January 5, 2017 Judith S. Kaleta Designated Agency Ethics Official U.S. Department of Transportation 1200 New Jersey Ave. SE Washington, DC 20590 Dear Ms. Kaleta: I am committed to the highest standards of ethical conduct for government officials. The purpose of this letter is to describe the steps that I will take to avoid any actual or apparent conflict of interest in the event that I am confirmed for the position of Secretary of the U.S. Department of Transportation. As required by 18 U.S.C. § 208(a), I will not participate personally and substantially in any particular matter in which I know that I have a financial interest directly and predictably affected by the matter, or in which I know that a person whose interests are imputed to me has a financial interest directly and predictably affected by the matter, unless I first obtain a written waiver, pursuant to 18 U.S.C. § 208(b)(1), or qualify for a regulatory exemption, pursuant to 18 U.S.C. § 208(b)(2). I understand that the interests of the following persons are imputed to me: any spouse or minor child of mine; any general partner of a partnership in which I am a limited or general partner; any organization in which I serve as officer, director, trustee, general partner or employee; and any person or organization with which I am negotiating or have an arrangement concerning prospective employment. I am the sole proprietor of Firebird International, LLC, a pass-through entity established to receive my fees from speaking engagements and compensation from directorships. During my appointment to the position of Secretary, this entity will remain dormant and will not advertise. I will not perform any services for this entity, except that I will comply with any requirements involving legal filings, taxes and fees that are necessary to maintain the entity while it is in an inactive status. As Secretary, I will not participate personally and substantially in any particular matter that to my knowledge has a direct and predictable effect on the financial interests of Firebird International, LLC. Upon confirmation, I will resign from my position with the Hudson Institute. For a period of one year after my resignation from this entity, I will not participate personally and substantially in any particular matter involving specific parties in which I know this entity is a party or represents a party, unless I am first authorized to participate, pursuant to 5 C.F.R. § 2635.502(d). Upon confirmation, I will resign from my position with Ford’s Theatre. For a period of one year after my resignation from this entity, I will not participate personally and substantially in any particular matter involving specific parties in which I know this entity is a party or represents a party, unless I am first authorized to participate, pursuant to 5 C.F.R. § 2635.502(d). I resigned from my position with The Heritage Foundation on June 13, 2016. For a period of one year after my resignation from this entity, I will also not participate personally and substantially in any particular matter involving specific parties in which I know this entity is a party or represents a party, unless I am first authorized to participate, pursuant to 5 C.F.R. § 2635.502(d). Upon confirmation, I will resign from my position with News Corporation. I hold unvested deferred stock units with News Corporation. I do not hold any vested deferred stock units, stock options, restricted stock or common stock. Pursuant to the terms of the company’s Directors’ Deferred Stock Unit Plan, my unvested deferred stock units will vest upon separation from service on the Board, and I will receive a cash payout based on the closing price of the company’s Class A common stock on the date of termination. For a period of one year after my resignation, I will not participate personally and substantially in any particular matter involving specific parties in which I know News Corporation is a party or represents a party, unless I am first authorized to participate, pursuant to 5 C.F.R. § 2635.502(d). Upon confirmation, I will resign from my position with Ingersoll Rand. I hold vested and unvested retainer stock units with Ingersoll Rand. I do not hold any stock options, restricted stock or common stock. Pursuant to the terms of the company’s Directors’ Retainer Stock Unit Plan, my unvested retainer stock units will vest upon separation from service on the Board, and I will receive a cash payout for all of my retainer stock units based on the closing price of the company’s common stock on the date of my separation. For a period of one year after my resignation from this entity, I will not participate personally and substantially in any particular matter involving specific parties in which I know this entity is a party or represents a party, unless I am first authorized to participate, pursuant to 5 C.F.R. § 2635.502(d). Upon confirmation, I will resign from my position with Vulcan Materials. I hold vested deferred stock units with Vulcan Materials. I do not hold any unvested deferred stock units, stock options, restricted stock or common stock. Pursuant to the terms of the company’s Directors’ Deferred Stock Unit Plan, I will receive a cash payout for all of my vested deferred stock units in April of the year following the year of my separation from service. The cash payout will be determined based on the closing price of the company’s common stock at the time payment is made that April. Until the deferred stock units are redeemed, I will continue to receive deferred stock unit equivalents, which track dividends on the company’s common stock. Until I receive the cash payment of my vested deferred stock units, I will not participate personally and substantially in any particular matter that to my knowledge has a direct and predictable effect on the financial interests of Vulcan Materials, unless I first obtain a written waiver, pursuant to 18 U.S.C. § 208(b)(1). Upon confirmation, I will resign from my position with Wells Fargo & Company. I hold common stock and vested deferred stock compensation with Wells Fargo. I do not hold any stock options or restricted stock. Pursuant to the terms of the company’s Directors Stock Compensation and Deferral Plan – Stock Award Deferrals, I will receive a cash payout for my deferred stock compensation (all of which is fully vested at the time of grant) based on various 2 elections I have made each year that I have served on the Board. The cash payout will be determined based on the closing price of the company’s common stock at the time payment is made, and I will continue to receive deferred stock compensation equivalents, which track dividends on the company’s common stock until I receive the cash payout. If I resign my position on the board after December 31, 2016, the approximate portion of my deferred stock compensation to be paid out is as follows: July 2017 – 48%; March 2018 – 29%; March 2019 – 15%; March 2020 – 4%; and March 2021 – 4%. Until I receive the final payment, I will not participate personally and substantially in any particular matter that to my knowledge has a direct and predictable effect on the financial interests of Wells Fargo, unless I first obtain a written waiver, pursuant to 18 U.S.C. § 208(b)(1), or qualify for a regulatory exemption, pursuant to 18 U.S.C. § 208(b)(2). For a period of one year after my resignation, I will not participate personally and substantially in any particular matter involving specific parties in which I know Wells Fargo is a party or represents a party, unless I am first authorized to participate, pursuant to 5 C.F.R. § 2635.502(d). As a former director of Northwest Airlines, which merged with Delta Airlines in 2009, I receive discounted travel on Delta Airlines. I have never been a director of Delta Airlines, and this benefit is taxable on such discounted airfare at rates established by the Internal Revenue Service. I will forgo this discounted airfare for the duration of my appointment as Secretary. I will not participate personally and substantially in any particular matter that to my knowledge has a direct and predictable effect on the ability or willingness of Delta Airlines to provide this benefit, unless I first obtain a written waiver, pursuant to 18 U.S.C. § 208(b)(1). I have been advised that this ethics agreement will be posted publicly, consistent with 5 U.S.C. § 552, on the website of the U.S. Office of Government Ethics with ethics agreements of other Presidential nominees who file public financial disclosure reports. Sincerely, Elaine L. Chao 3 Nominee Report | U.S. Office of Government Ethics; 5 C.F.R. part 2634 | Form Approved: OMB No. (3209-0001) (March 2014) Executive Branch Personnel Public Financial Disclosure Report (OGE Form 278e) Filer's Information Chao, Elaine L Secretary, Department of Transportation Other Federal Government Positions Held During the Preceding 12 Months: None Names of Congressional Committees Considering Nomination: ? Committee on Commerce, Science, and Transportation Electronic Signature - I certify that the statements I have made in this form are true, complete and correct to the best of my knowledge. /s/ Chao, Elaine L [electronically signed on 12/06/2016 by Chao, Elaine L in Integrity.gov] Agency Ethics Official's Opinion - On the basis of information contained in this report, I conclude that the filer is in compliance with applicable laws and regulations (subject to any comments below). /s/ Kaleta, Judith, Certifying Official [electronically signed on 01/06/2017 by Kaleta, Judith in Integrity.gov] Other review conducted by /s/ Carlson, Terence W, Ethics Official [electronically signed on 01/06/2017 by Carlson, Terence W in Integrity.gov] U.S. Office of Government Ethics Certification /s/ Shaub, Walter M, Certifying Official [electronically signed on 01/06/2017 by Shaub, Walter M in Integrity.gov] 1. Filer's Positions Held Outside United States Government # ORGANIZATION NAME CITY, STATE ORGANIZATION TYPE POSITION HELD FROM TO 1 The Heritage Foundation Washington, District of Columbia Non-Profit Distinguished Fellow 1/2009 6/2016 2 News Corporation New York, New York Corporation Director 10/2012 Present 3 Protective Life Insurance Birmingham, Alabama Corporation Director 6/2011 2/2015 4 Wells Fargo & Company San Francisco, California Corporation Director 6/2011 Present 5 Centerra Group, LLC Palm Beach Gardens, Florida Corporation Director 7/2015 12/2015 6 Ingersoll Rand Dublin, Outside U.S. Corporation Director 6/2015 Present 7 Vulcan Materials Birmingham, Alabama Corporation Director 2/2015 Present 8 The Bloomberg Family Foundation Inc New York, New York Corporation Director 4/2012 2/2015 9 Hudson Institute Washington, District of Columbia Non-Profit Distinguished Fellow 6/2016 Present 10 Firebird International LLC Louisville, Kentucky Limited Liability Company Sole Member 5/2009 Present 11 Elaine L Chao Revocable Trust Louisville, Kentucky Trust Trustee 9/2012 Present 12 Ford's Theatre Washington, District of Columbia Non-Profit At Large Member, Board of Trustee 1/2010 Present See Endnote 2. Filer's Employment Assets & Income and Retirement Accounts # DESCRIPTION EIF 1 The Heritage Foundation N/A 2 Firebird International LLC INCOME TYPE INCOME AMOUNT Salary $125,227 2.1 News Corporation N/A Director Fees $228,000 2.2 Protective Life Insurance N/A Director Fees $5,160 2.3 Wells Fargo & Company N/A Director Fees $232,000 2.4 Centerra Group, LLC N/A Director Fees $38,350 2.5 Ingersoll Rand N/A Director Fees $212,316 2.6 Vulcan Materials N/A Director Fees $165,000 2.7 Protective Life Insurance N/A Payout of Entire Balance of Deferred Compensation Plan for Directors $524,331 2.8 Firebird International LLC, SunTrust Business Checking N/A $1,001 - $15,000 2.9 Firebird International LLC, SunTrust Business Money Market Performance N/A $500,001 $1,000,000 2.10 Firebird International LLC, defined benefit plan - VFIAX - Vanguard 500 Index Adm Yes $1,000,001 $5,000,000 2.11 Real Estate Roundtable (through Worldwide Speakers Group) - 1/27/2015 N/A None (or less than $1,001) Honoraria Speech $25,000 2.12 Alliance for Public Awareness (through Worldwide Speakers Group) - 6/13/2015 N/A None (or less than $1,001) Honoraria Speech $50,000 2.13 Iranian-American Cultural Association of Missouri (through Worldwide Speakers Group) - 3/9/2016 N/A None (or less than $1,001) Honoraria Speech $17,500 2.14 Vulcan Materials - Directors Fees Receivable 12/15/16 N/A $50,001 $100,000 See Endnote VALUE N/A None (or less than $201) Interest $201 - $1,000 None (or less than $201) None (or less than $201) # DESCRIPTION EIF VALUE 3 News Corporation, Unvested Deferred Stock Units N/A $500,001 $1,000,000 4 Wells Fargo & Company, common stock N/A $1,001 - $15,000 5 Wells Fargo & Company, Deferred Stock Compensation N/A $1,000,001 $5,000,000 None (or less than $201) 6 UBS Pension Trust (Personal Retirement Account) No 6.1 UBS Brokerage Account (Cash) N/A None (or less than $1,001) None (or less than $201) 6.2 WGIFX - American Funds Capital World Gr & Inc F2 Yes $15,001 $50,000 $201 - $1,000 6.3 SDSCX - Dreyfus/The Boston Co Sm/Md Cp Gr I Yes $1,001 - $15,000 $201 - $1,000 6.4 FEGIX - First Eagle Gold I Yes $1,001 - $15,000 None (or less than $201) 6.5 PEQPX - Principal Equity Income P Yes $15,001 $50,000 $201 - $1,000 6.6 GFFFX - American Funds Growth Fund of Amer F2 Yes $15,001 $50,000 $1,001 - $2,500 6.7 DPFFX - Delaware Diversified Income Instl Yes $15,001 $50,000 $201 - $1,000 6.8 TGBAX - Templeton Global Bond Adv Yes $1,001 - $15,000 None (or less than $201) 6.9 PGDPX - Principal Global Div Inc P Yes $1,001 - $15,000 $201 - $1,000 7 Mutual of America Tax Deferred Annuity No 7.1 Deutsch VSI Capital Growth Yes $100,001 $250,000 $5,001 - $15,000 8 UBS PSP (Personal Retirement Account) No 8.1 UBS Brokerage Account (cash) N/A $1,001 - $15,000 None (or less than $201) See Endnote INCOME TYPE INCOME AMOUNT None (or less than $201) Dividends $201 - $1,000 # DESCRIPTION EIF VALUE INCOME TYPE 8.2 GONCX - JHancock International Growth C Yes $1,001 - $15,000 None (or less than $201) 8.3 JVLCX - JHancock Disciplined Value C Yes $15,001 $50,000 $1,001 - $2,500 9 Hudson Institute N/A 10 The Heritage Foundation 403(b) 10.1 SWIXX - Schwab Retirement Advantage Money Fund Yes $100,001 $250,000 $201 - $1,000 10.2 VFIAX - Vanguard 500 Index Admiral Yes $15,001 $50,000 None (or less than $201) 10.3 PREIX - T. Rowe Price Equity Index 500 Yes $100,001 $250,000 None (or less than $201) 11 The Heritage Foundation Retirement Plan (defined contribution plan) 11.1 SWIXX - Schwab Retirement AdvantageMoney Fund Yes None (or less than $1,001) None (or less than $201) 11.2 ARTKX - Artisan International Value Investor Yes $1,001 - $15,000 None (or less than $201) 11.3 BARAX - Baron Asset Retail Yes $1,001 - $15,000 None (or less than $201) 11.4 FAIRX - Fairholme Yes $15,001 $50,000 None (or less than $201) 11.5 LSBDX - Loomis Sayles Bond Instl Yes $1,001 - $15,000 None (or less than $201) 11.6 OAKMX - Oakmark I Yes $1,001 - $15,000 None (or less than $201) 11.7 RSEIX - Royce Special Equity Instl Yes $1,001 - $15,000 None (or less than $201) 11.8 SLASX - Selected American Shares S Yes $15,001 $50,000 None (or less than $201) 11.9 PRMSX - T.Rowe Price Emerging Markets Stock Yes $1,001 - $15,000 None (or less than $201) Salary INCOME AMOUNT $47,614 # DESCRIPTION EIF VALUE 11.10 VGSLX - Vanguard REIT Index Adm Yes $1,001 - $15,000 $201 - $1,000 11.11 WIIBX - Westcore Plus Bond Institutional Yes $1,001 - $15,000 None (or less than $201) 12 UBS IRA 12.1 WGIFX - American Funds Capital World Gr & Inc F2 (UBS) Yes $15,001 $50,000 $1,001 - $2,500 12.2 FEGIX - First Eagle Gold I (UBS) Yes $1,001 - $15,000 None (or less than $201) 12.3 PEQPX - Principal Equity Income P (UBS) Yes $50,001 $100,000 $1,001 - $2,500 12.4 RSPYX - RS Partners Y (UBS) Yes $15,001 $50,000 $201 - $1,000 12.5 GFFFX - American Funds Growth Fund of Amer F2 (UBS) Yes $50,001 $100,000 $2,501 - $5,000 12.6 DPFFX - Delaware Diversified Income Instl (UBS) Yes $50,001 $100,000 $1,001 - $2,500 12.7 TGBAX - Templeton Global Bond Adv (UBS) Yes $15,001 $50,000 $201 - $1,000 13 Vulcan Materials, Deferred Stock Units 13.1 Vulcan Materials, Vested Deferred Stock Units N/A $100,001 $250,000 None (or less than $201) 13.2 Vulcan Materials, Unvested Deferred Stock Units N/A $100,001 $250,000 None (or less than $201) 14 Ingersoll-Rand, Retainer Stock Units 14.1 Ingersoll-Rand, Vested Retainer Stock Units N/A $100,001 $250,000 None (or less than $201) 14.2 Ingersoll-Rand, Unvested Retainer Stock Units N/A $100,001 $250,000 None (or less than $201) See Endnote See Endnote INCOME TYPE INCOME AMOUNT 3. Filer's Employment Agreements and Arrangements # EMPLOYER OR PARTY CITY, STATE STATUS AND TERMS DATE 1 News Corporation New York, New York Pursuant to the terms of the company's Directors' Deferred Stock Unit Plan, my unvested Deferred Stock Units will vest upon separation from service on the Board. At that time, I will receive a cash payout based on the closing price of the company's Class A common stock on the date of termination. 10/2012 2 Wells Fargo & Company San Francisco, California Pursuant to the terms of the company's Directors Stock Compensation and Deferral Plan - Stock Award Deferrals, I will receive a cash payout for my deferred stock compensation (all of which is fully vested at the time of grant) based on various elections I have made each year that I have served on the Board. The cash payout will be determined based on the closing price of the company's common stock at the time payment is made, and I will continue to receive deferred stock compensation equivalents, which track dividends on the company's common stock until I receive the cash payout. If I resign my position on the board after December 31, 2016, the approximate portion of my deferred stock compensation to be paid out is as follows: July 2017 - 48%; March 2018 - 29%; March 2019 - 15%; March 2020 - 4%; and March 2021 - 4%. 6/2011 3 The Heritage Foundation 403(b) Washington, District of Columbia I will continue to participate in this defined contribution plan. The sponsor has not made any further contributions since my separation from the company. 6/2016 4 Firebird International LLC, Defined Benefit Plan Louisville, Kentucky I will continue to participate in this defined benefit plan. No further contributions will be made while in office. 5/2009 5 Delta Airlines Atlanta, Georgia As a former director of Northwest Airlines, which merged with Delta Airlines in 2009, I receive discounted travel on Delta Airlines. I have never been a director of Delta Airlines, and this benefit is taxable on such discounted airfare at rates established by the Internal Revenue Service. 10/2008 6 The Heritage Foundation Retirement Plan Washington, District of Columbia I will continue to participate in this defined contribution plan. The sponsor has not made any further contributions since my separation from the company. 6/2016 # EMPLOYER OR PARTY CITY, STATE STATUS AND TERMS DATE 7 Vulcan Materials Birmingham, Alabama Pursuant to the terms of the company's Directors' Deferred Stock Unit Plan, I will receive a cash payout for all of my vested deferred stock units in April of the year following the year of my separation from service. The cash payout will be determined based on the closing price of the company's common stock at the time payment is made that April. Until the deferred stock units are redeemed, I will continue to receive deferred stock unit equivalents, which track dividends on the company's common stock. As to any unvested deferred stock units, the company's Directors' Deferred Stock Unit Plan (as described in the Company's most recent proxy statement) provides that "the Compensation Committee, subject to Board approval, may waive restrictions [i.e., grant 100% vesting] in the event the non-management director fails to remain a director for any reason other than retirement at the mandatory age, death or disability." Approximately 57% of my deferred stock units are not vested at the date of this report. If the company does not grant such a waiver and vest the deferred stock units before I assume the duties of the position of Secretary, I will forfeit all deferred stock units that are unvested on the date of my resignation. 2/2015 8 Ingersoll Rand Dublin, Outside U.S. Pursuant to the terms of the company's Directors' Retainer Stock Unit Plan, my unvested retainer stock units will vest upon separation from service on the Board, and I will receive a cash payout for all of my retainer stock units based on the closing price of the company's common stock on the date of separation. 6/2015 9 Vulcan Materials Birmingham, Alabama Pursuant to Director's Compensation plan I will receive $55,000 on 12/15/2016. 12/2016 See Endnote 4. Filer's Sources of Compensation Exceeding $5,000 in a Year # SOURCE NAME CITY, STATE BRIEF DESCRIPTION OF DUTIES 1 The Heritage Foundation Washington, District of Columbia Distinguished Fellow 2 News Corporation New York, New York Director # SOURCE NAME CITY, STATE BRIEF DESCRIPTION OF DUTIES 3 Protective Life Insurance Birmingham, Alabama Director 4 Wells Fargo & Company San Francisco, California Director 5 Centerra Group, LLC Palm Beach Gardens, Florida Director 6 Ingersoll Rand Dublin, Outside U.S. Director 7 Vulcan Materials Birmingham, Alabama Director 8 The Bloomberg Family Foundation New York, New York Director 9 Hudson Institute Washington, District of Columbia Distinguished Fellow 10 Women Freedom Forum (through Worldwide Speakers Group) Washington, District of Columbia Honoraria - Speech 11 North Caroline State University (through Worldwide Speakers Group) Raleigh, North Carolina Honoraria - Speech 12 Real Estate Roundtable (through Worldwide Speakers Group) Washington, District of Columbia Honoraria - Speech 13 Alliance for Public Awareness (through Worldwide Speakers Group) Paris, Outside U.S. Honoraria - Speech 14 Iranian-American Cultural Association of Missouri Washington, District of Columbia Honoraria - Speech 15 Dole Corporation Westlake Village, California Director See Endnote 5. Spouse's Employment Assets & Income and Retirement Accounts # DESCRIPTION EIF VALUE INCOME TYPE INCOME AMOUNT 1 The Long Game: A Memoir - Penguin Random House LLC - Value not readily ascertainable N/A Book Advances $145,000 2 Bank of America - IRA Cash Account N/A $15,001 $50,000 Interest None (or less than $201) 3 SCPB - SPDR Barclays Short Term Corp Bd ETF Yes $15,001 $50,000 None (or less than $201) 4 VCSH - Vanguard Short-Term Corporate Bond ETF Yes $15,001 $50,000 None (or less than $201) 5 IWM - iShares Russell 2000 Yes $15,001 $50,000 None (or less than $201) 6 VO - Vanguard Mid-Cap ETF Yes $15,001 $50,000 $15,001 $50,000 7 SPY - SPDR S&P 500 ETF Yes $50,001 $100,000 None (or less than $201) 6. Other Assets and Income # DESCRIPTION EIF VALUE INCOME TYPE INCOME AMOUNT 1 VMMXX - Vanguard Money Market Reserves Yes None (or less than $1,001) None (or less than $201) 2 VMSXX - Vanguard Tax-Exempt Money Market Yes $1,000,001 $5,000,000 $201 - $1,000 3 VFIAX - Vanguard 500 Index Admiral Yes $1,000,001 $5,000,000 $15,001 $50,000 4 US Bank Money Market Account 1 (Cash) N/A $1,000,001 $5,000,000 Interest $201 - $1,000 5 Real Property with Carriage House Rental Washington, DC N/A $1,000,001 $5,000,000 Rent or Royalties $15,001 $50,000 # DESCRIPTION EIF VALUE 6 US Bank Account 1 (Cash) N/A $1,001 - $15,000 None (or less than $201) 7 US Bank Account 2 (Cash) N/A $1,001 - $15,000 None (or less than $201) 8 TRBCX - T. Rowe Price Blue Chip Growth Yes $100,001 $250,000 $5,001 - $15,000 9 PRITX - T.Rowe Price International Stock Fd Yes $50,001 $100,000 $201 - $1,000 10 RPMGX - T. Rowe Price Mid-Cap Growth Yes $250,001 $500,000 $15,001 $50,000 11 PRSCX - T. Rowe Price Science & Tech Yes $15,001 $50,000 $2,501 - $5,000 12 OTCFX - T. Rowe Price Small - Cap Stock Yes $50,001 $100,000 $5,001 - $15,000 13 VGIAX - Vanguard Growth & Income Adm Yes $250,001 $500,000 $15,001 $50,000 14 VMSXX - Vanguard Tax-Exempt Money Market Yes None (or less than $1,001) None (or less than $201) 15 VFIAX - Vanguard 500 Index Admiral Yes $1,000,001 $5,000,000 $15,001 $50,000 16 MNNAX - Victory Munder Growth Opportunities A Yes $1,001 - $15,000 $1,001 - $2,500 17 Elaine L Chao Revocable Trust 17.1 Electron Global Fund Yes $1,000,001 $5,000,000 $50,001 $100,000 18 US Bank Account 3 (Cash) N/A $1,001 - $15,000 None (or less than $201) 19 MNNAX - Victory Munder Multi-Cap A Yes $15,001 $50,000 None (or less than $201) 20 VHCAX - Vanguard Capital Opportunity Adm Yes $100,001 $250,000 None (or less than $201) See Endnote INCOME TYPE INCOME AMOUNT # DESCRIPTION EIF VALUE 21 VSIAX - Vanguard Small Cap Value Index Admiral Yes $250,001 $500,000 None (or less than $201) 22 VFIAX - Vanguard 500 Index Admiral Yes $250,001 $500,000 None (or less than $201) 23 A. Mitchell McConnell, Jr. Revocable Trust 23.1 US Brokerage Money Market Account (Cash) N/A $15,001 $50,000 None (or less than $201) 24 Vanguard 529 College Savings Plan 24.1 Vanguard Aggressive Growth Portfolio (Age Based) Yes $15,001 $50,000 None (or less than $201) 25 Vanguard 529 College Savings Plan 25.1 Vanguard Aggressive Growth Portfolio (Age Based) Yes $1,001 - $15,000 None (or less than $201) 26 Loan to 2014 Campaign Committee N/A None (or less than $1,001) 7. Transactions (N/A) - Not required for this type of report 8. Liabilities None 9. Gifts and Travel Reimbursements (N/A) - Not required for this type of report INCOME TYPE Interest INCOME AMOUNT $5,001 - $15,000 Endnotes PART # ENDNOTE 1. 10 This is a single-member pass-through entity whose sole source of income is from my director fees and speaking fees, as separately disclosed herein. 2. 2 This is a single-member pass-through entity whose sole source of income is from my director fees and speaking fees, as separately disclosed herein. 2. 3 Pursuant to the terms of the company's Deferred Stock Unit Plan, unvested Deferred Stock Units will vest upon separation from service. See Part 3, item 1. 2. 13.2 Subsequent to initially completing this report, the Compensation Committee waived the restriction on my unvested deferred stock units. All deferred stock units are currently vested. 2. 14.2 Pursuant to the terms of the company's Retainer Stock Unit Plan, unvested Retainer Stock Units will vest upon separation from service. See Part 3, item 8. 3. 7 Subsequent to initially completing this report, the Compensation Committee waived the restriction on my unvested deferred stock units. All deferred stock units are currently vested. 4. 15 Not on the Board of Directors in 2014, payments are related to 2013 services 6. 17.1 Subsequent to initially completing this report, I divested my interest in Electron Global Fund. The value category is now "None (or less than $1,001)." Summary of Contents 1. Filer's Positions Held Outside United States Government Part 1 discloses positions that the filer held at any time during the reporting period (excluding positions with the United States Government). Positions are reportable even if the filer did not receive compensation. This section does not include the following: (1) positions with religious, social, fraternal, or political organizations; (2) positions solely of an honorary nature; (3) positions held as part of the filer's official duties with the United States Government; (4) mere membership in an organization; and (5) passive investment interests as a limited partner or non-managing member of a limited liability company. 2. Filer's Employment Assets & Income and Retirement Accounts Part 2 discloses the following: ? ? Sources of earned and other non-investment income of the filer totaling more than $200 during the reporting period (e.g., salary, fees, partnership share, honoraria, scholarships, and prizes) Assets related to the filer's business, employment, or other income-generating activities that (1) ended the reporting period with a value greater than $1,000 or (2) produced more than $200 in income during the reporting period (e.g., equity in business or partnership, stock options, retirement plans/accounts and their underlying holdings as appropriate, deferred compensation, and intellectual property, such as book deals and patents) This section does not include assets or income from United States Government employment or assets that were acquired separately from the filer's business, employment, or other income-generating activities (e.g., assets purchased through a brokerage account). Note: The type of income is not required if the amount of income is $0 - $200 or if the asset qualifies as an excepted investment fund (EIF). 3. Filer's Employment Agreements and Arrangements Part 3 discloses agreements or arrangements that the filer had during the reporting period with an employer or former employer (except the United States Government), such as the following: ? ? ? ? ? Future employment Leave of absence Continuing payments from an employer, including severance and payments not yet received for previous work (excluding ordinary salary from a current employer) Continuing participation in an employee welfare, retirement, or other benefit plan, such as pensions or a deferred compensation plan Retention or disposition of employer-awarded equity, sharing in profits or carried interests (e.g., vested and unvested stock options, restricted stock, future share of a company's profits, etc.) 4. Filer's Sources of Compensation Exceeding $5,000 in a Year Part 4 discloses sources (except the United States Government) that paid more than $5,000 in a calendar year for the filer's services during any year of the reporting period. The filer discloses payments both from employers and from any clients to whom the filer personally provided services. The filer discloses a source even if the source made its payment to the filer's employer and not to the filer. The filer does not disclose a client's payment to the filer's employer if the filer did not provide the services for which the client is paying. 5. Spouse's Employment Assets & Income and Retirement Accounts Part 5 discloses the following: ? ? ? Sources of earned income (excluding honoraria) for the filer's spouse totaling more than $1,000 during the reporting period (e.g., salary, consulting fees, and partnership share) Sources of honoraria for the filer's spouse greater than $200 during the reporting period Assets related to the filer's spouse's employment, business activities, other income-generating activities that (1) ended the reporting period with a value greater than $1,000 or (2) produced more than $200 in income during the reporting period (e.g., equity in business or partnership, stock options, retirement plans/accounts and their underlying holdings as appropriate, deferred compensation, and intellectual property, such as book deals and patents) This section does not include assets or income from United States Government employment or assets that were acquired separately from the filer's spouse's business, employment, or other income-generating activities (e.g., assets purchased through a brokerage account). Note: The type of income is not required if the amount of income is $0 - $200 or if the asset qualifies as an excepted investment fund (EIF). Amounts of income are not required for a spouse's earned income (excluding honoraria). 6. Other Assets and Income Part 6 discloses each asset, not already reported, that (1) ended the reporting period with a value greater than $1,000 or (2) produced more than $200 in investment income during the reporting period. For purposes of the value and income thresholds, the filer aggregates the filer's interests with those of the filer's spouse and dependent children. This section does not include the following types of assets: (1) a personal residence (unless it was rented out during the reporting period); (2) income or retirement benefits associated with United States Government employment (e.g., Thrift Savings Plan); and (3) cash accounts (e.g., checking, savings, money market accounts) at a single financial institution with a value of $5,000 or less (unless more than $200 of income was produced). Additional exceptions apply. Note: The type of income is not required if the amount of income is $0 - $200 or if the asset qualifies as an excepted investment fund (EIF). 7. Transactions Part 7 discloses purchases, sales, or exchanges of real property or securities in excess of $1,000 made on behalf of the filer, the filer's spouse or dependent child during reporting period. This section does not include transactions that concern the following: (1) a personal residence, unless rented out; (2) cash accounts (e.g., checking, savings, CDs, money market accounts) and money market mutual funds; (3) Treasury bills, bonds, and notes; and (4) holdings within a federal Thrift Savings Plan account. Additional exceptions apply. 8. Liabilities Part 8 discloses liabilities over $10,000 that the filer, the filer's spouse or dependent child owed at any time during the reporting period. This section does not include the following types of liabilities: (1) mortgages on a personal residence, unless rented out (limitations apply for PAS filers); (2) loans secured by a personal motor vehicle, household furniture, or appliances, unless the loan exceeds the item's purchase price; and (3) revolving charge accounts, such as credit card balances, if the outstanding liability did not exceed $10,000 at the end of the reporting period. Additional exceptions apply. 9. Gifts and Travel Reimbursements This section discloses: ? ? Gifts totaling more than $375 that the filer, the filer's spouse, and dependent children received from any one source during the reporting period. Travel reimbursements totaling more than $375 that the filer, the filer's spouse, and dependent children received from any one source during the reporting period. For purposes of this section, the filer need not aggregate any gift or travel reimbursement with a value of $150 or less. Regardless of the value, this section does not include the following items: (1) anything received from relatives; (2) anything received from the United States Government or from the District of Columbia, state, or local governments; (3) bequests and other forms of inheritance; (4) gifts and travel reimbursements given to the filer's agency in connection with the filer's official travel; (5) gifts of hospitality (food, lodging, entertainment) at the donor's residence or personal premises; and (6) anything received by the filer's spouse or dependent children totally independent of their relationship to the filer. Additional exceptions apply. Privacy Act Statement Title I of the Ethics in Government Act of 1978, as amended (the Act), 5 U.S.C. app. ? 101 et seq., as amended by the Stop Trading on Congressional Knowledge Act of 2012 (Pub. L. 112-105) (STOCK Act), and 5 C.F.R. Part 2634 of the U. S. Office of Government Ethics regulations require the reporting of this information. The primary use of the information on this report is for review by Government officials to determine compliance with applicable Federal laws and regulations. This report may also be disclosed upon request to any requesting person in accordance with sections 105 and 402(b)(1) of the Act or as otherwise authorized by law. You may inspect applications for public access of your own form upon request. Additional disclosures of the information on this report may be made: (1) to any requesting person, subject to the limitation contained in section 208(d)(1) of title 18, any determination granting an exemption pursuant to sections 208(b)(1) and 208(b)(3) of title 18; (2) to a Federal, State, or local law enforcement agency if the disclosing agency becomes aware of violations or potential violations of law or regulation; (3) to another Federal agency, court or party in a court or Federal administrative proceeding when the Government is a party or in order to comply with a judge-issued subpoena; (4) to a source when necessary to obtain information relevant to a conflict of interest investigation or determination; (5) to the National Archives and Records Administration or the General Services Administration in records management inspections; (6) to the Office of Management and Budget during legislative coordination on private relief legislation; (7) to the Department of Justice or in certain legal proceedings when the disclosing agency, an employee of the disclosing agency, or the United States is a party to litigation or has an interest in the litigation and the use of such records is deemed relevant and necessary to the litigation; (8) to reviewing officials in a new office, department or agency when an employee transfers or is detailed from one covered position to another; (9) to a Member of Congress or a congressional office in response to an inquiry made on behalf of an individual who is the subject of the record; (10) to contractors and other non-Government employees working on a contract, service or assignment for the Federal Government when necessary to accomplish a function related to an OGE Government-wide system of records; and (11) on the OGE Website and to any person, department or agency, any written ethics agreement filed with OGE by an individual nominated by the President to a position requiring Senate confirmation. See also the OGE/GOVT-1 executive branch-wide Privacy Act system of records. Public Burden Information This collection of information is estimated to take an average of three hours per response, including time for reviewing the instructions, gathering the data needed, and completing the form. Send comments regarding the burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to the Program Counsel, U.S. Office of Government Ethics (OGE), Suite 500, 1201 New York Avenue, NW., Washington, DC 20005-3917. Pursuant to the Paperwork Reduction Act, as amended, an agency may not conduct or sponsor, and no person is required to respond to, a collection of information unless it displays a currently valid OMB control number (that number, 3209-0001, is displayed here and at the top of the first page of this OGE Form 278e).