<SEC-DOCUMENT>0001104659-23-068941.txt : 20230607
<SEC-HEADER>0001104659-23-068941.hdr.sgml : 20230607
<ACCEPTANCE-DATETIME>20230607164744
ACCESSION NUMBER:		0001104659-23-068941
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230607
DATE AS OF CHANGE:		20230607

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INCYTE CORP
		CENTRAL INDEX KEY:			0000879169
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				943136539
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12400
		FILM NUMBER:		23999573

	BUSINESS ADDRESS:	
		STREET 1:		1801 AUGUSTINE CUT-OFF
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19803
		BUSINESS PHONE:		3024986700

	MAIL ADDRESS:	
		STREET 1:		1801 AUGUSTINE CUT-OFF
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INCYTE CORP
		DATE OF NAME CHANGE:	20030318

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INCYTE GENOMICS INC
		DATE OF NAME CHANGE:	20000710

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INCYTE PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19930902
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2318144d1_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<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, 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 14A</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">Proxy Statement Pursuant to Section 14(a) of</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;&nbsp;&nbsp;)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    by the Registrant </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    by a Party other than the Registrant </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
    the appropriate box:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-top: 2pt; padding-bottom: 2pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="width: 97%; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary
    Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential,
    for Use of the Commission Only (as permitted by Rule 14a&#45;6(e)(2))</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive
    Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive
    Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
    Material under &sect;240.14a&#45;12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 14pt; border-bottom: Black 1pt solid; padding-top: 2pt; padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>INCYTE
    CORPORATION</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name
    of Registrant as Specified In Its Charter)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name
    of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of Filing Fee (Check the appropriate box):</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-top: 2pt; padding-bottom: 2pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="width: 97%; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    fee required.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 2pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid
    previously with preliminary materials.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 2pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed
    on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0&#45;11.</FONT></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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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"><IMG SRC="tm2318144d1_defa14aimg01.jpg" ALT="">&nbsp;</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">Incyte Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1801&nbsp;Augustine Cut&#45;Off</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wilmington, Delaware 19803</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 100%; padding-right: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Supplement
                                            to Proxy Statement</FONT></P>
    <P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">for Annual Meeting of Stockholders</FONT></P></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"><B>Wednesday, June 14, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>10:00 AM Eastern Daylight Time</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1815&nbsp;Augustine Cut&#45;Off, Wilmington, Delaware 19803</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This supplement, dated June 7, 2023, supplements the definitive proxy
statement (the &#8220;Proxy Statement&#8221;) of Incyte Corporation (the &#8220;Company&#8221; or &#8220;Incyte&#8221;) filed with the
Securities and Exchange Commission on April 28, 2023, relating to the Company&#8217;s Annual Meeting of Stockholders to be held on June
14, 2023 (the &#8220;2023 Annual Meeting&#8221;).&nbsp;</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">Executive Compensation Update&nbsp;</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">The section under the heading &#8220;Executive Compensation&#8212;Compensation
Discussion and Analysis&#8212;Compensation Practices and Pollicies&#8212;Compensation Recovery Policy&#8221; on page 54 of the Proxy
Statement is updated to read in its entirety as follows:&nbsp;</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 0pt 9pt"><FONT STYLE="font-size: 10pt"><I>Compensation Recovery Policy.</I></FONT>&nbsp;&nbsp;&nbsp;In
late 2017, in response to our 2017 stockholder engagement campaign (described more fully under &#8220;Stockholder Engagement&#8221; starting
on page 11), our Board adopted a compensation recovery (&#8220;clawback&#8221;) policy which provides that, in the event that, on account
of fraud or other intentional misconduct, we are required to prepare an accounting restatement, we may recover from any executive officer
any incentive compensation erroneously paid or awarded in excess of what would have been paid under the accounting restatement. This
policy applies prospectively to certain incentive compensation paid or awarded after January&nbsp;1, 2018, its effective date, and covers
the three-year period preceding the date on which we are required to prepare the accounting restatement. In June 2023, our Board adopted
a revised policy that applies not only to cash bonuses or other cash awards but also to equity awards to the extent those bonuses or
awards are granted, earned or vested based on the attainment of a financial reporting measure presented in our financial statements or
derived from our accounting records. In addition, we are subject to the provisions of Section&nbsp;304 of the Sarbanes-Oxley Act of 2002,
which provides that if we are required as a result of misconduct to restate our financial results due to our material noncompliance with
any financial reporting requirements under the federal securities laws, our CEO and CFO may be legally required to reimburse us for any
bonus or other incentive-based or equity-based compensation they receive. We will revise our clawback policy to comply with the new listing
standards proposed to be adopted by The Nasdaq Stock Market related to the final regulations adopted by the SEC to implement the requirements
of the Dodd-Frank Wall Street Reform and Consumer Protection Act, once those listing standards have been adopted.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The last two paragraphs in the section under the heading &#8220;Executive
Compensation&#8212;Compensation Discussion and Analysis&#8212;Key Elements of Executive Compensation&#8212;Equity-Based Incentive Awards&#8221;
on pages 60 and 61 of the Proxy Statement is updated to read in its entirety as follows:&nbsp;</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 0pt 9pt">For our U.S.-based executive officers, performance shares,
RSUs and stock options comprised equal proportions of the total grant date target value of an executive officer&#8217;s 2022 annual equity
awards. For 2023, the Compensation Committee has determined that the annual equity award mix for our U.S.-based executive officers should
be 50% performance shares, 30% stock options and 20% RSUs.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">Fifty&nbsp;percent of performance shares granted in July&nbsp;2022
are associated with certain clinical development objectives, including certain NDA, sNDA or MAA approvals and the initiation of certain
first-in-human clinical trials. Forty&nbsp;percent of the performance shares have a product revenue trigger for 12 consecutive&nbsp;months
before the end of the three-year performance period that was determined by the Compensation Committee in February&nbsp;2022. The remaining
ten&nbsp;percent is tied to the relative performance of the Company&#8217;s stock to the Nasdaq Biotechnology Index (NBI) between January&nbsp;1,
2022 and December&nbsp;31, 2024, measured as a percentile compared to the aggregate performance over the same period of companies that
made up the NBI as of January 1, 2022 (with no changes to the comparator group during the performance period other than removing and
not replacing any delisted or suspended companies), and with a threshold achievement level at the 25th percentile and an outperform achievement
level at the 75th percentile. Depending on the results actually achieved for all of these three metrics, the payout on these performance
shares can vary from 0% to 150% of target. These performance shares comprised 1/3 of a U.S. executive officer&#8217;s target equity compensation
awarded in connection with our annual equity grants. The Compensation Committee believes that these performance shares align our executive
officers&#8217; interest even more closely with the financial performance of our Company and the eventual value delivered to stockholders.&nbsp;</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">The section under the heading &#8220;Executive Compensation&#8212;Compensation
Discussion and Analysis&#8212;Key Elements of Executive Compensation&#8212;Equity-Based Incentive Awards&#8221; on pages 60 and 61 of
the Proxy Statement is supplemented by the following:&nbsp;</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 0pt 9pt">In January 2023, the Compensation Committee evaluated the
final achievement of the objectives relating to the performance shares granted in July 2020 to our U.S.-based executive officers,
and determined that an aggregate of 98.95% of the shares were earned. Fifty percent of the performance shares had a product revenue
trigger for Jakafi that was achieved at the 104.5% level by Jakafi revenue reaching $2,409 million for 2022, in excess of the target
level of $2,400 million. Twenty-five percent of the performance shares were associated with the achievement of development
objectives tied to our LIMBER program, which were not achieved. Twenty percent of the performance shares were associated with the
approval of NDAs/sNDAs or MAAs, and were achieved at the outperform 200% level, in excess of the target level of four such
approvals, with the approval of the NDAs for Opzelura, Pemazyre and Monjuvi and sNDAs for Jakafi for the treatment of cGVHD,
Opzelura for the treatment of vitiligo and Pemazyre for the treatment of refractory myeloid/lymphoid neoplasms with FGFR1
rearrangement by the end of the performance period. Five percent of the performance shares were tied to the initiation of first in
human clinical trials, and were achieved at the 134% level, in excess of the target level of 6 such trials initiated, with the
initiation of clinical trials for INCB99280 (PD-1), INCB99318 (PD-L1), INCB106385 (A2A/A2B), INCB00928 (ALK2), INCB123667 (CDK2),
INCA00186 (CD73), and INCB50465 (topical parsaclisib HV) by the end of the performance period. The earned shares will vest on the
third anniversary of the July 2, 2020 grant date, subject to the holder&#8217;s continued service through that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

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



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2318144d1_defa14aimg01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2318144d1_defa14aimg01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !B )(# 2(  A$! Q$!_\0
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M&O 5!@"I:;J67+#3\R53N^:>OY!11161J%%%% !1110 4444 %%%% !1110
:4444 %%%% !1110 4444 %%%% !1110!_]D!

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