Exempt Offerings Pursuant to Compensatory Arrangements

The Securities and Exchange Commission is adopting an amendment to its regulations under the Securities Act of 1933 (the "Securities Act'), which provide an exemption from registration for securities issued by non-reporting companies pursuant to compensatory arrangements. As mandated by the Economic Growth, Regulatory Relief, and Consumer Protection Act (the "Act'), the amendment revises a rule to increase from $5 million to $10 million the aggregate sales price or amount of securities sold during any consecutive 12-month period in excess of which the issuer is required to deliver additional disclosures to investors.