<SEC-DOCUMENT>0000902664-24-002744.txt : 20240404
<SEC-HEADER>0000902664-24-002744.hdr.sgml : 20240404
<ACCEPTANCE-DATETIME>20240404171515
ACCESSION NUMBER:		0000902664-24-002744
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240404
DATE AS OF CHANGE:		20240404

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TWILIO INC
		CENTRAL INDEX KEY:			0001447669
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				262574840
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37806
		FILM NUMBER:		24823943

	BUSINESS ADDRESS:	
		STREET 1:		101 SPEAR STREET
		STREET 2:		SUITE 500
		CITY:			San Francisco
		STATE:			CA
		ZIP:			94105
		BUSINESS PHONE:		415-390-2337

	MAIL ADDRESS:	
		STREET 1:		101 SPEAR STREET
		STREET 2:		SUITE 500
		CITY:			San Francisco
		STATE:			CA
		ZIP:			94105

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Anson Funds Management LP
		CENTRAL INDEX KEY:			0001491072
		ORGANIZATION NAME:           	
		IRS NUMBER:				300134498
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		16000 DALLAS PARKWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75248
		BUSINESS PHONE:		214.866.0202

	MAIL ADDRESS:	
		STREET 1:		16000 DALLAS PARKWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75248

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Frigate Ventures LP
		DATE OF NAME CHANGE:	20100504
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>p24-1367dfan14a.htm
<DESCRIPTION>TWILIO INC
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a)</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by the Registrant </FONT> <FONT STYLE="font-family: Wingdings">&#168; </FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by a Party other than the Registrant </FONT> <FONT STYLE="font-family: Wingdings">&#254; </FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Twilio Inc</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Anson Advisors Inc.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Anson Funds Management LP</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Anson Investments Master Fund LP</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Anson Management GP LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Anson East Master Fund LP</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Anson North Star Tactical Equity Fund LP</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AIMF GP LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AEMF GP LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANSF GP LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Moez Kassam</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Tony Moore</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amin Nathoo</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Sagar Gupta</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white">(Name of Person(s)
Filing Proxy Statement, if other than the Registrant)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; line-height: 107%">&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">No fee required.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Fee paid previously with preliminary materials.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and&nbsp;0-11.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANSON FUNDS COMMENTS ON RECENT EVENTS AT TWILIO</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Clarifies that Continued Engagement with Twilio
Board This Week Led to Critical Governance Changes, Including Departure of Longtime Director Byron Deeter</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Intends to Continue to Hold Twilio Board Publicly
Accountable Going Forward to Protect the Best Interests of All Stockholders </I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">TORONTO&mdash;(BUSINESS WIRE)&ndash;Anson Funds
Management LP and Anson Advisors Inc., the co-investment advisers of certain investment funds (collectively, &ldquo;Anson Funds&rdquo;),
and significant stockholders of Twilio Inc. (NYSE: TWLO) (&ldquo;Twilio&rdquo; or the &ldquo;Company&rdquo;), today commented on recent
actions taken by Twilio&rsquo;s Board of Directors (the &ldquo;Board&rdquo;).</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Sagar Gupta, Portfolio Manager and Head of Active Engagement at Anson Funds,
stated:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;Following discussions between Anson Funds and
the Company&rsquo;s representatives that were ongoing through yesterday evening, Twilio&rsquo;s Board issued a press release last night
announcing the departure of long-tenured director Byron Deeter and a proposal to declassify the Board. These changes were based on Anson
Funds&rsquo; recommendations and came only after our insistence to the Board that further actions were needed to position the Company
and its stockholders for success following the announcement of an agreement with a new stockholder on April 1, 2024. While this agreement
represented incremental positive change, in our view it was not enough to prevent the continued entrenchment of the Board and ensure an
end to Twilio&rsquo;s persistent underperformance.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During Anson Funds&rsquo; engagement with Twilio,
the Company repeatedly rejected our proposals for governance improvements, the departure of directors with significant conflicts of interest
and little relevance, and stockholder representation on the Board. Only under intense pressure from Anson Funds have Twilio&rsquo;s directors
taken steps to address these issues, highlighting the exceptional level of dysfunction within Twilio&rsquo;s boardroom.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While we are pleased that our engagement has led to
significant change &ndash; including the long overdue departure of Founder and Former CEO Jeff Lawson in January &ndash; proper alignment
and oversight continue to be desperately needed to maximize long-term value. On behalf of all Twilio stockholders, we plan to hold the
entire Board accountable in the public realm going forward. This scrutiny will be focused on all matters regarding strategy, operations,
corporate governance, and capital allocation, including preventing further related-party transactions involving Bessemer Venture Partners,
which in the past have been to the detriment of Twilio stockholders. This issue remains relevant despite Mr. Deeter&rsquo;s departure
given the continued directorship of another Bessemer partner, Board Chair Jeff Epstein.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>About Anson Funds<BR>
<BR>
</B></P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0">Anson Funds is a privately held alternative asset manager with US$1.8 billion
in assets. Led by Chief Investment Officer Moez Kassam, the firm was founded in 2007 with offices in Toronto and Dallas.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Media Contact</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Longacre Square Partners</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">anson@longacresquare.com</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: justify; background-color: #FEFEFE"><FONT STYLE="background-color: white"><B>Important
Information</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Anson Funds Management LP, Anson Advisors Inc., <FONT STYLE="background-color: white">Anson
Investments Master Fund LP, </FONT>AIMF GP LLC, Anson East Master Fund LP, AEMF GP LLC, Anson North Star Tactical Equity Fund LP, ANSF
GP LLC, Anson Management GP LLC, Moez Kassam, Tony Moore, Amin Nathoo and Sagar Gupta (collectively, the &ldquo;Participants&rdquo;) intend
to file a definitive proxy statement and accompanying form of proxy card with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
to be used in connection with the 2024 Annual Meeting of Stockholders of Twilio Inc. (the &ldquo;Company&rdquo;). Stockholders of the
Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies with respect to
the Company by the Participants as they become available because they will contain important information. They will be made available
at no charge on the SEC&rsquo;s website, https://www.sec.gov/. Information about the Participants and a description of their direct or
indirect interests by security holdings or otherwise can be found in Exhibit 1 of the Schedule 14A filed by Anson Funds Management LP
with the SEC on April 4, 2024.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: right"><B>Exhibit 1</B></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>CERTAIN INFORMATION REGARDING THE PARTICIPANTS</B></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The Participants (as defined below) intend
to file a definitive proxy statement and accompanying form of proxy card with the SEC to be used in connection with the 2024 annual meeting
of shareholders of Twilio Inc. (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The &ldquo;Participants&rdquo; in this
proxy solicitation are currently: (i) Anson Investments Master Fund LP (&ldquo;Anson Investments Master Fund&rdquo;), (ii) AIMF GP LLC
(&ldquo;AIMF GP&rdquo;), (iii) Anson East Master Fund LP (&ldquo;Anson East Master&rdquo;), (iv) AEMF GP LLC (&ldquo;AEMF GP&rdquo;),
(v) Anson North Star Tactical Equity Fund LP (&ldquo;Anson North Star&rdquo; and together with Anson Investments Master Fund and Anson
East Master, the &ldquo;Anson Master Funds&rdquo;), (vi) ANSF GP LLC (&ldquo;ANSF GP&rdquo;), (vii) Anson Funds Management LP (&ldquo;Anson
Management&rdquo;), (viii) Anson Advisors Inc. (&ldquo;Anson Advisors&rdquo; and together with Anson Management, the &ldquo;Anson Investment
Advisers&rdquo;), (ix) Anson Management GP LLC (&ldquo;Anson Management GP&rdquo; and together with AIMF GP, AEMF GP and ANSF GP, the
&ldquo;Anson GP Entities&rdquo;), (x) Moez Kassam (&ldquo;Mr. Kassam&rdquo;), (xi) Tony Moore (&ldquo;Mr. Moore&rdquo;), (xii) Amin Nathoo
(&ldquo;Mr. Nathoo&rdquo; and together Mr. Kassam and Mr. Moore, the &ldquo;Anson Individuals&rdquo; and the Anson Individuals together
with the Anson Master Funds, the Anson Investment Advisers and the Anson GP Entities, &ldquo;Anson Funds&rdquo;) and (xiii) Sagar Gupta.</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">As of the date hereof, the Participants
beneficially own (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended), in the aggregate, 632,683 shares
of Class A common stock, par value $0.001 per share, of the Company (the &ldquo;Common Stock&rdquo;) (including 100 shares of Common Stock
held in record name by Anson Investments Master Fund and 100,000 shares of Common Stock underlying certain call option contracts (&ldquo;Call
Options&rdquo;) held by the Anson Master Funds). Anson Investments Master Fund beneficially owns 449,304 shares of Common Stock (including
100 shares held in record name and 25,000 shares of Common Stock underlying Call Options held by Anson Investments Master Fund). AIMF
GP, as the general partner of Anson Investments Master Fund, may be deemed to beneficially own the 449,304 shares of Common Stock owned
by Anson Investments Master Fund (including the 100 shares of Common Stock held in record name by Anson Investments Master Fund. Anson
East Master beneficially owns 108,379 shares of Common Stock. AEMF GP, as the general partner of Anson East Master, may be deemed to beneficially
own the 108,379 shares of Common Stock owned by Anson East Master. Anson North Star beneficially owns 75,000 shares of Common Stock underlying
Call Options held by Anson North Star. ANSF GP, as the general partner of Anson North Star, may be deemed to beneficially own the 75,000
shares of Common Stock underlying Call Options held by Anson North Star. Each of the Anson Investment Advisers (by virtue of being a co-investment
adviser to the Anson Master Funds), Anson Management GP (by virtue of serving as the general partner of Anson Management) and each of
the Anson Individuals (by virtue of their relationships to the Anson Investment Advisers) may be deemed to beneficially own 632,683 shares
of Common Stock (including the 100 shares of Common Stock held in record name by Anson Investments Master Fund and 100,000 shares of Common
Stock underlying the Call Options held by the Anson Master Funds). Each of Anson Investments Master Fund and Anson East Master is subject
to certain put option contracts with respect to shares of Common Stock (&ldquo;Put Options&rdquo;). Anson Investments Master Fund has
sold 841 Put Options and Anson East Master has sold 209 Put Options. Each Put Option represents 100 underlying shares of Common Stock.
None of the other Participants own, beneficially or of record, any securities of the Company as of the date hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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