM$ +/@MY2L2(/,/++$ (/IB-,*X/$ 5BL$ 45/*($
ĨĞĞůŝŶŐƐ ĂīĞĐƚ ƚŚĞŵ͕ ŽƚŚĞƌ ƉĞŽƉůĞ͕ ĂŶĚ ƚŚĞŝƌ ũŽď ƉĞƌĨŽƌŵĂŶĐĞ͘
dŚƵƐ͕ĂƐĞůĨͲĂǁĂƌĞƉĞƌƐŽŶǁŚŽŬŶŽǁƐƚŚĂƚƟŐŚƚĚĞĂĚůŝŶĞƐďƌŝŶŐ
ŽƵƚ ƚŚĞ ǁŽƌƐƚ ŝŶ Śŝŵ ƉůĂŶƐ ŚŝƐ ƟŵĞĐĂƌĞĨƵůůǇ ĂŶĚ ŐĞƚƐŚŝƐ ǁŽƌŬ
:B,/$L/@@$*,$2:N2,I/U$%,B45/($)/(+B,$L*45$5*-5$+/@MY2L2(/,/++$
L*@@$Q/$2Q@/$4B$LB(8$L*45$2$:/G2,:*,-$I@*/,4U$&5/$L*@@$',:/(+42,:$
45/$I@*/,4`+$*G)2I4$B,$5/($GBB:+$2,:$45/$://)/($(/2+B,+$MB($5/($
ĨƌƵƐƚƌĂƟŽŶ͘ ͞dŚĞŝƌ ƚƌŝǀŝĂů ĚĞŵĂŶĚƐ ƚĂŬĞ ƵƐ ĂǁĂǇ ĨƌŽŵ ƚŚĞ ƌĞĂů
LB(8$4524$,//:+$4B$Q/$:B,/RT$+5/$G*-54$/O)@2*,U$%,:$+5/$L*@@$-B$
ŽŶĞƐƚĞƉĨƵƌƚŚĞƌĂŶĚƚƵƌŶŚĞƌĂŶŐĞƌŝŶƚŽƐŽŵĞƚŚŝŶŐĐŽŶƐƚƌƵĐƟǀĞ͘
$ &/@MY2L2(/,/++$/O4/,:+$4B$2$)/(+B,`+$',:/(+42,:*,-$BM$5*+$
B($5/($N2@'/+$2,:$-B2@+U$&BG/B,/$L5B$*+$5*-5@.$+/@MY2L2(/$8,BL+$
L5/(/$5/$*+$5/2:/:$2,:$L5.c$+BR$MB($/O2G)@/R$5/$L*@@$Q/$2Q@/$4B$
ďĞĮƌŵŝŶƚƵƌŶŝŶŐĚŽǁŶĂũŽďŽīĞƌƚŚĂƚŝƐƚĞŵƉƟŶŐĮŶĂŶĐŝĂůůǇďƵƚ
ĚŽĞƐŶŽƚĮƚǁŝƚŚŚŝƐƉƌŝŶĐŝƉůĞƐŽƌůŽŶŐͲƚĞƌŵŐŽĂůƐ͘ƉĞƌƐŽŶǁŚŽ
@2I8+$+/@MY2L2(/,/++$*+$2)4$4B$G28/$:/I*+*B,+$4524$Q(*,-$B,$*,,/($
4'(GB*@$Q.$4(/2:*,-$B,$Q'(*/:$N2@'/+U$]=5/$GB,/.$@BB8/:$-BB:$+B$
C$+*-,/:$B,RT$+BG/B,/$G*-54$+2.$4LB$./2(+$*,4B$2$SBQR$]Q'4$45/$LB(8$
ŵĞĂŶƐ ƐŽ ůŝƩůĞ ƚŽ ŵĞ ƚŚĂƚ /͛ŵ ĐŽŶƐƚĂŶƚůǇ ďŽƌĞĚ͘͟ dŚĞ ĚĞĐŝƐŝŽŶƐ
BM$+/@MY2L2(/$)/B)@/$G/+5$L*45$45/*($N2@'/+c$IB,+/_'/,4@.R$45/.$
ŽŌĞŶĮŶĚǁŽƌŬƚŽďĞĞŶĞƌŐŝǌŝŶŐ͘
$ 6BL$I2,$B,/$(/IB-,*X/$+/@MY2L2(/,/++;$\*(+4$2,:$MB(/GB+4R$
ŝƚƐŚŽǁƐŝƚƐĞůĨĂƐĐĂŶĚŽƌĂŶĚĂŶĂďŝůŝƚǇƚŽĂƐƐĞƐƐŽŶĞƐĞůĨƌĞĂůŝƐƟĐĂůůǇ͘
F/B)@/$L*45$5*-5$+/@MY2L2(/,/++$2(/$2Q@/$4B$+)/28$2II'(24/@.$2,:$
ŽƉĞŶůǇʹĂůƚŚŽƵŐŚŶŽƚŶĞĐĞƐƐĂƌŝůǇĞīƵƐŝǀĞůǇŽƌIB,M/++*B,2@@.$[$
ĂďŽƵƚ ƚŚĞŝƌ ĞŵŽƟŽŶƐ ĂŶĚ ƚŚĞ ŝŵƉĂĐƚ ƚŚĞǇ ŚĂǀĞ ŽŶ ƚŚĞŝƌ ǁŽƌŬ͘
&ŽƌŝŶƐƚĂŶĐĞ͕ŽŶĞŵĂŶĂŐĞƌ/ŬŶŽǁŽĨǁĂƐƐŬĞƉƟĐĂůĂďŽƵƚĂŶĞǁ
)/(+B,2@Y+5B))/($+/(N*I/$4524$5/($IBG)2,.R$2$G2SB($:/)2(4G/,4Y
ƐƚŽƌĞĐŚĂŝŶ͕ǁĂƐĂďŽƵƚƚŽŝŶƚƌŽĚƵĐĞ͘tŝƚŚŽƵƚƉƌŽŵƉƟŶŐĨƌŽŵŚĞƌ
ƚĞĂŵ Žƌ ŚĞƌ ďŽƐƐ͕ ƐŚĞ ŽīĞƌĞĚ ƚŚĞŵ ĂŶ ĞǆƉůĂŶĂƟŽŶ͗ ͞/ƚ͛Ɛ ŚĂƌĚ
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(/)B(4/:$:242$2,:$5BL$+5/$45B'-54$2QB'4$45/$IBG)2,.`+$+4(24/-.U$
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32
ƉĞƌĨŽƌŵĂŶĐĞ͘ ^ŚĞ ĞĂŐĞƌůǇĂƩĞŶĚĞĚ ƚƌĂŝŶŝŶŐ ƐĞƐƐŝŽŶƐ ʹ ƐŽŵĞ ŽĨ

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ĐŽŵƉĂŶŝĞƐ ĂƌĞ Ă ĨƵŶĐƟŽŶ ŽĨ ŝŵƉƵůƐŝǀĞ ďĞŚĂǀŝŽƌ͘ WĞŽƉůĞ ƌĂƌĞůǇ
ƉůĂŶ ƚŽ ĞǆĂŐŐĞƌĂƚĞ ƉƌŽĮƚƐ͕ ƉĂĚ ĞǆƉĞŶƐĞ ĂĐĐŽƵŶƚƐ͕ ĚŝƉ ŝŶƚŽ ƚŚĞ
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ŚĞ ĨĞůƚ ƚŚĞ ƵƌŐĞ ƚŽ ŝŶĐƌĞĂƐĞ ƉƌŽĮƚƐ ďǇ ǁŝƚŚŚŽůĚŝŶŐ ŝŶĨŽƌŵĂƟŽŶ
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+2L$4524$*4$G2:/$GB(/$+/,+/$*,$45/$@B,-$(',$4B$IB',4/(2I4$*4U$6*+$
ĞŵŽƟŽŶĂůƐĞůĨͲƌĞŐƵůĂƟŽŶƉĂŝĚŽīŝŶƐƚƌŽŶŐ͕ůĂƐƟŶŐƌĞůĂƟŽŶƐŚŝƉƐ
ǁŝƚŚ ĚŝƐƚƌŝďƵƚŽƌƐ ƚŚĂƚ ďĞŶĞĮƚĞĚ ƚŚĞ ĐŽŵƉĂŶǇ ŵŽƌĞ ƚŚĂŶ ĂŶǇ
ƐŚŽƌƚͲƚĞƌŵĮŶĂŶĐŝĂůŐĂŝŶƐǁŽƵůĚŚĂǀĞ͘
dŚĞƐŝŐŶƐŽĨĞŵŽƟŽŶĂůƐĞůĨͲƌĞŐƵůĂƟŽŶ͕ƚŚĞƌĞĨŽƌĞ͕ĂƌĞĞĂƐǇ
ƚŽ ƐĞĞ͗ Ă ƉƌŽƉĞŶƐŝƚǇ ĨŽƌ ƌĞŇĞĐƟŽŶ ĂŶĚ ƚŚŽƵŐŚƞƵůŶĞƐƐ͖ ĐŽŵĨŽƌƚ
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ŝŵƉƵůƐŝǀĞƵƌŐĞƐ͘>ŝŬĞƐĞůĨͲĂǁĂƌĞŶĞƐƐ͕ƐĞůĨͲƌĞŐƵůĂƟŽŶŽŌĞŶĚŽĞƐŶŽƚ
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ƐĞĞŶĂƐĐŽůĚĮƐŚƚŚĞŝƌĐŽŶƐŝĚĞƌĞĚƌĞƐƉŽŶƐĞƐĂƌĞƚĂŬĞŶĂƐĂůĂĐŬŽĨ
ƉĂƐƐŝŽŶ͘WĞŽƉůĞǁŝƚŚĮĞƌǇƚĞŵƉĞƌĂŵĞŶƚƐĂƌĞĨƌĞƋƵĞŶƚůǇƚŚŽƵŐŚƚ
BM$2+$]I@2++*IT$@/2:/(+$45/*($B'4Q'(+4+$2(/$IB,+*:/(/:$52@@G2(8+$BM$
I52(*+G2$2,:$)BL/(U$J'4$L5/,$+'I5$)/B)@/$G28/$*4$4B$45/$4B)R$
ƚŚĞŝƌ ŝŵƉƵůƐŝǀĞŶĞƐƐ ŽŌĞŶ ǁŽƌŬƐ ĂŐĂŝŶƐƚ ƚŚĞŵ͘ /Ŷ ŵǇ ƌĞƐĞĂƌĐŚ͕
ĞǆƚƌĞŵĞĚŝƐƉůĂǇƐŽĨŶĞŐĂƟǀĞĞŵŽƟŽŶŚĂǀĞŶĞǀĞƌĞŵĞƌŐĞĚĂƐĂ
:(*N/($BM$-BB:$@/2:/(+5*)U
/ĨƚŚĞƌĞŝƐŽŶĞƚƌĂŝƚƚŚĂƚǀŝƌƚƵĂůůǇĂůůĞīĞĐƟǀĞůĞĂĚĞƌƐŚĂǀĞ͕
ŝƚŝƐŵŽƟǀĂƟŽŶʹĂǀĂƌŝĞƚǇŽĨƐĞůĨͲŵĂŶĂŐĞŵĞŶƚǁŚĞƌĞǁĞŵŽďŝůŝǌĞ
ŽƵƌ ƉŽƐŝƟǀĞ ĞŵŽƟŽŶƐ ƚŽ ĚƌŝǀĞ ƵƐ ƚŽǁĂƌĚ ŽƵƌ ŐŽĂůƐ͘ DŽƟǀĂƚĞĚ
ůĞĂĚĞƌƐ ĂƌĞ ĚƌŝǀĞŶ ƚŽ ĂĐŚŝĞǀĞ ďĞǇŽŶĚ ĞǆƉĞĐƚĂƟŽŶƐ ʹ ƚŚĞŝƌ ŽǁŶ
2,:$ /N/(.B,/$ /@+/`+U$ =5/$ 8/.$ LB(:$ 5/(/$ *+$ 2I5*/N/U$ F@/,4.$ BM$
ƉĞŽƉůĞĂƌĞŵŽƟǀĂƚĞĚďǇĞǆƚĞƌŶĂůĨĂĐƚŽƌƐ͕ƐƵĐŚĂƐĂďŝŐƐĂůĂƌǇŽƌ
ƚŚĞ ƐƚĂƚƵƐ ƚŚĂƚ ĐŽŵĞƐ ĨƌŽŵ ŚĂǀŝŶŐ ĂŶ ŝŵƉƌĞƐƐŝǀĞ ƟƚůĞ Žƌ ďĞŝŶŐ
ƉĂƌƚŽĨĂƉƌĞƐƟŐŝŽƵƐĐŽŵƉĂŶǇ͘ǇĐŽŶƚƌĂƐƚ͕ƚŚŽƐĞǁŝƚŚůĞĂĚĞƌƐŚŝƉ
ƉŽƚĞŶƟĂůĂƌĞŵŽƟǀĂƚĞĚďǇĂĚĞĞƉůǇĞŵďĞĚĚĞĚĚĞƐŝƌĞƚŽĂĐŚŝĞǀĞ
MB($45/$+28/$BM$2I5*/N/G/,4U$CM$.B'$2(/$@BB8*,-$MB($@/2:/(+R$5BL$
ĐĂŶǇŽƵŝĚĞŶƟĨǇƉĞŽƉůĞǁŚŽĂƌĞŵŽƟǀĂƚĞĚďǇƚŚĞĚƌŝǀĞƚŽĂĐŚŝĞǀĞ
ƌĂƚŚĞƌƚŚĂŶďǇĞǆƚĞƌŶĂůƌĞǁĂƌĚƐ͍dŚĞĮƌƐƚƐŝŐŶŝƐĂƉĂƐƐŝŽŶĨŽƌƚŚĞ
ǁŽƌŬ ŝƚƐĞůĨ ʹ ƐƵĐŚ ƉĞŽƉůĞ ƐĞĞŬ ŽƵƚ ĐƌĞĂƟǀĞ ĐŚĂůůĞŶŐĞƐ͕ ůŽǀĞ ƚŽ
@/2(,R$2,:$428/$-(/24$)(*:/$*,$2$SBQ$L/@@$:B,/U$=5/.$2@+B$:*+)@2.$
ĂŶƵŶŇĂŐŐŝŶŐĞŶĞƌŐǇƚŽĚŽƚŚŝŶŐƐďĞƩĞƌ͘WĞŽƉůĞǁŝƚŚƐƵĐŚĞŶĞƌŐǇ
ŽŌĞŶ ƐĞĞŵ ƌĞƐƚůĞƐƐ ǁŝƚŚ ƚŚĞ ƐƚĂƚƵƐ ƋƵŽ͘ dŚĞǇ ĂƌĞ ƉĞƌƐŝƐƚĞŶƚ
ǁŝƚŚƚŚĞŝƌƋƵĞƐƟŽŶƐĂďŽƵƚǁŚǇƚŚŝŶŐƐĂƌĞĚŽŶĞŽŶĞǁĂǇƌĂƚŚĞƌ
452,$2,B45/(c$45/.$2(/$/2-/($4B$/O)@B(/$,/L$2))(B2I5/+$4B$45/*($
LB(8U
ĐŽƐŵĞƟĐƐ ĐŽŵƉĂŶǇ ŵĂŶĂŐĞƌ͕ ĨŽƌ ĞǆĂŵƉůĞ͕ ǁĂƐ
M('+4(24/:$4524$5/$52:$4B$L2*4$4LB$L//8+$4B$-/4$+2@/+$(/+'@4+$M(BG$
ƉĞŽƉůĞŝŶƚŚĞĮĞůĚ͘,ĞĮŶĂůůǇƚƌĂĐŬĞĚĚŽǁŶĂŶĂƵƚŽŵĂƚĞĚƉŚŽŶĞ
+.+4/G$ 4524$ LB'@:$ Q//)$ /2I5$ BM$ 5*+$ +2@/+)/B)@/$ 24$ A$ )G$ /N/(.$
:2.U$ %,$ 2'4BG24/:$ G/++2-/$ 45/,$ )(BG)4/:$ 45/G$ 4B$ )',I5$ *,$
45/*($,'GQ/($4B$+5BL$5BL$G2,.$I2@@+$2,:$+2@/+$45/.$52:$G2:/$
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M(BG$ L//8+$ 4B$ 5B'(+U$ =524$ +4B(.$ *@@'+4(24/+$ 4LB$ B45/($ IBGGB,$
4(2*4+$BM$)/B)@/$L5B$2(/$:(*N/,$4B$2I5*/N/U$=5/.$2(/$MB(/N/($(2*+*,-$
45/$)/(MB(G2,I/$Q2(R$2,:$45/.$@*8/$4B$8//)$+IB(/U
dĂŬĞ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ďĂƌ ĮƌƐƚ͘ ƵƌŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ƌĞY
ǀŝĞǁƐ͕ ƉĞŽƉůĞ ǁŝƚŚ ŚŝŐŚ ůĞǀĞůƐ ŽĨ ŵŽƟǀĂƟŽŶ ŵŝŐŚƚ ĂƐŬ ƚŽ ďĞ
]+4(/4I5/:T$Q.$45/*($+')/(*B(+U$^M$IB'(+/R$2,$/G)@B.//$L5B$IBGY
ďŝŶĞƐƐĞůĨͲĂǁĂƌĞŶĞƐƐǁŝƚŚŝŶƚĞƌŶĂůŵŽƟǀĂƟŽŶǁŝůůƌĞĐŽŐŶŝǌĞŚĞƌ
ůŝŵŝƚƐʹďƵƚƐŚĞǁŽŶ͛ƚƐĞƩůĞĨŽƌŽďũĞĐƟǀĞƐƚŚĂƚƐĞĞŵƚŽŽĞĂƐǇƚŽ
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4/2G`+R$2,:$45/*($IBG)2,.`+U$35/(/2+$)/B)@/$L*45$@BL$2I5*/N/Y
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ĂĐŚŝĞǀĞŵĞŶƚŵŽƟǀĂƟŽŶŽŌĞŶŬĞĞƉƐĐŽƌĞďǇƚƌĂĐŬŝŶŐƐƵĐŚŚĂƌĚ
ŵĞĂƐƵƌĞƐ ĂƐ ƉƌŽĮƚĂďŝůŝƚǇ Žƌ ŵĂƌŬĞƚ ƐŚĂƌĞ͘ /ŶƚĞƌĞƐƟŶŐůǇ͕ ƉĞŽƉůĞ
ǁŝƚŚ ŚŝŐŚ ŵŽƟǀĂƟŽŶ ƌĞŵĂŝŶ ŽƉƟŵŝƐƟĐ ĞǀĞŶ ǁŚĞŶ ƚŚĞ ƐĐŽƌĞ
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4B$ )@/2+/$ /N/(.QB:.U$ =524$ LB'@:$ Q/$ 2$ ,*-54G2(/$ [$ *4$ LB'@:$
ŵĂŬĞ ĂĐƟŽŶ ŝŵƉŽƐƐŝďůĞ͘ ZĂƚŚĞƌ͕ ĞŵƉĂƚŚǇ ŵĞĂŶƐ ƚŚŽƵŐŚƞƵůůǇ
IB,+*:/(*,-$ /G)@B.//+`$ M//@*,-+$ [$ 2@B,-$ L*45$ B45/($ M2I4B(+$ [$ *,$
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ďƌŽŬĞƌĂŐĞĐŽŵƉĂŶŝĞƐŵĞƌŐĞĚ͕ĐƌĞĂƟŶŐƌĞĚƵŶĚĂŶƚũŽďƐŝŶĂůůƚŚĞŝƌ
:*N*+*B,+U$ ^,/$ :*N*+*B,$ G2,2-/($ I2@@/:$ 5*+$ )/B)@/$ 4B-/45/($ 2,:$
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ŚŝƐ ƉĞŽƉůĞ Ă ĚŝīĞƌĞŶƚ ŬŝŶĚ ŽĨ ƐƉĞĞĐŚ͘ ,Ğ ǁĂƐ ƵƉͲĨƌŽŶƚ ĂďŽƵƚ
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ŝŶĨŽƌŵĞĚ ĂŶĚ ƚŽ ƚƌĞĂƚ ĞǀĞƌǇŽŶĞ ĨĂŝƌůǇ͘ dŚĞ ĚŝīĞƌĞŶĐĞ ďĞƚǁĞĞŶ
ƚŚĞƐĞ ƚǁŽ ŵĂŶĂŐĞƌƐ ǁĂƐ ĞŵƉĂƚŚǇ͘ dŚĞ ĮƌƐƚ ŵĂŶĂŐĞƌ ǁĂƐ ƚŽŽ
LB((*/:$2QB'4$5*+$BL,$M24/$4B$IB,+*:/($45/$M//@*,-+$BM$5*+$2,O*/4.Y
ƐƚƌŝĐŬĞŶĐŽůůĞĂŐƵĞƐ͘dŚĞƐĞĐŽŶĚŬŶĞǁŝŶƚƵŝƟǀĞůǇǁŚĂƚŚŝƐƉĞŽƉůĞ
L/(/$M//@*,-R$2,:$5/$2I8,BL@/:-/:$45/*($M/2(+$L*45$5*+$LB(:+U$C+$
ŝƚĂŶǇƐƵƌƉƌŝƐĞƚŚĂƚƚŚĞĮƌƐƚŵĂŶĂŐĞƌƐĂǁŚŝƐĚŝǀŝƐŝŽŶƐŝŶŬĂƐŵĂŶǇ
:/GB(2@*X/:$)/B)@/R$/+)/I*2@@.$45/$GB+4$42@/,4/:R$:/)2(4/:;$J.$
ĐŽŶƚƌĂƐƚ͕ ƚŚĞ ƐĞĐŽŶĚ ŵĂŶĂŐĞƌ ĐŽŶƟŶƵĞĚ ƚŽ ďĞ Ă ƐƚƌŽŶŐ ůĞĂĚĞƌ͕
ŚŝƐďĞƐƚƉĞŽƉůĞƐƚĂǇĞĚ͕ĂŶĚŚŝƐĚŝǀŝƐŝŽŶƌĞŵĂŝŶĞĚĂƐƉƌŽĚƵĐƟǀĞ
2+$/N/(U
ŵƉĂƚŚǇŝƐƉĂƌƟĐƵůĂƌůǇŝŵƉŽƌƚĂŶƚƚŽĚĂǇĂƐĂĐŽŵƉŽŶĞŶƚ
ŽĨ ůĞĂĚĞƌƐŚŝƉ ĨŽƌ Ăƚ ůĞĂƐƚ ƚŚƌĞĞ ƌĞĂƐŽŶƐ͗ ƚŚĞ ŝŶĐƌĞĂƐŝŶŐ ƵƐĞ ŽĨ
ƚĞĂŵƐ͖ƚŚĞƌĂƉŝĚƉĂĐĞŽĨŐůŽďĂůŝǌĂƟŽŶ͖ĂŶĚƚŚĞŐƌŽǁŝŶŐŶĞĞĚƚŽ
(/42*,$42@/,4U$PB,+*:/($45/$I52@@/,-/$BM$@/2:*,-$2$4/2GU$%+$2,.B,/$
ǁŚŽŚĂƐĞǀĞƌďĞĞŶĂƉĂƌƚŽĨŽŶĞĐĂŶĂƩĞƐƚ͕ƚĞĂŵƐĂƌĞĐĂƵůĚƌŽŶƐ
ŽĨ ďƵďďůŝŶŐ ĞŵŽƟŽŶƐ͘ dŚĞǇ ĂƌĞ ŽŌĞŶ ĐŚĂƌŐĞĚ ǁŝƚŚ ƌĞĂĐŚŝŶŐ Ă
IB,+/,+'+$ [$ L5*I5$ *+$ 52(:$ /,B'-5$ L*45$ 4LB$ )/B)@/$ 2,:$ G'I5$
ŵŽƌĞ ĚŝĸĐƵůƚ ĂƐ ƚŚĞ ŶƵŵďĞƌƐ ŝŶĐƌĞĂƐĞ͘ ǀĞŶ ŝŶ ŐƌŽƵƉƐ ǁŝƚŚ ĂƐ
ĨĞǁĂƐĨŽƵƌŽƌĮǀĞŵĞŵďĞƌƐ͕ĂůůŝĂŶĐĞƐĨŽƌŵĂŶĚĐůĂƐŚŝŶŐĂŐĞŶĚĂƐ
-/4$+/4U$%$4/2G`+$@/2:/($G'+4$Q/$2Q@/$4B$+/,+/$2,:$',:/(+42,:$
45/$N*/L)B*,4+$BM$/N/(.B,/$2(B',:$45/$42Q@/U$=524`+$/O2I4@.$L524$
ĂŵĂƌŬĞƟŶŐŵĂŶĂŐĞƌĂƚĂůĂƌŐĞŝŶĨŽƌŵĂƟŽŶƚĞĐŚŶŽůŽŐǇĐŽŵƉĂŶǇ
L2+$2Q@/$4B$:B$L5/,$+5/$L2+$2))B*,4/:$4B$@/2:$2$4(B'Q@/:$4/2GU$
=5/$ -(B')$ L2+$ *,$ 4'(GB*@R$ BN/(@B2:/:$ Q.$ LB(8$ 2,:$ G*++*,-$
:/2:@*,/+U$ =/,+*B,+$ L/(/$ 5*-5$ 2GB,-$ 45/$ G/GQ/(+U$ =*,8/(*,-$
L*45$)(BI/:'(/+$L2+$,B4$/,B'-5$4B$Q(*,-$45/$-(B')$4B-/45/($2,:$
ŵĂŬĞŝƚĂŶĞīĞĐƟǀĞƉĂƌƚŽĨƚŚĞĐŽŵƉĂŶǇ͘^ŽƚŚĞŵĂŶĂŐĞƌƚŽŽŬ
+/N/(2@$ +4/)+U$ C,$ 2$ +/(*/+$ BM$ B,/YB,YB,/$ +/++*B,+R$ +5/$ 4BB8$ 45/$
ƟŵĞ ƚŽ ůŝƐƚĞŶ ƚŽ ĞǀĞƌǇŽŶĞ ŝŶ ƚŚĞ ŐƌŽƵƉ ʹ ǁŚĂƚ ǁĂƐ ĨƌƵƐƚƌĂƟŶŐ
45/GR$ 5BL$ 45/.$ (24/:$ 45/*($ IB@@/2-'/+R$ L5/45/($ 45/.$ M/@4$ 45/.$
52:$Q//,$*-,B(/:U$%,:$45/,$+5/$:*(/I4/:$45/$4/2G$*,$2$L2.$4524$
ďƌŽƵŐŚƚŝƚƚŽŐĞƚŚĞƌ͗^ŚĞĞŶĐŽƵƌĂŐĞĚƉĞŽƉůĞƚŽƐƉĞĂŬŵŽƌĞŽƉĞŶůǇ
ĂďŽƵƚƚŚĞŝƌĨƌƵƐƚƌĂƟŽŶƐ͕ĂŶĚƐŚĞŚĞůƉĞĚƉĞŽƉůĞƌĂŝƐĞĐŽŶƐƚƌƵĐƟǀĞ
ĐŽŵƉůĂŝŶƚƐĚƵƌŝŶŐŵĞĞƟŶŐƐ͘/ŶƐŚŽƌƚ͕ŚĞƌĞŵƉĂƚŚǇĂůůŽǁĞĚŚĞƌ
ƚŽƵŶĚĞƌƐƚĂŶĚŚĞƌƚĞĂŵ͛ƐĞŵŽƟŽŶĂůŵĂŬĞƵƉ͘dŚĞƌĞƐƵůƚǁĂƐŶŽƚ
ũƵƐƚ ŚĞŝŐŚƚĞŶĞĚ ĐŽůůĂďŽƌĂƟŽŶ ĂŵŽŶŐ ŵĞŵďĞƌƐ ďƵƚ ĂůƐŽ ĂĚĚĞĚ
Q'+*,/++R$2+$45/$4/2G$L2+$I2@@/:$B,$MB($5/@)$Q.$2$L*:/($(2,-/$BM$
*,4/(,2@$I@*/,4+U
36
'ůŽďĂůŝǌĂƟŽŶŝƐĂŶŽƚŚĞƌƌĞĂƐŽŶĨŽƌƚŚĞƌŝƐŝŶŐŝŵƉŽƌƚĂŶĐĞ
BM$ /G)245.$ MB($ Q'+*,/++$ @/2:/(+U$ P(B++YI'@4'(2@$ :*2@B-'/$ I2,$
/2+*@.$ @/2:$ 4B$ G*+I'/+$ 2,:$ G*+',:/(+42,:*,-+U$ ZG)245.$ *+$ 2,$
ĂŶƟĚŽƚĞ͘ WĞŽƉůĞ ǁŚŽ ŚĂǀĞ ŝƚ ĂƌĞ ĂƩƵŶĞĚ ƚŽ ƐƵďƚůĞƟĞƐ ŝŶ ďŽĚǇ
@2,-'2-/c$45/.$I2,$5/2($45/$G/++2-/$Q/,/245$45/$LB(:+$Q/*,-$
+)B8/,U$J/.B,:$4524R$45/.$52N/$2$://)$',:/(+42,:*,-$BM$QB45$45/$
ĞǆŝƐƚĞŶĐĞĂŶĚƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨĐƵůƚƵƌĂůĂŶĚĞƚŚŶŝĐĚŝīĞƌĞŶĐĞƐ͘
PB,+*:/($45/$I2+/$BM$2,$%G/(*I2,$IB,+'@42,4$L5B+/$4/2G$52:$S'+4$
ƉŝƚĐŚĞĚĂƉƌŽũĞĐƚƚŽĂƉŽƚĞŶƟĂů:ĂƉĂŶĞƐĞĐůŝĞŶƚ͘/ŶŝƚƐĚĞĂůŝŶŐƐǁŝƚŚ
%G/(*I2,+R$45/$4/2G$L2+$2II'+4BG/:$4B$Q/*,-$QBGQ2(:/:$L*45$
ƋƵĞƐƟŽŶƐĂŌĞƌƐƵĐŚĂƉƌŽƉŽƐĂů͕ďƵƚƚŚŝƐƟŵĞŝƚǁĂƐŐƌĞĞƚĞĚǁŝƚŚ
2$@B,-$+*@/,I/U$^45/($G/GQ/(+$BM$45/$4/2GR$428*,-$45/$+*@/,I/$2+$
:*+2))(BN2@R$L/(/$(/2:.$4B$)2I8$2,:$@/2N/U$=5/$@/2:$IB,+'@42,4$
ŐĞƐƚƵƌĞĚƚŚĞŵƚŽƐƚŽƉ͘ůƚŚŽƵŐŚŚĞǁĂƐŶŽƚƉĂƌƟĐƵůĂƌůǇĨĂŵŝůŝĂƌ
L*45$a2)2,/+/$I'@4'(/R$5/$(/2:$45/$I@*/,4`+$M2I/$2,:$)B+4'(/$2,:$
ƐĞŶƐĞĚ ŶŽƚ ƌĞũĞĐƟŽŶ ďƵƚ ŝŶƚĞƌĞƐƚ ʹ ĞǀĞŶ ĚĞĞƉ ĐŽŶƐŝĚĞƌĂƟŽŶ͘
,Ğ ǁĂƐ ƌŝŐŚƚ͗ ǁŚĞŶ ƚŚĞ ĐůŝĞŶƚ ĮŶĂůůǇ ƐƉŽŬĞ͕ ŝƚ ǁĂƐ ƚŽ ŐŝǀĞ ƚŚĞ
ĐŽŶƐƵůƟŶŐĮƌŵƚŚĞũŽď͘
&ŝŶĂůůǇ͕ĞŵƉĂƚŚǇƉůĂǇƐĂŬĞǇƌŽůĞŝŶƚŚĞƌĞƚĞŶƟŽŶŽĨƚĂůĞŶƚ͕
ƉĂƌƟĐƵůĂƌůǇŝŶƚŽĚĂǇ͛ƐŝŶĨŽƌŵĂƟŽŶĞĐŽŶŽŵǇ͘>ĞĂĚĞƌƐŚĂǀĞĂůǁĂǇƐ
,//:/:$ /G)245.$ 4B$ :/N/@B)$ 2,:$ 8//)$ -BB:$ )/B)@/R$ Q'4$ 4B:2.$
45/$ +428/+$ 2(/$ 5*-5/(U$ 35/,$ -BB:$ )/B)@/$ @/2N/R$ 45/.$ 428/$ 45/$
IBG)2,.`+$ 8,BL@/:-/$ L*45$ 45/GU$ =524`+$ L5/(/$ IB2I5*,-$ 2,:$
G/,4B(*,-$IBG/$*,U$C4$52+$(/)/24/:@.$Q//,$+5BL,$4524$IB2I5*,-$
ĂŶĚ ŵĞŶƚŽƌŝŶŐ ƉĂǇ Žī ŶŽƚ ũƵƐƚ ŝŶ ďĞƩĞƌ ƉĞƌĨŽƌŵĂŶĐĞ ďƵƚ ĂůƐŽ
ŝŶ ŝŶĐƌĞĂƐĞĚ ũŽď ƐĂƟƐĨĂĐƟŽŶ ĂŶĚ ĚĞĐƌĞĂƐĞĚ ƚƵƌŶŽǀĞƌ͘ Ƶƚ ǁŚĂƚ
G28/+$ IB2I5*,-$ 2,:$ G/,4B(*,-$ LB(8$ Q/+4$ *+$ 45/$ ,24'(/$ BM$ 45/$
ƌĞůĂƟŽŶƐŚŝƉ͘KƵƚƐƚĂŶĚŝŶŐĐŽĂĐŚĞƐĂŶĚŵĞŶƚŽƌƐŐĞƚŝŶƐŝĚĞƚŚĞŚĞĂĚƐ
ŽĨƚŚĞƉĞŽƉůĞƚŚĞǇĂƌĞŚĞůƉŝŶŐ͘dŚĞǇƐĞŶƐĞŚŽǁƚŽŐŝǀĞĞīĞĐƟǀĞ
ĨĞĞĚďĂĐŬ͘dŚĞǇŬŶŽǁǁŚĞŶƚŽƉƵƐŚĨŽƌďĞƩĞƌƉĞƌĨŽƌŵĂŶĐĞĂŶĚ
ǁŚĞŶƚŽŚŽůĚďĂĐŬ͘/ŶƚŚĞǁĂǇƚŚĞǇŵŽƟǀĂƚĞƚŚĞŝƌƉƌŽƚĠŐĠƐ͕ƚŚĞǇ
ĚĞŵŽŶƐƚƌĂƚĞĞŵƉĂƚŚǇŝŶĂĐƟŽŶ͘/ŶǁŚĂƚŝƐƉƌŽďĂďůǇƐŽƵŶĚŝŶŐůŝŬĞ
2$(/M(2*,R$@/4$G/$(/)/24$4524$/G)245.$:B/+,`4$-/4$G'I5$(/+)/I4$
*,$Q'+*,/++U$F/B)@/$LB,:/($5BL$@/2:/(+$I2,$G28/$52(:$:/I*+*B,+$
ŝĨƚŚĞǇĂƌĞ͞ĨĞĞůŝŶŐ͟ĨŽƌĂůůƚŚĞƉĞŽƉůĞǁŚŽǁŝůůďĞĂīĞĐƚĞĚ͘Ƶƚ
@/2:/(+$L*45$/G)245.$:B$GB(/$452,$
ƐǇŵƉĂƚŚŝǌĞǁŝƚŚƉĞŽƉůĞĂƌŽƵŶĚƚŚĞŵ͗dŚĞǇƵƐĞƚŚĞŝƌŬŶŽǁůĞĚŐĞ
4B$*G)(BN/$45/*($IBG)2,*/+$*,$+'Q4@/$Q'4$*G)B(42,4$L2.+U
/)+!'3&/7!33
dŚĞ ĮƌƐƚ ƚǁŽ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ ĂƌĞ ƐĞůĨͲ

G2,2-/G/,4$ +8*@@+U$ =5/$ @2+4$ 4LBR$ /G)245.$ 2,:$ +BI*2@$ +8*@@R$
ĐŽŶĐĞƌŶ Ă ƉĞƌƐŽŶ͛Ɛ ĂďŝůŝƚǇ ƚŽ ŵĂŶĂŐĞ ƌĞůĂƟŽŶƐŚŝƉƐ ǁŝƚŚ ŽƚŚĞƌƐ͘
Ɛ Ă ĐŽŵƉŽŶĞŶƚ ŽĨ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ͕ ƐŽĐŝĂů ƐŬŝůů ŝƐ ŶŽƚ ĂƐ
ƐŝŵƉůĞĂƐŝƚƐŽƵŶĚƐ͘/ƚ͛ƐŶŽƚũƵƐƚĂŵĂƩĞƌŽĨĨƌŝĞŶĚůŝŶĞƐƐ͕ĂůƚŚŽƵŐŚ
)/B)@/$ L*45$ 5*-5$ @/N/@+$ BM$ +BI*2@$ +8*@@$ 2(/$ (2(/@.$ G/2,Y+)*(*4/:U$
^ŽĐŝĂůƐŬŝůů͕ƌĂƚŚĞƌ͕ŝƐĨƌŝĞŶĚůŝŶĞƐƐǁŝƚŚĂƉƵƌƉŽƐĞ͗ŵŽǀŝŶŐƉĞŽƉůĞ
ŝŶƚŚĞĚŝƌĞĐƟŽŶǇŽƵĚĞƐŝƌĞ͕ǁŚĞƚŚĞƌƚŚĂƚ͛ƐĂŐƌĞĞŵĞŶƚŽŶĂŶĞǁ
ŵĂƌŬĞƟŶŐƐƚƌĂƚĞŐǇŽƌĞŶƚŚƵƐŝĂƐŵĂďŽƵƚĂŶĞǁƉƌŽĚƵĐƚ͘
$ &BI*2@@.$ +8*@@/:$ )/B)@/$ 4/,:$ 4B$ 52N/$ 2$ L*:/$ I*(I@/$ BM$
ĂĐƋƵĂŝŶƚĂŶĐĞƐ͕ĂŶĚƚŚĞǇŚĂǀĞĂŬŶĂĐŬĨŽƌĮŶĚŝŶŐĐŽŵŵŽŶŐƌŽƵŶĚ
L*45$)/B)@/$BM$2@@$8*,:+$[$2$8,2I8$MB($Q'*@:*,-$(2))B(4U$=524$:B/+,`4$
ŵĞĂŶƚŚĞǇƐŽĐŝĂůŝǌĞĐŽŶƟŶƵĂůůǇ͖ŝƚŵĞĂŶƐƚŚĞǇǁŽƌŬĂĐĐŽƌĚŝŶŐƚŽ
ƚŚĞ ĂƐƐƵŵƉƟŽŶ ƚŚĂƚ ŶŽƚŚŝŶŐ ŝŵƉŽƌƚĂŶƚ ŐĞƚƐ ĚŽŶĞ ĂůŽŶĞ͘ ^ƵĐŚ
ƉĞŽƉůĞŚĂǀĞĂŶĞƚǁŽƌŬŝŶƉůĂĐĞǁŚĞŶƚŚĞƟŵĞĨŽƌĂĐƟŽŶĐŽŵĞƐ͘
^ŽĐŝĂůƐŬŝůůŝƐƚŚĞĐƵůŵŝŶĂƟŽŶŽĨƚŚĞŽƚŚĞƌĚŝŵĞŶƐŝŽŶƐŽĨĞŵŽƟŽŶĂů
ŝŶƚĞůůŝŐĞŶĐĞ͘ WĞŽƉůĞ ƚĞŶĚ ƚŽ ďĞ ǀĞƌǇ ĞīĞĐƟǀĞ Ăƚ ŵĂŶĂŐŝŶŐ
ƌĞůĂƟŽŶƐŚŝƉƐ ǁŚĞŶ ƚŚĞǇ ĐĂŶ ƵŶĚĞƌƐƚĂŶĚ ĂŶĚ ĐŽŶƚƌŽů ƚŚĞŝƌ ŽǁŶ
ĞŵŽƟŽŶƐĂŶĚĐĂŶĞŵƉĂƚŚŝǌĞǁŝƚŚƚŚĞĨĞĞůŝŶŐƐŽĨŽƚŚĞƌƐ͘
ǀĞŶ ŵŽƟǀĂƟŽŶ ĐŽŶƚƌŝďƵƚĞƐ ƚŽ ƐŽĐŝĂů ƐŬŝůů͘ ZĞŵĞŵďĞƌ
ƚŚĂƚƉĞŽƉůĞǁŚŽĂƌĞĚƌŝǀĞŶƚŽĂĐŚŝĞǀĞƚĞŶĚƚŽďĞŽƉƟŵŝƐƟĐ͕ĞǀĞŶ
*,$45/$M2I/$BM$+/4Q2I8+$B($M2*@'(/U$35/,$)/B)@/$2(/$')Q/24R$45/*($
͞ŐůŽǁ͟ ŝƐ ĐĂƐƚ ƵƉŽŶ ĐŽŶǀĞƌƐĂƟŽŶƐ ĂŶĚ ŽƚŚĞƌ ƐŽĐŝĂů ĞŶĐŽƵŶƚĞƌƐ͘
=5/.$2(/$)B)'@2(R$2,:$MB($-BB:$(/2+B,U$J/I2'+/$*4$*+$45/$B'4IBG/$
ŽĨƚŚĞŽƚŚĞƌĚŝŵĞŶƐŝŽŶƐŽĨĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͕ƐŽĐŝĂůƐŬŝůůŝƐ
(/IB-,*X2Q@/$ B,$ 45/$ SBQ$ *,$ G2,.$ L2.+$ 4524$ L*@@$ Q.$ ,BL$ +B',:$
M2G*@*2(U$&BI*2@@.$+8*@@/:$)/B)@/R$MB($*,+42,I/R$2(/$2:/)4$24$G2,2-*,-$
4/2G+$[$4524`+$45/*($/G)245.$24$LB(8U$9*8/L*+/R$45/.$2(/$/O)/(4$
ƉĞƌƐƵĂĚĞƌƐ ʹ Ă ŵĂŶŝĨĞƐƚĂƟŽŶ ŽĨ ƐĞůĨͲĂǁĂƌĞŶĞƐƐ͕ ƐĞůĨͲƌĞŐƵůĂƟŽŶ͕
2,:$/G)245.$IBGQ*,/:U$>*N/,$45B+/$+8*@@+R$-BB:$
38
ƉĞƌƐƵĂĚĞƌƐŬŶŽǁǁŚĞŶƚŽŵĂŬĞĂŶĞŵŽƟŽŶĂůƉůĞĂ͕ĨŽƌŝŶƐƚĂŶĐĞ͕
ĂŶĚǁŚĞŶĂŶĂƉƉĞĂůƚŽƌĞĂƐŽŶǁŝůůǁŽƌŬďĞƩĞƌ͘ŶĚŵŽƟǀĂƟŽŶ͕
L5/,$)'Q@*I@.$N*+*Q@/R$G28/+$+'I5$)/B)@/$/OI/@@/,4$IB@@2QB(24B(+c$
45/*($)2++*B,$MB($45/$LB(8$+)(/2:+$4B$B45/(+R$2,:$45/.$2(/$:(*N/,$
ƚŽĮŶĚƐŽůƵƟŽŶƐ͘
ƵƚƐŽŵĞƟŵĞƐƐŽĐŝĂůƐŬŝůůƐŚŽǁƐŝƚƐĞůĨŝŶǁĂǇƐƚŚĞŽƚŚĞƌ
ĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞĐŽŵƉŽŶĞŶƚƐĚŽŶŽƚ͘&ŽƌŝŶƐƚĂŶĐĞ͕ƐŽĐŝĂůůǇ
ƐŬŝůůĞĚ ƉĞŽƉůĞ ŵĂǇ Ăƚ ƟŵĞƐ ĂƉƉĞĂƌ ŶŽƚ ƚŽ ďĞ ǁŽƌŬŝŶŐ ǁŚŝůĞ Ăƚ
ǁŽƌŬ͘dŚĞǇƐĞĞŵƚŽďĞŝĚůǇƐĐŚŵŽŽǌŝŶŐʹĐŚĂƫŶŐŝŶƚŚĞŚĂůůǁĂǇƐ
L*45$IB@@/2-'/+$B($SB8*,-$2(B',:$L*45$)/B)@/$L5B$2(/$,B4$/N/,$
IB,,/I4/:$4B$45/*($](/2@T$SBQ+U$&BI*2@@.$+8*@@/:$)/B)@/R$5BL/N/(R$
:B,`4$45*,8$*4$G28/+$+/,+/$4B$2(Q*4(2(*@.$@*G*4$45/$+IB)/$BM$45/*($
ƌĞůĂƟŽŶƐŚŝƉƐ͘dŚĞǇďƵŝůĚďŽŶĚƐǁŝĚĞůǇďĞĐĂƵƐĞƚŚĞǇŬŶŽǁƚŚĂƚŝŶ
ƚŚĞƐĞŇƵŝĚƟŵĞƐ͕ƚŚĞǇŵĂǇŶĞĞĚŚĞůƉƐŽŵĞĚĂǇĨƌŽŵƉĞŽƉůĞƚŚĞǇ
ĂƌĞũƵƐƚŐĞƫŶŐƚŽŬŶŽǁƚŽĚĂǇ͘
&Žƌ ĞǆĂŵƉůĞ͕ ĐŽŶƐŝĚĞƌ ƚŚĞ ĐĂƐĞ ŽĨ ĂŶ ĞǆĞĐƵƟǀĞ ŝŶ ƚŚĞ
+4(24/-.$ :/)2(4G/,4$ BM$ 2$ -@BQ2@$ IBG)'4/($ G2,'M2I4'(/(U$ J.$
"bb7R$5/$L2+$IB,N*,I/:$4524$45/$IBG)2,.`+$M'4'(/$@2.$L*45$45/$
C,4/(,/4U$^N/($45/$IB'(+/$BM$45/$,/O4$./2(R$5/$MB',:$8*,:(/:$+)*(*4+$
ĂŶĚ ƵƐĞĚ ŚŝƐ ƐŽĐŝĂů ƐŬŝůů ƚŽ ƐƟƚĐŚ ƚŽŐĞƚŚĞƌ Ă ǀŝƌƚƵĂů ĐŽŵŵƵŶŝƚǇ
ƚŚĂƚ ĐƵƚ ĂĐƌŽƐƐ ůĞǀĞůƐ͕ ĚŝǀŝƐŝŽŶƐ͕ ĂŶĚ ŶĂƟŽŶƐ͘ ,Ğ ƚŚĞŶ ƵƐĞĚ ƚŚŝƐ
ĚĞ ĨĂĐƚŽ ƚĞĂŵ ƚŽ ƉƵƚ ƵƉ Ă ĐŽƌƉŽƌĂƚĞ tĞď ƐŝƚĞ͕ ĂŵŽŶŐ ƚŚĞ ĮƌƐƚ
ďǇĂŵĂũŽƌĐŽŵƉĂŶǇ͘ŶĚ͕ŽŶŚŝƐŽǁŶŝŶŝƟĂƟǀĞ͕ǁŝƚŚŶŽďƵĚŐĞƚ
ŽƌĨŽƌŵĂůƐƚĂƚƵƐ͕ŚĞƐŝŐŶĞĚƵƉƚŚĞĐŽŵƉĂŶǇƚŽƉĂƌƟĐŝƉĂƚĞŝŶĂŶ
ĂŶŶƵĂů /ŶƚĞƌŶĞƚ ŝŶĚƵƐƚƌǇ ĐŽŶǀĞŶƟŽŶ͘ ĂůůŝŶŐ ŽŶ ŚŝƐ ĂůůŝĞƐ ĂŶĚ
)/(+'2:*,-$N2(*B'+$:*N*+*B,+$4B$:B,24/$M',:+R$5/$(/I('*4/:$GB(/$
ƚŚĂŶ ϱϬ ƉĞŽƉůĞ ĨƌŽŵ Ă ĚŽǌĞŶ ĚŝīĞƌĞŶƚ ƵŶŝƚƐ ƚŽ ƌĞƉƌĞƐĞŶƚ ƚŚĞ
ĐŽŵƉĂŶǇĂƚƚŚĞĐŽŶǀĞŶƟŽŶ͘DĂŶĂŐĞŵĞŶƚƚŽŽŬŶŽƟĐĞ͗ǁŝƚŚŝŶĂ
ǇĞĂƌŽĨƚŚĞĐŽŶĨĞƌĞŶĐĞ͕ƚŚĞĞǆĞĐƵƟǀĞ͛ƐƚĞĂŵĨŽƌŵĞĚƚŚĞďĂƐŝƐĨŽƌ
ƚŚĞĐŽŵƉĂŶǇ͛ƐĮƌƐƚ/ŶƚĞƌŶĞƚĚŝǀŝƐŝŽŶ͕ĂŶĚŚĞǁĂƐĨŽƌŵĂůůǇƉƵƚŝŶ
ĐŚĂƌŐĞŽĨŝƚ͘dŽŐĞƚƚŚĞƌĞ͕ƚŚĞĞǆĞĐƵƟǀĞŚĂĚŝŐŶŽƌĞĚĐŽŶǀĞŶƟŽŶĂů
ďŽƵŶĚĂƌŝĞƐ͕ĨŽƌŐŝŶŐĂŶĚŵĂŝŶƚĂŝŶŝŶŐĐŽŶŶĞĐƟŽŶƐǁŝƚŚƉĞŽƉůĞŝŶ
ĞǀĞƌǇĐŽƌŶĞƌŽĨƚŚĞŽƌŐĂŶŝǌĂƟŽŶ͘
$ C+$+BI*2@$+8*@@$IB,+*:/(/:$2$8/.$@/2:/(+5*)$I2)2Q*@*4.$*,$GB+4$
IBG)2,*/+;$ =5/$ 2,+L/($ *+$ ./+R$ /+)/I*2@@.$ L5/,$ IBG)2(/:$ L*45$
ƚŚĞŽƚŚĞƌĐŽŵƉŽŶĞŶƚƐŽĨĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͘WĞŽƉůĞƐĞĞŵ
ƚŽ ŬŶŽǁ ŝŶƚƵŝƟǀĞůǇ ƚŚĂƚ ůĞĂĚĞƌƐ ŶĞĞĚ ƚŽ ŵĂŶĂŐĞ ƌĞůĂƟŽŶƐŚŝƉƐ

ĞīĞĐƟǀĞůǇ͖ŶŽůĞĂĚĞƌŝƐĂŶŝƐůĂŶĚ͘ŌĞƌĂůů͕ƚŚĞůĞĂĚĞƌ͛ƐƚĂƐŬŝƐƚŽ
-/4$LB(8$:B,/$45(B'-5$B45/($)/B)@/R$2,:$+BI*2@$+8*@@$G28/+$4524$
)B++*Q@/U$%$@/2:/($L5B$I2,,B4$/O)(/++$5/($/G)245.$G2.$2+$L/@@$
ŶŽƚŚĂǀĞŝƚĂƚĂůů͘ŶĚĂůĞĂĚĞƌ͛ƐŵŽƟǀĂƟŽŶǁŝůůďĞƵƐĞůĞƐƐŝĨŚĞ
ĐĂŶŶŽƚĐŽŵŵƵŶŝĐĂƚĞŚŝƐƉĂƐƐŝŽŶƚŽƚŚĞŽƌŐĂŶŝǌĂƟŽŶ͘^ŽĐŝĂůƐŬŝůů
ĂůůŽǁƐůĞĂĚĞƌƐƚŽƉƵƚƚŚĞŝƌĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞƚŽǁŽƌŬ͘
C4$LB'@:$Q/$MBB@*+5$4B$2++/(4$4524$-BB:YB@:$M2+5*B,/:$CD$2,:$4/I5,*I2@$
2Q*@*4.$2(/$,B4$*G)B(42,4$*,-(/:*/,4+$*,$+4(B,-$@/2:/(+5*)U$J'4$45/$
ƌĞĐŝƉĞǁŽƵůĚŶŽƚďĞĐŽŵƉůĞƚĞǁŝƚŚŽƵƚĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͘/ƚ
ǁĂƐŽŶĐĞƚŚŽƵŐŚƚƚŚĂƚƚŚĞĐŽŵƉŽŶĞŶƚƐŽĨĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ
L/(/$],*I/$4B$52N/T$*,$Q'+*,/++$@/2:/(+U$J'4$,BL$L/$8,BL$4524R$
MB($45/$+28/$BM$)/(MB(G2,I/R$45/+/$2(/$*,-(/:*/,4+$4524$@/2:/(+$
͞ŶĞĞĚƚŽŚĂǀĞ͘͟/ƚŝƐĨŽƌƚƵŶĂƚĞ͕ƚŚĞŶ͕ƚŚĂƚĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ
ĐĂŶďĞůĞĂƌŶĞĚ͘dŚĞƉƌŽĐĞƐƐŝƐŶŽƚĞĂƐǇ͘/ƚƚĂŬĞƐƟŵĞĂŶĚ͕ŵŽƐƚŽĨ
Ăůů͕ĐŽŵŵŝƚŵĞŶƚ͘ƵƚƚŚĞďĞŶĞĮƚƐƚŚĂƚĐŽŵĞĨƌŽŵŚĂǀŝŶŐĂǁĞůůͲ
ĚĞǀĞůŽƉĞĚĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͕ďŽƚŚĨŽƌƚŚĞŝŶĚŝǀŝĚƵĂůĂŶĚĨŽƌ
ƚŚĞŽƌŐĂŶŝǌĂƟŽŶ͕ŵĂŬĞŝƚǁŽƌƚŚƚŚĞĞīŽƌƚ͘
40
LEADERSHIP THAT GETS

RESULTS
Adapted From The Harvard Business Review
& 'ƐŬĂŶǇŐƌŽƵƉŽĨďƵƐŝŶĞƐƐƉĞŽƉůĞƚŚĞƋƵĞƐƟŽŶ͞tŚĂƚĚŽ
ĞīĞĐƟǀĞůĞĂĚĞƌƐĚŽ͍͟ĂŶĚǇŽƵ͛ůůŚĞĂƌĂƐǁĞĞƉŽĨĂŶƐǁĞƌƐ͘>ĞĂĚĞƌƐ
ƐĞƚ ƐƚƌĂƚĞŐǇ͖ ƚŚĞǇ ŵŽƟǀĂƚĞ͖ ƚŚĞǇ ĐƌĞĂƚĞ Ă ŵŝƐƐŝŽŶ͖ ƚŚĞǇ ďƵŝůĚ Ă
I'@4'(/U
$ =5/,$ 2+8$ ]3524$ +5B'@:$ @/2:/(+$ :B;T$ CM$ 45/$ -(B')$ *+$
ƐĞĂƐŽŶĞĚ͕ ǇŽƵ͛ůů ůŝŬĞůǇ ŚĞĂƌ ŽŶĞ ƌĞƐƉŽŶƐĞ͗ ƚŚĞ ůĞĂĚĞƌ͛Ɛ ƐŝŶŐƵůĂƌ
SBQ$*+$4B$-/4$(/+'@4+U
$ J'4$ 5BL;$ =5/$ G.+4/(.$ BM$ L524$ @/2:/(+$ I2,$ 2,:$ B'-54$
4B$:B$*,$B(:/($4B$+)2(8$45/$Q/+4$)/(MB(G2,I/$M(BG$45/*($)/B)@/$
ŝƐ ĂŐĞͲŽůĚ͘ ^Ɵůů͕ ĞīĞĐƟǀĞ ůĞĂĚĞƌƐŚŝƉ ĞůƵĚĞƐ ŵĂŶǇ ƉĞŽƉůĞ ĂŶĚ
ŽƌŐĂŶŝǌĂƟŽŶƐ͘ KŶĞ ƌĞĂƐŽŶ ŝƐ ƚŚĂƚ ƵŶƟů ƌĞĐĞŶƚůǇ͕ ǀŝƌƚƵĂůůǇ ŶŽ
ƋƵĂŶƟƚĂƟǀĞƌĞƐĞĂƌĐŚŚĂƐĚĞŵŽŶƐƚƌĂƚĞĚǁŚŝĐŚƉƌĞĐŝƐĞůĞĂĚĞƌƐŚŝƉ
ďĞŚĂǀŝŽƌƐǇŝĞůĚƉŽƐŝƟǀĞƌĞƐƵůƚƐ͘
>ĞĂĚĞƌƐŚŝƉ ĞǆƉĞƌƚƐ ƉƌŽīĞƌ ĂĚǀŝĐĞ ďĂƐĞĚ ŽŶ ŝŶĨĞƌĞŶĐĞ͕
ĞǆƉĞƌŝĞŶĐĞ͕ĂŶĚŝŶƐƟŶĐƚ͘^ŽŵĞƟŵĞƐƚŚĂƚĂĚǀŝĐĞŝƐƌŝŐŚƚŽŶƚĂƌŐĞƚ͖
ƐŽŵĞƟŵĞƐŝƚ͛ƐŶŽƚ͘
ZĞƐĞĂƌĐŚďǇƚŚĞĐŽŶƐƵůƟŶŐĮƌŵ,ĂǇͬDĐĞƌ͕ǁŚŝĐŚĚƌĂǁƐ
ŽŶĂƌĂŶĚŽŵƐĂŵƉůĞŽĨϯ͕ϴϳϭĞǆĞĐƵƟǀĞƐƐĞůĞĐƚĞĚĨƌŽŵĂĚĂƚĂďĂƐĞ
ŽĨ ŵŽƌĞ ƚŚĂŶ ϮϬ͕ϬϬϬ ĞǆĞĐƵƟǀĞƐ ǁŽƌůĚǁŝĚĞ͕ ƚĂŬĞƐ ŵƵĐŚ ŽĨ ƚŚĞ
ŵǇƐƚĞƌǇŽƵƚŽĨĞīĞĐƟǀĞůĞĂĚĞƌƐŚŝƉ͘dŚĞƌĞƐĞĂƌĐŚĨŽƵŶĚƐŝǆĚŝƐƟŶĐƚ
ůĞĂĚĞƌƐŚŝƉ ƐƚǇůĞƐ͕ ĞĂĐŚ ƐƉƌŝŶŐŝŶŐ ĨƌŽŵ ĚŝīĞƌĞŶƚ ĐŽŵƉŽŶĞŶƚƐ ŽĨ
ĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͘dŚĞƐƚǇůĞƐ͕ƚĂŬĞŶŝŶĚŝǀŝĚƵĂůůǇ͕ĂƉƉĞĂƌ
LEADERSHIP THAT GETS RESULTS 41
4B$52N/$2$:*(/I4$2,:$',*_'/$*G)2I4$B,$45/$LB(8*,-$24GB+)5/(/$
ŽĨ Ă ĐŽŵƉĂŶǇ͕ ĚŝǀŝƐŝŽŶ͕ Žƌ ƚĞĂŵ͕ ĂŶĚ ŝŶ ƚƵƌŶ͕ ŽŶ ŝƚƐ ĮŶĂŶĐŝĂů
)/(MB(G2,I/U$ %,:$ )/(52)+$ GB+4$ *G)B(42,4R$ 45/$ (/+/2(I5$
*,:*I24/+$ 4524$ @/2:/(+$ L*45$ 45/$ Q/+4$ (/+'@4+$ :B$ ,B4$ (/@.$ B,$ B,@.$
B,/$@/2:/(+5*)$+4.@/c$45/.$'+/$G2,.$B($GB+4$BM$45/G$*,$2$-*N/,$
ǁĞĞŬʹƐĞĂŵůĞƐƐůǇĂŶĚŝŶĚŝīĞƌĞŶƚŵĞĂƐƵƌĞʹĚĞƉĞŶĚŝŶŐŽŶƚŚĞ
ďƵƐŝŶĞƐƐƐŝƚƵĂƟŽŶ͘
$ CG2-*,/$ 45/$ +4.@/+R$ 45/,R$ 2+$ 45/$ 2((2.$ BM$ I@'Q+$ *,$ 2$ -B@M$
)(B`+$Q2-U$^N/($45/$IB'(+/$BM$2$-2G/R$45/$)(B$)*I8+$2,:$I5BB+/+$
ĐůƵďƐďĂƐĞĚŽŶƚŚĞĚĞŵĂŶĚƐŽĨƚŚĞƐŚŽƚ͘^ŽŵĞƟŵĞƐŚĞŚĂƐƚŽ
ƉŽŶĚĞƌŚŝƐƐĞůĞĐƟŽŶ͕ďƵƚƵƐƵĂůůǇŝƚŝƐĂƵƚŽŵĂƟĐ͘dŚĞƉƌŽƐĞŶƐĞƐ
ƚŚĞĐŚĂůůĞŶŐĞĂŚĞĂĚ͕ƐǁŝŌůǇƉƵůůƐŽƵƚƚŚĞƌŝŐŚƚƚŽŽů͕ĂŶĚĞůĞŐĂŶƚůǇ
)'4+$*4$4B$LB(8U$=524`+$5BL$5*-5Y*G)2I4$@/2:/(+$B)/(24/R$4BBU
$ 3524$2(/$45/$+*O$+4.@/+$BM$@/2:/(+5*);$Z2I5$+4.@/R$Q.$,2G/$
ĂŶĚ ďƌŝĞĨ ĚĞƐĐƌŝƉƟŽŶ ĂůŽŶĞ͕ ǁŝůů ůŝŬĞůǇ ƌĞƐŽŶĂƚĞ ǁŝƚŚ ĂŶǇŽŶĞ
L5B$@/2:+R$*+$@/:R$B($2+$*+$45/$I2+/$L*45$GB+4$BM$'+R$:B/+$QB45U$
ƵƚŚŽƌŝƚĂƟǀĞůĞĂĚĞƌƐŵŽďŝůŝǌĞƉĞŽƉůĞƚŽǁĂƌĚĂǀŝƐŝŽŶ͘ĸůŝĂƟǀĞ
ůĞĂĚĞƌƐĐƌĞĂƚĞĞŵŽƟŽŶĂůďŽŶĚƐĂŶĚŚĂƌŵŽŶǇ͘ĞŵŽĐƌĂƟĐůĞĂĚĞƌƐ
ďƵŝůĚ ĐŽŶƐĞŶƐƵƐ ƚŚƌŽƵŐŚ ƉĂƌƟĐŝƉĂƟŽŶ͘ WĂĐĞƐĞƫŶŐ ůĞĂĚĞƌƐ
ĞǆƉĞĐƚ ĞǆĐĞůůĞŶĐĞ ĂŶĚ ƐĞůĨͲĚŝƌĞĐƟŽŶ͘ ŽĂĐŚŝŶŐ ůĞĂĚĞƌƐ ĚĞǀĞůŽƉ
)/B)@/$MB($45/$M'4'(/U$%,:$IB/(I*N/$@/2:/(+$:/G2,:$*GG/:*24/$
IBG)@*2,I/U
$ P@B+/$ .B'($ /./+$ 2,:$ .B'$ I2,$ +'(/@.$ *G2-*,/$ 2$ IB@@/2-'/$
ǁŚŽƵƐĞƐĂŶǇŽŶĞŽĨƚŚĞƐĞƐƚǇůĞƐ͘zŽƵŵŽƐƚůŝŬĞůǇƵƐĞĂƚůĞĂƐƚŽŶĞ
ǇŽƵƌƐĞůĨ͘tŚĂƚŝƐŶĞǁŝŶƚŚŝƐƌĞƐĞĂƌĐŚ͕ƚŚĞŶ͕ŝƐŝƚƐŝŵƉůŝĐĂƟŽŶƐĨŽƌ
ĂĐƟŽŶ͘&ŝƌƐƚ͕ŝƚŽīĞƌƐĂĮŶĞͲŐƌĂŝŶĞĚƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨŚŽǁĚŝīĞƌĞŶƚ
ůĞĂĚĞƌƐŚŝƉƐƚǇůĞƐĂīĞĐƚƉĞƌĨŽƌŵĂŶĐĞĂŶĚƌĞƐƵůƚƐ͘^ĞĐŽŶĚ͕ŝƚŽīĞƌƐ
I@/2($-'*:2,I/$B,$L5/,$2$G2,2-/($+5B'@:$+L*4I5$Q/4L//,$45/GU$
/ƚ ĂůƐŽ ƐƚƌŽŶŐůǇ ƐƵŐŐĞƐƚƐ ƚŚĂƚ ƐǁŝƚĐŚŝŶŐ ŇĞǆŝďůǇ ŝƐ ǁĞůů ĂĚǀŝƐĞĚ͘
EĞǁ͕ ƚŽŽ͕ ŝƐ ƚŚĞ ƌĞƐĞĂƌĐŚ͛Ɛ ĮŶĚŝŶŐ ƚŚĂƚ ĞĂĐŚ ůĞĂĚĞƌƐŚŝƉ ƐƚǇůĞ
ƐƉƌŝŶŐƐĨƌŽŵĚŝīĞƌĞŶƚĐŽŵƉŽŶĞŶƚƐŽĨĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͘
"%'/-(!25&3%'8%(/$!69/&!"6'+#
=5/$@24/$V2N*:$1IP@/@@2,:R$2$,B4/:$62(N2(:$d,*N/(+*4.$)+.I5B@B-*+4$
42
ĨŽƵŶĚƚŚĂƚůĞĂĚĞƌƐǁŝƚŚƐƚƌĞŶŐƚŚƐŝŶĂĐƌŝƟĐĂůŵĂƐƐŽĨƐŝǆŽƌŵŽƌĞ
ĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞĐŽŵƉĞƚĞŶĐŝĞƐǁĞƌĞĨĂƌŵŽƌĞĞīĞĐƟǀĞƚŚĂŶ
)//(+$L5B$@2I8/:$+'I5$+4(/,-45+U$\B($*,+42,I/R$L5/,$5/$2,2@.X/:$
45/$)/(MB(G2,I/$BM$:*N*+*B,$5/2:+$24$2$-@BQ2@$MBB:$2,:$Q/N/(2-/$
ĐŽŵƉĂŶǇ͕ŚĞĨŽƵŶĚƚŚĂƚĂŵŽŶŐůĞĂĚĞƌƐǁŝƚŚƚŚŝƐĐƌŝƟĐĂůŵĂƐƐŽĨ
IBG)/4/,I/R$KH$)/(I/,4$)@2I/:$*,$45/$4B)$45*(:$MB($2,,'2@$+2@2(.$
QB,'+/+$Q2+/:$B,$45/*($Q'+*,/++$)/(MB(G2,I/U$1B(/$4/@@*,-R$45/*($
:*N*+*B,+$B,$2N/(2-/$B'4)/(MB(G/:$./2(@.$(/N/,'/$42(-/4+$Q.$"A$
ƚŽϮϬƉĞƌĐĞŶƚ͘
dŚŽƐĞĞǆĞĐƵƟǀĞƐǁŚŽůĂĐŬĞĚĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞǁĞƌĞ
(2(/@.$(24/:$2+$B'4+42,:*,-$*,$45/*($2,,'2@$)/(MB(G2,I/$(/N*/L+R$
ĂŶĚƚŚĞŝƌĚŝǀŝƐŝŽŶƐƵŶĚĞƌƉĞƌĨŽƌŵĞĚďǇĂŶĂǀĞƌĂŐĞŽĨĂůŵŽƐƚϮϬ
)/(I/,4U$=5/$(/+/2(I5$B,$@/2:/(+5*)$+4.@/+$+/4$B'4$4B$-2*,$2$GB(/$
ŵŽůĞĐƵůĂƌ ǀŝĞǁ ŽĨ ƚŚĞ ůŝŶŬƐ ĂŵŽŶŐ ůĞĂĚĞƌƐŚŝƉ ĂŶĚ ĞŵŽƟŽŶĂů
*,4/@@*-/,I/R$2,:$I@*G24/$2,:$)/(MB(G2,I/U$%$4/2G$BM$1IP@/@@2,:`+$
IB@@/2-'/+$5/2:/:$Q.$12(.$\B,42*,/$2,:$?'45$a2IBQ+$M(BG$L524$
ŝƐŶŽǁƚŚĞDĐůĞůůĂŶĚ/ŶƐƟƚƵƚĞĂƚƚŚĞŽƐƚŽŶŽĸĐĞŽĨ,ĂǇ'ƌŽƵƉ
ƐƚƵĚŝĞĚĚĂƚĂĂďŽƵƚŽƌŽďƐĞƌǀĞĚƚŚŽƵƐĂŶĚƐŽĨĞǆĞĐƵƟǀĞƐ͕ŶŽƟŶŐ
ƐƉĞĐŝĮĐďĞŚĂǀŝŽƌƐĂŶĚƚŚĞŝƌŝŵƉĂĐƚŽŶĐůŝŵĂƚĞ͘
,ŽǁĚŝĚĞĂĐŚŝŶĚŝǀŝĚƵĂůŵŽƟǀĂƚĞĚŝƌĞĐƚƌĞƉŽƌƚƐ͍DĂŶĂŐĞ
ĐŚĂŶŐĞ ŝŶŝƟĂƟǀĞƐ͍ ,ĂŶĚůĞ ĐƌŝƐĞƐ͍ /ƚ ǁĂƐ Ă ůĂƚĞƌ ƉŚĂƐĞ ŽĨ ƚŚĞ
ƌĞƐĞĂƌĐŚ ƚŚĂƚ ŝĚĞŶƟĮĞĚ ŚŽǁ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ ĐĂƉĂďŝůŝƟĞƐ
:(*N/$45/$+*O$@/2:/(+5*)$+4.@/+U$6BL$:B/+$5/$(24/$*,$4/(G+$BM$+/@MY
IB,4(B@$2,:$+BI*2@$+8*@@;$VB/+$2$@/2:/($+5BL$5*-5$B($@BL$@/N/@+$BM$
ĞŵƉĂƚŚǇ͍dŚĞƚĞĂŵƚĞƐƚĞĚĞĂĐŚĞǆĞĐƵƟǀĞ͛ƐŝŵŵĞĚŝĂƚĞƐƉŚĞƌĞŽĨ
ŝŶŇƵĞŶĐĞĨŽƌŝƚƐĐůŝŵĂƚĞ͘
͞ůŝŵĂƚĞ͟ ŝƐ ŶŽƚ ĂŶ ĂŵŽƌƉŚŽƵƐ ƚĞƌŵ͘ &ŝƌƐƚ ĚĞĮŶĞĚ ďǇ
ƉƐǇĐŚŽůŽŐŝƐƚƐ'ĞŽƌŐĞ>ŝƚǁŝŶĂŶĚZŝĐŚĂƌĚ^ƚƌŝŶŐĞƌĂŶĚůĂƚĞƌƌĞĮŶĞĚ
Q.$1IP@/@@2,:$2,:$5*+$IB@@/2-'/+R$*4$(/M/(+$4B$+*O$8/.$M2I4B(+$4524$
ŝŶŇƵĞŶĐĞ ĂŶ ŽƌŐĂŶŝǌĂƟŽŶ͛Ɛ ǁŽƌŬŝŶŐ ĞŶǀŝƌŽŶŵĞŶƚ͗ ŝƚƐ ŇĞǆŝďŝůŝƚǇ
[$ 4524$ *+R$ 5BL$ M(//$ /G)@B.//+$ M//@$ 4B$ *,,BN24/$ ',/,I'GQ/(/:$
ďǇ ƌĞĚ ƚĂƉĞ͖ ƚŚĞŝƌ ƐĞŶƐĞ ŽĨ ƌĞƐƉŽŶƐŝďŝůŝƚǇ ƚŽ ƚŚĞ ŽƌŐĂŶŝǌĂƟŽŶ͖
45/$ @/N/@$ BM$ +42,:2(:+$ 4524$ )/B)@/$ +/4c$ 45/$ +/,+/$ BM$ 2II'(2I.$
2QB'4$)/(MB(G2,I/$M//:Q2I8$2,:$2)4,/++$BM$(/L2(:+c$45/$I@2(*4.$
ƉĞŽƉůĞ ŚĂǀĞ ĂďŽƵƚ ŵŝƐƐŝŽŶ ĂŶĚ ǀĂůƵĞƐ͖ ĂŶĚ ĮŶĂůůǇ͕ ƚŚĞ ůĞǀĞů ŽĨ
IBGG*4G/,4$4B$2$IBGGB,$)'()B+/U$%@@$+*O$@/2:/(+5*)$+4.@/+$
ŚĂǀĞĂŵĞĂƐƵƌĂďůĞĞīĞĐƚŽŶĞĂĐŚĂƐƉĞĐƚŽĨĐůŝŵĂƚĞ͘
$ \'(45/(R$L5/,$45/$4/2G$@BB8/:$24$45/$*G)2I4$BM$I@*G24/$
ŽŶ ĮŶĂŶĐŝĂů ƌĞƐƵůƚƐ ʹ ƐƵĐŚ ĂƐ ƌĞƚƵƌŶ ŽŶ ƐĂůĞƐ͕ ƌĞǀĞŶƵĞ ŐƌŽǁƚŚ͕
ĞĸĐŝĞŶĐǇ͕ ĂŶĚ ƉƌŽĮƚĂďŝůŝƚǇ ʹ ƚŚĞǇ ĨŽƵŶĚ Ă ĚŝƌĞĐƚ ĐŽƌƌĞůĂƟŽŶ
ďĞƚǁĞĞŶƚŚĞƚǁŽ͘>ĞĂĚĞƌƐǁŚŽƵƐĞĚƐƚǇůĞƐƚŚĂƚƉŽƐŝƟǀĞůǇĂīĞĐƚĞĚ
ƚŚĞĐůŝŵĂƚĞŚĂĚĚĞĐŝĚĞĚůǇďĞƩĞƌĮŶĂŶĐŝĂůƌĞƐƵůƚƐƚŚĂŶƚŚŽƐĞǁŚŽ
ĚŝĚŶŽƚ͘dŚĂƚŝƐŶŽƚƚŽƐĂǇƚŚĂƚŽƌŐĂŶŝǌĂƟŽŶĂůĐůŝŵĂƚĞŝƐƚŚĞŽŶůǇ
ĚƌŝǀĞƌ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ͘ ĐŽŶŽŵŝĐ ĐŽŶĚŝƟŽŶƐ ĂŶĚ ĐŽŵƉĞƟƟǀĞ
ĚǇŶĂŵŝĐƐŵĂƩĞƌĞŶŽƌŵŽƵƐůǇ͘ƵƚƚŚŝƐĂŶĂůǇƐŝƐƐƚƌŽŶŐůǇƐƵŐŐĞƐƚƐ
4524$ I@*G24/$ 2IIB',4+$ MB($ ,/2(@.$ 2$ 45*(:$ BM$ (/+'@4+U$ %,:$ 4524`+$
+*G)@.$4BB$G'I5$BM$2,$*G)2I4$4B$*-,B(/U
ǆĞĐƵƟǀĞƐƵƐĞƐŝǆŵĂŝŶůĞĂĚĞƌƐŚŝƉƐƚǇůĞƐ͕ďƵƚŽŶůǇĨŽƵƌŽĨ
ƚŚĞƐŝǆĐŽŶƐŝƐƚĞŶƚůǇŚĂǀĞĂƉŽƐŝƟǀĞĞīĞĐƚŽŶĐůŝŵĂƚĞĂŶĚƌĞƐƵůƚƐ͘
>Ğƚ͛ƐůŽŽŬƚŚĞŶĂƚĞĂĐŚƐƚǇůĞŽĨůĞĂĚĞƌƐŚŝƉŝŶĚĞƚĂŝů͕ƐƚĂƌƟŶŐǁŝƚŚ
ƚŚĞƵƚŚŽƌŝƚĂƟǀĞ;ŽƌsŝƐŝŽŶĂƌǇͿ^ƚǇůĞ͘
#$%&'-#$)(!#'#!1%&/#03%
dŽŵǁĂƐƚŚĞǀŝĐĞͲƉƌĞƐŝĚĞŶƚŽĨŵĂƌŬĞƟŶŐĂƚĂŇŽƵŶĚĞƌŝŶŐŶĂƟŽŶĂů
ƌĞƐƚĂƵƌĂŶƚ ĐŚĂŝŶ ƚŚĂƚ ƐƉĞĐŝĂůŝǌĞĚ ŝŶ ƉŝǌǌĂ͘ EĞĞĚůĞƐƐ ƚŽ ƐĂǇ͕ ƚŚĞ
IBG)2,.`+$)BB($)/(MB(G2,I/$4(B'Q@/:$45/$+/,*B($G2,2-/(+R$Q'4$
45/.$L/(/$24$2$@B++$MB($L524$4B$:BU$ZN/(.$1B,:2.R$45/.$G/4$4B$
ƌĞǀŝĞǁƌĞĐĞŶƚƐĂůĞƐ͕ƐƚƌƵŐŐůŝŶŐƚŽĐŽŵĞƵƉǁŝƚŚĮǆĞƐ͘dŽdŽŵ͕ƚŚĞ
ĂƉƉƌŽĂĐŚ ĚŝĚŶ͛ƚ ŵĂŬĞ ƐĞŶƐĞ͘ ͞tĞ ǁĞƌĞ ĂůǁĂǇƐ ƚƌǇŝŶŐ ƚŽ ĮŐƵƌĞ
B'4$ L5.$ B'($ +2@/+$ L/(/$ :BL,$ @2+4$ L//8U$ 3/$ 52:$ 45/$ L5B@/$
ĐŽŵƉĂŶǇůŽŽŬŝŶŐďĂĐŬǁĂƌĚŝŶƐƚĞĂĚŽĨĮŐƵƌŝŶŐŽƵƚǁŚĂƚǁĞŚĂĚ
4B$:B$4BGB((BLUT
$ =BG$+2L$2,$B))B(4',*4.$4B$I52,-/$)/B)@/`+$L2.$BM$45*,8*,-$
ĂƚĂŶŽīͲƐŝƚĞƐƚƌĂƚĞŐǇŵĞĞƟŶŐ͘dŚĞƌĞ͕ƚŚĞĐŽŶǀĞƌƐĂƟŽŶďĞŐĂŶǁŝƚŚ
ƐƚĂůĞƚƌƵŝƐŵƐ͗ƚŚĞĐŽŵƉĂŶǇŚĂĚƚŽĚƌŝǀĞƵƉƐŚĂƌĞŚŽůĚĞƌǁĞĂůƚŚ
2,:$*,I(/2+/$(/4'(,$B,$2++/4+U$=BG$Q/@*/N/:$45B+/$IB,I/)4+$:*:,`4$
ŚĂǀĞƚŚĞƉŽǁĞƌƚŽŝŶƐƉŝƌĞĂƌĞƐƚĂƵƌĂŶƚŵĂŶĂŐĞƌƚŽďĞŝŶŶŽǀĂƟǀĞ
ŽƌƚŽĚŽďĞƩĞƌƚŚĂŶĂŐŽŽĚͲĞŶŽƵŐŚũŽď͘
^ŽdŽŵŵĂĚĞĂďŽůĚŵŽǀĞ͘/ŶƚŚĞŵŝĚĚůĞŽĨĂŵĞĞƟŶŐ͕ŚĞ
G2:/$2,$*G)2++*B,/:$)@/2$MB($5*+$IB@@/2-'/+$4B$45*,8$M(BG$45/$
44
ĐƵƐƚŽŵĞƌ͛Ɛ ƉĞƌƐƉĞĐƟǀĞ͘ ƵƐƚŽŵĞƌƐ ǁĂŶƚ ĐŽŶǀĞŶŝĞŶĐĞ͕ ŚĞ ƐĂŝĚ͘

=5/$ IBG)2,.$ L2+$ ,B4$ *,$ 45/$ (/+42'(2,4$ Q'+*,/++R$ *4$ L2+$ *,$ 45/$
ďƵƐŝŶĞƐƐŽĨĚŝƐƚƌŝďƵƟŶŐŚŝŐŚƋƵĂůŝƚǇ͕ĐŽŶǀĞŶŝĞŶƚͲƚŽͲŐĞƚƉŝǌǌĂ͘dŚĂƚ
ŶŽƟŽŶ ĂŶĚ ŶŽƚŚŝŶŐ ĞůƐĞ ƐŚŽƵůĚ ĚƌŝǀĞ ĞǀĞƌǇƚŚŝŶŐ ƚŚĞ ĐŽŵƉĂŶǇ
:*:U
$ 3*45$5*+$N*Q(2,4$/,45'+*2+G$2,:$I@/2($N*+*B,$[$45/$52@@G2(8+$
ŽĨ ƚŚĞ ĂƵƚŚŽƌŝƚĂƟǀĞ ƐƚǇůĞ ʹ dŽŵ ĮůůĞĚ Ă ůĞĂĚĞƌƐŚŝƉ ǀĂĐƵƵŵ Ăƚ
45/$ IBG)2,.U$ C,://:R$ 5*+$ IB,I/)4$ Q/I2G/$45/$ IB(/$ BM$ 45/$ ,/L$
G*++*B,$+424/G/,4U$J'4$45*+$IB,I/)4'2@$Q(/2845(B'-5$L2+$S'+4$45/$
Q/-*,,*,-U$=BG$G2:/$+'(/$4524$45/$G*++*B,$+424/G/,4$L2+$Q'*@4$
*,4B$45/$IBG)2,.`+$+4(24/-*I$)@2,,*,-$)(BI/++$2+$45/$:/+*-,24/:$
ĚƌŝǀĞƌŽĨŐƌŽǁƚŚ͘ŶĚŚĞĞŶƐƵƌĞĚƚŚĂƚƚŚĞǀŝƐŝŽŶǁĂƐĂƌƟĐƵůĂƚĞĚ
+B$4524$@BI2@$(/+42'(2,4$G2,2-/(+$',:/(+4BB:$45/.$L/(/$45/$8/.$
ƚŽ ƚŚĞ ĐŽŵƉĂŶǇ͛Ɛ ƐƵĐĐĞƐƐ ĂŶĚ ǁĞƌĞ ĨƌĞĞ ƚŽ ĮŶĚ ŶĞǁ ǁĂǇƐ ƚŽ
:*+4(*Q'4/$)*XX2U
$ P52,-/+$I2G/$_'*I8@.U$3*45*,$L//8+R$G2,.$@BI2@$G2,2-/(+$
ƐƚĂƌƚĞĚŐƵĂƌĂŶƚĞĞŝŶŐĨĂƐƚ͕ŶĞǁĚĞůŝǀĞƌǇƟŵĞƐ͘ǀĞŶďĞƩĞƌ͕ƚŚĞǇ
ƐƚĂƌƚĞĚ ƚŽ ĂĐƚ ůŝŬĞ ĞŶƚƌĞƉƌĞŶĞƵƌƐ͕ ĮŶĚŝŶŐ ŝŶŐĞŶŝŽƵƐ ůŽĐĂƟŽŶƐ ƚŽ
ŽƉĞŶŶĞǁďƌĂŶĐŚĞƐ͗ŬŝŽƐŬƐŽŶďƵƐǇƐƚƌĞĞƚĐŽƌŶĞƌƐĂŶĚŝŶďƵƐĂŶĚ
ƚƌĂŝŶƐƚĂƟŽŶƐ͕ĞǀĞŶĨƌŽŵĐĂƌƚƐŝŶĂŝƌƉŽƌƚƐĂŶĚŚŽƚĞůůŽďďŝĞƐ͘
dŽŵ͛ƐƐƵĐĐĞƐƐǁĂƐŶŽŇƵŬĞ͘dŚĞƌĞƐĞĂƌĐŚŝŶĚŝĐĂƚĞƐƚŚĂƚŽĨ
ƚŚĞƐŝǆůĞĂĚĞƌƐŚŝƉƐƚǇůĞƐ͕ƚŚĞĂƵƚŚŽƌŝƚĂƟǀĞŽŶĞŝƐŵŽƐƚĞīĞĐƟǀĞ͕
ĚƌŝǀŝŶŐƵƉĞǀĞƌǇĂƐƉĞĐƚŽĨĐůŝŵĂƚĞ͘dĂŬĞĐůĂƌŝƚǇ͘dŚĞĂƵƚŚŽƌŝƚĂƟǀĞ
ůĞĂĚĞƌ ŝƐ Ă ǀŝƐŝŽŶĂƌǇ͖ ŚĞ ŵŽƟǀĂƚĞƐ ƉĞŽƉůĞ ďǇ ŵĂŬŝŶŐ ĐůĞĂƌ ƚŽ
ƚŚĞŵŚŽǁƚŚĞŝƌǁŽƌŬĮƚƐŝŶƚŽĂůĂƌŐĞƌǀŝƐŝŽŶĨŽƌƚŚĞŽƌŐĂŶŝǌĂƟŽŶ͘
F/B)@/$L5B$LB(8$MB($+'I5$@/2:/(+$',:/(+42,:$4524$L524$45/.$:B$
ŵĂƩĞƌƐĂŶĚǁŚǇ͘
ƵƚŚŽƌŝƚĂƟǀĞ ůĞĂĚĞƌƐŚŝƉ ĂůƐŽ ŵĂǆŝŵŝǌĞƐ ĐŽŵŵŝƚŵĞŶƚ ƚŽ
ƚŚĞ ŽƌŐĂŶŝǌĂƟŽŶ͛Ɛ ŐŽĂůƐ ĂŶĚ ƐƚƌĂƚĞŐǇ͘ Ǉ ĨƌĂŵŝŶŐ ƚŚĞ ŝŶĚŝǀŝĚƵĂů
ƚĂƐŬƐ ǁŝƚŚŝŶ Ă ŐƌĂŶĚ ǀŝƐŝŽŶ͕ ƚŚĞ ĂƵƚŚŽƌŝƚĂƟǀĞ ůĞĂĚĞƌ ĚĞĮŶĞƐ
+42,:2(:+$ 4524$ (/NB@N/$ 2(B',:$ 4524$ N*+*B,U$ 35/,$ 5/$ -*N/+$
ƉĞƌĨŽƌŵĂŶĐĞ ĨĞĞĚďĂĐŬ ʹ ǁŚĞƚŚĞƌ ƉŽƐŝƟǀĞ Žƌ ŶĞŐĂƟǀĞ ʹ ƚŚĞ
+*,-'@2($ I(*4/(*B,$ *+$ L5/45/($ B($ ,B4$ 4524$ )/(MB(G2,I/$ M'(45/(+$
45/$N*+*B,U$=5/$+42,:2(:+$MB($+'II/++$2(/$I@/2($4B$2@@R$2+$2(/$45/$
(/L2(:+U
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ĂƵƚŚŽƌŝƚĂƟǀĞ ůĞĂĚĞƌ ƐƚĂƚĞƐ ƚŚĞ ĞŶĚ ďƵƚ ŐĞŶĞƌĂůůǇ ŐŝǀĞƐ ƉĞŽƉůĞ

ƉůĞŶƚǇŽĨůĞĞǁĂǇƚŽĚĞǀŝƐĞƚŚĞŝƌŽǁŶŵĞĂŶƐ͘ƵƚŚŽƌŝƚĂƟǀĞůĞĂĚĞƌƐ
-*N/$ )/B)@/$ 45/$ M(//:BG$ 4B$ *,,BN24/R$ /O)/(*G/,4R$ 2,:$ 428/$
ĐĂůĐƵůĂƚĞĚƌŝƐŬƐ͘ĞĐĂƵƐĞŽĨŝƚƐƉŽƐŝƟǀĞŝŵƉĂĐƚ͕ƚŚĞĂƵƚŚŽƌŝƚĂƟǀĞ
ƐƚǇůĞ ǁŽƌŬƐ ǁĞůů ŝŶ ĂůŵŽƐƚ ĂŶǇ ďƵƐŝŶĞƐƐ ƐŝƚƵĂƟŽŶ͘ Ƶƚ ŝƚ ŝƐ
ƉĂƌƟĐƵůĂƌůǇĞīĞĐƟǀĞǁŚĞŶĂďƵƐŝŶĞƐƐŝƐĂĚƌŝŌ͘ŶĂƵƚŚŽƌŝƚĂƟǀĞ
@/2:/($I52(4+$2$,/L$IB'(+/$2,:$+/@@+$5*+$)/B)@/$B,$2$M(/+5$@B,-Y
4/(G$N*+*B,U
dŚĞ ĂƵƚŚŽƌŝƚĂƟǀĞ ƐƚǇůĞ͕ ƉŽǁĞƌĨƵů ƚŚŽƵŐŚ ŝƚ ŵĂǇ ďĞ͕ ǁŝůů
ŶŽƚ ǁŽƌŬ ŝŶ ĞǀĞƌǇ ƐŝƚƵĂƟŽŶ͘ dŚĞ ĂƉƉƌŽĂĐŚ ĨĂŝůƐ͕ ĨŽƌ ŝŶƐƚĂŶĐĞ͕
L5/,$ 2$ @/2:/($ *+$ LB(8*,-$ L*45$ 2$ 4/2G$ BM$ /O)/(4+$ B($ )//(+$ L5B$
2(/$ GB(/$ /O)/(*/,I/:$ 452,$ 5/$ *+c$ 45/.$ G2.$ +//$ 45/$ @/2:/($ 2+$
ƉŽŵƉŽƵƐŽƌŽƵƚͲŽĨͲƚŽƵĐŚ͘ŶŽƚŚĞƌůŝŵŝƚĂƟŽŶ͗ŝĨĂŵĂŶĂŐĞƌƚƌǇŝŶŐ
ƚŽďĞĂƵƚŚŽƌŝƚĂƟǀĞďĞĐŽŵĞƐŽǀĞƌďĞĂƌŝŶŐ͕ŚĞĐĂŶƵŶĚĞƌŵŝŶĞƚŚĞ
ĞŐĂůŝƚĂƌŝĂŶƐƉŝƌŝƚŽĨĂŶĞīĞĐƟǀĞƚĞĂŵ͘zĞƚĞǀĞŶǁŝƚŚƐƵĐŚĐĂǀĞĂƚƐ͕
ůĞĂĚĞƌƐǁŽƵůĚďĞǁŝƐĞƚŽŐƌĂďĨŽƌƚŚĞĂƵƚŚŽƌŝƚĂƟǀĞ͞ĐůƵď͟ŵŽƌĞ
ŽŌĞŶƚŚĂŶŶŽƚ͘/ƚŵĂǇŶŽƚŐƵĂƌĂŶƚĞĞĂŚŽůĞŝŶŽŶĞ͕ďƵƚŝƚĐĞƌƚĂŝŶůǇ
5/@)+$L*45$45/$@B,-$:(*N/U
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G'I5U$&B$92L(/,I/R$45/$)(/+*:/,4$BM$45/$G2,'M2I4'(*,-$:*N*+*B,R$
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:/I*:/:$4B$-B$BN/($5*+$QB++`+$5/2:$2,:$)@/2:$5*+$I2+/$4B$45/$PZÛ
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:BL,$ L*45$ 5*+$ (/Q/@@*B'+$ :*(/I4$ (/)B(4$ 2,:$ 42@8/:$ BN/($ ,B4$ S'+4$
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/O)@2*,/:$4B$a2G/+$5BL$GBN*,-$4B$2,B45/($:*N*+*B,$LB'@:$5/@)$
Śŝŵ ĚĞǀĞůŽƉ ŶĞǁ ƐŬŝůůƐ͘ /ƚ ǁŽƵůĚ ŵĂŬĞ Śŝŵ Ă ďĞƩĞƌ ůĞĂĚĞƌ ĂŶĚ
4/2I5$5*G$GB(/$2QB'4$45/$IBG)2,.`+$Q'+*,/++U$92L(/,I/$2I4/:$
ŵŽƌĞůŝŬĞĂĐŽƵŶƐĞůŽƌƚŚĂŶĂƚƌĂĚŝƟŽŶĂůďŽƐƐ͘
46
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ĂŌĞƌĂůů͕ƚŚĞŽŶůǇƉůĂĐĞŚĞ͛ĚǁŽƌŬĞĚŝŶƚŚĞĐŽŵƉĂŶǇ͘,ĞƉƌĞĚŝĐƚĞĚ
ƚŚĂƚ:ĂŵĞƐǁŽƵůĚďůŽƐƐŽŵŝŶĂŶĞǁƌŽůĞ͘dŚĞĐŽŶǀĞƌƐĂƟŽŶƚŚĞŶ
ƚŽŽŬĂƉƌĂĐƟĐĂůƚƵƌŶ͘:ĂŵĞƐŚĂĚŶŽƚǇĞƚŚĂĚŚŝƐŵĞĞƟŶŐǁŝƚŚƚŚĞ
PZ^$[$45/$B,/$5/$52:$*G)/4'B'+@.$:/G2,:/:$L5/,$5/$5/2(:$BM$
ŚŝƐ ĚŝǀŝƐŝŽŶ͛Ɛ ĐůŽƐŝŶŐ͘ <ŶŽǁŝŶŐ ƚŚŝƐ ʹ ĂŶĚ ĂůƐŽ ŬŶŽǁŝŶŐ ƚŚĂƚ ƚŚĞ
PZ^$ ',L2N/(*,-@.$ +'))B(4/:$ 45/$ I@B+*,-$ [$ $ 92L(/,I/$ 4BB8$ 45/$
ƟŵĞƚŽĐŽĂĐŚ:ĂŵĞƐŽŶŚŽǁƚŽƉƌĞƐĞŶƚŚŝƐĐĂƐĞŝŶƚŚĂƚŵĞĞƟŶŐ͘
͞zŽƵĚŽŶ͛ƚŐĞƚĂŶĂƵĚŝĞŶĐĞǁŝƚŚƚŚĞKǀĞƌǇŽŌĞŶ͕͟ŚĞŶŽƚĞĚ͕
͞ůĞƚ͛ƐŵĂŬĞƐƵƌĞǇŽƵŝŵƉƌĞƐƐŚŝŵǁŝƚŚǇŽƵƌƚŚŽƵŐŚƞƵůŶĞƐƐ͘͟
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ĨŽĐƵƐŽŶƚŚĞďƵƐŝŶĞƐƐƵŶŝƚ͗͞/ĨŚĞƚŚŝŶŬƐǇŽƵ͛ƌĞŝŶƚŚĞƌĞĨŽƌǇŽƵƌ
BL,$ -@B(.R$ 5/`@@$ 45(BL$ .B'$ B'4$ M2+4/($ 452,$ .B'$ L2@8/:$ 45(B'-5$
ƚŚĞĚŽŽƌ͘͟ŶĚŚĞƵƌŐĞĚŚŝŵƚŽƉƵƚŚŝƐŝĚĞĂƐŝŶǁƌŝƟŶŐ͖ƚŚĞK
2@L2.+$2))(/I*24/:$4524U
$ 92L(/,I/`+$ (/2+B,$ MB($ IB2I5*,-$ *,+4/2:$ BM$ +IB@:*,-;$
͞:ĂŵĞƐŝƐĂŐŽŽĚŐƵǇ͕ǀĞƌǇƚĂůĞŶƚĞĚĂŶĚƉƌŽŵŝƐŝŶŐ͕͟ƚŚĞĞǆĞĐƵƟǀĞ
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ƚŽůĞĂƌŶ͕/ǁĂŶƚŚŝŵƚŽďĞŶĞĮƚĂŶĚŐƌŽǁ͘:ƵƐƚďĞĐĂƵƐĞŚĞƐĐƌĞǁĞĚ
')$:B/+,`4$G/2,$5/`+$4/((*Q@/UT
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ĞǆĐĞůůĞŶĐĞ͘ ŽĂĐŚŝŶŐ ůĞĂĚĞƌƐ ŚĞůƉ ĞŵƉůŽǇĞĞƐ ŝĚĞŶƟĨǇ ƚŚĞŝƌ
ƵŶŝƋƵĞƐƚƌĞŶŐƚŚƐĂŶĚǁĞĂŬŶĞƐƐĞƐĂŶĚƟĞƚŚĞŵƚŽƚŚĞŝƌƉĞƌƐŽŶĂů
ĂŶĚ ĐĂƌĞĞƌ ĂƐƉŝƌĂƟŽŶƐ͘ dŚĞǇ ĞŶĐŽƵƌĂŐĞ ĞŵƉůŽǇĞĞƐ ƚŽ ĞƐƚĂďůŝƐŚ
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ĨŽƌĂƩĂŝŶŝŶŐƚŚĞŵ͘dŚĞǇŵĂŬĞĂŐƌĞĞŵĞŶƚƐǁŝƚŚƚŚĞŝƌĞŵƉůŽǇĞĞƐ
ĂďŽƵƚ ƚŚĞŝƌ ƌŽůĞ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ ŝŶ ĞŶĂĐƟŶŐ ĚĞǀĞůŽƉŵĞŶƚ
ƉůĂŶƐ͕ĂŶĚƚŚĞǇŐŝǀĞƉůĞŶƟĨƵůŝŶƐƚƌƵĐƟŽŶĂŶĚĨĞĞĚďĂĐŬ͘
ŽĂĐŚŝŶŐůĞĂĚĞƌƐĞǆĐĞůĂƚĚĞůĞŐĂƟŶŐ͖ƚŚĞǇŐŝǀĞĞŵƉůŽǇĞĞƐ
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)'4$')$L*45$+5B(4Y4/(G$M2*@'(/$*M$*4$M'(45/(+$@B,-Y4/(G$@/2(,*,-U$
$ ^M$ 45/$ +*O$ +4.@/+R$ B'($ (/+/2(I5$ MB',:$ 4524$ 45/$ IB2I5*,-$
ƐƚǇůĞŝƐƵƐĞĚůĞĂƐƚŽŌĞŶ͘DĂŶǇůĞĂĚĞƌƐƚŽůĚƵƐƚŚĞǇĚŽŶ͛ƚŚĂǀĞ
ƚŚĞƟŵĞŝŶƚŚŝƐŚŝŐŚͲƉƌĞƐƐƵƌĞĞĐŽŶŽŵǇĨŽƌƚŚĞƐůŽǁĂŶĚƚĞĚŝŽƵƐ
ǁŽƌŬŽĨƚĞĂĐŚŝŶŐƉĞŽƉůĞĂŶĚŚĞůƉŝŶŐƚŚĞŵŐƌŽǁ͘ƵƚĂŌĞƌĂĮƌƐƚ
ƐĞƐƐŝŽŶ͕ŝƚƚĂŬĞƐůŝƩůĞŽƌŶŽĞǆƚƌĂƟŵĞ͘>ĞĂĚĞƌƐǁŚŽŝŐŶŽƌĞƚŚŝƐ
ƐƚǇůĞ ĂƌĞ ƉĂƐƐŝŶŐ ƵƉ Ă ƉŽǁĞƌĨƵů ƚŽŽů͗ ŝƚƐ ŝŵƉĂĐƚ ŽŶ ĐůŝŵĂƚĞ ĂŶĚ
ƉĞƌĨŽƌŵĂŶĐĞĂƌĞŵĂƌŬĞĚůǇƉŽƐŝƟǀĞ͘
ĚŵŝƩĞĚůǇ͕ƚŚĞƌĞŝƐĂƉĂƌĂĚŽǆŝŶĐŽĂĐŚŝŶŐ͛ƐƉŽƐŝƟǀĞĞīĞĐƚ
B,$Q'+*,/++$)/(MB(G2,I/$Q/I2'+/$IB2I5*,-$MBI'+/+$)(*G2(*@.$B,$
)/(+B,2@$ :/N/@B)G/,4R$ ,B4$ B,$ *GG/:*24/$ LB(8Y(/@24/:$ 42+8+U$
ǀĞŶ ƐŽ͕ ĐŽĂĐŚŝŶŐ ŝŵƉƌŽǀĞƐ ƌĞƐƵůƚƐ͘ dŚĞ ƌĞĂƐŽŶ͗ ŝƚ ƌĞƋƵŝƌĞƐ
IB,+42,4$ :*2@B-'/R$ 2,:$ 4524$ :*2@B-'/$ 52+$ 2$ L2.$ BM$ )'+5*,-$ ')$
ĞǀĞƌǇĚƌŝǀĞƌŽĨĐůŝŵĂƚĞ͘dĂŬĞŇĞǆŝďŝůŝƚǇ͘tŚĞŶĂŶĞŵƉůŽǇĞĞŬŶŽǁƐ
5*+$QB++$L24I5/+$5*G$2,:$I2(/+$2QB'4$L524$5/$:B/+R$5/$M//@+$M(//$
ƚŽĞǆƉĞƌŝŵĞŶƚ͘ŌĞƌĂůů͕ŚĞ͛ƐƐƵƌĞƚŽŐĞƚƋƵŝĐŬĂŶĚĐŽŶƐƚƌƵĐƟǀĞ
M//:Q2I8U
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dŚĞĐŽĂĐŚŝŶŐƐƚǇůĞǁŽƌŬƐǁĞůůŝŶŵĂŶǇďƵƐŝŶĞƐƐƐŝƚƵĂƟŽŶƐ͕
ďƵƚŝƚŝƐƉĞƌŚĂƉƐŵŽƐƚĞīĞĐƟǀĞǁŚĞŶƉĞŽƉůĞŽŶƚŚĞƌĞĐĞŝǀŝŶŐĞŶĚ
ĂƌĞ͞ƵƉĨŽƌŝƚ͘͟&ŽƌŝŶƐƚĂŶĐĞ͕ƚŚĞĐŽĂĐŚŝŶŐƐƚǇůĞǁŽƌŬƐƉĂƌƟĐƵůĂƌůǇ
L/@@$ L5/,$ /G)@B.//+$ 2(/$ 2@(/2:.$ 2L2(/$ BM$ 45/*($ L/28,/++/+$
2,:$LB'@:$@*8/$4B$*G)(BN/$45/*($)/(MB(G2,I/U$&*G*@2(@.R$45/$+4.@/$
ǁŽƌŬƐǁĞůůǁŚĞŶĞŵƉůŽǇĞĞƐƌĞĂůŝǌĞŚŽǁĐƵůƟǀĂƟŶŐŶĞǁĂďŝůŝƟĞƐ
I2,$5/@)$45/G$2:N2,I/U$C,$+5B(4R$*4$LB(8+$Q/+4$L*45$/G)@B.//+$
L5B$L2,4$4B$Q/$IB2I5/:U
Ǉ ĐŽŶƚƌĂƐƚ͕ ƚŚĞ ĐŽĂĐŚŝŶŐ ƐƚǇůĞ ŵĂŬĞƐ ůŝƩůĞ ƐĞŶƐĞ ǁŚĞŶ
/G)@B.//+R$ MB($ L524/N/($ (/2+B,R$ 2(/$ (/+*+42,4$ 4B$ @/2(,*,-$ B($
ĐŚĂŶŐŝŶŐƚŚĞŝƌǁĂǇƐ͘ŶĚŝƚŇŽƉƐŝĨƚŚĞůĞĂĚĞƌůĂĐŬƐƚŚĞĞǆƉĞƌƟƐĞ
4B$ 5/@)$ 45/$ /G)@B.//$ 2@B,-U$ =5/$ M2I4$ *+R$ G2,.$ G2,2-/(+$ 2(/$
ƵŶĨĂŵŝůŝĂƌǁŝƚŚŽƌƐŝŵƉůǇŝŶĞƉƚĂƚĐŽĂĐŚŝŶŐ͕ƉĂƌƟĐƵůĂƌůǇǁŚĞŶŝƚ
ĐŽŵĞƐƚŽŐŝǀŝŶŐŽŶŐŽŝŶŐƉĞƌĨŽƌŵĂŶĐĞĨĞĞĚďĂĐŬƚŚĂƚŵŽƟǀĂƚĞƐ
48
(245/($452,$I(/24/+$M/2($B($2)245.U
^ŽŵĞ ĐŽŵƉĂŶŝĞƐ ŚĂǀĞ ƌĞĂůŝǌĞĚ ƚŚĞ ƉŽƐŝƟǀĞ ŝŵƉĂĐƚ ŽĨ
45/$+4.@/$2,:$2(/$4(.*,-$4B$G28/$*4$2$IB(/$IBG)/4/,I/U$%4$+BG/$
ĐŽŵƉĂŶŝĞƐ͕ĂƐŝŐŶŝĮĐĂŶƚƉŽƌƟŽŶŽĨĂŶŶƵĂůďŽŶƵƐĞƐĂƌĞƟĞĚƚŽĂŶ
ĞǆĞĐƵƟǀĞ͛Ɛ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŚŝƐ Žƌ ŚĞƌ ĚŝƌĞĐƚ ƌĞƉŽƌƚƐ͘ Ƶƚ ŵĂŶǇ
ŽƌŐĂŶŝǌĂƟŽŶƐ ŚĂǀĞ ǇĞƚ ƚŽ ƚĂŬĞ ĨƵůů ĂĚǀĂŶƚĂŐĞ ŽĨ ƚŚŝƐ ůĞĂĚĞƌƐŚŝƉ
ƐƚǇůĞ͘ůƚŚŽƵŐŚƚŚĞĐŽĂĐŚŝŶŐƐƚǇůĞŵĂǇŶŽƚƐĐƌĞĂŵ͞ďŽƩŽŵͲůŝŶĞ
(/+'@4+RT$*4$:/@*N/(+$45/GU
#$%&'**!3!'#!1%&/#03%
/ĨƚŚĞĂƵƚŚŽƌŝƚĂƟǀĞůĞĂĚĞƌƵƌŐĞƐ͕͞ŽŵĞǁŝƚŚŵĞ͕͟ƚŚĞĂĸůŝĂƟǀĞ
ůĞĂĚĞƌ ƐĂǇƐ͕ ͞WĞŽƉůĞ ĐŽŵĞ ĮƌƐƚ͘͟ dŚŝƐ ůĞĂĚĞƌƐŚŝƉ ƐƚǇůĞ ƌĞǀŽůǀĞƐ
2(B',:$ )/B)@/$ [$ *4+$ )(B)B,/,4+$ N2@'/$ *,:*N*:'2@+$ 2,:$ 45/*($
ĞŵŽƟŽŶƐŵŽƌĞƚŚĂŶƚĂƐŬƐĂŶĚŐŽĂůƐ͘dŚĞĂĸůŝĂƟǀĞůĞĂĚĞƌƐƚƌŝǀĞƐ
4B$8//)$/G)@B.//+$52)).$2,:$4B$I(/24/$52(GB,.$2GB,-$45/GU$
,ĞŵĂŶĂŐĞƐďǇďƵŝůĚŝŶŐƐƚƌŽŶŐĞŵŽƟŽŶĂůďŽŶĚƐĂŶĚƚŚĞŶƌĞĂƉŝŶŐ
ƚŚĞďĞŶĞĮƚƐŽĨƐƵĐŚĂŶĂƉƉƌŽĂĐŚ͕ŶĂŵĞůǇĮĞƌĐĞůŽǇĂůƚǇ͘
dŚĞ ƐƚǇůĞ ĂůƐŽ ŚĂƐ Ă ŵĂƌŬĞĚůǇ ƉŽƐŝƟǀĞ ĞīĞĐƚ ŽŶ
ĐŽŵŵƵŶŝĐĂƟŽŶ͘ WĞŽƉůĞ ǁŚŽ ůŝŬĞ ŽŶĞ ĂŶŽƚŚĞƌ Ă ůŽƚ ƚĂůŬ Ă ůŽƚ͘
dŚĞǇƐŚĂƌĞŝĚĞĂƐ͖ƚŚĞǇƐŚĂƌĞŝŶƐƉŝƌĂƟŽŶ͘ŶĚƚŚĞƐƚǇůĞĚƌŝǀĞƐƵƉ
ŇĞǆŝďŝůŝƚǇ͖ĨƌŝĞŶĚƐƚƌƵƐƚŽŶĞĂŶŽƚŚĞƌ͕ĂůůŽǁŝŶŐŚĂďŝƚƵĂůŝŶŶŽǀĂƟŽŶ
ĂŶĚ ƌŝƐŬ ƚĂŬŝŶŐ͘ &ůĞǆŝďŝůŝƚǇ ĂůƐŽ ƌŝƐĞƐ ďĞĐĂƵƐĞ ƚŚĞ ĂĸůŝĂƟǀĞ
@/2:/(R$@*8/$2$)2(/,4$L5B$2:S'+4+$5B'+/5B@:$('@/+$MB($2$G24'(*,-$
2:B@/+I/,4R$ :B/+,`4$ *G)B+/$ ',,/I/++2(.$ +4(*I4'(/+$ B,$ 5BL$
/G)@B.//+$-/4$45/*($LB(8$:B,/U$=5/.$-*N/$)/B)@/$45/$M(//:BG$4B$
ĚŽƚŚĞŝƌũŽďŝŶƚŚĞǁĂǇƚŚĞǇƚŚŝŶŬŝƐŵŽƐƚĞīĞĐƟǀĞ͘
Ɛ ĨŽƌ Ă ƐĞŶƐĞ ŽĨ ƌĞĐŽŐŶŝƟŽŶ ĂŶĚ ƌĞǁĂƌĚ ĨŽƌ ǁŽƌŬ ǁĞůů
ĚŽŶĞ͕ƚŚĞĂĸůŝĂƟǀĞůĞĂĚĞƌŽīĞƌƐĂŵƉůĞƉŽƐŝƟǀĞĨĞĞĚďĂĐŬ͘^ƵĐŚ
M//:Q2I8$ 52+$ +)/I*2@$ )B4/,I.$ *,$ 45/$ LB(8)@2I/$ Q/I2'+/$ *4$ *+$ 2@@$
ƚŽŽƌĂƌĞ͗ŽƵƚƐŝĚĞŽĨĂŶĂŶŶƵĂůƌĞǀŝĞǁ͕ŵŽƐƚƉĞŽƉůĞƵƐƵĂůůǇŐĞƚŶŽ
ĨĞĞĚďĂĐŬ ŽŶ ƚŚĞŝƌ ĚĂǇͲƚŽĚĂǇ ĞīŽƌƚƐʹŽƌ ŽŶůǇ ŶĞŐĂƟǀĞ ĨĞĞĚďĂĐŬ͘
dŚĂƚ ŵĂŬĞƐ ƚŚĞ ĂĸůŝĂƟǀĞ ůĞĂĚĞƌ͛Ɛ ƉŽƐŝƟǀĞ ǁŽƌĚƐ Ăůů ƚŚĞ ŵŽƌĞ
ŵŽƟǀĂƟŶŐ͘
&ŝŶĂůůǇ͕ĂĸůŝĂƟǀĞůĞĂĚĞƌƐĂƌĞŵĂƐƚĞƌƐĂƚďƵŝůĚŝŶŐĂƐĞŶƐĞ
BM$ Q/@B,-*,-U$ =5/.$ 2(/R$ MB($ *,+42,I/R$ @*8/@.$ 4B$ 428/$ 45/*($ :*(/I4$
(/)B(4+$ B'4$ MB($ 2$ G/2@$ B($ 2$ :(*,8R$ B,/YB,YB,/R$ 4B$ +//$ 5BL$
45/.`(/$ :B*,-U$ =5/.$ L*@@$ Q(*,-$ *,$ 2$ I28/$ 4B$ I/@/Q(24/$ 2$ -(B')$
ĂĐĐŽŵƉůŝƐŚŵĞŶƚ͘dŚĞǇĂƌĞŶĂƚƵƌĂůƌĞůĂƟŽŶƐŚŝƉďƵŝůĚĞƌƐ͘
:ŽĞdŽƌƌĞ͕ĂƚŽŶĞƟŵĞƚŚĞŚĞĂƌƚĂŶĚƐŽƵůŽĨƚŚĞEĞǁzŽƌŬ
zĂŶŬĞĞƐ͕ ǁĂƐ Ă ĐůĂƐƐŝĐ ĂĸůŝĂƟǀĞ ůĞĂĚĞƌ͘ ƵƌŝŶŐ ƚŚĞ ϭϵϵϵ tŽƌůĚ
&/(*/+R$ =B((/$ 4/,:/:$ 2Q@.$ 4B$ 45/$ )+.I5/+$ BM$ 5*+$ )@2./(+$ 2+$ 45/.$
ĞŶĚƵƌĞĚ ƚŚĞ ĞŵŽƟŽŶĂů ƉƌĞƐƐƵƌĞ ĐŽŽŬĞƌ ŽĨ Ă ƉĞŶŶĂŶƚ ƌĂĐĞ͘ ůů
ƐĞĂƐŽŶ ůŽŶŐ͕ ŚĞ ŵĂĚĞ Ă ƐƉĞĐŝĂů ƉŽŝŶƚ ƚŽ ƉƌĂŝƐĞ ^ĐŽƩ ƌŽƐŝƵƐ͕
ǁŚŽƐĞĨĂƚŚĞƌŚĂĚĚŝĞĚĚƵƌŝŶŐƚŚĞƐĞĂƐŽŶ͕ĨŽƌƐƚĂǇŝŶŐĐŽŵŵŝƩĞĚ
/N/,$2+$5/$GB'(,/:U
ƚƚŚĞĐĞůĞďƌĂƟŽŶƉĂƌƚǇĂŌĞƌƚŚĞƚĞĂŵ͛ƐĮŶĂůŐĂŵĞ͕dŽƌƌĞ
ƐƉĞĐŝĮĐĂůůǇƐŽƵŐŚƚŽƵƚƌŝŐŚƚĮĞůĚĞƌWĂƵůK͛EĞŝůů͘ůƚŚŽƵŐŚŚĞŚĂĚ
ƌĞĐĞŝǀĞĚƚŚĞŶĞǁƐŽĨŚŝƐĨĂƚŚĞƌ͛ƐĚĞĂƚŚƚŚĂƚŵŽƌŶŝŶŐ͕K͛EĞŝůůĐŚŽƐĞ
4B$)@2.$*,$45/$:/I*+*N/$-2G/$[$2,:$5/$Q'(+4$*,4B$4/2(+$45/$GBG/,4$
ŝƚĞŶĚĞĚ͘dŽƌƌĞŵĂĚĞĂƉŽŝŶƚŽĨĂĐŬŶŽǁůĞĚŐŝŶŐK͛EĞŝůů͛ƐƉĞƌƐŽŶĂů
+4('--@/R$I2@@*,-$5*G$2$]L2((*B(UT$=B((/$2@+B$'+/:$45/$+)B4@*-54$BM$
ƚŚĞ ǀŝĐƚŽƌǇ ĐĞůĞďƌĂƟŽŶ ƚŽ ƉƌĂŝƐĞ ƚǁŽ ƉůĂǇĞƌƐ ǁŚŽƐĞ ƌĞƚƵƌŶ ƚŚĞ
MB@@BL*,-$./2($L2+$45(/24/,/:$Q.$IB,4(2I4$:*+)'4/+U$C,$:B*,-$+BR$
5/$+/,4$2$I@/2($G/++2-/$4B$45/$4/2G$2,:$4B$45/$I@'Q`+$BL,/($4524$
5/$N2@'/:$45/$)@2./(+$*GG/,+/@.$[$4BB$G'I5$4B$@B+/$45/GU
ůŽŶŐǁŝƚŚŵŝŶŝƐƚĞƌŝŶŐƚŽƚŚĞĞŵŽƟŽŶƐŽĨŚŝƐƉĞŽƉůĞ͕ĂŶ
ĂĸůŝĂƟǀĞůĞĂĚĞƌŵĂǇĂůƐŽƚĞŶĚƚŽŚŝƐŽǁŶĞŵŽƟŽŶƐŽƉĞŶůǇ͘dŚĞ
ǇĞĂƌŚŝƐďƌŽƚŚĞƌǁĂƐŶĞĂƌĚĞĂƚŚĂǁĂŝƟŶŐĂŚĞĂƌƚƚƌĂŶƐƉůĂŶƚ͕dŽƌƌĞ
+52(/:$5*+$LB((*/+$L*45$5*+$)@2./(+U$6/$2@+B$+)B8/$I2,:*:@.$L*45$
ƚŚĞƚĞĂŵĂďŽƵƚŚŝƐƚƌĞĂƚŵĞŶƚĨŽƌƉƌŽƐƚĂƚĞĐĂŶĐĞƌ͘dŚĞĂĸůŝĂƟǀĞ
ƐƚǇůĞ͛Ɛ ŐĞŶĞƌĂůůǇ ƉŽƐŝƟǀĞ ŝŵƉĂĐƚ ŵĂŬĞƐ ŝƚ Ă ŐŽŽĚ ĂůůͲǁĞĂƚŚĞƌ
ĂƉƉƌŽĂĐŚ͕ďƵƚůĞĂĚĞƌƐƐŚŽƵůĚĞŵƉůŽǇŝƚƉĂƌƟĐƵůĂƌůǇǁŚĞŶƚƌǇŝŶŐ
ƚŽďƵŝůĚƚĞĂŵŚĂƌŵŽŶǇ͕ŝŶĐƌĞĂƐĞŵŽƌĂůĞ͕ŝŵƉƌŽǀĞĐŽŵŵƵŶŝĐĂƟŽŶ͕
B($(/)2*($Q(B8/,$4('+4U
&Žƌ ŝŶƐƚĂŶĐĞ͕ ŽŶĞ ĞǆĞĐƵƟǀĞ ǁĂƐ ŚŝƌĞĚ ƚŽ ƌĞƉůĂĐĞ Ă
('45@/++$4/2G$@/2:/(U$=5/$MB(G/($@/2:/($52:$428/,$I(/:*4$MB($5*+$
ĞŵƉůŽǇĞĞƐ͛ ǁŽƌŬ ĂŶĚ ŚĂĚ ĂƩĞŵƉƚĞĚ ƚŽ Ɖŝƚ ƚŚĞŵ ĂŐĂŝŶƐƚ ŽŶĞ
ĂŶŽƚŚĞƌ͘,ŝƐĞīŽƌƚƐƵůƟŵĂƚĞůǇĨĂŝůĞĚ͕ďƵƚƚŚĞƚĞĂŵŚĞůĞŌďĞŚŝŶĚ
ǁĂƐƐƵƐƉŝĐŝŽƵƐĂŶĚǁĞĂƌǇ͘dŚĞŶĞǁĞǆĞĐƵƟǀĞŵĂŶĂŐĞĚƚŽŵĞŶĚ
50
ƚŚĞ ƐŝƚƵĂƟŽŶ ďǇ ƵŶƐƟŶƟŶŐůǇ ƐŚŽǁŝŶŐ ĞŵŽƟŽŶĂů ŚŽŶĞƐƚǇ ĂŶĚ

ƌĞďƵŝůĚŝŶŐƟĞƐ͘^ĞǀĞƌĂůŵŽŶƚŚƐŝŶ͕ŚĞƌůĞĂĚĞƌƐŚŝƉŚĂĚĐƌĞĂƚĞĚĂ
(/,/L/:$+/,+/$BM$IBGG*4G/,4$2,:$/,/(-.U
ĞƐƉŝƚĞŝƚƐďĞŶĞĮƚƐ͕ƚŚĞĂĸůŝĂƟǀĞƐƚǇůĞƐŚŽƵůĚŶŽƚďĞƵƐĞĚ
2@B,/U$C4+$/OI@'+*N/$MBI'+$B,$)(2*+/$I2,$2@@BL$)BB($)/(MB(G2,I/$
4B$ -B$ ',IB((/I4/:c$ /G)@B.//+$ G2.$ )/(I/*N/$ 4524$ G/:*BI(*4.$ *+$
ƚŽůĞƌĂƚĞĚ͘ŶĚďĞĐĂƵƐĞĂĸůŝĂƟǀĞůĞĂĚĞƌƐƌĂƌĞůǇŽīĞƌĐŽŶƐƚƌƵĐƟǀĞ
ĂĚǀŝĐĞŽŶŚŽǁƚŽŝŵƉƌŽǀĞ͕ĞŵƉůŽǇĞĞƐŵƵƐƚĮŐƵƌĞŽƵƚŚŽǁƚŽĚŽ
ƐŽŽŶƚŚĞŝƌŽǁŶ͘tŚĞŶƉĞŽƉůĞŶĞĞĚĐůĞĂƌĚŝƌĞĐƟǀĞƐƚŽŶĂǀŝŐĂƚĞ
ƚŚƌŽƵŐŚ ĐŽŵƉůĞǆ ĐŚĂůůĞŶŐĞƐ͕ ƚŚĞ ĂĸůŝĂƟǀĞ ƐƚǇůĞ ůĞĂǀĞƐ ƚŚĞŵ
('::/(@/++U
$ C,://:R$ *M$ BN/(@.$ (/@*/:$ B,R$ 45*+$ +4.@/$ I2,$ 2I4'2@@.$ +4//($
Ă ŐƌŽƵƉ ƚŽ ĨĂŝůƵƌĞ͘ WĞƌŚĂƉƐ ƚŚĂƚ ŝƐ ǁŚǇ ŵĂŶǇ ĂĸůŝĂƟǀĞ ůĞĂĚĞƌƐ͕
ŝŶĐůƵĚŝŶŐ dŽƌƌĞ͕ ƵƐĞ ƚŚŝƐ ƐƚǇůĞ ŝŶ ĐůŽƐĞ ĐŽŶũƵŶĐƟŽŶ ǁŝƚŚ ƚŚĞ
ĂƵƚŚŽƌŝƚĂƟǀĞ ƐƚǇůĞ͘ ƵƚŚŽƌŝƚĂƟǀĞ ůĞĂĚĞƌƐ ƐƚĂƚĞ Ă ǀŝƐŝŽŶ͕ ƐĞƚ
+42,:2(:+R$2,:$@/4$)/B)@/$8,BL$5BL$45/*($LB(8$*+$M'(45/(*,-$45/$
-(B')`+$-B2@+U$%@4/(,24/$4524$L*45$45/$I2(*,-R$,'(4'(*,-$2))(B2I5$
ŽĨƚŚĞĂĸůŝĂƟǀĞůĞĂĚĞƌ͕ĂŶĚǇŽƵŚĂǀĞĂƉŽƚĞŶƚĐŽŵďŝŶĂƟŽŶ͘
#$%&8%")+('#!+&/#03%
&*+4/($12(.$(2,$2$P245B@*I$+I5BB@$+.+4/G$*,$2$@2(-/$G/4(B)B@*42,$
2(/2U$ ^,/$ BM$ 45/$ +I5BB@+$ [$ 45/$ B,@.$ )(*N24/$ +I5BB@$ *,$ 2,$
*G)BN/(*+5/:$,/*-5QB(5BB:$[$52:$Q//,$@B+*,-$GB,/.$MB($./2(+R$
ĂŶĚƚŚĞĂƌĐŚĚŝŽĐĞƐĞĐŽƵůĚŶŽůŽŶŐĞƌĂīŽƌĚƚŽŬĞĞƉŝƚŽƉĞŶ͘tŚĞŶ
&*+4/($12(.$/N/,4'2@@.$-B4$45/$B(:/($4B$+5'4$*4$:BL,R$+5/$:*:,`4$
S'+4$@BI8$45/$:BB(+U
^ŚĞĐĂůůĞĚĂŵĞĞƟŶŐŽĨĂůůƚŚĞƚĞĂĐŚĞƌƐĂŶĚƐƚĂīĂƚƚŚĞ
ƐĐŚŽŽůĂŶĚĞǆƉůĂŝŶĞĚƚŽƚŚĞŵƚŚĞĚĞƚĂŝůƐŽĨƚŚĞĮŶĂŶĐŝĂůĐƌŝƐŝƐʹ
ƚŚĞĮƌƐƚƟŵĞĂŶǇŽŶĞǁŽƌŬŝŶŐĂƚƚŚĞƐĐŚŽŽůŚĂĚďĞĞŶŝŶĐůƵĚĞĚŝŶ
ƚŚĞďƵƐŝŶĞƐƐƐŝĚĞŽĨƚŚĞŝŶƐƟƚƵƟŽŶ͘^ŚĞĂƐŬĞĚĨŽƌƚŚĞŝƌŝĚĞĂƐŽŶ
L2.+$4B$8//)$45/$+I5BB@$B)/,$2,:$B,$5BL$4B$52,:@/$45/$I@B+*,-R$
ƐŚŽƵůĚ ŝƚ ĐŽŵĞ ƚŽ ƚŚĂƚ͘ ^ŝƐƚĞƌ DĂƌǇ ƐƉĞŶƚ ŵƵĐŚ ŽĨ ŚĞƌ ƟŵĞ Ăƚ
ƚŚĞŵĞĞƟŶŐũƵƐƚůŝƐƚĞŶŝŶŐ͘^ŚĞĚŝĚƚŚĞƐĂŵĞĂƚůĂƚĞƌŵĞĞƟŶŐƐĨŽƌ
+I5BB@$ )2(/,4+$ 2,:$ MB($ 45/$ IBGG',*4.$ 2,:$ :'(*,-$ 2$ +'II/++*N/$
ƐĞƌŝĞƐŽĨŵĞĞƟŶŐƐĨŽƌƚŚĞƐĐŚŽŽů͛ƐƚĞĂĐŚĞƌƐĂŶĚƐƚĂī͘
ŌĞƌƚǁŽŵŽŶƚŚƐŽĨŵĞĞƟŶŐƐ͕ƚŚĞĐŽŶƐĞŶƐƵƐǁĂƐĐůĞĂƌ͗
45/$ +I5BB@$ LB'@:$ 52N/$ 4B$ I@B+/U$ %$ )@2,$ L2+$ G2:/$ 4B$ 4(2,+M/($
ƐƚƵĚĞŶƚƐ ƚŽ ŽƚŚĞƌ ƐĐŚŽŽůƐ ŝŶ ƚŚĞ ĂƚŚŽůŝĐ ƐǇƐƚĞŵ͘ dŚĞ ĮŶĂů
ŽƵƚĐŽŵĞ ǁĂƐ ŶŽ ĚŝīĞƌĞŶƚ ƚŚĂŶ ŝĨ ^ŝƐƚĞƌ DĂƌǇ ŚĂĚ ŐŽŶĞ ĂŚĞĂĚ
2,:$I@B+/:$45/$+I5BB@$45/$:2.$+5/$L2+$4B@:$4BU$J'4$Q.$2@@BL*,-$
ƚŚĞƐĐŚŽŽů͛ƐĐŽŶƐƟƚƵĞŶƚƐƚŽƌĞĂĐŚƚŚĂƚĚĞĐŝƐŝŽŶĐŽůůĞĐƟǀĞůǇ͕^ŝƐƚĞƌ
12(.$(/I/*N/:$,B,/$BM$45/$Q2I8@2+5$4524$LB'@:$52N/$2IIBG)2,*/:$
+'I5$ 2$ GBN/U$ F/B)@/$ GB'(,/:$ 45/$ @B++$ BM$ 45/$ +I5BB@R$ Q'4$ 45/.$
ƵŶĚĞƌƐƚŽŽĚŝƚƐŝŶĞǀŝƚĂďŝůŝƚǇ͘sŝƌƚƵĂůůǇŶŽŽŶĞŽďũĞĐƚĞĚ͘
$ PBG)2(/$ 4524$ L*45$ 45/$ /O)/(*/,I/+$ BM$ 2$ )(*/+4$ *,$ B'($
(/+/2(I5$L5B$5/2:/:$2,B45/($P245B@*I$+I5BB@U$6/R$4BBR$L2+$4B@:$
ƚŽƐŚƵƚŝƚĚŽǁŶ͘ŶĚŚĞĚŝĚʹďǇĮĂƚ͘dŚĞƌĞƐƵůƚǁĂƐĚŝƐĂƐƚƌŽƵƐ͗
ƉĂƌĞŶƚƐ ĮůĞĚ ůĂǁƐƵŝƚƐ͕ ƚĞĂĐŚĞƌƐ ĂŶĚ ƉĂƌĞŶƚƐ ƉŝĐŬĞƚĞĚ͕ ĂŶĚ ůŽĐĂů
ŶĞǁƐƉĂƉĞƌƐƌĂŶĞĚŝƚŽƌŝĂůƐĂƩĂĐŬŝŶŐŚŝƐĚĞĐŝƐŝŽŶ͘/ƚƚŽŽŬĂǇĞĂƌƚŽ
ƌĞƐŽůǀĞƚŚĞĚŝƐƉƵƚĞƐďĞĨŽƌĞŚĞĐŽƵůĚĮŶĂůůǇŐŽĂŚĞĂĚĂŶĚĐůŽƐĞ
45/$+I5BB@U
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ŝƚƐďĞŶĞĮƚƐ͘ǇƐƉĞŶĚŝŶŐƟŵĞŐĞƫŶŐƉĞŽƉůĞ͛ƐŝĚĞĂƐĂŶĚďƵǇͲŝŶ͕Ă
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ƚŚĞŵƐĞůǀĞƐŚĂǀĞĂƐĂǇŝŶĚĞĐŝƐŝŽŶƐƚŚĂƚĂīĞĐƚƚŚĞŝƌŐŽĂůƐĂŶĚŚŽǁ
ƚŚĞǇ ĚŽ ƚŚĞŝƌ ǁŽƌŬ͕ ƚŚĞ ĚĞŵŽĐƌĂƟĐ ůĞĂĚĞƌ ĚƌŝǀĞƐ ƵƉ ŇĞǆŝďŝůŝƚǇ
2,:$(/+)B,+*Q*@*4.U$%,:$Q.$@*+4/,*,-$4B$/G)@B.//+`$IB,I/(,+R$45/$
ĚĞŵŽĐƌĂƟĐůĞĂĚĞƌůĞĂƌŶƐǁŚĂƚƚŽĚŽƚŽŬĞĞƉŵŽƌĂůĞŚŝŐŚ͘&ŝŶĂůůǇ͕
ďĞĐĂƵƐĞƚŚĞǇŚĂǀĞĂƐĂǇŝŶƐĞƫŶŐƚŚĞŝƌŐŽĂůƐĂŶĚƚŚĞƐƚĂŶĚĂƌĚƐĨŽƌ
ĞǀĂůƵĂƟŶŐƐƵĐĐĞƐƐ͕ƉĞŽƉůĞŽƉĞƌĂƟŶŐŝŶĂĚĞŵŽĐƌĂƟĐƐǇƐƚĞŵƚĞŶĚ
ƚŽďĞǀĞƌǇƌĞĂůŝƐƟĐĂďŽƵƚǁŚĂƚĐĂŶĂŶĚĐĂŶŶŽƚďĞĂĐĐŽŵƉůŝƐŚĞĚ͘
,ŽǁĞǀĞƌ͕ ƚŚĞ ĚĞŵŽĐƌĂƟĐ ƐƚǇůĞ ŚĂƐ ŝƚƐ ĚƌĂǁďĂĐŬƐ͕ ǁŚŝĐŚ
*+$L5.$*4+$*G)2I4$B,$I@*G24/$*+$,B4$2+$5*-5$2+$+BG/$BM$45/$B45/($
ƐƚǇůĞƐ͘KŶĞŽĨŝƚƐŵŽƌĞĞǆĂƐƉĞƌĂƟŶŐĐŽŶƐĞƋƵĞŶĐĞƐĐĂŶďĞĞŶĚůĞƐƐ
ŵĞĞƟŶŐƐ ǁŚĞƌĞ ŝĚĞĂƐ ĂƌĞ ŵƵůůĞĚ ŽǀĞƌ͕ ĐŽŶƐĞŶƐƵƐ ƌĞŵĂŝŶƐ
ĞůƵƐŝǀĞ͕ĂŶĚƚŚĞŽŶůǇǀŝƐŝďůĞƌĞƐƵůƚŝƐƐĐŚĞĚƵůŝŶŐŵŽƌĞŵĞĞƟŶŐƐ͘
^ŽŵĞĚĞŵŽĐƌĂƟĐůĞĂĚĞƌƐƵƐĞƚŚĞƐƚǇůĞƚŽƉƵƚŽīŵĂŬŝŶŐĐƌƵĐŝĂů
:/I*+*B,+R$5B)*,-$4524$/,B'-5$45(2+5*,-$45*,-+$B'4$L*@@$/N/,4'2@@.$
.*/@:$ 2$ Q@*,:*,-$ *,+*-54U$ C,$ (/2@*4.R$ 45/*($ )/B)@/$ /,:$ ')$ M//@*,-$
IB,M'+/:$2,:$@/2:/(@/++U$&'I5$2,$2))(B2I5$I2,$/N/,$/+I2@24/$
52
ĐŽŶŇŝĐƚƐ͘
$ 35/,$ :B/+$ 45/$ +4.@/$ LB(8$ Q/+4;$ =5*+$ 2))(B2I5$ *+$ *:/2@$
ǁŚĞŶ Ă ůĞĂĚĞƌ ŝƐ ŚŝŵƐĞůĨ ƵŶĐĞƌƚĂŝŶ ĂďŽƵƚ ƚŚĞ ďĞƐƚ ĚŝƌĞĐƟŽŶ
4B$ 428/$ 2,:$ ,//:+$ *:/2+$ 2,:$ -'*:2,I/$ M(BG$ 2Q@/$ /G)@B.//+U$
ŶĚ ĞǀĞŶ ŝĨ Ă ůĞĂĚĞƌ ŚĂƐ Ă ƐƚƌŽŶŐ ǀŝƐŝŽŶ͕ ƚŚĞ ĚĞŵŽĐƌĂƟĐ ƐƚǇůĞ
ǁŽƌŬƐ ǁĞůů ƚŽ ŐĞŶĞƌĂƚĞ ĨƌĞƐŚ ŝĚĞĂƐ ĨŽƌ ĞǆĞĐƵƟŶŐ ƚŚĂƚ ǀŝƐŝŽŶ͘
dŚĞ ĚĞŵŽĐƌĂƟĐ ƐƚǇůĞ͕ ŽĨ ĐŽƵƌƐĞ͕ ŵĂŬĞƐ ŵƵĐŚ ůĞƐƐ ƐĞŶƐĞ ǁŚĞŶ
ĞŵƉůŽǇĞĞƐĂƌĞŶŽƚĐŽŵƉĞƚĞŶƚŽƌŝŶĨŽƌŵĞĚĞŶŽƵŐŚƚŽŽīĞƌƐŽƵŶĚ
2:N*I/U$%,:$*4$2@GB+4$-B/+$L*45B'4$+2.*,-$4524$Q'*@:*,-$IB,+/,+'+$
ŝƐǁƌŽŶŐŚĞĂĚĞĚŝŶƟŵĞƐŽĨĐƌŝƐŝƐ͘
$ =28/$ 45/$ I2+/$ BM$ 2$ PZ^$ L5B+/$ IBG)'4/($ IBG)2,.$ L2+$
+/N/(/@.$45(/24/,/:$Q.$I52,-/+$*,$45/$G2(8/4U$6/$2@L2.+$+B'-54$
ĐŽŶƐĞŶƐƵƐ ĂďŽƵƚ ǁŚĂƚ ƚŽ ĚŽ͘ Ɛ ĐŽŵƉĞƟƚŽƌƐ ƐƚŽůĞ ĐƵƐƚŽŵĞƌƐ
ĂŶĚĐƵƐƚŽŵĞƌƐ͛ŶĞĞĚƐĐŚĂŶŐĞĚ͕ŚĞŬĞƉƚĂƉƉŽŝŶƟŶŐĐŽŵŵŝƩĞĞƐ
ƚŽĐŽŶƐŝĚĞƌƚŚĞƐŝƚƵĂƟŽŶ͘tŚĞŶƚŚĞŵĂƌŬĞƚŵĂĚĞĂƐƵĚĚĞŶƐŚŝŌ
Q/I2'+/$BM$2$,/L$4/I5,B@B-.R$45/$PZ^$M(BX/$*,$5*+$4(2I8+U
$ =5/$ QB2(:$ (/)@2I/:$ 5*G$ Q/MB(/$ 5/$ IB'@:$ 2))B*,4$ ./4$
ĂŶŽƚŚĞƌƚĂƐŬĨŽƌĐĞƚŽĐŽŶƐŝĚĞƌƚŚĞƐŝƚƵĂƟŽŶ͘dŚĞŶĞǁK͕ǁŚŝůĞ
ŽĐĐĂƐŝŽŶĂůůǇ ĚĞŵŽĐƌĂƟĐ ĂŶĚ ĂĸůŝĂƟǀĞ͕ ƌĞůŝĞĚ ŚĞĂǀŝůǇ ŽŶ ƚŚĞ
ĂƵƚŚŽƌŝƚĂƟǀĞƐƚǇůĞ͕ĞƐƉĞĐŝĂůůǇŝŶŚŝƐĮƌƐƚŵŽŶƚŚƐ͘
#$%&6'+%/%##!25&/#03%
dŚĞƉĂĐĞƐĞƫŶŐƐƚǇůĞŚĂƐŝƚƐƉůĂĐĞŝŶƚŚĞůĞĂĚĞƌ͛ƐƌĞƉĞƌƚŽƌǇ͕ďƵƚ
ŝƚƐŚŽƵůĚďĞƵƐĞĚƐƉĂƌŝŶŐůǇ͘dŚĂƚ͛ƐŶŽƚǁŚĂƚǁĞĞǆƉĞĐƚĞĚƚŽĮŶĚ͘
ŌĞƌĂůů͕ƚŚĞŚĂůůŵĂƌŬƐŽĨƚŚĞƉĂĐĞƐĞƫŶŐƐƚǇůĞƐŽƵŶĚĂĚŵŝƌĂďůĞ͘
=5/$ @/2:/($ +/4+$ /O4(/G/@.$ 5*-5$ )/(MB(G2,I/$ +42,:2(:+$ 2,:$
ĞǆĞŵƉůŝĮĞƐ ƚŚĞŵ ŚŝŵƐĞůĨ͘ ,Ğ ŝƐ ŽďƐĞƐƐŝǀĞ ĂďŽƵƚ ĚŽŝŶŐ ƚŚŝŶŐƐ
ďĞƩĞƌĂŶĚĨĂƐƚĞƌ͕ĂŶĚŚĞĂƐŬƐƚŚĞƐĂŵĞŽĨĞǀĞƌǇŽŶĞĂƌŽƵŶĚŚŝŵ͘
6/$ _'*I8@.$ )*,)B*,4+$)BB($ )/(MB(G/(+$2,:$ :/G2,:+$ GB(/$M(BG$
45/GU$CM$45/.$:B,`4$(*+/$4B$45/$BII2+*B,R$5/$(/)@2I/+$45/G$L*45$
)/B)@/$L5B$I2,U
zŽƵǁŽƵůĚƚŚŝŶŬƐƵĐŚĂŶĂƉƉƌŽĂĐŚǁŽƵůĚŝŵƉƌŽǀĞƌĞƐƵůƚƐ͕
ďƵƚ ŝƚ ĚŽĞƐŶ͛ƚ͘ /Ŷ ĨĂĐƚ͕ ƚŚĞ ƉĂĐĞƐĞƫŶŐ ƐƚǇůĞ ĚĞƐƚƌŽǇƐ ĐůŝŵĂƚĞ͘
DĂŶǇĞŵƉůŽǇĞĞƐĨĞĞůŽǀĞƌǁŚĞůŵĞĚďǇƚŚĞƉĂĐĞƐĞƩĞƌ͛ƐĚĞŵĂŶĚƐ
MB($/OI/@@/,I/R$2,:$45/*($GB(2@/$:(B)+U$>'*:/@*,/+$MB($LB(8*,-$
G2.$Q/$I@/2($*,$45/$@/2:/(`+$5/2:R$Q'4$+5/$:B/+$,B4$+424/$45/G$
I@/2(@.c$+5/$/O)/I4+$)/B)@/$4B$8,BL$L524$4B$:B$2,:$/N/,$45*,8+R$
]CM$C$52N/$4B$4/@@$.B'R$.B'`(/$45/$L(B,-$)/(+B,$MB($45/$SBQUT
tŽƌŬďĞĐŽŵĞƐŶŽƚĂŵĂƩĞƌŽĨĚŽŝŶŐŽŶĞ͛ƐďĞƐƚĂůŽŶŐĂ
I@/2($IB'(+/$+B$G'I5$2+$+/IB,:Y-'/++*,-$L524$45/$@/2:/($L2,4+U$
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ƚƌƵƐƚƚŚĞŵƚŽǁŽƌŬŝŶƚŚĞŝƌŽǁŶǁĂǇŽƌƚŽƚĂŬĞŝŶŝƟĂƟǀĞ͘&ůĞǆŝďŝůŝƚǇ
2,:$(/+)B,+*Q*@*4.$/N2)B(24/c$LB(8$Q/IBG/+$+B$42+8$MBI'+/:$2,:$
ƌŽƵƟŶŝǌĞĚŝƚ͛ƐďŽƌŝŶŐ͘ƐĨŽƌƌĞǁĂƌĚƐ͕ƚŚĞƉĂĐĞƐĞƩĞƌĞŝƚŚĞƌŐŝǀĞƐ
,B$M//:Q2I8$B,$5BL$)/B)@/$2(/$:B*,-$B($S'G)+$*,$4B$428/$BN/($
L5/,$ 5/$ 45*,8+$ 45/.`(/$ @2--*,-U$ %,:$ *M$ 45/$ @/2:/($ +5B'@:$ @/2N/R$
ƉĞŽƉůĞĨĞĞůĚŝƌĞĐƟŽŶůĞƐƐʹƚŚĞǇ͛ƌĞƐŽƵƐĞĚƚŽ͞ƚŚĞĞǆƉĞƌƚ͟ƐĞƫŶŐ
45/$ ('@/+U$ \*,2@@.R$ IBGG*4G/,4$ :L*,:@/+$ ',:/($ 45/$ (/-*G/$ BM$ 2$
ƉĂĐĞƐĞƫŶŐ ůĞĂĚĞƌ ďĞĐĂƵƐĞ ƉĞŽƉůĞ ŚĂǀĞ ŶŽ ƐĞŶƐĞ ŽĨ ŚŽǁ ƚŚĞŝƌ
ƉĞƌƐŽŶĂůĞīŽƌƚƐĮƚŝŶƚŽƚŚĞďŝŐƉŝĐƚƵƌĞ͘
&ŽƌĂŶĞǆĂŵƉůĞŽĨƚŚĞƉĂĐĞƐĞƫŶŐƐƚǇůĞ͕ƚĂŬĞƚŚĞĐĂƐĞŽĨ
^Ăŵ͕ Ă ďŝŽĐŚĞŵŝƐƚ ŝŶ ZΘ Ăƚ Ă ůĂƌŐĞ ƉŚĂƌŵĂĐĞƵƟĐĂů ĐŽŵƉĂŶǇ͘
^Ăŵ͛ƐƐƵƉĞƌďƚĞĐŚŶŝĐĂůĞǆƉĞƌƟƐĞŵĂĚĞŚŝŵĂŶĞĂƌůǇƐƚĂƌ͗ŚĞǁĂƐ
45/$B,/$/N/(.B,/$4'(,/:$4B$L5/,$45/.$,//:/:$5/@)U$&BB,$5/$L2+$
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ƐĐŝĞŶƟƐƚƐ ŽŶ ƚŚĞ ƚĞĂŵ ǁĞƌĞ ĂƐ ĐŽŵƉĞƚĞŶƚ ĂŶĚ ƐĞůĨͲŵŽƟǀĂƚĞĚ
ĂƐ^Ăŵ͖ŚŝƐŵĠƟĞƌĂƐƚĞĂŵůĞĂĚĞƌďĞĐĂŵĞŽīĞƌŝŶŐŚŝŵƐĞůĨĂƐĂ
ŵŽĚĞůŽĨŚŽǁƚŽĚŽĮƌƐƚͲĐůĂƐƐƐĐŝĞŶƟĮĐǁŽƌŬƵŶĚĞƌƚƌĞŵĞŶĚŽƵƐ
:/2:@*,/$)(/++'(/R$)*4I5*,-$*,$L5/,$,//:/:U$6*+$4/2G$IBG)@/4/:$
ŝƚƐƚĂƐŬŝŶƌĞĐŽƌĚƟŵĞ͘
ƵƚƚŚĞŶĐĂŵĞĂŶĞǁĂƐƐŝŐŶŵĞŶƚ͗^ĂŵǁĂƐƉƵƚŝŶĐŚĂƌŐĞ
ŽĨZΘĨŽƌŚŝƐĞŶƟƌĞĚŝǀŝƐŝŽŶ͘ƐŚŝƐƚĂƐŬƐĞǆƉĂŶĚĞĚĂŶĚŚĞŚĂĚ
ƚŽĂƌƟĐƵůĂƚĞĂǀŝƐŝŽŶ͕ĐŽŽƌĚŝŶĂƚĞƉƌŽũĞĐƚƐ͕ĚĞůĞŐĂƚĞƌĞƐƉŽŶƐŝďŝůŝƚǇ͕
ĂŶĚ ŚĞůƉ ĚĞǀĞůŽƉ ŽƚŚĞƌƐ͕ ^Ăŵ ďĞŐĂŶ ƚŽ ƐůŝƉ͘ EŽƚ ƚƌƵƐƟŶŐ ƚŚĂƚ
5*+$ +'QB(:*,24/+$ L/(/$ 2+$ I2)2Q@/$ 2+$ 5/$ L2+R$ 5/$ Q/I2G/$ 2$
G*I(BG2,2-/(R$BQ+/++/:$L*45$:/42*@+$2,:$428*,-$BN/($MB($B45/(+$
ǁŚĞŶƚŚĞŝƌƉĞƌĨŽƌŵĂŶĐĞƐůĂĐŬĞŶĞĚ͘/ŶƐƚĞĂĚŽĨƚƌƵƐƟŶŐƚŚĞŵƚŽ
*G)(BN/$ L*45$ -'*:2,I/$ 2,:$ :/N/@B)G/,4R$ &2G$ MB',:$ 5*G+/@M$
ǁŽƌŬŝŶŐŶŝŐŚƚƐĂŶĚǁĞĞŬĞŶĚƐĂŌĞƌƐƚĞƉƉŝŶŐŝŶƚŽƚĂŬĞŽǀĞƌĨŽƌ
ƚŚĞŚĞĂĚŽĨĂŇŽƵŶĚĞƌŝŶŐƌĞƐĞĂƌĐŚƚĞĂŵ͘&ŝŶĂůůǇ͕ŚŝƐŽǁŶďŽƐƐ
54
+'--/+4/:R$4B$5*+$(/@*/MR$4524$5/$(/4'(,$4B$5*+$B@:$SBQ$2+$5/2:$BM$2$
)(B:'I4$:/N/@B)G/,4$4/2GU
ůƚŚŽƵŐŚ^ĂŵĨĂůƚĞƌĞĚ͕ƚŚĞƉĂĐĞƐĞƫŶŐƐƚǇůĞŝƐŶ͛ƚĂůǁĂǇƐ
2$ :*+2+4/(U$ =5/$ 2))(B2I5$ LB(8+$ L/@@$ L5/,$ 2@@$ /G)@B.//+$ 2(/$
ƐĞůĨͲŵŽƟǀĂƚĞĚ͕ ŚŝŐŚůǇ ĐŽŵƉĞƚĞŶƚ͕ ĂŶĚ ŶĞĞĚ ůŝƩůĞ ĚŝƌĞĐƟŽŶ Žƌ
ĐŽŽƌĚŝŶĂƟŽŶʹĨŽƌĞǆĂŵƉůĞ͕ŝƚĐĂŶǁŽƌŬĨŽƌůĞĂĚĞƌƐŽĨŚŝŐŚůǇƐŬŝůůĞĚ
ĂŶĚƐĞůĨͲŵŽƟǀĂƚĞĚƉƌŽĨĞƐƐŝŽŶĂůƐ͕ůŝŬĞZΘŐƌŽƵƉƐŽƌůĞŐĂůƚĞĂŵƐ͘
ŶĚ͕ŐŝǀĞŶĂƚĂůĞŶƚĞĚƚĞĂŵƚŽůĞĂĚ͕ƉĂĐĞƐĞƫŶŐĚŽĞƐĞǆĂĐƚůǇƚŚĂƚ͗
ŐĞƚƐǁŽƌŬĚŽŶĞŽŶƟŵĞŽƌĞǀĞŶĂŚĞĂĚŽĨƐĐŚĞĚƵůĞ͘zĞƚůŝŬĞĂŶǇ
ůĞĂĚĞƌƐŚŝƉƐƚǇůĞ͕ƉĂĐĞƐĞƫŶŐƐŚŽƵůĚŶĞǀĞƌďĞƵƐĞĚďǇŝƚƐĞůĨ͘
#$%&+)%(+!1%&/#03%
ĐŽŵƉƵƚĞƌ ĐŽŵƉĂŶǇ ǁĂƐ ŝŶ ĐƌŝƐŝƐ ŵŽĚĞ ʹ ŝƚƐ ƐĂůĞƐ ĂŶĚ ƉƌŽĮƚƐ
L/(/$ M2@@*,-R$ *4+$ +4BI8$ L2+$ @B+*,-$ N2@'/$ )(/I*)*4B'+@.R$ 2,:$ *4+$
+52(/5B@:/(+$L/(/$*,$2,$')(B2(U$=5/$QB2(:$Q(B'-54$*,$2$,/L$PZ^$
ǁŝƚŚĂƌĞƉƵƚĂƟŽŶĂƐĂƚƵƌŶĂƌŽƵŶĚĂƌƟƐƚ͘,ĞƐĞƚƚŽǁŽƌŬĐŚŽƉƉŝŶŐ
ũŽďƐ͕ ƐĞůůŝŶŐ Žī ĚŝǀŝƐŝŽŶƐ͕ ĂŶĚ ŵĂŬŝŶŐ ƚŚĞ ƚŽƵŐŚ ĚĞĐŝƐŝŽŶƐ ƚŚĂƚ
+5B'@:$ 52N/$ Q//,$ /O/I'4/:$ ./2(+$ Q/MB(/U$ =5/$ IBG)2,.$ L2+$
+2N/:R$24$@/2+4$*,$45/$+5B(4Y4/(GU$\(BG$45/$+42(4R$45B'-5R$45/$PZ^$
ĐƌĞĂƚĞĚĂƌĞŝŐŶŽĨƚĞƌƌŽƌ͕ďƵůůǇŝŶŐĂŶĚĚĞŵĞĂŶŝŶŐŚŝƐĞǆĞĐƵƟǀĞƐ͕
(B2(*,-$ 5*+$ :*+)@/2+'(/$ 24$ 45/$ +@*-54/+4$ G*++4/)U$ =5/$ IBG)2,.`+$
ƚŽƉ ĞĐŚĞůŽŶƐ ǁĞƌĞ ĚĞĐŝŵĂƚĞĚ ŶŽƚ ũƵƐƚ ďǇ ŚŝƐ ĞƌƌĂƟĐ ĮƌŝŶŐƐ ďƵƚ
ĂůƐŽ ďǇ ĚĞĨĞĐƟŽŶƐ͘ dŚĞ K͛Ɛ ĚŝƌĞĐƚ ƌĞƉŽƌƚƐ͕ ĨƌŝŐŚƚĞŶĞĚ ďǇ ŚŝƐ
4/,:/,I.$4B$Q@2G/$45/$Q/2(/($BM$Q2:$,/L+R$+4B))/:$Q(*,-*,-$5*G$
ĂŶǇŶĞǁƐĂƚĂůů͘DŽƌĂůĞǁĂƐĂƚĂŶĂůůͲƟŵĞůŽǁʹĂĨĂĐƚƌĞŇĞĐƚĞĚŝŶ
ĂŶŽƚŚĞƌĚŽǁŶƚƵƌŶŝŶƚŚĞďƵƐŝŶĞƐƐĂŌĞƌƚŚĞƐŚŽƌƚͲƚĞƌŵƌĞĐŽǀĞƌǇ͘
dŚĞKǁĂƐĞǀĞŶƚƵĂůůǇĮƌĞĚďǇƚŚĞďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐ͘
$ C4`+$ /2+.$ 4B$ ',:/(+42,:$ L5.$ BM$ 2@@$ 45/$ @/2:/(+5*)$ +4.@/+R$
ƚŚĞĐŽĞƌĐŝǀĞŽŶĞŝƐƚŚĞůĞĂƐƚĞīĞĐƟǀĞŝŶŵŽƐƚƐŝƚƵĂƟŽŶƐ͘ŽŶƐŝĚĞƌ
ǁŚĂƚƚŚĞƐƚǇůĞĚŽĞƐƚŽĂŶŽƌŐĂŶŝǌĂƟŽŶ͛ƐĐůŝŵĂƚĞ͘&ůĞǆŝďŝůŝƚǇŝƐƚŚĞ
52(:/+4$5*4U$=5/$@/2:/(`+$/O4(/G/$4B)Y:BL,$:/I*+*B,$G28*,-$8*@@+$
,/L$*:/2+$B,$45/$N*,/U$F/B)@/$M//@$+B$:*+(/+)/I4/:$4524$45/.$45*,8R$
]C$ LB,`4$ /N/,$ Q(*,-$ G.$ *:/2+$ ')$ [$ 45/.`@@$ B,@.$ Q/$ +5B4$ :BL,UT$
>ŝŬĞǁŝƐĞ͕ƉĞŽƉůĞ͛ƐƐĞŶƐĞŽĨƌĞƐƉŽŶƐŝďŝůŝƚǇĞǀĂƉŽƌĂƚĞƐ͗ƵŶĂďůĞƚŽ
ĂĐƚ ŽŶ ƚŚĞŝƌ ŽǁŶ ŝŶŝƟĂƟǀĞ͕ ƚŚĞǇ ůŽƐĞ ƚŚĞŝƌ ƐĞŶƐĞ ŽĨ ŽǁŶĞƌƐŚŝƉ
ĂŶĚĨĞĞůůŝƩůĞĂĐĐŽƵŶƚĂďŝůŝƚǇĨŽƌƚŚĞŝƌƉĞƌĨŽƌŵĂŶĐĞ͘^ŽŵĞďĞĐŽŵĞ
ƐŽƌĞƐĞŶƞƵůƚŚĞǇĂĚŽƉƚƚŚĞĂƫƚƵĚĞ͕͞/͛ŵŶŽƚŐŽŝŶŐƚŽŚĞůƉƚŚŝƐ
Q2+42(:UT
ŽĞƌĐŝǀĞ ůĞĂĚĞƌƐŚŝƉ ĂůƐŽ ŚĂƐ Ă ĚĂŵĂŐŝŶŐ ĞīĞĐƚ ŽŶ ƚŚĞ
ƌĞǁĂƌĚƐ ƐǇƐƚĞŵ͘ DŽƐƚ ŚŝŐŚ ƉĞƌĨŽƌŵŝŶŐ ǁŽƌŬĞƌƐ ĂƌĞ ŵŽƟǀĂƚĞĚ
ďǇ ŵŽƌĞ ƚŚĂŶ ŵŽŶĞǇ ʹ ƚŚĞǇ ƐĞĞŬ ƚŚĞ ƐĂƟƐĨĂĐƟŽŶ ŽĨ ǁŽƌŬ ǁĞůů
ĚŽŶĞ͘dŚĞĐŽĞƌĐŝǀĞƐƚǇůĞĞƌŽĚĞƐƐƵĐŚƉƌŝĚĞ͘ŶĚĮŶĂůůǇ͕ƚŚĞƐƚǇůĞ
ƵŶĚĞƌŵŝŶĞƐŽŶĞŽĨƚŚĞůĞĂĚĞƌ͛ƐƉƌŝŵĞƚŽŽůƐʹŵŽƟǀĂƟŶŐƉĞŽƉůĞďǇ
ƐŚŽǁŝŶŐƚŚĞŵŚŽǁƚŚĞŝƌũŽďĮƚƐŝŶƚŽĂŐƌĂŶĚ͕ƐŚĂƌĞĚŵŝƐƐŝŽŶ͘^ƵĐŚ
2$@B++R$G/2+'(/:$*,$4/(G+$BM$:*G*,*+5/:$I@2(*4.$2,:$IBGG*4G/,4R$
@/2N/+$ )/B)@/$ 2@*/,24/:$ M(BG$ 45/*($ BL,$ SBQ+R$ LB,:/(*,-R$ ]6BL$
ĚŽĞƐĂŶǇŽĨƚŚŝƐŵĂƩĞƌ͍͟
$ >*N/,$45/$*G)2I4$BM$45/$IB/(I*N/$+4.@/R$.B'$G*-54$2++'G/$
*4$+5B'@:$,/N/($Q/$2))@*/:U$=5/$(/+/2(I5R$5BL/N/(R$',IBN/(/:$2$
M/L$BII2+*B,+$L5/,$*4$LB(8/:$G2+4/(M'@@.U
$ =28/$ 45/$ I2+/$ BM$ 2$ :*N*+*B,$ )(/+*:/,4$ L5B$ L2+$ Q(B'-54$
ŝŶ ƚŽ ĐŚĂŶŐĞ ƚŚĞ ĚŝƌĞĐƟŽŶ ŽĨ Ă ĨŽŽĚ ĐŽŵƉĂŶǇ ƚŚĂƚ ǁĂƐ ůŽƐŝŶŐ
ŵŽŶĞǇ͘,ŝƐĮƌƐƚĂĐƚǁĂƐƚŽŚĂǀĞƚŚĞĞǆĞĐƵƟǀĞĐŽŶĨĞƌĞŶĐĞƌŽŽŵ
:/GB@*+5/:U$=B$5*GR$45/$(BBG$[$L*45$*4+$@B,-$G2(Q@/$42Q@/$4524$
@BB8/:$@*8/$]45/$:/I8$BM$45/$&42(+5*)$Z,4/()(*+/T$[$+.GQB@*X/:$45/$
ƚƌĂĚŝƟŽŶͲďŽƵŶĚĨŽƌŵĂůŝƚǇƚŚĂƚǁĂƐƉĂƌĂůǇǌŝŶŐƚŚĞĐŽŵƉĂŶǇ͘dŚĞ
ĚĞƐƚƌƵĐƟŽŶŽĨƚŚĞƌŽŽŵ͕ĂŶĚƚŚĞƐƵďƐĞƋƵĞŶƚŵŽǀĞƚŽĂƐŵĂůůĞƌ͕
ŵŽƌĞŝŶĨŽƌŵĂůƐĞƫŶŐ͕ƐĞŶƚĂŵĞƐƐĂŐĞŶŽŽŶĞĐŽƵůĚŵŝƐƐ͕ĂŶĚƚŚĞ
:*N*+*B,`+$I'@4'(/$I52,-/:$_'*I8@.$*,$*4+$L28/U
$ =524$ +2*:R$ 45/$ IB/(I*N/$ +4.@/$ +5B'@:$ Q/$ '+/:$ B,@.$ L*45$
ĞǆƚƌĞŵĞĐĂƵƟŽŶĂŶĚŝŶƚŚĞĨĞǁƐŝƚƵĂƟŽŶƐǁŚĞŶŝƚŝƐĂďƐŽůƵƚĞůǇ
ŝŵƉĞƌĂƟǀĞ͕ ƐƵĐŚ ĂƐ ĚƵƌŝŶŐ Ă ƚƵƌŶĂƌŽƵŶĚ Žƌ ǁŚĞŶ Ă ŚŽƐƟůĞ
428/BN/($*+$@BBG*,-U$C,$45B+/$I2+/+R$45/$IB/(I*N/$+4.@/$I2,$Q(/28$
M2*@/:$Q'+*,/++$52Q*4+$2,:$+5BI8$)/B)@/$*,4B$,/L$L2.+$BM$LB(8*,-U$
C4$*+$2@L2.+$2))(B)(*24/$:'(*,-$2$-/,'*,/$/G/(-/,I.R$@*8/$*,$45/$
ĂŌĞƌŵĂƚŚŽĨĂŶĞĂƌƚŚƋƵĂŬĞŽƌĂĮƌĞ͘ŶĚŝƚĐĂŶǁŽƌŬǁŝƚŚƉƌŽďůĞŵ
/G)@B.//+$L*45$L5BG$2@@$/@+/$52+$M2*@/:U
ƵƚŝĨĂůĞĂĚĞƌƌĞůŝĞƐƐŽůĞůǇŽŶƚŚŝƐƐƚǇůĞŽƌĐŽŶƟŶƵĞƐƚŽƵƐĞ
*4$B,I/$45/$/G/(-/,I.$)2++/+R$45/$@B,-Y4/(G$*G)2I4$BM$5*+$
56
ŝŶƐĞŶƐŝƟǀŝƚǇƚŽƚŚĞŵŽƌĂůĞĂŶĚĨĞĞůŝŶŐƐŽĨƚŚŽƐĞŚĞůĞĂĚƐǁŝůůďĞ
('*,B'+U
3%'8%(/&2%%8&"'20&/#03%/
12,.$ +4':*/+R$ *,I@':*,-$ 45*+$ B,/R$ 52N/$ +5BL,$ 4524$ 45/$ GB(/$
ƐƚǇůĞƐĂůĞĂĚĞƌĞǆŚŝďŝƚƐ͕ƚŚĞďĞƩĞƌ͘>ĞĂĚĞƌƐǁŚŽŚĂǀĞŵĂƐƚĞƌĞĚ
ĨŽƵƌŽƌŵŽƌĞʹĞƐƉĞĐŝĂůůǇƚŚĞĂƵƚŚŽƌŝƚĂƟǀĞ͕ĚĞŵŽĐƌĂƟĐ͕ĂĸůŝĂƟǀĞ͕
2,:$ IB2I5*,-$ +4.@/+$ [$ 52N/$ 45/$ N/(.$ Q/+4$ I@*G24/$ 2,:$ Q'+*,/++$
ƉĞƌĨŽƌŵĂŶĐĞ͘ ŶĚ ƚŚĞ ŵŽƐƚ ĞīĞĐƟǀĞ ůĞĂĚĞƌƐ ƐǁŝƚĐŚ ŇĞǆŝďůǇ
2GB,-$ 45/$ @/2:/(+5*)$ +4.@/+$ 2+$ ,//:/:U$ %@45B'-5$ 4524$ G2.$
ƐŽƵŶĚĚĂƵŶƟŶŐ͕ǁĞ͛ǀĞǁŝƚŶĞƐƐĞĚŝƚŵŽƌĞŽŌĞŶƚŚĂŶǇŽƵŵŝŐŚƚ
ŐƵĞƐƐ͕ĂƚďŽƚŚůĂƌŐĞĐŽƌƉŽƌĂƟŽŶƐĂŶĚƟŶǇƐƚĂƌƚͲƵƉƐ͕ďǇƐĞĂƐŽŶĞĚ
N/4/(2,+$L5B$IB'@:$/O)@2*,$/O2I4@.$5BL$2,:$L5.$45/.$@/2:$2,:$Q.$
/,4(/)(/,/'(+$L5B$I@2*G$4B$@/2:$Q.$-'4$2@B,/U
^ƵĐŚůĞĂĚĞƌƐĚŽŶ͛ƚŵĞĐŚĂŶŝĐĂůůǇŵĂƚĐŚƚŚĞŝƌƐƚǇůĞƚŽĮƚĂ
ĐŚĞĐŬůŝƐƚŽĨƐŝƚƵĂƟŽŶƐʹƚŚĞǇĂƌĞĨĂƌŵŽƌĞŇƵŝĚ͘dŚĞǇĂƌĞĞǆƋƵŝƐŝƚĞůǇ
ƐĞŶƐŝƟǀĞƚŽƚŚĞŝŵƉĂĐƚƚŚĞǇĂƌĞŚĂǀŝŶŐŽŶŽƚŚĞƌƐĂŶĚƐĞĂŵůĞƐƐůǇ
2:S'+4$ 45/*($ +4.@/$ 4B$ -/4$ 45/$ Q/+4$ (/+'@4+U$ =5/+/$ 2(/$ @/2:/(+R$ MB($
ĞǆĂŵƉůĞ͕ǁŚŽĐĂŶƌĞĂĚŝŶƚŚĞĮƌƐƚŵŝŶƵƚĞƐŽĨĐŽŶǀĞƌƐĂƟŽŶƚŚĂƚ
2$42@/,4/:$Q'4$',:/()/(MB(G*,-$/G)@B.//$52+$Q//,$:/GB(2@*X/:$
ďǇĂŶƵŶƐǇŵƉĂƚŚĞƟĐ͕ĚŽͲŝƚͲƚŚĞͲǁĂǇͲ/ͲƚĞůůͲǇŽƵŵĂŶĂŐĞƌĂŶĚŶĞĞĚƐ
ƚŽďĞŝŶƐƉŝƌĞĚƚŚƌŽƵŐŚĂƌĞŵŝŶĚĞƌŽĨǁŚǇŚĞƌǁŽƌŬŵĂƩĞƌƐ͘Kƌ
4524$@/2:/($G*-54$I5BB+/$4B$(//,/(-*X/$45/$/G)@B.//$Q.$2+8*,-$
ŚĞƌĂďŽƵƚŚĞƌĚƌĞĂŵƐĂŶĚĂƐƉŝƌĂƟŽŶƐĂŶĚĮŶĚŝŶŐǁĂǇƐƚŽŵĂŬĞ
ŚĞƌũŽďŵŽƌĞĐŚĂůůĞŶŐŝŶŐ͘KƌƚŚĂƚŝŶŝƟĂůĐŽŶǀĞƌƐĂƟŽŶŵŝŐŚƚƐŝŐŶĂů
ƚŚĂƚƚŚĞĞŵƉůŽǇĞĞŶĞĞĚƐĂŶƵůƟŵĂƚƵŵ͗ŝŵƉƌŽǀĞŽƌůĞĂǀĞ͘
&Žƌ ĂŶ ĞǆĂŵƉůĞ ŽĨ ŇƵŝĚ ůĞĂĚĞƌƐŚŝƉ ŝŶ ĂĐƟŽŶ͕ ĐŽŶƐŝĚĞƌ
aB2,R$ 45/$ -/,/(2@$ G2,2-/($ BM$ 2$ G2SB($ :*N*+*B,$ 24$ 2$ -@BQ2@$ MBB:$
2,:$Q/N/(2-/$IBG)2,.U$aB2,$L2+$2))B*,4/:$4B$5/($SBQ$L5*@/$45/$
ĚŝǀŝƐŝŽŶǁĂƐŝŶĂĚĞĞƉĐƌŝƐŝƐ͘/ƚŚĂĚŶŽƚŵĂĚĞŝƚƐƉƌŽĮƚƚĂƌŐĞƚƐĨŽƌ
ƐŝǆǇĞĂƌƐ͖ŝŶƚŚĞŵŽƐƚƌĞĐĞŶƚǇĞĂƌ͕ŝƚŚĂĚŵŝƐƐĞĚďǇΨϱϬŵŝůůŝŽŶ͘
1B(2@/$2GB,-$45/$4B)$G2,2-/G/,4$4/2G$L2+$G*+/(2Q@/c$G*+4('+4$
2,:$(/+/,4G/,4+$L/(/$(2G)2,4U
:ŽĂŶ͛Ɛ ĚŝƌĞĐƟǀĞ ĨƌŽŵ ĂďŽǀĞ ǁĂƐ ĐůĞĂƌ͗ ƚƵƌŶ ƚŚĞ ĚŝǀŝƐŝŽŶ
2(B',:U$aB2,$:*:$+B$L*45$2$,*GQ@/,/++$*,$+L*4I5*,-$2GB,-$
@/2:/(+5*)$ +4.@/+$ 4524$ *+$ (2(/U$ \(BG$ 45/$ +42(4R$ +5/$ (/2@*X/:$ +5/$
ŚĂĚ Ă ƐŚŽƌƚ ǁŝŶĚŽǁ ƚŽ ĚĞŵŽŶƐƚƌĂƚĞ ĞīĞĐƟǀĞ ůĞĂĚĞƌƐŚŝƉ ĂŶĚ
4B$ /+42Q@*+5$ (2))B(4$ 2,:$ 4('+4U$ &5/$ 2@+B$ 8,/L$ 4524$ +5/$ '(-/,4@.$
ŶĞĞĚĞĚƚŽďĞŝŶĨŽƌŵĞĚĂďŽƵƚǁŚĂƚǁĂƐŶŽƚǁŽƌŬŝŶŐ͕ƐŽŚĞƌĮƌƐƚ
42+8$L2+$4B$@*+4/,$4B$8/.$)/B)@/U
ƵƌŝŶŐŚĞƌĮƌƐƚǁĞĞŬŽŶƚŚĞũŽďƐŚĞŚĂĚůƵŶĐŚĂŶĚĚŝŶŶĞƌ
ŵĞĞƟŶŐƐ ǁŝƚŚ ĞĂĐŚ ŵĞŵďĞƌ ŽĨ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ƚĞĂŵ͘ :ŽĂŶ
ƐŽƵŐŚƚƚŽŐĞƚĞĂĐŚƉĞƌƐŽŶ͛ƐƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞĐƵƌƌĞŶƚƐŝƚƵĂƟŽŶ͘
J'4$ 5/($ MBI'+$ L2+$ ,B4$ +B$ G'I5$ B,$ @/2(,*,-$ 5BL$ /2I5$ )/(+B,$
ĚŝĂŐŶŽƐĞĚƚŚĞƉƌŽďůĞŵĂƐŽŶŐĞƫŶŐƚŽŬŶŽǁĞĂĐŚŵĂŶĂŐĞƌĂƐ
ĂƉĞƌƐŽŶ͘,ĞƌĞ:ŽĂŶĞŵƉůŽǇĞĚƚŚĞĂĸůŝĂƟǀĞƐƚǇůĞ͗ƐŚĞĞǆƉůŽƌĞĚ
ƚŚĞŝƌůŝǀĞƐ͕ĚƌĞĂŵƐ͕ĂŶĚĂƐƉŝƌĂƟŽŶƐ͘
$ &5/$2@+B$+4/))/:$*,4B$45/$IB2I5*,-$(B@/R$@BB8*,-$MB($L2.+$
+5/$IB'@:$5/@)$45/$4/2G$G/GQ/(+$2I5*/N/$L524$45/.$L2,4/:$*,$
ƚŚĞŝƌĐĂƌĞĞƌƐ͘&ŽƌŝŶƐƚĂŶĐĞ͕ŽŶĞŵĂŶĂŐĞƌǁŚŽŚĂĚďĞĞŶŐĞƫŶŐ
ĨĞĞĚďĂĐŬƚŚĂƚŚĞǁĂƐĂƉŽŽƌƚĞĂŵƉůĂǇĞƌĐŽŶĮĚĞĚŚŝƐǁŽƌƌŝĞƐƚŽ
5/(U$6/$45B'-54$5/$L2+$2$-BB:$4/2G$G/GQ/(R$Q'4$5/$L2+$)@2-'/:$
Q.$ )/(+*+4/,4$ IBG)@2*,4+U$ ?/IB-,*X*,-$ 4524$ 5/$ L2+$ 2$ 42@/,4/:$
ĞǆĞĐƵƟǀĞ ĂŶĚ Ă ǀĂůƵĂďůĞ ĂƐƐĞƚ ƚŽ ƚŚĞ ĐŽŵƉĂŶǇ͕ :ŽĂŶ ŵĂĚĞ ĂŶ
ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ Śŝŵ ƚŽ ƉŽŝŶƚ ŽƵƚ ;ŝŶ ƉƌŝǀĂƚĞͿ ǁŚĞŶ ŚŝƐ ĂĐƟŽŶƐ
',:/(G*,/:$5*+$-B2@$BM$Q/*,-$+//,$2+$2$4/2G$)@2./(U
^ŚĞĨŽůůŽǁĞĚƚŚĞŽŶĞͲŽŶͲŽŶĞĐŽŶǀĞƌƐĂƟŽŶƐǁŝƚŚĂƚŚƌĞĞͲ
ĚĂǇ ŽīͲƐŝƚĞ ŵĞĞƟŶŐ͘ ,Ğƌ ŐŽĂů ŚĞƌĞ ǁĂƐ ƚĞĂŵ ďƵŝůĚŝŶŐ͕ ƐŽ ƚŚĂƚ
ĞǀĞƌǇŽŶĞǁŽƵůĚŽǁŶǁŚĂƚĞǀĞƌƐŽůƵƟŽŶĨŽƌƚŚĞďƵƐŝŶĞƐƐƉƌŽďůĞŵƐ
ĞŵĞƌŐĞĚ͘,ĞƌŝŶŝƟĂůƐƚĂŶĐĞĂƚƚŚĞŽīƐŝƚĞŵĞĞƟŶŐǁĂƐƚŚĂƚŽĨĂ
ĚĞŵŽĐƌĂƟĐ ůĞĂĚĞƌ͘ ^ŚĞ ĞŶĐŽƵƌĂŐĞĚ ĞǀĞƌǇŽŶĞ ƚŽ ĞǆƉƌĞƐƐ ĨƌĞĞůǇ
ƚŚĞŝƌĨƌƵƐƚƌĂƟŽŶƐĂŶĚĐŽŵƉůĂŝŶƚƐ͘
dŚĞŶĞǆƚĚĂǇ͕:ŽĂŶŚĂĚƚŚĞŐƌŽƵƉĨŽĐƵƐŽŶƐŽůƵƟŽŶƐ͗ĞĂĐŚ
ƉĞƌƐŽŶŵĂĚĞƚŚƌĞĞƐƉĞĐŝĮĐƉƌŽƉŽƐĂůƐĂďŽƵƚǁŚĂƚŶĞĞĚĞĚƚŽďĞ
ĚŽŶĞ͘ Ɛ :ŽĂŶ ĐůƵƐƚĞƌĞĚ ƚŚĞ ƐƵŐŐĞƐƟŽŶƐ͕ Ă ŶĂƚƵƌĂů ĐŽŶƐĞŶƐƵƐ
ĞŵĞƌŐĞĚĂďŽƵƚƉƌŝŽƌŝƟĞƐĨŽƌƚŚĞďƵƐŝŶĞƐƐ͕ƐƵĐŚĂƐĐƵƫŶŐĐŽƐƚƐ͘
Ɛ ƚŚĞ ŐƌŽƵƉ ĐĂŵĞ ƵƉ ǁŝƚŚ ƐƉĞĐŝĮĐ ĂĐƟŽŶ ƉůĂŶƐ͕ :ŽĂŶ ŐŽƚ ƚŚĞ
IBGG*4G/,4$2,:$Q'.Y*,$+5/$+B'-54U
tŝƚŚƚŚĂƚǀŝƐŝŽŶŝŶƉůĂĐĞ͕:ŽĂŶƐŚŝŌĞĚŝŶƚŽƚŚĞĂƵƚŚŽƌŝƚĂƟǀĞ
ƐƚǇůĞ͕ĂƐƐŝŐŶŝŶŐĂĐĐŽƵŶƚĂďŝůŝƚǇĨŽƌĞĂĐŚĨŽůůŽǁͲƵƉƐƚĞƉƚŽƐƉĞĐŝĮĐ
58
ĞǆĞĐƵƟǀĞƐĂŶĚŚŽůĚŝŶŐƚŚĞŵƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŝƌĂĐĐŽŵƉůŝƐŚŵĞŶƚ͘
\B($/O2G)@/R$45/$:*N*+*B,$52:$Q//,$:(B))*,-$)(*I/+$B,$)(B:'I4+$
ǁŝƚŚŽƵƚŝŶĐƌĞĂƐŝŶŐŝƚƐǀŽůƵŵĞ͘KŶĞŽďǀŝŽƵƐƐŽůƵƟŽŶǁĂƐƚŽƌĂŝƐĞ
ƉƌŝĐĞƐ͕ďƵƚƚŚĞƉƌĞǀŝŽƵƐsWŽĨƐĂůĞƐŚĂĚĚŝƚŚĞƌĞĚĂŶĚŚĂĚůĞƚƚŚĞ
ƉƌŽďůĞŵ ĨĞƐƚĞƌ͘ dŚĞ ŶĞǁ sW ŽĨ ƐĂůĞƐ ŶŽǁ ŚĂĚ ƌĞƐƉŽŶƐŝďŝůŝƚǇ ƚŽ
ĂĚũƵƐƚƚŚĞƉƌŝĐĞƉŽŝŶƚƐƚŽĮǆƚŚĞƉƌŽďůĞŵ͘
$ ^N/($ 45/$ MB@@BL*,-$ GB,45+R$ aB2,`+$ G2*,$ +42,I/$ L2+$
ĂƵƚŚŽƌŝƚĂƟǀĞ͘^ŚĞĐŽŶƟŶƵĂůůǇĂƌƟĐƵůĂƚĞĚƚŚĞŐƌŽƵƉ͛ƐŶĞǁǀŝƐŝŽŶ
*,$2$L2.$4524$(/G*,:/:$/2I5$G/GQ/($BM$5BL$5*+$B($5/($(B@/$L2+$
ĐƌƵĐŝĂůƚŽĂĐŚŝĞǀŝŶŐƚŚĞƐĞŐŽĂůƐ͘ŶĚ͕ĞƐƉĞĐŝĂůůǇĚƵƌŝŶŐƚŚĞĮƌƐƚĨĞǁ
ǁĞĞŬƐŽĨƚŚĞƉůĂŶ͛ƐŝŵƉůĞŵĞŶƚĂƟŽŶ͕:ŽĂŶĨĞůƚƚŚĂƚƚŚĞƵƌŐĞŶĐǇŽĨ
ƚŚĞďƵƐŝŶĞƐƐĐƌŝƐŝƐũƵƐƟĮĞĚĂŶŽĐĐĂƐŝŽŶĂůƐŚŝŌŝŶƚŽƚŚĞĐŽĞƌĐŝǀĞ
+4.@/$+5B'@:$+BG/B,/$M2*@$4B$G//4$5*+$B($5/($(/+)B,+*Q*@*4.U$%+$+5/$
)'4$*4R$]C$52:$4B$Q/$Q('42@$2QB'4$45*+$MB@@BLY')$2,:$G28/$+'(/$45*+$
ƐƚƵīŚĂƉƉĞŶĞĚ͘/ƚǁĂƐŐŽŝŶŐƚŽƚĂŬĞĚŝƐĐŝƉůŝŶĞĂŶĚĨŽĐƵƐ͘͟
$ =5/$ (/+'@4+;$ ZN/(.$ 2+)/I4$ BM$ I@*G24/$ *G)(BN/:U$ F/B)@/$
ǁĞƌĞŝŶŶŽǀĂƟŶŐ͘dŚĞǇǁĞƌĞƚĂůŬŝŶŐĂďŽƵƚƚŚĞĚŝǀŝƐŝŽŶ͛ƐǀŝƐŝŽŶĂŶĚ
ĐƌŽǁŝŶŐĂďŽƵƚƚŚĞŝƌĐŽŵŵŝƚŵĞŶƚƚŽŶĞǁ͕ĐůĞĂƌŐŽĂůƐ͘dŚĞƵůƟŵĂƚĞ
ƉƌŽŽĨŽĨ:ŽĂŶ͛ƐŇƵŝĚůĞĂĚĞƌƐŚŝƉƐƚǇůĞŝƐǁƌŝƩĞŶŝŶďůĂĐŬŝŶŬ͗ĂŌĞƌ
ŽŶůǇƐĞǀĞŶŵŽŶƚŚƐ͕ŚĞƌĚŝǀŝƐŝŽŶĞǆĐĞĞĚĞĚŝƚƐǇĞĂƌůǇƉƌŽĮƚƚĂƌŐĞƚ
Q.$eA$G*@@*B,U
%:6'28!25&0)-(&(%6%(#)(0
\/L$@/2:/(+R$BM$IB'(+/R$52N/$2@@$+*O$+4.@/+$*,$45/*($(/)/(4B(.R$2,:$
/N/,$M/L/($8,BL$L5/,$2,:$5BL$4B$'+/$45/GU$C,$M2I4R$2+$45/+/$
ĮŶĚŝŶŐƐŚĂǀĞďĞĞŶƐŚŽǁŶƚŽůĞĂĚĞƌƐŝŶŵĂŶǇŽƌŐĂŶŝǌĂƟŽŶƐ͕ƚŚĞ
GB+4$ IBGGB,$ (/+)B,+/+$ 52N/$ Q//,R$ ]J'4$ C$ 52N/$ B,@.$ 4LB$ BM$
45B+/fT$2,:R$]C$I2,`4$'+/$2@@$45B+/$+4.@/+U$C4$LB'@:,`4$Q/$,24'(2@UT
$ &'I5$ M//@*,-+$ 2(/$ ',:/(+42,:2Q@/R$ 2,:$ *,$ +BG/$ I2+/+R$
ƚŚĞ ĂŶƟĚŽƚĞ ŝƐ ƌĞůĂƟǀĞůǇ ƐŝŵƉůĞ͘ dŚĞ ůĞĂĚĞƌ ĐĂŶ ďƵŝůĚ Ă ƚĞĂŵ
L*45$ G/GQ/(+$ L5B$ /G)@B.$ +4.@/+$ +5/$ @2I8+U$ =28/$ 45/$ I2+/$ BM$
Ă sW ĨŽƌ ŵĂŶƵĨĂĐƚƵƌŝŶŐ͘ ^ŚĞ ƐƵĐĐĞƐƐĨƵůůǇ ƌĂŶ Ă ŐůŽďĂů ĨĂĐƚŽƌǇ
ƐǇƐƚĞŵůĂƌŐĞůǇďǇƵƐŝŶŐƚŚĞĂĸůŝĂƟǀĞƐƚǇůĞ͘^ŚĞǁĂƐŽŶƚŚĞƌŽĂĚ
ĐŽŶƐƚĂŶƚůǇ͕ ŵĞĞƟŶŐ ǁŝƚŚ ƉůĂŶƚ ŵĂŶĂŐĞƌƐ͕ ĂƩĞŶĚŝŶŐ ƚŽ ƚŚĞŝƌ
ƉƌĞƐƐŝŶŐĐŽŶĐĞƌŶƐ͕ĂŶĚůĞƫŶŐƚŚĞŵŬŶŽǁŚŽǁŵƵĐŚƐŚĞĐĂƌĞĚ
2QB'4$45/G$)/(+B,2@@.U
^ŚĞůĞŌƚŚĞĚŝǀŝƐŝŽŶ͛ƐƐƚƌĂƚĞŐǇʹĞǆƚƌĞŵĞĞĸĐŝĞŶĐǇʹƚŽĂ
4('+4/:$@*/'4/,2,4$L*45$2$8//,$',:/(+42,:*,-$BM$4/I5,B@B-.R$2,:$
+5/$:/@/-24/:$*4+$)/(MB(G2,I/$+42,:2(:+$4B$2$IB@@/2-'/$L5B$L2+$
ĂĚĞƉƚĂƚƚŚĞĂƵƚŚŽƌŝƚĂƟǀĞĂƉƉƌŽĂĐŚ͘^ŚĞĂůƐŽŚĂĚĂƉĂĐĞƐĞƩĞƌŽŶ
5/($4/2G$L5B$2@L2.+$N*+*4/:$45/$)@2,4+$L*45$5/(U
Ŷ ĂůƚĞƌŶĂƟǀĞ ĂƉƉƌŽĂĐŚ͕ ĂŶĚ ŽŶĞ / ǁŽƵůĚ ƌĞĐŽŵŵĞŶĚ
GB(/R$*+$MB($@/2:/(+$4B$/O)2,:$45/*($BL,$+4.@/$(/)/(4B(*/+U$=B$:B$
ƐŽ͕ ůĞĂĚĞƌƐ ŵƵƐƚ ĮƌƐƚ ƵŶĚĞƌƐƚĂŶĚ ǁŚŝĐŚ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ
IBG)/4/,I*/+$',:/(@*/$45/$@/2:/(+5*)$+4.@/+$45/.$2(/$@2I8*,-U$=5/.$
ĐĂŶƚŚĞŶǁŽƌŬĂƐƐŝĚƵŽƵƐůǇƚŽŝŶĐƌĞĂƐĞƚŚĞŝƌƋƵŽƟĞŶƚŽĨƚŚĞŵ͘
&ŽƌŝŶƐƚĂŶĐĞ͕ĂŶĂĸůŝĂƟǀĞůĞĂĚĞƌŚĂƐƐƚƌĞŶŐƚŚƐŝŶƚŚƌĞĞĞŵŽƟŽŶĂů
ŝŶƚĞůůŝŐĞŶĐĞĐŽŵƉĞƚĞŶĐŝĞƐ͗ŝŶĞŵƉĂƚŚǇ͕ŝŶďƵŝůĚŝŶŐƌĞůĂƟŽŶƐŚŝƉƐ͕
ĂŶĚ ŝŶ ĐŽŵŵƵŶŝĐĂƟŽŶ͘ ŵƉĂƚŚǇ ʹ ƐĞŶƐŝŶŐ ŚŽǁ ƉĞŽƉůĞ ĂƌĞ
ĨĞĞůŝŶŐŝŶƚŚĞŵŽŵĞŶƚʹĂůůŽǁƐƚŚĞĂĸůŝĂƟǀĞůĞĂĚĞƌƚŽƌĞƐƉŽŶĚ
4B$/G)@B.//+$*,$2$L2.$4524$*+$5*-5@.$IB,-('/,4$L*45$4524$)/(+B,`+$
ĞŵŽƟŽŶƐ͕ ƚŚƵƐ ďƵŝůĚŝŶŐ ƌĂƉƉŽƌƚ͘ dŚĞ ĂĸůŝĂƟǀĞ ůĞĂĚĞƌ ĂůƐŽ
ĚŝƐƉůĂǇƐ Ă ŶĂƚƵƌĂů ĞĂƐĞ ŝŶ ĨŽƌŵŝŶŐ ŶĞǁ ƌĞůĂƟŽŶƐŚŝƉƐ͕ ŐĞƫŶŐ ƚŽ
ŬŶŽǁƐŽŵĞŽŶĞĂƐĂƉĞƌƐŽŶ͕ĂŶĚĐƵůƟǀĂƟŶŐĂďŽŶĚ͘
&ŝŶĂůůǇ͕ƚŚĞŽƵƚƐƚĂŶĚŝŶŐĂĸůŝĂƟǀĞůĞĂĚĞƌŚĂƐŵĂƐƚĞƌĞĚƚŚĞ
ĂƌƚŽĨŝŶƚĞƌƉĞƌƐŽŶĂůĐŽŵŵƵŶŝĐĂƟŽŶ͕ƉĂƌƟĐƵůĂƌůǇŝŶƐĂǇŝŶŐũƵƐƚƚŚĞ
(*-54$ 45*,-$ B($ G28*,-$ 45/$ 2)4$ +.GQB@*I$ -/+4'(/$ 24$ S'+4$ 45/$ (*-54$
ŵŽŵĞŶƚ͘^ŽŝĨǇŽƵĂƌĞƉƌŝŵĂƌŝůǇĂƉĂĐĞƐĞƫŶŐůĞĂĚĞƌǁŚŽǁĂŶƚƐ
ƚŽďĞĂďůĞƚŽƵƐĞƚŚĞĂĸůŝĂƟǀĞƐƚǇůĞŵŽƌĞŽŌĞŶ͕ǇŽƵǁŽƵůĚŶĞĞĚ
4B$ *G)(BN/$ .B'($ @/N/@$ BM$ /G)245.$ 2,:R$ )/(52)+R$ .B'($ +8*@@+$ 24$
ďƵŝůĚŝŶŐƌĞůĂƟŽŶƐŚŝƉƐŽƌĐŽŵŵƵŶŝĐĂƟŶŐĞīĞĐƟǀĞůǇ͘
ƐĂŶŽƚŚĞƌĞǆĂŵƉůĞ͕ĂŶĂƵƚŚŽƌŝƚĂƟǀĞůĞĂĚĞƌǁŚŽǁĂŶƚƐƚŽ
ĂĚĚƚŚĞĚĞŵŽĐƌĂƟĐƐƚǇůĞƚŽŚŝƐƌĞƉĞƌƚŽƌǇŵŝŐŚƚŶĞĞĚƚŽǁŽƌŬŽŶ
ƚŚĞĐĂƉĂďŝůŝƟĞƐŽĨĐŽůůĂďŽƌĂƟŽŶĂŶĚĐŽŵŵƵŶŝĐĂƟŽŶ͘
,ŽƵƌƚŽŚŽƵƌ͕ĚĂǇƚŽĚĂǇ͕ǁĞĞŬƚŽǁĞĞŬ͕ĞǆĞĐƵƟǀĞƐŵƵƐƚ
)@2.$45/*($@/2:/(+5*)$+4.@/+$@*8/$-B@M$I@'Q+R$45/$(*-54$B,/$24$S'+4$45/$
ƌŝŐŚƚƟŵĞĂŶĚŝŶƚŚĞƌŝŐŚƚŵĞĂƐƵƌĞ͘dŚĞƉĂǇŽīŝƐŝŶƚŚĞƌĞƐƵůƚƐ͘
60
LEADERSHIP STYLES
HOW IT
LEADERSHIP IMPACT ON WHEN
BUILDS
STYLE CLIMATE APPROPRIATE
RESONANCE
MOVES WHEN CHANGE

MOST
VISIONARY PEOPLE REQUIRES A NEW
STRONGLY
(OR TOWARD VISION, OR WHEN A
POSITIVE
AUTHORITATIVE) SHARED CLEAR DIRECTION
DREAMS IS NEEDED
CONNECTS TO HELP A
WHAT A PERSON
COACHING PERSON HIGHLY CONTRIBUTE
WANTS POSITIVE MORE
WITH THE EFFECTIVELY
TEAM!S GOALS TO THE TEAM
CREATES TO HEAL RIFTS

HARMONY IN A TEAM,
AFFILIATIVE BY POSITIVE MOTIVATE DURING
CONNECTING SUCCESSFUL TIMES,
PEOPLE TO OR STRENGTHEN
EACH OTHER CONNECTIONS
VALUES TO BUILD BUY IN

PEOPLE!S OR CONSENSUS,
DEMOCRATIC INPUT/GETS POSITIVE OR TO GET
COMMITMENT VALUABLE
THROUGH INPUT FROM
PARTICIPATION TEAM MEMBERS
OFTEN HIGHLY TO GET HIGH

SETS
NEGATIVE QUALITY RESULTS
CHALLENGING
PACESETTING BECAUSE FROM A
AND EXCITING
POORLY MOTIVATED AND
GOALS
EXECUTED COMPETENT TEAM
SOOTHES FEARS
BY GIVING OFTEN HIGHLY IN CRISIS,
COMMANDNG CLEAR NEGATIVE TO KICK START
(OR COERCIVE) DIRECTION BECAUSE A TURNAROUND
IN AN MISUSED
EMERGENCY
61
THE GROUP IQ
Adapted From Emotional Intelligence
#B:2.`+$/IB,BG.$*+$@2(-/@.$:(*N/,$Q.$8,BL@/:-/$LB(8/(+R$
ƉĞŽƉůĞǁŚŽƐĞƉƌŽĚƵĐƟǀŝƚǇŝƐŵĂƌŬĞĚďǇĂĚĚŝŶŐǀĂůƵĞƚŽŝŶĨŽƌŵĂƟŽŶ
[$L5/45/($2+$G2(8/4$2,2@.+4+R$L(*4/(+R$B($IBG)'4/($)(B-(2GG/(+U$
F/4/($V('I8/(R$L5B$IB*,/:$45/$4/(G$]8,BL@/:-/$LB(8/(RT$)B*,4+$
ŽƵƚƚŚĂƚƐƵĐŚǁŽƌŬĞƌƐ͛ĞǆƉĞƌƟƐĞŝƐŚŝŐŚůǇƐƉĞĐŝĂůŝǌĞĚĂŶĚƚŚĂƚƚŚĞŝƌ
ƉƌŽĚƵĐƟǀŝƚǇĚĞƉĞŶĚƐŽŶƚŚĞŝƌĞīŽƌƚƐďĞŝŶŐĐŽŽƌĚŝŶĂƚĞĚĂƐƉĂƌƚ
ŽĨĂŶŽƌŐĂŶŝǌĂƟŽŶĂůƚĞĂŵ͘tƌŝƚĞƌƐĂƌĞŶŽƚƉƵďůŝƐŚĞƌƐ͖ĐŽŵƉƵƚĞƌ
ƉƌŽŐƌĂŵŵĞƌƐ ĂƌĞ ŶŽƚ ƐŽŌǁĂƌĞ ĚŝƐƚƌŝďƵƚŽƌƐ͘ tŚŝůĞ ƉĞŽƉůĞ ŚĂǀĞ
2@L2.+$LB(8/:$*,$42,:/GR$,B4/+$V('I8/(R$L*45$8,BL@/:-/$LB(8R$
]4/2G+$Q/IBG/$45/$LB(8$',*4$(245/($452,$45/$*,:*N*:'2@$5*G+/@MUT$
ŶĚƚŚĂƚƐƵŐŐĞƐƚƐǁŚǇĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͕ƚŚĞƐŬŝůůƐƚŚĂƚŚĞůƉ
)/B)@/$52(GB,*X/R$*+$*,I(/2+*,-@.$N2@'/:$2+$2$LB(8)@2I/$2++/4$*,$
4B:2.`+$/IB,BG.U
WĞƌŚĂƉƐ ƚŚĞ ŵŽƐƚ ƌƵĚŝŵĞŶƚĂƌǇ ĨŽƌŵ ŽĨ ŽƌŐĂŶŝǌĂƟŽŶĂů
ƚĞĂŵǁŽƌŬŝƐƚŚĞŵĞĞƟŶŐ͕ƚŚĂƚŝŶĞƐĐĂƉĂďůĞƉĂƌƚŽĨĂŶĞǆĞĐƵƟǀĞ͛Ɛ
ůŽƚʹŝŶĂďŽĂƌĚƌŽŽŵ͕ŽŶĂĐŽŶĨĞƌĞŶĐĞĐĂůů͕ŝŶƐŽŵĞŽŶĞ͛ƐŽĸĐĞ͘
DĞĞƟŶŐƐĂƌĞďƵƚƚŚĞŵŽƐƚŽďǀŝŽƵƐ͕ĂŶĚĂƐŽŵĞǁŚĂƚĂŶƟƋƵĂƚĞĚ͕
/O2G)@/$BM$45/$+/,+/$*,$L5*I5$LB(8$*+$+52(/:$[$2+$L/@@$2+$45(B'-5$
/@/I4(B,*I$ ,/4LB(8+R$ /YG2*@R$ 4/@/IB,M/(/,I/+R$ LB(8$ 4/2G+R$
*,MB(G2@$ ,/4LB(8+R$ 2,:$ 45/$ @*8/U$ =B$ 45/$ :/-(//$ 4524$ 45/$ /O)@*I*4$
ŚŝĞƌĂƌĐŚǇĂƐŵĂƉƉĞĚŽŶĂŶŽƌŐĂŶŝǌĂƟŽŶĂůĐŚĂƌƚŝƐƚŚĞƐŬĞůĞƚŽŶŽĨ
ĂŶŽƌŐĂŶŝǌĂƟŽŶ͕ƚŚĞƐĞŚƵŵĂŶƚŽƵĐŚƉŽŝŶƚƐĂƌĞŝƚƐĐĞŶƚƌĂůŶĞƌǀŽƵƐ
+.+4/GU
$ 35/,/N/($)/B)@/$IBG/$4B-/45/($4B$IB@@2QB(24/R$L5/45/($
ŝƚ ďĞ ŝŶ ĂŶ ĞǆĞĐƵƟǀĞ ƉůĂŶŶŝŶŐ ŵĞĞƟŶŐ Žƌ ĂƐ Ă ƚĞĂŵ ǁŽƌŬŝŶŐ
4BL2(:$2$+52(/:$)(B:'I4R$45/(/$*+$2$N/(.$(/2@$+/,+/$*,$L5*I5$45/.$
52N/$2$-(B')$CDR$45/$+'G$4B42@$BM$45/$42@/,4+$2,:$+8*@@+$BM$
62
2@@$45B+/$*,NB@N/:U$%,:$5BL$L/@@$45/.$2IIBG)@*+5$45/*($42+8$L*@@$
Q/$:/4/(G*,/:$Q.$5BL$5*-5$4524$CD$*+U$=5/$+*,-@/$GB+4$*G)B(42,4$
/@/G/,4$*,$-(B')$*,4/@@*-/,I/R$*4$4'(,+$B'4R$*+$,B4$45/$2N/(2-/$CD$*,$
ƚŚĞĂĐĂĚĞŵŝĐƐĞŶƐĞ͕ďƵƚƌĂƚŚĞƌŝŶƚĞƌŵƐŽĨĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͘
=5/$8/.$4B$2$5*-5$-(B')$CD$*+$+BI*2@$52(GB,.U$C4$*+$45*+$2Q*@*4.$4B$
52(GB,*X/$4524R$2@@$B45/($45*,-+$Q/*,-$/_'2@R$L*@@$G28/$B,/$-(B')$
ĞƐƉĞĐŝĂůůǇ ƚĂůĞŶƚĞĚ͕ ƉƌŽĚƵĐƟǀĞ͕ ĂŶĚ ƐƵĐĐĞƐƐĨƵů͕ ĂŶĚ ĂŶŽƚŚĞƌ ʹ
L*45$G/GQ/(+$L5B+/$42@/,4$2,:$+8*@@$2(/$/_'2@$*,$B45/($(/-2(:+$
[$:B$)BB(@.U
$ =5/$ *:/2$ 4524$ 45/(/$ *+$ 2$ -(B')$ *,4/@@*-/,I/$ 24$ 2@@$ IBG/+$
ĨƌŽŵZŽďĞƌƚ^ƚĞƌŶďĞƌŐ͕ĂzĂůĞƉƐǇĐŚŽůŽŐŝƐƚ͕ĂŶĚtĞŶĚǇtŝůůŝĂŵƐ͕
2$MB(G/($-(2:'24/$+4':/,4$BM$5*+R$L5B$L/(/$+//8*,-$4B$',:/(+42,:$
ǁŚǇ ƐŽŵĞ ŐƌŽƵƉƐ ĂƌĞ ĨĂƌ ŵŽƌĞ ĞīĞĐƟǀĞ ƚŚĂŶ ŽƚŚĞƌƐ͘K ŌĞƌ Ăůů͕
L5/,$ )/B)@/$ IBG/$ 4B-/45/($ 4B$ LB(8$ 2+$ 2$ -(B')R$ /2I5$ Q(*,-+$
ĐĞƌƚĂŝŶƚĂůĞŶƚƐʹƐĂǇ͕ĂŚŝŐŚǀĞƌďĂůŇƵĞŶĐǇ͕ĐƌĞĂƟǀŝƚǇ͕ĞŵƉĂƚŚǇ͕Žƌ
ƚĞĐŚŶŝĐĂůĞǆƉĞƌƟƐĞ͘tŚŝůĞĂŐƌŽƵƉĐĂŶďĞŶŽ͞ƐŵĂƌƚĞƌ͟ƚŚĂŶƚŚĞ
ƐƵŵƚŽƚĂůŽĨĂůůƚŚĞƐĞƐƉĞĐŝĮĐƐƚƌĞŶŐƚŚƐ͕ŝƚĐĂŶďĞŵƵĐŚĚƵŵďĞƌŝĨ
*4+$*,4/(,2@$LB(8*,-+$:B,`4$2@@BL$)/B)@/$4B$+52(/$45/*($42@/,4+U
$ =5*+$G2O*G$Q/I2G/$/N*:/,4$L5/,$&4/(,Q/(-$2,:$3*@@*2G+$
(/I('*4/:$ )/B)@/$ 4B$ 428/$ )2(4$ *,$ -(B')+$ 4524$ L/(/$ -*N/,$ 45/$
ĐƌĞĂƟǀĞ ĐŚĂůůĞŶŐĞ ŽĨ ĐŽŵŝŶŐ ƵƉ ǁŝƚŚ ĂŶ ĞīĞĐƟǀĞ ĂĚǀĞƌƟƐŝŶŐ
ĐĂŵƉĂŝŐŶ ĨŽƌ Ă ĮĐƟƟŽƵƐ ƐǁĞĞƚĞŶĞƌ ƚŚĂƚ ƐŚŽǁĞĚ ƉƌŽŵŝƐĞ ĂƐ Ă
ƐƵŐĂƌƐƵďƐƟƚƵƚĞ͘
$ ^,/$+'()(*+/$L2+$4524$)/B)@/$L5B$L/(/$4BB$/2-/($4B$428/$
)2(4$L/(/$2$:(2-$B,$45/$-(B')R$@BL/(*,-$*4+$BN/(2@@$)/(MB(G2,I/c$
45/+/$/2-/($Q/2N/(+$L/(/$4BB$IB,4(B@@*,-$B($:BG*,//(*,-U$&'I5$
)/B)@/$+//G/:$4B$@2I8$2$Q2+*I$/@/G/,4$BM$+BI*2@$*,4/@@*-/,I/R$45/$
2Q*@*4.$4B$(/IB-,*X/$L524$*+$2)4$2,:$L524$*,2))(B)(*24/$*,$-*N/Y
ĂŶĚͲƚĂŬĞ͘ ŶŽƚŚĞƌ ŶĞŐĂƟǀĞ ǁĂƐ ŚĂǀŝŶŐ ĚĞĂĚǁĞŝŐŚƚ͕ ŵĞŵďĞƌƐ
ǁŚŽĚŝĚŶŽƚƉĂƌƟĐŝƉĂƚĞ͘
$ =5/$ +*,-@/$ GB+4$ *G)B(42,4$ M2I4B($ *,$ G2O*G*X*,-$ 45/$
/OI/@@/,I/$ BM$ 2$ -(B')`+$ )(B:'I4$ L2+$ 45/$ :/-(//$ 4B$ L5*I5$ 45/$
G/GQ/(+$L/(/$2Q@/$4B$I(/24/$2$+424/$BM$*,4/(,2@$52(GB,.R$L5*I5$
@/4+$45/G$428/$2:N2,42-/$BM$45/$M'@@$42@/,4$BM$45/*($G/GQ/(+U$=5/$
BN/(2@@$)/(MB(G2,I/$BM$52(GB,*B'+$-(B')+$L2+$5/@)/:$Q.$52N*,-$
ĂŵĞŵďĞƌǁŚŽǁĂƐƉĂƌƟĐƵůĂƌůǇƚĂůĞŶƚĞĚ͖ŐƌŽƵƉƐǁŝƚŚ
THE GROUP IQ 63
ŵŽƌĞĨƌŝĐƟŽŶǁĞƌĞĨĂƌůĞƐƐĂďůĞƚŽĐĂƉŝƚĂůŝǌĞŽŶŚĂǀŝŶŐŵĞŵďĞƌƐ
ŽĨŐƌĞĂƚĂďŝůŝƚǇ͘/ŶŐƌŽƵƉƐǁŚĞƌĞƚŚĞƌĞĂƌĞŚŝŐŚůĞǀĞůƐŽĨĞŵŽƟŽŶĂů
ĂŶĚƐŽĐŝĂůƐƚĂƟĐʹǁŚĞƚŚĞƌŝƚďĞĨƌŽŵĨĞĂƌŽƌĂŶŐĞƌ͕ĨƌŽŵƌŝǀĂůƌŝĞƐ
Žƌ ƌĞƐĞŶƚŵĞŶƚƐ ʹ ƉĞŽƉůĞ ĐĂŶŶŽƚ ŽīĞƌ ƚŚĞŝƌ ďĞƐƚ͘ Ƶƚ ŚĂƌŵŽŶǇ
ĂůůŽǁƐĂŐƌŽƵƉƚŽƚĂŬĞŵĂǆŝŵƵŵĂĚǀĂŶƚĂŐĞŽĨŝƚƐŵŽƐƚĐƌĞĂƟǀĞ
ĂŶĚƚĂůĞŶƚĞĚŵĞŵďĞƌƐ͛ĂďŝůŝƟĞƐ͘
$ 35*@/$ 45/$ GB(2@$ BM$ 45*+$ 42@/$ *+$ _'*4/$ I@/2($ MB(R$ +2.R$ LB(8$
ƚĞĂŵƐ͕ŝƚŚĂƐĂŵŽƌĞŐĞŶĞƌĂůŝŵƉůŝĐĂƟŽŶĨŽƌĂŶǇŽŶĞǁŚŽǁŽƌŬƐ
ǁŝƚŚŝŶĂŶŽƌŐĂŶŝǌĂƟŽŶ͘DĂŶǇƚŚŝŶŐƐƉĞŽƉůĞĚŽĂƚǁŽƌŬĚĞƉĞŶĚŽŶ
ƚŚĞŝƌĂďŝůŝƚǇƚŽĐĂůůŽŶĂůŽŽƐĞŶĞƚǁŽƌŬŽĨĨĞůůŽǁǁŽƌŬĞƌƐ͖ĚŝīĞƌĞŶƚ
ƚĂƐŬƐĐĂŶŵĞĂŶĐĂůůŝŶŐŽŶĚŝīĞƌĞŶƚŵĞŵďĞƌƐŽĨƚŚĞŶĞƚǁŽƌŬ͘/Ŷ
ĞīĞĐƚ͕ ƚŚŝƐ ĐƌĞĂƚĞƐ ƚŚĞ ĐŚĂŶĐĞ ĨŽƌ ĂĚ ŚŽĐ ŐƌŽƵƉƐ͕ ĞĂĐŚ ǁŝƚŚ Ă
ŵĞŵďĞƌƐŚŝƉƚĂŝůŽƌĞĚƚŽŽīĞƌĂŶŽƉƟŵĂůĂƌƌĂǇŽĨƚĂůĞŶƚƐ͕ĞǆƉĞƌƟƐĞ͕
2,:$)@2I/G/,4U$a'+4$5BL$L/@@$)/B)@/$I2,$]LB(8T$2$,/4LB(8$[$*,$
ĞīĞĐƚ͕ŵĂŬĞŝƚŝŶƚŽĂƚĞŵƉŽƌĂƌǇ͕ĂĚŚŽĐƚĞĂŵʹŝƐĂĐƌƵĐŝĂůĨĂĐƚŽƌ
*,$B,Y45/YSBQ$+'II/++U
$ PB,+*:/(R$MB($/O2G)@/R$2$I@2++*I$+4':.$BM$+42($)/(MB(G/(+$
ĂƚĞůů>ĂďƐ͕ƚŚĞƐĐŝĞŶƟĮĐƚŚŝŶŬƚĂŶŬŶĞĂƌWƌŝŶĐĞƚŽŶŽƉĞƌĂƚĞĚďǇ
45/$B@:$%=g=$Q2I8$L5/,$*4$L2+$2$4/@/)5B,/$GB,B)B@.U$&'I5$@2Q+$
ĂƌĞƉĞŽƉůĞĚďǇĞŶŐŝŶĞĞƌƐĂŶĚƐĐŝĞŶƟƐƚƐǁŚŽĂƌĞĂůůĂƚƚŚĞƚŽƉŽŶ
2I2:/G*I$CD$4/+4+U$J'4$L*45*,$45*+$)BB@$BM$42@/,4R$+BG/$/G/(-/$2+$
+42(+R$L5*@/$B45/(+$2(/$B,@.$2N/(2-/$*,$45/*($B'4)'4U$3524$G28/+$
ƚŚĞĚŝīĞƌĞŶĐĞďĞƚǁĞĞŶƐƚĂƌƐĂŶĚƚŚĞŽƚŚĞƌƐŝƐŶŽƚƚŚĞŝƌĂĐĂĚĞŵŝĐ
/Y͕ ďƵƚ ƚŚĞŝƌ ĞŵŽƟŽŶĂů /Y͘ dŚĞǇ ĂƌĞ ďĞƩĞƌ ĂďůĞ ƚŽ ŵŽƟǀĂƚĞ
ƚŚĞŵƐĞůǀĞƐ͕ĂŶĚďĞƩĞƌĂďůĞƚŽǁŽƌŬƚŚĞŝƌŝŶĨŽƌŵĂůŶĞƚǁŽƌŬƐŝŶƚŽ
2:$5BI$4/2G+U
$ =5/$ ]+42(+T$ L/(/$ +4':*/:$ *,$ B,/$ :*N*+*B,$ 24$ 45/$ @2Q+R$ 2$
',*4$4524$I(/24/+$2,:$:/+*-,+$45/$/@/I4(B,*I$+L*4I5/+$4524$IB,4(B@$
ƚĞůĞƉŚŽŶĞ ƐǇƐƚĞŵƐ ʹ Ă ŚŝŐŚůǇ ƐŽƉŚŝƐƟĐĂƚĞĚ ĂŶĚ ĚĞŵĂŶĚŝŶŐ
)*/I/$BM$/@/I4(B,*I$/,-*,//(*,-Ub$J/I2'+/$45/$LB(8$*+$Q/.B,:$45/$
I2)2I*4.$BM$2,.$B,/$)/(+B,$4B$42I8@/R$*4$*+$:B,/$*,$4/2G+$4524$I2,$
ƌĂŶŐĞĨƌŽŵũƵƐƚϱŽƌƐŽĞŶŐŝŶĞĞƌƐƚŽϭϱϬ͘EŽƐŝŶŐůĞĞŶŐŝŶĞĞƌŬŶŽǁƐ
ĞŶŽƵŐŚƚŽĚŽƚŚĞũŽďĂůŽŶĞ͖ŐĞƫŶŐƚŚŝŶŐƐĚŽŶĞĚĞŵĂŶĚƐƚĂƉƉŝŶŐ
ŽƚŚĞƌ ƉĞŽƉůĞ͛Ɛ ĞǆƉĞƌƟƐĞ͘ dŽ ĮŶĚ ŽƵƚ ǁŚĂƚ ŵĂĚĞ ƚŚĞ ĚŝīĞƌĞŶĐĞ
ďĞƚǁĞĞŶƚŚŽƐĞǁŚŽǁĞƌĞŚŝŐŚůǇƉƌŽĚƵĐƟǀĞĂŶĚƚŚŽƐĞǁŚŽǁĞƌĞ
64
ŽŶůǇĂǀĞƌĂŐĞ͕ZŽďĞƌƚ<ĞůůĞǇĂŶĚ:ĂŶĞƚĂƉůĂŶŚĂĚŵĂŶĂŐĞƌƐĂŶĚ
ƉĞĞƌƐŶŽŵŝŶĂƚĞƚŚĞϭϬƚŽϭϱƉĞƌĐĞŶƚŽĨĞŶŐŝŶĞĞƌƐǁŚŽƐƚŽŽĚŽƵƚ
2+$+42(+U
$ 35/,$ 45/.$ IBG)2(/:$ 45/$ +42(+$ L*45$ /N/(.B,/$ /@+/R$ 45/$
ŵŽƐƚ ĚƌĂŵĂƟĐ ĮŶĚŝŶŐ͕ Ăƚ ĮƌƐƚ͕ ǁĂƐ ƚŚĞ ƉĂƵĐŝƚǇ ŽĨ ĚŝīĞƌĞŶĐĞƐ
ďĞƚǁĞĞŶ ƚŚĞ ƚǁŽ ŐƌŽƵƉƐ͘ ͞ĂƐĞĚ ŽŶ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ĐŽŐŶŝƟǀĞ
2,:$ +BI*2@$ G/2+'(/+R$ M(BG$ +42,:2(:$ 4/+4+$ MB($ CD$ 4B$ )/(+B,2@*4.$
ŝŶǀĞŶƚŽƌŝĞƐ͕ƚŚĞƌĞ͛ƐůŝƩůĞŵĞĂŶŝŶŐĨƵůĚŝīĞƌĞŶĐĞŝŶŝŶŶĂƚĞĂďŝůŝƟĞƐ͕͟
<ĞůůĞǇ ĂŶĚ ĂƉůĂŶ ǁƌŽƚĞ ŝŶ ƚŚĞ ,ĂƌǀĂƌĚ ƵƐŝŶĞƐƐ ZĞǀŝĞǁ͘ ͞Ɛ ŝƚ
:/N/@B)+R$2I2:/G*I$42@/,4$L2+$,B4$2$-BB:$)(/:*I4B($BM$B,Y45/YSBQ$
ƉƌŽĚƵĐƟǀŝƚǇ͕͟ŶŽƌǁĂƐ/Y͘
Ƶƚ ĂŌĞƌ ĚĞƚĂŝůĞĚ ŝŶƚĞƌǀŝĞǁƐ͕ ƚŚĞ ĐƌŝƟĐĂů ĚŝīĞƌĞŶĐĞƐ
/G/(-/:$*,$45/$*,4/(,2@$2,:$*,4/()/(+B,2@$+4(24/-*/+$]+42(+T$'+/:$
4B$ -/4$ 45/*($ LB(8$ :B,/U$ ^,/$ BM$ 45/$ GB+4$ *G)B(42,4$ 4'(,/:$ B'4$
4B$ Q/$ 2$ (2))B(4$ L*45$ 2$ ,/4LB(8$ BM$ 8/.$ )/B)@/U$ =5*,-+$ -B$ GB(/$
ƐŵŽŽƚŚůǇĨŽƌƚŚĞƐƚĂŶĚŽƵƚƐďĞĐĂƵƐĞƚŚĞǇƉƵƚƟŵĞŝŶƚŽĐƵůƟǀĂƟŶŐ
ŐŽŽĚƌĞůĂƟŽŶƐŚŝƉƐǁŝƚŚƉĞŽƉůĞǁŚŽƐĞƐĞƌǀŝĐĞƐŵŝŐŚƚďĞŶĞĞĚĞĚ
*,$2$I(',I5$2+$)2(4$BM$2,$*,+42,4$2:$5BI$4/2G$4B$+B@N/$2$)(BQ@/G$
B($52,:@/$2$I(*+*+U
$ ]%$ G*::@/$ )/(MB(G/($ 24$ J/@@$ 92Q+$ 42@8/:$ 2QB'4$ Q/*,-$
ƐƚƵŵƉĞĚ ďǇ Ă ƚĞĐŚŶŝĐĂů ƉƌŽďůĞŵ͕͟ <ĞůůĞǇ ĂŶĚ ĂƉůĂŶ ŽďƐĞƌǀĞĚ͘
]6/$)2*,+428*,-@.$I2@@/:$N2(*B'+$4/I5,*I2@$-'('+$2,:$45/,$L2*4/:R$
ǁĂƐƟŶŐ ǀĂůƵĂďůĞ ƟŵĞ ǁŚŝůĞ ĐĂůůƐ ǁĞŶƚ ƵŶƌĞƚƵƌŶĞĚ ĂŶĚ ĞͲŵĂŝů
G/++2-/+$',2,+L/(/:U$&42($)/(MB(G/(+R$5BL/N/(R$(2(/@.$M2I/$+'I5$
ƐŝƚƵĂƟŽŶƐďĞĐĂƵƐĞƚŚĞǇĚŽƚŚĞǁŽƌŬŽĨďƵŝůĚŝŶŐƌĞůŝĂďůĞŶĞƚǁŽƌŬƐ
Q/MB(/$ 45/.$ 2I4'2@@.$ ,//:$ 45/GU$ 35/,$ 45/.$ I2@@$ +BG/B,/$ MB($
2:N*I/R$+42(+$2@GB+4$2@L2.+$-/4$2$M2+4/($2,+L/(UT
/ŶĨŽƌŵĂů ŶĞƚǁŽƌŬƐ ĂƌĞ ĞƐƉĞĐŝĂůůǇ ĐƌŝƟĐĂů ĨŽƌ ŚĂŶĚůŝŶŐ
ƵŶĂŶƟĐŝƉĂƚĞĚ ƉƌŽďůĞŵƐ͘ ͞dŚĞ ĨŽƌŵĂů ŽƌŐĂŶŝǌĂƟŽŶ ŝƐ ƐĞƚ ƵƉ ƚŽ
ŚĂŶĚůĞĞĂƐŝůǇĂŶƟĐŝƉĂƚĞĚƉƌŽďůĞŵƐ͕͟ŽŶĞƐƚƵĚǇŽĨƚŚĞƐĞŶĞƚǁŽƌŬƐ
BQ+/(N/+U$ ]J'4$ L5/,$ ',/O)/I4/:$ )(BQ@/G+$ 2(*+/R$ 45/$ *,MB(G2@$
ŽƌŐĂŶŝǌĂƟŽŶ ŬŝĐŬƐ ŝŶ͘ /ƚƐ ĐŽŵƉůĞǆ ǁĞď ŽĨ ƐŽĐŝĂů ƟĞƐ ĨŽƌŵ ĞǀĞƌǇ
ƟŵĞ ĐŽůůĞĂŐƵĞƐ ĐŽŵŵƵŶŝĐĂƚĞ͕ ĂŶĚ ƐŽůŝĚŝĨǇ ŽǀĞƌ ƟŵĞ ŝŶƚŽ
ƐƵƌƉƌŝƐŝŶŐůǇƐƚĂďůĞŶĞƚǁŽƌŬƐ͘,ŝŐŚůǇĂĚĂƉƟǀĞ͕ŝŶĨŽƌŵĂůŶĞƚǁŽƌŬƐ
ŵŽǀĞĚŝĂŐŽŶĂůůǇĂŶĚĞůůŝƉƟĐĂůůǇ͕ƐŬŝƉƉŝŶŐĞŶƟƌĞĨƵŶĐƟŽŶƐƚŽŐĞƚ
45*,-+$:B,/UTϭϬ
THE GROUP IQ 65
=5/$2,2@.+*+$BM$*,MB(G2@$,/4LB(8+$+5BL+$4524$S'+4$Q/I2'+/$)/B)@/$
LB(8$ 4B-/45/($ :2.$ 4B$ :2.$ 45/.$ L*@@$ ,B4$ ,/I/++2(*@.$ 4('+4$ /2I5$
ŽƚŚĞƌ ǁŝƚŚ ƐĞŶƐŝƟǀĞ ŝŶĨŽƌŵĂƟŽŶ ;ƐƵĐŚ ĂƐ Ă ĚĞƐŝƌĞ ƚŽ ĐŚĂŶŐĞ
SBQ+R$ B($ (/+/,4G/,4$ 2QB'4$ 5BL$ 2$ G2,2-/($ B($ )//($ Q/52N/+#R$
ŶŽƌƚƵƌŶƚŽƚŚĞŵŝŶĐƌŝƐŝƐ͘/ŶĚĞĞĚ͕ĂŵŽƌĞƐŽƉŚŝƐƟĐĂƚĞĚǀŝĞǁŽĨ
ŝŶĨŽƌŵĂůŶĞƚǁŽƌŬƐƐŚŽǁƐƚŚĂƚƚŚĞƌĞĂƌĞĂƚůĞĂƐƚƚŚƌĞĞǀĂƌŝĞƟĞƐ͗
ĐŽŵŵƵŶŝĐĂƟŽŶƐǁĞďƐʹǁŚŽƚĂůŬƐƚŽǁŚŽŵ͖ĞǆƉĞƌƟƐĞŶĞƚǁŽƌŬƐ͕
Q2+/:$ B,$ L5*I5$ )/B)@/$ 2(/$ 4'(,/:$ 4B$ MB($ 2:N*I/c$ 2,:$ 4('+4$
,/4LB(8+U
ĞŝŶŐ Ă ŵĂŝŶ ŶŽĚĞ ŝŶ ƚŚĞ ĞǆƉĞƌƟƐĞ ŶĞƚǁŽƌŬ ŵĞĂŶƐ
ƐŽŵĞŽŶĞ ǁŝůů ŚĂǀĞ Ă ƌĞƉƵƚĂƟŽŶ ĨŽƌ ƚĞĐŚŶŝĐĂů ĞǆĐĞůůĞŶĐĞ͕ ǁŚŝĐŚ
ŽŌĞŶůĞĂĚƐƚŽĂƉƌŽŵŽƟŽŶ͘ƵƚƚŚĞƌĞŝƐǀŝƌƚƵĂůůǇŶŽƌĞůĂƟŽŶƐŚŝƉ
Q/4L//,$Q/*,-$2,$/O)/(4$2,:$Q/*,-$+//,$2+$+BG/B,/$)/B)@/$I2,$
ƚƌƵƐƚǁŝƚŚƚŚĞŝƌƐĞĐƌĞƚƐ͕ĚŽƵďƚƐ͕ĂŶĚǀƵůŶĞƌĂďŝůŝƟĞƐ͘ƉĞƩǇŽĸĐĞ
ƚǇƌĂŶƚŽƌŵŝĐƌŽŵĂŶĂŐĞƌŵĂǇďĞŚŝŐŚŽŶĞǆƉĞƌƟƐĞ͕ďƵƚǁŝůůďĞƐŽ
@BL$B,$4('+4$4524$*4$L*@@$',:/(G*,/$45/*($2Q*@*4.$4B$G2,2-/R$2,:$
ĞīĞĐƟǀĞůǇĞǆĐůƵĚĞƚŚĞŵĨƌŽŵŝŶĨŽƌŵĂůŶĞƚǁŽƌŬƐ͘dŚĞƐƚĂƌƐŽĨĂŶ
ŽƌŐĂŶŝǌĂƟŽŶ ĂƌĞŽŌĞŶƚŚŽƐĞǁŚŽŚĂǀĞƚŚŝĐŬĐŽŶŶĞĐƟŽŶƐ ŽŶ Ăůů
ŶĞƚǁŽƌŬƐ͕ǁŚĞƚŚĞƌĐŽŵŵƵŶŝĐĂƟŽŶƐ͕ĞǆƉĞƌƟƐĞ͕ŽƌƚƌƵƐƚ͘
ĞǇŽŶĚ Ă ŵĂƐƚĞƌǇ ŽĨ ƚŚĞƐĞ ĞƐƐĞŶƟĂů ŶĞƚǁŽƌŬƐ͕ ŽƚŚĞƌ
ĨŽƌŵƐ ŽĨ ŽƌŐĂŶŝǌĂƟŽŶĂů ƐĂǀǀǇ ƚŚĞ Ğůů >ĂďƐ ƐƚĂƌƐ ŚĂĚ ŵĂƐƚĞƌĞĚ
ŝŶĐůƵĚĞĚĞīĞĐƟǀĞůǇĐŽŽƌĚŝŶĂƟŶŐƚŚĞŝƌĞīŽƌƚƐŝŶƚĞĂŵǁŽƌŬ͖ďĞŝŶŐ
@/2:/(+$*,$Q'*@:*,-$IB,+/,+'+c$Q/*,-$2Q@/$4B$+//$45*,-+$M(BG$45/$
ƉĞƌƐƉĞĐƟǀĞ ŽĨ ŽƚŚĞƌƐ͕ ƐƵĐŚ ĂƐ ĐƵƐƚŽŵĞƌƐ Žƌ ŽƚŚĞƌƐ ŽŶ Ă ǁŽƌŬ
ƚĞĂŵ͖ƉĞƌƐƵĂƐŝǀĞŶĞƐƐ͖ĂŶĚƉƌŽŵŽƟŶŐĐŽŽƉĞƌĂƟŽŶǁŚŝůĞĂǀŽŝĚŝŶŐ
ĐŽŶŇŝĐƚƐ͘ tŚŝůĞ Ăůů ŽĨ ƚŚĞƐĞ ƌĞůǇ ŽŶ ƐŽĐŝĂů ƐŬŝůůƐ͕ ƚŚĞ ƐƚĂƌƐ ĂůƐŽ
ĚŝƐƉůĂǇĞĚ ĂŶŽƚŚĞƌ ŬŝŶĚ ŽĨ ŬŶĂĐŬ͗ ƚĂŬŝŶŐ ŝŶŝƟĂƟǀĞ ʹ ďĞŝŶŐ ƐĞůĨͲ
ŵŽƟǀĂƚĞĚĞŶŽƵŐŚƚŽƚĂŬĞŽŶƌĞƐƉŽŶƐŝďŝůŝƟĞƐĂďŽǀĞĂŶĚďĞǇŽŶĚ
ƚŚĞŝƌƐƚĂƚĞĚũŽďʹĂŶĚƐĞůĨͲŵĂŶĂŐĞŵĞŶƚŝŶƚŚĞƐĞŶƐĞŽĨƌĞŐƵůĂƟŶŐ
ƚŚĞŝƌƟŵĞĂŶĚǁŽƌŬĐŽŵŵŝƚŵĞŶƚƐǁĞůů͘ůůƐƵĐŚƐŬŝůůƐ͕ŽĨĐŽƵƌƐĞ͕
ĂƌĞĂƐƉĞĐƚƐŽĨĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͘
$ =5/(/$ 2(/$ +4(B,-$ +*-,+$ 4524$ L524$ *+$ 4('/$ 24$ +'I5$ @2Q+$
2'-'(+$MB($45/$M'4'(/$BM$2@@$IB()B(24/$@*M/R$L5/(/$45/$Q2+*I$+8*@@+$BM$
ĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞǁŝůůďĞĞǀĞƌŵŽƌĞŝŵƉŽƌƚĂŶƚ͕ŝŶƚĞĂŵǁŽƌŬ͕
ŝŶĐŽŽƉĞƌĂƟŽŶ͕ŝŶŚĞůƉŝŶŐƉĞŽƉůĞůĞĂƌŶƚŽŐĞƚŚĞƌŚŽǁƚŽǁŽƌŬ
66
ŵŽƌĞ ĞīĞĐƟǀĞůǇ͘ <ŶŽǁůĞĚŐĞͲďĂƐĞĚ ƐĞƌǀŝĐĞƐ ĂŶĚ ŝŶƚĞůůĞĐƚƵĂů

ĐĂƉŝƚĂůĂƌĞĐĞŶƚƌĂůƚŽĐŽƌƉŽƌĂƟŽŶƐ͕ĂŶĚŝŵƉƌŽǀŝŶŐƚŚĞǁĂǇƉĞŽƉůĞ
LB(8$ 4B-/45/($ *+$ 2$ G2SB($ L2.$ 4B$ @/N/(2-/$ *,4/@@/I4'2@$ I2)*42@R$
ŵĂŬŝŶŐĂĐƌŝƟĐĂůĐŽŵƉĞƟƟǀĞĚŝīĞƌĞŶĐĞ͘dŽƚŚƌŝǀĞ͕ŝĨŶŽƚƐƵƌǀŝǀĞ͕
ĐŽƌƉŽƌĂƟŽŶƐ ǁŽƵůĚ ĚŽ ǁĞůů ƚŽ ďŽŽƐƚ ƚŚĞŝƌ ĐŽůůĞĐƟǀĞ ĞŵŽƟŽŶĂů
*,4/@@*-/,I/U
67
PRIMAL LEADERSHIP
Adapted from Primal Leadership
& 5(/24$ @/2:/(+$ GBN/$ '+U$ =5/.$ *-,*4/$ B'($ )2++*B,$ 2,:$
*,+)*(/$ 45/$ Q/+4$ *,$ '+U$ 35/,$ L/$4(.$4B$ /O)@2*,$ L5.$45/.$2(/$+B$
ĞīĞĐƟǀĞ͕ǁĞƐƉĞĂŬŽĨƐƚƌĂƚĞŐǇ͕ǀŝƐŝŽŶ͕ŽƌƉŽǁĞƌĨƵůŝĚĞĂƐ͘ƵƚƚŚĞ
ƌĞĂůŝƚǇŝƐŵƵĐŚŵŽƌĞƉƌŝŵĂů͗'ƌĞĂƚůĞĂĚĞƌƐŚŝƉǁŽƌŬƐƚŚƌŽƵŐŚƚŚĞ
ĞŵŽƟŽŶƐ͘
EŽ ŵĂƩĞƌ ǁŚĂƚ ůĞĂĚĞƌƐ ƐĞƚ ŽƵƚ ƚŽ ĚŽ ʹ ǁŚĞƚŚĞƌ ŝƚ͛Ɛ
ĐƌĞĂƟŶŐ ƐƚƌĂƚĞŐǇ Žƌ ŵŽďŝůŝǌŝŶŐ ƚĞĂŵƐ ƚŽ ĂĐƟŽŶ ʹ ƚŚĞŝƌ ƐƵĐĐĞƐƐ
:/)/,:+$B,$5BL$45/.$:B$*4U$ZN/,$*M$45/.$-/4$/N/(.45*,-$/@+/$S'+4$
ƌŝŐŚƚ͕ŝĨůĞĂĚĞƌƐĨĂŝůŝŶƚŚŝƐƉƌŝŵĂůƚĂƐŬŽĨĚƌŝǀŝŶŐĞŵŽƟŽŶƐŝŶƚŚĞ
ƌŝŐŚƚ ĚŝƌĞĐƟŽŶ͕ ŶŽƚŚŝŶŐ ƚŚĞǇ ĚŽ ǁŝůů ǁŽƌŬ ĂƐ ǁĞůů ĂƐ ŝƚ ĐŽƵůĚ Žƌ
+5B'@:U
$ PB,+*:/(R$MB($/O2G)@/R$2$)*NB42@$GBG/,4$*,$2$,/L+$:*N*+*B,$
ĂƚƚŚĞ͕ƚŚĞƌŝƟƐŚŵĞĚŝĂŐŝĂŶƚ͘dŚĞĚŝǀŝƐŝŽŶŚĂĚďĞĞŶƐĞƚƵƉĂƐ
ĂŶĞǆƉĞƌŝŵĞŶƚ͕ĂŶĚǁŚŝůĞŝƚƐϮϬϬŽƌƐŽũŽƵƌŶĂůŝƐƚƐĂŶĚĞĚŝƚŽƌƐĨĞůƚ
45/.$52:$-*N/,$45/*($Q/+4R$G2,2-/G/,4$52:$:/I*:/:$45/$:*N*+*B,$
LB'@:$52N/$4B$I@B+/U
/ƚĚŝĚŶ͛ƚŚĞůƉƚŚĂƚƚŚĞĞǆĞĐƵƟǀĞƐĞŶƚƚŽĚĞůŝǀĞƌƚŚĞĚĞĐŝƐŝŽŶ
ƚŽƚŚĞĂƐƐĞŵďůĞĚƐƚĂīƐƚĂƌƚĞĚŽīǁŝƚŚĂŐůŽǁŝŶŐĂĐĐŽƵŶƚŽĨŚŽǁ
ǁĞůůƌŝǀĂůŽƉĞƌĂƟŽŶƐǁĞƌĞĚŽŝŶŐ͕ĂŶĚƚŚĂƚŚĞŚĂĚũƵƐƚƌĞƚƵƌŶĞĚ
M(BG$2$LB,:/(M'@$4(*)$4B$P2,,/+U$=5/$,/L+$*4+/@M$L2+$Q2:$/,B'-5R$
ďƵƚ ƚŚĞ ďƌƵƐƋƵĞ͕ ĞǀĞŶ ĐŽŶƚĞŶƟŽƵƐ ŵĂŶŶĞƌ ŽĨ ƚŚĞ ĞǆĞĐƵƟǀĞ
ŝŶĐŝƚĞĚ ƐŽŵĞƚŚŝŶŐ ďĞǇŽŶĚ ƚŚĞ ĞǆƉĞĐƚĞĚ ĨƌƵƐƚƌĂƟŽŶ͘ WĞŽƉůĞ
Q/I2G/$/,(2-/:$[$,B4$S'+4$24$45/$G2,2-/G/,4$:/I*+*B,R$Q'4$2@+B$
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ƚŽŽŬĂǀĞƌǇĚŝīĞƌĞŶƚĂƉƉƌŽĂĐŚ͘,ĞƐƉŽŬĞĨƌŽŵŚŝƐŚĞĂƌƚĂďŽƵƚƚŚĞ
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ĂƐĂƉƌŽĨĞƐƐŝŽŶŝƚƐĮŶĂŶĐĞƐŚĂǀĞĂůǁĂǇƐďĞĞŶŵĂƌŐŝŶĂů͕ǁŝƚŚũŽď
ƐĞĐƵƌŝƚǇĞďďŝŶŐĂŶĚŇŽǁŝŶŐǁŝƚŚůĂƌŐĞƌĞĐŽŶŽŵŝĐƟĚĞƐ͘ŶĚŚĞ
ŝŶǀŽŬĞĚƚŚĞƉĂƐƐŝŽŶ͕ĞǀĞŶƚŚĞĚĞĚŝĐĂƟŽŶ͕ƚŚĞũŽƵƌŶĂůŝƐƚƐŚĂĚĨŽƌ
ƚŚĞƐĞƌǀŝĐĞƚŚĞǇŽīĞƌĞĚ͘&ŝŶĂůůǇ͕ŚĞǁŝƐŚĞĚƚŚĞŵĂůůǁĞůůŝŶŐĞƫŶŐ
B,$L*45$45/*($I2(//(+U
tŚĞŶƚŚŝƐůĞĂĚĞƌĮŶŝƐŚĞĚƐƉĞĂŬŝŶŐ͕ƚŚĞƐƚĂīĐŚĞĞƌĞĚ͘
dŚĞ ĚŝīĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ůĞĂĚĞƌƐ ůĂǇ ŝŶ ƚŚĞ ŵŽŽĚ
ĂŶĚƚŽŶĞǁŝƚŚǁŚŝĐŚƚŚĞǇĚĞůŝǀĞƌĞĚƚŚĞŝƌŵĞƐƐĂŐĞƐ͗KŶĞĚƌŽǀĞ
ƚŚĞ ŐƌŽƵƉ ƚŽǁĂƌĚ ĂŶƚĂŐŽŶŝƐŵ ĂŶĚ ŚŽƐƟůŝƚǇ͕ ƚŚĞ ŽƚŚĞƌ ƚŽǁĂƌĚ
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ĚŽŶĞ͘ &ŽůůŽǁĞƌƐ ĂůƐŽ ůŽŽŬ ƚŽ Ă ůĞĂĚĞƌ ĨŽƌ ƐƵƉƉŽƌƟǀĞ ĞŵŽƟŽŶĂů
ĐŽŶŶĞĐƟŽŶ ʹ ĨŽƌ ĞŵƉĂƚŚǇ͘ ůů ůĞĂĚĞƌƐŚŝƉ ŝŶĐůƵĚĞƐ ƚŚŝƐ ƉƌŝŵĂů
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ƌĞŐƵůĂƟŽŶ͕͟ǁŚĞƌĞďǇŽŶĞƉĞƌƐŽŶƚƌĂŶƐŵŝƚƐƐŝŐŶĂůƐƚŚĂƚĐĂŶĂůƚĞƌ
ŚŽƌŵŽŶĞůĞǀĞůƐ͕ĐĂƌĚŝŽǀĂƐĐƵůĂƌĨƵŶĐƟŽŶ͕ƐůĞĞƉƌŚǇƚŚŵƐ͕ĂŶĚĞǀĞŶ
ŝŵŵƵŶĞĨƵŶĐƟŽŶŝŶƐŝĚĞƚŚĞďŽĚǇŽĨĂŶŽƚŚĞƌ͘"7
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=524`+$5BL$IB')@/+$L5B$2(/$*,$@BN/$2(/$2Q@/$4B$4(*--/($*,$
B,/$2,B45/(`+$Q(2*,+$+'(-/+$BM$BO.4BI*,R$L5*I5$I(/24/+$$2
PRIMAL LEADERSHIP 71
ƉůĞĂƐĂŶƚ͕ĂīĞĐƟŽŶĂƚĞĨĞĞůŝŶŐ͘ƵƚŝŶĂůůĂƐƉĞĐƚƐŽĨƐŽĐŝĂůůŝĨĞ͕ŶŽƚ
ũƵƐƚůŽǀĞƌĞůĂƟŽŶƐŚŝƉƐ͕ŽƵƌƉŚǇƐŝŽůŽŐŝĞƐŝŶƚĞƌŵŝŶŐůĞ͕ŽƵƌĞŵŽƟŽŶƐ
ĂƵƚŽŵĂƟĐĂůůǇƐŚŝŌŝŶŐŝŶƚŽƚŚĞƌĞŐŝƐƚĞƌŽĨƚŚĞƉĞƌƐŽŶǁĞ͛ƌĞǁŝƚŚ͘
$ =5/$ B)/,Y@BB)$ :/+*-,$ BM$ 45/$ @*GQ*I$ +.+4/G$ G/2,+$ 4524$
B45/($ )/B)@/$ I2,$ I52,-/$ B'($ N/(.$ )5.+*B@B-.$ [$ 2,:$ +B$ B'($
ĞŵŽƟŽŶƐ͘
$ ZN/,$45B'-5$45/$B)/,Y@BB)$*+$+B$G'I5$2$)2(4$BM$B'($@*N/+R$
ǁĞƵƐƵĂůůǇĚŽŶ͛ƚŶŽƟĐĞƚŚĞƉƌŽĐĞƐƐŝƚƐĞůĨ͘^ĐŝĞŶƟƐƚƐŚĂǀĞĐĂƉƚƵƌĞĚ
ƚŚŝƐĂƩƵŶĞŵĞŶƚŽĨĞŵŽƟŽŶƐŝŶƚŚĞůĂďŽƌĂƚŽƌǇďǇŵĞĂƐƵƌŝŶŐƚŚĞ
)5.+*B@B-.$[$+'I5$2+$5/2(4$(24/$[$BM$4LB$)/B)@/$2+$45/.$52N/$2$
ŐŽŽĚĐŽŶǀĞƌƐĂƟŽŶ͘ƐƚŚĞĐŽŶǀĞƌƐĂƟŽŶďĞŐŝŶƐ͕ƚŚĞŝƌďŽĚŝĞƐĞĂĐŚ
ŽƉĞƌĂƚĞĂƚĚŝīĞƌĞŶƚƌŚǇƚŚŵƐ͘ƵƚďǇƚŚĞĞŶĚŽĨĂƐŝŵƉůĞĮŌĞĞŶͲ
ŵŝŶƵƚĞĐŽŶǀĞƌƐĂƟŽŶ͕ƚŚĞŝƌƉŚǇƐŝŽůŽŐŝĐĂůƉƌŽĮůĞƐůŽŽŬƌĞŵĂƌŬĂďůǇ
+*G*@2($[$2$)5/,BG/,B,$I2@@/:$G*((B(*,-U$=5*+$/,4(2*,G/,4$BII'(+$
ƐƚƌŽŶŐůǇĚƵƌŝŶŐƚŚĞĚŽǁŶǁĂƌĚƐƉŝƌĂůŽĨĂĐŽŶŇŝĐƚ͕ǁŚĞŶĂŶŐĞƌĂŶĚ
5'(4$(/N/(Q/(24/R$Q'4$2@+B$-B/+$B,$GB(/$+'Q4@.$:'(*,-$)@/2+2,4$
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,/'4(2@$:*+I'++*B,U$?/+/2(I5/(+$52N/$+//,$2-2*,$2,:$2-2*,$5BL$
ĞŵŽƟŽŶƐƐƉƌĞĂĚŝƌƌĞƐŝƐƟďůǇŝŶƚŚŝƐǁĂǇǁŚĞŶĞǀĞƌƉĞŽƉůĞĂƌĞŶĞĂƌ
B,/$2,B45/(R$/N/,$L5/,$45/$IB,42I4$*+$IBG)@/4/@.$,B,N/(Q2@U$\B($
/O2G)@/R$ L5/,$ 45(//$ +4(2,-/(+$ +*4$ M2I*,-$ /2I5$ B45/($ *,$ +*@/,I/$
ĨŽƌĂŵŝŶƵƚĞŽƌƚǁŽ͕ƚŚĞŽŶĞǁŚŽŝƐŵŽƐƚĞŵŽƟŽŶĂůůǇĞǆƉƌĞƐƐŝǀĞ
4(2,+G*4+$5*+$B($5/($GBB:$4B$45/$B45/($4LB$[$L*45B'4$+)/28*,-$2$
+*,-@/$LB(:U"AdŚĞƐĂŵĞĞīĞĐƚŚŽůĚƐŝŶƚŚĞŽĸĐĞ͕ďŽĂƌĚƌŽŽŵ͕Žƌ
ƐŚŽƉŇŽŽƌ͖ƉĞŽƉůĞŝŶŐƌŽƵƉƐĂƚǁŽƌŬŝŶĞǀŝƚĂďůǇ͞ĐĂƚĐŚ͟ĨĞĞůŝŶŐƐ
M(BG$B,/$2,B45/(R$+52(*,-$/N/(.45*,-$M(BG$S/2@B'+.$2,:$/,N.$4B$
2,-+4$B($/')5B(*2U$=5/$GB(/$IB5/+*N/$45/$-(B')R$45/$+4(B,-/($45/$
ƐŚĂƌŝŶŐŽĨŵŽŽĚƐ͕ĞŵŽƟŽŶĂůŚŝƐƚŽƌǇ͕ĂŶĚĞǀĞŶŚŽƚďƵƩŽŶƐ͘"E
$ C,$ +/N/,4.$ LB(8$ 4/2G+$ 2I(B++$ :*N/(+/$ *,:'+4(*/+R$ MB($
ŝŶƐƚĂŶĐĞ͕ ŵĞŵďĞƌƐ ǁŚŽ ƐĂƚ ŝŶ ŵĞĞƟŶŐƐ ƚŽŐĞƚŚĞƌ ĞŶĚĞĚ ƵƉ
+52(*,-$GBB:+$[$/*45/($-BB:$B($Q2:$[$L*45*,$4LB$5B'(+U"HEƵƌƐĞƐ͕
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ĞǀĞƌǇĨĞǁŚŽƵƌƐĂƐƚŚĞǇǁŽƌŬĞĚƚŽŐĞƚŚĞƌƐŚŽǁĞĚĞŵŽƟŽŶƐƚŚĂƚ
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72
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:BL,+$BM$2$4/2G`+$+42,:*,-R$*4+$)@2./(+$4/,:$4B$+.,I5(B,*X/$45/*($
GBB:+$BN/($2$)/(*B:$BM$:2.+$2,:$L//8+U"b
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dŚĞĐŽŶƟŶƵĂůŝŶƚĞƌƉůĂǇŽĨůŝŵďŝĐŽƉĞŶůŽŽƉƐĂŵŽŶŐŵĞŵďĞƌƐŽĨ
ĂŐƌŽƵƉĐƌĞĂƚĞƐĂŬŝŶĚŽĨĞŵŽƟŽŶĂůƐŽƵƉ͕ǁŝƚŚĞǀĞƌǇŽŶĞĂĚĚŝŶŐ
ŚŝƐ Žƌ ŚĞƌ ŽǁŶ ŇĂǀŽƌ ƚŽ ƚŚĞ ŵŝǆ͘ Ƶƚ ŝƚ ŝƐ ƚŚĞ ůĞĂĚĞƌ ǁŚŽ ĂĚĚƐ
45/$+4(B,-/+4$+/2+B,*,-U$35.;$J/I2'+/$BM$4524$/,:'(*,-$(/2@*4.$BM$
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I'/+$M(BG$45/$4B)U$ZN/,$L5/,$45/$QB++$*+,`4$5*-5@.$N*+*Q@/$[$MB($
/O2G)@/R$45/$PZ^$L5B$LB(8+$Q/5*,:$I@B+/:$:BB(+$B,$2,$'))/($
ŇŽŽƌ ʹ ŚŝƐ ĂƫƚƵĚĞ ĂīĞĐƚƐ ƚŚĞ ŵŽŽĚƐ ŽĨ ŚŝƐ ĚŝƌĞĐƚƌĞƉŽƌƚƐ͕ĂŶĚ
Ă ĚŽŵŝŶŽ ĞīĞĐƚ ƌŝƉƉůĞƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĐŽŵƉĂŶǇ͛Ɛ ĞŵŽƟŽŶĂů
I@*G24/UϮϬ
ĂƌĞĨƵůŽďƐĞƌǀĂƟŽŶƐŽĨǁŽƌŬŝŶŐŐƌŽƵƉƐŝŶĂĐƟŽŶƌĞǀĞĂůĞĚ
+/N/(2@$L2.+$45/$@/2:/($)@2.+$+'I5$2$)*NB42@$(B@/$*,$:/4/(G*,*,-$
ƚŚĞƐŚĂƌĞĚĞŵŽƟŽŶƐ͘0"$9/2:/(+$4.)*I2@@.$42@8/:$GB(/$452,$2,.B,/$
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45/$@/2:/($52:$+2*:$452,$4B$2,.B,/$/@+/`+$IBGG/,4+U$J/I2'+/$45/$
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ƵƚƚŚĞŝŵƉĂĐƚŽŶĞŵŽƟŽŶƐŐŽĞƐďĞǇŽŶĚǁŚĂƚĂůĞĂĚĞƌ
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L/(/$L24I5/:$GB(/$I2(/M'@@.$452,$2,.B,/$/@+/$*,$45/$-(B')U$35/,$
ƉĞŽƉůĞƌĂŝƐĞĚĂƋƵĞƐƟŽŶĨŽƌƚŚĞŐƌŽƵƉĂƐĂǁŚŽůĞ͕ƚŚĞǇǁŽƵůĚŬĞĞƉ
45/*($/./+$B,$45/$@/2:/($4B$+//$5*+$B($5/($(/+)B,+/U$C,://:R$-(B')$
ŵĞŵďĞƌƐ ŐĞŶĞƌĂůůǇ ƐĞĞ ƚŚĞ ůĞĂĚĞƌ͛Ɛ ĞŵŽƟŽŶĂů ƌĞĂĐƟŽŶ ĂƐ ƚŚĞ
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ǁĂǇƐƚŚĂƚŐŝǀĞƉĞŽƉůĞĂƐĞŶƐĞŽĨĐůĂƌŝƚǇĂŶĚĚŝƌĞĐƟŽŶŝŶƚŚĞŝƌǁŽƌŬ
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+/,+/$BM$5BL$4B$-/4$45/$SBQ$:B,/U$%@@$45/+/$2I4+$5/@)$:/4/(G*,/$2$
ůĞĂĚĞƌ͛ƐƉƌŝŵĂůĞŵŽƟŽŶĂůŝŵƉĂĐƚ͘
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ĞŵŽƟŽŶĂůůĞĂĚĞƌƐ͘tŚĞŶƚŚĞĚĞƐŝŐŶĂƚĞĚůĞĂĚĞƌůĂĐŬƐĐƌĞĚŝďŝůŝƚǇ
ĨŽƌ ƐŽŵĞ ƌĞĂƐŽŶ͕ ƉĞŽƉůĞ ŵĂǇ ƚƵƌŶ ĨŽƌ ĞŵŽƟŽŶĂů ŐƵŝĚĂŶĐĞ ƚŽ
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ƚŚĞŶďĞĐŽŵĞƐƚŚĞŽŶĞǁŚŽŵŽůĚƐŽƚŚĞƌƐ͛ĞŵŽƟŽŶĂůƌĞĂĐƟŽŶƐ͘
\B($ *,+42,I/R$ 2$ L/@@Y8,BL,$ S2XX$ -(B')$ 4524$ L2+$ ,2G/:$ MB($ *4+$
ĨŽƌŵĂůůĞĂĚĞƌĂŶĚĨŽƵŶĚĞƌĂĐƚƵĂůůǇƚŽŽŬŝƚƐĞŵŽƟŽŶĂůĐƵĞƐĨƌŽŵ
ĂĚŝīĞƌĞŶƚŵƵƐŝĐŝĂŶ͘dŚĞĨŽƵŶĚĞƌĐŽŶƟŶƵĞĚƚŽŵĂŶĂŐĞďŽŽŬŝŶŐƐ
ĂŶĚůŽŐŝƐƟĐƐ͕ďƵƚǁŚĞŶŝƚĐĂŵĞƟŵĞƚŽĚĞĐŝĚĞǁŚĂƚƚƵŶĞƚŚĞŐƌŽƵƉ
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ĞǇĞƐƚƵƌŶĞĚƚŽƚŚĞĚŽŵŝŶĂŶƚŵĞŵďĞƌʹƚŚĞĞŵŽƟŽŶĂůůĞĂĚĞƌ͘07
ZĞŐĂƌĚůĞƐƐŽĨǁŚŽƚŚĞĞŵŽƟŽŶĂůůĞĂĚĞƌŵŝŐŚƚďĞ͕ŚŽǁĞǀĞƌ͕
ƐŚĞ͛Ɛ ůŝŬĞůǇ ƚŽ ŚĂǀĞ Ă ŬŶĂĐŬ ĨŽƌ ĂĐƟŶŐ ĂƐ Ă ůŝŵďŝĐ ͞ĂƩƌĂĐƚŽƌ͕͟
ĞǆĞƌƟŶŐĂƉĂůƉĂďůĞĨŽƌĐĞŽŶƚŚĞĞŵŽƟŽŶĂůďƌĂŝŶƐŽĨƉĞŽƉůĞĂƌŽƵŶĚ
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+5/`+$IB,N/.*,-$45/$2-B,.$BM$2$Q/4(2.2@$B($2$SB.B'+$4(*'G)5R$45/$
2':*/,I/$M//@+$45B+/$45*,-+$4BBU
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ǁŝƚŚ ƚŚĞ ƐĂŵĞ ĞĂƐĞ͘ ƐƚƵĚǇ Ăƚ ƚŚĞ zĂůĞ hŶŝǀĞƌƐŝƚǇ ^ĐŚŽŽů ŽĨ
12,2-/G/,4$MB',:$4524$2GB,-$LB(8*,-$-(B')+R$I5//(M'@,/++$2,:$
L2(G45$+)(/2:$GB+4$/2+*@.R$L5*@/$*((*42Q*@*4.$*+$@/++$IB,42-*B'+$2,:$
:/)(/++*B,$+)(/2:+$52(:@.$24$2@@U0<dŚŝƐŐƌĞĂƚĞƌĚŝīƵƐŝŽŶƌĂƚĞĨŽƌ
ŐŽŽĚŵŽŽĚƐŚĂƐĚŝƌĞĐƚŝŵƉůŝĐĂƟŽŶƐĨŽƌďƵƐŝŶĞƐƐƌĞƐƵůƚƐ͘DŽŽĚƐ͕
ƚŚĞzĂůĞƐƚƵĚǇĨŽƵŶĚ͕ŝŶŇƵĞŶĐĞŚŽǁĞīĞĐƟǀĞůǇƉĞŽƉůĞ
74
ǁŽƌŬ͖ ƵƉďĞĂƚ ŵŽŽĚƐ ďŽŽƐƚ ĐŽŽƉĞƌĂƟŽŶ͕ ĨĂŝƌŶĞƐƐ͕ ĂŶĚ ďƵƐŝŶĞƐƐ

)/(MB(G2,I/U
>ĂƵŐŚƚĞƌ͕ ŝŶ ƉĂƌƟĐƵůĂƌ͕ ĚĞŵŽŶƐƚƌĂƚĞƐ ƚŚĞ ƉŽǁĞƌ ŽĨ ƚŚĞ
ŽƉĞŶůŽŽƉŝŶŽƉĞƌĂƟŽŶʹĂŶĚƚŚĞƌĞĨŽƌĞƚŚĞĐŽŶƚĂŐŝŽƵƐŶĂƚƵƌĞŽĨ
Ăůů ĞŵŽƟŽŶ͘ ,ĞĂƌŝŶŐ ůĂƵŐŚƚĞƌ͕ ǁĞ ĂƵƚŽŵĂƟĐĂůůǇ ƐŵŝůĞ Žƌ ůĂƵŐŚ
ƚŽŽ͕ĐƌĞĂƟŶŐĂƐƉŽŶƚĂŶĞŽƵƐĐŚĂŝŶƌĞĂĐƟŽŶƚŚĂƚƐǁĞĞƉƐƚŚƌŽƵŐŚ
2$ -(B')U$ >@//$ +)(/2:+$ +B$ (/2:*@.$ Q/I2'+/$ B'($ Q(2*,$ *,I@':/+$
ŽƉĞŶͲůŽŽƉĐŝƌĐƵŝƚƐ͕ĚĞƐŝŐŶĞĚƐƉĞĐŝĮĐĂůůǇĨŽƌĚĞƚĞĐƟŶŐƐŵŝůĞƐĂŶĚ
ůĂƵŐŚƚĞƌƚŚĂƚŵĂŬĞƵƐůĂƵŐŚŝŶƌĞƐƉŽŶƐĞ͘dŚĞƌĞƐƵůƚŝƐĂƉŽƐŝƟǀĞ
ĞŵŽƟŽŶĂůŚŝũĂĐŬ͘
^ŝŵŝůĂƌůǇ͕ ŽĨ Ăůů ĞŵŽƟŽŶĂů ƐŝŐŶĂůƐ͕ ƐŵŝůĞƐ ĂƌĞ ƚŚĞ ŵŽƐƚ
ĐŽŶƚĂŐŝŽƵƐ͖ƚŚĞǇŚĂǀĞĂŶĂůŵŽƐƚŝƌƌĞƐŝƐƟďůĞƉŽǁĞƌƚŽŵĂŬĞŽƚŚĞƌƐ
+G*@/$*,$(/4'(,U0A^ŵŝůĞƐŵĂǇďĞƐŽƉŽƚĞŶƚďĞĐĂƵƐĞŽĨƚŚĞďĞŶĞĮĐŝĂů
ƌŽůĞ ƚŚĞǇ ƉůĂǇĞĚ ŝŶ ĞǀŽůƵƟŽŶ͗ ^ŵŝůĞƐ ĂŶĚ ůĂƵŐŚƚĞƌ͕ ƐĐŝĞŶƟƐƚƐ
+)/I'@24/R$ /NB@N/:$ 2+$ 2$ ,B,N/(Q2@$ L2.$ 4B$ I/G/,4$ 2@@*2,I/+R$
+*-,*M.*,-$ 4524$ 2,$ *,:*N*:'2@$ *+$ (/@2O/:$ 2,:$ M(*/,:@.$ (245/($ 452,$
ŐƵĂƌĚĞĚŽƌŚŽƐƟůĞ͘
>ĂƵŐŚƚĞƌ ŽīĞƌƐ Ă ƵŶŝƋƵĞůǇ ƚƌƵƐƚǁŽƌƚŚǇ ƐŝŐŶ ŽĨ ƚŚŝƐ
ĨƌŝĞŶĚůŝŶĞƐƐ͘hŶůŝŬĞŽƚŚĞƌĞŵŽƟŽŶĂůƐŝŐŶĂůƐʹĞƐƉĞĐŝĂůůǇĂƐŵŝůĞ͕
L5*I5$I2,$Q/$M/*-,/:$[$@2'-54/($*,NB@N/+$5*-5@.$IBG)@/O$,/'(2@$
ƐǇƐƚĞŵƐ ƚŚĂƚ ĂƌĞ ůĂƌŐĞůǇ ŝŶǀŽůƵŶƚĂƌǇ͗ /ƚ͛Ɛ ŚĂƌĚĞƌ ƚŽ ĨĂŬĞ͘0E$ &B$
ǁŚĞƌĞĂƐ Ă ĨĂůƐĞ ƐŵŝůĞ ŵŝŐŚƚ ĞĂƐŝůǇ ƐůŝƉ ƚŚƌŽƵŐŚ ŽƵƌ ĞŵŽƟŽŶĂů
(2:2(R$2$MB(I/:$@2'-5$52+$2$5B@@BL$(*,-U
$ C,$2$,/'(B@B-*I2@$+/,+/R$@2'-5*,-$(/)(/+/,4+$45/$+5B(4/+4$
:*+42,I/$ Q/4L//,$ 4LB$ )/B)@/$ Q/I2'+/$ *4$ *,+42,4@.$ *,4/(@BI8+$
ůŝŵďŝĐ ƐǇƐƚĞŵƐ͘ dŚŝƐ ŝŵŵĞĚŝĂƚĞ͕ ŝŶǀŽůƵŶƚĂƌǇ ƌĞĂĐƟŽŶ͕ ĂƐ ŽŶĞ
ƌĞƐĞĂƌĐŚĞƌ ƉƵƚƐ ŝƚ͕ ŝŶǀŽůǀĞƐ ͞ƚŚĞ ŵŽƐƚ ĚŝƌĞĐƚ ĐŽŵŵƵŶŝĐĂƟŽŶ
)B++*Q@/$Q/4L//,$)/B)@/$[$Q(2*,$4B$Q(2*,$[$L*45$B'($*,4/@@/I4$S'+4$
-B*,-$2@B,-$MB($45/$(*:/R$*,$L524$G*-54$Q/$I2@@/:$2$]@*GQ*I$@BI8UT0H$
EŽƐƵƌƉƌŝƐĞ͕ƚŚĞŶ͕ƚŚĂƚƉĞŽƉůĞǁŚŽƌĞůŝƐŚĞĂĐŚŽƚŚĞƌ͛ƐĐŽŵƉĂŶǇ
ůĂƵŐŚĞĂƐŝůǇĂŶĚŽŌĞŶ͖ƚŚŽƐĞǁŚŽĚŝƐƚƌƵƐƚŽƌĚŝƐůŝŬĞĞĂĐŚŽƚŚĞƌ͕Žƌ
ǁŚŽĂƌĞŽƚŚĞƌǁŝƐĞĂƚŽĚĚƐ͕ůĂƵŐŚůŝƩůĞƚŽŐĞƚŚĞƌ͕ŝĨĂƚĂůů͘
/Ŷ ĂŶǇ ǁŽƌŬ ƐĞƫŶŐ͕ ƚŚĞƌĞĨŽƌĞ͕ ƚŚĞ ƐŽƵŶĚ ŽĨ ůĂƵŐŚƚĞƌ
ƐŝŐŶĂůƐƚŚĞŐƌŽƵƉ͛ƐĞŵŽƟŽŶĂůƚĞŵƉĞƌĂƚƵƌĞ͕ŽīĞƌŝŶŐŽŶĞƐƵƌĞƐŝŐŶ
4524$)/B)@/`+$5/2(4+$2+$L/@@$2+$45/*($G*,:+$2(/$/,-2-/:U$1B(/BN/(R$
ůĂƵŐŚƚĞƌĂƚǁŽƌŬŚĂƐůŝƩůĞƚŽĚŽǁŝƚŚƐŽŵĞŽŶĞƚĞůůŝŶŐ
Ă ĐĂŶŶĞĚ ũŽŬĞ͗ /Ŷ Ă ƐƚƵĚǇ ŽĨ ϭ͕ϮϬϬ ĞƉŝƐŽĚĞƐ ŽĨ ůĂƵŐŚƚĞƌ ĚƵƌŝŶŐ
ƐŽĐŝĂů ŝŶƚĞƌĂĐƟŽŶƐ͕ ƚŚĞ ůĂƵŐŚ ĂůŵŽƐƚ ĂůǁĂǇƐ ĐĂŵĞ ĂƐ Ă ĨƌŝĞŶĚůǇ
ƌĞƐƉŽŶƐĞƚŽƐŽŵĞŽƌĚŝŶĂƌǇƌĞŵĂƌŬůŝŬĞ͞ŶŝĐĞŵĞĞƟŶŐǇŽƵ͕͟ŶŽƚ
4B$2$)',I5@*,/U0KŐŽŽĚůĂƵŐŚƐĞŶĚƐĂƌĞĂƐƐƵƌŝŶŐŵĞƐƐĂŐĞ͗tĞ͛ƌĞ
B,$45/$+2G/$L2N/@/,-45R$L/$-/4$2@B,-U$C4$+*-,2@+$4('+4R$IBGMB(4R$
ĂŶĚĂƐŚĂƌĞĚƐĞŶƐĞŽĨƚŚĞǁŽƌůĚ͖ĂƐĂƌŚǇƚŚŵŝŶĂĐŽŶǀĞƌƐĂƟŽŶ͕
@2'-5*,-$+*-,2@+$4524$2@@$*+$L/@@$MB($45/$GBG/,4U
,ŽǁĞĂƐŝůǇǁĞĐĂƚĐŚůĞĂĚĞƌƐ͛ĞŵŽƟŽŶĂůƐƚĂƚĞƐ͕ƚŚĞŶ͕ŚĂƐƚŽ
:B$L*45$5BL$/O)(/++*N/@.$45/*($M2I/+R$NB*I/+R$2,:$-/+4'(/+$IB,N/.$
ƚŚĞŝƌĨĞĞůŝŶŐƐ͘dŚĞŐƌĞĂƚĞƌĂůĞĂĚĞƌ͛ƐƐŬŝůůĂƚƚƌĂŶƐŵŝƫŶŐĞŵŽƟŽŶƐ͕
ƚŚĞŵŽƌĞĨŽƌĐĞĨƵůůǇƚŚĞĞŵŽƟŽŶƐǁŝůůƐƉƌĞĂĚ͘^ƵĐŚƚƌĂŶƐŵŝƐƐŝŽŶ
:B/+$,B4$:/)/,:$B,$45/24(*I+R$BM$IB'(+/c$+*,I/$)/B)@/$)2.$I@B+/$
ĂƩĞŶƟŽŶ ƚŽ Ă ůĞĂĚĞƌ͕ ĞǀĞŶ ƐƵďƚůĞ ĞǆƉƌĞƐƐŝŽŶƐ ŽĨ ĞŵŽƟŽŶ ĐĂŶ
52N/$ -(/24$ *G)2I4U$ ZN/,$ +BR$ 45/$ GB(/$ B)/,$ @/2:/(+$ 2(/$ [$ 5BL$
L/@@$45/.$/O)(/++$45/*($BL,$/,45'+*2+GR$MB($/O2G)@/$[$45/$GB(/$
(/2:*@.$B45/(+$L*@@$M//@$4524$+2G/$IB,42-*B'+$)2++*B,U
>ĞĂĚĞƌƐǁŝƚŚƚŚĂƚŬŝŶĚŽĨƚĂůĞŶƚĂƌĞĞŵŽƟŽŶĂůŵĂŐŶĞƚƐ͖
)/B)@/$,24'(2@@.$-(2N*424/$4B$45/GU$CM$.B'$45*,8$2QB'4$45/$@/2:/(+$
ǁŝƚŚ ǁŚŽŵ ƉĞŽƉůĞ ŵŽƐƚ ǁĂŶƚ ƚŽ ǁŽƌŬ ŝŶ ĂŶ ŽƌŐĂŶŝǌĂƟŽŶ͕ ƚŚĞǇ
)(BQ2Q@.$ 52N/$ 45*+$ 2Q*@*4.$ 4B$ /O':/$ ')Q/24$ M//@*,-+U$ C4`+$ B,/$
ƌĞĂƐŽŶ ĞŵŽƟŽŶĂůůǇ ŝŶƚĞůůŝŐĞŶƚ ůĞĂĚĞƌƐ ĂƩƌĂĐƚ ƚĂůĞŶƚĞĚ ƉĞŽƉůĞ ʹ
MB($45/$)@/2+'(/$BM$LB(8*,-$*,$45/*($)(/+/,I/U$PB,N/(+/@.R$@/2:/(+$
ǁŚŽ Ğŵŝƚ ƚŚĞ ŶĞŐĂƟǀĞ ƌĞŐŝƐƚĞƌ ʹ ǁŚŽ ĂƌĞ ŝƌƌŝƚĂďůĞ͕ ƚŽƵĐŚǇ͕
ĚŽŵŝŶĞĞƌŝŶŐ͕ ĐŽůĚ ʹ ƌĞƉĞů ƉĞŽƉůĞ͘ EŽ ŽŶĞ ǁĂŶƚƐ ƚŽ ǁŽƌŬ ĨŽƌ Ă
ŐƌŽƵĐŚ͘ZĞƐĞĂƌĐŚŚĂƐƉƌŽǀĞŶŝƚ͗KƉƟŵŝƐƟĐ͕ĞŶƚŚƵƐŝĂƐƟĐůĞĂĚĞƌƐ
GB(/$/2+*@.$(/42*,$45/*($)/B)@/R$IBG)2(/:$L*45$45B+/$QB++/+$L5B$
ƚĞŶĚƚŽǁĂƌĚŶĞŐĂƟǀĞŵŽŽĚƐ͘0b
$ 9/4`+$,BL$428/$45/$*G)2I4$BM$)(*G2@$@/2:/(+5*)$B,/$+4/)$
ĨƵƌƚŚĞƌ͕ ƚŽ ĞǆĂŵŝŶĞ ũƵƐƚ ŚŽǁ ŵƵĐŚ ĞŵŽƟŽŶƐ ĚĞƚĞƌŵŝŶĞ ũŽď
ĞīĞĐƟǀĞŶĞƐƐ͘
$).&"))8/&!"6'+#&(%/-3#/
ŵŽƟŽŶƐĂƌĞŚŝŐŚůǇŝŶƚĞŶƐĞ͕ŇĞĞƟŶŐ͕ĂŶĚƐŽŵĞƟŵĞƐĚŝƐƌƵƉƟǀĞ
ƚŽǁŽƌŬ͖ŵŽŽĚƐƚĞŶĚƚŽďĞůĞƐƐŝŶƚĞŶƐĞ͕ůŽŶŐĞƌͲůĂƐƟŶŐĨĞĞůŝŶŐƐ
76
ƚŚĂƚƚǇƉŝĐĂůůǇĚŽŶ͛ƚŝŶƚĞƌĨĞƌĞǁŝƚŚƚŚĞũŽďĂƚŚĂŶĚ͘ŶĚĂŶĞŵŽƟŽŶĂů
ĞƉŝƐŽĚĞƵƐƵĂůůǇůĞĂǀĞƐĂĐŽƌƌĞƐƉŽŶĚŝŶŐůŝŶŐĞƌŝŶŐŵŽŽĚ͗ĂůŽǁͲŬĞǇ͕
ĐŽŶƟŶƵĂůŇŽǁŽĨĨĞĞůŝŶŐƚŚƌŽƵŐŚŽƵƚƚŚĞŐƌŽƵƉ͘
ůƚŚŽƵŐŚ ĞŵŽƟŽŶƐ ĂŶĚ ŵŽŽĚƐ ŵĂǇ ƐĞĞŵ ƚƌŝǀŝĂů ĨƌŽŵ Ă
ďƵƐŝŶĞƐƐƉŽŝŶƚŽĨǀŝĞǁ͕ƚŚĞǇŚĂǀĞƌĞĂůĐŽŶƐĞƋƵĞŶĐĞƐĨŽƌŐĞƫŶŐ
LB(8$:B,/U$%$@/2:/(`+$G*@:$2,O*/4.$I2,$2I4$2+$2$+*-,2@$4524$+BG/45*,-$
ŶĞĞĚƐŵŽƌĞĂƩĞŶƟŽŶĂŶĚĐĂƌĞĨƵůƚŚŽƵŐŚƚ͘/ŶĨĂĐƚ͕ĂƐŽďĞƌŵŽŽĚ
ĐĂŶŚĞůƉŝŵŵĞŶƐĞůǇǁŚĞŶĐŽŶƐŝĚĞƌŝŶŐĂƌŝƐŬǇƐŝƚƵĂƟŽŶʹĂŶĚƚŽŽ
ŵƵĐŚŽƉƟŵŝƐŵĐĂŶůĞĂĚƚŽŝŐŶŽƌŝŶŐĚĂŶŐĞƌƐ͘ϯϬƐƵĚĚĞŶŇŽŽĚŽĨ
ĂŶŐĞƌĐĂŶƌŝǀĞƚĂůĞĂĚĞƌ͛ƐĂƩĞŶƟŽŶŽŶĂŶƵƌŐĞŶƚƉƌŽďůĞŵʹƐƵĐŚ
ĂƐ ƚŚĞ ƌĞǀĞůĂƟŽŶ ƚŚĂƚ Ă ƐĞŶŝŽƌ ĞǆĞĐƵƟǀĞ ŚĂƐ ĞŶŐĂŐĞĚ ŝŶ ƐĞǆƵĂů
ŚĂƌĂƐƐŵĞŶƚʹƌĞĚŝƌĞĐƟŶŐƚŚĞůĞĂĚĞƌ͛ƐĞŶĞƌŐŝĞƐĨƌŽŵƚŚĞŶŽƌŵĂů
ƌŽƵŶĚŽĨĐŽŶĐĞƌŶƐƚŽǁĂƌĚĮŶĚŝŶŐĂƐŽůƵƟŽŶ͕ƐƵĐŚĂƐŝŵƉƌŽǀŝŶŐ
ƚŚĞŽƌŐĂŶŝǌĂƟŽŶ͛ƐĞīŽƌƚƐƚŽĞůŝŵŝŶĂƚĞŚĂƌĂƐƐŵĞŶƚ͘7"
$ 35*@/$ G*@:$ 2,O*/4.$ !+'I5$ 2+$ BN/($ 2$ @BBG*,-$ :/2:@*,/#$
ĐĂŶĨŽĐƵƐĂƩĞŶƟŽŶĂŶĚĞŶĞƌŐǇ͕ƉƌŽůŽŶŐĞĚĚŝƐƚƌĞƐƐĐĂŶƐĂďŽƚĂŐĞ
Ă ůĞĂĚĞƌ͛Ɛ ƌĞůĂƟŽŶƐŚŝƉƐ ĂŶĚ ĂůƐŽ ŚĂŵƉĞƌ ǁŽƌŬ ƉĞƌĨŽƌŵĂŶĐĞ ďǇ
ĚŝŵŝŶŝƐŚŝŶŐƚŚĞďƌĂŝŶ͛ƐĂďŝůŝƚǇƚŽƉƌŽĐĞƐƐŝŶĨŽƌŵĂƟŽŶĂŶĚƌĞƐƉŽŶĚ
ĞīĞĐƟǀĞůǇ͘ŐŽŽĚůĂƵŐŚŽƌĂŶƵƉďĞĂƚŵŽŽĚ͕ŽŶƚŚĞŽƚŚĞƌŚĂŶĚ͕
ŵŽƌĞŽŌĞŶĞŶŚĂŶĐĞƐƚŚĞŶĞƵƌĂůĂďŝůŝƟĞƐĐƌƵĐŝĂůĨŽƌĚŽŝŶŐŐŽŽĚ
LB(8U
$ JB45$-BB:$2,:$Q2:$GBB:+$4/,:$4B$)/()/4'24/$45/G+/@N/+R$
ŝŶ ƉĂƌƚ ďĞĐĂƵƐĞ ƚŚĞǇ ƐŬĞǁ ƉĞƌĐĞƉƟŽŶƐ ĂŶĚ ŵĞŵŽƌŝĞƐ͗ tŚĞŶ
ƉĞŽƉůĞĨĞĞůƵƉďĞĂƚ͕ƚŚĞǇƐĞĞƚŚĞƉŽƐŝƟǀĞůŝŐŚƚŝŶĂƐŝƚƵĂƟŽŶĂŶĚ
(/I2@@$ 45/$ -BB:$ 45*,-+$ 2QB'4$ *4R$ 2,:$ L5/,$ 45/.$ M//@$ Q2:R$ 45/.$
MBI'+$B,$45/$:BL,+*:/U70$J/.B,:$45*+$)/(I/)4'2@$+8/LR$45/$+4/L$
BM$+4(/++$5B(GB,/+$+/I(/4/:$L5/,$2$)/(+B,$*+$')+/4$428/+$5B'(+$
4B$ Q/IBG/$ (/2Q+B(Q/:$ *,$ 45/$ QB:.$ 2,:$ M2:/$ 2L2.U$ =524`+$ L5.$
Ă ƐŽƵƌ ƌĞůĂƟŽŶƐŚŝƉ ǁŝƚŚ Ă ďŽƐƐ ĐĂŶ ůĞĂǀĞ Ă ƉĞƌƐŽŶ Ă ĐĂƉƟǀĞ ŽĨ
4524$:*+4(/++R$L*45$2$G*,:$)(/BII')*/:$2,:$2$QB:.$',2Q@/$4B$I2@G$
ŝƚƐĞůĨ͗ ,Ğ ŐŽƚ ŵĞ ƐŽ ƵƉƐĞƚ ĚƵƌŝŶŐ ƚŚĂƚ ŵĞĞƟŶŐ / ĐŽƵůĚŶ͛ƚ ŐŽ ƚŽ
+@//)$MB($5B'(+$@2+4$,*-54U$%+$2$(/+'@4R$L/$,24'(2@@.$)(/M/($Q/*,-$
ǁŝƚŚƉĞŽƉůĞǁŚŽĂƌĞĞŵŽƟŽŶĂůůǇƉŽƐŝƟǀĞ͕ŝŶƉĂƌƚďĞĐĂƵƐĞƚŚĞǇ
G28/$'+$M//@$-BB:U
%")#!)2'3&$!;'+7!25
EĞŐĂƟǀĞĞŵŽƟŽŶƐʹĞƐƉĞĐŝĂůůǇĐŚƌŽŶŝĐĂŶŐĞƌ͕ĂŶǆŝĞƚǇ͕ŽƌĂƐĞŶƐĞ
ŽĨĨƵƟůŝƚǇʹƉŽǁĞƌĨƵůůǇĚŝƐƌƵƉƚǁŽƌŬ͕ŚŝũĂĐŬŝŶŐĂƩĞŶƟŽŶĨƌŽŵƚŚĞ
ƚĂƐŬ Ăƚ ŚĂŶĚ͘ &Žƌ ŝŶƐƚĂŶĐĞ͕ ŝŶ Ă zĂůĞ ƐƚƵĚǇ ŽĨ ŵŽŽĚƐ ĂŶĚ ƚŚĞŝƌ
ĐŽŶƚĂŐŝŽŶ͕ƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨŐƌŽƵƉƐŵĂŬŝŶŐĞǆĞĐƵƟǀĞĚĞĐŝƐŝŽŶƐ
2QB'4$ 5BL$ Q/+4$ 4B$ 2@@BI24/$ ./2(@.$ QB,'+/+$ L2+$ G/2+'(2Q@.$
ďŽŽƐƚĞĚďǇƉŽƐŝƟǀĞĨĞĞůŝŶŐƐĂŶĚǁĂƐŝŵƉĂŝƌĞĚďǇŶĞŐĂƟǀĞŽŶĞƐ͘
^ŝŐŶŝĮĐĂŶƚůǇ͕ƚŚĞŐƌŽƵƉŵĞŵďĞƌƐƚŚĞŵƐĞůǀĞƐĚŝĚŶŽƚƌĞĂůŝǌĞƚŚĞ
ŝŶŇƵĞŶĐĞŽĨƚŚĞŝƌŽǁŶŵŽŽĚƐ͘77
KĨĂůůƚŚĞŝŶƚĞƌĂĐƟŽŶƐĂƚĂŶŝŶƚĞƌŶĂƟŽŶĂůŚŽƚĞůĐŚĂŝŶƚŚĂƚ
)*4I5/:$/G)@B.//+$*,4B$Q2:$GBB:+R$45/$GB+4$M(/_'/,4$L2+$42@8*,-$
ƚŽƐŽŵĞŽŶĞŝŶŵĂŶĂŐĞŵĞŶƚ͘/ŶƚĞƌĂĐƟŽŶƐǁŝƚŚďŽƐƐĞƐůĞĚƚŽďĂĚ
ĨĞĞůŝŶŐƐ ʹ ĨƌƵƐƚƌĂƟŽŶ͕ ĚŝƐĂƉƉŽŝŶƚŵĞŶƚ͕ ĂŶŐĞƌ͕ ƐĂĚŶĞƐƐ͕ ĚŝƐŐƵƐƚ͕
Žƌ ŚƵƌƚ ʹ ĂďŽƵƚ ŶŝŶĞ ŽƵƚ ŽĨ ƚĞŶ ƟŵĞƐ͘ dŚĞƐĞ ŝŶƚĞƌĂĐƟŽŶƐ ǁĞƌĞ
ƚŚĞĐĂƵƐĞŽĨĚŝƐƚƌĞƐƐŵŽƌĞŽŌĞŶƚŚĂŶĐƵƐƚŽŵĞƌƐ͕ǁŽƌŬƉƌĞƐƐƵƌĞ͕
IBG)2,.$)B@*I*/+R$B($)/(+B,2@$)(BQ@/G+U7<EŽƚƚŚĂƚůĞĂĚĞƌƐŶĞĞĚ
ƚŽ ďĞ ŽǀĞƌůǇ ͞ŶŝĐĞ͖͟ ƚŚĞ ĞŵŽƟŽŶĂů Ăƌƚ ŽĨ ůĞĂĚĞƌƐŚŝƉ ŝŶĐůƵĚĞƐ
ƉƌĞƐƐŝŶŐƚŚĞƌĞĂůŝƚǇŽĨǁŽƌŬĚĞŵĂŶĚƐǁŝƚŚŽƵƚƵŶĚƵůǇ ƵƉƐĞƫŶŐ
)/B)@/U$^,/$BM$45/$B@:/+4$@2L+$*,$)+.I5B@B-.$5B@:+$4524$Q/.B,:$
2$ GB:/(24/$ @/N/@R$ *,I(/2+/+$ *,$ 2,O*/4.$ 2,:$ LB((.$ /(B:/$ G/,42@$
ĂďŝůŝƟĞƐ͘ŝƐƚƌĞƐƐŶŽƚŽŶůǇĞƌŽĚĞƐŵĞŶƚĂůĂďŝůŝƟĞƐ͕ďƵƚĂůƐŽŵĂŬĞƐ
ƉĞŽƉůĞ ůĞƐƐ ĞŵŽƟŽŶĂůůǇ ŝŶƚĞůůŝŐĞŶƚ͘ WĞŽƉůĞ ǁŚŽ ĂƌĞ ƵƉƐĞƚ ŚĂǀĞ
ƚƌŽƵďůĞƌĞĂĚŝŶŐĞŵŽƟŽŶƐĂĐĐƵƌĂƚĞůǇŝŶŽƚŚĞƌƉĞŽƉůĞʹĚĞĐƌĞĂƐŝŶŐ
45/$GB+4$Q2+*I$+8*@@$,//:/:$MB($/G)245.$2,:R$2+$2$(/+'@4R$*G)2*(*,-$
45/*($+BI*2@$+8*@@+U7A
ŶŽƚŚĞƌ ĐŽŶƐŝĚĞƌĂƟŽŶ ŝƐ ƚŚĂƚ ƚŚĞ ĞŵŽƟŽŶƐ ƉĞŽƉůĞ ĨĞĞů
ǁŚŝůĞ ƚŚĞǇ ǁŽƌŬ͕ ĂĐĐŽƌĚŝŶŐ ƚŽ ŶĞǁ ĮŶĚŝŶŐƐ ŽŶ ũŽď ƐĂƟƐĨĂĐƟŽŶ͕
ƌĞŇĞĐƚŵŽƐƚĚŝƌĞĐƚůǇƚŚĞƚƌƵĞƋƵĂůŝƚǇŽĨǁŽƌŬůŝĨĞ͘7E$=5/$)/(I/,42-/$
ŽĨ ƟŵĞ ƉĞŽƉůĞ ĨĞĞů ƉŽƐŝƟǀĞ ĞŵŽƟŽŶƐ Ăƚ ǁŽƌŬ ƚƵƌŶƐ ŽƵƚ ƚŽ ďĞ
ŽŶĞ ŽĨ ƚŚĞ ƐƚƌŽŶŐĞƐƚ ƉƌĞĚŝĐƚŽƌƐ ŽĨ ƐĂƟƐĨĂĐƟŽŶ͕ ĂŶĚ ƚŚĞƌĞĨŽƌĞ͕
MB($*,+42,I/R$BM$5BL$@*8/@.$/G)@B.//+$2(/$4B$_'*4U7H$C,$45*+$+/,+/R$
@/2:/(+$ L5B$ +)(/2:$ Q2:$ GBB:+$ 2(/$ +*G)@.$ Q2:$ MB($ Q'+*,/++$ [$
2,:$ 45B+/$ L5B$ )2++$ 2@B,-$ -BB:$ GBB:+$ 5/@)$ :(*N/$ 2$ Q'+*,/++`+$
+'II/++U
78
5))8&"))8/<&5))8&.)(7
35/,$ )/B)@/$ M//@$ -BB:R$ 45/.$ LB(8$ 24$ 45/*($ Q/+4U$ \//@*,-$
ŐŽŽĚ ůƵďƌŝĐĂƚĞƐ ŵĞŶƚĂů ĞĸĐŝĞŶĐǇ͕ ŵĂŬŝŶŐ ƉĞŽƉůĞ ďĞƩĞƌ Ăƚ
ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ƵƐŝŶŐ ĚĞĐŝƐŝŽŶ ƌƵůĞƐ ŝŶ ĐŽŵƉůĞǆ
ũƵĚŐŵĞŶƚƐ͕ ĂƐ ǁĞůů ĂƐ ŵŽƌĞ ŇĞǆŝďůĞ ŝŶ ƚŚĞŝƌ ƚŚŝŶŬŝŶŐ͘7K$ d)Q/24$
ŵŽŽĚƐ͕ ƌĞƐĞĂƌĐŚ ǀĞƌŝĮĞƐ͕ ŵĂŬĞ ƉĞŽƉůĞ ǀŝĞǁ ŽƚŚĞƌƐ ʹ Žƌ ĞǀĞŶƚƐ
ʹ ŝŶ Ă ŵŽƌĞ ƉŽƐŝƟǀĞ ůŝŐŚƚ͘ dŚĂƚ ŝŶ ƚƵƌŶ ŚĞůƉƐ ƉĞŽƉůĞ ĨĞĞů ŵŽƌĞ
ŽƉƟŵŝƐƟĐĂďŽƵƚƚŚĞŝƌĂďŝůŝƚǇƚŽĂĐŚŝĞǀĞĂŐŽĂů͕ĞŶŚĂŶĐĞƐĐƌĞĂƟǀŝƚǇ
2,:$:/I*+*B,YG28*,-$+8*@@+R$2,:$)(/:*+)B+/+$)/B)@/$4B$Q/$5/@)M'@U7b$
C,+'(2,I/$2-/,4+$L*45$2$-@2++Y*+Y52@MYM'@@$B'4@BB8R$MB($*,+42,I/R$2(/$
ĨĂƌŵŽƌĞĂďůĞƚŚĂŶƚŚĞŝƌŵŽƌĞƉĞƐƐŝŵŝƐƟĐƉĞĞƌƐƚŽƉĞƌƐŝƐƚĚĞƐƉŝƚĞ
ƌĞũĞĐƟŽŶƐ͕ĂŶĚƐŽƚŚĞǇŵĂŬĞŵŽƌĞƐĂůĞƐ͘ϰϬ$1B(/BN/(R$(/+/2(I5$B,$
ŚƵŵŽƌĂƚǁŽƌŬƌĞǀĞĂůƐƚŚĂƚĂǁĞůůͲƟŵĞĚũŽŬĞŽƌƉůĂǇĨƵůůĂƵŐŚƚĞƌ
ĐĂŶ ƐƟŵƵůĂƚĞ ĐƌĞĂƟǀŝƚǇ͕ ŽƉĞŶ ůŝŶĞƐ ŽĨ ĐŽŵŵƵŶŝĐĂƟŽŶ͕ ĞŶŚĂŶĐĞ
Ă ƐĞŶƐĞ ŽĨ ĐŽŶŶĞĐƟŽŶ ĂŶĚ ƚƌƵƐƚ͕ ĂŶĚ͕ ŽĨ ĐŽƵƌƐĞ͕ ŵĂŬĞ ǁŽƌŬ
GB(/$ M',U<" WůĂǇĨƵů ũŽŬŝŶŐ ŝŶĐƌĞĂƐĞƐ ƚŚĞ ůŝŬĞůŝŚŽŽĚ ŽĨ ĮŶĂŶĐŝĂů
ĐŽŶĐĞƐƐŝŽŶƐĚƵƌŝŶŐĂŶĞŐŽƟĂƟŽŶ͘^ŵĂůůǁŽŶĚĞƌƚŚĂƚƉůĂǇĨƵůŶĞƐƐ
ŚŽůĚƐĂƉƌŽŵŝŶĞŶƚƉůĂĐĞŝŶƚŚĞƚŽŽůŬŝƚŽĨĞŵŽƟŽŶĂůůǇŝŶƚĞůůŝŐĞŶƚ
@/2:/(+U
$ >BB:$GBB:+$)(BN/$/+)/I*2@@.$*G)B(42,4$L5/,$*4$IBG/+$4B$
ƚĞĂŵƐ͗dŚĞĂďŝůŝƚǇŽĨĂůĞĂĚĞƌƚŽƉŝƚĐŚĂŐƌŽƵƉŝŶƚŽĂŶĞŶƚŚƵƐŝĂƐƟĐ͕
ĐŽŽƉĞƌĂƟǀĞ ŵŽŽĚ ĐĂŶ ĚĞƚĞƌŵŝŶĞ ŝƚƐ ƐƵĐĐĞƐƐ͘ KŶ ƚŚĞ ŽƚŚĞƌ
ŚĂŶĚ͕ ǁŚĞŶĞǀĞƌ ĞŵŽƟŽŶĂů ĐŽŶŇŝĐƚƐ ŝŶ Ă ŐƌŽƵƉ ďůĞĞĚ ĂƩĞŶƟŽŶ
2,:$/,/(-.$M(BG$45/*($+52(/:$42+8+R$2$-(B')`+$)/(MB(G2,I/$L*@@$
ƐƵīĞƌ͘
$ PB,+*:/($ 45/$ (/+'@4+$ BM$ 2$ +4':.$ BM$ +*O4.Y4LB$ PZ^+$ 2,:$
45/*($ 4B)$ G2,2-/G/,4$ 4/2G+U<0$ =5/$ PZ^+$ (/)(/+/,4/:$ +BG/$ BM$
ƚŚĞ&ŽƌƚƵŶĞϱϬϬ͕ĂƐǁĞůůĂƐůĞĂĚŝŶŐh͘^͘ƐĞƌǀŝĐĞĐŽŵƉĂŶŝĞƐ;ƐƵĐŚ
ĂƐĐŽŶƐƵůƟŶŐĂŶĚĂĐĐŽƵŶƟŶŐĮƌŵƐͿ͕ŶŽƚͲĨŽƌͲƉƌŽĮƚŽƌŐĂŶŝǌĂƟŽŶƐ͕
2,:$-BN/(,G/,4$2-/,I*/+U$=5/$PZ^+$2,:$45/*($G2,2-/G/,4$4/2G$
ŵĞŵďĞƌƐǁĞƌĞĂƐƐĞƐƐĞĚŽŶŚŽǁƵƉďĞĂƚʹĞŶĞƌŐĞƟĐ͕ĞŶƚŚƵƐŝĂƐƟĐ͕
ĚĞƚĞƌŵŝŶĞĚʹƚŚĞǇǁĞƌĞ͘dŚĞǇǁĞƌĞĂůƐŽĂƐŬĞĚŚŽǁŵƵĐŚĐŽŶŇŝĐƚ
2,:$4'G'@4$45/$4B)$4/2G$/O)/(*/,I/:R$4524$*+R$)/(+B,2@*4.$I@2+5/+R$
ĂŶŐĞƌĂŶĚĨƌŝĐƟŽŶŝŶŵĞĞƟŶŐƐ͕ĂŶĚĞŵŽƟŽŶĂůĐŽŶŇŝĐƚƐ;ŝŶĐŽŶƚƌĂƐƚ
4B$:*+2-(//G/,4$2QB'4$*:/2+#U
dŚĞƐƚƵĚǇĨŽƵŶĚƚŚĂƚƚŚĞŵŽƌĞƉŽƐŝƟǀĞƚŚĞŽǀĞƌĂůůŵŽŽĚƐŽĨ
ƉĞŽƉůĞŝŶƚŚĞƚŽƉŵĂŶĂŐĞŵĞŶƚƚĞĂŵ͕ƚŚĞŵŽƌĞĐŽŽƉĞƌĂƟǀĞůǇƚŚĞǇ
ǁŽƌŬĞĚƚŽŐĞƚŚĞƌʹĂŶĚƚŚĞďĞƩĞƌƚŚĞĐŽŵƉĂŶǇ͛ƐďƵƐŝŶĞƐƐƌĞƐƵůƚƐ͘
WƵƚĚŝīĞƌĞŶƚůǇ͕ƚŚĞůŽŶŐĞƌĂĐŽŵƉĂŶǇǁĂƐƌƵŶďǇĂŵĂŶĂŐĞŵĞŶƚ
4/2G$4524$:*:$,B4$-/4$2@B,-R$45/$)BB(/($4524$IBG)2,.`+$G2(8/4$
(/4'(,U
$ =5/$ -(B')$ CDR$ 45/,$ [$ 45/$ +'G$ 4B42@$ BM$ /N/(.$ )/(+B,`+$
Q/+4$ 42@/,4+$ IB,4(*Q'4/:$ 24$ M'@@$ MB(I/$ [$ :/)/,:+$ B,$ 45/$ -(B')`+$
ĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞ͕ĂƐƐŚŽǁŶŝŶŝƚƐŚĂƌŵŽŶǇ͘ůĞĂĚĞƌƐŬŝůůĞĚ
ŝŶĐŽůůĂďŽƌĂƟŽŶĐĂŶŬĞĞƉĐŽŽƉĞƌĂƟŽŶŚŝŐŚĂŶĚƚŚƵƐĞŶƐƵƌĞƚŚĂƚ
ƚŚĞ ŐƌŽƵƉ͛Ɛ ĚĞĐŝƐŝŽŶƐ ǁŝůů ďĞ ǁŽƌƚŚ ƚŚĞ ĞīŽƌƚ ŽĨ ŵĞĞƟŶŐ͘ ^ƵĐŚ
@/2:/(+$ 8,BL$ 5BL$ 4B$ Q2@2,I/$ 45/$ -(B')`+$ MBI'+$ B,$ 45/$ 42+8$ 24$
ŚĂŶĚǁŝƚŚŝƚƐĂƩĞŶƟŽŶƚŽƚŚĞƋƵĂůŝƚǇŽĨŵĞŵďĞƌƐ͛ƌĞůĂƟŽŶƐŚŝƉƐ͘
dŚĞǇ ŶĂƚƵƌĂůůǇ ĐƌĞĂƚĞ Ă ĨƌŝĞŶĚůǇ ďƵƚ ĞīĞĐƟǀĞ ĐůŝŵĂƚĞ ƚŚĂƚ ůŝŌƐ
/N/(.B,/`+$+)*(*4+U
,-'2#!*0!25&#$%&=*%%3>&)*&'&+)"6'20
PBGGB,$L*+:BGR$BM$IB'(+/R$5B@:+$4524$/G)@B.//+$L5B$M//@$')Q/24$
L*@@$ @*8/@.$ -B$ 45/$ /O4(2$ G*@/$ 4B$ )@/2+/$ I'+4BG/(+$ 2,:$ 45/(/MB(/$
ŝŵƉƌŽǀĞ ƚŚĞ ďŽƩŽŵ ůŝŶĞ͘ Ƶƚ ƚŚĞƌĞ͛Ɛ ĂĐƚƵĂůůǇ Ă ůŽŐĂƌŝƚŚŵ ƚŚĂƚ
ƉƌĞĚŝĐƚƐ ƚŚĂƚ ƌĞůĂƟŽŶƐŚŝƉ͗ &Žƌ ĞǀĞƌǇ ϭ ƉĞƌĐĞŶƚ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ
45/$+/(N*I/$I@*G24/R$45/(/`+$2$0$)/(I/,4$*,I(/2+/$*,$(/N/,'/U<7
$ J/,S2G*,$ &I5,/*:/(R$ 2$ )(BM/++B($ 24$ 45/$ d,*N/(+*4.$ BM$
DĂƌǇůĂŶĚ͕ ĨŽƵŶĚ ŝŶ ŽƉĞƌĂƟŽŶƐ ĂƐ ĚŝǀĞƌƐĞ ĂƐ ďĂŶŬ ďƌĂŶĐŚĞƐ͕
ŝŶƐƵƌĂŶĐĞĐŽŵƉĂŶǇƌĞŐŝŽŶĂůŽĸĐĞƐ͕ĐƌĞĚŝƚĐĂƌĚĐĂůůĐĞŶƚĞƌƐ͕ĂŶĚ
ŚŽƐƉŝƚĂůƐ ƚŚĂƚ ĞŵƉůŽǇĞĞƐ͛ ƌĂƟŶŐƐ ŽĨ ƐĞƌǀŝĐĞ ĐůŝŵĂƚĞ ƉƌĞĚŝĐƚĞĚ
ĐƵƐƚŽŵĞƌƐĂƟƐĨĂĐƟŽŶ͕ǁŚŝĐŚĚƌŽǀĞďƵƐŝŶĞƐƐƌĞƐƵůƚƐ͘>ŝŬĞǁŝƐĞ͕ƉŽŽƌ
GB(2@/$2GB,-$M(B,4@*,/$I'+4BG/($+/(N*I/$(/)+$24$2$-*N/,$)B*,4$*,$
ƟŵĞƉƌĞĚŝĐƚƐŚŝŐŚƚƵƌŶŽǀĞƌʹĂŶĚĚĞĐůŝŶŝŶŐĐƵƐƚŽŵĞƌƐĂƟƐĨĂĐƟŽŶ
ʹƵƉƚŽƚŚƌĞĞǇĞĂƌƐůĂƚĞƌ͘dŚŝƐůŽǁĐƵƐƚŽŵĞƌƐĂƟƐĨĂĐƟŽŶ͕ŝŶƚƵƌŶ͕
:(*N/+$:/I@*,*,-$(/N/,'/+U<<
$ ^M$ 2@@$ 45/$ 2+)/I4+$ BM$ Q'+*,/++R$ +')/(*B($ I'+4BG/($I2(/$[$
ƚŚĂƚŚŽůǇŐƌĂŝůŽĨĂŶǇƐĞƌǀŝĐĞŝŶĚƵƐƚƌǇʹŝƐƉĞƌŚĂƉƐĂīĞĐƚĞĚŵŽƐƚ
Q.$GBB:$IB,42-*B,R$2,:$45/(/MB(/$Q.$45/$B)/,Y@BB)$2+)/I4$BM$
80
45/$ Q(2*,U$ P'+4BG/($ +/(N*I/$ SBQ+$ 2(/$ ,B4B(*B'+@.$ +4(/++M'@R$ L*45$

ŚŝŐŚ ĞŵŽƟŽŶƐ ŇŽǁŝŶŐ ĨƌĞĞůǇ͕ ŶŽƚ ũƵƐƚ ĨƌŽŵ ĐƵƐƚŽŵĞƌƐ ƚŽ ƚŚĞ
M(B,4$@*,/+$Q'4$2@+B$M(BG$LB(8/(+$4B$I'+4BG/(+U$\(BG$2$Q'+*,/++$
N*/L)B*,4R$BM$IB'(+/R$Q2:$GBB:+$*,$)/B)@/$L5B$+/(N/$I'+4BG/(+$
ĂƌĞďĂĚŶĞǁƐ͘&ŝƌƐƚ͕ƌƵĚĞŶĞƐƐŝƐĐŽŶƚĂŐŝŽƵƐ͕ĐƌĞĂƟŶŐĚŝƐƐĂƟƐĮĞĚ͕
/N/,$ 2,-(.R$ I'+4BG/(+$ [$ _'*4/$ 2)2(4$ M(BG$ L5/45/($ B($ ,B4$ 2$
ƉĂƌƟĐƵůĂƌ ƐĞƌǀŝĐĞ ŵĂƩĞƌ ǁĂƐ ŚĂŶĚůĞĚ ǁĞůů͘ ^ĞĐŽŶĚ͕ ŐƌƵŵƉǇ
ǁŽƌŬĞƌƐ ƐĞƌǀĞ ĐƵƐƚŽŵĞƌƐ ƉŽŽƌůǇ͕ ǁŝƚŚ ƐŽŵĞƟŵĞƐ ĚĞǀĂƐƚĂƟŶŐ
ƌĞƐƵůƚƐ͗ĂƌĚŝĂĐĐĂƌĞƵŶŝƚƐǁŚĞƌĞƚŚĞŶƵƌƐĞƐ͛ŐĞŶĞƌĂůŵŽŽĚǁĂƐ
͞ĚĞƉƌĞƐƐĞĚ͟ŚĂĚĂĚĞĂƚŚƌĂƚĞĂŵŽŶŐƉĂƟĞŶƚƐĨŽƵƌƟŵĞƐŚŝŐŚĞƌ
452,$B,$IBG)2(2Q@/$',*4+U<A
Ǉ ĐŽŶƚƌĂƐƚ͕ ƵƉďĞĂƚ ŵŽŽĚƐ Ăƚ ƚŚĞ ĨƌŽŶƚ ůŝŶĞƐ ďĞŶĞĮƚ Ă
ďƵƐŝŶĞƐƐ͘ /Ĩ ĐƵƐƚŽŵĞƌƐ ĮŶĚ ŝŶƚĞƌĂĐƟŽŶƐ ǁŝƚŚ Ă ĐŽƵŶƚĞƌƉĞƌƐŽŶ
/,SB.2Q@/R$45/.$+42(4$4B$45*,8$BM$45/$+4B(/$2+$2$],*I/$)@2I/T$4B$+5B)U$
=524$G/2,+$,B4$B,@.$GB(/$(/)/24$N*+*4+R$Q'4$2@+B$-BB:$LB(:YBMY
ŵŽƵƚŚĂĚǀĞƌƟƐŝŶŐ͘DŽƌĞŽǀĞƌ͕ǁŚĞŶƐĞƌǀŝĐĞƉĞŽƉůĞĨĞĞůƵƉďĞĂƚ͕
ƚŚĞǇĚŽŵŽƌĞƚŽƉůĞĂƐĞĐƵƐƚŽŵĞƌƐ͗/ŶĂƐƚƵĚǇŽĨƚŚŝƌƚǇʹƚǁŽƐƚŽƌĞƐ
ŝŶ Ă h͘^͘ ƌĞƚĂŝů ĐŚĂŝŶ͕ ŽƵƚůĞƚƐ ǁŝƚŚ ƉŽƐŝƟǀĞ ƐĂůĞƐƉĞŽƉůĞ ƐŚŽǁĞĚ
45/$Q/+4$+2@/+$(/+'@4+U<E
ƵƚũƵƐƚǁŚĂƚĚŽĞƐƚŚĂƚĮŶĚŝŶŐŚĂǀĞƚŽĚŽǁŝƚŚůĞĂĚĞƌƐŚŝƉ͍
C,$2@@$BM$45B+/$(/42*@$B'4@/4+R$*4$L2+$45/$+4B(/$G2,2-/($L5B$I(/24/:$
ƚŚĞ ĞŵŽƟŽŶĂů ĐůŝŵĂƚĞ ƚŚĂƚ ĚƌŽǀĞ ƐĂůĞƐƉĞŽƉůĞ͛Ɛ ŵŽŽĚƐ ʹ ĂŶĚ
ƵůƟŵĂƚĞůǇ͕ ƐĂůĞƐ ʹ ŝŶ ƚŚĞ ƌŝŐŚƚ ĚŝƌĞĐƟŽŶ͘ tŚĞŶ ƚŚĞ ŵĂŶĂŐĞƌƐ
ƚŚĞŵƐĞůǀĞƐ ǁĞƌĞ ƉĞƉƉǇ͕ ĐŽŶĮĚĞŶƚ͕ ĂŶĚ ŽƉƟŵŝƐƟĐ͕ ƚŚĞŝƌ ŵŽŽĚƐ
ƌƵďďĞĚŽīŽŶƚŚĞƐƚĂī͘ĞƐŝĚĞƐƚŚĞŽďǀŝŽƵƐƌĞůĂƟŽŶƐŚŝƉƐďĞƚǁĞĞŶ
ĐůŝŵĂƚĞĂŶĚǁŽƌŬŝŶŐĐŽŶĚŝƟŽŶƐ ŽƌƐĂůĂƌǇ͕ƌĞƐŽŶĂŶƚůĞĂĚĞƌƐƉůĂǇ
Ă ŬĞǇ ƌŽůĞ͘ /Ŷ ŐĞŶĞƌĂů͕ ƚŚĞ ŵŽƌĞ ĞŵŽƟŽŶĂůůǇ ĚĞŵĂŶĚŝŶŐ ƚŚĞ
ǁŽƌŬ͕ƚŚĞŵŽƌĞĞŵƉĂƚŚŝĐĂŶĚƐƵƉƉŽƌƟǀĞƚŚĞůĞĂĚĞƌŶĞĞĚƐƚŽďĞ͘
>ĞĂĚĞƌƐĚƌŝǀĞƚŚĞƐĞƌǀŝĐĞĐůŝŵĂƚĞĂŶĚƚŚƵƐƚŚĞƉƌĞĚŝƐƉŽƐŝƟŽŶŽĨ
ĞŵƉůŽǇĞĞƐ ƚŽ ƐĂƟƐĨǇ ĐƵƐƚŽŵĞƌƐ͘ ƚ ĂŶ ŝŶƐƵƌĂŶĐĞ ĐŽŵƉĂŶǇ͕ ĨŽƌ
ŝŶƐƚĂŶĐĞ͕ ĞīĞĐƟǀĞ ůĞĂĚĞƌƐŚŝƉ ŝŶŇƵĞŶĐĞĚ ƐĞƌǀŝĐĞ ĐůŝŵĂƚĞ ĂŵŽŶŐ
ĂŐĞŶƚƐ ƚŽ ĂĐĐŽƵŶƚ ĨŽƌ Ă ϯ ƚŽ ϰ ƉĞƌĐĞŶƚ ĚŝīĞƌĞŶĐĞ ŝŶ ŝŶƐƵƌĂŶĐĞ
ƌĞŶĞǁĂůƐʹĂƐĞĞŵŝŶŐůǇƐŵĂůůŵĂƌŐŝŶƚŚĂƚŵĂĚĞĂďŝŐĚŝīĞƌĞŶĐĞ
4B$45/$Q'+*,/++U$
KƌŐĂŶŝǌĂƟŽŶĂůĐŽŶƐƵůƚĂŶƚƐŚĂǀĞůŽŶŐĂƐƐƵŵĞĚĂƉŽƐŝƟǀĞ
@*,8$BM$+BG/$8*,:$Q/4L//,$2$Q'+*,/++$',*4`+$5'G2,$I@*G24/$2,:$
ŝƚƐƉĞƌĨŽƌŵĂŶĐĞ͘ƵƚĚĂƚĂĐŽŶŶĞĐƟŶŐƚŚĞƚǁŽŚĂǀĞďĞĞŶƐƉĂƌƐĞʹ
ĂŶĚƐŽ͕ŝŶƉƌĂĐƟĐĞ͕ůĞĂĚĞƌƐĐŽƵůĚŵŽƌĞĞĂƐŝůǇŝŐŶŽƌĞƚŚĞŝƌƉĞƌƐŽŶĂů
ƐƚǇůĞĂŶĚŝƚƐĞīĞĐƚƐŽŶƚŚĞƉĞŽƉůĞƚŚĞǇůĞĚ͕ĨŽĐƵƐŝŶŐŝŶƐƚĞĂĚŽŶ
͞ŚĂƌĚĞƌ͟ ďƵƐŝŶĞƐƐ ŽďũĞĐƟǀĞƐ͘ Ƶƚ ŶŽǁ ǁĞ ŚĂǀĞ ƌĞƐƵůƚƐ ĨƌŽŵ Ă
(2,-/$BM$*,:'+4(*/+$4524$@*,8$@/2:/(+5*)$4B$I@*G24/$2,:$4B$Q'+*,/++$
ƉĞƌĨŽƌŵĂŶĐĞ͕ŵĂŬŝŶŐŝƚƉŽƐƐŝďůĞƚŽƋƵĂŶƟĨǇƚŚĞŚĂƌĚĚŝīĞƌĞŶĐĞ
ĨŽƌďƵƐŝŶĞƐƐƉĞƌĨŽƌŵĂŶĐĞŵĂĚĞďǇƐŽŵĞƚŚŝŶŐĂƐƐŽŌĂƐƚŚĞ͞ĨĞĞů͟
BM$2$IBG)2,.U
$ \B($ *,+42,I/R$ 24$ 2$ -@BQ2@$ MBB:$ 2,:$ Q/N/(2-/$ IBG)2,.R$
ƉŽƐŝƟǀĞ ĐůŝŵĂƚĞ ƌĞĂĚŝŶŐƐ ƉƌĞĚŝĐƚĞĚ ŚŝŐŚĞƌ ǇĞĂƌůǇ ĞĂƌŶŝŶŐƐ Ăƚ
G2SB($:*N*+*B,+U$%,:$*,$2$+4':.$BM$,*,/4//,$*,+'(2,I/$IBG)2,*/+R$
45/$ I@*G24/$ I(/24/:$ Q.$ 45/$ PZ^+$ 2GB,-$ 45/*($ :*(/I4$ (/)B(4+$
ƉƌĞĚŝĐƚĞĚƚŚĞďƵƐŝŶĞƐƐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞĞŶƟƌĞŽƌŐĂŶŝǌĂƟŽŶ͗/Ŷ
HA$)/(I/,4$BM$I2+/+R$I@*G24/$2@B,/$2II'(24/@.$+B(4/:$IBG)2,*/+$
ŝŶƚŽŚŝŐŚǀĞƌƐƵƐůŽǁƉƌŽĮƚƐĂŶĚŐƌŽǁƚŚ͘<H
$ P@*G24/$ *,$ *4+/@M$ :B/+$ ,B4$ :/4/(G*,/$ )/(MB(G2,I/U$ =5/$
ĨĂĐƚŽƌƐ ĚĞĐŝĚŝŶŐ ǁŚŝĐŚ ĐŽŵƉĂŶŝĞƐ ƉƌŽǀĞ ŵŽƐƚ Įƚ ŝŶ ĂŶǇ ŐŝǀĞŶ
_'2(4/($2(/$,B4B(*B'+@.$IBG)@/OU$J'4$B'($2,2@.+/+$+'--/+4$4524R$
BN/(2@@R$45/$I@*G24/$[$5BL$)/B)@/$M//@$2QB'4$LB(8*,-$24$2$IBG)2,.$
ʹ ĐĂŶ ĂĐĐŽƵŶƚ ĨŽƌ ϮϬ ƚŽ ϯϬ ƉĞƌĐĞŶƚ ŽĨ ďƵƐŝŶĞƐƐ ƉĞƌĨŽƌŵĂŶĐĞ͘
'ĞƫŶŐƚŚĞďĞƐƚŽƵƚŽĨƉĞŽƉůĞƉĂǇƐŽīŝŶŚĂƌĚƌĞƐƵůƚƐ͘
$ CM$ I@*G24/$ :(*N/+$ Q'+*,/++$ (/+'@4+R$ L524$ :(*N/+$ I@*G24/;$
ZŽƵŐŚůǇ ϱϬ ƚŽ ϳϬ ƉĞƌĐĞŶƚ ŽĨ ŚŽǁ ĞŵƉůŽǇĞĞƐ ƉĞƌĐĞŝǀĞ ƚŚĞŝƌ
ŽƌŐĂŶŝǌĂƟŽŶ͛ƐĐůŝŵĂƚĞĐĂŶďĞƚƌĂĐĞĚƚŽƚŚĞĂĐƟŽŶƐŽĨŽŶĞƉĞƌƐŽŶ͗
ƚŚĞůĞĂĚĞƌ͘DŽƌĞƚŚĂŶĂŶǇŽŶĞĞůƐĞ͕ƚŚĞďŽƐƐĐƌĞĂƚĞƐƚŚĞĐŽŶĚŝƟŽŶƐ
4524$:*(/I4@.$:/4/(G*,/$)/B)@/`+$2Q*@*4.$4B$LB(8$L/@@U<K
/ŶƐŚŽƌƚ͕ůĞĂĚĞƌƐ͛ĞŵŽƟŽŶĂůƐƚĂƚĞƐĂŶĚĂĐƟŽŶƐĚŽĂīĞĐƚ
5BL$45/$)/B)@/$45/.$@/2:$L*@@$M//@$2,:$45/(/MB(/$)/(MB(GU$6BL$
ǁĞůů ůĞĂĚĞƌƐ ŵĂŶĂŐĞ ƚŚĞŝƌ ŵŽŽĚƐ ĂŶĚ ĂīĞĐƚ ĞǀĞƌǇŽŶĞ ĞůƐĞ͛Ɛ
ŵŽŽĚƐ͕ƚŚĞŶ͕ďĞĐŽŵĞƐŶŽƚũƵƐƚĂƉƌŝǀĂƚĞŵĂƩĞƌ͕ďƵƚĂĨĂĐƚŽƌŝŶ
5BL$L/@@$2$Q'+*,/++$L*@@$:BU
82
THE SOCIAL BRAIN

Adapted from The Brain and Emotional Intelligence:
New Insights
$ .Ğ ĂƌĞ ĐŽŶƐƚĂŶƚůǇ ŝŵƉĂĐƟŶŐ ƚŚĞ ďƌĂŝŶ ƐƚĂƚĞƐ ŝŶ ŽƚŚĞƌ

ƉĞŽƉůĞ͘/ŶŵǇ/ŵŽĚĞů͕͞DĂŶĂŐŝŶŐƌĞůĂƟŽŶƐŚŝƉƐ͟ŵĞĂŶƐ͕ĂƚƚŚŝƐ
@/N/@R$ 4524$ L/`(/$ (/+)B,+*Q@/$ MB($ 5BL$ L/$ +52)/$ 45/$ M//@*,-+$ BM$
ƚŚŽƐĞ ǁĞ ŝŶƚĞƌĂĐƚ ǁŝƚŚ ʹ ĨŽƌ ďĞƩĞƌ Žƌ ĨŽƌ ǁŽƌƐĞ͘ /Ŷ ƚŚŝƐ ƐĞŶƐĞ͕
ƌĞůĂƟŽŶƐŚŝƉƐŬŝůůƐŚĂǀĞƚŽĚŽǁŝƚŚŵĂŶĂŐŝŶŐďƌĂŝŶƐƚĂƚĞƐŝŶŽƚŚĞƌ
)/B)@/U
dŚŝƐƌĂŝƐĞƐĂƋƵĞƐƟŽŶ͘tŚŽƐĞŶĚƐƚŚĞĞŵŽƟŽŶƐƚŚĂƚƉĂƐƐ
Q/4L//,$)/B)@/R$2,:$L5B$(/I/*N/+$45/G;$^,/$2,+L/(R$MB($-(B')+$
ŽĨ ƉĞĞƌƐ͕ ŝƐ ƚŚĂƚ ƚŚĞ ƐĞŶĚĞƌ ƚĞŶĚƐ ƚŽ ďĞ ƚŚĞ ŵŽƐƚ ĞŵŽƟŽŶĂůůǇ
/O)(/++*N/$ )/(+B,$ *,$ 45/$ -(B')U$ J'4$ *,$ -(B')+$ L5/(/$ 45/(/$ 2(/$
ƉŽǁĞƌ ĚŝīĞƌĞŶĐĞƐ ʹ ŝŶ ƚŚĞ ĐůĂƐƐƌŽŽŵ͕ Ăƚ ǁŽƌŬ͕ ŝŶ ŽƌŐĂŶŝǌĂƟŽŶƐ
ŐĞŶĞƌĂůůǇʹŝƚŝƐƚŚĞŵŽƐƚƉŽǁĞƌĨƵůƉĞƌƐŽŶǁŚŽŝƐƚŚĞĞŵŽƟŽŶĂů
ƐĞŶĚĞƌ͕ƐĞƫŶŐƚŚĞĞŵŽƟŽŶĂůƐƚĂƚĞĨŽƌƚŚĞƌĞƐƚŽĨƚŚĞŐƌŽƵƉ͘
/ŶĂŶǇŚƵŵĂŶŐƌŽƵƉ͕ƉĞŽƉůĞƉĂǇŵŽƐƚĂƩĞŶƟŽŶƚŽʹĂŶĚ
)'4$GB+4$*G)B(42,I/$B,$[$L524$45/$GB+4$)BL/(M'@$)/(+B,$*,$4524$
-(B')$+2.+$B($:B/+U$=5/(/$2(/$G2,.$+4':*/+$4524$+5BLR$MB($/O2G)@/R$
ƚŚĂƚŝĨƚŚĞůĞĂĚĞƌŽĨĂƚĞĂŵŝƐŝŶĂƉŽƐŝƟǀĞŵŽŽĚ͕ƚŚĂƚƐƉƌĞĂĚƐĂŶ
ƵƉďĞĂƚŵŽŽĚƚŽƚŚĞŽƚŚĞƌƐĂŶĚƚŚĂƚĐŽůůĞĐƟǀĞƉŽƐŝƟǀŝƚǇĞŶŚĂŶĐĞƐ
ƚŚĞŐƌŽƵƉ͛ƐƉĞƌĨŽƌŵĂŶĐĞ͘/ĨƚŚĞůĞĂĚĞƌƉƌŽũĞĐƚƐĂŶĞŐĂƟǀĞŵŽŽĚ͕
4524$ +)(/2:+$ *,$ 45/$ +2G/$ L2.R$ 2,:$ 45/$ -(B')`+$ )/(MB(G2,I/$
ƐƵīĞƌƐ͘dŚŝƐŚĂƐďĞĞŶĨŽƵŶĚĨŽƌŐƌŽƵƉƐŵĂŬŝŶŐďƵƐŝŶĞƐƐĚĞĐŝƐŝŽŶƐ͕
ƐĞĞŬŝŶŐĐƌĞĂƟǀĞƐŽůƵƟŽŶƐʹĞǀĞŶĞƌĞĐƟŶŐĂƚĞŶƚƚŽŐĞƚŚĞƌ͘
^ƵĐŚ ĞŵŽƟŽŶĂů ĐŽŶƚĂŐŝŽŶ ŚĂƉƉĞŶƐ ǁŚĞŶĞǀĞƌ ƉĞŽƉůĞ
ŝŶƚĞƌĂĐƚ͕ǁŚĞƚŚĞƌŝŶĂƉĂŝƌ͕ĂŐƌŽƵƉ͕ŽƌĂŶŽƌŐĂŶŝǌĂƟŽŶ͘/ƚ͛ƐŵŽƐƚ
ŽďǀŝŽƵƐ Ăƚ Ă ƐƉŽƌƟŶŐ ĞǀĞŶƚ Žƌ ƚŚĞĂƚƌŝĐĂů ƉĞƌĨŽƌŵĂŶĐĞ͕ ǁŚĞƌĞ
ƚŚĞĞŶƟƌĞĐƌŽǁĚŐŽĞƐƚŚƌŽƵŐŚƚŚĞŝĚĞŶƟĐĂůĞŵŽƟŽŶĂƚƚŚĞƐĂŵĞ
ƟŵĞ͘dŚŝƐĐŽŶƚĂŐŝŽŶĐĂŶŚĂƉƉĞŶďĞĐĂƵƐĞŽĨŽƵƌƐŽĐŝĂů
THE SOCIAL BRAIN 83
Q(2*,R$ 45(B'-5$ I*(I'*4(.$ @*8/$ 45/$ G*((B($ ,/'(B,$ +.+4/GU$ F/(+B,Y

ƚŽͲƉĞƌƐŽŶĞŵŽƟŽŶĂůĐŽŶƚĂŐŝŽŶŽƉĞƌĂƚĞƐĂƵƚŽŵĂƟĐĂůůǇ͕ŝŶƐƚĂŶƚůǇ͕
ƵŶĐŽŶƐĐŝŽƵƐůǇĂŶĚŽƵƚŽĨŽƵƌŝŶƚĞŶƟŽŶĂůĐŽŶƚƌŽů͘
dŚĞƌĞǁĂƐĂƐƚƵĚǇĚŽŶĞĂƚDĂƐƐĂĐŚƵƐĞƩƐ'ĞŶĞƌĂů,ŽƐƉŝƚĂů
ŽĨ ĚŽĐƚŽƌƐ ĂŶĚ ƉĂƟĞŶƚƐ ĚƵƌŝŶŐ Ă ƉƐǇĐŚŽƚŚĞƌĂƉǇ ƐĞƐƐŝŽŶ͘ dŚĞ
ŝŶƚĞƌĂĐƟŽŶǁĂƐǀŝĚĞŽƚĂƉĞĚĂŶĚƚŚĞŝƌƉŚǇƐŝŽůŽŐǇǁĂƐŵŽŶŝƚŽƌĞĚ͘
ŌĞƌǁĂƌĚƐ͕ƚŚĞƉĂƟĞŶƚƐƌĞǀŝĞǁĞĚƚŚĞƚĂƉĞ͕ŝĚĞŶƟĨǇŝŶŐŵŽŵĞŶƚƐ
L5/,$ 45/.$ M/@4$ 45/$ :BI4B($ /G)245*X/:$ L*45$ 45/G$ [$ L5/,$ 45/.$
M/@4$ 5/2(:$ 2,:$ ',:/(+4BB:R$ *,$ (2))B(4$ L*45$ 45/$ :BI4B(R$ N/(+'+$
ĨĞĞůŝŶŐƌĞĂůůǇĚŝƐĐŽŶŶĞĐƚĞĚ͕ƚŚŝŶŬŝŶŐ͗͞DǇĚŽĐƚŽƌĚŽĞƐŶ͛ƚŐĞƚŵĞ͕
ĚŽĞƐŶ͛ƚ ĐĂƌĞ ĂďŽƵƚ ŵĞ͘͟ /Ŷ ƚŚŽƐĞ ŵŽŵĞŶƚƐ ǁŚĞƌĞ ƉĂƟĞŶƚƐ ĨĞůƚ
ĚŝƐĐŽŶŶĞĐƚĞĚ͕ƚŚĞƌĞǁĂƐŶŽĐŽŶŶĞĐƟŽŶŝŶƚŚĞŝƌƉŚǇƐŝŽůŽŐǇ͕ĞŝƚŚĞƌ͘
ƵƚĂƚƚŚŽƐĞŵŽŵĞŶƚƐǁŚĞŶƚŚĞƉĂƟĞŶƚƐĂŝĚ͕͞zĞƐ͕/ĨĞůƚĂƌĞĂů
ĐŽŶŶĞĐƟŽŶǁŝƚŚƚŚĞĚŽĐƚŽƌ͕͟ƚŚĞŝƌƉŚǇƐŝŽůŽŐŝĞƐŵŽǀĞĚŝŶƚĂŶĚĞŵ͕
@*8/$2$:2,I/U$=5/(/$L2+$2@+B$2$)5.+*B@B-*I2@$/,4(2*,G/,4R$L*45$45/$
ĚŽĐƚŽƌĂŶĚƉĂƟĞŶƚ͛ƐŚĞĂƌƚƌĂƚĞƐŵŽǀŝŶŐŝŶƚĂŶĚĞŵ͘
dŚĂƚ ƐƚƵĚǇ ƌĞŇĞĐƚƐ ƚŚĞ ƉŚǇƐŝŽůŽŐǇ ŽĨ ƌĂƉƉŽƌƚ͘ dŚĞƌĞ ĂƌĞ
ƚŚƌĞĞŝŶŐƌĞĚŝĞŶƚƐƚŽƌĂƉƉŽƌƚ͘dŚĞĮƌƐƚŝƐƉĂǇŝŶŐĨƵůůĂƩĞŶƟŽŶ͘ŽƚŚ
ƉĞŽƉůĞŶĞĞĚƚŽƚƵŶĞŝŶĨƵůůǇƚŽƚŚĞŽƚŚĞƌ͕ƉƵƫŶŐĂƐŝĚĞĚŝƐƚƌĂĐƟŽŶƐ͘
=5/$ +/IB,:$ *+$ Q/*,-$ *,$ +.,I5$ ,B,[N/(Q2@@.U$ CM$ 4LB$ )/B)@/$ 2(/$
ƌĞĂůůǇĐŽŶŶĞĐƟŶŐǁĞůů͕ĂŶĚǇŽƵǁĞƌĞƚŽŽďƐĞƌǀĞƚŚĂƚŝŶƚĞƌĂĐƟŽŶ
ǁŝƚŚŽƵƚƉĂǇŝŶŐĂƩĞŶƟŽŶƚŽǁŚĂƚƚŚĞǇǁĞƌĞƐĂǇŝŶŐ;ůŝŬĞǁĂƚĐŚŝŶŐ
Ă Įůŵ ǁŝƚŚ ŶŽ ƐŽƵŶĚƚƌĂĐŬͿ͕ ǇŽƵ͛ůů ƐĞĞ ƚŚĞŝƌ ŵŽǀĞƐ ĂƌĞ ĂůŵŽƐƚ
I5B(/B-(2)5/:R$@*8/$2$:2,I/U$&'I5$+.,I5(B,.$*+$B(I5/+4(24/:$Q.$
2,B45/($+/4$BM$,/'(B,+R$I2@@/:$B+I*@@24B(+R$L5*I5$(/-'@24/$5BL$B'($
ďŽĚǇŵŽǀĞƐŝŶƌĞůĂƟŽŶƐŚŝƉƚŽĂŶŽƚŚĞƌďŽĚǇ;ŽƌĂŶǇŽďũĞĐƚͿ͘
dŚĞ ƚŚŝƌĚ ŝŶŐƌĞĚŝĞŶƚ ŽĨ ƌĂƉƉŽƌƚ ŝƐ ƉŽƐŝƟǀĞ ĨĞĞůŝŶŐ͘ /ƚ͛Ɛ Ă
ŬŝŶĚ ŽĨ ŵŝĐƌŽʹŇŽǁ͕ ĂŶ ŝŶƚĞƌƉĞƌƐŽŶĂů ŚŝŐŚ͘ dŚĞƐĞ ŵŽŵĞŶƚƐ ŽĨ
ŝŶƚĞƌƉĞƌƐŽŶĂů ĐŚĞŵŝƐƚƌǇ͕ Žƌ ƐŝŵƉĂƟĐŽ͕ ĂƌĞ ǁŚĞŶ ƚŚŝŶŐƐ ŚĂƉƉĞŶ
Ăƚ ƚŚĞŝƌ ďĞƐƚ ʹ ŶŽ ŵĂƩĞƌ ƚŚĞ ƐƉĞĐŝĮĐƐ ŽĨ ǁŚĂƚ ǁĞ͛ƌĞ ĚŽŝŶŐ
4B-/45/(U
ŶĂƌƟĐůĞŝŶƚŚĞ,ĂƌǀĂƌĚƵƐŝŶĞƐƐZĞǀŝĞǁĐĂůůƐƚŚŝƐŬŝŶĚ
ŽĨ ŝŶƚĞƌĂĐƟŽŶ Ă ͞ŚƵŵĂŶ ŵŽŵĞŶƚ͘͟ ,Žǁ ĚŽ ǇŽƵ ŚĂǀĞ Ă ŚƵŵĂŶ
ŵŽŵĞŶƚ Ăƚ ǁŽƌŬ͍ zŽƵ ŚĂǀĞ ƚŽ ƉƵƚ ĂƐŝĚĞ ǁŚĂƚĞǀĞƌ ĞůƐĞ ǇŽƵ͛ƌĞ
ĚŽŝŶŐ͕ĂŶĚƉĂǇĨƵůůĂƩĞŶƟŽŶƚŽƚŚĞƉĞƌƐŽŶǁŚŽ͛ƐǁŝƚŚǇŽƵ͘ŶĚ
84
ƚŚĂƚŽƉĞŶƐƚŚĞǁĂǇƚŽƌĂƉƉŽƌƚ͕ǁŚĞƌĞĞŵŽƟŽŶĂůŇŽǁŝƐŝŶƚĂŶĚĞŵ͘
35/,$.B'($)5.+*B@B-.$*+$*,$+.,I5(B,.$L*45$+BG/B,/$/@+/$.B'$M//@$
ĐŽŶŶĞĐƚĞĚ͕ ĐůŽƐĞ ĂŶĚ ǁĂƌŵ͘ zŽƵ ĐĂŶ ƌĞĂĚ ƚŚŝƐ ŚƵŵĂŶ ŵŽŵĞŶƚ
ŝŶƚĞƌŵƐŽĨƉŚǇƐŝŽůŽŐǇʹďƵƚǇŽƵĐĂŶĂůƐŽƌĞĂĚŝƚĞǆƉĞƌŝĞŶƟĂůůǇ͕
Q/I2'+/$:'(*,-$45B+/$GBG/,4+$BM$I5/G*+4(.$L/$M//@$-BB:$2QB'4$
Q/*,-$ L*45$ 45/$ B45/($ )/(+B,U$ %,:$ 4524$ )/(+B,$ *+$ M//@*,-$ -BB:$
2QB'4$Q/*,-$L*45$'+U
85
THE SWEET SPOT

FOR ACHIEVEMENT
Adapted From Social Intelligence
$ 0ŽƵĂƌĞĚƌŝǀŝŶŐƚŽǁŽƌŬ͕ƉůĂŶŶŝŶŐĂŶŝŵƉŽƌƚĂŶƚŵĞĞƟŶŐ
ǁŝƚŚĂĐŽůůĞĂŐƵĞ͕ĂŶĚŝŶƚĞƌŵŝƩĞŶƚůǇƌĞŵŝŶĚŝŶŐǇŽƵƌƐĞůĨƚŚĂƚǇŽƵ
ŵƵƐƚƌĞŵĞŵďĞƌƚŽƚƵƌŶůĞŌĂƚƚŚĞƚƌĂĸĐůŝŐŚƚ͕ŶŽƚƌŝŐŚƚĂƐƵƐƵĂů͕
+B$.B'$I2,$:(B)$.B'($+'*4$24$45/$I@/2,/(+U
$ &'::/,@.$2,$2GQ'@2,I/$+I(/2G+$')$Q/5*,:$.B'R$2,:$.B'$
ƐƉĞĞĚƵƉƚŽŐĞƚŽƵƚŽĨƚŚĞǁĂǇ͘zŽƵĨĞĞůǇŽƵƌŚĞĂƌƚƋƵŝĐŬĞŶ͘
zŽƵ ƚƌǇ ƚŽ ƌĞƐƵŵĞ ƉůĂŶŶŝŶŐ ƚŚĞ ŵŽƌŶŝŶŐ͛Ɛ ŵĞĞƟŶŐ͕ ďƵƚ ǇŽƵƌ
ƚŚŽƵŐŚƚƐ ĂƌĞ ĚŝƐŽƌŐĂŶŝǌĞĚ ŶŽǁ ĂŶĚ ǇŽƵ ůŽƐĞ ĐŽŶĐĞŶƚƌĂƟŽŶ͕
:*+4(2I4/:U$35/,$.B'$-/4$4B$LB(8R$.B'$Q/(24/$.B'(+/@M$Q/I2'+/$
.B'$MB(-B4$4B$-B$4B$45/$I@/2,/(+U
$ =5*+$+I/,2(*B$IBG/+$,B4$M(BG$+BG/$Q'+*,/++$)(*G/($Q'4$
ĨƌŽŵƚŚĞĂĐĂĚĞŵŝĐũŽƵƌŶĂů^ĐŝĞŶĐĞ͕ĂƐƚŚĞďĞŐŝŶŶŝŶŐŽĨĂŶĂƌƟĐůĞ
I2@@/:$]=5/$J*B@B-.$BM$J/*,-$\(2XX@/:UT<bdŚĞĂƌƟĐůĞƐƵŵŵĂƌŝǌĞƐ
ƚŚĞĞīĞĐƚƐŽŶƚŚŝŶŬŝŶŐĂŶĚƉĞƌĨŽƌŵĂŶĐĞĐĂƵƐĞĚďǇďĞŝŶŐŵŝůĚůǇ
')+/4$[$M(2XX@/:$M(BG$45/$52++@/+$BM$:2*@.$@*M/U
͞&ƌĂǌǌůĞ͟ ŝƐ Ă ŶĞƵƌĂů ƐƚĂƚĞ ŝŶ ǁŚŝĐŚ ĞŵŽƟŽŶĂů ƵƉƐƵƌŐĞƐ
ŚĂŵƉĞƌ ƚŚĞ ǁŽƌŬŝŶŐƐ ŽĨ ƚŚĞ ĞǆĞĐƵƟǀĞ ĐĞŶƚĞƌ͘ tŚŝůĞ ǁĞ ĂƌĞ
M(2XX@/:R$ L/$ I2,,B4$ IB,I/,4(24/$ B($ 45*,8$ I@/2(@.U$ =524$ ,/'(2@$
ƚƌƵƚŚŚĂƐĚŝƌĞĐƚŝŵƉůŝĐĂƟŽŶƐĨŽƌĂĐŚŝĞǀŝŶŐƚŚĞŽƉƟŵĂůĞŵŽƟŽŶĂů
ĂƚŵŽƐƉŚĞƌĞďŽƚŚŝŶƚŚĞĐůĂƐƐƌŽŽŵĂŶĚƚŚĞŽĸĐĞ͘
$ \(BG$45/$N2,42-/$)B*,4$BM$45/$Q(2*,R$:B*,-$L/@@$*,$+I5BB@$
2,:$24$LB(8$*,NB@N/+$B,/$2,:$45/$+2G/$+424/R$45/$Q(2*,`+$+L//4$
+)B4$MB($)/(MB(G2,I/U$=5/$Q*B@B-.$BM$2,O*/4.$I2+4+$'+$B'4$BM$4524$
XB,/$MB($/OI/@@/,I/U
$ ]J2,*+5$M/2(T$L2+$2$+@B-2,$BM$45/$@24/$_'2@*4.YIB,4(B@$
86
ŐƵƌƵ t͘ ĚǁĂƌĚƐ ĞŵŝŶŐ͘ ,Ğ ƐĂǁ ƚŚĂƚ ĨĞĂƌ ĨƌŽǌĞ Ă ǁŽƌŬƉůĂĐĞ͗
LB(8/(+$ L/(/$ (/@'I42,4$ 4B$ +)/28$ ')R$ 4B$ +52(/$ ,/L$ *:/2+R$ B($ 4B$
IBB(:*,24/$L/@@R$@/4$2@B,/$4B$*G)(BN/$45/$_'2@*4.$BM$45/*($B'4)'4U$
=5/$+2G/$+@B-2,$2))@*/+$4B$45/$I@2++(BBG$[$M/2($M(2XX@/+$45/$G*,:R$
ĚŝƐƌƵƉƟŶŐůĞĂƌŶŝŶŐ͘
dŚĞ ďĂƐŝĐ ŶĞƵƌŽďŝŽůŽŐǇ ŽĨ ĨƌĂǌǌůĞ ƌĞŇĞĐƚƐ ƚŚĞ ďŽĚǇ͛Ɛ
:/M2'@4$)@2,$MB($/G/(-/,I.U$35/,$L/$2(/$',:/($+4(/++R$45/$6F%$
ĂǆŝƐƌŽĂƌƐŝŶƚŽĂĐƟŽŶ͕ƉƌĞƉĂƌŝŶŐƚŚĞďŽĚǇĨŽƌĐƌŝƐŝƐ͘ŵŽŶŐŽƚŚĞƌ
Q*B@B-*I2@$G2,/'N/(+R$45/$2G.-:2@2$IBGG2,://(+$45/$)(/M(B,42@$
ĐŽƌƚĞǆ͕ƚŚĞďƌĂŝŶ͛ƐĞǆĞĐƵƟǀĞĐĞŶƚĞƌ͘dŚŝƐƐŚŝŌŝŶĐŽŶƚƌŽůƚŽƚŚĞůŽǁ
ƌŽĂĚ ʹ ƚŚĞ ďƌĂŝŶ͛Ɛ ƐƵďĐŽƌƟĐĂů ĂƌĞĂƐ ʹ ĨĂǀŽƌƐ ĂƵƚŽŵĂƟĐ ŚĂďŝƚƐ͕
2+$ 45/$ 2G.-:2@2$ :(2L+$ B,$ 8,//YS/(8$ (/+)B,+/+$ 4B$ +2N/$ '+U$ =5/$
ƚŚŝŶŬŝŶŐďƌĂŝŶŐĞƚƐƐŝĚĞůŝŶĞĚĨŽƌƚŚĞĚƵƌĂƟŽŶ͖ƚŚĞŚŝŐŚƌŽĂĚ͕ƚŚĞ
IB(4/O$B($45*,8*,-$I/,4/(R$GBN/+$4BB$+@BL@.U
$ %+$B'($Q(2*,$52,:+$:/I*+*B,YG28*,-$BN/($4B$45/$2G.-:2@2$
I*(I'*4(.R$L/$@B+/$B'($2Q*@*4.$4B$45*,8$24$B'($Q/+4U$=5/$GB(/$*,4/,+/$
ƚŚĞƉƌĞƐƐƵƌĞ͕ƚŚĞŵŽƌĞŽƵƌƉĞƌĨŽƌŵĂŶĐĞĂŶĚƚŚŝŶŬŝŶŐǁŝůůƐƵīĞƌ͘ϱϬ$
dŚĞĂƐĐĞŶĚĂŶƚĂŵǇŐĚĂůĂŚĂŶĚŝĐĂƉƐŽƵƌĂďŝůŝƟĞƐĨŽƌůĞĂƌŶŝŶŐ͕ĨŽƌ
ŚŽůĚŝŶŐŝŶĨŽƌŵĂƟŽŶŝŶǁŽƌŬŝŶŐŵĞŵŽƌǇ͕ĨŽƌƌĞĂĐƟŶŐŇĞǆŝďůǇĂŶĚ
ĐƌĞĂƟǀĞůǇ͕ ĨŽƌ ĨŽĐƵƐŝŶŐ ĂƩĞŶƟŽŶ Ăƚ ǁŝůů͕ ĂŶĚ ĨŽƌ ƉůĂŶŶŝŶŐ ĂŶĚ
ŽƌŐĂŶŝǌŝŶŐ ĞīĞĐƟǀĞůǇ͘ tĞ ƉůƵŶŐĞ ŝŶƚŽ ǁŚĂƚ ŶĞƵƌŽƐĐŝĞŶƟƐƚƐ ĐĂůů
͞ĐŽŐŶŝƟǀĞĚǇƐĨƵŶĐƟŽŶ͘͟A"
$ ]=5/$LB(+4$)/(*B:$C$/N/($L/,4$45(B'-5$24$LB(8RT$2$M(*/,:$
ĐŽŶĮĚĞƐ͕͞ǁĂƐǁŚĞŶƚŚĞĐŽŵƉĂŶǇǁĂƐƌĞƐƚƌƵĐƚƵƌŝŶŐĂŶĚƉĞŽƉůĞ
L/(/$Q/*,-$h:*+2))/2(/:`$:2*@.R$MB@@BL/:$Q.$@.*,-$G/GB+$4524$45/.$
ǁĞƌĞůĞĂǀŝŶŐ͚ĨŽƌƉĞƌƐŽŶĂůƌĞĂƐŽŶƐ͛͘EŽŽŶĞĐŽƵůĚĨŽĐƵƐǁŚŝůĞƚŚĂƚ
ĨĞĂƌǁĂƐŝŶƚŚĞĂŝƌ͘EŽƌĞĂůǁŽƌŬŐŽƚĚŽŶĞ͘͟
$ &G2@@$LB,:/(U$=5/$-(/24/($45/$2,O*/4.$L/$M//@R$45/$GB(/$
ŝŵƉĂŝƌĞĚŝƐƚŚĞďƌĂŝŶ͛ƐĐŽŐŶŝƟǀĞĞĸĐŝĞŶĐǇ͘/ŶƚŚŝƐǌŽŶĞŽĨŵĞŶƚĂů
ŵŝƐĞƌǇ͕ ĚŝƐƚƌĂĐƟŶŐ ƚŚŽƵŐŚƚƐ ŚŝũĂĐŬ ŽƵƌ ĂƩĞŶƟŽŶ ĂŶĚ ƐƋƵĞĞǌĞ
ŽƵƌĐŽŐŶŝƟǀĞƌĞƐŽƵƌĐĞƐ͘ĞĐĂƵƐĞŚŝŐŚĂŶǆŝĞƚǇƐŚƌŝŶŬƐƚŚĞƐƉĂĐĞ
ĂǀĂŝůĂďůĞƚŽŽƵƌĂƩĞŶƟŽŶ͕ŝƚƵŶĚĞƌŵŝŶĞƐŽƵƌǀĞƌǇĐĂƉĂĐŝƚǇƚŽƚĂŬĞ
ŝŶŶĞǁŝŶĨŽƌŵĂƟŽŶ͕ůĞƚĂůŽŶĞŐĞŶĞƌĂƚĞĨƌĞƐŚŝĚĞĂƐ͘EĞĂƌͲƉĂŶŝĐŝƐ
ƚŚĞĞŶĞŵǇŽĨůĞĂƌŶŝŶŐĂŶĚĐƌĞĂƟǀŝƚǇ͘
$ =5/$,/'(2@$5*-5L2.$MB($:.+)5B(*2$(',+$M(BG$45/$2G.-:2@2$
4B$45/$(*-54$+*:/$BM$45/$)(/M(B,42@$IB(4/OU$%+$45*+$I*(I'*4(.$$
THE SWEET SPOT FOR ACHIEVEMENT 87
ĂĐƟǀĂƚĞƐ͕ŽƵƌƚŚŽƵŐŚƚƐĮǆĂƚĞŽŶǁŚĂƚŚĂƐƚƌŝŐŐĞƌĞĚƚŚĞĚŝƐƚƌĞƐƐ͘
%,:$2+$L/$Q/IBG/$)(/BII')*/:$Q.R$+2.R$LB((.$B($(/+/,4G/,4R$B'($
ŵĞŶƚĂůĂŐŝůŝƚǇƐƉƵƩĞƌƐ͘>ŝŬĞǁŝƐĞ͕ǁŚĞŶǁĞĂƌĞƐĂĚ͕ĂĐƟǀŝƚǇůĞǀĞůƐ
*,$45/$)(/M(B,42@$IB(4/O$:(B)$2,:$L/$-/,/(24/$M/L/($45B'-54+UA0$
ZO4(/G/+$BM$2,O*/4.$2,:$2,-/($B,$45/$B,/$52,:R$2,:$+2:,/++$B,$
ƚŚĞŽƚŚĞƌ͕ƉƵƐŚďƌĂŝŶĂĐƟǀŝƚǇďĞǇŽŶĚŝƚƐǌŽŶĞƐĨŽƌĞīĞĐƟǀĞŶĞƐƐ͘
ŽƌĞĚŽŵ ĨŽŐƐ ƚŚĞ ďƌĂŝŶ ǁŝƚŚ ŝƚƐ ŽǁŶ ďƌĂŶĚ ŽĨ ŝŶĞĸĐŝĞŶĐǇ͘ Ɛ
ŵŝŶĚƐ ǁĂŶĚĞƌ͕ ƚŚĞǇ ůŽƐĞ ĨŽĐƵƐ͖ ŵŽƟǀĂƟŽŶ ǀĂŶŝƐŚĞƐ͘ /Ŷ ĂŶǇ
ŵĞĞƟŶŐƚŚĂƚŚĂƐŐŽŶĞŽŶƚŽŽůŽŶŐ;ĂƐƐŽŵĂŶǇĚŽͿ͕ƚŚĞǀĂĐĂŶƚ
/./+$BM$45B+/$4(2))/:$24$45/$42Q@/$L*@@$Q/4(2.$45*+$*,,/($2Q+/,I/U$
%,:$L/$2@@$(/G/GQ/($:2.+$BM$/,,'*$2+$+4':/,4+R$2Q+/,4@.$+42(*,-$
B'4$45/$L*,:BLU
$ J'4$ SB.B'+$ GBG/,4+R$ +2.+$ d,*N/(+*4.$ BM$ &B'45/(,$
ĂůŝĨŽƌŶŝĂ ŶĞƵƌŽƐĐŝĞŶƟƐƚ ŶƚŽŶŝŽ ĂŵĂƐŝŽ͕ ƐŝŐŶŝĨǇ ͞ŽƉƟŵĂů
ƉŚǇƐŝŽůŽŐŝĐĂůĐŽŽƌĚŝŶĂƟŽŶĂŶĚƐŵŽŽƚŚƌƵŶŶŝŶŐŽĨƚŚĞŽƉĞƌĂƟŽŶƐ
ŽĨůŝĨĞ͘͟ĂŵĂƐŝŽ͕ŽŶĞŽĨƚŚĞǁŽƌůĚ͛ƐůĞĂĚŝŶŐŶĞƵƌŽƐĐŝĞŶƟƐƚƐ͕ŚĂƐ
ůŽŶŐďĞĞŶĂƉŝŽŶĞĞƌŝŶůŝŶŬŝŶŐĮŶĚŝŶŐƐŝŶďƌĂŝŶƐĐŝĞŶĐĞƚŽŚƵŵĂŶ
ĞǆƉĞƌŝĞŶĐĞ͘ ĂŵĂƐŝŽ ĂƌŐƵĞƐ ƚŚĂƚ ŵŽƌĞ ƚŚĂŶ ŵĞƌĞůǇ ůĞƫŶŐ ƵƐ
ƐƵƌǀŝǀĞƚŚĞĚĂŝůǇŐƌŝŶĚ͕ũŽǇŽƵƐƐƚĂƚĞƐĂůůŽǁƵƐƚŽŇŽƵƌŝƐŚ͕ƚŽůŝǀĞ
L/@@R$2,:$4B$M//@$L/@@YQ/*,-U
$ &'I5$ ')Q/24$ +424/+R$ 5/$ ,B4/+R$ 2@@BL$ 2$ ]-(/24/($ /2+/$ *,$
ƚŚĞ ĐĂƉĂĐŝƚǇ ƚŽ ĂĐƚ͕͟ Ă ŐƌĞĂƚĞƌ ŚĂƌŵŽŶǇ ŝŶ ŽƵƌ ĨƵŶĐƟŽŶŝŶŐ ƚŚĂƚ
ĞŶŚĂŶĐĞƐŽƵƌƉŽǁĞƌĂŶĚĨƌĞĞĚŽŵŝŶǁŚĂƚĞǀĞƌǁĞĚŽ͘dŚĞĮĞůĚŽĨ
ĐŽŐŶŝƟǀĞƐĐŝĞŶĐĞ͕ĂŵĂƐŝŽŶŽƚĞƐ͕ŝŶƐƚƵĚǇŝŶŐƚŚĞŶĞƵƌĂůŶĞƚǁŽƌŬƐ
ƚŚĂƚ ƌƵŶ ŵĞŶƚĂů ŽƉĞƌĂƟŽŶƐ͕ ĮŶĚƐ ƐŝŵŝůĂƌ ĐŽŶĚŝƟŽŶƐ ĂŶĚ ĚƵďƐ
45/G$]G2O*G2@$52(GB,*B'+$+424/+UT
$ 35/,$ 45/$ G*,:$ (',+$ L*45$ +'I5$ *,4/(,2@$ 52(GB,.R$ /2+/R$
ĞĸĐŝĞŶĐǇ͕ƌĂƉŝĚŝƚǇ͕ĂŶĚƉŽǁĞƌĂƌĞĂƚĂŵĂǆŝŵƵŵ͘tĞĞǆƉĞƌŝĞŶĐĞ
+'I5$GBG/,4+$L*45$2$_'*/4$45(*@@U$CG2-*,-$+4':*/+$+5BL$4524$L5*@/$
ƉĞŽƉůĞ ĂƌĞ ŝŶ ƐƵĐŚ ĞǆŚŝůĂƌĂƟŶŐ͕ ƵƉͲďĞĂƚ ƐƚĂƚĞƐ͕ ƚŚĞ ĂƌĞĂ ŽĨ ƚŚĞ
ďƌĂŝŶ ƚŚĂƚ ĚŝƐƉůĂǇƐ ŵŽƐƚ ĂĐƟǀŝƚǇ ŝƐ ŝŶ ƚŚĞ ƉƌĞĨƌŽŶƚĂů ĐŽƌƚĞǆ͕ ƚŚĞ
5'Q$BM$45/$5*-5$(B2:U
,ĞŝŐŚƚĞŶĞĚ ƉƌĞĨƌŽŶƚĂů ĂĐƟǀŝƚǇ ĞŶŚĂŶĐĞƐ ŵĞŶƚĂů ĂďŝůŝƟĞƐ
ůŝŬĞĐƌĞĂƟǀĞƚŚŝŶŬŝŶŐ͕ĐŽŐŶŝƟǀĞŇĞǆŝďŝůŝƚǇ͕ĂŶĚƚŚĞƉƌŽĐĞƐƐŝŶŐŽĨ
ŝŶĨŽƌŵĂƟŽŶ͘A7ǀĞŶƉŚǇƐŝĐŝĂŶƐ͕ƉĂƌĂŐŽŶƐŽĨƌĂƟŽŶĂůŝƚǇ͕ƚŚŝŶŬ
88
GB(/$I@/2(@.$L5/,$*,$-BB:$GBB:+U$?2:*B@B-*+4+$LB(8$L*45$-(/24/($
ƐƉĞĞĚĂŶĚĂĐĐƵƌĂĐǇĂŌĞƌŐĞƫŶŐĂƐŵĂůůŵŽŽĚͲďŽŽƐƟŶŐŐŝŌʹĂŶĚ
ƚŚĞŝƌĚŝĂŐŶŽƐƟĐŶŽƚĞƐŝŶĐůƵĚĞŵŽƌĞŚĞůƉĨƵůƐƵŐŐĞƐƟŽŶƐĨŽƌĨƵƌƚŚĞƌ
ƚƌĞĂƚŵĞŶƚ͕ĂƐǁĞůůĂƐŵŽƌĞŽīĞƌƐƚŽĚŽĨƵƌƚŚĞƌĐŽŶƐƵůƚĂƟŽŶ͘A<
'2&-6/!8%48).2&-
WůŽƫŶŐ ƚŚĞ ƌĞůĂƟŽŶƐŚŝƉ ďĞƚǁĞĞŶ ŵĞŶƚĂů ĂĚĞƉƚŶĞƐƐ ;ĂŶĚ

)/(MB(G2,I/$ -/,/(2@@.#$ 2,:$ 45/$ +)/I4('G$ BM$ GBB:+$ I(/24/+$
L524$@BB8+$@*8/$2,$')+*:/Y:BL,$d$L*45$*4+$@/-+$+)(/2:$B'4$2$Q*4U$
:ŽǇ͕ ĐŽŐŶŝƟǀĞ ĞĸĐŝĞŶĐǇ͕ ĂŶĚ ŽƵƚƐƚĂŶĚŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ŽĐĐƵƌ Ăƚ
45/$ )/28$ BM$ 45/$ *,N/(4/:$ dU$ %@B,-$ 45/$ :BL,+*:/$ BM$ B,/$ @/-$ @*/+$
QB(/:BGR$ 2@B,-$ 45/$ B45/($ 2,O*/4.U$ =5/$ GB(/$ 2)245.$ B($ 2,-+4$
ǁĞĨĞĞů͕ƚŚĞǁŽƌƐĞǁĞĚŽ͕ǁŚĞƚŚĞƌŽŶĂƚĞƌŵƉĂƉĞƌŽƌĂŶŽĸĐĞ
G/GBU
tĞĂƌĞůŝŌĞĚŽƵƚŽĨƚŚĞĚĂǌĞŽĨďŽƌĞĚŽŵĂƐĂĐŚĂůůĞŶŐĞ
ƉŝƋƵĞƐ ŽƵƌ ŝŶƚĞƌĞƐƚ͕ ŽƵƌ ŵŽƟǀĂƟŽŶ ŝŶĐƌĞĂƐĞƐ͕ ĂŶĚ ĂƩĞŶƟŽŶ
ĨŽĐƵƐĞƐ͘ dŚĞ ŚĞŝŐŚƚ ŽĨ ĐŽŐŶŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĐĐƵƌƐ ǁŚĞƌĞ
ŵŽƟǀĂƟŽŶĂŶĚĨŽĐƵƐƉĞĂŬ͕ĂƚƚŚĞŝŶƚĞƌƐĞĐƟŽŶŽĨĂƚĂƐŬ͛ƐĚŝĸĐƵůƚǇ
ĂŶĚŽƵƌĂďŝůŝƚǇƚŽŵĂƚĐŚŝƚƐĚĞŵĂŶĚ͘ƚĂƟƉƉŝŶŐƉŽŝŶƚũƵƐƚƉĂƐƚ
ƚŚŝƐƉĞĂŬŽĨĐŽŐŶŝƟǀĞĞĸĐŝĞŶĐǇ͕ĐŚĂůůĞŶŐĞƐďĞŐŝŶƚŽĞǆĐĞĞĚĂďŝůŝƚǇ͕
2,:$+B$45/$:BL,+*:/$BM$45/$*,N/(4/:$d$Q/-*,+U
tĞ ƚĂƐƚĞ ƉĂŶŝĐ ĂƐ ǁĞ ƌĞĂůŝǌĞ͕ ƐĂǇ͕ ǁĞ͛ǀĞ ƉƌŽĐƌĂƐƟŶĂƚĞĚ
:*+2+4(B'+@.$ @B,-$ B,$ 4524$ )2)/($ B($ G/GBU$ \(BG$ 45/(/$ B'($
ŝŶĐƌĞĂƐŝŶŐ ĂŶǆŝĞƚǇ ĞƌŽĚĞƐ ŽƵƌ ĐŽŐŶŝƟǀĞ ĞĸĐŝĞŶĐǇ͘AA$ %+$ 42+8+$
ŵƵůƟƉůǇŝŶĚŝĸĐƵůƚǇĂŶĚĐŚĂůůĞŶŐĞŵĞůƚƐŝŶƚŽŽǀĞƌǁŚĞůŵ͕ƚŚĞůŽǁ
ƌŽĂĚďĞĐŽŵĞƐŝŶĐƌĞĂƐŝŶŐůǇĂĐƟǀĞ͘dŚĞĞǆĞĐƵƟǀĞĐĞŶƚĞƌĨƌĂǌǌůĞƐĂƐ
ƚŚĞĐŚĂůůĞŶŐĞƐĞŶŐƵůĨŽƵƌĂďŝůŝƟĞƐ͕ĂŶĚƚŚĞďƌĂŝŶŚĂŶĚƐƚŚĞƌĞŝŶƐ
ƚŽƚŚĞĞŵŽƟŽŶĂůĐĞŶƚĞƌƐ͘dŚŝƐŶĞƵƌĂůƐŚŝŌŽĨĐŽŶƚƌŽůĂĐĐŽƵŶƚƐĨŽƌ
45/$+52)/$BM$45/$')+*:/Y:BL,$dU
$
Stress Hormones and Performance
Performance
High
Low Boredom Stress
Low High
Stress Hormones
ŶƵƉƐŝĚĞͲĚŽǁŶhŐƌĂƉŚƐƚŚĞƌĞůĂƟŽŶƐŚŝƉďĞƚǁĞĞŶůĞǀĞůƐŽĨ
ƐƚƌĞƐƐĂŶĚŵĞŶƚĂůƉĞƌĨŽƌŵĂŶĐĞƐƵĐŚĂƐůĞĂƌŶŝŶŐŽƌĚĞĐŝƐŝŽŶͲ
ŵĂŬŝŶŐ͘^ƚƌĞƐƐǀĂƌŝĞƐǁŝƚŚĐŚĂůůĞŶŐĞ͖ĂƚƚŚĞůŽǁĞŶĚ͕ƚŽŽůŝƩůĞ
ďƌĞĞĚƐĚŝƐŝŶƚĞƌĞƐƚĂŶĚďŽƌĞĚŽŵ͕ǁŚŝůĞĂƐĐŚĂůůĞŶŐĞŝŶĐƌĞĂƐĞƐ
ŝƚďŽŽƐƚƐŝŶƚĞƌĞƐƚ͕ĂƩĞŶƟŽŶ͕ĂŶĚŵŽƟǀĂƟŽŶʹǁŚŝĐŚĂƚƚŚĞŝƌ
ŽƉƟŵĂůůĞǀĞůƉƌŽĚƵĐĞŵĂǆŝŵƵŵĐŽŐŶŝƟǀĞĞĸĐŝĞŶĐǇĂŶĚ
ĂĐŚŝĞǀĞŵĞŶƚ͘ƐĐŚĂůůĞŶŐĞƐĐŽŶƟŶƵĞƚŽƌŝƐĞďĞǇŽŶĚŽƵƌƐŬŝůůƚŽ
ŚĂŶĚůĞƚŚĞŵ͕ƐƚƌĞƐƐŝŶƚĞŶƐŝĮĞƐ͖ĂƚŝƚƐĞǆƚƌĞŵĞ͕ŽƵƌƉĞƌĨŽƌŵĂŶĐĞ
ĂŶĚůĞĂƌŶŝŶŐĐŽůůĂƉƐĞ͘
dŚĞŝŶǀĞƌƚĞĚhƌĞŇĞĐƚƐƚŚĞŝŵƉĂĐƚŽĨƚǁŽĚŝīĞƌĞŶƚŶĞƵƌĂů
+.+4/G+$ B,$ @/2(,*,-$ 2,:$ )/(MB(G2,I/U$ JB45$ Q'*@:$ 2+$ /,52,I/:$
ĂƩĞŶƟŽŶĂŶĚŵŽƟǀĂƟŽŶŝŶĐƌĞĂƐĞƚŚĞĂĐƟǀŝƚǇŽĨƚŚĞŐůƵĐŽĐŽƌƟĐŽŝĚ
ƐǇƐƚĞŵ͖ ŚĞĂůƚŚǇ ůĞǀĞůƐ ŽĨ ĐŽƌƟƐŽů ĞŶĞƌŐŝǌĞ ƵƐ ĨŽƌ ĞŶŐĂŐĞŵĞŶƚ͘AE$
WŽƐŝƟǀĞ ŵŽŽĚƐ ĞůŝĐŝƚ ƚŚĞ ŵŝůĚͲƚŽͲŵŽĚĞƌĂƚĞ ƌĂŶŐĞ ŽĨ ĐŽƌƟƐŽů
ĂƐƐŽĐŝĂƚĞĚǁŝƚŚďĞƩĞƌůĞĂƌŶŝŶŐ͘
90
Ƶƚ ŝĨ ƐƚƌĞƐƐ ĐŽŶƟŶƵĞƐ ƚŽ Đůŝŵď ĂŌĞƌ ƚŚĂƚ ŽƉƟŵĂů ƉŽŝŶƚ
L5/(/$ )/B)@/$ @/2(,$2,:$ )/(MB(G$24$45/*($Q/+4R$2$+/IB,:$ ,/'(2@$
+.+4/G$8*I8+$*,$4B$+/I(/4/$,B(/)*,/)5(*,/$24$45/$5*-5$@/N/@+$MB',:$
L5/,$L/$M//@$B'4(*-54$M/2(UAH$\(BG$45*+$)B*,4$[$45/$+42(4$BM$4524$
:BL,L2(:$ +@B)/$ 4BL2(:$ )2,*I$ [$ 45/$ GB(/$ +4(/++$ /+I2@24/+R$ 45/$
ǁŽƌƐĞŽƵƌŵĞŶƚĂůĞĸĐŝĞŶĐǇĂŶĚƉĞƌĨŽƌŵĂŶĐĞďĞĐŽŵĞ͘
ƵƌŝŶŐŚŝŐŚĂŶǆŝĞƚǇƚŚĞďƌĂŝŶƐĞĐƌĞƚĞƐŚŝŐŚůĞǀĞůƐŽĨĐŽƌƟƐŽůƉůƵƐ
ŶŽƌĞƉŝŶĞƉŚƌŝŶĞ ƚŚĂƚ ŝŶƚĞƌĨĞƌĞ ǁŝƚŚ ƚŚĞ ƐŵŽŽƚŚ ŽƉĞƌĂƟŽŶ ŽĨ
,/'(2@$G/I52,*+G+$MB($@/2(,*,-$2,:$G/GB(.U$35/,$45/+/$+4(/++$
ŚŽƌŵŽŶĞƐƌĞĂĐŚĂĐƌŝƟĐĂůůĞǀĞů͕ƚŚĞǇĞŶŚĂŶĐĞĂŵǇŐĚĂůĂĨƵŶĐƟŽŶ
Q'4$ :/Q*@*424/$ 45/$ )(/M(B,42@$ 2(/2+R$ L5*I5$ @B+/$ 45/*($ 2Q*@*4.$ 4B$
IB,42*,$2G.-:2@2Y:(*N/,$*G)'@+/+U
$ %+$ 2,.$ +4':/,4$ 8,BL+$ L5B$ 52+$ +'::/,@.$ MB',:$ 5*G+/@M$
+4':.*,-$ 52(:/($ 2+$ 2$ 4/+4$ 2))(B2I5/+R$ 2$ GB:*I'G$ BM$ )(/++'(/$
ĞŶŚĂŶĐĞƐ ŵŽƟǀĂƟŽŶ ĂŶĚ ĨŽĐƵƐĞƐ ĂƩĞŶƟŽŶ͘ hƉ ƚŽ Ă ƉŽŝŶƚ͕
ƐĞůĞĐƟǀĞĂƩĞŶƟŽŶŝŶĐƌĞĂƐĞƐĂƐůĞǀĞůƐŽĨƉƌĞƐƐƵƌĞƌĂƚĐŚĞƚƵƉǁĂƌĚ͕
@*8/$ @BBG*,-$ :/2:@*,/+R$ 2$ 4/2I5/($ L24I5*,-R$ B($ 2$ I52@@/,-*,-$
ĂƐƐŝŐŶŵĞŶƚ͘WĂǇŝŶŐĨƵůůĞƌĂƩĞŶƟŽŶŵĞĂŶƐƚŚĂƚǁŽƌŬŝŶŐŵĞŵŽƌǇ
ŽƉĞƌĂƚĞƐǁŝƚŚŵŽƌĞĐŽŐŶŝƟǀĞĞĸĐŝĞŶĐǇ͕ĐƵůŵŝŶĂƟŶŐŝŶŵĂǆŝŵƵŵ
ŵĞŶƚĂů ĞĂƐĞ͘ Ƶƚ Ăƚ Ă ƟƉƉŝŶŐ ƉŽŝŶƚ ũƵƐƚ ƉĂƐƚ ƚŚĞ ŽƉƟŵĂů ƐƚĂƚĞ
[$ L5/(/$ I52@@/,-/+$ Q/-*,$ 4B$ BN/(G24I5$ 2Q*@*4.$ [$ *,I(/2+*,-$
ĂŶǆŝĞƚǇƐƚĂƌƚƐƚŽĞƌŽĚĞĐŽŐŶŝƟǀĞĞĸĐŝĞŶĐǇ͘&ŽƌĞǆĂŵƉůĞ͕ŝŶƚŚŝƐ
XB,/$BM$)/(MB(G2,I/$:*+2+4/(R$+4':/,4+$L*45$G245$2,O*/4.$52N/$
ůĞƐƐĂƩĞŶƟŽŶĂǀĂŝůĂďůĞǁŚĞŶƚŚĞǇƚĂĐŬůĞĂŵĂƚŚƉƌŽďůĞŵ͘dŚĞŝƌ
ĂŶǆŝŽƵƐ ǁŽƌƌǇŝŶŐ ŽĐĐƵƉŝĞƐ ƚŚĞ ĂƩĞŶƟŽŶĂů ƐƉĂĐĞ ƚŚĞǇ ŶĞĞĚ͕
*G)2*(*,-$45/*($2Q*@*4.$4B$+B@N/$)(BQ@/G+$B($-(2+)$,/L$IB,I/)4+U
ůůŽĨƚŚŝƐĚŝƌĞĐƚůǇĂīĞĐƚƐŚŽǁǁĞůůǁĞĚŽŝŶƚŚĞĐůĂƐƐƌŽŽŵʹ
B($B,$45/$SBQU$35*@/$L/$2(/$:*+4(/++/:R$L/$:B,`4$45*,8$I@/2(@.R$2,:$
L/$4/,:$4B$@B+/$*,4/(/+4$*,$)'(+'*,-$/N/,$-B2@+$4524$2(/$*G)B(42,4$
ƚŽ ƵƐ͘ WƐǇĐŚŽůŽŐŝƐƚƐ ǁŚŽ ŚĂǀĞ ƐƚƵĚŝĞĚ ƚŚĞ ĞīĞĐƚƐ ŽĨ ŵŽŽĚ ŽŶ
ůĞĂƌŶŝŶŐĐŽŶĐůƵĚĞƚŚĂƚǁŚĞŶƐƚƵĚĞŶƚƐĂƌĞŶĞŝƚŚĞƌĂƩĞŶƟǀĞŶŽƌ
ŚĂƉƉǇ ŝŶ ĐůĂƐƐ͕ ƚŚĞǇ ĂďƐŽƌď ŽŶůǇ Ă ĨƌĂĐƟŽŶ ŽĨ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ
Q/*,-$)(/+/,4/:UAK
$ =5/$ :(2LQ2I8+$ 2))@.$ 2+$ L/@@$ 4B$ @/2:/(+U$ \B'@$ M//@*,-+$
L/28/,$ /G)245.$ 2,:$ IB,I/(,U$ \B($ /O2G)@/R$ G2,2-/(+$ *,$ Q2:$
ŵŽŽĚƐŐŝǀĞŵŽƌĞŶĞŐĂƟǀĞƉĞƌĨŽƌŵĂŶĐĞĂƉƉƌĂŝƐĂůƐ͕ĨŽĐƵƐŝŶŐŽŶůǇ
B,$45/$:BL,+*:/R$2,:$2(/$GB(/$:*+2))(BN*,-$*,$45/*($B)*,*B,+UAb
3/$:B$Q/+4$24$GB:/(24/$4B$I52@@/,-*,-$@/N/@+$BM$+4(/++c$L5*@/$45/$
G*,:$M(2XX@/+$',:/($/O4(/G/$)(/++'(/U
6).%(&'28&%")#!)2'3&*3).
tŚĞŶĞǀĞƌ Ă ŵĞĞƟŶŐ ƚŚƌĞĂƚĞŶĞĚ ƚŽ ůĂƉƐĞ ŝŶƚŽ ŵĂůĂŝƐĞ͕ ƚŚĞ

ƉƌĞƐŝĚĞŶƚŽĨĂĐŽŵƉĂŶǇǁŽƵůĚƐƵĚĚĞŶůǇůĂƵŶĐŚŝŶƚŽĂĐƌŝƟƋƵĞŽĨ
ƐŽŵĞŽŶĞ Ăƚ ƚŚĞ ƚĂďůĞ ǁŚŽ ĐŽƵůĚ ƚĂŬĞ ŝƚ ;ƵƐƵĂůůǇ ƚŚĞ ŵĂƌŬĞƟŶŐ
ĚŝƌĞĐƚŽƌ͕ǁŚŽǁĂƐŚŝƐďĞƐƚĨƌŝĞŶĚͿ͘dŚĞŶŚĞǁŽƵůĚƐǁŝŌůǇŵŽǀĞŽŶ͕
ŚĂǀŝŶŐƌŝǀĞƚĞĚƚŚĞĂƩĞŶƟŽŶŽĨĞǀĞƌǇŽŶĞŝŶƚŚĞƌŽŽŵ͘dŚĂƚƚĂĐƟĐ
*,N2(*2Q@.$(/N*N/:$45/$-(B')`+$M2*@*,-$MBI'+$L*45$8//,$*,4/(/+4U$6/$
ǁĂƐŚĞƌĚŝŶŐƚŚŽƐĞŝŶĂƩĞŶĚĂŶĐĞƵƉƚŚĞŝŶǀĞƌƚĞĚhĨƌŽŵďŽƌĞĚŽŵ
4B$/,-2-/G/,4U
ŝƐƉůĂǇƐŽĨĂůĞĂĚĞƌ͛ƐĚŝƐƉůĞĂƐƵƌĞŵĂŬĞƵƐĞŽĨĞŵŽƟŽŶĂů
ĐŽŶƚĂŐŝŽŶ͘ /Ĩ ĂƌƞƵůůǇ ĐĂůŝďƌĂƚĞĚ͕ ĞǀĞŶ Ă ďƵƌƐƚ ŽĨ ƉŝƋƵĞ ĐĂŶ ƐƟƌ
ĨŽůůŽǁĞƌƐĞŶŽƵŐŚƚŽĐĂƉƚƵƌĞƚŚĞŝƌĂƩĞŶƟŽŶĂŶĚŵŽƟǀĂƚĞƚŚĞŵ͘
DĂŶǇ ĞīĞĐƟǀĞ ůĞĂĚĞƌƐ ƐĞŶƐĞ ƚŚĂƚ ʹ ůŝŬĞ ĐŽŵƉůŝŵĞŶƚƐ ʹ ǁĞůůͲ
ƟƚƌĂƚĞĚ ĚŽƐĞƐ ŽĨ ŝƌƌŝƚĂƟŽŶ ĐĂŶ ĞŶĞƌŐŝǌĞ͘ dŚĞ ŵĞĂƐƵƌĞ ŽĨ ŚŽǁ
L/@@$ I2@*Q(24/:$ 2$ G/++2-/$ BM$ :*+)@/2+'(/$ G*-54$ Q/$ *+$ L5/45/($
*4$ GBN/+$ )/B)@/$ 4BL2(:$ 45/*($ )/(MB(G2,I/$ )/28$ B($ )@'GG/4+$
ƚŚĞŵƉĂƐƚƚŚĞƟƉƉŝŶŐƉŽŝŶƚŝŶƚŽƚŚĞǌŽŶĞǁŚĞƌĞĚŝƐƚƌĞƐƐĐŽƌƌŽĚĞƐ
)/(MB(G2,I/U
EŽƚ Ăůů ĞŵŽƟŽŶĂů ƉĂƌƚŶĞƌƐ ĂƌĞ ĞƋƵĂů͘ ƉŽǁĞƌ ĚǇŶĂŵŝĐ
ŽƉĞƌĂƚĞƐ ŝŶ ĞŵŽƟŽŶĂů ĐŽŶƚĂŐŝŽŶ͕ ĚĞƚĞƌŵŝŶŝŶŐ ǁŚŝĐŚ ƉĞƌƐŽŶ͛Ɛ
ďƌĂŝŶǁŝůůŵŽƌĞĨŽƌĐĞĨƵůůǇĚƌĂǁƚŚĞŽƚŚĞƌŝŶƚŽŝƚƐĞŵŽƟŽŶĂůŽƌďŝƚ͘
DŝƌƌŽƌŶĞƵƌŽŶƐĂƌĞůĞĂĚĞƌƐŚŝƉƚŽŽůƐ͗ŵŽƟŽŶƐŇŽǁǁŝƚŚƐƉĞĐŝĂů
+4(/,-45$M(BG$45/$GB(/$+BI*2@@.$:BG*,2,4$)/(+B,$4B$45/$@/++U
Ɛ ĂĨŽƌĞŵĞŶƟŽŶĞĚ͕ ƉĞŽƉůĞ ŝŶ ĂŶǇ ŐƌŽƵƉ ŶĂƚƵƌĂůůǇ ƉĂǇ
ŵŽƌĞĂƩĞŶƟŽŶƚŽĂŶĚƉůĂĐĞŵŽƌĞƐŝŐŶŝĮĐĂŶĐĞŽŶǁŚĂƚƚŚĞŵŽƐƚ
ƉŽǁĞƌĨƵůƉĞƌƐŽŶŝŶƚŚĂƚŐƌŽƵƉƐĂǇƐĂŶĚĚŽĞƐ͘dŚĂƚĂŵƉůŝĮĞƐƚŚĞ
ĨŽƌĐĞŽĨǁŚĂƚĞǀĞƌĞŵŽƟŽŶĂůŵĞƐƐĂŐĞƚŚĞůĞĂĚĞƌŵĂǇďĞƐĞŶĚŝŶŐ͕
ŵĂŬŝŶŐŚĞƌĞŵŽƟŽŶƐƉĂƌƟĐƵůĂƌůǇĐŽŶƚĂŐŝŽƵƐ͘Ɛ/ŚĞĂƌĚƚŚĞŚĞĂĚ
ŽĨĂƐŵĂůůŽƌŐĂŶŝǌĂƟŽŶƐĂǇƌĂƚŚĞƌƌƵĞĨƵůůǇ͕͞tŚĞŶŵǇŵŝŶĚŝƐĨƵůů
ŽĨĂŶŐĞƌ͕ŽƚŚĞƌƉĞŽƉůĞĐĂƚĐŚŝƚůŝŬĞƚŚĞŇƵ͘͟
92
dŚŝƐ ĞŵŽƟŽŶĂů ƉŽƚĞŶĐǇ ǁĂƐ ƚĞƐƚĞĚ ǁŚĞŶ ĮŌǇͲƐŝǆ ŚĞĂĚƐ

BM$+*G'@24/:$LB(8$4/2G+$L/(/$45/G+/@N/+$GBN/:$*,4B$2$-BB:$B($
ďĂĚŵŽŽĚ͕ĂŶĚƚŚĞŝƌƐƵďƐĞƋƵĞŶƚĞŵŽƟŽŶĂůŝŵƉĂĐƚŽŶƚŚĞŐƌŽƵƉƐ
45/.$ @/:$ L2+$ 2++/++/:UϲϬ$ =/2G$ G/GQ/(+$ L*45$ ')Q/24$ @/2:/(+$
ƌĞƉŽƌƚĞĚƚŚĂƚƚŚĞǇǁĞƌĞĨĞĞůŝŶŐŝŶďĞƩĞƌŵŽŽĚƐ͘WĞƌŚĂƉƐŵŽƌĞƚŽ
ƚŚĞƉŽŝŶƚ͕ƚŚĞǇĐŽŽƌĚŝŶĂƚĞĚƚŚĞŝƌǁŽƌŬďĞƩĞƌ͕ŐĞƫŶŐŵŽƌĞĚŽŶĞ
ǁŝƚŚůĞƐƐĞīŽƌƚ͘KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ƚŚĞƚĞĂŵƐǁŝƚŚŐƌƵŵƉǇďŽƐƐĞƐ
ǁĞƌĞƚŚƌŽǁŶŽƵƚŽĨƐǇŶĐŚ͕ŵĂŬŝŶŐƚŚĞŵŝŶĞĸĐŝĞŶƚ͘tŽƌƐĞ͕ƚŚĞŝƌ
ƉĂŶŝĐŬĞĚ ĞīŽƌƚƐ ƚŽ ƉůĞĂƐĞ ƚŚĞ ůĞĂĚĞƌ ůĞĚ ƚŽ ďĂĚ ĚĞĐŝƐŝŽŶƐ ĂŶĚ
)BB(@.$I5B+/,$+4(24/-*/+U
tŚŝůĞ Ă ďŽƐƐ͛Ɛ ĂƌƞƵůůǇ ĐŽƵĐŚĞĚ ĚŝƐƉůĞĂƐƵƌĞ ĐĂŶ ďĞ ĂŶ
ĞīĞĐƟǀĞ ŐŽĂĚ͕ ĨƵŵŝŶŐ ŝƐ ƐĞůĨͲĚĞĨĞĂƟŶŐ ĂƐ Ă ůĞĂĚĞƌƐŚŝƉ ƚĂĐƟĐ͘
tŚĞŶůĞĂĚĞƌƐŚĂďŝƚƵĂůůǇƵƐĞĚŝƐƉůĂǇƐŽĨďĂĚŵŽŽĚƐƚŽŵŽƟǀĂƚĞ͕
GB(/$LB(8$G2.$+//G$4B$-/4$:B,/$[$Q'4$*4$L*@@$,B4$,/I/++2(*@.$Q/$
ďĞƩĞƌǁŽƌŬ͘ŶĚƌĞůĞŶƚůĞƐƐůǇĨŽƵůŵŽŽĚƐĐŽƌƌŽĚĞƚŚĞĞŵŽƟŽŶĂů
I@*G24/R$+2QB42-*,-$45/$Q(2*,`+$2Q*@*4.$4B$LB(8$24$*4+$Q/+4U
$ C,$45*+$+/,+/R$@/2:/(+5*)$QB*@+$:BL,$4B$2$+/(*/+$BM$+BI*2@$
/OI52,-/+$ *,$ L5*I5$ 45/$ @/2:/($ I2,$ :(*N/$ 45/$ B45/($ )/(+B,`+$
ĞŵŽƟŽŶƐŝŶƚŽĂďĞƩĞƌŽƌǁŽƌƐĞƐƚĂƚĞ͘/ŶŚŝŐŚͲƋƵĂůŝƚǇĞǆĐŚĂŶŐĞƐ͕
ƚŚĞƐƵďŽƌĚŝŶĂƚĞĨĞĞůƐƚŚĞůĞĂĚĞƌ͛ƐĂƩĞŶƟŽŶĂŶĚĞŵƉĂƚŚǇ͕ƐƵƉƉŽƌƚ͕
ĂŶĚ ƉŽƐŝƟǀŝƚǇ͘ /Ŷ ůŽǁͲƋƵĂůŝƚǇ ŝŶƚĞƌĂĐƟŽŶƐ͕ ŚĞ ĨĞĞůƐ ŝƐŽůĂƚĞĚ ĂŶĚ
45(/24/,/:U
dŚĞƉĂƐƐŝŶŐŽĨŵŽŽĚƐĨƌŽŵůĞĂĚĞƌƚŽĨŽůůŽǁĞƌƚǇƉŝĮĞƐĂŶǇ
ƌĞůĂƟŽŶƐŚŝƉǁŚĞƌĞŽŶĞƉĞƌƐŽŶŚĂƐƉŽǁĞƌŽǀĞƌĂŶŽƚŚĞƌ͕ƐƵĐŚĂƐ
ƚĞĂĐŚĞƌͲƐƚƵĚĞŶƚ͕ ĚŽĐƚŽƌͲƉĂƟĞŶƚ͕ ĂŶĚ ƉĂƌĞŶƚͲĐŚŝůĚ͘ ĞƐƉŝƚĞ ƚŚĞ
ƉŽǁĞƌĚŝīĞƌĞŶƟĂůŝŶƚŚĞƐĞƌĞůĂƟŽŶƐŚŝƉƐ͕ƚŚĞǇĂůůŚĂǀĞĂďĞŶŝŐŶ
ƉŽƚĞŶƟĂů͗ ƚŽ ƉƌŽŵŽƚĞ ƚŚĞ ŐƌŽǁƚŚ͕ ĞĚƵĐĂƟŽŶ͕ Žƌ ŚĞĂůŝŶŐ ŽĨ ƚŚĞ
@/++$)BL/(M'@$)/(+B,U
$ %,B45/($)BL/(M'@$(/2+B,$MB($@/2:/(+$4B$Q/$G*,:M'@$BM$L524$
ƚŚĞǇƐĂǇƚŽĞŵƉůŽǇĞĞƐ͗ƉĞŽƉůĞƌĞĐĂůůŶĞŐĂƟǀĞŝŶƚĞƌĂĐƟŽŶƐǁŝƚŚ
ĂďŽƐƐǁŝƚŚŵŽƌĞŝŶƚĞŶƐŝƚǇ͕ŝŶŵŽƌĞĚĞƚĂŝů͕ĂŶĚŵŽƌĞŽŌĞŶƚŚĂŶ
ƚŚĞǇĚŽƉŽƐŝƟǀĞŽŶĞƐ͘dŚĞĞĂƐĞǁŝƚŚǁŚŝĐŚĚĞŵŽƟǀĂƟŽŶĐĂŶďĞ
ƐƉƌĞĂĚďǇĂďŽƐƐŵĂŬĞƐŝƚĂůůƚŚĞŵŽƌĞŝŵƉĞƌĂƟǀĞĨŽƌŚŝŵƚŽĂĐƚŝŶ
ǁĂǇƐƚŚĂƚŵĂŬĞƚŚĞĞŵŽƟŽŶƐůĞŌďĞŚŝŶĚƵƉůŝŌŝŶŐŽŶĞƐ͘E"
$ P2@@B'+,/++$ M(BG$ 2$ QB++$ ,B4$ B,@.$ 5/*-54/,+$ 45/$ (*+8$ BM$
ůŽƐŝŶŐŐŽŽĚƉĞŽƉůĞ͕ŝƚƚŽƌƉĞĚŽĞƐĐŽŐŶŝƟǀĞĞĸĐŝĞŶĐǇ͘ƐŽĐŝĂůůǇ
*,4/@@*-/,4$ @/2:/($ 5/@)+$ )/B)@/$ IB,42*,$ 2,:$ (/IBN/($ M(BG$ 45/*($

ĞŵŽƟŽŶĂůĚŝƐƚƌĞƐƐ͘/ĨŽŶůǇĨƌŽŵĂďƵƐŝŶĞƐƐƉĞƌƐƉĞĐƟǀĞ͕ĂůĞĂĚĞƌ
ǁŽƵůĚĚŽǁĞůůƚŽƌĞĂĐƚǁŝƚŚĞŵƉĂƚŚǇƌĂƚŚĞƌƚŚĂŶŝŶĚŝīĞƌĞŶĐĞʹ
2,:$4B$2I4$B,$*4U
?)//%/@&#$%&5))8<&#$%&?'8<&'28&#$%&-530
ŶǇĐŽůůĞĐƟŽŶŽĨǁŽƌŬŝŶŐƉĞŽƉůĞĐĂŶƌĞĂĚŝůǇƌĞĐĂůůƚǁŽŬŝŶĚƐŽĨ
QB++/+$45/.`N/$8,BL,R$B,/$45/.$@BN/:$4B$LB(8$MB(R$2,:$B,/$45/.$
IB'@:,`4$L2*4$4B$/+I2)/U$C`N/$2+8/:$MB($+'I5$2$@*+4$M(BG$:BX/,+$BM$
ŐƌŽƵƉƐ͕ƌĂŶŐŝŶŐĨƌŽŵŵĞĞƟŶŐƐŽĨKƐƚŽĐŽŶǀĞŶƟŽŶƐŽĨƐĐŚŽŽů
ƚĞĂĐŚĞƌƐ͕ŝŶĐŝƟĞƐĂƐĚŝīĞƌĞŶƚĂƐ^ĂŽWĂƵůŽ͕ƌƵƐƐĞůƐ͕ĂŶĚ^ƚ͘>ŽƵŝƐ͘
dŚĞ ůŝƐƚƐ ƚŚĂƚ ĚŝƐƉĂƌĂƚĞ ŐƌŽƵƉƐ ŐĞŶĞƌĂƚĞ͕ ŶŽ ŵĂƩĞƌ ǁŚĞƌĞ ƚŚĞǇ
ĂƌĞ͕ĂƌĞƌĞŵĂƌŬĂďůǇƐŝŵŝůĂƌƚŽƚŚŝƐŽŶĞ͗
GOOD BOSS BAD BOSS
GREAT LISTENER BLANK WALL

ENCOURAGER DOUBTER
COMMUNICATOR SECRETIVE
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SHOWS EMPATHY SELF-CENTERED
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TAKES RESPONSIBILITY BLAMES
HUMBLE ARROGANT
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SHARES AUTHORITY MISTRUSTS
94
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ĂƚďĞƐƚĂŶĚƌĞƐĞŶƞƵůĂƚǁŽƌƐƚ͘
dŚŽƐĞĐŽŶƚƌĂƐƟŶŐƐĞƚƐŽĨĂƩƌŝďƵƚĞƐŵĂƉǁĞůůŽŶƚŚĞŬŝŶĚ
BM$)2(/,4$L5B$MB+4/(+$+/I'(*4.$B,$45/$B,/$52,:R$2,:$2,O*/4.$B,$
ƚŚĞ ŽƚŚĞƌ͘ /Ŷ ĨĂĐƚ͕ ƚŚĞ ĞŵŽƟŽŶĂů ĚǇŶĂŵŝĐ Ăƚ ǁŽƌŬ ŝŶ ŵĂŶĂŐŝŶŐ
ĞŵƉůŽǇĞĞƐ ƐŚĂƌĞƐ ŵƵĐŚ ǁŝƚŚ ƉĂƌĞŶƟŶŐ͘ KƵƌ ƉĂƌĞŶƚƐ ĨŽƌŵ ŽƵƌ
ďĂƐŝĐƚĞŵƉůĂƚĞĨŽƌĂƐĞĐƵƌĞďĂƐĞŝŶĐŚŝůĚŚŽŽĚ͕ďƵƚŽƚŚĞƌƐĐŽŶƟŶƵĞ
ƚŽĂĚĚƚŽŝƚĂƐǁĞŐŽƚŚƌŽƵŐŚůŝĨĞ͘/ŶƐĐŚŽŽů͕ŽƵƌƚĞĂĐŚĞƌƐĮůůƚŚĂƚ
ƉŽƐŝƟŽŶ͖ĂƚǁŽƌŬ͕ŽƵƌďŽƐƐ͘
͞^ĞĐƵƌĞ ďĂƐĞƐ ĂƌĞ ƐŽƵƌĐĞƐ ŽĨ ƉƌŽƚĞĐƟŽŶ͕ ĞŶĞƌŐǇ ĂŶĚ
ĐŽŵĨŽƌƚ͕ĂůůŽǁŝŶŐƵƐƚŽĨƌĞĞŽƵƌŽǁŶĞŶĞƌŐǇ͕͟'ĞŽƌŐĞ<ŽŚůƌŝĞƐĞƌ
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Ăƚ ƚŚĞ /ŶƚĞƌŶĂƟŽŶĂů /ŶƐƟƚƵƚĞ ĨŽƌ DĂŶĂŐĞŵĞŶƚ ĞǀĞůŽƉŵĞŶƚ ŝŶ
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ŝŶŶŽǀĂƚĞ͕ĂŶĚƚĂŬĞŽŶŶĞǁĐŚĂůůĞŶŐĞƐ͘ŶŽƚŚĞƌďƵƐŝŶĞƐƐďĞŶĞĮƚ͗
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ƚŚŽƵŐŚ͕ĚŽĞƐ͕ƐƵďũĞĐƟŶŐĂůůŚŝƐĞŵƉůŽǇĞĞƐƚŽĂƉĞƌƐŽŶĂůƉƌŽĮƚͲ
ĂŶĚͲůŽƐƐ ĞǀĂůƵĂƟŽŶ ĞǀĞƌǇ ƋƵĂƌƚĞƌ ʹ ĞǀĞŶ ƚŚŽƵŐŚ ƚŚĞ ƉƌŽĚƵĐƚƐ
45/.$:/N/@B)$428/$4LB$4B$45(//$./2(+$4B$IBG/$4B$G2(8/4UT
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ƚŚĞǇŚĂǀĞŚŝŐŚƟƉƉŝŶŐƉŽŝŶƚƐŽŶƚŚĞŝŶǀĞƌƚĞĚhʹĂůĞĂĚĞƌĐĂŶďĞ
ĐŚĂůůĞŶŐŝŶŐĂŶĚĚĞŵĂŶĚŝŶŐĂŶĚƐƟůůŐĞƚŐŽŽĚƌĞƐƵůƚƐ͘zĞƚĚŝƐĂƐƚĞƌ
ĐĂŶƌĞƐƵůƚǁŚĞŶƐƵĐŚĂŚŝŐŚͲƉƌĞƐƐƵƌĞůĞĂĚĞƌƐŚŝŌƐƚŽĂůĞƐƐŐƵŶŐͲ
5B$ I'@4'(/U$ %,$ *,N/+4G/,4$ Q2,8/($ 4/@@+$ G/$ BM$ 2$ ]52(:$ :(*N*,-R$
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G/(-/:$5*+$IBG)2,.$L*45$2,B45/(R$]45/$+2G/$+4.@/$4524$LB(8/:$
MB($ 5*G$ Q/MB(/$ :(BN/$ 2L2.$ 2@@$ 45/$ G2,2-/(+$ *,$ 45/$ 2I_'*(/:$
Q'+*,/++R$L5B$+2L$5*G$2+$*,4B@/(2Q@/U$=5/$IBG)2,.`+$+4BI8$)(*I/$
ƐƟůůŚĂĚŶŽƚƌŝƐĞŶƚǁŽǇĞĂƌƐĂŌĞƌƚŚĞŵĞƌŐĞƌ͘͟
EŽĐŚŝůĚĐĂŶĂǀŽŝĚĞŵŽƟŽŶĂůƉĂŝŶǁŚŝůĞŐƌŽǁŝŶŐƵƉ͕ĂŶĚ
ůŝŬĞǁŝƐĞĞŵŽƟŽŶĂůƚŽǆŝĐŝƚǇƐĞĞŵƐƚŽďĞĂŶŽƌŵĂůďǇͲƉƌŽĚƵĐƚŽĨ
ŽƌŐĂŶŝǌĂƟŽŶĂů ůŝĨĞͲƉĞŽƉůĞ ĂƌĞ ĮƌĞĚ͕ ƵŶĨĂŝƌ ƉŽůŝĐŝĞƐ ĐŽŵĞ ĨƌŽŵ
5/2:_'2(4/(+R$ M('+4(24/:$ /G)@B.//+$ 4'(,$ *,$ 2,-/($ B,$ B45/(+U$
dŚĞĐĂƵƐĞƐĂƌĞůĞŐŝŽŶ͗ĂďƵƐŝǀĞďŽƐƐĞƐŽƌƵŶƉůĞĂƐĂŶƚĐŽǁŽƌŬĞƌƐ͕
ĨƌƵƐƚƌĂƟŶŐ ƉƌŽĐĞĚƵƌĞƐ͕ ĐŚĂŽƟĐ ĐŚĂŶŐĞ͘ ZĞĂĐƟŽŶƐ ƌĂŶŐĞ ĨƌŽŵ
ĂŶŐƵŝƐŚĂŶĚƌĂŐĞ͕ƚŽůŽƐƚĐŽŶĮĚĞŶĐĞŽƌŚŽƉĞůĞƐƐŶĞƐƐ͘
$ F/(52)+$ @'I8*@.R$ L/$ :B$ ,B4$ 52N/$ 4B$ :/)/,:$ B,@.$ B,$ 45/$
QB++U$ PB@@/2-'/+R$ 2$ LB(8$ 4/2GR$ M(*/,:+$ 24$ LB(8R$ 2,:$ /N/,$ 45/$
ŽƌŐĂŶŝǌĂƟŽŶŝƚƐĞůĨĐĂŶĐƌĞĂƚĞƚŚĞƐĞŶƐĞŽĨŚĂǀŝŶŐĂƐĞĐƵƌĞďĂƐĞ͘
ǀĞƌǇŽŶĞŝŶĂŐŝǀĞŶǁŽƌŬƉůĂĐĞĐŽŶƚƌŝďƵƚĞƐƚŽƚŚĞĞŵŽƟŽŶĂůƐƚĞǁ͕
45/$+'G$4B42@$BM$45/$GBB:+$4524$/G/(-/$2+$45/.$*,4/(2I4$45(B'-5$
ƚŚĞǁŽƌŬĚĂǇ͘EŽŵĂƩĞƌǁŚĂƚŽƵƌĚĞƐŝŐŶĂƚĞĚƌŽůĞŵĂǇďĞ͕ŚŽǁ
L/$:B$B'($LB(8R$*,4/(2I4R$2,:$G28/$/2I5$B45/($M//@$2::+$4B$45/$
ŽǀĞƌĂůůĞŵŽƟŽŶĂůƚŽŶĞ͘
$ 35/45/($ *4`+$ 2$ +')/(N*+B($ B($ M/@@BL$ LB(8/($ L5B$ L/$ I2,$
ƚƵƌŶƚŽǁŚĞŶƵƉƐĞƚ͕ƚŚĞŝƌŵĞƌĞĞǆŝƐƚĞŶĐĞŚĂƐĂƚŽŶŝĐďĞŶĞĮƚ͘&Žƌ
G2,.$LB(8*,-$)/B)@/R$IBLB(8/(+$Q/IBG/$+BG/45*,-$@*8/$2$
96
͞ĨĂŵŝůǇ͕͟ Ă ŐƌŽƵƉ ŝŶ ǁŚŝĐŚ ŵĞŵďĞƌƐ ĨĞĞů Ă ƐƚƌŽŶŐ ĞŵŽƟŽŶĂů

ĂƩĂĐŚŵĞŶƚĨŽƌŽŶĞĂŶŽƚŚĞƌ͘dŚŝƐŵĂŬĞƐƚŚĞŵĞƐƉĞĐŝĂůůǇůŽǇĂůƚŽ
ĞĂĐŚŽƚŚĞƌĂƐĂƚĞĂŵ͘dŚĞƐƚƌŽŶŐĞƌƚŚĞĞŵŽƟŽŶĂůďŽŶĚƐĂŵŽŶŐ
ǁŽƌŬĞƌƐ͕ƚŚĞŵŽƌĞŵŽƟǀĂƚĞĚ͕ƉƌŽĚƵĐƟǀĞ͕ĂŶĚƐĂƟƐĮĞĚǁŝƚŚƚŚĞŝƌ
LB(8$45/.$2(/U
KƵƌƐĞŶƐĞŽĨĞŶŐĂŐĞŵĞŶƚĂŶĚƐĂƟƐĨĂĐƟŽŶĂƚǁŽƌŬƌĞƐƵůƚƐ
ŝŶůĂƌŐĞƉĂƌƚĨƌŽŵƚŚĞŚƵŶĚƌĞĚƐĂŶĚŚƵŶĚƌĞĚƐŽĨĚĂŝůǇŝŶƚĞƌĂĐƟŽŶƐ
L/$ 52N/$ L5*@/$ 45/(/R$ L5/45/($ L*45$ 2$ +')/(N*+B(R$ IB@@/2-'/+R$ B($
ĐƵƐƚŽŵĞƌƐ͘ dŚĞ ĂĐĐƵŵƵůĂƟŽŶ ĂŶĚ ĨƌĞƋƵĞŶĐǇ ŽĨ ƉŽƐŝƟǀĞ ǀĞƌƐƵƐ
ŶĞŐĂƟǀĞŵŽŵĞŶƚƐůĂƌŐĞůǇĚĞƚĞƌŵŝŶĞƐŽƵƌƐĂƟƐĨĂĐƟŽŶĂŶĚĂďŝůŝƚǇ
4B$)/(MB(Gc$+G2@@$/OI52,-/+[2$IBG)@*G/,4$B,$LB(8$L/@@$:B,/R$
ĂǁŽƌĚŽĨƐƵƉƉŽƌƚĂŌĞƌĂƐĞƚďĂĐŬʹĂĚĚƵƉƚŽŚŽǁǁĞĨĞĞůŽŶƚŚĞ
SBQUE0
$ ZN/,$ 52N*,-$ S'+4$ B,/$ )/(+B,$ L5B$ I2,$ Q/$ IB',4/:$ B,$ 24$
ǁŽƌŬĐĂŶŵĂŬĞĂƚĞůůŝŶŐĚŝīĞƌĞŶĐĞŝŶŚŽǁǁĞĨĞĞů͘/ŶƐƵƌǀĞǇƐŽĨ
ŵŽƌĞ ƚŚĂŶ ĮǀĞ ŵŝůůŝŽŶ ƉĞŽƉůĞ ǁŽƌŬŝŶŐ ŝŶ ĐůŽƐĞ ƚŽ ĮǀĞ ŚƵŶĚƌĞĚ
ŽƌŐĂŶŝǌĂƟŽŶƐ͕ŽŶĞŽĨƚŚĞďĞƐƚƉƌĞĚŝĐƚŽƌƐŽĨŚŽǁŚĂƉƉǇƐŽŵĞŽŶĞ
M/@4$B,$45/*($SBQ$L2+$2-(//G/,4$L*45$45/$+424/G/,4R$]C$52N/$2$Q/+4$
M(*/,:$24$LB(8UTE7
dŚĞŵŽƌĞƐƵĐŚƐŽƵƌĐĞƐŽĨĞŵŽƟŽŶĂůƐƵƉƉŽƌƚǁĞŚĂǀĞŝŶ
ŽƵƌǁŽƌŬůŝĨĞ͕ƚŚĞďĞƩĞƌŽīǁĞĂƌĞ͘ĐŽŚĞƐŝǀĞŐƌŽƵƉǁŝƚŚĂƐĞĐƵƌĞ
ʹĂŶĚƐĞĐƵƌŝƚǇͲƉƌŽŵŽƟŶŐʹůĞĂĚĞƌĐƌĞĂƚĞƐĂŶĞŵŽƟŽŶĂůƐƵƌƌŽƵŶĚ
4524$I2,$Q/$+B$IB,42-*B'+$4524$/N/,$)/B)@/$L5B$4/,:$4B$Q/$5*-5@.$
ĂŶǆŝŽƵƐĮŶĚƚŚĞŵƐĞůǀĞƐƌĞůĂǆŝŶŐ͘
ƐƚŚĞŚĞĂĚŽĨĂŚŝŐŚͲƉĞƌĨŽƌŵŝŶŐƐĐŝĞŶƟĮĐƚĞĂŵƚŽůĚŵĞ͕
]C$ ,/N/($ 5*(/$ 2,.B,/$ MB($ G.$ @2Q$ L*45B'4$ 45/G$ LB(8*,-$ L*45$ '+$
)(BN*+*B,2@@.$MB($2$L5*@/U$=5/,$C$2+8$45/$B45/($)/B)@/$*,$45/$@2Q$
45/*($B)*,*B,+R$2,:$C$:/M/($4B$45/GU$CM$45/$*,4/()/(+B,2@$I5/G*+4(.$
ŝƐŶŽƚŐŽŽĚ͕/ĚŽŶ͛ƚǁĂŶƚƚŽƌŝƐŬŚŝƌŝŶŐƐŽŵĞŽŶĞʹŶŽŵĂƩĞƌŚŽǁ
-BB:$45/.$G2.$Q/$B45/(L*+/UT
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dŚĞŚƵŵĂŶƌĞƐŽƵƌĐĞƐĚĞƉĂƌƚŵĞŶƚŽĨĂůĂƌŐĞĐŽƌƉŽƌĂƟŽŶĂƌƌĂŶŐĞĚ
2$:2.@B,-$LB(8+5B)$Q.$2$M2GB'+$/O)/(4$*,$45/$IBG)2,.`+$2(/2$BM$
+)/I*2@4.U$%$@2(-/(Y452,Y/O)/I4/:$I(BL:$+5BL/:$')R$2,:$24$45/$
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IB'@:$ 5B@:$ /N/(.B,/$ Q'4$ L2+$ )BB(@.$ /_'*))/:U$ %+$ 2$ (/+'@4R$ 45/$
)/B)@/$*,$45/$Q2I8$52:$4(B'Q@/$+//*,-$B($5/2(*,-$45/$+)/28/(U$%4$
ƚŚĞŵŽƌŶŝŶŐďƌĞĂŬ͕ĂǁŽŵĂŶƐŝƫŶŐŝŶƚŚĞďĂĐŬŵĂƌĐŚĞĚƵƉƚŽ
45/$5/2:$BM$5'G2,$(/+B'(I/+$+528*,-$L*45$(2-/$2,:$IBG)@2*,*,-$
4524$+5/$IB'@:$,/*45/($-@*G)+/$45/$+I(//,$B,$L5*I5$45/$+)/28/(`+$
*G2-/$L2+$Q/*,-$)(BS/I4/:R$,B($G28/$B'4$5*+$LB(:+U
$ ]C$ 8,/L$ 4524$ 2@@$ C$ IB'@:$ :B$ L2+$ @*+4/,R$ /G)245*X/R$
ĂĐŬŶŽǁůĞĚŐĞ ŚĞƌ ƉƌŽďůĞŵ͕ ĂŶĚ ƚĞůů ŚĞƌ /͛Ě ĚŽ ŵǇ ďĞƐƚ ƚŽ Įǆ
45*,-+RT$45/$5/2:$BM$5'G2,$(/+B'(I/+$4B@:$G/U$]%4$45/$Q(/28$+5/$
+2L$G/$-B$4B$45/$2':*BN*+'2@$)/B)@/$2,:$24$@/2+4$4(.$4B$-/4$45/$
ƐĐƌĞĞŶŚŝŐŚĞƌ͘/ĐŽƵůĚŶ͛ƚĚŽŵƵĐŚĂƚĂůůĂďŽƵƚƚŚĞďĂĚĂĐŽƵƐƟĐƐ͘
$ ]C$+2L$4524$LBG2,$2-2*,$24$45/$/,:$BM$45/$:2.U$&5/$4B@:$
ŵĞƐŚĞĐŽƵůĚŶ͛ƚƌĞĂůůǇŚĞĂƌŽƌƐĞĞĂůůƚŚĂƚŵƵĐŚďĞƩĞƌ͕ďƵƚŶŽǁ
+5/$L2+$(/@2O/:$2QB'4$*4U$&5/$(/2@@.$2))(/I*24/:$G.$5/2(*,-$5/($
B'4$2,:$4(.*,-$4B$5/@)UT
tŚĞŶƉĞŽƉůĞŝŶĂŶŽƌŐĂŶŝǌĂƟŽŶĨĞĞůĂŶŐƌǇĂŶĚĚŝƐƚƌĞƐƐĞĚ͕
2$@/2:/(R$@*8/$4524$6?$5/2:R$I2,$24$@/2+4$@*+4/,$L*45$/G)245.R$+5BL$
ĐŽŶĐĞƌŶ͕ ĂŶĚ ŵĂŬĞ Ă ŐŽŽĚǁŝůů ĞīŽƌƚ ƚŽ ĐŚĂŶŐĞ ƚŚŝŶŐƐ ĨŽƌ ƚŚĞ
ďĞƩĞƌ͘
tŚĞƚŚĞƌ Žƌ ŶŽƚ ƚŚĂƚ ĞīŽƌƚ ƐŽůǀĞƐ ƚŚĞ ƉƌŽďůĞŵ͕ ŝƚ ĚŽĞƐ
ƐŽŵĞŐŽŽĚĞŵŽƟŽŶĂůůǇ͘ǇĂƩĞŶĚŝŶŐƚŽƐŽŵĞŽŶĞ͛ƐĨĞĞůŝŶŐƐ͕ƚŚĞ
@/2:/($5/@)+$G/42QB@*X/$45/GR$+B$45/$)/(+B,$I2,$GBN/$B,$(245/($
ƚŚĞŶĐŽŶƟŶƵŝŶŐƚŽƐĞĞƚŚĞ͘
$ =5/$@/2:/($,//:$,B4$,/I/++2(*@.$2-(//$L*45$45/$)/(+B,`+$
ƉŽƐŝƟŽŶ Žƌ ƌĞĂĐƟŽŶ͘ Ƶƚ ƐŝŵƉůǇ ĂĐŬŶŽǁůĞĚŐŝŶŐ ƚŚĞŝƌ ƉŽŝŶƚ ŽĨ
N*/LR$45/,$2)B@B-*X*,-$*M$,/I/++2(.$B($B45/(L*+/$+//8*,-$2$(/G/:.R$
ĚĞĨƵƐĞƐƐŽŵĞŽĨƚŚĞƚŽǆŝĐŝƚǇ͕ƌĞŶĚĞƌŝŶŐĚĞƐƚƌƵĐƟǀĞĞŵŽƟŽŶƐůĞƐƐ
52(GM'@U$C,$2$+'(N/.$BM$/G)@B.//+$24$+/N/,$5',:(/:$IBG)2,*/+R$
45/$ G2SB(*4.$ +2*:$ 4524$ 2$ I2(*,-$ QB++$ L2+$ GB(/$ *G)B(42,4$ 4B$
45/G$ 452,$ 5BL$ G'I5$ 45/.$ /2(,/:UE< dŚŝƐ ĮŶĚŝŶŐ ŚĂƐ ďƵƐŝŶĞƐƐ
ŝŵƉůŝĐĂƟŽŶƐ ďĞǇŽŶĚ ũƵƐƚ ŵĂŬŝŶŐ ƉĞŽƉůĞ ĨĞĞů ŐŽŽĚ͘ dŚĞ ƐĂŵĞ
+'(N/.$ MB',:$ 4524$ /G)@B.//+`$ @*8*,-$ MB($ 45/*($ QB++$ L2+$ 2$ )(*G/$
ĚƌŝǀĞƌŽĨďŽƚŚƉƌŽĚƵĐƟǀŝƚǇĂŶĚƚŚĞůĞŶŐƚŚŽĨƟŵĞƚŚĞǇƐƚĂǇĞĚĂƚ
4524$SBQU$>*N/,$45/$I5B*I/R$)/B)@/$:B,`4$L2,4$4B$LB(8$MB($2$
98
4BO*I$QB++$24$,/2(@.$2,.$L2-/$[$/OI/)4$4B$-/4$/,B'-5$]+I(/L$.B'T$
GB,/.$4B$_'*4$L*45$+/I'(*4.U
$ &BI*2@@.$ *,4/@@*-/,4$ @/2:/(+5*)$ +42(4+$ L*45$ Q/*,-$ M'@@.$
ƉƌĞƐĞŶƚ ĂŶĚ ŐĞƫŶŐ ŝŶ ƐǇŶĐŚ͘ KŶĐĞ Ă ůĞĂĚĞƌ ŝƐ ĞŶŐĂŐĞĚ͕ ƚŚĞŶ
45/$ M'@@$ )2,B)@.$ BM$ +BI*2@$ *,4/@@*-/,I/$ I2,$ I2G/$ *,4B$ )@2.R$ M(BG$
ƐĞŶƐŝŶŐŚŽǁƉĞŽƉůĞĨĞĞůĂŶĚǁŚǇ͕ƚŽŝŶƚĞƌĂĐƟŶŐƐŵŽŽƚŚůǇĞŶŽƵŐŚ
ƚŽŵŽǀĞƉĞŽƉůĞŝŶƚŽĂƉŽƐŝƟǀĞƐƚĂƚĞ͘dŚĞƌĞŝƐŶŽŵĂŐŝĐƌĞĐŝƉĞĨŽƌ
ǁŚĂƚƚŽĚŽŝŶĞǀĞƌǇƐŝƚƵĂƟŽŶ͕ŶŽĮǀĞͲƐƚĞƉƐͲƚŽͲƐŽĐŝĂůͲŝŶƚĞůůŝŐĞŶĐĞͲ
24YLB(8U$J'4$L524/N/($L/$:B$2+$L/$*,4/(2I4R$45/$+*,-@/$G/2+'(/$
BM$*4+$+'II/++$L*@@$Q/$L5/(/$*,$45/$*,N/(4/:$d$/2I5$)/(+B,$/,:+$
')U
$ J'+*,/++/+$ 2(/$ B,$ 45/$ M(B,4$ @*,/+$ BM$ 2))@.*,-$ +BI*2@$
*,4/@@*-/,I/U$%+$)/B)@/$LB(8$@B,-/($2,:$@B,-/($5B'(+R$Q'+*,/++/+$
ůŽŽŵĂƐƚŚĞŝƌƐƵďƐƟƚƵƚĞĨĂŵŝůǇ͕ǀŝůůĂŐĞ͕ĂŶĚƐŽĐŝĂůŶĞƚǁŽƌŬʹǇĞƚ
GB+4$ BM$ '+$ I2,$ Q/$ 4B++/:$ B'4$ 24$ 45/$ L*@@$ BM$ G2,2-/G/,4U$ =524$
ŝŶŚĞƌĞŶƚĂŵďŝǀĂůĞŶĐĞŵĞĂŶƐƚŚĂƚŝŶŵŽƌĞĂŶĚŵŽƌĞŽƌŐĂŶŝǌĂƟŽŶƐ͕
5B)/$2,:$M/2($(',$(2G)2,4U
$ ZOI/@@/,I/$ *,$ )/B)@/$ G2,2-/G/,4$ I2,,B4$ *-,B(/$
ƚŚĞƐĞ ƐƵďƚĞƌƌĂŶĞĂŶ ĂīĞĐƟǀĞ ĐƵƌƌĞŶƚƐ͗ ƚŚĞǇ ŚĂǀĞ ƌĞĂů ŚƵŵĂŶ
ĐŽŶƐĞƋƵĞŶĐĞƐ͕ĂŶĚƚŚĞǇŵĂƩĞƌĨŽƌƉĞŽƉůĞ͛ƐĂďŝůŝƟĞƐƚŽƉĞƌĨŽƌŵ
ĂƚƚŚĞŝƌďĞƐƚ͘ŶĚďĞĐĂƵƐĞĞŵŽƟŽŶƐĂƌĞƐŽĐŽŶƚĂŐŝŽƵƐ͕ĞǀĞƌǇďŽƐƐ
Ăƚ ĞǀĞƌǇ ůĞǀĞů ŶĞĞĚƐ ƚŽ ƌĞŵĞŵďĞƌ ŚĞ Žƌ ƐŚĞ ĐĂŶ ŵĂŬĞ ŵĂƩĞƌƐ
ĞŝƚŚĞƌǁŽƌƐĞŽƌďĞƩĞƌ͘
99
DEVELOPING EMOTIONAL
INTELLIGENCE
Adapted from The Brain and Emotional Intelligence:
New Insights
$ 0B'$G2.$52N/$5/2(:$4524$L/`(/$QB(,$L*45$2$5'-/$2GB',4$
ŽĨďƌĂŝŶĐĞůůƐ͕ĂŶĚƚŚĞŶǁĞůŽƐĞƚŚĞŵƐƚĞĂĚŝůǇƵŶƟůǁĞĚŝĞ͘EŽǁ͕
ƚŚĞŐŽŽĚŶĞǁƐ͗ƚŚĂƚ͛ƐŶĞƵƌŽŵǇƚŚŽůŽŐǇ͘
dŚĞ ŶĞǁ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŝƐ ǁŚĂƚ͛Ɛ ĐĂůůĞĚ ͚ŶĞƵƌŽŐĞŶĞƐŝƐ͛͗
ǀĞƌǇĚĂǇƚŚĞďƌĂŝŶŐĞŶĞƌĂƚĞƐϭϬ͕ϬϬϬƐƚĞŵĐĞůůƐƚŚĂƚƐƉůŝƚŝŶƚŽƚǁŽ͘
KŶĞďĞĐŽŵĞƐĂĚĂƵŐŚƚĞƌůŝŶĞƚŚĂƚĐŽŶƟŶƵĞƐŵĂŬŝŶŐƐƚĞŵĐĞůůƐ͕
2,:$45/$B45/($G*-(24/+$4B$L5/(/N/($*4`+$,//:/:$*,$45/$Q(2*,$2,:$
ďĞĐŽŵĞƐƚŚĂƚŬŝŶĚŽĨĐĞůů͘sĞƌǇŽŌĞŶƚŚĂƚĚĞƐƟŶĂƟŽŶŝƐǁŚĞƌĞƚŚĞ
I/@@$*+$,//:/:$MB($,/L$@/2(,*,-U$^N/($45/$,/O4$MB'($GB,45+R$4524$
ŶĞǁĐĞůůĨŽƌŵƐĂďŽƵƚϭϬ͕ϬϬϬĐŽŶŶĞĐƟŽŶƐǁŝƚŚŽƚŚĞƌƐƚŽĐƌĞĂƚĞ
,/L$,/'(2@$I*(I'*4(.U
$ =5/$+424/$BM$45/$2(4$*,$G2))*,-$45*+$L*@@$Q/$IBG*,-$B'4$BM$
ůĂďƐůŝŬĞZŝĐŚĂƌĚĂǀŝĚƐŽŶ͛ƐƚŚĂƚŚĂǀĞŵĂƐƐŝǀĞĐŽŵƉƵƟŶŐƉŽǁĞƌ͕
ďĞĐĂƵƐĞŶĞǁ͕ŝŶŶŽǀĂƟǀĞƐŽŌǁĂƌĞƚŽŽůƐĨŽƌďƌĂŝŶŝŵĂŐŝŶŐĐĂŶŶŽǁ
ƚƌĂĐŬĂŶĚƐŚŽǁƚŚŝƐŶĞǁĐŽŶŶĞĐƟǀŝƚǇĂƚƚŚĞƐŝŶŐůĞʹĐĞůůůĞǀĞů͘
EĞƵƌŽŐĞŶĞƐŝƐ ĂĚĚƐ ƉŽǁĞƌ ƚŽ ŽƵƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ
ŶĞƵƌŽƉůĂƐƟĐŝƚǇ͕ƚŚĂƚƚŚĞďƌĂŝŶĐŽŶƟŶƵĂůůǇƌĞƐŚĂƉĞƐŝƚƐĞůĨĂĐĐŽƌĚŝŶŐ
4B$45/$/O)/(*/,I/+$L/$52N/U$CM$L/$2(/$@/2(,*,-$2$,/L$-B@M$+L*,-R$
ƚŚĂƚ ĐŝƌĐƵŝƚƌǇ ǁŝůů ĂƩƌĂĐƚ ĐŽŶŶĞĐƟŽŶƐ ĂŶĚ ŶĞƵƌŽŶƐ͘ /Ĩ ǁĞ ĂƌĞ
ĐŚĂŶŐŝŶŐĂŚĂďŝƚʹƐĂǇƚƌǇŝŶŐƚŽŐĞƚďĞƩĞƌĂƚůŝƐƚĞŶŝŶŐʹƚŚĞŶƚŚĂƚ
I*(I'*4(.$L*@@$-(BL$2IIB(:*,-@.U
$ ^,$45/$B45/($52,:R$L5/,$L/$4(.$4B$BN/(IBG/$2$Q2:$52Q*4R$
L/`(/$')$2-2*,+4$45/$45*I8,/++$BM$45/$I*(I'*4(.$MB($+BG/45*,-$L/`N/$
ƉƌĂĐƟĐĞĚĂŶĚƌĞƉĞĂƚĞĚƚŚŽƵƐĂŶĚƐŽĨƟŵĞƐ͘^ŽǁŚĂƚĂƌĞƚŚĞďƌĂŝŶ
@/++B,+$MB($IB2I5*,-R$B($MB($LB(8*,-$B,$B'($BL,$4B$/,52,I/$2,$
100
ĞŵŽƟŽŶĂůŝŶƚĞůůŝŐĞŶĐĞƐŬŝůů͍
&ŝƌƐƚ͕ŐĞƚĐŽŵŵŝƩĞĚ͘DŽďŝůŝǌĞƚŚĞŵŽƟǀĂƟŶŐƉŽǁĞƌŝŶƚŚĞ
ůĞŌƉƌĞĨƌŽŶƚĂůĂƌĞĂƐ͘/ĨǇŽƵ͛ƌĞĂĐŽĂĐŚ͕ǇŽƵ͛ǀĞŐŽƚƚŽĞŶŐĂŐĞƚŚĞ
)/(+B,R$-/4$45/G$/,45'+/:$2QB'4$2I5*/N*,-$45/$-B2@$BM$I52,-/U$
6/(/$*4$5/@)+$4B$:(2L$B,$45/*($:(/2G+R$45/*($N*+*B,$MB($45/G+/@N/+R$
L5/(/$45/.$L2,4$4B$Q/$*,$45/$M'4'(/U$=5/,$LB(8$M(BG$L5/(/$45/.$
2(/$ ,BL$ B,$ L524$ 45/.$ G*-54$ *G)(BN/$ 4B$ 5/@)$ 45/G$ -/4$ L5/(/$
45/.$L2,4$4B$-B$*,$@*M/U
/Ĩ ǇŽƵ ĐĂŶ͕ Ăƚ ƚŚŝƐ ƉŽŝŶƚ ŝƚ͛Ɛ ŚĞůƉĨƵů ƚŽ ŐĞƚ ϯϲϬͲĚĞŐƌĞĞ
ĨĞĞĚďĂĐŬ ŽŶ ƚŚĞ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ ĐŽŵƉĞƚĞŶĐŝĞƐ͘ /ƚ͛Ɛ ďĞƐƚ
ƚŽ ƵƐĞ ĂŶ ŝŶƐƚƌƵŵĞŶƚ ƚŚĂƚ ŵĞĂƐƵƌĞƐ ƚŚĞ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ
ĂďŝůŝƟĞƐ͕ ĂŶĚ ůĞƚƐ ǇŽƵ ĂƐŬ ƉĞŽƉůĞ ǁŚŽƐĞ ŽƉŝŶŝŽŶƐ ǇŽƵ ǀĂůƵĞ ƚŽ
ƌĂƚĞ ǇŽƵ ĂŶŽŶǇŵŽƵƐůǇ ŽŶ ƐƉĞĐŝĮĐ ďĞŚĂǀŝŽƌƐ ƚŚĂƚ ƌĞŇĞĐƚ ƚŚĞ
IBG)/4/,I*/+$ BM$ +42($ )/(MB(G/(+$ 2,:$ @/2:/(+U$ ?*I52(:$ JB.24X*+$
2,:$CR$LB(8*,-$L*45$45/$62.$>(B')R$52N/$:/+*-,/:$2$@/2:/(+5*)$
ĂƐƐĞƐƐŵĞŶƚ ƚŽŽů͕ ĐĂůůĞĚ ƚŚĞ ŵŽƟŽŶĂů ĂŶĚ ^ŽĐŝĂů ŽŵƉĞƚĞŶĐĞ
/ŶǀĞŶƚŽƌǇ͕ Žƌ ^/ʹϯϲϬ͘ ƚƌĂŝŶĞĚ ĐŽŶƐƵůƚĂŶƚ ĐĂŶ ŚĞůƉ ǇŽƵ ƵƐĞ
45*+$M//:Q2I8$4B$:/4/(G*,/$L524$IBG)/4/,I*/+$.B'$LB'@:$GB+4$
ďĞŶĞĮƚĨƌŽŵƐƚƌĞŶŐƚŚĞŶŝŶŐ͘
dŚĞŶĞǆƚƐƚĞƉŝƐƚŽŐĞƚǀĞƌǇƉƌĂĐƟĐĂů͗ŽŶ͛ƚƚĂŬĞŽŶƚƌǇŝŶŐ
ƚŽ ůĞĂƌŶ ƚŽŽ ŵƵĐŚ Ăůů Ăƚ ŽŶĐĞ͘ KƉĞƌĂƟŽŶĂůŝǌĞ ǇŽƵƌ ŐŽĂů Ăƚ ƚŚĞ
ůĞǀĞůŽĨĂƐƉĞĐŝĮĐďĞŚĂǀŝŽƌ͘DĂŬĞŝƚƉƌĂĐƟĐĂů͕ƐŽǇŽƵŬŶŽǁĞǆĂĐƚůǇ
L524$4B$:B$2,:$L5/,U$\B($/O2G)@/R$+2.$+BG/B,/$52+$]J@2I8Q/((.$
ƐǇŶĚƌŽŵĞ͗͟ĂďĂĚŚĂďŝƚŽĨŵƵůƟͲƚĂƐŬŝŶŐĂŶĚĞƐƐĞŶƟĂůůǇŝŐŶŽƌŝŶŐ
ŽƚŚĞƌƐ͕ ǁŚŝĐŚ ƵŶĚĞƌŵŝŶĞƐ ƚŚĞ ĨƵůů ĂƩĞŶƟŽŶ ƚŚĂƚ ĐĂŶ ůĞĂĚ ƚŽ
ƌĂƉƉŽƌƚĂŶĚŐŽŽĚĐŚĞŵŝƐƚƌǇ͘zŽƵŚĂǀĞƚŽďƌĞĂŬƚŚĞŚĂďŝƚŽĨŵƵůƟͲ
ƚĂƐŬŝŶŐ͘^ŽƚŚĞƉĞƌƐŽŶŵŝŐŚƚŵĂŬĞƵƉĂŶŝŶƚĞŶƟŽŶĂůůĞĂƌŶŝŶŐƉůĂŶ
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ƉĞƌƐŽŶʹǇŽƵƚƵƌŶŽīǇŽƵƌĐĞůůƉŚŽŶĞĂŶĚǇŽƵƌďĞĞƉĞƌ͕ƚƵƌŶĂǁĂǇ
ĨƌŽŵǇŽƵƌĐŽŵƉƵƚĞƌ͕ƚƵƌŶŽīǇŽƵƌĚĂǇĚƌĞĂŵŽƌǇŽƵƌƉƌĞŽĐĐƵƉĂƟŽŶ
ĂŶĚƉĂǇĨƵůůĂƩĞŶƟŽŶ͘dŚĂƚŐŝǀĞƐǇŽƵĂƉƌĞĐŝƐĞƉŝĞĐĞŽĨďĞŚĂǀŝŽƌ
4B$4(.$4B$I52,-/U
^ŽǁŚĂƚǁŝůůŚĞůƉǁŝƚŚƚŚĂƚ͍EŽƟĐŝŶŐǁŚĞŶĂŵŽŵĞŶƚůŝŬĞ
4524$*+$2QB'4$4B$IBG/R$2,:$:B*,-$45/$(*-54$45*,-U$VB*,-$45/$L(B,-$
45*,-$*+$2$52Q*4$4524$.B'$52N/$Q/IBG/$2,$^@.G)*I$@/N/@$G2+4/($
DEVELOPING EMOTIONAL INTELLIGENCE 101
ĂƚʹǇŽƵƌŶĞƵƌĂůǁŝƌŝŶŐŚĂƐŵĂĚĞŝƚĂĚĞĨĂƵůƚŽƉƟŽŶ͕ǁŚĂƚǇŽƵĚŽ
ĂƵƚŽŵĂƟĐĂůůǇ͘ dŚĞ ŶĞƵƌĂů ĐŽŶŶĞĐƟǀŝƚǇ ĨŽƌ ƚŚĂƚ ŝƐ ƐƚƌŽŶŐ͘ tŚĞŶ
ǇŽƵƐƚĂƌƚƚŽĨŽƌŵƚŚĞŶĞǁ͕ďĞƩĞƌŚĂďŝƚǇŽƵĂƌĞĞƐƐĞŶƟĂůůǇĐƌĞĂƟŶŐ
,/L$I*(I'*4(.$4524$IBG)/4/+$L*45$.B'($B@:$52Q*4$*,$2$8*,:$BM$,/'(2@$
V2(L*,*+GU$=B$G28/$45/$,/L$52Q*4$+4(B,-$/,B'-5R$.B'`N/$-B4$4B$
ƵƐĞƚŚĞƉŽǁĞƌŽĨŶĞƵƌŽƉůĂƐƟĐŝƚǇʹǇŽƵŚĂǀĞƚŽĚŽŝƚŽǀĞƌĂŶĚŽǀĞƌ
2-2*,U
/Ĩ ǇŽƵ ƉĞƌƐŝƐƚ ŝŶ ƚŚĞ ďĞƩĞƌ ŚĂďŝƚ͕ ƚŚĂƚ ŶĞǁ ĐŝƌĐƵŝƚƌǇ ǁŝůů
ĐŽŶŶĞĐƚĂŶĚďĞĐŽŵĞŵŽƌĞĂŶĚŵŽƌĞƉŽǁĞƌĨƵů͕ƵŶƟůŽŶĞĚĂǇǇŽƵ͛ůů
:B$45/$(*-54$45*,-$*,$45/$(*-54$L2.$L*45B'4$2$+/IB,:$45B'-54U$=524$
G/2,+$45/$I*(I'*4(.$52+$Q/IBG/$+B$IB,,/I4/:$2,:$45*I8$4524$45*+$
ŝƐƚŚĞďƌĂŝŶ͛ƐŶĞǁĚĞĨĂƵůƚŽƉƟŽŶ͘tŝƚŚƚŚĂƚĐŚĂŶŐĞŝŶƚŚĞďƌĂŝŶ͕
ƚŚĞďĞƩĞƌŚĂďŝƚǁŝůůďĞĐŽŵĞǇŽƵƌĂƵƚŽŵĂƟĐĐŚŽŝĐĞ͘
&ŽƌŚŽǁůŽŶŐĂŶĚŚŽǁŵĂŶǇƟŵĞƐĚŽĞƐĂŶĂĐƟŽŶŚĂǀĞ
ƚŽ ďĞ ƌĞƉĞĂƚĞĚ ƵŶƟů ŝƚ͛Ɛ ĂĐƚƵĂůůǇ ŚĂƌĚͲǁŝƌĞĚ͍ ŚĂďŝƚ ďĞŐŝŶƐ ƚŽ
ďĞŚĂƌĚͲǁŝƌĞĚƚŚĞǀĞƌǇĮƌƐƚƟŵĞǇŽƵƉƌĂĐƟĐĞŝƚ͘dŚĞŵŽƌĞǇŽƵ
ƉƌĂĐƟĐĞŝƚ͕ƚŚĞŵŽƌĞĐŽŶŶĞĐƟǀŝƚǇ͘,ŽǁŽŌĞŶǇŽƵŚĂǀĞƚŽƌĞƉĞĂƚ
*4$ +B$ 4524$ *4$ Q/IBG/+$ 45/$ ,/L$ :/M2'@4$ BM$ 45/$ Q(2*,$ :/)/,:+$ *,$
)2(4$B,$5BL$+4(B,-$45/$B@:$52Q*4$*+$4524$*4$L*@@$(/)@2I/U$C4$'+'2@@.$
ƚĂŬĞƐƚŚƌĞĞƚŽƐŝǆŵŽŶƚŚƐŽĨƵƐŝŶŐĂůůŶĂƚƵƌĂůůǇŽĐĐƵƌƌŝŶŐƉƌĂĐƟĐĞ
ŽƉƉŽƌƚƵŶŝƟĞƐ ďĞĨŽƌĞ ƚŚĞ ŶĞǁ ŚĂďŝƚ ĐŽŵĞƐ ŵŽƌĞ ŶĂƚƵƌĂůůǇ ƚŚĂŶ
45/$B@:U
ŶŽƚŚĞƌ ƉƌĂĐƟĐĞ ŽƉƉŽƌƚƵŶŝƚǇ ĐĂŶ ŽĐĐƵƌ ǁŚĞŶĞǀĞƌ
ǇŽƵ ŚĂǀĞ Ă ůŝƩůĞ ĨƌĞĞ ƟŵĞ͗ ŵĞŶƚĂů ƌĞŚĞĂƌƐĂů͘ DĞŶƚĂů ƌĞŚĞĂƌƐĂů
ĂĐƟǀĂƚĞƐƚŚĞƐĂŵĞŶĞƵƌĂůĐŝƌĐƵŝƚƌǇĂƐĚŽĞƐƚŚĞƌĞĂůĂĐƟǀŝƚǇ͘dŚŝƐ
ŝƐ ǁŚǇ KůǇŵƉŝĐ ĂƚŚůĞƚĞƐ ƐƉĞŶĚ ƚŚĞ ŽīͲƐĞĂƐŽŶ ƌƵŶŶŝŶŐ ƚŚƌŽƵŐŚ
ƚŚĞŝƌŵŽǀĞƐŝŶƚŚĞŝƌďƌĂŝŶʹďĞĐĂƵƐĞƚŚĂƚĐŽƵŶƚƐĂƐƉƌĂĐƟĐĞƟŵĞ͕
4BBU$C4`+$-B*,-$4B$*,I(/2+/$45/*($2Q*@*4.$4B$)/(MB(G$L5/,$45/$(/2@$
GBG/,4$IBG/+U
$ ?*I52(:$ JB.24X*+$ 52+$ '+/:$ 45*+$ G/45B:$ L*45$ 5*+$ 1J%$
+4':/,4+$ MB($ ./2(+$ 24$ 45/$ 3/245/(5/2:$ &I5BB@$ BM$ 12,2-/G/,4$
24$ P2+/$ 3/+4/(,$ ?/+/(N/$ d,*N/(+*4.U$ %,:$ 5/`+$ MB@@BL/:$ 45/+/$
+4':/,4+$*,4B$45/*($SBQ+$2+$G'I5$2+$+/N/,$./2(+$@24/($[$2,:$MB',:$
ƚŚĞĐŽŵƉĞƚĞĐŝĞƐƚŚĞǇŚĂĚĞŶŚĂŶĐĞĚŝŶŚŝƐĐůĂƐƐǁĞƌĞƐƟůůƌĂƚĞĚĂƐ
+4(B,-$Q.$45/*($IBYLB(8/(+U
102
APPENDIX
3ABCADEFGH&+IJHAKALMGAE&
ĚĂƉƚĞĚĨƌŽŵWƌŝŵĂů>ĞĂĚĞƌƐŚŝƉ
/%3*4'.'(%2%//
ͻ ŵŽƟŽŶĂů ƐĞůĨͲĂǁĂƌĞŶĞƐƐ͘ >ĞĂĚĞƌƐ ŚŝŐŚ ŝŶ ĞŵŽƟŽŶĂů ƐĞůĨ

ĂǁĂƌĞŶĞƐƐ ĂƌĞ ĂƩƵŶĞĚ ƚŽ ƚŚĞŝƌ ŝŶŶĞƌ ƐŝŐŶĂůƐ͕ ƌĞĐŽŐŶŝǌŝŶŐ ŚŽǁ
ƚŚĞŝƌ ĨĞĞůŝŶŐƐ ĂīĞĐƚ ƚŚĞŵ ĂŶĚ ƚŚĞŝƌ ũŽď ƉĞƌĨŽƌŵĂŶĐĞ͘ dŚĞǇ ĂƌĞ
ĂƩƵŶĞĚ ƚŽ ƚŚĞŝƌ ŐƵŝĚŝŶŐ ǀĂůƵĞƐ ĂŶĚ ĐĂŶ ŽŌĞŶ ŝŶƚƵŝƚ ƚŚĞ ďĞƐƚ
ĐŽƵƌƐĞ ŽĨ ĂĐƟŽŶ͕ ƐĞĞŝŶŐ ƚŚĞ ďŝŐ ƉŝĐƚƵƌĞ ŝŶ Ă ĐŽŵƉůĞǆ ƐŝƚƵĂƟŽŶ͘
ŵŽƟŽŶĂůůǇƐĞůĨͲĂǁĂƌĞůĞĂĚĞƌƐĐĂŶďĞĐĂŶĚŝĚĂŶĚĂƵƚŚĞŶƟĐ͕ĂďůĞ
ƚŽƐƉĞĂŬŽƉĞŶůǇĂďŽƵƚƚŚĞŝƌĞŵŽƟŽŶƐŽƌǁŝƚŚĐŽŶǀŝĐƟŽŶĂďŽƵƚ
45/*($-'*:*,-$N*+*B,U
ͻ ĐĐƵƌĂƚĞ ƐĞůĨͲĂƐƐĞƐƐŵĞŶƚU$ 9/2:/(+$ L*45$ 5*-5$ +/@MY2L2(/,/++$

ƚǇƉŝĐĂůůǇ ŬŶŽǁ ƚŚĞŝƌ ůŝŵŝƚĂƟŽŶƐ ĂŶĚ ƐƚƌĞŶŐƚŚƐ͕ ĂŶĚ ĞǆŚŝďŝƚ Ă
+/,+/$BM$5'GB($2QB'4$45/G+/@N/+U$=5/.$/O5*Q*4$2$-(2I/M'@,/++$*,$
ůĞĂƌŶŝŶŐǁŚĞƌĞƚŚĞǇŶĞĞĚƚŽŝŵƉƌŽǀĞ͕ĂŶĚǁĞůĐŽŵĞĐŽŶƐƚƌƵĐƟǀĞ
ĐƌŝƟĐŝƐŵ ĂŶĚ ĨĞĞĚďĂĐŬ͘ ĐĐƵƌĂƚĞ ƐĞůĨͲĂƐƐĞƐƐŵĞŶƚ ůĞƚƐ Ă ůĞĂĚĞƌ
ŬŶŽǁǁŚĞŶƚŽĂƐŬĨŽƌŚĞůƉĂŶĚǁŚĞƌĞƚŽĨŽĐƵƐŝŶĐƵůƟǀĂƟŶŐŶĞǁ
@/2:/(+5*)$+4(/,-45+U
ͻ ^ĞůĨͲĐŽŶĮĚĞŶĐĞ͘ <ŶŽǁŝŶŐ ƚŚĞŝƌ ĂďŝůŝƟĞƐ ǁŝƚŚ ĂĐĐƵƌĂĐǇ ĂůůŽǁƐ

ůĞĂĚĞƌƐ ƚŽ ƉůĂǇ ƚŽ ƚŚĞŝƌ ƐƚƌĞŶŐƚŚƐ͘ ^ĞůĨͲĐŽŶĮĚĞŶƚ ůĞĂĚĞƌƐ ĐĂŶ
ǁĞůĐŽŵĞĂĚŝĸĐƵůƚĂƐƐŝŐŶŵĞŶƚ͘^ƵĐŚůĞĂĚĞƌƐŽŌĞŶŚĂǀĞĂƐĞŶƐĞ
BM$)(/+/,I/R$2$+/@MY2++'(2,I/$4524$@/4+$45/G$+42,:$B'4$*,$2$-(B')U
/%3*4"'2'5%"%2#
ͻ ^ĞůĨͲĐŽŶƚƌŽů͘ >ĞĂĚĞƌƐ ǁŝƚŚ ĞŵŽƟŽŶĂů ƐĞůĨͲĐŽŶƚƌŽů ĮŶĚ ǁĂǇƐ ƚŽ

ŵĂŶĂŐĞ ƚŚĞŝƌ ĚŝƐƚƵƌďŝŶŐ ĞŵŽƟŽŶƐ ĂŶĚ ŝŵƉƵůƐĞƐ͕ ĂŶĚ ĞǀĞŶ ƚŽ
I52,,/@$ 45/G$ *,$ '+/M'@$ L2.+U$ %$ 52@@G2(8$ BM$ +/@MYIB,4(B@$ *+$ 45/$
@/2:/($L5B$+42.+$I2@G$2,:$I@/2(Y5/2:/:$',:/($5*-5$+4(/++$B($
APPENDIX 103
ĚƵƌŝŶŐĂĐƌŝƐŝƐͲŽƌǁŚŽƌĞŵĂŝŶƐƵŶŇĂƉƉĂďůĞĞǀĞŶǁŚĞŶĐŽŶĨƌŽŶƚĞĚ
ďǇĂƚƌǇŝŶŐƐŝƚƵĂƟŽŶ͘
ͻ dƌĂŶƐƉĂƌĞŶĐǇU$ 9/2:/(+$ L5B$ 2(/$ 4(2,+)2(/,4$ @*N/$ 45/*($ N2@'/+U$

dƌĂŶƐƉĂƌĞŶĐǇ Ͳ ĂŶ ĂƵƚŚĞŶƟĐ ŽƉĞŶŶĞƐƐ ƚŽ ŽƚŚĞƌƐ ĂďŽƵƚ ŽŶĞ͛Ɛ
ĨĞĞůŝŶŐƐ͕ ďĞůŝĞĨƐ͕ ĂŶĚ ĂĐƟŽŶƐ Ͳ ĂůůŽǁƐ ŝŶƚĞŐƌŝƚǇ͘ ^ƵĐŚ ůĞĂĚĞƌƐ
B)/,@.$2:G*4$G*+428/+$B($M2'@4+R$2,:$IB,M(B,4$',/45*I2@$Q/52N*B($
*,$B45/(+$(245/($452,$4'(,$2$Q@*,:$/./U
ͻ ĚĂƉƚĂďŝůŝƚǇ͘ >ĞĂĚĞƌƐ ǁŚŽ ĂƌĞ ĂĚĂƉƚĂďůĞ ĐĂŶ ũƵŐŐůĞ ŵƵůƟƉůĞ

:/G2,:+$L*45B'4$@B+*,-$45/*($MBI'+$B($/,/(-.R$2,:$2(/$IBGMB(42Q@/$
ǁŝƚŚƚŚĞŝŶĞǀŝƚĂďůĞĂŵďŝŐƵŝƟĞƐŽĨŽƌŐĂŶŝǌĂƟŽŶĂůůŝĨĞ͘^ƵĐŚůĞĂĚĞƌƐ
ĐĂŶďĞŇĞǆŝďůĞŝŶĂĚĂƉƟŶŐƚŽŶĞǁĐŚĂůůĞŶŐĞƐ͕ŶŝŵďůĞŝŶĂĚũƵƐƟŶŐ
ƚŽ ŇƵŝĚ ĐŚĂŶŐĞ͕ĂŶĚ ůŝŵďĞƌ ŝŶ ƚŚĞŝƌƚŚŝŶŬŝŶŐ ŝŶ ƚŚĞĨĂĐĞŽĨ ŶĞǁ
ĚĂƚĂŽƌƌĞĂůŝƟĞƐ͘
ͻĐŚŝĞǀĞŵĞŶƚU$9/2:/(+$L*45$+4(/,-45$*,$2I5*/N/G/,4$52N/$5*-5$
)/(+B,2@$+42,:2(:+$4524$:(*N/$45/G$4B$IB,+42,4@.$+//8$)/(MB(G2,I/$
*G)(BN/G/,4+YQB45$MB($45/G+/@N/+$2,:$45B+/$45/.$@/2:U$=5/.$2(/$
ƉƌĂŐŵĂƟĐ͕ƐĞƫŶŐŵĞĂƐƵƌĂďůĞďƵƚĐŚĂůůĞŶŐŝŶŐŐŽĂůƐ͕ĂŶĚĂƌĞĂďůĞ
ƚŽĐĂůĐƵůĂƚĞƌŝƐŬƐŽƚŚĂƚƚŚĞŝƌŐŽĂůƐĂƌĞǁŽƌƚŚǇďƵƚĂƩĂŝŶĂďůĞ͘
ŚĂůůŵĂƌŬŽĨĂĐŚŝĞǀĞŵĞŶƚŝƐŝŶĐŽŶƟŶƵĂůůǇůĞĂƌŶŝŶŐͲĂŶĚƚĞĂĐŚŝŶŐ
ǁĂǇƐƚŽĚŽďĞƩĞƌ͘
ͻ/ŶŝƟĂƟǀĞ͘>ĞĂĚĞƌƐǁŚŽŚĂǀĞĂƐĞŶƐĞŽĨĞĸĐĂĐǇͲƚŚĂƚƚŚĞǇŚĂǀĞ
ǁŚĂƚŝƚƚĂŬĞƐƚŽĐŽŶƚƌŽůƚŚĞŝƌŽǁŶĚĞƐƟŶǇͲĞǆĐĞůŝŶŝŶŝƟĂƟǀĞ͘dŚĞǇ
ƐĞŝǌĞ ŽƉƉŽƌƚƵŶŝƟĞƐͲŽƌ ĐƌĞĂƚĞ ƚŚĞŵ ƌĂƚŚĞƌ ƚŚĂŶ ƐŝŵƉůǇ ǁĂŝƟŶŐ͘
&'I5$2$@/2:/($:B/+$,B4$5/+*424/$4B$I'4$45(B'-5$(/:$42)/R$B($/N/,$
ďĞŶĚƚŚĞƌƵůĞƐ͕ǁŚĞŶŶĞĐĞƐƐĂƌǇƚŽĐƌĞĂƚĞďĞƩĞƌƉŽƐƐŝďŝůŝƟĞƐĨŽƌ
45/$M'4'(/U
ͻKƉƟŵŝƐŵ͘ůĞĂĚĞƌǁŚŽŝƐŽƉƟŵŝƐƟĐĐĂŶƌŽůůǁŝƚŚƚŚĞƉƵŶĐŚĞƐ͕
+//*,-$ 2,$ B))B(4',*4.$ (245/($ 452,$ 2$ 45(/24$ *,$ 2$ +/4Q2I8U$ &'I5$
ůĞĂĚĞƌƐ ƐĞĞ ŽƚŚĞƌƐ ƉŽƐŝƟǀĞůǇ͕ ĞǆƉĞĐƟŶŐ ƚŚĞ ďĞƐƚ ŽĨ ƚŚĞŵ͘ ŶĚ
45/*($]-@2++$52@MYM'@@T$B'4@BB8$@/2:+$45/G$4B$/O)/I4$4524$I52,-/+$
104
ŝŶƚŚĞĨƵƚƵƌĞǁŝůůďĞĨŽƌƚŚĞďĞƩĞƌ͘
/)+!'3&'.'(%2%//
ͻŵƉĂƚŚǇ͘>ĞĂĚĞƌƐǁŝƚŚĞŵƉĂƚŚǇĂƌĞĂďůĞƚŽĂƩƵŶĞƚŽĂǁŝĚĞƌĂŶŐĞ
ŽĨĞŵŽƟŽŶĂůƐŝŐŶĂůƐ͕ůĞƫŶŐƚŚĞŵƐĞŶƐĞƚŚĞĨĞůƚ͕ďƵƚƵŶƐƉŽŬĞŶ͕
ĞŵŽƟŽŶƐ ŝŶ Ă ƉĞƌƐŽŶ Žƌ ŐƌŽƵƉ͘ ^ƵĐŚ ůĞĂĚĞƌƐ ůŝƐƚĞŶ ĂƩĞŶƟǀĞůǇ
ĂŶĚĐĂŶŐƌĂƐƉƚŚĞŽƚŚĞƌƉĞƌƐŽŶ͛ƐƉĞƌƐƉĞĐƟǀĞ͘ŵƉĂƚŚǇŵĂŬĞƐĂ
@/2:/($2Q@/$4B$-/4$2@B,-$L/@@$L*45$)/B)@/$BM$:*N/(+/$Q2I8-(B',:+$
B($M(BG$B45/($I'@4'(/+U
ͻKƌŐĂŶŝǌĂƟŽŶĂůĂǁĂƌĞŶĞƐƐU$%$@/2:/($L*45$2$8//,$+BI*2@$2L2(/,/++$
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ƌĞĂĚ ŬĞǇ ƉŽǁĞƌ ƌĞůĂƟŽŶƐŚŝƉƐ͘ ^ƵĐŚ ůĞĂĚĞƌƐ ĐĂŶ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ
ƉŽůŝƟĐĂůĨŽƌĐĞƐĂƚǁŽƌŬŝŶĂŶŽƌŐĂŶŝǌĂƟŽŶ͕ĂƐǁĞůůĂƐƚŚĞŐƵŝĚŝŶŐ
N2@'/+$2,:$',+)B8/,$('@/+$4524$B)/(24/$2GB,-$)/B)@/$45/(/U
ͻ ^ĞƌǀŝĐĞU$ 9/2:/(+$ 5*-5$ *,$ 45/$ +/(N*I/$ IBG)/4/,I/$ MB+4/($ 2,$

ĞŵŽƟŽŶĂů ĐůŝŵĂƚĞ ƐŽ ƚŚĂƚ ƉĞŽƉůĞ ĚŝƌĞĐƚůǇ ŝŶ ƚŽƵĐŚ ǁŝƚŚ ƚŚĞ
ĐƵƐƚŽŵĞƌŽƌĐůŝĞŶƚǁŝůůŬĞĞƉƚŚĞƌĞůĂƟŽŶƐŚŝƉŽŶƚŚĞƌŝŐŚƚƚƌĂĐŬ͘
^ƵĐŚ ůĞĂĚĞƌƐ ŵŽŶŝƚŽƌ ĐƵƐƚŽŵĞƌ Žƌ ĐůŝĞŶƚ ƐĂƟƐĨĂĐƟŽŶ ĐĂƌĞĨƵůůǇ
ƚŽ ĞŶƐƵƌĞ ƚŚĞǇ ĂƌĞ ŐĞƫŶŐ ǁŚĂƚ ƚŚĞǇ ŶĞĞĚ͘ dŚĞǇ ĂůƐŽ ŵĂŬĞ
45/G+/@N/+$2N2*@2Q@/$2+$,//:/:U
(%3'#!)2/$!6&"'2'5%"%2#
ͻ /ŶƐƉŝƌĂƟŽŶU$ 9/2:/(+$ L5B$ *,+)*(/$ QB45$ I(/24/$ (/+B,2,I/$ 2,:$

GBN/$ )/B)@/$ L*45$ 2$ IBG)/@@*,-$ N*+*B,$ B($ +52(/:$ G*++*B,U$ &'I5$
ůĞĂĚĞƌƐĞŵďŽĚǇǁŚĂƚƚŚĞǇĂƐŬŽĨŽƚŚĞƌƐ͕ĂŶĚĂƌĞĂďůĞƚŽĂƌƟĐƵůĂƚĞ
ĂƐŚĂƌĞĚŵŝƐƐŝŽŶŝŶĂǁĂǇƚŚĂƚŝŶƐƉŝƌĞƐŽƚŚĞƌƐƚŽĨŽůůŽǁ͘dŚĞǇŽīĞƌ
2$+/,+/$BM$IBGGB,$)'()B+/$Q/.B,:$45/$:2.Y4BY:2.$42+8+R$G28*,-$
ǁŽƌŬĞǆĐŝƟŶŐ͘
ͻ /ŶŇƵĞŶĐĞ͘ /ŶĚŝĐĂƚŽƌƐ ŽĨ Ă ůĞĂĚĞƌ͛Ɛ ƉŽǁĞƌƐ ŽĨ ŝŶŇƵĞŶĐĞ ƌĂŶŐĞ

ĨƌŽŵĮŶĚŝŶŐũƵƐƚƚŚĞƌŝŐŚƚĂƉƉĞĂůĨŽƌĂŐŝǀĞŶůŝƐƚĞŶĞƌƚŽŬŶŽǁŝŶŐ
5BL$4B$Q'*@:$Q'.Y*,$M(BG$8/.$)/B)@/$2,:$2$,/4LB(8$BM$+'))B(4$
APPENDIX 105
ĨŽƌ ĂŶ ŝŶŝƟĂƟǀĞ͘ >ĞĂĚĞƌƐ ĂĚĞƉƚ ŝŶ ŝŶŇƵĞŶĐĞ ĂƌĞ ƉĞƌƐƵĂƐŝǀĞ ĂŶĚ
/,-2-*,-$L5/,$45/.$2::(/++$2$-(B')U
ͻĞǀĞůŽƉŝŶŐŽƚŚĞƌƐ͘>ĞĂĚĞƌƐǁŚŽĂƌĞĂĚĞƉƚĂƚĐƵůƟǀĂƟŶŐƉĞŽƉůĞ͛Ɛ
ĂďŝůŝƟĞƐƐŚŽǁĂŐĞŶƵŝŶĞŝŶƚĞƌĞƐƚŝŶƚŚŽƐĞƚŚĞǇĂƌĞŚĞůƉŝŶŐĂůŽŶŐ͕
',:/(+42,:*,-$ 45/*($ -B2@+R$ +4(/,-45+R$ 2,:$ L/28,/++/+U$ &'I5$
ůĞĂĚĞƌƐĐĂŶŐŝǀĞƟŵĞůǇĂŶĚĐŽŶƐƚƌƵĐƟǀĞĨĞĞĚďĂĐŬĂŶĚĂƌĞŶĂƚƵƌĂů
G/,4B(+$B($IB2I5/+U
ͻŚĂŶŐĞĐĂƚĂůǇƐƚU$9/2:/(+$L5B$I2,$I242@.X/$I52,-/$2(/$2Q@/$4B$
(/IB-,*X/$45/$,//:$MB($45/$I52,-/R$I52@@/,-/$45/$+424'+$_'BR$2,:$
I52G)*B,$45/$,/L$B(:/(U$=5/.$I2,$Q/$+4(B,-$2:NBI24/+$MB($45/$
ĐŚĂŶŐĞĞǀĞŶŝŶƚŚĞĨĂĐĞŽĨŽƉƉŽƐŝƟŽŶ͕ŵĂŬŝŶŐƚŚĞĂƌŐƵŵĞŶƚĨŽƌ
ŝƚĐŽŵƉĞůůŝŶŐůǇ͘dŚĞǇĂůƐŽĮŶĚƉƌĂĐƟĐĂůǁĂǇƐƚŽŽǀĞƌĐŽŵĞďĂƌƌŝĞƌƐ
4B$I52,-/U
ͻŽŶŇŝĐƚŵĂŶĂŐĞŵĞŶƚ͘>ĞĂĚĞƌƐǁŚŽŵĂŶĂŐĞĐŽŶŇŝĐƚƐďĞƐƚĂƌĞ
ĂďůĞƚŽĚƌĂǁŽƵƚĂůůƉĂƌƟĞƐ͕ƵŶĚĞƌƐƚĂŶĚƚŚĞĚŝīĞƌŝŶŐƉĞƌƐƉĞĐƟǀĞƐ͕
ĂŶĚƚŚĞŶĮŶĚĂĐŽŵŵŽŶŝĚĞĂůƚŚĂƚĞǀĞƌǇŽŶĞĐĂŶĞŶĚŽƌƐĞ͘dŚĞǇ
ƐƵƌĨĂĐĞ ƚŚĞ ĐŽŶŇŝĐƚ͕ ĂĐŬŶŽǁůĞĚŐĞ ƚŚĞ ĨĞĞůŝŶŐƐ ĂŶĚ ǀŝĞǁƐ ŽĨ Ăůů
+*:/+R$2,:$45/,$(/:*(/I4$45/$/,/(-.$4BL2(:$2$+52(/:$*:/2@U
ͻ dĞĂŵǁŽƌŬ ĂŶĚ ĐŽůůĂďŽƌĂƟŽŶU$ 9/2:/(+$ L5B$ 2(/$ 2Q@/$ 4/2G$

)@2./(+$ -/,/(24/$ 2,$ 24GB+)5/(/$ BM$ M(*/,:@.$ IB@@/-*2@*4.$ 2,:$ 2(/$
ƚŚĞŵƐĞůǀĞƐ ŵŽĚĞůƐ ŽĨ ƌĞƐƉĞĐƚ͕ ŚĞůƉĨƵůŶĞƐƐ͕ ĂŶĚ ĐŽŽƉĞƌĂƟŽŶ͘
dŚĞǇ ĚƌĂǁ ŽƚŚĞƌƐ ŝŶƚŽ ĂĐƟǀĞ͕ ĞŶƚŚƵƐŝĂƐƟĐ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ƚŚĞ
ĐŽůůĞĐƟǀĞ ĞīŽƌƚ͕ ĂŶĚ ďƵŝůĚ ƐƉŝƌŝƚ ĂŶĚ ŝĚĞŶƟƚǇ͘ dŚĞǇ ƐƉĞŶĚ ƟŵĞ
ĨŽƌŐŝŶŐ ĂŶĚ ĐĞŵĞŶƟŶŐ ĐůŽƐĞ ƌĞůĂƟŽŶƐŚŝƉƐ ďĞǇŽŶĚ ŵĞƌĞ ǁŽƌŬ
ŽďůŝŐĂƟŽŶƐ͘
106
ENDNOTES
Taking Stock
1 J. D. Mayer, P. Salovey, and D. R. Caruso, “Models of Emotional Intelligence,”
in R. J. Sternberg, ed., Handbook of Intelligence, Cambridge, Eng.: Cambridge
University Press, 2000.
2 The crash of the intimidating pilot: Carl Lavin, “When Moods Affect Safety:
Communications in a Cockpit Mean a Lot a Few Miles Up,” The New York
Times (June 26, 1994).
3 The survey of 250 executives: Michael Maccoby, “The Corporate Climber

Has to Find His Heart,” Fortune (Dec. 1976).
4 The story of the sarcastic vice president was told to me by Hendrie Weisinger,
a psychologist at the UCLA Graduate School of Business. His book is The
Critical Edge: How to Criticize Up and Down the Organization and Make It
Pay Off (Boston: Little, Brown, 1989).
5 The survey of times managers blew up was done by Robert Baron, a

psychologist at Rensselaer Polytechnic Institute, whom I interviewed for The
New York Times (Sept. 11, 1990).
Managing With Heart

6 +ZQ\QKQ[U I[ I KI][M WN KWVÆQK\" :WJMZ\ *IZWV ¹+W]V\MZQVO \PM -NNMK\[ WN
,M[\Z]K\Q^M+ZQ\QKQ[U"<PM:MTI\Q^M-NÅKIKaWN .W]Z1V\MZ^MV\QWV[ºRW]ZVITWN
Applied Psychology 75, 3 (1990).
7 ;XMKQÅK IVL ÎO]M KZQ\QKQ[U" 0IZZa 4M^QV[WV ¹.MMLJIKS \W ;]JWZLQVI\M[º

Addendum to the Levinson Letter, Levinson Institute, Waltham, MA (1992).
8 The concept of group intelligence is set forth in Wendy Williams and Robert
Sternberg, “Group Intelligence: Why Some Groups Are Better Than Others”
Intelligence (1988).
9 The study of the stars at Bell Labs was reported in Robert Kelley and Janet
Caplan, “How Bell Labs Creates Star Performers,” Harvard Business Review
(July-Aug. 1993).
10 The usefulness of informal networks is noted by David Krackhardt and

Jeffrey R. Hanson, “Informal Networks: The Company Behind the Chart,”
Harvard Business Review (July-Aug. 1993), p. 104
107
11 The comforting effect: Lisa Berkman et al., “Emotional Support and Survival
after Myocardial Infarction,” Annals of Internal Medicine (1992).
12 Stress and death: Anika Rosengren et al., “Stressful Life Events, Social
Support and Mortality in Men Born in 1933,” British Medical Journal 207, no.
17(1983): 1102-1106.
The Group IQ
13 Limbic regulation: Thomas Lewis, Fari Amini, and Richard Lannon, A
General Theory of Love (New York: Random House, 2000).
14 Emotional mirroring: Robert Levenson, University of California at Berkeley,

personal communication.
15 Expressiveness transmits moods: Howard Friedman and Ronald Riggio,

“Effect of Individual Differences in Nonverbal Expressiveness on Transmission
of Emotion,” Journal of Nonverbal Behavior 6 (1981): 32-58.
16 Groups have moods: Janice R. Kelly and Sigal Barsade, “Moods and
Emotions in Small Groups and Work Teams,” working paper, Yale School of
Management, New Haven, Connecticut, 2001.
Primal Leadership
17 Work teams share moods: C. Bartel and R. Saavedra, “The Collective
Construction of Work Group Moods,” Administrative Science Quarterly 45
(2000): 187-231.
18 Nurses and accountants tracking moods: Peter Totterdell et al., “Evidence of

Mood Linkage in Work Groups,” Journal of Personality and Social Psychology
74 (1998): 1504-1515.
19 Sports teams: Peter Totterdell, “Catching Moods and Hitting Runs: Mood
4QVSIOMIVL;]JRMK\Q^M8MZNWZUIVKMQV8ZWNM[[QWVIT;XWZ\[<MIU[º2W]ZVITWN
Applied Psychology 85, no. 6 (2000): 848-859.
20 The leadership ripple effect: See Wallace Bachman, “Nice Guys Finish
First: A SYMLOG Analysis of U.S. Naval Commands,” in The SYMLOG
Practitioner: Applications of Small Group Research, eds. Richard Brian Polley,
A. Paul Hare, and Philip J. Stone (New York: Praeger, 1988).
21 The leader’s emotional impact in work groups: Anthony T. Pescosolido,

“Emotional Intensity in Groups” (Ph.D. diss., Department of Organizational
Behavior, Case Western Reserve University, 2000).
108
22 Leaders as the managers of meaning: Howard Gardner, Leading Minds: An

Anatomy of Leadership (New York: Basic Books, 1995).
23 Informal leaders: V. U. Druskat and A. T. Pascosolido, “Leading Self-

Managing Work Teams from the Inside: Informal Leader Behavior and Team
Outcomes.” Submitted for publication, 2001.
24 Moods, contagion, and work performance: Sigal Barsade and Donald E.

Gibson, “Group Emotion: A View from the Top and Bottom,” in Research on
Managing Groups and Teams, eds. D. Gruenfeld et al. (Greenwich, CT: JAI
Press, 1998).
25 Smiles the most contagious: Robert Levenson and Anna Ruef, “Emotional
Knowledge and Rapport,” in Empathic Accuracy, ed. William Ickes (New York:
Guilford Press, 1997).
26 Laughter is involuntary: Meredith Small, “More Than the Best Medicine,”

;KQMV\QÅK)UMZQKIV)]O][\
27 4I]OP\MZ Q[ ¹JZIQV \W JZIQVº" :WJMZ\ 8ZW^QVM 4I]OP\MZ" ) ;KQMV\QÅK
Investigation (New York: Viking Press, 2000), 133.
28 Laughter episodes: Ibid.
29 Good moods in a leader mean lower voluntary turnover: See, for example,
Jennifer M. George and Kenneth Bettenhausen, “Understanding Prosocial
Behavior, Sales Performance, and Turnover: A Group-Level Analysis in Service
Context,” Journal of Applied Psychology 75, no. 6 (1990): 698-706.
30 Sober mood and high-risk decisions: R. C. Sinclair, “Mood, Categorization

Breadth, and Performance Appraisal,” Organizational Behavior and Human
Decision Processes 42 (1988): 22-46.
31 Anger and leadership: Jennifer M. George, “Emotions and Leadership:

The Role of Emotional Intelligence,” Human Relations 53, no. 8 (2000): 1027-
1055.
32 Moods perpetuate themselves: A voluminous literature shows the self-

reinforcing effect of moods. See, for example, Gordon H. Bower, “Mood
Congruity of Social Judgments,” in Emotion and Social Judgments, ed. Joseph
Forgas (Oxford: Pergamon Press, 1991), 31-53.
33 The Yale study of mood and performance: Sigal Barsade, “The Ripple
Effect: Emotional Contagion in Groups,” working paper 98, Yale School of
109
Management, New Haven, Connecticut, 2000.
34 Bosses and bad feelings: John Basch and Cynthia D. Fisher, “Affective
-^MV\[-UW\QWV[5I\ZQ`")+TI[[QÅKI\QWVWN 2WJ:MTI\ML-^MV\[IVL-UW\QWV[
Experienced in the Workplace,” in Emotions in the Workplace: Research,
Theory and Practice, ed. N. Ashkanasy, W. Zerbe, and C. Hartel (Westport,
CT: Quorum Books, 2000), 36-48.
35 Distress impairs empathy and social skill: Jeffrey B. Henriques and Richard
J. Davidson, “Brain Electrical Asymmetries during Cognitive Task Performance
QV ,MXZM[[ML IVL 6WVLMXZM[[ML ;]JRMK\[º *QWTWOQKIT 8[aKPQI\Za !!"
1039-1050.
36-UW\QWV[ZMÆMK\Y]ITQ\aWN _WZSTQNM"+aV\PQI,.Q[PMZIVL+PZQ[\WXPMZ;
Noble, “Affect and Performance: A Within Persons Analysis” (paper presented
at the Annual Meeting of the Academy of Management, Toronto, 2000).
37 Job satisfaction is not the same as feeling good while working: Cynthia D.
Fisher, “Mood and Emotions while Working: Missing Pieces of Job Satisfaction?
,” Journal of Organizational Behavior 21 (2000): 185 -202. See also Howard
Weiss, Jeffrey Nicholas, and Catherine Daus, “An Examination of the Joint
Effects of Affective Experiences and Job Beliefs on Job Satisfaction and
Variations in Affective Experiences over Time,” Organizational Behavior and
Human Decision Processes 78, no. 1 (1999): 1-24.
38 5MV\IT JMVMÅ\[ WN OWWL UWWL[" ;MM ) 5 T[MV ¹8W[Q\Q^M )NNMK\º QV
Handbook of Cognition and Emotion, eds. Tim Dalgleish and ) Mick J. Power
(Chichester, England: Wiley, 1999.
39 Good moods and performance: See C. D. Fisher and C. S. Noble, “Emotion

and the Illusory Correlation between Job Satisfaction and Job Performance”
(paper presented at the second Conference on Emotions in Organizational Life,
Toronto, August 2000).
40 Insurance sales: Martin E. Seligman and Peter Schulman, “The People

Make the Place,” Personnel Psychology 40 (1987): 437-453.
41<PMQUXIK\WN P]UWZWV_WZSMNNMK\Q^MVM[["<PMÅVLQVO[IZMZM^QM_MLQV:
W. Clouse and K. L. Spurgeon, “Corporate Analysis of Humor,” Psychology:
A Journal of Human Behavior 32 (1995): 1-24.
42 CEOs and their top management team: Sigal G. Barsade, Andrew J.

Ward, et al. “To Your Heart’s Content: A Mode of Affective Diversity in Top
Management Teams,” Administrative Science Quarterly 45 (2000): 802-836.
110
43 Improvement in service climate drives increase in revenue: Lyle Spencer,

paper presented at the meeting of the Consortium for Research on Emotional
Intelligence in Organizations (Cambridge, Massachusetts, 19 April 2001).
44 Poor customer service rep morale and decline in revenues: Schneider and
Bowen, Winning the Service Game.
45 5WWL INNMK\[ KIZLQIK KIZM ]VQ\ *MVRIUQV ;KPVMQLMZ IVL , - *W_MV
Winning the Service Game (Boston: Harvard Business School Press, 1995).
46 Mood, customer service, and sales: George and Bettenhausen, “Understanding

Prosocial Behavior.”
47 The analysis linking climate to business performance: David McClelland,

“Identifying Competencies with Behavioral-Event Interviews,” Psychological
Science 9 (1998): 331-339; Daniel Williams, “Leadership for the 21st Century:
Life Insurance Leadership Study”(Boston: LOMA/Hay Group, 1995).
48 More technically, the styles were found to account for 53 to 72 percent of

the variance in organizational climate. See Stephen P. Kelner Jr., Christine
A. Rivers, and Kathleen H, O’Connell, “Managerial Style as a Behavioral
Predictor of Organizational Climate” (Boston: McBer & Company, 1996).
49 Amy Arnsten, “The Biology of Being Frazzled,” Science 280 (1998), pp.
1711-13.
50 On stress intensity and impairment, see J. T. Noteboom et al., ‘’Activation of

the Arousal Response and Impairment of Performance Increase with Anxiety
and Stressor Intensity,” Journal of Applied Physiology 91 (2001), pp. 2039-10l.
51 Though that dysfunction holds for the brain’s temporarily crippled executive
centers, the brain still makes a hedged bet that can work well. Consider studies
WN XMWXTM ]VLMZ M`\ZMUM [\ZM[[ QV [M\\QVO[ TQSM ÅZMPW][M[ KWUJI\ ]VQ\[ IVL
basketball teams. Under dire pressure, the most seasoned leaders did best by
ZMTaQVOWVPIJQ\[IVLM`XMZ\Q[MNWZUMLW^MZaMIZ[)ÅZMKIX\IQVNWZQV[\IVKM
KW]TLLQZMK\PQ[ÅZMUMVIUQL\PMKPIW\QK]VKMZ\IQV\aIVL\MZZWZWN IJTIbMJa
trusting intuitions forged in a long history of similar situations. While old-timers
instinctively know what to do in such high-intensity moments, for a novice the
best theory can fail. See Fred Fiedler, “The Curious Role of Cognitive Resources
in Leadership,” in Ronald E. Riggio et al., eds., Multiple Intelligences and
Leadership (Mahwah, N.J.: Erlbaum, 2002).
52 7V JZIQV KWZZMTI\M[ WN [ILVM[[ IVL RWa [MM )V\WVQW : ,IUI[QW M\ IT
“Subcortical and Cortical Brain Activity During the Feeling of Self-generated
111
Emotions,” Nature Neuroscience 3 (2002), pp. 1049-56.
53 Positive moods, for example, can make people more realistic; when people
who are feeling good have an important goal that they want to achieve, they
will seek out potentially useful information even when it might be negative and
upsetting. See, for example, L. G. Aspinwall, “Rethinking the Role of Positive
Affect in Self-regulation,” Motivation and Emotion 22 (1998), pp. 1-32. On the
other hand, an elevated mood is not necessarily best for every task: being too
giddy bodes poorly for detail work like checking a contract. Indeed, negative
moods can sometimes make our perceptions more realistic rather than overly
rosy. At the right time, it pays to get serious. For a further review, see Neal
M. Ashkanasy, “Emotions in Organizations: A Multi-level Perspective,” in
Neal Ashkanasy et al” eds., Emotions in the Workplace: Research, Theory, and
Practice (Westport, Conn.: Quorum BOOks, 2000).
54 On radiologists’ diagnoses, see C. A. Estrada et al., “Positive Affect

Facilitates Integration of Information and Decreases Anchoring in Reasoning
Among Physicians,” Organizational Behavior and Human Decision Processes
72 (1997), pp.1l7-35.
55)V`QM\aMZWLM[KWOVQ\Q^MMNÅKQMVKa.WZMÌUXTM[\]LMV\[_Q\PUI\PIV`QM\a
have less capacity in their working memory when they tackle a math problem.
Their anxiety occupies the attentional space they need for math, impairing their
ability to solve math problems or grasp new concepts. See Mark Ashcroft and
Elizabeth Kirk, “The Relationship Among Working Memory, Math Anxiety,
and Performance,” Journal of Experimental Psychology 130, no. 2 (2001),
pp.224-27.
56 On cortisol and the inverted U, see Heather C. Abercrombie et al., “Cortisol

Variation in Humans Affects Memory for Emotionally Laden and Neutral
Information,” Behavioral Neuroscience 117 (2003), pp. 505-16.
57 In describing the relationship between mood and performance in terms

WN \PM QV^MZ\ML = 1 IU W^MZ[QUXTQNaQVO I JQ\ -^MZa UIRWZ MUW\QWV PI[ Q\[
LQ[\QVK\Q^MQVÆ]MVKMWVPW__M\PQVS7]ZUWWL[[_IaW]ZR]LOUMV\[#_PMV
we are in a sour mood, we more readily dislike what we see; in contrast, we are
more forgiving or appreciative while we are upbeat. See Neal M. Ashkanasy,
“Emotions in Organizations: A Multilevel Perspective,” in Neal Ashkanasy et
al., eds., Emotions in the Workplace: Research, Theory, and Practice (Westport,
+WVV"9]WZ]U*WWS[?PQTMOWWLUWWL[PI^MOZMI\JMVMÅ\[VMOI\Q^M
MUW\QWV[KIVJM][MN]TQV[XMKQÅK[Q\]I\QWV[¹*ILºUWWL[KIVMVPIVKMKMZ\IQV
kinds of performance, such as attending to detail in a search for errors or making
ÅVMZLQ[\QVK\QWV[IUWVOKPWQKM[<PQ[UWWL\I[SÅ\PI[JMMVUIXXMLQVUWZM
detail in the work of John Mayer at the University of New Hampshire.
112
For a review of how moods affect performance, see David Caruso et al.,
The Emotionally Intelligent Manager (San Francisco: Jossey Bass, 2004).
6M]ZW[KQMV\Q[\[PI^M[\IZ\ML\WUIX\PM[XMKQÅK_Ia[LQNNMZMV\MUW\QWVIT[\I\M[
might boost various intellectual abilities. In the mild mood range at least, moods
KIV NIKQTQ\I\M [XMKQÅK \I[S[IVL WV I TQUQ\ML ZIVOM WN [XMKQÅK \I[S[ VMOI\Q^M
moods help at times and positive moods sometimes hurt. For instance, anxiety (at
TMI[\I\\PMTM^MT[QV[\QTTMLJa_I\KPQVOIKTQXWN IPWZZWZÅTU[MMU[\WI]OUMV\
tasks largely processed by the right prefrontal cortex, such as face recognition.
-VRWaUMV\ QVL]KML Ja _I\KPQVO I KWUMLa MVPIVKM[ TMN\PMUQ[XPMZM \I[S[
such as verbal performance. See Jeremy R. Gray et al., “Integration of Emotion
and Cognition in the Lateral Prefrontal Cortex,” Proceedings of the National
Academy of Sciences 199 (2002), pp. 4115-20.
58 Much the same argument has been made in George and Bettenhausen,
“Understanding Prosocial Behavior”; and in Neal N1. Ashkanasy and Barry
Tse, “Transformational Leadership as Management of Emotion: A Conceptual
Review,” in Neal M. Ashkanasy, Charmine E. J. Hartel, and Wilffred J. Zerbe,
Emotions in the Workplace: Research, Theory and Practice (Westport, CT:
Quorum Books, 2000), 221-235.
The Sweet Spot for Achievement

59 Amy Arnsten, “The Biology of Being Frazzled,” Science 280 (1998), pp.
1711-13.
60 Thomas Sy et al., “The Contagious Leader: Impact of the Leader’s Mood

on the Mood of Group Members, Group Affective Tone, and Group Processes,”
Journal of Applied Psychology 90 (2005), pp. 295-305.
61 M. T. Dasborough, “Cognitive Asymmetry in Employee Emotional Reactions

to Leadership Behaviors,” Leadership Quarterly, 17 (2006), pp. 163-178.
62 Neal Ashkanasy et al., “Managing Emotions in a Changing Workplace,” in

Ashkanasy et al., Emotions in the Workplace.
63 James Harter, Gallup Organization, unpublished report, December 2004.
64 The poll is cited in Amy Zipldn, “The Wisdom of Thoughtfulness,” New

York Times, May 31, 2000, p. C5.
113
PERMISSIONS
DĂŶĂŐŝŶŐtŝƚŚ,ĞĂƌƚ
ĚĂƉƚĞĚĨƌŽŵŵŽƟŽŶĂů/ŶƚĞůůŝŐĞŶĐĞ͕ĐŽƉǇƌŝŐŚƚΞϭϵϵϱďǇĂŶŝĞů
>B@/G2,U$ d+/:$ Q.$ )/(G*++*B,$ BM$ J2,42G$ JBB8+R$ 2$ :*N*+*B,$ BM$
?2,:BG$6B'+/R$C,IU
tŚĂƚDĂŬĞƐĂ>ĞĂĚĞƌ͍
ĚĂƉƚĞĚĨƌŽŵƚŚĞ,ĂƌǀĂƌĚƵƐŝŶĞƐƐZĞǀŝĞǁ͕:ĂŶƵĂƌǇϮϬϬϰ
>ĞĂĚĞƌƐŚŝƉƚŚĂƚ'ĞƚƐZĞƐƵůƚƐ
ĚĂƉƚĞĚĨƌŽŵƚŚĞ,ĂƌǀĂƌĚƵƐŝŶĞƐƐZĞǀŝĞǁ͕DĂƌĐŚ͕ϮϬϬϬ
dŚĞ'ƌŽƵƉ/Y
%:2)4/:$M(BG$ŵŽƟŽŶĂů/ŶƚĞůůŝŐĞŶĐĞ͕ĐŽƉǇƌŝŐŚƚΞϭϵϵϱďǇĂŶŝĞů
?2,:BG$6B'+/R$C,IU
WƌŝŵĂů>ĞĂĚĞƌƐŚŝƉ
%:2)4/:$M(BG$WƌŝŵĂů>ĞĂĚĞƌƐŚŝƉ͗ZĞĂůŝǌŝŶŐdŚĞWŽǁĞƌŽĨŵŽƟŽŶĂů
/ŶƚĞůůŝŐĞŶĐĞ͕ ĐŽƉǇƌŝŐŚƚ Ξ ϮϬϬϮ ďǇ ĂŶŝĞů 'ŽůĞŵĂŶ͘ hƐĞĚ ďǇ
)/(G*++*B,$BM$62(N2(:$J'+*,/++$&I5BB@$F(/++
dŚĞ^ǁĞĞƚ^ƉŽƚĨŽƌĐŚŝĞǀĞŵĞŶƚ
%:2)4/:$ \(BG$ ^ŽĐŝĂů /ŶƚĞůůŝŐĞŶĐĞ͗ dŚĞ EĞǁ ^ĐŝĞŶĐĞ ŽĨ ,ƵŵĂŶ
ZĞůĂƟŽŶƐŚŝƉƐ ďǇ ĂŶŝĞů 'ŽůĞŵĂŶ͕ ĐŽƉǇƌŝŐŚƚ Ξ ϮϬϬϲ ďǇ ĂŶŝĞů
?2,:BG$6B'+/R$C,IU
ƉƉĞŶĚŝǆ
%:2)4/:$M(BG$WƌŝŵĂů>ĞĂĚĞƌƐŚŝƉ͗ZĞĂůŝǌŝŶŐdŚĞWŽǁĞƌŽĨŵŽƟŽŶĂů
/ŶƚĞůůŝŐĞŶĐĞ͕ ĐŽƉǇƌŝŐŚƚ Ξ ϮϬϬϮ ďǇ ĂŶŝĞů 'ŽůĞŵĂŶ͘ hƐĞĚ ďǇ
)/(G*++*B,$BM$62(N2(:$J'+*,/++$&I5BB@$F(/++

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Leadership:

The Brain and Emotional Intelligence: New Insights

Resonant Leadership: Inspiring Others Through Emotional

!$ (/G/GQ/($ 52N*,-$ 45/$ 45B'-54R$ S'+4$ Q/MB(/$ ŵŽƟŽŶĂů

*,4/@@*-/,I/$ IBG)/4/,I*/+$ G'+5(BBG/:R$ 45/.$ +52(/:$ L*45$ G/$

The Competency Framework

MANAGING WITH HEART

Adapted from Emotional Intelligence

$ "/@Q'(,$ 1IJ(BBG$ L2+$ 2$ :BG*,//(*,-$ QB++R$ L*45$ 2$

,Ğ ǁĂƐ Ă ƐĞĂƐŽŶĞĚ ĞŶŐŝŶĞĞƌ͕ ŚĞĂĚŝŶŐ Ă ƐŽŌǁĂƌĞ ĚĞǀĞůŽƉŵĞŶƚ

ͻ Ğ ƐƉĞĐŝĮĐ͘ WŝĐŬ Ă ƐŝŐŶŝĮĐĂŶƚ ŝŶĐŝĚĞŶƚ͕ ĂŶ ĞǀĞŶƚ ƚŚĂƚ

ͻ KīĞƌ Ă ƐŽůƵƟŽŶ͘ dŚĞ ĐƌŝƟƋƵĞ͕ ůŝŬĞ Ăůů ƵƐĞĨƵů ĨĞĞĚďĂĐŬ͕

WHAT MAKES A LEADER?

Adapted from The Harvard Business Review

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^ĞůĨͲĂǁĂƌĞŶĞƐƐ ŝƐ ƚŚĞ ĮƌƐƚ ĐŽŵƉŽŶĞŶƚ ŽĨ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ

ƉĞƌĨŽƌŵĂŶĐĞ͘ ^ŚĞ ĞĂŐĞƌůǇĂƩĞŶĚĞĚ ƚƌĂŝŶŝŶŐ ƐĞƐƐŝŽŶƐ ʹ ƐŽŵĞ ŽĨ

dŚĞ ĮƌƐƚ ƚǁŽ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ĞŵŽƟŽŶĂů ŝŶƚĞůůŝŐĞŶĐĞ ĂƌĞ ƐĞůĨͲ

ƚŽ ŬŶŽǁ ŝŶƚƵŝƟǀĞůǇ ƚŚĂƚ ůĞĂĚĞƌƐ ŶĞĞĚ ƚŽ ŵĂŶĂŐĞ ƌĞůĂƟŽŶƐŚŝƉƐ

LEADERSHIP THAT GETS

Adapted From The Harvard Business Review

ĐƵƐƚŽŵĞƌ͛Ɛ ƉĞƌƐƉĞĐƟǀĞ͘ ƵƐƚŽŵĞƌƐ ǁĂŶƚ ĐŽŶǀĞŶŝĞŶĐĞ͕ ŚĞ ƐĂŝĚ͘

ĂƵƚŚŽƌŝƚĂƟǀĞ ůĞĂĚĞƌ ƐƚĂƚĞƐ ƚŚĞ ĞŶĚ ďƵƚ ŐĞŶĞƌĂůůǇ ŐŝǀĞƐ ƉĞŽƉůĞ

%$ )(B:'I4$ ',*4$ 24$ 2$ -@BQ2@$ IBG)'4/($ IBG)2,.$ 52:$ +//,$ +2@/+$

ƚŚĞ ƐŝƚƵĂƟŽŶ ďǇ ƵŶƐƟŶƟŶŐůǇ ƐŚŽǁŝŶŐ ĞŵŽƟŽŶĂů ŚŽŶĞƐƚǇ ĂŶĚ

MOVES WHEN CHANGE

CREATES TO HEAL RIFTS

VALUES TO BUILD BUY IN

OFTEN HIGHLY TO GET HIGH

ŵŽƌĞ ĞīĞĐƟǀĞůǇ͘ <ŶŽǁůĞĚŐĞͲďĂƐĞĚ ƐĞƌǀŝĐĞƐ ĂŶĚ ŝŶƚĞůůĞĐƚƵĂů

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ǁŽƌŬ͖ ƵƉďĞĂƚ ŵŽŽĚƐ ďŽŽƐƚ ĐŽŽƉĞƌĂƟŽŶ͕ ĨĂŝƌŶĞƐƐ͕ ĂŶĚ ďƵƐŝŶĞƐƐ

45/$ Q(2*,U$ P'+4BG/($ +/(N*I/$ SBQ+$ 2(/$ ,B4B(*B'+@.$ +4(/++M'@R$ L*45$

THE SOCIAL BRAIN

$ .Ğ ĂƌĞ ĐŽŶƐƚĂŶƚůǇ ŝŵƉĂĐƟŶŐ ƚŚĞ ďƌĂŝŶ ƐƚĂƚĞƐ ŝŶ ŽƚŚĞƌ

Q(2*,R$ 45(B'-5$ I*(I'*4(.$ @*8/$ 45/$ G*((B($ ,/'(B,$ +.+4/GU$ F/(+B,Y

THE SWEET SPOT

WůŽƫŶŐ ƚŚĞ ƌĞůĂƟŽŶƐŚŝƉ ďĞƚǁĞĞŶ ŵĞŶƚĂů ĂĚĞƉƚŶĞƐƐ ;ĂŶĚ

Stress Hormones and Performance

Low Boredom Stress

tŚĞŶĞǀĞƌ Ă ŵĞĞƟŶŐ ƚŚƌĞĂƚĞŶĞĚ ƚŽ ůĂƉƐĞ ŝŶƚŽ ŵĂůĂŝƐĞ͕ ƚŚĞ

dŚŝƐ ĞŵŽƟŽŶĂů ƉŽƚĞŶĐǇ ǁĂƐ ƚĞƐƚĞĚ ǁŚĞŶ ĮŌǇͲƐŝǆ ŚĞĂĚƐ

*,4/@@*-/,4$ @/2:/($ 5/@)+$ )/B)@/$ IB,42*,$ 2,:$ (/IBN/($ M(BG$ 45/*($

GOOD BOSS BAD BOSS

GREAT LISTENER BLANK WALL

͞ĨĂŵŝůǇ͕͟ Ă ŐƌŽƵƉ ŝŶ ǁŚŝĐŚ ŵĞŵďĞƌƐ ĨĞĞů Ă ƐƚƌŽŶŐ ĞŵŽƟŽŶĂů

ͻ ŵŽƟŽŶĂů ƐĞůĨͲĂǁĂƌĞŶĞƐƐ͘ >ĞĂĚĞƌƐ ŚŝŐŚ ŝŶ ĞŵŽƟŽŶĂů ƐĞůĨ

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ͻ ^ĞůĨͲĐŽŶĮĚĞŶĐĞ͘ <ŶŽǁŝŶŐ ƚŚĞŝƌ ĂďŝůŝƟĞƐ ǁŝƚŚ ĂĐĐƵƌĂĐǇ ĂůůŽǁƐ

ͻ ^ĞůĨͲĐŽŶƚƌŽů͘ >ĞĂĚĞƌƐ ǁŝƚŚ ĞŵŽƟŽŶĂů ƐĞůĨͲĐŽŶƚƌŽů ĮŶĚ ǁĂǇƐ ƚŽ

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ͻ ĚĂƉƚĂďŝůŝƚǇ͘ >ĞĂĚĞƌƐ ǁŚŽ ĂƌĞ ĂĚĂƉƚĂďůĞ ĐĂŶ ũƵŐŐůĞ ŵƵůƟƉůĞ

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ͻ /ŶŇƵĞŶĐĞ͘ /ŶĚŝĐĂƚŽƌƐ ŽĨ Ă ůĞĂĚĞƌ͛Ɛ ƉŽǁĞƌƐ ŽĨ ŝŶŇƵĞŶĐĞ ƌĂŶŐĞ

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3 The survey of 250 executives: Michael Maccoby, “The Corporate Climber

5 The survey of times managers blew up was done by Robert Baron, a

Managing With Heart

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10 The usefulness of informal networks is noted by David Krackhardt and

14 Emotional mirroring: Robert Levenson, University of California at Berkeley,

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ͻ Ğ ƐƉĞĐŝĮĐ͘ WŝĐŬ Ă ƐŝŐŶŝĮĐĂŶƚ ŝŶĐŝĚĞŶƚ͕ ĂŶ ĞǀĞŶƚ ƚŚĂƚ

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ĐƵƐƚŽŵĞƌ͛Ɛ ƉĞƌƐƉĞĐƟǀĞ͘ ƵƐƚŽŵĞƌƐ ǁĂŶƚ ĐŽŶǀĞŶŝĞŶĐĞ͕ ŚĞ ƐĂŝĚ͘

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ͻ ŵŽƟŽŶĂů ƐĞůĨͲĂǁĂƌĞŶĞƐƐ͘ >ĞĂĚĞƌƐ ŚŝŐŚ ŝŶ ĞŵŽƟŽŶĂů ƐĞůĨ

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