<SUBMISSION>
<ACCESSION-NUMBER>0000935836-09-000244
<TYPE>SC 13G/A
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20090217
<DATE-OF-FILING-DATE-CHANGE>20090217
<GROUP-MEMBERS>CONTEXT CAPITAL MANAGEMENT, LLC
<GROUP-MEMBERS>MICHAEL S. ROSEN
<GROUP-MEMBERS>WILLIAM D. FERTIG
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>VELOCITY EXPRESS CORP
<CIK>0001002902
<ASSIGNED-SIC>4513
<IRS-NUMBER>870355929
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0701
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13G/A
<ACT>34
<FILE-NUMBER>005-46377
<FILM-NUMBER>09609780
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE MORNINGSIDE DRIVE NORTH
<STREET2>BUILDING B SUITE 300
<CITY>WESTPORT
<STATE>X1
<ZIP>06880
<PHONE>203-349-4160
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE MORNINGSIDE DRIVE NORTH
<STREET2>BUILDING B SUITE 300
<CITY>WESTPORT
<STATE>X1
<ZIP>06880
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>UNITED SHIPPING & TECHNOLOGY INC
<DATE-CHANGED>19990512
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>U SHIP INC
<DATE-CHANGED>19960313
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>Context Capital Management, LLC
<CIK>0001301396
<IRS-NUMBER>330972042
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13G/A
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>705 PALOMAR AIRPORT ROAD
<STREET2>SUITE 100
<CITY>CARLSBAD
<STATE>CA
<ZIP>92011
<PHONE>858 481 3666
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>705 PALOMAR AIRPORT ROAD
<STREET2>SUITE 100
<CITY>CARLSBAD
<STATE>CA
<ZIP>92011
</MAIL-ADDRESS>
</FILED-BY>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>velocity13g-a2.htm
<TEXT>
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     <TD WIDTH="168" VALIGN="TOP" STYLE="BORDER: SOLID 0.5PT BLACK; BORDER-LEFT:NONE; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"> <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-SIZE:11PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.0IN;" ALIGN="CENTER"><FONT STYLE="FONT-SIZE:10.0PT;">OMB APPROVAL</FONT></P><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-SIZE:11PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.0IN;" ALIGN="LEFT"><FONT STYLE="FONT-SIZE:10.0PT;">OMB Number:   3235-0145<BR>Expires: February 28, 2009</FONT></P>
<P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-SIZE:11PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.0IN;" ALIGN="LEFT"><FONT STYLE="FONT-SIZE:10.0PT;">Estimated average burden<BR>hours per response 10.4</FONT></P></TD>
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<P></P>
 <P STYLE="MARGIN-TOP:0PT; FONT-WEIGHT:BOLD; TEXT-INDENT:0PX; MARGIN-LEFT:0IN; MARGIN-BOTTOM:12PT;FONT-SIZE:11.0PT;" ALIGN="CENTER"><B>SCHEDULE
 13G<BR>
 <BR>
 Under the Securities Exchange Act of 1934<BR>
 (Amendment No. 2)</B></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="CENTER">Velocity Express
 Corporation</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="CENTER">(Name of Issuer)</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="CENTER">Common Stock</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="CENTER">(Title of Class of
 Securities)</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="CENTER">92257T608</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="CENTER">(CUSIP Number)</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="CENTER">December 31, 2008</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="CENTER">(Date of Event Which
 Requires Filing of this Statement)</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">Check the appropriate
 box to designate the rule pursuant to which this Schedule is filed:<BR>&nbsp;<BR>[<B>X</B>]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule 13d-1(b)<BR>&nbsp;<BR>[
 ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule 13d-1(c)<BR>&nbsp;<BR>[   ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule 13d-1(d)<BR>&nbsp;<BR>* The
 remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject
 class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior
 cover page.<BR>&nbsp;<BR>The information required in the remainder of this cover page shall not be deemed to be "filed" for the
 purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the
 Act but shall be subject to all other provisions of the Act (however, see the Notes).<BR>&nbsp;</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B>Potential persons
 who are to respond to the collection of information contained in this form are not required to respond unless the form displays a
 currently valid OMB control number.</B><BR>&nbsp;<BR>&nbsp;<BR></P>


<DIV TITLE="EE+ Page Footer" STYLE="margin-top: 12pt;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:12.0PT;" ALIGN="LEFT">SEC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page
 <A NAME="PAGENUM"> 1</A> of 7   </P></DIV>

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<DIV TITLE="EE+ Page Header" STYLE="margin-bottom: 12pt;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:12.0PT;" ALIGN="LEFT">CUSIP
No.  92257T608</P></DIV>

 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Names
 of Reporting Persons.<BR>
 I.R.S. Identification Nos. of above persons (entities only).<BR>
 <BR>
 <B>Context Capital Management, LLC</B></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
 the Appropriate Box if a Member of a Group (See Instructions)<BR>
 <BR>
 (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>x</U></B><BR>
 <BR>
 (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC
 Use Only <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-SIZE:11PT; TEXT-INDENT:-36PX;MARGIN-LEFT:1.0IN;" ALIGN="LEFT">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizenship
 or Place of Organization  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Delaware</B></P>
<P></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
<TR>
     <TD WIDTH="127" ROWSPAN="4" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:NONE;BORDER-TOP:SOLID 0.5PT BLACK; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"> <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">Number of<BR>Shares<BR>Beneficially<BR>Owned by<BR>Each Reporting<BR>Person With:</P></TD>
     <TD WIDTH="511" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:SOLID 0.5PT BLACK;BORDER-TOP:SOLID 0.5PT BLACK; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>0</B><BR></P></TD>
</TR>

<TR STYLE="HEIGHT:24.8PT;">
     <TD WIDTH="511" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:SOLID 0.5PT BLACK;BORDER-TOP:NONE; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.0IN;" ALIGN="LEFT">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>190,104</B><BR></P></TD>
</TR>

<TR STYLE="HEIGHT:24.7PT;">
     <TD WIDTH="511" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:SOLID 0.5PT BLACK;BORDER-TOP:NONE; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.0IN;" ALIGN="LEFT">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>0</B></P></TD>
</TR>

<TR STYLE="HEIGHT:24.8PT;">
     <TD WIDTH="511" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:SOLID 0.5PT BLACK;BORDER-TOP:NONE; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.0IN;" ALIGN="LEFT">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>190,104</B></P></TD>
</TR>
</TABLE>

<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-SIZE:11PT; TEXT-INDENT:-36PX;MARGIN-LEFT:1.0IN;" ALIGN="LEFT">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate
 Amount Beneficially Owned by Each Reporting Person&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>190,104</B></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
 if the Aggregate Amount in Row (9) Excludes Certain Shares (See<BR>
 Instructions)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>______</B></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percent
 of Class Represented by Amount in Row (9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.3</B><B>%</B></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type
 of Reporting Person (See Instructions)</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-TOP:0PT; MARGIN-LEFT:1IN; MARGIN-BOTTOM:6PT;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B><U>OO<BR>IA</U></B></P>
 <P STYLE="MARGIN-TOP:0PT; MARGIN-LEFT:1IN; MARGIN-BOTTOM:6PT;FONT-SIZE:11.0PT;" ALIGN="LEFT">________</P>



<DIV TITLE="EE+ Page Footer" STYLE="margin-top: 12pt;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:12.0PT;" ALIGN="CENTER">Page
<A NAME="PAGENUM"> 2</A> of 7   </P></DIV>

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</DIV>

<DIV TITLE="EE+ Page Header" STYLE="margin-bottom: 12pt;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:12.0PT;" ALIGN="LEFT">CUSIP
No.  92257T608</P></DIV>

<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Names
 of Reporting Persons.<BR>
 I.R.S. Identification Nos. of above persons (entities only).<BR>
 <BR>
 <B>Michael S. Rosen</B></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
 the Appropriate Box if a Member of a Group (See Instructions)<BR>
 <BR>
 (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>x</U></B><BR>
 <BR>
 (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC
 Use Only <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-SIZE:11PT; TEXT-INDENT:-36PX;MARGIN-LEFT:1.0IN;" ALIGN="LEFT">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizenship
 or Place of Organization  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>United States</B></P>
<P></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
<TR>
     <TD WIDTH="127" ROWSPAN="4" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:NONE;BORDER-TOP:SOLID 0.5PT BLACK; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"> <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">Number of<BR>Shares<BR>Beneficially<BR>Owned by<BR>Each Reporting<BR>Person With:</P></TD>
     <TD WIDTH="511" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:SOLID 0.5PT BLACK;BORDER-TOP:SOLID 0.5PT BLACK; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>0</B><BR></P></TD>
</TR>

<TR STYLE="HEIGHT:24.8PT;">
     <TD WIDTH="511" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:SOLID 0.5PT BLACK;BORDER-TOP:NONE; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.0IN;" ALIGN="LEFT">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>190,104</B></P></TD>
</TR>

<TR STYLE="HEIGHT:24.7PT;">
     <TD WIDTH="511" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:SOLID 0.5PT BLACK;BORDER-TOP:NONE; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.0IN;" ALIGN="LEFT">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>0</B></P></TD>
</TR>

<TR STYLE="HEIGHT:24.8PT;">
     <TD WIDTH="511" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:SOLID 0.5PT BLACK;BORDER-TOP:NONE; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.0IN;" ALIGN="LEFT">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>190,104</B></P></TD>
</TR>
</TABLE>

<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-SIZE:11PT; TEXT-INDENT:-36PX;MARGIN-LEFT:1.0IN;" ALIGN="LEFT">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate
 Amount Beneficially Owned by Each Reporting Person&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>190,104</B></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
 if the Aggregate Amount in Row (9) Excludes Certain Shares (See<BR>
 Instructions)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>______</B></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percent
 of Class Represented by Amount in Row (9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.3</B><B>%</B></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type
 of Reporting Person (See Instructions)</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-TOP:0PT; MARGIN-LEFT:1IN; MARGIN-BOTTOM:6PT;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B><U>IN<BR>HC</U></B></P>
 <P STYLE="MARGIN-TOP:0PT; MARGIN-LEFT:1IN; MARGIN-BOTTOM:6PT;FONT-SIZE:11.0PT;" ALIGN="LEFT">________</P>



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No.  92257T608</P></DIV>

<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Names
 of Reporting Persons.<BR>
 I.R.S. Identification Nos. of above persons (entities only).<BR>
 <BR>
 <B>William D. Fertig</B></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
 the Appropriate Box if a Member of a Group (See Instructions)<BR>
 <BR>
 (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>x</U></B><BR>
 <BR>
 (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC
 Use Only <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-SIZE:11PT; TEXT-INDENT:-36PX;MARGIN-LEFT:1.0IN;" ALIGN="LEFT">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizenship
 or Place of Organization  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>United States</B></P>
<P></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
<TR>
     <TD WIDTH="127" ROWSPAN="4" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:NONE;BORDER-TOP:SOLID 0.5PT BLACK; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"> <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">Number of<BR>Shares<BR>Beneficially<BR>Owned by<BR>Each Reporting<BR>Person With:</P></TD>
     <TD WIDTH="511" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:SOLID 0.5PT BLACK;BORDER-TOP:SOLID 0.5PT BLACK; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>0</B><BR></P></TD>
</TR>

<TR STYLE="HEIGHT:24.8PT;">
     <TD WIDTH="511" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:SOLID 0.5PT BLACK;BORDER-TOP:NONE; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.0IN;" ALIGN="LEFT">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>190,104</B></P></TD>
</TR>

<TR STYLE="HEIGHT:24.7PT;">
     <TD WIDTH="511" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:SOLID 0.5PT BLACK;BORDER-TOP:NONE; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.0IN;" ALIGN="LEFT">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>0</B></P></TD>
</TR>

<TR STYLE="HEIGHT:24.8PT;">
     <TD WIDTH="511" VALIGN="TOP" STYLE="BORDER-LEFT:NONE;BORDER-RIGHT:NONE;BORDER-BOTTOM:SOLID 0.5PT BLACK;BORDER-TOP:NONE; PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.0IN;" ALIGN="LEFT">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>190,104</B></P></TD>
</TR>
</TABLE>

<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-SIZE:11PT; TEXT-INDENT:-36PX;MARGIN-LEFT:1.0IN;" ALIGN="LEFT">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate
 Amount Beneficially Owned by Each Reporting Person&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>190,104</B></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
 if the Aggregate Amount in Row (9) Excludes Certain Shares (See<BR>
 Instructions)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>______</B></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percent
 of Class Represented by Amount in Row (9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.3</B><B>%</B></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type
 of Reporting Person (See Instructions)</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-DECORATION:UNDERLINE; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-TOP:0PT; MARGIN-LEFT:1IN; MARGIN-BOTTOM:6PT;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B><U>IN<BR>HC</U></B></P>
 <P STYLE="MARGIN-TOP:0PT; MARGIN-LEFT:1IN; MARGIN-BOTTOM:6PT;FONT-SIZE:11.0PT;" ALIGN="LEFT">________</P>



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No.  92257T608</P></DIV>

 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B>Item 1.</B><BR>&nbsp;</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name
 of Issuer<BR>
 <BR>
 <B>Velocity Express Corporation</B><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address
 of Issuer's Principal Executive Offices<BR>
 <BR>
 <B>One Morningside Drive North, Bldg. B, Suite 300, Westport, CT  06880</B><BR>
 <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B>Item 2.</B><BR>&nbsp;</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 names of the persons filing this statement are:<BR>
 <BR>
 <B>Context Capital Management, LLC (</B><B>"</B><B>LLC</B><B>"</B><B>)</B><BR>
 <BR>
 <B>Michael S. Rosen (</B><B>"</B><B>Rosen</B><B>"</B><B>)</B><BR>
 <BR>
 <B>William D. Fertig (</B><B>"</B><B>Fertig</B><B>"</B><B>)</B><BR>
 <BR>
(collectively, the "Filers").</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 principal business office of the Filers is located at:<BR>
 <BR>
 <B>705 Palomar Airport Road, Suite 100, Carlsbad, CA  92011</B><BR>
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For citizenship of Filers, see Item 4 of the cover sheet for each Filer.</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
statement relates to shares of common stock of the Issuer (the "Stock").  The Filers hold warrants exercisable for Stock.</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-36PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 CUSIP number for the common stock is 92257T608.</P>



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No.  92257T608</P></DIV>

 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-WEIGHT:BOLD; TEXT-INDENT:-72PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B>Item
 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this statement is filed pursuant to rule 240.13d-1(b) or 240.13d-2(b) or (c), check whether the
 person filing is a:</B></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-72PX; MARGIN-LEFT:1.5IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[
 ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-72PX; MARGIN-LEFT:1.5IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[
]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-72PX; MARGIN-LEFT:1.5IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[
]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-72PX; MARGIN-LEFT:1.5IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[
]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-72PX; MARGIN-LEFT:1.5IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[
X ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An investment adviser in accordance with section 240.13d-1(b)(1)(ii)(E) (with respect to LLC).</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-72PX; MARGIN-LEFT:1.5IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[
]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An employee benefit plan or endowment fund in accordance with section 240.13d-1(b)(1)(ii)(F).</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-72PX; MARGIN-LEFT:1.5IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[
 X ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G) (with respect
to Rosen and Fertig).</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-72PX; MARGIN-LEFT:1.5IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[
]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A savings association as defined in section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:-72PX; MARGIN-LEFT:1.5IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[
 ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A church plan that is excluded from the definition of an investment company under section 3(c)(14) of
the Investment Company Act of 1940 (15 U.S.C. 80a-3).</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-SIZE:11PT; TEXT-INDENT:-72PX;MARGIN-LEFT:1.5IN;" ALIGN="LEFT">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[
]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A non-U.S. institution in accordance with &sect;240.13d-1(b)(ii)(J).</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-SIZE:11PT; TEXT-INDENT:-72PX;MARGIN-LEFT:1.5IN;" ALIGN="LEFT">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[
]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group, in accordance with Rule 13d-1(b)(1)(ii)(K).</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-SIZE:11PT;MARGIN-LEFT:0.5IN;" ALIGN="LEFT">If filing as a non-U.S. institution in
 accordance with &sect;240.13d-1(b)(1)(ii)(J), please specify the type of institution
 _______________________________________________________________.</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-WEIGHT:BOLD; TEXT-INDENT:-72PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B>Item
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership.</B></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">See Items 5-9 and 11 of
 the cover page for each Filer.</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-WEIGHT:BOLD; TEXT-INDENT:-72PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B>Item
 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership of Five Percent or Less of a Class</B></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">If this statement is
 being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than
 five percent of the class of securities, check the following    [     ].<BR>&nbsp;</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-WEIGHT:BOLD; TEXT-INDENT:-72PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B>Item
 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership of More than Five Percent on Behalf of Another Person.</B></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">LLC is a registered
 investment adviser whose clients have the right to receive or the power to direct the receipt of dividends from, or the proceeds from
 the sale of, the Stock.  Rosen is the Co-Chairman, Chief Executive Officer and a Manager of LLC.  Fertig is the Co-Chairman, Chief
 Investment Officer and a Manager of LLC.  No single client of LLC holds more than five percent of the outstanding Stock.<BR>&nbsp;</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-WEIGHT:BOLD; TEXT-INDENT:-72PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B>Item
 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By
 the Parent Holding Company.</B></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">Not applicable.<BR>&nbsp;</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-WEIGHT:BOLD; TEXT-INDENT:-72PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B>Item
 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification and Classification of Members of the Group.</B></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.0IN;" ALIGN="LEFT">LLC, Rosen and Fertig constitute a
 group as defined in Rule 13d-5(b)(1) and disclaim membership in a group with any other person or entity.  See Item 6.</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-WEIGHT:BOLD; TEXT-INDENT:-72PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B>Item
 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Dissolution of Group</B></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">Not applicable.<BR>&nbsp;</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-WEIGHT:BOLD; TEXT-INDENT:-72PX; MARGIN-LEFT:1IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B>Item
 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification.</B></P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">By signing below I
 certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary
 course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the
 control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any
 transaction having that purpose or effect.<BR>&nbsp;</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="CENTER">SIGNATURE</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">After reasonable
 inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and
 correct.<BR>&nbsp;</P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.0IN;" ALIGN="LEFT">Dated:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February
 17, 2009</P>
<P></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
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     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"> <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B>CONTEXT CAPITAL MANAGEMENT, LLC</B><BR>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Michael S. Rosen, Manager</P></TD>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;">&nbsp;</TD>
</TR>
<TR>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B>/s/ </B><B>MICHAEL S. ROSEN</B></P></TD>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT"><B>/s/ </B><B>WILLIAM D. FERTIG</B></P></TD>
</TR>
<TR>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;">&nbsp;</TD>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;">&nbsp;</TD>
</TR>
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<DIV TITLE="EE+ Page Header" STYLE="margin-bottom: 12pt;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:12.0PT;" ALIGN="LEFT">CUSIP
No.  92257T608</P></DIV>

 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="CENTER">EXHIBIT A</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="CENTER">AGREEMENT REGARDING
 JOINT FILING<BR>OF STATEMENT ON SCHEDULE 13D OR 13G</P>
<P></P>
 <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">The undersigned agree
 to file jointly with the Securities and Exchange Commission (the "SEC") any and all statements on Schedule 13D or Schedule 13G (and
 any amendments or supplements thereto) required under section 13(d) of the Securities Exchange Act of 1934, as amended, in connection
 with purchases by the undersigned of securities of any issuer, until such time as the undersigned file with the SEC a statement
 terminating this Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G.  For that purpose, the undersigned hereby
 constitute and appoint Context Capital Management, LLC, a Delaware limited liability company, as their true and lawful agent and
 attorney-in-fact, with full power and authority for and on behalf of the undersigned to prepare or cause to be prepared, sign, file
 with the SEC and furnish to any other person all certificates, instruments, agreements and documents necessary to comply with section
 13(d) and section 16(a) of the Securities Exchange Act of 1934, as amended, in connection with said purchases, and to do and perform
 every act necessary and proper to be done incident to the exercise of the foregoing power, as fully as the undersigned might or could
 do if personally present, until such time as the undersigned file with the SEC a statement terminating this Agreement Regarding Joint
 Filing of Statement on Schedule 13D or 13G.<BR>&nbsp;<BR>Dated:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 31, 2007<BR>&nbsp;</P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
<TR>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">/s/ MICHAEL S. ROSEN</P></TD>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">/s/ WILLIAM D. FERTIG</P></TD>
</TR>
<TR>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;">&nbsp;</TD>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;">&nbsp;</TD>
</TR>
<TR>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">CONTEXT CAPITAL MANAGEMENT, LLC<BR>&nbsp;<BR>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Michael S. Rosen, Manager<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;">&nbsp;</TD>
</TR>
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     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;">&nbsp;</TD>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;">&nbsp;</TD>
</TR>
<TR>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">CONTEXT ADVANTAGE FUND, LTD.<BR>&nbsp;<BR>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Context Capital Management, LLC<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-fact<BR>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Michael S. Rosen, Manager</P></TD>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;"> <P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; TEXT-INDENT:0PX; MARGIN-LEFT:0IN;FONT-SIZE:11.0PT;" ALIGN="LEFT">CONTEXT ADVANTAGE MASTER FUND, L.P.</P><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-SIZE:11PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.5IN;" ALIGN="LEFT">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Context Capital Management, LLC, General Partner </P><P STYLE="MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT; FONT-SIZE:11PT; TEXT-INDENT:0PX;MARGIN-LEFT:0.5IN;" ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Michael S. Rosen, Manager</P></TD>
</TR>
<TR>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;">&nbsp;</TD>
     <TD WIDTH="319" VALIGN="TOP" STYLE="PADDING:0.00IN 0.07IN 0.00IN 0.07IN;">&nbsp;</TD>
</TR>
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