<PAGE>
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
Filed by the Registrant [x]
Filed by a Party other than the Registrant [_]
Check the appropriate box:
[_] Preliminary Proxy Statement [_] Confidential, for Use of the
Commission Only (as permitted by
Rule 14a-6(e)(2))
[x] Definitive Proxy Statement
[_] Definitive Additional Materials
[_] Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12
EDUCATIONAL DEVELOPMENT CORPORATION
- --------------------------------------------------------------------------------
(Name of Registrant as Specified In Its Charter)
- --------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[x] No fee required.
[_] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
-------------------------------------------------------------------------
(2) Aggregate number of securities to which transaction applies:
-------------------------------------------------------------------------
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which
the filing fee is calculated and state how it was determined):
-------------------------------------------------------------------------
(4) Proposed maximum aggregate value of transaction:
-------------------------------------------------------------------------
(5) Total fee paid:
-------------------------------------------------------------------------
[_] Fee paid previously with preliminary materials.
[_] Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
-------------------------------------------------------------------------
(2) Form, Schedule or Registration Statement No.:
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(3) Filing Party:
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(4) Date Filed:
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Notes:
<PAGE>
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Educational Development Corporation
10302 East 55th Place
Tulsa, Oklahoma 74146-6515
----------------------------------------------------------
----------------------------------------
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
July 24, 1997
----------------------------------------
TO THE SHAREHOLDERS OF
EDUCATIONAL DEVELOPMENT CORPORATION:
The 1997 Annual Meeting of Shareholders of Educational Development
Corporation, a Delaware Corporation ("EDC" or the "Company"), will be held July
24, 1997, at 2:00 P.M., at the Sheraton Tulsa, 10918 East 41st Street, Tulsa,
Oklahoma, for the following purposes:
1. To elect two nominees as Class II Directors;
2. To transact such other business as may properly come before the meeting or
any adjournments thereof.
Only shareholders of record at the close of business on June 13, 1997 are
entitled to notice of and to vote at the meeting.
You are cordially invited to attend the meeting. Whether or not you plan to
attend the meeting, you are requested to sign and return the enclosed proxy as
promptly as possible in the enclosed postage paid envelope. You may revoke your
Proxy at any time before it is exercised at the meeting.
By Order of the Board of Directors
/s/ Randall W. White
Randall W. White
Chairman of the Board and President
Tulsa, Oklahoma
June 23, 1997
<PAGE>
EDUCATIONAL DEVELOPMENT CORPORATION
10302 East 55th Place
Tulsa, Oklahoma 74146-6515
PROXY STATEMENT
This Proxy Statement is furnished in connection with the solicitation of
Proxies by the management of EDUCATIONAL DEVELOPMENT CORPORATION, a Delaware
corporation (the "Company" or "EDC"), for use at the Annual Meeting of
Shareholders of the Company to be held at the Sheraton Tulsa, 10918 East 41st
Street, Tulsa, Oklahoma, on Thursday, July 24, 1997, commencing at 2:00 P.M.,
and at all continuations and adjournments thereof. This Proxy Statement and
accompanying form of Proxy are first being mailed to shareholders on or about
June 23, 1997.
SOLICITATION OF PROXIES
A shareholder giving a Proxy has the power to revoke it at any time before
its exercise. A Proxy may be revoked by filing with the Secretary of the Company
a written revocation or a duly executed Proxy bearing a later date. A Proxy will
be suspended if the shareholder who executed it is present at the meeting and
elects to vote in person.
This solicitation is made on behalf of the Board of Directors of the
Company. The cost of soliciting these Proxies will be borne by the Company. In
addition to solicitation by mail, the Company may make arrangements with
brokerage houses and other custodians, nominees and fiduciaries to forward
Proxies and proxy material to their principals and may reimburse them for their
expenses in so doing. Certain officers and employees of the Company may solicit
Proxies by telephone, facsimile or personally from some shareholders whose
Proxies are not promptly received. Such officers and employees will receive no
compensation other than their regular salaries, but they will be reimbursed for
any expenses incurred in making such solicitation. Properly executed Proxies in
the accompanying form which are filed before the meeting and not revoked will be
voted in accordance with the directions and specifications contained therein.
VOTING SECURITIES
The Company's $.20 par value common stock is the only class of capital
stock authorized by its Amended and Restated Certificate of Incorporation. The
number of shares which may be voted at the meeting or any adjournment thereof is
5,216,039 shares, which was the number outstanding as of June 13, 1997, the
record date. Each shareholder is entitled to one vote for each share held except
that cumulative voting is authorized with respect to the election of directors.
In other words, solely for the purpose of electing directors, each share will
entitle the holder thereof to a number of votes equal to the number of directors
being elected and each shareholder may cast all of his votes for a single
nominee, or may distribute them among any two or more nominees. The presence in
person or by proxy of the holders of a majority of the shares issued and
outstanding at the meeting will constitute a quorum for the transaction of
business. Votes will be tabulated by an inspector of election appointed by the
Board of Directors of the Company.
PRINCIPAL HOLDERS OF VOTING SECURITIES
As of June 13, 1997, the following were the only persons known to
management of the Company to be beneficial owners of more than five percent of
the Company's outstanding common stock. Unless otherwise noted, the persons
named below have sole voting and investment power with respect to such shares.
1
<PAGE>
<TABLE>
<CAPTION>
Name and Address of Amount of Beneficial Percent of
Beneficial Owner Ownership Class (1)
- ------------------- -------------------- ----------
<S> <C> <C>
Randall W. White
10385 South 76th E. Ave.
Tulsa, Oklahoma 74133 795,403 (2) 15.0%
Robert D. Berryhill
P.O. Box 740125
Tulsa, Oklahoma 74147-0125 365,000 7.0%
</TABLE>
- ----------------------------
(1) The Percent of Class was calculated on the basis of the number of
outstanding shares plus the number of shares which may be acquired pursuant
to currently exercisable stock options, however, shares which may be
acquired by such person pursuant to currently exercisable stock options are
not deemed outstanding for purposes of computing the Percent of Class of
shares beneficially owned by any other person.
(2) Includes 100,000 shares as to which Mr. White has the right to acquire
beneficial ownership through the exercise of currently exercisable stock
options.
COMMON STOCK OWNERSHIP OF DIRECTORS AND EXECUTIVE OFFICERS
As of June 13, 1997, the directors and nominees of the Company and the
directors and executive officers of the Company as a group were the beneficial
owners of the following amount of shares of common stock of the Company. Unless
otherwise noted, the persons named below have sole voting and investment power
with respect to such shares.
<TABLE>
<CAPTION>
Names of Directors and Amount of Beneficial Percent of
Nominees and Identity of Group Ownership Class (1)
- ------------------------------ -------------------- ----------
<S> <C> <C>
G. Dean Cosgrove 20,000 .4 %
John M. Lare 20,850 .4 %
James F. Lewis 83,160 1.6 %
Robert D. Berryhill 365,000 7.0 %
Randall W. White 795,403 (2) 15.0 %
All directors and executive
officers as a group (6 persons) 1,320,550 (3) 24.8 %
</TABLE>
(1) The Percent of Class was calculated on the basis of the number of
outstanding shares plus the number of shares which may be acquired by such
person or group pursuant to currently exercisable stock options, however,
shares which may be acquired by such person or group pursuant to currently
exercisable stock options are not deemed outstanding for purposes of
computing the Percent of Class for shares beneficially owned by any other
person or group.
(2) Includes 100,000 shares as to which Mr. White has the right to acquire
beneficial ownership through the exercise of currently exercisable stock
options.
(3) Includes 110,000 shares as to which all directors and executive officers
have the right to acquire beneficial ownership through the exercise of
currently exercisable stock options.
2
<PAGE>
NUMBER OF DIRECTORS
The Amended and Restated Certificate of Incorporation and By-laws of the
Company provide that the number of directors which shall constitute the whole
Board of Directors shall not be less than three (3) nor more than fifteen (15).
Within said limits, the number of directors shall be determined by resolution of
the Board of Directors or by the shareholders at the annual meeting. The Board
of Directors has adopted a resolution establishing five (5) as the number of
directors of the Company.
ELECTION OF DIRECTORS
In accordance with the Amended and Restated Certificate of Incorporation
and By-laws of the Company, the directors are divided into three classes, Class
I, Class II and Class III, and are elected for a full term of office expiring at
the third succeeding annual shareholders meeting following the election to
office and when a successor is duly elected and qualified. The By-laws provide
that such classes shall be as nearly equal in number as possible. The term of
office of Class II directors expires at the annual meeting of shareholders to be
held on July 24, 1997, the term of office of Class III directors expires at the
annual meeting of shareholders in 1998 and the term of office of Class I
directors expires at the annual meeting of shareholders in 1999. At the Annual
Meeting of Shareholders announced herein, two directors shall be chosen to serve
as Class II directors. They will be elected for a full term of office expiring
at the annual meeting of shareholders in 2000, and will serve until a successor
or successors are duly elected and qualified. Unless authority to do so is
withheld, the persons named as proxies in the accompanying form of Proxy will
vote the shares represented thereby for the following nominees designated by the
Board of Directors to serve as Class II directors. Although it is not
anticipated that the nominees will be unwilling or unable to serve, if any
nominee should decline or be unable to act as a director, the persons named as
proxies in the accompanying form of Proxy may, unless authority to do so is
withheld, vote for any substitute nominee or nominees proposed by the Board of
Directors. The business experience shown for the nominees has been their
principal occupation for at least the past five years.
The affirmative vote of a plurality of the shares present in person or by
proxy at the meeting and entitled to vote is required for the election of
directors. An abstention from voting will be tabulated as a vote withheld on
the election of directors and will be included in computing the number of shares
present for purposes of determining the presence of a quorum for the meeting.
NOMINEES
<TABLE>
<CAPTION>
Director
Name and Business Experience Age Class Since
- ---------------------------- --- ----- -----
<S> <C> <C> <C>
Robert D. Berryhill 51 II 1986
Private Investor. Vice Chairman of the Board of EDC
since October 1986. He was President of Original
Chili Bowl, Inc., Tulsa, Oklahoma, a food manufacturing
business, from August 1965 until January, 1992, and
was Vice President thereof for five years prior to his
election as President.
G. Dean Cosgrove 63 II 1986
Independent Consultant since 1985. He served as
Financial Vice President and Treasurer of Mapco Inc.,
Tulsa, Oklahoma, an energy company, from May 1984
until July 1985, and served as Vice President and
Treasurer thereof from January 1981 until May 1984.
</TABLE>
3
<PAGE>
CONTINUING DIRECTORS
<TABLE>
<CAPTION>
Director
Name and Business Experience Age Class Since
- ---------------------------- --- ----- -----
<S> <C> <C> <C>
Randall W. White 55 III 1984
Chairman of the Board of EDC since September 1986,
President of EDC since January 1986, and Treasurer of EDC
since February 1984. From February 1980 until joining EDC
in January 1983, Mr. White served as the Chief Financial
Officer of Nicor Drilling Company, Tulsa, Oklahoma, an oil
and gas drilling company.
John M. Lare 50 I 1986
President of Pegasus Foods, Inc., an owner and operator of
Mexican quick service restaurants since March, 1995. From
October, 1992 to January, 1995, Mr. Lare was a Director and
Vice President - Finance and Administration for Webco
Industries, Inc., a manufacturer and distributor of steel
tubing. From 1989 to October 1992, Mr. Lare was a Principal
for Pegasus Venture Capital and the Argent Group,
investment banking and leverage buyout firms.
James F. Lewis 56 I 1992
CEO of The Lewis Companies Inc., a Tulsa based holding firm
that owns or controls the following firms: Oil Capital
Electric Inc., KBL Inc., FCE Inc., OMNI Mechanical
Services, Engineering Design Group Inc. and various real
estate holdings. He has been the CEO for the past twenty-
six years. He serves on the Oklahoma Bank IV advisory board
of directors.
</TABLE>
THE BOARD OF DIRECTORS AND ITS COMMITTEES
During the fiscal year ended February 28, 1997, the Board of Directors held
four meetings. Each director attended all meetings of the Board of Directors
except for Robert D. Berryhill who did not attend three meetings, James F. Lewis
who did not attend one meeting, John M. Lare who did not attend one meeting, and
G. Dean Cosgrove who did not attend one meeting.
The only standing committees of the Board of Directors are described as
follows:
(i) The Executive Committee is responsible for assisting management in
establishing long-range plans, budgets and marketing and
development plans. The Committee consists of Messrs. Cosgrove,
Berryhill and White. No separate meetings of this committee were
held during the fiscal year ended February 28, 1997, all committee
actions having been taken by the Board of Directors as a whole
during the regular Board of Directors' meetings.
(ii) The Compensation Committee is responsible for administering the
Company's 1992 Incentive Stock Option Plan and the Incentive Stock
Option Plan of 1981. The Committee consists of Messrs. Berryhill
and Cosgrove. The Committee held one meeting during the fiscal
year ended February 28, 1997.
(iii) The Audit Committee is responsible for the review of reports of
external auditors and for liaison with the external auditing firm.
The Committee consists of Messrs. Lewis and Lare. No separate
meetings of this Committee were held during the fiscal year ended
February 28, 1997, all committee actions having been taken by the
Board of Directors as a whole during the regular Board of
Directors' meetings.
The Board of Directors has no nominating committee.
4
<PAGE>
COMPENSATION OF DIRECTORS
As compensation for all services rendered as a director of the Company, the
Company has a standard arrangement whereby a director who is not also an officer
of the Company is paid $250 for each directors' meeting attended in person. Each
director who is not also an officer of the Company and who is a member of and
who attends a meeting of one of the Committees of the Board of Directors is paid
$150 for such attendance. Directors are not paid for directors' meetings or
Committee meetings held by means of conference telephone calls.
COMPLIANCE WITH SECTION 16(a)
Under Section 16(a) of the Securities Exchange Act of 1934, the Company's
directors, its executive officers, and any persons holding more than ten percent
of the Company's Common Stock are required to report their initial ownership of
the Company's Common Stock and any subsequent changes in that ownership to the
Securities and Exchange Commission and to furnish the Company with a copy of
each such report. Specific due dates for these reports have been established and
the Company is required to disclose in this proxy statement any failure to file
by these dates during and with respect to fiscal year 1997. To the Company's
knowledge, based solely on review of the copies of such reports furnished to the
Company, during and with respect to fiscal year 1997, all Section 16(a) filing
requirements were satisfied except the following: John M. Lare, a director of
the Company, failed to file one report on a timely basis; Robert D. Berryhill, a
director of the Company, failed to file one report on a timely basis.
EXECUTIVE COMPENSATION
The following table sets forth certain information with respect to the
compensation of the Company's President during the fiscal years ended February
28, 1997, February 29, 1996 and February 28, 1995.
SUMMARY COMPENSATION TABLE
<TABLE>
<CAPTION>
Long Term Compensation
----------------------------
Annual Compensation Awards Payouts
----------------------------------------------------------
Name Other All
and Annual Restricted # Other
Principal Fiscal Compen- Stock Options/ LTIP Compen-
Position Year Salary Bonus sation (1) Awards SARs Payouts sation
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Randall W. White 1997 $90,000 $20,000 $-0- $-0- -0- $-0- $-0-
Chairman of the 1996 $90,000 $ -0- $-0- $-0- -0- $-0- $-0-
Board, President 1995 $90,000 $20,000 $-0- $-0- 20,000 $-0- $-0-
and Treasurer
</TABLE>
(1) Does not include the value of perquisites or other personal benefits
because the aggregate amount of such compensation, if any, did not exceed
the lesser of $50,000 or 10% of the annual salary and bonus in any of the
three fiscal years reported in the Summary Compensation Table.
5
<PAGE>
OPTION EXERCISES DURING FISCAL YEAR ENDED FEBRUARY 28, 1997
AND OPTION VALUES AT FEBRUARY 28, 1997
The following table sets forth certain information with respect to options
exercised by the Company's President during the fiscal year ended February 28,
1997, and the number and value of unexercised stock options held by him at the
end of the fiscal year, after giving effect of the two-for-one stock split.
<TABLE>
<CAPTION>
Value of
Number of Unexercised
Unexercised In-the-Money
Options Options
Shares Acquired Value at FY - End at FY - End
Name on Exercise Realized (2) February 28, 1997 (1) February 28, 1997 (3)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Randall W. White -0- -0- 100,000 $392,500
</TABLE>
(1) All unexercised options were exercisable as of February 28, 1997.
(2) Calculated by multiplying the number of shares acquired on exercise times
the difference between (a) the closing stock price of the Common Stock at
the exercise date and (b) the per share option exercise price.
(3) Calculated by multiplying the number of unexercised options times the
difference between (a) the closing stock price of the Common Stock at
February 28, 1997 and (b) the per share option exercise price.
COMPENSATION COMMITTEE REPORT
The executive compensation policy is subjective and not subject to
specific criteria. The compensation committee considers such factors as sales
levels, earnings per share levels and return on equity in determining executive
compensation.
Robert D. Berryhill
G. Dean Cosgrove
EMPLOYMENT CONTRACTS
The Company has an employment agreement with Randall W. White, President of
the Company, which expires March 1, 2000 and provides for annual compensation of
$110,000.
SUBMISSION OF SHAREHOLDER PROPOSALS
Any shareholder proposal to be presented at the 1998 annual meeting should
be directed to Randall W. White, President of the Company, at 10302 East 55th
Place, Tulsa, Oklahoma 74146-6515, and must be received by the president on or
before March 1, 1998. Any such proposal must comply with the requirements of
Rule 14a-8 promulgated under the Securities Exchange Act of 1934, as amended.
6
<PAGE>
COMPARISON OF FIVE-YEAR CUMULATIVE RETURNS
ON AN INDEXED BASIS
The following graph compares the performance of the Company's Common Stock
with the performance of the Nasdaq Stock Market Total Return Index and the
Nasdaq Non-Financial Stock Index. The Center for Research in Security Prices
("CRSP") Index provided the Nasdaq indices used in this graph. The graph assumes
$100 was invested on February 29, 1992 in each of the Company's Common Stock and
the two Nasdaq indices.
The graph displayed below is presented in accordance with SEC requirements.
Stockholders are cautioned against drawing any conclusions from the data
contained therein, as past results are not necessarily indicative of future
performance. The graph in no way reflects the Corporation's forecast of future
financial performance.
PERFORMANCE GRAPH
COMPARISON OF FIVE-YEAR CUMULATIVE RETURN
Among the Company, Nasdaq Stock Market Total Return Index
and Nasdaq Non-Financial Stock Index
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
2/29/92 2/28/93 2/28/94 2/28/95 2/29/96 2/28/97
<S> <C> <C> <C> <C> <C> <C>
Educational Development Corporation 100 171 382 771 1429 686
Nasdaq Stock Market Total Return Index 100 106 126 128 178 212
Nasdaq Non-Financial Stock Index 100 99 120 118 165 191
</TABLE>
Note: Prior years EDC stock prices restated for 2-1 stock split effective April
1, 1996
7
<PAGE>
RELATIONSHIP WITH INDEPENDENT PUBLIC ACCOUNTANTS
The firm of Deloitte & Touche LLP audited the financial statements of the
Company for the fiscal year ended February 28, 1997. The firm of Deloitte &
Touche LLP has also been selected and approved by the Board of Directors as
independent public accountants and auditors to make an audit of the financial
statements of the Company for fiscal year ending February 28, 1998. A
representative of Deloitte & Touche LLP is expected to be present at the
meeting. Such representative will be afforded an opportunity to make a statement
on behalf of said firm and will be available to respond to appropriate
questions.
ANNUAL REPORTS AND FINANCIAL STATEMENTS
The proxy statement is accompanied by the Annual Report of the Company for
its fiscal year ended February 28, 1997. Shareholders are referred to such
Report for information about the Company's business and activities, but such
Report is not incorporated in this Proxy Statement and is not deemed to be a
part of the proxy soliciting material.
COPIES OF THE COMPANY'S ANNUAL REPORT ON FORM 10-K FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO SECTION 13 OF THE SECURITIES
EXCHANGE ACT OF 1934, AS AMENDED, WILL BE PROVIDED WITHOUT CHARGE TO RECORD OR
BENEFICIAL OWNERS OF SHARES ENTITLED TO VOTE AT THE MEETING. Written requests
for copies of said report should be directed to Randall W. White, President of
the Company, at the Company's corporate headquarters located at 10302 East 55th
Place, Tulsa, Oklahoma 74146-6515.
OTHER MATTERS
Management does not intend to present and does not have any reason to
believe that others will present at the annual meeting any item of business
other than as stated in the Notice of Annual Meeting of Shareholders. If,
however, other matters are properly brought before the meeting, it is the
intention of the persons named as proxies in the accompanying form of Proxy to
vote the shares represented thereby in accordance with their best judgment and
discretionary authority to do so is included in the Proxy.
By order of the Board of Directors
/s/ Randall W. White
Randall W. White
Chairman of the Board and President
Tulsa, Oklahoma
June 23, 1997
8
<PAGE>
EDUCATIONAL DEVELOPMENT CORPORATION
10302 East 55th Place, Tulsa, Oklahoma 74146
PROXY
THIS PROXY IS BEING SOLICITED BY AND ON BEHALF OF THE BOARD OF DIRECTORS.
ANNUAL MEETING OF SHAREHOLDERS, JULY 24, 1997
The undersigned hereby appoints Randall W. White and W. Curtis Fossett, or
either or both of them, proxies of the undersigned, with full power of
substitution, to vote all shares of Educational Development Corporation ("EDC")
owned by or standing in the name of the undersigned, at the Annual Meeting of
Shareholders of EDC, to be held at the Sheraton Tulsa, 10918 East 41st Street,
Tulsa, Oklahoma, on July 24, 1997 at 2:00 o'clock P.M., local time, and at any
adjournments.
(Continued on reverse side)
- --------------------------------------------------------------------------------
FOLD AND DETACH HERE
<PAGE>
- --------------------------------------------------------------------------------
Please mark
your vote as
indicated in [X]
this example
1. UPON THE ELECTION OF DIRECTORS:
FOR the listed WITHHOLD
nominees AUTHORITY
to vote for all
listed nominees
[_] [_]
The nominees for Class II Directors are: Robert D. Berryhill and G. Dean
Cosgrove
(INSTRUCTION: To withhold authority to vote for any individual nominee, write
that nominee's name in the space provided below.)
_______________________________________________________________________________
The foregoing is as set forth in the Notice of said meeting and in the
accompanying Proxy Statement, receipt of which are hereby acknowledged.
THIS PROXY WILL BE VOTED AS INDICATED BY THE SHAREHOLDER(S). IF NO CHOICE IS
INDICATED ON THE ABOVE PROPOSAL, THIS PROXY WILL BE VOTED FOR SUCH PROPOSAL.
The Board of Directors know of no other proposals to come before this meeting.
IF ANY OTHER MATTERS SHOULD BE BROUGHT BEFORE THE MEETING, THE PERSONS NAMED IN
THIS PROXY OR THEIR SUBSTITUTES WILL VOTE THIS PROXY ON SUCH MATTERS IN
ACCORDANCE WITH THEIR BEST JUDGEMENT.
The undersigned hereby revokes any Proxy heretofore
given, and ratifies all that said Proxies may lawfully
do or cause to be done by virtue hereof.
++++++
+ Dated: _____________________________________, 1997
+
____________________________________________ L.S.
____________________________________________ L.S.
IMPORTANT: Please sign exactly as your name or names
appear on this Proxy and when signing as attorney,
executor, administrator, trustee or guardian, give your
full title as such. If the signatory is a corporation,
sign the full corporate name by duly authorized officer.
If a partnership please sign in partnership name by
authorized person(s).
PLEASE SIGN THIS SIDE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
FOLD AND DETACH HERE
