<SUBMISSION>
<ACCESSION-NUMBER>0001047469-04-034745
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>6
<PERIOD>20041117
<ITEMS>1.01
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20041118
<DATE-OF-FILING-DATE-CHANGE>20041118
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>OVERSTOCK COM INC
<CIK>0001130713
<ASSIGNED-SIC>7389
<IRS-NUMBER>870634302
<STATE-OF-INCORPORATION>UT
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-49799
<FILM-NUMBER>041155765
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>6322 SOUTH 3000 EAST
<STREET2>STE 100
<CITY>SALT LAKE CITY
<STATE>UT
<ZIP>84121
<PHONE>8019473100
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>6322 SOUTH 3000 EAST
<STREET2>STE 100
<CITY>SALT LAKE CITY
<STATE>UT
<ZIP>84121
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a2146998z8-k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04DEN2773_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P><FONT SIZE=2>
<hr noshade width=100% align=left size=4>
<hr noshade width=100% align=left size=1> </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=5><B>FORM 8-K  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>CURRENT REPORT  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B> Pursuant to Section&nbsp;13 or 15(d)&nbsp;of<BR>
the Securities Exchange Act of 1934  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>November&nbsp;18, 2004 (November&nbsp;17, 2004)<BR>  </B></FONT><FONT SIZE=2>Date of Report (date of earliest event reported) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>Overstock.com,&nbsp;Inc.<BR>  </B></FONT><FONT SIZE=2>(Exact name of Registrant as specified in its charter) </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>Delaware<BR> </B></FONT><FONT SIZE=2>(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>000-49799<BR> </B></FONT><FONT SIZE=2>(Commission File Number)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>87-0634302<BR> </B></FONT><FONT SIZE=2>(I.R.S. Employer<BR>
Identification Number)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><B>6322 South 3000 East, Suite&nbsp;100<BR>
Salt Lake City, Utah 84121<BR>  </B></FONT><FONT SIZE=2>(Address of principal executive offices) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>(801)&nbsp;947-3100<BR>  </B></FONT><FONT SIZE=2>(Registrant's telephone number, including area code) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>(Former
name or former address, if changed since last report.) </FONT></P>


<P><FONT SIZE=2>Check
the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>Written
communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR&nbsp;230.425)
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>Soliciting
material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17&nbsp;CFR&nbsp;240.14a-12)
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act
(17&nbsp;CFR&nbsp;240.14d-2(b))
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act
(17&nbsp;CFR&nbsp;240.13e-4(c)) </FONT></DD></DL>
<BR>

<P><FONT SIZE=2><hr
noshade width=100% align=left size=1>
<hr noshade width=100% align=left size=4> </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="1",CHK=859826,FOLIO='blank',FILE='DISK034:[04DEN3.04DEN2773]BA2773A.;4',USER='MBRADT',CD='18-NOV-2004;12:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_de2773_1_1"> </A> </FONT></P>

<!-- TOC_END -->

<P><FONT SIZE=2><A
NAME="de2773_item_1.01._entry_into_a__de201885"> </A>
<A NAME="toc_de2773_1"> </A>
<BR></FONT><FONT SIZE=2><B>Item 1.01. Entry into a Material Definitive Agreement.    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;17, 2004, Overstock.com,&nbsp;Inc. (the "Company") entered into an Underwriting Agreement with Lehman Brothers&nbsp;Inc., as Representative
of the underwriters named therein, in connection with a registered public offering of 1,200,000 shares of its common stock at an offering price of $57.53 per share. The Underwriting Agreement is being
filed as Exhibit&nbsp;1.1 to this Current Report on Form&nbsp;8-K. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;17, 2004, the Company entered into a Purchase Agreement with Lehman Brothers&nbsp;Inc., as Representative of the initial purchasers named therein, in connection with
an offering of $100,000,000 aggregate principal amount of its 3.75% Convertible Senior Notes due 2011 in transactions exempt from registration under the Securities Act of 1933. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;17, 2004, the Company entered into a Second Amendment to Loan and Security Agreement dated as of May&nbsp;6, 2004 (the "Agreement") by and between the Company and
Wells Fargo Foothill,&nbsp;Inc. The Second Amendment modified certain negative covenants contained in the Agreement related to limitations on the Company's ability to incur additional debt. A copy
of the Second Amendment is being filed as Exhibit&nbsp;10.1 to this Current Report on Form&nbsp;8-K. </FONT></P>

<P><FONT SIZE=2><A
NAME="de2773_item_7.01_regulation_fd_disclosure."> </A>
<A NAME="toc_de2773_2"> </A>
<BR></FONT><FONT SIZE=2><B>Item 7.01 Regulation FD Disclosure.    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;18, 2004 the Company issued a press release relating to an underwritten registered public offering of its common stock. A copy of the press
release is being filed as Exhibit&nbsp;99.1 to this Current Report on Form&nbsp;8-K. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;18, 2004 the Company issued a press release relating to an offering of $100,000,000 aggregate principal amount of its 3.75% Convertible Senior Notes due 2011 in
transactions exempt from registration under the Securities Act of 1933. A copy of the press release is being filed as Exhibit&nbsp;99.2 to this Current Report on Form&nbsp;8-K. </FONT></P>


<P><FONT SIZE=2><A
NAME="de2773_item_9.01._financial_statements_and_exhibits."> </A>
<A NAME="toc_de2773_3"> </A>
<BR></FONT><FONT SIZE=2><B>Item 9.01. Financial Statements and Exhibits.    <BR>    </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD>
</DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits
</FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Underwriting Agreement dated November&nbsp;17, 2004 between the Company and Lehman Brothers Inc., as Representative of the Underwriters named therein.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Second Amendment dated as of November&nbsp;17, 2004 to Loan and Security Agreement between Overstock.com,&nbsp;Inc. and Wells Fargo Foothill,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Press Release issued November&nbsp;18, 2004 relating to the Company's underwritten registered public offering of its common stock.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Press Release issued November&nbsp;18, 2004 relating to the Company's offering of $100,000,000 aggregate principal amount of its 3.75% Convertible Senior Notes due 2011</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="1",CHK=890118,FOLIO='1',FILE='DISK034:[04DEN3.04DEN2773]DE2773A.;11',USER='DTAYLOR',CD='18-NOV-2004;13:19' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_jc2773_1_2"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc2773_signature"> </A>
<A NAME="toc_jc2773_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURE    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&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
thereunto duly authorized. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>OVERSTOCK.COM, INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>STEVE HUTCHINSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Steve Hutchinson<BR>
General Counsel</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Date:&nbsp;&nbsp;&nbsp;&nbsp;November&nbsp;18, 2004</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="1",CHK=712514,FOLIO='2',FILE='DISK034:[04DEN3.04DEN2773]JC2773A.;5',USER='MBRADT',CD='18-NOV-2004;12:56' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ka2773_exhibit_index"> </A>
<A NAME="toc_ka2773_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Underwriting Agreement dated November&nbsp;17, 2004 between the Company and Lehman Brothers Inc., as Representative of the Underwriters named therein.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Second Amendment dated November&nbsp;17, 2004 to Loan and Security Agreement between Overstock.com,&nbsp;Inc. and Wells Fargo Foothill,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Press Release issued November&nbsp;18, 2004 relating to the Company's underwritten registered public offering of its common stock.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Press Release issued November&nbsp;18, 2004 relating to the Company's offering of $100,000,000 aggregate principal amount of its 3.75% Convertible Senior Notes due 2011</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=4,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="1",CHK=477683,FOLIO='blank',FILE='DISK034:[04DEN3.04DEN2773]KA2773A.;5',USER='DTAYLOR',CD='18-NOV-2004;13:19' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04DEN2773_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_de2773_1">Item 1.01. Entry into a Material Definitive Agreement.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de2773_2">Item 7.01 Regulation FD Disclosure.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de2773_3">Item 9.01. Financial Statements and Exhibits.</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_jc2773_1">SIGNATURE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ka2773_1">EXHIBIT INDEX</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=DTAYLOR,SEQ=,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>a2146998zex-1_1.htm
<DESCRIPTION>EX 1.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04DEN2773_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 1.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="la2773_1,200,000_shares_overstock.com__1,202282"> </A>
<A NAME="toc_la2773_1"> </A>
<BR></FONT><FONT SIZE=2><B>1,200,000 Shares    <BR>    <BR>    Overstock.com,&nbsp;Inc.    <BR>    <BR>    Common Stock    <BR>    <BR>    UNDERWRITING AGREEMENT    <BR>    </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November&nbsp;17, 2004 </FONT></P>

<P><FONT SIZE=2>LEHMAN BROTHERS&nbsp;INC.<BR></FONT> <FONT SIZE=2>As Representative of the Underwriters<BR>
&nbsp;&nbsp;&nbsp;&nbsp;c/o </FONT><FONT SIZE=2>LEHMAN BROTHERS&nbsp;INC.<BR>
745 SEVENTH AVENUE<BR>
NEW YORK, NY 10019 </FONT></P>


<P><FONT SIZE=2>Ladies and Gentlemen: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overstock.com,&nbsp;Inc.,
a Delaware corporation (the "Company"), proposes to sell 1,200,000 shares (the "Firm Stock") of the Company's Common Stock, par value $0.0001 per share (the
"Common Stock"). In addition, the Company proposes to grant to the Underwriters named in Schedule&nbsp;1 hereto (the "Underwriters") an option to purchase up to an additional 180,000 shares of the
Common Stock on the terms and for the purposes set forth in Section&nbsp;3 (the "Option Stock"). The Firm Stock and the Option
Stock, if purchased, are hereinafter collectively called the "Stock." This is to confirm the agreement concerning the purchase of the Stock from the Company by the Underwriters. </FONT></P>


<P><FONT SIZE=2>Section&nbsp;1. </FONT> <FONT SIZE=2><I>Representations, Warranties and Agreements of the Company</I></FONT><FONT SIZE=2>. The Company represents, warrants and agrees that: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;A
registration statement on Form&nbsp;S-3 with respect to the Stock has (i)&nbsp;been prepared by the Company in conformity with the requirements of the
Securities Act of 1933, as amended (the "Securities Act"), and the rules and regulations (the "Rules&nbsp;and Regulations") of the United States Securities and Exchange Commission (the "Commission")
thereunder, (ii)&nbsp;been filed with the Commission under the Securities Act and (iii)&nbsp;become effective under the Securities Act. Copies of such registration statement and each of the
amendments thereto, if any, have been delivered by the Company to you as the representatives (the "Representatives") of the Underwriters. As used in this Agreement, "Effective Time" means the date and
the time as of which such registration statement, or the most recent post-effective amendment thereto, if any, was declared effective by the Commission; "Effective Date" means the date of
the Effective Time; "Preliminary Prospectus" means each prospectus included in such registration statement, or amendments thereof, before it became effective under the Securities Act and any
prospectus filed with the Commission by the Company with the consent of the Representatives pursuant to Rule&nbsp;424(a)&nbsp;of the Rules&nbsp;and Regulations; "Registration Statement" means
such registration statement, as amended at the Effective Time, including all information contained in the final prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;of the
Rules&nbsp;and Regulations and deemed to be a part of the registration statement as of the Effective Time pursuant to Rule&nbsp;430A of the Rules and Regulations; and "Prospectus" means the
prospectus as supplemented by the prospectus supplement in the form first used to confirm sales of Stock. If the Company has filed an abbreviated registration statement to register additional shares
of Common Stock pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act (the "Rule&nbsp;462 Registration Statement"), then any reference herein to the term "Registration Statement" shall be
deemed to include such Rule&nbsp;462 Registration Statement. The Commission has not issued any order preventing or suspending the use of any Preliminary Prospectus. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Registration Statement conforms, and the Prospectus and any further amendments or supplements to the Registration Statement or the Prospectus will, when they become
effective or are filed with the Commission, as the case may be, conform in all respects to the requirements of the </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=714369,FOLIO='blank',FILE='DISK034:[04DEN3.04DEN2773]LA2773A.;5',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_la2773_1_2"> </A>
<BR>

<P><FONT SIZE=2>Securities
Act and the Rules&nbsp;and Regulations and do not and will not, as of the applicable effective date (as to the Registration Statement and any amendment thereto) and as of the applicable
filing date (as to the Prospectus and any amendment or supplement thereto) contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading; provided that no representation or warranty is made as to information contained in or omitted from the Registration Statement or the Prospectus in reliance
upon and in conformity with written information furnished to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion therein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Company and each of its subsidiaries (as defined in Section&nbsp;15) have been duly incorporated or organized and are validly existing as corporations or other
business entities in good standing under the laws of their respective jurisdictions of incorporation or organization, are duly qualified to do business and are in good standing in each jurisdiction in
which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification, except where the failure to be so qualified or to be in good standing
would not have a material adverse effect in the general affairs, management, financial condition, results of operations, stockholders' equity, cash flow, business or prospects of the Company and its
subsidiaries, taken as a whole, whether or not arising in the ordinary course of business (a "Material Adverse Effect"), and have all power and authority necessary to own or hold their respective
properties and to conduct the businesses in which they are engaged. No such subsidiary constitutes a "significant subsidiary," as such term is defined in Rule&nbsp;405 of the Rules&nbsp;and
Regulations, of the Company. All of the issued shares of capital stock of each corporate subsidiary of the Company have been duly and validly authorized and issued and are fully paid and
non-assessable; and all of the issued and outstanding shares of capital stock or other equity interests of each subsidiary owned by the Company, directly or indirectly, are owned free and
clear of any liens, other than those that would not have a Material Adverse Effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
Company has an authorized capitalization as set forth in the Prospectus, and all of the issued shares of capital stock of the Company have been duly and validly
authorized and issued, are fully paid and non-assessable and conform to the description thereof contained Prospectus. All of the Company's options, warrants and other rights to purchase or
exchange any securities for shares of the Company's capital stock have been duly and validly authorized and issued, were issued in compliance with federal and state securities laws, and conform to the
description thereof contained in the Prospectus. All of the issued shares of capital stock of each subsidiary of the Company have been duly and validly authorized and issued and are fully paid and
non-assessable and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
shares of the Stock to be issued and sold by the Company to the Underwriters hereunder have been duly and validly authorized and, when issued and delivered against
payment therefor in accordance with this Agreement, will be duly and validly issued, fully paid and non-assessable; and the Stock will conform to the descriptions thereof contained in the
Prospectus. Upon payment for and delivery of the Stock to be sold by the Company pursuant to this Agreement, the Underwriters will acquire good and valid title to such Stock, in each case free and
clear of all liens, encumbrances, equities, preemptive rights, subscription rights, other rights to purchase, voting or transfer restrictions and other claims. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The
Company has all necessary corporate right, power and authority to execute and deliver this Agreement and perform its obligations hereunder; this Agreement has been
duly authorized, executed and delivered by the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;The
execution, delivery and performance of this Agreement by the Company and the consummation of the transactions contemplated hereby will not conflict with or result in
a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company
or any of its </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=2,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=890204,FOLIO='2',FILE='DISK034:[04DEN3.04DEN2773]LA2773A.;5',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_la2773_1_3"> </A>
<BR>

<P><FONT SIZE=2>subsidiaries
is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, nor will such
actions result in any violation of the provisions of the charter or by-laws of the Company or any of its subsidiaries or any statute or any order, rule or regulation of any court or
governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties or assets; and except for the registration of the Stock under the Securities Act
and such consents, approvals, authorizations, registrations or qualifications as may be required under the Exchange Act of 1934, as amended (the "Exchange Act") and applicable state securities laws in
connection with the purchase and distribution of the Stock by the Underwriters, no consent, approval, authorization or order of, or filing or registration with, any such court or governmental agency
or body is required for the execution, delivery and performance of this Agreement by the Company and the consummation of the transactions contemplated hereby. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;Except
as described in the Prospectus, there are no contracts, agreements or understandings between the Company and any person granting such person the right to require
the Company to file&nbsp;a registration statement under the Securities Act with respect to any securities of the Company owned or to be owned by such person or to require the Company to include such
securities in the securities registered pursuant to the Registration Statement or in any securities being registered pursuant to any other registration statement filed by the Company under the
Securities Act. The holders of outstanding shares of the Company's capital stock are not entitled to preemptive or other rights to subscribe for the Stock. Except for (i)&nbsp;1,599,701 shares of
Common Stock issuable upon exercise of outstanding options outstanding at September&nbsp;30, 2004, (ii)&nbsp;916,466 shares issuable upon exercise of outstanding warrants outstanding at
September&nbsp;30, 2004, (iii)&nbsp;1,169,683 shares reserved for isuance pursuant to the Company's Stock Option Plans as of September&nbsp;30, 2004, (iv)&nbsp;shares reserved for issuance
upon conversion of the Company's Convertible Senior Notes due 2011 expected to be issued concurrently with the consummation of the sale of the Firm Stock and the additional Convertible Senior Notes
that may be issued pursuant to the terms of the option granted to the initial purchasers of the Convertible Senior Notes, and (v)&nbsp;shares subject to the over-allotment option granted
herein, and subject to the exercise of options and warrants outstanding at September&nbsp;30, 2004, upon completion of the offering, no options, warrants or other rights to purchase, agreements or
other obligations to issue, or rights to convert any obligations into or exchange any securities for, shares of capital stock of or ownership interests in the Company are outstanding. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Except
as described in the Prospectus, the Company has not sold or issued any shares of Common Stock during the six-month period preceding the date of the
Prospectus, including any sales pursuant to Rule&nbsp;144A under, or Regulation&nbsp;D or Regulation&nbsp;S of, the Securities Act, other than shares issued pursuant to employee benefit plans,
qualified stock options plans or other employee compensation plans or pursuant to outstanding options, rights or warrants, and other than the shares issued pursuant to the prospectus supplement dated
May&nbsp;13, 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor any of its subsidiaries has sustained, since the date of the latest audited financial statements included in the Prospectus, any material loss or
interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise
than as set forth or contemplated in the Prospectus; and, since such date, there has not been any change in the capital stock or long-term debt of the Company or any of its subsidiaries or
any material adverse change, or any development that could reasonably be expected to have a Material Adverse Effect, otherwise than as set forth or contemplated in the Prospectus. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;The
financial statements (including the related notes and supporting schedules) filed as part of the Registration Statement or included or incorporated by reference in
the Prospectus present fairly the financial condition and results of operations of the entities purported to be shown thereby, at the dates and for the periods indicated, and have been prepared in
conformity with generally accepted </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=3,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=1022185,FOLIO='3',FILE='DISK034:[04DEN3.04DEN2773]LA2773A.;5',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_la2773_1_4"> </A>
<BR>

<P><FONT SIZE=2>accounting
principles applied on a consistent basis throughout the periods involved, except as otherwise disclosed therein and subject, in the case of interim financial statements, to normal
year-end adjustments, none of which, individually or in the aggregate, shall result in any material adverse change thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers
LLP, who have certified certain financial statements of the Company, whose report appears in the Prospectus and who have delivered the letters
referred to in Section&nbsp;7(e)&nbsp;hereof, is an independent registered public accounting firm as required by the Securities Act and the Rules and Regulations. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;Neither
the Company nor its subsidiaries owns any real property. The Company and its subsidiaries have good and marketable title to all personal property owned by them,
in each case free and clear of all liens, encumbrances and defects, except such as are described in the Prospectus or such as do not materially affect the value of such property and do not materially
interfere with the use made and proposed to be made of such property by the Company and its subsidiaries; and all assets held under lease by the Company and its subsidiaries are held by them under
valid, subsisting and enforceable leases, with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company and its
subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;The
Company and each of its subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as the Company considers adequate for the conduct of
their respective businesses and the value of their respective properties and as is customary for companies engaged in similar businesses in similar industries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;Except
as set forth or contemplated in the Prospectus, the Company and each of its subsidiaries own, or possess adequate rights to use, all material patents, patent
applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights and licenses (collectively, the "Intellectual Property") necessary for the conduct
of their respective businesses and no valid U.S. patent is, or to the knowledge of the Company would be, infringed by the activities of the Company or any of its subsidiaries in the use or sale of any
product or service as described in the Prospectus. There are no actions, suits or judicial proceedings pending relating to patents or proprietary information to which the Company and each of its
subsidiaries are parties or of which any property of the Company and each of its subsidiaries is subject, and, to the knowledge of the Company, no actions, suits or judicial proceedings are threatened
by governmental authorities, except as set forth or contemplated in the Prospectus or as disclosed to the Representative in writing. The Company is not aware of, except as set forth or contemplated in
the Prospectus, any claim by others that the Company or any of its subsidiaries is infringing or otherwise violating any patents or other intellectual property rights of others and is not aware of any
rights of third parties to any of the Company and its subsidiaries' patent applications, licensed patents or licenses which could affect materially the use thereof by the Company and its subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;There
are no legal or governmental proceedings pending to which the Company or any of its subsidiaries is a party or to which any property or assets of the Company or
any of its subsidiaries is the subject which, if determined adversely to the Company or any of its subsidiaries, would reasonably be expected to have a Material Adverse Effect; and to the best of the
Company's knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;There
are no contracts or other documents which are required to be described in the Prospectus or filed as exhibits to the Registration Statement by the Securities Act
or by the Rules&nbsp;and Regulations which have not been so described in the Prospectus or filed as exhibits to the Registration Statement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=4,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=591611,FOLIO='4',FILE='DISK034:[04DEN3.04DEN2773]LA2773A.;5',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_la2773_1_5"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;No
relationship, direct or indirect, exists between or among the Company on the one hand, and the directors, officers, stockholders, customers or suppliers of the
Company on the other hand, which is required to be described in the Prospectus which is not so described. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;No
labor disturbance by the employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company, is imminent, which might be expected to have
a Material Adverse Effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;The
Company is in compliance in all material respects with all presently applicable provisions of the Employee Retirement Income Security Act of 1974, as amended,
including the regulations and published interpretations thereunder ("ERISA"); no "reportable event" (as defined in ERISA) has occurred with respect to any "pension plan" (as defined in ERISA) for
which the Company would have any liability; the Company has not incurred and does not expect to incur liability under (i)&nbsp;Title&nbsp;IV of ERISA with respect to the termination of, or
withdrawal from, any "pension plan" or (ii)&nbsp;Sections&nbsp;412 or 4971 of the Internal Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (the
"Code"); and each "pension plan" for which the Company would have any liability that is intended to be qualified under Section&nbsp;401(a)&nbsp;of the Code is so qualified in all material respects
and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;The
Company has timely and properly filed with the Commission all reports and other documents required to have been filed by it with the Commission pursuant to the
Exchange Act and the Rules&nbsp;and Regulations promulgated under the Exchange Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;The
Company has filed all federal, state and local income and franchise tax returns required to be filed through the date hereof and has paid all taxes due thereon, and
no tax deficiency has been determined adversely to the Company or any of its subsidiaries which has had (nor does the Company have any knowledge of any tax deficiency which, if determined adversely to
the Company or any of its subsidiaries, might have) a Material Adverse Effect. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;Since
the date as of which information is given in the Prospectus through the date hereof, and except as may otherwise be disclosed in the Prospectus, the Company has
not (i)&nbsp;issued or granted any securities (except for shares issued pursuant to outstanding options or warrants), (ii)&nbsp;incurred any liability or obligation, direct or contingent, other
than liabilities and obligations which were incurred in the ordinary course of business, (iii)&nbsp;entered into any transaction not in the ordinary course of business or (iv)&nbsp;declared or
paid any dividend on its capital stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;The
Company (i)&nbsp;makes and keeps accurate books and records and (ii)&nbsp;maintains internal accounting controls which provide reasonable assurance that
(A)&nbsp;transactions are executed in accordance with management's authorization, (B)&nbsp;transactions are recorded as necessary to permit preparation of its financial statements and to maintain
accountability for its assets, (C)&nbsp;access to its assets is permitted only in accordance with management's authorization and (D)&nbsp;the reported accountability for its assets is compared
with existing assets at reasonable intervals. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;Neither
the Company nor any of its subsidiaries (i)&nbsp;is in violation of its charter or by-laws, (ii)&nbsp;is in default in any material respect, and
no event has occurred which, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any material
indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or assets is subject or
(iii)&nbsp;is in violation in any material respect of any law, ordinance, governmental rule, regulation or court decree to which it or its property or assets may be subject or has failed to obtain
any material license, permit, certificate, franchise or other governmental authorization or permit necessary to the ownership of its property or to the conduct of its business. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=5,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=764072,FOLIO='5',FILE='DISK034:[04DEN3.04DEN2773]LA2773B.;3',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_la2773_1_6"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;Neither
the Company nor any of its subsidiaries, nor any director, officer, agent, employee or other person associated with or acting on behalf of the Company or any of
its subsidiaries, has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; made any direct or indirect unlawful payment
to any foreign or domestic government official or employee from corporate funds; violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977; or made any bribe, rebate,
payoff, influence payment, kickback or other unlawful payment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;There
has been no storage, disposal, generation, manufacture, refinement, transportation, handling or treatment of toxic wastes, medical wastes, hazardous wastes or
hazardous substances by the Company or any of its subsidiaries (or, to the knowledge of the Company, any of their predecessors in interest) at, upon or from any of the property now or previously owned
or leased by the Company or its subsidiaries in violation of any applicable law, ordinance, rule, regulation, order, judgment, decree or permit or which would require remedial action under any
applicable law, ordinance, rule, regulation, order, judgment, decree or permit, except for any violation or remedial action which would not have singularly or in the aggregate with all such violations
and remedial actions, a Material Adverse Effect; there has been no material spill, discharge, leak, emission, injection, escape, dumping or release of any kind onto such property or into the
environment surrounding such property of any toxic wastes, medical wastes, solid wastes, hazardous wastes or hazardous substances due to or caused by the Company or any of its subsidiaries or with
respect to which the Company or any of its subsidiaries have knowledge, except for any such spill, discharge, leak, emission, injection, escape, dumping or release which would not have singularly or
in the aggregate with all such spills, discharges, leaks, emissions, injections, escapes, dumpings and releases, a Material Adverse Effect. The terms "hazardous wastes," "toxic wastes," "hazardous
substances" and "medical wastes" shall have the meanings specified in any applicable local, state, federal and foreign laws or regulations with respect to environmental protection. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;Neither
the Company nor any subsidiary is, nor as of the Closing Date will be, an "investment company" or a company "controlled" by an "investment company" within the
meaning of the Investment Company Act of 1940, as amended, and the Rules&nbsp;and Regulations of the Commission thereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;There
are no contracts, agreements or understandings between the Company and any person that would give rise to a valid claim against the Company or any Underwriter for
a brokerage commission, finder's fee or other like payment in connection with this offering. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;The
statistical and market-related data included in the Prospectus and the Registration Statement are based on or derived from sources which the Company believes to be
reliable and accurate. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;2.
</FONT><FONT SIZE=2><I>Purchase of the Stock by the Underwriters</I></FONT><FONT SIZE=2>. On the basis of the representations and warranties contained in, and subject to the terms
and conditions of, this Agreement, the Company agrees to sell 1,200,000 shares of the Firm Stock to the several Underwriters and each of the Underwriters, severally and not jointly, agrees to purchase
the number of shares of the Firm Stock set forth opposite that Underwriter's name in Schedule&nbsp;1 hereto. The respective purchase obligations of the Underwriters with respect to the Firm Stock
shall be rounded among the Underwriters to avoid fractional shares, as the Representatives may determine. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Company grants to the Underwriters an option to purchase up to 180,000 shares of Option Stock. Such option is granted for the purpose of covering
over-allotments in the sale of Firm Stock and is exercisable as provided in Section&nbsp;4 hereof. Shares of Option Stock shall be purchased severally for the account of the Underwriters
in proportion to the number of shares of Firm Stock set forth opposite the name of such Underwriters in Schedule&nbsp;1 hereto. The respective purchase obligations of each Underwriter with respect
to the Option Stock shall be adjusted by the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=6,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=619285,FOLIO='6',FILE='DISK034:[04DEN3.04DEN2773]LA2773B.;3',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_la2773_1_7"> </A>
<BR>

<P><FONT SIZE=2>Representatives
so that no Underwriter shall be obligated to purchase Option Stock other than in 100 share amounts. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
price of both the Firm Stock and any Option Stock shall be $54.6535 per share. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall not be obligated to deliver any of the Stock to be delivered on any Delivery Date (as hereinafter defined), except upon payment for all the Stock to be purchased on
such Delivery Date as provided herein. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;3.
</FONT><FONT SIZE=2><I>Offering of Stock by the Underwriters</I></FONT><FONT SIZE=2>. Upon authorization by the Representatives of the release of the Firm Stock, the several
Underwriters propose to offer the Firm Stock for sale upon the terms and conditions set forth in the Prospectus. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;4.
</FONT><FONT SIZE=2><I>Delivery of and Payment for the Stock</I></FONT><FONT SIZE=2>. Delivery of and payment for the Firm Stock shall be made at the offices of Cleary, Gottlieb,
Steen&nbsp;&amp; Hamilton, One Liberty Plaza, New York, New York 10006 at 10:00&nbsp;a.m., New York time, on the fourth full business day following the date of this Agreement or at such other date or
place as shall be determined by agreement between the Representatives and the Company. This date and time are sometimes referred to as the "First Delivery Date." On the First Delivery Date, the
Company shall deliver or cause to be delivered certificates representing the Firm Stock to the Representatives for the account of each Underwriter against payment to or upon the order of the Company
of the purchase price by wire transfer in immediately available funds. Time shall be of the essence, and delivery at the time and place specified pursuant to this Agreement is a further condition of
the obligation of each Underwriter hereunder. Upon delivery, the Firm Stock shall be registered in such names and in such denominations as the Representatives shall request in writing not less than
two full business&nbsp;days prior to the First Delivery Date. For the purpose of expediting the checking and packaging of the certificates for the Firm Stock, the Company shall make the certificates
representing the Firm Stock available for inspection by the Representatives in New York, New York, not later than 2:00&nbsp;P.M., New York time, on the business day prior to the First Delivery Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
option granted in Section&nbsp;2 will expire 30&nbsp;days after the date of this Agreement and may be exercised in whole or in part from time to time by written notice being
given to the Company by the Representatives. Such notice shall set forth the aggregate number of shares of Option Stock as to which the option is being exercised, the names in which the shares of
Option Stock are to be registered, the denominations in which the shares of Option Stock are to be issued and the date and time, as determined by the Representatives, when the shares of Option Stock
are to be delivered; provided, however, that this date and time shall not be earlier than the First Delivery Date nor earlier than the second business day after the date on which the option shall have
been exercised nor later than the fifth business day after the date on which the option shall have been exercised. The date and time the shares of Option Stock are delivered are sometimes referred to
as a "Second Delivery Date" and the First Delivery Date and any Second Delivery Date are sometimes each referred to as a "Delivery Date". </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery
of and payment for the Option Stock shall be made at the place specified in the first sentence of the first paragraph of this Section&nbsp;4 (or at such other place as shall
be determined by agreement between the Representatives and the Company) at 10:00&nbsp;a.m., New York time, on such Second Delivery Date. On such Second Delivery Date, the Company shall deliver or
cause to be delivered the certificates representing the Option Stock to the Representatives for the account of each Underwriter against payment to or upon the order of the Company of the purchase
price by wire transfer in immediately available funds. Time shall be of the essence, and delivery at the time and place specified pursuant to this Agreement is a further condition of the obligation of
each Underwriter hereunder. Upon delivery, the Option Stock shall be registered in such names and in such denominations as the Representatives shall request in the aforesaid written notice. For the
purpose of expediting the checking and packaging of the certificates for the Option Stock, the Company shall </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=7,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=836839,FOLIO='7',FILE='DISK034:[04DEN3.04DEN2773]LA2773B.;3',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_la2773_1_8"> </A>
<BR>

<P><FONT SIZE=2>make
the certificates representing the Option Stock available for inspection by the Representatives in New York, New York, not later than 2:00&nbsp;P.M., New York time, on the business day prior to
such Second Delivery Date. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;5.
</FONT><FONT SIZE=2><I>Further Agreements of the Company</I></FONT><FONT SIZE=2>. The Company further agrees: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;To
prepare the Prospectus in a form approved by the Representatives and to file such Prospectus pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act not later
than the Commission's close of business on the second business day following the execution and delivery of this Agreement or, if applicable, such earlier time as may be required by
Rule&nbsp;430A(a)(3)&nbsp;under the Securities Act; to make no further amendment or any supplement to the Registration Statement or to the Prospectus except as permitted herein; to advise the
Representatives, promptly after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective or any supplement to the Prospectus or any
amended Prospectus has been filed and to furnish the Representatives with copies thereof; to advise the Representatives, promptly after it receives notice thereof, of the issuance by the Commission of
any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or the Prospectus, of the suspension of the qualification of the Stock for offering or sale in any
jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the Registration Statement or the
Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or the Prospectus or
suspending any such qualification, to use promptly its best efforts to obtain its withdrawal; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;To
furnish promptly to each of the Representatives and to counsel for the Underwriters a signed copy of the Registration Statement as originally filed with the
Commission, and each amendment thereto filed with the Commission, including all consents and exhibits filed therewith; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;To
deliver promptly to the Representatives such number of the following documents as the Representatives shall reasonably request: (i)&nbsp;conformed copies of the
Registration Statement as originally filed with the Commission and each amendment thereto (in each case excluding exhibits) and (ii)&nbsp;each Preliminary Prospectus, the Prospectus and any amended
or supplemented Prospectus; and, if the delivery of a prospectus is required at any time after the Effective Time in connection with the offering or sale of the Stock and if at such time any events
shall have occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made when such Prospectus is delivered, not misleading, or, if for any other reason it shall be necessary to amend
or supplement the Prospectus in order to comply with the Securities Act, to notify the Representatives and, upon their request, to file such document and to prepare and furnish without charge to each
Underwriter and to any dealer in securities as many copies as the Representatives may from time to time reasonably request of an amended or supplemented Prospectus which will correct such statement or
omission or effect such compliance; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;To
file promptly with the Commission any amendment to the Registration Statement or the Prospectus or any supplement to the Prospectus that may, in the judgment of the
Company or the Representatives, be required by the Securities Act or requested by the Commission; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Prior
to filing with the Commission any amendment to the Registration Statement or supplement to the Prospectus or any Prospectus pursuant to Rule&nbsp;424 of the
Rules&nbsp;and Regulations, to furnish a copy thereof to the Representatives and counsel for the Underwriters and obtain the consent of the Representatives to the filing; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;As
soon as practicable after the Effective Date, to make generally available to the Company's security holders and to deliver to the Representatives an earnings
statement of the Company and its </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=8,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=939614,FOLIO='8',FILE='DISK034:[04DEN3.04DEN2773]LA2773B.;3',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_la2773_1_9"> </A>
<BR>

<P><FONT SIZE=2>subsidiaries
(which need not be audited) complying with Section&nbsp;11(a)&nbsp;of the Securities Act and the Rules&nbsp;and Regulations (including, at the option of the Company,
Rule&nbsp;158); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;For
a period of five&nbsp;years following the Effective Date, to furnish to the Representatives copies of all materials furnished by the Company to its stockholders
and all public reports and all reports and financial statements furnished by the Company to the principal national securities exchange upon which the Common Stock may be listed pursuant to
requirements of or agreements with such exchange or to the Commission pursuant to the Exchange Act or any rule or regulation of the Commission thereunder; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;To
promptly take such action as the Representatives may reasonably request from time to time, to qualify the Stock for offering and sale under the securities laws of
such jurisdictions as the Representatives may request and to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions in the United States for as long
as may be necessary to complete the distribution of the Stock; </FONT><FONT SIZE=2><I>provided, however,</I></FONT><FONT SIZE=2> that in connection therewith, the Company shall not be required to
qualify to do business as a foreign corporation or otherwise subject itself to service of process or taxation in any jurisdiction in which it is not otherwise so qualified or subject; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Except
for the offering of $100,000,000 principal amount of the Company's Convertible Senior Notes due 2011 and any additional Convertible Senior Notes issued pursuant
to the option granted to the initial purchasers thereof, and except for the issuance of options pursuant to the Company's Stock Option Plans in the ordinary course of business and the issuance of
shares of Common Stock upon the exercise of outstanding options and warrants, for a period of 90&nbsp;days from the date of the Prospectus, not to, directly or indirectly, offer for sale, sell or
otherwise dispose of (or enter into any transaction or device which is designed to, or could be expected to, result in the disposition by any person at any time in the future of), or announce an
offering of any shares of Common Stock (other than the Conversion Shares), or sell or grant options, rights or warrants with respect to any shares of Common Stock without the prior written consent of
the Representatives. In addition, if the Company files a registration statement (other than a Registration Statement) for the resale of shares of its Common Stock during the 90&nbsp;days from the
date of the Offering Memorandum relating to the Convertible Senior Notes, the Company agrees that it will not request that the Commission declare such registration statement effective during that
period unless the Company is contractually obligated to do so; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;To
notify The Nasdaq National Market System of the issuance of the Stock; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;To
apply the net proceeds from the sale of the Stock as set forth in the Prospectus; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;To
take such steps as shall be necessary to ensure that neither the Company nor any subsidiary shall become an "investment company" as defined in the Investment Company
Act of 1940, as amended and the Rules&nbsp;and Regulations. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;6. </FONT> <FONT SIZE=2><I>Expenses</I></FONT><FONT SIZE=2>. Whether or not the transactions contemplated by this Agreement are consummated or this Agreement becomes effective or is
terminated, the Company agrees to pay: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;the
costs incident to the preparation, printing and filing under the Securities Act of the Registration Statement and any amendments and exhibits thereto; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;the
costs of distributing the Registration Statement as originally filed and each amendment thereto and any post-effective amendments thereof (including, in
each case, exhibits), any Preliminary Prospectus, the Prospectus and any amendment or supplement to the Prospectus, all as provided in this Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;the
costs of producing and distributing this Agreement, any supplemental agreement among the Underwriters and any other related documents in connection with the
offering, purchase, sale and delivery of the stock; </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>

<!-- ZEQ.=9,SEQ=9,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=60455,FOLIO='9',FILE='DISK034:[04DEN3.04DEN2773]LA2773C.;4',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_la2773_1_10"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;the
fees and expenses of Bracewell&nbsp;&amp; Patterson L.L.P. and PricewaterhouseCoopers LLP; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;the
filing fees incident to securing the review by the NASD of the terms of sale of the Stock; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;any
applicable listing or other fees; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;the
fees and expenses of qualifying the Stock under the securities laws of the several jurisdictions as provided in Section&nbsp;5(h)&nbsp;and of preparing, printing
and distributing a Blue Sky Memorandum (including related fees and expenses of counsel to the Underwriters, not to exceed $5,000); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;all
costs and expenses relating to investor presentations on any "road show" undertaken in connection with the marketing of the offering of the Stock, including, without
limitation, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior
approval of the Company, travel and lodging expenses of the representatives and officers of the Company and any such consultants, and the cost of any aircraft chartered in connection with the road
show; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all
other costs and expenses incident to the performance of the obligations of the Company under this Agreement; </FONT></P>

<P><FONT SIZE=2>provided
that, except as provided in this Section&nbsp;6 and in Section&nbsp;11 the Underwriters shall pay their own costs and expenses, including the costs and expenses of their counsel, any
transfer taxes on the Stock which they may sell, and the expenses of advertising any offering of the Stock made by the Underwriters. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;7.
</FONT><FONT SIZE=2><I>Conditions of Underwriters' Obligations</I></FONT><FONT SIZE=2>. The respective obligations of the Underwriters hereunder are subject to the accuracy, when
made and on each Delivery Date, of the representations and warranties of the Company contained herein, to the performance by the Company of its obligations hereunder, and to each of the following
additional terms and conditions: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Prospectus shall have been timely filed with the Commission in accordance with Section&nbsp;5(a); no stop order suspending the effectiveness of the Registration
Statement or any part thereof shall have been issued and no proceeding for that purpose shall have been initiated or threatened by the Commission; and any request of the Commission for inclusion of
additional information in the Registration Statement or the Prospectus or otherwise shall have been complied with. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;All
corporate proceedings and other legal matters incident to the authorization, form and validity of this Agreement, the Stock, the Registration Statement and the
Prospectus, and all other legal matters relating to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all material respects to counsel for the Underwriters,
and the Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Bracewell&nbsp;&amp;
Patterson, L.L.P. shall have furnished to the Representatives their written opinion, as counsel to the Company, addressed to the Underwriters and
dated such Delivery Date, in substantially the form attached hereto as Exhibit&nbsp;A. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
Representatives shall have received from Cleary, Gottlieb, Steen&nbsp;&amp; Hamilton, counsel for the Underwriters, such opinion or opinions, addressed to the
Underwriters, dated such Delivery Date, with respect to the issuance and sale of the Stock, the Registration Statement, the Prospectus and other related matters as the Representatives may reasonably
require, and the Company shall have furnished to such counsel such documents as they reasonably request for the purpose of enabling them to pass upon such matters. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=10,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=13182,FOLIO='10',FILE='DISK034:[04DEN3.04DEN2773]LA2773C.;4',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_la2773_1_11"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;At
the time of execution of this Agreement, the Representatives shall have received from PricewaterhouseCoopers LLP a letter or letters, in form and substance
satisfactory to the Representatives, addressed to the Underwriters and dated the date hereof (i)&nbsp;confirming that they are an independent registered public accounting firm within the meaning of
the Securities Act and are in compliance with the applicable requirements relating to the qualification of accountants under Rule&nbsp;2-01 of Regulation&nbsp;S-X of the
Commission and (ii)&nbsp;stating, as of the date hereof (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given
in the Prospectus, as of a date not more than five&nbsp;days prior to the date hereof), the conclusions and findings of such firm with respect to the financial information and other matters
ordinarily covered by accountants' "comfort letters" to underwriters in connection with registered public offerings. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the letter or letters of PricewaterhouseCoopers LLP referred to in the preceding paragraph and delivered to the Representatives concurrently with the
execution of this Agreement (the "initial letters"), the Company shall have furnished to the Representatives a letter (the "bring-down letter") of such accountants, addressed to the
Underwriters and dated such Delivery Date (i)&nbsp;confirming that they are an independent registered public accounting firm within the meaning of the Securities Act and are in compliance with the
applicable requirements relating to the qualification of accountants under Rule&nbsp;2-01 of Regulation&nbsp;S-X of the Commission, (ii)&nbsp;stating, as of the date of
the bring-down letter (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Prospectus, as
of a date not more than five&nbsp;days prior to the date of the bring-down letter), the conclusions and findings of such firm with respect to the financial information and other matters
covered by the initial letters and (iii)&nbsp;confirming in all material respects the conclusions and findings set forth in the initial letters. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;The
Company shall have furnished to the Representatives on such Delivery Date a certificate, dated such Delivery Date and delivered on behalf of the Company by its chief
executive officer or its chief financial officer, in form and substance satisfactory to the Underwriters, to the effect that: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The
representations, warranties and agreements of the Company in Section&nbsp;1 are true and correct as of such Delivery Date; the Company has complied with all its
agreements contained herein; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;Neither
the Company nor any of its subsidiaries shall have sustained since the date of the latest audited financial statements included in the Prospectus (A)&nbsp;any
loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree,
otherwise than as set forth or contemplated in the Prospectus (exclusive of any amendment or supplement thereto), and (B)&nbsp;since such date there has not been any material change in the capital
stock or long-term debt of the Company (other than the issuance of the Company's Convertible Senior Notes as contemplated by the Prospectus) or any of its subsidiaries, or any change, or
any development involving a prospective change, in or affecting the general affairs, management, financial position, stockholders' equity or results of operations of the Company and its subsidiaries,
otherwise than as set forth or contemplated in the Prospectus (exclusive of any amendment or supplement thereto); and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Such
officer has carefully examined the Registration Statement and the Prospectus and, in such officer's opinion (A)&nbsp;as of the Effective Date, the Registration
Statement did not, and as of its date, the Prospectus did not include any untrue statement of any material fact and did not omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, and (B)&nbsp;since the Effective Date no event has occurred which should have been set forth in a supplement or amendment to the Registration Statement or
the Prospectus which has not been so set forth. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=11,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=619230,FOLIO='11',FILE='DISK034:[04DEN3.04DEN2773]LA2773C.;4',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_la2773_1_12"> </A>
<UL>
<BR>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;Neither
the Company nor any of its subsidiaries shall have sustained since the date of the latest audited financial statements included in the Prospectus (A)&nbsp;any
loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree,
otherwise than as set forth or contemplated in the Prospectus or (B)&nbsp;since such date, there shall not have been any material change in the capital stock or long-term debt of the
Company (other than the issuance of the Company's Convertible Senior Notes as contemplated by the Prospectus) or any of its subsidiaries or any change, or any development involving a prospective
change, in or affecting the general affairs, management, financial position, stockholders' equity or results of operations of the Company and its subsidiaries, otherwise than as set forth or
contemplated in the Prospectus, the effect of which, in any such case described in clause&nbsp;(A)&nbsp;or (B), is, in the judgment of the Representatives, so material and adverse as to make it
impracticable or inadvisable to proceed with the public offering or the delivery of the Stock being delivered on such Delivery Date on the terms and in the manner contemplated in the Prospectus. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Subsequent
to the execution and delivery of this Agreement there shall not have occurred any of the following: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;trading
in securities generally on the New York Stock Exchange, the American Stock Exchange, the Nasdaq National Market or the over-the-counter
market, or trading in any securities of the Company on any exchange (including the Nasdaq National Market) or the over-the-counter market, shall have been suspended or the
settlement of such trading generally shall have been materially disrupted or minimum prices shall have been established on any such exchange or such market by the Commission, by such exchange or by
any other regulatory body or governmental authority having jurisdiction, </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;a
banking moratorium shall have been declared by United States federal or New York State authorities, </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;the
United States shall have become engaged in hostilities, other than in Iraq and Afghanistan, there shall have been an escalation in hostilities involving the United
States or there shall have been a declaration of a national emergency or war by the United States; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;there
shall have occurred such a material adverse change in general economic, political or financial conditions, including, without limitation, as a result of terrorist
activities after the date hereof, or the effect of international conditions on the financial markets in the United States shall be such as to make it, in the sole judgment of the Representatives,
impracticable or inadvisable to proceed with the public offering or delivery of the Stock being delivered on such Delivery Date on the terms and in the manner contemplated in the Prospectus. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;No
Underwriter shall have discovered and disclosed to the Company on or prior to such Delivery Date that the Registration Statement or the Prospectus or any amendment or
supplement thereto contains an untrue statement of a fact which, in the reasonable opinion of Cleary, Gottlieb, Steen&nbsp;&amp; Hamilton, counsel for the Underwriters, is material or omits to state a
fact which, in the reasonable opinion of such counsel, is material and is required to be stated therein or is necessary to make the statements therein not misleading. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;The
Company shall have furnished to the Underwriters such further information, certificates and documents as the Underwriters may reasonably request to evidence
compliance with the conditions set forth in this Section&nbsp;7. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;The
members of the board of directors of the Company and the executive officers of the Company shall have furnished to the Representatives "lock-up" letters,
covering a period of 60&nbsp;days from the date of the Prospectus, in form and substance satisfactory to the Representatives. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=12,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=416984,FOLIO='12',FILE='DISK034:[04DEN3.04DEN2773]LA2773C.;4',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_lc2773_1_13"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if
they are in form and substance reasonably satisfactory to counsel to the Underwriters. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;8.
</FONT><FONT SIZE=2><I>Indemnification and Contribution</I></FONT><FONT SIZE=2>. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Company shall indemnify and hold harmless each of the Underwriters, and their respective directors, officers and employees and each person, if any, who controls such
Underwriter within the meaning of the Securities Act, from and against any loss, claim, damage or liability, joint or several, or any action in respect thereof (including, but not limited to, any
loss, claim, damage, liability or action relating to purchases and sales of Stock), to which such Underwriter, director, officer, employee or controlling person may become subject, under the
Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any
untrue statement or alleged untrue statement of a material fact contained (A)&nbsp;any Preliminary Prospectus, the Registration Statement or the Prospectus or in
any amendment or supplement thereto or (B)&nbsp;any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the
Stock, including any roadshow or investor presentations made to investors by the Company (whether in person or electronically) (the "Marketing Materials"), or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;the
omission or alleged omission to state therein any material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;any
act or failure to act or any alleged act or failure to act by the Underwriters in connection with, or relating in any manner to, the Stock or the offering
contemplated hereby, and which is included as part of or referred to in any loss, claim, damage, liability or action arising out of or based upon matters covered by clause&nbsp;(i)&nbsp;or
(ii)&nbsp;above (provided that the Company shall not be liable under this clause&nbsp;(iii)&nbsp;to the extent that it is determined in a final judgment by a court of competent jurisdiction that
such loss, claim, damage, liability or action resulted directly from any such acts or failures to act undertaken or omitted to be taken by such Underwriter through its gross negligence or willful
misconduct), </FONT></P>

</UL>

<P><FONT SIZE=2>and
shall reimburse each Underwriter and each such director, officer, employee and controlling person promptly upon demand for any legal or other expenses reasonably incurred by that Underwriter,
director, officer, employee or controlling person in connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such expenses are
incurred; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of, or is based upon, any untrue
statement or alleged untrue statement or omission or alleged omission made in any Preliminary Prospectus, the Registration Statement or the Prospectus, or in any such amendment or supplement, or
Marketing Materials in reliance upon and in conformity with the written information furnished to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion
therein which information consists solely of the information specified in Section&nbsp;8(e); provided further, that the Company shall not be liable to any Underwriter (or any of their directors,
officers, employees or controlling persons) under the indemnity agreement in this Section&nbsp;8(a)&nbsp;to the extent, but only to the extent, that (1)&nbsp;such loss, claim, damage or
liability of such Underwriter (or such director, officer, employee or controlling person) results from an untrue statement of a material fact or an omission of a material fact contained in the
Preliminary Prospectus, which untrue statement or omission was completely corrected in the Prospectus and (2)&nbsp;the Company sustains the burden of proving that such Underwriter sold the Notes to
the person alleging such loss, claim, liability, expense or damage without sending or giving, at or prior to written confirmation of such sale, a copy of the Prospectus and (3)&nbsp;the Company had
previously furnished sufficient quantities of the Prospectus to the Underwriters within a </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=13,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=1023830,FOLIO='13',FILE='DISK034:[04DEN3.04DEN2773]LC2773A.;4',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_lc2773_1_14"> </A>

<P><FONT SIZE=2>reasonable
amount of time prior to such sale, and (4)&nbsp;such Underwriter failed to deliver the Prospectus, if required by law to have so delivered it, and such delivery would have been a complete
defense against the person asserting such loss, claim, liability, expense or damage. The foregoing indemnity agreement is in addition to any liability that the Company may otherwise have to any
Underwriter or to any director, officer, employee or controlling person of that Underwriter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
Underwriter shall, severally and not jointly, indemnify and hold harmless the Company, its officers and employees, each of its directors, and each person, if any,
who controls the Company within the meaning of the Securities Act, from and against any loss, claim, damage or liability, joint or several, or any action in respect thereof, to which the Company or
any such director, officer or controlling person may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any
untrue statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus, the Registration Statement or the Prospectus or in any
amendment or supplement thereto or in any Marketing Materials, or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;the
omission or alleged omission to state therein any material fact required to be stated therein or necessary to make the statements therein not misleading, </FONT></P>

</UL>

<P><FONT SIZE=2>but
in each case only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with the written information
concerning such Underwriter furnished to the Company through the Representatives by or on behalf of that Underwriter specifically for inclusion therein, which information is limited to the information
set forth in Section&nbsp;8(e). The Underwriters shall reimburse the Company and any such director, officer or controlling person for any legal or other expenses reasonably incurred by the Company
or any such director, officer or controlling person in connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such expenses are
incurred. The foregoing indemnity agreement is in addition to any liability which any Underwriter may otherwise have to the Company or any such director, officer, employee or controlling person. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Promptly
after receipt by an indemnified party under this Section&nbsp;8 of notice of any claim or the commencement of any action, the indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party under this Section&nbsp;8, notify the indemnifying party in writing of the claim or the commencement of that action; provided,
however, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this Section&nbsp;8 except to the extent it has been materially prejudiced
by such failure and, provided further, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this
Section&nbsp;8. If any such claim or action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate
therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to the indemnified party.
After notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim or action, the indemnifying party shall not be liable to the indemnified party
under this Section&nbsp;8 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable costs of investigation;
provided, however, that the Representatives shall have the right to employ counsel to represent jointly the Representatives and those other Underwriters and their respective officers, employees and
controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Underwriters against the Company under this Section&nbsp;8 if, in the
reasonable judgment of the Representatives, it is advisable for the Representatives and those Underwriters, directors, officers, employees and controlling persons to be jointly represented by </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=14,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=81996,FOLIO='14',FILE='DISK034:[04DEN3.04DEN2773]LC2773A.;4',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_lc2773_1_15"> </A>
<BR>

<P><FONT SIZE=2>separate
counsel, and in that event the fees and expenses of such separate counsel shall be paid by the Company. No indemnifying party shall: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;without
the prior written consent of the indemnified parties (which consent shall not be unreasonably withheld or delayed), settle or compromise or consent to the entry
of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified
parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising
out of such claim, action, suit or proceeding, or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;be
liable for any settlement of any such action effected without its written consent (which consent shall not be unreasonably withheld or delayed), but if settled with
the consent of the indemnifying party or if there be a final judgment of the plaintiff in any such action, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and
against any loss or liability by reason of such settlement or judgment. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;If
the indemnification provided for in this Section&nbsp;8 shall for any reason be unavailable to or insufficient to hold harmless an indemnified party under
Section&nbsp;8(a)&nbsp;or 8(b)&nbsp;in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of
indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;in
such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering
of the Stock, or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;if
the allocation provided by clause&nbsp;8(d)(i)&nbsp;above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause&nbsp;8(d)(i)&nbsp;above but also the relative fault of the Company on the one hand and the Underwriters on the other with respect to the statements or
omissions or alleged statements or alleged omissions that resulted in such loss, claim, damage or liability (or action in respect thereof), as well as any other relevant equitable considerations. </FONT></P>

</UL>

<P><FONT SIZE=2>The
relative benefits received by the Company on the one hand and the Underwriters on the other with respect to such offering shall be deemed to be in the same proportion as the total net proceeds
from the offering of the Stock purchased under this Agreement (before deducting expenses) received by the Company, on the one hand, and the total underwriting discounts and commissions received by the
Underwriters with respect to the shares of the Stock purchased under this Agreement, on the other hand, bear to the total gross proceeds from the offering of the shares of the Stock under this
Agreement, in each case as set forth in the table on the cover page&nbsp;of the Prospectus. The relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters, the intent of the parties and their relative knowledge,
access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if the amount of contributions
pursuant to this Section&nbsp;were to be determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not
take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or action in respect thereof,
referred to above in this Section&nbsp;shall be deemed to include, for purposes of this Section&nbsp;8(d), any legal or other expenses reasonably incurred by such indemnified party in connection
with investigating or defending any such action or claim. Notwithstanding the provisions of this Section&nbsp;8(d), no Underwriter shall be required to contribute any amount in excess of the amount
by which the total price at which the shares of Stock underwritten by it and distributed to the public were offered to the public exceeds the amount of any </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=15,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=367868,FOLIO='15',FILE='DISK034:[04DEN3.04DEN2773]LC2773A.;4',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_lc2773_1_16"> </A>

<P><FONT SIZE=2>damages
which such Underwriter has otherwise paid or become liable to pay by reason of the untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
The Underwriters' obligations to contribute as provided in this Section&nbsp;8(d)&nbsp;are several in proportion to their respective underwriting obligations and not joint. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
Underwriters severally confirm and the Company acknowledges that the statements with respect to the public offering of the Stock by the Underwriters set forth on the
cover page&nbsp;of, the legend concerning over-allotments on the inside front cover page&nbsp;of and the concession and reallowance figures appearing under the caption "Underwriting"
in, the Prospectus are correct and constitute the only information concerning such Underwriters furnished in writing to the Company by or on behalf of the Underwriters specifically for inclusion in
the Registration Statement and the Prospectus. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;9.
</FONT><FONT SIZE=2><I>Defaulting Underwriters</I></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
on the Delivery Date, any Underwriter defaults in the performance of its obligations under this Agreement, the remaining non-defaulting Underwriters shall be obligated to
purchase the Stock which the defaulting Underwriter agreed but failed to purchase on the Delivery Date in the respective proportions which the number of shares of the Firm Stock set opposite the name
of each
remaining non-defaulting Underwriter in Schedule&nbsp;1 hereto bears to the total number of shares of the Firm Stock set opposite the names of all the remaining
non-defaulting Underwriters in Schedule&nbsp;1 hereto; provided, however, that the remaining non-defaulting Underwriters shall not be obligated to purchase any of the Stock
on the Delivery Date if the total number of shares of the Stock which the defaulting Underwriter or Underwriters agreed but failed to purchase on such date exceeds 9.09% of the total number of shares
of the Stock to be purchased on the Delivery Date, and any remaining non-defaulting Underwriter shall not be obligated to purchase more than 110% of the number of shares of the Stock which
it agreed to purchase on the Delivery Date pursuant to the terms of Section&nbsp;3. If the foregoing maximums are exceeded, the remaining non-defaulting Underwriters, or those other
underwriters satisfactory to the Representatives who so agree, shall have the right, but shall not be obligated, to purchase, in such proportion as may be agreed upon among them, all the Stock to be
purchased on the Delivery Date. If the remaining Underwriters or other underwriters satisfactory to the Representatives do not elect to purchase the shares which the defaulting Underwriter or
Underwriters agreed but failed to purchase on the Delivery Date, this Agreement (or, with respect to the Second Delivery Date, the obligation of the Underwriters to purchase, and of the Company to
sell, the Option Stock) shall terminate without liability on the part of any non-defaulting Underwriter or the Company, except that the Company will continue to be liable for the payment
of expenses to the extent set forth in Sections&nbsp;6 and 11. As used in this Agreement, the term "Underwriter" includes, for all purposes of this Agreement unless the context requires otherwise,
any party not listed in Schedule&nbsp;1 hereto who, pursuant to this Section&nbsp;9, purchases Firm Stock which a defaulting Underwriter agreed but failed to purchase. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
contained herein shall relieve a defaulting Underwriter of any liability it may have to the Company for damages caused by its default. If other Underwriters are obligated or
agree to purchase the Stock of a defaulting or withdrawing Underwriter, either the Representatives or the Company may postpone the Delivery Date for up to seven full business&nbsp;days in order to
effect any changes that in the opinion of counsel to the Company or counsel to the Underwriters may be necessary in the Registration Statement, the Prospectus or in any other document or arrangement. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;10.
</FONT><FONT SIZE=2><I>Termination</I></FONT><FONT SIZE=2>. The obligations of the Underwriters hereunder may be terminated by the Representatives by notice given to and received
by the Company prior to delivery of and payment for the Firm Stock if, prior to that time, any of the events described in Sections&nbsp;7(h)&nbsp;or 7(i), shall have </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=16,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=665629,FOLIO='16',FILE='DISK034:[04DEN3.04DEN2773]LC2773A.;4',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_lc2773_1_17"> </A>
<BR>

<P><FONT SIZE=2>occurred
or if the Underwriters shall decline to purchase the Stock for any reason permitted under this Agreement. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;11.
</FONT><FONT SIZE=2><I>Reimbursement of Underwriters' Expenses</I></FONT><FONT SIZE=2>. If (a)&nbsp;the Company shall fail to tender the Stock for delivery to the Underwriters by
reason of any failure, refusal or inability on the part of the Company to perform any agreement on its part to be performed, or because any other condition of the Underwriters' obligations hereunder
required to be fulfilled by the Company (including, without limitation, with respect to the transactions) is not fulfilled or (b)&nbsp;the Underwriters shall decline the purchase the Notes for any
reason permitted under this Agreement (including the termination of this Agreement pursuant to Section&nbsp;10), the Company shall reimburse the Underwriters for the fees and expenses of their
counsel and for such other out-of-pocket expenses as
shall have been incurred by them in connection with this Agreement and the proposed purchase of the Stock, and upon demand the Company shall pay the full amount thereof to the Underwriters. If this
Agreement is terminated pursuant to Section&nbsp;9 by reason of the default of one or more Underwriters, the Company shall not be obligated to reimburse any defaulting Underwriters on account of
those expenses, but shall continue to be obligated to reimburse the other Underwriters. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;12.
</FONT><FONT SIZE=2><I>Notices, Etc</I></FONT><FONT SIZE=2>. All statements, requests, notices and agreements hereunder shall be in writing, and: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;if
to the Underwriters, shall be delivered or sent by mail, telex or facsimile transmission to Lehman Brothers&nbsp;Inc., 745 Seventh Avenue, New York, New York 10019,
Attention: Syndicate Department (Fax: 1-212-526-0943); and; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;if
to the Company, shall be delivered or sent by mail, telex or facsimile transmission to Overstock.com,&nbsp;Inc., 6322 South 3000 East, Suite&nbsp;100, Salt Lake
City, UT 84121, Attention: Jonathan E. Johnson III (Fax: 1-801-947-3144), with a copy to (which shall not constitute notice) Bracewell&nbsp;&amp; Patterson, L.L.P.,
111 Congress Avenue, Suite&nbsp;2300, Austin, Texas 78701, Attention Thomas W. Adkins (Fax: 1-512-479-3940). </FONT></P>

<P><FONT SIZE=2>Any
such statements, requests, notices or agreements shall take effect at the time of receipt thereof. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;13.
</FONT><FONT SIZE=2><I>Persons Entitled to Benefit of Agreement</I></FONT><FONT SIZE=2>. This Agreement shall inure to the benefit of and be binding upon the Underwriters, the
Company, and their respective successors. This Agreement and the terms and provisions hereof are for the sole benefit of only those persons, except that (A)&nbsp;the representations, warranties,
indemnities and agreements of the Company contained in this Agreement shall also be deemed to be for the benefit of the directors, officers and employees of the Underwriters, and the person or
persons, if any, who control any Underwriter within the meaning of Section&nbsp;15 of the Securities Act and (B)&nbsp;any indemnity agreement of the Underwriters contained in
Section&nbsp;8(b)&nbsp;of this Agreement shall be deemed to be for the benefit of directors of the Company, officers and employees of the Company who have signed the Registration Statement and any
person controlling the Company within the meaning of Section&nbsp;15 of the Securities Act. Nothing contained in this Agreement is intended or shall be construed to give any person, other than the
persons referred to in this Section&nbsp;13, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;14.
</FONT><FONT SIZE=2><I>Survival</I></FONT><FONT SIZE=2>. The respective indemnities, representations, warranties and agreements of the Company and the Underwriters contained in
this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall survive the delivery of and payment for the Stock and shall remain in full force and effect, regardless
of any investigation made by or on behalf of any of them or any person controlling any of them. The provisions of Sections&nbsp;8 and 11 shall survive the cancellation or termination of this
Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=17,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=449436,FOLIO='17',FILE='DISK034:[04DEN3.04DEN2773]LC2773B.;5',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_lc2773_1_18"> </A>
<BR>

<P><FONT SIZE=2>Section&nbsp;15.
</FONT><FONT SIZE=2><I>Definition of the Terms "Business Day" and "Subsidiary"</I></FONT><FONT SIZE=2>. For purposes of this Agreement, (a)&nbsp;"business day" means any day on
which The Nasdaq National Market System is open for trading and (b)&nbsp;"subsidiary" has the meaning set forth in Rule&nbsp;405 of the Rules&nbsp;and Regulations. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;16.
</FONT><FONT SIZE=2><I>Governing Law</I></FONT><FONT SIZE=2>. This Agreement shall be governed by, and construed in accordance, with the laws of the State of New York. </FONT></P>

<P><FONT SIZE=2>Section&nbsp;17.
</FONT><FONT SIZE=2><I>Counterparts</I></FONT><FONT SIZE=2>. This Agreement may be executed in one or more counterparts and, if executed in more than one counterpart, the executed
counterparts shall each be deemed to be an original but all such counterparts shall together constitute one and the same instrument. </FONT></P>


<P><FONT SIZE=2>Section&nbsp;18. </FONT> <FONT SIZE=2><I>Headings</I></FONT><FONT SIZE=2>. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the
meaning or interpretation of, this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=18,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=178624,FOLIO='18',FILE='DISK034:[04DEN3.04DEN2773]LC2773B.;5',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_lc2773_1_19"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the foregoing correctly sets forth the agreement between the Company and the Underwriters, please indicate your acceptance in the space provided for that purpose below. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Very truly yours,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
OVERSTOCK.COM,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DAVID CHIDESTER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: David Chidester<BR>
Title: Vice President, Finance</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Accepted and agreed by:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><BR><FONT SIZE=2>LEHMAN BROTHERS&nbsp;INC.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
For themselves and as Representatives of the several Underwriters named in Schedule&nbsp;1 hereto</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><BR><FONT SIZE=2>LEHMAN BROTHERS&nbsp;INC.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2><BR>
By</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>TIMOTHY GOULD</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Authorized Representative</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=19,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=90154,FOLIO='19',FILE='DISK034:[04DEN3.04DEN2773]LC2773B.;5',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><B>SCHEDULE 1  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="83%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1><B>Underwriter<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="25%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Firm<BR>
Shares to be Purchased</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Lehman Brothers Inc.&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>840,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Piper Jaffray&nbsp;&amp; Co</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>120,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Legg Mason Wood Walker, Incorporated</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>120,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>WR Hambrect + Co, LLC</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>120,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>1,200,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=20,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=718663,FOLIO='blank',FILE='DISK034:[04DEN3.04DEN2773]LE2773A.;5',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<P ALIGN="CENTER"><FONT SIZE=2><B>EXHIBIT A  </B></FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=21,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2",CHK=734715,FOLIO='blank',FILE='DISK034:[04DEN3.04DEN2773]LE2773A.;5',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04DEN2773_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_la2773_1">1,200,000 Shares Overstock.com, Inc. Common Stock UNDERWRITING AGREEMENT</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=DTAYLOR,SEQ=,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="2" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>a2146998zex-10_1.htm
<DESCRIPTION>EX 10.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04DEN2773_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>EXHIBIT 10.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="sa2773_second_amendment_to_loan_and_security_agreement"> </A>
<A NAME="toc_sa2773_1"> </A>
<BR></FONT><FONT SIZE=2><B>SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "</FONT><FONT SIZE=2><I>Second Amendment</I></FONT><FONT SIZE=2>") is made and entered into as of
November&nbsp;17, 2004, by and between Overstock.com,&nbsp;Inc., a Delaware corporation, as Borrower ("</FONT><FONT SIZE=2><I>Borrower</I></FONT><FONT SIZE=2>"), and Wells Fargo
Foothill,&nbsp;Inc., a California corporation, as Lender ("</FONT><FONT SIZE=2><I>Lender</I></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Borrower and Lender have entered into a Loan and Security Agreement, dated as of May&nbsp;6, 2004, as amended by the First Amendment to Loan and Security Agreement dated as of
November&nbsp;12, 2004 (as so amended, the "</FONT><FONT SIZE=2><I>Loan Agreement</I></FONT><FONT SIZE=2>"); and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Borrower and Lender wish to further amend the Loan Agreement as herein provided; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the agreements and provisions herein contained, the parties hereto do hereby agree as follows: </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1. Definitions.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such
terms in the Loan Agreement. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2. Amendments to Loan Agreement.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Loan Agreement is hereby amended, effective as of the date this Second Amendment
becomes effective in accordance with </FONT><FONT SIZE=2><I>Section&nbsp;4</I></FONT><FONT SIZE=2> hereof, as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>2.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Amendment to Section&nbsp;7.1(g)</I></B></FONT><FONT SIZE=2>. </FONT> <FONT SIZE=2><I>Section&nbsp;7.1(g)</I></FONT><FONT SIZE=2> of the Loan Agreement is hereby amended by
(i)&nbsp;replacing "$75,000,000" with "$100,000,000"; and (ii)&nbsp;replacing
"$25,000,000" with "$35,000,000." </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3. Representations and Warranties.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In order to induce Lender to enter into this Second Amendment, Borrower hereby
represents and warrants that: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>3.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>No Default</I></B></FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> At and as of the date of this Second
Amendment and at and as of the Effective Date (as defined below), and both prior to and after giving effect to this Second Amendment, no Default or Event of Default exists. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>3.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Representations and Warranties True and Correct</I></B></FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> At and
as of the date of this Second Amendment and at and as of the Effective Date and both prior to and after giving effect to this Second Amendment, each of the representations and warranties contained in
the Loan Agreement and the other Loan Documents is true and correct in all material respects (except to the extent that such representations and warranties relate solely to an earlier date, in which
case such representations and warranties are true and correct in all material respects as of such earlier date). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>3.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Corporate Power, Etc</I></B></FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> Borrower (a)&nbsp;has all
requisite corporate power and authority to execute and deliver this Second Amendment and to consummate the transactions contemplated hereby and (b)&nbsp;has taken all action, corporate or otherwise,
necessary to authorize the execution and delivery of this Second Amendment and the consummation of the transactions contemplated hereby. Borrower is entering into this Second Amendment in accordance
with </FONT><FONT SIZE=2><I>Section&nbsp;15.1</I></FONT><FONT SIZE=2> of the Loan Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>3.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>No Conflict</I></B></FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> The execution, delivery and performance by
Borrower of this Second Amendment will not (a)&nbsp;violate any provision of federal, state, or local law or regulation applicable to Borrower, the Governing Documents of Borrower, or any order,
judgment, or decree of any court or other Governmental Authority binding on Borrower, (b)&nbsp;conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a
default under any material contractual obligation of Borrower, (c)&nbsp;result in or require the creation or imposition of any Lien of any nature whatsoever upon any properties or assets of any
Borrower, other than Permitted Liens, or (d)&nbsp;require any unobtained approval of Borrower's shareholders or any unobtained approval or consent of any Person under any material contractual
obligation of Borrower. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="3",CHK=743152,FOLIO='blank',FILE='DISK034:[04DEN3.04DEN2773]SA2773A.;8',USER='MBRADT',CD='18-NOV-2004;12:57' -->
<A NAME="page_sa2773_1_2"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>3.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Binding Effect</I></B></FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> This Second Amendment has been duly
executed and delivered by Borrower and constitutes the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be
limited by (a)&nbsp;applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect, relating to or affecting the enforcement of creditors' rights
generally, and (b)&nbsp;the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4. Conditions.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Second Amendment shall be effective as of November&nbsp;17, 2004 (the
"</FONT><FONT SIZE=2><I>Effective Date</I></FONT><FONT SIZE=2>") upon the fulfillment by Borrower, in a manner satisfactory to Lender, of all of the following conditions precedent set forth in this </FONT> <FONT
SIZE=2><I>Section&nbsp;4</I></FONT><FONT SIZE=2>: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>4.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Execution of the Second Amendment</I></B></FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> Each of the parties
hereto shall have executed and delivered an original counterpart of this Second Amendment by facsimile or other means of electronic transmission. </FONT></P>

<P><FONT SIZE=2><B>SECTION 5. </B></FONT><FONT SIZE=2><B><I>Miscellaneous</I></B></FONT><FONT SIZE=2><B>.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>5.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Continuing Effect</I></B></FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> Except as specifically provided
herein, the Loan Agreement and the other Loan Documents shall remain in full force and effect in accordance with their respective terms and are hereby ratified and confirmed in all respects. Lender's
execution and delivery of, or acceptance of, this Second Amendment and any other documents and instruments in connection herewith shall not be deemed to create a course of dealing or otherwise create
any express or implied duty by it to provide any other or further amendments, consents or waivers in the future. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>5.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>No Waiver</I></B></FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> This Second Amendment is limited as specified
and the execution, delivery and effectiveness of this Second Amendment shall not operate as a modification, acceptance or waiver of any provision of the Loan Agreement or any other Loan Document,
except as specifically set forth herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>5.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>References</I></B></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;From
and after the Effective Date, the Loan Agreement, the other Loan Documents and all agreements, instruments and documents executed and delivered in connection with
any of the foregoing shall each be deemed amended hereby to the extent necessary, if any, to give effect to the provisions of this Second Amendment. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;From
and after the Effective Date, (i)&nbsp;all references in the Loan Agreement to "this Agreement", "hereto", "hereof", "hereunder" or words of like import referring
to the Loan Agreement shall mean the Loan Agreement as amended hereby and (ii)&nbsp;all references in the Loan Agreement, the other Loan Documents or any other agreement, instrument or document
executed and delivered in connection therewith to "Loan Agreement", "thereto", "thereof", "thereunder" or words of like import referring to the Loan Agreement shall mean the Loan Agreement as amended
hereby. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>5.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Governing Law</I></B></FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> THIS SECOND AMENDMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>5.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Severability</I></B></FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> The provisions of this Second Amendment are
severable, and if any clause or provision shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or
provision, or part thereof, in such jurisdiction and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provision in this Second Amendment in any
jurisdiction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>5.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Counterparts</I></B></FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> This Second Amendment may be executed in
any number of counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=2,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="3",CHK=572387,FOLIO='2',FILE='DISK034:[04DEN3.04DEN2773]SA2773A.;8',USER='MBRADT',CD='18-NOV-2004;12:57' -->
<A NAME="page_sa2773_1_3"> </A>
<BR>

<P><FONT SIZE=2>together
constitute one and the same instrument. A complete set of counterparts shall be lodged with Borrower and Lender. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>5.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Headings</I></B></FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> Section&nbsp;headings in this Second
Amendment are included herein for convenience of reference only and shall not constitute a part of this Second Amendment for any other purpose. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>5.08.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Binding Effect; Assignment</I></B></FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> This Second Amendment shall
be binding upon and inure to the benefit of the Borrower and Lender and their respective successors and assigns; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the rights and
obligations of Borrower under this Second Amendment shall not be assigned or delegated without the prior written consent of
Lender. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>5.09.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Expenses</I></B></FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> Borrower agrees to pay Lender upon demand for
all Lender Expenses incurred in connection with the preparation, negotiation and execution of this Second Amendment and any document required to be furnished herewith. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>[Signature
pages&nbsp;to follow] </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>OVERSTOCK.COM, INC.,</B></FONT><FONT SIZE=2><BR>
as Borrower</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JONATHAN E. JOHNSON III</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Jonathan E. Johnson III</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Vice President, Corporate Affairs and Legal</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>WELLS FARGO FOOTHILL, INC.,</B></FONT><FONT SIZE=2><BR>
as Lender</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JEFF ROYSTON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Jeff Royston</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>Vice President</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=3,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="3",CHK=17842,FOLIO='3',FILE='DISK034:[04DEN3.04DEN2773]SA2773A.;8',USER='MBRADT',CD='18-NOV-2004;12:57' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04DEN2773_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_sa2773_1">SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=DTAYLOR,SEQ=,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="3" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>a2146998zex-99_1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04DEN2773_4">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>EXHIBIT 99.1  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT SIZE=2><B>
<IMG SRC="g991151.jpg" ALT="Logo" WIDTH="190" HEIGHT="42">
  </B></FONT></P>

<P><FONT SIZE=2><I>NEWS RELEASE  </I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="32%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2><B>Media Contact:</B></FONT><FONT SIZE=2><BR>
Scott Blevins<BR>
Overstock.com,&nbsp;Inc.<BR>
+1 (801) 947-3133<BR>
sblevins@overstock.com</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="32%"><BR><FONT SIZE=2><B>Investor Contact:</B></FONT><FONT SIZE=2><BR>
Kathryn Huang Hadley<BR>
Overstock.com,&nbsp;Inc.<BR>
+1 (801) 947-3282<BR>
khuang@overstock.com</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="va2773_overstock.com,_inc._to_raise_g__ove03624"> </A>
<A NAME="toc_va2773_1"> </A>
<BR></FONT><FONT SIZE=2><B>Overstock.com,&nbsp;Inc. to Raise Gross Proceeds of Approximately $69.0 Million in Common Stock Offering    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SALT LAKE CITY&#151;Nov 18, 2004&#151;Overstock.com,&nbsp;Inc. (Nasdaq: OSTK) today announced that it has agreed to sell 1,200,000 shares of
common stock at a price of $57.53 per share in a previously announced underwritten public offering under its existing shelf registration statement. Subject to customary closing conditions,
Overstock.com will receive net proceeds of approximately $65.3&nbsp;million from the offering. The underwriters have an option to purchase up to an additional 180,000 shares to cover
over-allotments, if any. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lehman
Brothers&nbsp;Inc. is acting as the sole book-running manager, and Piper Jaffray&nbsp;&amp; Co., Legg Mason Wood Walker, Incorporated and WR
Hambrecht&nbsp;+&nbsp;Co, LLC. are acting as co-managers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overstock.com
expects to use the net proceeds from the offering for working capital requirements and general corporate purposes. In addition, a portion of the proceeds may be used to
acquire complementary technologies or businesses. However, Overstock.com currently has no commitments or agreements and is not involved in any negotiations with respect to any such transactions. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities. A preliminary prospectus supplement relating to these securities has
been filed with the Securities and Exchange Commission but remains subject to completion. These securities may not be sold nor offers to buy be accepted prior to the time the prospectus supplement and
related prospectus are delivered in final form. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="4",CHK=605063,FOLIO='blank',FILE='DISK034:[04DEN3.04DEN2773]VA2773A.;4',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_va2773_1_2"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of the prospectus supplement and the accompanying prospectus can be obtained from: </FONT></P>

<P><FONT SIZE=2>Lehman
Brothers&nbsp;Inc.<BR>
c/o ADP Financial Services<BR>
Prospectus Fulfillment<BR>
1155 Long Island Avenue<BR>
Edgewood, NY 11717<BR>
(613)&nbsp;254-7106 </FONT></P>

<P><FONT SIZE=2>Piper
Jaffray&nbsp;&amp; Co.<BR>
U.S. Bancorp Center<BR>
800 Nicollet Mall<BR>
Suite&nbsp;800<BR>
Minneapolis, MN 55402<BR>
(612)&nbsp;303-6000 </FONT></P>

<P><FONT SIZE=2>Legg
Mason Wood Walker, Incorporated<BR>
100 Light Street<BR>
Baltimore, MD 21202<BR>
(877)&nbsp;534-4627 </FONT></P>

<P><FONT SIZE=2>WR
Hambrecht&nbsp;+&nbsp;Co, LLC.<BR>
539 Bryant St.<BR>
San Francisco, CA 94107<BR>
(415)&nbsp;551-8600 </FONT></P>

<P><FONT SIZE=2><B>About Overstock.com  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overstock.com&nbsp;Inc. is an online "closeout" retailer, offering discount, brand-name merchandise for sale over the Internet, as well as an online
auction site. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory liquidation distribution channel. </FONT></P>

<P><FONT SIZE=2><B>Cautionary Statement Regarding Forward-Looking Statements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This press release contains statements that are "forward-looking statements" within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended,
and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements"
for purposes of these provisions. These forward-looking statements include Overstock.com's intention to consummate the sale of common stock and Overstock.com's intended use of proceeds of the sale of
common stock. The closing of the sale of the common stock is subject to the satisfaction of customary closing conditions. In addition, Overstock.com's ability to complete the sale of the common stock
and Overstock.com's business are subject to the risks described in our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2003, our Quarterly Reports on
Form&nbsp;10-Q for the quarters ended March&nbsp;31, 2004, June&nbsp;30, 2004 and September&nbsp;30, 2004, our preliminary prospectus supplement filed with the SEC on
November&nbsp;15, 2004 and all of our subsequent filings with the Securities and Exchange Commission. Overstock.com's annual, quarterly and other filed reports are available over the Internet at the
SEC's web site at http://www.sec.gov. </FONT></P>

<P><FONT SIZE=2>SOURCE
Overstock.com,&nbsp;Inc. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=2,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="4",CHK=985619,FOLIO='2',FILE='DISK034:[04DEN3.04DEN2773]VA2773A.;4',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04DEN2773_4">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_va2773_1">Overstock.com, Inc. to Raise Gross Proceeds of Approximately $69.0 Million in Common Stock Offering</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=DTAYLOR,SEQ=,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="4" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>a2146998zex-99_2.htm
<DESCRIPTION>EX 99.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04DEN2773_5">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>EXHIBIT 99.2  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT SIZE=2><B>
<IMG SRC="g991151.jpg" ALT="Logo" WIDTH="190" HEIGHT="42">
  </B></FONT></P>

<P><FONT SIZE=2><I>NEWS RELEASE  </I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="32%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2><B>Media Contact:</B></FONT><FONT SIZE=2><BR>
Scott Blevins<BR>
Overstock.com,&nbsp;Inc.<BR>
+1 (801) 947-3133<BR>
sblevins@overstock.com</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="32%"><BR><FONT SIZE=2><B>Investor Contact:</B></FONT><FONT SIZE=2><BR>
Kathryn Huang Hadley<BR>
Overstock.com,&nbsp;Inc.<BR>
+1 (801) 947-3282<BR>
khuang@overstock.com</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="vc2773_overstock.com,_inc._announces___ove02909"> </A>
<A NAME="toc_vc2773_1"> </A>
<BR></FONT><FONT SIZE=2><B>Overstock.com,&nbsp;Inc. Announces Sale of $100&nbsp;million of 3.75% Senior Convertible Notes Due 2011    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SALT LAKE CITY&#151;Nov 18, 2004&#151;Overstock.com,&nbsp;Inc. (Nasdaq: OSTK) today announced that it has agreed to sell 3.75% senior convertible
notes due 2011 in a private offering that will result in gross proceeds of $100&nbsp;million, upsized from the previously announced offering of $75&nbsp;million. Overstock.com has granted to the
initial purchasers an option to purchase up to an additional $20&nbsp;million principal amount of notes. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notes will be convertible, at the option of the holders, into shares of Overstock.com's common stock at a conversion price of $76.23 per share, which is subject to adjustment upon
certain events. At the initial conversion price, each $1,000 principal amount of notes will be convertible into 13.1182 shares of Overstock.com's common stock. The initial conversion price represents
a 32.5% premium over the closing sale price of Overstock.com's common stock on November&nbsp;17, 2004, which was $57.53 per share. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notes will bear interest at a rate of 3.75% per annum, and will be general, unsecured obligations of Overstock.com. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overstock.com
expects to use the net proceeds from the offering for working capital requirements and general corporate purposes. In addition, a portion of the proceeds may be used to
acquire complementary technologies or businesses. However, Overstock.com currently has no commitments or agreements and is not involved in any negotiations with respect to any such transactions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
offering of the notes is made only to qualified institutional buyers in reliance on Rule&nbsp;144A under the Securities Act of 1933, as amended (the "Securities Act"). The
securities to be offered have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in
which such offering would be unlawful. </FONT></P>

<P><FONT SIZE=2><B>Cautionary Statement Regarding Forward-Looking Statements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This press release contains statements that are "forward-looking statements" within the meaning of Section&nbsp;27A of the Securities Act and Section&nbsp;21E
of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these
provisions. These forward-looking statements include </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="5",CHK=751665,FOLIO='blank',FILE='DISK034:[04DEN3.04DEN2773]VC2773A.;5',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<A NAME="page_vc2773_1_2"> </A>
<BR>

<P><FONT SIZE=2>Overstock.com's
intention to consummate the sale of the notes and Overstock.com's intended use of proceeds of the sale of notes. The closing of the sale of the notes is subject to the satisfaction of
customary closing conditions. In addition, Overstock.com's ability to complete the sale of the notes and Overstock.com's business are subject to the risks described in our Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2003 and our Quarterly Reports on Form&nbsp;10-Q for the quarters ended March&nbsp;31, 2004, June&nbsp;30, 2004
and September&nbsp;30, 2004 and all of our subsequent filings with the Securities and Exchange Commission. Overstock.com's annual, quarterly and other filed reports are available over the Internet
at the SEC's web site at http://www.sec.gov. </FONT></P>

<P><FONT SIZE=2>SOURCE
Overstock.com,&nbsp;Inc. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=2,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="5",CHK=1004144,FOLIO='2',FILE='DISK034:[04DEN3.04DEN2773]VC2773A.;5',USER='MBRADT',CD='18-NOV-2004;15:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04DEN2773_5">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_vc2773_1">Overstock.com, Inc. Announces Sale of $100 million of 3.75% Senior Convertible Notes Due 2011</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=DTAYLOR,SEQ=,EFW="2146998",CP="OVERSTOCK.COM, INC.",DN="5" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g991151.jpg
<DESCRIPTION>G991151.JPG
<TEXT>
begin 644 g991151.jpg
M_]C_X``02D9)1@`!`0$!(`$@``#__@`P35),3%]'4D%02$E#4SI;3U9%4E-4
M3T-+74]615)35$]#2U\T0U],3T=/+D504__;`$,`!P4&!@8%!P8&!@@(!PD+
M$@P+"@H+%Q`1#1(;%QP<&A<:&1TA*B0='R@@&1HE,B4H+"TO,"\=(S0X-"XW
M*BXO+O_;`$,!"`@("PH+%@P,%BX>&AXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN
M+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+O_``!$(`%T!I0,!(@`"$0$#
M$0'_Q``<``$``@,!`0$`````````````!@<$!0@#`@'_Q`!/$``!`P,!!00&
M!04,"`<````!`@,$``41!@<2(3%!$R)180@4,G&!D14C0J&Q%E)B<L$D,S9#
M1G-T@K*SP]$7-SB2HK3"X4169'63TM/_Q``;`0$``P$!`0$`````````````
M`P0%!@('`?_$`#$1`0`"`0($`0H&`P`````````!`@,$$042(3%1!A,R06%Q
M@;'1\!0B,Z'!\4*1X?_:``P#`0`"$0,1`#\`Z1I2E`KX>=:8:4Z\XEMM`RI:
MS@)'B36FU1J2W:<A>L3%E3JLAIA![[A\O`>)Z54P>U-M%NA8W^Q@-G*DC/8L
MCIG\]7O^X5#DS12>6.LM#2</OFK.6\\M([S/\>*:7[:;:(2BS:VEW%[EOI.X
MWGW\S\!4<<OVTF]`K@0'XK"^78QPCA^LNK!TWH^S6!M*H\</2@.])>`4LGR_
M-'D*D>*\^;R7].VWN2_B]+@G;#BYO;;K^R@KC:=H+I#DUB[/$<B'-_'P2:C:
MYUUC/E"Y4QEYL\4J6I*DGW&NH<#PK4WZP6N^Q3'N,9*^'<<'!:#XA7,?A45]
M)/>MNJY@XY6)VRXXV]GT4;;-<:GMQ`1<UR&P?WN2D.#Y\_OJS-)[1+=>'&H<
M]`A3EG=3DY:</D>A/@?F:J[6&F)>FIX:=)=B.Y+#^,;PZ@^"A_WJ.U6KFRXK
M;2V,O#]'K<?/2(C?M,.KZ566R_6"YH%BNCQ7)2/W,ZL\7$CFDGJ1T\1[JLVM
M/'DC)7FAQVJTU]-EG'?^RE*5[5RE*4"E*4"E*4"E*4"E*4"E8=ONEMN7:_1U
MPBR^R.ZYZN\ES</@<$XY&LR@4I2@4I2@4I2@4I6MN=\LMJ>CL7.[0H3T@X91
M(?2VIPY`[H)X\2!P\:#94I2@4I2@4I2@4I2@4I2@4I2@4I2@4I2@4I2@4I2@
M5HM6:BB:<MAEOC?>6=UED'!<5^P#J:W$J0S%C.R9#@;9:25K6>20!DFN<=6W
MY_45X=G.%26!W([1_BT=/B>9_P"U5]1F\W7IWEJ<+X?^+R_F]&._T?K2;MK'
M4:$..EV7)5Q4KV6D#B<#HD#I^TUT#8;1#L=L9M\)&ZVV.*CS6KJH^9J$['[(
MF-:G;TZD=M,.ZT2/9;2?VG/R%6/7G2X]J\\]Y3<8U?/D\QCZ4IT^/_.Q2E*M
M,4I2E!J]16B/?+1(MLD`!Q/<7CBA8]E0]QKFR?$?@39$*2G=?866UCS'[*ZG
MJD]L-L3%OT>XMIPF:UW_`-=&!GY$?*J6LQ[UYX]3H>`:J:Y9P3VGK'O_`*0*
M))>ARV)<=6Z\RM+B#X*!R*Z;LMP;NMIB7%H81(:2O'@3S'P.17+U7ILAE*D:
M3[!9SZM(6VGCT.%?]1J+17VM-5[RAP1;#7+ZXG;X2G=*H'3EUNFA=MTW2UVN
M4R19KT`J`J4\IP(*B2V!O'AQWF^'/A5_5I.0*506T.[736.UVSZ$L=REQ84'
MZRXN17U-DYPI8)21R2`D?I*-6SKC5-OT5IB3>YP*T,@(99"N\\X?90#Y]3T`
M)H))3-<SV;3&T7:\@WZ_ZA=L]C>.8T=H*W5`'@4M@@8Y]Y1)/F*V5PV*ZLT\
M@W/1.MIJYS8SV#RBT7,=`H**3GP4,>=!T-2JKV-;1Y.K$S+#J!@1=26W(?1N
M[G:I!W2K=^RH'`4/,$>`@.W75EYTOM5LDNW29"VV8"'/4P\M+3JRMT#>2#@]
M/?C%!TEFE4+9-CVH;Q)@ZEUGJ^>;HMU$A^*T2`A.<]GO!0W3T[HP..,\ZQ=3
MIO\`M.VJW31C-[>M-ALS8+R6"=YT]T$D`C>)*L#/``>)XAT)FAJC[%LWU[HS
M4UN<TUJTS;(ZO=F,S\D-HYGN9(43T*=TY/'AFIKM#T-/U>_`=AZLN-D$5*TJ
M3$WOK=XC!.%)Y8^^@KOT7/Y9?TQK_$J_ZY#V-:#GZK%_$35URLWJ<A"%>J[W
MUY._Q5A8XC'GSKI>]WB%H?1AN%UE./M6Z,ALN*_?)"P`D#C]I1_&@DM,BN9;
M3;=HVV=QR[3[RY8M,E92RTR5;JP#R2@$=ICD5J.,YQX#:3MANH[*W](Z0UO-
M^DFDY2VZ5,]H>H"TJ.,^!&/$T'0U*I_8WM*N%^F2M):L9,?4D+>[RD;A?"3A
M0*>06.N.!''H:G^N=56_1NG)5\N.5(:[K32?:></LH'O\>@!/2@D.:9KF^SV
M/:5M;1]-7?4#E@T\\K>CQH^\-]/0I0",CGWEGCS`Q6TD["+K;VE2--:^N<>:
MD92'2I"5'H"I"LCY&@ORN=_20_ACH3^=5_>M5)MDFJ];JOT[1>MK9)=F0T;Z
M;B&^[N]`M0[I!'LJ'$X(-1GTD/X8Z$_G5?WK5!T0*5!=I>T6S:#MO:22)-S=
M!,:"A6%+_24?LH\_EFH%L[TMK35]U_+/7%WN$2&\0Y&M3#ZV4N)^SO(2>ZC'
M3VE<SYA>]*4H%,U2FT_:-?5ZD1H'9^QV]\<[LB2D`]@<9*4YX`@<5*/!/OY:
MZ/L*N]S1ZYJC7MQD7!SBOL=Y24GJ`I:LGY"@OS-*YNOFF=INRQ!OM@U-(OMH
M8P9$9\*5NH'YS9)[O'BI!!'/E5\Z4NSU]T[;[M(MTBWO26@M<60DI6VKD1QZ
M=0>H(H-Q3-<]:RUUJW7>K7]$;.'3'C,$IE7%"MPJP<*5OCBA`/`$<5'ESQ7H
MGT?)3D<NR==SU7!7>+@9)1O?%>\>...10=`TKFZUZMUMLFU-%L.NI3ETT_*.
M&9I47"A.<;R5GO'=X;R#Q`Y=,W]?7LZ>N+[#O_A'5H<0K]`D$$4&SIFN0-FN
MI-H6HX+NB]/7"2)<E\R9-UD/J6J,P$I3@*.2GCX<22`,<34WNFPB^Q82[C9]
M<3G[TV"XGM-YL.*QR"PLE)\"<_"@Z(IFN8].;7]6W+34?2,%A4G6STHQ&I#J
M0,-8R7%9X;Z<$<>'#)\]V[L(OEQCKG7C7\QV]+&\I80I;85X9*@HCSP/=0=`
MUJ=2WV'IVU.7*8EUQ*>"6F4[RW%8)P!RY`DDX``)/*J@V*ZJU)#U7==G&KY*
MI,R"E2H[[BRM1"<93O'BI)20I)/'&?A;.K[#^45G<@)E*BO<2V\$[P22A2""
M.H*5J!Y'CD<10::R[1;#/:<5,6NVJ0H`>M<$N?JGQ'#((!&0>1!*M?;]F=O4
MEX79:%,E86Q$A`LM,'=`61Q))5NI)SPR.',TH/C;#>51K7'L[*\+F**G<<^S
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M""I$AYY03G`6YW$I&?ZQ^=7[:H$6U6V);838;BQ6DLM('1*1@?A5:>D#HZ5J
M?2+<VUM+<N=I<,AIM`RI:".^E/GP"@.N[CK0:.+>-O4.*S$C:%L3;#"$M-H2
MZG"4I&`!]?X"O7\H?2`_\DV/_P"5/_[U(-ENU.R:LL\=BX3F(=^:0$2([RPC
MM5#AOHS[0//`XCEYF5:DUGIC3<%<R[7B*RD#*6PX%N.>24#B304QI+2^TI6V
M"'K2^::C6]IXE$TQ7VR@I+13O;O:*/$A)..O&OG:Q$3.](31,9Q&^A3<52DG
MJ$ON*/X5+-D6LM7ZWU'>[L]'1'TD#N1&W&^^E8P`$J'/ADJSD`D`8K0;1/\`
M:0T3_1FO[;U!?XY51VTK0.J;=J]6T/9\[FXJ3^ZX7#+N``2D'@L$`93SR,CC
MRO`<A4,L6TO1U[O,^SQ+NTB7$<[/#Y#:7_$MDGO`'(\>'A@T$<V;;7H.IYPT
M_?82K/J%)*.P<R$.J',)SQ2K]%7P)JUS7-NVV79[QM'T?%TRZR_J)$I*9#\7
MO%`WT=F%%/,C"CX@5TCTH*!]%S^67],:_P`2OKTK)3PL6GK>E12Q(F+6L],I
M0`G/^^:^?1<_EE_3&O\`$J;;<]'2-8:)<9M[?:7*"YZS'0.;F`0I`\R#P\P*
M">6>!&M=JA6Z&A*(T9E#3:4C`"4@`5FU3VR+:M9KM98EEU!.:M]^B(#"TRE=
MF)&[P"@H\-[AQ2>.<U8-]UCIBPPE3;I>X3+83O`=J%+7^JD9*C[A04MM29;L
M^W_1=T@%+4F<MA,C'VOK"T2?>@X^%>WI*+,V^Z(L+[BFX,F2HO'/`Y6VC/P"
ME?.L30C<_:EM:7KR3$=8L-I(3$#G520=Q/AG)*U8Y'`ZU,O2#T7,U-IF-<[0
MVIRZ6A:G4(;'?<;(&^$XYJ!2E0'D>M!;$=EJ.PVPPVEMEM(0A"1@)2!@`?"O
M2JJV7;6[#J:TQHEWN#$"^M("'VI"PVEY0^V@G@<XSCF#GWU/;MJ73]GB*F7.
M\P8K"1G><?2,^0&<D^0XT&XQ7-?I3//1K[I&1'&7VDO+;&,Y4%MD<.O&K%T!
MM1.M]67*VVNQOFRQ4;R+DI6[Q\%)/+>/(`YP,D>$&])#^&6A/YU7]ZU08&PF
MS6/65^GZIU1=?I74K3I<]1D)X-#/!S!X*P>``X(X<.6.EZI/:ALMEFX_EMH%
M:H.H6%EYQAD[HD*SQ4G/`+/'(/!7OY[O9-M2B:P:^B+LE,#4L<%+L97=#Y3[
M2D`\01@Y3S'F*"T:_%'"2?#C4=UOK"RZ*M";K>G'0RMT--H91O+<403@#(Z`
MG)-9&D=2VK5UC9O5G=6N*Z5)PXG=6A23@I4.AH*5]&9MNZ7C6&I99[2Y/2$H
M*U>TE*U+6KYD#_=KH6N9$2)>Q/:C.>EQ77-*7M1*7&QG<3O;P(\5()((YE)R
M*Z"L^I]/7J(B9:[S"E,J&<MO)R/(@\0?(@&@W)XUI-9RGH&C[]-C9[>/;WW6
M\<PH-J(^^H=M'VN:=TC"<:A2H]SO)X-Q&7-X(/BXI/L@>',_>)A9)3NI=*,2
M+K:GK>JX1B'H;R@5(2H$$'W@YX@'CQ`-!5OHM6^*QH:;<D)294N<I#B^NZA*
M=U/_`!*/QJ[JYFV>WYS8[JZZ:,U9VC5HE.AZ+-W24#H'.'V5)`!Q[)3[ZZ#9
MU'8'H?KS5[MRXF,]LF4C<Q[\XH('Z1-NBS=EURD/I1VL)QI]E9YI5OA!Q[PH
MBLC9]+?F[#[>_(45."TNMY/@@+0/N2*KK:]K/_2'.A;/-#GZ0#SZ5R937[VK
M=Y`'JA/M*5RX#&:NA-G8T_L^798Q)9A6Q;(4>:L-G*C[SD_&@J?T4(;*-/WZ
MX`#MG9;;)./LI1D?>LU?]43Z*?\``^\?^X_X2*O:@YOV*6U@;;M</A`(AN24
M-Y^R52,9^0(^-=(5S_L4_P!<.T?^DN_\PJN@*#GEY?9>E@R$I3];'W5</_2'
M_*NAJYVE_P"UC$_F1_RBJZ)H%*4H.6;A*7.GR9KGMON*</O)S6UT.H)U?9BH
MX'K*1\P16E?:4R\XRH@J;44G'+(K,L4H0;W;IA]EF2VL^X*&?NK#K/YXF?%]
M(RTB<%JU\)B/].GQR%*"E;CYN4I2@4I2@56^VB2$6.#%SQ=E;WP2D_M(JR*I
M';!<1*U"Q`0K*8;/>'@M?$_<$U7U5ML4M3@V*<FLK[.OW\5?<N-=(Z)MRK7I
M>VPUIW70T%N#])7>/XXJE-`V,WS4<=E:28K'USYZ;H/!/Q.!\ZNG66J86D+6
MW=;E&E.0R^AEUQA*2&=XX"U9(PG/`D9YCA4&BIWO+2\H=3$S7!'JZS_"05J'
M-.VES4S.IUQ0;JS&5%0]GDV3GEX\^/@2.M;4.(+?:A:2C&=[/#'CFHWI+6-N
MU8]<OHB-+5"A/%@3EH2&9"QS[,YRH#QP!Q%7W,I-2E*"N-7;'=$:HEN3I$%V
M#,<)4X]!6&RL^)204D^>,FM+:_1^T'!DI??-SGI!![*1(`0??N)23\ZN&E!C
MP(42W0V84",U&BLIW&VFDA*4#P`%1^[:(L5UU;;M62VWS=+>A*&%)=(0`"HC
M*>OM&I12@56^LMCNB]5SEW&3%?A375;SKT%P-]J?%22"DGSQDUM-6[1+#IN>
MW:2B7<[RX,HMUN:[9['0J')/QX^5:-[:JY;$HDZDT/J.T6]1`5,<8#C;6>J]
MTY3^-!M-"[+-)Z*DF;;(SS\XC=$J6L+6@$8(3@`)SUP,^=3RL:W3H=S@L7"W
MR6Y$1]`6TZV<I6D]16301?1FB+%HWZ0^A6WT^O.!Q[M72O)&<8\/:-2BE5ZK
M:*M[1<[5%JTY.N`CSEQ$165!2W0E>Z7!N@]WX']M!]ZSV3Z,U=*7.GP'(T]S
MVY4-?9K7YJ&"E1\R,U'+;Z/FA(<E+SZ[I.0/XE^0`@^_<2D_?5N1'5/Q67UL
MK94XA*RVY[2"1G!\QRKVH,6VV^#:X+,"W1&8L1E.ZVRR@)2D>0%95*4%>:PV
M1:*U5*=FRX#D2<Z<N2(2^S4L^*DX*2?/&:CT'T>M"1I"77GKM+0D@]D](2E)
M\CN)!^^KDKRE28\2.[)E/ML,-)*W''%!*4)',DGD*#$LEFM5AM[=NL\!B%$;
M]EIE.!GQ/4GS/&M)J[0E@U9<+9/N[<A3]N45,%ITH`)4E7$=>*14=_TKL7%]
MQ&E-*7Z_QVU%)EQF-Q@D<\+5S^5;/3.TBT7F[BP3X-PL=[(WD0;FSV:G1C.4
M'DKEY&@G50;4FS#2FH+ZW?Y$>3%NB,'UF$^6%E0Y*)3]H>/.IS2@BVM=$6?6
M=A:LMY5)4VRM+C;[;@#J5@8WLD$'()SD=:S-&Z7M>C["Q9+0ESU=HJ45NJWE
MN*)R5*/#C[ATK.OER9LUEN%V?25-0H[DA:1S(0DJ('RK0S=:1H>SL:W>A.B.
M83<OU;>&_A>,)SRSWA0;Z]6>V7R`Y;KO!8F1'/::>1O#/0CP/F.-53.]'K0L
MF0IUE^[1$'^*:D)4D>[?23]]6]!D&7"CRBVIHO-I<*%<TY`.#[LU[T%>Z2V1
M:(TO*;G1+<N5-;.6WYKG:E!\0G`2#YXSYU858MTFMVVV3+@\"6HK*WE@>"4E
M1_"L+2EZ3J+3ENOB(RXZ)K*7DM+()2#RR10>6JM*6#5D`0;];FI;23EM1RE;
M9\4J'%/PYU6+GHZZ'4\7$S;TA!.>S#[9`\LE&:F5VVA1K0+PN?8+NVS:BV'W
M$AE8/:*`1NA+A)R#O<N`''!X5N-.ZKM6HKA=8=K+CJ;<MM*Y&!V3V^"<MD'O
M`%)!/B#0>.C]$:9T<PMNPVU##C@PZ^HE;K@\"L\<>7+RJ02X[<N*]%>!+3S:
MFUX.#@C!_&O:E!&M$:,LNBH$B!8T/I8?=[9?;.[YWMT)Y^X"I+2E!%]/:(L6
MGK_=K];FWTS;HLKDE;I4DDK*C@=.)J44I011>A+`O7"-;*;D?3"$[H5VIW,=
MF4>S^J:E=*4"E*4'.>OH7J&K[FT!A"W`\CW+`/XYJ.<^%7#MAL:GXD>^1VR5
MQ_JG\#^+/)7P/XU3U8V>G)DF'T#AFHC/IJV]<=)^#I#1%V%YTU"F%0+P1V;W
MDM/`_/G\:W]4+LUU,FQ70Q)CN[;Y9`63R:7T5[NA^'A5\I4%`$'(/(BM+3Y?
M.4]KD.)Z.=-GF/\`&>L??L?M*4J=G%*5\NN(:;4XXM*$)!*E*.`!XDT&%>[G
M&L]KDW*4K#3*-['51Z)'F3@5S7)>EW:YN/J2IZ7+>*MU(R5*4>`'X5+-H&J7
M-2W)NW6T+7`97AI*`29#G+>QX=`/CUJ;[/-$BS(%SNC:%7)0[B.8CC_['J>G
M+QK/R;ZB_+7M#J-)%.%Z><N7T[=H^_W;K0NFT:<LZ67`E4UXA<A8_.Z)'D.7
MS/6MIJ*T1+_8Y]FG)S&F,J:7CF,CF/,'!'NK94/*KU:Q6-H<WERVRWG)>=YE
MSI9;EJ[4MM8V1MA^'+MRUQ;W<\>Q$0<("#^<M/#S`\"<6GJ6Z6[9KHN)&M%N
M#K@6B#;8*#@O/*]D$_,D]>/C6FV0GUW4&T*\\P_?%QTJ/5+2<#^U7OMC:DQ&
MM-ZH:AN2XUBNB)4MEL94&2-U2P.I3P->D;P;TOM2F1?7Y>T)J#<E#>$*-;VU
M1FST05'O$>)_&M[LUU3.U%:YL>]1FXU\M,I4*>VU[!6GDM/D1^!KXE;4=!1K
M3])?E/`>1N;R6&70M]?@D-CO9/+!`QUK7;+;5=OH>_7^Z1UPY^H9CDQ$9>4J
MCME.ZVE7@<<?E09VR2]W346FY5WN<KUCMKC)$8[B4[C"5[J4]T#.,'B>-:TZ
MKNB=8;0&S+!M>G[8TXVUN)PEXM*<*LXR>6,$XK3[(]7Z9TYH%BQ7ZZQ;3<[0
MMYF9%ENA#@7VBE$I2>*L@],U'7Y3RMEFTG6KK+C"-122(B700I<<E+39P?$*
M502;9DUM&U/:K-J6^ZM,2(HI<3"8AMYE-`GO.*QW2K]$<O,U9.K+M]!:8NUY
MW0M4*(X^E)Y*4E)('SQ7KIN$+;IZUVY(P(L1ID#]5`'[*\]4VD7[3=ULI7N>
MNQ7&`L_9*DD`_`XH(AL9TXW;-+1[]-S(OM\0)LV8YQ<7O]Y*<]``1P\<U8+S
M33S+C+S:7&G$E*T*&0H$8((ZBJFV;[0+;:+3'T=K22W9+]:$"*M,Q79MO(3P
M0M"SW2"D#KQYC-;/56UC3\)DP=,OHU#?W^Y%AP,N@K/(J4G@$CF>.?QH-%LW
MF?DU;]I%IC.DV_3\Q]V&%'>#2"A2]P9\"GYDU^Z&;VEZTTK;[O/U=]"M.-'L
MO5X33CLGB?K7"0`D=`E(&0`>M8=RL,S16PS5+]W>2[?+LE;\]8.?K7E)1N`]
M<!6.'#.:M[34$6S3EJMH3@18C3./U4`?LH(7H?5%Z79-4Q-2.,OW+3C[K+DM
MI(0F0E*"M*RD<CCGCRJ':;N%UT]LJV=1+7*+$V]7=I#KFZ%%33KBUK]H'ICC
MSKRCS5-;--K&H%'!GW.:TVH?F=UI/]HUN94,,ZDV/Z<"0$PHKLET>!;CI`_X
MLT&7J;4&M)FU?\D=+3(\>*+4EU]U]D.(C*4LY=QC*E;NZE*<XRK)Y4N$C66A
M]1Z==N6J5W^SW><BW/M2(K;2V75@[JT%'3(/#PX<>8S=!)$W:CM$NIP0T[$@
MMGP"&SO#YXK]VF8F:XV<VC`5OW-V81Y,M[W[:#(UKJB_.ZDCZ)T:F,F[N,>L
MS)TE.\U!9S@'=^TLGD/=PXY&BO[.T71%M5J4:Q1J2)#`<G0),)MG>:SWE-J2
M<@@'/^?*M-J^RZ5B;7)TS:!!0Y9[U%9]1FON+2RR\VD)4VI0(W<@9X\.7C7K
M)M.PWZ5MUHM5EC7J=-=#:6K6^Y([-/5Q9"\!(Z\<XZ4%UVR:Q<K=$N,8DL2F
M4/-D\RE201]QJM-JB'=2:KTKH`O+:MT];DRXA"BDNLM#(;R.A(/QQX59MOAQ
MK=!C0(30:BQFTM--@DA"$C`''R%5GM78N5DU#IS:%;H3LUBT=HS<6&AE?J[@
MXK`_1X_=TR:"S842+!B,PXD=MB,RD(;:;2$I0!R``Y56^WZ`RK0;U^;4&;G9
MGFI4*2#A3:^T2"`?,'EX@5O86TW04R`F<C5=L0V1G<>?#;@\BA6%9^%0&_71
M[;#=HFG-/,/_`)(19"7[G<W$%").Z<AIO/$_YX/``9"6:^U)=HENT>FT2#%F
M7FZQ6'#N)40TI)4L84#Y5(-H=W?L.A[[=XCH:DQH;BV5D`[KF,).#P/$BHEM
M;<1:;QH?4,MI8LMLN2O7%H22&`M&ZA9`^R#_`)=:UVU34]FU78X^BM,W2/=+
ME>I#+13!<#H99"PI:UE/!(`3UH/#:JO4*MC4:YN:A<9<5;F43V!%;5Z\M[LT
MD$X[F"5>SXUC:^LEYLVRYC3UTO[EU^D9T"#'2J,VSV"-Y/<[OM>QS/&I'MI;
M2Y8]-6)I/=N%\AQMP?F`E1_LBOO:CB9JO9W9R<]K>3+*<\PRC>_ZJ#UUCJ:^
MNZDCZ&T4F.W<^P$B;/D)WFX#.<)[OVEGA@'Q'CD:6_M[1-"V\ZE_*].I8,3"
MY\"3#;9):SWE-J2<@C.<?CRK3:KLNDXFURYRMH%O;5:;U'85`G/K6AEIUM(2
MMM2DD`$@9X\.`\:]7[1L.-YMMFM5DC7J;.=#81:WW)`92>;BU)7@)'7CGRH)
M)MFE3I6S&7>[3?'($%4(J=9]70OUMMT)2E!*N*/:YIX\:D&S6PW>P:?C1+G?
MEW)H1F$1V3%;9$5*4<4`I]KF.)X\*CNVF+'C:!M>FX326H\VXPK<RTG.`C?!
M"1\$"K22```!@"@U<G3]IE.RG9$0+5*<8=>RM6%J:(+?#/0@<.O7-?-ATY9M
M/H+=G@HBH+2&BE"B1NH*BD<3XK5QZYK;TH%*4H%*4H%*4H%*4H%*4H/AYIM]
MI;+J$K;6DI4E0R%`\"#5!ZZT;)T[(7*C)4[:G%=Q8XEG]%7[#U]]7_7PZVVZ
MVIMU"5H4,*2H9!'@14.;#&6-I7M!K\FCOS5ZQ/>'*=3_`$5M`D69MJW7-"I%
MO0-U"T\7&1X?I)\N8Z>%2K4>S6T2>UEVY]=O4`5%I*=]LGR!((^!Q5/SHIB2
M%LEP+W"1G=QG[ZSIIDP6W=93/I.)X^28^L.C;7J:Q71L+AW2.L]4*7N*'O2<
M&MFN5'0@+6^TE!X[Q6`*Y6P#C(!]XJ4Z8TG]//I:5/#"?YG?_P"H58IJ[6Z1
M7JRM1P/#ACGMEVCW;_);]XUQINU)4'+@B0Z.34;ZQ1^7`?$U7EPNNI]H+YA6
MR(J/:PKO95A!\W%]?U1]_.IE:-FVG8!"I*')[@X_7G"!_5&!\\U-66FV6TM,
MMI;;2,)2D``#R`J::9,GISM'A"A74Z72SO@K-K>-NT>Z/JBNC]$V[3J4R%$2
MKB1A4A0X(\0@=!Y\S]U2VE*GK6*QM5G9LV3->;Y)WDI2E>D3'APH<%"VX45B
M.A:RXM++80%+/-1`YD^-9!`(P:4H-4QIVP1Y0EQ[);6I*5;P>1%;2L'QW@,Y
MK:TI0:J?IVP7&8F;<+);I4I`PEY^,A:Q_6(S6;+@PIL;U69$8D1\@]DZV%IX
M<1P(QPK(I0*4I0:ZZV.S7A*$W:TP9X1[(E1TN[ONW@<5^6JPV2S[_P!$VB#!
MW_:]6CH;WO?N@5LJ4&/-A1)\<QIT5F2PH@EIYL+22#D<#PYUD8X8I2@P/H>T
M^HN6_P"BX?J3BBM<?L$]FI1.22G&"<\<^->ZH4-4IJ8J(P9+2"VV\6QOH2>:
M0KF`?"LBE!CQH<2*M]R-%996^OM'E-MA)<7^<K',^9HY"ANRV9CL5E<I@$-/
M*;!6V#S"5<QGKBLBE!X3(<2<PJ/-BLR6%<VWFPM)^!X5CVZSVFV%9MMLAPRO
MV_5V$M[WOW0,UGTH%.=*4&@?T;I&0^J0_I>S.O*.5.+@ME1/CG%;N.PS&90Q
M':0TT@82AM(2E(\`!RKTI0?#[+4AE;+[:'&E@I4A:0I*AX$'G6!:[%9+0I:K
M5:(,$K]LQHZ&RKW[H&:V5*#'DPH<I;#DF*P\MA?:,J<;"BVK\Y)/(^8K]=AQ
M'I+$IV,RY(8WNQ=4@%3>1@[IYC(YXKWI08\V%#GL&/.BL26#Q+;S86D_`\*\
M;=:+5;-_Z-ML.'O^UZNPEO>]^Z!FLZE!X2HD67V7K49E_L7`ZWVB`K<6.2AG
<D1XCC7O2E`I2E`I2E`I2E`I2E`I2E`I2E!__V3\_
`
end

</TEXT>
</DOCUMENT>
</SUBMISSION>
