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<SEC-DOCUMENT>0000899681-04-000365.txt : 20040430
<SEC-HEADER>0000899681-04-000365.hdr.sgml : 20040430
<ACCEPTANCE-DATETIME>20040430121350
ACCESSION NUMBER:		0000899681-04-000365
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040525
FILED AS OF DATE:		20040430
EFFECTIVENESS DATE:		20040430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYSTEMAX INC
		CENTRAL INDEX KEY:			0000945114
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		IRS NUMBER:				113262067
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13792
		FILM NUMBER:		04768419

	BUSINESS ADDRESS:	
		STREET 1:		22 HARBOR PARK DR
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5166087000

	MAIL ADDRESS:	
		STREET 1:		22 HARBOR PARK DRIVE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GLOBAL DIRECTMAIL CORP
		DATE OF NAME CHANGE:	19950509
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>systemax-def14a_042604.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>def-14a</TITLE>
</HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=3>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C.  20549</FONT><BR>
<BR>
SCHEDULE 14A INFORMATION<BR>
(Rule 14a-101)<BR>
<BR>
INFORMATION REQUIRED IN PROXY STATEMENT<BR>
<BR>
SCHEDULE 14A INFORMATION<BR>
<BR>
Proxy Statement Pursuant to Section 14(a) of the Securities<BR>
Exchange Act of 1934</FONT></P>
<BR>

<P><FONT SIZE=3>Filed by the Registrant [X]<BR>
Filed by a Party other than the Registrant [&nbsp;&nbsp;&nbsp;]<BR>
<BR>
Check the appropriate box:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>[&nbsp;&nbsp;&nbsp;]<BR>
[&nbsp;&nbsp;&nbsp;]<BR>
<BR>
[X]<BR>
[&nbsp;&nbsp;&nbsp;]<BR>
[&nbsp;&nbsp;&nbsp;]</TD>
<TD WIDTH=2% ALIGN=LEFT>&nbsp;&nbsp;</TD>
<TD WIDTH=93% ALIGN=LEFT>Preliminary Proxy Statement<BR>
Confidential, for Use of the Commission Only<BR>
(as permitted by Rule 14a-6(e)(2))<BR>
Definitive Proxy Statement<BR>
Definitive Additional Materials<BR>
Soliciting Material Pursuant to ss.240.14a-11(c)orss. 240.14a-12</TD>
</TR>
</TABLE>
<BR>
<BR>
<BR>
<CENTER><FONT SIZE=3>SYSTEMAX INC.<BR>
<HR SIZE=1 NOSHADE>
Name of Registrant as Specified in Its Charter)
<BR>
<BR>
<BR>
<HR SIZE=1 NOSHADE>
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></CENTER>


<BR>
Payment of Filing Fee (Check the appropriate box):<BR>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>[X]<BR>
[&nbsp;&nbsp;&nbsp;]</TD>
<TD WIDTH=2% ALIGN=LEFT>&nbsp;&nbsp;</TD>
<TD WIDTH=93% ALIGN=LEFT>No fee required<BR>
Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>&nbsp;&nbsp;</TD>
<TD WIDTH=5% ALIGN=LEFT>(1)<BR>
(2)<BR>
(3)<BR>
<BR>
<BR>
(4)<BR>
(5)<BR></TD>
<TD WIDTH=2% ALIGN=LEFT>&nbsp;&nbsp;</TD>
<TD WIDTH=88% ALIGN=LEFT>Title of each class of secruties to which transaction applies:_________________________<BR>
Aggregate number of securities to which transaction applies:________________________<BR>
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule
011 (set forth the amount on which the filing fee is calculated and state how it was determined):
_________________________________________________________________________________________<BR>
Proposed maximum aggregate value of transaction:_______________________________<BR>
Total fee paid:___________________________________________________________</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>[&nbsp;&nbsp;&nbsp;]<BR>
[&nbsp;&nbsp;&nbsp;]</TD>
<TD WIDTH=2% ALIGN=LEFT>&nbsp;&nbsp;</TD>
<TD WIDTH=93% ALIGN=LEFT>Fee previously paid with preliminary materials.<BR>
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2)
and identify the filing for which the offsetting fee was paid previously.  Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing. </TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>&nbsp;&nbsp;</TD>
<TD WIDTH=5% ALIGN=LEFT>(1)<BR>
(2)<BR>
(3)<BR>
(4)</TD>
<TD WIDTH=2% ALIGN=LEFT>&nbsp;&nbsp;</TD>
<TD WIDTH=88% ALIGN=LEFT>Amount Previously Paid:_______________________<BR>
Form, Schedule or Registration Statement No.:__________________________<BR>
Filing Party:_________________________________<BR>
Date Filed:__________________________________ </TD>
</TR>
</TABLE>
<BR>
<PAGE>


<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC.<BR>
11 HARBOR PARK DRIVE<BR>
PORT WASHINGTON, NEW YORK 11050</B></FONT></P>

<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=CENTER>

<P ALIGN=CENTER><FONT SIZE=3><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS<BR>
To Be Held on May 25, 2004</B></FONT></P>

<P><FONT SIZE=3>To Holders of Common Stock of Systemax Inc.:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 2004 Annual Meeting of
the Stockholders of Systemax Inc. (the &#147;Company&#148;) will be held at the
offices of the Company, 11 Harbor Park Drive, Port Washington, New York, on
Tuesday, May 25, 2004 at 2:00 p.m. for the following purposes, as more fully
described in the accompanying Proxy Statement: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>1.       </TD>
<TD WIDTH=90%>To elect the Company's Board of Directors.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>2.       </TD>
<TD WIDTH=90%>To consider and vote upon a proposal to approve amendments to the
Company's 1999 Long-Term Stock Incentive Plan.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>3.</TD>
<TD WIDTH=90%>To consider and vote upon a proposal to ratify the appointment of
Deloitte &amp; Touche LLP as the Company's independent auditors for fiscal
2004.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%>4.</TD>
<TD WIDTH=90%>To transact such other business as may properly come before the
meeting and any and all adjournments or postponements thereof.</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors has
fixed the close of business on April 26, 2004 as the record date for the
determination of the stockholders entitled to notice of and to vote at the
meeting and at any adjournment or postponement thereof. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stockholders are invited to
attend the meeting. Whether or not you expect to attend, WE URGE YOU TO SIGN,
DATE AND PROMPTLY RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED POSTAGE PREPAID
ENVELOPE. If you attend the meeting, you may vote your shares in person, which
will revoke any previously executed proxy. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If your shares are held of
record by a broker, bank or other nominee and you wish to attend the meeting,
you must obtain a letter from the broker, bank or other nominee confirming your
beneficial ownership of the shares and bring it to the meeting. In order to vote
your shares at the meeting, you must obtain from the record holder a proxy
issued in your name. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Regardless of how many
shares you own, your vote is very important. Please SIGN, DATE AND RETURN THE
ENCLOSED PROXY CARD TODAY. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%></TD>
<TD WIDTH=50%>Sincerely,<BR>
<BR>
CURT S. RUSH,<BR>
<I>General Counsel and Secretary</I></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%>Port Washington, New York<BR>
April 30, 2004</TD>
<TD WIDTH=50%></TD>
</TR>
</TABLE>
<BR>

<PAGE>

<P ALIGN=CENTER><FONT SIZE=3><B>Systemax Inc.<BR>
11 Harbor Park Drive</B><BR>
Port Washington, New York 11050
</FONT></P>

<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=CENTER>

<P ALIGN=CENTER><FONT SIZE=3><B>PROXY STATEMENT</B></FONT></P>

<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=CENTER>

<P><FONT SIZE=3><B>Introduction</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This proxy statement is
furnished in connection with the solicitation of proxies on behalf of the Board
of Directors of Systemax Inc., a Delaware corporation (the &#147;Company&#148;),
for the 2004 Annual Meeting of Stockholders of the Company on May 25, 2004. The
Notice of Annual Meeting, this proxy statement and the accompanying proxy are
first being mailed on or about April 30, 2004 to stockholders of record as of
the close of business on April 26, 2004. You can ensure that your shares are
voted at the meeting by signing, dating and promptly returning the enclosed
proxy in the envelope provided. Sending in a signed proxy will not affect your
right to attend the meeting and vote in person. You may revoke your proxy at any
time before it is voted by notifying the Company&#146;s Transfer Agent, American
Stock Transfer &amp; Trust Company, 59 Maiden Lane, New York, NY 10038
Attention: Proxy Department, in writing, or by executing a subsequent proxy,
which revokes your previously executed proxy. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s
principal executive offices are located at 11 Harbor Park Drive, Port
Washington, New York 11050. </FONT></P>

<P><FONT SIZE=3><B>Voting of Proxies</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Proxies will be voted as
specified by the stockholders. Where specific choices are not indicated, proxies
will be voted for proposals 1, 2 and 3. Under the Delaware General Corporation
Law and the Company&#146;s Amended and Restated Certificate of Incorporation and
the Company&#146;s By-Laws, (1) the affirmative vote of a plurality of the
outstanding shares of Common Stock entitled to vote and present, in person or by
properly executed proxy, at a meeting at which a quorum is present will be
required to elect or reelect a nominated Director, (2) the affirmative vote of
the holders of at least a majority of the shares of Common Stock entitled to
vote and present, in person or by properly executed proxy, at a meeting at which
a quorum is present will be required in order to approve the amendments to the
Company&#146;s 1999 Long-Term Stock Incentive Plan and to ratify the appointment
of Deloitte &amp; Touche LLP as the Company&#146;s independent auditors for
fiscal 2004. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A quorum is representation
in person or by proxy at the Annual Meeting of at least a majority of the
outstanding shares of common stock of the Company. Abstentions will be treated
as votes cast on particular matters as well as shares present and represented
for purposes of establishing a quorum, with the result that an abstention has
the same effect as a negative vote. Where nominee record holders do not vote on
specific issues because they did not receive specific instructions on such
issues from the beneficial owners, such broker non-votes will not be treated as
votes cast on a particular matter, and will therefore have no effect on the
vote, but will be treated as shares present or represented for purposes of
establishing a quorum. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If shares are held through
a broker, nominee, fiduciary or other custodian, you must provide voting
instructions to the record holder in accordance with the record holder&#146;s
requirements in order to ensure the shares are properly voted. Under the rules
of the New York Stock Exchange, member brokers who do not receive instructions
from beneficial owners will be allowed to vote on the election of Directors and
on the ratification of auditors but not on the proposed amendment to the
Company&#146;s 1999 Long-Term Stock Incentive Plan. If you want your shares to
be voted on this issue, you must instruct your broker if your shares are held in
street name </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A list of stockholders of
the Company satisfying the requirements of Section 219 of the Delaware General
Corporation Law shall be available for inspection for any purpose germane to the
meeting during normal business hours at the offices of the Company at least ten
days prior to the Annual Meeting. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On April 26, 2004, the
record date for the 2004 Annual Meeting, there were outstanding and entitled to
vote 34,355,159 shares of Common Stock of the Company entitled to one vote per
share. Stockholders will not be entitled to appraisal rights in connection with
any of the matters to be voted on at the Annual Meeting. </FONT></P>

<P><FONT SIZE=3><B>1. Election of
Directors</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the meeting, seven
Directors are to be elected to serve until their successors have been elected
and qualified. Information regarding such nominees is set forth below. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The accompanying proxy will
be voted for the election of the Board&#146;s nominees unless contrary
instructions are given. If any Board nominee is unable to serve, which is not
anticipated, the persons named as proxies intend to vote for the other Board
nominees and, unless the number of nominees is reduced by the Board of
Directors, for such other person or persons as the Board of Directors may
designate. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of the nominees, other
than Mr. Fiorentino, has served as a director during the fiscal year ended
December 31, 2003. If voting by proxy with respect to the election of directors,
stockholders may vote in favor of all nominees, withhold their votes as to all
nominees or withhold their votes for specific nominees. </FONT></P>

<P><FONT SIZE=3><B>Nominees</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Richard Leeds has served as Chairman of the Board and Chief Executive Officer of
the Company since April 1995. From April 1995 to February 1996 Mr. Leeds also
served as Chief Financial Officer of the Company. Mr. Leeds joined the Company
in 1982 and since 1984 has served in various executive capacities. Mr. Leeds
graduated from New York University in 1982 with a B.S. in Finance. Richard Leeds
is the brother of Bruce and Robert Leeds.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Bruce Leeds has served as Vice Chairman of the Board since April 1995. Mr. Leeds
has served as President of International Operations since 1990. Mr. Leeds joined
the Company in 1977 after graduating from Tufts University with a B.A. in
Economics and since 1982 has served in various executive capacities.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Robert Leeds has served as Vice Chairman and President of Domestic Operations
since April 1995. Since 1982 Mr. Leeds has served in various executive
capacities with the Company. Mr. Leeds graduated from Tufts University in 1977
with a B.S. in Computer Applications Engineering and joined the Company in the
same year.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Gilbert Fiorentino was nominated for election as a Director of the Company by
the Nominating/Corporate Governance Committee of the Board on March 2, 2004. Mr.
Fiorentino is President and Chief Executive Officer of Tiger Direct Inc., a
company he founded in 1988. Tiger Direct became a wholly owned subsidiary of the
Company in 1996. Mr. Fiorentino graduated with honors in 1981 from the
University of Miami with a BS degree in Economics and graduated in 1984 from the
University of Miami Law School. He was an adjunct professor of Business Law at
the University of Miami from 1985 through 1994.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Robert D. Rosenthal has served as a Director of the Company since July 1995. Mr.
Rosenthal is Chairman and Chief Executive Officer of First Long Island
Investors, Inc., which he co-founded in 1983. From July 1971 until September
1983, Mr. Rosenthal held increasingly responsible positions at Entenmann's Inc.,
eventually becoming Executive Vice President and Chief Operating Officer. Mr.
Rosenthal is a 1971 CUM LAUDE graduate of Boston University and a 1974 graduate
of Hofstra University Law School.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stacy S. Dick has served as a Director of the Company since November 1995. Mr.
Dick became Managing Director of Rothschild Inc. in January 2004 and, since
March 2001, has also served as Chief Executive Officer of Continuation
Investments NV, another entity controlled by Rothschild family interests. From
August 1998 to March 2001 Mr. Dick was a principal of Evercore Partners, an
investment banking firm. From 1992 until July 1998 Mr. Dick held increasingly
responsible positions at Tenneco Inc., eventually becoming Executive Vice
President of Tenneco Inc. Prior to joining Tenneco Inc. he was a Managing
Director of The First Boston Corporation, a position he held beginning in 1989.
Mr. Dick graduated from Harvard University with an AB degree MAGNA CUM LAUDE in
1978 and received a Ph.D. in Business Economics from Harvard in 1983.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ann
R. Leven has served as a Director of the Company since May 2001. Ms. Leven
served as Treasurer and Chief Fiscal Officer of the National Gallery of Art in
Washington D.C. from December 1990 to October 1999. From August 1984 to December
1990 she was Chief Financial Officer of the Smithsonian Institution. Ms. Leven
has been a Director of the Delaware Investment's Family of Mutual Funds since
September 1989. From December 1999 to May 2003 Ms. Leven was a Director of
Recoton Corporation. From 1975 to 1993 Ms. Leven taught business strategy and
administration at the Columbia University Graduate School of Business. She
received an M.B.A. degree from Harvard University in 1964.</FONT></P>

<P><FONT SIZE=3><B>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE FOR THE
ELECTION OF ALL THE DIRECTOR NOMINEES, WHICH IS DESIGNATED AS PROPOSAL NO. 1
ON THE ENCLOSED PROXY CARD.</B></FONT></P>

<P><FONT SIZE=3><B>Independence of Directors</B></FONT></P>

<P><FONT SIZE=3>In the judgment of the Board of Directors, each of the following
Directors of the Company meets the standards for independence required by the
New York Stock Exchange: Robert D. Rosenthal, Stacy S. Dick and Ann R. Leven. As
a &#147;controlled company&#148; the Company is exempt from the New York Stock
Exchange requirements (a) that listed companies have a majority of independent
directors, and (b) that the members of the Compensation and Nominating/Corporate
Governance Committees of listed companies be composed entirely of independent
directors. A &#147;controlled company&#148; is defined by the New York Stock
Exchange as a company of which more than 50% of the voting power is held by an
individual, group or other company. The Company is a &#147;controlled
company&#148; in that more than 50% of the voting stock of the Company, in the
aggregate, is owned by certain members of the Leeds family (including Richard
Leeds, Robert Leeds and Bruce Leeds, each of whom is an officer and Director of
the Company) and certain Leeds&#146; family trusts (collectively, the
&#147;Leeds Group&#148;). The Leeds Group has entered into a Stockholders
Agreement with respect to the shares of Company stock it owns. See &#147;Certain
Relationships and Related Transactions&#148; below. </FONT></P>

<P><FONT SIZE=3><B>Corporate Ethics Policy</B></FONT></P>

<P><FONT SIZE=3>The Company has adopted a Corporate Ethics Policy that applies
to all employees of the Company including the Company&#146;s Chief Executive
Officer, Chief Financial Officer and Controller, its principal accounting
officer. The Corporate Ethics Policy is designed to deter wrongdoing and to
promote honest and ethical conduct, compliance with applicable laws and
regulations, full and accurate disclosure of information requiring public
disclosure and the prompt reporting of Policy violations. The Company&#146;s
Corporate Ethics Policy is available on the Company&#146;s website
(<U>www.systemax.com)</U> or can be obtained by writing to Systemax Inc.,
Attention: Board of Directors (Corporate Governance), 11 Harbor Park Drive, Port
Washington, NY 11050. </FONT></P>

<P><FONT SIZE=3><B>Stockholder Communications with Directors</B></FONT></P>

<P><FONT SIZE=3><B>Stockholders of the Company who wish to communicate with the
Board or any individual Director can write to Systemax Inc., Attention: Investor
Relations, 11 Harbor Park Drive, Port Washington, NY 11050</B>. Your letter
should indicate that you are a stockholder of the Company. Depending on the
subject matter of your inquiry, management will: forward the communication to
the Director or Directors to whom it is addressed; attempt to handle the inquiry
directly, as might be the case if you request information about the Company or
it is a stockholder related matter; or not forward the communication if it is
primarily commercial in nature or if it relates to an improper or irrelevant
topic. </FONT></P>

<P><FONT SIZE=3>At each Board meeting, a member of management will present a
summary of all communications received since the last meeting that were not
forwarded and make those communications available to any requesting Director.
</FONT></P>

<P><FONT SIZE=3><B>Director Attendance at Annual Meetings</B></FONT></P>

<P><FONT SIZE=3>The Company expects each Director to attend its Annual
Stockholders Meeting, unless he or she has a valid excuse such as illness or a
conflict in schedules. The Company usually schedules a separate Board meeting in
conjunction with the Stockholders meeting, to elect officers and discuss other
Company matters. Last year all of the Directors attended the Annual Stockholders
Meeting. </FONT></P>

<P><FONT SIZE=3><B>Board Meetings</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the year 2003 the Board of Directors held five meetings, the Audit
Committee held four meetings, the Compensation Committee held one meeting and
the Nominating/Corporate Governance Committee held one meeting. All of the
Directors attended all of the meetings of the Board and the respective
committees of the Board of which they were members. </FONT></P>

<P><FONT SIZE=3><B>Committees of the Board</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Board of Directors has the following standing committees:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Audit Committee</I></B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Audit Committee is appointed by the Board of Directors to assist the Board in
monitoring (i) the integrity of the financial statements of the Company, (ii)
the Company&#146;s compliance with legal and regulatory requirements, (iii) the
independence and qualifications of the Company&#146;s external auditors, and
(iv) the performance of the Company&#146;s internal audit function and external
auditors. It is the Audit Committee&#146;s responsibility to retain or terminate
the external auditors and to prepare the Audit Committee report that the
Securities and Exchange Commission requires to be included in the Company&#146;s
Annual Proxy Statement. (See &#147;Report of the Audit Committee&#148; below.)
As part of its activities, the Audit Committee meets with the Company&#146;s
external auditors at least annually to review the scope and results of the
annual audit and quarterly to discuss the review of the quarterly financial
results. In addition, the Audit Committee receives and considers the external
auditors&#146; comments and recommendations as to internal controls, accounting
staff, management performance and auditing procedures. The Board of Directors
adopted an Audit Committee Charter in June 2000 and a Revised Audit Committee
Charter in February 2003. The rules of the Securities and Exchange Commission
require that the Company attach a copy of such charter to the proxy statement at
least once every three years. A copy of the Revised Audit Committee Charter was
annexed to the Company&#146;s Proxy Statement for the 2003 Annual Meeting of
Stockholders. The members of the Committee are Robert D. Rosenthal, Stacy S.
Dick and Ann R. Leven. The position of Chairman of the Committee is now rotated
annually among the Committee members. Mr. Rosenthal is the current Chairman of
the Committee. On May 2, 2004 Mr. Dick will become the Chairman of the
Committee. <B>In the judgment of the Board of Directors, each of the members of
the Audit Committee meets the standards for independence required by the New
York Stock Exchange</B>. <B>In addition, the Board of Directors has determined
that each of the members of the Audit Committee is an &#147;audit committee
financial expert&#148; as defined by regulations of the Securities and Exchange
Commission.</B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><B>Nominating/Corporate Governance Committee</B></I></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
February 2003, the Board of Directors formed a Nominating/Corporate Governance
Committee in order to, among other things (i) identify individuals qualified to
become Board members, (ii) recommend that the Board select the Director nominees
to stand for election at any meeting of stockholders, (iii) fill any vacancy,
however created, in the Board, (iv) develop and recommend to the Board a code of
business ethics, and (v) develop and recommend to the Board a set of corporate
governance principles applicable to the Company including director qualification
standards, responsibilities and compensation. The members of the
Nominating/Corporate Governance Committee are Messrs. Richard Leeds, Robert D.
Rosenthal, Stacy Dick and Anne R. Leven. In the judgment of the Board of
Directors, Messrs. Rosenthal and Dick meet the standards for independence
required by the New York Stock Exchange. In nominating candidates to become
Board members, the Committee shall take into consideration such factors as it
deems appropriate, including the experience, skill, integrity and background of
the candidates. The Committee may consider candidates proposed by management or
stockholders but is not required to do so. The Committee does not have any
formal policy with regard to the consideration of any Director candidates
recommended by the security holders or any minimum qualifications or specific
procedure for identifying and evaluating nominees for Director as the Board does
not believe that such a formalistic approach is necessary or appropriate at this
time. Stockholders and other Company security holders may propose candidates for
Board membership by writing to Systemax Inc., Attention: Nominating/Corporate
Governance Committee, 11 Harbor Park Drive, Port Washington, NY 11050 so that
the nomination is received by the Company 60 days in advance of the anniversary
date of the immediately preceding Annual Meeting (or by March 26, 2005 to be
considered for the 2005 Annual Meeting). The Charter for the
Nominating/Corporate Governance Committee is available on the Company&#146;s
website <U>(www.systemax.com)</U> or can be obtained by writing to Systemax
Inc., Attention: Board of Directors (Corporate Governance), 11 Harbor Park
Drive, Port Washington, NY 11050. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Compensation Committee</I></B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Compensation Committee&#146;s responsibility is to review and approve corporate
goals relevant to the compensation of the Chief Executive Officer and, after an
evaluation of the Chief Executive Officer&#146;s performance in light of such
goals, to set the compensation of the Chief Executive Officer. The Compensation
Committee is also responsible for reviewing and making periodic recommendations
to the Board with respect to the general compensation, benefits and perquisite
policies and practices of the Company including the Company&#146;s
incentive-based and equity-based compensation plans. Stock option grants to
officers and Directors must also be approved by the Board of Directors. The
Compensation Committee also prepares an annual report on executive compensation
for inclusion in the Annual Proxy Statement. (See &#147;Compensation Committee
Report to Stockholder&#148; below.) The charter for the Compensation Committee
is available on the Company&#146;s website (<U>www.systemax.com)</U> or can be
obtained by writing to Systemax Inc., Attention: Board of Directors (Corporate
Governance), 11 Harbor Park Drive, Port Washington, NY 11050. The members of the
Compensation Committee are Messrs. Robert Leeds, Robert D. Rosenthal and Stacy
S. Dick. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>
<I>Executive Committee</I></B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors
formed an Executive Committee on March 2, 2004 to provide direction and
supervision to the Company&#146;s executive management. The members of the
Executive Committee are Richard Leeds, Robert Leeds and Bruce Leeds. </FONT></P>

<P><FONT SIZE=3><B>Compensation of Directors</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Company&#146;s policy is not to pay compensation to Directors who are also
employees of the Company. In order to continue to retain and attract qualified
Board members, the Board of Directors unanimously approved, on November 11,
2003, an increase in the compensation paid to each Director who is not an
employee of the Company. Each non-employee Director is now paid a fee of $25,000
per year and $2,000 for each meeting of the Board of Directors in which the
Director participates. In addition, the Chairman of the Audit Committee of the
Board now receives an additional $5,000 per year. The non-employee Directors of
the Company also receive, annually, an option to purchase 2,000 shares of Common
Stock pursuant to the Company&#146;s 1995 Stock Option Plan for Non-Employee
Directors. During 2003, Mr. Dick, Mr. Rosenthal and Ms. Leven each received
options to purchase 2,000 shares of Common Stock pursuant to this plan.
</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>REPORT OF THE AUDIT COMMITTEE *</B></FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee of the Board of Directors of the Company operates under its
charter, which was originally adopted by the Board of Directors in Year 2000 and
revised in February 2003. Management is responsible for the Company&#146;s
internal accounting and financial controls, the financial reporting process, the
internal audit function and compliance with the Company&#146;s policies and
legal requirements. The Company&#146;s independent auditors are responsible for
performing an independent audit of the Company&#146;s consolidated financial
statements in accordance with generally accepted auditing standards and for
issuance of a report thereon; they also perform limited reviews of the
Company&#146;s unaudited quarterly financial statements.</TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee&#146;s responsibility is to monitor and oversee these processes
and report its findings to the full board. In the performance of their oversight
functions, the members of the Audit Committee relied upon the information,
opinions, reports and statements presented to them by Company management and by
the independent auditors.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee has reviewed and discussed the audited financial statements of the
Company for the year ended December 31, 2003 with representatives of management,
who represented that the Company&#146;s consolidated financial statements for
fiscal 2003 were prepared in accordance with generally accepted accounting
principles. It has also discussed with Deloitte &amp; Touche LLP, the
Company&#146;s independent auditors, those matters required to be reviewed
pursuant to Statement of Accounting Standards No. 61 (&#147;Communication with
Audit Committees&#148;). The Committee has also received from Deloitte &amp;
Touche LLP written independence disclosures and the letter required by
Independence Standards Board Standard No. 1 (&#147;Independence Discussions with
Audit Committees&#148;) and has had a discussion with them regarding their
independence.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the review of the representations of management, the discussions with
management and the independent accountants and the review of the report of the
independent auditors to the committee, the Audit Committee recommended to the
Board of Directors that the financial statements of the Company for the year
ended December 31, 2003 as audited by Deloitte &amp; Touche LLP be included in
the Company&#146;s Annual Report on Form 10-K filed with the Securities and
Exchange Commission.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%></TD>
<TD WIDTH=50%>AUDIT COMMITTEE<BR>
<BR>
Stacy S. Dick<BR>
Robert D. Rosenthal<BR>
Ann R. Leven</TD>
</TR>
</TABLE>
<BR>

<P ALIGN=LEFT><FONT SIZE=3>___________________________</FONT></P>

<P><FONT SIZE=3><SUP>*</SUP> This section shall not be deemed incorporated by
reference by any general statement incorporating by reference this proxy
statement into any filing under the Securities Act of 1933 or under the
Securities Exchange Act of 1934, except to the extent the Company specifically
incorporates this information by reference, and shall not otherwise be deemed
filed under such Acts. </FONT></P>

<P><FONT SIZE=3><B>Executive Officers</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information with respect to the executive
officers of the Company as of April 26, 2004. </FONT></P>

<PRE>
<FONT SIZE=1>

    Name                      Age         Office
    ----                      ---         ------

    Richard Leeds              44         Chairman and Chief Executive Officer

    Bruce Leeds                48         Vice Chairman and President of International Operations

    Robert Leeds               48         Vice Chairman and President of Domestic Operations

    Steven M. Goldschein       58         Senior Vice President and Chief Financial Officer

    Michael J. Speiller        50         Vice President and Controller

    Curt S. Rush               50         General Counsel and Secretary

    Leslie Biggs               60         Vice President of European Operations

</FONT>
</PRE>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 For
information on Richard Leeds, Bruce Leeds and Robert Leeds, see page
2.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Steven M. Goldschein joined
the Company in December 1997 and was appointed Senior Vice President and Chief
Financial Officer of the Company in January 1998. From 1982 through December
1997 Mr. Goldschein was Vice President-Administration and Chief Financial
Officer of Lambda Electronics Inc. From 1980 through 1982 he was that
company&#146;s Corporate Controller. Mr. Goldschein is a 1968 graduate of
Michigan State University and a Certified Public Accountant in New York. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Michael J. Speiller has
been Vice President and Controller since October 1998. From December 1997
through September 1998 Mr. Speiller was Vice President and Chief Financial
Officer of Lambda Electronics Inc. From 1982 through 1997 he was Vice President
and Controller of Lambda Electronics Inc. From 1980 through 1982 he was a
divisional controller for that company. Prior to that he was an auditor with the
accounting firm of Ernst &amp; Young. Mr. Speiller graduated in 1976 with a B.S.
degree in Public Accounting from the State University of New York at Albany and
is a Certified Public Accountant in New York. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Curt S. Rush has been
General Counsel to the Company since September 1996 and was appointed Secretary
of the Company in October 1996. Prior to joining the Company, Mr. Rush was
employed from 1993 to 1996 as Corporate Counsel to Globe Communications Corp.
and from 1990 to 1993 as Corporate Counsel to the Image Bank, Inc. Mr. Rush
graduated from Hunter College in 1981 with a B.A. degree in Philosophy and
graduated <I>cum laude</I> from Brooklyn Law School in 1984 where he was editor
of the Law Review. He was admitted to the Bar of the State of New York in 1985. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Leslie Biggs has been
Commercial and Financial Director of European Operations since March 1992, when
the Company acquired Misco America Inc. Mr. Biggs joined Misco in April 1990 as
Financial Director. Prior to such time, Mr. Biggs was Group Financial Controller
of Electrocomponents plc, a United Kingdom public company. Mr. Biggs graduated
from Kilburn Polytechnic and qualified as a Chartered Secretary in 1967. </FONT></P>

<P><FONT SIZE=3><B>Stock
Ownership of Certain Beneficial Owners and Management</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table
provides certain information regarding the beneficial
ownership<B><SUP>(1)</SUP></B><SUP></SUP> of the Company&#146;s Common Stock as
of April 26, 2004 by (i)&#160;each of the Company&#146;s Directors and officers
listed in the summary compensation table, (ii)&#160;all current Directors and
executive officers as a group and (iii)&#160;each person known to the Company to
be the beneficial owner of 5% or more of any class of the Company&#146;s voting
securities. </FONT></P>

<PRE>
<FONT SIZE=1>
                                               AMOUNT AND NATURE OF
    DIRECTOR AND EXECUTIVE OFFICERS            BENEFICIAL OWNERSHIP       PERCENT OF CLASS
    -------------------------------            --------------------       ----------------
    Richard Leeds (2)                                  10,503,236               30.6%
    Bruce Leeds (3)                                     8,665,153               25.2%
    Robert Leeds (4)                                    8,665,155               25.2%
    Robert Dooley (5)                                     300,534                 *
    Stacy S. Dick (6)                                      21,500                 *
    Robert D. Rosenthal (6)                                35,000                 *
    Ann R. Leven  (7)                                       5,000                 *
    Steven M. Goldschein (8)                              119,959                 *

    All current  Directors and executive
    officers of the Company (10 persons)               24,750,644               72.0%

       __________________________

(1)  As used in this table  "beneficial  ownership"  means the sole or shared power to vote or direct the voting or
     to dispose or direct the  disposition of any security.  A person is deemed as of any date to have  "beneficial
     ownership"  of any  security  that such  person  has a right to acquire  within 60 days  after such date.  Any
     security that any person named above has the right to acquire within 60 days is deemed to be  outstanding  for
     purposes of  calculating  the ownership  percentage of such person,  but is not deemed to be  outstanding  for
     purposes of calculating the ownership  percentage of any other person.  Unless otherwise  stated,  each person
     owns the  reported  shares  directly and has the sole right to vote and  determine  whether to dispose of such
     shares.
(2)  Includes 1,838,583 shares owned by a limited  partnership of which Richard Leeds is the general partner.  Also
     includes  1,515,412  shares owned by  irrevocable  trusts for the benefit of his brothers'  children for which
     Richard Leeds acts as co-trustee and 494,800 shares owned by a limited  partnership in which Richard Leeds has
     an indirect pecuniary interest.
(3)  Includes  1,515,412  shares owned by  irrevocable  trusts for the benefit of his brothers'  children for which
     Bruce Leeds acts as co-trustee and 494,800  shares owned by a limited  partnership in which Bruce Leeds has an
     indirect pecuniary interest.
(4)  Includes  1,515,412  shares  owned by  irrevocable  trusts for the benefit of his  brothers'  children for
     which Robert  Leeds acts as  co-trustee  and 494,800  shares  owned by a limited  partnership  in which Robert
     Leeds has an indirect pecuniary interest.
(5)  Includes  options to acquire  288,334 shares that are currently  exercisable  pursuant to the terms of the
     Company's 1995 and 1999 Long-Term  Stock  Incentive  Plans.  Mr. Dooley resigned as an officer and Director of
     the Company on March 5, 2004.
(6)  Includes  for each person  options to acquire a total of 21,000  shares that are  exercisable  immediately
     pursuant to the terms of the Company's 1995 Stock Plan for Non-Employee Directors.
(7)  Includes  options to acquire a total of 4,000  shares  that are  exercisable  immediately  pursuant to the
     terms of the Company's 1995 Stock Plan for Non-Employee Directors.
(8)  Includes  options to acquire  118,959 shares that are currently  exercisable  pursuant to the terms of the
     Company's 1995 and 1999 Long-Term Stock Incentive Plan.

* less than 1%

</FONT>
</PRE>

<P><FONT SIZE=3><B>Section 16(a)
Beneficial Ownership Reporting Compliance</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 16(a) of
the Securities Exchange Act of 1934 requires the Company&#146;s officers and
Directors and persons who own more than ten percent of a registered class of the
Company&#146;s equity securities to file reports of ownership and changes in
ownership with the Securities and Exchange Commission (&#147;SEC&#148;).
Officers, Directors and ten-percent stockholders are required by SEC regulation
to furnish the Company with copies of all Section 16(a) forms they file. Based
solely on its review of the copies of Section 16(a) forms received by it, or
written representations from certain reporting persons, the Company believes
that all such filing requirements for the year ended December 31, 2003 were
complied with except that one report was filed late by each of Robert Dooley,
Steven Goldschein, Leslie Biggs, Michael Speiller and Curt Rush. </FONT></P>

<P><FONT SIZE=3><B>Certain
Relationships and Related Transactions</B></FONT></P>

<P><FONT SIZE=3><I><B> Leases</B></I></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company currently
leases its facility in Port Washington, NY from Addwin Realty Associates, an
entity owned by Richard Leeds, Bruce Leeds and Robert Leeds, Directors of the
Company and the Company&#146;s three senior executive officers and principal
stockholders. Rent expense under this lease totaled $612,000 for the year ended
December 31, 2003. The Company believes that these payments were no higher than
would be paid to an unrelated lessor for comparable space. </FONT></P>

<P><FONT SIZE=3><I><B> Stockholders Agreement</B></I></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain members of the
Leeds family (including Richard Leeds, Bruce Leeds and Robert Leeds) and
Leeds&#146; family trusts entered into a Stockholders Agreement pursuant to
which the parties to such agreement agreed to vote in favor of the nominees of
the Board of Directors designated by the holders of a majority of the shares of
Common Stock held by such stockholders. In addition, such agreement prohibits
the sale of shares of Common Stock held by such stockholders without the consent
of the holders of a majority of the shares held by all parties to such
agreement, subject to certain exceptions, including sales pursuant to an
effective registration statement and sales made in accordance with Rule 144.
Such agreement also grants certain drag-along rights in the event of the sale of
all or a portion of the Common Stock held by holders of a majority of the shares
held by such stockholders. As of December 31, 2003, the parties to the
Stockholders Agreement beneficially owned 25,272,700 shares of Common Stock
subject to such agreement (constituting approximately 74% of the Common Stock
outstanding). </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the Stockholders Agreement, the Company granted to the then existing
stockholders party to such agreement demand and incidental, or
&#147;piggy-back,&#148; registration rights with respect to the Common Stock.
The demand registration rights generally provide that the holders of a majority
of the shares held by such stockholders may require, subject to certain
restrictions regarding timing and number of shares, that the Company register
under the Securities Act all or part of the Common Stock held by such
stockholders. Pursuant to the incidental registration rights, the Company is
required to notify such stockholders of any proposed registration of the Common
Stock under the Securities Act and if requested by any such stockholder to
include in such registration any number of shares of Common Stock held by it
subject to certain restrictions. The Company has agreed to pay all expenses and
indemnify any selling stockholders against certain liabilities, including under
the Securities Act, in connection with registrations of Common Stock pursuant to
such agreement. </FONT></P>

<P><FONT SIZE=3><I><B> Related Customer</B></I></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
2003, the Company sold approximately $1,156,000 in merchandise to an entity
which is one-third owned by Richard Leeds and Robert Leeds. The Company believes
these sales were made on an arms-length basis. </FONT></P>


<P><FONT SIZE=3><B>Compensation of Executive Officers</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
following table sets forth the compensation earned by the Chief Executive
Officer (&#147;CEO&#148;) and the four most highly compensated executive
officers other than the CEO for the years ended December 31, 2001, 2002 and
2003. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>Summary Compensation Table</B></FONT></P>

<PRE>
<FONT SIZE=1>

<B>                                                                                                       Long-term
                                                                       Annual Compensation            Compensation
                                                -----------------------------------------------------------------------

                                                                                                    Securities
                                                                                 Other Annual       Underlying
         Name and Principal Position        Year        Salary        Bonus    Compensation (1)    Options (#)</B>

Richard Leeds                               2003        $378,101    $75,000       $2,867            None
Chairman and Chief Executive Officer        2002         367,500    $75,000        2,720            None
                                            2001         366,960                   2,900            None

Bruce Leeds                                 2003        $378,101    $75,000       $2,398            None
Vice Chairman and President of              2002         367,500    $75,000        2,377            None
 International Operations                   2001         366,960                   2,246            None

Robert Leeds                                2003        $378,101    $75,000       $2,473            None
Vice Chairman and President of              2002         367,500    $75,000        2,340            None
 Domestic Operations                        2001         366,960                   1,778            None

Robert Dooley (2)                           2003        $346,677                  $6,042            40,000
Director and Senior Vice President -        2002         334,998    $25,000        5,582           100,000
 Worldwide Computer Sales and Marketing     2001         331,467     25,000        4,514           100,000

Steven M. Goldschein                        2003        $371,157    $30,000       $2,527            40,000
Senior Vice President and Chief             2002         357,666     20,000        2,573            37,500
 Financial Officer                          2001         353,885     18,500        4,087            37,500



(1)  Includes the Company's pension and profit sharing plan  contributions,  automobile and gasoline  allowance
     and excess life insurance coverage over $50,000.
(2)  Mr. Dooley resigned as an officer and Director of the Company on March 5, 2004.


<B>                                             Option Grants in Last Fiscal Year

                                                     Individual Grants
                   --------------------------------------------------------------------------------------

                                              Percent of                                  Potential Realizable
                             Number of          Total                                           Value At
                            Securities         Options                                       Assumed Annual
                            Underlying        Granted to    Exercise or                      Rates of Stock
                            Options          Employees       Base Price    Expiration       Price Appreciation
           Name             Granted (#)     in Fiscal Year  ($/Share)       Date            For Option Term
           ----            -----------      -------------   ---------       ----            ---------------
                                                                                             5%($)   10%($)
                                                                                             -----   ------</B>
  Richard Leeds               --                --            --             --               --       --
  Bruce Leeds                 --                --            --             --               --       --
  Robert Leeds                --                --            --             --               --       --
  Robert Dooley            40,000            3.8%          $1.76          2/28/2013          $44,000   $112,000
  Steven M.                40,000            3.8%          $1.76          2/28/2013          $44,000   $112,000
  Goldschein

                                 <B>Aggregated Option Exercises in Last Fiscal Year and
                                         Fiscal Year-End Option Values

                                                                      Number of
                                                                      Securities           Value of
                                                                      Underlying          Unexercised
                                                                     Unexercised         In-the-money
                                          Shares                      Options At          Options At
                                         Acquired                 December 31, 2003    December 31, 2003
                                            On         Value       (#)Exercisable/       Exercisable/
             Name                      Exercise(#)   Realized($)    Unexercisable        Unexercisable
             ----                      -----------   -----------    -------------        -------------</B>
             Richard Leeds                  -            -                -                    -
             Bruce Leeds                    -            -                -                    -
             Robert Leeds                   -            -                -                    -
             Robert Dooley                  -            -          250,000/340,000    $597,000/$432,000
             Steven  M. Goldschein          -            -           96,250/155,000    $224,000/$284,000
</FONT>
</PRE>

<P><FONT SIZE=3><B>Compensation Committee Report to Stockholders
<SUP>*</SUP></B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Compensation Committee of the Board of Directors is responsible for
administering the executive compensation plans and programs of the Company and
for making recommendations to the Board of Directors regarding the compensation
of and benefits provided to the Chief Executive Officer and the other executive
officers. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
establishing compensation and benefit levels for executive officers, the
Committee seeks to (1) attract and retain individuals of superior ability and
managerial talent, (2) motivate executive officers to increase Company
performance primarily for the benefit of its stockholders but also for the
benefit of its customers and other constituencies and (3) reward executives for
superior individual contributions to the achievement of the Company&#146;s
business objectives. To these ends, the Company&#146;s executive compensation
package may consist of a base salary, annual cash bonus compensation and
stock-based long-term incentive awards. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Salary levels generally are determined based on the Committee&#146;s subjective
assessment of prevailing levels among the Company&#146;s competitors. At higher
levels, however, individual and Company performance will be given greater
weight, along with competitive considerations. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
establishing annual bonuses, the Committee considers such factors relating to
the Company&#146;s overall performance as it, in its discretion, considers to be
appropriate and assigns such weight to each such factor as it considers to be
appropriate. The Committee may also consider its assessment of each
individual&#146;s contribution to the improvement of operating results, growth,
profitability and efficient operation of the Company. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stock-based incentives, at the present time consisting of stock options granted
at 100% or more of the stock&#146;s fair market value on the grant date,
constitute the long-term portion of the Company&#146;s executive compensation
package. Stock options provide an incentive for executives to increase the
Company&#146;s stock price and therefore, the return to the Company&#146;s
stockholders. The vesting of certain executive stock options may be accelerated
based upon the achievement of certain financial objectives by certain divisions
of the Company. The number and timing of stock option grants are decided by the
Committee based on its subjective assessment, with the advice of independent
consultants, of prevailing levels of similar compensation among the
Company&#146;s competitors. Stock option grants to officers and Directors must
be approved by the Board of Directors. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%></TD>
<TD WIDTH=50%>COMPENSATION COMMITTEE<BR>
<BR>
Robert Leeds<BR>
Robert D. Rosenthal<BR>
Stacy S. Dick</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *
This section shall not be deemed incorporated by reference by any general
statement incorporating by reference this Proxy Statement into any filing under
the Securities Act of 1933 or under the Securities Exchange Act of 1934, except
to the extent the Company specifically incorporates this information by
reference, and shall not otherwise be deemed &#147;soliciting material&#148; or
filed under such Acts. </FONT></P>


<P><FONT SIZE=3><B>Compensation Committee Interlocks and Insider
Participation</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
members of the Company&#146;s Compensation Committee for fiscal year 2003 were
Robert Leeds, Robert D. Rosenthal and Stacy S. Dick. Other than Robert Leeds, no
member of the Compensation Committee is employed by the Company. No Director of
the Company served during the last completed fiscal year as an executive officer
of any entity whose compensation committee (or other comparable committee, or
the Board, as appropriate) included an executive officer of the Company. There
are no &#147;interlocks&#148; as defined by the Securities and Exchange
Commission. </FONT></P>


<P><FONT SIZE=3><B>Stock Price Performance Graph</B> <SUP>*</SUP></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
graph below compares cumulative total return of the Company, the S &amp; P 500
and the S &amp; P Retail Index for the period beginning December 31, 1998
through December 31, 2003. The stock price performance shown on the graph below
is not necessarily indicative of future price performance. The graph and chart
assumes that the value of the investment in the Company&#146;s Common Stock and
for each index was $100 on December 31, 1998 and reflects reinvestment of
dividends and market capitalization weighing. </FONT></P>

<IMG SRC="louden.jpg">

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<SUP>*</SUP> This report
shall not be deemed incorporated by reference by any general statement
incorporating by reference this proxy statement into any filing under the
Securities Act of 1933 or the Securities Exchange Act of 1934, except to the
extent that the Company specifically incorporates this information by reference,
and shall not otherwise be deemed filed under such Acts. </FONT></P>

<P><FONT SIZE=3><B>Equity Compensation Plans</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets
forth information regarding the Company&#146;s existing compensation plans and
individual compensation arrangements pursuant to which its equity securities are
authorized for issuance to employees and non-employees (such as Directors,
consultants, advisors, vendors, customers, suppliers or lenders) in exchange for
consideration in the form of goods or services: </FONT></P>

<PRE>
<FONT SIZE=1>
                                            (a)                          (b)                          (c)
                                                                                             Number of securities
                                                                                             remaining for future
                                Number of securities to be    Weighted-average exercise      issuance under equity
                                  issued upon exercise of       price of outstanding          compensation plans
                                   outstanding options,        options, Warrants and         (excluding securities
        Plan Category               Warrants and Rights                Rights              reflected in column (a))
        -------------               -------------------       -------------------------    ------------------------

Equity compensation plans
   approved by security
   holders                               2,821,302                      $3.70                     4,094,357*
Equity compensation plans not
   approved by  security                       _                          _                            _
   holders                              __________                                                 _________

Total                                    2,821,302                      $3.70                      4,094,357
                                         =========                                                 =========

</FONT>
</PRE>

<P><FONT SIZE=3>* Includes 3,000,000 shares available for issuance under the
Company&#146;s 1999 Long-Term Stock Incentive Plan, as amended. The Company is
seeking stockholder approval of the amendments to this plan. (See Proposal
Number 2 below.) </FONT></P>

<P><FONT SIZE=3><B>2. Proposal to Approve Amendments to the Company&#146;s 1999
Long-Term Stock Incentive Plan</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On
May 20, 2003 the Board of Directors of Systemax Inc. (the &#147;Company&#148;)
amended the Company&#146;s 1999 Long Term Stock Incentive Plan (the
&#147;Plan&#148;) to, among other things, (a) increase the number of Company
shares with respect to which awards may be granted under the Plan to a total of
5 million shares, (b) increase the limit on yearly award grants to individuals
to 1,500,000 shares per type of award and 3,000,000 shares in total, and (c)
extend the expiration date of the Plan to December 31, 2009. Stockholder
approval of the amended Plan is being sought in order to qualify options granted
under the plan for incentive compensation treatment under Section 162(m) of the
Internal Revenue Code (the &#147;Code&#148;), as discussed below. A copy of the
amended Plan is attached as Exhibit A to this proxy statement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
following is a summary of the principal provisions of the Plan.</FONT></P>

<P><FONT SIZE=3><B>Purpose</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
purposes of the Plan are to promote the interests of Systemax Inc. and its
stockholders by (i) attracting and retaining exceptional executive personnel and
other key employees, including consultants and advisors to the Company and its
Affiliates; (ii) motivating such employees, consultants and advisors by means of
performance-related incentives to achieve longer-ranger performance goals; and
(iii) enabling such employees, consultants and advisors to participate in the
long-term growth and financial success of the Company. </FONT></P>

<P><FONT SIZE=3><B>Shares Available Under the Plan</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
maximum number of common shares that may be the subject of awards under the Plan
is 5,000,000 shares. Prior to the Plan&#146;s amendment the maximum number was
2,000,000 shares. As of April 26, 2004, options to purchase 1,703,069 shares
were outstanding under the Plan. No other type of award has been granted under
the Plan. The weighted-average exercise price of outstanding options previously
granted under the Plan is $2.55. The number of shares remaining available for
future issuance under the Plan is 127,648 excluding the shares that are the
subject of this Plan amendment and 3,127,648 including the shares that are the
subject of this Plan amendment. The maximum number of common shares that may be
the subject of awards granted to any person during any calendar year cannot
exceed 1,500,000 shares per type of awards and 3,000,000 shares in total. Such
number of shares is subject to adjustment resulting from stock dividends,
split-ups, conversions, exchanges, reclassifications, or other substitutions of
securities for the common shares. Any shares underlying what are called
Substitute Awards (awards granted in assumption of, or in substitution for,
outstanding awards previously granted by a company acquired by the Company or
with which the Company combines) under the Plan shall not, except in the case of
shares with respect to which substitute are granted to employees who are
officers or directors of the Company for purposes of Section 16 of the Exchange
Act or any successor section thereto, be counted against the shares available
for awards under the Plan. </FONT></P>

<P><FONT SIZE=3> Shares subject to options granted under the Plan as of April
26, 2004 were as follows:</FONT></P>

<PRE>
<FONT SIZE=1>

         NAME AND POSITION                                                    NUMBER OF UNITS
         -----------------                                                    ---------------

         Richard Leeds, Chairman and CEO                                             0
         Bruce Leeds, Vice Chm. and Pres.                                            0
         Robert Leeds, Vice Chm. and Pres.                                           0
         Robert Dooley, Director, Exec. V.P. *                                   240,000
         Steven M. Goldschein, Senior V.P., CFO                                   77,500
         Executive Group                                                         425,000
         Non-Executive Director Group                                                0
         Non-Executive Officer Employee Group                                    1,278,069

         * resigned on March 5, 2004.

</FONT>
</PRE>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On April 21, 2004 the
closing price of the common shares, as reported on the New York Stock Exchange,
was $5.50. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
any option under the Plan shall expire or terminate without having been
exercised in full or if any award should be forfeited or settled for cash or is
otherwise terminated or cancelled without the delivery of shares, the
unpurchased, forfeited or cancelled shares may again be made subject to awards
under the plan;
<I>provided, however,</I> that with respect to any options or stock appreciation
rights granted to any individual who is a &#147;covered employee&#148; as
defined in Section 162(m) of the Code and the regulations thereunder that is
canceled or as to which the exercise price or grant price is reduced, the number
of shares subject to such options or stock appreciation rights shall continue to
count against the maximum number of shares which may be the subject of options
and stock appreciation rights granted to such covered employee and such maximum
number of shares shall be determined in accordance with Section 162(m) of the
Code and regulations promulgated thereunder. Common shares delivered under the
Plan will be made available, at the discretion of the Compensation Committee,
either from authorized but unissued shares or from previously issued shares of
common shares reacquired by the Company, including shares purchased on the open
market. </FONT></P>

<P><FONT SIZE=3><B>Administration</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Plan is administered by the Compensation Committee (the &#147;Committee&#148;),
which is appointed by the Company&#146;s Board of Directors and consists of not
less than two members of the Board of Directors who are &#147;Non-Employee
Directors&#148; within the meaning of Rule 16b-3(d)(3) (as it may be amended
from time to time) promulgated by the SEC under the Securities Exchange Act and
&#147;outside directors&#148; within the meaning of Section 162(m) of the Code.
Under the Plan, however, options granted to members of the Board of Directors
who are not also employees must be granted by action of the full Board and
options granted to consultants can be granted by action of either the Committee
or the full Board, as applicable. The Board may remove any member of the
Committee at any time, with or without cause. Options are granted in the
discretion of the Committee or the Board of Directors. For the balance of this
description, references to the Committee shall be deemed to refer to the Board
of Directors in the case of options granted by the Board to directors or
consultants. </FONT></P>

<P><FONT SIZE=3><B>Types of Awards to be Granted</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Committee may grant under the Plan either incentive stock options within the
meaning of Section 422 of the Code (&#147;incentive stock options&#148; or
&#147;incentive options&#148;) or options that do not satisfy Section 422
(&#147;non-qualified stock options&#148;) (see &#147;Federal Income Tax
Consequences&#148; below). The Committee may also grant other stock-based
awards, including stock appreciation rights, restricted stock and restricted
stock units, performance awards and other stock-based awards. The Plan provides
that the aggregate fair market value (determined as of the date of grant of an
option) of the common shares with respect to which incentive stock options
granted to an individual under all incentive stock option plans of the Company
are exercisable for the first time by a participant during any calendar year
shall not exceed $100,000. Incentive options can be granted only to employees.
</FONT></P>

<P><FONT SIZE=3><B>Eligibility and Conditions of Grant</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Persons eligible to receive awards under the Plan are such employees and
directors of, and consultants and advisors to, the Company and its subsidiaries
as the Committee may select in its sole discretion. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
number of shares or options to be awarded to any individual under the Plan and
the term, the exercise price and the vesting schedule thereof is determined by
the Committee in its sole discretion (based upon the Committee&#146;s
determination as to the contribution or anticipated contribution of the
individual to the success of the Company), but in the case of incentive options
the price shall not be less than the fair market value (110% of the fair market
value for ten-percent shareholders) of a Common Share on the date such option is
granted and the option term must not exceed 10 years (five years in the case of
ten-percent shareholders). Options and all rights thereunder are
non-transferable and non-assignable by the holder, except to the extent that the
estate of a deceased holder of an option may be permitted to exercise such
option or as otherwise allowed by the Committee in certain instances.
</FONT></P>

<P><FONT SIZE=3><B>Exercise of Options</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Options shall be exercisable at such rate and times as are fixed by the
Committee for each option. Notwithstanding the foregoing, all or any part of any
remaining unexercised options granted to any person under the Plan may be
exercised (a) immediately upon (but prior to the expiration of the term of the
option) the holder&#146;s retirement from the Company on or after his or her
65th birthday, (b) subject to the provisions of the Plan concerning termination
of employment, upon the disability (to the extent and in a manner as shall be
determined by the Committee in its sole discretion) or death of the holder, (c)
upon the occurrence of such special circumstances or event as in the opinion of
the Committee merits special consideration or (d) with a few exceptions, if
while the holder is employed by, or serving as a director of or consultant to,
the Company there occurs the acquisition by a person or entity, or a group of
persons or entities acting in conjunction, of 20% or more of the issued and
outstanding shares of the Company having ordinary voting power, or a sale,
lease, transfer or other disposition of all or substantially all of the assets
of the Company, or a merger or consolidation of the Company into or with any
other company which results in the acquisition of the Company by a
non-affiliated entity, or any other event which would similarly constitute an
acquisition of the Company by a non-affiliated entity. </FONT></P>

<P><FONT SIZE=3><B>Payment for and Issuance of Shares</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Payment for the shares purchased pursuant to the exercise of an option shall be
made in full at the time of the exercise of the option either (a) in cash or its
equivalent, or, if and to what extent permitted by the Committee, by exchanging
shares owned by the optionee (which are not the subject of any pledge or other
security interest), or by a combination of the foregoing, provided that the
combined value of all cash and cash equivalents and the fair market value of any
such shares so tendered to the Company as of the date of such tender is at least
equal to such option exercise price The Plan contains standard provisions to
assure that any exercise of an option or the issuance of shares will comply with
applicable securities and income tax withholding laws. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
the event that any participant delivers shares in payment of the exercise price
of any option, the Committee shall have the authority to grant or provide for
the automatic grant of a restoration option to such participant. The grant of a
restoration option shall be subject to the satisfaction of such conditions or
criteria as the Committee in its sole discretion shall establish from time to
time. A restoration option shall entitle the holder thereof to purchase a number
of shares equal to the number of such shares so delivered upon exercise of the
original option. A restoration option shall have a per share exercise price of
not less than 100% of the per share market value on the date of grant of such
restoration option, a term no longer than the remaining term of the original
option at the time of exercise thereof, and such other terms and conditions as
the Committee in its sole discretion shall determine. </FONT></P>

<P><FONT SIZE=3><B>Amendment and Termination of the Plan</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Board of Directors may at any time amend, suspend or discontinue the Plan except
that no amendment to the Plan can increase the number of shares for which
options may be granted under the Plan or to any individual in any calendar year
(except pursuant to the adjustment provisions described above) or change the
class of persons to whom options may be granted without shareholder approval, or
permit the granting of options after December 31, 2009 (except with respect to
restoration options with regard to options that themselves survive beyond 2009).
In addition, no amendment can alter the terms and conditions of any option
granted prior to the amendment, unless the holder consents to such amendment.
</FONT></P>

<P><FONT SIZE=3><B>Section 162(m) of the Code</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under Section 162(m) of the Code, publicly-held companies generally may not
deduct compensation that exceeds $1 million to any proxy-named executive officer
with respect to the taxable year. Compensation which is performance-based (as
defined in Section 162(m) and regulations thereunder), however, is not counted
as subject to the deductibility limitations of Section 162(m). Options granted
under the Plan are intended to qualify as performance-based under Section 162(m)
and related regulations. </FONT></P>

<P><FONT SIZE=3><B>Vote Required for Approval</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Shareholder approval of the amendment to increase the number of shares eligible
for grant under the Plan is required pursuant to the Code (as it relates to
incentive stock options and to Section 162(m)). Future amendments to the Plan
will also require shareholder approval pursuant to the rules of the New York
Stock Exchange. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Approval of the amendments will require the affirmative vote of the holders of a
majority of the votes cast on this issue. There are no rights of appraisal or
dissenter&#146;s rights as a result of a vote on this issue. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE TO APPROVE THE
COMPANY&#146;S 1999 LONG-TERM STOCK INCENTIVE PLAN AS AMENDED, WHICH IS
DESIGNATED AS PROPOSAL NO. 2 ON THE ENCLOSED PROXY CARD.</B></FONT></P>

<P><FONT SIZE=3><B>3. Ratification of Independent Auditors</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Action is to be taken at the Annual Meeting to ratify the selection of Deloitte
&amp; Touche LLP as independent auditors of the Company for the fiscal year
ended December 31, 2004. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Representatives of Deloitte &amp; Touche LLP, which began serving as the
Company&#146;s independent auditors in 1993, are expected to be present at the
Annual Meeting and to be available to respond to appropriate questions. They
will have an opportunity to make a statement if they so desire. </FONT></P>

<P><FONT SIZE=3><B>Fees Billed to the Company by Deloitte &amp; Touche LLP for
Services During Fiscal 2003</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
fees billed by Deloitte &amp; Touche LLP, our independent auditors in fiscal
2003 and 2002, were as follows: </FONT></P>

<PRE>

                                                 Fiscal 2003       Fiscal 2002
                                                 -----------       -----------
    Audit Fees                                      $777,000          $797,000
    Audit-related Fees                                   ---               ---
    Tax Fees                                         $57,000           $81,000
    All Other Fees                                       ---           $42,000

</PRE>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Audit fees included charges for auditing the Company&#146;s annual financial
statements and reviewing those financial statements included in the
Company&#146;s quarterly reports on Form 10-Q. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Audit-related Fees included consultations regarding generally accepted
accounting principals. Tax Fees included services for international tax
compliance and advice. All Other Fees included consulting work performed in
connection with local excise tax recovery. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Audit Committee is responsible for approving every engagement of Deloitte &amp;
Touche to perform audit or non-audit services on behalf of the Company or any of
its subsidiaries before Deloitte &amp; Touche is engaged to provide those
services. The Audit Committee of the Board of Directors has reviewed the
services provided to the Company by Deloitte &amp; Touche LLP and believes that
the non-audit/review services it has provided are compatible with maintaining
the auditor&#146;s independence. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Shareholder ratification of the selection of Deloitte &amp; Touche LLP as the
Company&#146;s independent public accountants is not required by the
Company&#146;s By-Laws or other applicable legal requirement. However, the Board
is submitting the selection of Deloitte &amp; Touche LLP to the stockholders for
ratification as a matter of good corporate practice. If the stockholders fail to
ratify the selection, the Audit Committee will reconsider whether or not to
retain that firm. Even if the selection is ratified, the Audit Committee at its
discretion may direct the appointment of a different independent accounting firm
at any time during the year if it determines that such a change would be in the
best interests of the Company and its stockholders. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE FOR THE RATIFICATION OF
THE APPOINTMENT OF DELOITTE &amp; TOUCHE LLP AS THE COMPANY&#146;S INDEPENDENT
AUDITORS FOR FISCAL 2004, WHICH IS DESIGNATED AS PROPOSAL NO. 3 ON THE ENCLOSED
PROXY CARD.</B> </FONT></P>

<P><FONT SIZE=3><B>Solicitation of Proxies</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
cost of soliciting proxies for the 2004 Annual Meeting will be borne by the
Company. In addition to solicitation by mail, solicitations may also be made by
personal interview, fax and telephone. Arrangements will be made with brokerage
houses and other custodians, nominees and fiduciaries to send proxies and proxy
material to their principals, and the Company will reimburse them for expenses
in so doing. Consistent with the Company&#146;s confidential voting procedure,
Directors, officers and other regular employees of the Company, as yet
undesignated, may also request the return of proxies by telephone or fax, or in
person. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>Annual Report</B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Annual Report of the Company for the year ended December 31, 2003 was first
mailed to all stockholders with this proxy statement. </FONT></P>

<P><FONT SIZE=3><B>Stockholder Proposals</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Company&#146;s By-Laws require that stockholder proposals intended to be
presented at an Annual Meeting, including proposals for the nomination of
Directors, must be received by the Company 60 days in advance of the anniversary
date of the immediately preceding annual meeting, or by March 26, 2005, to be
considered for the 2005 Annual Meeting. The requirements for submitting such
proposals are set forth in the Company&#146;s By-Laws. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stockholder proposals intended to be considered for inclusion in the
Company&#146;s proxy statement for presentation at the 2005 Annual Meeting must
be received by the Company by December 31, 2004. </FONT></P>

<P><FONT SIZE=3><B>Other Matters</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Board of Directors does not know of any matter other than those described in
this proxy statement that will be presented for action at the meeting. If other
matters properly come before the meeting, the persons named as proxies intend to
vote the shares they represent in accordance with their judgment. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>A COPY OF THE COMPANY&#146;S FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2003
IS INCLUDED AS PART OF THE COMPANY&#146;S ANNUAL REPORT ACCOMPANYING THIS PROXY
STATEMENT. AN ADDITIONAL COPY MAY BE OBTAINED WITHOUT CHARGE UPON WRITTEN
REQUEST. Such request should be sent to: SYSTEMAX INC., 11 Harbor Park Drive,
Port Washington, New York 11050 Attention: Investor Relations or via email to
investinfo@systemax.com.</B> </FONT></P>

<PAGE>

<P ALIGN=RIGHT><FONT SIZE=3> EXHIBIT A</FONT></P>


<P><FONT SIZE=3><B>SYSTEMAX INC.<BR> 1999 Long-Term Stock Incentive Plan<BR>
(Amended As Of May 20, 2003)</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 1. <U>Purpose</U>. The purposes of this Systemax Inc. 1999 Long Term
Stock Incentive Plan are to promote the interests of Systemax Inc. and its
stockholders by (i) attracting and retaining exceptional executive personnel and
other key employees, including consultants and advisors to the Company and its
Affiliates, as defined below; (ii) motivating such employees, consultants and
advisors by means of performance-related incentives to achieve longer-ranger
performance goals; and (iii) enabling such employees, consultants and advisors
to participate in the long-term growth and financial success of the Company.
</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 2. <U>Definitions</U>. As used in the plan, the following terms shall
have the meanings set forth below: &#147;Affiliate&#148; shall mean (i) any
entity that, directly or indirectly, is controlled by the Company and (ii) any
entity in which the Company has significant equity interest, in either case as
determined by the Committee. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Award&#148; shall mean any Option, Stock Appreciation Right, Restricted
Stock Award, Performance Award, Performance Award or other Stock-Based Award.
</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Award Agreement&#148; shall mean any written agreement, contract, or other
instrument or document evidencing any Award, which may, but need not, be
executed or acknowledged by a Participant. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"Board" shall mean the Board of Directors of the Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"Code" shall mean the Internal Revenue Code of 1986, as amended from time to
time.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Committee&#148; shall mean a committee of the Board designated by the
Board to administer the Plan and composed of not less than two Directors, each
of whom, to the extent necessary to comply with Rule 16b-3 and to the extent
that such persons are available, is a &#147;Non-Employee Director&#148; within
the meaning of Rule 16b-3 and, to the extent that such persons are available,
each of whom is an &#147;outside Director&#148; within the meaning of Section
162 (m) of the Code. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"Company" shall mean Systemax Inc., together with any successor
thereto.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Employee&#148; shall mean (i) an employee of the Company or of any
affiliate and (ii) an individual providing consulting or advisory services to
the Company or any Affiliate as an independent contractor. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Fair Market Value&#148; shall mean the fair market value of the property
or other item being valued, as determined by the Committee in its sole
discretion. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Incentive Stock Option&#148; shall mean a right to purchase Shares that
is<B> </B>intended to meet the requirements of Section 422 of the Code or any
successor provision thereto. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Non-Qualified Stock Option&#148; shall mean a right to purchase Shares
from the Company that is granted under Section 6 of the Plan and that is not
intended to be an Incentive Stock Option. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"Option" shall mean a Non-Qualified Stock Option and shall include a Restoration
Option.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"Other Stock-Based Award" shall mean any right granted under Section 10 of the
Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"Participant" shall mean any Employee selected by the Committee to receive an
Award under the Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"Performance Award" shall mean any right granted under Section 9 of the
Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Person&#148; shall
mean any individual, corporation, partnership, association, joint-stock company,
trust, unincorporated organization, government or political subdivision thereof
or other entity. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"Plan" shall mean this Systemax 1999 Long-Term Stock Incentive Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"Restoration Option" shall mean an Option granted pursuant to Section 6(e) of
the Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"Restricted Stock" shall mean any Share granted under Section 8 of the
Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"RestrKicted Stock Unit" shall mean any united granted under Section 8 of the
Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Rule 16b-3&#148; shall mean Rule 16b-3 as promulgated and interpreted by
the SEC under the Exchange Act, or any successor rule or regulation thereto as
in effect from time to time. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;SEC&#148; shall mean the Securities and Exchange Commission or any
successor thereto and shall include the Staff thereof. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Shares&#148; shall mean the common stock of the Company, $0.01 par value,
or such other securities of the Company as may be designated by the Committee
from time to time. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"Stock Appreciation Right" shall mean any right granted under Section 7 of the
Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Substitute Awards&#148; shall mean Awards granted in assumption of, or in
substitution for, outstanding awards previously granted by a company acquired by
the Company or with which the Company combines. </FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 3. <U>Administration</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) The Plan shall be administered by the Committee. Subject to the terms of the
Plan and applicable law, and in addition to other express powers and
authorizations conferred on the Committee by the Plan, the Committee shall have
full power and authority to (i) designate Participants; (ii) determine the type
or types of Awards to be granted to an eligible Employee; (iii) determine the
number of Shares to be covered by, or with respect to which payments, rights, or
other matters are to be calculated in connection with, Awards; (iv) determine
the terms and conditions of any Award; (v) determine whether, to what extent,
and under what circumstances Awards may be settled or exercised in cash, Shares,
other securities, other Awards or other property, or cancelled, forfeited, or
suspended and the method or methods by which Awards may be settled, exercised,
cancelled, forfeited, or suspended; (vi) determine whether, to what extent, and
under what circumstances cash, Shares, other securities, other Awards, other
property, and other amounts payable with respect to an Award shall be deferred
either automatically or at the election of the holder thereof or of the
Committee; (vii) interpret and administer the Plan and any instrument or
agreement relating to, or Award made under, the Plan; (viii) establish, amend,
suspend or waive rules and regulations and appoint such agents as it shall deem
appropriate for the proper administration of the Plan; and (ix) make any other
determination and take any other action that the Committee deems necessary or
desirable for the administration of the Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) Unless otherwise expressly provided in the Plan, all designations,
determinations, interpretations, and other decisions under or with respect to
the Plan or any Award shall be within the sole discretion of the Committee, may
be made at any time and shall be final, conclusive, and binding upon all
Persons, including the Company, and Affiliate, and Participant, any holder or
beneficiary of any Award, any shareholder and any Employee.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 4. <U>Shares Available for Awards</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) <U>Shares Available</U>. Subject to adjustment as provided in Section 4(b),
the number of Shares with respect to which Awards maybe granted under the Plan
shall be 5,000,000. The maximum number of Shares which may be the subject of
Options, Stock Appreciation Rights, Restricted Stock and Restricted Stock Units
granted to any individual during any calendar year shall not exceed 1,500,000
Shares per type of Award and 3,000,000 Shares in total. If, after the effective
date of the Plan any Shares covered by an Award granted under the Plan, or to
which such an Award relates, are forfeited, or if an Award is settled for cash
or otherwise terminates or is cancelled without the delivery of Shares, the
Shares covered by such Award, or to which such Award relates, or the number of
Shares otherwise counted against the aggregate number of Shares with respect to
which Awards may be granted, to the extent of any such settlement, forfeiture,
termination or cancellation, shall again be, or shall become, Shares with
respect to which Awards granted; <U>provided</U>, <U>however</U>, that with respect to any
Options or Stock Appreciation Rights granted to any individual
who is a "covered employee" as defined in Section 162(m) of the Code and the
regulations thereunder that is canceled or as to which the exercise price or
grant price is reduced, the number of Shares subject to such Options or Stock
Appreciation Rights shall continue to count against the maximum number of Shares
which may be the subject of Options and Stock Appreciation Rights granted to
such covered employee and such maximum number of Shares shall be determined in
accordance with Section 162(m) of the Code and regulations promulgated
thereunder. In the event that any Option or other Award granted hereunder is
exercised through the delivery of Shares, the number of Shares available for
Awards under the Plan shall be increased by the number of Shares surrendered, to
the extent permissible under Rule 16b-3.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) <U>Adjustments</U>. In the event that the Committee determines that any
dividend or other distribution (whether in the form of cash, Shares, other
securities, or other property), recapitalization, stock split, reverse stock
split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase or exchange of Shares or other securities of the Company, issuance of
warrants or other rights to purchase Shares or other securities of the Company,
or other similar corporate transaction or event affects the Shares such that an
adjustment is determined by the Committee to be appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan, then the Committee shall, in such manner as it
may deem equitable, adjust any or all of (i) the number of Shares or other
securities of the Company (or number and kinds of other securities of the
property) with respect to which Awards may be granted, (ii) the number of Shares
of other securities of the Company (or number and kinds of other securities or
property) subject to outstanding awards, and (iii) the grant or exercise price
with respect to any Award or, if deemed appropriate, make provision for a cash
payment to the holder of an outstanding Award.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)
<U>Substitute Awards</U>. Any Shares underlying Substitute Awards shall not,
except in the case of Shares with respect to which substitute are granted to
Employees who are officers or Directors of the Company for purposes of Section
16 of the Exchange Act or any successor section thereto, be counted against the
Shares available for Awards under the Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)
<U>Sources of Shares Deliverable Under Awards</U>. Any Shares delivered pursuant
to an Award may consist, in whole or in part, of authorized and unissued Shares
or of Treasury Shares.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 5. <U>Eligibility</U>. Any Employee, including any officer or Director
of the Company, shall be eligible to be designated a participant. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 6. <U>Stock Options</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)
<U>Grant</U>. Subject to the provisions of the Plan, the Committee shall have
sole and complete authority to determine the Employees to whom Options shall be
granted, the number of Shares to be covered by each Option. The option price
therefor and the conditions and limitations applicable to the exercise of the
Option. The Committee shall have the authority to grant Non-Qualified Stock
Options. The Committee shall not have the authority to grant Incentive Stock
Options under the Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) <U>Exercise Price</U>. The Committee in it sole discretion shall establish the
exercise price at the time each option is granted.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)
<U>Exercise</U>. Each Option shall be exercisable at such times and subject to
such terms and conditions as the Committee may, in its sole discretion, specify
in the applicable Award Agreement or thereafter. The Committee may impose such
conditions with respect to the exercise of Options, including without
limitation, any relating to the application of federal or state securities laws,
as it may deem necessary or advisable.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)
<U>Payment</U>. No Shares shall be delivered pursuant to any exercise of an
Option until full payment in full of the Option price thereof is received by the
Company. Such payment may be made in cash, or its equivalent, or, if and to what
extent permitted by the Committee, by exchanging Shares owner by the optionee
(which are not the subject of any pledge or other security interest), or by a
combination of the foregoing, provided that the combined value of all cash and
cash equivalents and the Fair Market Value of any such Shares so tendered to the
Company as of the date of such tender is at least equal to such Option
price.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e) <U>Restoration Options</U>. In the event that any Participant delivers Shares in
payment of the exercise price of any Option granted hereunder in accordance with
Section 6(d), the Committee shall have the authority to grant or provide for the
automatic grant of a Restoration Option to such Participant. The Grant of a
Restoration Option shall be subject to the satisfaction of such conditions or
criteria as the Committee in its sole discretion shall establish from time to
time. A Restoration Option shall entitle the holder therof to purchase a number
of Shares equal to the number of such Shares so delivered upon exercise of the
original Option. A Restoration Option shall have a per share exercise price of
not less than 100% of the per Share Market Value on the date of grant of such
Restoration Option, a term no longer than the remaining term of the original
option at the time of exercise thereof, and such other terms and conditions as
the Committee in its sole discretion shall determine.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 7. <U>Stock Appreciation Rights</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)
<U>Grant</U>. Subject to the provisions of the Plan, the Committee shall have
sole and complete authority to determine the Employees to whom Stock
Appreciation Rights shall be granted, the number of Shares to be covered by each
Stock Appreciation Right Award, the grant price thereof and the conditions and
limitations applicable to the exercise thereof. Stock Appreciation Rights may be
granted in tandem with another Award, in addition to another Award, or
freestanding and unrelated to another Award. Stock Appreciation Rights granted
in tandem with or in addition to an Award may be granted either at the same time
as the Award or at a later time. Stock Appreciation Rights shall not be
exercisable earlier than six months after grant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) <U>Exercise and Payment</U>. A Stock Appreciation Right shall entitle the
Participant to receive an amount equal to the excess of the Fair Market Value of
a Share on the date of exercise of the Stock Appreciation Right over the grant
price thereof. The Committee shall determine whether a Stock Appreciation Right
shall be settled in cash, Shares or a combination of cash and Shares.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c) <U>Other Terms and Conditions</U>. Subject to the terms of the Plan and any
applicable Award Agreement, the Committee shall determine, at or after the grant
of a Stock Appreciation Right, the term, methods of exercise, methods and form
of settlement, and any other terms and conditions of any Stock Appreciation
Right. Any such determination by the Committee may be changed by the Committee
from time to time and may govern the exercise of Stock Appreciation Rights
granted or exercised thereafter. The Committee may impose such conditions or
restrictions on the exercise of any Stock Appreciation Right as it shall deem
appropriate.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 8. <U>Restricted Stock and Restricted Stock Units</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)
<U>Grant</U>. Subject to the provisions of the Plan, the Committee shall have
sole and complete authority to determine the Employees to whom Shares of
Restricted Stock and Restricted Stock Units shall be granted, the number of
Shares of Restricted Stock and/or the number of Restricted Stock units to be
granted to each Participant, the duration of the period during which, and the
conditions under which, the Restricted Stock and Restricted Stock Units may be
forfeited to the Company, and the other terms and conditions of such
Awards.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)
<U>Transfer Restrictions</U>. Shares of Restricted Stock and Restricted Stock
Units may not be sold, assigned, transferred, pledged or otherwise encumbered,
except, in the Case of Restricted Stock, as provided in the plan or the
applicable Award agreements. Certificates issues in respect of Shares of
Restricted Stock shall be registered in the name of the Participant and
deposited by such Participant, together with a stock power endorsed in the blank
with the company. Upon the lapse of the restrictions applicable to such Shares
of Restricted Stock, the Company shall deliver such certificates to the
Participant or the Participant's legal representative.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)
<U>Payment</U>. Each Restricted Stock Unit shall have a value equal to the Fair
Market Value of a Share. Restricted Stock Units shall be paid in cash, other
securities or other property, as determined in the sole discretion of the
Committee. Dividends paid on any Shares of Restricted Stock may be directly to
the Participant, or may be reinvested in additional Shares of Restricted Stock
or in additional Restricted Stock Units, as determined by the Committee in its
sole discretion.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d) <U>Objective Performance Goals, Formulae or Standards</U>. If the grant of
Restricted Stock or Restricted Stock Units, or the lapse of restrictions or
vesting, is based on the attainment of one or more objective performance goals
intended to comply with Section 162(m) of the Code, then the Committee shall
establish the performance goals and the applicable vesting percentage of the
Restricted Stock or Restricted Stock Units applicable to each Participant or
class of Participants in writing prior to the beginning of the applicable fiscal
year or at such later date as otherwise determined by the Committee, but in any
event within three months after the beginning of the applicable fiscal year and
while the outcome of the performance goals are substantially uncertain. Such
performance goals may incorporate provisions for disregarding (or adjusting for)
changes in accounting methods, corporate transactions (including, without
limitation, dispositions and acquisitions) and other similar events or
circumstances. With regard to Restricted Stock or Restricted Stock Units that
are intended to comply with Section 162(m) of the Code, to the extent any such
provision would create impermissible discretion under Section 162(m) of the Code
or otherwise violate Section 162(m) of the Code, such provision shall be of no
force or effect. The applicable performance goals shall be based on one or more
of the following performance criteria: Share price, earnings (including but not
limited to EBITDA), earnings per Share, sales, return on equity, or expenses.
Prior to the lapse of restrictions or vesting of Restricted Stock or Restricted
Stock Units which are based on one or more of the performance goals hereunder,
the Committee shall certify in writing (which may be by approved minutes) that
the applicable performance goals were in fact satisfied.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 9. <U>Performance Awards</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)
<U>Grant</U>. The Committee shall have sole and complete authority to determine
Employees who shall receive a "Performance Award", which shall consist of a
right which is (i) denominated in cash or Shares, (ii) valued, as determined by
the Committee, in accordance with the achievement of such performance goals
during such performance periods as the Committee shall establish, and (iii)
payable at such time and in such form as the Committee shall
determine.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)
<U>Terms and Conditions</U>. Subject to the terms of the Plan and any applicable
Award Agreement, the Committee shall determine the performance goals to be
achieved during any performance period, the length of any performance period,
the amount of any Performance Award and the amount and kind of any payment of
transfer to be made pursuant to any Performance Award.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)
<U>Payment of Performance Awards</U>. Performance Awards may be paid in a lump
sum or in installments following the close of the performance period or, in
accordance with procedures established by the Committee, on a deferred
basis.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 10. <U>Other Stock-based Awards</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)
<U>General</U>. The Committee shall have authority to grant to eligible
Employees an "Other Stock-Based Award", which shall consist of any right which
is (i) not an Award described in Sections 6 through 9 above and (ii) an Award of
Shares or an Award denominated or payable in, valued in whole or in part by
reference to, or otherwise based on or related to, Shares (including, without
limitation, securities convertible into Shares), as deemed by the Committee to
be consistent with the purposes of the Plan; provided that any such rights must
comply, to the extent deemed desirable by the Committee, with Rule 16b-3 and
applicable law. Subject to the terms of the Plan and any applicable Award
Agreement, the Committee shall determine the terms and conditions of any such
Other Stock-Based Award. Except in the case of an Other Stock-Based Award that
is a Substitute Award, the price at which securities may be purchased pursuant
to any Other Stock Based Award granted under this plan or the provision, if any,
of any such Award that is analogous to the purchase of exercise price, shall not
be less than 100% of the Fair Market Value of the securities which such an Award
relates on the date of grant.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)
<U>Dividend Equivalents</U>. In the sole and complete discretion of the
Committee, an Award, whether made as an Other Stock-Based Award under this
Section 10 or as an Award granted pursuant to Sections 6 through 9 hereof, may
provide the Participant with dividend equivalents, payable in cash, Shares,
other securities or other property on a current or deferred basis.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 11. <U>Amendment and Termination</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)
<U>Amendments to the Plan</U>. The Board may amend, alter, suspend, discontinue,
or terminate the Plan or any portion thereof at any time; provided that no such
amendment, alteration, suspension, discontinuation or termination shall be made
without shareholder approval if such approval is necessary to comply with any
mandatory tax or regulatory requirement, including for these purposes any
approval requirement which is a prerequisite for exemptive relief from Section
16(b) of the Exchange Act. Notwithstanding anything to the contrary herein, the
Committee may amend the Plan in such manner as may be necessary so as to have
the Plan conform with the local rules and regulations in any jurisdiction
outside the United States.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)
<U>Amendments to Awards</U>. The Committee may waive any conditions or rights
under, amend any terms of, or alter, suspend discontinue, cancel or terminate,
any Award theretofore granted, prospectively or retroactively; provided that any
such waiver, amendment, alteration, suspension, discontinuance, cancellation or
termination that would impair the rights of any Participant or any holder or
beneficiary of an Award theretofore granted shall not to that extent be
effective with the consent of the affected Participant, holder or
beneficiary.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)
<U>Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring
Events</U>. The Committee is hereby authorized to make adjustments in the terms
and conditions of, and the criteria included in, Awards in recognition of
unusual or nonrecurring events (including, without limitation, the events
described in Section 4(b) hereof) affecting the Company, any Affiliate, or the
financial statements of the Company or any Affiliate, or of the changes in
applicable laws, regulations, or accounting principles, whenever the Committee
determines that such adjustments are appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d) <U>Cancellation</U>. Any provision of this Plan or any Award Agreement to
the contrary notwithstanding, the Committee may cause an Award granted hereunder
to be cancelled in consideration of a cash payment or alternative Award made to
the holder of such cancelled Award equal in value to the Fair Market Value of
such cancelled Award.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 12. <U>General Provisions</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)
<U>Nontransferability</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)
Each Award, and each right under any Award, shall be exercisable only by the
Participant during a Participant's lifetime, if permissible under applicable
law, by the Participant's guardian or legal representative or by a transferee
receiving such Award pursuant to a qualified domestic relations order ("QDRO"),
as determined by the Committee.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii) No Award that constitutes a "derivative security", for purposes of Section
16 of the Exchange Act may be assigned, alienated, pledged, attached, sold or
otherwise transferred or encumbered by a Participant otherwise than by will or
by the laws of descent and distribution or pursuant to QDRO, and any such
purported assignment, alienation, pledge, attachment, sale, transfer or
encumbrance shall be void and unenforceable against the Company or an Affiliate;
provided that the designation of a beneficiary shall not constitute an
assignment, alienation, pledge, attachment, sale, transfer or
encumbrance.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)
<U>No Rights to Awards</U>. No Employee, Participant, or other Person shall have
any claim to be granted any Award, and there is no obligation for uniformity of
treatment of Employees, Participants, or holders or beneficiaries of Awards. The
terms and conditions of Awards need not be same with respect to each
recipient.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)
<U>Share Certificates</U>. All certificates for Shares or other securities of
the Company or any Affiliate delivered under the Plan pursuant to any Award or
the exercise thereof shall be subject to such stop transfer orders and other
restrictions as the Committee may deem advisable under the plan or the rules,
regulations, and other requirements of the Securities and Exchange Commission,
and stock exchange upon which such Shares or other securities are then listed,
and any applicable Federal or state laws, and the Committee may cause a legend
or legends to be put on any certificates to make appropriate references to such
restrictions.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d) <U>Delegation</U>. Subject to the terms of the Plan and applicable law, the
Committee may delegate to one or more officers or managers of the Company or any
Affiliate, or to a committee of such officers or managers, the authority,
subject to such terms and limitations as the Committee shall determine, to grant
Awards to, or to cancel, modify or waive rights with respect to, or to alter,
discontinue, suspend, or terminate Awards held by, Employees who are not
officers or Directors of the Company for purposes of section 16 of the Exchange
Act, or any successor section thereto, or who are otherwise not subject to such
section and who are not "covered employees" under Section 162(m) of the Code or
would become covered under such Section.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e) <U>Withholding</U>. Any participant may be required to pay the Company or any
Affiliate and the Company or any Affiliate shall have the right and is hereby
authorized to withhold from any Award, from any payment due or transfer made
under any Award or under the Plan or from any compensation or other amount owing
to a Participant the amount (in cash, Shares, other securities, other Awards or
other property) of any applicable withholding taxes in respect of an Award, its
exercise, or any payment or transfer under an Award or under the Plan and to
take such other action as may be necessary in the opinion of the company to
satisfy all obligations for the payment of such taxes. The Committee may provide
for additional cash payments to holders of Awards to help defray or offset any
tax arising from the grant, vesting, exercise or payments of any Award.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f) <U>Award Agreements</U>. Each Award hereunder shall be evidenced by an Award
Agreement which shall be delivered to the Participant and shall specify the
terms and conditions of the Award and any rules applicable thereto, including
but not limited to the effect on such Award of the death, retirement or other
termination of employment of a Participant and the effect, if any, of a change
in control of the Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)
<U>No Limit in Other Compensation Arrangements</U>. Nothing contained in the
Plan shall prevent the Company or any Affiliate from adopting or continuing on
effect other compensation arrangements, which may, but need not, provide for the
grant of options, Restricted Stocks, Shares and other types of Awards provided
for hereunder (subject to shareholder approval if such approval is required),
and such arrangements may either be generally applicable or applicable only in
specific cases.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)
<U>No Right to Employment</U>. The grant of an Award shall not be construed as
giving a Participant the right to be retained in the employ of the Company or
any Affiliate. Further, the company or Affiliate may at any time dismiss a
Participant from employment, free from any liability or any claim under the
Plan, unless otherwise expressly provided in the Plan or in any Award
Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)
<U>No Rights as Stockholder</U>. Subject to the provisions of the applicable
Award, no Participant or holder or beneficiary of any Award shall have any
rights as a stockholder with respect to any Shares to be distributed under the
Plan until he or she has become the holder of such Shares. Notwithstanding the
foregoing, in connection with each grant of Restricted Stock hereunder, the
applicable Award shall specify if and to what extent the Participant shall not
be entitled to the rights of a stockholder in respect of Restricted
Stock.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(j) <U>Governing Law</U>. The validity, construction, and effect of the Plan and
any rules and regulations relating to the Plan and any Award Agreement shall be
determined in accordance with the laws of the State of Delaware.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(k) <U>Severability</U>. If any provision of the Plan or any Award is or becomes
or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as
to any Person or Award, or would disqualify the Plan or any Award under and law
deemed applicable by the Committee, such provision shall be construed or deemed
amended to conform the applicable laws, or if it cannot be construed or deemed
amended without, in the determination of the Committee, materially altering the
intent of the Plan or Award, such provision shall be stricken as to such
jurisdiction, Person or Award and the remainder of the Plan and any such Award
shall remain in full force and effect.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(l) <U>Other Laws</U>. The Committee may refuse to issue or transfer any Shares
or other consideration under an Award if, acting in its sole discretion, it
determines that the issuance or transfer of such Shares or such consideration
might violate any applicable law or regulation or entitle the Company to recover
the same under Section 16(b) of the Exchange Act, and any payment tendered to
the Company by a Participant, other holder or beneficiary in connection with the
exercise of such Award shall be promptly refunded to the relevant Participant,
holder or beneficiary. Without limiting the generality of the foregoing, no
Award granted hereunder shall be construed as an offer to sell securities of the
Company, and no such offer shall be outstanding, unless and until the Committee
in its sole discretion has determined that any such offer, if made, would be in
compliance with all applicable requirements of the U.S. federal securities
laws.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(m) <U>No Trust or Fund Created</U>. Neither the Plan nor any Award shall create
or be construed to create a trust or separate fund of any kind or a fiduciary
relationship between the Company or any Affiliate and a Participant or any other
Person. To the extent that any person acquires a right to receive payments from
the Company or any Affiliate pursuant to an Award, such right shall be no
greater than the right of any unsecured general creditor of the Company or any
Affiliate.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(n) <U>No Fractional Shares</U>. No fractional Shares shall be issued or
delivered pursuant to the Plan or any Award, and the Committee shall determine
whether cash, other securities, or other property shall be paid or transferred
in lieu of any fractional Shares or whether such fractional Shares or any rights
thereto shall be cancelled, terminated, or otherwise eliminated.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (o)
<U>Headings</U>. Headings are given to the Sections and subsections of the Plan
solely as a convenience to facilitate reference. Such headings shall not be
deemed in any way material or relevant to the construction or interpretation of
the Plan or any provision thereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 13. <U>Term of the Plan</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)
<U>Effective Date</U>. The Plan shall be effective as of the date of its
approval by the Directors of the Company.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)
<U>Expiration Date</U>. No Award shall be granted under the Plan after December
31, 2009; provided that the authority for grant of Restoration Options hereunder
in accordance with Section 6(e) shall continue, subject to the provisions of
Section 4, as long as any option granted hereunder remains outstanding. Unless
otherwise expressly provided in the Plan or an applicable Award Agreement, any
Award granted hereunder may, and the authority of the Board or the Committee to
amend, alter, adjust, suspend, discontinue, or terminate any such Award or to
waive any conditions or rights under any such Award shall, continue after
December 31, 2009.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC.<BR>
PROXY<BR>
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned hereby appoints Curt Rush and Michael J. Speiller, and each of
them, with power of substitution, attorneys and proxies to represent and vote
all shares of Common Stock of Systemax Inc. (the "Company") which the
undersigned is entitled to vote at the Annual Meeting of Stockholders of
Systemax Inc. to be held on May 25, 2004, at 2:00 p.m., local time, and at any
adjournment or postponements thereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the Company's By-Laws, business transacted at the Annual Meeting of
Stockholders is confined to the purposes stated in the Notice of the Meeting.
This Proxy will, however, convey discretionary authority to the persons named
herein as proxies to vote on matters incident to the conducted of the Meeting.
</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>This Proxy when properly executed will be voted in the manner directed herein by
the undersigned stockholder. If no direction is made, this Proxy will be voted
FOR the election of the nominees and FOR proposals 2 and 3.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B> (Continued and to be signed on the reverse
side)</B> </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=1>
<TR VALIGN=TOP>
<TD WIDTH=100% ALIGN=CENTER><FONT SIZE=1> THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" THE
ELECTION OF DIRECTORS AND "FOR" PROPOSALS 2 AND 3.<BR>
PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR
VOTE IN BLUE OR BLACK IN AS SHOWN HERE  |X|</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25% ALIGN=LEFT><FONT SIZE=1>1. Election of Directors<BR>
<BR>
|__| FOR ALL NOMINEES<BR>
<BR>
|__| WITHHOLD AUTHORITY<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR ALL NOMINEES<BR>
<BR>
|__| FOR ALL EXCEPT<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(See instructions below)</FONT></TD>
<TD WIDTH=25% ALIGN=LEFT><FONT SIZE=1><BR>
NOMINEES:<BR>
<BR>
&#143;&nbsp;&nbsp;Richard Leeds<BR>
&#143;&nbsp;&nbsp;Bruce Leeds<BR>
&#143;&nbsp;&nbsp;Robert Leeds<BR>
&#143;&nbsp;&nbsp;Gilbert Fiorentino<BR>
&#143;&nbsp;&nbsp;Robert Rosenthal<BR>
&#143;&nbsp;&nbsp;Stacy S. Dick<BR>
&#143;&nbsp;&nbsp;Ann R. Leven
 </TD>
<TD WIDTH=2%><FONT SIZE=1>2.<BR>
<BR>
<BR>
3.</FONT></TD>
<TD WIDTH=40%><FONT SIZE=1> To consider and vote upon a proposal to approve<BR>
amendments to the Company's 1999 Long-Term Stock Incentive Plan.<BR>
<BR>
To consider and vote upon a proposal to ratify the<BR>
appointment of Deloitte &amp; Touche LLP as the Company's<BR>
independent auditors for fiscal 2004.<BR>
<BR>
To transact such other business as may properly come before the meeting or any
adjournments or postponements thereof.<BR>
<BR>
<B>(Please sign, date and return this proxy in the enclosed postage pre-paid envelope.)
</B>
</FONT>
</TD>
<TD WIDTH=8%><FONT SIZE=1>FOR&nbsp;&nbsp;&nbsp;AGAINST&nbsp;&nbsp;&nbsp;ABSTAIN<BR>
|__|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|__|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;|__|<BR>
<BR>
<BR>
|__|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|__|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;|__|</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT><FONT SIZE=1><B><U>INSTRUCTION</U></B>
To withhold authority to vote for any individual nominee(s), mark "<B><BR>
FOR ALL EXCEPT"</B>and fill in the circle next to each nominee you wish to
withhold, as shown here:&#149;<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>To change the address on your account, please check the box at right and
indicate your new address in the address space above. Please note that changes
to the registered name(s) on the account may not be submitted via this
method. &nbsp;&nbsp;&nbsp;|__|</FONT></TD>
<TD WIDTH=50% ALIGN=CENTER><FONT SIZE=1><BR>
<BR>
<BR>
<BR>
<BR><B>Please check here if you plan to attend
the meeting. |__|
</B> <BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR></FONT>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25% ALIGN=LEFT><FONT SIZE=1>Signature of Stockholder <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD>
<TD WIDTH=25% ALIGN=LEFT><FONT SIZE=1>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD>
<TD WIDTH=25% ALIGN=LEFT><FONT SIZE=1>Signature of Stockholder <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD>
<TD WIDTH=25% ALIGN=LEFT><FONT SIZE=1>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT>
</TD>
</TR>
</TABLE>
<BR>
<BR>
<P ALIGN=LEFT><FONT SIZE=1>
<B>Note:</B> Please sign exactly as your name or names appear on this Proxy.
When shares are held jointly, each holder should sign. When signing as executor,
administrator, attorney, trustee or guardian, please give full title as such. If
the signer is a corporation, please sign full corporate name by duly authorized
officer, giving full title as such. If signer is a partnership, please sign in
partnership name by authorized person.
</FONT></P>



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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
