<SEC-DOCUMENT>0001140361-17-038558.txt : 20171124
<SEC-HEADER>0001140361-17-038558.hdr.sgml : 20171123
<ACCEPTANCE-DATETIME>20171012172803
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ACCESSION NUMBER:		0001140361-17-038558
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20171012

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:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		11 HARBOR PARK DR
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5166087000

	MAIL ADDRESS:	
		STREET 1:		11 HARBOR PARK DRIVE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GLOBAL DIRECTMAIL CORP
		DATE OF NAME CHANGE:	19950509
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">11 Harbor Park Drive, Port Washington, NY 11050</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">516.608.7000 / Fax 516.625.0038</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">October 12, 2017</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; FONT-STYLE: normal; BACKGROUND-COLOR: #ffffff"><u>VIA EDGAR &amp; UPS OVERNIGHT COURIER (1Z1340110190614487)</u></font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Ms. Jennifer Thompson</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Accounting Branch Chief</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Office of Consumer Products</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Division of Corporation Finance</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Mail Stop 3561</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">United States Securities and Exchange Commission</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">100 F Street, N.E.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Washington D.C. 20549</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Re: Systemax, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Form 10-K for Fiscal Year Ended December 31, 2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Filed March 16, 2017</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Form 10-Q for Fiscal Quarter Ended June 30, 2017</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Filed August 8, 2017</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Form 8-K</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Filed August 1, 2017</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Definitive Proxy on Schedule 14A</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Filed April 24, 2017</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">File No. 001-13792</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Dear Ms. Thompson:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Reference is made to the letter dated September 28, 2017 (the &#8220;Comment Letter&#8221;) to Lawrence Reinhold, Chief Executive Officer of Systemax Inc. (the &#8220;Company&#8221;), setting forth the comments of the staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission (the &#8220;Commission&#8221;) to the above referenced public filings of the Company.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">This letter sets forth the Company&#8217;s responses to the Staff&#8217;s comments. For your convenience, the Staff&#8217;s comments have been restated below in their entirety, with the response to each comment set forth in italics immediately below each comment. The headings in this letter correspond to the headings of the Comment Letter.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><u>Form 10-K for Fiscal Year Ended December 31, 2016</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><u>Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><u>Non-GAAP Results of Operations, page 26</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">1. In future filings, please ensure you reconcile the Non-GAAP segmental and consolidated gross profit figures and consolidated and European Technology Products Group sales figures provided in this table to the most comparable GAAP measures. See Regulation </font>G, Item 10(e) of Regulation S-K, and Question 104.04 of our May 17, 2016 Compliance and Disclosure Interpretations on Non-GAAP Financial Measures.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">In future filings, the Company will provide the reconciliation of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the Non-GAAP segmental and consolidated gross profit figures and consolidated and European Technology Products Group sales figures provided in the table to the most comparable GAAP measures.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><u>Form 10-Q for Fiscal Quarter Ended June 30, 2017</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><u>Financial Statements</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><u>Note 1. Basis of Presentation, page 9</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">2. We note your disclosure on page 9 that you sold your SARL Businesses on March 24, 2017 and, in connection with this transaction, received a note receivable and a 5% residual equity position in the acquiring entity. Please tell us how you accounted for this disposition. In doing so, identify the entity whose stock you received, tell us how you determined the fair value of the 5% equity investment, and quantify the transaction-date amounts recorded on your balance sheet for this investment and the note receivable. Please refer to ASC 820-10.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">We accounted for the sale of the SARL Businesses in accordance with ASC 360. The transaction was consummated on March 24, 2017 at which time we sold the SARL Businesses to an un-related third party for &#8364;1. In connection with the transaction the Company received a &#8364;3.0 million note receivable and a 5% equity interest in the acquiring entity, HUK 77 Limited. The note receivable was recorded in our consolidated balance sheet at $3.3 million (&#8364;3.0 million) and is included in the caption&#160;Accounts receivable, net&#160;as its maturity date was within 12 months. The note receivable was originally an intercompany amount due from one of the sold SARL business entities. The 5% equity interest is being accounted for under the cost method, as we do not have significant influence in the acquirer.&#160; Given the SARL businesses were sold for &#8364;1, had historic operating losses and a working capital deficit we concluded that the value of our 5% interest was de minimis and no value was ascribed to our interest at the date of the sale.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><u>Form 8-K Filed August 1, 2017</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><u>Exhibit 99.1</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">3. In future earnings releases, please ensure you reconcile all Non-GAAP measures to the most comparable GAAP measure. It appears that you have not reconciled certain net sales, gross profit, and operating and net income figures presented on a consolidated basis on page 1 or certain sales, gross profit, and operating income measures presented on a segmental basis on pages 8 and 14. See Regulation G and Item 10(e) of Regulation S-K.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">The Company provides on page 10 of Exhibit 99.1 a reconciliation of consolidated GAAP operating income shown on page 1 to consolidated Non-GAAP operating income shown on page 1, for all periods presented. Also on page 10, segmental GAAP operating income is reconciled to the segmental Non-GAAP operating income measures shown on pages 8 for all periods presented. On page 11, a reconciliation of consolidated GAAP net income shown on page 1 to consolidated Non-GAAP net income shown on page 1 is provided for all periods presented. The Non-GAAP operating income measures shown on page 14 are reconciled in total on page 15 for the 2016 periods presented, and on page 10 for the Q2 2017 period and the six months ended June 30, 2017 that include Q1 2017 and Q2 2017.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">In future earnings releases the Company will provide a reconciliation of GAAP sales and gross profits to <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any Non-GAAP sales and gross profit measures shown on a consolidated and/or segmental basis.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><u>Definitive Proxy on Schedule 14A</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><u>Executive Compensation</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><u>Compensation Discussion and Analysis</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><u>2016 NEO Cash Bonus Plan, page 29</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">4. We note your supplemental response letter dated January 10, 2014 in response to comment 11 of our letter dated December 4, 2013, in which you describe how your compensation committee assessed performance with respect to non-financial goals, including a description of how you determined what payout levels should be for each non-financial goal and a description of the analysis the committee undertook to determine payout levels. It appears, however, that such disclosures do not appear in your filing. Please confirm that in future reports you will provide such disclosures. Please refer to Item 402(b)(v) of Regulation S-K. To the extent you rely on Instruction 4 to Item 402(b) to omit this information, please provide us with your analysis as to why you believe it is proper for each individual non-financial metric targets and actual performance measures to be withheld. Please refer to Instruction 4 to Item 402(b) and Regulation S-K Compliance and Disclosure Interpretations Question 118.04 for guidance.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">In our January 10, 2013 response, we described how non-financial goals were assessed, and the determination of the weighted payout levels, for the Staff&#8217;s information as requested; our belief was that specific disclosure was not requested for inclusion in future filings at that time. In the 2017 Proxy Statement (at page 27 and 29) we did describe in some detail the categories of the non-financial goals to be achieved, stated that achievement of the non-financial goals was assessed on a percentage basis, and indicated that the selection of the categories and determination of the level of achievement is made subjectively by the Compensation Committee.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">We apologize for misunderstanding the Staff&#8217;s prior comment. We propose to enhance our disclosure in future filings by making clear the subjective nature of these goal selections and determinations by the Compensation Committee, that the goals are intended to encourage cross functional team effort across the management team to support projects that benefit the entire Company, the rationale for the relative 80/20 weighting of the strategic goals/governance goals, and the rationale for the weighting of individual target categories (without identifying the specific target). We would also disclose that the achievement of these goals results in incremental increases to the available bonus pool in which the participating executives share. We do not intend to rely on Instruction 4 to omit the foregoing information.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">In response to the Staff&#8217;s comment, we further propose to enhance our disclosure in future filings by expanding the discussion on page 25 (regarding the confidential nature of the undisclosed itemized goals) to include our rationale for such treatment of non-financial goals in addition to the financial goals already discussed, and to describe the subjectivity involved in creating and measuring the non-financial goals, the degree of difficulty inherent in achieving the non-financial goals, the nature/level of achievement required and the resultant impact on the bonus, and the assumptions underlying the goal selection process.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">We believe the general description of the categories of non-financial goals already provided (thereby providing investors with an understanding of how the Company approached these issues as a compensation matter) and our proposed enhanced disclosure, would comply with Instruction 4 and Question 118.04 cited by the Staff above and Securities Act Rule 406.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">However, we request the Staff not to require the Company to disclose the individual detail of the non-financial goals (which are generally described at page 27). By their very nature these are <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>strategic</u></font> goals and are expressly tied to actual &#8220;in the field&#8221; tactical activities in furtherance of the strategic goal, the disclosure of which would give competitors a detailed insight into where we may be focusing our distribution, technology, marketing, sales channel, geographic expansion and similar efforts (using the 2013 goals noted in our January 2013 response as examples of this concern). By their nature, these non-financial goals often go the heart of the Company&#8217;s future business plans, tactics and strategies, and indicate where we intend to invest its human and financial resources. Providing &#8220;advance notice&#8221; to our competitors of these proposed actions would have an extreme anti-competitive impact on our company. Also, due to the relatively small weight accorded these goals as compared to the financial targets, the specifics of the non-financial goals do not appear material.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">We respectfully request the Staff to reconsider its request that the actual non-financial goals/tactics be spelled out in future filings.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">5. We note from your supplemental response letter dated January 10, 2014 in response to comment 12 of our letter dated December 4, 2013 that you described how you calculated non-equity incentive plan compensation earned in 2012 by named executive officers. We further note from your Summary Compensation Table for 2016 that non-equity incentive plan compensation was awarded to named executive officers; however, no explanation of how these amounts were calculated is provided. Please confirm that in future periodic reports you will provide an explanation of how you calculate the amount of non-equity incentive compensation awarded to your named executive officers. Please refer to Item 402(b)(v) and 402(e) of Regulation S-K.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">In our January 10, 2013 response, we described (as discussed below) the mathematical calculation process (described in formula terms in the Proxy Statement); our belief was that more specific and detailed mathematical disclosure was not requested for inclusion in future filings at that time.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">On Page 24 of the Definitive Proxy Statement filed April 24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">th</sup>, 2017, the Company identified four elements of our Executive Compensation Program.&#160;&#160; Element number 2 read &#8220;Non-Equity incentive cash compensation, referred to for discussion purposes as bonuses&#8221;.&#160; On page 29 and 30 of the Proxy Statement under the section heading &#8220;2016 NEO Cash Bonus Plan&#8221;, the Company described the mechanics of earning this bonus and the formulas that would be used in the calculation, which represented the Non-Equity Incentive Plan Compensation as presented in the Summary Compensation Tables.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">In future filings, the Company will add clarity to the Section Headers and will provide an explanation of both the mechanics of how the plan operates as well as an explanation of how the actual awards were calculated, but not the mathematical calculations.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">On behalf of the Company, the undersigned acknowledges that the Company is responsible for the adequacy and accuracy of the disclosure in the filings it makes with the Commission; Staff comments or changes to disclosure in respect of Staff comments do not foreclose the Commission from taking any action with respect to the filings; and the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Thank you for your attention. Please feel free to contact me or Mr. Clark for any additional information.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Sincerely,</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Eric Lerner</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Senior Vice President; General Counsel</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Systemax Inc.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">cc:<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font>Danilo Castelli, Staff Attorney</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Jacqueline Kaufman, Staff Attorney</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Sondra Snyder, Staff Accountant</div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
