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AND ISSUER PURCHASES OF EQUITY SECURITIESSales PriceHighLowFiscal Year Ending December 31, 2017Fourth QuarterThird QuarterSecond QuarterFirst QuarterFiscal Year Ending December 31, 2016Fourth Quarter (from October 28, 2016)ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATAYear ended December 31,20172016201520142013(in thousands, except share and per share data)Consolidated Statements of Operations Data:Net salesIncome from operationsNet incomeLess: Net income attributable to noncontrolling interestsNet income (loss) attributable to Acushnet Holdings Corp.Dividends earned by preferred shareholders—Allocation of undistributed earnings to preferred shareholdersNet income (loss) attributable to common shareholders—basicNet income (loss) attributable to common shareholders—diluted(1)Per Share Data:Net income (loss) per common share attributable to Acushnet Holdings Corp.—basic(2)Net income (loss) per common share attributable to Acushnet Holdings Corp.—diluted(3)Weighted average number of common shares—basic(2)Weighted average number of common shares—diluted(3)Cash dividends declared per common share:Balance Sheet Data:Unrestricted Cash(4)Current assets less current liabilities, excluding the current portion of our long term debt and EAR Plan liabilityTotal assetsCommon stock warrant liabilityLong term debt, net of discount, including current portion, and capital lease obligations(5)EAR Plan liability, including current portion(6)Total liabilitiesConvertible Preferred StockTotal equity attributable to Acushnet Holdings Corp.Total shareholders' equityResults of OperationsYear ended December 31,(in thousands)Cost of goods soldGross profitOperating expenses:Selling, general and administrativeResearch and developmentIntangible amortizationRestructuring chargesInterest expense, netOther (income) expense, netIncome before income taxesIncome tax expenseNet income (loss) attributable to Acushnet Holdings Corp.Adjusted EBITDA:Depreciation and amortizationEAR Plan(a)Shared-based compensation(b)One-time executive bonus(c)Restructuring charges(d)Transaction fees(e)Beam indemnification expense (income)(f)Losses on the fair value of our common stock warrants(g)Other non-cash gains, netNonrecurring income(h)Net income attributable to noncontrolling interests(i)Adjusted EBITDAAdjusted EBITDA margin14.3%14.5%Net SalesYear endedConstant CurrencyDecember 31,Increase/(Decrease)$ change% changeUnited States(1.8)%EMEA(2.3)%1.0%Japan(8.1)%(4.6)%Korea13.9%11.3%Rest of world0.5%(0.3)%Total sales(0.8)%(0.2)%Segment ResultsTitleist golf balls(0.4)%(0.1)%Titleist golf clubs(7.7)%(6.9)%Titleist golf gear4.9%5.2%FootJoy golf wear2.0%Segment operating income(1)0.8%(38.6)%36.8%39.0%Year ended4.5%9.9%20.2%7.6%21.4%24.4%(3.9)%(0.6)%4.6%(4.0)%(3.7)%11.0%9.8%5.3%5.5%3.4%3.6%December 31,(17.6)%50.3%(27.2)%Cash FlowsCash flows provided by (used in):Operating activitiesInvesting activitiesFinancing activitiesEffect of foreign exchange rate changes on cashNet increase (decrease) in cashContractual ObligationsPayments Due by PeriodLess than1-34-5AfterTotal1 YearYears5 YearsDebt obligations(1)$—Interest payments related to debt obligations(2)Capital lease obligationsPension and other postretirement benefit obligationsPurchase obligations(3)Operating lease obligations(4)Exhibit
NumberDescriptionAmended and Restated Certificate of Incorporation of Acushnet Holdings Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8‑K filed on November 2, 2016 (No. 001‑37935)).Amended and Restated Bylaws of Acushnet Holdings Corp. (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8‑K filed on November 2, 2016 (No. 001‑37935)).10.1†Form of Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement under the Acushnet Holdings Corp. 2015 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.7 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).10.2†Form of Performance Stock Unit Grant Notice and Performance Stock Unit Agreement under the Acushnet Holdings Corp. 2015 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.8 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).10.3†Acushnet Executive Severance Plan (as amended and restated effective April 29, 2016) (incorporated by reference to Exhibit 10.9 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).10.4†Acushnet Company Supplemental Retirement Plan (as amended and restated effective December 31, 2015) (incorporated by reference to Exhibit 10.10 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).10.5†Acushnet Company Amended and Restated Trust Agreement, dated as of August 31, 2016 (incorporated by reference to Exhibit 10.11 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).10.6†Amended and Restated Change in Control Agreement between Acushnet Company and Walter R. Uihlein, dated as of July 19, 2013, as amended April 29, 2016 (incorporated by reference to Exhibit 10.12 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).10.7†Amended and Restated Severance Agreement between Acushnet Company and Walter R. Uihlein, dated as of July 19, 2013, as amended April 29, 2016 (incorporated by reference to Exhibit 10.13 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).10.8†Acushnet Company Walter R. Uihlein Trust Agreement dated as of January 1, 2003 (incorporated by reference to Exhibit 10.14 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).10.9†Amended and Restated Acushnet Company Excess Deferral Plan II (effective July 29, 2011) (incorporated by reference to Exhibit 10.16 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).Senior Secured Credit Agreement, dated as of April 27, 2016 among Acushnet Holdings Corp., Acushnet Company, Acushnet Canada Inc., Acushnet Europe Limited, certain other subsidiaries party thereto, Wells Fargo Bank, National Association as the administrative agent, swingline lender and issuing bank, Wells Fargo Securities, LLC and PNC Capital Markets LLC as joint lead arrangers and joint bookrunners, PNC Capital Markets LLC as syndication agent, and the lenders from time to time party thereto (incorporated by reference to Exhibit 10.17 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).Joint Venture Agreement between Acushnet Cayman Limited and Myre Overseas Corporation, dated as of June 1, 1995 (incorporated by reference to Exhibit 10.18 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).Registration Rights Agreement, dated October 26, 2016, among the Company and the Holders (as defined therein) (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8‑K filed on November 1, 2016 (No. 001‑37935)).10.13†Form of Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement for Directors under the Acushnet Holdings Corp. 2015 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.20 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).10.14†Acushnet Holdings Corp. Independent Directors Deferral Plan (incorporated by reference to Exhibit 10.21 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).10.15†Acushnet Holdings Corp. 2015 Omnibus Incentive Plan (incorporated by reference to Exhibit 4.3 to the Registrant’s Registration Statement on Form S-8 filed on October 27, 2016 (No. 001-37935)).10.16†Letter Agreement between Acushnet Holdings Corp. and Joseph J. Nauman, dated as of April 18, 2017 (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 (No. 001-37935)).10.17†Employment Agreement between Acushnet Holdings Corp. and David E. Maher, dated as of December 22, 2017 (filed herewith).10.18†Acushnet Holdings Corp. Employee Deferral Plan (filed herewith)List of Subsidiaries (filed herewith).Consent of PricewaterhouseCoopers LLP (filed herewith).Power of Attorney (filed herewith).Certification of Periodic Report by Chief Executive Officer Pursuant to Rule 13a–14(a) or 15d–14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).Certification of Periodic Report by Chief Financial Officer Pursuant to Rule 13a–14(a) or 15d–14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).101.INSXBRL Instance Document (filed herewith).101.SCHXBRL Taxonomy Extension Schema (filed herewith).101.CALXBRL Taxonomy Extension Calculation Linkbase (filed herewith).101.DEFXBRL Taxonomy Extension Definition Linkbase (filed herewith).101.LABXBRL Taxonomy Extension Label Linkbase (filed herewith).101.PREXBRL Taxonomy Extension Presentation Linkbase (filed herewith).CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts)AssetsCurrent assetsCash and restricted cash ($13,086 and $13,811 attributable to the variable interest entity ("VIE"))Accounts receivable, netInventories ($13,692 and $14,633 attributable to the VIE)Other assetsTotal current assetsProperty, plant and equipment, net ($10,240 and $10,709 attributable to the VIE)Goodwill ($32,312 and $32,312 attributable to the VIE)Intangible assets, netDeferred income taxesOther assets ($2,738 and $2,642 attributable to the VIE)Liabilities and EquityCurrent liabilitiesShort-term debtCurrent portion of long-term debtAccounts payable ($10,587 and $10,397 attributable to the VIE)Accrued taxesAccrued compensation and benefits ($780 and $780 attributable to the VIE)Accrued expenses and other liabilities ($2,719 and $4,121 attributable to the VIE)Total current liabilitiesLong-term debt and capital lease obligationsAccrued pension and other postretirement benefits ($1,908 and $1,946 attributable to the VIE)Other noncurrent liabilities ($4,689 and $3,368 attributable to the VIE)Commitments and contingencies (Note 21)Shareholders' EquityCommon stock, $0.001 par value, 500,000,000 shares authorized; 74,479,319 and 74,093,598 shares issued and outstandingAdditional paid-in capitalAccumulated other comprehensive loss, net of taxRetained earnings (deficit)Noncontrolling interestsTotal liabilities and shareholders' equityCONSOLIDATED STATEMENTS OF OPERATIONSYear ended December 31,-Interest expense, net (Note 14)Less: Net income attributable to noncontrolling interestsNet income (loss) attributable to common shareholders - basicAdjustments to net income for dilutive securitiesNet income (loss) attributable to common shareholders - dilutedNet income (loss) per common share attributable to Acushnet Holdings Corp.:Basic$ (0.74)DilutedWeighted average number of common shares:CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(in thousands)Other comprehensive income (loss)Foreign currency translation adjustmentsForeign exchange derivative instrumentsUnrealized holding gains (losses) arising during periodReclassification adjustments included in net incomeTax benefit (expense)Foreign exchange derivative instruments, netAvailable-for-sale securitiesAvailable-for-sale securities, netPension and other postretirement benefitsPension and other postretirement benefits adjustmentsPension and other postretirement benefits adjustments, netTotal other comprehensive income (loss)Comprehensive income (loss)Less: Comprehensive income attributable to noncontrolling interestsComprehensive income (loss) attributable to Acushnet Holdings Corp.CONSOLIDATED STATEMENTS OF CASH FLOWSCash flows from operating activitiesAdjustments to reconcile net income to cash provided by (used in) operating activitiesUnrealized foreign exchange (gain) lossAmortization of debt issuance costsAmortization of discount on bonds payableChange in fair value of common stock warrantsShare-based compensationLoss on disposals of property, plant and equipmentChanges in operating assets and liabilitiesAccounts receivableInventoriesAccounts payableAccrued expenses and other liabilitiesOther noncurrent liabilitiesInterest due to related partiesCash flows provided by (used in) operating activitiesCash flows from investing activitiesAdditions to property, plant and equipmentCash flows used in investing activitiesCash flows from financing activitiesIncrease (decrease) in short-term borrowings, netProceeds from delayed draw term loan A facilityRepayment of delayed draw term loan A facilityRepayment of term loan facilityRepayment of senior term loan facilityProceeds from term loan facilityRepayment of secured floating rate notesProceeds from exercise of common stock warrantsRepayment of bondsDebt issuance costsDividends paid on common stockDividends paid on Series A redeemable convertible preferred stockDividends paid to noncontrolling interestsPayment of employee restricted stock tax withholdingsCash flows provided by (used in) financing activitiesCash and restricted cash, beginning of yearCash and restricted cash, end of periodSupplemental informationCash paid for interest to related parties$-Cash paid for interest to third partiesCash paid for income taxesNon-cash additions to property, plant and equipmentDividend equivalents declared not paidNon-cash conversion of Series A redeemable convertible preferred stockNon-cash conversion of convertible notesNon-cash conversion of common stock warrantsNon-cash exercise of stock optionsCONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITYShareholders'RedeemableAccumulatedEquityConvertibleAdditionalOtherAttributablePreferred StockCommon StockPaid-inComprehensiveRetainedto AcushnetNoncontrollingSharesAmountCapitalLossEarnings (Deficit)Holdings Corp.InterestBalances at December 31, 2014$ (41,058)$ (66,934)Net income (loss)Other comprehensive lossIssuance of common stockExercise of common stock optionsDividends declared to noncontrolling interestsBalances at December 31, 2015Conversion of redeemable convertible preferred stockConversion of convertible notesBalances at December 31, 2016Other comprehensive incomeVesting of restricted common stock,
net of shares withheld for employee taxesDividends and dividend equivalents declaredBalances at December 31, 2017$ -$ (81,691)Leases,Balance at beginning of yearBad debt expenseAmount of receivables written offForeign currency translationBalance at end of year4. InventoriesRaw materials and suppliesWork-in-processFinished goods5. Property, Plant and Equipment, NetLandBuildings and improvementsMachinery and equipmentFurniture, computers and equipmentComputer softwareConstruction in progressProperty, plant and equipment, grossAccumulated depreciation and amortizationProperty, plant and equipment, net6. Goodwill and Identifiable Intangible Assets, NetTitleistFootJoyGolf BallsGolf ClubsGolf WearGolf GearBalances at December 31, 2015Balances at December 31, 2016Balances at December 31, 2017WeightedDecember 31, 2017December 31, 2016AverageUsefulNet BookLife (Years)GrossAmortizationValueIndefinite-lived:TrademarksN/AAmortizing:Completed TechnologyCustomer RelationshipsLicensing Fees and OtherTotal intangible assetsYear ending December 31,20182019202020212022Thereafter7. Product WarrantyBalance at beginning of periodProvisionClaims paid/costs incurredBalance at end of period9. Debt and Financing ArrangementsTerm loanDelayed draw term loan A facilityRevolving credit facilityOther short-term borrowingsLess: short-term debt and current portion of long-term debtTotal long-term debt and capital lease obligationsPayments of Debt Obligations due by PeriodForeign Exchange Derivative InstrumentsBalance SheetLocationAsset derivativesOther current assetsOther noncurrent assetsLiability derivativesOther current liabilitiesGain (Loss) Recognized inOther Comprehensive Income (Loss)Type of hedgeCash flowStatement of OperationsLocation of gain (loss) in statement of operationsSelling, general and administrative expense12. Pension and Other Postretirement BenefitsPensionBenefitsPostretirement(Underfunded)(Overfunded)Change in projected benefit obligation ("PBO")Benefit obligation at December 31, 2016Service costInterest costActuarial (gain) lossSettlementsParticipants’ contributionsBenefit paymentsAdjustment for movement from underfunded to overfundedProjected benefit obligation at December 31, 2017Accumulated benefit obligation at December 31, 2017Change in plan assetsFair value of plan assets at December 31, 2016Return on plan assetsEmployer contributionsFair value of plan assets at December 31, 2017Funded status (fair value of plan assets less PBO)Change in projected benefit obligationBenefit obligation at December 31, 2015Plan amendmentsProjected benefit obligation at December 31, 2016Accumulated benefit obligation at December 31, 2016Fair value of plan assets at December 31, 2015Pension BenefitsPostretirement BenefitsAccrued compensation and benefitsAccrued pension and postretirement benefitsNet amount recognizedNet actuarial (gain) loss at beginning of yearCurrent year actuarial (gain) lossAmortization of actuarial (gain) lossCurtailment impactSettlement impactPrior service costAmortization of prior service cost (credit)Net actuarial (gain) loss at end of yearComponents of net periodic benefit costExpected return on plan assetsCurtailment incomeSettlement expenseAmortization of net (gain) lossNet periodic benefit costDiscount rate3.62%4.17%3.61%4.08%Rate of compensation increase4.01%4.02%4.16%3.92%4.30%3.90%Expected long-term rate of return on plan assets5.77%6.23%6.15%4.07%4.05%Medical and Prescription DrugHealthcare cost trend rate assumed for next year5.5%/8.5%5.50%/9.00%5.75/10.00%Rate that the cost trend rate is assumed to decline
(the ultimate trend rate)4.50%Year that the rate reaches the ultimate trend rate2024One-PercentagePoint IncreasePoint DecreaseEffect on total of service and interest costEffect on postretirement benefit obligationPlan AssetsPension Benefits – Plan AssetsQuoted Prices inSignificantActive Markets forObservableUnobservableIdentical AssetsInputs(Level 1)(Level 2)(Level 3)Asset categoryIndividual securitiesFixed incomeCommingled fundsMeasured at net asset valueEstimated Future Retirement Benefit PaymentsProvisional amountsDomestic operationsForeign operationsIncome tax expense computed at federal statutory income tax rateForeign taxes, net of creditsTransition tax (net of federal tax credits generated)US rate change related to the 2017 Tax ActNet adjustments for uncertain tax positionsState and local taxesEquity appreciation rightsTransaction costsIndemnified taxesFair value adjustment for common stock warrantsValuation allowanceDeferred chargeTax creditsMiscellaneous other, netIncome tax expense as reportedEffective income tax rate36.3%44.5%87.1%Unrecognized tax benefits at beginning of yearGross additions - prior year tax positionsGross additions - current year tax positionsGross reductions - prior year tax positionsGross reductions - Acquired tax positions settled with tax authoritiesImpact of change in foreign exchange ratesUnrecognized tax benefits at end of yearCurrent expense (benefit)ForeignCurrent income tax expense (benefit)Deferred expense (benefit)Deferred income tax expense (benefit)Total income tax expenseDeferred tax assetsCompensation and benefitsCustomer sales incentivesOther reservesMiscellaneousNet operating loss and other tax carryforwardsGross deferred tax assetsTotal deferred tax assetsDeferred tax liabilitiesProperty, plant and equipmentIdentifiable intangible assetsTotal deferred tax liabilitiesNet deferred tax assetValuation allowance at beginning of yearIncreases (decreases) recorded to income tax provisionValuation allowance at end of year14. Interest Expense and Other (Income) Expense, NetInterest expense - related partyInterest expense - third partyInterest income - third partyTotal interest expense, netLoss on fair value of common stock warrantsIndemnification (gains) lossesOther gainsTotal other (income) expense, net16. Common StockDividends per ShareAmounts
(in thousands)2017:Total dividends declaredRestricted Stock and Performance Stock UnitsWeighted-NumberofFairRSUs and PSUsOutstanding at December 31, 2015GrantedOutstanding at December 31, 2016VestedForfeitedOutstanding at December 31, 2017Equity Appreciation RightsAggregateExerciseRemainingIntrinsicAwardsPriceContractual Term1 yearSettledCompensation ExpenseTotal compensation expense before income taxIncome tax benefitTotal compensation expense, net of tax18. Accumulated Other Comprehensive Income (Loss), Net of TaxGains (Losses) onGains (Losses)Pension andCurrencyForeign Exchangeon Available-TranslationDerivativefor-SaleAdjustmentsInstrumentsSecuritiesOther comprehensive income (loss) before reclassificationsAmounts reclassified from accumulated other comprehensive lossTax benefit19. Net Income per Common ShareLess: dividends earned by preferred shareholdersLess: allocation of undistributed earnings to preferred shareholdersNet income (loss) attributable to common stockholders - basicAdjustments to net income (loss) for dilutive securitiesNet income (loss) attributable to common stockholders - dilutedSeries A preferred stockStock optionsWarrants to purchase common stockConvertible notesRSUs20. Segment InformationTotal net salesSegment operating incomeTotal segment operating incomeReconciling items:EAR expenseTransaction feesTotal income before income taxTotal depreciation and amortizationEMEA (1)Long-lived assetsRest of world (2)Total long-lived assetsPurchase ObligationsPurchase obligationsLease CommitmentsTotal minimum rental paymentsOther LitigationQuarter ended (unaudited)September 30,June 30,March 31,Net income attributable to Acushnet Holdings Corp.Net income per common share attributable to Acushnet Holdings Corp.:$ (0.02)$ (0.38)SUBSIDIARIES OF THE REGISTRANTNameState or Other Jurisdiction
of Incorporation or
OrganizationAcushnet CompanyDelawareAASI, Inc.ACTM LLCAcushnet Australia Pty. Ltd.AustraliaAcushnet Canada Inc.CanadaAcushnet Cayman LimitedCayman IslandsAcushnet Danmark ApSDenmarkAcushnet Espana, S.L.U.SpainAcushnet Europe Ltd.United KingdomAcushnet FootJoy (Thailand) LimitedThailandAcushnet France S.A.S.FranceAcushnet GmbHGermanyAcushnet Golf Products Trading (Shenzhen) Co. Ltd.ChinaAcushnet Golf (Thailand) LimitedAcushnet Hong Kong LimitedHong KongAcushnet International Inc.Acushnet Ireland LimitedIrelandAcushnet Japan, Inc.Acushnet Korea Co., Ltd.South KoreaAcushnet Malaysia Sdn. Bhd.MalaysiaAcushnet Nederland B.V.NetherlandsAcushnet Netherlands Manufacturing B.V.Acushnet Netherlands Manufacturing C.V.Acushnet Netherlands Services B.V.Acushnet New Zealand LimitedNew ZealandAcushnet Osterreich GmbHAustriaAcushnet Singapore Pte Ltd.SingaporeAcushnet South Africa (Pty.) Ltd.South AfricaAcushnet Sverige AktiebolagSwedenAcushnet Titleist (Thailand) LimitedWebb Acquisition Co.POWER OF ATTORNEYSignatureCapacityDate/s/ DAVID MAHERPresident and Chief Executive Officer (Principal Executive Officer)March 7, 2018David Maher/s/ WILLIAM BURKEExecutive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
Senior Vice President, Finance and Chief Accounting Officer (Principal Accounting Officer)March 7, 2018
March 7, 2018William Burke/s/ THOMAS PACHECOThomas Pacheco/s/ YOON SOO YOONChairmanYoon Soo (Gene) Yoon/s/ JENNIFER ESTABROOKDirectorJennifer Estabrook/s/ GREGORY HEWETTGregory Hewett/s/ CHRISTOPHER METZChristopher Metz/s/ SEAN SULLIVANSean Sullivan/s/ STEVEN TISHMANSteven Tishman/s/ WALTER UIHLEINWalter Uihlein/s/ DAVID VALCOURTDavid Valcourt/s/ NORMAN WESLEYNorman WesleyAcushnet Holdings CorpName: David MaherPresident and Chief Executive Officerw/s/WILLIAM BURKEName: William BurkeExecutive Vice President, Chief Financial Officer and TreasurerWAL/s/DAVID MAHERPK ! d docProps/app.xml
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