This document discusses a formal specification for event processing called LEAD. It proposes new operators and a rule grammar to address challenges in complex event processing (CEP) like performance, scalability, state management, ambiguous semantics, and lack of expressiveness. The key contributions are a pattern algebra extending common CEP operators, a rule grammar to define patterns and obtain actions, and a novel logical execution plan using timed colored Petri nets to facilitate deployment. An example use case of product roll-up tracking is presented to illustrate how LEAD can formulate a problem with interdependent patterns in fewer queries compared to other CEP frameworks.