SELWAY EXECUTIVE INTEGRATION SOURCE
Prepared: July 12, 2026

Approved improvement program:
1. Executive Risk Statement.
2. Proven / Not Proven matrix.
3. Five-endpoint issue map.
4. Exposure activation ladder.
5. Narrative orientation before interactive controls.
6. Integrated property, rent, minority-interest, and control-side liquidity pathway.
7. Reproducible national-methodology appendix.
8. Separation of present exposure from worst-case activated exposure.
9. Improved pinpoint sourcing and cross-document navigation.

Controlling rule:
The existing categorical public-record conclusions are retained without weakening:
- $3,712,289 is classified as 2021 Savings Plan benefit distributions, not employer contributions or borrower-paid payroll as shown.
- $1,200,000 is classified as an ESOP employer-contribution receivable outstanding at December 31, 2021, not payment proof and not itself a Covered Period payment.
- $2,330,000 is classified as an ESOP purchase of Selway common stock, not payroll or employer retirement-plan contribution payment as shown.
- $4,912,289 is the derived combined vector and falls inside the PPP principal-to-forgiveness corridor.
- 7,781.75 shares is the exact 2021-to-2022 share-count increase and reported 2022 purchase quantity.

This source controls only the new reader-orientation and integration layer. It does not replace or alter INTEGRATED_MEMO_SOURCE.txt.