<SEC-DOCUMENT>0001193125-14-400291.txt : 20141208
<SEC-HEADER>0001193125-14-400291.hdr.sgml : 20141208
<ACCEPTANCE-DATETIME>20141106120000
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-14-400291
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20141106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FUELCELL ENERGY INC
		CENTRAL INDEX KEY:			0000886128
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				060853042
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3 GREAT PASTURE RD
		CITY:			DANBURY
		STATE:			CT
		ZIP:			06813
		BUSINESS PHONE:		2038256000

	MAIL ADDRESS:	
		STREET 1:		3 GREAT PASTURE ROAD
		CITY:			DANBURY
		STATE:			CT
		ZIP:			06813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ENERGY RESEARCH CORP /NY/
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Correspondence</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g8179131gra1.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 6, 2014 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr. Brian
Cascio </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounting Branch Chief </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">450 Fifth Street, N.W. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>FuelCell Energy, Inc.</B> </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Form 10-K for the Fiscal Year Ended October 31, 2013</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Filed January 6, 2014</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>File No. 001-14204</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr. Cascio: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This correspondence is in response to your letter dated October 29, 2014, to Michael Bishop, Senior Vice-President and Chief Financial Officer of FuelCell
Energy, Inc. (&#147;FuelCell&#148;, &#147;FCE&#148; or the &#147;Company&#148;). In that letter, you requested that FuelCell respond to your comments following a review of our letter dated October 10, 2014. We will respond to the comments in the
order presented. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the Staff&#146;s reference, we have included, in this response letter, the original Staff comment in italics which is followed by
FuelCell&#146;s response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 10-K for the fiscal year ended October 31, 2013</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Consolidated Statements of Operations and Comprehensive Income (Loss), page 67</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>1. We note that sales to related parties represent a significant amount of revenues each period. Please revise future filings to separately state related
party transactions on the face of your financial statements in accordance with Rule 4-08(k)(1) of Regulation S-X. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>FuelCell Response:
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment and in future filings we will separately state related party transactions on the face of the financial
statements in accordance with Rule 4-08(k)(1) of Regulation S-X. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr. Cascio </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 6, 2014 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 1. Nature of Business, Basis
of Presentation and Significant Accounting Policies </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Revenue Recognition, page 71 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>2. We note your response to prior comment 3. Separately priced extended maintenance warranty agreements do not appear to be similar to license and royalty
revenue arrangements. Accordingly, please revise segment disclosures in future filings to quantify the revenue recorded for extended maintenance warranty agreements separately in accordance with FASB ASC 280-10-50-40. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>FuelCell Response: </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the
Staff&#146;s comment and in future filings we will disclose the revenue recorded for extended maintenance warranty agreements (service agreements) in our notes to consolidated financial statements in accordance with FASB ASC 280-10-50-40. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company believes that it has addressed the Staff&#146;s comments. FuelCell acknowledges the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Michael S. Bishop</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Michael S. Bishop</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Sr. Vice President &amp; CFO</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Arthur A. Bottone, President &amp; CEO, FuelCell Energy, Inc. </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Peter J. Schaeffer, Partner,
Patterson Belknap Webb &amp; Tyler LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Richard Krantz, Partner, Robinson &amp; Cole </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g8179131gra1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g8179131gra1.jpg
M_]C_X``02D9)1@`!`0$!+`$L``#_X@Q824-#7U!23T9)3$4``0$```Q(3&EN
M;P(0``!M;G1R4D="(%A96B`'S@`"``D`!@`Q``!A8W-P35-&5`````!)14,@
M<U)'0@``````````````````]M8``0````#3+4A0("``````````````````
M`````````````````````````````````````````````!%C<')T```!4```
M`#-D97-C```!A````&QW='!T```!\````!1B:W!T```"!````!1R6%E:```"
M&````!1G6%E:```"+````!1B6%E:```"0````!1D;6YD```"5````'!D;61D
M```"Q````(AV=65D```#3````(9V:65W```#U````"1L=6UI```#^````!1M
M96%S```$#````"1T96-H```$,`````QR5%)#```$/```"`QG5%)#```$/```
M"`QB5%)#```$/```"`QT97AT`````$-O<'ER:6=H="`H8RD@,3DY."!(97=L
M971T+5!A8VMA<F0@0V]M<&%N>0``9&5S8P`````````2<U)'0B!)14,V,3DV
M-BTR+C$``````````````!)S4D="($E%0S8Q.38V+3(N,0``````````````
M````````````````````````````````````````````````````6%E:(```
M`````/-1``$````!%LQ865H@`````````````````````%A96B````````!O
MH@``./4```.06%E:(````````&*9``"WA0``&-I865H@````````)*````^$
M``"VSV1E<V,`````````%DE%0R!H='1P.B\O=W=W+FEE8RYC:```````````
M````%DE%0R!H='1P.B\O=W=W+FEE8RYC:```````````````````````````
M``````````````````````````````````!D97-C`````````"Y)14,@-C$Y
M-C8M,BXQ($1E9F%U;'0@4D="(&-O;&]U<B!S<&%C92`M('-21T(`````````
M`````"Y)14,@-C$Y-C8M,BXQ($1E9F%U;'0@4D="(&-O;&]U<B!S<&%C92`M
M('-21T(`````````````````````````````9&5S8P`````````L4F5F97)E
M;F-E(%9I97=I;F<@0V]N9&ET:6]N(&EN($E%0S8Q.38V+3(N,0``````````
M````+%)E9F5R96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,V,3DV-BTR
M+C$``````````````````````````````````'9I97<``````!.D_@`47RX`
M$,\4``/MS``$$PL``UR>`````5A96B```````$P)5@!0````5Q_G;65A<P``
M```````!`````````````````````````H\````"<VEG(`````!#4E0@8W5R
M=@````````0`````!0`*``\`%``9`!X`(P`H`"T`,@`W`#L`0`!%`$H`3P!4
M`%D`7@!C`&@`;0!R`'<`?`"!`(8`BP"0`)4`F@"?`*0`J0"N`+(`MP"\`,$`
MQ@#+`-``U0#;`.``Y0#K`/``]@#[`0$!!P$-`1,!&0$?`24!*P$R`3@!/@%%
M`4P!4@%9`6`!9P%N`74!?`&#`8L!D@&:`:$!J0&Q`;D!P0')`=$!V0'A`>D!
M\@'Z`@,"#`(4`AT")@(O`C@"00)+`E0"70)G`G$">@*$`HX"F`*B`JP"M@+!
M`LL"U0+@`NL"]0,``PL#%@,A`RT#.`-#`T\#6@-F`W(#?@.*`Y8#H@.N`[H#
MQP/3`^`#[`/Y!`8$$P0@!"T$.P1(!%4$8P1Q!'X$C`2:!*@$M@3$!-,$X03P
M!/X%#04<!2L%.@5)!5@%9P5W!88%E@6F!;4%Q075!>4%]@8&!A8&)P8W!D@&
M609J!GL&C`:=!J\&P`;1!N,&]0<'!QD'*P<]!T\'80=T!X8'F0>L![\'T@?E
M!_@("P@?"#((1@A:"&X(@@B6"*H(O@C2".<(^PD0"24).@E/"60)>0F/":0)
MN@G/">4)^PH1"B<*/0I4"FH*@0J8"JX*Q0K<"O,+"PLB"SD+40MI"X`+F`NP
M"\@+X0OY#!(,*@Q##%P,=0R.#*<,P`S9#/,-#0TF#4`-6@UT#8X-J0W##=X-
M^`X3#BX.20YD#G\.FPZV#M(.[@\)#R4/00]>#WH/E@^S#\\/[!`)$"800Q!A
M$'X0FQ"Y$-<0]1$3$3$13Q%M$8P1JA')$>@2!Q(F$D429!*$$J,2PQ+C$P,3
M(Q-#$V,3@Q.D$\43Y10&%"<4211J%(L4K13.%/`5$A4T%585>!6;%;T5X!8#
M%B86219L%H\6LA;6%OH7'1=!%V47B1>N%](7]Q@;&$`891B*&*\8U1CZ&2`9
M11EK&9$9MQG=&@0:*AI1&G<:GAK%&NP;%!L[&V,;BANR&]H<`APJ'%(<>QRC
M',P<]1T>'4<=<!V9'<,=[!X6'D`>:AZ4'KX>Z1\3'SX?:1^4'[\?ZB`5($$@
M;""8(,0@\"$<(4@A=2&A(<XA^R(G(E4B@B*O(MTC"B,X(V8CE"/"(_`D'R1-
M)'PDJR3:)0DE."5H)9<EQR7W)B<F5R:')K<FZ"<8)TDG>B>K)]PH#2@_*'$H
MHBC4*08I."EK*9TIT"H"*C4J:"J;*L\K`BLV*VDKG2O1+`4L.2QN+*(LURT,
M+4$M=BVK+>$N%BY,+H(NMR[N+R0O6B^1+\<O_C`U,&PPI##;,1(Q2C&",;HQ
M\C(J,F,RFS+4,PTS1C-_,[@S\30K-&4TGC38-1,U336'-<(U_38W-G(VKC;I
M-R0W8#><-]<X%#A0.(PXR#D%.4(Y?SF\.?DZ-CIT.K(Z[SLM.VL[JCOH/"<\
M93RD/.,](CUA/:$]X#X@/F`^H#[@/R$_83^B/^)`(T!D0*9`YT$I06I!K$'N
M0C!"<D*U0O=#.D-]0\!$`T1'1(I$SD42155%FD7>1B)&9T:K1O!'-4=[1\!(
M!4A+2)%(UTD=26-)J4GP2C=*?4K$2PQ+4TN:2^),*DQR3+I-`DU*39--W$XE
M3FY.MT\`3TE/DT_=4"=0<5"[40914%&;4>92,5)\4L=3$U-?4ZI3]E1"5(]4
MVU4H5755PE8/5EQ6J5;W5T17DE?@6"]8?5C+61I9:5FX6@=:5EJF6O5;15N5
M6^5<-5R&7-9=)UUX7<E>&EYL7KU?#U]A7[-@!6!78*I@_&%/8:)A]6))8IQB
M\&-#8Y=CZV1`9)1DZ64]99)EYV8]9I)FZ&<]9Y-GZ6@_:)9H[&E#:9II\6I(
M:I]J]VM/:Z=K_VQ7;*]M"&U@;;EN$FYK;L1O'F]X;]%P*W"&<.!Q.G&5<?!R
M2W*F<P%S77.X=!1T<'3,=2AUA77A=CYVFW;X=U9WLW@1>&YXS'DJ>8EYYWI&
M>J5[!'MC>\)\(7R!?.%]07VA?@%^8G["?R-_A'_E@$>`J($*@6N!S8(P@I*"
M](-7@[J$'82`A..%1X6KA@Z&<H;7ASN'GX@$B&F(SHDSB9F)_HIDBLJ+,(N6
MB_R,8XS*C3&-F(W_CF:.SH\VCYZ0!I!ND-:1/Y&HDA&2>I+CDTV3MI0@E(J4
M])5?E<F6-):?EPJ7=9?@F$R8N)DDF9"9_)IHFM6;0INOG!R<B9SWG62=TIY`
MGJZ?'9^+G_J@::#8H4>AMJ(FHI:C!J-VH^:D5J3'I3BEJ:8:IHNF_:=NI^"H
M4JC$J3>IJ:H<JH^K`JMUJ^FL7*S0K42MN*XMKJ&O%J^+L`"P=;#JL6"QUK)+
MLL*S.+.NM"6TG+43M8JV`;9YMO"W:+?@N%FXT;E*N<*Z.[JUNRZ[I[PAO)N]
M%;V/O@J^A+[_OWJ_]<!PP.S!9\'CPE_"V\-8P]3$4<3.Q4O%R,9&QL/'0<>_
MR#W(O,DZR;G*.,JWRS;+MLPUS+7--<VUSC;.ML\WS[C0.="ZT3S1OM(_TL'3
M1-/&U$G4R]5.U='65=;8UUS7X-ADV.C9;-GQVG;:^]N`W`7<BMT0W9;>'-ZB
MWRG?K^`VX+WA1.',XE/BV^-CX^OD<^3\Y83F#>:6YQ_GJ>@RZ+SI1NG0ZEOJ
MY>MPZ_OLANT1[9SN*.ZT[T#OS/!8\.7Q<O'_\HSS&?.G]#3TPO50]=[V;?;[
M]XKX&?BH^3CYQ_I7^N?[=_P'_)C]*?VZ_DO^W/]M____VP!#``(!`0(!`0("
M`@("`@("`P4#`P,#`P8$!`,%!P8'!P<&!P<("0L)"`@*"`<'"@T*"@L,#`P,
M!PD.#PT,#@L,#`S_VP!#`0("`@,#`P8#`P8,"`<(#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"``W`/T#
M`2(``A$!`Q$!_\0`'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`
MM1```@$#`P($`P4%!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*Q
MP152T?`D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA9
M6F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*S
MM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ
M_\0`'P$``P$!`0$!`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#
M!`<%!`0``0)W``$"`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1
M"A8D-.$E\1<8&1HF)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI
M:G-T=79W>'EZ@H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZ
MPL/$Q<;'R,G*TM/4U=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1
M`Q$`/P#]DOVX_P!M+2OV'/AI8>)]8T;5-<MK^_73U@L7C2179&8,2Y`QA37R
MV/\`@X@\!Y_Y)_XRQ_UWMO\`XNMW_@X(&?V3O#?&3_PDD7_HF6OQ]QP,X&/U
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ML_')M-@^S)KGC!$B+D?Q;POG''8@*??O7CG_``24U2VUO_@I+X8N[/3K?1[6
MX%[)%8V\CR16JFW?Y%+DL0/<DT<J/H_]?,RIYUA<%2QT*\*DXJ24$G%-JZYD
MN5^J?W'[?1L7&#D&GTQ,[!]:?61_084444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110!\+_P#!?'2IM9_99\-0PF)#_P`)
M)$6>658D0>3+R68@`5^6F@:?\/?!@6?Q!>ZMXRNUZ:=HX^Q6@/H]U("Y'_7-
M/^!5^H/_``<$`']D_P`-9_Z&2+D]/]3+7Y1?#WX2>(_BG>F#P]I%[J6P9EF0
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MF^$L'CWPAKEW\/8KJ#[1+X?\?,EM)9_[/VA3Q[%QZ9Q7EW_!)?PZWA3_`(*4
M>&--DN+.\FL1>Q--9W*W-O(1;ORDB\,OO7D?[66D?&33_%[-\8CXP^WNVY)-
M9=Y;=_>(C,1'IMKTS_@C>2?^"A'@OI@07G08_P"7=Z9Z%#$X&IQ-@H83"2H2
M52/-S.U]5KR6M'T3L?N<OW%IU-7[BTZL#^PNH45#J6H1Z3IUQ=3$B&VC:5R!
MDA5!)X^@KYATS_@K_P#!_6[3[18KXXOK?)42VWAB[FCR.HW*I&10!]245Y7^
MSO\`M@^$_P!IZ]U.#PU;^)(7TE$DG.J://8`AR0-AD4;N0<XZ5ZI0`4444`%
M%<'X[_:/\,?#CXQ>$O`NJ7%U'X@\;"8Z5'';L\<@A7<^YQPN!Z]:K?M`?M7>
M`/V7]%AO?&OB*STC[42+:VPTMU=G.,1Q("[?@,4`>BT5\O/_`,%;OACIZ1W&
MJ:1\1]#TF5@HU34/"US#9C/<O@D#OTKZ'^'OQ$T3XK^#['Q!X<U.TUC1=3C$
MUK>6S[XYE/<&@#:HH)P*X#Q9^TGX8\$_''PS\.]0GND\3>+K>:ZTZ)+=GA>.
M($N6D'"G@X'>@#OZ*X'X9?M)>&/BY\2_&'A+1I[N36?`MQ';:NDMNT:1.X)7
M8QX<<'D51^.W[5WA?]GOQ'H.CZU!K][JOB59FT^TTK3);Z:81!3)\J`G@,#0
M!Z917AR_MZ^''D5!X.^*X9B`,^#[P#)_X#7MEE<_;;6.4*R+(H8!AA@",\CL
M:`):***`"BBB@`HHHH`****`/A?_`(+XZ@NE_LM>&9VMK:ZV^)(L)<(7C!\F
M7DKD9^AXK\D?$_Q,UWQCIT=G?ZK=3:=%]RS3]S:Q?[L*80?7&:_;W_@J1^QW
MXE_;4^"&D^&O#%YI-E?6&K)?N^H.Z1L@C=2`5!.<L.U?)'A+_@A-XE\!V<%S
M</X5\9ZN5!,&HZC<6>FP-Z%(D,LN/]]![5I%V1_./B5P=G>:9[.M@:;=-QCK
MTTW\V_0^`/A;\'/%/QH\0+I/A'P_JOB"^8X,5C;F01CU=A\J#W8BOH?0/V"_
M`7P6B6_^.WQ4T/PX\8W-X:\/2KJ>KR8YV,R`I$?S^M?1GC#_`()C?M0^*_#?
M]A6GCGP%X8\-CA='\//+I=GC_:$489_^!LQKS!_^#?[XQ.6)\0^!RSG+'[5/
MDGUSY=5='RF%X#Q^#M*.73KS[S:C#_P&,KOYR7H:?Q"_X+$>&?"/PA@^'7PX
M^'SZUX=L(#;PW?CJX.HNZ^IB)8GCH"W'H*\U_P""2>N-XH_X*2^&-1:SL+!K
ML7TAM[&`06T.;=_E1`3M7VKN$_X-_P#XQ)C_`(J#P-@?]/,__P`:KV3]@;_@
MD-\2/V6?VI-`\;^(-8\*W6EZ5'<)+%93RM,QDB9%P&0#J?6ES'LX+*.,,;G.
M$Q&9T&J=*<7M%**37;R]3])%^XM.IL0S&,TZLC^H/,R?'QQX%UH_].$__HMJ
M_//_`()=_M&?$7X;_LIV>E>&O@OX@\;Z4FIWDB:K::M;6\4C-)ED"N=V5/%?
MHKXDTQ]:\.W]G&RH]W;20JQZ*64@$_G7C?\`P3W_`&8M7_9%_9VM_!NMZCI^
MJ7T-_<W9GLE98BLCY``;G(H`\X_:0_;3^)_@+]CSQIXWD^']Q\.-?T"ZM(;"
M+5YH=12\2615=]L9P,9QSZU[3\3?BKJ_A3]D?5_&EHUNNMV?A=M5C+Q;HO/%
MOYG*YY7=VIW[7O[.UO\`M5_`#Q!X&N+U],.LQ+Y-VJ[_`+/*C!T8KW&Y0"/0
MUX/J_P"S1^TI\0/@1=?#;7/&GPVT_16TQM,.JV%E<-J%]"$V)&P;"1A@`&90
M3C..:`,+Q%_P4YU[P1^Q[\)=;ND\/R^/_BBC)'=WQ-II.G*KE9+J8`DA%ROR
M@\US?Q!_;V\7_!7P@?%5K\=_A!\3Y+'9)?\`ABUL%LI;F/<`ZVLJR%BX!XWC
MG%>D:E_P3*O/$'[*/PO\+OXDL=.\??"TFXTS5XK7[3922EBS1R1/]^)OER#Z
M58?]G?X]^*HK/3;M_@3X7BBE4W6LZ5X>:[O+A%(R%AF7RU+`<^F:`.1^-'Q(
ML?B_^W?^R9XHTW>+#Q!INH7T*OPRJ\"MM/N,X/TK,_8B\-V/[0O_``4/^-WB
M[QK''J?B'P3J*Z;H=E>*'73+?=(@=$;@?*BX..KD]37N_P`6/V1]5\<?M3?!
MSQQI^H:3:Z3\-X+N&[MC`8I+DS(%!B5!L4`C..@S6=^T+^PC?^)/C,GQ3^%W
MBQ_`'Q$\L0WDK6_VC3M9C&`%N(NYP`-P]N,B@#Z'U/3;76],EL[VWM[RUN$,
M<L,\8>.52.05.00?2OFO]NG]LB/]CZU\&^#_``K:>'=-UWQ;*UM9SZD?LVD:
M';)@-/*$Q\JY&%&.AJIJ_A7]KKQ?HYTE_$?P@\.),ICEUC3[6[FNU!X+QQO\
M@;N/0T[XR?\`!/+5_B9\-/`CO\0+G4OB9\/)FN-/\2:Q81SQWV[EH+B$##1'
M`]3QSG-`'CWQ)_X*!^+/@#X<A\4P?''X3?%>"TEC.I>'+2P6QNI8F8!S:R)(
MQ+*#D!QR!74_%3QM:?$G_@IS^S/X@T_?]AUSPM?7UOOX;9)"[J"/4`UU8_9V
M^/'BR?3K.]?X%>$;.VE1[S4M'\/->7ETBD;D6.=?+3<!SZ5VGQ)_9+U3Q9^V
M=\+?B18WVE6VC>`M+NM/N;(Q%)IS*K*IC"C8%&>GY4`><_L`#_C/#]J3_L.6
M7_HN2M;]M+6M:\/_`+<?P%NO#^B)XBU6.WUL16#7JV?F@P1ACYK`@8!)Y'-=
MQ^S1^RSK'P2_:2^,/C*_U+3KRQ^(VH6]Y900!A+:K&K`B3/&3N[4[]IWX!>-
MO'?QS^'7CKP3=^&([[P/'?QO;:UYWE7'VF-$X,0R,!2:`-33_B_\7KC4+>*X
M^#MM;6\DJK+,/%MJYB0D!FVA,G`R<=\5RGQ)^-WQ.U#]L>[^&'@V+PW!8'PU
M!K;:KJ4$DO\`9F9WC<E$8>:S84*N5`())[5O-/\`M&[>(/@SGW?4:U/"WP2U
MNR_:OOOB+?7FG&#4?"-MH4EI!OW+<QW#2O(,\>7\V!GF@#EM/^+7Q"^"/[1'
MA'P;XYU?0?%FB^.X+P6.IV6FMI]S87-M%YK))&)'5XV3.",$$<UYUHG[>=W\
M<+J_U/3?B=\.OAEX=@N9K?3[;4K?^T-5OEC<IY\RM(B0HY4E5&6VX)QFO=/C
M#\"K_P")/QY^&/BJ"\M(+#P//?RWD$H;S+I;BW,2A,<<'DY[5Y_X(_9K\>?L
MY?;=%\"P>`?%/@V:ZFNM.M/$"RVU[H_FN9'A$T:.)8@[-MW*&`.,D"@#%\`?
MMUZSK_@GXJZ7+>>%=<\4_#[P^^N6.M:+OETK58C&Y0M&3NCD5TVO'N/7(-7/
M"?[0OQ)T+X"VOQE\?7_A[3/"<>AIJ;^&=,T]I;VZ,D:B'-RSX5WD93M52`&`
MR<&NRB^!_C_Q?\&_B#I'BC5?",6I^+],GL-/L]'TXP66D!X60;I3^]FR6!)(
M&,<`5M:M\'-"M?V/H?`_CN[M!H=AX=ATS5KSSO(BC6&)5,RN?N[67<">F!0!
MSNAZ7\?/'6@Q:U/XG\$>#KF]03V^AC1)-12W5AE8Y[@RH6;!`8HH&<XS7'_"
M[]HGXS?$V#XV:#+I7A?2?'/P]:VBTBVC5Y[2\D:W\TDDL&*38RG0KO`.<5TW
M@[P_\;-!\&6ECX?\8_#3QAH:P!+'Q!JD%P+LP`?*\BPL8IF"@?,"H/4UQ'_!
M-C1M0C^,WQZU6Y\13>,X+S7[.V.O&-8X-0NHK4"X6%5)41Q.WE@`G`7&20:`
M/2+#]M?19OV,V^+4D+*(;$^=IV?WRZB&\HV>.N_S_DQ]*]#^`U]XJU'X0Z#=
M>-_L">*;RU6XU"*RB,<%O(_S>4H))^4$*3GD@U\J>&_@5'X__P""@OBK0M)U
M`S_#'PMJ-MXQUK2P@^S1^(7C(2%6Z$<"=U[-CUK[4B;<N<@Y)/':@"7O0%`[
M"BB@+!@^U+S110`<^U(V>U%%`"FBBB@`H`Q110`4444`%`&***`#%%%%``!@
M4$`T44`%&.:**`#%%%%`!1BBB@`HHHH`*K:II5OK5E-:WEO#=6EPACEAF0/'
M*I&"K*>"".QHHH`\BNO^"?OPCN)FV>#X;6WD8L]I:7US;6KD]<PI((\>V,5V
M]U\$?"H^%W_"&1:+::?X7$0@6PL"UHD:`[L*8BK*<C.0<FBB@"+X7_!_PS\%
D?#C:3X5T>UT>PEF:XE2(LSSRMUDD=B6=SW+$FND_.BB@#__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
