<SEC-DOCUMENT>0001019056-14-000516.txt : 20140410
<SEC-HEADER>0001019056-14-000516.hdr.sgml : 20140410
<ACCEPTANCE-DATETIME>20140410164005
ACCESSION NUMBER:		0001019056-14-000516
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20140410
FILED AS OF DATE:		20140410
DATE AS OF CHANGE:		20140410
EFFECTIVENESS DATE:		20140410

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEVEN MADDEN, LTD.
		CENTRAL INDEX KEY:			0000913241
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOTWEAR, (NO RUBBER) [3140]
		IRS NUMBER:				133588231
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23702
		FILM NUMBER:		14757399

	BUSINESS ADDRESS:	
		STREET 1:		52-16 BARNETT AVE
		CITY:			LONG ISLAND CITY
		STATE:			NY
		ZIP:			11104
		BUSINESS PHONE:		7184461800

	MAIL ADDRESS:	
		STREET 1:		52-16 BARNETT AVENUE
		CITY:			LONG ISLAND CITY
		STATE:			NY
		ZIP:			11104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MADDEN STEVEN LTD
		DATE OF NAME CHANGE:	19931008
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>smadden_def14a.htm
<DESCRIPTION>DERFINITIVE 14A
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt; text-transform: uppercase"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt; text-transform: uppercase"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt; text-transform: uppercase"><B>Washington,
D.C. 20549</B></FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt; text-transform: uppercase"><B>SCHEDULE
14A</B></FONT><BR>
<FONT STYLE="font-size: 12pt; text-transform: uppercase"><B>(Rule 14a-101)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt; text-transform: uppercase"><B>INFORMATION
REQUIRED IN PROXY STATEMENT</B></FONT><BR>
<FONT STYLE="font-size: 12pt; text-transform: uppercase"><B>SCHEDULE 14A INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt; text-transform: uppercase"><B>Proxy Statement Pursuant to Section 14(a)
of the</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt; text-transform: uppercase"><B>Securities
Exchange Act of 1934 (Amendment No. __)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#254;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Filed by a Party other than
the Registrant <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Check the appropriate box:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font-size: 10pt">&nbsp;Preliminary
Proxy Statement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font-size: 10pt">&nbsp;Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Wingdings">&#254;</FONT><FONT STYLE="font-size: 10pt">&nbsp;Definitive
Proxy Statement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font-size: 10pt">&nbsp;Definitive
Additional Materials</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font-size: 10pt">&nbsp;Soliciting
Material Pursuant to &#167;240.14a-12</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font: 24pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 24pt"><B>Steven
    Madden, Ltd.</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name
    of Registrant as Specified in Its Charter)</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name
    of Person(s) Filing Proxy Statement, if Other Than the Registrant)</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Payment of Filing Fee (Check
the appropriate box):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Wingdings">&#254;</FONT><FONT STYLE="font-size: 10pt">&nbsp;No
fee required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font-size: 10pt">&nbsp;Fee
computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 0.65in">&nbsp;</TD>
    <TD STYLE="width: 0.35in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title
    of each class of securities to which transaction applies:</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Aggregate
    number of securities to which transaction applies:</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Per
    unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which
    the filing fee is calculated and state how it was determined):</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Proposed
    maximum aggregate value of transaction:</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(5)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Total
    fee paid:</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font-size: 10pt">&nbsp;Fee
paid previously with preliminary materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font-size: 10pt">&nbsp;Check
box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of
its filing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.65in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Amount Previously Paid:&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
</TABLE>


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    <TD NOWRAP STYLE="width: 15%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 8pt; padding-bottom: 8pt; text-align: center">LETTER TO </TD>
    <TD STYLE="width: 85%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle; padding-left: 0.25in">THE SHAREHOLDERS</TD></TR>
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<P STYLE="margin: 0"></P>

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    <TD STYLE="width: 34%; padding-right: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 33%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 12pt; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>Dear
        ShareholDerS, </B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 10pt 0 0; text-align: justify">2013 was another successful
        year         for Steve Madden, as we delivered solid sales and earnings growth in a challenging environment. Consolidated
        net         sales increased         7% to $1.3 billion, and net income rose 10% to $132 million, or $1.98 per diluted share.
        These         results, achieved despite soft retail         traffic throughout the industry and fewer new fashion footwear
        trends on which         to capitalize, demonstrate the strength of our business         model and the benefits of our
        diversification by distribution         channel and geography.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 10pt 0 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>In
        2013, we SucceSSfully: </B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 10pt 0 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>Grew
        our core buSIneSS</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 10pt 0 0; text-align: justify">Our first priority in 2013, as always,
        was to continue to expand the Steve Madden brand&rsquo;s market leadership position in fashion-forward footwear. This year, Steve
        and his team once again produced a trend-right merchandise assortment that enabled us to gain market share in our core Steve Madden Women&rsquo;s wholesale footwear business. Our diffusion brand, Madden Girl, also recorded solid growth, rebounding after a
        decline in 2012. Importantly, both brands accelerated in the back half of the year, providing us with strong momentum heading into
        2014.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 10pt 0 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>enhanceD our men&rsquo;S offerInG</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 10pt 0 0; text-align: justify">During the year, we set out to better
        differentiate our higher-priced Steve Madden Men&rsquo;s line from our more moderately priced Madden line by elevating the Steve
        Madden collection in terms of quality and styling</P></TD>
    <TD STYLE="padding-right: 12pt; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify">and targeting the
        Madden line at a         younger, more casual consumer. The new strategy, rolled out for Fall 2013, received an outstanding
        response from both wholesale         customers and the end consumer, driving a 15% increase in our men&rsquo;s wholesale
        footwear net sales in the second         half of the year.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 10pt 0 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>Grew
        our prIvate label footwear buSIneSS</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 10pt 0 0; text-align: justify">Over the last several years, we have
        leveraged our product development and sourcing capabilities into a substantial business producing private label footwear for various
        retailers, primarily value-priced chains. In 2013, we delivered strong double-digit percentage growth in this business, bringing
        private label footwear annual net sales to over $300 million for the first time.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 10pt 0 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>expanDeD
        our </B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>InternatIonal buSIneSS</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 10pt 0 0; text-align: justify">We made significant progress
        on one of our most         important long-term initiatives which is to expand our business outside of the United States. Our
        business in Canada, which we         acquired from our former distributor in February 2012 and is currently our only owned
        international operation, increased 30% over         the prior year. Additionally, we recorded robust gains with our
        distribution partners in Europe, the Middle East and Asia. Overall,         our international net sales in 2013 increased 20%
        to $113 million, or approximately 9% of consolidated net sales.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: left; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>contInueD
        to roll out outlet StoreS</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify">We opened six Steve Madden outlet
        stores         in 2013, bringing our total at the end of the year to 17 outlet locations. We continue to be pleased with the
        consumer response         to our outlet concept and the financial results we are seeing in that division. As we look ahead,
        we plan to accelerate the unit growth in         outlets, with 10-12 expected outlet openings in 2014.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>contInueD
        to Grow our hanDbaG buSIneSS</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify">We also continued to extend our reach
        in the handbag category. We delivered strong double-digit percentage sales increases in both Steven Madden and Betsey Johnson handbags,
        gains that came on top of explosive growth in each of those divisions in 2012. We also introduced Madden Girl handbags, a line
        of trendy junior bags with an emphasis on fashion backpacks. Madden Girl handbags are off to a great start, and further expansion
        of the Madden Girl handbag collection is an important initiative for 2014.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>expanDeD
        our newer branDS</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify">We made important advances on
        another         of our significant long-term growth opportunities, which is to develop our newer brands. Mad Love had an
        outstanding first year         as an exclusive brand at Target. Freebird by Steven, our boot line manufactured exclusively in
        Mexico, recorded substantial sales         gains with key customers including Free People, Bloomingdales and Nordstrom.
        Finally, Superga, our licensed fashion sneaker brand,
        continued its robust sales growth and strong sell-through at retail.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P></TD></TR>
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    <TD STYLE="width: 34%; padding-right: 12pt; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>RETURNED CAPITAL TO SHAREHOLDERS</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of our ongoing efforts to maximize
        shareholder value, we returned $102 million to shareholders under our share repurchase plan. We ended the year with a strong balance
        sheet, including $292 million in cash, cash equivalents and marketable securities and no debt.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In conclusion, 2013 was another strong year
        for Steve Madden. We delivered solid financial results and made significant progress on our growth initiatives. As we look ahead,
        we believe our diversified platform and proven business model provide us with many opportunities to expand the business across
        our various brands, distribution channels, product categories and geographies.</P></TD>
    <TD STYLE="width: 33%; padding-right: 12pt; padding-left: -17.3pt; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">We owe our success to the hard work and commitment
        of all of the associates at Steve Madden and, therefore, we would like to thank our employees for their dedication. We also thank
        our customers for their loyalty and you, our shareholders, for your continued support.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">Sincerely,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 9pt Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: Red"><IMG SRC="smaddena003_v1.jpg" ALT=""></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">EDWARD ROSENFELD<BR>
        CHIEF EXECUTIVE OFFICER</P>
        <P STYLE="font: 9pt Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: Red"><IMG SRC="smaddena004_v1.jpg" ALT=""></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">AWADHESH SINHA<BR>
        CHIEF OPERATING OFFICER</P>
        <P STYLE="font: 9pt Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: Red"><IMG SRC="smaddena005_v1.jpg" ALT=""></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">ARVIND DHARIA<BR>
        CHIEF FINANCIAL OFFICER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="width: 33%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>STEVEN MADDEN,
LTD.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>52-16 Barnett
Avenue</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Long
Island City, New York 11104</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>NOTICE OF
ANNUAL MEETING OF STOCKHOLDERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TO
BE HELD ON MAY 23, 2014</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">TO THE STOCKHOLDERS OF STEVEN
MADDEN, LTD.:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">NOTICE IS HEREBY
GIVEN that the Annual Meeting of Stockholders (the &ldquo;Annual Meeting&rdquo;) of Steven Madden, Ltd. (the &ldquo;Company&rdquo;)
will be held on May 23, 2014, at the Company&rsquo;s showroom located at 1370 Avenue of the Americas, 14th Floor, New York, New
York at 10:00 a.m., local time, for the purposes stated below:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">1.</FONT></td>
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to elect
    eight directors to the Board of Directors of the Company to serve until the next annual meeting of the Company&rsquo;s stockholders
    and until their successors are duly elected and qualified or until their earlier death, resignation or removal from office;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">2.</FONT></td>
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to ratify
    the appointment of EisnerAmper LLP as the Company&rsquo;s independent registered public accounting firm for the fiscal year
    ending December 31, 2014; </FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">3.</FONT></td>
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to approve,
    on a non-binding advisory basis, the compensation of certain executive officers as disclosed in the accompanying proxy statement;
    and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-size: 10pt">4.</FONT></td>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: justify"><FONT STYLE="font-size: 10pt">to transact such other business
    as may properly come before the Annual Meeting or any adjournments thereof.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Only those
stockholders of record at the close of business on April 4, 2014 are entitled to notice of and to vote at the Annual Meeting and
any adjournments thereof. A complete list of stockholders entitled to vote at the Annual Meeting will be available for ten days
prior to the Annual Meeting for purposes germane to the Annual Meeting, between the hours of 9:00 a.m. and 4:30 p.m., local time,
at the Company&rsquo;s principal executive offices at 52-16 Barnett Avenue, Long Island City, New York 11104, by contacting the
Secretary of the Company, and will be available at the Annual Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>IMPORTANT NOTICE REGARDING THE
AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON MAY 23, 2014: THE NOTICE OF ANNUAL MEETING
AND PROXY STATEMENT, ANNUAL REPORT, ELECTRONIC PROXY CARD AND ANY OTHER MATERIALS CONCERNING THE ANNUAL MEETING, TOGETHER WITH
ANY AMENDMENTS TO ANY OF THESE MATERIALS, ARE AVAILABLE ON THE INTERNET AT WWW.PROXYVOTE.COM.</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 52%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; width: 44%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">BY ORDER OF THE
    BOARD OF DIRECTORS</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">April 10, 2014</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Long Island City,
    New York</FONT></td>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><IMG SRC="smadden001_v1.jpg" ALT="-s- Arvind Dharia"></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Arvind Dharia</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Secretary</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">WHETHER OR NOT YOU EXPECT
TO BE PRESENT AT THE ANNUAL MEETING, PLEASE MARK, DATE AND SIGN THE ACCOMPANYING FORM OF PROXY AND MAIL IT PROMPTLY IN THE ENVELOPE
PROVIDED TO: VOTE PROCESSING, C/O BROADRIDGE, 51 MERCEDES WAY, EDGEWOOD, NEW YORK 11717. ALTERNATIVELY, YOU MAY VOTE YOUR SHARES
BY TELEPHONE OR THROUGH THE INTERNET AS DESCRIBED ON THE ACCOMPANYING PROXY CARD.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B><U>TABLE
OF CONTENTS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B></B></FONT>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 93%; font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena001_v1"><FONT STYLE="font-size: 10pt">GENERAL INFORMATION</FONT></A></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena002_v1"><FONT STYLE="font-size: 10pt">Notice of Internet Availability of Proxy Materials</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena003_v1"><FONT STYLE="font-size: 10pt">QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><A HREF="#smaddena004_v1"><FONT STYLE="font-size: 10pt">STOCKHOLDER NOMINATIONS FOR BOARD MEMBERSHIP, PROPOSALS AND</FONT> <FONT STYLE="font-size: 10pt">SUBMISSIONS FOR THE COMPANY&rsquo;S 2014 ANNUAL MEETING</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena005_v1"><FONT STYLE="font-size: 10pt">PROPOSAL ONE: ELECTION OF DIRECTORS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena006_v1"><FONT STYLE="font-size: 10pt">Biographical Summaries of Nominees for the Board of Directors</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena007_v1"><FONT STYLE="font-size: 10pt">CORPORATE GOVERNANCE</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena008_v1"><FONT STYLE="font-size: 10pt">The Board of Directors</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena009_v1"><FONT STYLE="font-size: 10pt">Director Independence</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena010_v1"><FONT STYLE="font-size: 10pt">Director Attendance at Meetings</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena011_v1"><FONT STYLE="font-size: 10pt">Director Election (Majority Voting) Policy</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena012_v1"><FONT STYLE="font-size: 10pt">Committees of the Board</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 34.6pt; text-indent: -8.65pt"><A HREF="#smaddena013_v1"><FONT STYLE="font-size: 10pt">Board Leadership Structure, Risk Oversight, Executive Sessions of Non-Employee Directors, and Communications Between Stockholders and the Board</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena014_v1"><FONT STYLE="font-size: 10pt">Code of Business Conduct and Ethics</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena015_v1"><FONT STYLE="font-size: 10pt">Certain Relationships and Related Party Transactions</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena016_v1"><FONT STYLE="font-size: 10pt">Review, Approval or Ratification of Transactions with Related Persons</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena017_v1"><FONT STYLE="font-size: 10pt">COMPENSATION OF DIRECTORS IN THE 2013 FISCAL YEAR</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena018_v1"><FONT STYLE="font-size: 10pt">STOCK OWNERSHIP</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena019_v1"><FONT STYLE="font-size: 10pt">Security Ownership of Certain Beneficial Owners</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena020_v1"><FONT STYLE="font-size: 10pt">Security Ownership of Directors and Executive Officers</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena021_v1"><FONT STYLE="font-size: 10pt">Section 16(a) Beneficial Ownership Reporting Compliance</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena022_v1"><FONT STYLE="font-size: 10pt">EXECUTIVE COMPENSATION</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena023_v1"><FONT STYLE="font-size: 10pt">Compensation Discussion and Analysis</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena024_v1"><FONT STYLE="font-size: 10pt">Compensation Committee Interlocks and Insider Participation</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena025_v1"><FONT STYLE="font-size: 10pt">Executive Officers</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena026_v1"><FONT STYLE="font-size: 10pt">SUMMARY COMPENSATION TABLE</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 25.95pt"><A HREF="#smaddena027_v1"><FONT STYLE="font-size: 10pt">Employment Arrangements</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena028_v1"><FONT STYLE="font-size: 10pt">GRANTS OF PLAN-BASED AWARDS IN THE 2013 FISCAL YEAR</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena029_v1"><FONT STYLE="font-size: 10pt">OUTSTANDING EQUITY AWARDS AT END OF THE 2013 FISCAL YEAR</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena030_v1"><FONT STYLE="font-size: 10pt">OPTION EXERCISES AND STOCK VESTED IN THE 2013 FISCAL YEAR</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena031_v1"><FONT STYLE="font-size: 10pt">SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena032_v1"><FONT STYLE="font-size: 10pt">EQUITY COMPENSATION PLAN INFORMATION</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">41</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena033_v1"><FONT STYLE="font-size: 10pt">POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena034_v1"><FONT STYLE="font-size: 10pt">COMPENSATION COMMITTEE REPORT</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><A HREF="#smaddena035_v1"><FONT STYLE="font-size: 10pt">PROPOSAL TWO: RATIFICATION OF THE APPOINTMENT OF EISNERAMPER LLP AS THE COMPANY&rsquo;S</FONT> <FONT STYLE="font-size: 10pt">INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS FOR THE FISCAL YEAR ENDING DECEMBER 31, 2014</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena036_v1"><FONT STYLE="font-size: 10pt">AUDIT COMMITTEE REPORT</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#smaddena037_v1"><FONT STYLE="font-size: 10pt">PROPOSAL THREE: NON-BINDING ADVISORY VOTE ON EXECUTIVE COMPENSATION</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
</TABLE>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>STEVEN MADDEN,
LTD.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>52-16 Barnett
Avenue</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Long
Island City, New York 11104</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>PROXY STATEMENT</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt"><A NAME="smaddena001_v1"></A>GENERAL
INFORMATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
behalf of the Board of Directors of Steven Madden, Ltd., a Delaware corporation (the &ldquo;Company&rdquo;, &ldquo;we&rdquo; or
&ldquo;us&rdquo;), we are requesting your proxy in connection with the Annual Meeting of Stockholders (the &ldquo;Annual Meeting&rdquo;)
scheduled to be held at the Company&rsquo;s showroom located at 1370 Avenue of the Americas, 14th Floor, New York, New York on
Friday, May 23, 2014 at 10:00 a.m., local time. On or about April 10, 2014, a notice containing instructions on how to access
this Proxy Statement, the accompanying proxy card and related materials online is being mailed to holders of record of common
stock, $.0001 par value, of the Company (the &ldquo;Common Stock&rdquo;) at the close of business on April 4, 2014 (the &ldquo;Record
Date&rdquo;). The Company&rsquo;s Annual Report for the fiscal year ended December 31, 2013 (&ldquo;2013 Fiscal Year&rdquo;),
including audited financial statements, is included in the materials that are accessible online to our stockholders. This Proxy
Statement contains information about the Annual Meeting as well as information regarding the voting process, director elections,
our corporate governance programs and executive and director compensation, among other things. We recommend that you read all
of these materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Annual
Meeting has been called to consider and take action on the following proposals:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">to
                                         elect eight directors to the Board of Directors of the Company to serve until the next
                                         annual meeting of the Company&rsquo;s stockholders and until their successors are duly
                                         elected and qualified or until their earlier death, resignation or removal from office;</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">to
                                         ratify the appointment of EisnerAmper LLP as the Company&rsquo;s independent registered
                                         public accounting firm for the fiscal year ending December 31, 2014;</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">to
                                         approve, on a non-binding advisory basis, the compensation of certain executive officers
                                         as disclosed in this Proxy Statement; and</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">to
                                         transact such other business as may properly come before the Annual Meeting and any adjournments
                                         thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board of Directors knows of no other matters to be presented for action at the Annual Meeting. However, if any other matters properly
come before the Annual Meeting, the persons named in the proxy will vote on such other matters and/or for other nominees in accordance
with their best judgment. The Company&rsquo;s Board of Directors recommends that the stockholders vote &ldquo;FOR&rdquo; each
of the proposals. Only holders of record of Common Stock of the Company at the close of business on the Record Date will be entitled
to vote at the Annual Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
principal executive offices of the Company are located at 52-16 Barnett Avenue, Long Island City, New York 11104 and the telephone
number of the Company is (718) 446-1800.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena002_v1"></A>Notice of Internet Availability
of Proxy Materials</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
continue to take advantage of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) &ldquo;e-proxy&rdquo; rules allowing
us to furnish proxy materials through the Internet for the benefit and convenience of our stockholders. By using the e-proxy rules,
we can expedite the receipt by stockholders of this Proxy Statement and our Annual Report while lowering the costs and reducing
the environmental impact associated with our Annual Meeting. On or about April 10, 2014, we will furnish a Notice of Internet
Availability of Proxy Material (the &ldquo;Availability Notice&rdquo;) to most of our stockholders containing instructions on
how to access the proxy materials and to vote online. In addition, our instructions on how to request a printed copy of these
materials will be found on the Availability Notice. For more information on voting your Common Stock, please see the &ldquo;Questions
and Answers&rdquo; section below. If you received an Availability Notice by mail, you will not receive a paper copy of the proxy
materials unless you request such materials by following the instructions contained in the Availability Notice.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena003_v1"></A>QUESTIONS AND ANSWERS
ABOUT THE ANNUAL MEETING</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Who
may vote at the Annual Meeting?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Only
stockholders of record are entitled to vote at the Annual Meeting. A stockholder of record is a stockholder as of the close of
business on the Record Date. On the Record Date, there were 66,563,809 shares of our Common Stock outstanding (excluding treasury
shares) held by approximately 116 registered holders of record and 16,303 beneficial owners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>What is considered a quorum
to conduct the Annual Meeting?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
presence, in person or by proxy, of the holders of a majority of the shares eligible to vote is necessary to constitute a quorum
for the purpose of transacting business at the Annual Meeting. Under Delaware law (under which the Company is incorporated), abstentions
and broker non-votes (meaning proxies from brokers or nominees indicating that such persons have not received instructions on
how to vote from the beneficial owner or other persons eligible to vote shares as to matters with respect to which the brokers
or nominees do not have discretionary power to vote) are counted as present for purposes of determining the presence or absence
of a quorum for the transaction of business. If a quorum is not present, the Annual Meeting may be adjourned until a quorum is
obtained.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>What is a &ldquo;broker
non-vote&rdquo;?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
your shares are held in &ldquo;street name&rdquo; by a broker, bank or nominee, your broker, bank or nominee is the record holder;
however, the broker, bank or nominee is required to vote the shares in accordance with your instructions. If you do not give instructions
to your broker, bank or nominee, as the case may be, the broker, bank or nominee may, if permitted by the organizations of which
it is a member, exercise discretionary voting power to vote your shares. A &ldquo;broker non-vote&rdquo; occurs when a broker,
bank or nominee of record holding shares for a beneficial owner has not received voting instructions from the beneficial owner
and either chooses not to vote the shares on a particular proposal as to which the holder has discretionary voting power or does
not vote on a particular proposal because that holder does not have discretionary voting power for that particular item. Broker
non-votes are considered present in determining whether a quorum is present. <B>If you hold your shares in &ldquo;street name,&rdquo;
we strongly encourage you to provide instructions regarding the voting of your shares as your broker or nominee cannot vote your
shares with respect to certain of the proposals being presented at the Annual Meeting without voting instructions from you.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>How many votes do I have?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
each share of Common Stock that you own on the Record Date you are entitled to one vote on each matter presented at the Annual
Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>How many votes are required
to approve each proposal and what is the effect of abstentions and broker non-votes?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Proposal
One (Election of Directors):</I> Under Delaware law, directors are elected by the affirmative vote of a plurality of the shares
of Common Stock present in person or represented by proxy at the Annual Meeting and entitled to vote. This means that the director
nominees who receive the greatest number of affirmative votes cast are elected as directors, subject to our director resignation
policy discussed in Proposal One below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Proposal
Two (Ratification of Appointment of EisnerAmper LLP): </I> The affirmative vote of a majority of the shares of Common Stock present
in person or represented by proxy at the Annual Meeting and entitled to vote is required to approve the ratification of the appointment
of EisnerAmper LLP as the Company&rsquo;s independent registered public accounting firm for the fiscal year ending December 31,
2014.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Proposal
Three (Non-Binding Advisory Vote On Executive Compensation): </I> The affirmative vote of a majority of the shares of Common Stock
present in person or represented by proxy at the Annual Meeting and entitled to vote is required to approve, on a non-binding
advisory basis, the compensation of the Company&rsquo;s named executive officers as described in this Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Other
Matters: </I>If any other matters are presented at the Annual Meeting, they must receive an affirmative vote of a majority of
the shares of Common Stock present in person or represented by proxy at the Annual Meeting and entitled to vote in order to be
approved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Abstentions
will have no effect on the election of directors, but will be treated as present and entitled to vote on the remaining proposals
and, therefore, abstentions will have the effect of votes &ldquo;AGAINST&rdquo; such proposals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Proposal
One (Election of Directors) will be decided by a plurality of the votes of the shares represented in person or by proxy. The approval
of each of Proposals Two (Ratification of EisnerAmper LLP) and Three (Advisory Vote on Executive Compensation) requires a favorable
vote of a majority of the shares present and entitled to vote on the applicable matter. As noted above, an abstention will have
no effect on the election of directors but will have the same effect as a vote &ldquo;AGAINST&rdquo; each other proposal. Broker
non-votes with respect to Proposals One, Two and Three will have no effect on the outcome of the vote with respect to that proposal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>How can I vote my shares?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Your
vote is important. Your shares can be voted at the Annual Meeting only if you are present in person or represented by proxy. Even
if you plan to attend the Annual Meeting, we urge you to authorize your proxy in advance. You may vote your shares by authorizing
a proxy over the Internet or by telephone. In addition, if you received a paper copy of the proxy materials by mail, you can also
submit a proxy by mail by following the instructions on the proxy card. Voting your shares by authorizing a proxy over the Internet,
by telephone or by written proxy card will ensure your representation at the Annual Meeting regardless of whether you attend in
person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
you are the record holder of your shares, please authorize your proxy electronically by going to the http://www.proxyvote.com
website or by calling the toll-free number listed below and on the proxy card. Please have your Proxy Statement or proxy card
in hand when going online or calling. If you authorize your proxy via the Internet or by phone you do not need to return your
proxy card. If you choose to authorize your proxy by mail, simply mark your proxy card and then date, sign and return it in the
postage-paid envelope provided.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 30%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">VOTE
                                         BY INTERNET</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">http://www.proxyvote.com</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Use the Internet to transmit
        your voting instructions and for electronic delivery of information.</FONT></P></td>
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">VOTE
                                         BY PHONE</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">1-800-690-6903</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Use any touch-tone telephone
        to transmit your voting instructions.</FONT></P></td>
    <TD STYLE="width: 40%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">VOTE
                                         BY MAIL</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Vote
        Processing, c/o Broadridge<br>
        51 Mercedes Way<br>
        Edgewood, New York 11717</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If you receive paper
        proxy materials, mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return
        it to the address shown above.</FONT></P></td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
you hold your shares beneficially in &ldquo;street name&rdquo; through a broker or nominee you may be able to authorize your proxy
by telephone or the Internet as well as by mail, but you will need to obtain and follow instructions from your broker or nominee
to vote these shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>May
I revoke my proxy for the Annual Meeting once I have given it?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">You may revoke
your proxy at any time before it is voted at the Annual Meeting by:</FONT>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">properly
                                         executing and delivering a later dated proxy (including a telephone or Internet proxy
                                         authorization);</FONT></TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">voting
                                         by ballot at the Annual Meeting; or</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">sending
                                         a written notice of revocation to the Corporate Secretary of the Company at Steven Madden,
                                         Ltd., 52-16 Barnett Avenue, Long Island City, New York 11104.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0"><FONT STYLE="font-size: 10pt"><B>How does the Board of Directors
recommend that I vote my shares?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Board of
Directors of the Company recommends that you vote:&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&ldquo;FOR&rdquo;
                                         the election of each of the eight director nominees;</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;FOR&rdquo;
                                         the ratification of the appointment of EisnerAmper LLP as the Company&rsquo;s independent
                                         registered public accounting firm for the fiscal year ending December 31, 2014; and</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;FOR&rdquo;
                                         the approval, on a non-binding advisory basis, of the executive compensation of the Company&rsquo;s
                                         named executive officers, as disclosed in this Proxy Statement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 72.3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">ALL PROXIES
RECEIVED WILL BE VOTED IN ACCORDANCE WITH THE CHOICES SPECIFIED ON SUCH PROXIES. PROXIES WILL BE VOTED IN FAVOR OF A PROPOSAL
IF NO CONTRARY SPECIFICATION IS MADE. ALL VALID PROXIES OBTAINED WILL BE VOTED AT THE DISCRETION OF THE PERSONS NAMED IN THE PROXY
WITH RESPECT TO ANY OTHER BUSINESS THAT MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.
AS NOTED ABOVE, IF YOU HOLD YOUR SHARES BENEFICIALLY THROUGH A BROKER OR NOMINEE AND FAIL TO PROVIDE SPECIFIC VOTING INSTRUCTIONS
TO THAT BROKER OR NOMINEE, YOUR SHARES WILL NOT BE VOTED IN THE ELECTION OF DIRECTORS AND THE ADVISORY VOTE ON EXECUTIVE COMPENSATION.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Who will bear the expenses
of this solicitation?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
expense of this solicitation, including preparing, printing and mailing this Proxy Statement, the exhibits hereto and the proxies
solicited hereby, will be borne by the Company. In addition to the use of the mails, proxies may be solicited by officers and
directors and employees of the Company, without additional remuneration, by personal interviews, telephone, telegraph or facsimile
transmission. The Company will also request brokerage firms, nominees, custodians and fiduciaries to forward proxy materials to
the beneficial owners of shares of Common Stock held of record by them and will provide reimbursements for the cost of forwarding
the material in accordance with customary charges. The Company has entered into an agreement with Phoenix Advisory Partners to
assist in the solicitation of proxies and provide related advice and informational support. The total expense of this engagement,
which will be borne by the Company, including customary disbursements, is not expected to exceed $20,000 in the aggregate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>How will the voting results
be reported?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
preliminary results of the voting on the proposals will be reported at the Annual Meeting. The final certified results will be
reported in a Current Report on Form 8-K, which will be filed with the SEC within four business days following the Annual Meeting.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A NAME="smaddena004_v1"></A>STOCKHOLDER NOMINATIONS
FOR BOARD MEMBERSHIP, PROPOSALS AND SUBMISSIONS FOR THE COMPANY&rsquo;S 2015 ANNUAL MEETING</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
accordance with Article II, Section 5 of the Company&rsquo;s By-Laws, director nominations for the 2015 Annual Meeting of
Stockholders of the Company (the &ldquo;2015 Annual Meeting&rdquo;) can only be made by a stockholder of the Company who (A)
is a stockholder of record on the date of the giving of the notice of such director nominations and on the record date for
the determination of stockholders entitled to vote at such meeting, and (B) complies with the notice requirements and
procedures set forth in Article II, Section 5 of the Company&rsquo;s Amended and Restated By-Laws (the
&ldquo;By-Laws&rdquo;). A stockholder&rsquo;s notice to the Corporate Secretary with respect to any such nominations must be
timely and in proper written form pursuant to Article II, Section 5 of the Company&rsquo;s By-Laws, including containing
certain information concerning the nominating or proposing stockholder and certain information concerning the nominee, and
must be delivered to, or mailed and received at, the Company&rsquo;s principal executive offices not less than 120 days nor
more than 150 days prior to the first anniversary of the date of the Company&rsquo;s 2014 Annual Meeting. Accordingly, any
written notice given by or on behalf of a stockholder pursuant to Article II, Section 5 of the Company&rsquo;s By-Laws in
connection with the 2015 Annual Meeting must be received no later than January 24, 2015 and no earlier than December 25,
2014.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
accordance with rules promulgated by the SEC, any stockholder who wishes to submit a proposal for inclusion in the proxy material
to be distributed by the Company in connection with the 2015 Annual Meeting must do so no later than December 9, 2014. In addition,
in accordance with Article I, Section 7(f) of the Company&rsquo;s By-Laws, in order to be properly brought before the 2015 Annual
Meeting, a matter must be either (i) specified in the notice of such meeting given by or at the direction of the Board of Directors
(or any duly authorized committee thereof), (ii) otherwise properly brought before such meeting by or at the direction of the
Board of Directors (or any duly authorized committee thereof) or (iii) specified in a notice in proper written form given by a
stockholder of record on the date of the giving of the notice and on the record date for such meeting, which notice conforms to
the requirements of Article I, Section 7(f) of the By-Laws and is delivered to, or mailed and received at, the Company&rsquo;s
principal executive offices not less than 120 days nor more than 150 days prior to the first anniversary of the date of the Company&rsquo;s
2014 Annual Meeting. Accordingly, any written notice given by or on behalf of a stockholder pursuant to the foregoing clause (iii)
in connection with the 2015 Annual Meeting must be received no later than January 24, 2015 and no earlier than December 25, 2014.
In addition, for business to be properly brought before the 2015 Annual Meeting by a stockholder pursuant to the foregoing clause
(iii), such stockholder shall have complied with any other applicable requirements, including, but not limited to, the requirements
of Rule 14a-8 promulgated by the SEC.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena005_v1"></A>PROPOSAL
ONE:</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">ELECTION OF DIRECTORS</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company&rsquo;s By-Laws provide that the Board of Directors of the Company shall be comprised of a minimum of one director and
that, subject to this limitation, the number of directors may be fixed from time to time by action of the directors. The Company&rsquo;s
Board of Directors has fixed the number of directors to comprise the Board of Directors at eight directors and the Board of Directors
presently is comprised of six directors. The expansion of the Board from six to eight members will become effective as of April
28, 2014 when Rose Peabody Lynch and Robert Smith will join the Board of Directors. All directors&rsquo; terms on the Board will
expire at the Annual Meeting. Directors serve a one-year term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Upon
recommendation of the Nominating/Corporate Governance Committee of the Board of Directors, the Board of Directors has nominated
and is recommending to the stockholders the election of each of the eight nominees named below to serve as a director of the Company
until the next annual meeting of the Company&rsquo;s stockholders and until his or her successor is duly elected and qualified
or until his or her earlier death, resignation or removal from office. All of the nominees were elected directors at last year&rsquo;s
Annual Meeting of Stockholders, other than Ms. Lynch and Mr. Smith, who were appointed to the Board of Directors in February 2014
and April 2014, respectively, to fill newly-created directorships resulting from the increases in the number of directors constituting
the Board from six members to eight members. The appointment of Ms. Lynch and Mr. Smith to the Board of Directors is effective
as of April 28, 2014. All nominees have consented to being named in this Proxy Statement and to serving on the Board of Directors
if elected.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena006_v1"></A>Biographical Summaries
of Nominees for the Board of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
names and biographical summaries of the eight persons who have been recommended by the Nominating/ Corporate Governance Committee
of the Board of Directors and nominated by the Board of Directors to stand for election at the Annual Meeting are provided below
for your information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our
Board of Directors includes members who are well-qualified to serve on the Board and its committees and to represent the best
interests of our stockholders. The Board and the Nominating/Corporate Governance Committee select nominees with a view to establishing
a Board of Directors that is comprised of individuals who have extensive business leadership experience, are independent, bring
diverse perspectives to the Board, possess high ethical standards and sound business judgment and acumen and a willingness to
devote the time necessary for the Board to effectively fulfill its responsibilities. We believe that all of the director nominees
possess these qualifications and provide the Board with a full complement of knowledge, business skills and expertise for the
effective management of our Company. In addition to these general qualifications, provided below for each nominee for director
is a discussion of the experience, qualifications, attributes and skills that led to the Board&rsquo;s conclusion that the nominee
should serve as a director.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Edward
R. Rosenfeld</I></B><I> - Chairman of the Board and Chief Executive Officer, Steven Madden, Ltd.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Edward
R. Rosenfeld, 38, has served as a director of the Company since February 2008 and has served on the Company&rsquo;s Investment
Committee since April 2008. Mr. Rosenfeld has been Chairman of the Board and Chief Executive Officer since August 2008 after serving
as interim Chief Executive Officer of the Company from March 24, 2008 and prior to that, serving as the Executive Vice President
of Strategic Planning and Finance of the Company. Mr. Rosenfeld has been a member of the executive management team since joining
the Company in May 2005. Prior to joining the Company, Mr. Rosenfeld was a Vice President with Peter J. Solomon Company, an investment
banking boutique, where he specialized in mergers and acquisitions in the retail, apparel and footwear industries. Mr. Rosenfeld
serves as a director of PVH Corp., one of the world&rsquo;s largest apparel companies, and is also a director of Summer Search
New York City, a non-profit corporation, whose mission is to help low-income teenagers develop skills and character traits to
become college-educated leaders.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Mr.
Rosenfeld has more than 16 years of experience focused on the retail, apparel and footwear industries, nine of which have been
with the Company, and possesses particular knowledge of and experience in the industry that strengthens the Board&rsquo;s collective
qualifications, skills and experience. His background in finance and his analytical skills gained through his years in investment
banking provide the Board and the Investment Committee with insight and guidance with respect to, among other things, strategic
business development matters. Mr. Rosenfeld has strong leadership skills and an in-depth understanding of the Company and its
goals from his positions as the Chairman of the Board and Chief Executive Officer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Rose Peabody
Lynch</I></B> &ndash; <I>Owner of Marketing Strategies, LLC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Rose
Peabody Lynch, 64, was appointed to serve as a director effective April 28, 2014. No committee appointments for Ms. Lynch have
yet been made. Since 1997, Ms. Lynch has operated Marketing Strategies, LLC, a New York based consulting firm of which she is
founder and President, which focuses on strategic marketing and operating issues for small to medium-sized companies. Prior to
forming Marketing Strategies, LLC, Ms. Lynch held the position of Vice President, General Merchandise Manager of the Bath and
Fragrance division of Victoria&rsquo;s Secret from 1993 through 1996 and held the position of President of U.S. Operations of
Trowbridge Gallery, a supplier of fine art to the interior design trade, from 1989 through 1992. Prior to 1989, Ms. Lynch was
President of Danskin, Inc., a leading manufacturer of women&rsquo;s dance and active wear, from 1986 through 1989 and, prior to
that, she held the position of Director of Marketing successively with Elizabeth Arden, Inc. and Charles of the Ritz Group, Inc.
Ms. Lynch has served on a number of boards, including The Harmony Group-LeRoi Princeton (a manufacturer of children&rsquo;s apparel),
Salant Corporation (Perry Ellis Menswear) and Frederick&rsquo;s of Hollywood (a retailer of women&rsquo;s apparel and lingerie).
She was a member of the Audit and Nominating and Governance Committees during her tenure at Salant and chaired the Compensation
Committee during her tenure on the board of Frederick&rsquo;s of Hollywood. Ms. Lynch has held leadership positions with a variety
of charities and currently serves as a director of S.O.S. Children&rsquo;s Villages, the U.S. arm of an international non-profit
organization dedicated to providing assistance to children. She currently serves on the Board of Directors of the Princeton University
Varsity Club. Ms. Lynch is also a member of the Women and Foreign Policy Advisory Council at the Council on Foreign Relations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Ms.
Lynch possesses over 30 years of business experience, including tenures as the President and in other senior executive officer
positions of major companies in the beauty and fashion industries, and has extensive executive level financial and operating experience.
Her experience serving as a director and as a senior executive for a range of companies enhances the Board&rsquo;s leadership
and oversight capabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>John
L. Madden</I></B><I> - Owner of JLM Consultants, Inc.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">John
L. Madden, 67, has served as a director of the Company since 1993 and has served on the Company&rsquo;s Investment Committee,
as its Chair, since April 2008. Since June 2004, Mr. Madden&rsquo;s business consulting company, JLM Consultants, Inc., has provided
consulting services to the Company with respect to international sales. From April 1998 through September 2003, Mr. Madden owned
a branch office of Tradeway Securities Group, Inc., a brokerage firm, in Florida. From May 1996 through December 1996, Mr. Madden&rsquo;s
consulting company, JLM Consultants, Inc., acted as a branch office of Merit Capital, Inc., a brokerage firm. From May 1994 to
May 1996, Mr. Madden served as Vice President of Investments for GKN Securities, Inc.. a brokerage firm. From August 1993 to April
1994, Mr. Madden was employed by Biltmore Securities, Inc., a brokerage firm, as Managing Director and registered sales representative.
Mr. Madden is the brother of Steven Madden, the Company&rsquo;s founder and Creative and Design Chief. Please see the section
of this Proxy Statement captioned &ldquo;Certain Relationships and Related Party Transactions.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
a result of Mr. Madden&rsquo;s numerous years of experience in finance and investing, he possesses a proficiency in financial
analysis and investing that strengthens the Board&rsquo;s collective qualifications, skills and experience and provides the Board
and the Investment Committee with greater insight and guidance. Mr. Madden&rsquo;s years in business consulting and his strong
financial background have provided him with expertise in addressing operational and management issues and providing overall direction
for complex corporations like ours. Mr. Madden brings a wealth of knowledge and a depth of experience that comes from over twenty
years of service on the Company&rsquo;s Board of Directors. His knowledge of Company history and his understanding of the Company
in the context of the Company&rsquo;s long-term strategic plan provides the Board with continuity of direction and focus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Peter
Migliorini</I></B><I> - Sales Manager, Greschlers, Inc.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Peter
Migliorini, 65, has served as a director of the Company since October 1996 and has served on the Company&rsquo;s Audit Committee
since October 1996, the Nominating/Corporate Governance Committee, as its Chair, since July 2004 and the Compensation Committee,
as its Chair, since July 2004. Mr. Migliorini is also Presiding Director over all executive sessions of the independent directors.
Mr. Migliorini has been Sales Manager for Greschlers, Inc., a building supplies company, since 1994. From 1987 to 1994, Mr. Migliorini
served as Director of Operations for Mackroyce Group, a construction company. Prior to 1987, Mr. Migliorini held various positions
of increasing responsibility from Assistant Buyer to Chief Planner/Coordinator for several shoe companies, including Meldisco
Shoes, Perry Shoes and Fasco Shoes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Mr.
Migliorini possesses extensive executive level financial, sales and operations experience. His numerous years of business experience
at various levels and in various industries provide the Board with a measure of practical orientation regarding the Company&rsquo;s
operations and growth endeavors. Mr. Migliorini&rsquo;s early experience in the shoe industry also provides relevant knowledge
and expertise in the Company&rsquo;s specific industry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Richard
P. Randall</I></B><I> - Retired Executive Vice President and Chief Financial Officer, Direct Holdings Worldwide,
LLC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Richard
P. Randall, 76, has served as a director of the Company since April 2006 and has served on the Company&rsquo;s Audit Committee,
as its Chair, since 2006, on the Nominating/Corporate Governance Committee since September 2008 and on the Investment Committee
since April 2008. Mr. Randall was the Executive Vice President and Chief Financial Officer of Direct Holdings Worldwide, LLC,
the parent company of Lillian Vernon Corp., a catalog and online retailer of gifts and household goods, and Time-Life, a music
and video marketing company, from 2002 until his retirement in June 2005. Prior to 2002, Mr. Randall served as Senior Vice President
and Chief Financial Officer of Coach, Inc., a luxury leather goods company, and Chief Operating Officer and Chief Financial Officer
of Lillian Vernon Corp. from 2000 to 2001 and 1998 to 2000, respectively. Currently, Mr. Randall serves as a director and chairs
the Audit and Risk Committee of Aceto Corporation, a generic pharmaceutical, nutraceutical and chemical distribution company.
Mr. Randall also serves on the board of directors and is a member of the Audit Committee of P&amp;F Industries, Inc., a manufacturer
and importer of tools sold principally to the industrial, retail and automotive markets, as well as residential hardware. Mr.
Randall is a former director and member of the Executive, Finance, Audit and Research Committees of The Burke Rehabilitation Hospital
(&ldquo;Burke&rdquo;). He currently serves as a Member Emeritus of Burke&rsquo;s Executive Committee and retains a board seat
on The Burke Foundation&rsquo;s board. Mr. Randall served as a director and chair of the Audit Committee of Universal Travel Group,
a travel services provider in the People&rsquo;s Republic of China, and of Home Systems Group, a manufacturer and distributor
of household appliances in the People&rsquo;s Republic of China, from 2007 until 2008 when he resigned from these boards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">With
decades of business experience, including tenures as Chief Financial Officer and Chief Operating Officer of both publicly traded
and privately held companies in the retail industry, Mr. Randall possesses extensive knowledge of accounting and finance, the
retail industry and the issues impacting a publicly traded company. Mr. Randall has extensive executive level experience establishing
his capabilities in management of complex organizations and is a certified public accountant. His expertise in finance qualifies
him to serve as the Audit Committee &ldquo;audit committee financial expert&rdquo; and his service on the boards and committees
of other companies has allowed him to gain broad-based experience and sensitivity regarding best practices, which he shares with
the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Ravi
Sachdev </I></B><I>- Managing Director, J.P. Morgan.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Ravi
Sachdev, 37, has served as a director of the Company since September 2008 and has served on the Company&rsquo;s Audit Committee
since September 2008. Mr. Sachdev joined J.P. Morgan, a global investment bank, as a Managing Director in November 2010, and focuses
on the healthcare services subsector. Previously, Mr. Sachdev was a Managing Director at Deutsche Bank Securities, Inc. (&ldquo;Deutsche
Bank&rdquo;) from January 2009 and prior to that held the position of Director at Deutsche Bank from January 2007 until January
2009. Mr. Sachdev joined Deutsche Bank in 2006 as a Vice President. Prior to joining Deutsche Bank, Mr. Sachdev was a Vice President
at Peter J. Solomon Company, an investment banking boutique, specializing in mergers and acquisitions in the healthcare sector,
from 1998 to 2006.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Mr.
Sachdev possesses knowledge of finance and the financial analytics used to measure business performance. His 16 years of professional
experience in investment banking brings to the Board a thorough understanding of the financial issues affecting public companies
and greater insights in business valuation together with a practical orientation with respect to acquisitions and integrations
which our Company has undertaken over the last few years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Thomas
H. Schwartz</I></B><I> - Owner, Sumner and Forge Investors LLC.&#9;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Thomas
H. Schwartz, 66, has served as a director of the Company since May 2004 and has served on the Company&rsquo;s Compensation Committee
since July 2004. Since March 2007, Mr. Schwartz has been the Chief Executive Officer and sole owner of Sumner and Forge Investors
LLC, a company that invests in real estate and manages properties in which it holds ownership interests. Previously, Mr. Schwartz
was a Managing Director of Helmsley-Spear, Inc., a real estate brokerage and management company, from 1984 to March 2007.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">With
more than twenty years of experience as a Managing Director of Helmsley-Spear, Inc. and seven years as the owner of his own real
estate investment firm, Mr. Schwartz brings to the Board extensive executive level experience in handling operations issues and
practical expertise in management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Robert
Smith</I></B><I> &ndash; Chief Merchandising Officer, Haddad Brands.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Robert
Smith, 48, was recently appointed to serve as a director effective April 28, 2014. No committee appointments for Mr. Smith
have yet been made. Since 2013, Mr. Smith has been Chief Merchandising Officer for Haddad Brands, a global children&rsquo;s
apparel and accessories licensing partner for iconic American brands such as Levi&rsquo;s, Hurley, Nike, Jordan and Converse.
Prior to 2013,  from 2010 to 2012, Mr. Smith held the position of Executive Vice President, Merchandising for Limited
Brands, Victoria&rsquo;s Secret Direct, the largest direct-to-consumer women&rsquo;s apparel retailer in the United States.
From 1998 through 2010, Mr. Smith held various senior merchandising positions at Macy&rsquo;s Inc. beginning with Vice
President, Merchandise Manager, Macy&rsquo;s West and culminating with Executive Vice President, Merchandising for Juniors,
Kids, Intimate Apparel, Dresses, Suits, Coats and Swimwear. Prior to 1998, Mr. Smith was a Merchandiser for XOXO Apparel
Company and, from 1990 through 1996, Mr. Smith held various positions with Burdine&rsquo;s Department Stores.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Mr.
Smith possesses nearly 30 years of business experience in the fashion industry and has extensive executive level expertise in
merchandising. His experience in this area will further enhance the Board&rsquo;s depth of understanding of the industry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Required Vote</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Proxies
will be voted for the election of the eight nominees as directors of the Company unless otherwise specified in the proxy. A plurality
of the votes cast by the holders of shares of Common Stock present in person or represented by proxy at the Annual Meeting will
be necessary to elect the nominees as directors. This means that the director nominees who receive the greatest number of affirmative
votes cast are elected as directors subject to our Director Election (Majority Voting) Policy which is described under the caption
&ldquo;Corporate Governance-Director &ndash; Election (Majority Voting) Policy&rdquo; below. If, for any reason, any nominee is
unable or unwilling to serve, the proxies will be voted for a substitute nominee who will be designated by the Board of Directors
at the Annual Meeting. Stockholders may abstain from voting by marking the appropriate boxes on the accompanying proxy. Abstentions
will be counted separately and used for purposes of calculating whether a quorum is present at the Annual Meeting.&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Director Election (Majority
Voting) Policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">It
is the policy of the Company that any nominee for director who receives a greater number of &ldquo;WITHHOLD&rdquo; votes than
&ldquo;FOR&rdquo; votes for his or her election must promptly submit a letter of resignation to the Nominating/Corporate Governance
Committee following the certification of the stockholder vote. In such event, the Nominating/Corporate Governance Committee would
then consider the offer of resignation and make a recommendation to the Board of Directors as to whether or not the resignation
should be accepted. This policy does not apply in contested elections. For more information about this policy, see &ldquo;Corporate
Governance &ndash; Director Election (Majority Voting) Policy&rdquo; below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Recommendation of the Board
of Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Nominating/Corporate Governance Committee of the Board and the entire Board of Directors unanimously recommend a vote &ldquo;FOR&rdquo;
the election of Ms. Rose Peabody Lynch and Messrs. Edward R. Rosenfeld, John L. Madden, Peter Migliorini, Richard P. Randall,
Ravi Sachdev, Thomas H. Schwartz and Robert Smith.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena007_v1"></A>CORPORATE
GOVERNANCE</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena008_v1"></A>The Board of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our
business is managed under the direction and oversight of the Board of Directors who are elected by the Company&rsquo;s stockholders.
Directors meet their responsibilities by participating in meetings of the Board of Directors and the various committees of the
Board on which they sit, as well as through communicating with our Chairman and Chief Executive Officer, other officers and employees
of the Company and by consulting with our independent registered public accounting firm and other third parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
noted above, our Board is currently comprised of four independent and two non-independent directors. As part of the Company&rsquo;s
corporate governance planning and upon the recommendation of the Nominating/Corporate Governance Committee, the Board recently
voted to expand the size of the Board from six members to eight members. The expansion of the Board from six to eight members
will become effective as of April 28, 2014 when Rose Peabody Lynch and Robert Smith will join the Board of Directors as independent
directors.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena009_v1"></A>Director Independence</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board of Directors is currently comprised of six members and, effective April 28, 2014, will expand to eight members, when Rose
Peabody Lynch and Robert Smith join the Board as independent directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board of Directors has determined that the following director nominees are &ldquo;independent&rdquo; for purposes of the criteria
of the SEC and The Nasdaq Global Select Market listing standards: Ms. Lynch and Messrs. Migliorini, Randall, Sachdev, Schwartz
and Smith. If the eight nominees set forth above are elected, the Board will be comprised of a majority of independent directors.
The Board of Directors has held regularly scheduled executive sessions for the independent directors, with Peter Migliorini serving
as Presiding Director of such executive sessions.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena010_v1"></A>Director Attendance at
Meetings</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Attendance
at Annual Meetings of Stockholders</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company has no specific policy regarding director attendance at its annual meetings of stockholders. The Company encourages all
of its directors to attend annual meetings of the Company&rsquo;s stockholders and two directors attended the Company&rsquo;s
2013 annual meeting of stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Attendance
at Meetings of the Board of Directors</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board of Directors held four regularly scheduled and three special meetings during the 2013 Fiscal Year, one of which was not
attended by Mr. Schwartz and Mr. Madden, and acted by unanimous written consent on three occasions during the 2013 Fiscal Year.
In 2013, each director attended at least 75% of the aggregate number of Board meetings, and each director attended at least 75%
of the aggregate number of meetings held by all committees on which he then served.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena011_v1"></A>Director Election (Majority
Voting) Policy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company has adopted a Director Election (Majority Voting) Policy. Pursuant to this policy, in an uncontested election of directors
(that is, an election where the number of nominees is equal to the number of seats open) any nominee for director who receives
a greater number of &ldquo;WITHHOLD&rdquo; votes than &ldquo;FOR&rdquo; votes for his or her election must promptly submit an
offer of resignation to the Nominating/Corporate Governance Committee following the certification of the stockholder vote for
consideration in accordance with the following procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
such event, upon receipt of the resignation, the Nominating/Corporate Governance Committee would promptly consider the appropriateness
of the director&rsquo;s continued service on the Board of Directors and recommend to the Qualified Independent Directors (as defined
below) the action to be taken with respect to the resignation, which could include (1)&nbsp;accepting the resignation; (2)&nbsp;rejecting
the resignation; (3) retaining the director but addressing what the Qualified Independent Directors believe to be the underlying
cause of the &ldquo;WITHHOLD&rdquo; votes; or (4)&nbsp;determining that the director will not be renominated by the Board of Directors
in future elections. The Nominating/Corporate Governance Committee would consider factors such as (a)&nbsp;the reasons expressed
by the stockholders for withholding votes from such director; (b)&nbsp;any possibilities for curing the underlying cause of the
&ldquo;WITHHOLD&rdquo; votes; (c)&nbsp;the tenure and qualifications of the director and his or her past and expected future contributions
to the Company; (d)&nbsp;the overall composition of the Board of Directors, including, without limitation, whether accepting the
resignation would cause the Company to fail to meet any applicable SEC or Nasdaq requirement; (e) the availability of other qualified
candidates; and (f) the Company&rsquo;s Board of Director Candidate Guidelines and Director Election (Majority Voting) Policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Qualified Independent Directors would then act on the Nominating/Corporate Governance Committee&rsquo;s recommendation no later
than 90 days following the date of the stockholders&rsquo; meeting at which the director election occurred. In considering the
Nominating/Corporate Governance Committee&rsquo;s recommendation, the Qualified Independent Directors would review the factors
considered by the Nominating/Governance Committee and such additional information and factors that they believe to be relevant.
Following the Qualified Independent Directors&rsquo; decision, the Company would promptly disclose the decision in a Current Report
on Form 8-K. The Form 8-K would include a full explanation of the process by which the decision of the Qualified Independent Directors
was reached and, if applicable, the reasons why the offer of resignation was rejected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the event that an offer of resignation were to be accepted, the Nominating/Corporate Governance Committee would recommend to the
Board of Directors whether to fill the vacancy or reduce the size of the Board of Directors accordingly. Any director required
to submit his or her resignation pursuant to this policy would not participate in the Nominating/Corporate Governance Committee&rsquo;s
recommendation or the Qualified Independent Directors&rsquo; consideration of the resignation but, prior to voting on the director&rsquo;s
resignation offer, the Qualified Independent Directors would provide to the director an opportunity to submit any information
or statement that he believes relevant to the Qualified Independent Directors&rsquo; consideration of the resignation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
purposes of this policy, &ldquo;Qualified Independent Directors&rdquo; means all directors who (1) are &ldquo;independent&rdquo;
for purposes of The Nasdaq Global Select Market listing standards and (2) are not required to offer their resignation in accordance
with this policy. If there are fewer than three independent directors then serving on the Board of Directors who are not required
to submit their resignations in accordance with this policy, then the Qualified Independent Directors shall consist of all of
the independent directors and each independent director who is required to offer his or her resignation in accordance with this
policy shall recuse himself or herself from the deliberations and voting only with respect to his or her individual offer to resign.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena012_v1"></A>Committees of the Board</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board of Directors, among other committees, has a standing Audit Committee, Compensation Committee and Nominating/Corporate Governance
Committee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Audit
Committee</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
members of the Audit Committee are Messrs. Randall (Chairman), Migliorini and Sachdev. The Audit Committee is comprised of directors
who are &ldquo;independent&rdquo; for purposes of The Nasdaq Global Select Market listing standards and who meet the independence
requirements contained in Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) Rule 10A-3(b)(1). The Board
has determined that Mr. Randall meets the SEC criteria of an &ldquo;audit committee financial expert&rdquo; and he is currently
serving as such. The Audit Committee is primarily responsible for reviewing the services performed by the Company&rsquo;s independent
registered public accountants, evaluating the Company&rsquo;s accounting policies and its system of internal controls, and reviewing
significant financial transactions. During the 2013 Fiscal Year, the Audit Committee met five times.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Audit Committee is responsible for reviewing and striving to ensure the integrity of the Company&rsquo;s financial statements
and oversight of our compliance with legal and regulatory requirements, our internal audit function and an independent registered
public accounting firm. Among other matters, the Audit Committee, with management and independent and internal auditors, reviews
the adequacy of the Company&rsquo;s internal accounting controls that could significantly affect the Company&rsquo;s financial
statements. The Audit Committee is also directly and solely responsible for the appointment, retention, compensation, oversight
and termination of the Company&rsquo;s independent registered public accountants. In addition, the Audit Committee also functions
as the Company&rsquo;s Qualified Legal Compliance Committee (the &ldquo;QLCC&rdquo;). The purpose of the QLCC is to receive, retain
and investigate reports made directly, or otherwise made known, of evidence of material violations of any United States federal
or state law, including any breach of fiduciary duty by the Company, its officers, directors, employees or agents, and if the
QLCC believes appropriate, to recommend courses of action to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Management
has primary responsibility for the Company&rsquo;s financial statements and the overall reporting process, including the Company&rsquo;s
system of internal controls. The independent registered public accountants audit the annual financial statements prepared by management,
express an opinion as to whether those financial statements present fairly the financial position, results of operations and cash
flows of the Company in conformity with accounting principles generally accepted in the United States and discuss with the Audit
Committee any issues they believe should be raised with the Audit Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Audit Committee is also responsible for the oversight of the Company&rsquo;s risk management process, which is discussed in the
&ldquo;Risk Oversight&rdquo; section below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
performing its functions, the Audit Committee meets with management on at least a quarterly basis to review and discuss the annual
audited financial statements, quarterly financial statements and related reports and to consider the adequacy of the Company&rsquo;s
internal controls and the objectivity of its financial reporting. The Audit Committee discusses these matters with the Company&rsquo;s
independent registered public accountants and with appropriate Company financial personnel. Meetings are held with the independent
registered public accountants, who have unrestricted access to the Audit Committee. In addition, the Audit Committee reviews the
Company&rsquo;s financing plans and reports and makes recommendations to the full Board of Directors for approval and to authorize
action. The Board has adopted a written charter setting out the functions the Audit Committee is to perform. A copy of the Audit
Committee Charter is available on the Company&rsquo;s website at <U>www.stevemadden.com</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Nominating/Corporate
Governance Committee</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
members of the Nominating/Corporate Governance Committee are Messrs. Migliorini (Chairman) and Randall. The Nominating/Corporate
Governance Committee is comprised of directors who are &ldquo;independent&rdquo; for purposes of The Nasdaq Global Select Market
listing standards. The Nominating/Corporate Governance Committee acted by unanimous written consent on one occasion during the
2013 Fiscal Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Nominating/Corporate Governance Committee provides oversight with respect to a wide range of issues relating to the composition
and operation of the Board, including consideration of and recommendations regarding the size and composition of the Board of
Directors and identification of potential candidates to serve as directors. The Nominating/Corporate Governance Committee identifies
candidates to the Board of Directors by introductions from management, members of the Board of Directors, employees of the Company
or other sources, including stockholders that satisfy the Company&rsquo;s policy regarding stockholder recommended candidates.
The Nominating/Corporate Governance Committee does not evaluate director candidates recommended by stockholders differently than
director candidates recommended by other sources.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Stockholders
wishing to submit recommendations for director nominations for the 2015 Annual Meeting should write to the Corporate Secretary,
Steven Madden, Ltd., 52-16 Barnett Avenue, Long Island City, New York 11104. Any such stockholder must (x) comply with the director
nomination provisions of the Company&rsquo;s By-Laws, (y) meet and evidence the minimum eligibility requirements specified in
Exchange Act Rule 14a-8, and (z) submit, within the same timeframe for submitting a stockholder proposal required by Rule 14a-8:
(1) evidence in accordance with Rule 14a-8 of compliance with the stockholder eligibility requirements, (2) the written consent
of the candidate(s) for nomination as a director, (3) a resume or other written statement of the qualifications of the candidate(s)
for nomination as a director, and (4) all information regarding the candidate(s) and the submitting stockholder that would be
required to be disclosed in a proxy statement filed with the SEC if the candidate(s) were nominated for election to the Board
of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
considering candidates for the Board of Directors, the Nominating/Corporate Governance Committee considers the Company&rsquo;s
Board of Director Candidate Guidelines and Director Election (Majority Voting) Policy, available on the Company&rsquo;s website
at <U>www.stevemadden.com</U>, the Company&rsquo;s policy regarding stockholder recommended director candidates, as set forth
above, and all other factors that are deemed appropriate including, but not limited to, the individual&rsquo;s character, education,
experience, knowledge and skills. While the Nominating/Corporate Governance Committee&rsquo;s Board of Directors Candidate Guidelines
does not expressly identify diversity as a factor for consideration regarding the evaluation of director candidates, diversity
is among the many factors the Nominating/Corporate Governance Committee considers in the candidate evaluation process. To assess
the effectiveness of the mandate set forth in the Nominating/Corporate Governance Committee&rsquo;s charter, the Nominating/Corporate
Governance Committee reviews annually with the Board the composition of the Board as a whole and recommends, if necessary, measures
to be taken so that the Board reflects the appropriate balance of knowledge, experience, skills, expertise and diversity required
for the Board as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
addition, the Nominating/Corporate Governance Committee develops and recommends corporate governance principles for the Company;
makes recommendations to the Board of Directors in support of such principles; takes a leadership role in the shaping of the corporate
governance of the Company; and oversees the evaluation of the Board of Directors and management. The Nominating/Corporate Governance
Committee operates under a formal charter that governs the Committee&rsquo;s composition, powers and responsibilities. A copy
of the Nominating/Corporate Governance Charter is available on the Company&rsquo;s website at <U>www.stevemadden.com</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Compensation
Committee</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
members of the Compensation Committee are Messrs. Migliorini (Chairman) and Schwartz. The Compensation Committee is comprised
of directors who are &ldquo;independent&rdquo; for purposes of The Nasdaq Global Select Market listing standards and applicable
tax and securities rules. The Compensation Committee met three times during the 2013 Fiscal Year and acted by unanimous written
consent on two occasions during the 2013 Fiscal Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Compensation Committee is responsible for establishing and overseeing the Company&rsquo;s compensation and incentive plans and
programs; determining and approving compensation for the Company&rsquo;s executive officers, including salaries, bonuses, perquisites
and equity awards; reviewing and approving compensation and awards for the Company&rsquo;s executive officers under the Company&rsquo;s
compensation and incentive plans and programs; administering the Company&rsquo;s equity compensation plans; reviewing and approving
a compensation program for independent members of the Board; and assisting the Board in discharging the Board&rsquo;s responsibilities
relating to management organization, performance, compensation and succession. The Compensation Committee operates under a formal
charter adopted by the Board of Directors that governs its composition, powers and responsibilities. A copy of the Compensation
Committee Charter is available on the Company&rsquo;s website at <U>www.stevemadden.com</U>.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A NAME="smaddena013_v1"></A>Board Leadership Structure,
Risk Oversight, Executive Sessions of Non-Employee Directors, and Communications Between Stockholders and the Board</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Board
Leadership Structure</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
noted above, our Board is currently comprised of four independent and two non-independent directors and, commencing on April 28,
2014, will be expanded and consist of five independent directors and two non-independent directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Mr.
Rosenfeld has served as Chairman of the Board and Chief Executive Officer since August 2008, and has been a member of the Board
since February 2008. The Board has designated one of the independent directors as Presiding Director to preside over executive
sessions. We believe that the number of independent, experienced directors that comprise our Board, along with the independent
oversight of our Presiding Director, benefits the Company and its stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
recognize that different board leadership structures may be appropriate for companies in different situations and believe that
no one structure is suitable for all companies. We believe our current Board leadership structure is optimal for the Company because
it demonstrates to our employees, suppliers, customers, and other stakeholders that the Company is under strong leadership, with
a single person setting the tone and having primary responsibility for managing our operations and leading the Board in setting
long-term strategy. Having a single leader for both the Company and the Board eliminates confusion and duplication of efforts,
and provides clear leadership for the Company. We believe the Company, like many U.S. companies, has been well-served by this
leadership structure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Because
the positions of Chairman of the Board and Chief Executive Officer are held by the same person, the Board believes it is appropriate
for the independent directors to elect one independent director to serve as a Presiding Director. In addition to presiding at
executive sessions of the independent directors, the Presiding Director has various responsibilities including coordinating with
the Chairman of the Board and Chief Executive Officer in establishing agenda and discussion items for Board meetings; retaining
independent advisors on behalf of the Board as the Board may determine to be necessary or appropriate and performing such other
functions as the independent directors may designate from time to time. Mr. Migliorini is currently serving as the Presiding Director.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our
Board conducts an annual evaluation in order to determine whether it and its committees are functioning effectively. As part of
this annual self-evaluation, the Board evaluates whether the current leadership structure continues to be optimal for the Company
and its stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Risk
Oversight</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our
Board is responsible for overseeing the Company&rsquo;s risk management process. The Board focuses on the Company&rsquo;s general
risk management strategy, the most significant risks facing the Company, and ensures that appropriate risk mitigation strategies
are implemented by management. The Board is also apprised of particular risk management matters in connection with its general
oversight and approval of corporate matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board has delegated to the Audit Committee oversight of the Company&rsquo;s risk management process. Among its duties, the Audit
Committee reviews with management (a) the Company&rsquo;s policies with respect to risk assessment and management of risks that
may be material to the Company, (b) the Company&rsquo;s system of disclosure controls and system of internal controls over financial
reporting, and (c) the Company&rsquo;s compliance with legal and regulatory requirements. The Audit Committee is also responsible
for reviewing major legislative and regulatory developments that could materially impact the Company&rsquo;s contingent liabilities
and risks. Our other Board committees also consider and address risks as they perform their respective committee responsibilities.
All committees report to the full Board as appropriate, including when a matter rises to the level of a material or enterprise
level risk.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company&rsquo;s management is responsible for day-to-day risk management. Our risk management and internal audit areas serve as
the primary monitoring and testing function for company-wide policies and procedures, and manage the day-to-day oversight of the
risk management strategy for the ongoing business of the Company. This oversight includes identifying, evaluating, and addressing
potential risks that may exist at the enterprise, strategic, financial, operational, and compliance and reporting levels.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
believe the division of risk management responsibilities described above is an effective approach for addressing the risks facing
the Company and that our Board leadership structure supports this approach.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Executive
Sessions of Independent Directors</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board holds executive sessions of its independent directors generally at each regularly scheduled meeting. The Presiding Director
serves as the chairperson for these executive sessions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Communications
between Stockholders and the Board</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company has adopted a procedure by which stockholders may send communications to one or more members of the Board of Directors
by writing to such director(s) or to the entire Board of Directors in care of the Corporate Secretary, Steven Madden, Ltd., 52-16
Barnett Avenue, Long Island City, New York 11104. The Board has instructed the Corporate Secretary to review all communications
so received and to exercise his discretion not to forward to the Board correspondence that is inappropriate, such as business
solicitations, frivolous communications and advertising, routine business matters (i.e. business inquiries, complaints, or suggestions)
and personal grievances. However, any director may at any time request the Corporate Secretary to forward to such director any
and all communications received by the Corporate Secretary but not forwarded to the directors.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena014_v1"></A>Code of Business Conduct
and Ethics</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">All
of the Company&rsquo;s employees, officers (including senior executive, financial and accounting officers) and directors are held
accountable for adherence to the Company&rsquo;s Code of Business Conduct and Ethics (the &ldquo;Conduct Code&rdquo;). The Conduct
Code is intended to establish standards necessary to deter wrongdoing and to promote compliance with applicable governmental laws,
rules and regulations and honest and ethical conduct. The Conduct Code covers all areas of professional conduct, including conflicts
of interest, fair dealing, financial reporting and disclosure, protection of Company assets and confidentiality. Employees have
an obligation to promptly report any known or suspected violation of the Conduct Code without fear of retaliation. Waiver of any
provision of the Conduct Code for executive officers and directors may only be granted by the Board of Directors or one of its
committees and any such waiver or modification of the Conduct Code relating to such individuals will be disclosed by the Company.
A copy of the Conduct Code is available on the Company&rsquo;s website at <U>www.stevemadden.com</U> and may also be obtained
by any stockholder without charge upon request by writing to the Corporate Secretary, Steven Madden, Ltd., 52-16 Barnett Avenue,
Long Island City, New York 11104.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena015_v1"></A>Certain Relationships
and Related Party Transactions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>JLM
Consultants, Inc., a company wholly-owned by John L. Madden. </I>Since<I> </I>2004, the Company has engaged JLM Consultants, Inc.,
a company wholly-owned by John L. Madden, a member of the Board and the brother of Steven Madden, the Company&rsquo;s founder
and Creative and Design Chief, to provide consulting services to the Company with respect to the development of international
sales of the Company. On February 23, 2012, the Company entered into a consulting agreement (the &ldquo;JLM Consulting Agreement&rdquo;)
with JLM Consultants, Inc., which replaced a prior consulting agreement, and continues in effect until December 31, 2014. In accordance
with the terms of the JLM Consulting Agreement, for the 2013 Fiscal Year, JLM Consultants, Inc. received the following compensation
from the Company for services rendered: (a) a commission equal to 1% of net sales, excluding retail royalty income; (b) a commission
equal to 10% of retail royalty income, (c) 1% of any commission income to the International division that is not recognized in
net sales; (d) a monthly draw in the amount of $25,000, which amount is offset against commissions earned, (e) a $1,000 per month
travel allowance and (f) $4,576.08 per month reimbursement for health insurance premiums for John L. Madden. Pursuant to this
arrangement, JLM Consultants, Inc. received a total of $1,310,349 from the Company in the 2013 Fiscal Year.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant
to the JLM Consulting Agreement, on January 2, 2013, the Company issued 72,012 restricted shares of the Company&rsquo;s Common
Stock (the number of shares indicated having been adjusted for an October 1, 2013 three-for-two stock split effected as a stock
dividend) to JLM Consultants, Inc. under the Steven Madden, Ltd. 2006 Stock Incentive Plan, as amended (the &ldquo;2006 Plan&rdquo;),
which shares will vest in twelve substantially equal quarterly installments over a three-year period commencing on April 1, 2013
and continuing to vest quarterly thereafter until the final installment vests on January 1, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Steven
Madden Employment Agreement. </I>Effective as of July 1, 2005, the Company amended and restated its employment agreement with
the Company&rsquo;s founder and Creative and Design Chief, Steven Madden, pursuant to which Mr. Madden agreed to continue to serve
as the Company&rsquo;s Creative and Design Chief. The term of Mr. Madden&rsquo;s employment under his employment agreement commenced
on July 1, 2005 and, in accordance with the amendment of the agreement effective December 31, 2011, will end on December 31, 2023.
Prior to this recent amendment, the agreement had provided for an annual salary of $600,000, with a 7% increase of base salary
on a compound basis in each of the third, fifth, seventh and ninth years of the agreement. The agreement had also provided for
an annual cash bonus in an amount equal to at least 2% of the Company&rsquo;s EBITDA (the &ldquo;Annual Bonus&rdquo;) and an annual
cash bonus in relation to &ldquo;new business&rdquo; (as defined in the agreement) in an amount equal to at least (i) 2.5% of
new business gross direct revenues plus (ii) 10% of all license or other fee income above $2,000,000 (the &ldquo;New Business
Bonus&rdquo;). The agreement, as amended, increases Mr. Madden&rsquo;s annual base salary but eliminates the Annual Bonus and
the New Business Bonus and provides that all cash bonuses subsequent to the fiscal year ended December 31, 2011 will be at the
sole discretion of the Company&rsquo;s Board of Directors. Under the agreement, as amended, Mr. Madden&rsquo;s annual base salary
was fixed at $5,416,667 in 2012, $7,416,667 in 2013, $9,666,667 in 2014, $11,916,667 in 2015 and $10,697,917 in 2016 and in each
year thereafter through the end of the term of employment. In addition, the amended agreement entitles Mr. Madden to an annual
life insurance premium reimbursement of up to $200,000. The amendment also eliminates an annual non-accountable expense allowance
of $200,000 that had been previously provided to Mr. Madden under the agreement. Pursuant to the amended agreement, on February
8, 2012, Mr. Madden was granted 1,463,056 restricted shares of Common Stock (the number of shares indicated having been adjusted
for an October 1, 2013 three-for-two stock split effected as a stock dividend), valued at approximately $40 million, under the
2006 Plan. The restricted Common Stock will vest in equal annual installments over seven years commencing on December 31, 2017
through December 31, 2023, subject to Mr. Madden&rsquo;s continued employment with the Company on each such vesting date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
June 30, 2012, pursuant to an election right granted to him under the agreement, as amended, Mr. Madden notified the Company of
his election to receive an additional restricted stock award valued at $40 million in consideration of a reduction in his annual
base salary in years subsequent to 2012. Accordingly, on July 3, 2012, Mr. Madden was issued 1,893,342 restricted shares of Common
Stock (the number of shares indicated having been adjusted for an October 1, 2013 three-for-two stock split effected as a stock
dividend) under the 2006 Plan. The restricted Common Stock will vest in equal annual installments over six years commencing on
December 31, 2018 through December 31, 2023, subject to Mr. Madden&rsquo;s continued employment with the Company on each such
vesting date. As a result of his election to receive an additional restricted stock award, Mr. Madden&rsquo;s annual base salary
for years subsequent to 2012 has been reduced as follows: $4,000,000 in 2013, $6,125,000 in 2014, $8,250,000 in 2015 and $7,026,042
in 2016 and in each year thereafter through the end of the term of employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Mr.
Madden is also eligible to receive annually, on or about the date of the Company&rsquo;s annual meeting of stockholders (but not
later than June 30<SUP>th</SUP>), an option grant (the &ldquo;Annual Option&rdquo;) to purchase a number of shares of Common Stock,
with such number to be equal to the greater of (a) 100% of the largest aggregate number of shares of Common Stock available upon
the exercise of an option or options granted to any other continuing full-time employee of the Company during the preceding twelve-month
period and (b) 100,000 shares of Common Stock; provided, however, that a grant to Mr. Madden in excess of 150% of the number of
shares of Common Stock subject to options granted to such other continuing full-time employee would require stockholder approval.
Any Annual Option granted to Mr. Madden would vest quarterly over a one-year period following the grant date and would be exercisable
at a price equal to the closing price of the Company&rsquo;s Common Stock on the grant date for a period of five years following
the grant date. Mr. Madden opted to waive his right to the Annual Option in 2013. In addition to the Annual Option, the agreement,
as amended, provides for a potential additional one-time stock option grant to purchase 750,000 shares of the Company&rsquo;s
Common Stock (the number of shares subject to this potential stock option award having been adjusted for an October 1, 2013 three-for-two
stock split effected as a stock dividend) in the event that the Company achieves earnings per share, on a fully-diluted basis,
equal to $3.00 in any fiscal year ending December 31, 2015 or after. If granted, the option would vest in equal annual installments
of 20% over a five-year period and be exercisable for a period of seven years at a price equal to the closing price of the Company&rsquo;s
Common Stock on the date immediately preceding the grant date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the event of Mr. Madden&rsquo;s death, his employment agreement provides for the payment to Mr. Madden&rsquo;s estate of his base
salary for the 12-month period immediately subsequent to the date of his death. Further, in the event that Mr. Madden&rsquo;s
employment agreement is terminated due to Mr. Madden&rsquo;s total disability (as defined in the agreement), &ldquo;for cause&rdquo;
(as defined in the agreement) or due to Mr. Madden&rsquo;s resignation, the Company is obligated to pay Mr. Madden the amount
of compensation that is accrued and unpaid through the date of termination. In the event Mr. Madden&rsquo;s employment agreement
is terminated for any reason (other than &ldquo;for cause&rdquo; or due to his death, total disability or resignation), the Company
is obligated to pay Mr. Madden, in installments, the balance of his base salary that would have been paid by the Company under
the agreement for the full term of the agreement. If, during the period commencing 120 days prior to a &ldquo;change of control&rdquo;
(as defined in the employment agreement) transaction and ending on the first anniversary of a change of control transaction, Mr.
Madden&rsquo;s employment is terminated by the Company other than for cause or by the resignation of Mr. Madden for &ldquo;good
reason&rdquo; (as defined in the employment agreement), or if Mr. Madden resigns for good reason or without good reason within
30 days following a change of control transaction, all unvested options to purchase shares of Common Stock held by Mr. Madden
will vest on the date of termination or resignation and Mr. Madden will be entitled to receive a lump sum cash payment equal to
the amount of compensation that is accrued and unpaid through the date of termination plus $35 million. Mr. Madden&rsquo;s employment
agreement contains other customary provisions, including provisions regarding expense reimbursement, confidentiality, solicitation
and competition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
the 2013 Fiscal Year, Mr. Madden earned $4,000,000 in base salary and received $200,000 for the payment of an annual life insurance
premium. Mr. Madden opted to waive his right to the Annual Option for the 2013 Fiscal Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Loan
to Steven Madden. </I>On June 25, 2007, the Company made a loan to Steven Madden, its Creative and Design Chief and a principal
stockholder of the Company, in the amount of $3,000,000, in order for Mr. Madden to satisfy a personal tax obligation resulting
from the exercise of a stock option which was due to expire and to hold the underlying shares of Common Stock. Mr. Madden executed
a promissory note in favor of the Company, which is secured by a pledge of 472,500 shares of the Company&rsquo;s Common Stock
beneficially owned by Mr. Madden (the number of shares indicated having been adjusted for an October 1, 2013 three-for-two stock
split effected as a stock dividend). There have been successive amendments to the note, the most recent of which occurred on January
3, 2012, at which time the note was amended and restated to extend the maturity date of the obligation to December 31, 2023 and
eliminate the accrual of interest after December 31, 2011. Prior to the most recent amendment, the note had been accruing interest
at the rate of 6% per annum. In addition, the amended and restated note provides that, commencing on December 31, 2014 and annually
on each December 31 thereafter through the maturity date, one-tenth of the principal amount thereof, together with accrued interest,
will be cancelled by the Company provided that Mr. Madden continues to be employed by the Company on each such December 31. Contemporaneously,
the Company will release a number of pledged shares of Common Stock from the pledge generally correlating to the amount of indebtedness
cancelled on such date. As of December 31, 2011, interest in the amount of $1,090,000 had accrued on the principal amount of the
note and, as noted above, interest was eliminated after December 31, 2011.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Steven
Madden is the brother of John L. Madden, who has been a director of the Company since 1993.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena016_v1"></A>Review, Approval or Ratification
of Transactions with Related Persons</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company&rsquo;s written Conduct Code and Employee Handbook prohibit all conflicts of interest. Under the Conduct Code, conflicts
of interest occur when private or family interests interfere in any way, or even appear to interfere, with the interests of the
Company. The Company&rsquo;s prohibition on conflicts of interest under the Conduct Code includes any related person transaction.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Related
person transactions must be approved by the Board, or by a committee of the Board consisting solely of independent directors,
who will approve the transaction only if they determine that it is in the best interests of the Company. In considering the transaction,
the Board or committee will consider all relevant factors, including, as applicable, (i) the Company&rsquo;s business rationale
for entering into the transaction; (ii) the alternatives to entering into a related person transaction; (iii) whether the transaction
is on terms comparable to those available to third parties or, in the case of employment relationships, to employees generally;
(iv) the potential for the transaction to lead to an actual or apparent conflict of interest and any safeguards imposed to prevent
such actual or apparent conflicts; and (v) the overall fairness of the transaction to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company has multiple processes for reporting conflicts of interests, including related person transactions. Under the Conduct
Code, all employees are required to report any actual or apparent conflict of interest, or potential conflict of interest, to
management. The Chief Financial Officer distributes a questionnaire to the Company&rsquo;s executive officers and management personnel
on a quarterly basis and distributes a questionnaire to the members of the Board of Directors on an annual basis requesting certain
information regarding, among other things, their immediate family members, employment and beneficial ownership interests, which
information is then reviewed for any conflicts of interest under the Conduct Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board of Directors, the Audit Committee and the Disclosure Committee, which is comprised of management personnel, discuss the
related party transactions, specifically, and in connection with the regular review processes attendant to the Company&rsquo;s
periodic filings, including related party transaction disclosures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
a director is a party to or in some manner involved in a transaction involving the Company, he will be recused from all discussions
and decisions about the transaction. The transaction must be approved in advance whenever practicable, and if not practicable,
must be ratified as promptly as practicable.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena017_v1"></A>COMPENSATION
OF DIRECTORS IN THE 2013 FISCAL YEAR</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
following table sets forth information concerning the compensation of the Company&rsquo;s non-employee directors in the 2013 Fiscal
Year. Following the table is a discussion of material factors related to the information disclosed in the table.&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fees <BR>
Earned or <BR>
Paid in <BR>
Cash <BR>($)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock <BR>Awards <BR>($)(1)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other<BR>
 Compensation <BR>($)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total <BR>($)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 40%; text-align: left">John L. Madden</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,999,773&nbsp;</TD><TD STYLE="width: 1%; text-align: left">(2)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,376,997&nbsp;</TD><TD STYLE="width: 1%; text-align: left">(3)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,376,770</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Peter Migliorini</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,012&nbsp;</TD><TD STYLE="text-align: left">(4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">210,012</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Richard P. Randall</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,012&nbsp;</TD><TD STYLE="text-align: left">(5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">210,012</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ravi Sachdev</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,012&nbsp;</TD><TD STYLE="text-align: left">(6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185,012</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Thomas H. Schwartz</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,012&nbsp;</TD><TD STYLE="text-align: left">(7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185,012</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(1) Reflects
the grant date fair value of stock awards calculated in accordance with the Financial Accounting Standards Board (&ldquo;FASB&rdquo;)
Accounting Standards Codification (&ldquo;ASC&rdquo;) Topic 718. Assumptions used in the calculation of these
amounts are included in Note I to the Company&rsquo;s audited financial statements for the fiscal year ended December 31, 2013
included in the Company&rsquo;s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2014.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(2) At
December 31, 2013, the aggregate number of shares of restricted Common Stock held by JLM Consultants, Inc., a corporation wholly-owned
by Mr. Madden, was 54,012, and Mr. Madden had no options outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(3) Includes:
(a) the use of a corporate apartment valued at $66,648 and (b) $1,310,349 in fees, travel and health insurance premium allowance
paid to JLM Consultants, Inc., a company wholly-owned by Mr. John Madden, as consideration for consulting services provided by
JLM Consultants, Inc. with respect to the development of the Company&rsquo;s international business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">(4) At
December 31, 2013, the aggregate number of shares of restricted Common Stock held was 3,147, and Mr. Migliorini had no options
outstanding.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">(5) At
December 31, 2013, the aggregate number of shares of restricted Common Stock held was 3,147, and Mr. Randall had no options outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(6) At
December 31, 2013, the aggregate number of shares of restricted Common Stock held was 3,147, and Mr. Sachdev had no options outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(7) At
December 31, 2013, the aggregate number of shares of restricted Common Stock held was 3,147, and Mr. Schwartz had no options outstanding.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Directors
who are also employees of the Company are not paid any fees or other remuneration for service on the Board of Directors or any
of its committees. In the 2013 Fiscal Year, each non-employee director, other than John L. Madden, received the following compensation:
(i) a grant of 3,147 shares of restricted Common Stock (the number of shares indicated having been adjusted for an October 1,
2013 three-for-two stock split effected as a stock dividend), vesting on the first anniversary of the grant date, June 6, 2014
and (ii) $75,000. John L. Madden, who is a non-independent director as a result of his ownership of JLM Consultants, Inc., a provider
of consulting services to the Company with respect to international sales, is not paid a fee for his service on the Board of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the 2013 Fiscal Year, members of the Audit Committee, Nominating/Corporate Governance Committee and Compensation Committee each
received an additional $10,000 for serving on such committees, except that the Chairman of the Audit Committee received $25,000
instead of $10,000 and the Chairman of the Compensation Committee received $15,000 instead of $10,000. The Company reimburses
its directors for any out-of-pocket expenses incurred by them in connection with services provided in such capacity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena018_v1"></A>STOCK
OWNERSHIP</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena019_v1"></A>Security Ownership of
Certain Beneficial Owners</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
following table sets forth information as of the Record Date (unless otherwise indicated) with respect to the beneficial ownership
of the Common Stock of the Company by each person known by the Company to be the beneficial owner of more than 5% of the outstanding
shares of the Common Stock of the Company. A person is deemed to be a beneficial owner of any securities which that person has
the right to acquire within 60 days.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 64%; padding-left: 8.8pt; text-indent: -8.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 8.8pt; text-indent: -8.8pt">Name and Address of Beneficial Owner</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Amount and Nature<BR> of Beneficial<BR> Ownership (1)</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Percentage of Class</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0">Steven Madden</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 17.3pt">c/o Steven Madden, Ltd.</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 17.3pt">52-16 Barnett Avenue</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 17.3pt">Long Island City, NY 11104</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,242,290</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.74</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">%</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(2)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0">BOCAP Corp.</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 17.3pt">c/o Steven Madden, Ltd.</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 17.3pt">52-16 Barnett Avenue</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 17.3pt">Long Island City, NY 11104</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp; &nbsp; &nbsp; 2,058,062</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.09</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">%</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(3)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0">FMR LLC</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 17.3pt">82 Devonshire Street</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 17.3pt">Boston, Massachusetts 02109</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,733,664</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.61</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">%</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(4)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0">BlackRock Inc.</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 17.3pt">40 East
                                         52<SUP>nd</SUP> Street</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 17.3pt">New York, NY 10022</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,464,456</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.21</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">%</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(5)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0">The Vanguard Group</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 17.3pt">100 Vanguard Boulevard</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 17.3pt">Malvern, Pennsylvania 19355</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,111,249</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.18</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">%</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(6)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0">Eagle Asset Management, Inc.</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 17.3pt">880 Carillon Parkway</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 17.3pt">St. Petersburg, Florida 33716</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,898,540</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.86</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">%</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(7)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 1pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 8.8pt; text-indent: -8.8pt; font: 1pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 1pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 1pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 1pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 1pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 1pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">(1) Beneficial
ownership as reported in the table below has been determined in accordance with Item 403 of Regulation S-K and Rule 13d-3 of the
Exchange Act and based upon 66,563,809 shares of Common Stock outstanding (excluding treasury shares) as of the Record Date.</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(2) Mr.
Madden&rsquo;s beneficial ownership includes: (i) 2,058,062 shares of Common Stock held by BOCAP Corp, a corporation wholly-owned
by Mr. Madden; (ii) 881,253 shares of Common Stock that may be acquired through options that are exercisable as of, or will become
exercisable within 60 days of, the Record Date; (iii) 3,356,398 shares of restricted Common Stock granted under the 2006 Plan
(which restricted stock includes 1,463,056 shares which will vest in equal annual installments over seven years commencing on
December 31, 2017 through December 31, 2023 and 1,893,342 shares which will vest in equal annual installments over six years commencing
on December 31, 2018 through December 31, 2023, in each case subject to forfeiture pursuant to the terms of the 2006 Plan and
of Mr. Madden&rsquo;s employment agreement); and (iv) 946,577 shares of Common Stock held by Mr. Madden directly. Mr. Madden has
pledged to the Company 472,500 shares of Common Stock beneficially owned by him to secure the repayment of a loan made by the
Company to Mr. Madden, which loan is discussed in the section of this Proxy Statement captioned &ldquo;Certain Relationships and
Related Party Transactions.&rdquo; Excluded are 241,926 shares of Common Stock beneficially owned by two irrevocable trusts (collectively,
the &ldquo;2010 Trusts&rdquo;) established by Mr. Madden for the benefit of each of his two sons, the trustee of which is unrelated
to Mr. Madden and as to which Mr. Madden does not, directly or indirectly, have or share voting or investment power. The 2010
Trusts were funded by shares distributed from the Steven H. Madden July 2010 Grantor Retained Annuity Trust, a grantor retained
annuity trust (the &ldquo;GRAT&rdquo;) by the trustee of the GRAT, who is unrelated to Mr. Madden, upon the expiration of the
GRAT pursuant to its terms.&nbsp; Mr. Madden disclaims beneficial ownership of the shares of Common Stock beneficially owned by
the 2010 Trusts. Also excluded are 341,215 shares of Common Stock beneficially owned by the Steven H. Madden 2012 Trust, an irrevocable
trust established by Mr. Madden for the benefit of his descendants, the trustee of which is unrelated to Mr. Madden and as to
which Mr. Madden does not, directly or indirectly, have or share voting or investment power; Mr. Madden disclaims beneficial ownership
of the shares of Common Stock beneficially owned by this trust.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(3) BOCAP
Corp is a corporation wholly-owned by Steven Madden.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(4) Based
solely on a Statement on Schedule 13G filed with the SEC on February 14, 2014 by FMR LLC (&ldquo;FMR&rdquo;), FMR has sole voting
power with respect to 673,309 of such shares and sole dispositive power with respect to all such shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(5) Based
solely on a Statement on Schedule 13G filed with the SEC on January 30, 2014 by BlackRock, Inc. (&ldquo;BlackRock&rdquo;), BlackRock
has sole voting power with respect to 5,289,719 of such shares and sole dispositive power with respect to all such shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(6) Based
solely on a Statement on Schedule 13G filed with the SEC on February 12, 2014 by The Vanguard Group (&ldquo;Vanguard&rdquo;),
Vanguard has sole voting power with respect to 84,963 of such shares, sole dispositive power with respect to 4,031,336 of such
shares and shared dispositive power with respect to 79,913 of such shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(7) Based
solely on a Statement on Schedule 13G filed with the SEC on January 28, 2014 by Eagle Asset Management, Inc. (&ldquo;Eagle&rdquo;),
Eagle has sole voting and dispositive power with respect to all such shares.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena020_v1"></A>Security Ownership of
Directors and Executive Officers</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
following table sets forth information as of the Record Date (unless otherwise indicated) with respect to the beneficial ownership
of Common Stock held by (a) each current director and nominee; (b) the Chief Executive Officer, the Chief Financial Officer and
the three most highly compensated executive officers of the Company other than the Chief Executive Officer and the Chief Financial
Officer (the &ldquo;Named Executive Officers&rdquo;); and (c) all current directors and executive officers as a group. A person
is deemed to be a beneficial owner of any securities which that person has the right to acquire within 60 days. Each director
and executive officer has sole voting power and sole dispositive power with respect to all shares beneficially owned by him or
her. As of the Record Date, the director nominees Rose Peabody Lynch and Robert Smith were not beneficial owners of any Common
Stock.</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 64%; padding-left: 8.8pt; text-indent: -8.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></td>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></td>
    <TD STYLE="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></td>
    <TD STYLE="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></td>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></td>
    <TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></td>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></td>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></td>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Name
    of Beneficial Owner (1)</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Amount
    and Nature<BR>
 of Beneficial<BR>
 Ownership (2)</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Percentage
    of Class</FONT></td>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD STYLE="padding-left: 8.8pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Edward
    R. Rosenfeld</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">712,077</FONT></td>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">1.06</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 8.8pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Arvind
    Dharia</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">164,104</FONT></td>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD STYLE="padding-left: 8.8pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Awadhesh
    Sinha</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">93,636</FONT></td>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(5)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 8.8pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Robert
    Schmertz</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">335,497</FONT></td>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(6)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD STYLE="padding-left: 8.8pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Amelia
    Newton Varela</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">341,238</FONT></td>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(7)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 8.8pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">John
    L. Madden</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">60,012</FONT></td>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(8)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD STYLE="padding-left: 8.8pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Peter
    Migliorini</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">3,147</FONT></td>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(9)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 8.8pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Richard
    P. Randall</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">27,334</FONT></td>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(10)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD STYLE="padding-left: 8.8pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Thomas
    H. Schwartz</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">11,247</FONT></td>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(11)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 8.8pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Ravi
    Sachdev</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">25,084</FONT></td>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(12)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 8.8pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">All
    Directors and Executive Officers as a Group (10 persons named above)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,773,376</FONT></td>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">2.64</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(13)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>*</B> Indicates beneficial
ownership of less than 1%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(1) The address for each of the named individuals below is c/o Steven Madden, Ltd., 52-16 Barnett Avenue, Long Island City, New
York 11104.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(2) Beneficial
ownership as reported in the table above has been determined in accordance with Item 403 of Regulation S-K and Rule 13d-3 of the
Exchange Act and based upon 66,563,809 shares of Common Stock outstanding (excluding treasury shares) as of the Record Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(3) Mr.
Rosenfeld&rsquo;s beneficial ownership includes: (i) 427,500 shares of Common Stock that may be acquired through the exercise
of options that are exercisable as of, or will become exercisable within 60 days of, the Record Date; (ii) 229,265 shares of restricted
Common Stock; and (iii) 55,312 shares of Common Stock held by Mr. Rosenfeld.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(4) Mr.
Dharia&rsquo;s beneficial ownership includes: (i) 20,526 shares of restricted Common Stock; and (ii) 143,578 shares of Common
Stock held by Mr. Dharia.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(5) Mr.
Sinha&rsquo;s beneficial ownership includes: (i) 36,636 shares of restricted Common Stock; and (ii) 57,000 shares of Common Stock
held by Mr. Sinha.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(6) Mr.
Schmertz&rsquo;s beneficial ownership includes: (i) 48,466 shares of restricted Common Stock; and (ii) 287,031 shares of Common
Stock held by Mr. Schmertz.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(7) Ms.
Varela&rsquo;s beneficial ownership includes: (i) 293,911 shares of Common Stock that may be acquired through the exercise of
options that are exercisable as of, or will become exercisable within 60 days of, the Record Date; (ii) 37,445 shares of restricted
Common Stock; and (iii) 9,882 shares of Common Stock held by Ms. Varela.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(8) Mr.
Madden&rsquo;s beneficial ownership includes: (1) 42,012 shares of restricted Common Stock held by JLM Consultants, Inc., a corporation
wholly-owned by Mr. Madden; and (ii) 18,000 shares of Common Stock held by JLM Consultants, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(9) Mr.
Migliorini&rsquo;s beneficial ownership consists of 3,147 shares of restricted Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(10)
Mr. Randall&rsquo;s beneficial ownership includes: (i) 3,147 shares of restricted Common Stock; and (ii) 24,187 shares of Common
Stock held by Mr. Randall, all of which shares have been pledged by Mr. Randall as collateral security in a margin brokerage account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(11)
Mr. Schwartz&rsquo;s beneficial ownership includes: (i) 3,147 shares of restricted Common Stock; and (ii) 8,100 shares of Common
Stock held by Mr. Schwartz.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(12)
Mr. Sachdev&rsquo;s beneficial ownership includes: (i) 3,147 shares of restricted Common Stock; and (ii) 21,937 shares of Common
Stock held by Mr. Sachdev.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">(13) Includes,
in the aggregate, 721,411 shares of Common Stock that may be acquired through the exercise of options that are exercisable as
of, or will become exercisable within 60 days of, the Record Date; (ii) 426,938 shares of restricted Common Stock; and (iii) 625,027
shares of Common Stock held by such beneficial owners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena021_v1"></A>Section 16(a) Beneficial
Ownership Reporting Compliance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
16(a) of the Exchange Act requires that the Company&rsquo;s directors and officers, and persons who beneficially own more than
10% of a registered class of the Company&rsquo;s equity securities, file with the SEC reports of initial ownership of Common Stock
and subsequent changes in that ownership and furnish the Company with copies of all forms they file with the SEC pursuant to Section
16(a) of the Exchange Act. A late report was filed on January 8, 2013 to report a January 2, 2013 grant of 72,012 restricted shares
of Common Stock (initially 48,008 shares, adjusted for a three-for-two stock split (effected as a stock dividend) that occurred
on October 1, 2013) to JLM Consultants, Inc., a corporation wholly-owned by John L. Madden. A late report was filed on November
22, 2013 to report that on November 19, 2013 Robert Schmertz exercised an option to purchase 33,750 shares of Common Stock granted
on October 8, 2009. To the Company&rsquo;s knowledge, based solely on a review of the copies of the reports furnished to the Company
or written representations received from the Company&rsquo;s directors, officers and greater than 10% beneficial owners that no
other reports were required, all Section 16(a) filing requirements applicable to its officers, directors and greater than 10%
beneficial owners were complied with during, or in respect of, the 2013 Fiscal Year.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena022_v1"></A>EXECUTIVE
COMPENSATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena023_v1"></A>Compensation Discussion
and Analysis</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Compensation
Objectives and Strategy</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company&rsquo;s executive officer compensation program is designed to attract and retain the caliber of officers needed to ensure
the Company&rsquo;s continued growth and profitability and to reward them for their performance, for the Company&rsquo;s performance
and for creating longer-term value for our stockholders. The primary objectives of the program are to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">align
                                         rewards with performance that creates stockholder value;</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">support
                                         the Company&rsquo;s strong team orientation;</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">encourage
                                         high-potential team players to build a career at the Company; and</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">provide
                                         rewards that are cost-efficient, competitive with other similarly-positioned organizations
                                         and fair to employees and stockholders.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company&rsquo;s executive compensation programs are approved and administered by the Compensation Committee of the Board of Directors.
Working with management and outside advisors, the Compensation Committee has developed a compensation and benefits strategy that
rewards performance and reinforces a culture that the Compensation Committee believes will drive long-term success.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
compensation program rewards team accomplishments while promoting individual accountability. The executive officer compensation
program depends in significant measure on Company results, but business unit results and individual accomplishments are also very
important factors in determining each executive&rsquo;s compensation. The Company has a robust planning and goal-setting process
that is fully integrated into the compensation system, enhancing a strong relationship among individual efforts, Company results
and financial rewards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A
major portion of total compensation is placed at risk through annual and long-term incentives. As noted below, discretionary bonuses
were paid to the Named Executive Officers. The combination of incentives is designed to balance annual operating objectives and
Company earnings performance with longer-term stockholder value creation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">To
implement its primary objectives, the Company seeks to provide competitive compensation that is commensurate with performance.
The Company targets compensation at the median of the market and calibrates both annual and long-term incentive opportunities
to generate less-than-median awards when goals are not fully achieved and greater-than-median awards when goals are exceeded.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company believes that there is great value to the Company in having a team of long-tenured, seasoned managers and seeks to promote
a long-term commitment from its senior executives. The Company&rsquo;s team-focused culture and management processes are designed
to foster this commitment. In addition, restricted Common Stock awards granted to Named Executive Officers in the 2013 Fiscal
Year reinforce this long-term orientation with annual vesting over a five-year period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Role
of the Compensation Committee</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>General.
</I>The Compensation Committee provides overall guidance for the Company&rsquo;s executive compensation policies and determines
the amounts and elements of compensation for the Company&rsquo;s executive officers and outside directors. The Compensation Committee
currently consists of two members of the Company&rsquo;s Board of Directors, Messrs. Peter Migliorini and Thomas Schwartz, each
of whom is an independent director under Rule 5605 of The Nasdaq Global Select Market listing standards, a &ldquo;non-employee
director&rdquo; as defined under the SEC&rsquo;s rules and an &ldquo;outside director&rdquo; as defined under Section 162(m) of
the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">When
considering decisions concerning the compensation of executives, other than the Chief Executive Officer, the Compensation Committee
asks for the recommendations of the Chief Executive Officer, including his detailed evaluation of each executive&rsquo;s performance.
No executive has a role in recommending compensation for outside directors. With respect to the application of the 2006 Plan to
non-employee directors, the Board of Directors functions as the Compensation Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Use
of Outside Advisors. </I>In making its determinations with respect to executive compensation, the Compensation Committee has historically
engaged the services of an independent compensation consulting firm. The Compensation Committee has retained the services of James
F. Reda &amp; Associates, LLC, a division of Gallagher Benefit Services, Inc. (&ldquo;Reda &amp; Associates&rdquo;) since 2005
to assist with its review of the compensation packages and employment agreements of the Chief Executive Officer and other executive
officers. In 2013, Reda &amp; Associates worked with the Compensation Committee to assess the reasonableness of discretionary
cash bonus payments and equity grants to Messrs. Rosenfeld, Dharia, Sinha and Schmertz and Ms. Varela based on the Company&rsquo;s
and the individual&rsquo;s performance in the fiscal year ended December 31, 2012 and the reasonableness of the terms of new employment
agreements for Mr. Sinha and Ms. Varela as compared with comparable positions in the peer group listed below. Executive compensation
for the other Named Executive Officers was based on prior employment agreements with pay structures and levels guided by Reda
&amp; Associates&rsquo; market studies just prior to the consummation of the agreements. Position-specific market studies were
completed at the time of the employment agreement extension in support of the design of these agreements. The Compensation Committee
also consulted Reda &amp; Associates with respect to the establishment of a performance-based cash bonus pool based on a percentage
of the Company&rsquo;s net income in the 2013 Fiscal Year. Reda &amp; Associates provides only executive compensation consulting
services and works with management only at the behest of the Compensation Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Compensation Committee retains Reda &amp; Associates directly, although in carrying out assignments, Reda &amp; Associates also
interacts with Company management, when necessary and appropriate, in order to obtain compensation and performance data for the
executives and the Company. In addition, Reda &amp; Associates may, in its discretion, seek input and feedback from management
regarding its consulting work product prior to presentation to the Compensation Committee in order to confirm alignment with the
Company&rsquo;s business strategy and identify data questions or other similar issues, if any, prior to presentation to the Compensation
Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Independence
of Outside Advisors. </I>The Compensation Committee has the sole authority to retain, terminate, approve the fees and set the
terms of the Company&rsquo;s relationship with any outside advisors who assist the Committee in carrying out its responsibilities,
and may select or receive advice from any compensation consultant or other advisor only after taking into consideration all factors
relevant to the consultant&rsquo;s independence from management, including the factors set forth in the Nasdaq&rsquo;s rules.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Accordingly,
the Compensation Committee reviews annually its relationship with Reda &amp; Associates to ensure its independence on executive
compensation matters. Prior to selecting and receiving advice from Reda &amp; Associates with respect to executive compensation
in the 2013 Fiscal Year, the Compensation Committee reviewed the independence of Reda &amp; Associates and the individual representatives
of Reda &amp; Associates who served as the committee&rsquo;s advisors. The Compensation Committee determined that no conflicts
of interest exist between the Company and Reda &amp; Associates (or any individuals working on the Company&rsquo;s account on
behalf of Reda &amp; Associates). In reaching such determination, the Compensation Committee considered, among other things, the
following factors: (i) that Reda &amp; Associates provides no services to the Company other than the executive compensation consulting
services; (ii) the fees paid by us to Reda &amp; Associates as a percentage of Reda &amp; Associates&rsquo; total revenue; (iii)&nbsp;the
representations by Reda &amp; Associates as to its policies and procedures that are designed to prevent a conflict of interest;
(iv)&nbsp;any business or personal relationships between the individual representatives of Reda &amp; Associates who advised the
Compensation Committee and any member of the Compensation Committee; and (v)&nbsp;any business or personal relationships between
our executive officers and Reda &amp; Associates or the individual representatives of Reda &amp; Associates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Consideration
of</I> <I>2013 Stockholder</I> <I>Say on Pay Vote. </I>At our 2013 Annual Meeting of Stockholders, our stockholders overwhelmingly
approved, on an advisory basis, the compensation of our Named Executive Officers (96% of votes cast). The Compensation Committee
believes this level of stockholder support reflects a very strong endorsement of our compensation policies and decisions. The
Compensation Committee has considered the results of this advisory vote on executive compensation in determining the Company&rsquo;s
compensation policies and decisions for 2014, and has determined that these policies and decisions are appropriate and in the
best interests of the Company and its stockholders at this time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Compensation
Structure</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Pay
Elements - Overview</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Company
utilizes four main components of compensation:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 0.7in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;&#9;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">base
    salary;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;&#9;</FONT></td>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">annual
    performance-based cash bonuses;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;&#9;</FONT></td>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">long-term
    equity incentives (consisting of stock options and/or restricted stock); and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;&#9;</FONT></td>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">benefits
    and perquisites.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Pay
Elements - Details</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Base
Salary</I>. The Company paid base salaries to each of the Named Executive Officers to provide them with fixed pay commensurate
with the Named Executive Officer&rsquo;s role and responsibilities, experience, expertise and individual performance. As more
fully described in the section of this Proxy Statement captioned &ldquo;Employment Arrangements,&rdquo; as of December 31, 2013,
the Company had employment agreements with each of the Named Executive Officers. The Compensation Committee, as constituted at
the time the parties entered into the employment agreements or any amendments thereof, reviewed and approved the salary established
in each such agreement or amendment. The Compensation Committee considered each employee&rsquo;s salary history, value in the
marketplace and performance (including at the Company and previous employment).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
annual base salary of our Chief Executive Officer, Mr. Rosenfeld, was fixed at $578,813 for the 2013 Fiscal Year under an employment
agreement dated December 31, 2012 that remains in effect until December 31, 2015 and provides for an annual base salary of $607,754
and $638,142 for the fiscal years ending December 31, 2014 and 2015, respectively. The annual base salary of our Chief Operating
Officer, Mr. Sinha, was fixed at $575,000 for the 2013 Fiscal Year under an employment agreement that expired on December 31,
2013. The expired employment agreement was replaced with a new agreement dated January 10, 2014, which remains in effect through
December 31, 2016, and provides for an annual base salary of $600,000, $630,000 and $661,500 for the fiscal years ending December
31, 2014, 2015 and 2016, respectively. Under the employment agreement, as amended, of our Chief Financial Officer, Mr. Dharia&rsquo;s
annual base salary for the 2013 Fiscal Year was and will remain at $554,719 until the agreement expires on December 31, 2014.
The annual base salary of our Brand Director, Mr. Schmertz, was fixed at $725,000 for the 2013 Fiscal Year and the year ending
December 31, 2014 under an employment agreement dated January 2, 2013 that will expire on December 31, 2014. The annual base salary
of our Executive Vice President - Wholesale, Ms. Varela, was fixed at $450,000 for the 2013 Fiscal Year under an employment agreement
that expired on December 31, 2013. The expired employment agreement was replaced with a new agreement dated January 10, 2014,
which remains in effect through December 31, 2016, and provides for an annual base salary of $500,000 for 2014, 2015 and 2016.
Please see the section of this Proxy Statement captioned &ldquo;Summary Compensation Table&rdquo; and &ldquo;Employment Arrangements&rdquo;
for a more detailed description of their employment agreement and compensation. Salary increases for Named Executive Officers
are generally consistent with those of other management employees.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Annual
Performance-based Cash Bonus - Based on Specific Performance Metrics</I>. Annual performance-based cash bonuses, if any, for Named
Executive Officers are established in their respective employment agreements. The Compensation Committee reviewed and approved
the bonus provisions fixed in each such employment agreement at the time the parties entered into such agreements and any amendments
thereof. Such bonus provisions generally provide for variable or discretionary bonuses designed to reward attainment of business
goals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Commencing
with fiscal year 2014, Mr. Sinha&rsquo;s employment agreement entitles him to an annual performance-based bonus for each fiscal
year in an amount equal to 2% of the increase in the Company&rsquo;s EBITDA for that year over the Company&rsquo;s EBITDA for
the immediately preceding year, excluding from such bonus calculation EBITDA attributable to any business acquired after January
10, 2014 until the next fiscal quarter following the date of the acquisition, up to a maximum annual bonus of $600,000, the first
$300,000 of which will be payable in cash and for any amount of the annual bonus in excess of $300,000 by a grant of restricted
shares of the Company&rsquo;s common stock, which restricted common stock will vest in three equal annual installments commencing
on the first anniversary of the grant date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Under
Ms. Varela&rsquo;s employment agreement that expired on December 31, 2013, she was entitled to an annual performance-based cash
bonus for each fiscal year in an amount equal to 2% of the increase, if any, in Wholesale Division EBIT for the 2013 Fiscal Year
over Wholesale Division EBIT for the immediately prior year, excluding from such bonus calculation EBIT attributable to any business
acquired after January 31, 2011 until the acquired business has been owned by the Company for two full calendar years. For the
2013 Fiscal Year, Ms. Varela&rsquo;s annual performance-based cash bonus was $76,000, reflecting 2% of $3,821,963, the increase
in 2013 Wholesale Division EBIT (exclusive of EBIT attributable to businesses acquired in the period beginning on February 1,
2011 and ending on December 31, 2013) over that of 2012. This annual performance-based cash bonus is continued under Ms. Varela&rsquo;s
new employment agreement, which provides that she is entitled to an annual performance-based cash bonus for each of the fiscal
years ended December 31, 2014, 2015 and 2016 in an amount equal to 2% of the increase, if any, in the Wholesale Division EBIT
for each such year over the Wholesale Division EBIT for the immediately preceding year, excluding from such bonus calculation
EBIT attributable to any business acquired after January 10, 2014 until the acquired business has been owned by the Company for
two full calendar years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
provided in the 2006 Plan, the maximum payment that may be made to an individual under any performance-based cash award during
any fiscal year and subject to the attainment of specified performance goals is $10,000,000. The Compensation Committee may, in
it sole discretion, elect to pay an individual an amount that is less than the individual&rsquo;s target award regardless of the
degree of attainment of the performance goals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
the 2013 Fiscal Year, the Compensation Committee established a bonus pool for Named Executive Officers and other key executives
of the Company based on 6% of net income of the Company achieved in the 2013 Fiscal Year intended to comply with the provisions
of Section 162(m) of the Code. Net income was selected because it is highly correlated with stock price performance. The Compensation
Committee also fixed for each executive his or her maximum share of the 2013 bonus pool, which was 30% for Mr. Rosenfeld and 14%
for each of the other Named Executive Officers. In the 2013 Fiscal Year, the Company achieved net income of $132,007,000, which
resulted in a bonus pool of $7,920,420. The Compensation Committee determined to pay to the Named Executive Officers bonuses that
were significantly below their individual target awards for the 2013 Fiscal Year and to pay the bonuses in a combination of cash
and restricted shares of Common Stock. Accordingly, on March 17, 2014, the Company paid performance-based cash bonuses of $225,000
to each of Messrs. Rosenfeld, Dharia, and Sinha and $100,000 to Mr. Schmertz and, on March 17, 2014, granted 22,265, 10,995 and
15,118 restricted shares of Common Stock to Mr. Rosenfeld, Mr. Schmertz and Ms. Varela, respectively, for performance in the 2013
Fiscal Year, each of which restricted stock awards vests in five equal annual installments. Ms. Varela received a $76,000 cash
bonus based on the increase in Wholesale Division EBIT of the Company in the 2013 Fiscal Year. In accordance with applicable SEC
rules, the Summary Compensation Table included in this Proxy Statement contains these cash bonuses but does not report the grant
date fair value of these restricted stock awards because, while earned in 2013, the grants were not made until after the close
of the 2013 Fiscal Year. The 2014 Summary Compensation Table to be included in our proxy statement for our 2015 Annual Meeting
of Stockholders will contain the grant date fair value of these restricted stock awards to Mr. Rosenfeld, Mr. Schmertz and Ms.
Varela provided these individuals are named executive officers in that proxy statement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
decision to pay cash bonuses to Messrs. Rosenfeld, Dharia, Sinha and Schmertz and to award restricted shares of Common Stock to
Mr. Rosenfeld, Mr. Schmertz and Ms. Varela for the 2013 Fiscal Year and the amount of each such Named Executive Officer&rsquo;s
bonus was determined at the discretion of the Compensation Committee but within the parameters of the bonus pool for Named Executive
Officers. The Compensation Committee evaluated a variety of indicators of the Company&rsquo;s overall financial performance, including
revenue growth and profitability, and assessed and made subjective judgments as to each of these executive&rsquo;s individual
contribution towards the Company&rsquo;s performance in the 2013 Fiscal Year in determining whether to pay bonuses to these executives
and establishing the amounts to be paid. With respect to the determination to award bonuses to Messrs. Dharia, Sinha and Schmertz
and Ms. Varela, the Compensation Committee also considered the recommendations of the Chief Executive Officer, Mr. Rosenfeld.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Compensation Committee consulted Reda &amp; Associates regarding the establishment of the bonus pool and the individual target
awards for the 2013 Fiscal Year to ensure the bonus pool and the individual target awards were within market range for each executive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Long-term
Equity Incentives</I>. Management and the Compensation Committee believe that equity-based awards are an important factor in aligning
the long-term financial interest of the executive officers and stockholders. The Compensation Committee continually evaluates
the use of equity-based awards and intends to continue to use such awards in the future as part of designing and administering
the Company&rsquo;s compensation program. Beginning in 2006, the Compensation Committee modified its prior practice of granting
equity incentives solely in the form of stock options with periodic awards of restricted stock in order to grant awards that contain
both substantial incentive and retention characteristics. These awards are designed to provide emphasis on preserving stockholder
value generated in recent years while providing significant incentives for continuing growth in stockholder value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
March 2013, the Company made grants of 30,000, 16,564 and 15,000 restricted shares of Common Stock to Mr. Rosenfeld, Mr. Schmertz
and Ms. Varela, respectively, for performance in the 2012 fiscal year, each of which restricted stock awards vests in five equal
annual installments. In addition, Mr. Rosenfeld and Mr. Schmertz received restricted stock awards of 150,000 and 25,000 shares
of Common Stock (the number of shares indicated having been adjusted for an October 1, 2013 three-for-two stock split effected
as a stock dividend), respectively, which restricted stock awards vest in five equal annual installments, pursuant to their employment
agreements, the terms of which were approved by the Compensation Committee. Reda &amp; Associates reviewed the individual grant
values relative to market practice. All of the equity awards in the 2013 Fiscal Year were made under the 2006 Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Committee intends to continue to review the equity mix to achieve the ideal incentive for both performance and retention. With
respect to stock options, the 2006 Plan provides that the exercise price shall be the closing market price per share of the Company&rsquo;s
Common Stock on the business day immediately preceding the grant date, which is fair market value for purposes of the 2006 Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Other
Benefits and Perquisites</I>. The Company&rsquo;s executive compensation program also includes other benefits and perquisites.
These benefits and perquisites include annual matching contributions to executive officers&rsquo; 401(k) plan accounts, company-paid
medical benefits, automobile allowances and leased automobiles, and life insurance coverage. The Compensation Committee annually
reviews these other benefits and perquisites and makes adjustments as warranted based on competitive practices, the Company&rsquo;s
performance and the individual&rsquo;s responsibilities and performance. The Compensation Committee has approved these other benefits
and perquisites as a reasonable component of the Company&rsquo;s executive officer compensation program. Please see the section
of this Proxy Statement captioned &ldquo;Summary Compensation Table and, specifically, the column entitled &ldquo;All Other Compensation&rdquo;
and the corresponding footnotes.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Pay
Mix</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company utilizes the particular elements of compensation described above because the Company believes that it provides a well-proportioned
mix of secure compensation, retention value and at-risk compensation, which produces short-term and long-term performance incentives
and rewards. By following this approach, the Company provides the executives a measure of security in the minimum expected level
of compensation, while motivating the executives to focus on business metrics and other variables within their particular sector
which will increase sales and margins and at the same time lower costs so as to produce a high level of short-term and long-term
performance for the Company and long-term wealth creation for the executives, as well as reducing the risk of recruitment of top
executive talent by competitors. The mix of metrics used for the annual performance bonuses and the Company&rsquo;s long-term
incentive program likewise provides an appropriate balance between short-term financial performance and long-term stock performance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
the Named Executive Officers, the mix of compensation is weighted heavily toward at-risk pay (annual incentives and long-term
incentives). Maintaining this pay mix results fundamentally in a pay-for-performance orientation for the Company&rsquo;s executives,
which is aligned with the Company&rsquo;s stated compensation philosophy of providing compensation commensurate with performance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Pay
Levels and Benchmarking</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pay
levels for executives are determined based on a number of factors, including the individual&rsquo;s roles and responsibilities
within the Company, the individual&rsquo;s experience and expertise, the pay levels for peers within the Company, pay levels in
the marketplace for similar positions and performance of the individual and the Company as a whole. The Compensation Committee
is responsible for approving pay levels for the Named Executive Officers. In determining the pay levels, the Compensation Committee
considers all forms of compensation and benefits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Compensation Committee assesses &ldquo;competitive market&rdquo; compensation using a number of sources. The primary data source
used in setting competitive market levels for the Named Executive Officers is the information publicly disclosed by a peer group
of the Company, which will be reviewed annually and may change from year to year. For the past four years, including the 2013
Fiscal Year, executive compensation and compensation design was reviewed in relation to the following peer companies:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 35%; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">American
    Apparel Inc.</FONT></td>
    <TD STYLE="vertical-align: top; width: 33%; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Perry
    Ellis International, Inc.</FONT></td>
    <TD STYLE="vertical-align: bottom; width: 26%; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Movado
    Group, Inc.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Bebe
    Stores, Inc.</FONT></td>
    <TD STYLE="vertical-align: top; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">G-III
    Apparel Group, Ltd.</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Rocky
    Brands, Inc.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Brown
    Shoe Co. Inc.</FONT></td>
    <TD STYLE="vertical-align: top; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Genesco,
    Inc.</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Skechers
    U.S.A. Inc.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Kenneth
    Cole Productions Inc.</FONT></td>
    <TD STYLE="vertical-align: top; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Guess,
    Inc.</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Timberland
    Co.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Collective
    Brands, Inc.</FONT></td>
    <TD STYLE="vertical-align: top; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Iconix
    Brand Group, Inc.</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Under
    Armour, Inc.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Crocs,
    Inc.</FONT></td>
    <TD STYLE="vertical-align: top; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">The
    Jones Group Inc.</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Volcom,
    Inc.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Deckers&nbsp;Outdoor
    Corp.</FONT></td>
    <TD STYLE="vertical-align: top; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">K-Swiss,
    Inc.</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Weyco
    Group, Inc.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Delta
    Apparel, Inc.</FONT></td>
    <TD STYLE="vertical-align: top; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Maidenform
    Brands, Inc.</FONT></td>
    <TD STYLE="vertical-align: bottom; padding-right: 3.2pt; padding-left: 0.1in; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: 0pt">Wolverine
    Worldwide</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">After
consideration of the data collected on external competitive levels of compensation and internal needs, the Compensation Committee
makes decisions regarding the Named Executive Officer&rsquo;s target total compensation opportunities based on the need to attract,
motivate and retain an experienced and effective management team. Relative to the competitive market data, the Compensation Committee
generally intends that the base salary and target annual incentive compensation for each Named Executive Officer will be at the
median of the competitive market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
noted above, notwithstanding the Company&rsquo;s overall pay positioning objectives, pay opportunities for specific individuals
vary based on a number of factors such as scope of duties, tenure, institutional knowledge and/or difficulty in recruiting a new
executive. Actual total compensation in a given year will vary above or below the target compensation levels based primarily on
the attainment of operating goals and the creation of stockholder value.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Compensation
Committee Discretion</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Compensation Committee retains the discretion to decrease all forms of incentive payouts based on significant individual or Company
performance shortfalls, with the exception of any such payouts that are to be made pursuant to contractual commitments, such as
the bonuses that may be paid to Mr. Sinha and Ms. Varela, which are tied to the Company&rsquo;s EBITDA and EBIT, respectively,
for the preceding year pursuant to their employment agreements. Similarly, the Compensation Committee retains the discretion to
increase payouts and/or consider special awards for significant achievements, including, but not limited to, superior asset management,
investment or strategic accomplishments and/or consummation of acquisitions, divestitures, capital improvements to existing properties,
or sales made by certain of the Company&rsquo;s divisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Risk Assessment</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Bonus
payments to executives are based either on the discretion of the Compensation Committee or are tied to growth in various indicators
of financial performance, such as EBITDA and EBIT. Long-term incentives have been granted in the form of stock options and time-vested
restricted stock that generally vest over four or five years. These programs have been in place for several years and have proved
effective in rewarding performance while not encouraging inappropriate risk-taking.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Compensation Committee undertook to review and evaluate all of our executive and company-wide compensation plans and programs
to assess whether any aspect of these plans and programs would encourage inappropriate risk-taking by the Company&rsquo;s executives
and non-executive employees that could have a material adverse effect on the Company and to confirm that the Company has adequate
risk management controls in place to ensure that executive and company-wide compensation is reasonable and achieves its intended
incentive without creating unacceptable risk. Based on such review and evaluation, the Compensation Committee believes there is
no material adverse risk to the Company that is related to our compensation programs for executives and non-executives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This review
and evaluation of our compensation plans and programs risks consisted of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">identifying
                                         those business risks that could be material to the Company and identifying our existing
                                         risk management system;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">reviewing
                                         and analyzing our compensation plans and programs to identify plan and program features
                                         that could potentially encourage or introduce excessive or imprudent risk taking of a
                                         material nature;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">identifying
                                         the business risks that our compensation plan and program features could potentially
                                         encourage or create;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">balancing
                                         these business risks against our existing internal control systems designed to manage
                                         and mitigate these business risks; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">analyzing
                                         whether the unmitigated risks, as a whole, are reasonably likely to have a material adverse
                                         effect on the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Various
persons were consulted during the course of the assessment, including our executive officers and senior members of our human resources
department. The Compensation Committee engages Reda &amp; Associates to review our executive and company-wide compensation plans
and programs and provide advice regarding appropriate levels of incentive.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Compensation Committee noted several features of our compensation structure that mitigate risk, including, for example:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         Company utilizes a pay mix that is well balanced between short-term financial performance
                                         and long-term stock performance, comprised of secure compensation in the form of base
                                         salary, short-term incentives in the form of potential for cash bonuses, and long-term
                                         incentives in the form of stock options and time-vested restricted stock that generally
                                         vest over four or five years;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">in
                                         most instances, management or the Compensation Committee retains the discretion to decrease
                                         all forms of incentive compensation based on significant individual or Company performance
                                         shortfalls;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">we
                                         periodically benchmark our compensation plans and programs and target executive and non-executive
                                         compensation within the normal limits of the competitive market; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         Compensation Committee provides oversight of the Company&rsquo;s compensation plans and
                                         programs and compensation philosophy, makes recommendations to the Board with respect
                                         to improvements to our compensation plans and programs, and is responsible for reviewing
                                         and approving executive compensation and administering and awarding incentive, deferred
                                         and equity compensation to our senior executives.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In light
of the assessment described above, it was concluded that the risks associated with our compensation plans and programs (executive
and company-wide) are not reasonably likely to have a material adverse effect on the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Implications
of Tax and Accounting Matters</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
a general matter, the Compensation Committee considers the various tax and accounting implications of compensation vehicles employed
by the Company. While the Compensation Committee reviews and considers both the accounting and tax effects of various components
of compensation, these effects are not a significant factor in the Compensation Committee&rsquo;s allocation of compensation among
the different components.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
general, the Company believes that compensation paid to executive officers should be deductible for U.S. tax purposes. In certain
instances, however, the Compensation Committee also believes that it is in the Company&rsquo;s best interests, and that of its
stockholders, to have the flexibility to pay compensation that is not deductible under the limitations of Section 162(m) of the
Code in order to provide a compensation package consistent with the Company&rsquo;s objectives. For Fiscal Year 2013, the Compensation
Committee believes incentive compensation paid and awarded will not be subject to the limitations of Section 162(m).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
more fully described below under the heading &ldquo;Termination, Change-in-Control and Non-Competition/Non-Solicitation,&rdquo;
all of the executive officers of the Company whose names appear in the Summary Compensation Table contained in this Proxy Statement
are entitled to receive certain compensation in the event of a termination of employment in connection with a change-in-control
event for the Company, which payments may trigger the application of the &ldquo;golden parachute&rdquo; provisions of Sections
280G and 4999 of the Code. Section 280G of the Code disallows a tax deduction with respect to excess parachute payments to certain
executives of companies that undergo a change-in-control. In addition, Section 4999 of the Code imposes a 20% excise tax on the
individual receiving the excess parachute payment. Excess parachute payments are golden parachute payments that exceed an amount
determined under Section 280G based on the executive&rsquo;s prior compensation. In approving the compensation arrangements of
our Named Executive Officers, our Compensation Committee considers all elements of the cost to our Company of providing such compensation,
including the potential impact of Sections 280G and 4999, which, under certain circumstances, may limit the deductibility to the
Company of executive compensation. However, our Compensation Committee may determine, in its judgment, to authorize compensation
arrangements that could give rise to loss of deductibility under Section 280G and the imposition of excise taxes under Section
4999 when it believes that such arrangements are appropriate to attract and retain executive talent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Conclusion</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
level and mix of compensation that is finally decided upon as to each executive is considered within the context of both the objective
data from the Company&rsquo;s competitive assessment of compensation and performance, as well as discussion of the subjective
factors as outlined above. The Compensation Committee believes that each of the compensation packages for the Named Executive
Officers is within the competitive range of practices when compared to the objective comparative data even where subjective factors
have influenced the compensation decisions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena024_v1"></A>Compensation Committee
Interlocks and Insider Participation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">During
the 2013 Fiscal Year, the following directors served on the Compensation Committee: Peter Migliorini (Chairman) and Thomas H.
Schwartz. During the 2013 Fiscal Year:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">none
    of the members of the Compensation Committee was an officer (or former officer) or employee of the Company or any of its subsidiaries;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">none
    of the members of the Compensation Committee had a direct or indirect material interest in any transaction in which the Company
    was a participant and the amount involved exceeded $120,000;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">none
    of the Company&rsquo;s executive officers served on the compensation committee (or another board committee with similar functions
    or, if none, the entire board of directors) of another entity where one of that entity&rsquo;s executive officers served on
    the Company&rsquo;s Compensation Committee;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">none
                                         of the Company&rsquo;s executive officers was a director of another entity where one
                                         of that entity&rsquo;s executive officers served on the Company&rsquo;s Compensation
                                         Committee; and
        </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">none
    of the Company&rsquo;s executive officers served on the compensation committee (or another board committee with similar functions
    or, if none, the entire board of directors) of another entity where one of that entity&rsquo;s executive officers served as
    a director on the Company&rsquo;s Board of Directors.</FONT></TD></TR>
</TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena025_v1"></A>Executive Officers</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The following
table identifies the executive officers of the Company, and their ages and positions:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 5%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 10%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 56%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><U>Name</U></B></FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Age</U></B></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><U>Position</U></B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Edward R. Rosenfeld</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">38</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chairman of the Board and Chief Executive
    Officer</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Arvind Dharia</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">64</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Secretary</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Awadhesh Sinha</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">68</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Operating Officer</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Robert Schmertz</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">50</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Brand Director</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Amelia Newton Varela</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">42</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Executive Vice President of Wholesale</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Arvind
Dharia has been the Chief Financial Officer of the Company since October 1992 and was a director of the Company from December
1993 through May 2004. Mr. Dharia has been Secretary of the Company since 1993. From December 1988 until joining the Company in
September 1992, Mr. Dharia was Assistant Controller of Millennium III Real Estate Corp., a real estate management company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Awadhesh
Sinha became the Chief Operating Officer of the Company in July 2005. Mr. Sinha was a director of the Company, from October 2002
to July 2005, before joining the Company as its Chief Operating Officer. Mr. Sinha was the Chief Operating Officer and Chief Financial
Officer of WEAR ME Apparel Inc., a company that designs, manufactures and markets branded and non-branded children&rsquo;s clothing,
from 2003 to July 2005. Prior to that, Mr. Sinha worked for Salant Corporation, a company that designs, manufactures and markets
men&rsquo;s clothing, for 22 years, and held the position of Chief Operating Officer and Chief Financial Officer of Salant Corporation
from 1998 to 2003.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Robert
Schmertz has been the Brand Director since January 2006. Mr. Schmertz served as President of Steve Madden Women&rsquo;s Wholesale
Division and Brand Manager from September 2001 through January 2006. Additionally, Mr. Schmertz served as President of Shoe Biz,
Inc., formerly a wholly owned subsidiary of Steven Madden Retail, Inc., from May 1998 through August 2001. Before joining the
Company, Mr. Schmertz was President of Daniel Scott Inc. from November 1995 to May 1998. Previously, Mr. Schmertz was the East
Coast Sales Manager for Impo International from January 1993 through November 1995. From April 1990 to December 1992, Mr. Schmertz
served as a sales representative for Espirit de Corp. based in San Francisco, California.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Amelia
Newton Varela has been Executive Vice President of Wholesale since April 2008. Ms. Varela was Executive Vice President of Wholesale
Sales from November 2004 to April 2008. Previously, she was Vice President of Sales for Steve Madden Women&rsquo;s Wholesale Division
from January 2000. Prior to that, she was Account Executive for Steve Madden Women&rsquo;s Wholesale Division from 1998. Before
joining the Company, Ms. Varela was the sales assistant to the Executive Vice President of Sales for Merrin Financial. She graduated
from The Fashion Institute of Technology in 1995.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Please
see the section of this Proxy Statement captioned &ldquo;Proposal One: Election of Directors -- Biographical Summaries of Nominees
for the Board of Directors&rdquo; for information concerning the Company&rsquo;s Chairman of the Board and Chief Executive Officer,
Edward R. Rosenfeld, and the Company&rsquo;s other director nominees.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena026_v1"></A>SUMMARY
COMPENSATION TABLE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
following table sets forth the compensation information for the Company&rsquo;s Chief Executive Officer, Chief Financial Officer
and the three most highly compensated executive officers other than the Chief Executive Officer and Chief Financial Officer relating
to Fiscal Years 2013, 2012 and 2011, respectively. In this Proxy Statement, the Company refers to this group of people as the
Company&rsquo;s &ldquo;Named Executive Officers.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
accordance with applicable SEC rules, the Summary Compensation Table includes, for a particular fiscal year, only those stock
awards made during that fiscal year and not any awards made after year-end even if awarded for services rendered in that year.
SEC rules require that such awards be reflected in the year of grant and, as such, awards made after the year-end of fiscal year
2013 will appear in the Summary Compensation Table to be included in our proxy statement for our 2015 Annual Meeting of Stockholders.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">Name and Principal Position</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center">Fiscal<BR>
Year</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Salary<BR>
 ($)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Bonus <BR>($)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Stock<BR>
 Awards <BR>($) (1)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Option<BR>
 Awards <BR>($)(1)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Non-Equity <BR>
Incentive <BR>
Plan<BR>
 Compensation <BR>($)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">All Other<BR>
 Compensation <BR>($)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Total<BR>
 Compensation <BR>($)</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 12%; font-weight: bold; text-align: left">Edward R. Rosenfeld</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">2013</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">577,647</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">5,065,800</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">225,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 10pt">21,232&nbsp;&nbsp;(2)</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">5,889,679</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-style: italic; text-align: left">Chief Executive Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">551,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">883,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15,000&nbsp;&nbsp;(3)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,699,650</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">525,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">886,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">17,423&nbsp;&nbsp;(4)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,629,023</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Arvind Dharia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">554,719</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">110,444&nbsp;&nbsp;(5)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">890,163</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left">Chief Financial Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">554,719</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">623,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101,685&nbsp;&nbsp;(6)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,529,454</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">528,304</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">443,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">105,713&nbsp;&nbsp;(7)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,177,317</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left">Awadhesh Sinha</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">575,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24,760<B>&nbsp;&nbsp;&nbsp;</B>(8)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">824,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-style: italic; text-align: left">Chief Operating Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">575,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">331,275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21,317&nbsp;&nbsp;&nbsp;(9)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,177,592</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">575,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">19,352 (10)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">744,352</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Robert Schmertz</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">722,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,201,976</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25,842 (11)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,050,068</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left">Brand Director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">660,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22,500 (12)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">782,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">660,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">332,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22,350 (13)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,514,825</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left">Amelia Newton Varela</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">450,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">449,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,000</TD><TD STYLE="text-align: left">&nbsp;(14)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23,801 (15)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">999,701</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,204)">
    <TD STYLE="font-style: italic; text-align: left">Executive Vice President</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">450,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">506,762</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">216,999</TD><TD STYLE="text-align: left">&nbsp;(14)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22,500 (16)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,196,261</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-style: italic">Of Wholesale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">450,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">186,649</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,351</TD><TD STYLE="text-align: left">&nbsp;(14)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22,350 (17)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,184,850</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">(1) The
amounts in this column reflect the aggregate grant date fair value of awards granted during the applicable year for the fiscal
years ended December 31, 2013, December 31, 2012 and December 31, 2011, respectively, calculated in accordance with ASC Topic
718. Assumptions used in the calculation of these amounts are included in Note I to the Company&rsquo;s audited financial statements
for the fiscal years ended December 31, 2013, December 31, 2012 and December 31, 2011 included in the Company&rsquo;s Annual Report
on Form 10-K filed with the Securities and Exchange Commission on February 27, 2014, March 1, 2013 and February 29, 2012, respectively.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(2) Consists
of a $17,893 automobile allowance and $3,339 in annual matching contributions to Mr. Rosenfeld&rsquo;s 401(k) plan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(3) Consists of a $15,000
automobile allowance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(4) Includes
the following: $15,000 automobile allowance and $2,423 in annual matching contributions to Mr. Rosenfeld&rsquo;s 401(k) plan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(5) Includes
the following: $11,792 automobile allowance, $87,514 life insurance premiums and $11,138 in annual matching contributions to Mr.
Dharia&rsquo;s 401(k) plan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(6) Includes
the following: $11,381 automobile allowance, $82,804 life insurance premiums and $7,500 in annual matching contributions to Mr.
Dharia&rsquo;s 401(k) plan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(7) Includes
the following: $14,400 automobile allowance, $83,963 life insurance premiums and $7,350 in annual matching contributions to Mr.
Dharia&rsquo;s 401(k) plan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(8) Includes
the following: $14,183 automobile allowance and $10,577 in annual matching contributions to Mr. Sinha&rsquo;s 401(k) plan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(9) Includes
the following: $13,817 automobile allowance and $7,500 in annual matching contributions to Mr. Sinha&rsquo;s 401(k) plan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(10)
Includes the following: $12,002 automobile allowance and $7,350 in annual matching contributions to Mr. Sinha&rsquo;s 401(k) plan
account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(11)
Includes the following: $17,936 automobile allowance and $7,906 in annual matching contributions to Mr. Schmertz&rsquo;s 401(k)
plan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(12)
Includes the following: $15,000 automobile allowance and $7,500 in annual matching contributions to Mr. Schmertz&rsquo;s 401(k)
plan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(13)
Includes the following: $15,000 automobile allowance and $7,350 in annual matching contributions to Mr. Schmertz&rsquo;s 401(k)
plan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(14)
Represents a non-equity incentive payment made pursuant to a bonus formula in Ms. Varela&rsquo;s employment agreement. See &ldquo;Employment
Arrangements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(15)
Includes the following: $15,051 automobile allowance and $8,750 in annual matching contributions to Ms. Varela&rsquo;s 401(k)
plan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(16)
Includes the following: $15,000 automobile allowance and $7,500 in annual matching contributions to Ms. Varela&rsquo;s 401(k)
plan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(17) Includes the following:
$15,000 automobile allowance and $7,350 in annual matching contributions to Ms. Varela&rsquo;s 401(k) plan account.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena027_v1"></A>Employment Arrangements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Edward
R. Rosenfeld. </B>In November 2009, the Company entered into an employment agreement with Mr. Rosenfeld to replace the prior,
expiring employment agreement. Pursuant to the employment agreement Mr. Rosenfeld continued to serve as Chief Executive Officer
and executive Chairman of the Board of Directors of the Company and received a base salary of $500,000 and $525,000 during fiscal
years 2010 and 2011, respectively, and a base salary of $551,250 commencing January 1, 2012 until the employment agreement&rsquo;s
expiration on December 31, 2012. The November 2009 employment agreement provided that Mr. Rosenfeld received a monthly automobile
allowance of $1,250 and additional compensation and bonuses, if any, at the absolute discretion of the Board of Directors. On
December 31, 2012, the Company entered into a new employment agreement with Mr. Rosenfeld pursuant to which Mr. Rosenfeld continues
to serve as Chief Executive Officer and executive Chairman of the Board of Directors of the Company until the agreement expires
on December 31, 2015 or is sooner terminated in accordance with its terms. Mr. Rosenfeld&rsquo;s current agreement provides for
an annual base salary of $578,813, $607,754 and $638,142 for the fiscal years 2013, 2014 and 2015, respectively, and a monthly
automobile allowance of $1,500. The current agreement provides that Mr. Rosenfeld will receive additional compensation and bonuses,
if any, at the absolute discretion of the Board of Directors. Pursuant to the current agreement, on January 2, 2013, Mr. Rosenfeld
was granted 150,000 shares of the Company&rsquo;s Common Stock (the number of shares indicated having been adjusted for an October
1, 2013 three-for-two stock split effected as a stock dividend), subject to certain restrictions. These restricted shares of Common
Stock, which were issued under the 2006 Plan, will vest in five equal annual installments of 30,000 shares commencing on December
1, 2013.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the event of his death, Mr. Rosenfeld&rsquo;s employment agreement provides for the payment to his estate of his base salary for
the 12-month period immediately subsequent to the date of Mr. Rosenfeld&rsquo;s death. The agreement also provides that if Mr.
Rosenfeld&rsquo;s employment agreement is terminated due to his &ldquo;total disability&rdquo; (as defined in the agreement),
Mr. Rosenfeld will receive payment of his base salary for the 12-month period immediately subsequent to the date he is determined
to be totally disabled. Mr. Rosenfeld&rsquo;s employment agreement allows the Company to terminate his employment with &ldquo;cause&rdquo;
(as defined in the employment agreement) or without cause. In the event that Mr. Rosenfeld&rsquo;s employment is terminated by
the Company for cause, the Company will have no further obligations to Mr. Rosenfeld, and Mr. Rosenfeld will be entitled to no
further compensation from the Company, except for pro-rata amounts due to him on the date of his termination. In the event that
Mr. Rosenfeld&rsquo;s employment is terminated by the Company without cause or by Mr. Rosenfeld&rsquo;s resignation for &ldquo;good
reason&rdquo; (as defined in the employment agreement), Mr. Rosenfeld will be entitled to receive payment of his annual base salary,
payable at regular payroll intervals, from the date of termination of employment through the longer of the remainder of the term
of the agreement or six months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
addition, if Mr. Rosenfeld&rsquo;s employment is terminated by the Company without cause or by the resignation of Mr. Rosenfeld
for good reason during the period commencing 90 days prior to a &ldquo;change of control&rdquo; (as defined in the employment
agreement) transaction and ending 180 days following a change of control transaction, Mr. Rosenfeld will receive an amount equal
to three times the average amount of total W-2 compensation actually received by him during the preceding three calendar years
ending on the last previous December 31, except that in lieu of the actual base salary component received during such period,
there shall be substituted the annual base salary to which Mr. Rosenfeld was entitled as of the date of termination or resignation
(the &ldquo;Change of Control Payment&rdquo;). However, if the Change of Control Payment (or a portion thereof) is determined
to constitute an &ldquo;excess parachute payment&rdquo; under Sections 280G and 4999 of the Code, Mr. Rosenfeld shall be paid
either (i) the Change of Control Payment (which shall be subject to all applicable taxes to be paid by the executive including
the excise tax payable pursuant to Section 4999 and which shall be limited as to deductibility to the Company) or (ii) a reduced
amount, calculated in accordance with Section 280G, that may be paid to the executive without the imposition of an excise tax
under Section 4999 and which shall be fully deductible to the Company, whichever payment yields the greater after-tax benefit
to the executive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Arvind
Dharia.</B> In January 1998, the Company entered into an employment agreement with Arvind Dharia, which has been amended from
time to time, most recently on February 8, 2012. Pursuant to Mr. Dharia&rsquo;s amended agreement, Mr. Dharia continues to serve
as the Company&rsquo;s Chief Financial Officer. The term of Mr. Dharia&rsquo;s employment under his agreement, as amended, extends
through December 31, 2014, and will be automatically extended for an additional one-year period unless either party timely notifies
the other of its intention not to extend the term. Pursuant to the amended agreement, Mr. Dharia received an annual base salary
of $528,304 during fiscal years 2010 and 2011. Commencing January 1, 2012, Mr. Dharia&rsquo;s annual base salary increased to
and will remain $554,719 for the remaining term of the agreement. Mr. Dharia received a monthly automobile allowance of $1,200
prior to the most recent amendment of the agreement and, beginning January 1, 2012, his monthly car allowance increased to $1,400.
The agreement provides that the Company will pay life insurance premiums on Mr. Dharia&rsquo;s behalf of approximately $80,000
per year. Mr. Dharia&rsquo;s employment agreement, as amended, provides for a grant of 15,000 shares of the Company&rsquo;s Common
Stock (the number of shares indicated having been adjusted for an October 1, 2013 three-for-two stock split effected as a stock
dividend), subject to certain restrictions. These restricted shares of Common Stock were issued to Mr. Dharia on February 8, 2012
under the 2006 Plan and vest in three substantially equal annual installments which commenced on February 8, 2013. In addition,
the amended agreement provides that Mr. Dharia will receive an annual bonus in such amount, if any, and at such time or times,
as the Board of Directors may determine in its absolute discretion. Subject to availability of shares under the 2006 Plan, or
any other plan designated by the Board of Directors and approved by the Company&rsquo;s stockholders, Mr. Dharia is entitled to
awards under such plan as may be determined by the Board of Directors, or a committee thereof, from time to time in its absolute
discretion.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
agreement provides, in the event of Mr. Dharia&rsquo;s death, for the payment to Mr. Dharia&rsquo;s estate of his base salary
for the 12-month period immediately subsequent to the date of Mr. Dharia&rsquo;s death. The agreement also provides that if Mr.
Dharia&rsquo;s employment agreement is terminated due to his &ldquo;total disability&rdquo; (as defined in the agreement), Mr.
Dharia will receive payment of his base salary for the 12-month period immediately subsequent to the date he is determined to
be totally disabled. In the event that Mr. Dharia&rsquo;s employment agreement is terminated &ldquo;for cause&rdquo; (as defined
in the agreement), the Company is obligated to pay Mr. Dharia the amount of compensation that is accrued and unpaid through the
date of termination. In the event that Mr. Dharia&rsquo;s employment agreement is terminated for any reason (other than &ldquo;for
cause&rdquo; or due to his death or total disability), the Company is obligated to pay Mr. Dharia, in two installments, (a) an
amount equal to the product of (x) his base salary on the effective date of such termination plus the bonus paid or payable, if
any, for the fiscal year ended on the December 31st immediately preceding the termination date, multiplied by (y) the number of
years (and fraction of years) remaining in the term; and (b) the amount payable to him, or on his account, for what would have
been the balance of the term of his employment agreement with respect to certain benefits and plans as set forth in his employment
agreement. If the Company decides not to renew the agreement (other than &ldquo;for cause&rdquo; or due to his total disability),
then Mr. Dharia will be entitled to receive severance compensation, in cash, in an amount equal to his then-current base salary
for the 90-day period commencing on the expiration of the term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
addition, in the event that there is a &ldquo;change of control&rdquo; transaction and Mr. Dharia&rsquo;s employment has been
terminated by the Company other than &ldquo;for cause&rdquo; or if Mr. Dharia resigns &ldquo;for good reason&rdquo; (as such terms
are defined in the agreement), Mr. Dharia will receive an amount equal to three times the total compensation he was entitled to
receive under the agreement for the preceding 12-month period ending on the last previous December 31, except that in lieu of
the actual base salary component received during such period, there shall be substituted the annual base salary to which Mr. Dharia
was entitled to as of the date of termination or resignation (the &ldquo;Change of Control Payment&rdquo;). However, if the Change
of Control Payment (or a portion thereof) is determined to constitute an &ldquo;excess parachute payment&rdquo; under Sections
280G and 4999 of the Code, Mr. Dharia will be paid either (i) the Change of Control Payment (which shall be subject to all applicable
taxes to be paid by the executive including the excise tax payable pursuant to Section 4999 and which shall be limited as to deductibility
to the Company) or (ii) a reduced amount, calculated in accordance with Section 280G, that may be paid to the executive without
the imposition of an excise tax under Section 4999 and which shall be fully deductible to the Company, whichever payment yields
the greater after-tax benefit to the executive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Awadhesh
Sinha. </B>On December 1, 2010, the Company entered into an employment agreement with Mr. Sinha to replace the prior employment
agreement, which was to expire by its terms on December 31, 2010. Pursuant to the December 1, 2010 employment agreement, Mr. Sinha
continued to serve as Chief Operating Officer of the Company for a term that commenced on January 1, 2011 and expired on December
31, 2013, with an annual base salary of $575,000 for the term of the agreement. The December 1, 2010 employment agreement provided
Mr. Sinha with a monthly automobile allowance of $1,750 and obligated the Company to pay term life insurance premiums on his behalf
of approximately $3,500 per year. The agreement also provided for a grant of 78,750 shares of the Company&rsquo;s Common Stock
(the number of shares indicated having been adjusted for three-for-two stock splits effected as a stock dividend, which occurred
on May 31, 2011 and October 1, 2013), subject to certain restrictions. These restricted shares of Common Stock were issued to
Mr. Sinha on December 1, 2010 under the 2006 Plan. The restricted Common Stock will vest in three annual installments of 26,250
shares commencing on the first anniversary of the grant date. The December 1, 2010 employment agreement provided that additional
compensation and bonuses, if any, would be paid to Mr. Sinha at the absolute discretion of the Board of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
January 10, 2014, the Company entered into a new employment agreement with Mr. Sinha pursuant to which Mr. Sinha continues to
serve as Chief Operating Officer of the Company until the agreement expires on December 31, 2016 or is sooner terminated in accordance
with its terms. Mr. Sinha&rsquo;s current agreement provides for an annual base salary of $600,000, $630,000 and $661,500 for
the years 2014, 2015 and 2016, respectively, a monthly automobile allowance of $1,850 and the payment of term life insurance premiums
on Mr. Sinha&rsquo;s behalf in the amount of approximately $3,500 per year. On January 15, 2014, pursuant to his current employment
agreement, Mr. Sinha was granted 29,886 shares of Common Stock, subject to certain restrictions. These restricted shares of Common
Stock, which were issued under the 2006 Plan, will vest in three equal annual installments of 9,962 shares on each of December
15, 2014, December 15, 2015 and December 15, 2016.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
addition, Mr. Sinha&rsquo;s current agreement entitles him to an annual performance-based bonus for each of the fiscal years ended
December 31, 2014, 2015 and 2016 in an amount equal to 2% of the increase in the Company&rsquo;s EBITDA for each such year over
the Company&rsquo;s EBITDA for the immediately preceding year, up to a maximum annual bonus of $600,000, the first $300,000 of
which will be payable in cash and for any amount of the annual bonus in excess of $300,000 by a grant of restricted shares of
Common Stock, which restricted shares of Common Stock will vest in three equal annual installments commencing on the first anniversary
of the grant date. Bonuses and other incentive-based compensation paid to Mr. Sinha are subject to recovery by the Company in
the event of a determination that such compensation was based upon materially inaccurate financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the event of his death, Mr. Sinha&rsquo;s employment agreement provides for the payment to Mr. Sinha&rsquo;s estate of his base
salary for the 12-month period immediately subsequent to the date of Mr. Sinha&rsquo;s death. In addition, in the event of Mr.
Sinha&rsquo;s &ldquo;total disability&rdquo; (as such term is defined in the agreement), the Company is obligated to continue
to pay Mr. Sinha&rsquo;s base salary for the 12-month period immediately subsequent to the date of determination of such total
disability. In the event Mr. Sinha&rsquo;s employment agreement is terminated &ldquo;for cause&rdquo; (as such terms are defined
in the agreement), or due to Mr. Sinha&rsquo;s resignation without &ldquo;good reason&rdquo; (as such term is defined in the agreement),
the Company is obligated to pay Mr. Sinha the amount of compensation that is accrued and unpaid through the date of termination.
In the event Mr. Sinha&rsquo;s employment agreement is terminated by the Company without cause or by the resignation of Mr. Sinha
for good reason, Mr. Sinha would be entitled to receive payment of his annual base salary, payable at regular payroll intervals,
from the date of termination of employment through the longer of (i) the remainder of the term or (ii) six months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
addition, if Mr. Sinha&rsquo;s employment is terminated by the Company without cause or if Mr. Sinha resigns for good reason during
the period commencing 120 days prior to a &ldquo;change of control&rdquo; (as defined in the agreement) and ending 90 days after
a change of control, Mr. Sinha would be entitled to receive a cash payment within ten days of the date of his termination or resignation
of employment in an amount equal to three times the total W-2 compensation and benefits actually received by him during the preceding
twelve-month period ending on the last previous December 31<SUP>st</SUP>, except that, in lieu of the actual base salary compensation
received during such period, there shall be substituted the annual base salary to which Mr. Sinha was entitled to as of the date
of termination or resignation (the &ldquo;Change of Control Payment&rdquo;). However, if the Change of Control Payment (or a portion
thereof) is determined to constitute an &ldquo;excess parachute payment&rdquo; under Sections 280G and 4999 of the Code, Mr. Sinha
will be paid either (i) the Change of Control Payment (which shall be subject to all applicable taxes to be paid by the executive
including the excise tax payable pursuant to Section 4999 and which shall be limited as to deductibility to the Company) or (ii)
a reduced amount, calculated in accordance with Section 280G, that may be paid to the executive without the imposition of an excise
tax under Section 4999 and which shall be fully deductible to the Company, whichever payment yields the greater after-tax benefit
to the executive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Robert
Schmertz. </B>In October 2009, the Company entered into an new employment agreement with Mr. Schmertz to replace the prior employment
agreement, which was to expire by its terms on December 31, 2009. Pursuant to the October 2009 agreement, Mr. Schmertz continued
to serve as Brand Director of the Company for a term that commenced on October 7, 2009 and expired on December 31, 2012. Mr. Schmertz&rsquo;s
annual base salary during the period from October 7, 2009 through December 31, 2009 remained at $600,000. His annual base salary
was increased to $660,000 commencing on January 1, 2010 for the duration of the term. The October 2009 employment agreement provided
that Mr. Schmertz would receive a monthly automobile allowance of $1,250 and additional compensation and bonuses, if any, at the
absolute discretion of the Board of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
January 2, 2013, the Company entered into a new employment agreement with Mr. Schmertz to replace the prior agreement that expired
on December 31, 2012. Pursuant to the new agreement, Mr. Schmertz continues to serve as the Company&rsquo;s Brand Director for
a term commencing on January 1, 2013 and expiring on December 31, 2014 unless sooner terminated in accordance with the agreement&rsquo;s
terms. Mr. Schmertz&rsquo;s current agreement provides for an annual base salary of $725,000 and a monthly automobile allowance
of $1,500 during the term of the agreement. He will receive additional compensation and bonuses, if any, at the absolute discretion
of the Board of Directors. Pursuant to the current agreement, on January 4, 2013, Mr. Schmertz was granted 25,000 shares of the
Company&rsquo;s Common Stock (the number of shares indicated having been adjusted for an October 1, 2013 three-for-two stock split
effected as a stock dividend), subject to certain restrictions. These restricted shares of Common Stock, which were issued under
the 2006 Plan, will vest in five substantially equal annual installments commencing on the first anniversary of the grant date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the event of Mr. Schmertz&rsquo;s death, the employment agreement provides for the payment to his estate of his base salary for
the 12-month period immediately subsequent to the date of Mr. Schmertz&rsquo;s death. The agreement also provides that if Mr.
Schmertz&rsquo;s employment agreement is terminated due to his &ldquo;total disability&rdquo; (as defined in the agreement), Mr.
Schmertz will receive payment of his base salary for the 12-month period immediately subsequent to the date he is determined to
be totally disabled. The Company may terminate the employment agreement for &ldquo;cause&rdquo; (as defined in the employment
agreement), in which event Mr. Schmertz would be entitled to receive only his accrued and unpaid base salary through the date
of termination. In the event that Mr. Schmertz&rsquo;s employment is terminated by the Company without cause, he would be entitled
to receive payment of his annual base salary, payable at regular payroll intervals, from the date of termination through the remainder
of the term. In addition, if Mr. Schmertz&rsquo;s employment is terminated by the Company without cause during the period commencing
30 days prior to a &ldquo;change of control&rdquo; (as defined in the employment agreement) transaction and ending 180 days after
a change of control transaction, he would be entitled to receive an amount equal to the lesser of (i) the average amount of total
compensation actually received by him during the preceding three calendar years multiplied by 3 and (ii) the maximum amount that
is tax deductible to the Company under Section 280G of the Code, such amount to be in lieu of and not in addition to any other
payments to which Mr. Schmertz would be entitled in the event of the termination of his employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Amelia
Newton Varela. </B>On January 31, 2011, the Company entered into a new employment agreement with Ms. Varela to replace the prior
employment agreement, which expired by its terms on December 31, 2010. Pursuant to the employment agreement, Ms. Varela continued
to serve as the Executive Vice President - Wholesale and received an annual base salary of $450,000 and a monthly automobile allowance
of $1,250 commencing January 1, 2011 until the employment agreement&rsquo;s expiration on December 31, 2013. Pursuant to the January
31, 2011 employment agreement, on February 1, 2011, Ms. Varela was granted an option to purchase 225,000 shares of the Company&rsquo;s
Common Stock under the 2006 Plan, at an exercise price of $16.97 per share (the number of shares and exercise price indicated
having been adjusted for three-for-two stock splits effected as a stock dividend, which occurred on May 31, 2011 and October 1,
2013), which option is exercisable in four equal annual installments of 56,250 on each anniversary of the date of grant, commencing
on February 1, 2012. The January 31, 2011 employment agreement also provided an annual performance-based cash bonus to Ms. Varela
for each of the fiscal years ended December 31, 2011, 2012 and 2013 in an amount equal to 2% of the increase, if any, in the Wholesale
Division EBIT for each such year over the Wholesale Division EBIT for the immediately preceding year, provided that Wholesale
Division EBIT attributable to any business acquired by the Company after January 31, 2011 would not be included for the purpose
of determining Ms. Varela&rsquo;s bonus until the acquired business has been owned by the Company for two full calendar years.
Ms. Varela received a cash bonus of $76,000, $216,999 and $63,351 for 2013 Wholesale Division EBIT performance, 2012 Wholesale
Division EBIT performance and 2011 Wholesale Division EBIT performance, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
January 10, 2014, the Company entered into a new employment agreement with Ms. Varela to replace the prior agreement that expired
on December 31, 2013. Pursuant to the current employment agreement, Ms. Varela continues to serve as the Executive Vice President
- Wholesale of the Company for a term commencing on January 1, 2014 and expiring on December 31, 2016, unless sooner terminated
in accordance with the agreement&rsquo;s terms. Ms. Varela&rsquo;s current employment agreement provides for an annual base salary
during the term of $500,000 and a monthly automobile allowance of $1,250. In addition, pursuant to the agreement, on February
3, 2014, Ms. Varela was granted an option to purchase 100,000 shares of the Company&rsquo;s Common Stock under the 2006 Plan,
at an exercise price of $32.59 per share, which option is exercisable in four equal annual installments of 25,000 on each anniversary
of the date of grant, commencing on February 3, 2015. The current agreement also entitles Ms. Varela to an annual performance-based
cash bonus for each of the fiscal years ended December 31, 2014, 2015 and 2016 in an amount equal to 2% of the increase, if any,
in the Wholesale Division EBIT for each such year over the Wholesale Division EBIT for the immediately preceding year, provided
that Wholesale Division EBIT attributable to any business acquired by the Company after January 10, 2014 will not be included
for the purpose of determining Ms. Varela&rsquo;s bonus until the acquired business has been owned by the Company for two full
calendar years.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the event that Ms. Varela&rsquo;s employment agreement is terminated due to Ms. Varela&rsquo;s &ldquo;disability&rdquo; (as defined
in the agreement) or death, the Company is obligated to pay Ms. Varela (or her estate) the amount of accrued and unpaid salary
through the date of termination plus any performance-based cash bonus that has accrued for the year prior to termination and is
unpaid at the time Ms. Varela&rsquo;s employment is terminated due to her disability or death. The Company may terminate the agreement
for &ldquo;cause&rdquo; (as defined in the agreement) and, in such event, Ms. Varela will be entitled only to accrued and unpaid
salary through the date of termination of employment. In the event Ms. Varela&rsquo;s employment is terminated by the Company
without cause, she would be entitled to receive payment of her annual base salary, payable at regular payroll intervals, from
the date of termination of employment through the remainder of the term plus any performance-based cash bonus that has accrued
but not yet been paid. In the event that Ms. Varela&rsquo;s employment is terminated by the Company without cause during the period
commencing 30 days prior to a &ldquo;change of control&rdquo; (as defined in the agreement) transaction and ending 180 days following
a change of control transaction, she is entitled to receive an amount equal to the lesser of (i) the average amount of total compensation
actually received by her during the preceding three calendar years multiplied by 3 and (ii) the maximum amount that is tax deductible
to the Company under Section 280G of the Code.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena028_v1"></A>GRANTS
OF PLAN-BASED AWARDS IN THE 2013 FISCAL YEAR</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
following table sets forth information concerning awards under the Company&rsquo;s equity and non-equity incentive plans granted
to each of the Named Executive Officers in the 2013 Fiscal Year, including performance-based awards and those using time-based
vesting. Following the table is a discussion of material factors related to the information disclosed in the table.</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">All Other</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">All Other</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Stock</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Option</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Awards:</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Awards:</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Grant Date</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Number of</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Number of</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Exercise or</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Fair Value</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="text-align: center">Estimated future payouts under non-equity</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Shares of</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Securities</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Base Price</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">of Stock and</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="text-align: center">incentive plan awards</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Stock or</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Underlying</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">of Option</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Option</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">Grant</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Threshold</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Target</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Maximum</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Units</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Options</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Awards</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Awards</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">Name</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">Date</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">($)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">($)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">($)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">(#)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">(#)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">($/Sh)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">($)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 20%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Edward R. Rosenfeld</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: left">01/02/13</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 6%; text-align: right">2,153,268 </TD><TD STYLE="width: 1%; text-align: left">&nbsp;(1)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">150,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">4,166,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,204)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">03/15/13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">899,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Arvind Dharia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">n/a</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,004,858</FONT></TD><TD STYLE="text-align: left">&nbsp;(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Awadhesh Sinha</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">n/a</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,004,858 </TD><TD STYLE="text-align: left">&nbsp;(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Robert Schmertz</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">01/04/13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,004,858 </FONT></TD><TD STYLE="text-align: left">(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">705,181</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">03/15/13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,564</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">496,754</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Amelia Newton Varela</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">03/15/13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">216,999</FONT></TD><TD STYLE="text-align: left">&nbsp;(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">449,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">n/a</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,004,858</FONT></TD><TD STYLE="text-align: left">&nbsp;(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">(1) In
the 2013 Fiscal Year, the Compensation Committee established a bonus pool for Named Executive Officers and other key executives
of the Company based on 6% of net income of the Company achieved in the 2013 Fiscal Year and also fixed each executive&rsquo;s
maximum share of the 2013 bonus pool, which was 30% for Mr. Rosenfeld and 14% for each of the other Named Executive Officers.
Since the bonus pool was established as a percentage of the Company&rsquo;s 2013 Fiscal Year net income, it would not be possible
to determine the amount of these potential cash bonuses until the completion of the Company&rsquo;s 2013 Fiscal Year. Accordingly,
the amount indicated is a representative payout amount and equals the maximum bonus the Named Executive Officer would have been
eligible to receive from a cash bonus pool of $7,177,560, which equals 6% of the $119,626,000 in net income of the Company achieved
in the fiscal year ended December 31, 2012. See the discussion of the 2013 cash bonus pool and the individual target awards of
each of the Named Executive Officers appearing above in the &ldquo;Annual Performance-Based Cash Bonus - Based on Specific Performance
Metrics&rdquo; section of &ldquo;Compensation Structure.&rdquo; As disclosed therein, the Company paid these performance bonuses
in cash on March 17, 2014 and in restricted shares of Common Stock granted on March 17, 2014. Accordingly, Messrs. Rosenfeld,
Dharia, Sinha and Schmertz received performance-based cash bonuses of $225,000, $225,000, $225,000 and $100,000, respectively,
and Mr. Rosenfeld, Mr. Schmertz and Ms. Varela received grants of 22,265, 10,995 and 15,118 restricted shares of Common Stock,
respectively. Ms. Varela did not receive a cash bonus from the 2013 cash bonus pool. In accordance with applicable SEC rules,
the Summary Compensation Table included in this Proxy Statement reflects these cash bonuses, while the restricted stock awards
will appear in the Summary Compensation Table to be included in our proxy statement for our 2015 Annual Meeting of Stockholders
provided the restricted stock award recipient is a named executive officer in that proxy statement.</FONT></P>

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    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(2) Under
an employment agreement dated January 31, 2011 between the Company and Ms. Varela, Ms. Varela is entitled to receive a cash bonus
under the Company&rsquo;s 2006 Plan on or about March 15, 2014 in an amount equal to 2% of the increase, if any, in the Wholesale
division EBIT for the 2013 Fiscal Year over the Wholesale division EBIT for the 2012 fiscal year. Since it would not be possible
to determine the amount of Ms. Varela&rsquo;s cash bonus, if any, until the completion of the 2013 Fiscal Year, the amount indicated
as the target bonus payout is a representative amount and based upon the actual increase in the EBIT performance of the Company&rsquo;s
Wholesale division for the 2012 fiscal year over the EBIT performance of the Wholesale division for the 2011 fiscal year. See
the discussion of this grant to Ms. Varela appearing above in the &ldquo;Annual Performance-Based Cash Bonus - Based on Specific
Performance Metrics&rdquo; section of &ldquo;Compensation Structure&rdquo; and above under &ldquo;Employment Arrangements.&rdquo;
As disclosed in the Summary Compensation Table above, Ms. Varela received a cash bonus of $76,000 for 2013 Fiscal Year EBIT performance
of the Company&rsquo;s Wholesale division.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Plan-Based Awards</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>1999
Stock Plan</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
of March 15, 1999, the Board of Directors of the Company adopted the 1999 Stock Plan (the &ldquo;1999 Plan&rdquo;), and on June
4, 1999 the Company&rsquo;s stockholders approved the adoption of the 1999 Plan. Since its adoption, the 1999 Plan has been amended,
with stockholder approval, to (i) increase the number of shares subject to the 1999 Plan, (ii) provide that the exercise price
of an option granted under the 1999 Plan shall be no less than the fair market value of the Common Stock on the date of grant
(except to the extent otherwise provided in agreements with the Company dated prior to the effective date of the amendment), and
(iii) prohibit the Board from amending the terms of any option granted pursuant to the 1999 Plan to reduce the option price. The
1999 Plan was adopted to provide a means whereby directors and selected employees, officers, agents, consultants, and independent
contractors of the Company could be granted incentive stock options and/or nonqualified stock options to purchase shares of Common
Stock, in order to attract and retain the services or advice of such directors, employees, officers, agents, consultants, and
independent contractors and to provide additional incentive for such persons to exert maximum efforts for the success of the Company
by encouraging stock ownership in the Company. As of the Record Date, options to purchase 33,753 shares of Common Stock were outstanding
under the 1999 Plan. No additional options will be granted under the 1999 Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>2006
Stock Incentive Plan</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
of March 10, 2006, the Board of Directors of the Company adopted the Company&rsquo;s 2006 Stock Incentive Plan and, on May 26,
2006, the Company&rsquo;s stockholders approved the adoption of the Company&rsquo;s 2006 Stock Incentive Plan. The 2006 Stock
Incentive Plan was amended in 2007 and 2008. On April 6, 2009, the Board of Directors adopted an Amended and Restated 2006 Stock
Incentive Plan and, on May 22, 2009, the Company&rsquo;s stockholders approved the Amended and Restated 2006 Stock Incentive Plan.
On April 5, 2012, the Board of Directors approved an amendment of the Amended and Restated 2006 Stock Incentive Plan primarily
to increase the number of shares of Common Stock available for issuance thereunder, subject to stockholder approval of such amendment.
The amendment to the Amended and Restated 2006 Stock Incentive Plan was approved by the Company&rsquo;s stockholders at the 2012
Annual Meeting of Stockholders on May 25, 2012.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company&rsquo;s Amended and Restated 2006 Stock Incentive Plan is referred to as the &ldquo;2006 Plan&rdquo; throughout this Proxy
Statement. The purpose of the 2006 Plan is to enhance the profitability and value of the Company for the benefit of its stockholders
by enabling the Company to offer eligible employees, consultants and non-employee directors cash and stock-based incentives in
the Company to attract, retain and reward such individuals and strengthen the mutuality of interests between such individuals
and the Company&rsquo;s stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
maximum number of shares of Common Stock available for issuance under the 2006 Plan is 23,466,000 shares. As of the Record Date,
there were outstanding 4,222,403 unvested shares of restricted stock and options to purchase 3,586,934 shares of Common Stock;
options had been exercised, or restricted stock had vested, with respect to 10,664,093 shares of Common Stock; and 4,992,570 shares
of Common Stock remained available for grant under the 2006 Plan.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena029_v1"></A>OUTSTANDING
EQUITY AWARDS AT END OF THE 2013 FISCAL YEAR</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
following table sets forth information concerning unexercised stock options, restricted stock that has not vested and stock awards
outstanding for each of the Named Executive Officers as of the end of the 2013 Fiscal Year. All awards that occurred prior to
the three-for-two split of the Company&rsquo;s Common Stock effectuated as a stock dividend on or about April 30, 2010, the three-for-two
split of the Company&rsquo;s Common Stock effectuated as a stock dividend on or about May 31, 2011 and the three-for-two split
of the Company&rsquo;s Common Stock effectuated as a stock dividend on or about October 1, 2013 have been adjusted to account
for each such stock split, as applicable.&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Option
    Awards</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Stock
    Awards</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Name</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Number
    of <BR>
    Securities <BR>
    Underlying <BR>
    Unexercised<BR>
    Options <BR>(#)<BR>
    Exercisable</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Number
    of <BR>
    securities <BR>
    Underlying <BR>
    Unexercised<BR>
    Options <BR>(#)<BR>
    Unexercisable</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Equity
    <BR>
    Incentive Plan <BR>
    Awards: <BR>
    Number of <BR>
    Securities <BR>
    Underlying <BR>
    Unexercised <BR>
    Unearned<BR>
    Options <BR>(#)</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Option<BR>
    Exercise<BR>
    Price <BR>($)</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Option
    <BR>
    Expiration<BR>
    Date</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid">&nbsp;<FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Number
    of <BR>
    Shares or <BR>
    Units of Stock <BR>
    That Have <BR>
    Not Vested <BR>(#)</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Market
    Value <BR>
    of Shares or <BR>
    Units of Stock <BR>
    That Have Not <BR>
    Vested <BR>($)</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Equity<BR>
    Incentive <BR>
    Plan <BR>
    Awards: <BR>
    Number of <BR>
    Unearned<BR>
    Shares, Units <BR>
    or Other <BR>
    Rights that <BR>
    Have Not<BR>
    Vested <BR>(#)</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Equity
    <BR> Incentive Plan <BR> Awards: <BR> Market or <BR> Payout <BR> Value of <BR> Unearned <BR> Shares, Units or <BR> Other Rights
    <BR> That Have <BR> Not Vested <BR>($)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="width: 19%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Edward R. Rosenfeld</FONT></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">90,000</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">5.3822</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">3/24/2015</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">230,250</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(1)</FONT></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">8,353,470</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">337,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">5.5645</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">4/1/2016</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Arvind Dharia</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">38,050</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(2)&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">1,380,454</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Awadhesh Sinha</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">9,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(3)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">326,520</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Robert Schmertz</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">33,753</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(4)&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">10.9911</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">10/8/2016</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">50,003</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(5)&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">1,814,109</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Amelia Newton Varela</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">67,503</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">5.7244</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">4/29/2015</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;28,768</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(7)&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">1,043,703</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">63,283</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">5.5645</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">4/1/2016</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">33,750</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">33,751</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(6)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">14.4578</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">4/1/2017</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">56,250</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">112,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(6)&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">16.9645</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">2/1/2018</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(1) On November 10, 2009, Mr. Rosenfeld was awarded 168,750 shares of restricted Common Stock, which shares vest in five equal annual installments commencing on the first anniversary of the date awarded.&nbsp;&nbsp;On March 16, 2011, Mr. Rosenfeld was awarded 45,000 shares of restricted Common Stock, which shares vest in four equal annual installments commencing on the first anniversary of the date awarded.&nbsp;&nbsp;On March 14, 2012, Mr. Rosenfeld was awarded 30,000 shares of restricted Common Stock, which shares vest in five equal annual installments commencing on the first anniversary of the date awarded.&nbsp;&nbsp;On January 2, 2013, Mr. Rosenfeld was awarded 150,000 shares of restricted Common Stock, which shares vest in five equal annual installments commencing on December 1, 2013 and on each December 1<SUP>st</SUP> thereafter.&nbsp;&nbsp;On March 15, 2013, Mr. Rosenfeld was awarded 30,000 shares of restricted Common Stock, which shares vest in five equal annual installments commencing on the first anniversary of the date awarded.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(2) On March 9, 2010, Mr. Dharia was awarded 27,000 shares of restricted Common Stock, which shares vest in five equal annual installments commencing on April 1, 2011.&nbsp;&nbsp;On March 16, 2011, Mr. Dharia was awarded 22,500 shares of restricted Common Stock, which shares vest in four equal annual installments commencing on the first anniversary of the date awarded.&nbsp;&nbsp;On February 8, 2012, Mr. Dharia was awarded 15,000 shares of restricted Common Stock, which shares vest in three substantially equal annual installments commencing on the first anniversary of the date awarded.&nbsp;&nbsp;On April 2, 2012, Mr. Dharia was awarded 7,500 shares of restricted Common Stock, which shares vest in five equal annual installments commencing on the first anniversary of the date awarded.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(3) On March 14, 2012, Mr. Sinha was awarded 11,250 shares of restricted Common Stock, which shares vest in five equal annual installments commencing on the first anniversary of the date awarded.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(4) On October 8, 2009, Mr. Schmertz was granted an option to purchase 168,753 shares of the Company&rsquo;s Common Stock under the Company&rsquo;s 2006 Plan, which option vests in five equal annual installments commencing on the first anniversary of the date of grant.</FONT></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(5) On March 16, 2011, Mr. Schmertz was awarded 16,875 shares of restricted Common Stock, which shares vest in four equal annual installments commencing on the first anniversary of the date awarded.&nbsp;&nbsp;On January 4, 2013, Mr. Schmertz was awarded 25,000 shares of restricted Common Stock, which shares vest in five substantially equal annual installments commencing on the first anniversary of the date awarded.&nbsp;&nbsp;On March 15, 2013, Mr. Schmertz was awarded 16,564 shares of restricted Common Stock, which shares vest in five substantially equal annual installments commencing on the first anniversary of the date awarded.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">(6) On April 1,
2010, Ms. Varela was granted an option to purchase 84,375 shares of the Company&rsquo;s Common Stock under the Company&rsquo;s
2006 Plan, which option vests in five equal annual installments commencing on the first anniversary of the date of grant. On February
1, 2011, Ms. Varela was granted an option to purchase 225,000 shares of the Company&rsquo;s Common Stock under the Company&rsquo;s
2006 Plan, which option vests in four equal annual installments commencing on the first anniversary of the date of grant. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">(7) On March 14, 2012, Ms. Varela was awarded 17,209 shares of restricted Common Stock, which shares vest in five substantially
equal annual installments commencing on the first anniversary of the date awarded. On March 15, 2013, Ms. Varela was awarded 15,000
shares of restricted Common Stock, which shares vest in five equal annual installments commencing on the first anniversary of
the date awarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena030_v1"></A>OPTION
EXERCISES AND STOCK VESTED IN THE 2013 FISCAL YEAR</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
following table sets forth information concerning stock options exercised and restricted stock vested during the 2013 Fiscal Year
for each of the Named Executive Officers. The value realized from exercised options is deemed to be the market value of the Common
Stock on the date of exercise, less the exercise price of the option, multiplied by the number of shares of Common Stock underlying
the option. The value realized from the vesting of restricted stock is deemed to be the market value of the Common Stock on the
date of vesting multiplied by the number of shares vesting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Option Awards</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Awards</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">Name</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Number of Shares <BR>
Acquired on Exercise <BR>(#)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Value Realized <BR>on Exercise <BR>($)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Number of Shares <BR>Acquired on Vesting <BR>(#)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Value Realized on Vesting <BR>($)</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 48%; text-align: left">Edward R. Rosenfeld</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">81,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1,553,047</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Arvind Dharia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,587,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256,145</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Awadhesh Sinha</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">606,772</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Robert Schmertz</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,030</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,971,135</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,218</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,403</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Amelia Newton Varela</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,441</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,326</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena031_v1"></A>SECURITIES
AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
following table sets forth information as of December 31, 2013 with respect to compensation plans (including individual compensation
arrangements) under which shares of Common Stock are authorized for issuance, aggregated as follows:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;&#9;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">All compensation plans previously approved
    by security holders; and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;&#9;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">All
compensation plans not previously approved by security holders.</FONT></P></td></tr>
</table>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena032_v1"></A>EQUITY
COMPENSATION PLAN INFORMATION</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 8.65pt; text-indent: -8.65pt; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Number of<BR>
 securities to be <BR>
issued upon <BR>
exercise of <BR>
outstanding<BR>
 options, warrants <BR>
and rights <BR>(#)</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Weighted average <BR>
exercise price of <BR>
outstanding options, <BR>
warrants and rights <BR>($)</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Number of securities <BR>
remaining available <BR>
for future issuance <BR>
under equity <BR>
compensation plans <BR>
(excluding securities <BR>
reflected in <BR>column (a)) <BR>(#)</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(a)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(b)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(c)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Equity compensation plans approved by security holders</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">3,380,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">17.01</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">5,480,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Equity compensation plans not approved by security holders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,380,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,480,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Termination,
Change in Control and Non-Competition/Non-Solicitation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
employment agreements for each of the Named Executive Officers provide for a severance payment upon a termination of employment
in connection with a change-in-control of the Company. The employment agreements of Messrs. Rosenfeld, Dharia and Sinha also provide
for severance payment if the executive terminates his employment for good reason in connection with a change-in-control event.
The change-in-control severance payments may result in the application of the &ldquo;golden parachute&rdquo; provisions of Section
280G of the Code and, to the extent Section 280G applies, the Company may not deduct from its taxable income the severance payments
made to the Named Executive Officer. Moreover, Section 4999 of the Code would impose a 20% excise tax on the Named Executive Officer
receiving the severance payment. In the case of Mr. Schmertz and Ms. Varela, these severance payments in connection with a change-in-control,
however, are reduced if the severance payment, when added to any other benefits triggered by a change-of-control, is determined
to constitute an &ldquo;excess parachute payment&rdquo; under Sections 280G and 4999 of the Code, to the maximum amount that is
deductible to the Company under Section 280G of the Code. In the case of Messrs. Rosenfeld, Dharia and Sinha, the executive&rsquo;s
change-in-control severance payment will only be reduced to the maximum amount that is deductible to the Company under Section
280G of the Code if the reduction provides the Named Executive Officer with the best after-tax result; otherwise, the Named Executive
officer will receive the full amount of the severance payment and other benefits triggered by the change-in-control and be liable
for the 20% excise tax on the excess parachute payment in addition to all other applicable taxes and, in such case, the deduction
by the Company of the portion of the severance payment constituting an excess parachute payment will be disallowed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company&rsquo;s employment agreements with each of the Named Executive Officers also provide for severance payments to the executive
if the Company terminates the executive&rsquo;s employment without cause, or, in the case of Mr. Rosenfeld and Mr. Sinha, if the
Company gives him good reason to terminate employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Please
see the section of this Proxy Statement captioned &ldquo;Employment Arrangements&rdquo; for a summary description of the Named
Executive Officers&rsquo; employment agreements and such severance and change-in-control provisions. These benefits are described
and quantified in the section of this Proxy Statement captioned &ldquo;Potential Payments Upon Termination or Change-In-Control&rdquo;
below.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company believes that the severance payments and payments made upon change-in-control provisions in the employment agreements
provide appropriate protection to the Company&rsquo;s executives, comparable to that available at peer companies, and, with regard
to the enhanced severance following a change-in-control, protects the Company from losing key executives during a period when
a change-in-control may be threatened or pending. These benefits are described and quantified in the section below captioned &ldquo;Potential
Payments Upon Termination or Change-In-Control.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Ms.
Varela has agreed to a non-compete and non-solicitation restriction through the expiration date of her employment agreement, December
31, 2016, in the event of a voluntary termination or termination for cause. Messrs. Rosenfeld and Sinha have each agreed to a
non-compete and non-solicitation restriction during the period of his employment and for a six-month period following the termination
of his employment for cause or in the event of his resignation without good reason. Mr. Schmertz has agreed to a non-compete and
non-solicitation restriction through December 31, 2015. Mr. Dharia does not have non-compete or non-solicitation provisions in
his employment agreement.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena033_v1"></A>POTENTIAL
PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company&rsquo;s employment agreements with the Named Executive Officers provide for payments to such individuals upon termination
of employment or a change-in-control of the Company. Please see the section of this Proxy Statement captioned &ldquo;Employment
Arrangements.&rdquo; The amounts set forth in the table below shall be payable to the respective Named Executive Officer if such
Named Executive Officer&rsquo;s employment is terminated under the various scenarios set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 86.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">NAME
    AND PRINCIPAL POSITION</FONT></TD><TD NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">CASH<BR>
    PAYMENT</FONT></TD><TD NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">CONTINUATION
    OF <BR>
    MEDICAL / <BR>
    WELFARE BENEFITS <BR>
    (PRESENT VALUE)</FONT></TD><TD NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">ACCELERATION<BR>
    AND <BR>
    CONTINUATION<BR>
    OF EQUITY<BR>
    AWARD</FONT></TD><TD NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">REDUCTION
    OF <BR>
    BENEFITS UPON A <BR>
    CHANGE-IN-<BR>
    CONTROL (1)</FONT></TD><TD NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">TOTAL
    <BR>
    TERMINATION<BR>
    BENEFITS</FONT></TD><TD NOWRAP STYLE="font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; padding-left: 8.65pt; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">($)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">($)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">($)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">($)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">($)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">TERMINATION
    DUE TO DEATH</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="width: 45%; text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Edward
    R. Rosenfeld</FONT></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">607,754
                                         </FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(2)</FONT></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;6,255</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(3)</FONT></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">614,009</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Arvind
    Dharia</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">554,719</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(4)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">11,320</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(3)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">566,039</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Awadhesh
    Sinha</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">600,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(5)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">11,320</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(3)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">611,320</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Robert
    Schmertz</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">725,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(6)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">725,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Amelia
    Newton Varela</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">&nbsp;<BR></FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">TERMINATION
    DUE TO TOTAL DISABILITY</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Edward
    R. Rosenfeld</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">607,754</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(2)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">607,754</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Arvind
    Dharia</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">554,719</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(4)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">554,719</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Awadhesh
    Sinha</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">600,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(5)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">600,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Robert
    Schmertz</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">725,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(6)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">725,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Amelia
    Newton Varela</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">&nbsp;TERMINATION
    FOR CAUSE; RESIGNATION WITHOUT GOOD REASON</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Edward
    R. Rosenfeld</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Arvind
    Dharia</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Awadhesh
    Sinha</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Robert
    Schmertz</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Amelia
    Newton Varela</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">TERMINATION
    OTHER THAN FOR CAUSE; RESIGNATION FOR GOOD REASON</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Edward
    R. Rosenfeld</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">1,245,896</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(7)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">1,245,896</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Arvind
    Dharia</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">554,719</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(8)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">98,834</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(9)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">653,553</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Awadhesh
    Sinha</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">1,891,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(10)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">1,891,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Robert
    Schmertz</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">725,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(11)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">725,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Amelia
    Newton Varela</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">1,500,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(12)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">1,500,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">TERMINATION
    UPON A CHANGE-IN-CONTROL</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Edward
    R. Rosenfeld</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">5,806,015</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(13)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">8,424,848</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(14)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(3,827,012</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">10,403,851</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(17)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Arvind
    Dharia</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">2,414,157</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(15)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">1,392,268</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(14)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">3,806,425</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Awadhesh
    Sinha</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">4,489,080</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(16)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">329,310</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(14)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">4,818,390</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Robert
    Schmertz</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">12,513,710</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(18)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">2,693,669</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(14)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(3,429,301</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">11,778,078
                                         </FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(17)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 8.65pt; font: 8pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Amelia
    Newton Varela</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">9,438,758</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(19)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">4,007,320
                                         </FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(14)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(3,435,810</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">10,010,268</FONT></TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;(17)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         employment agreements of two of the Named Executive Officers provide that severance payments
                                         in connection with a change-in-control are reduced if the severance payment, when added
                                         to any other benefits triggered by a change-of-control, is determined to constitute an
                                         &ldquo;excess parachute payment&rdquo; under Sections 280G and 4999 of the Code, to the
                                         maximum amount that is deductible to the Company under Section 280G of the Code. The
                                         employment agreements of the remaining Named Executive Officers indicate that the executive&rsquo;s
                                         change-in-control severance payment will only be reduced to the maximum amount that is
                                         deductible to the Company under Section 280G of the Code if the reduction provides the
                                         Named Executive Officer with the best after-tax result; otherwise, the Named Executive
                                         officer will receive the full amount of the severance payment and other benefits triggered
                                         by the change-in-control and be liable for the 20% excise tax on the excess parachute
                                         payment in addition to all other applicable taxes and, in such case, the deduction by
                                         the Company of the portion of the severance payment constituting an excess parachute
                                         payment will be disallowed.</FONT></TD></TR>                                                                                     <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consists
                                         of Mr. Rosenfeld&rsquo;s 2014 base salary of $607,754, which would be paid at regular
                                         intervals.</FONT></TD></TR></TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
                                                                                                                                                                                                            <TR STYLE="vertical-align: top; font: 1pt Times New Roman, Times, Serif">
<TD STYLE="font: 1pt Times New Roman, Times, Serif; width: 27pt">&nbsp;</TD><TD STYLE="text-align: justify; font: 1pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">(3)</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consists
                                         of medical benefits.</FONT></TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"></TD></TR>                                                                              <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consists
                                         of Mr. Dharia&rsquo;s 2014 base salary of $554,719, which would be paid at regular intervals.</FONT></TD></TR>                                                                                                                                                       <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consists
                                         of Mr. Sinha&rsquo;s 2014 base salary of $600,000, which would be paid at regular intervals.
                                         For purposes of calculating this hypothetical payment, Mr. Sinha&rsquo;s January 10,
                                         2014 employment agreement is deemed to be in effect as of December 31, 2013. The section
                                         of this Proxy Statement captioned &ldquo;Employment Arrangements&rdquo; contains a detailed
                                         description of the terms of this employment agreement.</FONT></TD></TR>                                                                                                                <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
                                         of Mr. Schmertz&rsquo;s 2014 base salary of $725,000, which would be paid at regular
                                         intervals.</FONT></TD></TR>                                                                                                                                                                                                            <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consists
                                         of the base salary ($607,754 for 2014 and $638,142 for 2015) that would have been paid
                                         to Mr. Rosenfeld during the remainder of the term of his employment until the expiration
                                         of his employment agreement on December 31, 2015. Mr. Rosenfeld would receive these payments
                                         at regular intervals.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(8)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consists
                                         of Mr. Dharia&rsquo;s 2013 base salary of $554,719 multiplied by the number of years
                                         (and fraction of years) remaining in the term of his employment agreement, which expires
                                         on December 31, 2014. Mr. Dharia would receive 50% of this payment immediately and the
                                         remaining 50% would be paid to him one year later (i.e., on December 31, 2014).</FONT></TD></TR>                                                                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(9)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consists
                                         of one times the sum of Mr. Dharia&rsquo;s life insurance payment ($87,514 per year)
                                         plus medical benefits ($11,320 per year).</FONT></TD></TR>                                                                                                   <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(10)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consists
                                         of the base salary ($600,000 for 2014, $630,000 for 2015 and $661,500 for 2016) that
                                         would have been paid to Mr. Sinha during the remainder of the term of his employment
                                         until the expiration of his employment agreement on December 31, 2016. Mr. Sinha would
                                         receive these payments at regular intervals. For purposes of calculating this hypothetical
                                         payment, Mr. Sinha&rsquo;s January 10, 2014 employment agreement is deemed to be in effect
                                         as of December 31, 2013. The section of this Proxy Statement captioned &ldquo;Employment
                                         Arrangements&rdquo; contains a detailed description of the terms of this employment agreement.</FONT></TD></TR>                                                                                                                                                        <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(11)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consists
                                         of an annual base salary of $725,000 that would have been paid to Mr. Schmertz during
                                         the remainder of the term of his employment until the expiration of his employment agreement
                                         on December 31, 2014. Mr. Schmertz would receive these payments at regular intervals.</FONT></TD></TR>                                                                                                                                               <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(12)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consists
                                         of the base salary of $500,000 that would have been paid to Ms. Varela during the remainder
                                         of the term of her employment until the expiration of her employment agreement on December
                                         31, 2016. Ms. Varela would receive these payments at regular intervals. For purposes
                                         of calculating this hypothetical payment, Ms. Varela&rsquo;s January 10, 2014 employment
                                         agreement is deemed to be in effect as of December 31, 2013. The section of this Proxy
                                         Statement captioned &ldquo;Employment Arrangements&rdquo; contains a detailed description
                                         of the terms of this employment agreement.</FONT></TD></TR>                                                                                                    <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(13)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consists
                                         of three times the average total compensation Mr. Rosenfeld actually received for the
                                         preceding three calendar years, except that in lieu of the actual base salary component
                                         received during such period, there has been substituted the annual base salary to which
                                         Mr. Rosenfeld was entitled as of the date of termination or resignation. Upon a change-in-control,
                                         payments (or portions thereof) to Mr. Rosenfeld determined to constitute an &ldquo;excess
                                         parachute payment&rdquo; may be reduced to the maximum amount that would be tax deductible
                                         by the Company pursuant to Sections 280G of the Code. Upon a hypothetical December 31,
                                         2013 change-in-control, this amount would have been reduced by $3,827,012 to reflect
                                         the maximum amount that would be tax deductible by the Company pursuant to Section 280G
                                         of the Code. See the &ldquo;Implications of Tax and Accounting Matters&rdquo; section
                                         of &ldquo;Compensation Discussion and Analysis&rdquo; for a discussion of the applicability
                                         of Sections 280G and 4999 of the Code to change-in-control payments generally. See also
                                         the summary of Mr. Rosenfeld&rsquo;s employment agreement under &ldquo;Employment Arrangements.&rdquo;</FONT></TD></TR>                                                                                                                                                                <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(14)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         amount disclosed represents the total value of the restricted stock and stock options
                                         which would have received accelerated vesting upon a hypothetical change in control on
                                         December 31, 2013.</FONT></TD></TR>                                                                            <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(15)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consists
                                         of three times the total compensation Mr. Dharia actually received for the preceding
                                         twelve calendar months, except that in lieu of the actual base salary component received
                                         during such period, there has been substituted the annual base salary to which Mr. Dharia
                                         was entitled as of the date of termination or resignation. Upon a change-in-control,
                                         payments (or portions thereof) to Mr. Dharia determined to constitute an &ldquo;excess
                                         parachute payment&rdquo; may be subject to reduction to the maximum amount that would
                                         be tax deductible by the Company pursuant to Sections 280G of the Code. Upon a hypothetical
                                         December 31, 2013 change-in-control, no payments to Mr. Dharia would have been subject
                                         to reduction. See the &ldquo;Implications of Tax and Accounting Matters&rdquo; section
                                         of &ldquo;Compensation Discussion and Analysis&rdquo; for a discussion of the applicability
                                         of Sections 280G and 4999 of the Code to change-in-control payments generally. See also
                                         the summary of Mr. Dharia&rsquo;s employment agreement under &ldquo;Employment Arrangements.&rdquo;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
                                                                                                                                                             <TR STYLE="vertical-align: top; font: 1pt Times New Roman, Times, Serif">
<TD STYLE="font: 1pt Times New Roman, Times, Serif; width: 27pt">&nbsp;</TD><TD STYLE="text-align: justify; font: 1pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(16)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consists
                                         of three times the sum of base compensation and certain benefits Mr. Sinha actually received
                                         for the preceding twelve calendar months, except that in lieu of the actual base salary
                                         component received during such period, there has been substituted the annual base salary
                                         to which Mr. Sinha was entitled as of the date of termination or resignation. Upon a
                                         change-in-control, payments (or portions thereof) to Mr. Sinha determined to constitute
                                         an &ldquo;excess parachute payment&rdquo; may be subject to reduction to the maximum
                                         amount that would be tax deductible by the Company pursuant to Sections 280G of the Code.
                                         Upon a hypothetical December 31, 2013 change-in-control, no payments to Mr. Sinha would
                                         have been subject to reduction. See the &ldquo;Implications of Tax and Accounting Matters&rdquo;
                                         section of &ldquo;Compensation Discussion and Analysis&rdquo; for a discussion of the
                                         applicability of Sections 280G and 4999 of the Code to change-in-control payments generally.
                                         See also the summary of Mr. Sinha&rsquo;s employment agreement under &ldquo;Employment
                                         Arrangements.&rdquo; For purposes of calculating this hypothetical payment, Mr. Sinha&rsquo;s
                                         January 10, 2014 employment agreement is deemed to be in effect as of December 31, 2013.</FONT></TD></TR>                                                                                                                                                  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"></TD></TR>                                                                                                                                                 <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(17)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         total amount does not include the amount deducted pursuant to Section 280G of the Code.</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                      <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(18)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consists
                                         of three times the average total compensation Mr. Schmertz actually received for the
                                         preceding three calendar years. Upon a hypothetical December 31, 2013 change-in-control,
                                         this amount would have been reduced by $3,429,301 to reflect the maximum amount that
                                         would be tax deductible by the Company pursuant to Section 280G of the Code. See the
                                         &ldquo;Implications of Tax and Accounting Matters&rdquo; section of &ldquo;Compensation
                                         Discussion and Analysis&rdquo; for a discussion of the applicability of Sections 280G
                                         and 4999 of the Code to change-in-control payments generally. See also the summary of
                                         Mr. Schmertz&rsquo;s employment agreement under &ldquo;Employment Arrangements.&rdquo;</FONT></TD></TR>                                                                                                                                                <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(19)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consists
                                         of three times the average total compensation Ms. Varela actually received for the preceding
                                         three calendar years. Upon a hypothetical December 31, 2013 change-in-control, this amount
                                         would have been reduced by $3,435,810 to reflect the maximum amount that would be tax
                                         deductible by the Company pursuant to Section 280G of the Code. See the &ldquo;Implications
                                         of Tax and Accounting Matters&rdquo; section of &ldquo;Compensation Discussion and Analysis&rdquo;
                                         for a discussion of the applicability of Sections 280G and 4999 of the Code to change-in-control
                                         payments generally. See also the summary of Ms. Varela&rsquo;s employment agreement under
                                         &ldquo;Employment Arrangements.&rdquo; For purposes of calculating this hypothetical
                                         payment, Ms. Varela&rsquo;s January 10, 2014 employment agreement is deemed to be in
                                         effect as of December 31, 2013.</FONT></TD></TR></TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena034_v1"></A>Compensation
Committee Report</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis with management, and based on the review
and discussions, the Compensation Committee recommended to the Board of Directors that the Compensation Discussion and Analysis
be included in this Proxy Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Submitted by
the Compensation Committee of the Company&rsquo;s Board of Directors:</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Peter Migliorini (Chairman)</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Thomas H. Schwartz</FONT></td></tr>
</table>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena035_v1"></A>PROPOSAL
TWO:</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">RATIFICATION OF THE APPOINTMENT OF EISNERAMPER LLP AS THE COMPANY&rsquo;S<BR>
INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS<BR>
FOR THE FISCAL YEAR ENDING DECEMBER 31, 2014</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Audit Committee has appointed EisnerAmper LLP as the Company&rsquo;s independent registered public accounting firm to conduct
the audit of the Company&rsquo;s books and records for the fiscal year ending December 31, 2014. EisnerAmper LLP also served as
the Company&rsquo;s independent registered public accountants for the 2013 Fiscal Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Before
making its determination on appointment, the Audit Committee carefully considers the qualifications and competence of candidates
for the independent registered public accountants. For EisnerAmper LLP, this has included a review of its performance in prior
years, its independence and processes for maintaining independence, the results of the most recent internal quality control review
or Public Company Accounting Oversight Board inspection, the key members of the audit engagement team, the firm&rsquo;s approach
to resolving significant accounting and auditing matters including consultation with the firm&rsquo;s national office, as well
as its reputation for integrity and competence in the fields of accounting and auditing. Although ratification by stockholders
is not required by the Company&rsquo;s organizational documents or other applicable law, the Audit Committee has determined that
requesting ratification by stockholders of its appointment of EisnerAmper LLP as the Company&rsquo;s independent registered public
accountants is a matter of good corporate practice. If stockholders do not ratify the selection, the Audit Committee will reconsider
whether or not to retain EisnerAmper LLP, but may still retain the accounting firm. Even if the selection is ratified, the Audit
Committee, in its discretion, may change the appointment at any time during the year if it determines that such a change would
be in the best interest of the Company and its stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Representatives
of EisnerAmper LLP are expected to be present at the Annual Meeting to respond to appropriate questions and to make a statement
should they so desire.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Required Vote</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
affirmative vote of the holders of a majority of the outstanding shares of Common Stock present or represented by proxy and entitled
to vote at the Annual Meeting is required to ratify the Audit Committee&rsquo;s selection of EisnerAmper LLP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Recommendation of the Board
of Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board of Directors unanimously recommends a vote &ldquo;FOR&rdquo; the ratification of the appointment of EisnerAmper LLP as the
Company&rsquo;s independent registered public accountants for the fiscal year ending December 31, 2014. Unless marked to the contrary,
proxies received from stockholders will be voted in favor of ratifying the appointment of EisnerAmper LLP as the Company&rsquo;s
independent registered public accountants for the fiscal year ending December 31, 2014.</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Independent Registered Public
Accounting Firm&rsquo;s Fees and Services</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
aggregate fees billed to the Company by EisnerAmper LLP for professional services rendered for each of the past two years are
set forth below:</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Year Ended December&nbsp;31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Audit Fees <SUP>(1)</SUP></FONT></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">728,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">700,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Audit-Related Fees <SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Tax Fees <SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,850</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">All Other Fees <SUP>(4)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">41,500</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">148,465</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">885,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">920,315</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(1)
</SUP>Represents the aggregate fees and expenses billed for (a) the audit of the Company&rsquo;s annual financial statements,
(b) the reviews of the financial statements included in the Company&rsquo;s Quarterly Reports on Form 10-Q, (c) other statutory
and regulatory filings or engagements and (d) the audit of the Company&rsquo;s internal controls over financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(2)
</SUP>Represents the aggregate fees billed for audit-related fees related to assurance and related services. Includes, among others,
the audit of the Company&rsquo;s employee benefit plans and other accounting related consultations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(3)
</SUP>Represents the aggregate fees billed for tax compliance, tax advice and tax planning services. These professional services
include assistance in the preparation of the Company&rsquo;s various federal, state and local tax returns, tax consultation and
various amendments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(4)
</SUP>Represents the aggregate fees billed (a) with respect to the 2013 Fiscal Year, for (i) services rendered in connection with
the Company&rsquo;s acquisition of a business in Canada and (ii) out-of-pocket expenses incurred by EisnerAmper LLP in connection
with services rendered to the Company and (b) with respect to the fiscal year ended December 31, 2012, for (i) due diligence services
rendered in connection with two business acquisitions and (ii) out-of-pocket expenses incurred by EisnerAmper LLP in connection
with services rendered to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Audit Committee&rsquo;s
Pre-Approval Policies and Procedures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Consistent
with SEC policies regarding auditor independence, the Audit Committee has responsibility for appointing, setting compensation
and overseeing the work of the independent registered public accountants. In recognition of this responsibility, the Audit Committee
has established a policy to review and pre-approve all audit and permissible non-audit services provided by the independent registered
public accountants. These services may include audit services, audit-related services, tax services and other services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Prior
to engagement of the independent auditor for next year&rsquo;s audit, the Audit Committee will pre-approve all auditing services
and all permitted non-audit services (including the fees and terms thereof), except those excluded from requiring pre-approval
based upon the de minimus exception set forth in Section 10A(i)(1)(B) of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Audit Committee&rsquo;s pre-approval policies and procedures are as follows: (a) prior to each fiscal year, the Audit Committee
pre-approves a schedule of estimated fees for proposed non-prohibited audit and non-audit services, and (b) actual amounts paid
are monitored by financial management of the Company and reported to the Audit Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">All
work performed by EisnerAmper LLP as described above under the captions Audit Fees, Audit-Related Fees, Tax Fees and All Other
Fees has been approved or pre-approved by the Audit Committee pursuant to the provisions of the Audit Committee&rsquo;s charter.
The Audit Committee has considered and concluded that the provision of non-audit services is compatible with maintaining the independence
of EisnerAmper LLP.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt; text-transform: none"><A NAME="smaddena036_v1"></A>AUDIT
COMMITTEE REPORT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Audit Committee reviewed the Company&rsquo;s audited financial statements for the 2013 Fiscal Year and met with both management
and representatives of EisnerAmper LLP, the Company&rsquo;s independent registered public accountants, to discuss such audited
financial statements. Management and the Company&rsquo;s independent registered public accountants have represented to the Audit
Committee that the financial statements were prepared in accordance with accounting principles generally accepted in the United
States of America. The Audit Committee has received from and discussed with EisnerAmper LLP the written disclosures and the letter
regarding EisnerAmper LLP&rsquo;s communications with the Audit Committee concerning independence as required by applicable requirements
of the Public Company Accounting Oversight Board, and discussed with EisnerAmper LLP the independence of EisnerAmper LLP. The
Audit Committee also discussed with EisnerAmper LLP any matters required to be discussed by Statement on Auditing Standards No.
61, as amended, as adopted by the Public Company Accounting Oversight Board in Rule 3200T. Based on these reviews and discussions,
the Audit Committee recommended to the Board that the Company&rsquo;s audited financial statements be included in the Company&rsquo;s
Annual Report on Form 10-K for the 2013 Fiscal Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Submitted by
the Audit Committee of the Company&rsquo;s Board of Directors:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 55%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Richard P. Randall (Chairman)</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Peter Migliorini</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Ravi
Sachdev</FONT></P></td></tr>
</table>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena037_v1"></A>PROPOSAL
THREE:</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">NON-BINDING ADVISORY VOTE ON EXECUTIVE COMPENSATION</FONT></P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
14A of the Exchange Act, as created by Section 951 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &ldquo;Dodd-Frank
Act&rdquo;), and the rules and regulations promulgated thereunder, require a publicly traded company to include a resolution in
its proxy statement at least once every three years seeking stockholder approval, on an advisory or non-binding basis, of the
compensation of the named executive officers as disclosed in such company&rsquo;s proxy statement pursuant to the compensation
rules of the SEC. At our 2011 Annual Meeting of Stockholders, the Company&rsquo;s stockholders approved, on an advisory basis,
the holding of an advisory vote to approve executive compensation (commonly known as a &ldquo;say-on-pay&rdquo; proposal) on an
annual basis. Based on these results, the Board of Directors determined to hold its advisory vote to approve executive compensation
annually until the next frequency vote, which is scheduled for the Company&rsquo;s 2017 Annual Meeting of Stockholders. Accordingly,
we are providing stockholders with a non-binding advisory vote on the compensation of our Named Executive Officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
described in more detail in the Compensation Discussion and Analysis section, which begins on page 22 of this Proxy Statement,
the overall objective of the Company&rsquo;s executive compensation programs and practices is to support delivery of sustained
operating and financial performance results with the ultimate goal being to create and maximize value for our stockholders on
a long-term basis. We believe that our executive compensation programs and practices serve the interests of our stockholders by
enabling us to attract and retain an experienced and effective management team whose combined knowledge of our business and the
footwear and accessories industries has proved extremely valuable in delivering results for our stockholders. The Compensation
Committee and the Board of Directors believe that the Company&rsquo;s compensation programs and practices as articulated in the
Compensation Discussion and Analysis section of this Proxy Statement effectively implement our philosophy of aligning compensation
to stockholder interests and that the compensation received by our Named Executive Officers in the 2013 Fiscal Year reflects and
supports such philosophy and goal and is commensurate with the performance and strategic position of the Company. We will continue
to review and modify our executive compensation programs to address evolving best practices and changing regulatory requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
encourage stockholders to read the Compensation Discussion and Analysis section of this Proxy Statement, as well as the Summary
Compensation Table and other related compensation tables and narrative disclosure contained in this Proxy Statement, all of which
describe and explain in detail the compensation of our Named Executive Officers in the 2013 Fiscal Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The following
resolution is submitted for stockholder approval:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1in 10pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>RESOLVED</B>,
that the stockholders of Steven Madden, Ltd. (the &lsquo;Company&rsquo;) approve, on a non-binding advisory basis, the compensation
paid to the Named Executive Officers of the Company as disclosed pursuant to the compensation disclosure rules of the Securities
and Exchange Commission, including the executive compensation as described in the section captioned &lsquo;Compensation Discussion
and Analysis,&rsquo; the Summary Compensation Table and related tabular disclosure and narrative discussion regarding compensation
of Named Executive Officers under the caption &lsquo;Executive Compensation&rsquo; contained in the Company&rsquo;s Proxy Statement
dated April<B> </B>10, 2014.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
vote is not intended to address any specific item of compensation, but rather the overall compensation of our Named Executive
Officers and the compensation programs and practices described in this Proxy Statement. While this advisory vote on executive
compensation, commonly referred to as a &ldquo;say-on-pay&rdquo; advisory vote, is required by Section 14A of the Exchange Act,
it is not binding on our Board of Directors and may not be construed as overruling any decision by the Board of Directors or the
Compensation Committee.&nbsp;&nbsp;However, we value the opinions of our stockholders. To the extent there is a significant vote
against the compensation of the Named Executive Officers as disclosed in this Proxy Statement, the Board of Directors and the
Compensation Committee will consider the outcome of the vote when considering future compensation arrangements and evaluate whether
any actions are necessary to address the stockholders&rsquo; concerns.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Required Vote</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Approval
of this resolution requires the affirmative vote of a majority of the shares of Common Stock present or represented by proxy and
entitled to vote at the Annual Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Recommendation of the Board
of Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board of Directors unanimously recommends a vote &ldquo;FOR&rdquo; the resolution approving the overall compensation of the Named
Executive Officers for the 2013 Fiscal Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>OTHER MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">At
the date of this Proxy Statement, the Company has no knowledge of any business other than that described above that will be presented
at the Annual Meeting. If any other business should properly come before the Annual Meeting in connection therewith, it is intended
that the persons named in the accompanying proxy will have discretionary authority to vote the shares which they represent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A copy
of the applicable provisions of the Company&rsquo;s By-Laws may be obtained by any stockholder, without charge, upon written request
to the Secretary of the Company at the address set forth above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHETHER
OR NOT YOU EXPECT TO BE PRESENT AT THE ANNUAL MEETING, PLEASE MARK, SIGN, DATE AND RETURN THE ACCOMPANYING PROXY CARD PROMPTLY.
ALTERNATIVELY, YOU MAY VOTE YOUR SHARES BY TELEPHONE OR THROUGH THE INTERNET AS DESCRIBED ON THE ACCOMPANYING PROXY CARD. YOUR
VOTE IS IMPORTANT. IF YOU ARE A STOCKHOLDER OF RECORD AND ATTEND THE ANNUAL MEETING AND WISH TO VOTE IN PERSON, YOU MAY WITHDRAW
YOUR PROXY AT ANY TIME PRIOR TO THE VOTE.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 58%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">STEVEN
    MADDEN, LTD.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">April 10, 2014</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">By:</FONT></td>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><IMG SRC="smadden001_v1.jpg" ALT="-s- Arvind Dharia"></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Arvind
    Dharia</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Secretary</FONT></td></tr>
</table>


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<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
 <TR STYLE="font-size: 1px">
 <TD WIDTH="5%" VALIGN="TOP">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN="TOP">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN="TOP">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="0" STYLE="border-style: none"><P CLASS="MSONORMAL">&nbsp;</P></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">
 <TD ROWSPAN="11" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD ROWSPAN="11" VALIGN="TOP">
<IMG SRC="smadden002_v1.jpg" ALT="(STEVEN MADDEN LOGO)"><FONT SIZE="2"><I><B><BR>STEVEN MADDEN, LTD. <BR>
 ATTN: ARVIND DHARIA<BR>
 52-16 BARNETT AVENUE<BR>
 LONG ISLAND CITY, NY 11104</B></I></FONT>
 </TD>
 <TD ROWSPAN="11" VALIGN="TOP">
 <P><FONT SIZE="2"><B>VOTE BY
 INTERNET - www.proxyvote.com<BR>
 </B>Use the Internet to
 transmit your voting instructions and for electronic delivery of information
 up until 11:59 P.M. Eastern Time the day before the meeting date. Have your
 proxy card in hand when you access the web site and follow the instructions
 to obtain your records and to create an electronic voting instruction form.</FONT></P>

  <P><FONT SIZE="2"><B>ELECTRONIC
 DELIVERY OF FUTURE PROXY MATERIALS<BR>
 </B>If you would like to
 reduce the costs incurred by our company in mailing proxy materials, you can
 consent to receiving all future proxy statements, proxy cards and annual
 reports electronically via e-mail or the Internet. To sign up for electronic
 delivery, please follow the instructions above to vote using the Internet
 and, when prompted, indicate that you agree to receive or access proxy
 materials electronically in future years.</FONT></P>

  <P><FONT SIZE="2"><B>VOTE BY
 PHONE - 1-800-690-6903<BR>
 </B>Use any touch-tone
 telephone to transmit your voting instructions up until 11:59 P.M. Eastern
 Time the day before the meeting date. Have your proxy card in hand when you
 call and then follow the instructions.</FONT></P>

  <P><FONT SIZE="2"><B>VOTE BY
 MAIL<BR>
 </B>Mark, sign and date
 your proxy card and return it in the postage-paid envelope we have provided
 or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood,
 NY 11717.</FONT></P>
 </TD>
 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

  <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
</TABLE>

<BR><BR><BR><BR><BR>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
 <TR STYLE="font-size: 1px">
 <TD WIDTH="100%" VALIGN="TOP">
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP">
 <P><FONT SIZE="2">TO
 VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt dashed">
 <P ALIGN="RIGHT"><FONT SIZE="2">KEEP
 THIS PORTION FOR YOUR RECORDS</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP">
 <P ALIGN="RIGHT"><FONT SIZE="2">DETACH
 AND RETURN THIS PORTION ONLY</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2"><B>THIS&nbsp;&nbsp;PROXY&nbsp;&nbsp;CARD&nbsp;&nbsp;IS&nbsp;&nbsp;VALID&nbsp;&nbsp;ONLY&nbsp;&nbsp;WHEN&nbsp;&nbsp;SIGNED&nbsp;&nbsp;AND&nbsp;&nbsp;DATED.</B></FONT></P>
 </TD>
 </TR>
</TABLE>










<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
 <TR STYLE="font-size: 8px">
 <TD WIDTH="2%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" COLSPAN="2" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" COLSPAN="2" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" COLSPAN="2" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP" STYLE="border-style: none">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP" STYLE="border-style: none">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-style: none">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP" STYLE="border-style: none">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-style: none">
 <P ALIGN="CENTER"><FONT SIZE="1"><B>For <BR>
 All</B></FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP" STYLE="border-style: none">
 <P ALIGN="CENTER"><FONT SIZE="1"><B>Withhold<BR>
 All</B></FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-style: none">
 <P ALIGN="CENTER"><FONT SIZE="1"><B>For All<BR>
 Except</B></FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-style: none">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" ROWSPAN="2" VALIGN="TOP" STYLE="border-style: none">
 <P ALIGN="JUSTIFY"><FONT SIZE="1">To withhold authority to
 vote for any individual nominee(s), mark &ldquo;For All Except&rdquo; and write the
 number(s) of the nominee(s) on the line below.</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-style: none">
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 <TD COLSPAN="7" VALIGN="TOP">
 <P><FONT SIZE="1"><B>The Board
 of Directors recommends you vote </B></FONT></P>
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 <P><FONT SIZE="1"><B>FOR the
 following:</B></FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2" FACE="wingdings">o</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2" FACE="wingdings">o</FONT></P>
 </TD>
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 <P ALIGN="CENTER"><FONT SIZE="2" FACE="wingdings">o</FONT></P>
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 </TD>
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 <P><FONT SIZE="1"><B>1.</B></FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">Election of Directors</FONT></P>
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 <P><FONT SIZE="1"><B>Nominees</B></FONT></P>
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 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid"><P><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP"><P><FONT STYLE="font-size: 8pt">01<BR>
06</FONT></P>
 </TD>
 <TD COLSPAN="21" NOWRAP STYLE="vertical-align: top"><P><FONT STYLE="font-size: 8pt">Edward&nbsp;R&nbsp;Rosenfeld&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose&nbsp;Peabody&nbsp;Lynch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John
                                         L Madden&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter
                                         Migliorini&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard
                                         P Randall</FONT><BR><FONT STYLE="font-size: 8pt">Ravi</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 8pt">Sachdev&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas
                                         H Schwartz&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert
                                         Smith</FONT></P>

</TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="14" VALIGN="TOP">
 <P><FONT SIZE="1"><B>The Board
 of Directors recommends you vote FOR proposals  2 and 3.</B></FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="BOTTOM">
 <P ALIGN="CENTER"><FONT SIZE="1"><B>For</B></FONT></P>
 </TD>
 <TD VALIGN="BOTTOM">
 <P ALIGN="CENTER"><FONT SIZE="1"><B>Against</B></FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="BOTTOM">
 <P ALIGN="CENTER"><FONT SIZE="1"><B>Abstain</B></FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
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 <TD COLSPAN="2" VALIGN="TOP">
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 <TD VALIGN="BOTTOM">
 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="BOTTOM">
 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="BOTTOM">
 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
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 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1"><B>2.</B></FONT></P>
 </TD>
 <TD COLSPAN="16" VALIGN="TOP">
 <P><FONT STYLE="font-size: xx-small">TO RATIFY THE APPOINTMENT OF EISNERAMPER LLP AS THE COMPANY&rsquo;S INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2014.</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2" FACE="wingdings">o</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2" FACE="wingdings">o</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2" FACE="wingdings">o</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
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 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="BOTTOM">
 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="BOTTOM">
 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="BOTTOM">
 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1"><B>3.</B></FONT></P>
 </TD>
 <TD COLSPAN="16" VALIGN="TOP">
 <P><FONT STYLE="font-size: xx-small">TO APPROVE, BY NON-BINDING ADVISORY VOTE, THE EXECUTIVE COMPENSATION DESCRIBED IN THE STEVEN
MADDEN, LTD PROXY STATEMENT.</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2" FACE="wingdings">o</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2" FACE="wingdings">o</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2" FACE="wingdings">o</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="17" VALIGN="TOP">
 <P><FONT SIZE="1"><B>NOTE: </B><FONT SIZE="1">In their
 discretion, the proxies are authorized to vote upon such other business as
 may properly be presented at the meeting or any adjournments or postponements
 thereof.</FONT></FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="1"><B>Yes</B></FONT></P>
 </TD>
 <TD VALIGN="TOP" COLSPAN="2">
 <P ALIGN="CENTER"><FONT SIZE="1"><B>No</B></FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="7" VALIGN="TOP">
 <P><FONT SIZE="1">Please indicate if you plan
 to attend this meeting</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2" FACE="wingdings">o</FONT></P>
 </TD>
 <TD VALIGN="TOP" COLSPAN="2">
 <P ALIGN="CENTER"><FONT SIZE="2" FACE="wingdings">o</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right: BLACK 1pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; border-left-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="10" VALIGN="TOP">
 <P><FONT SIZE="1">Please sign exactly as your
 name(s) appear(s) hereon. When signing as attorney, executor, administrator,
 or other fiduciary, please give full title as such. Joint owners should each
 sign personally. All holders must sign. If a corporation or partnership,
 please sign in full corporate or partnership name, by authorized officer.</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" NOWRAP STYLE="vertical-align: top">
 <P STYLE="margin-bottom: 10pt"><FONT SIZE="1">Signature [PLEASE SIGN
 WITHIN BOX]</FONT></P>
 </TD>
 <TD COLSPAN="3" STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top">
 <P STYLE="margin-bottom: 5pt"><FONT SIZE="1">Date</FONT></P>
 </TD>
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 <TD COLSPAN="3" STYLE="vertical-align: top">
 <P STYLE="margin-bottom: 5pt"><FONT SIZE="1">Signature (Joint Owners)</FONT></P>
 </TD>
 <TD COLSPAN="3" STYLE="vertical-align: top">
 <P STYLE="margin-bottom: 5pt"><FONT SIZE="1">Date</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 </TD>
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  <TR STYLE="font-size: 5px">
 <TD STYLE="vertical-align: top; border-top-style: none; border-left: BLACK 1pt solid; border-bottom: BLACK 1pt solid; border-right-style: none">&nbsp;</TD>
 <TD COLSPAN="3" NOWRAP STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom: BLACK 1pt solid">&nbsp;</TD>
 <TD COLSPAN="3" STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">&nbsp;</TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">&nbsp;</TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">&nbsp;</TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">&nbsp;</TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">&nbsp;</TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">&nbsp;</TD>
 <TD COLSPAN="3" STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">&nbsp;</TD>
 <TD COLSPAN="3" STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">&nbsp;</TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">&nbsp;</TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">&nbsp;</TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">&nbsp;</TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-left-style: none; border-bottom: BLACK 1pt solid; border-right: BLACK 1pt solid">&nbsp;</TD></TR>
<TR HEIGHT="0">
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</TABLE>
<P><FONT STYLE="font-size: xx-small">0000209393_1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1.0.0.51160</FONT></P>


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<BR><BR>
<BR>
<BR>
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<BR>
<BR>
<BR><BR><BR><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
 <TR STYLE="font-size: 1px">
 <TD WIDTH="4%" VALIGN="TOP">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN="TOP">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN="TOP">
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN="TOP">
 <P><FONT SIZE="2"><B>Important
 Notice Regarding the Availability of Proxy Materials for the Annual Meeting: </B>The Notice &amp; Proxy Statement, Annual
 Report with&nbsp;10-K&nbsp;is/are available at <U>www.proxyvote.com</U>.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt dashed">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt dashed">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-bottom: BLACK 1pt dashed">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-bottom: black 2px solid">
 <P><FONT SIZE="2">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-bottom: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-bottom: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2"><B>STEVEN MADDEN, LTD.</B></FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2"><B>THIS PROXY IS BEING SOLICITED ON BEHALF OF</B></FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2"><B>THE BOARD OF DIRECTORS</B></FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2"><B>PLEASE CLEARLY INDICATE A RESPONSE BY CHECKING ONE OF THE
 BOXES NEXT TO EACH OF THE PROPOSALS</B></FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="2">The undersigned
 stockholder(s) of Steven Madden, Ltd. (the &ldquo;Company&rdquo;) hereby appoint(s)
 Edward R. Rosenfeld and Arvind Dharia, and each of them, as attorneys and
 proxies, each with power of substitution and revocation, to represent the
 undersigned at the Annual Meeting of Stockholders of the Company to be held
 at the Company&rsquo;s showroom located at 1370 Avenue of the Americas, 14th Floor,
 New York, New York at 10:00 a.m., local time, on May 23, 2014 and at any
 adjournments or postponements thereof, with authority to vote all shares of
 Common Stock of the Company held or owned by the undersigned on April 4,
 2014, in accordance with the directions indicated herein.</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT STYLE="font-size: x-small"><B>THIS PROXY WILL BE VOTED AS SPECIFIED HEREIN; UNLESS OTHERWISE INDICATED, THIS PROXY WILL
 BE VOTED (1) <U>FOR</U> THE ELECTION OF THE EIGHT(8) NOMINEES NAMED IN ITEM 1, (2) <U>FOR</U> THE RATIFICATION OF THE APPOINTMENT
 OF EISNERAMPER LLP AS THE COMPANY&rsquo;S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR 2014 AND (3) <U>FOR</U>
 THE APPROVAL OF THE EXECUTIVE COMPENSATION DESCRIBED IN THE COMPANY&rsquo;S PROXY STATEMENT. THIS PROXY WILL BE VOTED IN THE DISCRETION
 OF THE PROXIES ON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING.</B></FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2"><B>Continued and to be signed on reverse side</B></FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP" STYLE="border-left: black 2px solid; border-bottom: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-bottom: black 2px solid">
 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-right: black 2px solid; border-bottom: black 2px solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
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