<SEC-DOCUMENT>0000729580-19-000009.txt : 20190411
<SEC-HEADER>0000729580-19-000009.hdr.sgml : 20190411
<ACCEPTANCE-DATETIME>20190411155134
ACCESSION NUMBER:		0000729580-19-000009
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190521
FILED AS OF DATE:		20190411
DATE AS OF CHANGE:		20190411
EFFECTIVENESS DATE:		20190411

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEL FUSE INC /NJ
		CENTRAL INDEX KEY:			0000729580
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COILS, TRANSFORMERS & OTHER INDUCTORS [3677]
		IRS NUMBER:				221463699
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11676
		FILM NUMBER:		19743763

	BUSINESS ADDRESS:	
		STREET 1:		206 VAN VORST ST.
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07302
		BUSINESS PHONE:		2014320463

	MAIL ADDRESS:	
		STREET 1:		206 VAN VORST ST.
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07302
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>def14a.htm
<DESCRIPTION>BEL PROXY
<TEXT>
<html>
  <head>
    <title>def14a.htm</title>
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<body bgcolor="#ffffff" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">SCHEDULE 14A INFORMATION</div>
  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
  </div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Proxy Statement Pursuant to Section 14(a)</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">of the Securities Exchange Act of 1934</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Amendment No.&#160;&#160;&#160;&#160;)</div>
  <div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
  </div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Filed by the Registrant&#160;&#160;<font face="Wingdings" style="DISPLAY: inline">x</font></div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Filed by a Party other than the Registrant&#160;&#160;<font face="Wingdings" style="DISPLAY: inline">&#168;</font></div>
  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
  </div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Check the appropriate box:</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font face="Wingdings" style="DISPLAY: inline">&#168;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Preliminary Proxy Statement</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font face="Wingdings" style="DISPLAY: inline">&#168;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Confidential, for Use of the Commission
    Only (as permitted by Rule 14a-6(e)(2))</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font face="Wingdings">x</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Definitive Proxy Statement</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font face="Wingdings" style="DISPLAY: inline">&#168;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Definitive Additional Materials</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font face="Wingdings" style="DISPLAY: inline">&#168;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Soliciting Material under Rule 14a-12</div>
  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
  </div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">BEL FUSE INC.</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Name of Registrant as Specified in Its Charter)</div>
  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
  </div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>
  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
  </div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Payment of Filing Fee (Check the appropriate box):</div>
  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">x&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No fee required.</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  </div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font face="Wingdings" style="DISPLAY: inline">&#168;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fee computed on table below per Exchange
    Act Rules 14a-6(i)(4) and 0-11.</div>
  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
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          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(1)</div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Title of each class of securities to which transaction applies:</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

        <tr valign="top">
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">_____________________________________________________________</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

        <tr valign="top">
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(2)</div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Aggregate number of securities to which transaction applies:</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

        <tr valign="top">
          <td style="WIDTH: 72pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">_____________________________________________________________</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

        <tr valign="top">
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(3)</div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify">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):</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

        <tr valign="top">
          <td style="WIDTH: 72pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">_____________________________________________________________</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

        <tr valign="top">
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(4)</div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Proposed maximum aggregate value of transaction:</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

        <tr valign="top">
          <td style="WIDTH: 72pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">_____________________________________________________________</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

        <tr valign="top">
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(5)</div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Total fee paid:</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

        <tr valign="top">
          <td style="WIDTH: 72pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">_____________________________________________________________</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-FAMILY: Wingdings; DISPLAY: inline">&#168;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fee paid previously with
      preliminary materials.</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
    </div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-FAMILY: Wingdings; DISPLAY: inline">&#168;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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. </div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Identify the previous filing by registration statement number, or the Form or Schedule and the date of
      its filing.</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><br>
      &#160;</div>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(1)</div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Amount Previously Paid:</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

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          <td style="WIDTH: 72pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">____________________________________________________________</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

        <tr valign="top">
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(2)</div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Form, Schedule or Registration Statement No.:</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

        <tr valign="top">
          <td style="WIDTH: 72pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">____________________________________________________________</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

        <tr valign="top">
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(3)</div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Filing Party:</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

        <tr valign="top">
          <td style="WIDTH: 72pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">____________________________________________________________</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

        <tr valign="top">
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td style="WIDTH: 36pt">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(4)</div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Date Filed:</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="hangingindent">

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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"></div>
          </td>
          <td>
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">____________________________________________________________</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
  </div>
  <div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" id="PGBRK">
    <div id="FTR">
      <div style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; WIDTH: 100%; TEXT-ALIGN: left" id="GLFTR"></div>
    </div>
    <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always" id="PN">
      <div style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; WIDTH: 100%; TEXT-ALIGN: center"></div>
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
        <hr noshade="noshade" size="2" style="COLOR: black">
      </div>
    </div>
    <div id="HDR"><br>
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" id="c4cf73dad31a427997bf88e2b8802d27">

          <tr>
            <td style="WIDTH: 100%; VERTICAL-ALIGN: top">
              <div style="TEXT-ALIGN: center"><img src="image0.jpg" style="HEIGHT: 84px; WIDTH: 192px"></div>
            </td>
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  <div style="DISPLAY: block; TEXT-INDENT: 0pt">
    <div style="CLEAR: both"><br>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OF</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BEL FUSE INC.</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">NOTICE IS HEREBY GIVEN that the Annual Meeting of Shareholders of Bel Fuse Inc. will be held at the
          Courtyard by Marriott, 540 Washington Boulevard, Jersey City, New Jersey 07310, on Tuesday, May 21, 2019, at 11:00 a.m., for the following purposes:</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zf5bc0f7e623742b28ed9b8a0e5a4c660" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To elect three directors for three-year terms.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="za52b96e0e02d4b97adf34ddfbc66fd9f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> ratify the designation of Deloitte &amp; Touche
                      LLP to audit Bel&#8217;s books and accounts for 2019.</font></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z2568119653a947919c5216998c30d710" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 49.5pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To approve, on an advisory basis, the executive compensation of the Company&#8217;s named executive officers as described in this proxy
                    statement.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z85520172e69647e8ba6c3f1fbbb1d19c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 49.5pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To consider and act upon other matters which may properly come before the meeting or any adjournment thereof.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Board of Directors has fixed the close of business on March 26, 2019 as the date for
          determining the shareholders of record entitled to receive notice of, and to vote at, the Annual Meeting.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: left; text-indent: 288pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By Order of the Board of Directors</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: left; text-indent: 288pt; margin-right: 40.5pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CRAIG BROSIOUS, Secretary</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Jersey City, New Jersey</font></div>
      <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">April 11, 2019</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">---------------------</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">WE URGE YOU TO SIGN AND RETURN THE ENCLOSED PROXY AS PROMPTLY AS POSSIBLE, WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING
          IN PERSON. IF YOU DO ATTEND THE MEETING, YOU MAY REVOKE YOUR PROXY AND VOTE IN PERSON.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">THIS NOTICE AND THE ACCOMPANYING PROXY STATEMENT ARE FURNISHED TO THE HOLDERS OF THE COMPANY&#8217;S CLASS B COMMON STOCK, PAR
          VALUE $0.10 PER SHARE, FOR INFORMATIONAL PURPOSES.&#160; HOLDERS OF CLASS B COMMON STOCK ARE NOT ENTITLED TO VOTE AT THE ANNUAL MEETING IN ACCORDANCE WITH THE COMPANY&#8217;S CERTIFICATE OF INCORPORATION, AS AMENDED.</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
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      </div>
      <!--PROfilePageNumberReset%Num%1%%%-->
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BEL FUSE INC.</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">--------------------------</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PROXY STATEMENT</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">--------------------------</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following statement is furnished to the holders of the Class A Common Stock, par value $0.10
          per share (the &#8220;Class A Common Stock&#8221;), of Bel Fuse Inc. (&#8220;Bel&#8221; or the &#8220;Company&#8221;), a New Jersey corporation with its principal executive offices at 206 Van Vorst Street, Jersey City, New Jersey 07302, in connection with the solicitation by the
          Board of Directors of Bel of proxies to be used at Bel&#8217;s Annual Meeting of Shareholders.&#160; The Annual Meeting will be held at the Courtyard by Marriott, 540 Washington Boulevard, Jersey City, New Jersey 07310, on Tuesday, May 21, 2019 at 11:00
          a.m.&#160; This proxy statement is also furnished to the holders of Bel&#8217;s Class B Common Stock, par value $0.10 per share (the &#8220;Class B Common Stock&#8221;), for informational purposes.&#160; Holders of Class B Common Stock are not entitled to vote at the Annual
          Meeting in accordance with Bel&#8217;s Certificate of Incorporation, as amended (the &#8220;Certificate of Incorporation&#8221;).&#160; This proxy statement and, as to holders of the Class A Common Stock, the enclosed form of proxy, are first being sent to shareholders
          on or about April 11, 2019. As used in the remainder of this proxy statement, unless otherwise indicated, the term &#8220;shareholders&#8221; shall refer to the holders of Bel&#8217;s Class A Common Stock.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Important notice regarding the availability of proxy materials for the Annual Meeting of Shareholders
          to be held on May 21, 2019:&#160; This proxy statement and our annual report are available at www.belfuse.com.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Voting; Revocation of Proxies</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A form of proxy is enclosed for use at the Annual Meeting if a shareholder is unable to attend in
          person.&#160; Each proxy may be revoked at any time before it is exercised by giving written notice to the secretary of the meeting.&#160; A subsequently dated proxy will, if properly presented, revoke a prior proxy. Any shareholder may attend the meeting
          and vote in person whether or not he has previously given a proxy.&#160; All shares represented by valid proxies pursuant to this solicitation (and not revoked before they are exercised) will be voted as specified in the form of proxy.&#160; If a proxy is
          signed but no specification is given, the shares will be voted &#8220;FOR&#8221; the Board&#8217;s nominees to the Board of Directors, &#8220;FOR&#8221; the ratification of <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the designation of
            Deloitte&#160;&amp; Touche LLP to audit Bel&#8217;s books and accounts for 2019, and &#8220;FOR&#8221; the approval, on an advisory basis, of the executive compensation of the Company&#8217;s named executive officers.</font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Proxy Solicitation</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The entire cost of soliciting these proxies will be borne by Bel. In following up on the original
          solicitation of the proxies by mail, Bel may make arrangements with brokerage houses and other custodians, nominees and fiduciaries to send proxies and proxy materials to the beneficial owners of stock held of record by such persons and may
          reimburse them for their expenses in so doing.&#160; If necessary, Bel may also use its officers and their assistants to solicit proxies from the shareholders, either personally or by telephone or special letter.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vote Required; Shares Entitled To Vote; Principal Shareholders</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The presence in person or by proxy of holders of a majority of the outstanding shares of the
          Company&#8217;s Class A Common Stock will constitute a quorum for the transaction of business at the Company&#8217;s Annual Meeting. Assuming that a quorum is present, the election of directors will require the affirmative vote of a plurality of the shares
          of Class A Common Stock represented and entitled to vote at the Annual Meeting and approval of Proposal 2 (ratification of the designation of Deloitte &amp; Touche LLP to audit Bel&#8217;s books and accounts for 2019). With respect to Proposal 3, the
          affirmative vote of a majority of the votes cast will constitute the shareholders' non-binding approval of the advisory vote on our named executive officers' compensation.&#160; For purposes of determining the votes cast with respect to any matter
          presented for consideration at the Annual Meeting, only those cast &#8220;for&#8221; or &#8220;against&#8221; will be included.&#160; Abstentions and broker non-votes will be counted only for the purpose of determining whether a quorum is present at the Annual Meeting.&#160;
          Broker non-votes occur when brokers who hold their customers&#8217; shares in street name submit proxies for such shares on some matters, but not others.&#160; Generally, this would occur when brokers have not received any instructions from their
          customers.&#160; In these cases, the brokers, as the holders of record, are permitted to vote on &#8220;routine&#8221; matters, which typically include the ratification of the independent auditors, but not on non-routine matters. Holders of Class A Common Stock
          are not entitled to cumulative voting in the election of directors.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Holders of record of the Class A Common Stock at the close of business on March 26, 2019 (the
          record date fixed by the Board of Directors) will be entitled to receive notice of, and to vote at, the Annual Meeting. At the close of business on the record date, there were 2,174,912 shares of Class A Common Stock outstanding. However, as a
          result of protective provisions in the Company&#8217;s Certificate of Incorporation described below, the voting rights of one shareholder of the Company, GAMCO Investors, Inc. et al. (&#8220;GAMCO&#8221;), have been suspended and all of the shares of Class A
          Common Stock beneficially owned by such shareholder will not be included in determining the number of shares entitled to vote at the Annual Meeting.&#160; According to filings made by GAMCO with the Securities and Exchange Commission, such shareholder
          beneficially owned in the aggregate 513,452 shares of Class A Common Stock on the record date.&#160; Accordingly, a total of 1,661,460 shares of Class A Common Stock will be entitled to vote at the Annual Meeting, each of which will be entitled to one
          vote on all matters to come before the meeting.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s Certificate of Incorporation provides that if a shareholder, other than shareholders
          subject to specific exceptions, acquired (after the date of the Company&#8217;s 1998 recapitalization) 10% or more of the outstanding Class A Common Stock and does not own an equal or greater percentage of all then outstanding shares of both Class A
          and Class B Common Stock (all of which must have been acquired after the date of the 1998 recapitalization), such shareholder must, within 90 days of the trigger date, purchase shares of Class B Common Stock in an amount and at a price determined
          in accordance with a formula described in the Certificate of Incorporation, or forfeit its right to vote its shares of Class A Common Stock.&#160; As of the record date, to the Company&#8217;s knowledge, GAMCO beneficially owned in excess of 10% of the
          outstanding shares of Class A Common Stock with no ownership of the Company&#8217;s Class B Common Stock and with no basis for exception from the operation of these provisions.&#160; In order to vote its shares at the Annual Meeting, this shareholder was
          required to either purchase the required number of shares of Class B Common Stock or sell or otherwise transfer shares of Class A Common Stock until its Class A holdings were under 10%.&#160; As of the record date, to the Company&#8217;s knowledge, GAMCO
          has not taken the required actions and, accordingly, the voting rights of GAMCO are currently suspended.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s management is not aware of any individual or entity that owned of record or
          beneficially more than 5% of the Class A Common Stock as of the record date other than Daniel Bernstein, the Estate of Howard B. Bernstein, GAMCO, TETON Westwood Funds-TETON Westwood Mighty Mites Fund, Dimensional Fund Advisors LP, and Royce
          &amp; Associates, LLC (Royce &amp; Associates owns more than 5% after the holdings of GAMCO are subtracted from the number of shares of Class A Common Stock outstanding on the record date, but not before such shares are subtracted from the
          outstanding shares). Daniel Bernstein is President, Chief Executive Officer and a Director of the Company.&#160; The business address for Daniel Bernstein is 206 Van Vorst Street, Jersey City, New Jersey 07302. Howard Bernstein, a former officer and
          director of the Company and Daniel Bernstein&#8217;s uncle, died on March 14, 2017. The following table provides information regarding the beneficial ownership of Class A Common Stock by the Estate of Howard B. Bernstein, Dimensional Fund Advisors LP,
          Royce &amp; Associates, LLC, TETON Westwood Funds &#8211; TETON Westwood Mighty Mites Fund, and GAMCO. For information regarding the number of shares beneficially owned by Daniel Bernstein, see &#8220;Election of Directors - Beneficial Ownership of the
          Company&#8217;s Stock&#8221;.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z4e3cc299f2284ac196b64d0825267ee2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 34.32%; vertical-align: top; border-bottom: 2px solid black;">
              <div>&#160;</div>
              <div>&#160;</div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name and Address of Beneficial
                    Owner&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
            </td>
            <td style="width: 21.33%; vertical-align: top; border-bottom: 2px solid black;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amount and Nature</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">of Beneficial Ownership</font></font></div>
            </td>
            <td style="width: 19.3%; vertical-align: top; border-bottom: 2px solid black;">
              <div>&#160;</div>
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Percent of&#160;Class&#160;</font></font></div>
            </td>
            <td style="width: 25.05%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Percent of Class</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Whose Voting Rights</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Were Not Suspended</font></font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 34.32%; vertical-align: top;">&#160;</td>
            <td style="width: 21.33%; vertical-align: top;">&#160;</td>
            <td style="width: 19.3%; vertical-align: top;">&#160;</td>
            <td style="width: 25.05%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 34.32%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Estate of Howard B. Bernstein</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">206 Van Vorst Street</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Jersey City, NJ&#160; 07302</font></div>
            </td>
            <td style="width: 21.33%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">140,000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td style="width: 19.3%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.44%</font></div>
            </td>
            <td style="width: 25.05%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.43%</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 34.32%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dimensional Fund Advisors LP</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Palisades West, Building One</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6300 Bee Cave Road</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Austin, TX&#160; 78746</font></div>
            </td>
            <td style="width: 21.33%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">110,320<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
            </td>
            <td style="width: 19.3%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.07%</font></div>
            </td>
            <td style="width: 25.05%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.64%</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 34.32%; vertical-align: top;">&#160;</td>
            <td style="width: 21.33%; vertical-align: top;">&#160;</td>
            <td style="width: 19.3%; vertical-align: top;">&#160;</td>
            <td style="width: 25.05%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 34.32%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Royce &amp; Associates, LLC</font></div>
            </td>
            <td style="width: 21.33%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">86,957<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div>
            </td>
            <td style="width: 19.3%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.00%</font></div>
            </td>
            <td style="width: 25.05%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.23%</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 34.32%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1414 Avenue of the Americas</font></div>
            </td>
            <td style="width: 21.33%; vertical-align: top;">&#160;</td>
            <td style="width: 19.3%; vertical-align: top;">&#160;</td>
            <td style="width: 25.05%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 34.32%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New York, NY&#160; 10019</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 21.33%; vertical-align: top;">&#160;</td>
            <td style="width: 19.3%; vertical-align: top;">&#160;</td>
            <td style="width: 25.05%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 34.32%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TETON Westwood Funds &#8211;</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TETON Westwood Mighty Mites Fund</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">One Corporate Center</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rye, NY&#160; 10580</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 21.33%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">175,999<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></font></div>
              <div>&#160;</div>
              <div>&#160;</div>
            </td>
            <td style="width: 19.3%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.09%</font></div>
              <div>&#160;</div>
              <div>&#160;</div>
            </td>
            <td style="width: 25.05%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.59%</font></div>
              <div>&#160;</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 34.32%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">GAMCO Investors, Inc. et al.</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">One Corporate Center</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rye, NY&#160; 10580-1435</font></div>
            </td>
            <td style="width: 21.33%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">513,452<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></font></div>
            </td>
            <td style="width: 19.3%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.61%</font></div>
            </td>
            <td style="width: 25.05%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.00%</font></div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">________________</font></div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z03b16ee69abb4df3a9675f3c7ba526bc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 18.75pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 17.25pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to a filing made by Howard B. Bernstein with the Securities and Exchange Commission on February
                    14, 2017, Mr. Bernstein, and upon his death his Estate, is the beneficial owner of the shares listed above.&#160; The Estate of Howard Bernstein has sole power to vote, or to direct the vote, and sole power to dispose, or to direct the
                    disposition, with respect to the shares beneficially owned by it.&#160; The filing indicated that such shares represented 6.44% of the outstanding shares.&#160; However, as a result of the suspension of voting rights of one other shareholder, the
                    Estate&#8217;s percentage of the voting shares is 8.43%.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zeb5d4a6c519a435c8031387d22a3900f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 18.75pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 17.25pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to a filing made by Dimensional Fund Advisors LP with the Securities and Exchange Commission on
                    February 8, 2019, Dimensional Fund Advisors LP, a registered investment adviser, is the beneficial owner of the shares listed above as the result of acting as investment advisor to its clients, who have the right to direct the receipt
                    of dividends, to receive dividends from such shares and to receive the proceeds from the sale of such shares.&#160; The filing indicated that such shares represented 5.07% of the outstanding shares.&#160; However, as a result of the suspension of
                    voting rights of one other shareholder, Dimensional Fund Advisor LP&#8217;s percentage of the voting shares is 6.64%.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z3d6d0d565c6a46b78ba1158def83e68f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 18.75pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 17.25pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to a filing made by Royce &amp; Associates, LLC with the Securities and Exchange Commission on
                    February 11, 2019, Royce &amp; Associates, LLC, a registered investment adviser, is the beneficial owner of the shares listed above as the result of acting as investment advisor to its clients, who have the right to direct the receipt
                    of dividends, to receive dividends from such shares and to receive the proceeds from the sale of such shares.&#160; The filing indicated that such shares represented 4.00% of the outstanding shares.&#160; However, as a result of the suspension of
                    voting rights of one other shareholder, Royce &amp; Associates, LLC&#8217;s percentage of the voting shares is 5.23%.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zc1b7e43fa8b64e838c63ecd4f398142c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 18.75pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 17.25pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to a filing made by TETON Westwood Funds &#8211; TETON Westwood Mighty Mites Fund with the Securities
                    and Exchange Commission on January 22, 2019, TETON Westwood Funds &#8211; TETON Westwood Mighty Mites Fund, a registered investment company, is the beneficial owner of the shares listed above as a result of its proxy voting committee
                    exercising sole voting power and sole dispositive power over such shares.&#160; The filing indicated that such shares represented 8.09% of the outstanding shares.&#160; However, as a result of the suspension of voting rights of one other
                    shareholder, TETON Westwood Funds &#8211; TETON Westwood Mighty Mites Fund&#8217;s percentage of the voting shares is 10.59%.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="za678f2b527c645f8b41acf454c2b656a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 18.7pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 17.3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to a filing made by GAMCO with the Securities and Exchange Commission on May 22, 2018, Mario J.
                    Gabelli and various entities which he directly or indirectly controls or for which he acts as chief investment officer beneficially own 513,452 shares of Class A Common Stock.&#160; The filing discloses that the beneficial ownership of two
                    of such investment companies is as follows:&#160; Gabelli Funds, LLC:&#160; 281,652 shares (or 12.95%) and GAMCO Asset Management Inc.:&#160; 231,800 shares (or 10.66%).&#160; According to such filing, each of the Reporting Persons and Covered Persons (as
                    defined in the filing) has the sole power to vote or direct the vote and sole power to dispose or to direct the disposition of the securities reported for it, either for its own benefit or for the benefit of its investment clients or
                    its partners, as the case may be, except that (i) GAMCO does not have the authority to vote 48,700 of its reported shares, (ii) Gabelli Funds has sole dispositive and voting power with respect to the shares of Bel held by the Funds so
                    long as the aggregate voting interest of all joint filers does not exceed 25% of their total voting interest in Bel and, in that event, the proxy voting committee of each Fund shall respectively vote that Fund's shares, (iii) at any
                    time, the proxy voting committee of each such Fund may take and exercise in its sole discretion the entire voting power with respect to the shares held by such fund under special circumstances such as regulatory considerations, and (iv)
                    the power of Mario Gabelli, GAMCO Investors, Inc., Associated Capital Group, Inc. and GGCP, Inc. is indirect with respect to securities beneficially owned directly by other Reporting Persons. As explained above, all of such 513,452
                    shares may not be voted at the Annual Meeting and are not included in the total number of shares entitled to vote at the meeting.&#160; If GAMCO&#8217;s voting rights had not been suspended and such shares had been so included, they would have
                    represented 23.61% of the outstanding shares.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2020 Annual Meeting; Nominations</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shareholders intending to present proposals at the 2020 Annual Meeting of Shareholders must deliver
          their written proposals to the Company no later than December 13, 2019 in order for such proposals to be eligible for inclusion in the Company&#8217;s proxy statement and proxy card relating to next year&#8217;s meeting and no later than February 26, 2020 in
          order for such proposals to be considered at next year&#8217;s meeting (but not included in the proxy statement for such meeting).&#160; The Company&#8217;s Nominating Committee charter describes procedures for nominations to be submitted by shareholders and
          other third-parties.&#160; (See &#8220;Board of Directors - Nominating Committee Matters.&#8221;)</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PROPOSAL 1</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ELECTION OF DIRECTORS</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s directors are elected on a staggered term basis, with each class of directors being
          as nearly equal as possible, and standing for re-election once in each three-year period.&#160; At the Annual Meeting, the holders of the Class A Common Stock will elect three directors for three-year terms.&#160; Each of the Board&#8217;s nominees has consented
          to be named in this proxy statement and to serve as a director if elected.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless a shareholder either indicates &#8220;withhold authority&#8221; on his proxy or indicates on his proxy
          that his shares should not be voted for certain nominees, it is intended that the persons named in the proxy will vote for the election as directors of the nominees listed below to serve until the expiration of their terms and thereafter until
          their successors shall have been duly elected and shall have qualified. Discretionary authority is also solicited to vote for the election of a substitute or substitutes for said nominees if any of them, for any reason presently unknown, cannot
          be a candidate for election.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following sets forth information as of April 1, 2019 concerning the nominees for election to
          the Board of Directors and comparable information with respect to those directors whose terms of office will continue beyond the date of the Annual Meeting. Unless otherwise indicated, positions have been held for more than five years.</font></div>
      <div><br>
      </div>
      <div style="text-align: center; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">NOMINEES FOR DIRECTOR FOR A TERM TO EXPIRE AT THE 2022 ANNUAL MEETING</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zc4a53f74d3394de6bbce5f2424b9cbd4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27.44%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name</font></font></div>
            </td>
            <td style="width: 8.46%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Age</font></font></div>
            </td>
            <td style="width: 16.92%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Director Since</font></font></div>
            </td>
            <td style="width: 47.18%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Business Experience</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size:
                  1px; width: 206.1pt">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.44%; vertical-align: top;">&#160;</td>
            <td style="width: 8.46%; vertical-align: top;">&#160;</td>
            <td style="width: 16.92%; vertical-align: top;">&#160;</td>
            <td style="width: 47.18%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.44%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Daniel Bernstein</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 121.5pt">&#160;</font></div>
            </td>
            <td style="width: 8.46%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;65</font></div>
            </td>
            <td style="width: 16.92%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1986</font></div>
            </td>
            <td style="width: 47.18%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">President (June 1992 to present) and Chief Executive Officer (May 2001 to present) of the Company; Vice President and Treasurer of
                  the Company (prior years to June 1992).</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
                </font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.44%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Peter Gilbert</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 121.5pt">&#160;</font></div>
            </td>
            <td style="width: 8.46%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;71</font></div>
            </td>
            <td style="width: 16.92%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1987</font></div>
            </td>
            <td style="width: 47.18%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Retired; Former President and Chief Executive Officer of Gilbert Manufacturing Co., Inc. (a manufacturer of electrical components).</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
                </font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.44%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vincent Vellucci</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 121.5pt">&#160;</font></div>
            </td>
            <td style="width: 8.46%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;69</font></div>
            </td>
            <td style="width: 16.92%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2016</font></div>
            </td>
            <td style="width: 47.18%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Retired; various positions at Arrow Electronics, Inc. (a global distributor of electrical components) for over 45 years, through
                  January 2014, including President of Arrow&#8217;s Global Specialty Businesses Division (January 2013 to January 2014) and President of Arrow&#8217;s Americas Components Division (March 2010 through January 2013).</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">CONTINUING DIRECTORS WHOSE TERMS EXPIRE AT THE 2021 ANNUAL MEETING</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z266fe3aba7134c78af032930559fe6eb" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27.44%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name</font></font></div>
            </td>
            <td style="width: 8.46%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Age</font></font></div>
            </td>
            <td style="width: 16.92%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Director Since</font></font></div>
            </td>
            <td style="width: 47.18%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Business Experience</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size:
                  1px; width: 206.1pt">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.44%; vertical-align: top;">&#160;</td>
            <td style="width: 8.46%; vertical-align: top;">&#160;</td>
            <td style="width: 16.92%; vertical-align: top;">&#160;</td>
            <td style="width: 47.18%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.44%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">John F. Tweedy</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 120.6pt">&#160;</font></div>
            </td>
            <td style="width: 8.46%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;73</font></div>
            </td>
            <td style="width: 16.92%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1996</font></div>
            </td>
            <td style="width: 47.18%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Member and operating manager of Tweedy Financial Services, LLC (a financial consulting firm) (January 2007 to present); independent
                  consultant (February 2000 to present); Director of Public Relations of GlobeSpan Semiconductor Inc. (supplier of semiconductor integrated circuit products) (January 1999 to February 2000); Director of Corporate Communications of Standard
                  Microsystems Corp. (supplier of semiconductor integrated circuit products) (July 1995 to January 1999); Deputy Mayor (April 2011 to April 2015) and Trustee (April 2011 to March 2017) of the Village of Bellerose, New York.</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
                </font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.44%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mark B. Segall</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 120.6pt">&#160;</font></div>
            </td>
            <td style="width: 8.46%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;56</font></div>
            </td>
            <td style="width: 16.92%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2011</font></div>
            </td>
            <td style="width: 47.18%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Managing Director of Kidron Corporate Advisors LLC (a New York-based mergers and acquisitions corporate advisory firm), founded by
                  Mr. Segall (2003 to present); Chief Executive Officer of Kidron Capital Advisors LLC (a registered broker-dealer) (2009 to present); Co-Chief Executive Officer of Investec, Inc. (2001 to 2003); head of investment banking and general
                  counsel at Investec Inc. (1999 to 2001); Partner at the law firm of Kramer, Levin, Naftalis &amp; Frankel LLP (1996 to 1999); Director of National CineMedia, Inc. (March 2018 to present); Director of iAM Capital Group Plc (and certain
                  affiliated entities) (2000 to 2014 and &#160;2017 to present); Director of&#160; Ronson Europe N.V. (2008 to February 2017; Chairman of the Board from 2011 to February 2017); Director of Temco Service Industries, Inc. (February 2011 to January
                  2016).&#160;</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z4e8aef24a9ac4a23892a839baf35c3f0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27.44%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Eric Nowling&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></div>
            </td>
            <td style="width: 8.46%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">62</font></div>
            </td>
            <td style="width: 16.92%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2014</font></div>
            </td>
            <td style="width: 47.18%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sr. Vice President and Corporate Controller (December 2015 to present) and Vice President of Global Accounting (February 2008 to
                  December 2015) for Verint Systems Inc. (a supplier of software and hardware products for business intelligence and security intelligence); served in various positions, including Vice President, Controller, Chief Accounting Officer and as
                  CFO for Standard Microsystems Corporation (supplier of semiconductor integrated circuit products) (September 1986 to April 2006).</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONTINUING DIRECTORS WHOSE TERMS EXPIRE AT THE 2020 ANNUAL MEETING</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z61bd531deba140fe80622bc1355baea8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27.44%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name</font></font></div>
            </td>
            <td style="width: 8.46%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Age</font></font></div>
            </td>
            <td style="width: 16.92%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Director Since</font></font></div>
            </td>
            <td style="width: 47.18%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Business Experience</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size:
                  1px; width: 206.1pt">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.44%; vertical-align: top;">&#160;</td>
            <td style="width: 8.46%; vertical-align: top;">&#160;</td>
            <td style="width: 16.92%; vertical-align: top;">&#160;</td>
            <td style="width: 47.18%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 27.44%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Avi Eden</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 121.5pt">&#160;</font></div>
            </td>
            <td style="width: 8.46%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;71</font></div>
            </td>
            <td style="width: 16.92%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2004</font></div>
            </td>
            <td style="width: 47.18%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Independent Consultant for Business Development Matters, including mergers and acquisitions for companies in the electronics
                  industry (2004 to present); Retired Vice Chairman and Executive Vice President of Vishay Intertechnology, Inc. (a manufacturer of discrete semiconductors and passive electronic components) (1996 to 2003).</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
                </font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.44%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Robert H. Simandl</font></div>
            </td>
            <td style="width: 8.46%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">90</font></div>
            </td>
            <td style="width: 16.92%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1967</font></div>
            </td>
            <td style="width: 47.18%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Retired Attorney; Member of the law firm of Simandl &amp; Gerr (January 1992 to January 1995); member of the law firm of Robert H.
                  Simandl, Counselor of Law (prior years); Secretary of the Company (prior years to May 2003).</font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
                </font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 27.44%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Norman Yeung</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 120.6pt">&#160;</font></div>
            </td>
            <td style="width: 8.46%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">64</font></div>
            </td>
            <td style="width: 16.92%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2013</font></div>
            </td>
            <td style="width: 47.18%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Retired; CEO of YEL Electronics Hong Kong Ltd. (1992 to 2011); founder of AVX Asia Ltd. (an electronics component company); former
                  board member and Corporate Vice President of AVX Corporation (a manufacturer of electronic components).</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Board Qualifications</font></div>
      <div><br>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; text-indent: 24.5pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s Board intends to consider diversity as a factor in new board membership as
            vacancies on the Board occur.&#160; The Board will continue to take into account many other factors in the process of identifying such candidates, including the individual&#8217;s understanding of the Company&#8217;s business on a technical level, knowledge
            about and experience in the Company&#8217;s industry, understanding of finance, marketing and other areas that are relevant to the success of the Company in the current business environment and the candidate&#8217;s ability to make independent analytical
            inquiries of other Board members and of management.&#160; See also &#8220;Nominating Committee Matters - Qualifications&#8221; and the charter of such committee for a description of the qualifications the Company&#8217;s directors must possess.&#160; The Board evaluates
            each individual in the context of the Board as a whole, with the objective of assembling a group that can best serve the Company and represent the shareholders&#8217; interests.</font></div>
        <div style="font-weight: normal;"><br>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 24.5pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Board considered the following attributes in determining that each nominee and continuing
          director is qualified to serve as a director of the Company:</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 24.5pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Bernstein&#8217;s knowledge of Bel and its operations, gained over his 35 years of service to the
          Company, and the leadership he has demonstrated as President (since June 1992), Chief Executive Officer (since May 2001) and through his prior positions with the Company as Vice President of Operations and Director of Sales for the Fuse Division,
          coupled with his achievement of an MBA degree from Baruch College, led the Board to conclude that this individual is fully qualified as a director of the Company.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 24.5pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Eden has had experience as an independent consultant for various businesses, including advice
          provided in connection with mergers and acquisitions to companies in the electronics industry. As former Executive Vice President and Vice Chairman of the Board of Vishay Intertechnology, Inc., he was an integral part of growing Vishay into over
          a billion dollar company.&#160; This business experience, in addition to his achievement of his law degree from Harvard Law School, led the Board to conclude that this individual should serve as a director of the Company.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 24.5pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Gilbert&#8217;s experience in the Company&#8217;s industry, as president and chief executive officer and
          a director of his own electrical components manufacturing business, his knowledge of Bel gained through his service as a director of the Company since 1987, his experience gained by serving as a director on various other boards, and his
          achievement of an MBA degree from Columbia University led the Board to conclude that this individual should serve as a director of the Company.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 24.5pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Nowling's nearly 40 years of accounting and financial management experience, including his
          service in senior financial management positions at two publicly-traded technology companies for 30 years, and his educational accomplishments led the Board to believe that this individual should serve as a director of the Company.&#160; Mr. Nowling
          is currently Sr. Vice President and Corporate Controller and chief accountant for a $1.2 billion technology company.&#160; Mr. Nowling holds a B.S. degree in Economics (magna cum laude), from the University of Pennsylvania's Wharton School of Business
          and is a CPA in the State of New York.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 24.5pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Segall has an extensive background in mergers and acquisitions, including his experience as
          the Senior Managing Director and founder of Kidron Corporate Advisors LLC, a mergers and acquisitions corporate advisory boutique firm.&#160; Mr. Segall received an AB in History from Columbia College, Columbia University and a JD from New York
          University School of Law.&#160; His financial and investment banking experience, his educational background and the fact that he is an attorney all led the Board to conclude that he should serve as a director of Bel.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 24.5pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Simandl has over 60 years of experience as a practicing attorney, and has served as a
          director of Bel since 1967.&#160; Mr. Simandl has a B.A. degree from Lafayette College and an LLB degree from Rutgers School of Law.&#160; His educational background and extensive years as a practicing attorney led the Board to conclude that this
          individual should serve as a director of the Company.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 24.5pt; margin-bottom: 6pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Tweedy&#8217;s business experience includes various positions held in
          engineering, corporate communications and public relations of companies in the electronics industry. This business experience, in addition to his knowledge and understanding of complex financial matters gained as an owner and operating manager of
          a financial consulting firm and his achievement of an MBA degree in business administration from Adelphi University, and a BSEE degree in engineering from Manhattan College, led the Board to conclude that this individual should serve as a
          director of the Company.</font></div>
      <div style="text-align: justify; text-indent: 24.5pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Vellucci has over 45 years of experience at Arrow Electronics, most recently serving as
          President of Arrow&#8217;s Global Specialty Businesses and prior to that position, as President of Americas Components where he was responsible for restructuring the Americas Electronics Components Division.&#160; Prior to these positions, he served as
          Senior Vice President, Sales and he also held leadership positions in the emerging customer business unit, the military-aerospace business unit and in semiconductor marketing.&#160; Over the span of his career he has been instrumental in various
          business transformation initiatives including mergers and acquisitions and strategic market analysis.&#160; Mr. Vellucci has an educational background in marketing and attended the General Manager Program for Executives at the Harvard Business
          School.&#160; These qualifications led the Board to conclude that this individual should serve as a director of the Company.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 24.5pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Yeung is the founder and retired CEO of YEL Electronics Hong Kong Ltd., an electronic
          components distributor in China.&#160; Mr. Yeung&#8217;s background in the operational aspects of the electronics industry, particularly in China where Bel has a significant amount of its manufacturing facilities, and his educational background which
          includes his receiving a BSEE degree from UCLA, led the Board to conclude that this individual should serve as a director of the Company.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Executive Officers</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following sets forth information as of April 1, 2019 concerning the Company&#8217;s executive
          officers. Unless otherwise indicated, positions have been held for more than five years.</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zd710f201560e4199a06e937d862e315f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 25.96%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name and Age</font></font></div>
            </td>
            <td style="width: 2.88%; vertical-align: top;">&#160;</td>
            <td style="width: 12.5%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Officer Since</font></font></div>
            </td>
            <td style="width: 2.88%; vertical-align: top;">&#160;</td>
            <td style="width: 55.77%; vertical-align: top; border-bottom: 2px solid black;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Positions and Offices with the
                    Company/Business Experience</font></font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 25.96%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Daniel Bernstein, 65</font></div>
            </td>
            <td style="width: 2.88%; vertical-align: top;">&#160;</td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1985</font></div>
            </td>
            <td style="width: 2.88%; vertical-align: top;">&#160;</td>
            <td style="width: 55.77%; vertical-align: top;">
              <div style="text-align: justify; text-indent: -264pt; margin-left: 264pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">President, Chief Executive Officer and Director</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 25.96%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Craig Brosious, 62</font></div>
            </td>
            <td style="width: 2.88%; vertical-align: top;">&#160;</td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2017</font></div>
            </td>
            <td style="width: 2.88%; vertical-align: top;">&#160;</td>
            <td style="width: 55.77%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vice President of Finance, Treasurer, and Secretary</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 25.96%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dennis Ackerman, 56</font></div>
            </td>
            <td style="width: 2.88%; vertical-align: top;">&#160;</td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2001</font></div>
            </td>
            <td style="width: 2.88%; vertical-align: top;">&#160;</td>
            <td style="width: 55.77%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">President of Bel Power Solutions (June 2014 to present); Vice President of Operations</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 25.96%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Raymond Cheung, 62</font></div>
            </td>
            <td style="width: 2.88%; vertical-align: top;">&#160;</td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2007</font></div>
            </td>
            <td style="width: 2.88%; vertical-align: top;">&#160;</td>
            <td style="width: 55.77%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vice President Asia Operations</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 25.96%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Peter Bittner III, 49</font></div>
            </td>
            <td style="width: 2.88%; vertical-align: top;">&#160;</td>
            <td style="width: 12.5%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2015</font></div>
            </td>
            <td style="width: 2.88%; vertical-align: top;">&#160;</td>
            <td style="width: 55.77%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">President of Bel Connectivity Solutions (May 2015 to present)</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Bernstein has served the Company as President since June 1992 and as Chief Executive Officer
          since May 2001.&#160; He previously served as Vice President (1985-1992) and Treasurer (1986-1992) and has served as a Director since 1986. He has occupied other positions with the Company since 1978.&#160; He is currently a director of Bel Fuse Inc.,
          Cinch Connectors, Inc., Bel Transformer Inc., Bel Power Inc. and Bel Stewart GmbH.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Brosious has served in various finance and accounting roles at Bel and its subsidiaries or
          acquired properties since 1994, and began his career with KPMG as a staff auditor in 1978.&#160; He joined Dentsply International, a multi-national manufacturer of dental supplies and equipment, in 1982 as a Senior Internal Auditor, responsible for
          financial and internal control audits of the North American locations. In 1984, he joined Ferranti International, a global provider of defense and security systems and technology, as Cost Accounting Manager, and later, was promoted to Controller
          of the Defense Systems Division.&#160; He joined the ESCOD Industries division of Insilco Corporation as the Controller in 1994, and in 1998 was appointed the Controller of the Stewart Connector Systems division.&#160; In 2000, he was promoted to Director
          of Finance of the Insilco Technologies Group, the parent company of Stewart and ESCOD, a position he held until Bel's acquisition of the group in 2003.&#160; Since that time, Mr. Brosious has been responsible for Bel's financial accounting operations
          at Bel locations worldwide, and has been active in Bel's M&amp;A activities and tax strategy development.&#160; In May 2017, Mr. Brosious was named Vice President of Finance, Treasurer and Secretary.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Ackerman joined the Company in 1986 and has held the positions of Customer Service Manager,
          Sales Manager, Purchasing Manager and Operations Manager.&#160; In 2001, he was named Vice President of Operations and in June 2014, he was named President of Bel Power Solutions, Inc.&#160; In addition, Mr. Ackerman is currently a director of Dongguan
          Transpower Electric Products Company Limited.&#160; Mr. Ackerman has an MBA degree from Fairleigh Dickinson University.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Cheung joined the Company in 1990 and has served as a Regional Sales Manager and as Director of
          Sales for Asia.&#160; In October 2007, he was appointed Vice President Asia Operations.&#160; Mr. Cheung is currently a director of Bel Fuse (Macao Commercial Offshore) Limited and TRP Connector B.V.&#160; Prior to joining the Company, Mr. Cheung worked as a
          Design and Project Engineer at Astec Power Computer Products, and as a Technical Sales Manager at Asian Sources Magazine.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Bittner began his career in 1991 at Stewart Connector Systems.&#160; He joined Insilco Technologies,
          Stewart Connector&#8217;s parent company, in 1999, serving as Industry Marketing Manager.&#160; Following Insilco&#8217;s acquisition by Bel in 2003, Mr. Bittner was named General Manager of Stewart Connector.&#160; Mr. Bittner assumed responsibility for the acquired
          businesses of Cinch Connectors, Gigacom Interconnect, Array Connector and Fibreco from their respective dates of acquisition.&#160; In May 2015, Mr. Bittner was named President of Bel Connectivity Solutions.&#160; He holds a Bachelor of Science degree in
          Business Management.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Beneficial Ownership of the Company&#8217;s Stock</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table sets forth certain information regarding the ownership of Bel&#8217;s Class A Common
          Stock and Class B Common Stock as of March 26, 2019 by (a) each director and nominee, (b) the Company&#8217;s Chief Executive Officer and our four other most highly compensated executive officers for 2018 (these five persons are referred to herein as
          the &#8220;Named Officers&#8221; or the &#8220;named executive officers&#8221;) and (c) all directors and current executive officers as a group.&#160; Unless otherwise stated in the footnotes following the table, the nominees, directors and Named Officers listed in the table
          have sole power to vote and dispose of the shares which they beneficially owned as of March 26, 2019.&#160; The percentage for the Class A Common Stock represents the percent of the Class whose voting rights were not suspended.&#160; See &#8220;Vote Required;
          Shares Entitled to Vote; Principal Shareholders&#8221;.</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z0e19bd74b64e4228a22671e8657a9e6e">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="14">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Aggregate Number of Shares Beneficially Owned <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Class A Common Stock</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6" rowspan="1">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Class B Common Stock</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
                </font></div>
            </td>
            <div><br>
            </div>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No. of Shares</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Percent of Class Whose Voting Rights Were Not <font style="font-size: 10pt; font-family: 'Times New Roman',
                    Times, serif;">Suspended</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No. of Shares</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Percent of Outstanding <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shares</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Daniel Bernstein</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 193.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">354,283</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: &amp;quot;">21.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">137,083</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: &amp;quot;">1.3</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Avi Eden</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 193.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">--</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: &amp;quot;">*</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,000</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: &amp;quot;">*</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Peter Gilbert</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 193.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">500</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: &amp;quot;">*</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16,000</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: &amp;quot;">*</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Eric Nowling<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">--</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: &amp;quot;">*</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,000</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: &amp;quot;">*</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mark Segall<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup> &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">--</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: &amp;quot;">*</font></div>
            </td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: &amp;quot;">*</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: &amp;quot;">*</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dennis Ackerman</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(12)</sup><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 193.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: &amp;quot;">*</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Raymond Cheung<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(13)</sup>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;...</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: &amp;quot;">*</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: &amp;quot;">*</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: &amp;quot;">*</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13,168</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: &amp;quot;">*</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All current directors, nominees and executive officers as a group (13 persons)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(15)</sup></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>360,744</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: &amp;quot;"><font style="font-size: 10pt; font-family: &amp;quot;"><br>
                  </font>21.6</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>289,714</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div></div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.8</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z298235cff3a54d98b18563bada713022" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of March 26, 2019, there were 2,174,912 and 10,089,852 shares of Class A Common Stock and Class B Common Stock outstanding,
                    respectively.&#160; A total of 1,661,460 shares of Class A Common Stock are entitled to vote at the Annual Meeting (the voting rights of one shareholder owning an aggregate of 513,452 shares of Class A Common Stock have been suspended).</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z216b67020c774654901282cc189c60a3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The shares of Class A Common Stock beneficially owned by Mr. Bernstein include 2,662 shares allocated to Mr. Bernstein in the
                    Company&#8217;s 401(k) Plan over which he has voting but no investment power.&#160; The shares of Class B Common Stock beneficially owned by Daniel Bernstein include 59,052 shares owned by a family limited liability company of which Mr. Bernstein
                    and his children are members, 55,939 shares owned by a trust in which Mr. Bernstein is a beneficiary, 10,092 shares allocated to Mr. Bernstein in the Company&#8217;s 401(k) Plan over which he has no voting or investment power and 12,000
                    shares of restricted stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z1a210f020593458a985ad6533d5f60b4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The shares of Class B Common Stock beneficially owned by Mr. Eden include 2,000 shares of restricted stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z10cd295d8ba34f6d9e0c5f247010991e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The shares of Class B Common Stock beneficially owned by Mr. Gilbert include 1,250 shares held of record by Mr.&#160;Gilbert&#8217;s wife
                    and 2,000 shares of restricted stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z666988df0c604e8987b904d15f68339a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The shares of Class B Common Stock beneficially owned by Mr. Nowling include 5,000 shares of restricted stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z4ee5883ed74b4623a7fe480d09e7b144" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The shares of Class B Common Stock beneficially owned by Mr. Segall include 3,000 shares of restricted stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z9846a3ad538e4bd1a78da5e72e7970df" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(7)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The shares of Class A Common Stock beneficially owned by Mr. Simandl include 1,200 shares held of record by Mr. Simandl&#8217;s wife.&#160;
                    The shares of Class B Common Stock beneficially owned by Mr. Simandl include 3,600 shares held of record by Mr. Simandl&#8217;s wife and 2,000 shares of restricted stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z3dde9cda306a438e824017a812ea4e60" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(8)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The shares of Class B Common Stock beneficially owned by Mr. Tweedy include 2,000 shares of restricted stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z8f71ebc8ca0a46e2917fcdc2108e5f31" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(9)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The shares of Class B Common Stock beneficially owned by Mr. Vellucci consist of 3,000 shares of restricted stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="za478663cb2ab40d1843ae887fde4ad77" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(10)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The shares of Class B Common Stock beneficially owned by Mr. Yeung include 5,000 shares of restricted stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z325736df460340f99da273930083e468" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 4.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(11)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The shares of Class A Common Stock beneficially owned by Mr. Brosious include 1,047 shares allocated to him in
                    the Company&#8217;s 401(k) Plan over which he has voting but no investment power.&#160; The shares of Class B Common Stock beneficially owned by Mr. Brosious include 4,500 shares of restricted stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zf1530378dea940c1b7b832067510b3d4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 4.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(12)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The 1,903 shares of Class A Common Stock beneficially owned by Mr. Ackerman are allocated to him in the
                    Company&#8217;s 401(k) Plan; he has voting but no investment power with respect to these shares.&#160; The shares of Class B Common Stock owned by Mr. Ackerman include 6,123 shares allocated to him in the Company&#8217;s 401(k) Plan over which he has no
                    voting or investment power and 10,000 shares of restricted stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zf526540f2aab419fac1bc92e35ff27d7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 4.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(13)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The 158 shares of Class A Common Stock beneficially owned by Mr. Cheung are allocated to him in the Far East
                    Retirement Plan (as described under &#8220;Other Non-Performance Benefit Plans&#8221; within the Executive Compensation section of this proxy statement); he has voting but no investment power with respect to these shares.&#160; The shares of Class B
                    Common Stock beneficially owned by Mr. Cheung include 825 shares allocated to him in the Far East Retirement Plan over which he has no voting or investment power and 10,000 shares of restricted stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zecadc642da00498cb493162a46701406" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 4.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(14)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The shares of Class A Common Stock beneficially owned by Mr. Bittner include 1,018 shares allocated to him in
                    the Company&#8217;s 401(k) Plan over which he has voting but no investment power.&#160; The shares of Class B Common Stock beneficially owned by Mr. Bittner include 1,668 shares allocated to him in the Company&#8217;s 401(k) Plan over which he has no
                    voting or investment power and 7,500 shares of restricted stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z2ca4eca928834c2bb62184ed86fad6b2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 27pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 4.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(15)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Includes 6,630 and 17,883 shares of Class A Common Stock and Class B Common Stock, respectively, allocated in
                    the Company&#8217;s 401(k) Plan and Far East Retirement Plan over which such persons have with respect to the Class A Common Stock, voting but no investment power, and with respect to the Class B Common Stock, no voting or investment power.&#160;
                    The Class B Common Stock also includes 68,000 restricted shares.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z46fce72545e8466aacdc3a6de1b19dea" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 24pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">*</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shares constitute less than one percent of the shares of Class A Common Stock or Class B Common Stock outstanding.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Section 16(a) Beneficial Ownership Reporting Compliance</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 16(a) of the Securities Exchange Act of 1934 requires the Company&#8217;s directors, executive
          officers and greater than ten percent beneficial owners to file with the Securities and Exchange Commission certain reports regarding such persons&#8217; ownership of the Company&#8217;s securities.&#160; Directors, officers and greater than ten percent
          beneficial owners are required by applicable regulations to furnish Bel with copies of all Section 16(a) forms they file. Based solely upon a review of the copies of the forms or information furnished to Bel, the Company believes that all 2018
          filing requirements applicable to its directors, officers and greater than ten percent beneficial owners were satisfied on a timely basis.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EXECUTIVE COMPENSATION</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Summary of Cash and Certain Other Compensation</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table sets forth, for the years ended December 31, 2018 and 2017, a summary of the
          compensation earned by our Chief Executive Officer and our four other most highly compensated executive officers serving at December 31, 2018.&#160; In this proxy statement, we refer to these five individuals as the &#8220;Named Officers&#8221; or the &#8220;named
          executive officers&#8221;.</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUMMARY COMPENSATION TABLE</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zbca3cbf38b2a4c2493f8351f86164e24" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 16.93%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name and Principal Position</font></div>
            </td>
            <td style="width: 8.38%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year</font></div>
            </td>
            <td style="width: 11.95%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Salary</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">($)</font></div>
            </td>
            <td style="width: 10.59%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Bonus</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">($)</font></div>
            </td>
            <td style="width: 11.13%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Stock Awards<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>($)</font></div>
            </td>
            <td style="width: 14.55%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Change in Pension Value and Nonqualified Deferred Compensation Earnings</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">($)</font></div>
            </td>
            <td style="width: 13.7%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">All Other Compensation</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">($)</font></div>
            </td>
            <td style="width: 12.77%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">($)</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 16.93%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left; margin-left: 0.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Daniel Bernstein,</font></div>
              <div style="text-align: left; margin-left: 0.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">President and Chief Executive Officer</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.38%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2017</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 11.95%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">400,000</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">400,000</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 10.59%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">276,923</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">107,692</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 11.13%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>&#160;</div>
            </td>
            <td style="width: 14.55%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,486</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">308,428</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 13.7%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21,475</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21,490</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 12.77%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">704,884</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">837,610</font></div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 16.93%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: left; margin-left: 0.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Craig Brosious,</font></div>
              <div style="text-align: left; margin-left: 0.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vice President, Treasurer and Secretary</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.38%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2017</font></div>
            </td>
            <td style="width: 11.95%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">275,000</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">236,667</font></div>
            </td>
            <td style="width: 10.59%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">190,385</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">65,962</font></div>
            </td>
            <td style="width: 11.13%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td style="width: 14.55%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">116,123</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">106,803</font></div>
            </td>
            <td style="width: 13.7%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19,495</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16,240</font></div>
            </td>
            <td style="width: 12.77%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">601,003</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">425,672</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 16.93%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left; text-indent: -0.1pt; margin-left: 0.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dennis Ackerman,</font></div>
              <div style="text-align: left; text-indent: -0.1pt; margin-left: 0.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">President of Bel Power Solutions</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 8.38%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2017</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 11.95%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">300,000</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">300,000</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 10.59%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">207,692</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">80,769</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 11.13%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 14.55%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32,316</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">176,261</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 13.7%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21,525</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22,050</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 12.77%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">561,533</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">579,080</font></div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 16.93%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left; text-indent: -0.1pt; margin-left: 0.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Raymond Cheung,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Vice President Asia Operations</font></div>
            </td>
            <td style="width: 8.38%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2017</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 11.95%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">275,000</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">250,000</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 10.59%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">190,385</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">67,308</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 11.13%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 14.55%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">76,454</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">172,834</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 13.7%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30,904</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27,480</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 12.77%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">572,743</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">517,622</font></div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 16.93%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left; text-indent: -0.1pt; margin-left: 0.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Peter Bittner III,</font></div>
              <div style="text-align: left; text-indent: -0.1pt; margin-left: 0.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">President of Bel Connectivity Solutions</font></div>
            </td>
            <td style="width: 8.38%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2017</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 11.95%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">275,000</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">245,000</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 10.59%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">190,385</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">65,962</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 11.13%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 14.55%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30,236</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">92,503</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 13.7%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20,390</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20,560</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 12.77%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">516,011</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">424,025</font></div>
              <div>&#160;</div>
              <div>&#160;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We accrued the bonuses set forth in the table above for 2018 and 2017 in our consolidated
          statements of operations for the years ended December 31, 2018 and 2017, respectively, but such bonuses were not paid until the following year.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the table above, when we refer to changes in pension values, we are referring to the aggregate
          change in the present value of the Named Officer&#8217;s accumulated benefit under our SERP from the measurement date used for preparing our 2017 year-end financial statements to the measurement date used for preparing our 2018 year-end financial
          statements.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: left; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the table above, &#8220;all other compensation&#8221; for 2018 consists of the following:</font></div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zede0f7cc8afd40878b1d343e6976632d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 22.5pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">for Mr. Bernstein: (i) an employer matching contribution made to his 401(k) account of $9,625, (ii) $4,200 in dividends that we
                    paid with respect to the restricted shares noted above, and (iii) $7,650 related to automobile expenses.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zb7abcf1e18384482b90b0ecbec78a652" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 22.5pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">for Mr. Brosious: (i) an employer matching contribution made to his 401(k) account of $9,625, (ii) $1,470 in dividends that we
                    paid with respect to the restricted shares noted above, and (iii) $8,400 related to automobile expenses.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
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              <td style="width: 22.5pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">for Mr. Ackerman: (i) an employer matching contribution made to his 401(k) account of $9,625, (ii) $3,500 in dividends that we
                    paid with respect to the restricted shares noted above, and (iii) $8,400 related to automobile expenses.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
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            <tr>
              <td style="width: 22.5pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">for Mr. Cheung: (i) a contribution to his Far East Retirement Plan account of $19,250, an amount in excess of Mr. Cheung&#8217;s 2018
                    pre-tax elective deferral contributions (included under &#8220;Salary&#8221;), (ii) $3,220 in dividends that we paid with respect to the restricted shares noted above and (iii) $8,434 related to automobile expenses.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z8bb0e8d1def94028bae1e041058d5479" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 22.5pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">for Mr. Bittner: (i) an employer matching contribution made to his 401(k) account of $9,540, (ii) $2,450 in dividends that we
                    paid with respect to the restricted shares noted above, and (iii) $8,400 related to automobile expenses.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Restricted Stock Awards</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are authorized to grant restricted stock awards under our 2011 Equity Compensation Program.&#160;
          Participants have the right to vote (if applicable) and receive dividends on their restricted shares. Restrictions lapse in 25% increments commencing two years (or in the case of the November 2016 grants, three years) after the grant date. There
          were no restricted stock awards granted to our Named Officers in 2017 or 2018.</font></div>
      <div style="margin-top: 3.35pt;"><br>
      </div>
      <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; margin-top: 3.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Compensation Elements</font></div>
      <div style="margin-top: 3.35pt;"><br>
      </div>
      <div style="text-align: left; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Salary</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We pay salaries to our Named Officers in order to provide a base compensation to them for their
          day-to-day responsibilities in managing our business. We do not rely upon consultants to set our salaries, to establish salary ranges or to provide advice regarding other compensation matters, nor do we engage in any benchmarking activities. The
          Company views base salary simply as a fixed component of overall compensation, with a large variable portion being derived from annual bonuses as described below.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In terms of overall compensation, our Chief Executive Officer receives salary recommendations from
          our U.S. management team and our Far East management team. Our Chief Executive Officer then formulates his own recommendations which he presents to our Compensation Committee. Our Chief Executive Officer does not participate in the deliberations
          regarding his own salary, but does participate in discussions regarding salary levels for our other Named Officers. Salary levels are typically reviewed in December, and adjusted from time to time after taking into account overall Company
          performance as well as team performance.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Bonus</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Bel has a Company-performance based bonus plan that a broad base of associates participate in.&#160;
          Financial results are monitored on a quarterly basis by the Chief Executive Officer, the Vice President of Finance, the President of Bel Power Solutions and the President of Bel Connectivity Solutions.&#160; Management utilizes net income as the
          financial measure in evaluating the Company&#8217;s performance as compared to prior quarters.&#160; Based on the quarterly review, a bonus accrual may be established by the Compensation Committee based on recommendations from the Chief Executive Officer,
          the Vice President of Finance, the President of Bel Power Solutions and the President of Bel Connectivity Solutions.&#160; At the end of each year in which a bonus accrual has been established, the Compensation Committee receives recommendations from
          the Chief Executive Officer with respect to the payment of specific bonuses to specific individuals, based upon the overall size of that year&#8217;s bonus pool as well as individuals&#8217; respective participation in achieving team objectives throughout
          the year. The decision to grant bonuses is ultimately made by the Company&#8217;s Compensation Committee.&#160; The target bonus payment for Bel&#8217;s key executives (including the Named Officers, in addition to other key executives) is 4-6 months of their
          annual salary; however, this varies dependent upon the bonus pool established during the year and may vary by individual based on extenuating circumstances.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During each of the past three years, an overall bonus pool was allocated among executives,
          management, and technical and administrative employees of the Company based on number of weeks&#8217; pay, in accordance with their respective contributions to our corporate performance.&#160; In 2018, of a total bonus pool of $4.7 million, $1,055,770 was
          allocated to our Named Officers and reflected thirty-six weeks&#8217; pay for each Named Officer.&#160; In 2017, of a total bonus pool of $2.4 million, $387,693 was allocated to our active Named Officers as of December 31, 2017 and reflected fourteen weeks&#8217;
          pay for each Named Officer.&#160; In 2016, of a total bonus pool of $4.6 million, $1,179,232 was allocated to our Named Officers and reflected forty-two weeks&#8217; pay for each Named Officer.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Long-Term Stock Incentive Compensation</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our 2011 Equity Compensation Program, as approved by our shareholders at the 2011 Annual Meeting,
          permits us to issue four types of non-cash awards based on our Class B Common Stock:&#160; restricted stock grants, incentive stock options, non-qualified stock options and stock appreciation rights. For the past several years, we relied upon
          restricted stock awards as our primary form of long-term stock incentive compensation.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The shares awarded are typically earned in 25% increments on the second, third, fourth and fifth
          anniversaries of the grant date, provided the employee has remained employed by the Company through such anniversary dates; otherwise the unearned shares are forfeited.&#160; We did not grant any restricted stock awards to any of our Named Officers
          during 2017 or 2018.&#160; While our 2011 Equity Compensation Program does not preclude the grant of restricted shares on an annual basis, the Compensation Committee concluded that given the structure and amount of the restricted stock awards
          previously made, there was no need to grant additional restricted stock awards to the Named Officers during 2017 or 2018.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Generally, our experience has been to consider restricted stock awards at the quarterly director
          meetings, as opposed to granting options and stock awards throughout the year. By making our grant determinations at specific times each year, we avoid even an appearance of coordinating grants with release dates of material information not
          previously disclosed to the public.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our 2011 Equity Compensation Program is designed to help attract and retain individuals with
          superior experience and skillsets for positions of substantial responsibility within our Company and to provide these persons with an additional incentive to contribute to the success of our Company, all of which we expect will result in
          increased shareholder value. Restricted stock grants are awards of actual shares of our common stock, without any initial cost to the associate, but subject to a vesting restriction. The shares cannot be sold or transferred until the restriction
          ends and the shares become &#8220;vested.&#8221; Shares not vested are forfeited back to us if it becomes impossible to meet the condition for ending the restriction. Restricted stock grants offer the opportunity to obtain shares of our common stock without
          payment to us, provided the condition to ending the restriction is met. We award restricted stock grants because we believe that they aid in retaining our key executives, who are positioned to benefit from an increase in share value.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Retirement Benefits</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We have designed our Supplemental Executive Retirement Plan, or &#8220;SERP&#8221;, to provide a limited number
          of our key management and other key associates with supplemental retirement and death benefits. Each of our Named Officers is a participant in the SERP.&#160; Participants in the SERP are selected by our Compensation Committee based upon
          recommendations from our Chief Executive Officer.&#160; We believe that this benefit incentivizes key associates to remain with us on a career-long basis and engenders loyalty to our Company.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Benefits available under the SERP vary depending upon when and how a participant terminates
          employment with us. If a participant retires on his normal retirement date (65 years old, 20 years of service, and five years of participation in the SERP), his or her normal retirement benefit under the SERP would be annual payments equal to 40%
          of his or her average base compensation -- using compensation from the highest five consecutive calendar years of SERP participation -- payable in monthly installments for the remainder of his or her life. If a participant retires early (55 years
          old, 20 years of service, and five years of participation in the SERP), his or her early retirement benefit would be an amount (i) calculated as if his or her early retirement date were in fact such participant&#8217;s normal retirement date, (ii)
          multiplied by a fraction, the numerator being the actual years of service the participant has with us and the denominator being the years of service the participant would have had if he or she had retired at his or her normal retirement date, and
          (iii) actuarially reduced to reflect the early retirement date. If a participant dies prior to receiving 120 monthly payments under the SERP, his or her beneficiary is entitled to continue receiving benefits for the shorter of (i) the time
          necessary to complete 120 monthly payments or (ii) 60 months. If a participant dies while employed by us, his or her beneficiary will receive, as a survivor benefit, an annual amount equal to (i) 100% of the participant&#8217;s annual base salary at
          the date of death for one year, and (ii) 50% of the participant&#8217;s annual base salary at the date of death for each of the following four years, each payable in monthly installments. Our SERP also provides for disability benefits, and a forfeiture
          of benefits if a participant terminates employment for reasons other than those contemplated under the SERP.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the event of a &#8220;change in control&#8221; (as defined in the SERP), each participant who is employed by
          us at the time of the change in control will be entitled to a normal retirement benefit commencing immediately following termination of employment (or in the case of certain participants who are &#8220;specified employees&#8221; for purposes of Section 409A
          of the Code (discussed below), six months after termination of employment).&#160; The normal retirement benefit payable under these circumstances will be the actuarial equivalent of the benefit that would commence upon the date that the participant
          would have attained his or her normal retirement date if he or she had not terminated employment.&#160; Further, each participant&#8217;s average base compensation will be deemed to be equal to his or her annual base compensation in effect prior to the
          change in control.&#160; If we have established a trust to accumulate assets from which to pay SERP benefits, then we will fully fund the trust in connection with a change in control in order to ensure that there will be sufficient assets set aside to
          pay all SERP benefits.&#160; A &#8220;change in control&#8221; for purposes of the SERP includes a merger or consolidation with another corporation whereby our shareholders do not own a majority of the surviving or successor entity, an acquisition of 50% or more
          of our voting securities by one person or a group of persons acting together, a sale of all or substantially all of our assets to any person, our dissolution or liquidation or if the members of our incumbent Board of Directors (or their
          successors, if approved by them) cease for any reason to constitute at least two-thirds of the members of our Board.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, Mr. Bernstein, Mr. Ackerman, Mr. Brosious and Mr. Cheung were eligible for
          early retirement under the SERP.&#160; Had each retired on December 31, 2018, Mr. Bernstein would have been eligible for a monthly benefit under the SERP in the amount of $11,611 payable for life; Mr. Ackerman would have been eligible for a monthly
          benefit under the SERP in the amount of $5,869 payable for life; Mr. Brosious would have been eligible for a monthly benefit under the SERP in the amount of $5,788 payable for life; and Mr. Cheung would have been eligible for a monthly benefit
          under the SERP in the amount of $6,711 payable for life. Had each of our Named Officers terminated employment on December 31, 2018 in connection with a change in control, they would have been entitled under the SERP to a monthly benefit for life
          as follows:&#160; Mr. Bernstein, $12,222; Mr. Brosious, $8,475; Mr. Ackerman, $7,971; Mr. Cheung, $8,437; and Mr. Bittner, $6,086.&#160; The present value of those change in control benefits for the Named Officers, using the actuarial assumptions used for
          our financial reporting purposes, would be as follows:&#160; Mr. Bernstein, $2,039,373; Mr. Brosious, $1,510,056; Mr. Ackerman, $1,583,223; Mr. Cheung, $1,500,581; and Mr. Bittner, $1,385,502.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Other Non-Performance Benefit Plans</font></div>
      <div style="text-align: justify; text-indent: 24.5pt; margin-top: 9pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our Named Officers are eligible to participate, as are all our associates who
          meet service requirements under the several plans, in the following types of non-performance benefit plans:</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our associates, including our Named Officers, are entitled to participate in either our domestic 401(k) plan or our
          Far East Retirement Plan.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="za966d80e97ac404199a73df4a5100586" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-weight: normal;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top; font-weight: normal;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to our domestic 401(k) plan, we make matching contributions of pre-tax elective deferral contributions made by
                    associates. During 2017 and 2018, the Company matched 100% of the first 1% of compensation contributed by participants and 50% of the next 5% of compensation contributed by participants.&#160; Compensation of participants in excess of
                    statutory limits for tax-qualified plans ($275,000 in 2018) is disregarded for purposes of determining contributions by participants and matching contributions. Matching contributions during 2017 and 2018 were made in cash and invested
                    in shares of our Class A Common Stock, though participants who have three or more years of service are able to divest their Class A Common Stock and reinvest in other investment alternatives offered under the plan.&#160; The trustees of the
                    domestic 401(k) plan adopted a &#8220;10b5-1 plan,&#8221; in accordance with guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, to make open market purchase of shares of our Class A Common Stock with such
                    matching contributions.&#160; For years prior to 2012, our matching contributions under the domestic 401(k) plan were made in shares of our Class B Common Stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
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      <div>
        <table cellspacing="0" cellpadding="0" id="z25869da3894442ecab295da1573ff4e4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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              <td style="width: 36pt; vertical-align: top; font-weight: normal;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top; font-weight: normal;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Far East Retirement Plan is a defined contribution mandatory provident fund arrangement established pursuant to Hong Kong
                    law.&#160; Subject to certain minimum and maximum levels under Hong Kong law, five percent of a participant&#8217;s salary must be contributed to the Far East Retirement Plan.&#160; We match amounts contributed to the Far East Retirement Plan.&#160; Our
                    current match equals 7% of an associate&#8217;s base salary.&#160; Under the Far East Retirement Plan, our matching amounts are currently made partly in shares of our Class B Common Stock - approximately 10% of our contribution - and partly in
                    cash - approximately 90% of our contribution.&#160; Mr. Cheung is the only Named Officer who participates in the Far East Retirement Plan.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zb38e487dcd66476199e58c0d0634f010" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-weight: normal;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top; font-weight: normal;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We maintain medical and dental health insurance plans for our associates on a non-discriminatory basis.&#160; Except for union
                    associates covered by union programs, associates in the U.S. contribute approximately 20% of the premiums related to our medical and dental insurance plans.&#160; We also provide life insurance for all U.S. associates.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We believe that the insurance plans we offer are important components of our comprehensive benefit
          package, which should induce associates to remain with us. We believe that our domestic 401(k) plan and our Far East Retirement Plan induce our associates to save for future retirement needs, and we encourage this by matching individual plan
          contributions, as described above, by participating associates.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Severance</u></font></font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has a written severance pay plan that applies to all of our full-time, non-union U.S.
          associates. Under the plan, which was amended and restated during 2016, a covered associate is generally eligible for severance benefits if his or her employment is involuntarily terminated without cause. Prior to its amendment and restatement,
          the plan provided severance only in connection with a termination of employment incident to certain changes in control of the Company.&#160; Severance pay is payable in a lump sum and is based on an eligible associate&#8217;s years of service, including in
          certain cases years of service with an entity acquired by the Company.&#160; Severance is subject to the individual&#8217;s execution of a release agreement.&#160; Severance is equal to two weeks of base pay for each year of service, with a minimum of four
          weeks&#8217; and a maximum of 52 weeks&#8217; severance. An eligible employee is also eligible for Company-paid health coverage for one month.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; margin-top: 3.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Compliance with Section 162(m) of the Internal Revenue Code</font></div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 42.85pt; margin-top: 12pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 162(m) of the Internal Revenue Code denies a deduction to any
            publicly held corporation for compensation paid to certain &#8220;covered employees&#8221; in a taxable year to the extent that compensation exceeds $1,000,000 for a covered employee.</font></div>
        <div style="text-align: justify; text-indent: 42.85pt; margin-top: 12pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effective for taxable years beginning prior to January 1, 2018, an exception
            to this deduction limit applied to &#8220;performance-based compensation&#8221;, such as stock options and other equity awards, that satisfies certain criteria. Under the federal tax reform legislation signed into law on December 22, 2017, the
            performance-based pay exception to Section 162(m) was eliminated, but a transition rule may allow the exception to continue to apply to certain performance-based compensation payable under written binding contracts that were in effect on
            November 2, 2017.</font></div>
        <div style="text-align: justify; text-indent: 42.85pt; margin-top: 12pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Compensation Committee intends to consider the potential impact of
            Section 162(m) on compensation decisions, but reserves the right to approve compensation for an executive officer that exceeds the deduction limit of Section 162(m) in order to provide competitive compensation packages.</font></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Outstanding Equity Awards at December 31, 2018</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table sets forth, for each of the Named Officers, information regarding stock awards
          outstanding at December 31, 2018.&#160; Each of the stock awards referred to in the table below was granted pursuant to our 2011 Equity Compensation Program. The vesting dates applicable to each stock award are set forth in footnotes that follow the
          columnar explanations below the table. None of our Named Officers had any stock options outstanding as of December 31, 2018.</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 80%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z6cc6e6dcb9c24042820e58656f4fa36b">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 40%;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>(a)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Number of Shares or</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Units of Stock That Have Not Vested<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>(#)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>(b)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Market Value of Shares or Units of Stock That Have Not Vested<font style="font-size: 10pt; font-family: 'Times
                    New Roman', Times, serif;"><br>
                  </font>($)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>(c)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Daniel Bernstein</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12,000</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">221,040</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Craig Brosious</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,500</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">82,890</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dennis Ackerman</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,000</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">184,200</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Raymond Cheung</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,000</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">184,200</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Peter Bittner III</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,500</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">138,150</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the table above, we are disclosing:</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zd5932c486abb4ebab96ac95d60c67621" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-weight: normal;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top; font-weight: normal;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in column (b), the number of shares of our Class B Common Stock covered by stock awards granted under our 2011 Equity
                    Compensation Programs that were not vested or earned as of December 31, 2018; and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-weight: normal;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z4cbd11e792da44d9875d87b7244b7d83" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-weight: normal;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top; font-weight: normal;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in column (c), the aggregate market value or payout value as of December 31, 2018 of the stock awards referenced in column (b).</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the table above, the vesting dates for the Named Officers&#8217; stock awards are as follows:</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z1f133b5057b644298a67ac9c079ad4ff" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-weight: normal;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top; font-weight: normal;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, Mr. Bernstein had 12,000 restricted shares of Class B Common Stock, vesting as follows:&#160; 3,000 shares
                    vest as of November 15, 2019; 3,000 shares vest as of November 15, 2020; 3,000 shares vest as of November 15, 2021; and 3,000 shares vest as of November 15, 2022.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-weight: normal;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zd397d4b318ae48e6813bdea8be0c03f9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-weight: normal;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top; font-weight: normal;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, Mr. Brosious had 4,500 restricted shares of Class B Common Stock, vesting as follows:&#160; 1,500 shares vest
                    as of May 17, 2019; 1,500 shares vest as of May 17, 2020; and 1,500 shares vest as of May 17, 2021.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-weight: normal;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zf24cc9cac3154674a0aa11e058a8700e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-weight: normal;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top; font-weight: normal;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, Mr. Ackerman had 10,000 restricted shares of Class B Common Stock, vesting as follows:&#160; 2,500 shares
                    vest as of November 15, 2019; 2,500 shares vest as of November 15, 2020; 2,500 shares vest as of November 15, 2021; and 2,500 shares vest as of November 15, 2022.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-weight: normal;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zb7793c08a24347bd8863e1c76d40b039" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-weight: normal;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top; font-weight: normal;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, Mr. Cheung had 10,000 restricted shares of Class B Common Stock, vesting as follows:&#160; 2,500 shares vest
                    as of November 15, 2019; 2,500 shares vest as of November 15, 2020; 2,500 shares vest as of November 15, 2021; and 2,500 shares vest as of November 15, 2022.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-weight: normal;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z73c2823d614b4e24ab8d969c4e0b7561" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-weight: normal;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top; font-weight: normal;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, Mr. Bittner had 7,500 restricted shares of Class B Common Stock vesting as follows:&#160; 2,500 shares vest
                    as of May 17, 2019; 2,500 shares vest as of May 17, 2020; and 2,500 shares vest as of May 17, 2021.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In calculating market values in the table above, we have multiplied the closing market price of our
          Class B Common Stock on the last trading day in 2018 of $18.42 by the applicable number of shares of Class B Common Stock underlying the Named Officers&#8217; unvested stock awards.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Equity Compensation Plan Information</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table provides information as of December 31, 2018 with respect to shares of Class
          A and Class B Common Stock that may be issued under our 2011 Equity Compensation Program which has been approved by the Company&#8217;s shareholders.</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" id="z49b0dcead6c24ee39dded32936aa56fc" style="width: 80%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr>
            <td style="width: 34.78%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Plan Category</font></div>
            </td>
            <td style="width: 19.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(a)</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights</font></div>
            </td>
            <td style="width: 18.77%; vertical-align: top; border-bottom: #000000 2px solid;">
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights</font></div>
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            <td style="width: 26.68%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(c)</font></div>
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                  </font>Plans (Excluding Securities<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Reflected in&#160;Column (a))</font></div>
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          </tr>
          <tr>
            <td style="width: 34.78%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Equity Compensation Plans Approved by Security Holders:</font></div>
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2011 Equity Compensation Program</font></div>
              <div>&#160;</div>
            </td>
            <td style="width: 19.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div style="text-align: left; text-indent: -11.4pt; margin-left: 15.3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Class A:&#160; &#160; &#160; &#160; 0</font></div>
              <div style="text-align: left; text-indent: -11.4pt; margin-left: 15.3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Class B:&#160; &#160; &#160; &#160; 0</font></div>
            </td>
            <td style="width: 18.77%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Class B:&#160; $ 0</font></div>
            </td>
            <td style="width: 26.68%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Class A:&#160; &#160; &#160; &#160; &#160; &#160;&#160; 0</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Class B:&#160; 359,100</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 34.78%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Equity Compensation Plans Not Approved by Security Holders</font></div>
            </td>
            <td style="width: 19.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
            </td>
            <td style="width: 18.77%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center; margin-right: 30.6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td style="width: 26.68%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 34.78%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TOTAL</font></div>
            </td>
            <td style="width: 19.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Class A:&#160; &#160; &#160; &#160;&#160; 0</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Class B:&#160; &#160; &#160; &#160;&#160; 0</font></div>
            </td>
            <td style="width: 18.77%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Class A:&#160; $ 0</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Class B:&#160; $ 0</font></div>
            </td>
            <td style="width: 26.68%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Class A:&#160; &#160; &#160; &#160; &#160; &#160;&#160; 0</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Class B:&#160; 359,100</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BOARD OF DIRECTORS</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Director Compensation</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table sets forth certain information regarding the compensation we paid to our
          directors, other than Daniel Bernstein, during 2018.</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 80%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zfd67965d326e4fcda47aecd3c300952d">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 40%;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>(a)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fees Earned or<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Paid in Cash<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>($)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>(b)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Stock<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Awards<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>($)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>(c)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">All Other<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>Compensation<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>($)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>(g)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>($)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font>(j)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Avi Eden</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31,500</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">700</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32,200</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Peter Gilbert</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">45,750</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">700</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">46,450</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Robert H. Simandl</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31,500</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">700</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32,200</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">John F. Tweedy</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">45,250</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">700</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">45,950</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">34,480</font></div>
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            <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Norman Yeung</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28,500</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">98,600</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">770</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Eric Nowling</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">98,600</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">770</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">139,370</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vincent Vellucci</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31,500</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,120</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32,620</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
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      <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
          <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
          </font>With respect to compensation of our non-employee directors:</font></div>
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            <tr>
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                <div style="text-align: left; margin-left: 22pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">When we refer to &#8220;</font>Fees
                    Earned or Paid in Cash&#8221;,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> we are referring to all cash fees that we paid or were accrued in 2018, including annual retainer fees, committee fees and meeting
                      fees; </font>in 2018, our non-employee directors received an annual retainer of $24,000, plus $1,500 for each Board meeting they attended in person and $750 for each non-audit or non-succession committee meeting they attended in
                    person.&#160; Audit Committee members received $2,500 for each meeting they attended in person.&#160; Succession committee members received $1,250 for each meeting they attended in person.</font></div>
              </td>
            </tr>

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            <tr>
              <td style="width: 40pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 22pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">When we refer to amounts under &#8220;Stock Awards&#8221;, we are referring to the aggregate grant date fair value in accordance with FASB
                    ASC Topic 718.&#160; During 2018, Mr. Nowling and Mr. Yeung were each granted 4,000 shares of restricted stock.</font></div>
              </td>
            </tr>

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      <div><br>
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      <div>
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            <tr>
              <td style="width: 40pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 22pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At December 31, 2018, our directors as of such date (other than Daniel Bernstein) owned the following number of shares of
                    restricted stock, which vest as described below:&#160; Mr. Eden, Mr. Gilbert, Mr. Simandl and Mr. Tweedy each owned a total of 2,000 shares, of which 1,000 shares vest on May 19, 2019 and 1,000 shares vest on May 19, 2020;&#160; Mr. Segall owned
                    a total of 3,000 shares, of which 1,000 shares vest on May 17, 2019, 1,000 shares vest on May 17, 2020 and 1,000 shares vest on May 17, 2021; Mr. Yeung and Mr. Nowling each owned a total of 5,000 shares, of which 1,000 shares vest on
                    July 29, 2019, 1,000 shares vest on August 10, 2020, 1,000 shares vest on August 10, 2021, 1,000 shares vest on August 10, 2022 and 1,000 shares vest on August 10, 2023;&#160; and Mr. Vellucci owned a total of 3,000 shares, of which 1,000
                    shares vest on November 15, 2019, 1,000 shares vest on November 15, 2020 and 1,000 shares vest on November 15, 2021.</font></div>
              </td>
            </tr>

        </table>
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      <div><br>
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            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;All other compensation&#8221; consists of&#160; the following:</font></div>
              </td>
            </tr>

        </table>
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          <tr>
            <td style="width: 100%; vertical-align: middle; background-color: #FFFFFF;">
              <div style="text-indent: 54pt;"><font style="font-size: 10pt; font-family: Wingdings;">&#167;</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font><font style="font-size: 10pt;
                  font-family: 'Times New Roman', Times, serif;">For each of Mr. Eden, Mr. Gilbert, Mr. Simandl and Mr. Tweedy:&#160; dividends on his shares of restricted stock in the amount of $700.</font></div>
              <div>&#160;</div>
              <div style="text-indent: 54pt;"><font style="font-size: 10pt; font-family: Wingdings;">&#167;</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font><font style="font-size: 10pt;
                  font-family: 'Times New Roman', Times, serif;">For each of Mr. Nowling and Mr. Yeung:&#160; dividends on his shares of restricted stock in the amount of $770.</font></div>
              <div>&#160;</div>
              <div style="text-indent: 54pt;"><font style="font-size: 10pt; font-family: Wingdings;">&#167;</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font><font style="font-size: 10pt;
                  font-family: 'Times New Roman', Times, serif;">For Mr. Segall:&#160; dividends on his shares of restricted stock in the amount of $980.</font></div>
              <div>&#160;</div>
              <div style="text-indent: 54pt;"><font style="font-size: 10pt; font-family: Wingdings;">&#167;</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt">&#160;</font><font style="font-size: 10pt;
                  font-family: 'Times New Roman', Times, serif;">For Mr. Vellucci:&#160; dividends on his shares of restricted stock in the amount of $1,120.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: normal;">In 2018, directors who were executive officers of the Company did not receive
            directors&#8217; fees.&#160; In 2018, directors of the Company&#8217;s foreign subsidiaries did not receive a retainer or meeting fees.</font></font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Board of Directors; Committees of the Board</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Since the adoption of the Sarbanes-Oxley Act in July 2002, there has been a growing public and
          regulatory focus on the independence of directors.&#160; NASDAQ has adopted amendments to its definition of independence.&#160; Additional requirements relating to independence are imposed by the Sarbanes-Oxley Act with respect to members of the Audit
          Committee.&#160; As noted below, the Board has determined that the members of the Audit Committee satisfy all such definitions of independence.&#160; The Board has also determined that the following members of the Board satisfy the NASDAQ definition of
          independence: Peter Gilbert, John F. Tweedy, Mark B. Segall, Robert Simandl, Avi Eden, Norman Yeung, Eric Nowling and Vincent Vellucci.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s Board of Directors meets quarterly throughout the year.&#160; During 2018, the Board
          held four meetings.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Bel&#8217;s Board has an Executive Committee, a Compensation Committee, an Audit Committee, a
          Nominating Committee and a Succession Committee.&#160; The Executive Committee is composed of Daniel Bernstein, Robert H. Simandl and John F. Tweedy; the Audit Committee is composed of Peter Gilbert, Eric Nowling and John F. Tweedy; the Nominating
          Committee is composed of Robert H. Simandl, John F. Tweedy and Vincent Vellucci; the Succession Committee is composed of Peter Gilbert and John F. Tweedy; and the Compensation Committee is composed of Peter Gilbert and Mark Segall.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The function of the Executive Committee is to act in the place of the Board when the Board
          cannot be convened.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Compensation Committee is charged with the responsibility of administering the Company&#8217;s
          employee benefit plans, reviews the compensation of Bel&#8217;s executive officers and establishes general compensation policies.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Audit Committee reviews significant audit and accounting principles, policies and practices,
          and meets with the Company&#8217;s independent auditors.&#160; The Board of Directors has determined that Eric Nowling constitutes an &#8220;audit committee financial expert&#8221;, as such term is defined by the Securities and Exchange Commission (&#8220;SEC&#8221;). As noted
          above, Mr. Nowling -- as well as the other members of the Audit Committee -- have been determined to be &#8220;independent&#8221; within the meaning of SEC and NASDAQ regulations.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Nominating Committee is responsible for nominating candidates for election to the Company&#8217;s
          Board of Directors.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Board has a Succession Committee, comprised of Peter Gilbert and John F. Tweedy, whose purpose
          is to develop a succession plan for Bel's senior executives. The committee implemented a plan to identify and prepare individuals for positions and responsibilities they would need to assume either in the case of an emergency or under an orderly
          transition. The Succession Committee has identified and presented to the Board current members of Bel's management team that have the qualifications to fill the position of Chief Executive Officer. These candidates have been working with the
          current Chief Executive Officer, as well as other members of the Board, to become knowledgeable about all aspects of the position. The committee has also made recommendations with regard to the configuration of the Board in the event the current
          Chief Executive Officer is no longer able to hold his position on the Board.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During 2018, the Executive Committee held no meetings, the Audit Committee held six<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font>meetings, the Compensation Committee held four meetings, the Nominating Committee held two meeting and the Succession Committee held three meetings.&#160; Each
          Director attended at least 75% of the aggregate of the Board and committee meetings on which he served in 2018.</font></div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Board Leadership Structure and Role in Risk
              Oversight</font>&#160;&#160;</font></div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="background-color: rgb(255, 255, 255); font-weight: normal;">
        <div style="text-align: justify; text-indent: 24.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our President, Daniel Bernstein, also serves as Chief Executive Officer of the Company. Additionally, Peter Gilbert
            serves as the independent Lead Director. Among other things, the Lead Director convenes and chairs regular and special executive sessions of the independent directors and serves as liaison between the independent directors and our
            President/Chief Executive Officer. We believe that our leadership structure allows the Board to have better control of the direction of management, while still retaining independent oversight.&#160;</font></div>
      </div>
      <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
      <div style="background-color: rgb(255, 255, 255); font-weight: normal;">
        <div style="text-align: justify; text-indent: 24.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Board&#8217;s role in our risk oversight process includes receiving regular reports from members of management on
            areas of material risk to the Company, including operational, financial, legal and regulatory, and strategic risks. The full Board or the appropriate committee receives these reports from management to enable it to understand our risk
            identification, risk management and risk mitigation strategies. When a committee receives the report, the chairman of the relevant committee reports on the discussion to the full Board at the next Board meeting. This enables the Board and its
            committees to coordinate the risk oversight role, particularly with respect to risk interrelationships.</font></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nominating Committee Matters</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Nominating
            Committee Charter</font>. The Board has adopted a Nominating Committee charter to govern its Nominating Committee.&#160; A copy of the charter is set forth on the Company&#8217;s website, www.belfuse.com, under the Investor Information tab.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Independence
            of Nominating Committee Members</font>.&#160; All members of the Nominating Committee of the Board of Directors have been determined to be &#8220;independent directors&#8221; pursuant to the definition contained in Rule 4200(a)(15) of the National Association
          of Securities Dealers&#8217; Marketplace Rules.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Procedures
            for Considering Nominations Made by Shareholders</font>.&#160; The Nominating Committee&#8217;s charter describes procedures for nominations to be submitted by shareholders and other third-parties, other than candidates who have previously served on the
          Board or who are recommended by the Board.&#160; The charter states that a nomination must be delivered to the Secretary of the Company at the principal executive offices of the Company not later than the close of business on the 90th day nor earlier
          than the close of business on the 120th day prior to the first anniversary of the preceding year&#8217;s annual meeting; provided, however, that if the date of the annual meeting is more than 30 days before or more than 60&#160;days after such anniversary
          date, notice to be timely must be so delivered not earlier than the close of business on the 120th day prior to such annual meeting and not later than the close of business on the later of the 90th day prior to such annual meeting or the close of
          business on the 10th day following the day on which public announcement of the date of such meeting is first made by the Company.&#160; The public announcement of an adjournment or postponement of an annual meeting will not commence a new time period
          (or extend any time period) for the giving of a notice as described above.&#160; The charter requires a nomination notice to set forth as to each person whom the proponent proposes to nominate for election as a director:&#160; (a) all information relating
          to such person that is required to be disclosed in solicitations of proxies for election of directors in an election contest, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended
          (including such person&#8217;s written consent to being named in the proxy statement as a nominee and to serving as a director if elected), and (b) information that will enable the Nominating Committee to determine whether the candidate or candidates
          satisfy the criteria established pursuant to the charter for director candidates.</font></div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Qualifications.</font>
          The charter describes the minimum qualifications for nominees and the qualities or skills that are necessary for directors to possess.&#160; Each nominee:</font></div>
      <div>
        <div>
          <div><br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; align: right;">
                    <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">must satisfy any legal requirements applicable to members of the Board;<br>
                      </font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z125ee85763174b29915d812f2ebbbb7b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 17.25pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt;"><br>
                </div>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zb8fb40f403754501af2954e8b740517d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">must have business or professional experience that will enable such nominee to provide useful input to the Board in its
                    deliberations;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">must have a reputation for honesty and ethical conduct;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <br>
      <div>
        <table cellspacing="0" cellpadding="0" id="z2f7b3f7f56134664939d47b5d4596fa4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36.75pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">must have a working knowledge of the types of responsibilities expected of members of the board of directors of a public company;
                    and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z2b20221eea934a2c9f0b65be68ebb0a1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">must have experience, either as a member of the board of directors of another public or private company or in another capacity,
                    that demonstrates the nominee&#8217;s capacity to serve in a fiduciary position.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 18pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Identification
            and Evaluation of Candidates for the Board</font>. Candidates to serve on the Board will be identified from all available sources, including recommendations made by shareholders.&#160; The Nominating Committee&#8217;s charter provides that there will be
          no differences in the manner in which the Nominating Committee evaluates nominees recommended by shareholders and nominees recommended by the Committee or management, except that no specific process shall be mandated with respect to the
          nomination of any individuals who have previously served on the Board.&#160; The evaluation process for individuals other than existing Board members will include:</font></div>
      <div><br>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a review of the information provided to the Nominating Committee by the proponent;<br>
                    </font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="ze88571b0548e48d9956fc381188e3548" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a review of reference letters from at least two sources determined to be reputable by the Nominating Committee; and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="ze0d33de41a8743b2be467e7726e1c17a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a personal interview of the candidate, together with a review of such other information as the Nominating Committee shall
                    determine to be relevant.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Third-Party
            Recommendations</font>. In connection with the 2018 Annual Meeting, the Nominating Committee did not receive any nominations from any shareholder or group of shareholders which owned more than 5% of the Company&#8217;s Class A Common Stock or Class B
          Common Stock for at least one year.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Audit Committee Matters</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Audit
            Committee Charter</font>.&#160; The Audit Committee performed its duties during 2018 under a written charter approved by the Board of Directors.&#160; A copy of the charter is set forth on the Company&#8217;s website, <font style="font-size: 10pt;
            font-family: 'Times New Roman', Times, serif;">www.belfuse.com</font>, under the Investors &amp; Governance tab.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Independence
            of Audit Committee Members</font>. The Class A and Class B Common Stock are listed on the NASDAQ Global Select Market and the Company is governed by the listing standards applicable thereto. All members of the Audit Committee of the Board of
          Directors have been determined to be &#8220;independent directors&#8221; pursuant to the definition contained in Rule 4200(a)(15) of the National Association of Securities Dealers&#8217; Marketplace Rules and under the SEC&#8217;s Rule 10A-3.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Audit
            Committee Report</font>. In connection with the preparation and filing of the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2018:</font></div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z71def30af8b04525afb1b67271e0f313" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Audit Committee reviewed and discussed the audited financial statements with the Company&#8217;s management;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z17c01e231fe54505aa338667274c0a7f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Audit Committee discussed with the Company&#8217;s independent auditors the matters required to be discussed by Statement of
                    Auditing Standards <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No.&#160;61, as amended (AICPA, Professional Standards, Vol. 1, AU section&#160;380), as adopted by the Public Company Accounting Oversight Board, or
                      PCAOB, in Rule&#160;3200T</font>;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zcdca646f8c574f56a782af944b20458a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 37.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Audit Committee received the written disclosures and the letter from the Company&#8217;s independent accountant required by
                    applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountants&#8217; communications with the Audit Committee concerning independence, and discussed with the Company&#8217;s independent accountants
                    their independence; and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z6572ba1ad1f841878e44fda891eb15ca" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">based on the review and discussions referred to above, the Audit Committee recommended to the Board that the audited financial
                    statements be included in the 2018 Annual Report on Form 10-K.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:&#160;&#160; The Audit Committee of the Board of Directors</font></div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Peter Gilbert</font></div>
      <div style="text-align: justify; text-indent: 0.75pt; margin-left: 35.25pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Eric Nowling</font></div>
      <div style="text-align: justify; text-indent: 0.75pt; margin-left: 35.25pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">John F. Tweedy</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transactions with Related Parties</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Audit Committee of the Board of Directors monitors the Company&#8217;s related party transactions and
          must approve in advance any new related party transactions.&#160; On a quarterly basis, the Audit Committee makes inquiry of management&#8217;s Disclosure Committee to determine whether any of the members of that committee are aware of any new related party
          transactions. Management&#8217;s Disclosure Committee did not report any new related party transactions to the Audit Committee during 2018.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Compensation Committee Matters</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Charter</font>.
          Our Board of Directors has defined the duties of its Compensation Committee in a charter. A copy of the Compensation Committee&#8217;s charter is included on the Company&#8217;s website, www.belfuse.com, under the Investor Information tab.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Authority,
            Processes and Procedures.&#160; </font>Our Compensation Committee is responsible for administering our employee benefit plans, for establishing the compensation of our Chief Executive Officer and for determining the compensation of our other
          executive officers.&#160; Our Compensation Committee also establishes policies and monitors compensation for our associates in general.&#160; While the Compensation Committee may, and does in fact, delegate authority with respect to the compensation of
          associates in general, the Compensation Committee retains overall supervisory responsibility for associate compensation. With respect to executive compensation, the Compensation Committee receives recommendations <font style="font-size: 10pt;
            font-family: 'Times New Roman', Times, serif;">and information from our Chief Executive Officer regarding issues relevant to determinations made by the Compensation Committee. Our Chief Executive Officer participates in Compensation Committee
            deliberations regarding the compensation of other executive officers, but does not participate in deliberations regarding his own compensation</font>.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Consultants.&#160;
          </font>We typically do not involve consultants in establishing the compensation of our associates or directors, other than attorneys who assist us in the drafting of benefit plans and comparable arrangements.</font></div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
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      </div>
      <div style="text-align: justify; text-indent: -35.25pt; margin-left: 35.25pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shareholder Communication with the Board</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Board of Directors has established a procedure that enables shareholders to communicate in
          writing with members of the Board. Any such communication should be addressed to the Company&#8217;s Secretary and should be sent to such individual c/o Bel Fuse Inc., 206 Van Vorst Street, Jersey City, New Jersey 07302. Any such communication must
          state, in a conspicuous manner, that it is intended for distribution to the entire Board of Directors. Shareholders may also communicate with the Board by directing communications through the Corporate Secretary by following instructions on the
          Company&#8217;s website. Under the procedures established by the Board, upon the receipt of such a communication, the Company&#8217;s Secretary will send a copy of such communication to each member of the Board, identifying it as a communication received
          from a shareholder.&#160; Absent unusual circumstances, at the next regularly scheduled meeting of the Board held more than two days after such communication has been distributed, the Board will consider the substance of any such communication.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Board members are encouraged, but not required by any specific Board policy, to attend the
          Company&#8217;s annual meeting of shareholders.&#160; Seven of the nine members of the Board attended the Company&#8217;s 2018 annual meeting of shareholders.</font></div>
      <div><br>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PROPOSAL 2</font></div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
        <div style="text-align: center; margin-left: 24.45pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RATIFICATION OF THE DESIGNATION OF DELOITTE&#160;&amp; TOUCHE LLP TO<font style="font-size: 10pt;
              font-family: 'Times New Roman', Times, serif;"><br>
            </font>AUDIT BEL&#8217;S BOOKS AND ACCOUNTS FOR 2019</font></div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="background-color: rgb(255, 255, 255); font-weight: normal;">
        <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Audit Committee has selected Deloitte&#160;&amp; Touche LLP to audit Bel&#8217;s books and accounts for the year ending
            December&#160;31, 2019 and will offer a resolution at the meeting for shareholders to ratify the designation. Although shareholder ratification is not required, the designation of Deloitte&#160;&amp; Touche LLP is being submitted for ratification at the
            2019 Annual Meeting of Shareholders because it is perceived to be a matter of good corporate governance practice to submit this issue for ratification by shareholders. Ultimately, the Audit Committee retains full discretion and will make all
            determinations with respect to the appointment of Bel&#8217;s independent registered public accounting firm.</font></div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: left; margin-left: 24.45pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Board of Directors
              recommends a vote&#160;FOR Proposal 2.</font></font></div>
        <div><br>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PROPOSAL 3</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ADVISORY VOTE ON EXECUTIVE COMPENSATION</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Board of Directors has approved the compensation of our Named Officers as described in this
          proxy statement under &#8220;Executive Compensation&#8221;. The Board has decided, consistent with the vote of our shareholders at the 2017 Annual Meeting, to hold a non-binding advisory vote, commonly known as a &#8220;Say-on-Pay&#8221; vote, on an annual basis.&#160; This
          vote gives you the opportunity to express your views on our executive compensation.&#160; Because your vote is advisory, it will not be binding upon the Compensation Committee.&#160; However, the Compensation Committee will take the outcome of the vote
          into account when making future executive compensation decisions.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our compensation program is designed to motivate our executive officers to enhance long-term
          stockholder value and to attract and retain the highest quality executive and key employee talent available. We believe our executive compensation is aligned with increasing the value of our common stock and promoting our key strategies, values
          and long term financial and operational objectives.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Board of Directors
            believes that the compensation of our executive officers is appropriate and recommends a vote FOR the following advisory resolution:</font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;RESOLVED, that the compensation paid to the Company&#8217;s named executive officers, as disclosed in the Company&#8217;s 2019
          proxy statement pursuant to Item&#160;402 of Regulation&#160;S-K, including the compensation tables and narrative discussion, is hereby APPROVED.&#8221;</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
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      <div style="text-align: left;"><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OTHER MATTERS</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relationship With Independent Public Accountants</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deloitte &amp; Touche LLP, independent certified public accountants, has been selected by the
          Board of Directors to audit and report on Bel&#8217;s financial statements for the year ending December 31, 2019.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deloitte &amp; Touche LLP began auditing Bel in 1983. A representative of Deloitte &amp; Touche
          LLP is expected to be present at the Annual Meeting and will have an opportunity to make a statement if he so desires.&#160; The representative is expected to be available to respond to appropriate questions from shareholders.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Audit Fees and Related Matters</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In accordance with the requirements of the Sarbanes-Oxley Act of 2002 and the Audit Committee&#8217;s
          charter, all audit and audit-related work and all non-audit work performed by the Company&#8217;s independent accountants, Deloitte &amp; Touche LLP, are approved in advance by the Audit Committee, including the proposed fees for such work.&#160; The Audit
          Committee is informed of each service actually rendered.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Audit
            Fees</font>.&#160; Audit fees billed or expected to be billed to the Company by Deloitte &amp; Touche LLP for the audit of the financial statements and audit of the effectiveness of our internal control over financial reporting included in the
          Company&#8217;s Annual Reports on Form 10-K, and reviews of the financial statements, included in the Company&#8217;s Quarterly Reports on Form 10-Q, for the years ended December 31, 2018 and 2017 totaled $3,254,932 and $3,152,135 respectively.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.7pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Audit-Related
            Fees</font>.&#160; For the year ended December 31, 2017, the Company was billed $15,000 by Deloitte &amp; Touche LLP for audit-related services in connection with the Company&#8217;s Form S-3 filing.&#160; The Company was not billed by Deloitte &amp; Touche
          LLP during the year ended December 31, 2018 for any audit-related services (defined as services which are reasonably related to the performance of the audit or review of the Company&#8217;s financial statements and are not reported under the caption
          &#8220;Audit Fees&#8221; above).</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax
            Fees</font>.&#160; The Company was billed $935,100 and $892,957 by Deloitte Tax LLP (an affiliate of Deloitte &amp; Touche LLP) for the years ended December 31, 2018 and 2017, respectively, for tax services, principally representing advice regarding
          the preparation of income tax returns and acquisition-related due diligence.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">All
            Other Fees</font>.&#160; For the years ended December 31, 2018 and 2017, the Company was not billed by Deloitte &amp; Touche LLP for services not covered in the three immediately preceding paragraphs.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Other
            Matters</font>.&#160; The Audit Committee of the Board of Directors has considered whether the provision of Audit-Related Fees, Tax Fees and All Other Fees are compatible with maintaining the independence of the Company&#8217;s principal accountant.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Applicable law and regulations provide an exemption that permits certain services to be provided
          by the Company&#8217;s outside auditors even if they are not pre-approved.&#160; The Company has not relied on this exemption at any time since the Sarbanes-Oxley Act was enacted.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Miscellaneous</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36.75pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At the time that this proxy statement was mailed to shareholders, management was not aware that
          any matter would be presented for action at the Annual Meeting other than the election of directors, the ratification of the designation of Deloitte &amp; Touche LLP to audit Bel&#8217;s books and accounts for 2019, and the approval, on an advisory
          basis, of our executive compensation.&#160; If other matters properly come before the Annual Meeting, it is intended that the shares represented by proxies will be voted with respect to those matters in accordance with the best judgment of the persons
          voting them.</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="text-align: justify; text-indent: 293.25pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By Order of the Board of Directors</font></div>
      <div style="text-align: justify; text-indent: 293.25pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Craig Brosious, Secretary</font></div>
      <div style="font-weight: normal;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
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      </div>
      <br>
      <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated: April 11, 2019</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A copy of the Company&#8217;s Annual Report for the year ended December 31, 2018, including financial statements, accompanies
          this proxy statement.&#160; The Annual Report is not to be regarded as proxy soliciting material or as a communication by means of which any solicitation is to be made.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A copy of the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and
          Exchange Commission, is available (excluding exhibits) without cost to shareholders upon written request made to Mr. Jerry Kimmel, Bel Fuse Inc., 206 Van Vorst Street, Jersey City, New Jersey 07302.</font></div>
    </div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</font></div>
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  <font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">PROXY<br>
  </font>
  <div style="FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">BEL FUSE INC.</div>
  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
  </div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF</div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">DIRECTORS FOR THE ANNUAL MEETING OF SHAREHOLDERS,<br>
  </div>
  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MAY</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> 21, 2019</font></div>
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  <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">The undersigned hereby appoints Robert H. Simandl and Craig Brosious, and each of them, attorneys and
    proxies, with power of substitution in each of them, to vote for and on behalf of the undersigned at the annual meeting of the shareholders of the Company to be held on May 21, 2019, and at any adjournment thereof, upon matters properly coming before
    the meeting, as set forth in the related Notice of Meeting and Proxy Statement, both of which have been received by the undersigned.&#160;&#160;Without otherwise limiting the general authorization given hereby, said attorneys and proxies are instructed to vote
    as follows:</div>
  <div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Continued, and to be marked, dated and signed, on the other side)</div>
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          <tr>
            <td valign="top" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 24.95%">&#160; </td>
            <td valign="top" colspan="2" style="WIDTH: 8.83%">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-WEIGHT: bold; DISPLAY: inline">FOR</font> the nominees </div>
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">listed below (except </div>
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">as marked to the </div>
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">contrary below)</div>
            </td>
            <td valign="bottom" style="WIDTH: 5.71%">
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            <td valign="top" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 19.05%">&#160; </td>
            <td valign="top" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 8.13%">&#160; </td>
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                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">Election of the Board&#8217;s nominees for Director for the terms described in the Proxy Statement.&#160;&#160;(<font style="FONT-WEIGHT: bold; DISPLAY:
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            <td valign="top" style="FONT-SIZE: 20pt; FONT-FAMILY: times new roman; WIDTH: 5.71%; TEXT-ALIGN: center">&#160;<font style="FONT-SIZE: 20pt; FONT-FAMILY: wingdings; DISPLAY: inline">o</font></td>
            <td valign="top" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 5.02%">&#160; </td>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">FOR</div>
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                &#160;</div>
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              &#160; <br>
              &#160; <br>
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              <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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            <td valign="top" colspan="6" style="WIDTH: 56.32%">&#160;</td>
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          <tr>
            <td valign="top" colspan="4" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 38.67%">&#160; </td>
            <td valign="top" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 5.02%">&#160; </td>
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            <td valign="top" colspan="2" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 26%">&#160; </td>
            <td valign="top" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 5.71%">&#160; </td>
            <td valign="top" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 5.71%">&#160; </td>
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            <td valign="top" colspan="2" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 26%">&#160; </td>
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              <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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            <td valign="top" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 6.22%">&#160; </td>
            <td valign="top" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 6.29%">&#160; </td>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Signature __________________________________________&#160; Signature
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date ________________, 2019.</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
