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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 19, 1999
PHARMACIA & UPJOHN, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 1-11557 98-0155411
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(State or Other Jurisdiction of (Commission File Number) (IRS Employer
Incorporation or Organization) Identification No.)
100 Route 206 North
Peapack, NJ 07977
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(Address of Principal Executive Offices) (Zip Code)
(888) 768-5501
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(Registrant's telephone number, including area code)
N/A
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(Former Name or Former Address,if Changed Since Last Report)
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<PAGE>
ITEM 5. Other Events.
On December 19, 1999, Pharmacia & Upjohn, Inc., a Delaware corporation (the
"Company"), entered into an Agreement and Plan of Merger (the "Merger
Agreement") with Monsanto Company, a Delaware corporation ("Monsanto"), and MP
Sub, Incorporated, a Delaware corporation and wholly owned subsidiary of the
Company ("Merger Subsidiary"). Subject to the terms and conditions of the Merger
Agreement, Merger Subsidiary will be merged with and into the Company (with the
Company being the surviving corporation) (the "Merger") at the effective time of
the Merger, and the Company will become a wholly owned subsidiary of Monsanto.
At the effective time of the Merger, the outstanding shares of common stock,
$.01 par value per share, of the Company ("Company Common Stock"), will be
converted into the right to receive 1.19 shares of common stock, par value $2.00
per share, of Monsanto ("Monsanto Common Stock") and the outstanding shares of
the Company's Series A Convertible Perpetual Preferred Stock, par value $.01 per
share, will be converted into the right to receive one share of a new series of
Monsanto convertible preferred stock designated as Series A Convertible
Perpetual Preferred Stock.
The combined company will be named as mutually agreed by PNU and Monsanto
by the time of the consummation of the Merger.
A copy of PNU's and Monsanto's joint press release dated December 19, 1999
is attached hereto as Exhibit 99.1 and a copy of the joint PNU and Monsanto
presentation for meetings with analysts (the "Joint Analyst Presentation") is
attached hereto as Exhibit 99.2.
Statements made in the Joint Analyst Presentation that state the
intentions, beliefs, expectations or predictions of PNU, Montsanto, or their
respective managements for the future are forward-looking statements. It is
important to note that both PNU's and Montsanto's actual results could differ
materially from those projected in such forward-looking statements. Information
concerning factors that could cause actual results to differ materially from
those in forward-looking statements is contained from time to time in the
filings of each of ANU and Monsanto with the U.S. Securities and Exchange
Commission (the "SEC"). Copies of these filings may be obtained by contacting
PNU or Montsanto, as applicable, or the SEC.
INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/ PROSPECTUS INCLUDING
ANY AMENDMENTS OR SUPPLEMENTS THERETO (THE "JOINT PROXY STATEMENT/PROSPECTUS")
WHICH WILL BE PREPARED BY PNU AND MONSANTO IN CONNECTION WITH THE TRANSACTIONS
CONTEMPLATED BY THE MERGER AGREEMENT BETWEEN PNU, MONSANTO AND A WHOLLY-OWNED
SUBSIDIARY OF MONSANTO. INVESTORS ARE URGED TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION TO INVESTORS.
WHEN COMPLETED, THE JOINT PROXY STATEMENT/PROSPECTUS WILL BE MAILED TO THE
SHAREHOLDERS OF EACH COMPANY. COPIES OF THE JOINT PROXY STATEMENT/PROSPECTUS MAY
BE OBTAINED FOR FREE BY CONTACTING PNU OR MONSANTO AT THE SEC'S WEB SITE AT
WWW.SEC.GOV.
1
<PAGE>
In connection with the execution of the Merger Agreement, PNU and Monsanto
entered into Stock Option Agreements, each dated as of December 19, 1999 (the
"Stock Option Agreements"), pursuant to which (i) Monsanto has granted to PNU an
option to purchase up to 94,774,810 shares, subject to certain adjustments (the
"Monsanto Option Shares") of Monsanto Common Stock at a price of $41.75 per
Monsanto Option Share and (ii) PNU has granted to Monsanto an option to purchase
up to 77,388,932 shares, subject to certain adjustments (the "the PNU Option
Shares") of PNU Common Stock at a price of $50.25 per PNU Option Share. Each
Stock Option Agreement is exercisable only upon the occurrence of certain
specified events.
The Merger is intended to constitute a tax-free reorganization under the
Internal Revenue Code of 1986, as amended, and to be accounted for as a pooling
of interests. Consummation of the Merger is subject to various conditions,
including, among other things, receipt of the necessary approvals of PNU's and
Monsanto's stockholders and receipt of required regulatory approvals.
The foregoing description of the Merger Agreement, the Stock Option
Agreements and the transactions contemplated thereby do not purport to be
complete and are qualified in their entirety by reference to the Merger
Agreement and Stock Option Agreements.
2
<PAGE>
ITEM 7. Financial Statements and Exhibits.
Exhibits
(99.1) Press Release, dated December 19, 1999 announcing the execution of
the Merger Agreement.
(99.2) Joint Analyst Presentation.
3
<PAGE>
SIGNATURES
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.
PHARMACIA & UPJOHN, INC.
By: /s/ Don W. Schmitz
----------------------
Name: Don W. Schmitz
Title: Vice President, Associate
General Counsel and Corporate
Secretary
Dated: December 20, 1999
4
<PAGE>
EXHIBIT INDEX
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Exhibit No. Description
----------- -----------
(99.1) Press Release, dated December 19, 1999 announcing the
execution of the Merger Agreement.
(99.2) Joint Analyst Presentation.
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
MONSANTO AND PHARMACIA & UPJOHN TO MERGE,
CREATING GLOBAL LEADER IN PHARMACEUTICALS
WITH TOP-TIER GROWTH PROSPECTS
o Builds world class pharmaceutical business; combined pharmaceutical sales
force to enhance market potential of key products led by Celebrex
o Creates top-tier strength in critical U.S. market
o Robust pipeline and more than $2 billion annual pharmaceutical R&D budget
to fuel future growth
o Strong leadership and clear management structure to accelerate growth
potential and synergies
o Leading global agricultural business to be operated as a separate
entity, with a partial IPO to strengthen capabilities and help realize full
value.
ST. LOUIS and PEAPACK, NJ (Dec. 19, 1999) - Monsanto Company (NYSE: MTC) and
Pharmacia & Upjohn (NYSE: PNU) today announced that they have entered into a
definitive agreement to create a dynamic and powerful new competitor in the
global pharmaceutical industry. The new company will have one of the strongest
sales forces in the global pharmaceutical industry, an expensive product
portfolio, a robust pipeline of new drugs, including a number with blockbuster
potential, and an annual pharmaceutical R&D budget of more than $2 billion. The
new company also will have one of the world's leading fully integrated
agricultural businesses. The combined company will have estimated 1999 sales of
$17 billion with a market capitalization of more than $50 billion.
-more-
<PAGE>
2
The combined company, as yet to be named, will have a significantly
strengthened position in the critical U.S. pharmaceutical market and
complementary current and near-term products in key therapeutic areas. It will
have a leading sales force in the critical U.S. pharmaceutical market which
will account for more than 50 percent of the company's global pharmaceutical
sales.
The agricultural business has a leading global position in seeds, herbicides
and biotechnology traits. In conjunction with the creation of the new company,
it is expected that up to 19.9 percent of the agricultural business will be
offered in an Initial Public Offering (IPO). The agricultural business will
become a separate legal entity, with a stand-alone board of directors and its
own publicly-traded stock upon completion of the intended IPO.
Leading the combined organization as President and Chief Executive Officer
will be Fred Hassan, the current CEO of Pharmacia & Upjohn. Hassan will also
have operational responsibility for the new company's core pharmaceutical
business. Monsanto Chairman and CEO Robert B. Shapiro, will become the
non-executive Chairman for a period of 18 months, after which he will be
succeeded by Hassan.
The new company's corporate headquarters will be located in Peapack, NJ, along
with the pharmaceutical business. The new company's agriculture business will be
headquartered in St. Louis.
Under the terms of the merger-of-equals transaction, which has been unanimously
approved by both boards of directors, Pharmacia & Upjohn shareowners will
receive 1.19 shares of the combined enterprise for each share of Pharmacia &
Upjohn they now hold. Each Monsanto share outstanding prior to the combination
will represent one share in the combined company. The transaction will be
tax-free to the shareowners of both companies and is expected to be accounted
for as a pooling of interests. Monsanto shareowners would own approximately 51
percent of the combined company's shares.
-more-
<PAGE>
3
Driven by top-line synergies, the new company is expected to achieve a higher
earnings level than either company on its own. In addition, the new company
plans to achieve annualized synergies of more than $600 million consisting
of cost avoidance and elimination of duplication, some of which may be
reinvested to accelerate growth opportunities.
Commenting on the transaction, Mr. Shapiro said: "The new company is being
created from two rapidly growing organizations with strong global capabilities.
It is a merger driven from strength, and will have the appropriate scale and
resources to capture the full value of its growth potential. We'll also be
achieving significant synergies as we combine two technology-driven,
market-leading businesses. The new company has a strong management structure.
Fred Hassan is a proven CEO and I'm confident he will bring the same dynamism
and focus on shareholder value to the new company that he brought to Pharmacia
& Upjohn.
Said Mr. Hassan: "This is a combination designed to achieve both business
growth and enhanced shareholder value over the near and long term. We are
creating a high-gowth pharmaceutical company with a global leadership in sales
and marketing, a superior R&D platform, and top-tier growth prospects,
including several products with blockbuster potential. At the same time, we
are establishing a structure which gives our agricultural operations the scope
and autonomy to be a leading independent entity in the agricultural field with
high growth opportunity supported by a strong capital structure and the
potential for direct shareholder investment."
The new company's growing pharmaceutical business will be led by Celebrex, an
innovative new treatment for arthritis launched in 1999 with sales to date of
$1.4 billion; Xalatan, the world's top selling prescription medication for
glaucoma; Detrol, the leading treatment for over-active bladder; Camptosar, a
treatment for colorectal cancer; and Zyvox, a revolutionary new antibiotic
expected to be launched in 2000.
-more-
<PAGE>
4
The new company has strong positions in a number of therapeutic areas,
including arthritis and inflammation, antibiotics, oncology, cardiovascular,
central nervous system, ophthalmology, urology and women's health. The company
also has a strong consumer healthcare business led by key global brands,
including the Nicorette family of tobacco-dependency products and
Rogaine/Regaine, a treatment for hair loss.
The combined company's board of directors will consist of 20 members, with
representation equally divided between Monsanto and Pharmacia & Upjohn.
Planned key appointments include that of Monsanto's Richard U. De Schutter, as
Senior Executive Vice President, Pharmacia & Upjohn's Christopher Coughlin, as
Executive Vice President and Chief Financial Officer; Monsanto's Philip
Needleman, Ph.D. as Chief Scientific Officer; and Monsanto's Hendrik A.
Verfaillie as CEO of the agricultural business. Further appointments will be
announced during the course of the merger integration process.
The transaction is expected to close in the second quarter of 2000, subject to
approval by both companies' shareholders, normal governmental reviews and other
customary conditions.
This news release contains certain forward-looking statements, including, among
other things, statements regarding each company's results of operations and
expected cost savings and earnings per share effects. These forward-looking
statements are based on current expectations, but actual results may differ
materially from anticipated future events or results. Certain factors which
could cause each company's actual results to differ materially from expected and
historical results are described in Monsanto's and Pharmacia & Upjohn's periodic
reports filed with the Securities and Exchange Commission, including Monsanto's
and Pharmacia & Upjohn's 1998 annual reports and Forms 10-K and Exhibits 99
thereto, respectively.
-more-
<PAGE>
5
This announcement is not an offer to sell nor a solicitation to buy any
securities. The offering with respect to the proposed merger will be made
only by the proxy statement/prospectus that will be distributed to shareowners
in connection with their consideration of the transaction.
-end-
Pharmacia & UpJohn Media Contact:
Paul Fitzhenry (908) 901-8770
Pharmacia & Upjohn Analyst Contact:
Craig Tooman (908) 901-8851
Monsanto Company Media Contact:
Scarlett Lee Foster (314) 694-2883
Monsanto Company Analyst Contact:
Nick Filippello (314) 694-8148
EXHIBIT 99.2
Monsanto and Pharmacia & Upjohn
Creating a Leading
Pharmaceutical Company
with Top-Tier Growth
Prospects
<PAGE>
Transaction Highlights
Financial Structure: o Stock-for-stock merger of equals transaction
Exchange Ratio: o 1.19 Monsanto shares for each P&U share
Board Membership: o 50% Monsanto / 50% P&U
Headquarters: o Corporate and
Pharma headquarters, Peapack, NJ
o Agricultural headquarters, St. Louis, MO
Stock Exchange Listings: o New York, Stockholm
Accounting / Tax: o Pooling of interests, tax free to shareholders
Expected Closing: o Second Quarter 2000
Agriculture IPO: o Public offering of up to 20% as soon
as practicable
2
<PAGE>
Board and Management
Board of Directors 50 / 50
Chairman (Non-Executive) Robert Shapiro
CEO and President Fred Hassan
Senior EVP Richard De Schutter
EVP and CFO Christopher Coughlin
Chief Scientific Officer Philip Needleman, Ph.D.
CEO Agricultural Business Hendrik Verfaillie
3
<PAGE>
Financial Highlights
Combined Revenue Preliminary 1999 Est.
[Bar chart with dollars in billions on verticle axis,
"Total", "Pharma" and "AG" on horizontal axis.
Total is $17 Bn, Pharma is $11.8Bn (22% growth, footnote 1)
and Ag is $5.2 Bn (23% growth, footnote 2)]
Combined Market
Capitalization -
$50Bn+
Employees -
60,000
1 Adjusted for divestments
2 Including acquisitions
4
<PAGE>
[Triange in center of page with text "Creating the Growth Engine".]
Combination Creates High Growth Pharmaceutical Company
Superior R&D Platform
o Robust Phase III pipeline
o Enhanced discovery
o World-class development capability
o $2 Billion+ R&D investment
Global Leadership in Sales and Marketing
o Leading sales presence in U.S. and other key markets
o Ability to execute global launches
o Demonstrated launch capabilities with Celebrex,
Xalatan, Detrol
Top-Tier Growth
o High growth potential of current products
o Freshness Index: more than one-third of sales
generated from new products
o Strong near term pipeline
o Minimal patent exposure
o $600 Million in cost synergies drives earnings and value
creation
5
<PAGE>
Strong Growth Platform
1999 Est.
Revenue
Product Indication ($000) % Growth
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Celebrex Arthritis and Cancer $1,400 + + +
Prevention
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Xalatan Glaucoma $500 50%+
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Detrol Overactive Bladder $300 200%+
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Zyvox Anti-infective Filed
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Valdecoxib Arthritis / Pain III
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Parecoxib Hospital Analgesia III
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Eplerenone Hypertension / III
Congestive Heart Failure
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Oncology Broad product and $800+
franchise technology platform
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Source: Securities research estimates
6
<PAGE>
COX-2 Platform Provides Exciting Growth Prospects
o Celebrex: Most successful new product launch in history
o $1.4 billion 1999E sales
o $6 billion NSAID market expected to double in the next few years
o Unique strategic partnerships enhance growth
o COX-2 platform provides robust growth through additional blockbuster
opportunities
o valdecoxib and parecoxib pain and arthritis indications
o Cancer prevention
o OTC applications
7
<PAGE>
Strong Patent Position and Low Exposure to Patent Expiration
Patent Expiration
- ------------------------
Zyvox 2014
Celebrex 2013
Detrol 2012
Xalatan 2011
Camptosar 2007
Percentage Sales at Risk of Product
Patent Expiration (1999 - 2003)
Compared to Total 1998 Pharma Sales
[Bar chart with numbers (0-60) on horizontal
axis and the following companies on the horizontal axis:
Astra / Zeneca
Merck
Eli Lilly
Schering Plough
SB
Pfizer
Roche
Bristol Myers
Newco]
Source IMS:SMR
8
<PAGE>
Leading Sales and Marketing Force
Number of Sales Representatives (1998)
[Bars appear after name indicating relative size of Rx Sales Force
in descending order.]
U.S. Rx Sales Force
Pfizer
J & J
Merck
BMS
Glaxo Wellcome
NewCo 3,800
Aventis
AHP
Novartis
Key Western European Markets
Rx Sales Force (1)
Aventis
Roche
Glaxo
NewCo 2,500
Merck
Pfizer
SKB
Novartis
Notes: (1) U.K., Germany, France, Italy
Source: Strategic Reports, Analyst Estimates
9
<PAGE>
Pharmaceutical Combination Drives Top- Line Synergies
Benefiting from larger sales forces
o Celebrex
o Detrol
o Vestra
o Zyvox
o Hospital and Oncology products
Attractive in-licensing/ co-promotion partner
10
<PAGE>
Global Critical Mass With Strong U.S. Presence
1999E Pharmaceutical Geographic Presence
Searle P&U
- ------------------------------------ ------------------------------------
[Pie Chart here: North America 74%; [Pie Chart here: North America 42%;
Europe 18%; Latin America 4%; Europe 36%; Latin America 5%;
Japan 2%; and Other 2%] Japan 11%; and Other 6%]
Pro Forma
------------------------------------
[Pie Chart here: North America 56%;
Europe 78%; Latin America 4%;
Japan 8%; and Other 4%]
Source: Company estimates 1999 Estimated Revenue
11
<PAGE>
Leading Pharmaceutical Research Platform
o Research & Development investment of $2Bn+
o Core R&D areas:
o Arthritis / Inflammation
o Oncology
o Infectious Disease
o Cardiovascular
o Central Nervous System
o Metabolic Diseases
12
<PAGE>
Attractive Combined Near-Term Product Pipeline
____ Searle
____ P&U
Estimated Launch Dates
- --------------------------------------------------------------------------------
1999 - 2000E 2001E- 2002E
- ---------------------------------- -------------------------------------
Celebrex - Pain / Inflammation Parecoxib - Acute Pain
Zyvox - Infectious Disease Valdecoxib - Second Generation COX-2
Vestra - Depression Eplerenone - Congestive Heart Failure
Aromasin - Advanced Breast Cancer and Hypertension
Pegvisomant - Acromegaly Tifacogin - Sepsis
Leridistim - Oncology
TPO - Oncology
SnEt2 - Macular Degeneration
Almotriptan - Migraine
-----------------------------------------------
Total Potential Peak Sales $8Bn - $10Bn
-----------------------------------------------
13
<PAGE>
Combined Depth of Pharmaceutical Pipeline
--------------------------
22
- ------------ --------- ---------- ----------- -------------- -----------
Pre-Clinical Phase I Phase II Phade III Pre Total
IND Registration Compounds
- ------------ --------- ---------- ----------- -------------- -----------
15 6 13 15 7 56
--------------------------
Breakout by Disease Area
------------------------
o Oncology: 23
o Cardiovascular / Metabolic: 8
o CNS: 5
o Pain / Arthritis: 3
o Infectious Diseases: 2
o Asthma: 2
o Women's Health: 2
o Other: 11
14
<PAGE>
Robust Pharmaceutical Sales Growth Driven by New Products
Mid to high teens revenue growth
[Chart here: Years 1998 - 2002 on horixontal axis and
"Base (Note 1), Growth Products, COX-2 and Pipeline on vertical axis.]
1 Includes royalties & other
15
<PAGE>
Cost Synergies
[Pie Chart here: Administrative and Corporate - 31%,
Sales and marketing - 20%, Manufacturing and
Distribution (COGS) - 16% and Research and
Development - 33%.]
Highlights
- ----------------------------------
o $600M of annual cost
synergies to increase earnings
and drive value creation
o Majority implemented over
three years
o Expected cost of restructuring
is $500M - $800M
16
<PAGE>
Strong Pharmaceutical Growth Momentum
Chart here: 1995E with arrow labeled "Earnings" to 2004E.]
Key Pharma Highlights
- ---------------------------------------------------------
o Industry leading growth rate
o Gross Margin: 80% and growing
o More than $2Bn R&D spending achieves competitive scale
o Strong industry patent position
o Synergies drive value creation
o Continuous profit margin improvement approximately
1% per year
17
<PAGE>
Post-Merger Integration
Rapid assimilation while preserving growth momentum
18
<PAGE>
Highlighting the Ag Business Through An IPO
o Managed as an autonomous business
o Focused strategy
o Separate Board of Directors
o Entrepreneurial leadership with aligned incentives
o Facilitates tracking of pharmaceutical and agricultural performance
o High growth opportunity with a strong capital structure
o IPO to be undertaken as soon as practical
19
<PAGE>
Highlighting an Autonomous Ag Subsidiary
o Strongly growing revenue and earnings while major competitors are declining
o Roundup is the industry leader with $2.5Bn in sales
o Sustained volume growth of 18 - 20% per annum over the past five years
o Strong profit growth in ex-US markets (post- patent expiration)
o Leading seed positions enable technology delivery
o Technological leader in biotechnology and genomics
20
<PAGE>
Integrated Agricultural Strategy Drives Strong Performance
[Chart here: triangle with "Seeds/Biotech", "Downstream Rennesen/Animal AG"
and "Ag Chem" in vertices, "R&D Engine" in center of triangle.]
o Deliver short-term and long-term value
o Rapid market share gains in key technologies
o Mid-teens compounded annual increase in operating earnings
o Unique integrated capabilities in place
21
<PAGE>
Strong Ag Performance With Growth Opportunity
[Chart here: 1999E with arrow labeled "Earnings" to 2004E.]
Key Ag Highlights
- -----------------------------------------
o 1999 expected sales over $5 billion
o EBITDA margins in the mid-20% range
generates strong sustainable cash flow
o R&D expenditures of $600 million
fuel pipeline upside
22
<PAGE>
NewCo Will Achieve Top-Tier Financial Goals
Key Financial Goals
------------------------------------------------------------------------------
o Sustainable double- digit revenue growth
o Net Income growth to exceed 20% per year
o Strong financial position driven by debt reduction programs
o IPO proceeds
o Divestment of Monsanto Nutrition and Consumer businesses
23
<PAGE>
NewCo Delivers . . .
o Powerful new product pipeline
o Sustainable revenue growth
o Significant margin expansion
o Strong earnings growth
24
<PAGE>
Monsanto and Pharmacia & Upjohn
Creating a Leading
Pharmaceutical Company
with Top-Tier Growth
Prospects
<PAGE>
Forward- Looking Information
Certain statements contained in this presentation, such as statements concerning
the combined company's anticipated financial or product performance, its
pipeline, plans for growth and other factors that could affect future operations
or financial position, and other non-historical facts, are "forward-looking
statements" (as such term is defined in the Private Securities Litigation Reform
Act of 1995). Such statements often include the words "believes," "expects,"
"anticipates," "intends," "plans," "estimates," or similar expressions. Since
these statements are based on factors that involve risks and uncertainties,
actual results may differ materially from those expressed or implied by such
forward-looking statements. Such factors include, among others: the ability to
attain estimated expense savings, the ability to continue to successfully market
existing products, which may be adversely impacted by the introduction of
competitive products; the combined company's ability to integrate the two
businesses and other prior mergers and acquisitions; the combined company's
ability to successfully develop and market new products, the ability to expand
the market for existing products; the ability to fund research and development
activities; the ability to get to market ahead of competition; the success of
the combined company's research and development activities and the speed with
which regulatory authorizations and product rollouts may be achieved; the
ability to successfully negotiate pricing of pharmaceutical products with
managed care groups, health care organizations and government agencies
worldwide; fluctuations in currency exchange rates; the effects of the combined
company's accounting policies and general changes in generally accepted
accounting practices; the combined company's exposure to product liability
lawsuits and contingencies related to actual or alleged environmental
contamination; the combined company's exposure to antitrust lawsuits; the
combined company's success in litigation involving its intellectual property;
social, legal and political developments, especially those relating to health
care reform and product liabilities; general economic and business conditions;
the combined company's ability to attract and retain management and other
employees; the combined company's ability to compensate for anticipated generic
competition for Roundup(R) herbicide after the expiration of its patent in the
U.S.; governmental and public acceptance of agbiotech products, the effect of
seasonal conditions and of current commodity prices on agricultural markets; and
other risk factors detailed in Monsanto's and Pharmacia & Upjohn's respective
Securities and Exchange Commission filings, including their respective Proxy
Statements and Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
26
