<SEC-DOCUMENT>0001144204-19-042091.txt : 20191001
<SEC-HEADER>0001144204-19-042091.hdr.sgml : 20191001
<ACCEPTANCE-DATETIME>20190828161502
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-19-042091
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190828

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STONERIDGE INC
		CENTRAL INDEX KEY:			0001043337
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				341598949
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		39675 MACKENZIE DRIVE
		STREET 2:		SUITE 400
		CITY:			NOVI
		STATE:			MI
		ZIP:			48377
		BUSINESS PHONE:		2484899300

	MAIL ADDRESS:	
		STREET 1:		39675 MACKENZIE DRIVE
		STREET 2:		SUITE 400
		CITY:			NOVI
		STATE:			MI
		ZIP:			48377
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    <TD STYLE="width: 70%; padding: 0; font-size: 10pt; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stoneridge,
                                         Inc. <FONT STYLE="color: red">&#9660;</FONT> 39675 MacKenzie Drive, Suite 400, Novi,
                                         MI 4837</FONT></P>
                                                                        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone
                                         248-489-9300 <FONT STYLE="color: red">&#9660;</FONT> Fax 248-489-3970</FONT></P></TD>
    <TD STYLE="width: 30%; padding: 0; font-size: 10pt; text-indent: 0; text-align: right">&nbsp;<IMG SRC="image_001.jpg" ALT="" STYLE="height: 71px; width: 115px"></TD></TR>
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<P STYLE="margin: 0">August 28, 2019</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"><U>BY EDGAR</U></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">Securities and Exchange Commission</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F. Street N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Attention:</TD><TD STYLE="text-align: justify">Lyn Shenk</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Office of Transportation and Leisure</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><B>Stoneridge, Inc.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Form 10-K for Fiscal Year Ended December 31, 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in"><B>File No. 001-13337</B></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">Dear Lyn Shenk:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of Stoneridge, Inc. (the &ldquo;Company&rdquo; or
&ldquo;Stoneridge&rdquo;) this letter responds to the Staff&rsquo;s comment letter dated August 19, 2019 (the &ldquo;Comment Letter&rdquo;)
regarding the above-referenced Form 10-K (the &ldquo;2018 Form 10-K&rdquo;).</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 headings and numbers of the responses set forth below correspond
to the headings and numbers in the Comment Letter, and the Company has set forth below, in italics, the text of the Staff&rsquo;s
comment prior to each response.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Form 10-K for the Fiscal Year Ended December 31,
2018.</U></I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Item 1. Business<BR>
Backlog, page 4</U></I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>1.</I></TD><TD STYLE="text-align: left"><I>Please tell us how your disclosure herein regarding backlog complies with the disclosure of backlog
pursuant to Item 101(c)(1)(viii) of Regulation S-K. Additionally, please clarify for us if the terms &ldquo;cumulative remaining
sales&rdquo;, &ldquo;estimated net sales&rdquo; and &ldquo;expected net sales&rdquo; represent the same measure and how they relate
to backlog pursuant to the noted guidance.</I></TD></TR></TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lyn Shenk</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 28, 2019</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"><FONT STYLE="text-transform: uppercase">Company
Response:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stoneridge understands Item 101(c)(1)(viii) of Regulation S-K
requires companies to disclose, in part, &ldquo;the dollar amount of backlog orders believed to be firm.&rdquo; Stoneridge also
understands the legal definition of a &ldquo;firm order&rdquo; to be a non-cancelable order, or an order that is not subject to
cancellation until a specified expiration date, or if there is not an expiration date, then the parties assume thirty days after
the order (i.e., a confirmed order). Accordingly, as noted in our 2018 Form 10-K no portion of our expected net sales information
represents firm orders.</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">As is typical in the automotive and commercial vehicle industries,
customers award suppliers, such as Stoneridge, production contracts related to specific vehicle platforms. There is usually a two
to four year period between the business award and the start of production. We customarily supply for the vehicle model or vehicle
platform&rsquo;s life, which typically ranges from three to five years. We recognize our sales based on the satisfaction of performance
obligations stipulated by customer issued purchase orders in conjunction with releases, which range from one month to six months
in lead-time. However, customers make no commitments to volumes and generally may cancel an order at any time. Customers regularly
update purchase order releases for volume adjustments. Also, technological specifications and/or pricing can change very quickly.
Therefore, we do not believe we have any firm orders to disclose at any point in time during the course of our business.</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">As currently disclosed, our backlog is our latest estimate of
sourced future sales based on volume projections provided to us by our customers related to existing and newly awarded production
agreements. We actively update these estimates based on the most recent data. Updates to our estimated sourced future sales or
backlog, result from any combination of the following: new business awards, price and vehicle volume changes, foreign currency
fluctuations, changes to estimated installation rates, and short cycled or canceled models or platforms.</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 terms &ldquo;expected booked sales,&rdquo; &ldquo;estimated
net sales&rdquo; and &ldquo;expected net sales&rdquo; are interchangeable and all reference the &ldquo;estimated sourced future
sales&rdquo; or &ldquo;backlog&rdquo; discussed above. Despite the fact that our customer agreements are subject to cancellation/termination
and, therefore, do not represent firm orders, the Company believes that taking a principles-based approach to the disclosure of
the Company&rsquo;s estimated sourced future sales provides a meaningful metric that is useful to the Company&rsquo;s shareholders
and the investing public. It is our understanding that such data is commonly used by analysts that follow Stoneridge and other
automotive and commercial vehicle suppliers. We acknowledge our discussion of backlog in Item 1 of the Company&rsquo;s Form 10-K
should be clarified using consistent terminology and we will make this change beginning with our annual Form 10-K filing for 2019
fiscal year.</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">A draft of our revised disclosure for our next Form 10-K follows:</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 0.3in">&ldquo;The Company typically enters into customer
agreements at the beginning of a vehicle life cycle with the intent to fulfill customer-purchasing requirements for the entire
vehicle production life cycle. The vehicle life cycle usually includes the two to four year pre-production period and production
for a term covering the life of such vehicle model or platform, generally between three to five years, although there is no guarantee
that this will occur. Our customers make no firm commitments regarding volume and may terminate these agreements or orders at any
time. The Company&rsquo;s estimated sourced future sales may also be impacted by various assumptions, including new program vehicle
production levels, customer price reductions, foreign currency exchange rates and program launch timing. Stoneridge&rsquo;s customer
agreements may be terminated by customers at any time and, accordingly, estimated sourced future sales information does not represent
firm orders or firm commitments. The Company defines backlog as the estimated remaining cumulative awarded life-of-program sales
(or &ldquo;estimated sourced future sales&rdquo;). The Company&rsquo;s estimated sourced future sales was $__ billion as of December
31, 2019, compared to $3.4 billion as of December 31, 2018.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lyn Shenk</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 28, 2019</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will also add a new Risk Factor substantially similar to
the following:</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 0.3in"><B>The Company&rsquo;s Estimated Sourced Future Sales
from Awarded Programs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">The Company typically enters into customer agreements
at the beginning of a vehicle life cycle with the intent to fulfill customer-purchasing requirements for the entire vehicle production
life cycle. The vehicle life cycle typically includes the two to four year pre-production period and production for a term covering
the life of such vehicle model or platform, generally between three to five years, although there is no guarantee that this will
occur. The Company&rsquo;s customers make no firm commitments regarding volume and may terminate these agreements or orders at
any time. Therefore, these arrangements do not represent firm orders. The Company&rsquo;s estimated sourced future sales from awarded
programs, also referred to as backlog, is the estimated remaining cumulative awarded life-of-program sales. Several factors may
change forecasted revenue from awarded programs; namely, new business wins, vehicle production volume changes, customer price reductions,
foreign currency exchange rates, component take rates by customers and short cycled or canceled models or platforms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>MD&amp;A<BR>
Liquidity and Capital Resources<BR>
Summary of Future Cash Flows, page 30</U></I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>2.</I></TD><TD STYLE="text-align: left"><I>It appears the cash interest payments on your credit facility and debt obligations may represent
a material contractual obligation. Because this table is aimed at increasing transparency of cash flow, we believe these payments
should be included in the table or disclosed in the footnotes using the same time frames stipulated in the table. Please also disclose
any assumptions you made to derive these amounts. If you choose not to include these payments, a footnote to the table should clearly
identify the excluded item and provide any additional information that is material to an understanding of your cash requirements.
Refer to Item 303(a)(5) of Regulation S-K and footnote 46 to SEC Release No. 33-8350.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in"><I>We also note
your disclosure that in December 2018, you entered into an agreement to make a $10 million investment in a fund managed by Autotech
Ventures. Please tell us what consideration you gave to including this commitment in the table.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lyn Shenk</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 28, 2019</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">COMPANY RESPONSE:</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">In future filings, the Company will expand the cash outflows
table, either by adding line item disclosure or by footnote, for interest payments under the Company&rsquo;s credit facility and
debt obligations, including the assumptions made to derive those amounts.</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">Regarding Summary of Future Cash Flows table disclosure
for the Company&rsquo;s commitment to Autotech Ventures (&ldquo;Autotech&rdquo;), the Company did not include any amount
related to Autotech in this table because the Company does not know when during the ten year life of the fund that its
capital will be called by Autotech, however the Company will add a footnote to this table disclosing the Autotech funding
commitment. The Company will continue to disclose the nature of the Autotech future cash commitment in future filings similar
to the presentation in the 2018 Form 10-K in both the Liquidity section of MD&amp;A on page 31 and in Note 4 to Consolidated
Financial Statements under sub-caption &ldquo;Other-Investments&rdquo; on page 60. The disclosure in the Liquidity section
follows:</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 0.3in">In December 2018, the Company entered into an agreement
to make a $10.0 million investment in a fund managed by Autotech Ventures (&ldquo;Autotech&rdquo;), a venture capital firm focused
on ground transportation technology. The Company&rsquo;s $10.0 million investment in the Autotech fund will be contributed over
the expected ten-year life of the fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have any questions or comments regarding the foregoing,
do not hesitate to contact me at (248) 489-9300.</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">Sincerely,</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Robert R. Krakowiak</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chief Financial Officer and Treasurer</P>

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

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

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



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

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