<SUBMISSION>
<ACCESSION-NUMBER>0001330421-16-000025
<TYPE>SC TO-C
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20160415
<DATE-OF-FILING-DATE-CHANGE>20160415
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>Bazaarvoice Inc
<CIK>0001330421
<ASSIGNED-SIC>7372
<IRS-NUMBER>202908277
<STATE-OF-INCORPORATION>TX
<FISCAL-YEAR-END>0430
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-C
<ACT>34
<FILE-NUMBER>005-87043
<FILM-NUMBER>161574798
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10901 STONELAKE BLVD.
<CITY>AUSTIN
<STATE>TX
<ZIP>78759
<PHONE>512-551-6000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>10901 STONELAKE BLVD.
<CITY>AUSTIN
<STATE>TX
<ZIP>78759
</MAIL-ADDRESS>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>Bazaarvoice Inc
<CIK>0001330421
<ASSIGNED-SIC>7372
<IRS-NUMBER>202908277
<STATE-OF-INCORPORATION>TX
<FISCAL-YEAR-END>0430
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-C
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10901 STONELAKE BLVD.
<CITY>AUSTIN
<STATE>TX
<ZIP>78759
<PHONE>512-551-6000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>10901 STONELAKE BLVD.
<CITY>AUSTIN
<STATE>TX
<ZIP>78759
</MAIL-ADDRESS>
</FILED-BY>
<DOCUMENT>
<TYPE>SC TO-C
<SEQUENCE>1
<FILENAME>schedto41616.htm
<DESCRIPTION>SC TO-C
<TEXT>
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<a name="s320e1268ac8b4143af95af71222e9f5f"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;"><hr></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Washington, D.C.  20549</font></div><div style="line-height:120%;text-align:center;padding-left:258px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;padding-left:258px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">__________________</font></div><div style="line-height:120%;text-align:center;font-size:15pt;"><font style="font-family:inherit;font-size:15pt;font-weight:bold;">SCHEDULE TO</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Rule 13e-4)</font></div><div style="line-height:120%;text-align:center;padding-left:258px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">__________________</font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;padding-left:258px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)</font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">OF THE SECURITIES EXCHANGE ACT OF 1934</font></div><div style="line-height:120%;text-align:center;padding-left:258px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">__________________</font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">BAZAARVOICE, INC.</font></div><div style="line-height:120%;text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-style:italic;">(Name of Subject Company (Issuer) and Filing Person (Offeror))</font></div><div style="line-height:120%;text-align:center;padding-left:258px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">__________________</font></div><div style="line-height:120%;text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Options to Purchase Shares of Common Stock, par value $0.0001 per share</font></div><div style="line-height:120%;text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-style:italic;">&#32;(Title of Class of Securities)</font></div><div style="line-height:120%;text-align:center;padding-left:258px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">__________________</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">073271108</font></div><div style="line-height:120%;text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-style:italic;">(CUSIP Number of Class of Securities Underlying Common Stock)</font></div><div style="line-height:120%;text-align:center;padding-left:258px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">__________________</font></div><div style="line-height:120%;text-align:center;padding-left:258px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Kin Gill</font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Chief Legal Officer, General Counsel and Secretary</font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Bazaarvoice, Inc.</font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">10901 Stonelake Blvd. </font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Austin, Texas 78759</font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">(512) 551-6000</font></div><div style="line-height:120%;text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-style:italic;">(Name, address and telephone number of person authorized to receive notices and communications on behalf of filing person)</font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-style:italic;">Copy to:</font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">John J. Gilluly III, P.C.</font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">DLA Piper LLP (US)</font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">401 Congress Avenue, Suite 2500</font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Austin, Texas 78701</font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(512) 457-7000</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">CALCULATION OF FILING FEE</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.359375%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="50%"></td><td width="50%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;text-decoration:underline;">Transaction valuation*</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;text-decoration:underline;">Amount of filing fee*</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Not applicable*</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Not applicable*</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:justify;padding-left:16px;text-indent:-16px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">*A filing fee is not required in connection with this filing as it relates solely to preliminary communications made before the commencement of a tender offer.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font><font style="font-family:Wingdings;font-size:10pt;">&#168;</font><font style="font-family:inherit;font-size:10pt;">&#32;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:8pt;">Check box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</font></div><div style="line-height:120%;text-align:left;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:8pt;">Amount Previously Paid:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:8pt;">Not applicable.</font></div><div style="line-height:120%;text-align:left;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:8pt;">Form or Registration No.:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:8pt;">Not applicable.</font></div><div style="line-height:120%;text-align:left;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:8pt;">Filing party:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:8pt;">Not applicable.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:8pt;">Date filed:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:8pt;">Not applicable.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">&#254;</font><font style="font-family:inherit;font-size:10pt;">&#32;</font><font style="font-family:inherit;font-size:8pt;">Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:left;padding-left:16px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Check the appropriate boxes below to designate any transactions to which the statement relates:</font></div><div style="line-height:120%;text-align:justify;padding-left:18px;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font><font style="font-family:inherit;font-size:10pt;">&#32;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:8pt;">third party tender offer subject to Rule 14d-1.</font></div><div style="line-height:120%;text-align:justify;padding-left:18px;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">&#254;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:8pt;">Issuer tender offer subject to Rule 13e-4.</font></div><div style="line-height:120%;text-align:justify;padding-left:18px;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font><font style="font-family:inherit;font-size:10pt;">&#32;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:8pt;">going-private transaction subject to Rule 13e-3.</font></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;padding-left:18px;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font><font style="font-family:inherit;font-size:10pt;">&#32;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:8pt;">amendment to Schedule&#160;13D under Rule 13d-2.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:8pt;">Check the following box if the filing is a final amendment reporting the results of the tender offer. </font><font style="font-family:Wingdings;font-size:10pt;">&#168;</font><font style="font-family:inherit;font-size:10pt;">&#32;</font></div><div style="line-height:120%;text-align:left;"><hr></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s320e1268ac8b4143af95af71222e9f5f"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 15, 2016, Bazaarvoice, Inc. (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:10pt;">&#8221;) filed a Preliminary Proxy Statement for a Special Meeting of Stockholders to be held on June 23, 2016 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Proxy Statement</font><font style="font-family:inherit;font-size:10pt;">&#8221;), which, among other things, contains a proposal to be submitted to the Company&#8217;s stockholders to approve a one-time option exchange program (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Option Exchange Program</font><font style="font-family:inherit;font-size:10pt;">&#8221;) pursuant to which employees of the Company (excluding named executive officers and directors) who hold options to purchase shares of the Company&#8217;s common stock with exercise prices equal to or greater than the 52-week high trading price of our common stock (such options, &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Eligible Options</font><font style="font-family:inherit;font-size:10pt;">&#8221;) will be given the opportunity to exchange such Eligible Options for a lesser number of stock options having an exercise price per share equal to the market closing price on the date of grant.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The attached written communication (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Email</font><font style="font-family:inherit;font-size:10pt;">&#8221;) was disseminated by the Company on the afternoon of April 15, 2016 in connection with the proposed Option Exchange Program.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">The attached Email does not constitute an offer to holders of eligible options to exchange such options. The Option Exchange Program described in the Proxy Statement and the Email has not yet commenced. The Option Exchange Program will commence, if at all, only if stockholders approve the Option Exchange Program. Even if the requisite stockholder approval is obtained, the Company may still decide later not to implement the Option Exchange Program. Persons who are eligible to participate in the Option Exchange Program should read the Tender Offer Statement on Schedule TO and other related materials when those materials become available because they will contain important information about the Option Exchange Program. The Company will file the Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (the &#8220;SEC&#8221;) upon the commencement of the Option Exchange Program. The Company&#8217;s stockholders and option holders will be able to obtain these written materials and other documents filed by the Company with the SEC free of charge from the SEC&#8217;s website at www.sec.gov. Eligible holders of the Company&#8217;s options may obtain a written copy of the tender offer documents free of charge, when available, by contacting the Chief Legal Officer, General Counsel and Secretary at Bazaarvoice, Inc., 10901 Stonelake Blvd, Austin, Texas 78759.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ITEM 12.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBITS.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99.1&#160;&#160;&#160;&#160;E-mail to Employees from Gene Austin, disseminated on the afternoon of April 15, 2016.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit991scto4162016.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<a name="sf2e054ca08364a13bc38daf3dd549147"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:15pt;"><font style="font-family:inherit;font-size:15pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Exhibit 99.1</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">All,</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Today Bazaarvoice filed with the SEC a preliminary proxy for a special stockholder meeting at which stockholders will be asked to approve an option exchange program. This program, if approved, will give certain employees who hold high-priced stock options the ability to exchange their old options for lower-priced options on the terms described in the exchange materials.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This program would only relate to stock options. It would not impact your rights under any restricted stock units. Also, for regulatory and governance reasons, certain executives, board members, advisers and employees outside the US and UK would not be eligible to participate. For employees outside the US and UK that are not eligible to participate, we expect to seek to provide alternative programs if feasible.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">No action is required by you at this time.  We hope to have the stockholder meeting in June, but that could change for a variety of reasons. If the stockholders approve the exchange program, eligible employees will receive additional materials that explain the program and how to participate. If you have any questions, please reach out to Kin Gill.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thank you for everything you do for Bazaarvoice.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Gene</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">The program described in the preliminary proxy has not yet commenced and even if approved by the stockholders, the final determination on whether it will be implemented and its terms and conditions will be made by the Board or the Compensation Committee. Persons who are eligible to participate in any such tender offer should read the Tender Offer Statement on Schedule TO and other related materials when those materials become available because they will contain important information about the tender offer. Bazaarvoice will file the Tender Offer Statement on Schedule TO with the SEC upon the commencement of any such tender offer. Bazaarvoice stockholders and option holders will be able to obtain these written materials and other documents filed by Bazaarvoice with the SEC free of charge from the SEC's website at </font><font style="font-family:inherit;font-size:11pt;color:#0b4cb4;font-style:italic;text-decoration:underline;">www.sec.gov</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">While the terms of the exchange program are expected to be materially similar to the terms described in the preliminary proxy filed today, we may find it necessary or appropriate to change the terms of the exchange program to take into account our administrative needs, legal requirements, accounting rules, or Bazaarvoice policy decisions that make it appropriate to change the exchange program and the like. The final terms of the exchange program will be set forth in the offering documents. The Board or the Compensation Committee will retain the discretion to make any necessary or desirable changes to the terms of the exchange program. In addition, the Board or the Compensation Committee reserves the right to amend, postpone or cancel the exchange program once it has commenced. Additionally, we may decide not to implement the exchange program even if our stockholders approve the exchange program. For example, if our stock price increases significantly, we may reassess the advisability of implementing the exchange program.</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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