<SEC-DOCUMENT>0000950170-24-109289.txt : 20250103
<SEC-HEADER>0000950170-24-109289.hdr.sgml : 20250103
<ACCEPTANCE-DATETIME>20240925145051
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950170-24-109289
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240925

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GAIA, INC
		CENTRAL INDEX KEY:			0001089872
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				841113527
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		833 WEST BOULDER ROAD
		STREET 2:		BLDG G
		CITY:			LOUISVILLE
		STATE:			CO
		ZIP:			80027-2452
		BUSINESS PHONE:		3032223330

	MAIL ADDRESS:	
		STREET 1:		833 WEST BOULDER ROAD
		STREET 2:		BLDG G
		CITY:			LOUISVILLE
		STATE:			CO
		ZIP:			80027-2452

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GAIAM, INC
		DATE OF NAME CHANGE:	20080519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GAIAM INC
		DATE OF NAME CHANGE:	19990701
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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  <div style="padding-top:0.5in;z-index:-3;min-height:1in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><img src="img180775131_0.jpg" alt="img180775131_0.jpg" style="width:131px;height:65px;">&#160;</p></div>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">September 25, 2024</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">Via EDGAR</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">U.S. Securities and Exchange Commission</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">Division of Corporation Finance</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">Office of Trade &amp; Services</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">100 F. Street, N.E.</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">Washington, D.C. 20549-9303</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">Attention:	Mr. Scott Stringer</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">		Mr. Joel Parker</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">		Mr. Tyler Howes</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">		Mr. James Lopez</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;" id="ole_link12"><font id="ole_link11"></font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Re:	</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Gaia, Inc.</font></p>
  <p style="margin-left:6.667%;text-indent:7.143%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Form 10-K for the Fiscal Year ended December 31, 2023</font></p>
  <p style="margin-left:6.667%;text-indent:7.143%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Filed March 29, 2024</font></p>
  <p style="margin-left:6.667%;text-indent:7.143%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">File No. 000-27517</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Dear Mr. Stringer, Mr. Parker, Mr. Howes and Mr. Lopez:</font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">This letter is in response to your comment letter dated September 20, 2024. Your comments are reproduced below in bold italics, followed in each case by the response of Gaia, Inc. (the &#x201c;Company&#x201d;).</font></p>
  <p style="font-size:10pt;margin-top:10.8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:12pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">Form 10-K for the Fiscal Year Ended December 31, 2023</font></p>
  <p style="font-size:10pt;margin-top:11.25pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:12pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">Item 11. Executive Compensation, page 73</font></p>
  <div class="item-list-element-wrapper" style="margin-left:6.667%;margin-top:11.65pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:2.57143775513484%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">1.</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">We note from the disclosure incorporated by reference from page 18 of the Definitive Proxy Statement filed on April 29, 2024, that in 2023 your executive officers received bonuses based on your overall financial performance as determined by your board of directors. We also note the statement that your compensation committee determined there was no performance-based compensation tied to financial results during the relevant period. Please briefly explain to us why application of the recovery policy resulted in this conclusion. See Item 402(w)(2) of Regulation S-K.</font></div></div>
  <p style="margin-left:6.667%;text-indent:7.143%;font-size:10pt;margin-top:6.95pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">We respectfully acknowledge the Staff&#x2019;s comment and request for an explanation. The Company&#x2019;s conclusion that, as disclosed on page 18 of the Company&#x2019;s Definitive Proxy Statement filed on April 29, 2024 (the &#x201c;Proxy Statement&#x201d;), &#x201c;no performance-based compensation . . . within the prior three years was based upon the achievement of financial results, as reported in [any] report filed with the SEC&#x201d; for purposes of the Company&#x2019;s Compensation Recovery Policy (the &#x201c;Policy&#x201d;) was based on</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> </font></p>
  <div class="page-node-content"><div style="z-index:-3;flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;"><br></font><font style="color:#595959;white-space:pre-wrap;font-weight:bold;font-size:8pt;font-family:Arial;min-width:fit-content;">Gaia, Inc.</font><font style="color:#595959;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;"> | 833 W. South Boulder Road Louisville, CO 80027 | 303-222-3600 | </font><font style="color:#595959;white-space:pre-wrap;font-weight:bold;font-size:8pt;font-family:Arial;min-width:fit-content;">Gaia.com</font></p></div></div>
  <hr style="page-break-after:always;">
  <div style="padding-top:0.5in;z-index:-3;min-height:1in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><img src="img180775131_0.jpg" alt="img180775131_0.jpg" style="width:131px;height:65px;">&#160;</p></div>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:6.95pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">(1) the scope of the Policy and (2) the manner in which the fiscal year 2023 bonuses were awarded.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">  </font></p>
  <p style="margin-left:6.667%;text-indent:7.143%;font-size:10pt;margin-top:6.95pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">The Policy requires recovery of &#x201c;Erroneously Awarded Compensation&#x201d; in the event of a triggering restatement.  &#x201c;Erroneously Awarded Compensation&#x201d; is defined to include only certain amounts of &#x201c;Incentive-Based Compensation,&#x201d; and &#x201c;Incentive-Based Compensation&#x201d; is defined as &#x201c;compensation that is granted, earned, or vested based wholly or in part on the attainment of a financial reporting measure.&#x201d;  Accordingly, compensation that is granted, earned or vested based wholly on factors other than the attainment of a financial reporting measure is not within the scope of, or subject to recovery under, the Policy.</font></p>
  <p style="margin-left:6.667%;text-indent:7.143%;font-size:10pt;margin-top:6.95pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">The bonuses awarded to the named executive officers for fiscal year 2023 were earned based wholly on factors other than the attainment of a financial reporting measure.  As disclosed on page 17 of the Proxy Statement, the bonuses were &#x201c;awarded at the discretion of our compensation committee.&#x201d;  The compensation committee of the Company&#x2019;s Board of Directors reviewed both the Company&#x2019;s &#x201c;overall financial performance and each executive officer&#x2019;s individual performance in determining whether such executive officer should be awarded a bonus,&#x201d; but the bonuses were not contingent on the achievement of any financial reporting measure and were ultimately awarded on the basis of the compensation committee&#x2019;s exercise of discretion following the end of the year rather than on the basis of a financial reporting measure or otherwise on the basis of financial results reported in any report filed with the Securities and Exchange Commission.</font></p>
  <p style="margin-left:6.667%;text-indent:7.143%;font-size:10pt;margin-top:6.95pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">As a result, the bonuses were not &#x201c;Incentive-Based Compensation&#x201d; as defined by the Policy and therefore were not subject to recovery under the terms of the Policy.</font></p>
  <div class="item-list-element-wrapper" style="margin-left:6.667%;text-indent:7.143%;font-size:0;margin-top:6.95pt;justify-content:flex-start;margin-bottom:0;min-width:6.667%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;word-break:keep-all;text-indent:0;display:inline-flex;font-size:12pt;font-family:Times New Roman;justify-content:flex-start;min-width:5.14287551026968%;">2.</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">It appears that you have not provided your disclosure about your recovery analysis in an Interactive Data File in accordance with Rule 405 of Regulation S-T and the EDGAR Filer Manual. In future filings where you conduct a recovery analysis, please also include the interactive data. </font></div></div>
  <p style="margin-left:6.667%;text-indent:7.143%;font-size:10pt;margin-top:6.95pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">We respectfully acknowledge the Staff&#x2019;s comment and advise the Staff that, in future filings in which the Company discloses that it has conducted a recovery analysis, it undertakes to provide the required disclosure about the recovery analysis in an Interactive Data File in accordance with Rule 405 of Regulation S-T and the EDGAR Filer Manual.</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <div class="page-node-content"><div style="z-index:-3;flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;"><br></font><font style="color:#595959;white-space:pre-wrap;font-weight:bold;font-size:8pt;font-family:Arial;min-width:fit-content;">Gaia, Inc.</font><font style="color:#595959;white-space:pre-wrap;font-size:8pt;font-family:Arial;min-width:fit-content;"> | 833 W. South Boulder Road Louisville, CO 80027 | 303-222-3600 | </font><font style="color:#595959;white-space:pre-wrap;font-weight:bold;font-size:8pt;font-family:Arial;min-width:fit-content;">Gaia.com</font></p></div></div>
  <hr style="page-break-after:always;">
  <div style="padding-top:0.5in;z-index:-3;min-height:1in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><img src="img180775131_0.jpg" alt="img180775131_0.jpg" style="width:131px;height:65px;">&#160;</p></div>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Please contact me at 303-222-3254 if you need any additional information.</font></p>
  <p style="margin-left:43.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Sincerely,<br><br></font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="margin-left:43.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="margin-left:43.333%;padding-bottom:1pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:0.5pt solid;margin-right:13.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">/s/ Ned Preston</font></p>
  <p style="margin-left:43.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="margin-left:43.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">Ned Preston</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> </font></p>
  <p style="margin-left:43.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">Chief Financial Officer</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">cc:	James Colquhoun</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">	Chief Executive Officer</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">	Gaia, Inc.</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">Jason M. Hille</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:'Calibri',sans-serif;min-width:fit-content;">	Foley &amp; Lardner LLP</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
