<SEC-DOCUMENT>0001104659-20-004356.txt : 20200115
<SEC-HEADER>0001104659-20-004356.hdr.sgml : 20200115
<ACCEPTANCE-DATETIME>20200115170005
ACCESSION NUMBER:		0001104659-20-004356
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200109
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20200115
DATE AS OF CHANGE:		20200115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			R F INDUSTRIES LTD
		CENTRAL INDEX KEY:			0000740664
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC CONNECTORS [3678]
		IRS NUMBER:				880168936
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13301
		FILM NUMBER:		20528754

	BUSINESS ADDRESS:	
		STREET 1:		7610 MIRAMAR RD
		STREET 2:		BLDG 6000
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92126-2313
		BUSINESS PHONE:		858-549-6340

	MAIL ADDRESS:	
		STREET 1:		7620 MIRAMAR RD #4100
		STREET 2:		7620 MIRAMAR RD #4100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92126-4202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CELLTRONICS INC
		DATE OF NAME CHANGE:	19910204
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm203524d1_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K </B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Pursuant to Section&nbsp;13 or 15(d) of
the Securities Exchange Act of 1934</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp; &nbsp; Date of Report (date of earliest event reported): January 9, 2020</P>

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

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    <TD STYLE="text-align: center; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center; font-weight: bold"><FONT STYLE="font-size: 14pt">RF
    INDUSTRIES, LTD.</FONT></TD>
    <TD STYLE="text-align: center; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Exact name of registrant as specified in its charter)</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Nevada</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction<BR>
        of Incorporation)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0-13301</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission File Number)</P></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">88-0168936</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer<BR>
        Identification No.)</P></TD></TR>
<TR>
    <TD STYLE="padding: 0; vertical-align: top; font-size: 10pt; text-align: center; font-weight: bold; text-indent: 0"></TD>
    <TD COLSPAN="3" STYLE="padding: 0; vertical-align: top; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">7610 Miramar Road, Bldg. 6000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">San Diego, California 92126-4202</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(858) 549-6340</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s Telephone Number)</P></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0; width: 30%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 10%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; width: 20%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 10%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 30%; text-indent: 0">&nbsp;</TD></TR>
</TABLE> <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">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:</P>

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

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    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
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    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<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 registered pursuant to Section 12(b) of the Act:</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding: 0; width: 40%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Title of each class</U></FONT></TD>
    <TD STYLE="text-align: center; padding: 0; width: 20%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Trading Symbol(s)</U></FONT></TD>
    <TD STYLE="text-align: center; padding: 0; width: 40%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Name of each exchange on which registered</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common Stock, $0.01 par value per share</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">RFIL</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">NASDAQ Global Market</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of </FONT>the <FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
Act of 1933 (&sect;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2). </FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging
growth company </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition </FONT>period
<FONT STYLE="font-family: Times New Roman, Times, Serif">for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 5.02</TD><TD>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal"><U>President/Chief
Executive Officer Fiscal Year 2019 Bonus</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 3, 2018,
the Board of the Directors (the &ldquo;<U>Board</U>&rdquo;) of RF Industries, Ltd. (the &ldquo;<U>Company</U>&rdquo;) adopted certain
quantitative and qualitative corporate goals for the determination of cash and equity bonuses to be paid to certain officers for
the 2019 fiscal year ended October 31, 2019 (&ldquo;fiscal 2019&rdquo;). On January 9, 2020, the Board reviewed the performance
of the various participants under the fiscal 2019 incentive bonus plan and approved bonus payments for the participants based on
their varying individual performance levels. The Board determined that Mr. Dawson met all of the goals established for him under
the 2019 incentive bonus plan and, accordingly, granted Mr. Dawson his full cash bonus of $130,800.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Adoption of Fiscal
Year 2020 Management Incentive Equity and Cash Compensation Plan</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 9, 2020,
the Board adopted an incentive compensation plan for officers (including the named executive officers) and senior managers of the
Company and its subsidiaries, under which each participant (i) is eligible to receive a cash payments after the end of the fiscal
year as short-term incentive bonus, and (ii) received an equity award as a long-term incentive award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Cash Incentives</U>.
Under the plan adopted by the Board, cash incentive bonuses, if any, will be paid to each officer and senior manager based upon
(i) the Company&rsquo;s achievement of specified corporate goals and (ii) the satisfaction of subjective personal performance and
contribution goals established for that participant. The corporate goals will apply equally to all participating officers and managers.
The subjective performance of each officer will be evaluated and determined by the Compensation Committee, in its sole discretion,
after consultation with the Company&rsquo;s Chief Executive Officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The maximum target
cash bonus payable to participants if all of the goals are achieved will range from 15% to 50% of the recipient&rsquo;s fiscal
2020 base salary. Bonuses will be weighted and based on (i) the Company&rsquo;s achievement of certain fiscal 2020 revenues (weighted
30%), (ii) earnings before interest, taxes, depreciation and amortization (EBITDA) (weighted 60%), and (iii) individual subjective
performance criteria (weighted 10%). The calculation of EBITDA will exclude the impact of any business acquisitions or dispositions
effected during the year, earn-out liabilities, and stock option compensation expenses accrued to management. The Board and the
Compensation Committee reserve the right to modify these goals, criteria and target percentage at any time, and to grant bonuses
to the participants even if the performance goals are not met. In addition, the Board and Compensation Committee may modify the
bonus plan targets to reflect significant changes in Company&rsquo;s business, including changes due to acquisitions or dispositions
of businesses or product lines. The 2020 bonuses will be paid within 75 days after the end to the fiscal year to participating
officers and managers who are employed with the Company or its subsidiaries on the date of payment.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Equity Awards</U>.
In order to provide long term incentives to the Company&rsquo;s officers and managers, on January 9, 2020 the Board granted participating
officers and managers shares of restricted stock and/or options to purchase the Company&rsquo;s common stock. Provided the participating
officer or manager is still employed with the Company or its subsidiaries on the following dates, the shares of restricted stock
and the options shall vest over four years as follows: (i) one-quarter of the restricted shares and options shall vest on January
9, 2021; and (ii) the remaining restricted shares and options shall vest in twelve equal quarterly installments over the next three
years, commencing with the first quarter following January 9, 2021. The options have a ten-year term and an exercise price of $6.46
per share (which was the closing price of the Company&rsquo;s common stock on the date of grant).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr. Dawson, the Company&rsquo;s
President and Chief Executive Officer, is a participant in the plan and was granted 21,000 shares of restricted stock, and options
to purchase 42,000 shares of common stock at an exercise price of $6.46 (the closing price of the Company&rsquo;s common stock
on the date of grant). Mr. Dawson&rsquo;s shares of restricted stock and the options have the same terms, vesting schedule and
price as the equity awards granted to other officers and managers under the equity awards plan. Mr. Dawson was also awarded 5,062
fully-vested shares valued at $32,700.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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



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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 50%; text-indent: 0">January 15, 2020</TD>
    <TD STYLE="padding: 0; width: 3%; text-indent: 0">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; width: 30%; text-indent: 0">/s/ Robert Dawson</TD>
    <TD STYLE="padding: 0; width: 17%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Robert Dawson</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">President and Chief Executive Officer</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


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

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