<SEC-DOCUMENT>0001104659-24-057999.txt : 20240507
<SEC-HEADER>0001104659-24-057999.hdr.sgml : 20240507
<ACCEPTANCE-DATETIME>20240507160859
ACCESSION NUMBER:		0001104659-24-057999
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240507
DATE AS OF CHANGE:		20240507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Chubb Ltd
		CENTRAL INDEX KEY:			0000896159
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11778
		FILM NUMBER:		24921881

	BUSINESS ADDRESS:	
		STREET 1:		BARENGASSE 32
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001
		BUSINESS PHONE:		41 0 43 456 7600

	MAIL ADDRESS:	
		STREET 1:		BARENGASSE 32
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHUBB Ltd
		DATE OF NAME CHANGE:	20160115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACE Ltd
		DATE OF NAME CHANGE:	20091216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACE LTD
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2413778d1_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<html><head><title></title></head><body link=blue lang="EN-US"><P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington,&nbsp;D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE&nbsp;14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">Proxy
Statement Pursuant to Section&nbsp;14(a) of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the Securities Exchange Act of 1934 (Amendment
No.&nbsp;&nbsp;&nbsp;&nbsp;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;</B>Preliminary
Proxy Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;Confidential,
for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2)) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Definitive
Proxy Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;&nbsp;&nbsp;Definitive
Additional Materials</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
Material Pursuant to &sect;&nbsp;240.14a-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.35pt; text-align: justify; text-indent: -18.35pt">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Chubb Limited
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if
Other Than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payment of Filing Fee (Check the appropriate
box):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.3pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify">No fee required</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.3pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Fee paid previously with
                                            preliminary materials</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.3pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Fee computed on table in exhibit required by Item
                                            25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2413778d1_defa14a-img01.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May&nbsp;7, 2024, Chubb Limited submitted the following
response to Institutional Shareholder Services (ISS) on ISS&rsquo; proxy research report relating to Chubb&rsquo;s 2024 Annual
General Meeting of Shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chubb respectfully requests that ISS consider the following points
of correction and clarification with respect to the recommendations and analyses of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Agenda Item 15 (shareholder proposal on Scope 3 greenhouse gas emissions reporting);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Agenda Item 16 (shareholder proposal on pay gap reporting); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Agenda Item 14 (approval of the Sustainability Report).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further detail is provided below. We would be happy to discuss with
ISS at any available opportunity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Agenda Item 15 &ndash; Shareholder proposal on Scope 3 greenhouse
gas emissions reporting</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ISS reports that Chubb already meets or exemplifies all of ISS&rsquo;
climate disclosure pillars in its Climate Awareness Scorecard, and concludes Chubb has &ldquo;higher&rdquo; disclosure with a score of
3/10 under ISS&rsquo; QualityScore measure for Carbon and Climate and for Environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Despite Chubb&rsquo;s exemplary climate disclosure by ISS&rsquo; assessment,&nbsp;ISS
concludes Chubb should disclose Scope 3 greenhouse gas (GHG) emissions, as requested by the shareholder proposal in Agenda Item 15, because
it &ldquo;will likely help shareholders better understand the company&rsquo;s climate-related risk and evaluate the effectiveness of the
policies the company has enacted&rdquo;. We believe this is incorrect. As Chubb has explained in its disclosure, there is no agreed methodology
to calculate Scope 3 insurance-associated emissions, and even if there were, such a calculation would not reflect Chubb&rsquo;s climate-related
risk, nor provide any basis to assess whether Chubb is effectively contributing to a reduction of emissions in the real economy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its analysis,&nbsp;ISS recognizes that the calculation of Scope
3 emissions &ldquo;may not be feasible at this time&rdquo;. As the ISS report notes, only one insurance peer has disclosed insurance-associated
emissions, and even then, only for Scope 1 and 2 estimates associated with one segment (commercial P&amp;C only). The one method for estimating
Scope 3 emissions referenced by ISS is deeply flawed as external evaluators have concluded and as we explained in our opposition statement
on Agenda Item 15. We further request that ISS reconsider its assumptions on the proposal about extended timelines and limits that are
not included on the proposal&rsquo;s face and that make the request sound more reasonable than it actually is.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the interest of a mutual understanding of climate issues, we seek
further dialogue with ISS to understand how ISS undertook its own estimation of Chubb&rsquo;s Scope 3 emissions. We, and the broader insurance
industry, would appreciate understanding how ISS has resolved the methodological and data quality concerns for Scope 3 emissions counting,
including those specifically discussed in the company&rsquo;s opposition statement on Agenda Item 15 and the feasibility concerns ISS
acknowledges in its report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are serious costs to creating, piloting and publishing a novel
counting mechanism, and Chubb has determined it would be imprudent for the company and its shareholders to bear such costs. This is particularly
so because of the growing weight of evidence that Scope 3 disclosure does not lead to a reduction in real-world emissions.&nbsp; Instead,
Chubb believes its climate strategy, which is focused on supporting new technologies, building resilience through risk engineering and
our technical underwriting criteria, will do far more to reduce real-world emissions than allocating our resources to counting. Chubb
is a leader on climate in the insurance industry, with a deeply thought-out strategy that aims to capitalize on how insurers can best
address climate risk and impact greenhouse gas emissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also request correction from ISS on its discussion of climate regulations.
For example, the report states that &ldquo;[t]he Corporate Sustainability Reporting Directive&rdquo; will mandate Scope 3 disclosure for
large European insurers. In fact, CSRD requires the development of regulations that &ldquo;specify the information that undertakings are
to disclose the following factors: (i)&nbsp;climate change mitigation, including as regards scope 1, scope 2 and<B><U>, where relevant,
</U></B>scope 3 greenhouse gas emissions&rdquo; (Directive 2013/34/EU Article&nbsp;29b as amended by Directive EU 2022/2464) (emphasis
added). CSRD implementing regulations provide numerous potential reporting metrics on climate change and ask companies to make a dual
materiality analysis on individual metrics, including Scope 3 emissions. Scope 3 disclosure is not explicitly required under CSRD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also are concerned that the ISS report creates the misleading
impression that Chubb is not in compliance with, or subject to some controversy regarding climate-related laws or regulations. We
are not aware of any facts that show that Chubb is not in compliance with the requirements of climate disclosure regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Agenda Item 16 &ndash; Shareholder proposal on pay gap reporting</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to Agenda Item 16, Chubb requests that ISS update its
report to state that, as described on page&nbsp;64 of the proxy statement, disclosure on Chubb&rsquo;s gender and racial pay gap analysis
is also included in its 2023 Sustainability Report. Doing so will clarify that Chubb intends to continue disclosing the results of our
adjusted racial and gender pay gap analysis on an annual basis in the Sustainability Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chubb further seeks to clarify, for ISS&rsquo; clients, that the difference
between Chubb&rsquo;s existing disclosure and the proponent&rsquo;s request is simply the metric of an unadjusted pay gap. We believe
that ISS&rsquo; clients would be well-served by transparency about what an unadjusted pay gap metric does <I>not </I>do. The unadjusted
metric does not take into account geographic distribution of a company&rsquo;s workforce (we are present in 54 countries and territories),
the structure of the workforce organization (40,000 employees at Chubb), or an individual&rsquo;s role, level, scope of responsibilities
or location. As such, this metric does not provide actionable information for Chubb on representation within the company&rsquo;s employee
base, on equitable compensation, or on the fairness of our compensation programs. It also cannot be compared to the unadjusted pay gap
of other organizations, again because of their different geographic and structural distribution and employee roles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is no real-world issue or controversy raised by the proponents
or ISS with respect to the equity of Chubb&rsquo;s compensation programs, so it is incorrect for the ISS report to state that disclosing
unadjusted pay gap could mitigate risks related to public scrutiny. In fact, we believe it is quite the opposite; unadjusted pay gap carries
the significant risk of being misused and misconstrued. Again, we believe ISS&rsquo; clients would benefit from greater transparency around
this metric.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Agenda Item 14 - Approval of the Sustainability Report of Chubb
Limited for the year ended December&nbsp;31, 2023</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chubb notes that in ISS&rsquo; recommendation &ldquo;FOR&rdquo;
Agenda Item 14, the approval of the Sustainability Report, page&nbsp;4 of its report mistakenly flags this agenda item as being one
 &ldquo;deserving attention due to contentious issues or controversy&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ISS&rsquo; analysis states that its recommendation on this agenda item
is qualified because external assurance is only provided on the greenhouse gas emissions metrics disclosed in the Sustainability Report,
and not the full report. But, as ISS acknowledges in its analysis, Swiss law does not require external assurance on Chubb&rsquo;s Sustainability
Report. ISS also does not identify any issue with Chubb&rsquo;s disclosure, nor has there been any concern raised by ISS or any other
shareholder or stakeholder with respect to the accuracy of Chubb&rsquo;s disclosure. Chubb therefore believes that qualifying this recommendation
and flagging it as contentious and controversial is an error that should be corrected. Chubb requests ISS remove the flag on pages&nbsp;2
and 4, as well as the qualification on page&nbsp;38.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
