<SEC-DOCUMENT>0001206774-14-001564.txt : 20140508
<SEC-HEADER>0001206774-14-001564.hdr.sgml : 20140508
<ACCEPTANCE-DATETIME>20140508124759
ACCESSION NUMBER:		0001206774-14-001564
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140508
DATE AS OF CHANGE:		20140508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RESEARCH FRONTIERS INC
		CENTRAL INDEX KEY:			0000793524
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				112103466
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-184785
		FILM NUMBER:		14823912

	BUSINESS ADDRESS:	
		STREET 1:		240 CROSSWAYS PARK DR
		CITY:			WOODBURY
		STATE:			NY
		ZIP:			11797-2033
		BUSINESS PHONE:		5163641902

	MAIL ADDRESS:	
		STREET 1:		240 CROSSWAYS PARK DR
		CITY:			WOODBURY
		STATE:			NY
		ZIP:			11797-2033
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>refr_424b5.htm
<DESCRIPTION>PROSPECTUS FILED PURSUANT TO RULE 424(B)(5)
<TEXT>

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<P align=right><B><FONT face="Times New Roman" size=2>Filed Pursuant to Rule
424(b)(5)<BR></FONT></B><B><FONT face="Times New Roman" size=2>Registration Statement No.
333-184785</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>PROSPECTUS
SUPPLEMENT&nbsp;<BR></FONT></B><B><FONT face="Times New Roman" size=2>(To Prospectus Dated
December 26, 2012)</FONT></B></P>
<P align=center><IMG src="refr_424b5x1x1.jpg" border=0> </P>
<P align=center><B><FONT face="Times New Roman" size=4>750,000 Shares of Common Stock </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=5>RESEARCH FRONTIERS
INCORPORATED<BR></FONT></B><FONT face="Times New Roman" size=5><FONT size=3 face="Times New Roman">____________________</FONT><STRONG>&nbsp;</STRONG></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>We are offering 750,000 shares
of our common stock pursuant to this prospectus supplement and the accompanying
prospectus.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Our common stock is listed on
the NASDAQ Capital Market under the symbol &#147;REFR.&#148; On May 6, 2014, the last
reported sale price of our common stock on the NASDAQ Capital Market was $4.86
per share.</FONT><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Investing in our securities
involves a high degree of risk. Before deciding whether to invest in our
securities, you should review carefully the information described under the
heading &#147;Risk Factors&#148; beginning on page S-2 of this prospectus supplement and
on page 1 of the accompanying prospectus.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>Per Share</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>Total</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Public offering
      price</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>4.65<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>3,487,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Underwriting
      discounts</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>0.2790</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>209,250</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Proceeds, before
      expenses, to us</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>4.371</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>3,278,250</FONT></TD></TR></TABLE><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of
these securities or determined if this prospectus supplement or the accompanying
prospectus is truthful or complete. Any representation to the contrary is a
criminal offense. </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>The underwriter expects to deliver the shares of our common stock on or about May 13, 2014, subject to customary closing conditions.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=5>Craig-Hallum Capital Group
</FONT></B><FONT face="Times New Roman" size=5></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>The date of this prospectus
supplement is May 8, 2014</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>TABLE OF CONTENTS </FONT></B><FONT face="Times New Roman"></FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>Prospectus Supplement</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>ABOUT THIS PROSPECTUS
      SUPPLEMENT</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>S-i</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>PROSPECTUS SUMMARY</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>S-1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>RISK FACTORS</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>S-2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>USE OF PROCEEDS</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>S-6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>UNDERWRITING</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>S-6</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>AVAILABLE INFORMATION</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>S-7</FONT></TD></TR>
<TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>LEGAL MATTERS</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>S-8</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>EXPERTS</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>S-8</FONT></TD></TR></TABLE><BR>
<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>Prospectus </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>ABOUT THIS
      PROSPECTUS</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>i</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>PROSPECTUS SUMMARY</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>RISK FACTORS</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>DIVIDENDS</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>5</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>USE OF PROCEEDS</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>DESCRIPTION OF COMMON STOCK</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DESCRIPTION OF
      WARRANTS</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>DESCRIPTION OF SELLING STOCKHOLDER
      WARRANTS</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>SELLING
    STOCKHOLDERS</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>PLAN OF DISTRIBUTION</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>EXPERTS</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>LEGAL MATTERS</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>WHERE YOU CAN FIND MORE
      INFORMATION</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>INCORPORATION OF CERTAIN INFORMATION BY
      REFERENCE</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>13</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman">____________________</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>You should rely only on the information
contained in or incorporated by reference in this prospectus supplement and the
accompanying prospectus. We have not authorized anyone to provide you with
different information. We are not making an offer of these securities in any
state where the offer is not permitted. You should not assume that the
information contained in or incorporated by reference in this prospectus
supplement or the accompanying prospectus is accurate as of any date other than
the date of such document. </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ABOUT THIS PROSPECTUS
SUPPLEMENT</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>This prospectus supplement and the
accompanying base prospectus dated December 26, 2012 are part of a &#147;shelf&#148;
registration statement that we have filed with the Securities and Exchange
Commission, or SEC, and was declared effective by the SEC. Each time we sell
securities under the accompanying base prospectus we will provide a prospectus
supplement that will contain specific information about the terms of that
offering, including the price, the amount of common stock being offered and the
plan of distribution. This prospectus supplement describes the specific details
regarding this offering, including the price, the amount and type of securities
being offered, the risks of investing in our securities and the underwriting of
this offering. The accompanying base prospectus provides general information
about us, some of which, such as the section entitled &#147;Plan of Distribution,&#148;
may not apply to this offering.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>If information in this prospectus
supplement is inconsistent with the accompanying base prospectus or the
information incorporated by reference, you should rely on this prospectus
supplement. You should read both this prospectus supplement and the accompanying
base prospectus together with the additional information about Research
Frontiers Incorporated that is incorporated by reference in this prospectus
supplement and the accompanying base prospectus.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The following trademarks are property of
Research Frontiers: SPD-Smart&#153;, SPD-SmartGlass&#153;, VaryFast&#153;, SPD-CleanTech&#153;, SPD
Clean Technology&#153;, SmartGlass&#153;, The View of the Future - Everywhere you Look&#153;,
Powered by SPD&#153;, Powered by SPD-CleanTech&#153;, Powered by SPD Clean Technology&#153;, SG
Enabled&#153;, SPD Green and Clean&#153;, SPD On-Board&#153;, Speed Matters&#153;, and Visit
SmartGlass.com - to change your view of the world&#153;. Other trademarks appearing
in this prospectus supplement, the accompanying prospectus and the documents
incorporated by reference herein and therein are property of their respective
owners.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>S-i </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV style="BORDER-RIGHT: #000 1px solid; PADDING-RIGHT: 40pt; BORDER-TOP: #000 1px solid; PADDING-LEFT: 40pt; PADDING-BOTTOM: 16pt; BORDER-LEFT: #000 1px solid; WIDTH: 100%; PADDING-TOP: 40pt; BORDER-BOTTOM: #000 1px solid">
<P align=center><B><FONT face="Times New Roman" size=2>PROSPECTUS SUMMARY </FONT></B><FONT face="Times New Roman"></FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>This summary highlights information
contained elsewhere in this prospectus supplement, the accompanying base
prospectus and the documents incorporated by reference. This summary does not
contain all of the information that you should consider before deciding to
invest in our securities. You should read this entire prospectus supplement and
the accompanying base prospectus carefully, including the section entitled "Risk
Factors" beginning on page S-2 and our consolidated financial statements and the
related notes and the other information incorporated by reference into this
prospectus supplement and the accompanying prospectus before making an
investment decision.</FONT></I></P>
<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>The Company</FONT></B><B><FONT face="Times New Roman"> </FONT></B><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Research Frontiers Incorporated (together
with its subsidiary, &#147;Research Frontiers,&#148; &#147;we&#148; or the &#147;Company&#148;) develops and
licenses its suspended particle technology for controlling the amount of light
passing through a device. Such suspended particle devices are often referred to
as &#147;SPDs,&#148; &#147;light valves,&#148; or &#147;SPD-Smart&#148; products.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>SPDs use microscopic light-absorbing
particles that are either in a liquid suspension or a film. The microscopic
particles align when an electrical voltage is applied. This permits light to
pass through the device, and allows the amount of light to be controlled. Our
offices are located at: 240 Crossways Park Drive, Woodbury, NY 11797 (telephone:
516-364-1902).</FONT></P>
<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>The Offering</FONT></B><B><FONT face="Times New Roman"> </FONT></B><FONT face="Times New Roman"></FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="48%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Securities offered by us:</FONT></TD>
    <TD noWrap align=left width="52%" bgColor=#ffffff><FONT face="Times New Roman" size=2>750,000
      shares of common stock</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Offering price:</FONT></TD>
    <TD noWrap align=left width="52%" bgColor=#ffffff><FONT face="Times New Roman" size=2>$4.65
      per share</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Common Stock Outstanding after this
      offering:</FONT></TD>
    <TD noWrap align=left width="52%" bgColor=#ffffff><FONT face="Times New Roman" size=2>23,874,465
      shares<SUP>(1)</SUP></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Use of Proceeds:</FONT></TD>
    <TD noWrap align=left width="52%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Working capital and general corporate
      purposes</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%" bgColor=#ffffff><FONT face="Times New Roman" size=2>NASDAQ Capital Market Symbol:</FONT></TD>
    <TD noWrap align=left width="52%" bgColor=#ffffff><FONT face="Times New Roman" size=2>REFR</FONT></TD></TR></TABLE>____________________<BR>&nbsp;
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"><FONT size=2 face="Times New Roman">(1)</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2>The number of shares of common stock
      outstanding after this offering is based upon 23,124,465 shares
      outstanding as of May 5, 2014. It excludes outstanding options and
      warrants to purchase 2,869,419 shares of common stock at a weighted average
      exercise price of $6.73 per share, and options or other equity awards<BR>for 611,692 shares available for future issuance pursuant to the Company&#146;s 2008
      Equity Incentive Plan.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>S-1</FONT></P></DIV><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>RISK FACTORS</FONT></B><FONT face="Times New Roman"> </FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>In addition to the other information in
this prospectus, you should carefully consider the following factors in
evaluating us and our business before purchasing the securities offered hereby.
This prospectus supplement, the accompanying prospectus and the information
incorporated by reference in this prospectus supplement and the accompanying
prospectus contains, in addition to historical information, forward-looking
statements that involve risks and uncertainties, some of which are beyond our
control. Should one or more of these risks and uncertainties materialize or
should underlying assumptions prove incorrect, our actual results could differ
materially. Factors that could cause or contribute to such differences include,
but are not limited to, those discussed below, as well as those discussed
elsewhere in this prospectus supplement, the accompany prospectus and the
documents incorporated by reference in this prospectus supplement and the
accompanying prospectus.</FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>There are risks associated with
investing in companies such as ours who are engaged in research and development.
Because of these risks, you should only invest if you are able to bear the risk
of losing your entire investment. Before investing, in addition to risks which
could apply to any issuer or offering, you should also consider the business we
are in and the following:</FONT></I></P>
<P align=left><B><FONT face="Times New Roman" size=2>RISKS RELATED TO OUR BUSINESS
</FONT></B></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Source and Need for
Capital.</FONT></I></B><B><I><FONT face="Times New Roman"> </FONT></I></B><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>As of March 31, 2014, we had approximately
$10.2 million in cash, cash equivalents and short-term investments. As we take
steps in the commercialization and marketing of our technology, or respond to
potential opportunities and/or adverse events, our working capital needs may
change. We anticipate that if our cash and cash equivalents are insufficient to
satisfy our liquidity requirements, we will require additional funding to
sustain our ongoing operations and to continue our SPD technology research and
development activities.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>We have funded most of our activities
through sales of our common stock to investors, and upon the exercise of options
and warrants. Eventual success of the Company and generation of positive cash
flow will be dependent upon the extent of commercialization of products using
the Company&#146;s technology by the Company&#146;s licensees and payments of continuing
royalties on account thereof. We can give no assurances that we will generate
sufficient revenues in the future (through sales of our common stock, exercise
of options and warrants, royalty fees, or otherwise) to satisfy our liquidity
requirements or sustain future operations, or that additional funding, if
required, will be available when needed or, if available, on favorable
terms.</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>History of Operating
Losses.</FONT></I></B><B><I><FONT face="Times New Roman"> </FONT></I></B><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>We have experienced net losses from
operations, and we may continue to incur net losses from operations in the
future. We have incurred substantial costs and expenses in researching and
developing our SPD technology. As of March 31, 2014, we had an accumulated
deficit of $94.5 million. Our annual net loss was $5,845,087 in 2013, $3,063,601
in 2012, $4,134,068 in 2011 and our quarterly net loss was $1,149,063 in the
three months ended March 31, 2014 (which includes non-cash accounting charge in
the three months ended March 31, 2014, 2013, 2012 and 2011 of $52,334,
$2,719,380, $878,578, and $702,837, respectively, resulting from the expensing
of grants of restricted stock and stock options).</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>We have never declared a cash
dividend and do not intend to declare a cash dividend in the foreseeable
future.</FONT></I></B><B><I><FONT face="Times New Roman"> </FONT></I></B><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>We have never declared or paid cash
dividends on our common stock. Payment of dividends on our common stock is
within the discretion of our Board of Directors and will depend upon our future
earnings, capital requirements, financial condition and other relevant factors.
We do not anticipate declaring or paying any cash dividends on our common stock
in the foreseeable future.</FONT></P>
<P align=center><FONT face="Times New Roman"></FONT><FONT face="Times New Roman" size=2>S-2 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><I><FONT face="Times New Roman" size=2>We do not directly manufacture
products using SPD technology. We currently depend upon the activities of our
licensees and their customers in order to be profitable.</FONT></I></B><FONT face="Times New Roman"> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>We do not directly manufacture products
using SPD technology. We currently depend upon the activities of our licensees
in order to be profitable. Although a variety of products have been sold by our
licensees, and because it is up to our licensees to decide when and if they will
introduce products using SPD technology, we cannot predict when and if our
licensees will generate substantial sales of such products. Our SPD technology
is currently licensed to over 40 companies. Other companies are also evaluating
SPD technology for use in various products. In the past, some companies have
evaluated our technology without proceeding further. While we expect that our
licensees would be primarily responsible for manufacturing and marketing
SPD-Smart products and components, we are also engaging in market development
activities to support our licensees and build the smart glass industry. We
cannot control whether or not our licensees will develop SPD products. Some of
our licensees appear to be more active than others, some appear to be better
capitalized than others, and some licensees appear to be inactive. There is no
guarantee when or if our licensees will successfully produce any commercial
product using SPD technology in sufficient quantities to make the Company
profitable.</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>SPD-Smart products have only
recently been introduced.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2>Products using SPD technology have only
recently begun to be introduced into the marketplace. Developing products using
new technologies can be risky because problems, expenses and delays frequently
occur, and costs may or may not come down quickly enough for such products using
new technologies to rapidly penetrate mass market applications.</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>SPD-Smart products face intense
competition, which could affect our ability to increase our
revenues.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2>The market for SPD-Smart products is
intensely competitive and we expect competition to increase in the future. We
compete based on the functionality and the quality of our product. Many of our
current and potential competitors have significantly greater financial,
technical, marketing and other resources than we have. In addition, many of our
competitors have well-established relationships with our current and potential
customers and have extensive knowledge of our industry. If our competitors
develop new technologies or new products, improve the functionality or quality
of their current products, or reduce their prices, and if we are unable to
respond to such competitive developments quickly either because our research and
development efforts do not keep pace with our competitors or because of our lack
of financial resources, we may be unable to compete effectively.</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Declining production of automobiles,
airplanes, boats and real estate could harm our business.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2>Our licensees&#146; commercialization efforts
of SPD-Smart products could be negatively impacted if the global production of
automobiles, airplanes, boats and real estate construction declines
significantly. If such commercialization is reduced, our revenues, results of
operations and financial condition could be negatively impacted.</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Single source of SPD
film.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2>Our end-product licensees require a source
of SPD film to manufacture finished products. Currently, Hitachi Chemical is the
sole source of commercial quantities of SPD-film. There are several other
companies that are licensed to manufacture SPD-film, but they have not begun
commercial production of this film. Our end-product licensees&#146; ability to sell
SPD products could be negatively impacted if there was a prolonged disruption in
SPD-film availability. Such a disruption could also negatively impact our
revenues, results of operations and financial condition.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>S-3 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><I><FONT face="Times New Roman" size=2>We are dependent on key
personnel.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2>Our continued success will depend, to a
significant extent, on the services of our directors, executive management team,
key personnel and certain key scientists. If one or more of these individuals
were to leave the Company, there is no guarantee that we could replace them with
qualified individuals in a timely or economically satisfactory manner or at all.
The loss or unavailability of any or all of these individuals could harm our
ability to execute our business plan, maintain important business relationships
and complete certain product development initiatives, which would have a
material adverse effect on our business, results of operations and financial
conditions.</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Dependence on SPD-Smart
technology.</FONT></I></B><B><I><FONT face="Times New Roman"> </FONT></I></B><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Because SPD technology is the only
technology we work with, our success depends upon the viability of SPD
technology which has yet to be fully proven. We have not fully ascertained the
performance and long-term reliability of our technology, and therefore there is
no guarantee that our technology will successfully be incorporated into all of
the products which we are targeting for use of SPD technology. We expect that
different product applications for SPD technology will have different
performance and reliability specifications. We expect that our licensees will
primarily be responsible for reliability testing, but that we may also continue
to do reliability testing so that we can more effectively focus our research and
development efforts towards constantly improving the performance characteristics
and reliability of products using SPD technology.</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Our patents and other protective
measures may not adequately protect our proprietary intellectual property, and
we may be infringing on the rights of others.</FONT></I></B><FONT face="Times New Roman">
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Our intellectual property, particularly
our proprietary rights in our SPD technology, is critical to our success. We
have received various patents, and filed other patent applications, for various
applications and aspects of our SPD technology. In addition, we generally enter
into confidentiality and invention agreements with our employees and
consultants. Such patents and agreements and various other measures we take to
protect our intellectual property from use by others may not be effective for
various reasons generally applicable to patents and their granting and
enforcement. In addition, the costs associated with enforcing patents,
confidentiality and invention agreements or other intellectual property rights
may be expensive. Our inability to protect our proprietary intellectual property
rights or gain a competitive advantage from such rights could harm our ability
to generate revenues and, as a result, our business and operations. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>RISKS RELATED TO THIS OFFERING AND OUR
COMMON STOCK </FONT></B></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>We have broad discretion in the use
of the proceeds of this offering.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2>All of our net proceeds from this offering
will be used, as determined by management in its sole discretion, for working
capital and other general corporate purposes. Our management will have broad
discretion over the use and investment of the net proceeds of this offering and
there is no assurance that management&#146;s chosen application of proceeds will yield the intended results. You will not have the
opportunity, as part of your investment decision, to assess whether our proceeds
are being used appropriately. Pending application of our proceeds, they might be
placed in investments that do not produce income or that lose
value.</FONT></P>
<P align=center><FONT face="Times New Roman"></FONT><FONT face="Times New Roman" size=2>S-4 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><I><FONT face="Times New Roman" size=2>Future sales of our securities could
cause our stock price to decline. </FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2>If we or our stockholders sell substantial
amounts of our common stock in the public market, the market price of our common
stock could decrease. The perception in the public market that we or our
stockholders might sell shares of our common stock could also depress the market
price of our common stock. A decline in the price of shares of our common stock
might impede our ability to raise capital through the issuance of additional
shares of our common stock or other equity securities. Neither we nor any of our
directors, officers or stockholders have entered into &#147;lockup&#148; agreements in
connection with this offering. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>The low trading volume of our common
stock may make it difficult for you to sell your shares at a particular
price.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2>Although our common stock is listed on the
NASDAQ Capital Market, our common stock has experienced low trading volume.
There is no assurance that this offering will increase the volume of trading in
our common stock. Limited trading volume subjects our common stock to greater
price volatility and may make it difficult for you to sell your shares at a
particular price.</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Our ability to use net operating
loss carryforwards might be limited.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2>At December 31, 2013, we had a net
operating loss carryforward for federal income tax purposes of $58 million,
varying amounts of which will expire in each year from 2014 through 2033. To the
extent these net operating loss carryforwards are available, we intend to use
them to reduce any corporate income tax liability associated with our operations
we might have in the future. Section 382 of the Internal Revenue Code generally
imposes an annual limitation on the amount of net operating loss carryforwards
that might be used to offset taxable income when a corporation has undergone
significant changes in stock ownership. As a result, prior or future changes in
ownership could put limitations on the availability of our net operating loss
carryforwards. In addition, our ability to utilize the current net operating
loss carryforwards might be further limited by the issuance of securities in
this offering or future offerings. To the extent our use of our net operating
loss carryforwards or tax losses is limited, our income could be subject to
corporate income tax earlier than it would if we were able to use net operating
loss carryforwards, which could result in lower profits.</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Our organizational documents,
stockholders&#146; rights plan and Delaware law make a takeover of our company more
difficult, which may prevent certain changes in control and limit the market
price of our common stock.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2>Our certificate of incorporation, bylaws,
stockholders&#146; rights plan and Section 203 of the Delaware General Corporation
Law contain provisions that may have the effect of deterring or delaying
attempts by our stockholders to remove or replace management, engage in proxy
contests and effect changes in control. These provisions of our certificate of
incorporation and bylaws include:</FONT></P>
<UL style="font-size: 10pt;"><LI><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the authority for
  our board of directors to issue without stockholder approval up to 100,000,000
  shares of common stock, that, if issued, would dilute the ownership of our
  stockholders;</FONT></LI><LI><FONT face="Times New Roman" size=2>the advance notice requirement for director
  nominations or for proposals that can be acted upon at stockholder
  meetings;</FONT></LI><LI><FONT face="Times New Roman" size=2>a classified board of directors, which may make it
  more difficult for a person who acquires control of a majority of our
  outstanding voting stock to replace all or a majority of our directors;</FONT></LI><LI><FONT face="Times New Roman" size=2>the ability of our directors to fill any vacancy
  on our board of directors by the affirmative vote of a majority of the
  directors then in office under certain circumstances;</FONT></LI><LI><FONT face="Times New Roman" size=2>limitations on the ability of our stockholders to
  act by written consent;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>limitations on who may call a special meeting of
  stockholders; </FONT></LI></UL>
<P align=center><FONT face="Times New Roman" size=2>S-5 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<UL style="font-size: 10pt;"><LI><FONT face="Times New Roman" size=2>the prohibition on stockholders accumulating their
  votes for the election of directors;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the limitation on the removal of any of our
  directors by either an affirmative vote of the continuing directors (as
  defined in our certificate of incorporation) other than the subject director
  or by the affirmative vote of the holders of 80% of our outstanding shares of
  each class of stock having the power to vote in a director election;</FONT></LI><LI><FONT face="Times New Roman" size=2>the requirement of the affirmative vote of the
  holders of at least 80% of our outstanding shares of each class of stock
  having the power to vote in a director election in order for stockholders to
  adopt, amend or repeal any provision of our certificate of incorporation or
  bylaws, unless the adoption, amendment or repeal is approved by a majority of
  the continuing directors (as defined in our certificate of incorporation)
  present at a meeting at which a quorum of the continuing directors are
  present; and</FONT></LI><LI><FONT face="Times New Roman" size=2>the requirement, subject to limited exceptions, of
  the affirmative vote of the holders of at least 80% of our outstanding shares
  of each class of stock having the power to vote in a director election in
  order for us to complete certain business combination transactions with
  interested stockholders.</FONT></LI></UL>
<P align=left><FONT face="Times New Roman" size=2>We also have adopted a stockholders&#146;
rights plan designed to deter stockholders from acquiring shares of stock in
excess of 15%. In addition, as a Delaware corporation, we are subject to
Delaware law, including Section 203 of the Delaware General Corporation Law. In
general, Section 203 prohibits a Delaware corporation from engaging in any
business combination with any interested stockholder for a period of three years
following the date that the stockholder became an interested stockholder unless
certain specific requirements are met as set forth in Section 203.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>These provisions could discourage proxy
contests and make it more difficult for you and other stockholders to elect
directors, replace incumbent management and take other corporate actions. Some
provisions in our certificate of incorporation and bylaws may deter third
parties from acquiring us, which may limit the market price of our common stock
or prevent us from consummating a proposed transaction that our stockholders
find to be in their best interests.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>USE OF PROCEEDS</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>We currently intend to use the net
proceeds from this offering for working capital general corporate purposes,
including our internal research and development programs and possible future
acquisitions. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>We have not determined the amounts we plan
to spend on any of the areas listed above or the timing of these expenditures.
As a result, our management will have broad discretion to allocate the net
proceeds from this offering. Pending application of the net proceeds as
described above, we intend to invest the net proceeds of the offering in money
market funds and other interest-bearing investments. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>UNDERWRITING</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>The underwriter named below has agreed to
buy, subject to the terms of the underwriting agreement, the number of shares of
common stock listed opposite its name below. The underwriter is committed to
purchase and pay for all of the shares if any are purchased.</FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="57%"><B><FONT face="Times New Roman" size=2>Underwriter</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="42%"><B><FONT face="Times New Roman" size=2>Number of Shares</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#e6efff><FONT face="Times New Roman" size=2>Craig-Hallum Capital Group
      LLC</FONT></TD>
    <TD noWrap align=right width="42%" bgColor=#e6efff><FONT face="Times New Roman" size=2>750,000</FONT></TD></TR></TABLE></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>The underwriter has advised us that it
proposes to offer the shares of common stock to the public at a price of $4.65
per share. The underwriter proposes to offer the shares of common stock to
certain dealers at the same price less a concession of not more than $0.1674
per share. After the offering, these figures may be changed by the
underwriter.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The table below summarizes the
underwriting discounts that we will pay to the underwriter.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>S-6 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="91%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><STRONG><FONT face="Times New Roman" size=2>Per
      Share</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2>
      <P align=center><B><FONT face="Times New Roman" size=2>Total</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Underwriting discount to be paid by
    us</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.2790&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>209,250</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>We estimate that the total expenses of
this offering payable by us, excluding underwriting discounts, will be $60,000.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>We also have agreed to indemnify the
underwriter against certain liabilities, including civil liabilities under the
Securities Act, or to contribute to payments that the underwriter may be
required to make in respect of those liabilities.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>To facilitate this offering, the
underwriter may engage in transactions that stabilize, maintain or otherwise
affect the price of our common stock during and after the offering.
Specifically, the underwriter may over-allot or otherwise create a short
position in our common stock for its own account by selling more shares of
common stock than we have sold to the underwriter. The underwriter may close out
any short position by purchasing shares in the open market.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>In addition, the underwriter may stabilize
or maintain the price of our common stock by bidding for or purchasing shares in
the open market and may impose penalty bids. If penalty bids are imposed,
selling concessions allowed to broker-dealers participating in this offering are
reclaimed if shares previously distributed in this offering are repurchased,
whether in connection with stabilization transactions or otherwise. The effect
of these transactions may be to stabilize or maintain the market price of our
common stock at a level above that which might otherwise prevail in the open
market. The imposition of a penalty bid may also affect the price of our common
stock to the extent that it discourages resales of our common stock. The
magnitude or effect of any stabilization or other transactions is uncertain.
These transactions may be effected on the NASDAQ Capital Market or otherwise
and, if commenced, may be discontinued at any time.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>In connection with this offering, the
underwriter and selling group members may also engage in passive market making
transactions in our common stock on the NASDAQ Capital Market. Passive market
making consists of displaying bids on the NASDAQ Capital Market limited by the
prices of independent market makers and effecting purchases limited by those
prices in response to order flow. Rule 103 of Regulation M promulgated by the
SEC limits the amount of net purchases that each passive market maker may make
and the displayed size of each bid. Passive market making may stabilize the
market price of our common stock at a level above that which might otherwise
prevail in the open market and, if commenced, may be discontinued at any
time.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The underwriter may facilitate the
marketing of this offering online directly or through one of its affiliates. In
those cases, prospective investors may view offering terms and a prospectus
supplement online and place orders online or through their financial
advisors.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>AVAILABLE INFORMATION</FONT></B><FONT face="Times New Roman"> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Research Frontiers files reports, proxy
statements and other information with the SEC. You may read and copy such
reports, proxy statements and other information at the public reference room
maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549 and you can
obtain information on the operation of the Public Reference Room by calling the
SEC at 1-800-SEC-0330. The SEC also maintains an internet web site at
http://www.sec.gov that contains reports, proxy and information statements and
other information regarding issuers, such as Research Frontiers, that file
electronically with the SEC. Additional information about us can also be found
at our web site at http://www.SmartGlass.com. The information on, or that may be
accessed through, our web site is not incorporated by reference into and should
not be considered a part of this prospectus supplement.</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>S-7 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>The SEC allows us to incorporate by
reference the information we file with them, which means that we can disclose
important information to you by referring you to those documents. The
information incorporated by reference is considered to be part of this
prospectus, and later information that we file with the SEC will automatically
update and supersede this information. We incorporate by reference into this
prospectus our:</FONT></P>
<UL style="font-size: 10pt;"><LI><FONT face="Times New Roman" size=2>annual report on Form 10-K for the fiscal year
  ended December 31, 2013;</FONT></LI><LI><FONT face="Times New Roman" size=2>the portions of the proxy statement dated April
  28, 2014 for our annual meeting of stockholders held on June 12, 2014 that
  have been incorporated by reference into our report on Form 10-K for the
  fiscal year ended December 31, 2013;</FONT></LI><LI><FONT face="Times New Roman" size=2>quarterly report on Form 10-Q for the fiscal
  quarter ended March 31, 2014;</FONT></LI><LI><FONT face="Times New Roman" size=2>the description of the capital stock contained in
  the Research Frontiers registration statements on Form 8-A under the
  Securities Exchange Act of 1934 dated July 31, 1995 and February 24, 2003 as
  amended on February 13, 2013; and</FONT></LI><LI><FONT face="Times New Roman" size=2>all filings filed by Research Frontiers with the
  SEC under Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act subsequent
  to the initial filing of this prospectus supplement and prior to the
  termination of the offering or sale of all securities offered under this
  prospectus supplement shall be deemed to be incorporated by reference into
  this prospectus supplement (except for information furnished and not filed
  with the SEC in a Current Report on Form 8-K).</FONT></LI></UL>
<P align=left><FONT face="Times New Roman" size=2>We will provide each person to whom this
prospectus supplement is delivered, a copy of any information we have
incorporated by reference but have not delivered along with this prospectus
supplement. If you would like a copy of any document incorporated herein by
reference, other than exhibits unless such exhibits are specifically
incorporated by reference in any such document, you can call or write to us at
our principal executive offices: </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>240 Crossways Park Drive, Woodbury, New
York 11797-2033, Attention: Corporate Secretary (telephone: (516) 364-1902). We
will provide this information without charge to any person, including a
beneficial owner, to whom a copy of this prospectus supplement is delivered upon
written or oral request. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>No dealer, salesperson or other individual
has been authorized to give any information or to make any representation not
contained in or incorporated by reference in this prospectus or in any
supplement to this prospectus. If given or made, you must not rely on such
information or representation as having been authorized by Research Frontiers.
Neither the delivery of this prospectus nor any sale made hereunder will, under
any circumstances, create an implication that there has not been any change in
the affairs of Research Frontiers since the date of this prospectus or that the
information contained herein is correct or complete as of any time after the
date of this prospectus. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The information set forth herein and in
all publicly disseminated information about Research Frontiers, includes
&#147;forward-looking statements&#148; within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and is subject to the safe harbor created by
that section. Readers are cautioned not to place undue reliance on these
forward-looking statements as they speak only as of the date of this prospectus
and are not guaranteed.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>LEGAL MATTERS </FONT></B><B><FONT face="Times New Roman"></FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>The legality of the securities offered
hereby has been passed upon by the law firm of Duane Morris LLP. The underwriter
has been represented in connection with this offering by Faegre Baker Daniels
LLP, Minneapolis, Minnesota. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>EXPERTS </FONT></B><B><FONT face="Times New Roman"></FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>The financial statements and schedule of
Research Frontiers as of December 31, 2013 and 2012, and for each of the three
years in the period ended December 31, 2013, and management&#146;s assessment of the
effectiveness over internal control over financial reporting as of December 31,
2013, incorporated by reference into this prospectus supplement have been so
incorporated in reliance upon the reports of BDO USA, LLP, an independent
registered public accounting firm, given on the authority of said firm as
experts in accounting and auditing. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>S-8 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>


<P align=left><B><FONT face="Times New Roman" size=2>PROSPECTUS </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=5>RESEARCH FRONTIERS
INCORPORATED</FONT></B></P>
<P align=center><B><FONT face="Times New Roman">3,000,000 Shares of Common Stock and
Warrants to Purchase Common Stock<BR>Offered by Research Frontiers
Incorporated<BR>____________________</FONT></B></P>
<P align=center><B><FONT face="Times New Roman">1,250,000 Shares of Common Stock Offered by
the Selling Stockholders<BR>250,000 Warrants to Purchase Common Stock Offered by
the Selling Stockholders<BR>250,000 Shares of Common Stock Issuable Upon
Exercise of the<BR>Warrants Offered by the Selling
Stockholders<BR>____________________</FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>We may from
time to time issue up to 3,000,000 shares of common stock and warrants to
purchase such common stock and the selling stockholders named in this prospectus
may offer, from time to time, up to an additional 1,250,000 shares of our common
stock, 250,000 warrants to purchase our common stock, and 250,000 shares of our
common stock that are issuable upon the exercise of the warrants held by the
selling stockholders. The registration of the offer and sale of shares underlying the 250,000 warrants is limited to transferees of the warrants who acquire those securities in registered transactions following the effective date of this registration statement. The issuance of shares underlying the 250,000 warrants sold in our October 2012 private placement will be issued pursuant to Regulation D of the Securities Act to the extent that those sales of underlying common stock are to holders of the warrants who acquired the warrants in unregistered transactions. A general description of the known material terms of the
securities we are offering is included in this prospectus. We will specify in a
supplement any specific material terms of the securities offered that are
unknown as of the date of this prospectus.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>We will not receive any proceeds
from the sale of securities offered by the selling stockholders. We will bear
the expenses of the offering of the securities, except that the selling
stockholders will pay any applicable underwriting fees, discounts or commissions
and certain transfer taxes with respect to their securities. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Our registration of the securities
covered by this prospectus does not mean that we or the selling stockholders
will offer or sell any of the securities. We and the selling stockholders may
offer and sell the securities in the same offering or in separate offerings, to
or through underwriters, dealers and agents or directly to purchasers. If any
agents, dealers or underwriters are involved in the sale of the securities
offered pursuant to this prospectus, we will set forth their names and describe
their compensation in a prospectus supplement. We provide further information
regarding how we or the selling stockholders will sell our respective securities
in the &#147;Plan of Distribution&#148; section beginning on page 10.</FONT></P>
<DIV align=left><FONT STYLE="font: small Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: x-small">Our
common stock is listed on the Nasdaq Capital Market under the symbol &#147;REFR.&#148; The last reported sale price of our common
stock on the Nasdaq Capital Market on December 19, 2012 was $3.61.</FONT></DIV>
<DIV align=center>____________________<BR></DIV>
<DIV align=left><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2><B>The
securities offered in this prospectus involve a high degree of risk. See &#147;Risk
Factors&#148; beginning on page 1 for a discussion of the information that should be
considered in connection with an investment in our securities. </B></FONT></DIV>
<DIV align=center>____________________<BR></DIV>
<DIV align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman"><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>Neither the Securities
and Exchange Commission nor any state securities commission has approved or
disapproved of these securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.
</STRONG></FONT></DIV>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>This prospectus may not be
used to consummate a sale of securities unless it is accompanied by a prospectus
supplement. </STRONG></FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>The date of this prospectus
is December 26, 2012 </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><U><B><FONT face="Times New Roman" size=2>TABLE OF
CONTENTS</FONT></B></U></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>ABOUT THIS PROSPECTUS</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>i</FONT><FONT face="Times New Roman" size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>PROSPECTUS SUMMARY</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>RISK FACTORS</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>DIVIDENDS</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>5</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>USE OF PROCEEDS</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>DESCRIPTION OF COMMON STOCK</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DESCRIPTION OF WARRANTS</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>DESCRIPTION OF SELLING STOCKHOLDER WARRANTS</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>SELLING STOCKHOLDERS</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>PLAN OF DISTRIBUTION</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>EXPERTS</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>LEGAL MATTERS</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>WHERE YOU CAN FIND MORE
INFORMATION</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>INCORPORATION OF CERTAIN INFORMATION BY
    REFERENCE</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>13</FONT></TD></TR></TABLE><div align=center>____________________</div>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2><B>You
should rely only on the information contained in or incorporated by reference in
this prospectus. We nor the selling stockholders have authorized anyone to
provide you with different information. Neither we nor the selling stockholders
are making an offer of these securities in any state where the offer is not
permitted. You should not assume that the information contained in or
incorporated by reference in this prospectus is accurate as of any date other
than the date of such document. Our business, financial condition, results of
operations and prospects may have changed materially since those dates.</B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ABOUT THIS PROSPECTUS </FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>This
prospectus is part of a registration statement that we filed with the Securities
and Exchange Commission, or the SEC, using a &#147;shelf&#148; registration process. Under
this shelf registration process, we or the selling stockholders may, from time
to time, sell in one or more offerings any combination of the securities
described in this prospectus. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This prospectus provides you with a
general description of the securities that we may issue. Each time we sell
securities, we will provide a prospectus supplement that will contain specific
information about the terms of that offering. Such prospectus supplement may
also add, update or change information contained in this prospectus. You should
read this prospectus and the applicable prospectus supplement together with the
additional information described under the heading &#147;Where You Can Find More
Information.&#148; We may also prepare free writing prospectuses that describe
particular securities. Any free writing prospectus should also be read in
connection with this prospectus and with any prospectus supplement referred to
therein. For purposes of this prospectus, any reference to an applicable
prospectus supplement may also refer to a free writing prospectus, unless the
context otherwise requires. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>When we refer to &#147;Research
Frontiers,&#148; &#147;our company,&#148; &#147;we,&#148; &#147;our&#148; and &#147;us&#148; in this prospectus, we mean
Research Frontiers Incorporated and its subsidiaries unless the context
indicates otherwise. When we refer to &#147;selling stockholders,&#148; we mean the
stockholders named in the &#147;Selling Stockholders&#148; section of this
prospectus.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The registration statement that
contains this prospectus, including the exhibits to the registration statement,
contains additional information about us and the securities offered under this
prospectus. That registration statement can be read at the SEC&#146;s website or at
the SEC&#146;s offices mentioned under the heading &#147;Where You Can Find More
Information.&#148; </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The following trademarks are
property of Research Frontiers: SPD-Smart&#153;, SPD-SmartGlass&#153;, VaryFast&#153;,
SPD-CleanTech&#153;, SPD Clean Technology&#153;, SmartGlass&#153;, The View of the Future -
Everywhere you Look&#153;, Powered by SPD&#153;, Powered by SPD-CleanTech&#153;, Powered by SPD
Clean Technology&#153;, SG Enabled&#153;, SPD Green and Clean&#153;, SPD On-Board&#153;, Speed
Matters&#153;, and Visit SmartGlass.com - to change your view of the world&#153;. Other
trademarks appearing in this prospectus and the documents incorporated by
reference herein and therein are property of their respective owners.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This prospectus and the documents
incorporated by reference may include &#147;forward-looking statements&#148; within the
meaning of Section 27A of the Securities Act of 1933, as amended, or the
Securities Act, and Section 21E of the Securities Exchange Act of 1934, as
amended, or the Exchange Act. Forward-looking statements include, without
limitation, any statement that may predict, forecast, indicate, or imply future
results, performance, or achievements, and may contain the words &#147;believe,&#148;
&#147;anticipate,&#148; &#147;expect,&#148; &#147;estimate,&#148; &#147;project,&#148; &#147;will be,&#148; &#147;will continue,&#148; &#147;will
likely result,&#148; or words or phrases of similar meaning. Forward-looking
statements inherently involve risks and uncertainties that may cause actual
results to differ materially from the forward-looking statements (&#147;Cautionary
Statements&#148;). The risks and uncertainties include, but are not limited to, those
matters addressed in this prospectus under the &#147;Risk Factors&#148; section and
elsewhere in this prospectus and in the incorporated documents. Such
developments could have a material adverse impact on our financial position and
our results of operations. All subsequent written and oral forward-looking
statements attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the Cautionary Statements. Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak
only as of their dates. We undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The distribution of this prospectus
and the applicable prospectus supplement and the offering of the securities in
certain jurisdictions may be restricted by law. Persons into whose possession
this prospectus and the applicable prospectus supplement come should inform
themselves about and observe any such restrictions. This prospectus and the
applicable prospectus supplement do not constitute, and may not be used in
connection with, an offer or solicitation by anyone in any jurisdiction in which
such offer or solicitation is not authorized or in which the person making such
offer or solicitation is not qualified to do so or to any person to whom it is
unlawful to make such offer or solicitation. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>i </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>PROSPECTUS SUMMARY </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>The Company </FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>We develop
and license our suspended particle device light-control technology for
controlling the amount of light passing through a device to other companies that
manufacture and market either the SPD-Smart chemical emulsion, light-control
film made from the chemical emulsion, lamination services, electronics to power
end-products incorporating the film, or the end-products themselves such as
&#147;smart&#148; windows, skylights and sunroofs. Such suspended particle devices are
often referred to as &#147;SPDs,&#148; &#147;light valves,&#148; or &#147;SPD-Smart&#148; products.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>SPD-Smart products use microscopic
light-absorbing nanoparticles that are typically suspended in a film. These
particles align when an electrical voltage is applied, thus permitting light to
pass through the film. Adjustment of the voltage to the SPD film gives users the
ability to quickly, precisely and consistently regulate the amount of light,
glare and heat passing through the window, skylight, sunroof, window shade or
other SPD-Smart end-product. This SPD film can be incorporated between two
layers of glass or plastic, or combinations of both, to produce a laminate that
has enhanced energy efficiency, light-control and security performance
properties. Our offices are located at: 240 Crossways Park Drive, Woodbury, NY
11797 (telephone: 516-364-1902). </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Issuance of Stock and Warrants to Selling Stockholders </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On October 2, 2012, we
entered into a Common Stock and Warrant Purchase Agreement with the selling
stockholders named in this prospectus, pursuant to which they purchased an
aggregate 1,250,000 shares of common stock and 250,000 warrants to purchase
common stock. Each share and corresponding warrant were sold at an aggregate
price of $4.49, resulting in gross proceeds to us of approximately $5,612,500.
The warrants may be exercised at anytime from April 8, 2013 to April 8, 2018, at
an exercise price of $6.73 per share. The transaction closed on October 9, 2012.
The securities issued in this private placement were not registered under the
Securities Act or any state securities laws and were issued and sold in the
private placement pursuant to Regulation D of the Securities Act. Pursuant to
the registration rights granted to the selling stockholders under the purchase
agreement, we are registering the securities issued to the selling stockholders
in the private placement. The issuance of shares underlying the 250,000 warrants sold in the October 2012 private placement will also be issued pursuant to Regulation D of the Securities Act to the extent that those sales of underlying common stock are to holders of the warrants who acquired the warrants in unregistered transactions. The registration of the offer and sale of shares underlying the 250,000 warrants is limited to transferees of the warrants who acquire those securities in registered transactions following the effective date of this registration statement.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>RISK FACTORS </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><EM>In addition to the other
information in this prospectus, you should carefully consider the following
factors in evaluating us and our business before purchasing the shares of common
stock offered hereby. This prospectus contains, in addition to historical
information, forward-looking statements that involve risks and uncertainties,
some of which are beyond our control. Should one or more of these risks and
uncertainties materialize or should underlying assumptions prove incorrect, our
actual results could differ materially. Factors that could cause or contribute
to such differences include, but are not limited to, those discussed below, as
well as those discussed elsewhere in this prospectus, including the documents
incorporated by reference. </EM></FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><EM>There are risks associated with
investing in companies such as ours who are engaged in research and development.
Because of these risks, you should only invest if you are able to bear the risk
of losing your entire investment. Before investing, in addition to risks which
could apply to any issuer or offering, you should also consider the business we
are in and the following: </EM></FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Source and Need for
Capital.</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>As of September 30, 2012, we had
approximately $8.0 million in cash and cash equivalents. As we take steps in the
commercialization and marketing of our technology, or respond to potential
opportunities and/or adverse events, our working capital needs may change. We
anticipate that if our cash and cash equivalents are insufficient to satisfy our
liquidity requirements, we will require additional funding to sustain our
ongoing operations and to continue our SPD technology research and development
activities. </FONT><B><FONT face="Times New Roman" size=2></FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>We have funded most of our
activities through sales of our common stock to investors, and upon the exercise
of options and warrants. Eventual success of the company and generation of
positive cash flow will be dependent upon the extent of commercialization of
products using the company&#146;s technology by the company&#146;s licensees and payments
of continuing royalties on account thereof. We can give no assurances that we
will generate sufficient revenues in the future (through sales of our common
stock, exercise of options and warrants, royalty fees, or otherwise) to satisfy
our liquidity requirements or sustain future operations, or that additional
funding, if required, will be available when needed or, if available, on
favorable terms.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><I><FONT face="Times New Roman" size=2>History of Operating
Losses.</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>We have
experienced net losses from operations, and we may continue to incur net losses
from operations in the future. We have incurred substantial costs and expenses
in researching and developing our SPD technology. As of September 30, 2012, we had
an accumulative deficit of $86,867,621. Our net loss was $4,134,068 in 2011,
$3,874,865 in 2010 and $4,002,761 in 2009 and $2,459,335 for the nine months
ended September 30, 2012 (which includes non-cash compensation expense in 2011,
2010 and 2009 of $702,837, $772,604 and $445,913, respectively, and in the nine
months ended September 30, 2012 of $788,000).</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>We have never declared a cash
dividend and do not intend to declare a cash dividend in the foreseeable
future.</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>We have never declared or paid cash
dividends on our common stock. Payment of dividends on our common stock is
within the discretion of our board of directors and will depend upon our future
earnings, capital requirements, financial condition and other relevant factors.
We do not anticipate declaring or paying any cash dividends on our common stock
in the foreseeable future. </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>We do not directly manufacture or
market products using SPD technology and depend upon activities by our licensees
and their customers.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>We depend upon the activities of our
licensees in order to be profitable. We do not directly manufacture or market
products using SPD technology. Although a variety of products have been sold by
our licensees, and because it is up to our licensees to decide when and if they
will introduce products using SPD technology, we cannot predict when and if our
licensees will generate substantial sales of such products. Our SPD technology
is currently licensed to 39 companies. Other companies are also evaluating SPD
technology for use in various products. In the past, some companies have
evaluated our technology without proceeding further. While we expect that our
licensees would be primarily responsible for manufacturing and marketing
SPD-Smart products and components, we are also engaging in market development
activities to support our licensees and build the smart glass industry. We
cannot control whether or not our licensees will develop SPD products. Some of
our licensees appear to be more active than others, some appear to be better
capitalized than others, and some licensees appear to be inactive. There is no
guarantee when or if our licensees will successfully produce any commercial
product using SPD technology in sufficient quantities to make our company
profitable. </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>SPD-Smart products have only
recently been introduced.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Products using SPD technology have
only recently begun to be introduced into the marketplace. Developing products
using new technologies can be risky because problems, expenses and delays
frequently occur, and costs may or may not come down quickly enough for such
products using new technologies to rapidly penetrate mass market applications.
</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>SPD-Smart products face intense
competition, which could affect our ability to increase our
revenues.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The market for SPD-Smart products is
intensely competitive and we expect competition to increase in the future. We
compete based on the functionality and the quality of our product. Many of our
current and potential competitors have significantly greater financial,
technical, marketing and other resources than we have. In addition, many of our
competitors have well-established relationships with our current and potential
customers and have extensive knowledge of our industry. If our competitors
develop new technologies or new products, improve the functionality or quality
of their current products, or reduce their prices, and if we are unable to
respond to such competitive developments quickly either because our research and
development efforts do not keep pace with our competitors or because of our lack
of financial resources, we may be unable to compete effectively. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><I><FONT face="Times New Roman" size=2>Declining production of automobiles,
airplanes, boats and real estate could harm our business.</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Our
licensees&#146; commercialization efforts of SPD-Smart products could be negatively
impacted if the global production of automobiles, airplanes, boats and real
estate construction declines significantly. If such commercialization is
reduced, our revenues, results of operations and financial condition could be
negatively impacted. </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Single source of SPD
film.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Our end-product licensees require a
source of SPD film to manufacture finished products. Currently, Hitachi Chemical
is the sole source of commercial quantities of SPD-film. There are several other
companies that are licensed to manufacture SPD-film, but they have not begun
commercial production of this film. Our end-product licensees&#146; ability to sell
SPD products could be negatively impacted if there was a prolonged disruption in
SPD-film availability. Such a disruption could also negatively impact our
revenues, results of operations and financial condition. </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>We are dependent on key
personnel.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Our continued success will depend,
to a significant extent, on the services of our directors, executive management
team, key personnel and certain key scientists. If one or more of these
individuals were to leave the company, there is no guarantee that we could
replace them with qualified individuals in a timely or economically satisfactory
manner or at all. The loss or unavailability of any or all of these individuals
could harm our ability to execute our business plan, maintain important business
relationships and complete certain product development initiatives, which would
have a material adverse effect on our business, results of operations and
financial conditions. </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Dependence on SPD-Smart
technology.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Because SPD technology is the only
technology we work with, our success depends upon the viability of SPD
technology which has yet to be fully proven. We have not fully ascertained the
performance and long-term reliability of our technology, and therefore there is
no guarantee that our technology will successfully be incorporated into all of
the products which we are targeting for use of SPD technology. We expect that
different product applications for SPD technology will have different
performance and reliability specifications. We expect that our licensees will
primarily be responsible for reliability testing, but that we may also continue
to do reliability testing so that we can more effectively focus our research and
development efforts towards constantly improving the performance characteristics
and reliability of products using SPD technology. </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Our patents and other protective
measures may not adequately protect our proprietary intellectual property, and
we may be infringing on the rights of others.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Our intellectual property,
particularly our proprietary rights in our SPD technology, is critical to our
success. We have received various patents, and filed other patent applications,
for various applications and aspects of our SPD technology. In addition, we
generally enter into confidentiality and invention agreements with our employees
and consultants. Such patents and agreements and various other measures we take
to protect our intellectual property from use by others may not be effective for
various reasons generally applicable to patents and their granting and
enforcement. In addition, the costs associated with enforcing patents,
confidentiality and invention agreements or other intellectual property rights
may be expensive. Our inability to protect our proprietary intellectual property
rights or gain a competitive advantage from such rights could harm our ability
to generate revenues and, as a result, our business and operations. </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>We have broad discretion in the use
of the proceeds of this offering.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All of our net proceeds from this
offering will be used, as determined by management in its sole discretion, for
working capital and other general corporate purposes. Our management will have
broad discretion over the use and investment of the net proceeds of this
offering and there is no assurance that management&#146;s chosen application of
proceeds will yield intended results. You will not have the opportunity, as part
of your investment decision, to assess whether our proceeds are being used
appropriately. Pending application of our proceeds, they might be placed in
investments that do not produce income or that lose value. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><I><FONT face="Times New Roman" size=2>Future sales of our securities could
cause our stock price to decline.</FONT></I></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>If we or our
stockholders sell substantial amounts of our common stock in the public market,
the market price of our common stock could decrease. The perception in the
public market that we or our stockholders might sell shares of our common stock
could also depress the market price of our common stock. A decline in the price
of shares of our common stock might impede our ability to raise capital through
the issuance of additional shares of our common stock or other equity
securities. </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Our common stock has historically experienced low trading volume.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>While our common stock is listed
on the Nasdaq Capital Market and has recently experienced increased trading volume, our common stock has historically experienced low trading
volume and there is no assurance that the increased trading volume will continue or be maintained. Reported average daily trading volume in our common stock for 2012
through December 19, 2012 was approximately 40,325 shares. Limited trading volume subjects our common stock to greater price
volatility and may make it difficult for you to sell your shares at a particular
price. </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Our ability to use net operating
loss carryforwards might be limited.</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>At December 31, 2011, we had a net
operating loss carryforward for federal income tax purposes of $55 million,
varying amounts of which will expire in each year from 2012 through 2031. To the
extent these net operating loss carryforwards are available, we intend to use
them to reduce any corporate income tax liability associated with our operations
we might have in the future. Section 382 of the Internal Revenue Code generally
imposes an annual limitation on the amount of net operating loss carryforwards
that might be used to offset taxable income when a corporation has undergone
significant changes in stock ownership. As a result, prior or future changes in
ownership could put limitations on the availability of our net operating loss
carryforwards. In addition, our ability to utilize the current net operating
loss carryforwards might be further limited by the issuance of securities in
this offering or future offerings. To the extent our use of our net operating
loss carryforwards or tax losses is limited, our income could be subject to
corporate income tax earlier than it would if we were able to use net operating
loss carryforwards, which could result in lower profits. </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Our organizational documents,
stockholders&#146; rights plan and Delaware law make a takeover of our company more
difficult, which may prevent certain changes in control and limit the market
price of our common stock.</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Our certificate of incorporation,
bylaws, stockholders&#146; rights plan and Section 203 of the Delaware General
Corporation Law contain provisions that may have the effect of deterring or
delaying attempts by our stockholders to remove or replace management, engage in
proxy contests and effect changes in control. These provisions of our
certificate of incorporation and bylaws include: </FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><LI><FONT face="Times New Roman" size=2>the authority for our board of directors to issue
  without stockholder approval up to 100,000,000 shares of common stock, that,
  if issued, would dilute the ownership of our stockholders;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the advance notice requirement for director
  nominations or for proposals that can be acted upon at stockholder
  meetings;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>a classified board of directors, which may make it
  more difficult for a person who acquires control of a majority of our
  outstanding voting stock to replace all or a majority of our
  directors;&nbsp;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the ability of our directors to fill any vacancy
  on our board of directors by the affirmative vote of a majority of the
  directors then in office under certain circumstances;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>limitations on the ability of our stockholders to
  act by written consent;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>limitations on who may call a special meeting of
  stockholders;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the prohibition on stockholders accumulating their
  votes for the election of directors;</FONT></LI></UL>
<P align=center><FONT face="Times New Roman" size=2>4 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><LI><FONT face="Times New Roman" size=2>the limitation on the removal of any of our
  directors by either an affirmative vote of the continuing directors (as
  defined in our certificate of incorporation) other than the subject director
  or by the affirmative vote of the holders of 80% of our outstanding shares of
  each class of stock having the power to vote in a director
  election;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the requirement of the affirmative vote of the
  holders of at least 80% of our outstanding shares of each class of stock
  having the power to vote in a director election in order for stockholders to
  adopt, amend or repeal any provision of our certificate of incorporation or
  bylaws, unless the adoption, amendment or repeal is approved by a majority of
  the continuing directors (as defined in our certificate of incorporation)
  present at a meeting at which a quorum of the continuing directors are
  present; and<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the requirement, subject to limited exceptions, of
  the affirmative vote of the holders of at least 80% of our outstanding shares
  of each class of stock having the power to vote in a director election in
  order for us to complete certain business combination transactions with
  interested stockholders.</FONT> </LI></UL>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>We also have
adopted a stockholders&#146; rights plan designed to deter stockholders from
acquiring shares of stock in excess of 15%. In addition, as a Delaware
corporation, we are subject to Delaware law, including Section 203 of the
Delaware General Corporation Law. In general, Section 203 prohibits a Delaware
corporation from engaging in any business combination with any interested
stockholder for a period of three years following the date that the stockholder
became an interested stockholder unless certain specific requirements are met as
set forth in Section 203. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>These provisions could discourage
proxy contests and make it more difficult for you and other stockholders to
elect directors, replace incumbent management and take other corporate actions.
Some provisions in our certificate of incorporation and bylaws may deter third
parties from acquiring us, which may limit the market price of our common stock
or prevent us from consummating a proposed transaction that our stockholders
find to be in their best interests. </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>There is currently no established
trading market for the warrants and we do not expect that one will
develop.</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The warrants registered hereunder
will not be listed on the Nasdaq Capital Market or any other securities exchange
and there is currently no established trading market for the warrants. We do not
intend to make a market in the warrants and do not expect that one will develop.
Therefore, you may have to hold the warrants you purchase in this offering until
such time, if any, as you wish to exercise the warrants or we redeem them.
</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>There must be a current prospectus
and state registration in order for you to exercise the
warrants.</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Purchasers of the common stock and
warrants offered by us will be able to exercise the warrants only if a current
prospectus relating to the common stock underlying the warrants is then in
effect and only if such securities are qualified for sale or exempt from
qualification under the applicable securities laws of the states in which the
various holders of warrants reside. Although we will attempt to maintain the
effectiveness of a current prospectus covering the common stock underlying the
warrants, there can be no assurance that we will be able to do so. We will be
unable to issue common stock to those persons desiring to exercise their
warrants if a current prospectus covering the common stock issuable upon the
exercise of the warrants is not kept effective or if such shares are neither
qualified nor exempt from qualification in the states in which the holders of
the warrants reside. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DIVIDENDS </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>We have never paid any cash
dividends and do not expect to pay any cash dividends for the foreseeable
future. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>USE OF PROCEEDS </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Unless we indicate otherwise in the
applicable prospectus supplement, we currently intend to use the net proceeds
from this offering for general corporate purposes, including our internal
research and development programs, general working capital and possible future
acquisitions. We have not determined the amounts we plan to spend on any of the
areas listed above or the timing of these expenditures. As a result, our
management will have broad discretion to allocate the net proceeds from this
offering. Pending application of the net proceeds as described above, we intend
to invest the net proceeds of the offering in money market funds and other
interest-bearing investments. We will not receive any proceeds from the sale of
our securities offered by the selling stockholders.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF COMMON STOCK
</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>General </FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>We can issue
100,000,000 shares of common stock, $0.0001 par value per share. As of December 18, 2012, 22,646,782 shares were issued and outstanding. Holders of our common
stock are entitled to one vote per share on matters submitted to shareholders
for their approval, to dividends if declared by us, and to share in any
distribution of our assets. All outstanding shares of common stock are fully
paid for and non-assessable. Holders of our common stock do not have cumulative
voting rights or preemptive rights. Therefore, a minority stockholder may be
less able to gain representation on our board of directors.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Anti-Takeover Effects of Certain
Provisions of Delaware Law and Our Certificate of Incorporation and Bylaws
</FONT></B></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Certificate of Incorporation and
Bylaws</FONT></I></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Our certificate of incorporation and
bylaws contain provisions that may have the effect of deterring or delaying
attempts by our stockholders to remove or replace management, engage in proxy
contests and effect changes in control. These provisions of our certificate of
incorporation and bylaws include: </FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><LI><FONT face="Times New Roman" size=2>the authority for our board of directors to issue
  without stockholder approval up to 100,000,000 shares of common stock, that,
  if issued, would dilute the ownership of our stockholders;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the advance notice requirement for director
  nominations or for proposals that can be acted upon at stockholder
  meetings;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>a classified board of directors, which may make it
  more difficult for a person who acquires control of a majority of our
  outstanding voting stock to replace all or a majority of our
  directors;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the ability of our directors to fill any vacancy
  on our board of directors by the affirmative vote of a majority of the
  directors then in office under certain circumstances;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>limitations on the ability of our stockholders to
  act by written consent;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>limitations on who may call a special meeting of
  stockholders;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the prohibition on stockholders accumulating their
  votes for the election of directors;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the limitation on the removal of any of our
  directors by either an affirmative vote of the continuing directors (as
  defined in our certificate of incorporation) other than the subject director
  or by the affirmative vote of the holders of 80% of our outstanding shares of
  each class of stock having the power to vote in a director
  election;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the requirement of the affirmative vote of the
  holders of at least 80% of our outstanding shares of each class of stock
  having the power to vote in a director election in order for stockholders to
  adopt, amend or repeal any provision of our certificate of incorporation or
  bylaws, unless the adoption, amendment or repeal is approved by a majority of
  the continuing directors (as defined in our certificate of incorporation)
  present at a meeting at which a quorum of the continuing directors are
  present; and<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the requirement, subject to limited exceptions, of
  the affirmative vote of the holders of at least 80% of our outstanding shares
  of each class of stock having the power to vote in a director election in
  order for us to complete certain business combination transactions with
  interested stockholders.</FONT> </LI></UL>
<P align=center><FONT face="Times New Roman" size=2>6 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><I><FONT face="Times New Roman" size=2>Delaware Law </FONT></I></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>We are also
subject to Section 203 of the Delaware General Corporation Law, which in general
prohibits a Delaware corporation from engaging in any business combination with
any interested stockholder for a period of three years following the date that
the stockholder became an interested stockholder, unless: </FONT><FONT face="Times New Roman"></FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: left"><LI><FONT face="Times New Roman" size=2>prior to that date, our board of directors
  approved either the business combination or the transaction that resulted in
  the stockholder becoming an interested stockholder;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>upon consummation of the transaction that resulted
  in the stockholder becoming an interested stockholder, the interested
  stockholder owned at least 85% of our voting stock outstanding at the time the
  transaction commenced, excluding for purposes of determining the number of
  shares outstanding (but not the outstanding voting stock owned by the
  interested stockholder) those shares owned by (i) persons who are directors
  and also officers and (ii) employee stock plans in which employee participants
  do not have the right to determine confidentially whether shares held subject
  to the plan will be tendered in a tender or exchange offer; or<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>on or subsequent to that date, the business
  combination is approved by our board of directors and authorized at an annual
  or special meeting of stockholders, and not by written consent, by the
  affirmative vote of at least 66&#8532;% of the outstanding voting stock that is
  not owned by the interested stockholder.</FONT></LI></UL>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In general, Section 203 defines an
interested stockholder as an entity or person beneficially owning 15% or more of
the outstanding voting stock of the corporation and any entity or person
affiliated with or controlling or controlled by any of these entities or
persons. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The above-summarized provisions of
the Delaware General Corporation Law and our certificate of incorporation and
bylaws could make it more difficult to acquire us by means of a tender offer, a
proxy contest or otherwise, or to remove incumbent officers and directors. These
provisions are expected to discourage certain types of coercive takeover
practices and takeover bids that our board of directors may consider inadequate
and to encourage persons seeking to acquire control of us to first negotiate
with our board of directors. We believe that the benefits of increased
protection of our ability to negotiate with the proponent of an unfriendly or
unsolicited proposal to acquire or restructure us outweigh the disadvantages of
discouraging takeover or acquisition proposals because, among other things,
negotiation of these proposals could result in an improvement of their terms.
</FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Stockholders&#146; Rights Plan
</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In February 2003, our board of
directors adopted a Stockholders&#146; Rights Plan, or the Rights Plan, and declared a
dividend distribution of one right, or a Right, for each outstanding share of our
common stock to stockholders of record at the close of business on March 3,
2003. Subject to certain exceptions listed in the Rights Plan, if a person or
group has acquired beneficial ownership of, or commences a tender or exchange
offer for, 15% or more of the our common stock, unless redeemed by our board of
directors, each Right entitles the holder (other than the acquiring person) to
purchase from us $120 worth of common stock for $60. If we are merged into, or
50% or more of its assets or earning power is sold to, the acquiring company,
the Rights will also enable the holder (other than the acquiring person) to
purchase $120 worth of common stock of the acquiring company for $60. The Rights
will expire at the close of business on February 18, 2013, unless the Rights
Plan is extended by our board of directors or unless the Rights are earlier
redeemed by us at a price of $.0001 per Right. The Rights are not exercisable
during the time when they are redeemable by us. The above description highlights
some of the features of the Company&#146;s Rights Plan and is not a complete
description of the Rights Plan. A more detailed description and copy of the
Rights Plan has been filed with the SEC and is available from us upon
request.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Registration Rights </FONT></B></P>
<P align=left><B><I><FONT face="Times New Roman" size=2></FONT></I></B><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On October 2, 2012, we
entered into a Common Stock and Warrant Purchase Agreement with the selling
stockholders, which required us to file with the SEC, this registration
statement on Form S-3 to register the securities sold to the selling
stockholders, including the common stock, the warrants, and the common stock
issuable upon exercise of the warrants. The registration of the offer and sale of shares underlying the 250,000 warrants is limited to transferees of the warrants who acquire those securities in registered transactions following the effective date of this registration statement.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Listing </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Our
common stock is listed on the Nasdaq Capital Market under the symbol
&#147;REFR.&#148;</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Transfer Agent and
Registrar</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Continental Stock
Transfer and Trust Company is the transfer agent and registrar for our common
stock.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Disclosure of SEC Position on
Indemnification for Securities Act Liabilities</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Insofar as indemnification for
liabilities arising under the Securities Act may be permitted for directors,
officers, and persons controlling our company, we understand that it is the
SEC&#146;s opinion that such indemnification is against public policy as expressed in
the Securities Act and may therefore be unenforceable. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF WARRANTS
</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The following description sets forth
certain general terms and provisions of the warrants offered by us to which any
prospectus supplement may relate. The particular terms of the warrants offered,
the extent, if any, to which the general terms set forth below apply to the
warrants offered, and any modifications or additions to the general terms as
they relate to the warrants offered will be described in a prospectus
supplement.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>We may issue warrants for the
purchase of common stock from time to time, and we may issue warrants
independently or together with common stock, and the warrants may be attached to
or separate from these securities.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>We will describe in the applicable
prospectus supplement the terms of the series of warrants, including:</FONT></P>
<UL style="FONT-SIZE: 10pt"><LI><FONT face="Times New Roman" size=2>the offering price and aggregate number of
  warrants offered;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the number of shares of common stock purchasable
  upon the exercise of one warrant and the price at which these shares may be
  purchased upon such exercise;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the dates on which the right to exercise the
  warrants will commence and expire;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the effect of any merger, consolidation, sale or
  other disposition of our business on the warrant agreement and the
  warrants;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the terms of any rights to redeem or call the
  warrants;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>any provisions for changes to or adjustments in
  the exercise price or number of securities issuable upon exercise of the
  warrants;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>to the extent material, federal income tax
  consequences of holding or exercising the warrants; and&nbsp;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>any other specific terms, preferences, rights or
  limitations of or restrictions on the warrants. </FONT></LI></UL>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Before exercising
their warrants, holders of warrants will not have any of the rights of holders
of common stock, including the right to receive dividends, if any, or, payments
upon our liquidation, dissolution or winding up or to exercise voting rights, if
any.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each warrant will entitle the holder to purchase the securities that we
specify in the applicable prospectus supplement at the exercise price that we
describe in the applicable prospectus supplement. Unless we otherwise specify in
the applicable prospectus supplement, holders of the warrants may exercise the
warrants at any time up to 6:00 P.M. Woodbury, New York time on the expiration
date that we set forth in the applicable prospectus supplement. After the close
of business on the expiration date, unexercised warrants will become
void.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>8 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Holders of the
warrants may exercise the warrants by delivering the warrant certificate
representing the warrants to be exercised together with specified information,
and paying the required amount to the company in immediately available funds.
Upon receipt of the required payment and the warrant certificate properly
completed and duly executed, we will issue and deliver the number of shares of
common stock purchasable upon such exercise. If fewer than all of the warrants
represented by the warrant certificate are exercised, then we will issue a new
warrant certificate for the remaining amount of warrants. Unless we indicate
otherwise in the applicable prospectus supplement, holders of the warrants may
surrender securities as all or part of the exercise price for warrants.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF SELLING STOCKHOLDER
WARRANTS </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The warrants offered by the selling stockholders will entitle the holder
to purchase one share of our common stock at an exercise price of $6.73 per
share. Holders of the warrants may exercise the warrants at any time from April
8, 2013 to 4:30 P.M. Woodbury, New York time on April 8, 2018, after which
unexercised warrants will become void.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Holders of the warrants may exercise the warrants by delivering the
warrant certificate representing the warrants to be exercised together with
specified information, and paying the required amount to the company in
immediately available cash funds. Upon receipt of the required payment and the
warrant certificate properly completed and duly executed, we will issue and
deliver the number of shares of common stock purchasable upon such exercise. If
fewer than all of the warrants represented by the warrant certificate are
exercised, then we will issue a new warrant certificate for the remaining amount
of warrants.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The warrants provide that the holder may not exercise the warrant to the
extent that such exercise will cause the holder to beneficially own more than
14.999% of the common stock of the company then issued and outstanding. This
restriction may not be waived.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The exercise price and the number and type of securities purchasable upon
exercise of warrants are subject to adjustment upon certain corporate events,
including certain combinations, consolidations, liquidations, mergers,
recapitalizations, reclassifications, reorganizations, stock dividends and stock
splits, a sale of all or substantially all of our assets and certain other
events.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No fractional warrant shares will be issued upon exercise of the
warrants. The holders will be entitled to participate in any dividends or other
distributions paid, or rights offered, to holders of our common stock on an
as-exercised basis. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>SELLING STOCKHOLDERS </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We are registering for resale shares of common stock of the selling
stockholders, warrants offered by the selling stockholders, and shares of common
stock issuable upon exercise of the warrants held by the selling stockholders.
The securities offered by the selling stockholders were acquired on October 9,
2012 in a private placement pursuant to the Common Stock and Warrant Purchase
Agreement between us and the selling stockholders named below. Each share and
corresponding warrant was sold at an aggregate price of $4.49. The warrants are
exercisable from April 8, 2013 until April 8, 2018 at an exercise price of $6.73
per share. The shares of
common stock being offered by the selling stockholders are those purchased
pursuant to the purchase agreement described above and those issuable to the
selling stockholders upon exercise of the warrants. The issuance of shares underlying the 250,000 warrants sold in the October 2012 private placement will also be issued pursuant to Regulation D of the Securities Act to the extent that those sales of underlying common stock are to holders of the warrants who acquired the warrants in unregistered transactions. The registration of the offer and sale of shares underlying the 250,000 warrants is limited to transferees of the warrants who acquire those securities in registered transactions following the effective date of this registration statement. Except for the ownership of
securities described below, the selling stockholders have not had any material
relationship with us in the past three years. Unless the context otherwise
requires, as used in this prospectus, &#147;selling stockholders&#148; includes the
selling stockholders named in the table below and donees, pledgees, transferees
or other successors-in-interest selling shares received from the selling
stockholders as a gift, pledge, partnership distribution or other transfer after
the date of this prospectus.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The table below sets forth information regarding the beneficial ownership
of our common stock by the selling stockholders as of October 25, 2012. The
information regarding the selling stockholders&#146; beneficial ownership after the
sales made pursuant to this prospectus assumes that all of the common stock
subject to sale pursuant to this prospectus will have been sold. The common
stock and warrants subject to sale by the selling stockholders pursuant to this
prospectus may be offered from time to time, in whole or in part, by the selling
stockholders.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>9 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"></TD>
    <TD noWrap style="text-align: center" width="4%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="13%" colSpan=3><B><FONT face="Times New Roman" size=1>Shares
      Beneficially</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=3><B><FONT face="Times New Roman" size=1>Shares</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"><B><FONT face="Times New Roman" size=1>Shares Subject to
      Sale</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="13%" colSpan=3><B><FONT face="Times New Roman" size=1>Owned</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=3><B><FONT face="Times New Roman" size=1>Beneficially</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"><B><FONT face="Times New Roman" size=1>Pursuant to
      this</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="13%" colSpan=3><B><FONT face="Times New Roman" size=1>After Sale of
      All Shares Subject to Sale</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=3><B><FONT face="Times New Roman" size=1>Owned Before
      Any Sale</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"><B><FONT face="Times New Roman" size=1>Prospectus</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="13%" colSpan=3><B><FONT face="Times New Roman" size=1>Pursuant to
      this Prospectus</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="69%"><B><FONT face="Times New Roman" size=1>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%"><B><FONT face="Times New Roman" size=1>Number</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%"><B><FONT face="Times New Roman" size=1>Percent</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="7%"><B><FONT face="Times New Roman" size=1>Number</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%"><B><FONT face="Times New Roman" size=1>Number</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%">&nbsp;&nbsp; &nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%"><B><FONT face="Times New Roman" size=1>Percent</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Douglas Family TR u/a dtd
      1/29/90</FONT></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">James &amp; Jean Douglas TTEES <SUP>(1)</SUP></FONT></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>430,840</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.9%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>250,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>180,840</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="69%">&nbsp;
</TD>
    <TD noWrap style="text-align: center" width="4%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>K&amp;M Douglas TR u/a dtd
      3/23/06</FONT></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Kevin &amp; Michelle
      Douglas</FONT></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">TTEES<SUP>(2)</SUP></FONT></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>646,260</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.9%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>375,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>271,260</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.2%</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="69%">&nbsp;
</TD>
    <TD noWrap style="text-align: center" width="4%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Douglas Irrev Descendants
      TR u/a</FONT></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>dtd 8/7/98 Kevin &amp;
      Michelle</FONT></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Douglas
      TTEES<SUP>(3)</SUP></FONT></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,077,099</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.8%</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap style="text-align: center" width="7%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>625,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>452,099</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.0%</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="69%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="4%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="7%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="6%"></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="97%"><FONT face="Times New Roman" size=2>Indicates less than one
      percent.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=center width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="97%"><FONT face="Times New Roman" size=2>Includes 10,000 shares subject to
      outstanding warrants exercisable within 60 days. James Douglas and Jean
      Douglas serve as trustees of the Douglas Family TR u/a dtd 1/29/90
      (&#147;Douglas Family Trust&#148;) and may be deemed to have indirect beneficial
      ownership of the securities owned directly by Douglas Family Trust. The
      business address for Douglas Family Trust is 125 E. Sir Francis Dr.
      Boulevard, Suite 400, Larkspur, California 94939.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%"><FONT face="Times New Roman" size=2>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="97%"><FONT face="Times New Roman" size=2>Includes 15,000 shares subject to
      outstanding warrants exercisable within 60 days. Kevin Douglas and
      Michelle Douglas serve as trustees for the K&amp;M Douglas TR u/a dtd
      3/23/06 TTEES (&#147;K&amp;M Douglas Trust&#148;) and may be deemed to have indirect
      beneficial ownership of the securities owned directly by the K&amp;M
      Douglas Trust. The business address for the K&amp;M Douglas Trust is 125
      E. Sir Francis Dr. Boulevard, Suite 400, Larkspur, California
    94939.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=center width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="97%"><FONT face="Times New Roman" size=2>Includes 25,000 shares subject to
      outstanding warrants exercisable within 60 days. Kevin Douglas and
      Michelle Douglas serve as trustees for the Douglas Irrev Descendants TR
      u/a dtd 8/7/98 TTEES (the &#147;Douglas Irrevocable Trust&#148;) and may be deemed
      to have indirect beneficial ownership of the securities owned directly by
      Douglas Irrevocable Trust. The business address for Douglas Irrevocable
      Trust is 125 E. Sir Francis Dr. Boulevard Suite 400, Larkspur, California
      94939.</FONT></TD></TR></TABLE><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>As indicated
above, the selling stockholders own warrants to purchase our common stock, which
were issued pursuant to the October 2012 private placement, but such warrants
are not exercisable until April 8, 2013. The Douglas Family Trust owns warrants
to purchase 50,000 shares of our common stock, the K&amp;M Douglas Trust owns
warrants to purchase 75,000 shares of our common stock, and the Douglas
Irrevocable Trust owns warrants to purchase 125,000 shares of our common
stock.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>PLAN OF DISTRIBUTION </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We are registering 3,000,000 shares of our common stock and warrants to
purchase our common stock. We are also registering for resale by the selling
stockholders and certain transferees a total of 1,250,000 shares of our common
stock, 250,000 warrants to purchase common stock, and 250,000 shares of our
common stock issuable upon exercise of the warrants held by the selling
stockholders. The registration of the offer and sale of shares underlying the 250,000 warrants is limited to transferees of the warrants who acquire those securities in registered transactions following the effective date of this registration statement. The issuance of shares underlying the 250,000 warrants sold in our October 2012 private placement will be issued pursuant to Regulation D of the Securities Act to the extent that those sales of underlying common stock are to holders of the warrants who acquired the warrants in unregistered transactions.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We will not receive any of the proceeds from the sale by the selling
stockholders of the securities, although we will receive the proceeds from the
exercise of the warrants by the selling stockholders. We will bear all fees and
expenses incident to our obligation to register the securities. If the
securities are sold through broker-dealers or agents, the selling stockholder
will be responsible for any compensation to such broker-dealers or agents. The
selling stockholders may pledge or grant a security interest in some or all of
the securities owned by them and, if they default in the performance of their
secured obligations, the pledgees or secured parties may offer and sell the
securities from time to time pursuant to this prospectus. The selling
stockholders also may transfer and donate the securities in other circumstances
in which case the transferees, donees, pledgees or other successors in interest
will be the selling beneficial owners for purposes of this prospectus.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman"></FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>We or the
selling stockholders may offer and sell all or a portion of the securities
registered pursuant to this prospectus from time to time, in one or more or any
combination of the following transactions:</FONT></P>
<UL style="FONT-SIZE: 10pt"><LI><FONT face="Times New Roman" size=2>through dealers or agents to the public or to
  investors; <BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>in privately negotiated
  transactions;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>in underwritten transactions;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>in ordinary brokerage transactions and
  transactions in which the broker solicits; or<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>through a combination of such methods.
</FONT></LI></UL>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The offering
price of the securities from time to time will be determined by us or the
selling stockholders, as applicable, and the price may be at the market price of
our common stock on the Nasdaq Capital Market or any other exchange or market at
the time of such sale, at negotiated prices, at fixed prices or at carrying
prices determined at the time of sale;</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Some or all of the securities may be sold through one or more
broker-dealers or agents and may involve crosses, block transactions or hedging
transactions. We or the selling stockholders may enter into hedging transactions
with broker-dealers or agents, which may in turn engage in short sales of the
common stock in the course of hedging in positions they assume. We or the
selling stockholders may also sell securities short and deliver securities to
close out short positions or loan or pledge securities to broker-dealers or
agents that in turn may sell such securities. In</FONT><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>connection with such sales through
one or more broker-dealers or agents, such broker-dealers or agents may receive
compensation in the form of discounts, concessions or commissions from us or the
selling stockholders and may receive commissions from the purchasers of the
securities for whom they act as broker-dealer or agent or to whom they sell as
principal. Any underwriters, dealers or agents participating in a distribution
of the securities may be deemed to be &#147;underwriters&#148; within the meaning of the
Securities Act, and any profit on the sale of the securities and any commissions
received by broker-dealers may be deemed to be underwriting commissions under
the Securities Act. The maximum compensation to be received by any member of the
Financial Industry Regulatory Authority, Inc. in connection with any
distribution of securities we are registering will not exceed 8% of the proceeds
from any sale of such securities.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We have not, and the selling stockholders have advised us that they have
not, entered into any agreements, understandings or arrangements with any
underwriters or broker-dealers regarding the sale of securities. Upon entering
into, or upon notification by the selling stockholders that they have entered
into, any material arrangement with an underwriter or broker-dealer for the sale
of securities through a block trade, special offering, exchange distribution,
secondary distribution or a purchase by an underwriter or broker-dealer, we will
file a prospectus supplement, if required, pursuant to Rule 424(b) under the
Securities Act, disclosing certain material information, including:</FONT></P>
<UL style="FONT-SIZE: 10pt"><LI><FONT face="Times New Roman" size=2>the name of the applicable
seller;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the type and number of securities being
  offered;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the terms of the offering;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the proceeds we will receive from the
  sale;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the names of the participating underwriters,
  broker-dealers or agents; <BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>any discounts, commissions or other compensation
  paid to underwriters or broker-dealers and any discounts, commissions or
  concessions allowed or reallowed or paid by any underwriters to dealers;
  <BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>any over-allotment options under which
  underwriters may purchase additional securities from us; <BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the public offering price;<BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>any securities exchanges on which the securities
  may be listed if it is other than the Nasdaq Capital Market; and
  <BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>other material terms of the offering.
</FONT></LI></UL>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Under the securities laws of some states, the securities may be sold in
such states only through registered or licensed brokers or dealers. In addition,
in some states the securities may not be sold unless such shares have been
registered or qualified for sale in such state or an exemption from registration
or qualification is available and is complied with. There can be no assurance
that we or any selling stockholder will sell any or all of the securities
registered pursuant to the shelf registration statement, of which this
prospectus forms a part. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>We or the selling
stockholders and any other person participating in such distribution will be
subject to applicable provisions of the Exchange Act and the rules and
regulations thereunder, including, without limitation, Regulation M of the
Exchange Act, which may limit the timing of purchases and sales of any of the
securities by the us, the selling stockholders, and any other participating
person. Regulation M may also restrict the ability of any person engaged in the
distribution of the securities to engage in market-making activities with
respect to the securities. All of the foregoing may affect the marketability of
the securities and the ability of any person or entity to engage in
market-making activities with respect to the securities. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We will bear all expenses of the registration of the securities
including, without limitation, SEC filing fees and expenses of compliance with
the state securities of &#147;blue sky&#148; laws. The selling stockholders will pay all
underwriting discounts and selling commissions and expenses, brokerage fees and
transfer taxes, as well as the fees and disbursements of counsel to and experts
for the selling stockholders, if any. We or the selling stockholders may agree
to indemnify an underwriter, broker-dealer, or agent against certain liabilities
related to the selling of the securities, including liabilities arising under
the Securities Act. We will indemnify the selling stockholders against
liabilities, including some liabilities under the Securities Act, in accordance
with the registration rights agreement or the selling stockholder will be
entitled to contribution. We will be indemnified by the selling stockholders
against civil liabilities, including liabilities under the Securities Act that
may arise from any written information furnished to us by the selling
stockholders for use in this prospectus, in accordance with the related
securities purchase agreement or will be entitled to contribution. Once sold
under this shelf registration statement, of which this prospectus forms a part,
the securities will be freely tradable in the hands of persons other than our
affiliates. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any securities covered by this prospectus that qualify for sale pursuant
to Rule 144 under the Securities Act may be sold under Rule 144 rather than
pursuant to this prospectus.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>EXPERTS </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The financial statements and schedule of Research Frontiers as of
December 31, 2011 and 2010, and for each of the three years in the period ended
December 31, 2011, and management&#146;s assessment of the effectiveness over
internal controls as of December 31, 2011, incorporated by reference into this
prospectus have been so incorporated in reliance upon the reports of BDO USA,
LLP, an independent registered public accounting firm, incorporated herein by
reference, given on the authority of said firm as experts in accounting and
auditing. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>LEGAL MATTERS </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The legality of the securities offered hereby has been passed upon by the
law firm of Faegre Baker Daniels LLP, Minneapolis, Minnesota.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>WHERE YOU CAN FIND MORE INFORMATION
</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We are subject to the information requests of the Exchange Act and file
reports, proxy statements and other information with the SEC. You may read and
copy such reports, proxy statements and other information at the public
reference room maintained by the SEC at 100 F Street, N.E., Washington, D.C.
20549 and you can obtain information on the operation of the Public Reference
Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains an internet
web site at http://www.sec.gov that contains reports, proxy and information
statements and other information regarding issuers, such as the company, which
are filed electronically with the SEC. Additional information about us can also
be found at our website at http://www.SmartGlass.com. The information on, or
that may be accessed through, our web site is not incorporated by reference into
and should not be considered a part of this prospectus. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>12 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>INCORPORATION OF CERTAIN INFORMATION
BY REFERENCE </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The SEC allows us to incorporate by reference the information we file
with them, which means that we can disclose important information to you by
referring you to those documents. The information incorporated by reference is
considered to be part of this prospectus, and later information that we file
with the SEC will automatically update and supersede this information. We
incorporate by reference into this prospectus our: </FONT></P>
<UL style="FONT-SIZE: 10pt"><LI><FONT face="Times New Roman" size=2>annual report on Form 10-K for the fiscal year
  ended December 31, 2011; <BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the portions of the proxy statement dated April
  25, 2012 for our annual meeting of stockholders held on June 14, 2012 that
  have been incorporated by reference into our report on Form 10-K for the
  fiscal year ended December 31, 2011; <BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>quarterly reports on Form 10-Q for the fiscal
  quarters ended March 31, 2012, June 30, 2012, and September 30, 2012;
  <BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>current reports on Form 8-K filed with the SEC on
  June 18, 2012, August 2, 2012, August 28, 2012, and October 5, 2012;
  <BR>&nbsp;</FONT>
  </LI><LI><FONT face="Times New Roman" size=2>the description of the capital stock contained in
  the Research Frontiers registration statements on Form 8-A under the
  Securities Exchange Act of 1934 dated July 31, 1995 and February 24,
  2003.</FONT></LI></UL>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>All filings filed
by Research Frontiers with the SEC under Sections 13(a), 13(c), 14, or 15(d) of
the Exchange Act subsequent to the initial filing of this prospectus and prior
to the termination of the offering or sale of all securities offered under this
prospectus shall be deemed to be incorporated by reference into this prospectus
(except for information furnished and not filed with the SEC in a Current Report
on Form 8-K). </FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We will provide without charge to each person, including a beneficial
owner, to whom this prospectus is delivered upon written or oral request, a copy
of any information we have incorporated by reference but have not delivered
along with this prospectus. If you would like a copy of any document
incorporated herein by reference, other than exhibits unless such exhibits are
specifically incorporated by reference in any such document, you can call or
write to us at our principal executive offices: 240 Crossways Park Drive,
Woodbury, New York 11797-2033, Attention: Corporate Secretary (telephone: (516)
364-1902).</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>13 </FONT></P>


<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><IMG src="refr_424b5x1x1.jpg"></P>

<P align=center><B><FONT face="Times New Roman" size=5>750,000 Shares of Common Stock</FONT></B><FONT face="Times New Roman" size=5> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=6><BR>Research Frontiers Incorporated
<BR></FONT></B></P>
<P align=center><FONT face="Times New Roman">____________________</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=4>PROSPECTUS SUPPLEMENT
<BR></FONT></B><FONT face="Times New Roman">____________________</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=5>Craig-Hallum Capital Group
</FONT></B></P>
<P align=center><BR>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman">May 8, 2014 </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

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