You may access these documents on the SEC website at www. Our SEC file number is Our internal pricing models take into account a number of variables and are based on a number of subjective assumptions, which may or may not materialize, typically including volatility, interest rates and our internal funding rates. Our internal funding rates which are our internally published borrowing rates based on variables, such as market benchmarks, our appetite for borrowing and our existing obligations coming to maturity may vary from the levels at which our benchmark debt securities trade in the secondary market.
Our estimated value on the Trade Date is based on our internal funding rates. Our estimated value of the Securities might be lower if such valuation were based on the levels at which our benchmark debt securities trade in the secondary market. Our estimated value of the Securities on the Trade Date is less than the initial issue price of the Securities. The difference between the initial issue price of the Securities and our estimated value of the Securities results from several factors, including any sales commissions to be paid to Barclays Capital Inc.
Our estimated value on the Trade Date is not a prediction of the price at which the Securities may trade in the secondary market, nor will it be the price at which Barclays Capital Inc. Subject to normal market and funding conditions, Barclays Capital Inc. Assuming that all relevant factors remain constant after the Trade Date, the price at which Barclays Capital Inc. The amount of our estimated costs that we effectively reimburse to investors in this way may not be allocated ratably throughout the reimbursement period, and we may discontinue such reimbursement at any time or revise the duration of the reimbursement period after the initial issue date of the Securities based on changes in market conditions and other factors that cannot be predicted.
Notwithstanding any other agreements, arrangements or understandings between us and any holder of the Securities, by acquiring the Securities, each holder of the Securities acknowledges, accepts, agrees to be bound by and consents to the exercise of, any U. Bail-in Power by the relevant U. Under the U. Banking Act , as amended, the relevant U. Bail-in Power in circumstances in which the relevant U.
These conditions include that a U. The U. Bail-in Power may be exercised by means of a variation of the terms of the Securities solely to give effect to the exercise by the relevant U. Bail-in Power. Each holder of the Securities further acknowledges and agrees that the rights of the holders of the Securities are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.
For the avoidance of doubt, this consent and acknowledgment is not a waiver of any rights holders of the Securities may have at law if and to the extent that any U. Bail-in Power is exercised by the relevant U. Bail-in Power, you might not receive any amounts due to you under the Securities, including any repayment of principal.
The suitability considerations identified above are not exhaustive. Whether or not the Securities are a suitable investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the suitability of an investment in the Securities in light of your particular circumstances. The payment at maturity per Security, in addition to the Fixed Coupon otherwise due on the Maturity Date, is set forth below.
Accordingly, the payment at maturity per Security would be calculated as follows:. The Fixed Coupon is a fixed amount payable annually based on the per annum Fixed Coupon Rate, regardless of the performance of the Underlying. The Fixed Coupon Rate is 2. If the Underlying Return is positive , the Issuer will pay the principal amount plus a return equal to the Underlying Return multiplied by the Upside Gearing, but no more than the Maximum Gain. An investment in the Securities involves significant risks.
Investing in the Securities is not equivalent to investing directly in the Underlying or the securities composing the Underlying. You should reach an investment decision only after you have carefully considered with your advisors the suitability of an investment in the Securities in light of your particular circumstances.
In connection with our normal business activities and in connection with hedging our obligations under the Securities, we and our affiliates make markets in and trade various financial instruments or products for our accounts and for the account of our clients and otherwise provide investment banking and other financial services with respect to these financial instruments and products. These financial instruments and products may include securities, derivative instruments or assets that may relate to the Underlying or its components.
In any such market making, trading and hedging activity, investment banking and other financial services, we or our affiliates may take positions or take actions that are inconsistent with, or adverse to, the investment objectives of the holders of the Securities. We and our affiliates have no obligation to take the needs of any buyer, seller or holder of the Securities into account in conducting these activities. Such market making, trading and hedging activity, investment banking and other financial services may negatively impact the value of the Securities.
In addition, the role played by Barclays Capital Inc. For example, Barclays Capital Inc. Furthermore, we and our affiliates establish the offering price of the Securities for initial sale to the public, and the offering price is not based upon any independent verification or valuation. In addition to the activities described above, we will also act as the Calculation Agent for the Securities. As Calculation Agent, we will determine any values of the Underlying and make any other determinations necessary to calculate any payments on the Securities.
In making these determinations, we may be required to make discretionary judgments, including determining whether a market disruption event has occurred on any date that the value of the Underlying is to be determined; if the Underlying is discontinued or if the sponsor of the Underlying fails to publish the Underlying, selecting a successor underlying or, if no successor underlying is available, determining any value necessary to calculate any payments on the Securities; and calculating the value of the Underlying on any date of determination in the event of certain changes in or modifications to the Underlying.
In making these discretionary judgments, our economic interests are potentially adverse to your interests as an investor in the Securities, and any of these determinations may adversely affect any payments on the Securities. Hypothetical terms only. Actual terms may vary. See the cover page for actual offering terms.
The examples and table below do not take into account any tax consequences from investing in the Securities. Numbers appearing in the examples and table below have been rounded for ease of analysis. Payment at Maturity. Example 1 — The Closing Level of the Underlying increases 2. Because the Underlying Return of 2. Example 2 — The Closing Level of the Underlying increases Because the Underlying Return of This is the maximum total payment on the Securities.
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Example 3 — The Closing Level of the Underlying decreases Example 4 — The Closing Level of the Underlying decreases Because the Underlying Return is negative and the Final Underlying Level is less than the Downside Threshold, in addition to the Fixed Coupon otherwise due, the Issuer will pay a payment at maturity calculated as follows per Security:. Example 5 — The Closing Level of the Underlying decreases The following is a general discussion of certain U. This discussion does not address all aspects of U. If you are a partnership for U.
This discussion is based on the Code, administrative pronouncements, judicial decisions and final, temporary and proposed Treasury regulations as of the date of this prospectus supplement, all of which are subject to change, possibly with retroactive effect. The effects of any applicable state, local, or non-U.
The discussion below does not address the consequences to taxpayers subject to special tax accounting rules under Section b. You should consult your tax advisor concerning the application of U. Tax Treatment of the Securities. The tax consequences of an investment in these Securities are unclear. There is no direct legal authority as to the proper U. In determining our reporting responsibilities, if any, we intend to treat the Securities for U.
Unless otherwise indicated, the following discussion assumes that the treatment of the Securities as prepaid forward contracts with associated coupon payments that are treated as ordinary income is correct.
Tax Consequences to U. Assuming the treatment described above is respected, any coupon payment that you receive should be included in your income as ordinary income in accordance with your regular method of accounting for U. It is also likely that any sales proceeds attributable to an accrued coupon will be treated as ordinary income to you. Upon the taxable disposition of a Security including redemption at maturity , you should recognize capital gain or loss equal to the difference between the amount you realize other than any coupon payment or sales proceeds attributable to an accrued coupon and the amount you paid to acquire the Security.
This gain or loss should be treated as long-term capital gain or loss if you hold your Securities for more than a year, whether or not you are an initial purchaser of the Securities at the original issue price. The deductibility of capital losses is subject to limitations. Due to the lack of direct legal authority, even if a Security is treated as a prepaid forward contract with associated coupons, there remain substantial uncertainties regarding the tax consequences of owning and disposing of it.
In addition, in the U. The notice focuses in particular on whether to require investors in these instruments to accrue income over the term of their investment. It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income including any mandated accruals realized by non-U.
While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the Securities, possibly with retroactive effect.
As noted above, there are other reasonable treatments that the IRS or a court may adopt, in which case the timing and character of any income or loss on the Securities could be materially affected. You should consult your tax advisor regarding the U. Tax Consequences to Non-U.
In this case, you should consult your tax advisor regarding the U. Section m Withholding. Section m is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. You should consult your tax advisor regarding the potential application of Section m to the Securities.
Foreign Account Tax Compliance Withholding. Such withholding may also apply to payment of proceeds of sales or other disposition of the Securities, although under recently proposed regulations the preamble to which specifies that taxpayers are permitted to rely on them pending finalization , no withholding will apply to payments of gross proceeds other than amounts treated as interest. Information Reporting and Backup Withholding. You may be subject to information reporting.
You may also be subject to backup withholding on payments in respect of your Securities unless you provide proof of an applicable exemption or a correct taxpayer identification number and otherwise comply with applicable requirements of the backup withholding rules. If you are a Non-U. Holder, you will not be subject to backup withholding if you provide a properly completed IRS Form W-8 appropriate to your circumstances. Amounts withheld under the backup withholding rules are not additional taxes, and may be refunded or credited against your U.
The Underlying consists of stocks of companies selected to provide a performance benchmark for the U. In addition, as of July , the securities of companies with multiple share class structures are no longer eligible to be added to the Underlying, but securities already included in the Underlying have been grandfathered and are not affected by this change. The following graph sets forth the historical performance of the Underlying from January 2, through May 28, , based on the daily Closing Levels of the Underlying.
The Closing Level of the Underlying on May 28, was 2, The dotted line represents the Downside Threshold of 2, Historical performance of the Underlying should not be taken as an indication of future performance. Future performance of the Underlying may differ significantly from historical performance, and no assurance can be given as to the Closing Level of the Underlying during the term of the Securities, including on the Final Valuation Date. We cannot give you assurance that the performance of the Underlying will not result in a loss of your principal amount.
We have agreed to sell to Barclays Capital Inc. We expect that delivery of the Securities will be made against payment for the Securities on the Settlement Date indicated on the cover of this pricing supplement, which is expected to be more than two business days following the Trade Date.
Under Rule 15c of the Securities Exchange Act of , as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Securities on any date prior to two business days before delivery will be required, by virtue of the fact that the Securities will initially settle in more than two business days, to specify alternative settlement arrangements to prevent a failed settlement.
We have agreed to indemnify the Agents against liabilities, including certain liabilities under the Securities Act of , as amended, or to contribute to payments that the Agents may be required to make relating to these liabilities as described in the prospectus and the prospectus supplement.
This opinion is given as of the date hereof and is limited to the laws of the State of New York. Investment Description. Key Dates 1. Trade Date:. May 28, Final Valuation Date:. May 25, Security Offering. Maximum Gain. Upside Gearing. Initial Underlying Level. Downside Threshold. Fixed Coupon Rate. Initial Issue Price 1,2. Visit any of our locations today and see first-hand how we buy, sell and trade new and used sports equipment and fitness gear and pass along the savings to you! Bring us any of your gear from the our accepted equipment list.
We buy all day, every day! While we are doing this, feel free to check out all of the cool used gear in our stores. We will then make you an offer based on that fair market value. If you like the offer, we will pay you on the spot or you can trade against the cool, used gear you find in our stores. Own a Franchise Learn More.