<SEC-DOCUMENT>0001019056-16-001244.txt : 20160408
<SEC-HEADER>0001019056-16-001244.hdr.sgml : 20160408
<ACCEPTANCE-DATETIME>20160408142156
ACCESSION NUMBER:		0001019056-16-001244
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20160408
FILED AS OF DATE:		20160408
DATE AS OF CHANGE:		20160408
EFFECTIVENESS DATE:		20160408

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:		161562326

	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>DEF 14A
<TEXT>
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     <TITLE></TITLE>
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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: 10pt 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: 10pt 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: 10pt 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: 10pt 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: 18pt; 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>INFORMATION
REQUIRED IN PROXY STATEMENT</B></FONT><BR>
<FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>SCHEDULE 14A INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Proxy Statement Pursuant to Section 14(a)
of the</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 5.4pt; 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">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">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; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Amount
    Previously Paid:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Form,
    Schedule or Registration Statement No.:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Filing
    Party:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date
    Filed:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Dear Shareholders,</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"><FONT STYLE="font-size: 10pt">After a challenging 2014,
Steve Madden bounced back in 2015. We successfully capitalized on new fashion footwear trends, recorded strong growth in our retail
/ e-commerce business, made significant progress in building our newly acquired Dolce Vita and Blondo brands and further expanded
our international presence. Our financial performance improved as the year progressed, and we finished the year with net sales
of $1.4 billion and diluted EPS of $1.85, each up 5% from 2014.</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"><FONT STYLE="font-size: 10pt"><B>Driving Improvement in
Our Retail Segment</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"><FONT STYLE="font-size: 10pt">Entering 2015, our top priority
was turning around our retail business, which had struggled in 2014 as we faced a difficult environment with a lack of significant
fashion footwear trends. A year later, we&rsquo;re proud to say that we executed on our goal, and our retail business is back
on track. Steve and his design team did an outstanding job of creating fashion-forward products that resonated with our customers
&ndash; with particular strength in the dress shoe and fashion sneaker categories &ndash; and the on-trend merchandise assortment
led to a dramatic improvement in performance in our retail segment. Despite headwinds from a soft retail environment, the West
Coast port slowdown in the first half and the unfavorable weather in the back half, our retail comparable store sales increased
11% for the year, and operating margin for our retail business expanded 260 basis points.</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"><FONT STYLE="font-size: 10pt"><B>Integrating and Building
Our New Brands</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"><FONT STYLE="font-size: 10pt">Another highlight in 2015
was the outstanding progress we made with the newest additions to our brand portfolio, Dolce Vita and Blondo. When we acquired
Dolce Vita in August 2014, the business was unprofitable, but we saw a clear path to profitability and great potential in the
Dolce Vita brand. Shortly after completing the acquisition, we closed ancillary businesses including men&rsquo;s brand JD Fisk
and juniors brand DV8. In Spring 2015, we discontinued diffusion brand DV, which we have since relaunched as an exclusive brand
at Target. While these actions reduced sales in the short-term, they enabled us to focus our efforts on the flagship brand Dolce
Vita, which has strong brand equity, a unique positioning in the marketplace and significant untapped potential. The strategy
has already paid dividends. We have expanded and strengthened the Dolce Vita product offering while maintaining the brand&rsquo;s
elevated contemporary positioning, and the response from customers has been outstanding. The brand was a clear outperformer in
a difficult retail environment in Fall 2015, and the momentum has continued into the first part of 2016. We have also made a number
of significant operational improvements in the business. Through increased initial mark-ups, improved inventory management and
better control of markdown allowances, we have driven dramatic gross margin improvement. The gross margin expansion, combined
with cost-cutting efforts that have substantially reduced operating expenses, enabled the business to improve from an operating
loss in 2014 to a 7% operating margin in 2015.</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"><FONT STYLE="font-size: 10pt">In January 2015, we acquired
Blondo, a waterproof boot brand based in Canada with a heritage that dates back over a century. Prior to the acquisition, approximately
70% of Blondo&rsquo;s business was in Canada, and the primary rationale for the transaction was the growth opportunity we saw
for the business in the United States. After acquiring the business, we leveraged our strong customer relationships to significantly
expand Blondo&rsquo;s presence in its existing U.S. accounts and to introduce the brand in a number of new accounts. Overall,
Blondo&rsquo;s U.S. business increased approximately 50% in 2015, a notable achievement in light of the unfavorable weather that
we experienced in the back half of the year.</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"><FONT STYLE="font-size: 10pt"><B>Expanding Our International
Business</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"><FONT STYLE="font-size: 10pt">One of our most important
long-term initiatives is growing our business in international markets, and we made significant progress in this area in 2015.
In late December 2014, we acquired SM Mexico, our former distributor in Mexico. The SM Mexico business had an outstanding first
year under our ownership, with retail comparable store sales in excess of 20% and wholesale sales up 50% in local currency. Our
distributor business was also strong, with net sales to international distributors growing 23% on the strength of robust gains
in Asia and the Middle East. Overall, international sales increased 33% in 2015.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Returning Capital to Shareholders</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"><FONT STYLE="font-size: 10pt">Finally, in 2015 we continued
to demonstrate our commitment to returning capital to shareholders. During the year, we repurchased 3.7 million shares, or approximately
6% of the Company, for a total of $136 million. Since 2013, we have repurchased approximately $380 million of our common stock.</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"><FONT STYLE="font-size: 10pt"><B>Looking Ahead</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"><FONT STYLE="font-size: 10pt">Overall, 2015 was a strong
year for Steve Madden, as we rebounded after a challenging 2014 and also made significant progress on our key growth initiatives.
As we look ahead, we are pleased with the momentum in our business and are optimistic that the strength of our brands and our
business model will enable us to generate sales and earnings gains. We remain firm in our belief that continuing our laser focus
on developing outstanding products and delivering them to the market in a timely fashion will enable us to capitalize on the many
opportunities in our business in 2016 and beyond.</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: small-caps 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal; font-variant: normal">Our
success is the direct result of the efforts of our exceptional team. We thank them for their hard work and dedication, and we
thank you, our shareholders, for your continued support.</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"><FONT STYLE="font-size: 10pt">Sincerely,&nbsp;</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" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><IMG SRC="smadden001_v1.jpg" ALT="-s- EDWARD ROSENFELD">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 1%; text-align: center">EDWARD ROSENFELD</TD>
    <TD NOWRAP STYLE="width: 99%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">CHIEF EXECUTIVE OFFICER</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><IMG SRC="smadden002_v1.jpg" ALT="-s- AWADHESH SINHA">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">AWADHESH SINHA</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">CHIEF OPERATING OFFICER</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><IMG SRC="smadden003_v1.jpg" ALT="-s- ARVIND DHARIA">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">ARVIND DHARIA</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">CHIEF FINANCIAL OFFICER</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
</TABLE>

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<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: center"><IMG SRC="smadden004_v1.jpg" ALT="(STEVE MADDEN LOGO)">&nbsp;</P>

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

<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; 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&nbsp;27, 2016</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Annual Meeting
of Stockholders (the &ldquo;Annual Meeting&rdquo;)&nbsp;of Steven Madden, Ltd. (the &ldquo;Company&rdquo;)&nbsp;will be held on
Friday, May&nbsp;27, 2016, 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"><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: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 88%; 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">1.</FONT></td>
    <TD COLSPAN="2" STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">to elect
    eight (8)&nbsp;directors to the Board of Directors of the Company;</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">2.</FONT></td>
    <TD COLSPAN="2" STYLE="padding-bottom: 6pt; 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&nbsp;31, 2016;</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">3.</FONT></td>
    <TD COLSPAN="2" STYLE="padding-bottom: 6pt; 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 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.</FONT></td>
    <TD COLSPAN="2" STYLE="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 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"><FONT STYLE="font-size: 10pt">Only those
stockholders of record at the close of business on April&nbsp;1, 2016, the record date for the Annual Meeting, are entitled to
notice of and to vote at the Annual Meeting and any adjournments thereof. Stockholders of record at the close of business on April&nbsp;1,
2016, the record date for the Annual Meeting, will be admitted to the Annual Meeting upon presentation of valid, government-issued
photo identification, such as a driver&rsquo;s license. Stockholders who own shares of the Company&rsquo;s common stock beneficially
through a bank, broker or other nominee will be admitted to the Annual Meeting upon presentation of valid, government-issued photo
identification and proof of ownership or a valid proxy signed by the record holder. A recent brokerage statement or a letter from
a bank or broker are examples of proof of ownership. If you own shares of the Company&rsquo;s common stock beneficially and want
to vote in person at the Annual Meeting, you should contact your broker or applicable agent in whose name the shares are registered
to obtain a broker&rsquo;s proxy and bring it to the Annual Meeting in order to vote.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><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&nbsp;27, 2016: 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"><FONT STYLE="font-size: 10pt">April 8, 2016</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 0.75pt solid; font: 10pt Times New Roman, Times, Serif"><IMG SRC="smadden005_v1.jpg" ALT=""></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">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 0 0pt; 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"><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&nbsp;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-top: 0; margin-bottom: 6pt; text-align: center"><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 0 10pt; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U></U></B></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="width: 87%; text-align: left"><A HREF="#smaddena001_v1">GENERAL INFORMATION</A></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena002_v1">Notice of Internet Availability of Proxy Materials</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena003_v1">QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING AND VOTING</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena004_v1">PROPOSAL ONE: ELECTION OF DIRECTORS</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena005_v1">Stockholder Nominations for Board Membership</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena006_v1">Nominees for Election to the Board of Directors</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena007_v1">CORPORATE GOVERNANCE</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena008_v1">The Board of Directors</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena009_v1">Director Independence</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena010_v1">Director Attendance at Meetings</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena011_v1">Director Election (Majority Voting)&nbsp;Policy</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena012_v1">Committees of the Board</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena013_v1">Board Leadership Structure, Risk Oversight, Executive Sessions of Non-Employee Directors, and Communications Between Stockholders and the Board</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena014_v1">Codes of Business Conduct and Ethics</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena015_v1">Corporate Governance Guidelines</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena016_v1">Stock Ownership Guidelines</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena017_v1">Prohibition on Hedging and Pledging of Our Common Stock</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena018_v1">Corporate Social Responsibility Policy</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena019_v1">Certain Relationships and Related Party Transactions</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena020_v1">Review, Approval or Ratification of Transactions with Related Persons</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena021_v1">COMPENSATION OF DIRECTORS IN THE 2015 FISCAL YEAR</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena022_v1">STOCK OWNERSHIP</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena023_v1">Security Ownership of Certain Beneficial Owners</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena024_v1">Security Ownership of Directors and Executive Officers</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena025_v1">Section&nbsp;16(a)&nbsp;Beneficial Ownership Reporting Compliance</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena026_v1">EXECUTIVE COMPENSATION</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena027_v1">Compensation Discussion and Analysis</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena028_v1">Compensation Committee Interlocks and Insider Participation</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena029_v1">Executive Officers</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena030_v1">SUMMARY COMPENSATION TABLE</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena031_v1">Employment Arrangements</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena032_v1">GRANTS OF PLAN-BASED AWARDS IN THE 2015 FISCAL YEAR</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena033_v1">OUTSTANDING EQUITY AWARDS AT END OF THE 2015 FISCAL YEAR</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena034_v1">OPTION EXERCISES AND STOCK VESTED IN THE 2015 FISCAL YEAR</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena035_v1">SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena036_v1">EQUITY COMPENSATION PLAN INFORMATION</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena037_v1">POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena038_v1">COMPENSATION COMMITTEE REPORT</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena039_v1">PROPOSAL TWO: RATIFICATION OF THE APPOINTMENT OF EISNERAMPER LLP AS THE COMPANY&rsquo;S INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS FOR THE FISCAL YEAR ENDING DECEMBER 31, 2016</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena040_v1">AUDIT COMMITTEE REPORT</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><A HREF="#smaddena041_v1">PROPOSAL THREE: NON-BINDING ADVISORY VOTE ON EXECUTIVE COMPENSATION</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"><IMG SRC="smadden004_v1.jpg" ALT="(STEVE MADDEN LOGO)"></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>&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>

<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>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B></B></FONT></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">The
Board of Directors of Steven Madden, Ltd. requests your proxy in connection with the Annual Meeting of Stockholders (the &ldquo;Annual
Meeting&rdquo;)&nbsp;of Steven Madden, Ltd. (the &ldquo;Company&rdquo;, &ldquo;we&rdquo; or &ldquo;us&rdquo;). The Annual Meeting
will be held at the Company&rsquo;s showroom located at 1370 Avenue of the Americas, 14th Floor, New York, New York on Friday,
May&nbsp;27, 2016 at 10:00 a.m., local time. Proxies also may be voted at any adjournments or postponements of 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">On
or about April 8, 2016, 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;)&nbsp;at the close of business on April&nbsp;1, 2016 (the &ldquo;Record Date&rdquo;). The Company&rsquo;s Annual
Report for the fiscal year ended December&nbsp;31, 2015 (the &ldquo;2015 Fiscal Year&rdquo;), including audited financial statements,
is included in the materials that are accessible online. 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 Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">to
                                         elect eight (8)&nbsp;directors to the Board of Directors of the Company to serve until
                                         the next annual meeting of the Company&rsquo;s stockholders;</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 Symbol">&#183;</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&nbsp;31, 2016;</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 Symbol">&#183;</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: 12pt"><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 Symbol">&#183;</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 0pt; 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 for director
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>

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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 is incorporated in the State of Delaware. 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)&nbsp;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 10pt; 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;)&nbsp;&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 proxy materials while lowering the costs and reducing the environmental
impact associated with our Annual Meeting. On or about April 8, 2016, we will furnish a Notice of Internet Availability of Proxy
Materials (the &ldquo;Availability Notice&rdquo;)&nbsp;to most of our stockholders containing instructions on how to access the
proxy materials and to vote online. In addition, instructions on how to request a printed copy of these materials will be found
on the Availability Notice. 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>

<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
more information on voting your Common Stock, please refer to the following &ldquo;Questions and Answers&rdquo; section.</FONT></P>

<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 AND VOTING</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>1.
What is included in the proxy materials? What is a proxy statement and what is a proxy? </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
proxy materials for our Annual Meeting include the Notice of Annual Meeting, this Proxy Statement and our Annual Report on Form
10-K for the year ended December&nbsp;31, 2015. If you received a paper copy of these materials, the proxy materials also include
a proxy card or voting instruction form.</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
proxy is the delegation of your right to vote the Common Stock you own to another person, who is called your proxy. When you designate
someone as your proxy in a written document, that document is called a proxy or a proxy card. SEC regulations require that we
furnish a proxy statement to you when we ask you to sign a proxy designating individuals to vote your shares of Common Stock on
your behalf. We have designated our officers Edward R. Rosenfeld and Arvind Dharia as proxies for 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>2.
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 of the Company
as of the close of business on the Record Date. On the Record Date, there were 61,995,078 shares of our Common Stock
outstanding (excluding treasury shares)&nbsp;held by approximately 123 registered holders of record and  17,557 beneficial
owners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>3. What is the difference
between holding shares as a stockholder of record and as a beneficial owner?</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">If
your shares are registered directly in your name with the Company&rsquo;s registrar and transfer agent, American Stock Transfer
&amp; Trust Company, you are a &ldquo;stockholder of record&rdquo; with respect to those shares and, in such case, this Proxy
Statement and the accompanying proxy materials have been provided directly to you by the Company. If your shares are held in a
stock brokerage account or by a bank or nominee, your shares are held in &ldquo;street name&rdquo; and you are considered the
&ldquo;beneficial owner&rdquo; of those shares and, in such case, this Proxy Statement and the accompanying proxy materials have
been provided to you by your broker, bank or other stockholder of record. As the beneficial owner, you have the right to direct
your broker, bank or other stockholder of record how to vote your shares held in &ldquo;street name.&rdquo;</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"><FONT STYLE="font-size: 10pt"><B>4. 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, banks 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,
banks or nominees do not have discretionary power to vote)&nbsp;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>5. 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">As
discussed in the response to question 3, if your shares are held in &ldquo;street name&rdquo; by a broker, bank or other nominee,
your broker, bank or other nominee is the record holder; however, the broker, bank or other nominee is required to vote the shares
in accordance with your instructions. If you do not give instructions to your broker, bank or other nominee, as the case may be,
the broker, bank or other 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 other 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.</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>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, bank or other 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>6. How many votes do I
have? What shares are included on the proxy card?</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
you are a record holder, you will receive an Availability Notice or proxy card for all of the shares of Common Stock you hold
in certificate form, in book-entry form and in any Company benefit plan. If you are a beneficial owner, you will receive information
containing voting instructions from the broker, bank or other nominee through which you own your shares of Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>7. 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 Election
(Majority Voting)&nbsp;Policy discussed in Proposal One 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"><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&nbsp;31,
2016.</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
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>

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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"><I>Other
Matters: </I>If any other matters are presented at the Annual Meeting, they must receive 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 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)&nbsp;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)&nbsp;and Three (Advisory Vote on Executive Compensation)&nbsp;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>8. 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 <U>http://www.proxyvote.com
</U>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: 31%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 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"><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: 29%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 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"><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-right: 5.4pt; padding-left: 5.4pt; padding-top: 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 3pt; 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 0 10pt"><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: 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">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>9.
May&nbsp;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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</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>

<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 Symbol">&#183;</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: 12pt"><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 Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>10. 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:</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" 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 Symbol">&#183;</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 Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><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&nbsp;31, 2016;
                                         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 Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><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&nbsp;PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF. AS NOTED ABOVE, IF YOU HOLD YOUR SHARES BENEFICIALLY THROUGH A BROKER, BANK OR OTHER NOMINEE AND FAIL TO PROVIDE SPECIFIC
VOTING INSTRUCTIONS TO THAT BROKER, BANK OR OTHER NOMINEE, YOUR SHARES WILL NOT BE VOTED IN THE ELECTION OF DIRECTORS OR WITH
RESPECT TO 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>11. Who will bear the expenses
of this solicitation and how are proxies being solicited?</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 will pay the costs of soliciting proxies, including preparing, printing and mailing this Proxy Statement, any exhibits
hereto and the proxies solicited hereby. In addition to the use of the mails, proxies may be solicited on the Company&rsquo;s
behalf by officers, directors and employees of the Company, without additional remuneration, by personal interviews, telephone
or electronic 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 D.F. King &amp;
Co., Inc. 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>12. How will the voting
results be reported?</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
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 that will be filed with the SEC within four business days following the Annual Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>13. How do I submit a proposal
for action at the Company&rsquo;s 2017 Annual Meeting of Stockholders?</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">In
accordance with rules promulgated by the SEC, any stockholder who wishes to submit a proposal for inclusion in the proxy materials
to be distributed by the Company in connection with the 2017 Annual Meeting of Stockholders of the Company (the &ldquo;2017 Annual
Meeting&rdquo;)&nbsp;must do so no later than December&nbsp;8, 2016. In addition, in accordance with Article&nbsp;I, Section&nbsp;7(f)&nbsp;of
the Company&rsquo;s Amended and Restated By-Laws (the &ldquo;By-Laws&rdquo;), in order to be properly brought before the 2017
Annual Meeting, a matter must be either (i)&nbsp;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)&nbsp;otherwise properly brought before such meeting by or at the
direction of the Board of Directors (or any duly authorized committee thereof)&nbsp;or (iii)&nbsp;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&nbsp;I, Section&nbsp;7(f)&nbsp;of the By-Laws and is delivered to, or mailed
and received at, the Company&rsquo;s principal executive offices not less than 120&nbsp;days nor more than 150&nbsp;days prior
to the first anniversary of the date of the Company&rsquo;s 2016 Annual Meeting. Accordingly, any written notice given by or on
behalf of a stockholder pursuant to the foregoing clause (iii)&nbsp;in connection with the 2017 Annual Meeting must be received
no later than January&nbsp;27, 2017 and no earlier than December&nbsp;28, 2016. In addition, for business to be properly brought
before the 2017 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&nbsp;14a-8 promulgated by the SEC.</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 0pt; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena004_v1"></A>PROPOSAL
ONE:<BR>
<BR>
ELECTION OF DIRECTORS</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center"></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 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 eight directors. Directors serve a one-year term and the term of each of the directors will expire at
the Annual Meeting.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena005_v1"></A>Stockholder Nominations
for Board Membership</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 of Directors recommends to the Board director candidates for nomination
and election at each annual meeting of stockholders or for appointment to fill vacancies on the Board. The Nominating/Corporate
Governance Committee will review and evaluate the qualifications of proposed director candidates recommended to it from various
sources, including candidates proposed by stockholders of the Company in accordance with the procedures established for that purpose.
In accordance with Article&nbsp;II, Section&nbsp;5 of the By-Laws, director nominations for the 2017 Annual Meeting can only be
made by a stockholder of the Company who (i)&nbsp;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 the 2017 Annual Meeting and (ii)&nbsp;complies
with the notice requirements and procedures set forth in Article&nbsp;II, Section&nbsp;5 of the By-Laws. 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&nbsp;II,
Section&nbsp;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 the notice must be delivered to, or mailed and received at, the
Company&rsquo;s principal executive offices not less than 120&nbsp;days nor more than 150&nbsp;days prior to the first anniversary
of the date of the Company&rsquo;s 2016 Annual Meeting. Accordingly, any written notice given by or on behalf of a stockholder
pursuant to Article&nbsp;II, Section&nbsp;5 of the Company&rsquo;s By-Laws in connection with the 2017 Annual Meeting must be
received no later than January&nbsp;27, 2017 and no earlier than December&nbsp;28, 2016.</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>Nominees 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">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. Seven of the nominees were elected directors at last year&rsquo;s
Annual Meeting of Stockholders. At a meeting of the Board of Directors of the Company held on February&nbsp;22, 2016, upon the
recommendation of the Nominating/ Corporate Governance Committee, the Board of Directors of the Company appointed Amelia Newton
Varela, the President of the Company, to fill the vacancy on the Board of Directors created by the passing of Board member John
Madden, who served as a director of the Company for over 20 years. Ms. Varela&rsquo;s appointment to the board became effective
immediately. Ms. Varela and each of the other director nominees has agreed to be named in this Proxy Statement and to serve if
elected.</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
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>

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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">Our
Board of Directors is responsible for overseeing our business in a manner consistent with the Board&rsquo;s fiduciary duty to
our stockholders. This significant responsibility requires that our directors consist of individuals who are well-qualified for
service on our Board and its committees and demonstrate a commitment to the success of the Company and to service in 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>

<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="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">Name</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Principal Occupation</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Age</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Year<BR>
Became
a <BR>
Director</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 20%; text-align: left; padding-left: 2pt; vertical-align: top">Edward R. Rosenfeld</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 52%; text-align: left; padding-left: 2pt">Chairman of the Board and Chief Executive Officer, Steven Madden, Ltd.</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center">40</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">2008</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2pt">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 2pt; vertical-align: top">Rose Peabody Lynch</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2pt">Owner of Marketing Strategies, LLC, 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</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2014</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2pt">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 2pt; vertical-align: top">Peter Migliorini</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2pt">Sales Manager, Greschlers, Inc., a building supplies company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">67</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1996</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2pt">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 2pt; vertical-align: top">Richard P. Randall</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2pt">Retired Executive Vice President and Chief Financial Officer, 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</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">78</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2006</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2pt">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 2pt; vertical-align: top">Ravi Sachdev</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2pt">Partner, Clayton Dubilier &amp; Rice, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2008</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2pt">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 2pt; vertical-align: top">Thomas H. Schwartz</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2pt">Owner, Sumner and Forge Investors LLC, a real estate investment and property management company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2004</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2pt">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 2pt; vertical-align: top">Robert Smith</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2pt">Chief Merchandising Officer, 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</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2014</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2pt">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 2pt; vertical-align: top">Amelia Newton Varela</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2pt">President, Steven Madden, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">44</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0"><FONT STYLE="font-size: 10pt"><B>Additional Information About
the Director Nominees</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"><B>Other
Public Company Directorships</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">Two
of our directors also currently serve as directors of other public companies:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Rosenfeld
                                         is a director and member of the Audit Committee of PVH Corp., one of the world&rsquo;s
                                         largest apparel companies.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Randall
                                         serves as a director and 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.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Other
Employment Information</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">Each
of our directors has been engaged in the principal occupation indicated in the foregoing table for more than the past five years,
with the exceptions of Mr. Smith and Mr. Sachdev. Mr.&nbsp;Smith has held his position with Haddad Brands since 2013. Prior thereto,
from 2010 to 2012, Mr.&nbsp;Smith served as Executive Vice President, Merchandising for Limited Brands, at Victoria&rsquo;s Secret
Direct, the largest direct-to-consumer women&rsquo;s apparel retailer in the United States. From 1998 through 2010, Mr.&nbsp;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. Mr. Sachdev has been a partner of Clayton Dubilier &amp; Rice, LLC since 2015. Previously, from November 2010, he served
as a Managing Director and Co-Head of Healthcare Services at J.P. Morgan.</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>Specific
Qualifications, Attributes, Skills and Experience of Director Nominees</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"><B><I>Edward
R. Rosenfeld</I> </B>has served as Chairman of the Board since August 2008 and has been a director of the Company since February
2008. Mr. Rosenfeld, who<B> </B>joined our<I> </I>executive management team in May&nbsp;2005, has more than 18&nbsp;years of experience
focused on the retail, apparel and footwear industries 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 as 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, provide the Board with insight and guidance with respect
to, among other things, strategic business development matters. Mr.&nbsp;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. Mr.&nbsp;Rosenfeld
serves as a director and member of the Audit &amp; Risk Management Committee of PVH Corp., one of the world&rsquo;s largest apparel
companies.</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"><B><I>Rose
Peabody Lynch</I></B> has served as a director of the Company since April 2014 and as a member of the Audit Committee and the
Compensation Committee since June 2014. She 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,
including Victoria&rsquo;s Secret, Trowbridge Gallery (a supplier of fine art to the interior design trade)&nbsp;and Danskin,
Inc., a leading manufacturer of women&rsquo;s dance and active wear, enhances the Board&rsquo;s leadership and oversight capabilities.
Ms.&nbsp;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)&nbsp;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. In addition, Ms.&nbsp;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, is President of her Princeton University class and serves on the Executive
Committee of the Princeton University Alumni Council. She is a new Member of the Board of Trustees of Concord Academy in Concord,
Massachusetts. Ms.&nbsp;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-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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Peter
Migliorini</I></B><I> </I>has served as a director of the Company since October&nbsp;1996 and has served on the Company&rsquo;s
Audit Committee since October&nbsp;1996, the Nominating/Corporate Governance Committee, as its Chair, since July 2004 and the
Compensation Committee, as its Chair, since July 2004. Mr.&nbsp;Migliorini is also Presiding Director over all executive sessions
of the independent directors. Mr.&nbsp;Migliorini possesses extensive executive level financial, sales and operations experience.
Prior to serving as sales manager for Greschlers, Inc., from 1987 to 1994, Mr.&nbsp;Migliorini served as Director of Operations
for Mackroyce Group, a construction company. Earlier, Mr.&nbsp;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. 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.&nbsp;Migliorini&rsquo;s early experience
in the shoe industry also provides relevant knowledge and expertise in the Company&rsquo;s specific industry.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Richard
P. Randall</I></B><I> </I>has served as a director of the Company since April&nbsp;2006 and has served on the Company&rsquo;s
Audit Committee, as its Chair, since 2006, and on the Nominating/Corporate Governance Committee since September 2008. Mr.&nbsp;Randall
has 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, including Direct Holdings Worldwide, LLC, the parent company of Lillian
Vernon Corp. and Time-Life, a music and video marketing company, and, prior thereto, Coach, Inc., a luxury leather goods company.
Mr.&nbsp;Randall possesses extensive knowledge of accounting and finance, the retail industry and the issues impacting a publicly
traded company. Mr.&nbsp;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 board committees of other companies has allowed him to gain
broad-based experience and sensitivity regarding best practices, which he shares with the Board. Mr.&nbsp;Randall also provides
a perspective on proper governance for public companies. He currently serves as a member of the board of directors and 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 and, until December&nbsp;31, 2014, served as a member of the board of directors and chair of the
Audit and Risk Committee of Aceto Corporation, a generic pharmaceutical, nutraceutical and chemical distribution company. Mr.&nbsp;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.&nbsp;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; 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: 38.5pt"><FONT STYLE="font-size: 10pt"><B><I>Ravi
Sachdev </I></B>has been a director of the Company since September 2008 and has served on the Company&rsquo;s Audit Committee
since September 2008. As a Partner of the private equity firm Clayton Dubilier &amp; Rice, LLC since June 2015, Mr.&nbsp;Sachdev
focuses on the healthcare sector. Earlier, Mr.&nbsp;Sachdev was a Managing Director and Co-Head of Healthcare Services at J.P.
Morgan from November 2010 and prior to that held the positions of Managing Director at Deutsche Bank Securities, Inc. from January&nbsp;2009
until November 2010 and Director at Deutsche Bank from January&nbsp;2007 until January&nbsp;2009. Prior to joining Deutsche Bank
in 2006 as a Vice President, Mr.&nbsp;Sachdev served as 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.<I> </I>Mr.&nbsp;Sachdev possesses knowledge
of finance and the financial analytics used to measure business performance. His 18&nbsp;years of professional experience in investment
banking and private equity 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. Mr.&nbsp;Sachdev
also serves on the Board of Directors of Healogics, a leading provider of wound healing services, and Vets First Choice, a veterinary
internet pharmacy.</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>Thomas
H. Schwartz</I></B><I> </I>has served as a director of the Company since May&nbsp;2004 and has served on the Company&rsquo;s Compensation
Committee since July 2004. 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.&nbsp;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 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Robert
Smith</I></B><I> </I>has served as a director of the Company since April 2014 and as a member of the Compensation Committee and
the Nominating/Corporate Governance Committee since June 2014. Prior to his current and former positions with Haddad Brands and
Victoria&rsquo;s Secret Direct, respectively, Mr.&nbsp;Smith held various senior merchandising positions at Macy&rsquo;s Inc.
between 1998 and 2010, 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. Earlier, Mr.&nbsp;Smith was
a Merchandiser for XOXO Apparel Company and held various positions with Burdine&rsquo;s Department Stores. Mr.&nbsp;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>

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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"><B><I>Amelia
Newton Varela</I></B> has been President of the Company since September 2015. Prior to this tenure, Ms.&nbsp;Varela was Executive
Vice President of Wholesale of the Company since April 2008 and Executive Vice President of Wholesale Footwear of the Company
from November 2004 to April 2008. Previously, she was Vice President of Sales for Steve Madden Women&rsquo;s Wholesale Division from
January 2000. Ms.&nbsp;Varela began her career with the Company in 1998 in the role of Account Executive for Steve Madden Women&rsquo;s
Wholesale Division. 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: 0in"><FONT STYLE="font-size: 10pt"><B>Required
Vote</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">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 and entitled to vote 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)&nbsp;Policy, which
is described 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, but will have no effect on the outcome of the vote.</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"><FONT STYLE="font-size: 10pt"><B>Director Election (Majority
Voting)&nbsp;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 offering his or her 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)&nbsp;Policy&rdquo; below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 15pt"><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
Nominating/Corporate Governance Committee of the Board and the entire Board of Directors unanimously recommend a vote &ldquo;FOR&rdquo;
the election of Ms.&nbsp;Rose Peabody Lynch, Ms. Amelia Newton Varela and Messrs. Edward R. Rosenfeld, Peter Migliorini, Richard
P. Randall, Ravi Sachdev, Thomas H. Schwartz and Robert Smith.</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="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 below, our Board is currently comprised of six independent and two non-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 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.&nbsp;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
2015 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 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board of Directors held four regularly scheduled meetings during the 2015 Fiscal Year, one of which was not attended by Mr. Sachdev
and one of which was not attended by Mr. Migliorini. The Board also held two special meetings during the 2015 Fiscal Year, one
of which was not attended by Mr. Schwartz. The Board acted by unanimous written consent on four occasions during the 2015 Fiscal
Year. In the 2015 Fiscal Year, 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 or she then served.</FONT></P>

<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)&nbsp;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)&nbsp;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)&nbsp;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 0pt; 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)&nbsp;the action to be taken with respect to the resignation, which could include (1)&nbsp;accepting the resignation; (2)&nbsp;rejecting
the resignation; (3)&nbsp;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)&nbsp;the availability of other
qualified candidates; and (f)&nbsp;the Company&rsquo;s Board of Director Candidate Guidelines.</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
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/Corporate 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)&nbsp;are &ldquo;independent&rdquo;
for purposes of The Nasdaq Global Select Market listing standards and (2)&nbsp;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 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Among
other committees, the Board of Directors has a standing Audit Committee, Compensation Committee and Nominating/Corporate Governance
Committee. Each committee has a written charter. The table below provides current membership for each Board 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">Committees
of the Board of Directors</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="width: 26%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><BR>
    <B>Director</B></FONT></td>
    <TD NOWRAP STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><BR>
    <B>Audit</B></FONT></td>
    <TD NOWRAP STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><BR>
    <B>Compensation</B></FONT></td>
    <TD NOWRAP STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Nominating/</B><BR>
    <B>Corporate <BR>
Governance</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Edward
    R. Rosenfeld</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Rose
    Peabody Lynch</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Member</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Member</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Peter
    Migliorini</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Member</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Chair</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Chair</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Richard
    P. Randall</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Chair</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Member</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Ravi
    Sachdev</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Member</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Thomas
    H. Schwartz</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Member</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Robert
    Smith</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Member</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Member</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Amelia
    Newton Varela</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Number
    of meetings in <BR>
    &nbsp;&nbsp;2015 Fiscal Year</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4*</FONT></td>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0**</FONT></td></tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 20%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*
                                         The Compensation Committee also acted by unanimous written consent on two occasions during
                                         the 2015 Fiscal Year.</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; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">**The
                                         Nominating/Corporate Governance Committee acted by unanimous written consent on one occasion
                                         during the 2015 Fiscal Year.</FONT></TD></TR></TABLE>


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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
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;)&nbsp;Rule&nbsp;10A-3(b)(1). The Board has determined that each of Messrs. Randall and Sachdev meets the SEC criteria
of an &ldquo;audit committee financial expert&rdquo; as defined in Item&nbsp;407 of Regulation S-K under the Exchange Act. 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.</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 and our internal audit function. 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 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 Company&rsquo;s 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
Nominating/Corporate Governance Committee is comprised of directors who are &ldquo;independent&rdquo; for purposes of The Nasdaq
Global Select Market listing standards.</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"></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 2017 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 (i)&nbsp;comply with the
director nomination provisions of the Company&rsquo;s By-Laws, (ii)&nbsp;meet and evidence the minimum eligibility requirements
specified in Exchange Act Rule&nbsp;14a-8, and (iii)&nbsp;submit, within the same timeframe for submitting a stockholder proposal
required by Rule&nbsp;14a-8: (1)&nbsp;evidence in accordance with Rule&nbsp;14a-8 of compliance with the stockholder eligibility
requirements, (2)&nbsp;the written consent of the candidate(s)&nbsp;for nomination as a director, (3)&nbsp;a resume or other written
statement of the qualifications of the candidate(s)&nbsp;for nomination as a director, and (4)&nbsp;all information regarding
the candidate(s)&nbsp;and the submitting stockholder that would be required to be disclosed in a proxy statement filed with the
SEC if the candidate(s)&nbsp;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)&nbsp;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 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>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
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.</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"><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 six independent 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.&nbsp;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&nbsp;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.&nbsp;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)&nbsp;the Company&rsquo;s policies with respect to risk assessment and management of risks
that may be material to the Company, (b)&nbsp;the Company&rsquo;s system of disclosure controls and system of internal controls
over financial reporting, and (c)&nbsp;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 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">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)&nbsp;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)&nbsp;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>Codes 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">The
Company has adopted a Code of Ethics for the Chief Executive Officer and Senior Financial Officers, which is applicable to our
Chief Executive Officer, Chief Financial Officer, controller, principal accounting officer, head of internal audit and other employees
of the Company who are designated from time to time as &ldquo;senior financial officers&rdquo; of the Company. In addition, the
individuals who serve on our Board of Directors are subject to a Code of Business Conduct and Ethics for the Board of Directors
and all of the Company&rsquo;s employees are held accountable for adherence to the Company&rsquo;s Code of Business Conduct and
Ethics. Each of the Code of Ethics for the Chief Executive Officer and Senior Financial Officers, the Code of Business Conduct
and Ethics for the Board of Directors and the Code of Business Conduct and Ethics (collectively, the &ldquo;Conduct Code&rdquo;)&nbsp;is
included as an exhibit to our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and are available on the
Company&rsquo;s website at <U>www.stevemadden.com</U> and, in addition, may 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. 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.</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>Corporate Governance
Guidelines</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 has adopted Corporate Governance Guidelines as a set of guiding principles by which the Company is governed.
Various matters of corporate governance are addressed in the Corporate Governance Guidelines, such as board size and composition,
director qualifications and responsibilities, director compensation, limitations on service on other boards, board committees,
director orientation and education, director access to management, management development and succession planning and annual performance
evaluations for the Board. The Corporate Governance Guidelines also include a clawback of executive incentive compensation paid
to senior executive officers in the event of an accounting restatement by the Company due to intentional misconduct of an executive
officer.</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
Nominating/Corporate Governance Committee reviews the Corporate Governance Guidelines annually to determine whether to recommend
changes to the Corporate Governance Guidelines to reflect new laws, rules and regulations and developing governance practices.
A copy of the Corporate Governance Guidelines 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&nbsp;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="smaddena016_v1"></A>Stock Ownership Guidelines</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 adopted Stock Ownership Guidelines, which require a level of ownership of shares of our Common Stock by
our directors and executive officers in order to align their interests with those of our stockholders. The Stock Ownership Guidelines
require our Chief Executive Officer to own shares of our Common Stock equal in value to five times his annual base salary. Other
executive officers of the Company are required to own shares of our Common Stock equal in value to two times their annual base
salary. The Stock Ownership Guidelines further require that non-employee directors of the Company must own shares of our Common
Stock equal in value to two times the cash portion of the directors&rsquo; annual retainer or the equivalent if a retainer is
not received in certain circumstances. Individuals subject to the Stock Ownership Guidelines must attain the required level of
share ownership by the fifth anniversary of the later of the Stock Ownership Guidelines&rsquo; adoption date and the date that
the individual became an executive officer or director and must retain an amount equal to 25% of the net shares of our Common
Stock received as a result of the exercise, vesting or payment of any equity award made by the Company until the share ownership
requirement is satisfied.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena017_v1"></A>Prohibition on Hedging
and Pledging of Our Common Stock</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">Our directors
and executive officers and certain other persons designated from time to time by the Company&rsquo;s Chief Financial Officer are
prohibited from entering into hedging transactions and from pledging our Common Stock pursuant to a formal policy concerning such
activities adopted by the Board of Directors.&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena018_v1"></A>Corporate Social Responsibility
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 is committed to operating its business in a socially responsible manner. We strive to incorporate this commitment into
every aspect of our business, including the design of our products, the quality, safety and sourcing of our products, the safety
and fair treatment of our employees, animal welfare and compliance with laws, including the Foreign Corrupt Practices Act and
the SEC&rsquo;s Conflict Minerals rule. These guiding principles are set forth in our Corporate Social Responsibility Policy and
we expect all of our employees to be familiar with and to adhere to them. We strive to do business with vendors and suppliers
that share our views and commitments to quality products and ethical business principles. We will only engage vendors and suppliers
that demonstrate a commitment to meeting our standards.</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>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. </I>Commencing in 2004, the Company engaged JLM Consultants, Inc., a company wholly-owned by John L. Madden,
who, until his passing in October 2015, had served as a director of the Company for more than 20 years, to provide consulting
services to the Company with respect to the development of international sales of the Company. Mr. Madden was the brother of Steven
Madden, the Company&rsquo;s founder and Creative and Design Chief. The services were provided under a consulting agreement (the
&ldquo;JLM Consulting Agreement&rdquo;)&nbsp;dated February 23, 2012 between the Company and JLM Consultants, Inc. In accordance
with the terms of the JLM Consulting Agreement, for the 2015 Fiscal Year, JLM Consultants, Inc. received the following compensation
from the Company for services rendered: (a)&nbsp;a commission equal to 1% of net sales, excluding retail royalty income; (b)&nbsp;a
commission equal to 10% of retail royalty income; (c)&nbsp;1% of any commission income to the International division that is not
recognized in net sales; (d)&nbsp;a monthly draw in the amount of $25,000, which amount is offset against commissions earned;
(e)&nbsp;a $1,000 per month travel allowance; and (f)&nbsp;monthly reimbursements, in the aggregate amount of $17,168 in the 2015
Fiscal Year, for health insurance premiums for John L. Madden. Pursuant to this arrangement, JLM Consultants, Inc. received a
total of $1,372,721 from the Company in the 2015 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&nbsp;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&nbsp;1, 2013 three-for-two stock split effected as a
stock dividend)&nbsp;to JLM Consultants, Inc. under the Steven Madden, Ltd. 2006 Stock Incentive Plan, as amended (the &ldquo;2006
Plan&rdquo;). The shares vested in twelve substantially equal quarterly installments over a three-year period commencing on April&nbsp;1,
2013 and ending on January&nbsp;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.&nbsp;Madden agreed to continue
to serve as the Company&rsquo;s Creative and Design Chief. The term of Mr.&nbsp;Madden&rsquo;s employment under his employment
agreement commenced on July 1, 2005 and, in accordance with the amendment of the agreement effective December&nbsp;31, 2011, will
end on December&nbsp;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;)&nbsp;and an annual cash bonus in relation to &ldquo;new business&rdquo; (as defined in the agreement)&nbsp;in an
amount equal to at least (i)&nbsp;2.5% of new business gross direct revenues plus (ii)&nbsp;10% of all license or other fee income
above $2,000,000 (the &ldquo;New Business Bonus&rdquo;). The agreement, as amended, increases Mr.&nbsp;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&nbsp;31, 2011 will be at the sole discretion of the Company&rsquo;s Board of Directors. Under the agreement,
as amended, Mr.&nbsp;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.&nbsp;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.&nbsp;Madden under
the agreement. Pursuant to the amended agreement, on February&nbsp;8, 2012, Mr.&nbsp;Madden was granted 1,463,056 restricted shares
of Common Stock (the number of shares indicated having been adjusted for an October&nbsp;1, 2013 three-for-two stock split effected
as a stock dividend), valued at approximately $40&nbsp;million, under the 2006 Plan. The restricted Common Stock will vest in
equal annual installments over seven years commencing on December&nbsp;31, 2017 through December&nbsp;31, 2023, subject to Mr.&nbsp;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.&nbsp;Madden notified the Company
of his election to receive an additional restricted stock award valued at $40&nbsp;million in consideration of a reduction in
his annual base salary in years subsequent to 2012. Accordingly, on July 3, 2012, Mr.&nbsp;Madden was issued 1,893,342 restricted
shares of Common Stock (the number of shares indicated having been adjusted for an October&nbsp;1, 2013 three-for-two stock split
effected as a stock dividend)&nbsp;under the 2006 Plan. The restricted Common Stock will vest in equal annual installments over
six years commencing on December&nbsp;31, 2018&nbsp;through December&nbsp;31, 2023, subject to Mr.&nbsp;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.&nbsp;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.&nbsp;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;)&nbsp;to purchase a number of shares of Common Stock,
with such number to be equal to the greater of (a)&nbsp;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)&nbsp;100,000 shares of Common Stock; provided, however, that a grant to Mr.&nbsp;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.&nbsp;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. 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&nbsp;1, 2013 three-for-two stock split effected as a
stock dividend)&nbsp;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&nbsp;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.&nbsp;Madden&rsquo;s death, his employment agreement provides for the payment to Mr.&nbsp;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.&nbsp;Madden&rsquo;s
employment agreement is terminated due to Mr.&nbsp;Madden&rsquo;s total disability (as defined in the agreement), &ldquo;for cause&rdquo;
(as defined in the agreement)&nbsp;or due to Mr.&nbsp;Madden&rsquo;s resignation, the Company is obligated to pay Mr.&nbsp;Madden
the amount of compensation that is accrued and unpaid through the date of termination. In the event Mr.&nbsp;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.&nbsp;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&nbsp;days prior to a
&ldquo;change of control&rdquo; (as defined in the employment agreement)&nbsp;transaction and ending on the first anniversary
of a change of control transaction, Mr.&nbsp;Madden&rsquo;s employment is terminated by the Company other than for cause or by
the resignation of Mr.&nbsp;Madden for &ldquo;good reason&rdquo; (as defined in the employment agreement), or if Mr.&nbsp;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.&nbsp;Madden will vest on the date of termination or resignation and Mr.&nbsp;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&nbsp;million. Mr.&nbsp;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 2015 Fiscal Year, Mr.&nbsp;Madden earned $8,250,000 in base salary and received $200,000 for the payment of an annual life
insurance premium. Mr.&nbsp;Madden opted to waive his right to the Annual Option for the 2015 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.&nbsp;Madden to satisfy a personal tax obligation resulting
from the exercise of a stock option which was due to expire and hold the underlying shares of Common Stock. The loan is evidenced
by a secured promissory note executed by Mr. Madden in favor of the Company, the security for which is a security interest in
a certain securities brokerage account maintained by Mr. Madden with his broker; none of the securities in the securities brokerage
account are shares of the Company&rsquo;s Common Stock. There have been successive amendments to the secured promissory note,
the most recent of which occurred in April 2016, at which time the secured promissory note was amended to substitute the collateral
securing the secured promissory note from shares of the Company&rsquo;s Common Stock to the security interest in Mr. Madden&rsquo;s
securities brokerage account. Previously, on January 3, 2012, the secured promissory note was amended and restated to extend the
maturity date of the obligation to December&nbsp;31, 2023 and eliminate the accrual of interest after December&nbsp;31, 2011.
Prior to the January 3, 2012 amendment, the secured promissory note had been accruing interest at the rate of 6% per annum. In
addition, the secured promissory note provides that, commencing on December&nbsp;31, 2014 and annually on each December&nbsp;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.&nbsp;Madden continues to be employed by the Company on each such December&nbsp;31. Contemporaneously,
the Company will release its security interest in a portion of the securities held in Mr. Madden&rsquo;s securities brokerage
account generally correlating to the amount of indebtedness cancelled on such date. As of December&nbsp;31, 2011, interest in
the amount of $1,090,000 had accrued on the principal amount of the secured promissory note and, as noted above, interest was
eliminated after December&nbsp;31, 2011. On December&nbsp;31, 2015, the required one-tenth of the principal amount of the secured
promissory note, together with accrued interest, was written-off by the 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">Steven
Madden is the brother of John L. Madden, who served as a director of the Company until his passing in October 2015.</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="smaddena020_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 10pt; 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>

<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)&nbsp;the Company&rsquo;s business rationale
for entering into the transaction; (ii)&nbsp;the alternatives to entering into a related person transaction; (iii)&nbsp;whether
the transaction is on terms comparable to those available to third parties or, in the case of employment relationships, to employees
generally; (iv)&nbsp;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)&nbsp;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 or she 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="smaddena021_v1"></A>COMPENSATION
OF DIRECTORS IN THE 2015 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
Compensation Committee is responsible for establishing and overseeing all matters pertaining to compensation paid to directors
for service on the Board and its committees.</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">The
following table sets forth information concerning the compensation of the Company&rsquo;s non-employee directors in the 2015 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-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"></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; text-align: left">Name</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Fees Earned or <BR>
Paid in Cash <BR>($)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Stock <BR>Awards <BR>($)(1)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">All Other<BR>
 Compensation <BR>($)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Total <BR>($)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 40%; text-align: left; text-indent: -8.8pt; padding-left: 8.8pt">Rose Peabody Lynch</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">95,000</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">100,000</TD><TD STYLE="width: 1%; text-align: left">(2)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; 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: 6%; text-align: right">195,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.8pt; padding-left: 8.8pt">John L. Madden</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">(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,438,121</TD><TD STYLE="text-align: left">(4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,438,121</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: -8.8pt; padding-left: 8.8pt">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">100,000</TD><TD STYLE="text-align: left">(5)</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">210,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.8pt; padding-left: 8.8pt">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">100,000</TD><TD STYLE="text-align: left">(6)</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">210,000</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: -8.8pt; padding-left: 8.8pt">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">100,000</TD><TD STYLE="text-align: left">(7)</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">185,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.8pt; padding-left: 8.8pt">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">100,000</TD><TD STYLE="text-align: left">(8)</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">185,000</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: -8.8pt; padding-left: 8.8pt">Robert Smith</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">(9)</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">195,000</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">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></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;)&nbsp;Accounting Standards Codification (&ldquo;ASC&rdquo;)&nbsp;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&nbsp;31, 2015 included in the Company&rsquo;s Annual Report on Form 10-K filed with the Securities and
Exchange Commission on February&nbsp;26, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">(2)
At December&nbsp;31, 2015, the aggregate number of shares of restricted Common Stock held by Ms.&nbsp;Lynch was 2,592, and
Ms.&nbsp;Lynch had no options outstanding.</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"><FONT STYLE="font-size: 10pt">(3)
At December&nbsp;31, 2015, the aggregate number of shares of restricted Common Stock held by JLM Consultants, Inc., a
corporation wholly-owned by Mr.&nbsp;Madden, was 6,001, and Mr.&nbsp;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">(4)
Includes: (a)&nbsp;the use of a corporate apartment valued at $65,400 and (b)&nbsp;$1,372,721 in fees paid to JLM
Consultants, Inc., a company wholly-owned by Mr.&nbsp;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 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(5)&nbsp;At
December&nbsp;31, 2015, the aggregate number of shares of restricted Common Stock held by Mr.&nbsp;Migliorini was 2,592, and Mr.&nbsp;Migliorini
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)&nbsp;At
December&nbsp;31, 2015, the aggregate number of shares of restricted Common Stock held by Mr.&nbsp;Randall was 2,592, and Mr.&nbsp;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">(7)&nbsp;At
December&nbsp;31, 2015, the aggregate number of shares of restricted Common Stock held by Mr.&nbsp;Sachdev was 2,592, and Mr.&nbsp;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">(8)&nbsp;At
December&nbsp;31, 2015, the aggregate number of shares of restricted Common Stock held by Mr.&nbsp;Schwartz was 2,592, and Mr.&nbsp;Schwartz
had no options outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">(9)&nbsp;At
December&nbsp;31, 2015, the aggregate number of shares of restricted Common Stock held by Mr.&nbsp;Smith was 2,592, and Mr.&nbsp;Smith
had no options outstanding.</FONT></P>

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

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

<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 2015 Fiscal Year, each non-employee director, other than John L. Madden, received the following compensation:
(i)&nbsp;a grant of 2,592 shares of restricted Common Stock, vesting on the first anniversary of the grant date, June 1, 2016
and (ii)&nbsp;$75,000. John L. Madden, who passed away in October 2015, was a non-independent, non-employee director as a result
of his ownership of JLM Consultants, Inc., a provider of consulting services to the Company with respect to international sales.
He was 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 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the 2015 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 and the Chairman
of the Compensation Committee received $25,000 and $15,000, respectively, 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>


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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="smaddena022_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="smaddena023_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)&nbsp;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 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">&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 NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt">Name and Address of Beneficial Owner</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount and Nature <BR>
of Beneficial <BR>
Ownership (1)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage of<BR>
 Class</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&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 NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 74%; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">Steven Madden <BR>c/o Steven Madden, Ltd. <BR>52-16 Barnett Avenue <BR>Long Island City, NY 11104</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">5,316,036</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">8.57</TD><TD NOWRAP STYLE="width: 1%; text-align: left">%(2)&nbsp;&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 NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">BOCAP Corp. <BR>c/o Steven Madden, Ltd. <BR>52-16 Barnett Avenue <BR>Long Island City, NY 11104</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,458,062</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.35</TD><TD NOWRAP STYLE="text-align: left">%(3)</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 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 NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">BlackRock Inc.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 8.62; text-indent: 0"><FONT STYLE="font-size: 10pt">55 East 52<SUP>nd </SUP>Street</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 8.62; text-indent: 0"><FONT STYLE="font-size: 10pt">New York, NY 10055</FONT></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,279,042</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.52</TD><TD NOWRAP STYLE="text-align: left">%(4)</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 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 NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">The Vanguard Group <BR>100 Vanguard Boulevard <BR>Malvern, Pennsylvania 19355</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,233,136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.83</TD><TD NOWRAP STYLE="text-align: left">%(5)</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 NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">FMR LLC <BR>245 Summer Street <BR>Boston, Massachusetts 02210</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,701,694</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.97</TD><TD NOWRAP STYLE="text-align: left">%(6)</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 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 NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt">Wellington Management Group LLP <BR>&#9;280 Congress Street <BR>&#9;Boston, MA 02210</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">3,248,642</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">5.24</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">%(7)</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 NOWRAP STYLE="text-align: left">&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)&nbsp;Beneficial
ownership as reported in the table below has been determined in accordance with Item 403 of Regulation S-K and Rule&nbsp;13d-3
of the Exchange Act and based upon 61,995,078 shares of Common Stock outstanding (excluding treasury shares)&nbsp;as of the Record
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 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(2)&nbsp;Mr.&nbsp;Madden&rsquo;s
beneficial ownership includes: (i)&nbsp;1,458,062 shares of Common Stock held by BOCAP Corp, a corporation wholly-owned by Mr.&nbsp;Madden;
(ii)&nbsp;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&nbsp;31, 2017 through December&nbsp;31, 2023
and 1,893,342 shares which will vest in equal annual installments over six years commencing on December&nbsp;31, 2018&nbsp;through
December&nbsp;31, 2023, in each case subject to forfeiture pursuant to the terms of the 2006 Plan and of Mr.&nbsp;Madden&rsquo;s
employment agreement, as amended); and (iii)&nbsp;501,576 shares of Common Stock held by Mr.&nbsp;Madden directly.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">(4)&nbsp;Based
solely on a Statement on Schedule 13G filed with the SEC on January&nbsp;27, 2016 by BlackRock, Inc. (&ldquo;BlackRock&rdquo;),
BlackRock has sole voting power with respect to 5,154,001 of such shares and sole dispositive power with respect to all such shares.</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"><FONT STYLE="font-size: 10pt">(5)&nbsp;Based
solely on a Statement on Schedule 13G filed with the SEC on February&nbsp;10, 2016 by The Vanguard Group (&ldquo;Vanguard&rdquo;),
Vanguard has sole voting power with respect to 124,034 of such shares, shared voting power with respect to 3,500 of such shares,
sole dispositive power with respect to 4,109,052 of such shares and shared dispositive power with respect to 124,084 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">(6)&nbsp;Based solely on a Statement on Schedule 13G filed with the SEC on February&nbsp;12, 2016 by FMR LLC (&ldquo;FMR&rdquo;), FMR has
sole voting power with respect to 669,264 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 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">(7)&nbsp;Based
solely on a Statement on Schedule 13G filed with the SEC on February 11, 2016 by Wellington Management Group LLP (&ldquo;Wellington&rdquo;),
Wellington has shared voting power with respect to 3,030,707 of such shares and shared dispositive power with respect to 3,248,642
of such shares.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; 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>Security Ownership of
Directors and Executive Officers</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
following table sets forth information as of the Record Date (unless otherwise indicated)&nbsp;with respect to the beneficial
ownership of Common Stock held by (a)&nbsp;each current director and nominee; (b)&nbsp;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)&nbsp;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.&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Name of Beneficial Owner (1)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount and <BR>
Nature
    of <BR>
Beneficial <BR>
Ownership (2)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Percentage <BR>
of
    Class</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="width: 72%; padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Edward R. Rosenfeld</FONT></TD>
    <TD NOWRAP STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">523,387</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-size: 11pt"><FONT STYLE="font-size: 10pt">% (3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Amelia Newton Varela</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">380,159</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">% (4)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Arvind Dharia</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">121,662</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">% (5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Awadhesh Sinha</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">72,243</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">% (6)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Karla Frieders</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">195,745</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">% (7)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Rose Peabody Lynch</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,739</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">% (8)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Peter Migliorini</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,592</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">% (9)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Richard P. Randall</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26,573</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">% (10)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Ravi Sachdev</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30,823</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">% (11)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Thomas H. Schwartz</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8,442</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">% (12)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">Robert Smith</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,739</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">% (13)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-left: 8.8pt; text-indent: -8.8pt"><FONT STYLE="font-size: 10pt">All Directors and Executive Officers as
    a Group<BR>
    &nbsp;(12 persons named above)</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,373,104</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2.20</FONT></TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">% (14)</FONT></TD></TR>
</TABLE>


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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></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"><FONT STYLE="font-size: 10pt">(1)&nbsp;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)&nbsp;Beneficial
ownership as reported in the table above has been determined in accordance with Item 403 of Regulation S-K and Rule&nbsp;13d-3
of the Exchange Act and based upon 61,995,078 shares of Common Stock outstanding (excluding treasury shares)&nbsp;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)&nbsp;Mr.&nbsp;Rosenfeld&rsquo;s
beneficial ownership includes: (i)&nbsp;289,183 shares of restricted Common Stock; and (ii)&nbsp;234,204 shares of Common Stock
held by Mr.&nbsp;Rosenfeld.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">(4)&nbsp;Ms.&nbsp;Varela&rsquo;s
beneficial ownership includes: (i)&nbsp;286,251 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)&nbsp;44,560 shares of restricted Common
Stock; and (iii)&nbsp;49,348 shares of Common Stock held by Ms.&nbsp;Varela.</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"><FONT STYLE="font-size: 10pt">(5)&nbsp;Mr.&nbsp;Dharia&rsquo;s
beneficial ownership includes: (i)&nbsp;22,231 shares of restricted Common Stock; and (ii)&nbsp;99,431 shares of Common Stock
held by Mr.&nbsp;Dharia.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(6)&nbsp;Mr.&nbsp;Sinha&rsquo;s
beneficial ownership includes: (i)&nbsp;19,444 shares of restricted Common Stock; and (ii)&nbsp;52,799 shares of Common Stock
held by Mr.&nbsp;Sinha.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(7)&nbsp;Ms.
Frieders&rsquo; beneficial ownership includes: (i) 112,500 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) 30,825 shares of restricted
Common Stock; and (ii) 52,420 shares of Common Stock held by Ms. Frieders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(8)&nbsp;Ms.&nbsp;Lynch&rsquo;s
beneficial ownership includes: (i)&nbsp;2,592 shares of restricted Common Stock; and (ii)&nbsp;3,147 shares of Common Stock held
by Ms.&nbsp;Lynch.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(9)&nbsp;Mr.&nbsp;Migliorini&rsquo;s
beneficial ownership consists of 2,592 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)&nbsp;Mr.&nbsp;Randall&rsquo;s
beneficial ownership includes: (i)&nbsp;2,592 shares of restricted Common Stock; and (ii)&nbsp;23,981 shares of Common Stock held
by Mr.&nbsp;Randall.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(11)&nbsp;Mr.&nbsp;Sachdev&rsquo;s
beneficial ownership includes: (i)&nbsp;2,592 shares of restricted Common Stock; and (ii)&nbsp;28,231 shares of Common Stock held
by Mr.&nbsp;Sachdev.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(12)&nbsp;Mr.&nbsp;Schwartz&rsquo;s
beneficial ownership includes: (i)&nbsp;2,592 shares of restricted Common Stock; and (ii)&nbsp;5,850 shares of Common Stock held
by Mr.&nbsp;Schwartz.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(13)&nbsp;Mr.&nbsp;Smith&rsquo;s
beneficial ownership includes: (i)&nbsp;2,592 shares of restricted Common Stock; and (ii)&nbsp;3,147 shares of Common Stock held
by Mr.&nbsp;Smith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">(14)&nbsp;Includes,
in the aggregate, 398,751 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)&nbsp;421,795 shares of restricted Common Stock; and (iii)&nbsp;552,558
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>

<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: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena025_v1"></A>Section&nbsp;16(a)&nbsp;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&nbsp;16(a)&nbsp;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&nbsp;16(a)&nbsp;of
the Exchange Act. A late report was filed on March 23, 2015 to report the sale by Robert Schmertz of 20,000 shares of Common Stock
on March 17, 2015. A late report was filed on April 3, 2015 to report the sale by JLM Consultants, Inc., a corporation wholly
owned by John L. Madden, of 12,000 share of Common Stock on March 2, 2015. 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&nbsp;16(a)&nbsp;filing requirements
applicable to its officers, directors and greater than 10% beneficial owners were complied with during, or in respect of, the
2015 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="smaddena026_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="smaddena027_v1"></A>Compensation Discussion
and Analysis</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Executive
Summary</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 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
Compensation Discussion and Analysis describes the overall principals and objectives and specific features of our executive compensation
program, primarily focused on the executive compensation program&rsquo;s application to our Chief Executive Officer and the other
executive officers of the Company included in the Summary Compensation Table, whom we refer to collectively in this Proxy Statement
as the &ldquo;Named Executive Officers.&rdquo;</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Over
the last ten years our stock price has increased at an annual rate of 18.3%; however, we did experience a stock price reduction
in 2015 as our 2015 year-end stock price declined 5.1% from our 2014 year-end stock price. Nevertheless, our one-year total stockholder
return was at the 81<SUP>st</SUP> percentile as compared with our peer group for 2015 as many of our competitors also experienced
stock price declines. By mid-March 2016, our stock price had increased over 20% from our 2015 year-end stock price, more than
overcoming the stock price slippage that occurred in 2015.</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">During
2015, the Company delivered solid financial performance, successfully capitalized on some new fashion footwear trends, recorded
strong growth in our retail and e-commerce business, made significant progress in building our newly acquired Dolce Vita&reg;
and Blondo&reg; brands and further expanded our international presence. However, the overall retail environment was challenging
and our consolidated sales excluding acquisitions was approximately flat. For the full year ended December&nbsp;31, 2015, net
sales increased 5% to $1.41 billion from $1.33 billion in the prior year. Net income was $112.9&nbsp;million, or $1.85 per diluted
share, in the 2015 Fiscal Year. Net income in the fiscal year ended December 31, 2014 was $111.9 million, or $1.76 per diluted
share.</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">With
the decline in our stock price in 2015, overall Named Executive Officer bonus awards, which are primarily paid in the form of
time-vested restricted stock grants, declined 5.6% from the previous year. As our general practice is to award bonuses and grant
equity based on Named Executive Officer performance for the preceding year, we are able to maintain relative alignment between
pay and performance.</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"><B><I>&nbsp;</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"><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: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</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: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</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: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</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: 12pt"><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 Symbol">&#183;</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 2015 Fiscal
Year reinforce this long-term orientation with annual vesting over three to five-year periods.</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 four members of the Company&rsquo;s Board of Directors, Ms.&nbsp;Lynch and Messrs. Peter Migliorini, Thomas
Schwartz and Robert Smith, each of whom is an independent director under Rule&nbsp;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&nbsp;162(m)&nbsp;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 Arthur
J. Gallagher &amp; Co.&rsquo;s Human Resources &amp;&nbsp;Compensation Consulting Practice (&ldquo;Gallagher&rdquo;)&nbsp;since
2005 to assist with its review of the compensation packages and employment agreements of the Chief Executive Officer and other
executive officers. In 2015 and 2016, Gallagher 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.&nbsp;Varela and Ms. Frieders based
on the Company&rsquo;s and the individual&rsquo;s performance in the fiscal year ended December&nbsp;31, 2015 and the reasonableness
of the terms of new employment agreements for Mr.&nbsp;Rosenfeld, Ms.&nbsp;Frieders 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 Gallagher&rsquo;s 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 Gallagher with respect to the establishment of a performance-based
bonus pool based on a percentage of the Company&rsquo;s net income in the 2015 Fiscal Year. Gallagher 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 Gallagher directly, although in carrying out assignments, Gallagher 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, Gallagher may, in its discretion, seek input and feedback from management regarding its consulting work product for
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 completion of a project for 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 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"></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">Accordingly,
the Compensation Committee reviews annually its relationship with Gallagher to ensure its independence on executive compensation
matters. Prior to selecting and receiving advice from Gallagher with respect to executive compensation in the 2015 Fiscal Year,
the Compensation Committee reviewed the independence of Gallagher and the individual representatives of Gallagher who served as
the committee&rsquo;s advisors. The Compensation Committee determined that no conflicts of interest exist between the Company
and Gallagher (or any individuals working on the Company&rsquo;s account on behalf of Gallagher). In reaching such determination,
the Compensation Committee considered, among other things, the following factors: (i)&nbsp;that Gallagher provides no services
to the Company other than the executive compensation consulting services; (ii)&nbsp;the fees paid by us to Gallagher as a percentage
of Gallagher&rsquo;s total revenue; (iii)&nbsp;the representations by Gallagher 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
Gallagher 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 Gallagher or the individual representatives of Gallagher.</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>2015 Stockholder</I> <I>Say on Pay Vote. </I>At our 2015 Annual Meeting of Stockholders, our stockholders overwhelmingly
approved, on an advisory basis, the compensation of our Named Executive Officers (98% of votes cast). This continues the string
of 94% or higher approvals that began with the initial say on pay vote in 2011. 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 2016, 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 0 10pt; 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: 8%; padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; width: 3%; padding-bottom: 4pt; padding-left: 40.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: -40.5pt"><FONT STYLE="font: 10pt Symbol">&#183;&#9;</FONT></td>
    <TD STYLE="vertical-align: top; width: 88%; padding-bottom: 4pt; padding-left: 40.5pt; font: 10pt Times New Roman, Times, Serif; text-indent: -40.5pt"><FONT STYLE="font-size: 10pt">base
    salary;</FONT></td>
    <TD STYLE="width: 1%; 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="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 4pt; padding-left: 40.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: -40.5pt"><FONT STYLE="font: 10pt Symbol">&#183;&#9;</FONT></td>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt; padding-left: 9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -9pt"><FONT STYLE="font-size: 10pt">annual
    performance-based bonuses;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 4pt; padding-left: 40.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: -40.5pt"><FONT STYLE="font: 10pt Symbol">&#183;&#9;</FONT></td>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt; padding-left: 9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -9pt"><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="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 4pt; padding-left: 40.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: -40.5pt"><FONT STYLE="font: 10pt Symbol">&#183;&#9;</FONT></td>
    <TD COLSPAN="2" STYLE="padding-bottom: 4pt; padding-left: 9.35pt; font: 10pt Times New Roman, Times, Serif; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">benefits
    and perquisites.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 12pt; 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 0pt; 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&nbsp;31,
2015, 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>

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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
annual base salary of our Chief Executive Officer, Edward R. Rosenfeld, was fixed at $638,142 for the 2015 Fiscal Year under an
employment agreement dated December&nbsp;31, 2012, which expired by its terms on December 31, 2015. Mr. Rosenfeld&rsquo;s new
employment agreement dated December 31, 2015, which remains in effect until December&nbsp;31, 2018, provides Mr. Rosenfeld with
an annual base salary of $800,000 for the fiscal year ending December 31, 2016. The annual base salary of our President, Amelia
Newton Varela, was fixed at $500,000 for the 2015 Fiscal Year under an employment agreement effective January 1, 2014, was increased
to $600,000 in connection with Ms. Varela&rsquo;s promotion from Executive Vice President &ndash; Wholesale to President of the
Company in September 2015 pursuant to an amendment to the employment agreement effective September 4, 2015, and will remain $600,000
until the expiration of the employment agreement on December 31, 2016. The annual base salary of our Chief Operating Officer,
Mr.&nbsp;Sinha, was fixed at $630,000 for the 2015 Fiscal Year under an employment agreement dated January&nbsp;10, 2014 that
remains in effect through December&nbsp;31, 2016, and provides for an annual base salary of $661,500 for the fiscal year ending
December&nbsp;31, 2016. Under the employment agreement, as amended, of our Chief Financial Officer, Arvind Dharia, Mr.&nbsp;Dharia&rsquo;s
annual base salary for the 2015 Fiscal Year was $582,455 and for the remainder of the term of the employment agreement, which
expires on December&nbsp;31, 2017. The annual base salary of our former Brand Director, Mr. Schmertz, was fixed at $761,250 for
the 2015 Fiscal Year by virtue of a new employment agreement dated March 9, 2015; however, this employment agreement terminated
upon Mr. Schmertz&rsquo;s resignation of employment effective June 4, 2015. In the 2015 Fiscal Year, prior to his resignation,
Mr. Schmertz received a total of $246,291 in base salary under his employment agreement and, after his resignation, Mr. Schmertz
received a total of $219,591 in severance payments pursuant to a resignation agreement and general release between Mr. Schmertz
and the Company. Under an employment agreement dated September 4, 2015, the annual base salary of our Chief Merchandising Officer,
Karla Frieders, was fixed at $440,000 for the 2015 Fiscal Year and for the remainder of the term of the employment agreement,
which will expire on December 31, 2017. 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. The
2016 salary increases, if any, for our Named Executive Officers, as reflected in the following table, are generally consistent
with those of other management employees.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Named Executive Officer</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015 Salary</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016 Salary</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="width: 34%; text-align: justify">Edward R. Rosenfeld</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">$</TD><TD NOWRAP STYLE="width: 8%; text-align: right">637,791</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">$</TD><TD NOWRAP STYLE="width: 8%; text-align: right">800,000</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify">Amelia Newton Varela</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">$</TD><TD NOWRAP STYLE="text-align: right">600,000</TD><TD NOWRAP STYLE="text-align: left">*</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">$</TD><TD NOWRAP STYLE="text-align: right">600,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-align: justify">Arvind Dharia</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">$</TD><TD NOWRAP STYLE="text-align: right">582,152</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">$</TD><TD NOWRAP STYLE="text-align: right">582,445</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify">Awadhesh Sinha</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">$</TD><TD NOWRAP STYLE="text-align: right">630,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">$</TD><TD NOWRAP STYLE="text-align: right">661,500</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-align: justify">Robert Schmertz</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">$</TD><TD NOWRAP STYLE="text-align: right">761,250</TD><TD NOWRAP STYLE="text-align: left">**</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A**</FONT></TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: justify">Karla Frieders</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">$</TD><TD NOWRAP STYLE="text-align: right">440,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">$</TD><TD NOWRAP STYLE="text-align: right">440,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">*Ms.
Varela began the 2015 Fiscal Year with an annual base salary of $500,000 and, as noted above, received a salary increase to $600,000
commencing September 4, 2015 in recognition of her promotion to President of the Company. See the section of this Proxy Statement
captioned &ldquo;Employment Arrangements&rdquo; for a more detailed description of Ms. Varela&rsquo;s employment agreement and
compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">**The
salary for Mr. Schmertz was effective as of March 9, 2015. He resigned his employment effective June 4, 2015. In the 2015 Fiscal
Year, prior to his resignation, Mr. Schmertz was paid a total of $246,291 in base salary under his employment agreement and, after
his resignation, a total of $219,591 in severance payments pursuant to a resignation agreement and general release between Mr.
Schmertz and 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"><I>Annual
Performance-based 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 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Commencing
with the 2014 Fiscal Year, Mr.&nbsp;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. For any business acquired after January 1, 2014, EBITDA from the acquired business is included
in the bonus calculation starting with the first full quarter under Company ownership, provided that the prior year&rsquo;s EBITDA
will likewise be adjusted to include EBITDA from the acquired business for comparable quarters in the prior year on a pro forma
basis assuming the Company had owned the business. The maximum annual bonus is $600,000, the first $300,000 of which is 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. This performance-based bonus was not achieved with respect to the 2015 Fiscal Year.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Under
Ms.&nbsp;Varela&rsquo;s employment agreement, which was amended on September&nbsp;4, 2015, she is entitled to an annual performance-based
cash bonus for the 2015 Fiscal Year in an amount equal to 2% of the increase, if any, in 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&nbsp;10, 2014 until the acquired business has been owned by the Company for two full calendar
years. Ms.&nbsp;Varela&rsquo;s employment agreement entitles her to an annual performance-based cash bonus for performance-based
bonus for the fiscal year ending December 31, 2016, in an amount equal to 2% of the increase in the Company&rsquo;s total EBIT
for that year over the Company&rsquo;s EBIT for the 2015 Fiscal Year, less any deductions as shall be required to be withheld
by any applicable laws or regulations. EBIT attributable to any business acquired by the Company after September&nbsp;4, 2015
will not be included in the calculation of this bonus. This performance-based bonus was not achieved with respect to the 2015
Fiscal Year.</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
its 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 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
the 2015 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 2015 Fiscal Year intended to comply with the provisions
of Section&nbsp;162(m)&nbsp;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 2015 bonus pool, which was 30% for Mr.&nbsp;Rosenfeld
and 14% for each of the other Named Executive Officers. In the 2015 Fiscal Year, the Company achieved net income of $112,938,000,
which resulted in a bonus pool of $6,776,280. The Compensation Committee determined to pay to the Named Executive Officers bonuses
that were significantly below their individual target awards for the 2015 Fiscal Year and to pay the bonuses primarily in restricted
shares of Common Stock that vest annually over four or five years. Accordingly, on March&nbsp;15, 2016, the Company paid a performance-based
bonus in the form of restricted stock to each Named Executive Officer as indicated in the following table.</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; text-align: left; border-bottom: Black 1pt solid">Named Executive Officer</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>2016 Restricted <BR>
Stock Grant
    <BR>
Value for 2015 <BR>
Performance</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Number of <BR>
Shares of <BR>
Restricted
    <BR>
Stock<BR>
 Awarded*</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Annual<BR>
 Vesting </B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 40%; text-align: justify">Edward R. Rosenfeld</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">1,036,100</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">27,563</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">5
                                         years</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Amelia Newton Varela</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">518,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,782</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">5 years</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: justify">Arvind Dharia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">116,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,101</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4 years</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Karla Frieders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">207,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,513</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">5 years</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: justify">Awadhesh Sinha</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">116,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,101</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">4 years</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.5in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 20%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">*
In accordance with applicable SEC rules, the Summary Compensation Table included in this Proxy Statement does not report the grant
date fair value of these restricted stock awards because, while earned in 2015, the grants were not made until after the close
of the 2015 Fiscal Year. The 2016 Summary Compensation Table to be included in our proxy statement for our 2017 Annual Meeting
of Stockholders will contain the grant date fair value of these restricted stock awards provided these individuals are named executive
officers in that proxy statement.</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
decision to pay bonuses to the Named Executive Officers primarily in the form of restricted stock was determined at the discretion
of the Compensation Committee, but within the parameters of the bonus pool for Named Executive Officers. In addition, on March
15, 2016, Mr. Dharia and Mr. Sinha each received a cash bonus of $112,500. The Compensation Committee evaluated a variety of indicators
of the Company&rsquo;s stock price performance and 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 2015 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 and Sinha and Ms.&nbsp;Varela and Ms. Frieders,
the Compensation Committee also considered the recommendations of the Chief Executive Officer, Mr.&nbsp;Rosenfeld.</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 consulted Gallagher regarding the establishment of the bonus pool and the individual target awards for
the 2015 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">On
March 11, 2015, the Company made grants of 25,326, 15,329 and 12,235 restricted shares of Common Stock to Mr.&nbsp;Rosenfeld,
Ms.&nbsp;Varela and the Company&rsquo;s former Brand Director, Robert Schmertz, respectively, for performance in the fiscal year
ended December&nbsp;31, 2014, each of which restricted stock awards vests in five equal annual installments. Mr. Schmertz forfeited
his stock award upon the resignation of his employment, which was effective June 4, 2015. In addition, on March 11, 2015, Messrs.&nbsp;Dharia
and Sinha each received a restricted stock award of 5,506 shares of Common Stock for performance in the fiscal year ended December
31, 2014, which vests in four equal annual installments. Gallagher reviewed the individual grant values relative to market practice.
All of the equity awards in the 2015 Fiscal Year were made under the 2006 Plan.</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">Other
restricted stock awards in the 2015 Fiscal Year included grants in relation to new or amended employment agreements. Mr. Rosenfeld
received a grant of 75,000 restricted shares of Common Stock on December 31, 2015 and an additional award of 75,000 restricted
shares of Common Stock on February 5, 2016 in relation to his new three-year employment agreement dated December 31, 2015. Mr.
Rosenfeld&rsquo;s restricted stock awards will vest in five equal annual installments. On March 17, 2015, Robert Schmertz received
a grant of 20,000 restricted shares of Common Stock in relation to a new employment agreement; however, this stock award was forfeited
by Mr. Schmertz upon the resignation of his employment effective June 4, 2015. On March 2, 2015, Ms. Frieders received a grant
of 20,758 restricted shares of Common Stock in relation to a new three-year employment agreement, which shares vest in five substantially
equal annual installments commencing on March 2, 2016. On February 2, 2015, Mr. Dharia received a grant of 15,000 restricted shares
of Common Stock in relation to the amendment of an existing employment agreement, which shares will vest in equal annual installments
of 3,000 shares over a five-year period, commencing on February 2, 2016.</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">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; text-align: justify; text-indent: 0.5in">&nbsp;</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)&nbsp;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 0pt; text-align: justify"></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
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 2015 Fiscal Year, executive compensation
and compensation design was reviewed for the purpose of assessing bonus awards in early 2015 in the context of overall compensation
and 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" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="vertical-align: top; width: 30%; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font-size: 10pt">American
    Apparel Inc.*</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top; width: 30%; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font-size: 10pt">Genesco,
    Inc.</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 30%; padding-right: 3.2pt; padding-left: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: -7.4pt"><FONT STYLE="font-size: 10pt">Skechers
    U.S.A. Inc.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP 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-size: 10pt">Bebe
    Stores, Inc.*</FONT></td>
    <TD NOWRAP 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-size: 10pt">Guess,
    Inc.</FONT></td>
    <TD NOWRAP 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-size: 10pt">Under
    Armour, Inc.</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP 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-size: 10pt">Brown
    Shoe Co. Inc.</FONT></td>
    <TD NOWRAP 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-size: 10pt">Iconix
    Brand Group, Inc.*</FONT></td>
    <TD NOWRAP 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-size: 10pt">Vera
    Bradley, Inc.*</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP 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-size: 10pt">Crocs,
    Inc.</FONT></td>
    <TD NOWRAP 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-size: 10pt">Kate
    Spade &amp; Co.</FONT></td>
    <TD NOWRAP 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-size: 10pt">Weyco
    Group, Inc.*</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP 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-size: 10pt">Deckers
    Outdoor Corp.</FONT></td>
    <TD NOWRAP 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-size: 10pt">Lululemon
    Athletica, Inc. </FONT></td>
    <TD NOWRAP 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-size: 10pt">Wolverine
    Worldwide</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP 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-size: 10pt">Delta
    Apparel, Inc.*</FONT></td>
    <TD NOWRAP 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-size: 10pt">Movado
    Group, Inc.</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.2pt; padding-left: 7.4pt; text-indent: -7.4pt; 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 NOWRAP 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-size: 10pt">Perry
    Ellis International, Inc.</FONT></td>
    <TD NOWRAP 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-size: 10pt">Oxford
    Industries, Inc.</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.2pt; padding-left: 7.4pt; text-indent: -7.4pt; 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 NOWRAP 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-size: 10pt">G-III
    Apparel Group, Ltd.</FONT></td>
    <TD NOWRAP 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-size: 10pt">Rocky
    Brands, Inc.*</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.2pt; padding-left: 0.1in; text-indent: -7.4pt; 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">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 20%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">*
The peer group was modified in August 2015 to eliminate these companies and replace them with Cato Corp., New York &amp; Co.,
and Shoe Carnival, Inc.</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">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 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">In
August 2015, the peer group of companies was modified to (i) eliminate American Apparel Inc., Bebe Stores, Inc., Delta Apparel,
Inc., Iconix Brand Group, Inc., Rocky Brands, Inc., Vera Bradley, Inc. and Weyco Group, Inc. from the peer group because each
of these companies is much smaller than the Company and (ii) add Cato Corp., New York &amp; Co., and Shoe Carnival, Inc. to the
peer group. The modified peer group was used to assess the reasonableness of the proposed compensation associated with the amendment
of an existing employment agreement for Ms. Varela in relation to her promotion to the role of President of the Company and a
new employment agreement for Ms. Frieders in relation to her promotion to the role of Chief Merchandising Officer of 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>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.&nbsp;Sinha and Ms.&nbsp;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 0 10pt; 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 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 the risks associated with our compensation plans and programs consisted of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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 Symbol">&#183;</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: 12pt"><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 Symbol">&#183;</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: 12pt"><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 Symbol">&#183;</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: 12pt"><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 Symbol">&#183;</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: 12pt"><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 Symbol">&#183;</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 Gallagher 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 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
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: 12pt"><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 Symbol">&#183;</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: 12pt"><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 Symbol">&#183;</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: 12pt"><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 Symbol">&#183;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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 Symbol">&#183;</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)&nbsp;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&nbsp;162(m)&nbsp;of
the Code in order to provide a compensation package consistent with the Company&rsquo;s objectives. For Fiscal Year 2015, the
Compensation Committee believes incentive compensation paid and awarded will not be subject to the limitations of Section&nbsp;162(m).</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
more fully described below under the heading &ldquo;Termination, Change-in-Control and
Non-Competition/Non-Solicitation,&rdquo; with the exception of Ms. Frieders, all of our Named Executive Officers 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&nbsp;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&nbsp;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&nbsp;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&nbsp;280G and the imposition of excise taxes under Section&nbsp;4999
when it believes that such arrangements are appropriate to attract and retain executive talent.</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-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 10pt; 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>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><A NAME="smaddena028_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 2015 Fiscal Year, the following directors served on the Compensation Committee: Peter Migliorini (Chairman), Thomas H. Schwartz,
Rose Peabody Lynch and Robert Smith. During the 2015 Fiscal Year:</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 10pt">none of the
    members of the Compensation Committee was an officer (or former officer)&nbsp;or employee of the Company or any of its subsidiaries;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; 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">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font-size: 11pt; 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)&nbsp;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">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-size: 10pt">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</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; 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)&nbsp;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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0"><FONT STYLE="font-size: 10pt"><A NAME="smaddena029_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" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 23%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 2%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 8%; 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: 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"><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="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Edward R. Rosenfeld</FONT></td>
    <TD STYLE="padding-bottom: 6pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">40</FONT></td>
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 6pt; 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="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Amelia Newton Varela</FONT></td>
    <TD STYLE="padding-bottom: 6pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">44</FONT></td>
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">President</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Arvind Dharia</FONT></td>
    <TD STYLE="padding-bottom: 6pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">66</FONT></td>
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 6pt; 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="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Awadhesh Sinha</FONT></td>
    <TD STYLE="padding-bottom: 6pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">70</FONT></td>
    <TD STYLE="padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-bottom: 6pt; 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">Karla Frieders</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">39</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 Merchandising 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>
</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">Amelia
Newton Varela has been President of the Company since September 2015. Previously, Ms. Varela was Executive Vice President of Wholesale
since April 2008. Ms. Varela was Executive Vice President of Wholesale Footwear from November 2004 to April 2008. Prior to this
tenure, she was Vice President of Sales for the Steve Madden Women&rsquo;s Wholesale Division from January 2000. Prior to that,
she was an Account Executive for the Steve Madden Women&rsquo;s Wholesale Division. She graduated from The Fashion Institute of
Technology in 1995.</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">Arvind
Dharia has been the Chief Financial Officer of the Company since October&nbsp;1992 and was a director of the Company from December&nbsp;1993
through May&nbsp;2004. Mr.&nbsp;Dharia has been Secretary of the Company since 1993. From December&nbsp;1988 until joining the
Company in September 1992, Mr.&nbsp;Dharia was Assistant Controller of Millennium III Real Estate Corp., a real estate management
company.</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">Awadhesh
Sinha became the Chief Operating Officer of the Company in July 2005. Mr.&nbsp;Sinha was a director of the Company, from October&nbsp;2002
to July 2005, before joining the Company as its Chief Operating Officer. Mr.&nbsp;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.&nbsp;Sinha worked for Salant Corporation, a company that designs, manufactures
and markets men&rsquo;s clothing, for 22&nbsp;years, and held the position of Chief Operating Officer and Chief Financial Officer
of Salant Corporation from 1998 to 2003.</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">Karla
Frieders has been the Chief Merchandising Officer of the Company since September 2015. Previously, Ms. Frieders served as the
President of Retail from January 2013 and the Vice President of Retail from October 2009 until January 2013. Prior to these roles,
Ms. Frieders held various buying positions at the Company from 1999.</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="smaddena030_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 the fiscal years ended December&nbsp;31, 2015, 2014 and 2013, 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 0pt; 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 end of the 2015 Fiscal
Year will appear in the Summary Compensation Table to be included in our proxy statement for our 2017 Annual Meeting of Stockholders.</FONT></P>

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    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 20%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Name and Principal<BR>
    Position</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Fiscal<BR>
    Year</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Salary<BR>
    ($)</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Bonus <BR>
    ($)</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Stock<BR>
    Awards <BR>
    ($)&nbsp;(1)</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Option<BR>
    Awards <BR>
    ($)(1)</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Non-Equity <BR>
    Incentive Plan<BR>
    Compensation <BR>
    ($)</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">All Other<BR>
    Compensation <BR>
    ($)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total<BR>
    Compensation <BR>
    ($)</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><B>Edward R. Rosenfeld</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">637,791</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,226,490</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25,950</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,890,231</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><I>Chief Executive Officer</I></FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">607,754</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">816,680</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25,800</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,450,234</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">577,647</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,065,800</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">225,000</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21,232</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,889,679</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><B>Amelia Newton Varela</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">531,154</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">563,801</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22,950</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,117,905</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><I>President</I></FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">500,000</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">554,528</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">930,000</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22,800</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,007,328</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">450,000</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">449,900</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">76,000</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">(7)</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23,801</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(8)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">999,701</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><B>Arvind Dharia</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">582,152</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">720,011</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">112,500</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101,817</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(9)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,516,480</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><I>Chief Financial Officer</I></FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">554,719</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">107,168</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(10)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">661,887</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">554,719</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">225,000</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">110,444</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(11)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">890,163</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><B>Awadhesh Sinha</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">629,654</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">202,511</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">112,500</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22,366</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(12)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">967,031</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><I>Chief Operating Officer</I></FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">600,000</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">999,986</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23,311</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(13)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,623,297</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">575,000</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">225,000</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24,760</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(14)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">824,760</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><B>Robert Schmertz</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">246,291</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,212,803</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">230,208</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(15)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,689,302</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><I>Former Brand Director</I></FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">725,000</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">403,297</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26,492</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(16)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,154,789</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">722,250</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,201,976</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">100,000</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25,842</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(17)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,050,068</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><B>Karla Frieders</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">440,769</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">745,835</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">109,957</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">(18)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,296,561</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><I>Chief Merchandising Officer</I></FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><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"></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: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; 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&nbsp;31, 2015, December&nbsp;31, 2014 and December&nbsp;31, 2013, 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&nbsp;31, 2015, December&nbsp;31, 2014 and
December&nbsp;31, 2013 included in the Company&rsquo;s Annual Report on Form 10-K filed with the Securities and Exchange
Commission on February&nbsp;26, 2016, February&nbsp;26, 2015 and February 27, 2014, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(2)
Consists of an $18,000 automobile allowance and $7,950 in annual match contributions to Mr.&nbsp;Rosenfelds 401(K)&nbsp;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">(3)&nbsp;Consists
of an $18,000 automobile allowance and $7,800 in annual matching contributions to Mr.&nbsp;Rosenfeld&rsquo;s 401(k)&nbsp;plan
account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(4) Consists of a
$17,893 automobile allowance and $3,339 in annual matching contributions to Mr.&nbsp;Rosenfeld&rsquo;s 401(k)&nbsp;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: $15,000 automobile allowance and $7,950 in annual matching contributions to Ms.&nbsp;Varela&rsquo;s
401(k)&nbsp;plan account.)&nbsp;</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: $15,000 automobile allowance and $7,800 in annual matching contributions to Ms.&nbsp;Varela&rsquo;s
401(k)&nbsp;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)
Represents a non-equity incentive payment made pursuant to a bonus formula in Ms.&nbsp;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">(8)
Includes the following: $15,051 automobile allowance and $8,750 in annual matching contributions to Ms.&nbsp;Varela&rsquo;s
401(k)&nbsp;plan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(9) Includes the
following: $12,876 automobile allowance, $80,991 life insurance premiums and $7,950 in annual match contributions to
Mr.&nbsp;Dharia&rsquo;s 401(K)&nbsp;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)&nbsp;Includes
the following: $13,427 automobile allowance, $85,941 life insurance premiums and $7,800 in annual matching contributions to Mr.&nbsp;Dharia&rsquo;s
401(k)&nbsp;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)&nbsp;Includes
the following: $11,792 automobile allowance, $87,514 life insurance premiums and $11,138 in annual matching contributions to Mr.&nbsp;Dharia&rsquo;s
401(k)&nbsp;plan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">(12)&nbsp;Includes
the following: $14,416 automobile allowance and $7,950 in annual matching contributions to Mr.&nbsp;Sinha&rsquo;s 401(k)&nbsp;plan
account.</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"><FONT STYLE="font-size: 10pt">(13)&nbsp;Includes
the following: $15,511 automobile allowance and $7,800 in annual matching contributions to Mr.&nbsp;Sinha&rsquo;s 401(k)&nbsp;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)&nbsp;Includes
the following: $14,183 automobile allowance and $10,577 in annual matching contributions to Mr.&nbsp;Sinha&rsquo;s 401(k)&nbsp;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">(15)&nbsp;Includes
the following: $219,591 in severance payments pursuant to a resignation agreement and general release between Mr. Schmertz and
the Company, $6,923 automobile allowance and $3,694 in annual matching contributions to Mr.&nbsp;Schmertz&rsquo;s 401(k)&nbsp;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)&nbsp;Includes
the following: $18,692 automobile allowance and $7,800 in annual matching contributions to Mr.&nbsp;Schmertz&rsquo;s 401(k)&nbsp;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">(17)&nbsp;Includes
the following: $17,936 automobile allowance and $7,906 in annual matching contributions to Mr.&nbsp;Schmertz&rsquo;s 401(k)&nbsp;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">(18)
Includes the following: $102,007 living allowance and $7,950 in annual matching contributions to Ms.
Frieders&rsquo; 401(k)&nbsp;plan account.</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: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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="smaddena031_v1"></A>Employment Arrangements</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>Edward
R. Rosenfeld. </B>On December 31, 2012, the Company<B> </B>entered into an employment agreement with Mr. Rosenfeld to replace
a prior, expiring employment agreement. Pursuant to the December 31, 2012 employment agreement Mr.&nbsp;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
$578,813, $607,754 and $638,142 for the fiscal years 2013, 2014 and 2015, respectively, until the employment agreement&rsquo;s
expiration on December 31, 2015. The December 31, 2012 employment agreement provided that Mr. Rosenfeld received a monthly automobile
allowance of $1,500 and additional compensation and bonuses, if any, at the absolute discretion of the Board of Directors. Pursuant
to the December 31, 2012 employment 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, vest in five equal annual installments of 30,000 shares, which commenced on December 31, 2013.</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
December&nbsp;31, 2015, Company entered into a new employment agreement with Mr.&nbsp;Rosenfeld which replaced the prior employment
agreement with the Company, which expired on December 31, 2015. Pursuant to the new employment agreement, Mr.&nbsp;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&nbsp;31, 2018 or is sooner terminated in accordance with its terms. Mr.&nbsp;Rosenfeld&rsquo;s current employment
agreement provides for an annual base salary of $800,000, $850,000 and $900,000 for the fiscal years 2016, 2017 and 2018, respectively,
and a monthly automobile allowance of $1,500. The current agreement provides that Mr.&nbsp;Rosenfeld will receive additional compensation
and bonuses, if any, at the absolute discretion of the Board of Directors. Pursuant to the current agreement, on December 31,
2015, Mr.&nbsp;Rosenfeld was granted 75,000 shares of the Company&rsquo;s Common Stock, 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 15,000
shares commencing on December&nbsp;1, 2016. In addition, pursuant to the current employment agreement, on February 5, 2016, Mr.
Rosenfeld received an additional award of 75,000 shares of the Company&rsquo;s Common Stock, subject to certain restrictions.
These restricted shares of Common Stock, which were issued under the 2006 Plan, will also vest in five equal annual installments
of 15,000 shares in such case commencing on March 5, 2017.</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">In
the event of his death, Mr.&nbsp;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.&nbsp;Rosenfeld&rsquo;s death. The agreement also provides that
if Mr.&nbsp;Rosenfeld&rsquo;s employment agreement is terminated due to his &ldquo;total disability&rdquo; (as defined in the
agreement), Mr.&nbsp;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.&nbsp;Rosenfeld&rsquo;s employment agreement allows the Company to terminate his employment
with &ldquo;cause&rdquo; (as defined in the employment agreement)&nbsp;or without cause. In the event that Mr.&nbsp;Rosenfeld&rsquo;s
employment is terminated by the Company for cause, the Company will have no further obligations to Mr.&nbsp;Rosenfeld, and Mr.&nbsp;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.&nbsp;Rosenfeld&rsquo;s employment is terminated by the Company without cause or by Mr.&nbsp;Rosenfeld&rsquo;s
resignation for &ldquo;good reason&rdquo; (as defined in the employment agreement), Mr.&nbsp;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>

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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
addition, if Mr.&nbsp;Rosenfeld&rsquo;s employment is terminated by the Company without cause or by the resignation of Mr.&nbsp;Rosenfeld
for good reason during the period commencing 90&nbsp;days prior to a &ldquo;change of control&rdquo; (as defined in the employment
agreement)&nbsp;transaction and ending 180 days following a change of control transaction, Mr.&nbsp;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&nbsp;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.&nbsp;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)&nbsp;is
determined to constitute an &ldquo;excess parachute payment&rdquo; under Sections&nbsp;280G and 4999 of the Code, Mr.&nbsp;Rosenfeld
shall be paid either (i)&nbsp;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&nbsp;4999 and which shall be limited as to deductibility to the
Company)&nbsp;or (ii)&nbsp;a reduced amount, calculated in accordance with Section&nbsp;280G, that may be paid to the executive
without the imposition of an excise tax under Section&nbsp;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>Amelia
Newton Varela. </B>On January&nbsp;31, 2011, the Company entered into a new employment agreement with Ms.&nbsp;Varela to replace
a prior employment agreement, which expired by its terms on December&nbsp;31, 2010. Pursuant to the employment agreement, Ms.&nbsp;Varela
served 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&nbsp;1, 2011 until the employment agreement&rsquo;s expiration on December&nbsp;31, 2013. The January&nbsp;31,
2011 employment agreement provided an annual performance-based cash bonus to Ms.&nbsp;Varela for the fiscal year ended December&nbsp;31,
2013 in an amount equal to 2% of the increase, if any, in the Wholesale Division EBIT for 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&nbsp;31, 2011 would not be included for the purpose of determining Ms.&nbsp;Varela&rsquo;s bonus until the acquired
business has been owned by the Company for two full calendar years. Ms.&nbsp;Varela received a cash bonus of $76,000 for 2013
Wholesale Division EBIT 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">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. The term of this employment agreement, which was amended on September 4, 2015 in connection with Ms. Varela&rsquo;s
promotion to the newly-created position of President of the Company, will expire on December 31, 2016, unless sooner terminated
in accordance with the agreement&rsquo;s terms. Prior to its amendment, the employment agreement provided for an annual base salary
during the term of $500,000 and a monthly automobile allowance of $1,250. The amendment of the employment agreement increases
Ms. Varela&rsquo;s annual base salary to $600,000 for the 2015 Fiscal Year and through the end of the term of the agreement. In
addition, pursuant to the current employment 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, which commenced on February 3, 2015.</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">Prior
to its amendment, the employment agreement entitled 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. This performance-based
bonus was not achieved with respect to the 2015 Fiscal Year or the fiscal year ended December 31, 2014. As amended, with respect
to the fiscal year ending December 31, 2016, the employment agreement entitles Ms. Varela to a performance-based cash bonus in
an amount equal to 2% of the increase, if any, in the Company&rsquo;s total EBIT for the fiscal year ending December 31, 2016
over the Company&rsquo;s total EBIT for the 2015 Fiscal Year, less any deductions required to be withheld by applicable laws and
regulations. EBIT attributable to any business acquired by the Company after September 4, 2015 will not be included in the calculation
for the purpose of determining Ms. Varela&rsquo;s annual bonus.</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.&nbsp;Varela&rsquo;s employment agreement is terminated due to Ms.&nbsp;Varela&rsquo;s &ldquo;disability&rdquo;
(as defined in the agreement)&nbsp;or death, the Company is obligated to pay Ms.&nbsp;Varela (or her estate)&nbsp;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.&nbsp;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)&nbsp;and, in such event, Ms.&nbsp;Varela
will be entitled only to accrued and unpaid salary through the date of termination of employment. In the event Ms.&nbsp;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.&nbsp;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)&nbsp;transaction
and ending 180 days following a change of control transaction, she is entitled to receive an amount equal to the lesser of (i)&nbsp;the
average amount of total compensation actually received by her during the preceding three calendar years multiplied by 3 and (ii)&nbsp;the
maximum amount that is tax deductible to the Company under Section&nbsp;280G of the 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"><B>Arvind
Dharia.</B> In January&nbsp;1998, the Company entered into an employment agreement with Arvind Dharia, which has been amended
from time to time, most recently on February&nbsp;2, 2015. Pursuant to Mr.&nbsp;Dharia&rsquo;s amended agreement, Mr.&nbsp;Dharia
continues to serve as the Company&rsquo;s Chief Financial Officer. The term of Mr.&nbsp;Dharia&rsquo;s employment under his agreement,
as amended, extends through December&nbsp;31, 2017, 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. Prior to the most recent amendment of the agreement,
Mr.&nbsp;Dharia received an annual base salary of $554,719 during fiscal years 2012, 2013 and 2014. Commencing January&nbsp;1,
2015, pursuant to the most recent amendment of the agreement, Mr.&nbsp;Dharia&rsquo;s annual base salary increased to and will
remain $582,455 for the remaining term of the agreement. Mr.&nbsp;Dharia received a monthly automobile allowance of $1,400 prior
to the most recent amendment of the agreement and, beginning January&nbsp;1, 2015, his monthly car allowance increased to $1,600.
The agreement provides that the Company will pay life insurance premiums on Mr.&nbsp;Dharia&rsquo;s behalf of approximately $80,000
per year. Mr.&nbsp;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&nbsp;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.&nbsp;Dharia
on February&nbsp;8, 2012 under the 2006 Plan and vest in three substantially equal annual installments, which commenced on February&nbsp;8,
2013. The most recent amendment of the agreement provides for a grant of 15,000 shares of the Company&rsquo;s Common Stock, subject
to certain restrictions. These restricted shares of Common Stock were issued to Mr.&nbsp;Dharia on February&nbsp;2, 2015 under
the 2006 Plan and will vest in five equal annual installments commencing on February&nbsp;2, 2016. In addition, the amended agreement
provides that Mr.&nbsp;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.&nbsp;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>

<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
agreement provides, in the event of Mr.&nbsp;Dharia&rsquo;s death, for the payment to Mr.&nbsp;Dharia&rsquo;s estate of his base
salary for the 12-month period immediately subsequent to the date of Mr.&nbsp;Dharia&rsquo;s death. The agreement also provides
that if Mr.&nbsp;Dharia&rsquo;s employment agreement is terminated due to his &ldquo;total disability&rdquo; (as defined in the
agreement), Mr.&nbsp;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.&nbsp;Dharia&rsquo;s employment agreement is terminated &ldquo;for
cause&rdquo; (as defined in the agreement), the Company is obligated to pay Mr.&nbsp;Dharia the amount of compensation that is
accrued and unpaid through the date of termination. In the event that Mr.&nbsp;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.&nbsp;Dharia,
in two installments, (a)&nbsp;an amount equal to the product of (x)&nbsp;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&nbsp;31st immediately preceding the termination
date, multiplied by (y)&nbsp;the number of years (and fraction of years)&nbsp;remaining in the term; and (b)&nbsp;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.&nbsp;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>

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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
addition, in the event that there is a &ldquo;change of control&rdquo; transaction and Mr.&nbsp;Dharia&rsquo;s employment has
been terminated by the Company other than &ldquo;for cause&rdquo; or if Mr.&nbsp;Dharia resigns &ldquo;for good reason&rdquo;
(as such terms are defined in the agreement), Mr.&nbsp;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&nbsp;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.&nbsp;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)&nbsp;is determined to constitute an &ldquo;excess parachute payment&rdquo;
under Sections&nbsp;280G and 4999 of the Code, Mr.&nbsp;Dharia will be paid either (i)&nbsp;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&nbsp;4999
and which shall be limited as to deductibility to the Company)&nbsp;or (ii)&nbsp;a reduced amount, calculated in accordance with
Section&nbsp;280G, that may be paid to the executive without the imposition of an excise tax under Section&nbsp;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&nbsp;1, 2010, the Company entered into an employment agreement with Mr.&nbsp;Sinha to replace a prior employment
agreement, which was to expire by its terms on December&nbsp;31, 2010. Pursuant to the December&nbsp;1, 2010 employment agreement,
Mr.&nbsp;Sinha continued to serve as Chief Operating Officer of the Company for a term that commenced on January&nbsp;1, 2011
and expired on December&nbsp;31, 2013, with an annual base salary of $575,000 for the term of the agreement. The December&nbsp;1,
2010 employment agreement provided Mr.&nbsp;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, all of which have now vested.</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
January&nbsp;10, 2014, the Company entered into a new employment agreement with Mr.&nbsp;Sinha pursuant to which Mr.&nbsp;Sinha
continues to serve as Chief Operating Officer of the Company until the agreement expires on December&nbsp;31, 2016. Mr.&nbsp;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.&nbsp;Sinha&rsquo;s behalf in the
amount of approximately $3,500 per year. On January&nbsp;15, 2014, pursuant to his current employment agreement, Mr.&nbsp;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, which commenced on December&nbsp;15,
2014.</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
addition, Mr.&nbsp;Sinha&rsquo;s current agreement entitles him to an annual performance-based bonus for each of the fiscal years
ended December&nbsp;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. For any business acquired after January 1, 2014, EBITDA
from the acquired business is included in the bonus calculation starting with the first full quarter under Company ownership,
provided that the prior year&rsquo;s EBITDA will likewise be adjusted to include EBITDA from the acquired business for comparable
quarters in the prior year on a pro forma basis assuming the Company had owned the business. The maximum annual bonus is $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. This performance-based bonus was not achieved with respect to the fiscal years ended
December 31, 2015 and December 31, 2014. Bonuses and other incentive-based compensation paid to Mr.&nbsp;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>

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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 his death, Mr.&nbsp;Sinha&rsquo;s employment agreement provides for the payment to Mr.&nbsp;Sinha&rsquo;s estate
of his base salary for the 12-month period immediately subsequent to the date of Mr.&nbsp;Sinha&rsquo;s death. In addition, in
the event of Mr.&nbsp;Sinha&rsquo;s &ldquo;total disability&rdquo; (as such term is defined in the agreement), the Company is
obligated to continue to pay Mr.&nbsp;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.&nbsp;Sinha&rsquo;s employment agreement is terminated &ldquo;for cause&rdquo;
(as such terms are defined in the agreement), or due to Mr.&nbsp;Sinha&rsquo;s resignation without &ldquo;good reason&rdquo; (as
such term is defined in the agreement), the Company is obligated to pay Mr.&nbsp;Sinha the amount of compensation that is accrued
and unpaid through the date of termination. In the event Mr.&nbsp;Sinha&rsquo;s employment agreement is terminated by the Company
without cause or by the resignation of Mr.&nbsp;Sinha for good reason, Mr.&nbsp;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)&nbsp;the remainder of the term or (ii)&nbsp;six months.</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">In
addition, if Mr.&nbsp;Sinha&rsquo;s employment is terminated by the Company without cause or if Mr.&nbsp;Sinha resigns for good
reason during the period commencing 120&nbsp;days prior to a &ldquo;change of control&rdquo; (as defined in the agreement)&nbsp;and
ending 90 days after a change of control, Mr.&nbsp;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&nbsp;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.&nbsp;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)&nbsp;is determined to constitute an &ldquo;excess parachute payment&rdquo;
under Sections&nbsp;280G and 4999 of the Code, Mr.&nbsp;Sinha will be paid either (i)&nbsp;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&nbsp;4999
and which shall be limited as to deductibility to the Company)&nbsp;or (ii)&nbsp;a reduced amount, calculated in accordance with
Section&nbsp;280G, that may be paid to the executive without the imposition of an excise tax under Section&nbsp;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>On January 2, 2013, the Company entered into an employment agreement with Mr. Schmertz, the former Brand Director
of the Company, to replace a prior, expired agreement, under which Mr. Schmertz served as the Company&rsquo;s Brand Director for
a term that commenced on January 1, 2013 and expired on December 31, 2014. The 2013 agreement provided for an annual base salary
of $725,000 and a monthly automobile allowance of $1,500 during the term of the agreement and additional compensation and bonuses,
if any, at the absolute discretion of the Board of Directors. Pursuant to the 2013 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, were vesting in five substantially equal annual installments, which commenced on
January 4, 2014. By virtue of an employment agreement dated March 9, 2015, Mr. Schmertz was receiving an annual base salary of
$761,250 and a monthly car allowance of $1,500 for the 2015 Fiscal Year. In addition, pursuant to such employment agreement, on
March 20, 2015, Mr. Schmertz was granted 20,000 shares of the Company&rsquo;s Common Stock, subject to certain restrictions. These
restricted shares of Common Stock, which were issued under the 2006 Plan, were scheduled to vest in three substantially equal
annual installments, commencing on the third anniversary of the grant date. On June 4, 2015, Mr. Schmertz tendered his resignation
of employment, effective immediately. In connection with his resignation of employment, the Company and Mr. Schmertz entered into
a resignation agreement and general release, pursuant to which Mr. Schmertz is receiving severance beginning May 29, 2015 and
continuing until December 31, 2016 at an annualized rate of $380,625 (one-half of Mr. Schmertz&rsquo;s annual base salary for
the 2015 Fiscal Year) payable at regular payroll intervals. In the 2015 Fiscal Year, prior to his resignation, Mr. Schmertz received
a total of $246,291 in base salary under his employment agreement and, after his resignation, Mr. Schmertz received a total of
$219,591 in severance payments pursuant to the resignation agreement and general release between Mr. Schmertz and the Company.
All shares of Common Stock awarded to Mr. Schmertz under the 2006 Plan that were unvested on the date of Mr. Schmertz&rsquo;s
resignation were automatically forfeited pursuant to the award forfeiture provisions 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"><B>Karla
Frieders. </B>On September 4, 2015, the Company entered into an employment agreement with Ms. Frieders, pursuant to which Ms.
Frieders serves as Chief Merchandising Officer of the Company for a term commencing on September 4, 2015 and ending on February
29, 2017. The employment agreement provides for an annual base salary during the term of $440,000 and an annual performance-based
bonus for each of the fiscal years ending December 31, 2015 and 2016 in an amount to be determined by the Company in its absolute
discretion.</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">In
the event that Ms. Frieders&rsquo; employment is terminated due to Ms. Frieders&rsquo; &ldquo;disability&rdquo; (as defined in
the agreement) or death, the Company is obligated to pay Ms. Frieders (or her estate) the amount of accrued and unpaid salary
through the date of termination of employment. The Company may terminate Ms. Frieders&rsquo; employment for &ldquo;cause&rdquo;
(as defined in the agreement) and, in such event, Ms. Frieders will be entitled only to accrued and unpaid salary through the
date of termination of employment. In the event Ms.&nbsp;Frieders&rsquo; 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.</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="smaddena032_v1"></A>GRANTS
OF PLAN-BASED AWARDS IN THE 2015 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 2015 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>

<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"></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: center">&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">&nbsp;</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">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 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">&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 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">&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 COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="text-align: center">Estimated future payouts under equity</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 COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&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">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 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">&nbsp;</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 COLSPAN="2" NOWRAP STYLE="text-align: center">Grant</TD><TD NOWRAP>&nbsp;</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">Name</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">Date</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">($)</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">($)</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">($)</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">(#)</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">(#)</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">($/Sh)</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">($)</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&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">&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">&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; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-align: left">Edward R. Rosenfeld</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 8%; text-align: right">03/11/15</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 8%; text-align: right">&mdash;</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 8%; text-align: right">2,013,840 </TD><TD NOWRAP STYLE="width: 1%; text-align: left">(1)</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 8%; text-align: right">&mdash;</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 8%; text-align: right">25,326</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 8%; text-align: right">&mdash;</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 8%; text-align: right">&mdash;</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 8%; text-align: right">931,490</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">12/31/15</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">75,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">2,295,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">Amelia Newton Varela</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">03/11/15</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">939,792 </TD><TD NOWRAP STYLE="text-align: left">(1)</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">15,329</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">563,801</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">n/a</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">0 </TD><TD NOWRAP STYLE="text-align: left">(2)</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-align: left">Arvind Dharia</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">02/02/15</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">15,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">517,500</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">03/11/15</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">939,792&nbsp;</TD><TD NOWRAP>(1) &nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right"></TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right"></TD><TD NOWRAP STYLE="text-align: right">5,506</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right"></TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right"></TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right"></TD><TD NOWRAP STYLE="text-align: right">202,511</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">Awadhesh Sinha</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">03/11/15</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">939,792 </TD><TD NOWRAP STYLE="text-align: left">(1)</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">5,506</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">202,511</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">n/a</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">0 </TD><TD NOWRAP STYLE="text-align: left">(3)</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-align: left">Robert Schmertz</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">03/11/15</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">939,792 </TD><TD NOWRAP STYLE="text-align: left">(1)</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">12,235</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">450,003</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">03/17/15</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">20,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">762,800</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">Karla Frieders</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">03/02/15</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">939,792 </TD><TD NOWRAP STYLE="text-align: left">(1)</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">20,758</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">745,835</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



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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">(1)&nbsp;In
the 2015 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 2015 Fiscal Year and also fixed each executive&rsquo;s
maximum share of the 2015 bonus pool, which was 30% for Mr.&nbsp;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 2015 Fiscal Year net income, it would not be possible
to determine the amount of these potential bonuses until the completion of the Company&rsquo;s 2015 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 bonus pool of $6,712,800, which equals 6% of the $111,880,000 in net income of the Company achieved
in the fiscal year ended December&nbsp;31, 2014. See the discussion of the 2015 bonus pool and the individual target awards of
each of the Named Executive Officers appearing above in the &ldquo;Annual Performance-Based Bonus - Based on Specific Performance
Metrics&rdquo; section of &ldquo;Compensation Structure.&rdquo; As disclosed therein, the Company paid these performance bonuses
primarily in restricted shares of Common Stock granted on March&nbsp;15, 2016 and, in addition, two of the Named Executive Officers
received a cash bonus. Accordingly, Messrs. Dharia and Sinha each received a performance-based cash bonus of $112,500 and Messrs.
Rosenfeld, Dharia and Sinha and Ms.&nbsp;Varela and Ms. Frieders received grants of 27,563, 3,101, 3,101, 13,782 and 5,513 restricted
shares of Common Stock, respectively. In accordance with applicable SEC rules, these restricted stock awards will appear in the
Summary Compensation Table to be included in our proxy statement for our 2017 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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<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&nbsp;10, 2014 between the Company and Ms.&nbsp;Varela, Ms.&nbsp;Varela is
entitled to receive a cash bonus under the Company&rsquo;s 2006 Plan on or about March&nbsp;15, 2016 in an amount equal to 2%
of the increase, if any, in the Wholesale division EBIT for the 2015 Fiscal Year over the Wholesale division EBIT for the
fiscal year ended December 31, 2014. Since it would not be possible to determine the amount of Ms.&nbsp;Varela&rsquo;s cash
bonus, if any, until the completion of the 2015 Fiscal Year, the amount indicated as the target bonus payout is a
representative amount and based upon the actual decrease in the EBIT performance of the Company&rsquo;s Wholesale division
for the fiscal year ended December 31, 2014 from the EBIT performance of the Wholesale division for the fiscal year ended
December 31, 2013. See the discussion of this grant to Ms.&nbsp;Varela appearing above in the &ldquo;Annual Performance-Based
Bonus - Based on Specific Performance Metrics&rdquo; section of &ldquo;Compensation Structure&rdquo; and above under
&ldquo;Employment Arrangements.&rdquo; As disclosed therein, this performance-based bonus was not achieved with respect to
the 2015 Fiscal Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(3)
Under an employment agreement dated January&nbsp;10, 2014 between the Company and Mr.&nbsp;Sinha, Mr.&nbsp;Sinha is entitled
to receive a cash bonus under the Company&rsquo;s 2006 Plan on or about March 15, 2016 in an amount equal to 2% of the
increase, if any, in the Company&rsquo;s EBITDA for the 2015 Fiscal Year over the Company&rsquo;s EBITDA for the immediately
preceding fiscal year. The maximum annual bonus is $600,000, the first $300,000 of which is 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.
Since it would not be possible to determine the amount of Mr. Sinha&rsquo;s bonus, if any, until the completion of the 2015
Fiscal Year, the amount indicated as the target bonus payout is a representative amount and based upon the actual decrease in
the EBITDA performance of the Company for the fiscal year ended December 31, 2014 from the EBITDA performance of the Company
for the fiscal year ended December 31, 2013. See the discussion of this grant to Mr.&nbsp;Sinha appearing above in the
&ldquo;Annual Performance-Based Bonus - Based on Specific Performance Metrics&rdquo; section of &ldquo;Compensation
Structure&rdquo; and above under &ldquo;Employment Arrangements.&rdquo; As disclosed therein, this performance-based bonus
was not achieved with respect to the 2015 Fiscal Year.</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>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&nbsp;10, 2006, the Board of Directors of the Company adopted the Company&rsquo;s 2006 Stock Incentive Plan and, on May&nbsp;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&nbsp;6, 2009, the Board of Directors adopted an Amended and Restated 2006
Stock Incentive Plan and, on May&nbsp;22, 2009, the Company&rsquo;s stockholders approved the Amended and Restated 2006 Stock
Incentive Plan. On April&nbsp;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&nbsp;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 provide additional incentive for such persons to exert maximum
efforts for the success of the Company by encouraging stock ownership in the Company. The 2006 Plan serves as a means to 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 4,200,428 unvested shares of restricted stock and options to purchase 1,653,644 shares of Common Stock;
options had been exercised, or restricted stock had vested, with respect to 14,012,158 shares of Common Stock; and 3,599,770 shares
of Common Stock remained available for grant under the 2006 Plan.</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; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena033_v1"></A>OUTSTANDING
EQUITY AWARDS AT END OF THE 2015 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 2015 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&nbsp;30, 2010, the
three-for-two split of the Company&rsquo;s Common Stock effectuated as a stock dividend on or about May&nbsp;31, 2011 and the
three-for-two split of the Company&rsquo;s Common Stock effectuated as a stock dividend on or about October&nbsp;1, 2013 have
been adjusted to account for each such stock split, as applicable.</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>

<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: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Option
    Awards</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Stock
    Awards</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Name</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Number of <BR>
    Securities <BR>
    Underlying <BR>
    Unexercised<BR>
    Options <BR>(#)&nbsp;Exercisable</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Number of <BR>
    securities <BR>
    Underlying <BR>
    Unexercised<BR>
    Options <BR>(#)&nbsp;Unexercisable</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">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 STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Option <BR>
    Exercise <BR>
    Price <BR>($)</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Option <BR>
    Expiration<BR>
    Date</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Number of <BR>
    Shares or <BR>
    Units of Stock <BR>
    That Have <BR>
    Not Vested <BR>(#)</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Market Value
    <BR>
    of Shares or <BR>
    Units of Stock <BR>
    That Have Not<BR>
    Vested <BR>($)</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">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 STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Equity <BR>
    Incentive Plan <BR>
    Awards: <BR>
    Market or <BR>
    Payout Value of <BR>
    Unearned <BR>
    Shares, Units or <BR>
    Other Rights <BR>
    That Have Not<BR>
    Vested <BR>($)</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Edward R. Rosenfeld</FONT></TD><TD NOWRAP STYLE="width: 3%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">225,000</FONT></TD><TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">5.5645</FONT></TD><TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">4/1/2016</FONT></TD><TD NOWRAP STYLE="width: 2%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 2%; border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">208,138</FONT></TD><TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD NOWRAP STYLE="width: 3%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">6,289,930</FONT></TD><TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Amelia Newton Varela</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">63,283</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">5.5645</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">4/1/2016</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">43,309</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">(3)</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">1,308,797.98</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">67,501</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">14.4578</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">4/1/2017</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">168,750</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">16.9645</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">2/1/2018</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">25,000</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">75,000 </FONT></TD><TD NOWRAP STYLE="text-align: left">(2)<FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">32.5900</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">2/3/2021</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Arvind Dharia</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">22,130</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">(4)</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">668,769</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Awadhesh Sinha</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">18,593</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">(5)</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">561,880</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Robert Schmertz</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">0</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">(6)</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">0</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Karla Frieders</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">33,750</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">5.5600</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">4/1/2016</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">34,643</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">(7)&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">1,046,911</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">67,500</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">16.9600</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">2/1/2017</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">30,000</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">30,000</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">(8)</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">28.1800</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">1/2/2020</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="text-align: center; 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">(1)
On March&nbsp;14, 2012, Mr.&nbsp;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&nbsp;2, 2013,
Mr.&nbsp;Rosenfeld was awarded 150,000 shares of restricted Common Stock, which shares vest in five equal annual installments
commencing on December&nbsp;1, 2013 and on each December&nbsp;1<SUP>st</SUP> thereafter.&nbsp;&nbsp;On March&nbsp;15, 2013,
Mr.&nbsp;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 March&nbsp;17, 2014, Mr.&nbsp;Rosenfeld was awarded
22,265 shares of restricted Common Stock, which shares vest in five substantially equal annual installments commencing on
March&nbsp;5, 2015.&nbsp;&nbsp;On March 11, 2015, Mr. Rosenfeld was awarded 25,326 shares of restricted Common Stock, which
shares vest in five substantially equal annual installments commencing on March 5, 2016.&nbsp;&nbsp;On December 31, 2015, Mr.
Rosenfeld was awarded 75,000 shares of restricted Common Stock, which shares vest in five equal annual installments
commencing on December 31, 2016.&nbsp;&nbsp;</FONT></P>

<P STYLE="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">(2) On
February&nbsp;3, 2014, Ms.&nbsp;Varela was granted an option to purchase 100,000 shares of the Company&rsquo;s Common Stock
under the 2006 Plan, which option vests in four equal annual installments commencing on the first anniversary of the date of
grant.</P>

<P STYLE="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">(3) On
March&nbsp;14, 2012, Ms.&nbsp;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&nbsp;15, 2013,
Ms.&nbsp;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. On March&nbsp;17, 2014, Ms.&nbsp;Varela was awarded
15,118&nbsp;shares of restricted Common Stock, which shares vest in five substantially equal annual installments commencing
on March&nbsp;5, 2015. On March 11, 2015, Ms. Varela was awarded 15,329 shares of restricted Common Stock, which shares vest
in five substantially equal annual installments commencing on March 5, 2016. </P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(4) On
February&nbsp;8, 2012, Mr.&nbsp;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&nbsp;2,
2012, Mr.&nbsp;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.&nbsp;&nbsp;On February 2, 2015, Mr. Dharia 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. On March 11, 2015, Mr. Dharia was awarded 5,506 shares of restricted Common Stock, which
shares vest in four substantially equal annual installments commencing on December 15, 2015.</P>

<P STYLE="text-align: justify; 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">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(5) On
March&nbsp;14, 2012, Mr.&nbsp;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.&nbsp;&nbsp;On January&nbsp;15, 2014,
Mr.&nbsp;Sinha was awarded 29,886 shares of restricted Common Stock, which shares vest in three equal annual installments
commencing on December&nbsp;15, 2014.&nbsp;&nbsp;On March 11, 2015, Mr. Sinha was awarded 5,506 shares of restricted Common
Stock, which shares vest in four substantially equal annual installments commencing on December 15, 2015.</P>

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

<P STYLE="text-align: justify; 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">(6) 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.&nbsp;&nbsp;On March 17, 2014, Mr. Schmertz was awarded 10,995 shares
of restricted Common Stock, which shares vest in five substantially equal annual installments commencing on March 5,
2015.&nbsp;&nbsp;On March 11, 2015, Mr. Schmertz was awarded 12,235 shares of restricted Common Stock, which shares vest in
five equal annual installments commencing on March 5, 2016.&nbsp;&nbsp;On March 20, 2015, Mr. Schmertz was awarded 20,000
shares of restricted Common Stock, which shares vest in three substantially equal annual installments commencing on the first
anniversary of the date awarded. All restricted shares of Common Stock awarded to Mr. Schmertz that remained unvested as of
the date of Mr. Schmertz&rsquo;s resignation, which was effective June 4, 2015, were automatically forfeited pursuant to the
award forfeiture provisions of the 2006 Plan.</P>

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

<P STYLE="text-align: justify; 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">(7) On March 2,
2015, Ms. Frieders was awarded 20,758 shares of restricted Common Stock, which shares vest in five substantially equal annual
installments commencing on the first anniversary of the date awarded.</P>

<P STYLE="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">(8) On January
2, 2013, Ms.&nbsp;Frieders was granted an option to purchase 60,000 shares of the Company&rsquo;s Common Stock under the 2006
Plan, which option vests in four equal annual installments commencing on the first anniversary of the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</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="smaddena034_v1"></A>OPTION
EXERCISES AND STOCK VESTED IN THE 2015 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 2015 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">&nbsp;</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 NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Option Awards</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Awards</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; 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<BR>
 Shares <BR>
Acquired on<BR>
 Exercise <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">Value <BR>
Realized <BR>on Exercise <BR>($)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Number of<BR>
 Shares <BR>Acquired <BR> on
    Vesting <BR>(#)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Value <BR>
Realized <BR>
on Vesting <BR>($)</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&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">&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="width: 48%; text-align: left">Edward R. Rosenfeld</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 8%; text-align: right">157,500</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 8%; text-align: right">5,290,650</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 8%; text-align: right">57,703</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 8%; text-align: right">1,972,082</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">Amelia Newton Varela</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">67,503</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">2,031,947</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">9,465</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">346,828</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-align: left">Arvind Dharia</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">18,902</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">686,758</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">Awadhesh Sinha</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">13,588</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">433,351</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-align: left">Robert Schmertz</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">14,731</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">515,761</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left">Karla Frieders</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">33,753</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">1,115,537</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">5,179</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">175,531</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP 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="smaddena035_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&nbsp;31, 2015 with respect to compensation plans (including individual compensation
arrangements)&nbsp;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: 4%; 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: 91%; 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="padding-left: 4.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;&#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="padding-left: 4.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;&#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-top: 0; margin-right: 0; margin-bottom: 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena036_v1"></A>&nbsp;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 NOWRAP STYLE="text-align: center; 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;</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;</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 NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">(a)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">(b)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">(c)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-align: left; text-indent: -8.8pt; padding-left: 8.8pt">Equity compensation plans approved by security holders</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">2,016,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">23.51</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">4,177,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left; text-indent: -8.8pt; padding-left: 8.8pt">Equity compensation plans not approved by security holders</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&mdash;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP>Total</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">2,016,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">23.51</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">4,177,000</TD><TD NOWRAP 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 Ms. Varela and Messrs. Rosenfeld, Dharia and Sinha 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&nbsp;280G of the Code and, to the extent Section&nbsp;280G applies, the Company may not deduct from its taxable income
the severance payments made to the Named Executive Officer. Moreover, Section&nbsp;4999 of the Code would impose a 20% excise
tax on the Named Executive Officer receiving the severance payment. In the case of Ms.&nbsp;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&nbsp;280G and 4999
of the Code, to the maximum amount that is deductible to the Company under Section&nbsp;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&nbsp;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 Ms. Varela and Messrs. Rosenfeld, Dharia and Sinha 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.&nbsp;Rosenfeld
and Mr.&nbsp;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 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">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.&nbsp;Varela
and Ms. Frieders have each agreed to a non-compete and non-solicitation restriction through the expiration date of her employment
agreements, December&nbsp;31, 2016 and February 29, 2017, respectively, 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.&nbsp;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="smaddena037_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. Mr. Schmertz is not included
in the table due to his resignation of employment, which was effective June 4, 2015.</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="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">NAME</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">CASH<BR>
    PAYMENT</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">CONTINUATION <BR>
    OF MEDICAL / <BR>
    WELFARE <BR>
    BENEFITS <BR>
    (PRESENT <BR>
    VALUE)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">ACCELERATION <BR>
    AND CONTINUATION <BR>
    OF EQUITY <BR>
    AWARD</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">REDUCTION OF <BR>
    BENEFITS UPON A <BR>
    CHANGE-IN-CONTROL (1)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">TOTAL <BR>
    TERMINATION<BR>
    BENEFITS</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">($)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">($)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">($)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">($)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">($)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD COLSPAN="14" STYLE="text-align: left"><FONT STYLE="font-size: 8pt"><B>TERMINATION DUE TO DEATH</B></FONT></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="width: 35%; text-align: left"><FONT STYLE="font-size: 8pt">Edward R. Rosenfeld</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">800,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">17,477</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">817,477</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Arvind Dharia</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">582,455</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(4)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,298</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">595,753</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Awadhesh Sinha</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">661,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(5)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,298</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">674,798</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Karla Frieders</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Amelia Newton Varela</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD COLSPAN="16"><FONT STYLE="font-size: 8pt"><B>TERMINATION DUE TO TOTAL DISABILITY</B></FONT></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"><FONT STYLE="font-size: 8pt">Edward R. Rosenfeld</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">800,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">800,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Amelia Newton Varela</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Arvind Dharia</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">582,455</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(4)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">582,455</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Awadhesh Sinha</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">661,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(5)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">661,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Karla Frieders</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD COLSPAN="16"><FONT STYLE="font-size: 8pt"><B>TERMINATION FOR CAUSE; RESIGNATION WITHOUT GOOD REASON</B></FONT></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"><FONT STYLE="font-size: 8pt">Edward R. Rosenfeld</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Amelia Newton Varela</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Arvind Dharia</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Awadhesh Sinha</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Karla Frieders</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD COLSPAN="20"><FONT STYLE="font-size: 8pt"><B>TERMINATION OTHER THAN FOR CAUSE; RESIGNATION FOR GOOD REASON</B></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Edward R. Rosenfeld</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,550,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(6)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,550,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Amelia Newton Varela</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">600,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(7)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">600,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Arvind Dharia</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,164,910</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(8)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">94,289</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(9)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,259,199</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Awadhesh Sinha</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">661,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(10)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">661,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Karla Frieders</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">513,333</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(11)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">513,333</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD COLSPAN="20"><FONT STYLE="font-size: 8pt"><B>TERMINATION UPON A CHANGE-IN-CONTROL</B></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Edward R. Rosenfeld</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,403,701</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(12)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,289,930</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(13)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(4,501,684</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,191,947</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(14)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Amelia Newton Varela</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,520,805</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(15)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,308,798</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(13)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,829,603</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Arvind Dharia</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,618,818</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(16)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">668,769</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(13)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,287,587</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Awadhesh Sinha</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,823,857</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(17)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">561,850</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(13)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,385,707</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Karla Frieders</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">513,333</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">(18)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">513,333</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</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>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"></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: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<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; font: 10pt Times New Roman, Times, Serif"></TD><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 agreement of Ms. Varela provides 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&nbsp;280G and 4999 of the Code, to the maximum amount that
                                         is deductible to the Company under Section&nbsp;280G of the Code. The employment agreements
                                         of Messrs. Rosenfeld, Dharia and Sinha 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&nbsp;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></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; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><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.&nbsp;Rosenfeld&rsquo;s 2016 base salary of $800,000, which would be paid at regular
                                         intervals.</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; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></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: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><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.&nbsp;Dharia&rsquo;s 2016 base salary of $582,455, which would be paid at regular
                                         intervals.</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; font: 10pt Times New Roman, Times, Serif"></TD><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.&nbsp;Sinha&rsquo;s 2016 base salary of $661,500, which would be paid at regular
                                         intervals.</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; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(6)</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 $800,000 that would have been paid to Mr.&nbsp;Rosenfeld during
                                         the remainder of the term of his employment until the expiration of his employment agreement
                                         on December&nbsp;31, 2016. Mr.&nbsp;Rosenfeld would receive these payments at regular
                                         intervals.</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; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(7)</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 $600,000 that would have been paid to Ms.&nbsp;Varela during the
                                         remainder of the term of her employment until the expiration of her employment agreement
                                         on December&nbsp;31, 2016. Ms.&nbsp;Varela would receive these payments at regular intervals.</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; font: 10pt Times New Roman, Times, Serif"></TD><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.&nbsp;Dharia&rsquo;s 2015 base salary of $582,455 multiplied by the number of years
                                         (and fraction of years)&nbsp;remaining in the term of his employment agreement, which
                                         expires on December&nbsp;31, 2017. Mr.&nbsp;Dharia would receive 50% of this payment
                                         immediately and the remaining 50% would be paid to him one year later (i.e., on December&nbsp;31,
                                         2016).</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; font: 10pt Times New Roman, Times, Serif"></TD><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.&nbsp;Dharia&rsquo;s life insurance payment ($80,991 per year)&nbsp;plus
                                         medical benefits ($13,298 per year).</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; font: 10pt Times New Roman, Times, Serif"></TD><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 of $661,500 for 2016 that would have been paid to Mr.&nbsp;Sinha during
                                         the remainder of the term of his employment until the expiration of his employment agreement
                                         on December&nbsp;31, 2016. Mr.&nbsp;Sinha would receive these payments at regular intervals.</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; font: 10pt Times New Roman, Times, Serif"></TD><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 the base salary of $440,000 that would have been paid to Ms.&nbsp;Frieders during
                                         the remainder of the term of her employment until the expiration of her employment agreement
                                         on February 29, 2017. Ms.&nbsp;Frieders would receive these payments at regular intervals.</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; font: 10pt Times New Roman, Times, Serif"></TD><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 three times the average total compensation Mr.&nbsp;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.&nbsp;Rosenfeld was entitled as of the date of termination or resignation. Upon a
                                         change-in-control, payments (or portions thereof)&nbsp;to Mr.&nbsp;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&nbsp;280G of
                                         the Code. Upon a hypothetical December&nbsp;31, 2015 change-in-control, this amount would
                                         have been reduced by $4,501,684 to reflect the maximum amount that would be tax deductible
                                         by the Company pursuant to Section&nbsp;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&nbsp;280G and 4999 of the Code to change-in-control
                                         payments generally. See also the summary of Mr.&nbsp;Rosenfeld&rsquo;s employment agreement
                                         under &ldquo;Employment Arrangements.&rdquo;</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; font: 10pt Times New Roman, Times, Serif"></TD><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">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&nbsp;31, 2015.</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; font: 10pt Times New Roman, Times, Serif"></TD><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
                                         total amount does not include the amount deducted pursuant to Section&nbsp;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="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><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 average total compensation Ms.&nbsp;Varela actually received for the
                                         preceding three calendar years. Upon a change-in-control, payments (or portions thereof)&nbsp;to
                                         Ms.&nbsp;Varela 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&nbsp;280G of the Code. Upon a hypothetical December&nbsp;31, 2015
                                         change-in-control, no payments to Ms.&nbsp;Varela 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&nbsp;280G
                                         and 4999 of the Code to change-in-control payments generally. See also the summary of
                                         Ms.&nbsp;Varela&rsquo;s employment agreement under &ldquo;Employment Arrangements.&rdquo;</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; font: 10pt Times New Roman, Times, Serif"></TD><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 total compensation Mr.&nbsp;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.&nbsp;Dharia
                                         was entitled as of the date of termination or resignation. Upon a change-in-control,
                                         payments (or portions thereof)&nbsp;to Mr.&nbsp;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&nbsp;280G of the Code. Upon a hypothetical
                                         December&nbsp;31, 2015 change-in-control, no payments to Mr.&nbsp;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&nbsp;280G and 4999 of the Code to change-in-control payments
                                         generally. See also the summary of Mr.&nbsp;Dharia&rsquo;s employment agreement under
                                         &ldquo;Employment Arrangements.&rdquo;</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; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(17)</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.&nbsp;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.&nbsp;Sinha was entitled as of the date of termination or resignation.
                                         Upon a change-in-control, payments (or portions thereof)&nbsp;to Mr.&nbsp;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&nbsp;280G
                                         of the Code. Upon a hypothetical December&nbsp;31, 2015 change-in-control, no payments
                                         to Mr.&nbsp;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&nbsp;280G and 4999 of the Code to change-in-control
                                         payments generally. See also the summary of Mr.&nbsp;Sinha&rsquo;s employment agreement
                                         under &ldquo;Employment Arrangements.&rdquo;</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; font: 10pt Times New Roman, Times, Serif"></TD><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 the base salary of $440,000 that would have been paid to Ms.&nbsp;Frieders during
                                         the remainder of the term of her employment until the expiration of her employment agreement
                                         on February 29, 2017. Ms.&nbsp;Frieders 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"><FONT STYLE="font-size: 10pt">&nbsp;&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="smaddena038_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>

<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: 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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Rose
                                         Peabody Lynch</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Thomas H. Schwartz</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Robert Smith</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"></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="smaddena039_v1"></A>PROPOSAL
TWO:<BR>
<BR>
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, 2016</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: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"></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&nbsp;31, 2016. EisnerAmper LLP has served
as the Company&rsquo;s independent registered public accountants since 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">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 any 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&nbsp;31, 2016. 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&nbsp;31, 2016.</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"><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>

<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="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Year Ended December&nbsp;31,</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="width: 64%; text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Audit Fees <SUP>(1)</SUP></FONT></TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">$</TD><TD NOWRAP STYLE="width: 8%; text-align: right">786,000</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">$</TD><TD NOWRAP STYLE="width: 8%; text-align: right">797,000</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Audit-Related Fees <SUP>(2)</SUP></FONT></TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">46,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">45,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Tax Fees <SUP>(3)</SUP></FONT></TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">95,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">0</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP 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 NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">70,000</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD NOWRAP STYLE="text-indent: -12pt; padding-left: 12pt">Total</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">$</TD><TD NOWRAP STYLE="text-align: right">927,000</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">$</TD><TD NOWRAP STYLE="text-align: right">912,000</TD><TD NOWRAP 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)&nbsp;
</SUP>Represents the aggregate fees billed for (a)&nbsp;the audit of the Company&rsquo;s annual financial statements, (b)&nbsp;the
reviews of the financial statements included in the Company&rsquo;s Quarterly Reports on Form 10-Q, (c)&nbsp;other statutory and
regulatory filings or engagements and (d)&nbsp;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)&nbsp;
</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)&nbsp;
</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)&nbsp;
</SUP>Represents the aggregate fees billed with respect to the fiscal year ended December 31, 2014, for services rendered in connection
with the Company&rsquo;s acquisition of a business.</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&nbsp;10A(i)(1)(B)&nbsp;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)&nbsp;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)&nbsp;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: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"></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; text-transform: none"><A NAME="smaddena040_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 2015 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&nbsp;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 2015 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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Rose
                                         Peabody Lynch</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Peter Migliorini</FONT></P></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-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></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: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="smaddena041_v1"></A>PROPOSAL
THREE:<BR>
<BR>
NON-BINDING ADVISORY VOTE ON EXECUTIVE COMPENSATION</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"></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&nbsp;14A
of the Exchange Act, as created by Section&nbsp;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)&nbsp;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&nbsp;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&nbsp;24 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 2015 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 2015 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 12pt 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;)&nbsp;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 8,<B> </B>2016.&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&nbsp;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 0pt; text-align: justify"></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">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 2015 Fiscal Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><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-align: justify; 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&nbsp;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&nbsp;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 8,<B> </B>2016</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: justify"><FONT STYLE="font-size: 10pt">By:</FONT></td>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><IMG SRC="smadden005_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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    <!-- Field: /Page -->



<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="smadden006_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">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD 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 VALIGN="TOP" STYLE="border-style: none">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD 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 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="2" 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">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><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" STYLE="border-top: black 1.5pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top: BLACK 1.5pt solid; border-right: BLACK 1.5pt solid; border-left-style: none; border-bottom-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 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"><B>The Board
 of Directors recommends you vote </B></FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><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" STYLE="border-top-style: none; border-right: BLACK 1.5pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-style: none">
 <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="2" VALIGN="TOP">
 <P><FONT SIZE="1"><B>FOR the
 following:</B></FONT></P>
 </TD>
 <TD COLSPAN="2" 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">
 <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">
 <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" STYLE="border-top-style: none; border-right: BLACK 1.5pt none; border-bottom-style: none; border-left-style: none; border-right-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-style: none">
 <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"><B>1.</B></FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">Election of Directors</FONT></P>
 </TD>
 <TD COLSPAN="2" 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">
 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD 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><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; border-left-style: none; border-bottom-style: solid">
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 <P><FONT SIZE="1"><B>Nominees</B></FONT></P>
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 </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;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;Peter
                                         Migliorini&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard
                                         P. Randall&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ravi
                                         Sachdev</FONT><BR><FONT STYLE="font-size: 8pt">Thomas H. Schwartz&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;
                                         07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Smith&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amelia Newton Varela</FONT></P>

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 <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>
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 <P ALIGN="CENTER"><FONT SIZE="1"><B>For</B></FONT></P>
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 <TD VALIGN="BOTTOM">
 <P ALIGN="CENTER"><FONT SIZE="1"><B>Against</B></FONT></P>
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 <TD COLSPAN="2" VALIGN="BOTTOM">
 <P ALIGN="CENTER"><FONT SIZE="1"><B>Abstain</B></FONT></P>
 </TD>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <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, 2016.</FONT></P>
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 <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>
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 <P ALIGN="CENTER"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P ALIGN="CENTER"><FONT SIZE="1">&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">
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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>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>
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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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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <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>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&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="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>
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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">
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 <P><FONT SIZE="1">&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">
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
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 <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>
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 <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>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
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 <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>
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 <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>
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 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <TD COLSPAN="2" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <TD COLSPAN="3" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <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>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <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">
 <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 STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" STYLE="vertical-align: 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 STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: 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-right: BLACK 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD STYLE="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-left: Black 1pt solid; border-top: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-style: none">
 <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 STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-left: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-top: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid">
 <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 STYLE="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid; border-bottom-style: solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD 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><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD 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><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" VALIGN="TOP" STYLE="border-top-style: none; border-left-style: none; border-bottom: BLACK 1pt solid; border-right: BLACK 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-top-style: none; border-left-style: none; border-bottom: BLACK 1pt solid; border-right: BLACK 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP" STYLE="border-style: none">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN="TOP">
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid">
 <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 STYLE="vertical-align: top; border-left: Black 1pt solid">
 <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>
 <TD COLSPAN="2" STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <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>
 </TD>
 <TD STYLE="vertical-align: 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>
 </TR>
  <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">
 <TD WIDTH="14" STYLE="border-style: none"></TD>
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 <TD WIDTH="15" STYLE="border-style: none"></TD>
 </TR>
</TABLE>
<P><FONT STYLE="font-size: xx-small">0000285339_1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1.0.1.25</FONT></P>


<!-- Field: Page; Sequence: 60 -->
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<BR><BR>
<BR>
<BR>
<BR>
<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 27, 2016 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 1,
 2016, 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 2016 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>




<P><FONT STYLE="font-size: xx-small">0000285339_2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1.0.1.25</FONT></P>


<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><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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