<SEC-DOCUMENT>0000788965-16-000033.txt : 20160318
<SEC-HEADER>0000788965-16-000033.hdr.sgml : 20160318
<ACCEPTANCE-DATETIME>20160318171059
ACCESSION NUMBER:		0000788965-16-000033
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160314
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20160318
DATE AS OF CHANGE:		20160318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HALLADOR ENERGY CO
		CENTRAL INDEX KEY:			0000788965
		STANDARD INDUSTRIAL CLASSIFICATION:	BITUMINOUS COAL & LIGNITE MINING [1220]
		IRS NUMBER:				841014610
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34743
		FILM NUMBER:		161516864

	BUSINESS ADDRESS:	
		STREET 1:		1660 LINCOLN ST STE 2700
		CITY:			DENVER
		STATE:			CO
		ZIP:			80264
		BUSINESS PHONE:		3038395505

	MAIL ADDRESS:	
		STREET 1:		1660 LINCOLN STREET
		STREET 2:		SUITE 2700
		CITY:			DENVER
		STATE:			CO
		ZIP:			80264

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HALLADOR PETROLEUM CO
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KIMBARK OIL & GAS CO /CO/
		DATE OF NAME CHANGE:	19900102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KIMBARK INC
		DATE OF NAME CHANGE:	19860624
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>hnrg-20160314x8k.htm
<DESCRIPTION>8-K
<TEXT>
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			hnrg_form8k_items101_502_mar182016
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			<a name="_GoBack"></a><font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">UNITED STATES</font>
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			<font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">Washington, D.C. 20549</font>
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			<font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">________________</font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">CURRENT REPORT</font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">Pursuant to Section 13 or 15(d) of the</font>
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			<font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">Securities Exchange Act of 1934</font>
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			<font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">Date of report (Date of earliest event reported): </font><font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">March 18, 2016 (March 14, 2016</font><font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">)</font>
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			<font style="display: inline;font-family:Times Roman;font-size:10pt;"><img src="hnrg-20160314x8kg001.jpg" style="width: 0.9833333in; height: 0.6529943in" alt="logo-sunrise.jpg"></font>
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			<font style="display: inline;font-family:Times Roman;font-size:10pt;"><img src="hnrg-20160314x8kg002.jpg" style="width: 0.7916667in; height: 0.7696763in" alt="hlogo.jpg"></font>
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			<font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">HALLADOR ENERGY COMPANY</font>
		</p>
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			<font style="display: inline;font-family:Times Roman;font-size:10pt;">(Exact name of registrant as specified in its charter)</font>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;text-decoration:underline;">Colorado</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;text-decoration:underline;">001-3473</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;text-decoration:underline;">84-1014610</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;">(State or Other Jurisdiction</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;">of Incorporation)</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;">File Number)</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;">(IRS Employer</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;">Identification No.)</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;text-decoration:underline;">1660 Lincoln Street, Suite 2700, Denver&nbsp;&nbsp;Colorado</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;">&nbsp; &nbsp;</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;text-decoration:underline;">80264-2701</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times Roman;font-size:10pt;">(Address of principal executive offices)</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;">&nbsp; &nbsp;</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;">(Zip Code)</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times Roman;font-size:10pt;">Registrant&#x2019;s telephone number, including area code: 303-839-5504</font></p>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#x2610;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times Roman;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
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						<font style="display: inline;font-size:10pt;">&#x2610;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times Roman;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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						<font style="display: inline;font-size:10pt;">&#x2610;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times Roman;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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			<font style="display: inline;font-size:10pt;">1</font>

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

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		<p style="margin:0pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"></font><font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">I</font><font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">tem 1.01</font><font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">Entry into a Material Definitive Agreement</font><br /><font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;"></font><br /><font style="display: inline;font-family:Times Roman;font-size:10pt;">On Friday</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">,</font><font style="display: inline;font-family:Times Roman;font-size:10pt;"> March 18, 2016 we executed&nbsp;an amendment </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">to our</font><font style="display: inline;font-family:Times Roman;font-size:10pt;"> credit agreement with PNC, as administrative agent for</font><font style="display: inline;font-family:Times Roman;font-size:10pt;"> our lenders</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">.&nbsp; The primary purpose of the amendment </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">is to increase liquidity and maintain </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">compliance through</font><font style="display: inline;font-family:Times Roman;font-size:10pt;"> the maturity </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">of the agreement </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">in August 2019</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">.</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">&nbsp; The revolver </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">is</font><font style="display: inline;font-family:Times Roman;font-size:10pt;"> reduced from $250 million to $200 million and the term loan </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">will</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">remain the same. This</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">increases our current liquidity to $90 million not including our current cash balances</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">.</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">&nbsp; &nbsp;</font><br /><font style="display: inline;">&nbsp;</font><br /><font style="display: inline;font-family:Times Roman;font-size:10pt;">The maximum leverage ratio (</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">total </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">funded debt/</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">trailing 12 months </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">EBITDA) was increased from the </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">current 2.75X</font><font style="display: inline;font-family:Times Roman;font-size:10pt;"> to 4</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">.0</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">X at&nbsp;March 31, 2016; to 4.25X at June 30, 2016; to 4.5X&nbsp;through March 31, 2017; down to 4.25X through March 31, 2018;&nbsp;down to&nbsp;4</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">.0</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">X through September 30, 2018; down to 3.75 at December 31, 2018 and down to 3.5X through June 30, 2019.</font><br /><font style="display: inline;">&nbsp;</font><br /><font style="display: inline;font-family:Times Roman;font-size:10pt;">The&nbsp;fixed charge coverage ratio was&nbsp;</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">changed to </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">the debt service coverage </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">ratio</font><font style="display: inline;font-family:Times Roman;font-size:10pt;"> and</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">requires </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">a minimum of 1.25X through </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">the maturity of the credit facility</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">.</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">The amendment defines the debt service coverage</font><font style="display: inline;font-family:Times Roman;font-size:10pt;"> as trailing 12 months EBITDA/annual debt service.</font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-family:Times Roman;font-size:10pt;">In addition, a maximum</font><font style="display: inline;font-family:Times Roman;font-size:10pt;"> annual capex of $30 million is</font><font style="display: inline;font-family:Times Roman;font-size:10pt;"> included.&nbsp;&nbsp;&nbsp; </font><br /><font style="display: inline;">&nbsp;</font><br /><font style="display: inline;font-family:Times Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times Roman;font-size:10pt;">The interest rate on the facility ranges from LIBOR plus 2.25% to LIBOR plus 4%, depending on our leverage ratio. </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">We expect the interest rate&nbsp;to be LIBOR plus 4%</font><font style="display: inline;font-family:Times Roman;font-size:10pt;"> for the remaining maturity of the credit facility.</font><br /><font style="display: inline;">&nbsp;</font><br /><font style="display: inline;font-family:Times Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times Roman;font-size:10pt;">A copy of the amended credit agreement will be filed as an </font><font style="display: inline;font-family:Times Roman;font-size:10pt;">e</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">xhibit to our Form 10-Q for the quarter ended March 31, 2016.</font><br /><font style="display: inline;font-family:Times Roman;font-size:10pt;"></font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">Item 5</font><font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">.02</font><font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 31pt 0pt 0pt;"></font><font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-family:Times Roman;font-size:10pt;">Effective April 1, 2016</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">, Lawrence D. Martin, currently the CFO of Sunrise Coal, our wholly owned subsidiary, will be named the CFO of Hallador Energy. Mr. Martin&nbsp;is&nbsp;also a named executive officer whose biography and compensation was disclosed in last year&#x2019;s Information Statement filed with the SEC on March 13, 201</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">5</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">.&nbsp; Mr. Bishop, the current CFO will&nbsp;continue to provide consulting services to us primarily&nbsp;in the area of preparing&nbsp;and filing our periodic reports with the SEC.&nbsp; </font>
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			<font style="display: inline;font-family:Times Roman;font-size:10pt;">Mr. Stabio, Chairman stated</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">, &#x201C;</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">I</font><font style="display: inline;font-family:Times Roman;font-size:10pt;"> would like to thank Mr. Bishop for his twenty-six years of service to Hallador Energy.&nbsp; His knowledge&nbsp;of finance, business, public</font><font style="display: inline;font-family:Times Roman;font-size:10pt;"> companies</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">, and SEC regulations,&nbsp;has been invaluable.&nbsp; We look forward to having Mr. Bishop continue as a consultant and giving guidance and advice as we move forward</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">.&#x201D;</font><br /><font style="display: inline;font-family:Times Roman;font-size:10pt;"></font>
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			<font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">SIGNATURE</font>
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			<font style="display: inline;font-family:Times Roman;font-size:10pt;">Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font>
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						<font style="display: inline;font-family:Times Roman;font-weight:bold;font-size:10pt;">HALLADOR ENERGY COMPANY</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;">Date: March 18, 2016</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;text-decoration:underline;">/s/Brent K. Bilsland</font><font style="display: inline;font-family:Times Roman;font-size:10pt;">&nbsp;</font></p>
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						<font style="display: inline;font-family:Times Roman;font-size:10pt;">Brent K. Bilsland</font></p>
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Times Roman;font-size:10pt;">President and CEO</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
