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<SEC-DOCUMENT>0000899681-06-000533.txt : 20060830
<SEC-HEADER>0000899681-06-000533.hdr.sgml : 20060830
<ACCEPTANCE-DATETIME>20060830163815
ACCESSION NUMBER:		0000899681-06-000533
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20060829
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060830
DATE AS OF CHANGE:		20060830

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13792
		FILM NUMBER:		061065814

	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>8-K
<SEQUENCE>1
<FILENAME>systemax-8k_083006.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY>
<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=5>SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT SIZE=3>WASHINGTON, D.C. 20549</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=5><B>FORM 8-K </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(D) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934<BR>
<BR>
Date of Report (Date of earliest event reported): August 29, 2006</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>Systemax Inc.</B><BR>
(Exact Name of Registrant as Specified in Charter)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=33% ALIGN=CENTER>
<U>Delaware</U><BR>
(State or Other Jurisdiction<BR>
of Incorporation)
</TD>
<TD WIDTH=33% ALIGN=CENTER>
<B>1-13792</B><BR>
(Commission<BR>
File Number)
</TD>
<TD WIDTH=33% ALIGN=CENTER>
<B>11-3262067</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>11 Harbor Park Drive<BR>
Port Washington, New York 11050</B> <BR>
(Address of Principal Executive offices, including Zip Code)</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Registrant&#146;s
telephone number, including area code: <B>(516) 608-7000</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>N.A. </B><BR>
(Former Name or Former Address, if Changed Since Last Report)</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant under any of the following
provisions ( <I>see </I>General Instruction A.2 below): </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425) </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14-12) </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240-14d-2(b)) </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CRF 240.13e-4(c)) </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>ITEM 5.03</U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments to Articles of Incorporation or Bylaws;
Change in Fiscal Year</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Large Indent" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By written consent adopted August 29, 2006, the Company made the following
changes to its bylaws to effect the terms of a Stipulation of Settlement, dated
May 15, 2006, relating to the shareholder derivative lawsuits brought by certain
shareholders of the Company derivatively on behalf of the Company against the
Company&#146;s directors, Chief Financial Officer, Controller and the Company
(as a nominal defendant) (the &#147;Settlement&#148;): </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>1.</TD>
<TD WIDTH=90%>
Article II, Section 6(a) was amended by adding the following sentence at the end
thereof:<BR>
<BR>
<I>&#147;Unless a greater vote is otherwise required by Delaware law, the
certificate of incorporation or these bylaws, the affirmative vote of the
holders of at least a majority of the outstanding shares of Common Stock of the
Corporation entitled to vote and present in person, or by properly executed
proxy, at a meeting of stockholders at which a quorum is present shall be
required to elect a Director to the Board of Directors at the first annual
meeting of the stockholders to be held after May 15, 2006.&#148;</I></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>2.</TD>
<TD WIDTH=90%>
Article III was amended by adding the following section at the end thereof:<BR>
<BR>
<I>&#148; Section 15. <U>Independent Director.</U></I></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 4" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=10%></TD>
               <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(i)
               The Board&#146;s independent directors shall elect one of the independent
               directors to serve as a lead independent director (the &#147;Lead
               Independent Director&#148;). The Lead Independent Director shall be
               reaffirmed annually by vote of a majority of the independent directors.</I> </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 4" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=10%></TD>
               <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(ii)
               The Board&#146;s independent directors shall meet separately from the Chief
               Executive Officer in executive sessions, chaired by the Lead Independent
               Director, held on at least a quarterly basis.</I> </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 4" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=10%></TD>
               <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>
               (iii) The Lead Independent Director is responsible for
               coordinating the activities of the independent directors. In addition to
               the duties of all Board members (which shall not be limited or
               diminished by the Lead Independent Director&#146;s role), the specific
               responsibilities of the Lead Independent Director shall be as follows:</I> </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 4" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(a)
               advise the Chairman of the Board as to an appropriate schedule of Board
               meetings, seeking to ensure that the independent directors can perform
               their duties responsibly while not interfering with </I> <I>the flow of the
               Corporation&#146;s operations;</I> </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 4" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(b)
               provide the Chairman of the Board with input as to the preparation of agendas
               for the Board and committee meetings;</I> </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 4" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(c)
               advise the Chairman of the Board as to the quality, quantity, and timeliness of
               the flow of information from the Corporation&#146;s management that is
               necessary for the independent directors to effectively and responsibly
               perform their duties, and although the Corporation&#146;s management is
               responsible for the preparation of materials for the Board, the Lead
               Independent Director may specifically request the inclusion of certain
               material;</I> </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 4" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(d)
               recommend to the Chairman of the Board the retention of consultants who report
               directly to the Board;</I> </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 4" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(e)
               assist the Board and the Corporation&#146;s officers in assuring compliance with
               and implementation of the corporate governance policies; and be
               principally responsible for recommending revisions to the corporate
               governance policies;</I> </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 4" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(f)
               coordinate and develop the agenda for, and moderate executive sessions of, the
               independent directors of the Board, and act as principal liaison between
               the independent directors and the Chairman of the Board on sensitive
               issues; and</I> </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 4" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(g)
               recommend to the Chairman of the Board the membership of the various Board
               committees.&#148;</I> </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>ITEM 8.01</U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Other Events</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Large Indent" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By written consent adopted August 29, 2006, the Company made the following
changes to its Corporate Governance Guidelines and the charters of its Audit,
Compensation and Nominating/Governance Committees to effect the Settlement:
</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90% ALIGN=LEFT>
The Corporate Governance Guidelines were revised as follows: </TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>1.</TD>
<TD WIDTH=85% ALIGN=LEFT>
Section I.C was amended to add at the end:<BR>
<BR>
<I>&#147;The Chief Executive Officer of the Company shall be prohibited from
serving on the Board of Directors of any other public for-profit corporations,
other than any public for-profit corporation that is an affiliate of the
Company.&#148;</I>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>2.</TD>
<TD WIDTH=85% ALIGN=LEFT>
The second sentence of Section III.E was amended to read:<BR>
<BR>
<I>&#147;The Lead Independent Director, if present, or if not, a non-management
director chosen by the non-management directors, shall preside at each
meeting.&#148;</I>
</TD>
</TR>
</TABLE>
<BR>


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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>3.</TD>
<TD WIDTH=85% ALIGN=LEFT>
The last sentence of Section II.B (which reads: &#147;The Board has determined
that currently 3 of its 7 members are independent.&#148;) was deleted.
</TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>4.</TD>
<TD WIDTH=85% ALIGN=LEFT>
A new Section III.H as follows was added:<BR>
<BR>
<I><B><U>&#147;Minutes</U></B>
The Board shall keep typed meeting minutes from their regular and/or special
meetings and circulate to the directors prior to the subsequent Board meeting,
provided that such meeting takes place at least two weeks following the
previous meeting. All such minutes shall be maintained for at least five
years.&#148;</I> </TD>
          </TR>
          </TABLE>
          <BR>
<!-- MARKER FORMAT-SHEET="Para (List) Hang Level 3" FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>5.</TD>
<TD WIDTH=85% ALIGN=LEFT>
Section IV was amended to change the second sentence to read:<BR>
<BR>
<I>&#147;The Audit Committee should be composed entirely of
&#147;independent&#148; directors and the Compensation and
Nominating/Corporate Governance Committees should be composed of a majority of
&#147;independent&#148; directors, and effective by the end of 2006 and
thereafter solely of &#147;independent&#148; directors.&#148;</I><BR>
<BR>
and to add the following new sentence at the end:<BR>
<BR>
<I>&#147;The
Board&#146;s committees shall have standing authorization, on their own
initiative, to retain legal or other advisors of their choice, who shall report
directly to the Chairman of the Board and/or the Lead Independent Director. The
Board&#146;s committees shall meet independently and in separate sessions from
the Board&#146;s regular and/or special meetings at least twice per fiscal year,
provided, however, the Audit Committee shall meet at least four times per year
and there shall be no yearly minimum of Executive Committee meetings. The Lead
Independent Director shall be a member of any Executive Committee. The
committees shall keep typed meeting minutes from their regular and/or special
meetings and circulate to the members of the committee and the Board prior to
the subsequent committee and/or Board meeting, provided that such meeting takes
place at least two weeks following the previous meeting. All such minutes shall
be maintained for at least five years.&#148;</I> </TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90% ALIGN=LEFT>
The Audit Committee Charter was revised as follows: </TD></TR>
</TABLE>
<BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>1.</TD>
<TD WIDTH=85% ALIGN=LEFT>
Paragraph no. 1 under &#147;Committee Duties and Responsibilities&#148; was
revised to add as a new second sentence the words:<BR>
<BR>
&#147;<I>The Committee shall conduct a re-proposal for the Company&#146;s
independent auditors at least once every five years.&#148;</I><BR>
<BR>
and as a new fourth sentence the words:<BR>
<BR>
<I>&#147;It
is the Company&#146;s policy that any independent auditor responsible for
auditing the Company&#146;s financial statements shall not provide any
consulting services to the Company except for tax consulting services and it is
the Committee&#146;s responsibility to enforce this policy.&#148;</I> </TD>
</TR>
</TABLE>
<BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>2.</TD>
<TD WIDTH=85% ALIGN=LEFT>
Paragraph no. 8 under &#147;Committee Duties and Responsibilities&#148; was
revised to add as a new last sentence the words: <BR>
<BR>
&#147;<I>The Company&#146;s Directors of Internal Audit shall report directly to
the Company&#146;s Chief Financial Officer and the Audit Committee at
least four times per fiscal year, or more often as necessary.&#148;</I>
</TD>
</TR>
</TABLE>
<BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>3.</TD>
<TD WIDTH=85% ALIGN=LEFT>
A new paragraph no. 12 under &#147;Committee Duties and Responsibilities&#148;
was added to read as follows:<BR>
<BR>
&#147;<I>Review with the Company&#146;s management the appropriateness and
accounting treatment of all related-party transactions, including corporate
acquisitions and sales of assets greater than $300,000.&#148;</I> </TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90% ALIGN=LEFT>
The Nominating/Governance Committee Charter was revised as follows: </TD></TR>
</TABLE>
<BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%></TD>
<TD WIDTH=85% ALIGN=LEFT>
At the end of the section captioned &#147;Committee Membership&#148; the
following words were added: </TD></TR>
</TABLE>
<BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT></TD>
<TD WIDTH=5%></TD>
<TD WIDTH=80% ALIGN=LEFT>
<I>&#147;By the end of 2006 and thereafter only independent directors, as such
term is defined under the Sarbanes-Oxley Act and the pertinent listing
standards of the New York Stock Exchange, shall serve on the
Committee.&#148;</I> </TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90% ALIGN=LEFT>
The Compensation Committee charter was revised as follows: </TD></TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Level 3" FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%></TD>
<TD WIDTH=85% ALIGN=LEFT>
At the end of the section captioned &#147;Committee Membership&#148; the
following words were added: </TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Level 4" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<I>&#147;By the end of 2006 and thereafter only independent directors, as such
term is defined under the Sarbanes-Oxley Act and the pertinent listing standards
of the New York Stock Exchange, shall serve on the Committee.&#148;</I>
</FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>ITEM 9.01</U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial Statements and Exhibits</U> </FONT></H1>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements of Business Acquired
</I>&#151; not applicable </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro Forma Financial Information </I>&#151;
not applicable </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits</I> </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5%>
3.2  <BR>
     <BR>
99.1 <BR>
     <BR>
99.2 <BR>
     <BR>
99.3 <BR>
     <BR>
99.4
 </TD>
<TD WIDTH=85% ALIGN=LEFT>
By-Laws, as amended August 29, 2006<BR>
<BR>
Charter of Audit Committee, as amended August 29, 2006<BR>
<BR>
Charter of Compensation Committee, as amended August 29, 2006<BR>
<BR>
Charter of Nominating/Governance Committee, as amended August 29, 2006<BR>
<BR>
Corporate Governance Guidelines, as amended August 29, 2006
</TD></TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT SIZE=3><B>SIGNATURES </B></FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized. </FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
SYSTEMAX INC.<BR>
<BR>
By: <U>/s/ Michael J. Speiller</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Michael J. Speiller<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Vice President and Controller</TD>
</TR>
</TABLE>
<BR>



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<P ALIGN=LEFT><FONT SIZE=3>Dated: August 30, 2006</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3>EXHIBITS</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>
3.2  <BR>
     <BR>
99.1 <BR>
     <BR>
99.2 <BR>
     <BR>
99.3 <BR>
     <BR>
99.4
 </TD>
<TD WIDTH=90% ALIGN=LEFT>
By-Laws, as amended August 29, 2006<BR>
<BR>
Charter of Audit Committee, as amended August 29, 2006<BR>
<BR>
Charter of Compensation Committee, as amended August 29, 2006<BR>
<BR>
Charter of Nominating/Governance Committee, as amended August 29, 2006<BR>
<BR>
Corporate Governance Guidelines, as amended August 29, 2006
</TD></TR>
</TABLE>
<BR>
</BODY>
</HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>2
<FILENAME>systemax-ex32_083006.htm
<DESCRIPTION>EX-3.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-3.2</TITLE>
</HEAD>
<BODY>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As amended August 29,
2006 </FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3><B>BYLAWS </B></FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3><B>OF </B></FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC. </B></FONT></P>

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     <P ALIGN=CENTER>*&nbsp;*&nbsp;*&nbsp;*&nbsp;*  </P>

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<P ALIGN=CENTER><FONT SIZE=3>ARTICLE I</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3>OFFICES</FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Registered Office</U>. The registered office shall be
in the City of Wilmington, County of New Castle,State <BR>of Delaware.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Other Offices</U>. The Corporation
may also have offices at such other places both within and without the State of
Delaware as the Board of Directors may from time to time determine or the
business of the Corporation may require. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Books</U>. The books of the
Corporation may be kept within or without of the State of Delaware as the Board
of Directors may from time to time determine or the business of the Corporation
may require. </FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3>ARTICLE II</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3>MEETINGS OF STOCKHOLDERS</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Time and Place of Meetings</U>. All meetings of stockholders
shall be held at such place, either within or without the State of Delaware, on such date
and at such time as may be determined from time to time by the Board of Directors (or the
Chairman in the absence of a designation by the Board of Directors). </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Annual Meetings</U>. Annual meetings of stockholders,
commencing with the year 1996, shall be held to elect the Board of Directors and transact
such other business as may properly be brought before the meeting. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Special Meetings</U>. Special meetings of stockholders may
be called by the Board of Directors, the Chairman of the Board of Directors, the Chief
Executive Officer, the President of Domestic Operations or the President of International
Operations and may not be called by any other person. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notice of Meetings and Adjourned
Meetings; Waivers of Notice</U>. (a) Whenever stockholders are required or
permitted to take any action at a meeting, a written notice of the meeting shall
be given which shall state the place, date and hour of the meeting, and, in the
case of a special meeting, the purpose or purposes for which the meeting is
called. Unless otherwise provided by the General Corporation Law of the State of
Delaware as the same exists or may hereafter be amended (&#147;Delaware
Law&#148;), such notice shall be given not less than 10 nor more than 60 days
before the date of the meeting to each stockholder of record entitled to vote at
such meeting. Unless these bylaws otherwise require, when a meeting is adjourned
to another time or place (whether or not a quorum is present), notice need not
be given of the adjourned meeting if the time and place thereof are announced at
the meeting at which the adjournment is taken. At the adjourned meeting, the
Corporation may transact any business which might have been transacted at the
original meeting. If the adjournment is for more than 30 days, or after the
adjournment a new record date is fixed for the adjourned meeting, a notice of
the adjourned meeting shall be given to each stockholder of record entitled to
vote at the meeting. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A written waiver of any such notice signed by
the person entitled thereto, whether before or after the time stated therein,
shall be deemed equivalent to notice. Attendance of a person at a meeting shall
constitute a waiver of notice of such meeting, except when the person attends
the meeting for the express purpose of objecting, at the beginning of the
meeting, to the transaction of any business because the meeting is not lawfully
called or convened. Business transacted at any special meeting of stockholders
shall be limited to the purposes stated in the notice.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Quorum</U>. Unless otherwise provided under the certificate
of incorporation or these bylaws and subject to Delaware Law, the presence, in person or
by proxy, of the holders of a majority of the outstanding capital stock of the Corporation
entitled to vote at a meeting of stockholders shall constitute a quorum for the
transaction of business. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Voting</U>. (a) Unless otherwise
provided in the certificate
of incorporation and subject to Delaware Law, each stockholder shall be entitled to one
vote for each outstanding share of capital stock of the Corporation held by such
stockholder. Unless otherwise provided in Delaware Law, the certificate of incorporation
or these bylaws, the affirmative vote of a majority of the shares of capital stock of the
Corporation present, in person or by proxy, at a meeting of stockholders and entitled to
vote on the subject matter shall be the act of the stockholders. Unless a greater vote is
otherwise required by Delaware law, the certificate of incorporation or these bylaws, the
affirmative vote of the holders of at least a majority of the outstanding shares of Common
Stock of the Corporation entitled to vote and present in person, or by properly executed
proxy, at a meeting of stockholders at which a quorum is present shall be required to
elect a Director to the Board of Directors at the first annual meeting of the stockholders
to be held after May 15, 2006. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each stockholder entitled to vote at a meeting
of stockholders or to express consent or dissent to a corporate action in
writing without a meeting may authorize another person or persons to act for him
by proxy, but no such proxy shall be voted or acted upon after three years from
its date, unless the proxy provides for a longer period.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Action by Consent</U>. (a) Unless otherwise provided in the
certificate of incorporation, any action required to be taken at any annual or special
meeting of stockholders, or any action which may be taken at any annual or special meeting
of stockholders, may be taken without a meeting, without prior notice and without a vote,
if a consent or consents in writing, setting forth the action so taken, shall be signed by
the holders of outstanding capital stock having not less than the minimum number of votes
that would be necessary to authorize or take such action at a meeting at which all shares
entitled to vote thereon were present and voted and shall be delivered to the Corporation
by delivery to its registered office in Delaware, its principal place of business, or an
officer or agent of the Corporation having custody of the book in which proceedings of
meetings of stockholders are recorded. Delivery made to the Corporation&#146;s registered
office shall be by hand or by certified or registered mail, return receipt requested.
Prompt notice of the taking of the corporate action without a meeting by less than
unanimous written consent shall be given to those stockholders who have not consented in
writing. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Every written consent shall bear the date of
signature of each stockholder who signs the consent, and no written consent
shall be effective to take the corporate action referred to therein unless,
within 60 days of the earliest dated consent delivered in the manner required by
this Section and Delaware Law to the Corporation, written consents signed by a
sufficient number of holders to take action are delivered to the Corporation by
delivery to its registered office in Delaware, its principal place of business,
or an officer or agent of the Corporation having custody of the book in which
proceedings of meetings of stockholders are recorded. Delivery made to the
Corporation&#146;s registered office shall be by hand or by certified or
registered mail, return receipt requested.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Organization</U>. At each meeting of stockholders, the
Chairman of the Board, if one shall have been elected, (or in his absence or if one shall
not have been elected, the Chief Executive Officer, the President of Domestic Operations
or the President of International Operations) shall act as chairman of the meeting. The
Secretary (or in his absence or inability to act, the person whom the chairman of the
meeting shall appoint secretary of the meeting) shall act as secretary of the meeting and
keep the minutes thereof. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Order of Business</U>. The order of business at all meetings
of stockholders shall be as determined by the chairman of the meeting. </FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3>ARTICLE III</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3>DIRECTORS</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>General Powers</U>. Except as
otherwise provided in Delaware Law or the certificate of incorporation, the
business and affairs of the Corporation shall be managed by or under the
direction of the Board of Directors. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Number, Election and Term of
Office</U>. The number of directors which shall constitute the whole Board shall
be fixed from time to time by resolution of the Board of Directors but shall not
be less than three or more than nine. The directors shall be elected at the
annual meeting of the stockholders, except as provided in Section 12 of this
Article III, and each director so elected shall hold office until his successor
is elected and qualified or until his earlier death, resignation or removal.
Directors need not be stockholders. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Quorum and Manner of Acting</U>.
Unless the certificate of incorporation or these bylaws require a greater
number, a majority of the total number of directors shall constitute a quorum
for the transaction of business, and the affirmative vote of a majority of the
directors present at meeting at which a quorum is present shall be the act of
the Board of Directors. When a meeting is adjourned to another time or place
(whether or not a quorum is present), notice need not be given of the adjourned
meeting if the time and place thereof are announced at the meeting at which the
adjournment is taken. At the adjourned meeting, the Board of Directors may
transact any business which might have been transacted at the original meeting.
If a quorum shall not be present at any meeting of the Board of directors the
directors present thereat may adjourn the meeting, from time to time, without
notice other than announcement at the meeting, until a quorum shall be present.
</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Time and Place of Meetings</U>. The
Board of Directors shall hold its meetings at such place, either within or
without the State of Delaware, and at such time as may be determined from time
to time by the Board of Directors (or the Chairman in the absence of a
determination by the Board of Directors). </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Annual Meeting</U>. The Board of
Directors shall meet for the purpose of organization, the election of officers
and the transaction of other business, as soon as practicable after each annual
meeting of stockholders, on the same day and at the same place where such annual
meeting shall be held. Notice of such meeting need not be given. In the event
such annual meeting is not so held, the annual meeting of the Board of Directors
may be held at such place either within or without the State of Delaware, on
such date and at such time as shall be specified in a notice thereof given as
hereinafter provided in Section 7 of this Article III or in a waiver of notice
thereof signed by any director who chooses to waive the requirement of notice.
</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Regular Meetings</U>. After the
place and time of regular meetings of the Board of Directors shall have been
determined and notice thereof shall have been once given to each member of the
Board of Directors, regular meetings may be held without further notice being
given. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Special Meetings</U>. Special
meetings of the Board of Directors may be called by the Chairman of the Board,
the Chief Executive Officer, the President of Domestic Operations or the
President of International Operations and shall be called by the Chairman of the
Board, Chief Executive Officer or Secretary on the written request of three
directors. Notice of special meetings of the Board of Directors shall be given
to each director at least three days before the date of the meeting in such
manner as is determined by the Board of Directors. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Committees</U>. The Board of
Directors may, by resolution passed by a majority of the whole Board, designate
one or more committees, each committee to consist of one or more of the
directors of the Corporation. The Board may designate one or more directors as
alternate members of any committee, who may replace any absent or disqualified
member at any meeting of the committee. Any such committee, to the extent
provided in the resolution of the Board of Directors, shall have and may
exercise all the powers and authority of the Board of Directors in the
management of the business and affairs of the Corporation, and may authorize the
seal of the Corporation to be affixed to all papers which may require it; but no
such committee shall have the power or authority in reference to amending the
certificate of incorporation, adopting an agreement of merger or consolidation,
recommending to the stockholders the sale, lease or exchange of all or
substantially all of the Corporation&#146;s property and assets, recommending to
the stockholders a dissolution of the Corporation or a revocation of a
dissolution, or amending the bylaws of the Corporation; and unless the
resolution of the Board of Directors or the certificate of incorporation
expressly so provide, no such committee shall have the power or authority to
declare a dividend or to authorize the. issuance of stock. Each committee shall
keep regular minutes of its meetings and report the same to the Board of
Directors when required. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Action by Consent</U>. Unless
otherwise restricted by the certificate of incorporation or these bylaws, any
action required or permitted to be taken at any meeting of the Board of
Directors or of any committee thereof may be taken without a meeting, if all
members of the Board or committee, as the case may be, consent thereto in
writing, and the writing or writings are filed with the minutes of proceedings
of the Board or committee. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Telephonic Meetings</U>. Unless
otherwise restricted by the certificate of incorporation or these bylaws,
members of the Board of Directors, or any committee designated by the Board of
Directors, may participate in a meeting of the Board of Directors, or such
committee, as the case may be, by means of conference telephone or similar
communications equipment by means of which all persons participating in the
meeting can hear each other, and such participation in a meeting shall
constitute presence in person at the meeting. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Resignation</U>. Any director may
resign at any time by giving written notice to the Board of Directors or to the
Secretary of the Corporation. The resignation of any director shall take effect
upon receipt of notice thereof or at such later time as shall be specified in
such notice; and unless otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Vacancies</U>. Unless otherwise
provided in the certificate of incorporation, vacancies and newly created
directorships resulting from any increase in the authorized number of directors
elected by all the stockholders having the right to vote as a single class may
be filled by a majority of the directors then in office, although less than a
quorum, or by a sole remaining director. Whenever the holders of any class or
classes of stock or series thereof are entitled to elect one or more directors
by the certificate of incorporation, vacancies and newly created directorships
of such class or classes or series may be filled by a majority of directors
elected by such class or classes or series thereof then in office, or by a sole
remaining director so elected. Each director so chosen shall hold office until
his successor is elected and qualified, or until his earlier death, resignation
or removal. If there are no directors in office, then an election of directors
may be held in accordance with Delaware Law. Unless otherwise provided in the
certificate of incorporation, when one or more directors shall resign from the
Board, effective at a future date, a majority of the directors then in office,
including those who have so resigned, shall have the power to fill such vacancy
or vacancies, the vote thereon to take effect when such resignation or
resignations shall become effective, and each director so chosen shall hold
office as provided in the filling of other vacancies. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Removal</U>. Any director or the
entire Board of Directors may be removed, with or without cause, at any time by
the affirmative vote of the holders of a majority of the outstanding capital
stock of the Corporation entitled to vote and the vacancies thus created may be
filled in accordance with Section 12 of this Article III. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Compensation</U>. Unless otherwise
restricted by the certificate of incorporation or these bylaws, the Board of
Directors shall have authority to fix the compensation of directors, including
fees and reimbursement of expenses. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Independent Director.</U></FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board&#146;s independent directors shall
elect one of the independent directors to serve as a lead independent director
(the &#147;Lead Independent Director&#148;). The Lead Independent Director shall
be reaffirmed annually by vote of a majority of the independent directors.
</FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board&#146;s independent directors shall
meet separately from the Chief Executive Officer in executive sessions, chaired
by the Lead Independent Director, held on at least a quarterly basis.
</FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Lead Independent Director is responsible
for coordinating the activities of the independent directors. In addition to the
duties of all Board members (which shall not be limited or diminished by the
Lead Independent Director&#146;s role), the specific responsibilities of the
Lead Independent Director shall be as follows: </FONT></P>

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               <TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) advise the Chairman of the Board as to an appropriate schedule of Board
meetings, seeking to ensure that the independent directors can perform their
duties responsibly while not interfering with the flow of the Corporation&#146;s
operations;</TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) provide the Chairman of the Board with input as to the preparation of
agendas for the Board and committee meetings;</TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c) advise the Chairman of the Board as to the quality, quantity, and timeliness
of the flow of information from the Corporation&#146;s management that is
necessary for the independent directors to effectively and responsibly perform
their duties, and although the Corporation&#146;s management is responsible for
the preparation of materials for the Board, the Lead Independent Director may
specifically request the inclusion of certain material;</TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d) recommend to the Chairman of the Board the retention of consultants who
report directly to the Board;</TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e) assist the Board and the Corporation&#146;s officers in assuring compliance
with and implementation of the corporate governance policies; and be principally
responsible for recommending revisions to the corporate governance
policies;</TD>
               </TR>
               </TABLE>
               <BR>

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(f) coordinate and develop the agenda for, and moderate executive sessions of,
the independent directors of the Board, and act as principal liaison between the
independent directors and the Chairman of the Board on sensitive issues;
and</TD>
               </TR>
               </TABLE>
               <BR>

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(g) recommend to the Chairman of the Board the membership of the various Board
committees.</TD>
               </TR>
               </TABLE>
               <BR>

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<P ALIGN=CENTER><FONT SIZE=3>ARTICLE IV</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3>OFFICERS</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Principal Officers</U>. The
principal officers of the Corporation shall be a Chief Executive Officer, Chief
Financial Officer, a President of Domestic Operations, a President of
International Operations, one or more Senior Vice Presidents, a Treasurer, and a
Secretary who shall have the duty, among other things, to record the proceedings
of the meetings of stockholders and directors in a book kept for that purpose.
The Corporation may also have such other principal officers, including one or
more Controllers, as the Board may in its discretion appoint. One person may
hold the offices and perform the duties of any two or more of said offices,
except that no one person shall hold the offices and perform the duties of Chief
Executive Officer and Secretary. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Election</U>. Term of Office and
Remuneration. The principal officers of the Corporation shall be elected
annually by the Board of Directors at the annual meeting thereof. Each such
officer shall hold office until his successor is elected and qualified, or until
his earlier death, resignation or removal. The remuneration of all officers of
the Corporation shall be fixed by the Board of Directors. Any vacancy in any
office shall be filled in such manner as the Board of Directors shall determine.
</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Subordinate Officers</U>. In
addition to the principal officers enumerated in Section 1 of this Article IV,
the Corporation may have one or more Assistant Treasurers, Assistant Secretaries
and Assistant Controllers and such other subordinate officers, agents and
employees as the Board of Directors may deem necessary, each of whom shall hold
office for such period as the Board of Directors may from time to time
determine. The Board of Directors may delegate to any principal officer the
power to appoint and to remove any such subordinate officers, agents or
employees. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Removal</U>. Except as otherwise
permitted with respect to subordinate officers, any officer may be removed, with
or without cause, at any time, by resolution adopted by the Board of Directors;
provided that no such removal shall alter, void or otherwise effect any change
in any written contractual relationship between the Corporation and any such
officer thus removed from office. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Resignations</U>. Any officer may resign at any time by
giving written notice to the Board of Directors (or to a principal officer if the Board of
Directors has delegated to such principal officer the power to appoint and to remove such
officer). The resignation of any officer shall take effect upon receipt of notice thereof
or at such later time as shall be specified in such notice; and unless otherwise specified
therein, the acceptance of such resignation shall not be necessary to make it effective. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Powers and Duties</U>. The officers
of the Corporation shall have such powers and perform such duties incident to
each of their respective offices and such other duties as may from time to time
be conferred upon or assigned to them by the Board of Directors. </FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3>ARTICLE V</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3>GENERAL PROVISIONS</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Fixing the Record Date</U>. (a) In order that the
Corporation may determine the stockholders entitled to notice of or to vote at any meeting
of stockholders or any adjournment thereof, the Board of Directors may fix a record date,
which record date shall not precede the date upon which the resolution fixing the record
date is adopted by the Board of Directors, and which record date shall not be more than 60
nor less than 10 days before the date of such meeting. If no record date is fixed by the
Board of Directors, the record date for determining stockholders entitled to notice of or
to vote at a meeting of stockholders shall be at the close of business an the day next
preceding the day on which notice is given, or, if notice is waived, at the close of
business on the day next preceding the day on which the meeting is held. A determination
of stockholders of record entitled to notice of or to vote at a meeting of stockholders
shall apply to any adjournment of the meeting; provided that the Board of Directors may
fix a new record date for the adjourned meeting. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In order that the Corporation may determine
the stockholders entitled to consent to corporate action in writing without a
meeting, the Board of Directors may fix a record date, which record date shall
not precede the date upon which the resolution fixing the record date is adopted
by the Board of Directors, and which date shall not be more than 10 days after
the date upon which the resolution fixing the record date is adopted by the
Board of Directors. If no record date has been fixed by the Board of Directors,
the record date for determining stockholders entitled to consent to corporate
action in writing without a meeting, when no prior action by the Board of
Directors is required by Delaware Law, shall be the first date on which a signed
written consent setting forth the action taken or proposed to be taken is
delivered to the Corporation by delivery to its registered office in Delaware,
its principal place of business, or an officer or agent of the Corporation
having custody of the book in which proceedings of meetings of stockholders are
recorded. Delivery made to the Corporation&#146;s registered office shall be by
hand or by certified or registered mail, return receipt requested. If no record
date has been fixed by the Board of Directors and prior action by the Board of
Directors is required by Delaware Law, the record date for determining
stockholders entitled to consent to corporate action in writing without a
meeting shall be at the close of business on the day on which the Board of
Directors adopts the resolution taking such prior action.</FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In order that the Corporation may determine
the stockholders entitled to receive payment of any dividend or other
distribution or allotment of any rights or the stockholders entitled to exercise
any rights in respect of any change, conversion or exchange of stock, or for the
purpose of any other lawful action, the Board of Directors may fix a record
date, which record date shall not precede the date upon which the resolution
fixing the record date is adopted, and which record date shall be not more than
60 days prior to such action. If no record date is fixed, the record date for
determining stockholders for any such purpose shall be at the close of business
on the day on which the Board of Directors adopts the resolution relating
thereto.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Dividends</U>. Subject to
limitations contained in Delaware Law and the certificate of incorporation, the
Board of Directors may declare and pay dividends upon the shares of capital
stock of the Corporation, which dividends may be paid either in cash, in
property or in shares of the capital stock of the Corporation. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Fiscal Year</U>. The fiscal year of
the Corporation shall commence on January 1 and end on December 31 of each
year.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Corporate Seal</U>. The corporate
seal shall have inscribed thereon the name of the Corporation, the year of its
organization and the words &#147;Corporate Seal, Delaware&#148;. The seal may be
used by causing it or a facsimile thereof to be impressed, affixed or otherwise
reproduced. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Voting of Stock Owned by the
Corporation</U>. The Board of Directors may authorize any person, on behalf of
the Corporation, to attend, vote at and grant proxies to be used at any meeting
of stockholders of any corporation (except this Corporation) in which the
Corporation may hold stock. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Amendments</U>. These bylaws or any of them, may be altered,
amended or repealed, or new bylaws may be made, by the stockholders entitled to vote
thereon at any annual or special meeting thereof or by the Board of Directors. </FONT></P>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>systemax-ex991_083006.htm
<DESCRIPTION>EX-99.1
<TEXT>
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<TITLE>Ex-99.1</TITLE>
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<P ALIGN=CENTER><FONT SIZE=3><B>AUDIT COMMITTEE CHARTER </B></FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3><B>FOR </B></FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC. </B></FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3>(Revised August 29, 2006)</FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3><U>Purpose of Committee</U></FONT></P>

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<P><FONT SIZE=3>The purpose of the Audit Committee (the "Committee") of the
Board of Directors (the "Board") of Systemax Inc. (the "Company") is to (a)
assist the Board with oversight of (i) the integrity of the Company&#146;s
financial statements, (ii) the Company&#146;s compliance with legal and
regulatory requirements, (iii) the Company&#146;s independent auditor&#146;s
qualifications and independence, and (iv) the performance of the Company&#146;s
internal audit function and independent auditors; and (b) prepare the report
that U.S. Securities and Exchange Commission rules require be included in the
Company&#146;s annual proxy statement. </FONT></P>

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<P><FONT SIZE=3>The function of the Committee is oversight. It is not the
Committee&#146;s responsibility to certify the Company&#146;s financial
statements or to guarantee the report of the independent auditor. The
Company&#146;s management is responsible for the (i) preparation, presentation
and integrity of the Company&#146;s financial statements, (ii) maintenance of
appropriate accounting and financial reporting principles and policies, and
(iii) maintenance of internal controls and procedures designed to assure
compliance with accounting standards and applicable laws and regulations. The
independent auditor is responsible for planning and carrying out a proper audit
and reviews. In fulfilling their responsibilities hereunder, it is recognized
that members of the Committee are not full-time employees of the Company. As
such, it is not the duty or responsibility of the Committee or its members to
conduct auditing or accounting reviews or procedures, except to the extent
described below under "Performance Evaluations". Each member of the Committee
shall be entitled to rely on (i) the integrity of those persons and
organizations within and outside the Company from which it receives information
and (ii) the accuracy of the financial and other information provided to the
Committee by such persons and organizations absent actual knowledge to the
contrary (which shall be promptly reported to the Company&#146;s Board). In
addition, the evaluation of the Company&#146;s financial statements by the
Committee is not of the same scope as, and does not involve the extent of detail
as, audits performed by the independent auditor, nor does the Committee&#146;s
evaluation substitute for the responsibilities of the Company&#146;s management
for preparing, or the independent auditor for auditing, the financial
statements. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3><U>Committee Duties and Responsibilities</U></FONT></P>

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<P><FONT SIZE=3>The duties and responsibilities of the Committee are to: </FONT></P>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>1. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Retain and terminate the Company&#146;s independent auditors (subject, if
          applicable, to shareholder ratification). The Committee shall conduct a
          re-proposal for the Company&#146;s independent auditors at least once every five
          years. The Committee shall have the sole authority to approve and/or pre-approve
          all audit engagement fees and terms, as well as all significant non-audit
          engagements with the independent auditor. It is the Company&#146;s policy that
          any independent auditor responsible for auditing the Company&#146;s financial
          statements shall not provide any consulting services to the Company except for
          tax consulting services and it is the Committee&#146;s responsibility to enforce
          this policy. The Committee need not pre-approve non-audit services that fall
          within the "De Minimis Exception" set forth in Section 10A(i)(1)(B) of
          the Securities Exchange Act of 1934. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>2. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          At least annually, obtain and review a report by the independent auditor
          describing: the independent auditor&#146;s internal quality-control procedures;
          any material issues raised by the most recent internal quality-control review,
          or peer review, of the independent auditor, or by any inquiry or investigation
          by governmental or professional authorities, within the preceding five years,
          respecting one or more independent audits carried out by the independent
          auditor, and any steps taken to deal with any such issues; and (to assess the
          auditor&#146;s independence) all relationships between the independent auditor
          and the Company. After reviewing the foregoing report and the independent
          auditor&#146;s work throughout the year, the Committee shall evaluate the
          auditor&#146;s qualifications, performance and independence. This evaluation
          shall include the review and evaluation of the lead partner of the independent
          auditor and the appropriateness of rotating the audit firm itself. In making its
          evaluation, the Committee shall take into account the opinions of management and
          the Company&#146;s internal auditors (or other personnel responsible for the
          internal audit function). The Committee shall present its conclusions with
          respect to the independent auditor to the full Board. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>3. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Discuss the annual audited financial statements and quarterly financial
          statements with management and the independent auditor, including the
          Company&#146;s disclosures under "Management&#146;s Discussion and Analysis
          of Financial Condition and Results of Operations." </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>4. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Discuss earnings press releases, as well as financial information and earnings
          guidance provided to analysts and rating agencies. This discussion may be done
          generally (i.e., discussion of the types of information to be disclosed and the
          type of presentation to be made). The Committee is not required to discuss in
          advance each earnings press release or each instance in which the Company
          provides earnings guidance. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>5. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          As appropriate, obtain advice and assistance from outside legal, accounting or
          other advisors. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>6. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Discuss policies with respect to risk assessment and risk management. While it
          is the job of the chief executive officer and senior management to assess and
          manage the Company&#146;s exposure to risk, the Committee must discuss
          guidelines and policies to govern the process by which this is handled. The
          Committee should discuss the Company&#146;s major financial risk exposures and
          the steps management has taken to monitor and control such exposures. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>7. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Periodically meet separately with management, with internal auditors (or other
          personnel responsible for the internal audit function), and with independent
          auditors. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>8. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Review with the independent auditor any audit problems or difficulties and
          management&#146;s response. The Committee must regularly review with the
          independent auditor any difficulties the auditor encountered in the course of
          the audit work, including any restrictions on the scope of the independent
          auditor&#146;s activities or on access to requested information, and any
          significant disagreements with management. The review should also include
          discussion of the responsibilities, budget and staffing of the Company&#146;s
          internal audit function. The Company&#146;s Directors of Internal Audit shall
          report directly to the Company&#146;s Chief Financial Officer and the Audit
          Committee at least four times per fiscal year, or more often as necessary. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>9. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Set clear hiring policies for the hiring by the Company of employees or former
          employees of the independent auditors. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>10. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Establish procedures for (i) the receipt, retention and treatment of complaints
          received by the Company, regarding accounting, internal accounting controls, or
          auditing matters and (ii) the confidential, anonymous submission by employees of
          the Company of concerns regarding questionable accounting or auditing matters. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>11. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Report regularly to the Board. The Committee should review with the full Board
          any issues that arise with respect to the quality or integrity of the
          Company&#146;s financial statements, the Company&#146;s compliance with legal or
          regulatory requirements, the performance and independence of the Company&#146;s
          independent auditors, or the performance of the internal audit function. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>12. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Review with the Company&#146;s management the appropriateness and accounting
          treatment of all related-party transactions, including corporate acquisitions
          and sales of assets greater than $300,000. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<P ALIGN=LEFT><FONT SIZE=3><U>Committee Membership</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>The Committee shall consist of at least three members of the Board, each
of whom is, in the business judgment of the Board, "independent" under Section
10A(m)(3) of the Securities Exchange Act of 1934, the rules of the New York Stock Exchange
and any other securities exchange on which the Company&#146;s securities are listed. Each
member of the Committee shall be financially literate (or shall become so within a
reasonable period of time after appointment to the Committee), and at least one member of
the Committee shall have "accounting or related financial management expertise"
as such qualifications are interpreted by the Board in its business judgment, and qualify
as a "financial expert" as defined by the U.S. Securities and Exchange
Commission. No Committee member may serve on the audit committees of more than two other
public companies, unless the Company&#146;s Board has determined that such service will
not impair the effectiveness of the member&#146;s service on the Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>The members of the Committee shall be appointed by the Board, and shall
serve at the pleasure of the Board for such term or terms as the Board may determine. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>The compensation to be paid by the Company to any Committee member must consist
solely of director&#146;s fees; provided, however, that pension or other deferred
compensation that is not contingent on future service to the Company will not be deemed to
violate this requirement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3><U>Committee Structure and Operations</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>A majority of the Committee shall constitute a quorum. The Board shall
designate a member of the Committee as its chairperson. The Committee may act by a
majority of the members present at a meeting of the Committee. In the event of a tie vote
on any issue, the chairperson&#146;s vote shall decide the issue. The Committee shall meet
in person or telephonically at least four times a year at a time and place determined by
the Committee chairperson, with further meetings to occur when deemed necessary or
desirable by the Committee or its chairperson. The Committee may delegate some or all of
its duties to a subcommittee comprising one or more members of the Committee. The
Committee may ask members of management or others whose advice and counsel are relevant to
the issues then being considered by the Committee to attend any meetings and to provide
such pertinent information as the Committee may request. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3><U>Performance Evaluation</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>The Committee shall review the adequacy of this charter and evaluate its
performance hereunder at least annually and present such report to the full Board. Such
report shall include any recommended changes to this charter. The Board shall also review
and approve this charter at least annually. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>While the fundamental responsibility for the Company&#146;s financial
statements and disclosures rests with management and the independent auditor, the
Committee shall review: (i) major issues regarding accounting principles, and financial
statement presentations, including any significant changes in the Company&#146;s selection
or application of accounting principles, and major issues as to the adequacy of the
Company&#146;s internal controls and any special audit steps adopted in light of material
control deficiencies; (ii) analyses prepared by management and/or the independent auditor
setting forth significant financial reporting issues and judgments made in connection with
the preparation of the financial statements, including analyses of the effects of using
alternative methods under generally accepted accounting principles ("GAAP") on
the financial statements; (iii) the effect of regulatory and accounting initiatives, as
well as off-balance sheet structures, on the financial statements of the Company; and (iv)
earnings press releases (paying particular attention to any use of "pro forma,"
or "adjusted" non-GAAP, information), as well as financial information and
earnings guidance provided to analysts and rating agencies. </FONT></P>

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<P ALIGN=LEFT><FONT SIZE=3><U>Resources and Authority of the Committee</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>In discharging its oversight responsibilities, the Committee shall have
unrestricted access to the Company&#146;s management, books and records and the authority
to retain outside counsel, accountants or other consultants in the Committee&#146;s sole
discretion. The Committee may direct any officer of the Company, the independent auditor
and/or the Company&#146;s internal audit staff to inquire into and report to the Committee
on any matter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>Nothing contained in this charter is intended to, or should be construed
as, creating any responsibility or liability of the members of the Committee except to the
extent otherwise provided under applicable Delaware law which shall continue to set the
legal standard for the conduct of the members of the Committee. </FONT></P>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>systemax-ex992_083006.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-99.2</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>COMPENSATION COMMITTEE CHARTER<BR>
FOR<BR>
SYSTEMAX INC. <BR>
<BR>
(revised August 29, 2006)</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3><U>Purpose of Committee</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>The purpose of the Compensation Committee (the "Committee") of
the Board of Directors (the "Board") of Systemax Inc. (the "Company") is (i) to
perform the functions described below under "Committee Duties and
Responsibilities" in order to discharge the Board&#146;s responsibilities
relating to compensation of the Company&#146;s executives and (ii) to produce an
annual report on executive compensation for inclusion in the Company&#146;s
proxy statement, in accordance with applicable rules and regulations.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>In pursuing its purpose the Committee shall ensure that a proper
system of long-term and short-term compensation is in place for management, and
that compensation plans are appropriate and competitive and properly reflect the
objectives and performance of management and the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3><U>Committee Duties and Responsibilities</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>The Committee&#146;s duties and responsibilities are to: </FONT></P>

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          <TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%></TD>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>1. </FONT></TD>
          <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Review and approve corporate goals and objectives relevant to the compensation
          of the Chief Executive Officer and, after an evaluation of the Chief Executive
          Officer&#146;s performance in light of those goals and objectives, set the
          compensation of the Chief Executive Officer. In determining the long-term
          incentive component of the Chief Executive Officer&#146;s compensation, the
          Committee should consider, among other factors, the Company&#146;s performance
          and relative shareholder return, the value of similar incentive awards for chief
          executive officers at comparable companies and the awards given to the Chief
          Executive Officer in past years; </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%></TD>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>2. </FONT></TD>
          <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Review, and make periodic recommendations to the Board with respect to, the
          general compensation, benefits and perquisites policies and practices of the
          Company, including, without limitation, the Company&#146;s
          incentive-compensation plans and equity-based compensation plans. In
          circumstances in which equity- based compensation plans are not subject to
          shareholder approval, such plans shall be subject to Committee approval; </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%></TD>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>3. </FONT></TD>
          <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Produce an annual report on executive compensation for inclusion in the
          Company&#146;s proxy statement, and otherwise report to the shareholders of the
          Company in accordance with the rules and regulations of the U.S. Securities and
          Exchange Commission; and </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%></TD>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>4. </FONT></TD>
          <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Perform such other duties as the Board may assign to the Committee with respect
          to the Company&#146;s compensation policies. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3><U>Committee Membership</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>The Committee shall consist of at least three members of the Board. The
members of the Committee shall be appointed by the Board, and shall serve at the pleasure
of the Board for such term or terms as the Board may determine. By the end of 2006 and
thereafter only independent directors, as such term is defined under the Sarbanes-Oxley
Act and the pertinent listing standards of the New York Stock Exchange, shall serve on the
Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3><U>Committee Structure and Operations</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>A majority of the Committee shall constitute a quorum. The Board shall
designate a member of the Committee as its chairperson. The Committee may act by a
majority of the members present at a meeting of the Committee. In the event of a tie vote
on any issue, the chairperson&#146;s vote shall decide the issue. The Committee shall meet
in person or telephonically at least once a year, at a time and place determined by the
Committee chairperson, with further meetings to occur when deemed necessary or desirable
by the Committee or its chairperson. The Committee may delegate some or all of its duties
to a subcommittee comprising one or more members of the Committee. The Committee may ask
members of management or others whose advice and counsel are relevant to the issues then
being considered by the Committee to attend any meetings and to provide such pertinent
information as the Committee may request. The Committee shall report to the Board at least
once a year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3><U>Performance Evaluation</U></FONT></P>

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<P><FONT SIZE=3>The Committee shall annually compare its performance with the requirements
of this charter, set forth its objectives for the next year and recommend changes in this
charter, if any, considered appropriate by the Committee. Such evaluation shall be
reported to the Board in such manner as the Committee from time to time determines. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3><U>Surveys and Studies</U></FONT></P>

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<P><FONT SIZE=3>The Committee may conduct or authorize surveys or studies of matters
within the Committee&#146;s scope of responsibilities as described above, including, but
not limited to, surveys or studies of compensation practices in relevant industries, to
maintain the Company&#146;s competitiveness and ability to recruit and retain highly
qualified personnel, and may retain and terminate, at the expense of the Company,
independent counsel or other consultants necessary to assist in any such survey or study.
If any compensation consultant or firm is to assist in the evaluation of director, chief
executive officer or senior executive compensation, the Committee shall have the sole
authority to retain and terminate the compensation consultant or firm and approve such
firm or person&#146;s fees and other retention terms. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>Nothing contained in this charter is intended to, or should be construed
as, creating any responsibility or liability of the members of the Committee except to the
extent otherwise provided under applicable Delaware law which shall continue to set the
legal standard for the conduct of the members of the Committee. </FONT></P>

<P><FONT SIZE=3> Adopted:  February 28, 2003; amended August 29, 2006</FONT></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>systemax-ex993_083006.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-99.3</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3><B>NOMINATING/CORPORATE GOVERNANCE COMMITTEE<BR>
CHARTER FOR SYSTEMAX INC.<BR>
<BR>
(revised August 29, 2006)</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3><U>Purpose of Committee</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>The purpose of the Nominating/Corporate Governance Committee (the
"Committee") of the Board of Directors (the "Board") of Systemax Inc.
(the "Company") is to perform the functions described below under
"Committee Goals and Responsibilities". </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3><U>Committee Goals and Responsibilities</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>The goals and responsibilities of the Committee are to: </FONT></P>

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          <TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%></TD>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
          <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Identify individuals qualified to become Board members, and to recommend that
          the Board select the director nominees to stand for election as directors at any
          meeting of stockholders and to fill any vacancy, however created, in the Board.
          In nominating candidates, the Committee shall take into consideration such
          factors as it deems appropriate, such as the experience, skill and background of
          the candidates. The Committee may consider candidates proposed by management,
          but is not required to do so; </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%></TD>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
          <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Identify, and recommend for appointment by the Board, Board members qualified to
          fill vacancies on any committee of the Board, including the Committee. In
          nominating a candidate for committee membership, the Committee shall take into
          consideration the factors set forth in the charter of such committee, if any, as
          well as any other factors it deems appropriate; </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%></TD>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
          <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Develop and recommend to the Board a code of business conduct and ethics
          applicable to the Company, and to review the code at least once a year; </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%></TD>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. </FONT></TD>
          <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Develop and recommend to the Board a set of corporate governance principles
          applicable to the Company, and to review those principles at least once a year.
          Such principles shall include, at a minimum, the following subjects: (i)
          director qualification standards, (ii) director responsibilities, (iii) director
          access to management and, as necessary and appropriate, independent advisors,
          (iv) director compensation, (v) director orientation and continuing education,
          (vi) management succession, and (vii) annual performance evaluation of the
          Board; </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%></TD>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5. </FONT></TD>
          <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Prepare and deliver to the Board the evaluation required under "Performance
          Evaluation" below; </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%></TD>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6. </FONT></TD>
          <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Pursuant to procedures established by the Committee, exercise oversight of the
          evaluation of the Board and management; and </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%></TD>
          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7. </FONT></TD>
          <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Carry out other duties or responsibilities expressly delegated to the Committee
          by the Board from time to time relating to the nomination of Board and committee
          members and corporate governance. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3><U>Committee Membership</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3><U>The Committee shall consist of at least three members of the Board. The
members of the Committee shall be appointed by the Board, and shall serve at the pleasure
of the Board for such term or terms as the Board may determine. By the end of 2006 and
thereafter only independent directors, as such term is defined under the Sarbanes-Oxley
Act and the pertinent listing standards of the New York Stock Exchange, shall serve on the
Committee. Committee Structure and Operations</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>A majority of the Committee shall constitute a quorum. The Board shall
designate a member of the Committee as its chairperson. The Committee may act by a
majority of the members present at a meeting of the Committee. In the event of a tie vote
on any issue, the chairperson&#146;s vote shall decide the issue. The Committee shall meet
in person or telephonically at least once a year at a time and place determined by the
Committee chairperson, with further meetings to occur when deemed necessary or desirable
by the Committee or its chairperson. The Committee may delegate some or all of its duties
to a subcommittee comprising one or more members of the Committee. The Committee may ask
members of management or others whose advice and counsel are relevant to the issues then
being considered by the Committee to attend any meetings and to provide such pertinent
information as the Committee may request. The Committee shall report to the Board at least
once a year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3><U>Performance Evaluation</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Each year, the Committee shall compare its performance with the
requirements of this charter, set forth its objectives for the next year and recommend
changes in this charter, if any, considered appropriate by the Committee. Such evaluation
shall be reported to the Board in such manner as the Committee from time to time
determines. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3><U>Resources and Authority of the Committee</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>The Committee shall have the resources and authority to discharge its
duties and responsibilities, including the authority to retain counsel and other experts
or consultants. The Committee shall have the sole authority to select and retain a
consultant or search firm to identify director candidates, to terminate any such
consultant or search firm retained by it, and to approve the consultant or search
firm&#146;s fees and other retention terms. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Nothing contained in this charter is intended to, or should be construed
as, creating any responsibility or liability of the members of the Committee except to the
extent otherwise provided under applicable Delaware law which shall continue to set the
legal standard for the conduct of the members of the Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>Adopted: February 28, 2003; amended August 29, 2006 </FONT></P>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>6
<FILENAME>systemax-ex994_083006.htm
<DESCRIPTION>EX-99.4
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<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC.<BR>
<BR>
Board of Directors<BR>
<BR>
Corporate Governance Guidelines and Principles<BR>
<BR>
(revised August 29, 2006)</B> </FONT></P>

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<TD WIDTH=5% ALIGN=LEFT><B>I.</B></TD>
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<B>Responsibilities of the Board and Management</B></TD>
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     <P><FONT SIZE=3><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Role of the Board</U></B>. The Board of Directors (the "Board") of
Systemax Inc. (the "Company") is elected by and accountable to the
stockholders of the Company (the "Stockholders"). The Board is
primarily responsible for the strategic direction, oversight and control of the
management of the Company for the benefit of the Stockholders. The Board must
exercise sound, informed and independent business judgment.</FONT></P>

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<TD WIDTH=5% ALIGN=LEFT><B>B.</B></TD>
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<B><U>Functions of the Board</U></B>. The Board&#146;s specific responsibilities
include:</TD>
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reviewing, approving and monitoring fundamental financial and business
strategies and major corporate actions;</TD>
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<BR>

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ensuring processes are in place for maintaining the integrity of the Company, including
the integrity of the financial statements, the integrity of compliance with legal and
ethical obligations, the integrity of relationships with customers and suppliers, and the
integrity of relationships with lenders and Stockholders; </TD>
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assessing major risks facing the Company and reviewing options for their
mitigation;</TD>
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<BR>

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selecting, monitoring and evaluating the performance of members of the Board and
its committees;</TD>
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selecting, evaluating and compensating the Chief Executive Officer ("CEO") and
overseeing CEO succession planning; and</TD>
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&#149;providing counsel and oversight on the selection, evaluation, development and
compensation of senior management.</TD>
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<P><FONT SIZE=3><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Role of Management</U></B>. The Board delegates to the CEO and the other
executive officers the authority and responsibility for managing the business of
the Company in a manner consistent with the Company&#146;s standards and
practices and in accordance with the Board&#146;s specific plans, instructions
and directions. Management must seek the advice and, in appropriate situations,
approval of the Board with respect to the Company&#146;s activities<I> </I>The
Chief Executive Officer of the Company shall be prohibited from serving on the
Board of Directors of any other public for-profit corporations, other than any
public for-profit corporation that is an affiliate of the Company.</FONT></P>

<P><FONT SIZE=3><B>D. </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Board Self Evaluation</U></B>. The Board and each committee should
perform an annual evaluation under the direction of the Nominating/Corporate
Governance Committee of its performance to determine whether it is operating
effectively. </FONT></P>

<P><FONT SIZE=3><B>E. </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Management Succession and Annual CEO Evaluation</U></B>. The
non-management directors of the Compensation Committee should conduct an annual
review of the CEO&#146;s performance based upon a formal evaluation process and
specific criteria determined in advance. The Board should approve and maintain a
succession plan for the CEO and other senior management, based upon
recommendations from senior management and the Nominating/Corporate Governance
Committee.</FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>II
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board Selection and
Composition </FONT></H1>

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     <P><FONT SIZE=3><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Board Size</U></B>. The Board should be of a size sufficient to reflect the
size and complexity of the Company&#146;s business and the need for diverse view
points. The Board believes that six to nine members is an appropriate size of
the Board based on the Company&#146;s current state of affairs. The Board should
periodically review and if necessary change its size in light of changes in the
Company&#146;s businesses.</FONT></P>

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     <P><FONT SIZE=3><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Independence of Directors</U></B>. The Board recognizes that the Company is
currently deemed a "controlled company" under New York Stock Exchange ("NYSE")
rules (in that more than 50% of the voting power of the Company is held by the
Leeds family, including Richard Leeds, Robert Leeds and Bruce Leeds, all of whom
are directors and executive officers of the Company.) As a "controlled company"
the Company is not subject to the NYSE requirement (Section 303A of the NYSE
Corporate Governance Rules) that listed companies have a majority of independent
directors. The Board believes this rule exception is warranted in the case of
the Company because the three Board members who collectively own a controlling
interest in the Company effectively represent the stockholders interests.
Nevertheless the Board believes that non-management, "independent" directors
must play a significant, active role as part of the Board. In determining the
"independence" of a director, the Board must be guided by the definition of
"independent director" under the Sarbanes- Oxley Act and the pertinent listing
standards of the NYSE. The full Board should make an affirmative determination
as to the independence of each Board member, which determination, together with
the standards applied in making them, should be disclosed to the
Stockholders.</FONT></P>

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     <P><FONT SIZE=3><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Nomination and Selection of Directors</U></B>. The Board as a whole
will be responsible for nominating individuals for election to the Board by the
Stockholders and for filling vacancies on the Board that may occur between
annual meetings of the Stockholders. The Nominating/Corporate Governance
Committee will be responsible for identifying, screening, and recommending
candidates to the entire Board based upon the appropriate skills and
characteristics required of Board members in the context of the current make-up
of the Board and will consider suggestions for potential directors from other
directors or Stockholders. </FONT></P>

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     <P><FONT SIZE=3><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Expectations of Individual Directors</U></B>. Board members are expected to
rigorously prepare for, attend and participate in all Board and applicable
Committee meetings. Each Board member is expected to ensure that other existing
and planned future commitments, including service on other boards, do not
materially interfere with the member&#146;s service as an outstanding director.
These other commitments will be considered by the Nominating/Corporate
Governance Committee and the Board when reviewing Board candidates and in
connection with the Board&#146;s annual self-assessment process.</FONT></P>

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     <P><FONT SIZE=3><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Board Compensation</U></B>. The Board shall determine compensation for
its members based on recommendations of the Compensation Committee after
consideration of relevant factors, including the Board compensation paid by
comparable entities. Members of management who are also directors will not
receive additional compensation for their service on the Board. The compensation
should be a mix of cash and equity-based compensation which directly correlates
with the market value of the Company. Director&#146;s fees must be the sole
renumeration a member of the Audit Committee receives from the
Company.</FONT></P>

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     <P><FONT SIZE=3><B>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Term Limits and Retirement Policy</U></B>. The Board does not believe
it should establish term limits or a rigid retirement policy for directors.
While these policies potentially foster fresh ideas and viewpoints for the
Board, the Board believes the disadvantages of losing the contribution of
directors who over time have developed increasing insight into the Company
outweigh any potential benefits.</FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>III
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board
Meetings and Operations </FONT></H1>

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     <P><FONT SIZE=3><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Scheduling of Board Meetings</U></B>. The Board must have regularly
scheduled periodic meetings in order to review and discuss management reports on
the Company&#146;s performance, strategies, prospects and issues. Special
meetings should be held as necessary.</FONT></P>

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     <P><FONT SIZE=3><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Setting of Agenda and Advance Distribution of Board Materials</U></B>.
The Chairman of the Board will set the agenda for each Board meeting after
taking into account suggestions from other members of the Board. The Secretary
shall distribute the agenda and all other relevant information (subject to
appropriate confidentiality concerns) pertaining to matters to be discussed at
the upcoming Board meeting to all members of the Board sufficiently in advance
of the meeting.</FONT></P>

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     <P><FONT SIZE=3><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Access to Management and Employees</U></B>. The Board should have
complete and unfettered access to Company management and employees (without
management present) in order to ensure that directors can ask all questions and
glean all information necessary to fulfill their duties. The Board may specify a
protocol for making such inquiries. The Board should invite senior management
and other Company personnel to attend relevant portions of Board and committee
meetings.</FONT></P>

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     <P><FONT SIZE=3><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Outside Advisors</U></B>. The Board and each Committee should have the
authority to engage outside experts, advisers and counsel to the extent it
considers appropriate to assist it in its work, at the Company&#146;s
expense.</FONT></P>

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     <P><FONT SIZE=3><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Non-Management Executive Sessions</U></B>. The non-management
directors should meet periodically in executive sessions without management or
inside directors present as a part of its routine activities and deliberations.
The Lead Independent Director, if present, or if not, a non-management director
chosen by the non-management directors, shall preside at each
meeting.</FONT></P>

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<P><FONT SIZE=3>The presiding person may be rotated and does not have to be the same at
each meeting. The Company must establish and disclose procedures whereby interested
persons may communicate directly with non-management directors. Any non-management
director who thinks an executive session of non-management directors is desirable can so
indicate to the Chairman of the Board and such a meeting will be held. </FONT></P>

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     <P><FONT SIZE=3><B>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Attendance and Director Orientation and Continuing Education</U></B>.
Directors are expected to attend all scheduled board and committee meetings and
be prepared for group deliberation and discussion. The Board should establish a
director orientation and continuing education program for its
members.</FONT></P>

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     <P><FONT SIZE=3><B>G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Reporting of Concerns to the Audit Committee</U></B>. The Board should
appoint the chairman of the Audit Committee as the person to whom anyone should
voice concerns about the Company&#146;s conduct, or about the Company&#146;s
accounting, internal controls and procedures or disclosure controls and
procedures. The Board must adopt procedures for the receipt and handling of
these concerns, which must include measures to ensure the anonymity of the
person expressing the concerns and/or the confidentiality of the concerns and to
prevent retaliatory or other adverse action by management.</FONT></P>

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     <P><FONT SIZE=3><B>H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Minutes</U></B>. The Board shall keep typed meeting minutes from their
regular and/or special meetings and circulate to the directors prior to the
subsequent Board meeting, provided that such meeting takes place at least two
weeks following the previous meeting. All such minutes shall be maintained for
at least five years.</FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>IV
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board Committees  </FONT></H1>

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<P><FONT SIZE=3>The Board of Directors should have an Audit Committee, a Compensation
Committee and a Nominating/Corporate Governance Committee. The Audit Committee
should be composed entirely of "independent" directors and the Compensation and
Nominating/Corporate Governance Committees should be composed of a majority of
"independent" directors, and effective by the end of 2006 and thereafter solely
of "independent" directors. The Board shall appoint the members and chairman of
each committee. Each committee must have a written charter, approved by the
Board, which describes the Committee&#146;s general authority and
responsibilities. Each committee will undertake an annual review of its charter,
and will work with the Nominating/Corporate Governance Committee and the Board
to make such revisions as are considered appropriate. The Board&#146;s
committees shall have standing authorization, on their own initiative, to retain
legal or other advisors of their choice, who shall report directly to the
Chairman of the Board and/or the Lead Independent Director. The Board&#146;s
committees shall meet independently and in separate sessions from the
Board&#146;s regular and/or special meetings at least twice per fiscal year,
<I>provided, however</I>, the Audit Committee shall meet at least four times per
year and there shall be no yearly minimum of Executive Committee meetings. The
Lead Independent Director shall be a member of any Executive Committee. The
committees shall keep typed meeting minutes from their regular and/or special
meetings and circulate to the members of the committee and the Board prior to
the subsequent committee and/or Board meeting, provided that such meeting takes
place at least two weeks following the previous meeting. All such minutes shall
be maintained for at least five years.</FONT></P>


<P><FONT SIZE=3><B>A.</B>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Audit Committee</U></B>.
The principal duties of the Audit Committee should be: </FONT></P>


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to assist the Board in fulfilling its oversight responsibilities by reviewing:
the financial reports and other financial information the Company provides to
any governmental body or the public; the Company&#146;s systems of internal
controls, established by management and the Board, regarding finance,
accounting, legal compliance and ethics; and the Company&#146;s auditing,
accounting and financial reporting processes generally. Consistent with this
function, the Audit Committee should encourage continuous improvement of, and
should foster adherence to, Company policies, procedures and practices at all
levels; </TD>
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to serve as an independent and objective body to monitor the Company&#146;s financial
reporting process and internal control system; </TD>
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to select, evaluate and, when appropriate, replace the Company's independent
auditors; and</TD>
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to review and appraise the audit efforts of the Company&#146;s independent
accountants and internal auditing department; and to provide an open avenue of
communication among the independent accountants, financial and senior
management, the internal auditing department, and the Board. </TD>
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     <P><FONT SIZE=3><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Compensation Committee</U></B>. The principal duties of the
Compensation Committee should be:</FONT></P>

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to ensure the Company&#146;s senior executives are compensated effectively in a manner
consistent with the Company&#146;s stated compensation strategy, internal equity
considerations, competitive practice, and the requirements of the appropriate regulatory
bodies; and </TD>
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to communicate to Stockholders the Company&#146;s compensation policies and the reasoning
behind such policies, as required by the SEC. </TD>
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               <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>C.</B> </FONT></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B><U>Nominating/Corporate Governance Committee</U></B>. The principal duties of
the Nominating/Corporate Governance Committee should be: </FONT></P></TD>
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to recommend to the Board proposed nominees for election to the Board by the
Stockholders at annual meetings, including an annual review as to the
renominations of incumbents and proposed nominees for election by the Board to
fill vacancies which occur between Stockholder meetings; and </TD>
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to make recommendations to the Board regarding corporate governance matters and
practices.</TD>
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<BR>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>D.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Code of Business
Conduct and Ethics  </FONT></H1>

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<P><FONT SIZE=3>The Board shall approve a code of business conduct and ethics for
directors, officers and employees. Any revisions to, or waivers under, the code of conduct
must be reported to and approved by the Board and disclosed in accordance with the
pertinent listing requirements of the New York Stock Exchange or applicable law. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>E.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Approval
Requirements </FONT></H1>

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<P><FONT SIZE=3>Stockholder approval must be obtained for all equity-compensation plans,
as well as material revisions to existing plans, subject to certain limited exceptions, in
accordance with the pertinent listing requirements of the NYSE or applicable law. </FONT></P>

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