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`£002;17 .01a0i1ec0.00±e CmP..Y+had op,4edapsni.2ua ,101k, 004 ±Co.,p.,y', s¢w3,awdifmcessay. The C, p
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` valuation some 60tims kgbaahav me full00111.100oq the deal colapsed, lucioglh. camp my to Ming lb Saaamg_ Ch. had palled ,wry& the hat in±eua), ofa®t snick market.,ot 210270110
`wefbelmv Eheumlial offeemg puma. 11,], dto.. blaed.wdh h08a12,20 with samelush people o,0pmieasueh.,CE®0alosivg over 30%,tthevilm,,111..3mw0,27,.0x2;3261& 2 fora rbaetoftbe NASDAQCtopo,te 011,.1 dlvtav1
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`3011,. .3f the Jadlf 01±1,0111 of±,k wpmy, 01,001±511 Rt , makly cma®ed to vuillne, mdthe deal ±111001g0
`ag.,, W. C,mpmywodd bt I, ,, 0us ho ]ble. 01 mso®im l]], o,I l3e ieem chwe m pure It.. sources of f01 iug, uhile c01I.to g to talk, 02aee. 121 feamwam4 lilt,., &ep had se®Me market and uvderalood the imphl hOs, hoaeia they .011 td, 000p.oy m fired l2at aaa
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`Rate's Offs 12 01010, lEO utilb. $20 0, 010,0,2,011ffim$80 0131wpo-m,11ey .01.,h@±
`52bavk 2,11 01 the Company. 014•.Gmg fit.. .01 um .1ltivg 01 ,.pp,h 1. 001• h, 0.0110204 ,.t p..- pticety lad ,,11.11,0 11010 10.7 was a2eady 2.3 2,1 t, prefmmg t, pace veu-imtot .;0.31x113.3[112, pOaposa@f@29.01iciy aaa Jlmfor t, a4401bm.701±0
`1dd01000, 0¢1,01 0 30171[ m the C2.2ptoy 03131 raal 7,001.10 11.]] decided to make m euep5w fro r05olss ruaws 0,11.1100 masker c.3ndit0.0 101 the pumefabip's erpect001 100 the ,2mpmy 01,1100 app[1cia01 0,2 .34.1 3], ±d&h w01000. it 112301 s.•rye. He .,. e
`1281112mx10£17,1.M14200.IW11is01-fowdaskltthenh01ing the 111,tm,W lead wvelw ako kadthe ,ec ]draw) tool) a0t lookgmdmdwetnotrela1&ky;the bert0120t,aof±.Cmpmy. '1'h, C2mwY wetted0 get add0wilr0h001d,d krel¢s wlwatdtoexpendthe
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`to mo,,[ivthe
`c0mpanyf Wel,wel p,ileposable. MedravoaodtheX®be3a still fdt the compmywas wmlh mete.
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`lbe erp®.y still 11,4 enough rash2,3.01,0[4Me®d o11]lry(see2113;[3 fa DoOots
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`02e1aun),..wxl]omd00 safety dp .d.dby Ro.x.,1520,they,.7llted with,bakm imxtom 1211100s lmstious ab1lpud0gmweyI.,.akin±e u.be,b,&
`fmaeci11a0t.o,t), mfh¢e w.a101 acme 00.ltmu0110,1 pm.., .44±1, 01
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`.sat didmn 010010,,x0.311 of wvranlab}- a aed001 J12, ae®d 121 4,1.1 ,01t4 AbyMxy 1811Acm ,, hadb,..000®
`0,01 ±,.,w000012th10e ae420,lblstffiM 0th, 100,000,4,180.1010,,,]] byE!) Ill, e00r0001g121efmthe na00.00,1d 100,15.3011,S00.E 10th, Serves Aptice.,9sare1,11 t0msmberof,lmeso£a Y,,tthtothecratli01,,00d incresse 011010.127 Tbi0001..t±.t
`±1 ompanywlOdin0111[21gi,iog a.0c11krg010]1,Iaryitym 13110,4101. Whlethis wmY11llMllt. vg0We000Pmy,itpmridedalrwg i1,c0]Ye0011adeal4uve 11000rffih¢0m Ill,,.
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`IDs o2mpinf10Ifa Ip5w11 didrttsecure 010,0010m 100104x110112003]! abOdge Imat 1000a111221e11alb500,12011011].012H,it co00wtl11lootforimsls]_2100120 Soflbankstams 00e.2at8]010111,t!the bw0w0Ihmhorselfsme0100i1, 101..35070
`lams in geo¢alwae1Re0riewedm a k1 setwtbyco0 p,aie. and 0a,1w and 0late®e rase, atned &armimlelms. (11, 0.0.1114 fat Ihl tams 0120, 500bm011fidge loan)
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`BAC!EGROtIND:
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`fi mdas' biog.apbi..) Geroge and John 1{111.2.1, identical 101nn g,00002 0011221,12011 U,]]O.Ity 0,2±51.4.22,11.2
`0,2±080034 Jt X,03,1 and Troy Mede.m beg.. w2lk012 0±e aprhlg .11300 w m idea fo, a aew type 01 011..,],] ]omp..Y: (gee Es2Stt 5 f
`M,fl.oal F17neai1gm1994_Georgepursuedasal.1nd,.0100g raro pall while Jm loth,.,mete txlmial rare¢0100,5,01e1.302,_Both,,1.3,,11[0S]m£d 0, 01 0 d,p,... P,,th, 0015,0 010,5e7.01.4wtt@1to 1]l ,arksting and John m11rmtrMed w01l] ,
`010].od014 lop, )!tileiagmdllezc0.ltheymffiMedlars00,002 pers1t02.3,01,0Sany02atmx101.1o92.3.. tight2t100phyu1121.10.1014 JDMffiA,04mt .100101111&2000 Otog. to]] INmin developinga1a101111mundtxh0o,gyw31i,btlMl8daeote4aoepffimtM
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`Oh, idea Was 031;1.7 1w021100 .kngivgavddltiiblti.2n t.2web molest 00,010.30001112200. would p,.2,ide 0400 and.24..:P 00011100122±1,211.1107=[a e1,111, web 210140II be "µ.2[a7,11, 6,011,11, sod distributed" 02111.300 2uWde.2faweb braw¢.Ib1, u the team
`call) them, was small windows 0112, 4.01,2 Iptofic m000],000 and f,0l],,s 1]!0111100100210,, 0,0011]],, fmmciil ivf®ffim m ecommace (see Exhibit 6 f , sme eramptes,fDlo). 001 could be open ahmg wlhoWa .p23111 b.11 on a d,,k,p an01e01rsse00Weu [12 11
`is, DWs displayed 0.3,.200 tenth We time of an>.~oa alweb page. C®p10m,12.1.,0 hi) woad .amt! w, Doh 111 duhibute wn,d becawe of t2e1eve100fhaaing a 1;07, purpose, amaLLwwdou0 sporting E,l oompm}'s blmdiog and 271 0010.12 slay awble as uaerausS o2011
`appk]011o01. E!1214±l21 users 12,1,1]] like the 141010117,
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`T'0evgh Jt . .,.10.1y 1994, 111,41,21, .1011.! Em tb,.4 n,±mbu.,,p9aBas to discos, their dl. .1.4 show aw,d0g pratorype vftheh,pp1a52n The team hied p1,104 and „ad,vle mnmem, put tl%th0,,,bogs with secs 1 21±501,17 0001,,]] lInt c,piflim.
`
`0. 107 July, 10! 100 waz re1sed, 00102011 .3±00 Heidi R0i0o by Tom 201,0,11111111015,011101200.010 4 Jolm wDOm 100011.41101,. fro tm,al years .00141,127' Pot, 101110 0110,10],, ffi Sop01111 n00 001)2,2400.2)1001121010] 111,031112)21011310001
`61lufAhm 10,0x0! 114 0,10,21001,1! 01012000 al the blvsi12e,s s2Dwl.
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`SOFTBANK 4'EMDBE CAPRALLI
`
`fcl .p,Gies w1, headed 39 11], 110 ,10.0,".yashi Sm ma0ryrenemw2! f@wded 5,1001 0 19 81 u a slftwa, 400;3000. tmPmY
`m 1ary 1996. SBVC w1,lamal,ttm Gay Ri.c0elj22001 S.olbmk 13.31110%, It 6001 W 10ea 2xetme 01211,1.01lrties_'Ihe S20002
`and by 1499 had deldope41100 a 0101Lwal diceniOed high 0000kgy wgmim5w with amaM c,01t.l zli.2n of,early MO 3;14.3.3. 001010221,00010,02,000.100-200111121111,02.1)] des 1/211113 the 1,031]. 0£. nvsldsade 100.1 "1.,3111," m whch synelgk.,0wg the
`merry c2mp10ie1 001215.36301 held take. would be lec¢aged fwmavml0 adca0age. 111 ,pogw4h ±1000gy sums o£ 0200m11, c®tril lwtdivgp were 00a.0.111,e e0mpavim Ida Otto!, ETmde and ZDnel, n0a had 020301ww th¢ 01.3000.2ff,, other 50Hbmk-
`becked ampaviea.
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`Ries4el and his pm.,, 0,1. 0112, zlblsu risiw 0 00 120010,70100] III. tag So113..31s US 3, 01,0000. 0, 011200,0 de0 and 1200,00011p01312 ±0 gk1.1 5.3831112 goal OF "3011107 a e2mpe110g, twg-1107 Internet ivfrutrucbte''17] By ,. I-2010. S0V0 had 14.0
`tracxls 3411.01101113100] mmp10. and our p0Mo20 and how w.3 ,02t €101111112 th®fo, 01, and 11,810101,1,011.3,00.3±0, 122 211 31,1110 ..f,!1]831&21 as ior.kns.. 111 02. 1)01.3.1
`BdOw 101401 001,5011001 012,101 told m 1111010200 Wl "because of 120121001 Sw
`69w.eocompavies w,.e good f,, SBVC'l welt 11 fa ±101110p0110 mvotxd, 6,1001.0.7 a01]glhmalt3e maxltaet
`fkby fratiyy01g!1A 1212;6 c,mpmea6_
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`S2flbaok had wmsideraWe mmnl i0xl.g ezpsimre upon n±ich SBVC multl draw. Sw emtisiwrd c2flbenk s, toe 3113 of a huge fgl.l 0.11!¢1.21, I] and 111010;00103 heartily 0I001nM eomptives as early as 1995. SoflbmYs early stake 0 Yabooi 1, 000040101
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`Heidi Rouen
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`02.0]]11,001001100 131,. 01100 rm0,Pl..em1,1,12 0,06mka0mtmofl]ppa10m±e1pmgof1599111 001.0111]] 110110, 5014e®d.2,11a101,,,. CEO of T[v[akoWellflwae1®0wl 1lec]1-ktMedwhile .1111! 511020401smev 1.021000104.3,1 mNs
`az CEO 02 /M0.. p 04,t1 of±e 5l100,,P4.002,0A10100.liln, rod 111,1 tic, pmoide,t Ifw016wi0e 410 I,.3] 14.]om 1Appe 0,0000 001..03114 000,22,e2 a a10'Ok±1€1211ed 00 y,091e.2I1p]110114 business lesd,m 20th, mdml0gy sect], 1210,011120,1 witley 001012
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`,ttgsm1ims0041®¢par4mmi±±e hka 2111410,411 20t,0o 9and500110111allyof5w 01;0102,010 company tetreaz.
`±e0112',11Ro01enworxh¢faily and Lme]30,00 31¢s1e¢10,011, and do ±0110111,0.1 was±e1,0 1£100ylh01g filmc®ultypt
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`s&1]lmee01g,ohRmamtookplaceat2.3.30,,1.,®110117 at 8.00AMbefeh1,10 tyj,g. Sbewa11,a1iog,omfw,,o,01 but ma1111.5„ommmda2w from 1207.1.3 Sd,,o.twiththet.m.om0aratherthan 11l¢. Ummg We.31 0g 16ek,0sh,wad
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`palm m wmacl wild m,lher.f bar p. tnas, 501IR11,IB,10 alsa be optl6."
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`101102.)110011211,00 met ont 11121 ,]].oh0,1,10,11i1,1We tlea, 100 1.1081 213 m490e11,0.0 dw±],mcetioga 4001, 21 01pll11,10,10,0,02111,Lm01e ID, t0,,]ale,0001 00, w Ito spot 0001,00111.1102011,1 5olbok00010 help the ectl]pl,70.0021 0,
`10 2021.1 ldo mtemrl 0010,1,1 (ace Extdbl l fro a pa0a1 tit of 5.313011 palflkl). Scott „pl0n]l Its] SIlbmk 00 .1.1,0(1,111011! 07145±0
`1240.11 wmJd 010w011loth the 5lfl101k17]17000 and be 10 excelle0 21,1011.2 1m100 cwml pm±1M by.2my !f SOBbmk 2
`Development 001201) had sptoo& respws,bdny & 20O1t0lg b1, 1ss dnxlopme0 desk 1,11],0 the Iwn0.O 01,00101., (in fact, appsoxi o.l&y 59%2£ 0. 01202 Ii.,. mu 1111.4 fwlhe lasplu). With .3] 121014001.100 cImpemu ;11111 po4.00, 0e 0010 1 take 0 a "plSfam"
`220µ0y like 000001,,,. subs ,fl.I FOfllo ,g Wmelm7, Russell offaal ll draw up.tam sheamd..ke) lathe [ems mpd wwhl tGeywmkd01]a io t.
`
`0,],311 and 12111 bad give 10,1£1,0r!apm02l.1712ro01,1tar 010til.21.10pecially±01e 11.3.141101,±1,04,090,0. Troy 1.1100110,4 d,,2110 ,. o,01 krm.heeb0111,1111yeas0Saw 11,310.21 while .101)2103.10101,0010 ,111.. 1,v
`s112],1ivvg 0,0011,1a11.
`@01000. 211,20! 21011201 ems 0,1.1006 implrmelh 0e mmpmy MI],,,, was c]axitss.£±e fwt that 1120001,11 a01e mnladed 0120 Wrt,o..d terse sheet 4 was @017410141)11101.371±0014, 22 0001020601.1111.3191.) the 100. p1.31e01.0 the fouvdas end,.1,.d my tam. ghat
`
`hmihd We upvd: p.3hnul ti the.00µ1]y1.010 Wepohmid I1 ca.v0 p.ob2m. m Whue 210011007 munch. (See Exhibits for a dacuvaw of 3piulh,ms @fpl22¢ted rt,1±) Iloy210,,01,11Tohn,11 G®ge, [101111 10 por2] 000[1u equity 1.111 u®1411!] 1±117 fm Ito 0.311 Way
`had andy 1100 010,114. tooting 0.h±0okgyaudpraol pe. B0,d010711t5000m akw.. impatma wa1i0,,oiou and the D]D2C 11,0 004012.3 ...o... the Wry did..] lose oo trdof±e company. 0910000o1,1 [1111[ 0,1,01040.100 .b,0&, In up .14 3101 20101uhan0. by
`±a111.th g. Th00a1,1wsidald±. mtmt0g 11]1,1(.0 0,311010)112 be 0000.14 a0rep,ml01 fn'mdly.
`
`TO 410, IL, team had bm,t.prea,W with 1,910k 0 snxst 1¢1111: 5091.1,0111.0 bemvay tespoosoo..rrmgilgmeamgs m0p00pa0g 020,001110220.14±00.00.020 lmemetp,I*Io,os 020syttem' u Hafeigm had 04a,01101 11ckedp12ising k,0,.1(]1,. T±11
`10 10, ym0.a20p espou.ed apht,sophy of mtiaxy, hd4,bogmd sappatiog 01,ho, .p.2,01,0 Wep010,h@o®07mea. loaddtoq 011,01,1±0 Rau, and Russell s0111a11, 54 i1]" 01,1..9192 sbned teti. ,.fthefowda.Gnte,,0peny. As Rena 101,10 31, ±1 patoa
` lohq the19D4sfo,m4aaw¢e,¢y il e4,Werosy m 01112 she would mt,..1102W We company Bea s, Had. had jut 020,97110040,101,11111010110044,. H@. ak,ge ,0 b,2 of 011.00,0], ate w,. 21e01!]05. To
`ll1l]0±111]]p110f'l
`0,005±1111e,0!th0 WeywmOm 7010002,'10401me 111, 1,112,1 111110,112 .5.!0110,110p01y She was very 001.12,]] 1111100 her 10311220172]1121apan1.c gmwmdh,dbem jo in 11,I ,011.l , t!,1..dm10.215112, 01111 stewouldbem111inglo dl.
`
`During±,tall]time p01114,We40,a2106e110001101011111 di vvaiom uti111401oV00ua(01®1.3).Me000b01 01.10221}'applachI. Menlo basalonap .01,I[1k001ship hehed 4e24,pad0110veo111.M1010pu110u10,3Cab11e 000,01200,es, school 301,1.,a
`well-k,owo,14,apeded firm Wl had 1re6.,1 1, ..
`foil) yeas 11a41,00,100 m1.ha®t111184041 eco®ace cmmnwi601iom,.0Rwue mid beaREOare mmpwo. Mml, was TerYo]lo10 d,t doing 0, 02 Ile I1oDots 1110 al., Ill .001,hbleaW00,ug Carlisle harwg met
`wt±1100
`1011,108,0a 010711020,0000.].01Sl%lf±00.1110..,0.±1000011 while 100011,11,1],
`2000[ 01.0010111101 nx4d be t0tld0a±0 to parm¢aei±D]DttS
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`0,1timesMd,sclass1111 co61pmym0±et11m111at M2v10IIOIIbttng-0120[2,.1t!thelemwmthe h,1±ffit03Imwa,.151x)7 0mlIwlwlhttera1011miy1f top
`
`CLOSLNC TBE FBEST ROUND
`
`13y the 1.700.¢7 2fA121stthe m,0 hod r¢metltw.2 tamsheen- eve 520IvIml11,'eN1,es avd we 511,50FfBAFVVg
`tvg $1.5 ®Ilion,104 m.2±ayl0 be lSo1,01d darter 111,0 [0x12,& 11.5 allies Mwk VeOaes hadp,0poseda $5 ®0.0l pls1,o0 t
`The cm0pmy 0101011101010!, 13 o,1li11500010;0111.30. S,ltbaok proposed a 1051,111:1, p,sm,.ly0,1u14w10±Oo0bmkmr
`.00,00n]h1M01.2IH¢, lhw0111ig1¢,±000401± 210mI,.0]iv ±0 ,±rtwluldp,mideMeo with w0001110]]20%,fthec2mpmy in,th!Bwith100.2te±,o,$25€1dliwpre-mwey 100.314 01111,.1 We011,125mitho,,,emed g®awsly 1[7102.1,02 ed0tke
`cw®01ak1tioq MnlrmO and WeK®bah 11;110[ 0ke the idea oPsignivg a d,a0m®tvaw West rapped the apssde ofvalae of±e c,0pmry m h2e. fitlme.
`
`IX, lam 0.31,14.41119_1 h01,. ham bath 5106.11], and Medq 5.111, & ,.bp,oSVC 00100±0.104le1±e,0pmy1,tha,11,.22,_01,0m.3and20e0a16e11Gt0l01e 7101c3a0i.hybeluxm±aasal. and BdIR1±0 Eolbm0. 01hep..,m0eluy,ep1161201.,
`which. had bre0.balhd up 27 111., owo eapaimce10 dale,,.dthe.loe 001he 0110.okp !]O@t01edlbe D]Ool11em 10 .01%1 We So10mk off& wA,gut 21,1999.
`
`DEBT FINANCING
`
`MI]! D1D11a 1eee.aed±111¢0. slxN 1101,501[601,±.1em 0]]14®,111] 10131 f2, a evmplem0kxy 11res01 fro the CamPary. 41±11100001e, lC3101lobeg0 buildi¢g 0e Cwsp,,w, 0e0%e, J010 011 Troy did 121112 watt 109 ce ,, 0007120 "1110, 201" 0 3,72.3
`hums p.opte1,10,0o5017111 m41uy0720oe111my jo 5,11mt lee111yAagut,51edrmo.pp,mcbed 1p0,001,ont,]11.6[1na1011,11,1 lbank1.h,11 001,$)1001..]00 0144 Wec®pmy 1,1,401±, p11dmg 17017 fmmmg_ Med1m1deambed We 1101£110 flmdaa,d
`We imp2atiwa w We lalueofWe wmpmy
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`W!)h 12.1 money- ax signed a lease 0200510 1110], space lad Slt1hed RI Oivly,a mc2eok7y 2n¢nlllte.g rompe0y 10 1,001501 pr.3mt7pee0mt,Ee pmtu,20 ]h1_J0t ,oto,ntime 111110 1,111103 II 10010,1, 1132e92e2 00x1 l0.m1]&0'&lOra5m 01111 p12±sd_
`ofdebIfilwci,gmi±±eg0,.1,001510the,ovlpm11s1,±.5 fa
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`mpossble_Gue 1,va1ong Sunwa72 ,they. Slit Orgotass0200100,10,0.0101
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`quip,®t 0ve 220,4,00,0±011,0 T,1hm]ogy mceatmmta f rtheporchase o£compirta equipm.t mmd a0flnare in We am01m oF$Y 5 mdlim'lDe equip,®f tom uas sensed by We asu6 purchased aaaW t2a lam praeais_ 00.101.1,11,4.10%
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`DODOTS0028998
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`Hedbas always dwe.bald goodfat to wmpmy,..dwlxn.dsll Chet have bamthewhlewy, she's let us rwwahit.Sumtem theseteadY andwvtwg forwbatwe ask L&t h.Weayl00vlyaskha t dtld¢g[haare finevdsight uPha alley and tact
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`
`GRORTNG THE COMPiNY
`
`l0pmmt prudes.[ dna0op5tt putua:hsq, ad p0wt- The fowdas wd Poe SofMmk team had plated fm rapid poalh and had p[ W plat the
`10rooglt th at] sod aides the compavy a]]]d at 10th expaWtiOos a]atce to ih miletloms W tams oft hatay d
`WA.s6utlts5 [¢table it Frain the hoot],0fthefit[mpt@yee Welms.fatale w¢re.k6es d. The ompwctfitlhires use aimed d helps], the comp..Y togowrapidty wmle sltou t5the foatd&tto tt€ta mticil bSttt & sad teclmirelisstoes. 115 mmpmYt fast Bye writhe
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`fit skt]ssta,D]WApgar Medta¢oerzplainad,
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`out how Yo p,yovery.e sad setttpbeoefils sad other p.kciu. Ti.
`"Rte felt that Sure immded W build a.eat.lmpavy sod mow quickly, ate oe.ded ro be able 0th]. a loge I.mbe..fpe.ple add oat hint . ape.li.g aLL as t®a..that. We.]...iled sommaet. fig
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`the aetawk ..solos, and make sine x11thatson smootbly. Telast at gyrotumtma techmt.gycwnpyuroft yam CTO cmfgwiaglapmpx. By-pstgWt +'akt= a place tatty. we
`really Gc4i66dom gowW"
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` „' bays 50505005 among the fouvdas- Gemge lobo and TSp wetted to eonaethat the .t0tsp1 kxdthe ngld mmmagem®[ Slit £ompS]0 mew and had asked Roil tF® anald be the
`T0. topic ox rryWot.g the !,oilers Sit! tmpany grew had r®e up ot a fairly r
`ighltime[,find tepla..,o.t ROiz®stesp®..e hadbemth.t if wdo,,h !bent. camethdthejob exceed.d chef 3m0.&capbilitieslhmthe omps.yeoWdhml.t ohfm exeadhe mmsg®eat-Haxes,ssl top ss Se feu.dat
`.kuvaftoexcel .. fl. ey had, Seftbmkvvss m favor
`to.flthathoseb¢siuest.ttatl art biggeaeodbetlatbeca¢seofthe tkltlthe
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`pABTNERsmps
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`Ti. Ddb]] team fill Wpb tmhaolvgy world be valuable to jour abdn tap a~t piny West deiveted coal.[ m the I¢t! tt It tt ld be espmi.11y ealuable w tlnse compmia tail tteae{ced ham fra{vem ar total ce¢pd with Wef toot m that ptarided timely i¢fotmatim that
`might he ef.] uthotsoot. dWother ppkothooa-Fxmnptes included ealadtotwwnwdapptia0oossoebssxdictiaavyddthat.toldbe optabegsidea nandproressmt, sllowusen mgwcklylookupa.,0
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`Soflbmk had bet aiCiryl ht help;¢], OOWts to .. some it tiny of Ali pttaas6ipa Slit m0a¢9 coNtt rrtmpavev i¢ Nov-rmba 1999, SOFIRANK he]d i0 Amual Pot],]]. W mice member compevies a formal opptkmi•g N mm[ ltd develop moss mla0ovehips ud[hio the
`polio-W]elem]0t]mpmiet prttIll]] a 1040.011 fmm.[D0D00000tohwas]Mliestt]Wmol.]!id¢otpesl! o¢1he fiom. Otto iam aM M!.]ga¢a]t gtdt aseplt,t m fa DOD]]itotoe ao46magh]10150!ialpart¢armmpawestomeetwiththempriootll TA tat mdoflhe
`forum, sneM.tspso.. had oprtssed strop] [alo ha W pain;.], with DoD.t
`
`Soflbmkldd ahosecmtlyop ed.o 5.5bda, twineddm"fmtbavl AlWovgb DoDota uas¢llotaled Wthe h.ot!ot, theymok advmtageofm..00fA.bme150. Hotbmk!toles; w the Iowa levelof S,fttlkh mw MomtavVitw office,, offered manyof Softbmksseed-spge
`.tmaats ass; l cewitho.Sattrthu5ids, out !lit office spec pmvidda
`dprh..most .pt odmtlyi.cubaledbwi5aesbad50,ote mfmmat aaess b the Vt.lwra.selbeu o&usws all homed ;.the same hnddmg-Elutes.dnxl,pm®t aodmteractim Me lhe
`0®p5t0ts was. ]o,].dhy it, ,boxed slece:..d ruu6W1 fimdtldy amoa0 th.pmlola. 000
`15 visits to Hotbavk tofa10dl1 and mformallyiWeract N.h alto. i,Fthe compa.ies Potl wen a good Stwit000, DoDota p]dfmv
`
`Bth. to] oflkc.5b., as We Bela vasi0o 010th. Dot]Sd'®t...otd clmpldioq the mmpeay beg.. fmah t.gi6Puttxhahgi.parloashile. TWel of its fuckpintas: A.Y Yfat, and FhotW'50all Soflbmkpstfolio compa,ies hit!]... wt,00a 01111006 rn .tghthe
`off cla¢f Rout and Hatlipae. By
`lit the¢amb. ofpttters o.idemd oWvde of SOFIDANRwu 15 ltd pyauuing.
`
`RAISPIG THE SECOND ROI RVO
`
`t.Fet..sp. by Just alum arty m.5o.,the. spopwo"bt"eue.retabreW other!mete[compaties±tlwas adiog agiarn warn ofioacdu iwe!th.taas pa6ing valustims mdpublic.Bi.gW.e.iota.Serail!pnvammrc.to. bid mp.eaaed...e.,.d .the Compny.
`D,Dof'pattnets andvam wxe also pkmeduhth We pub
`ee ofthepsodun.Psth.compmie!Watduaibutedr15,510a datto dwaem mdfrequmcy, tat Lrey meatot.toera sigaiOcamlyhigbmw compauontobtousabuedpagevino.. Dmabcm, ameasumafhow ling acuaoma
`.mild keep the ug0dou, opts nos up ooxemgeby-mm 111004:toil. cosapced tot btouxa based page crews m t04ofo snmd 01St listed M lit. ibs!h ot]tre, and m^std W. d0affi010 rte aiMs-6eeuvu Lit!].]. provxdal ho]!] a di.Mbakoo 0t51 and a psekagmg
`terhv0logy u.510 1
`ands stbsaiptumservice them5paaybeoefiled15.m mthip]a ret-e5!tPISto!t fiat. itspOW!0-Re0ewe hadalso ea,eaddex1e0.b..o as the .®boo of 11.5.d lit.,00tofte 10.6getsaheadofexp,thiom- 11o0erlymgaLtheperfmma.mbssedvw1m
`waethe o0romysmtmaow popod..p plmted I,.],.
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`
`lit to, tmobh Ti.. okalth. first line Ihatwme of!L, S.Sbatkpmlvao had 1011 the t W p.10o 0.010.
`I. mid F.bttay the ex,tWve team mesh a uedati® [O th. 33CC p [Was,.. a ate -t" fmlhe peatbtiouthd Pory umtW bemakmg t, p.tedid 505.00m 0
`po!.fltiay Wemmpa.y shovtedaap grass[. 4514 1e0 distto..dtheplaos 10110..!tture 1133¢10.e quertieo of]'a1aatianr0meap.114500011#M tltbuOdaa meun:aticetr.'t¢escettlll. heyflIt the.ompaayuas 1100b$1Somilbtopro-mt31 ho!,!].! ;fag] tes0yure]Othe way
`theompaoyeapec[dt.1revtms, 91011* aed eapmad pmmaships, the c®pinytNtl be uw0]$300millionpre-moneyIfm We Company mWdlance emagkcopal!at[hat va]aei
`l, allow iti]grove tots fa:la, pmme Weaoquiootto oftotemictin9e3.1000 lit too. 100 Nm
`k00ndng uta]msni]. to eapc! 0y proposing .150, high 0100,45]]], he was someut.t st p]ii.sed nom the p.]Was, aIWoagh ¢ot]lw that $000 milli.¢ We seemed 11th! high .14e mcOl.ged the team ro It', Ito]!! 1,051101 at wad W, make] 010W4 0101 Follmvmg the f tS0lt3ton, We
`pstmeu,pplavhd Roi,mivdided West Saftbmkvvnld follow utt they p50001].
` WS lead imeaormdtlsewmpvy ddami.d.
`
`Medtmo daaibtd We.1150]±5!he m,Ni¢g had 0¢ Oh, 05505.1,
`
`"The b.ftt tk papas ume atom],!. sopputivre. 010,.. 000 presewdim W Febmety they sf d mtrodo.t.g 0110 all Poeu p0f£o4o sompmies tots mine so lam tkeykadba6xe-Thy begin adtorbr.g toes to We prxaa. Toy helped establish otter buamess dncbpmesk
`re]tliovshps- Reallyall o£SOflba.k hood of cmme by..d sdd'Woo, this is a gt.l co10p..y 0.lereall te.l]y going![ fie'
` yoo.ddo whadva wecw ro help leverage you guys is0000coo5]155x Tattoo.. a g"11 expaie000"
`Asthin a ureekofsasti¢gm puss., addthonalfmdivg the term had met withsetretil imrenod mcludmg %lama Patios CmfeW and Byat, TJmWogy Csoxxora Ywats, Bowmancapitd, mmd Chat, H&Q.;
`
`CHASE H&O;
`
`Fo11005g ]wammti.g. with Chase w S.w Ftz.oscq a groupofC%.se pot. wind. the Dolfots offioem March 10 2000 fm fulhadim,tnsiov.- C3uhe Rb1a,p.Wa flat bad r.o..fyjo..00hase u. pat of Poe mama will HmFaecht a.d Quirt Id Me getup- Wallca didol
`words. The c0mpt.y was coy tlk.ctto! loch..., howevf. PoebwWI0 mode] wss.wood there otas ttoplfirmt.isk These ate sot eampmtb]!o m Yo tdse aval.atioo..d SCfmre win moor], W oto,d, DoDo6 was moos], to hatreto .go.. to .mot temswhih pmlectd Chase i.
`a ottmhr of scawios. Mdvano de15 Wd the diacutti¢q
`
`"Chabot ass a lay s00000 style, day m.chwhat] w0Wdoill'Cmago t..k.2- It wu a fI.y Sum 000.5],.1 dixwsi®. aitl Soph..k, but these t!ekuuae to a]d b.ghee B.lore the mmtivg ] htlpsolp god .10.0 .N11 ho atpotl W tedm0.0im m It!]], sureth,t
`testa],®lotWadGemge lb., sine oftm,Wotmiol Amplearil I doscuss..]Wet.o,.s.cmmi0tIbatwew0uldutptSlhat I cluedc®fodably spnkforthehrotoit. Poe to]oh.it...t-Fmwmph,A11..wanteddoomsidepoolatiwfmhu 00000o0
`tmcludmg
`IT]! mtchd, 0.101]h memtllle 111110100141,0Itmg wilt,] .50! .000]!] 1116, caae. ufD]t]t.isl diffiddlltwaa mock higher. ltd .0.11®lyagteeb 0110000 some limits and a highoalosti0¢"
`
`105 dismdsiov was bemedwnh!Ledo..o artd Wa1ka going 6eudt, bead o.am.mba 1f imes. By the end of the tom-Min meetivg the pa.tieahad ogre duoasetofW®s(see-Exhibit 10)andapucemouey vd5!tio..f$275 milt., Chose.long wiM i6 affdiatq Aect;sT h.ot,py
`PvWed, woad msad $2y minim ¢f a tat muvd ofvear $60 milli.¢. R511cv pea We temss m the table mdt.ld We managemem tom, "'Hsu u a.¢e time deal, litho you ogee ro We tavu now and sig the rem sheet, or um pull it off We b$1e.I can bmdyj.tify this type ¢f otto¢"
`Ark oicemimiepuode mxti.g oflbe minagemmt tint wih MWmo l,otfly-explaisoogtt.mpho.b°°x and emSemisg Gempe and lob,,mmmaw Mdmso ageedb it. btma Theban.1. ]. wbJaono-Moil[],odtild be 11.01as,.Iirfhe mmkmxe0Naledclnsiagdoeumeoh 1611
`Chase's boI01sum,ldpo400gefhao00001eo®ttpoot
`
`10dsame thy, Moth10 2000 mahaf speak Otth, NASDAQ rile. T. folloawg tooth, saw, plopoo drop 0.0.. mmt9 ivma.aalh Ittemet.10.10 h.&o.g P.. fat Tiny begin retiv001 iudirffiio.., dottj t.d i.dostly that 5..y tfll. Chu. pstWas ware uvcomfatrble
`wilL1EI dmin regdiad-
`
`Throughthis p.10d Roi..wasfitltyh.hi,dthe,rmpmy Madrwomulled,"Had;was!oy oppl5osaMwas]Tivgto helpwomathetrnmd She wo.ttdbe o.thephoo o..ttt Coale,aywg Itto" goytmdlt 110au deal this to meat 5...t,. .050th,,.],, tffiykedO,.ybad,
`mine people[, 0.]k W std mme.efaeooml"•
`
`it. early April u We market t.ototot].6 side, Waha.old t01ttg that Chu, had decided to.Bacot $00 milli.. hot woWd put m 520 m41io. SSOflbaak would dm couftib We the same. RmxtapptuehM ha pintas oo h the oTt SofbanWt poomta west 33%..d Rtiunhad
`ft°w Nana.dealwaxgod Its Wecompavy, R.osonandhaprates agedroputa$at.
`dumssedmththectmpa - .veil timesalestS¢flbmkat].]wmt[.takemuchmineWmttat because i!wazt.Ygoodfe We cmlp.nyrohave meimeammthtoobigofa shoe. llawevm, toil
`100110.. if to wmdd..vte Chase to close We deal Softba I. lot aged to tams lad w.dd pot Sines R .harm blot, tiquid0500 ptefaace tbffi Soots A .harm. Memw004e We 1,0!. omtmttd 00 Wlkto po!mo] laud 051100!. Sevsal poe1ha0 ;.,rest.. aere mlaesbd i. the
`et.opwy, but.0],tlhe peke..thin was watr-hing Poemaket and sided they was .W making mveshadaomtil lhmgs setleddmvo- "Wekejurt nil putOog minty W avknght,oW, was a co®10 leap....
`
`m 1hlmtn]im, tt lmarktarbmual 10110! .04000! ]tal,011ladnt ma!! mtr1 pugtoa Keeping a tO5e eye 0nlhe mmpmtpa ush Medr..o blame Atuhaledwahthe deays. T 500 had atm[a1 W. hmdraising pmress uNh 3 m00Wa 0! 00.1050! bent 331.100 0* 011.0 wittt a
`mobhtd a halilmmtgme, 0] p0lPlt ]t W. 1.01011 and stJ]¢o 0101!.] 0.40. .t.,tSt0 gacomxin.d.
`
`"Fmhmafely, ae had bet 0001es]akw. it. how much 045e 5,00111] take 1001001,00! lot..],,, .5 111.51!. immdua trouble, S.].',, aa,.Y uafy comlMab]e. Serail other ..,.piny..50less wb,teat,, ,Mail.], from the same m.h!0303ax 05.0! Wvllmtt
`1®tmitywae boon], ft. Eke bMge low. dray u.fuaahle leans, 50%waolwt wanes],..Oil Poe like oterware p]aaomg fm S,evles-That wu .0.0 0004000 position Pod I wo.Nd tau.®posy tO heir Thtott.oTy.Smi]W 0vveheen able W to5me tome flat potential.
`
`slots Poat wl,pke.150 W wine toil a [owes pat, butt±. tetm.heN.OWp 0,90.10,1 21.0, we ddsY amt tO shoot Olt 1510.00, Woe by taking ]eta tmless i[ b1a.a mce;saty Beodtl, w-e 11x!1, ed]01!&y ]]100] d 00 the 00ill000 hat Claw bad gio.o w, and
`ts despadelywa dmclo.e Wddeslfa
`
`Cn AI.A1OW Medrammmivel,td T0l] Tta,00bmakivgt,I,0000d Chawhad]!00dl1]h,0ovWl1ea. 'They Wotofl 001m001,, 111.1041,!!talked Nyenfirst .1,0.]], 'T,lk!o itSlo.t.11ot,5t]0,h,]t,yl000]ot.O 11,1.let's1ee0100.M
`hate m d0utas .0,111,, c]mp¢y is . goiug w¢c®. Wise ant gomg to la it tom 0001 ofmo¢ey."
`
`.00, 00.0,11010ketl
`
`CO.., 00*] ro 1m11,000 SOd possibly 11.0 W. sold T5 cvmp y,.0110110.1.11.11 tnow¢i¢tubs; but ooti0ox,f10.000 all W! 0Omp15]I eggs m m. basketbegm puloivg aha optiws, !0*40000 0 .pp]maag mine of W. Wom0001h.t 10.0 m00es0d;00tar0 hot 00401
`115.00, price. 05500d.pte0ouadeil 0H We price wu back 0000e cable.Medtmo 100*010 snaal Irulotue, tol,O d,bin!0a510]] the lead pull 0330 emwvh W.make 00¢5wivgI fall, mmy h.dadoptedawool 0.01!]]0.5104..
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