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Factors Related to Bystander Intervention In Cyber Aggression In Adults

Authors:
  • Flourish Mental Wellness PLLC
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$FI:MARMHP:K=LMA>;NEER 
,HK:EBMR 
3K:NF:'BLMHKR
!#.6(866.32 
.O>KOB>PH?%BG=BG@L 
3>G=>G<RMH(GM>KO>G> 
$FI:MARMHP:K=LMA>.KB@BG:E/HLM>K./:G=)HBGBG@MA>!NEER 
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
"R;>K;NEERBG@,HK:E#BL>G@:@>F>GM3K:NF::G=#BLLH<B:MBHG 
(G?EN>G<>HG?NMNK>;>A:OBHKL 
+BFBM:MBHGL:G=%NMNK>#BK><MBHG 
*+*5*2(*6 
$<'*5&,,5*66.32;43685*&2)*64326* 
$311*27&7.2, (&0*
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
.673+!&'0*6
!&'0*#>FH@K:IAB<L 
!&'0*(G=BOB=N:E#B??>K>G<>,>:LNK>L 
!&'0*"HKK>E:MBHG:E G:ERL>L;>MP>>GBG=BOB=N:E=B??>K>G<>F>:LNK>L 
!&'0*/>K<>GMH?I:KMB<BI:GMLPAHPHNE=<HFF>GM 
!&'0*"HKK>E:MBHG;>MP>>GPBEEBG@G>LLMH<HFF>GM:G=E>O>EH?>FI:MARMHP:K=LMA>./
!&'0*"HKK>E:MBHG;>MP>>G!$2:G=>FI:MARMHP:K=LMA>./ 
!&'0*$FI:MARMHP:K=LMA>./ 
!&'0*$FI:MARMHP:K=LMA>;NEER 
!&'0*"HKK>E:MBHG;>MP>>GMK:NF:ABLMHKR:G=PBEEBG@G>LLMH<HFF>GM
HGMA>\P>B@AM]BF:@> 

!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
.673+.,85*6
.,85*/:KMB<BI:GM%EHP#B:@K:F
.,85*1:G=HFBS:MBHG 
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
!
&(7356*0&7*)73<67&2)*527*59*27.32.2<'*5,,5*66.32.2)8076
"R;>K:@@K>LLBHG" A>K>=>?BG>=:LO>K;:E:@@K>LLBHGHGMA>BGM>KG>MBL<HFFHGER
MAHN@AMMH;>:G:=HE>L<>GMIEB@AM!KH=R5:G@>EBLMB(G?:<M" BL>LMBF:M>=MHH<<NK
BG:LAB@A:LH?<HEE>@>LMN=>GML!KH=R5:G@>EBLMB%K:G<BL<H>M:E
==BMBHG:EERMA>=>MKBF>GM:EILR<AHEH@B<:EHNM<HF>LH?" MA:M:K><HFFHGER?HNG=BG
:=HE>L<>GMLLN<A:LBG<K>:L>==>IK>LLBHG:GQB>MR:G=BG<K>:L>=E>O>ELH?LNB<B=>A:O>:ELH
;>>G?HNG=BGRHNG@:=NEML%H=>K:KH'BG=NC:/:M<ABG2<A>GD%K>FHNP
1>L>:K<AHG" BG:=NEMLH<<NKLFHLMERBG<HEE>@>:@>=BG=BOB=N:EL:@KHNIPAB<A
<KHLL>LMA>:=HE>L<>GM:=NEM:@>K:G@>;NM:=NEMLH?:EE:@>L:K>BG<K>:LBG@NLBG@LH<B:EF>=B: 
LMN=R;R!:KE>MM:G="A:F;>KEBG?HNG=MA:M" BG<K>:L>=BG:=HE>L<>G<>:G=RHNG@
:=NEMAHH=;NMMA>G=><K>:L>=MAKHN@AHNM:=NEMAHH='HP>O>K<R;>K;RLM:G=>KLHGLH<B:EF>=B:
>LI><B:EERIE:M?HKFLLN<A:L%:<>;HHD:G=(GLM:@K:FBG<EN=>:EE:@>K:G@>L2FBMA G=>KLHG
)B:G@ @KHPBG@;H=RH?K>L>:K<ALN@@>LMLMA:M" <HGMBGN>LMH;>IKH;E>F:MB<
F>:GBG@;HMAAB@AIK>O:E>G<>:G=IK>=B<M:;E>A:KFBG:=NEMAHH=!>K:G>M:E!KH=R
5:G@>EBLMB%K:G<BL<H>M:E2<A>GD>M:E6:MML>M:E-HG>MA>E>LL
" H<<NKLHG:IN;EB<IE:M?HKF:G=BGM>KO>GMBHGBLNG<HFFHGPBMALMN=B>LLAHPBG@MA:MHGER
:;HNMH?;RLM:G=>KLBGM>KO>G>=BK><MER#BEEHG!NLAF:G%K>BL&NKNG@
&:A:@:G>M:E.;>KF:B>K>M:E3A>?:<MHKLMA:MFHMBO:M>HMA>KLMHBGM>KO>G>:K>
<NKK>GMERNG<E>:K,:<A:<DHO:/?>ML<A
3PHF:BGMRI>LH?" A:O>;>>GB=>GMB?B>=BGMA>EBM>K:MNK><R;>K;NEERBG@"!:G=
MKHEEBG@MA>?HKF>K;>BG@MA>FHK>PB=>ERLMN=B>=H?MA>MPH"!A:L;>>G=>?BG>=BGL>O>K:E
P:RL2FBMA>M:E=>?BG>"!:L\:G:@@K>LLBO>BGM>GMBHG:E:<M<:KKB>=HNM;R:@KHNIHK
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
BG=BOB=N:ENLBG@>E><MKHGB<?HKFLH?<HGM:<MK>I>:M>=ER:G=HO>KMBF>:@:BGLM:OB<MBFPAH
<:GGHM>:LBER=>?>G=ABFHKA>KL>E?]I'BG=NC::G=/:M<ABGNL>=MA>=>?BGBMBHG
\PBEE?NE:G=K>I>:M>=A:KFBG?EB<M>=MAKHN@AMA>NL>H?<HFINM>KL<>EEIAHG>L:G=HMA>K
>E><MKHGB<=>OB<>L]I3A>=>?BGBMBHGLNL>=MAKHN@AHNMMA>EBM>K:MNK>A:=MAK>>>E>F>GMLBG
<HFFHGK>I>MBMBHGPBEE?NEHK=>EB;>K:M>:<MBHG:G=A:KF;>BG@<:NL>=MHMA>OB<MBF/:M<ABG
'BG=NC:/HP>KBF;:E:G<>:ELHH<<:LBHG:EER:II>:KL:L:G>E>F>GM'HP>O>KGHM:EEH?
MA>L>>E>F>GML:K>G><>LL:KR?HKMA>:<MLMH;><HGLB=>K>="! I>K<>BO>=HK:<MN:EIHP>K
BF;:E:G<>:G=MA>OB<MBFGHM;>BG@:;E>MH=>?>G=ABFHKA>KL>E?F:R;>I:KMH?MA>FHK>@>G>K:E
;NEERBG@=>?BGBMBHG;NMMABL>E>F>GMF:RF:GB?>LM=B??>K>GMERBGHGEBG>LBMN:MBHGL2EHGC>2FBMA
:G=%KBLUG:ELH:K@N>=MA:MMA>K>I>MBMBHG<KBM>KB:H?"!F:R;>?NE?BEE>=;RL>O>K:E
I>KI>MK:MHKLBG:GHK<A>LMK:M>==>LMKN<MBO>:<M:LMA>OB<MBFPHNE=LMBEE>QI>KB>G<>K>I>:M>=A:KF
BGM>GMBHG:EER<:KKB>=HNM;RHMA>KL3ABL=>?BGBMBHG=>L<KB;>LMA>L><HG=MRI>H?" <:EE>=
MKHEEBG@
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HK=BLKNIMBO>F:GG>KBG:LH<B:EL>MMBG@HGMA>(GM>KG>MPBMAGH:II:K>GMBGLMKNF>GM:EINKIHL>]
!N<D>EL3K:IG>EE/:NEANLIF>:GBG@MA:MHG>:MM:<DL:GHMA>KHGEBG>PBMAMA>
BGM>GMMH<:NL>A:KFPBMAGH<E>:KK>:LHG?HK=HBG@LH'>K>MA>=BLMBG<MBHGBL;>MP>>G"!PAB<A
BLFHK>I>KLHG:EER=BK><M>=:G=MKHEEBG@PA>K>BGMA>@H:EF:R;>FHK>BFI>KLHG:E:G=BG=BK><M
2A:<A:?:G=':K:LN@@>LMMA>?HEEHPBG@K>:LHGLF:R<HGMKB;NM>MHMA>FHMBO:MBHG?HK
MKHEEBG@;HK>=HF:MM>GMBHGL>>DBG@K>O>G@>IE>:LNK>:G=:=>LBK>MH<:NL>=:F:@>MHMA>
<HFFNGBMR#>?BGBMBHGLH?MKHEEBG@BG<EN=>MA>BGM>GMPBEE?NE:G=KBLDH?A:KF>E>F>GML;NMF:R
GHM:EP:RLBG<EN=>K>I>MBMBHGHK:LI><B?B<M:K@>M3A>K>BLLB@GB?B<:GMERE>LLK>L>:K<AHGMKHEEBG@
BGMA>ILR<AHEH@B<:EEBM>K:MNK>:G=F:GRLMN=B>LMA:MK>?>KMH"!H?M>G?BMMA>=>?BGBMBHGH?MKHEEBG@
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
FHK>:<<NK:M>ER3A>=B??>K>G<>L;>MP>>GMA>MPH;>A:OBHKL:G==>?BGBMBHGLBLGHM?NEER<E>:KBG
MA>EBM>K:MNK>
3A>K>:K>F:GRMRI>LH?"!;NMLHF>H?MA>FHLM<HFFHGMRI>LH?<R;>K;NEERBG@
BG<EN=>KB=B<NEBG@HMA>KLHG:IN;EB<IE:M?HKFKNFHKLIK>:=BG@K>O>:EBG@I>KLHG:EBG?HKF:MBHG
IHLMBG@IAHMHLPBMAHNMI>KFBLLBHG:G=O>K;:EMAK>:ML":H+BG'BG=NC:/:M<ABG
3ABLLMN=R?H<NL>LHGKB=B<NEBG@HMA>KLHG:IN;EB<IE:M?HKF;><:NL>BMBLHG>H?MA>FHK>
<HFFHG?HKFLH?" BG:=NEML
<'*5'800<.2,&2)-&51
3K:=BMBHG:EB>?:<>MH?:<>;NEERBG@A:L;>>GLAHPGMHA:O>=>MKBF>GM:EF>GM:EA>:EMA
>??><MLHGOB<MBFL F>M::G:ERLBL;R1>BCGMC>L*:FIANBL/KBGSB>:G=3>E<A?HNG=MA:M
EHG@BMN=BG:ELMN=B>L=>FHGLMK:M>=BG<K>:L>=BGM>KG:EBSBG@;>A:OBHKLBG;NEEB>=<ABE=K>G<HFI:K>=
MHGHG;NEEB>=<ABE=K>G3A>L>BGM>KG:EBSBG@;>A:OBHKLBG<EN=>==>IK>LLBHG:GQB>MR:G=
EHG>EBG>LL/LR<AHLHF:MB<LRFIMHFLLN<A:LA>:=:<A>LLMHF:<A:<A>L:G=LE>>IIKH;E>FL:K>
:ELH<HFFHG:FHG@;NEEB>=<ABE=K>G&BGB/HSSHEB,HLM<HG<>KGBG@:F>M::G:ERLBL
?HNG=FH=>K:M>>??><MLBS>L?HKMA>K>E:MBHGLABIL;>MP>>G;NEERBG@OB<MBFBS:MBHG:G=LNB<B=>:L
P>EE:L;NEERBG@I>KI>MK:MBHG:G=LNB<B=>BG<ABE=K>G:G=:=HE>L<>G<>'HEM>M:E!NEERBG@
A:L:ELH;>>GLAHPGMHA:O>:=O>KL>>??><MLBG:=NEML F>M::G:ERLBLH?PHKDIE:<>;NEERBG@
:FHG@:=NEML?HNG=LB@GB?B<:GM:LLH<B:MBHGL;>MP>>G;NEERBG@OB<MBFBS:MBHG:G=:GNF;>KH?
G>@:MBO>HNM<HF>LBG<EN=BG@:GQB>MR=>IK>LLBHGLHF:MBS:MBHGIARLB<:EA>:EMALMK:BG:G=
;NKGHNM-B>EL>G$BG:KL>G ==BMBHG:EERLB@GB?B<:GM:LLH<B:MBHGLP>K>K>O>:E>=
;>MP>>G;NEERBG@OB<MBFBS:MBHG:G=CH;HNM<HF>LLN<A:LBGM>GMMHE>:O>CH;L:MBL?:<MBHG:G=
<HFFBMF>GMMHMA>HK@:GBS:MBHG3A>G>@:MBO>>??><MLH?MK:=BMBHG:E?:<>MH?:<>;NEERBG@BG;HMA
<ABE=K>G:G=:=NEMLBLP>EE=H<NF>GM>=BGMA>EBM>K:MNK>
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
" A:L;>>G?HNG=MHA:O>LBFBE:K=>MKBF>GM:E>??><MLHGF>GM:EA>:EMA2HF>H?MA>
FHK><HFFHGMRI>LH?" BG<HEE>@>LMN=>GMLP>K>K>IHKM>=MH;>BGMBFB=:MBHG:G=BF:@>
:IIKHIKB:MBHG3ABLBG<EN=>=LIK>:=BG@KNFHKLF:DBG@BGLNEMLKB=B<NEBG@:G=MAK>:M>GBG@
%K:G<BL<H>M:E'BEE,>EEB<D3>FIE>:G=2A:KI?HNG=MA:MOB<MBFLH?;HMA
MK:=BMBHG:E:G="!A:=FHK>>E>O:M>==>IK>LLBO>LRFIMHFL:G=LAHP>=:AB@A>KKBLDH?
IKHEHG@>=LRFIMHFL*HDDBGHL GMHGB:=HN:G=,:KDHL?HNG=:=NEM"!OB<MBFL
>QAB;BM>=AB@A>KE>O>ELH?:GQB>MR=>IK>LLBHGAHLMBEBMR:G=BGM>KI>KLHG:EL>GLBMBOBMR%NKMA>K
I>HIE>PAHP>K>>O>GH<<:LBHG:EOB<MBFLH?"!=BLIE:R>=E>O>ELH?=>IK>LLBHG:LAB@A:LMAHL>
?HNG=BG?K>JN>GMOB<MBFLLN@@>LMBG@MA:M>O>GH<<:LBHG:E"!<:G;>A:KF?NE6:G@-:GL>E
(:GGHMMB(MA:L:ELH;>>G?HNG=MA:MLMN=>GMLPAHP>K>OB<MBFLH?"!BGAB@AL<AHHEP>K>
MAK>>MBF>LFHK>EBD>ERMH;>OB<MBFLBG<HEE>@>:LP>EE:FHNGMBG@MHR>:KLH?OB<MBFBS:MBHG
!>K:G>M:E3ABLLMN=R:ELHK>IHKM>=:=O>KL>ILR<AHEH@B<:ELRFIMHFLLN<A:L:G@>K
L:=G>LL:GQB>MR:G=>F;:KK:LLF>GM ==BMBHG:EER<HEE>@>:@>=OB<MBFLH?"!P>K>FHK>EBD>ER
MH>QI>KB>G<>:<:=>FB<IKH;E>FLLN<A:LIHHK<HG<>GMK:MBHGEHP>KE>O>ELH?:<AB>O>F>GM:G=
GHM:MM>G=BG@<E:LL>L/LR<AHEH@B<:EBGM>KI>KLHG:EOBHE>G<>OB<MBFBS:MBHGA:L:ELH;>>GK>IHKM>=
PBMAAB@A>KK:M>L:FHG@PHF>GMA:G:FHG@F>G2:K@>GM*K:NLL)HNKBE>L,<#HG:E=
 LMN=RHG"!BGMA>PHKDIE:<>?HNG=:LB@GB?B<:GMK>E:MBHGLABI;>MP>>G"!:G=LMK>LL:L
P>EE:L:GBGO>KL>K>E:MBHGLABI;>MP>>G"!:G=HIMBFBLF2GRF:G+HA#>LIBM>MA>L>
>??><MLI>HIE>:K>NGEBD>ERMHBGM>KO>G>PA>GPBMG>LLBG@;NEERBG@;HMABGMK:=BMBHG:E;NEERBG@
:G=BG"!HKMKHEEBG@
(MBLK>:LHG:;E>MHGHM>A>K>MA:MMA>K>BL<HGMKHO>KLRHO>KPA>MA>KHG>LAHNE=BGM>KO>G>
PBMAMA><R;>K;NEERHKMKHEEBG:G>??HKMMHFBMB@:M>MA>A:KF&BO>GMA:MMA>MKHEEF:R;>L>>DBG@
:MM>GMBHGK>LIHGL>LF>:GM:LBGM>KO>GMBHGLF:R;>>QI>KB>G<>=:LK>BG?HK<>F>GMBGMA>HI>K:GM
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
L>GL>2DBGG>KBGFN<AMA>L:F>P:R:LI:K>GMLK>BG?HK<BG@:<ABE=^LM:GMKNF;R@BOBG@
:MM>GMBHGMHBM(G:GHGEBG>>LL:R'NED=>L<KB;>L>??><MLMA:MA:O>;>>GL>>GBGMA>
HI>K:GMEBM>K:MNK>FHLMLI><B?B<:EERMA:MB@GHKBG@MA>MKHEEFHK>MRIB<:EERE>:=LMH>L<:E:MBHG
;>?HK>>QMBG<MBHG(GIK:<MB<>MABLF:RF>:G>L<:E:MBG@BGO:LBHGLH?IKBO:<R>@IHLMBG@H?
IKBO:M>BG?HKF:MBHGMA>GIAHG>GNF;>KL:G=:==K>LL>LBG<K>:LBG@E>O>ELH?MAK>:MHKFHK>
OB<BHNLI>KLHG:E:MM:<DL3ABLA:LE>=F:GR<HFF>GM:MHKLPAH:K><HG<>KG>=:;HNM?>>=BG@MA>
;NEER^LG>>=?HK:MM>GMBHGMH?H<NLHGMA>\AHP]H?BGM>KO>GMBHGLN<A:LPA>MA>KMH:==K>LLMA>
<HFFNGBMRHK:MM:<DMA>;NEERK:MA>KMA:GMHK><HFF>G=GHG:<MBHG
<67&2)*527*59*27.32
3A><HG<>IMH?MA>;RLM:G=>K>??><MA:L;>>GBGO>LMB@:M>=LBG<>MA>FNK=>KH?*BMMR
&>GHO>L>;>@BGGBG@PBMA:LMN=R;R+:M:GU#:KE>R*BMMR&>GHO>L>P:LK:I>=:G=
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MA>;RLM:G=>KL=B=GHM<:EE?HKA>EII>KA:IL=N>MH\=B??NLBHGH?K>LIHGLB;BEBMR]MA:MBL;>EB>OBG@
HMA>KLPHNE=<:EE?HKA>EI'HP>O>KGHM>O>KRHG>BL>JN:EER:??><M>=;RMABLIA>GHF>GHG
,:GGBG@+>OBG>:G="HEEBGLK>BGO>LMB@:M>=IHEB<>:G=<HNKMK><HK=LK>@:K=BG@MA>*BMMR
&>GHO>L><:L>!:L>=HGMABL>OB=>G<>MA>RLN@@>LM>=MA:ML>O>K:EI>HIE>=B=BGM>KO>G>;R
<:EEBG@MA>IHEB<>AHP>O>KIHEB<>K>LIHGL>P:LGHMMBF>ER>GHN@AMHIK>O>GM,L&>GHO>L>^L
FNK=>K(G@>G>K:EAHP>O>KK>L>:K<AA:LLNIIHKM>=MA>;RLM:G=>K>??><MK>IHKM>=;R+:M:GU:G=
#:KE>R?BG=BG@MA:M@K>:M>KGNF;>KLH?;RLM:G=>KLIK>=B<ML:EHP>KEBD>EBAHH=H?A>EI
+>OBG>:G="KHPMA>K?HNG=:@>G=>K=B??>K>G<>BGMA>;RLM:G=>K>??><M(GMABL
LMN=RI:KMB<BI:GMLP>K>:LD>=MHBF:@BG>P:EDBG@=HPGMA>LMK>>M:G=PBMG>LLBG@:G>L<:E:MBG@
O>K;:E:EM>K<:MBHG;>MP>>G:F:G:G=:PHF:G(GMABLLBMN:MBHGF>GP>K>FHK>EBD>ERMH
BGM>KO>G>MA:GPHF>G6HF>GLAHP>=:O>KREHPM>G=>G<RMHBGM>KO>G>PA>GBGMA>IK>L>G<>H?
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
F>G'HP>O>KPHF>GP>K>FHLMFHMBO:M>=MHBGM>KO>G>PA>GBGMA>IK>L>G<>H??BO>?>F:E>
?KB>G=L<HFI:K>=MH;>BG@BGMA>IK>L>G<>H??BO>LMK:G@>KL,>GP>K>FHLMEBD>ERMHBGM>KO>G>
PA>GLNKKHNG=>=;RPHF>G3A>K>L>:K<A>KL=B=GHM?BG=:MK:=BMBHG:E;RLM:G=>K>??><MH?EBFBM>=
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=>@K>>MHPAB<AMA>K>LNEML@>G>K:EBS>MH:G:=NEML:FIE>BLNGDGHPG
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"A:BMBG:G=2M>BG;>K@IKHIHL>=BG:K>OB>PH?MK:NF:EBM>K:MNK>MA:M>QI>KB>G<BG@:
MK:NF:A:L;>>G:LLH<B:M>=PBMA?>>EBG@:LMAHN@AMA>PHKE=BL=:G@>KHNLIE:<>:G=<NEMBO:M>L
=BLMKNLMH?HMA>KL<HGMKB;NMBG@MH=B??B<NEMB>L?>>EBG@>FI:MAR?HKHMA>KL'BLMHKRH?MK:NF::ELH
A:L;>>G:LLH<B:M>=PBMAM>G=>G<RMH:@@K>LL.KMA6B>E:G=;NMA:LGHM;>>GLMN=B>=
BGMA><R;>K;NEERBG@EBM>K:MNK>.GMA>HMA>KA:G="A:BMBG:G=2M>BG;>K@:K@N>MA:M
=>I>G=BG@HGMA>LBMN:MBHG:MK:NF:ABLMHKR<HNE=BG<K>:L>L>GLBMBOBMRMH:GHMA>K^LI:BG:G=
<HGMKB;NM>MHAB@A>KE>O>ELH?>FI:MAR(GMA><:L>H?<R;>K;NEERBG@IKBHKOB<MBFBS:MBHGPBMA
<R;>K;NEERBG@P:L:LLH<B:M>=PBMABG<K>:L>=E>O>ELH?LM:M>>FI:MARPA>GPBMG>LLBG@:"!
>O>GM EEBLHG!NLL>R GHMA>K?:<MHKLAHPGMH:??><M>FI:MARBLGHGI:MAHEH@B<:E
=BLLH<B:MBHGIKHG>G>LL"ABN/:>L>G#SBH;>D3HEE>G::K3ABLLMN=R?HNG=MA:MI>HIE>
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
PBMAAB@A>KL<HK>LHGF>:LNK>LH?=BLLH<B:MBHGIKHG>G>LLL<HK>=EHP>KHGF>:LNK>LH?MK:BM
<H@GBMBO>>FI:MAR=>?BG>=;RMA>:NMAHKL:LMA><:I:<BMRH?NG=>KLM:G=BG@MA>F>GM:ELM:M>LH?
HMA>KL3ABLK>E:MBHGLABI;>MP>>G=BLLH<B:MBHGIKHG>G>LL:G=EHP>K>=MK:BM>FI:MARF:R
<HGMKB;NM>MH<R;>K;NEERBG@;>A:OBHKL:G=MA>K>:<MBHGMHHGEBG>:@@K>LLBHG
7&7*1*273+7-*53'0*1
6ABE>:EEH?MA>L>O:KB:;E>LA:O>;>>GLAHPGMHBG?EN>G<>;NEERBG@:G=;RLM:G=>K
BGM>KO>GMBHG:<HFI:KBLHGLMN=RH?MA>BG?EN>G<>H?<HG=BMBHGLM:K@>MBG@>:<AH?MA>?:<MHKL
=BL<NLL>=A:LR>MMH;><HFIE>M>=%NKMA>K>FI:MAR:G=,#<:G;><HG<>IMN:EBS>=;HMA:L
BG=BOB=N:E=B??>K>G<>O:KB:;E>LB>MK:BMLH?MA>BG=BOB=N:E:G=:LLBMN:MBHG:EERIKHOHD>=B>
LHF>BGM>KO>GMBHGLFB@AM;>FHK>@>:K>=MHIKHOHD>>FI:MARMA:GHMA>KL3A>K>?HK>;HMA
BG=BOB=N:E=B??>K>G<>L:LP>EE:LLBMN:MBHG:E?:<MHKL:K>EBD>ERMH:??><MFHMBO:MBHG?HK;RLM:G=>K
BGM>KO>GMBHG3ABLLMN=R:BFLMHBGO>LMB@:M>;RLM:G=>K;>A:OBHKPA>GPBMG>LLBG@<R;>K;NEERBG@
NG=>K=B??>K>GM<HG=BMBHGLL>>DBG@MHB=>GMB?RB?PBMG>LLBG@<>KM:BG;RLM:G=>KBGM>KO>GMBHGLBL
FHK>EBD>ERBG?EN>G<>MA>EBD>EBAHH=MA:MI>HIE>BGM>KO>G>BG:P:RMA:MBLFHK>EBD>ERMHLMHIMA>
;NEERBG@:G=HKA>EIMA>OB<MBF/E:GLMA>G<HNE=;>=>O>EHI>=PBMA:?H<NLHGMA>FHLM
BG?EN>GMB:EO:KB:;E>LMH>G<HNK:@>;RLM:G=>KBGM>KO>GMBHGBG<R;>K;NEERBG@3A>IK>L>GMLMN=R
:ELHBL:FHG@MA>?BKLMMHM:K@>M:=NEMI:KMB<BI:GMLPAHF:R;>E>LLLNL<>IMB;E>MHFH=>EBG@
>??><MLMA:GMA>:=HE>L<>GMI:KMB<BI:GMLBGI:LMLMN=B>L

!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
!
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&57.(.4&276
MHM:EH?I:KMB<BI:GMLP>K>K><KNBM>=?HK:K:G=HFBS>=L:FIE>H?:=NEML:@>R>:KL
:G=HE=>K;HMAF:E>L:G=?>F:E>L2MK:MB?B>=K:G=HFL:FIEBG@P:LNL>=MH>GLNK>MA>?>F:E>MH
F:E>@>G=>KLIEBMPHNE=GHM;>@K>:M>KMA:GHGLHF>H?MA>K><KNBMF>GM/:KMB<BI:GMLP>K>
K><KNBM>=MAKHN@A0N:EMKB<LK>L>:K<A>G@BG>2HKMAKHN@A:G:=O>KMBL>F>GMHGO:KBHNL
<HFFNGBMR%:<>;HHDI:@>L2/:KMB<BI:GMLK><KNBM>=MAKHN@A%:<>;HHDP>K>=BK><M>=MH
<HFIE>M>:LNKO>RHG0N:EMKB<LMAKHN@A:G:GHGRFHNLEBGD.?MA>I:KMB<BI:GMLK><KNBM>=
I:KMB<BI:GMLP>K>>EBFBG:M>=?HKGHM<HFIE>MBG@<HK>:LI><MLH?MA>LNKO>RK>G=>KBG@MA>=:M:
NGNL:;E>%HNK<KBM>KB:P>K>NL>=MH?NKMA>K>O:EN:M>=:M:K>EB:;BEBMR<HFIE>MBHGLI>>=
JN>LMBHGG:BK>LPBMAK>O>KL><H=>=JN>LMBHGLJN:EBM:MBO>K>LIHGL>>??HKM:G=\LMK:B@AMEBG>]
K>LIHGL>LHGLNKO>RL"HFIE>MBHGLI>>=P:L=>M>KFBG>=;R:O>K:@>K>LIHGL>MBF>:LK>LIHGL>
MBF>BL;NBEMBGMH0N:EMKB<LLNKO>RL/:KMB<BI:GMLPAH<HFIE>M>=MA>LNKO>R?:LM>KMA:GMAK>>
LM:G=:K==>OB:MBHGL;>EHPMA>F>:GK><>BO>=:OBHE:MBHGIHBGMBGMABL<:M>@HKR1>O>KL><H=>=
JN>LMBHGLP>K>>O:EN:M>=:G=I:KMB<BI:GMLPAHL>K>O>KL><H=>=JN>LMBHGLP>K>GHMBG:@K>>F>GM
PBMAMA>GHGK>O>KL>=JN>LMBHGLK><>BO>=:OBHE:MBHGIHBGM?HKMABL<:M>@HKR%HKMA>JN:EBM:MBO>
K>LIHGL>>??HKMI:KMB<BI:GMLP>K>@BO>G:OBHE:MBHGIHBGM?HK:GLP>KBG@\GH]HK\G:]PA>G:LD>=
MHIKHOB=>:<HFF>GM G=E:LMERLMK:B@AMEBG>OBHE:MBHGIHBGMLP>K>K><>BO>=B?:I:KMB<BI:GM
:GLP>K>=:EEMA>L:F>K>LIHGL>L:<KHLLJN>LMBHGG:BK>L G:==BMBHG:EP>K>>EBFBG:M>=
;><:NL>:ME>:LMMPHH?MA>L><KBM>KB:P>K>OBHE:M>= MHM:EH?I:KMB<BI:GMLP>K>NL>=BGMA>
:G:ERL>L ==BMBHG:EI:KMB<BI:GML=KHII>=HNM=NKBG@MA>LNKO>R;NM:?M>K<HFIE>MBG@
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
<HK>:LI><ML3A>K>P>K>GH=>FH@K:IAB<=B??>K>G<>L;>MP>>GMA>I:KMB<BI:GMLPAH=KHII>=HNM
=NKBG@MA>LMN=R#KHIHNMK:M>=B=GHMO:KRLB@GB?B<:GMER;R@KHNI

!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
%B@NK>/:KMB<BI:GM%EHP#B:@K:F



!"#$

%&$'*
%+''
$'/
5$''
&$;'
&+<
=>
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$'
5$'?
&$;'/
5<
?

@G'/>

**
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
3A>L:FIE>P:LIK>=HFBG:GMER?>F:E>2":N<:LB:G2:G=
A>M>KHL>QN:E2/:KMB<BI:GMLK:G@>=BG:@>?KHFMHR>:KLHE=PBMAMA>F:CHKBMR
;>BG@NG=>K23A>LMN=RBG<EN=>=I:KMB<BI:GML?KHFO:KBHNLLH<B:E><HGHFB<
LM:MNL@KHNIL2$2PBMAMA>F:CHKBMR>:KGBG@;>MP>>G:G=2
2>>3:;E>?HK?NEE=>FH@K:IAB<L
3:;E>
*13,5&4-.(6
-
&>G=>K
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F>:LNKBG@FHK:E=BL>G@:@>F>GM=BLLH<B:MBHGMK:NF:ABLMHKR:MMBMN=>MHP:K=<R;>K;NEERBG@:G=
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:G=BG=B<:MBG@\O>KR;>G>OHE>GM](GM>KK:M>KK>EB:;BEBMRP:LF>:LNK>=NLBG@*:II:PBMA:G
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LM:M>PA>MA>KMA>RPHNE=MRIB<:EER<HFF>GMBGLN<ALBMN:MBHGL1>@:K=E>LLH?MA>K>LIHGL>MHMABL
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
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3A>>QIEHK:MHKR(5P:LMA>(F:@>"HGM>GMH?>:<AIHLMBG@PAB<APBEE;>K>?>KK>=MH:L
6>B@AMIHLMBG@HK(GM>EEB@>G<>IHLMBG@3ABLO:KB:;E>BL<HGLB=>K>=>QIEHK:MHKR;><:NL>MA>
6>B@AMIHLMBG@P:L:EP:RL?BKLM:G=MA>(GM>EEB@>G<>IHLMBG@L><HG=%NKMA>K?HKMA>6>B@AM
IHLMBG@MA>?BO>$Q>FIE:K<HG=BMBHGLP>K>O:KB>=PABE>MA>(GM>EEB@>G<>IHLMBG@BG<EN=>=HGER
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BL=B:@K:F>=BG%B@NK>
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O:KB:;E>BG=B<:MBG@PA>MA>KBM=B=HK=B=GHMK>?E><M:FHK:E?H<NL:LK:MBG@FHK:EBMR
:L<HGMBGNHNLP:LMHHLN;C><MBO>
#>@K>>MHPAB<AMA>G>P<HFF>GMLK>?E><M>=>FI:MAR?HKHKCHBGBG@PBMAMA>;NEER
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FN<A
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4(G:G:G:ERLBLH?O:KB:G<> -.5 MA>K>P>K>GHLB@GB?B<:GM=B??>K>G<>L
;>MP>>GMA>@KHNIL"HG=BMBHGL7$Q>FIE:KLHG:GRH?MA>BG=BOB=N:E=B??>K>G<>
F>:LNK>L
!NEERBG@K:M>L:G=H<<NKK>G<>LP>K>>O:EN:M>=BGMA>?NEEL:FIE> IIKHQBF:M>ERHG>
JN:KM>KH?MA>I:KMB<BI:GMLBGMA>LMN=RK>IHKM>=A:OBG@:ABLMHKRH?;>BG@;NEEB>=HGEBG>
;NMMA>>QI>KB>G<>P:LFHK>EBD>ER?HKI:KMB<BI:GMLNG=>KMA:GMAHL>:G=HO>K

χ
4
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
3:;E>
355*0&7.32&02&0<6*6'*7:**2.2).9.)8&0).++*5*2(*1*&685*6
!$2 ,# #$2! "! 2 (/3 !. !(
!$2       
,#      
#$2!     
"! 2     
(/3   
!.  
!( 
!$2!:LB<$FI:MAR2<:E>,#,HK:E#BL>G@:@>F>GM2<:E>#$2!#BLLH<B:MBO>$QI>KB>G<>L2<:E>!KB>?"! 2
"R;>K;NEERBG@ MMBMN=>L2<:E>(/3(GM>KI>KLHG:E3K:NF:-NF;>K!.$QI>KB>G<>PBMAHGEBG>;NEERBG@!($QI>KB>G<>
PBMA;NEERBG@BGI>KLHG
II
*2)*5.++*5*2(*6.22).9.)8&0.++*5*2(**&685*6 @>@>G=>K:G=K:<>=NFFR
<H=>=P>K><KHLL>=PBMAMA>BG=BOB=N:E=B??>K>G<>O:KB:;E>!$2"! 2,##$2!MK:NF:
ABLMHKR:G=HGEBG>:G=BGI>KLHG;NEERBG@2B@GB?B<:GM<HKK>E:MBHGLP>K>?HNG=?HK>:<AH?MA>
IHM>GMB:E<HO:KB:M>LAHP>O>K:@>:G=K:<>=B??>K>G<>L=BL:II>:K>=PA>G@>G=>KP:L<HGMKHEE>=
&>G=>K=B??>K>G<>LK>F:BG>=PA>GK:<>:G=:@>P>K><HO:KB>=3A>K>?HK> -.5 LP>K>
<HG=N<M>=MHF>:LNK>@>G=>K=B??>K>G<>LBGBG=BOB=N:E=B??>K>G<>F>:LNK>L,:E>L
!BGMA>L:FIE>=>FHGLMK:M>=E>LLMK:BM>FI:MAR:LF>:LNK>=;RMA>!$2MA:G=B=
?>F:E>L!4@4,:E>L!
=>FHGLMK:M>=FHK>IHLBMBO>:MMBMN=>LMHP:K=L<R;>K;NEERBG@:LF>:LNK>=;RMA>"! 2MA:G=B=
?>F:E>L!4@4,:E>L:ELH=>FHGLMK:M>=AB@A>K
E>O>ELH?,#!MA:G=B=?>F:E>L!4
@43A>K>P>K>GHLB@GB?B<:GM@>G=>K=B??>K>G<>LBGMK:BM=BLLH<B:MBHG:LF>:LNK>=;RMA>
#$2!I3A>HGER@>G=>K=B??>K>G<>BGMK:NF:>QI>KB>G<>LP:LBGHGEBG>;NEERBG@
PAB<AF:E>L>QI>KB>G<>=E>LL!MA:G?>F:E>L!
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
4@43A>K>P>K>GHLB@GB?B<:GM@>G=>K=B??>K>G<>LBGHNM<HF>F>:LNK>L
$FI:MAR./)HBGBG@!HK,HK:E%H<NL
9&08&7.323+<437-*6*6
3A>ARIHMA>L>LP>K>>O:EN:M>=MAKHN@A<ABLJN:K>K>@K>LLBHG:G=@KHNI<HFI:KBLHG
:G:ERL>L
!*2)*2(<7327*59*2*(G'RIHMA>LBL BMP:LIK>=B<M>=MA:MMA>F:CHKBMRH?I>HIE>
PHNE=<AHHL>GHMMHBGM>KO>G>PA>GPBMG>LLBG@<R;>K;NEERBG@HGLH<B:EF>=B:6A>GIK>L>GM>=
MA>6>B@AM/HLMBG@H?I:KMB<BI:GMLBG=B<:M>=MA:MMA>RPHNE=BGM>KO>G>3A>@>G=>KLIEBM
P:L>JN:EPBMA;HMAH?F:E>L:G=?>F:E>LBG=B<:MBG@MA>RPHNE=<HFF>GM6A>GIK>L>GM>=
PBMAMA>(GM>EEB@>G<>/HLMBG@:MHM:EH?H?I:KMB<BI:GMLBG=B<:M>=MA>RPHNE=BGM>KO>G>
PA>GPBMG>LLBG@MABLBGM>K:<MBHGHGLH<B:EF>=B:H?F:E>L:G=H??>F:E>L
2B@GB?B<:GMERE>LLMA:GH?MA>K>LIHG=>GMLBG=B<:M>=MA:MMA>RPHNE=<HFF>GMHGMA>BF:@>L
<HG?BKFBG@'RIHMA>LBL ?HK;HMAF>G
χ
4:G=PHF>G
χ
4
6BEEBG@G>LLMH<HFF>GM=B=O:KR;R"HG=BMBHG:G=$Q>FIE:KL>>3:;E>.O>K:EE
H?MA>I:KMB<BI:GMLLM:M>=:PBEEBG@G>LLMHBGM>KO>G>BGHG>H?MA>MPH"HG=BMBHGL6>B@AM
HK(GM>EEB@>G<>3A>"ABLJN:K>:G:ERLBLK>O>:E>=:LB@GB?B<:GM=B??>K>G<>BGBGM>KO>GMBHGK:M>;R
"HG=BMBHG6BEEBG@G>LLMH<HFF>GMP:LFHK>?K>JN>GMMHP:K=MA>!>G>OHE>GM./MA:GMA>
,:EB<BHNL./.GMA>6>B@AM/HLMBG@P>K>PBEEBG@MH<HFF>GMBGMA>!>G>OHE>GM
"HG=BMBHG<HFI:K>=MHBGMA>,:EB<BHNL"HG=BMBHGχ4.GMA>(GM>EEB@>G<>
IHLMBG@P>K>PBEEBG@MH<HFF>GMBGMA>!>G>OHE>GM"HG=BMBHG<HFI:K>=MHBGMA>
,:EB<BHNL"HG=BMBHGχ4%NKMA>K:G:ERLBLK>O>:E>=MA:MPBEEBG@G>LLMH
<HFF>GMO:KB>=LB@GB?B<:GMER;R$Q>FIE:KPBMAMA>E:K@>LMGNF;>KH?PBEEBG@<HFF>GMLBGMA>
$Q>FIE:KLPBMAGH<HFF>GMLHGMA>;NEER^L;>A:OBHKHG(F:@>:G=BGPAB<AMA>;NEERP:L
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
:MM:<D>=;R:GHMA>KIHLM>KHG(F:@>L>>3:;E>.GMA>6>B@AM/HLMBG@MA>"ABLJN:K>?HK
$Q>FIE:KP:LLB@GB?B<:GMHGER?HKMA>,:EB<BHNL"HG=BMBHG
χ
4.GMA>
(GM>EEB@>G<>/HLMBG@MA>K>P:L:G$Q>FIE:K>??><MBG;HMAMA>!>G>OHE>GM
χ
4
:G=,:EB<BHNL
χ
4"HG=BMBHGLBGPAB<ALB@GB?B<:GMERFHK>I:KMB<BI:GML
>QIK>LL>=PBEEBG@G>LLMH<HFF>GMBGMA>-H(GM>KO>GMBHG:G=!NEER MM:<D$Q>FIE:KL
3:;E>
81'*5&2)4*5(*273+4&57.(.4&276:-367&7*)7-*<:380)(311*27
!>G>OHE>GM ,:EB<BHNL
6>B@AM (GM>EEB@>G<> 6>B@AM (GM>EEB@>G<>
GGGG
-H!NEER        
-H(GM>KO>GMBHG        
$FI:MAR        
,HK:EBMR        
!NEER MM:<D        
14&7-<3A>K>P:L:IHLBMBO><HKK>E:MBHG;>MP>>GLM:M>=PBEEBG@G>LLMH<HFF>GM:G=
MA><HFF>GM^LK:M>=$FI:MAR./543ANLMAHL>PAHP>K>FHK>>FI:MAB<
MHP:K=LMA>./BGMA>BKK>LIHGL>LHG;HMABF:@>LP>K>FHK>EBD>ERMHLM:M>MA:MMA>RPHNE=
<HFF>GMHG:G:<MN:EIHLMBG@H?MABLMRI>L>>3:;E>(MBLBFIHKM:GMMHGHM>MA:MLM:M>=
PBEEBG@G>LLMH<HFF>GM:G=K:MBG@H?>FI:MARH?MA><HFF>GMLP>K><HKK>E:M>=:<KHLLMA>MPH
BF:@>L5MH54^LLAHPBG@FH=>K:M>K>EB:;BEBMRH?IK>=B<M>=<HFF>GMBG@MH
>:<ABF:@>:G=K:M>=>FI:MARH?<HFF>GMLMH>:<ABF:@>
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
3:;E>
355*0&7.32'*7:**2:.00.2,2*6673(311*27&2)0*9*03+*14&7-<73:&5)67-*
6HNE=
<HFF>GM
6>B@AM
$FI:MAR./
6>B@AM
6HNE=
<HFF>GM
(GM>EEB@>G<>
$FI:MAR./
(GM>EEB@>G<>
6HNE=<HFF>GM6>B@AM    
$FI:MAR./6>B@AM   
6HNE=<HFF>GM(GM>EEB@>G<>  
$FI:MAR./(GM>EEB@>G<>  
II
(MP:LARIHMA>LBS>=MA:MMK:BM>FI:MAR:LF>:LNK>=;RMA>MHM:EL<HK>HGMA>!$2PHNE=
<HKK>E:M>IHLBMBO>ERPBMAFHK>>FI:MAB<K>LIHGL>LIKHOB=>=;RI:KMB<BI:GML=BK><M>=MHP:K=LMA>
./3A>HO>K:EE<HKK>E:MBHG;>MP>>GMK:BM>FI:MAR:G=$FI:MAR./P:L4
=BL<HG?BKFBG@'RIHMA>LBL :6A>GMA>=:M:P:LLIEBM;R$Q>FIE:KLHF>LB@GB?B<:GM
<HKK>E:MBHGL>F>K@>=3HM:E!$2L<HK>P:LIHLBMBO>ERK>E:M>=MH>FI:MAR?HKMA>!>G>OHE>GM./
?HKMPH$Q>FIE:KLGHK>LIHGL>;R?:D>HMA>KBGMA>(GM>EEB@>G<>/HLMBG@:G=:G=!NEER
MM:<DK>LIHGL>BGMA>6>B@AM/HLMBG@3HM:E!$2P:LG>@:MBO>ERK>E:M>=MH>FI:MARMHP:K=MA>
,:EB<BHNL./BGMPH$Q>FIE:KL$FI:MAR:G=MA>!NEER MM:<D$Q>FIE:KL;HMAHGMA>
(GM>EEB@>G<>/HLMBG@
&BO>GMA>AB@AGNF;>KH?<HKK>E:MBHGLBGMABL?HEEHPNI:G:ERLBL:=?HKMA>;BGHFB:EP:L
KNGMHM>LMMA>LB@GB?B<:G<>H?MA>HO>K:EEI:MM>KG%HNKLB@GB?B<:GM<HKK>E:MBHGLH?:MM>FIML
K>O>:E>=:LB@GB?B<:GMI:MM>KG=4L>>3:;E>/:KMB<BI:GMLPBMAAB@A>KMK:BM
>FI:MARP>K>FHK>EBD>ERMHLAHP>FI:MARMHP:K=MA>!>G>OHE>GM./BGMA>MPH$Q>FIE:KL:L
=>L<KB;>=:;HO>:G=MA>MPHLB@GB?B<:GM<HKK>E:MBHGLBGMA>,:EB<BHNL"HG=BMBHGP>K>G>@:MBO>
3ANLMAHL>PBMAEHPMK:BM>FI:MARLAHP>=>FI:MARMHP:K=MA>,:EB<BHNL./
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
3:;E>
355*0&7.32'*7:**2!&2)*14&7-<73:&5)67-*
!>G>OHE>GM ,:EB<BHNL
6>B@AM (GM>EEB@>G<> 6>B@AM (GM>EEB@>G<>
-H!NEER    
-H(GM>KO>GMBHG    
$FI:MAR    
,HK:EBMR    
!NEER MM:<D    
II
3.2.2,7-*800<(MP:LARIHMA>LBS>=MA:MMK:BM>FI:MAR:LF>:LNK>=;RMA>MHM:E
>FI:MARL<HK>HGMA>!$2PHNE=<HKK>E:M>G>@:MBO>ERPBMAPBEEBG@G>LLMHCHBGMA>;NEERBG
:MM:<DBG@MA>./3A>HO>K:EE<HKK>E:MBHG;>MP>>GMK:BM>FI:MAR:G=)HBGBG@!BG:MM:<DBG@MA>./
P:LGHGLB@GB?B<:GM54=BL<HG?BKFBG@'RIHMA>LBL ;6A>GMA>=:M:P:L
LIEBM;R$Q>FIE:KHG>LB@GB?B<:GM<HKK>E:MBHG>F>K@>=BGMA>,HK:EBMR$Q>FIE:K?HKMA>
(GM>EEB@>G<>/HLMBG@54 =?HKMA>;BGHFB:EP:LKNGMHM>LMMA>LB@GB?B<:G<>H?
MA>HO>K:EEI:MM>KGPAB<AP:LGHGLB@GB?B<:GM=GL
35&0.6*2,&,*1*27(MP:LARIHMA>LBS>=MA:MMA>E>O>EH?,#PHNE=G>@:MBO>ER
<HKK>E:M>PBMA:FHK:EER?H<NL>=BGM>KO>GMBHG3A>HO>K:EE<HKK>E:MBHG;>MP>>GMK:BM,#:G=
FHK:E?H<NLK:MBG@H?I:KMB<BI:GM<HFF>GMLP:LGHGLB@GB?B<:GM54
=BL<HG?BKFBG@'RIHMA>LBL :6A>G;KHD>G=HPGBGMH$Q>FIE:KGHLB@GB?B<:GM<HKK>E:MBHGL
>F>K@>=3A>L:F>I:MM>KG>F>K@>=PBMA,#:G=$FI:MAR./PBMA:GHGLB@GB?B<:GMHO>K:EE
<HKK>E:MBHGMPHLB@GB?B<:GM$Q>FIE:K<HKK>E:MBHGL:G=:GHGLB@GB?B<:GM=?HKMA>;BGHFB:E=
GL2BFBE:KER,#P:LNGK>E:M>=MH)HBGBG@!$FI:MAR./HKLM:M>=PBEEBG@G>LLMH
BGM>KO>G>=BL<HG?BKFBG@ARIHMA>L>L ;:G= <
.663(.&7.32(MP:LARIHMA>LBS>=MA:M#BLLH<B:MBHGPHNE=G>@:MBO>ER<HKK>E:M>PBMA
LM:M>=PBEEBG@G>LLMHBGM>KO>G>3A>HO>K:EE<HKK>E:MBHG;>MP>>G#BLLH<B:MBHG:LF>:LNK>=;RMA>
#$2!:G=LM:M>=PBEEBG@G>LLMH<HFF>GMP:LLB@GB?B<:GM54LNIIHKMBG@
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
ARIHMA>LBL :3A>HO>K:EE<HKK>E:MBHG;>MP>>G#BLLH<B:MBHG:G=K:M>=$FI:MAR./P:L
GHGLB@GB?B<:GM54=BL<HG?BKFBG@ARIHMA>LBL ;6A>G;KHD>G=HPGBGMH
$Q>FIE:KMA>HGERLB@GB?B<:GM<HKK>E:MBHGMA:M>F>K@>=P:LBGMA>GHK>LIHGL>$Q>FIE:KMHP:K=L
MA>F:EB<BHNL./54 =?HKMA>;BGHFB:EP:LKNGMHM>LMMA>LB@GB?B<:G<>H?MA>
HO>K:EEI:MM>KGPAB<AP:LGHGLB@GB?B<:GM=GL
77.78)*673:&5)6<'*5'800<.2,(MP:LARIHMA>LBS>=MA:MMA>K>PHNE=;>:<HKK>E:MBHG
;>MP>>GIHLBMBO>:MMBMN=>LMHP:K=L<R;>K;NEERBG@:LF>:LNK>=PBMAMA>"! 2:G=)HBGBG@!-H
LB@GB?B<:GMK>E:MBHGLABIL>F>K@>=;>MP>>GMA>"! 2:G=)HBGBG@!$FI:MAR./HKLM:M>=
PBEEBG@G>LLMH<HFF>GM=BL<HG?BKFBG@'RIHMA>LBL 
,#:G=#BLLH<B:MBHGP>K>K>@K>LL>=HG"R;>K;NEERBG@:MMBMN=>LMHBGO>LMB@:M>AHPMA>R
IK>=B<M>=:MMBMN=>LMHP:K=L"!!HMALB@GB?B<:GMERIK>=B<M>=IHLBMBO>:MMBMN=>LMHP:K=L
<R;>K;NEERBG@3A>MPHIK>=B<MHKL>QIE:BG>=H?MA>O:KB:G<> 4
PBMALB@GB?B<:GM;>M:P>B@AML?HK,#
β
4:G=#BLLH<B:MBHG
β
4

.78&7.32&05*).(7.326
(MP:LARIHMA>LBS>=MA:M$FI:MAR./BGMA>!>G>OHE>GM"HG=BMBHGPHNE=;>AB@A>KMA:G
BGMA>,:EB<BHNL"HG=BMBHG P:R"HG=BMBHGQ$Q>FIE:K -.5 P:L<HG=N<M>=MHM>LMMABL
ARIHMA>LBLPBMA:EIA:E>O>ELL>M:MMH:=CNLM?HKMRI>>KKHK3ABLARIHMA>LBL!P:L
LNIIHKM>=;RMA>K>LNEML4@43A>K>P>K>GHLB@GB?B<:GM@>G=>K
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<R;>K;NEERBG@$=N<:MBG@HGMA>OB<MBF<HGL>JN>G<>LH?"!PHNE=:==K>LLMA>LM>IH?:LLNFBG@
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MA:MFHK>IHLBMBO>I>KLHG:E;>EB>?L:;HNM<R;>K;NEERBG@BG?EN>G<>LMA>PBEEBG@G>LLMHBGM>KO>G>
:G=BG<K>:L>LMA>EBD>EBAHH=H?CHBGBG@MA>;NEER!:KME>MM'>EFLM>MM>K&>GMBE>/>HIE>
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?HKF:DBG@;NEERBG@<HFF>GML!NLL>R>M:E/>KK>G&NMSPBEE>K'>E?>G?BG@>K
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3A>K>P>K>GH<HKK>E:MBHGL;>MP>>GABLMHKRH?MK:NF:BG@>G>K:E:G=PBEEBG@G>LLMH
BGM>KO>G>PA>GPBMG>LLBG@;NEERBG@HGEBG>'HP>O>KI>HIE>PAHA:=:ABLMHKRH?;>BG@;NEEB>=
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6>B@AMBF:@> LBLIK>=B<M>=MA>HK>MB<:EER EEBLHG!NLL>RMA>>QI>KB>G<>H?HGEBG>
;NEERBG@BLIHLBMBO>ERK>E:M>=MH=BLLH<B:MBHGBGMABLL:FIE>:G=G>@:MBO>ERK>E:M>=MH,#&BO>G
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;>:??><M>=MAKHN@ANL>H?M><AGBJN>LLMN=B>=;R&:EBGLDR6:G@:G=*NBGMA>BKK>L>:K<A
HGL>E?HMA>KF>K@BG@'>K>K>L>:K<AI:KMB<BI:GMLP>K>MHE=MHPKBM>>LL:RLHG:MRIB<:E=:RBG
MA>EB?>H?O:KRBG@IKHM:@HGBLML>@:G ?KB<:G F>KB<:GF:G:<HEE>@>IKH?>LLHK:G>E=>KER
BG=BOB=N:E:G=E:M>KK>IHKM>=FHK>:MMBMN=>LBFBE:KBMRMHMA>IKHM:@HGBLMH?MA>BKLMHKB>L
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
2+08*2(*32+8785*'*-&9.356
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F:=>;RI:KMB<BI:GMLBGMA>$Q>FIE:KPBMAHNM:FH=>E>=BGM>KO>GMBHG.GMA>IHLBMBO>LB=>
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PAHI>KA:ILA:=@>G>K:M>=:FHK>GHGK>?E><MBO>G>@:MBO>K>LIHGL>PBMAHNMBGM>KO>GMBHG
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<HFI:K>=MHMA>?BKLM6>B@AM/HLMBG@PAB<A=H>LGHMLNIIHKMMA>B=>:MA:MFH=>EBG@:LI><B?B<
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?:<MAHP>O>KMA:MMA>BF:@>HK=>KP:L<HG?HNG=>=PBMABF:@>MRI>
L><HG=>QIE:G:MBHG?HK:FH=>EBG@>??><MBGHMA>KLMN=B>LBLMA:MLN;L>JN>GM
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BGM>KO>GMBHGF:RBG?EN>G<>MA>I>K<>BO>=L>O>KBMRH?MA>LBMN:MBHG EEBLHG!NLL>R3ABL
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I:KMB<BI:GMLBGHMA>K@KHNIL
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
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K>BG?HK<>=5:G!HFF>EO:G/KHHBC>G$E??>KL:G=5:G+:G@>:IHLLB;E>O:KB:;E>MH
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:II:K>GM:LBGMK:=BMBHG:E;NEERBG@:G=MANLGHM:LK>P:K=BG@H?:K>BG?HK<>K/>HIE>:K>:ELH
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BF:@>?BKLM:G=MA>GMA>(GM>EEB@>G<>BF:@>#N>MHMA>L:FIE>LBS>G>>=>=:G=MA>GNF;>KH?
@KHNIL:EK>:=RK>IK>L>GM>=BGMA>LMN=RMA>HK=>KH?MA>BF:@>LP:LGHMK>O>KL>=3ANLMA>F:BG
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
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?>F:E>(MBLBFIHKM:GMMH<HGLB=>KAHP=BO>KLBMRPHNE=BG?EN>G<>I:KMB<BI:GMK>LIHG=BG@(G:
EBM>K:MNK>K>OB>P;R*>NF:G=,BEE>KMA>:NMAHKL=BL<NLLMA><HG<>IMH?\HGEBG>
=BLBGAB;BMBHG]PAB<ALBFBE:KMH,#K>?>KLMHMA>B=>:MA:MI>HIE>=HGHMBGAB;BMMAHN@AMLHGEBG>
=N>MHMA>:GHGRFBMR3ABLH?M>GBG<EN=>L>QIK>LLBHGLH?K:<BLMB=>HEH@RHGEBG>3A>K>BLEBFBM>=
K>L>:K<AHGAHPK:<>F:RBG?EN>G<><R;>K;NEERBG@BG:=NEML LMN=RHGK:<>:G=<R;>K;NEERBG@
$=P:K=L*HGMHLM:MABL%BLA>K?HNG=HGEBG>;NEERBG@K:M>LBGRHNMA<HGLBLM>GM:<KHLL
K:<>PBMAH? RHNMAH?'BLI:GB<RHNMA:G=H?":N<:LB:GK>IHKMBG@
>QI>KB>G<>LPBMA<R;>K;NEERBG@#N>MHMA>IK>O:E>G<>H?K:<>K>E:M>=;NEERBG@BMPHNE=;>
BFIHKM:GMMH<HGMKHE?HKMABLBG?NMNK>LMN=B>L;R=BLIE:RBG@BF:@>LH?=BO>KL>FH=>EL
GHMA>KIHLLB;E>EBFBM:MBHG:G=LMK>G@MAH?MA>LMN=RP:LMA>HGEBG>F>MAH=HEH@R3A>
@K>:M>K:;BEBMRMHK><KNBMI:KMB<BI:GML:G=MANLMHBG<K>:L>IHP>KP:L:LMK>G@MA'HP>O>K
:EMAHN@AF>:LNK>LP>K>M:D>GMH>GLNK>@HH=JN:EBMR=:M:BMBLLMBEEIHLLB;E>MA:MI:KMB<BI:GML=B=
GHM:GLP>K:<<NK:M>ERHK=B=GHM=>OHM>LN??B<B>GMMBF>MHMA>LMN=R%NKMA>KF:GRI:KMB<BI:GML
P>K>K><KNBM>=MAKHN@A%:<>;HHD:G=MANLP>K>OHENGM:KBERI:KMB<BI:MBG@I>KA:ILMH:B=MA>
K>L>:K<A>KHK=N>MHBGM>K>LMBG<R;>K;NEERBG@3ANLBMBLIHLLB;E>MA:MMA>I>HIE>PAH
I:KMB<BI:M>=F:R;>FHK>>FI:MAB<I:KMB<NE:KERBG:GHGEBG>LBMN:MBHG G:==BMBHG:EEBFBM:MBHGBL
MA:MHG>JN>LMBHGG:BK>NL>=BGMABLLMN=RA:=GHM;>>GGHKF>=BG:G:=NEMIHINE:MBHG3A>"R;>K
!NEERBG@,HK:E#BL>G@:@>F>GM2<:E>:L:K>LNEMH?MA>EBFBM>=K>L>:K<AHG<R;>K;NEERBG@BG
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
:=NEMLK:MA>KMA:G:=HE>L<>GML1>L>:K<AHG<R;>K;NEERBG@PHNE=;>G>?BM?KHF?NKMA>K
BGO>LMB@:MBHGH?MA>NMBEBMRH?MABLF>:LNK>BG:=NEML,:E>LP>K>NG=>KK>IK>L>GM>=BGMA>L:FIE>
2;NMMA>LBS>H?MA>L:FIE>=B=:EEHP>O:EN:MBHGH?MA>@>G=>K>??><MLPBMA:=>JN:M>
IHP>K
3A>K>LNEMLH?MA>LMN=R=HK>IEB<:M>:GNF;>KH?MA>HKB>LK>E>O:GMMH<R;>K;NEERBG@LN<A
:LMA>K>E:MBHGLABIH?<R;>K;NEERBG@:MMBMN=>MHFHK:E=BL>G@:@>F>GM:G==BLLH<B:MBHG;NME>:O>
HI>GMA>JN>LMBHGH?:IIKHIKB:M>NL>H?FH=>EBG@MHBG?EN>G<>BGM>KO>GMBHGHG<R;>K;NEERBG@
;>A:OBHK&BO>GMA>IK>O:E>G<>H?<R;>K;NEERBG@>QI>KB>G<>=;RH?MA>?NEE:=NEML:FIE>
PBMAHO>KA:E?H?MA>F;>BG@NG=>KR>:KLH?:@>:G=@BO>GMA>K>E:MBHGLABIH?;NEERBG@MH
=>IK>LLBHGMK:NF::G=>O>GLNB<B=>%H=>K:KH'BG=NC:/:M<ABG2<A>GD
%K>FHNPMA>BLLN>K>F:BGL:GBFIHKM:GMHG>
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
*+*5*2(*6
;;HMM-":F>KHG+6A:MF:D>L:RHNG@:LL>KMBO>;RLM:G=>K3A>>??><MH?
BGM>K@KHNI<HGM:<M>FI:MAR<NEMNK:EHI>GG>LL:G=BG@KHNI;B:LHG:LL>KMBO>;RLM:G=>K
BGM>KO>GMBHGBGM>GMBHGL3852&03+!3(.&0668*6=HBCHLB
;N1NL 3AHFILHG*!KHPG".KMBS,-:BLA!#:E>G;>K@")3A>
=>O>EHIF>GMH?:O:EB=BMRL<:E>?HKMA>#BLLH<B:MBO>$QI>KB>G<>2<:E>#$2"5&81&
6<(-303,<*:6
EEBLHG*1!NLL>R*"R;>K;RLM:G=BG@BG<HGM>QM K>OB>PH?MA>EBM>K:MNK>HG
PBMG>LL>LK>LIHGL>LMH<R;>K;NEERBG@-.0)5*2&2)%387-!*59.(*6 *9.*:
=HBC<ABE=RHNMA
EEBLHG*1!NLL>R*(G=BOB=N:E:G=<HEE><MBO>FHK:EBG?EN>G<>LHGBGM>KO>GMBHG
BG<R;>K;NEERBG@31487*56.281&2*-&9.35Z=HBC<A;
G=>KLHG)!K>LG:A:G,,NL:MB<L""HF;:MMBG@P>B@AM;:L>=<R;>K;NEERBG@HG
%:<>;HHDPBMAMA>=BLL>GM>K>??><M<'*546<(-303,<*-&9.35&2)!3(.&0*7:35/.2,
Z=HB<R;>K
!:G=NK: !:K;:K:G>EEB"":IK:K:&5/:LMHK>EEB",><A:GBLFLH?FHK:E
=BL>G@:@>F>GMBGMA>>Q>K<BL>H?FHK:E:@>G<R3852&03+*5632&0.7<&2)!3(.&0
6<(-303,<Z=HB
!:K<AB:*!NLL>R*/K>=B<MHKLH?LMN=>GM=>?>G=>KLH?I>>K:@@K>LLBHGOB<MBFL
$FI:MAR:G=LH<B:E<H@GBMBO>?:<MHKL27*52&7.32&03852&03+*-&9.35&0*9*0341*27
=HB
!:KE>MM"/"A:F;>KEBG*$Q:FBGBG@<R;>K;NEERBG@:<KHLLMA>EB?>LI:G31487*56
.281&2*-&9.35Z=HBC<A;
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
!:KE>MM"/'>EFLM>MM>K*&>GMBE># 3A>=>O>EHIF>GMH?:G>P<R;>K;NEERBG@
:MMBMN=>F>:LNK>31487*56.281&2*-&9.35Z=HB
C<A;
!:LMB:>GL>GL25:G=>;HL<A'/H>EL*5:G"E>>FINM*#>LF>M #>
!HNK=>:N=ANBC("R;>K;NEERBG@HGLH<B:EG>MPHKDLBM>L G>QI>KBF>GM:ELMN=R
BGMH;RLM:G=>KL^;>A:OBHNK:EBGM>GMBHGLMHA>EIMA>OB<MBFHKK>BG?HK<>MA>;NEER31487*56
.281&2*-&9.35Z=HBC<A;
!:LMB:>GL>GL25:G=>;HL<A'/H>EL*5:G"E>>FINM*#>2F>M #>
!HNK=>:N=ANBC(\":G(:??HK=MHA>EI]'HP:??HK=:G<>LH?<HFFNGB<:MBHG
FH=:EBMB>L@NB=>;RLM:G=>KL^A>EIBG@BGM>GMBHGLMHP:K=LA:K:LLF>GMHGLH<B:EG>MPHKDLBM>L
*-&9.3852+351&7.32"*(-2303,<Z=HB7
!>:F:G:+!:KG>L/)*E>GMS!,<0NBKD!(G<K>:LBG@A>EIBG@K:M>LMAKHN@A
BG?HKF:MBHG=BLL>FBG:MBHG3>:<ABG@I:RL*5632&0.7<&2)!3(.&06<(-303,<800*7.2=HB

!>K:G3-1BG:E=B"!B<DA:F#21B<A,$OB=>G<>?HKMA>G>>=MHLNIIHKM
:=HE>L<>GML=>:EBG@PBMAA:K:LLF>GM:G=<R;>KA:K:LLF>GM/K>O:E>G<>IKH@K>LLBHG:G=
BFI:<M!(-3306<(-303,<27*52&7.32&0Z=HB
!>KGLM>BG$,/NMG:F%6#>O>EHIF>GMK>EB:;BEBMR:G=O:EB=BMRH?:=BLLH<B:MBHG
L<:E>3852&03+*59386*27&0.6*&6*6=HB

!K>P>K*16:G#+.;L>KO:MBHG:EE>:KGBG@>??><MBO>G>LL:L:?NG<MBHGH?
FH=>E<A:K:<M>KBLMB<L(GO>LMB@:MBG@MA>BFIHKM:G<>H?LH<B:EIHP>K!3(.&0*-&9.35&2)
*5632&0.7<227*52&7.32&03852&0=HBL;I
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
!K::DLF:, '1BCE::KL=:F&O:G=>G!>K@A'.;L>KO:MBHG:EE>:KGBG@:G=
MA>>??><MLH?FH=>EH;L>KO>KLBFBE:KBMR3852&03+)8(&7.32&06<(-303,<
=HB
!KH=R-5:G@>EBLMB +!RLM:G=>KBGM>KO>GMBHGBG<R;>K;NEERBG@31182.(&7.32
323,5&4-6Z=HB
!N<D>EL$$3K:IG>EE/#/:NEANL#+3KHEELCNLMP:GMMHA:O>?NG*5632&0.7<
&2)2).9.)8&0.++*5*2(*6Z=HBCI:B=
!NLL>R*%BMSI:MKB<D21:F:G 3A>KHE>H?FHK:E=BL>G@:@>F>GM:G=L>E?
>??B<:<RBG"R;>K;NEERBG@3852&03+!(-330#.30*2(*Z=HB

":H!+BG68'HP=HOB<MBFLK>:<MMH<R;>K;NEERBG@HGLH<B:EG>MPHKDBG@LBM>L
3A>BG?EN>G<>H?IK>OBHNL<R;>K;NEERBG@OB<MBFBS:MBHG>QI>KB>G<>L31487*56.281&2
*-&9.35Z=HBC<A;
":KELHG$!/NMG:F%6 GNI=:M>HGMA>#BLLH<B:MBO>$QI>KB>G<>L
2<:E>.663(.&7.3253,5*66.27-*.663(.&7.9*.635)*56
":KELHG$!2FBMA21/:EFB>KB/ #:E>G;>K@"1NS>D)(*BF>KEBG@1Y2I:BG
# #>O>EHIF>GM:G=O:EB=:MBHGH?:;KB>?L>E?K>IHKMF>:LNK>H?MK:NF:
>QIHLNK>3A>3K:NF:'BLMHKR2<K>>G6<(-303,.(&066*661*27Z=HB
:
":KELHG$!#:E>G;>K@",<#:=>,HGM>S$#BLLH<B:MBHGBGIHLMMK:NF:MB<
LMK>LL=BLHK=>KI:KM#>?BGBMBHGL:G=K>OB>PH?K>L>:K<A6<(-303,.(&0"5&81&"-*35<
*6*&5(-5&(7.(*&2)30.(<=HB:
":KKU 2M>?:GB:D-# F;KHLBH%!>GL:E:A+!>GL<A>1B<A:K="3A>
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
;:LB<>FI:MARL<:E>BG:=NEML!$2 %:<MHKLMKN<MNK>H?:K>OBL>=?HKF6<(-303,.(&0
66*661*27=HB:
"A:BMBG)2M>BG;>K@2\8HNLAHNE=DGHP;>MM>K]$QIK>LLBHGLH?>FI:MAR:G=
=BLK>@:K=:FHG@OB<MBFLH?F:LLBO>LH<B:EMK:NF:3852&03+,,5*66.32&075*&71*27
"5&81&Z=HB
"ABN"/:>L>G+#SBH;>D(3HEE>G::K,26>:D>G>=<H@GBMBO>>FI:MARBG
BG=BOB=N:ELPBMA=BLLH<B:MBHGIKHG>G>LL3852&03+!3(.&0&2)0.2.(&06<(-303,<
Z=HBCL<I
"KHLGH>1&>G=>KH;>LBMR:G=>=N<:MBHG!3(.303,<3+)8(&7.32Z
=HB
#BEEHG*/!NLAF:G!)4GK>LIHGLBO>HKNGGHMB<>="R;>K;RLM:G=>K
BGM>KO>GMBHGBG:G>QI>KBF>GM:E<R;>K;NEERBG@<HGM>QM31487*56.281&2*-&9.35
Z=HBC<A;
$=P:K=L+*HGMHLM:MABL $%BLA>K""R;>K;NEERBG@K:<>>MAGB<BMR:G=F>GM:E
A>:EMAHNM<HF>L K>OB>PH?MA>EBM>K:MNK>*).&&2)31182.(&7.32=HB
F:<OB
%:EDG>K-'%K>G<A2 )>??>KR16->NF:KDb2SM:BG>K#2A>KPHH=-$,HKMHG
-,BLMK>:MF>GM=N>MHP>B@AMIK>O:E>G<>:G=LHNK<>LH?I>K<>BO>=FBLMK>:MF>GMBG
PHF>G:G=F>G'*6.7< *6*&5(-Z
%BL<A>K/*KN>@>K)(&K>BM>F>R>K35H@KBG<B<"*:LM>GFVEE>K %K>R#Y
*:BG;:<A>K,3A>;RLM:G=>K>??><M:F>M::G:ERMB<K>OB>PHG;RLM:G=>K
BGM>KO>GMBHGBG=:G@>KHNL:G=GHG=:G@>KHNL>F>K@>G<B>L6<(-303,.(&0800*7.2
Z=HB:
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
%H=>K:KH+6/KBO:M>FHF>GMF:=>IN;EB<MA>G:?:M:ECNFIZK>MKB>O>=?KHF
AMMIL:KF:MNLIK:>LB=BNFBG<<HFMHHELMRE>K<E>F>GMBI=?
%K:G<BL<H2,5>B@:2BFTH ,%>KK>BK:/",:KMBGL,)##
"R;>K;NEERBG@3A>AB==>GLB=>H?<HEE>@>LMN=>GML31487*56.281&2*-&9.35
Z=HBC<A;
%K>BL2#&NKNG@1 1 %:<>;HHD:G:ERLBLH?A>EIBG@;>A:OBHKBGHGEBG>
;NEERBG@6<(-303,<3+3480&5*).&80785*Z=HB:
&:??G>R'%:KKBG@MHG#/$LI>E:@>#+3MH?B,, K><R;>K;NEERBG@
BGM>KO>GMBHG:G=IK>O>GMBHGIKH@K:FL>??><MBO> LRLM>F:MB<:G=F>M::G:ERMB<K>OB>P
,,5*66.32&2)#.30*27*-&9.35=HBC:O;
&:A:@:G*5:M>KE:NL),%KHLM+1"HEE>@>LMN=>GM<R;>K;NEERBG@HGLH<B:E
G>MPHKDBG@LBM>L"HG<>IMN:EBS:MBHGIK>O:E>G<>:G=I>K<>BO>=;RLM:G=>KK>LIHGLB;BEBMR
31487*56.281&2*-&9.35Z=HBC<A;
&:EBGLDR #6:G@"2*N&/>KLI><MBO>M:D>KL;>A:O>FHK>LM>K>HMRIB<:EER
3852&03+*5632&0.7<&2)!3(.&06<(-303,<=HB

&BGB&/HSSHEB3 LLH<B:MBHG;>MP>>G;NEERBG@:G=ILR<AHLHF:MB<IKH;E>FL:
F>M::G:ERLBL*).&75.(6Z=HBI>=L
':PDBGL#+/>IE>K#)"K:B@6,-:MNK:EBLMB<H;L>KO:MBHGLH?I>>K
BGM>KO>GMBHGLBG;NEERBG@!3(.&0*9*0341*27Z=HB
'BEE1,,>EEB<D63>FIE>)12A:KI"3A>KHE>H?;NEERBG@BG=>IK>LLBO>
LRFIMHFL?KHF:=HE>L<>G<>MH>F>K@BG@:=NEMAHH= @KHPMAFBQMNK>FH=>E3852&03+
++*(7.9*.635)*56Z=HBCC:=
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
'BG=NC:2/:M<ABG)6!NEERBG@<R;>K;NEERBG@:G=LNB<B=>5(-.9*63+!8.(.)*
*6*&5(-Z=HB
'HEM,*5BOHEH*:GMHK ,/HE:GBG)1'HEE:G=*,#>&N>2,:MC:LDH)+Y
1>B=&!NEERBG@:G=LNB<B=:EB=>:MBHG:G=;>A:OBHKL F>M::G:ERLBL*).&75.(6
>Z>=HBI>=L
'HH@>KA>B=>5O:G6>KF>LD>KD>G,+HR>GL2,,O:G&H@3+>:KGBG@
?KHFOB=>HFH=>EBG@>Q:FIE>L"HGM>GMD>IM>JN:E:=NEML:K>FHK>>??><MBO>FH=>ELMA:G
I>>KL*&52.2,&2)26758(7.32=HBCE>:KGBGLMKN<
'NED%")NER#HGM?>>=MA>MKHEEL:G=HMA>KAB=>HNLEB>L"-*#*5,*1>MKB>O>=
?KHFAMMILPPPMA>O>K@><HF
)HEEB??>#%:KKBG@MHG#/#>O>EHIF>GM:G=O:EB=:MBHGH?MA>;:LB<>FI:MARL<:E>
3852&03+)30*6(*2(*Z=HBC:=HE>L<>G<>
*>NF!3,BEE>K,)1:<BLFHGMA>BGM>KG>M"HG<>IMN:EBS:MBHG:G=
K><HFF>G=:MBHGL?HKK>L>:K<A6<(-303,<3+#.30*2(*=HB
OBH
*HDDBGHL", GMHGB:=HN-,:KDHL "R;>K;NEERBG@ GBGO>LMB@:MBHGH?MA>
ILR<AHEH@B<:EIKH?BE>H?NGBO>KLBMRLMN=>GMI:KMB<BI:GML3852&03+440.*)*9*0341*27&0
6<(-303,<Z=HBC:II=>O
+:M:GU!#:KE>R),&KHNIBGAB;BMBHGH?;RLM:G=>KBGM>KO>GMBHGBG>F>K@>G<B>L
3852&03+*5632&0.7<&2)!3(.&06<(-303,<Z=HBA
+:M:GU!#:KE>R),3A>NGK>LIHGLBO>;RLM:G=>K6AR=H>LG^MA>A>EI
440*732*2785<53+76->P8HKD-8
+>GA:KM ,:==>G,2FBMA /NK<>EE*9B<DNAK*1:BGB>+/KHC><M +
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
3>>GLDBG=G>LL:G=<KN>EMRHGLH<B:EG>MPHKDLBM>L*: *6*&5(-*27*5Z
+>OBG>,"KHPMA>K23A>K>LIHGLBO>;RLM:G=>K'HPLH<B:E@KHNIF>F;>KLABI
:G=@KHNILBS><:G>G<HNK:@>:LP>EE:LBGAB;BM;RLM:G=>KBGM>KO>GMBHG3852&03+
*5632&0.7<&2)!3(.&06<(-303,<Z=HB:
+B>;>KF:G#+3R;NK),+:MG>K)##BL@NLML>GLBMBOBMRH;>LBMRLMB@F::G=
@>G=>K"HGM:FBG:MBHGILR<AHEH@RIK>=B<MLP>B@AM;B:L?HKPHF>GGHMF>G'*6.7<
=HBH;R
,:<A:<DHO:'#>=DHO:+2>O<BDHO: ">KG: $FI:MAB<K>LIHGL>L;R
<R;>K;RLM:G=>KLMA>BFIHKM:G<>H?IKHQBFBMR3852&03+%387-!78).*6=HB

,:<A:<DHO:'/?>ML<A)!RLM:G=>KL^K>LIHGL>LMHH??EBG>;NEERBG@:G=
<R;>K;NEERBG@3A>KHE>H?>FI:MAR:G=GHKF:MBO>;>EB>?L:;HNM:@@K>LLBHG!(&2).2&9.&2
3852&03+6<(-303,<Z=HBLCHI
,:GGBG@1+>OBG>,"HEEBGL 3A>*BMMR&>GHO>L>FNK=>K:G=MA>LH<B:E
ILR<AHEH@RH?A>EIBG@3A>I:K:;E>H?MA>PBMG>LL>L"-*1*5.(&26<(-303,.67
Z=HB7
-B<D>KLHG ! EH> ,+BOBG@LMHG) %>>E>R3',>:LNK>F>GMH?MA>
;RLM:G=>KBGM>KO>GMBHGFH=>E?HK;NEERBG@:G=L>QN:EA:K:LLF>GM3852&03+)30*6(*2(*
Z=HBC:=HE>L<>G<>
-B>EL>G,!$BG:KL>G2.NM<HF>LH?>QIHLNK>MHPHKDIE:<>;NEERBG@ F>M:
:G:ERMB<K>OB>P$35/!75*66Z=HB
.;>KF:B>K,%:PSB-*H<A3!RLM:G=BG@HKLM:G=BG@;R'HPMA>GNF;>KH?
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
;RLM:G=>KL:??><MLMA>BGM>GMBHGMHBGM>KO>G>BG<R;>K;NEERBG@*:*).&!3(.*7<
=HB
.A(':SE>K1)"HGMKB;NMBHGLH?I>KLHG:E:G=LBMN:MBHG:E?:<MHKLMH;RLM:G=>KL^
K>:<MBHGLMHL<AHHE;NEERBG@!(-3306<(-303,<27*52&7.32&0Z=HB

.KMA46B>E:G=$ G@>KAHLMBEBMR:G=IHLMMK:NF:MB<LMK>LL=BLHK=>KBGMK:NF:
>QIHL>=:=NEML F>M::G:ERLBL3852&03+326807.2,&2)0.2.(&06<(-303,<Z
=HBQ
/:M<ABG)6'BG=NC:2,>:LNKBG@<R;>K;NEERBG@(FIEB<:MBHGL?HKK>L>:K<A
,,5*66.32&2)#.30*27*-&9.35Z=HBC:O;
/>KK>G2&NMSPBEE>K'>E?>G?BG@>K$"R;>K;NEERBG@:G=MK:=BMBHG:E;NEERBG@BG
:=HE>L<>G<>#B??>K>GMB:EKHE>LH?FHK:E=BL>G@:@>F>GMFHK:E>FHMBHGL:G=FHK:EO:EN>L
8534*&23852&03+*9*0341*27&06<(-303,<Z=HB

/HF>K:GS)+ ABLMHKB<:E:G:ERLBLH?IN;EB<A>:EMAMA>E:P:G=LMB@F:MBS>=LH<B:E
@KHNIL3A>G>>=?HK;HMAH;>LBMR:G=P>B@AM;B:LE>@BLE:MBHG'*6.7<b
/NAE1,*BG@*,6>B@AM=BL<KBFBG:MBHG:G=;NEERBG@*675&(7.(*
*6*&5(-0.2.(&02)3(5.2303,<*7&'30.61=HB
C;>>F
1>BCGMC>L *:FIANBL)'/KBGSB>/3>E<A,)/>>KOB<MBFBS:MBHG:G=
BGM>KG:EBSBG@IKH;E>FLBG<ABE=K>G F>M::G:ERLBLH?EHG@BMN=BG:ELMN=B>L-.0)'86*&2)
*,0*(7Z=HBC<AB:;N
1HGLHG)!3<389*'**248'0.(0<6-&1*)->P8HKD-81BO>KA>:=!HHDL
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
2:EFBO:EEB"5H>M>G,/HLDBI:KM:$!RLM:G=>KLF:MM>K LLH<B:MBHGL;>MP>>G
K>BG?HK<BG@=>?>G=BG@:G=MA>?K>JN>G<RH?;NEERBG@;>A:OBHKBG<E:LLKHHFL3852&03+
0.2.(&0-.0))30*6(*276<(-303,<Z=HB

2:K@>GM*2*K:NLL )HNKBE>L$-,<#HG:E=1"R;>KOB<MBFBS:MBHG
ILR<AHEH@B<:EBGMBF:M>I:KMG>KOBHE>G<>:G=IKH;E>F:MB<F>GM:EA>:EMAHNM<HF>L:FHG@
?BKLMR>:K<HEE>@>LMN=>GML<'*546<(-303,<*-&9.35&2)!3(.&0*7:35/.2,Z
=HB<R;>K
2<A:<M>K'+&K>>G;>K@2)NOHG>G)6AH^LMH;E:F>3A>>??><MLH?OB<MBF
=BL<EHLNK>HG;RLM:G=>KK>:<MBHGLMH<R;>K;NEERBG@31487*56.281&2*-&9.35
Z=HBC<A;
2<A>GD ,%K>FHNP6)/K>O:E>G<>ILR<AHEH@B<:EBFI:<M:G=<HIBG@H?
<R;>K;NEEROB<MBFL:FHG@<HEE>@>LMN=>GML3852&03+!(-330#.30*2(*Z=HB

2<A>GD ,%K>FHNP6)*>>E:G","A:K:<M>KBLMB<LH?<HEE>@><R;>K;NEEB>L
31487*56.281&2*-&9.35Z=HBC<A;
2A:<A:?/':K:-!>RHG=O:G=:EBLF6BDBI>=B:MKHEEL3852&03+2+351&7.32
!(.*2(*=HB
2DBGG>K!%3A>L<B>G<>H?E>:KGBG@:G=MA>:KMH?M>:<ABG@&59&5))8(&7.32&0
*9.*:
2EHGC>12FBMA/*%KBLUG 3A>G:MNK>H?<R;>K;NEERBG@:G=LMK:M>@B>L?HK
IK>O>GMBHG31487*56.281&2*-&9.35Z=HBC<A;
2FBMA  G=>KLHG,)B:G@),:K<A2H<B:EF>=B:NL>BG*: *6*&5(-
!823 -#$1(-3$15$-3(.-(- #4+3"8!$1 &&1$22(.-
*27*51>MKB>O>=?KHFAMMILPPPI>PBGM>KG>MHK@LH<B:EF>=B:NL>BG
2FBMA/*,:A=:OB)":KO:EAH,%BLA>K21NLL>EE23BII>MM-
"R;>K;NEERBG@(MLG:MNK>:G=BFI:<MBGL><HG=:KRL<AHHEINIBEL3852&03+-.0)
6<(-303,<&2)6<(-.&75<&2)00.*).6(.40.2*6Z=HBC
Q
2GRF:G1+HA)"R;>K;NEERBG@:MPHKD3A>F>=B:MBG@KHE>H?HIMBFBLF;>MP>>G
<R;>K;NEERBG@:G=CH;HNM<HF>L31487*56.281&2*-&9.35Z=HB
C<A;
O:G!HFF>E,O:G/KHHBC>G)6$E??>KL'5:G+:G@>/ ,!>:P:K>MH
<:K>/N;EB<L>E?:P:K>G>LLE>:=LMH:K>O>KL:EH?MA>;RLM:G=>K>??><M3852&03+
;4*5.1*27&0!3(.&06<(-303,<Z=HBCC>LI
5:G"E>>FINM*5:G=>;HL<A'/:;B:G2/>KLHG:E<A:K:<M>KBLMB<L:G=<HGM>QMN:E
?:<MHKLMA:M=>M>KFBG>\A>EIBG@]\CHBGBG@BG]:G=\=HBG@GHMABG@]PA>GPBMG>LLBG@
<R;>K;NEERBG@,,5*66.9**-&9.35Z=HB:;
5:KM:GB:G+13K>P:KMA:35:GF:G$)#BL@NLMIK>=B<MLIK>CN=B<>:G=
=BL<KBFBG:MBHGMHP:K=BG=BOB=N:ELPBMAH;>LBMR3852&03+440.*)6<(-303,<
=HBC:LI
6::L=HKI3$,>A:KB*!K:=LA:P"/.;>L>:G=HO>KP>B@AMRHNMA1BLD?HK
>QI>KB>G<BG@;NEERBG@OB<MBFBS:MBHG:G=BGM>KG:EBSBG@LRFIMHFL1*5.(&23852&03+
57-346<(-.&75<=HBHKM
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Moral disengagement refers to a set of cognitive tactics people employ to sidestep moral self regulatory processes that normally prevent wrongdoing. In this study, we present a comprehensive meta-analytic review of the nomological network of moral disengagement at work. First, we test its dispositional and contextual antecedents, theoretical correlates, and consequences, including ethics (workplace misconduct and OCB) and non-ethics outcomes (turnover intentions and task performance). Second, we examine Bandura’s postulation that moral disengagement fosters misconduct by diminishing moral cognitions (moral awareness and moral judgment) and anticipatory moral self-condemning emotions (guilt). We also test a contrarian view that moral disengagement is limited in its capacity to effectively curtail moral emotions after wrongdoing. The results show that Honesty-Humility, guilt proneness, moral identity, trait empathy, conscientiousness, idealism, and relativism are key individual antecedents. Further, abusive supervision and perceived organizational politics are strong contextual enablers of moral disengagement, while ethical leadership and organizational justice are relatively weak deterrents. We also found that narcissism, Machiavellianism, psychopathy, and psychological entitlement are key theoretical correlates, although moral disengagement shows incremental validity over these “dark” traits. Next, moral disengagement was positively associated with workplace misconduct and turnover intentions, and negatively related to OCB and task performance. Its positive impact on misconduct was mediated by lower moral awareness, moral judgment, and anticipated guilt. Interestingly, however, moral disengagement was positively related to guilt and shame post-misconduct. In sum, we find strong cumulative evidence for the pertinence of moral disengagement in the workplace.
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