<SEC-DOCUMENT>0001193125-24-080730.txt : 20240328
<SEC-HEADER>0001193125-24-080730.hdr.sgml : 20240328
<ACCEPTANCE-DATETIME>20240328163308
ACCESSION NUMBER:		0001193125-24-080730
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240328
DATE AS OF CHANGE:		20240328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORFOLK SOUTHERN CORP
		CENTRAL INDEX KEY:			0000702165
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROADS, LINE-HAUL OPERATING [4011]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				521188014
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08339
		FILM NUMBER:		24799661

	BUSINESS ADDRESS:	
		STREET 1:		650 W PEACHTREE STREET NW
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30308
		BUSINESS PHONE:		470-463-6807

	MAIL ADDRESS:	
		STREET 1:		650 W PEACHTREE STREET NW
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30308
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
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<DESCRIPTION>DEFA14A
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12.5pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12.5pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">Washington, D.C. 20549 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Proxy
Statement Pursuant to Section&nbsp;14(a) of the Securities </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Exchange Act of 1934 (Amendment No. ) </B></P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Filed by the Registrant</P></TD>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Preliminary Proxy Statement</TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE <FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Definitive Proxy Statement</TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Definitive Additional Materials</TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Soliciting Material Under Rule <FONT STYLE="white-space:nowrap">14a-12</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>Norfolk Southern Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><I>(Name of Registrant as Specified In Its Charter) </I></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><I>(Name of Person(s) Filing Proxy Statement, if Other than the Registrant) </I></P>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>No fee required.</B></TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>Fee paid previously with preliminary materials.</B></TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11.</FONT></B></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>On March&nbsp;27, 2024, Norfolk Southern&#146;s CEO Alan Shaw participated in a conversation with Jim
Cramer on &#147;Mad Money with Jim Cramer&#148;. A video of the conversation, or portions thereof, is embedded and referenced in certain communications made available on Norfolk Southern&#146;s website, employee portal, and certain social media
platforms, beginning on March&nbsp;28, 2024 and the Company may in the future use the same or substantially similar communications from time to time. </I></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The following is a transcript of the conversation: </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer: </B>You know I love the railroad stocks. I have since we started this job. I ask &#145;what do we do with this proxy fight at Norfolk
Southern?&#146; The big east coast railroads had an eventful past year or so. February 2023. There was a horrifying derailment in East Palestine, Ohio. Last month activists at Ancora Holdings. Billions of dollars worth of shares launched a proxy
contest that was highly critical of management&#146;s ability to get their operating ratios down. A key metric. And they&#146;re after seven seats on the board of directors. Shake things up. But on some level, the activists have a point. Norfolk
Southern stock has lagged the other railroads in the past year but I&#146;ve got to hear management&#146;s side of the story. So let&#146;s take a closer look with Alan Shaw, the president and CEO of Norfolk Southern. Get a better sense of
what&#146;s really going on here. Mr.&nbsp;Shaw, welcome back to Mad Money.<B> </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw: </B>Jim, great to see you again. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer: </B>Alright, so, Norfolk Southern has a difference of philosophy with the activists. Can you give your philosophy in how you think you can do
over time? Particularly with some of these metrics like that operating ratio?<B> </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw: </B>Yeah, Jim, you know I became CEO less than two
years ago and I laid out a transformational strategy for NS that safely and responsibly balances service, productivity and growth with safety as a core. I came on your show the next day.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer: </B>I know.<B> </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw: </B>We talked
about the outsized impacts it has for shareholders and our customers. And yeah, we had a challenge last year as you noted but we met that challenge head on and never lost sight of where we&#146;re taking this powerful franchise. And we improved
safety last year. We improved service last year. We started to grow with our most service sensitive customers like JB Hunt and UPS.<B> </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim
Cramer: </B>And so, people understand, that&#146;s intermodal, which is the thing that&#146;s really the big swing factor. You are winning over from trucks. You&#146;re winning over that thing. That cargo.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw: </B>Yeah, that&#146;s highway conversions to rail are a part of our strategy, right? And now we have responsibly and safely created the platform
for significant margin improvement in 2024 and laid the foundation for that long-term growth that you just talked about, that long-term shareholder value creation.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer: </B>And now we had this, again, terrible tragedy in Baltimore. Does that impact your business, and can you become someone that can help get
cargo to places that right now are blocked?<B> </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw: </B>Yeah. Baltimore is an important port for us. It handles a lot of export coal for us
as you know. But you know what, our job is to provide logistic solutions to our customers and we have got deep relationships with our customers. We&#146;re also, so we&#146;re working with them on those logistics solutions. We serve every major port
up and down the east coast and Norfolk Southern has the largest coal export terminal in the Northern Hemisphere down in Norfolk. So, we are working with our customers right now to provide logistics solutions to help them get around this disruption.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer: </B>In general, commerce right now in the country, as you see it. Because I think the rails move so much commerce, you are really a
bellwether. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw: </B>Yeah, you know from our seat, we have a unique view of the U.S economy. We basically
handle, touch every market that&#146;s out there. The automotive franchise is still doing really well. Construction market seems like it&#146;s heating up a little bit. Truck market is still really loose and that drives some weakness in our
intermodal franchise. But look, we are investing in the long-term. We are improving our service product. We&#146;re improving productivity. That&#146;s starting to drive growth for us. So, I&#146;ve got a lot of confidence about where we&#146;re
going in the back half of this year and beyond. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer: </B>Okay so the challengers, they want more of what&#146;s called precision rail. They
have a fellow, Jamie Boychuk who was from CSX. They want him to be the COO. Not a nominee but they felt Jim Barber, UPS for a long time&#151;you mentioned UPS&#151;William Clyburn, was a former Commissioner and Vice Chair of US Service
Transportation. Governor Kasich, Ohio. I mean if you have the problem in East Palestine, he could be of assistance. These people seem like, it&#146;s got to be somebody they might want? No?<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw: </B>Well look, Jim, we have a really strong board. We&#146;ve got thirteen nominees, which includes former CEOs, we&#146;ve got direct rail and
transportation experience, we&#146;ve got a former admiral and we&#146;ve got rail safety advocates. We have a really strong board. We&#146;ve gone to the activists, and we have offered a settlement. Their responses have been unreasonable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer:</B> You&#146;ve interviewed the people and you said listen maybe we can have someone if you want, and they said no? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw:</B> Yeah, we&#146;ve offered a settlement. Their response has been &#150; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer:</B> Can you give some inkling or is that private? About what the settlement is? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw:</B> We&#146;ve offered a couple board seats. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer:</B> You have? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw:</B> Yes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer:</B> To people you interviewed you went through the process? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw:</B> We went through the process, we offered seats. Ancora&#146;s looking for wholesale change, and our board firmly believes that is &#151;
drives long term shareholder disruption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer:</B> If you take out the East Palestine incident, which I know is very hard because it&#146;s a
terrible thing, your numbers were getting better. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw:</B> Jim, since I became CEO, our velocity&#146;s improved 27%, right? We delivered record
revenue in 2022. We were making a lot of improvements. Our safety improved last year. Mainline accident rate declined by 38% so we&#146;re improving service, we&#146;re improving growth. We gotta improve productivity, that&#146;s what we&#146;re
doing right now. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer:</B> Well let&#146;s talk about the operating ratio is higher than CSX, it is higher than Union Pacific. It again was
coming down until, I don&#146;t know I mean how do we get that one down to say, can you ever get it to 62 like CSX or 62 like Union Pacific? Is that in the cards for you? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw:</B> Sure it is. We announced a plan and targets for a sub 60 OR in the next three to four years. Alright, we&#146;ve got the leadership and
we&#146;ve got the plan to deliver that. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer:</B> Well, I don&#146;t know, I mean I like &#150; I did not know candidly that you had actually
offered the board seats. I know that there had been discussions that&#146;s, you know. I&#146;m thinking it in the context of Disney where there were no real discussion, no real help and &#151; that&#146;s a company that has radically underperformed
and your company hasn&#146;t radically underperformed. Now give me a sense of the lessons of the incident of East Palestine. And I say that because I thought that could dog you forever. But you did some things that made it so people were able to
recognize how responsible you were. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw:</B> Yeah, Jim I think, you know, let&#146;s talk about how I navigated as to a number of
challenges within the past two years, right? When I became CEO less than two years ago, we were in the middle of a highly politicized, highly public labor negotiation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer:</B> Right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw:</B> Then we had East
Palestine. I had to take decisive action to protect our shareholders and protect our franchise. And we made a number of promises and, Jim, I have kept every single one of our promises. We enhanced safety. We&#146;re making it right in East
Palestine. We enhanced service. And now we got that platform to really drive productivity in 2024 and really drive long term growth and shareholder value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer:</B> It&#146;s not like you&#146;ve had ten years at the helm and it&#146;s time to refresh the board. I mean you&#146;re refreshing the board
as it is. But at the same time, I mean you kind of just got started, and I remember the terrible incident. I remember the promises you made on this show, and I have followed up and you have delivered on all of those promises and more and I think
that&#146;s really important. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw:</B> Yeah, it&#146;s about keeping our word, keeping promises and doing exactly what we said we were gonna do
and &#151; I am saying we&#146;re gonna deliver on productivity this year. We&#146;ve got a significant opportunity for 400 to 500 basis points of margin improvement in the second half of this year and really drive industry competitive margins at
Norfolk Southern. At the same time, we delivered top tier EPS and revenue growth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim Cramer:</B> Well, I held your feet to the fire in East
Palestine, I don&#146;t have to hold your feet to fire again on the proxy because you just got over &#150; well, it&#146;s gonna take a while to totally get over it I don&#146;t wanna minimize it &#150; but, I don&#146;t know, doing a pretty good
job if you ask me. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alan Shaw:</B> Thank you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jim
Cramer:</B> Alright. That&#146;s Alan Shaw, President and CEO of Norfolk Southern. Look, the other guys are nominating some good people, and they&#146;ve got a lot of good thoughts about precision railroad, and you don&#146;t know, it&#146;s a
difference of philosophy, but I know this gentleman said that East Palestine was going to make &#151; he was going to make it right and he did. And I think in a lot of ways that matters big too. <I>Mad Money</I>&#146;s back after the break. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">### </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Additional Information and Where to Find It
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has filed a definitive proxy statement (the &#147;2024 Proxy Statement&#148;) on Schedule 14A and a WHITE proxy card with the Securities
and Exchange Commission (the &#147;SEC&#148;) in connection with the solicitation of proxies for its 2024 Annual Meeting of Shareholders (the &#147;2024 Annual Meeting&#148;). SHAREHOLDERS ARE STRONGLY ADVISED TO READ THE COMPANY&#146;S 2024 PROXY
STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE WHITE PROXY CARD AND ANY OTHER DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the 2024
Proxy Statement, any amendments or supplements to the 2024 Proxy Statement and other documents that the Company files with the SEC from the SEC&#146;s website at www.sec.gov or the Company&#146;s website at https://norfolksouthern.investorroom.com
as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Information Regarding Participants in Solicitation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company, its directors and certain of its executive officers and employees may be deemed participants in the solicitation of proxies from shareholders in
connection with the matters to be considered at the 2024 Annual Meeting. Information regarding the direct and indirect interests, by security holdings or otherwise, of the persons who may, under the rules of the SEC, be considered participants in
the solicitation of shareholders in connection with the 2024 Annual Meeting is included in Norfolk Southern&#146;s 2024 Proxy Statement, filed with the SEC on March&nbsp;20, 2024. To the extent holdings by our directors and executive officers of
Norfolk Southern securities reported in the 2024 Proxy Statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change of Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are
available free of charge as described above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Statement on Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements in this communication are &#147;forward-looking statements&#148; within the meaning of the &#147;safe harbor&#148; provisions of the Private
Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance, including statements relating to our ability to execute on our strategic plan and our 2024 Annual Meeting and involve
known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any
forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like &#147;may,&#148; &#147;will,&#148; &#147;could,&#148; &#147;would,&#148; &#147;should,&#148; &#147;expect,&#148; &#147;plan,&#148;
&#147;anticipate,&#148; &#147;intend,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;project,&#148; &#147;consider,&#148; &#147;predict,&#148; &#147;potential,&#148; &#147;feel,&#148; or other comparable terminology. The Company has based
these forward-looking statements on its current expectations, assumptions, estimates, beliefs, and projections. While the Company believes these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements
are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company&#146;s control. These and other important factors, including those discussed under &#147;Risk
Factors&#148; in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2023, as well as the Company&#146;s subsequent filings with the SEC, may cause actual results, performance, or achievements
to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, the
Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. </P>
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